Quarterly Performance (Including Maximum Sales Charge)

Select Share Class - Including Sales Charge:A B C
Select Share Class - Excluding Sales Charge:A B C Y Z INST
Include Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Capital Growth Fund - A Inception Date 9/30/200320.35% 11.80% 16.03% 5.20% 7.50% 3.43%1.25%10/30/2013
*Focused Fund - A Inception Date 9/30/200320.53% 16.82% 16.82% 8.96% 9.85% 1.91%1.22%7/30/2013
Growth Opportunities Fund - A Inception Date 9/29/199522.38% 13.71% 18.03% 7.39% 8.76% 1.37%1.24%7/30/2013
Large Cap Growth Fund - A Inception Date 12/19/199719.00% 10.58% 15.89% 6.71% 7.80% 1.32%1.25%7/30/2013
Large Cap Fund - A Inception Date 7/9/2014 -- -- -- -- -- 1.39%1.12%7/9/2014
*Mid Cap Fund - A Inception Date 5/14/200711.05% 12.74% 19.72% 8.35% 11.01% 1.51%1.25%1/30/2014
Mid Cap Growth Fund - A Inception Date 10/3/199420.46% 9.80% 16.59% 7.84% 11.91% 1.41%1.41%7/30/2013
Mid Cap Value Fund - A Inception Date 9/30/200915.40% 12.01% -- -- 15.34% 1.76%1.30%1/30/2014
Premium Yield Equity Fund - A Inception Date 12/3/200715.03% 12.48% 16.56% -- 2.97% 1.30%1.21%1/30/2014
*Sands Capital Select Growth Fund - A Inception Date 11/15/201023.64% 15.92% 22.86% 9.00% 3.80% 1.37%1.28%1/30/2014
Small Cap Core Fund - A Inception Date 9/30/20099.39% 14.74% -- -- 17.28% 1.53%1.38%1/30/2014
*Small Cap Growth Fund - A Inception Date 8/13/200115.20% 12.05% 17.09% 6.73% 10.46% 2.14%1.45%7/30/2013
Small Cap Value Fund - A Inception Date 3/1/201114.28% 14.11% 17.76% 7.37% 10.15% 1.75%1.38%1/30/2014
*Small Cap Value Opportunities Fund - A Inception Date 7/31/200325.70% 15.27% 18.04% 8.89% 12.50% 2.47%1.51%10/30/2013
*Value Fund - A Inception Date 7/31/200314.50% 13.83% 16.77% 5.40% 8.26% 1.41%1.08%10/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A shares of Touchstone Equity Funds is 5.75%.

* The performance presented for this share class combines the performance since inception of an older class of shares.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Capital Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class Y Shares and 0.90% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Focused Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.80% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Growth Opportunities Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.84% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Large Cap Fund - 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 07/09/15.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Value Fund - 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 1.29% for Class A Shares, 2.04% for Class C Shares, 1.04% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Premium Yield Equity Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit other expenses to 0.25% for each Class of shares. This expense limitation will remain in effect until at least 01/29/15.

Touchstone Small Cap Core Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Growth Fund - 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 08/31/14.

Touchstone Small Cap Value Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Small Cap Value Opportunities Fund - 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 1.50% for Class A Shares, 2.25% for Class C Shares, 1.25% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Value Fund - 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Include Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Large Cap Growth Fund - B Inception Date 10/4/200320.52% 11.52% 16.60% 6.86% 7.59% 1.68%1.68%7/30/2013
*Mid Cap Growth Fund - B Inception Date 5/1/200122.31% 10.74% 17.41% 7.93% 11.63% 1.73%1.73%7/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class B shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge schedule declines from 5.00% in the first year you hold the shares to 0% at the beginning of the seventh year.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Include Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Capital Growth Fund - C Inception Date 4/12/201225.78% 13.72% 16.86% 5.20% 7.15% 23.11%2.00%10/30/2013
*Focused Fund - C Inception Date 4/12/201225.91% 18.97% 17.76% 8.99% 9.58% 258.40%1.97%7/30/2013
*Growth Opportunities Fund - C Inception Date 8/2/199927.84% 15.13% 18.55% 7.39% 8.36% 2.37%1.99%7/30/2013
*Large Cap Growth Fund - C Inception Date 10/4/200324.30% 11.94% 16.41% 6.62% 7.43% 2.08%2.00%7/30/2013
Large Cap Fund - C Inception Date 7/9/2014 -- -- -- -- -- 2.43%1.87%7/9/2014
*Mid Cap Fund - C Inception Date 5/14/200715.98% 14.16% 20.16% 8.29% 10.85% 2.38%2.00%1/30/2014
Mid Cap Growth Fund - C Inception Date 10/3/199425.87% 11.15% 17.09% 7.66% 11.37% 2.16%2.16%7/30/2013
Mid Cap Value Fund - C Inception Date 9/30/200920.52% 13.38% -- -- 15.92% 4.18%2.05%1/30/2014
Premium Yield Equity Fund - C Inception Date 12/3/200720.07% 13.90% 17.07% -- 3.13% 2.09%1.96%1/30/2014
*Sands Capital Select Growth Fund - C Inception Date 11/15/201029.26% 17.35% 23.45% 8.91% 3.56% 2.14%2.03%1/30/2014
Small Cap Core Fund - C Inception Date 9/30/200914.19% 16.17% -- -- 17.90% 2.24%2.13%1/30/2014
*Small Cap Growth Fund - C Inception Date 8/13/200120.13% 13.38% 17.61% 6.62% 10.11% 3.17%2.20%7/30/2013
Small Cap Value Fund - C Inception Date 3/1/201119.33% 15.53% 18.28% 7.21% 9.86% 5.16%2.13%1/30/2014
*Small Cap Value Opportunities Fund - C Inception Date 4/12/201231.43% 17.17% 18.85% 8.87% 12.24% 25.28%2.26%10/30/2013
*Value Fund - C Inception Date 4/12/201219.61% 15.88% 17.63% 5.40% 7.96% 2.20%1.83%10/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge for Class C shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

* The performance presented for this share class combines the performance since inception of an older class of shares.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Capital Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class Y Shares and 0.90% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Focused Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.80% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Growth Opportunities Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.84% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Large Cap Fund - 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 07/09/15.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Value Fund - 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 1.29% for Class A Shares, 2.04% for Class C Shares, 1.04% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Premium Yield Equity Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit other expenses to 0.25% for each Class of shares. This expense limitation will remain in effect until at least 01/29/15.

Touchstone Small Cap Core Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Growth Fund - 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 08/31/14.

Touchstone Small Cap Value Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Small Cap Value Opportunities Fund - 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 1.50% for Class A Shares, 2.25% for Class C Shares, 1.25% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Value Fund - 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Exclude Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Capital Growth Fund - A Inception Date 9/30/200327.68% 14.04% 17.40% 5.83% 7.86% 3.43%1.25%10/30/2013
*Focused Fund - A Inception Date 9/30/200327.87% 19.15% 18.21% 9.61% 10.27% 1.91%1.22%7/30/2013
Growth Opportunities Fund - A Inception Date 9/29/199529.85% 15.97% 19.43% 8.03% 9.10% 1.37%1.24%7/30/2013
Large Cap Growth Fund - A Inception Date 12/19/199726.28% 12.79% 17.28% 7.34% 8.19% 1.32%1.25%7/30/2013
Large Cap Fund - A Inception Date 7/9/2014 -- -- -- -- -- 1.39%1.12%7/9/2014
*Mid Cap Fund - A Inception Date 5/14/200717.80% 15.00% 21.14% 8.99% 11.58% 1.51%1.25%1/30/2014
Mid Cap Growth Fund - A Inception Date 10/3/199427.79% 11.98% 17.98% 8.48% 12.24% 1.41%1.41%7/30/2013
Mid Cap Value Fund - A Inception Date 9/30/200922.43% 14.24% -- -- 16.78% 1.76%1.30%1/30/2014
Premium Yield Equity Fund - A Inception Date 12/3/200722.05% 14.75% 17.95% -- 3.90% 1.30%1.21%1/30/2014
*Sands Capital Select Growth Fund - A Inception Date 11/15/201031.21% 18.24% 24.34% 9.64% 4.25% 1.37%1.28%1/30/2014
Small Cap Core Fund - A Inception Date 9/30/200916.06% 17.03% -- -- 18.75% 1.53%1.38%1/30/2014
*Small Cap Growth Fund - A Inception Date 8/13/200122.13% 14.24% 18.50% 7.36% 10.86% 2.14%1.45%7/30/2013
Small Cap Value Fund - A Inception Date 3/1/201121.23% 16.38% 19.17% 8.01% 10.68% 1.75%1.38%1/30/2014
*Small Cap Value Opportunities Fund - A Inception Date 7/31/200333.35% 17.58% 19.45% 9.54% 12.98% 2.47%1.51%10/30/2013
*Value Fund - A Inception Date 7/31/200321.50% 16.12% 18.14% 6.03% 8.67% 1.41%1.08%10/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A shares of Touchstone Equity Funds is 5.75%.

* The performance presented for this share class combines the performance since inception of an older class of shares.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Capital Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class Y Shares and 0.90% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Focused Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.80% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Growth Opportunities Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.84% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Large Cap Fund - 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 07/09/15.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Value Fund - 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 1.29% for Class A Shares, 2.04% for Class C Shares, 1.04% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Premium Yield Equity Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit other expenses to 0.25% for each Class of shares. This expense limitation will remain in effect until at least 01/29/15.

Touchstone Small Cap Core Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Growth Fund - 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 08/31/14.

Touchstone Small Cap Value Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Small Cap Value Opportunities Fund - 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 1.50% for Class A Shares, 2.25% for Class C Shares, 1.25% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Value Fund - 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Exclude Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Large Cap Growth Fund - B Inception Date 10/4/200325.52% 12.32% 16.71% 6.86% 7.59% 1.68%1.68%7/30/2013
*Mid Cap Growth Fund - B Inception Date 5/1/200127.31% 11.55% 17.52% 7.93% 11.63% 1.73%1.73%7/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class B shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge schedule declines from 5.00% in the first year you hold the shares to 0% at the beginning of the seventh year.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Exclude Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Capital Growth Fund - C Inception Date 4/12/201226.78% 13.72% 16.86% 5.20% 7.15% 23.11%2.00%10/30/2013
*Focused Fund - C Inception Date 4/12/201226.91% 18.97% 17.76% 8.99% 9.58% 258.40%1.97%7/30/2013
*Growth Opportunities Fund - C Inception Date 8/2/199928.84% 15.13% 18.55% 7.39% 8.36% 2.37%1.99%7/30/2013
*Large Cap Growth Fund - C Inception Date 10/4/200325.30% 11.94% 16.41% 6.62% 7.43% 2.08%2.00%7/30/2013
Large Cap Fund - C Inception Date 7/9/2014 -- -- -- -- -- 2.43%1.87%7/9/2014
*Mid Cap Fund - C Inception Date 5/14/200716.98% 14.16% 20.16% 8.29% 10.85% 2.38%2.00%1/30/2014
Mid Cap Growth Fund - C Inception Date 10/3/199426.87% 11.15% 17.09% 7.66% 11.37% 2.16%2.16%7/30/2013
Mid Cap Value Fund - C Inception Date 9/30/200921.52% 13.38% -- -- 15.92% 4.18%2.05%1/30/2014
Premium Yield Equity Fund - C Inception Date 12/3/200721.07% 13.90% 17.07% -- 3.13% 2.09%1.96%1/30/2014
*Sands Capital Select Growth Fund - C Inception Date 11/15/201030.26% 17.35% 23.45% 8.91% 3.56% 2.14%2.03%1/30/2014
Small Cap Core Fund - C Inception Date 9/30/200915.19% 16.17% -- -- 17.90% 2.24%2.13%1/30/2014
*Small Cap Growth Fund - C Inception Date 8/13/200121.13% 13.38% 17.61% 6.62% 10.11% 3.17%2.20%7/30/2013
Small Cap Value Fund - C Inception Date 3/1/201120.33% 15.53% 18.28% 7.21% 9.86% 5.16%2.13%1/30/2014
*Small Cap Value Opportunities Fund - C Inception Date 4/12/201232.43% 17.17% 18.85% 8.87% 12.24% 25.28%2.26%10/30/2013
*Value Fund - C Inception Date 4/12/201220.61% 15.88% 17.63% 5.40% 7.96% 2.20%1.83%10/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge for Class C shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

* The performance presented for this share class combines the performance since inception of an older class of shares.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Capital Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class Y Shares and 0.90% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Focused Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.80% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Growth Opportunities Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.84% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Large Cap Fund - 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 07/09/15.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Value Fund - 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 1.29% for Class A Shares, 2.04% for Class C Shares, 1.04% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Premium Yield Equity Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit other expenses to 0.25% for each Class of shares. This expense limitation will remain in effect until at least 01/29/15.

Touchstone Small Cap Core Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Growth Fund - 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 08/31/14.

Touchstone Small Cap Value Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Small Cap Value Opportunities Fund - 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 1.50% for Class A Shares, 2.25% for Class C Shares, 1.25% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Value Fund - 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Exclude Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Capital Growth Fund - Y Inception Date 11/29/199628.01% 14.33% 17.70% 6.11% 8.14% 1.14%1.00%10/30/2013
Focused Fund - Y Inception Date 2/12/199928.18% 19.42% 18.51% 9.88% 10.55% 1.06%0.97%7/30/2013
*Growth Opportunities Fund - Y Inception Date 2/2/200930.26% 16.27% 19.74% 8.18% 9.18% 1.16%0.99%7/30/2013
*Large Cap Growth Fund - Y Inception Date 11/10/200426.60% 13.08% 17.59% 7.59% 8.34% 1.08%0.99%7/30/2013
Large Cap Fund - Y Inception Date 7/9/2014 -- -- -- -- -- 1.07%0.87%7/9/2014
Mid Cap Fund - Y Inception Date 1/2/200318.11% 15.31% 21.38% 9.20% 11.81% 1.10%1.00%1/30/2014
*Mid Cap Growth Fund - Y Inception Date 2/2/200928.21% 12.31% 18.32% 8.65% 12.33% 1.17%1.17%7/30/2013
Mid Cap Value Fund - Y Inception Date 9/30/200922.74% 14.54% -- -- 17.10% 1.38%1.05%1/30/2014
*Premium Yield Equity Fund - Y Inception Date 8/12/200822.39% 15.06% 18.27% -- 4.12% 1.05%0.96%1/30/2014
*Sands Capital Select Growth Fund - Y Inception Date 8/27/200431.56% 18.53% 24.61% 9.91% 4.42% 1.06%1.03%1/30/2014
Small Cap Core Fund - Y Inception Date 9/30/200916.42% 17.38% -- -- 19.12% 1.14%1.13%1/30/2014
Small Cap Growth Fund - Y Inception Date 2/1/199822.33% 14.50% 18.76% 7.63% 11.14% 1.78%1.20%7/30/2013
Small Cap Value Fund - Y Inception Date 3/1/201121.53% 16.75% 19.40% 8.11% 10.77% 3.42%1.13%1/30/2014
Small Cap Value Opportunities Fund - Y Inception Date 7/31/200033.80% 17.91% 19.78% 9.83% 13.27% 1.30%1.26%10/30/2013
Value Fund - Y Inception Date 9/10/199821.71% 16.45% 18.45% 6.29% 8.94% 0.99%0.83%10/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y shares are sold at NAV, without an initial sales charge and are not subject to a 12b-1 fee or CDSC, but may be subject to higher initial investment requirements than other classes of shares of a Fund.

* The performance presented for this share class combines the performance since inception of an older class of shares.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Capital Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class Y Shares and 0.90% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Focused Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.80% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Growth Opportunities Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.84% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Large Cap Fund - 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 07/09/15.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Value Fund - 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 1.29% for Class A Shares, 2.04% for Class C Shares, 1.04% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Premium Yield Equity Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Core Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Growth Fund - 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 08/31/14.

Touchstone Small Cap Value Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Small Cap Value Opportunities Fund - 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 1.50% for Class A Shares, 2.25% for Class C Shares, 1.25% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Value Fund - 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Exclude Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Mid Cap Fund - Z Inception Date 4/24/200617.84% 15.00% 21.07% 8.92% 11.51% 1.56%1.25%1/30/2014
Sands Capital Select Growth Fund - Z Inception Date 8/11/200031.21% 18.24% 24.34% 9.64% 4.25% 1.37%1.28%1/30/2014

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Z shares are sold at Net Asset Value ("NAV"), without an initial sales charge and may be subject to a shareholder service fee. Class Z shares are available through a financial intermediary or through financial institutions such as retirement plans, fee-based platforms, and brokerage accounts (who may impose transaction charges in addition to those described in the prospectus). Class Z shares are not available directly from Touchstone and may not be available through certain financial intermediaries who do not have appropriate agreements in place with Touchstone.

* The performance presented for this share class combines the performance since inception of an older class of shares.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit other expenses to 0.25% for each Class of shares. This expense limitation will remain in effect until at least 01/29/15.

Exclude Maximum Sales Charge as of 6/30/2014
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
*Capital Growth Fund - Inst Inception Date 12/20/200628.13% 14.43% 17.82% 6.22% 8.21% 24.29%0.90%10/30/2013
*Focused Fund - Inst Inception Date 12/20/200628.34% 19.60% 18.69% 10.04% 10.65% 1.17%0.82%7/30/2013
*Growth Opportunities Fund - Inst Inception Date 2/2/200930.33% 16.40% 19.89% 8.26% 9.22% 1.00%0.84%7/30/2013
Large Cap Fund - Inst Inception Date 7/9/2014 -- -- -- -- -- 0.97%0.77%7/9/2014
*Mid Cap Fund - Inst Inception Date 1/27/201218.25% 15.38% 21.42% 9.22% 11.82% 1.08%0.93%1/30/2014
*Mid Cap Growth Fund - Inst Inception Date 4/1/201128.30% 12.44% 18.28% 8.62% 12.31% 0.99%0.99%7/30/2013
Mid Cap Value Fund - Inst Inception Date 9/30/200922.87% 14.70% -- -- 17.26% 1.10%0.90%1/30/2014
Sands Capital Institutional Growth Fund - Inst Inception Date 1/21/200531.91% 18.86% 25.09% -- 10.92% 0.80%0.80%4/30/2014
Small Cap Core Fund - Inst Inception Date 9/30/200916.47% 17.49% -- -- 19.23% 1.07%1.05%1/30/2014
*Small Cap Growth Fund - Inst Inception Date 9/10/201222.49% 14.63% 18.84% 7.66% 11.16% 945.44%1.05%7/30/2013
Small Cap Value Fund - Inst Inception Date 3/1/201121.79% 16.87% 19.49% 8.15% 10.80% 1.80%0.98%1/30/2014
*Small Cap Value Opportunities Fund - Inst Inception Date 12/9/200833.90% 18.03% 19.93% 9.60% 13.10% 1.47%1.11%10/30/2013
*Value Fund - Inst Inception Date 12/20/200621.92% 16.57% 18.59% 6.38% 9.00% 0.89%0.68%10/30/2013

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, may lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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.

Touchstone Capital Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares, 1.00% for Class Y Shares and 0.90% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Focused Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.80% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Growth Opportunities Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.84% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Large Cap Fund - 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 07/09/15.

Touchstone Large Cap Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.25% for Class A Shares, 2.00% for Class C Shares and 0.99% for Class Y Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Fund - 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Mid Cap Growth Fund - 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.03% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

Touchstone Mid Cap Value Fund - 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 1.29% for Class A Shares, 2.04% for Class C Shares, 1.04% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Premium Yield Equity Fund - 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 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Core Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Small Cap Growth Fund - 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 08/31/14.

Touchstone Small Cap Value Fund - 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 03/23/15.

Touchstone Small Cap Value Opportunities Fund - 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 1.50% for Class A Shares, 2.25% for Class C Shares, 1.25% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.

Touchstone Value Fund - 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/14.