I hereby represent that I:

» am an institutional investor that is a "qualified client" as that term is defined in Rule 205-3(d)(1) under the Investment Advisers Act of 1040, as amended; and

» have such knowledge and experience in financial and business matters that I am capable of evaluating the merits and risks of the investments that may be presented to me by Touchstone Investments.

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Monthly Performance (Including Maximum Sales Charge)

Select Share Class:  A  |  C  |  Y  |  INST
Average Annual Total Returns: Excluding Sales Charge | Including Sales Charge

Alternative Investment Funds Including Maximum Sales Charge

as of 3/31/2014

Total Returns
as of 3/31/2014
Average Annual Total Returns
as of 3/31/2014
Touchstone Funds 1
Arbitrage Fund - A Inception 9/30/2013 -6.10% -6.02% -6.02% -- -- -- -- -5.75% -5.75%
*Dynamic Equity Fund - A Inception 3/31/2005 -4.50% -4.09% -4.09% 6.44% 7.48% 9.16% 2.43% 8.23% 1,588.77%
Global Real Estate Fund - A Inception 9/30/2009 -5.50% -1.80% -1.80% -4.12% 5.59% -- -- 9.69% 51.57%
Merger Arbitrage Fund - A Inception 8/9/2011 -6.06% -6.31% -6.31% -3.79% -- -- -- 2.06% 5.53%

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 Alternative Investment Funds is 5.75%.

* The performance presented for Class A shares combines the performance of an older class of shares from the Fund's inception with the performance of this class of shares from its inception. The Touchstone Dynamic Equity Fund combines the performance of Class Y Shares, which were originally Class Z Shares, from the Fund's inception, 7/1/1978 to 3/30/2005, with the performance of this class of shares from its inception on 3/31/2005.

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/home/formslit/ or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.