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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Touchstone Premium Yield Equity Fund

Objective

The Fund seeks long term growth of capital and high current income by investing primarily in equity securities of any size.

Investment Style

  • Utilizes quantitative screens to identify stocks of companies with above-average dividend yield plus a consistent history of dividend growth that offer financial strength and solid appreciation potential
  • Builds a portfolio using bottom-up stock selection with a preference for companies with monopoly-like characteristics and recurring revenues
  • Diversifies across capitalization ranges and economic sectors
  • Employs exclusionary social and environmental screens
A Word About Risk

The Fund invests in equities which are subject to market volatility and loss. The Fund invests in stocks of large-cap companies which may be unable to respond quickly to new competitive challenges. The Fund invests in stocks of small- and mid-cap companies, which may be subject to more erratic Market movements than stocks of larger, more established companies. The Fund invests in foreign and emerging market securities, and ADRs and GDRs which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund invests in REITs whose risks are similar to those associated with direct investments in real estate securities. REITs incur fees that are separate from those of the Fund and Fund shareholders will indirectly bear a proportionate share of the operating expense. Dividend issuing companies may choose not to pay a dividend or the dividend may be less than anticipated. 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

Fund Facts

A Shares
NASDAQ Symbol TPYAX
CUSIP 89155H579
Touchstone Fund Number 66
Portfolio Turnover Rate1 56%
Total Annual Fund Operating Expense Ratio2 1.31%
Net Annual Fund Operating Expense Ratio2 1.20%
Total Net Assets as of 12/31/2013 $62,512,727
Inception Date 12/3/2007

Fiscal Year End September 30th
Benchmark Russell 3000 Value Index3
Prospectus Date 1/30/2013

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 1.20% 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.

3 The Russell 3000® Value Index measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.  Investing in an index is not possible.

All Russell® Indices are trademarks/service marks of the Frank Russell Company. Russell is a trademark of the Frank Russell Company. The Frank Russell Company (FRC) is the source and owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

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.

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.