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 Focused Fund

Objective

The Fund seeks capital appreciation by investing in equity securities of companies of any size.

Investment Style

  • Flexible approach enables movement opportunistically across market caps and styles
  • Concentrated, high conviction portfolio typically holds 25 to 35 businesses
  • Strategy is centered on linking valuations with barriers to entry
  • Believes paying as little as possible for future value creation for businesses that generate or are capable of generating excess returns on capital is the key to consistent long-term performance
  • Process seeks investment candidates which have no future value creation implied in their current stock prices and earn above their cost of capital
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 which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund invests in preferred stocks which are relegated below bonds for payment should the issuer be liquidated and can be called or redeemed prior to maturity, negatively impacting the stock's price when interest rates decline. The Fund may experience high portfolio turnover which may lead to increased fund expenses, lower investment returns, and high short-term capital gains taxable to shareholders. The Fund may focus its investments in certain industries within certain sectors which will have a greater impact on the Fund than a fund that does not focus its investments in a particular sector. The Fund is nondiversified, which means that it may invest a greater percentage of its assets in the securities of a limited number of issuers than a diversified fund 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 Symbol TFOAX
CUSIP 89154X245
Touchstone Fund Number 2911
Portfolio Turnover Rate1 189%
Total Annual Fund Operating Expense Ratio2 1.91%
Net Annual Fund Operating Expense Ratio2 1.22%
Total Net Assets as of 3/31/2014 $233,732,397
Inception Date 9/30/2003

Fiscal Year End March 31st
Benchmark Russell 3000 Index3
Prospectus Date 7/30/2013

1 Annualized as of 3/31/2013

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, 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.

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.