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 Ohio Tax-Free Bond Fund

Objective

The Fund seeks the highest level of interest income exempt from federal income and Ohio personal income taxes, consistent with the protection of capital by investing primarily in high-quality, long-term Ohio municipal obligations.

Investment Style

  • Reviews various economic reports, yield-curve analysis and other market indicators in an effort to identify trends and relative value in the marketplace
  • Conducts macroeconomic analysis and yieldcurve analysis in an effort to gain insight into the current trends and future expectations
  • Assesses municipal market variables - including supply and demand, cash flows, yield spreads and credit spreads - in an effort to identify which sectors represent the most potential value
A Word About Risk
The Fund invests in debt securities which can lose their value as interest rates rise and are subject to the possibility of an issuer failing to make timely payments of principal or interest including the possibility of prepayment and an investor can lose principal. 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. Ratings represent a Nationally Recognized Statistical Rating Organization's (NRSRO) opinion regarding the quality of a security and are not a guarantee of quality. The Fund invests in municipal securities which may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal security holders in the event of bankruptcy and may not be able to meet their obligations. Political and economic conditions in the State of Ohio may impact the value of Ohio municipal obligations which may lose value due to decreased economic growth, increased unemployment and decreased tax revenue. The Fund may focus its investments in the securities of a particular bond market segment which will have a greater impact on the Fund than a fund that does not focus its investments. 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 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

Fund Facts

A Shares
NASDAQ Symbol TOHAX
CUSIP 89154V603
Touchstone Fund Number 9
Portfolio Turnover Rate1 24%
Total Annual Fund Operating Expense Ratio2 1.09%
Net Annual Fund Operating Expense Ratio2 0.85%
Total Net Assets as of 3/31/2014 $44,291,607
Inception Date 4/1/1985

Fiscal Year End June 30th
Benchmark Barclays Capital Municipal Bond Index3
Prospectus Date 10/30/2013

1 Annualized as of 6/30/2013

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 to 0.85% for Class A Shares, 1.60% for Class C Shares. These expense limitations will remain in effect until at least 10/29/14.

3 The Barclays Municipal Bond Index is a widely recognized unmanaged index of municipal bonds with maturities of at least one year. 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/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.