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» 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 Value Fund

Objective

The Fund seeks long-term capital growth by investing primarily in U.S. equity securities of large- and mid-cap companies believed to be undervalued.

Investment Style

  • Utilizes traditional methods of stock selection, research and analysis, to identify securities it believes are undervalued and searches for companies that have price-to-earnings and priceto- book ratios below the market, that also have above average dividend yields
  • Focuses on companies that are out of favor due to internal or external challenges judged to be shortterm in nature
  • Seeks to identify the reasons for a temporary undervaluation of a company's shares and believes that value can be added through individual stock selection
  • Utilizes risk management tools in an effort to prevent overexposure to particular market segments
  • Stock selection is driven by fundamental securities analysis on individual companies rather than by broad market themes
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 mid-cap companies which may be subject to more erratic market movements than stocks of larger, more established companies. The Fund invests in value stocks which may not appreciate in value as anticipated or experiences a decline in value. 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 focus its investments in the securities of certain sectors that may be more susceptible to economic, business or political developments which may affect other securities in the areas of focus thereby increasing risk. The Fund may experience higher portfolio turnover which may lead to increased fund expenses, lower investment returns, and higher short-term capital gains taxable to shareholders. 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  |  INST

Fund Facts

A Shares
NASDAQ Symbol TVLAX
CUSIP 89154X468
Touchstone Fund Number 2884
Portfolio Turnover Rate1 110%
Total Annual Fund Operating Expense Ratio2 1.41%
Net Annual Fund Operating Expense Ratio2 1.08%
Total Net Assets as of 3/31/2014 $59,171,204
Inception Date 7/31/2003

Fiscal Year End June 30th
Benchmark Russell 1000 Value 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 (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.

3 The Russell 1000® Value Index measures those Russell 1000 companies with lower price-to-book ratios and lower expected 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.