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 High Yield Fund

Objective

The Fund seeks to achieve a high level of income by investing primarily in non-investment grade debt securities.

Investment Style

  • Evaluates overall investment opportunities and risks in different industries focusing on those that exhibit the potential for stability and predictability
  • Eliminates certain types of securities from purchase due to their structure
  • Applies rigorous credit selection process in an effort to identify securities that offer attractive investment opportunities
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 non-investment grade debt securities which are considered speculative with respect to the issuers' ability to make timely payments of interest or principal and has in the past, had more frequent and larger price changes than other debt securities. 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 THYAX
CUSIP 89154W809
Touchstone Fund Number 54
Portfolio Turnover Rate1 47%
Total Annual Fund Operating Expense Ratio2 1.13%
Net Annual Fund Operating Expense Ratio2 1.05%
Total Net Assets as of 3/31/2014 $56,530,254
Inception Date 5/1/2000

Fiscal Year End September 30th
Benchmark BofAML High Yield Cash Pay Index3
Prospectus Date 1/30/2014

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 to 1.05% for Class A Shares, 1.80% for Class C Shares, 0.80% for Class Y Shares and 0.72% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

3 The BofA Merrill Lynch High Yield Cash Pay Index is an unmanaged index used as a general measure of market performance consisting of fixed-rate, coupon-bearing bonds with an outstanding par which is greater than or equal to $50 million, amaturity range greater than or equal to one year and must be less than BBB/Baa3 rated but not in default. 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.