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 Flexible Income Fund

Objective

The Fund seeks a high level of income consistent with reasonable risk by investing primarily in income producing securities.

Investment Style

  • Invests in a variety of income-producing asset classes including debt securities, common stock and preferred stock
  • Employs a top-down macro perspective along with bottom-up security selection analysis with an emphasis on quality, relative value and high current income
  • Seeks to maximize risk-adjusted returns through fundamental research, quantitative modeling and capital structure analysis
  • Evaluates companies based on such facts as sales, assets, earnings, markets and management
  • Correlation* analysis between asset classes is conducted in an effort to build a portfolio with low correlation to both stocks and bonds

*Correlation is a statistical measure of how two securities move in relation to each other.

A Word About Risk
The Fund invests in equities which are subject to market volatility and loss. The Fund invests in value stocks which may not appreciate in value as anticipated or experiences a decline in value. The Fund invests in foreign securities 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 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. The Fund invests in convertible securities which are subject to the risks of both debt securities and equity securities. 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. The Fund invests in derivatives which are often more volatile than other investments and may magnify the Fund's gains or losses. The Fund invests in forward currency exchange contracts, futures contracts, options and swap agreements which may limit potential gains, are highly volatile, and their use can result in illiquidity, counterparty risk and loss. 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 judgmentmay impact the Fund's performance.

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Select Share Class:  A  |  C  |  Y  |  INST

Fund Facts

A Shares
NASDAQ Symbol FFSAX
CUSIP 89154Q620
Touchstone Fund Number 2769
Portfolio Turnover Rate1 41%
Total Annual Fund Operating Expense Ratio2 1.33%
Net Annual Fund Operating Expense Ratio2 1.10%
Total Net Assets as of 3/31/2014 $25,973,897
Inception Date 4/1/2004

Fiscal Year End March 31st
Benchmark Barclays U.S. Aggregate Bond 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 1.09% for Class A Shares, 1.84% for Class C Shares, 0.84% for Class Y Shares and 0.74% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/14.

3 The Barclays U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years.

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.