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 Dynamic Equity Fund

Objective

The Fund seeks to obtain long-term capital appreciation from hedged equity investments with less risk than a fully invested, unhedged equity portfolio by investing in a combination of equity securities, short-term debt securities, and derivative instruments.

Investment Style

  • Invests primarily in long and short positions of U.S. large-cap stocks, although it may invest in small and mid-cap stocks
  • Utilizes a proprietary model that attempts to determine a security's intrinsic value by evaluating variables such as relative valuation, price momentum, company fundamentals, liquidity and risk
  • Buys securities "long" that are believed will outperform and sells securities "short" on those believed will underperform
  • Intends to take long and short equity positions that may vary over time based on an assessment of market conditions and other factors
  • Seeks to reduce overall portfolio risk through the use of options, primarily focusing on writing call options
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 foreign securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund is involved in short selling which may result in additional costs associated with covering short positions and a possibility of unlimited loss. The Fund's use of leverage generally results in increased volatility of returns. The Fund invests in covered call options, index and ETF call options which may result in limited gains, illiquidity and short-term capital gains. 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 futures contracts which may lack a liquid secondary market and are subject to counterparty 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. Current and future portfolio holdings are subject to risk. The advisor engages the sub-advisor tomanage 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 TDEAX
CUSIP 89154X195
Touchstone Fund Number 3080
Portfolio Turnover Rate1 382%
Total Annual Fund Operating Expense Ratio2 2.66%
Net Annual Fund Operating Expense Ratio2 2.47%
Total Net Assets as of 3/31/2014 $16,529,624
Inception Date 3/31/2005

Fiscal Year End December 31st
Benchmark S&P 500 Index3
Prospectus Date 4/30/2013

1 Annualized as of 12/31/2013

2 Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit annual operating expenses to 1.55% for Class A shares, 2.30% for Class C Shares, 1.30% for Class Y Shares and 1.25% for Class INST shares. The expense limitations will remain in effect until at least 04/29/14. These limits exclude expenses not charged to shareholders by the Fund or by any Fund service provider. There are expenses related to the ongoing management of the Fund's portfolio and include interest and borrowing expenses on securities sold short. Please see the Fund's Prospectus for further information.

3 The S&P 500® Index is a group of 500 widely held stocks and is commonly regarded to be representative of the large capitalization stock universe. 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.