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.

Close I agree

Quarterly Performance (Including Maximum Sales Charge)

Select Share Class:  A  |  C  |  Y  |  INST
Average Annual Total Returns: Excluding Sales Charge | Including Sales Charge

Alternative Investment Funds Including Maximum Sales Charge

as of 3/31/2014

  Average Annual Total Returns Annual Fund Operating Expenses  
Touchstone Funds 1
Year
3
Year
5
Year
10
Year
Since
Inception
Total Net Prospectus
Date
Arbitrage Fund - A Inception Date 9/30/2013 -- -- -- -- -5.75% 1.95% 1.95% 1/30/2014
* Dynamic Equity Fund - A Inception Date 3/31/2005 6.44% 7.48% 9.16% 2.43% 8.23% 2.66% 2.47% 4/30/2013
Global Real Estate Fund - A Inception Date 9/30/2009 -4.12% 5.59% -- -- 9.69% 3.73% 1.39% 1/30/2014
Merger Arbitrage Fund - A Inception Date 8/9/2011 -3.79% -- -- -- 2.06% 2.28% 2.28% 1/30/2014

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A shares of Touchstone Alternative Investment Funds is 5.75%.

* The performance presented for Class A shares combines the performance of an older class of shares from the Fund's inception with the performance of this class of shares from its inception. The Touchstone Dynamic Equity Fund combines the performance of Class Y Shares, which were originally Class Z Shares, from the Fund's inception, 7/1/1978 to 3/30/2005, with the performance of this class of shares from its inception on 3/31/2005.

Performance for all share classes will differ due to difference in sales charges and class expenses. Some performance does not include sales charges which, if imposed, would lower performance. From time to time, the investment advisor may waive some fees or reimburse expenses, which if not waived or reimbursed, would lower returns.

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.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. has contractually agreed to waive a portion of its fees or reimburse certain Fund expenses in order to limit annual fund operating expenses to 1.68%, 2.43%, 1.43%, and 1.28% for Classes A, C, and Y shares and Institutional Class shares, respectively. This expense limitation will remain in effect until at least 01/29/15.

Touchstone Dynamic Equity Fund - 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.

Touchstone Global Real Estate Fund - 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 1.39% for Class A Shares, 2.14% for Class C Shares, 1.14% for Class Y Shares and 0.99% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/15.

Touchstone Merger Arbitrage Fund - 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 1.68% for Class A Shares, 2.43% for Class C Shares, 1.43% for Class Y Shares, and 1.28% for ClassINST Shares, respectively (excluding Acquired Fund Fees and Expenses "AFFE" and Dividend Expenses on Securities sold short). The expense ratios include AFFE, interest and borrowing expenses on securities sold short, and dividends on securities sold short. The Expense Limitations will remain in effect until at least 01/29/15. 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 AFFE, interest and borrowing expenses on securities sold short, and dividends on securities sold short. The Fund is obligated to record the expenses of the dividend on securities sold short; these expenses may be offset by gains on the day the dividends are announced. Please see the Fund's Prospectus for further information.