Quarterly Performance Select Share Class - Excluding Sales Charge:

Select Share Class - Including Sales Charge:A C
Select Share Class - Excluding Sales Charge:A C Y INST
Including Maximum Sales Charge as of 12/31/2017
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Arbitrage Fund - A Inception Date 9/30/2013-5.64% 0.46% -- -- 0.14% 2.93% 2.72% 1/30/2018
Controlled Growth with Income Fund - A Inception Date 9/30/2004-0.79% 1.38% 2.75% 3.37% 4.29% 2.53% 1.98% 4/30/2017
*Dynamic Equity Fund - A Inception Date 3/31/20050.99% 4.24% 6.92% 1.64% 7.97% 1.92% 1.91% 4/30/2017
Merger Arbitrage Fund - A Inception Date 8/9/2011-4.63% 0.29% 0.79% -- 1.78% 2.67% 2.59% 1/30/2018

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 Equity Funds is 5.75%.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Touchstone Controlled Growth with Income Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.49% for Class A Shares, 1.24% for Class C Shares and 0.24% for Class Y Shares. These expense limitations will remain in effect until at least 04/29/18.

Touchstone Dynamic Equity Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors willwaive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund 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. This contractual expense limitation is effective through 04/29/18. 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 Merger Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Including Maximum Sales Charge as of 12/31/2017
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Arbitrage Fund - C Inception Date 9/30/2013-1.63% 1.66% -- -- 0.82% 3.62% 3.47% 1/30/2018
Controlled Growth with Income Fund - C Inception Date 9/30/20043.52% 2.63% 3.20% 3.20% 3.98% 3.30% 2.73% 4/30/2017
*Dynamic Equity Fund - C Inception Date 3/31/20055.37% 5.53% 7.37% 1.48% 7.33% 2.72% 2.66% 4/30/2017
Merger Arbitrage Fund - C Inception Date 8/9/2011-0.48% 1.48% 1.21% -- 1.91% 3.43% 3.34% 1/30/2018

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. Performance for Class C shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge for Class C shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Touchstone Controlled Growth with Income Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.49% for Class A Shares, 1.24% for Class C Shares and 0.24% for Class Y Shares. These expense limitations will remain in effect until at least 04/29/18.

Touchstone Dynamic Equity Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors willwaive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund 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. This contractual expense limitation is effective through 04/29/18. 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 Merger Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Excluding Maximum Sales Charge as of 12/31/2017
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Arbitrage Fund - A Inception Date 9/30/20130.12% 2.45% -- -- 1.54% 2.93% 2.72% 1/30/2018
Controlled Growth with Income Fund - A Inception Date 9/30/20045.23% 3.42% 3.97% 3.99% 4.75% 2.53% 1.98% 4/30/2017
*Dynamic Equity Fund - A Inception Date 3/31/20057.18% 6.32% 8.19% 2.25% 8.13% 1.92% 1.91% 4/30/2017
Merger Arbitrage Fund - A Inception Date 8/9/20111.19% 2.28% 200.00% -- 2.72% 2.67% 2.59% 1/30/2018

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 Equity Funds is 5.75%.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Touchstone Controlled Growth with Income Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.49% for Class A Shares, 1.24% for Class C Shares and 0.24% for Class Y Shares. These expense limitations will remain in effect until at least 04/29/18.

Touchstone Dynamic Equity Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors willwaive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund 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. This contractual expense limitation is effective through 04/29/18. 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 Merger Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Excluding Maximum Sales Charge as of 12/31/2017
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Arbitrage Fund - C Inception Date 9/30/2013-0.68% 1.66% -- -- 0.82% 3.62% 3.47% 1/30/2018
Controlled Growth with Income Fund - C Inception Date 9/30/20044.52% 2.63% 3.20% 3.20% 3.98% 3.30% 2.73% 4/30/2017
*Dynamic Equity Fund - C Inception Date 3/31/20056.37% 5.53% 7.37% 1.48% 7.33% 2.72% 2.66% 4/30/2017
Merger Arbitrage Fund - C Inception Date 8/9/20110.47% 1.48% 1.21% -- 1.91% 3.43% 3.34% 1/30/2018

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. Performance for Class C shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge for Class C shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

* The performance presented for this share class combines the performance since inception of an older class of shares.

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/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Touchstone Controlled Growth with Income Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.49% for Class A Shares, 1.24% for Class C Shares and 0.24% for Class Y Shares. These expense limitations will remain in effect until at least 04/29/18.

Touchstone Dynamic Equity Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors willwaive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund 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. This contractual expense limitation is effective through 04/29/18. 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 Merger Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Excluding Maximum Sales Charge as of 12/31/2017
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Arbitrage Fund - Y Inception Date 9/30/20130.31% 2.71% -- -- 1.84% 2.41% 2.41% 1/30/2018
*Controlled Growth with Income Fund - Y Inception Date 12/9/20055.59% 3.68% 4.22% 4.25% 5.01% 2.39% 1.73% 4/30/2017
Dynamic Equity Fund - Y Inception Date 7/1/19787.59% 6.67% 8.50% 2.53% 8.40% 1.58% 1.58% 4/30/2017
Merger Arbitrage Fund - Y Inception Date 8/9/20111.44% 2.54% 2.27% -- 2.99% 2.31% 2.31% 1/30/2018

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. Class Y shares are sold at NAV, without an initial sales charge and are not subject to a 12b-1 fee or CDSC, but may be subject to higher initial investment requirements than other classes of shares of a Fund.

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/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Touchstone Controlled Growth with Income Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.49% for Class A Shares, 1.24% for Class C Shares and 0.24% for Class Y Shares. These expense limitations will remain in effect until at least 04/29/18.

Touchstone Dynamic Equity Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors willwaive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund 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. This contractual expense limitation is effective through 04/29/18. 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 Merger Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Excluding Maximum Sales Charge as of 12/31/2017
Average Annual Total ReturnsAnnual Fund Operating Expenses
Touchstone Funds1
Year
3
Year
5
Year
10
Year
Since
Inception
TotalNetProspectus
Date
Arbitrage Fund - Inst Inception Date 9/30/20130.40% 2.81% -- -- 1.94% 2.37% 2.32% 1/30/2018
*Dynamic Equity Fund - Inst Inception Date 12/9/20057.54% 6.66% 8.52% 2.55% 8.40% 1.55% 1.55% 4/30/2017
Merger Arbitrage Fund - Inst Inception Date 8/9/20111.62% 2.65% 2.37% -- 3.08% 2.21% 2.19% 1/30/2018

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. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, may lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. 

* The performance presented for this share class combines the performance since inception of an older class of shares. 

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/literature-center or call Touchstone at 800.638.8194. Please read the prospectus and/or summary prospectus carefully before investing.

Touchstone Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.

Touchstone Dynamic Equity Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors willwaive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund 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. This contractual expense limitation is effective through 04/29/18. 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 Merger Arbitrage Fund - Touchstone Advisors, Inc. and the Funds Trust have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the costs of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) 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 Class INST Shares. This contractual expense limitation is effective through 01/29/18. 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.