Quarterly Performance (Including Maximum Sales Charge)

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 B shares is adjusted for the contingent deferred sales charges in effect at the end of the specified period. The contingent deferred sales charge schedule declines from 5.00% in the first year you hold the shares to 0% at the beginning of the seventh year.

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.

* 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 Mid Cap Growth 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 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 07/29/18.

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 Focused 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.83% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Growth Opportunities 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Large Cap 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Large Cap Focused 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 certain other expenses, if any) to 1.00% for Class A Shares, 1.79% for Class C Shares, 0.72% for Class Y Shares and 0.65% for Class INST Shares. These expense limitations will remain in effect until 10/29/2019.

Touchstone Large Company Growth 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 1.23% for Class A Shares, 1.98% for Class C Shares, 0.98% for Class Y Shares and 0.88% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Mid Cap 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/18.

Touchstone Mid Cap Growth 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 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 07/29/18.

Touchstone Mid Cap Value 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 1.27% for Class A Shares, 2.02% for Class C Shares, 1.02% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Premium Yield 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 fund operating expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain other expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 0.25% for Class A Shares, 0.25% for Class C Shares, 0.25% for Class Y Shares and 0.25% for Class Z Shares. This expense limitation will remain in effect until at least 01/29/19.

Touchstone Small Cap 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Growth 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Small Cap Value 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Value Opportunities 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Small Company 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 1.22% for Class A Shares, 1.95% for Class C Shares, 0.89% for Class Y Shares, 0.73% for Class INST Shares and 0.73% for Class R6 Shares. These expense limitations will remain in effect until at least 10/29/19.

Touchstone Value 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

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 Focused 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.83% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Growth Opportunities 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Large Cap Focused 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 certain other expenses, if any) to 1.00% for Class A Shares, 1.79% for Class C Shares, 0.72% for Class Y Shares and 0.65% for Class INST Shares. These expense limitations will remain in effect until 10/29/2019.

Touchstone Large Cap 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Large Company Growth 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 1.23% for Class A Shares, 1.98% for Class C Shares, 0.98% for Class Y Shares and 0.88% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Mid Cap 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Mid Cap Growth 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 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 07/29/18.

Touchstone Mid Cap Value 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 1.27% for Class A Shares, 2.02% for Class C Shares, 1.02% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Premium Yield 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 fund operating expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain other expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 0.25% for Class A Shares, 0.25% for Class C Shares, 0.25% for Class Y Shares and 0.25% for Class Z Shares. This expense limitation will remain in effect until at least 01/29/19.

Touchstone Small Cap 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Growth 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Small Cap Value 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Value Opportunities 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Small Company 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 1.22% for Class A Shares, 1.95% for Class C Shares, 0.89% for Class Y Shares, 0.73% for Class INST Shares and 0.73% for Class R6 Shares. These expense limitations will remain in effect until at least 10/29/19.

Touchstone Value 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

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 Focused 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.83% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Growth Opportunities 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Large Cap Focused 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 certain other expenses, if any) to 1.00% for Class A Shares, 1.79% for Class C Shares, 0.72% for Class Y Shares and 0.65% for Class INST Shares. These expense limitations will remain in effect until 10/29/2019.

Touchstone Large Cap 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Large Company Growth 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 1.23% for Class A Shares, 1.98% for Class C Shares, 0.98% for Class Y Shares and 0.88% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Mid Cap 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Mid Cap Growth 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 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 07/29/18.

Touchstone Mid Cap Value 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 1.27% for Class A Shares, 2.02% for Class C Shares, 1.02% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Premium Yield 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 fund operating expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain other expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 0.25% for Class A Shares, 0.25% for Class C Shares, 0.25% for Class Y Shares and 0.25% for Class Z Shares. This expense limitation will remain in effect until at least 01/29/19.

Touchstone Small Cap 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Growth 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Small Cap Value 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Value Opportunities 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Small Company 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 1.22% for Class A Shares, 1.95% for Class C Shares, 0.89% for Class Y Shares, 0.73% for Class INST Shares and 0.73% for Class R6 Shares. These expense limitations will remain in effect until at least 10/29/19.

Touchstone Value 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

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.

^* 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 Focused 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.83% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Growth Opportunities 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Large Cap 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Large Cap Focused 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 certain other expenses, if any) to 1.00% for Class A Shares, 1.79% for Class C Shares, 0.72% for Class Y Shares and 0.65% for Class INST Shares. These expense limitations will remain in effect until 10/29/2019.

Touchstone Large Company Growth 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 1.23% for Class A Shares, 1.98% for Class C Shares, 0.98% for Class Y Shares and 0.88% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Mid Cap 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/18.

Touchstone Mid Cap Growth 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 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 07/29/18.

Touchstone Mid Cap Value 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 1.27% for Class A Shares, 2.02% for Class C Shares, 1.02% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Premium Yield 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 fund operating expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 1.20% for Class A Shares, 1.95% for Class C Shares and 0.95% for Class Y Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain other expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 0.25% for Class A Shares, 0.25% for Class C Shares, 0.25% for Class Y Shares and 0.25% for Class Z Shares. This expense limitation will remain in effect until at least 01/29/19.

Touchstone Small Cap 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Growth 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Small Cap Value 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Value Opportunities 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Small Company 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 1.22% for Class A Shares, 1.95% for Class C Shares, 0.89% for Class Y Shares, 0.73% for Class INST Shares and 0.73% for Class R6 Shares. These expense limitations will remain in effect until at least 10/29/19.

Touchstone Value 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

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 Z shares are sold at Net Asset Value ("NAV"), without an initial sales charge and may be subject to a shareholder service fee. Class Z shares are available through a financial intermediary or through financial institutions such as retirement plans, fee-based platforms, and brokerage accounts (who may impose transaction charges in addition to those described in the prospectus). Class Z shares are not available directly from Touchstone and may not be available through certain financial intermediaries who do not have appropriate agreements in place with Touchstone.

* 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 Mid Cap 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/18.

Touchstone Sands Capital Select Growth Fund - Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain other expenses (excluding Acquired Fund Fees and Expenses "AFFE," and other expenses, if any) to 0.25% for Class A Shares, 0.25% for Class C Shares, 0.25% for Class Y Shares and 0.25% for Class Z Shares. This expense limitation will remain in effect until at least 01/29/19.

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.

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 Focused 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 1.20% for Class A Shares, 1.95% for Class C Shares, 0.95% for Class Y Shares and 0.83% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Growth Opportunities 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Large Cap 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 1.12% for Class A Shares, 1.87% for Class C Shares, 0.87% for Class Y Shares and 0.77% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Large Cap Focused 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 certain other expenses, if any) to 1.00% for Class A Shares, 1.79% for Class C Shares, 0.72% for Class Y Shares and 0.65% for Class INST Shares. These expense limitations will remain in effect until 10/29/2019.

Touchstone Large Company Growth 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 1.23% for Class A Shares, 1.98% for Class C Shares, 0.98% for Class Y Shares and 0.88% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Mid Cap 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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares, 1.24% for Class Z Shares and 0.92% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/18.

Touchstone Mid Cap Growth 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 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 07/29/18.

Touchstone Mid Cap Value 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 1.27% for Class A Shares, 2.02% for Class C Shares, 1.02% for Class Y Shares and 0.89% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Sands Capital Institutional Growth 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 0.80% for Class INST Shares. These expense limitations will remain in effect until at east 04/29/18.

Touchstone Small Cap 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 1.05% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Growth 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 1.44% for Class A Shares, 2.19% for Class C Shares, 1.19% for Class Y Shares and 1.04% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/18.

Touchstone Small Cap Value 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 1.38% for Class A Shares, 2.13% for Class C Shares, 1.13% for Class Y Shares and 0.98% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/19.

Touchstone Small Cap Value Opportunities 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 1.43% for Class A Shares, 2.18% for Class C Shares, 1.18% for Class Y Shares and 1.10% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

Touchstone Small Company 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 1.22% for Class A Shares, 1.95% for Class C Shares, 0.89% for Class Y Shares, 0.73% for Class INST Shares and 0.73% for Class R6 Shares. These expense limitations will remain in effect until at least 10/29/19.

Touchstone Value 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 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.68% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/18.

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 Small Company 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 1.22% for Class A Shares, 1.95% for Class C Shares, 0.89% for Class Y Shares, 0.73% for Class INST Shares and 0.73% for Class R6 Shares. These expense limitations will remain in effect until at least 10/29/19.