Touchstone Announces Asset Allocation Fund Changes

Wilshire Associates Incorporated ("Wilshire"), an independent, diversified global financial services firm, has been named sub-advisor to each of the funds. Based in Santa Monica and supported by a network of offices in the U.S., Europe and the Asia Pacific, the firm was founded in 1972.

"We chose Wilshire as sub-advisor for these funds because of its long tenure and significant credentials in managing multi-asset portfolios. We also considered Wilshire's intimate knowledge of the underlying sub-advisors afforded by its deep research resources. We believe that familiarity makes Wilshire more impactful in allocating among a variety of asset classes and Touchstone funds to deliver value to shareholders," said Steven M. Graziano, president of Touchstone Investments.

The funds' sub-advisor seeks to develop optimal model allocations among underlying funds and provide global exposure to a broad array of asset classes and investment strategies. As sub-advisor, Wilshire will make all determinations with respect to the investment of fund assets, and the purchase and sale of portfolio securities. 

In addition to the appointment of Wilshire as sub-advisor, the Asset Allocation Funds' names and goals have changed as follows:

• The name of the Touchstone Conservative Allocation Fund has been changed to the Touchstone Controlled Growth with Income Fund. The fund seeks growth and income by investing in a diversified portfolio of complementary equity, fixed-income and liquid alternative funds.
• The Touchstone Balanced Allocation Fund is now called the Touchstone Dynamic Diversified Income Fund. The fund seeks current income by investing primarily in a diversified portfolio of income-producing funds.
• The name of the Touchstone Moderate Growth Allocation Fund has been changed to the Touchstone Dynamic Global Allocation Fund. The Fund seeks capital appreciation through global exposure to a broad array of asset classes and investment strategies.

Please see the Information Statement, Summary Prospectus and Statutory Prospectus for more information on the funds.

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.

About Touchstone Investments
Touchstone Investments is a mutual fund company committed to providing investors with access to institutional asset managers who act in a sub-advisory capacity. Managed by sub-advisors with high conviction, concentrated portfolios, Touchstone's entire equity fund lineup is composed of high Active Share funds which means their holdings are highly differentiated from their benchmarks. Touchstone's sub-advisor selection and monitoring approach is built upon the conviction that an asset manager's organizational stability, quality of its personnel, adherence to its investment discipline and infrastructure represent the elements of repeatable, value-added performance results over time. This philosophy has resulted in a diverse but focused product offering that gives investors a full breadth of investment options across styles and asset classes. The Touchstone Funds are advised by Touchstone Advisors, Inc., a registered investment advisor, and are distributed nationally through intermediaries including broker-dealers, financial planners and institutions by Touchstone Securities, Inc., a registered broker-dealer and member FINRA/SIPC. Touchstone, Touchstone Funds and Touchstone Investments are federal service mark registrations and applications owned by IFS Financial Services, Inc. Touchstone Securities, Inc., Touchstone Advisors, Inc. and IFS Financial Services, Inc. are members of Western & Southern Financial Group. For more information, please visit www.TouchstoneInvestments.com.

A Word About Risk
The value of an investment in the Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds. The Fund bears a proportionate amount of the expenses charged by the underlying funds. The Fund's ability to achieve its investment goal depends upon the sub-advisor's skill in selecting the best mix of underlying funds. The principal risks of an investment in the Fund include the principal risks of investing in the underlying funds in addition to those of the Fund. The Fund invests in equities which are subject to market volatility and loss. The Fund invests in foreign securities, foreign depositary receipts and emerging markets securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund invests in debt securities which can lose their value as interest rates rise and are subject to the risk of deterioration in financial condition of an issuer and/or general economic conditions that can cause the issuer to not make timely payments of principal and interest also causing the securities to decline in value and non-investment grade debt securities which have additional risks and an investor can lose principal. The Fund invests in derivatives which may expose the fund to additional risk than directly investing in securities and may lack a liquid market, are subject to counterparty risk and leverage risk which could result in increased volatility of returns as well as losses. Liquidity risk may exist when particular investments are difficult to purchase or sell, which can reduce an underlying fund's return. Current and future portfolio holdings are subject to risk. The advisor engages the sub-advisor to manage the Fund's portfolio; the sub-advisor's judgment may impact the Fund's performance.

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SOURCE Touchstone Investments

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