Touchstone Strategic Income Opportunities Fund

The Fund invests in fixed-income securities which can experience reduced liquidity during certain market events, lose their value as interest rates rise and are subject to the risk of deterioration in the financial condition of an issuer and/or general economic conditions that can cause the issuer to not make timely payments of principal and interest causing the securities to decline in value and an investor can lose principal. The Fund invests in investment grade debt securities which may be downgraded by a Nationally Recognized Statistical Rating Organization to below investment grade. The Fund invests in non-investment grade debt securities which are speculative, may lack liquidity and have more frequent and larger price changes than other debt securities. The Fund invests in U.S. government agency securities which are not issued or guaranteed by the U.S. Treasury and are not guaranteed against price movements due to changing interest rates. The Fund invests in mortgage-backed securities and asset-backed securities which are subject to the risks of prepayment, defaults, changing interest rates and the financial condition of the issuer. The Fund invests in mortgage dollar rolls which involve increased risk and volatility. The Fund invests in equities which are subject to market volatility and loss. The Fund invests in preferred stocks which are relegated below bonds for payment should the issuer be liquidated. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing their price to decline. The Fund’s investments in other investment companies are subject to substantially the same risks as those associated with the direct ownership of the securities. In addition, if the Fund acquires shares of investment companies, shareholders of the Fund will bear their proportionate share of the fees and expenses of the Fund and the fees and expenses of the investment companies. The Fund invests in repurchase agreements which may suffer a loss of principal and interest in the event of counterparty defaults. The Fund invests in foreign and emerging markets securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and accounting standards that differ from those of U.S. markets and offer less protection to investors and are more likely to experience turmoil or rapid changes in market or economic conditions than developed countries. The Fund invests in sovereign debt securities which are issued by foreign governments whose respective economies could have an effect on their ability to service their debt affecting the value of the securities. The Fund invests in derivatives and securities such as forward foreign currency exchange contracts, futures contracts, options and swap agreements which can be highly volatile, illiquid and difficult to value, subject to counterparty and leverage risks and risk that changes in the value of a derivative held by the Fund will not correlate with the Fund’s other investments. Losses from speculative positions in a derivative may be much greater than the original cost and losses may be substantial. The Fund may experience higher portfolio turnover leading to increased expenses, lower returns and higher short-term capital gains. Events affecting the financial markets may at times result in unusually high market volatility. Current and future portfolio holdings are subject to change. The Advisor engages a sub-advisor to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-advisor who achieves superior investment returns relative to other similar sub-advisors.