TOUCHSTONE INTERNATIONAL FIXED INCOME FUND CLASS C (TIFCX) Exchange: NMFQS

DELISTED - The Fund invests, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in fixed-income securities of issuers located outside the United States.  This is a non-fundamental investment policy that can be changed by the Fund upon 60-days prior notice to shareholders.  Fixed-income securities generally consist of debt obligations of developed and emerging market governments and their agencies and instrumentalities, corporate debt obligations, non-investment-grade corporate debt obligations, and debt securities that are convertible into common or preferred stock.  Corporate debt obligations include corporate bonds, debentures, notes, and other similar instruments.  Investment-grade fixed-income securities include securities rated BBB- or higher by Standard & Poor's Corporation (“S&P”) or Baa3 or higher by Moody's Investors Services, Inc. (“Moody's”) or, if unrated by S&P or Moody's, determined by the sub-advisor, GAM International Management Limited (“GAM International” or “Sub-Advisor”), to be of comparable quality.  The Fund may invest in securities denominated in U.S. dollars or a foreign currency.   The Fund may invest up to 20% of its net assets in non-investment-grade debt securities.  The Fund may invest up to 10% of its total assets in debt obligations of emerging market governments and their agencies and instrumentalities.  The Fund may invest in forward currency contracts in order to achieve its goals.  Forward currency contracts may be used to hedge currency exposure of the Fund's fixed-income securities and they may be used to invest in a currency that GAM International expects to appreciate relative to another currency.  In addition, in order to implement its investment strategy, GAM International may use other derivatives, such as futures or options, to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the Fund's duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy.   GAM International selects the Fund's foreign country and currency compositions based on an evaluation of various macroeconomic factors including, but not limited to, relative interest rates, exchange rates, monetary and fiscal policies, trade, and current account balances.  In selecting the Fund's target fixed-income sector weights, GAM International assesses the relative valuations of the sectors by determining whether the securities included within a sector are selling at a discount to GAM International's estimate of their intrinsic value.  Once country, currency, and sector weights are established, GAM International selects fixed-income securities within each sector and country that it believes offer attractive income or capital appreciation potential with a reasonable level of risk.  GAM International generally sells a security when it reaches a target price, there is a change in the issuer's credit quality, or if it's current assessment of the relative valuations of the sectors in which the Fund invests or markets as a whole make investments in other securities appear more attractive.   The securities in which the Fund invests may pay interest at fixed rates, variable rates, or subject to reset terms.  In addition, these securities may make principal payments that are fixed, variable or both.  Under normal circumstances, the Fund's effective duration will be within two years (plus or minus) of the effective duration of the Fund's benchmark, the Citigroup World Government Bond Index ex-U.S., which as of December 31, 2013 was 7.1.   The Fund is non-diversified and may invest a significant percentage of its assets in the securities of one issuer.