During the 40 calendar quarters the table covers, there was only one instance of negative quarterly total returns
for one-year to three-year year Treasuries (Q1-1994, as the two-year Treasury rose in yield from 4.
53 percent, while mortgage REITs and hybrid REITs had total returns
of 42-39 percent and 20-08 percent, respectively.
To give readers a window to the funds' true performance, we show total returns
for one-, three- and five-year periods.
High oil prices and considerable industry turmoil did not deter the airline and automotive sectors, which outperformed most other industries in terms of total returns
in the first quarter.
- Superior total returns
compared overall to 312 multi-cap value funds
The Fund has achieved a positive total return
in every calendar year since its inception over ten years ago, Through June 30, 2004, the average annual total returns
for the one, five and ten-year periods were 3.
94% during 2003, and for the three, five and ten-year periods ended December 31, 2003, its average annual total returns
REITs delivered their highest total returns
in over 12 years in 2003, outperforming the S&P 500 for the third year in a row.
As of June 30, 2003, the average annual total returns
for the one year, three years, five years and since the Select Value Fund's inception (10/11/96) of the Fund were -1.
As of March 31, 2003, the average annual total returns
for the one year, three years, five years and since the Select Value Fund's inception (10/11/96) of the Fund were -26.
The Touchstone Tax-Free Money Market Fund's one-, five- and ten-year average annual total returns
For the one-year, five-year and 10-year periods ended 3/31/02, the fund's average annual total returns