Touchstone Sands Capital Emerging Markets Growth Fund

Overall Morningstar Rating™

Diversified Emerging Mkts

Morningstar

Overall Morningstar Rating™ is calculated against 707 funds in the Diversified Emerging Mkts category.

The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating™ does not include any adjustment for sales load. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.
^©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Class A Shares star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms.

Active Share

Active Share measures the percentage of the Fund’s holdings that differ from those of the benchmark. It is calculated by taking the sum of the absolute difference between all of the holdings and weights in the portfolio and those of the benchmark holdings and weights and dividing the results by two.

Active		Closet Index		Passive
100%-80%	80%-60%	60%-40%	40%-20%	20%-0%

Generally, a Fund with an active share of more than 60% is considered actively managed. Active Share is not a performance measurement. A high degree of Active Share does not assure outperformance of a fund relative to its benchmark index.

Overview

Actively Managed and Sub-Advised by Sands Capital Management, LLC

Objective

The fund seeks long-term capital appreciation by investing primarily in companies located in emerging market countries and opportunistically, in frontier market countries.

Sands Capital Emerging Markets Growth Fund Commentary

Investment Style

Seeks to identify leading growth businesses that meet the following criteria:
- Sustainable, above-average earnings growth
- Leadership position in a promising business space
- Significant competitive advantages / distinctive business franchise
- Clear mission and value-added focus
- Financial strength
- Rational valuation relative to the market and business prospects
Concentrated, conviction-weighted portfolio typically holds 30-50 companies within global emerging markets
Country and sector exposures are primarily a by-product of individual stock selection

A WORD ABOUT RISK

The Fund invests in equities which are subject to market volatility and loss. The Fund invests in foreign, emerging and frontier market securities, depositary receipts, such as American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts, which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards including those of certain European countries that may have the potential to leave the European Union. The risks associated with investing in foreign markets are magnified in emerging markets and further magnified in frontier markets due to their smaller economies. The Fund invests in stocks of large-cap companies which may be unable to respond quickly to new competitive challenges. The Fund invests in stocks of small- and mid-cap companies, which may be subject to more erratic market movements than stocks of larger, more established companies. The Fund invests in growth stocks which may be more volatile than investing in other stocks and may underperform when value investing is in favor. The Fund invests in preferred stocks which are relegated below bonds for payment should the issuer be liquidated. The fixed dividend may be less attractive in a rising interest rate market. The Fund invests in derivatives including options and equity-related securities such as in low-exercise-price options (“LEPOs”), low exercise price warrants (“LEPWs”) and participatory notes (“P-notes”) which are offshore derivative instruments used to gain exposure to issuers in certain emerging and frontier market countries. The risks of investing in LEPOs, LEPWs and P-notes are similar to the risks of investing in foreign securities and depositary receipts. These securities may lack a liquid market, are subject to correlation, liquidity, counterparty and leverage risks which could result in increased volatility of returns as well as losses. The Fund invests in options which can be highly volatile, may lack liquidity and may result in losses. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in the securities of a limited number of issuers and may be subject to greater risks. Current and future portfolio holdings are subject to risk. 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.

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 03/31/2019
Total Fund Net Assets as of 03/31/2019	$844,012,322
Asset Class	International / Global Equity
Morningstar Category	Diversified Emerging Mkts
Benchmark	MSCI Emerging Markets Index
Distribution Frequency	Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date	11/16/2018

The prospectus date for Class A Shares and Class C Shares is 11/16/2018. The prospectus date for Class Y Shares and Class INST Shares is 07/30/2018.

Performance

Daily Returns as of
	NAV	NAV $ Change
Touchstone Sands Capital Emerging Markets Growth Fund -

HISTORICAL DAILY NAV

Date*

Historical Daily NAV on
	NAV	POP
Touchstone Sands Capital Emerging Markets Growth Fund -

as of 05/31/2019
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Sands Capital Emerging Markets Growth Fund - Including Sales Charge
Touchstone Sands Capital Emerging Markets Growth Fund - Excluding Sales Charge
MSCI Emerging Markets Index	-7.26%	-4.51%	4.09%	-8.70%	9.88%	1.79%	5.03%	--

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 Fund 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, will lower performance. 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 U.S. Equity, International/Global Equity and Multi-Asset/Alternative Investment Funds excluding Touchstone Flexible Income Fund is 5.00%.

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 Fund 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, will lower performance. 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 (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

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 Fund 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, will lower performance. 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 net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

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 Fund 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, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

as of 03/31/2019
	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Sands Capital Emerging Markets Growth Fund - Including Sales Charge
Touchstone Sands Capital Emerging Markets Growth Fund - Excluding Sales Charge
MSCI Emerging Markets Index	-7.41%	10.68%	3.68%	8.94%	--

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 Fund 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, will lower performance. 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 net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

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 Fund 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, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

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 Fund 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, will lower performance. 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 (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

Consider Touchstone Sands Capital Emerging Markets Growth Fund for Your Portfolio

Touchstone Sands Capital Emerging Markets Growth Fund primarily invests in what are believed to be leading growth businesses in emerging market countries, and opportunistically, in frontier market countries. The fund seeks long-term capital appreciation through a concentrated, conviction-weighted portfolio.

Morningstar Rating™

Morningstar as of 03/31/2019

Overall

3 Year

5 Year

10 Year

Touchstone Sands Capital Emerging Markets Growth Fund - Shares

Funds in Diversified Emerging Mkts Category

707

553

238

Portfolio

Active Share

84%

Active Share

Active		Closet Index		Passive
100%-80%	80%-60%	60%-40%	40%-20%	20%-0%

as of 03/31/2019
Composition	% of Portfolio
Equity	96.4
Cash Equivalents	3.6

Data may not total due to rounding.

For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds, International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.

as of 03/31/2019
Country	% of Portfolio
China	32.6
India	28.6
Russia	5.7
Argentina	4.1
South Africa	3.6
Hong Kong	3.3
Indonesia	2.5
Thailand	2.5
Taiwan	2.4
Cambodia	2.4

as of 03/31/2019
Sector	% of Portfolio
Consumer Discretionary	38.9
Communication Services	19.1
Financials	16.7
Health Care	8.0
Consumer Staples	5.5
Industrials	4.7
Information Technology	4.3
Materials	1.4
Real Estate	1.4
Utilities	0.0
Energy	0.0

There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding.

as of 05/31/2019
Security Description	% of Portfolio
ALIBABA GROUP HOLDING-SP ADR	8.1
TENCENT HOLDINGS LTD	6.8
MERCADOLIBRE INC	5.1
YANDEX NV-A	5.0
HDFC BANK LIMITED	4.0

as of 03/31/2019
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
ALIBABA GROUP HOLDING-SP ADR	CN	412,465	182.45	75,254,239	8.96
BAIDU INC - SPON ADR	CN	107,073	164.85	17,650,984	2.10
BEIGENE LTD-ADR	CN	53,248	132.00	7,028,736	0.84
CTRIP.COM INTERNATIONAL-ADR	CN	720,300	43.69	31,469,907	3.75
DREYFUS-GOV C-IN	US	31,559,796	1.00	31,559,796	3.76
GRUPO AEROPORTUARIO SUR-ADR	MX	101,261	161.76	16,379,979	1.95
HUTCHISON CHINA MEDITECH-ADR	HK	180,320	30.58	5,514,186	0.66
MAIL.RU GROUP-GDR REGS	RU	468,500	24.76	11,600,060	1.38
MERCADOLIBRE INC	AR	67,625	507.73	34,335,241	4.09
EICHER MOTORS LTD	IN	33,544	296.49	9,945,320	1.18
INDUSIND BANK LTD	IN	761,341	25.69	19,561,539	2.33
HOUSING DEVELOPMENT FINANCE	IN	869,903	28.40	24,707,800	2.94
ZEE ENTERTAINMENT ENTERPRISE	IN	2,182,770	6.44	14,048,715	1.67
APOLLO HOSPITALS ENTERPRISE	IN	1,350,521	17.72	23,924,504	2.85
NEW ORIENTAL EDUCATIO-SP ADR	CN	170,614	90.09	15,370,615	1.83
NASPERS LTD-N SHS	ZA	132,300	233.04	30,831,411	3.67
MARUTI SUZUKI INDIA LTD	IN	88,973	96.27	8,565,384	1.02
SM PRIME HOLDINGS INC	PH	15,210,000	0.76	11,564,449	1.38
SEA LTD-ADR	SG	774,800	23.52	18,223,296	2.17
TAIWAN SEMICONDUCTOR-SP ADR	TW	495,740	40.96	20,305,510	2.42
LARSEN & TOUBRO LTD	IN	551,674	20.00	11,035,789	1.31
BANK CENTRAL ASIA TBK PT	ID	10,652,100	1.95	20,786,334	2.47
CP ALL PCL	TH	8,756,700	2.36	20,634,552	2.46
ITC LTD	IN	2,058,691	4.29	8,829,828	1.05
NAGACORP LTD	KH	14,445,000	1.40	20,229,709	2.41
SUNNY OPTICAL TECH	CN	1,193,200	11.99	14,304,546	1.70
ANTA SPORTS PRODUCTS LTD	CN	4,845,500	6.82	33,031,739	3.93
ADANI PORTS AND SPECIAL ECON	IN	1,937,938	5.46	10,573,157	1.26
MEDY-TOX INC	KR	39,250	515.96	20,251,122	2.41
JUBILANT FOODWORKS LTD	IN	1,096,444	20.83	22,844,392	2.72
AIA GROUP LTD	HK	2,108,800	10.00	21,087,516	2.51
SANDS CHINA LTD	MO	3,190,200	5.03	16,056,116	1.91
HDFC BANK LIMITED	IN	886,650	33.55	29,750,633	3.54
RAIA DROGASIL SA	BR	364,500	16.61	6,053,976	0.72
ASIAN PAINTS LTD	IN	541,105	21.53	11,650,447	1.39
BAJAJ FINANCE LTD	IN	439,261	43.63	19,166,840	2.28
BRITANNIA INDUSTRIES LTD	IN	201,574	44.50	8,969,662	1.07
TENCENT HOLDINGS LTD	CN	1,234,900	45.99	56,790,331	6.76
WUXI BIOLOGICS CAYMAN INC	CN	794,500	9.74	7,739,544	0.92
BRAZIL REAL	BR	0	0.26	0	0.00
EUROPEAN CURRENCY	EU	0	1.12	0	0.00
UNITED KINGDOM PO	GB	4	1.30	5	0.00
HONG KONG DOLLAR	HK	1,420	0.13	181	0.00
SOUTH AFRICA RAND	ZA	7,458	0.07	517	0.00
YANDEX NV-A	NL	1,050,525	34.34	36,075,029	4.30
MAKEMYTRIP LTD	IN	586,700	27.60	16,192,920	1.93

Management

Actively Managed and Sub-Advised by Sands Capital Management, LLC

Brian A. Christiansen, CFA

Investment Experience since 2006

Career Summary
Sands Capital Management, LLC

Education
MBA - Yale School of Management
BA - Yale University

Ashraf A. Haque

Investment Experience since 2007

Career Summary
Chesapeake Partners
McKinsey & Company
GH Smart & Company

Education
MBA - Harvard Business School
BA - Northwestern University

Neil Kansari

Investment Experience since 2008

Career Summary
PRTM, part of PricewaterhouseCoopers LLP
University of Virginia Department of Electrical Engineering
Millennium Solutions; Universal Impex
Mahajan & Aibara: Shah Gupta & Co.

Education
MBA - University of Virginia, Darden School of Business
MS - University of Virginia
BE - University of Mumbai

Fees

Expense Fees for Share Class
Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio

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 1.60% for Class A Shares, 2.35% for Class C Shares, 1.35% for Class Y Shares and 1.25% for Class INST Shares. These expense limitations will remain in effect until at least 11/16/2019 for Class A Shares and Class C Shares and in effect until at least 7/29/2019 for Class Y Shares and Class INST Shares.

Resources

Annual Report
Commentary
Fact Sheet

Semi-Annual Report
Statement of Additional Information (SAI - A, C)
Statement of Additional Information (SAI - Y, INST)

Statutory Prospectus (A, C)
Statutory Prospectus (Y, INST)
Summary Prospectus (A, C)
Summary Prospectus (Y, INST)

Consider Touchstone Sands Capital Emerging Markets Growth Fund for Your Portfolio

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 on the resources section or call Touchstone at 800-638-8194. Please read the prospectus and/or summary prospectus carefully before investing.

Investment return and principal value of an investment in a Fund will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. All investing involves risk.

Touchstone Funds are distributed by Touchstone Securities, Inc.*
*A registered broker-dealer and member FINRA/SIPC.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Touchstone Sands Capital Emerging Markets Growth Fund

Morningstar

Active Share

Active

Closet Index

Passive

Overview

Overview

Objective

Investment Style

Fund Facts

Fund Facts

Performance

Performance

Consider Touchstone Sands Capital Emerging Markets Growth Fund for Your Portfolio

Morningstar Rating™

Morningstar Rating™

Portfolio

Portfolio

Active Share

Active

Closet Index

Passive

Management

Management

Brian A. Christiansen, CFA

Ashraf A. Haque

Neil Kansari

Fees

Fees

Resources

Resources

Consider Touchstone Sands Capital Emerging Markets Growth Fund for Your Portfolio

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