Touchstone Sands Capital Emerging Markets Growth Fund

Overall Morningstar Rating™

Diversified Emerging Mkts

Active Share

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 06/30/2019
Total Fund Net Assets as of 06/30/2019	$1,048,041,412
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	07/30/2019

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 07/31/2019
	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	-1.22%	-2.67%	9.23%	-2.18%	8.42%	1.84%	4.56%	--

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 06/30/2019
	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	1.21%	10.66%	2.49%	5.81%	--

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 06/30/2019

Overall

3 Year

5 Year

10 Year

Touchstone Sands Capital Emerging Markets Growth Fund - Shares

Funds in Diversified Emerging Mkts Category

712

560

240

Portfolio

Active Share

85%

as of 06/30/2019
Composition	% of Portfolio
Equity	96.7
Cash Equivalents	3.3

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 06/30/2019
Country	% of Portfolio
China	28.3
India	28.0
Russia	6.2
Argentina	4.9
Hong Kong	4.7
South Africa	3.8
Singapore	3.7
Brazil	3.0
Thailand	2.9
Indonesia	2.7

as of 06/30/2019
Sector	% of Portfolio
Consumer Discretionary	35.2
Communication Services	19.3
Financials	17.9
Health Care	6.2
Industrials	5.2
Information Technology	4.9
Consumer Staples	4.7
Real Estate	2.1
Materials	1.3
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 07/31/2019
Security Description	% of Portfolio
ALIBABA GROUP HOLDING LTD	8.6
TENCENT HOLDINGS LTD	6.9
MERCADOLIBRE INC	5.0
YANDEX NV	4.9
SEA LTD	4.5

as of 06/30/2019
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
ALIBABA GROUP HOLDING LTD	KY	517,134	169.45	87,628,356	8.21
BAIDU INC	KY	134,214	117.36	15,751,355	1.48
BEIGENE LTD	KY	66,741	123.95	8,272,547	0.78
CTRIP.COM INTERNATIONAL LTD	KY	903,000	36.91	33,329,730	3.12
DREYFUS GOVERNMENT CASH MANAGE 12/01/2099	US	68,148,582	1.00	68,148,582	--
GRUPO AEROPORTUARIO DEL SUREST	MX	126,948	162.11	20,579,540	1.93
HUTCHISON CHINA MEDITECH LTD	KY	226,112	22.00	4,974,464	0.47
MERCADOLIBRE INC	US	84,825	611.77	51,893,390	4.86
EICHER MOTORS LTD	IN	40,479	277.13	11,217,818	1.05
INDUSIND BANK LTD	IN	919,716	20.43	18,793,373	1.76
TITAN CO LTD	IN	401,434	19.34	7,764,945	0.73
HOUSING DEVELOPMENT FINANCE CO	IN	1,050,860	31.75	33,368,114	3.13
ZEE ENTERTAINMENT ENTERPRISES	IN	2,636,946	4.91	12,952,521	1.21
APOLLO HOSPITALS ENTERPRISE LT	IN	1,631,448	19.70	32,137,866	3.01
NEW ORIENTAL EDUCATION & TECHN	KY	270,077	96.58	26,084,037	2.45
NASPERS LTD	ZA	159,800	242.05	38,679,631	3.63
MARUTI SUZUKI INDIA LTD	IN	107,904	94.67	10,214,979	0.96
SM PRIME HOLDINGS INC	PH	18,374,500	0.72	13,308,052	1.25
SEA LTD	KY	1,179,000	33.22	39,166,380	3.67
TAIWAN SEMICONDUCTOR MANUFACTU	TW	621,440	39.17	24,341,805	2.28
LARSEN & TOUBRO LTD	IN	990,230	22.50	22,279,694	2.09
BANK CENTRAL ASIA TBK PT	ID	12,868,400	2.12	27,307,725	2.56
LOCALIZA RENT A CAR SA	BR	1,022,800	10.60	10,838,092	1.02
CP ALL PCL	TH	10,578,600	2.80	29,619,785	2.78
NAGACORP LTD	KY	17,451,000	1.23	21,464,011	2.01
SUNNY OPTICAL TECHNOLOGY GROUP	KY	1,461,200	10.35	15,128,225	1.42
ANTA SPORTS PRODUCTS LTD	KY	5,147,500	6.90	35,503,339	3.33
JUBILANT FOODWORKS LTD	IN	1,324,562	17.86	23,658,977	2.22
AIA GROUP LTD	HK	2,794,600	10.80	30,178,614	2.83
MAKEMYTRIP LTD	MU	735,600	24.80	18,242,880	1.71
YANDEX NV	NL	1,317,100	38.00	50,049,800	4.69
HDFC BANK LTD	IN	1,075,250	35.42	38,086,695	3.57
RAIA DROGASIL SA	BR	457,000	19.97	9,127,028	0.86
ASIAN PAINTS LTD	IN	653,662	19.67	12,856,674	1.21
BAJAJ FINANCE LTD	IN	630,069	53.32	33,592,266	3.15
PAGSEGURO DIGITAL LTD	KY	301,341	38.97	11,743,259	1.10
BRITANNIA INDUSTRIES LTD	IN	243,579	39.75	9,681,152	0.91
HANSOH PHARMACEUTICAL GROUP CO	KY	3,713,969	2.64	9,817,768	0.92
TENCENT HOLDINGS LTD	KY	1,491,800	45.24	67,488,165	6.33
VINCOM RETAIL JSC	VN	5,756,314	1.45	8,362,042	0.78
WUXI BIOLOGICS CAYMAN INC	KY	967,500	8.97	8,679,930	0.81
MAIL.RU GROUP LTD	VG	566,000	25.52	14,444,320	1.35

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)

Statutory Prospectus
Summary Prospectus

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

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

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