Touchstone Sands Capital Emerging Markets Growth Fund

Overall Morningstar Rating^TM

Diversified Emerging Mkts

Morningstar

Overall Morningstar Rating^TM is calculated against 708 funds in the Diversified Emerging Mkts category.

The Morningstar Rating^TM 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^TM 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.

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
Fund Facts
Performance
Portfolio
Management
Fees
Resources

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 ADRs, GDRs and EDRs which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. 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 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 the sub-advisor to manage the Fund's portfolio; the sub-advisor's judgment may impact the Fund's performance.

Fund Facts

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 09/30/2018
Total Fund Net Assets as of 09/30/2018	$687,135,618
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	07/30/2018

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

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 11/30/2018

as of 11/30/2018	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	4.12%	-5.45%	-12.24%	-9.09%	9.41%	1.90%	9.13%	--

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 09/30/2018

as of 09/30/2018	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	-0.81%	12.36%	3.61%	5.40%	--

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.

Portfolio

Active Share

85%

Active Share

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

as of 09/30/2018

as of 09/30/2018
Composition	% of Portfolio
Equity	94.6
Cash Equivalents	5.4

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 09/30/2018

as of 09/30/2018
Country	% of Portfolio
India	30.7
China	28.1
Russia	6.3
South Africa	5.9
Korea	5.1
Taiwan	3.0
Argentina	2.7
Philippines	2.7
Thailand	2.5
Mexico	2.3

as of 09/30/2018

as of 09/30/2018
Sector	% of Portfolio
Consumer Discretionary	30.5
Communication Services	22.5
Financials	11.7
Consumer Staples	8.5
Industrials	7.9
Health Care	7.5
Information Technology	4.6
Real Estate	1.4
Materials	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 11/30/2018

as of 11/30/2018
Security Description	% of Portfolio
ALIBABA GROUP HOLDING-SP ADR	9.1
NASPERS LTD-N SHS	5.7
TENCENT HOLDINGS LTD	4.8
HOUSING DEVELOPMENT FINANCE	4.1
HDFC BANK LIMITED	4.0

as of 09/30/2018

as of 09/30/2018
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
ALIBABA GROUP HOLDING-SP ADR	CN	350,593	164.76	57,763,703	8.41
BAIDU INC - SPON ADR	CN	112,856	228.68	25,807,910	3.76
BEIGENE LTD-ADR	CN	21,725	172.22	3,741,480	0.54
CTRIP.COM INTERNATIONAL-ADR	CN	677,600	37.17	25,186,392	3.67
DREYFUS-GOV C-IN	US	37,287,588	1.00	37,287,588	5.43
GRUPO AEROPORTUARIO SUR-ADR	MX	77,360	205.13	15,868,857	2.31
HUTCHISON CHINA MEDITECH-ADR	HK	118,125	32.19	3,802,444	0.55
MAGNIT PJSC-SPON GDR REGS	RU	308,000	14.21	4,375,140	0.64
MAIL.RU GROUP-GDR REGS	RU	375,400	27.02	10,143,308	1.48
MERCADOLIBRE INC	AR	55,675	340.47	18,955,667	2.76
EICHER MOTORS LTD	IN	30,310	333.68	10,113,735	1.47
INDUSIND BANK LTD	IN	688,051	23.33	16,050,954	2.34
BRITANNIA INDUSTRIES LTD	IN	91,237	80.32	7,328,441	1.07
HOUSING DEVELOPMENT FINANCE	IN	905,569	24.21	21,920,162	3.19
ZEE ENTERTAINMENT ENTERPRISE	IN	1,978,147	6.06	11,978,417	1.74
APOLLO HOSPITALS ENTERPRISE	IN	1,246,618	14.38	17,924,442	2.61
INTL CONTAINER TERM SVCS INC	PH	4,906,720	1.74	8,545,666	1.24
NASPERS LTD-N SHS	ZA	180,900	215.35	38,956,616	5.67
MARUTI SUZUKI INDIA LTD	IN	83,529	101.39	8,468,845	1.23
SM PRIME HOLDINGS INC	PH	14,095,800	0.67	9,432,420	1.37
SEA LTD-ADR	SG	647,900	13.83	8,960,457	1.30
TAIWAN SEMICONDUCTOR-SP ADR	TW	467,740	44.16	20,655,398	3.01
LARSEN & TOUBRO LTD	IN	709,864	17.56	12,465,468	1.82
BANK CENTRAL ASIA TBK PT	ID	7,244,600	1.62	11,734,449	1.71
CP ALL PCL	TH	7,925,600	2.13	16,913,076	2.46
ITC LTD	IN	1,914,797	4.11	7,866,719	1.15
AMOREPACIFIC CORP	KR	47,083	235.21	11,074,323	1.61
NAGACORP LTD	KH	12,997,000	1.05	13,596,140	1.98
SUNNY OPTICAL TECH	CN	930,200	11.55	10,739,227	1.56
ANTA SPORTS PRODUCTS LTD	CN	4,364,500	4.77	20,835,398	3.03
ADANI PORTS AND SPECIAL ECON	IN	3,574,386	4.54	16,222,818	2.36
MEDY-TOX INC	KR	41,057	558.18	22,917,105	3.34
JUBILANT FOODWORKS LTD	IN	1,294,650	16.97	21,974,955	3.20
SANDS CHINA LTD	MO	3,458,600	4.50	15,575,864	2.27
HDFC BANK LIMITED	IN	686,800	27.62	18,970,844	2.76
RAIA DROGASIL SA	BR	527,000	17.94	9,454,173	1.38
IHH HEALTHCARE BHD	MY	1,699,000	1.26	2,138,547	0.31
ASIAN PAINTS LTD	IN	507,473	17.85	9,059,928	1.32
BAJAJ FINANCE LTD	IN	289,450	29.94	8,664,794	1.26
SILOAM INTERNATIONAL HOSPITA	ID	1,810,618	0.20	354,797	0.05
TENCENT HOLDINGS LTD	CN	706,400	40.83	28,842,897	4.20
BRAZIL REAL	BR	0	0.25	0	0.00
EUROPEAN CURRENCY	EU	0	1.16	0	0.00
YANDEX NV-A	NL	877,875	32.89	28,873,309	4.20
MAKEMYTRIP LTD	IN	554,700	27.45	15,226,515	2.22

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

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.

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 at Resources & Tools. 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

Investment products offered are not FDIC insured, may lose value and have no bank guarantee.

Touchstone Sands Capital Emerging Markets Growth Fund

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

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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