Touchstone Focused Fund (TFOAX, TFFCX, TFFYX, TFFIX)

Overview

Actively Managed and Sub-Advised by Fort Washington Investment Advisors, Inc.

Objective

The Fund seeks capital appreciation by investing in equity securities.

Investment Style

Distinctive approach is centered on linking valuations with barriers to entry
Seeks to invest in businesses that are trading below what is believed to be its estimate of the companies' intrinsic value
Focuses on businesses that are believed to have a sustainable competitive advantage or a high barrier to entry in place
Strategy provides the opportunity to invest in companies of all market capitalizations

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Inception Date
Total Share Class Net Assets as of 09/30/2024
Total Fund Net Assets as of 09/30/2024	$1,306,777,650
Asset Class	US Equity
Benchmark	Russell 3000® Index
Distribution Frequency	Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date	07/29/2024

Performance

Daily

as of
	NAV	NAV $ Change
Touchstone Focused Fund -

HISTORICAL DAILY NAV

Date*

Historical Daily NAV on
	NAV	POP
Touchstone Focused Fund -

as of 10/31/2024
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Focused Fund - Including Sales Charge
Touchstone Focused Fund - Excluding Sales Charge
Russell 3000® Index	-0.73%	3.52%	19.75%	37.86%	7.64%	14.60%	12.44%	--

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 adviser 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 Equity, and Multi-Asset Funds 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 adviser 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 adviser 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 adviser 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.

The performance presented for Class A, C, and INST Shares combines the performance of an older class of shares (Y Shares) from the Fund's inception, 02/12/99, with the performance since the inception date of each share class.

as of 09/30/2024
	3 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Focused Fund - Including Sales Charge
Touchstone Focused Fund - Excluding Sales Charge
Russell 3000® Index	6.23%	35.19%	10.29%	15.26%	12.83%	--

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 adviser 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 Equity, and Multi-Asset Funds 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 adviser 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 adviser 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 adviser 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.

The performance presented for Class A, C, and INST Shares combines the performance of an older class of shares (Y Shares) from the Fund's inception, 02/12/99, with the performance since the inception date of each share class.

Consider Touchstone Focused Fund for Your Portfolio

Touchstone Focused Fund utilizes a strategy of investing in companies of all market capitalizations. It seeks to provide capital appreciation.

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Morningstar Rating™

Morningstar risk adjusted return as of 09/30/2024
	Overall	3 Year	5 Year	10 Year
Touchstone Focused Fund - Shares
Funds in Large Blend Category	1292	1292	1189	895

Portfolio

Active Share

67%

Portfolio Composition

as of 09/30/2024
Composition	% of Portfolio
Equities	98.0
Cash Equivalents	2.0

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 Equity Funds and Multi-Asset Funds, the fund’s sub-adviser is the source. All holdings data is sourced from BNY Mellon Asset Servicing.

as of 09/30/2024
Sector	% of Portfolio
Information Technology	28.9
Communication Services	14.4
Health Care	13.8
Financials	13.3
Consumer Discretionary	10.1
Industrials	6.7
Consumer Staples	5.4
Materials	2.7
Real Estate	2.5
Energy	2.3
Utilities	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. For details regarding country code abbreviations, please visit this page.

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

as of 10/31/2024
Security Description	% of Portfolio
MICROSOFT CORP	8.7
APPLE INC	7.6
META PLATFORMS INC	6.4
ALPHABET INC	5.7
AMAZON.COM INC	4.6
UNITEDHEALTH GROUP INC	3.0
ORACLE CORP	2.7
SALESFORCE INC	2.6
NVIDIA CORP	2.6
BANK OF AMERICA CORP	2.5

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. For details regarding country code abbreviations, please visit this page.

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

as of 09/30/2024
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
{name}	{country}	{sharesParValue}	{currentPriceBase}	{marketBaseValue}	{percentOfPortfolio}

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. For details regarding country code abbreviations, please visit this page.

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

Management

Actively Managed and Sub-Advised by Fort Washington Investment Advisors, Inc.

James E. Wilhelm, Jr.

Investment Experience since 1993

Career Summary
Fort Washington Investment Advisors, Inc.
Riggs Investment Management Incorporation
First Union Securities
Evergreen Funds
Salomon Smith Barney

Education
MBA – Johns Hopkins University
BS – Wingate University

Sunit Gogia

Investment Experience since 2007

Career Summary
Fort Washington Investment Advisors, Inc.
Morningstar
Microsoft
AT&T
Tata Consultancy Services

Education
MBA – Columbia University
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 1.20% for Class A Shares, 1.89% for Class C Shares, 0.95% for Class Y Shares and 0.83% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/2025.

Distributions

Capital Gain and Income Distribution as of
Pay Date	Income Distribution	Short Term Capital Gains Per Share	Long Term Capital Gains Per Share	Total Capital Gains Per Share

Resources

Annual Report
Commentary
Fact Sheet

Semi-Annual Report
Statement of Additional Information (SAI)

Statutory Prospectus
Summary Prospectus

A WORD ABOUT RISK

The Fund invests in equities which are subject to market volatility and loss. 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 preferred stocks which are relegated below bonds for payment should the issuer be liquidated. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing their price to decline. The Fund invests in foreign securities, including 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 accounting standards that differ from those of U.S. markets and may offer less protection to investors. The Fund invests in emerging markets securities which are more likely to experience turmoil or rapid changes in market or economic conditions than developed countries. The Fund may focus its investments in a particular industry and/or market sector which may increase the Fund’s volatility and magnify its effects on total return. The Adviser engages a sub-adviser to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-adviser who achieves superior investment returns relative to other similar sub-advisers. Events in the U.S. and global financial markets, including actions taken to stimulate or stabilize economic growth may at times result in unusually high market volatility, which could negatively impact Fund performance and cause it to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate. 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 change.

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%

Touchstone Focused Fund

Morningstar

Active Share

Active

Closet Index

Passive

Overview

Overview

Objective

Investment Style

Fund Facts

Fund Facts

Performance

Performance

Consider Touchstone Focused Fund for Your Portfolio

Morningstar Rating™

Morningstar Rating™

Portfolio

Portfolio

Active Share

Active

Closet Index

Passive

Management

Management

James E. Wilhelm, Jr.

Sunit Gogia

Fees

Fees

Distributions

Distributions

Resources

Resources

Consider Touchstone Focused Fund for Your Portfolio

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