Touchstone International Value Fund

Active Share

Overall Morningstar Rating™

Foreign Large Blend

The Fund received a 3-star Overall Morningstar Rating among 696 Foreign Large Blend funds based on three-year, five-year and ten-year risk-adjusted performance as of 03/31/2024.

The Fund received a 2-star Overall Morningstar Rating among 696 Foreign Large Blend funds based on three-year, five-year and ten-year risk-adjusted performance as of 03/31/2024.

The Fund received a 3-star Overall Morningstar Rating among 696 Foreign Large Blend funds based on three-year, five-year and ten-year risk-adjusted performance as of 03/31/2024.

The Fund received a 2-star Overall Morningstar Rating among 696 Foreign Large Blend funds based on three-year, five-year and ten-year risk-adjusted performance as of 03/31/2024.

The Fund received a 1-star Overall Morningstar Rating among 696 Foreign Large Blend funds based on three-year, five-year and ten-year risk-adjusted performance as of 03/31/2024.

The Fund received a 2-star Overall Morningstar Rating among 696 Foreign Large Blend funds based on three-year, five-year and ten-year risk-adjusted performance as of 03/31/2024.

Overview

Actively Managed and Sub-Advised by LSV Asset Management

Objective

Fund seeks long-term growth of capital

Investment Style

Targets value securities, emphasizing stocks of companies based in non-US developed and emerging market countries diversifying its portfolio through exposure to various international economies and sectors.
Generally invests in companies that have a market capitalization of $20 million or more at the time of purchase ensuring investment in established companies with reasonable scale and stability.
Focuses on companies whose securities are currently undervalued in the market but demonstrate signs of recent improvement in business performance or market valuation designed to identify and capitalize on recovering companies before their full value is recognized by the market.
Uses a sophisticated quantitative model, which analyzes various data points to generate buy or sell signals to minimize emotional bias and use empirical data to guide the buying and selling of securities within the fund's portfolio.

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Inception Date
Total Share Class Net Assets as of 03/31/2024
Total Fund Net Assets as of 03/31/2024	$115,199,006
Asset Class	International Equity
Benchmark	MSCI All Country World Ex-U.S. Index
Distribution Frequency	Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date	04/30/2024

Performance

Daily

as of
	NAV	NAV $ Change
Touchstone International Value Fund -

HISTORICAL DAILY NAV

Date*

Historical Daily NAV on
	NAV	POP
Touchstone International Value Fund -

as of 04/30/2024
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone International Value Fund - Including Sales Charge
Touchstone International Value Fund - Excluding Sales Charge
MSCI All Country World Ex-U.S. Index	-1.80%	3.84%	2.81%	9.33%	0.35%	5.03%	3.93%	--

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 C, Y, and INST Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 03/01/93, with the performance since the inception date of each share class.

as of 03/31/2024
	3 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone International Value Fund - Including Sales Charge
Touchstone International Value Fund - Excluding Sales Charge
MSCI All Country World Ex-U.S. Index	4.69%	13.26%	1.94%	5.97%	4.25%	--

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.

Consider Touchstone International Value Fund for Your Portfolio

Touchstone International Value Fund invests primarily in value securities of companies in non-U.S. developed and emerging market countries. It seeks to provide long-term capital growth.

Morningstar Rating™

Morningstar risk adjusted return as of 03/31/2024
	Overall	3 Year	5 Year	10 Year
Touchstone International Value Fund - Shares
Funds in Foreign Large Blend Category	696	696	646	425

Portfolio

Portfolio Composition

as of 03/31/2024
Composition	% of Portfolio
Equities Non-U.S. Developed Markets	81.1
Equities Emerging Markets	14.6
Cash Equivalents	4.3
Equities U.S.	0.0

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 03/31/2024
Country	% of Portfolio
France	21.9
United Kingdom	13.9
Switzerland	10.9
Germany	10.3
Ireland	5.9
Japan	5.8
Canada	5.4
Mexico	4.3
Hong Kong	3.0
Brazil	2.8

as of 03/31/2024
Sector	% of Portfolio
Health Care	20.2
Consumer Discretionary	15.4
Industrials	11.8
Information Technology	10.2
Communication Services	8.8
Materials	7.8
Consumer Staples	6.8
Financials	5.4
Energy	5.2
Real Estate	4.2
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.

as of 04/30/2024
Security Description	% of Portfolio
ISHARES MSCI EAFE ETF	4.4
CIE GENERALE DES ETABLISSEMENT	3.7
TOTALENERGIES SE	3.7
CONVATEC GROUP PLC	3.5
AGNICO EAGLE MINES LTD	3.2
NESTLE SA	3.1
JCDECAUX SE	3.0
ACCOR SA	3.0
MEDTRONIC PLC	3.0
NOVARTIS AG	3.0

as of 03/31/2024
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
{name}	{country}	{sharesParValue}	{currentPriceBase}	{marketBaseValue}	{percentOfPortfolio}

Management

Actively Managed and Sub-Advised by LSV Asset Management

Josef Lakonishok, Ph.D.

Investment Experience since 1978

Career Summary
LSV Asset Management

Education
Ph.D. - Cornell University
MS - Cornell University
MBA -Tel Aviv University
BA - Tel Aviv University

Menno Vermeulen, CFA

Investment Experience since 1992

Career Summary
LSV Asset Management
ABP

Education
MS - Erasmus University

Puneet Mansharamani, CFA

Investment Experience since 1997

Career Summary
LSV Asset Management
National City Bank

Education
MS - Case Western Reserve University
BS - Delhi University

Greg Sleight

Investment Experience since 2006

Career Summary
LSV Asset Management
Crown Cork & Seal
The Clorox Co.

Education
MBA - University of Chicago
BS - University of Illinois

Guy Lakonishok, CFA

Investment Experience since 2000

Career Summary
LSV Asset Management
BlackRock
Weiss, Peck & Greer

Education
MBA - University of Chicago
BS - Washington University

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 1.26% for Class A Shares, 1.89% for Class C Shares, 0.89% for Class Y Shares and 0.79% for Class INST Shares. These expense limitations will remain in effect until at least 04/30/2025.

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 value stocks which may not appreciate in value as anticipated or may experience a decline in value. The Fund invests in equities which are subject to market volatility and loss. The Fund utilizes quantitative models which may be subject to technical issues including programming and data inaccuracies, are based on assumptions, and rely on data that may be subject to limitations, any of which could adversely affect their effectiveness. The Fund invests in foreign and emerging markets securities, and 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 risks associated with investing in foreign markets are magnified in emerging markets due to their smaller economies. 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. Current and future portfolio holdings are subject to change. 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.

Consider Touchstone International Value Fund for Your Portfolio

Touchstone International Value Fund invests primarily in value securities of companies in non-U.S. developed and emerging market countries. It seeks to provide long-term capital growth.

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 professional 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

All Russell^® Indices are trademarks/service marks of the Frank Russell Company. Russell is a trademark of the Frank Russell Company. The Frank Russell Company (FRC) is the source and owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

^©2024 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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ^©2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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