Touchstone Small Cap Fund (TSFAX, TSFCX, TSFYX, TSFIX)

Overview

Actively Managed and Sub-Advised by The London Company

Objective

The Fund seeks long-term capital appreciation by investing primarily in stocks of small-cap U.S. companies.

Investment Style

Emphasizes investments in small-cap companies
Utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings to value ratio, free cash flow and return on equity
Looks at a company's corporate governance structure and management incentives to try to ascertain whether or not management's interests are aligned with shareholder interests
Seeks to identify the sources of a company's competitive advantage as well as what levers management has at its disposal to increase shareholder value
Seeks to purchase generally profitable, financially stable companies that consistently generate high returns on unleveraged operating capital, are run by shareholder-oriented management, and are trading at a discount to their private market value

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	$281,072,633
Asset Class	US Equity
Benchmark	Russell 2000® Index
Distribution Frequency	Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date	01/26/2024

Performance

Daily

as of
	NAV	NAV $ Change
Touchstone Small Cap Fund -

HISTORICAL DAILY NAV

Date*

Historical Daily NAV on
	NAV	POP
Touchstone Small Cap Fund -

as of 10/31/2024
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Small Cap Fund - Including Sales Charge
Touchstone Small Cap Fund - Excluding Sales Charge
Russell 2000® Index	-1.44%	-2.24%	9.56%	34.07%	-0.05%	8.50%	7.94%	--

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 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.

as of 09/30/2024
	3 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Small Cap Fund - Including Sales Charge
Touchstone Small Cap Fund - Excluding Sales Charge
Russell 2000® Index	9.27%	26.76%	1.84%	9.39%	8.78%	--

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.

Consider Touchstone Small Cap Fund for Your Portfolio

Investing primarily in stocks of small-cap U.S. companies, Touchstone Small Cap Fund utilizes a bottom-up security selection process to purchase generally profitable, financially stable companies. It seeks to build a small-cap core portfolio that may provide long-term 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 Small Cap Fund - Shares
Funds in Small Blend Category	569	569	547	387

Portfolio

Active Share

98%

Portfolio Composition

as of 09/30/2024
Composition	% of Portfolio
Equities	97.3
Cash Equivalents	2.7

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
Industrials	22.4
Information Technology	18.6
Financials	17.3
Consumer Discretionary	15.9
Real Estate	7.4
Health Care	6.8
Materials	4.9
Consumer Staples	4.6
Communication Services	1.5
Energy	0.5
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
WHITE MOUNTAINS INSURANCE GROU	5.3
ACI WORLDWIDE INC	4.9
ARMSTRONG WORLD INDUSTRIES INC	4.6
LANDSTAR SYSTEM INC	4.5
MATSON INC	4.4
MOELIS & CO	4.3
ESSENTIAL PROPERTIES REALTY TR	3.8
ATLANTIC UNION BANKSHARES CORP	3.8
VONTIER CORP	3.7
TEMPUR SEALY INTERNATIONAL INC	3.6

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 The London Company

Stephen M. Goddard, CFA

Investment Experience since 1985

Career Summary
The London Company
Flippin, Bruce & Porter
CFB Advisory
Scott & Stringfellow

Education
MBA – University of Richmond
BA – Virginia Military Institute

Jonathan T. Moody, CFA

Investment Experience since 1987

Career Summary
The London Company
Primary Research Group
BB&T Capital Markets
Crestar Asset Management
Piedmont Capital
Woodward and Associates

Education
BS – Virginia Military Institute

J. Brian Campbell, CFA

Investment Experience since 2000

Career Summary
The London Company
Hilliard Lyons Capital Management
INVESCO-National Asset Management

Education
MBA - Indiana University
BBA in Finance (with Honors) – University of Kentucky

Mark E. DeVaul, CFA, CPA

Investment Experience since 1998

Career Summary
The London Company
Nuveen Investments
Salomon Smith Barney
First Union Securities

Education
MBA – University of Notre Dame
BS in Accounting – Liberty University

Sam Hutchings, CFA

Investment Experience since 2011

Career Summary
The London Company
FactSet Research Systems
Eaton Vance Investment Managers

Education
MBA – University of Virginia
BA – College of the Holy Cross

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 1.24% for Class A Shares, 1.99% for Class C Shares, 0.99% for Class Y Shares and 0.91% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/2025.

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 small-cap companies, which may be subject to more erratic market movements than stocks of larger, more established companies. 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. A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector. The Fund's service providers are susceptible to cyber security risks that could result in losses to a Fund and its shareholders. Cyber security incidents could affect issuers in which a Fund invests, thereby causing the Fund’s investments to lose value. 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 Small Cap Fund

Morningstar

Active Share

Active

Closet Index

Passive

Overview

Overview

Objective

Investment Style

Fund Facts

Fund Facts

Performance

Performance

Consider Touchstone Small Cap Fund for Your Portfolio

Morningstar Rating™

Morningstar Rating™

Portfolio

Portfolio

Active Share

Active

Closet Index

Passive

Management

Management

Stephen M. Goddard, CFA

Jonathan T. Moody, CFA

J. Brian Campbell, CFA

Mark E. DeVaul, CFA, CPA

Sam Hutchings, CFA

Fees

Fees

Distributions

Distributions

Resources

Resources

Consider Touchstone Small Cap Fund for Your Portfolio

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