Touchstone Emerging Markets Small Cap Fund
Sub-Advised by: Copper Rock Capital Partners LLC*

Portfolio Characteristics as of 3/31/2018
Market Capitalization $2.4 Billion
Price Earnings Ratio112.2
Number of Holdings ^89

1 The Price Earnings Ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings.

^ Total number of holdings includes cash equivalents

Top Country Allocation as of 3/31/2018(% of Portfolio)
China24.2
Korea18.1
Taiwan16.7
India10.3
Brazil6.5
Thailand5.3
South Africa4.2
Malaysia2.8
Indonesia2.1
Turkey1.9
Full Holdings as of 3/31/2018
Security DescriptionCountryShares Par
Value
Current
Price ($)
Market
Value ($)
% of
Portfolio
AFRICAN RAINBOW MINERALS LTDZA10,8458.5792,8880.73
AIRASIA BHDMY150,8001.03155,0141.22
AIRTAC INTERNATIONAL GROUPTW9,00018.01162,0731.28
ALSEA SAB DE CVMX40,9003.49142,9251.13
AVI LTDZA13,1539.36123,1220.97
BANK TABUNGAN NEGARA PERSEROID628,000.28173,8951.37
BARLOWORLD LTDZA8,15714.03114,4170.90
BIZLINK HOLDING INCUS10,0318.4284,5020.67
CCC SAPL1,80568.31123,2960.97
CHINA GENERAL PLASTICSTW174,2891.08188,1541.49
CHINA RESOURCES CEMENTHK254,000.87222,1871.75
CHINA YONGDA AUTOMOBILES SERCN154,5001.07165,5251.31
CHINASOFT INTERNATIONAL LTDCN228,000.90206,2451.63
DILIP BUILDCON LTDIN11,79815.52183,0621.45
DOUZONE BIZON CO LTDKR4,01555.82224,1241.77
E INK HOLDINGS INCTW111,0001.67185,8581.47
ELITE ADVANCED LASER CORPTW29,4003.87113,6440.90
FU SHOU YUAN INTERNATIONALCN134,0001.00133,3961.05
GOURMET MASTER CO LTDTW12,47013.14163,7961.29
GRAPE KING BIO LTDTW22,0008.82194,1411.53
GUANGZHOU R&F PROPERTIES - HCN65,6002.53165,9121.31
HAITIAN INTERNATIONAL HLDGSCN56,0003.03169,8231.34
HOLLYSYS AUTOMATCN5,14624.72127,2091.00
HYVISION SYSTEM INCKR2,86017.1148,9250.39
IGUATEMI EMP DE SHOPPINGBR12,40011.87147,2321.16
INDRAPRASTHA GAS LTDIN36,1694.32156,2871.23
INNOCEAN WORLDWIDE INCKR2,18160.42131,7731.04
INTL CONTAINER TERM SVCS INCPH49,5801.9295,0220.75
INVENTEC CORPTW163,000.80130,3421.03
IOCHPE-MAXION S.A.BR18,2007.94144,5441.14
IRB BRASIL RESSEGUROS SABR10,10012.73128,5811.02
ISHARES MSCI EMERGING MKT SMUS2,40053.35128,0401.01
JAIN IRRIGATION SYSTEMS LTDIN59,3761.6598,2300.78
JUBILANT LIFE SCIENCES LTDIN7,44913.0196,9040.77
JUMBO SAGR9,61217.89171,9641.36
JUSUNG ENGINEERING CO LTDKR13,33110.18135,6511.07
KARNATAKA BANK LTDIN17,3731.7830,9330.24
KING YUAN ELECTRONICS CO LTDTW137,0001.05143,8041.14
KIWOOM SECURITIES CO LTDKR1,939101.21196,2491.55
KOH YOUNG TECHNOLOGY INCKR1,87494.49177,0671.40
KOREA PETRO CHEMICAL INDKR720276.72199,2401.57
KRUNGTHAI CARD PCL-FOREIGNTH22,70010.35235,0491.86
L&T FINANCE HOLDINGS LTDIN58,6862.44143,1241.13
LIVZON PHARMACEUTICAL GROU-HCN15,6008.11126,5801.00
LOCALIZA RENT A CARBR15,4658.64133,5961.05
LOEN ENTERTAINMENT INCKR1,463103.67151,6671.20
LONKING HOLDINGS LTDCN417,000.43179,3801.42
LOTTE HIMART CO LTDKR2,08569.02143,8981.14
MAANSHAN IRON & STEEL-HCN330,000.43143,2441.13
MAGAZINE LUIZA SABR4,50029.90134,5321.06
MALAYSIA AIRPORTS HLDGS BHDMY86,5002.29197,9121.56
MEGA LIFESCIENCES PCLTH99,1001.42140,9071.11
METRO PACIFIC INVESTMENTS COPH592,700.1059,7660.47
MICRO-STAR INTERNATIONAL COTW41,0003.40139,2291.10
MODETOUR NETWORK INCKR5,51236.68202,1981.60
MPHASIS LTDIN10,98312.92141,8741.12
MUANGTHAI LEASING PCLTH125,6001.22153,1661.21
NATCO PHARMA LTDIN9,27511.64107,9470.85
NATIONAL ALUMINIUM CO LTDIN125,2221.03129,2821.02
ORION CORP/REPUBLIC OF KOREAKR1,740120.09208,9501.65
PICK N PAY STORES LTDZA7,3945.7942,8070.34
POWERTECH TECHNOLOGY INCTW52,0003.15163,9281.29
PRIMAX ELECTRONICS LTDTW42,0002.2494,1360.74
PROMOTORA Y OPERADORA DE INFMX9,2909.9492,3580.73
RELIANCE CAPITAL LTDIN19,6486.57129,0411.02
SAPPI LIMITEDZA14,4116.4492,7560.73
SEEGENE INCKR4,32732.82141,9981.12
SHENZHEN INVESTMENT LTDHK332,000.43141,7851.12
SILICON WORKS CO LTDKR3,13035.99112,6470.89
SREI INFRASTRUCTURE FINANCEIN81,4831.1493,1950.74
STAR PETROLEUM REFININGTH313,800.52164,0531.30
SUNNY FRIEND ENVIRONMENTAL TTW19,0007.76147,5011.16
SUPER GROUP LTDZA22,1403.0567,5490.53
TARENA INTERNATIONAL INC-ADRCN9,34011.22104,7950.83
TCI CO LTDTW15,00014.14212,0811.67
TCS GROUP HOLDING -REG SCY8,78021.95192,7211.52
TEKFEN HOLDING ASTR28,2004.32121,7780.96
TIANNENG POWER INTL LTDCN178,0001.19212,0641.67
TONGDA GROUP HOLDINGS LTDHK120,000.1923,1160.18
TURK SISE VE CAM FABRIKALARITR89,8731.32118,2490.93
USINAS SIDER MINAS GER-PF ABR42,3003.30139,4011.10
VALUE ADDED TECHNOLOGY CO LTKR4,06437.84153,7671.21
WASKITA KARYA PERSERO TBK PTID494,300.1889,1730.70
WEST CHINA CEMENT LTDCN1,232,000.19235,2541.86
XIABUXIABU CATERING MANAGEMECN90,0001.91171,6891.36
XINYI GLASS HOLDINGS LTDHK84,0001.52127,8611.01
YANLORD LAND GROUP LTDSG150,6001.29194,9831.54
YIRENDAI LTD - ADRCN2,93640.23118,1150.93
YUZHOU PROPERTIES COCN173,000.69118,8270.94
Top 10 Equity Holdings as of 3/31/2018
Security Description
% of
Portfolio
1. WEST CHINA CEMENT LTD.1.9
2. KRUNGTHAI CARD PCL1.9
3. DUZONBIZON CO., LTD.1.8
4. CHINA RESOURCES CEMENT HOLDINGS LTD.1.8
5. TRANSPORT CORPORATION OF INDIA LTD.1.7
6. TIANNENG POWER INTERNATIONAL LTD.1.7
7. ORION CORP.1.7
8. CHINASOFT INTERNATIONAL LTD.1.6
9. MODETOUR NETWORK INC.1.6
10. KOREA PETRO CHEMICAL IND. CO. LTD.1.6

Data may not total due to rounding.

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.

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.

The data illustrated for Touchstone Domestic Equity Funds – Morningstar is the source. For Russell index information – the Frank Russell Company is the source and owner. For MSCI index information- the MSCI is the source and owner. The data illustrated for Touchstone Fixed Income Funds, Diversified Income Funds, Alternative Investment Funds, International Equity Funds and Asset Allocation Funds – the fund’s sub-advisor is the source. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.

*Effective April 19, 2016, Copper Rock was appointed sub-advisor to the Touchstone Emerging Markets Equity Fund. Concurrent with this change, the Fund was renamed the Touchstone Emerging Markets Small Cap Fund and its Principal Investment Strategies, Principal Risks, and benchmark index have changed to reflect those of Touchstone Emerging Markets Small Cap Fund’s investment strategy.