# EDGAR Filing Document

**Accession Number:** 0000711080
**File Stem:** 0001193125-25-251696
**Filing Date:** 2025-10
**Character Count:** 1585389
**Document Hash:** a363b480d94ed38e3c5f4d13590399a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-251696.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-251696

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 140

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE STRATEGIC TRUST
- **CENTRAL INDEX KEY:** 0000711080

**ORGANIZATION NAME:**
- **EIN:** 311276717
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03651
- **FILM NUMBER:** 251420411

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203
- **BUSINESS PHONE:** 5133628000

**MAIL ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COUNTRYWIDE STRATEGIC TRUST
- **DATE OF NAME CHANGE:** 19970303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDWEST STRATEGIC TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANCIAL INDEPENDENCE TRUST
- **DATE OF NAME CHANGE:** 19900604
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE STRATEGIC TRUST
- **CENTRAL INDEX KEY:** 0000711080

**ORGANIZATION NAME:**
- **EIN:** 311276717
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-80859
- **FILM NUMBER:** 251420410

**BUSINESS ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203
- **BUSINESS PHONE:** 5133628000

**MAIL ADDRESS:**
- **STREET 1:** 303 BROADWAY
- **STREET 2:** SUITE 1100
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COUNTRYWIDE STRATEGIC TRUST
- **DATE OF NAME CHANGE:** 19970303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDWEST STRATEGIC TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANCIAL INDEPENDENCE TRUST
- **DATE OF NAME CHANGE:** 19900604

## Series and Classes Contracts Data

### Touchstone Value Fund (Series ID: S000035691)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000109286 | A             | TVLAX           |
| C000109287 | C             | TVLCX           |
| C000109288 | Institutional | TVLIX           |
| C000109289 | Y             | TVLYX           |
| C000231973 | Class R6      | TVLRX           |

### Touchstone Large Cap Fund (Series ID: S000046011)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000143754 | Class A             | TACLX           |
| C000143755 | Class C             | TFCCX           |
| C000143756 | Class Y             | TLCYX           |
| C000143757 | Institutional Class | TLCIX           |

### Touchstone Large Company Growth Fund (Series ID: S000054835)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000172508 | Class A       | TSAGX           |
| C000172509 | Class C       | TCGLX           |
| C000172510 | Class Y       | TLGYX           |
| C000172511 | Institutional | DSMLX           |

### Touchstone Core Municipal Bond Fund (Series ID: S000055861)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000175943 | Class A       | TOHAX           |
| C000175944 | Class C       | TOHCX           |
| C000175945 | Class Y       | TOHYX           |
| C000175946 | Institutional | TOHIX           |

### Touchstone Balanced Fund (Series ID: S000059009)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193583 | Class A      | SEBLX           |
| C000193584 | Class C      | SBACX           |
| C000193585 | Class Y      | SIBLX           |
| C000231974 | Class R6     | TBARX           |

### Touchstone Large Cap Focused Fund (Series ID: S000059010)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000193586 | Class A       | SENCX           |
| C000193587 | Class C       | SCSCX           |
| C000193588 | Class Y       | SICWX           |
| C000193589 | Institutional | SCRLX           |
| C000231975 | Class R6      | TSRLX           |

### Touchstone Small Company Fund (Series ID: S000059011)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000193591 | Class A       | SAGWX           |
| C000193592 | Class C       | SSCOX           |
| C000193593 | Class Y       | SIGWX           |
| C000193594 | Class R6      | SSRRX           |
| C000193595 | Institutional | TICSX           |

### Touchstone International Value Fund (Series ID: S000059012)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000193597 | Class A       | SWRLX           |
| C000193598 | Class C       | SWFCX           |
| C000193599 | Class Y       | SIIEX           |
| C000193600 | Institutional | TOIIX           |

?xml version='1.0' encoding='ASCII'? 485BPOS

**Filed with the Securities and Exchange Commission on October 27, 2025**

**Securities Act of 1933 File No. 002-80859**

**Investment Company Act of 1940 File No. 811-03651**

------

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Pre-Effective Amendment No.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Post-Effective Amendment No. 243 and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

**Amendment No. 243**

(Check appropriate box or boxes.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**TOUCHSTONE STRATEGIC TRUST**

(Exact name of Registrant as Specified in Charter)

**303 Broadway, Suite 1100, Cincinnati, Ohio 45202**

(Address of Principal Executive Offices) (Zip Code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

Registrant's Telephone Number, including Area Code **(800) 638-8194**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Terrie A. Wiedenheft, 303 Broadway, Cincinnati, Ohio 45202**

(Name and Address of Agent for Service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

Copies to:

Clair E. Pagnano, Esq.

K&L Gates LLP

1 Congress Street, Suite 2900

Boston, MA 02114-2023

Ndenisarya M. Bregasi, Esq.

K&L Gates LLP

1601 K Street, NW

Washington, D.C. 20006-1600

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on October 28, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of rule 485. If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g76678touchstonelogowhite.gif)

Prospectus

October 28, 2025

**Touchstone Strategic Trust** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional**<br> **Class**<br>| **Class R6** |
| Touchstone Balanced Fund | SEBLX | SBACX | SIBLX |  | TBARX |
| Touchstone Core Municipal Bond Fund | TOHAX | TOHCX | TOHYX | TOHIX |  |
| Touchstone International Value Fund | SWRLX | SWFCX | SIIEX | TOIIX |  |
| Touchstone Large Cap Focused Fund | SENCX | SCSCX | SICWX | SCRLX | TSRLX |
| Touchstone Large Cap Fund | TACLX | TFCCX | TLCYX | TLCIX |  |
| Touchstone Large Company Growth Fund | TSAGX | TCGLX | TLGYX | DSMLX |  |
| Touchstone Small Company Fund | SAGWX | SSCOX | SIGWX | TICSX | SSRRX |
| Touchstone Value Fund | TVLAX | TVLCX | TVLYX | TVLIX | TVLRX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| [Touchstone Balanced Fund Summary](#xx_c5e51fab-4538-46a7-add0-2fcfd4b6332c_1) | 3 |
| [Touchstone Core Municipal Bond Fund Summary](#xx_e19db0aa-cd7b-4c4f-ac3e-3e56458a3548_1) | 10 |
| [Touchstone International Value Fund Summary](#xx_dac13f19-0861-4df7-9ef5-b75f0f2d68ad_1) | 16 |
| [Touchstone Large Cap Focused Fund Summary](#xx_38e93ee7-fb0c-47f5-bb99-42c0f36b51de_1) | 21 |
| [Touchstone Large Cap Fund Summary](#xx_9ee431c3-dc38-471c-afc0-ad14adb268b2_1) | 27 |
| [Touchstone Large Company Growth Fund Summary](#xx_3a0a3650-9b36-4b7d-819c-9a3b1ed55630_1) | 32 |
| [Touchstone Small Company Fund Summary](#xx_3243ac38-00f3-4c76-8e59-51bae8b67c7d_1) | 37 |
| [Touchstone Value Fund Summary](#xx_b0496d49-8a37-41b8-a3b6-2e53b616c799_1) | 43 |
| [Principal Investment Strategies and Risks](#xx_d6f57089-1980-4bff-9e6e-f64a45c0094f_1) | 49 |
| [THE FUNDS' MANAGEMENT](#xx_bd18c569-65dd-4fa9-ae96-4ab897eb6196_1) | 62 |
| [CHOOSING A CLASS OF SHARES](#xx_f06dc7e3-c24d-43c7-bc7a-5e7fa9f879c4_1) | 68 |
| [DISTRIBUTION AND SHAREHOLDER SERVICING ARRANGEMENTS](#xx_d97ed96e-b04a-44aa-a638-9c02974a7728_1) | 73 |
| [INVESTING WITH TOUCHSTONE](#xx_9371c1ce-71f2-441b-b8eb-011d0a330b38_1) | 74 |
| [DISTRIBUTIONS AND TAXES](#xx_a960aca7-c44f-43df-8e9b-6bf049cd0a98_1) | 84 |
| [FINANCIAL HIGHLIGHTS](#xx_f4aa0267-7c77-4895-baf2-71d8896b4e50_1) | 87 |
| [Appendix A - Intermediary-Specific Sales Charge Waivers and Discounts](#xx_88ce18e8-6708-42b7-a498-3756df64c5e6_1) | 97 |

---

------

Touchstone Balanced Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Balanced Fund (the "Fund") seeks capital appreciation and current income.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus. **An investor transacting in Class R6 shares, which do not have any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions are not reflected in the table or in the "Example" below.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | **Class R6** |
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br> offering price)<br>| 5.00% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase <br> price or the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>|  |  |  |  |
| Management Fees | 0.48% | 0.48% | 0.48% | 0.48% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.26% | 0.28% | 0.29% | 0.65% |
| Total Annual Fund Operating Expenses | 0.99% | 1.76% | 0.77% | 1.13% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | 0.00% | 0.00% | 0.00% | (0.50)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense <br> Reimbursement<sup>(1)</sup><br>| 0.99% | 1.76% | 0.77% | 0.63% |

---

<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.01%, 1.78%, 0.81%, and 0.63% of average daily net assets for Classes A, C, Y, and R6 shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.*

**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Class R6** | **Class C** |
| 1 Year | &nbsp;&nbsp; $596 | &nbsp;&nbsp; $279 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $179 |
| 3 Years | &nbsp;&nbsp; $800 | &nbsp;&nbsp; $554 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $309 | &nbsp;&nbsp; $554 |
| 5 Years | &nbsp;&nbsp; $1020 | &nbsp;&nbsp; $954 | &nbsp;&nbsp; $428 | &nbsp;&nbsp; $574 | &nbsp;&nbsp; $954 |
| 10 Years | &nbsp;&nbsp; $1652 | &nbsp;&nbsp; $2073 | &nbsp;&nbsp; $954 | &nbsp;&nbsp; $1330 | &nbsp;&nbsp; $2073 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 82% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

The Fund seeks to achieve its investment goal by investing primarily in a diversified portfolio of fixed-income and equity securities. The following table details, under normal circumstances, how the Fund generally expects to allocate its assets among equity and fixed-income, as of the date of this prospectus.

---

| | |
|:---|:---|
| **Allocations** | **Approximate Target Allocation** |
| Equity | &nbsp;&nbsp; 60<br> %<br>|
| Fixed-Income | &nbsp;&nbsp; 40<br> %<br>|

---

With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. These securities may be listed on an exchange or traded over-the-counter. Up to 35% of the Fund's equity sleeve may be invested in securities of foreign issuers through the use of ordinary shares or depositary receipts such as American Depositary Receipts ("ADRs"). The Fund may also invest in equity securities of emerging market countries. Emerging market countries are generally countries that are included in the Morgan Stanley Capital International ("MSCI") Emerging Markets Index.

With respect to fixed-income securities, the Fund will invest primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities. Fort Washington Investment Advisors, Inc., the Fund's sub-adviser ("Fort Washington"), primarily invests in investment-grade debt securities, but may invest up to 30% of the Fund's fixed-income sleeve in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization ("NRSRO"). Non-investment-grade debt securities are often referred to as "junk bonds" and are considered speculative.

The Fund may engage in frequent and active trading as part of its principal investment strategies. Additionally, in order to implement its investment strategy, the Fund may invest in mortgage dollar-roll transactions, and in derivatives, including forwards, futures contracts, interest rate and credit default swap agreements, and options. Mortgage "dollar rolls" are transactions in which mortgage-backed securities are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. These investments may be used to gain or hedge market exposure, to adjust the Fund's duration, to manage interest rate risk, and for any other purposes consistent with the Fund's investment strategies and limitations.

Fort Washington, subject to approval by the Fund's Adviser, may change the Fund's target allocation to each asset class (or to additional asset classes) without prior approval from or notice to shareholders.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

------

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

<sup>●</sup>

**Large-Cap Risk:** Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Mid-Cap Risk:** Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

<sup>●</sup>

**Preferred Stock Risk:** In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline.

**Fixed-Income Risk:** The market value of the Fund's fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund's fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities the Fund owns, the more sensitive the value of the Fund's shares will be to changes in interest rates.

<sup>●</sup>

**Asset-Backed Securities Risk:** Asset-backed securities are fixed-income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of any credit enhancement feature, changes in interest rates, and, at times, the financial condition of the issuer.

<sup>●</sup>

**Credit Risk:** The fixed-income securities in the Fund's portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions, could cause an issuer to fail to make timely payments of principal or interest, when due. This may cause the issuer's securities to decline in value.

<sup>●</sup>

**Interest Rate Risk:** In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. Recent and potential future changes in government policy may affect interest rates.

<sup>●</sup>

**Investment-Grade Debt Securities Risk:** Investment-grade debt securities may be downgraded by a NRSRO to below-investment-grade status, which would increase the risk of holding these securities. Investment-grade debt securities rated in the lowest rating category by a NRSRO involve a higher degree of risk than fixed-income securities with higher credit ratings.

<sup>●</sup>

**Mortgage-Backed Securities Risk:** Mortgage-backed securities are fixed-income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed-income securities due to the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities may fluctuate in price based on deterioration in the value of the collateral underlying the pool of mortgage loans, which may result in the collateral being worth less than the remaining principal amount owed on the mortgages in the pool.

<sup>●</sup>

**Non-Investment-Grade Debt Securities Risk:** Non-investment-grade debt securities are sometimes referred to as "junk bonds" and are considered speculative with respect to their issuers' ability to make payments of interest and principal. There is a high risk that the Fund could suffer a loss from investments in non-investment-grade debt securities caused by the default of an issuer of such securities. Non-investment-grade debt securities may also be less liquid than investment-grade debt securities.

<sup>●</sup>

**Prepayment Risk:** The risk that a debt security may be paid off and proceeds reinvested earlier than anticipated. Prepayment impacts both the interest rate sensitivity of the underlying asset, such as an asset-backed or mortgage-backed security and its cash flow projections. Therefore, prepayment risk may make it difficult to calculate the average duration of the Fund's asset- or mortgage-backed securities which in turn would make it difficult to assess the interest rate risk of the Fund.

<sup>●</sup>

**U.S. Government Securities Risk:** Certain U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are generally neither issued nor guaranteed by the U.S. Treasury.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

------

**Derivatives Risk:** The use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. Risks associated with derivatives may include the risk that the derivative does not correlate well with the security, index, or currency to which it relates, the risk that the Fund will be unable to sell or close out the derivative due to an illiquid market, the risk that the counterparty may be unwilling or unable to meet its obligations, and the risk that the derivative could expose the Fund to the risk of magnified losses resulting from leverage. These additional risks could cause the Fund to experience losses to which it would otherwise not be subject.

<sup>●</sup>

**Leverage Risk:** Leverage occurs when the Fund uses borrowings, derivatives (such as futures or options), or similar instruments or techniques to gain exposure to investments in an amount that exceeds the Fund's initial investment. The use of leverage magnifies changes in the Fund's net asset value and thus may result in increased portfolio volatility and increased risk of loss. Leverage can create an interest expense that may lower the Fund's overall returns. There can be no guarantee that a leveraging strategy will be successful.

<sup>●</sup>

**Futures Contracts Risk:** The risks associated with the Fund's futures positions include liquidity and counterparty risks associated with derivative instruments.

<sup>●</sup>

**Options Risk:** Options trading is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The value of options can be highly volatile, and their use can result in loss if the sub-adviser is incorrect in its expectation of price fluctuations. Options, whether exchange traded or over-the-counter, may also be illiquid.

<sup>●</sup>

**Swap Agreements Risk:** Swap agreements ("swaps") are individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Swaps may increase or decrease the overall volatility of the investments of the Fund and its share price. The performance of swaps may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. A swap can be a form of leverage, which can magnify the Fund's gains or losses.

<sup>●</sup>

**Forward Foreign Currency Exchange Contract Risk:** A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying position.

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures. To the extent that the securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. market is open, there are likely to be deviations between the current price of the securities held by the Fund and their last quoted price or the securities' quote from the closed foreign market. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

<sup>●</sup>

**Depositary Receipts Risk:** Foreign receipts, which include ADRs, Global Depositary Receipts, and European Depositary Receipts, are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities.

<sup>●</sup>

**Emerging Markets Risk:** Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than that of issuers in other countries.

<sup>●</sup>

**Sovereign Debt Risk:** The actions of foreign governments concerning their respective economies could have an important effect on their ability or willingness to service their sovereign debt. Such actions could have significant effects on market conditions and on the prices of securities and instruments held by the Fund, including the securities and instruments of foreign private issuers.

**Mortgage Dollar Roll Risk:** Mortgage "dollar rolls" are transactions in which mortgage-backed securities are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. The difference between the sale price and the purchase price (plus any interest earned on the cash proceeds of the sale) is netted against the interest income foregone on the securities sold to arrive at an implied borrowing rate. Alternatively, the sale and purchase transactions can be executed at the same price, with the Fund being paid a fee as consideration for entering into the commitment to purchase. If the broker-dealer to whom

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the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

**Portfolio Turnover Risk:** Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund's performance and may result in the realization of substantial capital gains, including net short-term capital gains. As a result, high portfolio turnover may reduce the Fund's returns.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

**<u>The Fund's Performance</u>**

Before the Fund commenced operations, the assets and liabilities of the Sentinel Balanced Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization on October 27, 2017 (the "Reorganization"). The investment objectives, guidelines, and restrictions of the Predecessor Fund were similar to those of the Fund. The performance information included prior to the Reorganization is that of the Predecessor Fund.

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Russell 3000<sup>®</sup> Index and the Bloomberg U.S. Aggregate Bond Index. The blend comprised of 60% Russell 1000<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index shows how the Fund's performance compares against the returns of a blended index with similar investments. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

**Touchstone Balanced Fund — Class A Shares Total Return as of December 31**

![](g76678tstseblx_19.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 2nd Quarter 2020 | 14.80<br> %<br>|
| Worst Quarter: | 2nd Quarter 2022 | &nbsp;&nbsp; (12.99)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 11.37<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

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---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Balanced Fund - Class A** |  |  |  |
| Return Before Taxes | 7.45<br> %<br>| 7.57<br> %<br>| 7.90<br> %<br>|
| Return After Taxes on Distributions | 6.85<br> %<br>| 6.76<br> %<br>| 6.67<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 4.62<br> %<br>| 5.78<br> %<br>| 6.04<br> %<br>|
| **Touchstone Balanced Fund - Class C** |  |  |  |
| Return Before Taxes | 11.19<br> %<br>| 7.85<br> %<br>| 7.79<br> %<br>|
| **Touchstone Balanced Fund - Class Y** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 13.34<br> %<br>| 8.91<br> %<br>| 8.69<br> %<br>|
| **Touchstone Balanced Fund - Class R6** |  |  |  |
| Return Before Taxes<sup>(2)(3)</sup> | 13.46<br> %<br>| 8.93<br> %<br>| 8.57<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 23.81<br> %<br>| 13.86<br> %<br>| 12.55<br> %<br>|
| **Bloomberg U.S. Aggregate Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.25<br> %<br>| &nbsp;&nbsp; (0.33)<br> %<br>| 1.35<br> %<br>|
| **Blend comprised of 60% Russell 1000® Index and 40% Bloomberg U.S. Aggregate Bond** <br> **Index** (reflects no deduction for fees, expenses or taxes)<br>| 14.87<br> %<br>| 8.83<br> %<br>| 8.57<br> %<br>|

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<sup>(1)</sup>

*Class Y shares of the Fund assumed the performance history of Class I shares of the Predecessor Fund.* 

<sup>(2)</sup>

*An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions will not be reflected in the table.* 

<sup>(3)</sup>

*The inception date of Class R6 shares was October 28, 2021. Class R6 shares' performance was calculated using the historical performance of Class A shares for the periods prior to October 28, 2021. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class R6 shares.*

**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

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| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Managers** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| Fort Washington Investment <br> Advisors, Inc.<br>| Daniel J. Carter, CFA | &nbsp;&nbsp; Since inception in <br> October 2017<br>| &nbsp;&nbsp; Managing Director & Senior <br> Portfolio Manager<br>|
|  | James E. Wilhelm | &nbsp;&nbsp; Since inception in <br> October 2017<br>| &nbsp;&nbsp; Managing Director & Senior <br> Portfolio Manager<br>|
|  | Austin R. Kummer, CFA | &nbsp;&nbsp; Since inception in <br> October 2017<br>| &nbsp;&nbsp; Managing Director & Senior <br> Portfolio Manager<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Class R6** | **Class R6** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50 |

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Class R6 shares held through Touchstone Securities require a $50,000 minimum initial investment and have a $50 subsequent investment minimum. Touchstone does not impose a minimum investment requirement on accounts held through a financial intermediary for Class R6 shares. However, financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services.

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class R6 and Class C shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Class R6 shares may be purchased directly through Touchstone Securities or through your financial intermediary. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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Touchstone Core Municipal Bond Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Core Municipal Bond Fund (the "Fund") seeks a high level of current income exempt from federal income taxes, consistent with the protection of capital.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts to the Fund's prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>|
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br> offering price)<br>| 3.25% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase <br> price or the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>|  |  |  |  |
| Management Fees | 0.40% | 0.40% | 0.40% | 0.40% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.49% | 1.93% | 0.95% | 0.39% |
| Total Annual Fund Operating Expenses | 1.14% | 3.33% | 1.35% | 0.79% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.34)% | (1.84)% | (0.80)% | (0.31)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense <br> Reimbursement<sup>(1)</sup><br>| 0.80% | 1.49%<sup>(2)</sup> | 0.55% | 0.48% |

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<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 0.80%, 1.49%, 0.55% and 0.48% of average daily net assets for Classes A, C, Y, and Institutional Class shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.* 

<sup>(2)</sup>

*Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will differ from the ratio of net expenses to average net assets that is included in the Fund's Form N-CSR filing for the fiscal year ended June 30, 2025 due to contractual changes in the Fund's expense limitation agreement effective October 29, 2024 and October 29, 2025.*

**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class C** |
| 1 Year | &nbsp;&nbsp; $404 | &nbsp;&nbsp; $252 | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $152 |
| 3 Years | &nbsp;&nbsp; $643 | &nbsp;&nbsp; $853 | &nbsp;&nbsp; $349 | &nbsp;&nbsp; $221 | &nbsp;&nbsp; $853 |
| 5 Years | &nbsp;&nbsp; $900 | &nbsp;&nbsp; $1577 | &nbsp;&nbsp; $663 | &nbsp;&nbsp; $408 | &nbsp;&nbsp; $1577 |
| 10 Years | &nbsp;&nbsp; $1637 | &nbsp;&nbsp; $3497 | &nbsp;&nbsp; $1554 | &nbsp;&nbsp; $949 | &nbsp;&nbsp; $3497 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

Under normal circumstances, the Fund seeks to achieve its investment goal by investing its assets primarily in high-quality, municipal debt, including general obligation bonds, revenue bonds, and pre-refunded municipal bonds. This includes, but is not limited to, municipal bonds that are issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. High-quality municipal debt is, for purposes of the Fund, considered to be debt with an underlying credit rating of investment grade (Baa3) or higher by Moody's Investor Service, Inc. ("Moody's"), or equivalently rated by S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by the sub-adviser to be of comparable quality.

The Fund has adopted a fundamental investment policy that under normal circumstances at least 80% of the income it distributes will be exempt from federal income tax, including the federal alternative minimum tax. This fundamental policy may not be changed without the approval of the Fund's shareholders.

In managing the Fund's portfolio, Sage Advisory Services, Ltd. Co. ("Sage" or the "sub-adviser"), the Fund's sub-adviser, seeks to exploit market inefficiencies using its income, price, and volatility framework:

<sup>●</sup>

Income: Sage seeks to construct portfolios that generate consistent tax-free income by capturing diversified sources of credit, liquidity, and term premiums.

<sup>●</sup>

Price: Sage seeks to control price sensitivity at the portfolio level by managing duration and yield curve positioning.

<sup>●</sup>

Volatility: During periods when the price of bonds decline because of economic uncertainty or market stress, Sage seeks to identify and purchase bonds that are priced attractively relative to historical averages. Sage will add positions in a risk-controlled manner, meaning the bond is well-supported by Sage's outlook and the risk associated with purchasing the bond is carefully considered along with the benefits including yield and the potential for the price to increase.

The Fund may invest in bonds of any maturity. The average duration of the Fund will vary based on the sub-adviser's forecast for interest rates and will normally be within 25% (plus/minus) of the Bloomberg Municipal Bond Index. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates.

Throughout the investment process, Sage analyzes each municipal issue for various environmental, social and governance ("ESG") criteria. For this analysis, Sage uses a proprietary ESG framework to evaluate and score (the "Sage ESG Leaf Score") municipal projects for both their project impact and impact intensity and related controversies. The Fund does not have a minimum scoring threshold of their ESG framework for inclusion in the Fund, however, this analysis is used to evaluate the fundamental health and long-term credit risk of each issuer. The Fund may invest in a security that scores poorly on ESG criteria if the security scores highly on other factors such as valuation and strong fundamental health.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

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**Fixed-Income Risk:** The market value of the Fund's fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund's fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities the Fund owns, the more sensitive the value of the Fund's shares will be to changes in interest rates.

<sup>●</sup>

**Credit Risk:** The fixed-income securities in the Fund's portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions, could cause an issuer to fail to make timely payments of principal or interest, when due. This may cause the issuer's securities to decline in value.

<sup>●</sup>

**Interest Rate Risk:** In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. Recent and potential future changes in government policy may affect interest rates.

<sup>●</sup>

**Investment-Grade Debt Securities Risk:** Investment-grade debt securities may be downgraded by a NRSRO to below-investment-grade status, which would increase the risk of holding these securities. Investment-grade debt securities rated in the lowest rating category by a NRSRO involve a higher degree of risk than fixed-income securities with higher credit ratings.

<sup>●</sup>

**Prepayment Risk:** The risk that a debt security may be paid off and proceeds reinvested earlier than anticipated. Prepayment impacts both the interest rate sensitivity of the underlying asset, such as an asset-backed or mortgage-backed security and its cash flow projections. Therefore, prepayment risk may make it difficult to calculate the average duration of the Fund's asset- or mortgage-backed securities which in turn would make it difficult to assess the interest rate risk of the Fund.

<sup>●</sup>

**U.S. Government Securities Risk:** Certain U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are generally neither issued nor guaranteed by the U.S. Treasury.

**Municipal Securities Risk:** The value of municipal securities may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal securities holders in the event of bankruptcy. In addition, a downturn in the national economy may negatively impact the economic performance of issuers of municipal securities, and may increase the likelihood that issuers of securities in which the Fund may invest may be unable to meet their obligations. Also, some municipal obligations may be backed by a letter of credit issued by a bank or other financial institution. Adverse developments affecting banks or other financial institutions could have a negative effect on the value of the Fund's portfolio securities.

In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. The Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or federal alternative minimum tax. Consult your tax professional for more information.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**ESG Investing Risk:** The Fund's sub-adviser may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when selecting investments for the Fund. The Fund's ESG criteria may cause the Fund to forgo opportunities to buy certain securities, or forgo opportunities to gain exposure to certain industries, sectors, regions and countries. In addition, the Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

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**<u>The Fund's Performance</u>**

On December 16, 2016, the Touchstone Ohio Tax-Free Bond Fund, a series of Touchstone Tax-Free Trust (the "Predecessor Fund"), was reorganized into the Fund. The investment objectives, guidelines, and restrictions of the Predecessor Fund were substantially similar to those of the Fund. As a result of the reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Financial and performance information prior to December 16, 2016 is that of the Predecessor Fund. On October 28, 2021, the Fund changed its name, investment goal, principal investment strategies, diversification status and sub-advisor. The Fund's performance shown below might have differed if Sage had managed the Fund pursuant to its current strategies prior to October 28, 2021.

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Bloomberg Municipal Bond Index. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

**Touchstone Core Municipal Bond Fund — Class A Shares Total Return as of December 31**

![](g76678tsttohax_13.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 4th Quarter 2023 | 6.86<br> %<br>|
| Worst Quarter: | 1st Quarter 2022 | &nbsp;&nbsp; (5.90)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 2.07<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Core Municipal Bond Fund - Class A** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (1.79)<br> %<br>| 0.29<br> %<br>| 1.21<br> %<br>|
| Return After Taxes on Distributions | &nbsp;&nbsp; (1.79)<br> %<br>| 0.28<br> %<br>| 1.20<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 0.06<br> %<br>| 0.75<br> %<br>| 1.51<br> %<br>|
| **Touchstone Core Municipal Bond Fund - Class C** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (0.30)<br> %<br>| &nbsp;&nbsp; (0.10)<br> %<br>| 1.08<br> %<br>|
| **Touchstone Core Municipal Bond Fund - Class Y** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 1.79<br> %<br>| 0.99<br> %<br>| 1.94<br> %<br>|
| **Touchstone Core Municipal Bond Fund - Institutional Class** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 1.86<br> %<br>| 1.04<br> %<br>| 1.97<br> %<br>|
| **Bloomberg Municipal Bond Index** (reflects no deduction for fees, expenses or taxes) | 1.05<br> %<br>| 0.99<br> %<br>| 2.25<br> %<br>|

---

<sup>(1)</sup>

*The inception date of Class Y and Institutional Class shares was August 30, 2016. Class Y and Institutional Class shares' performance was calculated using the historical performance of Class A shares for the periods prior to August 30, 2016. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class Y and Institutional Class shares.*

**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Managers** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| Sage Advisory Services, Ltd. <br> Co.<br>| Robert G. Smith, AIF®, CIMC | Since October 2021 | &nbsp;&nbsp; Co-Chief Investment Officer, <br> CEO & President<br>|
|  | Jeffery S. Timlin, CFA, CMT | Since October 2021 | &nbsp;&nbsp; Co-Chief Investment Officer, <br> Managing Director<br>|
|  | Thomas H. Urano, CFA | Since October 2021 | &nbsp;&nbsp; Principal and Managing <br> Director<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, C and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

------

**<u>Tax Information</u>**

The Fund intends to distribute tax-exempt income. The Fund intends to meet certain federal tax requirements so that distributions of the tax-exempt interest it earns may be treated as "exempt-interest dividends." A portion of the Fund's distributions may, however, be subject to federal income tax.

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

Touchstone International Value Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone International Value Fund (the "Fund") seeks long-term growth of capital.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>|
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br> offering price)<br>| 5.00% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase <br> price or the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>|  |  |  |  |
| Management Fees | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.56% | 1.51% | 0.58% | 3.10% |
| Total Annual Fund Operating Expenses | 1.51% | 3.21% | 1.28% | 3.80% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.25)% | (1.36)% | (0.39)% | (3.03)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense <br> Reimbursement<sup>(1)</sup><br>| 1.26% | 1.85%<sup>(2)</sup> | 0.89% | 0.77%<sup>(2)</sup> |

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<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.26%, 1.85%, 0.89%, and 0.77% of average daily net assets for Classes A, C, Y, and Institutional Class shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.* 

<sup>(2)</sup>

*Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will differ from the ratio of net expenses to average net assets that is included in the Fund's Form N-CSR filing for the fiscal year ended June 30, 2025 due to contractual changes in the Fund's expense limitation agreement effective October 29, 2024.*

**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class C** |
| 1 Year | &nbsp;&nbsp; $622 | &nbsp;&nbsp; $288 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $188 |
| 3 Years | &nbsp;&nbsp; $930 | &nbsp;&nbsp; $862 | &nbsp;&nbsp; $367 | &nbsp;&nbsp; $880 | &nbsp;&nbsp; $862 |
| 5 Years | &nbsp;&nbsp; $1260 | &nbsp;&nbsp; $1561 | &nbsp;&nbsp; $665 | &nbsp;&nbsp; $1701 | &nbsp;&nbsp; $1561 |
| 10 Years | &nbsp;&nbsp; $2191 | &nbsp;&nbsp; $3419 | &nbsp;&nbsp; $1511 | &nbsp;&nbsp; $3842 | &nbsp;&nbsp; $3419 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

The Fund normally invests at least 80% of its assets in value securities. The Fund invests primarily in equity securities of companies in non-U.S. developed and emerging market countries. The equity securities in which the Fund invests are mainly common stocks, but may also include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs" and, together with ADRs, "Depositary Receipts"). Depositary Receipts are certificates issued by a bank or trust company that represent ownership of shares of a foreign issuer and generally trade on an established market, in the United States or elsewhere. Although the Fund may invest in securities of companies of any size, the Fund generally invests in companies with market capitalizations of $20 million or more at the time of purchase.

The Fund considers a company to be a non-U.S. company if (i) the company's primary issue trades on a non-U.S. exchange; or (ii) the company is organized, maintains its principal place of business, or primarily generates its revenues outside of the United States. The Fund classifies emerging market countries as those countries that are included in the Morgan Stanley Capital International ("MSCI") Emerging Markets Index.

In selecting securities for the Fund, LSV Asset Management, the Fund's sub-adviser ("LSV"), focuses on companies whose securities, in LSV's opinion, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow, but show signs of recent improvement.

LSV uses a quantitative investment model to make investment decisions for the Fund. Any investment decisions are generally made based on whether a buy or sell signal is received from the quantitative investment model. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls.

The Fund will invest, under normal circumstances, at least 80% of its assets (including borrowings for investment purposes) in value securities. This is a non-fundamental policy that the Fund can change upon 60 days' prior written notice to shareholders. For purposes of this non-fundamental policy, the sub-adviser considers "value" securities to be those issued by companies whose securities, in accordance with the sub-adviser's proprietary quantitative investment methodology described above, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. There are also risks

------

associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures. To the extent that the securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. market is open, there are likely to be deviations between the current price of the securities held by the Fund and their last quoted price or the securities' quote from the closed foreign market. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

<sup>●</sup>

**Depositary Receipts Risk:** Foreign receipts, which include ADRs, GDRs, and European Depositary Receipts, are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities.

<sup>●</sup>

**Emerging Markets Risk:** Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than that of issuers in other countries.

**Value Investing Risk:** Value investing presents the risk that the Fund's security holdings may never reach their full intrinsic value because the market fails to recognize what the portfolio managers consider the true business value or because the portfolio managers have misjudged those values.

**Quantitative Strategy Risk:** The Fund's sub-adviser uses proprietary statistical analyses and models to construct the Fund's portfolio. A securities portfolio selected using these proprietary models can perform differently than the market as a whole as a result of the correlation factors used in the analysis to construct the models, the weight placed on each factor, and changes in the factors' historical trends. As a result, the Fund may be more or less exposed to a risk factor than its individual holdings. Quantitative models are subject to technical issues including programming and data inaccuracies, are based on assumptions, and rely on data that is subject to limitations (e.g., inaccuracies, staleness), any of which could adversely affect their effectiveness or predictive value.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

**<u>The Fund's Performance</u>**

Before the Fund commenced operations, the assets and liabilities of the Sentinel International Equity Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization on October 27, 2017 (the "Reorganization"). The investment objectives, guidelines, and restrictions of the Predecessor Fund were similar to those of the Fund. The performance information included prior to the Reorganization is that of the Predecessor Fund. On April 30, 2024, the Fund changed its name from the Touchstone International Equity Fund to the Touchstone International Value Fund. The Fund also changed its investment objective, its principal investment strategies, its benchmark and its sub-adviser from Fort Washington Investment Advisors, Inc. ("Fort Washington") to LSV, the Fund's current sub-adviser, on April 30, 2024. The Fund's performance shown below might have differed materially if LSV had managed the Fund pursuant to its current principal investment strategies prior to April 30, 2024.

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the MSCI All Country World Ex USA Index. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

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**Touchstone International Value Fund — Class A Shares Total Return as of December 31**

![](g76678tstswrlx_15.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2nd Quarter 2020 | 18.76<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (26.96)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 40.70<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone International Value Fund - Class A** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (6.45)<br> %<br>| 1.81<br> %<br>| 3.90<br> %<br>|
| Return After Taxes on Distributions | &nbsp;&nbsp; (8.51)<br> %<br>| 0.57<br> %<br>| 2.63<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; (2.19)<br> %<br>| 1.41<br> %<br>| 3.00<br> %<br>|
| **Touchstone International Value Fund - Class C** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (2.99)<br> %<br>| 2.12<br> %<br>| 3.61<br> %<br>|
| **Touchstone International Value Fund - Class Y** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | &nbsp;&nbsp; (1.15)<br> %<br>| 3.24<br> %<br>| 4.81<br> %<br>|
| **Touchstone International Value Fund - Institutional Class** |  |  |  |
| Return Before Taxes<sup>(2)</sup> | &nbsp;&nbsp; (0.99)<br> %<br>| 3.35<br> %<br>| 4.88<br> %<br>|
| **MSCI All Country World Ex USA Index** (reflects no deduction for fees, expenses or taxes) | 5.53<br> %<br>| 4.10<br> %<br>| 4.80<br> %<br>|

---

<sup>(1)</sup>

*Class Y shares of the Fund assumed the performance history of Class I shares of the Predecessor Fund.* 

<sup>(2)</sup>

*Performance of Institutional Class shares of the Fund prior to October 30, 2017 (the inception date for Institutional Class shares) is based on the Fund's Class Y share performance.* 

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**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Manager** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| LSV Asset Management | Josef Lakonishok, Ph.D. | Since April 2024 | &nbsp;&nbsp; Chief Executive Officer, Chief <br> Investment Officer, Partner <br> and Portfolio Manager<br>|
| LSV Asset Management | Menno Vermeulen, CFA | Since April 2024 | Partner and Portfolio Manager |
| LSV Asset Management | Puneet Mansharamani, CFA | Since April 2024 | Partner and Portfolio Manager |
| LSV Asset Management | Greg Sleight | Since April 2024 | Partner and Portfolio Manager |
| LSV Asset Management | Guy Lakonishok, CFA | Since April 2024 | Partner and Portfolio Manager |
| LSV Asset Management | Gal Skarishevsky | Since March 2025 | Partner and Portfolio Manager |

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial institutions and financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

Touchstone Large Cap Focused Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Large Cap Focused Fund (the "Fund") seeks to provide investors with capital appreciation.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus. **An investor transacting in Class R6 shares, which do not have any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions are not reflected in the table or in the "Example" below.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a <br> percentage of offering price)<br>| 5.00% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of <br> original purchase price or the amount redeemed, whichever is <br> less)<br>|  | 1.00% |  |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay** <br> **each year as a percentage of the value of your investment)**<br>|  |  |  |  |  |
| Management Fees | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses |  |  |  |  |  |
| Liquidity Provider Expense | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Other Operating Expenses | 0.21% | 0.28% | 0.25% | 0.19% | 0.17% |
| Total Other Expenses | 0.22% | 0.29% | 0.26% | 0.20% | 0.18% |
| Total Annual Fund Operating Expenses | 0.98% | 1.80% | 0.77% | 0.71% | 0.69% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | 0.00% | 0.00% | (0.04)% | (0.01)% | (0.03)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or <br> Expense Reimbursement<sup>(1)</sup><br>| 0.98% | 1.80% | 0.73% | 0.70% | 0.66% |

---

<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.00%, 1.79%, 0.72%, 0.69% and 0.65% of average daily net assets for Classes A, C, Y, Institutional Class, and Class R6 shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.* 

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**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class R6** | **Class C** |
| 1 Year | &nbsp;&nbsp; $595 | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $183 |
| 3 Years | &nbsp;&nbsp; $797 | &nbsp;&nbsp; $566 | &nbsp;&nbsp; $242 | &nbsp;&nbsp; $226 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $566 |
| 5 Years | &nbsp;&nbsp; $1015 | &nbsp;&nbsp; $975 | &nbsp;&nbsp; $424 | &nbsp;&nbsp; $394 | &nbsp;&nbsp; $381 | &nbsp;&nbsp; $975 |
| 10 Years | &nbsp;&nbsp; $1641 | &nbsp;&nbsp; $2116 | &nbsp;&nbsp; $950 | &nbsp;&nbsp; $882 | &nbsp;&nbsp; $856 | &nbsp;&nbsp; $2116 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

The Fund invests, under normal market conditions, at least 80% of its assets in large capitalization equity securities. The Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. The Fund's 80% policy is a non-fundamental investment policy that can be changed by the Fund upon 60 days' prior written notice to shareholders. Equity securities include common stock and preferred stock. These securities may be listed on an exchange or traded over-the-counter.

In selecting securities for the Fund, the Fund's sub-adviser, Fort Washington Investment Advisors, Inc. ("Fort Washington"), seeks to invest in companies that:

<sup>●</sup>

Are trading below its estimate of the companies' intrinsic value; and

<sup>●</sup>

Have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty, or a government barrier (e.g., license or subsidy). Fort Washington believes that the strongest barrier to entry is the combination of economies of scale and higher customer loyalty.

The Fund will generally hold 25 to 45 companies, with residual cash and equivalents expected to represent less than 10% of the Fund's net assets. The Fund may, at times, hold fewer securities and a higher percentage of cash and equivalents when, among other reasons, Fort Washington cannot find a sufficient number of securities that meets its purchase requirements. Although the Fund may invest in any economic sector, at times it may emphasize one or more particular sectors.

The Fund may invest up to 35% of its assets in securities of foreign issuers through the use of ordinary shares or depositary receipts such as American Depositary Receipts ("ADRs"). The Fund may also invest in securities of emerging market countries. Emerging market countries are generally countries that are included in the Morgan Stanley Capital International ("MSCI") Emerging Markets Index.

The Fund will generally sell a security if it reaches Fort Washington's estimate of fair value, if a more attractive investment opportunity is available, or if a structural change has taken place and Fort Washington cannot reliably estimate the impact of the change on the business fundamentals.

The Fund is non-diversified and, therefore may, from time to time, have significant exposure to a limited number of issuers.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

------

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

<sup>●</sup>

**Large-Cap Risk:** Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Mid-Cap Risk:** Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

<sup>●</sup>

**Preferred Stock Risk:** In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline.

**Non-Diversification Risk:** The Fund is non-diversified, which means that it may invest a greater percentage of its assets than a diversified fund in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund's investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures. To the extent that the securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. market is open, there are likely to be deviations between the current price of the securities held by the Fund and their last quoted price or the securities' quote from the closed foreign market. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

<sup>●</sup>

**Depositary Receipts Risk:** Foreign receipts, which include ADRs, Global Depositary Receipts, and European Depositary Receipts, are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities.

<sup>●</sup>

**Emerging Markets Risk:** Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than that of issuers in other countries.

**Sector and Industry Focus Risk:** The Fund may invest a high percentage of its assets in specific sectors and/or industries of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector or industry of the market, positive or negative, than a fund that does not invest a high percentage of its assets in specific sectors or industries.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

------

**<u>The Fund's Performance</u>**

Before the Fund commenced operations, the assets and liabilities of the Sentinel Common Stock Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization on October 27, 2017 (the "Reorganization"). The investment objectives, guidelines, and restrictions of the Predecessor Fund were similar to those of the Fund. The performance information included prior to the Reorganization is that of the Predecessor Fund.

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Russell 3000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Index shows how the Fund's performance compares against the returns of an index with similar investments. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

**Touchstone Large Cap Focused Fund — Class A Shares Total Return as of December 31**

![](g76678tstsencx_14.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 2nd Quarter 2020 | 20.31<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (17.79)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 14.08<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Large Cap Focused Fund - Class A** |  |  |  |
| Return Before Taxes | 14.27<br> %<br>| 12.81<br> %<br>| 12.29<br> %<br>|
| Return After Taxes on Distributions | 14.09<br> %<br>| 12.01<br> %<br>| 10.50<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 8.58<br> %<br>| 10.08<br> %<br>| 9.48<br> %<br>|
| **Touchstone Large Cap Focused Fund - Class C** |  |  |  |
| Return Before Taxes | 18.31<br> %<br>| 13.07<br> %<br>| 12.15<br> %<br>|
| **Touchstone Large Cap Focused Fund - Class Y** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 20.59<br> %<br>| 14.29<br> %<br>| 13.17<br> %<br>|
| **Touchstone Large Cap Focused Fund - Institutional Class** |  |  |  |
| Return Before Taxes | 20.64<br> %<br>| 14.32<br> %<br>| 13.23<br> %<br>|
| **Touchstone Large Cap Focused Fund - Class R6** |  |  |  |
| Return Before Taxes<sup>(2)(3)</sup> | 20.67<br> %<br>| 14.22<br> %<br>| 12.99<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 23.81<br> %<br>| 13.86<br> %<br>| 12.55<br> %<br>|
| **Russell 1000® Index** (reflects no deduction for fees, expenses or taxes) | 24.51<br> %<br>| 14.28<br> %<br>| 12.87<br> %<br>|

---

<sup>(1)</sup>

*Class Y shares of the Fund assumed the performance history of Class I shares of the Predecessor Fund.*

<sup>(2)</sup>

*An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions will not be reflected in the table.* 

<sup>(3)</sup>

*The inception date of Class R6 shares was October 28, 2021. Class R6 shares' performance was calculated using the historical performance of Class A shares for the periods prior to October 28, 2021. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class R6 shares.*

**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Managers** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| Fort Washington Investment <br> Advisors, Inc.<br>| James E. Wilhelm | &nbsp;&nbsp; Since inception in <br> October 2017<br>| &nbsp;&nbsp; Managing Director & Senior <br> Portfolio Manager<br>|
|  | Sunit Gogia | Since October 2024 | &nbsp;&nbsp; Vice President, Portfolio <br> Manager and Director of <br> Equity Research<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

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| | | |
|:---|:---|:---|
|  | **Class R6** | **Class R6** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50 |

---

Class R6 shares held through Touchstone Securities require a $50,000 minimum initial investment and have a $50 subsequent investment minimum. Touchstone does not impose a minimum investment requirement on accounts held through a financial intermediary for Class R6 shares. However, financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services.

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C, Class R6 and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Class R6 shares may be purchased directly through Touchstone Securities or through your financial intermediary. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

Touchstone Large Cap Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Large Cap Fund (the "Fund") seeks to provide investors with long-term capital growth.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>|
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br> offering price)<br>| 5.00% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase <br> price or the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>|  |  |  |  |
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses |  |  |  |  |
| Liquidity Provider Expense | 0.01% | 0.01% | 0.01% | 0.01% |
| Other Operating Expenses | 0.48% | 1.41% | 0.28% | 0.22% |
| Total Other Expenses | 0.49% | 1.42% | 0.29% | 0.23% |
| Total Annual Fund Operating Expenses | 1.34% | 3.02% | 0.89% | 0.83% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.30)% | (1.27)% | (0.10)% | (0.14)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense <br> Reimbursement<sup>(1)</sup><br>| 1.04% | 1.75%<sup>(2)</sup> | 0.79% | 0.69% |

---

<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.03%, 1.74%, 0.78%, and 0.68% of average daily net assets for Classes A, C, Y, and Institutional Class shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.* 

<sup>(2)</sup>

*Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will differ from the ratio of net expenses to average net assets that is included in the Fund's Form N-CSR filing for the fiscal year ended June 30, 2025 due to contractual changes in the Fund's expense limitation agreement effective October 29, 2025.* 

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**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class C** |
| 1 Year | &nbsp;&nbsp; $601 | &nbsp;&nbsp; $278 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $178 |
| 3 Years | &nbsp;&nbsp; $875 | &nbsp;&nbsp; $814 | &nbsp;&nbsp; $274 | &nbsp;&nbsp; $251 | &nbsp;&nbsp; $814 |
| 5 Years | &nbsp;&nbsp; $1170 | &nbsp;&nbsp; $1475 | &nbsp;&nbsp; $483 | &nbsp;&nbsp; $447 | &nbsp;&nbsp; $1475 |
| 10 Years | &nbsp;&nbsp; $2007 | &nbsp;&nbsp; $3247 | &nbsp;&nbsp; $1087 | &nbsp;&nbsp; $1012 | &nbsp;&nbsp; $3247 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

The Fund invests, under normal market conditions, at least 80% of its assets in common stocks of large capitalization U.S. listed companies. For purposes of the Fund, a large capitalization company has a market capitalization within the range represented in the Russell 1000<sup>®</sup> Index (between approximately $1.1 billion and $4.5 trillion as of September 30, 2025) at the time of purchase. The size of the companies in the Russell 1000<sup>®</sup> Index will change with market conditions.

London Company of Virginia d/b/a The London Company ("The London Company"), the Fund's sub-adviser, seeks to purchase financially stable large-cap companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to the company's respective private market values. Guiding principles of The London Company's large-cap philosophy include: (1) a focus on cash return on tangible capital, not earnings per share; (2) balance sheet optimization; (3) optimal allocation of investments is essential to good investment results; and (4) low turnover and tax sensitivity enhances real returns.

The Fund will typically hold approximately 30 to 40 securities. The London Company invests for the long term and attempts to minimize turnover in an effort to reduce transaction costs and taxes. The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. The London Company generally sells a security when: it becomes overvalued and has reached its price target; the issuer's fundamentals deteriorate; there is significant trading activity by insiders; or there is a more promising alternative. The London Company may also sell a security to adjust the Fund's overall portfolio risk.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

<sup>●</sup>

**Large-Cap Risk:** Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

------

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Sector and Industry Focus Risk:** The Fund may invest a high percentage of its assets in specific sectors and/or industries of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector or industry of the market, positive or negative, than a fund that does not invest a high percentage of its assets in specific sectors or industries.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

**<u>The Fund's Performance</u>**

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Russell 3000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Index shows how the Fund's performance compares against the returns of an index with similar investments. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

**Touchstone Large Cap Fund — Class A Shares Total Return as of December 31**

![](g76678tsttaclx_13.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2nd Quarter 2020 | 16.74<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (22.00)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 7.79<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Large Cap Fund - Class A** |  |  |  |
| Return Before Taxes | 8.90<br> %<br>| 7.74<br> %<br>| 7.69<br> %<br>|
| Return After Taxes on Distributions | 8.06<br> %<br>| 7.12<br> %<br>| 7.16<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 5.91<br> %<br>| 6.03<br> %<br>| 6.16<br> %<br>|
| **Touchstone Large Cap Fund - Class C** |  |  |  |
| Return Before Taxes | 12.75<br> %<br>| 8.04<br> %<br>| 7.70<br> %<br>|
| **Touchstone Large Cap Fund - Class Y** |  |  |  |
| Return Before Taxes | 14.89<br> %<br>| 9.12<br> %<br>| 8.60<br> %<br>|
| **Touchstone Large Cap Fund - Institutional Class** |  |  |  |
| Return Before Taxes | 15.05<br> %<br>| 9.23<br> %<br>| 8.72<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 23.81<br> %<br>| 13.86<br> %<br>| 12.55<br> %<br>|
| **Russell 1000® Index** (reflects no deduction for fees, expenses or taxes) | 24.51<br> %<br>| 14.28<br> %<br>| 12.87<br> %<br>|

---

**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Manager** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| London Company of Virginia <br> d/b/a The London Company<br>| Stephen Goddard, CFA | Since inception in July 2014 | &nbsp;&nbsp; Founder, CIO and Co-Lead <br> Portfolio Manager<br>|
|  | J. Brian Campbell, CFA | Since October 2019 | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>|
|  | Sam Hutchings, CFA | Since October 2019 | &nbsp;&nbsp; Principal and Co-Lead Portfolio <br> Manager<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

------

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

Touchstone Large Company Growth Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Large Company Growth Fund (the "Fund") seeks to achieve long-term capital appreciation.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>|
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of <br> offering price)<br>| 5.00% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase <br> price or the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>|  |  |  |  |
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses |  |  |  |  |
| Liquidity Provider Expense | 0.01% | 0.01% | 0.01% | 0.01% |
| Other Operating Expenses | 0.54% | 6.22% | 0.40% | 0.25% |
| Total Other Expenses | 0.55% | 6.23% | 0.41% | 0.26% |
| Total Annual Fund Operating Expenses | 1.40% | 7.83% | 1.01% | 0.86% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.35)% | (6.03)% | (0.21)% | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense <br> Reimbursement<sup>(1)</sup><br>| 1.05% | 1.80% | 0.80% | 0.70% |

---

<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.04%, 1.79%, 0.79%, and 0.69% of average daily net assets for Classes A, C, Y, and Institutional Class shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.*

**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class C** |
| 1 Year | &nbsp;&nbsp; $602 | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $183 |
| 3 Years | &nbsp;&nbsp; $888 | &nbsp;&nbsp; $1754 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $258 | &nbsp;&nbsp; $1754 |
| 5 Years | &nbsp;&nbsp; $1196 | &nbsp;&nbsp; $3237 | &nbsp;&nbsp; $537 | &nbsp;&nbsp; $461 | &nbsp;&nbsp; $3237 |
| 10 Years | &nbsp;&nbsp; $2067 | &nbsp;&nbsp; $6592 | &nbsp;&nbsp; $1217 | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $6592 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of large capitalization issuers. Equity securities include, but are not limited to, common stocks, preferred stocks, securities convertible into common stocks, rights and warrants. The Fund's portfolio generally will contain 25 to 35 equity securities. The Fund currently defines a large capitalization issuer as one that has a market capitalization of $10 billion or more at the time of purchase.

In addition, the Fund may invest up to 20% of its assets in equity securities of foreign issuers, including emerging markets, through, but not limited to, American Depositary Receipts ("ADRs") or other depositary receipts. The Fund is a non-diversified fund and may, from time to time, have significant exposure to one or more issuers, geographic regions or sectors of the global economy. The Fund may invest greater than 25% of its assets in one or more of the following sectors: consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, technology and telecommunications services.

DSM Capital Partners LLC ("DSM"), the Fund's sub–adviser, manages the Fund using a bottom-up, "idea-driven," growth-style with a long-term (i.e., three-year) investment horizon. This means in general terms that DSM seeks to identify issuers which it believes exhibit certain quality characteristics. For instance, DSM selects issuers that it believes have growing businesses with solid fundamentals, attractive profitability, and successful managements. DSM generally sells an equity security when its projected future return becomes unattractive relative to the rest of the portfolio or the investable universe.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

<sup>●</sup>

**Large-Cap Risk:** Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Preferred Stock Risk:** In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline.

**Growth-Investing Risk:** Growth-oriented funds may underperform when value investing is in favor, and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

------

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures. To the extent that the securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. market is open, there are likely to be deviations between the current price of the securities held by the Fund and their last quoted price or the securities' quote from the closed foreign market. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

<sup>●</sup>

**Depositary Receipts Risk:** Foreign receipts, which include ADRs, Global Depositary Receipts, and European Depositary Receipts, are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities.

<sup>●</sup>

**Emerging Markets Risk:** Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than that of issuers in other countries.

**Convertible Securities Risk:** Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying security.

**Non-Diversification Risk:** The Fund is non-diversified, which means that it may invest a greater percentage of its assets than a diversified fund in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund's investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event.

**Sector and Industry Focus Risk:** The Fund may invest a high percentage of its assets in specific sectors and/or industries of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector or industry of the market, positive or negative, than a fund that does not invest a high percentage of its assets in specific sectors or industries.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

**<u>The Fund's Performance</u>**

Before the Fund commenced operations, all of the assets and liabilities of the DSM Large Cap Growth Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization (the "Reorganization"). The Reorganization occurred on August 15, 2016. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund.

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Russell 3000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Growth Index shows how the Fund's performance compares against the returns of an index with similar investments. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

------

**Touchstone Large Company Growth Fund — Institutional Class Shares Total Return as of December 31**

![](g76678tsttsagx_13.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2nd Quarter 2020 | 25.76<br> %<br>|
| Worst Quarter: | 2nd Quarter 2022 | &nbsp;&nbsp; (18.02)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 18.02<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Institutional Class shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Institutional Class shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Large Company Fund - Institutional Class** |  |  |  |
| Return Before Taxes | 29.53<br> %<br>| 14.83<br> %<br>| 14.15<br> %<br>|
| Return After Taxes on Distributions | 28.73<br> %<br>| 12.60<br> %<br>| 12.26<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 18.10<br> %<br>| 11.41<br> %<br>| 11.23<br> %<br>|
| **Touchstone Large Company Fund - Class A** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 22.62<br> %<br>| 13.26<br> %<br>| 13.09<br> %<br>|
| **Touchstone Large Company Fund - Class C** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 27.12<br> %<br>| 13.57<br> %<br>| 12.94<br> %<br>|
| **Touchstone Large Company Fund - Class Y** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 29.39<br> %<br>| 14.71<br> %<br>| 14.04<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 23.81<br> %<br>| 13.86<br> %<br>| 12.55<br> %<br>|
| **Russell 1000® Growth Index** (reflects no deduction for fees, expenses or taxes) | 33.36<br> %<br>| 18.96<br> %<br>| 16.78<br> %<br>|

---

<sup>(1)</sup>

*The inception date of Class A, Class C and Class Y shares was August 15, 2016. Class A, Class C and Class Y shares' performance was calculated using the historical performance of Institutional Class shares for the periods prior to August 15, 2016. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class A, Class C and Class Y shares.* 

------

**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub- Adviser** | **Portfolio Manager** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund and the** <br> **Predecessor Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| DSM Capital Partners LLC | Daniel Strickberger | &nbsp;&nbsp; Since inception in August <br> 2016; managed the <br> Predecessor Fund from 2009 <br> to 2016<br>| &nbsp;&nbsp; Chief Investment Officer and <br> Managing Partner<br>|
|  | David McVey | &nbsp;&nbsp; Since inception in August <br> 2016; managed the <br> Predecessor Fund from 2009 <br> to 2016<br>| &nbsp;&nbsp; Deputy Chief Investment <br> Officer and Portfolio Manager<br>|
|  | Eric Woodworth, CFA | Since October 2021 | &nbsp;&nbsp; Deputy Chief Investment <br> Officer and Portfolio Manager<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

Touchstone Small Company Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Small Company Fund (the "Fund") seeks to provide investors with growth of capital.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus. **An investor transacting in Class R6 shares, which do not have any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions are not reflected in the table or in the "Example" below.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a <br> percentage of offering price)<br>| 5.00% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of <br> original purchase price or the amount redeemed, whichever is <br> less)<br>|  | 1.00% |  |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay** <br> **each year as a percentage of the value of your investment)**<br>|  |  |  |  |  |
| Management Fees | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses |  |  |  |  |  |
| Liquidity Provider Expense | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Other Operating Expenses | 0.25% | 0.37% | 0.28% | 0.27% | 0.19% |
| Total Other Expenses | 0.26% | 0.38% | 0.29% | 0.28% | 0.20% |
| Total Annual Fund Operating Expenses | 1.15% | 2.02% | 0.93% | 0.92% | 0.84% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | 0.00% | (0.06)% | (0.03)% | (0.12)% | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or <br> Expense Reimbursement<sup>(1)</sup><br>| 1.15% | 1.96% | 0.90% | 0.80% | 0.80% |

---

<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.22%, 1.95%, 0.89%, 0.79%, and 0.79% of average daily net assets for Classes A, C, Y, Institutional Class, and Class R6 shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.* 

------

**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class R6** | **Class C** |
| 1 Year | &nbsp;&nbsp; $611 | &nbsp;&nbsp; $299 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $199 |
| 3 Years | &nbsp;&nbsp; $847 | &nbsp;&nbsp; $628 | &nbsp;&nbsp; $293 | &nbsp;&nbsp; $281 | &nbsp;&nbsp; $264 | &nbsp;&nbsp; $628 |
| 5 Years | &nbsp;&nbsp; $1101 | &nbsp;&nbsp; $1082 | &nbsp;&nbsp; $512 | &nbsp;&nbsp; $498 | &nbsp;&nbsp; $462 | &nbsp;&nbsp; $1082 |
| 10 Years | &nbsp;&nbsp; $1828 | &nbsp;&nbsp; $2343 | &nbsp;&nbsp; $1140 | &nbsp;&nbsp; $1120 | &nbsp;&nbsp; $1033 | &nbsp;&nbsp; $2343 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

The Fund normally invests at least 80% of its assets in small–capitalization companies. For this purpose, small capitalization companies are companies that have market capitalizations within the range represented in the Russell 2000<sup>®</sup> Index (between approximately $24 million and $25.2 billion as of September 30, 2025). The market cap range of the Russell 2000<sup>®</sup> Index will change with market conditions. The Fund seeks to invest primarily in common stocks of small-capitalization companies that Fort Washington Investment Advisors, Inc., the Fund's sub-adviser ("Fort Washington"), believes are high quality, have superior business models, solid management teams, sustainable growth potential and are attractively valued. The Fund may invest without limitation in foreign securities, although only where the securities are trading in the U.S. or Canada and only where trading is denominated in U.S. or Canadian dollars.

Up to 25% of the Fund's assets may be invested in securities within a single industry. Although the Fund may invest in any economic sector, at times it may emphasize one or more particular sectors. At times the Fund may have less than 80% of its investments in companies within the market cap range of the Russell 2000<sup>®</sup> Index due to market appreciation.

The Fund would typically sell a security if the portfolio managers believe it is overvalued, if the original investment premise is no longer true, if the holding size exceeds the portfolio managers' company or sector weighting guidelines and/or to take advantage of a more attractive investment opportunity. The Fund may also sell a partial position in a security in order to manage the size of the position. A security may also be sold to meet redemptions.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

<sup>●</sup>

**Small-Cap Risk:** Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources and may be dependent upon a small or inexperienced management group.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

------

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures. To the extent that the securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. market is open, there are likely to be deviations between the current price of the securities held by the Fund and their last quoted price or the securities' quote from the closed foreign market. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

**Sector and Industry Focus Risk:** The Fund may invest a high percentage of its assets in specific sectors and/or industries of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector or industry of the market, positive or negative, than a fund that does not invest a high percentage of its assets in specific sectors or industries.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

**<u>The Fund's Performance</u>**

Before the Fund commenced operations, the assets and liabilities of the Sentinel Small Company Fund (the "Predecessor Fund") were transferred to the Fund in a tax-free reorganization on October 27, 2017 (the "Reorganization"). The investment objectives, guidelines, and restrictions of the Predecessor Fund were similar to those of the Fund. The performance information included prior to the Reorganization is that of the Predecessor Fund.

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Russell 3000<sup>®</sup> Index. The Russell 2000<sup>®</sup> Index shows how the Fund's performance compares against the returns of an index with similar investments. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

------

**Touchstone Small Company Fund — Class A Shares Total Return as of December 31**

![](g76678tstsagwx_14.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 4th Quarter 2020 | 35.30<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (30.77)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 6.86<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Small Company Fund - Class A** |  |  |  |
| Return Before Taxes | 7.69<br> %<br>| 9.04<br> %<br>| 8.94<br> %<br>|
| Return After Taxes on Distributions | 6.15<br> %<br>| 7.52<br> %<br>| 6.77<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 5.49<br> %<br>| 6.83<br> %<br>| 6.54<br> %<br>|
| **Touchstone Small Company Fund - Class C** |  |  |  |
| Return Before Taxes | 11.18<br> %<br>| 9.30<br> %<br>| 8.85<br> %<br>|
| **Touchstone Small Company Fund - Class Y** |  |  |  |
| Return Before Taxes<sup>(1)</sup> | 13.56<br> %<br>| 10.48<br> %<br>| 9.82<br> %<br>|
| **Touchstone Small Company Fund - Institutional Class** |  |  |  |
| Return Before Taxes<sup>(2)</sup> | 13.70<br> %<br>| 10.58<br> %<br>| 9.85<br> %<br>|
| **Touchstone Small Company Fund - Class R6** |  |  |  |
| Return Before Taxes<sup>(3)</sup> | 13.64<br> %<br>| 10.55<br> %<br>| 9.96<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 23.81<br> %<br>| 13.86<br> %<br>| 12.55<br> %<br>|
| **Russell 2000® Index** (reflects no deduction for fees, expenses or taxes) | 11.54<br> %<br>| 7.40<br> %<br>| 7.82<br> %<br>|

---

<sup>(1)</sup>

*Class Y shares of the Fund assumed the performance history of Class I shares of the Predecessor Fund.* 

<sup>(2)</sup>

*Performance of Institutional Class shares of the Fund prior to October 30, 2017 (the inception date for Institutional Class shares) is based on the Fund's Class Y share performance.* 

<sup>(3)</sup>

*An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions will not be reflected in the table.* 

------

**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Manager** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund and the** <br> **Predecessor Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| Fort Washington Investment <br> Advisors, Inc.<br>| Jason V. Ronovech, CFA | &nbsp;&nbsp; Since inception in <br> October 2017; managed the <br> Predecessor Fund from 2013 <br> to 2017<br>| &nbsp;&nbsp; Vice President & Senior <br> Portfolio Manager<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Class R6** | **Class R6** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50 |

---

Class R6 shares held through Touchstone Securities require a $50,000 minimum initial investment and have a $50 subsequent investment minimum. Touchstone does not impose a minimum investment requirement on accounts held through a financial intermediary for Class R6 shares. However, financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services.

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C, Class R6 and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Class R6 shares may be purchased directly through Touchstone Securities or through your financial intermediary. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

------

**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

Touchstone Value Fund Summary

**<u>The Fund's Investment Goal</u>**

The Touchstone Value Fund (the "Fund") seeks to provide investors with long-term capital growth.

**<u>The Fund's Fees and Expenses</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts for Class A shares of Touchstone equity funds and Touchstone fixed income funds if you and your family invest, or agree to invest in the future, at least $25,000 or $50,000, respectively, in Touchstone funds. More information about these and other discounts is available from your financial professional, in the section titled "Choosing a Class of Shares" in the Fund's prospectus and Statement of Additional Information on pages 68 and 72, respectively, and in *Appendix A–Intermediary-Specific Sales Charge Waivers and Discounts* to the Fund's prospectus. **An investor transacting in Class R6 shares, which do not have any front-end sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions are not reflected in the table or in the "Example" below.** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a <br> percentage of offering price)<br>| 5.00% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of <br> original purchase price or the amount redeemed, whichever is <br> less)<br>|  | 1.00% |  |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 | $15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay** <br> **each year as a percentage of the value of your investment)**<br>|  |  |  |  |  |
| Management Fees | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
| Other Expenses | 0.27% | 0.71% | 0.27% | 0.21% | 0.20% |
| Total Annual Fund Operating Expenses | 1.11% | 2.30% | 0.86% | 0.80% | 0.79% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.03)% | (0.55)% | (0.03)% | (0.12)% | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or <br> Expense Reimbursement<sup>(1)</sup><br>| 1.08% | 1.75%<sup>(2)</sup> | 0.83% | 0.68% | 0.63% |

---

<sup>(1)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Strategic Trust (the "Trust") have entered into a contractual expense limitation agreement whereby Touchstone Advisors will waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Fund's liquidity providers; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses", if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.08%, 1.75%, 0.83%, 0.68% and 0.63% of average daily net assets for Classes A, C, Y, Institutional Class, and Class R6 shares, respectively. This contractual expense limitation is effective through October 29, 2026, but can be terminated by a vote of the Board of Trustees of the Trust (the "Board") if it deems the termination to be beneficial to the Fund's shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Board, such amounts waived or reimbursed for a period of up to three years from the date on which the Adviser reduced its compensation or assumed expenses for the Fund. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.* 

<sup>(2)</sup>

*Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will differ from the ratio of net expenses to average net assets that is included in the Fund's Form N-CSR filing for the fiscal year ended June 30, 2025 due to contractual changes in the Fund's expense limitation agreement effective October 29, 2024 and October 29, 2025.* 

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**Example.** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that all fee waivers or expense limits for the Fund will expire after one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Institutional**<br> **Class**<br>| **Class R6** | **Class C** |
| 1 Year | &nbsp;&nbsp; $605 | &nbsp;&nbsp; $278 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $178 |
| 3 Years | &nbsp;&nbsp; $832 | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $243 | &nbsp;&nbsp; $236 | &nbsp;&nbsp; $666 |
| 5 Years | &nbsp;&nbsp; $1078 | &nbsp;&nbsp; $1180 | &nbsp;&nbsp; $474 | &nbsp;&nbsp; $432 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $1180 |
| 10 Years | &nbsp;&nbsp; $1782 | &nbsp;&nbsp; $2593 | &nbsp;&nbsp; $1058 | &nbsp;&nbsp; $979 | &nbsp;&nbsp; $963 | &nbsp;&nbsp; $2593 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of the Fund's portfolio.

**<u>The Fund's Principal Investment Strategies</u>**

The Fund normally invests in equity securities of large- and mid-cap companies (generally, companies with market capitalizations of approximately $2.5 billion or higher) that the Fund's sub-adviser, Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors ("Barrow Hanley"), believes are undervalued. As part of this strategy, the Fund may invest up to 15% of its assets in foreign equity securities. Equity securities include common and preferred stocks and depositary receipts. Barrow Hanley uses traditional methods of stock selection — research and analysis — to identify securities it believes are undervalued and searches for companies that have price to earnings and price to book ratios below the market and that have above average dividend yields.

Although the Fund may also focus its investments within certain sectors, Barrow Hanley uses risk management tools to prevent over-exposure to particular market segments. Barrow Hanley is a "bottom-up" value manager, meaning it analyzes the fundamentals of companies one at a time rather than focusing on broader market themes.

Barrow Hanley generally considers selling a security when it reaches fair value estimate, when earnings forecasts do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company's fundamentals, or when other investment opportunities appear more attractive.

**<u>The Fund's Principal Risks</u>**

The Fund's share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. Investments in the Fund are not bank guaranteed, are not deposits, and are not insured by the Federal Deposit Insurance Corporation or any other federal government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its investment goal. You can find more information about the Fund's investments and risks under the "Principal Investment Strategies and Risks" section of the Fund's prospectus. The Fund is subject to the principal risks summarized below.

**Equity Securities Risk:** The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund's shares.

<sup>●</sup>

**Large-Cap Risk:** Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>●</sup>

**Mid-Cap Risk:** Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

<sup>●</sup>

**Preferred Stock Risk:** In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline.

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**Value Investing Risk:** Value investing presents the risk that the Fund's security holdings may never reach their full intrinsic value because the market fails to recognize what the portfolio managers consider the true business value or because the portfolio managers have misjudged those values.

**Management Risk:** In managing the Fund's portfolio, the Adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers.

**Economic and Market Events Risk:** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, the Fund's service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. There are also risks associated with foreign accounting standards, government regulation, market information, and clearance and settlement procedures. To the extent that the securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. market is open, there are likely to be deviations between the current price of the securities held by the Fund and their last quoted price or the securities' quote from the closed foreign market. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

<sup>●</sup>

**Depositary Receipts Risk:** Foreign receipts, which include American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts, are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities.

**Sector and Industry Focus Risk:** The Fund may invest a high percentage of its assets in specific sectors and/or industries of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector or industry of the market, positive or negative, than a fund that does not invest a high percentage of its assets in specific sectors or industries.

**Cybersecurity Risk:** Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value. The Fund has established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. However, there is no guarantee that the Fund will be able to prevent or mitigate the impact of any or all cyber-events.

**<u>The Fund's Performance</u>**

The bar chart and performance table below illustrate some indication of the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from calendar year to calendar year and by showing how the Fund's average annual total returns for one year, five years, and ten years compare with the Russell 3000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Value Index shows how the Fund's performance compares against the returns of an index with similar investments. The bar chart does not reflect any sales charges, which would reduce your return. The performance table reflects any applicable sales charges. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. More recent performance information is available at no cost by visiting TouchstoneInvestments.com or by calling 1.800.543.0407.

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**Touchstone Value Fund — Class A Shares Total Return as of December 31**

![](g76678tsttvlax_13.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 4th Quarter 2020 | 19.05<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (30.31)<br> %<br>|
| Year-To-Date: | 9/30/2025 | 8.53<br> %<br>|

---

After-tax returns are calculated using the highest individual marginal federal income tax rates in effect on a given distribution reinvestment date and do not reflect the impact of state and local taxes. Your actual after-tax returns may differ from those shown and depend on your tax situation. The after-tax returns do not apply to shares held in an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. The after-tax returns shown in the table are for Class A shares only. The after-tax returns for other classes of shares offered by the Fund will differ from the Class A shares' after-tax returns. The Return After Taxes on Distributions and Sale of Fund Shares may be greater than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2024**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Value Fund - Class A** |  |  |  |
| Return Before Taxes | 11.72<br> %<br>| 9.06<br> %<br>| 8.59<br> %<br>|
| Return After Taxes on Distributions | 9.69<br> %<br>| 7.57<br> %<br>| 6.86<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 8.47<br> %<br>| 6.92<br> %<br>| 6.49<br> %<br>|
| **Touchstone Value Fund - Class C** |  |  |  |
| Return Before Taxes | 15.73<br> %<br>| 9.36<br> %<br>| 8.57<br> %<br>|
| **Touchstone Value Fund - Class Y** |  |  |  |
| Return Before Taxes | 17.95<br> %<br>| 10.48<br> %<br>| 9.52<br> %<br>|
| **Touchstone Value Fund - Institutional Class** |  |  |  |
| Return Before Taxes | 18.01<br> %<br>| 10.63<br> %<br>| 9.67<br> %<br>|
| **Touchstone Value Fund - Class R6** |  |  |  |
| Return Before Taxes<sup>(1)(2)</sup> | 18.16<br> %<br>| 10.62<br> %<br>| 9.59<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 23.81<br> %<br>| 13.86<br> %<br>| 12.55<br> %<br>|
| **Russell 1000® Value Index** (reflects no deduction for fees, expenses or taxes) | 14.37<br> %<br>| 8.68<br> %<br>| 8.49<br> %<br>|

---

<sup>(1)</sup>

*An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions will not be reflected in the table.* 

<sup>(2)</sup>

*The inception date of Class R6 shares was October 28, 2021. Class R6 shares' performance was calculated using the historical performance of Class Y shares for the periods prior to October 28, 2021. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class R6 shares.* 

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**<u>The Fund's Management</u>**

**Investment Adviser** 

Touchstone Advisors, Inc. serves as the Fund's investment adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Adviser** | **Portfolio Managers** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| Barrow, Hanley, Mewhinney & <br> Strauss, LLC d/b/a Barrow <br> Hanley Global Investors<br>| Mark Giambrone | Since April 2012 | &nbsp;&nbsp; Portfolio Manager, Executive <br> Director<br>|
|  | David Ganucheau, CFA | Since October 2015 | &nbsp;&nbsp; Portfolio Manager, Senior <br> Managing Director<br>|

---

**<u>Buying and Selling Fund Shares</u>**

Minimum Investment Requirements

---

| | | |
|:---|:---|:---|
|  | **Classes A, C, and Y** | **Classes A, C, and Y** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $50 |
| Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $50 |
| Investments through the Automatic Investment Plan | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Class R6** | **Class R6** |
|  | **Initial**<br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50 |

---

Class R6 shares held through Touchstone Securities require a $50,000 minimum initial investment and have a $50 subsequent investment minimum. Touchstone does not impose a minimum investment requirement on accounts held through a financial intermediary for Class R6 shares. However, financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services.

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, Class C, Class R6 and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Class R6 shares may be purchased directly through Touchstone Securities or through your financial intermediary. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 534467, Pittsburgh, PA 15253-4467, calling 1.800.543.0407, or visiting the Touchstone Funds' website: TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000. If your shares are held by a processing organization or financial intermediary you will need to follow its purchase and redemption procedures. For more information about buying and selling shares, see the "Investing with Touchstone" section of the Fund's prospectus or call 1.800.543.0407.

**<u>Tax Information</u>**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains except when shares are held through a tax-advantaged account, such as a 401(k) plan or an IRA. Withdrawals from a tax-advantaged account, however, may be taxable.

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**<u>Financial Intermediary Compensation</u>**

If you purchase shares in the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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Principal Investment Strategies and Risks

This prospectus applies to the Touchstone Balanced Fund (the "Balanced Fund"), Touchstone Core Municipal Bond Fund (the "Core Municipal Bond Fund"), Touchstone International Value Fund (the "International Value Fund"), Touchstone Large Cap Focused Fund (the "Large Cap Focused Fund"), Touchstone Large Cap Fund (the "Large Cap Fund"), Touchstone Large Company Growth Fund (the "Large Company Growth Fund"), Touchstone Small Company Fund (the "Small Company Fund"), and Touchstone Value Fund (the "Value Fund") (each a "Fund", and collectively, the "Funds").

**<u>How Do The Funds Implement Their Investment Goals?</u>** 

Each Fund's investment goal and strategies are described above in the "Principal Investment Strategies" summary sections.

**Balanced Fund.** With respect to equities, the Fund invests primarily in issuers having a market capitalization, at the time of purchase, above $5 billion. Equity securities include common stock and preferred stock. These securities may be listed on an exchange or traded over-the-counter. Up to 35% of the Fund's equity sleeve may be invested in securities of foreign issuers through the use of ordinary shares or depositary receipts such as American Depositary Receipts ("ADRs"). The Fund may also invest in equity securities of emerging market countries. Emerging market countries are generally countries that are included in the Morgan Stanley Capital International ("MSCI") Emerging Markets Index. As of September 30, 2025, the countries in the MSCI Emerging Markets Index included: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The country composition of the MSCI Emerging Markets Index can change over time.

With respect to fixed-income securities, the Fund will invest primarily in bonds, including mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities. The Fund's sub-adviser, Fort Washington Investment Advisors, Inc. ("Fort Washington"), primarily invests in investment-grade debt securities, but may invest up to 30% of the Fund's fixed-income sleeve in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization ("NRSRO"). Non-investment-grade debt securities are often referred to as "junk bonds" and are considered speculative.

The Fund may engage in frequent and active trading as part of its principal investment strategies. Additionally, in order to implement its investment strategy, the Fund may invest in mortgage dollar-roll transactions and reverse repurchase agreements, and in derivatives, including forwards, futures contracts, interest rate and credit default swap agreements, and options. Mortgage "dollar rolls" are transactions in which mortgage-backed securities are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. These investments may be used to gain or hedge market exposure, to adjust the Fund's duration, to manage interest rate risk, and for any other purposes consistent with the Fund's investment strategies and limitations.

**Core Municipal Bond Fund.** Under normal circumstances, the Fund seeks to achieve its investment goal by investing its assets primarily in high-quality, municipal debt, including general obligation bonds, revenue bonds, and pre-refunded municipal bonds. This includes, but is not limited to, municipal bonds that are issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. A general obligation bond is a type of bond that is backed solely by the taxing power and credit of the issuing municipality rather than revenues from a specific project. Revenue bonds are supported by revenues of income-producing projects such as toll roads or a sports stadium. Pre-refunded bonds have Treasury securities set aside in an escrow account to pay off the bonds at a specific call date. High-quality municipal debt is, for purposes of the Fund, considered to be debt with an underlying credit rating of investment grade (Baa3) or higher by Moody's Investor Service, Inc. ("Moody's"), or equivalently rated by S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by the sub-adviser to be of comparable quality.

In managing the Fund's portfolio, Sage Advisory Services, Ltd. Co. ("Sage" or the "sub-adviser"), the Fund's sub-adviser, seeks to exploit market inefficiencies using its income, price, and volatility framework:

<sup>●</sup>

**Income:** Sage seeks to construct portfolios that generate consistent tax-free income by capturing diversified sources of credit, liquidity, and term premiums.

<sup>●</sup>

**Price:** Sage seeks to control price sensitivity at the portfolio level by managing duration and yield curve positioning.

<sup>●</sup>

**Volatility:** During periods when the price of bonds decline because of economic uncertainty or market stress, Sage seeks to identify and purchase bonds that are priced attractively relative to historical averages. Sage will add positions in a risk-controlled manner, meaning the bond is well-supported by Sage's outlook and the risk associated with purchasing the bond is carefully considered along with the benefits including yield and the potential for the price to increase.

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The Fund may invest in bonds of any maturity. The average duration of the Fund will vary based on the sub-adviser's forecast for interest rates and will normally be within 25% (plus/minus) of the Bloomberg Municipal Bond Index. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates.

Throughout the investment process, Sage analyzes each municipal issue for various environmental, social and governance ("ESG") criteria. Sage separates potential investment opportunities into three project categories: environmental projects (water, energy, buildings, transport); social projects (basic infrastructure, affordable housing, employment generation, food security); and governance projects (pension and general obligation issuances). For this analysis, Sage uses a proprietary ESG framework to evaluate and score (the "Sage ESG Leaf Score") municipal projects for both their project impact and impact intensity and related controversies. Sage utilizes proprietary climate risk scoring methodology to identify each municipality's climate risk sensitivity, financial vulnerability, and relative preparedness as part of Sage's ESG and long-term credit risk assessment for each issuer. The Fund does not have a minimum scoring threshold of their ESG framework for inclusion in the Fund, however, this analysis is used to evaluate the fundamental health and long-term credit risk of each issuer. Sage supports these efforts through the production of original ESG research and the proprietary Sage ESG Leaf Score. Sage also engages with individual companies on ESG issues as required. The Fund may invest in a security that scores poorly on ESG criteria if the security scores highly on other factors such as valuation and strong fundamental health.

**International Value Fund.** In selecting securities for the Fund, LSV Asset Management, the Fund's sub-adviser ("LSV"), focuses on companies whose securities, in LSV's opinion and based on its proprietary quantitative investment methodology described below, are out-of-favor (undervalued) in the marketplace at the time of purchase in light of factors such as the company's earnings, book value, revenues or cash flow, but show signs of recent improvement.

LSV uses a quantitative investment model to make investment decisions for the Fund. Any investment decisions are generally made based on whether a buy or sell signal is received from the quantitative investment model. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls.

**Large Cap Focused Fund.** In selecting securities for the Fund, the Fund's sub-adviser, Fort Washington, seeks to invest in companies that:

<sup>●</sup>

Are trading below its estimate of the companies' intrinsic value; and

<sup>●</sup>

Have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty, or a government barrier (e.g., license or subsidy). Fort Washington believes that the strongest barrier to entry is the combination of economies of scale and higher customer loyalty.

The Fund will generally hold 25 to 45 companies, with residual cash and equivalents expected to represent less than 10% of the Fund's net assets. The Fund may, at times, hold fewer securities and a higher percentage of cash and equivalents when, among other reasons, Fort Washington cannot find a sufficient number of securities that meets its purchase requirements.

The Fund may invest up to 35% of its assets in securities of foreign issuers through the use of ordinary shares or depositary receipts such as ADRs. The Fund may also invest in securities of emerging market countries. Emerging market countries are generally countries that are included in the MSCI Emerging Markets Index. As of September 30, 2025, the countries in the MSCI Emerging Markets Index included: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The country composition of the MSCI Emerging Markets Index can change over time.

The Fund will generally sell a security if it reaches Fort Washington's estimate of fair value, if a more attractive investment opportunity is available, or if a structural change has taken place and Fort Washington cannot reliably estimate the impact of the change on the business fundamentals.

**Large Cap Fund.** The Fund's sub-adviser, London Company of Virginia d/b/a The London Company ("The London Company"), seeks to purchase financially stable large-cap companies that it believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to the company's respective private market values. Guiding principles of The London Company's large-cap philosophy include: (1) a focus on cash return on tangible capital, not earnings per share; (2) balance sheet optimization; (3) optimal allocation of investments is essential to good investment results; and (4) low turnover and tax sensitivity enhances real returns. The London Company utilizes a bottom- up approach in the security selection process. The London Company screens a large-cap universe against an internally developed quantitative model, scoring companies along several dimensions including return on capital, earnings to enterprise value ratio, and free cash flow yield. The London Company seeks companies that are trading at 30-40% discount to intrinsic value. The London Company looks at a company's corporate governance structure and management incentives to try to ascertain whether management's interests are aligned with shareholders' interests. The London Company 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. The London Company adds securities to the Fund when it determines that risk/reward profile of the security has made it attractive to warrant purchase.

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**Large Company Growth Fund.** In selecting investments for the Fund, the Fund's sub-adviser, DSM Capital Partners LLC ("DSM"), manages the Fund using a bottom-up, "idea-driven," growth-style with a long-term (i.e., three-year) investment horizon. This means in general terms that DSM seeks to identify issuers which it believes exhibit certain quality characteristics. For instance, DSM selects issuers that it believes have growing businesses with solid fundamentals, attractive profitability, and successful managements. DSM holds securities with long-term investment horizons and does not engage in short-term frequent trading. DSM generally sells an equity security when its projected future return becomes unattractive relative to the rest of the portfolio or the investable universe.

The Fund may invest up to 20% of its assets in equity securities of foreign issuers, including emerging markets, through, but not limited to, ADRs or other depositary receipts. In determining whether an issuer is foreign, DSM will consider various factors, including where the issuer is headquartered, where the issuer's principal operations are located, where the issuer's revenues are derived, where the principal trading market is located and the country in which the issuer is legally organized. The weight given to each of these factors will vary depending upon the circumstances and as determined by the DSM. The Fund is a non-diversified fund and may, from time to time, have significant exposure to one or more issuers, industries, geographic regions or sectors of the global economy. The Fund may invest greater than 25% of its assets in one or more of the following sectors: consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, technology and telecommunications services.

DSM is a research-driven investment manager. Potential investments are identified based on each issuer's detailed financial and operational history and on proprietary projections of future company results prepared by in-house analysts. These projections are based on modeling of the company, discussions with the management of the company and its competitors, interviews with industry experts, a study of the candidate's industry, and the significant factors that drive industry growth. The "bottom-up" research process involves using various criteria, including reviewing a company's:

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revenue growth

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prudent use of debt

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earnings growth

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lack of earnings misses

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free cash flow

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open and experienced management

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profitability

In addition to superior fundamental characteristics, in order for DSM to purchase an equity security, the issuer must also have an attractive valuation. One of DSM's valuation methods involves a historical evaluation of investor sentiment regarding each issuer's shares to determine typical price-to-earnings ("P/E") ratios when the issuer is "in favor" or "out of favor." In addition, DSM studies the effect of past and current interest rates on the P/E ratio of each company's shares, and projects these effects going forward. These valuation methods support investment decisions regarding the price and timing of purchases and sales of equity securities as well as the size of positions.

**Small Company Fund.** The Fund would typically sell a security if the portfolio managers believe it is overvalued, if the original investment premise is no longer true, if the holding size exceeds the portfolio managers' company or sector weighting guidelines and/or to take advantage of a more attractive investment opportunity. The Fund may also sell a partial position in a security in order to manage the size of the position. A security may also be sold to meet redemptions.

**Value Fund.** The Fund's sub-adviser, Barrow Hanley Global Investors ("Barrow Hanley") investment management approach may be described as traditional value with a focus on income from dividends because it generally focuses on companies which are out of favor with other investors due to internal or external challenges judged to be short-term in nature. Barrow Hanley's process seeks to identify the reasons for a temporary undervaluation of a company's shares and believes that value can be added through individual stock selection.

**<u>Can a Fund Depart From its Principal Investment Strategies?</u>** 

In addition to the investments and strategies described in this prospectus, each Fund may invest in other securities, use other strategies and engage in other investment practices. These permitted investments and strategies are described in detail in the Funds' Statement of Additional Information ("SAI").

Each Fund's investment goal is non-fundamental, and may be changed by the Trust's Board of Trustees (the "Board") without shareholder approval. Shareholders will be notified in writing at least 60 days before any change takes effect.

The investments and strategies described throughout this prospectus are those that the Funds use under normal circumstances. During unusual economic or market conditions, or for temporary defensive purposes, each Fund may invest up to 100% of its assets in cash, repurchase agreements, and short-term obligations (i.e., fixed and variable rate securities and high quality debt securities of corporate and government issuers) that would not ordinarily be consistent with the Fund's goals. This defensive investing may increase a Fund's taxable income, and when a Fund is invested defensively, it may not achieve its investment goal. A Fund will do so only if the Fund's sub-adviser believes that the risk of loss in using the Fund's normal strategies and investments outweighs the opportunity for gains. Of course, there can be no guarantee that any Fund will achieve its investment goal.

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**80% Investment Policy.** The International Value Fund, Large Cap Focused Fund, Large Cap Fund, Large Company Growth Fund, and Small Company Fund have each adopted a policy to invest, under normal circumstances, at least 80% of the value of its "assets" in certain types of investments suggested by its name (the "80% Policy"). For purposes of this 80% Policy, the term "assets" means net assets plus the amount of borrowings for investment purposes. A Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when a Fund no longer meets the 80% requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, it would not have to sell its holdings but would have to make any new investments in such a way as to comply with the Fund's 80% Policy. Each Fund's 80% Policy is a nonfundamental investment policy that may be changed by the Fund upon 60 days' prior written notice to the Fund's shareholders.

The Core Municipal Bond Fund has a fundamental investment policy that under normal circumstances at least 80% of the income it distributes will be exempt from federal income tax, including the federal alternative minimum tax. This fundamental policy may not be changed without the approval of the Fund's shareholders.

**Change in Market Capitalization.** A Fund may specify in its principal investment strategy a market capitalization range for acquiring portfolio securities. If a security that is within the range for the Fund at the time of purchase later falls outside the range, which is most likely to happen because of market fluctuation, the Fund may continue to hold the security if, in the sub-adviser's judgment, the security remains otherwise consistent with the Fund's investment goal and strategies. However, this change in market capitalization could affect the Fund's flexibility in making new investments.

The following Funds have specified a market capitalization range: Balanced Fund, Large Cap Focused Fund, Large Cap Fund, Large Company Growth Fund, Small Company Fund and Value Fund.

**Other Investment Companies.** A Fund may invest in securities issued by other investment companies to the extent permitted by the Investment Company Act of 1940, as amended ("1940 Act"), the rules thereunder and applicable Securities and Exchange Commission ("SEC") staff interpretations thereof, or applicable exemptive relief granted by the SEC.

**Lending of Portfolio Securities.** The Funds may lend their portfolio securities to brokers, dealers, and financial institutions under guidelines adopted by the Board, including a requirement that a Fund must receive collateral equal to no less than 100% of the market value of the securities loaned. The risk in lending portfolio securities, as with other extensions of credit, consists of possible loss of rights in the collateral should the borrower fail financially. In determining whether to lend securities, the Adviser will consider all relevant facts and circumstances, including the creditworthiness of the borrower. More information on securities lending is available in the SAI.

**ReFlow Liquidity Program.** The Funds may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase Fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow's discretion. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. In the event a Fund uses the ReFlow service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. ReFlow's purchases of Fund shares through the liquidity program are made on an investment-blind basis without regard to the Fund's objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. A Fund's participation in ReFlow is not a part of its principal investment strategies.

**<u>What are the Principal Risks of Investing in the Funds?</u>** 

The following is a list of principal risks that may apply to your investment in a Fund. Unless otherwise noted, in this section, references to a single Fund apply equally to all of the Funds. Further information about investment risks is available in the Funds' SAI:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced**<br> **Fund**<br>| **Core Municipal** <br> **Bond Fund**<br>| **International**<br> **Value Fund**<br>| **Large** <br> **Cap** <br> **Focused** <br> **Fund**<br>| **Large** <br> **Cap** <br> **Fund**<br>| **Large** <br> **Company** <br> **Growth** <br> **Fund**<br>| **Small** <br> **Company** <br> **Fund**<br>| **Value**<br> **Fund**<br>|
| Asset-Backed Securities Risk | X |  |  |  |  |  |  |  |
| Convertible Securities Risk |  |  |  |  |  | X |  |  |
| Credit Risk | X | X |  |  |  |  |  |  |
| Cybersecurity Risk | X | X | X | X | X | X | X | X |
| Depositary Receipts Risk | X |  | X | X |  | X |  | X |
| Derivatives Risk | X |  |  |  |  |  |  |  |
| Economic and Market Events Risk | X | X | X | X | X | X | X | X<br>|

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced**<br> **Fund**<br>| **Core Municipal** <br> **Bond Fund**<br>| **International**<br> **Value Fund**<br>| **Large** <br> **Cap** <br> **Focused** <br> **Fund**<br>| **Large** <br> **Cap** <br> **Fund**<br>| **Large** <br> **Company** <br> **Growth** <br> **Fund**<br>| **Small** <br> **Company** <br> **Fund**<br>| **Value**<br> **Fund**<br>|
| Emerging Markets Risk | X |  | X | X |  | X |  |  |
| Equity Securities Risk | X |  | X | X | X | X | X | X |
| ESG Investing Risk |  | X |  |  |  |  |  |  |
| Fixed-Income Risk | X | X |  |  |  |  |  |  |
| Foreign Securities Risk | X |  | X | X |  | X | X | X |
| Forward Foreign Currency Exchange Contract Risk | X |  |  |  |  |  |  |  |
| Futures Contracts Risk | X |  |  |  |  |  |  |  |
| Growth-Investing Risk |  |  |  |  |  | X |  |  |
| Interest Rate Risk | X | X |  |  |  |  |  |  |
| Investment-Grade Debt Securities Risk | X | X |  |  |  |  |  |  |
| Large-Cap Risk | X |  |  | X | X | X |  | X |
| Leverage Risk | X |  |  |  |  |  |  |  |
| Management Risk | X | X | X | X | X | X | X | X |
| Mid-Cap Risk | X |  |  | X |  |  |  | X |
| Mortgage-Backed Securities Risk | X |  |  |  |  |  |  |  |
| Mortgage Dollar Roll Risk | X |  |  |  |  |  |  |  |
| Municipal Securities Risk |  | X |  |  |  |  |  |  |
| Non-Diversification Risk |  |  |  | X |  | X |  |  |
| Non-Investment-Grade Debt Securities Risk | X |  |  |  |  |  |  |  |
| Options Risk | X |  |  |  |  |  |  |  |
| Portfolio Turnover Risk | X |  |  |  |  |  |  |  |
| Preferred Stock Risk | X |  |  | X |  | X |  | X |
| Prepayment Risk | X | X |  |  |  |  |  |  |
| Quantitative Strategy Risk |  |  | X |  |  |  |  |  |
| Sector and Industry Focus Risk |  |  |  | X | X | X | X | X |
| Small-Cap Risk |  |  |  |  |  |  | X |  |
| Sovereign Debt Risk | X |  |  |  |  |  |  |  |
| Swap Agreements Risk | X |  |  |  |  |  |  |  |
| U.S. Government Securities Risk | X | X |  |  |  |  |  |  |
| Value Investing Risk |  |  | X |  |  |  |  | X |

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**Convertible Securities Risk:** Convertible securities are subject to the risks of both debt securities and equity securities. Convertible securities may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying security.

**Cybersecurity Risk:** With the increased use of technologies, such as mobile devices and cloud-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders. Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. Intentional cyber security incidents include: unauthorized access to systems, networks, or devices (such as through "hacking" activity or "phishing"); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws).

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A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on the Funds. For example, in a denial of service, Fund shareholders could lose access to their electronic accounts indefinitely, and employees of the Adviser, a Sub-Adviser, or the Funds' other service providers may not be able to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting, or fulfillment of Fund share purchases and redemptions. Cyber security incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.

Cyber-events have the potential to materially affect the Funds', the Advisers' and the sub-advisers' relationships with accounts, shareholders, clients, customers, employees, products, and service providers. The Funds have established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is no guarantee that the Funds will be able to prevent or mitigate the impact of any or all cyber-events.

The Funds are exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Funds' service providers, counterparties, or other third parties, failed or inadequate processes, and technology or system failures.

The Adviser, Sub-Advisers, and their affiliates have established risk management systems that seek to reduce cybersecurity and operational risks, and business continuity plans in the event of a cybersecurity breach or operational failure. However, there are inherent limitations in such plans, including that certain risks have not been identified, and there is no guarantee that such efforts will succeed, especially since none of the Adviser, the Sub-Advisers, or their affiliates controls the cybersecurity or operations systems of the Funds' third party service providers (including the Funds' custodian), or those of the issuers of securities in which a Fund invests.

In addition, other disruptive events, including (but not limited to) natural disasters and public health crises, may adversely affect a Fund's ability to conduct business, in particular if the Fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the Fund's employees and the employees of its service providers are able to work remotely, those remote work arrangements could result in the Fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

**Derivatives Risk:** The use of derivatives may expose a Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. Risks associated with derivatives may include correlation risk, which is the risk that the derivative does not correlate well with the security, index, or currency to which it relates. Other risks include liquidity risk, which is the risk that a Fund may be unable to sell or close out the derivative due to an illiquid market, counterparty risk, which is the risk that the counterparty to a derivative instrument may be unwilling or unable to make required payments or otherwise meet its obligations, and leverage risk, which is the risk that a derivative could expose a Fund to magnified losses resulting from leverage. The use of derivatives for hedging purposes may result in losses that partially or completely offset gains in portfolio positions. Using derivatives can increase the volatility of a Fund's share price. For some derivatives, it is possible for a Fund to lose more than the amount invested in the derivative instrument. Derivatives may, for federal income tax purposes, affect the character of gain and loss realized by a Fund , accelerate recognition of income to a Fund , affect the holding periods for certain of a Fund 's assets and defer recognition of certain of a Fund 's losses. A Fund 's ability to invest in derivatives may be restricted by certain provisions of the federal income tax laws relating to a Fund 's qualification as a regulated investment company ("RIC"). These additional risks could cause a Fund to experience losses to which it would otherwise not be subject. Regulatory changes in derivatives markets could impact the cost of or a Fund 's ability to engage in derivative transactions.

To limit risks associated with leverage, a fund is required to comply with Rule 18f-4 under the Investment Company Act of 1940, as amended (the "Derivatives Rule"). The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations ("VaR"); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a Fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case a fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. In addition, when-issued or forward settling securities transactions that physically settle within 35 days are deemed not to involve a senior security.

<sup>●</sup>

**Leverage Risk:** Leverage occurs when a Fund uses derivatives or similar instruments or techniques to gain exposure to investments in an amount that exceeds the Fund's initial investment. The use of leverage magnifies changes in a Fund's net asset value and thus results

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in increased portfolio volatility and increased risk of loss. Leverage can also create an interest expense that may lower a Fund's overall returns. There can be no guarantee that a leveraging strategy will be successful.

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**Futures Contracts Risk:** Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. There are risks associated with these activities, including the following: (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of futures and options on futures; (3) there may not be a liquid secondary market for a futures contract or option; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts and futures options.

<sup>●</sup>

**Options Risk:** Options trading is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The value of options can be highly volatile, and their use can result in loss if the Sub-Adviser is incorrect in its expectation of price fluctuations. The successful use of options for hedging purposes also depends in part on the ability of the Sub-Adviser to predict future price fluctuations and the degree of correlation between the options and securities markets. When options are purchased over the counter, a Fund bears counterparty risk, which is the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, a Fund may have difficulty closing out its position.

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**Swap Agreements Risk:** Swap agreements ("swaps") are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates. Swaps may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swaps may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap calls for payments by a Fund, a Fund must be prepared to make such payments when due. Additionally, if the counterparty's creditworthiness declines, the value of a swap may decline. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults, or becomes insolvent, a Fund may not be able to recoup the money it expected to receive under the contract. Finally, a swap can be a form of leverage, which can magnify a Fund's gains or losses.

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**Forward Foreign Currency Exchange Contract Risk:** A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying position and are subject to counterparty risk. The forecasting of currency market movement is extremely difficult, and whether any hedging strategy will be successful is highly uncertain. Moreover, it is impossible to forecast with precision the market value of portfolio securities at the expiration of a forward foreign currency contract. Accordingly, a Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if the sub-adviser's predictions regarding the movement of foreign currency or securities markets prove inaccurate. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that a Fund will have flexibility to rollover a forward foreign currency contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its services under the contract.

**Economic and Market Events Risk:** Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, bank failures, and other similar events; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and China's economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate. In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide.

<u>Government Actions</u>. Actions taken by the U.S. Federal Reserve ("Fed") or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. A Fund may be subject to heightened interest rate risk when the Fed raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency, or magnitude of potential interest rate increases or decreases by the Fed, and the evaluation of

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macro-economic and other conditions could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a Fund's investments, and a Fund's NAV, to decline, potentially suddenly and significantly. As a result, a Fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that a Fund incurs and may negatively impact a Fund's performance.

In addition, if the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting market volatility may have an adverse effect on a Fund.

<u>Health Crises</u>. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect Fund performance. For example, the coronavirus ("COVID-19") pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect a Fund's performance, resulting in losses to your investment.

<u>Foreign Market Disruptions</u>. Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the United Kingdom did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted. See "Foreign Securities Risk" for additional risks associated with investments in foreign securities.

<u>Political Turmoil and Military Events</u>. Political turmoil within the United States and abroad may also impact a Fund. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. The imposition by the U.S. of import tariffs on goods from foreign countries and the reciprocal tariffs levied on U.S. goods may lead to price volatility and instability in U.S. and global investment markets. Among other effects, tariffs may increase the cost of production for certain goods or reduce demand for products, which could affect the performance of a Fund's investments. It is not known whether, or to what extent, any tariff or other trade protections may affect a Fund or its investments.

Political and military events, including in North Korea, Venezuela, Russia, Ukraine, Iran, Syria, and other areas of the Middle East, and nationalist unrest in Europe and South America, also may cause market disruptions. As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia's economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country's credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that may adversely affect Russia exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead Russia's economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar sanctions on Belarus for its support of Russia's invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial negative impacts on the regional and global economies and securities markets.

<u>Inflation/Deflation</u>. In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a Fund's investments may be affected, which may reduce a Fund's performance. Further, inflation may lead to the rise in

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interest rates, which may negatively affect the value of debt instruments held by a Fund, resulting in a negative impact on a Fund's performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

**Equity Securities Risk:** A Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments, or as a result of irregular and/or unexpected trading activity among retail investors. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of a Fund's shares. These factors contribute to price volatility. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company's assets in the event of liquidation.

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**Large-Cap Risk:** A Fund is subject to the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

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**Mid-Cap Risk:** A Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.

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**Preferred Stock Risk:** Preferred stock represents an equity interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, both of which can have a negative impact on the stock's price when interest rates decline.

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**Small-Cap Risk:** A Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of smaller companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small-cap stocks typically are traded in lower volume, and their issuers typically are subject to greater degrees of changes in their earnings and prospects.

**ESG Investing Risk:** Incorporating ESG criteria and investing in instruments that have certain ESG characteristics, as determined by the sub-adviser, carries the risk that a Fund may perform differently, including underperforming funds that do not consider ESG factors, or funds that utilize different ESG criteria. The consideration of ESG factors may affect a Fund's exposure to certain sectors or types of investments and may impact a Fund's investment performance. A company's ESG performance or the sub-adviser's assessment of a company's ESG performance may change over time. In evaluating a company, the sub-adviser is reliant upon information and data that may turn out to be incomplete, inaccurate or unavailable, which may negatively impact the sub-adviser's assessment of ESG factors. Although the sub-adviser has established its own process for evaluation of ESG factors, successful application of a Fund's investment strategy will depend on the sub-adviser's skill in researching, identifying and analyzing material ESG issues, as well as on the availability of relevant data. ESG factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers.

A Fund's ESG criteria may cause a Fund to forego opportunities to buy certain instruments when it might otherwise be advantageous to do so, or to sell securities for ESG-related reasons when it might be otherwise disadvantageous to do so. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require a Fund to change its investment process with respect to ESG integration.

**Fixed Income Risk:** The market value of a Fund's fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, a Fund's fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities a Fund owns, the more sensitive the value of a Fund's shares will be to changes in interest rates. In response to certain economic disruptions, governmental authorities and regulators typically respond to this crisis with significant fiscal and monetary policy changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, a Fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of a Fund's uninvested cash. In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. A Fund may be subject to heightened interest rate risk when the Fed raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency, or magnitude of potential interest rate increases or decreases by the Fed, and the evaluation of macro-economic and

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other conditions could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a Fund's investments, and a Fund's NAV, to decline, potentially suddenly and significantly. As a result, a Fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that a Fund incurs and may negatively impact a Fund's performance.

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**Asset-Backed Securities Risk:** Asset-backed securities are fixed income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. Credit support for these securities may be based on the structural features such as subordination or overcollateralization and/or provided through credit enhancements by a third party. Even with a credit enhancement by a third party, there is still risk of loss. There could be inadequate collateral or no collateral for asset-backed securities. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates, and, at times, the financial condition of the issuer. Some asset-backed securities also may receive prepayments that can change the securities' effective durations.

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**Credit Risk:** The fixed-income securities in a Fund's portfolio are subject to the possibility that a deterioration, whether sudden or gradual, in the financial condition of an issuer, or a deterioration in general economic conditions, could cause an issuer to fail to make timely payments of principal or interest when due. This may cause the issuer's securities to decline in value. Credit risk is particularly relevant to those portfolios that invest a significant amount of their assets in non-investment grade (or "junk") bonds or lower-rated securities.

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**Interest Rate Risk:** The market price of debt securities is generally linked to the prevailing market interest rates. In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. For example, as a general rule a 1% rise in interest rates means a 1% fall in value for every year of duration. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. There may be less governmental intervention in the securities markets in the near future. An increase in interest rates could negatively impact a Fund's net asset value. Recent and potential future changes in government monetary policy may affect interest rates.

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**Investment-Grade Debt Securities Risk:** Investment-grade debt securities may be downgraded by a NRSRO to below-investment-grade status, which would increase the risk of holding these securities. Investment-grade debt securities rated in the lowest rating category by a NRSRO involve a higher degree of risk than fixed-income securities with higher credit ratings. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and may share certain speculative characteristics with non-investment-grade securities.

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**Mortgage-Backed Securities Risk:** Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average duration of a Fund's mortgage-backed securities and, therefore, to fully assess the interest rate risk of a Fund. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to a Fund. The risk of such defaults is generally higher in the cases of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. In addition, mortgage-backed securities may fluctuate in price based on deterioration in the perceived or actual value of the collateral underlying the pool of mortgage loans, typically residential or commercial real estate, which may result in negative amortization or negative equity meaning that the value of the collateral would be worth less than the remaining principal amount owed on the mortgages in the pool.

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**Non-Investment-Grade Debt Securities Risk:** Non-investment-grade debt securities are sometimes referred to as "junk bonds" and are considered speculative with respect to their issuers' ability to make payments of interest and principal. There is a high risk that a Fund could suffer a loss from investments in non-investment-grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that non-investment-grade debt securities are generally unsecured and therefore, in the event of a default or bankruptcy, holders of non-investment-grade debt securities generally will not receive payments until the holders of all other debt have been paid. Non-investment-grade debt securities may also be less liquid than investment-grade debt securities.

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**Prepayment Risk:** Prepayment risk is the risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. Prepayment impacts both the interest rate sensitivity of the underlying asset, such as an asset-backed or mortgage-backed security, and its cash flow projections. Therefore, prepayment risk may make it difficult to calculate the average duration of a Fund's asset- or mortgage-backed securities which in turn would make it difficult to assess the interest rate risk of the Fund.

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**U.S. Government Securities Risk:** Certain U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury while others are supported only by the credit of the issuer or instrumentality. While the U.S. government is able to provide financial support to U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so. Such securities are neither issued nor guaranteed by the U.S. Treasury.

**Foreign Securities Risk:** Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers, while such events may not necessarily affect the U.S. economy or issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect the value of a Fund's investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer's home country. There is a risk that issuers of foreign securities may not be subject to accounting standards or governmental supervision comparable to those to which U.S. companies are subject and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. Investments in securities of foreign issuers may be subject to foreign withholding and other taxes. In addition, it may be more difficult and costly for a Fund to seek recovery from an issuer located outside the United States in the event of a default on a portfolio security or an issuer's insolvency proceeding. To the extent a Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

While a Fund's net assets are valued in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are: (1) it may be expensive to convert foreign currencies into U.S. dollars and vice versa; (2) complex political and economic factors may significantly affect the values of various currencies, including U.S. dollars, and their exchange rates; (3) government intervention may increase risks involved in purchasing or selling foreign currency options, forward contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces; (4) there may be no systematic reporting of last sale information for foreign currencies or regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis; (5) available quotation information is generally representative of very large round-lot transactions in the inter-bank market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable; and (6) the inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate movements.

Political events in foreign countries may cause market disruptions. Uncertainties surrounding the sovereign debt of a number of European Union ("EU") countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the United Kingdom did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted.

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**Depositary Receipts Risk:** Foreign receipts, which include American Depository Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs"), are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs, which are issued by a depositary bank without the participation or consent of the issuer, involve additional risks because U.S. reporting requirements do not apply, and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. Additionally, the Holding Foreign Companies Accountable Act "HFCAA" could cause securities of foreign companies, including ADRs, to be delisted from U.S. stock exchanges if the companies do not allow the U.S. government to oversee the auditing of their financial information. Although the requirements of the HFCAA apply to securities of all foreign issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, a Fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. The Fund may also need to seek other markets in which to transact in such securities, which could increase the Fund's costs.

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**Emerging Markets Risk:** Investments in the securities of issuers based in countries with emerging-market economies are subject to greater levels of risk and uncertainty than investments in more-developed foreign markets. This is as a result of the fact that emerging-market securities may present market, credit, currency, liquidity, legal, political, and other risks greater than, or in addition to, the risks of investing in developed foreign countries. These risks include: (i) high currency exchange-rate fluctuations; (ii) increased risk of default (including both government and private issuers); (iii) greater social, economic, and political uncertainty and instability (including the risk of war); (iv) more substantial governmental involvement in the economy; (v) less governmental supervision and regulation of the securities markets and participants in those markets; (vi) controls on foreign investment and limitations on repatriation of invested capital and on a fund's ability to exchange local currencies for U.S. dollars; (vii) unavailability of currency hedging techniques in certain emerging-market countries; (viii) the fact that companies in emerging-market countries may be newly organized, smaller, and less seasoned; (ix) the difference in, or lack of, auditing and financial reporting requirements or standards, which may result in the unavailability of material information about issuers; (x) different clearance and settlement procedures, which

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may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions; (xi) difficulties in obtaining and/or enforcing legal judgments against non-U.S. companies and non-U.S. persons, including company directors and officers, in foreign jurisdictions; and (xii) significantly smaller market capitalizations of emerging-market issuers. In addition, shareholders of emerging market issuers, such as the Fund, often have limited rights and few practical remedies in emerging markets. Finally, the risks associated with investments in emerging markets often are significant, and vary from jurisdiction to jurisdiction and company to company.

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**Sovereign Debt Risk:** The actions of foreign governments concerning their respective economies could have an important effect on their ability or willingness to service their sovereign debt. Such actions could have significant effects on market conditions and on the prices of securities and instruments held by a Fund, including the securities and instruments of foreign private issuers. Factors which may influence the ability or willingness of foreign sovereigns to service debt include, but are not limited to: the availability of sufficient foreign exchange on the date payment is due; the relative size of its debt service burden to the economy as a whole; its balance of payments (including export performance) and cash flow situation; its access to international credits and investments; fluctuations in interest and currency rates and reserves; and its government's policies towards the International Monetary Fund, the World Bank, and other international agencies. If a foreign sovereign defaults on all or a portion of its foreign debt, a Fund may have limited legal recourse against the issuer and/or guarantor. In some cases, remedies must be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the prevailing country, which could substantially delay or defeat any recovery.

**Growth-Investing Risk:** Growth-oriented funds may underperform when value investing is in favor, and growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company's growth of earnings potential. Also, because growth companies usually reinvest a high portion of earnings in their businesses, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market.

**Management Risk:** In managing a Fund's portfolio, the Adviser may engage one or more sub-advisers to make investment decisions on a portion of or the entire portfolio. There is a risk that the Adviser may be unable to identify and retain sub-advisers who achieve superior investment returns relative to other similar sub-advisers. The value of your investment may decrease if the sub-adviser incorrectly judges the attractiveness, value, or market trends affecting a particular security, issuer, industry, or sector.

**Mortgage Dollar Roll Risk:** Mortgage "dollar rolls" are transactions in which mortgage-backed securities are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. The difference between the sale price and the purchase price (plus any interest earned on the cash proceeds of the sale) is netted against the interest income foregone on the securities sold to arrive at an implied borrowing rate. Alternatively, the sale and purchase transactions can be executed at the same price, with the Fund being paid a fee as consideration for entering into the commitment to purchase. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

**Municipal Securities Risk:** The value of municipal securities may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal securities holders in the event of a bankruptcy. In addition, the ongoing issues facing the national economy may negatively impact the economic performance of issuers of municipal securities, and may increase the likelihood that issuers of securities in which a Fund may invest may be unable to meet their obligations. Proposals to restrict or eliminate the federal income tax exemption for interest on municipal securities are introduced before Congress from time to time. Proposals also may be introduced before state legislatures that would affect the state tax treatment of a municipal fund's distributions. If such proposals were enacted, the availability of municipal securities and the value of a municipal fund's holdings would be affected, and the Trustees would reevaluate a Fund's investment goals and policies. Municipal bankruptcies are relatively rare, and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear and remain untested. Further, the application of state law to municipal issuers could produce varying results among the states or among municipal securities issuers within a state. The ability of a municipal issuer to seek bankruptcy protection may be subject to the authorization of the executive or legislative branch of the state's government, and a municipal bankruptcy may be subject to challenge in the state's courts. These legal uncertainties could affect the municipal securities market generally, certain specific segments of the market, or the relative credit quality of particular securities. There is also the possibility that as a result of litigation or other conditions, the power or ability of issuers to meet their obligations for the payment of interest and principal on their municipal securities may be materially affected or their obligations may be found to be invalid or unenforceable. Such litigation or conditions may from time to time have the effect of introducing uncertainties in the market for municipal securities or certain segments thereof, or of materially affecting the credit risk with respect to particular bonds. Adverse economic, business, legal or political developments might affect all or a substantial portion of a Fund's municipal securities in the same manner. Also, some municipal obligations may be backed by a letter of credit issued by a bank or other financial institution. Adverse developments affecting banks or other financial institutions could have a negative effect on the value of a Fund's portfolio securities.

In making investments, a Fund and the investment sub-adviser will rely on the opinion of issuers' bond counsel. Neither a Fund nor the sub-adviser will independently review the basis for those tax opinions. If any of those tax opinions are ultimately determined to be incorrect, a Fund and its shareholders could be subject to substantial tax liabilities. Certain provisions of the Internal Revenue Code of

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1986, as amended (the "Code"), relating to the issuance of municipal obligations may reduce the volume of municipal securities that qualify for federal tax exemptions. Proposals that may further restrict or eliminate the income tax exemptions for interest on municipal obligations may be introduced in the future. If any such proposal became law, it may reduce the number of municipal obligations available for purchase by a Fund and could adversely affect a Fund's shareholders by subjecting the income from a Fund to tax. If this occurs, a Fund would reevaluate its investment goals and strategies and may submit possible changes in its structure to shareholders.

In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by a Fund to shareholders to be taxable. a Fund may invest in securities whose interest is subject to state tax, federal regular income tax, or federal alternative minimum tax. Consult your tax professional for more information.

The effects of a widespread health crisis such as a global pandemic could affect the ability of states and their political subdivisions to make payments on debt obligations when due and could adversely impact the value of their bonds, which could negatively impact the performance of a Fund.

**Non-Diversification Risk:** A non-diversified Fund may invest a significant percentage of its assets in the securities of a limited number of issuers, subject to federal income tax restrictions relating to the Fund's qualification as a regulated investment company. Because a higher percentage of a non-diversified Fund's holdings may be invested in the securities of a limited number of issuers, the Fund may be more susceptible to risks associated with a single economic, business, political or regulatory event than a diversified fund.

**Portfolio Turnover Risk:** A Fund may sell its portfolio securities, regardless of the length of time that they have been held, if the sub-adviser determines that it would be in the Fund's best interest to do so. It may be appropriate to buy or sell portfolio securities due to economic, market, or other factors that are not within the sub-adviser's control. These transactions will increase a Fund's "portfolio turnover." A 100% portfolio turnover rate would occur if all of the securities in the Fund were replaced during a given period. Frequent and active trading may result in greater expenses to a Fund, which may lower the Fund's performance and may result in the realization of substantial capital gains, including net short-term capital gains. As a result, high portfolio turnover may reduce the Fund's returns.

**Quantitative Strategy Risk:** A Fund's sub-adviser may use proprietary statistical analyses and models to construct the Fund's portfolio. A securities portfolio selected using these proprietary models can perform differently than the market as a whole as a result of the correlation factors used in the analysis to construct the models, the weight placed on each factor, and changes in the factors' historical trends. As a result, the Fund may be more or less exposed to a risk factor than its individual holdings. Quantitative models are subject to technical issues, including programming and data inaccuracies, are based on assumptions, and rely on data that is subject to limitations (e.g., inaccuracies, staleness), any of which could adversely affect their effectiveness or predictive value. Quantitative models may not accurately predict future market movements or characteristics due to the fact that market performance can be affected by non-quantitative factors that are not easily integrated into quantitative analysis, among other factors.

**Sector and Industry Focus Risk:** A Fund may invest a high percentage of its assets in specific sectors and/or industries of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector or industry of the market, positive or negative, and may experience increased volatility of the Fund's net asset value with a magnified effect on the total return.

**Value Investing Risk:** Value investing presents the risk that a Fund's security holdings may never reach their full market value because the market fails to recognize what the portfolio managers consider the true business value or because the portfolio managers have misjudged those values. In addition, value investing may fall out of favor and underperform growth or other styles of investing during given certain periods.

**<u>Where Can I Find Information About the Funds' Portfolio Holdings Disclosure Policies?</u>** 

A description of the Funds' policies and procedures for disclosing portfolio securities to any person is available in the SAI and can also be found on the Funds' website at TouchstoneInvestments.com.

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THE FUNDS' MANAGEMENT

**<u>Investment Adviser</u>** 

**Touchstone Advisors, Inc. ("Touchstone Advisors" or the "Adviser")**

303 Broadway, Suite 1100, Cincinnati, Ohio 45202

Touchstone Advisors has been a registered investment adviser since 1994. As of September 30, 2025, Touchstone Advisors had approximately $30.8 billion in assets under management. As the Funds' investment adviser, Touchstone Advisors reviews, supervises, and administers the Funds' investment programs and also ensures compliance with the Funds' investment policies and guidelines.

Touchstone Advisors is responsible for selecting each Fund's sub-adviser(s), subject to approval by the Board. Touchstone Advisors selects a sub-adviser that has shown good investment performance in its areas of expertise. Touchstone Advisors considers various factors in evaluating a sub-adviser, including:

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Level of knowledge and skill;

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Performance as compared to its peers or benchmark;

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Consistency of performance over 5 years or more;

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Level of compliance with investment rules and strategies;

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Employees, facilities and financial strength; and

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Quality of service.

Touchstone Advisors will also continually monitor each sub-adviser's performance through various analyses and through in-person, telephone, and written consultations with a sub-adviser. Touchstone Advisors discusses its expectations for performance with each sub-adviser and provides evaluations and recommendations to the Board of Trustees, including whether or not a sub-adviser's contract should be renewed, modified, or terminated.

The SEC has granted an exemptive order that permits Touchstone Strategic Trust (the "Trust") or Touchstone Advisors, under certain conditions, to select or change sub-advisers, enter into new sub-advisory agreements, or amend existing sub-advisory agreements, regardless of whether the sub-adviser is affiliated or unaffiliated, without first obtaining shareholder approval. Shareholders of a Fund will be notified of any changes to its sub-adviser.

Two or more sub-advisers may manage a Fund, from time to time, with each managing a portion of the Fund's assets. If a Fund has more than one sub-adviser, Touchstone Advisors allocates how much of a Fund's assets are managed by each sub-adviser. Touchstone Advisors may change these allocations from time to time, often based upon the results of its evaluations of the sub-advisers.

Touchstone Advisors is also responsible for running all of the operations of the Funds, except those that are subcontracted to a sub-adviser, custodian, transfer agent, sub-administrative agent or other parties. For its services, Touchstone Advisors is entitled to receive an investment advisory fee from each Fund at an annualized rate, based on the average daily net assets of the Fund. The Annual Fee Rate below is the fee paid to Touchstone Advisors by each Fund, net of any advisory fee waivers and/or expense reimbursements, for the fiscal year ended June 30, 2025. Touchstone Advisors pays sub-advisory fees to each sub-adviser from its advisory fee.

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| | |
|:---|:---|
| **Fund** | **Net Annual Fee Rate** |
| Balanced Fund | 0.48<br> %<br>|
| Core Municipal Bond Fund | 0.23<br> %<br>|
| International Value Fund | 0.62<br> %<br>|
| Large Cap Focused Fund | 0.50<br> %<br>|
| Large Cap Fund | 0.53<br> %<br>|
| Large Company Growth Fund | 0.53<br> %<br>|
| Small Company Fund | 0.63<br> %<br>|
| Value Fund | 0.56<br> %<br>|

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**Advisory and Sub-Advisory Agreement Approval.** A discussion of the basis for the Board's approval of the Funds' advisory and sub-advisory agreements will be found in the Funds' December 31, 2025 Form N-CSRS.

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Fort Washington Investment Advisors, Inc. ("Fort Washington") is an affiliate of Touchstone Advisors and serves as sub-advisor to the Balanced Fund, Large Cap Focused Fund, and Small Company Fund. Therefore, Touchstone Advisors may have a conflict of interest when making decisions to keep Fort Washington as sub-advisor to the aforementioned Funds. The Board reviews Touchstone Advisors' decisions, with respect to the retention of Fort Washington, to reduce the possibility of a conflict of interest situation.

**<u>Additional Information</u>** 

The Trustees of the Trust oversee generally the operations of each Fund and the Trust. The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants and distributor, who provide services to each Fund. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any such individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus provides information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of each Fund. Each Fund may make changes to this information from time to time. Neither this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or a Fund and its shareholders, or give rise to any contract or other rights in any such individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**<u>Sub-Advisers and Portfolio Managers</u>** 

Listed below are the sub-advisers and their respective portfolio managers that have responsibility for the day-to-day management of each Fund. A brief biographical description of each portfolio manager is also provided. The SAI provides additional information about the portfolio managers' investments in the Fund or Funds that they manage, a description of their compensation structure, and information regarding other accounts that they manage.

*<u>Large Company Growth Fund</u>* 

**DSM Capital Partners LLC ("DSM"),** located at 7111 Fairway Drive, Suite 350, Palm Beach Gardens, Florida 33418, serves as sub-adviser to the Large Company Growth Fund and served as sub-adviser to the corresponding Predecessor Fund. As sub-adviser, DSM makes investment decisions for the Fund and also seeks to ensure compliance with the Fund's investment policies and guidelines. DSM was founded in 2001 and serves as investment adviser to endowments and foundations, pensions plans, family offices, high net worth individual investors, and corporations. DSM is primarily owned by its co-founders Stephen Memishian and Daniel Strickberger. As of June 30, 2025, DSM had approximately $7 billion in assets under management.

**Daniel Strickberger,** Chief Investment Officer, co-founded DSM in February 2001 and has served as a Managing Partner ever since. Mr. Strickberger serves as portfolio manager for the Fund and served as portfolio manager for the corresponding Predecessor Fund. Prior to co-founding DSM, Mr. Strickberger was a partner at W.P. Stewart & Company and Lazard Freres & Co. Mr. Strickberger is a member of DSM's Board of Managers.

**David McVey,** Deputy Chief Investment Officer and Portfolio Manager, started his investment career in 1992 at Mutual Funds Service Company in Boston. In 1995 he became equity research associate for biotechnology and healthcare at Hambrecht & Quist. He then moved to Furman Selz, becoming a vice president and serving as a media and entertainment analyst. Most recently, he was a media and entertainment associate analyst at J.P. Morgan H&Q. David received a Bachelor of Science degree in Economics and Finance from New Hampshire College, and holds a Chartered Financial Analyst designation. David joined DSM in 2001 and is a member of DSM's Board of Managers.

**Eric Woodworth CFA,** Deputy Chief Investment Officer and Portfolio Manager, joined PricewaterhouseCoopers (PwC) in 1994 as a technology consultant. He became a team leader and managed projects for PwC in Toronto and Chicago. He also served as an internal instructor for PwC in Tampa, Florida. Eric left PwC in 1999 to attend business school, spending his summer in equity research at Merrill Lynch. Eric holds a Bachelor of Arts in Economics from Williams College, an MBA in Finance from New York University, and holds a Chartered Financial Analyst designation. Eric joined DSM in 2001 and is a member of DSM's Board of Managers.

*<u>Large Cap Fund</u>* 

**London Company of Virginia d/b/a The London Company ("The London Company"),** located at 1800 Bayberry Court, Suite 301, Richmond, Virginia, 23226, serves as sub-adviser to the Large Cap Fund. As sub-adviser, The London Company makes investment decisions for the Fund and also ensures compliance with the Fund's investment policies and guidelines. The London Company was founded in 1994 and is majority employee owned. Stephen Goddard may be deemed to be a control person of The London Company through his ownership in TLC Holdings LLC, which owns a majority of The London Company. As of June 30, 2025, The London Company had approximately $15.6 billion in assets under management.

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**Stephen Goddard, CFA,** Founder, CIO and Co-Lead Portfolio Manager, founded The London Company in 1994. Previously, he held Senior Portfolio Management positions at CFB Advisory and Flippin, Bruce & Porter. He has over 30 years of investment experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Brian Campbell, CFA,** Principal and Portfolio Manager, joined The London Company in 2010. Previously, he spent six years as Portfolio Manager and the Director of Research at Hilliard Lyons Capital Management. He has over 15 years of investment experience.

**Sam Hutchings, CFA,** Principal and Co-Lead Portfolio Manager, joined The London Company in 2015. Previously, he held positions as a Senior Consultant at FactSet Research, and as a Research Associate at Eaton Vance. He has over 10 years of investment experience.

*<u>Balanced Fund, Large Cap Focused Fund and Small Company Fund</u>* 

**Fort Washington Investment Advisors, Inc. ("Fort Washington"),** located at 303 Broadway, Suite 1200, Cincinnati, Ohio 45202, serves as sub-adviser to the Balanced Fund, Large Cap Focused Fund, and Small Company Fund. Fort Washington has been a registered investment adviser since 1990 and provides investment advisory services to individuals, institutions, mutual funds and variable annuity products. Fort Washington makes the daily decisions regarding buying and selling specific securities for the Funds, according to the Funds' investment goals and strategies. As of June 30, 2025, Fort Washington managed approximately $90.5 billion in assets under management (includes assets under management by Fort Washington of $85 billion and $5.5 billion in commitments managed by Fort Washington Capital Partners Group (FW Capital), a division of Fort Washington). Fort Washington is controlled by Western & Southern Mutual Holding Company. Jill T. McGruder and E. Blake Moore, Jr., the interested Trustees of the Trust, may be deemed to be affiliates of Fort Washington.

*<u>Balanced Fund</u>* 

**Daniel J. Carter, CFA,** began as an Assistant Portfolio Manager of Fort Washington in 2000 and was an Assistant Vice President and Portfolio Manager, since 2007, until becoming a Managing Director and Senior Portfolio Manager in 2021. Mr. Carter has co-managed the Balanced Fund since its inception in 2017.

**James E. Wilhelm,** Managing Director and Senior Portfolio Manager, joined Fort Washington in 2002. Mr. Wilhelm has investment experience dating back to 1993. He began as a Senior Equity Analyst in 2002 and was named Portfolio Manager in 2005. He became Assistant Vice President in 2007, Vice President in 2008, Managing Director in 2014, and was Head of Public Equities from 2015 - 2020. He has co-managed the Balanced Fund since its inception in 2017.

**Austin R. Kummer, CFA,** Managing Director and Senior Portfolio Manager, joined Fort Washington in 2013. He focuses on portfolio management and research functions within Multi-Sector Fixed Income and Dividend Equity strategies. He also contributes to asset allocation and macro positioning for the firm and has shared responsibility for the company's Private Debt portfolio. Mr. Kummer received a BBA from Ohio University in Finance and Business Economics and an MBA in Finance from Xavier University. He is a CFA charterholder.

*<u>Large Cap Focused Fund</u>* 

**James E. Wilhelm,** Managing Director and Senior Portfolio Manager, joined Fort Washington in 2002. He has investment experience dating back to 1993. He began as a Senior Equity Analyst in 2002 and was named Portfolio Manager in 2005. He became Assistant Vice President in 2007, Vice President in 2008, Managing Director in 2014, and was Head of Public Equities from 2015 - 2020.

**Sunit Gogia,** Vice President, Portfolio Manager and Director of Equity Research, joined Fort Washington in 2012. He has investment experience dating back to 2003. He began as a Senior Equity Analyst with Fort Washington in 2012 covering the technology and telecom sectors. He was named Associate Portfolio Manager and Director of Equity Research in 2017. Prior to joining Fort Washington, Sunit was a Senior Equity Analyst with Morningstar, Inc. following the enterprise software industry. Prior to that he was a Software Developer and Program Manager at Microsoft.

*<u>Small Company Fund</u>* 

**Jason V. Ronovech, CFA** is lead manager of the Small Company Fund and joined Fort Washington in 2017. Mr. Ronovech is a Vice President and Senior Portfolio Manager. Mr. Ronovech served as the portfolio manager of the corresponding Predecessor Fund, which was managed by Sentinel, from 2013 to 2017. Prior to joining Sentinel, Mr. Ronovech was a portfolio manager with Paradigm Capital Management, where he co-managed the firm's flagship Small Cap and Smid Cap portfolios. In addition to his management responsibilities, Mr. Ronovech built and led Paradigm's equity research team and served as lead analyst for the technology, consumer and health care sectors over the course of his 12 years with the firm.

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*<u>Core Municipal Bond Fund</u>* 

**Sage Advisory Services, Ltd. Co. ("Sage"),** located at 5900 Southwest Parkway, Building 1, Austin, Texas 78735, serves as sub-adviser to the Fund. Sage is an asset manager with approximately $29 billion in AUM/AUA as of June 30, 2025. Sage is an employee-controlled firm that was co-founded in 1996 by Robert G. Smith, III and Mark C. MacQueen. Sage serves the institutional and high net-worth marketplace with conventional and ESG fixed income asset management, asset/liability solutions, and global asset allocation strategies.

**Robert G. Smith, AIF**<sup>®</sup>**, CIMC.** Robert Smith co-founded Sage in 1996 and serves as the firm's President and Chief Investment Officer and leads the Investment Committee. He began his career in 1970 at Moody's Investor Services as a member of the Corporate Bond Rating Committee. He then went to Loeb, Rhoades & Co. to cover the insurance industry in the firm's Institutional Equity Research department. He later worked for Merrill Lynch & Co. for 13 years in a variety of institutional research, trading and portfolio management roles. During his time at Merrill Lynch, he was assigned to the Saudi Arabian Monetary Agency as a Resident Financial Adviser in Riyadh, responsible for managing the foreign reserves for the Central Bank. Mr. Smith received his MBA in Finance from New York University Stern School of Business, and he is an Accredited Investment Fiduciary (AIF) and Certified Investment Management Consultant (CIMC).

**Jeffery S. Timlin, CFA, CMT.** Jeffery Timlin is a Principal and Managing Director of the firm and a member of the Investment Committee. Jeffery joined the firm in 2003 and serves as a Senior Portfolio Manager. Prior to joining Sage, he worked with MFS Investment Management in Boston as a Fixed Income Associate Trader. He began his career in 1997 as a former Client Account Manager with Brown Brothers Harriman & Co. Jeff received his B.S. degree in Business Administration from Villanova University. He is a Chartered Financial Analyst (CFA) and member of the CFA Institute, and is a Chartered Market Technician (CMT). He is also a member of the Market Technicians Association, the National Federation of Municipal Analysts, and the Southern Municipal Finance Society.

**Thomas H. Urano, CFA.** Thomas serves as Co-Chief Investment Officer. He is a Managing Partner of the firm and a member of the Investment Committee. He leads the portfolio management team overseeing Sage's fixed income and equity strategies. Prior to joining Sage, Thomas worked at Credit Suisse Asset Management in New York trading fixed income assets and implementing investment strategy on behalf of the firm's institutional clients. Thomas began his career in 1996 as a fixed income portfolio analyst with Morgan Keegan. Thomas received his B.A. in Economics from The University of Texas at Austin and is a CFA charterholder and a member of the CFA Institute.

**<u>Prior Performance for Similar Accounts Managed by Sage</u>** 

The following table sets forth composite performance data relating to the historical performance of all accounts managed by Sage for the periods indicated with investment objectives, policies, strategies, and risks substantially similar to those of the Fund. The data is provided to illustrate the past performance of Sage in managing substantially similar accounts as measured against market indices and does not represent the performance of the Fund.

*The following performance information is not the Fund's performance, should not be considered indicative of the past or future performance of the Fund, and should not be considered a substitute for the Fund's performance.* 

**Average Annual Total Returns**

**For the periods ended June 30, 2025.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since** <br> **12/31/04**<br>|
| **Sage Core Municipal Fixed Income Composite** (Net) | 1.23<br> %<br>| 2.64<br> %<br>| 0.54<br> %<br>| 2.07<br> %<br>| 3.13<br> %<br>|
| **Sage Core Municipal Fixed Income Composite** (Gross) | 1.63<br> %<br>| 3.05<br> %<br>| 0.95<br> %<br>| 2.48<br> %<br>| 3.52<br> %<br>|
| **Bloomberg Municipal Bond Index**<br> (reflects no deductions for fees, expenses or taxes)<br>| 1.11<br> %<br>| 2.50<br> %<br>| 0.51<br> %<br>| 2.20<br> %<br>| 3.38<br> %<br>|

---

The Sage Core Municipal Fixed Income Composite (the "Composite") represents the investment performance track record of Sage's core municipal fixed income strategy, which is the strategy that will be used to manage the Fund. The accounts comprising the Composite are not subject to the same types of expenses to which the Fund is subject, certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended. Thus, the performance results for the accounts could have been adversely affected if the accounts had been regulated as investment companies under federal securities and tax laws. The method for computing historical performance information for the Composite differs from the SEC's method for computing the historical performance of the Fund.

The Composite's returns shown above are presented gross and net of management fees and include the reinvestment of all income. Gross returns represent historical gross performance with no deduction for investment fees but net of all trading expenses. Net returns are net the Composite's actual fees and expenses, which include all trading expenses and a management fee of thirty-five basis points (0.35%). Individual portfolio returns are calculated on a daily valuation basis. These fees and expenses are not reflective of the fees and expenses of

------

the Fund and may vary depending on, among other things, the applicable fee schedule and portfolio size. If the Fund's higher expenses were reflected, then the Composite performance presented would be lower. All returns are expressed in U.S. dollars. The Fund's fees are reflected in its fee table in the "Summary" section of this prospectus.

Sage claims compliance with the Global Investment Performance Standards (GIPS). The performance information for the Composite was calculated in accordance with industry best practices. The Composite performance information is intended to illustrate past performance for substantially similarly managed accounts by Sage. Past performance of the Composite is not indicative of future results. As with any investment there is always the potential for gains as well as the possibility of losses. The Composite performance information presented herein has been calculated and provided by Sage, the Fund's sub-adviser. Although the performance is believed to be reliable, Touchstone Advisors does not guarantee or make any warranty, express or implied, as to the accuracy or completeness of such information. To the extent permitted by federal securities laws and/or other applicable law, Touchstone Advisors shall not have any liability arising out of the reliance by any person on the performance information. The foregoing disclosures should not be read to suggest any waiver of any rights conferred by federal or state securities law.

*<u>International Value Fund</u>* 

**LSV Asset Management**, located at 155 North Wacker Drive, Suite 4600, Chicago, IL 60606, serves as sub-adviser to the International Value Fund. As sub-adviser, LSV makes investment decisions for the Fund and also ensures compliance with the Fund's investment policies and guidelines. LSV is a partnership between LSV's management team and current and retired employee partners, owners of a majority position, and SEI Funds, Inc., a wholly-owned subsidiary of SEI Investments Company and the owner of a minority position. As of June 30, 2025, LSV had approximately $97 billion in assets under management. The following individuals are jointly and primarily response for the management of the International Value Fund.

**Josef Lakonishok, Ph.D.,** is a portfolio manager of the International Value Fund and co-founded LSV in 1994. Dr. Lakonishok is Chief Executive Officer, Chief Investment Officer and Partner at LSV. He has more than 47 years of investment and research experience. Dr. Lakonishok was, until 2004, the William G. Karnes Professor of Finance at the College of Commerce & Business Administration at the University of Illinois at Urbana-Champaign. Before that, he held staff and visiting professorships at Tel Aviv University, Cornell University, the University of North Carolina at Chapel Hill, and the University of British Columbia. Dr. Lakonishok received a B.A. in Economics and Statistics from Tel Aviv University in 1970 and an M.B.A. from that university in 1972. He earned an M.S. in Business Administration in 1974 and a Ph.D. in Business Administration in 1976 from Cornell University.

**Menno Vermeulen, CFA**, is a portfolio manager of the International Value Fund and joined LSV in 1995. Mr. Vermeulen is a Partner at LSV. He has more than 32 years of investment and research experience. Mr. Vermeulen has developed and written the software for LSV's quantitative model and portfolio management system. He leads LSV's quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of LSV's models and systems. Mr. Vermeulen is also involved in the research process at LSV. Mr. Vermeulen holds a Master's degree in Econometrics from Erasmus University at Rotterdam.

**Puneet Mansharamani, CFA**, is a portfolio manager of the International Value Fund and joined LSV in 2006. Mr. Mansharamani is a Partner at LSV. He has more than 26 years of investment experience. Mr. Mansharamani is part of LSV's quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of LSV's model and systems. Mr. Mansharamani earned a B.S. in Engineering from Delhi University, Delhi College of Engineering in 1995 and an M.S. in Engineering at Case Western Reserve University, Case School of Engineering (2001).

**Greg Sleight** is a portfolio manager of the International Value Fund and joined LSV in 2006. Mr. Sleight is a Partner at LSV. He has more than 19 years of investment experience. Mr. Sleight is part of LSV's quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of LSV's model and systems. Mr. Sleight received a B.S. in Material Science & Engineering from the University of Illinois in 2000 and an M.B.A. in Econometrics, Economics & Analytic Finance from the University of Chicago in 2006.

**Guy Lakonishok, CFA,** is a portfolio manager of the International Value Fund and joined LSV in 2009. Mr. Lakonishok is a Partner at LSV. He has more than 23 years of investment experience. Mr. Lakonishok is part of LSV's quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of LSV's model and systems. Mr. Lakonishok received a B.S. in Applied Science with a Major in Electrical Engineering from Washington University in St. Louis in 2000. Mr. Lakonishok also received an M.B.A from the University of Chicago - Booth School of Business in 2009, graduating with honors with a dual concentration in Analytical Finance and Accounting.

**Gal Skarishevsky** is a portfolio manager of the International Value Fund and joined LSV in 2017. Mr. Skarishevsky is a Partner at LSV. He has more than 9 years of investment experience. Mr. Skarishevsky is part of LSV's quantitative and implementation team, which is responsible for the day-to-day data management, portfolio implementation and ongoing enhancement of our model and systems. Mr. Skarishevsky received a B.S. in Computer Science from Ben Gurion University in 2013 and an M.B.A. in Finance and Accounting from the University of Chicago Booth School of Business in 2017.

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*<u>Value Fund</u>* 

**Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors ("Barrow Hanley"),** located at 2200 Ross Avenue, 31st Floor, Dallas, Texas 75201, serves as sub-adviser to the Value Fund. As sub-adviser, Barrow Hanley makes investment decisions for the Fund and also ensures compliance with the Fund's investment policies and guidelines. Barrow Hanley has provided value-oriented investment strategies to institutional investors and mutual funds since 1979. As of June 30, 2025, Barrow Hanley managed approximately $55.5 billion in assets under management.

**David Ganucheau, CFA** joined Barrow Hanley in March 2004. Mr. Ganucheau is a Senior Managing Director and Portfolio Manager and serves as a member of the large cap value equity team.

**Mark Giambrone** joined Barrow Hanley in January 1999. Mr. Giambrone is an Executive Director and Portfolio Manager and serves as a member of the large cap value equity team.

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CHOOSING A CLASS OF SHARES

**Share Class Offerings.** Each class of shares has different sales charges and distribution fees. The amount of sales charges and distribution fees you pay will depend on which class of shares you decide to purchase. In addition, certain intermediaries may provide different sales charge discounts and waivers. The sales charge variations and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

**Class A Shares** 

The offering price of Class A shares of each Fund is equal to its net asset value ("NAV") plus a front-end sales charge that you pay when you buy your shares. The front-end sales charge is generally deducted from the amount of your investment. Class A shares are subject to a Rule 12b-1 distribution fee of up to 0.25% of the Fund's average daily net assets allocable to Class A shares.

**Class A Sales Charge.** The following tables show the amount of front-end sales charge you will pay on purchases of Class A shares for the Touchstone equity funds and the Touchstone fixed income funds based on the total amount of your investment in the Touchstone Fund Complex. All funds managed by the Adviser are part of the "Touchstone Fund Complex."

For these purposes, the following Fund(s) is(are) "Touchstone equity fund(s)": Balanced Fund, International Value Fund, Large Cap Focused Fund, Large Cap Fund, Large Company Growth Fund, Small Company Fund, and Value Fund, and the following Fund(s) is(are) "Touchstone fixed income fund(s)": Core Municipal Bond Fund.

**<u>Applicable to Touchstone equity funds:</u>** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Your Investment** | **Sales Charge as%** <br> **of Offering Price**<br>| **Sales Charge as% of**<br> **Net Amount Invested**<br>| **Dealer Reallowance as%**<br> **of Offering Price**<br>|
| Under $25,000 | 5.00<br> %<br>| 5.26<br> %<br>| 4.50<br> %<br>|
| $25,000 but less than $50,000 | 4.50<br> %<br>| 4.71<br> %<br>| 4.25<br> %<br>|
| $50,000 but less than $100,000 | 4.00<br> %<br>| 4.17<br> %<br>| 3.75<br> %<br>|
| $100,000 but less than $250,000 | 3.00<br> %<br>| 3.09<br> %<br>| 2.75<br> %<br>|
| $250,000 but less than $1 million | 2.00<br> %<br>| 2.04<br> %<br>| 1.75<br> %<br>|
| $1 million or more | 0.00<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None\* |

---

*\**

*Distributor may pay a Finder's Fee (as defined in the Funds' SAI) on qualifying assets to dealers who initiate purchases of Class A shares of the Touchstone equity funds of $1,000,000 or more. However if shares are redeemed prior to 12 months after the date of purchase they may be subject to a CDSC of up to 1.00%.* 

**<u>Applicable to Touchstone fixed income funds:</u>** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Your Investment** | **Sales Charge as %** <br> **of Offering Price**<br>| **Sales Charge as %** <br> **of Net Amount Invested**<br>| **Dealer Reallowance as %**<br> **of Offering Price**<br>|
| Under $100,000 | 3.25<br> %<br>| 3.36<br> %<br>| 3.00<br> %<br>|
| $100,000 but less than $250,000 | 2.50<br> %<br>| 2.56<br> %<br>| 2.35<br> %<br>|
| $250,000 but less than $500,000 | 1.50<br> %<br>| 1.52<br> %<br>| 1.40<br> %<br>|
| $500,000 or more | 0.00<br> %<br>| 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None\* |

---

*\**

*Distributor may pay a Finder's Fee on qualifying assets to dealers who initiate purchases of Touchstone fixed income funds Class A shares of $500,000 or more. However if shares are redeemed prior to 12 months after the date of purchase they may be subject to a CDSC of up to 1.00%.* 

**Waiver of Class A Sales Charge.\*** There is no front-end sales charge if you invest $1 million or more in any share class of the Touchstone equity funds. Additionally, there is no front-end sales charge if you invest $500,000 or more in any share class of the Touchstone fixed income funds. If you redeem shares that were part of the $1 million or $500,000 breakpoint purchase within one year of that purchase, you may pay a contingent deferred sales charge ("CDSC") of up to 1.00% or 0.50%, respectively, on the shares redeemed if a commission was paid by Touchstone Securities, Inc. (the "Distributor" or "Touchstone Securities") to the broker-dealer on the account. There is no front-end sales charge on exchanges between Funds with the same load schedule or from a higher load schedule to a lower load schedule. In addition, there is no front-end sales charge on the following purchases:

<sup>●</sup>

Purchases by registered representatives or other employees\*\* (and their immediate family members\*\*\*) of financial intermediaries having selling agreements with Touchstone Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Purchases in accounts as to which a broker-dealer or other financial intermediary charges an asset management fee economically comparable to a sales charge, provided the broker-dealer or other financial intermediary has a selling agreement with Touchstone Securities.

<sup>●</sup>

Purchases by a trust department of any financial intermediary serving in a fiduciary capacity as trustee to any trust over which it has discretionary trading authority.

<sup>●</sup>

Purchases through a financial intermediary that has agreements with Touchstone Securities, or whose programs are available through financial intermediaries that have agreements with Touchstone Securities relating to mutual fund supermarket programs, fee-based wrap or asset allocation programs.

<sup>●</sup>

Purchases by an employee benefit plan having more than 25 eligible employees or a minimum of $250,000 in plan assets. This waiver applies to any investing employee benefit plan meeting the minimum eligibility requirements and whose transactions are executed through a financial intermediary that has entered into an agreement with Touchstone Securities to use the Touchstone Funds in connection with the plan's accounts. The term "employee benefit plan" applies to qualified pension, profit-sharing, or other employee benefit plans.

<sup>●</sup>

Purchases by an employee benefit plan that is provided administrative services by a third party administrator that has entered into a special service arrangement with Touchstone Securities.

<sup>●</sup>

Reinvestment of redemption proceeds from Class A shares of any Touchstone Fund if the reinvestment occurs within 90 days of redemption.

*\**

*Please see Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.* 

*\*\**

*The term "employee" is deemed to include current and retired employees.* 

*\*\*\**

*Immediate family members are defined as the parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in-law, niece or nephew and children of a registered representative or employee, and any other individual to whom the registered representative or employee provides material support.* 

Touchstone Securities has agreed to waive the Class A sales charge for clients of financial intermediaries that have entered into an agreement with Touchstone Securities to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to their customers. As of the date of this Prospectus, this arrangement applies to shareholders purchasing Fund shares through platforms at the following intermediaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

RBC Capital Markets Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

JP Morgan Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Morgan Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Ameriprise Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Oppenheimer & Co. Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Robert W. Baird & Co. Incorporated

Please see *Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts* in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated. You should ask your financial intermediary if it offers and you are eligible to participate in such a mutual fund program and whether participation in the program is consistent with your investment goals. The intermediaries sponsoring or participating in these mutual fund programs may also offer their clients other classes of shares of the funds and investors may receive different levels of services or pay different fees depending upon the class of shares included in the program. Investors should carefully consider any separate transaction fee or other fees charged by these programs in connection with investing in each available share class before selecting a share class.

You must notify your financial intermediary (or Touchstone Securities for purchases made directly from the Funds) at the time of purchase that you believe you qualify for a sales charge waiver, in addition to providing appropriate proof of your eligibility. Failure to provide such notification and proof may result in you not receiving the sales charge waiver to which you are otherwise entitled. For direct purchases through Touchstone Securities, you may apply for a waiver by marking the appropriate section on the investment application and completing the "Special Account Options" form. You can obtain the application and form by calling Touchstone at 1.800.543.0407 or by visiting the Touchstone Funds' website: TouchstoneInvestments.com. Purchases at NAV may be made for investment only, and the shares may not be resold except through redemption by or on behalf of the Fund. At the option of the Fund, the front-end sales charge may be included on future purchases.

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**Reduced Class A Sales Charge.** You may also purchase Class A shares of a Fund at the reduced sales charges shown in the table above through the Rights of Accumulation Program or by signing a Letter of Intent. The following purchasers ("Qualified Purchasers") may qualify for a reduced sales charge under the Rights of Accumulation Program or Letter of Intent:

<sup>●</sup>

an individual, an individual's spouse, or an individual's children under the age of 21; or

<sup>●</sup>

a trustee or other fiduciary purchasing shares for a single fiduciary account although more than one beneficiary is involved.

The following accounts ("Qualified Accounts") held in any Touchstone Fund Complex may be grouped together to qualify for the reduced sales charge under the Rights of Accumulation Program or Letter of Intent:

<sup>●</sup>

Individual accounts

<sup>●</sup>

Joint tenant with rights of survivorship accounts

<sup>●</sup>

Uniform Gifts/Transfers to Minors Act ("UGTMA") Accounts

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Trust accounts

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Estate accounts

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Guardian/Conservator accounts

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Individual Retirement Accounts ("IRAs"), including Traditional, Roth, Simplified Employee Pension Plans ("SEP") and Savings Incentive Match Plan for Employees ("SIMPLE")

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Coverdell Education Savings Accounts ("Education IRAs")

Please see *Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts* in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

**Rights of Accumulation Program.** Under the Rights of Accumulation Program, you may qualify for a reduced sales charge by aggregating all of your investments in the Touchstone Fund Complex held in Qualified Accounts. You or your dealer must notify Touchstone Securities at the time of purchase that a purchase qualifies for a reduced sales charge under the Rights of Accumulation Program and must provide either a list of account numbers or copies of account statements verifying your qualification. If your shares are held directly in a Touchstone Fund or through a dealer, you may combine the historical cost or current NAV (whichever is higher) of your existing shares of any Touchstone Fund with the amount of your current purchase in order to take advantage of the reduced sales charge. Historical cost is the price you actually paid for the shares you own, plus your reinvested dividends and capital gains. If you are using historical cost to qualify for a reduced sales charge, you should retain any records to substantiate your historical costs since the Fund, its transfer agent or your broker-dealer may not maintain this information.

If your shares are held through a financial intermediary, you may combine the current NAV of your existing shares of any Touchstone Fund with the amount of your current purchase in order to take advantage of the reduced sales charge. You or your financial intermediary must notify Touchstone at the time of purchase that a purchase qualifies for a reduced sales charge under the Rights of Accumulation Program and must provide copies of account statements dated within three months of your current purchase verifying your qualification. Upon receipt of the above referenced supporting documentation, Touchstone Securities will calculate the combined value of all of the Qualified Purchaser's Qualified Accounts to determine if the current purchase is eligible for a reduced sales charge. Purchases made for nominee or street name accounts (securities held in the name of a dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with purchases for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Please see *Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts* in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

**Letter of Intent.** If you plan to invest at least $25,000 in Class A shares of Touchstone equity funds sold with a front-end sales charge or $50,000 in Class A shares of Touchstone fixed income funds sold with a front-end sales charge (excluding any reinvestment of dividends and capital gains distributions) during the next 13 months you may qualify for a reduced sales charge by completing a Letter of Intent. A Letter of Intent indicates your intent to purchase at least $25,000 in Class A shares of any Touchstone equity fund sold with a front-end sales charge or at least $50,000 in Class A shares of any Touchstone fixed income fund sold with a front-end sales charge over the next 13 months in exchange for a reduced sales charge indicated on the above chart. The minimum initial investment under a Letter of Intent is $10,000. You are not obligated to purchase additional shares if you complete a Letter of Intent. If you do not buy enough shares to qualify for the projected level of sales charge by the end of the 13-month period (or when you sell your shares, if earlier), then your sales charge will be recalculated to reflect your actual purchase level. During the term of the Letter of Intent, shares representing 5% of your intended purchase will be held in escrow. If you do not purchase enough shares during the 13-month period to qualify for the projected reduced sales charge, the additional sales charge will be deducted from your escrow account. If you have purchased Class A shares of any Touchstone

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Fund sold with a front-end sales charge within 90 days prior to signing a Letter of Intent, they may be included as part of your intended purchase, however, previous purchase transactions will not be recalculated with the proposed new breakpoint. You must provide either a list of account numbers or copies of account statements verifying your purchases within the past 90 days.

Please see *Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts* in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

**Other Information.** Information about sales charges and breakpoints is also available in a clear and prominent format on the Touchstone Funds' website: TouchstoneInvestments.com. You can access this information by selecting the "Resources" link and then the "Sales Charges and Breakpoints" link under the heading "Regulatory." For more information about qualifying for a reduced or waived sales charge, contact your financial adviser or contact Touchstone at 1.800.543.0407.

**<u>Class C Shares</u>** 

Class C shares of the Funds are sold at NAV without an initial sales charge so that the full amount of your purchase payment may be immediately invested in the Funds. Class C shares are subject to a Rule 12b-1 fee. A CDSC of 1.00% will be charged on Class C shares redeemed within 1 year after you purchased them. In most cases it is more advantageous to purchase Class A shares for amounts of $1 million or more. Therefore, a request to purchase Class C shares for $1 million or more will be considered as a purchase request for Class A shares or declined. Please see Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

Effective June 30, 2020 (the "Effective Date"), Class C shares of each Fund automatically convert into Class A shares of the same Fund after they have been held for eight (8) years. The conversion is not considered a taxable event for federal income tax purposes. These automatic conversions are executed without any sales charge (including CDSCs), redemption or transaction fee, or other charge. After such a conversion takes place, the shares will be subject to all features, rights and expenses of Class A shares. If you hold Class C shares through certain financial intermediaries, such as an omnibus account or group retirement recordkeeping platform, your intermediary may not be able to track the amount of time you held your Class C shares purchased before June 30, 2020. In that case, Class C shares held prior to June 30, 2020 would convert to Class A shares eight (8) years after the Effective Date of this policy. In addition, Class C shares held through certain financial intermediaries may convert to Class A shares of the same Fund in a shorter time frame than shares purchased directly from the Fund. Please contact your financial intermediary for further information about its Class C shares to Class A shares conversion policy.

**<u>Class Y Shares</u>** 

Class Y shares of the Funds are sold at NAV without an initial sales charge so that the full amount of your purchase payment may be immediately invested in the Funds. Class Y shares are not subject to a Rule 12b-1 fee or CDSC. In addition, Class Y shares may be purchased through certain mutual fund programs sponsored by qualified intermediaries, such as broker-dealers and investment advisers. In each case, the intermediary has entered into an agreement with Touchstone Securities to include the Touchstone Funds in their program where the intermediary provides investors participating in their program with additional services, including advisory, asset allocation, recordkeeping or other services. You should ask your financial institution if it offers and you are eligible to participate in such a mutual fund program and whether participation in the program is consistent with your investment goals. The intermediaries sponsoring or participating in these mutual fund programs may also offer their clients other classes of shares of the funds and investors may receive different levels of services or pay different fees depending upon the class of shares included in the program. If you purchase Class Y shares through a broker acting solely as an agent on behalf of its customers, that broker may charge you a commission. Such commissions, if any, are not charged by the Touchstone Funds and are not reflected in the fee tables or expense examples in this prospectus. Investors should carefully consider any separate transaction fee or other fees charged by these programs in connection with investing in each available share class before selecting a share class.

**<u>Institutional Class Shares</u>** 

Institutional Class shares of the Funds are sold at NAV without an initial sales charge so that the full amount of your purchase payment may be immediately invested in the Funds. Institutional Class shares are not subject to a Rule 12b-1 fee or CDSC.

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**<u>Class R6 Shares</u>** 

No dealer compensation is paid from the sale of Class R6 shares of the Funds. Class R6 shares of the Funds are sold at NAV and do not pay a sales charge, Rule 12b-1 fee, impose a CDSC, or make payments to financial intermediaries/broker-dealers for assisting Touchstone Securities, Inc. (the Funds' distributor) in promoting the sales of the Funds' shares. In addition, neither the Funds nor their affiliates make any type of administrative, service, relationship, or revenue sharing payments in connection with Class R6 shares. An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis.

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DISTRIBUTION AND SHAREHOLDER SERVICING ARRANGEMENTS

**Rule 12b-1 Distribution Plans.** Each Fund offering Class A shares and Class C shares has adopted a distribution plan under Rule 12b-1 of the 1940 Act. The plans allow each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders. Under the Class A plan, the Funds pay an annual fee of up to 0.25% of average daily net assets that are attributable to Class A shares. Under the Class C plan, the Funds pay an annual fee of up to 1.00% of average daily net assets that are attributable to Class C shares (of which up to 0.75% is a distribution fee and up to 0.25% is a shareholder servicing fee). Because these fees are paid out of a Fund's assets on an ongoing basis, they will increase the cost of your investment and over time may cost you more than paying other types of sales charges.

**Additional Compensation to Financial Intermediaries.** Touchstone Securities, the Trust's principal underwriter, at its expense (from a designated percentage of its income) currently provides additional compensation to certain dealers. Touchstone Securities pursues a focused distribution strategy with a limited number of dealers who have sold shares of the Touchstone Funds. Touchstone Securities reviews and makes changes to the focused distribution strategy on a periodic basis. These payments are generally based on a pro rata share of a dealer's sales or assets. Touchstone Securities may also provide compensation in connection with conferences, sales or training programs for employees, seminars for the public, advertising and other dealer-sponsored programs. Touchstone Advisors, at its own expense, may also provide additional compensation to certain broker dealers, financial intermediaries or service providers for certain services including distribution, administrative, sub-accounting, sub-transfer agency and/or shareholder servicing activities. These additional cash payments to a financial intermediary are payments over and above sales commissions or reallowances, distribution fees or servicing fees (including networking, administration and sub-transfer agency fees). These additional cash payments also may be made as an expense reimbursement in cases where the financial intermediary bears certain costs in connection with providing shareholder services to Fund shareholders. Touchstone Advisors may also reimburse Touchstone Securities for making these payments.

Touchstone Advisors and its affiliates may also pay cash compensation in the form of finders' fees or referral fees that vary depending on the dollar amount of shares sold. The amount and value of additional cash payments vary for each financial intermediary. The additional cash payment arrangement between a particular financial intermediary and Touchstone Advisors or its affiliates may provide for increased rates of compensation as the dollar value of the Fund's shares or particular class of shares sold or invested through such financial intermediary increases. The availability of these additional cash payments, the varying fee structure within a particular additional cash payment arrangement and the basis for and manner in which a financial intermediary compensates its sales representatives may create a financial incentive for a particular financial intermediary and its sales representatives to recommend a Fund's shares over the shares of other mutual funds based, at least in part, on the level of compensation paid. You should consult with your financial adviser and review carefully any disclosure by the financial firm as to compensation received by your financial adviser. Although the Funds may use financial firms that sell the Funds' shares to effect portfolio transactions for the Funds, the Funds and Touchstone Advisors will not consider the sale of a Fund's shares as a factor when choosing financial firms to effect those transactions. For more information on payment arrangements, please see the section entitled "Touchstone Securities" in the SAI.

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INVESTING WITH TOUCHSTONE

**Choosing the Appropriate Investments to Match Your Goals.** Investing well requires a plan. We recommend that you meet with your financial adviser to plan a strategy that will best meet your financial goals.

**<u>Purchasing Your Shares</u>** 

Please read this prospectus carefully and then determine how much you want to invest.

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Classes A and C shares may be purchased directly through Touchstone Securities, Inc. ("Touchstone Securities") or through your financial intermediary.

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Class Y shares are available through certain financial intermediaries who have appropriate selling agreements in place with Touchstone Securities.

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Institutional Class and Class R6 shares may be purchased directly through Touchstone Securities or through your financial intermediary.

In order to open an account you must complete an investment application. You can obtain an investment application from Touchstone Securities, your financial adviser or other financial intermediary, or by visiting TouchstoneInvestments.com.

Subject to the restrictions on new accounts described in the section of this prospectus entitled "Buying and Selling Fund Shares," you may purchase shares of the Fund directly from Touchstone Securities or through your financial intermediary.

You may purchase shares in the Fund on a day when the New York Stock Exchange ("NYSE") is open for trading ("Business Day"). Currently, the NYSE is normally open for trading every weekday except: (1) in the event of an emergency, or (2) for the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. For more information about how to purchase shares, call Touchstone Securities at 1.800.543.0407.

**Investor Alert:** Each Touchstone Fund reserves the right to restrict or reject any purchase request, including exchanges from other Touchstone Funds, which it regards as disruptive to efficient portfolio management. For example, a purchase request could be rejected because of the timing of the investment or because of a history of excessive trading by the investor (see "Market Timing Policy" in this prospectus). Touchstone Securities may change applicable initial and additional investment minimums at any time.

**<u>Opening an Account</u>** 

**Important Information About Procedures for Opening an Account.** Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, residential address, date of birth, government identification number and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. If we do not receive these required pieces of information, there will be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the Fund may restrict further investment until your identity is verified. However, if we are unable to completely verify your identity through our verification process, the Fund reserves the right to close your account without notice and return your investment to you at the price determined at the end of business (typically 4:00 p.m. Eastern time or at such other time that the NYSE establishes official closing prices), on the day that your account is closed. If we close your account because we are unable to completely verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment.

**<u>Investing in the Funds</u>** 

**By mail or through your financial adviser** 

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Please make your check (drawn on a U.S. bank and payable in U.S. dollars) payable to the Touchstone Funds. We do not accept third party checks for initial investments.

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Send your check with the completed investment application by regular mail to Touchstone Investments, P.O. Box 534467 Pittsburgh, PA 15253-4467, or by overnight mail to Touchstone Investments, c/o BNY Mellon Investment Servicing (US) Inc., Attention: 534467 500 Ross Street, 154-0520 Pittsburgh, PA 15262.

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Your application will be processed subject to your check clearing. If your check is returned for insufficient funds or uncollected funds, you may be charged a fee and you will be responsible for any resulting loss to the Fund.

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You may also open an account through your financial adviser.

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**By wire or Automated Clearing House ("ACH")** 

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You may open an account by purchasing shares by wire or ACH transfer. Call Touchstone Investments at 1.800.543.0407 for wire or ACH instructions.

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Touchstone Securities will not process wire or ACH purchases until it receives a completed investment application.

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There is no charge imposed by the Funds to make a wire or ACH purchase. Your bank, financial intermediary or processing organization may charge a fee to send a wire or ACH purchase to Touchstone Securities.

**Through your financial intermediary** 

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You may invest in certain share classes by establishing an account through financial intermediaries that have appropriate selling agreements with Touchstone Securities.

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Your financial intermediary will act as the shareholder of record of your shares.

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Financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services.

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Financial intermediaries may designate intermediaries to accept purchase and sales orders on the Funds' behalf.

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Your financial intermediaries may receive compensation from the Funds, Touchstone Securities, Touchstone Advisors or their affiliates.

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Before investing in the Funds through your financial intermediary, you should read any materials provided by your financial intermediary together with this prospectus.

**By exchange.** Touchstone Funds may be exchanged pursuant to the exchange rules outlined below:

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Class A shares may be exchanged into Class A shares of any other Touchstone Fund at NAV, although Touchstone Funds that are closed to new investors may not accept exchanges.

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Class C shares may be exchanged into Class C shares of any other Touchstone Fund, although Touchstone Funds that are closed to new investors may not accept exchanges.

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Class Y shares of a Fund are exchangeable for Class Y shares of any other Touchstone Fund, as long as investment minimums and proper selling agreement requirements are met. Class Y shares may be available through financial intermediaries that have appropriate selling agreements with Touchstone Securities, or through "processing organizations" (e.g., mutual fund supermarkets) that purchase shares for their customers. Touchstone Funds that are closed to new investors may not accept exchanges.

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Institutional Class shares of the Funds are exchangeable for Institutional Class shares of any other Touchstone Fund as long as investment minimums and proper selling agreement requirements are met, although Touchstone Funds that are closed to new investors may not accept exchanges.

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Class A, C, Y, and R6 shareholders who are eligible to invest in Institutional Class shares are eligible to exchange their Class A shares, Class C shares, and Class Y shares and Class R6 shares for Institutional Class shares of the same Fund, if offered in their state, and such an exchange can be accommodated by their financial intermediary. Please see the SAI for more information under "Choosing a Class of Shares."

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Class A, C, Y and Institutional shareholders who are eligible to invest in R6 Class shares are eligible to exchange their Class A shares, Class C shares, Class Y shares and Institutional Class shares for R6 shares of the same Fund, if offered in their state and such an exchange can be accommodated by their financial intermediary. Please see the SAI for more information under "Choosing a Class of Shares."

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Class A and Class C shareholders who are eligible to invest in Class Y shares are eligible to exchange their Class A shares and/or Class C shares for Class Y shares of the same Fund, if offered in their state and such an exchange can be accommodated by their financial intermediary.

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Class R6 shares may be exchanged into Class R6 shares of any other Touchstone Fund at NAV, although Touchstone Funds that are closed to new investors may not accept exchanges.

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Class R6 shareholders who are eligible to invest in Institutional Class shares are eligible to exchange their Class R6 shares for Institutional Class shares of the same Fund, if offered in their state and such an exchange can be accommodated by their financial intermediary. Please see the Fund's SAI for more information under "Choosing a Class of Shares."

IMPORTANT INFORMATION ABOUT EXCHANGES: Shares otherwise subject to a CDSC will not be charged a CDSC in an exchange. However, when you redeem the shares acquired through the exchange, the shares you redeem may be subject to a CDSC, depending on when you originally purchased the exchanged shares. For purposes of computing the CDSC, the length of time you have owned your shares will be measured from the date of original purchase and will not be affected by any exchange.

Before making an exchange of your Fund shares, you should carefully review the disclosure provided in the prospectus relating to the Fund into which you are exchanging. Touchstone Funds that are closed to new investors may not accept exchanges. You do not have to pay any exchange fee for your exchange, but if you exchange from a Fund with a lower load schedule to a Fund with a higher load schedule you may be charged the load differential.

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You may realize a taxable gain if you exchange shares of a Fund for shares of another Fund. See "Distributions and Taxes — Federal Income Tax Information" for more information and the federal income tax consequences of such an exchange.

**Through retirement plans.** You may invest in certain Funds through various retirement plans. These include individual retirement plans and employer sponsored retirement plans.

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| | |
|:---|:---|
| **Individual Retirement Plans** | **Employer Sponsored Retirement Plans** |
| ●Traditional IRAs | ●Defined benefit plans |
| ●SIMPLE IRAs | &nbsp;&nbsp; ●Defined contribution plans (including 401(k) plans, <br> profit sharing plans and money purchase plans) |
| ●Spousal IRAs | &nbsp;&nbsp; ●Defined contribution plans (including 401(k) plans, <br> profit sharing plans and money purchase plans) |
| ●Roth IRAs | ●457 plans |
| ●Education IRAs |  |
| ●SEP IRAs |  |

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To determine which type of retirement plan is appropriate for you, please contact your tax adviser.

For further information about any of the plans, agreements, applications and annual fees, contact Touchstone at 1.800.543.0407 or contact your financial intermediary.

**Through a processing organization.** You may also purchase shares of the Funds through a "processing organization," (e.g., a mutual fund supermarket) which is a broker-dealer, bank or other financial institution that purchases shares for its customers.

Some of the Touchstone Funds have authorized certain processing organizations ("Authorized Processing Organizations") to receive purchase and sales orders on their behalf. Before investing in the Funds through a processing organization, you should read any materials provided by the processing organization together with this prospectus. You should also ask the processing organization if they are authorized by Touchstone Securities to receive purchase and sales orders on their behalf. If the processing organization is not authorized, then your purchase order could be rejected which could subject your investment to market risk. When shares are purchased through an Authorized Processing Organization, there may be various differences compared to investing directly with Touchstone Securities. The Authorized Processing Organization may:

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Charge a fee for its services.

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Act as the shareholder of record of the shares.

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Set different minimum initial and additional investment requirements.

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Impose other charges and restrictions.

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Designate intermediaries to accept purchase and sales orders on the Funds' behalf. Touchstone Securities considers a purchase or sales order as received when an Authorized Processing Organization, or its authorized designee, receives the order in proper form.

Shares held through an Authorized Processing Organization may be transferred into your name following procedures established by your Authorized Processing Organization and Touchstone Securities. Certain Authorized Processing Organizations may receive compensation from the Funds, Touchstone Securities, Touchstone Advisors or their affiliates. It is the responsibility of an Authorized Processing Organization to transmit properly completed orders so that they will be received by Touchstone Securities in a timely manner.

**<u>Pricing of Purchases</u>** 

Purchase orders received in proper form by Touchstone Securities, or a financial intermediary, by the close of the regular session of trading on the NYSE, typically 4:00 p.m. Eastern time, or at such other time that the NYSE establishes official closing prices, are processed at that day's public offering price (NAV plus any applicable sales charge). Purchase orders received after the close of the regular session of trading on the NYSE are processed at the public offering price determined on the following Business Day. It is the responsibility of the financial intermediary to transmit orders that will be received by Touchstone Securities in proper form and in a timely manner.

**<u>Adding to Your Account</u>** 

**By check** 

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Complete the investment form provided with a recent account statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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Make your check (drawn on a U.S. bank and payable in U.S. dollars) payable to Touchstone Funds.

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Write your account number on the check.

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Either mail the check with the investment form to (1) Touchstone Securities; or (2) to your financial intermediary at the address printed on your account statement. Your financial adviser or financial intermediary is responsible for forwarding payment promptly to Touchstone Securities.

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If your check is returned for insufficient funds or uncollected funds, you may be charged a fee and you will be responsible for any resulting loss to the Fund.

**Through Touchstone Securities - By telephone or Internet** 

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You can exchange your shares over the telephone by calling Touchstone Securities at 1.800.543.0407, unless you have specifically declined this option. If you do not wish to have this ability, you must mark the appropriate section of the investment application.

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You may also exchange your shares online via the Touchstone Funds' website TouchstoneInvestments.com. You may only sell shares over the telephone or via the Internet if the value of the shares sold is less than or equal to $100,000.

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In order to protect your investment assets, Touchstone Securities will only follow instructions received by telephone that it reasonably believes to be genuine. However, there is no guarantee that the instructions relied upon will always be genuine and Touchstone Securities will not be liable, in those cases. Touchstone Securities has certain procedures to confirm that telephone instructions are genuine. If it does not follow such procedures in a particular case, it may be liable for any losses due to unauthorized or fraudulent instructions. Some of these procedures may include:

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Requiring personal identification.

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Making checks payable only to the owner(s) of the account shown on Touchstone Securities' records.

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Mailing checks only to the account address shown on Touchstone Securities' records.

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Directing wires only to the bank account shown on Touchstone Securities' records.

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Providing written confirmation for transactions requested by telephone.

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Digitally recording instructions received by telephone.

**By wire or ACH** 

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Contact your bank and ask it to wire or ACH funds to Touchstone Securities. Specify your name and account number when remitting the funds.

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Your bank may charge a fee for handling wire transfers. ACH transactions take 2-3 business days but can be transferred from most banks without a fee.

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If you hold your shares directly with Touchstone Securities and have ACH instructions on file for your non-retirement individual or joint account you may initiate a purchase transaction through the Touchstone Funds' website at TouchstoneInvestments.com.

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Purchases in the Funds will be processed at that day's NAV (or public offering price, if applicable) if Touchstone Securities receives a properly executed wire or ACH by the close of the regular session of trading on the NYSE, typically 4:00 p.m. Eastern time or at such other time that the NYSE establishes official closing prices, on a day when the NYSE is open for regular trading.

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Contact Touchstone Securities or your financial intermediary for further instructions.

**By exchange** 

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You may add to your account by exchanging shares from another Touchstone Fund.

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For information about how to exchange shares among the Touchstone Funds, see "Investing in the Funds - By exchange" in this prospectus.

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Exchange transactions can also be initiated for non-retirement individual or joint accounts via the Touchstone Funds' website TouchstoneInvestments.com.

**<u>Purchases with Securities</u>** 

Shares may be purchased by tendering payment in-kind in the form of marketable securities, including but not limited to, shares of common stock, provided the acquisition of such securities is consistent with the applicable Fund's investment goal and is otherwise acceptable to Touchstone Advisors. Transactions of this type are generally a taxable transaction. Shareholders should consult with their particular tax adviser regarding their personal tax situation.

**<u>Automatic Investment Options</u>** 

The various ways that you can automatically invest in the Funds are outlined below. Touchstone Securities does not charge any fees for these services. For further details about these services, call Touchstone Securities at 1.800.543.0407. If you hold your shares through a financial intermediary such as a broker dealer, please contact that firm directly for further details on automatic investment options available for your account.

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**Automatic Investment Plan.** If you hold your shares directly with the Fund, you can pre-authorize monthly investments in a Fund of $50 or more to be processed electronically from a checking or savings account. You will need to complete the appropriate section in the investment application or special account options to do this. Amounts that are automatically invested in a Fund will not be available for redemption until three business days after the automatic reinvestment.

**Reinvestment/Cross Reinvestment.** If you hold your shares directly with the Fund, dividends and capital gains can be automatically reinvested in the Fund that pays them or in another Touchstone Fund within the same class of shares without a fee or sales charge. If you select to reinvest your dividends and capital gains, dividends and capital gains will be automatically reinvested in the Fund that pays them, unless you indicate otherwise on your investment application. You may also choose to have your dividends or capital gains paid to you in cash if such amounts are greater than $25; lesser amounts will be automatically reinvested in the Fund. Dividends are taxable for federal income tax purposes whether you reinvest such dividends in additional shares of a Fund or choose to receive cash. If you elect to receive dividends and distributions in cash for a non–retirement account and the payment (1) is returned and marked as "undeliverable" or (2) is not cashed for six months, your cash election will be changed automatically and future dividends will be reinvested in the Fund at the per share NAV determined as of the payable date. In addition, any undeliverable checks from non-retirement accounts will be deposited into an account for potential escheatment to your state of residence. Checks from open non-retirement accounts that are not cashed for six months will be cancelled and then reinvested in the Fund at the per share NAV determined as of the date of cancellation, which may be higher or lower than the NAV at which your shares were initially redeemed. Otherwise, no action will be taken regarding undeliverable or uncashed checks.

**Direct Deposit Purchase Plan.** You may automatically invest Social Security checks, private payroll checks, pension payouts or any other pre-authorized government or private recurring payments in the Touchstone Funds.

**Dollar Cost Averaging.** Our dollar cost averaging program allows you to diversify your investments by investing the same amount on a regular basis. You can set up periodic automatic exchanges of at least $50 from one Touchstone Fund to any other. The applicable sales charge, if any, will be assessed.

**<u>Selling Your Shares</u>** 

If you elect to receive your redemption proceeds from a non–retirement account in cash, the payment is not cashed for six months and the account remains open, the redemption check will be cancelled and then reinvested in the Fund at the per share NAV determined as of the date of cancellation, which may be higher or lower than the NAV at which your shares were initially redeemed. Otherwise, no action will be taken.

**Through Touchstone Securities - By telephone or Internet** 

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You can sell your shares over the telephone by calling Touchstone Securities at 1.800.543.0407, unless you have specifically declined this option. If you do not wish to have this ability, you must mark the appropriate section of the investment application.

<sup>●</sup>

You may also sell your shares online via the Touchstone Funds' website: TouchstoneInvestments.com.

<sup>●</sup>

You may sell shares over the telephone or via the Internet only if the value of the shares sold is less than or equal to $100,000.

<sup>●</sup>

If we receive your sale request by the close of the regular session of trading on the NYSE, typically 4:00 p.m., Eastern time or at such other time that the NYSE establishes official closing prices, on a day when the NYSE is open for regular trading, the sale of your shares will be processed at the next determined NAV on that Business Day. Otherwise it will occur on the next Business Day.

<sup>●</sup>

Interruptions in telephone or Internet service could prevent you from selling your shares when you want to. When you have difficulty making telephone or Internet sales, you should mail to Touchstone Securities (or send by overnight delivery) a written request for the sale of your shares.

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In order to protect your investment assets, Touchstone Securities will only follow instructions received by telephone or online that it reasonably believes to be genuine. However, there is no guarantee that the instructions relied upon will always be genuine and Touchstone Securities will not be liable, in those cases as long as Touchstone Securities has followed established procedures to confirm that telephone and/or internet trade instructions are genuine. If it does not follow such procedures in a particular case, it may be liable for any losses due to unauthorized or fraudulent instructions. Some of these procedures may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Requiring personal identification details to validate identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Making checks payable only to the owner(s) of the account shown on Touchstone Securities' records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Mailing checks only to the account address shown on Touchstone Securities' records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Directing wires or ACH payments only to the bank account shown on Touchstone Securities' records.

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Providing written confirmation for transactions requested by telephone or internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Digitally recording instructions received by telephone and/or internet.

**Through Touchstone Securities - By mail** 

<sup>●</sup>

Write to Touchstone Securities, P.O. Box 534467 Pittsburgh, PA 15253-4467.

<sup>●</sup>

Indicate the number of shares or dollar amount to be sold.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Include your name and account number.

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Sign your request exactly as your name appears on your investment application.

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You may be required to have your signature guaranteed. (See "Signature Guarantees" in this prospectus for more information).

**Through Touchstone Securities - By wire** 

<sup>●</sup>

Complete the appropriate information on the investment application.

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If your proceeds are $1,000 or more, you may request that Touchstone Securities wire them to your bank account.

<sup>●</sup>

You may be charged a fee of up to $15 for wiring redemption proceeds. You may also be charged an additional fee by your bank or financial intermediary. Certain institutional shareholders who trade daily are not charged wire redemption fees.

<sup>●</sup>

Your redemption proceeds may be deposited directly into your bank account through an ACH transaction. There is no fee imposed by the Funds for ACH transactions, however, you may be charged a fee by your bank to receive an ACH transaction. Contact Touchstone Securities for more information.

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If you hold your shares directly with Touchstone Securities and have ACH or wire instructions on file for your non-retirement account you may transact through the Touchstone Funds' website at TouchstoneInvestments.com.

**Through Touchstone Securities - Through a systematic withdrawal plan** 

<sup>●</sup>

You may elect to receive, or send to a third party, withdrawals of $50 or more if your account value is at least $5,000.

<sup>●</sup>

Systematic withdrawals can be made monthly, quarterly, semiannually or annually.

<sup>●</sup>

There is no fee for this service.

<sup>●</sup>

There is no minimum account balance required for retirement plans.

**Through your financial intermediary** 

<sup>●</sup>

You may also sell shares by contacting your financial intermediary, which may charge you a fee for this service. Shares held in street name must be sold through your financial intermediary

<sup>●</sup>

Your financial intermediary is responsible for making sure that sale requests are transmitted to Touchstone Securities in proper form and in a timely manner.

<sup>●</sup>

Your financial intermediary may charge you a fee for selling your shares.

<sup>●</sup>

Redemption proceeds will only be sent to your account at the financial intermediary.

**Investor Alert:** Unless otherwise specified, proceeds will be sent to the record owner at the address shown on Touchstone Securities' records.

**<u>Pricing of Redemptions</u>** 

Redemption orders received in proper form by Touchstone Securities, an Authorized Processing Organization, or a financial intermediary, by the close of the regular session of trading on the NYSE, generally 4:00 p.m. Eastern time, are processed at that day's NAV. Redemption orders received after the close of the regular session of trading on the NYSE are processed at the NAV determined on the following business day. It is the responsibility of the financial intermediary or Authorized Processing Organization to transmit orders that will be received by Touchstone Securities in proper form and in a timely manner.

**<u>Contingent Deferred Sales Charge ("CDSC")</u>** 

If you purchase $1 million or more in Touchstone equity fund Class A shares at NAV or $500,000 or more in Touchstone fixed income fund Class A shares at NAV and a commission was paid by Touchstone Securities to a participating broker dealer, a CDSC of up to 1.00% or 0.50%, respectively, may be charged on redemptions made within 1 year of your purchase. Additionally, when an upfront commission is paid to a participating broker dealer on transactions of $1 million or more in Touchstone equity fund Class A shares or $500,000 or more in Touchstone fixed income fund Class A shares, the Fund will withhold any 12b-1 fee for the first 12 months following the purchase date. If you redeem Class C shares within 12 months of your purchase, a CDSC of 1.00% will be charged.

The CDSC will not apply to redemptions of shares you received through reinvested dividends or capital gains distributions and may be waived under certain circumstances described below. The CDSC will be assessed on the lesser of your shares' NAV at the time of redemption or the time of purchase. The CDSC is paid to Touchstone Securities to reimburse expenses incurred in providing distribution-related services to the Funds.

All sales charges imposed on redemptions are paid to Touchstone Securities. In determining whether the CDSC is payable, it is assumed that shares not subject to the CDSC are the first redeemed followed by other shares held for the longest period of time. The CDSC will not be imposed upon shares representing reinvested dividends or capital gains distributions, or upon amounts representing share appreciation.

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No CDSC is applied if:

<sup>●</sup>

The redemption is due to the death or post-purchase disability of a shareholder. Touchstone Securities may require documentation prior to waiver of the charge.

<sup>●</sup>

Any partial or complete redemption following death or disability (as defined in the Internal Revenue Code of 1986, as amended (the "Code") of a shareholder (including one who owns the shares with his or her spouse as a joint tenant with rights of survivorship) from an account in which the deceased or disabled is named. Touchstone Securities may require documentation prior to waiver of the charge, including death certificates, physicians' certificates, etc.

<sup>●</sup>

*Redemptions from a systematic withdrawal plan.* The CDSC will be waived if the systematic withdrawal plan is based on a fixed dollar amount or number of shares, and systematic withdrawal redemptions are limited to no more than 10% of your account value or number of shares per year, as of the date the transfer agent receives your request. If the systematic withdrawal plan must be based on a fixed percentage of your account value, each redemption is limited to an amount that would not exceed 10% of your annual account value at the time of withdrawal.

<sup>●</sup>

*Redemptions from retirement plans qualified under Section 401 of the Code.* The CDSC will be waived for benefit payments made by Touchstone Securities directly to plan participants. Benefit payments will include, but are not limited to, payments resulting from death, disability, retirement, separation from service, required minimum distributions (as described under Section 401(a)(9) of the Code), in-service distributions, hardships, loans and qualified domestic relations orders. The CDSC waiver will not apply in the event of termination of the plan or transfer of the plan to another financial intermediary.

<sup>●</sup>

The redemption is for a mandatory withdrawal from a traditional IRA account after reaching the qualified age based on applicable IRS regulations.

The above mentioned CDSC waivers do not apply to Class A share redemptions made within one year of the date of purchase where a Finder's Fee was paid. The SAI contains further details about the CDSC and the conditions for waiving the CDSC. Please see Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

**<u>Signature Guarantees</u>** 

Some circumstances may require that your request to sell shares be made in writing accompanied by an original Medallion Signature Guarantee. A Medallion Signature Guarantee helps protect you against fraud. You can obtain one from many banks or securities dealers, but not from a notary public. Each Fund reserves the right to require a signature guarantee for any request related to your account including, but not limited to:

<sup>●</sup>

Proceeds to be paid when information on your account has been changed within the last 30 days (including a change in your name or your address, or the name or address of a payee).

<sup>●</sup>

Proceeds are being sent to an address other than the address of record.

<sup>●</sup>

Proceeds or shares are being sent/transferred from unlike registrations such as a joint account to an individual's account.

<sup>●</sup>

Sending proceeds via wire or ACH when bank instructions have been added or changed within 30 days of your redemption request.

<sup>●</sup>

Proceeds or shares are being sent/transferred between accounts with different account registrations.

**<u>Market Timing Policy</u>** 

Market timing or excessive trading in accounts that you own or control may disrupt portfolio investment strategies, may increase brokerage and administrative costs, and may negatively impact investment returns for all shareholders, including long- term shareholders who do not generate these costs. The Funds will take reasonable steps to discourage excessive short-term trading and will not knowingly accommodate frequent purchases and redemptions of Fund shares by shareholders. The Board of Trustees has adopted the following policies and procedures with respect to market timing of the Funds by shareholders. The Funds will monitor selected trades on a daily basis in an effort to deter excessive short-term trading. If a Fund has reason to believe that a shareholder has engaged in excessive short-term trading, the Fund may ask the shareholder to stop such activities, or restrict or refuse to process purchases or exchanges in the shareholder's accounts. While a Fund cannot assure the prevention of all excessive trading and market timing, by making these judgments the Fund believes it is acting in a manner that is in the best interests of its shareholders. However, because the Funds cannot prevent all market timing, shareholders may be subject to the risks described above.

Generally, a shareholder may be considered a market timer if he or she has (i) requested an exchange or redemption out of any of the Touchstone Funds within 2 weeks of an earlier purchase or exchange request into any Touchstone Fund, or (ii) made more than 2 "round-trip" exchanges within a rolling 90 day period. A "round-trip" exchange occurs when a shareholder exchanges from one Touchstone Fund to another Touchstone Fund and back to the original Touchstone Fund. If a shareholder exceeds these limits, the Funds may restrict or

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suspend that shareholder's exchange privileges and subsequent exchange requests during the suspension will not be processed. The Funds may also restrict or refuse to process purchases by the shareholder. These exchange limits and excessive trading policies generally do not apply to systematic purchases and redemptions.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. If a Fund identifies excessive trading in such an account, the Fund may instruct the intermediary to restrict the investor responsible for the excessive trading from further trading in the Fund. In accordance with Rule 22c-2 under the 1940 Act, the Funds have entered into information sharing agreements with certain financial intermediaries. Under these agreements, a financial intermediary is obligated to: (1) enforce during the term of the agreement, the Funds' market-timing policy; (2) furnish the Funds, upon their request, with information regarding customer trading activities in shares of the Funds; and (3) enforce the Funds' market-timing policy with respect to customers identified by the Funds as having engaged in market timing. When information regarding transactions in the Funds' shares is requested by a Fund and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Funds have an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds apply these policies and procedures uniformly to all shareholders believed to be engaged in market timing or excessive trading. The Funds have no arrangements to permit any investor to trade frequently in shares of the Funds, nor will they enter into any such arrangements in the future.

**<u>Householding Policy (only applicable for shares held directly through Touchstone Securities)</u>** 

Each Fund you invest in will send one copy of its prospectus and shareholder reports to households containing multiple shareholders with the same last name. This process, known as "householding", reduces costs and provides a convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate prospectuses and shareholder reports, call Touchstone Investments at 1.800.543.0407 and we will begin separate mailings to you within 30 days of your request. If you or others in your household invest in the Funds through a financial intermediary, you may receive separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment application.

In addition, eDelivery is available for statements, confirms, prospectuses and shareholder reports for shareholders holding accounts directly with Touchstone Securities, please contact Shareholder Services at 1.800.534.0407 for more information. If you hold your account through a Broker Dealer or Financial Intermediary please contact them directly to inquire about eDelivery opportunities.

**<u>Receiving Sale Proceeds</u>** 

Touchstone Securities will forward the proceeds of your sale to you (or to your financial intermediary) within 7 days (normally within 3 business days) after receipt of a proper request. Under normal conditions, each Fund typically expects to meet redemption requests through the use of the Fund's holdings of cash or cash equivalents, lines of credit, an interfund loan (as discussed in the SAI) or by selling other Fund assets. A redemption-in-kind may be used under certain circumstances and is discussed below in more detail.

**Proceeds Sent to Financial Intermediaries or Authorized Processing Organization or Financial Institutions.** Proceeds that are sent to your Authorized Processing Organization or financial intermediary will not usually be reinvested for you unless you provide specific instructions to do so. Therefore, the financial adviser, Authorized Processing Organization or financial institution may benefit from the use of your money.

**Fund Shares Purchased by Check (only applicable for shares held directly through Touchstone Securities).** We may delay the processing and payment of redemption proceeds for shares you recently purchased by check until your check clears, which may take up to 15 days. If you believe you may need your money sooner, you should purchase shares by bank wire.

**Reinstatement Privilege (Classes A and C shares only).** You may, within 90 days of redemption, including redemption proceeds reinvested from an unaffiliated money market fund, reinvest all or part of your sale proceeds by sending a written request and a check to Touchstone Securities. If the redemption proceeds were from the sale of Class A shares and the sales load that you incurred on the initial purchase is less than the sales charge for the Fund in which you are reinvesting, you will incur a sales charge representing the difference. Reinvestment will be at the NAV next calculated after Touchstone Securities receives your request. If the reinvestment proceeds were from the sale of your Class C shares, you can reinvest those proceeds into Class C shares of any Touchstone Fund. If you paid a CDSC on the reinstated amount, that CDSC will be reimbursed to you upon reinvestment. For federal income tax purposes, an exchange of Fund shares is treated as the sale of the shares of one Fund and the purchase of the shares of the other Fund. As a result, the exchange may result in a tax consequence if you have a capital gain or loss in the Fund shares you are selling.

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**Low Account Balances (only applicable for shares held directly through Touchstone Securities).** If your balance falls below the minimum amount required for your account, based on actual amounts you have invested (as opposed to a reduction from market changes), Touchstone Securities may sell your shares and send the proceeds to you. This involuntary sale does not apply to retirement accounts or custodian accounts under the UGTMA. Touchstone Securities will notify you if your shares are about to be sold and you will have 30 days to increase your account balance to the minimum amount.

**Delay of Payment.** It is possible that the payment of your sale proceeds could be postponed or your right to sell your shares could be suspended during certain circumstances. These circumstances can occur:

<sup>●</sup>

When the NYSE is closed on days other than customary weekends and holidays;

<sup>●</sup>

When trading on the NYSE is restricted; or

<sup>●</sup>

During any other time when the SEC, by order, permits.

**Redemption in-Kind.** Under certain circumstances (such as a market emergency), when the Board of Trustees deems it appropriate, a Fund may make payment for shares redeemed in portfolio securities of the Fund taken at current value in order to meet redemption requests. Shareholders may incur transaction and brokerage costs when they sell these portfolio securities. Until such time as the shareholder sells the securities they receive in-kind, the securities are subject to market risk. Redemptions in-kind are taxable for federal income tax purposes in the same manner as redemptions for cash. The Funds may also process as a redemption in-kind certain Fund shares redeemed by ReFlow or other large institutional investors.

**<u>Pricing of Fund Shares</u>** 

Each Fund's share price (also called "NAV") and public offering price (NAV plus a sales charge, if applicable) is determined as of the close of regular trading (typically 4:00 p.m., Eastern time or at such other time that the NYSE establishes official closing prices) every day the NYSE is open. Each Fund calculates its NAV per share for each class, generally using market prices, by dividing the total value of its net assets by the number of shares outstanding.

The Funds' equity investments are valued based on market value or, if no market value is available, based on fair value as determined by the Adviser, which has been designated by the Board as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Adviser as the valuation designee may use pricing services to determine market value for investments. Some specific pricing strategies follow:

<sup>●</sup>

All short-term dollar-denominated investments that mature in 60 days or less may be valued on the basis of amortized cost which the Adviser as the valuation designee has determined as fair value.

<sup>●</sup>

Securities mainly traded on a U.S. exchange are valued at the last sale price on that exchange or, if no sales occurred during the day, at the last quoted bid price.

Any foreign securities held by a Fund will be priced as follows:

<sup>●</sup>

All assets and liabilities initially expressed in foreign currency values will be converted into U.S. dollar values.

<sup>●</sup>

Securities mainly traded on a non-U.S. exchange are generally valued according to the preceding closing values on that exchange. However, if an event that may change the value of a security occurs after the time that the closing value on the non-U.S. exchange was determined, but before the close of regular trading on the NYSE, the security may be priced based on fair value. This may cause the value of the security on the books of the Fund to be significantly different from the closing value on the non-U.S. exchange and may affect the calculation of the NAV.

<sup>●</sup>

Because portfolio securities that are primarily listed on a non-U.S. exchange may trade on weekends or other days when a Fund does not price its shares, a Fund's NAV may change on days when shareholders will not be able to buy or sell shares.

Securities held by a Fund that do not have readily available market quotations are priced at their fair value using procedures established by the Adviser and adopted by the Board. Any debt securities held by a Fund for which market quotations are not readily available are generally priced at their most recent bid prices as obtained from one or more of the major market makers for such securities. The Funds may use fair value pricing under the following circumstances, among others:

<sup>●</sup>

If the validity of market quotations is deemed to be not reliable.

<sup>●</sup>

If the value of a security has been materially affected by events occurring before the Fund's pricing time but after the close of the primary markets on which the security is traded.

<sup>●</sup>

If a security is so thinly traded that reliable market quotations are unavailable due to infrequent trading.

<sup>●</sup>

If the exchange on which a portfolio security is principally traded closes early or if trading in a particular portfolio security was halted during the day and did not resume prior to the Fund's NAV calculation.

The use of fair value pricing has the effect of valuing a security based upon the price a Fund might reasonably expect to receive if it sold that security but does not guarantee that the security can be sold at the fair value price. The Funds have established fair value policies and procedures that delegate fair value responsibilities to the Adviser, as the Fund's valuation designee. These policies and procedures outline

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the fair value method for the Adviser. The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. With respect to any portion of a Fund's assets that is invested in other mutual funds, that portion of the Fund's NAV is calculated based on the NAV of that mutual fund. The prospectus for the other mutual fund explains the circumstances and effects of fair value pricing for that mutual fund.

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DISTRIBUTIONS AND TAXES

Each Fund intends to distribute to its shareholders substantially all of its net investment income and capital gains. Dividends, if any, of net investment income are declared and paid annually by all Funds except the Balanced Fund, the Value Fund and the Core Municipal Bond Fund. Dividends, if any, of net investment income are declared and paid quarterly by the Balanced Fund and the Value Fund. Dividends, if any, of net investment income are declared daily and paid monthly by the Core Municipal Bond Fund. If you own shares on a Fund's distribution record date, you will be entitled to receive the distribution.

Each Fund makes distributions of capital gains, if any, at least annually. If you own shares on a Fund's distribution record date, you will be entitled to receive the distribution.

You will receive income dividends and distributions of capital gains in the form of additional Fund shares unless you elect to receive payment in cash. Cash payments will only be made for amounts equal to or exceeding $25; for amounts less than $25, the dividends and distributions will be automatically reinvested in the paying Fund and class. To elect cash payments, you must notify the Funds in writing or by phone prior to the date of distribution. Your election will be effective for dividends and distributions paid after we receive your notice. To cancel your election, simply send written notice to Touchstone Investments, P.O. Box 534467, Pittsburgh, PA 15253-4467, or by overnight mail to Touchstone Investments, c/o BNY Mellon Investment Servicing (US) Inc., Attention: 534467 500 Ross Street, 154-0520 Pittsburgh, PA 15262, or call Touchstone Securities at 1.800.543.0407. If you hold your shares through a financial institution, you must contact the institution to elect cash payment. If you elect to receive dividends and distributions in cash and the payment (1) is returned and marked as "undeliverable" or (2) is not cashed for six months, your cash election will be changed automatically and future dividends will be reinvested in the Fund at the per share NAV determined as of the date of payment.

Dividends and other distributions of each Fund other than Core Municipal Bond Fund, are taxable to shareholders (other than retirement plans and other tax-exempt investors) whether received in cash or reinvested in additional shares of the Fund. Core Municipal Bond Fund intends to distribute tax-exempt income, but a portion of its distributions may be subject to federal income tax. A dividend or distribution paid by a Fund has the effect of reducing the NAV per share on the ex-dividend date by the amount of the dividend or distribution. A dividend or distribution declared shortly after a purchase of shares by an investor would, therefore, represent, in substance, a return of capital to the shareholder with respect to such shares even though it would be subject to federal income taxes.

For most shareholders, a statement will be sent to you within 45 days after the end of each year detailing the federal income tax status of your distributions. Please see "Federal Income Tax Information" below for more information on the federal income tax consequences of dividends and other distributions made by a Fund.

**<u>Federal Income Tax Information</u>**

The tax information in this prospectus is provided only for general information purposes for U.S. taxpayers and should not be considered as tax advice or relied on by a shareholder or prospective investor.

**General.** The Funds intend to qualify annually to be treated as regulated investment companies ("RICs") under Subchapter M of Chapter 1, Subtitle A of the Code. As such, the Funds will not be subject to federal income taxes on the earnings they distribute to shareholders provided they satisfy certain requirements and restrictions of the Code, one of which is to distribute to a Fund's shareholders substantially all of the Fund's net investment income and net short-term capital gains each year. If for any taxable year a Fund fails to qualify as a RIC: (1) it will be subject to tax in the same manner as an ordinary corporation and thus will be subject to federal income tax at the corporate tax rate; and (2) distributions from its earnings and profits (as determined under federal income tax principles) will be taxable as ordinary dividend income and generally eligible for the dividends-received deduction for corporate shareholders and for "qualified dividend income" treatment for non-corporate shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying for RIC treatment.

**Distributions.** Your Fund will make distributions to you that may be taxed as ordinary income or capital gains or, in the case of the Touchstone Core Municipal Bond Fund, may qualify as exempt interest income. The dividends and distributions you receive may be subject to federal, foreign, state and local taxation, depending upon your tax situation. Distributions, other than exempt-interest dividends, are taxable whether you reinvest such distributions in additional shares of the Fund or choose to receive cash. Taxable Fund distributions are taxable to a shareholder even if the distributions are paid from income or gains earned by a Fund prior to the shareholder's investment and, thus, were included in the price the shareholder paid for the shares. For example, a shareholder who purchases shares on or just before the record date of a Fund distribution will pay full price for the shares and may receive a portion of the investment back as a taxable distribution. Distributions declared by a Fund during October, November or December to shareholders of record during such month and paid by January 31 of the following year are treated for federal income tax purposes as if received by shareholders and paid by the Fund on December 31 of the year in which the distribution was declared.

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**Ordinary Income.** Net investment income, except for qualified dividend income and income designated as tax-exempt, and short-term capital gains that are distributed to you are taxable as ordinary income for federal income tax purposes regardless of how long you have held your Fund shares. Certain dividends distributed to non-corporate shareholders and designated by a Fund as "qualified dividend income" are eligible for the long-term capital gains rate, provided certain holding period and other requirements are satisfied.

**Exempt Interest Income.** Touchstone Core Municipal Bond Fund intends to meet certain federal tax requirements so that distributions of the tax-exempt interest it earns may be treated as "exempt-interest dividends." However, any portion of exempt-interest dividends attributable to interest on private activity bonds may increase certain shareholders' alternative minimum tax.

**Net Capital Gains.** Net capital gains (i.e., the excess of net long-term capital gains over net short-term capital losses) distributed to you, if any, are taxable as long-term capital gains for federal income tax purposes regardless of how long you have held your Fund shares.

**Sale or Exchange of Shares.** It is a taxable event for you if you sell shares of a Fund or exchange shares of a Fund for shares of another Touchstone Fund. Depending on the purchase price and the sale price of the shares you sell or exchange, you may have a taxable gain or loss on the transaction. Any realized gain or loss, generally, will be a capital gain or loss, assuming you held the shares of the Fund as a capital asset. The capital gain will be long-term or short-term depending on how long you have held your shares in the Fund. Sales of shares of a Fund that you have held for twelve months or less will be a short-term capital gain or loss and if held for more than twelve months will constitute a long-term capital gain or loss. Any loss realized by a shareholder on a disposition of shares held for six months or less will be treated as a long-term capital loss to the extent of any distributions of capital gain dividends received by the shareholder and disallowed to the extent of any distributions of exempt-interest dividends, if any, received by the shareholder with respect to such shares, unless the Fund declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis.

**Returns of Capital.** If a Fund makes a distribution in excess of its current and accumulated earnings and profits, the excess will be treated as a return of capital to the extent of a shareholder's basis in his or her shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.

**Backup Withholding.** A Fund (or a financial intermediary, such as a broker, through which a shareholder holds Fund shares) may be required to withhold U.S. federal income tax on all distributions and sales proceeds payable to shareholders who fail to provide their correct taxpayer identification number or to make required certifications, or who have been notified by the Internal Revenue Service (the "IRS") that they are subject to backup withholding.

**Medicare Tax.** An additional 3.8% Medicare tax is imposed on certain net investment income (including dividends and distributions received from a Fund, other than exempt-interest dividends, and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

**Foreign Taxation.** Income received by a Fund from sources within foreign countries may be subject to foreign withholding and other taxes. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of a Fund's total assets at the close of any taxable year consist of stock or securities of foreign corporations, or if a Fund is a qualified fund-of-funds (i.e., a RIC that invests at least 50% of its total assets in other RICs at the close of each quarter of its taxable year), and the Fund meets the distribution requirements described above, such Fund may file an election (the "pass-through election") with the IRS pursuant to which shareholders of the Fund would be required to (i) include in gross income (in addition to taxable dividends actually received) their pro rata shares of foreign income taxes paid by the Fund, or in the case of a qualified fund of funds, such taxes paid by an underlying fund that has made the pass-through election, even though not actually received by such shareholders; and (ii) treat such respective pro rata portions as foreign income taxes paid by them. Each Fund making a pass-through election will furnish its shareholders with a written statement providing the amount of foreign taxes paid by the Fund that will "pass-through" for the year, if any.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of a Fund's income will flow through to shareholders. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by a Fund. Various limitations, including a minimum holding period requirement, apply to limit the credit and deduction for foreign taxes for purposes of regular federal income tax and alternative minimum tax.

**Non-U.S. Shareholders.** Non-U.S. shareholders may be subject to U.S. tax as a result of an investment in a Fund. This prospectus does not discuss the U.S. or foreign tax consequences of an investment by a non-U.S. shareholder in a Fund. Accordingly, non-U.S. shareholders are advised to consult their own tax advisers as to the U.S. and foreign tax consequences of an investment in a Fund.

**Statements and Notices.** You will receive an annual statement outlining the tax status of your distributions. You may also receive written notices of certain foreign taxes paid by a Fund during the prior taxable year.

------

**Important Tax Reporting Considerations.** The Funds are required to report cost basis and holding period information to both the IRS and shareholders for gross proceeds from the sales of Fund shares purchased on or after January 1, 2012 ("covered shares"). This information is reported on Form 1099-B. The average cost method will be used to determine the cost basis of covered shares unless the shareholder instructs a Fund in writing that the shareholder wants to use another available method for cost basis reporting (for example, First In, First Out (FIFO), Last In, First Out (LIFO), Specific Lot Identification (SLID) or High Cost, First Out (HIFO)). If the shareholder designates SLID as the shareholder's tax cost basis method, the shareholder will also need to designate a secondary cost basis method (Secondary Method). If a Secondary Method is not provided, a Fund will designate FIFO as the Secondary Method and will use the Secondary Method with respect to systematic withdrawals. If you hold shares of a Fund through a financial intermediary, the financial intermediary will be responsible for this reporting and the financial intermediary's default cost basis method may apply. Please consult your tax adviser for additional information regarding cost basis reporting and your situation.

Redemptions by S corporations of covered shares are required to be reported to the IRS on Form 1099-B. If a shareholder is a corporation and has not instructed the Fund that it is a C corporation in its Account Application or by written instruction, the Fund will treat the shareholder as an S corporation and file a Form 1099-B.

**This section is only a summary of some important federal income tax considerations that may affect your investment in a Fund. More information regarding these considerations is included in the Funds' SAI. You are urged and advised to consult your own tax adviser regarding the effects of an investment in a Fund on your tax situation, including the application of foreign, state, local and other tax laws to your particular situation.** 

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FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five years, or if shorter, the period of each Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in a Fund, assuming reinvestment of all dividends and distributions. The financial highlights for each Fund were audited by Ernst & Young LLP, an independent registered public accounting firm, whose report, along with each Fund's financial statements and related notes, is included in the Funds' June 30, 2025 [Form N-CSR.](https://www.sec.gov/ix?doc=/Archives/edgar/data/711080/000110465925085173/tm2523880d3_ncsr.htm)

You can obtain a Fund's most recent annual report, semi-annual report or Form N-CSR at no charge by calling 1.800.543.0407 or by downloading a copy from the Touchstone Investments website at: TouchstoneInvestments.com/Resources. The Form N-CSR has been incorporated by reference into the SAI.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** | **Touchstone Balanced Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>| **Portfolio**<br> **turnover**<br> **rate**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $21.61 | $0.16 <br><sup>(3)</sup><br>| $5.47 | $5.63 | $(0.15)<br>| $(1.57)<br>| $(1.72)<br>| $25.52 | 26.92<br> %<br>| $322009 | 1.01<br> %<br>| 1.03<br> %<br>| 0.66<br> %<br>| 60<br> %<br>|
| 06/30/22 | 25.52 | 0.14 <br><sup>(3)</sup><br>| (3.42)<br>| (3.28)<br>| (0.15)<br>| (0.61)<br>| (0.76)<br>| 21.48 | (13.32)<br>| 521933 | 0.99 | 0.99 | 0.54 | 92 <br><sup>(4)(5)</sup><br>|
| 06/30/23 | 21.48 | 0.28 | 2.66 | 2.94 | (0.28)<br>|  | (0.28)<br>| 24.14 | 13.81 | 541895 | 1.02 | 1.02 | 1.24 | 57 <br><sup>(4)</sup><br>|
| 06/30/24 | 24.14 | 0.37 | 2.56 | 2.93 | (0.35)<br>|  | (0.35)<br>| 26.72 | 12.22 | 579513 | 1.01 | 1.01 | 1.47 | 70 |
| 06/30/25 | 26.72 | 0.40 | 2.74 | 3.14 | (0.41)<br>| (0.13)<br>| (0.54)<br>| 29.32 | 11.83 | 597055 | 0.99 | 0.99 | 1.43 | 82 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $21.72 | $(0.03 )<sup>(3)</sup><br>| $5.49 | $5.46 | $(0.02)<br>| $(1.57)<br>| $(1.59)<br>| $25.59 | 25.93<br> %<br>| $65455 | 1.78<br> %<br>| 1.81<br> %<br>| (0.11)%<br>| 60<br> %<br>|
| 06/30/22 | 25.59 | (0.05 )<sup>(3)</sup><br>| (3.42)<br>| (3.47)<br>|  | (0.61)<br>| (0.61)<br>| 21.51 | (13.96)<br>| 73906 | 1.75 | 1.75 | (0.22)<br>| 92 <br><sup>(4)(5)</sup><br>|
| 06/30/23 | 21.51 | 0.10 | 2.68 | 2.78 | (0.11)<br>|  | (0.11)<br>| 24.18 | 12.95 | 73893 | 1.78 | 1.78 | 0.48 | 57 <br><sup>(4)</sup><br>|
| 06/30/24 | 24.18 | 0.16 | 2.58 | 2.74 | (0.15)<br>|  | (0.15)<br>| 26.77 | 11.38 | 72104 | 1.77 | 1.77 | 0.71 | 70 |
| 06/30/25 | 26.77 | 0.18 | 2.73 | 2.91 | (0.19)<br>| (0.13)<br>| (0.32)<br>| 29.36 | 10.92 | 73772 | 1.76 | 1.76 | 0.65 | 82 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $21.43 | $0.20 <br><sup>(3)</sup><br>| $5.41 | $5.61 | $(0.19)<br>| $(1.57)<br>| $(1.76)<br>| $25.28 | 27.12<br> %<br>| $197877 | 0.81<br> %<br>| 0.81<br> %<br>| 0.86<br> %<br>| 60<br> %<br>|
| 06/30/22 | 25.28 | 0.18 <br><sup>(3)</sup><br>| (3.38)<br>| (3.20)<br>| (0.19)<br>| (0.61)<br>| (0.80)<br>| 21.28 | (13.13)<br>| 155159 | 0.79 <br><sup>(6)</sup><br>| 0.75 | 0.74 | 92 <br><sup>(4)(5)</sup><br>|
| 06/30/23 | 21.28 | 0.32 | 2.64 | 2.96 | (0.33)<br>|  | (0.33)<br>| 23.91 | 14.06 | 197245 | 0.79 | 0.79 | 1.47 | 57 <br><sup>(4)</sup><br>|
| 06/30/24 | 23.91 | 0.42 | 2.55 | 2.97 | (0.41)<br>|  | (0.41)<br>| 26.47 | 12.51 | 265024 | 0.78 | 0.78 | 1.69 | 70 |
| 06/30/25 | 26.47 | 0.46 | 2.70 | 3.16 | (0.47)<br>| (0.13)<br>| (0.60)<br>| 29.03 | 12.04 | 290178 | 0.77 | 0.77 | 1.65 | 82 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(7)</sup> <br>| $26.15 | $0.13 <br><sup>(3)</sup><br>| $(4.22)<br>| $(4.09)<br>| $(0.18)<br>| $(0.61)<br>| $(0.79)<br>| $21.27 | (16.08 )%<sup>(8)</sup><br>| $112 | 0.64 %<sup>(9)</sup><br>| 33.98 %<sup>(9)</sup><br>| 0.89 %<sup>(9)</sup><br>| 92 %<sup>(4)(5)</sup><br>|
| 06/30/23 | 21.27 | 0.35 | 2.64 | 2.99 | (0.36)<br>|  | (0.36)<br>| 23.90 | 14.23 | 128 | 0.65 | 6.11 | 1.61 | 57 <br><sup>(4)</sup><br>|
| 06/30/24 | 23.90 | 0.44 | 2.55 | 2.99 | (0.44)<br>|  | (0.44)<br>| 26.45 | 12.63 | 110 | 0.64 | 6.94 | 1.83 | 70 |
| 06/30/25 | 26.45 | 0.49 | 2.71 | 3.20 | (0.51)<br>| (0.13)<br>| (0.64)<br>| 29.01 | 12.20 | 4167 | 0.63 | 1.13 | 1.78 | 82 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

<sup>(2)</sup> *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01% for the year ended June 30, 2023.*

<sup>(3)</sup> *The net investment income (loss) per share was based on average shares outstanding for the period.*

<sup>(4)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.*

<sup>(5)</sup> *Portfolio turnover excludes the purchases and sales of securities by the AIG Asset Allocation Fund and AIG Multi-Asset Allocation Fund acquired on July 16, 2021. If these* *transactions were included, portfolio turnover would have been higher.*

<sup>(6)</sup> *Net expenses include amounts recouped by the Adviser.*

<sup>(7)</sup> *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.*

<sup>(8)</sup> *Not annualized.*

<sup>(9)</sup> *Annualized.*

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** | **Touchstone Core Municipal Bond Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>| **Portfolio**<br> **turnover**<br> **rate**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $11.83 | $0.28 | $0.06 | $0.34 | $(0.28)<br>| $— | $(0.28)<br>| $11.89 | 2.90<br> %<br>| $30870 | 0.85<br> %<br>| 1.15<br> %<br>| 2.35<br> %<br>| 21<br> %<br>|
| 06/30/22 | 11.89 | 0.16 | (1.16)<br>| (1.00)<br>| (0.16)<br>| (0.01)<br>| (0.17)<br>| 10.72 | (8.43)<br>| 25101 | 0.82 | 1.08 | 1.40 | 157 |
| 06/30/23 | 10.72 | 0.24 | 0.01 | 0.25 | (0.24)<br>|  | (0.24)<br>| 10.73 | 2.37 | 22988 | 0.80 | 1.05 | 2.27 | 54 |
| 06/30/24 | 10.73 | 0.29 | 0.05 | 0.34 | (0.29)<br>|  | (0.29)<br>| 10.78 | 3.27 | 22231 | 0.80 | 1.09 | 2.75 | 27 |
| 06/30/25 | 10.78 | 0.31 | (0.19)<br>| 0.12 | (0.31)<br>|  | (0.31)<br>| 10.59 | 1.13 | 20627 | 0.80 | 1.14 | 2.90 | 15 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $11.85 | $0.18 | $0.07 | $0.25 | $(0.19)<br>| $— | $(0.19)<br>| $11.91 | 2.13<br> %<br>| $1180 | 1.60<br> %<br>| 2.27<br> %<br>| 1.60<br> %<br>| 21<br> %<br>|
| 06/30/22 | 11.91 | 0.08 | (1.17)<br>| (1.09)<br>| (0.08)<br>| (0.01)<br>| (0.09)<br>| 10.73 | (9.27)<br>| 943 | 1.57 | 2.47 | 0.65 | 157 |
| 06/30/23 | 10.73 | 0.14 | 0.02 | 0.16 | (0.16)<br>|  | (0.16)<br>| 10.73 | 1.54 | 1028 | 1.55 | 2.45 | 1.52 | 54 |
| 06/30/24 | 10.73 | 0.30 | (0.05)<br>| 0.25 | (0.21)<br>|  | (0.21)<br>| 10.77 | 2.41 | 690 | 1.55 | 3.23 | 2.00 | 27 |
| 06/30/25 | 10.77 | 0.33 | (0.29)<br>| 0.04 | (0.24)<br>|  | (0.24)<br>| 10.57 | 0.32 | 503 | 1.52 | 3.33 | 2.19 | 15 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $11.85 | $0.31 | $0.05 | $0.36 | $(0.31)<br>| $— | $(0.31)<br>| $11.90 | 3.07<br> %<br>| $3449 | 0.60<br> %<br>| 1.25<br> %<br>| 2.60<br> %<br>| 21<br> %<br>|
| 06/30/22 | 11.90 | 0.19 | (1.15)<br>| (0.96)<br>| (0.19)<br>| (0.01)<br>| (0.20)<br>| 10.74 | (8.19)<br>| 2740 | 0.57 | 1.11 | 1.65 | 157 |
| 06/30/23 | 10.74 | 0.27 | 0.01 | 0.28 | (0.27)<br>|  | (0.27)<br>| 10.75 | 2.66 | 2637 | 0.55 | 1.18 | 2.52 | 54 |
| 06/30/24 | 10.75 | 0.32 | 0.07 | 0.39 | (0.32)<br>|  | (0.32)<br>| 10.82 | 3.72 | 3015 | 0.55 | 1.16 | 3.00 | 27 |
| 06/30/25 | 10.82 | 0.34 | (0.18)<br>| 0.16 | (0.34)<br>|  | (0.34)<br>| 10.64 | 1.49 | 2404 | 0.55 | 1.35 | 3.15 | 15 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $11.84 | $0.32 | $0.06 | $0.38 | $(0.32)<br>| $— | $(0.32)<br>| $11.90 | 3.20<br> %<br>| $14481 | 0.55<br> %<br>| 0.85<br> %<br>| 2.65<br> %<br>| 21<br> %<br>|
| 06/30/22 | 11.90 | 0.20 | (1.15)<br>| (0.95)<br>| (0.20)<br>| (0.01)<br>| (0.21)<br>| 10.74 | (8.13)<br>| 29694 | 0.50 | 0.75 | 1.72 | 157 |
| 06/30/23 | 10.74 | 0.28 | 0.01 | 0.29 | (0.28)<br>|  | (0.28)<br>| 10.75 | 2.73 | 26434 | 0.48 | 0.73 | 2.59 | 54 |
| 06/30/24 | 10.75 | 0.33 | 0.05 | 0.38 | (0.33)<br>|  | (0.33)<br>| 10.80 | 3.60 | 23383 | 0.48 | 0.77 | 3.07 | 27 |
| 06/30/25 | 10.80 | 0.35 | (0.20)<br>| 0.15 | (0.35)<br>|  | (0.35)<br>| 10.60 | 1.37 | 18077 | 0.48 | 0.79 | 3.22 | 15 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** | **Touchstone International Value Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(1)</sup><br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(2)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>| **Portfolio**<br> **turnover**<br> **rate**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $13.93 | $0.09 | $4.94 | $5.03 | $(0.08)<br>| $— | $(0.08)<br>| $18.88 | 36.16<br> %<br>| $88022 | 1.36<br> %<br>| 1.37<br> %<br>| 0.56<br> %<br>| 31<br> %<br>|
| 06/30/22 | 18.88 | 0.18 | (3.44)<br>| (3.26)<br>| (0.08)<br>| (2.24)<br>| (2.32)<br>| 13.30 | (18.87)<br>| 76671 | 1.36 | 1.40 | 1.08 | 45 <br><sup>(3)</sup><br>|
| 06/30/23 | 13.30 | 0.24 | 1.99 | 2.23 | (0.21)<br>|  | (0.21)<br>| 15.32 | 16.99 | 82697 | 1.36 | 1.44 | 1.75 | 32 |
| 06/30/24 | 15.32 | 0.22 | 0.30 | 0.52 | (0.21)<br>|  | (0.21)<br>| 15.63 | 3.41 | 78145 | 1.34 | 1.47 | 1.44 | 112 |
| 06/30/25 | 15.63 | 0.52 | 3.43 | 3.95 | (0.56)<br>| (0.92)<br>| (1.48)<br>| 18.10 | 27.73 | 85991 | 1.26 | 1.51 | 3.23 | 20 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $12.99 | $(0.04)<br>| $4.60 | $4.56 | $(—)<sup>(4)</sup><br>| $— | $(—)<sup>(4)</sup><br>| $17.55 | 35.14<br> %<br>| $2115 | 2.15<br> %<br>| 2.90<br> %<br>| (0.24)%<br>| 31<br> %<br>|
| 06/30/22 | 17.55 | 0.07 | (3.18)<br>| (3.11)<br>| (0.02)<br>| (2.24)<br>| (2.26)<br>| 12.18 | (19.45)<br>| 2399 | 1.99 | 2.71 | 0.45 | 45 <br><sup>(3)</sup><br>|
| 06/30/23 | 12.18 | 0.14 | 1.82 | 1.96 | (0.17)<br>|  | (0.17)<br>| 13.97 | 16.27 | 2327 | 1.99 | 2.80 | 1.12 | 32 |
| 06/30/24 | 13.97 | 0.11 | 0.28 | 0.39 | (0.13)<br>|  | (0.13)<br>| 14.23 | 2.85 | 1797 | 1.97 | 2.84 | 0.81 | 112 |
| 06/30/25 | 14.23 | 0.38 | 3.12 | 3.50 | (0.46)<br>| (0.92)<br>| (1.38)<br>| 16.35 | 26.94 | 1525 | 1.86 | 3.21 | 2.63 | 20 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $13.73 | $0.15 | $4.88 | $5.03 | $(0.11)<br>| $— | $(0.11)<br>| $18.65 | 36.71<br> %<br>| $27903 | 0.99<br> %<br>| 1.19<br> %<br>| 0.93<br> %<br>| 31<br> %<br>|
| 06/30/22 | 18.65 | 0.23 | (3.40)<br>| (3.17)<br>| (0.13)<br>| (2.24)<br>| (2.37)<br>| 13.11 | (18.61)<br>| 20430 | 0.99 | 1.19 | 1.45 | 45 <br><sup>(3)</sup><br>|
| 06/30/23 | 13.11 | 0.29 | 1.97 | 2.26 | (0.24)<br>|  | (0.24)<br>| 15.13 | 17.46 | 25324 | 0.99 | 1.23 | 2.12 | 32 |
| 06/30/24 | 15.13 | 0.27 | 0.31 | 0.58 | (0.27)<br>|  | (0.27)<br>| 15.44 | 3.83 | 25049 | 0.97 | 1.24 | 1.81 | 112 |
| 06/30/25 | 15.44 | 0.57 | 3.38 | 3.95 | (0.62)<br>| (0.92)<br>| (1.54)<br>| 17.85 | 28.21 | 26807 | 0.89 | 1.28 | 3.60 | 20 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $13.71 | $0.16 | $4.88 | $5.04 | $(0.12)<br>| $— | $(0.12)<br>| $18.63 | 36.83<br> %<br>| $4315 | 0.89<br> %<br>| 1.06<br> %<br>| 1.03<br> %<br>| 31<br> %<br>|
| 06/30/22 | 18.63 | 0.25 | (3.40)<br>| (3.15)<br>| (0.15)<br>| (2.24)<br>| (2.39)<br>| 13.09 | (18.52)<br>| 3273 | 0.89 | 1.34 | 1.55 | 45 <br><sup>(3)</sup><br>|
| 06/30/23 | 13.09 | 0.31 | 1.95 | 2.26 | (0.24)<br>|  | (0.24)<br>| 15.11 | 17.54 | 3830 | 0.89 | 1.23 | 2.22 | 32 |
| 06/30/24 | 15.11 | 0.29 | 0.30 | 0.59 | (0.29)<br>|  | (0.29)<br>| 15.41 | 3.93 | 431 | 0.88 | 1.35 | 1.91 | 112 |
| 06/30/25 | 15.41 | 0.58 | 3.36 | 3.94 | (0.75)<br>| (0.92)<br>| (1.67)<br>| 17.68 | 28.34 | 602 | 0.78 | 3.80 | 3.72 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *The net investment income (loss) per share was based on average shares outstanding for the period.*

<sup>(2)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

<sup>(3)</sup> *Portfolio turnover excludes the purchases and sales of securities by the AIG International Dividend Strategy Fund acquired on July 16, 2021. If these transactions were* *included, portfolio turnover would have been higher.*

<sup>(4)</sup> *Less than $0.005 per share.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** | **Touchstone Large Cap Focused Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $42.30 | $0.08<br> <sup>(3)</sup><br>| $19.10 | $19.18 | $(0.09)<br>| $(2.71)<br>| $(2.80)<br>| $58.68 | 46.68<br> %<br>| $1541127 | 1.01<br> %<br>| 1.05<br> %<br>| 0.15<br> %<br>16<br> %<sup>(4)</sup><br>|
| 06/30/22 | 58.68 | 0.04 | (7.56)<br>| (7.52)<br>| (0.05)<br>| (3.91)<br>| (3.96)<br>| 47.20 | (14.07)<br>| 1736900 | 0.99 | 0.99 | 0.13<br>27<br> <sup>(4)(5)</sup><br>|
| 06/30/23 | 47.20 | 0.21<br> <sup>(3)</sup><br>| 9.72 | 9.93 | (0.08)<br>| (0.68)<br>| (0.76)<br>| 56.37 | 21.28 | 1928303 | 1.01 | 1.02 | 0.43<br>4<br> <sup>(4)</sup><br>|
| 06/30/24 | 56.37 | 0.31<br> <sup>(3)</sup><br>| 9.68 | 9.99 | (0.34)<br>| (0.05)<br>| (0.39)<br>| 65.97 | 17.79 | 2084764 | 1.00 | 1.00 | 0.51<br>6<br> <sup>(4)</sup><br>|
| 06/30/25 | 65.97 | 0.15<br> <sup>(3)</sup><br>| 9.69 | 9.84 | (0.18)<br>| (0.29)<br>| (0.47)<br>| 75.34 | 14.95 | 2189303 | 0.98 | 0.98 | 0.21<br>7<br> <sup>(4)</sup><br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $39.16 | $(0.30)<sup>(3)</sup><br>| $17.58 | $17.28 | $— | $(2.71)<br>| $(2.71)<br>| $53.73 | 45.49<br> %<br>| $41645 | 1.80<br> %<br>| 1.88<br> %<br>| (0.64)%<br>16<br> %<sup>(4)</sup><br>|
| 06/30/22 | 53.73 | (0.02)<br>| (7.18)<br>| (7.20)<br>|  | (3.91)<br>| (3.91)<br>| 42.62 | (14.78)<br>| 49115 | 1.80 | 1.80 | (0.68)<br>27<br> <sup>(4)(5)</sup><br>|
| 06/30/23 | 42.62 | (0.16)<sup>(3)</sup><br>| 8.73 | 8.57 |  | (0.68)<br>| (0.68)<br>| 50.51 | 20.35 | 50451 | 1.80 | 1.84 | (0.36)<br>4<br> <sup>(4)</sup><br>|
| 06/30/24 | 50.51 | (0.15)<sup>(3)</sup><br>| 8.65 | 8.50 |  | (0.05)<br>| (0.05)<br>| 58.96 | 16.84 | 51919 | 1.80 | 1.81 | (0.29)<br>6<br> <sup>(4)</sup><br>|
| 06/30/25 | 58.96 | (0.38)<sup>(3)</sup><br>| 8.64 | 8.26 |  | (0.29)<br>| (0.29)<br>| 66.93 | 14.02 | 44931 | 1.80 | 1.80 | (0.60)<br>7<br> <sup>(4)</sup><br>|
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $42.18 | $0.22<br> <sup>(3)</sup><br>| $19.05 | $19.27 | $(0.16)<br>| $(2.71)<br>| $(2.87)<br>| $58.58 | 47.07<br> %<br>| $575053 | 0.73<br> %<br>| 0.86<br> %<br>| 0.43<br> %<br>16<br> %<sup>(4)</sup><br>|
| 06/30/22 | 58.58 | 0.20 | (7.57)<br>| (7.37)<br>| (0.16)<br>| (3.91)<br>| (4.07)<br>| 47.14 | (13.86)<br>| 493825 | 0.73 | 0.78 | 0.39<br>27<br> <sup>(4)(5)</sup><br>|
| 06/30/23 | 47.14 | 0.35<br> <sup>(3)</sup><br>| 9.72 | 10.07 | (0.16)<br>| (0.68)<br>| (0.84)<br>| 56.37 | 21.65 | 670688 | 0.73 | 0.81 | 0.71<br>4<br> <sup>(4)</sup><br>|
| 06/30/24 | 56.37 | 0.47<br> <sup>(3)</sup><br>| 9.67 | 10.14 | (0.49)<br>| (0.05)<br>| (0.54)<br>| 65.97 | 18.11 | 881916 | 0.73 | 0.79 | 0.78<br>6<br> <sup>(4)</sup><br>|
| 06/30/25 | 65.97 | 0.33<br> <sup>(3)</sup><br>| 9.69 | 10.02 | (0.36)<br>| (0.29)<br>| (0.65)<br>| 75.34 | 15.23 | 931810 | 0.73 | 0.77 | 0.47<br>7<br> <sup>(4)</sup><br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $42.24 | $0.23<br> <sup>(3)</sup><br>| $19.10 | $19.33 | $(0.17)<br>| $(2.71)<br>| $(2.88)<br>| $58.69 | 47.14<br> %<br>| $207274 | 0.70<br> %<br>| 0.81<br> %<br>| 0.46<br> %<br>16<br> %<sup>(4)</sup><br>|
| 06/30/22 | 58.69 | 0.26 | (7.63)<br>| (7.37)<br>| (0.18)<br>| (3.91)<br>| (4.09)<br>| 47.23 | (13.85)<br>| 217531 | 0.70 | 0.73 | 0.42<br>27<br> <sup>(4)(5)</sup><br>|
| 06/30/23 | 47.23 | 0.37<br> <sup>(3)</sup><br>| 9.73 | 10.10 | (0.17)<br>| (0.68)<br>| (0.85)<br>| 56.48 | 21.68 | 265418 | 0.70 | 0.75 | 0.74<br>4<br> <sup>(4)</sup><br>|
| 06/30/24 | 56.48 | 0.48<br> <sup>(3)</sup><br>| 9.70 | 10.18 | (0.51)<br>| (0.05)<br>| (0.56)<br>| 66.10 | 18.13 | 274624 | 0.70 | 0.72 | 0.81<br>6<br> <sup>(4)</sup><br>|
| 06/30/25 | 66.10 | 0.35<br> <sup>(3)</sup><br>| 9.72 | 10.07 | (0.38)<br>| (0.29)<br>| (0.67)<br>| 75.50 | 15.27 | 227984 | 0.70 | 0.71 | 0.50<br>7<br> <sup>(4)</sup><br>|
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(6)</sup> | $61.99 | $0.22 | $(10.89)<br>| $(10.67)<br>| $(0.16)<br>| $(3.91)<br>| $(4.07)<br>| $47.25 | (18.43)%<sup>(7)</sup><br>| $804 | 0.66<br> %<sup>(8)</sup><br>| 3.02<br> %<sup>(8)</sup><br>| 0.47<br> %<sup>(8)</sup><br>27<br> %<sup>(4)(5)</sup><br>|
| 06/30/23 | 47.25 | 0.39<br> <sup>(3)</sup><br>| 9.74 | 10.13 | (0.17)<br>| (0.68)<br>| (0.85)<br>| 56.53 | 21.73 | 20862 | 0.66 | 1.19 | 0.78<br>4<br> <sup>(4)</sup><br>|
| 06/30/24 | 56.53 | 0.51<br> <sup>(3)</sup><br>| 9.70 | 10.21 | (0.52)<br>| (0.05)<br>| (0.57)<br>| 66.17 | 18.18 | 66248 | 0.66 | 0.73 | 0.85<br>6<br> <sup>(4)</sup><br>|
| 06/30/25 | 66.17 | 0.38<br> <sup>(3)</sup><br>| 9.73 | 10.11 | (0.41)<br>| (0.29)<br>| (0.70)<br>| 75.58 | 15.32 | 68075 | 0.66 | 0.69 | 0.54<br>7<br> <sup>(4)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

<sup>(2)</sup> *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.01%, 0.01% and 0.01% for the* *years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.*

<sup>(3)</sup> *The net investment income (loss) per share was based on average shares outstanding for the period.*

<sup>(4)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.*

<sup>(5)</sup> *Portfolio turnover excludes the purchases and sales of securities of the AIG Focused Alpha Large-Cap Fund acquired on July 16, 2021. If these transactions were included,* *portfolio turnover would have been higher.*

<sup>(6)</sup> *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.*

<sup>(7)</sup> *Not annualized.*

<sup>(8)</sup> *Annualized.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** | **Touchstone Large Cap Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $13.04 | $0.11 | $4.83 | $4.94 | $(0.12)<br>| $— | $(0.12)<br>| $17.86 | 38.06<br> %<br>| $4278 | 1.04<br> %<br>| 1.53<br> %<br>| 0.75<br> %<br>15 %<sup>(3)</sup><br>|
| 06/30/22 | 17.86 | 0.08 | (2.03)<br>| (1.95)<br>| (0.12)<br>| (0.40)<br>| (0.52)<br>| 15.39 | (11.44)<br>| 4510 | 1.05 | 1.48 | 0.51<br>12 <br><sup>(3)</sup><br>|
| 06/30/23 | 15.39 | 0.12 <br><sup>(4)</sup><br>| 2.28 | 2.40 | (0.02)<br>| (0.57)<br>| (0.59)<br>| 17.20 | 15.96 | 5259 | 1.06 | 1.42 | 0.75<br>17 <br><sup>(3)</sup><br>|
| 06/30/24 | 17.20 | 0.12 <br><sup>(4)</sup><br>| 1.42 | 1.54 | (0.21)<br>| (0.07)<br>| (0.28)<br>| 18.46 | 9.06 | 6464 | 1.04 | 1.39 | 0.67<br>6<br> <sup>(3)</sup><br>|
| 06/30/25 | 18.46 | 0.12<br> <sup>(4)</sup><br>| 1.83 | 1.95 | (0.12)<br>| (0.55)<br>| (0.67)<br>| 19.74 | 10.51 | 7518 | 1.04 | 1.34 | 0.63<br>12<br> <sup>(3)</sup><br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $12.79 | $(0.10)<br>| $4.84 | $4.74 | $— | $— | $— | $17.53 | 37.06<br> %<br>| $4328 | 1.79<br> %<br>| 2.03<br> %<br>| (—)<sup>(5)</sup>%<br>15 %<sup>(3)</sup><br>|
| 06/30/22 | 17.53 | (0.10)<br>| (1.96)<br>| (2.06)<br>|  | (0.40)<br>| (0.40)<br>| 15.07 | (12.15)<br>| 2995 | 1.80 | 2.12 | (0.24)<br>12 <br><sup>(3)</sup><br>|
| 06/30/23 | 15.07 | (— )<sup>(4)(5)</sup><br>| 2.23 | 2.23 |  | (0.57)<br>| (0.57)<br>| 16.73 | 15.10 | 2036 | 1.81 | 2.17 | (— )<sup>(5)</sup><br>17 <br><sup>(3)</sup><br>|
| 06/30/24 | 16.73 | (0.01 )<sup>(4)</sup><br>| 1.38 | 1.37 |  | (0.07)<br>| (0.07)<br>| 18.03 | 8.20 | 1353 | 1.79 | 2.46 | (0.08)<br>6<br> <sup>(3)</sup><br>|
| 06/30/25 | 18.03 | (0.02)<sup>(4)</sup><br>| 1.80 | 1.78 |  | (0.55)<br>| (0.55)<br>| 19.26 | 9.79 | 623 | 1.79 | 3.02 | (0.12)<br>12<br> <sup>(3)</sup><br>|
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $13.07 | $0.16 | $4.83 | $4.99 | $(0.18)<br>| $— | $(0.18)<br>| $17.88 | 38.39<br> %<br>| $270305 | 0.79<br> %<br>| 0.88<br> %<br>| 1.00<br> %<br>15 %<sup>(3)</sup><br>|
| 06/30/22 | 17.88 | 0.15 | (2.05)<br>| (1.90)<br>| (0.16)<br>| (0.40)<br>| (0.56)<br>| 15.42 | (11.20)<br>| 202913 | 0.80 | 0.88 | 0.76<br>12 <br><sup>(3)</sup><br>|
| 06/30/23 | 15.42 | 0.16 <br><sup>(4)</sup><br>| 2.29 | 2.45 | (0.08)<br>| (0.57)<br>| (0.65)<br>| 17.22 | 16.24 | 206214 | 0.81 | 0.90 | 1.00<br>17 <br><sup>(3)</sup><br>|
| 06/30/24 | 17.22 | 0.16 <br><sup>(4)</sup><br>| 1.42 | 1.58 | (0.25)<br>| (0.07)<br>| (0.32)<br>| 18.48 | 9.28 | 207868 | 0.79 | 0.89 | 0.92<br>6<br> <sup>(3)</sup><br>|
| 06/30/25 | 18.48 | 0.17<br> <sup>(4)</sup><br>| 1.85 | 2.02 | (0.17)<br>| (0.55)<br>| (0.72)<br>| 19.78 | 10.86 | 217878 | 0.79 | 0.89 | 0.88<br>12<br> <sup>(3)</sup><br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $13.09 | $0.16 | $4.86 | $5.02 | $(0.20)<br>| $— | $(0.20)<br>| $17.91 | 38.59<br> %<br>| $90358 | 0.69<br> %<br>| 0.82<br> %<br>| 1.10<br> %<br>15 %<sup>(3)</sup><br>|
| 06/30/22 | 17.91 | 0.18 | (2.08)<br>| (1.90)<br>| (0.17)<br>| (0.40)<br>| (0.57)<br>| 15.44 | (11.15)<br>| 67679 | 0.70 | 0.82 | 0.86<br>12 <br><sup>(3)</sup><br>|
| 06/30/23 | 15.44 | 0.18 <br><sup>(4)</sup><br>| 2.28 | 2.46 | (0.10)<br>| (0.57)<br>| (0.67)<br>| 17.23 | 16.35 | 60341 | 0.71 | 0.85 | 1.10<br>17 <br><sup>(3)</sup><br>|
| 06/30/24 | 17.23 | 0.18 <br><sup>(4)</sup><br>| 1.43 | 1.61 | (0.27)<br>| (0.07)<br>| (0.34)<br>| 18.50 | 9.45 | 64183 | 0.69 | 0.83 | 1.02<br>6 <br><sup>(3)</sup><br>|
| 06/30/25 | 18.50 | 0.19<br> <sup>(4)</sup><br>| 1.84 | 2.03 | (0.18)<br>| (0.55)<br>| (0.73)<br>| 19.80 | 10.95 | 69131 | 0.69 | 0.83 | 0.98<br>12<br> <sup>(3)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

<sup>(2)</sup> *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.03%, 0.02% and 0.01% for the* *years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.*

<sup>(3)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.*

<sup>(4)</sup> *The net investment income (loss) per share was based on average shares outstanding for the period.*

<sup>(5)</sup> *Less than $0.005 per share or 0.005%.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** | **Touchstone Large Company Growth Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **loss**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $47.46 | $(0.15)<br>| $16.56 | $16.41 | $(6.61)<br>| $(6.61)<br>| $57.26 | 37.33<br> %<br>| $3617 | 1.06<br> %<br>| 1.59<br> %<br>| (0.71)%<br>36<br> %<sup>(3)</sup><br>|
| 06/30/22 | 57.26 | (0.18)<br>| (10.40)<br>| (10.58)<br>| (10.52)<br>| (10.52)<br>| 36.16 | (23.29)<br>| 3290 | 1.07 | 1.58 | (0.61)<br>41<br> <sup>(3)</sup><br>|
| 06/30/23 | 36.16 | (0.17)<sup>(4)</sup><br>| 6.10 | 5.93 | (1.23)<br>| (1.23)<br>| 40.86 | 16.89 | 3711 | 1.08 | 1.57 | (0.46)<br>44<br> <sup>(3)</sup><br>|
| 06/30/24 | 40.86 | (0.30)<sup>(4)</sup><br>| 16.72 | 16.42 | (1.92)<br>| (1.92)<br>| 55.36 | 41.47 | 5337 | 1.07 | 1.53 | (0.65)<br>39<br> <sup>(3)</sup><br>|
| 06/30/25 | 55.36 | (0.38)<sup>(4)</sup><br>| 9.04 | 8.66 | (1.61)<br>| (1.61)<br>| 62.41 | 15.86 | 6389 | 1.05 | 1.40 | (0.68)<br>30<br> <sup>(3)</sup><br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $45.93 | $(1.42)<br>| $16.81 | $15.39 | $(6.61)<br>| $(6.61)<br>| $54.71 | 36.28<br> %<br>| $473 | 1.81<br> %<br>| 3.39<br> %<br>| (1.46)%<br>36<br> %<sup>(3)</sup><br>|
| 06/30/22 | 54.71 | (1.24)<br>| (9.03)<br>| (10.27)<br>| (10.52)<br>| (10.52)<br>| 33.92 | (23.87)<br>| 206 | 1.82 | 4.24 | (1.36)<br>41<br> <sup>(3)</sup><br>|
| 06/30/23 | 33.92 | (0.42)<sup>(4)</sup><br>| 5.68 | 5.26 | (1.23)<br>| (1.23)<br>| 37.95 | 16.01 | 223 | 1.83 | 5.86 | (1.21)<br>44<br> <sup>(3)</sup><br>|
| 06/30/24 | 37.95 | (0.58)<sup>(4)</sup><br>| 15.41 | 14.83 | (1.92)<br>| (1.92)<br>| 50.86 | 40.43 | 216 | 1.82 | 6.43 | (1.40)<br>39<br> <sup>(3)</sup><br>|
| 06/30/25 | 50.86 | (0.73)<sup>(4)</sup><br>| 8.23 | 7.50 | (1.61)<br>| (1.61)<br>| 56.75 | 14.97 | 180 | 1.80 | 7.83 | (1.43)<br>30<br> <sup>(3)</sup><br>|
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $47.97 | $(0.26)<br>| $17.00 | $16.74 | $(6.61)<br>| $(6.61)<br>| $58.10 | 37.64<br> %<br>| $28952 | 0.81<br> %<br>| 0.96<br> %<br>| (0.46)%<br>36<br> %<sup>(3)</sup><br>|
| 06/30/22 | 58.10 | (0.18)<br>| (10.49)<br>| (10.67)<br>| (10.52)<br>| (10.52)<br>| 36.91 | (23.09)<br>| 13917 | 0.82 | 0.97 | (0.36)<br>41<br> <sup>(3)</sup><br>|
| 06/30/23 | 36.91 | (0.08)<sup>(4)</sup><br>| 6.24 | 6.16 | (1.23)<br>| (1.23)<br>| 41.84 | 17.17 | 7266 | 0.83 | 1.07 | (0.21)<br>44<br> <sup>(3)</sup><br>|
| 06/30/24 | 41.84 | (0.19)<sup>(4)</sup><br>| 17.17 | 16.98 | (1.92)<br>| (1.92)<br>| 56.90 | 41.85 | 10199 | 0.82 | 1.08 | (0.40)<br>39<br> <sup>(3)</sup><br>|
| 06/30/25 | 56.90 | (0.25)<sup>(4)</sup><br>| 9.31 | 9.06 | (1.61)<br>| (1.61)<br>| 64.35 | 16.15 | 10726 | 0.80 | 1.01 | (0.43)<br>30<br> <sup>(3)</sup><br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $48.18 | $(0.21)<br>| $17.10 | $16.89 | $(6.61)<br>| $(6.61)<br>| $58.46 | 37.80<br> %<br>| $229690 | 0.71<br> %<br>| 0.85<br> %<br>| (0.36)%<br>36<br> %<sup>(3)</sup><br>|
| 06/30/22 | 58.46 | (0.14)<br>| (10.58)<br>| (10.72)<br>| (10.52)<br>| (10.52)<br>| 37.22 | (23.03)<br>| 145441 | 0.72 | 0.84 | (0.26)<br>41<br> <sup>(3)</sup><br>|
| 06/30/23 | 37.22 | (0.04)<sup>(4)</sup><br>| 6.30 | 6.26 | (1.23)<br>| (1.23)<br>| 42.25 | 17.30 | 135324 | 0.73 | 0.88 | (0.11)<br>44<br> <sup>(3)</sup><br>|
| 06/30/24 | 42.25 | (0.14)<sup>(4)</sup><br>| 17.35 | 17.21 | (1.92)<br>| (1.92)<br>| 57.54 | 41.99 | 137363 | 0.72 | 0.89 | (0.30)<br>39<br> <sup>(3)</sup><br>|
| 06/30/25 | 57.54 | (0.19)<sup>(4)</sup><br>| 9.42 | 9.23 | (1.61)<br>| (1.61)<br>| 65.16 | 16.26 | 152364 | 0.70 | 0.86 | (0.33)<br>30<br> <sup>(3)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

<sup>(2)</sup> *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.03%, 0.04%, 0.03% and 0.02% for the* *years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.*

<sup>(3)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.*

<sup>(4)</sup> *The net investment income (loss) per share was based on average shares outstanding for the period.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** | **Touchstone Small Company Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(2)</sup><br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $4.06 | $(0.03)<br>| $2.65 | $2.62 | $— | $(0.01)<br>| $(0.01)<br>| $6.67 | 64.45<br> %<br>| $608513 | 1.20<br> %<br>| 1.20<br> %<br>| (0.45)%<br>80 %<sup>(3)</sup><br>|
| 06/30/22 | 6.67 | (0.02 )<sup>(4)</sup><br>| (0.95)<br>| (0.97)<br>|  | (1.14)<br>| (1.14)<br>| 4.56 | (17.95)<br>| 451081 | 1.17 | 1.17 | (0.31)<br>70 <br><sup>(3)</sup><br>|
| 06/30/23 | 4.56 | (— )<sup>(4)(5)</sup><br>| 0.71 | 0.71 |  | (0.12)<br>| (0.12)<br>| 5.15 | 15.80 | 484105 | 1.19 | 1.19 | (— )<sup>(5)</sup><br>79 <br><sup>(3)</sup><br>|
| 06/30/24 | 5.15 | (— )<sup>(4)(5)</sup><br>| 0.64 | 0.64 |  | (0.01)<br>| (0.01)<br>| 5.78 | 12.41 | 500584 | 1.18 | 1.18 | (— )<sup>(5)</sup><br>59<br> <sup>(3)</sup><br>|
| 06/30/25 | 5.78 | (0.01)<sup>(4)</sup><br>| 0.58 | 0.57 | (0.01)<br>| (0.35)<br>| (0.36)<br>| 5.99 | 9.55 | 480704 | 1.15 | 1.15 | (0.24)<br>47<br> <sup>(3)</sup><br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21<sup>^</sup> <br>| $5.25 | $(0.11)<br>| $3.41 | $3.30 | $— | $(0.03)<br>| $(0.03)<br>| $8.52 | 62.65<br> %<br>| $26123 | 1.97<br> %<br>| 2.05<br> %<br>| (1.22)%<br>80 %<sup>(3)</sup><br>|
| 06/30/22<sup>^</sup> <br>| 8.52 | (0.08 )<sup>(4)</sup><br>| (0.89)<br>| (0.97)<br>|  | (3.01)<br>| (3.01)<br>| 4.54 | (18.70)<br>| 17385 | 1.97 | 2.02 | (1.11)<br>70 <br><sup>(3)</sup><br>|
| 06/30/23<sup>^</sup> <br>| 4.54 | (0.03 )<sup>(4)</sup><br>| 0.71 | 0.68 |  | (0.12)<br>| (0.12)<br>| 5.10 | 15.26 | 15992 | 1.96 | 2.06 | (0.77)<br>79 <br><sup>(3)</sup><br>|
| 06/30/24 | 5.10 | (0.04 )<sup>(4)</sup><br>| 0.62 | 0.58 |  | (0.01)<br>| (0.01)<br>| 5.67 | 11.35 | 14146 | 1.96 | 2.06 | (0.78)<br>59<br> <sup>(3)</sup><br>|
| 06/30/25 | 5.67 | (0.06)<sup>(4)</sup><br>| 0.57 | 0.51 |  | (0.35)<br>| (0.35)<br>| 5.83 | 8.65 | 13376 | 1.96 | 2.02 | (1.05)<br>47<br> <sup>(3)</sup><br>|
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $4.53 | $(0.01)<br>| $2.94 | $2.93 | $(— )<sup>(5)</sup><br>| $(0.01)<br>| $(0.01)<br>| $7.45 | 64.61<br> %<br>| $282428 | 0.91<br> %<br>| 0.99<br> %<br>| (0.16)%<br>80 %<sup>(3)</sup><br>|
| 06/30/22 | 7.45 | (— )<sup>(4)(5)</sup><br>| (1.10)<br>| (1.10)<br>|  | (1.14)<br>| (1.14)<br>| 5.21 | (17.81)<br>| 222141 | 0.91 | 0.97 | (0.05)<br>70 <br><sup>(3)</sup><br>|
| 06/30/23 | 5.21 | 0.02 <br><sup>(4)</sup><br>| 0.82 | 0.84 |  | (0.12)<br>| (0.12)<br>| 5.93 | 16.33 | 312720 | 0.90 | 0.98 | 0.29<br>79 <br><sup>(3)</sup><br>|
| 06/30/24 | 5.93 | 0.02 <br><sup>(4)</sup><br>| 0.73 | 0.75 |  | (0.01)<br>| (0.01)<br>| 6.67 | 12.63 | 429455 | 0.90 | 0.96 | 0.28<br>59<br> <sup>(3)</sup><br>|
| 06/30/25 | 6.67 | —<br> <sup>(4)(5)</sup><br>| 0.67 | 0.67 | (0.03)<br>| (0.35)<br>| (0.38)<br>| 6.96 | 9.80 | 562970 | 0.90 | 0.93 | 0.01<br>47<br> <sup>(3)</sup><br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $4.52 | $(— )<sup>(5)</sup><br>| $2.93 | $2.93 | $(— )<sup>(5)</sup><br>| $(0.01)<br>| $(0.01)<br>| $7.44 | 64.75<br> %<br>| $18770 | 0.81<br> %<br>| 0.99<br> %<br>| (0.06)%<br>80 %<sup>(3)</sup><br>|
| 06/30/22 | 7.44 | — <br><sup>(4)(5)</sup><br>| (1.09)<br>| (1.09)<br>|  | (1.14)<br>| (1.14)<br>| 5.21 | (17.70)<br>| 21299 | 0.81 | 0.96 | 0.05<br>70 <br><sup>(3)</sup><br>|
| 06/30/23 | 5.21 | 0.02 <br><sup>(4)</sup><br>| 0.83 | 0.85 |  | (0.12)<br>| (0.12)<br>| 5.94 | 16.52 | 24638 | 0.80 | 0.96 | 0.39<br>79 <br><sup>(3)</sup><br>|
| 06/30/24 | 5.94 | 0.02 <br><sup>(4)</sup><br>| 0.74 | 0.76 |  | (0.01)<br>| (0.01)<br>| 6.69 | 12.78 | 30779 | 0.80 | 0.94 | 0.38<br>59<br> <sup>(3)</sup><br>|
| 06/30/25 | 6.69 | 0.01<br> <sup>(4)</sup><br>| 0.67 | 0.68 | (0.03)<br>| (0.35)<br>| (0.38)<br>| 6.99 | 9.93 | 31508 | 0.80 | 0.92 | 0.11<br>47<br> <sup>(3)</sup><br>|
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/21 | $4.19 | $(— )<sup>(5)</sup><br>| $2.73 | $2.73 | $(— )<sup>(5)</sup><br>| $(0.01)<br>| $(0.01)<br>| $6.91 | 65.08<br> %<br>| $63766 | 0.81<br> %<br>| 0.89<br> %<br>| (0.06)%<br>80 %<sup>(3)</sup><br>|
| 06/30/22 | 6.91 | — <br><sup>(4)(5)</sup><br>| (1.00)<br>| (1.00)<br>|  | (1.14)<br>| (1.14)<br>| 4.77 | (17.73)<br>| 53500 | 0.81 | 0.87 | 0.05<br>70 <br><sup>(3)</sup><br>|
| 06/30/23 | 4.77 | 0.02 <br><sup>(4)</sup><br>| 0.75 | 0.77 |  | (0.12)<br>| (0.12)<br>| 5.42 | 16.37 | 65962 | 0.80 | 0.88 | 0.39<br>79 <br><sup>(3)</sup><br>|
| 06/30/24 | 5.42 | 0.02 <br><sup>(4)</sup><br>| 0.67 | 0.69 |  | (0.01)<br>| (0.01)<br>| 6.10 | 12.72 | 81101 | 0.80 | 0.87 | 0.38<br>59 <br><sup>(3)</sup><br>|
| 06/30/25 | 6.10 | 0.01<br> <sup>(4)</sup><br>| 0.61 | 0.62 | (0.03)<br>| (0.35)<br>| (0.38)<br>| 6.34 | 9.90 | 84904 | 0.80 | 0.84 | 0.11<br>47<br> <sup>(3)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>^</sup> <br>| &nbsp;&nbsp;&nbsp; *Updated to reflect the effect of a 1 for 0.379048 reverse stock split for Class C shares on October 14, 2022. All historical per share information has been retroactively adjusted* <br> *to reflect this reverse stock split.*<br>|
| <sup>(1)</sup> <br>| *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.* |
| <sup>(2)</sup> | &nbsp;&nbsp;&nbsp; *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.01%, 0.01%, 0.01%, 0.02% and 0.02% for the* <br> *years ended June 30, 2025, 2024, 2023, 2022 and 2021, respectively.*<br>|
| <sup>(3)</sup> <br>| *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* |
| <sup>(4)</sup> | *The net investment income (loss) per share was based on average shares outstanding for the period.* |
| <sup>(5)</sup> <br>| *Less than $0.005 per share or 0.005%.* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** | **Touchstone Value Fund** |
| **Period ended** | **Net**<br> **asset**<br> **value at**<br> **beginning**<br> **of period**<br>| **Net**<br> **investment**<br> **income**<br>| **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains (losses)**<br> **on** <br> **investments**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Distributions**<br> **from net**<br> **investment**<br> **income**<br>| **Distributions**<br> **from realized**<br> **capital**<br> **gains**<br>| **Total**<br> **distributions**<br>| **Net**<br> **asset**<br> **value**<br> **at end**<br> **of period**<br>| **Total**<br> **return**<sup>(1)</sup><br>| **Net**<br> **assets**<br> **at end**<br> **of period**<br> **(000's)**<br>| **Ratio of net**<br> **expenses**<br> **to average**<br> **net assets**<br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<br>| **Ratio**<br> **of net**<br> **investment**<br> **income (loss)**<br> **to average**<br> **net assets**<br>| **Portfolio**<br> **turnover**<br> **rate**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 06/30/21 | $7.95 | $0.10 | $3.62 | $3.72 | $(0.10)<br>| $(0.16)<br>| $(0.26)<br>| $11.41 | 47.49<br> %<br>| $33052 | 1.08<br> %<br>| 1.24<br> %<br>| 1.08<br> %<br>| 37<br> %<br>|
| 06/30/22 | 11.41 | 0.11 | (0.63)<br>| (0.52)<br>| (0.12)<br>| (0.85)<br>| (0.97)<br>| 9.92 | (5.30)<br>| 156947 | 1.08 | 1.13 | 1.03 | 63 <br><sup>(2)</sup><br>|
| 06/30/23 | 9.92 | 0.14 | 0.93 | 1.07 | (0.14)<br>| (0.60)<br>| (0.74)<br>| 10.25 | 11.07 | 158698 | 1.08 | 1.12 | 1.34 | 30 <br><sup>(3)</sup><br>|
| 06/30/24 | 10.25 | 0.14 <br><sup>(4)</sup><br>| 1.56 | 1.70 | (0.15)<br>| (0.09)<br>| (0.24)<br>| 11.71 | 16.71 | 163754 | 1.08 | 1.13 | 1.30 | 28 |
| 06/30/25 | 11.71 | 0.15 | 1.26 | 1.41 | (0.15)<br>| (0.86)<br>| (1.01)<br>| 12.11 | 12.00 | 168596 | 1.08 | 1.11 | 1.23 | 40 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| 06/30/21 | $7.93 | $0.03 | $3.61 | $3.64 | $(0.03)<br>| $(0.16)<br>| $(0.19)<br>| $11.38 | 46.40<br> %<br>| $1943 | 1.83<br> %<br>| 2.46<br> %<br>| 0.33<br> %<br>| 37<br> %<br>|
| 06/30/22 | 11.38 | 0.02 | (0.64)<br>| (0.62)<br>| (0.03)<br>| (0.85)<br>| (0.88)<br>| 9.88 | (6.11)<br>| 5722 | 1.83 | 2.08 | 0.28 | 63 <br><sup>(2)</sup><br>|
| 06/30/23 | 9.88 | 0.06 | 0.94 | 1.00 | (0.06)<br>| (0.60)<br>| (0.66)<br>| 10.22 | 10.35 | 3721 | 1.83 | 2.05 | 0.59 | 30 <br><sup>(3)</sup><br>|
| 06/30/24 | 10.22 | 0.06 <br><sup>(4)</sup><br>| 1.54 | 1.60 | (0.06)<br>| (0.09)<br>| (0.15)<br>| 11.67 | 15.76 | 2919 | 1.83 | 2.16 | 0.55 | 28 |
| 06/30/25 | 11.67 | 0.05 | 1.27 | 1.32 | (0.06)<br>| (0.86)<br>| (0.92)<br>| 12.07 | 11.20 | 1989 | 1.80 | 2.30 | 0.51 | 40 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 06/30/21 | $7.98 | $0.13 | $3.64 | $3.77 | $(0.13)<br>| $(0.16)<br>| $(0.29)<br>| $11.46 | 47.93<br> %<br>| $100542 | 0.83<br> %<br>| 0.95<br> %<br>| 1.33<br> %<br>| 37<br> %<br>|
| 06/30/22 | 11.46 | 0.14 | (0.64)<br>| (0.50)<br>| (0.14)<br>| (0.85)<br>| (0.99)<br>| 9.97 | (5.06)<br>| 86615 | 0.83 | 0.88 | 1.28 | 63 <br><sup>(2)</sup><br>|
| 06/30/23 | 9.97 | 0.16 | 0.94 | 1.10 | (0.16)<br>| (0.60)<br>| (0.76)<br>| 10.31 | 11.39 | 85516 | 0.83 | 0.88 | 1.59 | 30 <br><sup>(3)</sup><br>|
| 06/30/24 | 10.31 | 0.17 <br><sup>(4)</sup><br>| 1.55 | 1.72 | (0.17)<br>| (0.09)<br>| (0.26)<br>| 11.77 | 16.90 | 96905 | 0.83 | 0.88 | 1.55 | 28 |
| 06/30/25 | 11.77 | 0.16 | 1.29 | 1.45 | (0.18)<br>| (0.86)<br>| (1.04)<br>| 12.18 | 12.29 | 112416 | 0.83 | 0.86 | 1.48 | 40 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 06/30/21 | $7.96 | $0.14 | $3.63 | $3.77 | $(0.14)<br>| $(0.16)<br>| $(0.30)<br>| $11.43 | 48.12<br> %<br>| $289120 | 0.68<br> %<br>| 0.88<br> %<br>| 1.48<br> %<br>| 37<br> %<br>|
| 06/30/22 | 11.43 | 0.16 | (0.65)<br>| (0.49)<br>| (0.16)<br>| (0.85)<br>| (1.01)<br>| 9.93 | (5.02)<br>| 252281 | 0.68 | 0.83 | 1.43 | 63 <br><sup>(2)</sup><br>|
| 06/30/23 | 9.93 | 0.18 | 0.94 | 1.12 | (0.18)<br>| (0.60)<br>| (0.78)<br>| 10.27 | 11.62 | 222825 | 0.68 | 0.80 | 1.74 | 30 <br><sup>(3)</sup><br>|
| 06/30/24 | 10.27 | 0.19 <br><sup>(4)</sup><br>| 1.55 | 1.74 | (0.19)<br>| (0.09)<br>| (0.28)<br>| 11.73 | 17.14 | 250463 | 0.68 | 0.81 | 1.70 | 28 |
| 06/30/25 | 11.73 | 0.19 | 1.27 | 1.46 | (0.20)<br>| (0.86)<br>| (1.06)<br>| 12.13 | 12.42 | 268725 | 0.68 | 0.80 | 1.63 | 40 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| 06/30/22<sup>(5)</sup> <br>| $11.91 | $0.11 | $(1.11)<br>| $(1.00)<br>| $(0.13)<br>| $(0.85)<br>| $(0.98)<br>| $9.93 | (9.10 )%<sup>(6)</sup><br>| $395 | 0.63 %<sup>(7)</sup><br>| 8.11 %<sup>(7)</sup><br>| 1.47 %<sup>(7)</sup><br>| 63 %<sup>(2)</sup><br>|
| 06/30/23 | 9.93 | 0.16 | 0.96 | 1.12 | (0.18)<br>| (0.60)<br>| (0.78)<br>| 10.27 | 11.64 | 25657 | 0.63 | 0.91 | 1.79 | 30 <br><sup>(3)</sup><br>|
| 06/30/24 | 10.27 | 0.19 <br><sup>(4)</sup><br>| 1.57 | 1.76 | (0.20)<br>| (0.09)<br>| (0.29)<br>| 11.74 | 17.29 | 30504 | 0.63 | 0.79 | 1.75 | 28 |
| 06/30/25 | 11.74 | 0.20 | 1.26 | 1.46 | (0.20)<br>| (0.86)<br>| (1.06)<br>| 12.14 | 12.47 | 30035 | 0.63 | 0.79 | 1.68 | 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Total returns shown exclude the effect of applicable sales loads and fees. If these charges were included, the returns would be lower.*

<sup>(2)</sup> *Portfolio turnover excludes the purchases and sales of securities of the AIG Strategic Value Fund acquired on July 16, 2021. If these transactions were included, portfolio* *turnover would have been higher.*

<sup>(3)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.*

<sup>(4)</sup> *The net investment income (loss) per share was based on average shares outstanding for the period.*

<sup>(5)</sup> *Represents the period from commencement of operations (October 28, 2021) through June 30, 2022 for Class R6.*

<sup>(6)</sup> *Not annualized.*

<sup>(7)</sup> *Annualized.*

------

**TOUCHSTONE INVESTMENTS\***

**DISTRIBUTOR**

Touchstone Securities, Inc.\*

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

1.800.638.8194 TouchstoneInvestments.com

**INVESTMENT ADVISER**

Touchstone Advisors, Inc.\*

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

**TRANSFER AGENT**

BNY Mellon Investment Servicing (US) Inc.

P.O. Box 534467

Pittsburgh, PA 15253-4467

**SHAREHOLDER SERVICES**

1.800.543.0407 *\**

*A Member of Western & Southern Financial Group* 

The following are federal trademark registrations and applications owned by either IFS Financial Services, Inc. or Touchstone Advisors, Inc., each a member of Western & Southern Financial Group: Touchstone, Touchstone Funds, Touchstone Investments, the Touchstone Family of Funds and Distinctively Active.

------

**<u>Appendix A - Intermediary-Specific Sales Charge Waivers and Discounts</u>** 

As noted in the Funds' prospectus, the availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **The sales charge waivers and discounts described in this Appendix A are available only if you purchase shares through the designated intermediary. The information disclosed in this Appendix A is part of, and incorporated in, the Funds' prospectus.** 

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Ameriprise Financial</u>** 

**Front-End Sales Charge Reductions on Class A Shares Purchased through Ameriprise Financial:** 

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:* 

Effective January 1, 2025, shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

<sup>●</sup>

*Transaction size breakpoints,* as described in this prospectus or the SAI.

<sup>●</sup>

*Rights of accumulation (ROA),* as described in this prospectus or the SAI.

<sup>●</sup>

*Letter of intent,* as described in this prospectus or the SAI.

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:** 

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:* 

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage or account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

<sup>●</sup>

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

<sup>●</sup>

Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

<sup>●</sup>

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

<sup>●</sup>

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial adviser and/or the adviser's spouse, adviser's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), adviser's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

<sup>●</sup>

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC Waivers on Class A and C Shares Purchased through Ameriprise Financial** 

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

<sup>●</sup>

redemptions due to death or disability of the shareholder

<sup>●</sup>

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

redemptions made in connection with a return of excess contributions from an IRA account

<sup>●</sup>

shares purchased through a Right of Reinstatement (as defined above)

<sup>●</sup>

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**\* \* \* \* \* \*** 

**<u>Policies Regarding Transactions Through Edward D. Jones & Co., L.P. ("Edward Jones")</u>** 

*The following information has been provided by Edward Jones:* 

**Effective on or after September 3rd, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Touchstone Fund Complex, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.** 

**Breakpoints** 

<sup>●</sup>

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

**Rights of Accumulation ("ROA")** 

<sup>●</sup>

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Touchstone Fund Complex held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

<sup>●</sup>

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

<sup>●</sup>

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")** 

<sup>●</sup>

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

<sup>●</sup>

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

<sup>●</sup>

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

<sup>●</sup>

Shares purchased in an Edward Jones fee-based program.

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

<sup>●</sup>

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The redemption and repurchase occur in the same account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

<sup>●</sup>

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

<sup>●</sup>

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

<sup>●</sup>

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

<sup>●</sup>

Purchases of Class 529-A shares made for recontribution of refunded amounts.

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

<sup>●</sup>

The death or disability of the shareholder.

<sup>●</sup>

Systematic withdrawals with up to 10% per year of the account value.

<sup>●</sup>

Return of excess contributions from an Individual Retirement Account (IRA).

<sup>●</sup>

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

<sup>●</sup>

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

<sup>●</sup>

Shares exchanged in an Edward Jones fee-based program.

<sup>●</sup>

Shares acquired through NAV reinstatement.

<sup>●</sup>

Shares redeemed at the discretion of Edward Jones for Minimums Balances, as described below.

**<u>Other Important Information Regarding Transactions Through Edward Jones</u>** 

**Minimum Purchase Amounts** 

<sup>●</sup>

Initial purchase minimum: $250

<sup>●</sup>

Subsequent purchase minimum: none

**Minimum Balances** 

<sup>●</sup>

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

<sup>●</sup>

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Janney Montgomery Scott LLC ("Janney")</u>** 

Effective May 1, 2020, shareholders purchasing fund shares through a Janney account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

**Front-end sales charge waivers on Class A shares available at Janney** 

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

<sup>●</sup>

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

<sup>●</sup>

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**Sales charge waivers on Class A and C shares available at Janney** 

Shares sold upon the death or disability of the shareholder.

<sup>●</sup>

Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

<sup>●</sup>

Shares purchased in connection with a return of excess contributions from an IRA account.

<sup>●</sup>

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

<sup>●</sup>

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

<sup>●</sup>

Shares acquired through a right of reinstatement.

**Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation** 

<sup>●</sup>

Breakpoints as described in the fund's Prospectus.

<sup>●</sup>

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**\* \* \* \* \* \*** 

**Shareholders Purchasing Fund Shares Through J.P. Morgan Securities LLC** 

Effective September 29, 2023, if you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this Prospectus or Statement of Additional Information.

**Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC** 

<sup>●</sup>

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

<sup>●</sup>

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

<sup>●</sup>

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

<sup>●</sup>

Shares purchased through rights of reinstatement.

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

<sup>●</sup>

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A share conversion** 

<sup>●</sup>

A shareholder in the Fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC** 

<sup>●</sup>

Shares sold upon the death or disability of the shareholder.

<sup>●</sup>

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

<sup>●</sup>

Shares purchased in connection with a return of excess contributions from an IRA account.

<sup>●</sup>

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

<sup>●</sup>

Shares acquired through a right of reinstatement.

------

**Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent** 

<sup>●</sup>

Breakpoints as described in the Prospectus.

<sup>●</sup>

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

<sup>●</sup>

Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch")</u>** 

Effective April 1, 2024, the following information is provided by Merrill Lynch: Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**<u>Front-end Load Waivers Available at Merrill</u>** 

<sup>●</sup>

Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

<sup>●</sup>

Shares purchased through a Merrill investment advisory program

<sup>●</sup>

Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

<sup>●</sup>

Shares purchased through the Merrill Edge Self-Directed platform

<sup>●</sup>

Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

<sup>●</sup>

Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

<sup>●</sup>

Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement)

<sup>●</sup>

Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees)

<sup>●</sup>

Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

**<u>Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares</u> <u>Available at Merrill</u>** 

<sup>●</sup>

Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22e(3))

<sup>●</sup>

Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

<sup>●</sup>

Shares sold due to return of excess contributions from an IRA account

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

<sup>●</sup>

Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

**<u>Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent</u>** 

<sup>●</sup>

Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

<sup>●</sup>

Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

<sup>●</sup>

Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Morgan Stanley Smith Barney LLC ("Morgan Stanley")</u>** 

The following information is provided by Morgan Stanley: Unless otherwise noted herein, effective June 1, 2020, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**<u>Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management</u>** 

<sup>●</sup>

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

<sup>●</sup>

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

<sup>●</sup>

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

<sup>●</sup>

Shares purchased through a Morgan Stanley self-directed brokerage account

<sup>●</sup>

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

<sup>●</sup>

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

<sup>●</sup>

Your financial intermediary, on your behalf, can convert Class S shares of the Touchstone Ultra Short Duration Fixed Income Fund to Class A shares of the same fund, without a sales charge and on a tax free basis, if they are held in a brokerage account

<sup>●</sup>

Effective July 1, 2020, shares of the Touchstone Ultra Short Duration Fixed Income Fund purchased in a Morgan Stanley transactional brokerage account.

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Oppenheimer & Co. Inc ("OPCO")</u>** 

Effective February 26, 2020, shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

**<u>Front-end Sales Load Waivers on Class A Shares available at OPCO</u>** 

<sup>●</sup>

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

<sup>●</sup>

Shares purchased by or through a 529 Plan

<sup>●</sup>

Shares purchased through a OPCO affiliated investment advisory program

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

<sup>●</sup>

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

<sup>●</sup>

Employees and registered representatives of OPCO or its affiliates and their family members

<sup>●</sup>

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus

**<u>CDSC Waivers on A and C Shares available at OPCO</u>** 

<sup>●</sup>

Death or disability of the shareholder

<sup>●</sup>

Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus

<sup>●</sup>

Return of excess contributions from an IRA Account

<sup>●</sup>

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus

<sup>●</sup>

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

<sup>●</sup>

Shares acquired through a right of reinstatement

**<u>Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent</u>** 

<sup>●</sup>

Breakpoints as described in this prospectus.

<sup>●</sup>

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates ("Raymond James")</u>** 

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**<u>Front-end Sales Charge Waivers on Class A Shares available at Raymond James</u>** 

<sup>●</sup>

Shares purchased in an investment advisory program.

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

<sup>●</sup>

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

<sup>●</sup>

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

<sup>●</sup>

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**<u>CDSC Waivers on Classes A, B and C shares available at Raymond James</u>** 

<sup>●</sup>

Death or disability of the shareholder.

<sup>●</sup>

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

<sup>●</sup>

Return of excess contributions from an IRA Account.

<sup>●</sup>

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

<sup>●</sup>

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

<sup>●</sup>

Shares acquired through a right of reinstatement.

------

**<u>Front-end load discounts available at Raymond James: breakpoints, and/or Rights of Accumulation</u>** 

<sup>●</sup>

Breakpoints as described in this prospectus.

<sup>●</sup>

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

**\* \* \* \* \* \*** 

**<u>Shareholders Purchasing Fund Shares Through Robert W. Baird & Co. Incorporated</u>** 

The following information is provided by Robert W. Baird & Co. Incorporated ("Baird"): Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**<u>Front-End Sales Charge Waivers on Investors A-shares Available at Baird</u>** 

<sup>●</sup>

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund

<sup>●</sup>

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

<sup>●</sup>

Shares purchased from the proceeds of redemptions from another Touchstone Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

<sup>●</sup>

A shareholder in the Fund's Investor C Shares will have their shares converted at net asset value to Investor A shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird

<sup>●</sup>

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**<u>CDSC Waivers on Investor A and C shares Available at Baird</u>** 

<sup>●</sup>

Shares sold due to death or disability of the shareholder

<sup>●</sup>

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

<sup>●</sup>

Shares bought due to returns of excess contributions from an IRA Account

<sup>●</sup>

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund's prospectus

<sup>●</sup>

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

<sup>●</sup>

Shares acquired through a right of reinstatement

**<u>Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations</u>** 

<sup>●</sup>

Breakpoints as described in this prospectus

<sup>●</sup>

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Touchstone Fund assets held by accounts within the purchaser's household at Baird. Eligible Touchstone Fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

<sup>●</sup>

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Touchstone Funds through Baird, over a 13-month period of time

------

![](g76678img099902221.jpg)

303 Broadway, Suite 1100

Cincinnati, Ohio 45202-4203

**Go paperless, sign up today at:**

**TouchstoneInvestments.com/Resources/Edelivery** 

For investors who want more information about the Funds, the following documents are available free upon request:

**Appendix A:** *Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts* is a separate document that provides additional information about the availability of certain sales charge waivers and discounts and is incorporated into this prospectus, which means it is legally a part of this prospectus.

**Statement of Additional Information ("SAI"):** The SAI provides more detailed information about the Funds and is incorporated herein by reference, which means it is legally a part of this prospectus.

**Annual/Semiannual Reports and Form N-CSR ("Financial Reports"):** The Funds' Financial Reports provide additional information about the Funds' investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Fund's performance during its last fiscal year.

You can get free copies of Appendix A, the SAI, the Financial Reports, other information and answers to your questions about the Funds by contacting your financial adviser or by contacting Touchstone Investments at 1.800.543.0407. Appendix A, the SAI and Financial Reports are also available without charge on the Touchstone Investments website at: www.TouchstoneInvestments.com/Resources.

Reports and other information about the Funds are available on the EDGAR database of the SEC's internet site at http://www.sec.gov. For a fee, you may obtain text-only copies of these reports and other information, after paying a duplicating fee, by sending an e-mail request to: publicinfo@sec.gov.

Investment Company Act File No. 811-03651

TSF-TST-STATPRO-2510

------

**Touchstone Strategic Trust**

**Statement of Additional Information**

**October 28, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| Touchstone Balanced Fund | SEBLX  | SBACX  | SIBLX  |  | TBARX |
| Touchstone Core Municipal Bond Fund | TOHAX  | TOHCX  | TOHYX  | TOHIX |  |
| Touchstone International Value Fund | SWRLX  | SWFCX | SIIEX | TOIIX |  |
| Touchstone Large Cap Focused Fund | SENCX  | SCSCX  | SICWX  | SCRLX  | TSRLX |
| Touchstone Large Cap Fund | TACLX  | TFCCX  | TLCYX  | TLCIX |  |
| Touchstone Large Company Growth Fund | TSAGX  | TCGLX  | TLGYX  | DSMLX |  |
| Touchstone Small Company Fund | SAGWX  | SSCOX  | SIGWX  | TICSX  | SSRRX |
| Touchstone Value Fund | TVLAX  | TVLCX  | TVLYX  | TVLIX  | TVLRX |

---

This Statement of Additional Information ("SAI") is not a prospectus and relates only to the above-referenced funds (each a "Fund" and, together, the "Funds"). It is intended to provide additional information regarding the activities and operations of Touchstone Strategic Trust (the "Trust") and should be read in conjunction with the Funds' prospectus dated October 28, 2025, as may be amended. The Trust's audited financial statements for each Fund for the fiscal year ended June 30, 2025, including the notes thereto and the report of Ernst & Young LLP thereon, included in the Trust's most recent Form N-CSR filing, are hereby incorporated into this SAI by reference. A copy of the Trust's Prospectus, Form N-CSR, other information such as fund financial statements that the fund files on Form N-CSR, or an annual report to shareholders may be obtained without charge by writing to the Trust at P.O. Box 534467, Pittsburgh, PA 15253-4467, by calling 1.800.543.0407, or by downloading a copy at TouchstoneInvestments.com/Resources.

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| [THE TRUST](#xx_11d9f1f9-448f-471d-be33-cb89eea57bc1_1) | 3 |
| [PERMITTED INVESTMENTS AND RISK FACTORS](#xx_41f51c3c-53d7-4d35-a77c-bfb343f608db_1) | 5 |
| [INVESTMENT LIMITATIONS](#xx_41f51c3c-53d7-4d35-a77c-bfb343f608db_34) | 38 |
| [TRUSTEES AND OFFICERS OF THE TRUST](#xx_41f51c3c-53d7-4d35-a77c-bfb343f608db_37) | 41 |
| [THE ADVISER](#xx_73f1d040-89f7-4287-b095-d5f084cf8e7c_1) | 49 |
| [THE SUB-ADVISERS AND PORTFOLIO MANAGERS](#xx_6ca0f08b-45e2-41f4-9b22-a86725f69bd2_1) | 52 |
| [THE ADMINISTRATOR](#xx_9bdfba42-2b75-442d-bac3-0c1e3a6b0f6d_1) | 61 |
| [TOUCHSTONE SECURITIES](#xx_9bdfba42-2b75-442d-bac3-0c1e3a6b0f6d_1) | 61 |
| [Distribution Plans and Shareholder Service Arrangements](#xx_615b0d2c-34de-4427-a6a8-36f497dd26a3_1) | 64 |
| [BROKERAGE TRANSACTIONS](#xx_e2edb3bf-3dbd-46d0-beb6-d4875ff89def_1) | 66 |
| [PROXY VOTING](#xx_e2edb3bf-3dbd-46d0-beb6-d4875ff89def_2) | 67 |
| [CODE OF ETHICS](#xx_e2edb3bf-3dbd-46d0-beb6-d4875ff89def_2) | 67 |
| [Portfolio Turnover](#xx_e2edb3bf-3dbd-46d0-beb6-d4875ff89def_3) | 68 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#xx_e2edb3bf-3dbd-46d0-beb6-d4875ff89def_3) | 68 |
| [DETERMINATION OF NET ASSET VALUE](#xx_70ea694a-0dea-47e5-b057-c4bfffb4dd06_1) | 70 |
| [DESCRIPTION OF SHARES](#xx_70ea694a-0dea-47e5-b057-c4bfffb4dd06_1) | 70 |
| [CERTAIN PROVISIONS OF THE TRUST'S BY-LAWS](#xx_a7659aec-64a4-4445-87f2-fe2c5ca29cc0_1) | 71 |
| [CHOOSING A CLASS OF SHARES](#xx_3c2ec27e-12fb-4204-ab11-4a4cd438a608_1) | 72 |
| [OTHER PURCHASE AND REDEMPTION INFORMATION](#xx_674f4321-be67-4956-9d98-067fb8c8bf54_1) | 75 |
| [DISTRIBUTIONS](#xx_f20f028b-1e46-4e55-a87d-8a856b23dc39_1) | 78 |
| [FEDERAL INCOME TAXES](#xx_5882e404-1c81-4e48-a2b3-4c83593b2e32_1) | 79 |
| [CONTROL PERSONS AND PRINCIPAL SECURITY HOLDERS](#xx_c69eff48-e727-4312-ad6f-12435e663d31_1) | 88 |
| [CUSTODIAN](#xx_2b3d0e01-5343-4478-bb55-82c7ff322fe2_1) | 99 |
| [LEGAL COUNSEL](#xx_2b3d0e01-5343-4478-bb55-82c7ff322fe2_1) | 99 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_2b3d0e01-5343-4478-bb55-82c7ff322fe2_1) | 99 |
| [TRANSFER AND SUB-ADMINISTRATIVE AGENT](#xx_2b3d0e01-5343-4478-bb55-82c7ff322fe2_1) | 99 |
| [FINANCIAL STATEMENTS](#xx_4b7f6440-61cc-4470-b393-e9273b31d700_1) | 101 |
| [APPENDIX A — DESCRIPTION OF SECURITIES RATINGS](#xx_99259b45-9bdd-4ef9-9c9e-2633eb039b78_1) | 102 |
| [APPENDIX B](#xx_96569287-3357-44cf-8ba3-b42c368f7c09_1) | 107 |

---

------

**THE TRUST**

Touchstone Strategic Trust (the "Trust"), an open-end management investment company, was organized as a Massachusetts business trust on November 18, 1982. This SAI relates to the following separate series of the Trust: Touchstone Balanced Fund (the "Balanced Fund"), Touchstone Core Municipal Bond Fund (the "Core Municipal Bond Fund"), Touchstone International Value Fund (the "International Value Fund"), Touchstone Large Cap Focused Fund (the "Large Cap Focused Fund"), Touchstone Large Cap Fund (the "Large Cap Fund"), Touchstone Large Company Growth Fund (the "Large Company Growth Fund"), Touchstone Small Company Fund (the "Small Company Fund"), and Touchstone Value Fund (the "Value Fund"). Each of the Balanced Fund, Core Municipal Bond Fund, International Value Fund, Large Cap Fund, Small Company Fund and Value Fund is a diversified open-end management investment company. Each of the Large Cap Focused Fund and Large Company Growth Fund is a non-diversified open-end management investment company.

Touchstone Advisors, Inc. (the "Adviser") is the investment adviser and administrator for each Fund. The Adviser has selected one or more sub-adviser(s) to manage, on a daily basis, the assets of each Fund. The Adviser has sub-contracted certain of the Trust complex's administrative and accounting services to The Bank of New York Mellon and the Trust complex's transfer agent services to BNY Mellon Investment Servicing (US) Inc. (collectively referred to herein as "BNY Mellon"). Touchstone Securities, Inc. ("Touchstone Securities" or the "Distributor") is the principal distributor of the Funds' shares. The Distributor is an affiliate of the Adviser.

The Trust offers five separate classes of shares: Classes A, C, Y, Institutional, and R6. The shares of a Fund represent an interest in the same assets of that Fund. The shares have the same rights and are identical in all material respects except that (i) each class of shares may bear different (or no) distribution fees; (ii) each class of shares may be subject to different (or no) sales charges; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees incurred by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses incurred as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares; (iv) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements; and (v) certain classes offer different features and services to shareholders and may have different investment minimums. The Board of Trustees of the Trust (the "Board") may classify and reclassify the shares of a Fund into additional classes of shares at a future date.

Under Massachusetts law, under certain circumstances, shareholders of a Massachusetts business trust could be deemed to have the same type of personal liability for the obligations of the Trust as does a partner of a partnership. However, numerous investment advisory companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"), have been formed as Massachusetts business trusts and the Trust is not aware of an instance where such result has occurred. In addition, the Trust's Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and provides for the indemnification out of the Trust property for all losses and expenses of any shareholder held personally liable for the obligations of the Trust. Moreover, it provides that the Trust will, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. As a result, and particularly because the Trust assets are readily marketable and ordinarily substantially exceed liabilities, management believes that the risk of shareholder liability is slight and limited to circumstances in which the Trust itself would be unable to meet its obligations. Management believes that, in view of the above, the risk of personal liability is remote. Upon payment of any liability incurred by the Trust, the shareholder paying the liability will be entitled to reimbursement from the general assets of the Trust. The Trustees intend to conduct the operations of the Trust in a manner so as to avoid, as far as possible, ultimate liability of the shareholders for liabilities of the Trust.

**<u>History of the Funds</u>**

**Value Fund.** Before the Fund commenced operations, all of the assets and liabilities of Old Mutual Barrow Hanley Value Fund (the "Predecessor Fund") were transferred to the Value Fund in a tax-free reorganization, as set forth in an agreement and plan of reorganization (the "Old Mutual Reorganization"). The Old Mutual Reorganization occurred on April 16, 2012. As a result of the Old Mutual Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Shareholders of the Predecessor Fund who owned Class Z shares of the Predecessor Fund received Class Y shares of the Fund in the Old Mutual Reorganization. In connection with the Old Mutual Reorganization, the Board of Trustees changed the Fund's fiscal year end from March 31 to June 30.

**Large Cap Fund.** The inception date of the Large Cap Fund is July 9, 2014.

**Large Company Growth Fund.** Before the Fund commenced operations, the assets of the DSM Large Cap Growth Fund, the Predecessor Fund to the Large Company Growth Fund, were acquired by the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization between the Trust, on behalf of the Fund, and Professionally Managed Portfolios, on behalf of the Predecessor Fund (the "Large Company Growth Reorganization"). The Large Company Growth Reorganization occurred on August 15, 2016. As a result of the Large Company Growth Reorganization, the performance and accounting history of the Predecessor Fund were assumed by the Fund. Financial and performance information prior to the date of the Large Company Growth Reorganization included herein is that of the Predecessor Fund.

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**Core Municipal Bond Fund.** Before the Fund commenced operations, the assets of the Touchstone Ohio Tax-Free Bond Fund, a series of Touchstone Tax-Free Trust (the "Predecessor Fund"), were acquired by the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (the "Ohio Tax-Free Reorganization") between the Trust, on behalf of the Fund, and Touchstone Tax-Free Trust, on behalf of the Predecessor Fund. The Ohio Tax-Free Reorganization occurred on December 16, 2016. As a result of the Ohio Tax-Free Reorganization, the performance and accounting history of the Predecessor Fund were assumed by the Fund. Financial and performance information prior to the date of the Ohio Tax-Free Reorganization included herein is that of the Predecessor Fund.

On October 28, 2021, the Fund changed its name from the Touchstone Ohio Tax-Free Bond Fund to the Touchstone Core Municipal Bond Fund and also changed its diversification status, investment goal, principal investment strategy and sub-adviser.

**Balanced Fund, International Value Fund, Large Cap Focused Fund and Small Company Fund.** On October 27, 2017, all of the assets and liabilities of the Predecessor Funds listed below (together, the "Sentinel Predecessor Funds") were acquired by the corresponding Fund in tax-free reorganizations as set forth in an agreement and plan of reorganization (the "Sentinel Reorganizations") between the Trust, on behalf of each Fund, and Sentinel Group Funds, Inc., on behalf of each Predecessor Fund. As a result of the Reorganizations, the performance and accounting history of each Sentinel Predecessor Fund was assumed by the corresponding Fund. Financial and performance information included prior to October 27, 2017 is that of the Sentinel Predecessor Funds.

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| | |
|:---|:---|
| **Predecessor Funds** | **Funds** |
| Sentinel Balanced Fund | Balanced Fund |
| Sentinel International Equity Fund | International Value Fund\* |
| Sentinel Common Stock Fund | Large Cap Focused Fund |
| Sentinel Small Company Fund | Small Company Fund |

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*\*Prior to April 30, 2024, the International Value Fund was named the International Equity Fund.*

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**PERMITTED INVESTMENTS AND RISK FACTORS**

Each Fund's principal investment strategies and principal risks are described in the Funds' prospectus. The following supplements the information contained in the prospectus concerning each Fund's principal investment strategies and principal risks. In addition, although not principal strategies of the Funds, the Funds may invest in other types of securities and engage in other investment practices as described in the prospectus or in this SAI. Unless otherwise indicated, each Fund is permitted to invest in each of the investments listed below, or engage in each of the investment techniques listed below if such investment or activity is consistent with the Fund's investment goals, investment limitations, policies and strategies. In addition to the fundamental and non-fundamental investment limitations set forth under the section of this SAI entitled "Investment Limitations," the investment limitations below are considered to be non-fundamental policies which may be changed at any time by a vote of the Trust's Board, unless designated as a "fundamental" policy. In addition, any stated percentage limitations are measured at the time of the purchase of a security.

**ADRs, ADSs, EDRs, CDRs, and GDRs.** American Depositary Receipts ("ADRs") and American Depositary Shares ("ADSs") are U.S. dollar-denominated receipts typically issued by domestic banks or trust companies that represent the deposit with those entities of securities of a foreign issuer. They are publicly traded on exchanges or over-the-counter in the United States. European Depositary Receipts ("EDRs"), which are sometimes referred to as Continental Depositary Receipts ("CDRs"), and Global Depositary Receipts ("GDRs") may also be purchased by the Funds. EDRs, CDRs and GDRs are generally issued by foreign banks and evidence ownership of either foreign or domestic securities. Certain institutions issuing ADRs, ADSs, EDRs or GDRs may not be sponsored by the issuer of the underlying foreign securities. A non-sponsored depositary may not provide the same shareholder information that a sponsored depositary is required to provide under its contractual arrangements with the issuer of the underlying foreign securities. Holders of an unsponsored depositary receipt generally bear all the costs of the unsponsored facility. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through to the holders of the receipts voting rights with respect to the deposited securities.

**Asset-Backed Securities ("ABS").** ABS are secured by assets such as company receivables, truck and auto loans, leases and credit card receivables. Such securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Such securities also may be debt instruments, which are also known as collateralized obligations and are generally issued as the debt of a special purpose entity, such as a trust, organized solely for the purpose of owning such assets and issuing such debt. Covered bonds are a type of asset backed security that is created from public sector loans or mortgage loans where the security is backed by a separate group of loans. Covered bonds typically carry a 2 to 10 year maturity rate and enjoy relatively high credit ratings, depending on the quality of the pool of loans backing the bond.

The credit quality of an ABS transaction depends on the performance of the underlying assets. ABS can be structured with various forms of credit enhancement to address the possibility that some borrowers could miss payments or even default on their loans. Some ABS are subject to interest-rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. ABS also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include: a big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level, or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment.

**Bank Debt Instruments.** Bank debt instruments in which the Funds may invest consist of certificates of deposit, bankers' acceptances and time deposits issued by national banks and state banks, trust companies and mutual savings banks, or of banks or institutions the accounts of which are insured by the Federal Deposit Insurance Corporation. Certificates of deposit are negotiable certificates evidencing the indebtedness of a commercial bank to repay funds deposited with it for a definite period of time (usually from fourteen days to one year, although certificates of deposit may have longer terms) at a stated or variable interest rate. Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft that has been drawn on it by a customer, which instruments reflect the obligation both of the bank and of the drawer to pay the face amount of the instrument upon maturity. Time deposits are nonnegotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate. Investments in time deposits maturing in more than seven days will be subject to the Funds' restrictions on illiquid investments (see "Investment Limitations").

The Funds may invest in certificates of deposit, bankers' acceptances and time deposits issued by foreign branches of national banks. Eurodollar certificates of deposit are negotiable U.S. dollar denominated certificates of deposit issued by foreign branches of major U.S. commercial banks. Eurodollar bankers' acceptances are U.S. dollar denominated bankers' acceptances "accepted" by foreign branches of major U.S. commercial banks. Investments in the obligations of foreign branches of U.S. commercial banks may be subject to special risks, including future political and economic developments, imposition of withholding taxes on income, establishment of exchange controls or other restrictions, less governmental supervision and the lack of uniform accounting, auditing and financial reporting standards that might affect an investment adversely. Payment of interest and principal upon these obligations may also be affected by governmental action in the country of domicile of the branch (generally referred to as sovereign risk). In addition, evidences of ownership of portfolio securities may be held outside of the U.S. and the Funds may be subject to the risks associated with the holding of such property overseas. Various

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provisions of federal law governing the establishment and operation of domestic branches do not apply to foreign branches of domestic banks. The Sub-Adviser, subject to the oversight of the Board, considers these factors when making investments. The Funds do not limit the amount of their assets that can be invested in any one type of instrument or in any foreign country in which a branch of a U.S. bank or the parent of a U.S. branch is located. Investments in obligations of foreign banks are subject to the overall limit of 25% of total assets that may be invested in a single industry.

**Bear Funds.** The Funds may invest in bear funds. Bear funds are designed to allow investors to speculate on anticipated decreases in the S&P 500<sup>®</sup> Index or another securities market index or to hedge an existing portfolio of securities or mutual fund shares. Due to the nature of bear funds, investors could experience substantial losses during sustained periods of rising equity prices. This is the opposite result expected of investing in a traditional equity mutual fund in a generally rising stock market. Bear funds employ certain investment techniques, including engaging in short sales and in certain transactions in stock index futures contracts, options on stock index futures contracts, and options on securities and stock indexes. Using these techniques, bear funds will generally incur a loss if the price of the underlying security or index increases between the date of the employment of the technique and the date on which the fund terminates the position. Bear funds will generally realize a gain if the underlying security or index declines in price between those dates. The amount of any gain or loss on an investment technique may be affected by any premium or amounts in lieu of dividends or interest that the Funds pay or receive as a result of the transaction.

**Borrowing and Leveraging.** The Funds may borrow money from banks (including their custodian bank) or from lenders to the extent permitted by applicable law. The 1940 Act requires the Fund to maintain asset coverage (total assets, including assets acquired with borrowed funds, less liabilities exclusive of borrowings) of at least 300% for all such borrowings. If at any time the value of the Fund's assets should fail to meet this 300% coverage test, the Fund, within three days (not including Sundays and holidays), will reduce the amount of its borrowings to the extent necessary to meet this test. The Fund will not make any borrowing or enter into a reverse repurchase agreement that would cause its outstanding borrowings to exceed one-third of the value of its total assets.

Leveraging a Fund through borrowing or other means (e.g., certain uses of derivatives) creates an opportunity for increased net income, but, at the same time, creates special risk considerations. Leveraging creates interest expenses for a Fund which could exceed the income from the assets retained. To the extent the income derived from securities purchased with borrowed funds exceeds the interest that a Fund will have to pay, a Fund's net income will be greater than if leveraging were not used. Conversely, if the income from the assets retained with borrowed funds is not sufficient to cover the cost of leveraging, the net income of a Fund will be less than if leveraging were not used, and therefore the amount available for distribution to shareholders as dividends will be reduced. As further outlined in the "Derivatives" subsection, the SEC adopted Rule 18f-4 (the "Derivatives Rule") on October 28, 2020. Funds were required to comply with the Derivatives Rule requirements by August 19, 2022. Interest rate arbitrage transactions, reverse repurchase agreements and dollar roll transactions create leverage and will be entered into in accordance with the regulatory requirements described in the "Derivatives" subsection.

In an interest rate arbitrage transaction, a Fund borrows money at one interest rate and lends the proceeds at another, higher interest rate. These leverage transactions involve a number of risks; including the risk that the borrower will fail or otherwise become insolvent or that there will be a significant change in prevailing interest rates. The Funds may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to any borrowing. The Funds have adopted fundamental limitations and non-fundamental limitations which restrict circumstances in which and degrees to which the Funds can engage in borrowing. See the section entitled "Investment Limitations," below.

To reduce its borrowings, a Fund might be required to sell securities at a time when it would be disadvantageous to do so. In addition, because interest on money borrowed is a Fund expense that it would not otherwise incur, the Fund may have less net investment income during periods when its borrowings are substantial. The interest paid by a Fund on borrowings may be more or less than the yield on the securities purchased with borrowed funds, depending on prevailing market conditions. Borrowing magnifies the potential for gain or loss on a Fund's portfolio securities and, therefore, if employed, increases the possibility of fluctuation in its net asset value ("NAV"). This is the speculative factor known as leverage. To reduce the risks of borrowing, the Funds will limit their borrowings as described below.

**Business Development Companies ("BDCs").** BDCs are a type of closed-end fund regulated under the 1940 Act. BDCs are publicly-traded mezzanine/private equity funds that typically invest in and lend to small and medium-sized private companies that may not have access to public equity markets for capital raising. BDCs are unique in that at least 70% of their investments must be made to private U.S. businesses and BDCs are required to make available significant managerial assistance to their portfolio companies. BDCs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Code"). BDCs have expenses associated with their operations. Accordingly, a Fund will indirectly bear its proportionate share of any management and other expenses, and of any performance based fees, charged by the BDCs in which it invests.

Investments in BDCs are subject to various risks, including management's ability to meet the BDC's investment objective, and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. BDC shares are not redeemable at the option of the BDC shareholder and, as with shares of other closed-end funds; they may trade in the secondary market at a discount to their NAV.

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**Canadian Income Trusts.** A Canadian Income Trust is a qualified income trust as designated by the Canada Revenue Agency that operates as a profit-seeking corporation. This type of income trust, which pays out all earnings to unit holders before paying taxes, is usually traded publicly on a securities exchange. Canadian income trusts enjoy special Canadian corporate tax privileges.

**Commercial Paper.** Commercial paper consists of short-term (usually from one to two hundred seventy days) unsecured promissory notes issued by corporations in order to finance their current operations. A Fund will only invest in taxable commercial paper provided the paper is rated in one of the two highest categories by any two nationally recognized statistical rating organizations ("NRSROs") (or by any one NRSRO if the security is rated by only that NRSRO). A Fund may also invest in unrated commercial paper of issuers who have outstanding unsecured debt rated Aa or better by Moody's or AA or better by S&P. Certain notes may have floating or variable rates. Variable and floating rate notes with a demand notice period exceeding seven days will be subject to the Fund's restrictions on illiquid investments (see "Investment Limitations") unless, in the judgment of the sub-adviser, subject to the direction of the Board of Trustees, such note is liquid. The Funds do not presently intend to invest in taxable commercial paper. Appendix A contains more information about commercial paper ratings.

**Commodity Futures Trading Commission Regulation.** The Balanced Fund and the Adviser have claimed exclusion or exemption from registering with the Commodity Futures Trading Commission (the "CFTC"). The Funds currently intend to comply with Rule 4.5 under the Commodity Exchange Act (the "CEA"), which allows a Fund to be conditionally excluded from the definition of the term "commodity pool." Similarly, so long as the applicable Fund satisfies this conditional exclusion, the Adviser intends to comply with Rule 4.5, which allows the Adviser to be conditionally excluded from the definition of "commodity pool operator" ("CPO"), and Rule 4.14(a)(5), which provides a conditional exemption from registering as a "commodity trading adviser." The Adviser, on behalf of the applicable Fund and itself, has filed a claim with the CFTC claiming the CPO exemption. Therefore, neither the applicable Fund nor the Adviser expect to become subject to registration under the CEA.

**Common Stocks.** Common stocks are securities that represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the board of directors of the issuing company.

**Convertible Securities.** Convertible securities are corporate securities that are exchangeable for a set number of another security at a pre-stated price. Convertible securities typically have characteristics of both fixed-income and equity securities. Because of the conversion feature, the market value of a convertible security tends to move with the market value of the underlying stock. The value of a convertible security is also affected by prevailing interest rates, the credit quality of the issuer and any call provisions.

A synthetic convertible security is a combination investment in which a Fund purchases both (i) high-grade cash equivalents or a high grade debt obligation of an issuer or U.S. government securities and (ii) call options or warrants on the common stock of the same or different issuer with some or all of the anticipated interest income from the associated debt obligation that is earned over the holding period of the option or warrant.

While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar non-convertible security), a convertible security also affords a shareholder the opportunity, through its conversion feature, to participate in the capital appreciation attendant upon a market price advance in the convertible security's underlying common stock. A synthetic convertible position has similar investment characteristics, but may differ with respect to credit quality, time to maturity, trading characteristics and other factors. Because a Fund will create synthetic convertible positions only out of high grade fixed-income securities, the credit rating associated with a Fund's synthetic convertible investments is generally expected to be higher than that of the average convertible security, many of which are rated below high grade. However, because the options used to create synthetic convertible positions will generally have expirations between one month and three years of the time of purchase, the maturity of these positions will generally be shorter than average for convertible securities. Since the option component of a convertible security or synthetic convertible position is a wasting asset (in the sense of losing "time value" as maturity approaches), a synthetic convertible position may lose such value more rapidly than a convertible security of longer maturity; however, the gain in option value due to appreciation of the underlying stock may exceed such time value loss. The market price of the option component generally reflects these differences in maturities, and the Adviser and applicable sub-adviser take such differences into account when evaluating such positions. When a synthetic convertible position "matures" because of the expiration of the associated option, a Fund may extend the maturity by investing in a new option with longer maturity on the common stock of the same or different issuer. If a Fund does not so extend the maturity of a position, it may continue to hold the associated fixed-income security.

**Corporate Debt Securities.** Corporate debt securities are obligations of a corporation to pay interest and repay principal. Corporate debt securities include commercial paper, notes and bonds.

**Corporate Bonds.** Corporations issue bonds and notes to raise money for working capital or for capital expenditures such as plant construction, equipment purchases and expansion. In return for the money loaned to the corporation by investors, the corporation promises to pay investors interest, and repay the principal amount of the bond or note.

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**Custody Receipts.** The Funds may invest in custody receipts that represent corporate debt securities. Custody receipts, such as Morgan Stanley TRACERs, are derivative products which, in the aggregate, evidence direct ownership in a pool of securities. Typically, a sponsor will deposit a pool of securities with a custodian in exchange for custody receipts evidencing those securities. Generally the sponsor will then sell those custody receipts in negotiated transactions at varying prices that are determined at the time of sale. Each custody receipt evidences the individual securities in the pool, and the holder of a custody receipt generally will have all the rights and privileges of owners of those securities. Each holder of a custody receipt will be treated as directly purchasing its pro rata share of the securities in the pool, for an amount equal to the amount that such holder paid for its custody receipt. If a custody receipt is sold, a holder will be treated as having directly disposed of its pro rata share of the securities evidenced by the custody receipt. Additionally, the holder of a custody receipt may withdraw the securities represented by a custody receipt subject to certain conditions.

Custody receipts are generally subject to the same risks as those securities evidenced by the receipts which, in the case of the Funds, are corporate debt securities. Additionally, custody receipts may be less liquid than the underlying securities if the sponsor fails to maintain a trading market.

**Derivatives.** The Funds may invest in various instruments that are commonly known as derivatives. Generally, a derivative is a financial arrangement, the value of which is based on, or "derived" from, a traditional security, asset, or market index. There are many different types of derivatives and many different ways to use them, and there is a range of risks associated with those uses. Futures and options are commonly used both for traditional hedging purposes to attempt to limit exposure to changing interest rates, securities prices, or currency exchange rates and as a method of gaining exposure to a particular security, securities index or other financial instrument without investing directly in those instruments. Some uses of derivatives may have the effect of creating leverage, which tends to magnify the portfolio effects of the underlying instrument's price changes as market conditions change. Leverage involves the use of a small amount of money to control a large amount of financial assets, and can lead to significant losses. A sub-adviser will use derivatives only in circumstances where the sub-adviser believes they offer the most economic means of improving the risk/reward profile of the Fund. Derivatives will not be used to acquire exposure to changes in the value of assets or indexes that by themselves would not be purchased for the Funds. The use of derivatives for non-hedging purposes may be considered speculative. A description of the specific derivatives that the Funds may use and some of their associated risks is discussed below under the captions "Equity Related Securities," "Foreign Securities-Forward Foreign Currency Contracts," "Futures Contracts and Options on Futures Contracts," "Borrowing and Leveraging," "Options" and "Swap Agreements."

Additionally, the regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In particular, effective August 19, 2022 (the "Compliance Date"), the Derivatives Rule replaced the asset segregation regime of Investment Company Act Release No. 10666 ("Release 10666") with a new framework for the use of derivatives by registered funds. As of the Compliance Date, the SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund's use of derivatives and began requiring funds to satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the Funds are no longer required to engage in "segregation" or "coverage" techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations ("VaR"); (ii) a written derivatives risk management program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund's derivative exposure is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives user ("Limited Derivatives User") under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and procedures reasonably designed to manage its derivatives risks. Each Fund has elected to be treated as a Limited Derivatives User.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as "derivatives transactions" subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the 1940 Act. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed not to involve a senior security.

**Emerging Markets and Frontier Market Securities.** Emerging market countries are generally countries that are included in the Morgan Stanley Capital International ("MSCI") Emerging Markets Index, or otherwise excluded from the MSCI World Index. As of September 30, 2025, the countries in the MSCI World Index included: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. As of September 30, 2025, the countries in the MSCI Emerging Markets Index included: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Frontier market countries, which are those emerging market countries that have the smallest, least mature economies and least developed capital markets, are generally countries that are included in the MSCI Frontier Markets Index. As of September 30, 2025, the countries in the MSCI Frontier Markets Index included: Bahrain, Bangladesh, Benin, Burkina Faso, Croatia, Estonia, Guinea-Bissau, Iceland, Ivory Coast,

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Jordan, Kazakhstan, Kenya, Latvia, Lithuania, Mali, Mauritius, Morocco, Niger, Oman, Pakistan, Romania, Senegal, Serbia, Slovenia, Sri Lanka, Togo, Tunisia and Vietnam. The country composition of the MSCI World Index, the MSCI Emerging Markets Index, and the MSCI Frontier Markets Index can change over time.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv) national policies that may limit a Fund's investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose capital gains taxes on foreign investors.

Political and economic structures in emerging market countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristic of more developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for a Fund. Some of these countries may have in the past failed to recognize private property rights and have at times nationalized or expropriated the assets of private companies. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a Fund could lose the entire value of its investments in the affected market. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of investments in these countries and the availability to a Fund of additional investments. The small size and inexperience of the securities markets in certain of these countries and the limited volume of trading in securities in these countries may make investments in the countries illiquid and more volatile than investments in Japan or most Western European countries.

Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid and more volatile than those of mature markets, and company shares may be held by a limited number of persons. This may adversely affect the timing and pricing of a Fund's acquisition or disposal of securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation.

Some emerging market countries currently prohibit direct foreign investment in the securities of their companies. Certain emerging market countries, however, permit indirect foreign investment in the securities of companies listed and traded on their stock exchanges through investment funds that they have specifically authorized. Investments in these investment funds may be subject to the provisions of the 1940 Act limiting investments in other investment companies. Shareholders of a Fund that invests in such investment funds will bear not only their proportionate share of the expenses of a Fund (including operating expenses and the fees of the adviser), but also will indirectly bear similar expenses of the underlying investment funds. In addition, these investment funds may trade at a discount or premium to the fund's NAV.

Participatory notes (commonly known as P-notes) are offshore derivative instruments issued to foreign institutional investors and their sub-accounts against underlying Indian securities listed on the Indian bourses. These securities are not registered with the Securities and Exchange Board of India. Participatory notes are similar to ADRs, which are negotiable certificates issued by a U.S. bank and traded on U.S. exchanges. ADRs are denominated in U.S. dollars and represent a specified number of shares in a foreign security held by a U.S. financial institution located in a foreign country. Both P-notes and ADRs are subject to the risks discussed above with respect to securities of foreign issuers in general.

<u>Risks of Investing in India.</u> A Fund may, from time to time, invest a significant portion of its assets in companies in India. In addition to the risks incurred in investing in foreign securities and emerging markets, as noted above, risks associated with investing in India include the following. Foreign investment in the securities of issuers in India is usually restricted or controlled to some degree. In India, "Foreign Portfolio Investors" ("FPIs") may predominately invest in exchange-traded securities (and securities to be listed, or those approved on the OTC market of India) subject to the conditions specified in Indian guidelines and regulations (the "Guidelines"). FPIs are required to apply for registration through a designated depository participant, which facilitates the registration with the Securities and Exchange Board of India ("SEBI"). The Guidelines require SEBI to review the professional experience and reputation of the FPI and custodian arrangements for Indian securities. Even if a Fund is a registered FPI, it must still seek renewal of this status periodically and any corporate changes to a

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Fund must be reviewed and accepted by SEBI. There can be no guarantee that regulatory approval will be granted to continue a Fund's FPI status and a Fund's ability to buy or sell Indian securities may be impaired if a Fund's ability to transact is denied, delayed, suspended or not renewed by local regulators. FPIs are required to observe certain investment restrictions, including limiting the aggregate ownership of any one company by an FPI and its investors to less than 10% of the company's total paid-up equity capital. In addition, the shareholdings of all registered FPIs may not exceed 24% of the issued share capital of most companies. It is expected that this limit will automatically change from 24% to the relevant applicable limit established for certain sectors, such as telecommunications or banking have restrictions that limit foreign investment above a specified percentage (or requires regulatory approval to exceed that percentage). It is possible that this restriction could be raised or potentially lifted, subject to that company's approval. Under normal circumstances, income, gains and initial capital with respect to such investments are freely repatriable, subject to payment or withholding of applicable Indian taxes. There can be no assurance that these investment control regimes will not change in a way that makes it more difficult or impossible for a Fund to reach its investment objectives or repatriate its income, gains and initial capital from India.

The government in India has exercised and continues to exercise significant influence over many aspects of the economy. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on its economy and could adversely affect market conditions, economic growth and the profitability of companies in India. Further, any actions or other factors that may impede the flow of foreign capital to India may also inhibit its growth.

Large portions of many Indian companies remain in the hands of their founders (including members of their families) and the corporate governance of such family-owned companies may be weaker and less transparent. In addition, a high proportion of the shares of many Indian issuers are held by a limited number of persons or entities, which may limit the number of shares available for investment by a Fund. In addition, further issuances (or the perception that such issuances may occur) of securities by Indian issuers in which a Fund has invested could dilute the earnings per share of a Fund's investment and could adversely affect the market price of such securities. Sales of securities by such issuer's major shareholders, or the perception that such sales may occur, may also significantly and adversely affect the market price of such securities and, in turn, a Fund's investment. A limited number of issuers represent a disproportionately large percentage of market capitalization and trading value.

The ability of a Fund to invest in Indian securities, exchange Indian rupees into U.S. dollars and repatriate investment income, capital and proceeds of sales realized from its investments in Indian securities is subject to the Indian Foreign Exchange Management Act, 1999, and the rules, regulations and notifications issued thereunder. There can be no assurance that the Indian government in the future, whether for purposes of managing its balance of payments or for other reasons, will not impose restrictions on foreign capital remittances abroad or otherwise modify the exchange control regime applicable to foreign institutional investors in such a way that may adversely affect the ability of a Fund to repatriate its income and capital.

Religious and border disputes persist in India. Moreover, India has from time to time experienced civil unrest and hostilities with neighboring countries such as Pakistan. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy. Escalating tensions between India and Pakistan could impact the broader region. The Indian government has confronted separatist movements in several Indian states. The longstanding dispute with Pakistan over the bordering Indian state of Jammu and Kashmir, a majority of whose population is Muslim, remains unresolved. Attacks by terrorists believed to be based in Pakistan against India have further damaged relations between the two countries. If the Indian government is unable to control the violence and disruption associated with these tensions, the results could destabilize the economy and, consequently, adversely affect a Fund's investments.

The India securities market is substantially smaller than major securities markets in the U.S. and India experiences many of the risks associated with developing economies, including relatively low levels of liquidity, which may result in extreme volatility in the prices of Indian securities. India has less developed clearance and settlement procedures, and there have been times when settlements have been unable to keep pace with the volume of securities and have been significantly delayed. The Indian stock exchanges have in the past been subject to closure, broker defaults and broker strikes, and there can be no certainty that this will not recur. In addition, significant delays are possible in registering transfers of securities and a Fund may be unable to sell securities until the registration process is completed and may experience delays in receiving dividends and other entitlements. In addition, India has takeover regulations containing provisions that may discourage or prevent a third-party from taking control of an Indian company, including if it was beneficial to a Fund or for a price that is at a premium to the market price.

**Equity-Linked Notes ("ELNs").** A Fund may purchase ELNs. The principal or coupon payment on an ELN is linked to the performance of an underlying security or index. ELNs may be used, among other things, to provide a Fund with exposure to international markets while providing a mechanism to reduce foreign tax or regulatory restrictions imposed on foreign investors. The risks associated with purchasing ELNs include the creditworthiness of the issuer and the risk of counterparty default. Further, a Fund's ability to dispose of an ELN will depend on the availability of liquid markets in the instruments. The purchase and sale of an ELN is also subject to the risks regarding adverse market movements, possible intervention by governmental authorities, and the effects of other political and economic events.

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**Equity-Linked Warrants.** Equity-linked warrants provide a way for investors to access markets where entry is difficult and time consuming due to regulation. Typically, a broker issues warrants to an investor and then purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the investor exercises his call and closes his position, the shares are sold and the warrant is redeemed with the proceeds.

Each warrant represents one share of the underlying stock. Therefore, the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrants can be redeemed for 100% of the value of the underlying stock (less transaction costs). Being American style warrants, they can be exercised at any time. The warrants are U.S. dollar denominated and priced daily on several international stock exchanges.

**Equity-Related Securities.** A Fund may invest in equity-related securities, including low-exercise-price options ("LEPOs"), low exercise price warrants ("LEPWs"), and participatory notes ("P-notes") to gain exposure to issuers in certain emerging or frontier market countries. LEPOs, LEPWs, and P-notes are offshore derivative instruments issued to foreign institutional investors and their sub-accounts against underlying securities traded in emerging or frontier markets. These securities may be listed on an exchange or traded over-the-counter, and are similar to ADRs. As a result, the risks of investing in LEPOs, LEPWs, and P-notes are similar to depositary receipts risk and foreign securities risk in general. Specifically these securities entail both counterparty risk—the risk that the issuer of the LEPO, LEPW, or P-Note may not be able to fulfill its obligations or that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms—and liquidity risk—the risk that a liquid market may not exist for such securities.

**Eurobonds.** A Eurobond is a bond denominated in U.S. dollars or another currency and sold to investors outside of the country whose currency is used. Eurobonds may be issued by government or corporate issuers, and are typically underwritten by banks and brokerage firms from numerous countries. While Eurobonds typically pay principal and interest in Eurodollars (U.S. dollars held in banks outside of the United States), they may pay principal and interest in other currencies.

**Exchange-Traded Funds ("ETFs").** The Funds may invest in ETFs. An ETF is a fund that holds a portfolio of common stocks and is often designed to track the performance of a particular securities index or sector of an index, like the S&P 500<sup>®</sup> Index or NASDAQ, or a portfolio of bonds that may be designed to track a bond index. Because they may be traded like stocks on a securities exchange (e.g., the New York Stock Exchange; the NYSE MKT or the NASDAQ Stock Market), ETFs may be purchased and sold throughout the trading day based on their market price. Each share of an ETF represents an undivided ownership interest in the portfolio held by an ETF. ETFs that track indices or sectors of indices hold either:

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shares of all of the companies (or, for a fixed-income ETF, bonds) that are represented by a particular index in the same proportion that is represented in the index itself; or

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shares of a sampling of the companies (or, for a fixed-income ETF, bonds) that are represented by a particular index in a proportion meant to track the performance of the entire index.

ETFs are generally registered as investment companies and issue large blocks of shares (typically 50,000) called "creation units" in exchange for a specified portfolio of the ETF's underlying securities, plus a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of deposit. Creation units are redeemed in kind for a portfolio of the underlying securities (based on the ETF's NAV), together with a cash payment generally equal to accumulated dividends as of the date of redemption. As investment companies, ETFs incur fees and expenses such as advisory fees, trustee fees, operating expenses, licensing fees, registration fees, and marketing expenses, each of which will be reflected in the NAV of ETFs. Accordingly, ETF shareholders pay their proportionate share of these expenses.

**Fixed Income Risk.** The market value of a Fund's fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, a Fund's fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities a Fund owns, the more sensitive the value of the Fund's shares will be to changes in interest rates. In certain market conditions, governmental authorities and regulators may considerably lower interest rates, which, in some cases could result in negative interest rates. These actions, including their possible reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, a Fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of a Fund's uninvested cash.

**Foreign Securities.** Except as expressly set forth herein and in the prospectus, the Funds may invest in securities of foreign issuers and in sponsored and unsponsored depositary receipts. Foreign companies are companies that: (i) are organized under the laws of a foreign country or maintain their principal place of business in a foreign country; (ii) the principal trading market for their securities is located in a foreign country; or (iii) derive at least 50% of their revenues or profits from operations in a foreign country or have at least 50% of their assets located in a foreign country. Investing in securities issued by foreign companies and governments involves considerations and potential risks not typically associated with investing in obligations issued by the U.S. government and domestic corporations. Less information may be available about foreign companies than about domestic companies and foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements comparable to those

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applicable to domestic companies. The values of foreign investments are affected by changes in currency rates or exchange control regulations, restrictions or prohibitions on the repatriation of foreign currencies, application of foreign tax laws, including withholding taxes, changes in governmental administration or economic or monetary policy (in the United States or abroad) or changed circumstances in dealings between nations. Costs are also incurred in connection with conversions between various currencies. In addition, foreign brokerage commissions and custody fees are generally higher than those charged in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than in the United States. Investments in foreign countries could be affected by other factors not present in the United States, including expropriation, confiscatory taxation, lack of uniform accounting and auditing standards and potential difficulties in enforcing contractual obligations and could be subject to extended clearance and settlement periods.

In addition, there are risks relating to ongoing concerns regarding the economies of certain European countries and their sovereign debt, as well as the potential for one or more countries to leave the European Union ("EU").

<u>Brexit Risk.</u> Uncertainties surrounding the sovereign debt of a number of EU countries and the viability of the EU have disrupted and may in the future disrupt markets in the United States and around the world. If one or more countries leave the EU, as the United Kingdom did in January of 2020 (commonly referred to as "Brexit"), or the EU dissolves, the global securities markets likely will be significantly disrupted.

<u>Foreign Market Risk.</u> A Fund is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for a Fund to buy and sell securities on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Any of these actions could severely affect security prices, impair a Fund's ability to purchase or sell foreign securities or transfer a Fund's assets or income back into the United States or otherwise adversely affect a Fund's operations. Other potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts and political and social conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States or other foreign countries. In addition, changes in government administrations or economic or monetary policies in the United States or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund's operations.

<u>Public Availability of Information.</u> In general, less information is publicly available with respect to foreign issuers than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform accounting and financial reporting requirements applicable to issuers in the United States. A Fund's foreign investments may be less liquid and their prices may be more volatile than comparable investments in securities in U.S. companies. In addition, there is generally less government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the United States.

<u>Settlement Risk.</u> Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. Communications between the United States and certain non-U.S. countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions; these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party; a Fund could be liable to that party for any losses incurred. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign taxes on income from sources in such countries.

<u>Governmental Supervision and Regulation/Accounting Standards.</u> Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on nonpublic information about that company. In addition, the U.S. government has from time to time in the past imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for a Fund to completely and accurately determine a company's financial condition. Also, brokerage commissions and other costs of buying or selling securities often are higher in foreign countries than they are in the United States. This reduces the amount a Fund can earn on its investments.

<u>Foreign Currency Risk.</u> While a Fund's net assets are valued in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are: (1)

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it may be expensive to convert foreign currencies into U.S. dollars and vice versa; (2) complex political and economic factors may significantly affect the values of various currencies, including U.S. dollars, and their exchange rates; (3) government intervention may increase risks involved in purchasing or selling foreign currency options, forward contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces; (4) there may be no systematic reporting of last sale information for foreign currencies or regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis; (5) available quotation information is generally representative of very large round-lot transactions in the inter-bank market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable; and (6) the inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate movements.

<u>Restrictions on Investments.</u> There may be unexpected restrictions on investments in companies located in certain foreign countries. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies," or in instruments that are derivative of, or are designed to provide investment exposure to, such securities. In addition, to the extent that a Fund holds such a security, one or more Fund intermediaries may decline to process customer orders with respect to such Fund unless and until certain representations are made by the Fund or the prohibited holdings are divested. As a result of forced sales of a security, or inability to participate in an investment the manager otherwise believes is attractive, a Fund may incur losses.

**Forward Foreign Currency Contracts.** The Funds may enter into forward foreign currency contracts to manage foreign currency exposure and as a hedge against possible variations in foreign exchange rates. A Fund may enter into forward foreign currency contracts to hedge a specific security transaction or to hedge a portfolio position.

These contracts may be bought or sold to protect a Fund, to some degree, against possible losses resulting from an adverse change in the relationship between foreign currencies and the U.S. dollar. A Fund also may invest in foreign currency futures and in options on currencies. A forward contract involves an obligation to purchase or sell a specific currency amount at a future date, agreed upon by the parties, at a price set at the time of the contract. A Fund may enter into a contract to sell, for a fixed amount of U.S. dollars or other appropriate currency, the amount of foreign currency approximating the value of some or all of a Fund's securities denominated in such foreign currency.

By entering into forward foreign currency contracts, a Fund will seek to protect the value of its investment securities against a decline in the value of a currency. However, these forward foreign currency contracts will not eliminate fluctuations in the underlying prices of the securities. Rather, they simply establish a rate of exchange which one can obtain at some future point in time. Although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also tend to limit any potential gain which might result should the value of such currency increase. At the maturity of a forward contract, a Fund may either sell a portfolio security and make delivery of the foreign currency, or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract with the same currency trader, obligating it to purchase, on the same maturity date, the same amount of the foreign currency. A Fund may realize a gain or loss from currency transactions.

When entering into a contract for the purchase or sale of a security in a foreign currency, a Fund may enter into a forward foreign currency contract for the amount of the purchase or sale price to protect against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.S. dollar or other foreign currency.

Also, when a Fund's portfolio manager anticipates that a particular foreign currency may decline substantially relative to the U.S. dollar or other leading currencies, in order to reduce risk, a Fund may enter into a forward contract to sell, for a fixed amount, the amount of foreign currency approximating the value of its securities denominated in such foreign currency. With respect to any such forward foreign currency contract, it will not generally be possible to match precisely the amount covered by that contract and the value of the securities involved due to changes in the values of such securities resulting from market movements between the date the forward contract is entered into and the date it matures. In addition, while forward foreign currency contracts may offer protection from losses resulting from declines in value of a particular foreign currency, they also limit potential gains which might result from increases in the value of such currency. A Fund will also incur costs in connection with forward foreign currency contracts and conversions of foreign currencies into U.S. dollars. A Fund will only enter into Forward Foreign Currency Contracts subject to the regulatory limitations outlined in the "Derivatives" subsection.

The forecasting of currency market movement is extremely difficult, and whether any hedging strategy will be successful is highly uncertain. Moreover, it is impossible to forecast with precision the market value of portfolio securities at the expiration of a forward foreign currency contract. Accordingly, a Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if the Sub-Adviser's predictions regarding the movement of foreign currency or securities markets prove inaccurate. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that a Fund will have flexibility to roll-over a forward foreign currency contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its services thereunder.

**Futures Contracts and Options on Futures Contracts.** Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term

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of the option. A Fund may use futures contracts and related options for bona fide hedging purposes, to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument. Some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its exposure. A Fund will minimize the risk that it will be unable to close out a futures contract by only entering into futures contracts which are traded on national futures exchanges. In addition, a Fund will only sell covered futures contracts and options on futures contracts.

Stock and bond index futures are futures contracts for various stock and bond indices that are traded on registered securities exchanges. Stock and bond index futures contracts obligate the seller to deliver (and the purchaser to take) an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock or bond index at the close of the last trading day of the contract and the price at which the agreement is made.

Stock and bond index futures contracts are bilateral agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the stock or bond index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the stocks or bonds comprising the index is made; generally contracts are closed out prior to the expiration date of the contracts.

No price is paid upon entering into futures contracts. Instead, a Fund would be required to deposit an amount of cash or U.S. Treasury securities known as "initial margin." Subsequent payments, called "variation margin," to and from the broker, would be made on a daily basis as the value of the futures position varies (a process known as "marking to market"). The margin is in the nature of a performance bond or good-faith deposit on a futures contract.

There are risks associated with these activities, including the following: (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of futures and options on futures; (3) there may not be a liquid secondary market for a futures contract or option; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts and futures options.

A Fund may buy and sell futures contracts and related options to manage its exposure to changing interest rates and securities prices. Some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure. Futures and options on futures can be volatile instruments and involve certain risks that could negatively impact a Fund's return. When a Fund purchases or sells a futures contract, or sells an option thereon, a Fund must deposit initial margin and, in some instances, daily variation margin to meet its obligations under a contract with a futures commission merchant.

Each Fund may invest in futures contracts and options on futures contracts.

**Guaranteed Investment Contracts.** A Fund may make investments in obligations issued by highly rated U.S. insurance companies, such as guaranteed investment contracts and similar funding agreements (collectively "GICs"). A GIC is a general obligation of the issuing insurance company and not a separate account. Under these contracts, a Fund makes cash contributions to a deposit fund of the insurance company's general account. The insurance company then credits to the Fund on a monthly basis guaranteed interest that is based on an index. The GICs provide that this guaranteed interest will not be less than a certain minimum rate. GIC investments that do not provide for payment within seven days after notice are subject to the Fund's policy regarding investments in illiquid securities.

**Illiquid Securities.** Subject to the limitations in the 1940 Act and the rules thereunder, the Funds may invest in illiquid securities. No Fund may acquire an illiquid security if, immediately after the acquisition, it would have invested more than 15% of its net assets in illiquid securities. Certain Funds may have additional limitations on investments in illiquid securities. Illiquid securities are securities that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

The Trust has implemented a written liquidity risk management program (the "LRM Program") and related procedures to manage the liquidity risk of each Fund in accordance with Rule 22e-4 under the 1940 Act ("Rule 22e-4"). Rule 22e-4 defines "liquidity risk" as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors' interests in the fund. The Board has designated Touchstone Advisors to serve as the program administrator ("Program Administrator") of the LRM Program and the related procedures. As a part of the LRM Program, the Program Administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of each Fund's investments in accordance with Rule 22e-4. Under the LRM Program, the Program Administrator assesses, manages, and periodically reviews each Fund's liquidity risk, and is responsible for making periodic reports to the Board and the SEC regarding the liquidity of each Fund's investments, and for notifying the Board and the SEC of certain liquidity events specified in Rule 22e-4. The liquidity of each Fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the LRM Program.

Illiquid securities include, among others, demand instruments with demand notice periods exceeding seven days, securities for which there is no active secondary market, and repurchase agreements with maturities of over seven days in length. A Fund may invest in securities that are neither listed on a stock exchange nor traded over-the-counter, including privately placed securities. Investing in such unlisted securities, including investments in new and early stage companies, may involve a high degree of business and financial risk that can result in substantial losses. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded

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securities. Because these types of securities are thinly traded, if at all, and market prices for these types of securities are generally not readily available, a Fund typically determines the price for these types of securities in good faith in accordance with policies and procedures adopted by the Board. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund, or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements which might be applicable if their securities were publicly traded. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, a Fund may be required to bear the expenses of registration.

In addition, the Funds believe that certain investments in joint ventures, cooperatives, partnerships, private placements, unlisted securities and other similar situations (collectively, "special situations") could enhance a Fund's capital appreciation potential. To the extent these investments are deemed illiquid, a Fund's investment in them will be consistent with their applicable restriction on investment in illiquid securities. Investments in special situations and certain other instruments may be liquid, as determined by the Program Administrator of the Funds' LRM Program.

**Inflation-Protected Debt Securities.** A Fund may invest in inflation-protected debt securities or inflation-indexed bonds. Inflation-protected debt securities or inflation-indexed bonds include securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as U.S. Treasury Inflation-Protected Securities ("TIPS"), as well as securities issued by other entities such as corporations, municipalities, foreign governments and foreign issuers. Typically, such securities are structured as fixed income securities whose value is periodically adjusted according to the rate of inflation. The following two structures are common: (i) the U.S. Treasury and some other issuers issue inflation-indexed bonds that accrue inflation into the principal value of the security and (ii) other issuers may pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon. Other types of inflation-indexed bonds exist which use an inflation index other than the CPI.

Inflation-indexed bonds issued by the U.S. Treasury, such as TIPS, have maturities of approximately five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. Typically, TIPS pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and the rate of inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year's inflation equaling 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. A Fund may invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal amount.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While inflation-indexed bonds are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy.

Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or a foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income for federal income tax purposes, even though the holder does not receive its principal until maturity. See "Federal Income Taxes" for more information.

**Initial Public Offerings ("IPOs").** Due to the typically small size of the IPO allocation available to the Funds and the nature and market capitalization of the companies involved in IPOs, the sub-advisers will often purchase IPO shares that would qualify as a permissible investment for a Fund but will instead decide to allocate those IPO purchases to other funds they advise. Any such allocation will be done

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in a fair and equitable manner according to a specific and consistent process. Because IPO shares are frequently volatile in price, a Fund may hold IPO shares for a very short period of time. This may increase the turnover of a Fund's portfolio and may lead to increased expenses to a Fund, such as commissions and transaction costs. By selling shares of an IPO, a Fund may realize taxable capital gains that it will subsequently distribute to shareholders.

Most IPOs involve a high degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories, and their prospects for future profitability are uncertain. These companies often are engaged in new and evolving businesses and are particularly vulnerable to competition and to changes in technology, markets and economic conditions. They may be dependent on certain key managers and third parties, need more personnel and other resources to manage growth and require significant additional capital. They may also be dependent on limited product lines and uncertain property rights and need regulatory approvals. Investors in IPOs can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders. Stock prices of IPOs can also be highly unstable, due to the absence of a prior public market, the small number of shares available for trading and limited investor information.

**Interest Rate Risk.** The market price of debt securities is generally linked to the prevailing market interest rates. In general, when interest rates rise, the prices of debt securities fall, and when interest rates fall, the prices of debt securities rise. The price volatility of a debt security also depends on its maturity. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates that incorporates a security's yield, coupon, final maturity, and call features, among other characteristics. The longer a fixed-income security's duration, the more sensitive it will be to changes in interest rates. Specifically, duration is the change in the value of a fixed-income security that will result from a 1% change in interest rates, and generally is stated in years. For example, as a general rule a 1% rise in interest rates means a 1% fall in value for every year of duration. Maturity, on the other hand, is the date on which a fixed-income security becomes due for payment of principal. There may be less governmental intervention in the securities markets in the near future. An increase in interest rates could negatively impact a Fund's net asset value.

In response to certain economic conditions, including periods of high inflation, governmental authorities and regulators may respond with significant fiscal and monetary policy changes such as raising interest rates. The Funds may be subject to heightened interest rate risk when the Federal Reserve Board (Fed) raises interest rates. Recent and potential future changes in government monetary policy may affect interest rates. It is difficult to accurately predict the timing, frequency or magnitude of potential interest rate increases or decreases by the Fed, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. If the Fed and other central banks increase the federal funds rate and equivalent rates, such increases generally will cause market interest rates to rise and could cause the value of a Fund's investments, and the Fund's NAV, to decline, potentially suddenly and significantly. As a result, the Fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the Fund incurs and may negatively impact the Fund's performance.

**Interests in Publicly Traded Limited Partnerships.** Interests in publicly traded limited partnerships (limited partnership interests or units) represent equity interests in the assets and earnings of the partnership's trade or business. Unlike common stock in a corporation, limited partnership interests have limited or no voting rights. However, many of the risks of investing in common stocks are still applicable to investments in limited partnership interests. In addition, limited partnership interests are subject to risks not present in common stock. For example, income generated from limited partnerships deemed not to be "publicly traded" may not be considered "qualifying income" for purposes of the regulated investment company requirements under the Code, and may trigger adverse tax consequences (please refer to the "Federal Income Taxes" section of this SAI for a discussion of relevant tax risks). Also, since publicly traded limited partnerships are a less common form of organizational structure than corporations, the limited partnership units may be less liquid than publicly traded common stock. Also, because of the difference in organizational structure, the fair value of limited partnership units in a Fund's portfolio may be based either upon the current market price of such units, or if there is no current market price, upon the pro rata value of the underlying assets of the partnership. Limited partnership units also have the risk that the limited partnership might, under certain circumstances, be treated as a general partnership giving rise to broader liability exposure to the limited partners for activities of the partnership. Further, the general partners of a limited partnership may be able to significantly change the business or asset structure of a limited partnership without the limited partners having any ability to disapprove any such changes. In certain limited partnerships, limited partners may also be required to return distributions previously made in the event that excess distributions have been made by the partnership, or in the event that the general partners, or their affiliates, are entitled to indemnification.

**Interfund Lending.** Each Fund's investment restrictions and an SEC exemptive order permit the Funds to participate in an interfund lending program with other funds in the Touchstone family of funds. This program allows the Touchstone Funds to borrow money from, and lend money to, each other for temporary or emergency purposes, such as to satisfy redemption requests or to cover unanticipated cash shortfalls. A Fund may not borrow through the interfund lending program for leverage purposes. To the extent permitted by its investment objective, strategies, and policies, a Fund may (1) lend uninvested cash to other Touchstone Funds in an amount up to 15% of the lending Fund's net assets at the time of the loan (including lending up to 5% of its net assets to any single Touchstone Fund) and (2) borrow money from other Touchstone Funds provided that total outstanding borrowings from all sources do not exceed 33<sup>1</sup>/3% of its total assets. A Fund may borrow through the interfund lending program on an unsecured basis (i.e., without posting collateral) if its aggregate borrowings from all sources immediately after the interfund borrowing represent 10% or less of the Fund's total assets. However, if a Fund's aggregate borrowings from all sources immediately after the interfund borrowing would exceed 10% of the Fund's total assets, the Fund may borrow

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through the interfund lending program on a secured basis only. Any Fund that has outstanding interfund borrowings may not cause its outstanding borrowings, from all sources, to exceed 10% of its total assets without first securing each interfund loan. If a Fund has any outstanding secured borrowings from other sources, including another fund, at the time it requests an interfund loan, the Fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding collateralized loan.

Any loan made through the interfund lending program is required to be more beneficial to a borrowing Fund (i.e., at a lower interest rate) than borrowing from a bank and more beneficial to a lending Fund (i.e., at a higher rate of return) than an alternative short-term investment. The term of an interfund loan is limited to the time required to obtain sufficient cash to repay the loan through either the sale of the Fund's portfolio securities or net sales of Fund shares, but in no event more than seven days. In addition, an interfund loan is callable with one business day's notice.

The limitations discussed above, other conditions of the SEC exemptive order, and related policies and procedures implemented by Touchstone are designed to minimize the risks associated with interfund lending for both borrowing Funds and lending Funds. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Touchstone Fund, there is a risk that the loan could be called on one business day's notice or not renewed, in which case the Fund may need to borrow from a bank at higher rates if an interfund loan were not available from another Touchstone Fund. Furthermore, a delay in repayment to a lending Fund could result in a lost investment opportunity or additional lending costs.

**Investment Company Shares.** Investment companies include open- and closed-end funds, exchange-traded funds, and any other pooled investment vehicle that meets the definition of an investment company under the 1940 Act, whether such companies are required to register under the 1940 Act or not. As a shareholder of another investment company, a Fund would be subject to the same risks as any other investor in that investment company. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying Fund expenses. Investments in registered investment company shares are subject to limitations prescribed by the 1940 Act and its rules, and applicable SEC staff interpretations or applicable exemptive relief granted by the SEC. The 1940 Act currently provides, in part, that a Fund generally may not purchase shares of a registered investment company if (a) such a purchase would cause a Fund to own in the aggregate more than 3% of the total outstanding voting stock of the investment company, (b) such a purchase would cause a Fund to have more than 5% of its total assets invested in the investment company or (c) more than 10% of a Fund's total assets would be invested in the aggregate in all registered investment companies.

See also "Investment Limitations" and "Exchange-Traded Funds."

**Investment-Grade Debt Securities Risk.** Investment-grade debt securities may be downgraded by a NRSRO to below-investment-grade status, which would increase the risk of holding these securities. Investment-grade debt securities rated in the lowest rating category by a NRSRO involve a higher degree of risk than fixed-income securities with higher credit ratings. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and may share certain speculative characteristics with non-investment-grade securities.

**Inverse Floating Obligations.** The Core Municipal Bond Fund may invest in securities representing interests in Municipal Obligations, known as inverse floating obligations, which pay interest rates that vary inversely to changes in the interest rates of specified short-term Municipal Obligations or an index of short-term Municipal Obligations. The interest rates on inverse floating obligations will typically decline as short-term market interest rates increase and increase as short-term market rates decline. Such securities have the effect of providing a degree of investment leverage, since they will generally increase or decrease in value in response to changes in market interest rates at a rate which is a multiple (typically two) of the rate at which fixed-rate, long-term Municipal Obligations increase or decrease in response to such changes. As a result, the market value of inverse floating obligations will generally be more volatile than the market value of fixed-rate Municipal Obligations.

**Lease Obligations.** The Core Municipal Bond Fund may invest in Municipal Obligations that constitute participations in lease obligations or installment purchase contract obligations (hereinafter collectively called "lease obligations") of municipal authorities or entities. Although lease obligations do not constitute general obligations of the municipality for which the municipality's taxing power is pledged, a lease obligation is ordinarily backed by the municipality's covenant to budget for, appropriate and make the payments due under the lease obligation. Lease obligations provide a premium interest rate which, along with the regular amortization of the principal, may make them attractive for a portion of the Fund's assets. Certain of these lease obligations contain "non-appropriation" clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on an annual basis. In addition to the "non-appropriation" risk, these securities represent a type of financing that has not yet developed the depth of marketability associated with more conventional bonds. Although "nonappropriation" lease obligations are secured by the leased property, the disposition of the property in the event of foreclosure might prove difficult. The Trust will seek to minimize the special risks associated with such securities by only investing in "nonappropriation" lease obligations where (1) the nature of the leased equipment or property is such that its ownership or use is essential to a governmental function of the municipality, (2) the lease payments will commence amortization of principal at an early date resulting in an average life of seven years or less for the lease obligation, (3) appropriate covenants will be obtained from the municipal obligor prohibiting the substitution or purchase of similar equipment if the

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lease payments are not appropriated, (4) the lease obligor has maintained good market acceptability in the past, (5) the investment is of a size that will be attractive to institutional investors, and (6) the underlying leased equipment has elements of portability and/or use that enhance its marketability in the event foreclosure on the underlying equipment were ever required.

The Core Municipal Bond Fund will not invest more than 10% of its net assets in lease obligations if the sub-adviser determines that there is no secondary market available for these obligations and all other illiquid securities. The Fund does not intend to invest more than an additional 5% of its net assets in municipal lease obligations determined by the sub-adviser, under the direction of the Board of Trustees, to be liquid. In determining the liquidity of such obligations, the sub-adviser will consider such factors as (1) the frequency of trades and quotes for the obligation; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer. The Fund will only purchase unrated lease obligations that meet its quality standards, as determined by the sub-adviser, under the direction of the Board of Trustees, including an assessment of the likelihood that the lease will not be cancelled.

Municipal Obligations consist of tax-exempt bonds, tax-exempt notes and tax-exempt commercial paper.

**LIBOR Transition.** Many debt securities, derivatives and other financial instruments in which the Funds may invest, as well as any borrowings made by the Funds from banks or from other lenders, historically utilized the London Interbank Offered Rate ("LIBOR") as the reference or benchmark index for interest rate calculations. LIBOR was a measure of the average interest rate at which major global banks can borrow from one another. It was quoted in multiple currencies and tenors using data reported by a panel of private sector banks. Following allegations of rate manipulation in 2012 and concerns regarding its thin liquidity, the use of LIBOR came under increasing pressure. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most liquid US LIBOR maturities on June 30, 2023. As of September 30, 2024, the United Kingdom's Financial Conduct Authority has confirmed that all publications of LIBOR, including all synthetic publications of the 1-, 3-, and 6-month U.S. Dollar LIBOR tenors have ceased.

Although the transition process away from LIBOR became increasingly well-defined in advance of the discontinuation dates, the impact on certain debt securities, derivatives and other financial instruments remains uncertain. Market participants have adopted alternative rates such as Secured Overnight Financing Rate ("SOFR") or otherwise amended financial instruments referencing LIBOR to include fallback provisions and other measures that contemplated the discontinuation of LIBOR or other similar market disruption events; neither the effect of the transition process nor the viability of such measures is known.

To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks. The effectiveness of multiple alternative reference indices as opposed to one primary reference index has not been determined. Certain replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight U.S. Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences.

The utilization of an alternative reference index, or the transition process to an alternative reference index, may adversely affect the Funds' performance. Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate ("IBOR") with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

**Loans.** A Fund may invest in senior and subordinated loans to corporations and other business entities.

*Senior Loans*: Senior loans generally hold a first or second lien priority and typically pay interest at rates that are determined periodically on the basis of a floating base lending rate, primarily the SOFR, plus a spread. Senior loans are typically made to U.S. and, to a lesser extent, non-U.S. borrowers. Borrowers may obtain senior loans, among other reasons, to refinance existing debt, engage in acquisitions, pay dividends, recapitalize, complete leveraged buyouts and for general corporate purposes. Senior loans rated below investment grade are sometimes referred to as "leveraged loans." A Fund may invest in senior loans through assignments of or, to a lesser extent, participations in senior loans.

The senior loans in which a Fund will invest will primarily be rated below investment grade, but may also be unrated and of comparable credit quality. As a result, although senior loans are senior and typically secured in a first or second lien position in contrast to other below investment grade fixed income instruments, which are often subordinated or unsecured, the risks associated with such senior loans are generally similar to the risks of other below investment grade fixed income instruments. See "Lower-Rated and Unrated Securities" below. Investments in below investment grade senior loans are considered speculative because of the credit risk of the borrowers. Such borrowers are more likely than investment grade borrowers to default on their payments of interest and principal owed to a Fund, and such defaults

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could reduce a Fund's NAV and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a senior loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan's value. Senior loans are subject to a number of risks described elsewhere in this prospectus, including non-payment of principal, liquidity risk and the risk of investing in below investment grade fixed income instruments.

Senior loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to a Fund, a reduction in the value of the investment and a potential decrease in the Fund's NAV. There can be no assurance that the liquidation of any collateral securing a senior loan would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments, whether when due or upon acceleration, or that the collateral could be liquidated, readily or otherwise. In the event of bankruptcy or insolvency of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral, if any, securing a senior loan. The collateral securing a senior loan, if any, may lose all or substantially all of its value in the event of the bankruptcy or insolvency of a borrower. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower. Additionally, a senior loan may be "primed" in bankruptcy, which reduces the ability of the holders of the senior loan to recover on the collateral. Priming takes place when a debtor in bankruptcy is allowed to incur additional indebtedness by the bankruptcy court and such indebtedness has a senior or pari passu lien with the debtor's existing secured indebtedness, such as existing senior loans or secured corporate bonds.

There may be less readily available information about most senior loans and the borrowers thereunder than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended (the "1933 Act"). Senior loans may be issued by companies that are not subject to SEC reporting requirements, and these companies, therefore, do not file reports with the SEC that must comply with SEC form requirements and in addition are subject to a less stringent liability disclosure regime than companies subject to SEC reporting requirements. As a result, the sub-adviser will rely primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. Therefore, a Fund will be particularly dependent on the analytical abilities of the sub-adviser.

The secondary trading market for senior loans may be less liquid than the secondary trading market for registered investment grade debt securities. No active trading market may exist for certain senior loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that a Fund may not be able to sell senior loans quickly or at a fair price. To the extent that a secondary market does exist for certain senior loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Senior loans and other variable rate debt instruments are subject to the risk of payment defaults of scheduled interest or principal. Such payment defaults would result in a reduction of income to a Fund, a reduction in the value of the investment and a potential decrease in the NAV of the common shares. Similarly, a sudden and significant increase in market interest rates may increase the risk of payment defaults and cause a decline in the value of these investments and in a Fund's NAV. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of senior loans and other debt obligations, impairing the NAV of the common shares.

Senior loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of senior loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose of senior loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the sub-adviser, do not represent fair value. If the Fund attempts to sell a senior loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the senior loan may be adversely affected.

A Fund expects to acquire senior loans primarily through assignments and, to a lesser extent, through participations. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser's rights can be more restricted than those of the assigning institution, and a Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. In general, a participation is a contractual relationship only with the institution participating out the interest, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. In purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, a Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, a Fund may be more limited than it otherwise would be in its ability to conduct due diligence on the

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borrower. In addition, as a holder of the participations, the Fund may not have voting rights or inspection rights that the Fund would otherwise have if it were investing directly in the senior loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the senior loan.

*Subordinated Loans:* A Fund may also invest in subordinated loans. Subordinated loans generally have similar characteristics as senior loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders.

Although the Funds do not expect subordinated loans to be a significant component of its portfolios, it may invest in such instruments from time to time. Subordinated loans generally are subject to similar risks as those associated with investments in senior loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a subordinated loan, the first priority lien holder has first claim to the underlying collateral of the loan to the extent such claim is secured. Additionally, an over-secured creditor may be entitled to additional interest and other charges in bankruptcy increasing the amount of their allowed claim. Subordinated loans are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated loans generally have greater price volatility than senior loans and may be less liquid.

**Loan Participation Notes.** The Funds may invest, subject to an overall 33% limit on loans, in loan participation notes. A loan participation note represents participation in a corporate loan of a commercial bank with a remaining maturity of one year or less. Such loans must be to corporations in whose obligations the Funds may invest. Any participation purchased by a Fund must be issued by a bank in the United States with total assets exceeding $1 billion. When purchasing such instruments, the Fund may assume the credit risks associated with the original bank lender as well as the credit risks associated with the borrower. Investments in loan participations present the possibility that the Fund could be held liable as a co-lender under emerging legal theories of lender liability. In addition, if the loan is foreclosed, the Fund could be part owner of any collateral, and could bear the costs and liabilities of owning and disposing of the collateral. Loan participations are generally not rated by major rating agencies and may not be protected by securities laws. Also, loan participations are generally considered to be illiquid and are therefore subject to the Fund's limitation on illiquid securities.

**Lower-Rated Securities.** A Fund may invest in lower-rated bonds commonly referred to as "junk bonds" or high-yield/high-risk securities. Lower-rated securities are defined as securities rated below the fourth highest rating category by a NRSRO or, if unrated, deemed to be of comparable quality by the Fund's sub-adviser. Such obligations are speculative and may be in default. There may be no bottom limit on the ratings of high-yield securities that may be purchased or held by a Fund. Lower-rated or comparable unrated (i.e., high-yield) securities are more likely to react to developments affecting issuers than are more highly rated securities, which primarily react to movements in the general level of interest rates. The market values of fixed-income securities tend to vary inversely with the level of interest rates. Yields and market values of high-yield securities will fluctuate over time, reflecting not only changing interest rates but the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium to lower-rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates. Investors should carefully consider the relative risks of investing in high-yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high-yield securities, and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity which may lead to a higher incidence of default on such securities. In addition, the secondary market for high-yield securities, which is concentrated in relatively few market makers, may not be as liquid as the secondary market for more highly rated securities. As a result, a Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Furthermore, a Fund may experience difficulty in valuing certain securities at certain times. Prices realized upon the sale of such lower-rated or unrated securities, under these circumstances, may be less than the prices used in calculating each Fund's NAV.

Lower-rated or unrated debt obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, a Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. If a Fund experiences unexpected net redemptions, it may be forced to sell its higher rated securities, resulting in a decline in the overall credit quality of a Fund's investment portfolio and increasing the exposure of a Fund to the risks of high-yield securities.

*Growth of High-Yield, High-Risk Bond Market*: The widespread expansion of government, consumer and corporate debt within the U.S. economy has made the corporate sector more vulnerable to economic downturns or increased interest rates. Further, an economic downturn could severely disrupt the market for lower-rated bonds and adversely affect the value of outstanding bonds and the ability of the issuers to repay principal and interest. The market for lower-rated securities may be less active, causing market price volatility and limited liquidity in the secondary market. This may limit a Fund's ability to sell such securities at their market value. In addition, the market for these securities may be adversely affected by legislative and regulatory developments. Credit quality in the junk bond market can change suddenly and unexpectedly, and even recently issued credit ratings may not fully reflect the actual risks imposed by a particular security.

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*Sensitivity to Interest Rate and Economic Changes*: Lower-rated bonds are very sensitive to adverse economic changes and corporate developments. During an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals, and to obtain additional financing. If the issuer of a bond defaulted on its obligations to pay interest or principal or entered into bankruptcy proceedings, a Fund may incur losses or expenses in seeking recovery of amounts owed to it. In addition, periods of economic uncertainty and change can be expected to result in increased volatility of market prices of high-yield, high-risk bonds and a Fund's NAV.

*Payment Expectations*: High-yield, high-risk bonds may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund would have to replace the security with a lower yielding security, resulting in a decreased return for investors. Conversely, a high-yield, high-risk bond's value will decrease in a rising interest rate market, as will the value of a Fund's assets. If a Fund experiences significant unexpected net redemptions, this may force it to sell high-yield, high-risk bonds without regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing a Fund's rate of return.

*Taxes:* A Fund may purchase debt securities (such as zero-coupon or pay-in-kind securities) that contain original issue discount ("OID") (generally a debt obligation with a purchase price less than its principal amount, such as a zero coupon bond). OID that accrues in a taxable year is treated as earned by a Fund and therefore is subject to the distribution requirements of the Code even though a Fund has not received any interest payments on such obligations during that period. Because the OID earned by a Fund in a taxable year is not represented by cash, a Fund may have to dispose of other securities and use the proceeds to make distributions to shareholders. In the event a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would have received in the absence of such transactions. See "Federal Income Taxes" for more information.

*Special Considerations Concerning Distressed and Defaulted Securities*: Distressed securities are speculative and involve significant risks in addition to the risks generally applicable to high-yield, high-risk bonds. Distressed securities bear a substantial risk of default, and may be in default at the time of investment. A Fund will generally not receive interest payments on distressed securities, and there is a significant risk that principal will not be repaid, in full or at all. A Fund may incur costs to protect its investment in distressed securities, which may include seeking recovery from the issuer in bankruptcy. In any reorganization or liquidation proceeding relating to the issuer of distressed securities, a Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities, and any securities received in exchange for distressed securities, will likely be illiquid and may be subject to restrictions on resale.

**Market Disruption Risk.** During periods of extreme market volatility, prices of securities held by a Fund may be negatively impacted due to imbalances between market participants seeking to sell the same or similar securities and market participants willing or able to buy such securities. As a result, the market prices of securities held by a Fund could decline, at times without regard to the financial condition of or specific events impacting the issuer of the security.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment goals.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of a Fund's portfolio holdings. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by a Fund. The Fund has established procedures to assess the liquidity of portfolio holdings and to value instruments for which market prices may not be readily available. The Adviser and sub-adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment goals, but there can be no assurance that they will be successful in doing so.

**Micro-Cap Securities.** The Funds may invest in companies whose total market capitalization at the time of investment is generally between $30 million and $500 million, referred to as micro-cap companies. Micro-cap companies may not be well-known to the investing public, may not have significant institutional ownership and may have cyclical, static or only moderate growth prospects. Micro-cap companies may have greater risk and volatility than large companies and may lack the management depth of larger, mature issuers. Micro-cap companies may have relatively small revenues and limited product lines, markets, or financial resources, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. In addition, micro-cap companies may be developing or marketing new products or services for which markets are not yet established and may never become established. As a result, the prices of their securities may fluctuate more than those of larger issuers.

**Money Market Instruments.** Money market securities are high-quality, dollar-denominated, short-term debt instruments. They include: (i) bankers' acceptances, certificates of deposits, notes and time deposits of highly-rated U.S. banks and U.S. branches of foreign banks; (ii) U.S. Treasury obligations and obligations issued or guaranteed by the agencies and instrumentalities of the U.S. government; (iii) high-quality commercial paper issued by U.S. and foreign corporations; (iv) debt obligations with a maturity of one year or less issued by corporations with outstanding high-quality commercial paper ratings; and (v) repurchase agreements involving any of the foregoing obligations entered into with highly-rated banks and broker-dealers.

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**Mortgage-Related and Other Asset-Backed Securities.** Each Fund may invest in mortgage-related securities. Mortgage-related securities represent groups of mortgage loans that are combined for sale to investors. The loans may be grouped together by U.S. government agencies and sponsored entities, such as Government National Mortgage Association (GNMA) ("Ginnie Mae"), Federal National Mortgage Association (FNMA) ("Fannie Mae") and Federal Home Loan Mortgage Corporation (FHLMC) ("Freddie Mac"). The loans may also be grouped together by private issuers such as: commercial banks; savings and loan institutions; mortgage bankers; and private mortgage insurance companies. Mortgage-related securities include CMOs and Real Estate Mortgage Investment Conduits ("REMICs").

*Asset-Backed Securities*: Asset-backed securities ("ABS") are secured by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Such securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Such securities also may be debt instruments, which are also known as collateralized obligations and are generally issued as the debt of a special purpose entity, such as a trust, organized solely for the purpose of owning such assets and issuing such debt. Covered bonds are a type of asset backed security that is created from public sector loans or mortgage loans where the security is backed by a separate group of loans. Covered bonds typically carry a 2 to 10 year maturity rate and enjoy relatively high credit ratings, depending on the quality of the pool of loans backing the bond.

The credit quality of an ABS transaction depends on the performance of the underlying assets. ABS can be structured with various forms of credit enhancement to address the possibility that some borrowers could miss payments or even default on their loans. Some ABS are subject to interest-rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. ABS also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include: a big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level, or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority of payment.

*Mortgage Pass-Through Securities*: Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities issued by Ginnie Mae) are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. To the extent that unanticipated rates of pre-payment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such security can be expected to increase. The residential mortgage market in the United States has experienced difficulties in recent years that may adversely affect the performance and market value of certain of a Fund's mortgage-related investments. Delinquencies and losses on residential mortgage loans (especially subprime and second-lien mortgage loans) generally have increased and may continue to increase, and a decline in or flattening of housing values (as has been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. Also, a number of residential mortgage loan originators have experienced serious financial difficulties or bankruptcy. Consequently, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen.

*Government Pass-Through Securities*: Government pass-through securities are securities that are issued or guaranteed by a U.S. government agency representing an interest in a pool of mortgage loans. The primary issuers or guarantors of these mortgage-backed securities are Ginnie Mae, Fannie Mae and Freddie Mac. Ginnie Mae, Fannie Mae and Freddie Mac guarantee timely distributions of interest to certificate holders. Ginnie Mae and Fannie Mae also guarantee timely distributions of scheduled principal. Freddie Mac generally guarantees only the ultimate collection of principal of the underlying mortgage loan. Certain federal agencies, such as Ginnie Mae, have been established as instrumentalities of the United States government to supervise and finance certain types of activities. Issues of these agencies, while not direct obligations of the United States government, are either backed by the full faith and credit of the United States (e.g., Ginnie Mae securities) or supported by the issuing agencies' right to borrow from the U.S. Treasury. The issues of other agencies are supported by the credit of the instrumentality (e.g., Fannie Mae securities). Government and private guarantees do not extend to the securities' value, which is likely to vary inversely with fluctuations in interest rates.

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Mortgage-related securities issued by Fannie Mae include Fannie Mae Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Mae Pass-Throughs") that are solely the obligations of Fannie Mae and are not backed by or entitled to the full faith and credit of the United States. Fannie Mae Pass-Throughs are guaranteed as to timely payment of the principal and interest by Fannie Mae.

Mortgage-related securities issued by Freddie Mac include FHLMC Mortgage Participation Certificates (also known as "Freddie Mac PCs"). Freddie Mac PCs are not guaranteed by the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank. Freddie Mac PCs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When Freddie Mac does not guarantee timely payment of principal, Freddie Mac may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

*Collateralized Mortgage Obligations ("CMOs"):* A CMO is a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, Freddie Mac, or Fannie Mae, and their income streams.

CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as "sequential pay" CMOs), payments of principal received from the pool of underlying mortgages, including pre-payments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made on any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full.

*Real Estate Mortgage Investment Conduits ("REMICs"):* REMICs are private entities formed for the purpose of holding a fixed pool of mortgages secured by interests in real property. For Freddie Mac REMIC certificates, Freddie Mac guarantees the timely payment of interest, and also guarantees the payment of principal as payments are required to be made on the underlying mortgage participation certificates. Fannie Mae REMIC certificates are issued and guaranteed as to timely distribution of principal and interest by Fannie Mae.

*Commercial Mortgage-Backed Securities ("CMBS"):* CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. The market for CMBS developed more recently and in terms of total outstanding principal amount of issues is relatively small compared to the market for residential single-family mortgage-backed securities. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

*Mortgage Dollar Rolls:* Mortgage "dollar rolls" are transactions in which mortgage-backed securities are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. The difference between the sale price and the purchase price (plus any interest earned on the cash proceeds of the sale) is netted against the interest income

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foregone on the securities sold to arrive at an implied borrowing rate. Alternatively, the sale and purchase transactions can be executed at the same price, with a Fund being paid a fee as consideration for entering into the commitment to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and initially may involve only a firm commitment agreement by a Fund to buy a security. If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security a Fund is required to repurchase may be worth less than the security that the Fund originally held. As further outlined in the "Derivatives" subsection, Mortgage Dollar Rolls will be entered into in accordance with the regulatory requirements described in the "Derivatives" subsection.

*Stripped Mortgage-Backed Securities ("SMBS"):* SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal.

In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including pre-payments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. If the assets underlying the interest-only securities experience greater than anticipated prepayments of principal, a Fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The secondary market for SMBS may be more volatile and less liquid than that for other mortgage-backed securities, potentially limiting a Fund's ability to buy or sell these securities at any particular time.

*Collateralized Loan Obligations ("CLOs"):* A CLO is a type of asset-backed security that is an obligation of a trust typically collateralized by pools of loans, which may include domestic and foreign senior secured and unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. The cash flows from the trust are split into two or more portions, called tranches, which vary in risk and yield. The riskier portion is the residual, or "equity," tranche, which bears some or all of the risk of default by the loans in the trust, and therefore protects the other more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche of a CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection provided by the equity tranche, senior CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default, the total loss of the equity tranche due to losses in the collateral, market anticipation of defaults, fraud by the trust, and the illiquidity of CLO securities.

The risks of an investment in a CLO largely depend on the type of underlying collateral securities and the tranche in which the Fund invests. Typically, CLOs are privately offered and sold, and thus are not registered under the securities laws. As a result, the Fund may characterize its investments in CLOs as illiquid, unless an active dealer market for a particular CLO allows the CLO to be purchased and sold in Rule 144A transactions. CLOs are subject to the typical risks associated with debt instruments (i.e., interest rate risk and credit risk). Additional risks of CLOs include (i) the possibility that distributions from collateral securities will be insufficient to make interest or other payments, (ii) a decline in the quality of the collateral, and (iii) the possibility that the Fund may invest in a subordinate tranche of a CLO. In addition, due to the complex nature of a CLO, an investment in a CLO may not perform as expected. An investment in a CLO also is subject to the risk that the issuer and the investors may interpret the terms of the instrument differently, giving rise to disputes.

**Municipal Securities.** Municipal securities consist of (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, for refunding outstanding obligations, for general operating expenses, and for lending such funds to other public institutions and facilities; and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair, or improvement of privately operated facilities. Municipal notes include general obligation notes, tax anticipation notes, revenue anticipation notes, bond anticipation notes, certificates of indebtedness, demand notes and construction loan notes and participation interests in municipal notes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue bonds are backed by the revenues of a project or facility. The payment of principal and interest on private activity and industrial development bonds generally is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. Yields on municipal securities are the product of a variety of factors, including the general conditions of the money market and of the municipal bond and municipal note markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. Although the interest on municipal securities may be exempt from federal income tax, dividends paid by a Fund to its shareholders may not be tax-exempt.

The effects of a widespread health crisis such as a global pandemic could affect the ability of states and their political subdivisions to make payments on debt obligations when due and could adversely impact the value of their bonds, which could negatively impact the performance of the Funds.

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*General Obligation Securities.* General Obligation Securities are backed by the taxing power of the issuing municipality and are considered the safest type of municipal bond. The proceeds from general obligation securities are used to fund a wide range of public projects, including the construction or improvement of schools, highways and roads, and water and sewer systems.

*Revenue or Special Obligation Securities.* Revenue or Special Obligation Securities are backed by the revenues of a specific project or facility (e.g., tolls from a toll bridge). The proceeds from revenue or special obligation securities are used to fund a wide variety of capital projects, including electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; and hospitals. Many municipal issuers also establish a debt service reserve fund from which principal and interest payments are made. Further security may be available in the form of the state's ability, without obligation, to make up deficits in the reserve fund.

*Municipal Lease Obligations.* Municipal Lease Obligations may take the form of a lease, an installment purchase or a conditional sale contract issued by state and local governments and authorities to acquire land, equipment and facilities. Usually, a Fund will purchase a participation interest in a municipal lease obligation from a bank or other financial intermediary. The participation interest gives the holder a pro-rata, undivided interest in the total amount of the obligation.

Municipal leases frequently have risks distinct from those associated with general obligation or revenue bonds. The interest income from the lease obligation may become taxable if the lease is assigned. Also, to free the municipal issuer from constitutional or statutory debt issuance limitations, many leases and contracts include non-appropriation clauses providing that the municipality has no obligation to make future payments under the lease or contract unless money is appropriated for that purpose by the municipality on a yearly or other periodic basis. Finally, the lease may be illiquid.

*Bond Anticipation Notes.* Bond Anticipation Notes are normally issued to provide interim financing until long-term financing can be arranged. The long-term bonds then provide money for the repayment of the notes.

*Tax Anticipation Notes.* Tax Anticipation Notes finance working capital needs of municipalities and are issued in anticipation of various seasonal tax revenues, to be payable for these specific future taxes.

*Revenue Anticipation Notes.* Revenue Anticipation Notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under the Federal Revenue Sharing Program.

*Industrial Development Bonds ("IDBs") and Private Activity Bonds ("PABs").* IDBs and PABs are specific types of revenue bonds issued on or behalf of public authorities to finance various privately operated facilities such as educational, hospital or housing facilities, local facilities for water supply, gas, electricity, sewage or solid waste disposal, and industrial or commercial facilities. PABs generally are such bonds issued after April 15, 1986. These obligations are included within the term "municipal bonds" if the interest paid on them is exempt from federal income tax in the opinion of the bond issuer's counsel. IDBs and PABs are in most case revenue bonds and thus are not payable from the unrestricted revenues of the issuer. The credit quality of the IDBs and PABs is usually directly related to the credit standing of the user of the facilities being financed, or some form of credit enhancement such as a letter of credit.

*Resource Recovery Bonds.* Resource Recovery Bonds are affected by a number of factors, which may affect the value and credit quality of these revenue or special obligations. These factors include the viability of the project being financed, environmental protection regulations and project operator tax incentives.

*Tax-Exempt Commercial Paper and Short-Term Municipal Notes.* Tax-Exempt Commercial Paper and Short-Term Municipal Notes provide for short-term capital needs and usually have maturities of one year or less. They include tax anticipation notes, revenue anticipation notes and construction loan notes.

*Construction Loan Notes.* Construction Loan Notes are sold to provide construction financing. After successful completion and acceptance, many projects receive permanent financing through the U.S. Federal Housing Administration by way of Fannie Mae or Ginnie Mae.

*Put Bonds.* Put Bonds are municipal bonds which give the holder the right to sell the bond back to the issuer or a third-party at a specified price and exercise date, which is typically well in advance of the bond's maturity date.

*Build America Bonds ("BABs").* BABs are taxable municipal bonds that carry special tax credits and federal subsidies for either the bond issuer or the bondholder. There are two types of BABs - Tax Credit BABs and Direct Payment BABs. Direct Payment BABs provide a federal subsidy of 35% of the interest paid on the bonds to the issuer. Tax Credit BABs provides a federal subsidy as a refundable tax credit directly to the bondholders. While the bondholder is the recipient of the tax credit through Tax Credit BABs, and the bond issuer is the recipient of the tax subsidy through Direct Payment BABs, both options reduce the cost of borrowing for the bond issuer in comparison to traditional taxable corporate bonds, and in many cases, it is more cost effective than issuing traditional tax-exempt bonds.

After purchase by a Fund, an issue of municipal securities may cease to be rated by Moody's Investors Service, Inc. ("Moody's") or S&P Global Ratings ("S&P"), or another NRSRO, or the rating of such a security may be reduced below the minimum credit quality rating required for purchase by a Fund. Neither event would require a Fund to dispose of the security. To the extent that the ratings applied by Moody's, S&P or another NRSRO to municipal securities may change as a result of changes in these rating systems, a Fund will attempt to use comparable credit quality ratings as standards for its investments in municipal securities.

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A Fund may invest in municipal securities that are insured by financial insurance companies. If a Fund invests in municipal securities backed by insurance companies and other financial institutions, changes in the financial condition of these institutions could cause losses to a Fund and affect its share price.

A Fund may also invest in taxable municipal securities. Taxable municipal securities are debt securities issued by or on behalf of states and their political subdivisions, the District of Columbia, and possessions of the United States, the interest on which is not exempt from federal income tax.

The yields on municipal securities are dependent on a variety of factors, including general economic and monetary conditions, money market factors, conditions of the municipal securities market, size of a particular offering, and maturity and rating of the obligation. Because many municipal securities are issued to finance similar projects, especially those related to education, healthcare, transportation and various utilities, conditions in those sectors and the financial condition of an individual municipal issuer can affect the overall municipal market. The market values of the municipal securities held by a Fund will be affected by changes in the yields available on similar securities. If yields increase following the purchase of a municipal security, the market value of such municipal security will generally decrease. Conversely, if yields decrease, the market value of a municipal security will generally increase.

**Natural Disasters, Adverse Weather Conditions and Climate Change.** Certain areas of the world may be exposed to adverse weather conditions, such as major natural disasters and other extreme weather events, including hurricanes, earthquakes, typhoons, floods, tidal waves, tsunamis, volcanic eruptions, wildfires, droughts, windstorms, coastal storm surges, heat waves, and rising sea levels, among others. Some countries and regions may not have the infrastructure or resources to respond to natural disasters, making them more economically sensitive to environmental events. Such disasters, and the resulting damage, could have a severe and negative impact on a Fund's investment portfolio and, in the longer term, could impair the ability of issuers in which a Fund invests to conduct their businesses in the manner normally conducted. Adverse weather conditions also may have a particularly significant negative effect on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.

Climate change, which is the result of a change in global or regional climate patterns, may increase the frequency and intensity of such adverse weather conditions, resulting in increased economic impact, and may pose long-term risks to a Fund's investments. The future impact of climate change is difficult to predict but may include changes in demand for certain goods and services, supply chain disruption, changes in production costs, increased legislation, regulation, international accords and compliance-related costs, changes in property and security values, availability of natural resources and displacement of peoples. Climate change regulation may result in increased operations and capital costs for the companies in which the Fund invests. Voluntary initiatives and mandatory controls have been adopted or are being discussed both in the U.S. and worldwide to reduce emissions of "greenhouse gases" such as carbon dioxide, a by-product of burning fossil fuels, which some scientists and policymakers believe contribute to global climate change. These current and future measures may result in certain companies in which the Fund invests incurring increased costs to generally continue operating its business, to operate and maintain facilities specifically, or to administer and manage a greenhouse gas emissions program. Additionally, the effects of these measures may result in a reduction of the demand for goods or services that produce significant greenhouse gas emissions or are related to carbon-based energy sources.

**Obligations of Supranational Entities.** Obligations of supranational entities are obligations of entities established through the joint participation of several governments, such as the Asian Development Bank, the Inter-American Development Bank, International Bank of Reconstruction and Development (World Bank), African Development Bank, European Economic Community, European Investment Bank and the Nordic Investment Bank.

**Operational Risk and Cyber Security.** With the increased use of technologies, such as mobile devices and "cloud"-based service offerings and the dependence on the Internet and computer systems to perform necessary business functions, the Funds' service providers are susceptible to operational and information or cyber security risks that could result in losses to a Fund and its shareholders. Cyber security breaches are either intentional or unintentional events that allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. Intentional cyber security incidents include: unauthorized access to systems, networks, or devices (such as through "hacking" activity or "phishing"); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers' systems or websites rendering them unavailable to intended users or via "ransomware" that renders the systems inoperable until appropriate actions are taken. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws).

A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. For example, in a denial of service, Fund shareholders could lose access to their electronic accounts indefinitely, and employees of the Adviser, a Sub-Adviser, or the Funds' other service providers may not be able to access electronic systems to perform critical duties for the Funds, such as trading, NAV calculation, shareholder accounting, or fulfillment of Fund share purchases and redemptions. Cyber security incidents could cause a Fund, the Adviser, a Sub-Adviser, or other service provider to incur regulatory penalties, reputational

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damage, compliance costs associated with corrective measures, litigation costs, or financial loss. They may also result in violations of applicable privacy and other laws. In addition, such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.

Cyber-events have the potential to materially affect the Funds' and the Adviser's relationships with accounts, shareholders, clients, customers, employees, products, and service providers. The Funds have established risk management systems reasonably designed to seek to reduce the risks associated with cyber-events. There is no guarantee that the Funds will be able to prevent or mitigate the impact of any or all cyber-events.

The Funds are exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Funds' service providers, counterparties, or other third parties, failed or inadequate processes, and technology or system failures.

The Adviser, each Sub-Adviser, and their affiliates have established risk management systems that seek to reduce cybersecurity and operational risks, and business continuity plans in the event of a cybersecurity breach or operational failure. However, there are inherent limitations in such plans, including that certain risks have not been identified, and there is no guarantee that such efforts will succeed, especially since none of the Adviser, each Sub-Adviser, or their affiliates controls the cybersecurity or operations systems of the Funds' third party service providers (including the Funds' custodian), or those of the issuers of securities in which the funds invest.

In addition, other disruptive events, including (but not limited to) natural disasters and public health crises, may adversely affect a Fund's ability to conduct business, in particular if the Fund's employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. Even if the Fund's employees and the employees of its service providers are able to work remotely, those remote work arrangements could result in the Fund's business operations being less efficient than under normal circumstances, could lead to delays in its processing of transactions, and could increase the risk of cyber-events.

**Obligations with Puts Attached.** The Core Municipal Bond Fund may purchase Municipal Obligations with the right to resell the obligation to the seller at a specified price or yield within a specified period. The right to resell is commonly known as a "put" or a "standby commitment." The Fund may purchase Municipal Obligations with puts attached from banks and broker-dealers. The Fund intends to use obligations with puts attached for liquidity purposes to ensure a ready market for the underlying obligations at an acceptable price. Although no value is assigned to any puts on Municipal Obligations, the price that the Fund pays for the obligations may be higher than the price of similar obligations without puts attached. The purchase of obligations with puts attached involves the risk that the seller may not be able to repurchase the underlying obligation. The Fund intends to purchase such obligations only from sellers deemed by the sub-adviser, under the direction of the Board of Trustees, to present minimal credit risks. In addition, the value of the obligations with puts attached held by the Fund will not exceed 10% of its net assets.

**Options.** A put option gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract. The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, a Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If a Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or a Fund delivers the security upon exercise.

A Fund may purchase put and call options to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that a Fund may seek to purchase in the future. A Fund will pay a premium when purchasing put and call options. If price movements in the underlying securities are such that exercise of the options would not be profitable for a Fund, loss of the premium paid may be offset by an increase in the value of a Fund's securities or by a decrease in the cost of acquisition of securities by a Fund.

A Fund may write both covered call and put options. A Fund may write covered call options as a means of increasing the yield on its portfolio and as a means of providing limited protection against decreases in its market value. When a Fund sells an option, if the underlying securities do not increase or decrease to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and a Fund will realize as profit the premium received for such option. When a call option written by a Fund is exercised, a Fund will be required to sell the underlying securities to the option holder at the strike price, and will not participate in any increase in the price of such securities above the strike price. When a put option written by a Fund is exercised, a Fund will be required to purchase the underlying securities at the strike price, which may be in excess of the market value of such securities.

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A Fund may purchase and write options on an exchange or over-the-counter. Over-the-counter options ("OTC options") differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is done normally by reference to information from a market maker. It is the position of the staff of the SEC that OTC options are generally illiquid.

A Fund may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or over-the-counter markets) to manage its exposure to exchange rates. Call options on foreign currencies written by a Fund will be "covered," which means that the Fund will own an equal amount of the underlying foreign currency.

Buyers and sellers of foreign currency options are subject to the same risks that apply to options generally. There are certain additional risks associated with foreign currency options. The markets in foreign currency options are relatively new, and a Fund's ability to establish and close out positions on such options is subject to the maintenance of a liquid secondary market. There can be no assurance that a liquid secondary market will exist for a particular option at any specific time. In addition, options on foreign currencies are affected by all of those factors that influence foreign exchange rates and investments generally.

The value of a foreign currency option depends upon the value of the underlying currency relative to the U.S. dollar. As a result, the price of the option position may vary with changes in the value of either or both currencies and may have no relationship to the investment merits of a foreign security. Because foreign currency transactions occurring in the interbank market involve substantially larger amounts than those that may be involved in the use of foreign currency options, investors may be disadvantaged by having to deal in an odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Available quotation information is generally representative of very large transactions in the interbank market and thus may not reflect relatively smaller transactions (i.e., less than $1 million) where rates may be less favorable. The interbank market in foreign currencies is a global, around-the-clock market. To the extent that the U.S. option markets are closed while the markets for the underlying currencies remain open, significant price and rate movements may take place in the underlying markets that cannot be reflected in the options markets until they reopen.

A Fund may purchase and write put and call options on indices and enter into related closing transactions. Put and call options on indices are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities. A Fund may choose to terminate an option position by entering into a closing transaction. The ability of a Fund to enter into closing transactions depends upon the existence of a liquid secondary market for such transactions.

Options written on indices may be covered and all options will be entered into in accordance with the regulatory requirements described in the "Derivatives" subsection.

A Fund will not engage in transactions involving interest rate futures contracts for speculation but only as a hedge against changes in the market values of debt securities held or intended to be purchased by a Fund and where the transactions are appropriate to reduce a Fund's interest rate risks. There can be no assurance that hedging transactions will be successful. A Fund also could be exposed to risks if it cannot close out its futures or options positions because of any illiquid secondary market.

Futures and options have effective durations that, in general, are closely related to the effective duration of the securities that underlie them. Holding purchased futures or call option positions will lengthen the duration of a Fund's portfolio.

Risks associated with options transactions include: (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (3) there may not be a liquid secondary market for options; and (4) while a Fund may receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security. As further outlined in the "Derivatives" subsection, all options will be entered into in accordance with the regulatory requirements described in the "Derivatives" subsection.

<u>Caps, Collars and Floors.</u> Caps and floors have an effect similar to buying or writing options. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level. The seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

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<u>Inverse Floaters.</u> A Fund may invest in inverse floaters. Inverse floaters are derivative securities whose interest rates vary inversely to changes in short-term interest rates and whose values fluctuate inversely to changes in long-term interest rates. The value of certain inverse floaters will fluctuate substantially more in response to a given change in long-term rates than would a traditional debt security. These securities have investment characteristics similar to leverage, in that interest rate changes have a magnified effect on the value of inverse floaters.

**Ordinary Shares.** Ordinary shares are shares of foreign issuers that are traded abroad and on a United States exchange. Ordinary shares may be purchased with and sold for U.S. dollars. Investing in foreign companies may involve risks not typically associated with investing in United States companies. See "Foreign Securities."

**Other Investment Companies.** Investment companies include open- and closed-end funds, exchange-traded funds, and any other pooled investment vehicle that meets the definition of an investment company under the 1940 Act, whether such companies are required to register under the 1940 Act or not. As a shareholder of another investment company, a Fund would be subject to the same risks as any other investor in that investment company. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying Fund expenses. Investments in registered investment company shares are subject to limitations prescribed by the 1940 Act and its rules, and applicable SEC staff interpretations or applicable exemptive relief granted by the SEC. The 1940 Act currently provides, in part, that a Fund generally may not purchase shares of a registered investment company if (a) such a purchase would cause a Fund to own in the aggregate more than 3% of the total outstanding voting stock of the investment company or (b) such a purchase would cause a Fund to have more than 5% of its total assets invested in the investment company or (c) more than 10% of a Fund's total assets would be invested in the aggregate in all registered investment companies.

**Over-The-Counter Stocks.** A Fund may invest in over-the-counter stocks. In contrast to securities exchanges, the over-the-counter market is not a centralized facility that limits trading activity to securities of companies which initially satisfy certain defined standards. Generally, the volume of trading in an unlisted or over-the-counter common stock is less than the volume of trading in a listed stock. This means that the depth of market liquidity of some stocks in which each Fund invests may not be as great as that of other securities and, if a Funds were to dispose of such a stock, they might have to offer the shares at a discount from recent prices, or sell the shares in small lots over an extended period of time.

**Participation Interests.** A Fund may invest in participation interests in fixed income securities. A participation interest provides the certificate holder with a specified interest in an issue of fixed income securities.

Some participation interests give the holders differing interests in the underlying securities, depending upon the type or class of certificate purchased. For example, coupon strip certificates give the holder the right to receive a specific portion of interest payments on the underlying securities; principal strip certificates give the holder the right to receive principal payments and the portion of interest not payable to coupon strip certificate holders. Holders of certificates of participation in interest payments may be entitled to receive a fixed rate of interest, a variable rate that is periodically reset to reflect the current market rate or an auction rate that is periodically reset at auction. Asset-backed residuals represent interests in any excess cash flow remaining after required payments of principal and interest have been made.

More complex participation interests involve special risk considerations. Since these instruments have only recently been developed, there can be no assurance that any market will develop or be maintained for the instruments. Generally, the fixed income securities that are deposited in trust for the holders of these interests are the sole source of payments on the interests; holders cannot look to the sponsor or trustee of the trust or to the issuers of the securities held in trust or to any of their affiliates for payment.

Participation interests purchased at a discount may experience price volatility. Certain types of interests are sensitive to fluctuations in market interest rates and to prepayments on the underlying securities. A rapid rate of prepayment can result in the failure to recover the holder's initial investment.

The extent to which the yield to maturity of a participation interest is sensitive to prepayments depends, in part, upon whether the interest was purchased at a discount or premium, and if so, the size of that discount or premium. Generally, if a participation interest is purchased at a premium and principal distributions occur at a rate faster than that anticipated at the time of purchase, the holder's actual yield to maturity will be lower than that assumed at the time of purchase. Conversely, if a participation interest is purchased at a discount and principal distributions occur at a rate faster than that assumed at the time of purchase, the investor's actual yield to maturity will be higher than that assumed at the time of purchase.

Participation interests in pools of fixed income securities backed by certain types of debt obligations involve special risk considerations. The issuers of securities backed by automobile and truck receivables typically file financing statements evidencing security interests in the receivables, and the servicers of those obligations take and retain custody of the obligations. If the servicers, in contravention of their duty to the holders of the securities backed by the receivables, were to sell the obligations, the third-party purchasers could acquire an interest superior to the interest of the security holders. Also, most states require that a security interest in a vehicle must be noted on the certificate of title and the certificate of title may not be amended to reflect the assignment of the lender's security interest. Therefore, the recovery of the collateral in some cases may not be available to support payments on the securities. Securities backed by credit card receivables are generally unsecured, and both federal and state consumer protection laws may allow set-offs against certain amounts owed.

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**Pay in-Kind ("PIK") Bonds.** Pay in-kind bonds are securities which, at the issuer's option, pay interest in either cash or additional securities for a specified period. Pay in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. Pay in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

**Preferred Stock.** Preferred stock has a preference over common stock in liquidation (and generally for dividend receipt as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends generally are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Prepayment Risk.** Prepayment risk is the risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. Prepayment impacts both the interest rate sensitivity of the underlying asset, such as an asset-backed or mortgage-backed security, and its cash flow projections. Therefore, prepayment risk may make it difficult to calculate the average duration of a Fund's asset- or mortgage-backed securities which in turn would make it difficult to assess the interest rate risk of a Fund.

**Privatization.** Privatizations are foreign government programs for selling all or part of the interests in government owned or controlled enterprises. The ability of a U.S. entity to participate in privatizations in certain foreign countries may be limited by local law, or the terms on which a Fund may be permitted to participate may be less advantageous than those applicable for local investors. There can be no assurance that foreign governments will continue to sell their interests in companies currently owned or controlled by them or that privatization programs will be successful.

**Rating Agencies.** The NRSRO ratings applicable to the Funds' fixed-income investments appear in the Appendix A to this SAI.

**Receipts.** Receipts are sold as zero coupon securities, which mean that they are sold at a substantial discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. This discount is accreted over the life of the security, and such accretion will constitute the income earned on a security for both accounting and federal income tax purposes. Because of these features, such securities may be subject to greater interest rate volatility than interest paying investments.

**Real Estate Investment Trusts ("REITs").** The Funds may invest in REITs, which pool investors' money for investment in income producing commercial real estate or real estate related loans or interests.

A REIT is not subject to federal income tax on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement that it distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. A shareholder in a Fund should realize that by investing in REITs indirectly through a Fund, he or she will bear not only his or her proportionate share of the expenses of a Fund, but also indirectly, similar expenses of underlying REITs.

A Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

**ReFlow Liquidity Program.** The Funds may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the fund. ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day. ReFlow then generally redeems those shares when the fund experiences net sales. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to the Fund for participating in ReFlow are expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Fund's short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the

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outstanding voting securities of the Fund. There is no assurance that ReFlow will have sufficient funds available to meet the Fund's liquidity needs on a particular day. Investments in the Fund by ReFlow in connection with the ReFlow liquidity program are not subject to the market timing limitations described in the Funds' prospectus.

**Repurchase Agreements.** Repurchase agreements are transactions by which the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed upon time and price, thereby determining the yield during the term of the agreement. In the event of a bankruptcy or other default of the seller of a repurchase agreement, a Fund could experience both delays in liquidating the underlying security and losses. To minimize these possibilities, the Funds intend to enter into repurchase agreements only with their custodian, with banks having assets in excess of $10 billion and with broker-dealers who are recognized as primary dealers in U.S. government obligations by the Federal Reserve Bank of New York. Collateral for repurchase agreements is held for safekeeping in the customer-only account of the Fund's custodian at the Federal Reserve Bank. A Fund will not enter into a repurchase agreement not terminable within seven days if, as a result thereof, more than 15% of the value of its net assets would be invested in such securities and other illiquid securities.

Although the securities subject to a repurchase agreement might bear maturities exceeding one year, settlement for the repurchase would never be more than one year after a Fund's acquisition of the securities and normally would be within a shorter period of time. The resale price will be in excess of the purchase price, reflecting an agreed upon market rate effective for the period of time that each Fund's money will be invested in the securities, and will not be related to the coupon rate of the purchased security. At the time a Fund enters into a repurchase agreement, the value of the underlying security, including accrued interest, will equal or exceed the value of the repurchase agreement, and in the case of a repurchase agreement exceeding one day, the seller will agree that the value of the underlying security, including accrued interest, will at all times equal or exceed the value of the repurchase agreement. The collateral securing the seller's obligation must consist of cash or securities that are issued or guaranteed by the United States government or its agencies. The collateral will be held by the custodian or in the Federal Reserve Book Entry System.

For purposes of the 1940 Act, a repurchase agreement is deemed to be a loan from a Fund to the seller subject to the repurchase agreement and is therefore subject to the applicable Fund's investment restrictions applicable to loans. It is not clear whether a court would consider the securities purchased by a Fund subject to a repurchase agreement as being owned by that Fund or as being collateral for a loan by a Fund to the seller. In the event of the commencement of bankruptcy or insolvency proceedings with respect to the seller of the securities before repurchase of the security under a repurchase agreement, a Fund may encounter delays and incur costs before being able to sell the security. Delays may involve loss of interest or decline in price of the security. If a court characterized the transaction as a loan and a Fund has not perfected a security interest in the security, that Fund may be required to return the security to the seller's estate and be treated as an unsecured creditor of the seller. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal and income involved in the transaction. As with any unsecured debt obligation purchased for a Fund, the sub-adviser seeks to minimize the risk of loss through repurchase agreements by analyzing the creditworthiness of the obligor, in this case, the seller. Apart from the risk of bankruptcy or insolvency proceedings, there is also the risk that the seller may fail to repurchase the security, in which case a Fund may incur a loss if the proceeds to the applicable Fund of the sale of the security to a third party are less than the repurchase price. However, if the market value of the securities subject to the repurchase agreement becomes less than the repurchase price (including interest), a Fund involved will direct the seller of the security to deliver additional securities so that the market value of all securities subject to the repurchase agreement will equal or exceed the repurchase price. It is possible that a Fund will be unsuccessful in seeking to enforce the seller's contractual obligation to deliver additional securities.

**Restricted Securities.** Each Fund may invest up to 10% of its total assets in restricted securities (other than securities deemed to be liquid pursuant to procedures approved by the Fund's Board). Restricted securities cannot be sold to the public without registration under the 1933 Act. The absence of a trading market can make it difficult to ascertain a market value of illiquid investments. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses. Restricted securities generally can be sold in a privately negotiated transaction, pursuant to an exemption from registration under the 1933 Act, or in a registered public offering. Where registration is required, a Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than prevailed when it decided to seek registration of the shares. However, in general, the Funds anticipate holding restricted securities to maturity or selling them in an exempt transaction.

**Reverse Repurchase Agreement, Dollar Roll, and Reverse Dollar Roll Transactions.** A reverse repurchase agreement involves a sale by a Fund of securities that it holds to a bank, broker-dealer or other financial institution concurrently with an agreement by a Fund to repurchase the same securities at an agreed-upon price and date. Reverse repurchase agreements are considered borrowing by a Fund and are subject to the applicable Fund's limitations on borrowing. A dollar roll transaction involves a sale by a Fund of an eligible security to a financial institution concurrently with an agreement by the applicable Fund to repurchase a similar eligible security from the institution at a later date at an agreed-upon price. A reverse dollar roll transaction involves a purchase by a Fund of an eligible security from a financial institution concurrently with an agreement by the applicable Fund to resell a similar security to the institution at a later date at an agreed-upon price. As further outlined in the "Derivatives" subsection, all reverse repurchase agreement, dollar roll, and reverse dollar roll transactions will be entered into in accordance with the regulatory requirements described in "Derivatives" subsection. Furthermore, a

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Fund will either treat reverse repurchase agreements and similar financings as derivatives subject to the Derivatives Rule limitations or not as derivatives and treat reverse repurchase agreements and similar financings transactions as senior securities equivalent to bank borrowings subject to asset coverage requirements of Section 18 of the 1940 Act.

**Royalty Trusts.** Royalty trusts are structured similarly to REITs. A royalty trust generally acquires an interest in natural resource companies or chemical companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields.

**Rule 144A Securities.** Rule 144A securities are securities exempt from registration on resale pursuant to Rule 144A under the 1933 Act. Rule 144A securities are traded in the institutional market pursuant to this registration exemption, and, as a result, may not be as liquid as exchange-traded securities since they may only be resold to certain qualified institutional investors. Due to the relatively limited size of this institutional market, these securities may affect the liquidity of Rule 144A securities to the extent that qualified institutional buyers become, for a time, uninterested in purchasing such securities. Nevertheless, Rule 144A securities may be treated as liquid securities pursuant to the Funds' LRM Program.

**Sector Focus.** If a Fund's portfolio is overweighted in a certain sector or related sectors, any negative development affecting that sector will have a greater impact on a Fund than a fund that is not overweighted in that sector.

*Communication Services Sector Risk.* The communication services sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of communications services companies. Government actions around the world, specifically in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. The domestic communications services market is characterized by increasing competition and regulation by various state and federal regulatory authorities. Companies in the communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in formulating new products and services using new technology. Technological innovations may make the products and services of certain communications services companies obsolete.

*Consumer Discretionary Sector Risk.* Because companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.

*Consumer Staples Sector Risk.* The consumer staples sector may be affected by food and drug regulations and production methods, fads, marketing campaigns and other factors affecting consumer demand. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.

*Energy Sector Risk.* The profitability of companies in the energy sector is related to worldwide energy prices, exploration, and production spending. Such companies also are subject to risks of changes in exchange rates, government regulation, world events, depletion of resources and economic conditions, as well as market, economic and political risks of the countries where energy companies are located or do business. Oil and gas exploration and production can be significantly affected by natural disasters. Oil exploration and production companies may be adversely affected by changes in exchange rates, interest rates, government regulation, world events, and economic conditions. Oil exploration and production companies may be at risk for environmental damage claims.

*Financial Sector Risk.* The financial services industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. Numerous financial services companies have experienced substantial declines in the valuations of their assets, taken action to raise capital (such as the issuance of debt or equity securities), or even ceased operations. These actions have caused the securities of many financial services companies to experience a dramatic decline in value. Issuers that have exposure to the real estate, mortgage and credit markets have been particularly affected by the foregoing events and the general market turmoil, and it is uncertain whether or for how long these conditions will continue.

*Healthcare Sector Risk.* The profitability of companies in the healthcare sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims.

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Healthcare companies are subject to competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting. Many new products in the healthcare sector may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly.

*Industrials Sector Risk.* The stock prices of companies in the industrials sector are affected by supply and demand both for their specific product or service, industrials sector products in general, and the costs of materials and other commodities. The products of manufacturing companies may face product obsolescence due to rapid technological developments and frequent new product introduction. Government regulation, world events and economic conditions may affect the performance of companies in the industrials sector. Companies in the industrials sector may be at risk for environmental damage and product liability claims.

*Information Technology Sector Risk.* Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

*Materials Sector Risk.* Companies in the materials sector could be adversely affected by commodity price volatility, exchange rates, import controls and increased competition. Production of industrial materials often exceeds demand as a result of overbuilding or economic downturns, leading to poor investment returns. Companies in the materials sector are at risk for environmental damage and product liability claims. Companies in the materials sector may be adversely affected by depletion of resources, technical progress, labor relations, and government regulations.

*Real Estate Sector Risk.* An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.

**Securities Lending.** In order to generate additional income, a Fund may lend its securities pursuant to agreements requiring that the loan be continuously secured by collateral consisting of: (1) cash in U.S. dollars; (2) securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agencies thereof; or (3) irrevocable performance letters of credit issued by banks approved by each Fund. All collateral must equal at least 100% of the market value of the loaned securities. A Fund continues to receive interest on the loaned securities while simultaneously earning interest on the investment of cash collateral. Collateral is marked to market daily. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially or become insolvent. In addition, cash collateral invested by the lending Fund is subject to investment risk and the Fund may experience losses with respect to its collateral investments. The SEC currently requires that the following conditions must be met whenever a Fund's portfolio securities are loaned: (1) the Fund must receive at least 100% cash collateral from the borrower; (2) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (3) the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities, and any increase in market value; (5) the Fund may pay only reasonable custodian fees approved by the Board in connection with the loan; (6) while voting rights on the loaned securities may pass to the borrower, the Fund must have the ability to terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs, and (7) the Fund may not loan its portfolio securities so that the value of the loaned securities is more than one-third of its total asset value, including collateral received from such loans. The lending of securities is considered a form of leverage that is included in a lending Fund's investment limitation related to borrowings. See "Investment Limitations" below.

The Trust has appointed JPMorgan Chase Bank, N.A. ("J.P. Morgan") as its lending agent in connection with the Funds' securities lending program. J.P. Morgan administers the securities lending program in accordance with operational procedures it has established in conjunction with the Funds. As the securities lending agent, J.P. Morgan lends certain securities, which are held in custody accounts maintained with J.P. Morgan, to borrowers that have been approved by the Funds. As securities lending agent, J.P. Morgan is authorized to execute certain agreements and documents and take such actions as may be necessary or appropriate to carry out the securities lending program.

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The dollar amounts of income and fees and compensation paid to all service providers related to the Funds that participated in securities lending activities during the fiscal year ended June 30, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balanced**<br> **Fund**<br>| **Core**<br> **Municipal**<br> **Bond**<br> **Fund**<br>| **International**<br> **Value**<br> **Fund**<br>| **Large**<br> **Cap**<br> **Focused**<br> **Fund**<br>| **Large**<br> **Cap**<br> **Fund**<br>| **Large**<br> **Company**<br> **Growth**<br> **Fund**<br>| **Small** <br> **Company** <br> **Fund**<br>| **Value**<br> **Fund**<br>|
| Gross Income from securities lending activities | $7714 | $— | $14677 | $37054 | $— | $582 | $69727 | $109826 |
| Fees and/or compensation for securities lending activities and related <br> services<br>|  |  |  |  |  |  |  |  |
| Fees paid to securities lending agent from a revenue split | $106 | $— | $668 | $336 | $— | $73 | $559 | $6238 |
| Fees paid for any cash collateral management service (including <br> fees deducted from a pooled cash collateral reinvestment vehicle) <br> that are not included in the revenue split<br>| $344 | $— | $465 | $1536 | $— | $36 | $2612 | $4072 |
| Administrative fees not included in revenue split | $— | $— | $— | $— | $— | $— | $— | $— |
| Indemnification fee not included in revenue split | $— | $— | $— | $— | $— | $— | $— | $— |
| Rebate (paid to borrower) | $6868 | $— | $9332 | $34361 | $— | $— | $65250 | $59921 |
| Other fees not included in revenue split (specify) | $— | $— | $— | $— | $— | $— | $— | $— |
| Aggregate fees/compensation for securities lending activities | $7318 | $— | $10465 | $36233 | $— | $109 | $68421 | $70231 |
| Net Income from securities lending activities | $396 | $— | $4212 | $821 | $— | $473 | $1306 | $39595 |

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**Securities With Limited Marketability.** As a matter of current operating policy, the Core Municipal Bond Fund may invest in the aggregate up to 10% of its net assets in securities that are not readily marketable, including: participation interests that are not subject to demand features; floating and variable rate obligations as to which the Fund cannot exercise the related demand feature and as to which there is no secondary market; repurchase agreements not terminable within seven days, and lease obligations for which there is no secondary market. This policy is not fundamental for the Fund and may be changed by the Board of Trustees without shareholder approval.

**Senior Securities.** Senior securities may include any obligation or instrument issued by a Fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, and firm commitment agreements and standby commitments, with appropriate earmarking or segregation of assets to cover such obligation. As further outlined in the "Derivatives" subsection, the SEC adopted the Derivatives Rule on October 28, 2020, and in doing so announced it would rescind SEC releases, guidance and no-action letters related to funds' coverage and asset segregation practices. Funds were required to comply with the Derivatives Rule requirements by August 19, 2022.

**Short Sales.** In a short sale, a Fund sells a security, which it does not own, in anticipation of a decline in the market value of the security. To complete the sale, the Fund must borrow the security (generally from the broker through which the short sale is made) in order to make delivery to the buyer. The Fund must replace the security borrowed by purchasing it at the market price at the time of replacement. The Fund is said to have a "short position" in the securities sold until it delivers them to the broker. The period during which the Fund has a short position can range from one day to more than a year. Until the Fund replaces the security, the proceeds of the short sale are retained by the broker, and the Fund must pay to the broker a negotiated portion of any dividends or interest, which accrue during the period of the loan. A short sale is "against the box" if at all times during which the short position is open, a Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Fund with respect to the securities that are sold short.

To the extent a Fund engages in short sales, such transactions will comply with the Derivatives Rule requirements set forth in the "Derivatives" subsection. Further, if other short positions of the same security are closed out at the same time, a "short squeeze" can occur where demand exceeds the supply for the security sold short. A short squeeze makes it more likely that the Fund will need to replace the borrowed security at an unfavorable price.

**Sovereign Debt.** Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity's policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on the implementation of economic reforms or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign debt.

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Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective legal remedies for collecting on such debt.

**Stand-By Commitments.** When a Fund purchases municipal obligations, it may also acquire stand-by commitments from banks and broker-dealers with respect to such municipal obligations. A stand-by commitment is the equivalent of a put option acquired by a Fund with respect to a particular municipal obligation held in its portfolio. A stand-by commitment is a security independent of the municipal obligation to which it relates. The amount payable by a bank or dealer during the time a stand-by commitment is exercisable, absent unusual circumstances relating to a change in market value, would be substantially the same as the value of the underlying municipal obligation. A stand-by commitment might not be transferable by a Fund, although it could sell the underlying municipal obligation to a third-party at any time.

Each Fund expects that stand-by commitments generally will be available without the payment of direct or indirect consideration. However, if necessary and advisable, a Fund may pay for stand-by commitments either separately in cash or by paying a higher price for portfolio securities which are acquired subject to such a commitment (thus reducing the yield to maturity otherwise available for the same securities). The total amount paid in either manner for outstanding stand-by commitments held by a Fund will not exceed 10% of the value of a Fund's total assets calculated immediately after each stand-by commitment is acquired. A Fund will enter into stand-by commitments only with banks and broker-dealers that, in the judgment of the Adviser or sub-adviser, as the case may be, present minimal credit risks.

**Step Coupon Bonds ("STEPS").** A Fund may invest in STEPS, which pay interest at a series of different rates (including 0%) in accordance with a stated schedule for a series of periods. In addition to the risks associated with the credit rating of the issuers, these securities may be subject to more volatility risk than fixed rate debt securities.

**Structured Investments.** Structured investments are derivatives in the form of a unit or units representing an undivided interest(s) in assets held in a trust that is not an investment company as defined in the 1940 Act. A trust unit pays a return based on the total return of securities and other investments held by the trust and the trust may enter into one or more swaps to achieve its goal. For example, a trust may purchase a basket of securities and agree to exchange the return generated by those securities for the return generated by another basket or index of securities. The Funds will purchase structured investments in trusts that engage in such swaps only where the counterparties are approved by the Adviser or sub-adviser, as the case may be.

**Structured Notes.** A Fund may invest in structured notes, including "total rate of return swaps," with rates of return determined by reference to the total rate of return on one or more loans referenced in such notes. The rate of return on the structured note may be determined by applying a multiplier to the rate of total return on the referenced loan or loans. Application of a multiplier is comparable to the use of leverage, which magnifies the risk of loss, because a relatively small decline in the value of a referenced note could result in a relatively large loss in value.

**Swap Agreements.** A swap is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indices, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, a Fund must be prepared to make such payments when due. In addition, if the counter-party's creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date only under limited circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counter-party is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify a Fund's gains or losses. A Fund will only enter into a swap agreement subject to the regulatory limitations outlined in the "Derivatives" subsection.

<u>Equity Swaps.</u> In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that a Fund will be committed to pay.

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<u>Interest Rate Swaps.</u> Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for floating-rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for floating-rate swaps involve the exchange of fixed interest rate cash flows for floating-rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for floating swaps where the notional amount changes if certain conditions are met.

Like a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if a Fund enters into a swap where it agrees to exchange a floating-rate of interest for a fixed rate of interest, a Fund may have to pay more money than it receives. Similarly, if a Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating-rate of interest, a Fund may receive less money than it has agreed to pay.

<u>Currency Swaps.</u> A currency swap is an agreement between two parties in which one party agrees to make interest rate payments in one currency and the other promises to make interest rate payments in another currency. A Fund may enter into a currency swap when it has one currency and desires a different currency. Typically the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating-rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the contract and returned at the end of the contract. Changes in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

<u>Credit Default Swaps ("CDSs").</u> A CDS is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a referenced debt obligation. One party, acting as a "protection buyer," makes periodic payments to the other party, a "protection seller," in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Acting as a protection seller allows a Fund to create an investment exposure similar to owning a bond. Acting as a protection buyer allows a Fund potentially to reduce its credit exposure to a bond it owns or to take a "short" position in a bond it does not own.

As the protection buyer in a CDS, a Fund may pay a premium (by means of periodic payments) in return for the right to deliver specified bonds or loans to the protection seller and receive the par (or other agreed-upon) value upon default or similar events by the issuer of the underlying reference obligation. If no default occurs, the protection seller would keep the stream of payments and would have no further obligations to the Fund. As the protection buyer, the Fund bears the risk that the investment might expire worthless or that the protection seller may fail to satisfy its payment obligations to the Fund in the event of a default or similar event. In addition, when the Fund is a protection buyer, the Fund's investment would only generate income in the event of an actual default or similar event by the issuer of the underlying reference obligation.

A Fund may also use credit default swaps for investment purposes by selling a CDS, in which case, the Fund, as the protection seller, would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the protection buyer in the event of a default or similar event by the third-party issuer of the underlying reference obligation. In return for its obligation, the Fund would receive from the protection buyer a periodic stream of payments over the term of the contract. If no credit event occurs, the Fund would keep the stream of payments and would have no payment obligations. As the protection seller in a CDS, the Fund effectively adds economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap.

In addition to the risks applicable to derivatives generally, CDSs involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

<u>Options on Swap Agreements ("swaptions").</u> A Fund also may enter into swaptions. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular swaption, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option by the buyer of the option, the Fund will become obligated according to the terms of the underlying swap agreement.

Whether a Fund's use of swap agreements or swaptions will be successful in furthering its investment goals will depend on the sub-advisers' ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

<u>Total Return Swaps.</u> Total return swaps are contracts in which one party agrees to make periodic payments to the other party based on change in market value of the assets underlying the contract in exchange for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. The return of the assets underlying the contract includes both the income generated by the asset and the change in market value of the asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.

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Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Upon entering into a total return swap, the Fund is required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps may effectively add leverage to the Fund's portfolio because the Fund would be subject to investment exposure on the notional amount of the swap. A Fund will only enter into a swap agreement subject to the regulatory limitations outlined in the "Derivatives" subsection.

Total return swaps are subject to the same risks noted above under "Swap Agreements."

**Other Types of Financial Instruments.** If other types of financial instruments, including other types of options, futures contracts, or futures options are traded in the future, the Funds may also use those instruments, provided that such instruments are consistent with the Funds' investment goals.

**Temporary Defensive Investments.** A Fund may, for temporary defensive purposes, invest up to 100% of its total assets in money market instruments (including U.S. government securities, bank obligations, commercial paper rated in the highest rating category by an NRSRO and repurchase agreements involving the foregoing securities), shares of money market investment companies (to the extent permitted by applicable law and subject to certain restrictions) and cash. When a Fund invests in defensive investments, it may not achieve its investment goal.

**Tender Option Bonds.** A tender option bond is a municipal security (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax-exempt rates, that has been coupled with the agreement of a third-party, such as a bank, broker-dealer or other financial institution, pursuant to which such institution grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof. As consideration for providing the option, the financial institution receives periodic fees equal to the difference between the municipal security's fixed coupon rate and the rate, as determined by a remarketing or similar agent at or near the commencement of such period, that would cause the securities, coupled with the tender option, to trade at par on the date of such determination. Thus, after payment of this fee, the security holder effectively holds a demand obligation that bears interest at the prevailing short-term tax exempt rate. The Adviser or sub-adviser as the case may be, will consider on an ongoing basis the creditworthiness of the issuer of the underlying municipal securities, of any custodian, and of the third-party provider of the tender option. In certain instances and for certain tender option bonds, the option may be terminable in the event of a default in payment of principal of interest on the underlying municipal securities and for other reasons.

**Time Deposits.** Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, it earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty are considered to be illiquid securities.

**Trust Preferred Securities.** Trust preferred securities are issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent. Trust preferred securities currently permit the issuing entity to treat the interest payments as a tax-deductible cost. These securities, which have no voting rights, have a final stated maturity date and a fixed schedule for periodic payments. In addition, these securities have provisions which afford preference over common and preferred stock upon liquidation, although the securities are subordinated to other, more senior debt securities of the same issuer. The issuers of these securities have the right to defer interest payments for a period of up to five years, although interest continues to accrue cumulatively. The deferral of payments may not exceed the stated maturity date of the securities themselves. The non-payment of deferred interest at the end of the permissible period will be treated as an event of default. At the present time, the Internal Revenue Service ("IRS") treats trust preferred securities as debt.

**U.S. Government Securities.** U.S. government securities are obligations issued or guaranteed by the U.S. government, its agencies, authorities or instrumentalities. Some U.S. government securities, such as U.S. Treasury bills, U.S. Treasury notes, U.S. Treasury bonds and securities of Ginnie Mae, which differ only in their interest rates, maturities and times of issuance, are supported by the full faith and credit of the United States. Others are supported by: (i) the right of the issuer to borrow from the U.S. Treasury, such as securities of the Federal Home Loan Banks; (ii) the discretionary authority of the U.S. government to purchase the agency's obligations, such as securities of Fannie Mae or Freddie Mac; or (iii) only the credit of the issuer, such as securities of the Student Loan Marketing Association. No assurance can be given that the U.S. government will provide financial support in the future to U.S. government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the United States.

Securities guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities include: (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or any of its agencies, authorities or instrumentalities; and (ii) participation interests in loans made to foreign governments or other entities that are so guaranteed. The secondary market for certain of these participation interests is limited and, therefore, may be regarded as illiquid.

**U.S. Treasury Obligations.** U.S. Treasury Obligations are bills, notes and bonds issued by the U.S. Treasury, and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as separately traded registered interest and principal securities ("STRIPS") and coupons under book entry safekeeping ("CUBES"). They also include U.S. Treasury inflation-protection securities ("TIPS").

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**Variable and Floating Rate Instruments.** Certain obligations may carry variable or floating rates of interest, and may involve a conditional or unconditional demand feature. Such instruments bear interest at rates which are not fixed, but which vary with changes in specified market rates or indices. The interest rates on these securities may be reset daily, weekly, quarterly, or some other reset period, and may have a floor or ceiling on interest rate changes. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

**Warrants and Rights.** Warrants are instruments giving holders the right, but not the obligation, to buy equity or fixed income securities of a company at a given price during a specified period. Rights are similar to warrants but normally have a short life span to expiration. The purchase of warrants or rights involves the risk that a Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrants' and rights' expiration. Also, the purchase of warrants and/or rights involves the risk that the effective price paid for the warrants and/or rights added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security. Buying a warrant does not make a Fund a shareholder of the underlying stock. The warrant holder has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investment in warrants may be more speculative than other equity-based investments.

**When-Issued, Delayed Delivery Securities, and Forward Commitment Transactions.** A Fund may purchase securities on a when-issued or delayed-delivery basis, in which case delivery of the securities occurs beyond the normal settlement period; payment for or delivery of the securities would be made prior to the reciprocal delivery or payment by the other party to the transaction. When-issued or delayed delivery securities are subject to market fluctuations due to changes in market interest rates and it is possible that the market value at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed. Although a Fund generally purchases securities on a when-issued or forward commitment basis with the intention of actually acquiring the securities for its investment portfolio, a Fund may dispose of a when-issued security or forward commitment prior to settlement if it deems appropriate. When-issued or forward settling securities transactions physically settling within 35-days are deemed not to involve a senior security. When-issued or forward settling securities transactions that do not physically settle within 35-days are required to be treated as derivatives transactions in compliance with the Derivatives Rule as outlined in the "Derivatives" subsection.

**Yankee Obligations.** Yankee obligations ("Yankees") are U.S. dollar-denominated instruments of foreign issuers who either register with the SEC or issue securities under Rule 144A of the 1933 Act. These consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed time deposits and bankers' acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government. Yankee obligations, as obligations of foreign issuers, are subject to the same types of risks discussed above in "Foreign Securities." The Yankee obligations selected for the Funds will adhere to the same credit quality standards as those utilized for the selection of domestic debt obligations.

**Zero Coupon Securities.** A Fund may invest in zero coupon bonds of governmental or private issuers that generally pay no interest to their holders prior to maturity. Since zero coupon bonds do not make regular interest payments, they allow an issuer to avoid the need to generate cash to meet current interest payments and may involve greater credit risks than bonds paying interest currently. The Code requires that a Fund accrue interest income on zero coupon bonds for each taxable year, even though no cash has been paid on the bonds, and generally requires a Fund to distribute such income (net of deductible expenses, if any) to avoid being subject to federal income tax and to continue to maintain its status as a regulated investment company under the Code. Because no cash is generally received at the time of accrual, a Fund may be required to sell investments (even if such sales are not advantageous) to obtain sufficient cash to satisfy the distribution requirements applicable to a Fund under the Code. See "Federal Income Taxes," for more information.

**INVESTMENT LIMITATIONS**

**<u>Fundamental Investment Limitations</u>**

Below are each Fund's fundamental investment limitations (or policies), which it cannot change without the consent of the holders of a majority of that Fund's outstanding shares. The term "majority of the outstanding shares" means the vote of (i) 67% or more of a Fund's shares present at a meeting, if more than 50% of the outstanding shares of that Fund are present or represented by proxy, or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

For the borrowing fundamental policies, which contain percentage limits, the Fund must meet these percentage limits at all times, regardless of whether a portfolio transaction is occurring or the changes are caused by market conditions or other circumstances beyond the Fund's control. For all other fundamental policies with a percentage limit (collectively, the "Other Policies"), a Fund must apply each policy to each proposed portfolio transaction. For example, both the initial purchase of a security and each subsequent addition to that position

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must satisfy the Other Policies. However, if the Fund satisfies the Other Policies at the time of a transaction, then later changes in percentages resulting from market conditions or other circumstances beyond the Fund's control will not violate those policies; but the Fund would not be able to make subsequent additions to that position and other similar positions until the Other Policies are satisfied.

Several of these fundamental investment limitations include the defined term "1940 Act Laws, Interpretations and Exemptions." This term means the 1940 Act and the rules and regulations promulgated thereunder, as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC and any exemptive order or similar relief applicable to a Fund.

Each Fund's investment restrictions are subject to, and may be impacted and limited by, the federal securities laws, rules and regulations, including the Investment Company Act of 1940 and Rule 18f-4 thereunder.

**<u>All Funds' Fundamental Investment Limitations (except Core Municipal Bond Fund)</u>**

**1.** 

**Diversification.** Each Fund, other than the Large Cap Focused Fund and the Large Company Growth Fund, is a "diversified company" as defined in the 1940 Act. This means that a Fund will not purchase the securities of any issuer if, as a result, a Fund would fail to be a diversified company within the meaning of the 1940 Act Laws, Interpretations and Exemptions. This restriction does not prevent a Fund from purchasing the securities of other investment companies to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions.

Please refer to number 1 of the "Non-Fundamental Investment Limitations" section for further information.

**2.** 

**Borrowing Money.** A Fund may not borrow money or issue senior securities, except as permitted by the 1940 Act Laws, Interpretations and Exemptions.

Please refer to number 2 of the "Non-Fundamental Investment Limitations" section for further information.

**3.** 

**Underwriting.** A Fund may not underwrite the securities of other issuers. This restriction does not prevent a Fund from engaging in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether a Fund may be considered to be an underwriter under the 1933 Act, as amended.

**4.** 

**Concentration.** A Fund will not make investments that will result in the concentration (as that term may be defined or interpreted by the 1940 Act, Laws, Interpretations and Exemptions) of its investments in the securities of issuers primarily engaged in the same industry. This restriction does not limit a Fund's investments in (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (ii) tax-exempt obligations issued by governments or political subdivisions of governments or (iii) repurchase agreements collateralized by such obligations.

**5.** 

**Real Estate.** A Fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent a Fund from investing in issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.

**6.** 

**Commodities.** A Fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent a Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities.

**7.** 

**Loans.** A Fund may not make personal loans or loans of its assets to persons who control or are under common control with the Fund, except to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering repurchase agreements, lending portfolio securities or investing in loans, including assignments and participation interests.

Please refer to number 3 of the "Non-Fundamental Investment Limitations" section for further information.

**<u>Core Municipal Bond Fund Fundamental Investment Limitations</u>**

For the purpose of these investment limitations, the identification of the "issuer" of municipal obligations which are not general obligation bonds is made by the sub-adviser on the basis of the characteristics of the obligation, the most significant of which is the source of funds for the payment of principal of and interest on such obligation.

**1.** 

**Borrowing Money.** The Fund may not engage in borrowing except as permitted by the 1940 Act, any rule, regulation or order under the 1940 Act or any SEC staff interpretation of the 1940 Act.

**2.** 

**Underwriting.** The Fund may not underwrite securities issued by other persons, except to the extent that, in connection with the sale or disposition of portfolio securities, the Fund may be deemed to be an underwriter under certain federal securities laws or in connection with investments in other investment companies.

**3.** 

**Loans.** The Fund may not make loans to other persons except that the Fund may (1) engage in repurchase agreements, (2) lend portfolio securities, (3) purchase debt securities, (4) purchase commercial paper, and (5) enter into any other lending arrangement

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permitted by the 1940 Act, any rule, regulation or order under the 1940 Act or any SEC staff interpretation of the 1940 Act.

**4.** 

**Real Estate.** The Fund may not purchase or sell real estate except that the Fund may (1) hold and sell real estate acquired as a result of the Fund's ownership of securities or other instruments, (2) purchase or sell securities or other instruments backed by real estate or interests in real estate, and (3) purchase or sell securities of entities or investment vehicles, including real estate investment trusts, that invest, deal or otherwise engage in transactions in real estate or interests in real estate.

**5.** 

**Commodities.** The Fund may not purchase or sell physical commodities except that the Fund may (1) hold and sell physical commodities acquired as a result of the Fund's ownership of securities or other instruments, (2) purchase or sell securities or other instruments backed by physical commodities, (3) purchase or sell options, and (4) purchase or sell futures contracts. This limitation is not applicable to the extent that the tax-exempt obligations, U.S. government obligations and other securities in which the Fund may otherwise invest would be considered to be such commodities, contracts or investments.

**6.** 

**Concentration.** The Fund may not purchase the securities of an issuer (other than securities issued or guaranteed by the United States government, its agencies or its instrumentalities) if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal business activities are in the same industry.

**7.** 

**Senior Securities.** The Fund may not issue senior securities except as permitted by the 1940 Act, any rule, regulation or order under the 1940 Act or any SEC staff interpretation of the 1940 Act.

**8.** 

**Tax-Exempt Status.** The Fund has a fundamental investment policy that under normal circumstances at least 80% of the income it distributes will be exempt from federal income tax, including the federal alternative minimum tax.

Except for temporary defensive purposes, the assets of the Fund will be invested so that no more than 20% of the annual income of the Fund will be subject to federal income tax. Under normal market conditions, the Fund anticipates that not more than 5% of its net assets will be invested in any one type of taxable obligation. (See the paragraph entitled "Temporary defensive investments" under the section "Permitted Investments and Risk Factors".)

**<u>Additional Information Regarding Investment Limitations</u>**

**1.** 

**Borrowing.** The 1940 Act allows the fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33<sup>1</sup>/3% of its total assets (not including temporary borrowings not in excess of 5% of its total assets).

**2.** 

**Underwriting.** Under the 1940 Act, underwriting securities involves the fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

**3.** 

**Lending.** Under the 1940 Act, the fund may only make loans if expressly permitted by its investment policies. The Fund's current investment policy on lending is as follows: the Fund may not make loans if, as a result, more than 33<sup>1</sup>/3% of its total assets would be lent to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) engage in securities lending as described in its Statement of Additional Information.

**4.** 

**Senior Securities.** Senior securities may include any obligation or instrument issued by the fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities.

**<u>Non-Fundamental Investment Limitations</u>** 

Each Fund also has adopted certain non-fundamental investment limitations. A non-fundamental investment limitation may be amended by the Board without a vote of shareholders upon 60 day's notice to shareholders. The non-fundamental investment limitations listed below are in addition to other non-fundamental investment limitations disclosed elsewhere in this SAI and the prospectus.

**<u>All Funds - Non-Fundamental Investment Limitations (except Core Municipal Bond Fund)</u>**

**80% Investment Policy.** The International Value Fund, Large Cap Focused Fund, Large Cap Fund, Large Company Growth Fund, and Small Company Fund have adopted a policy to invest, under normal circumstances, at least 80% of its "assets" in certain types of investments as suggested by its name (the "80% policy"). Shareholders will be provided with at least 60-days' prior written notice of any change in a Fund's 80% investment policy.

The following non-fundamental investment limitations apply to each Fund:

1. In complying with the fundamental investment restriction regarding issuer diversification, a Fund will not, with respect to 75% of its total assets, purchase securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its

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agencies or instrumentalities), if, as a result, (i) more than 5% of the Fund's total assets would be invested in the securities of that issuer, or (ii) a Fund would hold more than 10% of the outstanding voting securities of that issuer. This limitation does not apply to the Large Cap Focused Fund or the Large Company Growth Fund.

2. In complying with the fundamental investment restriction regarding borrowing and issuing senior securities, a Fund may borrow money in an amount not exceeding 33<sup>1</sup>/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings).

3. In complying with the fundamental investment restriction with regard to making loans, a Fund may not make loans if, as a result, more than 33<sup>1</sup>/3% of its total assets would be lent to other parties, except that a Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) engage in securities lending as described in the Prospectus or Statement of Additional Information.

4. The Funds will not invest in any illiquid investment if, immediately after such acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

**<u>Core Municipal Bond Fund - Non-Fundamental Investment Limitations</u>**

For the illiquid securities policy, which contains percentage limits, the Fund must meet these percentage limits at all times, regardless of whether a portfolio transaction is occurring or the changes are caused by market conditions or other circumstances beyond the Fund's control. For all other non-fundamental policies with a percentage limit (collectively, the "Other Policies"), a Fund must apply each policy to each proposed portfolio transaction. For example, both the initial purchase of a security and each subsequent addition to that position must satisfy the Other Policies. However, if the Fund satisfies the Other Policies at the time of a transaction, then later changes in percentages resulting from market conditions or other circumstances beyond the Fund's control will not violate those policies; but the Fund would not be able to make subsequent additions to that position and other similar positions until the Other Policies are satisfied.

The Fund may not:

1. Pledge, mortgage, or hypothecate assets except to secure borrowings (not to exceed 33 <sup>1</sup>/3% of the Fund's assets) permitted by the Fund's fundamental limitation on borrowing.

2. Purchase securities for which there are legal or contractual restrictions on resale if, as a result thereof, more than 10% of the value of the Fund's net assets would be invested in such securities.

3. Sell any securities short or sell put and call options, except to the extent that sales by the Fund of tax-exempt obligations with puts attached or sales by the Fund of other securities in which the Fund may otherwise invest would be considered to be sales of options.

4. Invest in any illiquid investment if, immediately after such acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

A Fund will determine compliance with the fundamental and non-fundamental investment restriction percentages above (with the exception of the restriction relating to borrowing) and other investment restrictions in this SAI immediately after and as a result of its acquisition of such security or other asset. Accordingly, a Fund will not consider changes in values, net assets, or other circumstances when determining whether the investment complies with its investment restrictions.

**TRUSTEES AND OFFICERS OF THE TRUST**

The following is a list of the Trustees and executive officers of the Trust, the length of time served, principal occupations for the past 5 years, and, for the Trustees, number of funds overseen in the Touchstone Fund Complex and other directorships held. All funds managed by the Adviser, the "Touchstone Funds", are part of the "Touchstone Fund Complex." The Touchstone Fund Complex consists of the Trust, Touchstone ETF Trust, Touchstone Funds Group Trust and Touchstone Variable Series Trust. The Trustees who are not interested persons of the Trust, as defined in the 1940 Act, are referred to as "Independent Trustees."

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**Interested Trustees**<sup>(1)</sup>**:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br> **Address** <br> **Year of Birth**<br>| **Position Held** <br> **with Trust**<br>| **Term of Office** <br> **And Length of** <br> **Time Served**<br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>| **Number** <br> **of Funds** <br> **Overseen** <br> **in the** <br> **Touchstone** <br> **Fund** <br> **Complex**<sup>(2)</sup> <br>| **Other** <br> **Directorships** <br> **Held by Director**<sup>(3)</sup> <br>|
| Jill T. McGruder <br> Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1955<br>| Trustee | Until retirement at age <br> 75 or until she resigns or <br> is removed<br> Trustee since 1999<br>| Director and CEO of IFS <br> Financial Services, Inc. (a <br> holding company) since <br> 1999; and Senior Vice <br> President and Chief <br> Marketing Officer of <br> Western & Southern <br> Financial Group, Inc. (a <br> financial services <br> company) since 2016.<br>| 41 | Director, Integrity Life <br> Insurance Co. and <br> National Integrity Life <br> Insurance Co. since 2005; <br> Director, Touchstone <br> Securities (the <br> Distributor) since 1999; <br> Director, Touchstone <br> Advisors (the Adviser) <br> since 1999; Director, W&S <br> Brokerage Services, Inc. <br> since 1999; Director, W&S <br> Financial Group <br> Distributors, Inc. since <br> 1999; Director, Insurance <br> Profillment Solutions LLC <br> since 2014; Director, <br> Columbus Life Insurance <br> Co. since 2016; Director, <br> The Lafayette Life <br> Insurance Co. since 2016; <br> Director, Gerber Life <br> Insurance Company <br> since 2019; Director, <br> Western & Southern <br> Agency, Inc. since 2018; <br> and Director, LL Global, <br> Inc. (not-for-profit trade <br> organization with <br> operating divisions <br> LIMRA and LOMA) since <br> 2016.<br>|
| E. Blake Moore, Jr. <br> Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1958<br>| Trustee | Until retirement at age <br> 75 or until he resigns or <br> is removed <br> Trustee since 2021<br>| President of Touchstone <br> Funds from 2021 to 2025, <br> Chief Executive Officer of <br> Touchstone Advisors, Inc. <br> and Touchstone <br> Securities, Inc. from 2020 <br> to 2025.<br>| 41 | Trustee, College of <br> Wooster since 2008.<br>|

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**Independent Trustees:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br> **Address** <br> **Year of Birth**<br>| **Position Held** <br> **with Trust**<br>| **Term of Office** <br> **And Length of** <br> **Time Served**<br>| **Principal** <br> **Occupation(s)** <br> **During Past 5 Years**<br>| **Number** <br> **of Funds** <br> **Overseen**<br> **in the** <br> **Touchstone** <br> **Fund Complex**<sup>(2)</sup> <br>| **Other** <br> **Directorships** <br> **Held by Director**<sup>(3)</sup> <br>|
| Karen Carnahan <br> c/o Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1954<br>| Trustee | Until retirement at age <br> 75 or until she resigns <br> or is removed <br> Trustee since 2019<br>| Retired; formerly Chief <br> Operating Officer of <br> Shred-it (a business <br> services company) <br> from 2014 to 2015; <br> formerly President & <br> Chief Operating Officer <br> of the document <br> management division <br> of Cintas Corporation <br> (a business services <br> company) from 2008 <br> to 2014.<br>| 41 | Director, Cintas <br> Corporation since <br> 2019; Director, Boys & <br> Girls Club of West <br> Chester/Liberty from <br> 2016 to 2022; and <br> Board of Advisors, Best <br> Upon Request from <br> 2020 to 2021.<br>|
| William C. Gale <br> c/o Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1952<br>| Trustee | Until retirement at age <br> 75 or until he resigns <br> or is removed <br> Trustee since 2013<br>| Retired; formerly <br> Senior Vice President <br> and Chief Financial <br> Officer of Cintas <br> Corporation (a <br> business services <br> company) from 1995 <br> to 2015.<br>| 41 | None. |
| Susan M. King <br> c/o Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1963<br>| Trustee | Until retirement at age <br> 75 or until she resigns <br> or is removed <br> Trustee since 2021<br>| Formerly, Partner of ID <br> Fund LLC (2020 to <br> 2021); formerly, Senior <br> Vice President, Head of <br> Product and Marketing <br> Strategy of Foresters <br> Financial (2018 to <br> 2020).<br>| 41 | Trustee, Claremont <br> McKenna College <br> since 2017; Trustee, <br> Israel Cancer Research <br> Fund since 2019.<br>|
| Kevin A. Robie <br> c/o Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1956<br>| Trustee | Until retirement at age <br> 75 or until he resigns <br> or is removed <br> Trustee since 2013<br>| Retired; formerly Vice <br> President of Portfolio <br> Management at Soin <br> LLC (private <br> multinational holding <br> company and family <br> office) from 2004 to <br> 2020.<br>| 41 | Director, SaverSystems, <br> Inc. since 2015; <br> Director, Turner <br> Property Services <br> Group, Inc. since 2017; <br> Trustee, Dayton <br> Region New Market <br> Fund, LLC (private <br> fund) since 2010; and <br> Trustee, Entrepreneurs <br> Center, Inc. (business <br> incubator) since 2006.<br>|
| Sally J. Staley <br> c/o Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1956<br>| Trustee | Until retirement at age <br> 75 or until she resigns <br> or is removed <br> Trustee since 2023<br>| Independent <br> Consultant to <br> Institutional Asset <br> Owners since 2017.<br>| 41 | Trustee, College of <br> Wooster from 2006 to <br> 2025; Trustee, Great <br> Lakes Theater Festival <br> since 2005.<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br> **Address** <br> **Year of Birth**<br>| **Position Held** <br> **with Trust**<br>| **Term of Office** <br> **And Length of** <br> **Time Served**<br>| **Principal** <br> **Occupation(s)** <br> **During Past 5 Years**<br>| **Number** <br> **of Funds** <br> **Overseen**<br> **in the** <br> **Touchstone** <br> **Fund Complex**<sup>(2)</sup><br>| **Other** <br> **Directorships** <br> **Held by Director**<sup>(3)</sup><br>|
| William H. Zimmer III <br> c/o Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1953<br>| Trustee | Until retirement at age <br> 75 or until he resigns <br> or is removed <br> Trustee since 2019<br>| Independent Treasury <br> Consultant since 2014.<br>| 41 | Director, Deaconess <br> Associations, Inc. <br> (healthcare) from 2001 <br> to 2023.<br>|

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*(1)* 

*Ms. McGruder, as a director of the Adviser and the Distributor, and an officer of affiliates of the Adviser and the Distributor, is an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act. Mr. Moore, as a former officer of the Adviser and the Distributor, is an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.*

*(2)* 

*As of September 30, 2025, the Touchstone Fund Complex consisted of 15 series of the Trust, 10 series of Touchstone ETF Trust, 12 series of Touchstone Funds Group Trust and 4 variable annuity series of Touchstone Variable Series Trust.*

*(3)* 

*Each Trustee is also a Trustee of Touchstone ETF Trust, Touchstone Funds Group Trust and Touchstone Variable Series Trust.*

**Principal Officers:** 

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| | | | |
|:---|:---|:---|:---|
| **Name** <br> **Address** <br> **Year of Birth**<br>| **Position Held** <br> **with Trust**<sup>(1)</sup> <br>| **Term of Office and** <br> **Length of Time** <br> **Served**<br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>|
| Terrie A. Wiedenheft <br> Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1962<br>| President | Until resignation, removal <br> or disqualification<br> President since July 2025; Controller <br> and Treasurer from 2006 to 2025.<br>| Senior Vice President and Chief <br> Administration Officer within the <br> Office of the Chief Marketing Officer of <br> Western & Southern Financial Group <br> (since 2021); and Senior Vice President, <br> Chief Financial Officer, and Chief <br> Operations Officer of IFS Financial <br> Services, Inc. (a holding company).<br>|
| Benjamin J. Alge<br> Touchstone Advisors, Inc. <br> 303 Broadway, <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1985<br>| Vice President | Until resignation, removal <br> or disqualification <br> Vice President since July 2025<br>| President (since July 2025) and <br> Divisional Vice President of Touchstone <br> Advisors, Inc.; President (since July <br> 2024) and Divisional Vice President of <br> Touchstone Securities, Inc.<br>|
| Timothy D. Paulin <br> Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 Cincinnati, Ohio 45202 <br> Year of Birth: 1963<br>| Vice President | Until resignation, removal <br> or disqualification <br> Vice President since 2010<br>| Senior Vice President of Investment <br> Research and Product Management of <br> Touchstone Advisors, Inc.<br>|
| Timothy S. Stearns <br> Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1963<br>| Chief Compliance Officer | Until resignation, removal <br> or disqualification<br> Chief Compliance Officer <br> since 2013<br>| Chief Compliance Officer of <br> Touchstone Advisors, Inc. and <br> Touchstone Securities, Inc.<br>|
| Terri A. Lucas<br> Touchstone Advisors, Inc. <br> 303 Broadway <br> Suite 1100 <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1962<br>| Controller and Treasurer | Until resignation, removal <br> or disqualification<br> Controller and Treasurer since July <br> 2025<br>| Vice President and Assistant Treasurer <br> (since 2021); Assistant Vice President <br> and Assistant Treasurer of Touchstone <br> Advisors, Inc.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name** <br> **Address** <br> **Year of Birth**<br>| **Position Held** <br> **with Trust**<sup>(1)</sup><br>| **Term of Office and** <br> **Length of Time** <br> **Served**<br>| **Principal Occupation(s)** <br> **During Past 5 Years**<br>|
| Simon Berry <br> Western & Southern Financial Group <br> 400 Broadway <br> Cincinnati, Ohio 45202 <br> Year of Birth: 1971<br>| Secretary | Until resignation, removal <br> or disqualification<br> Secretary since 2024<br>| Senior Counsel - Securities and <br> Registered Funds of Western & <br> Southern Financial Group (since June <br> 2024); formerly, Senior Counsel of <br> MassMutual Ascend Life Insurance <br> Company<br>|

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*(1)Each officer also holds the same office with Touchstone ETF Trust, Touchstone Funds Group Trust and Touchstone Variable Series Trust.*

**<u>Additional Information about the Trustees</u>**

The Board believes that each Trustee's experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that the Trustees possess the requisite experience, qualifications, attributes, and skills to serve on the Board. The Board believes that the Trustees' ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the Adviser, sub-advisers, other service providers, counsel and independent auditors; and to exercise effective business judgment in the performance of their duties, support this conclusion. The Board has also considered the contributions that each Trustee can make to the Board and the Funds.

In addition, the following specific experience, qualifications, attributes and skills apply as to the Trustees: Ms. McGruder has experience as a chief executive officer of a financial services company and director of various other businesses, as well as executive and leadership roles within the Adviser; Mr. Moore previously held executive and leadership roles within the Adviser and has experience as a managing director and president of global financial services firms; Ms. Carnahan has experience as a president and chief operating officer of a division of a global company and as treasurer of a global company; Mr. Gale has experience as a chief financial officer, an internal auditor of various global companies, and has accounting experience as a manager at a major accounting firm; Ms. King has experience as a senior sales and marketing executive at global financial services firms; Mr. Robie has portfolio management experience at a private multinational holding company; Ms. Staley has investment experience from positions at various entities, including as chief investment officer for a university; and Mr. Zimmer has experience as a chief executive officer, chief financial officer, and treasurer of various financial services, telecommunications and technology companies.

In its periodic self-assessment of its effectiveness, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Funds. References to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out the Board or any Trustee as having any special expertise or experience, and shall not impose any greater responsibility on any Trustee or on the Board by reason thereof.

**<u>Board Structure</u>**

The Board is composed of six Independent Trustees and two Interested Trustees: Jill T. McGruder, who is Chairperson of the Board, and E. Blake Moore, Jr. The Independent Trustees have appointed William C. Gale to serve as the Lead Independent Trustee. Ms. McGruder oversees the day-to-day business affairs of the Trust and communicates with Mr. Gale regularly on various Trust issues, as appropriate. Mr. Gale, among other things, chairs meetings of the Independent Trustees, serves as a spokesperson for the Independent Trustees, and serves as a liaison between the Independent Trustees and the Trust's management between Board meetings. Except for any duties specified, the designation of Lead Independent Trustee does not impose on such Independent Trustee any duties, obligations, or liability that is greater than the duties, obligations, or liability imposed on such person as a member of the Board, generally. The Independent Trustees are advised at these meetings, as well as at other times, by separate, independent legal counsel.

The Board holds four regular meetings each year to consider and address matters involving the Trust and its Funds. The Board also may hold special meetings to address matters arising between regular meetings. The Independent Trustees also regularly meet outside the presence of management and are advised by independent legal counsel. These meetings may take place in-person or by telephone.

The Board has established a committee structure that includes an Audit Committee and a Governance Committee (discussed in more detail below). The Board conducts much of its work through these Committees. Each Committee is comprised entirely of Independent Trustees, which ensures that the Funds have effective and independent governance and oversight.

The Board reviews its structure regularly and believes that its leadership structure, including having a super-majority of Independent Trustees, coupled with an Interested Chairperson and a Lead Independent Trustee, is appropriate and in the best interests of the Trust because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances effective oversight. The Board believes that having an Interested Chairperson is appropriate and in the best interests of the Trust given: (1) the extensive oversight provided by the Trust's Adviser over the affiliated and unaffiliated sub-advisers that conduct the day-to-day management of the Funds of the Trust; (2) the extent to which

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the work of the Board is conducted through the standing Committees; (3) the extent to which the Independent Trustees meet regularly, together with independent legal counsel, in the absence of the Interested Chairperson; and (4) the Interested Chairperson's additional roles as a director of the Adviser and the Distributor and senior executive of IFS Financial Services, Inc., the Adviser's parent company, and of other affiliates of the Adviser, which enhance the Board's understanding of the operations of the Adviser and the role of the Trust and the Adviser within Western & Southern Financial Group, Inc. The Board also believes that the role of the Lead Independent Trustee within the leadership structure is integral to promoting independent oversight of the Funds' operations and meaningful representation of the shareholders' interests. In addition, the Board believes its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from the Trust's management.

**<u>Board Oversight of Risk</u>**

Consistent with its responsibilities for oversight of the Trust and its Funds, the Board, among other things, oversees risk management of each Fund's investment program and business affairs directly and through the committee structure that it has established. Risks to the Funds include, among others, investment risk, credit risk, liquidity risk, valuation risk and operational risk, as well as the overall business risk relating to the Funds. The Board has adopted, and periodically reviews, policies and procedures designed to address these risks. Under the overall oversight of the Board, the Adviser, sub-advisers, and other key service providers to the Funds, including the administrator, the distributor, the transfer agent, the custodian, and the independent auditors, have also implemented a variety of processes, procedures and controls to address these risks. Different processes, procedures and controls are employed with respect to different types of risks. These processes include those that are embedded in the conduct of regular business by the Board and in the responsibilities of officers of the Trust and other service providers.

The Board requires senior officers of the Trust, including the Chief Compliance Officer ("CCO"), to report to the Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Board and the Audit Committee receive regular reports from the Trust's independent auditors on internal control and financial reporting matters. On at least a quarterly basis, the Board meets with the Trust's CCO, including meetings in executive sessions, to discuss issues related to portfolio compliance and, on at least an annual basis, receives a report from the CCO regarding the effectiveness of the Trust's compliance program. In addition, the Board also receives reports from the Adviser on the investments and securities trading of the Funds, including their investment performance and asset weightings compared to appropriate benchmarks, as well as reports regarding the valuation of those investments. The Board also receives reports from the Trust's primary service providers on a periodic or regular basis, including the sub-advisers to the Funds.

**<u>Standing Committees of the Board</u>**

The Board is responsible for overseeing the operations of the Trust in accordance with the provisions of the 1940 Act and other applicable laws and the Trust's Declaration of Trust. The Board has established the following Committees to assist in its oversight functions. Each Committee is composed entirely of Independent Trustees.

**Audit Committee.** All of the Independent Trustees are members of the Audit Committee. The Audit Committee is responsible for overseeing the Trust's accounting and financial reporting policies, practices and internal controls; overseeing the quality and integrity of the Trust's financial statement and the independent audits thereof; overseeing, or, as appropriate, assisting the Board's oversight of the Trust's compliance with legal and regulatory requirements that relate to the Trust's accounting and financial reporting; internal control over financial reporting and independent audits; approving prior to appointment the engagement of the Trust's independent auditors and, in connection therewith, to reviewing and evaluating the qualifications, independence and performance of the Trust's independent auditors; and acting as a liaison between the Trust's independent auditors and the full Board. Ms. Carnahan is the Chair of the Audit Committee. During the fiscal year ended June 30, 2025, the Audit Committee held four meetings.

Anyone with complaints relating to accounting, internal accounting controls or auditing matters may contact the Funds' Chief Compliance Officer via the Touchstone website (TouchstoneInvestments.com), by direct mail or by direct telephone call. All contact information is provided on the Touchstone website under the "Contact" tab.

**Governance Committee.** All of the Independent Trustees are members of the Governance Committee. The Governance Committee is responsible for overseeing the Trust's compliance program and compliance issues, procedures for valuing securities and responding to any pricing issues. Mr. Zimmer is the Chair of the Governance Committee. The Governance Committee held four meetings during the fiscal year ended June 30, 2025.

In addition, the Governance Committee is responsible for recommending candidates to serve on the Board. The Governance Committee will consider shareholder recommendations for nomination to the Board only in the event that there is a vacancy on the Board. Shareholders who wish to submit recommendations for nominations to the Board to fill the vacancy must submit their recommendations in writing to Mr. William H. Zimmer III, Chair of the Governance Committee, c/o Touchstone Funds, 303 Broadway, Suite 1100, Cincinnati, Ohio 45202. Shareholders should include appropriate information on the background and qualifications of any person recommended to the Governance Committee (e.g., a resume), as well as the candidate's contact information and a written consent from the candidate to serve if nominated and elected. Shareholder recommendations for nominations to the Board will be accepted on an ongoing basis and such recommendations will be kept on file for consideration in the event of a future vacancy on the Board.

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**<u>Trustee Ownership in the Touchstone Fund Complex</u>**

The following table reflects the Trustees' beneficial ownership in the Funds (i.e. dollar range of securities in each Fund) and the Touchstone Fund Complex as of December 31, 2024.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interested Trustees** | **Interested Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Fund** | **Jill T.** <br> **McGruder** | **E. Blake** <br> **Moore, Jr.** | **Karen** <br> **Carnahan** <br>| **Susan M.** <br> **King**<br>| **William C.** <br> **Gale**<br>| **Sally J.** <br> **Staley**<br>| **Kevin A.** <br> **Robie**<br>| **William H.** <br> **Zimmer III**<br>|
| Balanced Fund  |  |  |  |  |  |  |  |  |
| Core Municipal Bond Fund |  |  |  |  |  |  |  |  |
| International Value Fund  | $1- $10000 |  |  |  |  |  |  |  |
| Large Cap Focused Fund  |  |  |  |  |  |  |  |  |
| Large Cap Fund  |  |  |  |  |  |  |  |  |
| Large Company Growth Fund |  |  |  |  |  |  |  |  |
| Small Company Fund  | Over <br> $100,000 | Over <br> $100,000 <br>|  |  |  |  |  |  |
| Value Fund  | $50001- $100000 | Over <br> $100,000 <br>| Over <br> $100,000 |  |  |  | Over<br> $100,000 <br>|  |
| Aggregate Dollar Range of Securities in the Touchstone Fund <br> Complex<sup>(1)</sup> <br>| Over <br> $100,000 | Over <br> $100,000<br>| Over <br> $100,000 | Over <br> $100,000<br>| Over<br> $100,000<br>| Over <br> $100,000<br>| Over<br> $100,000<br>| Over<br> $100,000<br>|

---

<sup>(1)</sup>

*As of September 30, 2025, the Touchstone Fund Complex consisted of 15 series of the Trust, 10 series of Touchstone ETF Trust, 12 series of Touchstone Funds Group Trust and 4 variable annuity series of Touchstone Variable Series Trust.*

**<u>Trustee Compensation</u>** 

The following table shows the compensation paid to the Trustees by the Trust and the aggregate compensation paid by the Touchstone Fund Complex during the fiscal year ended June 30, 2025.

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| | | |
|:---|:---|:---|
| **Name** | **Compensation from the Trust** | **Aggregate Compensation from the**<br> **Touchstone Fund Complex**<sup>(1)</sup> <br>|
| **Interested Trustees** |  |  |
| Jill T. McGruder | $— | $— |
| E. Blake Moore, Jr. | $— | $— |
| **Independent Trustees**<sup>(2)</sup> |  |  |
| Karen Carnahan | $83491 | $215500 |
| William C. Gale | $89072 | $229900 |
| Susan M. King | $76517 | $197500 |
| Kevin A. Robie | $76517 | $197500 |
| Sally J. Staley | $76517 | $197500 |
| William H. Zimmer III | $83491 | $215500 |

---

<sup>(1)</sup>

*As of September 30, 2025, the Touchstone Fund Complex consisted of 15 series of the Trust, 10 series of Touchstone ETF Trust, 12 series of Touchstone Funds Group Trust and 4 variable annuity series of Touchstone Variable Series Trust.*

<sup>(2)</sup>

*The Independent Trustees are eligible to participate in the Touchstone Trustee Deferred Compensation Plan, which allows them to defer payment of a specific amount of their Trustee compensation, subject to a minimum quarterly reduction of $1,000. The total amount of deferred compensation accrued by the Independent Trustees from the Touchstone Fund Complex during the fiscal year ended June 30, 2025 was $84,000.*

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The following table shows the Trustee quarterly compensation schedule as of January 1, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retainer**  | **Governance** <br> **Committee** <br> **Meeting** <br> **Attendance** <br> **Fees**<br>| **Audit** <br> **Committee** <br> **Meeting** <br> **Attendance** <br> **Fees**<br>| **Board** <br> **Meeting** <br> **Attendance** <br> **Fees**<br>|
| Retainer and Meeting Attendance Fees  | $30500 | $6000 | $6000 | $7500 |
| Lead Independent Trustee Fees  | $8100 |  |  |  |
| Committee Chair Fees  | $1500 | $3000 | $3000 |  |
| Telephonic/Virtual Meeting Attendance Fee\* | $2500 |  |  |  |
| Limited items in-person meeting\*  | $3500 |  |  |  |
| \*Only as needed |  |  |  |  |

---

Independent Trustee compensation and Trustee and officer expenses are typically divided equally among the series comprising the Touchstone Fund Complex.

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**THE ADVISER**

Touchstone Advisors, Inc. (previously defined as the "Adviser" or "Touchstone Advisors"), is each Fund's investment adviser under the terms of an advisory agreement (the "Advisory Agreement") dated May 1, 2020, as amended. Under the Advisory Agreement, the Adviser reviews, supervises, and administers each Fund's investment program, subject to the oversight of, and policies established by, the Board. The Adviser determines the appropriate allocation of assets to each Fund's sub-adviser(s).

The Advisory Agreement provides that the Adviser shall not be liable for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in carrying out its duties, but shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith, or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties.

The continuance of the Advisory Agreement as to a Fund after the first two years must be specifically approved at least annually (i) by the vote of the Board or by a vote of the shareholders of the Fund, and, in either case, (ii) by the vote of a majority of the Board who are not parties to the Advisory Agreement or "interested persons" (as defined in the 1940 Act) of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time with respect to any Fund(s), without payment of any penalty, by the Trust's Board of Trustees or by a vote of the majority of the outstanding voting securities of the affected Fund(s) upon 60 days' prior written notice to the Adviser and by the Adviser upon 60 days' prior written notice to the Trust.

The Adviser is a wholly-owned subsidiary of IFS Financial Services, Inc., which is a wholly-owned subsidiary of Western-Southern Life Assurance Company. Western-Southern Life Assurance Company is a wholly-owned subsidiary of The Western and Southern Life Insurance Company, which is a wholly-owned subsidiary of Western & Southern Financial Group, Inc. Western & Southern Financial Group Inc. is a wholly-owned subsidiary of Western & Southern Mutual Holding Company ("Western & Southern"). Western & Southern is located at 400 Broadway, Cincinnati, Ohio 45202. Ms. Jill T. McGruder may be deemed to be an affiliate of the Adviser because she is a Director of the Adviser and an officer of affiliates of the Adviser. Mr. E. Blake Moore Jr. may be deemed to be an affiliate of the Adviser because he was an officer of the Adviser from 2020 until July 2025 and currently receives compensation from Western & Southern for serving as a trustee of the Trusts. Ms. McGruder and Mr. Moore, by reason of these affiliations, may directly or indirectly receive benefits from the advisory fees paid to the Adviser.

**<u>Manager-of-Managers Structure</u>**

The SEC has granted an exemptive order that permits the Trust or the Adviser, under certain circumstances, to select or change sub-advisers, enter into new sub-advisory agreements or amend existing sub-advisory agreements without first obtaining shareholder approval (a "manager-of-managers structure"). The Trust, on behalf of each Fund, seeks to achieve its investment goal by using a "manager-of-managers" structure. Under a manager-of-managers structure, the Adviser acts as investment adviser, subject to direction from and oversight by the Board, to allocate and reallocate the Fund's assets among sub-advisers, and to recommend that the Trustees hire, terminate or replace sub-advisers without shareholder approval. By reducing the number of shareholder meetings that may have to be held to approve new or additional sub-advisers for the Fund, the Trust anticipates that there will be substantial potential cost savings, as well as the opportunity to achieve certain management efficiencies, with respect to any Fund in which the manager-of-managers approach is chosen. Shareholders of a Fund will be notified of a change in its sub-adviser.

**<u>Fees Paid to the Adviser</u>**

For its services, the Adviser is entitled to receive an investment advisory fee from each Fund at an annualized rate, based on the average daily net assets of the Fund, as set forth below. Each Fund's advisory fee is accrued daily and paid monthly, based on the Fund's average net assets during the current month.

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| | |
|:---|:---|
| Fund | Annual Advisory Fee Rate |
| Balanced Fund | 0.55% on the first $200 million;<br> 0.50% on the next $200 million;<br> 0.45% on the next $600 million;<br> 0.40% on the next $1 billion; and<br> 0.35% on assets in excess of $2 billion<br>|
| Core Municipal Bond Fund | 0.40% on the first $300 million; and<br> 0.30% on assets in excess of $300 million<br>|

---

------

---

| | |
|:---|:---|
| Fund | Annual Advisory Fee Rate |
| International Value Fund | 0.70% on the first $500 million;<br> 0.65% on the next $300 million;<br> 0.60% on the next $200 million;<br> 0.50% on the next $1 billion; and<br> 0.40% on assets in excess of $2 billion<br>|
| Large Cap Focused Fund | 0.70% on the first $500 million;<br> 0.65% on the next $300 million;<br> 0.60% on the next $200 million;<br> 0.50% on the next $1 billion; and<br> 0.40% on assets in excess of $2 billion<br>|
| Large Cap Fund | 0.60% on the first $500 million;<br> 0.54% on the next $500 million; and<br> 0.50% on assets in excess of $1 billion<br>|
| Large Company Growth Fund | 0.60% on all assets |
| Small Company Fund | 0.70% on the first $500 million;<br> 0.65% on the next $300 million;<br> 0.60% on the next $200 million;<br> 0.50% on the next $1 billion; and<br> 0.40% on assets in excess of $2 billion<br>|
| Value Fund | 0.65% on the first $200 million; and<br> 0.55% on assets in excess of $200 million.<br>|

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Each Fund shall pay the expenses of its operation, including but not limited to the following: (i) charges and expenses for Fund accounting, pricing and appraisal services and related overhead; (ii) the charges and expenses of the Fund's auditors; (iii) the charges and expenses of any custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the Trust with respect to the Fund; (iv) brokers' commissions, and issue and transfer taxes, chargeable to the Fund in connection with securities transactions to which the Fund is a party; (v) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and fees payable to federal, state or other governmental agencies; (vi) fees and expenses involved in registering and maintaining registrations of the Fund and/or shares of the Fund with the SEC, state or blue sky securities agencies and foreign countries, including the preparation of Prospectuses and Statements of Additional Information for filing with the SEC; (vii) all expenses of meetings of Trustees and of shareholders of the Fund and of preparing, printing and distributing prospectuses, notices, proxy statements and all reports to shareholders and to governmental agencies; (viii) charges and expenses of legal counsel to the Trust and the Independent Trustees; (ix) compensation of Independent Trustees of the Trust; and (x) interest on borrowed money, if any. The compensation and expenses of any officer, Trustee or employee of the Trust who is an affiliated person of the Adviser are paid by the Adviser and/or Western & Southern, except with respect to certain compensation of the Trust's Chief Compliance Officer, which is paid by the Funds. Each class of shares of a Fund pays its respective pro rata portion of the advisory fee payable by the Fund.

**Expense Limitation Agreement.** Touchstone Advisors has contractually agreed to waive fees and reimburse expenses to the extent necessary to ensure each Fund's total annual operating expenses do not exceed the contractual limits set forth in the Fund's Fees and Expenses table in the Summary section of the Prospectus. Expenses that are not waived or reimbursed by the Adviser include dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment related expenses, including expenses associated with the Funds' liquidity provider; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of "Acquired Fund Fees and Expenses," if any, and other extraordinary expenses not incurred in the ordinary course of business ("Excluded Expenses"). The Fund bears the costs of these Excluded Expenses. The contractual limits set forth in each Fund's Fees and Expenses table in the Summary section of the Prospectus have been adjusted to include the effect of Rule 12b-1 fees, shareholder servicing fees and other anticipated class specific expenses, if applicable. Fee waivers or expense reimbursements are calculated and applied monthly, based on the Fund's average net assets during the month. The terms of Touchstone Advisors' contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Fund's Board, such amounts waived or reimbursed for a period of up to three years from the date on which Touchstone Advisors reduced its compensation or assumed expenses for the Fund. No recoupment will occur unless the Fund's operating expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement. The Fund will make repayments to the Adviser only if such repayment does not cause the annual Fund operating expenses (after the repayment is taken into account) to exceed both (1) the expense cap in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation.

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**Advisory Fees and Fee Waivers or Reimbursements.** For the three most recent fiscal years (or periods) the Funds paid advisory fees and received waivers and/or reimbursements as shown in the following table.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Date of Fiscal**<br> **Period End**<br>| **Gross Advisory Fee Paid** | **Fees Waived/Recouped** |
| Balanced Fund | 6/30/2023 | $3710348 | $6383 |
| Balanced Fund | 6/30/2024 | $4164476 | $6420 |
| Balanced Fund | 6/30/2025 | $4521299 | $8325 |
| Core Municipal Bond Fund | 6/30/2023 | $218624 | $154419 |
| Core Municipal Bond Fund | 6/30/2024 | $203835 | $170772 |
| Core Municipal Bond Fund | 6/30/2025 | $185434 | $172683 |
| International Value Fund | 6/30/2023 | $731584 | $140085 |
| International Value Fund | 6/30/2024 | $780451 | $205874 |
| International Value Fund | 6/30/2025 | $734992 | $329642 |
| Large Cap Focused Fund | 6/30/2023 | $14111078 | $759598 |
| Large Cap Focused Fund | 6/30/2024 | $16065472 | $540598 |
| Large Cap Focused Fund | 6/30/2025 | $17155557 | $366394 |
| Large Cap Fund | 6/30/2023 | $1631500 | $295618 |
| Large Cap Fund | 6/30/2024 | $1643493 | $331344 |
| Large Cap Fund | 6/30/2025 | $1766871 | $338267 |
| Large Company Growth Fund | 6/30/2023 | $944101 | $269559 |
| Large Company Growth Fund | 6/30/2024 | $814375 | $259065 |
| Large Company Growth Fund | 6/30/2025 | $909017 | $262792 |
| Small Company Fund | 6/30/2023 | $5694668 | $316173 |
| Small Company Fund | 6/30/2024 | $6427572 | $306868 |
| Small Company Fund | 6/30/2025 | $7389460 | $233568 |
| Value Fund | 6/30/2023 | $3025461 | $458774 |
| Value Fund | 6/30/2024 | $3019882 | $475780 |
| Value Fund | 6/30/2025 | $3334176 | $454510 |

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**THE SUB-ADVISERS AND PORTFOLIO MANAGERS**

The Adviser has selected sub-advisers (each a "Sub-Adviser" or collectively the "Sub-Advisers") to manage all or a portion of a Fund's assets, as allocated by the Adviser. The Sub-Advisers make the investment decisions for the Fund assets allocated to them, and continuously review, supervise and administer a separate investment program, subject to the oversight of, and policies established by, the Board.

Each sub-advisory agreement provides that a Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties, or from reckless disregard of its obligations or duties thereunder.

For their respective services, each Sub-Adviser receives a fee from the Adviser with respect to each Fund that it sub-advises. As described in the prospectus, each Sub-Adviser receives sub-advisory fees with respect to each Fund that it sub-advises. Each Sub-Adviser's fee with respect to each Fund is accrued daily and paid monthly, based on the Fund's average net assets allocated to the Sub-Adviser during the current month.

The Adviser pays sub-advisory fees to the Sub-Adviser from its advisory fee. The compensation of any officer, director, or employee of the Sub-Adviser who is rendering services to a Fund is paid by the Sub-Adviser. For the three most recent fiscal years (or periods) the Adviser paid the following sub–advisory fees with respect to each Fund:

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| | | |
|:---|:---|:---|
| **Fund** | **Date of Fiscal**<br> **Period End**<br>| **Sub-Advisory Fees Paid** |
| Balanced Fund | 6/30/2023 | $1855174 |
| Balanced Fund | 6/30/2024 | $2084990 |
| Balanced Fund | 6/30/2025 | $2257514 |
| Core Municipal Bond Fund<sup>(1)</sup>  | 6/30/2023 | $81877 |
| Core Municipal Bond Fund<sup>(1)</sup>  | 6/30/2024 | $76545 |
| Core Municipal Bond Fund<sup>(1)</sup>  | 6/30/2025 | $69438 |
| International Value Fund<sup>(2)</sup>  | 6/30/2023 | $365792 |
| International Value Fund<sup>(2)</sup>  | 6/30/2024 | $409306 |
| International Value Fund<sup>(2)</sup>  | 6/30/2025 | $471842 |
| Large Cap Focused Fund | 6/30/2023 | $7055539 |
| Large Cap Focused Fund | 6/30/2024 | $8043392 |
| Large Cap Focused Fund | 6/30/2025 | $8565808 |
| Large Cap Fund | 6/30/2023 | $815750 |
| Large Cap Fund | 6/30/2024 | $822854 |
| Large Cap Fund | 6/30/2025 | $882214 |
| Large Company Growth Fund | 6/30/2023 | $503521 |
| Large Company Growth Fund | 6/30/2024 | $434905 |
| Large Company Growth Fund | 6/30/2025 | $484144 |
| Small Company Fund | 6/30/2023 | $2847631 |
| Small Company Fund | 6/30/2024 | $3218163 |
| Small Company Fund | 6/30/2025 | $3689693 |
| Value Fund | 6/30/2023 | $1384301 |
| Value Fund | 6/30/2024 | $1383593 |
| Value Fund | 6/30/2025 | $1522505 |

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<sup>(1)</sup>

*The Fund's sub-adviser has agreed to waive certain sub-advisory fees received until Fund assets reach a certain threshold. Amounts shown are net of sub-advisory fee waivers.*

<sup>(2)</sup>

*Effective April 30, 2024, the Adviser entered into a new Sub-Advisory Agreement with LSV with respect to the Fund. Prior to this date, the Fund was sub-advised by another sub-adviser pursuant to a separate sub-advisory agreement.*

**Sub-Adviser Control.** This section presents the Sub-Adviser's control persons.

<sup>●</sup>

DSM Capital Partners LLC ("DSM") is an SEC-registered investment adviser and is primarily controlled by Daniel Strickberger.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>●</sup>

Fort Washington Investment Advisors, Inc. ("Fort Washington") is an SEC-registered investment adviser and is a wholly owned subsidiary of Western & Southern and is therefore an affiliate of Touchstone Advisors and Touchstone Securities. Ms. McGruder and Mr. Moore may be deemed to be an affiliate of Fort Washington.

<sup>●</sup>

London Company of Virginia, doing business as The London Company ("The London Company"), is an SEC-registered investment adviser. TLC Holdings owns approximately 70% of The London Company. Stephen Goddard owns 95% of TLC Holdings. Stephen Goddard is deemed a control person for The London Company based on his ownership of TLC Holdings.

<sup>●</sup>

Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley") doing business as Barrow Hanley Global Investors, is an SEC-registered investment advertiser and is majority owned by Perpetual Limited ("Perpetual") (ASX:PPT), an Australian financial services company. Perpetual holds a 75% interest at Barrow Hanley, while Barrow Hanley employees own the remaining 25% equity interest in the firm. Barrow Hanley retains its brand autonomy, and its investment teams continue to operate independently.

<sup>●</sup>

Sage Advisory Services, Ltd. Co. ("Sage") is an SEC-registered investment adviser that provides investment management services for a variety of institutions and high net worth individuals. Sage is 100% employee-owned.

<sup>●</sup>

LSV Asset Management ("LSV") is an SEC-registered investment adviser. LSV is a partnership between LSV's management team and current and retired employee partners, owners of a majority position, and SEI Funds, Inc., a wholly-owned subsidiary of SEI Investments Company and the owner of a minority position.

The following charts list for each of the Funds' portfolio managers (i) the number of their other managed accounts per investment category, (ii) the number of and total assets of such other investment accounts managed where the advisory fee is based on the performance of the account, and (iii) their beneficial ownership in their managed Fund(s) at the end of the June 30, 2025 fiscal year. Listed below the charts applicable to each Sub-Adviser's group of portfolio managers is (i) a description of each portfolio manager's compensation structure as of June 30, 2025, and (ii) a description of any material conflicts that may arise in connection with each portfolio manager's management of the Fund's investments and the investments of the other accounts included in the chart and any material conflicts in allocation of investment opportunities between the Fund and other accounts managed by each portfolio manager as of June 30, 2025.

**<u>Large Company Growth Fund</u>**

**Sub-Adviser:** DSM Capital Partners LLC

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Daniel Strickberger** |  |  |  |  |
| Registered Investment Companies | 1 | $170000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 10 | $1200000 | 0 | $0 |
| Other Accounts | 1432 | $5480200000 | 3 | $692800000 |
| **David McVey** |  |  |  |  |
| Registered Investment Companies | 1 | $170000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 10 | $1200000 | 0 | $0 |
| Other Accounts | 1432 | $5480200000 | 3 | $692800000 |
| **Eric Woodworth, CFA** |  |  |  |  |
| Registered Investment Companies | 1 | $170000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 10 | $1200000 | 0 | $0 |
| Other Accounts | 1432 | $5480200000 | 3 | $692800000 |

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The information in the table above is dated June 30, 2025.

Ownership of Shares of the Fund. The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

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| | |
|:---|:---|
|  | **Dollar Range of Fund Shares Owned** |
| **Portfolio Manager** | **Large Company Growth Fund** |
| Daniel Strickberger | $100001–$500000 |
| David McVey | $100001–$500000 |
| Eric Woodworth, CFA | Over $1,000,000 |

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<u>Compensation.</u> The portfolio manager receives a base salary commensurate with his level of experience. DSM's goal is to maintain base salaries and bonus compensation competitive with the broad investment industry (including alternative investment firms). Bonus compensation, which is a multiple of base salary, is based on an employee's long-term performance. The portfolio manager's contribution to fundamental research, valuation work and portfolio management is considered, both within and beyond the portfolio. Collaboration is expected and rewarded. Importantly, the entire investment team, as well as other employees of the firm, are also shareholders of DSM. This compensation and ownership structure provides incentive to attract and retain highly qualified people, as each member of the firm has the opportunity to share directly in the accomplishments of the business.

<u>Material Conflicts of Interest.</u> Because DSM performs investment advisory services for many types of clients, in general, various conflicts of interest could arise. For instance, DSM may give advice and take action with respect to its other clients that may differ from advice given or the timing or nature of action taken with respect to the Fund. DSM does not have an obligation to purchase or sell for a Fund, or to recommend for purchase or sale by a Fund, any security that DSM, its principals, its affiliates, or its employees may purchase for themselves or for their clients at the same time or at the same price.

DSM has adopted a Code of Ethics describing its commitment to integrity and high ethical standards. The Code of Ethics is based upon the principle that DSM and its employees owe a fiduciary duty to clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid any actual or potential conflict of interests. DSM's Code of Ethics contains provisions relating to the prohibition against trading on material, non-public information. The Code of Ethics also describes permissible personal securities transactions, permissible gifts and entertainment, and permissible outside business activities as well as protecting the confidentiality of client information. All employees of DSM must acknowledge the terms of the Code of Ethics annually and as amended.

To align the interests of its employees with its clients, DSM encourages its employees to personally invest in the same portfolios and securities as its clients. This may cause a conflict as DSM, its employees and their related accounts may invest in the same securities, and at the same times, that it purchases and sells for clients. Moreover, DSM may purchase or sell securities for clients in which DSM, its employees, and their immediate family members have an interest. For instance, DSM may recommend that a client invest in a pooled investment vehicle that it advises or in which its employees are invested. This also presents a conflict of interests.

To address these, and other potential conflicts, DSM's employees and their immediate family members are required to follow DSM's Code of Ethics. Under the Code of Ethics, employees of DSM and their immediate family members must obtain pre-clearance for certain securities transactions. Approval of an employee or employee-related transaction is based upon a careful review by DSM's Chief Compliance Officer. Certain classes of securities have been designated as exempt, not needing pre-clearance, based upon a determination that these would not materially interfere with the best interest of DSM's clients. Account statements of employees of DSM and their immediate family members are also reviewed periodically by the Chief Compliance Officer of DSM. Nonetheless, because the Code of Ethics permits employees and immediate family member to invest in the same securities as clients, there is a possibility that employees and immediate family members might benefit from market activity resulting from a client transaction. Employee accounts and accounts of their immediate family members that trade in the same securities as clients are aggregated. These accounts and the client accounts will share commission costs, be allocated on a pro rata basis, and receive securities at the same average price. DSM retains records of the pre-allocation trade order (specifying each participating account) and its allocation, which will be completed prior to the entry of the aggregated order. Completed orders will be allocated as specified in the trade order. Partially filled orders will typically be allocated on a pro rata basis. Any exceptions will be documented.

**<u>Value Fund</u>**

**Sub-Adviser:** Barrow, Hanley, Mewhinney & Strauss, LLC, d/b/a Barrow Hanley Global Investors

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **David Ganucheau, CFA**<sup>(1)</sup> |  |  |  |  |
| Registered Investment Companies | 4 | $2554000000 | 1 | $181600000 |
| Other Pooled Investment Vehicles | 2 | $464400000 | 0 | $0 |
| Other Accounts | 30 | $5085600000 | 1 | $456500000 |
| **Mark Giambrone**<sup>(2)</sup> |  |  |  |  |
| Registered Investment Companies | 7 | $4940600000 | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $300000000 | 0 | $0 |
| Other Accounts | 43 | $7609600000 | 0 | $0 |

---

<sup>(1)</sup>

*Mr. Ganucheau is a member of various teams managing 49 other accounts and $15.4 billion in assets.*

<sup>(2)</sup>

*Mr. Giambrone is a member of various teams managing 60 other accounts and $15.6 billion in assets.*

------

The information in the table above is dated June 30, 2025.

**Ownership of Shares of the Fund.** The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Beneficial Ownership** |
| David Ganucheau, CFA | $100001 - $500000 |
| Mark Giambrone |  |

---

<u>Material Conflicts of Interest.</u> Actual or potential conflicts of interest may arise when a Portfolio Manager has management responsibilities for more than one account including mutual fund, CLO, or Private Fund accounts. When one client has a relationship or fee arrangement with the adviser that is more valuable or could accelerate the fees due to the adviser than another client's, the adviser might have an incentive to favor that client when allocating investment opportunities among multiple client accounts. Barrow Hanley manages potential conflicts between funds, CLOs, and/or other types of accounts through trade allocation policies and procedures, internal review processes, and oversight by the CCO, directors, and independent third parties. The Firm's investment management and trading policies are designed to address potential conflicts in situations where two or more funds, CLOs, or accounts participate in investment decisions involving the same securities or issuer.

Potential conflicts may arise when:

<sup>●</sup>

Clients elect to participate in securities lending arrangements; in such cases, the votes follow the shares. Barrow Hanley is not a party to the client's lending arrangement and typically does not have information about shares on loan. Under these circumstances the proxies for those shares may not be voted.

<sup>●</sup>

If/when a proxy voting issue is determined to be financially material, the Firm makes a best efforts attempt to alert clients and their custodial bank to recall shares from loan to be voted. In this context, Barrow Hanley defines a financially material issue to be issues deemed by our investment team to have significant economic impact. The ultimate decision on whether to recall shares is the responsibility of the client.

<sup>●</sup>

Barrow Hanley invests in equity securities of corporations who are also clients of the Firm. In such cases, the Firm seeks to mitigate potential conflicts by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Making voting decisions for the benefit of the shareholder(s), our clients,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Uniformly voting every proxy based on Barrow Hanley's internal research and consideration of Glass Lewis' recommendations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Documenting the votes of companies who are also clients of the Firm.

<sup>●</sup>

If a material conflict of interest exists, members from the Proxy Voting and Proxy Oversight Committees will determine if the affected clients should have an opportunity to vote their proxies themselves, or whether Barrow Hanley will address the specific voting issue through other objective means, such as voting the proxies in a manner consistent with a redetermined Proxy Voting Policy or accepting the voting recommendation of Glass Lewis.

<u>Compensation.</u> Compensation for our investment professionals is closely tied to their overall contribution to the success of our clients' investment results, as well as the success of Barrow Hanley. In addition to base salary, all portfolio managers and analysts are eligible to participate in a bonus pool. Portfolio managers and analysts are evaluated on the value each adds to the overall investment process and performance.

Bonus compensation is based on quantitative and qualitative factors and may be substantially higher than an investment professional's base salary. The portfolio managers' investment performance is measured relative to the strategy's benchmark. A portfolio manager's strong and consistent relative performance is a key element of retention or growth in the strategy, and he/she will be incentivized accordingly, based on the strategy's contribution to the overall profitability of the firm.

Bonus compensation for analysts is directly tied to their investment recommendations, which are evaluated every six months on a trailing one-year and three-year relative performance basis.

All employees, including analysts and portfolio managers, receive an annual profit-sharing contribution into their 401(k) account of typically 15% (up to IRS limits) of their W2 wages.

The final component of compensation of key employees, including portfolio managers and analysts, is their interest in our equity plan. Each quarter, equity owners receive a share of the firm's profits in the form of a distribution payment, which is related to the performance of the entire firm. We are a meritocracy-based firm where the largest contributors to the success of our firm are compensated appropriately.

------

**<u>Large Cap Fund</u>**

**Sub-Adviser:** London Company of Virginia d/b/a The London Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Stephen Goddard, CFA** |  |  |  |  |
| Registered Investment Companies | 6 | $7074000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 561 | $8216000000 | 2 | $10100000 |
| **J. Brian Campbell, CFA** |  |  |  |  |
| Registered Investment Companies | 6 | $7074000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 561 | $8216000000 | 0 | $0 |
| **Sam Hutchings, CFA** |  |  |  |  |
| Registered Investment Companies | 6 | $7074000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 561 | $8216000000 | 0 | $0 |

---

The information in the table above is dated June 30, 2025.

Ownership of Shares of the Fund. The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Stephen Goddard, CFA | Over $1,000,000 |
| J. Brian Campbell, CFA |  |
| Sam Hutchings, CFA | $50001 - $100000 |

---

<u>Material Conflicts of Interest.</u> Actual or potential conflicts of interest may arise when the portfolio manager has management responsibilities for more than one client account including and not limited to the execution and allocation of investment opportunities, use of soft dollars and other brokerage practices, and personal securities trading. The London Company has adopted policies and procedures it believes are reasonably designed to address such conflicts.

<u>Compensation.</u> Portfolio managers are compensated through salary and bonus. In addition to base salaries, portfolio managers are eligible to receive bonus compensation based on their individual contribution to the research effort as well as client retention, sales and overall firm performance. They also have a potential for ownership after a reasonable tenure with the firm.

**<u>Core Municipal Bond Fund</u>**

**Sub-Adviser:** Sage Advisory Services, Ltd. Co.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Robert G. Smith, AIF®, CIMC** |  |  |  |  |
| Registered Investment Companies | 1 | $127000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 7 | $205000000 | 0 | $0 |
| Other Accounts | 13474 | $27613000000 | 0 | $0 |
| **Jeffery S. Timlin, CFA, CMT** |  |  |  |  |
| Registered Investment Companies | 1 | $127000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 7 | $205000000 | 0 | $0 |
| Other Accounts | 13474 | $27613000000 | 0 | $0 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Thomas H. Urano, CFA** |  |  |  |  |
| Registered Investment Companies | 1 | $127000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 7 | $205000000 | 0 | $0 |
| Other Accounts | 13474 | $27613000000 | 0 | $0 |

---

The information in the table above is dated June 30, 2025.

Ownership of Shares of the Fund. As of June 30, 2025 no portfolio manager owned any shares of the Fund.

<u>Material Conflicts of Interest.</u> The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund they manage. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio managers could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. The portfolio managers, the Sub-Adviser, and related parties may engage in a broad spectrum of activities. In the ordinary course of their business activities, the portfolio managers, the Sub-Adviser, and those related parties may engage in activities where the interests of certain divisions of the Sub-Adviser and their related parties or the interests of their clients may conflict with the interests of the shareholders of the Fund. However, the Sub-Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts the Sub-Adviser manages are fairly and equitably allocated.

<u>Compensation.</u> The portfolio managers are compensated by the Sub-Adviser and do not receive any compensation directly from the Fund or the Adviser. The Sub-Adviser pays its portfolio managers a salary plus a discretionary bonus. The discretionary bonus is based on accomplishment of personal, team, and enterprise objectives. Since the portfolio managers are also principals of the Sub- Adviser, each receives partnership distributions in addition to his salary and discretionary bonus.

**<u>Balanced Fund</u>**

**Sub-Adviser:** Fort Washington Investment Advisors, Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Daniel J. Carter, CFA** |  |  |  |  |
| Registered Investment Companies | 4 | $650924925 | 0 | $0 |
| Other Pooled Investment Vehicles | 6 | $1997153762 | 0 | $0 |
| Other Accounts | 81 | $4120128280 | 0 | $0 |
| **James E. Wilhelm** |  |  |  |  |
| Registered Investment Companies | 5 | $7424257587 | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $84888740 | 0 | $0 |
| Other Accounts | 63 | $5023930688 | 0 | $0 |
| **Austin R. Kummer, CFA** |  |  |  |  |
| Registered Investment Companies | 5 | $3005843801 | 0 | $0 |
| Other Pooled Investment Vehicles | 6 | $1720926617 | 0 | $0 |
| Other Accounts | 100 | $10538900839 | 0 | $0 |

---

The information in the table above is dated June 30, 2025.

------

Ownership of Shares of the Fund. The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Beneficial Ownership** |
| Daniel J. Carter, CFA | $10001 - $50000 |
| James E. Wilhelm | $10001 - $50000 |
| Austin R. Kummer, CFA | $10001 - $50000 |

---

**<u>Large Cap Focused Fund</u>**

**Sub-Adviser:** Fort Washington Investment Advisors, Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **James E. Wilhelm** |  |  |  |  |
| Registered Investment Companies | 5 | $4918125240 | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $84888740 | 0 | $0 |
| Other Accounts | 63 | $5023930688 | 0 | $0 |
| **Sunit Gogia** |  |  |  |  |
| Registered Investment Companies | 2 | $1549783156 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $48352268 | 0 | $0 |
| Other Accounts | 26 | $2217847608 | 0 | $0 |

---

The information in the table above is dated June 30, 2025.

<u>Ownership of Shares of the Fund.</u> The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Beneficial Ownership** |
| James E. Wilhelm | $10001 - $50000 |
| Sunit Gogia | $1 - $10000 |

---

**<u>Small Company Fund</u>**

**Sub-Adviser:** Fort Washington Investment Advisors, Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Jason V. Ronovech, CFA** |  |  |  |  |
| Registered Investment Companies | 1 | $58230621 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $178096 | 0 | $0 |
| Other Accounts | 13 | $171036231 | 0 | $0 |

---

The information in the table above is dated June 30, 2025.

Ownership of Shares of the Fund. The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Beneficial Ownership** |
| Jason V. Ronovech, CFA | Over $1,000,000 |

---

------

<u>Material Conflicts of Interest.</u> Actual or potential conflicts of interest may arise when a portfolio manager has management responsibilities to more than one account (including the Fund). This would include devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across a broad array of accounts and incentive to allocate opportunities to an account where the portfolio manager has a greater financial incentive, such as allocation opportunities for performance based accounts. Fort Washington has adopted policies and procedures to address such conflicts.

<u>Compensation.</u> All of Fort Washington's portfolio managers receive a fixed base salary and annual performance bonuses. Bonuses are based primarily on the overall performance of Fort Washington as well as the pre-tax performance (relative to the appropriate benchmark) of their respective asset category over a one-year and a three-year time horizon. Secondarily, portfolio managers are also assessed on their ability to retain clients and attract new clients. Additionally, a long-term retention plan was instituted in 2000, whereby certain investment professionals are periodically granted participation units with a 7-year cliff vesting schedule. The structure includes long-term vesting provisions. The percentage of compensation allocated to performance bonuses, asset-increase incentives and long-term incentive compensation is determined annually by the firm's president and approved by the Board of Directors.

Fort Washington's parent company also provides all personnel a defined benefit retirement plan, which provides a lifetime annuity upon retirement that is based on a percentage of final average pay and years of service under the plan.

Associates are also eligible to participate in a 401(k) plan. The 401(k) company match is 50% of the first 4% of earnings saved. In years where Western & Southern Financial Group, Inc. exceeds its business goals, the company may increase its match to as much as 50% of the first 6% of earnings saved.

**<u>International Value Fund</u>**

**Sub Adviser:** LSV Asset Management

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager/Types of Accounts** | **Total** <br> **Number of** <br> **Other** <br> **Accounts** <br> **Managed**<br>| **Total Other** <br> **Assets**<br>| **Number of** <br> **Other Accounts** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory Fee**<br>| **Total Other Assets** <br> **Managed subject** <br> **to a Performance** <br> **Based Advisory** <br> **Fee**<br>|
| **Josef Lakonishok, Ph.D.** |  |  |  |  |
| Registered Investment Companies | 29 | $14167000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 61 | $22512000000 | 5 | $1959000000 |
| Other Accounts | 255 | $59984000000 | 54 | $14858000000 |
| **Menno Vermeulen, CFA** |  |  |  |  |
| Registered Investment Companies | 29 | $14167000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 61 | $22512000000 | 5 | $1959000000 |
| Other Accounts | 255 | $59984000000 | 54 | $14858000000 |
| **Puneet Mansharamani, CFA** |  |  |  |  |
| Registered Investment Companies | 29 | $14167000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 61 | $22512000000 | 5 | $1959000000 |
| Other Accounts | 255 | $59984000000 | 54 | $14858000000 |
| **Greg Sleight** |  |  |  |  |
| Registered Investment Companies | 29 | $14167000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 61 | $22512000000 | 5 | $1959000000 |
| Other Accounts | 255 | $59984000000 | 54 | $14858000000 |
| **Guy Lakonishok, CFA** |  |  |  |  |
| Registered Investment Companies | 29 | $14167000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 61 | $22512000000 | 5 | $1959000000 |
| Other Accounts | 255 | $59984000000 | 54 | $14858000000 |
| **Gal Skarishevsky** |  |  |  |  |
| Registered Investment Companies | 29 | $14167000000 | 0 | $0 |
| Other Pooled Investment Vehicles | 61 | $22512000000 | 5 | $1959000000 |
| Other Accounts | 255 | $59984000000 | 54 | $14858000000 |

---

The information in the table above is dated June 30, 2025.

------

<u>Ownership of Shares of the Fund.</u> The following table indicates for the Fund, the dollar range of shares beneficially owned by the portfolio managers as of June 30, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Beneficial Ownership** |
| Josef Lakonishok, Ph.D. |  |
| Menno Vermeulen, CFA  |  |
| Puneet Mansharamani, CFA  |  |
| Greg Sleight |  |
| Guy Lakonishok, CFA | $100001 - $500000 |
| Gal Skarishevsky |  |

---

<u>Material Conflicts of Interest.</u> Actual or potential conflicts of interest may arise when a portfolio manager has management responsibilities to more than one account (including the Fund). This would include devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across a broad array of accounts and incentive to allocate opportunities to an account where the portfolio manager has a greater financial incentive, such as allocation opportunities for performance based accounts.

<u>Compensation.</u> LSV's portfolio managers' compensation consists of a salary and discretionary bonus. Each of the portfolio managers is a Partner of LSV and thereby receives a portion of the overall profit of the firm as part of his ownership interests. The bonus is based upon the profitability of the firm and individual performance. Individual performance is subjective and may be based on a number of factors, such as the individual's leadership and contribution to the strategic planning and development of the investment group.

------

**THE ADMINISTRATOR**

The Adviser entered into an Administration Agreement with the Trust, whereby the Adviser is responsible for: supplying executive and regulatory compliance services; supervising the preparation of tax returns; coordinating the preparation of reports to shareholders and reports to, and filings with, the Securities and Exchange Commission and state securities authorities, as well as materials for meetings of the Board of Trustees; calculating the daily NAV per share; and maintaining the financial books and records of each Fund.

For its services, the Adviser's annual administrative fee is:

0.145% on the first $20 billion of the aggregate average daily net assets;

0.11% on the next $10 billion of aggregate average daily net assets;

0.09% on the next $10 billion of aggregate average daily net assets; and

0.07% on the aggregate average daily net assets over $40 billion.

The fee is computed and allocated among the Touchstone Fund Complex on the basis of relative daily net assets.

The Adviser has engaged BNY Mellon as the sub-administrative and transfer agent to the Trust. BNY Mellon provides administrative, accounting, and transfer agent services to the Trust and is compensated directly by the Adviser, not the Trust. (See "Transfer and Sub-Administrative Agent" in this SAI.)

The following table shows administration fees incurred by the Funds listed below for the three most recent fiscal years (or periods) ended June 30:

---

| | | |
|:---|:---|:---|
| **Fund** | **Date of Fiscal Period End** | **Administration Fees Paid** |
| Balanced Fund | 6/30/2023 | $1047992 |
| Balanced Fund | 6/30/2024 | $1171342 |
| Balanced Fund | 6/30/2025 | $1258474 |
| Core Municipal Bond Fund | 6/30/2023 | $75578 |
| Core Municipal Bond Fund | 6/30/2024 | $69551 |
| Core Municipal Bond Fund | 6/30/2025 | $62191 |
| International Value Fund | 6/30/2023 | $144530 |
| International Value Fund | 6/30/2024 | $152126 |
| International Value Fund | 6/30/2025 | $140889 |
| Large Cap Focused Fund | 6/30/2023 | $3616545 |
| Large Cap Focused Fund | 6/30/2024 | $4233336 |
| Large Cap Focused Fund | 6/30/2025 | $4529240 |
| Large Cap Fund | 6/30/2023 | $375999 |
| Large Cap Fund | 6/30/2024 | $373689 |
| Large Cap Fund | 6/30/2025 | $395063 |
| Large Company Growth Fund | 6/30/2023 | $217559 |
| Large Company Growth Fund | 6/30/2024 | $185098 |
| Large Company Growth Fund | 6/30/2025 | $203229 |
| Small Company Fund | 6/30/2023 | $1163258 |
| Small Company Fund | 6/30/2024 | $1316422 |
| Small Company Fund | 6/30/2025 | $1539827 |
| Value Fund | 6/30/2023 | $710415 |
| Value Fund | 6/30/2024 | $699301 |
| Value Fund | 6/30/2025 | $764450 |

---

**TOUCHSTONE SECURITIES**

Touchstone Securities, Inc., the Funds' principal underwriter ("Touchstone Securities" or the "Distributor"), and the Trust are parties to a distribution agreement ("Distribution Agreement") with respect to the Funds. The Distributor's principal place of business is 303 Broadway, Suite 1100, Cincinnati, Ohio 45202. The Distributor is a registered broker-dealer, and an affiliate of the Adviser by reason of

------

common ownership. The Distributor is obligated to sell shares on a best efforts basis only against purchase orders for the shares. Shares of each Fund are offered to the public on a continuous basis. The Distributor currently allows concessions to dealers who sell shares of the Funds. The Distributor retains that portion of the sales charge that is not re-allowed to dealers who sell shares of a Fund. The Distributor retains the entire sales charge on all direct initial investments in a Fund and on all investments in accounts with no designated dealer of record.

The table below sets forth the aggregate underwriting commissions on sales of the Funds and the amounts of underwriting commissions retained by the Distributor for the three most recent fiscal years ended June 30.

The Distributor retains the contingent deferred sales charge ("CDSC") on redemptions of shares of the Funds that are subject to such CDSC. The following table shows the amounts retained from CDSCs for the three most recent fiscal years (or periods) ended June 30:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Date of Fiscal**<br> **Period End**<br>| **Aggregate**<br> **Underwriting**<br> **Commissions on Sales**<br>| **Amount Retained**<br> **in Underwriting**<br> **Commissions**<br>| **CDSC Retained**<br> **by Distributor** | **CDSC Retained**<br> **by Distributor** |
|  |  |  |  | **Class A** | **Class C** |
| Balanced Fund | 6/30/2023 | $448105 | $37901 | $156 | $1038 |
| Balanced Fund | 6/30/2024 | $537698 | $45961 | $— | $2953 |
| Balanced Fund | 6/30/2025 | $485777 | $40945 | $193 | $1614 |
| Core Municipal Bond Fund | 6/30/2023 | $4211 | $254 | $— | $— |
| Core Municipal Bond Fund | 6/30/2024 | $1955 | $121 | $— | $— |
| Core Municipal Bond Fund | 6/30/2025 | $7831 | $515 | $— | $— |
| International Value Fund | 6/30/2023 | $22581 | $1858 | $— | $23 |
| International Value Fund | 6/30/2024 | $24102 | $2032 | $61 | $45 |
| International Value Fund | 6/30/2025 | $20283 | $1692 | $3 | $10 |
| Large Cap Focused Fund | 6/30/2023 | $402097 | $33149 | $308 | $153 |
| Large Cap Focused Fund | 6/30/2024 | $472247 | $39768 | $934 | $762 |
| Large Cap Focused Fund | 6/30/2025 | $366066 | $30791 | $241 | $597 |
| Large Cap Fund | 6/30/2023 | $7089 | $531 | $— | $— |
| Large Cap Fund | 6/30/2024 | $5666 | $439 | $— | $— |
| Large Cap Fund | 6/30/2025 | $3345 | $257 | $— | $— |
| Large Company Growth Fund | 6/30/2023 | $5515 | $478 | $— | $— |
| Large Company Growth Fund | 6/30/2024 | $8392 | $655 | $— | $— |
| Large Company Growth Fund | 6/30/2025 | $14395 | $1099 | $— | $196 |
| Small Company Fund | 6/30/2023 | $224507 | $18297 | $120 | $141 |
| Small Company Fund | 6/30/2024 | $275253 | $22331 | $945 | $112 |
| Small Company Fund | 6/30/2025 | $306354 | $24135 | $49 | $320 |
| Value Fund | 6/30/2023 | $40513 | $3251 | $32 | $42 |
| Value Fund | 6/30/2024 | $33733 | $2979 | $800 | $41 |
| Value Fund | 6/30/2025 | $36487 | $3168 | $— | $71 |

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Ms. McGruder may be deemed to be an affiliate of the Distributor because she is a Director of the Distributor and an officer of affiliates of the Distributor. Mr. Moore may be deemed to be an affiliate of the Distributor because he was an officer of the Distributor from 2020 until July 2025 and currently receives compensation from the Western & Southern which owns the Distributor. Ms. McGruder and Mr. Moore, by reason of such affiliations, may directly or indirectly be deemed to receive benefits from the underwriting fees paid to the Distributor.

The Distribution Agreement shall remain in effect for a period of two years after the effective date of the agreement and is renewable annually thereafter. The Distribution Agreement may be terminated as to any Fund at any time by (i) the Trust, (a) by the vote of a majority of the Trustees of the Trust who are not "interested persons" of the Trust or the Distributor, (b) by vote of the Board of the Trust, or (c) by the "vote of majority of the outstanding voting securities" of the Fund, or (ii) by the Distributor, in any case without payment of any penalty on not more than 60 days' nor less than 30 days' written notice to the other party. The Distribution Agreement shall also automatically terminate in the event of its assignment.

------

Touchstone Securities may pay from its own resources cash bonuses or other incentives to selected dealers in connection with the sale of shares of the Funds. On some occasions, such bonuses or incentives may be conditioned upon the sale of a specified minimum dollar amount of the shares of the Funds or other funds in the Touchstone Fund Complex during a specific period of time. Such bonuses or incentives may include financial assistance to dealers in connection with conferences, sales or training programs for their employees, seminars for the public, advertising, sales campaigns and other dealer-sponsored programs or events. The Adviser, at its expense, may also provide additional compensation to certain affiliated and unaffiliated dealers, financial intermediaries or service providers for distribution, administrative or shareholder servicing activities. The Adviser may also reimburse the Distributor for making these payments.

Touchstone Securities, at its expense, may provide additional compensation to financial intermediaries which sell or arrange for the sale of shares of the Touchstone Funds. Other compensation may be offered to the extent not prohibited by federal or state laws or any self-regulatory agency, such as the Financial Industry Regulatory Authority ("FINRA").

Touchstone Securities makes payments for entertainment events it deems appropriate, subject to its guidelines and applicable law. These payments may vary depending upon the nature of the event or the relationship. As of September 30, 2025, the Distributor anticipates that the following broker-dealers or their affiliates will receive additional payments as described in the Funds' prospectus and SAI:

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| |
|:---|
| **Name of Broker-Dealer** |
| American Enterprise Investment Services, Inc. |
| Equity Services Inc.  |
| Great West Life & Annuity Insurance Company |
| Janney Montgomery Scott LLC |
| LPL Financial Corporation |
| Merrill Lynch, Pierce, Fenner & Smith Inc. |
| Morgan Stanley Wealth Management |
| National Financial Services LLC |
| Pershing LLC |
| PNC Investments, LLC  |
| Principal Life Insurance Company |
| Raymond James & Associates, Inc. |
| RBC Capital Markets Corporation |
| UBS Financial Services, Inc. |
| Waddell & Reed, Inc. |
| Wells Fargo Clearing Services, LLC |

---

Touchstone Securities is motivated to make payments to the broker-dealers described above because they promote the sale of Fund shares and the retention of those investments by clients of financial advisers. To the extent financial advisers sell more shares of the Funds or retain shares of the Funds in their clients' accounts, the Adviser benefits from the incremental management and other fees paid to the Adviser by the Funds with respect to those assets.

Your financial intermediary may charge you additional fees or commissions other than those disclosed in this SAI. You can ask your financial intermediary about any payments it receives from Touchstone Securities or the Funds, as well as about fees or commissions it charges. You should consult disclosures made by your financial adviser at the time of purchase.

The Funds may compensate dealers, including the Distributor and its affiliates, based on the average balance of all accounts in the Funds for which the dealer is designated as the party responsible for the account.

The Adviser recommends and the Funds utilize the Dreyfus Government Cash Management Fund - Institutional Shares (the "Dreyfus Fund") as the cash sweep vehicle for the excess cash of the Funds. Touchstone Securities receives a fee based on a percentage of average daily net assets of the Touchstone Funds invested in the Dreyfus Fund from BNY Mellon Securities Corporation, the distributor of the Dreyfus Fund, for providing certain support services, including monitoring and due diligence. The payment of compensation by BNY Mellon Securities Corporation creates a conflict of interest because the Adviser is incentivized to recommend the Dreyfus Fund over other investment options for which it or its affiliates are not similarly compensated.

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**Distribution Plans and Shareholder Service Arrangements**

Certain Funds have adopted a distribution or shareholder-servicing plan for certain classes of shares which permits a Fund to pay for expenses incurred in the distribution and promotion of its shares pursuant to Rule 12b-1 under the 1940 Act as well as account maintenance and other shareholder services in connection with maintaining such an account. Touchstone Securities may provide those services itself or enter into arrangements under which third parties provide such services and are compensated by the Distributor.

<u>Class A Shares.</u> With respect to its Class A shares, each Fund has adopted a plan of distribution and shareholder service (the "Class A Plan") under which the Distributor is paid up to, but not exceeding, twenty-five basis points (0.25%) for distribution payments. Of the total compensation authorized, the Fund may pay for shareholder services in an amount up to 0.25%.

<u>Class C Shares.</u> With respect to its Class C shares, each Fund has adopted a plan of distribution and shareholder service (the "Class C Plan" and, together with the Class A Plan, the "Plans") under which the Distributor is paid up to, but not exceeding, one hundred basis points (1.00%) in the aggregate, with up to twenty-five basis points (0.25%) for shareholder service fees and up to seventy-five basis points (0.75%) for distribution payments.

<u>General Information.</u> In connection with the distribution of shares, the Distributor may use the payments for: (i) compensation for its services in distribution assistance; or (ii) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, investment counselors, broker-dealers, mutual fund supermarkets and the Distributor's affiliates and subsidiaries as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

In addition, the Distributor may use payments to provide or enter into written agreements with service providers who will provide shareholder services, including: (i) maintaining accounts relating to shareholders that invest in shares; (ii) arranging for bank wires; (iii) responding to client inquiries relating to the services performed by the Distributor or service providers; (iv) responding to inquiries from shareholders concerning their investment in shares; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in shares; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, dividend distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Funds or the service providers; (ix) processing dividend payments from the Funds on behalf of shareholders; and (x) providing such other similar services as a Fund may reasonably request.

Agreements implementing the Plans (the "Implementation Agreements"), including agreements with dealers wherein such dealers agree for a fee to act as agents for the sale of the Funds' shares, are in writing and have been approved by the Board. All payments made pursuant to the Plans are made in accordance with written Implementation Agreements. Some financial intermediaries charge fees in excess of the amounts available under the Plans, in which case the Adviser pays the additional fees.

The continuance of the Plans and the Implementation Agreements must be specifically approved at least annually by a vote of the Board and by a vote of the Independent Trustees who have no direct or indirect financial interest in the Plans or any Implementation Agreement at a meeting called for the purpose of voting on such continuance. A Plan may be terminated at any time by a vote of a majority of the Independent Trustees or by a vote of the holders of a majority of the outstanding shares of a Fund or the applicable class of a Fund. In the event a Plan is terminated in accordance with its terms, the affected Fund (or class) will not be required to make any payments for expenses incurred by the Distributor after the termination date. Each Implementation Agreement terminates automatically in the event of its assignment and may be terminated at any time by a vote of a majority of the Independent Trustees or by a vote of the holders of a majority of the outstanding shares of a Fund (or the applicable class) on not more than 60 days' written notice to any other party to the Implementation Agreement. The Plans may not be amended to increase materially the amount to be spent for distribution without shareholder approval. All material amendments to the Plans must be approved by a vote of the Trust's Board and by a vote of the Independent Trustees.

In approving the Plans, the Trustees determined, in the exercise of their business judgment and in light of their fiduciary duties as Trustees, that there is a reasonable likelihood that the Plans will benefit the Funds and their shareholders. The Board believes that expenditure of the Funds' assets for distribution expenses under the Plans should assist in the growth of the Funds, which will benefit each Fund and its shareholders through increased economies of scale, greater investment flexibility, greater portfolio diversification, and less chance of disruption of planned investment strategies. The Plans will be renewed only if the Trustees make a similar determination for each subsequent year of the Plans. There can be no assurance that the benefits anticipated from the expenditure of the Funds' assets for distribution will be realized. While the Plans are in effect, all amounts spent by the Funds pursuant to the Plans and the purposes for which such expenditures were made must be reported quarterly to the Board for its review. Distribution expenses attributable to the sale of more than one class of shares of a Fund will be allocated at least annually to each class of shares based upon the ratio in which the sales of each class of shares bears to the sales of all the shares of the Fund. In addition, the selection and nomination of those Trustees who are not interested persons of the Trust are committed to the discretion of the Independent Trustees during such period.

Jill T. McGruder and E. Blake Moore, Jr., as Interested Trustees of the Trust, may be deemed to have a financial interest in the operation of the Plans and the Implementation Agreements.

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The Funds paid the following in distribution and shareholder servicing fees for the fiscal year ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12b-1 Plan Expenses** | **12b-1 Plan Expenses** | **12b-1 Plan Expenses** | **12b-1 Plan Expenses** | **12b-1 Plan Expenses** | **12b-1 Plan Expenses** |
| **Fund** | **Printing**<br> **and**<br> **Mailing**<br>| **Distribution**<br> **Services**<br>| **Compensation**<br> **to Broker**<br> **Dealers**<br>| **Compensation**<br> **to Sales**<br> **Personnel**<br>| **Service**<br> **Providers**<br>| **Total** |
| **Balanced Fund** |  |  |  |  |  |  |
| Class A | $499 | $602978 | $834340 | $28767 | $— | $1466584 |
| Class C | $79 | $206215 | $473550 | $30603 | $— | $710447 |
| **Core Municipal Bond Fund** |  |  |  |  |  |  |
| Class A | $19 | $22160 | $31846 | $345 | $— | $54370 |
| Class C | $1 | $2039 | $4086 | $— | $— | $6126 |
| **International Value Fund** |  |  |  |  |  |  |
| Class A | $77 | $83649 | $109155 | $3317 | $— | $196198 |
| Class C | $2 | $4582 | $10689 | $812 | $— | $16085 |
| **Large Cap Focused Fund** |  |  |  |  |  |  |
| Class A | $1994 | $2234570 | $3012106 | $48799 | $— | $5297469 |
| Class C | $55 | $129523 | $333740 | $25206 | $— | $488524 |
| **Large Cap Fund** |  |  |  |  |  |  |
| Class A | $6 | $8785 | $9872 | $389 | $— | $19052 |
| Class C | $1 | $2921 | $5805 | $23 | $— | $8750 |
| **Large Company Growth Fund** |  |  |  |  |  |  |
| Class A | $5 | $4820 | $8451 | $637 | $— | $13913 |
| Class C | $— | $446 | $1182 | $57 | $— | $1685 |
| **Small Company Fund** |  |  |  |  |  |  |
| Class A | $449 | $502497 | $723890 | $29284 | $— | $1256120 |
| Class C | $17 | $36625 | $99523 | $5904 | $— | $142069 |
| **Value Fund** |  |  |  |  |  |  |
| Class A | $147 | $170236 | $248294 | $4148 | $— | $422825 |
| Class C | $3 | $5151 | $17435 | $813 | $— | $23402 |

---

------

**BROKERAGE TRANSACTIONS**

Decisions to buy and sell securities for the Funds and the placing of the Funds' securities transactions and negotiation of commission rates where applicable are made by the Sub-Advisers and are subject to oversight by the Adviser and the Board. In the purchase and sale of portfolio securities, the sub-adviser's primary objective will be to obtain the most favorable price and execution for a Fund, taking into account such factors as the overall direct net economic result to a Fund (including commissions, which may not be the lowest available but ordinarily should not be higher than the generally prevailing competitive range), the financial strength and stability of the broker, the efficiency with which the transaction will be effected, the ability to effect the transaction at all where a large block is involved and the availability of the broker or dealer to stand ready to execute possibly difficult transactions in the future.

Each sub-adviser is specifically authorized, subject to certain limitations, to pay a trading commission to a broker who provides research services that is higher than the amount of trading commission another broker would have charged for the same transaction. This excess commission recognizes the additional research services rendered by the broker, but only if the sub-adviser determines in good faith that the excess commission is reasonable in relation to the value of the research services provided and that a Fund derives or will derive a reasonably significant benefit from such research services. Research services include securities and economic analyses, reports on issuers' financial conditions and future business prospects, newsletters and opinions relating to interest trends, general advice on the relative merits of possible investment securities for the Funds and statistical services and information with respect to the availability of securities or purchasers or sellers of securities. Although this information is useful to the Funds and the sub-advisers, it is not possible to place a dollar value on it.

Research services furnished by brokers through whom a Fund effects securities transactions may be used by the sub-adviser in servicing all of its accounts and not all such services may be used by the Sub-Adviser in connection with a Fund.

The Funds have no obligation to deal with any broker or dealer in the execution of securities transactions. However, the Funds may execute securities transactions on a national securities exchange or in the over-the-counter market conducted on an agency basis. A Fund will not execute any brokerage transactions in its portfolio securities with an affiliated broker if such transactions would be unfair or unreasonable to its shareholders. Over-the-counter transactions will be placed either directly with principal market makers or with broker-dealers. Although the Funds do not anticipate any ongoing arrangements with other brokerage firms, brokerage business may be transacted with other firms. Affiliated broker-dealers of the Trust will not receive reciprocal brokerage business as a result of the brokerage business transacted by the Funds with other brokers. The Funds may direct transactions to certain brokers in order to reduce brokerage commissions through a commission recapture program offered by Frank Russell Securities, Inc. and Capital Institutional Services, Inc.

In certain instances, there may be securities that are suitable for a Fund as well as for one or more of the respective sub-adviser's other clients. The sub-adviser makes investment decisions for a Fund and for its other clients to achieve their respective investment objectives. The sub-adviser may buy or sell a particular security for one client even though it is buying, selling, or holding the same security for another client. Some simultaneous transactions are inevitable when several clients receive investment advice from the same investment adviser, particularly when the same security is suitable for the investment objectives of more than one client. When two or more clients are simultaneously engaged in the purchase or sale of the same security, the sub-adviser will allocate the securities among clients in a fair and equitable manner. This system may detrimentally affect the price of a security purchased, sold, or held by the Fund, but this detrimental effect is offset by a Fund's ability to participate in volume transactions, which could lead to better executions for the Fund.

The following tables show the amount the Funds paid in aggregate brokerage commissions on portfolio transactions and the amount of brokerage transactions and related commissions the Funds directed to brokers in return for research services for the most recent fiscal years (or periods) ended June 30:

---

| | | | |
|:---|:---|:---|:---|
|  | **Aggregate Brokerage Commissions** | **Aggregate Brokerage Commissions** | **Aggregate Brokerage Commissions** |
| **Fund** | **2023** | **2024** | **2025** |
| Balanced Fund | $69088 | $83459 | $132899 |
| Core Municipal Bond Fund | N/A | N/A | N/A |
| International Value Fund | $121164 | $158556 | $24409 |
| Large Cap Focused Fund | $62898 | $141676 | $94964 |
| Large Cap Fund | $22732 | $6092 | $20755 |
| Large Company Growth Fund | $32591 | $22411 | $17960 |
| Small Company Fund | $896791 | $659222 | $522833 |
| Value Fund | $141253 | $141243 | $185805 |

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During the fiscal year ended June 30, 2025, the amount of brokerage transactions and related commissions for the Funds directed to brokers due to research services provided were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Amount of**<br> **Transactions** <br> **Directed**<br> **to Brokers** <br> **Providing**<br> **Research**<br>| **Brokerage** <br> **Commissions**<br> **Related to** <br> **Transactions**<br> **Directed to** <br> **Brokers**<br> **Providing** <br> **Research**<br>|
| Balanced Fund<sup>(1)</sup> <br>| $57005482 | $6178 |
| Core Municipal Bond Fund | $— | $— |
| International Value Fund | $— | $— |
| Large Cap Focused Fund | $242078437 | $34415 |
| Large Cap Fund | $69561429 | $13435 |
| Large Company Growth Fund | $44923647 | $12691 |
| Small Company Fund | $595725965 | $178923 |
| Value Fund | $285119667 | $136907 |

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<sup>(1)</sup>

*Equity trades only.*

The total amount of securities of regular broker-dealers held by each Fund for the fiscal year ended June 30, 2025 was as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Broker/Dealer** | **Aggregate Value** |
| Balanced Fund | Morgan Stanley & Co. LLC | $1909885 |
|  | J.P. Morgan Securities LLC | $2967488 |
| Core Municipal Bond Fund | N/A | N/A |
| International Value Fund | BNP Paribas Securities Corp. | $1785064 |
| Large Cap Focused Fund | N/A | N/A |
| Large Cap Fund | N/A | N/A |
| Large Company Growth Fund | N/A | N/A |
| Small Company Fund | N/A | N/A |
| Value Fund | N/A | N/A |

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**PROXY VOTING**

Each Fund has adopted the policies and procedures of its Sub-Adviser for voting proxies relating to portfolio securities held by the Funds, including procedures used when a vote presents a conflict between the interests of the Fund's shareholders and those of the Sub-Adviser or its affiliates. A copy or summary of each Sub-Adviser's proxy voting policies is included in Appendix B. Information about how the Funds voted proxies relating to their portfolio securities during the most recent year ending June 30 is available by August 31st of that year without charge, upon request, by calling toll-free 1.800.543.0407, on the Touchstone website at TouchstoneInvestments.com and on the SEC's website at sec.gov. Each Fund's N-PX is available on the SEC's website at sec.gov and on the Touchstone website at TouchstoneInvestments.com.

**CODE OF ETHICS**

The Trust has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser, each Sub-Adviser and Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of Trustees, officers, and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to invest in securities (including securities that may be purchased or held by a Fund), but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

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**Portfolio Turnover**

A Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. High turnover may result in a Fund recognizing greater amounts of income and capital gains, which would increase the amount of taxes payable by shareholders and increase the amount of commissions paid by the Fund. A 100% turnover rate would occur if all of a Fund's portfolio securities were replaced once within a one-year period. The rate of portfolio turnover will depend upon market and other conditions, and will not be a limiting factor when the Sub-Adviser believes that portfolio changes are appropriate. A Fund may engage in active trading to achieve its investment goals and, as a result, may have substantial portfolio turnover.

During the most recent fiscal years ended June 30 (or periods), the portfolio turnover rate for each Fund was as follows:

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| | | |
|:---|:---|:---|
|  | **Date of Fiscal Period End** | **Portfolio Turnover** |
| Balanced Fund | 6/30/2024 | 70<br> %<br>|
| Balanced Fund | 6/30/2025 | 82<br> %<br>|
| Core Municipal Bond Fund | 6/30/2024 | 27<br> %<br>|
| Core Municipal Bond Fund | 6/30/2025 | 15<br> %<br>|
| International Value Fund | 6/30/2024 | 112 %<sup>(1)</sup><br>|
| International Value Fund | 6/30/2025 | 20<br> %<br>|
| Large Cap Focused Fund | 6/30/2024<sup>(2)</sup> <br>| 6<br> %<br>|
| Large Cap Focused Fund | 6/30/2025<sup>(2)</sup> <br>| 7<br> %<br>|
| Large Cap Fund | 6/30/2024<sup>(2)</sup> <br>| 6<br> %<br>|
| Large Cap Fund | 6/30/2025<sup>(2)</sup> <br>| 12<br> %<br>|
| Large Company Growth Fund | 6/30/2024<sup>(2)</sup> <br>| 39<br> %<br>|
| Large Company Growth Fund | 6/30/2025<sup>(2)</sup> <br>| 30<br> %<br>|
| Small Company Fund | 6/30/2024<sup>(2)</sup> <br>| 59<br> %<br>|
| Small Company Fund | 6/30/2025<sup>(2)</sup> <br>| 47<br> %<br>|
| Value Fund | 6/30/2024 | 28<br> %<br>|
| Value Fund | 6/30/2025 | 40<br> %<br>|

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<sup>(1)</sup>

*On April 30, 2024, the Fund changed its name from the Touchstone International Equity Fund to Touchstone International Value Fund and changed its investment objective and strategies. The portfolio turnover rate is higher for the fiscal year ended 2024 as a result of these changes.*

<sup>(2)</sup>

*Portfolio turnover excludes securities delivered from processing redemptions-in-kind.*

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Touchstone Funds have adopted policies and procedures for disclosing the Funds' portfolio holdings to any person requesting this information. These policies and procedures are monitored by the Board through periodic reporting by the Funds' CCO. No compensation will be received by a Fund, the Adviser, any Sub-Adviser, or any other party in connection with the disclosure of information about portfolio securities.

The procedures prohibit the disclosure of portfolio holdings except under the following conditions:

1. A request made by a Sub-Adviser for a Fund (or that portion of a Fund) that it manages.

2. A request by executive officers of the Adviser for routine oversight and management purposes.

3. For use in preparing and distributing routine shareholder reports, including disclosure to the Funds' independent registered public accounting firm, typesetter, and printer. Routine shareholder reports are filed as of the end of each fiscal quarter with the SEC within 60 days after the quarter end and routine shareholder reports are distributed to shareholders within 60 days after the applicable six-month semi-annual period. The Funds provide their full holdings to their independent registered public accounting firm annually, as of the end of their fiscal year, within one to ten business days after fiscal year end. The Funds provide their full holdings to their typesetter at least 50 days after the end of the calendar quarter. The Funds provide their full holdings to their printer at least 50 days after the applicable six-month semi-annual period.

4. A request by service providers to fulfill their contractual duties relating to the Fund, subject to approval by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. A request by a newly hired sub-adviser or sub-adviser candidate prior to the commencement of its duties to facilitate its transition as a new sub-adviser, subject to the conditions set forth in Item 8.

6. A request by a potential merger candidate for the purpose of conducting due diligence, subject to the conditions set forth in Item 8.

7. A request by a rating or ranking agency, subject to the conditions set forth in Item 8.

Other portfolio holdings disclosure policies of the Funds include:

<sup>●</sup>

The Funds provide their top ten holdings on their publicly available website and to market data agencies monthly, as of the end of a calendar month, generally within 15 days after month end.

<sup>●</sup>

The Funds provide their full holdings on their publicly available website and to market data agencies quarterly, as of the end of a calendar quarter, generally within 30 days after quarter end.

<sup>●</sup>

You may access this portfolio holdings information via the Funds' public website at TouchstoneInvestments.com.

8. The CCO may authorize disclosing non-public portfolio holdings to third parties more frequently or at different periods than as described above prior to when such information is made public, provided that certain conditions are met. The third-party must (i) specifically request in writing the more current non-public portfolio holdings, providing a reasonable basis for the request; (ii) execute an agreement to keep such information confidential, to only use the information for the authorized purpose, and not to use the information for their personal benefit; (iii) agree not to trade on such information, either directly or indirectly; and (iv) unless specifically approved by the CCO in writing, the non-public portfolio holdings are subject to a ten day time delay before dissemination. Any non-public portfolio holdings that are disclosed will not include any material information about a Fund's trading strategies or pending portfolio transactions.

As of September 30, 2025, one or more Touchstone Funds discloses portfolio holdings information to the following parties based on ongoing arrangements:

<sup>●</sup>

eVestment Alliance, LLC

<sup>●</sup>

Bloomberg LP

<sup>●</sup>

Morningstar, Inc.

<sup>●</sup>

Style Analytics, Inc.

Employees of the Adviser and the Funds' Sub-Advisers that are access persons under the Funds' Code of Ethics have access to Fund holdings on a regular basis, but are subject to confidentiality requirements and trading prohibitions in the Code of Ethics. In addition, custodians of the Funds' assets and the Funds' accounting services agent, each of whose agreements contains a confidentiality provision (which includes a duty not to trade on non-public information), have access to the current Fund holdings on a daily basis.

The CCO is authorized to determine whether disclosure of a Fund's portfolio securities is for a legitimate business purpose and is in the best interests of a Fund and its shareholders. Any conflict between the interests of shareholders and the interests of the Adviser, Touchstone Securities, or any affiliates, will be reported to the Board, which will make a determination that is in the best interests of shareholders.

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**DETERMINATION OF NET ASSET VALUE**

The securities of each Fund are valued by the Adviser, which has been designated by the Trustees as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Adviser or its delegates may use independent pricing services to obtain valuations of securities. The pricing services rely primarily on prices of actual market transactions as well as on trade quotations obtained from third parties. Prices are generally determined using readily available market prices. If market prices are unavailable or believed to be unreliable, the Sub-Administrative Agent will initiate a process by which the Adviser's Fair Value Committee will make a good faith determination as to the "fair value" of the security using procedures approved by the Trustees. The pricing services may use a matrix system to determine valuations of fixed income securities when market prices are not readily available. This system considers such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. The procedures used by any such pricing service and its valuation results are reviewed by the Adviser, as the valuation designee. Some Funds may hold portfolio securities that are listed on foreign exchanges. Under certain circumstances, these investments may be valued under the Adviser's fair value policies and procedures, such as when U.S. exchanges are open but a foreign exchange is closed.

Securities with remaining maturities of 60 days or less may be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization of maturity of any discount or premium, provided such amount approximates market value.

**DESCRIPTION OF SHARES**

The Trust's Declaration of Trust authorizes the issuance of an unlimited number of Funds and shares of each Fund. Each share of a Fund represents an equal proportionate interest in that Fund with each other share. Upon liquidation, shares are entitled to a pro rata share in the net assets of the Fund, after taking into account additional distribution and shareholder servicing expenses attributable to the Class. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees of the Trust may create additional series of shares or separate classes of funds. All consideration received by the Trust for shares of any portfolio or separate class and all assets in which such consideration is invested would belong to that portfolio or separate class and would be subject to the liabilities related thereto. Share certificates representing shares will not be issued.

The Trust is an entity of the type commonly known as a Massachusetts business trust. The Trust's Declaration of Trust states that neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any shareholder, nor, except as specifically provided therein, to call upon any shareholder for the payment of any sum of money or assessment whatsoever other than such as the shareholder may at any time personally agree to pay.

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of duties as a Trustee and, if reasonable care has been exercised in the selection of officers, agents, employees or investment advisers, shall not be liable for any neglect or wrongdoing of any such person. The Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties.

Each whole share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional share shall be entitled to a proportionate fractional vote. Shares issued by each Fund have no preemptive, conversion, or subscription rights. Voting rights are not cumulative. Each Fund, as a separate series of the Trust, votes separately on matters affecting only that Fund. Shareholders of each Class of each Fund will vote separately on matters pertaining solely to that Fund or that Class. The Trust is not required to hold annual meetings of shareholders, but approval will be sought for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances.

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

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**CERTAIN PROVISIONS OF THE TRUST'S BY-LAWS**

**Derivative Claims of Shareholders**

The Trust's Amended and Restated By-Laws (the "By-Laws") contain provisions regarding derivative claims of shareholders. Under these provisions, a shareholder must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of the foregoing sentence, a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee of the Board established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for his service on the Board or on the boards of one or more Trusts that are under common management with or otherwise affiliated with the Trust.

Unless a demand is not required under the foregoing paragraph, the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisers in the event that the Trustees determine not to bring such action. The foregoing provision relating to the requirement for an undertaking by shareholders making such request to reimburse the Trust for such expenses related to derivative actions does not apply to claims under Federal securities law, so long as the Federal securities laws supersede state law.

**Forum for Adjudication of Disputes**

The By-Laws provide that, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer, or other employee of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim arising pursuant to the laws of the Commonwealth of Massachusetts, the Declaration of Trust or the By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the Declaration of Trust or the By-Laws, or (v) any action asserting a claim governed by the internal affairs doctrine shall be the U.S. District Court for the District of Massachusetts or the Superior Court of the Commonwealth of Massachusetts (each, a "Covered Action"). The By-Laws further provide that if any Covered Action is filed in a court other than the U.S. District Court for the District of Massachusetts or the Superior Court of the Commonwealth of Massachusetts (a "Foreign Action") in the name of any shareholder, such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the U.S. District Court for the District of Massachusetts or the Superior Court of the Commonwealth of Massachusetts in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such shareholder in any such Enforcement Action by service upon such shareholder's counsel in the Foreign Action as agent for such shareholder.

The By-Laws provide that any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i) deemed to have notice of and consented to the provisions of the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in the foregoing paragraph.

This forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or other agents of the Trust and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Trust may incur additional costs associated with resolving such action in other jurisdictions.

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**CHOOSING A CLASS OF SHARES**

Each Fund offers the following classes of shares.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | **Institutional** <br> **Class**<br>| **Class R6** |
| Touchstone Balanced Fund | X | X | X |  | X |
| Touchstone Core Municipal Bond Fund | X | X | X | X |  |
| Touchstone International Value Fund | X | X | X | X |  |
| Touchstone Large Cap Focused Fund | X | X | X | X | X |
| Touchstone Large Cap Fund | X | X | X | X |  |
| Touchstone Large Company Growth Fund | X | X | X | X |  |
| Touchstone Small Company Fund | X | X | X | X | X |
| Touchstone Value Fund | X | X | X | X | X |

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The Funds participate in fund "supermarket" arrangements. In such an arrangement, a program is made available by a broker or other institution (a sponsor) that allows investors to purchase and redeem shares of the Funds through the sponsor of the fund supermarket. In connection with these supermarket arrangements, each Fund has authorized one or more brokers to accept on its behalf purchase and redemption orders. In turn, the brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Funds' behalf. As such, a Fund will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, accepts the order. The customer order will be priced at the Fund's NAV next computed after acceptance by an authorized broker or the broker's authorized designee. In addition, a broker may charge transaction fees on the purchase or sale of Fund shares. Also in connection with fund supermarket arrangements, the performance of a participating Fund may be compared in publications to the performance of various indices and investments for which reliable performance data is available and compared in publications to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. The Funds' annual report contains additional performance information and will be made available to investors upon request and without charge.

The Touchstone Funds are intended for sale to residents of the United States, and, with very limited exceptions, are not registered or otherwise offered for sale in other jurisdictions. The above restrictions are generally not applicable to sales in United States territories of Guam, Puerto Rico, and the Virgin Islands or to diplomatic staff members or members of the U.S. military with an APO or FPO address outside of the U.S.. Investors are responsible for compliance with tax, securities, currency exchange or other regulations applicable to redemption and purchase transactions in any state or jurisdiction to which they may be subject. Investors should consult with their financial intermediary and appropriate tax and legal advisers to obtain information on the rules applicable to these transactions.

The shares of the Funds may not be directly or indirectly offered or distributed in any country outside of the United States. If an investor becomes a resident of another jurisdiction after purchasing shares of the Touchstone Funds, the investor will not be able to purchase any additional shares of the Funds (other than reinvestment of dividends and capital gains) or exchange shares of the Touchstone Funds for other U.S. registered Touchstone Funds.

Class A Shares. For initial purchases of Touchstone equity fund Class A shares of $1 million or more and subsequent purchases further increasing the size of a purchaser's aggregate account value, participating dealers may receive compensation of up to 1.00% (an "Equity Fund Finder's Fee") of such purchases from Touchstone Securities according to the following schedule. For these purposes, the following Funds are Touchstone equity funds: Balanced Fund, International Value Fund, Large Cap Focused Fund, Large Cap Fund, Large Company Growth Fund, Small Company Fund, and Value Fund.

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| | |
|:---|:---|
| **Amount of Investment** | **Equity Fund Finder's Fee** |
| $1 million but less than $5 million | 1.00<br> %<br>|
| $5 million but less than $25 million | 0.50<br> %<br>|
| $25 million or more | 0.25<br> %<br>|

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For initial purchases of Touchstone fixed income fund Class A shares of $500,000 or more and subsequent purchases further increasing the size of a purchaser's aggregate account value, participating dealers may receive compensation of up to 1.00% (a "Fixed Income Fund Finder's Fee" and together with the Equity Fund Finder's Fee, the "Finder's Fee") of such purchases from Touchstone Securities according to the following schedule. For these purposes, the following Fund is a Touchstone fixed income fund: Core Municipal Bond Fund.

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| | |
|:---|:---|
| **Amount of Investment** | **Fixed Income Fund Finder's Fee** |
| $500,000 but less than $3 million | 1.00<br> %<br>|
| $3 million but less than $25 million | 0.50<br> %<br>|
| $25 million or more | 0.25<br> %<br>|

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The Distributor does not have an annual reset for Finder's Fees. In determining a dealer's eligibility for a Finder's Fee, all purchases in the Touchstone Fund Complex may be aggregated for that individual shareholder in accordance with a Fund's Rights of Accumulation Program. Please see the "Choosing a Class of Shares - Reduced Class A Sales Charge" and "Choosing a Class of Shares - Rights of Accumulation Program" sections in the Funds' prospectus to determine whether accounts may be aggregated for purposes of determining eligibility for a Finder's Fee. If a Finder's Fee was paid to a participating dealer, that dealer is not eligible to receive 12b-1 fees on the shares that were used to generate the Finder's Fee until they have aged for a period of one year. Additionally, if a Finder's Fee was paid related to a purchase of equity fund Class A shares and those shares are redeemed within a year of their purchase, a contingent deferred sales charge ("CDSC") of up to 1.00% will be charged on the redemption, limited by the amount of the finder's fee that was paid. Dealers should contact the Distributor for more information on the calculation of the dealer's commission in the case of combined purchases.

A dealer is eligible for a Finder's Fee only if the dealer has not previously received a Finder's Fee on the assets used to meet the required investment amount. Similarly, an exchange from any other Touchstone Fund will not qualify for a Finder's Fee unless the dealer did not receive any compensation on those assets at the time of the initial investment. In all cases, Touchstone Securities reserves the right to deny payment of a Finder's Fee if it reasonably believes such a fee has already been paid on those assets.

**Class R6 Shares.** No dealer compensation is paid from the sale of Class R6 shares of the Fund. Class R6 shares of the Fund are sold at NAV and do not pay a sales charge, Rule 12b-1 fee, impose a CDSC, or make payments to financial intermediaries/ broker dealers for assisting the Distributor in promoting the sales of the Fund's shares. In addition, neither the Fund nor its affiliates make any type of administrative, service, relationship, or revenue sharing payments in connection with Class R6 shares. An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis.

**Exchanging Your Shares.** Shareholders of one class of a fund may be eligible to exchange their shares for a different share class of the same fund, if offered in their state and such an exchange can be accommodated by their financial institution. Class Y shares may be available through financial institutions that have appropriate selling agreements with Touchstone Securities, or through financial intermediaries that purchase shares for their customers. No front-end sales charges will apply to any such exchange. However, if Class A or Class C share assets have been held less than 12 months and a 1% commission was paid to the broker dealer at the time of purchase, a CDSC of 1% may be assessed on the exchange transaction, which may be processed as a liquidation and a purchase. Shareholders must meet the required minimum investment amount for the receiving fund in order to process such a share class exchange, and if the share class is available for sale in their state and if such an exchange can be accommodated by their financial institution.

For federal income tax purposes, exchanges of one share class for a different share class of the same fund (even if processed as a liquidation and a purchase) should not result in the realization by the investor of a capital gain or loss. There can be no assurance of any particular tax treatment, however, and you are urged and advised to consult with your own tax adviser before entering into a share class exchange.

Automated Share Class Conversions. Effective June 30, 2020 (the "Effective Date"), Class C shares of each Fund automatically convert into Class A shares of the same Fund after they have been held for eight (8) years. The conversion is not considered a taxable event for federal income tax purposes. These automatic conversions are executed without any sales charge (including CDSCs), redemption or transaction fee, or other charge. After such a conversion takes place, the shares will be subject to all features, rights and expenses of Class A shares. If you hold Class C shares through certain financial intermediaries, such as an omnibus account or group retirement recordkeeping platform, your intermediary may not be able to track the amount of time you held your Class C shares purchased before June 30, 2020. In that case, Class C shares held prior to June 30, 2020 would convert to Class A shares eight (8) years after the Effective Date of this policy. In addition, Class C shares held through certain financial intermediaries may convert to Class A shares of the same Fund in a shorter time frame than shares purchased directly from the Fund. Please contact your financial intermediary for further information about its Class C shares to Class A shares conversion policy.

Financial intermediaries may convert shares in a customer or client's account to a more expensive share class if prior to the conversion the intermediary determines that the higher priced share class is more suitable to the customer's interests and the intermediary discloses any additional compensation to the customer, including revenue sharing arrangements with the Adviser or Distributor.

If a financial institution or intermediary (a "converting entity") is initiating a share class conversion(s) for Touchstone Funds on a platform, then the converting entity should contact Touchstone Securities at least 60 days in advance and obtain Touchstone Securities' approval of the share class conversion.

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Additional Information on the CDSC. The CDSC is waived under the following circumstances:

<sup>●</sup>

Any partial or complete redemption following death or disability (as defined in the Code) of a shareholder (including one who owns the shares with his or her spouse as a joint tenant with rights of survivorship) from an account in which the deceased or disabled is named. Touchstone Securities may require documentation prior to waiver of the charge, including death certificates, physicians' certificates, etc.

<sup>●</sup>

Redemptions from a systematic withdrawal plan. If the systematic withdrawal plan is based on a fixed dollar amount or number of shares, systematic withdrawal redemptions are limited to no more than 10% of your account value or number of shares per year, as of the date the transfer agent receives your request. If the systematic withdrawal plan is based on a fixed percentage of your account value, each redemption is limited to an amount that would not exceed 10% of your annual account value at the time of withdrawal.

<sup>●</sup>

Redemptions from retirement plans qualified under Section 401 of the Code. The CDSC will be waived for benefit payments made by Touchstone directly to plan participants. Benefit payments will include, but are not limited to, payments resulting from death, disability, retirement, separation from service, required minimum distributions (as described under Section 401(a)(9) of the Code), in-service distributions, hardships, loans and qualified domestic relations orders. The CDSC waiver will not apply in the event of termination of the plan or transfer of the plan to another financial institution.

<sup>●</sup>

Redemptions that are mandatory withdrawals from a traditional IRA account after reaching the qualified age based on applicable IRS regulations.

Please see Appendix A – *Intermediary-Specific Sales Charge Waivers and Discounts* in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

**General.** The above mentioned CDSC waivers do not apply to Class A share redemptions made within one year of the date of purchase where a Finder's Fee was paid by Touchstone Securities due to an investment in the Touchstone equity funds totaling $1 million or more or an investment of $500,000 or more in the Touchstone Core Municipal Bond Fund. All sales charges imposed on redemptions are paid to the Distributor. In determining whether the CDSC is payable, it is assumed that shares not subject to the CDSC are the first redeemed followed by other shares held for the longest period of time. The CDSC will not be imposed upon shares representing reinvested dividends or capital gains distributions, or upon amounts representing share appreciation.

**CDSC for Certain Redemptions of Class A Shares.** A CDSC is imposed upon certain redemptions of Class A shares of the Funds (or shares into which such Class A shares were exchanged) purchased at NAV due to an individual shareholder investment amount in the Touchstone Fund Complex of $1 million or more where a Finder's Fee was paid by the Distributor and the shares were redeemed within one year from the date of purchase. The CDSC will be paid to the Distributor and will be equal to the commission percentage paid at the time of purchase as applied to the lesser of (1) the NAV at the time of purchase of the Class A shares being redeemed, or (2) the NAV of such Class A shares at the time of redemption. If a purchase of Class A shares is subject to the CDSC, you will be notified on the confirmation you receive for your purchase. Redemptions of such Class A shares of the Funds held for at least one year will not be subject to the CDSC.

**Examples.** The following example will illustrate the operation of the CDSC. Assume that you open an account and purchase 1,000 shares at $10 per share and that six months later the NAV per share is $12 and, during such time, you have acquired 50 additional shares through reinvestment of distributions. If at such time you should redeem 450 shares (totaling proceeds of $5,400), then 50 shares will not be subject to the charge because of dividend reinvestment. With respect to the remaining 400 shares, the charge is applied only to the original cost of $10 per share and not to the increase in NAV to $12 per share. Therefore, $4,000 of the $5,400 redemption proceeds will pay the charge. At the rate of 1.00%, the CDSC would be $40 for redemptions of Class C shares. In determining whether an amount is available for redemption without incurring a deferred sales charge, the purchase payments made for all shares in your account are aggregated.

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**OTHER PURCHASE AND REDEMPTION INFORMATION**

Waiver of Minimum Investment Requirements. The minimum and subsequent investment requirements for purchases in the Funds may not apply to:

1. Any director, officer or other employee\* (and their immediate family members\*\*) of Western & Southern Financial Group, Inc. or any of its affiliates or any portfolio adviser or service provider to the Trust.

2. Any employee benefit plan that is provided administrative services by a third-party administrator that has entered into a special service arrangement with Touchstone Securities.

Class R6 shares held on the Funds' records require a $50,000 minimum initial investment and have a $50 subsequent investment minimum. Financial intermediaries may set different minimum initial and additional investment requirements, may impose other restrictions or may charge you fees for their services.

In addition, a Fund reserves the right to waive investment minimums in the case of significant extenuating circumstances.

**Waiver of Class A Sales Charges\*\*\*.** In addition to the categories of purchasers described in the prospectus for whom the sales charge on purchases of Class A shares of the Funds may be waived, Class A shares issued or purchased in the following transactions are not subject to sales charges (and no concessions are paid by the Distributor on such purchases):

1. Purchases into a Fund by any director, officer, employee\* (and their immediate family members\*\*, as defined below), or current separate account client of or referral by a Sub-Adviser to that particular Fund;

2. Purchases by any director, officer or other employee\* (and their immediate family members\*\*, as defined below) of Western & Southern Financial Group or any of its affiliates; and

3. Purchases by any employees of BNY Mellon who provide services for the Touchstone Funds, Touchstone Advisers, or Touchstone Securities.

**Exemptions must be qualified in advance by the Distributor.** At the option of the Trust, the front-end sales charge may be included on purchases by such persons in the future.

*\** 

*The term "employee" is deemed to include current and retired employees.*

*\*\** 

*Immediate family members are defined as the parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister- in-law, son-in-law or daughter-in-law, nephew or niece and children of a registered representative or employee, and any other individual to whom the registered representative or employee provides material support.* 

*\*\*\** 

*Please see Appendix A* – *Intermediary-Specific Sales Charge Waivers and Discounts in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.*

**Waiver of Class A Sales Charge for Clients of Financial Intermediaries.** Touchstone Securities has agreed to waive the Class A sales charge for clients of financial intermediaries as defined in the Appendix to each Funds' prospectus. In addition to those firms included in the Appendix to the Prospectus, the following firms have entered into an agreement with Touchstone Securities to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to their customers:

• Merrill Lynch

• RBC Capital Markets Corporation

• JP Morgan Securities

• Morgan Stanley

• Ameriprise Financial

• Oppenheimer & Co. Inc.

• Raymond James

• Robert W. Baird & Co. Incorporated

Please see Appendix A – *Intermediary-Specific Sales Charge Waivers and Discounts* in the prospectus for a description of variations in sales charges and waivers for Fund shares purchased through Ameriprise Financial, Edward D. Jones & Co., Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, Merrill Lynch, Morgan Stanley, Oppenheimer & Co. Inc., Raymond James and Robert W. Baird & Co. Incorporated.

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**Waiver of Large Cap Growth Fund Class A Sales Charge for Former Navellier Shareholders.** Effective October 6, 2003, sales charges do not apply to Class A shares of the Large Cap Growth Fund purchased by former shareholders of the Navellier Performance Large Cap Growth Portfolio who are purchasing additional shares for their account or opening new accounts in the Large Cap Growth Fund.

**Waiver of Class A Sales Charge for former Constellation Shareholders.** Shareholders who owned shares of the Trust as of November 17, 2006 who are purchasing additional shares for their accounts or opening new accounts in any Touchstone Fund are not subject to the front-end sales charge for purchases of Class A shares. If you are purchasing shares through a financial intermediary, you must notify the intermediary at the time of purchase that a purchase qualifies for a sales load waiver and you may be required to provide copies of account statements verifying your qualification.

**Waiver of Class A Sales Charge for former Bramwell Shareholders.** Former shareholders of the Bramwell Growth Fund or the Bramwell Focus Fund, each a series of the Bramwell Funds, Inc., who in those funds' 2006 reorganization received Class A shares of the Sentinel Capital Growth or Sentinel Growth Leaders Funds who are purchasing additional shares for their accounts or opening new accounts in any Touchstone Fund are not subject to the front–end sales charge for purchases of Class A shares. If you are purchasing shares through a financial intermediary, you must notify the intermediary at the time of purchase that a purchase qualifies for a sales load waiver and you may be required to provide copies of account statements verifying your qualification.

**Waiver of Class A Sales Charge for former Citizens Shareholders.** Former shareholders of the Citizens Funds, who in those funds' 2008 reorganization received shares of a Sentinel Fund who are purchasing additional shares for their accounts or opening new accounts in any Touchstone Fund are not subject to the front–end sales charge for purchases of Class A shares. If you are purchasing shares through a financial intermediary, you must notify the intermediary at the time of purchase that a purchase qualifies for a sales load waiver and you may be required to provide copies of account statements verifying your qualification.

Shareholders who are eligible for the sales charge waivers listed above may open an account with the Fund directly to receive the sales charge waiver.

**Waiver of Class A Sales Charge for Former Shareholders of Sentinel Group Funds, Inc.** Shareholders who received Class A shares of Touchstone Funds pursuant to the October 27, 2017 reorganization of their respective Sentinel Funds and whose Sentinel Fund account was established with a net asset value purchase privilege may purchase additional Class A shares of Touchstone Funds at net asset value, provided that such shareholders provide notice of such eligibility prior to or at the time of purchase.

Shareholders who are eligible for the sales charge waivers listed above may open an account with the Fund directly to receive the sales charge waiver.

**Class Y Shares "Grandfather" Clause.** New purchases of the Class Y shares are no longer available directly through Touchstone Securities. Those shareholders who owned Class Y shares purchased directly through Touchstone Securities prior to February 2, 2009, or those former Old Mutual shareholders who owned Class Z shares which became Class Y shares on April 16, 2012, or those former Fifth Third Mutual Fund Shareholders who owned Institutional Class shares which became Class Y shares on September 10, 2012 may continue to hold Class Y shares of the corresponding Fund(s). In addition, those shareholders may continue to make subsequent purchases into existing accounts of Class Y shares of the Fund(s) they owned prior to February 2, 2009, April 16, 2012, and September 10, 2012, respectively.

**Purchases in-Kind.** In limited circumstances and subject to the prior consent of the Fund, the Fund may accept payment for shares in securities. Shares may be purchased by tendering payment in-kind in the form of marketable securities, including but not limited to shares of common stock, provided the acquisition of such securities is consistent with the applicable Fund's investment goal and is otherwise acceptable to the Adviser. Transactions of this type are generally a taxable transaction. Before purchasing shares by tendering payment in-kind, investors are urged and advised to consult with their own tax adviser regarding the tax consequences of such a transaction.

**Redemptions in-Kind.** Under unusual circumstances, when the Board deems it in the best interests of a Fund's shareholders, the Fund may make payment for shares repurchased or redeemed in whole or in part in securities of the Fund taken at current value. Should payment be made in securities, the redeeming shareholder will bear the market risk until the securities are sold and the redeeming shareholder will generally incur brokerage costs and other costs in converting such securities to cash. Portfolio securities that are issued in an in-kind redemption will be readily marketable. The Trust has filed an irrevocable election with the SEC under Rule 18f-1 of the 1940 Act wherein the Funds are committed to pay redemptions in cash, rather than in-kind, to any shareholder of record of a Fund who redeems during any ninety-day period, the lesser of $250,000 or 1% of a Fund's NAV at the beginning of such period. Redemptions in-kind are taxable for federal income tax purposes in the same manner as redemptions for cash. The Funds may also use redemption in-kind for certain Fund shares held by ReFlow.

**Undeliverable Checks.** Dividend and distribution checks issued from non-retirement accounts for less than $25 will be automatically reinvested in the Fund that pays them. If your redemption proceeds, dividend, or distribution check is returned as "undeliverable", your account will be considered a lost shareholder account, correspondence will be sent to you requesting that you contact the Fund, and the outstanding payment will be deposited into an account for potential escheatment to your state of residence. If you contact the Fund and provide proper documentation to update the address on the account, the Fund will no longer consider your account to be a lost shareholder

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account, and your outstanding payment will be reissued to your corrected address. Also, if your dividend or distribution check is returned as "undeliverable", your cash election will be changed automatically and future dividends will be reinvested in the Fund at the per share NAV determined as of the payable date.

**Uncashed Checks.** All uncashed checks on your account will appear with your monthly or quarterly statement for your convenience. If your redemption proceeds, dividend, or distribution check from a non-retirement account is not cashed within six months (an "outstanding payment") and the account remains open, the outstanding payment on your account will be cancelled and the proceeds will be reinvested in the Fund at the per share NAV determined as of the date of cancellation, which may be higher or lower than the NAV at which your shares were initially redeemed. In addition, if the payment was for dividends or distributions, your cash election will be automatically changed and future dividends and distributions will be reinvested in the Fund at the per share NAV determined as of the payable date. For outstanding payments in retirement accounts, no action will be taken.

For redemption checks returned as "undeliverable", the check will be voided and deposited into a lost shareholder account for the Fund. If the account holder contacts the Fund and provides proper documentation to update the address on the account, a check for the previously voided amount will be re-issued to the shareholder and sent to the new address of record.

**Fund Shares Purchased by Check.** We may delay the processing and payment of a redemption request for shares you recently purchased by check until your check clears, which may take up to 15 days. If you need your money sooner, you should purchase shares by bank wire.

**Low Account Balances.** (only applicable for shares held through Touchstone Securities directly). If your balance falls below the minimum amount required for your account, based on actual amounts you have invested (as opposed to a reduction from market changes), Touchstone Securities may sell your shares and send the proceeds to you. Touchstone Securities will notify you if your shares are about to be sold and you will have 30 days to increase your account balance to the minimum amount.

**Facilitated Transfers**. In the event an existing Touchstone shareholder wishes to move money between their Touchstone mutual fund account and a money market fund, Touchstone has partnered with The BNY Mellon Securities Corporation to help facilitate this type of transaction pursuant to certain limitations. Please contact Touchstone Shareholder Services at 1.800.543.0407 for more information if you are interested in pursuing this type of transaction.

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**DISTRIBUTIONS**

A Fund's dividends and other distributions are taxable to shareholders (other than retirement plans and other tax-exempt investors) whether received in cash or reinvested in additional shares of the Fund, except in the case of the Touchstone Core Municipal Bond Fund as discussed below. A dividend or distribution paid by a Fund has the effect of reducing the NAV per share on the ex-dividend date by the amount of the dividend or distribution. A dividend or distribution declared shortly after a purchase of shares by an investor would, therefore, represent, in substance, a return of capital to the shareholder with respect to such shares even though it would be subject to federal income taxes. For most shareholders, a statement will be sent to you within 45 days after the end of each year detailing the federal income tax status of your distributions.

Please see "Federal Income Taxes" below for more information on the federal income tax consequences of dividends and other distributions made by the Funds.

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**FEDERAL INCOME TAXES**

The following discussion summarizes certain U.S. federal income tax considerations affecting the Funds and their shareholders. This discussion is for general information only and does not purport to consider all aspects of U.S. federal income taxation that might be relevant to beneficial owners of shares of the Funds. Therefore, the summary discussion that follows may not be considered to be individual tax advice and may not be relied upon by any shareholder. The summary is based upon current provisions of the Code, applicable U.S. Treasury Regulations (the "Regulations"), and administrative and judicial interpretations thereof, all of which are subject to change, which change could be retroactive, and may affect the conclusions expressed herein. The summary applies only to beneficial owners of a Fund's shares in whose hands such shares are capital assets within the meaning of Section 1221 of the Code, and may not apply to certain types of beneficial owners of a Fund's shares, including, but not limited to insurance companies, tax-exempt organizations, shareholders holding a Fund's shares through tax-advantaged accounts (such as an individual retirement account (an "IRA"), a 401(k) plan account, or other qualified retirement account), financial institutions, pass-through entities, broker-dealers, entities that are not organized under the laws of the United States or a political subdivision thereof, persons who are neither a citizen nor resident of the United States, shareholders holding a Fund's shares as part of a hedge, straddle or conversion transaction, and shareholders who are subject to the alternative minimum tax. Persons who may be subject to tax in more than one country should consult the provisions of any applicable tax treaty to determine the potential tax consequences to them.

No Fund has requested nor will any Fund request an advance ruling from the IRS as to the federal income tax matters described below. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. In addition, the following discussion applicable to shareholders of a Fund addresses only some of the federal income tax considerations generally affecting investments in such Fund.

*Shareholders are advised to consult their own tax adviser with respect to the tax consequences of the ownership, purchase and disposition of an investment in a Fund including, but not limited to, the applicability of state, local, foreign, and other tax laws affecting the particular shareholder and to possible effects of changes in federal or other tax laws.*

**General.** For federal income tax purposes, each Fund is treated as a separate corporation. Each Fund has elected, and intends to continue to qualify for, taxation as a regulated investment company (a "RIC") under the Code. By qualifying as a RIC, a Fund (but not the shareholders) will not be subject to federal income tax on that portion of its investment company taxable income and realized net capital gains that it distributes to its shareholders.

Shareholders should be aware that investments made by a Fund, some of which are described below, may involve complex tax rules some of which may result in income or gain recognition by the Fund without the concurrent receipt of cash. Although each Fund seeks to avoid significant noncash income, such noncash income could be recognized by a Fund, in which case it may distribute cash derived from other sources in order to meet the minimum distribution requirements described below. Cash to make the required minimum distributions may be obtained from sales proceeds of securities held by a Fund (even if such sales are not advantageous) or, if permitted by its governing documents and other regulatory restrictions, through borrowing the amounts required to be distributed.

**Qualification as a Regulated Investment Company.** Qualification as a RIC under the Code requires, among other things, that a Fund: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and (ii) net income from interests in qualified publicly traded partnerships (together with (i), the "Qualifying Income Requirement"); (b) diversify its holdings so that, at the close of each quarter of the taxable year: (i) at least 50% of the value of its total assets is comprised of cash, cash items (including receivables), U.S. government securities, securities of other RICs and other securities, with those other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of its total assets and that does not represent more than 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer or the securities (other than the securities of other RICs) of two or more issuers controlled by it and engaged in the same, similar or related trades or businesses, or the securities of one or more "qualified publicly traded partnerships" (together with (i) the "Diversification Requirement"); and (c) distribute for each taxable year at least the sum of (i) 90% of its investment company taxable income (which includes dividends, taxable interest, taxable original issue discount income, market discount income, income from securities lending, net short-term capital gain in excess of net long-term capital loss, certain net realized foreign currency exchange gains, and any other taxable income other than "net capital gain" as defined below and is reduced by deductible expenses) determined without regard to any deduction for dividends paid; and (ii) 90% of its tax-exempt interest, if any, net of certain expenses allocable thereto ("net tax-exempt interest") (together with (i), the "Distribution Requirement").

Each Fund may use "equalization payments" in determining the portion of its net investment income and net realized capital gains that have been distributed. If a Fund elects to use equalization payments, it will allocate a portion of its investment income and capital gains to the amounts paid in redemption of Fund shares, and such income and gains will be deemed to have been distributed by the Fund for purposes of the distribution requirements described above. This may have the effect of reducing the amount of income and gains that the Fund is required to distribute to shareholders in order for the Fund to avoid federal income tax and excise tax and also may defer the recognition of taxable income by shareholders. This process does not affect the tax treatment of redeeming shareholders and, since the

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amount of any undistributed income and/or gains will be reflected in the value of the Fund's shares, the total return on a shareholder's investment will not be reduced as a result of the Fund's distribution policy. The IRS has not published any guidance concerning the methods to be used in allocating investment income and capital gain to redemptions of shares. In the event that the IRS determines that a Fund is using an improper method of allocation and has under-distributed its net investment income or net realized capital gains for any taxable year, such Fund may be liable for additional federal income or excise tax or may jeopardize its treatment as a RIC.

The U.S. Treasury Department is authorized to promulgate regulations under which gains from foreign currencies (and options, futures, and forward contracts on foreign currency) would constitute qualifying income for purposes of the Qualifying Income Requirement only if such gains are directly related to the principal business of a Fund of investing in stock or securities or options and futures with respect to stock or securities. To date, the U.S. Treasury Department has not issued such regulations.

As a RIC, a Fund generally will not be subject to U.S. federal income tax on the portion of its income and capital gains that it distributes to its shareholders in any taxable year for which it distributes, in compliance with the Code's timing and other requirements, at least the sum of 90% of its investment company taxable income (determined without regard to the deduction for dividends paid) and 90% of its net tax-exempt interest. Each Fund may retain for investment all or a portion of its net capital gain (*i.e*., the excess of its net long-term capital gain over its net short-term capital loss). If a Fund retains any investment company taxable income or net capital gain, it will be subject to tax at regular corporate rates on the amount retained. If a Fund retains any net capital gain, it may designate the retained amount as undistributed net capital gain in a notice to its shareholders, who will be (i) required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount; and (ii) entitled to credit their proportionate shares of tax paid by such Fund against their federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of the shares owned by a shareholder of a Fund will be increased by the amount of undistributed net capital gain included in the shareholder's gross income and decreased by the federal income tax paid by the Fund on that amount of capital gain.

The Qualifying Income Requirement and Diversification Requirement that must be met under the Code in order for a Fund to qualify as a RIC, as described above, may limit the extent to which it will be able to engage in derivative transactions. Rules governing the federal income tax aspects of derivatives, including swap agreements, are not entirely clear in certain respects, particularly in light of two IRS revenue rulings issued in 2006. Revenue Ruling 2006-1 held that income from a derivative contract with respect to a commodity index is not qualifying income for a RIC. Subsequently, the IRS issued Revenue Ruling 2006-31 in which it stated that the holding in Revenue Ruling 2006-1 "was not intended to preclude a conclusion that the income from certain instruments (such as certain structured notes) that create a commodity exposure for the holder is qualifying income." Accordingly, the Qualifying Income Requirement may limit each Fund's ability to invest in commodity-related derivative transactions and other derivative transactions. Each Fund will account for any investments in commodity derivative transactions in a manner it deems to be appropriate; the IRS, however, might not accept such treatment. If the IRS did not accept such treatment, the status of such Fund as a RIC might be jeopardized.

In general, for purposes of the Qualifying Income Requirement described above, income derived from a partnership is treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by a RIC. However, all of the net income of a RIC derived from an interest in a qualified publicly traded partnership (defined as a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that meets certain qualifying income requirements but derives less than 90% of its income from the qualifying income described in clause (i) of the Qualifying Income Requirement described above) will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income tax purposes if they meet the passive income requirement under Section 7704(c)(2) of the Code. In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the Diversification Requirement described above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership.

If a Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures to satisfy the Diversification Requirements where the Fund corrects the failure within a specified period of time. If the applicable relief provisions are not available or cannot be met, such Fund will fail to qualify as a RIC and will be subject to federal income tax in the same manner as an ordinary corporation at a tax rate of 21% and all distributions from earnings and profits (as determined under U.S. federal income tax principles) to its shareholders will be taxable as ordinary dividend income eligible for the dividends-received deduction for corporate shareholders and for qualified dividend income treatment for non-corporate shareholders.

**Excise Tax.** If a Fund fails to distribute by December 31 of a calendar year an amount equal to the sum of (1) at least 98% of its taxable ordinary income (excluding capital gains and losses) for such year, (2) at least 98.2% of the excess of its capital gains over its capital losses (as adjusted for certain ordinary losses) for the twelve month period ending on October 31 of such year, and (3) all taxable ordinary income and the excess of capital gains over capital losses for the prior year that were not distributed during such year and on which it did not pay federal income tax, such Fund will be subject to a nondeductible 4% excise tax (the "Excise Tax") on the undistributed amounts. A

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distribution will be treated as paid on December 31 of the calendar year if it is declared by a Fund in October, November, or December of that year to shareholders of record on a date in such month and paid by it during January of the following year. Such distributions will be taxable to shareholders (other than those not subject to federal income tax) in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. Each Fund generally intends to actually distribute or be deemed to have distributed substantially all of its net income and gain, if any, by the end of each calendar year in compliance with these requirements so that it will generally not be required to pay the Excise Tax. A Fund may in certain circumstances be required to liquidate its investments in order to make sufficient distributions to avoid the Excise Tax liability at a time when its Adviser might not otherwise have chosen to do so. Liquidation of investments in such circumstances may affect the ability of a Fund to satisfy the requirements for qualification as a RIC. However, no assurances can be given that a Fund will not be subject to the Excise Tax and, in fact, in certain instances if warranted, a Fund may choose to pay the Excise Tax as opposed to making an additional distribution.

**Capital Loss Carryforwards.** For capital losses realized with respect to a tax year of a Fund that exceed the Fund's capital gains for such year, the Fund may carry such excess capital losses forward indefinitely. The excess of a Fund's net short-term capital losses over its net long-term capital gain is treated as short-term capital losses arising on the first day of the Fund's next taxable year and the excess of a Fund's net long-term capital losses over its net short-term capital gain is treated as long-term capital losses arising on the first day of the Fund's next taxable year. If carried forward capital losses offset future capital gains, such future capital gains are not subject to Fund-level federal income taxation, regardless of whether they are distributed to shareholders. A Fund cannot carry back or carry forward any net operating losses.

**Original Issue Discount and Market Discount.** A Fund may acquire debt securities that are treated as having original issue discount ("OID") (generally a debt obligation with a purchase price less than its principal amount, such as a zero coupon bond). Generally, a Fund will be required to include the OID in income over the term of the debt security, even though it will not receive cash payments for such OID until a later time, usually when the debt security matures. A Fund may make one or more of the elections applicable to debt securities having OID which could affect the character and timing of recognition of income. Inflation-protected bonds generally can be expected to produce OID income as their principal amounts are adjusted upward for inflation. The IRS may treat a portion of the OID includible in income with respect to certain high-yield corporate debt securities as a dividend for federal income tax purposes.

A debt security acquired in the secondary market by a Fund may be treated as having market discount if acquired at a price below redemption value or adjusted issue price if issued with OID. The Fund's market discount accrues ratably, on a daily basis, over the period from the date of acquisition to the date of maturity even though the Fund will not receive cash. Absent an election by a Fund to include the market discount in income as it accrues, gain on its disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even though a Fund holding such securities receives no interest payments in cash on such securities during the year.

Each Fund generally will be required to make distributions to shareholders representing the income accruing on the securities, described above, that is currently includable in income, even though cash representing such income may not have been received by such Fund. Cash to pay these distributions may be obtained from sales proceeds of securities held by a Fund (even if such sales are not advantageous) or, if permitted by such Fund's governing documents, through borrowing the amounts required to be distributed. In the event a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would have in the absence of such transactions.

**Options, Futures and Forward Contracts.** The writing (selling) and purchasing of options and futures contracts and entering into forward currency contracts, involves complex rules that will determine for federal income tax purposes the amount, character and timing of recognition of the gains and losses a Fund realizes in connection with such transactions.

Gains and losses on the sale, lapse, or other termination of options and futures contracts, options thereon and certain forward contracts (except certain foreign currency options, forward contracts and futures contracts) will generally be treated as capital gains and losses. Some regulated futures contracts, certain foreign currency contracts, and certain non-equity options (such as certain listed options or options on broad based securities indexes) held by a Fund ("Section 1256 contracts"), other than contracts on which it has made a "mixed-straddle election", will be required to be "marked-to-market" for federal income tax purposes, that is, treated as having been sold at their market value on the last day of such Fund's taxable year. These provisions may require a Fund to recognize income or gains without a concurrent receipt of cash. Any gain or loss recognized on actual or deemed sales of Section 1256 contracts will be treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss, although certain foreign currency gains and losses from such contracts may be treated as ordinary income or loss as described below. Transactions that qualify as designated hedges are exempt from the mark-to-market rule, but may require a Fund to defer the recognition of losses on futures contracts, foreign currency contracts and certain options to the extent of any unrecognized gains on related positions held by it.

The tax provisions described above applicable to options, futures and forward contracts may affect the amount, timing, and character of a Fund's distributions to its shareholders. For example, the Section 1256 rules described above may operate to increase the amount a Fund must distribute to satisfy the minimum distribution requirement for the portion treated as short-term capital gain which will be taxable to its shareholders as ordinary income, and to increase the net capital gain it recognizes, without, in either case, increasing the cash available

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to it. A Fund may elect to exclude certain transactions from the operation of Section 1256, although doing so may have the effect of increasing the relative proportion of net short-term capital gain (taxable as ordinary income) and thus increasing the amount of dividends it must distribute. Section 1256 contracts also may be marked-to-market for purposes of the Excise Tax.

When a covered call or put option written (sold) by a Fund expires such Fund will realize a short-term capital gain equal to the amount of the premium it received for writing the option. When a Fund terminates its obligations under such an option by entering into a closing transaction, it will realize a short-term capital gain (or loss), depending on whether the cost of the closing transaction is less than (or exceeds) the premium received when it wrote the option. When a covered call option written by a Fund is exercised, such Fund will be treated as having sold the underlying security, producing long-term or short-term capital gain or loss, depending upon the holding period of the underlying security and whether the sum of the option price received upon the exercise plus the premium received when it wrote the option is more or less than the basis of the underlying security.

**Straddles.** Section 1092 deals with the taxation of straddles which also may affect the taxation of options in which a Fund may invest. Offsetting positions held by a Fund involving certain derivative instruments, such as options, futures and forward currency contracts, may be considered, for federal income tax purposes, to constitute "straddles." Straddles are defined to include offsetting positions in actively traded personal property. In certain circumstances, the rules governing straddles override or modify the provisions of Section 1256, described above. If a Fund is treated as entering into a straddle and at least one (but not all) of its positions in derivative contracts comprising a part of such straddle is governed by Section 1256, then such straddle could be characterized as a "mixed straddle." A Fund may make one or more elections with respect to mixed straddles. Depending on which election is made, if any, the results with respect to a Fund may differ. Generally, to the extent the straddle rules apply to positions established by a Fund, losses realized by it may be deferred to the extent of unrealized gain in any offsetting positions. Moreover, as a result of the straddle rules, short-term capital loss on straddle positions may be characterized as long-term capital loss, and long-term capital gain may be characterized as short-term capital gain. In addition, the existence of a straddle may affect the holding period of the offsetting positions and cause such sales to be subject to the "wash sale" and "short sale" rules. As a result, the straddle rules could cause distributions that would otherwise constitute "qualified dividend income" to fail to satisfy the applicable holding period requirements, described below, and therefore to be taxed as ordinary income. Further, a Fund may be required to capitalize, rather than deduct currently, any interest expense and carrying charges applicable to a position that is part of a straddle. Because the application of the straddle rules may affect the character and timing of gains and losses from affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to the situation where a Fund had not engaged in such transactions.

In circumstances where a Fund has invested in certain pass-through entities, the amount of long-term capital gain that it may recognize from certain derivative transactions with respect to interests in such pass-through entities is limited under the Code's constructive ownership rules. The amount of long-term capital gain is limited to the amount of such gain a Fund would have had if it directly invested in the pass-through entity during the term of the derivative contract. Any gain in excess of this amount is treated as ordinary income. An interest charge is imposed on the amount of gain that is treated as ordinary income.

**Swaps and Derivatives.** As a result of entering into swap or derivative agreements, a Fund may make or receive periodic net payments. A Fund may also make or receive a payment when a swap or derivative is terminated prior to maturity through an assignment of the swap or derivative or other closing transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap or derivative will generally result in capital gain or loss (which will be a long-term capital gain or loss if the Fund has been a party to a swap or derivative for more than one year). With respect to certain types of swaps or derivatives, a Fund may be required to currently recognize income or loss with respect to future payments on such swaps or derivatives or may elect under certain circumstances to mark such swaps or derivatives to market annually for tax purposes as ordinary income or loss.

Rules governing the tax aspects of swap or derivative agreements are not entirely clear in certain respects, in particular whether income generated is Qualifying Income. Accordingly, while each Fund intends to account for such transactions in a manner it deems appropriate, the IRS might not accept such treatment. If the IRS did not accept such treatment, the status of the Fund as a RIC might be adversely affected. The Funds intend to monitor developments in this area. Certain requirements that must be met under the Code in order for each Fund to qualify as a RIC may limit the extent to which a Fund will be able to engage in swap agreements and certain derivatives.

**Constructive Sales.** Certain rules may affect the timing and character of gain if a Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a Fund enters into certain transactions (including a short sale, an offsetting notional principal contract, a futures or forward contract, or other transactions identified in U.S. Treasury regulations) in property while holding an appreciated financial position in substantially identical property, it will be treated as if it had sold and immediately repurchased the appreciated financial position and will be taxed on any gain (but not loss) from the constructive sale. The character of gain from a constructive sale will depend upon a Fund's holding period in the appreciated financial position. Loss from a constructive sale would be recognized when the position was subsequently disposed of, and its character would depend on a Fund's holding period and the application of various loss deferral provisions of the Code.

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In addition, if the appreciated financial position is itself a short sale, acquisition of the underlying property or substantially identical property by a Fund will be deemed a constructive sale. The foregoing will not apply, however, to a Fund's transaction during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and such Fund holds the appreciated financial position unhedged for 60 days after that closing (i.e., at no time during that 60-day period is such Fund's risk of loss regarding the position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale or granting an option to buy substantially identical stock or securities).

**Wash Sales.** A Fund may in certain circumstances be impacted by special rules relating to "wash sales." In general, the wash sale rules prevent the recognition of a loss by a Fund from the disposition of stock or securities at a loss in a case in which identical or substantially identical stock or securities (or an option to acquire such property) is or has been acquired by it within 30 days before or 30 days after the sale.

**Short Sales.** A Fund may make short sales of securities. Short sales may increase the amount of short-term capital gain realized by a Fund, which is taxed as ordinary income when distributed to its shareholders. Short sales also may be subject to the "Constructive Sales" rules, discussed above.

**Tax Credit Bonds.** If a Fund holds (directly or indirectly) one or more "tax credit bonds" (defined below) on one or more specified dates during a Fund's taxable year, and it satisfies the minimum distribution requirement, it may elect for U.S. federal income tax purposes to pass through to shareholders tax credits otherwise allowable to it for that year with respect to such tax credit bonds. A tax credit bond is defined in the Code as a "qualified tax credit bond" (which includes a qualified forestry conservation bond, a new clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which must meet certain requirements specified in the Code), a "build America bond" (which includes certain qualified bonds issued before January 1, 2011) or certain other bonds specified in the Code. New tax credit bonds may not be issued after December 31, 2017. If a Fund were to make an election, a shareholder of such Fund would be required to include in gross income an amount equal to such shareholder's proportionate share of the interest income attributable to such credits and would be entitled to claim as a tax credit an amount equal to a proportionate share of such credits. Certain limitations may apply on the extent to which the credit may be claimed.

**Other Regulated Investment Companies.** Generally, the character of the income or capital gains that a Fund receives from another investment company will pass through to the Fund's shareholders as long as the Fund and the other investment company each qualify as RICs under the Code. However, to the extent that another investment company that qualifies as a RIC realizes net losses on its investments for a given taxable year, a Fund will not be able to recognize its share of those losses until it disposes of shares of such investment company. Moreover, even when a Fund does make such a disposition, a portion of its loss may be recognized as a long-term capital loss.

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gains that a Fund will be required to distribute to shareholders will be greater than such amounts would have been had the Fund invested directly in the securities held by the investment companies in which it invests, rather than investing in shares of the investment companies. For similar reasons, the character of distributions from a Fund (e.g., long-term capital gain, qualified dividend income, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment companies in which it invests.

**Passive Foreign Investment Companies. A** Fund may invest in a non-U.S. corporation, which could be treated as a passive foreign investment company (a "PFIC") or become a PFIC under the Code. A PFIC is generally defined as a foreign corporation that meets either of the following tests: (1) at least 75% of its gross income for its taxable year is income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains); or (2) an average of at least 50% of its assets produce, or are held for the production of, such passive income. If a Fund acquires any equity interest in a PFIC, such Fund could be subject to federal income tax and interest charges on "excess distributions" received with respect to such PFIC stock or on any gain from the sale of such PFIC stock (collectively "PFIC income"), even if such Fund distributes the PFIC income as a taxable dividend to its shareholders. The balance of the PFIC income will be included in such Fund's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders. A Fund's distributions of PFIC income will be taxable as ordinary income even though, absent the application of the PFIC rules, some portion of the distributions may have been classified as capital gain.

A Fund will not be permitted to pass through to its shareholders any credit or deduction for taxes and interest charges incurred with respect to a PFIC. Payment of this tax would therefore reduce a Fund's economic return from its investment in PFIC shares. To the extent a Fund invests in a PFIC, it may elect to treat the PFIC as a "qualified electing fund" ("QEF"), then instead of the tax and interest obligation described above on excess distributions, such Fund would be required to include in income each taxable year its pro rata share of the QEF's annual ordinary earnings and net capital gain. As a result of a QEF election, a Fund would likely have to distribute to its shareholders an amount equal to the QEF's annual ordinary earnings and net capital gain to satisfy the Code's minimum distribution requirement described herein and avoid imposition of the Excise Tax, even if the QEF did not distribute those earnings and gain to such Fund. In most instances it will be very difficult, if not impossible, to make this election because of certain requirements in making the election.

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A Fund may elect to "mark-to-market" its stock in any PFIC. "Marking-to-market," in this context, means including in ordinary income each taxable year the excess, if any, of the fair market value of the PFIC stock over such Fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund also may deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted basis in the PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock it included in income for prior taxable years under the election. A Fund's adjusted basis in its PFIC stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder. In either case, a Fund may be required to recognize taxable income or gain without the concurrent receipt of cash.

**Foreign Currency Transactions.** Foreign currency gains and losses realized by a Fund in connection with certain transactions involving foreign currency-denominated debt instruments, certain options, futures contracts, forward contracts, and similar instruments relating to foreign currency, foreign currencies, and foreign currency-denominated payables and receivables are subject to Section 988 of the Code, which causes such gains and losses to be treated as ordinary income or loss and may affect the amount and timing of recognition of such Fund's income. In some cases, elections may be available that would alter this treatment, but such elections could be detrimental to a Fund by creating current recognition of income without the concurrent recognition of cash. If a foreign currency loss treated as an ordinary loss under Section 988 were to exceed a Fund's investment company taxable income (computed without regard to such loss) for a taxable year the resulting loss would not be deductible by it or its shareholders in future years. The foreign currency income or loss will also increase or decrease a Fund's investment company income distributable to its shareholders.

**Foreign Taxation.** Income received by a Fund from sources within foreign countries may be subject to foreign withholding and other taxes. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of a Fund's total assets at the close of any taxable year consist of stock or securities of foreign corporations, or if a Fund is a qualified fund-of-funds (i.e., a RIC that invests at least 50% of its total assets in other RICs at the close of each quarter of its taxable year), and the Fund meets the distribution requirements described above, such Fund may file an election (the "pass-through election") with the IRS pursuant to which shareholders of the Fund would be required to (i) include in gross income (in addition to taxable dividends actually received) their pro rata shares of foreign income taxes paid by the Fund, or in the case of a qualified fund of funds, such taxes paid by an underlying fund that has made the pass-through election, even though not actually received by such shareholders; and (ii) treat such respective pro rata portions as foreign income taxes paid by them. Each Fund making a pass-through election will furnish its shareholders with a written statement providing the amount of foreign taxes paid by the Fund that will "pass-through" for the year, if any.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of a Fund's income will flow through to shareholders. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by a Fund. Various limitations, including a minimum holding period requirement, apply to limit the credit and deduction for foreign taxes for purposes of regular federal income tax and alternative minimum tax.

**REITs.** A Fund may invest in REITs. Investments in REIT equity securities may require a Fund to accrue and distribute taxable income without the concurrent receipt of cash. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in its receipt of cash in excess of the REIT's earnings; if such Fund distributes these amounts, these distributions could constitute a return of capital to its shareholders for federal income tax purposes.

Qualified REIT dividends (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are eligible for a 20% federal income tax deduction in the case of individuals, trusts and estates. A Fund that receives qualified REIT dividends may elect to pass the special character of this income through to its shareholders. To be eligible to treat distributions from a Fund as qualified REIT dividends, a shareholder must hold shares of the Fund for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex dividend with respect to such dividend and the shareholder must not be under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. If a Fund does not elect to pass the special character of this income through to shareholders or if a shareholder does not satisfy the above holding period requirements, the shareholder will not be entitled to the 20% deduction for the shareholder's share of the Fund's qualified REIT dividend income) while direct investors in REITs may be entitled to the deduction.

A Fund may invest in REITs that hold residual interests in REMICs or taxable mortgage pools ("TMPs"), or such REITs may themselves constitute TMPs. Under an IRS notice, and U.S. Treasury regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income from a REIT that is attributable to the REIT's residual interest in a REMIC or a TMP (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as the Funds, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or invested in the TMP directly. Tax exempt-shareholders, including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan and other tax-exempt entities should consider this before investing in a Fund. See "Tax-Exempt Shareholders."

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**MLPs.** A Fund may invest to a limited degree in MLPs that are treated as qualified publicly traded partnerships for federal income tax purposes. Net income derived from an interest in a qualified publicly traded partnership is included in the sources of income that satisfy the Qualifying Income Requirement. However, under the Diversification Requirement, no more than 25% of the value of a RIC's total assets at the end of each fiscal quarter may be invested in securities of qualified publicly traded partnerships. If an MLP in which a Fund invests is taxed as a partnership for federal income tax purposes, the Fund will be taxable on its allocable share of the MLP's income regardless of whether the Fund receives any distribution from the MLP. Thus, the Fund may be required to sell other securities in order to satisfy the distribution requirements to qualify as a RIC and to avoid federal income tax and the Excise Tax. Distributions to a Fund from an MLP that is taxed as a partnership for federal income tax purposes will constitute a return of capital to the extent of the Fund's basis in its interest in the MLP. If a Fund's basis is reduced to zero, distributions will generally constitute capital gain for federal income tax purposes.

Individuals, trusts and estates are eligible for a 20% federal income tax deduction for certain income from investments in MLPs that is included in the "combined qualified business income amount." The Code currently does not contain a provision permitting a RIC to pass the special character of this income through to its shareholders. As a result, direct investors in MLPs may be entitled to this deduction while investors that invest in a Fund that invests in MLPs will not.

**Distributions.** Distributions paid out of a Fund's current and accumulated earnings and profits (as determined at the end of the year), whether reinvested in additional shares or paid in cash, are generally taxable and must be reported by each shareholder who is required to file a federal income tax return. Distributions in excess of a Fund's current and accumulated earnings and profits, as computed for federal income tax purposes, will first be treated as a return of capital up to the amount of a shareholder's tax basis in his or her Fund shares and then as capital gain.

For federal income tax purposes, distributions of net investment income are generally taxable as ordinary income, and distributions of gains from the sale of investments that a Fund owned (or is treated as owning) for one year or less will be taxable as ordinary income. Distributions designated by a Fund as "capital gain dividends" (distributions from the excess of net long-term capital gain over net short-term capital losses) will be taxable to shareholders as long-term capital gain regardless of the length of time they have held their shares of such Fund. Such dividends do not qualify as dividends for purposes of the dividends received deduction or for qualified dividend income purposes as described below.

Distributions of "qualified dividend income" received by non-corporate shareholders of a Fund may be eligible for the long-term capital gain rate. A Fund's distribution will be treated as qualified dividend income and therefore eligible for the long-term capital gain rate to the extent the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that certain holding period and other requirements are met. A corporate shareholder of a Fund may be eligible for the dividends received deduction on such Fund's distributions attributable to dividends received by such Fund from domestic corporations, which, if received directly by the corporate shareholder, would qualify for such a deduction. For eligible corporate shareholders, the dividends received deduction may be subject to certain reductions, and a distribution by a Fund attributable to dividends of a domestic corporation will be eligible for the deduction only if certain holding period and other requirements are met.

An additional 3.8% Medicare tax is imposed on certain net investment income (including dividends and capital gain distributions received from a Fund, other than exempt interest dividends, and net gains from redemptions or other taxable dispositions of shares of a Fund) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

Touchstone Core Municipal Bond Fund expects to qualify to pay "exempt-interest dividends," as defined in the Code. To qualify to pay exempt-interest dividends, the Fund must, at the close of each quarter of its taxable year, have at least 50% of the value of its total assets invested in municipal securities, the interest on which is excluded from gross income under Section 103(a) of the Code. If the Fund satisfies the applicable requirements, dividends paid by the Fund that are attributable to tax-exempt interest on municipal securities and reported in a written statement by the fund as exempt-interest dividends to its shareholders may be treated by shareholders as items of interest excludable from their gross income under Section 103(a) of the Code.

Although all or a substantial portion of the dividends paid by the Touchstone Core Municipal Bond Fund may be excluded by the Fund's shareholders from their gross income for federal income tax purposes, the Fund may purchase specified private activity bonds, the interest from which (including the Fund's distributions attributable to such interest) may be a preference item for purposes of the federal alternative minimum tax on individuals. All exempt-interest dividends from the Fund, whether or not attributable to private activity bond interest, will be taken into account in determining the extent to which a shareholder's Social Security or certain railroad retirement benefits are taxable.

Each Fund will furnish a statement to shareholders providing the federal income tax status of its dividends and distributions including the portion of such dividends, if any, that qualifies as long-term capital gain.

Different tax treatment, including penalties on certain excess contributions and deferrals, certain pre-retirement and post-retirement distributions, and certain prohibited transactions, is accorded to accounts maintained as qualified retirement plans.

*Shareholders are urged and advised to consult their own tax advisers for more information.*

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**Purchases of Fund Shares.** Prior to purchasing shares in a Fund, the impact of dividends or distributions which are expected to be or have been declared, but not paid, should be carefully considered. Any dividend or distribution declared shortly after a purchase of shares of a Fund prior to the record date will have the effect of reducing the per share NAV by the per share amount of the dividend or distribution, and to the extent the distribution consists of the Fund's taxable income, the purchasing shareholder will be taxed on the taxable portion of the dividend or distribution received even though some or all of the amount distributed is effectively a return of capital.

**Sales, Exchanges or Redemptions.** Upon the disposition of shares of a Fund (whether by redemption, sale or exchange), a shareholder may realize a capital gain or loss. Such capital gain or loss will be long-term or short-term depending upon the shareholder's holding period for the shares. The capital gain will be long-term if the shares were held for more than 12 months and short-term if held for 12 months or less. If a shareholder sells or exchanges Fund shares within 90 days of having acquired such shares and if, before January 31 of the calendar year following the calendar year of the sale or exchange, as a result of having initially acquired those shares, the shareholder subsequently pays a reduced sales charge on a new purchase of shares of the Fund or another Fund, the sales charge previously incurred in acquiring the Fund's shares generally shall not be taken into account (to the extent the previous sales charges do not exceed the reduction in sales charges on the new purchase) for the purpose of determining the amount of gain or loss on the disposition, but generally will be treated as having been incurred in the new purchase. Any loss realized on a disposition will be disallowed under the "wash sale" rules to the extent that the shares disposed of by the shareholder are replaced by the shareholder (including through dividend reinvestment) within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of capital gain dividends received by the shareholder and disallowed to the extent of any distributions of exempt-interest dividends received by the shareholder with respect to such shares unless the Fund declared exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis. Capital losses are generally deductible only against capital gains except that individuals may deduct up to $3,000 of capital losses against ordinary income.

The 3.8% Medicare contribution tax (described above) will apply to gains from the sale or exchange of a Fund's shares.

**Backup Withholding.** Each Fund (or a financial intermediary, such as a broker, through which a shareholder holds Fund shares) generally is required to withhold, and remit to the U.S. Treasury, subject to certain exemptions, an amount equal to 24% of all distributions and redemption proceeds paid or credited to a shareholder of such Fund if (i) the shareholder fails to furnish such Fund with the correct taxpayer identification number ("TIN") certified under penalties of perjury, (ii) the shareholder fails to provide a certified statement that the shareholder is not subject to backup withholding, or (iii) the IRS or a broker has notified such Fund that the number furnished by the shareholder is incorrect or that the shareholder is subject to backup withholding as a result of failure to report interest or dividend income. If the backup withholding provisions are applicable, any such distributions or proceeds, whether taken in cash or reinvested in shares, will be reduced by the amounts required to be withheld. Backup withholding is not an additional tax. Any amounts withheld may be credited against a shareholder's U.S. federal income tax liability.

**State and Local Taxes.** State and local laws often differ from federal income tax laws with respect to the treatment of specific items of income, gain, loss, deduction and credit. Shareholders are urged and advised to consult their own tax advisers for more information.

**Non-U.S. Shareholders.** Distributions made to non-U.S. shareholders attributable to net investment income generally are subject to U.S. federal income tax withholding at a 30% rate (or such lower rate provided under an applicable income tax treaty). However, a Fund or broker will generally not be required to withhold tax on any amounts paid to a non-U.S. investor with respect to dividends attributable to "qualified short-term gain" (i.e*.*, the excess of net short-term capital gain over net long-term capital loss) designated as such by the Fund and dividends attributable to certain U.S. source interest income that would not be subject to federal withholding tax if earned directly by a non-U.S. person, provided such amounts are properly designated by the Fund. A Fund may choose not to designate such amounts.

Notwithstanding the foregoing, if a distribution described above is effectively connected with the conduct of a trade or business carried on by a non-U.S. shareholder within the U.S. (or, if an income tax treaty applies, is attributable to a permanent establishment in the U. S.), federal income tax withholding and exemptions attributable to foreign persons will not apply and such distribution will be subject to the federal income tax, reporting and withholding requirements generally applicable to U.S. persons described above.

Under U.S. federal tax law, a non-U.S. shareholder is not, in general, subject to federal income tax or withholding tax on capital gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund or on capital gain dividends, provided that the Fund obtains a properly completed and signed certificate of foreign status, unless (i) such gains or distributions are effectively connected with the conduct of a trade or business carried on by the non-U.S. shareholder within the U.S. (or, if an income tax treaty applies, are attributable to a permanent establishment in the U.S. of the non-U.S. shareholder); (ii) in the case of an individual non-U.S. shareholder, the shareholder is present in the U.S. for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met; or (iii) the shares of the Fund constitute U.S. real property interests ("USRPIs"), as described below.

Special rules apply to foreign persons who receive distributions from a Fund that are attributable to gains from USRPIs. The Code defines USRPIs to include direct holdings of U.S. real property and any interest (other than an interest solely as a creditor) in a "U.S. real property holding corporation" or former U.S. real property holding corporation. The Code defines a U.S. real property holding corporation as any corporation whose USRPIs make up 50% or more of the fair market value of its USRPIs, its interests in real property located outside the

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U.S., plus any other assets it uses in a trade or business. In general, if a Fund is a U.S. real property holding corporation (determined without regard to certain exceptions), distributions by the Fund that are attributable to (a) gains realized on the disposition of USRPIs by the Fund and (b) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands will retain their character as gains realized from USRPIs in the hands of the foreign persons and will be subject to U.S. federal withholding tax. In addition, such distributions could result in a foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a non-U.S. shareholder, including the rate of such withholding and character of such distributions (e.g., ordinary income or USRPI gain) will vary depending on the extent of the non-U.S. shareholder's current and past ownership of a Fund.

In addition, if a Fund is a U.S. real property holding corporation or former U. S. real property holding corporation, the Fund may be required to withhold U.S. tax upon a redemption of shares by a greater-than-5% shareholder that is a foreign person, and that shareholder would be required to file a U.S. income tax return for the year of the disposition of the USRPI and pay any additional tax due on the gain. However, no such withholding is generally required with respect to amounts paid in redemption of shares of a Fund if the Fund was a domestically controlled qualified investment entity, or, in certain other limited cases, if a Fund (whether or not domestically controlled) holds substantial investments in RICs that are domestically controlled qualified investment entities.

Subject to the additional rules described herein, federal income tax withholding will apply to distributions attributable to dividends and other investment income distributed by the Funds. The federal income tax withholding rate may be reduced (and, in some cases, eliminated) under an applicable tax treaty between the U.S. and the non-U.S. shareholder's country of residence or incorporation. In order to qualify for treaty benefits, a non-U.S. shareholder must comply with applicable certification requirements relating to its foreign status (generally by providing a Fund with a properly completed Form W-8BEN).

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, the "Foreign Account Tax Compliance Act" or "FATCA") generally requires a Fund to obtain information sufficient to identify the status of each of its shareholders. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on Fund dividends and distributions. Proposed regulations (effective while pending) eliminate the withholding tax that was scheduled to apply, starting in 2019, to the proceeds of the sale, redemption, or exchange of Fund shares. A Fund may disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation, including investments through an intermediary.

**Foreign Bank and Financial Accounts and Foreign Financial Assets Reporting Requirements.** A shareholder that owns directly or indirectly more than 50% by vote or value of a Fund, is urged and advised to consult its own tax adviser regarding its filing obligations with respect to FinCen Form 114, Report of Foreign Bank and Financial Accounts.

**Tax-Exempt Shareholders.** A tax-exempt shareholder could realize unrelated business taxable income ("UBTI") by virtue of its investment in a Fund if shares in the Fund constitute debt financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

It is possible that a tax-exempt shareholder of a Fund will also recognize UBTI if such Fund recognizes "excess inclusion income" (as described above) derived from direct or indirect investments in REMIC residual interests or TMPs. Furthermore, any investment in a residual interest of a CMO that has elected to be treated as a REMIC can create complex tax consequences, especially if a Fund has state or local governments or other tax-exempt organizations as shareholders.

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or in TMPs.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders are urged and advised to consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.

Shareholders are urged and advised to consult their own tax adviser with respect to the tax consequences of an investment in a Fund including, but not limited to, the applicability of state, local, foreign and other tax laws affecting the particular shareholder and to possible effects of changes in federal or other tax laws.

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**CONTROL PERSONS AND PRINCIPAL SECURITY HOLDERS**

Persons or organizations beneficially owning more than 25% of the outstanding shares of a Fund are presumed to "control" the Fund. As a result, those persons or organizations could have the ability to influence an action taken by a Fund if such action requires a shareholder vote.

As of September 30, 2025 the name, address and percentage ownership of each entity or person that owned of record or beneficially 5% or more of the outstanding shares of any class of a Fund are as follows:

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| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
| Balanced Fund Class A | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 10.14<br> %<br>|
| Balanced Fund Class C | AMERICAN ENTERPRISE INVESTMENT SVC<br> 707 2ND AVE SOUTH<br> MINNEAPOLIS MN 55402-2405<br>| 5.77<br> %<br>|
|  | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 5.98<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 21.92<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 18.65<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 26.85<br> %<br>|
| Balanced Fund Class Y | AMERICAN ENTERPRISE INVESTMENT SVC<br> 707 2ND AVE SOUTH<br> MINNEAPOLIS MN 55402-2405<br>| 9.65<br> %<br>|
|  | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 8.58<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 26.46<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 21.35<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 14.33<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 6.79<br> %<br>|
| Balanced Fund Class R6 | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 45.94<br> %<br>|

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| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | TIAA TRUST, N.A. AS CUST/TTEE<br> OF RETIREMENT PLANS<br> RECORDKEPT BY TIAA<br> ATTN: FUND OPERATIONS<br> 8500 ANDREW CARNEGIE BLVD.<br> CHARLOTTE, NC 28262-8500<br>| 51.82<br> %<br>|
| Core Municipal Bond Fund Class A | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 5.76<br> %<br>|
|  | MLPF & S THE SOLE BENEFIT OF<br> FOR IT'S CUSTOMERS<br> ATTN FUND ADMISTRATION<br> 4800 DEER LAKE DR EAST-2ND FLR<br> JACKSONVILLE FL 32246<br>| 5.59<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 6.06<br> %<br>|
|  | UBS WM USA<br> SPEC CDY A/C EXCL BEN CUST UBSFSI<br> OMNI ACCOUNT M/F<br> ATTN DEPARTMENT MANAGER<br> 1000 HARBOR BLVD FL 5TH<br> WEEHAWKEN NJ 07086-6761<br>| 24.26<br> %<br>|
| Core Municipal Bond Fund Class C | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 6.10<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 47.11<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 25.92<br> %<br>|
|  | UBS WM USA<br> SPEC CDY A/C EXCL BEN CUST UBSFSI<br> OMNI ACCOUNT M/F<br> ATTN DEPARTMENT MANAGER<br> 1000 HARBOR BLVD FL 5TH<br> WEEHAWKEN NJ 07086-6761<br>| 20.83<br> %<br>|
| Core Municipal Bond Fund Class Y | GAIL B PARSONS<br> ODESSA FL 33556-3876<br>| 8.36<br> %\*<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 17.44<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 19.73<br> %<br>|

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| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 8.82<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 26.17<br> %<br>|
|  | UBS WM USA<br> SPEC CDY A/C EXCL BEN CUST UBSFSI<br> OMNI ACCOUNT M/F<br> ATTN DEPARTMENT MANAGER<br> 1000 HARBOR BLVD FL 5TH<br> WEEHAWKEN NJ 07086-6761<br>| 13.70<br> %<br>|
| Core Municipal Bond Fund Institutional <br> Class<br>| PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 17.52<br> %<br>|
|  | WESTERN & SOUTHERN LIFE<br> AND INSURANCE COMPANY<br> 400 BROADWAY MS 80<br> CINCINNATI OH 45202<br>| 81.84<br> %<br>|
| International Value Fund Class A | CHARLES SCHWAB CO INC<br> ATTN MUTUAL FUNDS TEAM S<br> 4500 CHERRY CREEK 3 DR S FL<br> DENVER CO 80209-0000<br>| 6.58<br> %<br>|
|  | INDEPENDENT HEALTH ASSOC INC<br> DEFINED BENEFIT PENSION PLAN<br> JAMES A DUNLOP JR &<br> JARED M GROSS TRUSTEES<br> ORCHARD PARK NY 14127-3066<br>| 6.91<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 6.46<br> %<br>|
| International Value Fund Class C | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 7.45<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 9.39<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 58.63<br> %<br>|
| International Value Fund Class Y | CHARLES SCHWAB CO INC<br> ATTN MUTUAL FUNDS TEAM S<br> 4500 CHERRY CREEK 3 DR S FL<br> DENVER CO 80209-0000<br>| 5.44<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 11.62<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 41.02<br> %<br>|

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| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 8.58<br> %<br>|
| International Value Fund Institutional <br> Class<br>| CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 57.66<br> %<br>|
|  | FPS TRUST COMPANY<br> FBO:TEXAS A&M UNIVERSITY-ORP<br> 9200 E. MINERAL AVENUE<br> SUITE 225<br> CENTENNIAL CO 80112<br>| 32.70<br> %<br>|
|  | PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY NJ 07303<br>| 5.02<br> %<br>|
| Large Cap Focused Fund Class A | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 8.93<br> %<br>|
| Large Cap Focused Fund Class C | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 9.74<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 11.79<br> %<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 7.45<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 17.21<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 28.93<br> %<br>|
| Large Cap Focused Fund Class Y | AMERICAN ENTERPRISE INVESTMENT SVC<br> 707 2ND AVE SOUTH<br> MINNEAPOLIS MN 55402-2405<br>| 8.44<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 18.82<br> %<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 5.99<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 14.27<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 6.63<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 15.47<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 5.11<br> %<br>|
| Large Cap Focused Fund Institutional <br> Class<br>| DCGT AS TTEE AND/OR CUST<br> FBO PLIC VARIOUS RETIREMENT PLANS<br> OMNIBUS<br> ATTN NPIO TRADE DESK<br> 711 HIGH STREET<br> DES MOINES, IA 50392<br>| 14.82<br> %<br>|
|  | MARIL & CO FBO 5A<br> CO RELIANCE TRUST COMPANY WI<br> 4900 W BROWN DEER ROAD<br> MILWAUKEE, WI 53223<br>| 14.25<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 39.96<br> %<br>|
|  | NATIONAL LIFE DISTRIBUTION LLC<br> FBO DC PLAN FOR PREMIER FINANCIAL A<br> ATTN PLAN TRUSTEE<br> 1 NATIONAL LIFE DR<br> MONTPELIER, VT 05604<br>| 9.30<br> %<br>|
| Large Cap Focused Fund Class R6 | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 17.47<br> %<br>|
|  | CHARLES SCHWAB TRUST BANK. CUST<br> KNOX COUNTY ASSET ACCUMULATION 401(<br> (A) PLAN<br> 2423 E LINCOLN DR<br> PHOENIX AZ 85016-1215<br>| 12.88<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 45.24<br> %<br>|
|  | VOYA INSTITUTIONAL TRUST COMPANY<br> 1 ORANGE WAY<br> WINDSOR CT 06095-4774<br>| 9.57<br> %<br>|
| Large Cap Fund Class A | JANE R PETERS<br> MALBORO MA 01752-0000<br>| 6.03<br> %\*<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 5.91<br> %<br>|
|  | MLPF & S THE SOLE BENEFIT OF<br> FOR IT'S CUSTOMERS<br> ATTN FUND ADMISTRATION<br> 4800 DEER LAKE DR EAST-2ND FLR<br> JACKSONVILLE FL 32246<br>| 7.99<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 31.03<br> %<br>|
|  | UBS WM USA<br> SPEC CDY A/C EXCL BEN CUST UBSFSI<br> OMNI ACCOUNT M/F<br> ATTN DEPARTMENT MANAGER<br> 1000 HARBOR BLVD FL 5TH<br> WEEHAWKEN NJ 07086-6761<br>| 5.95<br> %<br>|
| Large Cap Fund Class C | BNYM I S TRUST CO CUST SIMPLE IRA<br> EUGENIO Q FIGUEROS<br> RIVERSIDE CA 92503-5946<br>| 6.96<br> %\*<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 20.22<br> %<br>|
|  | UBS WM USA<br> SPEC CDY A/C EXCL BEN CUST UBSFSI<br> OMNI ACCOUNT M/F<br> ATTN DEPARTMENT MANAGER<br> 1000 HARBOR BLVD FL 5TH<br> WEEHAWKEN NJ 07086-6761<br>| 58.26<br> %<br>|
| Large Cap Fund Class Y | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 17.21<br> %<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 5.57<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 10.73<br> %<br>|
| Large Cap Fund Institutional Class | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 6.08<br> %<br>|
|  | STEPHEN MCCARTHY GODDARD AND<br> CHERYL G GODDARD JTWROS<br> RICHMOND VA 23226-3774<br>| 21.88<br> %\*<br>|
|  | TLC HOLDINGS LLC<br> A PARTNERSHIP<br> 1800 BAYBERRY CT STE 301<br> RICHMOND VA 23226-3774<br>| 67.03<br> %<br>|
| Large Company Growth Fund Class A | BNYM I S TRUST CO CUST ROLLOVER IRA<br> PATRICIA WILSON<br> CALIFORNIA KY 41007-9145<br>| 5.92<br> %\*<br>|
|  | MOONLIGHT 90 INC 401K<br> KENNETH L WINTER &<br> DONIELLE R WINTER TTEES<br> ESCONDIDO CA 92025-4140<br>| 6.62<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 26.88<br> %<br>|
| Large Company Growth Fund Class C | BNYM I S TRUST CO CUST SIMPLE IRA<br> STAR IMPROVEMENTS INC<br> FBO MICHAEL FEDELE<br> SIMPLE IRA<br> ALBANY NY 12205-2301<br>| 28.47<br> %\*<sup>,</sup>\*\*<br>|
|  | BNYM I S TRUST CO CUST SIMPLE IRA<br> STAR IMPROVEMENTS, INC<br> FBO PATRICIA L LATHER<br> SIMPLE IRA<br> ALBANY NY 12203-4803<br>| 17.31<br> %\*<br>|
|  | LEON M FLESDRAGER<br> MARIETTA GA 30062-6364<br>| 10.22<br> %\*<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 15.63<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 6.72<br> %<br>|
| Large Company Growth Fund Class Y | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 10.21<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 10.69<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 13.55<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 39.10<br> %<br>|
| Large Company Growth Fund <br> Institutional Class<br>| CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212<br>| 11.86<br> %<br>|
|  | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 30.04<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 5.56<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 19.83<br> %<br>|
| Small Company Fund Class A | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 10.98<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 5.92<br> %<br>|
| Small Company Fund Class C | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 9.62<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 19.17<br> %<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 14.88<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 6.70<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 11.10<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 8.77<br> %<br>|
| Small Company Fund Class Y | AMERICAN ENTERPRISE INVESTMENT SVC<br> 707 2ND AVE SOUTH<br> MINNEAPOLIS MN 55402-2405<br>| 11.50<br> %<br>|
|  | CHARLES SCHWAB CO INC<br> ATTN MUTUAL FUNDS TEAM S<br> 4500 CHERRY CREEK 3 DR S FL<br> DENVER CO 80209-0000<br>| 7.92<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 15.77<br> %<br>|
|  | MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCLUSIVE BENEFIT OF ITS<br> CUSTOMERS<br> 1 NEW YORK PLAZA FL 12<br> NEW YORK NY 10004-1901<br>| 11.53<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 12.28<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 6.76<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 12.77<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 5.20<br> %<br>|
| Small Company Fund Institutional <br> Class<br>| CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 14.89<br> %<br>|
|  | HOCO<br> KANSAS CITY MO 64106<br>| 5.14<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 40.06<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 23.29<br> %<br>|
|  | SAXON & CO.<br> FBO<br> P.O. BOX 94597<br> CLEVELAND OH 44101<br>| 7.54<br> %<br>|
| Small Company Fund Class R6 | DCGT AS TTEE AND/OR CUST<br> FBO PLIC VARIOUS RETIREMENT PLANS<br> OMNIBUS<br> ATTN NPIO TRADE DESK<br> 711 HIGH STREET<br> DES MOINES, IA 50392<br>| 13.77<br> %<br>|
|  | EMPOWER TRUST FBO<br> EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| 6.65<br> %<br>|
|  | EMPOWER TRUST FBO<br> WESTERN & SOUTHERN FINANCIAL GROUP<br> RETIREMENT 401K SAVINGS PLAN<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| 20.99<br> %<br>|
|  | EMPOWER TRUST FBO<br> WOODS HOLE OCEANOGRAPHIC INSTITUTIO<br> C/O EMPOWER<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| 5.06<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 11.39<br> %<br>|
|  | TIAA TRUST, N.A. AS CUST/TTEE<br> OF RETIREMENT PLANS<br> RECORDKEPT BY TIAA<br> ATTN: FUND OPERATIONS<br> 8500 ANDREW CARNEGIE BLVD.<br> CHARLOTTE, NC 28262-8500<br>| 6.70<br> %<br>|
| Value Fund Class A | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 5.06<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 10.59<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 8.60<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 5.17<br> %<br>|
| Value Fund Class C | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 12.68<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 5.17<br> %<br>|
|  | OPPENHEIMER & CO INC. FBO<br> NINA K SCHLOSBERG TEE<br> NINA K SCHLOSBERG TRUST<br> WALTHAM MA 02451<br>| 19.89<br> %\*<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 7.93<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 5.21<br> %<br>|
| Value Fund Class Y | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 10.90<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 46.65<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 9.35<br> %<br>|
| Value Fund Institutional Class | CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212<br>| 5.17<br> %<br>|
|  | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 27.17<br> %<br>|
|  | CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY ACCT FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| 5.89<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 10.25<br> %<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund Name and Share Class** | **Name and Address** | **Percentage**<br> **of Class**<br>|
|  | SEI PRIVATE TRUST COMPANY<br> C/O REGIONS<br> 1 FREEDOM VALLEY DRIVE<br> OAKS PA 19456<br>| 10.47<br> %<br>|
|  | TIAA TRUST, N.A. AS CUST/TTEE<br> OF RETIREMENT PLANS<br> RECORDKEPT BY TIAA<br> ATTN: FUND OPERATIONS<br> 8500 ANDREW CARNEGIE BLVD.<br> CHARLOTTE, NC 28262-8500<br>| 18.15<br> %<br>|
|  | VOYA INSTITUTIONAL TRUST COMPANY<br> 1 ORANGE WAY<br> WINDSOR CT 06095-4774<br>| 16.50<br> %<br>|
| Value Fund Class R6 | NATIONAL FINANCIAL SERVICES CORP<br> (FBO) OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPARTMENT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-2010<br>| 95.93<br> %<br>|

---

*\**

*Indicates that shares are held beneficially.*

*\*\**

*May be deemed to control a Fund because it owned beneficially more than 25% of the outstanding shares of the Fund as of September 30, 2025.*

As of September 30, 2025, the Trustees and principal officers of the Trust as a group owned of record or beneficially less than 1% of any class of each Fund's outstanding shares.

------

**CUSTODIAN**

JPMorgan Chase Bank, N.A. ("J.P. Morgan"), 383 Madison Avenue, New York, NY, 10017 is the Trust's custodian. J.P. Morgan acts as the Trust's depository, safe keeps its portfolio securities, collects all income and other payments with respect thereto, disburses money as instructed and maintains records in connection with its duties.

**LEGAL COUNSEL**

K&L Gates LLP, One Congress Street, Suite 2900, Boston, Massachusetts 02114, serves as counsel to the Trust.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The firm of Ernst & Young LLP, 221 E. 4th Street, Suite 2900, Cincinnati, Ohio 45202, has been selected as the independent registered public accounting firm for the Trust for the fiscal year ending June 30, 2026. Ernst & Young LLP will perform an annual audit of the Trust's financial statements, and advise the Trust as to certain accounting matters.

**TRANSFER AND SUB-ADMINISTRATIVE AGENT**

<u>Transfer Agent</u>. The Trust's transfer agent is BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon IS"), 534467 500 Ross Street, 154-0520 Pittsburgh, PA 15262. BNY Mellon IS maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of the Funds' shares, acts as dividend and distribution disbursing agent and performs other shareholder servicing functions. For providing transfer agent and shareholder services to the Trust, BNY Mellon IS receives a monthly per account fee from each Fund, plus out of-pocket expenses.

The Funds may also pay a fee to certain servicing organizations (such as broker-dealers and financial institutions) that provide sub-transfer agency services. These services include maintaining shareholder records, processing shareholder transactions and distributing communications to shareholders.

<u>Sub-Administrative Agent</u>. The Adviser provides administrative services to the Trust under an Administration Agreement and has sub-contracted certain accounting and administrative services to The Bank of New York Mellon ("BNY Mellon"). The sub-administrative services sub-contracted to BNY Mellon include certain accounting and pricing services, SEC and state security filings, providing executive and administrative services, and providing reports for meetings of the Board. The Adviser pays BNY Mellon a sub-administrative fee out of its administration fee.

Set forth below are the sub-administrative fees paid by the Adviser to BNY Mellon with respect to each Fund during the three most recent fiscal years (or periods) ended June 30 .

---

| | | |
|:---|:---|:---|
| **Fund** | **Date of Fiscal Period End** | **Sub-Administration**<br> **Fees Paid**<br>|
| Balanced Fund | 6/30/2023 | $154338 |
| Balanced Fund | 6/30/2024 | $177983 |
| Balanced Fund | 6/30/2025 | $195138 |
| Core Municipal Bond Fund | 6/30/2023 | $26665 |
| Core Municipal Bond Fund | 6/30/2024 | $26929 |
| Core Municipal Bond Fund | 6/30/2025 | $26649 |
| International Value Fund | 6/30/2023 | $35728 |
| International Value Fund | 6/30/2024 | $38245 |
| International Value Fund | 6/30/2025 | $37732 |
| Large Cap Focused Fund | 6/30/2023 | $491669 |
| Large Cap Focused Fund | 6/30/2024 | $597801 |
| Large Cap Focused Fund | 6/30/2025 | $655815 |
| Large Cap Fund | 6/30/2023 | $66092 |
| Large Cap Fund | 6/30/2024 | $68619 |
| Large Cap Fund | 6/30/2025 | $73532 |

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------

---

| | | |
|:---|:---|:---|
| **Fund** | **Date of Fiscal Period End** | **Sub-Administration**<br> **Fees Paid**<br>|
| Large Company Growth Fund | 6/30/2023 | $45295 |
| Large Company Growth Fund | 6/30/2024 | $42779 |
| Large Company Growth Fund | 6/30/2025 | $46514 |
| Small Company Fund | 6/30/2023 | $169453 |
| Small Company Fund | 6/30/2024 | $197906 |
| Small Company Fund | 6/30/2025 | $234769 |
| Value Fund | 6/30/2023 | $109961 |
| Value Fund | 6/30/2024 | $113276 |
| Value Fund | 6/30/2025 | $125559 |

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------

**FINANCIAL STATEMENTS**

The Funds' audited financial statements for the fiscal year ended June 30, 2025, including the notes thereto and the report of Ernst & Young LLP thereon, included in each Fund's most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/711080/000110465925085173/tm2523880d3_ncsr.htm), are hereby incorporated into this SAI by reference. A copy of the Trust's prospectus, Form N-CSR, other information such as fund financial statements that the Funds file on Form N-CSR, or an annual report to shareholders may be obtained without charge by writing to the Trust at P.O. Box 534467, Pittsburgh, PA 15253-4467, by calling 1.800.543.0407, or by downloading a copy at TouchstoneInvestments.com/Resources. You may also obtain the annual report, semi-annual report, Form N-CSR filings, as well as other information about the Trust, from the EDGAR Database on the SEC's website at http://www.sec.gov.

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**<u>APPENDIX A — DESCRIPTION OF SECURITIES RATINGS</u>**<sup>(1)</sup>

Moody's Investors Service, Inc. ("Moody's") and S&P Global Ratings ("S&P") are private services that provide ratings of the credit quality of debt obligations. A description of the ratings assigned by Moody's and S&P are provided below. These ratings represent the opinions of these rating services as to the quality of the securities that they undertake to rate. It should be emphasized, however, that ratings are general and are not absolute standards of quality. An adviser attempts to discern variations in credit rankings of the rating services and to anticipate changes in credit ranking. However, subsequent to purchase by a fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum rating required for purchase by the fund. In that event, an adviser will consider whether it is in the best interest of a fund to continue to hold the securities.

Moody's credit ratings are current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings are not statements of current or historical fact. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. Credit ratings do not comment on the suitability of an investment for any particular investor. Moody's issues its credit ratings with the expectation and understanding that each investor will make its own study and evaluation of each security that is under consideration for purchase, holding, or sale.

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

<sup>(1)</sup>

*This Appendix A may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. they issue, as well as structured finance securities backed by receivables or other financial assets.*

**Short-Term Credit Ratings**

**<u>Moody's</u>**

Moody's short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1" - Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

"P-2" - Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

"P-3" - Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

"NP" - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Note: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider.

**<u>S&P</u>**

S&P's short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that typically means obligations with an original maturity of no more than 365 days-including commercial paper. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. A long-term issue credit rating is typically assigned to an obligation with an original maturity of greater than 365 days. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating.

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The following summarizes the rating categories used by S&P for short-term issues:

"A-1" - Obligations are rated in the highest category and indicate that the obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

"A-2" - Obligations are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

"A-3" - Obligations exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

"B" - Obligations are regarded as having significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

"C" - Obligations are currently vulnerable to nonpayment and are dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation.

"D" - Obligations are in payment default. The "D" rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Local Currency and Foreign Currency Risks - Country risk considerations are a standard part of S&P's analysis for credit ratings on any issuer or issue. Currency of repayment is a key factor in this analysis. An obligor's capacity to repay foreign currency obligations may be lower than its capacity to repay obligations in its local currency due to the sovereign government's own relatively lower capacity to repay external versus domestic debt. These sovereign risk considerations are incorporated in the debt ratings assigned to specific issues. Foreign currency issuer ratings are also distinguished from local currency issuer ratings to identify those instances where sovereign risks make them different for the same issuer.

**Long-Term Credit Ratings**

**<u>Moody's</u>**

Moody's long-term ratings are opinions of the relative credit risk of financial obligations with an original maturity of eleven months or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default.

The following summarizes the ratings used by Moody's for long-term debt:

"Aaa" - Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

"Aa" - Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

"A" - Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

"Baa" - Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

"Ba" - Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

"B" - Obligations rated "B" are considered speculative and are subject to high credit risk.

"Caa" - Obligations rated "Caa" are judged to be of poor standing and are subject to very high credit risk.

"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

"C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

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**<u>S&P</u>**

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

Likelihood of payment — capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

Nature of and provisions of the obligation;

Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

The following summarizes the ratings used by S&P for long-term issues:

"AAA" - An obligation rated "AAA" has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

"AA" - An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

"A" - An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

"BBB" - An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated "BB," "B," "CCC," "CC," and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

"BB" - An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

"B" - An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB," but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

"CCC" - An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

"CC" - An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

"C" - An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

"D" - An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Plus (+) or minus (-) - The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

"NR" - This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.

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Local Currency and Foreign Currency Risks - Country risk considerations are a standard part of S&P's analysis for credit ratings on any issuer or issue. Currency of repayment is a key factor in this analysis. An obligor's capacity to repay foreign currency obligations may be lower than its capacity to repay obligations in its local currency due to the sovereign government's own relatively lower capacity to repay external versus domestic debt. These sovereign risk considerations are incorporated in the debt ratings assigned to specific issues. Foreign currency issuer ratings are also distinguished from local currency issuer ratings to identify those instances where sovereign risks make them different for the same issuer.

**Municipal Note Ratings**

**<u>Moody's</u>**

Moody's uses three rating categories for short-term municipal obligations that are considered investment grade. These ratings are designated as Municipal Investment Grade ("MIG") and are divided into three levels - "MIG 1" through "MIG 3." In addition, those short-term obligations that are of speculative quality are designated "SG", or speculative grade. MIG ratings expire at the maturity of the obligation.

The following summarizes the ratings used by Moody's for these short-term obligations:

"MIG 1" - This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

"MIG 2" - This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

"MIG 3" - This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

"SG" - This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned; a long- or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade or "VMIG" rating scale.

When either the long- or short-term aspect of a VRDO is not rated, that piece is designated "NR", e.g., "Aaa/NR" or "NR/VMIG 1."

VMIG rating expirations are a function of each issue's specific structural or credit features.

"VMIG 1" - This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG 2" - This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG 3" - This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

"SG" - This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**<u>S&P</u>**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

Amortization schedule-the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

"SP-1" - The issuers of these municipal notes exhibit a strong capacity to pay principal and interest. Those issues determined to possess a very strong capacity to pay debt service are given a plus (+) designation.

"SP-2" - The issuers of these municipal notes exhibit a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

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"SP-3" - The issuers of these municipal notes exhibit speculative capacity to pay principal and interest.

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**<u>APPENDIX B</u>**

**Barrow, Hanley, Mewhinney & Strauss, LLC** 

**Proxy Voting Policy & Guidelines**

Barrow Hanley has accepted authority to vote proxies for our clients who have delegated this responsibility to us. It is the Firm's policy to vote our clients' proxies in the best economic interests of our clients, the beneficial owners of the shares. The Firm has adopted this Proxy Voting Policy for handling research, voting, reporting, and disclosing proxy votes, and this set of Proxy Voting Guidelines ("Guidelines") that provide a framework for assessing proxy proposals.

Barrow Hanley votes all clients' proxies the same based on the Firm's policy and Guidelines. If or when additional costs for voting proxies are identified, the Firm will determine whether such costs exceed the expected economic benefit of voting the proxy and may abstain from voting proxies for ERISA Plan clients. However, if/when such voting costs are borne by Barrow Hanley and not by the client, all proxies will be voted for all clients.

Disclosure information about the Firm's Proxy Voting Policy and Guidelines is provided in the Firm's Form ADV Part 2.

To assist in the proxy voting process, at its own expense, Barrow Hanley retains Glass Lewis & Co. ("Glass Lewis") as proxy service provider. Glass Lewis provides:

<sup>●</sup>

Research on corporate governance, financial statements, business, legal, and accounting risks.

<sup>●</sup>

Proxy voting recommendations, including environmental, social, and governance voting Guidelines.

<sup>●</sup>

Portfolio accounting and reconciliation of shareholdings for voting purposes.

<sup>●</sup>

Proxy voting execution, record keeping, and reporting services.

**Proxy Oversight Committee, Proxy Coordinators, and Proxy Voting Committee**

<sup>●</sup>

Barrow Hanley's Proxy Oversight Committee is responsible for implementing and monitoring this Proxy Voting Policy, procedures, disclosures, and recordkeeping.

<sup>●</sup>

The Proxy Oversight Committee conducts periodic reviews of proxy votes to ensure that the policy is observed, implemented properly, and amended or updated, as appropriate.

<sup>●</sup>

The Proxy Oversight Committee is comprised of the Responsible Investing Committee Lead (chair), the CCO, the Head of Investment Operations, an At-Large Portfolio Manager, and another rotating member of the Investment team.

<sup>●</sup>

Research Analysts are responsible to review and evaluate proposals and make recommendations to the Proxy Voting Committee to ensure that votes are consistent with the Firm's analysis.

<sup>●</sup>

Equity Portfolio Managers are members of the Proxy Voting Committee.

<sup>●</sup>

Equity Portfolio Managers vote proposals based on our Guidelines, internal research recommendations, and the research from Glass Lewis.

<sup>●</sup>

Proxy Coordinators oversee the proxy voting process, assisting Research Analysts and the Proxy Voting Committee as needed.

<sup>●</sup>

Proxies for the Diversified Small Cap Value accounts are voted in accordance with Glass Lewis' recommendations for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Investment selection is based on a quantitative model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The holding period is too short to justify the time for analysis necessary to vote.

**Conflicts of Interest**

Potential conflicts may arise when:

<sup>●</sup>

Clients elect to participate in securities lending arrangements; in such cases, the votes follow the shares. Barrow Hanley is not a party to the client's lending arrangement and typically does not have information about shares on loan. Under these circumstances the proxies for those shares may not be voted.

<sup>●</sup>

If/when a proxy voting issue is determined to be financially material, the Firm makes a best-efforts attempt to alert clients and their custodial bank to recall shares from loan to be voted. In this context, Barrow Hanley defines a financially material issue to be issues deemed by our investment team to have significant economic impact. The ultimate decision on whether to recall shares is the responsibility of the client.

<sup>●</sup>

Barrow Hanley invests in equity securities of corporations who are also clients of the Firm. In such cases, the Firm seeks to mitigate potential conflicts by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Making voting decisions for the benefit of the shareholder(s), our clients,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Uniformly voting every proxy based on Barrow Hanley's internal research and consideration of Glass Lewis' recommendations, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Documenting the votes of companies who are also clients of the Firm.

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If a material conflict of interest exists, members from the Proxy Voting and Proxy Oversight Committees will determine if the affected clients should have an opportunity to vote their proxies themselves, or whether Barrow Hanley will address the specific voting issue through other objective means, such as voting the proxies in a manner consistent with a predetermined Proxy Voting Policy or accepting the voting recommendation of Glass Lewis.

**Other Policies and Procedures**

<sup>●</sup>

A proxy card or voting instruction form contains a list of voting options, including For, Against, Abstain, and/or Withhold. A vote to Abstain or Withhold is effectively a vote against the proposal. Barrow Hanley assesses each vote, the intended impact of our vote, and the rule(s) that apply to the vote and may select any of these options when casting the vote. Barrow Hanley sends a daily electronic transfer of equity positions to Glass Lewis.

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Glass Lewis identifies accounts eligible to vote for each security and posts the proposals and research on its secure, proprietary online system.

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Barrow Hanley sends a proxy report to clients at least annually and/or as requested by client, listing the number of shares voted and disclosing how proxies were voted.

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Barrow Hanley retains voting records in accordance with the Firm's Books and Records Policy. Glass Lewis retains the Firm's voting records for seven years.

<sup>●</sup>

Proxy Coordinators are responsible for retaining the following proxy records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

These policies, procedures, and amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Proxy statements regarding our clients' securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

A record of each proxy voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Proxy voting reports that are sent to clients annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Internal documents related to voting decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Records of clients' requests for proxy voting information and/or correspondence about votes.

**Voting Debt and/or Bank Loan Securities**

Barrow Hanley's proxy voting responsibilities may include voting on proposals, amendments, consents, or resolutions solicited by or in respect to securities related to bank loan investments.

**Exceptions** 

Limited exceptions to this policy may be permitted based on a client's circumstances, such as, foreign regulations that create a conflict with U.S. practices, expenses to facilitate voting when the costs outweigh the benefit of voting the proxies, or other circumstances.

Proxy Voting Guidelines

Barrow Hanley's set of Guidelines is a framework for assessing proposals. Each proposal is evaluated based on its facts and circumstances. The Firm reviews and considers ESG issues along with other financially material factors to assess the financially material impact on the long-term value of the shares. Our Guidelines address the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Independent Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Compensation Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Corporate Structure and Shareholder Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Shareholder Proposals and ESG Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Voting of Non-U.S./Foreign Shares

Issues that do not conform to these Guidelines are evaluated by the Proxy Voting Committee and voted in the best interest of our clients.

**Board of Directors**

Election of Directors

Barrow Hanley believes that good corporate governance begins with a board of majority-independent directors and committees, including independent directors who serve on Audit, Compensation, and Nominating committees.

Barrow Hanley will generally approve:

<sup>●</sup>

A slate of nominees comprised of a two-thirds majority of independent directors.

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Nominees for Audit, Compensation and/or Nominating committees who are independent of management.

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Nominees who we believe have the required skills and diverse backgrounds to make informed judgments about the subject matter for which the committee is responsible.

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We attempt to target board diversity of at least 30%.

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Barrow Hanley will generally not approve:

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A slate of nominees that results in a majority non-independent directors.

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Nominees for Audit, Compensation and/or Nominating committees who are not independent of management.

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Incumbent board members who failed to attend at least 75% of board and applicable committee meetings.

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Nominees who have served on boards or as executives of companies with records of poor performance, inadequate risk oversight, excessive compensation, audit, or accounting-related problems and/or other indicators of mismanagement or actions against the interests of shareholders.

<sup>●</sup>

Nominees whose actions on other committees demonstrate serious failures of governance, which may include acting to significantly reduce shareholder rights, or failure to respond to previous vote requests for directors and shareholder proposals.

<sup>●</sup>

An independent director who has in the past three years, had a material financial, familial, or other relationship with the company or its executives.

<sup>●</sup>

Members of a Nominating committee where the board has an average tenure of over ten years and has not appointed a new member to the board in at least five years

<sup>●</sup>

Members of a Nominating committee where the board lacks diversity.

*Combined Chairman / CEO Role*

When the roles of a board's chair and CEO are combined a strong lead independent director is necessary. If a lead director is not appointed, Barrow Hanley supports proposals to separate the roles.

*Contested Elections of Directors*

Barrow Hanley evaluates a nominee's qualifications, the incumbent board's performance, and the rationale behind dissident campaigns, and votes based on maximizing shareholder value.

*Classified Boards*

Barrow Hanley supports proposals to declassify existing boards, whether proposed by management or shareholders. In most cases we vote against proposals for classified board structures where only part of the board is elected each year.

If a board does not have a committee responsible for governance oversight and the board has not implemented a proposal that received the requisite support, we vote against the entire board. If a proposal requests the board adopt a declassified structure, we vote against all directors and nominees up for election.

*Board Diversity*

Barrow Hanley supports boards with diverse backgrounds and nominees with relevant experience. Nominating and governance committees should consider diversity within the context of the company and industry. Shareholders are best served when boards make an effort to ensure a constituency that is not only reasonably diverse based on age, race, gender, and ethnicity, but also based on geographic knowledge, industry experience, board tenure and culture. Board diversity is one of many factors considered on a case-by-case basis when reviewing board elections.

*Board Tenure*

Barrow Hanley believes that independent directors are an important part of good governance. Long term service diminishes a member's independence. Directors serving on a board for 10 years or more are not considered to be independent.

We recognize that in some cases, a director's tenure and experience on the board is beneficial to shareholders. Nominees' tenure on the board is evaluated to determine independence.

*Overboarding*

Barrow Hanley reviews a nominee's board commitments on a case-by-case basis and generally votes against nominees who are executives of public company while serving on three or more public boards or a non-executive who sits on four or more public boards.

*Proxy Access*

Shareholders' participation in electing directors enhances a board's accountability and responsiveness. Long-term investors can benefit from shareholder rights to nominate directors. Such rights should require a minimum percentage ownership (at least 5%) of outstanding shares held for a minimum period (at least three years) to nominate a maximum percentage of (up to 20%) for the board.

**Approval of Independent Auditors**

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Independent auditors are a critical element of good governance. A company's relationship with its independent auditor should be limited to its audit. Auditor's fees should be limited to the audit work. Other, closely related activities that do not appear to impair the auditor's independence may be approved. Barrow Hanley evaluates the circumstances of auditors who have a substantial non-auditing relationship with the company on a case-by-case basis.

**Compensation Issues**

Compensation Plans should align the interests of long-term shareholders with the interests of management, employees, and directors.

*Stock-Based Compensation Plans*

Stock-based compensation plans should be administered by an independent committee of the board and approved by shareholders. Barrow Hanley opposes compensation plans that substantially dilute a shareholder's ownership interest, provides participants with excessive awards, and/or have other objectionable features. Compensation proposals are evaluated on a case-by-case basis using the following factors:

<sup>●</sup>

The company's industry group, market capitalization, and competitors' compensation plans.

<sup>●</sup>

Requirements for senior executives to hold a minimum amount/percentage of company stock.

<sup>●</sup>

Requirements for minimum holding periods for stock acquired through equity awards.

<sup>●</sup>

Performance-vesting awards, indexed options, and/or other grants linked to the company's performance.

<sup>●</sup>

Requirements that limit the concentration of equity grants to senior executives and provide for a broad-based plan.

<sup>●</sup>

Requirements for stock-based compensation plans as a substitute for cash compensation to deliver market-competitive total compensation.

*Bonus Plans*

Bonus based compensation plans should include the following features:

<sup>●</sup>

Periodic shareholder approval to properly qualify for deductions under Internal Revenue Code Section 162(m).

<sup>●</sup>

Performance measures relating to key value drivers of the company's business.

<sup>●</sup>

Maximum award amounts expressed in dollar amounts.

Bonus plans should not include excessive awards in both absolute and relative terms.

*Executive Compensation Plans (Say on Pay)*

Say on Pay type of executive compensation programs can effectively link pay and performance and provide competitive compensation opportunities. Say on Pay type plans should state the amount of compensation at risk and the amount of equity-based compensation linked to the company's performance and include adequate disclosure about the overall compensation structure. Say on Pay type plans should not include significant compensation guarantees and/or compensation that is not sufficiently linked to performance.

*Recoupment Provisions (Clawbacks)*

Executive compensation programs should be clearly tied to performance and include the following:

<sup>●</sup>

Detailed bonus recoupment policies to prevent executives from retaining performance-based awards that were not truly earned.

<sup>●</sup>

Clawback triggers in the event of a restatement of financial results or similar revision of performance indicators upon which bonuses were based.

<sup>●</sup>

Policies allowing board reviews of performance-related bonuses and awards paid to senior executives during the period covered by a restatement that allows the company to recoup such bonuses if performance goals were not actually achieved.

<sup>●</sup>

Clawback policies that limit discretion and ensure the integrity of such policies.

*Executive Severance Agreement (Golden Parachutes)*

Executive compensation should be designed as an incentive for continued employment and include reasonable severance benefits, and the executive's termination should be limited to three times salary and bonus, referred to as double-trigger plans.

Guaranteed severance benefits that exceed three times salary and bonus should be disclosed and should require shareholder approval.

Barrow Hanley does not support guaranteed severance benefits without a change in control or arrangements that does not require the executive's termination, referred to as single-trigger plans.

*Employee Stock Purchase Plans*

Employee stock purchase plans are effective ways to increase employees' ownership in the company's stock. Such plans should not allow for purchases below 85% of current market value and should limit shares reserved under the plan to 5% or less of the outstanding shares of the company.

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**Corporate Structure and Shareholder Rights**

Barrow Hanley supports market-based corporate control functions without undue interference from artificial barriers. Shareholders' rights are a fundamental privilege of equity ownership and should be proportional to economic ownership. Appropriate limits include a shareholder's ability to act by corporate charter, bylaw provisions, or adoption of certain takeover provisions.

*Shareholder Right Plans (Poison Pills)*

Poison pill plans can erode shareholder value by limiting a potential acquirer's ability to purchase a controlling interest in the company without the approval of its board of directors, and/or can serve to entrench incumbent management and directors.

Shareholder rights plans should be designed to enables the board to take appropriate to defensive actions, and should require the following:

<sup>●</sup>

Shareholder approval within a year of its adoption.

<sup>●</sup>

Timing limited to 3-5 years.

<sup>●</sup>

Requirement for shareholder approval for renewal.

<sup>●</sup>

Reviews by a committee of independent directors at least every three years, referred to as TIDE provisions.

<sup>●</sup>

Permitted bid or qualified offer features requiring shareholder votes under specific conditions referred to as chewable pills.

<sup>●</sup>

Reasonable ownership triggers of 15-20%.

<sup>●</sup>

Highly independent, non-classified boards.

Shareholder rights plans should avoid the following:

<sup>●</sup>

Long-term defensive features of 5 or more years.

<sup>●</sup>

Automatic renewals without shareholder approval.

<sup>●</sup>

Ownership triggers of less than 15%.

<sup>●</sup>

Classified boards.

<sup>●</sup>

Boards with limited independence.

*Political Contributions and Lobbying*

Barrow Hanley evaluates an issuer's policy and procedures governing political spending and lobbying. Proposals demonstrating insufficient or absent policies and disclosure are opposed.

*An Increase in Authorized Shares*

Proposals for increases in authorized share amounts should not expose shareholders to excessive dilution and should be limited to increases of up to 20% of the current share authorization.

*Cumulative Voting*

Cumulative voting should be proportional to the shareholders' economic investment in the company.

*Supermajority Vote Requirements*

Shareholders' rights to approve or reject proposals should be based on a simple majority.

*Confidential Voting*

Shareholder voting should be conducted in a confidential manner.

*Dual Classes of Stock*

Barrow Hanley opposes dual-class capitalization structures that provide disparate voting rights to shareholders with similar economic interests. Proposals to create separate share classes with different voting rights are opposed. Proposals to dissolve separate share classes are approved.

**Shareholder Proposals and ESG Issues**

Proposals relating to ESG issues are usually initiated by shareholders seeking disclosure about certain business practices or amendments to certain policies. Barrow Hanley's policy and Guidelines are designed to provide a framework for assessing the financial materiality of corporate governance, environmental, and social issues. Barrow Hanley supports proposals that improve transparency on issues that can be clearly tied to sustainable resource development, environmental compliance, and workplace safety.

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Barrow Hanley subscribes to third party ESG research and scoring databases, including MSCI, Sustainalytics, and IFRS as a tool for rating the financial materiality of ESG factors to support our internal research. Some investments may have a low corporate ranking based on a third party's profile. Investment in low ranked companies is based on our belief that shareholder engagement is the best way to engage with management and use our influence toward sustainable improvements. Our fundamental analysis identifies areas and issues for engagement with management to improve policies and disclosure.

Barrow Hanley evaluates climate risk and disclosure standards for the companies and industries most exposed to climate change and engages with management and boards to understand the company's risks and opportunities and where necessary, seeks additional disclosure.

Barrow Hanley considers issues related to human capital to be a company's most significant risks and opportunities. Boards should disclose and communicate plans to instill inclusive, attractive, and high-retention environments in the company. Barrow Hanley supports inclusive working environments and diversity among employees and supports shareholder proposals that contain comprehensive equal opportunity and anti-discrimination provisions, and reporting on gender-based discrepancies in compensation.

**Voting of Non-U.S./Foreign Shares**

Although corporate governance standards, disclosure requirements, and voting mechanisms vary greatly among the markets outside the U.S., proposals are evaluated under these Guidelines and consideration of the local market's standards and best practices.

**Exceptions** 

Glass Lewis is configured to vote consistent with Barrow Hanley's Guidelines, however, the Proxy Voting Committee permits reasonable exceptions based on the facts, circumstances, and best economic interests of our clients. Exceptions are documented and retained in the Firm's proxy voting records.

**DSM CAPITAL PARTNERS LLC**

**PROXY VOTING POLICY AND PROCEDURES POLICY**

It is DSM's policy that all proxies be voted solely in the best interests of the beneficial owners of the securities. Proxies are an asset of a client that must be treated with the same care, diligence and loyalty as any asset belonging to a client. Towards that end, DSM is responsible for reviewing proxy proposals for all securities held in its model portfolio investment strategies and for making proxy voting decisions for its clients. DSM's Proxy Voting Policy is below in Exhibit A and it may be amended from time to time. The policy indicates criteria to be used when evaluating proxy issues and positions DSM typically takes on certain proxy proposals. While the policy provides general guidelines, DSM might need to materially deviate from the policy. Also, as a matter of policy, DSM votes proxies for pooled investment vehicles that it manages and for ERISA accounts that require the investment manager to vote proxies. However, clients may wish to vote their own proxies.

**PROCEDURES**

**Proxy Voting Committee** 

DSM has a Proxy Voting Committee (the "Committee") comprised of Daniel Strickberger, Managing Partner and Chief Investment Officer, Meredith Meyer, Chief Operations Officer, Christopher Bertoni, Head Trader, Blair Barton, Senior Counsel, and Russell Katz, General Counsel and Chief Compliance Officer. The Committee meets quarterly and as necessary to discuss proxy issues.

The Committee's role is to help administer and oversee the application of DSM's proxy voting policy. The Committee is responsible for (i) developing and implementing this policy and the procedures described herein; (ii) overseeing and administering proxy voting on behalf of clients; (iii) reviewing proxy voting activity annually and as needed; and (iv) engaging and reviewing the Third-Party Administrator (discussed below).

**Procedures for Voting of Proxies**

When reviewing a proxy proposal, DSM may consider information from any and all sources. DSM may engage with the issuer of a proxy to discuss specific items and to obtain additional information on the proxy issue. DSM may also engage with management of these securities on a range of environmental, social or governance issues throughout the year. For additional assistance in reviewing proxies, DSM has contracted with an independent third party (currently, Institutional Shareholder Services Inc.) (the "Third Party Administrator") to provide issue analysis and vote recommendations with respect to all proxy proposals. Please see below for additional information on the Third-Party Administrator.

Prior to a proxy voting deadline, a Portfolio Manager/Analyst at DSM will determine how to vote each proxy based on an analysis of the proposal. The Portfolio Manager/Analyst will then review the Policy in Exhibit A to assess whether their determination is consistent with the policy. If the Portfolio Manager/Analyst's determination is inconsistent with DSM's proxy voting policy, the proposal is to be brought to the attention of the Committee for resolution.

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Portfolio Managers/Analysts are also responsible for assessing whether there are any material conflicts of interests with respect to a proxy issue. If no material conflicts of interests have been identified, DSM will vote proxies as directed by the Portfolio Manager/Analyst. If a material conflict exists, the conflict is to be brought to the attention of the Committee for resolution. DSM does not engage in any investment banking or corporate finance activities, nor does DSM produce research for publication. However, DSM personnel may have interests in securities, instruments, and companies that may be purchased or sold by DSM for its clients' accounts. The interests of DSM and/or its personnel may conflict with the interests of DSM clients in connection with a proxy issue. If a potential conflict does arise, again, it is to be brought to the attention of the Committee.

DSM is not an "activist" in corporate governance and it is not an automatic supporter of management. Rather, DSM generally believes that the management teams of the companies in its model portfolio investment strategies are seeking to serve their shareholders' interests. As such, DSM believes that managements' proxy voting proposals are typically in the clients' best interest. Therefore, it may be that DSM often votes with the recommendation of management.

Under current regulations, DSM is not required to vote every client proxy. There may be times when refraining from voting is in the client's best interest, such as when an analysis of a particular proxy reveals that the cost of voting may exceed the expected benefit to the client. DSM may also not vote proxies or vote with management when proxies are issued by companies that DSM has sold out of its model portfolio investment strategies. DSM may also not vote proxies or vote with management for securities that were selected/held by a client because of the client's other adviser and/or are unsupervised/non-managed assets as well as for money market securities. Proxies of issuers in certain countries could also cause issues for DSM. There may be administrative or operational issues that could cause DSM to determine that voting a proxy is not in the best interest of a client. In addition, DSM may receive the meeting notice without enough time to fully analyze the proxy or DSM may receive the proxy after the cut-off date. The market may require DSM to have a local agent with power of attorney to vote a proxy. In addition, proxy materials may not be in English. Furthermore, proxy voting in some countries require "Share Blocking". In such cases, a client's shares cannot be sold until the proxy meeting has occurred. DSM generally does not invest in mutual funds of its clients and therefore does not take any action on these proposals. These are just some examples in which DSM may not vote a proxy. In the event DSM votes a proxy in two different directions, such as when clients have different proxy voting policies, DSM shall maintain documentation to support the decision-making process.

**Third Party Administrator**

The Third-Party Administrator offers a U.S. policy, a European policy, a Canadian policy as well as specialty policies such as a Sustainability policy, a Faith-Based policy, a Taft-Hartley policy and a Public Fund policy, along with custom policies defined by its clients. On June 1, 2021, in an effort to better align its proxy voting policy with its role as a signatory to the Principles for Responsible Investing (PRI), DSM switched from the U.S. policy and the European policy to the Sustainability policy. A copy of all policies can be found at www.issgovernance.com.

As noted above, DSM has retained the Third-Party Administrator to analyze proxies' issues and to make vote recommendations. DSM reviews these recommendations in making its own proxy voting decisions. Each year, the Third-Party Administrator undertakes a process to update the policies that inform its proxy voting recommendations. Typically, the Third-Party Administrator has a policy formulation process that collects feedback from a diverse range of market participants through multiple channels: an annual policy survey of institutional investors and corporate issuers, roundtables with industry groups, and ongoing feedback during proxy season. The Third-Party Administrator uses this input to develop updates on important governance issues, which are then published for open review and comment. This information is also available at www.issgovernance.com.

The Third-Party Administrator will be responsible for executing proxy votes, reporting of proxy voting and recordkeeping. The Third-Party Administrator will coordinate with each client's custodian to help ensure that proxy materials reviewed by the custodians are processed in a timely fashion. In instances in which the Third-Party Administrator is unable to make a vote recommendation, DSM, based on such advice as it deems necessary, will determine the manner in which to vote such proxy.

The Committee will notify the Third-Party Administrator of any changes to the DSM policy or any deviations thereof. DSM periodically samples the voting activity by the Third-Party Administrator for compliance with DSM instructions and conducts sample reconciliations with client account holdings for accuracy. DSM also conducts an annual review of the Third-Party Administrator that is reasonably designed to assess the adequacy and quality of its staffing and personnel, and whether it has policies and procedures that enable it to make proxy voting recommendations based on current and accurate information and to identify and address conflicts of interest relating to its voting recommendations.

**Recordkeeping**

DSM is required to maintain in an easily accessible place for five years all records relating to proxy voting. These records include the following:

● &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of its proxy voting policy;

● &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of each proxy statement received on behalf of DSM's clients;

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● &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a record of each vote cast on behalf of DSM's clients;

● &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of each written request by a client for information on how DSM voted proxies, as well as a copy of any written response.

DSM reserves the right to maintain certain proxy records with the Third-Party Administrator or any other entity in accordance with all applicable regulations.

**Disclosure**

Any client may obtain information about how DSM voted its proxies (but not the proxies of another client) and/or a copy of DSM's proxy voting policy, without cost, by calling 561-618-4000 or by writing to DSM at 7111 Fairway Drive, Suite 350, Palm Beach Gardens, Florida 33418, Attn: Legal and Compliance. A client may also obtain information on how DSM voted proxies for the prior calendar year, at both the Firm and model portfolio investment strategy level, at https://dsmcapital.com/stewardship/.

**Class Actions & Legal Proceedings**

Generally, an investment adviser's ability, authority and responsibility does not include acting on a client's behalf in class actions and/or legal proceedings.

**<u>Board of Directors</u>**

DSM considers director elections to be a very important voting decisions that shareholders make. Boards should be sufficiently independent from management so as to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

DSM will generally oppose non-independent director nominees if the board is not composed of a majority of independent directors and will typically vote against or withhold from non-independent directors who sit on key board committees. DSM will also generally vote against or withhold from the chair of the nominating committee, or other nominees on a case-by-case basis, if the board lacks at least one director of an underrepresented gender identity or where the board has no apparent racially or ethnically diverse members. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will generally be opposed. Furthermore, DSM will generally vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will typically be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they typically serve on more than two public company boards besides their own.

In addition, DSM will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas emitters, through their operations or value chain, DSM will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where DSM determines that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

DSM generally supports requests asking for the separation of the positions of chairman and CEO, and shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. DSM may generally vote against or withhold from directors at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

**<u>Board Responsiveness</u>** 

DSM will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, DSM takes into account other factors including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

**<u>Auditors</u>**

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While it is generally recognized that the company is in the best position to evaluate the competence of its outside accountants, DSM believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors over the recent past, shareholder ratification is an essential step in restoring investor confidence. DSM will generally vote against the ratification of the auditor in cases where fees for non-audit services are excessive without adequate explanation.

**<u>Takeover Defenses / Shareholder Rights</u>**

Topics in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting. DSM will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting. DSM generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

**<u>Capital Structures</u>**

Capital structure related topics include proposals for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans. DSM typically supports a one-share, one-vote policy and generally opposes mechanisms that skew voting rights. DSM typically supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated by DSM on a case-by-case basis, taking into account the company's past use of share authorizations and elements of the current request.

**<u>Executive and Director Compensation</u>**

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. DSM will generally vote against Say on Pay proposals if there is an unmitigated misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders. DSM will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" approach.

**<u>Mergers and Corporate Restructurings</u>**

Mergers, acquisitions, spinoffs, re-incorporations, and other corporate restructuring plans are evaluated by DSM on a case-by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

**<u>Miscellaneous Governance Provisions</u>** 

DSM evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case-by-case basis taking into account the impact on shareholder rights.

**SHAREHOLDER PROPOSALS** 

**<u>Shareholder Proposals on Corporate Governance and Executive Compensation</u>**

Shareholder proposals include, but are not limited to, board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. DSM seeks to evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are generally supported.

**<u>Shareholder Proposals on Social and Environmental Topics</u>**

Shareholder proposals on social and environmental topics include, but are not limited to, workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, weapons, consumer welfare, and public safety. Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders than they have in the past. In addition to the moral and ethical considerations of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. While focusing on value enhancement through risk mitigation and exposure to new sustainability-related

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opportunities, these proposals also seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives to promote disclosure and transparency. DSM generally supports standards-based ESG shareholder proposals that enhance long-term shareholder value while aligning the interests of the company with those of society at large.

**PROXY VOTING POLICY**

**FORT WASHINGTON INVESTOR ADVISORS, INC.**

Fort Washington's policy is to vote proxies in the best interests of the Fund at all times. Fort Washington has adopted procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of the Fund in accordance with its fiduciary duties and SEC rules governing investment advisers. Reflecting a basic investment philosophy that good management is shareholder focused, proxy votes will generally be cast in support of management on routine corporate matters and in support of any management proposal that is plainly in the interest of all shareholders. Specifically, proxy votes generally will be cast in favor of proposals that:

<sup>●</sup>

maintain or strengthen the shared interests of stockholders and management;

<sup>●</sup>

increase shareholder value; and

<sup>●</sup>

maintain or increase shareholder rights generally.

Proxy votes will generally be cast against proposals having the opposite effect of the above. Where Fort Washington perceives that a management proposal, if approved, would tend to limit or reduce the market value of the company's securities, it will generally vote against it. Fort Washington generally supports shareholder rights and recapitalization measures undertaken unilaterally by boards of directors properly exercising their responsibilities and authority, unless we believe such measures could have the effect of reducing shareholder rights or potential shareholder value. In cases where shareholder proposals challenge such actions, Fort Washington's voting position will generally favor not interfering with the directors' proper function in the interest of all shareholders.

Fort Washington may delegate its responsibilities under its proxy voting procedures to a third party, provided that Fort Washington retains final authority and fiduciary responsibility for proxy voting. Fort Washington has retained ISS to assist it in the proxy voting process and will use ISS' proxy voting guidelines as a resource in its proxy voting.

Fort Washington will review proxies to assess the extent, if any, to which there may be a material conflict between it and the interests of the Fund. If Fort Washington determines that a potential conflict may exist, it will be reported to the Proxy Voting Committee. The Proxy Voting Committee is authorized to resolve any conflict in a manner that is in the collective best interests of the Fund (excluding a potential conflict). The Proxy Voting Committee may resolve a potential conflict in any of the following manners:

If the proposal is specifically addressed in the proxy voting procedures, Fort Washington may vote the proxy in accordance with these policies, provided that such pre-determined policy involves little discretion on Fort Washington's part;

Fort Washington may engage an independent third party to determine how the proxy should be voted;

Fort Washington may establish an ethical wall or other informational barriers between the person involved in the potential conflict and the persons making the voting decision in order to insulate the potential conflict from the decision maker.

**PROXY VOTING POLICY**

**LONDON COMPANY OF VIRGINIA D/B/A THE LONDON COMPANY**

**I. POLICY**

London Company of Virginia (the "Adviser") acts as discretionary investment adviser for various clients, including clients governed by the Employee Retirement Income Security Act of 1974 ("ERISA") and registered open-end investment companies ("mutual funds"). The Adviser's authority to vote proxies is established through the delegation of discretionary authority under its investment advisory contracts. Therefore, unless a client (including a "named fiduciary" under ERISA) specifically reserves the right, in writing, to vote its own proxies, the Adviser will vote all proxies in a timely manner as part of its full discretionary authority over client assets in accordance with these Policies and Procedures.

When voting proxies, the Adviser's utmost concern is that all decisions be made solely in the best interest of the client (and for ERISA accounts, plan beneficiaries and participants, in accordance with the letter and spirit of ERISA). The Adviser will act in a prudent and diligent manner intended to enhance the economic value of the assets of the client's account.

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**II. PURPOSE**

The purpose of these Policies and Procedures is to memorialize the procedures and policies adopted by the Adviser to enable it to comply with its fiduciary responsibilities to clients and the requirements of Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). These Policies and Procedures also reflect the fiduciary standards and responsibilities set forth by the Department of Labor for ERISA accounts.

**III. PROCEDURES**

A. The Adviser is ultimately responsible for ensuring that all proxies received by the Adviser are voted in a timely manner and in a manner consistent with the Adviser's determination of the client's best interests. Although many proxy proposals can be voted in accordance with the Adviser's established guidelines (see Section V. "Guidelines" below), the Adviser recognizes that some proposals require special consideration which may dictate that the Adviser makes an exception to the Guidelines. The Adviser will vote the recommendation of ISS on all proxy votes, unless otherwise directed by the Portfolio Managers

B. Conflicts of Interest

Where a proxy proposal raises a material conflict between the Adviser's interests and a client's interest, including a mutual fund client, the Adviser will resolve such a conflict in the manner described below:

1. **Vote in Accordance with the Guidelines.** To the extent that the Adviser has little or no discretion to deviate from the Guidelines with respect to the proposal in question, the Adviser shall vote in accordance with such pre-determined voting policy.

2. **Obtain Consent of Clients.** To the extent that the Adviser has discretion to deviate from the Guidelines with respect to the proposal in question, the Adviser will disclose the conflict to the relevant clients and obtain their consent to the proposed vote prior to voting the securities. The disclosure to the client will include sufficient detail regarding the matter to be voted on and the nature of the Adviser's conflict that the client would be able to make an informed decision regarding the vote. If a client does not respond to such a conflict disclosure request or denies the request, the Adviser will abstain from voting the securities held by that client's account.

3. **Client Directive to Use an Independent Third Party.** Alternatively, a client may, in writing, specifically direct the Adviser to forward all proxy matters in which the Adviser has a conflict of interest regarding the client's securities to an identified independent third party for review and recommendation. Where such independent third party's recommendations are received on a timely basis, the Adviser will vote all such proxies in accordance with such third party's recommendation. If the third party's recommendations are not timely received, the Adviser will abstain from voting the securities held by that client's account.

The Adviser will review the proxy proposal for conflicts of interest as part of the overall vote review process. All material conflict of interest so identified by the Adviser will be addressed as described above in this Section III.A.

**C. Limitations**

In certain circumstances, in accordance with a client's investment advisory contract (or other written directive) or where the Adviser has determined that it is in the client's best interest, the Adviser will not vote proxies received. The following are certain circumstances where the Adviser will limit its role in voting proxies:

1. **Client Maintains Proxy Voting Authority:** Where client specifies in writing that it will maintain the authority to vote proxies itself or that it has delegated the right to vote proxies to a third party, the Adviser will not vote the securities and will direct the relevant custodian to send the proxy material directly to the client. If any proxy material is received by the Adviser, it will promptly be forwarded to the client or specified third party.

2. **Terminated Account:** Once a client account has been terminated with the Adviser in accordance with its investment advisory agreement, the Adviser will not vote any proxies received after the termination. However, the client may specify in writing that proxies should be directed to the client (or a specified third party) for action.

3. **Limited Value:** If the Adviser determines that the value of a client's economic interest or the value of the portfolio holding is indeterminable or insignificant, the Adviser may abstain from voting a client's proxies. The Adviser also will not vote proxies received for securities which are no longer held by the client's account.

4. **Securities Lending Programs:** When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. However, where the Adviser determines that a proxy vote (or other shareholder action) is materially important to the client's account, the Adviser may recall the security for purposes of voting.

5. **Unjustifiable Costs:** In certain circumstances, after doing a cost-benefit analysis, the Adviser may abstain from voting where the cost of voting a client's proxy would exceed any anticipated benefits to the client of the proxy proposal.

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**IV. RECORDKEEPING**

In accordance with Rule 204-2 under the Advisers Act, the Adviser will maintain for the time periods set forth in the Rule (i) these proxy voting procedures and policies, and all amendments thereto; (ii) all proxy statements received regarding client securities (provided however, that the Adviser may rely on the proxy statement filed on EDGAR as its records); (iii) a record of all votes cast on behalf of clients; (iv) records of all client requests for proxy voting information; (v) any documents prepared by the Adviser that were material to making a decision how to vote or that memorialized the basis for the decision; and (vi) all records relating to requests made to clients regarding conflicts of interest in voting the proxy.

The Adviser will describe in its Part II of Form ADV (or other brochure fulfilling the requirement of Rule 204-3) its proxy voting policies and procedures and will inform clients how they may obtain information on how the Adviser voted proxies with respect to the clients' portfolio securities. Clients may obtain information on how their securities were voted or a copy of the Adviser's Policies and Procedures by written request addressed to the Adviser. The Adviser will coordinate with all mutual fund clients to assist in the provision of all information required to be filed by such mutual funds on Form N-PX.

**V. GUIDELINES**

The ISS Investment Manager Guidelines are designed to maximize returns for investment managers by voting in a manner consistent with such managers' active investment decision-making. The guidelines are designed to increase investors' potential financial gain through the use of the shareholder vote, while also allowing management and the board discretion to direct the operations, including governance and compensation, of the firm. The guidelines will ensure that all issues brought to shareholders are analyzed in light of the fiduciary responsibilities unique to investment advisers and investment companies on behalf of individual investor clients including mutual fund shareholders. The guidelines will encourage the maximization of return for such clients through identifying and avoiding financial, audit and corporate governance risks.

*<u>Management Proposals</u>*

**Election of Directors**

In analyzing directors and boards, ISS' Investment Manager Guidelines generally support the election of incumbent directors, except when a majority of the company's directors are not independent or where directors fail to attend at least 75% of board and committee meetings. In a contested election, we will apply the standard ISS recommendation.

**Auditor**

The ISS Investment Manager Guidelines will generally support auditor ratification, except when the non-audit fees exceed the audit fees paid to the auditor, there have been recent restatements

**Compensation**

ISS recognizes the importance in designing appropriate executive compensation plans that truly reward pay for performance. We evaluate equity compensation plans based upon their specific features and will vote against plans than would result in total overhang greater than 20% or that allow the re-pricing of options without shareholder approval. The Investment Manager Guidelines will support management advisory votes on compensation with the belief that an independent compensation committee is in the best position to design an appropriate compensation program for the company.

**Authorized Shares**

Having sufficient available authorized shares allows management to avail itself of rapidly developing opportunities as well as to effectively operate the business. However, we believe that for significant transactions management should seek shareholders' approval to justify the use of additional shares.

Therefore shareholders should not approve the creation of a large pool of unallocated shares without some rational of the purpose of such shares. Accordingly, where we find that the company has not provided an appropriate plan for use of the proposed shares, or where the number of shares far exceeds those needed to accomplish a detailed plan, we typically vote against the authorization of additional shares. We also vote against the creation of or increase in (i) blank check preferred shares and (ii) dual or multiple class capitalizations.

**Shareholder Rights**

ISS Investment Manager Guidelines will generally support proposals increasing or enhancing shareholder rights such as declassifying the board, allowing shareholders to call a special meeting, eliminating supermajority voting and adopting majority voting for the election of directors. Similarly, the Investment Manager Guidelines will generally vote against proposals to eliminate or reduce shareholder rights.

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**Mergers/Acquisitions**

ISS undertakes a thorough examination of the economic implications of a proposed merger or acquisition to determine the transaction's likelihood of maximizing shareholder return. We examine the process used to negotiate the transaction as well as the terms of the transaction in making our voting recommendation. The ISS Investment Manager Guidelines will vote in accordance with the standard ISS policy recommendation on mergers, acquisitions and other financing transactions.

*<u>Shareholder Proposals</u>*

We review and vote on shareholder proposals on a case-by-case basis. We recommend supporting shareholder proposals if the requested action would increase shareholder value, mitigate risk or enhance shareholder rights but generally recommend voting against those that would not ultimately impact performance.

**Governance**

The ISS Investment Manager Guidelines will support reasonable initiatives that seek to enhance shareholder rights, such as the introduction of majority voting to elect directors, elimination in/reduction of supermajority provisions, the declassification of the board and requiring the submission of shareholder rights' plans to a shareholder vote. The guidelines generally support reasonable, well-targeted proposals to allow increased shareholder participation at shareholder meetings through the ability to call special meetings and ability for shareholders to nominate director candidates to a company's board of directors. However, the Investment Manager Guidelines will vote against proposals to require separating the roles of CEO and chairman.

**Compensation**

The ISS Investment Manager Guidelines will generally oppose any shareholder proposals seeking to limit compensation in amount or design. However, the guidelines will vote for reasonable and properly-targeted shareholder initiatives such as to require shareholder approval to re-price options, to link pay with performance, to eliminate or require shareholder approval of golden coffins, to allow a shareholder vote on excessive golden parachutes (i.e., greater than 2.99 times annual compensation) and to clawback unearned bonuses. The Investment Manager Guidelines will vote against requiring companies to allow shareholders an advisory compensation vote.

**Environment**

ISS' Investment Manager Guidelines vote against proposals seeking to cease a certain practice or take certain action related to a company's activities or operations with environmental. Further, the ISS'

Investment Manager Guidelines generally vote against proposals regarding enhanced environment disclosure and reporting, including those seeking sustainability reporting and disclosure about company's greenhouse gas emissions, as well as advocating compliance with international environmental conventions and adherence to environmental principles like those promulgated by CERES.

**Social**

ISS' Investment Manager Guidelines generally oppose proposals requesting companies adhere to labor or worker treatment codes of conduct, such as those espoused by the International Labor Organization, relating to labor standards, human rights conventions and corporate responsibility at large conventions and principles. The guidelines will also vote against proposals seeking disclosure concerning the rights of workers, impact on local stakeholders, workers' rights and human rights in general. Furthermore, the Investment Manager Guidelines oppose increased reporting and review of a company's political and charitable spending as well as its lobbying practices.

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**LSV ASSET MANAGEMENT**

**PROXY VOTING POLICY**

LSV Asset Management's ("LSV" or the "Firm") proxy voting responsibilities on behalf of a client's account are expressly stated in the applicable agreement with such client. If LSV is responsible for voting proxies, the agreement with each client will typically state whether the votes will be cast in accordance with this proxy voting policy or in accordance with the client's proxy voting policy. In either case, LSV will make appropriate arrangements with each account custodian to have proxies forwarded on a timely basis, and will endeavor to correct delays or other problems relating to timely delivery of proxies and proxy materials to the extent it is aware of such delays or problems. If the client elects to retain proxy voting responsibility, LSV will have no involvement in the proxy voting process for that client.

To satisfy its fiduciary duty in making any voting determination, an investment adviser must make the determination in the best interests of the client and must not place the investment adviser's own interests ahead of the interests of the client. In addition, with respect to Employee Retirement Income Security Act of 1974 ("ERISA") plan clients, LSV directs its voting activity solely in the interests of the participants and beneficiaries and for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses.

In general, LSV's quantitative investment process does not provide output or analysis that would be functional in analyzing proxy issues. As a result, LSV does not consider proxy voting to be a material factor in its investment strategy or results. LSV, therefore, has retained an expert independent third party to assist in proxy voting, currently Glass Lewis & Co. ("GLC"). LSV's selection of GLC was made after careful consideration of GLC's proxy voting services, including related voting policies and expertise. GLC implements LSV's proxy voting process, develops proxy voting guidelines, and provides analysis of proxy issues on a case-by-case basis. Where LSV has been responsible for voting proxies for current clients, LSV typically votes in accordance with GLC's standard Benchmark Policy guidelines for applicable markets, as updated from time to time. Subject to limited exceptions, for new clients who wish to make LSV responsible for voting proxies and do not instruct otherwise, LSV intends to vote in accordance with GLC's climate guidelines, as updated from time to time. The climate guidelines also may be applied to existing clients' accounts upon request. These guidelines generally are aligned with LSV's investment goals, and LSV's use of GLC, therefore, is not a delegation of LSV's fiduciary obligation to vote proxies for clients. GLC's guidelines have been developed based on, among other things, GLC's focus on facilitating shareholder voting in favor of governance structures that drive performance and create shareholder value. LSV believes that GLC's guidelines \are reasonably designed to ensure that proxies are voted in the best interests of LSV's clients. Although it is expected to be rare, LSV reserves the right to vote issues contrary to, or issues not covered by, GLC's guidelines when LSV believes it is in the best interests of the client and LSV does not have a material conflict of interest. In certain circumstances, clients who submit written requests may be permitted to direct their vote in a particular solicitation. Direction from a client on a particular proxy vote will take precedence over GLC's guidelines. Where the client has engaged LSV or selected other available GLC guidelines for their account to vote proxies and has also provided proxy voting guidelines to LSV, those guidelines will be followed with the assistance of GLC. LSV describes available GLC guidelines to clients on at least an annual basis.

GLC assists LSV with voting execution, including through an electronic vote management system that allows GLC to: (1) populate each client's votes shown on GLC's electronic voting platform with GLC's recommendations under applicable guidelines ("pre-population"); and (2) automatically submit the client's votes to be counted ("automated voting"). There will likely be circumstances where, before the submission deadline for proxies to be voted at the shareholder meeting, an issuer intends to file or has filed additional soliciting materials with the SEC regarding a matter to be voted upon. It is possible in such circumstances that LSV's use of pre-population and automated voting could result in votes being cast that do not take into account such additional information. In order to address these concerns, GLC actively monitors information sources for supplemental or updated information from issuers and has in place a system to allow for issuer feedback on its voting recommendations. Such updated information and feedback is considered by GLC and voting recommendations are modified as appropriate. LSV's pre-populated votes would then also be automatically updated. GLC's processes in this area are part of LSV's review of their services as described below.

LSV conducts a number of periodic reviews to seek to ensure votes are cast in accordance with this policy and applicable GLC guidelines. In addition, on a semi-annual basis, LSV requires GLC to, among other things, provide confirmations regarding its policies and procedures and reporting on any changes to such policies and procedures. As part of such semi-annual process, LSV also obtains information regarding the capacity and competency of GLC to provide proxy advisory services to LSV.

In the voting process, conflicts can arise between LSV's interests and those of its clients, or between clients' interests due to each client's objectives. In such situations, LSV will continue to vote the proxies in accordance with the recommendations of GLC based on each client's applicable guidelines. A written record will be maintained explaining the reasoning for the vote recommendation. LSV also monitors GLC's conflicts of interest policies and procedures on a periodic basis.

LSV may be unable or may choose not to vote proxies in certain situations. For example, and without limitation, LSV may refrain from voting a proxy if (i) the cost of voting the proxy exceeds the expected benefit to the client, (ii) LSV is not given enough time to process the vote, (iii) voting the proxy requires the security to be "blocked" or frozen from trading or (iv) it is otherwise impractical or impossible to

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vote the proxy, such as in the case of voting a foreign security that must be cast in person. Where clients have entered into securities lending agreements covering securities in accounts managed by LSV, the Firm will not be involved in such clients' decisions to recall loaned securities for voting or other purposes unless specifically agreed to in writing.

Clients may receive a copy of this proxy voting policy and LSV's voting record for their account by request. In addition, clients are sent a summary of available guidelines on an annual basis and may request a copy of their respective guidelines or elect to change their guidelines at any time. LSV will additionally provide any registered investment company for which LSV acts as adviser or sub-adviser, a copy of LSV's voting record for the fund so that the fund may fulfill its obligation to report proxy votes to fund shareholders.

LSV may modify this policy and use of GLC from time to time.

<u>Recordkeeping</u> 

LSV will retain:

Copies of its proxy voting policies and procedures.

A copy of each proxy statement received regarding client securities (maintained by the proxy voting service and/or available on EDGAR).

A record of each vote cast on behalf of a client (maintained by the proxy voting service).

A copy of any document created that was material to the voting decision or that memorializes the basis for that decision (maintained by the proxy voting service and/or the Firm).

A copy of clients' written requests for proxy voting information and a copy of LSV's written response to a client's request for proxy voting information for the client's account.

LSV will ensure that it may obtain access to the proxy voting service's records promptly upon LSV's request.

The above listed information is intended to, among other things, enable clients to review LSV's proxy voting procedures and actions taken in individual proxy voting situations.

LSV will maintain required materials in an easily accessible place for not less than five years from the end of the fiscal year during which the last entry took place.

<u>Consideration of Environmental, Social and Governance Factors</u>

LSV became a signatory to the Principles for Responsible Investment ("PRI") in April 2014. GLC is also a signatory to the PRI. The PRI provides a framework, through its six principles, for consideration of environmental, social and governance ("ESG") factors in portfolio management and investment decision-making. The six principles ask an investment manager, to the extent consistent with its fiduciary duties, to seek to: (1) incorporate ESG issues into investment analysis and decision-making processes; (2) be an active owner and incorporate ESG issues into its ownership policies and practices; (3) obtain appropriate disclosure on ESG issues by the entities in which it invests; (4) promote acceptance and implementation of the PRI principles within the investment industry; (5) work to enhance its effectiveness in implementing the PRI principles; and (6) report on its activities and progress toward implementing the PRI principles.

Voting in favor of effective disclosure and governance of ESG issues to drive performance and create shareholder value is incorporated into GLC's standard Benchmark Policy guidelines, as well as a supplement GLC maintains for shareholder initiatives. GLC's climate guidelines are substantially similar, but go further to encourage enhanced disclosure of climate-related governance measures, risk mitigation, and metrics or targets. In each case, GLC's guidelines emphasize assessing the financial implications of ESG issues in context of a company's operations. Thus, by utilizing these GLC guidelines, LSV seeks to apply the PRI and incorporate ESG issues into its proxy voting decision-making processes in a manner consistent with its fiduciary duties.

Further, LSV is able to offer, to interested clients upon request, thematic guidelines. These include an additional level of analysis with respect to certain considerations, do not account for certain considerations, and/or favor or disfavor certain types of corporate policies or practices. GLC's thematic guidelines thus provide a range of approaches for clients with their own perspectives on ESG or other issues. The following guidelines are available and may be obtained from LSV and applied to existing clients' accounts upon request: Catholic guidelines; Corporate Governance Focused guidelines; ESG guidelines; Investment Manager guidelines; Public Pension guidelines; Taft-Hartley guidelines; and Trust Bank guidelines.

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**PROXY VOTING POLICY**

**Sage Advisory Services, Ltd. Co. ("Sage")**

**Proxy Voting Policy**

**<u>Overview</u>**

This proxy voting policy is designed to provide reasonable assurance that proxies are voted in the clients' best economic interest, when the responsibility for voting client proxies rests with Sage. Sage will vote proxies for clients pursuant to the authority granted in the investment management agreement between Sage and its client, or as granted by written direction from the client.

Mr. Wade Uloth, the Chief Compliance Officer ("CCO"), is responsible for oversight of this policy. Questions regarding this policy should be directed to the CCO.

**<u>Conflicts of Interest</u>**

**A. Overview**

Sage may encounter a material conflict in voting client proxies. Sage has a duty to recognize a material conflict and to resolve the conflict before voting the proxy. For purposes of this policy, material conflicts of interest are defined as those conflicts that a reasonable investor would view as important in making a decision regarding how to vote a proxy.

Examples of material conflicts include (but are not limited to):

1. Sage provides investment management services to a publicly traded company and also holds that same security within client portfolios which is subject to a proxy; and

2. A Sage employee has a business or personal relationship (such as a close friend or spouse) with a member of executive management, a participant in the proxy contest, or a corporate director of the company.

**B. Identifying Conflicts of Interest**

1. Sage shall maintain a listing of all material business conflicts of interests – those business relationships between the firm and other parties that are deemed to be material and may result in a conflict with respect to a future proxy contest.

2. All employees are required to disclose all personal and familial relationships that may present a material conflict of interest with respect to a future proxy contest. Employees who are unsure whether a relationship should be disclosed as a material conflict should consult the CCO for guidance.

**C. Resolving Material Conflicts of Interest**

Unless a client requests otherwise, Sage will take one of the following actions to ensure the proxy voting decision is based on the client's best interests and is not a result of the conflict.

1. Engage an independent party to determine how to vote the proxy;

2. Prepare a report that (i) describes the conflict of interest; (ii) discusses procedures used to address such conflict of interest; (iii) discloses any contacts from outside parties (other than routine communications from proxy solicitors) regarding the proposal; and (iv) confirms the recommendation was made solely on the investment merits and without regard to any other consideration;

3. Refer the proxy to a client or to a representative of the client for voting purposes;

4. Disclose the conflict to the affected clients and seek their consent to vote the proxy prior to casting the vote; or

5. Vote in accordance with a pre-determined voting policy, as disclosed to clients.

**<u>Disclosures to Clients</u>**

A client may request Sage to deliver this Proxy Voting Policy as well as a record of how Sage has voted that client's proxies. Sage will use the firm's Part 2A of Form ADV disclosure to:

A. Notify clients of how they may obtain a copy of this policy;

B. Notify clients of how they may obtain a record of how their securities were voted; and

C. Summarize the firm's proxy voting policies.

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**<u>Voting Guidelines</u>**

Sage strives to vote all proxies in the best economic interests of its clients. The decision of how to vote follows the same criteria Sage uses in managing client accounts – to vote for proposals in such a manner that, in Sage's opinion, will increase shareholder value.

A. <u>General Overview</u>

In evaluating a particular proxy proposal, Sage takes into consideration, among other items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management's assertions regarding the proxy proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sage's determination of how the proxy proposal will impact its clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Sage's determination of whether the proxy proposal will create dilution for shareholders.

B. <u>Proxy Proposals Regarding Business Operations Matters</u>

Sage will generally support management's recommendations on proxy issues related to business operations matters. Sage believes a company's management should generally have the latitude to make decisions related to the company's business operations. However, when Sage believes the company's management is acting in an inconsistent manner with its clients' best interests Sage will vote against management's recommendations.

C. <u>Proxy Proposals Regarding Compensations Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sage will generally vote against non-salary compensation plans (such as stock compensation plans, employee stock purchase plans and long-term incentive plans) unless, in Sage's opinion, such plans are structured to not create serious dilution to shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sage will analyze all other compensation plans on a case-by-case basis.

D. <u>Proxy Proposals Regarding Control Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sage will review proxy proposals regarding control matters (e.g., mergers and anti-takeover tactics) related to a company on a case-by-case basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sage generally opposes measures limiting the rights of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Sage generally opposes measures preventing shareholders from accepting an offer of a sale of a company.

**<u>Review of Proxy Votes Cast</u>**

On a quarterly basis, Sage will review a sample of proxies voted during the previous quarter to ensure they were voted in compliance with the guidelines noted above.

**Form N-PX**

A. Overview

Rule 14Ad-1 under the Securities Exchange Act of 1934 ("Exchange Act") requires an investment adviser that is required to file Form 13F to report annually on Form N-PX each Say-On-Pay Vote (as defined below) over which they exercised voting power or an Institutional Manager Notice Report if the adviser does not vote proxies for clients or does not have any proxy votes to report.

"Say-on-Pay Votes" are proxy votes on executive compensation which are subject to Section 14A(a)-(b) of the Exchange Act. Examples of Say-on-Pay Votes are votes related to approval of executive compensation, frequency of executive compensation approval votes and golden parachute compensation to executives.

B. Filing Requirements

For Form N-PX filing periods where Sage exercises voting power for Say-on-Pay Votes, Sage files Form N-PX by August 31 of each year for the most recent 12-month period ending June 30.

For Form N-PX filing periods where Sage does not exercise voting power for any Say-on-Pay Votes and therefore does not have any proxy votes to report on Form N-PX Sage is permitted to file an Institutional Manager Notice Report, which is an abbreviated version of Form N-PX that does not include a proxy voting record. The Institutional Manager Notice Report only requires that the cover page and signature page of Form N-PX be submitted. Sage files an Institutional Manager Notice Report on Form N-PX by August 31 of each year it meets the criteria of being a Form 13F filer and not exercising voting power for any Say-on-Pay Votes during the 12-month period ending June 30.

C. Filing Procedures

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The CCO, or designee, coordinates with a third party to complete the annual Form N-PX or Institutional Manager Notice Report filing.

**<u>Record Retention Requirements</u>**

Sage shall keep the following proxy voting records:

A. These proxy voting policies and procedures;

B. Proxy statements received regarding client securities. Electronic statements, such as those maintained on EDGAR or by a proxy voting service, are acceptable;

C. Records of proxy votes cast on behalf of each client;

D. Records of client requests for proxy voting information, including a record of the information provided by Sage;

E. Documents prepared by Sage that were material to making the decision of how to vote; and

F. Each Form N-PX and Institutional Manager Notice Report.

Sage will keep these records in accordance with its Record Retention Policy.

TSF-TST-SAI-2510

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**PART C. OTHER INFORMATION**

**ITEM 28. EXHIBITS:** 

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| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp; [<u>Restated Agreement and Declaration of Trust dated May 19, 1993 and Amendment No. 1 dated May 24, 1994,</u>](http://www.sec.gov/Archives/edgar/data/711080/0000711080-98-000005.txt)<br> [<u>Amendment No. 2 dated February 28, 1997 and Amendment No. 3 dated August 11, 1997, are herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/0000711080-98-000005.txt)<br> [<u>reference to Exhibit (b)(1) of Post-Effective Amendment No. 36 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/0000711080-98-000005.txt)<br> [<u>(File No. 002-80859), filed with the SEC on July 31, 1998.</u>](http://www.sec.gov/Archives/edgar/data/711080/0000711080-98-000005.txt)<br>|
| (a)(2) | &nbsp;&nbsp; [<u>Amendment No. 4 to Restated Agreement and Declaration of Trust dated February 12, 1998 and Amendments to Restated</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0003.txt)<br> [<u>Agreement and Declaration of Trust dated March 16, 2000 and April 6, 2000 are herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0003.txt)<br> [<u>Exhibit (a) of Post-Effective Amendment No. 42 to Registrant's Registration Statement on Form N-1A (File No.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0003.txt)<br> [<u>002-80859), filed with the SEC on August 1, 2000.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0003.txt)<br>|
| (a)(3) | &nbsp;&nbsp; [<u>Amendments to Restated Agreement and Declaration of Trust dated September 21, 2000 and March 27, 2001 are herein</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270901500542/exa-701.txt)<br> [<u>incorporated by reference to Exhibit (a) of Post-Effective Amendment No. 45 to Registrant's Registration Statement on</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270901500542/exa-701.txt)<br> [<u>Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2001.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270901500542/exa-701.txt)<br>|
| (a)(4) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 28, 2002 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270902001270/ex23a-802.txt)<br> [<u>Exhibit (a) of Post-Effective Amendment No. 48 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270902001270/ex23a-802.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on September 6, 2002.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270902001270/ex23a-802.txt)<br>|
| (a)(5) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated November 7, 2002 is herein incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/711080/000109380103000895/ex23a-803.txt)<br> [<u>to Exhibit (a) of Post-Effective Amendment No. 49 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000109380103000895/ex23a-803.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on August 1, 2003.</u>](http://www.sec.gov/Archives/edgar/data/711080/000109380103000895/ex23a-803.txt)<br>|
| (a)(6) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated April 14, 2004 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404010756/v04688_ex1.txt)<br> [<u>Exhibit (1) of Post-Effective Amendment No. 54 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404010756/v04688_ex1.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 30, 2004.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404010756/v04688_ex1.txt)<br>|
| (a)(7) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated January 3, 2006 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420406008173/v036526_ex23a.txt)<br> [<u>Exhibit (a) of Post-Effective Amendment No. 60 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420406008173/v036526_ex23a.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on March 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420406008173/v036526_ex23a.txt)<br>|
| (a)(8) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated September 30, 2004 is herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a8.txt)<br> [<u>reference to Exhibit (a)(8) of Post-Effective Amendment No. 70 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a8.txt)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on February 2, 2009.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a8.txt)<br>|
| (a)(9) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated February 22, 2006 is herein incorporated by reference</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a9.txt)<br> [<u>to Exhibit (a)(9) of Post-Effective Amendment No. 70 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a9.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on February 2, 2009.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a9.txt)<br>|
| (a)(10) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 15, 2006 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a10.txt)<br> [<u>Exhibit (a)(10) of Post-Effective Amendment No. 70 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a10.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on February 2, 2009.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a10.txt)<br>|
| (a)(11) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated March 22, 2007 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a11.txt)<br> [<u>Exhibit (a)(11) of Post-Effective Amendment No. 70 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a11.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on February 2, 2009.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409004629/v137900_ex-a11.txt)<br>|
| (a)(12) | &nbsp;&nbsp; [<u>Amendments to Restated Agreement and Declaration of Trust dated November 28, 2011 are herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000141974311000026/ex99-1l.htm)<br> [<u>reference to Exhibit (1)(l) of Post-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-14 (File</u>](http://www.sec.gov/Archives/edgar/data/711080/000141974311000026/ex99-1l.htm)<br> [<u>No. 333-177597), filed with the SEC on November 30, 2011.</u>](http://www.sec.gov/Archives/edgar/data/711080/000141974311000026/ex99-1l.htm)<br>|
| (a)(13) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated June 1, 2012 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28a13.htm)<br> [<u>Exhibit (a)(13) of Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28a13.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on June 8, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28a13.htm)<br>|
| (a)(14) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated July 31, 2013 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99da14.htm)<br> [<u>Exhibit (a)(14) of Post-Effective Amendment No. 103 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99da14.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on April 22, 2014.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99da14.htm)<br>|
| (a)(15) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated May 21, 2014 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99da15.htm)<br> [<u>Exhibit (a)(15) of Post-Effective Amendment No. 108 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99da15.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 9, 2014.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99da15.htm)<br>|
| (a)(16) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated May 19, 2016 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000093/exhibita16amendmenttodecof.htm)<br> [<u>Exhibit (a)(16) of Post-Effective Amendment No. 137 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000093/exhibita16amendmenttodecof.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 28, 2016.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000093/exhibita16amendmenttodecof.htm)<br>|

---

------

---

| | |
|:---|:---|
| (a)(17) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated November 17, 2016 is herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000035/exa17amendmenttorestatedag.htm)<br> [<u>reference to Exhibit (a)(17) of Post-Effective Amendment No. 152 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000035/exa17amendmenttorestatedag.htm)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on April 27, 2017.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000035/exa17amendmenttorestatedag.htm)<br>|
| (a)(18) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated April 18, 2017 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000059/exhibita17.htm)<br> [<u>Exhibit (a)(17) of Post-Effective Amendment No. 154 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000059/exhibita17.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 6, 2017.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000059/exhibita17.htm)<br>|
| (a)(19) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated June 29, 2017 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000059/exhibita18.htm)<br> [<u>Exhibit (a)(18) of Post-Effective Amendment No. 154 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000059/exhibita18.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 6, 2017.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108017000059/exhibita18.htm)<br>|
| (a)(20) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated April 17, 2018 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibita20amendmenttoresta.htm)<br> [<u>Exhibit (a)(20) of Post-Effective Amendment No. 193 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibita20amendmenttoresta.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on October 29, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibita20amendmenttoresta.htm)<br>|
| (a)(21) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 16, 2018 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibita21amendmenttodecla.htm)<br> [<u>Exhibit (a)(21) of Post-Effective Amendment No. 197 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibita21amendmenttodecla.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibita21amendmenttodecla.htm)<br>|
| (a)(22) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 16, 2018 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibita22amendmenttodecla.htm)<br> [<u>Exhibit (a)(22) of Post-Effective Amendment No. 197 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibita22amendmenttodecla.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibita22amendmenttodecla.htm)<br>|
| (a)(23) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated May 16, 2019 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a23_touchstone-amendmentto.htm)<br> [<u>Exhibit (a)(23) of Post-Effective Amendment No. 200 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a23_touchstone-amendmentto.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a23_touchstone-amendmentto.htm)<br>|
| (a)(24) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated May 16, 2019 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a24_touchstone-amendmentto.htm)<br> [<u>Exhibit (a)(24) of Post-Effective Amendment No. 200 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a24_touchstone-amendmentto.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a24_touchstone-amendmentto.htm)<br>|
| (a)(25) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated May 16, 2019 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a25_touchstone-tstxamendme.htm)<br> [<u>Exhibit (a)(25) of Post-Effective Amendment No. 200 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a25_touchstone-tstxamendme.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a25_touchstone-tstxamendme.htm)<br>|
| (a)(26) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated May 16, 2019 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a26_touchstone-tstamendmen.htm)<br> [<u>Exhibit (a)(26) of Post-Effective Amendment No. 200 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a26_touchstone-tstamendmen.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/a26_touchstone-tstamendmen.htm)<br>|
| (a)(27) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated July 30, 2019 is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exa27docx.htm)<br> [<u>Exhibit (a)(27) of Post-Effective Amendment No. 202 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exa27docx.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on October 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exa27docx.htm)<br>|
| (a)(28) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated September 30, 2019 is herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exa28docx.htm)<br> [<u>reference to Exhibit (a)(28) of Post-Effective Amendment No. 202 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exa28docx.htm)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on October 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exa28docx.htm)<br>|
| (a)(29) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated November 21, 2019 is herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108020000007/tstdecoftrustamr6shares.htm)<br> [<u>reference to Exhibit (a)(29) of Post-Effective Amendment No. 205 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108020000007/tstdecoftrustamr6shares.htm)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on February 10, 2020.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108020000007/tstdecoftrustamr6shares.htm)<br>|
| (a)(30) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 31, 2020, with respect to redesignation of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a30-tstxamendmenttodec.htm)<br> [<u>Touchstone Dynamic Equity Fund into Touchstone Anti-Benchmark</u><u>®</u> <u>US Core Equity Fund is herein incorporated by</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a30-tstxamendmenttodec.htm)<br> [<u>reference to Exhibit (a)(30) of Post-Effective Amendment No. 216 to Registrant's Registration Statement on Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a30-tstxamendmenttodec.htm)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2020.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a30-tstxamendmenttodec.htm)<br>|
| (a)(31) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 31, 2020, with respect to redesignation of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a31-tstxamendmenttodec.htm)<br> [<u>Touchstone International Small Cap Fund into Touchstone International Growth Fund is herein incorporated by reference</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a31-tstxamendmenttodec.htm)<br> [<u>to Exhibit (a)(31) of Post-Effective Amendment No. 216 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a31-tstxamendmenttodec.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on October 28, 2020.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000155/a31-tstxamendmenttodec.htm)<br>|
| (a)(32) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated January 25, 2021 with respect to establishment of new</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a32tst-decoftrustxsandsint.htm)<br> [<u>series (Touchstone Sands Capital International Growth Fund) is herein incorporated by reference to Exhibit (a)(32) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a32tst-decoftrustxsandsint.htm)<br> [<u>Post-Effective Amendment No. 223 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a32tst-decoftrustxsandsint.htm)<br> [<u>811-03651), filed with the SEC on April 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a32tst-decoftrustxsandsint.htm)<br>|
| (a)(33) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated March 1, 2021 with respect to establishment of R6</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a33tst-decoftrustxsandsema.htm)<br> [<u>shares of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a33tst-decoftrustxsandsema.htm)[<u>Touchstone Sands Capital International Growth Fund and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a33tst-decoftrustxsandsema.htm)[<u>Touchstone Sands Capital Emerging Markets Growth</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a33tst-decoftrustxsandsema.htm)<br> [<u>Fund is herein incorporated by reference to Exhibit (a)(33) of Post-Effective Amendment No. 223 to Registrant's</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a33tst-decoftrustxsandsema.htm)<br> [<u>Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/a33tst-decoftrustxsandsema.htm)<br>|

---

------

---

| | |
|:---|:---|
| (a)(34) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated March 19, 2021 with respect to establishment of new</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/a34-touchstonextstxamendme.htm)<br> [<u>series and classes of Touchstone Strategic Income Opportunities Fund is herein incorporated by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/a34-touchstonextstxamendme.htm)<br> [<u>(a)(34) of Post-Effective Amendment No. 224 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/a34-touchstonextstxamendme.htm)<br> [<u>and 811-03651), filed with the SEC on July 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/a34-touchstonextstxamendme.htm)<br>|
| (a)(35) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 19, 2021 with respect to establishment of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a35touchstone-tst630xamend.htm)<br> [<u>Class R6 shares of Touchstone Balanced Fund, Touchstone Large Cap Focused Fund and Touchstone Value Fund is herein</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a35touchstone-tst630xamend.htm)<br> [<u>incorporated by reference to Exhibit (a)(35) of Post-Effective Amendment No. 227 to Registrant's Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a35touchstone-tst630xamend.htm)<br> [<u>on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a35touchstone-tst630xamend.htm)<br>|
| (a)(36) | &nbsp;&nbsp; [<u>Amendment to Restated Agreement and Declaration of Trust dated August 25, 2021 with respect to abolishment of shares</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a36tst-decoftrustamendment.htm)<br> [<u>of Touchstone Dynamic Diversified Income Fund is herein incorporated by reference to Exhibit (a)(36) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a36tst-decoftrustamendment.htm)<br> [<u>Amendment No. 227 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a36tst-decoftrustamendment.htm)<br> [<u>with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/a36tst-decoftrustamendment.htm)<br>|
| (a)(37) | &nbsp;&nbsp; [<u>Amendment dated November 30, 2021 to Restated Agreement and Declaration of Trust dated May 19, 1993 with respect</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a37amendmenttodeclarationo.htm)<br> [<u>to the name change of the Touchstone Dynamic Global Allocation Fund to the Touchstone Dynamic Allocation Fund is</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a37amendmenttodeclarationo.htm)<br> [<u>herein incorporated by reference to Exhibit (a)(37) of Post-Effective Amendment No. 229 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a37amendmenttodeclarationo.htm)<br> [<u>Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 27, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a37amendmenttodeclarationo.htm)<br>|
| (a)(38) | &nbsp;&nbsp; [<u>Amendment dated November 30, 2021 to Restated Agreement and Declaration of Trust dated May 19, 1993 with respect</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a38amendmenttodeclarationo.htm)<br> [<u>to the name change of the Touchstone Ohio Tax-Free Bond Fund to the Touchstone Core Municipal Bond Fund is herein</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a38amendmenttodeclarationo.htm)<br> [<u>incorporated by reference to Exhibit (a)(38) of Post-Effective Amendment No. 229 to Registrant's Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a38amendmenttodeclarationo.htm)<br> [<u>on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 27, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/a38amendmenttodeclarationo.htm)<br>|
| (a)(39) | &nbsp;&nbsp; [<u>Amendment dated June 15, 2022 to Restated Agreement and Declaration of Trust dated May 19, 1993 with respect to the</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)<br> [<u>name change of the Touchstone Global ESG Equity Fund to the Touchstone Non-US ESG Equity Fund is</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>herein</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)<br> [<u>incorporated by reference to Exhibit (a)(3</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>9</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>) of Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>231</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>to Registrant's Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)<br> [<u>on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>July</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>2</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>9</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)[<u>, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/a39amendmenttodeclarationo.htm)<br>|
| (a)(40) | &nbsp;&nbsp; [<u>Amendment dated October 5, 2023 to Restated Agreement and Declaration of Trust dated May 19, 1993 with respect to</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323007250/f36662d2.htm)<br> [<u>the liquidation of the Touchstone Sands Capital International Growth Fund is herein incorporated by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323007250/f36662d2.htm)<br> [<u>(a)(40) of Post-Effective Amendment No. 235 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323007250/f36662d2.htm)<br> [<u>and 811-03651), filed with the SEC on October 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323007250/f36662d2.htm)<br>|
| (b)(1)(i) | &nbsp;&nbsp; [<u>Amended and Restated By-Laws dated November 19, 2015 are herein incorporated by reference to Exhibit (b) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000029/exhibitb1tstby-laws.htm)<br> [<u>Post-Effective Amendment No. 133 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000029/exhibitb1tstby-laws.htm)<br> [<u>811-03651), filed with the SEC on April 28, 2016.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000029/exhibitb1tstby-laws.htm)<br>|
| (b)(1)(ii) | &nbsp;&nbsp; [<u>Amended and Restated By-Laws dated May 22, 2025 are herein incorporated by reference to Exhibit (b)(1)(ii) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99b1ii.htm)<br> [<u>Post-Effective Amendment No. 242 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99b1ii.htm)<br> [<u>811-03651), filed with the SEC on July 25, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99b1ii.htm)<br>|
| (c) | &nbsp;&nbsp; [<u>Instruments Defining Rights of Security Holders are herein incorporated by reference to Exhibit (c) of Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1485bpos.htm)<br> [<u>Amendment No. 83 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1485bpos.htm)<br> [<u>with the SEC on April 10, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1485bpos.htm)<br>|
| (d)(1)(i) | &nbsp;&nbsp; [<u>Advisory Agreement with Touchstone Advisors, Inc. dated May 1, 2000, is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420407039490/v082201_ex99-23d1.txt)<br> [<u>(d)(1) of Post-Effective Amendment No. 67 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420407039490/v082201_ex99-23d1.txt)<br> [<u>and 811-03651), filed with the SEC on August 1, 2007.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420407039490/v082201_ex99-23d1.txt)<br>|
| (d)(1)(ii) | &nbsp;&nbsp; [<u>Amended Schedule 1 dated October 28, 2021 to the Investment Advisory Agreement Touchstone Strategic Trust dated</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d1iiadvisoryagmt-tstamende.htm)<br> [<u>May 1, 2000 between the Registrant and Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit (d)(1)</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d1iiadvisoryagmt-tstamende.htm)<br> [<u>(ii) of Post-Effective Amendment No. 227 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d1iiadvisoryagmt-tstamende.htm)<br> [<u>and 811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d1iiadvisoryagmt-tstamende.htm)<br>|
| (d)(1)(iii) | &nbsp;&nbsp; [<u>Amendment to the Advisory Agreement with Touchstone Advisors, Inc. dated April 13, 2012, is herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912068940/a12-22869_10ex99d6c.htm)<br> [<u>reference to Exhibit (6)(c) of Post-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-14 (File</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912068940/a12-22869_10ex99d6c.htm)<br> [<u>No. 333-182177), filed with the SEC on October 12, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912068940/a12-22869_10ex99d6c.htm)<br>|
| (d)(1)(iv) | &nbsp;&nbsp; [<u>Amended Schedule 1 dated May 9, 2025 to the Investment Advisory Agreement between the Registrant and Touchstone</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d1iv.htm)<br> [<u>Advisors, Inc. dated May 1, 2000, is herein incorporated by reference to Exhibit (d)(1)(iv) of Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d1iv.htm)<br> [<u>No. 241 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d1iv.htm)<br> [<u>on May 8, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d1iv.htm)<br>|
| (d)(2) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated May 15, 2008 between Touchstone Advisors, Inc. and Westfield Capital Management</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-d11.txt)<br> [<u>Company, L.P. with respect to the Touchstone Growth Opportunities Fund is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-d11.txt)<br> [<u>(d)(11) of Post-Effective Amendment No. 68 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-d11.txt)<br> [<u>and 811-03651), filed with the SEC on August 1, 2008.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-d11.txt)<br>|

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| (d)(3) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated April 12, 2010 between Touchstone Advisors, Inc. and Westfield Capital Management</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420410039951/v191173_ex99-d3.txt)<br> [<u>Company, L.P. with respect to the Touchstone Mid Cap Growth Fund is herein incorporated by reference to Exhibit (d)(3)</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420410039951/v191173_ex99-d3.txt)<br> [<u>of Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420410039951/v191173_ex99-d3.txt)<br> [<u>811-03651), filed with the SEC on July 29, 2010.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420410039951/v191173_ex99-d3.txt)<br>|
| (d)(3)(i) | &nbsp;&nbsp; [<u>Amendment dated January 1, 2021 to the Sub-Advisory Agreement dated April 12, 2010 between Touchstone Advisors,</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d3iamendmentdated112021tos.htm)<br> [<u>Inc. and Westfield Capital Management Company, L.P. with respect to the Touchstone Mid Cap Growth Fund is herein</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d3iamendmentdated112021tos.htm)<br> [<u>incorporated by reference to Exhibit (d)(3)(i) of Post-Effective Amendment No. 224 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d3iamendmentdated112021tos.htm)<br> [<u>Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d3iamendmentdated112021tos.htm)<br>|
| (d)(4) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated November 17, 2020 between Touchstone Advisors, Inc. and Barrow, Hanley, Mewhinney</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4sub-advisoryagreementxba.htm)<br> [<u>& Strauss, LLC with respect to the Touchstone Value Fund is herein incorporated by reference to Exhibit (d)(4) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4sub-advisoryagreementxba.htm)<br> [<u>Post-Effective Amendment No. 227 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4sub-advisoryagreementxba.htm)<br> [<u>811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4sub-advisoryagreementxba.htm)<br>|
| (d)(4)(i) | &nbsp;&nbsp; [<u>Amendment dated September 1, 2021 to the Sub-Advisory Agreement dated November 17, 2020 between Touchstone</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4ivalue-exaxsubadvisoryag.htm)<br> [<u>Advisors, Inc. and Barrow, Hanley, Mewhinney & Strauss, LLC with respect to the Touchstone Value Fund is herein</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4ivalue-exaxsubadvisoryag.htm)<br> [<u>incorporated by reference to Exhibit (d)(4)(i) of Post-Effective Amendment No. 227 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4ivalue-exaxsubadvisoryag.htm)<br> [<u>Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d4ivalue-exaxsubadvisoryag.htm)<br>|
| (d)(5) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Fort Washington Investment</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d6s.htm)<br> [<u>Advisors, Inc. with respect to the Touchstone Focused Fund is herein incorporated by reference to Exhibit (6)(s) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d6s.htm)<br> [<u>Post-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-14 (File No. 333-177597), filed with</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d6s.htm)<br> [<u>the SEC on April 27, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d6s.htm)<br>|
| (d)(6) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated November 30, 2018 between Touchstone Advisors, Inc. and Bramshill Investments LLC</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitd7sub-advisoryagree.htm)<br> [<u>with respect to the Touchstone Flexible Income Fund is herein incorporated by reference to Exhibit (d)(7) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitd7sub-advisoryagree.htm)<br> [<u>Post-Effective Amendment No. 197 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitd7sub-advisoryagree.htm)<br> [<u>811-03651), filed with the SEC on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitd7sub-advisoryagree.htm)<br>|
| (d)(7) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated April 23, 2014 between Touchstone Advisors, Inc. and Sands Capital Management, LLC</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029493/a14-4831_1ex99dd17.htm)<br> [<u>with respect to the Touchstone Sands Capital Emerging Markets Growth Fund is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029493/a14-4831_1ex99dd17.htm)<br> [<u>Exhibit (d)(17) of Post-Effective Amendment No. 104 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029493/a14-4831_1ex99dd17.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on April 23, 2014.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029493/a14-4831_1ex99dd17.htm)<br>|
| (d)(8) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated July 9, 2014 between Touchstone Advisors, Inc. and London Company of Virginia d/b/a</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99dd16.htm)<br> [<u>The London Company with respect to the Touchstone Large Cap Fund is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99dd16.htm)<br> [<u>(d)(16) of Post-Effective Amendment No. 108 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99dd16.htm)<br> [<u>and 811-03651), filed with the SEC on July 9, 2014.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914050680/a14-11043_1ex99dd16.htm)<br>|
| (d)(9) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated March 7, 2018 between Touchstone Advisors, Inc. and Rockefeller & Co. LLC with</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibitd12ii-rockefellerxs.htm)<br> [<u>respect to the Touchstone Sustainability and Impact Equity Fund (formerly the Touchstone Large Cap Growth Fund) is</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibitd12ii-rockefellerxs.htm)<br> [<u>herein incorporated by reference to Exhibit (d)(12)(ii) of Post-Effective Amendment No. 193 to Registrant's Registration</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibitd12ii-rockefellerxs.htm)<br> [<u>Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 29, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibitd12ii-rockefellerxs.htm)<br>|
| (d)(10) | &nbsp;&nbsp; [<u>Amendment dated July 29, 2022 to Sub-Advisory Agreement dated March 1, 2018 between Touchstone Advisors, Inc.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)<br> [<u>and Rockefeller & Co. LLC with respect to the name change of the Touchstone Global ESG Equity Fund to the</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)<br> [<u>Touchstone Non-US ESG Equity Fund is</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)[<u>herein incorporated by reference to Exhibit (</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)[<u>d</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)[<u>)(</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)[<u>10</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)[<u>) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)<br> [<u>Amendment No. 231 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651),</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)[<u>filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)<br> [<u>with the SEC on July 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/d10amendmenttosub-advagree.htm)<br>|
| (d)(11) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated January 8, 2021 between Touchstone Advisors, Inc. and Wilshire Associates Incorporated</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d11wilshiresub-advisoryagr.htm)<br> [<u>with respect to the Touchstone Dynamic Diversified Income Fund and Touchstone Dynamic Global Allocation Fund is</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d11wilshiresub-advisoryagr.htm)<br> [<u>herein incorporated by reference to Exhibit (d)(11) of Post-Effective Amendment No. 227 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d11wilshiresub-advisoryagr.htm)<br> [<u>Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/d11wilshiresub-advisoryagr.htm)<br>|
| (d)(12) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated August 15, 2016 between Touchstone Advisors, Inc. and DSM Capital Partners LLC with</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000126/exd19lcg.htm)<br> [<u>respect to the Touchstone Large Company Growth Fund is herein incorporated by reference to Exhibit (d)(19) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000126/exd19lcg.htm)<br> [<u>Post-Effective Amendment No. 139 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000126/exd19lcg.htm)<br> [<u>811-03651), both filed with the SEC on August 15, 2016.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000126/exd19lcg.htm)<br>|
| (d)(13) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement dated September 1, 2019 between Touchstone Advisors, Inc. and DSM Capital</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exd16_amtosub-advagrxdsmdo.htm)<br> [<u>Partners LLC with respect to the Touchstone Large Company Growth Fund is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exd16_amtosub-advagrxdsmdo.htm)<br> [<u>(d)(16) of Post-Effective Amendment No. 202 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exd16_amtosub-advagrxdsmdo.htm)<br> [<u>002-80859 and 811-03651), both filed with the SEC on October 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000125/exd16_amtosub-advagrxdsmdo.htm)<br>|

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|:---|:---|
| (d)(14) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd21tstbalancedsub-a.htm)<br> [<u>Advisors, Inc. with respect to the Touchstone Balanced Fund is herein incorporated by reference to Exhibit (d)(21) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd21tstbalancedsub-a.htm)<br> [<u>Post-Effective Amendment No. 178 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd21tstbalancedsub-a.htm)<br> [<u>811-03651), filed with the SEC on March 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd21tstbalancedsub-a.htm)<br>|
| (d)(15) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd22tstintlequitysub.htm)<br> [<u>Advisors, Inc. with respect to the Touchstone International Equity Fund is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd22tstintlequitysub.htm)<br> [<u>(d)(22) of Post-Effective Amendment No. 178 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd22tstintlequitysub.htm)<br> [<u>and 811-03651), filed with the SEC on March 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd22tstintlequitysub.htm)<br>|
| (d)(16) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd23tstlargecapfocus.htm)<br> [<u>Advisors, Inc. with respect to the Touchstone Large Cap Focused Fund is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd23tstlargecapfocus.htm)<br> [<u>(d)(23) of Post-Effective Amendment No. 178 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd23tstlargecapfocus.htm)<br> [<u>and 811-03651), filed with the SEC on March 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd23tstlargecapfocus.htm)<br>|
| (d)(17)  | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated October 28, 2017 between Touchstone Advisors, Inc. and Fort Washington Investment</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd24tstsmallcompanys.htm)<br> [<u>Advisors, Inc. with respect to the Touchstone Small Company Fund is herein incorporated by reference to Exhibit (d)(24)</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd24tstsmallcompanys.htm)<br> [<u>of Post-Effective Amendment No. 178 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd24tstsmallcompanys.htm)<br> [<u>811-03651), filed with the SEC on March 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000028/exhibitd24tstsmallcompanys.htm)<br>|
| (d)(18) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated September 12, 2020 between Touchstone Advisors, Inc. and DSM Capital Partners LLC</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000125/dsmsub-advisoryagreementxi.htm)<br> [<u>with respect to the Touchstone International Growth Fund (formerly, the Touchstone International Small Cap Fund) is</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000125/dsmsub-advisoryagreementxi.htm)<br> [<u>herein incorporated by reference to Exhibit (d)(20) of Post-Effective Amendment No. 213 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000125/dsmsub-advisoryagreementxi.htm)<br> [<u>Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on September 14, 2020.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000125/dsmsub-advisoryagreementxi.htm)<br>|
| (d)(19) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated October 3, 2020 between Touchstone Advisors, Inc. and TOBAM S.A.S. with respect to</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000146/exd22tstsub-advagmtfor.htm)<br> [<u>the Touchstone Anti-Benchmark US Core Equity Fund is herein incorporated by reference to Exhibit (d)(22) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000146/exd22tstsub-advagmtfor.htm)<br> [<u>Post-Effective Amendment No. 215 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000146/exd22tstsub-advagmtfor.htm)<br> [<u>811-03651), filed with the SEC on October 5, 2020.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108020000146/exd22tstsub-advagmtfor.htm)<br>|
| (d)(20) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated July 15, 2021 between Touchstone Advisors, Inc. and Fort Washington Investment</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d21sub-advagmtdated7152021.htm)<br> [<u>Advisors, Inc. with respect to the Touchstone Strategic Income Opportunities Fund is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d21sub-advagmtdated7152021.htm)<br> [<u>Exhibit (d)(21) of Post-Effective Amendment No. 224 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d21sub-advagmtdated7152021.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on July 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000120/d21sub-advagmtdated7152021.htm)<br>|
| (d)(21) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated October 28, 2021 between Touchstone Advisors, Inc. and Sage Advisory Services, Ltd.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/d21sagecoremunicipalsub-ad.htm)<br> [<u>Co. with respect to the Touchstone Core Municipal Bond Fund is herein incorporated by reference to Exhibit (d)(21) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/d21sagecoremunicipalsub-ad.htm)<br> [<u>Post-Effective Amendment No. 229 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/d21sagecoremunicipalsub-ad.htm)<br> [<u>811-03651), filed with the SEC on April 27, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/d21sagecoremunicipalsub-ad.htm)<br>|
| (d)(22) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated April 30, 2024 between Touchstone Advisors, Inc. and LSV Asset Management with</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99d22.htm)<br> [<u>respect to the Touchstone International Value Fund is herein incorporated by reference to Exhibit (d)(22) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99d22.htm)<br> [<u>Amendment No. 237 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99d22.htm)<br> [<u>with the SEC on April 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99d22.htm)<br>|
| (d)(23) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement dated May 9, 2025 between Touchstone Advisors, Inc. and Los Angeles Capital Management</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d23.htm)<br> [<u>LLC with respect to the Touchstone Dynamic Large Cap Growth Fund is herein incorporated by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d23.htm)<br> [<u>(d)(23) of Post-Effective Amendment No. 241 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d23.htm)<br> [<u>and 811-03651), filed with the SEC on May 8, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99d23.htm)<br>|
| (e)(1) | &nbsp;&nbsp; [<u>Distribution Agreement with Touchstone Securities, Inc. dated May 1, 2000, is herein incorporated by reference to</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270901500542/exei-701.txt)<br> [<u>Exhibit (e)(i) of Post-Effective Amendment No. 45 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270901500542/exei-701.txt)<br> [<u>002-80859 and 811-03651), filed with the SEC on August 1, 2001.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270901500542/exei-701.txt)<br>|
| (e)(2) | &nbsp;&nbsp; [<u>Form of Underwriter's Dealer Agreement is herein incorporated by reference to Exhibit (e) of Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404014178/v06635_ex1.txt)<br> [<u>No. 56 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404014178/v06635_ex1.txt)<br> [<u>on September 10, 2004.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404014178/v06635_ex1.txt)<br>|
| (f) | &nbsp;&nbsp; [<u>Touchstone Trustee Deferred Compensation Plan is herein incorporated by reference to Exhibit (f) of Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409039180/v155340_ex99-f.txt)<br> [<u>Amendment No. 71 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409039180/v155340_ex99-f.txt)<br> [<u>with the SEC on July 29, 2009.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420409039180/v155340_ex99-f.txt)<br>|
| (g)(1)(i) | &nbsp;&nbsp; [<u>Custodian Agreement with Brown Brothers Harriman & Co. is herein incorporated by reference to Exhibit (g)(1) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-g1.txt)<br> [<u>Post-Effective Amendment No. 68 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-g1.txt)<br> [<u>811-03651), filed with the SEC on August 1, 2008.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420408043295/v120976_ex99-g1.txt)<br>|
| (g)(1)(ii) | [<u>Custodian Agreement with JPMorgan Chase Bank, N.A. dated July 18, 2025 is filed herewith.</u>](d76678dex99g1ii.htm) |

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| (g)(2) | &nbsp;&nbsp; [<u>Amended Schedule of Global Services & Charges to the Custodian Agreement dated February 1, 2013 between the</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dg1i.htm)<br> [<u>Registrant and Brown Brothers Harriman & Co. is herein incorporated by reference to Exhibit (g)(1)(i) of Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dg1i.htm)<br> [<u>Amendment No. 100 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dg1i.htm)<br> [<u>with the SEC on October 25, 2013.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dg1i.htm)<br>|
| (g)(3) | &nbsp;&nbsp; [<u>Amendment #2 to the Custodian Agreement effective January 1, 2024 to the Custodian Agreement with Brown Brothers</u>](https://www.sec.gov/Archives/edgar/data/920547/000119312524109068/d808276dex99g3.htm)<br> [<u>Harriman & Co. dated February 25, 2008 is herein incorporated by reference to Exhibit (g)(3) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/920547/000119312524109068/d808276dex99g3.htm)<br> [<u>Amendment No. 66 to Touchstone Variable Series Trust's Registration Statement on Form N-1A (File Nos. 033-76566</u>](https://www.sec.gov/Archives/edgar/data/920547/000119312524109068/d808276dex99g3.htm)<br> [<u>and 811-8416), filed with the SEC on April 24, 2024.</u>](https://www.sec.gov/Archives/edgar/data/920547/000119312524109068/d808276dex99g3.htm)<br>|
| (h)(1) | &nbsp;&nbsp; [<u>Recordkeeping Agreement is herein incorporated by reference to Exhibit (h)(vii) of Post-Effective Amendment No. 51 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404002474/ex99hvii-204.txt)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404002474/ex99hvii-204.txt)<br> [<u>March 5, 2004.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420404002474/ex99hvii-204.txt)<br>|
| (h)(1)(i) | &nbsp;&nbsp; [<u>Amendment dated January 1, 2024 to the Fund Sub-Administration and Accounting Agreement dated July 20, 2022</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1i.htm)<br> [<u>between the Registrant and The Bank of New York Mellon is herein incorporated by reference to Exhibit (h)(1)(i) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1i.htm)<br> [<u>Post-Effective Amendment No. 237 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1i.htm)<br> [<u>811-03651), filed with the SEC on April 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1i.htm)<br>|
| (h)(1)(ii) | &nbsp;&nbsp; [<u>Amendment dated April 1, 2024 to the Amended and Restated Sub-Administration and Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1ii.htm)<br> [<u>July 20, 2022 between The Bank of New York Mellon and Touchstone Advisors, Inc. is herein incorporated by reference</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1ii.htm)<br> [<u>to Exhibit (h)(1)(ii) of Post-Effective Amendment No. 237 to Registrant's Registration Statement on Form N-1A (File</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1ii.htm)<br> [<u>Nos. 002-80859 and 811-03651), filed with the SEC on April 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99h1ii.htm)<br>|
| (h)(2) | &nbsp;&nbsp; [<u>Amended Administration Agreement with Touchstone Advisors, Inc. dated January 1, 2007 is herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420407039490/v082201_ex99-23h8.txt)<br> [<u>reference to Exhibit (h)(8) of Post-Effective Amendment No. 67 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420407039490/v082201_ex99-23h8.txt)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2007.</u>](http://www.sec.gov/Archives/edgar/data/711080/000114420407039490/v082201_ex99-23h8.txt)<br>|
| (h)(3) | &nbsp;&nbsp; [<u>Amended Schedule, dated January 1, 2015, to the Administration Agreement with Touchstone Advisors, Inc., dated</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915030077/a15-9272_1ex99dh3.htm)<br> [<u>February 17, 2006, as amended January 1, 2007, is herein incorporated by reference to Exhibit (h)(3) of Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915030077/a15-9272_1ex99dh3.htm)<br> [<u>Amendment No. 115 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915030077/a15-9272_1ex99dh3.htm)<br> [<u>with the SEC on April 24, 2015.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915030077/a15-9272_1ex99dh3.htm)<br>|
| (h)(4) | &nbsp;&nbsp; [<u>Amended and Restated Sub-Administration and Accounting Agreement between Touchstone Advisors, Inc. and The Bank</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h4sub-aaagreementtouchston.htm)<br> [<u>of New York Mellon dated January 1, 2021 is herein incorporated by reference to Exhibit (h)(4) of of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h4sub-aaagreementtouchston.htm)<br> [<u>Amendment No. 223 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h4sub-aaagreementtouchston.htm)<br> [<u>with the SEC on April 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h4sub-aaagreementtouchston.htm)<br>|
| (h)(5) | &nbsp;&nbsp; [<u>Amended and Restated Transfer Agency and Shareholder Services Agreement between the Registrant and BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h5taagreementtouchstone-bn.htm)<br> [<u>Investment Servicing (US) Inc. dated January 1, 2021 is herein incorporated by reference to Exhibit (h)(5) of of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h5taagreementtouchstone-bn.htm)<br> [<u>Post-Effective Amendment No. 223 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h5taagreementtouchstone-bn.htm)<br> [<u>811-03651), filed with the SEC on April 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000074/h5taagreementtouchstone-bn.htm)<br>|
| (h)(6)(i) | &nbsp;&nbsp; [<u>State Filing Services Agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc., dated</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1ex99d28h5.htm)<br> [<u>December 5, 2011 is herein incorporated by reference to Exhibit (h)(5) of Post-Effective Amendment No. 83 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1ex99d28h5.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1ex99d28h5.htm)<br> [<u>April 10, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912024588/a12-8969_1ex99d28h5.htm)<br>|
| (h)(6)(ii) | &nbsp;&nbsp; [<u>Amended and Restated Schedule A to the State Filing Services Agreement between the Registrant and BNY Mellon</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d13h.htm)<br> [<u>Investment Servicing (US) Inc. is herein incorporated by reference to Exhibit (13)(h) of Post-Effective Amendment No. 2</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d13h.htm)<br> [<u>to Registrant's Registration Statement on Form N-14 (File No. 333-177597), filed with the SEC on April 27, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912029510/a12-10506_1ex99d13h.htm)<br>|
| (h)(6)(iii) | &nbsp;&nbsp; [<u>Amended and Restated Schedule A dated September 6, 2012 to the State Filing Services Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912068940/a12-22869_10ex99d13o.htm)<br> [<u>December 5, 2011 is herein incorporated by reference to Exhibit (13)(o) of Post-Effective Amendment No. 2 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912068940/a12-22869_10ex99d13o.htm)<br> [<u>Registrant's Registration Statement on Form N-14 (File No. 333-182177), filed with the SEC on October 12, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912068940/a12-22869_10ex99d13o.htm)<br>|
| (h)(7)(i) | &nbsp;&nbsp; [<u>Amended and Restated Expense Limitation Agreement dated July 29, 2013, amended and restated as of March 1, 2014,</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99dh8.htm)<br> [<u>between the Registrant and Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit (h)(8) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99dh8.htm)<br> [<u>Post-Effective Amendment No. 103 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99dh8.htm)<br> [<u>811-03651), filed with the SEC on April 22, 2014.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465914029152/a14-10651_1ex99dh8.htm)<br>|
| (h)(7)(ii) | &nbsp;&nbsp; [<u>Amended Schedule A dated July 7, 2025 to the Amended and Restated Expense Limitation Agreement dated July 29,</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99h7ii.htm)<br> [<u>2013 between the Registrant and Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit (h)(7)(ii) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99h7ii.htm)<br> [<u>Post-Effective Amendment No. 242 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99h7ii.htm)<br> [<u>811-03651), filed with the SEC on July 25, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99h7ii.htm)<br>|
| (h)(7)(iii) | [<u>Amended Schedule B dated October 29, 2025 to the Expense Limitation Agreement dated July 29, 2013 is filed herewith.</u>](d76678dex99h7iii.htm) |

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| | |
|:---|:---|
| (h)(7)(iv) | &nbsp;&nbsp; [<u>Amended Schedule C, dated April 28, 2023, to the Amended and Restated Expense Limitation Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d7.htm)<br> [<u>July 29, 2013 between the Registrant and Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d7.htm)<br> [<u>(h)(7)(iv) of Post-Effective Amendment No. 233 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d7.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on April 27, 2023.</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d7.htm)<br>|
| (h)(7)(v) | &nbsp;&nbsp; [<u>Amendment to the Amended and Restated Expense Limitation Agreement dated August 31, 2015, amended and restated</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915062728/a15-13892_1ex99dh8v.htm)<br> [<u>as of March 1, 2014, between the Registrant and Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915062728/a15-13892_1ex99dh8v.htm)<br> [<u>(h)(8)(v) of Post-Effective Amendment No. 123 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915062728/a15-13892_1ex99dh8v.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on August 31, 2015.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465915062728/a15-13892_1ex99dh8v.htm)<br>|
| (h)(7)(vi)  | &nbsp;&nbsp; [<u>Amendment dated August 31, 2017 to the Amended and Restated Expense Limitation Agreement dated July 29, 2013,</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000059/exhibith8vielaamendmentsau.htm)<br> [<u>amended and restated as of March 1, 2014, between the Registrant and Touchstone Advisors, Inc. is herein incorporated</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000059/exhibith8vielaamendmentsau.htm)<br> [<u>by reference to Exhibit (h)(8)(vi) of Post-Effective Amendment No. 182 to Registrant's Registration Statement on Form</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000059/exhibith8vielaamendmentsau.htm)<br> [<u>N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 27, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000059/exhibith8vielaamendmentsau.htm)<br>|
| (h)(8)(i) | &nbsp;&nbsp; [<u>Securities Lending Agency Agreement between the Registrant and Brown Brothers Harriman & Co. dated</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dh13.htm)<br> [<u>February 1, 2013 is herein incorporated by reference to Exhibit (h)(13) of Post-Effective Amendment No. 100 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dh13.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dh13.htm)<br> [<u>October 25, 2013.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465913077896/a13-22605_1ex99dh13.htm)<br>|
| (h)(8)(ii) | &nbsp;&nbsp; [<u>Securities Lending Agency Agreement between the Registrant and JPMorgan Chase Bank, N.A. dated August 29, 2025 is</u>](d76678dex99h8ii.htm)<br> [<u>filed herewith.</u>](d76678dex99h8ii.htm)<br>|
| (h)(9)(i)  | &nbsp;&nbsp; [<u>Interfund Lending Agreement dated December 15, 2017 is herein incorporated by reference to Exhibit (h)(10) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibith10-interfundlendin.htm)<br> [<u>Post-Effective Amendment No. 193 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibith10-interfundlendin.htm)<br> [<u>811-03651), filed with the SEC on October 29, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exhibith10-interfundlendin.htm)<br>|
| (h)(9)(ii)  | &nbsp;&nbsp; [<u>Amendment dated June 30, 2022 to the</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>Interfund Lending Agreement dated December 15, 2017 is</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>herein incorporated by</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)<br> [<u>reference to Exhibit (</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>h</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>)(</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>9)</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>(ii)</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)[<u>of Post-Effective Amendment No. 231 to Registrant's Registration Statement on Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on July 29, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000056/h9iiamendment-masteriflagr.htm)<br>|
| (h)(10)  | &nbsp;&nbsp; [<u>Amended & Restated Class Action Services Agreement dated February 16, 2018 between the Registrant and Brown</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exh12bbh.htm)<br> [<u>Brothers Harriman & Co. is herein incorporated by reference to Exhibit (h)(12) of Post-Effective Amendment No. 193 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exh12bbh.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exh12bbh.htm)<br> [<u>October 29, 2018.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108018000245/exh12bbh.htm)<br>|
| (i) | [<u>Opinion of Counsel is filed herewith.</u>](d76678dex99i.htm) |
| (j) | [<u>Consent of Independent Registered Public Accounting Firm is filed herewith.</u>](d76678dex99j.htm) |
| (k) | Not applicable. |
| (l) | &nbsp;&nbsp; Copy of Letter of Initial Stockholder, which was filed as an Exhibit to Registrant's Pre-Effective Amendment No. 1, is <br> hereby incorporated by reference.<br>|
| (m)(1) | &nbsp;&nbsp; [<u>Registrant's Plans of Distribution Pursuant to Rule 12b-1 for Class A shares and Class C shares are herein incorporated by</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0021.txt)<br> [<u>reference to Exhibit (m)(1) of Post-Effective Amendment No. 42 to Registrant's Registration Statement on Form N-1A</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0021.txt)<br> [<u>(File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2000.</u>](http://www.sec.gov/Archives/edgar/data/711080/000101270900000667/0001012709-00-000667-0021.txt)<br>|
| (m)(2)(i) | &nbsp;&nbsp; [<u>Registrant's Plan of Distribution Pursuant to Rule 12b-1 for Class A shares with respect to the Touchstone Dynamic</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m3.htm)<br> [<u>Diversified Income Fund, Touchstone Dynamic Equity Fund, Touchstone Dynamic Global Allocation Fund, Touchstone</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m3.htm)<br> [<u>Flexible Income Fund, Touchstone Focused Fund, Touchstone International Equity Fund, Touchstone International Small</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m3.htm)<br> [<u>Cap Fund, and Touchstone Value Fund is herein incorporated by reference to Exhibit (m)(3) of Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m3.htm)<br> [<u>No. 85 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m3.htm)<br> [<u>on June 8, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m3.htm)<br>|
| (m)(2)(ii)  | &nbsp;&nbsp; [<u>Amended Exhibit A to Touchstone Strategic Trust Distribution and Shareholder Services Plan for Class A Shares dated</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m3ii_amendedexhibitatotst1.htm)<br> [<u>November 16, 2018 is herein incorporated by reference to Exhibit (m)(3)(ii) of Post-Effective Amendment No. 200 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m3ii_amendedexhibitatotst1.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and811-03651), filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m3ii_amendedexhibitatotst1.htm)<br> [<u>July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m3ii_amendedexhibitatotst1.htm)<br>|
| (m)(3)(i) | &nbsp;&nbsp; [<u>Registrant's Plan of Distribution Pursuant to Rule 12b-1 for Class C shares with respect to the Touchstone Dynamic</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m4.htm)<br> [<u>Diversified Income Fund, Touchstone Dynamic Equity Fund, Touchstone Dynamic Global Allocation Fund, Touchstone</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m4.htm)<br> [<u>Flexible Income Fund, Touchstone Focused Fund, Touchstone International Equity Fund, Touchstone International Small</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m4.htm)<br> [<u>Cap Fund, and Touchstone Value Fund is herein incorporated by reference to Exhibit (m)(4) of Post-Effective Amendment</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m4.htm)<br> [<u>No. 85 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m4.htm)<br> [<u>on June 8, 2012.</u>](http://www.sec.gov/Archives/edgar/data/711080/000110465912042594/a12-14183_1ex99d28m4.htm)<br>|

---

------

---

| | |
|:---|:---|
| (m)(3)(ii) | &nbsp;&nbsp; [<u>Amended Exhibit A to Touchstone Strategic Trust Distribution and Shareholder Services Plan for Class C Shares dated</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m4ii_amendedexhibitatotst1.htm)<br> [<u>November 16, 2018 is herein incorporated by reference to Exhibit (m)(4)(ii) of Post-Effective Amendment No. 200 to</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m4ii_amendedexhibitatotst1.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m4ii_amendedexhibitatotst1.htm)<br> [<u>July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/m4ii_amendedexhibitatotst1.htm)<br>|
| (n)(1) | &nbsp;&nbsp; [<u>Amended and Restated Rule 18f-3 Plan dated January 1, 2019 is herein incorporated by reference to Exhibit (n)(1) of</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitn1amendedrule18f3pl.htm)<br> [<u>Post-Effective Amendment No. 197 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitn1amendedrule18f3pl.htm)<br> [<u>811-03651), filed with the SEC on April 29, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000049/exhibitn1amendedrule18f3pl.htm)<br>|
| (n)(2) | &nbsp;&nbsp; [<u>Amended Schedule A dated October 28, 2021 to the Amended and Restated Rule 18f-3 Multiple Class Plan is herein</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/n2amendedschedulea-18f3x10.htm)<br> [<u>incorporated by reference to Exhibit (n)(2) of Post-Effective Amendment No. 227 to Registrant's Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/n2amendedschedulea-18f3x10.htm)<br> [<u>on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/n2amendedschedulea-18f3x10.htm)<br>|
| (o) | Reserved. |
| (p)(1) | &nbsp;&nbsp; [<u>Code of Ethics of Touchstone Advisors, Inc., Touchstone Funds, and Touchstone Securities, Inc. – Amended</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99p1.htm)<br> [<u>April 10, 2024 is herein incorporated by reference to Exhibit (p)(1) of Post-Effective Amendment No. 237 to Registrant's</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99p1.htm)<br> [<u>Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99p1.htm)<br>|
| (p)(2) | &nbsp;&nbsp; [<u>Code of Ethics for Fort Washington Investment Advisors, Inc. is herein incorporated by reference to Exhibit (p) (2) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d9.htm)<br> [<u>Post-Effective Amendment No. 233 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d9.htm)<br> [<u>811-03651), filed with the SEC on April 27, 2023.</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323003880/f25488d9.htm)<br>|
| (p)(3) | &nbsp;&nbsp; [<u>Code of Ethics for Westfield Capital Management Company, L.P., is herein incorporated by reference to Exhibit (p)(5) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99p3.htm)<br> [<u>Post-Effective Amendment No. 242 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99p3.htm)<br> [<u>811-03651), filed with the SEC on July 25, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99p3.htm)<br>|
| (p)(4) | [<u>Code of Ethics for Barrow, Hanley, Mewhinney & Strauss, LLC is filed herewith.</u>](d76678dex99p4.htm) |
| (p)(5) | &nbsp;&nbsp; [<u>Code of Ethics for Sands Capital Management, LLC is herein incorporated by reference to Exhibit (p)(5) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524244155/d814417dex99p5.htm)<br> [<u>Post-Effective Amendment No. 242 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524244155/d814417dex99p5.htm)<br> [<u>811-03651), filed with the SEC on July 25, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524244155/d814417dex99p5.htm)<br>|
| (p)(6) | &nbsp;&nbsp; [<u>Code of Ethics for London Company of Virginia d/b/a The London Company is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/p6codeofethicsforlondoncom.htm)<br> [<u>Exhibit (p)(6) of Post-Effective Amendment No. 227 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/p6codeofethicsforlondoncom.htm)<br> [<u>002-80859 and 811-03651), filed with the SEC on October 28, 2021.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108021000174/p6codeofethicsforlondoncom.htm)<br>|
| (p)(7) | &nbsp;&nbsp; [<u>Code of Ethics for Rockefeller & Co., LLC is herein incorporated by reference to Exhibit (p)(7) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524244155/d814417dex99p7.htm)<br> [<u>Amendment No. 239 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524244155/d814417dex99p7.htm)<br> [<u>with the SEC on October 25, 2024.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524244155/d814417dex99p7.htm)<br>|
| (p)(8) | &nbsp;&nbsp; [<u>Code of Ethics of Wilshire Advisors, LLC is herein incorporated by reference to Exhibit (p)(8) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323005717/f25976d5.htm)<br> [<u>Amendment No. 234 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323005717/f25976d5.htm)<br> [<u>with the SEC on July 27, 2023.</u>](https://www.sec.gov/Archives/edgar/data/711080/000168386323005717/f25976d5.htm)<br>|
| (p)(9) | &nbsp;&nbsp; [<u>Code of Ethics for DSM Capital Partners LLC is herein incorporated by reference to Exhibit (p)(17) of Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000121/exhibitp17coe.htm)<br> [<u>Amendment No. 138 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000121/exhibitp17coe.htm)<br> [<u>with the SEC on August 15, 2016.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108016000121/exhibitp17coe.htm)<br>|
| (p)(10)  | &nbsp;&nbsp; [<u>Code of Ethics for Bramshill Investments, LLC is herein incorporated by reference to Exhibit (p)(13) of Post-Effective</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/p13_bramshillcoe.htm)<br> [<u>Amendment No. 200 to Registrant's Registration Statement on Form N-1A (File Nos.002-80859 and 811-03651), filed</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/p13_bramshillcoe.htm)<br> [<u>with the SEC on July 25, 2019.</u>](http://www.sec.gov/Archives/edgar/data/711080/000071108019000089/p13_bramshillcoe.htm)<br>|
| (p)(11)  | &nbsp;&nbsp; [<u>Code of Ethics for TOBAM S.A.S. is herein incorporated by reference to Exhibit (p)(10) of Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000082/exp10tobamcodeofethics.htm)<br> [<u>No. 101 to Touchstone Funds Group Trust's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104),</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000082/exp10tobamcodeofethics.htm)<br> [<u>filed with the SEC on July 18, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000082/exp10tobamcodeofethics.htm)<br>|
| (p)(12)  | &nbsp;&nbsp; [<u>Code of Ethics for Sage Advisory Services, Ltd. Co. is herein incorporated by reference to Exhibit (p)(12) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/p12codeofethicsandpersonal.htm)<br> [<u>Post-Effective Amendment No. 229 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/p12codeofethicsandpersonal.htm)<br> [<u>811-03651), filed with the SEC on April 27, 2022.</u>](https://www.sec.gov/Archives/edgar/data/711080/000071108022000019/p12codeofethicsandpersonal.htm)<br>|
| (p)(13) | &nbsp;&nbsp; [<u>Code of Ethics for LSV Asset Management is herein incorporated by reference to Exhibit (p)(13) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99p13.htm)<br> [<u>Amendment No. 237 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99p13.htm)<br> [<u>with the SEC on April 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312524122130/d828618dex99p13.htm)<br>|
| (p)(14) | &nbsp;&nbsp; [<u>Code of Ethics for Los Angeles Capital Management is herein incorporated by reference to Exhibit (p)(14) of</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99p14.htm)<br> [<u>Post-Effective Amendment No. 241 to Registrant's Registration Statement on Form N-1A (File Nos. 002-80859 and</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99p14.htm)<br> [<u>811-03651), filed with the SEC on May 8, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525115897/d915985dex99p14.htm)<br>|
| (q) | &nbsp;&nbsp; [<u>Power of Attorney is herein incorporated by reference to Exhibit (q) of Post-Effective Amendment No. 242 to Registrant's</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99q.htm)<br> [<u>Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 25, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99q.htm)<br>|

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**Item 29. Persons Controlled by or Under Common Control with the Registrant**

None.

**Item 30. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Article VI of the Registrant's Restated Agreement and Declaration of Trust provides for indemnification of officers and Trustees as follows:

Section 6.4 Indemnification of Trustees, Officers, etc.

The Trust shall indemnify each of its Trustees and officers, including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office ("disabling conduct"). Anything herein contained to the contrary notwithstanding, no Covered Person shall be indemnified for any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject unless (1) a final decision on the merits is made by a court or other body before whom the proceeding was brought that the Covered Person to be indemnified was not liable by reason of disabling conduct, or (2) in the absence of such a decision, a reasonable determination is made, based upon a review of the facts, that the Covered Person was not liable by reason of disabling conduct, by (a) the vote of a majority of a quorum of Trustees who are neither "interested persons" of the Company as defined in the Investment Company Act of 1940, as amended nor parties to the proceeding ("disinterested, non-party Trustees"), or (b) an independent legal counsel in a written opinion.

Section 6.5 Advances of Expenses.

The Trust shall advance attorneys' fees or other expenses incurred by a Covered Person in defending a proceeding, upon the undertaking by or on behalf of the Covered Person to repay the advance unless it is ultimately determined that such Covered Person is entitled to indemnification, so long as one of the following conditions is met: (i) the Covered Person shall provide security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the disinterested non-party Trustees of the Trust, or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification.

Section 6.6 Indemnification Not Exclusive, etc.

The right of indemnification provided by this Article VI shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VI, "Covered Person" shall include such person's heirs, executors and administrators, an "interested Covered Person" is one against whom the action, suit or other proceeding in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending or threatened, and a "disinterested" person is a person against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending or threatened. Nothing contained in this article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

(b) The Registrant maintains a mutual fund and investment advisory professional and directors and officer's liability policy. The policy provides coverage to the Registrant, its trustees and officers and includes losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty. The Registrant may not pay for insurance that protects the Trustees and officers against liabilities arising from action involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their offices.

The advisory agreements and the sub-advisory agreements provide that Touchstone Advisors, Inc. (or a sub-advisor) shall not be liable for any act or omission in the course of rendering services, absent willful misfeasance, bad faith or gross negligence or reckless disregard by Touchstone (or a sub-advisor) of its obligations under the agreement.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended ("1933 Act") may be permitted to Trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions, or otherwise, the Trust has been advised that in the opinion of the Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the

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payment by the Trust of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of the Investment Adviser**

A. TOUCHSTONE ADVISORS, INC. (the "Advisor") is a registered investment advisor that provides investment advisory services to the Touchstone Strategic Trust, Touchstone ETF Trust, Touchstone Variable Series Trust and Touchstone Funds Group Trust (the "Touchstone Fund Complex"). The following list sets forth the business and other connections of the directors and executive officers of the Advisor. Unless otherwise noted, the address of the corporations listed below is 303 Broadway, Cincinnati, Ohio 45202.

\*

The address is 400 Broadway, Cincinnati, Ohio 45202.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Jill T. McGruder — Director, Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) President and Chief Executive Officer — IFS Financial Services, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) President — Integrity Life Insurance Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) President — National Integrity Life Insurance Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Trustee — Touchstone Fund Complex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Senior Vice President — Western & Southern Financial Group, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Senior Vice President — W&S Brokerage Services, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Director — Touchstone Securities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Director — IFS Financial Services, Inc., Integrity Life Insurance Company, National Integrity Life Insurance Company, W&S Financial Group Distributors, Inc.\*, W&S Brokerage Services, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;(2) Donald J. Wuebbling — Director - Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Director — Touchstone Securities, Inc., W&S Financial Group Distributors, Inc.\*, Eagle Realty Investments, Inc.\*, Integrity Life Insurance Company\*, National Integrity Life Insurance Company\*, Eagle Realty Group, LLC\*, IFS Financial Services, Inc., Fort Washington Investment Advisors, Inc., W&S Brokerage Services, Inc.\*, Columbus Life Insurance Company, Eagle Realty Capital Partners, LLC, Gerber Life Insurance Company, The Lafayette Life Insurance Company, Western & Southern Agency, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Jay J. Johnson — Vice President, Corporate Finance and Treasurer - Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vice President, Corporate Finance and Treasurer - Western & Southern Mutual Holding Company\*, Western & Southern Financial Group, Inc.\*, The Western & Southern Life Insurance Company\*, Western-Southern Life Assurance Company.\*, Fort Washington Investment Advisors, Inc., IFS Financial Services, Inc., W&S Financial Group Distributors, Inc.\*, Touchstone Securities, Inc., Columbus Life Insurance Company\*, Eagle Realty Group, LLC\*, Eagle Realty Investments, Inc.\*, Integrity Life Insurance Company, National Integrity Life Insurance Company, The Lafayette Life Insurance Company, Gerber Life Insurance Company, Western & Southern Agency, Inc., W&S Brokerage Services, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Terrie A. Wiedenheft — Chief Financial Officer and Chief Operations Officer - Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Senior Vice President, Chief Financial Officer and Chief Operations Officer - IFS Financial Services, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Senior Vice President and Chief Financial Officer - W&S Brokerage Services, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Chief Financial Officer - Touchstone Securities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Senior Vice President - Fort Washington Investment Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Vice President, Commission Accounting and Finance - Integrity Life Insurance Company, National Integrity Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) President - Touchstone Fund Complex

&nbsp;&nbsp;&nbsp;&nbsp;(5) Sarah S. Herron — Secretary — Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Secretary — Touchstone Securities, Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Corporate Secretary — W&S Brokerage Services, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assistant General Counsel — Investments & Regulations — Western & Southern Financial Group, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;(6) Timothy S. Stearns — Chief Compliance Officer — Touchstone Advisors, Inc., Touchstone Fund Complex.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vice President - W&S Brokerage Services, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;(7) Timothy D. Paulin — Senior Vice President, Investment Research and Product Management — Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vice President — Touchstone Fund Complex

&nbsp;&nbsp;&nbsp;&nbsp;(8) Jonathan D. Niemeyer - Director, Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Board of Directors, Bethesda, Inc., Cincinnati Art Museum, Association of Life Insurance Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sr. Vice President, Chief Administrative Officer & General Counsel, The Western and Southern Life Insurance Company, Western & Southern Financial Group, Inc., Western-Southern Life Assurance Company, Western & Southern Mutual Holding Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Director, Eagle Realty Capital Partners, LLC, Gerber Life Agency, LLC, IFS Financial Services, Inc., Integrity Life Insurance Company, National Integrity Life Insurance Company, Touchstone Securities, Inc., W&S Brokerage Services, Inc., W&S Financial Group Distributors, Inc., Western & Southern Agency, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Director, Sr. Vice President, Gerber Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;(9) Benjamin J. Alge - President & Chief Executive Officer, Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Chief Executive Officer of Touchstone Securities, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vice President of Western-Southern Life Assurance Company, Western & Southern Financial Group, Inc., Western & Southern Mutual Holding Company, The Western & Southern Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Vice President - Touchstone Fund Complex

B. FORT WASHINGTON INVESTMENT ADVISORS, INC. ("Fort Washington") is a registered investment adviser that provides sub-advisory services to the Funds. Fort Washington also serves as the sub-adviser to certain series of Touchstone Funds Group Trust, Touchstone ETF Trust and Touchstone Variable Series Trust. Fort Washington also provides investment advice to institutional and individual clients. The address of Fort Washington is 303 Broadway, Cincinnati, OH 45202.

The following list sets forth the business and other connections of the directors and executive officers of Fort Washington.

\*

The address is 400 Broadway, Cincinnati, Ohio 45202.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Maribeth S. Rahe, President & Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Life Trustee, New York Landmarks Conservancy; Life Trustee, Rush-Presbyterian-St. Luke's Medical Center; Board Member, Chair, Audit Committee, Member, Compensation Committee, Consolidated Communications Illinois Holdings, Inc.; Vice Chair, Executive/Finance Committee, Cincinnati Arts Association; Member, Advisory Board and Partner-In-Action Committee, Sisters of Notre Dame de Namur; Member Advisory Board, Williams College of Business, Xavier University; Fund Advisory Board, Finance/Budget Committee, Cintrifuse; Board Member, Member Audit Committee, Chair Capital Markets Committee, First Financial Bank; Board Member, Marketing Committee, Greater Cincinnati Foundation; Member, Former President, Women's Capital Club; Member, Former Executive Committee, Cincinnati Women's Executive Committee; Member, Former President, Executive Committee Commonwealth Club; Advisory Board University of Cincinnati Health Women's Center, Trustee and Executive Committee Cincinnati County Club; Director Eagle Realty Group; Director Eagle Realty Investments, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) President & CEO of Tristate Ventures, LLC\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) President, W&S Investment Holdings, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) President & CEO of Fort Washington Capital Partners, LLC

&nbsp;&nbsp;&nbsp;&nbsp;(2) Nicholas P. Sargen, Director

&nbsp;&nbsp;&nbsp;&nbsp;(3) John F. Barrett, Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Chairman of Board & CEO, The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Western & Southern Financial Group, Inc., Western & Southern Mutual Holding Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Director & Chairman, Columbus Life Insurance Company, Integrity Life Insurance Company, National Integrity Life Insurance Company, The Lafayette Life Insurance Company, Fort Washington Investment Advisors, Gerber Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Director, Eagle Realty Group, Eagle Realty Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) President & Trustee, Western & Southern Financial Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Board Member, Cintas Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Director, American Council of Life Insurers; Director, Financial Services Roundtable; Board Member, Americans for the Arts; Member & Executive Committee, Cincinnati Center City Development Corporation; Board of Governors,

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Cincinnati USA Partnership for Economic Development; Member, Cincinnati Business Committee; Co-Chairman, Greater Cincinnati Scholarship Association; Member, Cincinnati Equity Fund; Honorary Trustee, Sigma Alpha Epsilon Foundation; Chairman, Medical Center Fund, UC; Advisory Board, Barrett Cancer Center; Vice Chairman, UC Foundation Capital Campaign; Honorary Chairman, UC Presidential Bicentennial Commission

&nbsp;&nbsp;&nbsp;&nbsp;(4) Brendan M. White, Senior Vice President, Co-Chief Investment Officer and Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Board Member, Good Samaritan Hospital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Board Member, Cincinnati Cancer Foundation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Board Member, Make A Wish Foundation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Advisory Board, University of Cincinnati Finance Department

&nbsp;&nbsp;&nbsp;&nbsp;(5) Chris Shipley, Senior Vice President, Co-Chief Investment Officer

&nbsp;&nbsp;&nbsp;&nbsp;(6) Scott C. Henry, Vice President and Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;(7) Jay V. Johnson, Vice President and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;(8) Krista Rivers Managing Director and Head of Business Development

&nbsp;&nbsp;&nbsp;&nbsp;(9) Jonathan D. Niemeyer, Director, Senior Vice President and General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Board of Directors, Bethesda, Inc., Cincinnati Art Museum, Association of Life Insurance Counsel, Salvation Army of Cincinnati

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Director, Sr. Vice President, Chief Administrative Officer & General Counsel, Columbus Life Insurance Company, Eagle Realty Group, LLC, Eagle Realty Investments, Inc., Fort Washington Investment Advisors, Inc., The Lafayette Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sr. Vice President, Chief Administrative Officer & General Counsel, The Western and Southern Life Insurance Company, Western & Southern Financial Group, Inc., Western-Southern Life Assurance Company, Western & Southern Mutual Holding Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Director, Sr. Vice President, Gerber Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;(10) Donald J. Wuebbling, Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Secretary & Counsel, The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Western & Southern Financial Group, Inc., Western & Southern Mutual Holding Company, Columbus Life Insurance Company, The Lafayette Life Insurance Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Director, Touchstone Advisors, Inc., Touchstone Securities, Inc., W&S Financial Group Distributors, Inc., IFS Financial Services, Inc., Integrity Life Insurance Company, W&S Brokerage Services, Inc., Eagle Realty Group, Eagle Realty Investments, Integrity Life Insurance Company, National Integrity Life Insurance Company, Western & Southern Agency, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Eric J. Walzer, Managing Director, Head of Investment Operations

&nbsp;&nbsp;&nbsp;&nbsp;(12) David T. Henderson, Sr. Vice President, Chief Actuary, Risk and Data Officer

&nbsp;&nbsp;&nbsp;&nbsp;(13) Jeffrey L. Stainton, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;(14) Gerald J. Ulland, Managing Director & Chief Financial and Administrative Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Board Member, Mount Notre Dame Board of Trustees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Finance Committee, Scripps Foundation

&nbsp;&nbsp;&nbsp;&nbsp;(15) Tracey Stofa, Managing Director and Head of Private Client Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Finance Committee Bethesda Foundation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Board Member, Greater Cincinnati Alzheimer's Association

C. Westfield Capital Management Company, L.P. ("Westfield") is a registered investment advisor providing sub-advisory services to the Touchstone Mid Cap Growth Fund. The address of Westfield is One Financial Center, Boston, MA 02111. The following are executive officers and directors of Westfield:

Westfield is employee owned. Strategic business decisions are managed and controlled by an executive management committee composed of William A. Muggia, Richard D. Lee, Robert T. Flores, Ethan J. Meyers, John M. Montgomery, Jenny A. Muller, Katheryn A. Kearney, Matthew R. Renna, and Justin M. Moscardelli.

D. TOBAM S.A.S. ("TOBAM") is an SEC-registered investment adviser providing sub-advisory services to Touchstone Anti-Benchmark US Core Equity Fund. The address is 49-53 Avenue des Champs Elysées, Paris, France. No director, officer or partner of TOBAM has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

E. Barrow, Hanley, Mewhinney & Strauss LLC, doing business as Barrow Hanley Global Investors ("Barrow Hanley"), is a registered investment advisor that provides sub-advisory services to the Touchstone Value Fund. The address of Barrow Hanley is 2200 Ross Avenue, 31st Floor Dallas, TX 75201.

The directors and officers of Barrow Hanley are provided on Barrow Hanley's most recently filed Schedule A of Form ADV (IARD No. 105519; SEC File No. 801-31237), which is incorporated herein by reference. The only employment of a substantial nature of each of Barrow Hanley's directors and officers is with Barrow Hanley and its affiliated companies.

F. Bramshill Investments, LLC ("Bramshill"), is a registered investment advisor that serves as the sub-advisor to the Touchstone Flexible Income Fund. The address of Bramshill is 801 Laurel Oak Drive, Suite 300, Naples, Florida 34108.

The owners and officers of Bramshill are provided on Bramshill's most recently filed Schedule A of Form ADV (IARD No. 162492; SEC File No. 801-74578), which is incorporated herein by reference. The only employment of a substantial nature of each of Bramshill's owners and officers is with Bramshill and its affiliated companies.

G. Sands Capital Management, LLC ("Sands Capital") is a registered investment advisor that provides sub-advisory services to the Touchstone Sands Capital Emerging Markets Growth Fund. The address of Sands Capital is 1000 Wilson Blvd., Suite 3000, Arlington, VA 22209. The directors, officers and/or partners of Sands Capital have held the following positions with other companies during the past two fiscal years:

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| | | |
|:---|:---|:---|
| **Name and Position with** <br> **Investment Adviser**<br>| **Name and Principal Business** <br> **Address of Other Company**<br>| **Connection with Other** <br> **Company**<br>|
| Frank M. Sands, CFA <br> Chief Investment Officer, <br> Chief Executive Officer<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| &nbsp;&nbsp; Investment Board Member, <br> Executive Management Team<br>|
| Jonathan P. Goodman <br> General Counsel and Secretary<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| General Counsel |
| Stephen F. Nimmo <br> Executive Managing Director, <br> Business Development and <br> Client Relations<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |
| Ian W. Ratcliffe <br> Executive Managing Director, <br> Executive Managing Partner<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| &nbsp;&nbsp; Managing Partner, Executive <br> Management Team<br>|
| Dana M. McNamara<br> Chief Administrative Officer, <br> Executive Managing Director<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| Executive Management Team |
| T. Perry Williams, CFA<br> President<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| Executive Management Team |
| Brian A. Christiansen, CFA<br> Executive Managing Director, <br> Sr. Portfolio Manager, <br> Research Analyst<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| Executive Management Team |
| David E. Levanson, CFA<br> Executive Managing Director, <br> Sr. Portfolio Manager, <br> Research Analyst<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| Executive Management Team |
| Alexandra Fulk, Chief <br> Compliance Officer, Sr. Legal <br> Counsel<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| &nbsp;&nbsp; Chief Compliance Officer, Sr. <br> Legal Counsel<br>|

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| | | |
|:---|:---|:---|
| **Name and Position with** <br> **Investment Adviser**<br>| **Name and Principal Business** <br> **Address of Other Company**<br>| **Connection with Other** <br> **Company**<br>|
| Andrew P. Giordano, Executive <br> Managing Director, Client <br> Relations and Business <br> Development<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| Executive Management Team |
| Michael F. Raab, CFA, <br> Director of Research, Portfolio <br> Manager, Sr. Research Analyst, <br> Executive Managing Director<br>| &nbsp;&nbsp; Sands Capital Ventures, LLC<br> 1000 Wilson Boulevard <br> Suite 3000 <br> Arlington, VA 22209<br>| Executive Management Team |

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H. London Company of Virginia d/b/a The London Company ("TLC") is a registered investment advisor providing sub-advisory services to the Touchstone Large Cap Fund. The address of TLC is 1800 Bayberry Court, Suite 301, Richmond, Virginia, 23226. No director, officer or partner of TLC has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

I. Rockefeller & Co., LLC ("Rockefeller") is a registered investment advisor providing sub-advisory services to the Touchstone Non-US Equity Fund (formerly, Touchstone Non-US ESG Equity Fund). The address of Rockefeller is 45 Rockefeller Plaza, Fifth Floor, New York, New York 10111. Officers and employees of Rockefeller and its affiliates may serve as non-executive directors of for-profit businesses, including financial services companies that provide services to Rockefeller and/or to clients of Rockefeller. Rockefeller has adopted procedures and practices in seeking to mitigate conflicts of interests that may result from such outside business affiliations.

J. Wilshire Advisors, LLC ("Wilshire") (formerly, Wilshire Associates Incorporated) is a registered investment advisor providing sub-advisory services to the Touchstone Dynamic Allocation Fund. The address of Wilshire is 1299 Ocean Avenue Suite 700, Santa Monica, CA 90401. No director, officer or partner of Wilshire has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

K. DSM Capital Partners LLC ("DSM") is a registered advisor providing sub-advisory services to the Touchstone International Growth Fund and the Touchstone Large Company Growth Fund. The address of DSM is 7111 Fairway Drive, Palm Beach Gardens, FL 33418. No director, officer or partner of DSM has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

L. Sage Advisory Services, Ltd. Co. ("Sage") is a registered advisor providing sub-advisory services to the Touchstone Core Municipal Bond Fund. The address of Sage is 5900 Southwest Parkway, Building 1, Austin, Texas 78735. No director, officer or partner of Sage has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

M. Los Angeles Capital Management LLC ("Los Angeles Capital" or the "Firm") is an SEC-registered investment adviser and serves as the Sub-Adviser to the Touchstone Dynamic Large Cap Growth Fund and the Touchstone Dynamic International ETF. The address of Los Angeles Capital is 11150 Santa Monica Blvd., Suite 200, Los Angeles, California 90025.

Los Angeles Capital's majority owner is LACM Holdings Inc. Thomas D. Stevens and Hal W. Reynolds are the principal owners of LACM Holdings. The other owners of LACM Holdings are employees of the Firm.

During the last two fiscal years, no director, officer, or principal of Los Angeles Capital has engaged in any other business, profession, vocation, or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

N. LSV Asset Management ("LSV") is a registered investment advisor providing sub-advisory services to the Touchstone International Value Fund. The address of LSV is 155 North Wacker Drive, Suite 4600, Chicago, IL 60606.

**Item 32. Principal Underwriters**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Touchstone Securities, Inc. also acts as underwriter for Touchstone Variable Series Trust and Touchstone Funds Group Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The following are the directors and officers of the underwriter. Unless otherwise noted, the address of the persons named below is 303 Broadway, Cincinnati, OH 45202.

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| | | |
|:---|:---|:---|
| **NAME** | **POSITION WITH UNDERWRITER** | **POSITION WITH** <br> **REGISTRANT**<br>|
| Benjamin J. Alge | Chief Executive Officer, President | Vice President  |
| Jill T. McGruder | Director  | Trustee |
| Jonathan D. Niemeyer\* | Director | None |

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| | | |
|:---|:---|:---|
| **NAME** | **POSITION WITH UNDERWRITER** | **POSITION WITH** <br> **REGISTRANT**<br>|
| Donald J. Wuebbling\* | Director | None |
| Mary T. Mock | Senior Vice President | None |
| Terrie A. Wiedenheft | Chief Financial Officer | President |
| Erik M. Aarts | Vice President  | None  |
| Richard M. Koerner | Vice President | None |
| Julie L. Morse | Senior Vice President | None |
| Scott J. Wittman | Vice President | None |
| Timothy J. Costanza | Vice President | None |
| Jay V. Johnson\*  | Vice President  | None  |
| Timothy S. Stearns | Vice President | Chief Compliance Officer |
| Sarah Sparks Herron\* | Secretary  | None  |
| Timothy A. Bray | Divisional Vice President | None |
| Lindsay M. Connelly\*  | Assistant Vice President, Assistant Treasurer  | None  |
| John S. Musgrove\* | Assistant Vice President, Assistant Treasurer  | None  |
| Michael S. Jones | Assistant Vice President | None |
| Jason T. Anderson | Assistant Treasurer | None |
| Michael Marchese, III | Assistant Treasurer | None |
| Shawn M. Scott | Chief Compliance Officer | None |

---

\*

The address is 400 Broadway, Cincinnati, OH 45202

(c) None

**Item 33. Location of Accounts and Records**

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended and the rules promulgated thereunder, are maintained as follows:

With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records will be maintained at the offices of Registrant's Custodian:

JPMorgan Chase Bank, N.A.

383 Madison Avenue

New York, NY, 10017

&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Rules 31a-1(a); 31a-1(b)(1), (4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are maintained at the offices of the Registrant's Administrator and Sub-Administrator.

Touchstone Advisors, Inc.

303 Broadway, Suite 1100

Cincinnati, OH 45202

BNY Mellon Investment Servicing (US) Inc.

534467 500 Ross Street 154-0520

Pittsburgh, PA 15262

The Bank of New York Mellon

201 Washington Street, 7th Floor

Boston, MA 02108

&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the principal offices of the Registrant's investment advisors:

All Funds:

Touchstone Advisors, Inc.

303 Broadway, Suite 1100

Cincinnati, OH 45202

------

Touchstone Focused Fund, Touchstone Strategic Income Fund (formerly, Touchstone Strategic Income Opportunities Fund), Touchstone Balanced Fund, Touchstone International Equity Fund, Touchstone Large Cap Focused Fund and Touchstone Small Company Fund

Fort Washington Investment Advisors, Inc.

303 Broadway, Suite 1200

Cincinnati, OH 45202

Touchstone Mid Cap Growth Fund

Westfield Capital Management Company, L.P.

One Financial Center

Boston, MA 02111

Touchstone Large Cap Fund

London Company of Virginia d/b/a The London Company

1800 Bayberry Court, Suite 301

Richmond, VA 23226

Touchstone Non-US Equity Fund (formerly, Touchstone Non-US ESG Equity Fund)

Rockefeller & Co., Inc.

45 Rockefeller Plaza, Fifth Floor

New York, NY 110111

Touchstone Value Fund

Barrow, Hanley, Mewhinney & Strauss LLC d/b/a Barrow Hanley Global Investors

2200 Ross Avenue, 31st Floor

Dallas, TX 75201

Touchstone Dynamic Allocation Fund

Wilshire Advisors, LLC

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401

Touchstone Flexible Income Fund

Bramshill Investments, LLC

801 Laurel Oak Drive, Suite 300A

Naples, Florida 34108

Touchstone Sands Capital Emerging Markets Growth Fund

Sands Capital Management, LLC

1000 Wilson Blvd., Suite 3000

Arlington, VA 22209

Microsoft Azure

8855 Grand Avenue, West

Des Moines, IA 50266

Global Relay

220 Cambie Street

Vancouver, BC V6B 2M9

Microsoft Azure

105th Street and Warren Avenue

Lee, IA 50061

Iron Mountain Records Management

10641 Iron Bridge Road

Jessup, MD 20794

Touchstone Large Company Growth Fund and Touchstone International Growth Fund

DSM Capital Partners LLC

7111 Fairway Drive

Palm Beach Gardens, FL 33418

Touchstone Anti-Benchmark US Core Equity Fund

(formerly, Touchstone Dynamic Equity Fund)

------

TOBAM S.A.S.

49-53 Avenue des Champs Elysées, 75008

Paris, France

Touchstone Core Municipal Bond Fund

Sage Advisory Services, Ltd. Co.

5900 Southwest Parkway, Building 1

Austin, Texas 78735

Touchstone International Value Fund

LSV Asset Management,

155 North Wacker Drive, Suite 4600

Chicago, IL 60606

Touchstone Dynamic Large Cap Growth Fund

(formerly, Touchstone Growth Opportunities Fund)

Los Angeles Capital Management LLC

11150 Santa Monica Blvd., Suite 200

Los Angeles, CA 90025

**Item 34. Management Services Not Discussed in Part A or Part B**

None.

**Item 35. Undertakings**

None.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 243 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act of 1933, as amended to be signed on its behalf by the undersigned, duly authorized, in the City of Cincinnati, State of Ohio, on October 27, 2025.

---

| |
|:---|
| TOUCHSTONE STRATEGIC TRUST |
| By: /s/ Terrie A. Wiedenheft<br>Terrie A. Wiedenheft<br> President<br>|

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this PEA No. 243 to the Registrant's registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| \*<br>Karen Carnahan<br>| Trustee | October 27, 2025 |
| \*<br>William C. Gale<br>| Trustee | October 27, 2025 |
| \*<br>Sally J. Staley<br>| Trustee | October 27, 2025 |
| \*<br>Susan M. King<br>| Trustee | October 27, 2025 |
| \*<br>Kevin A. Robie<br>| Trustee | October 27, 2025 |
| \*<br>William H. Zimmer III<br>| Trustee | October 27, 2025 |
| \*<br>Jill T. McGruder<br>| Trustee | October 27, 2025 |
| \*<br>E. Blake Moore, Jr.<br>| Trustee | October 27, 2025 |
| /s/ Terri A. Lucas<br>Terri A. Lucas<br>| &nbsp;&nbsp; Controller, Treasurer and Principal <br> Financial Officer<br>| October 27, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*By: /s/ Terri A. Lucas<br>Terri A. Lucas<br> (Attorney-in-Fact Pursuant to Power of Attorney)<br>

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| (g)(1)(ii) | Custodian Agreement with JPMorgan Chase Bank, N.A. |
| (h)(7)(iii) | Amended Schedule B dated October 29, 2025 to the Expense Limitation Agreement dated July 29, 2013. |
| (h)(8)(ii) | Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. |
| (i) | Opinion of Counsel. |
| (j) | Consent of Independent Registered Public Accounting Firm. |
| (p)(4) | Code of Ethics for Barrow, Hanley, Mewhinney & Strauss, LLC |

---

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## Ex-99.(G)(1)(Ii)

![LOGO](g76678dsp1.jpg)

GLOBAL CUSTODY AGREEMENT BETWEEN TOUCHTONE STRATEGIC TRUST, TOUCHSTONE VARIABLE SERIES TRUST, AND TOUCHSTONE FUNDS GROUP TRUST AND JPMORGAN CHASE BANK, N.A. SECURITIES SERVICES jpmorgan.com

---

| | |
|:---|:---|
|  | ![LOGO](g76678dsp3.jpg) |
| Global Custody Agreement – New York – General – October 2024 |  |

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**Table of Contents**

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| | | | |
|:---|:---|:---|:---|
| **1.** | **INTENTION OF THE PARTIES; DEFINITIONS** | **INTENTION OF THE PARTIES; DEFINITIONS** | **1** |
|  | 1.1 | INTENTION OF THE PARTIES | 1 |
|  | 1.2 | DEFINITIONS; INTERPRETATION | 1 |
| **2.** | **WHAT J.P. MORGAN IS REQUIRED TO DO** | **WHAT J.P. MORGAN IS REQUIRED TO DO** | **5** |
|  | 2.1 | SET UP ACCOUNTS | 5 |
|  | 2.2 | DEPOSIT OF CASH | 6 |
|  | 2.3 | SEGREGATION AND REGISTRATION OF ASSETS; NOMINEE NAME | 7 |
|  | 2.4 | SETTLEMENT OF TRANSACTIONS | 7 |
|  | 2.5 | CONTRACTUAL SETTLEMENT DATE ACCOUNTING | 8 |
|  | 2.6 | INCOME COLLECTION (AUTOCREDIT®) | 8 |
|  | 2.7 | MISCELLANEOUS ADMINISTRATIVE DUTIES | 9 |
|  | 2.8 | CORPORATE ACTIONS | 9 |
|  | 2.9 | SECURITIES LITIGATION SERVICES | 10 |
|  | 2.10 | PROXIES | 10 |
|  | 2.11 | STATEMENTS OF ACCOUNT | 11 |
|  | 2.12 | ACCESS TO J.P. MORGAN'S RECORDS | 11 |
|  | 2.13 | MAINTENANCE OF FINANCIAL ASSETS AT SUBCUSTODIAN LOCATIONS | 12 |
|  | 2.14 | RESTRICTED SERVICES | 12 |
|  | 2.15 | FOREIGN EXCHANGE TRANSACTIONS | 12 |
|  | 2.16 | ASSETS NOT CONTROLLED BY J.P. MORGAN | 12 |
|  | 2.17 | CHANGE REQUESTS | 13 |
|  | 2.18 | ADDITION AND REMOVAL OF CUSTOMERS AND FUNDS | 13 |
|  | 2.19 | COMPLIANCE WITH LAWS AND REGULATIONS | 14 |
|  | 2.20 | PERSONNEL | 14 |
|  | 2.21 | COMPLIANCE WITH SECURITIES AND EXCHANGE COMMISSION ("SEC") RULE 17F-5 ("RULE 17F-5") | 14 |
|  | 2.22 | COMPLIANCE WITH SEC RULE 17F-7 ("RULE 17F-7") | 16 |
| **3.** | **INSTRUCTIONS** | **INSTRUCTIONS** | **16** |
|  | 3.1 | ACTING ON INSTRUCTIONS; METHOD OF INSTRUCTION AND UNCLEAR INSTRUCTIONS | 16 |
|  | 3.2 | VERIFICATION AND SECURITY PROCEDURES | 17 |
|  | 3.3 | INSTRUCTIONS CONTRARY TO LAW/MARKET PRACTICE | 17 |
|  | 3.4 | CUT-OFF TIMES | 17 |
|  | 3.5 | ELECTRONIC ACCESS AND CYBERSECURITY | 18 |
|  | 3.6 | RECORDING OF TELEPHONE COMMUNICATIONS | 18 |
| **4.** | **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** | **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** | **18** |
|  | 4.1 | FEES AND EXPENSES | 18 |
|  | 4.2 | OVERDRAFTS | 19 |
|  | 4.3 | J.P. MORGAN'S RIGHT OVER ACCOUNT ASSETS; SET-OFF | 19 |
| **5.** | **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** | **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** | **20** |
|  | 5.1 | APPOINTMENT OF SUBCUSTODIANS; USE OF SECURITIES DEPOSITORIES | 20 |
|  | 5.2 | LIABILITY FOR SUBCUSTODIANS AND SECURITIES DEPOSITORIES | 21 |

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| | | | |
|:---|:---|:---|:---|
| **6.** | **ADDITIONAL PROVISIONS** | **ADDITIONAL PROVISIONS** | **21** |
|  | 6.1 | REPRESENTATIONS OF THE CUSTOMER AND J.P. MORGAN | 21 |
|  | 6.2 | THE CUSTOMER IS LIABLE TO J.P. MORGAN EVEN IF IT IS ACTING FOR ANOTHER PERSON | 22 |
|  | 6.3 | SPECIAL SETTLEMENT SERVICES | 22 |
|  | 6.4 | THE CUSTOMER TO PROVIDE CERTAIN INFORMATION TO J.P. MORGAN | 23 |
|  | 6.5 | INFORMATION CONCERNING DEPOSITS HELD BY J.P. MORGAN IN THE U.S. | 23 |
|  | 6.6 | INFORMATION CONCERNING DEPOSITS AT J.P. MORGAN'S NON-U.S. BRANCHES | 23 |
|  | 6.7 | INSURANCE | 24 |
|  | 6.8 | SECURITY HOLDING DISCLOSURE | 24 |
|  | 6.9 | REGULATORY DISCLOSURE; CERTAIN INFORMATION OF THE CUSTOMER | 24 |
|  | 6.10 | CONFIDENTIALITY | 25 |
|  | 6.11 | USE OF J.P. MORGAN'S NAME | 25 |
|  | 6.12 | REDISTRIBUTION OF DATA FROM THIRD PARTIES | 26 |
| **7.** | **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** | **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** | **26** |
|  | 7.1 | STANDARD OF CARE; LIABILITY | 26 |
|  | 7.2 | FORCE MAJEURE | 27 |
|  | 7.3 | COUNTRY RISK | 28 |
|  | 7.4 | J.P. MORGAN MAY CONSULT WITH COUNSEL | 28 |
|  | 7.5 | J.P. MORGAN PROVIDES DIVERSE FINANCIAL SERVICES AND MAY GENERATE PROFITS AS A RESULT | 28 |
|  | 7.6 | ANCILLARY SERVICES | 28 |
| **8.** | **TAXATION** | **TAXATION** | **29** |
|  | 8.1 | TAX OBLIGATIONS | 29 |
|  | 8.2 | TAX RELIEF SERVICES | 29 |
| **9.** | **TERM AND TERMINATION** | **TERM AND TERMINATION** | **30** |
|  | 9.1 | TERM AND TERMINATION FOR CONVENIENCE | 30 |
|  | 9.2 | OTHER GROUNDS FOR TERMINATION | 30 |
|  | 9.3 | EXIT PROCEDURE | 30 |
| **10.** | **MISCELLANEOUS** | **MISCELLANEOUS** | **31** |
|  | 10.1 | NOTICE | 31 |
|  | 10.2 | SUCCESSORS AND ASSIGNS | 31 |
|  | 10.3 | ENTIRE AGREEMENT AND AMENDMENTS | 32 |
|  | 10.4 | GOVERNING LAW AND JURISDICTION | 32 |
|  | 10.5 | SEVERABILITY; WAIVER; SURVIVAL | 32 |
|  | 10.6 | COUNTERPARTS | 33 |
|  | 10.7 | NO THIRD PARTY BENEFICIARIES | 33 |
|  | ANNEX A ELECTRONIC ACCESS | ANNEX A ELECTRONIC ACCESS | 34 |
|  | ANNEX B AVAILABILITY POLICY AND SCHEDULE | ANNEX B AVAILABILITY POLICY AND SCHEDULE | 36 |
|  | ANNEX C INFORMATION REGARDING COUNTRY RISK | ANNEX C INFORMATION REGARDING COUNTRY RISK | 37 |

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Global Custody Agreement – New York – October 2024

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**GLOBAL CUSTODY AGREEMENT** 

This agreement, dated ____________________ (the "Agreement"), is between **JPMORGAN CHASE BANK, NATIONAL ASSOCIATION** ("J.P. Morgan"), with a place of business at 383 Madison Ave., New York NY 10017; and <u>TOUCHTONE STRATEGIC TRUST, TOUCHSTONE VARIABLE SERIES TRUST, each a Massachusetts business trust, and TOUCHSTONE FUNDS GROUP TRUST, a Delaware statutory trust,</u> (each a "Customer" or "Trust") acting with respect to each series of funds (each individual fund, a "Fund") for each Trust listed on Exhibit 1 with a place of business at <u>303 Broadway, Cincinnati, OH 45202</u>.

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

**1.1** **Intention of the Parties** 

(a) This Agreement sets out the terms on which J.P. Morgan will provide custodial, settlement, asset servicing and
other associated services to the Customer. J.P. Morgan will be responsible for the performance of only those duties expressly set forth in this Agreement. The Customer acknowledges that J.P. Morgan is not providing any legal, tax or investment
advice in connection with the services under this Agreement. The terms and conditions of this Agreement are applicable only to the services which are specified in this Agreement.

**1.2** **Definitions; Interpretation** 

(a) Definitions

As used herein, the following terms have the meanings hereinafter stated.

**"Account"** has the meaning set forth in Section 2.1.

**"Account Assets"** has the meaning set forth in Section 4.3(a).

**"Affiliated Subcustodian Bank**" means a Subcustodian that is both a subsidiary of JPMorgan Chase & Co. and either (i) a bank chartered or incorporated in the United States of America or (ii) a branch or subsidiary of such a bank.

**"Agreement"** has the meaning set forth in the Preamble.

**"AML/Sanctions Requirements"** means (a) any Applicable Law (including but not limited to the rules and regulations of the United States Office of Foreign Assets Control) applicable to J.P. Morgan, or to any J.P. Morgan Affiliate engaged in servicing any Account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or are subject to, sanctions of any governmental authority under such Applicable Law; and (b) any J.P. Morgan policies and procedures reasonably designed to assure compliance with any such Applicable Law.

**"Applicable Law"** means any applicable statute, treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Authorized Person"** means any person who has been designated by written notice from the Customer in the form as provided by J.P. Morgan (or by written notice in the form as provided by J.P. Morgan from any agent designated by the Customer, including an investment manager) to act on behalf of the Customer under this Agreement, any person who has received a User Code from Customer, or any person authorized by Customer to receive a User Code from J.P. Morgan. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives and

Global Custody Agreement – New York – October 2024

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has had reasonable time to act upon Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

"**AutoCredit**" has the meaning set forth in Section 2.6(c).

"**Bank Receivership**" has the meaning set forth in Section 6.5(a).

**"Cash Account"** has the meaning set forth in Section 2.1(a)(ii).

"**Change**" has the meaning set forth in Section 2.17(a).

"**Change Request**" has the meaning set forth in Section 2.17(a).

"**CLS Bank**" means CLS Bank International, or any other subsidiary of CLS Group Holdings AG and, in each case, any successor thereto and/or in each case any subsidiary thereof.

"**CLS Services**" means the provision of continuous linked settlement currency exchange services by J.P. Morgan, a participant of CLS Bank.

**"Confidential Information"** means all non-public information concerning the Customer or the Accounts which J.P. Morgan receives in the course of providing services under this Agreement, including the terms and conditions of this Agreement. Nevertheless, the term Confidential Information does not include (i) information that is or becomes available to the general public other than as a direct result of J.P. Morgan's breach of the terms of this Agreement, (ii) information that J.P. Morgan develops independently without using the Customer's confidential information, (iii) information that J.P. Morgan obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to the Customer with respect to that information, or (iv) information that the Customer has designated as non-confidential or consented to be disclosed.

"**Control Account Assets**" has the meaning set forth in Section 6.1(a).

**"Corporate Action"** means any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to a Financial Asset in the Securities Account that requires discretionary action by the beneficial owner of the Financial Asset, but does not include rights with respect to class action litigation or proxy voting.

"**Counterparty**" has the meaning set forth in Section 2.1(c).

**"Country Risk"** means the risk of investing or holding assets in a particular country or market, including, but not limited to, risks arising from nationalization, expropriation, capital controls, currency restrictions or other governmental actions; the country's financial infrastructure, including prevailing custody, tax and settlement practices; laws applicable to the safekeeping and recovery of Financial Assets and cash held in custody; the regulation of the banking and securities industries, including changes in market rules; currency devaluations or fluctuations; and market conditions affecting the orderly execution of securities transactions or the value of assets.

**"Country Risk Event"** means an event which occurs as a result of Country Risk.

**"Customer"** has the meaning set forth in the Preamble.

"**Customer Indemnitees**" means the Customer and its respective trustees, directors, officers, and employees.

"**Dormant Account**" has the meaning set forth in Section 2.1(d).

**"Eligible Foreign Custodian"** means (i) a banking institution or trust company, incorporated or organized under the laws of a country other than the United States, that is regulated as such by that country's government or an agency thereof, or (ii) a majority-owned direct or indirect subsidiary of a U.S. Bank (as defined in rule 17f-5(a)(7)) or bank holding company which subsidiary

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is incorporated or organized under the laws of a country other than the United States. In addition, an Eligible Foreign Custodian shall also mean any other entity that shall have been so qualified by exemptive order, rule or other appropriate action of the SEC.

**"Eligible Securities Depository"** shall have the same meaning as in rule 17f-7(b)(1)(i)-(vi) as the same may be amended from time to time, or that has otherwise been made exempt pursuant to an SEC exemptive order.

**"Entitlement Holder"** means the person named on the records of a Securities Intermediary as the person having a Security Entitlement against the Securities Intermediary.

"**FDIC**" has the meaning set forth in Section 6.5(a).

"**Financial Asset"** means a Security and refers, as the context requires, either to the Security itself or to the means by which a person's claim to the Security is evidenced, including a Security certificate or a Security Entitlement. The term "Financial Asset" does not include cash.

"**Identifying Information**" has the meaning set forth in Section 6.9(a).

"**Information**" has the meaning set forth in Section 2.11(a).

**"Information Provider"** means any person (including a J.P. Morgan Affiliate) who provides software, information or the means of obtaining information on security prices, derivative prices, security characteristics data, market data, foreign exchange, credit ratings, performance measurement or any other information obtained by J.P. Morgan in connection with the Services (including index return providers, security characteristics providers, and value-at-risk providers).

**"Instruction"** means an instruction, whether or not in fact authorized, that has been verified in accordance with the Security Procedure or, if no Security Procedure is applicable, that J.P. Morgan believes in good faith to have been given by an Authorized Person.

**"J.P. Morgan"** has the meaning set forth in the Preamble.

**"J.P. Morgan Affiliate"** means an entity controlling, controlled by, or under common control with J.P. Morgan.

**"J.P. Morgan Indemnitees**" means J.P. Morgan, J.P. Morgan Affiliates, Subcustodians, and their respective nominees, directors, officers, employees and agents.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on a party's own income), or expenses of any kind whatsoever (whether actual or contingent and including, without limitation, reasonable attorneys', accountants', consultants' and experts' fees and disbursements reasonably incurred and for the avoidance of doubt, with respect to any Liabilities owed by the Customer or any Fund, Liabilities shall also include any and all amounts owing to J.P. Morgan by the Customer's counterparty in connection with collateral Accounts or control Accounts established at J.P. Morgan pursuant to the Customer's Instruction) and outstanding from time to time.

"**Proxy Voting Service**" has the meaning set forth in Section 2.10(a).

**"Reports"** means the reports, information or data provided by J.P. Morgan in connection with the provision of the Services.

**"Securities"** means shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets and any other property as may be acceptable to J.P. Morgan for the Securities Account.

**"Securities Account"** has the meaning set forth in Section 2.1(a)(i).

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**"Securities Depository"** means any securities depository, clearing corporation, dematerialized book entry system or similar system for the central handling of Securities. The term 'Securities Depository' as used in this Agreement when referring to a securities depository located in the U.S. shall mean a 'securities depository' as defined in rule 17f-4(c)(6).

**"Security Entitlement"** means the rights and property interests of an Entitlement Holder with respect to a Financial Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

**"Securities Intermediary"** means J.P. Morgan, a Subcustodian, a Securities Depository and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

**"Security Procedure**" means the applicable security procedure to be followed by the Customer (and its Authorized Persons) and/or by J.P. Morgan, so as to enable J.P. Morgan to verify that an instruction is authorized. The applicable Security Procedure for different types of instructions may be set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement or in separate documentation, and may be updated by J.P. Morgan from time to time upon notice to the Customer. A Security Procedure may, without limitation, involve the use of User Codes, dual-factor authentication, telephone call backs, or third party utilities. For the avoidance of doubt, an authenticated SWIFT message issued in the name of the Customer through any third party utility that J.P. Morgan has approved as a utility through which Instructions may be provided hereunder shall be deemed to have been verified through a Security Procedure.

**"Services"** means the services provided under this Agreement.

**"Subcustodian"** means any of the subcustodians appointed by J.P. Morgan from time to time to hold Financial Assets and act on its behalf in different jurisdictions and includes any Affiliated Subcustodian Bank. In no event will an entity that is a Securities Depository, whether or not acting in that capacity, be deemed to be a Subcustodian. For the avoidance of doubt, the transfer agent of a Financial Asset shall not be deemed to be a Subcustodian with respect to that Financial Asset.

"**USA PATRIOT Act**" has the meaning set forth in Section 6.9(a).

**"User Code"** means a password digital certificate, identifier (including biometric identifier), security device, algorithm, encryption or other similar procedure used by the Customer or an Authorized Person to access J.P. Morgan's systems, applications or products or to issue Instructions to J.P. Morgan.

"**U.S. Special Resolution Regime**" has the meaning set forth in Section 10.2.

(b) Interpretation

(i) Headings are for convenience of reference only and shall not in any way form part of or affect the construction
or interpretation of any provision of this Agreement.

(ii) Unless otherwise expressly stated to the contrary herein, references to Sections are to Sections of this
Agreement and references to paragraphs are to paragraphs of the Sections in which they appear.

(iii) Unless the context requires otherwise, references in this Agreement to "persons" shall include
legal as well as natural entities; references importing the singular shall include the plural (and vice versa) use of the term "including" shall be deemed to mean "including but

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not limited" to, and references to appendices and numbered sections shall be to such addenda and provisions herein.

(iv) Unless the context requires otherwise, any reference to a statute or a statutory provision shall include such
statute or provision as from time to time modified to the extent such modification applies to any service provided hereunder. Any reference to a statute or a statutory provision shall also include any subordinate legislation made from time to time
under that statute or provision.

(v) The Schedules, Appendices and Annexes to the Agreement are incorporated herein by reference and form part of
the Agreement and shall have the same force and effect as if expressly set out in the body of the Agreement. If and to the extent that there is an inconsistency between the terms of the body of the Agreement and its Schedules, Appendices and
Annexes, the terms of the body of the Agreement shall prevail unless expressly stated otherwise.

**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** 

**2.1** **Set Up Accounts** 

(a) J.P. Morgan will establish and maintain the following accounts ("Accounts"):

(i) one or more accounts in the name of the Customer (or in another name requested by the Customer that is
acceptable to J.P. Morgan), on behalf of a Fund, to which Financial Assets are or may be credited (each a "Securities Account"), which may be held by J.P. Morgan, a Subcustodian or a Securities Depository for J.P. Morgan on behalf of the
Customer, including as an Entitlement Holder; and

(ii) one or more cash accounts in the name of the Customer (each, a "Cash Account") (or in another name
requested by the Customer that is acceptable to J.P. Morgan) , on behalf of a Fund, for any and all cash in any currency received by or on behalf of J.P. Morgan for the account of the Customer.

(b) At the request of the Customer, additional Accounts may be opened in the future, and such additional Accounts
shall be subject to the terms of this Agreement.

(c) In the event that the Customer requests the opening of any additional Account for the purpose of holding
collateral pledged by the Customer to a securities exchange, clearing corporation, or other central counterparty (a "Counterparty") to secure trading activity by the Customer, or the pledge to a Counterparty of cash or individual
Securities held in an Account, that Account (or the pledged cash or Securities) shall be subject to the collateral arrangements in effect between J.P. Morgan and the Counterparty in addition to the terms of this Agreement.

(d) Upon not less than thirty (30) days' prior notice to the Customer and with Customer's consent,
which shall not be unreasonably withheld, J.P. Morgan may close any Account for which J.P. Morgan has not received any Instructions for at least one (1) year or <u> </u> which J.P. Morgan otherwise reasonably determines to be dormant (each a
"Dormant Account"). J.P. Morgan may, upon closure of a Dormant Account, move any Account Assets in that Account into another Account of the Customer and, in the case of a cash payment, J.P. Morgan is authorized to enter into any foreign
exchange transactions with the Customer needed to facilitate the payment, as contemplated by Section 2.15. For the avoidance of doubt, J.P. Morgan may not transfer Account Assets of a Fund or Customer to the Account of another Fund or Customer
absent the Customer's consent, which shall not be unreasonably withheld.

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(e) J.P. Morgan's obligation to open Accounts pursuant to Section 2.1(a) is conditional upon J.P. Morgan
receiving such of the following documents as J.P. Morgan may require:

(i) a certified copy of the Customer's constitutional documents as in force at the time of receipt;

(ii) evidence reasonably satisfactory to J.P. Morgan of the due authorization and execution of this Agreement by the
Customer (for example by a certified copy of a resolution of the Customer's board of directors or equivalent governing body);

(iii) in cases where the Customer designates an investment manager, evidence reasonably satisfactory to J.P. Morgan
of that appointment as an Authorized Person and of the officers and employees of the investment manager authorized to act with respect to the relevant Account;

(iv) information about the Customer's financial condition, such as its audited and unaudited financial
statements; and

(v) in the case of any Account opened in a name other than that of the Customer, documentation with respect to that
name similar to that set forth in paragraphs (i) – (iv).

(f) If Customer requests J.P. Morgan to establish a Cash Account with a Subcustodian as described in
Section 2.2(a)(ii), J.P. Morgan must set-up, or facilitate the set-up of the Cash Account for the Customer in that jurisdiction and in accordance with the
Instructions of the Customer, unless prohibited by Applicable Law or market practice.

(g) For avoidance of doubt, J.P. Morgan shall treat all "Financial Assets" as "financial
assets" as that term is used in the Uniform Commercial Code ("UCC") and hold them in a "securities account" as that term is used in the UCC.

**2.2** **Deposit of Cash** 

(a) Any cash in any currency received by or on behalf of J.P. Morgan for the account of the Customer will be
either:

(i) deposited in one or more Cash Accounts at J.P. Morgan in New York or at one of its non-U.S. branch offices and will constitute a debt owing to the Customer by J.P. Morgan as banker, provided that (A) any cash so deposited with a non-U.S. branch office
will be payable exclusively by that branch office in the applicable currency, subject to compliance with Applicable Law, including, without limitation, any applicable currency restrictions and (B) while J.P. Morgan is not required to pay or
charge interest on any such Cash Account, J.P. Morgan may, from time to time, in its discretion, pay interest on any such Cash Account (or charge interest if, at the time, the prevailing interest rate in the relevant market for similar deposits in
the same currency is negative) at a rate to be determined by J.P. Morgan; or

(ii) deposited in an account maintained in the name of the Customer at the Subcustodian in the relevant market, in
which case the deposit will constitute a debt owing to the Customer by that Subcustodian as the Customer's banker and not by J.P. Morgan, payable exclusively in the applicable currency at that Subcustodian; for the avoidance of doubt, cash
held in that account will not be part of the Cash Account(s). A list of markets for which this Section 2.2(a)(ii) applies will be made available on J.P. Morgan's website.

(b) Any amounts credited by J.P. Morgan to the Cash Account on the basis of a notice or a provisional credit from a
third party, may be reversed if J.P. Morgan does not receive final payment in a timely manner. J.P. Morgan will notify the Customer promptly of any such reversal.

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(c) J.P. Morgan will make amounts deposited into a Cash Account held in the United States available in accordance
with its availability policy, the current version of which is attached hereto as Annex B.

**2.3** **Segregation and Registration of Assets; Nominee Name** 

(a) J.P. Morgan will identify in its books that those Financial Assets credited to the Customer's Securities
Account belong to the Customer (except as may be otherwise agreed by J.P. Morgan and the Customer).

(b) To the extent permitted by Applicable Law, J.P. Morgan will require each Subcustodian to identify that
Financial Assets held at such Subcustodian by J.P. Morgan on behalf of its customers belong to customers of J.P. Morgan, by means of differently titled accounts on the books of the Subcustodian or other equivalent measures that achieve the same
level of protection.

(c) J.P. Morgan is authorized, in its discretion subject to Applicable Law to:

(i) hold in bearer form such Financial Assets as are customarily held in bearer form or are delivered to J.P.
Morgan or its Subcustodian in bearer form;

(ii) hold Financial Assets in or deposit Financial Assets with any Securities Depository;

(iii) hold Financial Assets in omnibus accounts on a fungible basis and accept delivery of Financial Assets of the
same class and denomination as those deposited by the Customer;

(iv) register in the name of the Customer, J.P. Morgan, a Subcustodian, a Securities Depository or their respective
nominees, such Financial Assets as are customarily held in registered form; and

(v) decline to accept any asset or property which it deems to be unsuitable or inconsistent with its custodial
operations.

(d) For the avoidance of doubt, unless J.P. Morgan has provided prior written approval, the Customer may not
instruct a third party to register any Financial Asset in the name of J.P. Morgan, a Subcustodian, a Securities Depository or any of their respective nominees. The Customer agrees that any Financial Asset registered in the name of J.P. Morgan, a
Subcustodian, a Securities Depository or any of their respective nominees without J.P. Morgan's authorization shall not be considered to be held in custody under this Agreement.

**2.4** **Settlement of Transactions** 

(a) Subject to Section 3 and Section 4.2, J.P. Morgan will act in accordance with Instructions with
respect to settlement of transactions. Settlement of transactions will be conducted in accordance with prevailing standards of the market in which the transaction occurs. Without limiting the generality of the foregoing, the Customer authorizes J.P.
Morgan to deliver Financial Assets or cash payment in accordance with applicable market practice in advance of receipt or settlement of consideration expected in connection with such delivery or payment, and the Customer acknowledges and agrees that
such action alone will not of itself constitute negligence, fraud, or willful misconduct of J.P. Morgan, and the risk of loss arising from any such action will be borne by the Customer. If the Customer's counterparty (or other appropriate
party) fails to deliver the expected consideration as agreed, J.P. Morgan will notify the Customer, (and/or the sub-adviser of the applicable Fund, if authorized to receive notice), of such failure. If the
Customer's counterparty continues to fail to deliver the expected consideration, J.P. Morgan will provide information reasonably requested by the Customer that J.P. Morgan has in its possession to allow the Customer to enforce its rights
against the Customer's counterparty, but neither J.P. Morgan nor its Subcustodians will be obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

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(b) Except to the extent J.P. Morgan and the Customer have agreed to treat settlement of a transaction under the
contractual settlement date accounting basis set forth in Section 2.5, J.P. Morgan will post such transaction on the date on which the cash or Financial Assets received as consideration for the transaction is actually received and settled by
J.P. Morgan.

(c) J.P. Morgan reserves the right to reverse any transactions that are credited to the Accounts due to
mis-postings, errors and other similar actions.

**2.5** **Contractual Settlement Date Accounting** 

(a) In cases where J.P. Morgan and the Customer agree to do so, and subject to the other provisions of this
Section 2.5, J.P. Morgan will effect book entries on a contractual settlement date accounting basis as described below with respect to the settlement for those Financial Assets and transactions as to which J.P. Morgan customarily offers
contractual settlement date accounting.

(i) Sales: On the settlement date for a sale, J.P. Morgan will credit the Cash Account with the proceeds of the
sale and post the Securities Account as pending delivery of the relevant Financial Assets.

(ii) Purchases: On the settlement date for a purchase (or earlier, if market practice requires delivery of the
purchase price before the settlement date), J.P. Morgan will debit the Cash Account for the settlement amount and will then post the Securities Account as awaiting receipt of the expected Financial Assets. The Customer will not be entitled to the
delivery of Financial Assets until J.P. Morgan or a Subcustodian actually receives them.

(b) J.P. Morgan may reverse any book entries made pursuant to Section 2.5(a) prior to a transaction's
actual settlement upon notice to the Customer if J.P. Morgan reasonably believes that the transaction will not settle in the ordinary course within a reasonable time. The Customer will be responsible for any Liabilities resulting from such reversal
unless such Liabilities were caused by J.P. Morgan's breach of J.P. Morgan's Standard of Care. The Customer acknowledges that the procedures described in Section 2.5 are of an administrative nature, and J.P. Morgan does not
undertake to make loans of cash and/or Financial Assets to the Customer.

(c) J.P. Morgan will make available on its website a list of the markets for which it provides contractual
settlement date accounting. J.P. Morgan may add markets to or remove markets from the contractual settlement date accounting service upon notice to the Customer that is reasonable under the circumstances. Additionally, J.P. Morgan reserves the right
to restrict in good faith the availability of contractual settlement date accounting for credit or operational reasons, either for individual Financial Assets, types of Financial Assets, counterparties or markets, or overall.

**2.6** **Income Collection (AutoCredit**® **)** 

(a) J.P. Morgan will monitor information publicly available in the applicable market about forthcoming income
payments on the Financial Assets held in the Securities Account, and will promptly notify the Customer of such information.

(b) Except in cases where J.P. Morgan agrees to offer the AutoCredit service described in paragraph (c) of
this Section 2.6, J.P. Morgan shall not be required to credit income on Financial Assets, net of any taxes withheld by J.P. Morgan or any third party, prior to actual receipt and reconciliation by J.P. Morgan.

(c) In cases where J.P. Morgan agrees to provide the following service, J.P. Morgan will credit the Cash Account
with the anticipated income proceeds on Financial Assets on the anticipated

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payment date, net of any taxes that are withheld by J.P. Morgan or any third party (such service hereinafter defined as "AutoCredit") for those Financial Assets and/or markets for which J.P. Morgan customarily offers an AutoCredit service. J.P. Morgan may reverse AutoCredit credits upon notice to the Customer if J.P. Morgan believes that the corresponding payment will not be received by J.P. Morgan within a reasonable period of time or the credit was incorrect. J.P. Morgan will make available on its website a list of the markets for which it provides AutoCredit. J.P. Morgan may add markets to or remove markets from the AutoCredit service upon notice to the Customer that is reasonable under the circumstances. Additionally, J.P. Morgan reserves the right to restrict in good faith the availability of AutoCredit for credit or operational reasons, either for individual Financial Assets, types of Financial Assets, counterparties or markets, or overall.

(d) J.P. Morgan will use reasonable efforts to contact appropriate parties to collect unpaid interest, dividends or
redemption proceeds and notify the Customer of the late payment; however, neither J.P. Morgan nor its Subcustodians will be obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action unless
there are express requirements to such effect imposed on J.P. Morgan under Applicable Law.

**2.7** **Miscellaneous Administrative Duties** 

(a) Until J.P. Morgan receives Instructions to the contrary, J.P. Morgan will:

(i) present all Financial Assets for which J.P. Morgan has received written notice of a call for redemption or that
have otherwise matured, and all income and interest coupons and other income items that call for payment upon presentation;

(ii) execute in the name of the Customer such certificates as may be required to obtain payment in respect of
Financial Assets; and

(iii) exchange interim or temporary documents of title held in the Securities Account for definitive documents of
title.

(b) In the event that, as a result of holding Financial Assets in an omnibus account, the Customer receives
fractional interests in Financial Assets arising out of a corporate action or class action litigation, J.P. Morgan will credit the Customer with the amount of cash the Customer would have received, as reasonably determined by J.P. Morgan, had the
Financial Assets not been held in an omnibus account, and the Customer shall relinquish to J.P. Morgan its interest in such fractional interests.

(c) If some, but not all, of an outstanding class of Financial Assets is called for redemption, J.P. Morgan will
allot the amount redeemed among J.P. Morgan's global custody customers who are the respective beneficial holders of such a class of Financial Assets in a manner that J.P. Morgan deems to be fair and equitable.

**2.8** **Corporate Actions** 

(a) J.P. Morgan will act in accordance with local market practice to obtain information concerning Corporate
Actions that is publicly available in the local market. J.P. Morgan also will review information obtained from sources to which J.P. Morgan subscribes for information concerning such Corporate Actions. J.P. Morgan will promptly provide that
information (or summaries that reflect the material points concerning the applicable Corporate Action) to the Customer or its Authorized Person.

(b) J.P. Morgan will act in accordance with the Customer's Instructions in relation to such Corporate
Actions. If the Customer fails to provide J.P. Morgan with timely Instructions with respect to any Corporate Action, neither J.P. Morgan nor its Subcustodians or their respective nominees will

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take any action in relation to that Corporate Action, except as otherwise agreed in writing by J.P. Morgan and the Customer or as may be set forth by J.P. Morgan as a default action in the notification it provides under Section 2.8(a) with respect to that Corporate Action.

(c) Notwithstanding and in no way limiting the above, if the Customer fails to provide J.P. Morgan with
Instructions with respect to any Corporate Action within the timeframe set out in the notification J.P. Morgan provides under Section 2.8(a), upon written request of the Customer, (such written request to be sent to J.P. Morgan separately and
in addition to the relevant late Instructions), J.P. Morgan shall use commercially reasonable efforts to act on Instructions received after the deadline set by J.P. Morgan as set out in such notification but before the deadline set by the Securities
Depository to the extent circumstances permit, provided however that J.P. Morgan shall in no event be held liable for failure to act on such Instructions.

**2.9** **Securities Litigation Services** 

Any notices received by J.P. Morgan's corporate actions department about a settled securities litigation that requires action by affected owners of the underlying Financial Assets will be promptly notified to the Customer if J.P. Morgan, using reasonable care and diligence in the circumstances, identifies that the Customer held the relevant Financial Assets in custody with J.P. Morgan at the relevant time. J.P. Morgan will not make filings in the name of the Customer in respect to such notifications except as otherwise agreed in writing between the Customer and J.P. Morgan. The services set forth in this Section 2.9 are available only in certain markets, details of which are available from J.P. Morgan on request.

**2.10** **Proxies** 

(a) With respect to U.S. Financial Assets and, in cases where the Customer elects to subscribe to the service
described in this Section 2.10, other Financial Assets, J.P. Morgan will monitor information distributed to holders of Financial Assets about upcoming shareholder meetings, promptly notify the Customer of such information and, subject to
Section 2.10(c), act in accordance with the Customer's Instructions in relation to such meetings (the "Proxy Voting Service").

(b) The Proxy Voting Service is available only in certain markets and for certain types of Financial Assets,
details of which are available from J.P. Morgan on request. Provision of the Proxy Voting Service is conditional upon receipt by J.P. Morgan of a duly completed enrollment form as well as all documentation that may be required for certain markets.

(c) The Proxy Voting Service does not include physical attendance at shareholder meetings. Requests for physical
attendance at shareholder meetings can be made but they will be evaluated and agreed to by J.P. Morgan on a case by case basis.

(d) The Customer acknowledges that the provision of the Proxy Voting Service may be precluded or restricted under a
variety of circumstances. These circumstances include, but are not limited to:

(i) the Financial Assets being on loan or out for registration;

(ii) the pendency of conversion or another corporate action;

(iii) the Financial Assets being held in a margin or collateral account at J.P. Morgan or another bank or broker,
pledged to a Counterparty, or otherwise in a manner which affects voting;

(iv) local law or market practices, or restrictions by the issuer; and

(v) J.P. Morgan being required to vote all shares held for a particular issue for all of J.P. Morgan's
customers on a uniform basis (i.e., a "yes" or "no" vote for the total position

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based on net voting instructions received from all its customers). Where this is the case, J.P. Morgan will notify the Customer. <br>

(e) Where J.P. Morgan cannot follow the Customer's Instructions in relation to the Proxy Voting Service under
this Section 2.10, J.P. Morgan will notify the Customer as soon as reasonably practicable, and with the understanding that such notification may be made by providing Customer with access to system platforms which demonstrate the status of
shares voted.

**2.11** **Statements of Account** 

(a) J.P. Morgan will provide the Customer with electronic access to Account information (the
"Information") that will enable the Customer to generate or receive reports and statements of account for each Account and to identify Account Assets as well as Account transactions. The Customer will review the Information and give J.P.
Morgan written notice of (i) any suspected error or omission or (ii) the Customer's inability to access any such Information. The Customer will provide J.P. Morgan such notice within a reasonable time after (x) the Information
is made available to the Customer or (y) the Customer discovers that it is unable to access the Information, as the case may be.

(b) The Customer acknowledges that Information available to it electronically with respect to transactions posted
after the close of the prior business day may not be accurate due to mis-postings, delays in updating Account records, and other causes. J.P. Morgan will not be liable for any Liabilities arising out of any such information accessed electronically
that is subsequently updated or corrected by the close of business on the first business day after the original transaction was posted.

**2.12** **Access to J.P. Morgan's Records** 

(a) J.P. Morgan will, upon reasonable written notice, allow the Customer (and/or the Customer's auditors and
independent public accountants if required for their examination of books and records pertaining to the Customer's affairs) reasonable access to the records of J.P. Morgan relating to the Accounts. Subject to restrictions under the relevant
local law, J.P. Morgan shall direct any Subcustodian to permit the Customer and its auditors and independent public accountants, reasonable access to the Subcustodian's records of Financial Assets held in the Securities Account as may be
required in connection with such examination.

(b) The Customer shall reimburse J.P. Morgan and its Subcustodians for the reasonable cost of copying, collating
and researching archived information described in Section 2.12(a) above.

(c) During the performance of this Agreement and for any period as required by Applicable Law applicable to J.P.
Morgan after the completion of this Agreement, J.P. Morgan will maintain complete, accurate and auditable records pertaining to this Agreement, including all books and records which J.P. Morgan is required to maintain pursuant to Applicable Law and
will, upon reasonable written notice, allow the Customer (and/or the Customer's auditors and independent public accountants if required for their examination of books and records pertaining to the Customer's affairs) reasonable access to
the books and records. All such books and records maintained by J.P. Morgan shall be maintained in a form acceptable under Applicable Law as it applies to J.P. Morgan in its capacity as provider of the Services.

(d) Within 30 days of receiving the Customer's request, J.P. Morgan will send to the Customer a copy of J.P.
Morgan's Service Organizational Control (SOC) 1 reports (or any successor reports) prepared in accordance with the requirements of AT section 801, Reporting on Controls at a Service Organization (formerly Statement on Standards for Attestation
Engagements (SSAE) No. 16. In addition, from time to time as requested, J.P. Morgan will furnish a Customer a "gap" or "bridge" letter that will address any material changes that might have occurred in J.P.
Morgan's

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controls covered in the SOC Report from the end of the SOC Report period through a specified requested date.

(e) If, during the course of this Agreement, as a result of a review of J.P. Morgan's records pertaining to
the Accounts and the Services, a party believes the Customer has been overcharged or undercharged for a Service, such party shall notify the other and request a joint review of the relevant records, to determine whether an overcharge or undercharge
has occurred, its extent and agree on a reconciliation plan which may, but is not required to and will not necessarily, include a credit against future charges.

**2.13** **Maintenance of Financial Assets at Subcustodian Locations** 

Unless Instructions require another location acceptable to J.P. Morgan, Financial Assets will be held in the country or jurisdiction in which their principal trading market is located, where such Financial Assets may be presented for payment, where such Financial Assets were acquired, or where such Financial Assets are located.

**2.14** **Restricted Services** 

(a) J.P. Morgan shall post on its website from time to time information regarding jurisdictions for which it
supports custody services; J.P. Morgan reserves the right to refuse to accept delivery of Financial Assets or cash in jurisdictions other than those on the list.

(b) J.P. Morgan reserves the right to restrict the Customer's access to the services J.P. Morgan provides in,
and the Liabilities it incurs with respect to, certain jurisdictions, and J.P. Morgan shall notify Customers of any such restrictions via its website from time to time.

(c) In the event a Subcustodian exits the market in which J.P. Morgan previously appointed it to provide custodial
services, or is unable to continue to provide custodial services to J.P. Morgan's satisfaction, J.P. Morgan may (i) remove such Subcustodian from the J.P. Morgan network in accordance with Section 5.1(d), and/or (ii) cease to
provide custodial services in such market.

**2.15** **Foreign Exchange Transactions** 

To facilitate the administration of the Customer's trading and investment activity, J.P. Morgan may, but will not be obliged to, enter into spot or forward foreign exchange transactions as principal with the Customer or an Authorized Person, and may also facilitate foreign exchange transactions through J.P. Morgan Affiliates or Subcustodians. Instructions, including standing Instructions, may be issued with respect to such transactions, but J.P. Morgan may establish rules or limitations in its discretion concerning any such foreign exchange transactions. In all cases where J.P. Morgan or J.P. Morgan Affiliates or Subcustodians enter into foreign exchange transactions with the Customer, J.P. Morgan will not be executing or otherwise placing any foreign exchange transaction as the Customer's agent, and such transactions will be governed by the terms and conditions agreed between the Customer and relevant counterparty. Such foreign exchange transactions shall not be deemed as part of the custodial, settlement or associated services under this Agreement. With respect to the Customer's foreign exchange transactions with J.P. Morgan, J.P. Morgan will be acting on a principal basis as the Customer's counterparty.

**2.16** **Assets Not Controlled by J.P. Morgan** 

(a) J.P. Morgan will not be obliged to (i) hold Account Assets with any person not agreed to by J.P. Morgan or
(ii) register or record Financial Assets in the name of any person other than J.P. Morgan, a Subcustodian, or their respective nominee or (iii) register or record Financial Assets in the name of J.P. Morgan or its nominee if J.P. Morgan
concludes that such registration or

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recordation cannot be operationally supported or (iv) register or record on J.P. Morgan's records Financial Assets or cash held outside of J.P. Morgan's control. If, however, the Customer makes any such request and J.P. Morgan agrees to the request, the consequences of doing so will be at the Customer's own risk. J.P. Morgan shall not be responsible for the control of any such Financial Asset or cash, for verifying the Customer's initial or ongoing ownership of any such Financial Asset or cash or for income collection, proxy voting, class action litigation or Corporate Action notification and processing with respect to any such Financial Asset. Any transaction relating to the settlement of the purchase or sale of any such Financial Asset shall be treated for purposes of this Agreement as a cash only movement. <br>

(b) From time to time, at the Customer's request, J.P. Morgan may agree to hold in its vault on the
Customer's behalf documentation relating to Financial Assets not held in J.P. Morgan's control. Notwithstanding anything in this Agreement to the contrary, J.P. Morgan shall not be responsible for reviewing this documentation for any
purpose, including authenticity, sufficiency or relevance to the Financial Asset to which it purports to relate.

**2.17** **Change Requests** 

(a) If either party wishes to propose any amendment or modification to, or variation of, J.P. Morgan's
services contemplated by this Agreement including the scope or details of the services (a **"Change"**) then it shall notify the other party of that fact by sending a request (a **"Change Request"**) to the other party,
specifying in as much detail as is reasonably practicable the nature of the Change. For the avoidance of doubt, changes to the services or to how J.P. Morgan provides the services which are applicable to J.P. Morgan's client base in general
(and not related to the Customer in particular), are not deemed a Change Request under the Agreement and shall not be subject to the Change Request process.

(b) Promptly following the receipt of a Change Request, the parties shall agree whether to implement the Change
Request, whether implementation of the Change Request should result in a modification of the fees contemplated by Section 4.1, and the basis upon which J.P. Morgan will be compensated for implementing the Change Request. If J.P. Morgan submits
a Change Request and if such Change Request results in additional costs to a Customer or Fund, the parties shall agree in writing whether implementation of such Change Request should result in a fee credit or reimbursement for such reasonable costs
or expenses affecting a Customer or Fund.

(c) If a change to Applicable Law requires a Change, the parties shall follow the processes set forth in this
Section to initiate a Change Request. If the change in Applicable Law results in a Change, or an increase in J.P. Morgan's costs or risk associated with provision of its services contemplated by this Agreement, J.P. Morgan shall be entitled to
an appropriate increase in the fees contemplated by Section 4.1. J.P. Morgan shall bear its own costs with respect to implementing a Change Request based upon a change in Applicable Law except that:

(i) If mutually agreed upon by the parties in writing, J.P. Morgan shall be entitled to charge the Customer for any
changes to software that has been developed or customized for the Customer; and

(ii) If mutually agreed to by Customer and J.P. Morgan (such agreement not to be unreasonably withheld by the
Customer), J.P. Morgan shall be entitled to charge the Customer for any Changes required as a result of the change in Applicable Law affecting the Customer in a materially different way than it affects J.P. Morgan's other customers, or which
the Customer wishes J.P. Morgan to implement in a way different from what J.P. Morgan reasonably intends to implement for its other customers.

**2.18** **Addition and Removal of Customers and Funds** 

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The parties agree that subject to the terms of this Agreement (including for the avoidance of doubt this Section 2.18) additional entities may become party to this Agreement by such additional entities signing a joinder to this Agreement. At any time, the Customer, on behalf of a Fund, may elect to remove any Fund from this Agreement in connection with the liquidation of the Fund or the merger of a Fund into another fund, in each case by notifying J.P. Morgan in writing or other mutually agreed communication method.

**2.19** **Compliance with Laws and Regulations** 

(a) J.P. Morgan will (A) review and comply with Applicable Law in the United States and any other laws, rules
and regulations of governmental authorities having jurisdiction over J.P. Morgan as a service provider to the Customer with respect to the provision of the Services and (B) perform those Services in a manner compliant with Applicable Law
applicable to the provision of those Services.

(b) J.P. Morgan shall obtain and maintain all necessary approvals, licenses, consents, permits or authorizations of
any person or entity, or any notice to any person or entity, the granting of which is required by Applicable Law applicable to J.P. Morgan for the provision of the Services.

(c) J.P. Morgan shall promptly notify the Customer of any change in Applicable Law that renders J.P. Morgan
permanently incapable of providing services under this Agreement.

(d) Customer shall comply with Applicable Law in which the Customer conducts business, to the extent that
compliance with such Applicable Law is relevant to the provision or receipt of the Services or the marketing of the Customers or the Funds.

**2.20** **Personnel** 

J.P. Morgan will use personnel that are appropriately qualified and experienced with respect to the provision of the Services.

**2.21** **Compliance With Securities And Exchange Commission ("SEC") Rule 17f-5 ("Rule 17f-5").** 

(a) Customer's board of directors (or equivalent body) (hereinafter 'Board') hereby delegates to
J.P. Morgan, and, except as to the country or countries as to which J.P. Morgan may, from time to time, advise Customer that it does not accept such delegation, J.P. Morgan hereby accepts the delegation to it, of the obligation to perform as
Customer's 'Foreign Custody Manager' (as that term is defined in rule 17f-5(a)(3) as promulgated under the Investment Company Act of 1940, as amended ("1940 Act")), including for
the purposes of: (i) selecting Subcustodians to hold foreign Financial Assets and Cash, (ii) evaluating the contractual arrangements with such Subcustodians (as set forth in rule 17f-5(c)(2)), (iii) monitoring
such foreign custody arrangements (as set forth in rule 17f-5(c)(3)).

(b) In connection with the foregoing, J.P. Morgan shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide written reports notifying Customer's Board of the placement of Financial Assets and Cash with particular Subcustodians and of any material change in the arrangements with such Subcustodians, with such reports to be provided to Customer's Board at such times as the Board deems reasonable and appropriate based on the circumstances of Customer's foreign custody arrangements (and until further notice from Customer such reports shall be provided not less than quarterly with respect to the placement of Financial Assets and Cash with particular

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Subcustodians and with reasonable promptness upon the occurrence of any material change in the arrangements with such Subcustodians);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise such reasonable care, prudence and diligence in performing as Customer's Foreign Custody Manager as a person having responsibility for the safekeeping of foreign Financial Assets and cash would exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in selecting a Subcustodian, first have determined that foreign Financial Assets and cash placed and maintained in the safekeeping of such Subcustodian shall be subject to reasonable care, based on the standards applicable to custodians in the relevant market, after having considered all factors relevant to the safekeeping of such foreign Financial Assets and cash, including, without limitation, those factors set forth in rule 17f-5(c)(1)(i)-(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine that the written contract with a Subcustodian requires that the Subcustodian shall provide reasonable care for foreign Financial Assets and Cash based on the standards applicable to custodians in the relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have established a system to monitor the continued appropriateness of maintaining foreign Financial Assets and cash with particular Subcustodians and of the governing contractual arrangements; it being understood, however, that in the event that J.P. Morgan shall have determined that the existing Subcustodian in a given country would no longer afford foreign Financial Assets and cash reasonable care and that no other Subcustodian in that country would afford reasonable care, J.P. Morgan shall promptly so advise Customer and shall then act in accordance with the Instructions of Customer with respect to the disposition of the affected foreign Financial Assets and cash.

Subject to (b)(i)-(v) above, J.P. Morgan is hereby authorized to place and maintain foreign Financial Assets and cash on behalf of Customer with Subcustodians pursuant to a written contract deemed appropriate by J.P. Morgan.

(c) J.P. Morgan shall use reasonable efforts for markets for which it is acting as Foreign Custody Manager to use
as its Subcustodians entities that are Eligible Foreign Subcustodians. In cases where due to (i) Applicable Law in a market or (ii) market practice or market conditions it is not practicable to have the subcustody services performed by an
Eligible Foreign Custodian, J.P. Morgan shall promptly advise the Customer of the circumstances, including any mitigants that may support a conclusion that the arrangement may nevertheless comply with Rule 17f-5.

(d) Except as expressly provided herein, Customer shall be solely responsible to assure that the maintenance of
foreign Financial Assets and cash hereunder complies with the rules, regulations, interpretations and exemptive orders as promulgated by or under the authority of the SEC.

(e) J.P. Morgan represents to Customer that it is a U.S. Bank as defined in rule 17f-5(a)(7). Customer represents to J.P. Morgan that: (1) the foreign Financial Assets and cash being placed and maintained in J.P. Morgan's custody are subject to the 1940 Act, as the same may be
amended from time to time; (2) (i) its Board has determined that it is reasonable to rely on J.P. Morgan to perform as Customer's Foreign Custody Manager, and (ii) its Board or its investment adviser shall have determined that Customer
may maintain foreign Financial Assets and cash in each country in which Customer's Financial Assets and cash shall be held hereunder and determined to accept Country Risk. Nothing contained herein shall require J.P. Morgan to make any
selection or to engage in any monitoring on behalf of Customer that would entail consideration of Country Risk.

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(f) J.P. Morgan shall provide to Customer such information relating to Country Risk as is specified in Annex C
hereto. Customer hereby acknowledges that: (i) such information is solely designed to inform Customer of market conditions and procedures and is not intended as a recommendation to invest or not invest in particular markets; and (ii) J.P.
Morgan has gathered the information from sources it considers reliable, but that J.P. Morgan shall have no responsibility for inaccuracies or incomplete information.

**2.22** **Compliance with SEC Rule 17f-7 ("Rule 17f-7").** 

(a) J.P. Morgan shall, for consideration by Customer, provide an analysis of the custody risks associated with
maintaining Customer's foreign Financial Assets with each Eligible Securities Depository used by J.P. Morgan as of the date hereof (or, in the case of an Eligible Securities Depository not used by J.P. Morgan as of the date hereof, prior to
the initial placement of Customer's foreign Financial Assets at such Eligible Securities Depository) and at which any foreign Financial Assets of Customer are held or are expected to be held. The foregoing analysis will be provided to Customer
at J.P. Morgan's Website Portal. In connection with the foregoing, (i) Customer shall notify J.P. Morgan of any Eligible Securities Depositories at which it does not choose to have its foreign Financial Assets held and hereby covenants
that it will not issue any Instructions to J.P. Morgan to hold its foreign Financial Assets at such Eligible Securities Depositories, (ii) Customer hereby waives, and releases J.P. Morgan from, any liability that J.P Morgan may incur to
Customer in connection with any Instructions delivered to J.P. Morgan in contravention of such notification and (iii) Customer shall be solely liable for any Instructions delivered to J.P. Morgan in contravention of such notification. J.P.
Morgan shall monitor the custody risks associated with maintaining Customer's foreign Financial Assets at each such Eligible Securities Depository on a continuing basis and shall promptly notify Customer or its adviser of any material changes
in such risks.

(b) J.P. Morgan shall exercise reasonable care, prudence and diligence in performing the requirements set forth in
Section 2.22(a) above.

(c) A list of the Securities Depositories that are used through J.P. Morgan's network shall be made available
to the Customer via J.P. Morgan's Website Portal. In the exercise of diligence, J.P. Morgan shall determine the eligibility under rule 17f-7 of each Securities Depository included on the aforementioned
list and shall promptly advise Customer if any Securities Depository ceases to be eligible. J.P. Morgan may modify the list of Securities Depositories from time to time upon notice to the Customer.

**3.** **INSTRUCTIONS** 

**3.1** **Acting on Instructions; Method of Instruction and Unclear Instructions** 

(a) The Customer authorizes J.P. Morgan to accept, rely upon and/or act upon any Instructions received by it
without inquiry. The Customer is solely responsible for the accuracy and completeness of Instructions, their proper delivery to J.P. Morgan, for updating Instructions as may be necessary to ensure their continued accuracy and completeness, and for
monitoring their status. J.P. Morgan will not be responsible for any Liabilities resulting from the Customer's failure to perform these responsibilities. The Customer, on behalf of a Fund, will indemnify the J.P. Morgan Indemnitees against,
and hold each of them harmless from, any Liabilities that may be imposed on, incurred by, or asserted against the J.P. Morgan Indemnitees as a result of any action or omission taken in accordance with any Instruction, except to the extent that such

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Liabilities are caused by the fraud, negligence or willful misconduct of a J.P. Morgan Indemnitee in the manner in which it carries out the Instruction. <br>

(b) To the extent possible, Instructions to J.P. Morgan shall be sent via an encrypted, electronic means using
technology consistent with industry standards, or a trade information system acceptable to J.P. Morgan.

(c) J.P. Morgan shall promptly notify an Authorized Person if J.P. Morgan determines that an Instruction does not
contain all information reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may decline to act upon an Instruction if it does not receive missing information, clarification or confirmation satisfactory to it. J.P. Morgan
will not be liable for any Liabilities arising from any reasonable delay in carrying out any such Instruction while it seeks any such missing information, clarification or confirmation or in declining to act upon any Instruction for which it does
not receive such missing information, clarification, or confirmation satisfactory to it, provided J.P. Morgan acted in accordance with J.P. Morgan's Standard of Care.

**3.2** **Verification and Security Procedures** 

(a) J.P. Morgan and the Customer shall comply with any applicable Security Procedures to permit J.P. Morgan to
verify the authenticity of Instructions.

(b) The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to
detect errors in, Instructions. The Customer shall promptly notify J.P. Morgan if it does not believe that any relevant Security Procedure is commercially reasonable, and its adherence to any Security Procedure without objection constitutes its
agreement that it has determined the Security Procedure to be commercially reasonable.

(c) The Customer and its Authorized Persons are solely responsible for ensuring that the User Codes are reasonably
safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the User Codes are (or the Customer or its relevant Authorized Person reasonably suspects that the User Codes may be) lost,
stolen, damaged, altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the Customer's or any Authorized Persons' access to J.P. Morgan's systems, applications or products, or any
third party messaging platform through which the Instructions are transmitted, is revoked or suspended, or (iii) the Customer or an Authorized Person reasonably suspects any technical or security failure relating to any systems, applications or
products of J.P. Morgan or any third party messaging platform through which the Instructions are transmitted, the Customer shall immediately cease using such system, application, product or platform and promptly notify J.P. Morgan.

**3.3** **Instructions Contrary to Law/Market Practice** 

J.P. Morgan need not act upon Instructions that it reasonably believes are contrary to law, regulation or market practice and will not be responsible for any Liabilities resulting from not acting upon such Instruction. J.P. Morgan shall be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event that J.P. Morgan does not act upon such Instructions, J.P. Morgan will notify the Customer of the basis of its decision where reasonably practicable and permitted by Applicable Law.

**3.4** **Cut-Off Times** 

J.P. Morgan has established cut-off times for receipt of Instructions, which will be made available to the Customer. If J.P. Morgan receives an Instruction after its established cut-off time, J.P. Morgan will attempt to act upon the Instruction on the day requested only if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after the day on which the Instruction was received. If an

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Instruction is not processed on the day it was received by J.P. Morgan, J.P. Morgan will notify the Customer on the next business day whether the Instruction can be processed or if a new Instruction from the Customer needs to be submitted to J.P. Morgan with the understanding that such notification may be made by providing Customer with access to system platforms which demonstrate the status of the Instruction.

**3.5** **Electronic Access and Cybersecurity** 

(a) Access by the Customer to certain systems, applications or products of J.P. Morgan shall be governed by this
Agreement and the terms and conditions set forth in Annex A Electronic Access. The Customer and its Authorized Persons shall use User Codes to access J.P. Morgan's systems, applications or products unless otherwise agreed by J.P. Morgan.

(b) Each of the Customer and J.P. Morgan will maintain written cybersecurity policies and procedures which
implement commercially reasonable administrative, technical, and physical safeguards that are aligned with industry security standards and that, among other things, protect against anticipated threats or hazards to the security or integrity of their
respective systems and data. J.P. Morgan may in its discretion provide training or information on best practices to the Customer from time to time but in so doing it will not be considered a consultant or advisor with respect to cybersecurity.

(c) Each of the Customer and J.P. Morgan will be responsible for the obtaining, proper functioning, maintenance and
security of its own services, software, connectivity and other equipment.

**3.6** **Recording of Telephone Communications** 

Either party may record any of their telephone communications.

**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** 

**4.1** **Fees and Expenses** 

(a) The Customer, on behalf of each of the Funds, will pay J.P. Morgan for its services under this Agreement such
fees as may be agreed upon by the parties in writing from time to time, together with J.P. Morgan's reasonable out-of-pocket expenses or incidental expenses,
including, legal fees and tax or related fees incidental to processing charged directly or indirectly by governmental authorities, issuers or their agents. Information on J.P. Morgan's standard costs and charges related to the services
provided under the terms of this Agreement is provided in the fee schedule, as may be updated from time to time. Invoices not payable via direct debit will be payable within sixty (60) days of the date of the invoice.

(b) J.P. Morgan may make reasonable amendments to the fees at any time in the event (i) the Customer's
actual investment portfolio and/or trading activity differ significantly from the assumptions used to develop J.P. Morgan's fee proposal or (ii) the Customer's service requirements change, (iii) there is a change in Applicable
Law that results in a change to the services provided under this Agreement, or an increase in J.P. Morgan's costs or risk associated with provision of such services; or (iv) there is a material change in the overall profile of services
offered by J.P. Morgan or a J.P. Morgan Affiliate to the Customer  *.*** In the event that there are increases in costs resulting from changes in market infrastructure, including increases in Securities Depository costs, J.P. Morgan may
either request the Customer to pay such costs or J.P. Morgan may make reasonable amendments to the fees. On the Customer's request, J.P. Morgan will provide a further itemised breakdown of such costs and charges. All amendments to the fees
under this paragraph (b) of Section 4.1 shall be in writing and signed by the parties, and the parties agree that consent to such amendments shall not be unreasonably withheld.

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(c) J.P. Morgan also reserves the right to charge a reasonable account maintenance fee for any Dormant Account upon
notice to the Customer. If the Customer disputes an invoice, it shall nevertheless pay, on or before the date that payment is due, such portion of the invoice that is not subject to a bona fide dispute. J.P. Morgan may deduct amounts invoiced from
the Cash Account except such portion of the invoice that the Customer has objected to within forty-five (45) days of the date of the invoice (or such other period as the parties may agree in writing). Without prejudice to J.P. Morgan's
other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until actual payment at such rate as J.P. Morgan customarily charges for similar overdue amounts. Unless expressly specified in this Agreement, any
price or cost that J.P. Morgan may charge as the Customer's counterparty in the event J.P. Morgan enters into a principal transaction with the Customer are not treated as fees which must be agreed under this Agreement.

**4.2** **Overdrafts** 

If a debit to any currency in the Cash Account (including, without limitation, in connection with CLS Services) results or would result in a debit balance, then J.P. Morgan may, in its discretion, (i) advance an amount equal to the overdraft, (ii) refuse to settle in whole or in part the transaction causing such debit balance, or (iii) where any such transaction is posted to the Securities Account or a Cash Account, reverse any such posting. The Customer, on behalf of the Funds, acknowledges and agrees it will be responsible for any Liabilities resulting from any refusal to settle or any reversal of posting referred to in the previous sentence. Further, if J.P. Morgan elects to make such an advance, the advance will (A) be deemed a loan to the Customer, on behalf of a Fund, payable either on demand or automatically upon the occurrence of any event with respect to the Customer that is specified in either Section 9.2(a)(ii) of this Agreement or Section 365(e)(1) of the U.S. Bankruptcy Code, as amended from time to time and (B) constitutes a Liability hereunder and is secured by the security interest granted in accordance with Section 4.3 (a) of this Agreement. Any such advance will bear interest at the applicable rate charged by J.P. Morgan from time to time for such overdrafts, from the date of such advance to the date of payment (including after the date any judgment may be entered against the Customer with respect to any overdraft) and otherwise on the terms on which J.P. Morgan makes similar overdrafts available from time to time. No prior action or course of dealing on J.P. Morgan's part with respect to the settlement of transactions on the Customer's behalf will be asserted by the Customer against J.P. Morgan for J.P. Morgan's refusal to make advances to the Cash Account or refusal to settle any transaction for which the Customer does not have sufficient available funds in the applicable currency in the Account. The Customer acknowledges that any advance made under this Agreement is intended to be treated as a "securities contract" for purposes of the U.S. Bankruptcy Code to the maximum extent permitted by that Code, as amended from time to time.

**4.3** **J.P. Morgan's Right Over Account Assets; Set-off** 

(a) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan shall have, and the Customer,
on behalf a Fund, grants to J.P. Morgan, a first priority, perfected and continuing security interest in and a lien on all cash, Financial Assets and any other property of every kind that are credited to the Account or otherwise held for the
Customer, on behalf of a Fund, by J.P. Morgan pursuant to this Agreement or any other custody, deposit or escrow agreement between Customer, on behalf of a Fund, and J.P. Morgan ("Account Assets") as security for any and all Liabilities
of the Customer, on behalf of a Fund, to J.P. Morgan arising under this Agreement. J.P. Morgan will be entitled to all rights and remedies available to a secured party under Applicable Law with respect to the Account Assets, including, without
notice to the Customer, withholding delivery of such Account Assets, selling or otherwise realizing any of such Account Assets and applying the proceeds and any other monies credited to the Cash Account in

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satisfaction of such Liabilities. For this purpose, J.P. Morgan may make such currency conversions as may be necessary at the prevailing market foreign exchange rate at the time of execution for the sale and purchase of the relevant currencies. J.P. Morgan agrees that this provision applies to each applicable Fund separately and that under Applicable Law, J.P. Morgan may not exercise such rights against the assets of any Customer or Fund to satisfy the Liabilities of another Customer or Fund. <br>

(b) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan may set off against any
Liabilities of the Customer, on behalf of a Fund, owed to J.P. Morgan under this Agreement, any amount in any currency standing to the credit of any of the Customer's Accounts or any other accounts established pursuant to any other custody,
deposit or escrow agreement between Customer on behalf of a Fund and J.P. Morgan. For this purpose, J.P. Morgan shall be entitled to accelerate the maturity of any fixed term deposits and to effect such currency conversions as may be necessary at
foreign exchange rates determined by J.P. Morgan in its sole discretion for the sale and purchase of the relevant currencies. J.P. Morgan agrees that this provision applies to each applicable Fund separately and that under Applicable Law, J.P.
Morgan may not exercise such rights against the assets of any Customer or Fund to satisfy the Liabilities of another Customer or Fund.

(c) Prior to exercising its rights under this Section 4.3, where practicable, J.P. Morgan shall provide
Customer with reasonable and recurring notice of the outstanding Liabilities, provided that J.P. Morgan shall not be obligated to provide such prior notice if J.P. Morgan, in its reasonable business judgment, determines that a delay would be likely
to materially prejudice its ability to recover the Liabilities.

**5.** **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** 

**5.1** **Appointment of Subcustodians; Use of Securities Depositories** 

(a) J.P. Morgan is authorized under this Agreement to act through and hold the Customer's Financial Assets
with Subcustodians. J.P. Morgan will make available on its website a list of Subcustodians. J.P. Morgan may modify the list of Subcustodians from time to time upon notice to the Customer. In addition, J.P. Morgan and each Subcustodian may deposit
Financial Assets with, and hold Financial Assets in any Securities Depository on such terms as such Securities Depository customarily operates, and the Customer will provide J.P. Morgan with such documentation or acknowledgements that J.P. Morgan
may require to hold the Financial Assets in such Securities Depository. On the basis of such terms, a Securities Depository may have a security interest or lien over, or right of set-off in relation to the
Financial Assets.

(b) Any agreement that J.P. Morgan enters into with a Subcustodian for holding J.P. Morgan's customers'
assets will provide (i) that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration,
or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and (ii) that the beneficial ownership thereof will be freely transferable without the
payment of money or value other than for safe custody or administration, unless in each case required otherwise by Applicable Law in the relevant market. J.P. Morgan shall be responsible for all claims for payment of fees for safe custody or
administration so that no Subcustodian exercises any claim for such payment against the Customer's assets. Where a Subcustodian deposits Financial Assets with a Securities Depository, J.P. Morgan will direct the Subcustodian to identify on its
records that the Financial Assets deposited by the Subcustodian at such Securities Depository belong to J.P. Morgan, as agent of the Customer. Subject to Applicable

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Law, J.P. Morgan shall use best efforts to notify the Customer in writing if J.P. Morgan is notified of any claim against the assets of the Customer held hereunder.

(c) J.P. Morgan reserves the right to add, replace or remove Subcustodians. J.P. Morgan shall notify Customer
promptly of any such action, which will be advance notice if practicable. Upon request by the Customer, J.P. Morgan will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental
agency or other regulatory authority that supervises or regulates such Subcustodian.

**5.2** **Liability for Subcustodians and Securities Depositories** 

(a) Subject to Section 7.1(b), J.P. Morgan will be liable for direct Liabilities incurred by the Customer that
result from:

(i) the failure by a Subcustodian to use reasonable care in the provision of custodial services by it in accordance
with the standards prevailing in the relevant market or from the fraud or willful misconduct of such Subcustodian in the provision of custodial services by it; or

(ii) the insolvency of any Affiliated Subcustodian Bank.

(b) J.P. Morgan will use reasonable care in the selection, monitoring and continued appointment of Subcustodians.
Subject to J.P. Morgan's duty in the foregoing sentence, including J.P. Morgan's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other
publicly available financial information concerning it customarily reviewed by J.P. Morgan in its oversight process, J.P. Morgan will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the
insolvency of any Subcustodian which is not a branch of J.P. Morgan or an Affiliated Subcustodian Bank.

(c) J.P. Morgan is not responsible for the selection or monitoring of any Securities Depository and will not be
liable for any Liabilities arising out of any act or omission by (or the insolvency of) any Securities Depository. In the event the Customer incurs any Liabilities due to an act or omission, negligence, willful misconduct, fraud or insolvency of a
Securities Depository, J.P. Morgan will make reasonable efforts, in its discretion, to seek recovery from the Securities Depository, but J.P. Morgan will not be obligated to institute legal proceedings, file a proof of claim in any insolvency
proceeding or take any similar action.

**6.** **ADDITIONAL PROVISIONS** 

**6.1** **Representations of the Customer and J.P. Morgan** 

(a) The Customer represents, warrants and covenants that (i) it has full authority and power, and has obtained
all necessary authorizations and consents (including from the Customer's underlying clients, if applicable), to deposit and control the Account Assets, to use J.P. Morgan as its custodian in accordance with the terms of this Agreement, to
incur overdrafts, to grant a lien over Account Assets as contemplated by Section 4.3 and to enter into foreign exchange transactions; (ii) assuming execution and delivery of this Agreement by J.P. Morgan, this Agreement is the
Customer's legal, valid and binding obligation, enforceable against the Customer in accordance with its terms and it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this
Agreement; (iii) there is no material administrative, civil or criminal proceeding pending or, to the knowledge of the Customer, threatened against the Customer; (iv) it has not relied on any oral or written representation made by J.P.
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Agreement sets out to the fullest extent the duties of J.P. Morgan; (v) it is a resident of the Ohio and shall notify J.P. Morgan of any changes in residency; (vi) the Financial Assets and cash deposited in the Accounts (other than those assets (A) pledged to a Counterparty pursuant to Section 2.1(c) or (B) held in Accounts established pursuant to certain account control agreements among the Customer, J.P. Morgan and secured party named therein, (A) and (B) collectively referred to as "Control Account Assets") are not subject to any encumbrance or security interest whatsoever and the Customer undertakes that, so long as Liabilities of the Customer under or in connection with this Agreement are outstanding, it will not create or permit to subsist any encumbrance or security interest over such Financial Assets or cash (other than Control Account Assets); (vii) no delivery of Account Assets by the Customer to J.P. Morgan and no Instruction by the Customer or its Authorized Persons with respect to such Account Assets will contravene Applicable Law; (viii) none of the Account Assets to be held under this Agreement are "plan assets" as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder except as otherwise expressly notified to J.P. Morgan; and (ix) it has and will comply with all Applicable Laws, including but not limited to, laws relating to the prevention and prosecution of money laundering and terrorist financing. <br>

J.P. Morgan may rely upon the representations or certification of such other facts as may be required to administer J.P. Morgan's obligations under this Agreement and the Customer, on behalf of the Funds, shall indemnify J.P. Morgan against all Liabilities arising directly or indirectly from any such certifications.

(b) J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement by the
Customer, this Agreement is J.P. Morgan's legal, valid and binding obligation, enforceable against J.P. Morgan in accordance with its terms;(ii) it has full power and authority to enter into and has taken all necessary corporate action to
authorize the execution of this Agreement; (iii) it is qualified to act as custodian under Applicable Law; (iv) it is duly organized under the laws of its jurisdiction of organization; and (v) it is not insolvent or unable to pay its
debts and no order has been made or resolution passed for its winding-up or for an administration order and no receiver, administrative receiver or manager has been appointed by any person of its business or
all or a substantial part of its assets or any material part thereof nor has any equivalent event taken place in any jurisdiction.

**6.2** **The Customer is Liable to J.P. Morgan Even if it is Acting for Another Person** 

If the Customer is acting as an agent or for another person as contemplated by Section 2.1(a) in respect of any transaction, cash or Financial Asset, J.P. Morgan nevertheless will treat the Customer as its principal for all purposes under this Agreement. In this regard, the Customer will be liable to J.P. Morgan as a principal in respect of any Liabilities arising out of any transactions relating to the Account. The foregoing will not affect any rights J.P. Morgan might have against the Customer's principal or the other person envisaged by Section 2.1(a).

**6.3** **Special Settlement Services (including CLS Services)** 

J.P. Morgan may, but shall not be obliged to, make available to the Customer from time to time special settlement services (including CLS Services) for transactions involving Financial Assets, cash, foreign exchange, and other instruments or contracts. J.P. Morgan reserves the right to amend the terms upon which special settlement services (including CLS Services) are provided to the Customer.

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**6.4** **The Customer to Provide Certain Information to J.P. Morgan** 

The Customer shall promptly provide to J.P. Morgan upon request such information about the Customer and its financial status as J.P. Morgan may reasonably request, including its current organizational documents and its current audited and unaudited financial statements.

**6.5** **Information Concerning Deposits Held by J.P. Morgan in the U.S.** 

(a) If the Customer's Account is eligible for "pass through" deposit insurance from the Federal
Deposit Insurance Corporation (the "FDIC") as set forth in the Federal Deposit Insurance Act and 12 CFR § 330, then the Customer acknowledges and agrees that if J.P. Morgan becomes insolvent or enters into receivership (hereinafter
a "Bank Receivership"), the Customer will: (i) cooperate fully with J.P. Morgan and the FDIC in connection with determining the insured status of funds in each Account, and (ii) provide the FDIC with the information that
identifies each beneficial owner and its interest in the funds in each such Account within 24 hours of the Bank Receivership, unless it falls within one of the enumerated exceptions in 12 CFR 370.5(b). The information described in (b) must be
sent to J.P. Morgan in the format specified by the FDIC (see: <u>www.fdic.gov/regulations/resources/recordkeeping/index.html</u>). J.P. Morgan shall provide the Customer an opportunity to validate its capability to
deliver the information described in (ii) in the format specified by the FDIC so that a timely calculation of deposit insurance coverage for the Account can be completed.

(b) The Customer further acknowledges and agrees that following a Bank Receivership: (i) a hold will be placed
on each Account once a receiver of J.P. Morgan is appointed so that the FDIC can conduct the deposit insurance determination and such hold will not be released until the FDIC obtains the necessary data to enable the FDIC to calculate the deposit
insurance coverage for each Account; (ii) its failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and legal claims against the Customer from the beneficial owners of the funds in the applicable
Account; and (iii) failure to provide the data the FDIC requires may result in the applicable Account being frozen until the information is received, delaying receipt of FDIC insurance proceeds.

(c) Notwithstanding any other provisions in this Agreement, this section survives after the FDIC is appointed as
J.P. Morgan's receiver, and the FDIC is considered a third party beneficiary of this section.

**6.6** **Information Concerning Deposits at J.P. Morgan's Non-U.S. Branches** 

(a) Under U.S. federal law, deposit accounts that the Customer maintains in J.P. Morgan's foreign branches
(outside of the U.S.) are not insured by the Federal Deposit Insurance Corporation. In the event of J.P. Morgan's liquidation, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to
cross-border risks.

(b) J.P. Morgan's London Branch is a participant in the Financial Services Compensation Scheme (the
"FSCS"), and the following terms apply to the extent any amount standing to the credit of the Cash Account is deposited in one or more deposit accounts at J.P. Morgan's London Branch. The terms of the FSCS offer protection in
connection with deposits to certain types of claimants to whom J.P. Morgan London Branch provides services in the event that they suffer a financial loss as a direct consequence of J.P. Morgan's London Branch being unable to meet any of its
obligations and, subject to the FSCS rules regarding eligible deposits, the Customer may have a right to claim compensation from the FSCS. Subject to the FSCS rules, the maximum compensation payable by the FSCS in relation to eligible deposits is as
set out in the relevant information sheet which is available via J.P. Morgan's website referenced below. For the purposes of establishing such maximum compensation, all the Customer's eligible deposits at

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J.P. Morgan's London Branch are aggregated and the total is subject to such maximum compensation. <br>

For further information about the compensation provided by the FSCS, refer to the FSCS website at <u>www.FSCS.org.uk</u>. Further information is also available online at <u>http://www.jpmorgan.com/pages/deposit-guarantee-scheme-directive</u>.

(c) The Customer acknowledges and accepts that deposit accounts maintained under this Agreement at J.P.
Morgan's London Branch are intended to be used solely for purposes relating to the investment and asset servicing services contemplated by this Agreement, and the Customer agrees that it will not give Instructions to J.P. Morgan to process
payment transactions relating to those deposit accounts for any other purposes.

**6.7** **Insurance** 

The Customer acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Customer. J.P. Morgan will, however, provide summary information regarding its own general insurance coverage to the Customer upon written request.

**6.8** **Security Holding Disclosure** 

With respect to Securities and Exchange Commission Rule 14b-2 under the U.S. Shareholder Communications Act regarding disclosure of beneficial owners to issuers of Securities, J.P. Morgan is instructed not to disclose the name, address or Securities positions of the Customer in response to shareholder communications requests regarding the Account.

**6.9** **Regulatory Disclosure; Certain Information of the Customer** 

(a) Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act") requires J.P. Morgan to implement reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, the Customer acknowledges that
Section 326 of the USA PATRIOT Act and J.P. Morgan's identity verification procedures require J.P. Morgan to obtain information which may be used to confirm the Customer's identity, including, without limitation, the
Customer's name, address and organizational documents ("Identifying Information"). The Customer agrees to provide J.P. Morgan with and consents to J.P. Morgan obtaining from third parties any such Identifying Information required
as a condition of opening an account with or using any service provided by J.P. Morgan.

(b) The European Union's Central Securities Depositories Regulation requires that J.P. Morgan offer the
Customer the choice of maintaining Financial Assets held through certain Securities Depositories in which J.P. Morgan is a direct participant in omnibus or segregated accounts. As of the date of this Agreement, this choice is available with respect
to the Customer's Financial Assets held at Euroclear and Clearstream. Information on the Securities Depositories to which this choice is subject and the costs and risks associated with each option is available at
https://www.jpmorgan.com/country/US/EN/disclosures. In the absence of Instructions from the Customer to the contrary, its Financial Assets held in these Securities Depositories will be held in omnibus accounts.

(c) The Customer hereby acknowledges that J.P. Morgan is obliged to comply with AML/Sanctions Requirements and that
J.P. Morgan shall not be liable for any action it or any J.P. Morgan Affiliate reasonably takes to comply with any AML/Sanctions Requirements, including identifying and reporting suspicious transactions, rejecting transactions, and blocking or
freezing funds, Financial Assets, or other assets. The Customer shall cooperate with J.P. Morgan's performance of its due diligence and other obligations concerning AML/Sanctions Requirements, including with

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regard to any Beneficial Owners (as defined below). In addition, the Customer agrees that (i) J.P. Morgan may defer acting upon an Instruction pending completion of any review under its policies and procedures for compliance with AML/Sanctions Requirements and (ii) Customer's utilization of Accounts as omnibus accounts to hold assets of Beneficial Owners is subject to J.P. Morgan's discretion. Furthermore, J.P. Morgan shall not be obliged to hold any "penny stock" (or other Financial Asset raising special anti-money laundering concerns) in any Account in which a Beneficial Owner has an interest, or to settle any transaction in which a Beneficial Owner has an interest, that relates to any "penny stock" or any such other Financial Asset. For the purposes of this section, "Beneficial Owner" means any person, other than the Customer, who has a direct or indirect beneficial ownership interest in any assets held in any of the Accounts. <br>

**6.10** **Confidentiality** 

(a) Subject to Section 6.10(c), J.P. Morgan will hold all Confidential Information in confidence and will not
disclose any Confidential Information except as may be required by (i) Applicable Law or courts of competent jurisdiction; (ii) governmental, regulatory or supervisory authorities, or law enforcement agencies with jurisdiction over J.P.
Morgan's businesses; or (iii) with the consent of the Customer.

(b) The Customer authorizes J.P. Morgan to use Confidential Information (i) in connection with the provision
of services to or administration of the relationship with the Customer, (ii) for any operational, credit or risk management purposes, (iii) for due diligence, verification or sanctions screening purposes or (iv) for the prevention or
investigation of crime, fraud or any malpractice, including the prevention of terrorism, money laundering and corruption as well as for tax reporting.

(c) The Customer authorizes J.P. Morgan to disclose Confidential Information to:

(i) any Subcustodian, subcontractor, consultant, agent, Securities Depository, securities exchange, central
counterparty, custodian, depositary, trading venue, broker, proxy solicitor, issuer, registrar, service provider or vendor, or any person that J.P. Morgan believes is reasonably required in connection with J.P. Morgan's provision of relevant
services under this Agreement;

(ii) its and any J.P. Morgan Affiliate's professional advisors, auditors and public accountants;

(iii) its branches and any J.P. Morgan Affiliate;

(iv) any proposed assignee of J.P. Morgan's rights under this Agreement; and

(v) any revenue authority or any governmental entity in relation to the processing of any tax claim.

**6.11** **Use of J.P. Morgan's Name** 

(a) The Customer agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or
publicity material relating to the Customer, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided
that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as custodian to the Customer.

(b) J.P. Morgan agrees not to use (or permit the use of) a Customer's or a Fund's name in any document,
publication or publicity material relating to J.P. Morgan or a J.P. Morgan Affiliate, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of the particular Customer, on behalf
of a Fund (which consent shall

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not be unreasonably withheld), provided that no prior consent is needed if the document in which a Customer's or Fund's name is used merely states that J.P. Morgan is acting as custodian to the Customer, on behalf of a Fund.

**6.12** **Redistribution of Data from Third Parties** 

The Reports and other output from the Services provided by J.P. Morgan under this Agreement may contain data licensed from Information Providers. Such data is the intellectual property of those Information Providers and is subject to restrictions on use contained in the license agreement between the Information Provider and J.P. Morgan, which terms J.P. Morgan cannot unilaterally change. J.P. Morgan will notify the Customer of any such restrictions that may affect the Customer's use of that data to the extent provided herein, and shall use reasonable efforts to notify the Customer if the Information Provider adds additional restrictions on the use of such data. The Customer acknowledges that its continued use of such data as provided herein shall constitute the Customer's acceptance of the revised usage restrictions, provided, however, that any redistribution of such data or information derived therefrom may require a separate license from the relevant Information Providers.

**7.** **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** 

**7.1** **Standard of Care; Liability** 

(a) J.P. Morgan will exercise the standard of care and diligence that a professional custodian responsible for
providing custodial and similar services to registered investment companies would observe in performing its obligations under this Agreement taking into account the prevailing rules, practices, procedures, and circumstances in the relevant market
and shall act without bad faith, negligence or willful misconduct ("Standard of Care"). J.P. Morgan will not be in violation of this Agreement with respect to any matter as to which it has satisfied the Standard of Care.

(b) J.P. Morgan will only be liable for the Customer's direct Liabilities and only to the extent
(i) they result from J.P. Morgan's failure to perform its duties as set out in this Agreement in accordance with the Standard of Care and (ii) as provided in Section 5.2(a). Under no circumstances will J.P. Morgan be liable for
(i) any loss of profits (whether direct or indirect) or (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which
such a claim may be brought, with respect to the Accounts, J.P. Morgan's performance or non-performance under this Agreement, or J.P. Morgan's role as custodian or banker.

(c) The Customer, on behalf of a Fund, will indemnify the J.P. Morgan Indemnitees against, and hold them harmless
from, any Liabilities that may be imposed on, incurred by or asserted against any of the J.P. Morgan Indemnitees in connection with or arising out of (i) J.P. Morgan's performance under this Agreement, provided that the J.P. Morgan
Indemnitee has satisfied the Standard of Care in connection with the Liabilities in question or (ii) any J.P. Morgan Indemnitee's status as a holder of record of the Customer's Financial Assets and further provided that J.P. Morgan
shall use all commercially reasonable efforts to mitigate any Liability for which indemnity is sought hereunder provided, however, that reasonable expenses incurred with respect to such mitigation shall be Liabilities subject to indemnification
hereunder. Nevertheless, the Customer, on behalf of a Fund, will not be obligated to indemnify any J.P. Morgan Indemnitee under the preceding sentence with respect to any Liability for which J.P. Morgan is liable under Section 5.2(a). In
addition, in each case, to the extent practicable, J.P. Morgan will use reasonable care to provide prompt notice to the Customer of the circumstances and all pertinent facts related to the claim for indemnification, it being understood that a
failure to notify shall not serve to limit Customer's obligation to indemnify the J.P. Morgan Indemnitees hereunder. No Customer will have any liability under this Section 7.1(c) for the obligations of any other Customer hereunder, and
any

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obligations of a Customer under this section 7.1(c) with respect to a particular Fund will not be satisfied out of the assets of another Fund.

(d) The Customer agrees that J.P. Morgan provides no service in relation to, and therefore has no duty or
responsibility to: (i) question Instructions or make any suggestions to the Customer, Fund, or an Authorized Person regarding such Instructions; (ii) supervise or make recommendations with respect to investments or the retention of
Financial Assets; (iii) advise the Customer, Fund, or an Authorized Person regarding any default in the payment of principal or income on any Financial Asset other than as provided in Section 2.6(b); and (iv) evaluate or report to the
Customer, a Fund, or an Authorized Person regarding the financial condition of any broker, agent or other party to which J.P. Morgan is instructed to deliver Account Assets. J.P. Morgan is not responsible or liable in any way for the genuineness or
validity of any Security or instrument received, delivered or held by J.P. Morgan in physical form that appears to be genuine and valid.

(e) Under no circumstances will a Customer be liable for (i) any loss of profits (whether direct or indirect)
or (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, resulting from
Customer's actions or omissions under this Agreement, provided that this Paragraph (e) of Section 7.1 shall not apply to any Liability owing to a third party asserting a claim against J.P. Morgan for which J.P. Morgan is entitled to
be indemnified under this Agreement.

(f) Subject to Section 7.1(b) and (d) and Section 7.2, J.P. Morgan shall indemnify the Customer
Indemnitees from and against any direct Liabilities which may be imposed on, incurred by, or asserted against a Customer Indemnitee resulting directly from J.P. Morgan's failure to meet the Standard of Care in the performance of its
obligations or duties hereunder provided that (1) in no event shall J.P. Morgan be obliged to indemnify a Customer Indemnitee from and against any Liability (or any claim for a Liability) to the extent such Liability is described in
Section 7.2; (2) each Customer Indemnitee shall use all commercially reasonable efforts to mitigate any Liability for which indemnity is sought hereunder provided, however, that reasonable expenses incurred with respect to such mitigation shall
be Liabilities subject to indemnification hereunder; and (3) the Customer Indemnitee has not acted with negligence or engaged in fraud or willful misconduct in connection with the Liabilities in question.

**7.2** **Force Majeure** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that it determines from time to time meet reasonable commercial standards. Upon reasonable request, J.P. Morgan shall discuss with a Customer any Business Continuity Plan ("BCP") of J.P. Morgan and/or provide a high-level presentation summarizing such procedures. Neither party ("Affected Party") will be liable, however, for any Liabilities of any nature that the other party or any third party may suffer or incur, caused by an act of God, fire, flood, epidemics, earthquakes or other disasters, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), nationalization, expropriation, legal constraint, fraud, theft or forgery (other than on the part of the Affected Party or its employees), cyber-attack, malfunction of equipment or software (except where such malfunction is primarily and directly attributable to the Affected Party's negligence in maintaining the equipment or software), currency re-denominations, currency restrictions, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain (or interruption of) external communications facilities, power failures or any other cause beyond the reasonable control of the Affected Party and/or Subcustodians (including, without limitation, the non-availability of appropriate foreign exchange) (a "Force Majeure Event"). A Force Majeure Event will not excuse the Customer's payment obligations under Section 4 for J.P. Morgan's services provided prior to the Force Majeure Event. If a Force Majeure

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Event occurs, the parties will meet as soon as reasonably practicable to determine if the fees under this Agreement need to be modified as a result of the Force Majeure Event. J.P. Morgan will not be entitled to any additional payments from the Customer, on behalf of a Fund, for costs or expenses incurred by J.P. Morgan as a result of any Force Majeure Event.

**7.3** **Country Risk** 

(a) The Customer acknowledges that (i) investing in Financial Assets and cash in foreign jurisdictions may
involve risks of loss or other burdens and costs, and (ii) it remains responsible for assessing and managing investment-related exposures arising out of Country Risk. Accordingly, the Customer agrees that J.P. Morgan will not be responsible for
any Liabilities resulting from Country Risk.

(b) In cases where a Country Risk Event occurs in a particular market, any amounts credited by J.P. Morgan to the
Account as a result of any transaction or Instruction (including but not limited to securities settlements, asset servicing (which may include payments), or foreign exchange transactions) in such market may be conditional and may be subject to
reversal by J.P. Morgan.

(c) Without limiting the generality of Section 7.2, if a Country Risk Event leads to restrictions on, or
losses of, cash or cash equivalents held by J.P. Morgan or any Affiliated Subcustodian Bank in any market for the purposes of facilitating J.P. Morgan's global custody business, J.P. Morgan may in its sole discretion apply the impact of those
restrictions or losses to the relevant currency held in the Customer's Cash Accounts in a proportional manner as J.P. Morgan may reasonably determine.

**7.4** **J.P. Morgan May Consult With Counsel** 

J.P. Morgan will be entitled to rely on, and may act upon the advice of, professional advisors (which may be the professional advisors of the Customer) in relation to matters of law, regulation or market practice.

**7.5** **J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result** 

The Customer hereby authorizes J.P. Morgan to act under this Agreement notwithstanding that: (a) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may have a material interest in transactions entered into by the Customer with respect to the Account or that circumstances are such that J.P. Morgan may have a potential conflict of duty or interest, including the fact that J.P. Morgan or J.P. Morgan Affiliates may act as a market maker in the Financial Assets to which Instructions relate, provide brokerage services to other customers, act as financial adviser to the issuer of such Financial Assets, act in the same transaction as agent for more than one customer, have a material interest in the issuance of the Financial Assets; or earn profits from any of the activities listed herein and (b) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may be in possession of information tending to show that the Instructions received may not be in the best interests of the Customer. J.P. Morgan is not under any duty to disclose any such information to the Customer. Nothing in the foregoing shall release J.P. Morgan from any obligation to perform the Services under this Agreement.

**7.6** **Ancillary Services** 

J.P. Morgan and its Subcustodians may use third party providers of information regarding matters such as pricing, proxy voting, corporate actions and class action litigation and use local agents to provide extraordinary services such as attendance at annual meetings of issuers of Securities. Although J.P. Morgan will use reasonable care (and cause its Subcustodians to use reasonable care) in the selection and retention of such third party providers and local agents, it will not be responsible for any errors or omissions made by those third party providers and local agents provided that reasonable care has been used in such selection and retention.

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**8.** **TAXATION** 

**8.1** **Tax Obligations** 

(a) The Customer, on behalf of the Funds, will pay or reimburse J.P. Morgan, and confirms that J.P. Morgan is
authorized to deduct from any cash received or credited to the Cash Account, any taxes or levies required by any revenue or governmental authority in respect of the Customer's Accounts.

(b) The Customer will provide to J.P. Morgan such certifications, declarations, documentation, and information as
it may require in connection with taxation, and warrants that, when given, this information is true and correct in every respect, not misleading in any way, and contains all material information. The Customer undertakes to notify J.P. Morgan
immediately if any information requires updating or correcting. J.P. Morgan provides no service of controlling or monitoring, and therefore has no duty in respect of, or responsibility for any Liabilities (including any taxes, penalties, interest or
additions to tax, whether payable or paid) that result from (i) the inaccurate completion of documents by the Customer or any third party; (ii) the provision to J.P. Morgan or a third party of inaccurate or misleading information by the
Customer or any third party; (iii) the withholding of material information by the Customer or any third party; or (iv) any delay by any revenue authority or any other cause beyond J.P. Morgan's control.

(c) If J.P. Morgan does not receive appropriate certifications, documentation and information then, as and when
appropriate and required, tax shall be deducted from all income received in respect of the Financial Assets issued (including, but not limited to, withholding under United States Foreign Account Tax Compliance Act, United States non-resident alien tax and/or backup withholding tax, as applicable).

(d) The Customer will be responsible in all events for the timely payment of all taxes relating to the Financial
Assets in the Securities Account; provided, however, that J.P. Morgan will be responsible for any penalty or additions to tax due solely as a result of J.P. Morgan's negligent acts or omissions with respect to paying or withholding tax or
reporting interest, dividend or other income paid or credited to the Cash Account.

**8.2** **Tax Relief Services** 

(a) Subject to the provisions of this Section 8.2, J.P. Morgan will provide (i) a "relief at
source" service to obtain a reduction of withholding tax withheld as may be available in the applicable market in respect of income payments on Financial Assets credited to the Securities Account that J.P. Morgan believes may be available to
the Customer and/or (ii) a tax reclaim service on certain qualifying Financial Assets. J.P. Morgan may from time-to-time set minimum thresholds as to a de minimis
value of tax reclaims or reduction of withholding which it will pursue in respect of income payments under this Section.

(b) The provision of a tax relief service by J.P. Morgan is conditional upon J.P. Morgan receiving from the
Customer (i) a declaration of its identity and place of residence and (ii) certain other documentation (pro forma copies of which are available from J.P. Morgan), prior to the receipt of Financial Assets in the Securities Account and/or
the payment of income.

(c) J.P. Morgan will perform tax relief services only with respect to taxation levied by the revenue authorities of
the countries advised to the Customer from time to time and J.P. Morgan may, by notification in writing, in its absolute discretion, supplement or amend the countries in which the tax relief services are offered. Other than as expressly provided in
this Section 8.2, J.P. Morgan will have no responsibility with regard to the Customer's tax position or status in any jurisdiction.

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**9.** **TERM AND TERMINATION** 

**9.1** **Term and Termination for Convenience** 

(a) The initial term of this Agreement shall be for a period of three (3) years following the date on which
J.P. Morgan commenced providing services under this Agreement. Following the initial term, the Customer may terminate this Agreement by giving not less than sixty (60) days' prior written notice to J.P. Morgan and J.P. Morgan may
terminate this Agreement on one hundred and eighty (180) days' prior written notice to the Customer.

**9.2** **Other Grounds for Termination** 

(a) Either party may terminate this Agreement immediately on written notice to the other party upon the occurrence
of any of the following:

(i) the other party commits any material breach of this Agreement and fails to remedy such breach (if capable of
remedy) within thirty (30) days of the party in breach being given written notice of the material breach, unless the parties agree to extend the period to remedy the breach;

(ii) the other party (A) admits in writing its inability or is generally unable to pay its debts as they become
due; (B) institutes, consents to or is otherwise subject to the institution of any proceeding under title 11 of the United States Code, as in effect from time to time, or any other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, composition with creditors, wind-down, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States or other applicable jurisdiction from time to time in effect and
affecting the rights of creditors, generally; (C) is subject to an involuntary order for the transfer of all or part of its business by a statutory authority; (D) has any of its issued shares suspended from trading on any exchange on which
they are listed (if applicable), or (E) is the subject of a measure similar to any of the foregoing;

(iii) the relevant federal or state authority withdrawing its authorization of either party;

(iv) J.P. Morgan ceases to be qualified to act as custodian of a Customer or the Funds under Applicable Law; or

(v) If a Force Majeure Event substantially prevents performance of any material service under this Agreement for
more than ten (10) consecutive business days, then the Customer, on behalf of a Fund, may terminate all or any portion of this Agreement and the services so affected, as of a date specified by the Customer in a written notice of termination.

(b) J.P. Morgan may terminate this Agreement (i) immediately upon written notice to the Customer where there
is a material transition of Account Assets from the Accounts and/or (ii) by giving not less than sixty (60) days' prior written notice to the Customer in the event that J.P. Morgan reasonably determines that either the Customer has
ceased to satisfy J.P. Morgan's customary credit requirements or servicing the Customer raises reputational or regulatory concerns.

**9.3** **Exit Procedure** 

(a) The Customer will provide J.P. Morgan full details of the persons to whom J.P. Morgan must deliver Account
Assets within a reasonable period before the effective time of termination of this Agreement. If the Customer fails to provide such details in a timely manner, J.P. Morgan

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will continue to provide Services under this Agreement following the termination date, and shall be entitled to continue to be paid fees as determined by J.P. Morgan in its sole discretion until such time as it is able to deliver the Account Assets to a successor custodian, but J.P. Morgan may take such steps as it reasonably determines to be necessary to protect itself following the effective time of termination, including ceasing to provide transaction settlement services in the event that J.P. Morgan is unwilling to assume any related credit risk. <br>

(b) J.P. Morgan will in any event be entitled to deduct any amounts owing to it from the Cash Account prior to
delivery of the Account Assets. In the event that insufficient funds are available in the Cash Account, the Customer agrees that J.P. Morgan may, in such manner and, at such time or times as J.P. Morgan in its sole discretion sees fit, liquidate any
Financial Assets in the Securities Account that J.P. Morgan, in its sole discretion, may select in order to deduct such amount from the proceeds.

(c) The Customer will reimburse J.P. Morgan promptly for all out-of-pocket expenses it incurs in delivering Financial Assets upon termination.

(d) Upon termination, the Customer will provide J.P. Morgan with contact information and payment instructions for
any matters arising after termination.

(e) Termination will not affect any of the Liabilities either party owes to the other party arising under this
Agreement prior to such termination.

(f) J.P. Morgan will act in accordance with all Instructions delivered to it by the Customer with respect to such
delivery and transition of custody responsibilities to a successor custodian provided that such Instructions shall be reasonable and practicable and not in conflict with any provision of this Agreement.

(g) As soon as reasonably practicable following its resignation or termination of appointment becoming effective
and subject to payment of any amount owing to J.P. Morgan under this Agreement, J.P. Morgan agrees to transfer such holding statements or position reports as are customarily provided in a transition to any replacement provider of the Services or to
such other person as the Customer may direct. J.P. Morgan will also provide reasonable assistance to its successor, for such transfer, it being understood that J.P. Morgan shall have no responsibility for any expenses or charges for such assistance.

**10.** **MISCELLANEOUS** 

**10.1** **Notice** 

(a) Unless the Customer and J.P. Morgan have agreed otherwise, J.P. Morgan may, subject to Applicable Law, provide
any notice to Customer required under this Agreement, other than a notice pursuant to Section 9, by either posting it on J.P. Morgan's website or portal or, at its option, by other reasonable means.

(b) Notices pursuant to Section 9 shall be sent or served by registered mail, nationally recognized delivery
service, courier service or hand delivery to the address of the respective party as set out on the first page of this Agreement, unless at least two (2) days' prior written notice of a new address is given to the other party in writing.

**10.2** **Successors and Assigns** 

This Agreement will be binding on each of the parties' successors and assigns. The parties agree that neither party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld, delayed or conditioned. Nevertheless, the foregoing restriction on transfer shall not apply to any assignment or

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transfer by J.P. Morgan to any J.P. Morgan Affiliate or in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's custody business. Furthermore, and notwithstanding anything to the contrary in this Agreement, in the event J.P. Morgan becomes subject to a resolution proceeding under the Federal Deposit Insurance Act (12 U.S.C. 1811–1835a) or Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381–5394) and regulations promulgated under those statutes (each, a "U.S. Special Resolution Regime") the transfer of this Agreement (and any interest and obligation in or under, and any property securing, the Agreement) from J.P. Morgan will be effective to the extent effective under the U.S. Special Resolution Regime.

**10.3** **Entire Agreement and Amendments** 

This Agreement, including any Schedules, Exhibits, Annexes and Riders (and any separate agreement which J.P. Morgan and the Customer may enter into with respect to any Cash Account), sets out the entire agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement or representation relating to custody, whether oral or written. The parties may enter into one or more non-binding service level documents on terms agreed by the parties and may vary any service level document by agreement at any time. The service level document will not form part of this Agreement. To the extent inconsistent with this Agreement, J.P. Morgan's electronic access terms and conditions shall not apply to matters arising under this Agreement. Amendments must be in writing and signed by both parties, except where this Agreement provides for amendments by notice from J.P. Morgan. Where an amendment to this Agreement is required as a result of a change in Applicable Law, J.P. Morgan will give the Customer prior written notice and such amendment shall take effect upon the date specified in such notice.

**10.4** **Governing Law and Jurisdiction** 

This Agreement will be construed, regulated and administered under the laws of the United States or the State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to statutory prejudgment interest and a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Customer may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Customer shall not claim, and it hereby irrevocably waives, such immunity.

**10.5** **Severability; Waiver; Survival** 

(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the
basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be
affected or impaired.

(b) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power or
right under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise, or the exercise of any

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other power or right. No waiver by a party of any provision of this Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the party against whom the waiver is to be enforced.

(c) The parties' rights, protections and remedies under this Agreement shall survive its termination.

**10.6** **Counterparts** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

**10.7** **No Third Party Beneficiaries** 

Except as expressly provided herein, a person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

---

| | |
|:---|:---|
| **TOUCHSTONE STRATEGIC TRUST**<br> **TOUCHSTONE FUNDS GROUP TRUST**<br> **TOUCHSTONE VARIABLE SERIES TRUST** | **JPMORGAN CHASE BANK, N.A.** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

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**ANNEX A Electronic Access** 

1. J.P. Morgan may permit the Customer, and its Authorized Persons and other persons designated by the Customer or
its Authorized Persons (collectively "Users"), to access certain electronic systems and applications (collectively, the "Products") and to access or receive Data (as defined below) electronically in connection with the
Agreement. J.P. Morgan may, from time to time, introduce new features to the Products or otherwise modify or delete existing features of the Products in its sole discretion. J.P. Morgan shall endeavor to give the Customer reasonable notice of its
termination or suspension of access to the Products, including suspension or cancelation of any User Codes, but may do so immediately if J.P. Morgan determines, in its sole discretion, that providing access to the Products would violate Applicable
Law or that the security or integrity of the Products is known or suspected to be at risk. Access to the Products shall be subject to the Security Procedure.

2. In consideration of the fees paid by the Customer to J.P. Morgan and subject to any applicable software license
in relation to J.P. Morgan-owned or sublicensed software provided for a particular application and Applicable Law, J.P. Morgan grants to the Customer a non-exclusive, non-transferable, limited and revocable license to use the Products and the information and data made available through the Products or transferred electronically (the "Data") for the
Customer's internal business use only. The Customer may download the Data and print out hard copies for its reference, provided that it does not remove any copyright or other notices contained therein. The license granted herein will permit
use by the Users, provided that such use shall be in accordance with the terms of the Agreement, including this Annex. The Customer will not disclose or distribute (and will cause the Users not to disclose or distribute) to any other party, or allow
any other party to access, inspect or copy the Products or any Data, except as reasonably necessary in the course of Customer's management or administration of the funds or accounts for which services are provided under this Agreement. The
Customer acknowledges that elements of the Data, including prices, Corporate Action information, and reference data, may have been licensed by J.P. Morgan from third parties and that any use of such Data beyond that authorized by the foregoing
license, may require the permission of one or more third parties in addition to J.P. Morgan.

3. The Customer acknowledges that there are security, cyberfraud, corruption, transaction error and access
availability risks associated with using open networks such as the internet to access and use the Products, and the Customer hereby expressly assumes such risks. The Customer is solely responsible for obtaining, maintaining and operating all
systems, software (including antivirus software, anti-spyware software, and other internet security software) and personnel necessary for the Customer and its Users to access and use the Products. All such software must be interoperable with J.P.
Morgan's software. Each of the Customer and J.P. Morgan shall be responsible for the proper functioning, maintenance and security of its own systems, services, software and other equipment.

4. In cases where J.P. Morgan's website or the Products are unexpectedly down or otherwise unavailable, J.P.
Morgan shall, absent a force majeure event, provide other appropriate means for the Customer or its Users to instruct J.P. Morgan or obtain reports from J.P. Morgan. J.P. Morgan shall not be liable for any Liabilities arising out of the
Customer's use of, access to or inability to use the Products in the absence of J.P. Morgan's gross negligence, fraud or willful misconduct.

5. Use of the Products may be monitored, tracked, and recorded. In using the Products, the Customer hereby
expressly consents to, and will ensure that its Users are advised of and have

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consented to, such monitoring, tracking and recording, and J.P. Morgan's right to disclose data derived from such activity in accordance with the Agreement, including this Annex. J.P. Morgan shall own all right, title and interest in the data reflecting the Customer usage of the Products or J.P. Morgan's website (including general usage data and aggregated transaction data), provided that J.P. Morgan's use of such data shall remain, subject to its obligations of confidentiality set forth in this Agreement. Individuals and organizations should have no expectation of privacy unless local law, regulation, or contract provides otherwise. The Customer hereby expressly consents, and will ensure that its Users are advised of and have consented to, J.P. Morgan's collection, storage, use and transfer (including to or through jurisdictions that do not provide the same statutory protection as the originating jurisdictions(s)) of their personal data. Any personal data collected through, or in connection with, the Customer's use of the Products shall be subject to J.P. Morgan's Privacy Policy (available at: <u>https://www.jpmorgan.com/global/privacy</u>) and Cookies Policy (available at: <u>https://www.jpmorgan.com/global/cookies</u>), each as updated from time to time and incorporated herein by reference. <br>

6. The Customer shall not knowingly upload, post or transmit to or distribute or otherwise publish through the
Products or J.P. Morgan's web site any materials which (i) restrict or inhibit any other user from using and enjoying the Products or the website, (ii) are defamatory, offensive, explicit, or indecent, (iii) infringe the rights
of third parties including intellectual property rights, (iv) contain a virus, Trojan horse, worm, time bomb, cancelbot or other harmful component, or (v) constitute or contain false or misleading information.

7. The Customer shall promptly and accurately designate in writing to J.P. Morgan the geographic location of its
Users upon written request. The Customer shall not access, and shall not permit its Users to access, the service from any jurisdiction where J.P. Morgan informs the Customer, or where the Customer has actual knowledge, that the service is not
authorized for use due to local regulations or laws, including applicable software export rules and regulations. Prior to submitting any document which designates the Users, the Customer shall obtain from each User all necessary consents to enable
J.P. Morgan to process data concerning that User for the purposes of providing the Products.

8. The Customer will be subject to and shall comply with Applicable Law with regard to its use of the Products,
including Applicable Law concerning restricting collection, use, disclosure, processing and free movement of the Data.

9. The Customer shall be responsible for the compliance of its Users with the terms of this Annex.

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**ANNEX B Availability Policy and Schedule – U.S. Accounts Held with JPMorgan Chase Bank, N.A. for U.S. Custody Clients** 

J.P. Morgan will make funds available on U.S. dollar deposits to account held in the U.S. by JPMorgan Chase Bank, N.A. on the same or next business day after the day of deposit depending on the type of deposit and in accordance with the below:

**Determining the Day of Deposit:** If a deposit is made to an account on a business day before the cut-off time established for that deposit channel (as outlined below) then J.P. Morgan will consider that day to be the day of deposit. However, if a deposit is made after the cut-off time or on a day that is not a business day, then J.P. Morgan will consider the deposit to have been made no later than the next business day. For determining the availability of deposits, every day is a business day, except Saturdays, Sundays, and federal banking holidays. Availability with respect to any deposit will be determined by how the deposit was received. Please note that J.P. Morgan may be unable to process a deposit in accordance with this availability schedule if required final beneficiary details are not provided, correctly formatted with the deposit.

<u>Deposit channels and cut-off times for U.S. Custody clients</u> 

Wire Transfers: 5:30pm ET NY Time

Checks: 12:00pm ET or 12:00pm CT depending upon location to which check is sent.

**Same Day Availability:** Funds from the following deposits will be made available on the day of deposit:

• Wire transfers

• U.S. Dollar denominated checks drawn on accounts held with JPMorgan Chase Bank, N.A. in the U.S.

**Next Day Availability:** Funds from the following deposits will be made available on the first business day after the day of deposit:

• All U.S. Dollar denominated checks that are payable to the Client drawn on banks other than JPMorgan Chase
Bank, N.A. in the U.S.

This Availability Policy and Schedule may be changed without notice and such updated materials will be made available to you on J.P. Morgan Markets, Market Intelligence and by our newsflash distribution for subscribers.

**Note**: Separate availability policies and schedules are applicable for U.S. dollar accounts held with other lines of business within J.P. Morgan in the U.S., or where clients have subscribed to deposit services outside U.S. Custody.

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**ANNEX C** 

**<u>Information Regarding Country Risk</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To aid Customer in its determinations regarding Country Risk, J.P. Morgan shall furnish annually, and upon the initial placing of Financial Assets and cash into a country, the following information:

A. Opinions of local counsel concerning:

i. Whether applicable foreign law would restrict the access of Customer's independent public accountants to
books and records kept by a Subcustodian located in that country which pertain to the Customer's account.

ii. Whether applicable foreign law would restrict Customer's ability to recover its Financial Assets and cash in
the event of the bankruptcy of a Subcustodian located in that country.

iii. Whether applicable foreign law would restrict Customer's ability to recover Financial Assets that are lost
while under the control of a Subcustodian located in the country.

iv. Whether applicable foreign law would restrict the Customer's right as foreign investors to convert
Customer's cash or cash equivalents into U.S. dollars which have not yet been invested in securities.

B. A market profile with respect to the following topics:

i. securities regulatory environment,

ii. foreign ownership restrictions,

iii. foreign exchange,

iv. securities settlement and registration,

v. taxation, and

iv. securities depositories (including depository risk assessment), if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To aid Customer in monitoring Country Risk, J.P. Morgan shall furnish the Board the following additional information:

i. NewsFlashes, including with respect to changes in the information included in market profiles

Global Custody Agreement – New York – October

## Ex-99.(H)(7)(Iii)

**Schedule B** 

**Dated October 29, 2025** 

**To The** 

**Expense Limitation Agreement** 

**Dated July 29, 2013** 

**Between** 

**Touchstone Strategic Trust and Touchstone Advisors, Inc.** 

---

| | | | |
|:---|:---|:---|:---|
| **FYE 6/30** | **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense** <br> **Limit** | **Termination Date** |
| **Touchstone Balanced Fund** | A | 1.01% | October 29, 2026 |
| **Touchstone Balanced Fund** | C | 1.78% | October 29, 2026 |
| **Touchstone Balanced Fund** | Y | 0.81% | October 29, 2026 |
| **Touchstone Balanced Fund** | R6 | 0.63% | October 29, 2026 |
| **Touchstone Core Municipal Bond Fund** | A | 0.80% | October 29, 2026 |
| **Touchstone Core Municipal Bond Fund** | C | 1.49% | October 29, 2026 |
| **Touchstone Core Municipal Bond Fund** | Y | 0.55% | October 29, 2026 |
| **Touchstone Core Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 0.48% | October 29, 2026 |
| **Touchstone International Value Fund** | A | 1.26% | October 29, 2026 |
| **Touchstone International Value Fund** | C | 1.85% | October 29, 2026 |
| **Touchstone International Value Fund** | Y | 0.89% | October 29, 2026 |
| **Touchstone International Value Fund** | Institutional | 0.77% | October 29, 2026 |
| **Touchstone Large Cap Focused Fund** | A | 1.00% | October 29, 2026 |
| **Touchstone Large Cap Focused Fund** | C | 1.79% | October 29, 2026 |
| **Touchstone Large Cap Focused Fund** | Y | 0.72% | October 29, 2026 |
| **Touchstone Large Cap Focused Fund** | Institutional | 0.69% | October 29, 2026 |
| **Touchstone Large Cap Focused Fund** | R6 | 0.65% | October 29, 2026 |
| **Touchstone Large Cap Fund** | A | 1.03% | October 29, 2026 |
| **Touchstone Large Cap Fund** | C | 1.74% | October 29, 2026 |
| **Touchstone Large Cap Fund** | Y | 0.78% | October 29, 2026 |
| **Touchstone Large Cap Fund** | Institutional | 0.68% | October 29, 2026 |
| **Touchstone Large Company Growth Fund** | A | 1.04% | October 29, 2026 |
| **Touchstone Large Company Growth Fund** | C | 1.79% | October 29, 2026 |
| **Touchstone Large Company Growth Fund** | Y | 0.79% | October 29, 2026 |
| **Touchstone Large Company Growth Fund** | Institutional | 0.69% | October 29, 2026 |
| **Touchstone Small Company Fund** | A | 1.22% | October 29, 2026 |
| **Touchstone Small Company Fund** | C | 1.95% | October 29, 2026 |
| **Touchstone Small Company Fund** | Y | 0.89% | October 29, 2026 |
| **Touchstone Small Company Fund** | Institutional | 0.79% | October 29, 2026 |
| **Touchstone Small Company Fund** | R6 | 0.79% | October 29, 2026 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Touchstone Value Fund** | A | 1.08% | October 29, 2026 |
| **Touchstone Value Fund** | C | 1.75% | October 29, 2026 |
| **Touchstone Value Fund** | Y | 0.83% | October 29, 2026 |
| **Touchstone Value Fund** | Institutional | 0.68% | October 29, 2026 |
| **Touchstone Value Fund** | R6 | 0.63% | October 29, 2026 |

---

This Schedule B to the Expense Limitation Agreement is hereby executed as of the date first set forth above.

---

| | |
|:---|:---|
| TOUCHSTONE STRATEGIC TRUST | TOUCHSTONE STRATEGIC TRUST |
| By: | /s/ Terri A. Lucas |
|  | Terri A. Lucas<br> Controller and Treasurer |
| TOUCHSTONE ADVISORS, INC. | TOUCHSTONE ADVISORS, INC. |
| By: | /s/ Benjamin J. Alge |
|  | Benjamin J. Alge<br> President |
| By: | /s/ Terrie A. Wiedenheft |
|  | Terrie A. Wiedenheft |
|  | Chief Financial Officer |

---

## Ex-99.(H)(8)(Ii)

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**SECURITIES LENDING AGREEMENT** 

This Agreement, dated August 29, 2025, is between **JPMORGAN CHASE BANK, NATIONAL ASSOCIATION** (**"J.P. Morgan"**)**,** with a place of business at 383 Madison Ave., New York, NY 10017; and Touchstone Funds Group Trust, Touchstone Strategic Trust and Touchstone Variable Series Trust (each a **"Lender"** or **"Trust"**) acting with respect to each series of each Trust (individually, a **"Fund"**) with a place of business at 303 Broadway Street, Suite 1100, Cincinnati, Ohio 45202.

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Intention of the Parties** 

This Agreement sets out the terms on which J.P. Morgan will provide securities lending services to Lender. J.P. Morgan will be responsible for the performance of only those duties expressly set forth in this Agreement. The terms and conditions of this Agreement are applicable only to the services which are specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Definitions; Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Definitions

As used herein, the following terms have the meanings hereinafter stated.

**"Affected Party"** has the meaning set forth in Section 7.2 of this Agreement.

**"Affiliate"** with respect to a party means an entity controlling, controlled by, or under common control with, that party.

**"Allocation Factors"** has the meaning set forth in Section 2.2(b) of this Agreement.

**"Applicable Law"** means any applicable statute, treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Authorized Investment"** means any type of instrument, security, participation or other property in which Cash Collateral may be invested or reinvested, pursuant to Section 2.6 of this Agreement and the Investment Guidelines.

**"Authorized Person"** means any person who has been designated by written notice from Lender in the form as provided by J.P. Morgan to act on behalf of Lender under this Agreement, any person who has received a User Code from Lender, or any person authorized by Lender to receive a User Code from J.P. Morgan. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives and has had reasonable time to act upon Instructions from Lender (or its agent) that any such person is no longer an Authorized Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**"AutoCredit"** has the meaning set forth in Section 2.7(a) of this Agreement.

**"Borrower"** means an entity listed on Schedule 2 to this Agreement other than an entity which J.P. Morgan shall have been instructed to delete from such list in accordance with Instructions and as such Schedule may be amended in accordance with Section 2.3 of this Agreement.

**"Business Day"** shall have the meaning assigned in the applicable MSLA, including any applicable Addendum or Exhibit to the applicable MSLA and shall, include, as applicable, a New York Business Day and a Foreign Business Day as defined in the applicable MSLA.

**"Cash Collateral"** means those currencies permitted under Schedule 3 to this Agreement to be accepted as Cash Collateral as may be pledged by a Borrower in connection with a particular Loan.

**"Cash Distributions"** has the meaning set forth in Section 2.7(a) of this Agreement.

**"Change"** has the meaning set forth in Section 2.13 of this Agreement.

**"Change Request"** has the meaning set forth in Section 2.13 of this Agreement.

**"Collateral"** means the types of collateral acceptable to Lender as set forth in Schedule 3 to this Agreement, together with Cash Collateral.

**"Collateral Account"** means, as the case may be, an account or accounts maintained by J.P. Morgan with its global custody business, with any Securities Depository or with any Tri-party Institution, and designated as a Collateral Account for the purpose of holding Collateral, Authorized Investments, or proceeds of any of them (as the case may be) in connection with Loans under this Agreement.

**"Collateral Management Services"** mean services performed in relation to Securities held as collateral on behalf the Lender, such as marking to market, margin management and automatic substitution of collateral.

**"Collateral Requirement"** with respect to a given Security shall be an amount equal to the then applicable percentage of the Market Value of the applicable Security as set forth in Appendix A to Schedule 3 to this Agreement, as that Appendix may be amended by J.P. Morgan from time to time on notice to Lender.

**"Confidential Information"** means and includes all nonpublic information concerning Lender, the Lending Accounts or the Collateral Accounts which J.P. Morgan receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information does not include (i) information that is or becomes available to the general public by means other than J.P. Morgan's breach of the terms of this Agreement, (ii) information that J.P. Morgan develops independently without using the Lender's confidential information, (iii) information that J.P. Morgan obtains on a nonconfidential basis from a person who is not known to be subject to any obligation of confidence to the Lender with respect to that information, or (iv) information that the Lender has designated as non-confidential or consented be disclosed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**"Custody Agreement"** means the agreement dated as of June 18, 2025, between J.P. Morgan and Lender, which provides, inter alia, for the safekeeping of Securities received by J.P. Morgan from time to time on behalf of Lender, as that agreement may be amended from time to time.

**"Cut-off Time"** has the meaning set forth in Section 4.4 of this Agreement.

**"Distributions"** means all interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts and Global Depositary Receipts) made by the issuer with respect to Securities subject to Loans.

**"Dollars"** means U.S. dollars.

**"Event of Default"** has the meaning set forth in the applicable MSLA.

**"Force Majeure Event"** has the meaning set forth in Section 7.2 of this Agreement.

**"Instruction"** means an instruction, whether or not in fact authorized, that has been verified in accordance with the Security Procedure or, if no Security Procedure is applicable, which J.P. Morgan believes in good faith to have been given by an Authorized Person in the manner specified next to their name in the relevant Schedule.

**"Investment Guidelines"** has the meaning set forth in Section 2.6(a) of this Agreement.

**"J.P. Morgan Indemnitees"** means J.P. Morgan and its nominees, directors, officers, employees and agents.

**"Lending Account"** means each of the Securities Accounts set forth in Schedule 4 to this Agreement, as that Schedule may be modified from time to time by agreement of the parties.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on a party's own income) or expenses of any kind whatsoever (whether actual or contingent and including, without limitation, reasonable attorneys', accountants', consultants' and experts' fees and disbursements reasonably incurred) and outstanding from time to time.

**"Loan"** means a loan of Securities under this Agreement and under the applicable MSLA.

**"Loan Fee"** means the amount payable by a Borrower to J.P. Morgan under the applicable MSLA in connection with Loans collateralized by Collateral other than Cash Collateral.

**"Market Value"** means the value reasonably determined by J.P. Morgan in accordance with the applicable MSLA, including the computation of Dollar equivalents where Securities on Loan and/or Collateral (and proceeds of Collateral) are denominated in a currency other than Dollars; and in the case of fixed income Securities, including any accrued but unpaid interest thereon. In the case of Cash

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Collateral, "Market Value" means the value of the cash delivered by Borrower. "Market Value" shall be determined as of the close of trading on the preceding Business Day.

**"MSLA"** means a master securities lending agreement or securities borrowing agreement between J.P. Morgan and a Borrower, under which J.P. Morgan lends Securities on behalf of its customers (including Lender) from time to time. The location of each Borrower is indicated in Schedule 2.

**"Non-cash Distributions"** has the meaning set forth in Section 2.7(b) of this Agreement.

**"Proceeds"** means interest, dividends and other payments received by J.P. Morgan in connection with Authorized Investments.

**"Rebate"** means the amount payable by J.P. Morgan on behalf of Lender to a Borrower (or, in the case of a negative rebate, the amount payable by Borrower to J.P. Morgan on behalf of Lender) in connection with Loans collateralized by Cash Collateral, which shall be a percentage of the Cash Collateral as agreed by Borrower and J.P. Morgan.

**"Return Date"** has the meaning set forth in in Section 3.2(a) of this Agreement.

**"Securities"** means shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets or obligations of an issuer and any other property as may be acceptable to J.P. Morgan for the Securities Account.

**"Securities Account"** means each of the securities accounts established and maintained by J.P. Morgan on behalf of Lender under the Custody Agreement.

**"Securities Depository"** means any clearing system or securities depository, clearing corporation, dematerialized book entry system or similar system for the central handling of Securities.

**"Security Procedure"** means the applicable security procedure to be followed by Lender (and its Authorized Persons) and/or by J.P. Morgan, so as to enable J.P. Morgan to verify that an instruction is authorized. The applicable Security Procedure for different types of instructions may be set forth in service level documentation in effect from time to time with respect to the services set forth in the Custody Agreement, or in separate documentation, and may be updated by J.P. Morgan from time to time upon notice to the Lender. A Security Procedure may, without limitation, involve the use of User Codes, dual-factor authentication, and telephone call backs, or third party utilities. For the avoidance of doubt, a SWIFT message issued in the name of Lender through any third party utility that J.P. Morgan has approved as a utility through which Instructions may be provided hereunder, shall be deemed to have been verified through a Security Procedure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**"SFTR"** means Regulation (EU) No. 2015/2365 on transparency of securities financing transactions and reuse and amending Regulation (EU) No. 648/2012 and all Commission delegated regulations and Commission implementing regulations made thereunder and includes that law or regulation as it forms part of UK law or regulation following exit day (as defined in the Withdrawal Act) and as it may be amended pursuant to the Withdrawal Act.

**"Taxes"** means any tax, levy or duty including, without limitation, withholding tax, value-added tax, sales tax, business tax, stamp duty or other similar taxes and charges.

**"Term Loan"** has the meaning set forth in Section 2.2(c) of this Agreement.

**"Tri-party Agreement"** means an agreement among J.P. Morgan, a financial institution acting as tri-party custodian, and a particular Borrower providing, among other things, for the holding of Collateral in a Collateral Account at the financial institution in J.P. Morgan's name on behalf of J.P. Morgan's lending customers and for the provision of Collateral Management Services.

**"Tri-party Institution"** means a financial institution (which may be J.P. Morgan acting in a separate capacity) with which J.P. Morgan shall have entered a Tri-party Agreement.

**"User Code"** means a password digital certificate, identifier (including biometric identifier), security device, algorithm, encryption or other similar procedure used by the Lender or an Authorized Person to access J.P. Morgan's systems, applications or products or to issue Instructions to J.P. Morgan.

**"Withdrawal Act"** means the European Union (Withdrawal) Act 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Headings are for convenience of reference only and shall not in any way form part of or affect the
construction or interpretation of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise expressly stated to the contrary herein, references to Sections are to sections of this
Agreement and references to Paragraphs are to paragraphs of the Sections in which they appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unless the context requires otherwise, references in this Agreement to "persons" shall include
legal as well as natural entities; references importing the singular shall include the plural (and vice versa). Use of the term "including" shall be deemed to mean "including but not limited" to, and references to appendices
and numbered sections shall be to such addenda and provisions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unless the context requires otherwise, any reference to a statute or a statutory provision shall include
such statute or provision as from time to time modified to the extent such modification applies to any service

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provided hereunder. Any reference to a statute or a statutory provision shall also include any subordinate legislation made from time to time under that statute or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Schedules, Appendices and Annexes to the Agreement are incorporated herein by reference and form part of
the Agreement and shall have the same force and effect as if expressly set out in the body of the Agreement. If and to the extent that there is an inconsistency between the terms of the body of the Agreement and its Schedules, Appendices and
Annexes, the terms of the body of the Agreement shall prevail unless expressly stated otherwise.

**2.** **THE SECURITIES LENDING SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Appointment; Authority** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lender hereby appoints J.P. Morgan as its agent to lend Securities in each of the Lending Accounts on
Lender's behalf to Borrowers from time to time in accordance with the terms of this Agreement and on such terms and conditions and at such times as J.P. Morgan shall determine. J.P. Morgan hereby accepts appointment as such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lender hereby authorizes and empowers J.P. Morgan to execute in Lender's name and on its behalf and at
its risk all agreements and documents as may be necessary to carry out any of the powers herein granted to J.P. Morgan. In this regard, Lender hereby authorizes J.P. Morgan to lend Securities in the Lending Accounts to Borrowers under agreements
substantially in the forms of the MSLA; it being understood and agreed, however, that J.P. Morgan shall notify Lender of any material change to the MSLA entered into with any Borrower which it deems to be detrimental to the Lender. J.P. Morgan may
exercise all rights and powers provided under any MSLA as may be incidental to that MSLA. Upon request, J.P. Morgan to provide the Lender with a copy of the relevant form of MSLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, J.P. Morgan may lend to Borrowers Securities held in the Lending Accounts and shall
deliver such Securities against receipt of Collateral in accordance with the applicable MSLA. All Securities of Lender held by J.P. Morgan that are issued, settled or traded in the markets listed on Schedule 4 to this Agreement may be lent to
Borrowers from time to time without the consent of any Authorized Person. All Loans shall be made on a fully disclosed basis. J.P. Morgan may suspend lending activity in one or more markets from time to time if it determines that lending in those
markets is impracticable or uneconomical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan shall seek to assure that Lender receives a fair and reasonable allocation of lending
opportunities vis-à-vis other lenders, taking into account the demand for and availability of Securities, types of Collateral, eligibility of Borrowers,
Borrower's requested Rebate rate, limitations on investments of Cash

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Collateral, tax treatment, liquidity and other similar commercial factors (the **"Allocation Factors"**). The Allocation Factors may also include consideration of the cost to J.P. Morgan in the allocation of the aforementioned lending opportunities, including, but not limited to, the capital cost of indemnification by J.P. Morgan. The Allocation Factors may improve or reduce such allocation opportunities and, in some instances, may result in non-participation in a loan opportunity at all. The Allocation Factors are the basis for determining which clients, on a case by case basis, will be eligible for an objective allocation of a loan opportunity. J.P. Morgan is under no obligation to enter into a transaction if the cost to J.P. Morgan will exceed its revenue for that given transaction, however, reserves the right to enter into any such transaction based on certain factors that have intrinsic value to J.P. Morgan. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Loans shall generally be terminable on demand. With the prior approval of Lender, however, Loans may be made
on the basis of a specified termination date (each a **"Term Loan"**), with or without providing for the right of Lender to terminate or substitute equivalent Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan shall terminate any Loan of Securities to a Borrower as soon as practicable after:
(i) receipt by J.P. Morgan of a notice of termination of the respective MSLA by the Borrower; (ii) receipt by J.P. Morgan of Instructions directing it to terminate a Loan; (iii) receipt by J.P. Morgan of Instructions instructing it to
delete from Schedule 2 to this Agreement the Borrower to which such Loan was made; (iv) receipt by J.P. Morgan of Instructions advising that the Security subject to a Loan is no longer subject to the representations contained in
Section 6.1 of this Agreement; (v) receipt by J.P. Morgan of notice advising that an Event of Default has occurred and is continuing beyond any grace period that may be afforded by J.P. Morgan; (vi) J.P. Morgan elects, in its sole
discretion, to terminate a Loan other than a Term Loan; or (vii) termination of this Agreement. Termination of a Term Loan prior to its anticipated termination date by either Lender or Borrower may result in the terminating party having to pay
the non-terminating party damages based on the cost of obtaining a replacement loan. In the event of Borrower's failure to return the applicable Securities upon termination of a Loan, J.P. Morgan shall
take the steps specified in Section 3.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Lender shall not engage in any security lending activity with regard to Securities held in any Lending
Account during the term of this Agreement, except for Loans made by J.P. Morgan as lending agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Borrowers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities may be lent to any Borrower listed in Schedule 2 to this Agreement, in J.P. Morgan's sole
discretion. Schedule 2 to this Agreement may be updated from time to time upon written notice by J.P. Morgan to add new Borrowers and to delete entities that have ceased to be potential Borrowers. If Lender notifies J.P. Morgan in writing within
five business days from the date of any such notice that

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it objects to a potential Borrower, no Loans of Securities shall be made to such potential Borrower. If Lender does not so object within such five business day period, each potential Borrower notified to Lender by J.P. Morgan shall be deemed acceptable to Lender. Lender may at any time provide Instructions to J.P. Morgan to delete a Borrower from Schedule 2 to this Agreement. Promptly following receipt of those Instructions J.P. Morgan will cease making Loans to that Borrower and promptly take the steps set forth in Section 2.2(d) of this Agreement. J.P. Morgan shall have the right to decline to make any Loans to any Borrower and to discontinue lending to any Borrower in its sole discretion and without notice to Lender. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may assume (unless its personnel directly responsible for the performance of the services under
this Agreement have actual knowledge to the contrary) that any representations made by a Borrower in connection with any Loan are true, that no event which is or may become an Event of Default has occurred and that Borrower is in compliance with its
obligations under the applicable MSLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall have no responsibility for the accuracy or completeness of any information supplied by any
Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Receipt of Collateral; Collateral Substitution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each Loan, J.P. Morgan or a Tri-party Institution shall receive
and hold all Collateral required by the applicable MSLA in a Collateral Account. A given Loan may be collateralized by more than one type of Collateral. J.P. Morgan shall credit, or where applicable shall have a Tri-party Institution credit, all Collateral, Authorized Investments and proceeds to a Collateral Account and J.P. Morgan shall mark its books and records to identify Lender's interest therein. In this
regard, J.P. Morgan shall segregate assets held in each Collateral Account maintained from J.P. Morgan's proprietary assets. J.P. Morgan shall accept substitutions of Collateral in accordance with the applicable MSLA or Tri-party Agreement, and shall credit, or where applicable shall have a Tri-party Institution credit, all such substitutions to a Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Collateral and Authorized Investments are held under the terms of the Custody Agreement, unless
otherwise agreed in writing between the parties. J.P. Morgan has been authorized under the Custody Agreement to act through and hold the Collateral and Authorized Investments with Tri-party Institutions and
Securities Depositories. Lender confirms that in addition to holding Collateral and Authorized Investments with Tri-party Institutions and Securities Depositories, J.P. Morgan may appoint such Tri-party Institutions or Securities Depositories to provide Collateral Management Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Mark to Market Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall require initial Collateral from Borrower for a Loan in an amount determined by applying
the then applicable Collateral Requirement to the Market Value of the Security that is the subject of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan shall calculate the Market Value of the Collateral on each Business Day. If the Market Value of
the Collateral held by J.P. Morgan on behalf of Lender for a Loan on any Business Day is less than the Collateral Requirement set forth on Appendix A to Schedule 3 to this Agreement, J.P. Morgan shall demand on behalf of Lender that the applicable
Borrower deliver additional Collateral in accordance with the applicable MSLA. J.P. Morgan also may from time to time establish *de minimis* guidelines with respect to Collateral under which a demand for additional Collateral from a Borrower
would not be made even where otherwise required under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan is authorized to return excess Collateral to the Borrower upon demand, in accordance with the
terms of the applicable MSLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan may modify the Collateral procedures set forth on Appendix A to Schedule 3 to this Agreement
from time to time based on general market conditions (including volatility of Securities on Loan and of Securities Collateral), the Market Value of Securities on Loan to a given Borrower, and in accordance with general market practice and regulatory
requirements. J.P. Morgan shall promptly notify Lender of material revisions to the Collateral Requirement and the foregoing procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Investment of Cash Collateral** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan is hereby authorized to invest and (subject to Section 2.6(c)) reinvest Cash Collateral in
accordance with the investment guidelines set forth in Schedule 1 to this Agreement (the **"Investment Guidelines"**). The Investment Guidelines may be amended from time to time by written agreement of the parties. Authorized
Investments are not guaranteed by J.P. Morgan, and involve risk, including possible loss of principal. Lender assumes all risk of loss resulting from an Authorized Investment. J.P. Morgan is authorized to buy or sell Cash Collateral investments
through bulk trades in which its other customers participate. Cash Collateral and additions to Cash Collateral received after the market closes shall not be invested until the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may from time to time advance to Lender its share of accrued earnings from Cash Collateral. By
the same token, except as may be expressly set forth in the Investment Guidelines, earnings received from Cash Collateral shall not be invested on behalf of Lender pending distribution under this Agreement (*e.g*., as Rebates to Borrowers and
as lending income under Section 5.1 of this Agreement) and, therefore, no income shall be paid thereon to Lender. J.P. Morgan anticipates earning interest on such earnings pending such distribution in an amount approximately equal to the fed
funds rate in effect from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan may, in its sole discretion, liquidate any Cash Collateral investment and credit the net
proceeds to the Lender's cash account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If: (i) a loss is realized on a Cash Collateral investment or (ii) J.P. Morgan determines that a
Cash Collateral investment either is unlikely to be redeemed in accordance with its terms (as in effect at the time such Cash Collateral investment was acquired) or will need to be sold at a loss in order to raise cash to return to a Borrower upon
the present or future maturity of a Loan or (iii) J.P. Morgan otherwise reasonably requires the replenishment of Cash Collateral, J.P. Morgan may require that Lender transfer to it cash in an amount at least equal to the difference between the
amortized cost and the fair market value of the applicable Cash Collateral investment (as determined by J.P. Morgan in its reasonable discretion). Lender shall promptly comply with any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Distributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information publicly available in the applicable market about forthcoming income
payments on Securities on Loan. J.P. Morgan shall credit Lender's cash account on the anticipated payment date with the amount of all Cash Distributions (but for purposes of this Section 2.7(a), the term **"Cash Distributions"** shall not include any principal payment, whether paid upon the maturity of any debt Security or prior to its maturity, which shall be paid in accordance with the terms of the Custody Agreement), net of any taxes that are
withheld by J.P. Morgan or any third party (such service hereinafter defined as **"AutoCredit"**) with respect to Securities on Loan over their record date that Lender would have received under the Custody Agreement had such
Securities not been on Loan over record date. AutoCredit is limited to those Securities and/or markets as to which J.P. Morgan customarily offers an AutoCredit service. Upon request, J.P. Morgan shall provide Lender with a list of AutoCredit
eligible markets. J.P. Morgan may add markets to or remove markets from the list of AutoCredit markets upon notice to Lender that is reasonable in the circumstances. J.P. Morgan reserves the right to restrict in good faith the availability of
AutoCredit for credit or operational reasons. Lender shall promptly return any amount credited to Lender's cash account upon oral or written notification from J.P. Morgan that: (i) such amount has not been paid by the issuer or the paying
agent of the Securities (as applicable) in the ordinary course of business or (ii) such amount was incorrectly credited. If Lender does not promptly return any amount upon such notification, J.P. Morgan shall be entitled, upon oral or written
notification to Lender identifying the amount, to reverse the applicable credit by debiting Lender's cash account for the amount previously credited. When the AutoCredit service is not available, Cash Distributions, net of any taxes withheld
by J.P. Morgan or any third party, will be credited only after actual receipt and reconciliation by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following procedures shall apply to Distributions which are not Cash Distributions (**"Non-cash Distributions"**):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Non-cash Distribution which is in the nature of a stock split or
a stock dividend shall at the option of J.P. Morgan: (A) be added to the existing Loan to which that Distribution relates as of the date that Non-cash Distribution is payable and shall be subject to the
provisions of this Agreement and the applicable MSLA; or (B) be delivered by Borrower to J.P. Morgan, and J.P. Morgan shall credit that Non-cash Distribution to the applicable Lending Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Non-cash Distribution which is in the nature of warrants or
rights to purchase shares made with respect to any Securities on Loan shall be deemed to be a new Loan made by Lender to Borrower (and shall be considered to constitute Securities on Loan) as of the date that Non-cash Distribution is payable and shall be subject to the provisions of this Agreement; provided that Lender may give J.P. Morgan Instructions, prior to the applicable Cut-off Time directing it to request that Borrower deliver that Non-cash Distribution to J.P. Morgan under the applicable MSLA, in which case J.P. Morgan shall credit
that Non-cash Distribution to the applicable Lending Account. If Lender wishes to exercise any such warrants or rights while they are on Loan, Lender shall instruct J.P. Morgan prior to the applicable Cut-off Time to direct the Borrower to deliver the applicable Security or other property to the applicable Lending Account in exchange for the price specified in the warrant or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If Lender requests that J.P. Morgan instruct Borrower to deliver a Non-cash Distribution on its payable date, and Borrower fails so to deliver the Non-cash Distribution on such date and any reasonable and customary grace period has
expired, J.P. Morgan, at its option, but subject to Section 3.2(b) of this Agreement, shall credit such Non-cash Distribution to the applicable Lending Account, or credit to Lender's cash account an
amount equivalent to the Market Value of such Non-cash Distribution as of the close of business on the day prior to the credit date. In addition, the assignment and subrogation provisions and corresponding
rights and obligations set forth in Section 3.3 of this Agreement shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Voting Rights** 

During the term of any Loan, J.P. Morgan shall permit the Securities on Loan to be transferred into the name of Borrower. Securities on Loan shall not ordinarily be available to Lender for voting while they are on Loan on the applicable Record Date. Lender shall be entitled to vote proxies with respect to Securities that are eligible for Loan (but not actually on Loan) as of the applicable record date for those Securities, except in those markets where it is not practical or permissible to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Sale of a Security on Loan** 

Lender shall advise J.P. Morgan of the sale of Securities on Loan no later than the applicable Cut-off Time and Lender shall bear the risk of any Liabilities attributable to its

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failure to provide notice prior to the applicable Cut-off Time. J.P. Morgan shall promptly give the Borrower notice of termination of the applicable Loan (other than a Term Loan). If the Borrower fails to return any loaned Securities in a timely fashion, J.P. Morgan shall promptly take action as provided in Section 3.1 of this Agreement. Lender acknowledges, however, that in the case of a Borrower's failure to return Securities where some, but not all, of the Securities being sold are subject to the applicable Loan, neither Borrower nor J.P. Morgan will be liable for any Liability associated with the failure of the sale of securities because partial settlement of the sale was not permitted or Lender or its agent withheld any consent necessary for a partial settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** **Recordkeeping; Access to J.P. Morgan's Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall establish and maintain those records as are reasonably necessary to account for Loans that
are made and the income derived from the Loans. Each party shall comply with reasonable requests of the other party for information necessary to the requester's performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will, upon reasonable written notice, allow Lender (and/or Lender's auditors and
independent public accountants if required for examination of its books and records) reasonable access during normal working hours to the records of J.P. Morgan relating to the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan may impose reasonable restrictions on the number of individuals allowed access, the frequency
and length of the access, and the scope of the records made available. Lender shall reimburse J.P. Morgan for the reasonable cost of copying, collating and researching archived information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the performance of this Agreement and for any period as required by Applicable Law after the
completion of this Agreement, J.P. Morgan will maintain complete, accurate and auditable records pertaining to this Agreement, including all books and records which J.P. Morgan is required to maintain pursuant to Applicable Law. All such books and
records maintained by J.P. Morgan shall be maintained in a form acceptable under Applicable Law as it applies to J.P. Morgan in its capacity as provider of the securities lending services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** **Statements of Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan shall provide Lender with periodic statements (as agreed by the parties from time to time) or
electronic access to account information ("Information") that will enable Lender to generate or receive reports and statements describing the Loans made, the investments made with Cash Collateral, and the income derived from Loans,
during the period covered by the statement. All prices included in such statements shall either be based on amortized cost or be indicative fair market value as reported by third party vendors. Lender will review its statement of account and give
J.P. Morgan written notice of (i) any suspected error or omission or (ii) Lender's inability to

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access any such Information. Lender will provide J.P. Morgan such notice within a reasonable time after (x) Information is made available to Lender or (y) Lender discovers that it is unable to access Information, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lender acknowledges that Information available to it electronically with respect to transactions posted
after the close of the prior business day may not be accurate due to mis-postings, delays in updating account records, and other causes. J.P. Morgan will not be liable for any Liabilities arising out of any
such Information accessed electronically that is subsequently updated or corrected by the close of business on the first business day after the original transaction was posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** **Notifications** 

Lender agrees (a) to access statements and information concerning the services provided under this Agreement through J.P. Morgan's website and (b) to electronic delivery of any documents from J.P. Morgan, including, but not limited to, notices, statements, confirmations, and other communications as required by applicable regulations with respect to J.P. Morgan's securities lending program. J.P. Morgan may make any notification required under this Agreement, other than notifications described in Section 9 and Section 10.1 of this Agreement, by posting it on the website or via e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** **Change Requests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either party wishes to propose any amendment or modification to, or variation of, the services under this
Agreement (including the scope or details of the services) (a **"Change")** then it shall notify the other party of that fact by sending a request (a **"Change Request")** to the party, specifying in as much detail as
is reasonably practicable the nature of the Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly following the receipt of a Change Request the parties shall agree whether to implement the Change
Request, whether implementation of the Change Request should result in a modification of the fees contemplated by Section 5.1 of this Agreement, and the basis upon which J.P. Morgan will be compensated for implementing the Change Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a change to Applicable Law requires a Change, the parties shall follow the processes set forth in this
Section to initiate a Change Request. If the change in Applicable Law results in a Change, or an increase in J.P. Morgan's costs or risk associated with provision of its services contemplated by this Agreement, J.P. Morgan shall be entitled to
an appropriate increase in the fees contemplated by Section 5.1 of this Agreement. J.P. Morgan shall bear its own costs with respect to implementing a Change Request based upon a change in Applicable Law except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) J.P. Morgan shall be entitled to charge the Lender for any changes to software that has been developed or
customized for the Lender; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) J.P. Morgan shall be entitled to charge the Lender for any changes required as a result of the change in
Applicable Law affecting the Lender in a materially different way than it affects J.P. Morgan's other lenders, or which the Lender wishes J.P. Morgan to implement in a way different from what J.P. Morgan reasonably intends to implement for
other lenders.

**3.** **OBLIGATIONS OF J.P. MORGAN IN THE CASE OF BORROWER DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Default by Borrower with respect to Securities on Loan** 

If any Borrower fails to return any Securities on Loan when due under the applicable MSLA, J.P. Morgan shall take action as appropriate in accordance with general market practice and J.P. Morgan's reasonable judgment, including, but not necessarily limited to, claiming compensation from that Borrower on behalf of Lender in the event a trade executed by Lender fails on account of that Borrower's failure to have returned Securities on Loan in a timely manner or, where J.P. Morgan deems it necessary, other action as may be permitted by the applicable MSLA (including but not limited to collecting any penalties or fines).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Indemnification of Lender in Respect of Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the actions described in Section 3.1 and after the expiration of any reasonable and
customary grace period except in cases relating to the solvency of a Borrower, if any Borrower with respect to any Loan effected under this Agreement fails to return any Securities on Loan when due under the applicable MSLA which is the date an
Event of Default shall have occurred under the applicable MSLA (the **"Return Date"**), then J.P. Morgan shall, as soon as practicable, liquidate the Collateral on behalf of the Lender pursuant to the Lender's rights
under the applicable MSLA and implement the following steps to ensure that the Lender is returned its Securities or the economic value thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) J.P. Morgan shall, as soon as practicable, purchase replacement Securities of the same issue, type, class
and series and deposit such Securities to the applicable Lending Account. J.P. Morgan shall effect such purchase (A) on the Lender's behalf, by applying the proceeds from the liquidation of Collateral and any Cash Collateral to the
settlement of such purchase and (B) at its own expense, only to the extent the proceeds from the liquidation of Collateral and the Cash Collateral are insufficient or unavailable to settle such purchase of replacement Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) J.P. Morgan may, to the extent that J.P. Morgan is unable to successfully place an order to purchase
replacement Securities after making an effort in a reasonable manner to do so for two Business Days, credit the Lender's cash account in Dollars with an amount equal to the Market Value of the unreplaced Securities as of the Return Date. J.P.
Morgan may effect such crediting: (A) by transfer of any remaining proceeds from the liquidation

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of Collateral and any Cash Collateral, or (B) at its own expense, to the extent the remaining proceeds from the liquidation of Collateral and Cash Collateral are less than the Market Value of the unreplaced Securities as of the Return Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Section 3.2, J.P. Morgan's obligation to, at its own
expense, credit Lender's cash account with cash or the Lending Account with replacement Securities shall be reduced by an amount equal to the extent of any shortfall in the Collateral which is attributable to one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a decrease in the market value of Authorized Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the act or omission or insolvency of any Securities Depository or Tri-party Institution (other than in the case of insolvency of J.P. Morgan or any of its Affiliates); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) J.P. Morgan's reasonable reliance on incorrect prices of the lent Securities or Collateral provided by
a pricing vendor as described in Section 7.5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Application of Collateral/Assignment of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an Event of Default, the Lender agrees that any Collateral and any proceeds of Collateral,
Authorized Investments or Proceeds shall be applied to ensure that the Securities or the economic value thereof are returned to Lender in accordance with Section 3.2, and any excess Collateral, proceeds of Collateral, Authorized Investments or
Proceeds shall be applied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to reimburse J.P. Morgan for any and all amounts expended in complying with its obligations under
Section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to reimburse J.P. Morgan for any and all amounts advanced by it under Section 2. 7 or otherwise
advanced by J.P. Morgan on behalf of the affected Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, to any other amounts owed by the affected Borrower to Lender under the applicable MSLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If J.P. Morgan is required to perform or make any payment hereunder in connection with a Loan, Lender agrees
that J.P. Morgan shall be subrogated to and that Lender shall assign and be deemed to have assigned to J.P. Morgan, all of Lender's rights in, to and against Borrower (and any guarantor of this Agreement) in respect of (i) such Loan to
the extent of any payment or purchase made by J.P. Morgan under Sections 2.7 or 3.2 (or otherwise made to Lender by J.P. Morgan on behalf of the affected Borrower under the applicable MSLA), and (ii) subject to Lender's rights under
Section 3.3(a), any Collateral pledged by Borrower in respect of such Loan, and all proceeds of such Collateral, including any Collateral and proceeds remaining after the application process set forth in Section 3.3(a). If Lender receives
or is credited with any payment, benefit or value

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from or on behalf of Borrower in respect of the rights to which J.P. Morgan becomes subrogated as provided herein, Lender shall promptly remit or pay to J.P. Morgan the same (or, where applicable, its Dollar equivalent). Lender agrees that the express entitlement to subrogation contained in this Section shall be in addition and without prejudice to all and any equitable rights of subrogation which J.P. Morgan may have or acquire on making any payment or effecting any repurchase as a result of the occurrence of any event involving a Borrower as aforesaid. <br>

**4.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Acting on Instructions; Method of Instruction and Unclear Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lender authorizes J.P. Morgan to accept and act upon any Instructions received by it without inquiry. Lender
is solely responsible for the accuracy and completeness of Instructions, proper delivery of Instructions to J.P. Morgan, for updating Instructions as may be necessary to ensure their continued accuracy and completeness, and for monitoring their
status. J.P. Morgan will not be responsible for any Liabilities resulting from Lender's failure to perform these responsibilities. Lender will indemnify J.P. Morgan Indemnitees against, and hold each of them harmless from, any Liabilities that
may be imposed on, incurred by, or asserted against J.P. Morgan Indemnitees as a result of any action or omission taken in accordance with any Instruction, except to the extent that such Liabilities are caused by the fraud, negligence or willful
misconduct of any J.P. Morgan Indemnitees in the manner in which it carries out the Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent possible, Instructions to J.P. Morgan shall be sent via an encrypted, electronic means using
technology consistent with industry standards, or a trade information system confirmed as acceptable to J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall promptly notify an Authorized Person if J.P. Morgan determines that an Instruction does
not contain all information reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may decline to act upon an Instruction if it does not receive missing information, clarification or confirmation satisfactory to it. J.P.
Morgan will not be liable for any Liabilities arising from any reasonable delay in carrying out any such Instruction while it seeks any such missing information, clarification or confirmation or in declining to act upon any Instruction for which it
does not receive such missing information, clarification or confirmation satisfactory to it provided J.P. Morgan acted in accordance with the standard of care set forth in Section 7.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Verification and Security Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and Lender shall comply with any applicable Security Procedures to permit J.P. Morgan to verify
the authenticity of Instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lender acknowledges that the Security Procedure is designed to verify the authenticity of, and not to
detect errors in, Instructions. The Lender shall promptly notify J.P. Morgan if it does not believe that any relevant Security Procedure is commercially reasonable, and its adherence to any Security Procedure without objection constitutes its
agreement that it has determined the Security Procedure to be commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Lender and its Authorized Persons are solely responsible for ensuring that the User Codes are reasonably
safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the User Codes are (or the Lender or its relevant Authorized Person reasonably suspects that the User Codes may be) lost, stolen,
damaged, altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the Lender's or any Authorized Persons' access to J.P. Morgan's systems, applications or products, or any third party
messaging platform through which the Instructions are transmitted, is revoked or suspended, or (iii) the Lender or an Authorized Person reasonably suspects any technical or security failure relating to any systems, applications or products of
J.P. Morgan or any third party messaging platform through which the Instructions are transmitted, the Lender shall immediately cease using such system, application, product or platform and promptly notify J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Instructions; Contrary to Law/Market Practice** 

J.P. Morgan shall not be required to act upon Instructions which it reasonably believes to be contrary to Applicable Law or market practice, and will not be responsible for any Liabilities resulting from not acting upon such Instruction. J.P. Morgan will be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event J.P. Morgan does not act upon such Instructions, J.P. Morgan will notify Lender of the basis of its decision where reasonably practicable and permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Cut-Off Times** 

J.P. Morgan has established deadlines for receipt of Instructions (each a "Cut-off Time"). If J.P. Morgan receives an Instruction after its established Cut-off Time, J.P. Morgan will attempt to act upon the Instruction on the day requested only if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after the day on which the Instruction is received. J.P. Morgan's current Cut-off Times are set forth in Schedule 6 to this Agreement which may be updated from time to time upon notice from J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Electronic Access and Cybersecurity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access by Lender to certain systems, applications or products of J.P. Morgan shall be governed by this
Agreement and the terms and conditions set forth in Schedule 8 Electronic Access. The Lender and its Authorized Persons shall use

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User Codes to access J.P. Morgan's systems, applications or products unless otherwise agreed by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Lender and J.P. Morgan will maintain written cybersecurity policies and procedures which implement
commercially reasonable administrative, technical, and physical safeguards that are aligned with industry security standards and that, among other things, protect against any anticipated threats or hazards to the security or integrity of their
respective systems and data. J.P. Morgan may in its discretion provide training or information on best practices to Lender from time to time but in so doing it will not be considered a consultant or advisor with respect to cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of Lender and J.P. Morgan will be responsible for the obtaining, proper functioning, maintenance and
security of its own services, software, connectivity and other equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Recording of Telephone Communications** 

Either party may record any of their telephone communications.

**5.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Fees and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with each Loan under this Agreement, Lender hereby authorizes J. P. Morgan to retain a fee in
an amount equal to 12.5% of the sum of (i) earnings derived from Authorized Investments (as adjusted for any Rebate paid or received by J.P. Morgan); (ii) any fee, paid or payable by Borrower with respect to Loans (including any Loan Fee but
excluding any compensation payable by Borrower under any Tri-party Agreement); and (iii) any other amounts payable by Borrower under the MSLA in connection with a Loan (net, however, of any other amount
payable by Lender in connection with such Loan). Gains and losses on Authorized Investments shall not be taken into account in calculating earnings for the purposes of J.P. Morgan's fee. Earnings shall be subject to adjustment as necessary to
correct variances and late items. J. P. Morgan may execute foreign exchange transactions in order to convert earnings received in other currencies into Lender's base currency. Such transaction shall be calculated with reference to J.P.
Morgan's usual spot rates that are available as of the day of such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan may make reasonable amendments to the above fees at any time should either
(i) Lender's actual investment guidelines or portfolio differ significantly from the assumptions used to develop J.P. Morgan's fee proposal, (ii) Lender imposes material restrictions on the lending of Securities under this
Agreement or the classes of Collateral that can be received, (iii) Lender's service requirements change, (iv) Lender's use of any other products that were included in J.P. Morgan's pricing proposal to the Lender is
discontinued or modified in any respect material to J.P. Morgan's pricing proposal, or (v) the

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volume of Loans is materially and adversely affected due to a change in Applicable Law. All amendments to the fees under this paragraph (c) of Section 5.1 shall be in writing and signed by the parties, and the parties agree that consent to such amendments shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan may retain its share of earnings and fees under this Agreement and shall credit Lender monthly
with Lender's share of earnings and Loan Fees. J.P. Morgan may reverse a credit to Lender of earnings and Loan Fees upon oral or written notification that such amount was incorrectly credited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Lender shall reimburse J.P. Morgan for its reasonable out-of-pocket expenses or incidental expenses incurred in providing the services under this Agreement, including, but not limited to, legal fees. J.P. Morgan may apply these expenses and any other amounts
owed by Lender under this Agreement against Lender's cash account with J.P. Morgan and/or a Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Invoices (if any) will be payable within thirty (30) days of the date of the invoice. If Lender
disputes an invoice it shall nevertheless pay, or allow J.P. Morgan to deduct, such portion of the invoice that is not subject to a *bona fide* dispute. Without prejudice to J.P. Morgan's other rights, J.P. Morgan reserves the right to
charge interest on overdue amounts from the due date until actual payment at such rate as J.P. Morgan customarily charges for similar overdue amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Overdrafts** 

J.P. Morgan may, in its sole discretion, advance funds on behalf of Lender in order to pay to Borrowers any Rebates or to return to Borrowers Cash Collateral to which they are entitled under the applicable MSLA and deduct such advances from Lender's cash account (even if an overdraft of the cash account results). If J.P. Morgan elects to make such an advance, the advance will be deemed a loan to Lender, payable either on demand or automatically upon the occurrence of any event with respect to the Lender that is specified in either section 9.2(a)(ii) of this Agreement or section 365(e)(1) of the U.S. Bankruptcy Code, as amended from time to time. Any such advance will bear interest at the applicable rate charged by J.P. Morgan from time to time for such overdrafts from the date of such advance to the date of payment (including after the date any judgment may be entered against the Lender with respect to any overdraft) and otherwise on the terms on which J.P. Morgan makes similar overdrafts available from time to time. No prior action or course of dealing on J.P. Morgan's part will be asserted by Lender against J.P. Morgan for J.P. Morgan's refusal to make advances under this Agreement or to settle any transaction for which Lender does not have sufficient available funds in the applicable currency in its cash account. The Lender acknowledges that any advance made under this Agreement is intended to be treated as a "securities contract" for purposes of the U.S. Bankruptcy Code to the maximum extent permitted by that Code, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **J.P. Morgan's Right Over Securities; Set-off** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to J.P. Morgan's rights under Applicable Law, until satisfaction of all Liabilities
outstanding from time to time (whether actual or contingent) of Lender to J.P. Morgan or any of its Affiliates, J.P. Morgan shall have, and Lender, on behalf of a Fund, shall grant to J.P. Morgan a security interest in and a lien on the assets held
in the Securities Accounts and Lender's interest in the Collateral Account and any other property at any time held by J.P. Morgan for the benefit of Lender, on behalf of a Fund, or in which Lender may have an interest which is then in J.P.
Morgan's possession or control or in the possession or control of any third party acting on J.P. Morgan's behalf. J.P. Morgan will be entitled to all rights and remedies available to a secured party under Applicable Law with respect to
such assets, including, without notice to Lender, withholding delivery of such assets, selling or otherwise realizing any of such assets and applying the proceeds and any other monies credited to any cash account maintained by Lender with J.P.
Morgan in satisfaction of such Liabilities. For this purpose, J.P. Morgan may make such currency conversions as may be necessary at the prevailing market foreign exchange rate at the time of execution for the sale and purchase of relevant
currencies. J.P. Morgan agrees that this provision applies to each applicable Fund separately and that under Applicable Law, J.P. Morgan may not exercise such rights against the assets of any Lender or Fund to satisfy the Liabilities of another
Lender or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan may set off against any
Liabilities of the Lender, on behalf of a Fund, owed to J.P. Morgan or any of its Affiliates under this Agreement any amount in any currency (i) standing to the credit of any of Lender's accounts (whether deposit or otherwise) with any
J.P. Morgan branch or office or with any Affiliate of J.P. Morgan, or (ii) owed to the Lender by any J.P. Morgan branch or office or by any Affiliate of J.P. Morgan. For this purpose, J.P. Morgan shall be entitled to accelerate the maturity of
any fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies. J.P. Morgan agrees that this provision applies to each applicable Fund separately and that
under Applicable Law, J.P. Morgan may not exercise such rights against the assets of any Lender or Fund to satisfy the Liabilities of another Lender or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to exercising its rights under this Section 5.3, where practicable, J.P. Morgan shall provide
Lender with reasonable and recurring notice of the outstanding Liabilities, provided that J.P. Morgan shall not be obligated to provide such prior notice if J.P. Morgan, in its reasonable business judgment, determines that a delay would be likely to
materially prejudice its ability to recover the Liabilities.

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**6.** **ADDITIONAL PROVISIONS RELATING TO THE PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Representations of Lender and J.P. Morgan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lender represents and warrants that (i) it has full authority and power, and has obtained all necessary
authorizations and consents, to enter into and perform its obligations under this Agreement, and to incur overdrafts as contemplated by this Agreement, and grant a lien over assets as contemplated by Section 5.3; (ii) assuming execution and
delivery of this Agreement by J.P. Morgan, this Agreement is Lender's legal, valid and binding obligation, enforceable in accordance with its terms and it has full power and authority to enter into and has taken all necessary corporate action
to authorize the execution of this Agreement; (iii) there is no administrative, civil or criminal proceeding pending or, to the knowledge of the Lender, threatened against the Lender; (iv) it has not relied on any oral or written
representation made by J.P. Morgan or any person on its behalf, and acknowledges that this Agreement sets out to the fullest extent the duties of J.P. Morgan; (v) it is a resident of the United States and shall notify J.P. Morgan of any changes
in residency; (vi) its execution, delivery, and performance of this Agreement shall at all times comply with Applicable Law, (vii) each Loan shall be, legally and validly entered into, and does not and shall not violate Applicable Law or
judgment binding on Lender, or any provision of Lender's charter or by-laws, or any agreement binding on Lender or affecting its property; (viii) it is lending Securities as principal and shall not
transfer, assign or encumber its interest in, or rights with respect to, any Securities available for Loan under this Agreement, except for rights granted to J.P. Morgan under the Custody Agreement; (ix) it is the beneficial owner of all
Securities or otherwise has the right to lend Securities; (x) it is entitled to receive all Distributions on Securities eligible for lending under this Agreement; (xi) the representations and warranties to be given by J.P. Morgan on
Lender's behalf as set out in the MSLAs are true and will continue to be true at all times until termination of J.P. Morgan's authority to act as Lender's agent as provided in this Agreement; (xii) it has obtained and will
duly renew and maintain one or more LEI codes. Lender will immediately inform J.P. Morgan in writing of any changes to such LEI codes and of any new LEI codes issued to it. **"LEI code"** means a validated and issued legal entity
identifier code the length and construction of which are compliant with the ISO 17442 standard and which is included in the Global LEI database maintained by the Central Operating Unit appointed by The Legal Entity Identifier Regulatory Oversight
Committee; and (xiii) information provided by Lender to J.P. Morgan is true, accurate, complete and up-to-date. Lender will immediately inform J.P. Morgan in
writing of any changes to the information. Lender shall promptly identify to J.P. Morgan by notice, which notice may be oral, any Securities that are no longer subject to the foregoing representations and if any representations and warranties as are
set out in the MSLA cease to be true at any time.

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J.P. Morgan may rely upon the representations or certification of such other facts as may be required to administer J.P. Morgan's obligations under this Agreement and Lender shall indemnify J.P. Morgan against all Liabilities arising directly or indirectly from any such certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement by
Lender, this Agreement is J.P. Morgan's legal, valid and binding obligation, enforceable in accordance with its terms; (ii) it has full power and authority to enter into and has taken all necessary corporate action to authorize the
execution of this Agreement; (iii) it is qualified to act as securities lending agent under Applicable Law (v) it is duly organized under the laws of its jurisdiction of organization; and (vi) it is not insolvent or unable to pay its
debts and no order has been made or resolution passed for its winding-up or for an administration order and no receiver, administrative receiver or manager has been appointed by any person of its business or all or a substantial part of its assets
or any material part thereof nor has any equivalent event taken place in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Lender to Provide Certain Information to J.P. Morgan** 

Upon request, Lender will promptly provide to J.P. Morgan such information about itself and its financial status as J.P. Morgan may reasonably request, including Lender's organizational documents and its current audited and unaudited financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Insurance** 

Lender acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of Lender. J.P. Morgan will, however, provide summary information regarding its own general insurance coverage to Lender upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 6.4(c) of this Agreement J.P. Morgan will hold all Confidential Information in
confidence and will not disclose any Confidential Information except as may be required by (i) Applicable Law or courts of competent jurisdiction; (ii) governmental, regulatory or supervisory authorities, or law enforcement agencies with
jurisdiction over J.P. Morgan's businesses; or (iii) with the consent of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lender authorizes J.P. Morgan to use Confidential Information (i) in connection with the provision
of services to or administration of the relationship with the Lender, (ii) for any operational, credit or risk management purposes, (iii) for due diligence, verification or sanctions screening purposes or (iv) for the prevention or
investigation of crime, fraud or any malpractice, including the prevention of terrorism, money laundering and corruption as well as for tax reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lender authorizes J.P. Morgan to disclose Confidential Information to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subcustodian, subcontractor, consultant, agent, Securities Depository, securities exchange, central
counterparty, custodian, depositary, trading venue, Tri-party Institution, Borrower, broker, third party agent, proxy solicitor, issuer, registrar, service provider, vendor or trade repository and, on an
anonymous basis, industry benchmarking/analytics service providers or any other person that J.P. Morgan reasonably believes it is reasonably required to disclose such Confidential Information to in connection with J.P. Morgan's provision of
relevant services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its and any J.P. Morgan Affiliate's professional advisors, auditors and public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) its branches and any J.P. Morgan Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any proposed assignee of J.P. Morgan's rights under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any revenue authority or any governmental entity in relation to the processing of any tax relief claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lender mandates, authorizes and instructs J.P. Morgan and waives any applicable statutory or non-statutory confidentiality obligations, to disclose certain information for the purposes of assisting a Borrower with its reporting obligations under Article 4 of the SFTR to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a trade repository and/or one or more systems operated by such trade repository, to third party delegates
and to relevant regulators (including, without limitation, the European Securities and Markets Authority, the UK Financial Conduct Authority and national regulators in the EEA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to and between J.P. Morgan's head office, branches or affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to and between any persons or entities who provide services to J.P. Morgan or its head office, branches
relating to the reporting obligations under SFTR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The confidentiality obligation of each party will survive for one year after the termination of this
Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Use of J.P. Morgan's Name** 

The Lender agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or publicity material relating to the Lender, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as lending agent to the Lender.

J.P. Morgan agrees not to use (or permit the use of) a Lender's or a Fund's name in any document, publication or publicity material relating to J.P. Morgan or a J.P. Morgan Affiliate, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of the particular Lender, on behalf of a Fund (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which a Lender's name is used merely states that J.P. Morgan is acting as securities lending agent to the Lender, on behalf of a Fund.

**7.** **WHEN J.P. MORGAN IS LIABLE TO LENDER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Standard of Care; Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will exercise the standard of care and diligence that a professional securities lending agent
responsible for providing securities lending services would observe in performing its obligations under this Agreement taking into account the rules, practices, and procedures in the relevant market and shall act without bad faith, negligence or
willful misconduct (the "**Standard of Care** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will only be liable for the Lender's direct Liabilities and only to the extent they result
from J.P. Morgan's failure to perform duties as set out in this Agreement in accordance with the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Under no circumstances will J.P. Morgan be liable for any: (i) loss of profits (whether direct or
indirect), or (ii) indirect, incidental, consequential or special damages of any form, in either case which may be incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be
brought, with respect to J.P. Morgan's performance or non-performance under this Agreement, or J.P. Morgan's role as lending agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under no circumstances will Lender be liable for (i) any loss of profits (whether direct or indirect)
or (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, resulting from
Lender's actions or omissions under this Agreement, provided that this paragraph (d) of Section 7.1 shall not apply to any Liability

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owing to a third party asserting a claim against J.P. Morgan for which J.P. Morgan is entitled to be indemnified under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Lender will indemnify J.P. Morgan Indemnitees against, and hold them harmless from, any Liabilities that may
be imposed on, incurred by or asserted against any of J.P. Morgan Indemnitees in connection with or arising out of (i) J.P. Morgan's performance under this Agreement (including without limitation any action taken or omitted by J.P. Morgan
in connection with enforcing Lender's rights under the applicable MSLA), provided that the J.P. Morgan Indemnitee has satisfied the Standard of Care in connection with the Liabilities in question and further provided that J.P. Morgan shall use
all commercially reasonable efforts to mitigate any Liability for which indemnity is sought hereunder provided, however, that reasonable expenses incurred with respect to such mitigation shall be Liabilities subject to indemnification hereunder.
Nevertheless, the Lender, on behalf of a Fund, will not be obligated to indemnify any J.P. Morgan Indemnitee under the preceding sentence with respect to any Liability for which J.P. Morgan is liable under this Agreement, provided that, in each
case, to the extent practicable, J.P. Morgan will use reasonable care to provide prompt notice to the Lender of the circumstances and all pertinent facts related to the claim for indemnification, it being understood that a failure to notify shall
not serve to limit Lender's obligation to indemnify the J.P. Morgan Indemnitees hereunder, and provided further that in no instances shall the Lender, on behalf of a Fund, be obligated to indemnify any J.P. Morgan Indemnitee out of any assets
other than the assets of the particular Lender or its Fund or Funds in connection with which the Liability has arisen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Lender agrees that J.P. Morgan provides no service in relation to, and therefore has no duty or
responsibility to question Instructions or make any suggestions to Lender or an Authorized Person regarding such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) J.P. Morgan may refrain from bringing any legal action or proceeding arising out of or in connection with
any Loan or Authorized Investment until it shall have received such security as it may require for all costs, expenses (including legal fees) and Liabilities which it shall or may expend or incur in relation to that Loan or Authorized Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 7.1(a) of this Agreement and J.P. Morgan's express obligations under Sections
2.7 and 3.2 of this Agreement, J.P. Morgan shall not be liable for any Liabilities arising out of the failure of any Borrower or third party to fulfill the terms of any Loan or MSLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Force Majeure** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that it determines from time to time meet reasonable commercial standards. Upon reasonable

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request, J.P. Morgan shall discuss with the Lender any Business Continuity Plan of J.P. Morgan and/or provide a high-level presentation summarizing such procedures. Neither party ("**Affected Party**") will be liable, however, for any Liabilities of any nature that the other party or any third party may suffer or incur, caused by an act of God, fire, flood, epidemics, earthquakes or other disasters, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), nationalization, expropriation, legal constraint, fraud, theft or forgery (other than on the part of the Affected Party or its employees), cyber-attack, malfunction of equipment or software (except where such malfunction is primarily and directly attributable to the Affected Party's negligence in maintaining the equipment or software), currency re-denominations, currency restrictions, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain (or interruption of) external communications, facilities, power failures or any other cause beyond the reasonable control of the Affected Party and/or subcustodians (including, without limitation, the non-availability of appropriate foreign exchange) (a "**Force Majeure Event**"). A Force Majeure Event will not excuse the Lender's payment obligations under Section 5 for J.P. Morgan's services provided prior to the Force Majeure Event. If a Force Majeure Event occurs, the parties will meet as soon as reasonably practicable to determine if the fees under this Agreement need to be modified as a result of the Force Majeure Event. J.P. Morgan will not be entitled to any additional payments from the Lender, on behalf of a Fund, for costs or expenses incurred by J.P. Morgan as a result of any Force Majeure Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **J.P. Morgan May Consult With Counsel** 

J.P. Morgan will be entitled to rely on, and may act upon the advice of professional advisers (which may be the professional advisers of Lender) in relation to matters of law, regulation or market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result** 

Potential conflicts of interest may arise whenever J.P. Morgan has an actual or perceived economic or other incentive as securities lending agent to act in a way that benefits J.P. Morgan because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account. Potential conflicts may arise, for example (to the extent the following activities are permitted in Lender's account(s)) when: (1) J.P. Morgan enters into Loans or Authorized Investments in the form of repurchase agreement transactions where an Affiliate is the counterparty; (2) J.P. Morgan makes an Authorized Investment in an investment product, such as, without limitation, mutual fund, managed by J.P. Morgan or an Affiliate; (3) a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an Affiliate such as, without limitation, J.P. Morgan Securities LLC, J.P. Morgan Securities plc or J.P. Morgan Clearing Corp; (4) J.P. Morgan receives payment as a result of purchasing an investment product for a client's account; or (5) J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with

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respect to investment products purchased or held as collateral for a client's portfolio. Other potential conflicts may arise because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Lender hereby authorizes J.P. Morgan to act under this Agreement notwithstanding that J.P. Morgan or an Affiliate may have a potential conflict of duty or interest in a transaction. In addition to the potential conflicts described above, this includes the fact that J.P. Morgan may: (a) in its individual capacity or acting in a fiduciary capacity for other accounts, have transactions with the same institutions to which J.P. Morgan may be lending Securities, or in which J.P. Morgan may invest Cash Collateral, under this Agreement; (b) when making Authorized Investments as agent for Lender, enter into repurchase agreement transactions under which collateral and/or margin posted by the repurchase transaction seller is held by J.P. Morgan, as custodian for such seller; (c) act as custodian for certain Borrowers, and hold Collateral in the form of Securities posted for Loans by such Borrower; and (d) act as a counterparty to Lender in currency exchange transactions. J.P. Morgan or its Affiliates may earn fees and profits from any of the above-listed activities. Lender acknowledges that such fees are separate from, and in addition to, the fees that J.P. Morgan earns under this Agreement and Lender hereby consents to the receipt by J.P. Morgan or its Affiliates of such fees. In connection with the foregoing, J.P. Morgan shall not be bound to: (i) account to Lender for any fee or other sum received or profit made by J.P. Morgan for its own account or the account of any other person or (ii) disclose any information concerning the specifics of any given transaction or arrangement listed above; provided that, as respects (i) above, J.P. Morgan shall, upon request, promptly inform Lender of the relevant facts as the same relate to J.P. Morgan's fees as securities lending agent for Lender hereunder. Nothing in the foregoing shall release J.P. Morgan from any obligation to perform the services under this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Responsibility for Certain Third Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan may use third party delivery services and providers of information regarding matters such as
pricing, and credit ratings. Although J.P. Morgan will use reasonable care in the selection and retention of such third party providers, it will not be responsible for any errors or omissions made by them in providing the relevant information or
services provided that reasonable care has been used in such selection and retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained in the Custody Agreement relating to J.P. Morgan's liability for
subcustodians, J.P. Morgan shall have no obligation under this Agreement for any Liabilities relating to custody and safekeeping or Collateral Management Services which are sustained or incurred by Lender by reason of any action or inaction by any
Securities Depository or a Tri-party Institution or their respective agents, assigns, successors or nominees. If Lender is damaged by the failure of a Securities Depository or a Tri-party Institution to properly fulfill its obligations with respect to Collateral, Authorized Investments or Securities, J.P. Morgan shall provide reasonable cooperation with respect to

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any claim that Lender may choose to assert against the Securities Depository or Tri-party Institution in the matter.

**8.** **TAXATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Tax Filings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lender shall be responsible for all filings, tax returns and reports on any Loans undertaken by J.P. Morgan
on Lender's behalf which are to be made to any authority whether governmental or otherwise and for the payment of all unpaid calls, Taxes, imposts, levies or duties due on any principal or interest, or any other liability or payment arising
out of or in connection with any Securities or any Collateral, and insofar as J.P. Morgan is under any obligation (whether of a governmental nature or otherwise) to pay the same on Lender's behalf, J.P. Morgan may do so out of any monies or
assets held by it under the terms of the Custody Agreement or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments made to J.P. Morgan under this Agreement shall be made without deduction or withholding for or
on account of any Taxes unless such deduction or withholding is required by any Applicable Law. Except as otherwise agreed, if the Lender is so required to deduct or withhold, then the Lender shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly notify J.P. Morgan of such requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay or otherwise account for the full amount required to be deducted or withheld to the relevant authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon written demand of J.P. Morgan, forward any documentation reasonably acceptable to J.P. Morgan,
evidencing such payment to such authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay J.P. Morgan, in addition to the payment to which J.P. Morgan is otherwise entitled under this Agreement,
such additional amount as is necessary to ensure that the amount actually received by J.P. Morgan (after taking account of such withholding or deduction) will equal the amount J.P. Morgan would have received had no such deduction or withholding been
required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Tax Treatment** 

Lender acknowledges that: (i) the tax treatment of the payments made by a Borrower to Lender in lieu of Distributions (including, by way of illustration and not of limitation, with respect to any dividends received deduction and amounts paid by the depositary on American Depositary Receipts and Global Depositary Receipts) may differ from the tax treatment of the Distribution to which such payments relate; (ii) it has made its own determination as to the tax treatment of any Loan (including, without limitation, any dividend withholding tax considerations) made under this Agreement, of any payments made by a Borrower and of any remuneration and any other amounts that may be

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received by it under this Agreement; and (iii) J.P. Morgan is not providing any legal, tax or investment advice in connection with the services under this Agreement.

**9.** **TERM AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Term and Termination for Convenience** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial term of this Agreement shall be for a period of three (3) years following the date on which
J.P. Morgan commenced providing services under the Agreement. Following the initial term, either party may terminate this Agreement on sixty (60) days' written notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lender may terminate this Agreement at any time during the initial term by giving not less than sixty
(60) days' prior written notice to J.P. Morgan upon payment of a termination fee. The termination fee will be an amount equal to six (6) times the average monthly fees paid during the six (6) month period prior to the
Lender's notice of termination, or since the date on which J.P. Morgan commenced providing services under this Agreement if such period is less than six (6) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Other Grounds for Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either party may terminate this Agreement immediately on written notice to the other party upon the
occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the other party commits any material breach of this Agreement and fails to remedy such breach (if capable
of remedy) within thirty (30) days' of the party in breach being given written notice of the material breach, unless the parties agree to extend the period to remedy the breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the other (A) admits in writing its inability or is generally unable to pay its debts as they become
due; (B) institutes, consents to or is otherwise subject to the institution of any proceeding under title 11 of the United States Code, as in effect from time to time, or any other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, composition with creditors, wind-down, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States or other applicable jurisdiction from time to time in effect and
affecting the rights of creditors, generally; (C) is subject to an involuntary order for the transfer of all or part of its business by a statutory authority; (D) has any of its issued shares suspended from trading on any exchange on which
they are listed (if applicable) or (E) is the subject of a measure similar to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the relevant federal or state authority withdrawing its authorization of either party

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) J.P. Morgan ceases to be qualified to act as a securities lending agent under Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If a Force Majeure Event substantially prevents performance of any services necessary for the performance of
functions reasonably agreed by the parties as critical for more than ten (10) consecutive business days, then the Lender may terminate this Agreement and the services so affected, as of a date specified by the Lender in a written notice of
termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) At any time, the Lender, on behalf of a Fund, may elect to remove any Fund from this Agreement in connection
with the liquidation of the Fund or the merger of a Fund into another fund, in each case by notifying J.P. Morgan in writing or other mutually agreed communication method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may terminate this Agreement on sixty (60) days' written notice to Lender if J.P.
Morgan reasonably determines, in its sole discretion, that Lender has ceased to satisfy J.P. Morgan's customary credit requirements or that providing services to Lender raises reputational or regulatory concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Exit Procedure** 

Following the delivery of the notice of termination, the parties shall cooperate in the termination of Loans and the disposition of investments of Cash Collateral in a manner to minimize the risk to the parties. Termination will not affect any of the liabilities either party owes to the other arising under this Agreement prior to such termination.

**10.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Notifications** 

Notices under Section 9 of this Agreement will be served by registered mail or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless at least two (2) days' prior written notice of a new address is given to the other party in writing. Notice under Section 9 will not be deemed to be given unless it has been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Successors and Assigns** 

This Agreement will be binding on each of the parties' successors and assigns. The parties agree that neither party can assign nor otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld, delayed or conditioned. Nevertheless, the foregoing restriction on transfer shall not apply to any assignment or transfer by J.P. Morgan to any J.P. Morgan Affiliate or in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's securities lending business.

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Notwithstanding anything to the contrary in the Agreement, in the event J.P. Morgan becomes subject to a resolution proceeding under the Federal Deposit Insurance Act (12 U.S.C. 1811-1835a) or Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381-5394) and regulations promulgated under those statutes (each, a "**U.S. Special Resolution Regime")** the transfer of this Agreement (and any interest and obligation in or under, and any property securing, the Agreement) from J.P. Morgan will be effective to the extent effective under the U.S. Special Resolution Regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Entire Agreement and Amendments** 

This Agreement, including any Schedules, Exhibits, Annexes and Appendices, sets out the entire Agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement, or representation relating to securities lending, whether oral or written. The parties may enter into one or more non-binding service level documents on terms agreed by the parties and may vary any service level document by agreement at any time. The service level document will not form part of this Agreement. To the extent inconsistent with this Agreement, J.P. Morgan's electronic access terms and conditions shall not apply to matters arising under this Agreement. J.P. Morgan will give the Lender prior written notice (**"Amendment Notice"**) if it proposes to amend this Agreement. Except as required by Applicable Law, amendments set out in the Amendment Notice shall take effect as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where an amendment is required as a result of a change in Applicable Law, such amendment shall take effect
upon the date specified in the Amendment Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any amendment other than set out in (a) above, such amendment shall take effect upon the
receipt by J.P. Morgan of the Lender's written agreement to the amendment.

Lender may amend this Agreement upon J.P. Morgan's written agreement of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Governing Law and Jurisdiction** 

This Agreement will be construed, regulated, and administered under the laws of the United States or the State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further

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hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to statutory prejudgment interest and a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction Lender may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Lender shall not claim, and it hereby irrevocably waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **Severability; Waiver; and Survival** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the
basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be
affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power
or right under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise, or the exercise of any other power or right. No waiver by a party of any provision of this
Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the party against whom the waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties' rights, protections, and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** **AML/Sanctions Requirements** 

The Lender hereby acknowledges that J.P. Morgan is obliged to comply with AML/Sanctions Requirements and that J.P. Morgan shall not be liable for any action it or any of its Affiliates reasonably takes to comply with any AML/Sanctions Requirement, including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds, Financial Assets, or other assets. The Lender shall cooperate with J.P. Morgan's performance of its due diligence and other obligations concerning AML/Sanctions Requirements. In addition, the Lender agrees that J.P. Morgan may defer acting upon an Instruction pending completion of any review under its policies and procedures for compliance with AML/Sanctions Requirements. For purposes of this Agreement, **"AML/Sanctions Requirements"** means (a) any Applicable Law (including but not limited to the rules and regulations of the United States Office of Foreign Assets Control) applicable to J.P. Morgan, or to any J.P. Morgan Affiliate engaged in servicing any Account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or are subject to, sanctions of any governmental authority; and (b) any J.P. Morgan policies and procedures reasonably designed to assure compliance with any such applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** **Securities Financing Transaction Regulation** 

Article 4 of the SFTR imposes reporting obligations on securities financing transactions. By entering into this Agreement, the Lender and/or its Borrowers may be required to report certain securities financing transactions and to facilitate such reporting obligations, the Lender agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide to J.P. Morgan the information listed in Schedule 8 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that J.P. Morgan may use the services of a third party delegate(s) (including, without limitation, to
assimilate and transfer information into a trade repository) and that a relevant trade repository may engage the services of a global trade repository regulated by one or more governmental regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8** **Counterparts** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9** **No Third Party Beneficiaries** 

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** **Stay Legislation** 

For the purpose of complying with regulations applicable to qualified financial contracts, any potential bail-in of liabilities and analogous regulations, laws and rules put in place in relevant jurisdictions (**"Stay Legislation"**)**,** J.P. Morgan may, on the Lender's behalf: (1) agree to amend any master securities loan agreement, master repurchase agreement and any other agreement entered into by J.P. Morgan on the Lender's behalf pursuant to this Agreement, whether in the form of industry standard or bespoke agreements including, but not limited to, agreeing to contractually acknowledge stays and analogous overrides of default rights that would be applicable under such Stay Legislation; (2) adhere to any protocols published by the International Swaps and Derivatives Association, Inc. (**"ISDA"**) on the Lender's behalf, including the ISDA Resolution Stay Protocol and any Jurisdictional Modules thereto; and/or (3) take any other action on the Lender's behalf that J.P. Morgan, in its sole discretion, deems to be necessary to comply with the Stay Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** **Order Execution** 

When executing orders on Lender's behalf and when placing orders with, or passing orders to, other entities (including Affiliates) for execution, J.P. Morgan shall do this in accordance with its execution policy (the version in force as of the date hereof can be found at the following website: *<u>http://www.jpmorgan.com/disclosures</u>* as amended from time to time.

Securities Lending Agreement - JPMCB New York - General

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![LOGO](g76678dsp43.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In Witness Whereof, the parties have executed this Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **TOUCHSTONE STRATEGIC TRUST**<br> **TOUCHSTONE FUNDS GROUP TRUST**<br> **TOUCHSTONE VARIABLE SERIES TRUST** | **TOUCHSTONE STRATEGIC TRUST**<br> **TOUCHSTONE FUNDS GROUP TRUST**<br> **TOUCHSTONE VARIABLE SERIES TRUST** | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: | ![LOGO](g76678dsp076a.jpg) <br>| By: | ![LOGO](g76678dsp76.jpg) <br>|
| Name: | ![LOGO](g76678dsp076b.jpg) <br>| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amy Dunn |
| Title: | ![LOGO](g76678dsp076c.jpg) <br>| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Director |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2025 | Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 29, 2025 |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrie Wiedenheft |  |  |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrie Wiedenheft |  |  |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President |  |  |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2025 |  |  |

---

Securities Lending Agreement - JPMCB New York - General

## Ex-99.(I)

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October 27, 2025

Touchstone Strategic Trust

303 Broadway, Suite 1100

Cincinnati, Ohio 45202

Ladies and Gentlemen:

We have acted as counsel to Touchstone Strategic Trust, a Massachusetts business trust (the "Trust"), in connection with Post-Effective Amendment No. 243 (the "Post-Effective Amendment") to the Trust's registration statement on Form N-1A (File Nos. 002-80859; 811-03651) (the "Registration Statement"), to be filed with the U.S. Securities and Exchange Commission (the "Commission") on or about October 27, 2025, registering an indefinite number of shares of beneficial interest in the series of the Trust (the "Shares"), under the Securities Act of 1933, as amended (the "Securities Act").

This opinion letter is being delivered in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act of 1940, as amended (the "Investment Company Act").

For purposes of this opinion letter, we have examined originals, or copies, certified or otherwise identified to our satisfaction, of such certificates, records and other documents as we have deemed necessary or appropriate for the purpose of this opinion.

We also have examined and relied on certificates of public officials and, as to certain matters of fact that are material to our opinions, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually

------

Touchstone Strategic Trust

October 27, 2025

serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the statutory laws and regulations of the Commonwealth of Massachusetts and the provisions of the Investment Company Act that are applicable to equity securities issued by registered open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

Based upon and subject to the foregoing, it is our opinion that (1) the Shares to issued pursuant to the Post-Effective Amendment, when issued and paid for by the purchasers upon the terms described in the Registration Statement, will be validly issued, and (2) such purchasers will have no obligation to make any further payments for the purchase of the Shares or contributions to the Trust solely by reason of their ownership of the Shares.

However, we note that the Trust is a Massachusetts business trust and, under certain circumstances, shareholders of a Massachusetts business trust could be held personally liable for the obligations of the Trust.

This opinion is rendered solely in connection with the filing of the Post-Effective Amendment and supersedes any previous opinions of this firm in connection with the issuance of Shares. We hereby consent to the filing of this opinion with the Commission in connection with the Post-Effective Amendment. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement within the meaning of the term "expert" as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ K&L Gates LLP |

---

## Ex-99.(J)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and the reference to our firm in the Statement of Additional Information, including references under the captions "Independent Registered Public Accounting Firm" and "Financial Statements", each dated October 28, 2025, and each included in this Post-Effective Amendment No. 243 to the Registration Statement (Form N-1A, File No. 002-80859) of Touchstone Strategic Trust (the "Registration Statement").

We also consent to the incorporation by reference of our report dated August 15, 2025, with respect to the financial statements and financial highlights of Touchstone Balanced Fund, Touchstone Core Municipal Bond Fund, Touchstone International Value Fund, Touchstone Large Cap Focused Fund, Touchstone Large Cap Fund, Touchstone Large Company Growth Fund, Touchstone Small Company Fund and Touchstone Value Fund (the "Funds") (eight of the funds constituting Touchstone Strategic Trust) included in the Annual Report to Shareholders (Form N-CSR) for the year ended June 30, 2025, into this Registration Statement filed with the Securities and Exchange Commission.

![LOGO](g76678dsp79.jpg)

Cincinnati, Ohio

October 27, 2025

## Ex-99.(P)(4)

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**BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC** 

**AND** 

**BH CREDIT MANAGEMENT LLC** 

BARROW HANLEY GLOBAL INVESTORS

2200 Ross Avenue, 31<sup>st</sup> Floor \| Dallas, TX 75201 \| (214) 665-1900

DALLAS \| HONG KONG \| LONDON \| SINGAPORE \| SYDNEY

Revised February 14, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CODE OF ETHICS AND CONDUCT** 

**Table of Contents** 

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| | |
|:---|:---|
|  **Introduction** | **1** |
|  **Definitions** | **2** |
| **1. Policy for Possession of Material Non-Public Information** | **6** |
| **2. Duty of Confidentiality** | **9** |
| **3. Procedures for Access Persons** | **10** |
| **4. Exempted Transactions** | **14** |
| **5. Compliance Procedures** | **14** |
| **6. CCO's Authority and Duties** | **19** |
| **7. Reporting of Violations** | **19** |
| **8. Reporting to the Board of Managers** | **19** |
| **9. Sanctions** | **20** |
| **10. Retention of Records** | **20** |
|  **Exhibits** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Initial Report of Access Persons** | **A** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual Report of Access Persons** | **B** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Quarterly Transactions Report of Access Persons** | **C** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** | **D** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Personal Political Contribution Pre-Clearance Form of Access Persons** | **E** |
| &nbsp;&nbsp;&nbsp;&nbsp; **List of Reportable Funds of Access Persons** | **F** |

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**Introduction** 

Barrow Hanley Global Investors ("Barrow Hanley" or "the Firm") has adopted this Code of Ethics and Conduct (the "Code") in its current form in compliance with the requirements of Section 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Section 17(j) of the Investment Company Act of 1940. This Code was last amended on February 14, 2025. The Code requires the Firm's Access Persons to comply with the federal securities laws and the Firm's policies and procedures, sets standards of business conduct required of the Firm's supervised persons, and addresses conflicts that arise from personal transactions and other activity by Access Persons. The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards by the Firm and its Access Persons. As a fiduciary, the Firm and its employees: (i) have the responsibility to render professional, continuous, and unbiased investment advice, (ii) owe its clients a duty of honesty, good faith, and fair dealing, (iii) must act at all times in the best interests of clients, and (iv) must avoid or disclose conflicts of interest.

A. Barrow Hanley's Code of Ethics and Conduct is designed to:

1. Set standards for ethical conduct based on the fundamental principles of openness, integrity, honesty, and
trust.

2. Protect the Firm's clients by deterring misconduct.

3. Educate employees regarding the Firm's expectations and the laws governing their conduct.

4. Remind employees that they are in a position of trust and must act with complete propriety at all times.

5. Protect the reputation of the Firm.

6. Guard against violations of the securities laws.

7. Establish procedures for employees to monitor the Firm's business and uphold its ethical principles,
and

8. Discourage excessive risk-taking in employees' personal investments and/or in a client's
account.

B. This Code is based upon the principle that the directors, officers, and employees of the Firm owe a
fiduciary duty to the Firm's clients to conduct their affairs, including their personal transactions, in such a manner as to avoid:

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1. Serving their own personal interests ahead of a client's interest.

2. Taking inappropriate advantage of their position with the Firm.

3. Actual or potential conflicts of interest, and/or

4. Abuse of their position of trust and responsibility.

C. As a fiduciary, employees should avoid conflicts of interest where possible. This Code requires disclosure
and reporting of any unavoidable conflicts of interest.

D. This Code is designed to implement controls that discourage employees from taking excessive risk in a
client's account and/or in the employee's personal investments and Reportable Account(s).

E. Barrow Hanley's fiduciary duty includes the duty of the Chief Compliance Officer ("CCO")
of the Firm to maintain, monitor, and enforce the Code, periodically review and amend the Code, and to report material violations of the Code to the Firm's Board of Managers and clients.

F. This Code contains requirements necessary to prevent Access Persons from violating the Firm's
standards and procedures designed to prevent violations of the Code. Each Access Person at the commencement of their employment must certify to their understanding of the Code's requirements and acknowledge to abide by all of the Code's
provisions and prohibitions. Each Access Person must re-certify their understanding and acknowledgement of the Code annually, and any time the Code is amended.

**Definitions** 

The following terms are used throughout this Code and are defined here to describe and explain their use and purpose for the Code's provisions and prohibitions.

A. **"Access Person"** means supervised persons of the Firm including any director, officer,
general partner, Advisory Person, Investment Personnel, Portfolio Manager, or employee of the Firm. The CCO may, in her discretion, designate other individuals (e.g., affiliates, consultants, interns and temporary employees) that have access to
client information as Access Persons of the Firm. The CCO may exempt certain Access Person(s) and/or Members of its Board of Managers from certain provisions and prohibitions of this Code who are subject to another code of ethics that has been
approved by the CCO.

B. **"Advisory Person"** means any person in a Control relationship to the Firm who obtains
information concerning recommendations made to the Firm with regard to the purchase or sale of a security by the Firm.

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C. **"Affiliate" or "Affiliated Company"** means a company which is an affiliate of
the Firm through a corporate relationship, including the Firm's parent company, Perpetual Limited ("Perpetual Group") (ASX ticker: PPT), a global financial services firm operating a multi-boutique asset management business, as well
as wealth management and trustee services businesses.

D. **"Beneficial Ownership"** means any person who, directly or indirectly, through any
contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect beneficial interest in an account or security. Such relationships may include but are not limited to an employee's spouse, children, parents,
guardians, or person for whom the employee has control or owes a duty of care.

E. **"Black-out Period"** means the time period
designated by the CCO whereby an Access Person and/or Family Members must not trade a Reportable Security, see Trading Restriction for Access Persons, Section 3.D.

F. **"Business Entertainment"** means an Access Person's participation, whether as
a guest or host, in lunches, dinners, cocktail parties, sporting activities or similar business gatherings conducted for business purposes. Business Entertainment is not a Gift.

G. **"Control"** means the power to exercise a controlling influence over the management or
policies of a company or person unless such power is solely the result of an official position with such company. Any Person or entity who owns beneficially, either directly or through one or more controlled companies or relationships, more than 25%
of the voting securities of a company shall generally be presumed to control such company. Any Person who does not own more than 25% of the voting securities of any company shall not be presumed to control such company.

H. **"Covered Associate"** means any general partner, managing member, executive officer, or
other individual with a similar status or function, any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee.

I. **"Direct Beneficial Interest"** means a Person has a direct interest as an owner of
something or receives a direct benefit from an investment in a Reportable Security. A direct benefit may derive from an indirect interest in, among other things, something owned by a Person's spouse, domestic partner, or Family Trust.

J. **"Exchange Traded Fund" or ("ETF")** means an investment fund that holds a
collection of assets, such as stocks, bonds, or commodities, and trades on stock exchanges.

K. **"Family Member"** means any person sharing the same household with an Access Person
(including spouses, domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law,

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step relatives, adoptive relatives, and legal guardians), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities.

L. **"Firm"** means Barrow Hanley Global Investors, BH Credit Management, LLC, and their related
general partner entities.

M. **"Gift"** means cash or any item of value.

N. **"Government Entity"** means any state or local government agency, authority, or
instrumentality of a state or local government, any pool of assets sponsored by a state or local government (i.e., defined benefit pension plan, separate account or general fund), and any participant-directed government plan.

O. **"Indirect Beneficial Interest"** means a Person, who is not an owner, receives an indirect
benefit from an investment in a Reportable Security. An Indirect Beneficial Interest may be derived from any number of sources, as noted above.

P. **"Investment Personnel"** means: any Portfolio Manager of the Firm, Research Analysts,
Traders, Client Portfolio Managers, and other personnel who provide information and advice to the Portfolio Manager, or who help execute the Portfolio Manager's investment selection.

Q. **"Managed Fund"** means any Reportable Fund for which the Firm serves as an Investment
Adviser or Sub-Adviser.

R. **"Person"** means natural person or company.

S. **"Political Action Committee" ("PAC")** means an organization whose purpose is
to solicit and make Political Contributions.

T. **"Political Contribution"** means any Gift, subscription, loan, advance, or deposit of money
(such as gift certificates or merchandise), or anything of value given to a candidate or PAC for:

1. The purpose of influencing any election.

2. The payment of debt incurred in connection with any such election.

3. Transition or inaugural expenses of the successful candidate for office, and

4. Coordinating contributions through bundling or facilitating the contributions of other persons or PACs,
including acting as a host to solicit contributions.

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Examples of contributions include, (i) the cost of attending or hosting fundraising events; (ii) payments to bond ballot campaigns; (iii) expenses incurred in connection with fundraising; or (iv) expenses incurred from other volunteer activities (e.g., hosting a reception).

U. **"Political Fundraising Activities"** include, but are not limited to, the following
activities on behalf of a state or local candidate or official:

1. Coordinating contributions (generally, bundling, pooling, or otherwise facilitating the contributions made
by other persons, including hosting events),

2. Soliciting contributions (generally, communicating, directly or indirectly, for the purpose of obtaining or
arranging a Political Contribution), or

3. Directing fundraising efforts.

V. **"Portfolio Directional Trade"** means a trade directed by a Portfolio Manager intended to
increase or decrease a security's investment weighting in a client(s) account. This is a separate type of trade from a trade required to satisfy a client's cash-flow request.

W. **"Portfolio Manager"** means an employee of the Firm entrusted with the direct
responsibility and authority to make investment selection decisions for a client's account.

X. **"Reportable Account"** means any account maintained with a bank, broker, or other entity in
which an Access Person or Family Member owns Reportable Securities or has the ability to transact in Reportable Securities or has discretion over trading Reportable Securities on behalf of another.

Y. **"Reportable Fund"** means any Fund or Trust where the Firm or an Affiliate acts as the
investment adviser, sub-adviser or principal underwriter for the fund. A list of Reportable Funds is attached as Exhibit F, and is available on StarCompliance, or from the Compliance Department.

Z. **"Reportable Security"** means a Security that is subject to the requirements of this Code,
including any note, stock, treasury stock, corporate or municipal bond, foreign government bond, debenture, exchange-traded fund ("ETF"), evidence of indebtedness, bank loan, certificate of interest or participation in any profit-sharing
agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional
undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, future, swap, convertible, or privilege on any security, group, or index of Reportable Securities on a national securities exchange, relating to foreign
currency, or, in general, any interest or instrument commonly known as a security, or instrument for trading speculation, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant
or right to subscribe to or purchase, any of the foregoing, Reportable Fund, Managed Fund, limited offering or partnership, bank loan for the purpose of

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investing, private placement, or hedge fund investment. **Reportable Security does not mean** direct obligations of the Government of the United States, high quality short-term debt instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, crypto currencies and other blockchain technologies. <br>

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| | |
|:---|:---|
| AA. | **"Solicit a Government Entity for Investment Advisory Services"** means a direct or indirect communication with a state or local Government Entity for the purpose of obtaining or retaining investment advisory services business including, but not limited to, the following:  |

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1. Leading, participating in, or attending a sales/solicitation meeting with a state or local Government
Entity, such as a government pension plan or general fund.

2. Otherwise holding oneself out as part of the Barrow Hanley's representative or sales/solicitation
effort with a state or local Government Entity.

3. Signing a submission to an RFP in connection with Barrow Hanley's business.

4. Making introductions between government officials and Barrow Hanley.

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| | |
|:---|:---|
| BB. | **"State or Local Official(s)"** means any person, including any election committee for such person, who was, at the time of a Political Contribution, an official, incumbent, candidate, or successful candidate for elective office of a state or local government, including, but not limited to, any state or local agency, authority, or instrumentality, limited exceptions may apply depending on the nature of the office, as identified by the Firm's CCO.  |

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**1.** **Policy for Possession of Material Non-Public Information** 

The Firm's Policy for possession of material non-public information ("MNPI") applies to every Person subject to this Code, including Access Persons and their Family Members, and extends to each individual's activities within and outside of their duties at the Firm. Any questions regarding this policy and procedures should be referred to the Firm's CCO.

A. In compliance with Section 204A of the Advisers Act, the Firm forbids any officer, director, Access
Person or Family Member, from acting on and/or trading, either personally, on behalf of clients, or others, including accounts managed by the Firm, on material non-public information, or communicating material non-public information to others in violation of the law, frequently referred to as "insider trading".

B. The term "material non-public information means information
that is material to a company, a government policy, or other regulatory entity or policy that is not known to the public and is material to the value of such company, or related industry or entity, and if made public would affect

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the value of such company's shares, or impact the investment market(s), and investments of a Person, or client.

C. The term "insider trading" is not defined in the federal securities laws, but generally is used
to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider"), or to communicate material non-public information to others. The term "insider information" includes non-public facts about a publicly traded company that may be used to a Person's financial advantage when trading shares of the
Company and includes information about the firm's securities recommendation(s), and client holdings and transactions. While the law concerning insider trading is not static, it is generally understood that the law prohibits:

1. Trading by a Person while in possession of material non-public information MNPI, (i) whether the Person is an insider or not; (ii) whether the information was disclosed to the Person in violation of an insider's duty to keep it confidential; whether the information was misappropriated or received
inadvertently; or whether the trade was profitable or not.

2. Communicating material non-public information to others in a breach
of fiduciary duty, or for another's intent to trade on the information.

D. Information is material if or when there is a substantial likelihood that a reasonable investor would
consider it important in making their investment decisions(s), or information that is reasonably certain to have a substantial effect on the price of a company's securities (shares or bonds) whether it is determined factual or a rumor.
Information that a Person subject to this Code should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or
agreements, major litigation, debt service and liquidation problems, extraordinary management developments, write-downs or write-offs of assets, additions to reserves for bad debts, new product/services announcements, criminal, civil, and government
investigations and indictments. Material information does not have to relate to a company's business. For example, material information about the contents of any upcoming press release, media column, or blog that may affect the price of a
security, and therefore, may be considered material. Disclosure of a mutual fund client's trades or holdings, or any client's holdings that are not publicly available, may be considered material information and must be kept confidential.
All employees of Barrow Hanley are subject to this Policy and to the Duty of Confidentiality of this Code.

E. Information is non-public until it has been effectively communicated
to the marketplace. A Person must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in the media, internet, or other publications of general
circulation would be considered public. A Person should be particularly careful with information received from contacts at public companies or received through their position with Barrow Hanley. Under certain circumstances, the Firm may seek or
agree to receive non-public information (some of which is likely to be material) with respect to borrowers under

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bank loans ("Bank Loan Issuer") on which the Firm has actively gone private. Generally, such nonpublic information regarding Bank Loan Issuers is made available through information services such as, but not limited to, Intralinks, Debt Domain or SyndTrak. In instances where such a Bank Loan Issuer is also an issuer of public securities, such public securities are placed on the Firm's Restricted List to the extent the Firm has accessed material non-public information that has not been otherwise disseminated to the market. As a general matter, the CCO shall be responsible for the determination to add or remove an issuer from the Restricted List and may consult with internal or external counsel as needed in making such determination. <br>

F. Each Person must consider the following before trading for themselves or others in the Reportable Securities
of a company about which that Person has potential inside information:

1. Is the information material? Is this information that an investor would consider important in making their
investment decisions? Is this information that would affect the market price of the Reportable Security if generally disclosed?

2. Is the information non-public? To whom has this information been
provided? Has the information been effectively communicated to the marketplace?

G. The role of the Firm's CCO is critical to the implementation and maintenance of the Firm's
policy and procedures against insider trading. If, after consideration of the above, a Person believes that the information is material and non-public, or if a Person has questions as to whether the
information is material and non-public, that Person should take the following steps:

1. Report the matter immediately to the Firm's CCO. After the CCO has reviewed the issue, a determination
will be made as to trading or restricting the security, and the employee will be instructed to continue the prohibition against communication or will be allowed to trade and communicate the information.

2. Do not purchase or sell the securities on behalf of him/herself or others. The Firm may determine to
restrict trading in the security for Access Persons, for the clients' portfolios or both.

3. Do not communicate the information to anyone inside or outside the Firm, other than to the Firm's CCO
as required under this Policy.

H. The CCO may communicate potential insider information to outside counsel and compliance/legal personnel at
Perpetual, for consultative purposes. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer
files containing material non-public information should be restricted. The CCO will review and appropriately document each circumstance where the possibility of

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insider information has been reported. Further actions to restrict trading in the security, to release a restriction against trading, or to limit trading, are based on the facts and circumstances of the information.

I. The Firm's clients include (i) private funds sponsored by the Firm that invest in the equity and
mezzanine tranches of collateralized loan obligations ("CLOs") and (ii) CLOs. Desktop procedures are maintained by the CLO portfolio managers and the Firm's Compliance Department, subject to oversight by the Firm's CLO
Governance Committee with respect to MNPI considerations in the trading of CLO equity or debt tranches.

**2.** **Duty of Confidentiality** 

Any Person subject to this Code must keep confidential at all times any non-public information they may obtain. This information includes but is not limited to:

A. Information about a client's account, including account holdings, recent or pending securities
transactions, investment recommendations, and/or activities of the Portfolio Managers and Research Analysts for clients' accounts.

B. Information about the Firm's clients and prospective clients' investments and account
transactions.

C. Information about the Firm's personnel, including private personally identifiable information (PII),
pay, salary, bonus, equity interest, benefits, position level, performance rating, discipline history, non-business information obtained in the course of the employee's job, and other things; and

D. Information about the Firm's financial information, business activities, including new investment
strategies, services, products, technologies, business initiatives, client gains/losses, and negotiated fee details.

The Firm's personnel have the highest fiduciary obligation to keep confidential information relating to Perpetual Group to any party that does not have a clear and compelling need to know such information, and to safeguard all confidential information about the Firm and its clients. Barrow Hanley's Privacy Policy for safeguarding clients' personal information, account information, and transactions is provided in the Firm's Compliance Policies and Procedures (the "Compliance Manual"). The information for data security and systems are provided in the Firm's Employee Handbook.

Nothing in this Code precludes any Access Person from contacting, filing a complaint with, providing information to, or cooperating with an investigation conducted by the U.S. Securities and Exchange Commission or any other governmental agency.

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**3.** **Procedures for Access Persons** 

In an effort to comply with federal securities regulations and the high standards Barrow Hanley has set to avoid potential conflicts of interest, the following procedures have been adopted:

**Who Must Comply with these Procedures?** 

All employees of Barrow Hanley and their Family Members are subject to, and must comply with, the requirements of this Code. (In general, you must report all securities-related accounts for yourself, household members, and/or any person whose investments you may direct, see Section B., Personal Trading Procedures for Access Persons and Family Members, below.) In addition to employees, under certain circumstances, other individuals who work for or with Barrow Hanley may also be required to comply with this Code (e.g., affiliates, interns, temporary workers, and consultants). A member of Barrow Hanley's Compliance team will notify such individuals when, and if, they are required to comply. 

**A.** **General Procedures for Access Persons.** As defined by this Code, all employees of the Firm are
identified as Access Persons and are subject to the following restrictions:

1. **Restriction on Accepting and Giving Gifts of More than de Minimis Value.** Without pre-approval of the CCO, Access Persons are restricted from accepting or giving any Gift(s) of more than de minimis value under this Code from/to any Person or entity/organization when the Gift(s) is related to
conducting the Firm's business. Gifts must be reported monthly, or at the time a Gift is accepted or given. Reports should be made in StarCompliance or the Gift and Entertainment Form available on the Firm's shared file network at:
S:\BHMS_Shared\Compliance\Forms

Questions about this Gift policy should be directed to the CCO. A Gift does not include Business Entertainment.

a. The de minimis amount for accepting a Gift(s) is USD $100 (in total) per Person and is considered to be the
annual receipt of Gift(s) from the same source valued at up to USD $100.

b. The de minimis amount for Gift(s) giving by the Firm or its employees is USD $250 (in total) per Person, and
is considered to be the annual giving of Gift(s) to the same Person valued at up to USD $250.

c. ERISA and Taft Hartley regulations have specific limitations for Gifts and Entertainment and reporting
requirements when Gifts are given. To ensure proper reporting the CCO should be notified when an employee intends to give a Gift to an ERISA or Taft Hartley client.

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2. **Reporting Business Entertainment.** Access Persons, whether the employee is the provider or
participant, must report Business Entertainment activity monthly, or at the time it occurs. Extravagant or excessive entertainment is prohibited. Questions about what may be considered extravagant or excessive should be directed to the CCO. Any
exceptions to this policy must be approved by the CCO. Business Entertainment should be reported in StarCompliance or on the Gift and Entertainment Form available on the Firm's shared file network at: S:\BHMS_Shared\Compliance\Forms

3. **Prohibition on Service as a Director or Public Official.** Due to the obvious conflict of interest,
Access Persons, including Investment Personnel, are prohibited from serving on the board of directors of any publicly traded company, or for-profit company, without prior authorization of the Firm's CCO.
Any such authorization shall be based upon a determination that the board service would be consistent with and not detract from the interests of the Firm's clients. Authorization of board service shall be subject to a review of such service
and implementation of procedures to identify and isolate such a Person from making decisions about investments or trading in that company's securities, or advising about investing the company's assets, and adequate disclosure of any
conflicts of interest must be provided to the CCO and may be disclosed in the Firm's Form ADV, and/or other documentation.

B. **Personal Trading Procedures for Access Persons and Family Members.** The policies of this Code apply to
all employees of the Firm identified as Access Persons and the procedures extend to accounts of which the Access Person is the beneficial owner, or accounts in which the individual has any financial interest, or ability to exercise control or
influence over its investments or trading. The procedures <u>also</u> extend to any account belonging to immediate Family Members (including any relative by blood or marriage) living in the Access Person's household or dependent on the Access
Person for financial support. Thus, a Person subject to this Code is required to abide by the following procedures:

1. **Prohibition on Initial Public Offerings ("IPO").** Persons subject to this Code are
prohibited from acquiring securities in an initial public offering or secondary offerings.

2. **Prohibition on Initial Coin Offerings .** Persons subject to this Code are prohibited from securities
transactions involving an initial coin offering.

3. **Restriction on Private Placements.** Persons subject to this Code are restricted from acquiring
securities in a private placement without prior approval from the Firm's CCO. In the event that an Access Person receives approval to purchase securities in a private placement, the Access Person must disclose that investment if/when the
company intends to offer shares to the public in an IPO and/or if the individual plays any part in the Firm's later consideration of an investment in the issuer.

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4. **Prohibition on purchasing Perpetual Group securities.** Persons subject to this Code are prohibited
from acquiring securities issued by the Firm's parent company, Perpetual Group Limited (ASX: PPT), or any publicly traded securities of other related or Affiliated Company(s) in their own account or in a client's account.

5. **Restriction on Options, Swaps, Futures, or Derivatives.** Persons subject to this Code are restricted
from purchasing or selling any option, swap, future, or derivative on any Security.

6. **Prohibition on Naked Options.** Persons subject to this Code are prohibited from trading Options,
Swaps, Futures or Derivatives on any Security or instrument that the Access Person does not have previously set-aside shares, Securities, or cash to fulfill the obligation of the transaction.

7. **Prohibition on Short selling.** Persons subject to this Code are prohibited from selling any Security
that the Access Person does not own, or otherwise engaging in "short selling" activities.

8. **Prohibition on Short-term Trading Profits.** Persons subject to this Code are prohibited from profiting
in the purchase and sale, or sale and purchase, of the same (or related) Reportable Securities within 60 calendar days. Profits realized on such short-term trades are generally subject to disgorgement, as determined by the Firm's CCO.

9. **Prohibition on Short-term Trading of Managed Funds.** Persons subject to this Code are prohibited from
short-term trading of any Managed Fund shares. For the purpose of this Code, short-term trading is defined as a purchase and redemption/sell of a Managed Fund's shares within 30 calendar days. This prohibition does not cover purchases and
redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) purchases effected on a regular periodic basis by automated means, such as 401(k) purchases, or Voluntary Deferral Plan "VDP" contributions
("automated means" are pre-selected investment allocations; 401(k) or VDP trades that are not automated are subject to at least a 30-day holding period).

C. **Political Contribution and Charitable Contribution Procedures for Access Persons and Family Members.** The Firm is prohibited from making political contributions. Employees of Barrow Hanley are prohibited from making Political Contributions in the name of the Firm. As defined by this Code, all employees of the Firm are identified as Access
Persons and are subject to the following restrictions:

1. **Personal Political Contributions to Candidates.** All Access Persons and their Family Members are
limited in the amount of any political contribution to any state or local office holder or candidate to the following: (i) if the Access Person or their Family Member is

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Eligible to Vote for such candidate, contributions are limited to the di minimis amount of USD $350; (ii) if the Access Person or their Family Member is not entitled to vote for such candidate, contributions are limited to the di minimis amount of USD $150. Certain exceptions to this policy based on the Pay-to-Play Rule may be permitted by the CCO. <br>

2. **Pre-Clearance of Personal Political Contributions and Fundraising Activities.** All Access Persons and their Family Members must obtain approval in advance from the CCO before: (i) making any Political Contribution to any state, or local candidate, or official running for state or local office, or candidate
for a federal office who is currently a State or Local Official, and (ii) participating in any Political Fundraising Activities. Political Contributions and Political Fundraising Activity will be approved on a case-by-case basis. Pre-clearance should be obtained prior to making a Political Contribution or participating in a Political Fundraising Activity by completing and
submitting a Personal Political Contribution Pre-Clearance Form for fundraising activity in StarCompliance or Exhibit E. The CCO will review each request to determine whether the Political Contribution or
Political Fundraising Activity is permitted under applicable law and is consistent with this policy.

3. **Prohibition on Certain Political Contributions.** Access Persons may not make personal Political
Contributions for the purpose of obtaining or retaining advisory contracts with government entities, clients, or for any other business-related purpose. Access Persons also may not consider any of the Firm's current or anticipated business
relationships as a factor in soliciting or making Political Contributions.

4. **Prohibition on Certain Charitable Contributions.** Access Persons may not consider any of the
Firm's current or anticipated business relationships as a factor in soliciting or making charitable contributions and may not make charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities
or clients. The Firm may make charitable contributions as part of its formal charitable efforts and not for the purpose of obtaining or retaining advisory contracts with government entities or clients and must be made in the name of Barrow Hanley
and payable directly to the tax-exempt charitable organization.

5. **Indirect Action by an Access Person.** Access Persons are prohibited from doing anything indirectly
that, if done directly, would result in a violation of applicable law or this policy. For example, it is a violation of this policy for an Access Person to direct someone on their behalf to make a Political Contribution in excess of applicable
limits.

D. **Trading Restriction for Access Persons and Family Members on the Same Day as a Portfolio Directional Trade.** Access Persons and Family Members are restricted from purchasing or selling any Reportable Security on the same day the Firm executes a Portfolio Directional Trade in that same

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security for a client(s) account. Reasonable exceptions may be granted by the CCO when the trade does not appear to affect or harm any client(s).

**4.** **Exempted Transactions** 

Certain prohibitions and restrictions for Access Persons and Family Members in Section 3, B. and D. above, do not apply to:

A. Purchases or sales of a Reportable Security made on the same day that a cash flow trade is executed in that
same security for a client account, as determined and authorized by the Firm's CCO or her representative.

B. Purchases which are part of an automatic dividend reinvestment plan, or an automatic investment plan, or
automated means of 401(k) purchases, or VDP contributions.

C. Purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its Reportable Securities, to the extent such rights were acquired from such issuer; or sales of such rights so acquired, or sales occurring simultaneously with the
exercise of such rights.

D. Purchases and sales in shares of unaffiliated mutual funds, or ETFs, or Options on ETFs. Holdings in
unaffiliated mutual funds, ETFs, and Options on ETFs must be reported annually, and transactions must be reported quarterly; however, generally trades in unaffiliated mutual funds, ETFs, and Options on ETFs do not require pre-clearance and are exempt from the 60-day holding for realizing a profit. Exceptions to this exemption may apply when an ETF is purchased for a client's account or
for single-stock ETFs (including leveraged single-stock ETFs), the purchase and sale of which are not exempted transactions and require pre-clearance.

E. In addition to the above exemptions, the CCO may make exceptions to the restrictions imposed upon persons
subject to the Code on a case-by-case basis, as deemed appropriate by the CCO, and which appear upon inquiry and investigation to present no reasonable likelihood of
harm to any client.

**5.** **Compliance Procedures** 

All access persons are subject to the following procedures:

A. **StarCompliance Application.** Access Persons should use the StarCompliance Application for pre-clearance and reporting requirements under this Code. Certain transactions may require written pre-clearance and reporting on Reports identified as Code Exhibits A, B, C,
D, or E, and these forms are available on the Firm's shared drive at: S:\BHMS_Shared\Compliance\Policies.

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B. **Records of Reportable Securities Transactions**. Access Persons must notify the Firm's CCO if
they or a Family Member have opened a Reportable Account during the quarter. Access Persons must direct their brokers to report into StarCompliance via a data feed or provide the Firm's CCO with duplicate brokerage confirmations of their
Reportable Securities transactions and duplicate statements of their Reportable Account(s).

C. **Pre-Clearance of Reportable Securities Transactions.** Access
Persons and Family Members must receive prior approval from a designated member of compliance, before purchasing or selling Reportable Securities. Exclusions to this are:

1. Managed Funds in the Firm's 401K Plan or VDP Plan

2. Exchange Traded Funds (ETFs) (excluding single-stock ETFs)

3. Purchases and sales over which a Person subject to the Code has no direct or indirect influence or control,
such as automatic investments in 401K or VDP accounts, Family Trust Funds, or other accounts

4. Purchases or sales pursuant to an automatic action under an automated investment plan

5. Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired or sales occurring simultaneously with the exercise of such rights, acquisition of securities through stock dividends, dividend
reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations, or distributions generally applicable to all holders of the same class of securities;

D. **Open-End Investment Company Shares Other Than Managed Funds.** This Code provides a limited exception on Reportable Securities from pre-clearance and short-term trading profit requirements; securities under this exception include ETFs. (Reportable Funds must be held 30
days).

E. **Pre-Clearance for Reportable Securities is Valid for That Trading Day.** Personal Reportable Securities transactions should be pre-cleared using the StarCompliance or Exhibit D, *Personal Reportable Securities Transaction(s) Pre-Clearance Form*. The CCO or another authorized member of the compliance team may approve transactions which appear upon inquiry and investigation to present no reasonable likelihood of harm to any
client. Exceptions to this requirement may include the CCO's approval of a pre-clearance request(s) for a calendar week for trades in Reportable Securities that are not held in a client's account,
do not fit the Firm's investment strategies, and are thinly traded such that a trade order will not likely be filled on the day of the pre-clearance.

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F. **Pre-Clearance of Any Transaction in a Managed Fund.** All
Access Persons and Family Members must receive prior written approval from a designated member of compliance before purchasing or selling any Managed Fund. Pre-clearance for Managed Funds is valid for that
trading day. This pre-clearance requirement does not cover purchases and redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) effected on a regular periodic basis
by automated means, such as 401(k) purchases and VDP transactions, or (iii) 401(k) investment reallocation.

G. **Disclosure of Personal Holdings, and Certification of Compliance with the Code of Ethics and Conduct.** All Access Persons must disclose to the Firm's CCO all personal Reportable Securities holdings at commencement of employment, and annually thereafter as of December 31. Every Access Person must certify on Exhibit A, Initial Report of
Access Persons, or Exhibit B, Annual Report of Access Persons, or through StarCompliance:

1. The employee and their family member(s) recognize that they are subject to all provisions and prohibitions
of this Code, and has read, understands, and will follow the Code's requirements.

2. The employee and family member(s) have complied with the requirements of this Code, and have reported all
personal Reportable Securities, Reportable Accounts, holdings in Managed Funds, and Personal Transactions *.* 

3. Initial holdings report must be made within ten days of hire.

H. **Reporting Requirements.** The CCO of the Firm will notify each Access Person that each individual is
subject to these reporting requirements, will deliver a copy of this Code to each Access Person prior to, or upon, their date of employment, and at any time the Code is amended, and will train each Access Person on appropriate compliance matters. A
member of the compliance team will train employees to use StarCompliance for personal reporting.

1. Reportable Securities managed by a third-party in a discretionary advisory account are subject to the annual
reporting requirements contained in this Section and are excluded from certain other provisions and prohibitions of the Code. (IPOs and private placements are not excluded.)

2. Reports, personal trades and holdings, and other information submitted pursuant to this Code shall be
reviewed periodically by the CCO, kept confidential, and when necessary, provided to the Chief Executive Officer ("CEO") of the Firm, Perpetual Group, the Firm's legal counsel, regulatory authorities, or auditors upon appropriate
request. The designated backup to the CCO is responsible for reviewing and monitoring the personal securities transactions of the CCO, and for assuming the responsibilities of the CCO in her absence.

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3. Every Access Person must report to the CCO all Reportable Accounts currently open at the time of the
individual's initial employment, and any new Reportable Account (this includes any account belonging to Family Members) opened, including the name of the bank or brokerage, the account number, and date the account was opened, and must disclose
the new Reportable Account with the individual's quarterly transaction report. Information reported in StarCompliance or on Exhibit A must be current within at least 45 days of the date of their employment.

4. Every Access Person must report to the CCO of the Firm any/all Reportable Account(s) and any/all personal
Securities holdings (this includes any account(s) or holdings belonging to Family Members) at the time of an individual's initial employment with the Firm. A report must be made through StarCompliance or the designated form, Exhibit A, Initial
Report of Access Persons, with account statements attached containing the following information:

a. Name and principal amount of the Reportable Security, ticker or CUSIP, share quantity, bond quantity,
interest rate, and/or maturity date.

b. Name and account number of the Reportable Account where the Reportable Security is held.

c. Name of any broker, dealer, or bank with which the Access Person maintains an account in which any
Reportable Securities are held for the Access Person's direct or indirect benefit (account statements may be attached); and

d. The date the Access Person submits the report.

5. Every Access Person must report to the CCO of the Firm the information described in Paragraph 4 of this
Section with respect to transactions in any Reportable Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Reportable Security.

6. Quarterly transaction reports must be made no later than thirty days after the end of the calendar quarter
in which the transaction was executed. Every Access Person is required to submit a report for all periods, including those periods in which no Reportable Securities transactions were executed. A report should be made through StarCompliance, or the
designated form, Exhibit C, Quarterly Report of Access Persons, account statements may be attached to the form for reporting purposes, containing the following information:

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a. The Reportable Security name, ticker and/or CUSIP, interest rate, maturity date, share quantity, bond
quantity, and the principal amount of each Reportable Security transacted.

b. The nature of the transaction (i.e., purchase or sale).

c. The price at which the transaction was executed.

d. The name of the broker, dealer or bank with or through whom the transaction was executed. Trade
confirmations of all personal transactions and copies of periodic Reportable Account statements may be attached to Exhibit C to fulfill the reporting requirement.

e. The name of the broker, dealer, or bank with whom the Access Person established a new Reportable Account
during the period and the date the account was established.

f. The date of the transaction(s) and, if different, the date that the report is submitted by the Access
Person.

7. Every Access Person must report to the CCO all Political Contributions (this includes contributions made by
Family Members) described in Section 3.C. of this Code, Restrictions for Access Persons. made during the quarter. A report should be made using StarCompliance or Exhibit E, Political Contribution Pre-Clearance Form.

8. Every Access Person should report Gifts accepted or given, and/or Business Entertainment as a provider or
participant, using StarCompliance or the Gift & Entertainment Report. Gifts and Entertainment must be reported monthly or upon each occurrence.

9. A member of the compliance team or the CCO shall periodically review the reports provided by the
Firm's Access Persons. Review will include personal transactions and brokerage activity in StarCompliance, personal brokerage statements and holdings, and Political Contributions, among other things.

I. **Conflict of Interest.** Every Access Person must notify the CCO of any personal conflict of interest
relationship which may involve the Firm's clients, such as the existence of any economic relationship between their transactions and Reportable Securities held or to be acquired by any client's account. Such notification shall occur in
the pre-clearance process or immediately upon becoming aware of the conflict.

J. The CCO must implement and enforce this Code, maintain copies of the Code, keep records of Code violations,
and maintain records of Access Persons' reports as required by the Code.

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K. A designated member of the firm serves as the backup to the CCO. The designated member reviews and signs-off on the CCO's personal reports required under the Code and Compliance Manual. Other compliance personnel may be designated to perform certain functions of the CCO. In the absence of the CCO, the
designated backup to the CCO may perform all duties of the CCO as defined in the Code and must report to the CCO any disclosed conflicts or violations that may have occurred in her absence.

**6.** **CCO's Authority and Duties** 

The Firm's CCO has a fiduciary duty to the Firm's clients and to Barrow Hanley and is responsible for enforcing and monitoring this Code. The CCO is authorized to grant reasonable exceptions to the provisions and prohibitions of this Code, as permitted by law, and when such exceptions do not conflict with a client's interests.

**7.** **Reporting of Violations** 

A. Any Access Person of the Firm who becomes aware of a violation of (i) this Code of Ethics and Conduct,
(ii) the Compliance Policies and Procedures, (iii) the Employee Handbook, or (iv) any other internal policies or procedures, must promptly report such violation to the Firm's CCO or the CEO. This reporting requirement includes
self-reporting when an employee discovers the individual has violated an internal policy.

B. The Firm's CCO must report to the Firm's Board of Managers all material violations of this Code,
the Compliance Policies and Procedures, the Employee Handbook, or other internal controls. Material violations may be reported to the CCO of any Managed Fund client, as required.

C. The CCO and CEO will consider reports made to the Board and determine what sanctions, if any, should be
imposed.

**8.** **Reporting to the Board of Managers** 

Upon request, the Firm's CCO will prepare an annual report relating to this Code to the Boards of Managed Funds. Such annual report will:

A. Summarize existing procedures concerning personal investing and any changes in the procedures made during
the past year.

B. Identify any violations requiring significant remedial action during the past year; and

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C. Identify any recommended changes in the existing restrictions or procedures based upon the Firm's
experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

**9.** **Sanctions** 

This Code provides disciplinary measures for violations, as follows:

A. Upon discovering a violation of this Code by an Access Person or Family Member, the CCO may impose sanctions
as deemed appropriate, including, among other things:

1. Disgorgement: The Firm generally requires that profits realized on transactions made in violation of the
Code's procedures be disgorged. A charity shall be selected by the Firm to receive any disgorged or relinquished amounts.

2. Extended Holding Period: Any security purchased during the black-out period may be prohibited from being sold for six months.

3. Unwinding the transaction: Purchases or sales made during a blackout period may be required to be reversed
and any profit may be disgorged.

B. The Pay-to-Play Rule imposes
a two-year ban on an adviser's ability to receive compensation for advisory services if the Firm or certain of its Covered Associates makes certain Political Contributions to a State or Local Official
over the *de minimus* amount.

C. For sanctions imposed, a memo of correction, suspension, or termination of employment will be retained
according to the Code's records retention requirement. This includes violations committed by a Family Member.

**10.** **Retention of Records** 

This Code and the Firm's *Compliance Policies and Procedures* require all books and records related to this Code to be retained, including:

A. **Code of Ethics and Conduct Records**. This Code (and prior versions in effect during the past seven
years), a copy of the reports made by each Access Person, each memorandum made by the Firm's CCO, and a record of any violation and actions taken as a result of such violation, must be maintained by the Firm for a minimum of seven years.

B. **Political Contribution Records**. A list of: (i) all Access Persons; (ii) all government
entities to which the Firm provides or has provided investment advisory services or which are or were

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20

------

![LOGO](g76678dsp81.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

investors in any covered investment pool to which the Firm has provided services in the past five years; (iii) all direct or indirect Political Contributions made by any Access Person to an official of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC; and (iv) the name and business address of each regulated Person to whom the Firm provides or agrees to provide, directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf. Records relating to Political Contributions must be listed in chronological order and must indicate: (i) the name and title of each contributor; (ii) the name and title of each recipient; (iii) the amount and date of each Political Contribution; and (iv) whether any such Political Contribution was the subject of the exception for returned Political Contributions. <br>

**Exhibits** 

***Exhibit A* – Initial Report of Access Persons** 

***Exhibit B* – Annual Report of Access Persons** 

***Exhibit C* – Quarterly Transactions Report of Access Persons** 

***Exhibit D* – Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

***Exhibit E* – Personal Political Contribution Pre-Clearance Form of Access Persons** 

***Exhibit F* – List of Reportable Funds of Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge receipt of the Code of Ethics and Conduct for Barrow Hanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I recognize that I am subject to Barrow Hanley's Code as an Access Person and have read, understood,
and will follow the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and Securities held or to be acquired by Barrow Hanley or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the date below I and/or a Family Member had a direct or indirect ownership in the following Reportable
Securities (brokerage or financial statements may be attached):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER OF<br>SHARES** | **PRINCIPAL<br>VALUE** | **TYPE OF<br>INTEREST<br>(DIRECT OR<br>INDIRECT)** |

---

![LOGO](g76678dsp103.jpg)

Exhibit A

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Person** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I and/or a Family Member have the following Reportable Accounts open and have directed the bank or brokerage to
send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| **NAME OF FIRM** | <br> **TYPE OF INTEREST**<br> **(DIRECT OR INDIRECT)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I and/or a Family Member have made the following Political Contributions in the previous 2 years:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **DATE OF<br>CONTRIBUTION** | **TYPE OF<br>POLITICAL<br>ACTIVITY/**<br> **CONTRIBUTION** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

![LOGO](g76678dsp103.jpg)

Exhibit A

------

![LOGO](g76678dsp105.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That I am subject to the Code as an Access Person, I have read, understood, and agree to follow the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the year ended December 31, 20 , I have complied with the reporting requirements of
the Code regarding personal transactions that I, and/or a Family Member, have executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have not disclosed confidential information of the Firm to any Persons outside, or inside, Barrow Hanley or
PPT, except where it was required for the execution of the Firm's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest relationship
which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by Barrow Hanley or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the year I have abided by the requirements of Barrow Hanley's Code of Ethics and Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As of December 31, 20 , I and/or a Family Member had a direct or indirect Beneficial
Ownership in the following Reportable Securities:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER OF<br>SHARES** | **PRINCIPAL<br>VALUE** | <br> **TYPE OF<br>INTEREST<br>(DIRECT OR<br>INDIRECT)** |

---

![LOGO](g76678dsp105a.jpg)

Exhibit B

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I and/or a Family Member have the following Reportable Accounts open, and I have directed the bank or
brokerage firm to send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF FIRM** | <br> **TYPE OF INTEREST**<br> **(DIRECT OR INDIRECT)** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

![LOGO](g76678dsp103.jpg)

Exhibit B

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended:<u> </u>** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the quarter identified above, the following transactions were made in Reportable Securities and are
required to be reported under the Barrow Hanley *Code of Ethics and Conduct (the "Code")*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **DATE OF<br>TRANS-<br>ACTION** | **NUMBER<br>OF<br>SHARES** | **DOLLAR<br>AMOUNT OF<br>TRANSACTION** | <br> **NATURE OF<br>TRANSACTION**<br> (Purchase, Sale,<br>Other) | **PRICE** | **BROKER/**<br> **DEALER OR<br>BANK NAME** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the quarter identified above, the following Reportable Accounts were opened with direct or indirect
beneficial ownership and are required to be reported under the Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF FIRM** | <br> **TYPE OF INTEREST**<br> **(DIRECT OR INDIRECT)** | **DATE ACCOUNT OPENED** |

---

![LOGO](g76678dsp103.jpg)

Exhibit C

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended:<u> </u>** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the quarter identified above, the following Political Contributions were made and are required to be
reported under the Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **DATE OF<br>CONTRIBUTION** | <br> **TYPE OF POLITICAL<br>ACTIVITY/**<br> **CONTRIBUTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest relationship
which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by the Firm or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the quarter identified above, I have abided by the requirements of Barrow Hanley's Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the quarter identified above, all potential Conflicts of Interest were reported to Compliance.

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

![LOGO](g76678dsp103.jpg)

Exhibit C

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section C.)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed transactions:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER<br>OF<br>SHARES** | **DOLLAR<br>AMOUNT<br>OF<br>TRANSACTION** | **NATURE<br>OF**<br> **TRANSACTION**<br> (Purchase, Sale,<br>Other) | **PRICE**<br> (or<br>Proposed<br>Price) | <br> **BROKER /<br>DEALER<br>OR BANK<br>THROUGH<br>WHOM<br>EFFECTED** | **AUTHORIZED** | **AUTHORIZED** |
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER<br>OF<br>SHARES** | **DOLLAR<br>AMOUNT<br>OF<br>TRANSACTION** | **NATURE<br>OF**<br> **TRANSACTION**<br> (Purchase, Sale,<br>Other) | **PRICE**<br> (or<br>Proposed<br>Price) | <br> **BROKER /<br>DEALER<br>OR BANK<br>THROUGH<br>WHOM<br>EFFECTED** | **YES** | **NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

![LOGO](g76678dsp103.jpg)

Exhibit D

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Political Contribution Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, 3. Procedures for Access Persons, Section C.2)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed Political Contribution(s):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **AMOUNT** | **STATE AND COUNTY<br>OF ELECTION** | **WHAT OFFICE IS<br>CANDIDATE<br>SEEKING?** | **IS COVERED<br>PERSON<br>ELIGIBLE TO<br>VOTE FOR<br>CANDIDATE?** | **AUTHORIZED** | **AUTHORIZED** |
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **AMOUNT** | **STATE AND COUNTY<br>OF ELECTION** | **WHAT OFFICE IS<br>CANDIDATE<br>SEEKING?** | **IS COVERED<br>PERSON<br>ELIGIBLE TO<br>VOTE FOR<br>CANDIDATE?** | **YES** | **NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

![LOGO](g76678dsp103.jpg)

Exhibit E

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

---

| | |
|:---|:---|
| **U.S. Registered Funds – 25** | **Non-U.S. Registered Funds – 18** |
|  | *Australia* |
| American Beacon Balanced Fund | Barrow Hanley Concentrated Global Share Fund |
| American Beacon Diversified Fund | (unhedged) |
| American Beacon Large Cap Value Fund | Barrow Hanley Concentrated Global Share Fund |
| American Beacon Small Cap Value Fund | (hedged) |
| Barrow Hanley Concentrated Emerging Markets | Barrow Hanley Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESG Opportunities Fund | Barrow Hanley Global Equity Trust |
| Barrow Hanley Credit Opportunities Fund | Colonial First State Investments Ltd - |
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Global Shares Fund 5 |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Global Shares Fund 8 |
| Barrow Hanley International Value Fund | Hostplus Pooled Superannuation Trust |
| Barrow Hanley Total Return Bond Fund | Mercer Emerging Market Shares Fund |
| Barrow Hanley US Value Opportunities Fund | Perpetual Global Share Fund |
| Brinker - Destinations International Equity Fund | Perpetual Private RI International Shares Fund |
| Edward D. Jones - Bridge Builder Large Value Fund | Perpetual Select International Share Fund |
| Equitable - 1290 VT Equity Income Portfolio |  |
| GuideStone Value Equity Fund | *Canada* |
| MassMutual Small Cap Value Equity Fund | Leith Wheeler Emerging Markets Equity Fund |
| Mercer Emerging Markets Equity Fund | Leith Wheeler International Equity Plus Fund |
| MML Income & Growth Fund | Leith Wheeler International Equity Plus Fund |
| Principal LargeCap Value III Fund |  |
| Principal Overseas Fund | *Ireland* |
| Timothy Plan Defensive Strategies Fund | Barrow Hanley Global ESG Value Equity Fund |
| Timothy Plan Fixed Income Fund | Barrow Hanley Concentrated Emerging Markets |
| Timothy Plan Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESG Fund |
| Timothy Plan High Yield Bond Fund | Barrow Hanley US ESG Value Opportunities |
| Touchstone Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund |
|  | MGI Emerging Markets Equity Fund |
| **Non-Registered Funds – 3** | Old Mutual Value Global Equity Fund |
| Cayman Islands |  |
| EQ Offshore Aggressive Multimanager Fund | *United Kingdom* |
| EQ Offshore Conservative Multimanager Fund | F&C Investment Trust plc |
| EQ Offshore Moderate Multimanager Fund |  |

---

*As of January 1, 2025*![LOGO](g76678dsp103.jpg)

Exhibit F

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

*(Continued)* 

**Trillium Advised and Sub-Advised Registered Funds** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; Green Century Balanced Fund | Retail | GCBLX | Sub-Advisor |
| &nbsp;&nbsp; Green Century Balanced Fund | Institutional | GCBUX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | A | JHJAX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | C | JHJCX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | I | JHJIX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | R6 | JHJRX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Investor | PORTX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Institutional | PORIX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Institutional | TSMDX | Sub-Advisor |

---

**TSW Advised and Sub-Advised Registered Funds** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; TSW High Yield Bond Fund | I | TSWHX | Sub-Adviser |
| &nbsp;&nbsp; TSW Large Cap Value Fund | I | TSWEX | Sub-Adviser |
| &nbsp;&nbsp; TSW Emerging Markets Fund | I | TSWMX | Sub-Adviser |
| &nbsp;&nbsp; MassMutual Mid Cap Value Fund | I | MLUZX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | I | TSWIX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | A | TRWAZ | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | C | TRWCX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Small Cap | I | TISVX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | I | MVTIX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | A | MCVAX | Sub-Adviser |

---

*As of January 1, 2025*![LOGO](g76678dsp103.jpg)

Exhibit F

------

![LOGO](g76678dsp80.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

*(Continued)* 

**JOHCM (USA) Advised Registered Funds\*** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; JOHCM Emerging Markets<br> Opportunities Fund | Institutional; Advisor; Investor | JOEMX;<br> JOEIX;<br> JOEAX | Advisor |
| &nbsp;&nbsp; JOHCM Emerging Markets<br> Discovery Fund | Institutional; Advisor | JOMMX;<br> JOMEX | Advisor |
| &nbsp;&nbsp; JOHCM International<br> Opportunities Fund | Institutional | JOPSX | Advisor |
| &nbsp;&nbsp; JOHCM International Select<br> Fund | Institutional; Investor | JOHIX;<br> JOHAX | Advisor |
| &nbsp;&nbsp; JOHCM Global Select Fund | Institutional; Advisor | JOGIX;<br> JOGEX | Advisor |
| &nbsp;&nbsp; Regnan Global Equity Impact<br> Solutions | Institutional | REGIX | Advisor |
| &nbsp;&nbsp; SEI Institutional International<br> Trust – Emerging Markets<br> Equity Fund | Class F; Class Y | SIEMX;<br> SEQFX | Sub-Advisor |

---

*As of January 1, 2025* 

*\*Excludes funds on the Perpetual Americas Funds Trust that are advised by affiliated sub-advisers, which are included above.*![LOGO](g76678dsp103.jpg)

Exhibit F