# EDGAR Filing Document

**Accession Number:** 0000914243
**File Stem:** 0001193125-26-241939
**Filing Date:** 2026-5
**Character Count:** 663238
**Document Hash:** f522d394eb43efac28b29ccc10d5a3bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-241939.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001193125-26-241939

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE FUNDS GROUP TRUST
- **CENTRAL INDEX KEY:** 0000914243

**ORGANIZATION NAME:**
- **EIN:** 680325521
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08104
- **FILM NUMBER:** 261026453

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSTELLATION FUNDS
- **DATE OF NAME CHANGE:** 20040412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALPHA SELECT FUNDS
- **DATE OF NAME CHANGE:** 19981216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIP INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19971205
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE FUNDS GROUP TRUST
- **CENTRAL INDEX KEY:** 0000914243

**ORGANIZATION NAME:**
- **EIN:** 680325521
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-70958
- **FILM NUMBER:** 261026452

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSTELLATION FUNDS
- **DATE OF NAME CHANGE:** 20040412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALPHA SELECT FUNDS
- **DATE OF NAME CHANGE:** 19981216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIP INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19971205

**Filed with the Securities and Exchange Commission on May 27, 2026** <br>**Securities Act of 1933 File No. 033-70958** <br>**Investment Company Act of 1940 File No. 811-08104**

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

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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. 141 and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

**Amendment No. 143** <br>(Check appropriate box or boxes.)

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

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**TOUCHSTONE FUNDS GROUP TRUST**

(Exact name of Registrant as Specified in Charter)

**303 Broadway, Suite 1100, Cincinnati, Ohio 45202** <br>(Address of Principal Executive Offices) (Zip Code)

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

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

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

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**Terrie A. Wiedenheft, 303 Broadway, Cincinnati, Ohio 45202** <br>(Name and Address of Agent for Service)

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

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Copies to: <br>Clair E. Pagnano, Esq. <br>K&L Gates LLP One Congress Street Suite 2900 <br>Boston, Massachusetts 02114

Ndenisarya M. Bregasi, Esq. <br>K&L Gates LLP 1601 K Street, NW <br>Washington, D.C. 20006-1600

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

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

☐ immediately upon filing pursuant to paragraph (b)

☐ on (date), 2026 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

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

![](g71419touchstonelogowhite.gif)

Prospectus

July [_], 2026

**Touchstone Funds Group Trust**

*The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.*

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

*SUBJECT TO COMPLETION – May 27, 2026* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| Touchstone Small Cap Fund | TSFAX | TSFCX | TSFYX | TSFIX | **[_]** |
| Touchstone Small Cap Value Fund | TVOAX | TVOCX | TVOYX | TVOIX | **[_]** |

---

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.

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**Table of Contents**

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

---

| | |
|:---|:---|
|  | **Page** |
| [Touchstone Small Cap Fund Summary](#xx_f3341ca2-0f84-46f9-a3a4-98aa0c8c90c1_1) | 3 |
| [Touchstone Small Cap Value Fund Summary](#xx_d8717ea7-c3c8-4da2-9e4d-7875e72f00bb_1) | 9 |
| [Principal Investment Strategies and Risks](#xx_97ebdf38-280d-4546-8b99-902c13f0b990_1) | 14 |
| [THE FUNDS' MANAGEMENT](#xx_5335ccd9-42c9-4992-aee7-22e235bc39ee_1) | 19 |
| [CHOOSING A CLASS OF SHARES](#xx_71dbd025-eec8-4688-b748-d3ba2bb4c95b_1) | 21 |
| [DISTRIBUTION AND SHAREHOLDER SERVICING ARRANGEMENTS](#xx_99e4c3c5-c3d0-4f09-8932-e9f65b155ffc_1) | 26 |
| [INVESTING WITH TOUCHSTONE](#xx_3ea788ec-05a2-4511-8139-4b4d3f709f69_1) | 27 |
| [DISTRIBUTIONS AND TAXES](#xx_80b913e7-918b-4ec7-af4a-7253df890d14_1) | 37 |
| [FINANCIAL HIGHLIGHTS](#xx_1735e6f5-932e-42b5-b1c5-864679be0d16_1) | 40 |
| [TOUCHSTONE INVESTMENTS](#xx_2f12597a-dddb-48ff-b50e-7a5372135a79_1) | 43 |
| [Appendix A - Intermediary-Specific Sales Charge Waivers and Discounts](#xx_9aa1acc1-7163-48cf-96ac-b666988de1b5_1) | 44 |

---

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Touchstone Small Cap Fund Summary

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

The Touchstone Small Cap Fund (the "Fund") seeks 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 21 and 39, 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** <br> **your investment)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on <br> Purchases (as a percentage of offering <br> price)<br>| 5.00% |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a <br> percentage of original purchase price or <br> the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 | $15 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your** <br> **investment)**<br>|  |  |  |  |  |
| Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp; Distribution and/or Shareholder Service <br> (12b-1) Fees<br>| 0.25% | 1.00% |  |  |  |
| Other Expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Provider Expense | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 0.42% | 0.91% | 0.32% | 0.23% | 0.23%<sup>(1)</sup> <br>|
| Total Other Expenses | 0.43% | 0.92% | 0.33% | 0.24% | 0.24% |
| Total Annual Fund Operating Expenses | 1.53% | 2.77% | 1.18% | 1.09% | 1.09% |
| Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| (0.28)% | (0.82)% | (0.18)% | (0.17)% | (0.25)% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After <br> Fee Waiver and/or Expense <br> Reimbursement<sup>(2)</sup> <br>| 1.25% | 1.95%<sup>(3)</sup> <br>| 1.00% | 0.92% | 0.84% |

---

<sup>(1)</sup>

*Other Expenses for Class R6 shares are estimated based on fees and expenses incurred by Institutional Class shares of the Fund and expenses of similar Touchstone Funds. Class R6 shares commenced operations on July [ ], 2026.*

------

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

<sup>(2)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Funds Group 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 1.24%, 1.94%, 0.99%, 0.91% and 0.83% of average daily net assets for Classes A, C, Y, Institutional Class and Class R6 shares, respectively. This contractual expense limitation is effective through July [ ], 2027, 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>(3)</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 September 30, 2025 due to contractual changes in the Fund's expense limitation agreement effective January 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 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; $621 | &nbsp;&nbsp; $298 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $86 | &nbsp;&nbsp; $198 |
| 3 Years | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $782 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $330 | &nbsp;&nbsp; $322 | &nbsp;&nbsp; $782 |
| 5 Years | &nbsp;&nbsp; $1267 | &nbsp;&nbsp; $1392 | &nbsp;&nbsp; $632 | &nbsp;&nbsp; $584 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $1392 |
| 10 Years | &nbsp;&nbsp; $2210 | &nbsp;&nbsp; $3040 | &nbsp;&nbsp; $1416 | &nbsp;&nbsp; $1313 | &nbsp;&nbsp; $1306 | &nbsp;&nbsp; $3040 |

---

**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 11% of the average value of the Fund's portfolio.

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

The Fund invests, under normal conditions, at least 80% of its net assets (including borrowings for investment purposes) in common stocks of small capitalization U.S. companies. This is a non-fundamental policy that the Fund can change upon 60 days' prior notice to shareholders. For purposes of the Fund, a small capitalization company has a market capitalization within the range of market capitalization represented in the Russell 2000<sup>®</sup> Index (between $5 million to $31.29 billion as of December 31, 2025), the S&P SmallCap 600 Index (between $310.25 million to $9.22 billion as of December 31, 2025), or the Dow Jones U.S. Small Cap Total Stock Market Index (between $28.23 million to $34.79 billion as of December 31, 2025) at the time of purchase. The size of the companies in these indices will change with market conditions.

The sub-adviser, London Company of Virginia, LLC d/b/a The London Company ("The London Company"), seeks to purchase financially stable small-cap companies that The London Company believes are consistently generating high returns on unleveraged operating capital, run by shareholder-oriented management, and trading at a discount to their respective market prices. Guiding principles of The London Company's small-cap philosophy include: (1) a focus on cash return on tangible capital, not earnings per share, (2) the value of a company is determined by cash inflows and outflows discounted by the optimal cost of capital, (3) a focused investment approach (not diversifying excessively) is essential to good investment results, and (4) low turnover and tax sensitivity enhances real returns.

The Fund will hold securities of approximately 30 to 40 companies. 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.

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**<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 cybersecurity 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:** Cybersecurity 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 cybersecurity 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 Bloomberg US 3000 Index and the Russell 3000<sup>®</sup> Index. The Bloomberg US 2000 Index and the Russell 2000<sup>®</sup> Index show how the Fund's performance compares against the returns of indexes with similar investment objectives. 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 Small Cap Fund — Class A Shares Total Return as of December 31**

![](g71419tfgttsfax.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 4th Quarter 2020 | 26.05<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (28.14)%<br>|

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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.

Class R6 shares commenced operations on [ ], 2026 and do not have a full calendar year of performance. Class R6 shares would have had substantially similar annual returns to Class A, Class C, Class Y and Institutional Class shares because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the share classes do not have the same shareholder fees and operating expenses.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2025**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Small Cap Fund - Class A** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (6.13)%<br>| 6.20<br> %<br>| 7.01<br> %<br>|
| Return After Taxes on Distributions | &nbsp;&nbsp; (6.13)%<br>| 5.25<br> %<br>| 5.18<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; (3.63)%<br>| 4.72<br> %<br>| 5.13<br> %<br>|
| **Touchstone Small Cap Fund - Class C** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (2.89)%<br>| 6.48<br> %<br>| 7.03<br> %<br>|
| **Touchstone Small Cap Fund - Class Y** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (0.90)%<br>| 7.55<br> %<br>| 7.92<br> %<br>|
| **Touchstone Small Cap Fund - Institutional Class** |  |  |  |
| Return Before Taxes | &nbsp;&nbsp; (0.88)%<br>| 7.63<br> %<br>| 8.01<br> %<br>|
| **Bloomberg US 3000 Index**<sup>(1)</sup> (reflects no deduction for fees, expenses or taxes) | 17.21<br> %<br>| 13.09<br> %<br>| 14.27<br> %<br>|
| **Bloomberg US 2000 Index**<sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 11.06<br> %<br>| 6.65<br> %<br>| 10.00<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 17.15<br> %<br>| 13.15<br> %<br>| 14.29<br> %<br>|
| **Russell 2000® Index** (reflects no deductions for fees, expenses or taxes) | 12.81<br> %<br>| 6.09<br> %<br>| 9.62<br> %<br>|

---

<sup>(1)</sup>

*The Fund changed its broad-based securities index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.*

<sup>(2)</sup>

*The Fund changed its additional index to the Bloomberg US 2000 Index which has similar investment objectives to the Fund.*

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**<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>|
| London Company of Virginia, <br> LLC d/b/a The London <br> Company<br>| Stephen Goddard, CFA | Since 2009 | &nbsp;&nbsp; Founder, CIO and Co-Lead <br> Portfolio Manager<br>|
|  | J. Brian Campbell, CFA | Since 2010 | &nbsp;&nbsp; Principal and Co-Lead Portfolio <br> Manager<br>|
|  | Sam Hutchings, CFA | Since 2015 | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>|

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

Minimum Investment Requirements

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

---

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, C, 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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Touchstone Small Cap Value Fund Summary

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

The Touchstone Small Cap Value Fund (the "Fund") seeks 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 21 and 39, 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** <br> **your investment)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on <br> Purchases (as a percentage of offering <br> price)<br>| 5.00% |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a <br> percentage of original purchase price or <br> the amount redeemed, whichever is less)<br>|  | 1.00% |  |  |  |
| Wire Redemption Fee | $15 | $15 | $15 | $15 | $15 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your** <br> **investment)**<br>|  |  |  |  |  |
| Management Fees<sup>(1)</sup> <br>| 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
| &nbsp;&nbsp;&nbsp; Distribution and/or Shareholder Service <br> (12b-1) Fees<br>| 0.25% | 1.00% |  |  |  |
| Other Expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Provider Expense | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 0.36% | 2.33% | 0.33% | 0.25% | 0.25%<sup>(2)</sup> <br>|
| Total Other Expenses | 0.38% | 2.35% | 0.35% | 0.27% | 0.27% |
| Total Annual Fund Operating Expenses | 1.46% | 4.18% | 1.18% | 1.10% | 1.10% |
| Fee Waiver and/or Expense Reimbursement<sup>(3)</sup> <br>| (0.10)% | (2.18)% | 0.07% | (0.15)% | (0.23)% |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After <br> Fee Waiver and/or Expense <br> Reimbursement<sup>(3)</sup><sup>(4)</sup> <br>| 1.36% | 2.00% | 1.11% | 0.95% | 0.87% |

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<sup>(1)</sup>

*Management Fees have been restated to reflect contractual changes to the Fund's Investment Advisory Agreement effective June 1, 2025.*

<sup>(2)</sup>

*Other Expenses for Class R6 shares are estimated based on fees and expenses incurred by Institutional Class shares of the Fund and expenses of similar Touchstone Funds. Class R6 shares commenced operations on July [ ], 2026.*

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

<sup>(3)</sup>

*Touchstone Advisors, Inc. (the "Adviser" or "Touchstone Advisors") and Touchstone Funds Group 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 1.34%, 1.98%, 1.09%, 0.93% and 0.85% of average daily net assets for Classes A, C, Y, Institutional Class and Class R6 shares, respectively. This contractual expense limitation is effective through July [ ], 2027, 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>(4)</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 September 30, 2025 due to contractual changes in the Fund's expense limitation agreement effective January 29, 2025, June 1, 2025 and January 28, 2026.*

**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; $632 | &nbsp;&nbsp; $303 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $89 | &nbsp;&nbsp; $203 |
| 3 Years | &nbsp;&nbsp; $930 | &nbsp;&nbsp; $1072 | &nbsp;&nbsp; $369 | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $1072 |
| 5 Years | &nbsp;&nbsp; $1250 | &nbsp;&nbsp; $1955 | &nbsp;&nbsp; $644 | &nbsp;&nbsp; $594 | &nbsp;&nbsp; $586 | &nbsp;&nbsp; $1955 |
| 10 Years | &nbsp;&nbsp; $2155 | &nbsp;&nbsp; $4227 | &nbsp;&nbsp; $1430 | &nbsp;&nbsp; $1331 | &nbsp;&nbsp; $1324 | &nbsp;&nbsp; $4227 |

---

**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 19% 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 companies with small market capitalizations. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days' prior notice to shareholders. For purposes of the Fund, a small capitalization company has a market capitalization at the time of purchase within the range represented in the Russell 2000<sup>®</sup> Value Index (between approximately $5 million to $31.29 billion as of December 31, 2025) at the time of purchase. The market capitalization range of the Russell 2000<sup>®</sup> Value Index will change with market conditions. The Fund will hold approximately 80 to 115 securities.

The Fund's sub-adviser, Leeward Investments, LLC ("Leeward"), employs a fundamental investment process which seeks to identify companies which it believes are selling at a discount to their intrinsic value. In evaluating and selecting potential investments for the Fund, Leeward completes in-depth research and analysis on the securities in the investable universe in an effort to identify leading companies selling at attractive valuations. The research and analysis include an examination of financial statements and assessments of the management team, the company's competitive strategy and its current market position. The Fund may invest in other investment companies in pursuing its strategy.

**<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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**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.

**Value Investing Risk:** Value investing presents the risk that a 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. In addition, value investing may fall out of favor and underperform growth or other styles of investing during given certain periods.

**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 cybersecurity risks that could result in losses to a Fund and its shareholders.

**Other Investment Companies Risk:** The Fund's investments in other investment companies, including ETFs, will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolios of such investment companies, and the value of the Fund's investment will fluctuate in response to the performance of such portfolios. In addition, if the Fund acquires shares of other investment companies or ETFs, shareholders of the Fund will bear both their proportionate share of the fees and expenses of the Fund (including management and advisory fees) and, indirectly, the fees expenses of the other investment companies or ETFs.

**Cybersecurity Risk:** Cybersecurity 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 cybersecurity 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 Bloomberg US 3000 Index and the Russell 3000<sup>®</sup> Index. The Bloomberg US 2000 Value Index and the Russell 2000<sup>®</sup> Value Index show how the Fund's performance compares against the returns of indexes with similar investment objectives. 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.

On July 1, 2016, the Fund changed its sub-adviser. Performance presented prior to such date should not be attributed to the Fund's current sub-adviser, Leeward. The Fund's performance shown below might have differed materially if Leeward had managed the Fund pursuant to its current strategies prior to July 1, 2016.

On March 1, 2022, Leeward replaced LMCG Investments, LLC ("LMCG") as the Fund's sub-adviser. Leeward was formed as a result of the reorganization of LMCG's U.S. value equity team into an employee-owned asset management firm. There were no changes to the Fund's investment goals, principal investment strategies, advisory fee, sub-advisory fee, expense limitations or portfolio management team associated with the change in sub-adviser.

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

![](g71419tfgttvoax.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 4th Quarter 2020 | 30.00<br> %<br>|
| Worst Quarter: | 1st Quarter 2020 | &nbsp;&nbsp; (33.82)%<br>|

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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.

Class R6 shares commenced operations on [ ], 2026 and do not have a full calendar year of performance. Class R6 shares would have had substantially similar annual returns to Class A, Class C, Class Y and Institutional Class shares because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the share classes do not have the same shareholder fees and operating expenses.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2025**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Small Cap Value Fund - Class A** |  |  |  |
| Return Before Taxes | 4.87<br> %<br>| 8.55<br> %<br>| 8.29<br> %<br>|
| Return After Taxes on Distributions | 4.73<br> %<br>| 8.46<br> %<br>| 8.02<br> %<br>|
| Return After Taxes on Distributions and Sale of Fund Shares | 2.98<br> %<br>| 6.75<br> %<br>| 6.68<br> %<br>|
| **Touchstone Small Cap Value Fund - Class C** |  |  |  |
| Return Before Taxes | 8.68<br> %<br>| 8.87<br> %<br>| 8.28<br> %<br>|
| **Touchstone Small Cap Value Fund - Class Y** |  |  |  |
| Return Before Taxes | 10.65<br> %<br>| 9.94<br> %<br>| 9.20<br> %<br>|
| **Touchstone Small Cap Value Fund - Institutional Class** |  |  |  |
| Return Before Taxes | 10.84<br> %<br>| 10.11<br> %<br>| 9.38<br> %<br>|
| **Bloomberg US 3000 Index**<sup>(1)</sup> (reflects no deduction for fees, expenses or taxes) | 17.21<br> %<br>| 13.09<br> %<br>| 14.27<br> %<br>|
| **Bloomberg US 2000 Value Index**<sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 8.96<br> %<br>| 10.22<br> %<br>| 9.91<br> %<br>|
| **Russell 3000® Index** (reflects no deduction for fees, expenses or taxes) | 17.15<br> %<br>| 13.15<br> %<br>| 14.29<br> %<br>|
| **Russell 2000® Value Index** (reflects no deductions for fees, expenses or taxes) | 12.59<br> %<br>| 8.88<br> %<br>| 9.27<br> %<br>|

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<sup>(1)</sup>

*The Fund changed its broad-based securities index to the Bloomberg US 3000 Index which is similarly representative of the overall securities market applicable to the Fund.*

<sup>(2)</sup>

*The Fund changed its broad-based securities market index to the Bloomberg World ex US Large & Mid Cap Index which is similarly representative of the overall securities market applicable to the Fund.*

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**<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 Manager** | &nbsp;&nbsp; **Investment Experience** <br> **with the Fund**<br>| &nbsp;&nbsp; **Primary Title with** <br> **Sub-Adviser**<br>|
| Leeward Investments, LLC | R. Todd Vingers, CFA | Since 2016 | &nbsp;&nbsp; President and Portfolio <br> Manager, Value Equities<br>|
|  | Jay Willadsen, CFA | Since January 2022 | Portfolio Manager |

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

Minimum Investment Requirements

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

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Principal Investment Strategies and Risks

This prospectus applies to the Touchstone Small Cap Fund (the "Small Cap Fund") and Touchstone Small Cap Value Fund (the "Small Cap 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. The descriptions below provide further detail concerning how each Fund noted below pursues its investment goal.

**Small Cap Fund.** The Fund's sub-adviser, The London Company, utilizes a bottom-up approach in the security selection process. The firm screens a small-cap index 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 portfolio management team seeks companies that are trading at a 30-40% discount to estimated intrinsic value. The London Company looks at a company's corporate governance structure and management incentives to try to ascertain whether or not 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. Securities are ultimately added to the Fund when The London Company determines that the risk/reward profile of the security has made it attractive to warrant purchase. The London Company generally sells a security when it becomes overvalued and has reached The London Company's price target, when the security's fundamentals deteriorate, to adjust overall portfolio risk, when there is significant trading activity by insiders, or when there is a more promising alternative.

**Small Cap Value Fund.** The Fund's sub-adviser, Leeward, employs a fundamental investment process which seeks to identify companies which it believes are selling at a discount to their intrinsic value. In evaluating and selecting potential investments for the Fund, Leeward completes in-depth research and analysis on the securities in the investable universe in an effort to identify leading companies selling at attractive valuations. The research and analysis include an examination of financial statements and assessments of the management team, the company's competitive strategy and its current market position. Leeward generally limits the Fund's weight in a sector to 10% over or under the sector's weight in the Russell 2000<sup>®</sup> Value Index. Leeward will generally sell a security when it no longer passes Leeward 's valuation screens, reaches a price target, or its prospects for appreciation have diminished.

**<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 a 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 a Fund's sub-adviser believes that the risk of loss in using a 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.

**80% Investment Policy.** Certain of the Funds 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 a 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 a Fund's 80% Policy. Each Fund's 80% Policy is a nonfundamental investment policy that may be changed by a Fund upon 60 days' prior written notice to a 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: Small Cap Fund and Small Cap Value Fund.

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**<u>Do the Funds Have Other Investment Strategies in Addition to Their Principal Investment Strategies?</u>** 

**General.** In addition to the investments and strategies described in this prospectus, each Fund also 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' SAI.

**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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| | | |
|:---|:---|:---|
| **Risks** | **Small** <br> **Cap** <br> **Fund**<br>| **Small** <br> **Cap** <br> **Value** <br> **Fund**<br>|
| Cybersecurity Risk | X | X |
| Economic and Market Events Risk | X | X |
| Equity Securities Risk | X | X |
| Management Risk | X | X |
| Other Investment Companies Risk |  | X |
| Sector and Industry Focus Risk | X |  |
| Small-Cap Risk | X | X |
| Value Investing Risk |  | X |

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**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 cybersecurity risks that could result in losses to a Fund and its shareholders. Cybersecurity 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 cybersecurity 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 Funds' 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 cybersecurity 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

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for the Fund, such as trading, NAV calculation, shareholder accounting, or fulfillment of Fund share purchases and redemptions. Cybersecurity 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 Adviser's and the Sub-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, 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.

**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. The 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 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 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

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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 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:** 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 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.

<sup>●</sup>

**Small-Cap Risk:** The 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.

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**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.

**Other Investment Companies Risk:** A Fund's investments in other investment companies, such as ETFs and closed-end funds, will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolios of such investment companies, and the value of a Fund's investment will fluctuate in response to the performance of such portfolios. The risks of owning shares of other investment companies generally reflect the risks of owning the underlying securities, although lack of liquidity in an investment company could result in it being more volatile than its underlying securities, and other investment companies have management fees that increase their costs. Other investment companies' portfolio compositions and performance may not match that of the index it is designed to track due to delays in the investment company's implementation of changes to the composition of the index and other factors. The value of the shares of closed-end funds may be lower than the value of the portfolio securities held by the closed-end fund. Also, although many ETFs seek to provide investment results that correspond generally to the price and yield performance of a particular market index, the price movement of an ETF may not track the underlying index. In addition, if a Fund acquires shares of investment companies, shareholders of a Fund will bear both their proportionate share of the fees and expenses of a Fund (including management and advisory fees) and, indirectly, the fees and expenses of the investment companies. There may also not be an active trading market available for shares of some investment companies. Additionally, trading of investment company shares may be halted or delisted by the listing exchange. To the extent a Fund is held by an affiliated fund, the ability of a Fund itself to hold other investment companies may be limited.

**Sector and Industry Focus Risk:** A Fund that focuses its investments in the securities of a particular market sector and/or industry is subject to the risk that adverse circumstances will have a greater impact on the Fund than a fund that does not focus its investments in a particular sector and/or industry. It is possible that economic, business or political developments or other changes affecting one security in the sector and/or industry of focus will affect other securities in that sector and/or industry of focus in the same manner, thereby increasing the risk of such investments.

**Value Investing Risk:** Value investing presents the risk that a 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. 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")** <br>303 Broadway, Suite 1100, Cincinnati, Ohio 45202

Touchstone Advisors has been a registered investment adviser since 1994. As of June 30, 2026, Touchstone Advisors had approximately $[_] 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:

<sup>●</sup>

Level of knowledge and skill;

<sup>●</sup>

Performance as compared to its peers or benchmark;

<sup>●</sup>

Consistency of performance over 5 years or more;

<sup>●</sup>

Level of compliance with investment rules and strategies;

<sup>●</sup>

Employees, facilities and financial strength; and

<sup>●</sup>

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 Funds Group 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 September 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** <br> **as a % of** <br> **Average Daily Net Assets**<br>|
| Small Cap Fund | 0.72<br> %<br>|
| Small Cap Value Fund<sup>(1)</sup> <br>| 0.79<br> %<br>|

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<sup>(1)</sup> *The Fund's investment advisory fee rate was contractually reduced to 0.85% on the first $150 million and 0.78% on assets over $150 million effective June 1, 2025. Prior to that date, the Fund paid the Adviser an advisory fee at an annualized rate of 0.85% on all assets.*

**Advisory and Sub-Advisory Agreement Approval.** A discussion of the basis for the Board's approval of the Funds' advisory and sub-advisory agreements can be found in the Trust's March 31, 2026 semi-annual report and will also be included in the Trust's March 31, 2027 semi-annual report.

**<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 Fund's 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

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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 each 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-adviser's 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.

**Leeward Investments, LLC ("Leeward"),** located at 10 Winthrop Square, Suite 500, Boston, MA 02110, an investment adviser registered with the Securities and Exchange Commission, serves as the sub-adviser to the Small Cap Value Fund. As the sub-adviser, Leeward makes investment decisions for the Fund and also ensures compliance with the Fund's investment policies and guidelines. Leeward is a limited liability company wholly owned by its employees.

*<u>Small Cap Value Fund</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R. Todd Vingers, CFA,** Portfolio Manager, joined Leeward upon its founding and spin-out from LMCG Investments, LLC ("LMCG") in 2022. Mr. Vingers is the President of Leeward and Portfolio Manager on the firm's investment strategies. He is jointly and primarily responsible for the management of the Funds. Prior to Leeward, Mr. Vingers spent 21 years as a portfolio manager at LMCG and also served as portfolio manager at American Century Investments.

**Jay Willadsen, CFA,** Portfolio Manager, joined Leeward upon its founding and spin-out from LMCG in 2022. Mr. Willadsen is a Portfolio Manager on the firm's investment strategies. He is jointly and primarily responsible for the management of the Funds. Prior to Leeward, Mr. Willadsen spent 20 years as a portfolio manager and research analyst at LMCG, and also served as a research analyst at Independence Investments.

**London Company of Virginia, LLC 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 Small 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, 2026, The London Company had approximately $[_] billion in assets under management.

*<u>Small Cap Fund</u>*

**Stephen Goddard, CFA,** Founder, CIO and Co-Lead Portfolio Manager, founded The London Company in 1994 and is jointly and primarily responsible for the management of the Funds. Previously, he held Senior Portfolio Management positions at CFB Advisory and Flippin, Bruce & Porter. He has over 35 years of investment experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Brian Campbell, CFA,** Principal and Co-Lead Portfolio Manager, joined The London Company in 2010 and is jointly and primarily responsible for the management of the Funds. Previously he spent six years as Portfolio Manager and the Director of Research at Hilliard Lyons Capital Management. He has over 20 years of investment experience.

**Sam Hutchings, CFA,** Principal and Portfolio Manager, joined The London Company in 2015 and is jointly and primarily responsible for the management of the Fund. 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.

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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. These 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 are described in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts to this prospectus.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class A**  | **Class C**  | **Class Y**  | **Institutional** <br> **Class** <br>| **Class R6** |
| Small Cap Fund  | X | X | X | X | X |
| Small Cap Value Fund  | X | X<br>| X | X | X |

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**<u>Class A Shares (all Funds)</u>**

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. For these purposes, the following Funds are "Touchstone equity funds": Small Cap Fund and Small Cap Value.

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

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| | | | |
|:---|:---|:---|:---|
| **Amount of Your Investment** | **Sales Charge as % of**<br> **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>| None\* |

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*\**

*Distributor may pay a Finder's Fee on qualifying assets to dealers who initiate purchases of Touchstone equity fund Class A shares 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>** 

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| | | | |
|:---|:---|:---|:---|
| **Amount of Your Investment** | **Sales Charge as % of**<br> **Offering Price**<br>| **Sales Charge as % of**<br> **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>| None\* |

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*\**

*Distributor may pay a Finder's Fee on qualifying assets to dealers who initiate purchases of Touchstone fixed income fund 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 0.50%.*

**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

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was paid by Touchstone Securities, LLC (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.

<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:

<sup>●</sup>

Merrill Lynch

<sup>●</sup>

RBC

<sup>●</sup>

JP Morgan Securities

<sup>●</sup>

Morgan Stanley

<sup>●</sup>

Raymond James

<sup>●</sup>

Ameriprise Financial

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.

**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 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

<sup>●</sup>

Trust accounts

<sup>●</sup>

Estate accounts

<sup>●</sup>

Guardian/Conservator accounts

<sup>●</sup>

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

<sup>●</sup>

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 Touchstone equity funds or $50,000 in Touchstone fixed income funds (excluding any reinvestment of dividends and capital gains distributions) during the next 13 months, you may qualify for a reduced sales charge of Class A shares of any Touchstone fund by completing the Letter of Intent section of your account application. A Letter of Intent indicates your intent to purchase at least $25,000 in Touchstone equity funds or at least $50,000 Touchstone fixed income funds 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 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 (all Funds)</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 (all Funds)</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 (all Funds)</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 (all Funds)</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 Fund's distributor) in promoting the sales of the Fund's shares. In addition, neither the Funds 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.

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DISTRIBUTION AND SHAREHOLDER SERVICING ARRANGEMENTS

**Rule 12b-1 Distribution Plans.** The Funds have 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.

Existing shareholders of all classes may purchase directly through Touchstone Securities, LLC ("Touchstone Securities") or your financial intermediary.

<sup>●</sup>

New shareholders interested in purchasing Classes A, C, and Institutional shares may do so through your financial intermediary.

<sup>●</sup>

Class Y shares are only available through a financial intermediary or financial institutions such as retirement plans or fee based platforms, which may impose charges in addition to those described in this prospectus.

<sup>●</sup>

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

<sup>●</sup>

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 titled "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 National Independence Day, 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** 

<sup>●</sup>

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.

<sup>●</sup>

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., 4400 Computer Drive, Westborough, Massachusetts 01581.

<sup>●</sup>

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

<sup>●</sup>

You may also open an account through your financial adviser.

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

<sup>●</sup>

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.

<sup>●</sup>

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

<sup>●</sup>

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** 

<sup>●</sup>

You may invest in certain share classes by establishing an account through financial intermediaries such as a bank, broker dealer or mutual fund supermarket that have appropriate selling agreements with Touchstone Securities.

<sup>●</sup>

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

<sup>●</sup>

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

<sup>●</sup>

Financial intermediaries may designate third party clearing agents to accept purchase and sales orders on the Funds' behalf. It is the responsibility of the financial intermediary to transmit properly completed orders so that they will be received by Touchstone Securities in a timely manner.

<sup>●</sup>

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

<sup>●</sup>

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

<sup>●</sup>

Shares held through a financial intermediary may be transferred into your name following procedures established by that firm and Touchstone Securities

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

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

Class A, C, Y, and R6 shareholders who are eligible to invest in Institutional Class shares are eligible to exchange their respective 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".

<sup>●</sup>

Class A, C, Y, and Institutional shareholders who are eligible to invest in R6 Class shares are eligible to exchange their respective 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 Funds' SAI for more information under "Choosing a Class of Shares".

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

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.

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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.

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** |
| &nbsp;&nbsp;&nbsp;&nbsp; ●Traditional IRAs | &nbsp;&nbsp;&nbsp;&nbsp; ●Defined benefit plans |
| &nbsp;&nbsp;&nbsp;&nbsp; ●SIMPLE IRAs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●Defined contribution plans (including 401(k) plans, <br> profit sharing plans and money purchase plans) |
| &nbsp;&nbsp;&nbsp;&nbsp; ●Spousal IRAs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●Defined contribution plans (including 401(k) plans, <br> profit sharing plans and money purchase plans) |
| &nbsp;&nbsp;&nbsp;&nbsp; ●Roth IRAs | &nbsp;&nbsp;&nbsp;&nbsp; ●457 plans |
| &nbsp;&nbsp;&nbsp;&nbsp; ●Education IRAs |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ●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 (each an "Authorized Processing Organization") to receive purchase and sales orders on their behalf. Before investing in the Funds through a Authorized 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:

<sup>●</sup>

Charge a fee for its services

<sup>●</sup>

Act as the shareholder of record of the shares

<sup>●</sup>

Set different minimum initial and additional investment requirements

<sup>●</sup>

Impose other charges and restrictions

<sup>●</sup>

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.

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

Purchase 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, 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 or Authorized Processing Organization 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** 

<sup>●</sup>

Complete the investment form provided with a recent account statement.

<sup>●</sup>

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

<sup>●</sup>

Write your account number on the check.

<sup>●</sup>

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.

<sup>●</sup>

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** 

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

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:

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

Requiring personal identification.

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

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

Providing written confirmation for transactions requested by telephone.

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

Digitally recording instructions received by telephone.

**By wire or ACH** 

<sup>●</sup>

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

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

Contact Touchstone Securities or your financial intermediary for further instructions.

**By exchange** 

<sup>●</sup>

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

<sup>●</sup>

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

<sup>●</sup>

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

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**<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 or Authorized Processing Organization, please contact them for further details on automatic investment options.

**Automatic Investment Plan.** 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.** 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. Dividends and capital gains will be 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 our 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** 

<sup>●</sup>

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>

Shares held in qualified retirement plans cannot be sold via Internet.

<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.

<sup>●</sup>

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

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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.

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

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.

<sup>●</sup>

Include your name and account number.

<sup>●</sup>

Sign your request exactly as your name appears on your investment application.

<sup>●</sup>

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.

<sup>●</sup>

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.

<sup>●</sup>

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.

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 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. If the redemption proceeds were from the sale of your Class A shares, and the sales load that you incurred on the initial purchase is equal to or more than the sales charge for the Fund in which you are reinvesting you can reinvest into Class A shares of any applicable Touchstone Fund at NAV. 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/exchanging.

**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.

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

<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 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. The table below outlines when net investment income dividends are declared and paid by each Fund. Each Fund makes distributions of capital gains, if any, at least annually.

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| | | |
|:---|:---|:---|
| **Fund** | **Dividends Declared** | **Dividends Paid** |
| Small Cap Fund | Annually | Annually |
| Small Cap Value Fund | Quarterly | Quarterly |

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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 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. 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 a regulated investment company ("RIC") under Subchapter M of Chapter 1, Subtitle A of the Code. As such, a Fund 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. 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.

**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

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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, except as noted below, were audited by [_], an independent registered public accounting firm, whose report, along with each Fund's financial statements and related notes, is included in the Funds' September 30, 2025 [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/914243/000110465925118045/tm2532194d1_ncsr.htm#fact-identifier-780). There are no financial highlights for Class R6 shares of the Fund because this share class did not commence operations until [ ], 2026.

You can obtain the Funds' 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.

[The financial highlights for the Fund will be updated by amendment]

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap Fund**  | **Touchstone Small Cap 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**<sup>(3)</sup> <br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(3)</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**  |
| 09/30/21  | $10.29<br>| $0.05<br>| $3.91<br>| $3.96<br>| $—<br>| $(0.20) <br>| $(0.20) <br>| $14.05<br>| 38.68<br> % <br>| $5266<br>| 1.27<br> % <br>| 1.78<br> % <br>| 0.39<br> % <br>33 % <sup>(4)</sup><br>|
| 09/30/22  | 14.05<br>| (0.01) <br>| (1.21) <br>| (1.22) <br>| (0.03) <br>| (1.78) <br>| (1.81) <br>| 11.02<br>| (10.75) <br>| 4022<br>| 1.25<br>| 1.77<br>| (0.05) <br>18 <br><sup>(4)</sup><br>|
| 09/30/23  | 11.02<br>| 0.01<br>| 2.03<br>| 2.04<br>| (0.01) <br>| (0.21) <br>| (0.22) <br>| 12.84<br>| 18.65<br>| 7223<br>| 1.24<br>| 1.82<br>| 0.08<br>14 <br><sup>(4)</sup><br>|
| 09/30/24  | 12.84<br>| —<br> <sup>(5)</sup> <br>| 2.63<br>| 2.63<br>| (0.01) <br>| (0.43) <br>| (0.44) <br>| 15.03<br>| 20.91<br>| 27890<br>| 1.25<br>| 1.66<br>| 0.02<br>16 <br><sup>(4)</sup><br>|
| 09/30/25  | 15.03<br>| (0.02) <br>| (0.19) <br>| (0.21) <br>| (0.01) <br>| (0.17) <br>| (0.18) <br>| 14.64<br>| (1.51) <br>| 36655<br>| 1.25<br>| 1.53<br>| (0.12) <br>11 <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**  |
| 09/30/21  | $9.38<br>| $(0.04) <br>| $3.55<br>| $3.51<br>| $—<br>| $(0.20) <br>| $(0.20) <br>| $12.69<br>| 37.62<br> % <br>| $197<br>| 2.02<br> % <br>| 4.51<br> % <br>| (0.36)% <br>33 % <sup>(4)</sup><br>|
| 09/30/22  | 12.69<br>| (0.09) <br>| (1.07) <br>| (1.16) <br>| (0.01) <br>| (1.78) <br>| (1.79) <br>| 9.74<br>| (11.45) <br>| 162<br>| 2.00<br>| 6.81<br>| (0.80) <br>18 <br><sup>(4)</sup><br>|
| 09/30/23  | 9.74<br>| (0.07) <br>| 1.79<br>| 1.72<br>| —<br>| (0.21) <br>| (0.21) <br>| 11.25<br>| 17.78<br>| 273<br>| 1.99<br>| 6.48<br>| (0.67) <br>14 <br><sup>(4)</sup><br>|
| 09/30/24  | 11.25<br>| (0.09) <br>| 2.30<br>| 2.21<br>| —<br>| (0.43) <br>| (0.43) <br>| 13.03<br>| 20.08<br>| 1436<br>| 2.00<br>| 3.67<br>| (0.73) <br>16 <br><sup>(4)</sup><br>|
| 09/30/25  | 13.03<br>| (0.11) <br>| (0.16) <br>| (0.27) <br>| —<br>| (0.17) <br>| (0.17) <br>| 12.59<br>| (2.20) <br>| 1668<br>| 1.97<br>| 2.77<br>| (0.83) <br>11 <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**  |
| 09/30/21  | $10.52<br>| $0.09<br>| $3.98<br>| $4.07<br>| $(0.11) <br>| $(0.20) <br>| $(0.31) <br>| $14.28<br>| 39.02<br> % <br>| $49842<br>| 1.02<br> % <br>| 1.25<br> % <br>| 0.64<br> % <br>33 % <sup>(4)</sup><br>|
| 09/30/22  | 14.28<br>| 0.02<br>| (1.24) <br>| (1.22) <br>| (0.04) <br>| (1.78) <br>| (1.82) <br>| 11.24<br>| (10.58) <br>| 53485<br>| 1.00<br>| 1.23<br>| 0.20<br>18 <br><sup>(4)</sup><br>|
| 09/30/23  | 11.24<br>| 0.04<br>| 2.08<br>| 2.12<br>| (0.02) <br>| (0.21) <br>| (0.23) <br>| 13.13<br>| 18.99<br>| 88745<br>| 0.99<br>| 1.21<br>| 0.33<br>14 <br><sup>(4)</sup><br>|
| 09/30/24  | 13.13<br>| 0.04<br>| 2.70<br>| 2.74<br>| (0.03) <br>| (0.43) <br>| (0.46) <br>| 15.41<br>| 21.28<br>| 208329<br>| 1.00<br>| 1.19<br>| 0.27<br>16 <br><sup>(4)</sup><br>|
| 09/30/25  | 15.41<br>| 0.02<br>| (0.20) <br>| (0.18) <br>| (0.04) <br>| (0.17) <br>| (0.21) <br>| 15.02<br>| (1.29) <br>| 196196<br>| 1.00<br>| 1.18<br>| 0.13<br>11 <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**  |
| 09/30/21  | $10.49<br>| $0.10<br>| $3.97<br>| $4.07<br>| $(0.13) <br>| $(0.20) <br>| $(0.33) <br>| $14.23<br>| 39.13<br> % <br>| $39656<br>| 0.94<br> % <br>| 1.16<br> % <br>| 0.72<br> % <br>33 % <sup>(4)</sup><br>|
| 09/30/22  | 14.23<br>| 0.04<br>| (1.25) <br>| (1.21) <br>| (0.04) <br>| (1.78) <br>| (1.82) <br>| 11.20<br>| (10.52) <br>| 32834<br>| 0.92<br>| 1.14<br>| 0.28<br>18 <br><sup>(4)</sup><br>|
| 09/30/23  | 11.20<br>| 0.05<br>| 2.07<br>| 2.12<br>| (0.02) <br>| (0.21) <br>| (0.23) <br>| 13.09<br>| 19.08<br>| 34027<br>| 0.91<br>| 1.13<br>| 0.41<br>14 <br><sup>(4)</sup><br>|
| 09/30/24  | 13.09<br>| 0.05<br>| 2.68<br>| 2.73<br>| (0.04) <br>| (0.43) <br>| (0.47) <br>| 15.35<br>| 21.29<br>| 38644<br>| 0.92<br>| 1.12<br>| 0.35<br>16 <br><sup>(4)</sup><br>|
| 09/30/25  | 15.35<br>| 0.03<br>| (0.19) <br>| (0.16) <br>| (0.05) <br>| (0.17) <br>| (0.22) <br>| 14.97<br>| (1.15) <br>| 31603<br>| 0.92<br>| 1.09<br>| 0.21<br>11 <br><sup>(4)</sup><br>|

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&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> *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% and 0.03% for the years* *ended September 30, 2025, 2024, 2022 and 2021, respectively.* 

<sup>(4)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

<sup>(5)</sup> *Less than $0.005 per share.*

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap Value Fund**  | **Touchstone Small Cap 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>| **Return of**<br> **capital** <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**<sup>(3)</sup> <br>| **Ratio of gross**<br> **expenses**<br> **to average**<br> **net assets**<sup>(3)</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**  |
| 09/30/21  | $20.63<br>| $(—) <br>| $11.98<br>| $11.98<br>| $(0.08) <br>| $(0.04) <br>| $(0.12) <br>| $32.49<br>| 57.95<br> % <br>| $24620<br>| 1.38<br> % <br>| 1.55<br> % <br>| (0.02)% <br>| 29<br> % <br>|
| 09/30/22  | 32.49<br>| (0.01) <br>| (3.55) <br>| (3.56) <br>| (0.06) <br>| (0.07) <br>| (0.13) <br>| 28.80<br>| (11.04) <br>| 21034<br>| 1.38<br>| 1.57<br>| (0.02) <br>| 35<br>|
| 09/30/23  | 28.80<br>| 0.09<br>| 2.61<br>| 2.70<br>| (0.01) <br>| —<br>| (0.01) <br>| 31.49<br>| 9.36<br>| 22214<br>| 1.40<br>| 1.53<br>| 0.29<br>| 31 <br><sup>(4)</sup><br>|
| 09/30/24  | 31.49<br>| 0.15<br>| 6.78<br>| 6.93<br>| (0.18) <br>| —<br>| (0.18) <br>| 38.24<br>| 22.07<br>| 25639<br>| 1.39<br>| 1.51<br>| 0.42<br>| 17 <br><sup>(4)</sup><br>|
| 09/30/25  | 38.24<br>| 0.17<br>| 1.88<br>| 2.05<br>| (0.12) <br>| —<br>| (0.12) <br>| 40.17<br>| 5.38<br>| 25159<br>| 1.39<br>| 1.48<br>| 0.45<br>| 19 <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**  | **Class C**  |
| 09/30/21  | $19.84<br>| $(0.22) <br>| $11.50<br>| $11.28<br>| $(0.04) <br>| $(0.02) <br>| $(0.06) <br>| $31.06<br>| 56.81<br> % <br>| $562<br>| 2.13<br> % <br>| 3.71<br> % <br>| (0.77)% <br>| 29<br> % <br>|
| 09/30/22  | 31.06<br>| (0.24) <br>| (3.38) <br>| (3.62) <br>| (0.03) <br>| (0.03) <br>| (0.06) <br>| 27.38<br>| (11.73) <br>| 272<br>| 2.13<br>| 4.21<br>| (0.77) <br>| 35<br>|
| 09/30/23  | 27.38<br>| (0.14) <br>| 2.49<br>| 2.35<br>| —<br>| —<br>| —<br>| 29.73<br>| 8.58<br>| 322<br>| 2.15<br>| 5.19<br>| (0.46) <br>| 31 <br><sup>(4)</sup><br>|
| 09/30/24  | 29.73<br>| (0.11) <br>| 6.38<br>| 6.27<br>| (0.13) <br>| —<br>| (0.13) <br>| 35.87<br>| 21.12<br>| 465<br>| 2.14<br>| 5.30<br>| (0.33) <br>| 17 <br><sup>(4)</sup><br>|
| 09/30/25  | 35.87<br>| (0.08) <br>| 1.76<br>| 1.68<br>| —<br>| —<br>| —<br>| 37.55<br>| 4.68<br>| 449<br>| 2.07<br>| 4.20<br>| (0.24) <br>| 19 <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**  | **Class Y**  |
| 09/30/21  | $20.67<br>| $0.07<br>| $12.01<br>| $12.08<br>| $(0.09) <br>| $(0.05) <br>| $(0.14) <br>| $32.61<br>| 58.32<br> % <br>| $41793<br>| 1.13<br> % <br>| 1.26<br> % <br>| 0.23<br> % <br>| 29<br> % <br>|
| 09/30/22  | 32.61<br>| 0.08<br>| (3.58) <br>| (3.50) <br>| (0.07) <br>| (0.10) <br>| (0.17) <br>| 28.94<br>| (10.81) <br>| 34156<br>| 1.13<br>| 1.27<br>| 0.23<br>| 35<br>|
| 09/30/23  | 28.94<br>| 0.17<br>| 2.63<br>| 2.80<br>| (0.03) <br>| —<br>| (0.03) <br>| 31.71<br>| 9.66<br>| 35328<br>| 1.15<br>| 1.26<br>| 0.54<br>| 31 <br><sup>(4)</sup><br>|
| 09/30/24  | 31.71<br>| 0.23<br>| 6.83<br>| 7.06<br>| (0.20) <br>| —<br>| (0.20) <br>| 38.57<br>| 22.33<br>| 42121<br>| 1.14<br>| 1.23<br>| 0.67<br>| 17 <br><sup>(4)</sup><br>|
| 09/30/25  | 38.57<br>| 0.27<br>| 1.90<br>| 2.17<br>| (0.22) <br>| —<br>| (0.22) <br>| 40.52<br>| 5.65<br>| 40806<br>| 1.14<br>| 1.20<br>| 0.70<br>| 19 <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**  | **Institutional Class**  |
| 09/30/21  | $20.68<br>| $0.11<br>| $12.03<br>| $12.14<br>| $(0.10) <br>| $(0.05) <br>| $(0.15) <br>| $32.67<br>| 58.59<br> % <br>| $9176<br>| 0.98<br> % <br>| 1.25<br> % <br>| 0.38<br> % <br>| 29<br> % <br>|
| 09/30/22  | 32.67<br>| 0.13<br>| (3.59) <br>| (3.46) <br>| (0.10) <br>| (0.12) <br>| (0.22) <br>| 28.99<br>| (10.67) <br>| 7389<br>| 0.98<br>| 1.26<br>| 0.38<br>| 35<br>|
| 09/30/23  | 28.99<br>| 0.22<br>| 2.62<br>| 2.84<br>| (0.03) <br>| —<br>| (0.03) <br>| 31.80<br>| 9.81<br>| 54449<br>| 1.00<br>| 1.20<br>| 0.69<br>| 31 <br><sup>(4)</sup><br>|
| 09/30/24  | 31.80<br>| 0.29<br>| 6.86<br>| 7.15<br>| (0.22) <br>| —<br>| (0.22) <br>| 38.73<br>| 22.53<br>| 148646<br>| 0.99<br>| 1.15<br>| 0.82<br>| 17 <br><sup>(4)</sup><br>|
| 09/30/25  | 38.73<br>| 0.33<br>| 1.91<br>| 2.24<br>| (0.27) <br>| —<br>| (0.27) <br>| 40.70<br>| 5.82<br>| 117973<br>| 0.98<br>| 1.12<br>| 0.85<br>| 19 <br><sup>(4)</sup><br>|

---

&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> *The ratio of net and gross expenses to average net assets excluding liquidity provider expenses would have been lower by 0.02%, 0.01% and 0.02% for the years ended* *September 30, 2025, 2024 and 2023, respectively.* 

<sup>(4)</sup> *Portfolio turnover excludes securities delivered from processing redemptions-in-kind.* 

<sup>(5)</sup> *Less than $0.005 per share.*

------

TOUCHSTONE INVESTMENTS

**DISTRIBUTOR** <br>Touchstone Securities, LLC <br>303 Broadway, Suite 1100 <br>Cincinnati, Ohio 45202-4203 <br>1.800.638.8194 <br>TouchstoneInvestments.com

**INVESTMENT ADVISER** <br>Touchstone Advisors, Inc.\* <br>303 Broadway, Suite 1100 <br>Cincinnati, Ohio 45202-4203

**TRANSFER AGENT** <br>BNY Mellon Investment Servicing (US) Inc. <br>4400 Computer Drive <br>Westborough, Massachusetts 01581

**SHAREHOLDER SERVICES** <br>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 a Touchstone Advisors, Inc., each a member of Western & Southern Financial Group: Touchstone, Touchstone Funds, Touchstone Investments, 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.

------

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

<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;<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).

<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.

------

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

<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>**

Purchases or sales of front-end (for example, Class A) or level-load (for example, 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, discounts, and share class exchanges 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.

**Front-End Load Waivers Available at Merrill**

<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

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill** 

<sup>●</sup>

Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(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

<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

------

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

<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

**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent** 

<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>

On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement.

<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

<sup>●</sup>

On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to 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

------

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

<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 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</u> <u>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.

------

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

<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 January 1, 2026 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 within 90 days following a redemption from a Touchstone Fund, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the 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 same 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 the qualified age based on applicable Internal Revenue Service regulations 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

------

**\* \* \* \* \* \***

**<u>Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells</u> <u>Fargo Advisors")</u>**

**<u>Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to</u> <u>include First Clearing firms.</u>**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**<u>Wells Fargo Advisors Class A share front-end sales charge waivers information.</u>**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

<sup>●</sup>

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

<sup>●</sup>

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**<u>Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.</u>**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

<sup>●</sup>

Shares purchased through a rollover from another 529 plan.

<sup>●</sup>

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**<u>Wells Fargo Advisors Contingent Deferred Sales Charge information.</u>**

<sup>●</sup>

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**<u>Wells Fargo Advisors Class A front-end load discounts</u>**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

<sup>●</sup>

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

<sup>●</sup>

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

<sup>●</sup>

Gift of shares will not be considered when determining breakpoint discounts

------

![](g71419touchstonelogonocolor.jpg)

303 Broadway, Suite 1100 <br>Cincinnati, Ohio 45202-4203

**Go paperless, sign up today at:** <br>**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. 811-08104

[Form number]

------

*The information in this SAI is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This SAI is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.*

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

*SUBJECT TO COMPLETION - DATED May 27, 2026*

**Touchstone Funds Group Trust**

**Statement of Additional Information**

**July [_], 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| Touchstone Small Cap Fund | TSFAX | TSFCX | TSFYX | TSFIX | **[_]** |
| Touchstone Small Cap Value Fund | TVOAX | TVOCX | TVOYX | TVOIX | **[_]** |

---

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 Funds Group Trust (the "Trust") and should be read in conjunction with the Funds' prospectus dated July [_], 2026, as may be amended. The Trust's audited financial statements for the fiscal year ended September 30, 2025, including the notes thereto and the report of [_] thereon, included in the Trust's most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/914243/000110465925118045/tm2532194d1_ncsr.htm#fact-identifier-780) 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_740cc8f3-2927-4fc4-9be5-ba8ddc34e910_1) | 3 |
| [PERMITTED INVESTMENTS AND RISK FACTORS](#xx_740cc8f3-2927-4fc4-9be5-ba8ddc34e910_1) | 3 |
| [Investment Limitations](#xx_740cc8f3-2927-4fc4-9be5-ba8ddc34e910_14) | 16 |
| [TRUSTEES AND OFFICERS OF THE TRUST](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_1) | 20 |
| [THE ADVISER](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_7) | 26 |
| [THE SUB-ADVISERS AND PORTFOLIO MANAGERS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_8) | 27 |
| [THE ADMINISTRATOR](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_10) | 29 |
| [TOUCHSTONE SECURITIES](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_11) | 30 |
| [Distribution Plans and Shareholder Service Arrangements](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_13) | 32 |
| [BROKERAGE TRANSACTIONS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_14) | 33 |
| [PROXY VOTING](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_15) | 34 |
| [CODE OF ETHICS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_15) | 34 |
| [Portfolio Turnover](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_15) | 34 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_16) | 35 |
| [DETERMINATION OF NET ASSET VALUE](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_17) | 36 |
| [DESCRIPTION OF SHARES](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_17) | 36 |
| [CERTAIN PROVISIONS OF THE TRUST'S BY-LAWS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_18) | 37 |
| [CONTROL PERSONS AND PRINCIPAL SECURITY HOLDERS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_18) | 37 |
| [CHOOSING A CLASS OF SHARES](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_20) | 39 |
| [OTHER PURCHASE AND REDEMPTION INFORMATION](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_23) | 42 |
| [DISTRIBUTIONS](#xx_33c5209f-3408-400f-a5a4-d3aa49e98717_26) | 45 |
| [FEDERAL INCOME TAXES](#xx_4cab2522-c7ba-435a-bbc3-f2a9d293d0c7_1) | 46 |
| [CUSTODIAN](#xx_4cab2522-c7ba-435a-bbc3-f2a9d293d0c7_9) | 54 |
| [LEGAL COUNSEL](#xx_4cab2522-c7ba-435a-bbc3-f2a9d293d0c7_9) | 54 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_4cab2522-c7ba-435a-bbc3-f2a9d293d0c7_9) | 54 |
| [TRANSFER AND SUB-ADMINISTRATIVE AGENT](#xx_4cab2522-c7ba-435a-bbc3-f2a9d293d0c7_10) | 55 |
| [FINANCIAL STATEMENTS](#xx_4cab2522-c7ba-435a-bbc3-f2a9d293d0c7_10) | 55 |
| [APPENDIX A — DESCRIPTION OF SECURITIES RATINGS](#xx_487a3821-bf71-454c-a884-19521a0c204c_1) | 56 |
| [APPENDIX B — PROXY VOTING POLICIES](#xx_1ec09348-5faf-477b-b68d-1bb9944f25e6_1) | 61 |

---

------

**THE TRUST**

Touchstone Funds Group Trust (the "Trust"), an open-end management investment company, was organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated October 25, 1993, as amended ("the Declaration of Trust"). Prior to November 20, 2006, the name of the Trust was Constellation Funds. Effective November 20, 2006, the Trust's name changed to Touchstone Funds Group Trust. The Declaration of Trust permits the Trust to offer separate series of units of beneficial interest (the "shares") and separate classes of shares. Each Fund is a separate mutual fund and each share of each Fund represents an equal proportionate interest in that Fund. This SAI relates to the following separate series of the Trust: Touchstone Small Cap Fund (the "Small Cap Fund") and Touchstone Small Cap Value Fund (the "Small Cap Value Fund"). Each Fund is diversified.

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, LLC ("Touchstone Securities" or the "Distributor") is the principal distributor of the Funds' shares. The Distributor is an affiliate of the Adviser.

The Funds offer five separate classes of shares: Classes A, C, Y, R6 and Institutional Class. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Class A** | **Class C** | **Class Y** | &nbsp;&nbsp; **Institutional** <br> **Class**<br>| **Class R6** |
| Small Cap Fund | x | x | x | x | x |
| Small Cap Value Fund | x | x | x | x | x |

---

**<u>History of the Funds</u>**

**Small Cap Fund.** Effective on January 30, 2016, the Fund changed its name from Touchstone Small Cap Core Fund to Touchstone Small Cap Fund.

**Small Cap Value Fund.** From the Small Cap Value Fund's inception on March 4, 2002 until May 7, 2004, the Fund operated as the Turner Small Cap Value Opportunities Fund, a portfolio of the Turner Funds, and was advised by Turner Investment Management, LLC, a majority-owned subsidiary of TIP. On May 7, 2004, the Turner Small Cap Value Opportunities Fund was reorganized into the Constellation TIP Small Cap Value Opportunities Fund. Effective December 22, 2005, the Fund's name was changed to Constellation Small Cap Value Opportunities Fund. On November 20, 2006, the Constellation Small Cap Value Opportunities Fund was renamed the Touchstone Small Cap Value Opportunities Fund. TIP and Diamond Hill Capital Management, Inc. remained as the sub-advisers to the Fund after the change. James Investment Research, Inc. became a sub-adviser to the Fund on June 20, 2007. Diamond Hill Capital Management, Inc. and James Investment Research, Inc. were removed as sub-advisers to the Fund on June 16, 2008. TIP was replaced as sub-adviser to the Fund on December 6, 2010 by DePrince, Race and Zollo, Inc. ("DRZ"). On December 6, 2010, the Touchstone Small Cap Value Opportunities Fund was renamed the Touchstone Small Cap Value Fund. On July 1, 2016, the Small Cap Value Fund replaced its sub-adviser, DRZ, with LMCG Investments, LLC. On March 1, 2022, the Small Cap Value Fund replaced its sub–adviser, LMCG Investments, LLC, with Leeward Investments, LLC.

**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

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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.

**Borrowing and Leveraging.** Each Fund may borrow money from banks (including their custodian bank) or from other lenders to the extent permitted by applicable law. The Investment Company Act of 1940, as amended (the "1940 Act") requires the Funds 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 a Fund's assets should fail to meet this 300% coverage test, the Fund, within 3 days (not including Sundays and holidays), will reduce the amount of its borrowings to the extent necessary to meet this test. A 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.

**Commercial Paper and Other Short-Term Obligations.** Commercial paper (including variable amount master demand notes) consists of short-term unsecured promissory notes issued by U.S. corporations, partnerships, trusts or other entities in order to finance short-term credit needs and non-convertible debt securities (e.g., bonds and debentures) with no more than 397 days remaining to maturity at the date of purchase. 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 Funds' restrictions on illiquid investments (see "Investment Limitations") unless, in the judgment of the Sub-Adviser, subject to the oversight of the Board, such note is liquid.

**Commodity Futures Trading Commission Regulation.** 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

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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.

**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.

**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. Some "derivatives" such as certain mortgage-related and other asset-backed securities are in many respects like any other investment, although they may be more volatile or less liquid than more traditional debt securities. 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. The 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 a 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 a Fund. The use of derivatives for non-hedging purposes may be considered speculative. A description of the specific derivatives that the s may use and some of their associated risks is discussed above under the caption "Borrowing and Leveraging" and below under the captions "Forward Foreign Currency Contracts", "Futures Contracts and Options on Futures Contracts", "Options" and "Swap Agreements". The High Yield Fund may invest up to 25% of its assets in derivatives. Derivatives exposure will include exchange-traded derivatives (such as credit default swaps, futures, options, etc.).

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, Rule 18f-4 under the 1940 Act (the "Derivatives Rule") went into effect in 2022.

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 June 30, 2026, 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 June 30, 2026, 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 June 30, 2026, the countries in the MSCI Frontier Markets Index included: **[Bahrain, Bangladesh, Benin, Burkina Faso, Croatia, Estonia, Guinea-Bissau, Iceland, Ivory Coast, 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.

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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.

**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.

**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.

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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.

**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 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.

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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) 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. The Active Bond Fund may invest in

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debt securities denominated in foreign currencies (up to 20% of total assets). The High Yield Fund may invest in securities of foreign companies (up to 25% of total assets), but only up to 5% of its total assets in securities of foreign companies that are denominated in a currency other than the U.S. dollar.

<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.

**Illiquid Securities.** Subject to the limitations in the 1940 Act and the rules thereunder, a Fund may invest in illiquid securities. A Fund may not 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 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.

**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 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

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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.

**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 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.

**LIBOR Transition.** Many debt securities, derivatives and other financial instruments may have previously utilized the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. However, following allegations of manipulation, the UK Financial Conduct Authority ("FCA") announced that LIBOR would be discontinued on June 30, 2023. As of September 30, 2024, the FCA 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.

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The future impact of the transition away from LIBOR and the use of other reference rates for 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. 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, necessitating changes in the applicable spread for financial instruments transitioning away from LIBOR. <br>

**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.

**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.

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**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 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.

**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.

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**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 Fund were to dispose of such a stock, it 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.

**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. The Active Bond Fund, High Yield Fund, US Quality Bond Fund and Mid Cap Value Fund may invest up to 10% of their net assets in preferred stock.

**Rating Agencies.** The NRSRO ratings applicable to the Funds' fixed-income investments appear in the Appendix A to this SAI.

**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.

Each 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 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.

**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.

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**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. 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

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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 Touchstone Ultra Short Duration Fixed Income Fund is not permitted to lend securities.

The Trust has appointed JPMorgan Chase Bank, N.A. ("JP Morgan") as its lending agent in connection with the Funds' securities lending program. JP Morgan administers the securities lending program in accordance with operational procedures it has established in conjunction with the Funds. As the securities lending agent, JP Morgan lends certain securities, which are held in custody accounts maintained with JP Morgan, to borrowers that have been approved by the Funds. As securities lending agent, JP 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. 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 (or period) ended September 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Small** <br> **Cap** <br> **Fund**<br>| **Small** <br> **Cap** <br> **Value** <br> **Fund**<br>|
| Gross Income from securities lending activities | $— | $14074 |
| Fees and/or compensation for securities lending activities and related services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $— | $160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not <br> included in the revenue split<br>| $— | $823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Indemnification fee not included in revenue split | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $— | $12795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other fees not included in revenue split (specify) | $— | $— |
| Aggregate fees/compensation for securities lending activities | $— | $13778 |
| Net Income from securities lending activities | $— | $296 |

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**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

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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.

**Technology Securities.** The value of technology securities may fluctuate dramatically and technology securities may be subject to greater than average financial and market risk. Investments in the high technology sector include the risk that certain products may be subject to competitive pressures and aggressive pricing and may become obsolete and the risk that new products will not meet expectations or even reach the market.

**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.

**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").

**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.

**Investment Limitations**

**Fundamental Investment Limitations.** Below are each Fund's fundamental investment limitations (or policies), which each Fund 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 illiquid securities and bank borrowing fundamental policies, which contains percentage limits, a 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 must satisfy the Other Policies. However, if a 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.

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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.

The Small Cap Fund may not:

1. <u>Diversification.</u> For each diversified fund only, the Funds may not purchase securities of an issuer that would cause the Funds to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules, or regulations or any exemption, as such statute, rules, or regulations may be amended or interpreted from time to time.

2. <u>Borrowing Money.</u> The Funds 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.

3. <u>Underwriting.</u> The Funds may not underwrite securities issued by other persons, except to the extent that, in connection with the sale or disposition of portfolio securities, a Fund may be deemed to be an underwriter under certain federal securities laws or in connection with investments in other investment companies.

4. <u>Loans.</u> The Funds may not make loans to other persons except that a 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 permitted by the 1940 Act, any rule, regulation, or order under the 1940 Act or any SEC staff interpretation of the 1940 Act.

5. <u>Real Estate.</u> The Funds may not purchase or sell real estate except that a 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.

6. <u>Commodities.</u> The Funds may not purchase or sell physical commodities except that a 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.

7. <u>Concentration of Investments.</u> The Funds 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 in the same industry or group of industries.

8. <u>Senior Securities.</u> The Funds 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.

The Small Cap Value Fund may not:

<u>Diversification.</u> The Funds may not purchase securities of an issuer that would cause the Funds to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules, or regulations or any exemption, as such statute, rules, or regulations may be amended or interpreted from time to time.

2. <u>Borrowing Money.</u> The Funds 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.

3. <u>Underwriting.</u> The Funds may not underwrite securities issued by other persons, except to the extent that, in connection with the sale or disposition of portfolio securities, a Fund may be deemed to be an underwriter under certain federal securities laws or in connection with investments in other investment companies.

4. <u>Loans.</u> The Funds may not make loans to other persons except that a 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 permitted by the 1940 Act, any rule, regulation, or order under the 1940 Act or any SEC staff interpretation of the 1940 Act.

5. <u>Real Estate.</u> The Funds may not purchase or sell real estate except that a 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.

6. <u>Commodities.</u> The Funds may not purchase or sell physical commodities except that a 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.

7. <u>Concentration of Investments (Small Cap Value Fund).</u> 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.

8. <u>Senior Securities.</u> The Funds may not issue senior securities except as permitted by the 1940 Act, any rule, regulation, or order under

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the 1940 Act or any SEC staff interpretation of the 1940 Act.

**Non-Fundamental Investment Limitations.** 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 days' 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 in the prospectus.

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 a 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 following non-fundamental limitation applies to all Funds:

1. 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.

The following non-fundamental investment limitations apply to the Small Cap Value Fund. The Fund may not:

1. Pledge, mortgage, or hypothecate assets except to secure borrowings (not to exceed 33 <sup>1</sup>/3% of a Fund's assets) permitted by the Fund's fundamental limitation on borrowing.

2. Purchase securities on margin or effect short sales, except that each Fund may (i) obtain short-term credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving futures contracts and options on such contracts; and (iii) make short sales "against the box" or in compliance with the SEC's position regarding the asset segregation requirements imposed by Section 18 of the 1940 Act.

3. Purchase or hold illiquid securities, i.e., securities that cannot be disposed of for their approximate carrying value in seven days or less (which term includes repurchase agreements and time deposits maturing in more than seven days) if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities. Unregistered securities sold in reliance on the exemption from registration in Section 4(a)(2) of the 1933 Act and securities exempt from registration on re-sale pursuant to Rule 144A under the 1933 Act may be treated as liquid securities under procedures adopted by the Board.

4. Invest in companies for the purpose of exercising control.

5. Invest its assets in securities of any investment company, except as permitted by the 1940 Act.

6. Enter into futures contracts and options on futures contracts except as permitted by guidelines in the Funds' SAI.

7. Make investments in securities when outstanding borrowings exceed 5% of a Fund's total assets.

The following non-fundamental investment policies apply to the Small Cap Value Fund:

1. The Fund may purchase securities on a when-issued basis and borrow money (borrowing money is permitted by the Funds' fundamental limitation on borrowing).

2. The Fund may enter into futures and options transactions.

3. The Fund may hold up to 15% of its net assets in illiquid securities.

4. The Fund may purchase convertible securities.

5. The Fund may enter into repurchase agreements not to exceed 33 <sup>1</sup>/3% of a Fund's assets.

6. The Fund may purchase fixed-income securities, including variable- and floating-rate instruments and zero coupon securities.

7. The Fund may purchase Rule 144A securities and other restricted securities.

8. The Fund may purchase obligations of supranational entities in an amount totaling less than 25% of the Fund's total assets.

9. The 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.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions.

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

1. <u>Diversification.</u> Under the 1940 Act, a diversified investment management company may not, with respect to 75% of its total assets, (i) purchase securities of any issuer (except securities issued or guaranteed by the U.S. government, its agents or instrumentalities, cash item or, in certain circumstances, securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer.

2. <u>Borrowing.</u> The 1940 Act allows a 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).

3. <u>Underwriting.</u> Under the 1940 Act, underwriting securities involves a 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.

4. <u>Lending.</u> Under the 1940 Act, a 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 that are collateralized fully; and (iii) engage in securities lending as described in its SAI.

5. <u>Senior Securities.</u> 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, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, with appropriate earmarking or segregation of assets to cover such obligation.

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.

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**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 five years, 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 Strategic Trust, Touchstone ETF 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."

**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>| 40 | 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>| 40 | 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>| 40 | 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>| 40 | 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>| 40 | 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>| 40 | 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>| 40 | 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>| 40 | 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 the date of this SAI, the Touchstone Fund Complex consisted of 12 series of the Trust, 14 series of Touchstone Strategic Trust, 10 series of Touchstone ETF Trust and 4 variable annuity series of Touchstone Variable Series Trust.*

*(3)* 

*Each Trustee is also a Trustee of Touchstone Strategic Trust, Touchstone ETF 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, LLC<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, LLC<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 Strategic Trust, Touchstone ETF 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 September 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 September 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, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interested Trustees** | **Interested Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Funds** | **Jill T.** <br> **McGruder**<br>| **E. Blake** <br> **Moore, Jr.**<br>| **Karen** <br> **Carnahan**<br>| **Susan M.** <br> **King**<br>| **William** <br> **C.Gale**<br>| **Sally J. Staley** | **Kevin A.** <br> **Robie**<br>| **William H.** <br> **Zimmer III**<br>|
| Small Cap Fund |  |  |  |  |  |  |  |  |
| Small Cap Value Fund |  |  |  |  |  |  |  |  |
| **Aggregate Dollar Range of Securities in the Touchstone Fund** <br> **Complex**<sup>(1)</sup> <br>| **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>| **Over** <br> **$100,000**<br>| **Over** <br> **$100,000**<br>| **Over** <br> **$100,000**<br>|

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<sup>(1)</sup>

*As of the date of this SAI, the Touchstone Fund Complex consisted of 12 series of the Trust, 14 series of Touchstone Strategic Trust, 10 series of the Touchstone ETF 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 September 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 | $65929 | $216750 |
| William C. Gale | $70310 | $231150 |
| Susan M. King | $60452 | $198750 |
| Kevin A. Robie | $60452 | $198750 |
| Sally J. Staley | $60452 | $198750 |
| William H. Zimmer III | $65929 | $216750 |

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<sup>(1)</sup>

*As of the date of this SAI, the Touchstone Fund Complex consists of 12 series of the Trust, 14 series of Touchstone Strategic Trust, 10 series of the Touchstone ETF 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 September 30, 2025 was $72,000.*

The following table shows the Trustee quarterly compensation schedule beginning January 1, 2026:

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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 | $31500 | $6000 | $6000 | $8000 |
| Lead Independent Trustee Fees | $8150 |  |  |  |
| Committee Chair Fees | $1500 | $3100 | $3100 |  |
| Telephonic/Virtual Meeting Fee = $2,500 |  |  |  |  |
| Limited items in-person meeting = $3,500 |  |  |  |  |

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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 February 17, 2006, 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 affiliated or unaffiliated sub-advisers, enter into new sub-advisory agreements or amend existing sub-advisory agreements without first obtaining shareholder approval (a "manager-of-managers structure"). This order does not, however, permit the Adviser to increase the aggregate advisory fee rate of each Fund without the approval of the shareholders. 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** | **Investment Advisory Fee** |
| Small Cap Fund | 0.85% on the first $250 million; <br> 0.80% on the next $250 million; and <br> 0.70% on assets over $500 million<br>|
| Small Cap Value Fund<sup>(1)</sup> <br>| 0.85% on the first $150 million; and<br> 0.78% on assets over $150 million<br>|

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<sup>(1)</sup> Prior to June 1, 2025, the Fund paid 0.85% on all assets.

Each Fund shall pay the expenses of its operation, including but not limited to (i) charges and expenses of outside pricing services, (ii) the charges and expenses of auditors; (iii) the charges and expenses of its custodian, transfer agent and administrative agent appointed by the Trust with respect to a Fund; (iv) brokers' commissions, and issue and transfer taxes chargeable to a Fund in connection with securities transactions to which a Fund is a party; (v) insurance premiums, interest charges, dues and fees for membership in trade associations and

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all taxes and fees payable to federal, state or other governmental agencies; (vi) fees and expenses involved in registering and maintaining registrations of the Funds with the SEC, state or blue sky securities agencies and foreign countries; (vii) all expenses of meetings of Trustees and of shareholders of the Trust 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 the Independent Trustees of the Trust; (x) compliance fees and expenses; and (xi) 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 is paid by the Adviser, 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 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 Fund's 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"). Each 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' 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.

**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** |
| Small Cap Fund | 9/30/2023 | $983938 | $281600 |
| Small Cap Fund | 9/30/2024 | $1854357 | $466642 |
| Small Cap Fund | 9/30/2025 | $2315809 | $542905 |
| Small Cap Value Fund<sup>(1)</sup>  | 9/30/2023 | $1007005 | $196363 |
| Small Cap Value Fund<sup>(1)</sup>  | 9/30/2024 | $1316077 | $223235 |
| Small Cap Value Fund<sup>(1)</sup>  | 9/30/2025 | $1650196 | $241469 |

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<sup>(1)</sup>

*Prior to June 1, 2025, the Fund paid 0.85% on all assets.*

**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 determined 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, the Sub-Advisers receive a fee from the Adviser and with respect to each Fund that it sub-advises. As described in the prospectus, the 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 a Sub-Adviser who is rendering services to a Fund is paid by the Sub-Adviser. For the fiscal years ended September 30, 2023, 2024 and 2025, 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**<br> **Fees Paid**<br>|
| Small Cap Fund | 9/30/2023 | $520909 |
| Small Cap Fund | 9/30/2024 | $980333 |
| Small Cap Fund | 9/30/2025 | $1219424 |
| Small Cap Value Fund<sup>(1)</sup>  | 9/30/2023 | $533120 |
| Small Cap Value Fund<sup>(1)</sup>  | 9/30/2024 | $697094 |
| Small Cap Value Fund<sup>(1)</sup>  | 9/30/2025 | $870570 |

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<sup>(1)</sup>

*Effective June 1, 2025, the Adviser and the Sub–Adviser contractually agreed to reduce the sub-advisory fee rate paid by the Adviser to the Sub-Adviser with respect to the Fund.*

**Sub-Adviser Control.** This section presents each Sub-Adviser's control persons.

*\**

*Leeward Investments, LLC ("Leeward") is an SEC registered investment adviser. Leeward is a limited liability company wholly owned by its employees. Leeward President R. Todd Vingers owns more than 25% of Leeward.*

*\**

*The London Company of Virginia, LLC, doing business as The London Company ("The London Company"), is an SEC registered investment adviser. TLC Holdings owns approximately 71% 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.*

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 September 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 September 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 September 30, 2025.

**<u>Small Cap Value Fund</u>**

**Sub-Adviser:** Leeward

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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>|
| **R. Todd Vingers, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 7 | $920500000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 17 | $764100000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 29 | $952700000 | 0 | $0 |
| **Jay C. Willadsen, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 7 | $920500000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 17 | $764100000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 29 | $952700000 | 0 | $0 |

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<u>Fund Ownership.</u> The following table indicates for the Fund, the dollar range of shares beneficially owned by the Fund's portfolio managers as of September 30, 2025.

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Beneficial Ownership** |
| R. Todd Vingers, CFA | $100001 - $500000 |
| Jay C. Willadsen, CFA | $100001 - $500000 |

---

<u>Conflicts of Interest.</u> Leeward's portfolio managers are often responsible for managing one or more funds as well as other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles. A portfolio manager may also manage a separate account or other pooled investment vehicle which may have materially higher fee arrangements than a Fund and may also have a performance-based fee. The side-by-side management of these funds and accounts may raise potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Leeward has fiduciary responsibility to manage all client accounts in a fair and equitable manner. It seeks to provide best execution of all securities transactions and aggregate and then allocate

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securities to client accounts in a fair and timely manner. Similarly, trading in securities by Leeward personnel for their own accounts potentially could conflict with the interest of clients. Leeward has policies and procedures in place to detect, monitor and resolve these and other potential conflicts of interest that are inherent to its business as a registered investment adviser.

<u>Compensation.</u> Portfolio managers and other investment team members at Leeward are compensated through a combination of base salary, incentive bonus and equity ownership. Leeward's base salaries are competitive within the industry. Leeward's incentive bonus plan for investment personnel is a revenue-share model based on strategy performance relative to a peer group universe of institutional managers. Incentive bonuses are not calculated on specific client or specific fund assets. Investment team members are also equity owners at Leeward, which further aligns investment team incentives with client success.

**<u>Small Cap Fund</u>**

**Sub-Adviser:** The London Company

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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>|
| **Stephen Goddard, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 6 | $7003000000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 629 | $8430000000 | 0 | $0 |
| **J. Brian Campbell, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 6 | $7003000000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 629 | $8430000000 | 0 | $0 |
| **Sam Hutchings, CFA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registered Investment Companies | 6 | $7003000000 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accounts | 629 | $8430000000 | 0 | $0 |

---

<u>Fund Ownership.</u> The following table indicates for the Fund, the dollar range of shares beneficially owned by the Fund's portfolio managers as of September 30, 2025.

---

| | |
|:---|:---|
|  | **Dollar Range of Beneficial Ownership** |
| **Portfolio Managers** | **Small Cap Fund** |
| Stephen Goddard, CFA | Over $1,000,000 |
| J. Brian Campbell, CFA | $100001 - $500000 |
| Sam Hutchings, CFA | $50001 - $100000 |

---

<u>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, but 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.

**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:

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0.145% on the first $20 billion of the aggregate average daily net assets; <br>0.11% on the next $10 billion of aggregate average daily net assets; <br>0.09% on the next $10 billion of aggregate average daily net assets; and <br>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 administrative fees incurred by the Funds listed below for the three most recent fiscal years (or periods) ended September 30.

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| | | |
|:---|:---|:---|
| **Fund** | **Date of Fiscal Period End** | **Administration Fees Paid** |
| Small Cap Fund | 9/30/2023 | $160116 |
| Small Cap Fund | 9/30/2024 | $295856 |
| Small Cap Fund | 9/30/2025 | $366334 |
| Small Cap Value Fund | 9/30/2023 | $163868 |
| Small Cap Value Fund | 9/30/2024 | $209657 |
| Small Cap Value Fund | 9/30/2025 | $260838 |

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**TOUCHSTONE SECURITIES**

Touchstone Securities, LLC ("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 September 30.

The Distributor retains the contingent deferred sales charge ("CDSC") on redemptions of Class A and Class C shares of the Funds that are subject to such CDSC. For the three most recent fiscal years ended September 30, 2023, 2024 and 2025, the Distributor retained the following CDSCs:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| Small Cap Fund | 9/30/2023 | $7105 | $564 | $— | $— |
| Small Cap Fund | 9/30/2024 | $16487 | $1341 | $— | $— |
| Small Cap Fund | 9/30/2025 | $29837 | $2975 | $— | $— |
| Small Cap Value Fund | 9/30/2023 | $1136 | $101 | $— | $— |
| Small Cap Value Fund | 9/30/2024 | $853 | $70 | $— | $— |
| Small Cap Value Fund | 9/30/2025 | $1782 | $185 | $— | $— |

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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 affiliation, may directly or indirectly be deemed to receive benefits from the underwriting fees paid to the Distributor.

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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.

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 December 31, 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 |

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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 intermediary 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 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.

**Class A Shares.** 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%.

**Class C Shares.** With respect to its Class C shares, each Fund has adopted a plan of distribution and shareholder service (the "Class C Plan") 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. The Ultra Short Duration Fixed Income Fund's plan of distribution limits the amount of 12b-1 fees for Class C shares to seventy-five basis points (0.75%).

**General Information.** 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 Trust's 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 persons 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 September 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
| **Small Cap Fund** |  |  |  |  |  |  |
| Class A | $23 | $41827 | $35315 | $11947 | $0 | $89112 |
| Class C | $2 | $8778 | $6612 | $674 | $0 | $16066 |
| **Small Cap Value Fund** |  |  |  |  |  |  |
| Class A | $21 | $26024 | $35343 | $139 | $0 | $61527 |
| Class C | $0 | $1862 | $2488 | $0 | $0 | $4350 |

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**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.

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The following table shows 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):

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| | | | |
|:---|:---|:---|:---|
|  | **Aggregate Brokerage Commissions** | **Aggregate Brokerage Commissions** | **Aggregate Brokerage Commissions** |
| **Fund** | **2023** | **2024** | **2025** |
| Small Cap Fund | $28203 | $121707 | $39252 |
| Small Cap Value Fund | $85617 | $83498 | $56594 |

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During the fiscal year ended September 30, 2025, the amount of brokerage transactions and related commissions for the Funds directed to brokers in return for research services were:

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| | | |
|:---|:---|:---|
| **Fund** | **Amount of** <br> **Transactions** <br> **Directed to** <br> **Brokers** <br> **Providing**<br> **Research**<br>| **Brokerage** <br> **Commissions**<br> **Related to** <br> **Transactions**<br> **Directed to** <br> **Brokers**<br> **Providing** <br> **Research**<br>|
| Small Cap Fund | $61670888 | $24242 |
| Small Cap Value Fund | $80249240 | $56322 |

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The total amount of securities of regular broker-dealers held by each Fund for the fiscal year ended September 30, 2025 was as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Broker/Dealer** | **Aggregate Value** |
| Touchstone Small Cap Fund | N/A | N/A |
| Touchstone Small Cap 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.

**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.

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During the two most recent fiscal years ended September 30 (or periods), the portfolio turnover rate for each Fund was as follows:

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| | |
|:---|:---|
|  | **Portfolio Turnover** |
| Small Cap Fund<br>9/30/2024<sup>(1)</sup> <br>| 16<br> %<br>|
| Small Cap Fund<br>9/30/2025<sup>(1)</sup> <br>| 11<br> %<br>|
| Small Cap Value Fund<br>9/30/2024<sup>(1)</sup> <br>| 17<br> %<br>|
| Small Cap Value Fund<br>9/30/2025<sup>(1)</sup> <br>| 19<br> %<br>|

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<sup>(1)</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.

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 December 31, 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.

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

<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.

**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 Delaware statutory 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, (a) shareholders eligible to bring such derivative action under the Delaware Statutory Trust Act who hold at least 10% of the outstanding shares of the Trust, or 10% of the outstanding shares of the Fund or class to which such action relates, shall join in the request for the Trustees to commence such action; and (b) 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 any provision of the Delaware Statutory Trust Act, 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 Delaware or the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware (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 Delaware, the Court of Chancery of the State of Delaware or the Superior Court of the State of Delaware (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 Delaware or the Superior Court of the State of Delaware 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.

**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 December 31, 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>|
| Small Cap Fund Class A | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 87.63<br> %<br>|
| Small Cap 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>| 59.75<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 5.71<br> %<br>|
|  | RAYMOND JAMES<br> OMNIBUS FOR MUTUAL FUNDS<br> ATTN COURTNEY WALLER<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33716<br>| 10.64<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 12.04<br> %<br>|
| Small Cap Fund Class Y | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 30.32<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>| 45.65<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310<br>| 12.22<br> %<br>|
| Small Cap Fund Institutional Class | CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE WI 53212<br>| 21.96<br> %<br>|
|  | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 18.88<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310<br>| 12.39<br> %<br>|
|  | STEPHEN M GODDARD<br> 1800 BAYBERRY CT SUITE 301<br> RICHMOND VA 23226<br>| 10.03<br> %<br>|
|  | TLC HOLDINGS LLC<br> A PARTNERSHIP<br> 1800 BAYBERRY CT STE 301<br> RICHMOND VA 23226-3774<br>| 30.30<br> %<br>|
| Small Cap 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>| 24.56<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>| 9.98<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>| 33.45<br> %<br>|
| Small Cap Value Fund Class C | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 22.56<br> %<br>|
|  | PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY NJ 07399-0002<br>| 38.25<br> %<br>|
|  | RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS<br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL SUITE 1400<br> MINNEAPOLIS MN 55401-1931<br>| 28.18<br> %<br>|
|  | WELLS FARGO CLEARING SERVICES<br> 2801 MARKET STREET<br> SAINT LOUIS, MO 63103<br>| 6.77<br> %<br>|
| Small Cap Value Fund Class Y | CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 8.35<br> %<br>|
|  | LPL FINANCIAL<br> 4707 EXECUTIVE DRIVE<br> SAN DIEGO CA 92121-3091<br>| 10.71<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310<br>| 17.39<br> %<br>|
|  | RBC CAPITAL MARKETS LLC<br> MUTUAL FUND OMNIBUS PROCESSING<br> OMNIBUS<br> ATTN MUTUAL FUND OPS MANAGER<br> 250 NICOLLET MALL SUITE 1400<br> MINNEAPOLIS MN 55401-1931<br>| 26.27<br> %<br>|
| Small Cap Value Fund Institutional <br> Class<br>| CHARLES SCHWAB & CO INC<br> 101 MONTGOMERY ST<br> SAN FRANCISCO CA 94104<br>| 7.86<br> %<br>|
|  | MATRIX TRUST COMPANY AS AGENT FOR<br> ADVISOR TRUST, INC.<br> BGC PRTNRS DEF PLN FOR EMPLOYEES OF<br> BGC PRTNRS CANTOR FITZGE<br> 717 17TH STREET, SUITE 1300<br> DENVER CO 80202<br>| 5.13<br> %<br>|
|  | NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ 07310<br>| 66.85<br> %<br>|

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As of December 31, 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.

**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** |
| Small Cap Fund | X | X | X | X | X |
| Small Cap 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.

<u>Class A Shares (includes all Funds)</u>. For purchases of Class A shares of $1 million or more of Touchstone equity funds or $500,000 or more of Touchstone fixed income funds and subsequent purchases further increasing the size of a purchaser's aggregate account value, participating dealers may receive compensation of up to 1.00% for equity funds and fixed income funds (each, a "Finder's Fee"). For these purposes, Touchstone Small Cap Fund and Touchstone Small Cap Value Fund are considered "Touchstone Equity Funds". The below schedules outline the Finder's Fee payable for eligible purchases of Class A shares.

**<u>Touchstone Equity Funds</u>** 

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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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**<u>Touchstone Fixed Income Funds</u>** 

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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. 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.

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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 the Distributor in promoting the sales of the Fund's shares. In addition, neither the Funds 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.

<u>Exchanging Your Shares</u>. Class A, Class C, and Class R6 shareholders who are eligible to invest in Class Y shares or Institutional Class shares are eligible to exchange their Class A shares, Class C, and/or Class R6 shares for Class Y shares or Institutional Class shares 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 "processing organizations" (e.g., mutual fund supermarkets) that purchase shares for their customers. Additionally, Class C shareholders may exchange their Class C shares for Class A shares of the same Fund, if offered in their state and such an exchange can be accommodated by their financial institution. No front-end sales charges will apply to any such exchange. However, if the Class A or C shares have been held less than 12 months and a Finder's Fee or 1% commission, respectively, was paid to the broker at the time of purchase, a CDSC will be assessed on the exchange transaction, which may be processed as a liquidation and a purchase. The CDSC will be equal to the Finder's fee paid for Class A shares and the 1% commission paid for C shares. Class Y shareholders that meet the required minimum for Institutional Class shares may exchange their Class Y shares for Institutional Class shares within the same Fund if offered in their state and if such an exchange can be accommodated by their financial institution.

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. Class R6 shareholders who are eligible to invest in Class Y shares or Institutional Class shares are eligible to exchange their Class R6 shares for Class Y shares or Institutional Class shares of the same Fund, if offered in their state, and such an exchange can be accommodated by their financial intermediary.

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 and you are urged and advised to consult with your own tax adviser before entering into a share class exchange.

<u>Automated Share Class Conversions</u>. 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.

<u>Additional Information on the CDSC</u>. The CDSC is waived under the following circumstances:

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.

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.

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.

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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 Touchstone fixed income funds. 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.

**OTHER PURCHASE AND REDEMPTION INFORMATION**

**Waiver of Minimum Investment Requirements**. The minimum and subsequent investment requirements for purchases of Class A & Y share of the Funds may not apply to:

1. Any director, officer or other employee\* (and their immediate family members\*\*, as defined below) 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 a Fund's 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 extenuating circumstances or to allow a reasonable period of time for an investor to meet minimum requirements.

**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 Advisors, 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.

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\*

*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:

<sup>●</sup>

Merrill Lynch

<sup>●</sup>

RBC

<sup>●</sup>

JP Morgan Securities

<sup>●</sup>

Morgan Stanley

<sup>●</sup>

Ameriprise Financial

<sup>●</sup>

Oppenheimer & Co. Inc.

<sup>●</sup>

Raymond James

<sup>●</sup>

Robert W. Baird & Co. Incorporated

Please see Appendix A – *Intermediary-Specific Sales Charge Waivers and Discounts* in the Funds' 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 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.

**Waiver of Small Cap Value Fund Class A Sales Charge for Former Class Z Shareholders.** Shareholders who owned Class Z shares of the Small Cap Value Fund as of June 10, 2011 who are purchasing additional shares for their accounts or opening new accounts in the Small Cap Value Fund are not subject to the front-end sales charge for purchases of Class A shares of the Small Cap Value Fund. 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 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.

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**Class Y Shares "Grandfather" Clause.** Except in limited circumstances, 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, or those former Sentinel Shareholders who owned Institutional Class shares which became Class Y shares on October 27, 2017 or those former AIG Shareholders who owned Class W shares that became Class Y shares on July 16, 2021 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, October 27, 2017, and July 16, 2021 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 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. 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.

Individuals, trusts, and estates owning REIT shares are eligible for a 20% federal tax deduction for qualified REIT dividends (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income). 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.

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.*

**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

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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 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.

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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.

**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 [ ], has been selected as the independent registered public accounting firm for the Trust for the fiscal year ending September 30, 2026. [_] will perform an annual audit of the Trust's financial statements, and advise the Trust as to certain accounting matters.

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**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 September 30.

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| | | |
|:---|:---|:---|
| **Fund** | **Date of Fiscal Period End** | **Sub-Administration**<br> **Fees Paid**<br>|
| Small Cap Fund | 9/30/2023 | $38336 |
| Small Cap Fund | 9/30/2024 | $58605 |
| Small Cap Fund | 9/30/2025 | $70509 |
| Small Cap Value Fund | 9/30/2023 | $38806 |
| Small Cap Value Fund | 9/30/2024 | $46662 |
| Small Cap Value Fund | 9/30/2025 | $55396 |

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**FINANCIAL STATEMENTS**

The Funds' audited financial statements for the fiscal year ended September 30, 2025, including the notes thereto and the report of [ ] thereon, included in each Fund's most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/914243/000110465925118045/tm2532194d1_ncsr.htm#fact-identifier-780), 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>

**<u>Moody's Investors Service, Inc. ("Moody's") and S&P Global Ratings ("S&P")</u>**

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.

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**<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.

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.

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"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.

**<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.

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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.

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.

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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.

"SP-3" - The issuers of these municipal notes exhibit speculative capacity to pay principal and interest.

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**<u>APPENDIX B — PROXY VOTING POLICIES</u>**

**Leeward Investments, LLC**

**Proxy Voting Guidelines Summary**

**Updated March 2025**

The proxy voting guidelines contained herein are a sampling of select, key guidelines and are not all inclusive. We will review our proxy voting policies and guidelines from time to time and may adopt changes. Proxy questions are considered within the individual circumstances of the issuer and therefore it is possible that individual circumstances might mean that a given proxy ballot could be voted differently than what is generally done in other cases. Clients may contact their Client Service Officer or the Compliance Office by calling (617) 468-6700 or via e-mail at clientservice@leewardinvest.com or compliance@leewardinvest.com for a copy of our most current guidelines or to obtain a record of how proxies were voted for their account.

**<u>Board</u> <u>of</u> <u>Directors</u>:**

**Voting on Director Nominees in Uncontested Elections**

Generally vote For director nominees except under the following circumstances, which may result in a vote Against or Withhold:

<sup>●</sup>

Independent directors make up less than a majority of directors

<sup>●</sup>

Company lacks an audit, compensation, or nominating committee

<sup>●</sup>

Nominee attended less than 75% of board and committee meetings

<sup>●</sup>

Nominee sits on more than 5 public company boards

<sup>●</sup>

Actions of Nominee or committees on which Nominee serves are inconsistent with principles of good governance such as failing to act on a shareholder proposal receiving majority vote or not acting on takeover offers where majority of shares are tendered

**Voting for Director Nominees in Contested Elections**

Vote Case-By-Case on the election of directors in contested elections, considering the following:

<sup>●</sup>

Management's track record;

<sup>●</sup>

Background to the contested election;

<sup>●</sup>

Qualifications of Director nominee(s);

<sup>●</sup>

Strategic plan of dissident slate and quality of critique against management;

<sup>●</sup>

Likelihood that the proposed goals and objectives can be achieved; and

<sup>●</sup>

Stock ownership positions

**Overboarded Directors**

Generally vote Against or Withhold from individual directors who sit on more than five company boards; or CEOs of public companies who sit on boards of more than two companies besides their own.

**Classified Boards**

Generally vote For proposals to declassify boards and vote Against or Withhold for directors who adopt classified board structures.

**Proxy Access**

Generally vote For management or shareholder approval for proxy access incorporating the following guidelines:

<sup>●</sup>

Nominating group should hold no less than 3% of company's outstanding shares for a minimum of 3 years

<sup>●</sup>

Proposed nominees represent no more than 25% of the board

**Independent Chair (Separate CEO/Chair)**

Generally, vote For shareholder proposals requiring that the chairman position be filled by an independent director unless there are substantial reasons to recommend against the proposal, such as counterbalancing governance structure.

**Majority Vote Shareholder Proposals**

Generally vote For binding resolutions requesting that the board change the company's bylaws to stipulate that the director needs to be elected with an affirmative majority of votes cast.

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**<u>Audit-related</u> <u>Items</u>:**

**Audit Committee related items**

Generally, vote For members of the Audit Committee unless:

<sup>●</sup>

Non-audit fees paid to auditor are excessive

<sup>●</sup>

Company receives an adverse opinion on financial statements

<sup>●</sup>

Evidence of inappropriate indemnification language that limits ability of the company or shareholders to pursue legal recourse against audit firm

Vote Case-By-Case on members of the Audit Committee and potentially the full board if:

<sup>●</sup>

Poor accounting practices result in fraud, misapplication of GAAP, and/or other material weaknesses

**Auditor Ratification**

Generally vote For proposals to ratify auditors unless:

<sup>●</sup>

Auditor lacks independence;

<sup>●</sup>

There is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position;

<sup>●</sup>

Poor accounting practices are identified such as fraud, misapplication of GAAP and material weaknesses are identified; or

<sup>●</sup>

Fees for non-audit services exceed audit and audit-related fees

Vote Case-By-Case on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.

**<u>Shareholder</u> <u>Rights</u> <u>and</u> <u>Defenses</u>:**

**Advanced Notice Requirements for Shareholder Proposals/Nominations**

Vote Case-By-Case on advance notice proposals, giving support to proposals that allow shareholders to submit proposals/nominations reasonably close to the meeting date within the broadest window possible.

**Poison Pills**

Generally vote For shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company has (1) a shareholder approved poison pill in place or (2) the company has adopted a policy concerning the adoption of a pill in the future specifying that the board will only adopt a poison pill if shareholders have approved the adoption of the plan or the board determines that it is in the best interest of shareholders to adopt a pill without delay.

Vote Case-By-Case on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan.

**Supermajority Vote Requirements**

Generally vote For proposals to reduce supermajority vote requirements and conversely vote against proposals to impose a supermajority vote.

**Shareholder Ability to Call Special Meetings**

Generally vote for proposals that provide shareholders with the ability to call special meetings and against proposals to restrict this ability.

**<u>Capital</u> <u>and</u> <u>Corporate</u> <u>Structure</u>:**

**Common Stock Authorization**

Vote Case-By-Case on proposals to increase the number of shares of common stock authorized for issuance.

**Dual Class Structure**

Generally vote Against proposals to create a new class of common stock with superior voting rights

**Share Repurchase Programs**

Vote For management proposals to institute open market repurchase plans in which all shareholders may participate on equal terms.

**Mergers and Acquisitions**

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Vote Case-By-Case for mergers and acquisitions, review and evaluate the merits and drawbacks of the proposed transaction balancing various and sometimes countervailing factors including:

Valuation;

Market reaction;

Strategic rationale;

Negotiations and process;

Conflicts of interest; and

Governance

**<u>Compensation</u>:**

**Compensation Committee related items**

In the absence of an Advisory vote on executive compensation, vote Against or Withhold on members of the Compensation Committee or potentially the full board if:

<sup>●</sup>

There is significant misalignment between CEO pay and company performance

<sup>●</sup>

Company maintains problematic pay practices related to non-performance based compensation elements, incentives that motivate excessive risk taking and options backdating

<sup>●</sup>

Board exhibits significant level of poor communication and responsiveness to shareholders

<sup>●</sup>

Company fails to submit one-time transfer of stock options to shareholder vote

<sup>●</sup>

Company fails to fulfill terms of burn rate commitment made to shareholders

Vote Case-By-Case on members of the Compensation Committee and the MSOP proposal if the Company's previous say-on-pay proposal received support of less than 70% of votes cast, taking into account:

<sup>●</sup>

Discloser of engagement efforts with major institutional shareholders regarding issues that led to low level of support

<sup>●</sup>

Specific actions to address issues that contributed to low level of support

<sup>●</sup>

Other recent compensation practices

<sup>●</sup>

Whether the issues raised are recurring or isolated

<sup>●</sup>

Company's ownership structure

<sup>●</sup>

Whether support level was less than 50%,

**Advisory Vote on Executive Compensation (Say-on-Pay) Management Proposals**

Vote Case-By-Case on ballot items related to executive pay and practices

Vote Against Advisory Votes on Executive Compensation (MSOP) if:

<sup>●</sup>

There is significant misalignment between CEO pay and company performance

<sup>●</sup>

Company maintains problematic pay practices

<sup>●</sup>

Board exhibits significant level of poor communication and responsiveness to shareholders

Vote Against or Withhold from members of the Compensation Committee if:

<sup>●</sup>

There is no MSOP on the ballot

<sup>●</sup>

Board fails to adequately respond to a previous MSOP proposal that received less than 70% support

<sup>●</sup>

The company has poor compensation practices

Vote For annual advisory votes on compensation.

**Executive Severance Plans/Golden Parachutes**

Vote Case-by Case on shareholder proposals requiring executive severance, including change-in-control ("golden parachutes"), arrangements or payments be submitted for shareholder ratification. Factors considered in existing severance provisions and whether the company has already implemented adequate safeguards against problematic or excessive severance.

**Employee Stock Purchase Plans**

Vote For employee stock purchase plans where the stock purchase price is at least 85% of fair market value, the offering period is 27 months or less, and the number of shares allocated to the plan is 10 percent or less of the company's outstanding shares.

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**Option Exchange Programs/Re-pricing Options**

Vote Case-By-Case on management proposals seeking approval to exchange/re-price options. Vote For shareholder proposals to put options repricing to a shareholder vote.

**<u>Social</u> <u>and</u> <u>Environmental</u> <u>Issues</u>:**

Our general approach on social and environmental issues is to vote case-by-case taking into account factors such as impact on shareholder value, significance of company's business affected by the proposal, impact on company reputation, response by company peers to similar issues, whether the company has already responded to a similar proposal or the degree to which disclosure is currently available to shareholders, or whether proprietary or confidential information would be disclosed.

**Say on Climate Management (and Shareholder) Proposals**

Vote case-by-case on management proposals that request shareholders to approve company's climate transition plan, taking into account a wide range of information on the company's climate-related disclosures, rigor of its transition plan, greenhouse gas ("GHG") emissions targets and other relevant disclosures.

Vote case-by-case on shareholder proposals that request the company to disclose its GHG emissions levels and reduction targets and/or it transition plans.

**Greenhouse Gas ("GHG") Emissions**

Generally vote For resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments, or for proposals requesting a report on GHG emissions from company operations and/or products.

**Sustainability Reporting**

Generally vote For proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic, and environmental sustainability.

Other issues that fall under this category include proposals on:

<sup>●</sup>

Company's political spending, lobbying efforts and charitable contributions

<sup>●</sup>

Animal welfare practices

<sup>●</sup>

Energy efficiency and renewable energy

<sup>●</sup>

Equal employment opportunity and discrimination

<sup>●</sup>

Product safety and hazardous materials

<sup>●</sup>

Data Security, Privacy, and Internet Issues

**<u>Conflicts of</u> <u>Interest</u>:**

Conflicts of interest could exist when the Firm holds a security issued by a client in client portfolios, and the Firm is required to vote that security. When there is a potential conflict with a client, the Firm will look to these guidelines and the ISS recommendation for voting guidance.

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**LONDON COMPANY OF VIRGINIA D/B/A THE LONDON COMPANY**

**I. POLICY**

The 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.

The Proxy Voting Committee meets periodically to monitor the firm's overall adherence to the current policies and procedures, as well as provide advice for the revisions thereof. The Committee also reviews the rationale for proxy votes not covered by the policies and procedures, or that present a potential conflict of interest. As such, a periodic review of the Proxy Advisor Firm will be conducted and presented to the Proxy Voting Committee for consideration.

**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 ("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**

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. 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 the proxy voting service\* on all proxy votes, unless otherwise directed by the Portfolio Managers.

*(\*London moved from ISS, utilizing Institutional Shareholder Services (ISS) and its proxy voting guidelines, to* 

Broadridge and Glass Lewis guidelines, in April, 2009. In February, 2014, London upgraded from utilizing Glass

Lewis Investment Management to Glass Lewis Full Service. In March, 2017, London completed a transition back to ISS, in order to better align with the firm's voting preferences.)

**i. 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 the matter on a case-by-case basis by abstaining from the vote, voting in accordance with the guidelines set forth by the proxy voting service, or vote the way London feels is in the best interest of the client.

**ii. 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 choose to specify, in writing, that proxies should be directed to the client (or a specified third party) for action. There may be occurrences in which a proxy may be voted by the Adviser, for a terminated account (i.e., the record date of a proxy vote occurs prior to termination).

3. Limited Value: If the Adviser determines that the value of a client's economic interest, or portfolio holding is indeterminable or insignificant, the Adviser may abstain from voting proxies.

------

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

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.

6. Paper ballot does not arrive in the mail: On occasion, a paper ballot will not arrive in the mail until after the voting deadline. In this circumstance, Adviser is unable to vote the client's proxy.

**iii. Procedures**

A. During the onboarding process for a new account, the Portfolio Administrator will confirm, with certain custodians, as required, the address to which proxy ballots will be mailed. The Portfolio Administrator sends all new account information to the proxy voting service for accounts that elect to have the Adviser vote proxies on their behalf. The Adviser, in conjunction with the proxy voting service, contacts custodians to set up electronic voting.

B. When a ballot is received by US mail, the Portfolio Administrator will send ISS/ProxyExchange notification to establish electronic voting.

C. Each proxy statement, sample ballot and copies of any ballots voted by US mail will be available. (ProxyExchange retains voting history for those voted electronically, which is accessible through their web portal.)

**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 2A 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.

Please refer to the Proxy Voting Policy for further information.

------

[Form number]

------

**PART C. OTHER INFORMATION**

**ITEM 28. EXHIBITS:** 

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp; [<u>Registrant's Certificate of Trust dated October 22, 1993 is herein incorporated by reference to Exhibit (1)(a) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d1a.htm)<br> [<u>Registrant's Registration Statement on Form N-14 (File No. 333-193307), filed with the Securities and Exchange</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d1a.htm)<br> [<u>Commission ("SEC") on January 10, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d1a.htm)<br>|
| (a)(2) | &nbsp;&nbsp; Amended and Restated Agreement and Declaration of Trust dated October 8, 1998 is herein incorporated by reference <br> to Exhibit (a)(5) of Post-Effective Amendment No. 8 to Registrant's Registration Statement on Form N-1A (File <br> No. 033-70958), filed with the SEC on November 24, 1998.<br>|
| (a)(3) | &nbsp;&nbsp; Certificate of Amendment of Amended and Restated Agreement and Declaration of Trust dated November 23, 1998 is <br> herein incorporated by reference to Exhibit (a)(6) of Post-Effective Amendment No. 10 to Registrant's Registration <br> Statement on Form N-1A (File No. 033-70958), filed with the SEC on January 27, 1999.<br>|
| (a)(4) | &nbsp;&nbsp; [<u>Certificate of Amendment of Certificate of Trust dated March 24, 2004 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000089322004000876/w96859exv99wbxayx7y.txt)<br> [<u>Exhibit (a)(7) of Post-Effective Amendment No. 18 to Registrant's Registration Statement on Form N-1A (File No. 033-</u>](https://www.sec.gov/Archives/edgar/data/914243/000089322004000876/w96859exv99wbxayx7y.txt)<br> [<u>70958), filed with the SEC on May 3, 2004.</u>](https://www.sec.gov/Archives/edgar/data/914243/000089322004000876/w96859exv99wbxayx7y.txt)<br>|
| (a)(5) | &nbsp;&nbsp; [<u>Certificate of Amendment of Certificate of Trust dated November 17, 2006 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407004814/v063105_ex-a8.txt)<br> [<u>Exhibit (a)(8) of Post-Effective Amendment No. 29 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407004814/v063105_ex-a8.txt)<br> [<u>033-70958 and 811-08104), filed with the SEC on February 1, 2007.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407004814/v063105_ex-a8.txt)<br>|
| (a)(6) | &nbsp;&nbsp; [<u>Certificate of Correction of a Statutory Trust dated April 17, 2009 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d1k.htm)<br> [<u>Exhibit (1)(k) of Registrant's Registration Statement on Form N-14 (File No. 333-193307), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d1k.htm)<br> [<u>January 10, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d1k.htm)<br>|
| (b) | &nbsp;&nbsp; [<u>Amended and Restated By-Laws of the Trust as revised November 19, 2015 are herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/btfgtby-laws.htm)<br> [<u>Exhibit (b) of Post-Effective Amendment No. 77 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/btfgtby-laws.htm)<br> [<u>033-70958 and 811-08104), filed with the SEC on January 28, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/btfgtby-laws.htm)<br>|
| (c) | &nbsp;&nbsp; [<u>Instruments Defining Rights of Security Holders are herein incorporated by reference to Exhibit (c) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407050107/v087913_485apos.txt)<br> [<u>Amendment No. 34 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407050107/v087913_485apos.txt)<br> [<u>with the SEC on September 19, 2007.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407050107/v087913_485apos.txt)<br>|
| (d)(1)(a) | &nbsp;&nbsp; [<u>Investment Advisory Agreement between the Registrant and Touchstone Advisors, Inc. dated February 17, 2006 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912048284/a12-15969_1ex99d6a.htm)<br> [<u>herein incorporated by reference to Exhibit (6)(a) of Registrant's Registration Statement on Form N-14 (File No.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912048284/a12-15969_1ex99d6a.htm)<br> [<u>333-18613), filed with the SEC on July 10, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912048284/a12-15969_1ex99d6a.htm)<br>|
| (d)(1)(b) | &nbsp;&nbsp; [<u>Amended Schedule C-1 dated September 1, 2023 of the Investment Advisory Agreement between the Registrant and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d1b.htm)<br> [<u>Touchstone Advisors, Inc. dated February 17, 2006 is hereby incorporated by reference to Exhibit (d)(1)(b) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d1b.htm)<br> [<u>Post-Effective Amendment No. 136 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d1b.htm)<br> [<u>811-08104), filed with the SEC on January 25, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d1b.htm)<br>|
| (d)(1)(c) | &nbsp;&nbsp; [<u>Amended Schedule C-1 dated June 1, 2025 to the Investment Advisory Agreement between the Registrant and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d1c.htm)<br> [<u>Touchstone Advisors, Inc. dated February 17, 2006 is herein incorporated by reference to Exhibit (d)(1)(c) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d1c.htm)<br> [<u>Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d1c.htm)<br> [<u>811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d1c.htm)<br>|
| (d)(2) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Sands Capital Management, LLC with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d2b.htm)<br> [<u>Touchstone Sands Capital Select Growth Fund dated August 18, 2011 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d2b.htm)<br> [<u>Exhibit (d)(2)(b) of Post-Effective Amendment No. 65 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d2b.htm)<br> [<u>033-70958 and 811-08104), filed with the SEC on January 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d2b.htm)<br>|
| (d)(2)(a) | &nbsp;&nbsp; [<u>Amendment dated September 30, 2024 to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Sands</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d2a.htm)<br> [<u>Capital Management, LLC with respect to the Touchstone Sands Capital Select Growth Fund dated February 17, 2006</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d2a.htm)<br> [<u>is herein incorporated by reference to Exhibit (d)(2)(a) of Post-Effective Amendment No. 140 to Registrant's</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d2a.htm)<br> [<u>Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d2a.htm)<br>|
| (d)(3) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409023816/v147772_ex99-d9.txt)<br> [<u>respect to the Touchstone Ultra Short Duration Fixed Income Fund dated February 20, 2009 is herein incorporated by</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409023816/v147772_ex99-d9.txt)<br> [<u>reference to Exhibit (d)(9) of Post-Effective Amendment No. 43 to Registrant's Registration Statement on Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409023816/v147772_ex99-d9.txt)<br> [<u>(File Nos. 033-70958 and 811-08104), filed with the SEC on May 4, 2009.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409023816/v147772_ex99-d9.txt)<br>|
| (d)(3)(a) | &nbsp;&nbsp; [<u>Amendment dated September 1, 2023 to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d31.htm)<br> [<u>Washington Investment Advisors, Inc. with respect to the Touchstone Ultra Short Duration Fixed Income Fund dated</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d31.htm)<br> [<u>February 20, 2009 is hereby incorporated by reference to Exhibit (d)(3)(1) of Post-Effective Amendment No. 136 to</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d31.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d31.htm)<br> [<u>January 25, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99d31.htm)<br>|

---

------

---

| | |
|:---|:---|
| (d)(4) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Leeward Investments, LLC with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)<br> [<u>Touchstone Mid Cap Value Fund dated March 1, 2022 i</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>s hereby incorporated by reference to Exhibit (d)(</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>4</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>)</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>of</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)<br> [<u>Post-Effective Amendment No. 132 to Registrant's Registration Statement on Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>(File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)<br> [<u>811-08104)</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>, filed with the SEC on January 26, 2023</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)[<u>.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d2.htm)<br>|
| (d)(4)(a) | &nbsp;&nbsp; [<u>Amendment dated June 1, 2025 to Sub-Advisory Agreement between Touchstone Advisors Inc. and Leeward</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d4a.htm)<br> [<u>Investments, LLC with respect to the Touchstone Mid Cap Value Fund dated March 1, 2022 is herein incorporated by</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d4a.htm)<br> [<u>reference to Exhibit (d)(4)(a) of Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d4a.htm)<br> [<u>N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d4a.htm)<br>|
| (d)(5) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Leeward Investments, LLC with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d3.htm)<br> [<u>Touchstone Small Cap Value Fund dated March 1, 2022 is hereby incorporated by reference to Exhibit (d)(5) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d3.htm)<br> [<u>Post-Effective Amendment No. 132 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d3.htm)<br> [<u>811-08104), filed with the SEC on January 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d3.htm)<br>|
| (d)(5)(a) | &nbsp;&nbsp; [<u>Amendment dated June 1, 2025 to Sub-Advisory Agreement between Touchstone Advisors Inc. and Leeward</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d5a.htm)<br> [<u>Investments, LLC with respect to the Touchstone Small Cap Value Fund dated March 1, 2022 is herein incorporated by</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d5a.htm)<br> [<u>reference to Exhibit (d)(5)(a) of Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d5a.htm)<br> [<u>N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99d5a.htm)<br>|
| (d)(6) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and The London Company of Virginia with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409050737/v160860_ex99-d16.txt)<br> [<u>Touchstone Small Cap Core Fund (now known as Touchstone Small Cap Fund) dated October 1, 2009 is herein</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409050737/v160860_ex99-d16.txt)<br> [<u>incorporated by reference to Exhibit (d)(16) of Post-Effective Amendment No. 47 to Registrant's Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409050737/v160860_ex99-d16.txt)<br> [<u>on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on September 30, 2009.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409050737/v160860_ex99-d16.txt)<br>|
| (d)(7) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and The London Company of Virginia with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d13.htm)<br> [<u>Touchstone Mid Cap Fund dated December 8, 2011 is herein incorporated by reference to Exhibit (d)(13) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d13.htm)<br> [<u>Post-Effective Amendment No. 65 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d13.htm)<br> [<u>811-08104), filed with the SEC on January 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28d13.htm)<br>|
| (d)(8) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and EARNEST Partners, LLC with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465911045405/a11-23800_1ex99dd20.htm)<br> [<u>Touchstone Total Return Bond Fund (now known as the Touchstone US Quality Bond Fund) dated May 19, 2011 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465911045405/a11-23800_1ex99dd20.htm)<br> [<u>herein incorporated by reference to Exhibit (d)(20) of Post-Effective Amendment No. 62 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465911045405/a11-23800_1ex99dd20.htm)<br> [<u>Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on August 9, 2011.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465911045405/a11-23800_1ex99dd20.htm)<br>|
| (d)(8)(a) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement between Touchstone Advisors, Inc. and EARNEST Partners, LLC with</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/d8aamendmenttosub-advisory.htm)<br> [<u>respect to the Touchstone Impact Bond Fund (now known as the Touchstone US Quality Bond Fund) dated as of</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/d8aamendmenttosub-advisory.htm)<br> [<u>September 1, 2021 is herein incorporated by reference to Exhibit (d)(8)(a) of Post-Effective Amendment No. 131 to</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/d8aamendmenttosub-advisory.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811104), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/d8aamendmenttosub-advisory.htm)<br> [<u>January 26, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/d8aamendmenttosub-advisory.htm)<br>|
| (d)(9) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd13sub-advagmtxtfgt.htm)<br> [<u>respect to the Touchstone Active Bond Fund dated January 27, 2017 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd13sub-advagmtxtfgt.htm)<br> [<u>Exhibit (d)(13) of Post-Effective Amendment No. 94 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd13sub-advagmtxtfgt.htm)<br> [<u>033-70958 and 811-08104), filed with the SEC on January 25, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd13sub-advagmtxtfgt.htm)<br>|
| (d)(9)(a) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors,</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)<br> [<u>Inc. with respect to the Touchstone Active Bond Fund dated as of January 1, 2022 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)[<u>hereby incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)<br> [<u>Exhibit (d)(9)(a) of Post-Effective Amendment No. 132 to Registrant's Registration St</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)[<u>a</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)[<u>tement on Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)[<u>(File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)<br> [<u>033-70958 and 811-08104)</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm)[<u>, filed with the SEC on January 26, 2023</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d4.htm). <br>|
| (d)(10) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd14sub-advagmtxtfgt.htm)<br> [<u>respect to the Touchstone High Yield Fund dated January 27, 2017 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd14sub-advagmtxtfgt.htm)<br> [<u>Exhibit (d)(14) of Post-Effective Amendment No. 94 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd14sub-advagmtxtfgt.htm)<br> [<u>033-70958 and 811-08104), filed with the SEC on January 25, 2018.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424318000004/exhibitd14sub-advagmtxtfgt.htm)<br>|
| (d)(11) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Ares Capital Management II, LLC with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000066/exd18subadvagmtares.htm)<br> [<u>Touchstone Ares Credit Opportunities Fund is herein incorporated by reference to Exhibit (d)(18) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000066/exd18subadvagmtares.htm)<br> [<u>Amendment No. 111 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000066/exd18subadvagmtares.htm)<br> [<u>with the SEC on May 14, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000066/exd18subadvagmtares.htm)<br>|
| (d)(11)(a) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Ares Capital Management II LLC,</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)<br> [<u>with respect to the Touchstone Ares Credit Opportunities Fund dated as of April 18, 2022 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)[<u>hereby incorporated by</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)<br> [<u>reference to Exhibit (d)(</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)[<u>13</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)[<u>)(a) of Post-Effective Amendment No. 132 to Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)<br> [<u>N-1A</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)[<u>(File Nos. 033-70958 and 811-08104)</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)[<u>, filed with the SEC on January 26, 2023</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)[<u>.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d5.htm)<br>|

---

------

---

| | |
|:---|:---|
| (d)(11)(b) | &nbsp;&nbsp; [<u>Amendment to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Ares Capital Management II LLC</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312525122464/d916275dex99d11b.htm)<br> [<u>with respect to the Touchstone Ares Credit Opportunities Fund dated as of March 1, 2025 is incorporated by reference</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312525122464/d916275dex99d11b.htm)<br> [<u>to Exhibit (d)(1)(d) of Post-Effective Amendment No. 139 to Registrant's Registration Statement on Form N-1A (file</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312525122464/d916275dex99d11b.htm)<br> [<u>Nos. 033-70958 and 811-08104), filed with the SEC on May 19, 2025.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312525122464/d916275dex99d11b.htm)<br>|
| (d)(12) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000119/exd16touchstonedivequity-s.htm)<br> [<u>respect to the Touchstone Dividend Equity Fund dated July 15, 2021 is incorporated by reference to Exhibit (d)(16) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000119/exd16touchstonedivequity-s.htm)<br> [<u>Post-Effective Amendment No. 128 to Registrant's Registration Statement on Form N1-A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000119/exd16touchstonedivequity-s.htm)<br> [<u>811-08104), filed with SEC on August 2, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000119/exd16touchstonedivequity-s.htm)<br>|
| (d)(13) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Touchstone Advisors, Inc. and Sands Capital Management, LLC with respect to the</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d3.htm)<br> [<u>Touchstone Sands Capital International Growth Equity Fund is herein incorporated by reference to Exhibit (d)(16) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d3.htm)<br> [<u>Post-Effective Amendment No. 135 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d3.htm)<br> [<u>811-08104), filed with the SEC on August 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d3.htm)<br>|
| (e)(1) | &nbsp;&nbsp; [<u>Distribution Agreement between the Registrant and Touchstone Securities, Inc. is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420406039266/v053188_ex99-e1.txt)<br> [<u>Exhibit (e)(1) of Post-Effective Amendment No. 28 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420406039266/v053188_ex99-e1.txt)<br> [<u>033-70958 and 811-08104), filed with the SEC on September 21, 2006.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420406039266/v053188_ex99-e1.txt)<br>|
| (e)(2) | &nbsp;&nbsp; [<u>Form of Underwriter's Dealer Agreement is herein incorporated by reference to Exhibit (e)(2) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407004814/v063105_ex-e2.txt)<br> [<u>Amendment No. 29 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407004814/v063105_ex-e2.txt)<br> [<u>with the SEC on February 1, 2007.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420407004814/v063105_ex-e2.txt)<br>|
| (f) | &nbsp;&nbsp; [<u>Touchstone Trustee Deferred Compensation Plan is herein incorporated by reference to Exhibit (f) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420410004115/v172123_ex99-f.txt)<br> [<u>Amendment No. 51 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420410004115/v172123_ex99-f.txt)<br> [<u>with the SEC on January 28, 2010.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420410004115/v172123_ex99-f.txt)<br>|
| (g)(1) | &nbsp;&nbsp; [<u>Custodian Agreement between the Registrant and Brown Brothers Harriman & Co. dated February 25, 2008 is herein</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409003760/v137750_ex99-g.txt)<br> [<u>incorporated by reference to Exhibit (g) of Post-Effective Amendment No. 41 to Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409003760/v137750_ex99-g.txt)<br> [<u>Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 28, 2009.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409003760/v137750_ex99-g.txt)<br>|
| (g)(1)(a) | &nbsp;&nbsp; [<u>Amended Custodian Agreement effective January 1, 2024 to the Custodian Agreement with Brown Brothers Harriman</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99g1a.htm)<br> [<u>& Co. dated February 25, 2008 is hereby incorporated by reference to Exhibit (g)(1)(a) of Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99g1a.htm)<br> [<u>No. 136 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99g1a.htm)<br> [<u>SEC on January 25, 2024.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312524015108/d62077dex99g1a.htm)<br>|
| (g)(2) | &nbsp;&nbsp; [<u>Custodian Agreement with JP Morgan Chase Bank N.A. dated July 18, 2025 is is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99g1ii.htm)<br> [<u>exhibit (g)(1)(ii) of Post-Effective Amendment No. 243 to Touchstone Strategic Trust's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99g1ii.htm)<br> [<u>N-1A (File Nos. 022-80859 and 811-03651) filed with the SEC on October 27, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99g1ii.htm)<br>|
| (h)(1) | &nbsp;&nbsp; [<u>Amended Administration Agreement between the Registrant and Touchstone Advisors, Inc. dated January 1, 2007 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28h1.htm)<br> [<u>herein incorporated by reference to Exhibit (h)(1) of Post-Effective Amendment No. 67 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28h1.htm)<br> [<u>Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 28, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28h1.htm)<br>|
| (h)(2) | &nbsp;&nbsp; [<u>Amended and Restated Sub-Administration and Accounting Agreement between Touchstone Advisors, Inc. and The</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h2sub-aaagreementtouchston.htm)<br> [<u>Bank of New York Mellon dated January 1, 2021 is herein incorporated by reference to Exhibit (h)(2) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h2sub-aaagreementtouchston.htm)<br> [<u>Amendment No 122 to Registrant's Registration Statement on From N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h2sub-aaagreementtouchston.htm)<br> [<u>with the SEC on January 27, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h2sub-aaagreementtouchston.htm)<br>|
| (h)(3) | &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/914243/000091424321000008/h3taagreementtouchstone-bn.htm)<br> [<u>Investment Servicing (US) Inc. dated January 1, 2021 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h3taagreementtouchstone-bn.htm)[<u>herein incorporated by reference to Exhibit (h)(3) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h3taagreementtouchstone-bn.htm)<br> [<u>Post-Effective Amendment No 122 to Registrant's Registration Statement on From N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h3taagreementtouchstone-bn.htm)<br> [<u>811-08104),</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h3taagreementtouchstone-bn.htm)[<u>filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h3taagreementtouchstone-bn.htm)[<u>with the SEC on January 27, 2021.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424321000008/h3taagreementtouchstone-bn.htm)<br>|
| (h)(4)(a) | &nbsp;&nbsp; [<u>State Filing Services Agreement between Registrant and BNY Mellon Investment Servicing (US) Inc. dated</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28h4.htm)<br> [<u>December 5, 2011 is herein incorporated by reference to Exhibit (h)(4) of Post-Effective Amendment No. 65 to</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28h4.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28h4.htm)<br> [<u>January 30, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912005078/a12-3070_1ex99d28h4.htm)<br>|
| (h)(4)(b) | &nbsp;&nbsp; [<u>Amended Schedule A dated September 30, 2013 to the State Filing Services Agreement between Registrant and BNY</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h4b.htm)<br> [<u>Mellon Investment Servicing (Us) Inc. dated December 5, 2011 is herein incorporated by reference to</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h4b.htm)<br> [<u>Exhibit (h)(4)(b) of Post-Effective Amendment No. 72 to Registrant's Registration Statement on Form N-1A (File Nos.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h4b.htm)<br> [<u>033-70958 and 811-08104), filed with the SEC on January 27, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h4b.htm)<br>|
| (h)(5) | &nbsp;&nbsp; [<u>Fidelity Bond Allocation Agreement dated April 1, 2011 is herein incorporated by reference to Exhibit (13)(h) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912028323/a12-10413_1ex99d13h.htm)<br> [<u>Post-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-14 (File Nos. 333-177599 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912028323/a12-10413_1ex99d13h.htm)<br> [<u>811-08104), filed with the SEC on April 25, 2012.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465912028323/a12-10413_1ex99d13h.htm)<br>|

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|:---|:---|
| (h)(6)(a) | &nbsp;&nbsp; [<u>Expense Limitation Agreement between Touchstone Advisors, Inc. and the Registrant effective as of January 25, 2013 is</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d13f1.htm)<br> [<u>herein incorporated by reference to Exhibit (13)(a)(1) of Registrant's Registration Statement on Form N-14 (File</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d13f1.htm)<br> [<u>No. 333-193307), filed with the SEC on January 10, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914001714/a14-3168_1ex99d13f1.htm)<br>|
| (h)(6)(b) | &nbsp;&nbsp; [<u>Amendment to the Expense Limitation Agreement between Touchstone Advisors, Inc. and the Registrant dated</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/h6bamendmenttoela-tfgtxaug.htm)<br> [<u>August 31, 2015 is herein incorporated by reference to Exhibit (h)(6)(b) of Post-Effective Amendment No. 77 to</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/h6bamendmenttoela-tfgtxaug.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/h6bamendmenttoela-tfgtxaug.htm)<br> [<u>January 28, 2016.</u>](https://www.sec.gov/Archives/edgar/data/914243/000162828016010482/h6bamendmenttoela-tfgtxaug.htm)<br>|
| (h)(6)(c) | &nbsp;&nbsp; [<u>Amended Schedule A dated January 28, 2026 to the Expense Limitation Agreement dated January 25, 2013, as</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99h6c.htm)<br> [<u>amended, between Touchstone Advisors, Inc. and the Registrant is herein incorporated by reference to Exhibit (h)(6)(c)</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99h6c.htm)<br> [<u>of Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99h6c.htm)<br> [<u>811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99h6c.htm)<br>|
| (h)(7) | &nbsp;&nbsp; [<u>Form of Securities Lending Agency Agreement between the Registrant and Brown Brothers Harriman & Co. dated</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h8.htm)<br> [<u>February 1, 2013 is herein incorporated by reference to Exhibit (h)(8) of Post-Effective Amendment No. 72 to</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h8.htm)<br> [<u>Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h8.htm)<br> [<u>January 27, 2014.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465914004329/a14-4055_1ex99d28h8.htm)<br>|
| (h)(7)(a) | &nbsp;&nbsp; [<u>Securities Lending Agency Agreement between the Registrant and JPMorgan Chase Bank N.A. dated August 29, 2025</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99h8ii.htm)<br> [<u>is herein incorporated by reference to exhibit (h)(8)(ii) of Post-Effective Amendment No. 243 to Touchstone Strategic</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99h8ii.htm)<br> [<u>Trust's Registration Statement on Form N-1A (File Nos. 022-80859 and 811-03651) filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99h8ii.htm)<br> [<u>October 27, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525251696/d76678dex99h8ii.htm)<br>|
| (h)(8) | &nbsp;&nbsp; [<u>Master Interfund Lending Agreement dated December 15, 2017 is herein incorporated by reference to Exhibit (h)(9) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith9-interfundlending.htm)<br> [<u>Post-Effective Amendment No. 107 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith9-interfundlending.htm)<br> [<u>811-08104), filed with the SEC on January 28, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith9-interfundlending.htm)<br>|
| (h)(9) | &nbsp;&nbsp; [<u>Amended & Restated Class Action Services Agreement dated February 16, 2018 between the Registrant and Brown</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith10-bbhclassactiona.htm)<br> [<u>Brothers Harriman & Co. is herein incorporated by reference to Exhibit (h)(10) of Post-Effective Amendment No. 107</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith10-bbhclassactiona.htm)<br> [<u>to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith10-bbhclassactiona.htm)<br> [<u>January 28, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibith10-bbhclassactiona.htm)<br>|
| (i) | Opinion of counsel will be filed by amendment. |
| (j) | Consent of independent registered public accounting firm will be filed by amendment. |
| (k) | Not Applicable. |
| (l) | Not Applicable. |
| (m)(1)(a) | &nbsp;&nbsp; [<u>Distribution and Shareholder Services Plan for Class A shares is herein incorporated by reference to exhibit (m)(1) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28m1.htm)<br> [<u>Post-Effective Amendment No. 67 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28m1.htm)<br> [<u>811-08104), filed with the SEC on January 28, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28m1.htm)<br>|
| (m)(1)(b) | &nbsp;&nbsp; [<u>Amended Exhibit A dated July 16, 2021 to the Distribution and Shareholder Services Plan for Class A is herein</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/m1bamendedexadated71621tot.htm)<br> [<u>incorporated by reference to Exhibit (m)(1)(b) of Post-Effective Amendment No. 131 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/m1bamendedexadated71621tot.htm)<br> [<u>Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 26, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/m1bamendedexadated71621tot.htm)<br>|
| (m)(2)(a) | &nbsp;&nbsp; [<u>Distribution and Shareholder Services Plan for Class C shares is herein incorporated by reference to exhibit (m)(2) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28m2.htm)<br> [<u>Post-Effective Amendment No. 67 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28m2.htm)<br> [<u>811-08104), filed with the SEC on January 28, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28m2.htm)<br>|
| (m)(2)(b) | &nbsp;&nbsp; [<u>Amended Exhibit A dated July 16, 2021 to the Distribution and Shareholder Services Plan for Class C is herein</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/m2bamendedexadated71621tot.htm)<br> [<u>incorporated by reference to Exhibit (m)(2)(b) of Post-Effective Amendment No. 131 to Registrant's Registration</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/m2bamendedexadated71621tot.htm)<br> [<u>Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 26, 2022.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424322000011/m2bamendedexadated71621tot.htm)<br>|
| (m)(3) | &nbsp;&nbsp; [<u>Shareholder Services Plan for Class Z shares is herein incorporated by reference to Exhibit (m)(3) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409003760/v137750_ex99-m3.txt)<br> [<u>Amendment No. 41 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409003760/v137750_ex99-m3.txt)<br> [<u>with the SEC on January 28, 2009.</u>](https://www.sec.gov/Archives/edgar/data/914243/000114420409003760/v137750_ex99-m3.txt)<br>|
| (m)(4) | &nbsp;&nbsp; [<u>Distribution and Shareholder Servicing Plan for Class S shares is herein incorporated by reference to Exhibit (m)(4) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424317000075/a12b1plan-classs.htm)<br> [<u>Post-Effective Amendment No. 89 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424317000075/a12b1plan-classs.htm)<br> [<u>811-08104), filed with the SEC on October 30, 2017.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424317000075/a12b1plan-classs.htm)<br>|
| (n)(1) | &nbsp;&nbsp; [<u>Amended and Restated Rule 18f-3 Multiple Class Plan is herein incorporated by reference to Exhibit (n)(1) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibitn1amendedrule18f3pl.htm)<br> [<u>Post-Effective Amendment No. 107 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibitn1amendedrule18f3pl.htm)<br> [<u>811-08104), filed with the SEC on January 28, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibitn1amendedrule18f3pl.htm)<br>|
| (n)(2) | &nbsp;&nbsp; [<u>Amended Schedule A dated May 19, 2025 to the Amended and Restated Rule 18f-3 Multiple Class Plan is herein</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99n2.htm)<br> [<u>incorporated by reference to Exhibit (n)(2) of Post-Effective Amendment No. 140 to Registrant's Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99n2.htm)<br> [<u>on Form N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99n2.htm)<br>|

---

------

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

---

| | |
|:---|:---|
| (o) | Not Applicable. |
| (p)(1) | &nbsp;&nbsp; [<u>Code of Ethics of Touchstone Advisors, Inc., Touchstone Funds, and Touchstone Securities, Inc. is herein incorporated</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d8.htm)<br> [<u>by reference to Exhibit (p)(1) of Post-Effective Amendment No. 135 to Registrant's Registration Statement on Form</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d8.htm)<br> [<u>N-1A (File Nos. 033-70958 and 811-08104), filed with the SEC on August 30, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323006100/f36129d8.htm)<br>|
| (p)(2) | &nbsp;&nbsp; [<u>Code of Ethics for Sands Capital Management, Inc. is herein incorporated by reference to Exhibit (p)(2) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99p2.htm)<br> [<u>Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99p2.htm)<br> [<u>811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99p2.htm)<br>|
| (p)(3) | &nbsp;&nbsp; [<u>Code of Ethics for Fort Washington Investment Advisors, Inc.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d10.htm)[<u>is hereby incorporated by reference to Exhibit (p)(</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d10.htm)[<u>3</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d10.htm)[<u>) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d10.htm)<br> [<u>Post-Effective Amendment No. 132 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d10.htm)<br> [<u>811-08104), filed with the SEC on January 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d10.htm)<br>|
| (p)(4) | &nbsp;&nbsp; [<u>Code of Ethics for Leeward Investment, LLC</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d11.htm)[<u>is hereby incorporated by reference to Exhibit (p)(</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d11.htm)[<u>4</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d11.htm)[<u>) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d11.htm)<br> [<u>Amendment No. 132 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d11.htm)<br> [<u>with the SEC on January 26, 2023.</u>](https://www.sec.gov/Archives/edgar/data/914243/000168386323000340/f24152d11.htm)<br>|
| (p)(5) | &nbsp;&nbsp; [<u>Code of Ethics for EARNEST Partners LLC is herein incorporated by reference to Exhibit (p)(7) of Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibitp7earnestcodeofethi.htm)<br> [<u>Amendment No. 107 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and 811-08104), filed</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibitp7earnestcodeofethi.htm)<br> [<u>with the SEC on January 28, 2019.</u>](https://www.sec.gov/Archives/edgar/data/914243/000091424319000002/exhibitp7earnestcodeofethi.htm)<br>|
| (p)(6) | &nbsp;&nbsp; [<u>Code of Ethics for The London Company of Virginia is herein incorporated by reference to Exhibit (p)(13) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28p13.htm)<br> [<u>Post-Effective Amendment No. 67 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28p13.htm)<br> [<u>811-08104), filed with the SEC on January 28, 2013.</u>](https://www.sec.gov/Archives/edgar/data/914243/000110465913005222/a13-2280_1ex99d28p13.htm)<br>|
| (p)(7) | &nbsp;&nbsp; [<u>Code of Ethics for Ares Capital Management II, LLC is herein incorporated by reference to Exhibit (p)(7) of</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99p7.htm)<br> [<u>Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A (File Nos. 033-70958 and</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99p7.htm)<br> [<u>811-08104), filed with the SEC on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/914243/000119312526024582/d48115dex99p7.htm)<br>|
| (q) | &nbsp;&nbsp; [<u>Power of Attorney is herein incorporated by reference to Exhibit (q) of Post-Effective Amendment No. 242 to</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99q.htm)<br> [<u>Touchstone Strategic Trust's Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99q.htm)<br> [<u>the SEC on July 25, 2025.</u>](https://www.sec.gov/Archives/edgar/data/711080/000119312525165213/d905568dex99q.htm)<br>|

---

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT.**

None.

**ITEM 30. INDEMNIFICATION.**

Article VII of the Agreement and Declaration of Trust empowers the Trustees of the Trust, to the full extent permitted by law, to purchase with Trust assets insurance for indemnification from liability and to pay for all expenses reasonably incurred or paid or expected to be paid by a Trustee or officer in connection with any claim, action, suit or proceeding in which he or she becomes involved by virtue of his or her capacity or former capacity with the Trust.

Article VI of the By-Laws of the Trust provides that the Trust shall indemnify any person who was or is a party or is threatened to be made a party to any proceeding by reason of the fact that such person is or was an agent of the Trust, against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such proceeding if that person acted in good faith and reasonably believed his or her conduct to be in the best interests of the Trust. Indemnification will not be provided in certain circumstances, however, including instances of willful misfeasance, bad faith, gross negligence, and reckless disregard of the duties involved in the conduct of the particular office involved.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to the Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant 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 Registrant 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 Securities Act of 1933 and will be governed by the final adjudication of such issue.

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER**

**Touchstone Advisors, Inc.**

------

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.\*, 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, Treasurer - Touchstone Securities, LLC

&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) Tyler Renners - Secretary - Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Secretary - Touchstone Securities, LLC

&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) Counsel - Securities & Investments - Western & Southern Financial Group, Inc.\*

&nbsp;&nbsp;&nbsp;&nbsp;(6) Timothy S. Stearns - Chief Compliance Officer - Touchstone Advisors, Inc., Touchstone Fund Complex

&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, Touchstone Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) President of Touchstone Securities, LLC

&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

\*

The address is 400 Broadway, Cincinnati, Ohio 45202.

**Fort Washington Investment Advisors, Inc.**

Fort Washington Investment Advisors, Inc. ("Fort Washington") is the sub-advisor for the Touchstone Active Bond Fund, Touchstone Dividend Equity Fund, Touchstone High Yield Fund and Touchstone Ultra Short Duration Fixed Income Fund. The principal address of Fort Washington is 303 Broadway, Suite 1200, Cincinnati, OH 45202. Fort Washington is an investment advisor registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Except as stated below, no director, officer or partner of Fort Washington has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

\*

The address is 400 Broadway, Cincinnati, Ohio 45202.

The following list sets forth the business and other connections of the directors and executive officers of Fort Washington.

(1) Maribeth S. Rahe, President & Chief Executive Officer

(a) Life Trustee, New York Landmarks Conservancy; Life Trustee, Rush-Presbyterian-St. Luke's Medical Center; 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, First Financial Bank; Member, Former Executive Committee, Cincinnati Women's Executive Committee; Member, Former President, Executive Committee Commonwealth Club; Trustee, Executive Committee Cincinnati Country Club; Board Member, Consolidated Communications Holdings, Inc; Committee Member, ArtsWave

(b) President & CEO of Tristate Alternatives, LLC\*

(c) President, W&S Investment Holdings, LLC

(d) President & CEO of Fort Washington Capital Partners, LLC

(e) Director, Eagle Reality Investments, Inc.

(f) Director, Eagle Realty Group

(2) Nicholas P. Sargen, Director

(a) Senior Fellow, Center for Financial Stability

(3) John F. Barrett, Director

(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

(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

(c) Director, Eagle Realty Group, Eagle Realty Investments

(d) President & Trustee, Western & Southern Financial Fund

(e) Board Member, Cintas Corporation

(f) Board Member, Americans for the Arts; Member & Executive Committee, Cincinnati Center City Development Corporation (3CDC); REDI Cincinnati; Member, Cincinnati Business Committee; Co-Chairman, Greater Cincinnati Scholarship Association; Member, Cincinnati Equity Fund; Honorary Trustee, Sigma Alpha Epsilon Foundation; former Chairman, Medical Center Fund, UC;

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Advisory Board, Barrett Cancer Center; former Vice Chairman, UC Foundation Capital Campaign; Honorary Chairman, UC Presidential Bicentennial Commission; Member, Business Roundtable; Former Director, American Council of Life Insurers; former member, Financial Services Roundtable

(4) Brendan M. White, Senior Vice President Co-Chief Investment Officer

(a) Board Member, Good Samaritan Hospital

(b) Board Member, Cincinnati Cancer Foundation

(c) Board Member, Make-A-Wish, OKI

(5) Scott Henry, VP, Chief Compliance Officer

(6) Jay V. Johnson, Vice President and Treasurer

(7) Krista Rivers, Managing Director and Head of Business Development

(8) Jonathan D. Niemeyer, Director

(a) Board of Directors, Bethesda, Inc., Cincinnati Art Museum, Association of Life Insurance Counsel

(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

(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

(d) Director, Sr. Vice President, Gerber Life Insurance Company

(9) Donald J. Wuebbling, Director

(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

(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.

(10) Eric J. Walzer, Managing Director, Investment Operations

(11) David T. Henderson, Sr. Vice President, Chief Actuary, Risk and Data Officer

(12) Jeffrey L. Stainton, Secretary

(13) Gerald J. Ulland, Managing Director and Administrative Officer

(a) Board Member, Mount Notre Dame Board of Trustees

(b) Finance Committee, Scripps Foundation

(14) Christopher D. Shipley, Senior Vice President Co-Chief Investment Officer

(15) Tracey Stofa, Managing Director and Head of Private Client Group

**Sands Capital Management, LLC**

Sands Capital Management, LLC ("Sands Capital") is the sub-advisor for the Touchstone Sands Capital Select Growth Fund and the Touchstone Sands Capital International Growth Equity Fund. The principal business address of Sands Capital is 1000 Wilson Blvd., Suite 3000, Arlington, VA 22209. Sands Capital is an investment adviser registered under the Advisers Act. The directors, officers

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and/or partners of Sands Capital have been engaged in the capacities listed below with other companies within the last two fiscal years:

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| | | |
|:---|:---|:---|
| **Name and Position with** <br> **Company**<br>| **Other Company** | **Position with Other** <br> **Company**<br>|
| Frank M. Sands<br> Chief Investment Officer, <br> Chief Executive Officer<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| &nbsp;&nbsp; Investment Board Member <br> Executive Management Team<br>|
| Jonathan Goodman<br> General Counsel and Secretary<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| General Counsel  |
| Dana McNamara<br> Executive Managing Director, <br> Chief Administrative Officer<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |
| Stephen Nimmo<br> Executive Managing Director, <br> Business Development and <br> Client Relations<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |
| Thomas Perry Williams<br> President, Chief Investment <br> Officer<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |
| Brian Christiansen<br> Executive Managing Director, <br> Sr. Portfolio Manager, <br> Research Analyst<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |
| Ian Ratcliffe<br> Executive Managing Director, <br> Executive Managing Partner<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| &nbsp;&nbsp; Portfolio Manager, Managing <br> Partner, Executive <br> Management Team<br>|
| Alexandra Fulk <br> Chief Compliance Officer, <br> Sr. Legal Counsel<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| &nbsp;&nbsp; Chief Compliance Officer, Sr. <br> Legal Counsel<br>|
| Andrew Giordano<br> Executive Managing Director, <br> Business Development and <br> Client, <br> Relations<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |
| Michael Raab<br> Executive Managing Director, <br> Director of Research, <br> Portfolio, <br> Manager, Sr. Research Analyst<br>| &nbsp;&nbsp; Sands Capital Alternatives, LLC<br> 1000 Wilson Boulevard<br> Suite 3000<br> Arlington, VA 22209<br>| Executive Management Team |

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**Leeward Investments, LLC**

Leeward Investments, LLC ("Leeward") is the sub-advisor for the Touchstone Mid Cap Value Fund and Touchstone Small Cap Value Fund. The principal business address of Leeward is 10 Winthrop Square, Suite 500, Boston, MA, 02110. Leeward is an investment advisor registered under the Advisers Act. Except as stated below, no director, officer or partner has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

**EARNEST Partners, LLC**

EARNEST Partners, LLC ("EARNEST Partners") is the sub-advisor for the Touchstone US Quality Bond Fund. The principal business address of EARNEST Partners is 1180 Peachtree Street NE, Suite 2300, Atlanta, GA, 30309. EARNEST Partners is an

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investment advisor registered under the Advisers Act. Except as stated below, no director, officer or partner has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

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| | | |
|:---|:---|:---|
| **NAME AND POSITION**<br> **WITH COMPANY**<br>| **OTHER COMPANY** | **POSITION WITH**<br> **OTHER COMPANY**<br>|
| Paul E. Viera |  |  |
| CEO and Manager | GREYBULL Partners LLC | CEO and Manager |
|  | EARNEST Partners Private Capital, LLC | CEO and Manager |
|  | Take-Two Interactive Software, Inc. | Director |
|  | San Antonio Spurs | &nbsp;&nbsp; Member of the Board of <br> Managers<br>|
| Carsten J. Fiege | GREYBULL Partners LLC | COO |
| COO | EARNEST Partners Private Capital, LLC | CCO |
| James M. Wilson | GREYBULL Partners LLC | CCO and Secretary |
| CCO and Secretary | EARNEST Partners Private Capital, LLC | CCO and Secretary |
| Sunna Choi | GREYBULL Partners LLC | General Counsel |
| General Counsel | EARNEST Partners Private Capital, LLC | General Counsel |

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**The London Company of Virginia d/b/a The London Company**

London Company of Virginia d/b/a The London Company ("The London Company") is a registered advisor providing sub-advisory services to the Touchstone Small Cap Fund and the Touchstone Mid Cap Fund. The address of The London Company is 1800 Bayberry Court, Suite 301, Richmond, Virginia, 23226. No director, officer or partner of The London Company has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

**Ares Capital Management II, LLC**

Ares Capital Management II, LLC ("Ares") is a registered investment advisor providing sub-advisory services to the Touchstone Ares Credit Opportunities Fund. The address of Ares is 1800 Avenue of the Stars, Los Angeles, California 90067. No director, officer or partner of Ares has been engaged in any other business or profession of a substantial nature during the past two fiscal years.

**ITEM 32. PRINCIPAL UNDERWRITERS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Touchstone Securities, Inc. acts as underwriter for the Touchstone Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, Suite 1100, Cincinnati, Ohio 45202.

\*

The address is 400 Broadway, Cincinnati, Ohio 45202.

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| | | |
|:---|:---|:---|
| **NAME** | **POSITION WITH**<br> **UNDERWRITER**<br>| **POSITION WITH**<br> **REGISTRANT**<br>|
| Jill T. McGruder | Director  | Trustee |
| Jonathan D. Niemeyer\* | Director | None |
| Donald J. Wuebbling\* | Director | None |
| Mary T. Mock | Senior Vice President | None |
| Terrie A. Wiedenheft | Chief Financial Officer, Treasurer | President |
| Julie L. Morse | Senior Vice President | None  |
| Richard M. Koerner | Vice President | None |
| Erik M. Aarts | Vice President | None |
| Timothy J. Costanza | Vice President | None |
| Richard Koerner  | Vice President  | None  |
| Scott J. Wittman | Vice President  | None  |
| Timothy S. Stearns  | Vice President  | Chief Compliance Officer |
| Tyler Renners\* | Secretary  | None  |
| Benjamin J. Alge | President | Vice President |
| Timothy A. Bray | Divisional Vice President | None |
| Lindsay M. Connelly\*  | Assistant Vice President, Assistant Treasurer  | None  |

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| | | |
|:---|:---|:---|
| **NAME** | **POSITION WITH**<br> **UNDERWRITER**<br>| **POSITION WITH**<br> **REGISTRANT**<br>|
| John S. Musgrove\* | Assistant Vice President, Assistant Treasurer  | None  |
| Michael S. Jones | Assistant Vice President | None |
| William Kussin | Divisional Vice President | None |
| Shawn M. Scott | Chief Compliance Officer | None |

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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:

Brown Brothers Harriman & Co. <br>40 Water Street <br>Boston, Massachusetts 02109

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <br>303 Broadway, Suite 1100 <br>Cincinnati, OH 45202

BNY Mellon Investment Servicing (US) Inc. <br>4400 Computer Drive <br>Westborough, MA 01581

The Bank of New York Mellon Investment Servicing (US) Inc. <br>201 Washington Street, 7th Floor <br>Boston, MA 02108

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Advisor and sub-advisors:

Touchstone Advisors, Inc. <br>303 Broadway, Suite 1100 <br>Cincinnati, OH 45202

Sands Capital Management, LLC <br>1000 Wilson Blvd, Suite 3000 <br>Arlington, VA 22209

Fort Washington Investment Advisors, Inc. <br>303 Broadway, Suite 1200 <br>Cincinnati, OH 45202

Leeward Investments, LLC <br> 10 Winthrop Square, Suite 500 <br>Boston, MA 02110

EARNEST Partners, LLC <br>1180 Peachtree Street NE, Suite 2300 <br>Atlanta, GA 30309

The London Company <br>1800 Bayberry Court, Suite 301 <br>Richmond, VA 23226

Ares Capital Management II, LLC <br>1800 Avenue of the Stars <br>Los Angeles, CA 90067

**ITEM 34. MANAGEMENT SERVICES NOT DISCUSSED IN PART A OR PART B**

None.

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**ITEM 35. UNDERTAKINGS**

None.

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**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 has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Cincinnati, State of Ohio, on May 27, 2026.

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| |
|:---|
| TOUCHSTONE FUNDS GROUP TRUST |
| By: /s/ Terrie A. Wiedenheft<br>Terrie A. Wiedenheft<br> President<br>|

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Pursuant to the requirements of the Securities Act of 1933, as amended this Post-Effective Amendment No. 141 to the Registrant's Registration Statement on Form N-1A has been signed below by the following persons in the capacity on the date indicated.

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| \*<br>Karen Carnahan<br>| Trustee | May 27, 2026 |
| \*<br>William C. Gale<br>| Trustee | May 27, 2026 |
| \*<br>Susan M. King<br>| Trustee | May 27, 2026 |
| \*<br>Kevin A. Robie<br>| Trustee | May 27, 2026 |
| \*<br>Sally J. Staley<br>| Trustee | May 27, 2026 |
| \*<br>William H. Zimmer III<br>| Trustee | May 27, 2026 |
| \*<br>Jill T. McGruder<br>| Trustee | May 27, 2026 |
| \*<br>E. Blake Moore, Jr.<br>| Trustee | May 27, 2026 |
| /s/ Terri A. Lucas<br>Terri A. Lucas<br>| &nbsp;&nbsp; Controller, Treasurer and Principal <br> Financial Officer<br>| May 27, 2026 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

\*By: /s/ Terri A. Lucas<br>Terri A. Lucas<br> \*(Attorney-in-Fact Pursuant to Power of Attorney)<br>

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