# EDGAR Filing Document

**Accession Number:** 0000914243
**File Stem:** 0001683863-23-000480
**Filing Date:** 2023-1
**Character Count:** 23921
**Document Hash:** 88485339e9e7d05963983c0cfe01978b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000480.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001683863-23-000480

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOUCHSTONE FUNDS GROUP TRUST
- **CENTRAL INDEX KEY:** 0000914243
- **IRS NUMBER:** 680325521
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-70958
- **FILM NUMBER:** 23561466

**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

## Series and Classes Contracts Data

### TOUCHSTONE MID CAP FUND (Series ID: S000005842)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000016016 | Class Y       | TMCPX           |
| C000039629 | Class Z       | TMCTX           |
| C000048891 | Class A       | TMAPX           |
| C000048892 | Class C       | TMCJX           |
| C000112484 | Institutional | TMPIX           |
| C000226003 | Class R6      | TMPRX           |

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

![](touchstone_smblk.gif)

Summary Prospectus

Touchstone Mid Cap FundJanuary 27, 2023

 **Class A Ticker: TMAPX Class C Ticker: TMCJX Class R6 Ticker: TMPRX**

**Class Y Ticker: TMCPX Class Z Ticker: TMCTX Institutional Class: TMPIX**

Before you invest, you may want to review the Fund's prospectus, which contains information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information, both dated January 27, 2023, as amended from time to time, are incorporated by reference into this summary prospectus. For free paper or electronic copies of the Fund's prospectus and other information about the Fund, go to TouchstoneInvestments.com/Resources, call 1.800.543.0407, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

**Touchstone Mid Cap Fund Summary**

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

The Touchstone Mid Cap 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 ("SAI") on pages 100 and 101, 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** | **Class Z** | **Institutional** <br> **Class**<br>| **Class R6** |
| **Shareholder Fees (fees paid directly from your** <br> **investment)**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases <br> (as a percentage of offering price)<br>| 5.00% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a <br> percentage of original purchase price or the <br> amount redeemed, whichever is less)<br>|  | 1.00% |  |  |  |  |
| Wire Redemption Fee<sup>(1)</sup> <br>| $15 | $15 | $15 | $15 | $15 | $15 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that** <br> **you pay each year as a percentage of the value** <br> **of your investment)**<br>|  |  |  |  |  |
| Management Fees | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Distribution and/or Shareholder Service (12b-1) Fees | 0.25% | 1.00% | 0.25% |  |  |
| Other Expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Provider Expense | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | 0.31% | 0.26% | 0.34% | 0.20% | 0.15% |

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Touchstone Mid Cap FundJanuary 27, 2023

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total Other Expenses | 0.33% | 0.28% | 0.28% | 0.36% | 0.22% | 0.17% |
| Total Annual Fund Operating Expenses | 1.23% | 1.93% | 0.93% | 1.26% | 0.87% | 0.82% |
| Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 0.00% | 0.00% | 0.00% | (0.03)% | 0.00% | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee <br> Waiver and/or Expense Reimbursement<sup>(2)</sup> <br>| 1.23% | 1.93% | 0.93%<sup>(3)</sup> <br>| 1.23% | 0.87% | 0.81% |

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<sup>(1)</sup>

*Up to $15.*

<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 1.21%, 1.96%, 0.96%, 1.21%, 0.89% and 0.79% of average daily net assets for Classes A, C, Y, Z, Institutional Class and Class R6 shares, respectively. This contractual expense limitation is effective through January 29, 2024, 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>

*Expenses shown above do not reflect Touchstone Advisors' recoupment of previously waived and/or reimbursed expenses and will differ from the net expenses shown in the Fund's annual report for the fiscal year ended September 30, 2022.*

**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 Redemption at End of Period** | **Assuming**<br> **No Redemption**<br>|
|  | **Class A** | **Class C** | **Class Y** | **Class Z** | **Institutional**<br> **Class**<br>| **Class R6** | **Class C** |
| 1 Year | $619 | $296 | $95 | $125 | $89 | $83 | $196 |
| 3 Years | $871 | $606 | $296 | $397 | $278 | $261 | $606 |
| 5 Years | $1142 | $1042 | $515 | $689 | $482 | $454 | $1042 |
| 10 Years | $1914 | $2254 | $1143 | $1520 | $1073 | $1013 | $2254 |

---

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

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Touchstone Mid Cap FundJanuary 27, 2023

**<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 medium capitalization U.S. listed companies. 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 medium capitalization company has a market capitalization found within the range of market capitalizations represented in the Russell Midcap<sup>®</sup> Index (between $653 million to $52.8 billion as of December 31, 2022) at the time of purchase. The size of the companies in the Russell Midcap<sup>®</sup> Index will change with market conditions.

The Fund's sub-adviser, London Company of Virginia, LLC d/b/a/ The London Company ("The London Company"), seeks to purchase financially stable mid-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 mid-cap philosophy include (1) a focus on cash return on tangible capital, not earnings per share, (2) balance sheet optimization, (3) optimal diversification is essential to good investment results, and (4) low turnover and tax sensitivity enhances real returns.

The Fund will typically hold securities of approximately 30 to 40 companies. The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. The London Company invests for the long term and attempts to minimize turnover in an effort to reduce transaction costs and taxes.

**<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>

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

**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 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

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Touchstone Mid Cap FundJanuary 27, 2023

unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause a Fund or Fund service provider to suffer data corruption or lose operational functionality. A cyber security breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs, any of which could have a substantial impact on a Fund. Such incidents could affect issuers in which a Fund invests, thereby causing the Fund's investments to lose value.

**Sector Focus Risk:** A fund that focuses its investments in the securities of a particular market sector is subject to the risk that adverse circumstances will have a greater impact on the fund than a fund that does not focus its investments in a particular sector.

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

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

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

![](tfgttmapx.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2nd Quarter 2020 | 17.65% |
| Worst Quarter: | 1st Quarter 2020 | (22.42)% |

---

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

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Touchstone Mid Cap FundJanuary 27, 2023

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.

The inception date of Class R6 shares was February 22, 2021. Class R6 shares' performance was calculated using the historical performance of Class Y shares for the periods prior to February 22, 2021. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class R6 shares.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **For the periods ended December 31, 2022**<br>| **1 Year** | **5 Years** | **10 Years** |
| **Touchstone Mid Cap Fund - Class A** |  |  |  |
| Return Before Taxes | (20.07)% | 6.09% | &nbsp;&nbsp; 9.97% |
| Return After Taxes on Distributions | (20.33)% | 5.42% | &nbsp;&nbsp; 9.59% |
| Return After Taxes on Distributions and Sale of Fund Shares | (11.69)% | 4.69% | &nbsp;&nbsp; 8.20% |
| **Touchstone Mid Cap Fund - Class C** |  |  |  |
| Return Before Taxes | (17.27)% | 6.57% | &nbsp;&nbsp; 9.96% |
| **Touchstone Mid Cap Fund - Class Y** |  |  |  |
| Return Before Taxes | (15.62)% | 7.63% | 10.90% |
| **Touchstone Mid Cap Fund - Class Z** |  |  |  |
| Return Before Taxes | (15.86)% | 7.35% | 10.62% |
| **Touchstone Mid Cap Fund - Institutional Class** |  |  |  |
| Return Before Taxes | (15.57)% | 7.72% | 10.98% |
| **Touchstone Mid Cap Fund - Class R6** |  |  |  |
| Return Before Taxes<sup>(1)</sup> <br>| (15.51)% | 7.69% | 10.93% |
| **Russell Midcap**<sup>®</sup> **Index** (reflects no deductions for fees, expenses or taxes) | (17.32)% | 7.10% | 10.96% |

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<sup>(1)</sup>

*Class R6 shares commenced operations on February 22, 2021. An investor transacting in Class R6 shares may be required to pay a commission to a broker for effecting such transactions on an agency basis. Such commissions will not be reflected in the table.*

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

**Investment Adviser**

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

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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 <br> Virginia d/b/a/ The <br> London Company<br>| Stephen Goddard, CFA | Since 2011 | &nbsp;&nbsp; Founder, CIO and <br> Co-Lead Portfolio <br> Manager<br>|
|  | Jonathan Moody, CFA | Since 2011 | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>|
|  | J. Brian Campbell, CFA | Since 2011 | &nbsp;&nbsp; Principal and Co-Lead <br> Portfolio Manager<br>|

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Touchstone Mid Cap FundJanuary 27, 2023

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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>|
|  | Mark E. DeVaul, CFA, CPA | Since 2011 | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>|
|  | Sam Hutchings, CFA | Since 2015 | &nbsp;&nbsp; Principal and Portfolio <br> Manager<br>|

---

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

Minimum Investment Requirements

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| | | |
|:---|:---|:---|
|  | **Classes A, C, Y and Z** | **Classes A, C, Y and Z** |
|  | **Initial** <br> **Investment**<br>| **Additional** <br> **Investment**<br>|
| Regular Account | $2500 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Account or Custodial Account under the Uniform Gifts/Transfers <br> to Minors Act<br>| $1000 | $50 |
| Investments through the Automatic Investment Plan | $100 | $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 | $500000 | $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 | $50000 | $50 |

---

Class R6 shares held on the 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.

Fund shares may be purchased and sold on days that the New York Stock Exchange is open for trading. Existing Class A, C, and Institutional Class shareholders may purchase shares directly through Touchstone Funds via the transfer agent, BNY Mellon, or through their financial intermediary. Class Y shares are available only through financial institutions and financial intermediaries who have appropriate selling agreements in place with Touchstone Securities. Class Z shares are available only through a financial intermediary or financial institutions such as retirement plans, fee based platforms and brokerage accounts. Shares may be purchased or sold by writing to Touchstone Securities at P.O. Box 9878, Providence, Rhode Island 02940, 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. Shares held in IRAs and qualified retirement plans cannot be sold via the Internet. 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.

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Touchstone Mid Cap FundJanuary 27, 2023

**<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.

TSF-56-TFGT-TMAPX-2301

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