Acquired Funds | Acquiring Funds |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund, a series of Touchstone Strategic Trust |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund, a series of Touchstone Strategic Trust |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Fifth Third All Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund, a series of Touchstone Investment Trust |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund, a series of Touchstone Funds Group Trust |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund, a series of Touchstone Investment Trust |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund, a series of Touchstone Strategic Trust |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund, a series of Touchstone Strategic Trust |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund, a series of Touchstone Strategic Trust |
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund, a series of Touchstone Strategic Trust |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund, a series of Touchstone Strategic Trust |
Fifth Third International Equity Fund | Touchstone International Value Fund, a series of Touchstone Strategic Trust |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund, a series of Touchstone Strategic Trust |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third All Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund, a series of Touchstone Investment Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund, a series of Touchstone Funds Group Trust |
Class A Class C Institutional | Class A Class C Class Y |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund, a series of Touchstone Investment Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Micro Cap Value Fund Class A Class B Class C Institutional | Touchstone Micro Cap Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third Small Cap Value Fund Class A Class B Class C Institutional | Touchstone Small Company Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third International Equity Fund Class A Class B Class C Institutional | Touchstone International Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third Strategic Income Fund Class A Class B Class C Institutional | Touchstone Strategic Income Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
1. | Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card. |
2. | Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card. |
3. | All Other Accounts: The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example: |
Registration | Valid Signature | ||||
Corporate Accounts | |||||
(1) | ABC Corp. | ABC Corp. | |||
(2) | ABC Corp. | John Doe, Treasurer | |||
(3) | ABC Corp. | ||||
c/o John Doe, Treasurer | John Doe | ||||
(4) | ABC Corp. Profit Sharing Plan | John Doe, Trustee | |||
Trust Accounts | |||||
(1) | ABC Trust | Jane B. Doe, Trustee | |||
(2) | Jane B. Doe, Trustee | ||||
u/t/d 12/28/78 | Jane B. Doe | ||||
Custodial or Estate Accounts | |||||
(1) | John B. Smith, Cust. | ||||
f/b/o John B. Smith, Jr. UGMA | John B. Smith | ||||
(2) | Estate of John B. Smith | John B. Smith, Jr., Executor |
JOINT PROSPECTUS/PROXY STATEMENT
Fifth Third Funds 38 Fountain Square Plaza Cincinnati, OH 45202 (800) 282-5706 | Touchstone Strategic Trust Touchstone Investment Trust Touchstone Funds Group Trust 303 Broadway, Suite 1100 Cincinnati, OH 45202 (800) 543-0407 |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third All Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund, a series of Touchstone Investment Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund, a series of Touchstone Funds Group Trust |
Class A Class C Institutional | Class A Class C Class Y |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund, a series of Touchstone Investment Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Micro Cap Value Fund Class A Class B Class C Institutional | Touchstone Micro Cap Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third Small Cap Value Fund Class A Class B Class C Institutional | Touchstone Small Company Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third International Equity Fund Class A Class B Class C Institutional | Touchstone International Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third Strategic Income Fund Class A Class B Class C Institutional | Touchstone Strategic Income Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Information about the Acquired Funds:* | How to Obtain this Information: | ||||
Prospectus of Fifth Third Funds relating to the Acquired Funds dated November 23, 2011, as amended from time to time (“Fifth Third Prospectus”) | Copies are available upon request and without charge if you: | ||||
Statement of Additional Information of Fifth Third Funds relating to the Acquired Funds dated November 23, 2011, as amended from time to time (“Fifth Third SAI”) | o | Write to the Fifth Third Funds, c/o Boston Financial, P.O. Box 8043, Boston, MA 02266-8043; | |||
Annual Report of Fifth Third Funds relating to the Acquired Funds dated July 31, 2011 (“Fifth Third Annual Report”) | o | Call (800) 282-5706 toll-free; or | |||
Semi-Annual Report of Fifth Third Funds relating to the Acquired Funds dated January 31, 2012 (“Fifth Third Semi-Annual Report”) | o | Download a copy from http://www.fifththirdfunds.com. | |||
* No other parts of these documents are incorporated by reference herein. | |||||
Information about the Acquiring Funds:* | How to Obtain this Information: | ||||
Statement of Additional Information relating to the Touchstone High Yield Fund and the Touchstone Core Bond Fund dated January 27, 2012, as amended from time to time (“TINT SAI”) | You may obtain copies of each Touchstone SAI, Touchstone Annual Report or Touchstone Semi-Annual Report, without charge, upon request by: | ||||
Statement of Additional Information relating to the Touchstone Ultra Short Duration Fixed Income Fund dated January 27, 2012, as amended from time to time (“TFGT SAI”) | o | Writing to the Touchstone Funds, at P.O. Box 9878, Providence, RI 02940; or | |||
Statement of Additional Information relating to the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund dated April 12, 2012, as amended from time to time (“TST SAI” together with the TINT SAI and TFGT SAI, the “Touchstone SAIs”) | o | Calling (800) 543-0407 toll-free; or | |||
o | Downloading a copy from https://www.touchstoneinvestments.com/home/formslit/. | ||||
Annual Report relating to the Touchstone Large Cap Growth Fund and the Touchstone Growth Opportunities Fund dated |
March 31, 2012 (“TST Annual Report 1”) Annual Report relating to the Touchstone Value Fund dated March 31, 2012 (“TST Annual Report 2”) | ||||||
Annual Report relating to the Touchstone High Yield Fund and the Touchstone Core Bond Fund dated September 30, 2011 (“TINT Annual Report”) Annual Report relating to the Touchstone Ultra Short Duration Fixed Income Fund dated September 30, 2011 (“TFGT Annual Report”) Annual Report relating to the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund dated July 31, 2011 (“TST Annual Report 3” together with the TST Annual Report 1, TST Annual Report 2, TINT Annual Report and TFGT Annual Report, the “Touchstone Annual Reports”) Semi-Annual Report relating to the Touchstone High Yield Fund and the Touchstone Core Bond Fund dated March 31, 2012 (“TINT Semi-Annual Report”) Semi-Annual Report relating to the Touchstone Ultra Short Duration Fixed Income Fund dated March 31, 2012 (“TFGT Semi-Annual Report”) Semi-Annual Report relating to the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund dated January 31, 2012 (“TST Semi-Annual Report” together with the TINT Semi-Annual Report and the TFGT Semi-Annual Report, “Touchstone Semi-Annual Reports”) * No other parts of these documents are incorporated by reference herein. | ||||||
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT DETERMINED THAT THE INFORMATION IN THIS PROSPECTUS/PROXY STATEMENT IS ACCURATE OR ADEQUATE, NOR HAS IT APPROVED OR DISAPPROVED THESE SECURITIES. ANYONE WHO TELLS YOU OTHERWISE IS COMMITTING A CRIMINAL OFFENSE. |
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E-1 |
o | the transfer of all of the assets of an Acquired Fund to a corresponding Acquiring Fund in exchange for shares of the Acquiring Fund; |
o | the assumption by the Acquiring Fund of the liabilities, as set forth in the Reorganization Agreement, of the corresponding Acquired Fund; |
o | the termination of the Acquired Fund subsequent to the distribution of shares of the corresponding Acquiring Fund to the Acquired Fund’s shareholders in complete liquidation of the Acquired Fund; and |
o | the structuring of the Reorganization as a tax-free reorganization for federal income tax purposes. |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third All Cap Value Fund | Touchstone Value Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund, a series of Touchstone Investment Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund, a series of Touchstone Funds Group Trust |
Class A Class C Institutional | Class A Class C Class Y |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund, a series of Touchstone Investment Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Acquired Funds and Share Classes | Acquiring Funds and Corresponding Share Classes |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund, a series of Touchstone Strategic Trust |
Class A Class B Class C Institutional | Class A Class A Class C Class Y |
Fifth Third Micro Cap Value Fund Class A Class B Class C Institutional | Touchstone Micro Cap Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third Small Cap Value Fund Class A Class B Class C Institutional | Touchstone Small Company Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third International Equity Fund Class A Class B Class C Institutional | Touchstone International Value Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third Strategic Income Fund Class A Class B Class C Institutional | Touchstone Strategic Income Fund, a series of Touchstone Strategic Trust Class A Class A Class C Class Y |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | |||||
Investment Goal | The Fund seeks growth of capital. Income is a secondary objective. | The Fund seeks long-term growth of capital. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 65% of its total assets in common stocks of growth companies. FTAM considers growth companies to be those companies that, in the opinion of FTAM, offer excellent prospects for consistent, above-average revenue and earnings growth, improving profit trends, and positive investor sentiment coupled with solid operating momentum. FTAM generally looks for companies with a strong record of earnings growth and considers the company’s current ratio of debt to capital and the quality of its management. Most of the companies in which the Fund invests are U.S. companies with a market capitalization greater than $2 billion. To achieve its secondary objective of income, the Fund may rely on dividend income that it receives from common stocks and interest income it receives from other investments, including convertible securities. The Fund reserves the right to invest up to 35% of its total assets in convertible securities which, at the time of investment, are rated investment grade, that is, in the BBB major rating category or higher by Standard & Poor’s or in the Baa major rating category or higher by Moody’s or their unrated equivalents. The Fund seeks to outperform the Russell 1000® Growth Index over rolling five-year periods. The Russell 1000 Growth Index is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. FTAM believes that stock prices are driven by earnings growth, and that superior returns | Under normal circumstances, the Fund will invest at least 80% of its assets in common stocks of large cap U.S. companies. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days’ prior notice to shareholders. A large cap company has a market capitalization found within the Russell 1000 Index (between $395 billion and $541 billion at the time of its most recent reconstitution on May 31, 2012) at the time of purchase. The size of the companies in the Russell 1000 Index will change with market conditions. The Fund is non-diversified and may invest a significant percentage of its assets in the securities of one issuer. The Fund may invest up to 10% of its total assets in the securities of one company. The Fund’s investments may include companies in the technology sector. The Fund may engage in frequent and active trading as part of its principal investment strategy. The sub-advisor, Navellier & Associates, Inc. (“Navellier”), seeks to identify and select inefficiently priced securities with strong appreciation potential by employing a proprietary investment process. Navellier’s proprietary investment process is a disciplined quantitative, objective, “bottom-up,” process and contains the following three steps. In the first step of the investment process, Navellier calculates and analyzes a “reward/risk ratio” for each potential investment. The reward/risk ratio is designed to identify stocks with above average potential returns and adjusted for risk. In the second step of the investment process, Navellier applies two or more sets of |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | |||||
occur when a company experiences rapid and accelerating growth due to improving fundamentals. FTAM uses a bottom-up investment process with fundamental research providing the basis for stock selection. FTAM uses a combination of fundamental, momentum and valuation-based disciplines for portfolio construction, with a particular focus on strong fundamental growth, better than average valuation characteristics, and strong financial condition and characteristics. FTAM also utilizes a strict sell discipline and may consider selling a security when: it believes that the security has become overvalued or less attractive; there is deterioration in a company’s fundamentals, management, or financial reporting; one of the Fund’s holdings has exceeded FTAM’s position weighting; or a company’s relative strength falls below FTAM’s target. The Fund may engage in securities lending. FTAM will look to manage risk through several strategies, which will typically include maintaining minimum and maximum sector and position weightings relative to the Russell 1000 Growth Index and monitoring risk statistics relative to the Russell 1000 Growth Index. FTAM also relies on intensive research and believes that security selection will be the main source of active risk. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. | fundamental criteria to identify attractive stocks among those with favorable reward/risk ratios. Examples of these criteria include earnings growth, profit margins, reasonable price/earnings ratios based on expected future earnings, and various other fundamental criteria. Stocks with a combination of the applicable criteria are further considered in the third and final step of the investment process, which addresses the construction of the portfolio. Stocks are selected and weighted according to a disciplined methodology designed to maximize potential return and minimize potential risk. Every quarter Navellier evaluates the fundamental criteria used in the second step of the investment process. The criteria included in this step and the relative weightings of each fundamental criterion are adjusted as necessary. This allows Navellier to monitor which criteria appear to be in favor in the financial markets. If a security held by the Fund does not meet the requirements of each step of Navellier’s investment process, then Navellier will evaluate the security and, if necessary, replace it. |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | |||||
Investment Goal | The Fund seeks growth of capital. Income is a secondary objective. | The Fund seeks long-term growth of capital. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in common stocks of mid cap companies. Mid cap companies are defined as those companies included in the Russell MidCap® Growth Index and companies with similar market capitalizations. Market capitalization, a common measure of the size of a company, is the market price of a share of a company’s stock multiplied by the number of shares that are outstanding. As of September 30, 2011, the market capitalization of companies included in the Russell MidCap Growth Index ranged from $721 million to $16.3 billion. As of September 30, 2011, the average market capitalization of companies included in the Russell MidCap Growth Index was $7.1 billion and the median market capitalization was approximately $4.0 billion. FTAM considers growth companies to be those companies that, in the opinion of FTAM, offer excellent prospects for consistent, above-average revenue and earnings growth, improving profit trends, and positive investor sentiment coupled with solid operating momentum. FTAM generally looks for companies with a strong record of earnings growth and considers the company’s current ratio of debt to capital and the quality of its management. To achieve its secondary objective of income, the Fund relies on dividend and interest income. The Fund may invest up to 20% of its assets in common stocks of large cap companies (many of which pay dividends), small cap companies, convertible securities and debt securities that pay interest. The Fund seeks to outperform the Russell MidCap Growth Index over rolling five-year periods. FTAM believes that stock prices are driven by earnings growth, and that superior returns occur when a company experiences rapid and accelerating growth due to | The Fund invests primarily in stocks of domestic growth companies that the sub-advisor, Westfield Capital Management Company, L.P. (“Westfield”), believes have a demonstrated record of achievement with excellent prospects for earnings growth over a 1 to 3 year period. In choosing securities, Westfield looks for companies that it believes are reasonably priced with high forecasted earnings potential. The Fund will invest in companies that Westfield believes have shown above-average and consistent long-term growth in earnings and have excellent prospects for future growth. Westfield evaluates companies by using fundamental analysis of the company’s financial statements, interviews with management, analysis of the company’s operations and product development and consideration of the company’s industry category. The Fund is non-diversified and may invest a significant percentage of its assets in the securities of a single company. Westfield expects to hold investments in the Fund for an average of 12 to 24 months. However, changes in Westfield’s outlook and market conditions may significantly affect the amount of time the Fund holds a security. The Fund’s portfolio turnover may vary greatly from year to year and during a particular year. As a result, the Fund may engage in frequent and active trading as part of its principal investment strategy. Westfield generally will sell a security if one or more of the following occurs: (1) the predetermined price target objective is exceeded; (2) there is an alteration to the original investment case; (3) valuation relative to the stock’s peer group is no longer attractive; or (4) better risk/reward opportunities may be |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | |||||
improving fundamentals. FTAM uses a bottom-up investment process with fundamental research providing the basis for stock selection. FTAM uses a combination of fundamental, momentum and valuation-based disciplines for portfolio construction, with a particular focus on strong fundamental growth, better than average valuation characteristics, and strong financial condition and characteristics. FTAM also utilizes a strict sell discipline and may consider selling a security when: it believes that the security has become overvalued or less attractive; there is deterioration in a company’s fundamentals, management, or financial reporting; one of the Fund’s holdings has exceeded FTAM’s position weighting; or a company’s relative strength falls below FTAM’s target. The Fund may engage in securities lending. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. | found in other stocks. |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund | |||||
Investment Goal | The Fund seeks long-term capital appreciation with current income as a secondary objective. | The Fund seeks to provide investors with long-term capital growth. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of large capitalization companies. Large capitalization companies are defined as those companies included in the Russell 1000® Value Index and companies with similar market capitalizations. Market capitalization, a common measure of the size of a company, is the market price of a share of a company’s stock multiplied by the number of shares that are outstanding. As of September 30, 2011, the market capitalization of companies included in the Russell 1000 Value Index ranged from $721 million to $357.8 billion. As of September 30, 2011, the average market capitalization of companies included in the Russell 1000 Value Index was approximately $66.5 billion and the median market capitalization was approximately $4.1 billion. The Fund seeks to outperform the Russell 1000 Value Index over a long-term investment horizon. FTAM seeks to invest in companies that it considers to be “statistically cheap” (based on factors which may include, for example, low ratio of price to earnings, price to cash flow, price to book value, price to dividend and price to sales). FTAM also looks for companies that it believes are undervalued relative to their earning power and long term earnings growth prospects, adjusted for risk. Ideally, attractive companies will have a positive catalyst (e.g., new products, management changes, acquisition, etc.). FTAM may consider selling a security when it performs well and reaches its price target, when a lower price target results from a reassessment of a company’s fundamentals, when a more attractive stock is identified or when the integrity of financial reporting becomes suspect. FTAM will look to manage risk through several strategies, which will typically include maintaining minimum and maximum sector weightings relative to the Russell 1000 Value Index and monitoring risk statistics relative to the Russell 1000 Value Index. The Fund may engage in securities lending. | The Fund normally invests in equity securities of large and mid-cap companies (generally, companies with market capitalizations of approximately $2.5 billion or above) that the Fund’s sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) believes are undervalued. Equity securities include common and preferred stocks. Barrow Hanley uses traditional methods of stock selection – research and analysis – to identify securities it believes are undervalued and searches for companies that have price to earnings and price to book ratios below the market and that have above average dividend yields. Barrow Hanley’s investment management approach may be described as contrarian in nature because it generally focuses on companies which are out of favor with other investors due to internal or external challenges judged to be short-term in nature. Barrow Hanley’s process seeks to identify the reasons for a temporary undervaluation of a company’s shares and believes that value can be added through individual stock selection. Barrow Hanley utilizes risk management tools in an effort to keep the Fund from becoming over-exposed to particular market segments. Barrow Hanley is a “bottom-up” value manager meaning it analyzes the fundamentals of companies one at a time rather than focusing on broader market themes. The Fund is non-diversified and may invest a significant percentage of its assets in the securities of a single company. Barrow Hanley generally considers selling a security when it reaches fair value estimate, when earnings forecasts do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company’s fundamentals, or when other investment opportunities appear more attractive. |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund | |||||
When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. |
Fifth Third All Cap Value Fund | Touchstone Value Fund | |||||
Investment Goal | The Fund seeks a high level of total return (using a combination of capital appreciation and income). | The Fund seeks to provide investors with long-term capital growth. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of companies of all capitalizations. Equity securities in which the Fund invests consist of common stock and securities convertible into common stock of companies with market capitalizations of any size. The Fund seeks to outperform the Russell 3000® Value Index over a long-term investment horizon. FTAM seeks to invest in companies that it considers to be “statistically cheap” (based on factors which may include, for example, low ratio of price to earnings, price to cash flow, price to book value, and price to sales). FTAM also looks for companies that it believes are undervalued | The Fund normally invests in equity securities of large and mid-cap companies (generally, companies with market capitalizations of approximately $2.5 billion or above) that the Fund’s sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) believes are undervalued. Equity securities include common and preferred stocks. Barrow Hanley uses traditional methods of stock selection – research and analysis – to identify securities it believes are undervalued and searches for companies that have price to earnings and price to book ratios below the market and that have above average dividend yields. Barrow Hanley’s investment management approach may be described as |
Fifth Third All Cap Value Fund | Touchstone Value Fund | |||||
relative to their earning power and long term earnings growth prospects, adjusted for risk. FTAM may filter less attractive companies by analyzing cash flows, evaluating financial strength, performing normalized earnings analysis, review of purchase and sale activity in company shares by company executives, and through fundamental analysis. Ideally, attractive companies will have a positive catalyst (e.g., new products, management changes, acquisition, etc.). FTAM also utilizes a strict sell discipline and may consider selling a security when: it becomes fully valued or less attractive; one of the Fund’s holdings has performed well and reached or approached FTAM’s price target; a company fails to pass FTAM’s investment screens; or there is deterioration in a company’s fundamentals, management or financial reporting. FTAM will look to manage risk through several strategies, which will typically include maintaining minimum and maximum sector weightings relative to the Russell 3000 Value Index and monitoring risk statistics relative to the Russell 3000 Value Index. The Fund may engage in securities lending. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. | contrarian in nature because it generally focuses on companies which are out of favor with other investors due to internal or external challenges judged to be short-term in nature. Barrow Hanley’s process seeks to identify the reasons for a temporary undervaluation of a company’s shares and believes that value can be added through individual stock selection. Barrow Hanley utilizes risk management tools in an effort to keep the Fund from becoming over-exposed to particular market segments. Barrow Hanley is a “bottom-up” value manager meaning it analyzes the fundamentals of companies one at a time rather than focusing on broader market themes. The Fund is non-diversified and may invest a significant percentage of its assets in the securities of a single company. Barrow Hanley generally considers selling a security when it reaches fair value estimate, when earnings forecasts do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company’s fundamentals, or when other investment opportunities appear more attractive. |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund | |||||
Investment Goal | The Fund seeks a high level of income. Capital appreciation is a secondary objective. | The Fund seeks to achieve a high level of income as its main goal. Capital appreciation is a secondary consideration. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in non-investment grade debt securities. The Fund generally invests in non-investment grade debt securities of domestic corporations. Non-investment grade securities are rated below investment grade by the primary rating agencies (e.g., BB or lower by Standard & Poor’s and Ba or lower by Moody’s). These securities are often referred to as “junk bonds” and are considered speculative. The Fund expects to hold securities with an average maturity of between 6 and 10 years, but the holding period average may vary between 4 and 12 years. In selecting portfolio securities, the Fund’s investment sub-advisor analyzes the overall investment opportunities and risks in different industry sectors focusing on those industries that exhibit stability and predictability. Having developed certain industry biases resulting from the current macroeconomic environment, the investment sub-advisor implements a process of elimination through which certain types of securities are removed from the list of initially selected securities due to their structure. The investment sub-advisor then conducts a rigorous credit selection process in order to identify securities that offer attractive investment opportunities. Once a security has been purchased, the credit analysis process is re-applied to each individual security in the Fund’s portfolio on a periodic basis or as new information becomes available to determine whether or not to keep a security in the Fund’s portfolio. The Fund may engage in securities lending. When the investment sub-advisor believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. | The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in non-investment grade debt securities. Shareholders will be provided with at least 60 days’ prior notice of any change in this policy. The Fund generally invests in non-investment grade debt securities of domestic corporations. Non-investment grade debt securities are often referred to as “junk bonds” and are considered speculative. The Fund expects to have an average maturity of between 6 and 10 years, but it may vary to between 4 and 12 years. In selecting securities for the Fund, the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington”), analyzes the overall investment opportunities and risks in different industry sectors focusing on those industries that exhibit stability and predictability. Having developed certain industry biases resulting from the current macroeconomic environment, Fort Washington implements a process of elimination through which certain types of securities are removed from the list of initially selected securities due to their structure. The next step is to apply a rigorous credit selection process in order to identify securities that offer attractive investment opportunities. Once a security has been purchased, the credit analysis process is re-applied to each individual security in the Fund’s portfolio on a periodic basis or as new information becomes available to determine whether or not to keep a security in the Fund’s portfolio. |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | |||||
Investment Goal | The Fund seeks current income. | The Fund seeks maximum total return consistent with the preservation of capital. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The bonds in which the Fund invests typically include corporate debt securities, mortgage-backed securities, asset-backed securities, and U.S. Government debt securities. U.S. Government securities (or bonds) include debt securities issued or guaranteed as to principal and interest by the U.S. Treasury and obligations issued by U.S. Government-sponsored enterprises (“GSEs”), which may be agencies or instrumentalities of the U.S. Government, the securities of which are not issued or guaranteed as to principal and interest by the U.S. Treasury. U.S. Government securities that are guaranteed and insured by the full faith and credit of the U.S. Treasury include U.S. Treasury securities and securities issued by the Government National Mortgage Association (Ginnie Mae) and the Small Business Administration (SBA). U.S. Government securities issued by GSEs the securities of which are neither guaranteed nor insured by the full faith and credit of the U.S. Treasury but which have the ability to borrow from the Treasury include Federal Home Loan Bank (FHLB), Student Loan Marketing Association (Sallie-Mae), Tennessee Valley Authority (TVA), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). Federal Farm Credit Bank (FFCB) is a GSE that issues securities that are neither guaranteed nor insured by the full faith and credit of the U.S. Treasury and which has no ability to borrow from the Treasury. While there are different degrees of credit quality, U.S. Government securities and securities issued by GSEs generally are considered to be of higher quality than other types of securities. The Fund will maintain a dollar-weighted average portfolio maturity of less than three years. While maturity and credit quality are | The Fund invests, under normal market conditions, at least 80% of its assets in fixed income securities. This is a non-fundamental investment policy that can be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund invests in a diversified portfolio of securities of different maturities including U.S. Treasury securities, U.S. government agency securities, securities of U.S. government-sponsored enterprises, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds and repurchase agreements. The Fund invests only in investment grade debt securities and does not invest in non-investment grade (i.e., “high yield”) debt securities. Investment grade debt securities are those having a rating of BBB-/Baa3 or higher from a major rating agency or, if a rating is not available, deemed to be of comparable quality by the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington”). In selecting investments for the Fund, Fort Washington chooses fixed income securities that it believes are attractively priced relative to the market or to similar instruments. In addition, Fort Washington considers the “effective duration” of the Fund’s entire portfolio. Effective duration is a measure of a security’s price volatility or the risk associated with changes in interest rates. While the Fund may invest in securities with any maturity or duration, Fort Washington seeks to maintain an effective duration for the Fund of one year or less under normal market conditions. The Fund may engage in frequent and active trading of securities as a part of its principal investment strategy. |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | |||||
the most important investment factors, the Fund also considers current yield, yield to maturity and potential for capital gain. The Fund may consider selling a security if it falls below the minimum credit quality required for purchase. The Fund reserves the right to invest up to 20% of its assets in other securities, such as high yield securities, foreign bonds, and money market instruments. FTAM may actively manage the Fund’s sector weightings and duration to attempt to capture excess returns, as related to the Fund’s benchmark. FTAM may consider selling one of the Fund’s holdings when a deterioration in a company’s creditworthiness is detected, an individual security comprises too large of a position in the portfolio, a security’s valuations are no longer attractive or the intended profit has been realized, or a better opportunity arises. The Fund may enter into futures contracts to gain exposure to, or hedge against changes in the value of interest rates or foreign currencies. The Fund may enter into interest rate, total return, credit default, and other forms of swap agreements to manage its exposure to interest rates and credit risk. The Fund may engage in securities lending. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in money market instruments and may shorten its dollar-weighted average maturity below its normal range. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund | |||||
Investment Goal | The Fund seeks high current income. Capital growth is a secondary objective. | The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. | ||||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The bonds in which the Fund invests may include U.S. Government securities and corporate debt securities, including mortgage-backed securities. Corporate bonds are rated as investment grade. Investment grade securities are securities rated in the BBB major rating category or higher by Standard & Poor’s, or in the Baa major rating category or higher by Moody’s, or their unrated equivalents. The Fund is managed for growth of capital but with less volatility than a bond fund investing in lower quality securities. In selecting bond securities, FTAM considers, among other things, the remaining maturity, the stated interest rate, the price of the security, the financial condition of the issuer, and the issuer’s prospects for long-term growth of earnings and revenues. U.S. Government securities (or bonds) include debt securities issued or guaranteed as to principal and interest by the U.S. Treasury and obligations issued by U.S. Government-sponsored enterprises (“GSEs”), which may be agencies or instrumentalities of the U.S. Government, the securities of which are not issued or guaranteed as to principal and interest by the U.S. Treasury. While there are different degrees of credit quality, all U.S. Government securities and securities issued by GSEs generally are considered highly creditworthy. | The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in bonds. Bonds include mortgage-related securities, asset-backed securities, government securities and corporate debt securities. Shareholders will be provided with at least 60 days’ prior notice of any change in this policy. The Fund expects to have an average effective maturity of between 5 and 15 years. The Fund invests at least 80% of its total assets in investment-grade debt securities, but may invest up to 20% of its total assets in non-investment grade debt securities rated less than a BBB-/Baa3 rating by Moody’s Investors Service, Standard & Poor’s Ratings Group or Fitch Ratings. Non-investment grade debt securities are often referred to as “junk bonds” and are considered speculative. In deciding what securities to buy and sell for the Fund, the sub-advisor, Fort Washington Investment Advisors, Inc. (“Fort Washington”), analyzes the overall investment opportunities and risks in different sectors of the debt securities markets by focusing on maximizing total return while reducing volatility of the Fund’s portfolio. Fort Washington follows a disciplined sector allocation process in order to build a broadly diversified portfolio of bonds. The Fund may engage in frequent and active trading as part of its principal investment strategy. |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund | ||||
The Fund reserves the right to invest up to 20% of its assets in other securities, such as high yield securities, foreign bonds, and money market instruments. Although FTAM considers the Fund to be a long maturity bond fund, the Fund has no restrictions on its maturity or duration. FTAM may, from time to time, shorten or lengthen the duration of the Fund’s portfolio to protect principal in the event of rising or falling interest rates. In addition, FTAM may adjust the Fund’s sector weightings and duration to attempt to capture additional returns relative to the Fund’s benchmark. The Fund may engage in securities lending. The Fund may enter into futures contracts to gain exposure to, or hedge against changes in the value of interest rates or foreign currencies. The Fund may enter into interest rate, total return, credit default, and other forms of swap agreements to manage its exposure to interest rates and credit risk. FTAM may consider selling one of the Fund’s holdings when a deterioration in a company’s creditworthiness is detected, an individual security comprises too large of a position in the portfolio, a security’s valuations are no longer attractive or the intended profit has been realized, or a better opportunity arises. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund | |||||
Investment Goal | The Fund seeks long-term capital appreciation by investing primarily in a diversified group of Fifth Third Funds which invest primarily in equity securities. | The Fund seeks to provide investors with capital appreciation. | ||||
Principal Investment Strategies | The Fund is a “fund of funds.” The Fund’s investment strategy is to invest in a diversified group of Fifth Third Funds Institutional shares. The Fund’s investment return is diversified by its investment in the underlying Fifth Third Funds which invest in growth and value stocks, foreign securities, debt securities and cash or cash equivalents. Under normal circumstances, the Fund is diversified between stocks and bonds, with a very heavy emphasis on stocks: ● From 80% to 100% of the Fund’s net assets will be invested in Fifth Third equity funds. ● Up to 20% of the Fund’s net assets will be invested in Fifth Third bond funds. ● Up to 10% of the Fund’s net assets will be invested in Fifth Third money market funds. The Fund invests its assets in the underlying Fifth Third Funds within the following ranges: | The Fund is a “fund of funds,” which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income Touchstone Funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds). These affiliated underlying Touchstone Funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income Touchstone Funds. Equity Fund Fixed-Income Fund Allocation Allocation 90-100% 0-10% The Fund’s sub-advisor, Ibbotson Associates, Inc. (“Ibbotson”), seeks to develop an optimal model allocation among underlying Touchstone Funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors. The Fund may invest between 0-45% of its assets in any individual underlying fund. Ibbotson and the Fund’s investment advisor, Touchstone Advisors, agree from time to time upon the universe of underlying funds that Ibbotson may consider when making allocation decisions. Ibbotson’s analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis, holdings-based style analysis, manager interviews, relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks, and historical volatility (the variability of returns from one period to the next). When considering equity funds, Ibbotson focuses on the underlying funds’ foreign and domestic exposure, market | ||||
Fund Name | Percentage of Fund Holdings | |||||
Small Cap Growth Fund | 0-50% | |||||
Mid Cap Growth Fund | 0-50% | |||||
Quality Growth Fund | 0-50% | |||||
Structured Large Cap Plus Fund | 0-50% | |||||
Small Cap Value Fund | 0-50% | |||||
All Cap Value Fund | 0-50% | |||||
Disciplined Large Cap Value Fund | 0-50% | |||||
International Equity Fund | 0-25% | |||||
Strategic Income Fund | 0-20% | |||||
High Yield Bond Fund | 0-20% | |||||
Total Return Bond Fund | 0-20% | |||||
Short Term Bond Fund | 0-20% | |||||
Institutional Money Market Fund | 0-10% | |||||
U.S. Treasury Money Market Fund | 0-10% | |||||
FTAM actively manages the allocations in the portfolio based on current market and economic conditions. Changes in these conditions often lead to adjustments in the portfolio’s fund weightings. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund | ||||
money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. | capitalization ranges, use of derivative strategies, and investment style (growth vs. value). When considering fixed-income funds, Ibbotson’s primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth. Ibbotson, subject to approval by Touchstone Advisors, may change the Fund’s target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders. Decisions to sell shares of the underlying funds are made to adjust an underlying fund’s target allocation based on Ibbotson’s view of the Fund’s characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund’s holdings. |
Touchstone Moderate Growth Allocation Fund | |||||
Investment Goal | The Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of Fifth Third Funds which invest primarily in equity securities. | The Fund seeks to provide investors with capital appreciation. | |||
Principal Investment Strategies | The Fund is a “fund of funds.” The Fund’s investment strategy is to invest in a diversified group of Fifth Third Funds Institutional shares. The Fund’s investment return is diversified by its investment in the underlying Fifth Third Funds which invest in growth and value stocks, foreign securities, debt securities and cash or cash equivalents. | The Fund is a “fund of funds,” which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income Touchstone Funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds). These affiliated underlying Touchstone Funds, |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund | |||||
Under normal circumstances, the Fund is diversified between stocks and bonds, with a moderately heavy emphasis on stocks: ● From 60% to 80% of the Fund’s net assets will be invested in Fifth Third equity funds. ● From 20% to 40% of the Fund’s net assets will be invested in Fifth Third bond funds. ● Up to 10% of the Fund’s net assets will be invested in Fifth Third money market funds. The Fund invests its assets in the underlying Fifth Third Funds within the following ranges: | in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income Touchstone Funds. Equity Fund Fixed-Income Fund Allocation Allocation 70-90% 10-30% Ibbotson and the Fund’s investment advisor, Touchstone Advisors, agree from time to time upon the universe of underlying funds that Ibbotson may consider when making allocation decisions. Ibbotson’s analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis, holdings-based style analysis, manager interviews, relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks, and historical volatility (the variability of returns from one period to the next). When considering equity funds, Ibbotson focuses on the underlying funds’ foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value). When considering fixed-income funds, Ibbotson’s primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth. Ibbotson, subject to approval by Touchstone Advisors, may change the Fund’s target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without | |||||
Fund Name | Percentage of Fund Holdings | |||||
Small Cap Growth Fund | 0-40% | |||||
Mid Cap Growth Fund | 0-40% | |||||
Quality Growth Fund | 0-40% | |||||
Structured Large Cap Plus Fund | 0-40% | |||||
Small Cap Value Fund | 0-40% | |||||
All Cap Value Fund | 0-40% | |||||
Disciplined Large Cap Value Fund | 0-40% | |||||
International Equity Fund | 0-20% | |||||
Strategic Income Fund | 0-20% | |||||
High Yield Bond Fund | 0-20% | |||||
Total Return Bond Fund | 0-30% | |||||
Short Term Bond Fund | 0-30% | |||||
Institutional Money Market Fund | 0-10% | |||||
U.S. Treasury Money Market Fund | 0-10% | |||||
FTAM actively manages the allocations in the portfolio based on current market and economic conditions. Changes in these conditions often lead to adjustments in the portfolio’s fund weightings. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund | ||||
prior approval from or notice to shareholders. Decisions to sell shares of the underlying funds are made to adjust an underlying fund’s target allocation based on Ibbotson’s view of the Fund’s characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund’s holdings. |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund | ||||
Investment Goal | The Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of Fifth Third Funds which invest primarily in equity and fixed income securities. | The Fund seeks to provide investors with capital appreciation and current income. | |||
Principal Investment Strategies | The Fund is a “fund of funds.” The Fund’s investment strategy is to invest in a diversified group of Fifth Third Funds Institutional shares. The Fund’s investment return is diversified by its investment in the underlying Fifth Third Funds which invest in growth and value stocks, foreign securities, debt securities and cash or cash equivalents. Under normal circumstances, the Fund is diversified between stocks and bonds: ● From 40% to 60% of the Fund’s net assets will be invested in Fifth Third equity funds. ● From 40% to 60% of the Fund’s net assets will be invested in Fifth Third bond funds. ● Up to 15% of the Fund’s net assets will be invested in Fifth Third money market funds. The Fund invests its assets in the underlying Fifth Third Funds within the following ranges: | The Fund is a “fund of funds,” which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income Touchstone Funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds). These affiliated underlying Touchstone Funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income Touchstone Funds. Equity Fund Fixed-Income Fund Allocation Allocation 50-70% 30-50% |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund | |||||
Fund Name | Percentage of Fund Holdings | Inc. (“Ibbotson”), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors. The Fund may invest between 0-45% of its assets in any individual underlying fund. Ibbotson and the Fund’s investment advisor, Touchstone Advisors, agree from time to time upon the universe of underlying funds that Ibbotson may consider when making allocation decisions. Ibbotson’s analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis, holdings-based style analysis, manager interviews, relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks, and historical volatility (the variability of returns from one period to the next). When considering equity funds, Ibbotson focuses on the underlying funds’ foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value). When considering fixed-income funds, Ibbotson’s primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth. Ibbotson, subject to approval by Touchstone Advisors, may change the Fund’s target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders. Decisions to sell shares of the underlying funds are made to adjust an underlying fund’s target allocation based on Ibbotson’s view of the Fund’s characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund’s holdings. | ||||
Small Cap Growth Fund | 0-30% | |||||
Mid Cap Growth Fund | 0-30% | |||||
Quality Growth Fund | 0-30% | |||||
Structured Large Cap Plus Fund | 0-30% | |||||
Small Cap Value Fund | 0-30% | |||||
All Cap Value Fund | 0-30% | |||||
Disciplined Large Cap Value Fund | 0-30% | |||||
International Equity Fund | 0-15% | |||||
Strategic Income Fund | 0-20% | |||||
High Yield Bond Fund | 0-20% | |||||
Total Return Bond Fund | 0-40% | |||||
Short Term Bond Fund | 0-40% | |||||
Institutional Money Market Fund | 0-15% | |||||
U.S. Treasury Money Market Fund | 0-15% | |||||
FTAM actively manages the allocations in the portfolio based on current market and economic conditions. Changes in these conditions often lead to adjustments in the portfolio’s fund weightings. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. | ||||||
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund | |||||
Investment Goal | The Fund seeks income and capital appreciation by investing primarily in a diversified group of Fifth Third Funds which invest primarily in fixed income and equity securities. | The Fund seeks to provide investors with current income and preservation of capital. | ||||
Principal Investment Strategies | The Fund is a “fund of funds.” The Fund’s investment strategy is to invest in a diversified group of Fifth Third Funds Institutional shares. The Fund’s investment return is diversified by its investment in the underlying Fifth Third Funds which invest in debt securities, growth and value stocks, foreign securities and cash or cash equivalents. Under normal circumstances, the Fund is diversified between stocks and bonds, with an emphasis on bonds: ● From 50% to 70% of the Fund’s net assets will be invested in Fifth Third bond funds. ● From 30% to 50% of the Fund’s net assets will be invested in Fifth Third equity funds. ● Up to 20% of the Fund’s net assets will be invested in Fifth Third money market funds. The Fund invests its assets in the underlying Fifth Third Funds within the following ranges: | The Fund is a “fund of funds,” which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated underlying equity and fixed-income Touchstone Funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds). These affiliated underlying Touchstone Funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income Touchstone Funds. Equity Fund Fixed-Income Fund Allocation Allocation 20-40% 60-80% The Fund’s sub-advisor, Ibbotson Associates, Inc. (“Ibbotson”), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors. The Fund may invest between 0-45% of its assets in any individual underlying fund. Ibbotson and the Fund’s investment advisor, Touchstone Advisors, agree from time to time upon the universe of underlying funds that Ibbotson may consider when making allocation decisions. Ibbotson’s analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis, holdings-based style analysis, manager interviews, relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks, and historical | ||||
Fund Name | Percentage of Fund Holdings | |||||
Small Cap Growth Fund | 0-25% | |||||
Mid Cap Growth Fund | 0-25% | |||||
Quality Growth Fund | 0-25% | |||||
Structured Large Cap Plus Fund | 0-25% | |||||
Small Cap Value Fund | 0-25% | |||||
All Cap Value Fund | 0-25% | |||||
Disciplined Large Cap Value Fund | 0-25% | |||||
International Equity Fund | 0-10% | |||||
Strategic Income Fund | 0-20% | |||||
High Yield Bond Fund | 0-20% | |||||
Total Return Bond Fund | 0-50% | |||||
Short Term Bond Fund | 0-50% | |||||
Institutional Money Market Fund | 0-20% | |||||
U.S. Treasury Money Market Fund | 0-20% | |||||
FTAM actively manages the allocations in the portfolio based on current market and economic conditions. Changes in these conditions often lead to adjustments in the |
Touchstone Conservative Allocation Fund | |||||
portfolio’s fund weightings. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. | volatility (the variability of returns from one period to the next). When considering equity funds, Ibbotson focuses on the underlying funds’ foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value). When considering fixed-income funds, Ibbotson’s primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth. Ibbotson, subject to approval by Touchstone Advisors, may change the Fund’s target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target allocations to each underlying fund without prior approval from or notice to shareholders. Decisions to sell shares of the underlying funds are made to adjust an underlying fund’s target allocation based on Ibbotson’s view of the Fund’s characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund’s holdings. |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund | ||||
Investment Goal | The Fund seeks income and capital appreciation by investing primarily in a diversified group of Fifth Third Funds which invest primarily in fixed income and equity securities. | The Fund seeks to provide investors with current income and preservation of capital. | |||
Principal Investment Strategies | The Fund is a “fund of funds.” The Fund’s investment strategy is to invest in a diversified group of Fifth Third Funds Institutional | The Fund is a “fund of funds,” which seeks to achieve its investment goal by primarily investing in a diversified portfolio of affiliated |
Touchstone Conservative Allocation Fund | ||||||
shares. The Fund’s investment return is diversified by its investment in the underlying Fifth Third Funds which invest in debt securities, growth and value stocks, foreign securities, and cash or cash equivalents. Under normal circumstances, the Fund is diversified between stocks and bonds, with a heavy emphasis on bonds: ● From 70% to 90% of the Fund’s net assets will be invested in Fifth Third bond funds. ● From 10% to 30% of the Fund’s net assets will be invested in Fifth Third equity funds. ● Up to 20% of the Fund’s net assets will be invested in Fifth Third money market funds. The Fund invests its assets in the underlying Fifth Third Funds within the following ranges: | underlying equity and fixed-income Touchstone Funds (although a portion of its assets may be invested in cash, cash equivalents, or in money market funds). These affiliated underlying Touchstone Funds, in turn, invest in a variety of U.S. and foreign equity and fixed-income securities. The following table details, under normal circumstances, how the Fund expects to allocate its assets among equity and fixed-income Touchstone Funds. Equity Fund Fixed-Income Fund Allocation Allocation 20-40% 60-80% The Fund’s sub-advisor, Ibbotson Associates, Inc. (“Ibbotson”), seeks to develop an optimal model allocation among underlying funds using an analysis that looks at forecasted returns, standard deviations in historical returns, and the correlation of the performance of different market sectors. The Fund may invest between 0-45% of its assets in any individual underlying fund. Ibbotson and the Fund’s investment advisor, Touchstone Advisors, agree from time to time upon the universe of underlying funds that Ibbotson may consider when making allocation decisions. Ibbotson’s analysis in selecting and weighting the underlying funds from that universe includes historical returns-based style analysis, holdings-based style analysis, manager interviews, relative and absolute performance, including correlations with other underlying funds as well as corresponding benchmarks, and historical volatility (the variability of returns from one period to the next). When considering equity funds, Ibbotson focuses on the underlying funds’ foreign and domestic exposure, market capitalization ranges, use of derivative strategies, and investment style (growth vs. value). When considering fixed-income funds, Ibbotson’s primary focus is the overall level of risk in the type of fixed income securities in which the underlying funds invest and on maximizing current income and long-term capital growth. Ibbotson, subject to approval by Touchstone Advisors, may change the Fund’s target allocation to each asset class, the underlying funds in each asset class (including adding or deleting underlying funds), or target | |||||
Fund Name | Percentage of Fund Holdings | |||||
Small Cap Growth Fund | 0-15% | |||||
Mid Cap Growth Fund | 0-15% | |||||
Quality Growth Fund | 0-15% | |||||
Structured Large Cap Plus Fund | 0-15% | |||||
Small Cap Value Fund | 0-15% | |||||
All Cap Value Fund | 0-15% | |||||
Disciplined Large Cap Value Fund | 0-15% | |||||
International Equity Fund | 0-5% | |||||
Strategic Income Fund | 0-20% | |||||
High Yield Bond Fund | 0-20% | |||||
Total Return Bond Fund | 0-60% | |||||
Short Term Bond Fund | 0-60% | |||||
Institutional Money Market Fund | 0-20% | |||||
U.S. Treasury Money Market Fund | 0-20% | |||||
FTAM actively manages the allocations in the portfolio based on current market and economic conditions. Changes in these conditions often lead to adjustments in the portfolio’s fund weightings. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. |
Touchstone Conservative Allocation Fund | |||||
allocations to each underlying fund without prior approval from or notice to shareholders. Decisions to sell shares of the underlying funds are made to adjust an underlying fund’s target allocation based on Ibbotson’s view of the Fund’s characteristics and other allocation criteria, for cash flow resulting from redemptions, or as a result of periodic rebalancing of the Fund’s holdings. |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund | ||||
Investment Goal | The Fund seeks capital appreciation. | The Fund seeks capital appreciation. | |||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of micro cap companies. Micro cap companies are those companies contained within the Russell Microcap® Value Index, or companies with similar size characteristics. As of September 30, 2011, the market capitalization of companies included in the Russell Microcap Value Index ranged from $11 million to $635 million. As of September 30, 2011, the average market capitalization range for companies contained within the Russell Microcap Value Index was approximately $236 million and the median market capitalization was approximately $130 million. Equity securities consist of common stock and securities convertible into common stock. The Fund seeks to provide broad exposure to micro cap domestic equities and seeks to outperform the Russell Microcap Value Index over a long-term investment horizon. FTAM seeks to invest in companies that it considers to be “statistically cheap” (based on factors which may include, for example, low ratio of | Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of micro cap companies. This is a non-fundamental policy that the Fund can change upon 60 days’ prior notice to shareholders. Micro cap companies are those companies contained within the Russell Microcap® Value Index, or companies with similar size characteristics at the time of initial purchase. As of September 30, 2011, the market capitalization of companies included in the Russell Microcap Value Index ranged from $11 million to $635 million. As of September 30, 2011, the average market capitalization range for companies contained within the Russell Microcap Value Index was approximately $236 million and the median market capitalization was approximately $130 million. The size of the companies in the Russell Microcap Value Index will change with market conditions. Equity securities consist of common stock and securities convertible into common stock. The Fund seeks to provide broad exposure to micro cap domestic equities and seeks to |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund | ||||
price to earnings, price to cash flow, price to book value, and price to sales). FTAM also looks for companies that it believes are undervalued relative to their earning power and long term earnings growth prospects, adjusted for risk. FTAM may filter less attractive companies by analyzing cash flows, evaluating financial strength, performing normalized earnings analysis and reviewing purchase and sale activity in company shares by company executives, and through fundamental analysis, which may include a review of assets, earnings, sales, products, markets, and management, among other indicators. Ideally, after filtering out companies that do not meet FTAM’s criteria above, FTAM looks for companies that have a positive catalyst (e.g., new products, management changes, acquisition, etc.). FTAM also utilizes a strict sell discipline and may consider selling a security when: it becomes fully valued or less attractive; one of the Fund’s holdings has performed well and reached or approached FTAM’s price target; a company fails to pass FTAM’s investment screens; or there is deterioration in a company’s fundamentals, management or financial reporting. FTAM will look to manage risk through several strategies, which will typically include: maintaining minimum and maximum sector weightings relative to the Russell Microcap Value Index; monitoring risk statistics relative to the Russell Microcap Value Index; and monitoring trade volume. The Fund may engage in securities lending. The Fund may also invest up to 10% of its assets in foreign securities. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. | outperform the Russell Microcap Value Index over a long-term investment horizon. The Fund’s sub-advisor, FTAM, seeks to invest in companies that it considers to be “statistically cheap” (based on factors which may include, for example, low ratio of price to earnings, price to cash flow, price to book value, and price to sales). FTAM also looks for companies that it believes are undervalued relative to their earning power and long term earnings growth prospects, adjusted for risk. FTAM may filter out less attractive companies by analyzing cash flows, evaluating financial strength, performing normalized earnings analysis and reviewing purchase and sale activity in company shares by company executives, and through fundamental analysis, which may include a review of assets, earnings, sales, products, markets, and management, among other indicators. Ideally, after filtering out companies that do not meet FTAM’s criteria above, FTAM looks for companies that it believes have a positive catalyst (e.g., new products, management changes, acquisition, etc.). FTAM also utilizes a strict sell discipline and may consider selling a security when: it becomes fully valued or less attractive; one of the Fund’s holdings has performed well and reached or approached FTAM’s price target; a company fails to pass FTAM’s investment screens; or there is deterioration in a company’s fundamentals, management or financial reporting. FTAM will look to manage risk through several strategies, which will typically include: maintaining minimum and maximum sector weightings relative to the Russell Microcap Value Index; monitoring risk statistics relative to the Russell Microcap Value Index; and monitoring trade volume. The Fund may also invest up to 10% of its assets in foreign securities. |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund | ||||
Investment Goal | The Fund seeks long-term capital appreciation. | The Fund seeks long-term capital growth. | |||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in the equity securities of small cap companies. Small cap companies are defined as those companies included in the Russell 2000® Value Index and companies with similar market capitalizations. Market capitalization, a common measure of the size of a company, is the market price of a share of a company’s stock multiplied by the number of shares that are outstanding. As of September 30, 2011, the market capitalization of companies included in the Russell 2000 Value Index ranged from $24 million to $6.2 billion. As of September 30, 2011, the average market capitalization of companies included in the Russell 2000 Value Index was approximately $928 million and the median market capitalization was $349 million. Equity securities consist of common stock and securities convertible into common stock. The Fund seeks to outperform the Russell 2000 Value Index over a long-term investment horizon. FTAM seeks to invest in companies that it considers to be “statistically cheap” (based on factors which may include, for example, low ratio of price to earnings, price to cash flow, price to book value, and price to sales). FTAM also looks for companies that it believes are undervalued relative to their earning power and long term earnings growth prospects, adjusted for risk. FTAM may filter less attractive companies by analyzing cash flows, evaluating financial strength, performing normalized earnings analysis and reviewing purchase and sale activity in company shares by company executives, and through fundamental analysis. Ideally, attractive companies will have a positive catalyst (e.g., new products, management changes, acquisition, etc.). FTAM also utilizes a strict sell discipline and may consider selling a security when: it becomes fully valued or less attractive; one of the Fund’s holdings has performed well and reached or approached FTAM’s price target; a company fails to pass FTAM’s investment screens; or there is deterioration in a company’s fundamentals, management or financial reporting. FTAM will look to manage risk through | Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of small cap 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 small capitalization company has a market capitalization of no more than $2 billion at the time of initial purchase. Equity securities consist of common stock, preferred stock and convertible bonds. The Fund’s sub-advisor, DePrince, Race & Zollo, Inc. (“DRZ”), seeks to invest in companies that it believes have the potential for growth and that appear to be trading below their perceived value. DRZ employs a multi-step, “bottom up” investment process. Initially, DRZ screens the investible universe for small market capitalization companies that pay a dividend. DRZ then applies various valuation multiples such as price-to-earnings, price-to-book and price-to-cash flow, to find companies that it believes are trading at the low end of their historical relative valuation levels. DRZ then conducts rigorous fundamental analysis to identify an imminent catalyst (e.g. a new product cycle, management focus on return on invested capital, management changes, restructuring, improving financial or operating conditions or an industry-pricing cycle) which it believes may lead to future price appreciation. DRZ establishes relative price targets for the remaining stocks that have identifiable catalysts. Finally, DRZ filters the results to choose companies that it believes have the potential for growth and appear to be trading below their perceived value. DRZ considers selling a security when, in DRZ’s opinion, the security’s yield falls below an acceptable limit, when the valuation is no longer attractive or the fundamentals of the company or sector deteriorate. The Fund invests in securities of companies operating in a broad range of industries. Most of these companies are based in the U.S., but in some instances may be headquartered in or doing a substantial portion of their business outside the U.S. The Fund will typically hold 65 to 80 securities. The Fund may engage in frequent and active trading of securities as a |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund | ||||
several strategies, which will typically include maintaining minimum and maximum sector weightings relative to the Russell 2000 Value Index and monitoring risk statistics relative to the Russell 2000 Value Index. The Fund may engage in securities lending. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. | part of its principal investment strategy. |
Fifth Third International Equity Fund | Touchstone International Value Fund | ||||
Investment Goal | The Fund seeks long-term capital appreciation. | The Fund seeks long-term capital growth. | |||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in equity securities and at least 65% of its total assets in securities of non-U.S. companies. The companies whose securities are represented in the Fund’s portfolio are located in at least three countries other than the U.S. In managing the Fund, FTAM adheres to a disciplined, quantitative (“bottom-up”) process for stock selection and portfolio construction. FTAM begins with an investment universe comprising the membership of the MSCI Europe, Australasia, and Far East Index, Net (the “EAFE Index”). FTAM may also consider international stocks which are not in the EAFE Index. FTAM uses a quantitative multi-factor model to rank stocks in the investment universe. The primary considerations upon which FTAM ranks each stock are based on growth, value, quality, technical and sentiment factors. FTAM | Under normal circumstances, the Fund primarily invests its assets in equity securities of non-U.S. issuers. The Fund allocates it assets to securities of issuers located in both developed and emerging markets. The Fund may invest in companies of any size in seeking to achieve its investment goal, but may focus its investments in small cap and mid cap companies. The Fund’s sub-advisor, Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), uses traditional methods of stock selection — research and analysis — to identify securities it believes are undervalued. Barrow Hanley seeks to invest in companies that have (1) price to earnings and price to book ratios below the market, (2) enterprise value/free cash flow ratios at or below the market and (3) dividend yields above the market. For purposes of the preceding sentence, the companies comprising the MSCI |
Fifth Third International Equity Fund | Touchstone International Value Fund | ||||
believes such factors denote long-term success, and thus attempts to build a portfolio of stocks that have these positive characteristics. Secondarily, FTAM may also modify the proportion or weighting for certain countries and/or sectors (e.g., overweight, underweight or neutral) relative to the EAFE Index for investment by the Fund. FTAM may sell a stock if its model score deteriorates significantly, it becomes financially distressed, or the model has not yet reflected market developments (such as accounting irregularities, large deterioration in sentiment, etc.). A position may also be sold for risk management purposes (i.e., to reduce stock/industry/sector risk, lock in acquisition-related price gap, etc.). In addition, FTAM may sell a stock for portfolio rebalances (approximately monthly) and intra-rebalance trades (ad hoc). Stocks that are sold are generally replaced with stocks that appear to be attractive based on the model’s rankings and that contribute favorably to the risk exposures of the entire portfolio. Risk exposure is actively managed through portfolio construction. FTAM typically seeks to monitor and control the Fund’s country and industry weightings and the Fund’s exposure to individual equity securities, allowing these to differ only moderately from the country and industry weightings and the individual stock weightings of the EAFE Index. By doing so, FTAM seeks to limit the Fund’s volatility to that represented by the EAFE Index. The Fund may use various instruments that derive their values from those of specified securities, indices, currencies or other points of reference for both hedging and non-hedging purposes. Derivatives, including those used to manage risk, are themselves subject to risks of the different markets in which they trade and may not serve their intended purposes. The Fund may engage in securities lending. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short-term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely affect the ability of the Fund to achieve its investment goal. | EAFE Index constitute the market. Barrow Hanley’s investment management approach may be described as contrarian in nature because it generally focuses on companies which are out of favor with other investors due to internal or external challenges judged to be short-term in nature. Barrow Hanley’s process seeks to identify the reasons for a temporary undervaluation of a company’s shares and believes that value to the Fund can be added through individual stock selection. Barrow Hanley utilizes risk management tools in an effort to keep the Fund from becoming over-exposed to particular market segments. Barrow Hanley is a “bottom-up” value manager meaning it analyzes the fundamentals of companies one at a time rather than focusing on broader market themes. Barrow Hanley generally considers selling a security when, in Barrow Hanley’s opinion, the security reaches fair value estimate, when earnings forecasts do not appear to justify the current price, when there has been or there is an expectation of an adverse change in the company’s fundamentals, or when other investment opportunities appear more attractive. |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund | ||||
Investment Goal | The Fund seeks a high level of income consistent with reasonable risk. The Fund seeks capital appreciation as a secondary goal. | The Fund seeks a high level of income consistent with reasonable risk. The Fund seeks capital appreciation as a secondary goal. | |||
Principal Investment Strategies | Under normal circumstances, the Fund invests at least 80% of its assets in income-producing securities such as debt securities, common stocks, preferred stocks and common and preferred shares of closed-end investment companies (also known as “closed-end funds”) having portfolios consisting primarily of income-producing securities. Debt securities in which the Fund may invest include, but are not limited to, U.S. government agency securities and variable or floating-rate instruments. Certain of the debt securities and preferred stocks in which the Fund invests may be convertible into common shares. The Fund has the flexibility to respond to and attempt to anticipate economic and market trends. FTAM seeks to provide value by investing in asset classes that appear to be attractive based on their risks and in companies with cheap (e.g., attractive price to cash flow ratio) cash flows in each asset class. FTAM may invest in debt securities of any maturity, and will increase its investment in short term debt securities during periods when it believes interest rates will rise and will increase its investment in long-term debt securities during periods when it believes interest rates will decline. FTAM seeks to maximize risk-adjusted returns through fundamental research, quantitative | Under normal circumstances, the Fund invests at least 80% of its assets in income-producing securities such as debt securities, common stocks, preferred stocks and common and preferred shares of closed-end investment companies (also known as “closed-end funds”) having portfolios consisting primarily of income-producing securities. Debt securities in which the Fund may invest include, but are not limited to, U.S. government agency securities and variable or floating-rate instruments. Certain of the debt securities and preferred stocks in which the Fund may invest may be convertible into common shares. The Fund’s sub-advisor, Fifth Third Asset Management, Inc. (“FTAM”), seeks to provide value by investing in asset classes that appear to be attractive based on their risks and in companies with cheap (e.g., attractive price to cash flow ratio) cash flows in each asset class. FTAM may invest in debt securities of any maturity, and will increase its investment in short term debt securities during periods when it believes interest rates will rise and will increase its investment in long-term debt securities during periods when it believes interest rates will decline. FTAM seeks to maximize risk-adjusted returns through fundamental research, quantitative modeling, and capital structure analysis. |
modeling, and capital structure analysis. In performing this research and analysis, FTAM reviews companies based on such factors as sales, assets, earnings, markets, and management, and FTAM searches for companies with favorable debt-to-equity ratios. The Fund seeks returns by investing across a larger universe than traditional investment grade fixed income funds, and FTAM believes that a low correlation between various asset classes leads to stability of expected returns. In selecting corporate debt securities for the Fund, FTAM intends to invest principally in securities rated BBB or better by Standard & Poor’s, but may invest in securities rated as low as BB, B, CCC or CC or unrated securities when these investments are believed by FTAM to be sound and consistent with an objective of reasonable risk. The Fund will not invest more than 20% of its portfolio in (i) securities rated BB or lower by Standard & Poor’s and/or (ii) unrated securities which, in the opinion of FTAM, are of quality comparable to those rated BB or lower. Securities rated lower than BBB by Standard & Poor’s, sometimes referred to as “junk bonds,” are lower-rated securities and have speculative characteristics. Investments may be made in any diversified closed end income fund as long as the Fund’s total portfolio maintains no more than 20% of its assets in securities rated BB or lower. The Fund may consider closed-end funds as a “pass through” security, and will look at the composition of the underlying portfolio. Therefore, the Fund may invest in any single closed-end fund even if the underlying portfolio contains more than 20% of its assets invested in securities rated BB or lower. Such closed-end funds may invest in debt and equity securities of United States or foreign issuers. The Fund may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from the adverse change in the relationship between the U.S. Dollar and a foreign currency involved in an underlying transaction. The Fund may enter into futures contracts to gain exposure to, or hedge against changes in the value of interest rates or | In performing this research, modeling and analysis, FTAM evaluates companies based on such factors as sales, assets, earnings, markets, and management, and FTAM searches for companies with favorable debt-to-equity ratios. The Fund seeks returns by investing across a broader array of investments than traditional investment grade fixed income funds, and FTAM believes that a low correlation between various asset classes leads to stability of expected returns. In selecting corporate debt securities for the Fund, FTAM intends to invest principally in securities rated BBB or better by Standard & Poor’s (or the equivalent using Moody’s), but may invest in securities rated as low as BB, B, CCC or CC or unrated securities when these investments are believed by FTAM to be sound and consistent with an objective of reasonable risk. The Fund will not invest more than 20% of its assets in (i) securities rated BB or lower by Standard & Poor’s and/or (ii) unrated securities which, in the opinion of FTAM, are of quality comparable to those rated BB or lower. Securities rated lower than BBB by Standard & Poor’s, sometimes referred to as “junk bonds,” are lower-rated securities and have speculative characteristics. The Fund may invest in any diversified closed end income fund as long as the Fund’s total portfolio maintains no more than 20% of its assets in securities rated BB or lower. The Fund may consider closed-end funds as a “pass through” security, and will look at the composition of the underlying portfolio. Therefore, the Fund may invest in any single closed-end fund even if more than 20% of the closed-end fund’s assets are invested in securities rated BB or lower. The closed-end funds in which the Fund may invest may in turn invest in debt and equity securities of United States or foreign issuers. The Fund may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from the adverse change in the relationship between the U.S. dollar and a foreign currency involved in an underlying transaction. The Fund may enter into futures contracts to gain exposure to, or hedge against |
foreign currencies. The Fund may enter into interest rate, total return, credit default, and other forms of swap agreements to manage its exposure to interest rates and credit risk. The Fund may engage in securities lending. FTAM may consider selling one of the Fund’s holdings when: deterioration in a company’s strategic position, growth prospects, or financial reporting is detected; an individual security comprises too large a position in the portfolio; a company with declining financial fundamentals has risk volatility of more than one standard deviation in FTAM’s proprietary credit risk model; a company’s valuations are no longer attractive; or a better opportunity arises. When FTAM believes that market conditions warrant a temporary defensive posture, the Fund may invest up to 100% of its assets in high-quality, short term debt securities and money market instruments. The taking of such a temporary defensive posture may adversely impact the ability of the Fund to achieve its investment goal. | changes in the value of interest rates or foreign currencies. The Fund may enter into interest rate, total return, credit default, and other forms of swap agreements to manage its exposure to interest rates and credit risk. The Fund may utilize call and put options to gain investment exposure or to hedge against portfolio volatility. FTAM may consider selling a portfolio holding when: deterioration in a company’s strategic position, growth prospects, or financial reporting is detected; an individual security comprises too large a position in the portfolio; a company with declining financial fundamentals has risk volatility of more than one standard deviation in FTAM’s proprietary credit risk model; a company’s valuations are no longer attractive; or a better opportunity arises. |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | |||||||||||||||||||||||||||||||
Management Fees | 0.80 | % | 0.80 | % | 0.71 | % | 0.71 | % | 0.80 | % | 0.71 | % | 0.71 | % | 0.80 | % | 0.71 | % | 0.71 | % | |||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||
Other Expenses | 0.33 | % | 0.33 | % | 0.39 | % | 0.38 | % | 0.58 | % | 0.38 | % | 0.40 | % | 0.33 | % | 0.43 | % | 0.35 | % | |||||||||||
Total Annual Fund Operating Expenses | 1.38 | % | 2.13 | % | 1.35 | % | 1.34 | % | 2.13 | % | 2.09 | % | 2.11 | % | 1.13 | % | 1.14 | % | 1.06 | % | |||||||||||
Fee Waivers and/or Expense Reimbursement | (0.18 | %)2 | (0.18 | %)2 | (0.10 | %)3 | (0.14 | %)4 | (0.18 | %)2 | (0.09 | %)3 | (0.16 | %)4 | (0.18 | %)2 | (0.15 | %)3 | (0.11 | %)4 | |||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.20 | % | 1.95 | % | 1.25 | % | 1.20 | % | 1.95 | % | 2.00 | % | 1.95 | % | 0.95 | % | 0.99 | % | 0.95 | % |
* | Expense ratios reflect annual fund operating expenses for the most recent fiscal year ended July 31, 2011 of the Acquired Fund and the most recent fiscal year ended March 31, 2012 of the Acquiring Fund. Pro forma numbers are estimated as if the Reorganization had been completed as of March 31, 2012 and do not include the estimated costs of the Reorganization. The Funds will not bear any Reorganization costs, except portfolio repositioning costs, if any. |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | |||||||||||||||||||||||||||||||
Management Fees | 0.80 | % | 0.80 | % | 0.75 | % | 0.75 | % | 0.80 | % | 0.75 | % | 0.75 | % | 0.80 | % | 0.75 | % | 0.75 | % | |||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||
Other Expenses | 0.44 | % | 0.44 | % | 0.43 | % | 0.36 | % | 0.69 | % | 0.70 | % | 0.66 | % | 0.44 | % | 0.67 | % | 0.47 | % | |||||||||||
Acquired Fund Fees and Expenses | 0.01 | %2 | 0.01 | %2 | 0.00 | % | 0.00 | % | 0.01 | %2 | 0.00 | % | 0.00 | % | 0.01 | %2 | 0.00 | % | 0.00 | % | |||||||||||
Total Annual Fund Operating Expenses | 1.50 | % | 2.25 | % | 1.43 | % | 1.36 | % | 2.25 | % | 2.45 | % | 2.41 | % | 1.25 | % | 1.42 | % | 1.22 | % | |||||||||||
Fee Waivers and/or Expense Reimbursement | (0.29 | %)3 | (0.29 | %)3 | (0.19 | %)4 | (0.16 | %)5 | (0.29 | %)3 | (0.46 | %)4 | (0.46 | %)5 | (0.29 | %)3 | (0.43 | %)4 | (0.27 | %)5 | |||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.21 | % | 1.96 | % | 1.24 | %6 | 1.20 | % | 1.96 | % | 1.99 | %6 | 1.95 | % | 0.96 | % | 0.99 | %6 | 0.95 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transactions (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transactions (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transactions (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | |||||||||||||||||||||||||||||||
Management Fees | 0.80 | % | 0.80 | % | 0.75 | % | 0.74 | % | 0.80 | % | 0.75 | % | 0.74 | % | 0.80 | % | 0.75 | % | 0.74 | % | |||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||
Other Expenses | 0.29 | % | 0.29 | % | 0.81 | %2 | 0.69 | % | 0.54 | % | 0.56 | %2 | 1.20 | % | 0.29 | % | 0.42 | %2 | 0.27 | % | |||||||||||
Total Annual Fund Operating Expenses | 1.34 | % | 2.09 | % | 1.81 | % | 1.68 | % | 2.09 | % | 2.31 | % | 2.94 | % | 1.09 | % | 1.17 | % | 1.01 | % | |||||||||||
Fee Waivers and/or Expense Reimbursement | (0.34 | %)3 | (0.34 | %)3 | (0.61 | %)4 | (0.68 | %)5 | (0.34 | %)3 | (0.36 | %)4 | (1.19 | %)5 | (0.34 | %)3 | (0.22 | %)4 | (0.26 | %)5 | |||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.00 | % | 1.75 | % | 1.20 | % | 1.00 | % | 1.75 | % | 1.95 | % | 1.75 | % | 0.75 | % | 0.95 | % | 0.75 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transactions (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transactions (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transactions (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | ||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | |||||||||||||||||||||||||||||||
Management Fees | 1.00 | % | 1.00 | % | 0.75 | % | 0.74 | % | 1.00 | % | 0.75 | % | 0.74 | % | 1.00 | % | 0.75 | % | 0.74 | % | |||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||
Other Expenses | 0.45 | % | 0.45 | % | 0.81 | %2 | 0.69 | % | 0.70 | % | 0.56 | %2 | 1.20 | % | 0.45 | % | 0.42 | %2 | 0.27 | % | |||||||||||
Acquired Fund Fees and Expenses | 0.01 | %3 | 0.01 | %3 | 0.00 | % | 0.00 | % | 0.01 | %3 | 0.00 | % | 0.00 | % | 0.01 | %3 | 0.00 | % | 0.00 | % | |||||||||||
Total Annual Fund Operating Expenses | 1.71 | % | 2.46 | % | 1.81 | % | 1.68 | % | 2.46 | % | 2.31 | % | 2.94 | % | 1.46 | % | 1.17 | % | 1.01 | % | |||||||||||
Fee Waivers and/or Expense Reimbursement | (0.60 | %)4 | (0.60 | %)4 | (0.61 | %)5 | (0.68 | %)6 | (0.60 | %)4 | (0.36 | %)5 | (1.19 | %)6 | (0.60 | %)4 | (0.22 | %)5 | (0.26 | %)6 | |||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.11 | % | 1.86 | % | 1.20 | % | 1.00 | % | 1.86 | % | 1.95 | % | 1.75 | % | 0.86 | % | 0.95 | % | 0.75 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 4.75 | % | None | 4.75 | % | 4.75 | % | None | None | None | None | None | None | ||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | |||||||||||||||||||||||||||||||
Management Fees | 0.70 | % | 0.70 | % | 0.55 | % | 0.52 | % | 0.70 | % | 0.55 | % | 0.52 | % | 0.70 | % | 0.55 | % | 0.52 | % | |||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | %2 | 0.25 | %2 | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||
Other Expenses | 0.44 | % | 0.44 | % | 0.38 | % | 0.36 | % | 0.69 | % | 0.56 | % | 0.52 | % | 0.44 | % | 0.42 | % | 0.32 | % | |||||||||||
Total Annual Fund Operating Expenses | 1.39 | % | 2.14 | % | 1.18 | % | 1.13 | % | 2.14 | % | 2.11 | % | 2.04 | % | 1.14 | % | 0.97 | % | 0.84 | % | |||||||||||
Fee Waivers and/or Expense Reimbursement | (0.40 | %)3 | (0.40 | %)3 | (0.13 | %)4 | (0.14 | %)5 | (0.40 | %)3 | (0.31 | %)4 | (0.30 | %)5 | (0.40 | %)3 | (0.17 | %)4 | (0.10 | %)5 | |||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.99 | % | 1.74 | % | 1.05 | %4 | 0.99 | % | 1.74 | % | 1.80 | %4 | 1.74 | % | 0.74 | % | 0.80 | %4 | 0.74 | % |
Acquired Fund Class A | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | ||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 3.00 | % | 2.00 | % | 2.00 | % | None | None | None | None | None | None | ||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||
Wire Redemption Fee | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | |||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||
Management Fees | 0.50 | % | 0.25 | % | 0.25 | % | 0.50 | % | 0.25 | % | 0.25 | % | 0.50 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 0.25 | % | 0.25 | % | 0.75 | % | 0.75 | %1 | 0.75 | %1 | None | None | None | |||||||||||||||||||||
Other Expenses | 0.30 | % | 0.38 | %2 | 0.40 | % | 0.55 | % | 0.35 | %2 | 0.46 | % | 0.30 | % | 0.41 | %2 | 0.27 | % | ||||||||||||||||||
Acquired Fund Fees and Expenses | 0.00 | % | 0.02 | %3 | 0.02 | %3 | 0.00 | % | 0.02 | %3 | 0.02 | %3 | 0.00 | % | 0.02 | %3 | 0.02 | %3 | ||||||||||||||||||
Total Annual Fund Operating Expenses | 1.05 | % | 0.90 | % | 0.92 | % | 1.80 | % | 1.37 | % | 1.48 | % | 0.80 | % | 0.68 | % | 0.54 | % | ||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.33 | %)4 | (0.19 | %)5 | (0.21 | %)5 | (0.33 | %)4 | (0.16 | %)5 | (0.27 | %)5 | (0.33 | %)4 | (0.22 | %)5 | (0.08 | %)5 | ||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.72 | % | 0.71 | % | 0.71 | % | 1.47 | % | 1.21 | % | 1.21 | % | 0.47 | % | 0.46 | % | 0.46 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 4.75 | % | None | 4.75 | % | 4.75 | % | None | None | None | None | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | ||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.60 | % | 0.60 | % | 0.50 | % | 0.45 | % | 0.60 | % | 0.50 | % | 0.45 | % | 0.60 | % | 0.50 | % | 0.45 | % | ||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | %2 | 0.25 | %2 | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||||||||
Other Expenses | 0.29 | % | 0.29 | % | 0.53 | % | 0.42 | % | 0.54 | % | 0.94 | % | 0.80 | % | 0.29 | % | 0.50 | %3 | 0.26 | % | ||||||||||||||||||||
Acquired Fund Fees and Expenses4 | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||
Total Annual Fund Operating Expenses | 1.15 | % | 1.90 | % | 1.29 | %7 | 1.13 | % | 1.90 | % | 2.45 | %7 | 2.26 | % | 0.90 | % | 1.01 | % | 0.72 | % | ||||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.26 | %)5 | (0.26 | %)5 | (0.45 | %)6 | (0.29 | %)6 | (0.26 | %)5 | (0.86 | %)6 | (0.67 | %)6 | (0.26 | %)5 | (0.42 | %)6 | (0.13 | %)6 | ||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.89 | % | 1.64 | % | 0.84 | % | 0.84 | % | 1.64 | % | 1.59 | % | 1.59 | % | 0.64 | % | 0.59 | % | 0.59 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | ||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.15 | % | 0.15 | % | 0.25 | % | 0.25 | % | 0.15 | % | 0.25 | % | 0.25 | % | 0.15 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||||||||
Other Expenses | 0.40 | % | 0.40 | % | 0.58 | %2 | 0.54 | % | 0.65 | % | 0.55 | %2 | 0.45 | % | 0.40 | % | 0.51 | %2 | 0.24 | % | ||||||||||||||||||||
Acquired Fund Fees and Expenses | 1.06 | %3 | 1.06 | %3 | 0.93 | %2 | 0.93 | % | 1.06 | %3 | 0.93 | %2 | 0.93 | % | 1.06 | %3 | 0.93 | %2 | 0.93 | % | ||||||||||||||||||||
Total Annual Fund Operating Expenses | 1.86 | %3 | 2.61 | %3 | 2.01 | % | 1.97 | % | 2.61 | %3 | 2.73 | % | 2.63 | % | 1.61 | %3 | 1.69 | % | 1.42 | % | ||||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.47 | %)4 | (0.47 | %)4 | (0.51 | %)5 | (0.71 | %)6 | (0.47 | %)4 | (0.48 | %)5 | (0.62 | %)6 | (0.47 | %)4 | (0.44 | %)5 | (0.41 | %)6 | ||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.39 | % | 2.14 | % | 1.50 | % | 1.26 | % | 2.14 | % | 2.25 | % | 2.01 | % | 1.14 | % | 1.25 | % | 1.01 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | ||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.15 | % | 0.15 | % | 0.25 | % | 0.25 | % | 0.15 | % | 0.25 | % | 0.25 | % | 0.15 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||||||||
Other Expenses | 0.39 | % | 0.39 | % | 0.52 | %2 | 0.53 | % | 0.64 | % | 0.47 | %2 | 0.37 | % | 0.39 | % | 0.79 | %2 | 0.24 | % | ||||||||||||||||||||
Acquired Fund Fees and Expenses | 0.97 | %3 | 0.97 | %3 | 0.85 | %2 | 0.85 | % | 0.97 | %3 | 0.85 | %2 | 0.85 | % | 0.97 | %3 | 0.85 | %2 | 0.85 | % | ||||||||||||||||||||
Total Annual Fund Operating Expenses | 1.76 | %3 | 2.51 | %3 | 1.87 | % | 1.88 | % | 2.51 | %3 | 2.57 | % | 2.47 | % | 1.51 | %3 | 1.89 | % | 1.34 | % | ||||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.46 | %)4 | (0.46 | %)4 | (0.45 | %)5 | (0.70 | %)6 | (0.46 | %)4 | (0.40 | %)5 | (0.54 | %)6 | (0.46 | %)4 | (0.72 | %)5 | (0.41 | %)6 | ||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.30 | % | 2.05 | % | 1.42 | % | 1.18 | % | 2.05 | % | 2.17 | % | 1.93 | % | 1.05 | % | 1.17 | % | 0.93 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transaction (pro forma combined) Class Y | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | ||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.15 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.15 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||||||||
Other Expenses | 0.31 | % | 0.31 | % | 0.49 | %2 | 0.56 | % | 0.56 | % | 0.44 | %2 | 0.36 | % | 0.31 | % | 0.82 | %2 | 0.22 | % | ||||||||||||||||||||
Acquired Fund Fees and Expenses | 0.87 | %3 | 0.87 | %3 | 0.74 | %2 | 0.74 | % | 0.87 | %3 | 0.74 | %2 | 0.74 | % | 0.87 | %3 | 0.74 | %2 | 0.74 | % | ||||||||||||||||||||
Total Annual Fund Operating Expenses | 1.58 | %3 | 2.33 | %3 | 1.68 | % | 1.75 | % | 2.33 | %3 | 2.38 | % | 2.30 | % | 1.33 | %3 | 1.76 | % | 1.16 | % | ||||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.38 | %)4 | (0.38 | %)4 | (0.30 | %)5 | (0.68 | %)6 | (0.38 | %)4 | (0.25 | %)5 | (0.48 | %)6 | (0.38 | %)4 | (0.63 | %)5 | (0.34 | %)6 | ||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.20 | % | 1.95 | % | 1.38 | % | 1.07 | % | 1.95 | % | 2.13 | % | 1.82 | % | 0.95 | % | 1.13 | % | 0.82 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transactions (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transactions (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transactions (pro forma combined) Class Y | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | ||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.15 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.15 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||||||||
Other Expenses | 0.49 | % | 0.49 | % | 0.47 | %2 | 0.47 | % | 0.74 | % | 0.48 | %2 | 0.43 | % | 0.49 | % | 0.80 | %2 | 0.26 | % | ||||||||||||||||||||
Acquired Fund Fees and Expenses | 0.82 | %3 | 0.82 | %3 | 0.61 | %2 | 0.61 | % | 0.82 | %3 | 0.61 | %2 | 0.61 | % | 0.82 | %3 | 0.61 | %2 | 0.61 | % | ||||||||||||||||||||
Total Annual Fund Operating Expenses | 1.71 | %3 | 2.46 | %3 | 1.53 | % | 1.53 | % | 2.46 | %3 | 2.29 | % | 2.24 | % | 1.46 | %3 | 1.61 | % | 1.07 | % | ||||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.56 | %)4 | (0.56 | %)4 | (0.31 | %)5 | (0.59 | %)6 | (0.56 | %)4 | (0.32 | %)5 | (0.55 | %)6 | (0.56 | %)4 | (0.64 | %)5 | (0.38 | %)6 | ||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15 | % | 1.90 | % | 1.22 | % | 0.94 | % | 1.90 | % | 1.97 | % | 1.69 | % | 0.90 | % | 0.97 | % | 0.69 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund Class A | Acquiring Fund after Transactions (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund Class C | Acquiring Fund after Transactions (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund Class Y | Acquiring Fund after Transactions (pro forma combined) Class Y | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | 5.75 | % | None | None | None | None | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | None | 1.00 | % | 1.00 | % | 1.00 | % | None | None | None | ||||||||||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | - | Up to $15 | Up to $15 | ||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.15 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.15 | % | 0.20 | % | 0.20 | % | 0.15 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | 0.75 | % | 1.00 | % | 1.00 | % | None | None | None | |||||||||||||||||||||||
Other Expenses | 0.57 | % | 0.57 | % | 0.47 | %2 | 0.47 | % | 0.82 | % | 0.48 | %2 | 0.43 | % | 0.57 | % | 0.80 | %2 | 0.26 | % | ||||||||||||||||||||
Acquired Fund Fees and Expenses | 0.72 | %3 | 0.72 | %3 | 0.61 | %2 | 0.61 | % | 0.72 | %3 | 0.61 | %2 | 0.61 | % | 0.72 | %3 | 0.61 | %2 | 0.61 | % | ||||||||||||||||||||
Total Annual Fund Operating Expenses | 1.69 | %3 | 2.44 | %3 | 1.53 | % | 1.53 | % | 2.44 | %3 | 2.29 | % | 2.24 | % | 1.44 | %3 | 1.61 | % | 1.07 | % | ||||||||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.64 | %)4 | (0.64 | %)4 | (0.31 | %)5 | (0.59 | %)6 | (0.64 | %)4 | (0.32 | %)5 | (0.55 | %)6 | (0.64 | %)4 | (0.64 | %)5 | (0.38 | %)6 | ||||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.05 | % | 1.80 | % | 1.22 | % | 0.94 | % | 1.80 | % | 1.97 | % | 1.69 | % | 0.80 | % | 0.97 | % | 0.69 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund after Transaction (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | None | None | None | None | |||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | 1.00 | % | 1.00 | % | None | None | ||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | - | Up to $15 | - | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||
Management Fees | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.75 | % | 1.00 | % | None | None | ||||||||||||||||
Other Expenses | 0.71 | % | 0.71 | % | 0.54 | %4 | 0.96 | % | 0.53 | %4 | 0.71 | % | 0.56 | %4 | ||||||||||||||
Acquired Fund Fees and Expenses | 0.02 | %2 | 0.02 | %2 | 0.02 | % | 0.02 | %2 | 0.02 | % | 0.02 | %2 | 0.02 | % | ||||||||||||||
Total Annual Fund Operating Expenses | 1.98 | % | 2.73 | % | 1.81 | % | 2.73 | % | 2.55 | % | 1.73 | % | 1.58 | % | ||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.36 | %)3 | (0.36 | %)3 | (0.19 | %)5 | (0.36 | %)3 | (0.18 | %)5 | (0.36 | %)3 | (0.21 | %)5 | ||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.62 | % | 2.37 | % | 1.62 | % | 2.37 | % | 2.37 | % | 1.37 | % | 1.37 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund after Transaction (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund after Transaction (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund after Transaction (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | None | None | None | None | |||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | 1.00 | % | 1.00 | % | None | None | ||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | - | Up to $15 | - | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||
Management Fees | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.75 | % | 1.00 | % | None | None | ||||||||||||||||
Other Expenses | 0.45 | % | 0.45 | % | 0.59 | %4 | 0.70 | % | 0.70 | %4 | 0.45 | % | 0.34 | %4 | ||||||||||||||
Acquired Fund Fees and Expenses | 0.01 | %2 | 0.01 | %2 | 0.01 | % | 0.01 | %2 | 0.01 | % | 0.01 | %2 | 0.01 | % | ||||||||||||||
Total Annual Fund Operating Expenses | 1.61 | % | 2.36 | % | 1.75 | % | 2.36 | % | 2.61 | % | 1.36 | % | 1.25 | % | ||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.40 | %)3 | (0.40 | %)3 | (0.54 | %)5 | (0.40 | %)3 | (0.65 | %)5 | (0.40 | %)3 | (0.29 | %)5 | ||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.21 | % | 1.96 | % | 1.21 | % | 1.96 | % | 1.96 | % | 0.96 | % | 0.96 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund after Transactions (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund after Transactions (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund after Transactions (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | None | None | None | None | |||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | 1.00 | % | 1.00 | % | None | None | ||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | - | Up to $15 | - | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||
Management Fees | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.75 | % | 1.00 | % | None | None | ||||||||||||||||
Other Expenses | ||||||||||||||||||||||||||||
Interest Expense | 0.01 | % | 0.01 | % | 0.01 | %4 | 0.01 | % | 0.01 | %4 | 0.01 | % | 0.01 | %4 | ||||||||||||||
Other Operating Expenses | 0.35 | % | 0.35 | % | 0.46 | %4 | 0.60 | % | 2.03 | %4 | 0.35 | % | 0.38 | %4 | ||||||||||||||
Total Other Expenses | 0.36 | % | 0.36 | % | 0.47 | %4 | 0.61 | % | 2.04 | %4 | 0.36 | % | 0.39 | %4 | ||||||||||||||
Acquired Fund Fees and Expenses | 0.01 | %2 | 0.01 | %2 | 0.01 | % | 0.01 | %2 | 0.01 | % | 0.01 | %2 | 0.01 | % | ||||||||||||||
Total Annual Fund Operating Expenses | 1.62 | % | 2.37 | % | 1.73 | % | 2.37 | % | 4.05 | % | 1.37 | % | 1.40 | % | ||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.24 | %)3 | (0.24 | %)3 | (0.35 | %)5 | (0.24 | %)3 | (1.92 | %)5 | (0.24 | %)3 | (0.27 | %)5 | ||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.38 | % | 2.13 | % | 1.38 | % | 2.13 | % | 2.13 | % | 1.13 | % | 1.13 | % |
Acquired Fund Class A | Acquired Fund Class B | Acquiring Fund after Transactions (pro forma combined) Class A | Acquired Fund Class C | Acquiring Fund after Transactions (pro forma combined) Class C | Acquired Fund Institutional | Acquiring Fund after Transactions (pro forma combined) Class Y | ||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.00 | % | None | 5.75 | % | None | None | None | None | |||||||||||||||||||
Maximum Deferred Sales (Load) (as a % of original purchase price or the amount redeemed, whichever is less) | None | 5.00 | %1 | None | 1.00 | % | 1.00 | % | None | None | ||||||||||||||||||
Wire Redemption Fee | - | - | Up to $15 | - | Up to $15 | - | Up to $15 | |||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) | ||||||||||||||||||||||||||||
Management Fees | 1.00 | % | 1.00 | % | 0.70 | % | 1.00 | % | 0.70 | % | 1.00 | % | 0.70 | % | ||||||||||||||
Distribution and/or Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.25 | % | 0.75 | % | 1.00 | % | None | None | ||||||||||||||||
Other Expenses | 0.36 | % | 0.36 | % | 0.37 | %4 | 0.61 | % | 0.39 | %4 | 0.36 | % | 0.33 | %4 | ||||||||||||||
Acquired Fund Fees and Expenses | 0.05 | %2 | 0.05 | %2 | 0.05 | % | 0.05 | %2 | 0.05 | % | 0.05 | %2 | 0.05 | % | ||||||||||||||
Total Annual Fund Operating Expenses | 1.66 | % | 2.41 | % | 1.37 | % | 2.41 | % | 2.14 | % | 1.41 | % | 1.08 | % | ||||||||||||||
Fee Waivers and/or Expense Reimbursement | (0.67 | %)3 | (0.67 | %)3 | (0.38 | %)5 | (0.67 | %)3 | (0.40 | %)5 | (0.67 | %)3 | (0.34 | %)5 | ||||||||||||||
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.99 | % | 1.74 | % | 0.99 | % | 1.74 | % | 1.74 | % | 0.74 | % | 0.74 | % |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Quality Growth Fund Class A | $ | 617 | $ | 900 | $ | 1,204 | $ | 2,065 | $ | 617 | $ | 900 | $ | 1,204 | $ | 2,065 | ||||||||||||||||
Fifth Third Quality Growth Fund Class B | $ | 698 | $ | 951 | $ | 1,330 | $ | 2,261 | $ | 198 | $ | 651 | $ | 1,130 | $ | 2,261 | ||||||||||||||||
Touchstone Large Cap Growth Fund Class A | $ | 695 | $ | 969 | $ | 1,263 | $ | 2,097 | $ | 695 | $ | 969 | $ | 1,263 | $ | 2,097 | ||||||||||||||||
Touchstone Large Cap Growth Fund (Pro Forma) Class A | $ | 690 | $ | 962 | $ | 1,254 | $ | 2,083 | $ | 690 | $ | 962 | $ | 1,254 | $ | 2,083 | ||||||||||||||||
Fifth Third Quality Growth Fund Class C | $ | 298 | $ | 651 | $ | 1,130 | $ | 2,453 | $ | 198 | $ | 651 | $ | 1,130 | $ | 2,453 | ||||||||||||||||
Touchstone Large Cap Growth Fund Class C | $ | 303 | $ | 646 | $ | 1,115 | $ | 2,414 | $ | 203 | $ | 646 | $ | 1,115 | $ | 2,414 | ||||||||||||||||
Touchstone Large Cap Growth Fund (Pro Forma) Class C | $ | 298 | $ | 646 | $ | 1,119 | $ | 2,429 | $ | 198 | $ | 646 | $ | 1,119 | $ | 2,429 | ||||||||||||||||
Fifth Third Quality Growth Fund Institutional | $ | 97 | $ | 342 | $ | 607 | $ | 1,363 | $ | 97 | $ | 342 | $ | 607 | $ | 1,363 | ||||||||||||||||
Touchstone Large Cap Growth Fund Class Y | $ | 101 | $ | 347 | $ | 613 | $ | 1,373 | $ | 101 | $ | 347 | $ | 613 | $ | 1,373 | ||||||||||||||||
Touchstone Large Cap Growth Fund (Pro Forma) Class Y | $ | 97 | $ | 326 | $ | 574 | $ | 1,284 | $ | 97 | $ | 326 | $ | 574 | $ | 1,284 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Mid Cap Growth Fund Class A | $ | 617 | $ | 924 | $ | 1,252 | $ | 2,179 | $ | 617 | $ | 924 | $ | 1,252 | $ | 2,179 | ||||||||||||||||
Fifth Third Mid Cap Growth Fund Class B | $ | 699 | $ | 976 | $ | 1,379 | $ | 2,374 | $ | 199 | $ | 676 | $ | 1,179 | $ | 2,374 | ||||||||||||||||
Touchstone Growth Opportunities Fund Class A | $ | 694 | $ | 984 | $ | 1,295 | $ | 2,174 | $ | 694 | $ | 984 | $ | 1,295 | $ | 2,174 | ||||||||||||||||
Touchstone Growth Opportunities Fund (Pro Forma) Class A | $ | 690 | $ | 966 | $ | 1,262 | $ | 2,103 | $ | 690 | $ | 966 | $ | 1,262 | $ | 2,103 | ||||||||||||||||
Fifth Third Mid Cap Growth Fund Class C | $ | 299 | $ | 676 | $ | 1,179 | $ | 2,563 | $ | 199 | $ | 676 | $ | 1,179 | $ | 2,563 | ||||||||||||||||
Touchstone Growth Opportunities Fund Class C | $ | 302 | $ | 720 | $ | 1,264 | $ | 2,751 | $ | 202 | $ | 720 | $ | 1,264 | $ | 2,751 | ||||||||||||||||
Touchstone Growth Opportunities Fund (Pro Forma) Class C | $ | 298 | $ | 708 | $ | 1,244 | $ | 2,711 | $ | 198 | $ | 708 | $ | 1,244 | $ | 2,711 | ||||||||||||||||
Fifth Third Mid Cap Growth Fund Institutional | $ | 98 | $ | 369 | $ | 660 | $ | 1,488 | $ | 98 | $ | 369 | $ | 660 | $ | 1,488 | ||||||||||||||||
Touchstone Growth Opportunities Fund Class Y | $ | 101 | $ | 407 | $ | 735 | $ | 1,665 | $ | 101 | $ | 407 | $ | 735 | $ | 1,665 | ||||||||||||||||
Touchstone Growth Opportunities Fund (Pro Forma) Class Y | $ | 97 | $ | 360 | $ | 644 | $ | 1,453 | $ | 97 | $ | 360 | $ | 644 | $ | 1,453 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund Class A | $ | 597 | $ | 872 | $ | 1,168 | $ | 2,008 | $ | 597 | $ | 872 | $ | 1,168 | $ | 2,008 | ||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund Class B | $ | 678 | $ | 923 | $ | 1,294 | $ | 2,205 | $ | 178 | $ | 623 | $ | 1,094 | $ | 2,205 | ||||||||||||||||
Touchstone Value Fund Class A | $ | 690 | $ | 997 | $ | 1,389 | $ | 2,484 | $ | 690 | $ | 997 | $ | 1,389 | $ | 2,484 | ||||||||||||||||
Touchstone Value Fund (Pro Forma) Class A | $ | 671 | $ | 983 | $ | 1,348 | $ | 2,370 | $ | 671 | $ | 983 | $ | 1,348 | $ | 2,370 | ||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund Class C | $ | 278 | $ | 623 | $ | 1,094 | $ | 2,397 | $ | 178 | $ | 623 | $ | 1,094 | $ | 2,397 | ||||||||||||||||
Touchstone Value Fund Class C | $ | 298 | $ | 650 | $ | 1,167 | $ | 2,586 | $ | 198 | $ | 650 | $ | 1,167 | $ | 2,586 | ||||||||||||||||
Touchstone Value Fund (Pro Forma) Class C | $ | 278 | $ | 739 | $ | 1,388 | $ | 3,131 | $ | 178 | $ | 739 | $ | 1,388 | $ | 3,131 | ||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund Institutional | $ | 77 | $ | 314 | $ | 570 | $ | 1,303 | $ | 77 | $ | 314 | $ | 570 | $ | 1,303 | ||||||||||||||||
Touchstone Value Fund Class Y | $ | 97 | $ | 327 | $ | 600 | $ | 1,381 | $ | 97 | $ | 327 | $ | 600 | $ | 1,381 | ||||||||||||||||
Touchstone Value Fund (Pro Forma) Class Y | $ | 77 | $ | 291 | $ | 528 | $ | 1,209 | $ | 77 | $ | 291 | $ | 528 | $ | 1,209 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third All Cap Value Fund Class A | $ | 607 | $ | 955 | $ | 1,327 | $ | 2,368 | $ | 607 | $ | 955 | $ | 1,327 | $ | 2,368 | ||||||||||||||||
Fifth Third All Cap Value Fund Class B | $ | 689 | $ | 1,009 | $ | 1,456 | $ | 2,562 | $ | 189 | $ | 709 | $ | 1,256 | $ | 2,562 | ||||||||||||||||
Touchstone Value Fund Class A | $ | 690 | $ | 997 | $ | 1,389 | $ | 2,484 | $ | 690 | $ | 997 | $ | 1,389 | $ | 2,484 | ||||||||||||||||
Touchstone Value Fund (Pro Forma) Class A | $ | 671 | $ | 983 | $ | 1,348 | $ | 2,370 | $ | 671 | $ | 983 | $ | 1,348 | $ | 2,370 | ||||||||||||||||
Fifth Third All Cap Value Fund Class C | $ | 289 | $ | 709 | $ | 1,256 | $ | 2,749 | $ | 189 | $ | 709 | $ | 1,256 | $ | 2,749 | ||||||||||||||||
Touchstone Value Fund Class C | $ | 298 | $ | 650 | $ | 1,167 | $ | 2,586 | $ | 198 | $ | 650 | $ | 1,167 | $ | 2,586 | ||||||||||||||||
Touchstone Value Fund (Pro Forma) Class C | $ | 278 | $ | 739 | $ | 1,388 | $ | 3,131 | $ | 178 | $ | 739 | $ | 1,388 | $ | 3,131 | ||||||||||||||||
Fifth Third All Cap Value Fund Institutional | $ | 88 | $ | 403 | $ | 741 | $ | 1,694 | $ | 88 | $ | 403 | $ | 741 | $ | 1,694 | ||||||||||||||||
Touchstone Value Fund Class Y | $ | 97 | $ | 327 | $ | 600 | $ | 1,381 | $ | 97 | $ | 327 | $ | 600 | $ | 1,381 | ||||||||||||||||
Touchstone Value Fund (Pro Forma) Class Y | $ | 77 | $ | 291 | $ | 528 | $ | 1,209 | $ | 77 | $ | 291 | $ | 528 | $ | 1,209 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third High Yield Bond Fund Class A | $ | 572 | $ | 859 | $ | 1,166 | $ | 2,037 | $ | 572 | $ | 859 | $ | 1,166 | $ | 2,037 | ||||||||||||||||
Fifth Third High Yield Bond Fund Class B | $ | 677 | $ | 933 | $ | 1,315 | $ | 2,254 | $ | 177 | $ | 633 | $ | 1,115 | $ | 2,254 | ||||||||||||||||
Touchstone High Yield Fund Class A | $ | 577 | $ | 820 | $ | 1,081 | $ | 1,828 | $ | 577 | $ | 820 | $ | 1,081 | $ | 1,828 | ||||||||||||||||
Touchstone High Yield Fund (Pro Forma) Class A | $ | 571 | $ | 804 | $ | 1,055 | $ | 1,772 | $ | 571 | $ | 804 | $ | 1,055 | $ | 1,772 | ||||||||||||||||
Fifth Third High Yield Bond Fund Class C | $ | 277 | $ | 633 | $ | 1,115 | $ | 2,445 | $ | 177 | $ | 633 | $ | 1,115 | $ | 2,445 | ||||||||||||||||
Touchstone High Yield Fund Class C | $ | 283 | $ | 631 | $ | 1,106 | $ | 2,417 | $ | 183 | $ | 631 | $ | 1,106 | $ | 2,417 | ||||||||||||||||
Touchstone High Yield Fund (Pro Forma) Class C | $ | 277 | $ | 611 | $ | 1,071 | $ | 2,345 | $ | 177 | $ | 611 | $ | 1,071 | $ | 2,345 | ||||||||||||||||
Fifth Third High Yield Bond Fund Institutional | $ | 76 | $ | 325 | $ | 591 | $ | 1,355 | $ | 76 | $ | 325 | $ | 591 | $ | 1,355 | ||||||||||||||||
Touchstone High Yield Fund Class Y | $ | 82 | $ | 292 | $ | 520 | $ | 1,174 | $ | 82 | $ | 292 | $ | 520 | $ | 1,174 | ||||||||||||||||
Touchstone High Yield Fund (Pro Forma) Class Y | $ | 76 | $ | 258 | $ | 456 | $ | 1,028 | $ | 76 | $ | 258 | $ | 456 | $ | 1,028 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Short Term Bond Fund Class A | $ | 372 | $ | 594 | $ | 833 | $ | 1,519 | $ | 372 | $ | 594 | $ | 833 | $ | 1,519 | ||||||||||||||||
Touchstone Ultra Short Duration Fixed Income Fund Class A | $ | 271 | $ | 443 | $ | 651 | $ | 1,250 | $ | 271 | $ | 443 | $ | 651 | $ | 1,250 | ||||||||||||||||
Touchstone Ultra Short Duration Fixed Income Fund (Pro Forma) Class A | $ | 271 | $ | 453 | $ | 666 | $ | 1,277 | $ | 271 | $ | 453 | $ | 666 | $ | 1,277 | ||||||||||||||||
Fifth Third Short Term Bond Fund Class C | $ | 250 | $ | 536 | $ | 946 | $ | 2,092 | $ | 150 | $ | 536 | $ | 946 | $ | 2,092 | ||||||||||||||||
Touchstone Ultra Short Duration Fixed Income Fund Class C | $ | 223 | $ | 402 | $ | 719 | $ | 1,618 | $ | 123 | $ | 402 | $ | 719 | $ | 1,618 | ||||||||||||||||
Touchstone Ultra Short Duration Fixed Income Fund (Pro Forma) Class C | $ | 223 | $ | 425 | $ | 766 | $ | 1,731 | $ | 123 | $ | 425 | $ | 766 | $ | 1,731 | ||||||||||||||||
Fifth Third Short Term Bond Fund Institutional | $ | 48 | $ | 223 | $ | 413 | $ | 962 | $ | 48 | $ | 223 | $ | 413 | $ | 962 | ||||||||||||||||
Touchstone Ultra Short Duration Fixed Income Fund Class Y | $ | 47 | $ | 172 | $ | 334 | $ | 804 | $ | 47 | $ | 172 | $ | 334 | $ | 804 | ||||||||||||||||
Touchstone Ultra Short Duration Fixed Income Fund (Pro Forma) Class Y | $ | 47 | $ | 160 | $ | 289 | $ | 664 | $ | 47 | $ | 160 | $ | 289 | $ | 664 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Total Return Bond Fund Class A | $ | 561 | $ | 798 | $ | 1,053 | $ | 1,782 | $ | 561 | $ | 798 | $ | 1,053 | $ | 1,782 | ||||||||||||||||
Fifth Third Total Return Bond Fund Class B | $ | 667 | $ | 871 | $ | 1,201 | $ | 2,003 | $ | 167 | $ | 571 | $ | 1,001 | $ | 2,003 | ||||||||||||||||
Touchstone Core Bond Fund Class A | $ | 557 | $ | 778 | $ | 1,064 | $ | 1,880 | $ | 557 | $ | 778 | $ | 1,064 | $ | 1,880 | ||||||||||||||||
Touchstone Core Bond Fund (Pro Forma) Class A | $ | 557 | $ | 773 | $ | 1,025 | $ | 1,774 | $ | 557 | $ | 773 | $ | 1,025 | $ | 1,774 | ||||||||||||||||
Fifth Third Total Return Bond Fund Class C | $ | 267 | $ | 571 | $ | 1,001 | $ | 2,198 | $ | 167 | $ | 571 | $ | 1,001 | $ | 2,198 | ||||||||||||||||
Touchstone Core Bond Fund Class C | $ | 262 | $ | 594 | $ | 1,145 | $ | 2,651 | $ | 162 | $ | 594 | $ | 1,145 | $ | 2,651 | ||||||||||||||||
Touchstone Core Bond Fund (Pro Forma) Class C | $ | 262 | $ | 601 | $ | 1,110 | $ | 2,510 | $ | 162 | $ | 601 | $ | 1,110 | $ | 2,510 | ||||||||||||||||
Fifth Third Total Return Bond Fund Institutional | $ | 65 | $ | 261 | $ | 473 | $ | 1,083 | $ | 65 | $ | 261 | $ | 473 | $ | 1,083 | ||||||||||||||||
Touchstone Core Bond Fund Class Y | $ | 60 | $ | 236 | $ | 474 | $ | 1,158 | $ | 60 | $ | 236 | $ | 474 | $ | 1,158 | ||||||||||||||||
Touchstone Core Bond Fund (Pro Forma) Class Y | $ | 60 | $ | 209 | $ | 379 | $ | 874 | $ | 60 | $ | 209 | $ | 379 | $ | 874 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third LifeModel Aggressive FundSM Class A | $ | 635 | $ | 1,013 | $ | 1,415 | $ | 2,536 | $ | 635 | $ | 1,013 | $ | 1,415 | $ | 2,536 | ||||||||||||||||
Fifth Third LifeModel Aggressive FundSM Class B | $ | 717 | $ | 1,067 | $ | 1,544 | $ | 2,728 | $ | 217 | $ | 767 | $ | 1,344 | $ | 2,728 | ||||||||||||||||
Touchstone Growth Allocation Fund Class A | $ | 719 | $ | 1,074 | $ | 1,505 | $ | 2,700 | $ | 719 | $ | 1,074 | $ | 1,505 | $ | 2,700 | ||||||||||||||||
Touchstone Growth Allocation Fund (Pro Forma) Class A | $ | 696 | $ | 1,066 | $ | 1,489 | $ | 2,662 | $ | 696 | $ | 1,066 | $ | 1,489 | $ | 2,662 | ||||||||||||||||
Fifth Third LifeModel Aggressive FundSM Class C | $ | 317 | $ | 767 | $ | 1,344 | $ | 2,911 | $ | 217 | $ | 767 | $ | 1,344 | $ | 2,911 | ||||||||||||||||
Touchstone Growth Allocation Fund Class C | $ | 328 | $ | 754 | $ | 1,357 | $ | 2,989 | $ | 228 | $ | 754 | $ | 1,357 | $ | 2,989 | ||||||||||||||||
Touchstone Growth Allocation Fund (Pro Forma) Class C | $ | 304 | $ | 736 | $ | 1,318 | $ | 2,900 | $ | 204 | $ | 736 | $ | 1,318 | $ | 2,900 | ||||||||||||||||
Fifth Third LifeModel Aggressive FundSM Institutional | $ | 116 | $ | 462 | $ | 832 | $ | 1,872 | $ | 116 | $ | 462 | $ | 832 | $ | 1,872 | ||||||||||||||||
Touchstone Growth Allocation Fund Class Y | $ | 127 | $ | 444 | $ | 832 | $ | 1,920 | $ | 127 | $ | 444 | $ | 832 | $ | 1,920 | ||||||||||||||||
Touchstone Growth Allocation Fund (Pro Forma) Class Y | $ | 103 | $ | 399 | $ | 727 | $ | 1,657 | $ | 103 | $ | 399 | $ | 727 | $ | 1,657 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third LifeModel Moderately Aggressive FundSM Class A | $ | 626 | $ | 984 | $ | 1,366 | $ | 2,433 | $ | 626 | $ | 984 | $ | 1,366 | $ | 2,433 | ||||||||||||||||
Fifth Third LifeModel Moderately Aggressive FundSM Class B | $ | 708 | $ | 1,038 | $ | 1,495 | $ | 2,628 | $ | 208 | $ | 738 | $ | 1,295 | $ | 2,628 | ||||||||||||||||
Touchstone Moderate Growth Allocation Fund Class A | $ | 711 | $ | 1,044 | $ | 1,446 | $ | 2,567 | $ | 711 | $ | 1,044 | $ | 1,446 | $ | 2,567 | ||||||||||||||||
Touchstone Moderate Growth Allocation Fund (Pro Forma) Class A | $ | 688 | $ | 1,042 | $ | 1,446 | $ | 2,574 | $ | 688 | $ | 1,042 | $ | 1,446 | $ | 2,574 | ||||||||||||||||
Fifth Third LifeModel Moderately Aggressive FundSM Class C | $ | 308 | $ | 738 | $ | 1,295 | $ | 2,812 | $ | 208 | $ | 738 | $ | 1,295 | $ | 2,812 | ||||||||||||||||
Touchstone Moderate Growth Allocation Fund Class C | $ | 320 | $ | 721 | $ | 1,292 | $ | 2,844 | $ | 220 | $ | 721 | $ | 1,292 | $ | 2,844 | ||||||||||||||||
Touchstone Moderate Growth Allocation Fund (Pro Forma) Class C | $ | 296 | $ | 700 | $ | 1,250 | $ | 2,751 | $ | 196 | $ | 700 | $ | 1,250 | $ | 2,751 | ||||||||||||||||
Fifth Third LifeModel Moderately Aggressive FundSM Institutional | $ | 107 | $ | 432 | $ | 780 | $ | 1,762 | $ | 107 | $ | 432 | $ | 780 | $ | 1,762 | ||||||||||||||||
Touchstone Moderate Growth Allocation Fund Class Y | $ | 119 | $ | 450 | $ | 884 | $ | 2,093 | $ | 119 | $ | 450 | $ | 884 | $ | 2,093 | ||||||||||||||||
Touchstone Moderate Growth Allocation Fund (Pro Forma) Class Y | $ | 95 | $ | 374 | $ | 685 | $ | 1,568 | $ | 95 | $ | 374 | $ | 685 | $ | 1,568 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third LifeModel Moderate FundSM Class A | $ | 616 | $ | 938 | $ | 1,282 | $ | 2,251 | $ | 616 | $ | 938 | $ | 1,282 | $ | 2,251 | ||||||||||||||||
Fifth Third LifeModel Moderate FundSM Class B | $ | 698 | $ | 991 | $ | 1,410 | $ | 2,447 | $ | 198 | $ | 691 | $ | 1,210 | $ | 2,447 | ||||||||||||||||
Touchstone Balanced Allocation Fund Class A | $ | 707 | $ | 1,017 | $ | 1,381 | $ | 2,399 | $ | 707 | $ | 1,017 | $ | 1,381 | $ | 2,399 | ||||||||||||||||
Touchstone Balanced Allocation Fund (Pro Forma) Class A | $ | 678 | $ | 1,011 | $ | 1,389 | $ | 2,447 | $ | 678 | $ | 1,011 | $ | 1,389 | $ | 2,447 | ||||||||||||||||
Fifth Third LifeModel Moderate FundSM Class C | $ | 298 | $ | 691 | $ | 1,210 | $ | 2,635 | $ | 198 | $ | 691 | $ | 1,210 | $ | 2,635 | ||||||||||||||||
Touchstone Balanced Allocation Fund Class C | $ | 316 | $ | 695 | $ | 1,227 | $ | 2,685 | $ | 216 | $ | 695 | $ | 1,227 | $ | 2,685 | ||||||||||||||||
Touchstone Balanced Allocation Fund (Pro Forma) Class C | $ | 285 | $ | 662 | $ | 1,177 | $ | 2,590 | $ | 185 | $ | 662 | $ | 1,177 | $ | 2,590 | ||||||||||||||||
Fifth Third LifeModel Moderate FundSM Institutional | $ | 97 | $ | 384 | $ | 692 | $ | 1,568 | $ | 97 | $ | 384 | $ | 692 | $ | 1,568 | ||||||||||||||||
Touchstone Balanced Allocation Fund Class Y | $ | 115 | $ | 428 | $ | 833 | $ | 1,965 | $ | 115 | $ | 428 | $ | 833 | $ | 1,965 | ||||||||||||||||
Touchstone Balanced Allocation Fund (Pro Forma) Class Y | $ | 84 | $ | 333 | $ | 603 | $ | 1,377 | $ | 84 | $ | 333 | $ | 603 | $ | 1,377 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third LifeModel Moderately Conservative FundSM Class A | $ | 611 | $ | 960 | $ | 1,332 | $ | 2,374 | $ | 611 | $ | 960 | $ | 1,332 | $ | 2,374 | ||||||||||||||||
Fifth Third LifeModel Moderately Conservative FundSM Class B | $ | 693 | $ | 1,013 | $ | 1,460 | $ | 2,569 | $ | 193 | $ | 713 | $ | 1,260 | $ | 2,569 | ||||||||||||||||
Touchstone Conservative Allocation Fund Class A | $ | 692 | $ | 971 | $ | 1,304 | $ | 2,243 | $ | 692 | $ | 971 | $ | 1,304 | $ | 2,243 | ||||||||||||||||
Touchstone Conservative Allocation Fund (Pro Forma) Class A | $ | 665 | $ | 957 | $ | 1,291 | $ | 2,230 | $ | 665 | $ | 957 | $ | 1,291 | $ | 2,230 | ||||||||||||||||
Fifth Third LifeModel Moderately Conservative FundSM Class C | $ | 293 | $ | 713 | $ | 1,260 | $ | 2,754 | $ | 193 | $ | 713 | $ | 1,260 | $ | 2,754 | ||||||||||||||||
Touchstone Conservative Allocation Fund Class C | $ | 300 | $ | 652 | $ | 1,165 | $ | 2,573 | $ | 200 | $ | 652 | $ | 1,165 | $ | 2,573 | ||||||||||||||||
Touchstone Conservative Allocation Fund (Pro Forma) Class C | $ | 272 | $ | 631 | $ | 1,134 | $ | 2,519 | $ | 172 | $ | 631 | $ | 1,134 | $ | 2,519 | ||||||||||||||||
Fifth Third LifeModel Moderately Conservative FundSM Institutional | $ | 92 | $ | 407 | $ | 745 | $ | 1,699 | $ | 92 | $ | 407 | $ | 745 | $ | 1,699 | ||||||||||||||||
Touchstone Conservative Allocation Fund Class Y | $ | 99 | $ | 379 | $ | 751 | $ | 1,796 | $ | 99 | $ | 379 | $ | 751 | $ | 1,796 | ||||||||||||||||
Touchstone Conservative Allocation Fund (Pro Forma) Class Y | $ | 70 | $ | 296 | $ | 547 | $ | 1,266 | $ | 70 | $ | 296 | $ | 547 | $ | 1,266 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third LifeModel Conservative FundSM Class A | $ | 602 | $ | 947 | $ | 1,315 | $ | 2,347 | $ | 602 | $ | 947 | $ | 1,315 | $ | 2,347 | ||||||||||||||||
Fifth Third LifeModel Conservative FundSM Class B | $ | 683 | $ | 1,000 | $ | 1,443 | $ | 2,543 | $ | 183 | $ | 700 | $ | 1,243 | $ | 2,543 | ||||||||||||||||
Touchstone Conservative Allocation Fund Class A | $ | 692 | $ | 971 | $ | 1,304 | $ | 2,243 | $ | 692 | $ | 971 | $ | 1,304 | $ | 2,243 | ||||||||||||||||
Touchstone Conservative Allocation Fund (Pro Forma) Class A | $ | 665 | $ | 957 | $ | 1,291 | $ | 2,230 | $ | 665 | $ | 957 | $ | 1,291 | $ | 2,230 | ||||||||||||||||
Fifth Third LifeModel Conservative FundSM Class C | $ | 283 | $ | 700 | $ | 1,243 | $ | 2,729 | $ | 183 | $ | 700 | $ | 1,243 | $ | 2,729 | ||||||||||||||||
Touchstone Conservative Allocation Fund Class C | $ | 300 | $ | 652 | $ | 1,165 | $ | 2,573 | $ | 200 | $ | 652 | $ | 1,165 | $ | 2,573 | ||||||||||||||||
Touchstone Conservative Allocation Fund (Pro Forma) Class C | $ | 272 | $ | 631 | $ | 1,134 | $ | 2,519 | $ | 172 | $ | 631 | $ | 1,134 | $ | 2,519 | ||||||||||||||||
Fifth Third LifeModel Conservative FundSM Institutional | $ | 82 | $ | 393 | $ | 727 | $ | 1,671 | $ | 82 | $ | 393 | $ | 727 | $ | 1,671 | ||||||||||||||||
Touchstone Conservative Allocation Fund Class Y | $ | 99 | $ | 379 | $ | 751 | $ | 1,796 | $ | 99 | $ | 379 | $ | 751 | $ | 1,796 | ||||||||||||||||
Touchstone Conservative Allocation Fund (Pro Forma) Class Y | $ | 70 | $ | 296 | $ | 547 | $ | 1,266 | $ | 70 | $ | 296 | $ | 547 | $ | 1,266 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Micro Cap Value Fund Class A | $ | 656 | $ | 1,056 | $ | 1,481 | $ | 2,661 | $ | 656 | $ | 1,056 | $ | 1,481 | $ | 2,661 | ||||||||||||||||
Fifth Third Micro Cap Value Fund Class B | $ | 740 | $ | 1,112 | $ | 1,611 | $ | 2,851 | $ | 240 | $ | 812 | $ | 1,411 | $ | 2,851 | ||||||||||||||||
Touchstone Micro Cap Value Fund (Pro Forma) Class A | $ | 730 | $ | 1,094 | $ | 1,482 | $ | 2,567 | $ | 730 | $ | 1,094 | $ | 1,482 | $ | 2,567 | ||||||||||||||||
Fifth Third Micro Cap Value Fund Class C | $ | 340 | $ | 812 | $ | 1,411 | $ | 3,032 | $ | 240 | $ | 812 | $ | 1,411 | $ | 3,032 | ||||||||||||||||
Touchstone Micro Cap Value Fund (Pro Forma) Class C | $ | 340 | $ | 775 | $ | 1,337 | $ | 2,867 | $ | 240 | $ | 775 | $ | 1,337 | $ | 2,867 | ||||||||||||||||
Fifth Third Micro Cap Value Fund Institutional | $ | 139 | $ | 509 | $ | 903 | $ | 2,008 | $ | 139 | $ | 509 | $ | 903 | $ | 2,008 | ||||||||||||||||
Touchstone Micro Cap Value Fund (Pro Forma) Class Y | $ | 139 | $ | 477 | $ | 839 | $ | 1,855 | $ | 139 | $ | 477 | $ | 839 | $ | 1,855 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Small Cap Value Fund Class A | $ | 617 | $ | 945 | $ | 1,295 | $ | 2,282 | $ | 617 | $ | 945 | $ | 1,295 | $ | 2,282 | ||||||||||||||||
Fifth Third Small Cap Value Fund Class B | $ | 699 | $ | 998 | $ | 1,423 | $ | 2,476 | $ | 199 | $ | 698 | $ | 1,223 | $ | 2,476 | ||||||||||||||||
Touchstone Small Company Value Fund (Pro Forma) Class A | $ | 691 | $ | 1,043 | $ | 1,419 | $ | 2,471 | $ | 691 | $ | 1,043 | $ | 1,419 | $ | 2,471 | ||||||||||||||||
Fifth Third Small Cap Value Fund Class C | $ | 299 | $ | 698 | $ | 1,223 | $ | 2,664 | $ | 199 | $ | 698 | $ | 1,223 | $ | 2,664 | ||||||||||||||||
Touchstone Small Company Value Fund (Pro Forma) Class C | $ | 299 | $ | 749 | $ | 1,326 | $ | 2,893 | $ | 199 | $ | 749 | $ | 1,326 | $ | 2,893 | ||||||||||||||||
Fifth Third Small Cap Value Fund Institutional | $ | 98 | $ | 391 | $ | 706 | $ | 1,599 | $ | 98 | $ | 391 | $ | 706 | $ | 1,599 | ||||||||||||||||
Touchstone Small Company Value Fund (Pro Forma) Class Y | $ | 98 | $ | 367 | $ | 657 | $ | 1,483 | $ | 98 | $ | 367 | $ | 657 | $ | 1,483 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third International Equity Fund Class A | $ | 633 | $ | 963 | $ | 1,315 | $ | 2,306 | $ | 633 | $ | 963 | $ | 1,315 | $ | 2,306 | ||||||||||||||||
Fifth Third International Equity Fund Class B | $ | 716 | $ | 1,016 | $ | 1,443 | $ | 2,500 | $ | 216 | $ | 716 | $ | 1,243 | $ | 2,500 | ||||||||||||||||
Touchstone International Value Fund (Pro Forma) Class A | $ | 707 | $ | 1,055 | $ | 1,427 | $ | 2,468 | $ | 707 | $ | 1,055 | $ | 1,427 | $ | 2,468 | ||||||||||||||||
Fifth Third International Equity Fund Class C | $ | 316 | $ | 716 | $ | 1,243 | $ | 2,687 | $ | 216 | $ | 716 | $ | 1,243 | $ | 2,687 | ||||||||||||||||
Touchstone International Value Fund (Pro Forma) Class C | $ | 316 | $ | 1,056 | $ | 1,912 | $ | 4,126 | $ | 216 | $ | 1,056 | $ | 1,912 | $ | 4,126 | ||||||||||||||||
Fifth Third International Equity Fund Institutional | $ | 115 | $ | 410 | $ | 727 | $ | 1,625 | $ | 115 | $ | 410 | $ | 727 | $ | 1,625 | ||||||||||||||||
Touchstone International Value Fund (Pro Forma) Class Y | $ | 115 | $ | 416 | $ | 739 | $ | 1,654 | $ | 115 | $ | 416 | $ | 739 | $ | 1,654 |
Assuming Redemption | Assuming No Redemption | |||||||||||||||||||||||||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||
Fifth Third Strategic Income Fund Class A | $ | 596 | $ | 936 | $ | 1,298 | $ | 2,316 | $ | 596 | $ | 936 | $ | 1,298 | $ | 2,316 | ||||||||||||||||
Fifth Third Strategic Income Fund Class B | $ | 677 | $ | 988 | $ | 1,427 | $ | 2,513 | $ | 177 | $ | 688 | $ | 1,227 | $ | 2,513 | ||||||||||||||||
Touchstone Strategic Income Fund (Pro Forma) Class A | $ | 670 | $ | 949 | $ | 1,248 | $ | 2,095 | $ | 670 | $ | 949 | $ | 1,248 | $ | 2,095 | ||||||||||||||||
Fifth Third Strategic Income Fund Class C | $ | 277 | $ | 688 | $ | 1,227 | $ | 2,700 | $ | 177 | $ | 688 | $ | 1,227 | $ | 2,700 | ||||||||||||||||
Touchstone Strategic Income Fund (Pro Forma) Class C | $ | 277 | $ | 631 | $ | 1,111 | $ | 2,437 | $ | 177 | $ | 631 | $ | 1,111 | $ | 2,437 | ||||||||||||||||
Fifth Third Strategic Income Fund Institutional | $ | 76 | $ | 381 | $ | 709 | $ | 1,637 | $ | 76 | $ | 381 | $ | 709 | $ | 1,637 | ||||||||||||||||
Touchstone Strategic Income Fund (Pro Forma) Class Y | $ | 76 | $ | 309 | $ | 560 | $ | 1,282 | $ | 76 | $ | 309 | $ | 560 | $ | 1,282 |
Acquired Funds | Fiscal Year End | Portfolio Turnover Rate | Acquiring Funds | Fiscal Year End | Portfolio Turnover Rate | ||||||
Fifth Third Quality Growth Fund | 7/31/11 | 88% | Touchstone Large Cap Growth Fund | 3/31/12 | 91% | ||||||
Fifth Third Mid Cap Growth Fund | 7/31/11 | 111% | Touchstone Growth Opportunities Fund | 3/31/12 | 204% | ||||||
Fifth Third Disciplined Large Cap Value Fund | 7/31/11 | 72% | Touchstone Value Fund* | 3/31/12 | 15% | ||||||
Fifth Third All Cap Value Fund | 7/31/11 | 59% | Touchstone Value Fund* | 3/31/12 | 15% | ||||||
Fifth Third High Yield Bond Fund | 7/31/11 | 81% | Touchstone High Yield Fund | 9/30/11 | 62% | ||||||
Fifth Third Short Term Bond Fund | 7/31/11 | 61% | Touchstone Ultra Short Duration Fixed Income Fund | 9/30/11 | 144% | ||||||
Fifth Third Total Return Bond Fund | 7/31/11 | 60% | Touchstone Core Bond Fund | 9/30/11 | 319% | ||||||
Fifth Third LifeModel Aggressive FundSM | 7/31/11 | 18% | Touchstone Growth Allocation Fund* | 7/31/11 | 8% | ||||||
Fifth Third LifeModel Moderately Aggressive FundSM | 7/31/11 | 18% | Touchstone Moderate Growth Allocation Fund* | 7/31/11 | 9% | ||||||
Fifth Third LifeModel Moderate FundSM | 7/31/11 | 20% | Touchstone Balanced Allocation Fund* | 7/31/11 | 6% | ||||||
Fifth Third LifeModel Moderately Conservative FundSM | 7/31/11 | 25% | Touchstone Conservative Allocation Fund* | 7/31/11 | 13% | ||||||
Fifth Third LifeModel Conservative FundSM | 7/31/11 | 25% | Touchstone Conservative Allocation Fund* | 7/31/11 | 13% | ||||||
Fifth Third Micro Cap Value Fund** | 7/31/11 | 59% | Touchstone Micro Cap Value Fund | N/A | N/A*** | ||||||
Fifth Third Small Cap Value Fund**** | 7/31/11 | 93% | Touchstone Small Company Value Fund | N/A | N/A*** | ||||||
Fifth Third International Equity Fund**** | 7/31/11 | 131% | Touchstone International Value Fund | N/A | N/A*** | ||||||
Fifth Third Strategic Income Fund** | 7/31/11 | 42% | Touchstone Strategic Income Fund | N/A | N/A*** |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849001_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849002_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 11/20/92 | |||||||||||||
Return Before Taxes | -4.84 | % | 1.23 | % | 0.29 | % | ||||||||
Return After Taxes on Distributions | -4.84 | % | 0.51 | % | -0.11 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -3.15 | % | 0.87 | % | 0.15 | % | ||||||||
Class B Shares | 10/11/00 | |||||||||||||
Return Before Taxes | -5.53 | % | 1.16 | % | 0.20 | % | ||||||||
Class C Shares | 4/25/96 | |||||||||||||
Return Before Taxes | -0.58 | % | 1.49 | % | 0.04 | % | ||||||||
Institutional Shares | 8/11/98 | |||||||||||||
Return Before Taxes | 0.38 | % | 2.52 | % | 1.05 | % | ||||||||
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) | 2.64 | % | 2.50 | % | 2.60 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 12/19/97 | |||||||||||||
Return Before Taxes | -1.15 | % | 1.82 | % | 3.60 | % | ||||||||
Return After Taxes on Distributions | -1.15 | % | 1.80 | % | 3.60 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -0.74 | % | 1.55 | % | 3.13 | % | ||||||||
Class C Shares** | 10/4/03 | |||||||||||||
Return Before Taxes | 3.11 | % | 2.39 | % | 3.51 | % | ||||||||
Class Y Shares** | 11/10/04 | |||||||||||||
Return Before Taxes | 5.19 | % | 3.26 | % | 4.39 | % | ||||||||
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) | 2.64 | % | 2.50 | % | 2.60 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849003_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849004_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 11/2/92 | |||||||||||||
Return Before Taxes | -2.11 | % | 1.13 | % | 2.85 | % | ||||||||
Return After Taxes on Distributions | -2.11 | % | 0.03 | % | 1.96 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -1.37 | % | 0.66 | % | 2.28 | % | ||||||||
Class B Shares | 10/11/00 | |||||||||||||
Return Before Taxes | -2.71 | % | 1.12 | % | 2.76 | % | ||||||||
Class C Shares | 4/24/96 | |||||||||||||
Return Before Taxes | 2.21 | % | 1.42 | % | 2.61 | % | ||||||||
Institutional Shares | 8/11/98 | |||||||||||||
Return Before Taxes | 3.28 | % | 2.42 | % | 3.64 | % | ||||||||
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) | -1.65 | % | 2.44 | % | 5.29 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 9/29/95 | |||||||||||||
Return Before Taxes | -13.49 | % | 0.09 | % | 0.66 | % | ||||||||
Return After Taxes on Distributions | -13.49 | % | 0.07 | % | 0.66 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -8.77 | % | 0.07 | % | 0.57 | % | ||||||||
Class C Shares | 8/2/99 | |||||||||||||
Return Before Taxes | -9.81 | % | 0.73 | % | 0.63 | % | ||||||||
Class Y Shares** | 2/2/09 | |||||||||||||
Return Before Taxes | -8.01 | % | 1.43 | % | 1.34 | % | ||||||||
Russell 3000® Growth Index (reflects no deduction for fees, expenses or taxes) | 2.18 | % | 2.46 | % | 2.74 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849005_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849006_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 1/27/97 | |||||||||||||
Return Before Taxes | -7.72 | % | -4.04 | % | 3.10 | % | ||||||||
Return After Taxes on Distributions | -8.25 | % | -4.85 | % | 1.91 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -5.02 | % | -3.69 | % | 2.31 | % | ||||||||
Class B Shares | 10/11/00 | |||||||||||||
Return Before Taxes | -8.31 | % | -4.11 | % | 3.02 | % | ||||||||
Class C Shares | 1/27/97 | |||||||||||||
Return Before Taxes | -3.53 | % | -3.77 | % | 2.85 | % | ||||||||
Institutional Shares | 8/11/98 | |||||||||||||
Return Before Taxes | -2.61 | % | -2.81 | % | 3.89 | % | ||||||||
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | 0.39 | % | -2.64 | % | 3.89 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class Y Shares | 9/10/98 | |||||||||||||
Return Before Taxes | 4.45 | % | -1.24 | % | 2.47 | % | ||||||||
Return After Taxes on Distributions | 3.78 | % | -2.42 | % | 0.63 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 2.88 | % | -1.53 | % | 1.80 | % | ||||||||
Class A Shares*** | 7/31/03 | |||||||||||||
Return Before Taxes | -1.76 | % | -2.56 | % | 2.21 | % | ||||||||
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | 0.39 | % | -2.64 | % | 3.89 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849007_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849008_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 8/13/01 | |||||||||||||
Return Before Taxes | -9.65 | % | -4.58 | % | 3.31 | % | ||||||||
Return After Taxes on Distributions | -10.05 | % | -5.70 | % | 2.19 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -6.27 | % | -4.07 | % | 2.72 | % | ||||||||
Class B Shares | 8/13/01 | |||||||||||||
Return Before Taxes | -10.32 | % | -4.64 | % | 3.22 | % | ||||||||
Class C Shares | 8/13/01 | |||||||||||||
Return Before Taxes | -5.57 | % | -4.35 | % | 3.06 | % | ||||||||
Institutional Shares | 4/1/99 | |||||||||||||
Return Before Taxes | -4.70 | % | -3.39 | % | 4.09 | % | ||||||||
Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) | -0.10 | % | -2.58 | % | 4.08 | % | ||||||||
Russell Midcap® Value Index (reflects no deduction for fees, expenses or taxes) | -1.38 | % | 0.04 | % | 7.67 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class Y Shares | 9/10/98 | |||||||||||||
Return Before Taxes | 4.45 | % | -1.24 | % | 2.47 | % | ||||||||
Return After Taxes on Distributions | 3.78 | % | -2.42 | % | 0.63 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 2.88 | % | -1.53 | % | 1.80 | % | ||||||||
Class A Shares*** | 7/31/03 | |||||||||||||
Return Before Taxes | -1.76 | % | -2.56 | % | 2.21 | % | ||||||||
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | 0.39 | % | -2.64 | % | 3.89 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849009_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849010_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | |||||||||||
Class A Shares | 11/29/05 | |||||||||||||
Return Before Taxes | -0.22 | % | 6.15 | % | 6.34 | % | ||||||||
Return After Taxes on Distributions | -2.56 | % | 3.31 | % | 3.56 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -0.17 | % | 3.50 | % | 3.70 | % | ||||||||
Class B Shares | 11/29/05 | |||||||||||||
Return Before Taxes | -0.94 | % | 6.14 | % | 6.44 | % | ||||||||
Class C Shares | 11/29/05 | |||||||||||||
Return Before Taxes | 3.97 | % | 6.47 | % | 6.46 | % | ||||||||
Institutional Shares | 11/29/05 | |||||||||||||
Return Before Taxes | 5.00 | % | 7.54 | % | 7.52 | % | ||||||||
BofA Merrill Lynch U.S. High Yield Cash Pay Index (reflects no deduction for fees, expenses or taxes) | 4.50 | % | 7.26 | % | 8.01 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 5/1/00 | |||||||||||||
Return Before Taxes | 0.51 | % | 5.87 | % | 7.20 | % | ||||||||
Return After Taxes on Distributions | -2.18 | % | 2.70 | % | 4.15 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 0.30 | % | 3.06 | % | 4.30 | % | ||||||||
Class C Shares | 5/23/00 | |||||||||||||
Return Before Taxes | 3.61 | % | 6.10 | % | 6.90 | % | ||||||||
Class Y Shares** | 2/1/07 | |||||||||||||
Return Before Taxes | 5.75 | % | 7.24 | % | 7.89 | % | ||||||||
BofA Merrill Lynch U.S. High Yield Cash Pay Index (reflects no deduction for fees, expenses or taxes) | 4.50 | % | 7.26 | % | 8.54 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849011_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849012_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 12/4/92 | |||||||||||||
Return Before Taxes | -2.29 | % | 2.62 | % | 2.55 | % | ||||||||
Return After Taxes on Distributions | -2.81 | % | 1.62 | % | 1.39 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -1.49 | % | 1.64 | % | 1.48 | % | ||||||||
Class C Shares | 8/1/03 | |||||||||||||
Return Before Taxes | -0.08 | % | 2.49 | % | 2.06 | % | ||||||||
Institutional Shares | 11/2/92 | |||||||||||||
Return Before Taxes | 1.04 | % | 3.53 | % | 3.09 | % | ||||||||
BofA Merrill Lynch 1-3 Year Government/Corporate Bond Index (reflects no deduction for fees, expenses or taxes) | 1.56 | % | 3.94 | % | 3.57 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class Z Shares | 3/1/94 | |||||||||||||
Return Before Taxes | 1.50 | % | 2.35 | % | 2.57 | % | ||||||||
Return After Taxes on Distributions | 0.71 | % | 1.14 | % | 1.43 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 0.97 | % | 1.30 | % | 1.52 | % | ||||||||
BofA Merrill Lynch Three-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses or taxes) | 0.10 | % | 1.49 | % | 1.95 | % | ||||||||
BofA Merrill Lynch 1-Year Treasury Note Index | 0.57 | % | 2.56 | % | 2.49 | % |
Fifth Third Total Return Bond Fund (Acquired Fund) and Touchstone Core Bond Fund (Acquiring Fund)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849013_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849014_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 3/22/95 | |||||||||||||
Return Before Taxes | 4.36 | % | 2.87 | % | 3.55 | % | ||||||||
Return After Taxes on Distributions | 2.66 | % | 1.14 | % | 1.93 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 2.79 | % | 1.40 | % | 2.05 | % | ||||||||
Class B Shares | 10/29/01 | |||||||||||||
Return Before Taxes | 3.62 | % | 2.80 | % | 3.43 | % | ||||||||
Class C Shares | 10/29/01 | |||||||||||||
Return Before Taxes | 8.67 | % | 3.12 | % | 3.26 | % | ||||||||
Institutional Shares | 3/20/95 | |||||||||||||
Return Before Taxes | 9.78 | % | 4.16 | % | 4.30 | % | ||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.78 | % |
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 10/3/94 | |||||||||||||
Return Before Taxes | 3.03 | % | 5.53 | % | 4.79 | % | ||||||||
Return After Taxes on Distributions | 1.53 | % | 3.88 | % | 3.20 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 1.93 | % | 3.73 | % | 3.14 | % | ||||||||
Class C Shares | 10/3/94 | |||||||||||||
Return Before Taxes | 6.25 | % | 5.74 | % | 4.51 | % | ||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.78 | % |
Fifth Third LifeModel Aggressive FundSM (Acquired Fund) and Touchstone Growth Allocation Fund (Acquiring Fund)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849015_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849016_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | |||||||||||
Class A Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -6.42 | % | -2.46 | % | 4.59 | % | ||||||||
Return After Taxes on Distributions | -6.83 | % | -3.70 | % | 3.64 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -4.17 | % | -2.47 | % | 3.68 | % | ||||||||
Class B Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -7.05 | % | -2.47 | % | 4.49 | % | ||||||||
Class C Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -2.29 | % | -2.20 | % | 4.38 | % | ||||||||
Institutional Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -1.14 | % | -1.19 | % | 5.46 | % | ||||||||
LifeModel Aggressive Target Neutral 90% Russell 3000® Index/10% Barclays U.S. Intermediate Government/Credit Bond Index Blend (reflects no deduction for fees, expenses or taxes) | 1.62 | % | 0.74 | % | 6.14 | % | ||||||||
Barclays U.S. Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 5.80 | % | 5.88 | % | 5.20 | % | ||||||||
Russell 3000® Index (reflects no deduction for fees, expenses or taxes) | 1.03 | % | -0.01 | % | 3.51 | % |
Inception Date | 1 Year | 5 Years | Since Inception | |||||||||||
Class A Shares** | 9/30/04 | |||||||||||||
Return Before Taxes | -7.85 | % | -3.21 | % | 2.78 | % | ||||||||
Return After Taxes on Distributions | -8.18 | % | -4.10 | % | 2.03 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -5.10 | % | -3.11 | % | 2.05 | % | ||||||||
Class C Shares | 9/30/04 | |||||||||||||
Return Before Taxes | -3.98 | % | -2.80 | % | 2.84 | % | ||||||||
Class Y Shares*** | 12/9/05 | |||||||||||||
Return Before Taxes | -2.06 | % | -1.81 | % | 3.88 | % | ||||||||
Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes) | 1.75 | % | 0.11 | % | 4.16 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849017_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849018_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | |||||||||||
Class A Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -4.49 | % | -1.18 | % | 4.90 | % | ||||||||
Return After Taxes on Distributions | -5.11 | % | -2.52 | % | 3.77 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -2.92 | % | -1.54 | % | 3.77 | % | ||||||||
Class B Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -5.10 | % | -1.21 | % | 4.80 | % | ||||||||
Class C Shares | 8/1/02 | |||||||||||||
Return Before Taxes | -0.10 | % | -0.89 | % | 4.70 | % | ||||||||
Institutional Shares | 8/1/02 | |||||||||||||
Return Before Taxes | 0.92 | % | 0.10 | % | 5.73 | % | ||||||||
LifeModel Moderately Aggressive Target Neutral 70% Russell 3000® Index/30% Barclays U.S. Intermediate Government/Credit Bond Index Blend (reflects no deduction for fees, expenses or taxes) | 2.73 | % | 2.14 | % | 6.11 | % | ||||||||
Barclays U.S. Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 5.80 | % | 5.88 | % | 5.20 | % | ||||||||
Russell 3000® Index (reflects no deduction for fees, expenses or taxes) | 1.03 | % | -0.01 | % | 3.51 | % |
Inception Date | 1 Year | 5 Years | Since Inception | |||||||||||
Class A Shares** | 9/30/04 | |||||||||||||
Return Before Taxes | -6.12 | % | -1.28 | % | 3.21 | % | ||||||||
Return After Taxes on Distributions | -6.59 | % | -2.44 | % | 2.26 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -3.98 | % | -1.66 | % | 2.28 | % | ||||||||
Class C Shares | 9/30/04 | |||||||||||||
Return Before Taxes | -2.21 | % | -0.88 | % | 3.27 | % | ||||||||
Class Y Shares*** | 12/9/05 | |||||||||||||
Return Before Taxes | -0.16 | % | 0.13 | % | 4.33 | % | ||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.53 | % | ||||||||
Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes) | 1.75 | % | 0.11 | % | 4.16 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849019_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849020_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Class A Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | -2.70 | % | 0.10 | % | 4.29 | % | |||||||||
Return After Taxes on Distributions | -3.51 | % | -1.31 | % | 3.08 | % | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -1.75 | % | -0.58 | % | 3.11 | % | |||||||||
Class B Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | -3.40 | % | 0.05 | % | 4.20 | % | |||||||||
Class C Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | 1.68 | % | 0.37 | % | 4.09 | % | |||||||||
Institutional Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | 2.60 | % | 1.39 | % | 5.13 | % | |||||||||
LifeModel Moderate Target Neutral 50% Russell 3000® Index/50% Barclays U.S. Intermediate Government/Credit Bond Index Blend (reflects no deduction for fees, expenses or taxes) | 3.74 | % | 3.40 | % | 5.95 | % | |||||||||
Barclays U.S. Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 5.80 | % | 5.88 | % | 5.20 | % | |||||||||
Russell 3000® Index (reflects no deduction for fees, expenses or taxes) | 1.03 | % | -0.01 | % | 3.51 | % |
Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Class A Shares** | 9/30/04 | ||||||||||||||
Return Before Taxes | -4.64 | % | 0.93 | % | 4.01 | % | |||||||||
Return After Taxes on Distributions | -5.28 | % | -0.55 | % | 2.77 | % | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -3.01 | % | -0.03 | % | 2.77 | % | |||||||||
Class C Shares | 9/30/04 | ||||||||||||||
Return Before Taxes | -0.57 | % | 1.38 | % | 4.11 | % | |||||||||
Class Y Shares*** | 12/9/05 | ||||||||||||||
Return Before Taxes | 1.35 | % | 2.38 | % | 5.12 | % | |||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.53 | % | |||||||||
Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes) | 1.75 | % | 0.11 | % | 4.16 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849021_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849022_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Class A Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | -1.65 | % | 0.84 | % | 3.98 | % | |||||||||
Return After Taxes on Distributions | -2.58 | % | -0.68 | % | 2.60 | % | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -1.08 | % | -0.03 | % | 2.73 | % | |||||||||
Class B Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | -2.24 | % | 0.79 | % | 3.90 | % | |||||||||
Class C Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | 2.73 | % | 1.10 | % | 3.76 | % | |||||||||
Institutional Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | 3.77 | % | 2.13 | % | 4.81 | % | |||||||||
LifeModel Moderately Conservative Target Neutral 40% Russell 3000® Index/60% Barclays U.S. Intermediate Government/Credit Bond Index Blend (reflects no deduction for fees, expenses or taxes) | 4.20 | % | 3.97 | % | 5.83 | % | |||||||||
Barclays U.S. Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 5.80 | % | 5.88 | % | 5.20 | % | |||||||||
Russell 3000® Index (reflects no deduction for fees, expenses or taxes) | 1.03 | % | -0.01 | % | 3.51 | % |
Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Class A Shares** | 9/30/04 | ||||||||||||||
Return Before Taxes | -3.18 | % | 2.95 | % | 4.13 | % | |||||||||
Return After Taxes on Distributions | -4.07 | % | 1.32 | % | 2.76 | % | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -2.07 | % | 1.58 | % | 2.76 | % | |||||||||
Class C Shares | 9/30/04 | ||||||||||||||
Return Before Taxes | 1.06 | % | 3.39 | % | 4.22 | % | |||||||||
Class Y Shares*** | 12/9/05 | ||||||||||||||
Return Before Taxes | 3.06 | % | 4.44 | % | 5.25 | % | |||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.53 | % | |||||||||
Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes) | 1.75 | % | 0.11 | % | 4.16 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849023_v1.jpg)
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849024_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Class A Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | -0.25 | % | 1.52 | % | 3.58 | % | |||||||||
Return After Taxes on Distributions | -1.36 | % | 0.03 | % | 2.17 | % | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -0.18 | % | 0.47 | % | 2.28 | % | |||||||||
Class B Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | -0.78 | % | 1.47 | % | 3.50 | % | |||||||||
Class C Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | 4.26 | % | 1.80 | % | 3.39 | % | |||||||||
Institutional Shares | 8/1/02 | ||||||||||||||
Return Before Taxes | 5.23 | % | 2.82 | % | 4.42 | % | |||||||||
LifeModel Conservative Target Neutral 20% Russell 3000® Index/80% Barclays U.S. Intermediate Government/Credit Bond Index Blend (reflects no deduction for fees, expenses or taxes) | 5.06 | % | 5.00 | % | 5.49 | % | |||||||||
Barclays U.S. Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) | 5.80 | % | 5.88 | % | 5.20 | % | |||||||||
Russell 3000® Index (reflects no deduction for fees, expenses or taxes) | 1.03 | % | -0.01 | % | 3.51 | % |
Inception Date | 1 Year | 5 Years | Since Inception | ||||||||||||
Class A Shares** | 9/30/04 | ||||||||||||||
Return Before Taxes | -3.18 | % | 2.95 | % | 4.13 | % | |||||||||
Return After Taxes on Distributions | -4.07 | % | 1.32 | % | 2.76 | % | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -2.07 | % | 1.58 | % | 2.76 | % | |||||||||
Class C Shares | 9/30/04 | ||||||||||||||
Return Before Taxes | 1.06 | % | 3.39 | % | 4.22 | % | |||||||||
Class Y Shares*** | 12/9/05 | ||||||||||||||
Return Before Taxes | 3.06 | % | 4.44 | % | 5.25 | % | |||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.53 | % | |||||||||
Standard & Poor’s Composite 1500 Index (reflects no deduction for fees, expenses or taxes) | 1.75 | % | 0.11 | % | 4.16 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849025_v1.jpg)
For the period ended December 31, 2011
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 8/13/01 | |||||||||||||
Return Before Taxes | -9.80 | % | -0.39 | % | 8.61 | % | ||||||||
Return After Taxes on Distributions | -9.80 | % | -1.76 | % | 6.65 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -6.37 | % | -0.55 | % | 7.26 | % | ||||||||
Class B Shares | 8/13/01 | |||||||||||||
Return Before Taxes | -10.50 | % | -0.40 | % | 8.60 | % | ||||||||
Class C Shares | 8/13/01 | |||||||||||||
Return Before Taxes | -6.04 | % | -0.18 | % | 8.41 | % | ||||||||
Institutional Shares | 2/1/98 | |||||||||||||
Return Before Taxes | -4.99 | % | 0.87 | % | 9.41 | % | ||||||||
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) | -5.50 | % | -1.87 | % | 6.40 | % | ||||||||
Russell Microcap® Value Index (reflects no deduction for fees, expenses or taxes) | -10.33 | % | -5.23 | % | 5.99 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849026_v1.jpg)
Inception Date | 1 Year | 5 Years | Since Inception | |||||||||||
Class A Shares | 4/1/03 | |||||||||||||
Return Before Taxes | -4.63 | % | 0.72 | % | 8.37 | % | ||||||||
Return After Taxes on Distributions | -5.49 | % | -0.08 | % | 6.65 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -1.93 | % | 0.40 | % | 6.57 | % | ||||||||
Class B Shares | 4/1/03 | |||||||||||||
Return Before Taxes | -5.02 | % | 0.65 | % | 8.27 | % | ||||||||
Class C Shares | 4/1/03 | |||||||||||||
Return Before Taxes | -0.34 | % | 1.00 | % | 8.19 | % | ||||||||
Institutional Shares | 4/1/03 | |||||||||||||
Return Before Taxes | 0.63 | % | 2.03 | % | 9.29 | % | ||||||||
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) | -5.50 | % | -1.87 | % | 6.40 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849027_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares | 8/18/94 | |||||||||||||
Return Before Taxes | -17.97 | % | -6.69 | % | 2.68 | % | ||||||||
Return After Taxes on Distributions | -18.79 | % | -8.23 | % | 1.57 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | -11.69 | % | -5.96 | % | 1.97 | % | ||||||||
Class B Shares | 10/11/00 | |||||||||||||
Return Before Taxes | -18.54 | % | -6.66 | % | 2.57 | % | ||||||||
Class C Shares | 4/25/96 | |||||||||||||
Return Before Taxes | -14.29 | % | -6.43 | % | 2.39 | % | ||||||||
Institutional Shares | 10/9/98 | |||||||||||||
Return Before Taxes | -13.39 | % | -5.47 | % | 3.44 | % | ||||||||
Morgan Stanley Capital International EAFE Index, Net (reflects no deduction for fees, expenses or taxes) | -12.14 | % | -4.72 | % | 4.67 | % |
![(BAR CHART)](https://capedge.com/proxy/N-14/0001534424-12-000096/rhf1849028_v1.jpg)
Inception Date | 1 Year | 5 Years | 10 Years | |||||||||||
Class A Shares** | 4/1/04 | |||||||||||||
Return Before Taxes | 0.50 | % | 3.47 | % | 5.07 | % | ||||||||
Return After Taxes on Distributions | -1.19 | % | 1.23 | % | 3.09 | % | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 0.31 | % | 1.61 | % | 3.16 | % | ||||||||
Class B Shares** | 4/1/04 | |||||||||||||
Return Before Taxes | -0.09 | % | 3.44 | % | 5.04 | % | ||||||||
Class C Shares | 10/29/01 | |||||||||||||
Return Before Taxes | 4.97 | % | 3.75 | % | 4.86 | % | ||||||||
Institutional Shares | 9/1/98 | |||||||||||||
Return Before Taxes | 5.94 | % | 4.77 | % | 5.90 | % | ||||||||
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.84 | % | 6.50 | % | 5.78 | % |
Acquired Funds | Dividends Declared/ Dividends Paid | Acquiring Funds | Dividends Declared/ Dividends Paid | |||
Fifth Third Quality Growth Fund | Annually/Annually | Touchstone Large Cap Growth Fund | Annually/Annually | |||
Fifth Third Mid Cap Growth Fund | Annually/Annually | Touchstone Growth Opportunities Fund | Annually/Annually | |||
Fifth Third Disciplined Large Cap Value Fund | Quarterly/Quarterly | Touchstone Value Fund | Semi-Annually/Semi-Annually | |||
Fifth Third All Cap Value Fund | Quarterly/Quarterly | Touchstone Value Fund | Semi-Annually/Semi-Annually | |||
Fifth Third High Yield Bond Fund | Monthly/Monthly | Touchstone High Yield Fund | Monthly/Monthly | |||
Fifth Third Short Term Bond Fund | Monthly/Monthly | Touchstone Ultra Short Duration Fixed Income Fund | Daily/Monthly | |||
Fifth Third Total Return Bond Fund | Monthly/Monthly | Touchstone Core Bond Fund | Monthly/Monthly | |||
Fifth Third LifeModel Aggressive FundSM | Quarterly/Quarterly | Touchstone Growth Allocation Fund | Annually/Annually | |||
Fifth Third LifeModel Moderately Aggressive FundSM | Quarterly/Quarterly | Touchstone Moderate Growth Allocation Fund | Annually/Annually | |||
Fifth Third LifeModel Moderate FundSM | Quarterly/Quarterly | Touchstone Balanced Allocation Fund | Quarterly/Quarterly | |||
Fifth Third LifeModel Moderately Conservative FundSM | Quarterly/Quarterly | Touchstone Conservative Allocation Fund | Quarterly/Quarterly | |||
Fifth Third LifeModel Conservative FundSM | Quarterly/Quarterly | Touchstone Conservative Allocation Fund | Quarterly/Quarterly | |||
Fifth Third Micro Cap Value Fund | Annually/Annually | Touchstone Micro Cap Value Fund | Annually/Annually | |||
Fifth Third Small Cap Value Fund | Annually/Annually | Touchstone Small Company Value Fund | Quarterly/Quarterly | |||
Fifth Third International Equity Fund | Annually/Annually | Touchstone International Value Fund | Annually/Annually | |||
Fifth Third Strategic Income Fund | Daily/Monthly | Touchstone Strategic Income Fund | Monthly/Monthly |
Acquired Funds | Acquiring Funds | Sub-Advisor to the Acquiring Funds | Portfolio Managers to the Acquiring Funds |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Navellier & Associates, Inc. | Shawn C. Price is the primary manager and Louis G. Navellier is the secondary manager of the Fund and both have managed the Fund since its inception. Mr. Price has been a Portfolio Manager for Navellier since 1991 and Mr. Navellier has been the Chief Executive Officer of Navellier since 1987. |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Westfield Capital Management Company, L.P. | William A. Muggia is the lead member of the Westfield Investment Committee, and he covers the Healthcare and Energy sectors. Mr. Muggia is President, Chief Executive Officer, Chief Investment Officer and Partner of Westfield. He has worked at Westfield since 1994 and has managed the Growth Opportunities Fund since 2006. |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund | Barrow, Hanley, Mewhinney & Strauss, LLC | James P. Barrow founded Barrow Hanley in August 1979. Mr. Barrow serves as Executive Director and President, positions he has held since 2000, and Portfolio Manager, a position he has held since 1979. He is currently a member of the large cap value equity team. Robert J. Chambers, CFA, joined Barrow Hanley in August 1994. Mr. Chambers is a Managing Director and Portfolio Manager and serves as a member of the large cap value equity team. Timothy J. Culler, CFA joined Barrow Hanley in May 1999. Mr. Culler is a Managing Director and Portfolio Manager and serves as a member of the large cap value equity team. J. Ray Nixon, Jr. joined Barrow Hanley in June 1994. Mr. Nixon is an Executive Director and Portfolio Manager and serves as member of the large cap value equity team. Mark Giambrone, CPA joined Barrow Hanley in January 1999. Mr. Giambrone is a Managing Director and Portfolio Manager and serves as a member of the large cap value equity team. |
Fifth Third All Cap Value Fund |
Acquired Funds | Acquiring Funds | Sub-Advisor to the Acquiring Funds | Portfolio Managers to the Acquiring Funds |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund | Fort Washington Investment Advisors, Inc. | Brendan M. White, CFA, is primarily responsible for managing the Fund and has managed the Fund since its inception. Mr. White is a Managing Director and Senior Portfolio Manager and has worked at Fort Washington since 1993. Timothy Jossart, CFA, has research responsibilities for certain sectors and has assisted Brendan White with the management of the High Yield Fund since 2011. Mr. Jossart is an Assistant Vice President, Assistant Portfolio Manager and Senior Credit Research Manager and has been employed by Fort Washington since 1996. |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | Fort Washington Investment Advisors, Inc. | Scott D. Weston, Vice President and Senior Portfolio Manager, joined Fort Washington in September 1999. He is also Fort Washington’s lead sector specialist in mortgage-backed and asset-backed securities. Mr. Weston has investment experience dating back to 1992. Brent A. Miller, CFA, Portfolio Manager, joined Fort Washington in June 2001. He became a portfolio manager in 2008 and was an assistant portfolio manager prior to 2008. Mr. Miller has investment experience dating back to 1999. |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund | Fort Washington Investment Advisors, Inc. | Timothy J. Policinski, CFA, is the primary manager and Daniel J. Carter, CFA, is the secondary manager of the Fund. Mr. Policinski is a Managing Director and Senior Portfolio Manager. He has worked at Fort Washington and managed the Fund since 2001. Mr. Policinski has over 20 years of fixed-income management experience. Daniel J. Carter began as an Assistant Portfolio Manager of Fort Washington in 2000 and has been an Assistant Vice President and Portfolio Manager since 2007. He has managed the Fund since September 2001. |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund | Ibbotson Associates, Inc. | Brian Huckstep, CFA, Portfolio Manager, has served as a portfolio manager at Ibbotson since 2005. Scott Wentsel, CFA, CFP, Portfolio Manager, has served as a Vice President and Senior Portfolio Manager at Ibbotson since 2005. John Thompson, Jr., Co-Head Investment Advisory, and served as Vice President, Portfolio Manager & Director, Global Investment Services at Ibbotson from 2006 to 2011 and Portfolio Manager from 1999 to 2006. Chris Armstrong, CFA, Portfolio Manager, has served as a portfolio manager at Ibbotson since 2005. |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund | ||
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund | ||
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund | ||
Fifth Third LifeModel Conservative FundSM |
Acquired Funds | Acquiring Funds | Sub-Advisor to the Acquiring Funds | Portfolio Managers to the Acquiring Funds |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund | Fifth Third Asset Management, Inc. | Eric J. Holmes is the Fund’s portfolio manager and is primarily responsible for the day-to-day management of the Fund. Mr. Holmes is assisted in managing the Fund by Craig Nedbalski, CFA and Michael Barr, CFA. Mr. Holmes has been the Fifth Third Micro Cap Value Fund’s portfolio manager since April 2005, and has served the Fifth Third Micro Cap Value Fund since February 2003; Mr. Nedbalski has served the Fifth Third Micro Cap Value Fund since January 2010; and Mr. Barr has served the Fifth Third Micro Cap Value Fund since September 2011. |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund | DePrince, Race & Zollo, Inc. (“DRZ”) | Gregory T. Ramsby is the Fund’s portfolio manager and is primarily responsible for the day-to-day management of the Fund’s portfolio. Gregory T. Ramsby, Partner and Portfolio Manager, joined DRZ in 1996. Prior to joining DRZ, Mr. Ramsby was employed at First Union Capital Management as an equity analyst and Associate Portfolio Manager. Prior to that, he was an equity analyst at Nations Bank Investment Management. |
Fifth Third International Equity Fund | Touchstone International Value Fund | Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) | David A. Hodges, Jr. is the lead portfolio manager and Randolph S. Wrighton, Jr. is the assistant portfolio manager. David A. Hodges, Jr, CFA, joined Barrow Hanley in 2001. Randolph S. Wrighton, Jr., CFA, joined Barrow Hanley in 2005. |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund | Fifth Third Asset Management, Inc. | Peter Kwiatkowski, CFA, is the Fund’s lead portfolio manager and David Withrow, CFA, is a portfolio manager and together they are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Messrs. Kwiatkowski and Withrow are assisted in managing the Fund by Mitchell Stapley, CFA; Mirko Mikelic, John Cassady, CFA; Dan Popowics, CFA; and Jason Schwartz, CFA. Mr. Kwiatkowski has led the Fifth Third Strategic Income Fund since March 2009, and served the Fifth Third Strategic Income Fund since February 2002; Messrs. Withrow, Stapley and Mikelic have served the Fifth Third Strategic Income Fund since November 2007; Mr. Cassady has served the Fifth Third Strategic Income Fund since November 2009; Mr. Popowics has served the Fifth Third Strategic Income Fund since August 2009; and Mr. Schwartz has served the Fifth Third Strategic Income Fund since November 2010. |
Acquired Funds | Acquiring Funds | |
Principal Underwriter | FTAM Funds Distributor, Inc. | Touchstone Securities, Inc. |
Administrator | Fifth Third Asset Management, Inc. | Touchstone Advisors, Inc. |
Sub-Administrator | State Street Bank and Trust Company | BNY Mellon Investment Servicing (US) Inc. |
Transfer Agent | Boston Financial Data Services, Inc. | BNY Mellon Investment Servicing (US) Inc. |
Custodian | State Street Bank and Trust Company | |
Independent Registered Public Accounting Firm | PricewaterhouseCoopers LLP | Ernst & Young LLP is the independent registered public accounting firm for the Touchstone Growth Opportunities Fund, Touchstone Large Cap Growth Fund, Touchstone High Yield Fund, Touchstone Ultra Short Duration Fixed Income Fund and Touchstone Core Bond Fund. The Acquiring Funds’ management anticipates proposing that the Audit Committee and Board of Trustees of Touchstone Strategic Trust select PricewaterhouseCoopers LLP to audit the financial statements for the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund, Touchstone Conservative Allocation Fund, Touchstone Value Fund and the Shell Funds for their upcoming fiscal years. |
Acquired Funds | Acquiring Funds | Estimated Repositioning Costs |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | 21 basis point impact on the Acquiring Fund’s asset base |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | 16 basis point impact on the Acquiring Fund’s asset base |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund | 16 basis point impact on the Acquiring Fund’s asset base |
Fifth Third All Cap Value Fund | Touchstone Value Fund | 8 basis point impact on the Acquiring Fund’s asset base |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | 8 basis point impact on the Acquiring Fund’s asset base |
Acquired Funds | Acquiring Funds | Estimated Repositioning Costs |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund | 5 basis point impact on the Acquiring Fund’s asset base |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund | 0 basis point impact on the Acquiring Fund’s asset base |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund | 57 basis point impact on the Acquiring Fund’s asset base |
Fifth Third International Equity Fund | Touchstone International Value Fund | 47 basis point impact on the Acquiring Fund’s asset base |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund | 0 basis point impact on the Acquiring Fund’s asset base |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Growth Investing Risk: Each Fund may lose money because growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to each Fund, which may lower the Fund’s performance and may generate more taxable short-term gains for shareholders. |
● | Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets than diversified mutual funds in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund’s investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund. |
● | 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. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. The Fund may lose money because the Fund may invest in the technology sector which at times may be subject to greater market fluctuation than other sectors. |
● | Convertible Securities Risk: Prices of convertible securities, which include bonds and preferred stocks, may be affected by the prices of the underlying security, which generally is common stock. |
● | Dividend Securities Risk: Stocks that pay regular dividends provide investors some return on their investment to an extent supporting the stock’s price even during periods when the prices of equity securities generally are falling. However, dividend-paying stocks, especially those that pay significant dividends, also tend to appreciate less quickly than stocks of companies in developing industries, which tend to reinvest most profits into research, development, plant and equipment to accommodate expansion. |
● | Income Risk: Decreasing interest rates may cause the Fund’s income to decline. |
● | Mid Cap Risk: Stocks of medium-sized companies tend to be more volatile and more sensitive to market declines than stocks of larger companies, in part because medium-sized companies generally do not have the financial resources that larger companies have. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot |
convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Large Cap Growth Fund. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Growth Investing Risk: Each Fund may lose money because growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Mid Cap Risk: Each Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to each Fund, which may lower the Fund’s performance and may generate more taxable short-term gains for shareholders. |
● | Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets than diversified mutual funds in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund’s investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund. |
● | 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. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | 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. Small cap stock risk is the risk that 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. |
● | Convertible Securities Risk: Prices of convertible securities, which include bonds and preferred stocks, may be affected by the prices of the underlying security, which generally is common stock. |
● | Dividend Securities Risk: Stocks that pay regular dividends provide investors some return on their investment to an extent supporting the stock’s price even during periods when the prices of equity securities generally are falling. However, dividend-paying stocks, especially those that pay significant dividends, also tend to appreciate less quickly than stocks of companies in developing industries, which tend to reinvest most profits into research, development, plant and equipment to accommodate expansion. |
● | Fixed Income Securities Risk: The risks of investing in debt securities include interest rate risk, which is the tendency of bond prices to fall when interest rates rise, and credit risk, which is the risk of an issuer defaulting on its obligations of paying principal and interest. Generally, the price of a bond moves in the opposite direction from interest rates. New bonds issued after a rise in rates offer higher yields to investors. An existing bond with a lower yield can appear attractive to investors by selling at a lower price. This process works in reverse as well; as interest rates fall, the price of a bond tends to increase. The prices of long term bonds (bonds with a remaining maturity of at least 10 years) tend to be more volatile than the prices of bonds with a shorter remaining maturity. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Growth Opportunities Fund. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to |
new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Value Investing Risk: Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the investment advisor or sub-advisor may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets than diversified mutual funds in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund’s investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund. |
● | Sector Focus Risk: The Fund may focus its investments in certain industries within certain sectors. 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. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock’s price when interest rates decline. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Value Fund. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Value Investing Risk: Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the investment advisor or sub-advisor may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Mid Cap Risk: Each Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a greater percentage of its assets than diversified mutual funds in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Fund’s investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund. |
● | Sector Focus Risk: The Fund may focus its investments in certain industries within certain sectors. 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. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock’s price when interest rates decline. |
● | Convertible Securities Risk: Prices of convertible securities, which include bonds and preferred stocks, may be affected by the prices of the underlying security, which generally is common stock. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Value Fund. |
● | Smaller Company Risk: Stocks of smaller companies are more sensitive to the risks associated with equity securities and therefore may be subject to greater share price fluctuations than companies with larger capitalizations. Also, securities of these smaller companies are often less liquid than securities of larger companies, thus possibly limiting the ability of the Fund to dispose of such securities when FTAM deems it desirable to do so. |
● | Non-Investment Grade Debt Securities Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that each Fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. Secondary markets for non-investment grade debt securities are not as liquid as the secondary markets for higher-rated corporate debt securities. The secondary markets for non-investment grade corporate debt securities are concentrated in relatively few market makers. The trading volume for non-investment grade corporate debt securities is generally lower than that for higher-rated corporate debt securities. |
● | Credit Risk: The securities in each 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. |
● | Prepayment Risk: The risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. |
● | Market Risk: The prices of each Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. When markets are volatile, each Fund may not be able to buy or sell securities at favorable prices and each Fund may lose money. |
● | Interest Rate Risk: As interest rates rise, the value of fixed income securities each Fund owns will likely decrease. 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 of the expected life, taking into account any prepayment or call features of the security, of a fixed income security that is used to determine the price sensitivity of the security for a given change 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. Maturity, on the other hand, is the date on which a fixed income security becomes due for payment of principal. |
● | Rating Agency Risk: Ratings represent a Nationally Recognized Statistical Rating Organization’s (“NRSRO”) opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to make timely credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Investment Grade Securities Risk: Investment grade debt securities may be downgraded by an NRSRO to below investment grade status, which would increase the risk of holding these securities or a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Investment-grade debt securities rated in the lowest rating category by an NRSRO involve a higher degree of risk than fixed-income securities in the higher-rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone High Yield Fund. |
● | Credit Risk: The securities in each 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. |
● | Prepayment Risk: Prepayment risk is the risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. |
● | Interest Rate Risk: As interest rates rise, the value of fixed income securities each Fund owns will likely decrease. 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 of the expected life, taking into account any prepayment or call features of the security, of a fixed income security that is used to determine the price sensitivity of the security for a given change 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. Maturity, on the other hand, is the date on which a fixed income security becomes due for payment of principal. |
● | Market Risk: The prices of each Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. When markets are volatile, each Fund may not be able to buy or sell securities at favorable prices and each Fund may lose money. |
● | Investment Style Risk: Because of each Fund focuses on short duration securities, each Fund may underperform other segments of the fixed income market or the fixed income markets as a whole. |
● | Rating Agency Risk: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to make timely credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | U.S. Government Securities Risk: Each Fund’s U.S. government securities are not guaranteed against price movements due to changing interest rates. Securities issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. In addition, securities issued by agencies such as Federal National Mortgage Association (“Fannie Mae”) and Government National Mortgage Association (“Ginnie Mae”) are supported only by the credit of the issuing agency and any associated collateral. |
● | Mortgage-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancing, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a Fund’s mortgage-backed securities and, therefore, to assess the volatility risk of a Fund. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to a Fund. The risk of such defaults is generally higher in the cases of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. |
● | Asset Backed Securities Risk: Asset-backed securities are fixed income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party. Even with a credit enhancement by a third party, there is still risk of loss. There could be inadequate collateral or no collateral for asset-backed securities. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and, at |
times, the financial condition of the issuer. Some asset-backed securities also may receive prepayments that can change the securities’ effective durations. |
● | Investment Grade Securities Risk: Investment grade debt securities may be downgraded by an NRSRO to below investment grade status, which would increase the risk of holding these securities or a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Investment-grade debt securities rated in the lowest rating category by an NRSRO involve a higher degree of risk than fixed-income securities in the higher-rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities. |
● | Event Risk: Securities may decline in credit quality and market value due to issuer restructurings, mergers, consolidations, reorganizations, tender or exchange offers, or other factors. |
● | Repurchase Agreement Risk: Under all repurchase agreements entered into by the Fund, the Fund’s Custodian or its agent must take possession of the underlying collateral. However, if the counterparty defaults, the Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of sale, including accrued interest, are less than the resale price provided in the agreement including interest. In addition, even though the Bankruptcy Code provides protection for most repurchase agreements, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delay and costs in selling the underlying security or may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor and is required to return the underlying security to the seller’s estate. Repurchase agreements are considered loans by the Fund. |
● | Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to the Fund, which may lower the Fund’s performance and may generate more taxable short-term gains for shareholders. |
● | Derivatives Risk: Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Use of derivatives may increase the amount and affect the timing and character of taxes payable by shareholders. When a derivative is used as a hedge against an opposite position that the Fund also holds, any loss generated by the derivative should be substantially offset by gains on the hedged investment, and vice versa. Hedges are sometimes subject to imperfect matching between the derivative and underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. Derivatives risk is a non-principal risk of the Touchstone Ultra Short Duration Fixed Income Fund. |
● | Foreign Investment Risk: Foreign securities tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, due to fluctuations in currency exchange rates. Investments in foreign securities may be subject to foreign withholding or other taxes. |
● | Non-Investment Grade Securities Risk: High yield, or non-investment grade securities (also known as “junk bonds”), are those rated below investment grade by the primary rating agencies (e.g., below |
BB/Ba by S&P/Moody’s) and are considered speculative. Compared to investment grade debt securities, non-investment grade debt securities tend to have more volatile prices and increased price sensitivity to changing interest rates and adverse economic and business developments, greater risk of loss due to default or a decline in credit quality, greater likelihood that adverse economic or company-specific events will make the issuer unable to make interest and/or principal payments, and greater susceptibility to negative market sentiment, leading to depressed prices and decreased liquidity. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Ultra Short Duration Fixed Income Fund. |
● | Credit Risk: The securities in each 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. |
● | Prepayment Risk: Prepayment risk is the risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. |
● | Interest Rate Risk: As interest rates rise, the value of fixed income securities each Fund owns will likely decrease. 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 of the expected life, taking into account any prepayment or call features of the security, of a fixed income security that is used to determine the price sensitivity of the security for a given change 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. Maturity, on the other hand, is the date on which a fixed income security becomes due for payment of principal. |
● | Market Risk: The prices of each Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. When markets are volatile, each Fund may not be able to buy or sell securities at favorable prices and each Fund may lose money. |
● | Rating Agency Risk: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to make timely credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | U.S. Government Securities Risk: Each Fund’s U.S. government securities are not guaranteed against price movements due to changing interest rates. Securities issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. In addition, securities issued by agencies such as Fannie Mae and Ginnie Mae are supported only by the credit of the issuing agency and any associated collateral. |
● | Mortgage-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed |
income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancing, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a Fund’s mortgage-backed securities and, therefore, to assess the volatility risk of a Fund. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to a Fund. The risk of such defaults is generally higher in the cases of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. |
● | Asset Backed Securities Risk: Asset-backed securities are fixed income securities backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans, or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party. Even with a credit enhancement by a third party, there is still risk of loss. There could be inadequate collateral or no collateral for asset-backed securities. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and, at times, the financial condition of the issuer. Some asset-backed securities also may receive prepayments that can change the securities’ effective durations. |
● | Investment Grade Securities Risk: Investment grade debt securities may be downgraded by an NRSRO to below investment grade status, which would increase the risk of holding these securities or a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Investment-grade debt securities rated in the lowest rating category by an NRSRO involve a higher degree of risk than fixed-income securities in the higher-rating categories. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities. |
● | Non-Investment Grade Debt Securities Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that the Fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. |
● | Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to each Fund, which may lower the Fund’s performance and may generate more taxable short-term gains for shareholders. |
● | Derivatives Risk: Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Use of derivatives may increase the amount and affect the timing and character of taxes payable by shareholders. When a derivative is used as a hedge against an opposite position that the Fund also holds, any loss generated by the derivative should be substantially offset by gains on the hedged investment, and vice versa. Hedges are sometimes subject to imperfect matching between the |
derivative and underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. Derivatives Risk is a non-principal risk of the Touchstone Core Bond Fund. |
● | Foreign Investment Risk: Foreign securities tend to be more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, due to fluctuations in currency exchange rates. Investments in foreign securities may be subject to foreign withholding or other taxes. Foreign Investment Risk is a non-principal risk of the Touchstone Core Bond Fund. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Core Bond Fund. |
● | Risks of Fund of Funds Structure: The value of an investment in each Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds. The underlying funds may change their investment goals, policies or practices and there can be no assurance that the underlying funds will achieve their respective investment goals. Because each Fund invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests. The principal risks of an investment in each Fund include the principal risks of investing in the underlying funds. The more each Fund allocates to equity funds, the greater the expected risk. To the extent that each Fund invests more of its assets in one underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund. One underlying fund may buy the same security that another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from each Fund’s transactions in shares of the underlying funds. Each Fund’s ability to achieve its investment goal depends upon the portfolio managers’ skill in selecting the best mix of underlying funds. There is the risk that portfolio managers’ evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions. |
● | Conflicts of Interest: Each investment advisor may be subject to potential conflicts of interest in supervising the portfolio manager’s selection of underlying funds because the investment advisor may receive higher fees from certain underlying funds than others. However, each investment advisor is a fiduciary to the respective Fund and is required to act in the Fund’s best interest, including when selecting underlying funds for the Fund. |
● | Call Risk: During periods of falling interest rates, an issuer may prepay (or “call”) certain debt obligations with high coupon rates prior to maturity. This may cause an underlying fund’s average weighted maturity to fluctuate, and may require an underlying fund to invest the resulting proceeds at lower interest rates. The types of securities that are subject to call risk include mortgage-backed securities and municipal bonds with a term of longer than ten years. |
● | Rating Agency Risk: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to timely update credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | Credit Risk: An issuer may be unable to make timely payments of either principal or interest. 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 junk bonds or lower-rated securities. |
● | Debt Securities Risk: The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. |
● | ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. |
● | Derivatives Risk: Certain of the underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals. The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default. These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject. An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund’s duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy. |
● | Equity Securities Risk: An underlying fund is subject to the risk that stock prices will fall (or rise with respect to short positions) 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. 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 underlying fund’s shares. Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying 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. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Mid Cap Risk: An underlying fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Small Cap Risk: An underlying fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that 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. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in |
the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the underlying fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. |
● | Interest Rate Risk: The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise and during periods of rising interest rates, the values of those securities generally fall. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. |
● | Investment Style Risk: Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Mortgage-Backed Securities and Asset-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. They are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of a mortgage-backed security will increase and its market price will decrease. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a portfolio of mortgage-backed securities and, therefore, to assess the volatility risk of that portfolio. In addition, mortgage-backed securities may fluctuate in price based on deterioration in the perceived or actual of the value of the collateral underlying the pool of mortgage loans, typically residential or commercial real estate, which may result in negative amortization or negative equity meaning that the value of the collateral would be worth less than the remaining principal amount owed on the mortgages in the pool. An underlying fund’s investments in other asset-backed securities are subject to risks similar to those |
associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets (credit card receivables, automobile financing loans, etc.) and the servicing of the assets. |
● | Sector Focus Risk: An underlying 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 that underlying fund than an underlying fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | U.S. Government Securities and U.S. Government Agencies Risk: U.S. Government Securities are not guaranteed against price movements due to changing interest rates. Certain securities issued by agencies and instrumentalities of the U.S. Government are backed by the full faith and credit of the U.S. Government, such as securities issued by the Government National Mortgage Association. Others are not insured or guaranteed by the U.S. Government and may be supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limits, such as securities issued by Federal Home Loan Banks, or by the credit of the issuing agency and the discretionary authority of the U.S. Government to purchase certain obligations, such as Freddie Mac, Tennessee Valley Authority and Student Loan Marketing Association, or only by the credit of the issuing agency, such as Federal Farm Credit Banks. |
● | Non-Diversification Risk: Certain of the underlying funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer could cause greater fluctuations in the value of underlying fund shares than would occur in an underlying diversified fund. |
● | Merger Arbitrage Risk: Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower performance. |
● | Real Estate Investment Trust (“REITs”) Risk: REITs are pooled investment vehicles that primarily invest in commercial real estate or real estate-related loans. REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses, rising interest rates or competition, overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically incur fees that are separate from those of an underlying fund. Accordingly, an underlying fund’s investments in REITs will result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying fund expenses. |
● | Short Sales Risk: When selling a security short, an underlying fund will sell a security it does not own at the then-current market price. An underlying fund borrows the security to deliver to the buyer and is obligated to buy the security at a later date so it can return the security to the lender. If a security sold short increases in price, an underlying fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, an underlying fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses an underlying fund may be required to pay in connection with the short sale. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and an underlying fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to an underlying fund may be reduced or eliminated or the short sale may result in a loss. In addition, because an underlying fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is |
theoretically unlimited. By contrast, an underlying fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. |
● | Risks of Fund of Funds Structure: The value of an investment in each Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds. The underlying funds may change their investment goals, policies or practices and there can be no assurance that the underlying funds will achieve their respective investment goals. Because each Fund invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests. The principal risks of an investment in each Fund include the principal risks of investing in the underlying funds. The more each Fund allocates to equity funds, the greater the expected risk. To the extent that each Fund invests more of its assets in one underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund. One underlying fund may buy the same security that another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from each Fund’s transactions in shares of the underlying funds. Each Fund’s ability to achieve its investment goal depends upon the portfolio managers’ skill in selecting the best mix of underlying funds. There is the risk that investment portfolio managers’ evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions. |
● | Conflicts of Interest: Each investment advisor may be subject to potential conflicts of interest in supervising the portfolio manager’s selection of underlying funds because the investment advisor may receive higher fees from certain underlying funds than others. However, each investment advisor is a fiduciary to the respective Fund and is required to act in the Fund’s best interest, including when selecting underlying funds for the Fund. |
● | Call Risk: During periods of falling interest rates, an issuer may prepay (or “call”) certain debt obligations with high coupon rates prior to maturity. This may cause an underlying fund’s average weighted maturity to fluctuate, and may require an underlying fund to invest the resulting proceeds at lower interest rates. The types of securities that are subject to call risk include mortgage-backed securities and municipal bonds with a term of longer than ten years. |
● | Rating Agency Risk: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to timely update credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | Credit Risk: An issuer may be unable to make timely payments of either principal or interest. 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 junk bonds or lower-rated securities. |
● | Debt Securities Risk: The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. |
● | ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional |
risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. |
● | Derivatives Risk: Certain of the underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals. The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default. These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject. An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund’s duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy. |
● | Equity Securities Risk: An underlying fund is subject to the risk that stock prices will fall (or rise with respect to short positions) 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. 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 underlying fund’s shares. Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying 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. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Mid Cap Risk: An underlying fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Small Cap Risk: An underlying fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that 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. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the underlying fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. |
● | High Yield Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that an underlying fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. |
● | Interest Rate Risk: The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise and during periods of rising interest rates, the values of those securities generally fall. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. |
● | Investment Style Risk: Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Mortgage-Backed Securities and Asset-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. They are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of a mortgage-backed security will increase and its market price will decrease. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a portfolio of mortgage-backed securities and, therefore, to assess the volatility risk of that portfolio. In addition, mortgage-backed securities may fluctuate in price based on deterioration in the perceived or actual of the value of the collateral underlying the pool of mortgage loans, typically residential or commercial real estate, which may result in negative amortization or negative equity meaning that the value of the collateral would be worth less than the remaining principal amount owed on the mortgages in the pool. An underlying fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets (credit card receivables, automobile financing loans, etc.) and the servicing of the assets. |
● | Sector Focus Risk: An underlying 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 that underlying fund than an underlying fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | U.S. Government Securities and U.S. Government Agencies Risk: U.S. Government Securities are not guaranteed against price movements due to changing interest rates. Certain securities issued by agencies and instrumentalities of the U.S. Government are backed by the full faith and credit of the U.S. Government, such as securities issued by the Government National Mortgage Association. Others are not insured or guaranteed by the U.S. Government and may be supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limits, such as securities issued by Federal Home Loan Banks, or by the credit of the issuing agency and the discretionary authority of the U.S. Government to purchase certain obligations, such as Freddie Mac, Tennessee Valley Authority and Student Loan Marketing Association, or only by the credit of the issuing agency, such as Federal Farm Credit Banks. |
● | Non-Diversification Risk: Certain of the underlying funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer could cause greater fluctuations in the value of underlying fund shares than would occur in an underlying diversified fund. |
● | Merger Arbitrage Risk: Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower performance. |
● | REITs Risk: REITs are pooled investment vehicles that primarily invest in commercial real estate or real estate-related loans. REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses, rising interest rates or competition, overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically incur fees that are separate from those of an underlying fund. Accordingly, an underlying fund’s investments in REITs will result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying fund expenses. |
● | Short Sales Risk: When selling a security short, an underlying fund will sell a security it does not own at the then-current market price. An underlying fund borrows the security to deliver to the buyer and is obligated to buy the security at a later date so it can return the security to the lender. If a security sold short increases in price, an underlying fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, an underlying fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses an underlying fund may be required to pay in connection with the short sale. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and an underlying fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to an underlying fund may be reduced or eliminated or the short sale may result in a loss. In addition, because an underlying fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, an underlying fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. |
● | Risks of Fund of Funds Structure: The value of an investment in each Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds. The underlying funds may change their investment goals, policies or practices and there can be no assurance that the underlying funds will achieve their respective investment goals. Because each Fund invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests. The principal risks of an investment in each Fund include the principal risks of investing in the underlying funds. The more each Fund allocates to equity funds, the greater the expected risk. To the extent that each Fund invests more of its assets in one underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund. One underlying fund may buy the same security that another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from each Fund’s transactions in shares of the underlying funds. Each Fund’s ability to achieve its investment goal depends upon the portfolio managers’ skill in selecting the best mix of underlying funds. There is the risk that investment portfolio managers’ evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions. |
● | Conflicts of Interest: Each investment advisor may be subject to potential conflicts of interest in supervising the portfolio manager’s selection of underlying funds because the investment advisor may receive higher fees from certain underlying funds than others. However, each investment advisor is a fiduciary to the respective Fund and is required to act in the Fund’s best interest, including when selecting underlying funds for the Fund. |
● | Call Risk: During periods of falling interest rates, an issuer may prepay (or “call”) certain debt obligations with high coupon rates prior to maturity. This may cause an underlying fund’s average weighted maturity to fluctuate, and may require an underlying fund to invest the resulting proceeds at lower interest rates. The types of securities that are subject to call risk include mortgage-backed securities and municipal bonds with a term of longer than ten years. |
● | Rating Agency Risks: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to timely update credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | Credit Risk: An issuer may be unable to make timely payments of either principal or interest. 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 junk bonds or lower-rated securities. |
● | Debt Securities Risk: The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. |
● | ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. |
● | Derivatives Risk: Certain of the underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals. The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default. These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject. An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund’s duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy. |
● | Equity Securities Risk: An underlying fund is subject to the risk that stock prices will fall (or rise with respect to short positions) 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. 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 underlying fund’s shares. Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying 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. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Mid Cap Risk: An underlying fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Small Cap Risk: An underlying fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that 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. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the underlying fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market |
countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. |
● | High Yield Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that an underlying fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. |
● | Interest Rate Risk: The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise and during periods of rising interest rates, the values of those securities generally fall. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. |
● | Investment Style Risk: Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Mortgage-Backed Securities and Asset-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. They are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of a mortgage-backed security will increase and its market price will decrease. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a portfolio of mortgage-backed securities and, therefore, to assess the volatility risk of that portfolio. In addition, mortgage-backed securities may fluctuate in price based on deterioration in the perceived or actual of the value of the collateral underlying the pool of mortgage loans, typically residential or commercial real estate, which may result in negative amortization or negative equity meaning that the value of the collateral would be worth less than the remaining principal amount owed on the mortgages in the pool. An underlying fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets (credit card receivables, automobile financing loans, etc.) and the servicing of the assets. |
● | Sector Focus Risk: An underlying 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 that |
underlying fund than an underlying fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | U.S. Government Securities and U.S. Government Agencies Risk: U.S. Government Securities are not guaranteed against price movements due to changing interest rates. Certain securities issued by agencies and instrumentalities of the U.S. Government are backed by the full faith and credit of the U.S. Government, such as securities issued by the Government National Mortgage Association. Others are not insured or guaranteed by the U.S. Government and may be supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limits, such as securities issued by Federal Home Loan Banks, or by the credit of the issuing agency and the discretionary authority of the U.S. Government to purchase certain obligations, such as Freddie Mac, Tennessee Valley Authority and Student Loan Marketing Association, or only by the credit of the issuing agency, such as Federal Farm Credit Banks. |
● | Non-Diversification Risk: Certain of the underlying funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer could cause greater fluctuations in the value of underlying fund shares than would occur in an underlying diversified fund. |
● | Merger Arbitrage Risk: Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower performance. |
● | REITs Risk: REITs are pooled investment vehicles that primarily invest in commercial real estate or real estate-related loans. REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses, rising interest rates or competition, overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically incur fees that are separate from those of an underlying fund. Accordingly, an underlying fund’s investments in REITs will result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying fund expenses. |
● | Short Sales Risk: When selling a security short, an underlying fund will sell a security it does not own at the then-current market price. An underlying fund borrows the security to deliver to the buyer and is obligated to buy the security at a later date so it can return the security to the lender. If a security sold short increases in price, an underlying fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, an underlying fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses an underlying fund may be required to pay in connection with the short sale. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and an underlying fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to an underlying fund may be reduced or eliminated or the short sale may result in a loss. In addition, because an underlying fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, an underlying fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. |
● | Risks of Fund of Funds Structure: The value of an investment in each Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds. The underlying funds may change their investment goals, policies or practices and there can be no assurance that the underlying funds will achieve their respective investment goals. Because each Fund invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests. The principal risks of an investment in each Fund include the principal risks of investing in the underlying funds. The more each Fund allocates to equity funds, the greater the expected risk. To the extent that each Fund invests more of its assets in one underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund. One underlying fund may buy the same security that another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from each Fund’s transactions in shares of the underlying funds. Each Fund’s ability to achieve its investment goal depends upon the portfolio managers’ skill in selecting the best mix of underlying funds. There is the risk that investment portfolio managers’ evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions. |
● | Conflicts of Interest: Each investment advisor may be subject to potential conflicts of interest in supervising the portfolio manager’s selection of underlying funds because the investment advisor may receive higher fees from certain underlying funds than others. However, each investment advisor is a fiduciary to the respective Fund and is required to act in the Fund’s best interest, including when selecting underlying funds for the Fund. |
● | Call Risk: During periods of falling interest rates, an issuer may prepay (or “call”) certain debt obligations with high coupon rates prior to maturity. This may cause an underlying fund’s average weighted maturity to fluctuate, and may require an underlying fund to invest the resulting proceeds at lower interest rates. The types of securities that are subject to call risk include mortgage-backed securities and municipal bonds with a term of longer than ten years. |
● | Rating Agency Risk: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to timely update credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | Credit Risk: An issuer may be unable to make timely payments of either principal or interest. 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 junk bonds or lower-rated securities. |
● | Debt Securities Risk: The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. |
● | ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. |
● | Derivatives Risk: Certain of the underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals. The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default. These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject. An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund’s duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy. |
● | Equity Securities Risk: An underlying fund is subject to the risk that stock prices will fall (or rise with respect to short positions) 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. 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 underlying fund’s shares. Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying 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. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Mid Cap Risk: An underlying fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Small Cap Risk: An underlying fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that 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. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the underlying fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market |
countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. |
● | High Yield Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that an underlying fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. |
● | Interest Rate Risk: The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise and during periods of rising interest rates, the values of those securities generally fall. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. |
● | Investment Style Risk: Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Mortgage-Backed Securities and Asset-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. They are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of a mortgage-backed security will increase and its market price will decrease. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a portfolio of mortgage-backed securities and, therefore, to assess the volatility risk of that portfolio. In addition, mortgage-backed securities may fluctuate in price based on deterioration in the perceived or actual of the value of the collateral underlying the pool of mortgage loans, typically residential or commercial real estate, which may result in negative amortization or negative equity meaning that the value of the collateral would be worth less than the remaining principal amount owed on the mortgages in the pool. An underlying fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets (credit card receivables, automobile financing loans, etc.) and the servicing of the assets. |
● | Sector Focus Risk: An underlying 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 that |
underlying fund than an underlying fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | U.S. Government Securities and U.S. Government Agencies Risk: U.S. Government Securities are not guaranteed against price movements due to changing interest rates. Certain securities issued by agencies and instrumentalities of the U.S. Government are backed by the full faith and credit of the U.S. Government, such as securities issued by the Government National Mortgage Association. Others are not insured or guaranteed by the U.S. Government and may be supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limits, such as securities issued by Federal Home Loan Banks, or by the credit of the issuing agency and the discretionary authority of the U.S. Government to purchase certain obligations, such as Freddie Mac, Tennessee Valley Authority and Student Loan Marketing Association, or only by the credit of the issuing agency, such as Federal Farm Credit Banks. |
● | Non-Diversification Risk: Certain of the underlying funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer could cause greater fluctuations in the value of underlying fund shares than would occur in an underlying diversified fund. |
● | Merger Arbitrage Risk: Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower performance. |
● | REITs Risk: REITs are pooled investment vehicles that primarily invest in commercial real estate or real estate-related loans. REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses, rising interest rates or competition, overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically incur fees that are separate from those of an underlying fund. Accordingly, an underlying fund’s investments in REITs will result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying fund expenses. |
● | Short Sales Risk: When selling a security short, an underlying fund will sell a security it does not own at the then-current market price. An underlying fund borrows the security to deliver to the buyer and is obligated to buy the security at a later date so it can return the security to the lender. If a security sold short increases in price, an underlying fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, an underlying fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses an underlying fund may be required to pay in connection with the short sale. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and an underlying fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to an underlying fund may be reduced or eliminated or the short sale may result in a loss. In addition, because an underlying fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, an underlying fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. |
● | Risks of Fund of Funds Structure: The value of an investment in each Fund is based on the performance of the underlying funds in which it invests and the allocation of its assets among those funds. The underlying funds may change their investment goals, policies or practices and there can be no assurance that the underlying funds will achieve their respective investment goals. Because each Fund invests in mutual funds, it bears a proportionate share of the expenses charged by the underlying funds in which it invests. The principal risks of an investment in each Fund include the principal risks of investing in the underlying funds. The more each Fund allocates to equity funds, the greater the expected risk. To the extent that each Fund invests more of its assets in one underlying fund than another, the Fund will have greater exposure to the risks of that underlying fund. One underlying fund may buy the same security that another underlying fund is selling. You would indirectly bear the costs of both trades. In addition, you may receive taxable gains from portfolio transactions by the underlying funds, as well as taxable gains from each Fund’s transactions in shares of the underlying funds. Each Fund’s ability to achieve its investment goal depends upon the portfolio managers’ skill in selecting the best mix of underlying funds. There is the risk that investment portfolio managers’ evaluations and assumptions regarding the underlying funds may be incorrect in view of actual market conditions. |
● | Conflicts of Interest: Each investment advisor may be subject to potential conflicts of interest in supervising the portfolio manager’s selection of underlying funds because the investment advisor may receive higher fees from certain underlying funds than others. However, each investment advisor is a fiduciary to the respective Fund and is required to act in the Fund’s best interest, including when selecting underlying funds for the Fund. |
● | Call Risk: During periods of falling interest rates, an issuer may prepay (or “call”) certain debt obligations with high coupon rates prior to maturity. This may cause an underlying fund’s average weighted maturity to fluctuate, and may require an underlying fund to invest the resulting proceeds at lower interest rates. The types of securities that are subject to call risk include mortgage-backed securities and municipal bonds with a term of longer than ten years. |
● | Rating Agency Risk: Ratings represent an NRSRO’s opinion regarding the quality of the security and are not a guarantee of quality. NRSROs may fail to timely update credit ratings in response to subsequent events. In addition, NRSROs are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade. |
● | Credit Risk: An issuer may be unable to make timely payments of either principal or interest. 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 junk bonds or lower-rated securities. |
● | Debt Securities Risk: The prices of an underlying fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. |
● | ADR Risk: The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends. |
● | Derivatives Risk: Certain of the underlying funds may invest in derivatives, such as futures, options or swap contracts, to pursue their investment goals. The use of such derivatives may expose an underlying fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives, including the risk of counterparty default. These additional risks could cause an underlying fund to experience losses to which it would otherwise not be subject. An underlying fund may use derivatives to gain exposure to (or hedge exposure against) a particular market, currency or instrument, to adjust the underlying fund’s duration or attempt to manage interest rate risk, and for certain other purposes consistent with its investment strategy. |
● | Equity Securities Risk: An underlying fund is subject to the risk that stock prices will fall (or rise with respect to short positions) 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. 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 underlying fund’s shares. Conversely, the risk of price increases with respect to securities sold short will also cause a decline in the value of the underlying 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. |
● | Large Cap Risk: Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. |
● | Mid Cap Risk: An underlying fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Small Cap Risk: An underlying fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that 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. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the underlying fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market |
countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. |
● | High Yield Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that an underlying fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. |
● | Interest Rate Risk: The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise and during periods of rising interest rates, the values of those securities generally fall. Longer-term securities are generally more volatile, so the longer the average maturity or duration of these securities, the greater their price risk. |
● | Investment Style Risk: Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds may underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value oriented funds may underperform when growth investing is in favor. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Mortgage-Backed Securities and Asset-Backed Securities Risk: Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. They are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of a mortgage-backed security will increase and its market price will decrease. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments that must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a portfolio of mortgage-backed securities and, therefore, to assess the volatility risk of that portfolio. In addition, mortgage-backed securities may fluctuate in price based on deterioration in the perceived or actual of the value of the collateral underlying the pool of mortgage loans, typically residential or commercial real estate, which may result in negative amortization or negative equity meaning that the value of the collateral would be worth less than the remaining principal amount owed on the mortgages in the pool. An underlying fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets (credit card receivables, automobile financing loans, etc.) and the servicing of the assets. |
● | Sector Focus Risk: An underlying 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 that |
underlying fund than an underlying fund that does not focus its investments in a particular sector. It is possible that economic, business or political developments or other changes affecting one security in the area of focus will affect other securities in that area of focus in the same manner, thereby increasing the risk of such investments. |
● | U.S. Government Securities and U.S. Government Agencies Risk: U.S. Government Securities are not guaranteed against price movements due to changing interest rates. Certain securities issued by agencies and instrumentalities of the U.S. Government are backed by the full faith and credit of the U.S. Government, such as securities issued by the Government National Mortgage Association. Others are not insured or guaranteed by the U.S. Government and may be supported only by the issuer’s right to borrow from the U.S. Treasury, subject to certain limits, such as securities issued by Federal Home Loan Banks, or by the credit of the issuing agency and the discretionary authority of the U.S. Government to purchase certain obligations, such as Freddie Mac, Tennessee Valley Authority and Student Loan Marketing Association, or only by the credit of the issuing agency, such as Federal Farm Credit Banks. |
● | Non-Diversification Risk: Certain of the underlying funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer could cause greater fluctuations in the value of underlying fund shares than would occur in an underlying diversified fund. |
● | Merger Arbitrage Risk: Investments in companies that are expected to be, or already are, the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower performance. |
● | REITs Risk: REITs are pooled investment vehicles that primarily invest in commercial real estate or real estate-related loans. REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increases in property taxes, operating expenses, rising interest rates or competition, overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically incur fees that are separate from those of an underlying fund. Accordingly, an underlying fund’s investments in REITs will result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying fund expenses. |
● | Short Sales Risk: When selling a security short, an underlying fund will sell a security it does not own at the then-current market price. An underlying fund borrows the security to deliver to the buyer and is obligated to buy the security at a later date so it can return the security to the lender. If a security sold short increases in price, an underlying fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, an underlying fund also may be required to pay a premium, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses an underlying fund may be required to pay in connection with the short sale. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and an underlying fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to an underlying fund may be reduced or eliminated or the short sale may result in a loss. In addition, because an underlying fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, an underlying fund’s loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot drop below zero. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Convertible Securities Risk: Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying security. |
● | Micro Cap Risk: Micro-capitalization companies are substantially riskier than investments in larger, more established companies. The stocks of micro-capitalization companies are less stable in price and less liquid than the stocks of larger companies. |
● | Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of each Fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Micro Cap Value Fund. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Small Cap Risk: Each Fund is subject to the risk that small capitalization stocks may underperform other types of stocks or the equity markets as a whole. Small cap stock risk is the risk that 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. |
● | Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Portfolio Turnover Risk: Frequent and active trading may result in greater expenses to each Fund, which may lower the Fund’s performance and may generate more taxable short-term gains for shareholders. |
● | Convertible Securities Risk: Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying security. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less |
protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Micro Cap Risk: Micro-capitalization companies are substantially riskier than investments in larger, more established companies. The stocks of micro-capitalization companies are less stable in price and less liquid than the stocks of larger companies. |
● | Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock’s price when interest rates decline. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Small Company Value Fund. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of each Fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less |
protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. |
● | Emerging Markets Risk: Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. |
● | 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. Small cap stock risk is the risk that 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. |
● | Mid Cap Risk: The Fund is subject to the risk that medium capitalization stocks may underperform other types of stocks or the equity markets as a whole. Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone International Value Fund. |
● | Derivatives Risk: Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Use of derivatives may increase the amount and affect the timing and character of taxes payable by shareholders. When a derivative is used as a hedge against an opposite position that the Fund also holds, any loss generated by the derivative should be substantially offset by gains on the hedged investment, and vice versa. Hedges are sometimes subject to imperfect matching between the derivative and underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. Derivatives risk is a non-principal risk of the Touchstone International Value Fund. |
● | Equity Securities Risk: Each 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. The prices of securities issued by these companies may suffer a decline in response to such developments which could result in a decline in the value of each Fund’s shares. |
● | Debt Securities Risk: The prices of a Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. |
● | Closed-End Fund Risk: The risks of investment in other investment companies typically reflect the risk of the types of securities in which the investment companies invest. The value of the shares of closed-end investment companies may be lower than the value of the portfolio securities held by the closed-end investment company. When a Fund invests in another investment company, shareholders of a Fund bear their proportionate share of the other investment company’s fees and expenses as well as its share of the Fund’s fees and expenses. There may also not be an active trading market available for shares of some closed-end funds. Additionally, trading of closed-end fund shares may be halted or delisted by the listing exchange. |
● | Foreign Securities Risk: Investing in foreign securities poses additional risks since political and economic events unique in a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign securities are generally denominated in foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of each Fund’s investments. These currency movements may happen separately from, or in response to, events that do not otherwise affect the value of the security in the issuer’s home country. There is a risk that foreign securities may not be subject to accounting standards or governmental supervision comparable to U.S. companies and that less public information about their operations may exist. There is risk associated with the clearance and settlement procedures in non-U.S. markets, which may be unable to keep pace with the volume of securities transactions and may cause delays. Foreign markets may be less liquid and more volatile than U.S. markets and offer less protection to investors. Over-the-counter securities may also be less liquid than exchange-traded securities. |
● | Credit Risk: An issuer may be unable to make timely payments of either principal or interest. 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 junk bonds or lower-rated securities. |
● | Derivatives Risk: Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed a Fund’s original investment. Use of derivatives may increase the amount and affect the timing and character of taxes payable by shareholders. When a derivative is used as a hedge against an opposite position that a Fund also holds, any loss generated by the derivative should be substantially offset by gains on the hedged investment, and vice versa. Hedges are sometimes subject to imperfect matching between the derivative and underlying security, and there can be no assurance that a Fund’s hedging transactions will be effective. |
● | Forward Currency Exchange Contract Risk: A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value of a |
currency, but they also limit any potential gains, do not protect against fluctuations in the value of the underlying position and are subject to counterparty risk. |
● | Futures Contracts Risk: The risks associated with futures include: the potential inability to terminate or sell a position, the lack of a liquid secondary market for a Fund’s position and the risk that the counterparty to the transaction will not meet its obligations. |
● | Swap Agreements Risk: A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap agreements also may be considered to be illiquid. In addition, a Fund may enter into swap agreements that involve a limited number of counterparties, which may increase a Fund’s exposure to credit risk. Further, there is a risk that no suitable counterparties are willing to enter into, or continue to enter into, transactions with a Fund and, as a result, a Fund may not be able to achieve its investment goal. |
● | Interest Rate Risk: As interest rates rise, the value of fixed income securities the Fund owns will likely to decrease. 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 of the expected life, taking into account any prepayment or call features of the security, of a fixed income security that is used to determine the price sensitivity of the security for a given change 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. Maturity, on the other hand, is the date on which a fixed income security becomes due for payment of principal. |
● | Convertible Securities Risk: Convertible securities are subject to the risks of both debt securities and equity securities. The values of convertible securities tend to decline as interest rates rise and, due to the conversion feature, tend to vary with fluctuations in the market value of the underlying security. |
● | Non-Investment Grade Debt Securities Risk: Non-investment grade debt securities are sometimes referred to as “junk bonds” and are considered speculative with respect to their issuers’ ability to make payments of interest and principal. There is a high risk that a Fund could suffer a loss from investments in non-investment grade debt securities caused by the default of an issuer of such securities. Part of the reason for this high risk is that, in the event of a default or bankruptcy, holders of non-investment grade debt securities generally will not receive payments until the holders of all other debt have been paid. In addition, the market for non-investment grade debt securities has, in the past, had more frequent and larger price changes than the markets for other securities. Non-investment grade debt securities can also be more difficult to sell for good value. |
● | Prepayment Risk: Prepayment risk is the risk that a debt security may be paid off and proceeds invested earlier than anticipated. Prepayment risk is more prevalent during periods of falling interest rates. |
● | Preferred Stock Risk: Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock’s price when interest rates decline. |
● | Management Risk: The value of your investment may decrease if the portfolio managers’ judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. |
● | Market Risk: Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. |
● | Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. |
● | Options Risk: Options trading is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The value of options can be highly volatile, and their use can result in loss if the sub-advisor is incorrect in its expectation of price fluctuations. The successful use of options for hedging purposes also depends in part on the ability of the sub-advisor to predict future price fluctuations and the degree of correlation between the options and securities markets. When options are purchased over the counter, the Fund bears the risk that the counter-party that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and in such cases, the Fund may have difficulty closing out its position. |
● | Securities Lending Risk: The Fund may lose money when it loans portfolio securities if the borrower fails to return the securities and the collateral provided has declined in value and/or the Fund cannot convert the collateral to cash for any reason. Securities Lending Risk is a non-principal risk of the Touchstone Strategic Income Fund. |
● | The investment goals, restrictions and policies of each Acquired Fund are similar to those of the corresponding Acquiring Fund. (See the section below entitled “Summary – How do the Funds’ investment goals and principal investment strategies compare?” for a comparison.) |
● | The performance of the Acquiring Funds with operations as of the date of this Prospectus/Proxy Statement (with the exception of the Touchstone Growth Opportunities and Touchstone Ultra Short Duration Fixed Income Funds), has generally been competitive with and, for many periods better than the performance of the Acquired Funds. The Board noted that, although the Fifth Third Mid Cap Growth Fund generally outperformed the Touchstone Growth Opportunities Fund, FTAM explained that this outperformance was largely the result of the shorter term performance of a relatively new Acquired Fund portfolio management team put in place in April 2010 and that the sub-advisor of the Touchstone Growth Opportunities Fund has had consistent good performance during various market cycles. The Board further noted that, although the Fifth Third Short Term Bond Fund outperformed the Touchstone Ultra Short Duration Fixed Income Fund for the three-, five- and ten-year periods ended December 31, 2011, the Acquiring Fund outperformed the Acquired Fund for the one-year period, the Acquiring Fund outperformed its benchmark for the one-, five- and ten-year periods and the Acquiring Fund was in the top fiftieth percentile of its Morningstar peer group for the same periods. The Board also noted that, in the case of the Fifth Third Micro Cap Value and Fifth Third Strategic Income Funds, the FTAM fund portfolio management team would continue to manage the newly-created Acquiring Funds and the FTAM teams’ performance has been good. The Board noted that, in the case of the Fifth Third Small Cap Value and Fifth Third International Equity Funds, new sub-advisors would manage the newly-created Acquiring Funds and the historic performance of such sub-advisors has been good. (See the section above entitled “Summary – How do the Funds’ performance records compare?” for comparative performance information.) |
● | The Reorganizations would permit shareholders of each Acquired Fund, with the exception of the Fifth Third Micro Cap Value, Fifth Third Small Cap Value, Fifth Third International Equity and Fifth Third Strategic Income Funds, to pursue similar investment goals in a larger fund. The Reorganizations would permit shareholders of the Fifth Third Micro Cap Value and Fifth Third Strategic Income Funds to pursue similar investment goals in a newly-created Acquiring Fund managed by FTAM as sub-advisor with the same portfolio management team. The Reorganizations would permit shareholders of the Fifth Third Small Cap Value and Fifth Third International Equity Funds to pursue similar investment goals in a newly-created Acquiring Fund managed by new sub-advisors with performance track records that have been historically good. |
● | Shareholders of the Acquired Funds may benefit from lower expense ratios through economies of scale. (See the section above entitled “Summary – How do the Funds’ fees and expenses compare?” for comparative expense information.) |
● | Touchstone Advisors has agreed to cap the expenses of each Acquiring Fund for a period of one year following the Reorganizations at levels equal to the current expense caps of the corresponding Acquired Fund (and for the Acquiring Fund into which the Fifth Third All Cap Value Fund will reorganize, at a level lower than the current expense cap of the Acquired Fund). |
● | The Bank’s agreement to bear the direct costs associated with the Reorganizations, including proxy statement and shareholder solicitation costs, legal costs and costs of tail insurance coverage for the Disinterested Trustees. |
● | The material terms of the Purchase Agreement, including the amount of the financial consideration to be paid by Touchstone Advisors to FTAM, and any conflicts that FTAM may have recommending the Reorganizations in view of the financial consideration FTAM stands to receive under the Purchase Agreement. |
● | Each Reorganization Agreement provides that Touchstone Advisors undertakes to comply with Section 15(f) of the 1940 Act such that (1) for a three-year period following the Reorganizations, at least 75% of the trustees of the Acquiring Funds are not “interested persons” (as defined in the 1940 Act) of Touchstone Advisors or FTAM, and (2) for a two-year period following the Reorganizations, no “unfair burden” will be imposed on the Acquired Funds. |
● | The Reorganizations are expected to be tax-free for federal income tax purposes. |
● | The Bank’s agreement to indemnify each Disinterested Trustee for any losses or expenses arising because the Disinterested Trustee was a Trustee of the Fifth Third Funds. |
● | The Touchstone Trust’s Registration Statement on Form N-14 under the Securities Act of 1933, as amended (the “1933 Act”) shall have been filed with the SEC and such Registration Statement shall have become effective, and no stop-order suspending the effectiveness of the Registration Statement shall have been issued; |
● | the shareholders of the Acquired Fund shall have approved the Reorganization Agreement; |
● | the Acquiring Fund and the corresponding Acquired Fund have each delivered an officer’s certificate certifying that all representations and warranties set forth in the Reorganization Agreement have been satisfied; and |
● | the Acquiring Fund and the corresponding Acquired Fund shall each have received a legal opinion that the consummation of the transactions contemplated by the Reorganization Agreement will not result in the recognition of gain or loss for federal income tax purposes for the corresponding Acquired Fund or its shareholders or the Acquiring Fund. |
Fund | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Total | |||||||||||||||||||
Fifth Third Quality Growth Fund | - | - | - | - | - | - | 5,890,919 | - | 5,890,919 | |||||||||||||||||||
Fifth Third Mid Cap Growth Fund | - | - | - | - | - | - | 8,158,395 | 20,830,375 | 28,988,770 | |||||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund | - | - | - | - | - | - | 78,223,116 | - | 78,223,116 | |||||||||||||||||||
Fifth Third All Cap Value Fund | - | - | - | - | - | 4,426,731 | 26,064,944 | - | 30,491,675 | |||||||||||||||||||
Fifth Third High Yield Bond Fund | - | - | - | - | - | - | 2,003,044 | - | 2,003,044 | |||||||||||||||||||
Fifth Third Short Term Bond Fund | - | 2,973,271 | 9,778,491 | 4,709,395 | - | - | - | - | 17,461,157 | |||||||||||||||||||
Fifth Third Total Return Bond Fund | 3,490,975 | 6,705,683 | 12,507,496 | 4,893,287 | 1,172,463 | 28,880,095 | 36,422,219 | 8,427,961 | 102,500,179 | |||||||||||||||||||
Fifth Third LifeModel Aggressive FundSM | - | - | - | - | - | - | 586,237 | 10,323,235 | 10,909,472 | |||||||||||||||||||
Fifth Third LifeModel Moderately Aggressive FundSM | - | - | - | - | - | - | 2,785,698 | 16,007,836 | 18,793,534 | |||||||||||||||||||
Fifth Third LifeModel Moderate FundSM | - | - | - | - | - | 855,404 | 21,071,864 | 9,670,605 | 31,597,873 | |||||||||||||||||||
Fifth Third LifeModel Moderately Conservative FundSM | - | - | - | - | - | 764,706 | 563,235 | 2,699,589 | 4,027,530 | |||||||||||||||||||
Fifth Third LifeModel Conservative FundSM | - | - | - | - | - | 180,556 | 395,728 | 1,487,870 | 2,064,154 | |||||||||||||||||||
Fifth Third Micro Cap Value Fund | - | - | - | - | - | - | 1,706,001 | - | 1,706,001 | |||||||||||||||||||
Fifth Third Small Cap Value Fund | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Fifth Third International Equity Fund | - | - | - | - | - | 67,254,766 | 53,434,936 | - | 120,689,702 | |||||||||||||||||||
Fifth Third Strategic Income Fund | - | - | - | - | - | 1,379,950 | 8,478,872 | 10,242,865 | 20,101,687 |
Fifth Third Quality Growth Fund (Acquired Fund)* | Touchstone Large Cap Growth Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Large Cap Growth Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 320,204,912 | $ | 751,197,698 | - | $ | 1,071,402,610 | ||||||||||||
Class A net assets | $ | 64,841,808 | $ | 238,488,459 | 712,982 | (1) | $ | 304,043,249 | |||||||||||
Class A shares outstanding | 3,624,726 | 8,596,465 | (1,261,763 | ) | (1),(2) | 10,959,428 | |||||||||||||
Class A net asset value per share | $ | 17.89 | $ | 27.74 | $ | 27.74 | |||||||||||||
Class B net assets | $ | 712,982 | $ | 10,948,629 | (712,982 | ) | (1) | $ | 10,948,629 | ||||||||||
Class B shares outstanding | 43,535 | 413,628 | (43,535 | ) | (1) | 413,628 | |||||||||||||
Class B net asset value per share | $ | 16.38 | $ | 26.47 | $ | 26.47 | |||||||||||||
Class C net assets | $ | 1,107,023 | $ | 116,349,698 | - | $ | 117,456,721 | ||||||||||||
Class C shares outstanding | 69,842 | 4,422,281 | (27,766 | ) | (2) | 4,464,357 | |||||||||||||
Class C net asset value per share | $ | 15.85 | $ | 26.31 | $ | 26.31 | |||||||||||||
Class Y net assets (3) | $ | 253,543,099 | $ | 385,410,912 | - | $ | 638,954,011 | ||||||||||||
Class Y shares outstanding (3) | 13,711,053 | 13,722,982 | (4,683,370 | ) | (2) | 22,750,665 | |||||||||||||
Class Y net asset value per share (3) | $ | 18.49 | $ | 28.09 | 28.09 |
* | The information in the table is as of March 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
(1) | Holders of the Fifth Third Quality Growth Fund Class B shares will receive Class A shares of the Touchstone Large Cap Growth Fund upon closing of the Reorganization. |
(2) | Pro forma shares outstanding have been adjusted for the accumulated change in the number of shares of the Fifth Third Quality Growth Fund’s shareholder accounts based on the relative value of the Fifth Third Quality Growth Fund’s and the Touchstone Large Cap Growth Fund’s net asset value per share. |
(3) | Holders of the Fifth Third Quality Growth Fund Institutional shares will receive Class Y shares of the Touchstone Large Cap Growth Fund upon closing of the Reorganization. |
Fifth Third Mid Cap Growth Fund (Acquired Fund)* | Touchstone Growth Opportunities Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Growth Opportunities Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 77,879,738 | $ | 154,302,092 | - | $ | 232,181,830 | ||||||||||||
Class A net assets | $ | 16,547,731 | $ | 62,273,770 | $ | 429,820 | (1) | $ | 79,251,321 | ||||||||||
Class A shares outstanding | 1,345,620 | 2,428,627 | (683,509 | ) | (1),(2) | 3,090,738 | |||||||||||||
Class A net asset value per share | $ | 12.30 | $ | 25.64 | $ | 25.64 | |||||||||||||
Class B net assets | $ | 429,820 | $ | - | $ | (429,820 | ) | (1) | $ | - | |||||||||
Class B shares outstanding | 39,830 | - | (39,830 | ) | (1) | - | |||||||||||||
Class B net asset value per share | $ | 10.79 | $ | - | $ | - | |||||||||||||
Class C net assets | $ | 504,464 | $ | 9,131,503 | - | $ | 9,635,967 | ||||||||||||
Class C shares outstanding | 50,057 | 385,572 | (28,756 | ) | (2) | 406,873 | |||||||||||||
Class C net asset value per share | $ | 10.08 | $ | 23.68 | $ | 23.68 | |||||||||||||
Class Y net assets (3) | $ | 60,397,723 | $ | 12,253,766 | - | $ | 72,651,489 | ||||||||||||
Class Y shares outstanding (3) | 4,630,040 | 474,890 | (2,289,349 | ) | (2) | 2,815,581 | |||||||||||||
Class Y net asset value per share (3) | $ | 13.04 | $ | 25.80 | $ | 25.80 | |||||||||||||
Institutional Class net assets | $ | - | $ | 70,643,053 | - | $ | 70,643,053 | ||||||||||||
Institutional Class shares outstanding | $ | - | 2,725,293 | - | 2,725,293 | ||||||||||||||
Institutional Class net asset value per share | - | $ | 25.92 | $ | 25.92 |
* | The information in the table is as of March 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
(1) | Holders of the Fifth Third Mid Cap Growth Fund Class B shares will receive Class A shares of the Touchstone Growth Opportunities Fund upon closing of the Reorganization. |
(2) | Pro forma shares outstanding have been adjusted for the accumulated change in the number of shares of the Fifth Third Mid Cap Growth Fund’s shareholder accounts based on the relative value of the Fifth Third Mid Cap Growth Fund’s and the Touchstone Growth Opportunities Fund’s net asset value per share. |
(3) | Holders of the Fifth Third Mid Cap Growth Fund Institutional shares will receive Class Y shares of the Touchstone Growth Opportunities Fund upon closing of the Reorganization. |
Fifth Third Disciplined Large Cap Value Fund (Acquired Fund)* | Fifth Third All Cap Value Fund (Acquired Fund)* | Touchstone Value Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Value Fund* | |||||||||||||||||||
Net Assets (all classes) | $ | 187,747,710 | $ | 95,742,709 | $ | 122,878,452 | $ | 406,368,871 | |||||||||||||||
Class A net assets | $ | 9,878,475 | $ | 26,482,285 | $ | 1,606,202 | $ | 2,474,878 | (1) | $ | 40,441,840 | ||||||||||||
Class A shares outstanding | 863,326 | 1,599,790 | 224,958 | 2,976,043 | (1),(2) | 5,664,117 | |||||||||||||||||
Class A net asset value per share | $ | 11.44 | $ | 16.55 | $ | 7.14 | $ | 7.14 | |||||||||||||||
Class B net assets | $ | 505,032 | $ | 1,969,846 | $ | - | $ | (2,474,878 | ) | (1) | $ | - | |||||||||||
Class B shares outstanding | 43,595 | 125,911 | - | (169,506 | ) | (1) | - | ||||||||||||||||
Class B net asset value per share | $ | 11.58 | $ | 15.64 | $ | - | $ | - | |||||||||||||||
Class C net assets | $ | 360,199 | $ | 2,656,615 | $ | - | $ | 3,016,814 | |||||||||||||||
Class C shares outstanding | 31,867 | 170,345 | - | 220,310 | (2) | 422,522 | |||||||||||||||||
Class C net asset value per share | $ | 11.30 | $ | 15.60 | $ | - | $ | 7.14 | |||||||||||||||
Class Y net assets (3) | $ | 177,004,004 | $ | 64,633,963 | $ | 87,545,639 | $ | 329,183,606 | |||||||||||||||
Class Y shares outstanding (3) | 15,415,105 | 3,833,425 | 12,222,939 | 14,488,458 | (2) | 45,959,927 | |||||||||||||||||
Class Y net asset value per share (3) | $ | 11.48 | $ | 16.86 | $ | 7.16 | $ | 7.16 | |||||||||||||||
Institutional Class net assets | $ | - | $ | - | $ | 33,726,611 | $ | 33,726,611 | |||||||||||||||
Institutional Class shares outstanding | - | - | 4,715,130 | 4,715,130 | |||||||||||||||||||
Institutional Class net asset value per share | $ | - | $ | - | $ | 7.15 | $ | 7.15 |
* | The information in the table is as of March 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third High Yield Bond Fund (Acquired Fund)* | Touchstone High Yield Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone High Yield Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 101,665,262 | $ | 270,640,268 | $ | 372,305,530 | |||||||||||||
Class A net assets | $ | 11,066,323 | $ | 155,557,424 | $ | 81,524 | (1) | $ | 166,705,271 | ||||||||||
Class A shares outstanding | 1,116,096 | 17,831,399 | 161,771 | (1),(2) | 19,109,266 | ||||||||||||||
Class A net asset value per share | $ | 9.92 | $ | 8.72 | $ | 8.72 | |||||||||||||
Class B net assets | $ | 81,524 | $ | - | $ | (81,524 | ) | (1) | $ | - | |||||||||
Class B shares outstanding | 8,209 | - | (8,209 | ) | (1) | - | |||||||||||||
Class B net asset value per share | $ | 9.93 | $ | - | $ | - | |||||||||||||
Class C net assets | $ | 2,791,780 | $ | 33,165,840 | - | $ | 35,957,620 | ||||||||||||
Class C shares outstanding | 281,430 | 3,808,096 | 39,122 | (2) | 4,128,648 | ||||||||||||||
Class C net asset value per share | $ | 9.92 | $ | 8.71 | $ | 8.71 | |||||||||||||
Class Y net assets (3) | $ | 87,725,635 | $ | 81,914,456 | - | $ | 169,640,091 | ||||||||||||
Class Y shares outstanding (3) | 8,822,860 | 9,192,738 | 1,022,030 | (2) | 19,037,628 | ||||||||||||||
Class Y net asset value per share (3) | $ | 9.94 | $ | 8.91 | $ | 8.91 | |||||||||||||
Institutional Class net assets | $ | - | $ | 2,548 | $ | 2,548 | |||||||||||||
Institutional Class shares outstanding | - | 286 | 286 | ||||||||||||||||
Institutional Class net asset value per share | $ | - | $ | 8.91 | $ | 8.91 |
* | The information in the table is as of March 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third Short Term Bond Fund (Acquired Fund)* | Touchstone Ultra Short Duration Fixed Income Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Ultra Short Duration Fixed Income Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 169,416,976 | $ | 351,191,106 | - | $ | 520,608,082 | ||||||||||||
Class A net assets | $ | 19,218,857 | $ | - | - | $ | 19,218,857 | ||||||||||||
Class A shares outstanding | 2,013,126 | - | (5,587 | ) | (1) | 2,007,539 | |||||||||||||
Class A net asset value per share | $ | 9.55 | $ | - | $ | 9.57 | |||||||||||||
Class C net assets | $ | 7,214,032 | $ | - | - | $ | 7,214,032 | ||||||||||||
Class C shares outstanding | 757,327 | - | (3,773 | ) | (1) | 753,554 | |||||||||||||
Class C net asset value per share | $ | 9.53 | $ | - | $ | 9.57 | |||||||||||||
Class Y net assets (2) | $ | 142,984,087 | $ | - | - | $ | 142,984,087 | ||||||||||||
Class Y shares outstanding (2) | 14,967,827 | - | (32,180 | ) | (1) | 14,935,647 | |||||||||||||
Class Y net asset value per share (2) | $ | 9.55 | $ | - | $ | 9.57 | |||||||||||||
Class Z net assets | $ | - | $ | 351,191,106 | - | $ | 351,191,106 | ||||||||||||
Class Z shares outstanding | - | 36,684,267 | - | 36,684,267 | |||||||||||||||
Class Z net asset value per share | $ | - | $ | 9.57 | $ | 9.57 |
* | The information in the table is as of March 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third Total Return Bond Fund (Acquired Fund)* | Touchstone Core Bond Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Core Bond Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 220,684,465 | $ | 58,999,088 | - | $ | 279,683,553 | ||||||||||||
Class A net assets | $ | 14,252,820 | $ | 49,678,543 | $ | 320,673 | (1) | $ | 64,252,036 | ||||||||||
Class A shares outstanding | 1,521,483 | 4,666,472 | (152,546 | ) | (1),(2) | 6,035,409 | |||||||||||||
Class A net asset value per share | $ | 9.37 | $ | 10.65 | $ | 10.65 | |||||||||||||
Class B net assets | $ | 320,673 | $ | - | $ | (320,673 | ) | (1) | $ | - | |||||||||
Class B shares outstanding | 34,175 | - | (34,175 | ) | (1) | - | |||||||||||||
Class B net asset value per share | $ | 9.38 | $ | - | $ | - | |||||||||||||
Class C net assets | $ | 597,190 | $ | 9,320,545 | - | $ | 9,917,735 | ||||||||||||
Class C shares outstanding | 63,643 | 933,848 | (3,809 | ) | (2) | 993,682 | |||||||||||||
Class C net asset value per share | $ | 9.38 | $ | 9.98 | $ | 9.98 | |||||||||||||
Class Y net assets (3) | $ | 205,513,782 | $ | - | - | $ | 205,513,782 | ||||||||||||
Class Y shares outstanding (3) | 21,929,991 | - | (2,625,393 | ) | (2) | 19,304,598 | |||||||||||||
Class Y net asset value per share (3) | $ | 9.37 | $ | - | $ | 10.65 |
* | The information in the table is as of March 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third LifeModel Aggressive Fund (Acquired Fund)* | Touchstone Growth Allocation Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Growth Allocation Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 98,194,343 | $ | 41,171,689 | $ | 139,366,032 | |||||||||||||
Class A net assets | $ | 21,519,749 | $ | 11,915,668 | $ | 3,922,337 | (1) | $ | 37,357,754 | ||||||||||
Class A shares outstanding | 1,953,509 | 1,077,721 | 347,618 | (1),(2) | $ | 3,378,848 | |||||||||||||
Class A net asset value per share | $ | 11.02 | $ | 11.06 | $ | 11.06 | |||||||||||||
Class B net assets | $ | 3,922,337 | $ | - | $ | (3,922,337 | ) | (1) | $ | - | |||||||||
Class B shares outstanding | 371,595 | - | (371,595 | ) | (1) | - | |||||||||||||
Class B net asset value per share | $ | 10.56 | $ | - | $ | - | |||||||||||||
Class C net assets | $ | 965,292 | $ | 27,736,206 | $ | 28,701,498 | |||||||||||||
Class C shares outstanding | 91,629 | 2,611,320 | (748 | ) | (2) | $ | 2,702,201 | ||||||||||||
Class C net asset value per share | $ | 10.53 | $ | 10.62 | $ | 10.62 | |||||||||||||
Class Y net assets (3) | $ | 71,786,965 | $ | 1,507,124 | $ | 73,294,089 | |||||||||||||
Class Y shares outstanding (3) | 6,462,400 | 134,704 | (46,212 | ) | (2) | 6,550,892 | |||||||||||||
Class Y net asset value per share (3) | $ | 11.11 | $ | 11.19 | $ | 11.19 | |||||||||||||
Institutional Class net assets | $ | - | $ | 12,691 | $ | 12,691 | |||||||||||||
Institutional Class shares outstanding | $ | - | 1,222 | 1,222 | |||||||||||||||
Institutional Class net asset value per share | $ | - | $ | 10.39 | $ | 10.39 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third LifeModel Moderately Aggressive Fund (Acquired Fund)* | Touchstone Moderate Growth Allocation Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Moderate Growth Allocation Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 164,396,876 | $ | 70,385,528 | $ | 234,782,404 | |||||||||||||
Class A net assets | $ | 54,445,994 | $ | 16,534,247 | $ | 11,924,000 | (1) | $ | 82,904,241 | ||||||||||
Class A shares outstanding | 4,828,760 | 1,521,120 | 1,277,156 | (1),(2) | 7,627,036 | ||||||||||||||
Class A net asset value per share | $ | 11.28 | $ | 10.87 | $ | 10.87 | |||||||||||||
Class B net assets | $ | 11,924,000 | $ | - | $ | (11,924,000 | ) | (1) | $ | - | |||||||||
Class B shares outstanding | 1,069,152 | - | (1,069,152 | ) | (1) | - | |||||||||||||
Class B net asset value per share | $ | 11.15 | - | $ | - | ||||||||||||||
Class C net assets | $ | 2,726,607 | $ | 52,640,804 | $ | 55,367,411 | |||||||||||||
Class C shares outstanding | 244,545 | 4,933,239 | 10,979 | (2) | 5,188,763 | ||||||||||||||
Class C net asset value per share | $ | 11.15 | $ | 10.67 | $ | 10.67 | |||||||||||||
Class Y net assets (3) | $ | 95,300,275 | $ | 1,202,634 | $ | 96,502,909 | |||||||||||||
Class Y shares outstanding (3) | 8,438,939 | 109,701 | 254,093 | (2) | 8,802,733 | ||||||||||||||
Class Y net asset value per share (3) | $ | 11.29 | $ | 10.96 | $ | 10.96 | |||||||||||||
Institutional Class net assets | $ | - | $ | 7,843 | $ | 7,843 | |||||||||||||
Institutional Class shares outstanding | - | 719 | 719 | ||||||||||||||||
Institutional Class net asset value per share | $ | - | $ | 10.90 | $ | 10.90 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third LifeModel Moderate Fund (Acquired Fund)* | Touchstone Balanced Allocation Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Balanced Allocation Fund* | ||||||||||||||||
Net Assets (all classes) | $ | 234,534,912 | $ | 58,259,445 | $ | 292,794,357 | |||||||||||||
Class A net assets | $ | 38,183,124 | $ | 10,845,229 | $ | 7,808,946 | (1) | $ | 56,837,299 | ||||||||||
Class A shares outstanding | 3,546,715 | 991,074 | 656,197 | (1),(2) | 5,193,986 | ||||||||||||||
Class A net asset value per share | $ | 10.77 | $ | 10.94 | $ | 10.94 | |||||||||||||
Class B net assets | $ | 7,808,946 | $ | - | $ | (7,808,946 | ) | (1) | $ | - | |||||||||
Class B shares outstanding | 729,132 | - | (729,132 | ) | (1) | - | |||||||||||||
Class B net asset value per share | $ | 10.71 | $ | - | $ | - | |||||||||||||
Class C net assets | $ | 2,525,253 | $ | 45,574,807 | $ | 48,100,060 | |||||||||||||
Class C shares outstanding | 235,826 | 4,172,507 | (4,632 | ) | (2) | 4,403,701 | |||||||||||||
Class C net asset value per share | $ | 10.71 | $ | 10.92 | $ | 10.92 | |||||||||||||
Class Y net assets (3) | $ | 186,017,589 | $ | 1,810,588 | $ | 187,828,177 | |||||||||||||
Class Y shares outstanding (3) | 17,253,081 | 165,174 | (283,307 | ) | (2) | 17,134,948 | |||||||||||||
Class Y net asset value per share (3) | $ | 10.78 | $ | 10.96 | $ | 10.96 | |||||||||||||
Institutional Class net assets | $ | - | $ | 28,821 | $ | 28,821 | |||||||||||||
Institutional Class shares outstanding | - | 2,641 | 2,641 | ||||||||||||||||
Institutional Class net asset value per share | $ | - | $ | 10.91 | $ | 10.91 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third LifeModel Moderately Conservative Fund (Acquired Fund)* | Fifth Third LifeModel Conservative Fund (Acquired Fund)* | Touchstone Conservative Allocation Fund (Acquiring Fund)* | Pro Forma Adjustments* | Pro Forma Combined Touchstone Conservative Allocation Fund* | ||||||||||||||||||||
Net Assets (all classes) | $ | 49,005,163 | $ | 39,637,066 | $ | 36,244,177 | $ | 124,886,406 | ||||||||||||||||
Class A net assets | $ | 14,713,755 | $ | 9,751,481 | $ | 9,248,288 | $ | 4,322,729 | (1) | $ | 38,036,253 | |||||||||||||
Class A shares outstanding | 1,492,284 | 986,265 | 856,825 | 188,566 | (1),(2) | 3,523,940 | ||||||||||||||||||
Class A net asset value per share | $ | 9.86 | $ | 9.89 | $ | 10.79 | $ | 10.79 | ||||||||||||||||
Class B net assets | $ | 2,749,132 | $ | 1,573,597 | $ | - | $ | (4,322,729 | ) | (1) | $ | - | ||||||||||||
Class B shares outstanding | 279,892 | 159,670 | - | (439,562 | ) | (1) | - | |||||||||||||||||
Class B net asset value per share | $ | 9.82 | $ | 9.86 | $ | - | $ | - | ||||||||||||||||
Class C net assets | $ | 988,679 | $ | 749,599 | $ | 18,864,229 | $ | 20,602,507 | ||||||||||||||||
Class C shares outstanding | 100,614 | 75,960 | 1,756,807 | (14,690 | ) | (2) | 1,918,691 | |||||||||||||||||
Class C net asset value per share | $ | 9.83 | $ | 9.87 | $ | 10.74 | $ | 10.74 | ||||||||||||||||
Class Y net assets (3) | $ | 30,553,597 | $ | 27,562,389 | $ | 1,899,774 | $ | 60,015,760 | ||||||||||||||||
Class Y shares outstanding (3) | 3,093,221 | 2,781,380 | 175,921 | (493,002 | ) | (2) | 5,557,520 | |||||||||||||||||
Class Y net asset value per share (3) | $ | 9.88 | $ | 9.91 | $ | 10.80 | $ | 10.80 | ||||||||||||||||
Institutional Class net assets | $ | - | $ | - | $ | 6,231,886 | $ | 6,231,886 | ||||||||||||||||
Institutional Class shares outstanding | - | - | 576,580 | 576,580 | ||||||||||||||||||||
Institutional Class net asset value per share | $ | - | $ | - | $ | 10.81 | $ | 10.81 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third Micro Cap Value Fund (Acquired Fund)* | Pro Forma Adjustments* | Pro Forma Touchstone Micro Cap Value Fund* | |||||||||||||
Net Assets (all classes) | $ | 50,689,019 | $ | 50,689,019 | |||||||||||
Class A net assets | $ | 18,013,964 | $ | 177,906 | (1) | $ | 18,191,870 | ||||||||
Class A shares outstanding | 4,168,106 | 41,164 | (1),(2) | 4,209,270 | |||||||||||
Class A net asset value per share | $ | 4.32 | $ | 4.32 | |||||||||||
Class B net assets | $ | 177,906 | $ | (177,906 | ) | (1) | - | ||||||||
Class B shares outstanding | 46,588 | (46,588 | ) | (1) | - | ||||||||||
Class B net asset value per share | $ | 3.82 | - | ||||||||||||
Class C net assets | $ | 5,002,976 | $ | 5,002,976 | |||||||||||
Class C shares outstanding | 1,308,396 | 1,308,396 | |||||||||||||
Class C net asset value per share | $ | 3.82 | $ | 3.82 | |||||||||||
Class Y net assets (3) | $ | 27,494,173 | $ | 27,494,173 | |||||||||||
Class Y shares outstanding (3) | 5,878,278 | 5,878,278 | |||||||||||||
Class Y net asset value per share (3) | $ | 4.68 | $ | 4.68 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third Small Cap Value Fund (Acquired Fund)* | Pro Forma Adjustments* | Pro Forma Touchstone Small Company Value Fund* | |||||||||||||
Net Assets (all classes) | $ | 61,242,783 | - | $ | 61,242,783 | ||||||||||
Class A net assets | $ | 1,995,083 | $ | 485,406 | (1) | $ | 2,480,489 | ||||||||
Class A shares outstanding | 108,097 | 26,300 | (1),(2) | 134,397 | |||||||||||
Class A net asset value per share | $ | 18.46 | $ | 18.46 | |||||||||||
Class B net assets | $ | 485,406 | $ | (485,406 | ) | (1) | - | ||||||||
Class B shares outstanding | 27,863 | (27,863 | ) | (1) | - | ||||||||||
Class B net asset value per share | $ | 17.42 | - | ||||||||||||
Class C net assets | $ | 1,685,524 | - | $ | 1,685,524 | ||||||||||
Class C shares outstanding | 97,121 | 97,121 | |||||||||||||
Class C net asset value per share | $ | 17.35 | $ | 17.35 | |||||||||||
Class Y net assets (3) | $ | 57,076,770 | - | $ | 57,076,770 | ||||||||||
Class Y shares outstanding (3) | 3,054,504 | - | 3,054,504 | ||||||||||||
Class Y net asset value per share (3) | $ | 18.69 | $ | 18.69 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third International Equity Fund (Acquired Fund)* | Pro Forma Adjustments* | Pro Forma Touchstone International Value Fund* | |||||||||||||
Net Assets (all classes) | $ | 156,948,315 | $ | 156,948,315 | |||||||||||
Class A net assets | $ | 8,566,820 | $ | 221,759 | (1) | $ | 8,788,579 | ||||||||
Class A shares outstanding | 1,181,869 | 30,594 | (1),(2) | 1,212,463 | |||||||||||
Class A net asset value per share | $ | 7.25 | $ | 7.25 | |||||||||||
Class B net assets | $ | 221,759 | $ | (221,759 | ) | (1) | - | ||||||||
Class B shares outstanding | 30,757 | (30,757 | ) | (1) | - | ||||||||||
Class B net asset value per share | $ | 7.21 | - | ||||||||||||
Class C net assets | $ | 204,098 | $ | 204,098 | |||||||||||
Class C shares outstanding | 30,047 | 30,047 | |||||||||||||
Class C net asset value per share | $ | 6.79 | $ | 6.79 | |||||||||||
Class Y net assets (3) | $ | 147,955,638 | $ | 147,955,638 | |||||||||||
Class Y shares outstanding (3) | 20,419,716 | 20,419,716 | |||||||||||||
Class Y net asset value per share (3) | $ | 7.25 | $ | 7.25 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Fifth Third Strategic Income Fund (Acquired Fund)* | Pro Forma Adjustments* | Pro Forma Touchstone Strategic Income Fund* | |||||||||||||
Net Assets (all classes) | $ | 207,472,244 | - | $ | 207,472,244 | ||||||||||
Class A net assets | $ | 35,376,409 | $ | 472,601 | (1) | $ | 35,849,010 | ||||||||
Class A shares outstanding | 3,363,058 | 44,928 | (1),(2) | 3,407,986 | |||||||||||
Class A net asset value per share | $ | 10.52 | $ | 10.52 | |||||||||||
Class B net assets | $ | 472,601 | $ | (472,601 | ) | (1) | - | ||||||||
Class B shares outstanding | 44,973 | (44,973 | ) | (1) | - | ||||||||||
Class B net asset value per share | $ | 10.51 | - | ||||||||||||
Class C net assets | $ | 21,553,274 | $ | 21,553,274 | |||||||||||
Class C shares outstanding | 2,070,791 | 2,070,791 | |||||||||||||
Class C net asset value per share | $ | 10.41 | $ | 10.41 | |||||||||||
Class Y net assets (3) | $ | 150,069,960 | $ | 150,069,960 | |||||||||||
Class Y shares outstanding (3) | 14,233,594 | 14,233,594 | |||||||||||||
Class Y net asset value per share (3) | $ | 10.54 | $ | 10.54 |
* | The information in the table is as of January 31, 2012 and assumes that the Reorganization has taken place. The capitalizations will be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. |
Acquired Fund | Advisory Fee | Acquiring Funds | Advisory Fee | |
Fifth Third Quality Growth Fund | 0.80% | Touchstone Large Cap Growth Fund | 0.75% on the first $200 million; 0.70% from $200 million to $1 billion; and 0.65% thereafter | |
Fifth Third Mid Cap Growth Fund | 0.80% | Touchstone Growth Opportunities Fund | 0.75% on the first $500 million; 0.70% from $500 million to $1 billion; and 0.65% thereafter | |
Fifth Third Disciplined | 0.80% | Touchstone Value Fund | 0.75% on first $300 |
Acquired Fund | Advisory Fee | Acquiring Funds | Advisory Fee |
Large Cap Value Fund | million; 0.73% on next $200 million; 0.72% on next $250 million; 0.70% on next $250 million; 0.68% on the next $500 million; 0.67% on the next $500 million; and 0.66% on average daily net assets over $2 billion | |||
Fifth Third All Cap Value Fund | 1.00% | Touchstone Value Fund | 0.75% on first $300 million; 0.73% on next $200 million; 0.72% on next $250 million; 0.70% on next $250 million; 0.68% on the next $500 million; 0.67% on the next $500 million; and 0.66% on average daily net assets over $2 billion | |
Fifth Third High Yield Bond Fund | 0.70% | Touchstone High Yield Fund | 0.60% of average daily net assets up to $50 million; 0.50% of assets from $50 million to $300 million; 0.45% of assets over $300 million | |
Fifth Third Short Term Bond Fund | 0.50% | Touchstone Ultra Short Duration Fixed Income Fund | 0.25% | |
Fifth Third Total Return Bond Fund | 0.60% | Touchstone Core Bond Fund | 0.50% of average daily net assets up to $100 million; 0.45% of assets from $100 million to $200 million; 0.40% of assets from $200 million to $300 million; 0.35% of assets over $300 million | |
Fifth Third LifeModel Aggressive FundSM | 0.15% | Touchstone Growth Allocation Fund | 0.25% on first $1 billion; 0.225% on next $1 billion; 0.20% on next $1 billion; and 0.175% on average daily net assets over $3 billion | |
Fifth Third LifeModel Moderately Aggressive FundSM | 0.15% | Touchstone Moderate Growth Allocation Fund | 0.25% on first $1 billion; 0.225% on next $1 billion; 0.20% on next $1 billion; and 0.175% on average daily net assets over $3 billion | |
Fifth Third LifeModel Moderate FundSM | 0.15% | Touchstone Balanced Allocation Fund | 0.20% on first $1 billion; 0.175% on next $1 billion; 0.15% on next $1 billion; and 0.125% on average daily net assets over $3 billion | |
Fifth Third LifeModel Moderately Conservative FundSM | 0.15% | Touchstone Conservative Allocation Fund | 0.20% on first $1 billion; 0.175% on next $1 billion; 0.15% on next $1 billion; |
Acquired Fund | Advisory Fee | Acquiring Funds | Advisory Fee |
and 0.125% on average daily net assets over $3 billion | ||||
Fifth Third LifeModel Conservative FundSM | 0.15% | Touchstone Conservative Allocation Fund | ||
Fifth Third Micro Cap Value Fund | 1.00% | Touchstone Micro Cap Value Fund | 1.00% | |
Fifth Third Small Cap Value Fund | 0.90% | Touchstone Small Company Value Fund | 0.90% | |
Fifth Third International Equity Fund | 1.00% | Touchstone International Value Fund | 1.00% | |
Fifth Third Strategic Income Fund | 1.00% | Touchstone Strategic Income Fund | 0.70% |
Fund | Current Expense Limit | Termination Date (Assumes Reorganization Does Not Occur) | Pro Forma Expense Limit* | Termination Date (Assumes Reorganization Occurs) |
Touchstone Large Cap Growth Fund | ||||
Class A | 1.25% | July 29, 2013 | 1.20% | [September 10, 2013] |
Class C | 2.00% | July 29, 2013 | 1.95% | [September 10, 2013] |
Class Y | 0.99% | July 29, 2013 | 0.95% | [September 10, 2013] |
Touchstone Growth Opportunities Fund | ||||
Class A | 1.24% | July 29, 2013 | 1.20% | [September 10, 2013] |
Class C | 1.99% | July 29, 2013 | 1.95% | [September 10, 2013] |
Class Y | 0.99% | July 29, 2013 | 0.95% | [September 10, 2013] |
Touchstone Value Fund | ||||
Class A | 1.20% | April 16, 2014 | 1.00% 1.20% | [September 10, 2013] April 16, 2014 |
Class C | 1.95% | April 16, 2014 | 1.75% 1.95% | [September 10, 2013] April 16, 2014 |
Class Y | 0.95% | April 16, 2014 | 0.75% 0.95% | [September 10, 2013] April 16, 2014 |
Touchstone High Yield Fund | ||||
Class A | 1.05% | January 27, 2013 | 0.99% | [September 10, 2013] |
Class C | 1.80% | January 27, 2013 | 1.74% | [September 10, 2013] |
Class Y | 0.80% | January 27, 2013 | 0.74% | [September 10, 2013] |
Touchstone Ultra Short Duration Fixed Income Fund | ||||
Class A | 0.69% | April 16, 2014 | 0.69% | April 16, 2014 |
Class C | 1.19% | April 16, 2014 | 1.19% | April 16, 2014 |
Class Y | 0.44% | April 16, 2014 | 0.44% | April 16, 2014 |
Touchstone Core Bond Fund | ||||
Class A | 0.83% | April 16, 2014 | 0.83% | April 16, 2014 |
Class C | 1.58% | April 16, 2014 | 1.58% | April 16, 2014 |
Fund | Current Expense Limit | Termination Date (Assumes Reorganization Does Not Occur) | Pro Forma Expense Limit* | Termination Date (Assumes Reorganization Occurs) |
Class Y | 0.58% | April 16, 2014 | 0.58% | April 16, 2014 |
Touchstone Balanced Allocation Fund | ||||
Class A | 0.64% | April 16, 2014 | 0.33% 0.64% | [September 10, 2013] April 16, 2014 |
Class C | 1.39% | April 16, 2014 | 1.08% 1.39% | [September 10, 2013] April 16, 2014 |
Class Y | 0.39% | April 16, 2014 | 0.08% 0.39% | [September 10, 2013] April 16, 2014 |
Touchstone Moderate Growth Allocation Fund | ||||
Class A | 0.57% | April 16, 2014 | 0.33% 0.57% | [September 10, 2013] April 16, 2014 |
Class C | 1.32% | April 16, 2014 | 1.08% 1.32% | [September 10, 2013] April 16, 2014 |
Class Y | 0.32% | April 16, 2014 | 0.08% 0.32% | [September 10, 2013] April 16, 2014 |
Touchstone Growth Allocation Fund | ||||
Class A | 0.57% | April 16, 2014 | 0.33% 0.57% | [September 10, 2013] April 16, 2014 |
Class C | 1.32% | April 16, 2014 | 1.08% 1.32% | [September 10, 2013] April 16, 2014 |
Class Y | 0.32% | April 16, 2014 | 0.08% 0.32% | [September 10, 2013] April 16, 2014 |
Touchstone Conservative Allocation Fund | ||||
Class A | 0.61% | April 16, 2014 | 0.33% 0.61% | [September 10, 2013] April 16, 2014 |
Class C | 1.36% | April 16, 2014 | 1.08% 1.36% | [September 10, 2013] April 16, 2014 |
Class Y | 0.36% | April 16, 2014 | 0.08% 0.36% | [September 10, 2013] April 16, 2014 |
Touchstone Micro Cap Value Fund |
Fund | Current Expense Limit | Termination Date (Assumes Reorganization Does Not Occur) | Pro Forma Expense Limit* | Termination Date (Assumes Reorganization Occurs) |
Class A | N/A | N/A | 1.60% | [September 10, 2013] |
Class C | N/A | N/A | 2.35% | [September 10, 2013] |
Class Y | N/A | N/A | 1.35% | [September 10, 2013] |
Touchstone Small Company Value Fund | ||||
Class A | N/A | N/A | 1.20% | [September 10, 2013] |
Class C | N/A | N/A | 1.95% | [September 10, 2013] |
Class Y | N/A | N/A | 0.95% | [September 10, 2013] |
Touchstone International Value Fund | ||||
Class A | N/A | N/A | 1.36% | [September 10, 2013] |
Class C | N/A | N/A | 2.11% | [September 10, 2013] |
Class Y | N/A | N/A | 1.11% | [September 10, 2013] |
Touchstone Strategic Income Fund | ||||
Class A | N/A | N/A | 0.94% | [September 10, 2013] |
Class C | N/A | N/A | 1.69% | [September 10, 2013] |
Class Y | N/A | N/A | 0.69% | [September 10, 2013] |
* | For periods where multiple expense caps are in effect, the lower of the two amounts will apply. |
Acquired Fund | Contractual Expense Limitation/Reimbursement Recoverable Expiration Date | Institutional | Class A | Class B | Class C | |||||||||||||||
Fifth Third Quality Growth Fund | 11/23/12 | 0.95 | % | 1.20 | % | 1.95 | % | 1.95 | % | |||||||||||
Fifth Third Mid Cap Growth Fund | 11/23/12 | 0.95 | % | 1.20 | % | 1.95 | % | 1.95 | % | |||||||||||
Fifth Third Disciplined Large Cap Value Fund | 11/23/12 | 0.75 | % | 1.00 | % | 1.75 | % | 1.75 | % | |||||||||||
Fifth Third All Cap Value Fund | 11/23/12 | 0.85 | % | 1.10 | % | 1.85 | % | 1.85 | % | |||||||||||
Fifth Third High Yield Bond Fund | 11/23/12 | 0.74 | % | 0.99 | % | 1.74 | % | 1.74 | % | |||||||||||
Fifth Third Short Term Bond Fund | 11/30/12 | 0.47 | % | 0.72 | % | NA | 1.47 | % | ||||||||||||
Fifth Third Total Return Bond Fund | 11/23/12 | 0.63 | % | 0.88 | % | 1.63 | % | 1.63 | % | |||||||||||
Fifth Third LifeModel AggressiveSM Fund | 11/30/12 | 0.08 | % | 0.33 | % | 1.08 | % | 1.08 | % | |||||||||||
Fifth Third LifeModel Moderately AggressiveSM Fund | 11/30/12 | 0.08 | % | 0.33 | % | 1.08 | % | 1.08 | % | |||||||||||
Fifth Third LifeModel ModerateSM Fund | 11/30/12 | 0.08 | % | 0.33 | % | 1.08 | % | 1.08 | % | |||||||||||
Fifth Third LifeModel Moderately ConservativeSM Fund | 11/30/12 | 0.08 | % | 0.33 | % | 1.08 | % | 1.08 | % | |||||||||||
Fifth Third LifeModel ConservativeSM Fund | 11/30/12 | 0.08 | % | 0.33 | % | 1.08 | % | 1.08 | % | |||||||||||
Fifth Third Micro Cap Value Fund | 11/23/12 | 1.35 | % | 1.60 | % | 2.35 | % | 2.35 | % | |||||||||||
Fifth Third Small Cap Value Fund | 11/23/12 | 0.95 | % | 1.20 | % | 1.95 | % | 1.95 | % | |||||||||||
Fifth Third International Equity Fund | 11/23/12 | 1.11 | % | 1.36 | % | 2.11 | % | 2.11 | % | |||||||||||
Fifth Third Strategic Income Fund | 11/30/12 | 0.69 | % | 0.94 | % | 1.69 | % | 1.69 | % |
Equity Funds, Fifth Third Strategic Income Fund and Asset Allocation Funds | Fifth Third Short Term Bond Fund | Fifth Third High Yield Fund and Fifth Third Total Return Bond Fund | ||||||||||||||||||||||
Sales Charge as % of Offering Price | Charge as a % of Your Investment | Sales Charge as % of Offering Price | Charge as a % of Your Investment | Sales Charge as % of Offering Price | Charge as a % of Your Investment | |||||||||||||||||||
Less than $50,000 | 5.00 | % | 5.26 | % | 3.00 | % | 3.09 | % | 4.75 | % | 4.99 | % | ||||||||||||
$50,000 but less than $100,000 | 4.50 | % | 4.71 | % | 2.50 | % | 2.56 | % | 4.50 | % | 4.71 | % | ||||||||||||
$100,000 but less than $250,000 | 3.50 | % | 3.63 | % | 2.00 | % | 2.04 | % | 3.50 | % | 3.63 | % | ||||||||||||
$250,000 but less than $500,000 | 2.50 | % | 2.56 | % | 1.50 | % | 1.52 | % | 2.50 | % | 2.56 | % | ||||||||||||
$500,000 or more | - | - | 0.00 | % | 0.00 | % | - | - | ||||||||||||||||
$500,000 but less than $1,000,000 | 2.00 | % | 2.04 | % | - | - | 2.00 | % | 2.04 | % | ||||||||||||||
$1,000,000 or more1 | 0.00 | % | 0.00 | % | - | - | 0.00 | % | 0.00 | % |
Amount of Your Investment | Sales Charge as % of Offering Price | Sales Charge as % of Net Amount Invested | ||||||
Under $50,000 | 5.75 | % | 6.10 | % | ||||
$50,000 but less than $100,000 | 4.50 | % | 4.71 | % | ||||
$100,000 but less than $250,000 | 3.50 | % | 3.63 | % | ||||
$250,000 but less than $500,000 | 2.95 | % | 3.04 | % | ||||
$500,000 but less than $1 million | 2.25 | % | 2.30 | % | ||||
$1 million or more | 0.00 | % | 0.00 | % |
Sales Charge as % of | Sales Charge as % of | ||||||||
Amount of Your Investment | Offering Price | Net Amount Invested | |||||||
Under $50,000 | 4.75 | % | 4.99 | % | |||||
$50,000 but less than $100,000 | 4.50 | % | 4.71 | % | |||||
$100,000 but less than $250,000 | 3.50 | % | 3.63 | % | |||||
$250,000 but less than $500,000 | 2.95 | % | 3.04 | % | |||||
$500,000 but less than $1 million | 2.25 | % | 2.30 | % | |||||
$1 million or more | 0.00 | % | 0.00 | % |
Sales Charge as % of | Sales Charge as % of | ||||||||
Amount of Your Investment | Offering Price | Net Amount Invested | |||||||
Under $50,000 | 2.00 | % | 2.04 | % | |||||
$50,000 but less than $100,000 | 1.50 | % | 1.52 | % | |||||
$100,000 but less than $250,000 | 1.00 | % | 1.01 | % | |||||
$250,000 but less than $500,000 | 0.50 | % | 0.50 | % | |||||
$500,000 but less than $1 million | 0.00 | % | 0.00 | % |
Acquiring Funds | Acquired Funds* | |||||||||||||||
Class A, Class C and Y | Class A, Class C and Institutional | |||||||||||||||
Initial Investment | Additional Investment | Initial Investment | Additional Investment | |||||||||||||
Regular Account | $ | 2,500 | $ | 50 | $ | 1,000 | $ | 50 | ||||||||
Retirement Account or Custodial Account under the Uniform Gifts/Transfers to Minors Act | $ | 1,000 | $ | 50 | $ | 500 | $ | 50 | ||||||||
Investments through the Automatic Investment Plan | $ | 100 | $ | 50 |
● | Class A shares may be exchanged into any other Touchstone Class A Fund at NAV and may be exchanged into any Touchstone money market fund, except the Institutional Money Market Fund and the Ohio Tax-Free Money Market Fund Institutional Class. |
● | Class C shares may be exchanged into any other Touchstone Class C Funds and may be exchanged into any Touchstone money market fund, except the Institutional Money Market Fund and the Ohio Tax-Free Money Market Fund Institutional Class. |
● | Class Y shares of the Funds are exchangeable for Class Y shares of other Touchstone Funds as long as investment minimums and proper selling agreement requirements are met. |
Fifth Third Mutual Funds | Organizational Structure | Acquiring Funds | Organizational Structure |
Fifth Third Quality Growth Fund | Each Fund is a series of Fifth Third Funds, a Massachusetts business trust. | Touchstone Large Cap Growth Fund | Each Fund is a series of Touchstone Strategic Trust, a Massachusetts business trust. |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | ||
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund | ||
Fifth Third All Cap Value Fund | Touchstone Value Fund | ||
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund | The Fund is a series of Touchstone Investment Trust, a Massachusetts business trust. | |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | The Fund is a series of Touchstone Funds Group Trust, a Delaware statutory trust. | |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund | The Fund is a series of Touchstone Investment Trust, a Massachusetts business trust. | |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund | Each Fund is a series of Touchstone Strategic Trust, a Massachusetts business trust. | |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund | ||
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund | ||
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund | ||
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund | ||
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund | ||
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund | ||
Fifth Third International Equity Fund | Touchstone International Value Fund | ||
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund |
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone Strategic Trust, and its Classes of Shares |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third All Cap Value Fund | Touchstone Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
A-1 1 |
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3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
(a) | All representations and warranties of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Effective Time with the same force and effect as if made at and as |
16 |
of the Effective Time; provided that the Acquiring Fund and the Acquiring Fund Registrant shall be given a period of ten Business Days from the date on which any such representation or warranty shall not be true and correct in all material respects to cure such condition. |
(b) | The Acquiring Fund shall have furnished to the Acquired Fund the opinion of Pepper Hamilton LLP dated as of the Effective Time, substantially to the effect that: |
17 |
(c) | The Acquiring Fund shall have furnished to the Acquired Fund a certificate of the Acquiring Fund, signed by the President or Vice President and Treasurer of the Acquiring Fund Registrant, dated as of the Effective Time, to the effect that they have examined the Proxy Statement/Prospectus and the Registration Statement (and any supplement thereto) and this Agreement and that: |
(d) | An officer of the Acquired Fund Registrant shall have received the confirmation from the Acquiring Fund or BNY Mellon required under paragraph 3.4 of this Agreement. |
(e) | The Acquiring Fund shall have duly executed and delivered to the Acquired Fund such assumptions of Liabilities and other instruments as the Acquired Fund may reasonably deem necessary or desirable to evidence the transactions contemplated by this Agreement, including the assumption of the Liabilities of the Acquired Fund by the Acquiring Fund. |
(f) | The Acquiring Fund Registrant, on behalf of the Acquiring Fund, shall have entered into an expense limitation agreement with Touchstone Advisors consistent with the form of expense limitation agreement filed with the Registration Statement and in the amounts and duration as disclosed in the Registration Statement. |
18 |
19 |
20 |
21 |
22 |
a) | a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or before the Effective Time, if not cured within 30 days; or |
b) | a condition herein expressed to be precedent to the obligations of the terminating party that has not been met and it reasonably appears that it will not or cannot be met. |
23 |
24 |
25 |
26 |
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President |
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | Treasurer |
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President |
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | SVP & CFO |
By: | /s/ Steve Graziano | |
Name: | Steve Graziano | |
Title: | President |
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone Strategic Trust, and its Classes of Shares |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third All Cap Value Fund | Touchstone Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Execution Copy
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone Strategic Trust, and its Classes of Shares |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Moderately Conservative Fund | Touchstone Conservative Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
1 |
Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
SHARES AND LIQUIDATION AND DISSOLUTION OF THE ACQUIRED FUND
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
(a) | All representations and warranties of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Effective Time with the same force and effect as if made at and as of the Effective Time; provided that the Acquiring Fund and the Acquiring Fund Registrant shall be given a period of ten Business Days from the date on which any such representation or warranty shall not be true and correct in all material respects to cure such condition. |
(b) | The Acquiring Fund shall have furnished to the Acquired Fund the opinion of Pepper Hamilton LLP dated as of the Effective Time, substantially to the effect that: |
17 |
(c) | The Acquiring Fund shall have furnished to the Acquired Fund a certificate of the Acquiring Fund, signed by the President or Vice President and Treasurer of the Acquiring Fund Registrant, dated as of the Effective Time, to the effect that they have examined the Proxy Statement/Prospectus and the Registration Statement (and any supplement thereto) and this Agreement and that: |
(d) | An officer of the Acquired Fund Registrant shall have received the confirmation from the Acquiring Fund or BNY Mellon required under paragraph 3.4 of this Agreement. |
(e) | The Acquiring Fund shall have duly executed and delivered to the Acquired Fund such assumptions of Liabilities and other instruments as the Acquired Fund may reasonably deem necessary or desirable to evidence the transactions contemplated by this Agreement, including the assumption of the Liabilities of the Acquired Fund by the Acquiring Fund. |
(f) | The Acquiring Fund Registrant, on behalf of the Acquiring Fund, shall have entered into an expense limitation agreement with Touchstone Advisors consistent with the form of expense limitation agreement filed with the Registration Statement and in the amounts and duration as disclosed in the Registration Statement. |
18 |
19 |
20 |
21 |
22 |
a) | a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or before the Effective Time, if not cured within 30 days; or |
b) | a condition herein expressed to be precedent to the obligations of the terminating party that has not been met and it reasonably appears that it will not or cannot be met. |
23 |
24 |
25 |
26 |
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President |
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | Treasurer |
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President |
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | SVP & CFO |
By: | /s/ Steve Graziano | |
Name: | Steve Graziano | |
Title: | President |
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone Strategic Trust, and its Classes of Shares |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Moderately Conservative Fund | Touchstone Conservative Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Execution Copy
AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION (the “Agreement”) is made as of this 23rd day of May 2012, by and between Touchstone Strategic Trust, a Massachusetts business trust, with its principal place of business at 303 Broadway, Suite 1100, Cincinnati, Ohio 45202 (the “Acquiring Fund Registrant”), on behalf of each of the series reflected below in the table (each an “Acquiring Fund”), and Fifth Third Funds, a Massachusetts business trust, with its principal place of business at 38 Fountain Square Plaza, Cincinnati, Ohio 45263 (the “Acquired Fund Registrant”), on behalf of each of the series reflected below in the table (each an “Acquired Fund” and, collectively with the Acquiring Funds, the “Parties”). Fifth Third Asset Management, Inc., an Ohio corporation (“FTAM”) joins this Agreement solely for purposes of Article VIII; and Touchstone Advisors, Inc., an Ohio corporation (“Touchstone Advisors”), joins this Agreement solely for purposes of Article VIII. Capitalized terms not otherwise defined herein shall have the meaning set forth in Article XIII hereof.
This Agreement is intended to be, and is adopted as, a plan of reorganization within the meaning of Section 368(a) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations promulgated thereunder. Each reorganization will consist of: (i) the transfer of all of the assets of the Acquired Fund in exchange solely for corresponding class shares of the Acquiring Fund as set forth in the table below and on Exhibit A to this Agreement (each, a “Corresponding Class”) and the assumption by the corresponding Acquiring Fund of the liabilities, as set forth in paragraph 1.3, of the Acquired Fund; (ii) the distribution of the Corresponding Class shares of the corresponding Acquiring Fund to the holders of the outstanding shares of the Acquired Fund as set forth in the table below and on Exhibit A of this Agreement; and (iii) the liquidation and dissolution of the Acquired Fund as provided herein, all upon the terms and conditions set forth in this Agreement (each a “Reorganization”).
The following chart shows (i) each Acquired Fund and its classes of shares and (ii) the corresponding Acquiring Fund and its corresponding classes of shares:
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone strategic trust, and its Classes of Shares |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third International Equity Fund | Touchstone International Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
1 |
For convenience, the balance of this Agreement refers only to a single Reorganization, one Acquired Fund and one Acquiring Fund, but the terms and conditions hereof shall apply separately to each Reorganization and the Acquired Fund and Acquiring Fund participating therein. The consummation of any Reorganization shall not be contingent on the consummation of any other Reorganization and it is the intention of all of the parties hereto that each Reorganization described herein shall be conducted separately and independently of the others.
WHEREAS, the Acquiring Fund and the Acquired Fund are separate series of the Acquiring Fund Registrant and the Acquired Fund Registrant, respectively, and the Acquiring Fund Registrant and Acquired Fund Registrant are both open-end, registered management investment companies under the 1940 Act, and the Acquired Fund owns securities that generally are assets of the character in which the Acquiring Fund is permitted to invest;
WHEREAS, the Acquiring Fund is authorized to issue its shares of beneficial interests;
WHEREAS, the Board of Trustees of the Acquiring Fund Registrant (“Touchstone Board”) has determined that the Reorganization, with respect to the Acquiring Fund, is in the best interests of the Acquiring Fund; and
WHEREAS, the Board of Trustees of the Acquired Fund Registrant (“Fifth Third Board”) has determined that the Reorganization, with respect to the Acquired Fund, is in the best interests of the Acquired Fund;
NOW THEREFORE, in consideration of the mutual premises, representations, and warranties made herein, covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties, and FTAM and Touchstone Advisors to the extent indicated above, intending to be legally bound hereby, agree as follows:
ARTICLE I
TRANSFER OF ASSETS OF THE ACQUIRED FUND IN EXCHANGE FOR ACQUIRING FUND
SHARES AND LIQUIDATION AND DISSOLUTION OF THE ACQUIRED FUND
1.1 THE EXCHANGE. Subject to the terms and conditions contained herein and on the basis of the representations and warranties contained herein, the Acquired Fund agrees to transfer all Fund Assets, as defined in paragraph 1.2, to the Acquiring Fund. In exchange, the Acquiring Fund agrees to assume the liabilities of the Acquired Fund, as set forth in paragraph 1.3, and deliver to the Acquired Fund full and fractional shares of the Acquiring Fund (“Acquiring Fund Shares”). The number of full and fractional shares of each Corresponding Class of Acquiring Fund Shares (to the third decimal place) shall be determined by dividing (a) the value of the Fund Assets attributable to the corresponding class of the Acquired Fund, net of the Acquired Fund’s Liabilities attributed to that class of the Acquired Fund (computed as of the Valuation Time (as defined in paragraph 2.5) in the manner set forth in paragraph 2.1), by (b) the net asset value of one share of such Corresponding Class of the Acquiring Fund Shares (computed as of the Valuation Time in the manner set forth in paragraph 2.2). Holders of each class of shares of the Acquired Fund will receive shares of the Corresponding Class of the Acquiring Fund, as set forth in Exhibit A to this Agreement. Such transactions shall take place at the closing on the Effective Time provided for in paragraph 3.1.
1.2 ASSETS TO BE ACQUIRED. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all Fund Assets. “Fund Assets” shall mean all properties and assets of every kind and description whatsoever, including, without limitation, all cash, cash equivalents, securities, claims (whether absolute or contingent, known or unknown, accrued or unaccrued and including, but not
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limited to, any claims that the Acquired Fund may have against any Person), litigation proceeds of any type (including, without limitation, proceeds resulting from litigation involving portfolio securities as well as market timing/late trading actions or settlements) and receivables (including dividend and interest receivable), goodwill and other intangible property, Books and Records, and all interests, rights, privileges and powers, owned by the Acquired Fund, and any prepaid expenses shown on the Acquired Fund’s books at the Valuation Time.
(a) The Acquired Fund has provided the Acquiring Fund with its most recent audited financial statements, which contain a list of all of the Acquired Fund’s assets as of the date of such statements. The Acquired Fund hereby represents that as of the date of the execution of this Agreement and as of the Effective Time (as defined below), there have been no changes in its financial position as reflected in such financial statements other than those occurring in the ordinary course of business in connection with the purchase and sale of securities, the issuance and redemption of Acquired Fund shares and the payment of normal operating expenses, dividends and capital gains distributions.
(b) At least ten Business Days prior to the Valuation Time, the Acquired Fund will provide the Acquiring Fund with a complete schedule of the securities and other assets of the Acquired Fund. At least five Business Days prior to the Valuation Time, the Acquiring Fund will advise the Acquired Fund in writing of any investments of the Acquired Fund shown on the Acquired Fund’s schedule provided above which the Acquiring Fund would not be permitted to hold (a) under its investment goal, principal investment strategies or investment restrictions; or (b) under applicable Law. Under such circumstances and, to the extent practicable, the Acquired Fund will, if requested by the Acquiring Fund in writing and, to the extent permissible and consistent with its own investment objectives and policies, dispose of such investments prior to the Valuation Time. Notwithstanding the foregoing, nothing herein will require the Acquired Fund to dispose of any portfolio securities or other investments, if, in the reasonable judgment of the Fifth Third Board or FTAM, such disposition would adversely affect the tax-free nature of the Reorganization for federal income tax purposes or would otherwise not be in the best interests of the Acquired Fund. The Acquired Fund shall promptly notify the Acquiring Fund of any such determination.
1.3 LIABILITIES TO BE ASSUMED OR DISCHARGED. The Acquired Fund will, to the extent permissible and consistent with its own investment objectives and policies, use its best efforts to discharge all of the liabilities of the Acquired Fund prior to the Effective Time. The liabilities of the Acquired Fund to be assumed by the Acquiring Fund shall consist of all of the liabilities of the Acquired Fund (“Liabilities”).
1.4 DISTRIBUTION OF ACQUIRING FUND SHARES. Immediately upon receipt, the Acquired Fund will distribute the Corresponding Class of Acquiring Fund Shares received by the Acquired Fund from the Acquiring Fund pursuant to paragraph 1.1 pro rata to the record holders of shares of the corresponding class of the Acquired Fund. Such distribution will be accomplished by transferring the Acquiring Fund Shares then credited to the Acquired Fund’s account on the Books and Records of the Acquiring Fund to open accounts on the Books and Records of the Acquiring Fund established and maintained by the Acquiring Fund’s transfer agent in the names of the record holders of shares of the Acquired Fund and representing the respective pro rata number of the Acquiring Fund Shares due to such record holders. All issued and outstanding shares of the Acquired Fund will, without further notice, be cancelled promptly by the Acquired Fund on the Acquired Fund’s Books and Records. Any such shares issued and outstanding prior to such cancellation shall thereafter represent only the right to receive the Acquiring Fund Shares issued to the Acquired Fund in accordance with paragraph 1.1 above. In addition, each record holder of the Acquired Fund shall have the right to receive any unpaid dividends or other distributions which were declared with respect to his/her or its shares of the Acquired Fund at or before the Valuation Time.
1.5 TRANSFER TAXES. Any transfer taxes payable upon the issuance of Acquiring Fund Shares in a name other than the registered holder of the Acquired Fund shares on the books of the Acquired
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Fund as of that time shall, as a condition of such issuance and transfer, be paid by the person to whom such Acquiring Fund Shares are to be issued and transferred.
1.6 REPORTING RESPONSIBILITY. Any reporting responsibility of the Acquired Fund is and shall remain the responsibility of the Acquired Fund. The Acquiring Fund shall not assume any obligation of the Acquired Fund to file reports with the SEC, Internal Revenue Service or other regulatory or tax authority covering any reporting period ending prior to or at the Effective Time with respect to the Acquired Fund.
1.7 TERMINATION. As soon as conveniently practicable after the distribution of the Acquiring Fund Shares pursuant to paragraph 1.4 has been made, the Acquired Fund shall take, in accordance with Massachusetts law, the 1940 Act and the Fifth Third Funds Governing Documents, all such other steps as may be necessary or appropriate to effect a complete liquidation and termination of the Acquired Fund.
1.8 BOOKS AND RECORDS. Upon reasonable notice and except as previously disclosed to the Acquiring Fund in writing, copies of all books and records of the Acquired Fund, including all books and records required to be maintained under the 1940 Act, and the rules and regulations thereunder, shall be available for review by the Acquiring Fund and shall be provided to the Acquiring Fund as soon as practicable following the Valuation Time.
1.9 OTHER REORGANIZATION SPECIFIC ITEMS. In connection with the Reorganization, any minimum investment amounts or sales load applicable to initial investments in the Acquiring Fund Shares shall be waived with respect to the Acquired Fund shareholder’s initial receipt of Acquiring Fund Shares as part of the Reorganization.
ARTICLE II
VALUATION
2.1 VALUATION OF ACQUIRED FUND NET ASSETS. The value of the Acquired Fund’s Fund Assets to be acquired by the Acquiring Fund hereunder shall be the value of such assets computed as of the Valuation Time, after the declaration and payment of any dividends and/or other distributions on that date, determined in accordance with the valuation procedures approved by the Touchstone Board or such other valuation procedures as shall be mutually agreed upon by the Parties, net of the Liabilities of the Acquired Fund assumed by the Acquiring Fund.
2.2 VALUATION OF ACQUIRING FUND SHARES. The net asset value per share of each class of Acquiring Fund Shares shall be the net asset value per share of such class of Acquiring Fund Shares computed as of the Valuation Time, in accordance with the valuation procedures approved by the Touchstone Board or such other valuation procedures as shall be mutually agreed upon by the Parties.
2.3 SHARES TO BE ISSUED. The number of Acquiring Fund Shares to be issued (including fractional shares (to the third decimal place), if any) in connection with the Reorganization shall be determined in accordance with paragraph 1.1.
2.4 DETERMINATION OF VALUE. All computations of value shall be made by BNY Mellon Investment Servicing (U.S.) Inc. (“BNY Mellon”) on behalf of the Acquiring Fund and the Acquired Fund.
2.5 VALUATION TIME. “Valuation Time” shall mean 4:00 PM Eastern Time of the Business Day preceding the Effective Time.
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ARTICLE III
CLOSING AND EFFECTIVE TIME
3.1 EFFECTIVE TIME. Subject to the terms and conditions set forth herein, the Reorganization shall occur immediately prior to the opening of business on Monday, September 10, 2012, or such other date(s) as the Parties may agree to in writing (the “Effective Time”). To the extent any Fund Assets are, for any reason, not transferred at the Effective Time, the Acquired Fund shall cause such Fund Assets to be transferred in accordance with this Agreement at the earliest practical date thereafter. The closing of the Reorganization shall be held in person, by facsimile, by e-mail or by such other communication means as may be mutually agreed by the Parties, at the Effective Time (the “Closing”).
3.2 CUSTODIAN’S CERTIFICATE. The Acquired Fund shall direct State Street Bank and Trust Company, as custodian for the Acquired Fund (the “Custodian”), to deliver at the Closing a certificate of an authorized officer stating that: (a) the Acquired Fund’s portfolio securities, cash, and any other assets have been delivered in proper form to the Acquiring Fund on the Effective Time; and (b) all necessary taxes, including all applicable federal and state stock transfer stamps, if any, shall have been paid, or provision for payment shall have been made, in conjunction with the delivery of portfolio securities by the Acquired Fund.
3.3 EFFECT OF SUSPENSION IN TRADING. If immediately prior to the Valuation Time: (a) the New York Stock Exchange (“NYSE”) or another primary exchange on which the portfolio securities of the Acquiring Fund or the Acquired Fund are purchased or sold, shall be closed to trading or trading on such exchange shall be restricted; or (b) trading or the reporting of trading on the NYSE or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquiring Fund or the Acquired Fund is impracticable, the Valuation Time shall be postponed until the first Friday that is a business day after the day when trading is fully resumed and reporting is restored or such later date as may be mutually agreed in writing by an authorized officer of each Party.
3.4 TRANSFER AGENTS’ CERTIFICATE. The Acquired Fund shall direct Boston Financial Data Services, Inc., as transfer agent for the Acquired Fund as of the Effective Time, to deliver at the Closing a certificate of an authorized officer stating that its records contain the names and addresses of Acquired Fund shareholders, and the number and percentage (to three decimal places) ownership of outstanding shares owned by each such shareholder immediately prior to the Closing. The Acquiring Fund shall issue and deliver or cause, BNY Mellon, its transfer agent, to issue and deliver to an officer of the Acquired Fund Registrant a confirmation evidencing Acquiring Fund Shares to be credited on the Effective Time or provide evidence satisfactory to the Acquired Fund that the Acquiring Fund Shares have been credited to the Acquired Fund’s account on the Books and Records of the Acquiring Fund. At the Closing, each Party shall deliver to the other such bills of sale, checks, assignments, treasurer, chief financial officer, president/vice president or other officer certificates, custodian and/or transfer agent instructions and certificates, receipts and other documents, if any, as such other party or its counsel may reasonably request.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
4.1 Representations and Warranties of the Acquired Fund Registrant. The Acquired Fund Registrant, on behalf of the Acquired Fund, hereby represents and warrants to the Acquiring Fund Registrant, on behalf of the Acquiring Fund, as follows, which representations and warranties shall be true and correct on the date hereof and agrees to confirm the continuing accuracy and completeness of the following at the Effective Time:
(a) The Acquired Fund Registrant is a business trust duly organized, validly existing and in good standing under the Laws of the Commonwealth of Massachusetts and is duly qualified,
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licensed or admitted to do business and is in good standing as a foreign association under the Laws of each jurisdiction in which the nature of the business conducted by it makes such qualification, licensing or admission necessary, except in such jurisdictions where the failure to be so qualified, licensed or admitted and in good standing would not, individually or in the aggregate, have a Material Adverse Effect on its properties or assets or the properties or assets of the Acquired Fund. The Acquired Fund has full power under the Fifth Third Governing Documents to conduct its business as it is now being conducted and to own the properties and assets it now owns. The Acquired Fund has all necessary authorizations, licenses and approvals from any applicable Governmental or Regulatory Body necessary to carry on its business as such business is now being carried on except authorizations, licenses and approvals that the failure to so obtain would not have a Material Adverse Effect on the Acquired Fund.
(b) The execution, delivery and performance of this Agreement by the Acquired Fund Registrant on behalf of the Acquired Fund and the consummation of the transactions contemplated herein have been duly and validly authorized by the Fifth Third Board, and the Fifth Third Board has approved the Reorganization and has resolved to recommend the Reorganization to the shareholders of the Acquired Fund and to call a meeting of shareholders of the Acquired Fund for the purpose of approving this Agreement and the Reorganization contemplated hereby. Other than the approval by the requisite vote of the shareholders of the outstanding shares of the Acquired Fund in accordance with the provisions of the Fifth Third Governing Documents, applicable Massachusetts Law and the 1940 Act, no other action on the part of the Acquired Fund or its shareholders is necessary to authorize the execution, delivery and performance of this Agreement by the Acquired Fund Registrant on behalf of the Acquired Fund or the consummation of the Reorganization contemplated herein. This Agreement has been duly and validly executed and delivered by the Acquired Fund Registrant on behalf of the Acquired Fund, and assuming due authorization, execution and delivery hereof by the Acquiring Fund Registrant on behalf of the Acquiring Fund, is a legal, valid and binding obligation of the Acquired Fund Registrant, as it relates to the Acquired Fund, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium and other Laws relating to or affecting creditors’ rights, to general equity principles and to any limitations on indemnity as may be required under federal and state securities Laws).
(c) The authorized capital of the Acquired Fund consists of an unlimited number of shares of beneficial interest with no par value. Each share represents a fractional undivided interest in the Acquired Fund. All issued and outstanding shares of the Acquired Fund are duly authorized, validly issued, fully paid and non-assessable. There are no outstanding options, warrants or other rights of any kind to acquire from the Acquired Fund any shares of any series or equity interests of the Acquired Fund or securities convertible into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire, any such additional shares, nor is the Acquired Fund committed to issue any share appreciation or similar rights or options, warrants, rights or securities in connection with any series of shares. The Acquired Fund has no share certificates outstanding.
(d) The Acquired Fund has no subsidiaries.
(e) Except for consents, approvals, or waivers to be received prior to the Effective Time, including shareholder approval by the Acquired Fund, and upon the effectiveness of the Registration Statement (as defined below), the execution, delivery and performance of this Agreement by the Acquired Fund Registrant on behalf of the Acquired Fund does not, and the consummation of the transactions contemplated herein will not: (i) violate or conflict with the terms, conditions or provisions of the Fifth Third Governing Documents, or of any material contract, agreement, indenture, instrument, or other undertaking to which the Acquired Fund Registrant is a party or by which the Acquired Fund Registrant or the Acquired Fund is bound, (ii) result in the acceleration of any obligation, or the imposition of any penalty, under any material agreement, indenture, instrument, contract, lease or other undertaking to which the Acquired Fund Registrant is a party or by which the Acquired Fund Registrant or the Acquired Fund is bound, (iii) result in a breach or violation by the Acquired Fund Registrant or the Acquired Fund of any terms, conditions, or provisions of any Law or Order, or (iv) require any consent or approval of, filing with
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or notice to, any Governmental or Regulatory Body other than such documents as are necessary to terminate the Acquired Fund as a series of a Massachusetts business trust.
(f) (i) Prior to the execution of this Agreement, the Acquired Fund has delivered to the Acquiring Fund Registrant true and complete copies of the Acquired Fund’s audited statement of assets and liabilities of as of July 31, 2011, and unaudited statement of assets and liabilities as of January 31, 2012, or a later date if available prior to the date hereof, and the related audited schedules of investments, statements of income and changes in net assets and financial highlights for the periods then ended.
(ii) Except as set forth in the notes thereto, all such financial statements were prepared in accordance with U.S. generally accepted accounting principles, consistently applied throughout the periods then ended, and fairly present the financial condition and results of operations of the Acquired Fund as of the respective dates thereof and for the respective periods covered thereby subject, in the case of the unaudited financial statements, to normal year-end audit adjustments.
(iii) To the best of the Acquired Fund’s Knowledge, except as reflected or reserved against in the statement of assets and liabilities included in the Acquired Fund’s audited financial statements as of July 31, 2011, and unaudited financial statements as of January 31, 2012, or in the notes thereto, or as previously disclosed in writing to the Acquiring Fund Registrant, there are no liabilities against, relating to or affecting the Acquired Fund or any of its properties and assets, other than those incurred in the ordinary course of business consistent with past practice, which, individually or in the aggregate, would have a Material Adverse Effect on the Acquired Fund or its properties or assets. In particular, since January 31, 2012 to the best of the Acquired Fund’s Knowledge and except as previously disclosed in writing to the Acquiring Fund Registrant, there has not been any change in the financial condition, properties, assets, liabilities or business of the Acquired Fund that would have a Material Adverse Effect on the Acquired Fund or its properties or assets other than changes occurring in the ordinary course of business.
(g) As of the date hereof, except as previously disclosed to the Acquiring Fund in writing, and except as have been corrected as required by applicable Law, and to the best of the Acquired Fund’s Knowledge, there have been no material miscalculations of the net asset value of the Acquired Fund during the twelve-month period preceding the date hereof which would have a Material Adverse Effect on the Acquired Fund or its properties or assets, and all such calculations have been made in accordance with the applicable provisions of the 1940 Act.
(h) Except as previously disclosed to the Acquiring Fund Registrant in writing, the minute books and other similar records of the Acquired Fund Registrant as made available to the Acquiring Fund Registrant prior to the execution of this Agreement contain a true and complete record in all material respects of all material action taken at all meetings and by all written consents in lieu of meetings of the shareholders of the Acquired Fund, the Fifth Third Board and committees of the Fifth Third Board. The stock transfer ledgers and other similar records of the Acquired Fund as made available to the Acquiring Fund Registrant prior to the execution of this Agreement accurately reflect all record transfers prior to the execution of this Agreement in the shares of the Acquired Fund.
(i) The Acquired Fund has maintained, or caused to be maintained on its behalf, in all material respects, all Books and Records required of a registered investment company in compliance with the requirements of Section 31 of the 1940 Act and rules and regulations thereunder.
(j) Except as set forth in writing to the Acquiring Fund, there is no Action or Proceeding pending against the Acquired Fund Registrant or the Acquired Fund or, to the best of the Acquired Fund’s Knowledge, threatened against, relating to or affecting, the Acquired Fund Registrant or the Acquired Fund.
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(k) No agent, broker, finder or investment or commercial banker, or other Person or firm engaged by or acting on behalf of the Acquired Fund Registrant or the Acquired Fund in connection with the negotiation, execution or performance of this Agreement or any other agreement contemplated hereby, or the consummation of the transactions contemplated hereby, is or will be entitled to any broker’s or finder’s or similar fees or other commissions as a result of the consummation of such transactions.
(l) The Acquired Fund Registrant is registered with the SEC as an open-end management investment company under the 1940 Act, and such registration is in full force and effect, and the Acquired Fund is a separate series of the Acquired Fund Registrant duly designated in accordance with the applicable provisions of the Fifth Third Governing Documents and in compliance in all material respects with the 1940 Act and its rules and regulations.
(m) All federal and other tax returns and reports of the Acquired Fund required by Law to have been filed (giving effect to any extensions) have been timely filed and are or were true, correct and complete in all material respects as of the time of their filing, and all taxes of the Acquired Fund which are due and payable (whether or not shown on any tax records) shall have been timely paid in full or provision has been made for payment thereof. The Acquired Fund is not liable for taxes of any person other than itself and is not a party to or otherwise bound by any tax sharing, allocation, assumption or indemnification agreement or arrangement. All of the Acquired Fund’s tax liabilities have been adequately provided for on its Books and Records in respect of all periods ending on or before the date of such Books and Records. The Acquired Fund has not had any tax deficiency or liability asserted against it that has not been previously disclosed in writing to the Acquiring Fund or question with respect thereto raised, and no dispute, audit, investigation, proceeding or claim concerning any tax liabilities of the Acquired Fund has been raised by the Internal Revenue Service or by any other governmental authority in writing, and to the Acquired Fund’s Knowledge, no such dispute, audit, investigation, proceeding or claim is pending, being conducted or claimed.
(n) The Acquired Fund has elected to be, and has met the requirements of Subchapter M of the Code for qualification and treatment as, a “regulated investment company” within the meaning of Sections 851 et seq. of the Code in respect of each taxable year since the commencement of operations, and shall continue to meet such requirements at all times through the Effective Time, treating the Effective Time as the close of its tax year if the year does not otherwise close on such date. The Acquired Fund has not at any time since its inception been liable for and is not now liable for any material income or excise tax pursuant to Section 852 or 4982 of the Code. The Acquired Fund has no other material tax liability (foreign, state, or local), except as accrued on the Acquired Fund’s Books and Records. The Acquired Fund has no earnings and profits accumulated with respect to any taxable year in which the provisions of Subchapter M of the Code did not apply.
(o) The Acquired Fund is not under the jurisdiction of a court in a “Title 11 or similar case” (within the meaning of Section 368(a)(3)(A) of the Code).
(p) Except as otherwise disclosed in writing to the Acquiring Fund, the Acquired Fund is in compliance in all material respects with the Code and applicable regulations promulgated under the Code pertaining to the reporting of dividends and other distributions on and redemptions of its shares and has withheld in respect of dividends and other distributions and redemption proceeds and paid to the proper taxing authority all taxes required to be withheld, and is not liable for any penalties which could be imposed thereunder.
(q) The Acquired Fund has not granted any waiver, extension or comparable consent regarding the application of the statute of limitations with respect to any taxes or tax return that is outstanding, nor has any request for such waiver or consent been made.
(r) The Acquired Fund does not own any “converted property” (as that term is defined in Treasury Regulation Section 1.337(d)-7(a)(1)) that is subject to the rules of Section 1374 of the
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Code as a consequence of the application of Section 337(d)(1) of the Code and Treasury Regulations thereunder.
(s) Except as otherwise disclosed to the Acquiring Fund, the Acquired Fund has not previously been a party to a reorganization under Section 368(a) of the Code.
(t) The Acquired Fund has not received written notification from any tax authority that asserts a position contrary to any of the above representations in (m) through (s).
(u) All issued and outstanding shares of the Acquired Fund have been offered and sold by the Acquired Fund in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities Laws, and are registered under the 1933 Act and under the Laws of all jurisdictions in which registration is or was required, except as may have been previously disclosed to the Acquiring Fund in writing. Such registrations are, in all material respects, complete, current and have been continuously effective, and all fees required to be paid have been paid. The Acquired Fund is not subject to any “stop order” and is, and was, fully qualified to sell its shares in each jurisdiction in which such shares are being, or were, registered and sold.
(v) The current prospectus and statement of additional information of the Acquired Fund, including any amendments and supplements thereto, and each prospectus and statement of additional information of the Acquired Fund used at all times during the past three years prior to the date of this Agreement conform, or conformed at the time of its or their use, in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the applicable rules and regulations of the SEC thereunder, and do not, or did not, as of their dates of distribution to the public, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading. The Acquired Fund currently complies in all material respects with all investment objectives, policies, guidelines and restrictions and any compliance procedures established by the Acquired Fund.
(w) The combined proxy statement and prospectus and statement of additional information (collectively, the “Proxy Statement/Prospectus”) to be included in the Acquiring Fund Registrant’s registration statement on Form N-14 (the “Registration Statement”) and filed in connection with this Agreement, and the documents incorporated therein by reference and any amendment or supplement thereto insofar as they relate to the Acquired Fund Registrant or the Acquired Fund, each comply or will comply in all material respects with the applicable requirements of the 1933 Act, 1934 Act and the 1940 Act and the applicable rules and regulations of the SEC thereunder on the effective date of such Registration Statement. Each of the Proxy Statement/Prospectus, Registration Statement and the documents incorporated therein by reference and any amendment or supplement thereto, insofar as it relates to the Acquired Fund Registrant or the Acquired Fund, does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not materially misleading on the effective date of such Registration Statement.
(x) Except as previously disclosed in writing to the Acquiring Fund Registrant, at the Effective Time, the Acquired Fund will have good and marketable title to the Fund Assets and full right, power, and authority to sell, assign, transfer and, upon delivery and payment for the Fund Assets, deliver such Fund Assets, free and clear of all liens, mortgages, pledges, encumbrances, charges, claims and equities, and subject to no restrictions on the subsequent transfer thereof (other than any Fund Assets consisting of restricted securities) or as otherwise disclosed in writing to the Acquiring Fund Registrant at least fifteen Business Days prior to the Effective Time, provided that the Acquiring Fund will acquire Fund Assets that are segregated or pledged as collateral for the Acquired Fund’s short sale and derivative positions (if any), including without limitation, as collateral for swap positions and as margin for futures positions, subject to such segregation and liens that apply to such Fund Assets.
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(y) The Acquired Fund Registrant has adopted and implemented written policies and procedures in accordance with Rule 38a-1 under the 1940 Act.
(z) Except as disclosed in writing to the Acquiring Fund, to the best of the Acquired Fund’s Knowledge, no events have occurred and no issues, conditions or facts have arisen which either individually or in the aggregate have had a Material Adverse Effect on the Acquired Fund or its properties or assets other than changes occurring in the ordinary course of business.
4.2 Representations and Warranties of the Acquiring Fund Registrant. The Acquiring Fund Registrant, on behalf of the Acquiring Fund, hereby represents and warrants to the Acquired Fund Registrant, on behalf of the Acquired Fund, as follows, which representations and warranties shall be true and correct on the date hereof and agrees to confirm the continuing accuracy and completeness of the following at the Effective Time:
(a) The Acquiring Fund Registrant is a business trust duly organized, validly existing and in good standing under the Laws of the Commonwealth of Massachusetts and is duly qualified, licensed or admitted to do business and is in good standing as a foreign association under the Laws of each jurisdiction in which the nature of the business conducted by it makes such qualification, licensing or admission necessary, except in such jurisdictions where the failure to be so qualified, licensed or admitted and in good standing would not, individually or in the aggregate, have a Material Adverse Effect on its properties or assets or the properties or assets of the Acquiring Fund. The Acquiring Fund has full power under the Touchstone Governing Documents to conduct its business as it is now being conducted and to own properties and assets for itself. The Acquiring Fund will prior to the Effective Time have all necessary authorizations, licenses and approvals from any applicable Governmental or Regulatory Body necessary to carry on its business.
(b) The execution, delivery and performance of this Agreement by the Acquiring Fund Registrant on behalf of the Acquiring Fund and the consummation of the transactions contemplated herein have been duly and validly authorized by the Touchstone Board, and the Touchstone Board has approved the Reorganization. No action on the part of the shareholders of the Acquiring Fund is necessary to authorize the execution, delivery and performance of this Agreement by the Acquiring Fund Registrant on behalf of the Acquiring Fund or the consummation of the Reorganization contemplated herein. This Agreement has been duly and validly executed and delivered by the Acquiring Fund Registrant on behalf of the Acquiring Fund, and assuming due authorization, execution and delivery hereof by the Acquired Fund Registrant on behalf of the Acquired Fund, is a legal, valid and binding obligation of the Acquiring Fund Registrant, as it relates to the Acquiring Fund, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium and other Laws relating to or affecting creditors’ rights, to general equity principles and to any limitations on indemnity as may be required under federal and state securities Laws).
(c) The authorized capital of the Acquiring Fund consists of an unlimited number of shares of beneficial interest with no par value. As of the Valuation Time, the outstanding shares of beneficial interest of the Acquiring Fund will consist solely of shares having the characteristics described in the Acquiring Fund’s prospectus effective at such time. There are no outstanding options, warrants or other rights of any kind to acquire from the Acquiring Fund any shares of any series or equity interests of the Acquiring Fund or securities convertible into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire, any such additional shares, nor is the Acquiring Fund committed to issue any share appreciation or similar rights or options, warrants, rights or securities in connection with any series of shares.
(d) Except for consents, approvals, or waivers to be received prior to the Effective Time, including shareholder approval by the Acquired Fund, and upon the effectiveness of the Registration Statement, the execution, delivery and performance of this Agreement by the Acquiring Fund Registrant on behalf of the Acquiring Fund does not, and the consummation of the transactions contemplated herein will
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not: (i) violate or conflict with the terms, conditions or provisions of the Touchstone Governing Documents, or of any material contract, agreement, indenture, instrument, or other undertaking to which the Acquiring Fund Registrant is a party or by which the Acquiring Fund Registrant or the Acquiring Fund is bound, (ii) result in the acceleration of any obligation, or the imposition of any penalty, under any material agreement, indenture, instrument, contract, lease or other undertaking to which the Acquiring Fund Registrant is a party or by which the Acquiring Fund Registrant or the Acquiring Fund is bound, (iii) result in a breach or violation by the Acquiring Fund Registrant or the Acquiring Fund of any terms, conditions, or provisions of any Law or Order, or (iv) require any consent or approval of, filing with or notice to, any Governmental or Regulatory Body.
(e) Except as set forth in writing to the Acquired Fund, there is no Action or Proceeding pending against the Acquiring Fund Registrant or the Acquiring Fund or, to the best of the Acquiring Fund Registrant’s Knowledge, threatened against, relating to or affecting, the Acquiring Fund Registrant or the Acquiring Fund.
(f) No agent, broker, finder or investment or commercial banker, or other Person or firm engaged by or acting on behalf of the Acquiring Fund Registrant or the Acquiring Fund in connection with the negotiation, execution or performance of this Agreement or any other agreement contemplated hereby, or the consummation of the transactions contemplated hereby, is or will be entitled to any broker’s or finder’s or similar fees or other commissions as a result of the consummation of such transactions.
(g) The Acquiring Fund Registrant is registered with the SEC as an open-end management investment company under the 1940 Act, and such registration is in full force and effect, and the Acquiring Fund is a separate series of the Acquiring Fund Registrant duly designated in accordance with the applicable provisions of the Touchstone Governing Documents and in compliance in all material respects with the 1940 Act and its rules and regulations.
(h) The Acquiring Fund will not have had any assets (other than assets required to meet the requirements of Section 14(a) of the 1940 Act or other seed capital) or operations at any time prior to the Effective Time.
(i) The Acquiring Fund was established in order to effect the transactions described in this Agreement, and, prior to the Effective Time, shall not have carried on any business activity (other than such activities as are customary to the organization of a new series prior to its commencement of investment operations). It has not yet filed its first federal income tax return and, thus, has not yet elected to be treated as a “regulated investment company” for federal income tax purposes. However, upon filing its first federal income tax return at the completion of its first taxable year, the Acquiring Fund shall elect to be taxed as a “regulated investment company” under Subchapter M of the Code and until such time shall take all steps necessary to ensure that it qualifies for taxation as a “regulated investment company” under Sections 851 and 852 of the Code for its taxable year that includes the Effective Time. The Acquiring Fund intends to continue to qualify for such treatment for its subsequent taxable years. The Acquiring Fund is and will at the Effective Time be treated as a separate corporation under Section 851(g) of the Code.
(j) The Acquiring Fund Shares to be issued and delivered to the Acquired Fund for the account of the Acquired Fund (and to be distributed immediately thereafter to its shareholders) pursuant to the terms of this Agreement will have been duly authorized at the Effective Time and, when so issued and delivered, will be registered under the 1933 Act, duly and validly issued, fully paid and non-assessable and no shareholder of the Acquiring Fund shall have any statutory or contractual preemptive right of subscription or purchase in respect thereof.
(k) As of the Valuation Time, the Acquiring Fund’s prospectus and statement of additional information will conform in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the applicable rules and regulations of the SEC thereunder and will not include any
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untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading.
(l) The Proxy Statement/Prospectus to be included in the Registration Statement and filed in connection with this Agreement, and the documents incorporated therein by reference and any amendment or supplement thereto (i) each comply or will comply in all material respects with the applicable requirements of the 1933 Act, 1934 Act and the 1940 Act and the applicable rules and regulations of the SEC thereunder on the effective date of such Registration Statement, and (ii) each does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not materially misleading on the effective date of such Registration Statement; provided, however, that the Acquiring Fund Registrant makes no representations or warranties as to the information contained in the Proxy Statement/Prospectus, Registration Statement and the documents incorporated therein by reference and any amendment or supplement thereto in reliance upon and in conformity with information relating to the Acquired Fund Registrant or the Acquired Fund and furnished by the Acquired Fund to the Acquiring Fund Registrant specifically for use in connection with the Proxy Statement/Prospectus, Registration Statement and the documents incorporated therein by reference and any amendment or supplement thereto.
(m) The Acquiring Fund Registrant has adopted and implemented written policies and procedures in accordance with Rule 38a-1 under the 1940 Act.
(n) The Acquiring Fund has maintained, or caused to be maintained on its behalf, in all material respects, all Books and Records required of a registered investment company in compliance with the requirements of Section 31 of the 1940 Act and rules and regulations thereunder.
(o) Except as disclosed in writing to the Acquired Fund, to the best of the Acquiring Fund’s Knowledge, no events have occurred and no issues, conditions or facts have arisen which either individually or in the aggregate have had a Material Adverse Effect on the Acquiring Fund other than changes occurring in the ordinary course of business.
(p) Neither the Acquiring Fund Registrant nor the Acquiring Fund is under the jurisdiction of a court in a “Title 11 or similar case” (within the meaning of Section 368(a)(3)(A) of the Code).
(q) The Acquiring Fund has no unamortized or unpaid organizational fees or expenses for which it does not expect to be reimbursed by Touchstone Advisors or its Affiliates.
ARTICLE V
COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND
5.1 OPERATION IN ORDINARY COURSE. The Acquiring Fund and the Acquired Fund will each operate its respective business in the ordinary course between the date of this Agreement and the Effective Time. With respect to the Acquired Fund, it is understood that such ordinary course of business will include (a) customary dividends; (b) shareholder purchases and redemptions and (c) seeking to cause the continued good faith performance by the investment adviser, sub-adviser(s), administrator, distributor and other service providers of their respective responsibilities in accordance with their agreements with the Acquired Fund or the Acquiring Fund, as applicable, and applicable Law. It is understood that such ordinary course of business with respect to the Acquiring Fund shall be limited to such actions as are customary to the organization of a new series prior to its commencement of investment operations. No Party shall take any action that would, or would reasonably be expected to, result in any of its representations and warranties set forth in this Agreement being or becoming untrue in any material respect.
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5.2 APPROVAL OF SHAREHOLDERS. The Acquired Fund Registrant will call a special meeting of the Acquired Fund shareholders to consider and act upon this Agreement and to take all other appropriate action necessary to obtain approval of the transactions contemplated herein.
5.3 INVESTMENT REPRESENTATION. The Acquired Fund covenants that the Acquiring Fund Shares to be issued pursuant to this Agreement are not being acquired for the purpose of making any distribution, other than in connection with the Reorganization and in accordance with the terms of this Agreement.
5.4 ADDITIONAL INFORMATION. The Acquired Fund will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Fund’s shares.
5.5 FURTHER ACTION. Subject to the provisions of this Agreement, the Acquiring Fund and the Acquired Fund will each take or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement, including any actions required to be taken after the Effective Time.
5.6 FINANCIAL STATEMENTS. At the Closing, the Acquired Fund will deliver to the Acquiring Fund an unaudited statement of assets and liabilities of the Acquired Fund, together with a schedule of portfolio investments as of and for the interim period ending at the Valuation Time. These financial statements will present fairly in all material respects the financial position and portfolio investments of the Acquired Fund as of the Valuation Time in conformity with U.S. generally accepted accounting principles applied on a consistent basis, and there will be no material contingent liabilities of the Acquired Fund not disclosed in said financial statements. These financial statements shall be certified by the Treasurer of the Acquired Fund Registrant as, to the best of his or her Knowledge, complying with the requirements of the preceding sentence. The Acquired Fund also will deliver to the Acquiring Fund at the Effective Time (i) the detailed tax-basis accounting records for each security or other investment to be transferred to the Acquiring Fund hereunder, which shall be prepared in accordance with the requirements for specific identification tax-lot accounting and clearly reflect the basis used for determination of gain and loss realized on the partial sale of any security to be transferred to the Acquiring Fund and (ii) a statement of earnings and profits of the Acquired Fund for federal income tax purposes that shall be carried over by the Acquired Fund as a result of Code Section 381 and which shall be certified by the Treasurer of the Acquired Fund Registrant.
5.7 PROXY STATEMENT/ PROSPECTUS AND REGISTRATION STATEMENT. The Parties will cooperate with each other in the preparation of the Proxy Statement/Prospectus and Registration Statement and cause the Registration Statement to be filed with the SEC in a form satisfactory to the Parties and their respective counsel as promptly as practicable. Upon effectiveness of the Registration Statement, the Acquired Fund will cause the Proxy Statement/Prospectus to be delivered to shareholders of the Acquired Fund entitled to vote on this Agreement and the transactions contemplated herein in accordance with the Fifth Third Governing Documents. Each Party will provide the materials and information necessary to prepare the Registration Statement, for inclusion therein, in connection with the shareholder meeting of the Acquired Fund to consider the approval of this Agreement and the transactions contemplated herein. If, at any time prior to the Effective Time, a Party becomes aware of any untrue statement of material fact or omission to state a material fact required to be stated therein or necessary to make the statements made not misleading in light of the circumstances under which they were made, the Party discovering the item shall notify the other Parties and the Parties shall cooperate in promptly preparing, filing and clearing with the SEC and, if appropriate, distributing to shareholders appropriate disclosure with respect to the item.
5.8 PRE-CLOSING DIVIDEND. On or before the Effective Time, the Acquired Fund shall have declared and paid to its shareholders of record a dividend or dividends which, together with all previous such dividends, shall have the effect of distributing all of the Acquired Fund’s investment
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company taxable income (computed without regard to any deduction for dividends paid), if any, plus the excess, if any, of its interest income excludible from gross income under Section 103(a) of the Code over its deductions disallowed under Sections 265 and 171(a)(2) of the Code for all taxable years ending on or before the Effective Time, and all of its net capital gains realized (after reduction for any capital loss carry forward), if any, in all taxable years ending on or before the Effective Time.
5.9 TAX-FREE REORGANIZATION. It is the intention of the parties that the transaction contemplated by this Agreement with respect to the Acquired Fund and the Acquiring Fund will qualify as a reorganization within the meaning of Section 368(a) of the Code. None of the Parties to this Agreement shall take any action or cause any action to be taken, including, without limitation, the filing of any tax return, that is inconsistent with such treatment or that results in the failure of the transaction to qualify as a reorganization within the meaning of Section 368(a) of the Code.
5.10 INFORMATION. The Parties will furnish to each other, and each other’s accountants, legal counsel and other representatives, as appropriate, throughout the period prior to the Effective Time, all such documents and other information concerning the Acquired Fund and the Acquiring Fund, respectively, and their business and properties as may reasonably be requested by the other Party. Such cooperation shall include providing copies of reasonably requested documents and other information. Each Party shall make its officers available on a mutually convenient basis to provide an explanation of any documents or information provided hereunder to the extent that such Party’s officers are familiar with such documents or information.
5.11 NOTICE OF MATERIAL CHANGES. Each Party will notify the other Parties of any event causing a Material Adverse Effect to such Party as soon as practicable following such Party’s Knowledge of any event causing such a Material Adverse Effect.
5.12 OTHER NECESSARY ACTION. The Parties will each take all necessary action and use their reasonable best efforts to complete all filings, obtain all governmental and other consents and approvals and satisfy any other provision required for consummation of the transactions contemplated by this Agreement.
5.13 ISSUED SHARES. The Acquiring Fund Shares to be issued and delivered to the Acquired Fund for the account of the Acquired Fund (and to be distributed immediately thereafter to its shareholders) pursuant to this Agreement, will have been duly authorized at the Effective Time. Said shares when issued and delivered will be registered under the 1933 Act, will be duly and validly issued, fully paid and non-assessable. No shareholder of the Acquiring Fund shall have any statutory or contractual preemptive right of subscription or purchase in respect thereof.
5.14 FINAL TAX RETURNS AND FORMS 1099 OF ACQUIRED FUND. After the Effective Time, except as otherwise agreed to in writing by the Parties, the Acquired Fund shall or shall cause its agents to prepare any federal, state or local returns, including any Forms 1099, required to be filed by the Acquired Fund with respect to the taxable year ending on or prior to the Effective Time and for any prior periods or taxable years and shall further cause such tax returns and Forms 1099 to be duly filed with the appropriate taxing authorities.
5.15 COMPLIANCE WITH SECTION 15(f). The Acquiring Fund Registrant agrees that, for the minimum time periods specified in Section 15(f) of the 1940 Act it shall take (or refrain from taking, as the case may be) such actions as are necessary to ensure that: (a) at least seventy-five percent (75%) of the trustees of the Acquiring Fund Registrant shall not be “interested persons” (as that term is defined in the 1940 Act) of the Acquiring Fund’s investment adviser or the Acquired Fund’s investment adviser; (b) no “unfair burden” (as that term is defined in Section 15(f)(2)(B) of the 1940 Act) shall be imposed on the Acquired Fund; and (c) each vacancy among the trustees of the Acquiring Fund Registrant which must be filled by a person who is neither an interested person of the Acquiring Fund’s investment adviser nor of the Acquired Fund’s investment adviser so as to comply with Section 15(f) of the 1940 Act, as if such Section
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were applicable, shall be filled in the manner specified by Section 16(b) of the 1940 Act. The Acquiring Fund Registrant may elect, in lieu of the covenants set forth in the preceding sentence, to apply for and obtain an exemptive order under Section 6(c) of the 1940 Act from the provisions of Section 15(f)(1)(A) of the 1940 Act, in form and substance reasonably acceptable to FTAM.
ARTICLE VI
CONDITIONS PRECEDENT
6.1 Conditions Precedent to Obligations of the Acquired Fund Registrant. The obligations of the Acquired Fund Registrant, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Acquiring Fund Registrant and the Acquiring Fund of all of their obligations to be performed by them pursuant to this Agreement on or before the Effective Time, and, in addition thereto, subject to the following further conditions unless waived by the Acquired Fund Registrant in writing:
(a) All representations and warranties of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Effective Time with the same force and effect as if made at and as of the Effective Time; provided that the Acquiring Fund and the Acquiring Fund Registrant shall be given a period of ten Business Days from the date on which any such representation or warranty shall not be true and correct in all material respects to cure such condition.
(b) The Acquiring Fund shall have furnished to the Acquired Fund the opinion of Pepper Hamilton LLP dated as of the Effective Time, substantially to the effect that:
(i) the Acquiring Fund Registrant is a business trust, validly existing under the laws of the Commonwealth of Massachusetts, and, to such counsel’s knowledge, has power under the Touchstone Governing Documents to conduct its business and own its assets as described in its currently effective registration statement on Form N-1A;
(ii) the Acquiring Fund Registrant is registered with the SEC under the 1940 Act as an open-end management investment company and, to such counsel’s knowledge, its registration with the SEC is in full force and effect;
(iii) the Acquiring Fund Shares to be issued and delivered by the Acquiring Fund Registrant pursuant to this Agreement have been duly authorized for issuance and, when issued and delivered as provided herein, will be validly issued, fully paid and non-assessable under the laws of the Commonwealth of Massachusetts and no preemptive rights of shareholders exist with respect to any such shares or the issue or delivery thereof;
(iv) except as disclosed in writing to the Acquired Fund, such counsel knows of no material legal proceedings pending against the Acquiring Fund Registrant;
(v) the execution and delivery of this Agreement has been duly authorized by all requisite trust action; this Agreement has been duly executed and delivered by the Acquiring Fund Registrant on behalf of the Acquiring Fund, and, assuming due authorization, execution and delivery by the Acquired Fund Registrant on behalf of the Acquired Fund, constitutes a valid and legally binding obligation of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, enforceable against the Acquiring Fund Registrant in accordance with its terms;
(vi) the Registration Statement has become effective under the 1933 Act and, to the knowledge of such counsel, no stop order suspending the effectiveness of the Registration
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Statement has been issued under the 1933 Act and no proceedings for that purpose have been instituted or threatened by the SEC;
(vii) the execution and delivery of this Agreement by the Acquiring Fund Registrant did not and the consummation of the transactions herein contemplated by the Acquiring Fund Registrant will not result in a material breach of the terms or provisions of, or constitute a material default under the Touchstone Governing Documents;
(viii) the execution and delivery of this Agreement did not and the consummation of the transactions herein contemplated will not result in a material violation by the Acquiring Fund Registrant or the Acquiring Fund of any provisions of any statutory federal securities Law or the statutory laws of the Commonwealth of Massachusetts as they relate to voluntary associations commonly referred to as “Massachusetts business trusts;” and
(ix) to the knowledge of such counsel, no consent, approval, authorization, or other action by or filing with any Governmental or Regulatory Body is required to be made on the part of the Acquiring Fund Registrant in connection with the consummation of the transactions herein contemplated, except such as have been obtained or made under the 1933 Act, 1934 Act and the 1940 Act and the applicable rules and regulations of the SEC thereunder and the laws of the Commonwealth of Massachusetts.
Such opinion shall be subject to such qualifications or limitations as are customary with respect to the subject matter thereof. In rendering such opinion, Pepper Hamilton LLP may rely upon certificates of officers of the Acquiring Fund Registrant and of public officials as to matters of fact.
(c) The Acquiring Fund shall have furnished to the Acquired Fund a certificate of the Acquiring Fund, signed by the President or Vice President and Treasurer of the Acquiring Fund Registrant, dated as of the Effective Time, to the effect that they have examined the Proxy Statement/Prospectus and the Registration Statement (and any supplement thereto) and this Agreement and that:
(i) to the best of their Knowledge, the representations and warranties of the Acquiring Fund Registrant in this Agreement are true and correct in all material respects on and as of the Effective Time and the Acquiring Fund Registrant has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Effective Time; and
(ii) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose are pending or, to such officers’ Knowledge, threatened in writing.
(d) An officer of the Acquired Fund Registrant shall have received the confirmation from the Acquiring Fund or BNY Mellon required under paragraph 3.4 of this Agreement.
(e) The Acquiring Fund shall have duly executed and delivered to the Acquired Fund such assumptions of Liabilities and other instruments as the Acquired Fund may reasonably deem necessary or desirable to evidence the transactions contemplated by this Agreement, including the assumption of the Liabilities of the Acquired Fund by the Acquiring Fund.
(f) The Acquiring Fund Registrant, on behalf of the Acquiring Fund, shall have entered into an expense limitation agreement with Touchstone Advisors consistent with the form of expense limitation agreement filed with the Registration Statement and in the amounts and duration as disclosed in the Registration Statement.
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6.2 Conditions Precedent to Obligations of the Acquiring Fund Registrant. The obligations of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Acquired Fund Registrant and the Acquired Fund of all of their obligations to be performed by them pursuant to this Agreement on or before the Effective Time, and, in addition thereto, subject to the following further conditions unless waived by the Acquiring Fund Registrant in writing:
(a) All representations and warranties of the Acquired Fund Registrant, on behalf of the Acquired Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Effective Time with the same force and effect as if made at and as of the Effective Time; provided that the Acquired Fund and the Acquired Fund Registrant shall be given a period of ten Business Days from the date on which any such representation or warranty shall not be true and correct in all material respects to cure such condition.
(b) The Acquired Fund shall have furnished to the Acquiring Fund the opinion of Vedder Price P.C. dated as of the Effective Time, substantially to the effect that:
(i) the Acquired Fund Registrant is a business trust, validly existing under the laws of the Commonwealth of Massachusetts, and, to such counsel’s knowledge, has power under the Fifth Third Governing Documents to conduct its business and own its assets as described in its currently effective registration statement on Form N-1A;
(ii) the Acquired Fund Registrant is registered with the SEC under the 1940 Act as an open-end management investment company and, to such counsel’s knowledge, its registration with the SEC is in full force and effect;
(iii) except as disclosed in writing to the Acquiring Fund, such counsel knows of no material legal proceedings pending against the Acquired Fund Registrant;
(iv) the execution and delivery of this Agreement has been duly authorized by all requisite trust action; this Agreement has been duly executed and delivered by the Acquired Fund Registrant on behalf of the Acquired Fund and, assuming due authorization, execution and delivery by the Acquiring Fund Registrant on behalf of the Acquiring Fund, constitutes a valid and legally binding obligation of the Acquired Fund Registrant, on behalf of the Acquired Fund, enforceable against the Acquired Fund Registrant in accordance with its terms;
(v) the execution and delivery of this Agreement by the Acquired Fund Registrant did not and the consummation of the transactions herein contemplated by the Acquired Fund Registrant will not result in a material breach of the terms or provisions of, or constitute a material default under, the Fifth Third Governing Documents (assuming that approval of shareholders of the Acquired Fund has been obtained);
(vi) the execution and delivery of this Agreement did not and the consummation of the transactions herein contemplated will not result in a material violation by the Acquired Fund Registrant or the Acquired Fund of any provisions of any statutory federal securities Law or the statutory laws of the Commonwealth of Massachusetts as they relate to voluntary associations commonly referred to as “Massachusetts business trusts;” and
(vii) to the knowledge of such counsel, no consent, approval, authorization, or other action by or filing with any Governmental or Regulatory Body is required to be made on the part of the Acquired Fund Registrant in connection with the consummation of the transactions herein contemplated, except such as have been obtained or made under the 1933 Act, 1934 Act and the 1940 Act
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and the applicable rules and regulations of the SEC thereunder and the laws of the Commonwealth of Massachusetts and such authorizations and filings as are necessary to terminate the Acquired Fund as a series of a Massachusetts business trust.
Such opinion shall be subject to such qualifications or limitations as are customary with respect to the subject matter thereof. In rendering such opinion, Vedder Price P.C. may rely upon certificates of officers of the Acquired Fund Registrant and of public officials as to matters of fact.
(c) The Acquired Fund shall have furnished to the Acquiring Fund the unaudited financial statements required by paragraph 5.6.
(d) The Acquired Fund shall have furnished to the Acquiring Fund a certificate of the Acquired Fund, signed by the President or Vice President and Treasurer of the Acquired Fund Registrant, dated as of the Effective Time, to the effect that they have examined the Proxy Statement/Prospectus, the Registration Statement (and any supplement thereto) and this Agreement and that:
(i) to the best of their Knowledge, the representations and warranties of the Acquired Fund Registrant in this Agreement are true and correct in all material respects on and as of the Effective Time and the Acquired Fund Registrant has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Effective Time; and
(ii) since the date of the most recent financial statements of the Acquired Fund included in the Proxy Statement/Prospectus (or any supplement thereto), there has been no Material Adverse Effect on the business of the Acquired Fund (other than changes in the ordinary course of business, including, without limitation, dividends and other distributions in the ordinary course and changes in net asset value per share), except as set forth in or contemplated in the Proxy Statement/Prospectus (or any supplement thereto).
(e) The Acquired Fund shall have duly executed and delivered to the Acquiring Fund Registrant such bills of sale, assignments, certificates and other instruments of transfer, including transfer instructions to the Acquired Fund’s custodian and instructions to the Acquiring Fund Registrant’s transfer agent (“Transfer Documents”) as the Acquiring Fund Registrant may reasonably deem necessary or desirable to evidence the transfer to the Acquiring Fund of all of the right, title and interest of the Acquired Fund in and to the respective Fund Assets of the Acquired Fund. In each case, the Fund Assets of the Acquired Fund shall be accompanied by all necessary state stock transfer stamps or cash for the appropriate purchase price therefor.
(f) The Acquiring Fund shall have received: (i) a certificate of an authorized signatory of Acquired Fund Custodian, as custodian for the Acquired Fund, stating that the Fund Assets of the Acquired Fund have been delivered to the Acquiring Fund; (ii) a certificate of an authorized signatory of Brown Brothers Harriman & Co., as custodian for the Acquiring Fund, stating that the Fund Assets of the Acquired Fund have been received; and (iii) a certificate of an authorized signatory of the Acquired Fund confirming that the Acquired Fund has delivered its records containing the names and addresses of the record holders of the Acquired Fund shares and the number and percentage (to three decimal places) of ownership of the Acquired Fund shares owned by each such holder as of the close of business at the Valuation Time.
(g) At the Valuation Time and Effective Time, except as previously disclosed to the Acquiring Fund in writing, and except as have been corrected as required by applicable Law, there shall have been no material miscalculations of the net asset value of the Acquired Fund during the twelve-month period preceding the Valuation Time and Effective Time, and all such calculations shall have been made in accordance with the applicable provisions of the 1940 Act. At the Valuation Time and Effective Time, all Liabilities chargeable to the Acquired Fund which are required to be reflected in the net asset value per
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share of a share class of the Acquired Fund in accordance with applicable Law will be reflected in the net asset value per share of the Acquired Fund.
(h) The Acquired Fund’s agreements with each of its service contractors shall have terminated at the Effective Time, and each Party has received assurance that no claims for damages (liquidated or otherwise) will arise as a result of such termination.
ARTICLE VII
FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE
ACQUIRING FUND AND ACQUIRED FUND
If any of the conditions set forth below do not exist on or before the Effective Time with respect to the Acquired Fund or the Acquiring Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement:
7.1 This Agreement and the transactions contemplated herein, with respect to the Acquired Fund, shall have been approved by the requisite vote of the holders of the outstanding shares of the Acquired Fund in accordance with applicable law and the provisions of the Fifth Third Governing Documents. Notwithstanding anything herein to the contrary, neither the Acquiring Fund nor the Acquired Fund may waive the conditions set forth in this paragraph 7.1.
7.2 At the Effective Time, the SEC shall not have issued an unfavorable report under Section 25(b) of the 1940 Act, or instituted any proceeding seeking to enjoin the consummation of the transactions contemplated by this Agreement under Section 25(c) of the 1940 Act. Furthermore, no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with this Agreement or the transactions contemplated herein.
7.3 All required consents of other parties and all other consents, orders, and permits of federal, state and local regulatory authorities (including those of the SEC and of state securities authorities, including any necessary “no-action” positions and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated herein shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a Material Adverse Effect on the assets or properties of the Acquiring Fund or the Acquired Fund, provided that either party hereto may waive any such conditions for itself.
7.4 The Registration Statement shall have become effective under the 1933 Act, and no stop orders suspending the effectiveness thereof shall have been issued. To the best knowledge of the parties to this Agreement, no investigation or proceeding relating to the Registration Statement shall have been instituted or be pending, threatened or contemplated under the 1933 Act.
7.5 Each of the Acquiring Fund and the Acquired Fund shall have received a favorable opinion of Pepper Hamilton LLP substantially to the effect that, for federal income tax purposes:
(i) The acquisition by the Acquiring Fund of all of the assets of the Acquired Fund solely in exchange for the Acquiring Fund’s assumption of the Liabilities of the Acquired Fund and issuance of the Acquiring Fund Shares, followed by the distribution of such Acquiring Fund Shares by the Acquired Fund in complete liquidation to the Acquired Fund shareholders in exchange for their Acquired Fund shares, all as provided in this Agreement, will constitute a reorganization within the meaning of Section 368(a) of the Code, and the Acquired Fund and the Acquiring Fund each will be “a party to a reorganization” within the meaning of Section 368(b) of the Code;
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(ii) Under Code Section 361, no gain or loss will be recognized by the Acquired Fund (i) upon the transfer of its assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities of the Acquired Fund or (ii) upon the distribution of the Acquiring Fund Shares by the Acquired Fund to the Acquired Fund shareholders in complete liquidation, as contemplated in this Agreement;
(iii) Under Code Section 1032, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the assets of the Acquired Fund solely in exchange for the assumption of the Liabilities of the Acquired Fund and issuance of the Acquiring Fund Shares as contemplated in this Agreement;
(iv) Under Code Section 362(b), the tax basis of the assets of the Acquired Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Acquired Fund immediately prior to the Reorganization;
(v) Under Code Section 1223(2), the holding periods of the assets of the Acquired Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Acquired Fund;
(vi) Under Code Section 354, no gain or loss will be recognized by the Acquired Fund shareholders upon the exchange of all of their Acquired Fund shares solely for the Acquiring Fund Shares in the Reorganization;
(vii) Under Code Section 358, the aggregate tax basis of the Acquiring Fund Shares to be received by each Acquired Fund shareholder pursuant to the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;
(viii) Under Code Section 1223(1), an Acquired Fund shareholder’s holding period for the Acquiring Fund Shares to be received will include the period during which the Acquired Fund shares exchanged therefor were held by such shareholder, provided that the Acquired Fund shareholder held the Acquired Fund shares as a capital asset at the time of the Reorganization.
No opinion will be expressed as to (1) the effect of the Reorganization on (A) the Acquired Fund or the Acquiring Fund with respect to any asset as to which any unrealized gain or loss is required to be recognized for U.S. federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting and (B) any Acquired Fund shareholder or Acquiring Fund shareholder that is required to recognize unrealized gains and losses for U.S. federal income tax purposes under a mark-to-market system of accounting, or (C) the Acquired Fund or the Acquiring Fund with respect to any stock held in a passive foreign investment company as defined in Section 1297(a) of the Code or (2) any other federal tax issues (except those set forth above) and all state, local or foreign tax issues of any kind.
Such opinion shall be based on customary assumptions, limitations and such representations as Pepper Hamilton LLP may reasonably request, and the Acquired Fund and Acquiring Fund will cooperate to make and certify the accuracy of such representations. Such opinion may contain such assumptions and limitations as shall be in the opinion of such counsel appropriate to render the opinions expressed therein. Notwithstanding anything herein to the contrary, neither the Acquiring Fund nor the Acquired Fund may waive the conditions set forth in this paragraph 7.5.
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ARTICLE VIII
EXPENSES
8.1 The Acquired Fund and the Acquiring Fund will not bear any expenses associated with their participation in the Reorganization, except as contemplated in this Article VIII. Touchstone Advisors, FTAM and/or their respective Affiliates will bear and pay, in such proportion as may be agreed upon in writing by such parties, all fees and expenses associated with the Parties’ participation in the Reorganization without regard to whether the Reorganization is consummated. Reorganization expenses shall include, without limitation, obtaining shareholder approval of the Reorganization. The Acquiring Fund shall bear expenses associated with the qualification of Acquiring Fund Shares for sale in the various states.
8.2 All such fees and expenses so borne and paid by Touchstone Advisors, FTAM and/or their respective Affiliates shall be solely and directly related to the transactions contemplated by this Agreement and shall be paid directly by Touchstone Advisors, FTAM and/or their Affiliates to the relevant providers of services or other payees in accordance with the principles set forth in the Internal Revenue Service Rev. Ruling 73-54, 1973-1 C.B. 187. The responsibility for payment shall be allocated between Touchstone Advisors and FTAM (and/or any Affiliate thereof) as may be agreed in writing by and between Touchstone Advisors and FTAM.
ARTICLE IX
ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES
9.1 The Acquiring Fund Registrant, on behalf of the Acquiring Fund, and the Acquired Fund Registrant, on behalf of the Acquired Fund, agree that neither party has made to the other party any representation, warranty and/or covenant not set forth herein, and that this Agreement constitutes the entire agreement between the parties.
9.2 Except as specified in the next sentence set forth in this paragraph 9.2, the representations, warranties, and covenants contained in this Agreement or in any document delivered pursuant to or in connection with this Agreement, shall not survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Effective Time shall continue in effect beyond the consummation of the transactions contemplated hereunder.
ARTICLE X
TERMINATION
This Agreement may be terminated by the mutual agreement of the Acquiring Fund Registrant and the Acquired Fund Registrant. In addition, either the Acquiring Fund Registrant or the Acquired Fund Registrant may at its option terminate this Agreement at or before the Effective Time due to:
a) a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or before the Effective Time, if not cured within 30 days; or
b) a condition herein expressed to be precedent to the obligations of the terminating party that has not been met and it reasonably appears that it will not or cannot be met.
In addition to the foregoing, this Agreement shall terminate automatically upon the termination of the Purchase Agreement.
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In the event of any such termination, in the absence of willful default, there shall be no liability for damages on the part of any of the Acquiring Fund, the Acquiring Fund Registrant, the Acquired Fund, the Acquired Fund Registrant, or their respective trustees or their respective officers.
ARTICLE XI
AMENDMENTS
This Agreement may be amended, modified, or supplemented in such manner as may be mutually agreed upon in writing by the officers of the Acquired Fund Registrant, on behalf of the Acquired Fund, and the Acquiring Fund Registrant, on behalf of the Acquiring Fund, and as specifically authorized by their respective Boards; provided, however, that following the meeting of the Acquired Fund shareholders called by the Acquired Fund pursuant to paragraph 5.2 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of Acquiring Fund Shares to be issued to the Acquired Fund shareholders under this Agreement to the detriment of such shareholders without their further approval.
ARTICLE XII
HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT;
LIMITATION OF LIABILITY
The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.
This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws rules thereof that would require the application of the laws of another jurisdiction.
This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, trust, or entities other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.
It is expressly agreed that the obligations of the Acquiring Fund hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents, or employees of the Acquiring Fund Registrant personally, but shall bind only the property of the Acquiring Fund, as provided in the Declaration of Trust of the Acquiring Fund Registrant. The execution and delivery of this Agreement have been authorized by the Touchstone Board on behalf of the Acquiring Fund and signed by authorized officers of the Acquiring Fund Registrant, acting as such. Neither the authorization by the Touchstone Board nor the execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Acquiring Fund as provided in the Declaration of Trust of the Acquiring Fund Registrant.
It is expressly agreed that the obligations of the Acquired Fund hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents, or employees of the Acquired Fund Registrant personally, but shall bind only the property of the Acquired Fund, as provided in the Declaration of Trust of the Acquired Fund Registrant. The execution and delivery of this Agreement have been authorized by the Fifth Third Board on behalf of the Acquired Fund and signed by authorized officers of
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the Acquired Fund Registrant, acting as such. Neither the authorization by the Fifth Third Board nor the execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Acquired Fund as provided in the Declaration of Trust of the Acquired Fund Registrant.
Article XIII
DEFInitions
As used in this Agreement, the following terms have the following meanings:
“Action or Proceeding” means any action, suit or proceeding by any Person, or any investigation or audit by any Governmental or Regulatory Body.
“Affiliate” means, with respect to any Person, any other Person controlling, controlled by or under common control with such first Person.
“Affiliated Person” shall mean, with respect to any Person, an “affiliated person” of such Person as such term is defined in Section 2(a)(3) of the 1940 Act.
“Books and Records” means a Parties’ accounts, books, records or other documents (including but not limited to minute books, stock transfer ledgers, financial statements, tax returns and related work papers and letters from accountants, and other similar records) required to be maintained by the Parties with respect to the Acquired Fund or the Acquiring Fund, as applicable, pursuant to Section 31(a) of the 1940 Act and Rules 31a-1 to 31a-3 thereunder.
“Business Day” means a day other than (a) a day which the New York Stock Exchange is closed, (b) Saturday or Sunday or (c) a day during which trading on the New York Stock Exchange is restricted.
“Governmental or Regulatory Body” means any court, tribunal, or government or political subdivision, whether federal, state, county, local or foreign, or any agency, authority, official or instrumentality of any such government or political subdivision.
“Knowledge” means (i) with respect to the Acquired Fund Registrant and the Acquired Fund, the actual knowledge of the Acquired Fund Registrant’s officers and FTAM in its capacity as adviser to the Acquired Fund; and (ii) with respect to the Acquiring Fund Registrant and the Acquiring Fund, the actual knowledge of the Acquiring Fund Registrant’s officers, or Touchstone Advisors in its respective capacity as a service provider to the Acquiring Fund Registrant.
“Law” means any law, statute, rule, regulation or ordinance of any Governmental or Regulatory Body.
“Material Adverse Effect” as to any Person means a material adverse effect on the business, results of operations or financial condition of such Person. For purposes of this definition, a decline in net asset value of the Acquired Fund or Acquiring Fund arising out of its investment operations or declines in market values of securities in its portfolio, the discharge of liabilities, or the redemption of shares representing interests in such fund, shall not constitute a “Material Adverse Effect.”
“NYSE” means New York Stock Exchange.
“1940 Act” means the Investment Company Act of 1940, as amended.
“1933 Act” means the Securities Act of 1933, as amended.
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“1934 Act” means the Securities Exchange Act of 1934, as amended.
“Order” means any writ, judgment, decree, injunction or similar order of any Government or Regulatory Body, in each case whether preliminary or final.
“Person” means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental or Regulatory Body or other entity.
“Purchase Agreement” means the Stock and Bond Mutual Funds Purchase Agreement by and among Touchstone Advisers, FTAM and Fifth Third Financial Corporation, dated April 4, 2012.
“Fifth Third Governing Documents” means the Amended and Restated By-Laws of Fifth Third Funds dated December 10, 2008 and the Amended and Restated Declaration of Trust of Fifth Third Funds dated November 6, 2003, as they may be amended from time to time.
“SEC” means the U.S. Securities and Exchange Commission.
“Touchstone Governing Documents” means the By-laws of LG Investment Trust as amended through April 5, 1989 and the Restated Agreement and Declaration of Trust dated May 19, 1993, as amended through November 17, 2011, as they may be amended from time to time.
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IN WITNESS WHEREOF, the Parties, Touchstone Advisors, Inc. and Fifth Third Asset Management, Inc. have caused this Agreement to be duly executed and delivered by their duly authorized officers, as of the day and year first above written.
FIFTH THIRD FUNDS, on behalf of each of its separate series reflected on Exhibit A | ||
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President | |
TOUCHSTONE STRATEGIC TRUST, on behalf of each of its separate series reflected on Exhibit A | ||
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | Treasurer | |
FIFTH THIRD ASSET MANAGEMENT, INC. | ||
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President | |
Solely for purposes of Article VIII | ||
TOUCHSTONE ADVISORS, INC. | ||
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | SVP & CFO | |
By: | /s/ Steve Graziano | |
Name: | Steve Graziano | |
Title: | President | |
Solely for purposes of Article VIII |
[Signature Page to Agreement and Plan of Reorganization]
EXHIBIT A
The following chart shows (i) each Acquired Fund and its classes of shares and (ii) the corresponding Acquiring Fund and its classes of shares:
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone strategic trust, and its Classes of Shares |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third International Equity Fund | Touchstone International Value Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone Investment Trust, and its Classes of Shares | ||
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund | ||
Class A | Class A | ||
Class B | Class A | ||
Class C | Class C | ||
Institutional | Class Y | ||
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund | ||
Class A | Class A | ||
Class B | Class A | ||
Class C | Class C | ||
Institutional | Class Y |
1 |
SHARES AND LIQUIDATION AND DISSOLUTION OF THE ACQUIRED FUND
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
(a) | All representations and warranties of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Effective Time with the same force and effect as if made at and as of the Effective Time; provided that the Acquiring Fund and the Acquiring Fund Registrant shall be given a period of ten Business Days from the date on which any such representation or warranty shall not be true and correct in all material respects to cure such condition. |
(b) | The Acquiring Fund shall have furnished to the Acquired Fund the opinion of Pepper Hamilton LLP dated as of the Effective Time, substantially to the effect that: |
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(c) | The Acquiring Fund shall have furnished to the Acquired Fund a certificate of the Acquiring Fund, signed by the President or Vice President and Treasurer of the Acquiring Fund Registrant, dated as of the Effective Time, to the effect that they have examined the Proxy Statement/Prospectus and the Registration Statement (and any supplement thereto) and this Agreement and that: |
(d) | An officer of the Acquired Fund Registrant shall have received the confirmation from the Acquiring Fund or BNY Mellon required under paragraph 3.4 of this Agreement. |
(e) | The Acquiring Fund shall have duly executed and delivered to the Acquired Fund such assumptions of Liabilities and other instruments as the Acquired Fund may reasonably deem necessary or desirable to evidence the transactions contemplated by this Agreement, including the assumption of the Liabilities of the Acquired Fund by the Acquiring Fund. |
(f) | The Acquiring Fund Registrant, on behalf of the Acquiring Fund, shall have entered into an expense limitation agreement with Touchstone Advisors consistent with the form of expense limitation agreement filed with the Registration Statement and in the amounts and duration as disclosed in the Registration Statement. |
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19 |
20 |
21 |
22 |
a) | a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or before the Effective Time, if not cured within 30 days; or |
b) | a condition herein expressed to be precedent to the obligations of the terminating party that has not been met and it reasonably appears that it will not or cannot be met. |
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LIMITATION OF LIABILITY
24 |
25 |
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By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President |
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | Treasurer |
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President |
By: | /s/ Terrie Wiedenheft | |
Name: | Terrie Wiedenheft | |
Title: | SVP & CFO |
By: | /s/ Steve Graziano | |
Name: | Steve Graziano | |
Title: | President |
Acquired Fund, each a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, each a series of Touchstone Investment Trust, and its Classes of Shares |
Fifth Third High Yield Bond Fund | Touchstone High Yield Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
Fifth Third Total Return Bond Fund | Touchstone Core Bond Fund |
Class A | Class A |
Class B | Class A |
Class C | Class C |
Institutional | Class Y |
AGREEMENT AND PLAN OF REORGANIZATION
Acquired Fund, a series of Fifth Third Fund, and its Classes of Shares | Acquiring Fund, a series of Touchstone Funds Group Trust, and its Classes of Shares | ||
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | ||
Class A | Class A | ||
Class C | Class C | ||
Institutional | Class Y |
1 |
SHARES AND LIQUIDATION AND DISSOLUTION OF THE ACQUIRED FUND
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
(a) | All representations and warranties of the Acquiring Fund Registrant, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Effective Time with the same force and effect as if made at and as of the Effective Time; provided that the Acquiring Fund and the Acquiring Fund Registrant shall be given a period of ten Business Days from the date on which any such representation or warranty shall not be true and correct in all material respects to cure such condition. |
(b) | The Acquiring Fund shall have furnished to the Acquired Fund the opinion of Pepper Hamilton LLP dated as of the Effective Time, substantially to the effect that: |
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(c) | The Acquiring Fund shall have furnished to the Acquired Fund a certificate of the Acquiring Fund, signed by the President or Vice President and Treasurer of the Acquiring Fund Registrant, dated as of the Effective Time, to the effect that they have examined the Proxy Statement/Prospectus and the Registration Statement (and any supplement thereto) and this Agreement and that: |
(d) | An officer of the Acquired Fund Registrant shall have received the confirmation from the Acquiring Fund or BNY Mellon required under paragraph 3.4 of this Agreement. |
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(e) | The Acquiring Fund shall have duly executed and delivered to the Acquired Fund such assumptions of Liabilities and other instruments as the Acquired Fund may reasonably deem necessary or desirable to evidence the transactions contemplated by this Agreement, including the assumption of the Liabilities of the Acquired Fund by the Acquiring Fund. |
(f) | The Acquiring Fund Registrant, on behalf of the Acquiring Fund, shall have entered into an expense limitation agreement with Touchstone Advisors consistent with the form of expense limitation agreement filed with the Registration Statement and in the amounts and duration as disclosed in the Registration Statement. |
18 |
19 |
20 |
21 |
22 |
a) | a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or before the Effective Time, if not cured within 30 days; or |
b) | a condition herein expressed to be precedent to the obligations of the terminating party that has not been met and it reasonably appears that it will not or cannot be met. |
23 |
24 |
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FIFTH THIRD FUNDS, on behalf of Fifth Third Short Term Bond Fund | ||
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President | |
TOUCHSTONE FUNDS GROUP TRUST, on behalf of Touchstone Ultra Short Duration Fixed Income Fund | ||
By: | /s/ Tim Paulin | |
Name: | Tim Paulin | |
Title: | VP | |
FIFTH THIRD ASSET MANAGEMENT, INC. | ||
By: | /s/ E. Keith Wirtz | |
Name: | E. Keith Wirtz | |
Title: | President | |
Solely for purposes of Article VIII | ||
TOUCHSTONE ADVISORS, INC. | ||
By: | /s/ Tim Paulin | |
Name: | Tim Paulin | |
Title: | VP | |
By: | /s/ Steve Graziano | |
Name: | Steve Graziano | |
Title: | President | |
Solely for purposes of Article VIII |
Acquired Fund, a series of Fifth Third Funds, and its Classes of Shares | Acquiring Fund, a series of Touchstone Funds Group Trust, and its Classes of Shares | ||||
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | ||||
Class A | Class A | ||||
Class C | Class C | ||||
Institutional | Class Y |
Fundamental Investment Limitation | Acquired Funds | Acquiring Funds | Material Differences |
Fifth Third Quality Growth Fund Fifth Third Mid Cap Growth Fund | Touchstone Large Cap Growth Fund Touchstone Growth Opportunities Fund | ||
Diversification | A Fund may purchase securities of any issuer only when consistent with the maintenance of its status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time. Under the 1940 Act, and the rules, regulations, and interpretations thereunder, a “diversified company,” as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer’s voting securities would be held by the fund. | Each Fund is a “non-diversified company” as defined in the 1940 Act. | As non-diversified companies, the Touchstone Large Cap Growth Fund and the Touchstone Growth Opportunities Fund may invest more of their assets in the securities of fewer companies than if they were a diversified company. Because each investment may have a greater effect on a non-diversified company’s performance, a non-diversified company would likely be more exposed to the risks of loss and volatility than a fund that invests more broadly. |
Borrowing Money and Senior Securities | A Fund will not issue senior securities, except that each Fund may borrow money directly or through reverse repurchase agreements in amounts up | A Fund may not engage in borrowing except as permitted by the Investment Company Act of 1940, any rule, regulation or order under | The Fifth Third Quality Growth Fund and the Fifth Third Mid Cap Growth Fund may only borrow as a temporary measure for extraordinary or |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitation | Fifth Third Quality Growth Fund Fifth Third Mid Cap Growth Fund | Touchstone Large Cap Growth Fund Touchstone Growth Opportunities Fund | Material Differences |
to one-third of the value of its total assets, including the amount borrowed; and except to the extent that a Fund may enter into futures contracts, as applicable. A Fund will not borrow money or engage in reverse repurchase agreements for investment leverage, but rather as a temporary, extraordinary, or emergency measure or to facilitate management of the portfolio by enabling a Fund to meet redemption requests when the liquidation of portfolio securities is deemed to be inconvenient or disadvantageous. A Fund will not purchase any securities while any borrowings in excess of 5% of its total assets are outstanding. Currently, the Funds do not intend to borrow money for investment leverage. A Fund does not consider a cash advance used to cover a short-term overdraft to be a borrowing. | the Act or any SEC staff interpretation of the 1940 Act. A Fund may not issue senior securities except as permitted by the Investment Company Act of 1940, any rule, regulation or order under the Act or any SEC staff interpretation of the 1940 Act. | emergency purposes or to meet certain redemption requests. Furthermore, the Fifth Third Quality Growth Fund and the Fifth Third Mid Cap Growth Fund are prohibited from purchasing any securities while borrowings exceed 5% of the Fund’s total assets. There are no material differences with respect to each Fund’s fundamental investment restrictions on investing in senior securities. | |
Underwriting | A Fund will not underwrite any issue of securities, except as the Fund may be deemed to be an underwriter under the Securities Act of 1933 in connection with the sale of securities in accordance with its investment objectives, policies, and limitations. | A Fund 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. | There are no material differences. |
Loans | A Fund will not lend any of its respective assets except that (i) cash may be lent to other Funds of the Trust, subject to applicable SEC limitations, and (ii) portfolio securities up to | A Fund 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, | The Fifth Third Quality Growth Fund and the Fifth Third Mid Cap Growth Fund may lend cash to other Funds of the Trust. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitation | Fifth Third Quality Growth Fund Fifth Third Mid Cap Growth Fund | Touchstone Large Cap Growth Fund Touchstone Growth Opportunities Fund | Material Differences |
one-third of the value of the Fund’s total assets may be lent to third parties. The preceding limitation shall not prevent a Fund from purchasing or holding U.S. government obligations, money market instruments, publicly or non-publicly issued municipal bonds, variable rate demand notes, bonds, debentures, notes, certificates of indebtedness, or other debt securities, entering into repurchase agreements, or engaging in other transactions where permitted by a Fund’s investment objectives, policies and limitations or the Trust’s Declaration of Trust. | (4) purchase commercial paper, and (5) enter into any other lending arrangement permitted by the Investment Company Act of 1940, any rule, regulation or order under the Act or any SEC staff interpretation of the 1940 Act. | ||
Real Estate | A Fund will not purchase or sell real estate, including limited partnership interests, although a Fund may invest in securities of issuers whose business involves the purchase or sale of real estate or in securities which are secured by real estate or interests in real estate. | A Fund 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. | There are no material differences. |
Commodities | A Fund will not purchase or sell commodities or commodity contracts except to the extent that a Fund may engage in transactions involving financial futures contracts or options on financial futures contracts. | A Fund 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 | The Fifth Third Quality Growth Fund and the Fifth Third Mid Cap Growth Fund investments in commodities are limited to commodities contracts relating to financial instruments. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitation | Fifth Third Quality Growth Fund Fifth Third Mid Cap Growth Fund | Touchstone Large Cap Growth Fund Touchstone Growth Opportunities Fund | Material Differences |
physical commodities, (3) purchase or sell options, and (4) purchase or sell futures contracts. | |||
Concentration of Investments | The Fund will not invest 25% or more of the value of its total assets in any one industry, except that each Fund may invest more than 25% of the value of its total assets in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities and repurchase agreements collateralized by such securities. | A 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 a Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. | There are no material differences. |
Short Selling and Buying on Margin | The Fund will not sell any securities short or purchase any securities on margin, but the Fund may obtain such short-term credits as are necessary for clearance of purchases and sales of securities. The deposit or payment by the Fund of initial or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin. | None | The Touchstone Large Cap Growth Fund and the Touchstone Growth Opportunities Fund do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Pledging Assets | The Fund will not mortgage, pledge, or hypothecate any assets, except to secure permitted borrowings. In these cases, the Fund may pledge assets as necessary to secure such borrowings. For purposes of this limitation, where applicable, (a) the deposit of assets in escrow in connection with the writing of covered put or call options and the purchase of securities on a when-issued basis and (b) collateral arrangements with respect to: (i) the purchase and sale of stock options (and options on | None | The Touchstone Large Cap Growth Fund and the Touchstone Growth Opportunities Fund do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitation | Fifth Third Quality Growth Fund Fifth Third Mid Cap Growth Fund | Touchstone Large Cap Growth Fund Touchstone Growth Opportunities Fund | Material Differences |
stock indices) and (ii) initial or variation margin for futures contracts, will not be deemed to be pledges of a Fund’s assets. |
Fundamental Investment Limitations | Acquired Fund | Acquiring Fund | Material Differences |
Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | ||
Diversification | The Fund may purchase securities of any issuer only when consistent with the maintenance of its status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time. Under the 1940 Act, and the rules, regulations, and interpretations thereunder, a “diversified company,” as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer’s voting securities would be held by the fund. | The Fund may not with respect to 75% of the Fund’s assets: (i) purchase securities of any issuer (except securities issued or guaranteed by the United States government, its agencies or instrumentalities and repurchase agreements involving such securities) if, as a result, more than 5% of the total assets of the Fund would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer. | There are no material differences. |
Borrowing Money and Senior Securities | The Fund will not issue senior securities, except that the Fund may borrow money directly or through reverse repurchase agreements in amounts up to one-third of the value of its total assets, including the amount borrowed; and | The Fund may not borrow money in an amount exceeding 33 1/3% of the value of its total assets, provided that, for purposes of this limitation, investment strategies which either obligate the Fund to purchase | The Fifth Third Short Term Bond Fund may only borrow as a temporary measure for extraordinary or emergency purposes or to meet certain redemption requests. There are no material |
Acquired Fund | Acquiring Fund | ||
Fundamental Investment Limitations | Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | Material Differences |
except to the extent that the Fund may enter into futures contracts, as applicable. The Fund will not borrow money or engage in reverse repurchase agreements for investment leverage, but rather as a temporary, extraordinary, or emergency measure or to facilitate management of the portfolio by enabling a Fund to meet redemption requests when the liquidation of portfolio securities is deemed to be inconvenient or disadvantageous. The Fund will not purchase any securities while any borrowings in excess of 5% of its total assets are outstanding. Currently, the Fund does not intend to borrow money for investment leverage. The Fund does not consider a cash advance used to cover a short-term overdraft to be a borrowing. | securities or require the fund to segregate assets are not considered to be borrowings. Asset coverage of at least 300% is required for all borrowings, except where the Fund has borrowed money for temporary purposes in amounts not exceeding 5% of its total assets. The Fund will not purchase securities while its borrowings exceed 5% of its total assets. The Fund may not issue senior securities as defined in the 1940 Act except as permitted by rule, regulation or order of the SEC. | differences with respect to each Fund’s fundamental investment restrictions on investing in senior securities. | |
Underwriting | The Fund will not underwrite any issue of securities, except as the Fund may be deemed to be an underwriter under the Securities Act of 1933 in connection with the sale of securities in accordance with its investment objectives, policies, and limitations. | The Fund may not act as an underwriter of securities of other issuers except as it may be deemed an underwriter in selling a portfolio security. | There are no material differences. |
Loans | The Fund will not lend any of its respective assets except that (i) cash may be lent to other Funds of the Trust, subject to applicable SEC limitations, and (ii) portfolio securities up to one-third of the value of the Fund’s total assets may be lent to third parties. The preceding limitation shall not prevent the Fund from purchasing or holding U.S. government obligations, | The Fund may not make loans to other persons except through the lending of its portfolio securities, provided that this limitation does not apply to the purchase of debt securities and loan participations and/or engaging in direct corporate loans or repurchase agreements in accordance with its investment objectives and | The Fifth Third Short Term Bond Fund may lend cash to other Funds of the Trust. |
Acquired Fund | Acquiring Fund | ||
Fundamental Investment Limitations | Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | Material Differences |
money market instruments, publicly or non-publicly issued municipal bonds, variable rate demand notes, bonds, debentures, notes, certificates of indebtedness, or other debt securities, entering into repurchase agreements, or engaging in other transactions where permitted by a Fund’s investment objectives, policies and limitations or the Trust’s Declaration of Trust. | policies. The loans cannot exceed 33 1/3% of a Fund’s assets. A Fund may also make loans to other investment companies to the extent permitted by the 1940 Act or any exemptions therefrom which may be granted to the Fund by the SEC. For example, at a minimum, the Fund will not make any such loans unless all requirements regarding common control and ownership of Fund shares are met. | ||
Real Estate and Commodities | The Fund will not purchase or sell real estate, including limited partnership interests, although the Fund may invest in securities of issuers whose business involves the purchase or sale of real estate or in securities which are secured by real estate or interests in real estate. The Fund will not purchase or sell commodities or commodity contracts except to the extent that the Fund may engage in transactions involving financial futures contracts or options on financial futures contracts. | The Fund may not purchase or sell real estate, physical commodities, or commodities contracts, except that the Fund may purchase (i) marketable securities issued by companies which own or invest in real estate (including REITs), commodities, or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts. | The Touchstone Ultra Short Duration Fixed Income Fund’s fundamental restriction permits investments only in marketable securities of companies that own, invest, or deal in real estate. There are no material differences with respect to each Fund’s fundamental investment restrictions on investing in commodities. |
Concentration of Investments | The Fund will not invest 25% or more of the value of its total assets in any one industry, except that the Fund may invest more than 25% of the value of its total assets in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities and repurchase agreements collateralized by such securities. | The Fund may not invest more than 25% of the Fund’s assets in securities issued by companies in a single industry or related group of industries. | There are no material differences. |
Short Selling and Buying | The Fund will not sell any | None | The Touchstone Ultra |
Acquired Fund | Acquiring Fund | ||
Fundamental Investment Limitations | Fifth Third Short Term Bond Fund | Touchstone Ultra Short Duration Fixed Income Fund | Material Differences |
on Margin | securities short or purchase any securities on margin, but the Fund may obtain such short-term credits as are necessary for clearance of purchases and sales of securities. The deposit or payment by the Fund of initial or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin. | Short Duration Fixed Income Fund does not have a similar fundamental investment policy. | |
Pledging Assets | The Fund will not mortgage, pledge, or hypothecate any assets, except to secure permitted borrowings. In these cases, the Fund may pledge assets as necessary to secure such borrowings. For purposes of this limitation, where applicable, (a) the deposit of assets in escrow in connection with the writing of covered put or call options and the purchase of securities on a when-issued basis and (b) collateral arrangements with respect to: (i) the purchase and sale of stock options (and options on stock indices) and (ii) initial or variation margin for futures contracts, will not be deemed to be pledges of a Fund’s assets. | None | The Touchstone Ultra Short Duration Fixed Income Fund does not have a similar fundamental investment policy. |
Oil, Gas or other mineral exploration | None | The Fund may not invest in interests in oil, gas, or other mineral exploration or development programs and oil, gas or mineral leases. | The Fifth-Third Short Term Bond Fund does not have a similar fundamental investment policy. |
Fundamental Investment Limitations | Acquired Funds | Acquiring Funds | Material Differences |
Fifth Third High Yield Bond Fund Fifth Third Total Return Bond Fund | Touchstone High Yield Fund Touchstone Core Bond Fund | ||
Diversification | The Fund may purchase securities of any issuer only when consistent with the maintenance of its status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time. Under the 1940 Act, and the rules, regulations, and interpretations thereunder, a “diversified company,” as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer’s voting securities would be held by the fund. | The Fund may not purchase securities of an issuer that would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. | There are no material differences. |
Borrowing Money and Senior Securities | The Fund will not issue senior securities, except that the Fund may borrow money directly or through reverse repurchase agreements in amounts up to one-third of the value of its total assets, including the amount borrowed; and except to the extent that the Fund may enter into futures contracts, as applicable. The Fund will not borrow money or engage in reverse repurchase agreements for investment leverage, but rather as a temporary, extraordinary, or emergency measure or to facilitate management of the portfolio by enabling a Fund to meet redemption requests when the liquidation of portfolio securities is deemed to be inconvenient or disadvantageous. The Fund will not purchase any | The Fund may not engage in borrowing except as permitted by the 1940 Act, any rule, regulation or order under the 1940 Act or any SEC staff interpretation of the 1940 Act. The Fund may not issue senior securities except as permitted by the 1940 Act, any rule, regulation or order under the 1940 Act or any SEC staff interpretation of the 1940 Act. | The Fifth Third High Yield Bond Fund and the Fifth Third Total Return Bond Fund may only borrow as a temporary measure for extraordinary or emergency purposes or to meet certain redemption requests. Furthermore, the Fifth Third High Yield Bond Fund and the Fifth Third Total Return Bond Fund are prohibited from purchasing any securities while borrowings exceed 5% of the Fund’s total assets. There are no material differences with respect to each Fund’s fundamental investment restrictions on investing in senior securities. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third High Yield Bond Fund Fifth Third Total Return Bond Fund | Touchstone High Yield Fund Touchstone Core Bond Fund | Material Differences |
securities while any borrowings in excess of 5% of its total assets are outstanding. Currently, the Fund does not intend to borrow money for investment leverage. The Fund does not consider a cash advance used to cover a short-term overdraft to be a borrowing. | |||
Underwriting | The Fund will not underwrite any issue of securities, except as the Fund may be deemed to be an underwriter under the Securities Act of 1933 in connection with the sale of securities in accordance with its investment objectives, policies, and limitations. | The Fund may not underwrite securities issued by other persons, except to the extent that, in connection with the sale or disposition of portfolio securities, the Fund may be deemed to be an underwriter under certain federal securities laws or in connection with investments in other investment companies. | There are no material differences. |
Loans | The Fund will not lend any of its respective assets except that (i) cash may be lent to other Funds of the Trust, subject to applicable SEC limitations, and (ii) portfolio securities up to one-third of the value of the Fund’s total assets may be lent to third parties. The preceding limitation shall not prevent the Fund from purchasing or holding U.S. government obligations, money market instruments, publicly or non-publicly issued municipal bonds, variable rate demand notes, bonds, debentures, notes, certificates of indebtedness, or other debt securities, entering into repurchase agreements, or engaging in other transactions where permitted by a Fund’s investment objectives, policies and limitations or the Trust’s Declaration of Trust. | The Fund may not make loans to other persons except that the Fund may (1) engage in repurchase agreements, (2) lend portfolio securities, where the loans do not exceed 33 1/3% of a Fund’s assets, (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. | The Fifth Third High Yield Bond Fund and the Fifth Third Total Return Bond Fund may lend cash to other Funds of the Trust. |
Real Estate | The Fund will not purchase or sell real estate, including limited partnership interests, although the Fund may invest in securities of issuers whose | The Fund may not purchase or sell real estate except that the Fund may (1) hold and sell real estate acquired as a result of the | There are no material differences. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third High Yield Bond Fund Fifth Third Total Return Bond Fund | Touchstone High Yield Fund Touchstone Core Bond Fund | Material Differences |
business involves the purchase or sale of real estate or in securities which are secured by real estate or interests in real estate. | 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. | ||
Commodities | The Fund will not purchase or sell commodities or commodity contracts except to the extent that the Fund may engage in transactions involving financial futures contracts or options on financial futures contracts. | The Fund may not purchase or sell physical commodities except that the Fund may (i) 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. | The Fifth Third High Yield Bond Fund and the Fifth Third Total Return Bond Fund investments in commodities are limited to commodities contracts relating to financial instruments. |
Concentration of Investments | The Fund will not invest 25% or more of the value of its total assets in any one industry, except that the Fund may invest more than 25% of the value of its total assets in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities and repurchase agreements collateralized by such securities. | 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. | There are no material differences. |
Short Selling and Buying on Margin | The Fund will not sell any securities short or purchase any securities on margin, but the Fund may obtain such short-term credits as are necessary for clearance of purchases and sales of securities. The deposit or payment by the Fund of initial | None | The Touchstone High Yield Fund and the Touchstone Core Bond Fund do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third High Yield Bond Fund Fifth Third Total Return Bond Fund | Touchstone High Yield Fund Touchstone Core Bond Fund | Material Differences |
or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin. | |||
Pledging Assets | The Fund will not mortgage, pledge, or hypothecate any assets, except to secure permitted borrowings. In these cases, the Fund may pledge assets as necessary to secure such borrowings. For purposes of this limitation, where applicable, (a) the deposit of assets in escrow in connection with the writing of covered put or call options and the purchase of securities on a when-issued basis and (b) collateral arrangements with respect to: (i) the purchase and sale of stock options (and options on stock indices) and (ii) initial or variation margin for futures contracts, will not be deemed to be pledges of a Fund’s assets. | None | The Touchstone High Yield Fund and the Touchstone Core Bond Fund do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Fundamental Investment Limitations | Acquired Funds | Acquiring Fund | Material Differences |
Fifth Third Disciplined Large Cap Value Fund Fifth Third All Cap Value Fund | Touchstone Value Fund | ||
Diversification | The Funds may purchase securities of any issuer only when consistent with the maintenance of its status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time. Under the 1940 Act, and the rules, regulations, and interpretations thereunder, a “diversified company,” as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer’s voting securities would be held by the fund. | No fundamental policy. The Fund is “non-diversified. | As a non-diversified company the Touchstone Value Fund may invest more of its assets in the securities of fewer companies than if it were a diversified company. Because each investment may have a greater effect on a non-diversified company’s performance, a non-diversified company would likely be more exposed to the risks of loss and volatility than a fund that invests more broadly. |
Borrowing Money and Senior Securities | The Funds will not issue senior securities, except that a Fund may borrow money directly or through reverse repurchase agreements in amounts up to one-third of the value of its total assets, including the amount borrowed; and except to the extent that a Fund may enter into futures contracts, as applicable. The Funds will not borrow money or engage in reverse repurchase agreements for investment leverage, but rather as a temporary, extraordinary, or emergency measure or to facilitate management of the portfolio by enabling a Fund to meet redemption requests when the liquidation of portfolio securities is deemed to be inconvenient or disadvantageous. The Funds | The Fund may not borrow money or issue senior securities, except as permitted by the 1940 Act Laws, Interpretations and Exemptions. | The Fifth Third Disciplined Large Cap Value Fund and the Fifth Third All Cap Value Fund may only borrow as a temporary measure for extraordinary or emergency purposes or to meet certain redemption requests. Furthermore, the Fifth Third Disciplined Large Cap Value Fund and the Fifth Third All Cap Value Fund are prohibited from purchasing any securities while borrowings exceed 5% of the Fund’s total assets. There are no material differences with respect to each Fund’s fundamental investment restrictions on |
Acquired Funds | Acquiring Fund | ||
Fundamental Investment Limitations | Fifth Third Disciplined Large Cap Value Fund Fifth Third All Cap Value Fund | Touchstone Value Fund | Material Differences |
will not purchase any securities while any borrowings in excess of 5% of its total assets are outstanding. Currently, the Funds do not intend to borrow money for investment leverage. The Funds do not consider a cash advance used to cover a short-term overdraft to be a borrowing. | investing in senior securities. |
Underwriting | The Funds will not underwrite any issue of securities, except as a Fund may be deemed to be an underwriter under the Securities Act of 1933 in connection with the sale of securities in accordance with its investment objectives, policies, and limitations. | The Fund may not underwrite the securities of other issuers. This restriction does not prevent the Fund from engaging in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities Act of 1933, as amended. | There are no material differences. |
Loans | The Funds will not lend any of their respective assets except that (i) cash may be lent to other Funds of the Trust, subject to applicable SEC limitations, and (ii) portfolio securities up to one-third of the value of a Fund’s total assets may be lent to third parties. The preceding limitation shall not prevent a Fund from purchasing or holding U.S. government obligations, money market instruments, publicly or non-publicly issued municipal bonds, variable rate demand notes, bonds, debentures, notes, certificates of indebtedness, or other debt securities, entering into repurchase agreements, or engaging in other transactions where permitted by a Fund’s investment objectives, policies and limitations or the Trust’s Declaration of Trust. | The Fund may not make personal loans or loans of its assets to persons who control or are under common control with the Fund, except to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions. This restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering repurchase agreements, lending portfolio securities or investing in loans, including assignments and participation interests. | The Fifth Third Disciplined Large Cap Value Fund and the Fifth Third All Cap Value Fund may lend cash to other Funds of the Trust. |
Real Estate | The Funds will not purchase or sell real estate, including limited partnership interests, | The Fund may not purchase or sell real estate unless acquired as a result | There are no material differences. |
Acquired Funds | Acquiring Fund | ||
Fundamental Investment Limitations | Fifth Third Disciplined Large Cap Value Fund Fifth Third All Cap Value Fund | Touchstone Value Fund | Material Differences |
although a Fund may invest in securities of issuers whose business involves the purchase or sale of real estate or in securities which are secured by real estate or interests in real estate. | of ownership of securities or other instruments. This restriction does not prevent the Fund from investing in issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. | ||
Commodities | The Funds will not purchase or sell commodities or commodity contracts except to the extent that a Fund may engage in transactions involving financial futures contracts or options on financial futures contracts. | The Fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. | The Fifth Third Disciplined Large Cap Value Fund and the Fifth Third All Cap Value Fund investments in commodities are limited to commodities contracts relating to financial instruments. |
Concentration of Investments | A Fund will not invest 25% or more of the value of its total assets in any one industry, except that each Fund may invest more than 25% of the value of its total assets in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities and repurchase agreements collateralized by such securities. | The Fund will not make investments that will result in the concentration (as that term may be defined or interpreted by the 1940 Act, Laws, Interpretations and Exemptions) of its investments in the securities of issuers primarily engaged in the same industry. This restriction does not limit the Fund’s investments in (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (ii) tax-exempt obligations issued by governments or political subdivisions of governments or (iii) repurchase agreements collateralized by such obligations. | There are no material differences. |
Short Selling and Buying on Margin | A Fund will not sell any securities short or purchase any securities on margin, but a Fund may obtain such short-term credits as are necessary for clearance of purchases and | None | The Touchstone Value Fund does not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Acquired Funds | Acquiring Fund | ||
Fundamental Investment Limitations | Fifth Third Disciplined Large Cap Value Fund Fifth Third All Cap Value Fund | Touchstone Value Fund | Material Differences |
sales of securities. The deposit or payment by a Fund of initial or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin. | |||
Pledging Assets | A Fund will not mortgage, pledge, or hypothecate any assets, except to secure permitted borrowings. In these cases, a Fund may pledge assets as necessary to secure such borrowings. For purposes of this limitation, where applicable, (a) the deposit of assets in escrow in connection with the writing of covered put or call options and the purchase of securities on a when-issued basis and (b) collateral arrangements with respect to: (i) the purchase and sale of stock options (and options on stock indices) and (ii) initial or variation margin for futures contracts, will not be deemed to be pledges of a Fund’s assets. | None | The Touchstone Value Fund does not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Dealing in Put and Call Options | With respect to the Fifth Third All Cap Value Fund only, the Fund will not buy or sell put options (with the exception of listed put options on financial futures contracts), call options (with the exception of listed call options or over-the-counter call options on futures contracts), straddles, spreads, or any combination of these. | None | The Touchstone Value Fund does not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Fundamental Investment Limitations | Acquired Funds | Acquiring Funds | Material Differences |
Fifth Third LifeModel Aggressive FundSM Fifth Third LifeModel Moderately Aggressive FundSM Fifth Third LifeModel Moderate FundSM Fifth Third LifeModel Moderately Conservative FundSM Fifth Third LifeModel Conservative FundSM | Touchstone Growth Allocation Fund Touchstone Moderate Growth Allocation Fund Touchstone Balanced Allocation Fund Touchstone Conservative Allocation Fund | ||
Diversification | A Fund may purchase securities of any issuer only when consistent with the maintenance of its status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time. Under the 1940 Act, and the rules, regulations, and interpretations thereunder, a “diversified company,” as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer’s voting securities would be held by the fund. | Each Fund is a “diversified company” as defined in the 1940 Act. This means that a Fund will not purchase the securities of any issuer if, as a result, the Fund would fail to be a diversified company within the meaning of the 1940 Act Laws, Interpretations and Exemptions. This restriction does not prevent a Fund from purchasing the securities of other investment companies to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions. | There are no material differences. |
Borrowing Money and Senior Securities | None of the Funds will not issue senior securities, except that a Fund may borrow money directly or through reverse repurchase agreements in amounts up to one-third of the value of its total assets, including the amount borrowed; and except to the extent that a Fund may enter into futures contracts, as applicable. The Funds will not borrow money or engage in reverse repurchase agreements | A Fund may not borrow money or issue senior securities, except as permitted by the 1940 Act Laws, Interpretations and Exemptions. | The Fifth Third LifeModel Aggressive FundSM, the Fifth Third LifeModel Moderately Aggressive FundSM, the Fifth Third LifeModel Moderate FundSM, the Fifth Third LifeModel Moderately Conservative FundSMand the Fifth Third LifeModel Conservative FundSM may only borrow as a temporary measure for |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third LifeModel Aggressive FundSM Fifth Third LifeModel Moderately Aggressive FundSM Fifth Third LifeModel Moderate FundSM Fifth Third LifeModel Moderately Conservative FundSM Fifth Third LifeModel Conservative FundSM | Touchstone Growth Allocation Fund Touchstone Moderate Growth Allocation Fund Touchstone Balanced Allocation Fund Touchstone Conservative Allocation Fund | Material Differences |
for investment leverage, but rather as a temporary, extraordinary, or emergency measure or to facilitate management of the portfolio by enabling a Fund to meet redemption requests when the liquidation of portfolio securities is deemed to be inconvenient or disadvantageous. The Funds will not purchase any securities while any borrowings in excess of 5% of its total assets are outstanding. Currently, the Funds do not intend to borrow money for investment leverage. The Funds do not consider a cash advance used to cover a short-term overdraft to be a borrowing. | extraordinary or emergency purposes or to meet certain redemption requests. Furthermore, such Fifth Third Funds are prohibited from purchasing any securities while borrowings exceed 5% of the Fund’s total assets. There are no material differences with respect to each Fund’s fundamental investment restrictions on investing in senior securities. | ||
Underwriting | A Fund will not underwrite any issue of securities, except as a Fund may be deemed to be an underwriter under the Securities Act of 1933 in connection with the sale of securities in accordance with its investment objectives, policies, and limitations. | A Fund may not underwrite the securities of other issuers. This restriction does not prevent a Fund from engaging in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities Act of 1933, as amended. | There are no material differences. |
Loans | A Fund will not lend any of its respective assets except that (i) cash may be lent to other Funds of the Trust, subject to applicable SEC limitations, and (ii) portfolio securities up to one-third of the value of a | A Fund may not make personal loans or loans of its assets to persons who control or are under common control with the Fund, except to the extent permitted by the 1940 Act | The Fifth Third LifeModel Aggressive FundSM, the Fifth Third LifeModel Moderately Aggressive FundSM, the Fifth Third LifeModel Moderate |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third LifeModel Aggressive FundSM Fifth Third LifeModel Moderately Aggressive FundSM Fifth Third LifeModel Moderate FundSM Fifth Third LifeModel Moderately Conservative FundSM Fifth Third LifeModel Conservative FundSM | Touchstone Growth Allocation Fund Touchstone Moderate Growth Allocation Fund Touchstone Balanced Allocation Fund Touchstone Conservative Allocation Fund | Material Differences |
Fund’s total assets may be lent to third parties. The preceding limitation shall not prevent a Fund from purchasing or holding U.S. government obligations, money market instruments, publicly or non-publicly issued municipal bonds, variable rate demand notes, bonds, debentures, notes, certificates of indebtedness, or other debt securities, entering into repurchase agreements, or engaging in other transactions where permitted by a Fund’s investment objectives, policies and limitations or the Trust’s Declaration of Trust. | Laws, Interpretations and Exemptions. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering repurchase agreements, lending portfolio securities or investing in loans, including assignments and participation interests. | FundSM, the Fifth Third LifeModel Moderately Conservative FundSM and the Fifth Third LifeModel Conservative FundSM may lend cash to other Funds of the Trust. | |
Real Estate | A Fund will not purchase or sell real estate, including limited partnership interests, although a Fund may invest in securities of issuers whose business involves the purchase or sale of real estate or in securities which are secured by real estate or interests in real estate. | A Fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent a Fund from investing in issuers that invest, deal or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. | There are no material differences. |
Commodities | A Fund will not purchase or sell commodities or commodity contracts except to the extent that a Fund may engage in transactions involving financial futures contracts or options on financial futures contracts. | A Fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent a Fund from engaging in transactions involving futures contracts and options thereon or | The Fifth Third LifeModel Aggressive FundSM, the Fifth Third LifeModel Moderately Aggressive FundSM, the Fifth Third LifeModel Moderate FundSM, the Fifth Third LifeModel Moderately Conservative FundSM and the Fifth Third LifeModel |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third LifeModel Aggressive FundSM Fifth Third LifeModel Moderately Aggressive FundSM Fifth Third LifeModel Moderate FundSM Fifth Third LifeModel Moderately Conservative FundSM Fifth Third LifeModel Conservative FundSM | Touchstone Growth Allocation Fund Touchstone Moderate Growth Allocation Fund Touchstone Balanced Allocation Fund Touchstone Conservative Allocation Fund | Material Differences |
investing in securities that are secured by physical commodities. | Conservative FundSM investments in commodities are limited to commodities contracts relating to financial instruments. | ||
Concentration of Investments | A Fund will not invest 25% or more of the value of its total assets in any one industry, except that a Fund may invest more than 25% of the value of its total assets in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities and repurchase agreements collateralized by such securities. Underlying funds are not themselves considered to be included in an industry for purposes of the preceding limitation. | A Fund will not make investments that will result in the concentration (as that term may be defined or interpreted by the 1940 Act, Laws, Interpretations and Exemptions) of its investments in the securities of issuers primarily engaged in the same industry. This restriction does not limit a Fund’s investments in (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (ii) tax-exempt obligations issued by governments or political subdivisions of governments or (iii) repurchase agreements collateralized by such obligations. | There are no material differences. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third LifeModel Aggressive FundSM Fifth Third LifeModel Moderately Aggressive FundSM Fifth Third LifeModel Moderate FundSM Fifth Third LifeModel Moderately Conservative FundSM Fifth Third LifeModel Conservative FundSM | Touchstone Growth Allocation Fund Touchstone Moderate Growth Allocation Fund Touchstone Balanced Allocation Fund Touchstone Conservative Allocation Fund | Material Differences |
Short Selling and Buying on Margin | A Fund will not sell any securities short or purchase any securities on margin, but a Fund may obtain such short-term credits as are necessary for clearance of purchases and sales of securities. The deposit or payment by a Fund of initial or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin. | None | The Touchstone Growth Allocation Fund, the Touchstone Moderate Growth Allocation Fund, the Touchstone Balanced Allocation Fund and the Touchstone Conservative Allocation Fund do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Pledging Assets | A Fund will not mortgage, pledge, or hypothecate any assets, except to secure permitted borrowings. In these cases, a Fund may pledge assets as necessary to secure such borrowings. For purposes of this limitation, where applicable, (a) the deposit of assets in escrow in connection with the writing of covered put or call options and the purchase of securities on a when-issued basis and (b) collateral arrangements with respect to: (i) the purchase and sale of stock options (and options on stock indices) and (ii) initial or variation margin for futures contracts, will not be deemed to be pledges of a Fund’s assets. | None | The Touchstone Growth Allocation Fund, the Touchstone Moderate Growth Allocation Fund, the Touchstone Balanced Allocation Fund and the Touchstone Conservative Allocation Fund do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Fundamental Investment Limitations | Acquired Funds | Acquiring Funds | Material Differences |
Fifth Third Micro Cap Value Fund Fifth Third Small Cap Value Fund Fifth Third International Equity Fund Fifth Third Strategic Income Fund | Touchstone Micro Cap Value Fund Touchstone Small Company Value Fund Touchstone International Value Fund Touchstone Strategic Income Fund | ||
Diversification | A Fund may purchase securities of any issuer only when consistent with the maintenance of its status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time. Under the 1940 Act, and the rules, regulations, and interpretations thereunder, a “diversified company,” as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. Government, its agencies or its instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in the securities of such issuer or more than 10% of the issuer’s voting securities would be held by the fund. | 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 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. | There are no material differences. |
Borrowing Money and Senior Securities | A Fund will not issue senior securities, except that each Fund may borrow money directly or through reverse repurchase agreements in amounts up to one-third of the value of its total assets, including the amount borrowed; and except to the extent that a Fund may enter into futures contracts, as applicable. A Fund will not borrow money or engage in reverse | The Funds may not engage in borrowing except as permitted by the Investment Company Act of 1940, any rule, regulation or order under the Act or any SEC staff interpretation of the Act. The Funds may not issue senior securities except as permitted by the Investment Company Act of 1940, any rule, regulation or order under | The Acquired Funds may only borrow as a temporary measure for extraordinary or emergency purposes or to meet certain redemption requests. Furthermore, the Acquired Funds are prohibited from purchasing any securities while borrowings exceed 5% of the Fund’s total assets. There are no material |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third Micro Cap Value Fund Fifth Third Small Cap Value Fund Fifth Third International Equity Fund Fifth Third Strategic Income Fund | Touchstone Micro Cap Value Fund Touchstone Small Company Value Fund Touchstone International Value Fund Touchstone Strategic Income Fund | Material Differences |
repurchase agreements for investment leverage, but rather as a temporary, extraordinary, or emergency measure or to facilitate management of the portfolio by enabling a Fund to meet redemption requests when the liquidation of portfolio securities is deemed to be inconvenient or disadvantageous. A Fund will not purchase any securities while any borrowings in excess of 5% of its total assets are outstanding. Currently, the Funds do not intend to borrow money for investment leverage. A Fund does not consider a cash advance used to cover a short-term overdraft to be a borrowing. | the Act or any SEC staff interpretation of the Act. | differences with respect to each Fund’s fundamental investment restrictions on investing in senior securities. | |
Underwriting | A Fund will not underwrite any issue of securities, except as the Fund may be deemed to be an underwriter under the Securities Act of 1933 in connection with the sale of securities in accordance with its investment objectives, policies, and limitations. | 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. | There are no material differences. |
Loans | A Fund will not lend any of its respective assets except that (i) cash may be lent to other Funds of the Trust, subject to applicable SEC limitations, and (ii) portfolio securities up to one-third of the value of the Fund’s total assets may be lent to third parties. The | 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 | The Acquired Funds may lend cash to other Funds of the Trust. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third Micro Cap Value Fund Fifth Third Small Cap Value Fund Fifth Third International Equity Fund Fifth Third Strategic Income Fund | Touchstone Micro Cap Value Fund Touchstone Small Company Value Fund Touchstone International Value Fund Touchstone Strategic Income Fund | Material Differences |
preceding limitation shall not prevent a Fund from purchasing or holding U.S. government obligations, money market instruments, publicly or non-publicly issued municipal bonds, variable rate demand notes, bonds, debentures, notes, certificates of indebtedness, or other debt securities, entering into repurchase agreements, or engaging in other transactions where permitted by a Fund’s investment objectives, policies and limitations or the Trust’s Declaration of Trust. | arrangement permitted by the Investment Company Act of 1940, any rule, regulation or order under the Act or any SEC staff interpretation of the Act. | ||
Real Estate | A Fund will not purchase or sell real estate, including limited partnership interests, although a Fund may invest in securities of issuers whose business involves the purchase or sale of real estate or in securities which are secured by real estate or interests in real estate. | 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. | There are no material differences. |
Commodities | A Fund will not purchase or sell commodities or commodity contracts except to the extent that a Fund may engage in transactions involving financial futures contracts or options on financial | 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 | The Acquired Funds investments in commodities are limited to commodities contracts relating to financial instruments. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third Micro Cap Value Fund Fifth Third Small Cap Value Fund Fifth Third International Equity Fund Fifth Third Strategic Income Fund | Touchstone Micro Cap Value Fund Touchstone Small Company Value Fund Touchstone International Value Fund Touchstone Strategic Income Fund | Material Differences |
futures contracts. | 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. | ||
Concentration of Investments | The Fund will not invest 25% or more of the value of its total assets in any one industry, except that each Fund may invest more than 25% of the value of its total assets in securities issued or guaranteed by the U.S. Government, its agencies, or instrumentalities and repurchase agreements collateralized by such securities. | 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 whose principal business activities are in the same industry. | There are no material differences. |
Short Selling and Buying on Margin | The Fund will not sell any securities short or purchase any securities on margin, but the Fund may obtain such short-term credits as are necessary for clearance of purchases and sales of securities. The deposit or payment by the Fund of initial or variation margin in connection with futures contracts or related options transactions is not considered the purchase of a security on margin. | None | The Acquiring Funds do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Pledging Assets | The Fund will not mortgage, pledge, or hypothecate any assets, except to secure permitted borrowings. In these cases, the Fund may pledge assets as necessary to secure such borrowings. For purposes of this limitation, where applicable, (a) the deposit | None | The Acquiring Funds do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Acquired Funds | Acquiring Funds | ||
Fundamental Investment Limitations | Fifth Third Micro Cap Value Fund Fifth Third Small Cap Value Fund Fifth Third International Equity Fund Fifth Third Strategic Income Fund | Touchstone Micro Cap Value Fund Touchstone Small Company Value Fund Touchstone International Value Fund Touchstone Strategic Income Fund | Material Differences |
of assets in escrow in connection with the writing of covered put or call options and the purchase of securities on a when-issued basis and (b) collateral arrangements with respect to: (i) the purchase and sale of stock options (and options on stock indices) and (ii) initial or variation margin for futures contracts, will not be deemed to be pledges of a Fund’s assets. | |||
Dealing in Put and Call Options | The Fifth Third Micro Cap Value Fund and the Fifth Third Strategic Income Fund will not buy or sell put options (with the exception of listed put options on financial futures contracts), call options (with the exception of listed call options or over-the-counter call options on futures contracts), straddles, spreads, or any combination of these. | None | The Acquiring Funds do not have a similar fundamental investment policy as the corresponding Acquired Funds. |
Acquired Funds | Number of Shares |
Fund | Name and Address | Class of Shares | Number of Shares | Percent of Class | Percentage Ownership of Combined Fund after the Reorganization1 |
Equity Fund Allocation 90-100% | Fixed-Income Fund Allocation 0-10% |
Equity Fund Allocation 70-90% | Fixed-Income Fund Allocation 10-30% |
Equity Fund Allocation | Fixed-Income Fund Allocation |
50-70% | 30-50% |
Equity Fund Allocation 20-40% | Fixed-Income Fund Allocation 60-80% |
Fund | Principal Risks |
Touchstone Large Cap Growth Fund | Equity Securities Risk Growth Investing Risk Management Risk Market Risk Large Cap Risk Non-Diversification Risk Portfolio Turnover Risk Sector Focus Risk |
Touchstone Growth Opportunities Fund | Equity Securities Risk Growth Investing Risk Large Cap Risk Management Risk Mid Cap Risk Market Risk Non-Diversification Risk Portfolio Turnover Risk Sector Focus Risk Small Cap Risk |
Touchstone Value Fund | Equity Securities Risk Large Cap Risk Mid Cap Risk Management Risk Market Risk Non-Diversification Risk Preferred Stock Risk |
Fund | Principal Risks |
Sector Focus Risk Value Investing Risk | |
Touchstone High Yield Fund | Credit Risk Interest Rate Risk Investment Grade Securities Risk Management Risk Market Risk Non-Investment Grade Debt Securities Risk Prepayment Risk Rating Agency Risk |
Touchstone Ultra Short Duration Fixed Income Fund | Asset-Backed Securities Risk Credit Risk Event Risk Interest Rate Risk Investment Grade Securities Risk Investment Style Risk Management Risk Market Risk Mortgage-Backed Securities Risk Portfolio Turnover Risk Prepayment Risk Rating Agency Risk Repurchase Agreement Risk U.S. Government Securities Risk |
Touchstone Core Bond Fund | Asset-Backed Securities Risk Credit Risk Interest Rate Risk Investment Grade Securities Risk Management Risk Market Risk Mortgage-Backed Securities Risk Non-Investment Grade Debt Securities Risk Portfolio Turnover Risk Prepayment Risk Rating Agency Risk U.S. Government Securities Risk |
Touchstone Growth Allocation Fund | Conflicts of Interest Risks of Fund of Funds Structure Risks of the Underlying Funds: ADR Risk Call Risk Credit Risk Debt Securities Risk Derivatives Risk Emerging Markets Risk Equity Securities Risk Foreign Securities Risk Interest Rate Risk Investment Style Risk Large Cap Risk Merger Arbitrage Risk Management Risk Mid Cap Risk Mortgage-Backed Securities and Asset-Backed Securities Risk Rating Agency Risk Non-Diversification Risk REITs Risk Sector Focus Risk Short Sale Risk |
Fund | Principal Risks |
Small Cap Risk U.S. Government Securities and U.S. Government Agencies Risk | |
Touchstone Moderate Growth Allocation Fund | Conflicts of Interest Risks of Fund of Funds Structure Risks of the Underlying Funds: ADR Risk Call Risk Credit Risk Debt Securities Risk Derivatives Risk Emerging Markets Risk Equity Securities Risk Foreign Securities Risk High Yield Risk Interest Rate Risk Investment Style Risk Large Cap Risk Merger Arbitrage Risk Management Risk Mid Cap Risk Mortgage-Backed Securities and Asset-Backed Securities Risk Rating Agency Risk Non-Diversification Risk REITs Risk Sector Focus Risk Short Sale Risk Small Cap Risk U.S. Government Securities and U.S. Government Agencies Risk |
Touchstone Balanced Allocation Fund | Conflicts of Interest Risks of Fund of Funds Structure Risks of the Underlying Funds: ADR Risk Call Risk Credit Risk Debt Securities Risk Derivatives Risk Emerging Markets Risk Equity Securities Risk Foreign Securities Risk High Yield Risk Interest Rate Risk Investment Style Risk Large Cap Risk Merger Arbitrage Risk Management Risk Mid Cap Risk Mortgage-Backed Securities and Asset-Backed Securities Risk Rating Agency Risk Non-Diversification Risk REITs Risk Sector Focus Risk Short Sale Risk Small Cap Risk U.S. Government Securities and U.S. Government Agencies Risk |
Touchstone Conservative Allocation Fund | Conflicts of Interest |
Fund | Principal Risks |
Risks of Fund of Funds Structure Risks of the Underlying Funds: ADR Risk Call Risk Credit Risk Debt Securities Risk Derivatives Risk Emerging Markets Risk Equity Securities Risk Foreign Securities Risk High Yield Risk Interest Rate Risk Investment Style Risk Large Cap Risk Merger Arbitrage Risk Management Risk Mid Cap Risk Mortgage-Backed Securities and Asset-Backed Securities Risk Rating Agency Risk Non-Diversification Risk REITs Risk Sector Focus Risk Short Sale Risk Small Cap Risk U.S. Government Securities and U.S. Government Agencies Risk | |
Touchstone Micro Cap Value Fund | Convertible Securities Risk Equity Securities Risk Foreign Securities Risk Management Risk Market Risk Micro Cap Risk Value Investing Risk |
Touchstone Small Company Value Fund | Convertible Securities Risk Equity Securities Risk Foreign Securities Risk Management Risk Market Risk Micro Cap Risk Mid Cap Risk Portfolio Turnover Risk Preferred Stock Risk Small Cap Risk Value Investing Risk |
Touchstone International Value Fund | Emerging Markets Risk Equity Securities Risk Foreign Securities Risk Management Risk Market Risk Mid Cap Risk Small Cap Risk Value Investing Risk |
Touchstone Strategic Income Fund | Closed-End Fund Risk Convertible Securities Risk Credit Risk Debt Securities Risk Derivatives Risk Equity Securities Risk Foreign Securities Risk |
Fund | Principal Risks |
Forward Currency Exchange Contract Risk Futures Contract Risk Interest Rate Risk Management Risk Market Risk Non-Investment Grade Debt Securities Risk Options Risk Preferred Stock Risk Prepayment Risk Swap Agreements Risk Value Investing Risk |
Futures Contract Risk: The risks associated with futures include: the potential inability to terminate or sell a position, the lack of a liquid secondary market for the Fund’s position and the risk that the counterparty to the transaction will not meet its obligations.
● | They are organized under the laws of a foreign country |
● | They maintain their principal place of business in a foreign country |
● | The principal trading market for their securities is located in a foreign country |
● | They derive at least 50% of their revenues or profits from operations in foreign countries |
● | They have at least 50% of their assets located in foreign countries |
● | It is organized under the laws of an emerging market country. |
● | It maintains its principal place of business in an emerging market country. |
● | The principal trading market for its securities is located in an emerging market country. |
● | It derives at least 50% of its revenues or profits from operations within emerging market countries. |
● | It has at least 50% of its assets located in emerging market countries. |
● | To hedge against adverse changes - caused by changing interest rates, stock market prices or currency exchange rates - in the market value of securities held by or to be bought for a Fund; |
● | As a substitute for purchasing or selling securities; |
● | To shorten or lengthen the effective portfolio maturity or duration; |
● | To enhance a Fund’s potential gain in non-hedging or speculative situations; or |
● | To lock in a substantial portion of the unrealized appreciation in a stock without selling it. |
Underlying Funds | Investment Goal | Principal Investments |
Touchstone Sands Capital Institutional Growth Fund | The Fund seeks long-term capital appreciation. | The Fund invests, under normal market conditions, at least 80% of its assets in common stocks of U.S. companies with above-average potential for revenue and earnings growth. | ||||||
Touchstone Large Cap Growth Fund | The Fund seeks long-term growth of capital. | Under normal circumstances, the Fund will invest at least 80% of its assets in common stocks of large cap U.S. companies. | ||||||
Touchstone Large Cap Relative Value Fund | The Fund seeks capital appreciation. | The Fund invests, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in common stocks of large capitalization U.S. companies. | ||||||
Touchstone Value Fund | The Fund seeks to provide investors with long-term capital growth. | The Fund normally invests in equity securities of large and mid-cap companies (generally, companies with market capitalizations of approximately $2.5 billion or above) that the Fund’s sub-advisor believes are undervalued. | ||||||
Touchstone Focused Fund | The Fund seeks to provide investors with capital appreciation. | The Fund invests, under normal market conditions, at least 80% of its assets in equity securities. | ||||||
Touchstone Emerging Growth Fund | The Fund seeks to provide investors with capital appreciation. | Under normal market conditions, the Fund invests primarily in equity securities of emerging growth companies. | ||||||
Touchstone Mid Cap Fund | The Fund seeks long-term capital growth. | The Fund invests, under normal market conditions, at least 80% of its assets in common stocks of medium capitalization U.S. listed companies. | ||||||
Touchstone Mid Cap Value Fund | The Fund seeks capital appreciation. | The Fund invests, under normal conditions, at least 80% of its net assets (including |
Underlying Funds | Investment Goal | Principal Investments |
borrowings for investment purposes) in common stocks of medium capitalization companies. | ||||||||
Touchstone Mid Cap Growth Fund | The Fund seeks to increase the value of Fund shares as a primary goal and to earn income as a secondary goal. | Under normal circumstances, the Fund will invest at least 80% of its assets in common stocks of mid cap U.S. companies. | ||||||
Touchstone Small Cap Core Fund | The Fund seeks capital appreciation. | 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. | ||||||
Touchstone Small Cap Value Fund | The Fund seeks long-term capital growth. | The Fund invests, under normal market conditions, at least 80% of its assets in common stocks of companies with small market capitalizations that the sub-advisor believes have the potential for growth and that appear to be trading below their perceived value. | ||||||
Touchstone International Equity Fund | The Fund seeks to provide investors with long-term capital appreciation. | The Fund normally invests at least 80% of its assets in equity securities of non-U.S. issuers. | ||||||
Touchstone International Small Cap Fund | The Fund seeks to provide investors with capital appreciation. | The Fund normally invests at least 80% of its assets in equity securities of non-U.S. small-cap companies, including companies located in countries with emerging markets. | ||||||
Touchstone Global Equity Fund | The Fund seeks capital appreciation. | The Fund invests, under normal conditions, at least 80% of its net assets (including borrowings for investment purposes) in U.S. and foreign, including emerging market countries, equity securities, which includes common stock, preferred stock and warrants. | ||||||
Touchstone Emerging Markets Equity Fund II | The Fund seeks capital appreciation. | The Fund invests, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity securities, which includes common stock, preferred stock, convertible bonds and warrants, of companies located in emerging markets. | ||||||
Touchstone Global Real Estate Fund | The Fund seeks capital appreciation. | The Fund invests, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in common stocks and other equity securities of U.S. and foreign real estate companies without regard to market capitalization. | ||||||
Touchstone International Fixed Income Fund | The Fund seeks total return. | The Fund invests, under normal circumstances, at least 80% of its net assets |
Underlying Funds | Investment Goal | Principal Investments |
(including borrowings for investment purposes) in fixed income securities of issuers located outside the United States. | ||||||||
Touchstone High Yield Fund | The Fund seeks to achieve a high level of income as its main goal. Capital appreciation is a secondary consideration. | The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in non-investment grade debt securities. | ||||||
Touchstone Core Bond Fund | The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal. | The Fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in bonds. | ||||||
Touchstone Total Return Bond Fund | The Fund seeks current income. Capital appreciation is a secondary goal. | The Fund invests, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in fixed income securities. | ||||||
Touchstone Short Duration Fixed Income Fund | The Fund seeks maximum total return consistent with the preservation of capital. | The Fund invests, under normal market conditions, at least 80% of its assets in fixed income securities. | ||||||
Touchstone Institutional Money Market Fund | The Fund seeks high current income, consistent with the protection of capital. The Fund is a money market fund, which seeks to maintain a constant share price of $1.00 per share. | The Fund invests in U.S. government securities and high-quality money market instruments rated in one of the top two short-term rating categories or determined by the sub-advisor to be of comparable quality. | ||||||
Touchstone Dynamic Equity Fund | The Fund seeks to obtain long-term capital appreciation from hedged equity investments with less risk than a fully invested, unhedged equity portfolio. | The Fund’s sub-advisor seeks to achieve the Fund’s investment goal by investing the Fund’s assets in a combination of equity securities, high quality short-term debt securities and derivative instruments. | ||||||
Touchstone Merger Arbitrage Fund | The Fund seeks to achieve positive absolute returns regardless of market conditions over the long-term. | The Fund primarily invests, under normal market conditions, in equity securities of U.S. and foreign issuers. |
● | Securities of foreign issuers, including ADRs, ADSs and other depositary receipts (up to 15% of total assets) |
● | Securities of foreign issuers in emerging market countries (up to 15% of total assets) |
● | Investment grade debt securities, cash or cash equivalents |
● | Initial public offerings |
● | Other investment companies |
● | Securities of foreign issuers, including ADRs, ADSs and other depositary receipts (up to 10% of total assets) |
● | Securities of foreign issuers in emerging market countries (up to 10% of total assets) |
● | Initial public offerings (up to 10% of total assets) |
● | Other investment companies (up to 10% of total assets) |
● | Preferred stocks |
● | Debt securities denominated in foreign currencies (up to 20% of total assets) |
● | Debt securities of emerging market countries (up to 10% of total assets) |
● | To-Be-Announced Securities |
● | Other investment companies |
● | Securities of foreign companies (up to 15% 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 |
● | Debt securities of emerging market countries (up to 10% of total assets) |
● | Mortgage-related securities, To-Be-Announced Securities and other types of loans and loan participations |
● | U.S. government securities and securities of foreign governments |
● | Preferred stocks |
● | Other investment companies |
Amount of Your Investment | Sales Charge as % of Offering Price | Sales Charge as % of Net Amount Invested |
Under $50,000 | 5.75% | 6.10% |
$50,000 but less than $100,000 | 4.50% | 4.71% |
$100,000 but less than $250,000 | 3.50% | 3.63% |
$250,000 but less than $500,000 | 2.95% | 3.04% |
$500,000 but less than $1 million | 2.25% | 2.30% |
$1 million or more | 0.00% | 0.00% |
Sales Charge as % of | Sales Charge as % of | ||
Amount of Your Investment | Offering Price | Net Amount Invested | |
Under $50,000 | 4.75% | 4.99% | |
$50,000 but less than $100,000 | 4.50% | 4.71% | |
$100,000 but less than $250,000 | 3.50% | 3.63% | |
$250,000 but less than $500,000 | 2.95% | 3.04% | |
$500,000 but less than $1 million | 2.25% | 2.30% | |
$1 million or more | 0.00% | 0.00% |
Sales Charge as % of | Sales Charge as % of | ||
Amount of Your Investment | Offering Price | Net Amount Invested | |
Under $50,000 | 2.00% | 2.04% | |
$50,000 but less than $100,000 | 1.50% | 1.52% | |
$100,000 but less than $250,000 | 1.00% | 1.01% | |
$250,000 but less than $500,000 | 0.50% | 0.50% | |
$500,000 but less than $1 million | 0.00% | 0.00% |
* | Immediate family members are defined as the spouse, parents, siblings, domestic partner, natural or adopted children, mother-in-law, father-in-law, brother-in-law and sister-in-law of a registered representative or employee. The term “employee” is deemed to include current and retired employees. |
Funds | Dividends Declared/ Dividends Paid | |
Touchstone Large Cap Growth Fund | Annually/Annually | |
Touchstone Growth Opportunities Fund | Annually/Annually | |
Touchstone Value Fund | Semi-Annually/Semi-Annually | |
Touchstone High Yield Fund | Monthly/Monthly | |
Touchstone Ultra Short Duration Fixed Income Fund | Daily/Monthly | |
Touchstone Core Bond Fund | Monthly/Monthly | |
Touchstone Growth Allocation Fund | Annually/Annually | |
Touchstone Moderate Growth Allocation Fund | Annually/Annually | |
Touchstone Balanced Allocation Fund | Quarterly/Quarterly | |
Touchstone Conservative Allocation Fund | Quarterly/Quarterly | |
Touchstone Micro Cap Value Fund | Annually/Annually | |
Touchstone Small Company Value Fund | Quarterly/Quarterly | |
Touchstone International Value Fund | Annually/Annually | |
Touchstone Strategic Income Fund | Monthly/Monthly |
Touchstone Large Cap Growth Fund | ||||||||||||||||||||
Class A | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value at Beginning of Period | $ | 24.95 | $ | 20.74 | $ | 14.73 | $ | 24.45 | $ | 22.06 | ||||||||||
Income (Loss) from Investments Operations: | ||||||||||||||||||||
Net Investment Income (Loss) | 0.02 | (A) | (0.09 | ) | (0.02 | ) | 0.09 | 0.02 | ||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments | 2.77 | 4.30 | 6.08 | (9.80 | ) | 2.37 | ||||||||||||||
Total from Investment Operations | 2.79 | 4.21 | 6.06 | (9.71 | ) | 2.39 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
Net Investment Income | - | - | (0.04 | ) | (0.01 | ) | - | |||||||||||||
Realized Capital Gains | - | - | (0.01 | ) | - | - | ||||||||||||||
Total Distributions | - | - | (0.05 | ) | (0.01 | ) | - | |||||||||||||
Net Asset Value at End of Period | $ | 27.74 | $ | 24.95 | $ | 20.74 | $ | 14.73 | $ | 24.45 | ||||||||||
Total Return(B) | 11.18 | % | 20.30 | % | 41.15 | % | (39.71 | %) | 10.83 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 238,488 | $ | 291,827 | $ | 334,465 | $ | 418,808 | $ | 719,488 | ||||||||||
Ratio to Average Net Assets: | ||||||||||||||||||||
Net Expenses | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | ||||||||||
Gross Expenses | 1.35 | % | 1.36 | % | 1.37 | % | 1.33 | % | 1.33 | % | ||||||||||
Net Investment Income (Loss) | 0.08 | % | (0.36 | %) | (0.29 | %) | 0.41 | % | 0.06 | % | ||||||||||
Portfolio Turnover Rate | 91 | % | 76 | % | 83 | % | 126 | % | 72 | % |
Touchstone Large Cap Growth Fund | ||||||||||||||||||||
Class C | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value at Beginning of Period | $ | 23.84 | $ | 19.97 | $ | 14.25 | $ | 23.74 | $ | 21.52 | ||||||||||
Income (Loss) from Investments Operations: | ||||||||||||||||||||
Net Investment Income (Loss) | (0.16 | )(A) | (0.27 | ) | (0.22 | ) | (0.07 | ) | (0.14 | ) | ||||||||||
Net Realized and Unrealized Gains (Losses) on Investments | 2.63 | 4.14 | 5.94 | (9.42 | ) | 2.36 | ||||||||||||||
Total from Investment Operations | 2.47 | 3.87 | 5.72 | (9.49 | ) | 2.22 | ||||||||||||||
Net Asset Value at End of Period | $ | 26.31 | $ | 23.84 | $ | 19.97 | $ | 14.25 | $ | 23.74 | ||||||||||
Total Return(B) | 10.36 | % | 19.38 | % | 40.14 | % | (39.97 | %) | 10.32 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 116,350 | $ | 127,172 | $ | 142,179 | $ | 137,641 | $ | 236,582 | ||||||||||
Ratio to Average Net Assets: | ||||||||||||||||||||
Net Expenses | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | 2.00 | % | ||||||||||
Gross Expenses | 2.09 | % | 2.13 | % | 2.16 | % | 2.11 | % | 2.09 | % | ||||||||||
Net Investment Income (Loss) | (0.67 | %) | (1.11 | %) | (1.05 | %) | (0.33 | %) | (0.66 | %) | ||||||||||
Portfolio Turnover Rate | 91 | % | 76 | % | 83 | % | 126 | % | 72 | % |
Touchstone Large Cap Growth Fund | ||||||||||||||||||||
Class Y | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value at Beginning of Period | $ | 25.19 | $ | 20.89 | $ | 14.84 | $ | 24.64 | $ | 22.19 | ||||||||||
Income (Loss) from Investments Operations: | ||||||||||||||||||||
Net Investment Income (Loss) | 0.09 | (A) | (0.02 | ) | (0.01 | ) | 0.10 | 0.05 | ||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments | 2.81 | 4.32 | 6.17 | (9.85 | ) | 2.40 | ||||||||||||||
Total from Investment Operations | 2.90 | 4.30 | 6.16 | (9.75 | ) | 2.45 | ||||||||||||||
Distributions from: | ||||||||||||||||||||
Net Investment Income | - | - | (0.10 | ) | (0.05 | ) | - | |||||||||||||
Realized Capital Gains | - | - | (0.01 | ) | - | - | ||||||||||||||
Total Distributions | - | - | (0.11 | ) | (0.05 | ) | - | |||||||||||||
Net Asset Value at End of Period | $ | 28.09 | $ | 25.19 | $ | 20.89 | $ | 14.84 | $ | 24.64 | ||||||||||
Total Return | 11.47 | % | 20.58 | % | 41.53 | % | (39.58 | %) | 11.04 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 385,411 | $ | 331,733 | $ | 352,847 | $ | 206,369 | $ | 31,679 | ||||||||||
Ratio to Average Net Assets: | ||||||||||||||||||||
Net Expenses | 0.99 | % | 0.99 | % | 0.99 | % | 0.97 | % | 1.00 | % | ||||||||||
Gross Expenses | 1.14 | % | 1.13 | % | 1.06 | % | 1.06 | % | 1.04 | % | ||||||||||
Net Investment Income (Loss) | 0.34 | % | (0.10 | %) | (0.06 | %) | 0.95 | % | 0.21 | % | ||||||||||
Portfolio Turnover Rate | 91 | % | 76 | % | 83 | % | 126 | % | 72 | % |
Touchstone Growth Opportunities Fund | ||||||||||||||||||||
Class A | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value at Beginning of Period | $ | 25.27 | $ | 20.88 | $ | 14.41 | $ | 21.68 | $ | 20.75 | ||||||||||
Income (Loss) from Investments Operations: | ||||||||||||||||||||
Net Investment Income (Loss) | (0.16 | ) | 0.07 | (0.03 | ) | (0.15 | ) | (0.24 | ) | |||||||||||
Net Realized and Unrealized Gains (Losses) on Investments | 0.53 | 4.44 | 6.50 | (7.12 | ) | 1.17 | ||||||||||||||
Total from Investment Operations | 0.37 | 4.51 | 6.47 | (7.27 | ) | 0.93 | ||||||||||||||
Distributions from Net Investment Income | - | (0.12 | ) | - | - | - | ||||||||||||||
Net Asset Value at End of Period | $ | 25.64 | $ | 25.27 | $ | 20.88 | $ | 14.41 | $ | 21.68 | ||||||||||
Total Return(A) | 1.47 | % | 21.71 | % | 44.90 | % | (33.53 | %) | 4.48 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 62,274 | $ | 96,930 | $ | 32,182 | $ | 17,973 | $ | 26,349 | ||||||||||
Ratio to Average Net Assets: | ||||||||||||||||||||
Net Expenses | 1.21 | % | 1.16 | % | 1.24 | % | 1.51 | % | 1.55 | % | ||||||||||
Gross Expenses | 1.43 | % | 1.50 | % | 1.85 | % | 2.04 | % | 1.91 | % | ||||||||||
Net Investment Income (Loss) | (0.52 | %) | 0.10 | % | (0.22 | %) | (0.70 | %) | (0.89 | %) | ||||||||||
Portfolio Turnover Rate | 204 | % | 130 | % | 100 | % | 60 | % | 82 | % |
Touchstone Growth Opportunities Fund | ||||||||||||||||||||
Class C | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value at Beginning of Period | $ | 23.50 | $ | 19.49 | $ | 13.55 | $ | 20.42 | $ | 19.63 | ||||||||||
Income (Loss) from Investments Operations: | ||||||||||||||||||||
Net Investment Income (Loss) | (0.29 | ) | (0.07 | ) | (0.17 | ) | (0.29 | ) | (0.35 | ) | ||||||||||
Net Realized and Unrealized Gains (Losses) on Investments | 0.47 | 4.12 | 6.11 | (6.58 | ) | 1.14 | ||||||||||||||
Total from Investment Operations | 0.18 | 4.05 | 5.94 | (6.87 | ) | 0.79 | ||||||||||||||
Distributions from Net Investment Income | - | (0.04 | ) | - | - | - | ||||||||||||||
Net Asset Value at End of Period | $ | 23.68 | $ | 23.50 | $ | 19.49 | $ | 13.55 | $ | 20.42 | ||||||||||
Total Return(A) | 0.77 | % | 20.82 | % | 43.84 | % | (33.64 | %) | 4.02 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net Assets at End of Period (000’s) | $ | 9,132 | $ | 10,592 | $ | 8,085 | $ | 6,262 | $ | 11,115 | ||||||||||
Ratio to Average Net Assets: | ||||||||||||||||||||
Net Expenses | 1.96 | % | 1.93 | % | 1.99 | % | 2.27 | % | 2.30 | % | ||||||||||
Gross Expenses | 2.45 | % | 2.58 | % | 2.63 | % | 2.82 | % | 2.71 | % | ||||||||||
Net Investment Income (Loss) | (1.27 | %) | (0.43 | %) | (0.96 | %) | (1.46 | %) | (1.60 | %) | ||||||||||
Portfolio Turnover Rate | 204 | % | 130 | % | 100 | % | 60 | % | 82 | % |
Touchstone Growth Opportunities Fund | ||||||||||||||||
Class Y | 2012 | 2011 | 2010 | Period Ended March 31, 2009(A) | ||||||||||||
Net Asset Value at Beginning of Period | $ | 25.38 | $ | 20.94 | $ | 14.41 | $ | 14.37 | ||||||||
Income (Loss) from Investments Operations: | ||||||||||||||||
Net Investment Income (Loss) | (0.05 | ) | 0.14 | - | (B) | - | (B) | |||||||||
Net Realized and Unrealized Gains (Losses) on Investments | 0.47 | 4.45 | 6.53 | 0.04 | ||||||||||||
Total from Investment Operations | 0.42 | 4.59 | 6.53 | 0.04 | ||||||||||||
Distributions from Net Investment Income | - | (0.15 | ) | - | - | |||||||||||
Net Asset Value at End of Period | $ | 25.80 | $ | 25.38 | $ | 20.94 | $ | 14.41 | ||||||||
Total Return | 1.66 | % | 22.06 | % | 45.32 | % | 0.28 | %(C) | ||||||||
Ratios and Supplemental Data: | ||||||||||||||||
Net Assets at End of Period (000’s) | $ | 12,254 | $ | 2,947 | $ | 2,223 | $ | 3 | ||||||||
Ratio to Average Net Assets: | ||||||||||||||||
Net Expenses | 0.96 | % | 0.93 | % | 0.98 | % | 0.97 | %(D) | ||||||||
Gross Expenses | 1.42 | % | 1.73 | % | 3.73 | % | 1.82 | %(D) | ||||||||
Net Investment Income (Loss) | (0.27 | %) | 0.63 | % | (0.04 | %) | (0.21 | %)(D) | ||||||||
Portfolio Turnover Rate | 204 | % | 130 | % | 100 | % | 60 | %(C) |
Touchstone Value Fund | ||||||||||||||||||||
Class A | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value Beginning of Period | $ | 6.67 | $ | 6.17 | $ | 4.00 | $ | 6.64 | $ | 8.80 | ||||||||||
Net Investment Income (Loss)1 | $ | 0.12 | $ | 0.08 | $ | 0.09 | $ | 0.14 | $ | 0.12 | ||||||||||
Realized and Unrealized Gains or (Losses) on Securities | $ | 0.45 | $ | 0.50 | $ | 2.17 | $ | (2.66 | ) | $ | (0.97 | ) | ||||||||
Total from Operations | $ | 0.57 | $ | 0.58 | $ | 2.26 | $ | (2.52 | ) | $ | (0.85 | ) | ||||||||
Dividends from Net Investment Income | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.09 | ) | $ | (0.12 | ) | $ | (0.17 | ) | |||||
Distributions From Capital Gains | $ | - | $ | - | $ | - | $ | - | $ | (1.14 | ) | |||||||||
Total Dividends and Distributions | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.09 | ) | $ | (0.12 | ) | $ | (1.31 | ) | |||||
Redemption Fees | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Net Asset Value End of Period | $ | 7.14 | $ | 6.67 | $ | 6.17 | $ | 4.00 | $ | 6.64 | ||||||||||
Total Return† | 8.77 | % | 9.59 | % | 57.05 | % | (38.39 | )% | (11.68 | )% | ||||||||||
Net Assets End of Period (000) | $ | 1,606 | $ | 2,325 | $ | 2,514 | $ | 2,530 | $ | 2,379 | ||||||||||
Ratio of Net Expenses to Average Net Assets* | 1.20 | % | 1.20 | % | 1.26 | % | 1.35 | % | 1.35 | % | ||||||||||
Ratio of Gross Expenses to Average Net Assets*,^ | 1.96 | % | 2.04 | % | 1.76 | % | 2.23 | % | 2.38 | % | ||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets* | 1.84 | % | 1.31 | % | 1.72 | % | 2.76 | % | 1.36 | % | ||||||||||
Portfolio Turnover Rate† | 15.30 | % | 13.31 | % | 24.80 | % | 17.05 | % | 9.69 | % |
Touchstone Value Fund | ||||||||||||||||||||
Class Y | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Net Asset Value Beginning of Period | $ | 6.69 | $ | 6.19 | $ | 4.01 | $ | 6.65 | $ | 8.82 | ||||||||||
Net Investment Income (Loss)1 | $ | 0.12 | $ | 0.09 | $ | 0.10 | $ | 0.16 | $ | 0.14 | ||||||||||
Realized and Unrealized Gains or (Losses) on Securities | $ | 0.47 | $ | 0.51 | $ | 2.19 | $ | (2.68 | ) | $ | (0.97 | ) | ||||||||
Total from Operations | $ | 0.59 | $ | 0.60 | $ | 2.29 | $ | (2.52 | ) | $ | (0.83 | ) | ||||||||
Dividends from Net Investment Income | $ | (0.12 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.20 | ) | |||||
Distributions From Capital Gains | $ | - | $ | - | $ | - | $ | - | $ | (1.14 | ) | |||||||||
Total Dividends and Distributions | $ | (0.12 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.12 | ) | $ | (1.34 | ) | |||||
Redemption Fees | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Net Asset Value End of Period | $ | 7.16 | $ | 6.69 | $ | 6.19 | $ | 4.01 | $ | 6.65 | ||||||||||
Total Return† | 9.01 | % | 9.86 | % | 57.65 | % | (38.29 | )% | (11.49 | )% | ||||||||||
Net Assets End of Period (000) | $ | 87,546 | $ | 86,659 | $ | 88,766 | $ | 67,325 | $ | 86,801 | ||||||||||
Ratio of Net Expenses to Average Net Assets* | 0.95 | % | 0.95 | % | 1.00 | % | 1.10 | % | 1.10 | % | ||||||||||
Ratio of Gross Expenses to Average Net Assets*,^ | 1.03 | % | 1.04 | % | 1.07 | % | 1.22 | % | 1.37 | % | ||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets* | 1.90 | % | 1.58 | % | 1.87 | % | 3.03 | % | 1.59 | % | ||||||||||
Portfolio Turnover Rate† | 15.30 | % | 13.31 | % | 24.80 | % | 17.05 | % | 9.69 | % |
* Ratios for periods of less than one year have been annualized. |
† Total returns and portfolio turnover rates are for the period indicated and have not been annualized. Total return would have been lower had certain expenses not been waived by Old Mutual Capital, the predecessor fund’s investment advisor, during the year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown exclude any applicable sales charge. |
Touchstone High Yield Fund | ||||||||||||||||||||||||
Class A | For the six-month period ended March 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value at beginning of period | $ | 8.13 | $ | 8.60 | $ | 8.19 | $ | 7.85 | $ | 9.17 | $ | 9.31 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.28 | 0.66 | 0.75 | 0.73 | 0.74 | 0.67 | ||||||||||||||||||
Net realized gain (loss) on investments | 0.59 | (0.43 | ) | 0.42 | 0.34 | (1.28 | ) | (0.06 | ) | |||||||||||||||
Total from investment operations | 0.87 | 0.23 | 1.17 | 1.07 | (0.54 | ) | 0.61 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.70 | ) | (0.76 | ) | (0.73 | ) | (0.74 | ) | (0.67 | ) | ||||||||||||
Realized capital gains | — | — | — | — | (0.04 | ) | (0.08 | ) | ||||||||||||||||
Total distributions | (0.28 | ) | (0.70 | ) | (0.76 | ) | (0.73 | ) | (0.78 | ) | (0.75 | ) | ||||||||||||
Net asset value at end of period | $ | 8.72 | $ | 8.13 | $ | 8.60 | $ | 8.19 | $ | 7.85 | $ | 9.17 | ||||||||||||
Total return(A) | 10.84 | %(B) | 2.43 | % | 14.90 | % | 16.06 | % | (6.33 | %) | 6.69 | % | ||||||||||||
Ratios and supplemental data: | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 155,557 | $ | 111,888 | $ | 113,453 | $ | 59,392 | $ | 57,020 | $ | 83,996 | ||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||
Net expenses | 1.01 | %(C) | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||||
Gross expenses | 1.13 | %(C) | 1.18 | % | 1.20 | % | 1.38 | % | 1.26 | % | 1.31 | % | ||||||||||||
Net investment income | 6.71 | %(C) | 7.59 | % | 8.95 | % | 10.58 | % | 8.31 | % | 7.17 | % | ||||||||||||
Portfolio turnover rate | 11 | %(B) | 62 | % | 47 | % | 60 | % | 28 | % | 37 | % |
(A) Total returns shown exclude the effect of applicable sales loads. If these charges were included, the return would be lower. | |
(B) Not annualized. | |
(C) Annualized |
Class C | For the six-month period ended March 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value at beginning of period | $ | 8.12 | $ | 8.59 | $ | 8.18 | $ | 7.84 | $ | 9.16 | $ | 9.31 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.25 | 0.60 | 0.69 | 0.65 | 0.68 | 0.61 | ||||||||||||||||||
Net realized gain (loss) on investments | 0.59 | (0.44 | ) | 0.41 | 0.37 | (1.29 | ) | (0.08 | ) | |||||||||||||||
Total from investment operations | 0.84 | 0.16 | 1.10 | 1.02 | (0.61 | ) | 0.53 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.63 | ) | (0.69 | ) | (0.68 | ) | (0.67 | ) | (0.60 | ) | ||||||||||||
Realized capital gains | — | — | — | — | (0.04 | ) | (0.08 | ) | ||||||||||||||||
Total distributions | (0.25 | ) | (0.63 | ) | (0.69 | ) | (0.68 | ) | (0.71 | ) | (0.68 | ) | ||||||||||||
Net asset value at end of period | $ | 8.71 | $ | 8.12 | $ | 8.59 | $ | 8.18 | $ | 7.84 | $ | 9.16 | ||||||||||||
Total return(A) | 10.43 | %(B) | 1.67 | % | 14.01 | % | 15.24 | % | (7.03 | %) | 5.81 | % | ||||||||||||
Ratios and supplemental data: | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 33,166 | $ | 23,485 | $ | 24,412 | $ | 18,423 | $ | 4,569 | $ | 7,218 | ||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||
Net expenses | 1.80 | %(C) | 1.80 | % | 1.80 | % | 1.80 | % | 1.80 | % | 1.80 | % | ||||||||||||
Gross expenses | 2.02 | %(C) | 2.11 | % | 1.97 | % | 2.11 | % | 2.20 | % | 2.17 | % | ||||||||||||
Net investment income | 5.92 | %(C) | 6.83 | % | 8.26 | % | 9.46 | % | 7.54 | % | 6.41 | % | ||||||||||||
Portfolio turnover rate | 11 | %(B) | 62 | % | 47 | % | 60 | % | 28 | % | 37 | % |
(A) Total returns shown exclude the effect of applicable sales loads. If these charges were included, the return would be lower. |
(B) Not annualized. |
(C) Annualized |
Class Y | For the six-month period ended March 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value at beginning of period | $ | 8.30 | $ | 8.77 | $ | 8.34 | $ | 7.86 | $ | 9.18 | $ | 9.43 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.30 | 0.68 | 0.75 | 0.66 | 0.75 | 0.50 | ||||||||||||||||||
Net realized gain (loss) on investments | 0.60 | (0.43 | ) | 0.46 | 0.50 | (1.27 | ) | (0.31 | ) | |||||||||||||||
Total from investment operations | 0.90 | 0.25 | 1.21 | 1.16 | (0.52 | ) | 0.19 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.72 | ) | (0.78 | ) | (0.68 | ) | (0.76 | ) | (0.44 | ) | ||||||||||||
Realized capital gains | — | — | — | — | (0.04 | ) | — | |||||||||||||||||
Total distributions | (0.29 | ) | (0.72 | ) | (0.78 | ) | (0.68 | ) | (0.80 | ) | (0.44 | ) | ||||||||||||
Net asset value at end of period | $ | 8.91 | $ | 8.30 | $ | 8.77 | $ | 8.34 | $ | 7.86 | $ | 9.18 | ||||||||||||
Total return(A) | 10.99 | %(C) | 2.63 | % | 15.16 | % | 16.92 | % | (6.07 | %) | 2.09 | %(C) | ||||||||||||
Ratios and supplemental data: | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 81,914 | $ | 35,339 | $ | 8,482 | $ | 3,130 | $ | 866 | $ | 473 | ||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||
Net expenses | 0.77 | %(D) | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | %(D) | ||||||||||||
Gross expenses | 0.88 | %(D) | 0.97 | % | 0.96 | % | 1.36 | % | 1.27 | % | 1.14 | %(D) | ||||||||||||
Net investment income | 6.95 | %(D) | 7.64 | % | 9.33 | % | 9.95 | % | 8.74 | % | 7.49 | %(D) | ||||||||||||
Portfolio turnover rate | 11 | %(C) | 62 | % | 47 | % | 60 | % | 28 | % | 37 | %(C) |
(A) Represents the period from commencement of operations (February 1, 2007) through September 30, 2007. | ||||||||||||||||||||||||
(B) Total returns shown exclude the effect of applicable sales loads. If these charges were included, the return would be lower. | ||||||||||||||||||||||||
(C) Not annualized. | ||||||||||||||||||||||||
(D) Annualized. |
Touchstone Ultra Short Duration Fixed Income Fund | ||||||||||||||||||||||||
Class Z* | For the six-month period ended March 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value at beginning of period | $ | 9.58 | $ | 9.68 | $ | 9.66 | $ | 9.74 | $ | 10.08 | $ | 10.06 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.07 | (A) | 0.15 | 0.18 | 0.32 | 0.47 | 0.53 | |||||||||||||||||
Net realized gain (loss) on investments | 0.04 | (0.04 | ) | 0.06 | (0.07 | ) | (0.34 | ) | 0.01 | |||||||||||||||
Total from investment operations | 0.11 | 0.11 | 0.24 | 0.25 | 0.13 | 0.54 | ||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.21 | ) | (0.22 | ) | (0.33 | ) | (0.47 | ) | (0.52 | ) | ||||||||||||
Net asset value at end of period | $ | 9.57 | $ | 9.58 | $ | 9.68 | $ | 9.66 | $ | 9.74 | $ | 10.08 | ||||||||||||
Total return(A) | 1.10 | %(B) | 1.12 | % | 2.49 | % | 2.60 | % | 1.26 | % | 5.48 | % | ||||||||||||
Ratios and supplemental data: | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 351,191 | $ | 346,131 | $ | 236,650 | $ | 108,552 | $ | 143,837 | $ | 146,045 | ||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||
Net expenses | 0.69 | %(C) | 0.69 | % | 0.69 | % | 0.69 | % | 0.69 | % | 0.69 | % | ||||||||||||
Gross expenses | 0.76 | %(C) | 0.78 | % | 0.81 | % | 0.85 | % | 0.82 | % | 0.75 | % | ||||||||||||
Net investment income | 1.51 | %(C) | 1.39 | % | 1.69 | % | 3.41 | % | 4.72 | % | 5.25 | % | ||||||||||||
Portfolio turnover rate | 84 | %(B) | 144 | % | 119 | % | 15 | % | 56 | % | 26 | % |
(A) The net investment income per share is based on average shares outstanding for the period. |
(B) Not annualized. |
(C) Annualized. |
Touchstone Core Bond Fund | ||||||||||||||||||||||||
Class A | For the six-month period ended March 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value at beginning of period | $ | 10.46 | $ | 10.41 | $ | 9.76 | $ | 9.01 | $ | 9.67 | $ | 9.66 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.17 | 0.39 | 0.39 | 0.41 | 0.46 | 0.43 | ||||||||||||||||||
Net realized gain (loss) on investments | 0.19 | 0.10 | 0.67 | 0.80 | (0.66 | ) | 0.01 | |||||||||||||||||
Total from investment operations | 0.36 | 0.49 | 1.06 | 1.21 | (0.20 | ) | 0.44 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.44 | ) | (0.41 | ) | (0.46 | ) | (0.46 | ) | (0.43 | ) | ||||||||||||
Net asset value at end of period | $ | 10.65 | $ | 10.46 | $ | 10.41 | $ | 9.76 | $ | 9.01 | $ | 9.67 | ||||||||||||
Total return(A) | 3.47 | %(B) | 4.80 | % | 11.10 | % | 13.92 | % | (2.19 | %) | 4.66 | % | ||||||||||||
Ratios and supplemental data: | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 49,679 | $ | 41,663 | $ | 44,107 | $ | 36,096 | $ | 46,713 | $ | 56,735 | ||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||
Net expenses | 0.90 | %(C) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||
Gross expenses | 1.27 | %(C) | 1.28 | % | 1.28 | % | 1.21 | % | 1.23 | % | 1.29 | % | ||||||||||||
Net investment income | 3.16 | %(C) | 3.80 | % | 3.91 | % | 4.58 | % | 4.77 | % | 4.39 | % | ||||||||||||
Portfolio turnover rate | 202 | %(B) | 319 | % | 370 | % | 277 | % | 184 | % | 293 | % |
Touchstone Core Bond Fund | ||||||||||||||||||||||||
Class C | For the six-month period ended March 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value at beginning of period | $ | 9.82 | $ | 9.80 | $ | 9.21 | $ | 8.53 | $ | 9.18 | $ | 9.19 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.12 | 0.30 | 0.31 | 0.34 | 0.36 | 0.34 | ||||||||||||||||||
Net realized gain (loss) on investments | 0.17 | 0.08 | 0.62 | 0.73 | (0.62 | ) | 0.01 | |||||||||||||||||
Total from investment operations | 0.29 | 0.38 | 0.93 | 1.07 | (0.26 | ) | 0.35 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.36 | ) | (0.34 | ) | (0.39 | ) | (0.39 | ) | (0.36 | ) | ||||||||||||
Net asset value at end of period | $ | 9.98 | $ | 9.82 | $ | 9.80 | $ | 9.21 | $ | 8.53 | $ | 9.18 | ||||||||||||
Total return(A) | 3.01 | %(B) | 4.01 | % | 10.32 | % | 13.07 | % | (2.93 | %) | 3.87 | % | ||||||||||||
Ratios and supplemental data: | ||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 9,321 | $ | 7,503 | $ | 8,550 | $ | 5,867 | $ | 3,255 | $ | 2,036 | ||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||
Net expenses | 1.65 | %(C) | 1.65 | % | 1.65 | % | 1.65 | % | 1.65 | % | 1.65 | % | ||||||||||||
Gross expenses | 2.26 | %(C) | 2.44 | % | 2.09 | % | 2.10 | % | 2.27 | % | 2.57 | % | ||||||||||||
Net investment income | 2.41 | %(C) | 3.04 | % | 3.15 | % | 3.81 | % | 4.03 | % | 3.65 | % | ||||||||||||
Portfolio turnover rate | 202 | %(B) | 319 | % | 370 | % | 277 | % | 184 | % | 293 | % |
Class A | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.40 | $ | 9.58 | $ | 8.66 | $ | 12.33 | $ | 14.82 | $ | 12.70 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.12 | $ | 0.08 | $ | 0.12 | $ | 0.10 | $ | 0.07 | $ | 0.03 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.35 | ) | $ | 1.80 | $ | 0.99 | $ | (3.12 | ) | $ | (1.67 | )# | $ | 2.34 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.23 | ) | $ | 1.88 | $ | 1.11 | $ | (3.02 | ) | $ | (1.60 | ) | $ | 2.37 | |||||||||
Dividends from Net Investment Income | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.19 | ) | $ | -- | $ | (0.20 | ) | $ | -- | ||||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.65 | ) | $ | (0.69 | ) | $ | (0.25 | ) | |||||||||
Total Dividends and Distributions | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.19 | ) | $ | (0.65 | ) | $ | (0.89 | ) | $ | (0.25 | ) | ||||||
Net Asset Value End of Period | $ | 11.06 | $ | 11.40 | $ | 9.58 | $ | 8.66 | $ | 12.33 | $ | 14.82 | ||||||||||||
Total Return† | (1.99 | )% | 19.65 | % | 12.78 | % | (23.55 | )% | (11.45 | )%# | 18.76 | % | ||||||||||||
Net Assets End of Period (000) | $ | 11,916 | $ | 13,619 | $ | 16,721 | $ | 20,556 | $ | 43,129 | $ | 55,755 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.57 | % | 0.57 | % | 0.57 | % | 0.56 | % | 0.91 | % | 1.60 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.32 | % | 1.13 | % | 1.18 | % | 1.03 | % | 1.26 | % | 1.83 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 2.34 | % | 0.77 | % | 1.26 | % | 1.14 | % | 0.48 | % | 0.24 | % | ||||||||||||
Portfolio Turnover Rate† | 5.23 | % | 7.78 | % | 41.29 | % | 27.09 | % | 45.80 | % | 104.92 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Growth Allocation Fund Class C | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 10.90 | $ | 9.18 | $ | 8.30 | $ | 11.95 | $ | 14.53 | $ | 12.55 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.08 | $ | -- | $ | 0.04 | $ | 0.03 | $ | (0.04 | ) | $ | (0.07 | ) | ||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.34 | ) | $ | 1.72 | $ | 0.96 | $ | (3.03 | ) | $ | (1.61 | )# | $ | 2.30 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.26 | ) | $ | 1.72 | $ | 1.00 | $ | (3.00 | ) | $ | (1.65 | ) | $ | 2.23 | |||||||||
Dividends from Net Investment Income | $ | (0.02 | ) | $ | -- | $ | (0.12 | ) | $ | -- | $ | (0.24 | ) | $ | -- | |||||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.65 | ) | $ | (0.69 | ) | $ | (0.25 | ) | |||||||||
Total Dividends and Distributions | $ | (0.02 | ) | $ | -- | $ | (0.12 | ) | $ | (0.65 | ) | $ | (0.93 | ) | $ | (0.25 | ) | |||||||
Net Asset Value End of Period | $ | 10.62 | $ | 10.90 | $ | 9.18 | $ | 8.30 | $ | 11.95 | $ | 14.53 | ||||||||||||
Total Return† | (2.41 | )% | 18.74 | % | 12.03 | % | (24.16 | )% | (12.08 | )%# | 17.86 | % | ||||||||||||
Net Assets End of Period (000) | $ | 27,736 | $ | 33,477 | $ | 36,655 | $ | 48,126 | $ | 83,127 | $ | 96,805 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 1.32 | % | 1.32 | % | 1.32 | % | 1.31 | % | 1.66 | % | 2.35 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.91 | % | 1.75 | % | 1.84 | % | 1.75 | % | 2.01 | % | 2.56 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 1.56 | % | 0.02 | % | 0.47 | % | 0.42 | % | (0.29 | )% | (0.50 | )% | ||||||||||||
Portfolio Turnover Rate† | 5.23 | % | 7.78 | % | 41.29 | % | 27.09 | % | 45.80 | % | 104.92 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Growth Allocation Fund Class Y | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.57 | $ | 9.72 | $ | 8.77 | $ | 12.45 | $ | 14.91 | $ | 12.74 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.10 | $ | 0.12 | $ | 0.05 | $ | 0.12 | $ | 0.09 | $ | 0.12 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.33 | ) | $ | 1.81 | $ | 1.11 | $ | (3.15 | ) | $ | (1.67 | )# | $ | 2.30 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.23 | ) | $ | 1.93 | $ | 1.16 | $ | (3.03 | ) | $ | (1.58 | ) | $ | 2.42 | |||||||||
Dividends from Net Investment Income | $ | (0.15 | ) | $ | (0.08 | ) | $ | (0.21 | ) | $ | -- | $ | (0.19 | ) | $ | -- | ||||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.65 | ) | $ | (0.69 | ) | $ | (0.25 | ) | |||||||||
Total Dividends and Distributions | $ | (0.15 | ) | $ | (0.08 | ) | $ | (0.21 | ) | $ | (0.65 | ) | $ | (0.88 | ) | $ | (0.25 | ) | ||||||
Net Asset Value End of Period | $ | 11.19 | $ | 11.57 | $ | 9.72 | $ | 8.77 | $ | 12.45 | $ | 14.91 | ||||||||||||
Total Return† | (1.89 | )% | 19.94 | % | 13.22 | % | (23.40 | )% | (11.25 | )%# | 19.09 | % | ||||||||||||
Net Assets End of Period (000) | $ | 1,507 | $ | 3,561 | $ | 2,322 | $ | 667 | $ | 750 | $ | 648 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.61 | % | 1.35 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.53 | % | 1.13 | % | 1.33 | % | 3.50 | % | 5.47 | % | 10.49 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets | 1.91 | % | 1.11 | % | 0.56 | % | 1.46 | % | 0.68 | % | 0.77 | % | ||||||||||||
Portfolio Turnover Rate† | 5.23 | % | 7.78 | % | 41.29 | % | 27.09 | % | 45.80 | % | 104.92 | % |
Class A | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.11 | $ | 9.66 | $ | 8.87 | $ | 11.91 | $ | 13.76 | $ | 12.07 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.12 | $ | 0.12 | $ | 0.15 | $ | 0.17 | $ | 0.10 | $ | 0.11 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.21 | ) | $ | 1.47 | $ | 0.87 | $ | (2.37 | ) | $ | (1.11 | )# | $ | 1.86 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.09 | ) | $ | 1.59 | $ | 1.02 | $ | (2.20 | ) | $ | (1.01 | ) | $ | 1.97 | |||||||||
Dividends from Net Investment Income | $ | (0.15 | ) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.16 | ) | $ | (0.15 | ) | $ | (0.07 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.68 | ) | $ | (0.69 | ) | $ | (0.21 | ) | |||||||||
Total Dividends and Distributions | $ | (0.15 | ) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.84 | ) | $ | (0.84 | ) | $ | (0.28 | ) | ||||||
Net Asset Value End of Period | $ | 10.87 | $ | 11.11 | $ | 9.66 | $ | 8.87 | $ | 11.91 | $ | 13.76 | ||||||||||||
Total Return† | (0.73 | )% | 16.56 | % | 11.52 | %# | (17.27 | )% | (7.86 | )%# | 16.49 | % | ||||||||||||
Net Assets End of Period (000) | $ | 16,534 | $ | 18,848 | $ | 22,740 | $ | 25,782 | $ | 52,854 | $ | 58,969 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.89 | % | 1.55 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.14 | % | 1.01 | % | 1.08 | % | 0.99 | % | 1.26 | % | 1.73 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 2.25 | % | 1.17 | % | 1.53 | % | 2.00 | % | 0.74 | % | 0.84 | % | ||||||||||||
Portfolio Turnover Rate† | 8.20 | % | 8.53 | % | 37.54 | % | 31.90 | % | 43.04 | % | 112.42 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Moderate Growth Allocation Fund Class C | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 10.86 | $ | 9.44 | $ | 8.67 | $ | 11.63 | $ | 13.59 | $ | 11.95 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.08 | $ | 0.05 | $ | 0.07 | $ | 0.11 | $ | -- | $ | 0.01 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.21 | ) | $ | 1.43 | $ | 0.86 | $ | (2.31 | ) | $ | (1.08 | )# | $ | 1.84 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.13 | ) | $ | 1.48 | $ | 0.93 | $ | (2.20 | ) | $ | (1.08 | ) | $ | 1.85 | |||||||||
Dividends from Net Investment Income | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.08 | ) | $ | (0.19 | ) | $ | -- | |||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.68 | ) | $ | (0.69 | ) | $ | (0.21 | ) | |||||||||
Total Dividends and Distributions | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.76 | ) | $ | (0.88 | ) | $ | (0.21 | ) | ||||||
Net Asset Value End of Period | $ | 10.67 | $ | 10.86 | $ | 9.44 | $ | 8.67 | $ | 11.63 | $ | 13.59 | ||||||||||||
Total Return† | (1.15 | )% | 15.70 | % | 10.71 | %# | (17.90 | )% | (8.55 | )%# | 15.63 | % | ||||||||||||
Net Assets End of Period (000) | $ | 52,641 | $ | 61,074 | $ | 70,934 | $ | 92,373 | $ | 154,281 | $ | 161,855 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 1.32 | % | 1.32 | % | 1.32 | % | 1.32 | % | 1.63 | % | 2.30 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.79 | % | 1.69 | % | 1.74 | % | 1.69 | % | 1.88 | % | 2.43 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 1.48 | % | 0.46 | % | 0.78 | % | 1.33 | % | (0.02 | )% | 0.09 | % | ||||||||||||
Portfolio Turnover Rate† | 8.20 | % | 8.53 | % | 37.54 | % | 31.90 | % | 43.04 | % | 112.42 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Moderate Growth Allocation Fund Class Y | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.23 | $ | 9.75 | $ | 8.95 | $ | 12.02 | $ | 13.84 | $ | 12.12 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.13 | $ | 0.18 | $ | 0.17 | $ | 0.20 | $ | 0.13 | $ | 0.20 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.22 | ) | $ | 1.46 | $ | 0.88 | $ | (2.40 | ) | $ | (1.11 | )# | $ | 1.83 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.09 | ) | $ | 1.64 | $ | 1.05 | $ | (2.20 | ) | $ | (0.98 | ) | $ | 2.03 | |||||||||
Dividends from Net Investment Income | $ | (0.18 | ) | $ | (0.16 | ) | $ | (0.25 | ) | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.10 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.68 | ) | $ | (0.69 | ) | $ | (0.21 | ) | |||||||||
Total Dividends and Distributions | $ | (0.18 | ) | $ | (0.16 | ) | $ | (0.25 | ) | $ | (0.87 | ) | $ | (0.84 | ) | $ | (0.31 | ) | ||||||
Net Asset Value End of Period | $ | 10.96 | $ | 11.23 | $ | 9.75 | $ | 8.95 | $ | 12.02 | $ | 13.84 | ||||||||||||
Total Return† | (0.70 | )% | 16.93 | % | 11.77 | %# | (17.07 | )% | (7.64 | )%# | 16.91 | % | ||||||||||||
Net Assets End of Period (000) | $ | 1,203 | $ | 1,289 | $ | 635 | $ | 508 | $ | 600 | $ | 530 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.61 | % | 1.30 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.82 | % | 1.65 | % | 2.59 | % | 2.64 | % | 4.40 | % | 11.43 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 2.53 | % | 1.63 | % | 1.72 | % | 2.34 | % | 0.97 | % | 1.40 | % | ||||||||||||
Portfolio Turnover Rate† | 8.20 | % | 8.53 | % | 37.54 | % | 31.90 | % | 43.04 | % | 112.42 | % |
* | Per share amounts for the year are calculated based on average outstanding shares. |
# | Impact of payment to affiliate was less than $0.01 per share and 0.01%, respectively. |
† | Total return would have been lower had certain expenses not been waived by Old Mutual Capital, Inc. during the year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown exclude any applicable sales charges. |
(1) | Ratio does not include expenses of the underlying funds. |
Class A | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.03 | $ | 9.99 | $ | 9.28 | $ | 11.27 | $ | 12.68 | $ | 11.45 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.12 | $ | 0.18 | $ | 0.22 | $ | 0.29 | $ | 0.21 | $ | 0.20 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.09 | ) | $ | 1.13 | $ | 0.80 | $ | (1.46 | ) | $ | (0.74 | )# | $ | 1.41 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | 0.03 | $ | 1.31 | $ | 1.02 | $ | (1.17 | ) | $ | (0.53 | ) | $ | 1.61 | ||||||||||
Dividends from Net Investment Income | $ | (0.12 | ) | $ | (0.27 | ) | $ | (0.31 | ) | $ | (0.36 | ) | $ | (0.26 | ) | $ | (0.17 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.46 | ) | $ | (0.62 | ) | $ | (0.21 | ) | |||||||||
Total Dividends and Distributions | $ | (0.12 | ) | $ | (0.27 | ) | $ | (0.31 | ) | $ | (0.82 | ) | $ | (0.88 | ) | $ | (0.38 | ) | ||||||
Net Asset Value End of Period | $ | 10.94 | $ | 11.03 | $ | 9.99 | $ | 9.28 | $ | 11.27 | $ | 12.68 | ||||||||||||
Total Return† | 0.35 | % | 13.21 | % | 10.99 | % | (9.30 | )% | (4.59 | )%# | 14.20 | % | ||||||||||||
Net Assets End of Period (000) | $ | 10,845 | $ | 12,650 | $ | 21,312 | $ | 25,356 | $ | 44,959 | $ | 51,321 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.94 | % | 1.55 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.05 | % | 0.94 | % | 0.93 | % | 0.79 | % | 1.13 | % | 1.69 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 2.33 | % | 1.71 | % | 2.26 | % | 3.30 | % | 1.71 | % | 1.59 | % | ||||||||||||
Portfolio Turnover Rate† | 9.44 | % | 5.65 | % | 32.67 | % | 29.74 | % | 51.96 | % | 121.42 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Balanced Allocation Fund Class C | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.01 | $ | 9.97 | $ | 9.26 | $ | 11.17 | $ | 12.64 | $ | 11.42 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.08 | $ | 0.10 | $ | 0.15 | $ | 0.22 | $ | 0.11 | $ | 0.10 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.09 | ) | $ | 1.13 | $ | 0.79 | $ | (1.44 | ) | $ | (0.73 | )# | $ | 1.41 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | (0.01 | ) | $ | 1.23 | $ | 0.94 | $ | (1.22 | ) | $ | (0.62 | ) | $ | 1.51 | |||||||||
Dividends from Net Investment Income | $ | (0.08 | ) | $ | (0.19 | ) | $ | (0.23 | ) | $ | (0.23 | ) | $ | (0.23 | ) | $ | (0.08 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.46 | ) | $ | (0.62 | ) | $ | (0.21 | ) | |||||||||
Total Dividends and Distributions | $ | (0.08 | ) | $ | (0.19 | ) | $ | (0.23 | ) | $ | (0.69 | ) | $ | (0.85 | ) | $ | (0.29 | ) | ||||||
Net Asset Value End of Period | $ | 10.92 | $ | 11.01 | $ | 9.97 | $ | 9.26 | $ | 11.17 | $ | 12.64 | ||||||||||||
Total Return† | (0.05 | )% | 12.41 | % | 10.19 | % | (10.00 | )% | (5.34 | )%# | 13.38 | % | ||||||||||||
Net Assets End of Period (000) | $ | 45,574 | $ | 50,108 | $ | 59,480 | $ | 77,330 | $ | 120,085 | $ | 109,348 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 1.39 | % | 1.39 | % | 1.39 | % | 1.40 | % | 1.67 | % | 2.30 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.66 | % | 1.59 | % | 1.62 | % | 1.51 | % | 1.85 | % | 2.44 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 1.60 | % | 0.98 | % | 1.51 | % | 2.46 | % | 0.92 | % | 0.85 | % | ||||||||||||
Portfolio Turnover Rate† | 9.44 | % | 5.65 | % | 32.67 | % | 29.74 | % | 51.96 | % | 121.42 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Balanced Allocation Fund Class Y | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 11.05 | $ | 10.01 | $ | 9.30 | $ | 11.31 | $ | 12.70 | $ | 11.46 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.14 | $ | 0.23 | $ | 0.24 | $ | 0.31 | $ | 0.23 | $ | 0.26 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.09 | ) | $ | 1.11 | $ | 0.80 | $ | (1.46 | ) | $ | (0.74 | )# | $ | 1.39 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | 0.05 | $ | 1.34 | $ | 1.04 | $ | (1.15 | ) | $ | (0.51 | ) | $ | 1.65 | ||||||||||
Dividends from Net Investment Income | $ | (0.14 | ) | $ | (0.30 | ) | $ | (0.33 | ) | $ | (0.40 | ) | $ | (0.26 | ) | $ | (0.20 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.46 | ) | $ | (0.62 | ) | $ | (0.21 | ) | |||||||||
Total Dividends and Distributions | $ | (0.14 | ) | $ | (0.30 | ) | $ | (0.33 | ) | $ | (0.86 | ) | $ | (0.88 | ) | $ | (0.41 | ) | ||||||
Net Asset Value End of Period | $ | 10.96 | $ | 11.05 | $ | 10.01 | $ | 9.30 | $ | 11.31 | $ | 12.70 | ||||||||||||
Total Return† | 0.48 | % | 13.49 | % | 11.25 | % | (9.00 | )% | (4.40 | )%# | 14.55 | % | ||||||||||||
Net Assets End of Period (000) | $ | 1,811 | $ | 1,866 | $ | 929 | $ | 672 | $ | 732 | $ | 586 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.39 | % | 0.39 | % | 0.39 | % | 0.40 | % | 0.65 | % | 1.30 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.40 | % | 1.41 | % | 2.28 | % | 1.41 | % | 5.13 | % | 11.24 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 2.60 | % | 2.11 | % | 2.46 | % | 3.53 | % | 1.91 | % | 2.02 | % | ||||||||||||
Portfolio Turnover Rate† | 9.44 | % | 5.65 | % | 32.67 | % | 29.74 | % | 51.96 | % | 121.42 | % |
* | Per share amounts for the year are calculated based on average outstanding shares. |
# | Impact of payment to affiliate was less than $0.01 per share and 0.01%, respectively. |
† | Total return would have been lower had certain expenses not been waived by Old Mutual Capital, Inc. during the year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown exclude any applicable sales charges. |
(1) | Ratio does not include expenses of the underlying funds. |
Class A | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 10.87 | $ | 10.38 | $ | 9.84 | $ | 10.76 | $ | 11.30 | $ | 10.64 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.13 | $ | 0.26 | $ | 0.34 | $ | 0.48 | $ | 0.29 | $ | 0.30 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.04 | ) | $ | 0.64 | $ | 0.66 | $ | (0.61 | ) | $ | (0.25 | ) | $ | 0.69 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | 0.09 | $ | 0.90 | $ | 1.00 | $ | (0.13 | ) | $ | 0.04 | $ | 0.99 | |||||||||||
Dividends from Net Investment Income | $ | (0.17 | ) | $ | (0.41 | ) | $ | (0.46 | ) | $ | (0.57 | ) | $ | (0.31 | ) | $ | (0.28 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.22 | ) | $ | (0.27 | ) | $ | (0.05 | ) | |||||||||
Total Dividends and Distributions | $ | (0.17 | ) | $ | (0.41 | ) | $ | (0.46 | ) | $ | (0.79 | ) | $ | (0.58 | ) | $ | (0.33 | ) | ||||||
Net Asset Value End of Period | $ | 10.79 | $ | 10.87 | $ | 10.38 | $ | 9.84 | $ | 10.76 | $ | 11.30 | ||||||||||||
Total Return† | 0.87 | % | 8.81 | % | 10.27 | % | (0.49 | )% | 0.24 | % | 9.40 | % | ||||||||||||
Net Assets End of Period (000) | $ | 9,248 | $ | 11,138 | $ | 12,141 | $ | 13,632 | $ | 15,858 | $ | 12,605 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.61 | % | 0.61 | % | 0.61 | % | 0.65 | % | 0.93 | % | 1.50 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.15 | % | 0.91 | % | 0.94 | % | 0.86 | % | 1.31 | % | 1.94 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 2.43 | % | 2.43 | % | 3.36 | % | 5.09 | % | 2.62 | % | 2.73 | % | ||||||||||||
Portfolio Turnover Rate† | 20.83 | % | 12.81 | % | 32.70 | % | 39.55 | % | 49.27 | % | 130.47 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Conservative Allocation Fund Class C | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 10.81 | $ | 10.33 | $ | 9.80 | $ | 10.66 | $ | 11.25 | $ | 10.60 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.09 | $ | 0.18 | $ | 0.27 | $ | 0.39 | $ | 0.21 | $ | 0.22 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.03 | ) | $ | 0.63 | $ | 0.64 | $ | (0.58 | ) | $ | (0.25 | ) | $ | 0.68 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | 0.06 | $ | 0.81 | $ | 0.91 | $ | (0.19 | ) | $ | (0.04 | ) | $ | 0.90 | ||||||||||
Dividends from Net Investment Income | $ | (0.13 | ) | $ | (0.33 | ) | $ | (0.38 | ) | $ | (0.45 | ) | $ | (0.28 | ) | $ | (0.20 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.22 | ) | $ | (0.27 | ) | $ | (0.05 | ) | |||||||||
Total Dividends and Distributions | $ | (0.13 | ) | $ | (0.33 | ) | $ | (0.38 | ) | $ | (0.67 | ) | $ | (0.55 | ) | $ | (0.25 | ) | ||||||
Net Asset Value End of Period | $ | 10.74 | $ | 10.81 | $ | 10.33 | $ | 9.80 | $ | 10.66 | $ | 11.25 | ||||||||||||
Total Return† | 0.61 | % | 7.93 | % | 9.37 | % | (1.20 | )% | (0.47 | )% | 8.57 | % | ||||||||||||
Net Assets End of Period (000) | $ | 18,865 | $ | 20,000 | $ | 23,985 | $ | 31,465 | $ | 34,242 | $ | 25,812 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 1.36 | % | 1.36 | % | 1.36 | % | 1.41 | % | 1.67 | % | 2.25 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.69 | % | 1.61 | % | 1.65 | % | 1.54 | % | 1.95 | % | 2.57 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 1.75 | % | 1.72 | % | 2.61 | % | 4.23 | % | 1.86 | % | 1.98 | % | ||||||||||||
Portfolio Turnover Rate† | 20.83 | % | 12.81 | % | 32.70 | % | 39.55 | % | 49.27 | % | 130.47 | % |
For A Share Outstanding Throughout Each Year Ended July 31, (Unless Otherwise Noted) and For The Six-Month Period Ended January 31, 2012 (Unaudited) | ||||||||||||||||||||||||
Touchstone Conservative Allocation Fund Class Y | For the six- month period ended January 31, 2012 (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net Asset Value Beginning of Period | $ | 10.87 | $ | 10.39 | $ | 9.85 | $ | 10.78 | $ | 11.30 | $ | 10.65 | ||||||||||||
Net Investment Income (Loss)* | $ | 0.16 | $ | 0.29 | $ | 0.35 | $ | 0.44 | $ | 0.32 | $ | 0.34 | ||||||||||||
Realized and Unrealized Gains (Losses) on Securities* | $ | (0.04 | ) | $ | 0.62 | $ | 0.67 | $ | (0.54 | ) | $ | (0.25 | ) | $ | 0.67 | |||||||||
Redemption Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Total from Operations | $ | 0.12 | $ | 0.91 | $ | 1.02 | $ | (0.10 | ) | $ | 0.07 | $ | 1.01 | |||||||||||
Dividends from Net Investment Income | $ | (0.19 | ) | $ | (0.43 | ) | $ | (0.48 | ) | $ | (0.61 | ) | $ | (0.32 | ) | $ | (0.31 | ) | ||||||
Distributions From Capital Gains | $ | -- | $ | -- | $ | -- | $ | (0.22 | ) | $ | (0.27 | ) | $ | (0.05 | ) | |||||||||
Total Dividends and Distributions | $ | (0.19 | ) | $ | (0.43 | ) | $ | (0.48 | ) | $ | (0.83 | ) | $ | (0.59 | ) | $ | (0.36 | ) | ||||||
Net Asset Value End of Period | $ | 10.80 | $ | 10.87 | $ | 10.39 | $ | 9.85 | $ | 10.78 | $ | 11.30 | ||||||||||||
Total Return† | 1.12 | % | 8.97 | % | 10.54 | % | (0.17 | )% | 0.54 | % | 9.55 | % | ||||||||||||
Net Assets End of Period (000) | $ | 1,899 | $ | 1,370 | $ | 1,129 | $ | 234 | $ | 640 | $ | 514 | ||||||||||||
Ratio of Expenses to Average Net Assets (1) | 0.36 | % | 0.36 | % | 0.34 | % | 0.40 | % | 0.67 | % | 1.25 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (Excluding Waivers and Expense Reductions)(1) | 1.38 | % | 1.65 | % | 1.65 | % | 7.77 | % | 4.34 | % | 11.45 | % | ||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (1) | 2.92 | % | 2.72 | % | 3.40 | % | 4.56 | % | 2.86 | % | 3.01 | % | ||||||||||||
Portfolio Turnover Rate† | 20.83 | % | 12.81 | % | 32.70 | % | 39.55 | % | 49.27 | % | 130.47 | % |
* | Per share amounts for the year are calculated based on average outstanding shares. |
† | Total return would have been lower had certain expenses not been waived by Old Mutual Capital, Inc., the predecessor fund’s investment advisor, during the year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown exclude any applicable sales charges. |
(1) | Ratio does not include expenses of the underlying funds. |
Fifth Third Micro Cap Value Fund | ||||||||||||||||||||||||
Class A | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 4.24 | $ | 3.63 | $ | 3.01 | $ | 3.49 | $ | 6.73 | $ | 7.80 | ||||||||||||
Net Investment Income/(Loss) | — | ^∆ | (0.01 | )∆ | (0.01 | )∆ | 0.01 | ∆ | 0.01 | ∆ | (0.01 | )∆ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.08 | 0.62 | 0.63 | (0.47 | ) | (0.75 | ) | 0.90 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.08 | 0.61 | 0.62 | (0.46 | ) | (0.74 | ) | 0.89 | ||||||||||||||||
Net Investment Income | — | — | — | (0.01 | ) | — | (0.04 | ) | ||||||||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | (2.50 | ) | (1.92 | ) | |||||||||||||||
Total Dividends and Distributions | — | — | — | (0.02 | ) | (2.50 | ) | (1.96 | ) | |||||||||||||||
Net Asset Value, End of Period | $ | 4.32 | $ | 4.24 | $ | 3.63 | $ | 3.01 | $ | 3.49 | $ | 6.73 | ||||||||||||
Total Return (excludes sales charge) | 1.89 | %* | 16.80 | % | 20.60 | % | (13.18 | )% | (12.41 | )% | 12.24 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 18,014 | $ | 18,117 | $ | 11,649 | $ | 7,497 | $ | 10,552 | $ | 11,486 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 2.02 | %** | 1.96 | % | 2.07 | % | 2.14 | % | 2.06 | % | 1.77 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.60 | %** | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | (0.04 | )%** | (0.33 | )% | (0.41 | )% | 0.40 | % | 0.16 | % | (0.08 | )% | ||||||||||||
Portfolio Turnover Rate (c) | 20 | %* | 59 | % | 56 | % | 46 | % | 49 | % | 72 | % | ||||||||||||
Class C | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 3.77 | $ | 3.25 | $ | 2.72 | $ | 3.17 | $ | 6.39 | $ | 7.52 | ||||||||||||
Net Investment Income/(Loss) | (0.01 | )∆ | (0.04 | )∆ | (0.04 | )∆ | (0.01 | )∆ | (0.02 | )∆ | (0.05 | )∆ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.06 | 0.56 | 0.57 | (0.43 | ) | (0.70 | ) | 0.84 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.05 | 0.52 | 0.53 | (0.44 | ) | (0.72 | ) | 0.79 | ||||||||||||||||
Net Investment Income | — | — | — | — | — | — | ||||||||||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | (2.50 | ) | (1.92 | ) | |||||||||||||||
Total Dividends and Distributions | — | — | — | (0.01 | ) | (2.50 | ) | (1.92 | ) | |||||||||||||||
Net Asset Value, End of Period | $ | 3.82 | $ | 3.77 | $ | 3.25 | $ | 2.72 | $ | 3.17 | $ | 6.39 | ||||||||||||
Total Return (excludes sales charge) | 1.33 | %* | 16.00 | % | 19.49 | % | (13.75 | )% | (12.95 | )% | 11.28 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 5,003 | $ | 5,563 | $ | 2,876 | $ | 1,446 | $ | 1,749 | $ | 2,853 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 2.77 | %** | 2.71 | % | 2.82 | % | 2.88 | % | 2.81 | % | 2.51 | % |
Ratio of Expenses to Average Net Assets (b) | 2.35 | %** | 2.35 | % | 2.35 | % | 2.35 | % | 2.35 | % | 2.35 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | (0.79 | )%** | (1.10 | )% | (1.17 | )% | (0.35 | )% | (0.62 | )% | (0.75 | )% | ||||||||||||
Portfolio Turnover Rate (c) | 20 | %* | 59 | % | 56 | % | 46 | % | 49 | % | 72 | % |
Fifth Third Micro Cap Value Fund | ||||||||||||||||||||||||
Institutional Shares | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 4.58 | $ | 3.92 | $ | 3.24 | $ | 3.75 | $ | 7.02 | $ | 8.05 | ||||||||||||
Net Investment Income/(Loss) | — | ^∆ | — | ^∆ | (0.01 | )∆ | 0.02 | ∆ | 0.02 | ∆ | 0.01 | ∆ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.10 | 0.66 | 0.69 | (0.51 | ) | (0.78 | ) | 0.93 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.10 | 0.66 | 0.68 | (0.49 | ) | (0.76 | ) | 0.94 | ||||||||||||||||
Net Investment Income | — | — | — | (0.01 | ) | (0.01 | ) | (0.05 | ) | |||||||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | (2.50 | ) | (1.92 | ) | |||||||||||||||
Total Dividends and Distributions | — | — | — | (0.02 | ) | (2.51 | ) | (1.97 | ) | |||||||||||||||
Net Asset Value, End of Period | $ | 4.68 | $ | 4.58 | $ | 3.92 | $ | 3.24 | $ | 3.75 | $ | 7.02 | ||||||||||||
Total Return (excludes sales charge) | 2.18 | %* | 16.84 | % | 20.99 | % | (12.86 | )% | (12.23 | )% | 12.53 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 27,494 | $ | 26,317 | $ | 21,195 | $ | 17,394 | $ | 22,662 | $ | 51,541 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.77 | %** | 1.71 | % | 1.82 | % | 1.89 | % | 1.82 | % | 1.52 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.35 | %** | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 0.19 | %** | (0.08 | )% | (0.16 | )% | 0.64 | % | 0.37 | % | 0.17 | % | ||||||||||||
Portfolio Turnover Rate (c) | 20 | %* | 59 | % | 56 | % | 46 | % | 49 | % | 72 | % |
(a) | Before waivers and reimbursements |
(b) | Net of waivers and reimbursements |
(c) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. |
Δ | Average shares method used in calculation. |
^ | Amount is less than $0.005 per share. |
* | Not annualized. |
** | Annualized. |
Fifth Third Small Cap Value Fund | ||||||||||||||||||||||||
Class A | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 19.43 | $ | 16.15 | $ | 13.33 | $ | 16.84 | $ | 20.09 | $ | 20.74 | ||||||||||||
Net Investment Income/(Loss) | 0.06 | Δ | 0.08 | ∆ | 0.06 | ∆ | 0.18 | ∆ | 0.14 | ∆ | 0.08 | ∆ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.05 | 3.23 | 2.83 | (3.51 | ) | (0.90 | ) | 2.11 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.11 | 3.31 | 2.89 | (3.33 | ) | (0.76 | ) | 2.19 | ||||||||||||||||
Net Investment Income | (0.02 | ) | (0.03 | ) | (0.07 | ) | (0.18 | ) | (0.12 | ) | (0.07 | ) | ||||||||||||
Net Realized Gains | (1.06 | ) | — | — | — | (2.37 | ) | (2.77 | ) | |||||||||||||||
Total Dividends and Distributions | (1.08 | ) | (0.03 | ) | (0.07 | ) | (0.18 | ) | (2.49 | ) | (2.84 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 18.46 | $ | 19.43 | $ | 16.15 | $ | 13.33 | $ | 16.84 | $ | 20.09 | ||||||||||||
Total Return (excludes sales charge) | 0.95 | %* | 20.52 | % | 21.69 | % | (19.56 | )% | (3.95 | )% | 10.53 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 1,995 | $ | 1,980 | $ | 2,241 | $ | 1,275 | $ | 1,682 | $ | 2,198 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.65 | %** | 1.60 | % | 1.56 | % | 1.55 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.28 | %** | 1.36 | % | 1.41 | % | 1.45 | % | 1.45 | % | 1.45 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 0.64 | %** | 0.43 | % | 0.39 | % | 1.42 | % | 0.77 | % | 0.36 | % | ||||||||||||
Portfolio Turnover Rate (c) | 26 | %* | 93 | % | 65 | % | 68 | % | 60 | % | 46 | % |
Class C | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 18.38 | $ | 15.37 | $ | 12.73 | $ | 16.07 | $ | 19.31 | $ | 20.14 | ||||||||||||
Net Investment Income/(Loss) | (0.01 | )Δ | (0.07 | )∆ | (0.06 | )∆ | 0.08 | ∆ | — | ^∆ | (0.08 | )∆ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.04 | 3.08 | 2.70 | (3.33 | ) | (0.87 | ) | 2.06 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.03 | 3.01 | 2.64 | (3.25 | ) | (0.87 | ) | 1.98 | ||||||||||||||||
Net Investment Income | — | — | — | (0.09 | ) | — | (0.04 | ) | ||||||||||||||||
Net Realized Gains | (1.06 | ) | — | — | — | (2.37 | ) | (2.77 | ) | |||||||||||||||
Total Dividends and Distributions | (1.06 | ) | — | — | (0.09 | ) | (2.37 | ) | (2.81 | ) | ||||||||||||||
Net Asset Value, End of Period | $ | 17.35 | $ | 18.38 | $ | 15.37 | $ | 12.73 | $ | 16.07 | $ | 19.31 | ||||||||||||
Total Return (excludes sales charge) | 0.61 | %* | 19.58 | % | 20.83 | % | (20.17 | )% | (4.74 | )% | 9.66 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 1,686 | $ | 1,802 | $ | 828 | $ | 399 | $ | 384 | $ | 713 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 2.40 | %** | 2.35 | % | 2.31 | % | 2.30 | % | 2.25 | % | 2.25 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 2.03 | %** | 2.11 | % | 2.16 | % | 2.20 | % | 2.20 | % | 2.20 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | (0.11 | )%** | (0.39 | )% | (0.37 | )% | 0.68 | % | 0.01 | % | (0.39 | )% | ||||||||||||
Portfolio Turnover Rate (c) | 26 | %* | 93 | % | 65 | % | 68 | % | 60 | % | 46 | % |
Fifth Third Small Cap Value Fund | ||||||||||||||||||||||||
Institutional Shares | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 19.67 | $ | 16.34 | $ | 13.48 | $ | 17.04 | $ | 20.29 | $ | 20.89 | ||||||||||||
Net Investment Income/(Loss) | 0.08 | ∆ | 0.13 | ∆ | 0.11 | ∆ | 0.21 | ∆ | 0.19 | ∆ | 0.13 | ∆ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.06 | 3.27 | 2.85 | (3.55 | ) | (0.91 | ) | 2.12 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.14 | 3.40 | 2.96 | (3.34 | ) | (0.72 | ) | 2.25 | ||||||||||||||||
Net Investment Income | (0.06 | ) | (0.07 | ) | (0.10 | ) | (0.22 | ) | (0.16 | ) | (0.08 | ) | ||||||||||||
Net Realized Gains | (1.06 | ) | — | — | — | (2.37 | ) | (2.77 | ) | |||||||||||||||
Total Dividends and Distributions | (1.12 | ) | (0.07 | ) | (0.10 | ) | (0.22 | ) | (2.53 | ) | (2.85 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 18.69 | $ | 19.67 | $ | 16.34 | $ | 13.48 | $ | 17.04 | $ | 20.29 | ||||||||||||
Total Return (excludes sales charge) | 1.09 | %* | 20.80 | % | 22.00 | % | (19.32 | )% | (3.68 | )% | 10.77 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 57,077 | $ | 60,170 | $ | 59,572 | $ | 65,235 | $ | 86,463 | $ | 110,873 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.40 | %** | 1.35 | % | 1.31 | % | 1.30 | % | 1.24 | % | 1.25 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.03 | %** | 1.11 | % | 1.16 | % | 1.20 | % | 1.19 | % | 1.20 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 0.89 | %** | 0.68 | % | 0.67 | % | 1.68 | % | 1.05 | % | 0.61 | % | ||||||||||||
Portfolio Turnover Rate (c) | 26 | %* | 93 | % | 65 | % | 68 | % | 60 | % | 46 | % |
(a) | Before waivers and reimbursements |
(b) | Net of waivers and reimbursements |
(c) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. |
Δ | Average shares method used in calculation. |
^ | Amount is less than $0.005 per share. |
* | Not annualized. |
** | Annualized. |
Fifth Third International Equity Fund | ||||||||||||||||||||||||
Class A | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 8.42 | $ | 7.33 | $ | 7.24 | $ | 12.23 | $ | 15.54 | $ | 12.84 | ||||||||||||
Net Investment Income/(Loss) | 0.03 | Δ | 0.17 | Δ | 0.14 | Δ | 0.20 | Δ | 0.40 | Δ | 0.15 | Δ@ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | (1.00 | ) | 1.09 | 0.19 | (3.59 | ) | (2.28 | ) | 2.92 | |||||||||||||||
Change in Net Assets Resulting from Operations | (0.97 | ) | 1.26 | 0.33 | (3.39 | ) | (1.88 | ) | 3.07 | |||||||||||||||
Net Investment Income | (0.20 | ) | (0.17 | ) | (0.24 | ) | (0.17 | ) | (0.43 | ) | (0.10 | ) | ||||||||||||
Net Realized Gains | — | — | — | (1.43 | ) | (1.00 | ) | (0.27 | ) | |||||||||||||||
Total Dividends and Distributions | (0.20 | ) | (0.17 | ) | (0.24 | ) | (1.60 | ) | (1.43 | ) | (0.37 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.25 | $ | 8.42 | $ | 7.33 | $ | 7.24 | $ | 12.23 | $ | 15.54 | ||||||||||||
Total Return (excludes sales charge) | (11.35 | )%* | 17.17 | % | 4.34 | % | (24.64 | )% | (13.81 | )% | 24.35 | %@ | ||||||||||||
Net Assets, End of Period (000’s) | $ | 8,567 | $ | 10,258 | $ | 10,216 | $ | 11,754 | $ | 20,160 | $ | 21,533 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.67 | %** | 1.61 | % | 1.59 | % | 1.59 | % | 1.60 | % | 1.61 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.42 | %‡** | 1.42 | %‡ | 1.43 | %‡ | 1.47 | %‡ | 1.50 | % | 1.60 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 0.72 | %** | 2.10 | % | 1.87 | % | 2.74 | % | 2.80 | % | 1.06 | % | ||||||||||||
Portfolio Turnover Rate (c) | 48 | %* | 131 | % | 137 | % | 104 | % | 155 | % | 20 | % |
Class C | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 7.85 | $ | 6.84 | $ | 6.79 | $ | 11.61 | $ | 14.81 | $ | 12.31 | ||||||||||||
Net Investment Income/(Loss) | – | ^Δ | 0.10 | Δ | 0.08 | Δ | 0.14 | Δ | 0.30 | Δ | 0.02 | Δ@ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | (0.93 | ) | 1.01 | 0.18 | (3.42 | ) | (2.18 | ) | 2.81 | |||||||||||||||
Change in Net Assets Resulting from Operations | (0.93 | ) | 1.11 | 0.26 | (3.28 | ) | (1.88 | ) | 2.83 | |||||||||||||||
Net Investment Income | (0.13 | ) | (0.10 | ) | (0.21 | ) | (0.11 | ) | (0.32 | ) | (0.06 | ) | ||||||||||||
Net Realized Gains | — | — | — | (1.43 | ) | (1.00 | ) | (0.27 | ) | |||||||||||||||
Total Dividends and Distributions | (0.13 | ) | (0.10 | ) | (0.21 | ) | (1.54 | ) | (1.32 | ) | (0.33 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 6.79 | $ | 7.85 | $ | 6.84 | $ | 6.79 | $ | 11.61 | $ | 14.81 | ||||||||||||
Total Return (excludes sales charge) | (11.77 | )%* | 16.23 | % | 3.59 | % | (25.18 | )% | (14.43 | )% | 23.40 | %@ | ||||||||||||
Net Assets, End of Period (000’s) | $ | 204 | $ | 275 | $ | 310 | $ | 378 | $ | 721 | $ | 878 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 2.42 | %** | 2.36 | % | 2.34 | % | 2.34 | % | 2.36 | % | 2.35 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 2.17 | %‡** | 2.17 | %‡ | 2.18 | %‡ | 2.22 | %‡ | 2.26 | % | 2.35 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | (0.03 | )%** | 1.28 | % | 1.11 | % | 2.01 | % | 2.19 | % | 0.16 | % | ||||||||||||
Portfolio Turnover Rate (c) | 48 | %* | 131 | % | 137 | % | 104 | % | 155 | % | 20 | % |
Fifth Third International Equity Fund | ||||||||||||||||||||||||
Institutional Shares | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 8.44 | $ | 7.35 | $ | 7.25 | $ | 12.24 | $ | 15.55 | $ | 12.83 | ||||||||||||
Net Investment Income/(Loss) | 0.03 | Δ | 0.18 | Δ | 0.16 | Δ | 0.22 | Δ | 0.45 | Δ | 0.18 | Δ@ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | (1.00 | ) | 1.10 | 0.19 | (3.59 | ) | (2.30 | ) | 2.92 | |||||||||||||||
Change in Net Assets Resulting from Operations | (0.97 | ) | 1.28 | 0.35 | (3.37 | ) | (1.85 | ) | 3.10 | |||||||||||||||
Net Investment Income | (0.22 | ) | (0.19 | ) | (0.25 | ) | (0.19 | ) | (0.46 | ) | (0.11 | ) | ||||||||||||
Net Realized Gains | — | — | — | (1.43 | ) | (1.00 | ) | (0.27 | ) | |||||||||||||||
Total Dividends and Distributions | (0.22 | ) | (0.19 | ) | (0.25 | ) | (1.62 | ) | (1.46 | ) | (0.38 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 7.25 | $ | 8.44 | $ | 7.35 | $ | 7.25 | $ | 12.24 | $ | 15.55 | ||||||||||||
Total Return (excludes sales charge) | (11.27 | )%* | 17.42 | % | 4.61 | % | (24.36 | )% | (13.56 | )% | 24.57 | %@ | ||||||||||||
Net Assets, End of Period (000’s) | $ | 147,955 | $ | 176,521 | $ | 229,888 | $ | 233,968 | $ | 420,993 | $ | 469,183 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.42 | %** | 1.36 | % | 1.34 | % | 1.34 | % | 1.36 | % | 1.36 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.17 | %‡** | 1.17 | %‡ | 1.18 | %‡ | 1.22 | %‡ | 1.26 | % | 1.35 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 0.97 | %** | 2.22 | % | 2.18 | % | 3.01 | % | 3.13 | % | 1.29 | % | ||||||||||||
Portfolio Turnover Rate (c) | 48 | %* | 131 | % | 137 | % | 104 | % | 155 | % | 20 | % |
(a) | Before waivers and reimbursements |
(b) | Net of waivers and reimbursements |
(c) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. |
Δ | Average shares method used in calculation. |
@ | During the year ended July 31, 2007, the Advisor paid money to certain Funds related to an SEC investigation of Citi (formerly BISYS Fund Services), a former service provider to the Funds. See Note 5 in Notes to Financial Statements for further information. |
‡ | Includes interest expense relating to settlement of foreign futures. Interest expense was 0.03% for the period ended January 31, 2012, 0.01% for the year ended July 31, 2011, 0.01% for year ended July 31, 2010 and 0.02% for the year ended July 31, 2009. |
^ | Amount is less than $0.005 per share. |
* | Not annualized. |
** | Annualized. |
Fifth Third Strategic Income Fund | ||||||||||||||||||||||||
Class A | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.47 | $ | 10.00 | $ | 8.93 | $ | 9.36 | $ | 11.15 | $ | 11.25 | ||||||||||||
Net Investment Income/(Loss) | 0.25 | Δ | 0.52 | Δ | 0.51 | Δ | 0.56 | Δ | 0.53 | Δ | 0.52 | Δ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.06 | 0.44 | 1.26 | (0.39 | ) | (1.41 | ) | 0.02 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.31 | 0.96 | 1.77 | 0.17 | (0.88 | ) | 0.54 | |||||||||||||||||
Net Investment Income | (0.26 | ) | (0.49 | ) | (0.70 | ) | (0.59 | ) | (0.58 | ) | (0.52 | ) | ||||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | (0.33 | ) | (0.11 | ) | |||||||||||||||
Total Dividends and Distributions | (0.26 | ) | (0.49 | ) | (0.70 | ) | (0.60 | ) | (0.91 | ) | (0.64 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 10.52 | $ | 10.47 | $ | 10.00 | $ | 8.93 | $ | 9.36 | $ | 11.15 | ||||||||||||
Total Return (excludes sales charge) | 3.06 | %* | 9.90 | % | 20.27 | % | 3.02 | % | (8.46 | )% | 4.72 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 35,376 | $ | 25,400 | $ | 19,461 | $ | 13,406 | $ | 14,768 | $ | 4,904 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.60 | %** | 1.61 | % | 1.65 | % | 1.65 | % | 1.60 | % | 1.59 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 0.97 | %** | 1.02 | % | 1.12 | % | 1.18 | % | 1.21 | % | 1.31 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 4.78 | %** | 4.99 | % | 5.27 | % | 7.05 | % | 5.21 | % | 4.49 | % | ||||||||||||
Portfolio Turnover Rate (c) | 24 | %* | 42 | % | 31 | % | 32 | % | 32 | % | 18 | % |
Class C | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.36 | $ | 9.90 | $ | 8.85 | $ | 9.29 | $ | 11.07 | $ | 11.17 | ||||||||||||
Net Investment Income/(Loss) | 0.21 | Δ | 0.44 | Δ | 0.43 | Δ | 0.49 | Δ | 0.45 | Δ | 0.43 | Δ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.07 | 0.44 | 1.25 | (0.38 | ) | (1.40 | ) | 0.02 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.28 | 0.88 | 1.68 | 0.11 | (0.95 | ) | 0.45 | |||||||||||||||||
Net Investment Income | (0.23 | ) | (0.42 | ) | (0.63 | ) | (0.54 | ) | (0.50 | ) | (0.44 | ) | ||||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | (0.33 | ) | (0.11 | ) | |||||||||||||||
Total Dividends and Distributions | (0.23 | ) | (0.42 | ) | (0.63 | ) | (0.55 | ) | (0.83 | ) | (0.55 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 10.41 | $ | 10.36 | $ | 9.90 | $ | 8.85 | $ | 9.29 | $ | 11.07 | ||||||||||||
Total Return (excludes sales charge) | 2.72 | %* | 9.09 | % | 19.20 | % | 2.29 | % | (9.12 | )% | 3.98 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 21,553 | $ | 16,818 | $ | 12,504 | $ | 8,468 | $ | 9,780 | $ | 15,676 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 2.35 | %** | 2.36 | % | 2.40 | % | 2.40 | % | 2.35 | % | 2.34 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 1.72 | %** | 1.77 | % | 1.87 | % | 1.93 | % | 1.96 | % | 2.06 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 3.99 | %** | 4.25 | % | 4.53 | % | 6.32 | % | 4.26 | % | 3.75 | % | ||||||||||||
Portfolio Turnover Rate (c) | 24 | %* | 42 | % | 31 | % | 32 | % | 32 | % | 18 | % |
Fifth Third Fund Strategic Income Fund | ||||||||||||||||||||||||
Institutional Shares | Six-months ended January 31, 2012 (unaudited) | July 31, 2011 | July 31, 2010 | July 31, 2009 | July 31, 2008 | July 31, 2007 | ||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.49 | $ | 10.02 | $ | 8.95 | $ | 9.38 | $ | 11.18 | $ | 11.28 | ||||||||||||
Net Investment Income/(Loss) | 0.26 | Δ | 0.54 | Δ | 0.53 | Δ | 0.57 | Δ | 0.55 | Δ | 0.55 | Δ | ||||||||||||
Net Realized and Unrealized Gains/(Losses) from Investment Transactions | 0.07 | 0.45 | 1.26 | (0.38 | ) | (1.41 | ) | 0.01 | ||||||||||||||||
Change in Net Assets Resulting from Operations | 0.33 | 0.99 | 1.79 | 0.19 | (0.85 | ) | 0.56 | |||||||||||||||||
Net Investment Income | (0.28 | ) | (0.52 | ) | (0.72 | ) | (0.61 | ) | (0.61 | ) | (0.55 | ) | ||||||||||||
Net Realized Gains | — | — | — | (0.01 | ) | (0.33 | ) | (0.11 | ) | |||||||||||||||
Total Dividends and Distributions | (0.28 | ) | (0.52 | ) | (0.72 | ) | (0.62 | ) | (0.94 | ) | (0.66 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 10.54 | $ | 10.49 | $ | 10.02 | $ | 8.95 | $ | 9.38 | $ | 11.18 | ||||||||||||
Total Return (excludes sales charge) | 3.18 | %* | 10.15 | % | 20.39 | % | 3.38 | % | (8.30 | )% | 4.97 | % | ||||||||||||
Net Assets, End of Period (000’s) | $ | 150,070 | $ | 122,125 | $ | 80,807 | $ | 59,493 | $ | 90,639 | $ | 116,454 | ||||||||||||
Ratios of Expenses to Average Net Assets (a) | 1.35 | %** | 1.36 | % | 1.40 | % | 1.40 | % | 1.35 | % | 1.34 | % | ||||||||||||
Ratio of Expenses to Average Net Assets (b) | 0.72 | %** | 0.77 | % | 0.87 | % | 0.93 | % | 0.96 | % | 1.06 | % | ||||||||||||
Ratio of Net Investment Income/(Loss) to Average Net Assets | 4.98 | %** | 5.22 | % | 5.51 | % | 7.29 | % | 5.28 | % | 4.75 | % | ||||||||||||
Portfolio Turnover Rate (c) | 24 | %* | 42 | % | 31 | % | 32 | % | 32 | % | 18 | % |
(a) | Before waivers and reimbursements |
(b) | Net of waivers and reimbursements |
(c) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. |
Δ | Average shares method used in calculation. |
* | Not annualized. |
** | Annualized. |
Touchstone Strategic Trust, on behalf of: | Class A | Class C | Class Y | |||
Touchstone Large Cap Growth Fund | TEQAX | TEQCX | TIQIX | |||
Touchstone Growth Opportunities Fund | TGVFX | TGVCX | TGVYX | |||
Touchstone Value Fund | TVLAX | TVLCX | TVLYX |
Class A | Class B | Class C | Institutional Class | |||||
Fifth Third Quality Growth Fund | FSQGX | FSBQX | FSQCX | FQGIX | ||||
Fifth Third Mid Cap Growth Fund | FSMCX | FBMBX | FCMCX | FMCIX | ||||
Fifth Third Disciplined Large Cap Value Fund | FSSIX | FBEQX | FEQCX | FEINX | ||||
Fifth Third All Cap Value Fund | MXLAX | MXLBX | MXLCX | MXEIX |
Page | ||||
3 | ||||
3 | ||||
5 |
Acquired Fund | Acquiring Funds |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund |
Fifth Third Disciplined Large Cap Value Fund | Touchstone Value Fund |
Fifth Third All Cap Value Fund | Touchstone Value Fund |
1. | The audited financial statements and related report of the independent registered public accounting firm included in the Annual Report to Shareholders of Touchstone Strategic Trust for the fiscal year ended March 31, 2012, with respect to Touchstone Large Cap Growth Fund and Touchstone Growth Opportunities Fund (filed via EDGAR on June 1, 2012, Accession No. 0001144204-12-032860). |
2. | Statement of Additional Information of Touchstone Strategic Trust, with respect to Touchstone Large Cap Growth Fund and Touchstone Growth Opportunities Fund, dated July 29, 2011 (filed via EDGAR on July 29, 2011, Accession No. 0001104659-11-041906). |
3. | Supplement to the Statement of Additional Information of Touchstone Strategic Trust, with respect to Touchstone Large Cap Growth Fund and Touchstone Growth Opportunities Fund, dated November 29, 2011 (filed via EDGAR on November 29, 2011, Accession No. 0001104659-11-066762). |
4. | Statement of Additional Information of Touchstone Strategic Trust, with respect to Touchstone Value Fund, dated April 12, 2012 (filed via EDGAR on April 13, 2012, Accession No. 0001104659-12-025155). |
5. | The audited financial statements and related report of the independent registered public accounting firm included in the Annual Report to Shareholders of Old Mutual Funds II for the fiscal year ended March 31, 2012, with respect to the Old Mutual Barrow Hanley Value Fund (Predecessor Fund to the Touchstone Value Fund) (filed via EDGAR on June 5, 2012, Accession No. 0001137439-12-000148). |
6. | Statement of Additional Information of Fifth Third Funds, with respect to Fifth Third Quality Growth Fund, Fifth Third Mid Cap Growth Fund, Fifth Third Disciplined Large Cap Value Fund and Fifth Third All Cap Value Fund, dated November 23, 2011 (filed via EDGAR on December 12, 2011, Accession No. 0001209286-11-000917). |
7. | The audited financial statements and related report of the independent registered public accounting firm included in the Annual Report to Shareholders of Fifth Third Funds for the fiscal year ended July 31, 2011, with respect to Fifth Third Quality Growth Fund, Fifth Third Mid Cap Growth Fund, Fifth Third Disciplined Large Cap Value Fund and Fifth Third All Cap Value Fund (filed via EDGAR on September 30, 2011, Accession No. 0001209286-11-000711). |
8. | The unaudited financial statements included in the Semi-Annual Report to Shareholders of Fifth Third Funds for the fiscal period ended January 31, 2012, with respect to Fifth Third Quality Growth Fund, Fifth Third Mid Cap Growth Fund, Fifth Third Disciplined Large Cap Value Fund and Fifth Third All Cap Value Fund (filed via EDGAR on April 9, 2012 Accession No. 0001534424-12-000023). |
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Large Cap Growth Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of March 31, 2012 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | ||||||||||||
Assets | |||||||||||||||
Investments, at cost | $ | 229,912,192 | $ | 582,317,698 | $ | 812,229,890 | |||||||||
Affiliated securities, at market value | $ | 2,236,924 | $ | 7,532,678 | $ | 9,769,602 | |||||||||
Non-affiliated securities, at market value | 315,275,985 | 757,563,456 | 1,072,839,441 | ||||||||||||
Investments, at value | $ | 317,512,909 | $ | 765,096,134 | $ | 1,082,609,043 | |||||||||
Cash | - | - | - | ||||||||||||
Dividends and interest receivable | 234,012 | 924,604 | 1,158,616 | ||||||||||||
Receivable for capital shares sold | 570,635 | 2,515,592 | 3,086,227 | ||||||||||||
Receivable for investments sold | 2,355,179 | - | 2,355,179 | ||||||||||||
Receivable for securities lending income | - | 18,782 | 18,782 | ||||||||||||
Other assets | 34,835 | 27,420 | 62,255 | ||||||||||||
Total Assets | 320,707,570 | 768,582,532 | 1,089,290,102 | ||||||||||||
Liabilities | |||||||||||||||
Payable for return of collateral for securities on loan | - | 10,474,500 | 10,474,500 | ||||||||||||
Payable for capital shares redeemed | 210,445 | 2,355,760 | 2,566,205 | ||||||||||||
Payable for securities purchased | 258 | 3,518,761 | 3,519,019 | ||||||||||||
Payable to Advisor | 209,258 | 444,806 | 654,064 | ||||||||||||
Payable to other affiliates | - | 273,914 | 273,914 | ||||||||||||
Payable to Trustees | - | 2,143 | 2,143 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | ||||||||||||
Payable for professional services | - | 13,370 | 13,370 | ||||||||||||
Payable for Distribution & Service Fees | 15,251 | - | 15,251 | ||||||||||||
Other accrued expenses and liabilities | 67,446 | 301,580 | 369,026 | ||||||||||||
Total Liabilities | 502,658 | 17,384,834 | 17,887,492 | ||||||||||||
Net Assets | $ | 320,204,912 | $ | 751,197,698 | $ | 1,071,402,610 | |||||||||
Net assets consist of: | |||||||||||||||
Paid-in capital | $ | 228,168,737 | $ | 687,906,963 | $ | 916,075,700 | |||||||||
Accumulated net investment income | 258,078 | 639,110 | 897,188 | ||||||||||||
Accumulated net realized gains (losses) on investments sold and foreign currency | 4,177,380 | (120,126,811 | ) | (115,949,431 | ) | ||||||||||
Net unrealized appreciation on investments and foreign currency transactions | 87,600,717 | 182,778,436 | 270,379,153 | ||||||||||||
Net Assets | $ | 320,204,912 | $ | 751,197,698 | $ | 1,071,402,610 | |||||||||
+ Includes market value of securities on loan of: | $ | - | $ | 10,244,740 | $ | 10,244,740 | |||||||||
Pricing of Class A Shares | |||||||||||||||
Net assets attributable to Class A shares | $ | 64,841,808 | $ | 238,488,459 | $ | 712,982 | **** | $ | 304,043,249 | ||||||
Shares of beneficial interest outstanding | 3,624,726 | (A) | 8,596,465 | (B) | (1,261,763 | )****(C) | 10,959,428 | ||||||||
Net asset value and redemption price per share | $ | 17.89 | $ | 27.74 | $ | 27.74 | |||||||||
Maximum offering price per share | $ | 18.83 | ** | $ | 29.43 | $ | 29.43 | ||||||||
Pricing of Class B Shares | |||||||||||||||
Net assets attributable to Class B shares | $ | 712,982 | $ | 10,948,629 | $ | (712,982 | )**** | $ | 10,948,629 | ||||||
Shares of beneficial interest outstanding | 43,535 | (A) | 413,628 | (B) | (43,535 | )**** | 413,628 | ||||||||
Net asset value, offering price and redemption price per share* | 16.38 | 26.47 | $ | 26.47 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | ||||||||||||
Pricing of Class C Shares | |||||||||||||||
Net assets attributable to Class C shares | $ | 1,107,023 | $ | 116,349,698 | $ | 117,456,721 | |||||||||
Shares of beneficial interest outstanding | 69,842 | (A) | 4,422,281 | (B) | (27,766 | ) (C) | 4,464,357 | ||||||||
Net asset value, offering price and redemption price per share* | $ | 15.85 | $ | 26.31 | $ | 26.31 | |||||||||
Pricing of Class Y Shares *** | |||||||||||||||
Net assets attributable to Class Y shares | $ | 253,543,099 | $ | 385,410,912 | - | $ | 638,954,011 | ||||||||
Shares of beneficial interest outstanding | 13,711,053 | (A) | 13,722,982 | (B) | (4,683,370 | ) (C) | 22,750,665 | ||||||||
Net asset value, offering price and redemption price per share | $ | 18.49 | $ | 28.09 | $ | 28.09 |
(A) Unlimited number of shares authorized, par value of $.001 | ||||||||||||||
(B) Unlimited number of shares authorized, no par value | ||||||||||||||
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Large Cap Growth Fund to the Fifth Third Quality Growth Fund shareholders as if the reorganization had taken place on March 31, 2012. | ||||||||||||||
* Redemption price per share varies by length of time shares are held. | ||||||||||||||
** Maximum offering price per share is equal to net asset value/95.00% | ||||||||||||||
*** Fifth Third Quality Growth Fund Institutional shares will convert to Touchstone Large Cap Growth Fund Y shares. | ||||||||||||||
**** Fifth Third Quality Growth Fund B shares will convert to Touchstone Large Cap Growth Fund A shares. |
Touchstone Strategic Trust | ||
Touchstone Large Cap Growth Fund | ||
Pro Forma Combining | ||
Statement of Operations | ||
For the Twelve Months Ending March 31, 2012 (Unaudited) |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | ||||||||||||||
Investment Income | |||||||||||||||||
Dividends from affiliated securities | $ | 7,575 | $ | 16,113 | $ | 23,688 | |||||||||||
Dividends from non-affiliated securities | 3,329,162 | 9,466,472 | * | 12,795,634 | |||||||||||||
Interest from securities loaned | 18,366 | 80,465 | 98,831 | ||||||||||||||
Other Income | 33,263 | - | 33,263 | ||||||||||||||
Interest Income | 40,799 | - | 40,799 | ||||||||||||||
Total Investment Income | 3,429,165 | 9,563,050 | 12,992,215 | ||||||||||||||
Expenses | |||||||||||||||||
Investment advisory fees | 2,535,596 | 5,137,889 | (340,747 | ) | A | 7,332,738 | |||||||||||
Distribution expenses, Class A | 156,722 | 578,328 | 986 | A | 736,036 | ||||||||||||
Distribution expenses, Class B | 11,046 | 22,563 | (11,046 | ) | A | 22,563 | |||||||||||
Distribution expenses, Class C | 8,139 | 1,144,685 | 2,713 | A | 1,155,537 | ||||||||||||
Service expenses, Class C | 2,713 | - | (2,713 | ) | A | - | |||||||||||
Administration fees | 551,517 | 1,437,625 | (13,483 | ) | A | 1,975,659 | |||||||||||
Accounting fees | 98,099 | - | (98,099 | ) | A | - | |||||||||||
Transfer Agent fees | 246,114 | - | (246,114 | ) | D | - | |||||||||||
Transfer Agent fees, Class A | - | 317,178 | 149,881 | D | 467,059 | ||||||||||||
Transfer Agent fees, Class B | - | 12,621 | 12,621 | ||||||||||||||
Transfer Agent fees, Class C | - | 123,527 | 41,228 | D | 164,755 | ||||||||||||
Transfer Agent fees, Class Y | - | 634,270 | 103,838 | D | 738,108 | ||||||||||||
Reports to shareholders | 57,331 | - | (57,331 | ) | D | - |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | ||||||||||||||
Reports to shareholders, Class A | - | 36,429 | 19,085 | D | 55,514 | ||||||||||||
Reports to shareholders, Class B | - | 7,144 | 7,144 | ||||||||||||||
Reports to shareholders, Class C | - | 19,977 | 2,960 | D | 22,937 | ||||||||||||
Reports to shareholders, Class Y | - | 69,967 | 13,525 | D | 83,492 | ||||||||||||
Registration fees | 43,259 | - | (43,259 | ) | B | - | |||||||||||
Registration fees, Class A | - | 22,207 | 22,207 | ||||||||||||||
Registration fees, Class B | - | 17,259 | 17,259 | ||||||||||||||
Registration fees, Class C | - | 29,619 | 29,619 | ||||||||||||||
Registration fees, Class Y | - | 27,959 | 27,959 | ||||||||||||||
Professional fees | 27,263 | 46,196 | (7,185 | ) | B | 66,274 | |||||||||||
Custodian fees | 7,635 | 11,236 | (5,923 | ) | A | 12,948 | |||||||||||
Trustees’ fees and expenses | 20,752 | 11,026 | (24,577 | ) | B | 7,201 | |||||||||||
Compliance fees and expenses | - | 1,814 | (421 | ) | A | 1,393 | |||||||||||
Other expenses | 27,043 | 101,364 | (17,979 | ) | B | 110,428 | |||||||||||
Total Expenses | 3,793,229 | 9,810,883 | (534,661 | ) | 13,069,451 | ||||||||||||
Fees waived and/or expenses reimbursed by the Advisor/Administrator | (373,489 | ) | (886,943 | ) | 18,279 | C | (1,242,153 | ) | |||||||||
Net Expenses | 3,419,740 | 8,923,940 | (516,382 | ) | 11,827,298 | ||||||||||||
Net Investment Income | 9,425 | 639,110 | 516,382 | 1,164,917 | |||||||||||||
Realized and Unrealized Gains (Losses) on Investments | |||||||||||||||||
Net realized gains from security transactions | 24,665,143 | 103,254,141 | 127,919,284 | ||||||||||||||
Net change in unrealized depreciation on investments | (2,824,562 | ) | (27,105,080 | ) | (29,929,642 | ) |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||
Net Realized and Unrealized Gains on Investments | 21,840,581 | 76,149,061 | 97,989,642 | |||||||||||||||
Change in Net Assets Resulting from Operations | $ | 21,850,006 | $ | 76,788,171 | $ | 516,382 | $ | 99,154,559 | ||||||||||
* Net of Foreign tax withholding of: | $ | - | $ | 138,252 | $ | 138,252 | ||||||||||||
A Based on differences in contractual expense agreements. | ||||||||||||||||||
B Decrease due to the elimination of duplicate expenses achieved by merging | ||||||||||||||||||
C Based on expense limitation agreement | ||||||||||||||||||
D Reclassification of fund level expense to class level expense |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||||||||||||||||
Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | |||||||||||||||||||||||||
Common Stocks - 99.1% | ||||||||||||||||||||||||||||||||
Consumer Discretionary - 26.5% | ||||||||||||||||||||||||||||||||
AutoZone, Inc.* | - | $ | - | 50,575 | $ | 18,803,785 | 50,575 | $ | 18,803,785 | |||||||||||||||||||||||
BorgWarner Inc* | 56,000 | 4,723,041 | - | - | 56,000 | 4,723,041 | ||||||||||||||||||||||||||
Chipotle Mexican Grill, Inc.* | - | - | 60,470 | 25,276,460 | 60,470 | 25,276,460 | ||||||||||||||||||||||||||
Coach, Inc. | - | - | 194,600 | 15,038,687 | 194,600 | 15,038,687 | ||||||||||||||||||||||||||
DISH Network Corp. - Class A | - | - | 589,290 | 19,405,320 | 589,290 | 19,405,320 | ||||||||||||||||||||||||||
Dollar Tree, Inc.* | - | - | 164,365 | 15,530,849 | 164,365 | 15,530,849 | ||||||||||||||||||||||||||
Home Depot Inc/The | 105,000 | 5,282,550 | - | - | 105,000 | 5,282,550 | ||||||||||||||||||||||||||
Johnson Controls Inc | 115,000 | 3,735,200 | - | - | 115,000 | 3,735,200 | ||||||||||||||||||||||||||
Macy’s, Inc. | - | - | 470,000 | 18,673,100 | 470,000 | 18,673,100 | ||||||||||||||||||||||||||
McDonald’s Corp. | 69,000 | 6,768,900 | 206,140 | 20,222,334 | 275,140 | 26,991,234 | ||||||||||||||||||||||||||
priceline.com Inc* | 5,300 | 3,802,750 | - | - | 5,300 | 3,802,750 | ||||||||||||||||||||||||||
PVH Corp | 59,000 | 5,270,470 | - | - | 59,000 | 5,270,470 | ||||||||||||||||||||||||||
Ralph Lauren Corp. | - | - | 92,350 | 16,099,376 | 92,350 | 16,099,376 | ||||||||||||||||||||||||||
Ross Stores, Inc. | - | - | 351,815 | 20,440,452 | 351,815 | 20,440,452 | ||||||||||||||||||||||||||
Sally Beauty Holdings Inc* | 190,000 | 4,712,000 | - | - | 190,000 | 4,712,000 | ||||||||||||||||||||||||||
Starbucks Corp. | - | - | 341,370 | 19,079,169 | 341,370 | 19,079,169 | ||||||||||||||||||||||||||
Starwood Hotels & Resorts Worldwide Inc | 58,000 | 3,271,780 | - | - | 58,000 | 3,271,780 | ||||||||||||||||||||||||||
TJX Cos, Inc. | - | - | 511,230 | 20,300,943 | 511,230 | 20,300,943 | ||||||||||||||||||||||||||
Ulta Salon Cosmetics & Fragrance, Inc. | - | - | 201,475 | 18,715,013 | 201,475 | 18,715,013 | ||||||||||||||||||||||||||
Williams-Sonoma Inc | 83,000 | 3,110,840 | - | - | 83,000 | 3,110,840 | ||||||||||||||||||||||||||
Wyndham Worldwide Corp. | - | - | 340,270 | 15,825,958 | 340,270 | 15,825,958 | ||||||||||||||||||||||||||
40,677,531 | 243,411,446 | 284,088,977 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||||||||||||||||
Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | |||||||||||||||||||||||||
Consumer Staples - 13.6% | ||||||||||||||||||||||||||||||||
Altria Group, Inc. | - | - | 470,005 | 14,509,054 | 470,005 | 14,509,054 | ||||||||||||||||||||||||||
Cia de Bebidas das Americas ADR | - | - | 368,305 | 15,218,363 | 368,305 | 15,218,363 | ||||||||||||||||||||||||||
Coca-Cola Co/The | 105,000 | 7,771,050 | - | - | 105,000 | 7,771,050 | ||||||||||||||||||||||||||
Costco Wholesale Corp. | 64,000 | 5,811,200 | 161,065 | 14,624,701 | 225,065 | 20,435,901 | ||||||||||||||||||||||||||
Estee Lauder Cos Inc/The | 76,000 | 4,707,440 | - | - | 76,000 | 4,707,440 | ||||||||||||||||||||||||||
Mead Johnson Nutrition Co. | - | - | 266,610 | 21,989,993 | 266,610 | 21,989,993 | ||||||||||||||||||||||||||
Monster Beverage Corp.* | - | - | 325,430 | 20,205,949 | 325,430 | 20,205,949 | ||||||||||||||||||||||||||
Procter & Gamble Co/The | 58,000 | 3,898,180 | - | - | 58,000 | 3,898,180 | ||||||||||||||||||||||||||
Ralcorp Holdings Inc* | 40,000 | 2,963,600 | - | - | 40,000 | 2,963,600 | ||||||||||||||||||||||||||
Reynolds American, Inc. | - | - | 324,330 | 13,440,235 | 324,330 | 13,440,235 | ||||||||||||||||||||||||||
Whole Foods Market, Inc. | - | - | 250,000 | 20,800,000 | 250,000 | 20,800,000 | ||||||||||||||||||||||||||
25,151,470 | 120,788,295 | 145,939,765 | ||||||||||||||||||||||||||||||
Energy - 4.1% | ||||||||||||||||||||||||||||||||
Anadarko Petroleum Corp | 59,000 | 4,622,060 | - | - | 59,000 | 4,622,060 | ||||||||||||||||||||||||||
EOG Resources Inc | 32,000 | 3,555,200 | - | - | 32,000 | 3,555,200 | ||||||||||||||||||||||||||
Exxon Mobil Corp | 120,000 | 10,407,600 | - | - | 120,000 | 10,407,600 | ||||||||||||||||||||||||||
Marathon Oil Corp. | - | - | 261,115 | 8,277,346 | 261,115 | 8,277,346 | ||||||||||||||||||||||||||
National Oilwell Varco Inc | 69,000 | 5,483,430 | - | - | 69,000 | 5,483,430 | ||||||||||||||||||||||||||
Occidental Petroleum Corp | 60,000 | 5,713,800 | - | - | 60,000 | 5,713,800 | ||||||||||||||||||||||||||
Schlumberger Ltd | 87,000 | 6,083,910 | - | - | 87,000 | 6,083,910 | ||||||||||||||||||||||||||
35,866,000 | 8,277,346 | 44,143,346 | ||||||||||||||||||||||||||||||
Financials - 2.9% | ||||||||||||||||||||||||||||||||
American Express Co | 96,000 | 5,554,560 | - | - | 96,000 | 5,554,560 | ||||||||||||||||||||||||||
JPMorgan Chase & Co | 120,000 | 5,517,600 | - | - | 120,000 | 5,517,600 | ||||||||||||||||||||||||||
Moody’s Corp. | - | - | 366,660 | 15,436,385 | 366,660 | 15,436,385 | ||||||||||||||||||||||||||
Wells Fargo & Co | 122,000 | 4,165,080 | - | - | 122,000 | 4,165,080 | ||||||||||||||||||||||||||
15,237,240 | 15,436,385 | 30,673,625 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||||||||||||||||
Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | |||||||||||||||||||||||||
Health Care - 11.2% | ||||||||||||||||||||||||||||||||
Agilent Technologies Inc | 112,000 | 4,985,120 | - | - | 112,000 | 4,985,120 | ||||||||||||||||||||||||||
Alexion Pharmaceuticals Inc* | 58,000 | 5,385,880 | - | - | 58,000 | 5,385,880 | ||||||||||||||||||||||||||
Biogen Idec, Inc.* | 32,000 | 4,031,040 | 140,175 | 17,657,845 | 172,175 | 21,688,885 | ||||||||||||||||||||||||||
Cerner Corp.* | - | - | 252,865 | 19,258,198 | 252,865 | 19,258,198 | ||||||||||||||||||||||||||
Cooper Cos Inc/The | 35,000 | 2,859,850 | - | - | 35,000 | 2,859,850 | ||||||||||||||||||||||||||
Fastenal Co. | - | - | 352,000 | 19,043,200 | 352,000 | 19,043,200 | ||||||||||||||||||||||||||
Intuitive Surgical Inc* | 7,000 | 3,792,250 | - | - | 7,000 | 3,792,250 | ||||||||||||||||||||||||||
Mettler-Toledo International Inc* | 30,000 | 5,542,500 | - | - | 30,000 | 5,542,500 | ||||||||||||||||||||||||||
Perrigo Co. | 30,000 | 3,099,300 | 134,680 | 13,913,791 | 164,680 | 17,013,091 | ||||||||||||||||||||||||||
UnitedHealth Group, Inc. | 107,000 | 6,306,580 | 247,370 | 14,579,988 | 354,370 | 20,886,568 | ||||||||||||||||||||||||||
36,002,520 | 84,453,022 | 120,455,542 | ||||||||||||||||||||||||||||||
Industrial - 7.1% | ||||||||||||||||||||||||||||||||
Alliance Data Systems Corp.*+ | - | - | 192,400 | 24,234,704 | 192,400 | 24,234,704 | ||||||||||||||||||||||||||
AMETEK Inc | 108,000 | 5,239,080 | - | - | 108,000 | 5,239,080 | ||||||||||||||||||||||||||
Caterpillar Inc | 40,000 | 4,260,800 | - | - | 40,000 | 4,260,800 | ||||||||||||||||||||||||||
Cummins Inc | 36,000 | 4,321,440 | - | - | 36,000 | 4,321,440 | ||||||||||||||||||||||||||
Danaher Corp | 117,000 | 6,552,000 | - | - | 117,000 | 6,552,000 | ||||||||||||||||||||||||||
Deere & Co | 37,000 | 2,993,300 | - | - | 37,000 | 2,993,300 | ||||||||||||||||||||||||||
Fastenal Co | 89,000 | 4,814,900 | - | - | 89,000 | 4,814,900 | ||||||||||||||||||||||||||
Fluor Corp | 58,000 | 3,482,320 | - | - | 58,000 | 3,482,320 | ||||||||||||||||||||||||||
Precision Castparts Corp | 23,000 | 3,976,700 | - | - | 23,000 | 3,976,700 | ||||||||||||||||||||||||||
Stericycle Inc* | 38,000 | 3,178,320 | - | - | 38,000 | 3,178,320 | ||||||||||||||||||||||||||
Union Pacific Corp | 30,000 | 3,224,400 | - | - | 30,000 | 3,224,400 | ||||||||||||||||||||||||||
United Technologies Corp | 58,000 | 4,810,520 | - | - | 58,000 | 4,810,520 | ||||||||||||||||||||||||||
WESCO International Inc* | 70,000 | 4,571,700 | - | - | 70,000 | 4,571,700 | ||||||||||||||||||||||||||
51,425,480 | 24,234,704 | 75,660,184 | ||||||||||||||||||||||||||||||
Information Technology - 25.8% | ||||||||||||||||||||||||||||||||
Altera Corp | 82,000 | 3,265,240 | - | - | 82,000 | 3,265,240 | ||||||||||||||||||||||||||
Apple, Inc.* | 32,000 | 19,183,040 | 43,975 | 26,361,693 | 75,975 | 45,544,733 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||||||||||||||||
Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | |||||||||||||||||||||||||
Baidu, Inc. ADR* | - | - | 106,095 | 15,465,468 | 106,095 | 15,465,468 | ||||||||||||||||||||||||||
Cognizant Technology Solutions Corp* | 52,000 | 4,001,400 | - | - | 52,000 | 4,001,400 | ||||||||||||||||||||||||||
Dell, Inc.* | - | - | 799,830 | 13,277,177 | 799,830 | 13,277,177 | ||||||||||||||||||||||||||
EMC Corp/MA* | 220,000 | 6,573,600 | - | - | 220,000 | 6,573,600 | ||||||||||||||||||||||||||
Equinix, Inc.* | - | - | 123,242 | 19,404,453 | 123,242 | 19,404,453 | ||||||||||||||||||||||||||
Fiserv Inc* | 88,000 | �� | 6,106,320 | - | - | 88,000 | 6,106,320 | |||||||||||||||||||||||||
Intel Corp. | 185,000 | 5,200,350 | 667,900 | 18,774,669 | 852,900 | 23,975,019 | ||||||||||||||||||||||||||
International Business Machines Corp. | 62,000 | 12,936,300 | 118,190 | 24,660,344 | 180,190 | 37,596,644 | ||||||||||||||||||||||||||
Mastercard, Inc. | 13,000 | 5,467,020 | 38,480 | 16,182,379 | 51,480 | 21,649,399 | ||||||||||||||||||||||||||
Maxim Integrated Products Inc | 138,000 | 3,945,420 | - | - | 138,000 | 3,945,420 | ||||||||||||||||||||||||||
Microsoft Corp | 98,000 | 3,160,500 | - | - | 98,000 | 3,160,500 | ||||||||||||||||||||||||||
Motorola Solutions, Inc. | - | - | 291,345 | 14,809,066 | 291,345 | 14,809,066 | ||||||||||||||||||||||||||
Nuance Communications, Inc.* | - | - | 844,355 | 21,598,601 | 844,355 | 21,598,601 | ||||||||||||||||||||||||||
Oracle Corp | 125,000 | 3,645,000 | - | - | 125,000 | 3,645,000 | ||||||||||||||||||||||||||
QUALCOMM Inc | 103,000 | 7,006,060 | - | - | 103,000 | 7,006,060 | ||||||||||||||||||||||||||
Teradata Corp* | 80,000 | 5,452,000 | - | - | 80,000 | 5,452,000 | ||||||||||||||||||||||||||
Visa, Inc. | - | - | 170,959 | 20,173,162 | 170,959 | 20,173,162 | ||||||||||||||||||||||||||
85,942,250 | 190,707,012 | 276,649,262 | ||||||||||||||||||||||||||||||
Materials - 1.8% | ||||||||||||||||||||||||||||||||
Airgas Inc | 54,000 | 4,804,380 | - | - | 54,000 | 4,804,380 | ||||||||||||||||||||||||||
FMC Corp | 57,000 | 6,034,020 | - | - | 57,000 | 6,034,020 | ||||||||||||||||||||||||||
Freeport-McMoRan Copper & Gold Inc | 80,000 | 3,043,200 | - | - | 80,000 | 3,043,200 | ||||||||||||||||||||||||||
Valspar Corp | 118,000 | 5,698,220 | - | - | 118,000 | 5,698,220 | ||||||||||||||||||||||||||
19,579,820 | - | 19,579,820 | ||||||||||||||||||||||||||||||
Telecommunication Services - 2.9% | ||||||||||||||||||||||||||||||||
BCE, Inc. | - | - | 360,060 | 14,424,004 | 360,060 | 14,424,004 | ||||||||||||||||||||||||||
Tim Participacoes SA ADR+ | - | - | 510,000 | 16,452,600 | 510,000 | 16,452,600 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||||||||||||||||
Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | |||||||||||||||||||||||||
- | 30,876,604 | 30,876,604 | ||||||||||||||||||||||||||||||
Utilities - 3.2% | ||||||||||||||||||||||||||||||||
NiSource, Inc. | - | - | 612,930 | 14,924,846 | 612,930 | 14,924,846 | ||||||||||||||||||||||||||
Southern Co. (The) | - | - | 311,135 | 13,979,296 | 311,135 | 13,979,296 | ||||||||||||||||||||||||||
Wisconsin Energy Corp | 140,000 | 4,925,200 | - | - | 140,000 | 4,925,200 | ||||||||||||||||||||||||||
4,925,200 | 28,904,142 | 33,829,342 | ||||||||||||||||||||||||||||||
Total Common Stocks | $ | 314,807,511 | $ | 747,088,956 | $ | 1,061,896,467 | ||||||||||||||||||||||||||
Commercial Mortgage-Backed Securities - 0.0% | ||||||||||||||||||||||||||||||||
Bank One Capital III, 8.875%, 09/01/30 | $ | 165,792 | $ | 228,547 | $ | - | $ | - | $ | 165,792 | $ | 228,547 | ||||||||||||||||||||
Agency Collaterized Mortgage Obligations - 0.0% | ||||||||||||||||||||||||||||||||
FHLMC REMIC, 5.500%, 03/15/35 | $ | 222,635 | $ | 239,927 | $ | - | $ | - | $ | 222,635 | $ | 239,927 | ||||||||||||||||||||
Investment Funds - 1.9% | ||||||||||||||||||||||||||||||||
Fifth Third Institutional Money Market Fund (A) | 2,236,924 | 2,236,924 | - | - | 2,236,924 | 2,236,924 | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio (B) | 10,474,500 | 10,474,500 | 10,474,500 | 10,474,500 | ||||||||||||||||||||||||||||
Touchstone Institutional Money Market Fund ^ | 7,532,678 | 7,532,678 | 7,532,678 | 7,532,678 | ||||||||||||||||||||||||||||
Total Investment Funds | $ | 2,236,924 | $ | 18,007,178 | $ | 20,244,102 | ||||||||||||||||||||||||||
Total Investment Securities - 101.0% (Cost $812,229,890) | $ | 317,512,909 | $ | 765,096,134 | $ | 1,082,609,043 |
Fifth Third Quality Growth Fund | Touchstone Large Cap Growth Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Large Cap Growth Fund | |||||||||||||||||||||||||||||
Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | Shares/ Principal Amount | Market Value | |||||||||||||||||||||||||
Liabilities in Excess of Other Assets - (1.0%) | 2,692,003 | (13,898,436 | ) | (11,206,433 | ) | |||||||||||||||||||||||||||
Net Assets - 100.0% | $ | 320,204,912 | $ | 751,197,698 | $ | 1,071,402,610 |
* | Non-income producing security. |
^ | Affiliated Fund, sub-advised by Fort Washington Investment Advisors, Inc. |
+ | All or a portion of the security is on loan. The total value of the securities on loan as of March 31, 2012 was $10,244,740. |
(A) | — Investment is in Institutional Shares of underlying fund. |
(B) | — Represents collateral for securities loaned. |
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Growth Opportunities Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of March 31, 2012 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||
Assets | ||||||||||||||||
Investments, at cost | $ | 60,172,327 | $ | 150,110,317 | $ | 210,282,644 | ||||||||||
Affiliated securities, at market value | $ | 1,127,490 | $ | - | $ | 1,127,490 | ||||||||||
Non-affiliated securities, at market value | 76,361,799 | 153,923,726 | 230,285,525 | |||||||||||||
Investments, at value | $ | 77,489,289 | $ | 153,923,726 | $ | 231,413,015 | ||||||||||
Cash | - | - | - | |||||||||||||
Dividends and interest receivable | 50,308 | 33,826 | 84,134 | |||||||||||||
Receivable for capital shares sold | 531,304 | 177,811 | 709,115 | |||||||||||||
Receivable for investments sold | - | 4,309,940 | 4,309,940 | |||||||||||||
Receivable for securities lending income | - | 208 | 208 | |||||||||||||
Other assets | 22,269 | 21,209 | 43,478 | |||||||||||||
Total Assets | 78,093,170 | 158,466,720 | 236,559,890 | |||||||||||||
Liabilities | ||||||||||||||||
Bank overdrafts | - | 1,018,020 | 1,018,020 | |||||||||||||
Payable for return of collateral for securities on loan | - | 2,376,000 | 2,376,000 | |||||||||||||
Payable for capital shares redeemed | 135,967 | 583,624 | 719,591 | |||||||||||||
Payable for securities purchased | 92 | - | 92 | |||||||||||||
Payable to Advisor | 40,137 | 63,036 | 103,173 | |||||||||||||
Payable to other affiliates | - | 40,804 | 40,804 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||
Payable to Trustees | - | 2,183 | 2,183 | |||||||||||||
Payable for professional services | - | 19,448 | 19,448 | |||||||||||||
Payable for Distribution & Service Fees | 4,295 | - | 4,295 | |||||||||||||
Other accrued expenses and liabilities | 32,941 | 61,513 | 94,454 | |||||||||||||
Total Liabilities | 213,432 | 4,164,628 | 4,378,060 | |||||||||||||
Net Assets | $ | 77,879,738 | $ | 154,302,092 | $ | 232,181,830 | ||||||||||
Net assets consist of: | ||||||||||||||||
Paid-in capital | $ | 84,503,265 | $ | 168,038,724 | $ | 252,541,989 | ||||||||||
Accumulated net investment income (loss) | (178,747 | ) | - | (178,747 | ) | |||||||||||
Accumulated net realized (losses) on investments sold and foreign currency | (23,761,742 | ) | (17,550,041 | ) | (41,311,783 | ) | ||||||||||
Net unrealized appreciation on investments and foreign currency transcations | 17,316,962 | 3,813,409 | 21,130,371 | |||||||||||||
Net Assets | $ | 77,879,738 | $ | 154,302,092 | $ | 232,181,830 | ||||||||||
+ Includes market value of securities on loan of: | $ | - | $ | 2,332,440 | $ | 2,332,440 | ||||||||||
Pricing of Class A Shares | ||||||||||||||||
Net assets attributable to Class A shares | $ | 16,547,731 | $ | 62,273,770 | $ | 429,820 | **** | $ | 79,251,321 | |||||||
Shares of beneficial interest outstanding | 1,345,620 | (A) | 2,428,627 | (B) | (683,509 | ) ****(C) | 3,090,738 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||
Net asset value and redemption price per share | $ | 12.30 | $ | 25.64 | $ | 25.64 | ||||||||||
Maximum offering price per share | $ | 12.95 | ** | $ | 27.20 | $ | 27.20 | |||||||||
Pricing of Class B Shares | ||||||||||||||||
Net assets attributable to Class B shares | $ | 429,820 | $ | - | $ | (429,820 | ) **** | $ | - | |||||||
Shares of beneficial interest outstanding | 39,830 | (A) | - | (39,830 | ) **** | - | ||||||||||
Net asset value, offering price and redemption price per share* | 10.79 | - | - | |||||||||||||
Pricing of Class C Shares | ||||||||||||||||
Net assets attributable to Class C shares | $ | 504,464 | $ | 9,131,503 | - | $ | 9,635,967 | |||||||||
Shares of beneficial interest outstanding | 50,057 | (A) | 385,572 | (B) | (28,756 | ) (C) | 406,873 | |||||||||
Net asset value, offering price and redemption price per share* | $ | 10.08 | $ | 23.68 | $ | 23.68 | ||||||||||
Pricing of Class Y Shares *** | ||||||||||||||||
Net assets attributable to Class Y shares | $ | 60,397,723 | $ | 12,253,766 | - | $ | 72,651,489 | |||||||||
Shares of beneficial interest outstanding | 4,630,040 | (A) | 474,890 | (B) | (2,289,349 | ) (C) | 2,815,581 | |||||||||
Net asset value, offering price and redemption price per share | $ | 13.04 | $ | 25.80 | $ | 25.80 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||
Pricing of Institutional Class Shares | ||||||||||||||||
Net assets attributable to Institutional Class shares | $ | - | $ | 70,643,053 | - | $ | 70,643,053 | |||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | - | 2,725,293 | - | 2,725,293 | ||||||||||||
Net asset value, offering price and redemption price per share | $ | - | $ | 25.92 | $ | 25.92 |
(A) Unlimited number of shares authorized, par value of $.001 | ||||||||||||||
(B) Unlimited number of shares authorized, no par value | ||||||||||||||
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Growth Opportunities Fund to the Fifth Third Mid Cap Growth Fund shareholders as if the reorganization had taken place on March 31, 2012. | ||||||||||||||
* Redemption price per share varies by length of time shares are held. | ||||||||||||||
** Maximum offering price per share is equal to net asset value/95.00% | ||||||||||||||
*** Fifth Third Mid Cap Growth Fund Institutional shares will convert to Touchstone Growth Opportunities Fund Y shares. | ||||||||||||||
**** Fifth Third Mid Cap Growth Fund B shares will convert to Touchstone Growth Opportunities Fund A shares. |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | ||||||||||
Investment Income | |||||||||||||
Dividends from affiliated securities | $ | 1,853 | $ | 4,507 | $ | 6,360 | |||||||
Dividends from non-affiliated securities | 478,591 | * | 1,082,138 | * | 1,560,729 | ||||||||
Interest from securities loaned | 11,835 | 10,861 | 22,696 | ||||||||||
Total Investment Income | 492,279 | 1,097,506 | 1,589,785 | ||||||||||
Expenses | |||||||||||||
Investment advisory fees | 654,005 | 1,189,339 | (42,142 | ) | A | 1,801,202 | |||||||
Distribution expenses, Class A | 39,089 | 193,109 | 1,219 | A | 233,417 | ||||||||
Distribution expenses, Class B | 6,876 | - | (6,876 | ) | A | - | |||||||
Distribution expenses, Class C | 3,911 | 88,827 | 1,303 | A | 94,041 | ||||||||
Service expenses, Class C | 1,303 | - | (1,303 | ) | A | - | |||||||
Administration fees | 142,247 | 316,755 | (929 | ) | A | 458,073 | |||||||
Accounting fees | 64,259 | - | (64,259 | ) | A | - | |||||||
Transfer Agent fees | 83,263 | - | (83,263 | ) | D | - | |||||||
Transfer Agent fees, Class A | - | 74,663 | 1,236 | D | 75,899 | ||||||||
Transfer Agent fees, Class C | - | 19,098 | 66 | D | 19,164 | ||||||||
Transfer Agent fees, Class Y | - | 5,839 | 93,219 | D | 99,058 | ||||||||
Transfer Agent fees, Institutional Class | - | 1,206 | 1,206 | ||||||||||
Reports to shareholders | 16,444 | - | (16,444 | ) | D | - | |||||||
Reports to shareholders, Class A | - | 12,641 | 4,269 | D | 16,910 | ||||||||
Reports to shareholders, Class C | - | 6,393 | 1,713 | D | 8,106 | ||||||||
Reports to shareholders, Class Y | - | 6,446 | 42,197 | D | 48,643 | ||||||||
Reports to shareholders, Institutional Class | - | 6,288 | 6,288 | ||||||||||
Registration fees | 38,990 | - | (38,990 | ) | B | - | |||||||
Registration fees, Class A | - | 37,456 | 37,456 | ||||||||||
Registration fees, Class C | - | 12,354 | 12,354 | ||||||||||
Registration fees, Class Y | - | 21,192 | 21,192 | ||||||||||
Registration fees, Institutional Class | - | 18,346 | 18,346 | ||||||||||
Professional fees | 19,880 | 29,798 | (19,239 | ) | B | 30,439 | |||||||
Custodian fees | 3,054 | 3,156 | (3,054 | ) | A | 3,156 | |||||||
Trustees’ fees and expenses | 5,527 | 8,650 | (7,355 | ) | B | 6,822 | |||||||
Compliance fees and expenses | - | 1,814 | (421 | ) | A | 1,393 | |||||||
Other expenses | 8,341 | 65,090 | (8,341 | ) | B | 65,090 | |||||||
Total Expenses | 1,087,189 | 2,118,460 | (147,394 | ) | 3,058,255 | ||||||||
Fees waived and/or expenses reimbursed by the Advisor/Administrator | (259,891 | ) | (410,640 | ) | 157,937 | C | (512,594 | ) | |||||
Net Expenses | 827,298 | 1,707,820 | 10,543 | 2,545,661 | |||||||||
Net Investment Income | (335,019 | ) | (610,314 | ) | (10,543 | ) | (955,876 | ) |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | ||||||||||
Realized and Unrealized Gains (Losses) on Investments | |||||||||||||
Net realized gains from security transactions | 11,659,660 | 9,529,797 | 21,189,457 | ||||||||||
Net change in unrealized depreciation on investments | (6,618,356 | ) | (11,239,370 | ) | (17,857,726 | ) | |||||||
Net Realized and Unrealized Gains on Investments | 5,041,304 | (1,709,573 | ) | 3,331,731 | |||||||||
Change in Net Assets Resulting from Operations | $ | 4,706,285 | $ | (2,319,887 | ) | $ | (10,543 | ) | $ | 2,375,855 | |||
* Net of Foreign tax withholding of: | $ | 376 | $ | 756 | $ | 1,132 |
A | Based on differences in contractual expense agreements. |
B | Decrease due to the elimination of duplicate expenses achieved by merging |
C | Based on expense limitation agreement |
D | Reclassification of fund level expense to class level expense |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||
Common Stocks - 98.2% | ||||||||||||||||||||||||||
Consumer Discretionary - 15.2% | ||||||||||||||||||||||||||
Amazon.com, Inc.* | - | $ | - | 8,200 | $ | 1,660,582 | 8,200 | $ | 1,660,582 | |||||||||||||||||
BorgWarner Inc* | 14,000 | 1,180,760 | - | - | 14,000 | 1,180,760 | ||||||||||||||||||||
Chipotle Mexican Grill Inc* | 2,750 | 1,149,500 | - | - | 2,750 | 1,149,500 | ||||||||||||||||||||
Dollar Tree Inc* | 12,000 | 1,133,880 | - | - | 12,000 | 1,133,880 | ||||||||||||||||||||
Garmin Ltd | 21,000 | 985,950 | - | - | 21,000 | 985,950 | ||||||||||||||||||||
GNC Holdings Inc | 23,000 | 802,470 | - | - | 23,000 | 802,470 | ||||||||||||||||||||
Home Depot, Inc. | - | - | 31,470 | 1,583,256 | 31,470 | 1,583,256 | ||||||||||||||||||||
Lennar Corp | 34,000 | 924,120 | - | - | 34,000 | 924,120 | ||||||||||||||||||||
LKQ Corp* | 27,000 | 841,590 | - | - | 27,000 | 841,590 | ||||||||||||||||||||
Macy’s Inc | 32,000 | 1,271,360 | - | - | 32,000 | 1,271,360 | ||||||||||||||||||||
Michael Kors Holdigns Ltd* | 18,000 | 838,620 | - | - | 18,000 | 838,620 | ||||||||||||||||||||
Nordstrom, Inc. | - | - | 49,410 | 2,753,125 | 49,410 | 2,753,125 | ||||||||||||||||||||
NVR, Inc.* | - | - | 4,221 | 3,065,839 | 4,221 | 3,065,839 | ||||||||||||||||||||
O’Reilly Automotive, Inc.* | 13,000 | 1,187,550 | 16,920 | 1,545,642 | 29,920 | 2,733,192 | ||||||||||||||||||||
Panera Bread Co* | 5,000 | 804,600 | - | - | 5,000 | 804,600 | ||||||||||||||||||||
Pier 1 Imports Inc | 46,000 | 836,280 | - | - | 46,000 | 836,280 | ||||||||||||||||||||
Ralph Lauren Corp | 5,500 | 958,815 | - | - | 5,500 | 958,815 | ||||||||||||||||||||
Ross Stores Inc | 23,000 | 1,336,300 | - | - | 23,000 | 1,336,300 | ||||||||||||||||||||
Sally Beauty Holdings Inc* | 42,000 | 1,041,600 | - | - | 42,000 | 1,041,600 | ||||||||||||||||||||
Starbucks Corp. | - | - | 43,660 | 2,440,157 | 43,660 | 2,440,157 | ||||||||||||||||||||
Starwood Hotels & Resorts Worldwide Inc | 15,000 | 846,150 | 15,000 | 846,150 | ||||||||||||||||||||||
Stewart Enterprises, Inc. | - | - | 18,540 | 112,538 | 18,540 | 112,538 | ||||||||||||||||||||
Tractor Supply Co | 15,500 | 1,403,680 | - | - | 15,500 | 1,403,680 | ||||||||||||||||||||
TripAdvisor Inc* | 23,000 | 820,410 | - | - | 23,000 | 820,410 | ||||||||||||||||||||
Ulta Salon Cosmetics & Fragrance Inc | 14,500 | 1,346,905 | - | - | 14,500 | 1,346,905 | ||||||||||||||||||||
Williams-Sonoma, Inc. | - | - | 63,520 | 2,380,730 | 63,520 | 2,380,730 | ||||||||||||||||||||
19,710,540 | 15,541,869 | 35,252,409 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||
Consumer Staples - 4.3% | ||||||||||||||||||||||||||
General Mills, Inc. | - | - | 71,140 | 2,806,473 | 71,140 | 2,806,473 | ||||||||||||||||||||
Hershey Co. (The) | - | - | 43,470 | 2,666,015 | 43,470 | 2,666,015 | ||||||||||||||||||||
Monster Beverage Corp* | 24,000 | 1,490,160 | - | - | 24,000 | 1,490,160 | ||||||||||||||||||||
Ralcorp Holdings, Inc.* | - | - | 40,010 | 2,964,341 | 40,010 | 2,964,341 | ||||||||||||||||||||
1,490,160 | 8,436,829 | 9,926,989 | ||||||||||||||||||||||||
Energy - 8.2% | ||||||||||||||||||||||||||
Alpha Natural Resources, Inc.* | - | - | 73,640 | 1,120,064 | 73,640 | 1,120,064 | ||||||||||||||||||||
Concho Resources Inc* | 12,500 | 1,276,000 | - | - | 12,500 | 1,276,000 | ||||||||||||||||||||
Continental Resources Inc* | 11,000 | 944,020 | - | - | 11,000 | 944,020 | ||||||||||||||||||||
FMC Technologies Inc* | 19,000 | 957,980 | - | - | 19,000 | 957,980 | ||||||||||||||||||||
Halliburton Co. | - | - | 60,970 | 2,023,594 | 60,970 | 2,023,594 | ||||||||||||||||||||
National Oilwell VarCo., Inc. | - | - | 29,840 | 2,371,385 | 29,840 | 2,371,385 | ||||||||||||||||||||
Oceaneering International Inc | 21,000 | 1,131,690 | - | - | 21,000 | 1,131,690 | ||||||||||||||||||||
Pioneer Natural Resources Co | 11,000 | 1,227,490 | - | - | 11,000 | 1,227,490 | ||||||||||||||||||||
SM Energy Co | 11,000 | 778,470 | - | - | 11,000 | 778,470 | ||||||||||||||||||||
Suncor Energy, Inc. (Canada) | - | - | 44,220 | 1,445,994 | 44,220 | 1,445,994 | ||||||||||||||||||||
Tesoro Corp.* | - | - | 60,063 | 1,612,091 | 60,063 | 1,612,091 | ||||||||||||||||||||
Valero Energy Corp. | - | - | 77,310 | 1,992,279 | 77,310 | 1,992,279 | ||||||||||||||||||||
Weatherford International Ltd. (Switzerland) | - | - | 144,290 | 2,177,336 | 144,290 | 2,177,336 | ||||||||||||||||||||
6,315,650 | 12,742,743 | 19,058,393 | ||||||||||||||||||||||||
Financials - 5.0% | ||||||||||||||||||||||||||
Affiliated Managers Group Inc | 9,500 | 1,062,195 | - | - | 9,500 | 1,062,195 | ||||||||||||||||||||
Ameriprise Financial, Inc. | - | - | 37,820 | 2,160,657 | 37,820 | 2,160,657 | ||||||||||||||||||||
CBRE Group, Inc.* | - | - | 117,920 | 2,353,683 | 117,920 | 2,353,683 | ||||||||||||||||||||
Citigroup, Inc. | - | - | 89,350 | 3,265,742 | 89,350 | 3,265,742 | ||||||||||||||||||||
Texas Capital Bancshares Inc* | 29,000 | 1,003,980 | - | - | 29,000 | 1,003,980 | ||||||||||||||||||||
Wells Fargo & Co. | - | - | 48,390 | 1,652,035 | 48,390 | 1,652,035 | ||||||||||||||||||||
2,066,175 | 9,432,117 | 11,498,292 | ||||||||||||||||||||||||
Health Care - 10.5% | ||||||||||||||||||||||||||
Agilent Technologies Inc | 23,000 | 1,023,730 | - | - | 23,000 | 1,023,730 | ||||||||||||||||||||
Alexion Pharmaceuticals Inc* | 21,000 | 1,950,060 | - | - | 21,000 | 1,950,060 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||
Ariad Pharmaceuticals Inc* | 51,000 | 813,450 | - | - | 51,000 | 813,450 | ||||||||||||||||||||
Celgene Corp.* | - | - | 54,220 | 4,203,134 | 54,220 | 4,203,134 | ||||||||||||||||||||
DENTSPLY International, Inc. | - | - | 76,390 | 3,065,531 | 76,390 | 3,065,531 | ||||||||||||||||||||
HMS Holdings Corp* | 26,000 | 811,460 | - | - | 26,000 | 811,460 | ||||||||||||||||||||
Humana Inc | 9,500 | 878,560 | - | - | 9,500 | 878,560 | ||||||||||||||||||||
Intuitive Surgical Inc* | 2,000 | 1,083,500 | - | - | 2,000 | 1,083,500 | ||||||||||||||||||||
Medivation Inc* | 14,000 | 1,046,080 | - | - | 14,000 | 1,046,080 | ||||||||||||||||||||
Mettler-Toledo International, Inc.* | 4,500 | 831,375 | 12,183 | 2,250,809 | 16,683 | 3,082,184 | ||||||||||||||||||||
Regeneron Pharmaceuticals Inc* | 10,000 | 1,166,200 | - | - | 10,000 | 1,166,200 | ||||||||||||||||||||
SXC Health Solutions Corp* | 13,000 | 974,480 | - | - | 13,000 | 974,480 | ||||||||||||||||||||
Thermo Fisher Scientific, Inc. | - | - | 47,310 | 2,667,338 | 47,310 | 2,667,338 | ||||||||||||||||||||
Vertex Pharmaceuticals, Inc.* | - | - | 37,650 | 1,544,026 | 37,650 | 1,544,026 | ||||||||||||||||||||
10,578,895 | 13,730,838 | 24,309,733 | ||||||||||||||||||||||||
Industrials - 18.8% | ||||||||||||||||||||||||||
AMETEK Inc | 25,000 | 1,212,750 | - | - | 25,000 | 1,212,750 | ||||||||||||||||||||
BE Aerospace, Inc.* | - | - | 66,050 | 3,069,344 | 66,050 | 3,069,344 | ||||||||||||||||||||
Colfax Corp* | 27,000 | 951,480 | - | - | 27,000 | 951,480 | ||||||||||||||||||||
Danaher Corp. | - | - | 54,780 | 3,067,680 | 54,780 | 3,067,680 | ||||||||||||||||||||
Dover Corp. | - | - | 35,100 | 2,209,194 | 35,100 | 2,209,194 | ||||||||||||||||||||
Fastenal Co | 32,000 | 1,731,200 | - | - | 32,000 | 1,731,200 | ||||||||||||||||||||
General Electric Co. | - | - | 122,980 | 2,468,209 | 122,980 | 2,468,209 | ||||||||||||||||||||
Hexcel Corp.* | - | - | 96,243 | 2,310,794 | 96,243 | 2,310,794 | ||||||||||||||||||||
IDEX Corp. | - | - | 71,230 | 3,000,920 | 71,230 | 3,000,920 | ||||||||||||||||||||
JB Hunt Transport Services, Inc. | - | - | 37,660 | 2,047,574 | 37,660 | 2,047,574 | ||||||||||||||||||||
Kansas City Southern | 20,500 | 1,469,645 | - | - | 20,500 | 1,469,645 | ||||||||||||||||||||
Landstar System, Inc. | - | - | 41,650 | 2,404,038 | 41,650 | 2,404,038 | ||||||||||||||||||||
Manitowoc Co Inc/The | 51,000 | 706,860 | - | - | 51,000 | 706,860 | ||||||||||||||||||||
Rockwell Automation Inc | 16,500 | 1,315,050 | - | - | 16,500 | 1,315,050 | ||||||||||||||||||||
Roper Industries Inc | 12,500 | 1,239,500 | - | - | 12,500 | 1,239,500 | ||||||||||||||||||||
Stanley Black & Decker, Inc. | 28,930 | 2,226,453 | 28,930 | 2,226,453 | ||||||||||||||||||||||
TransDigm Group Inc* | 13,000 | 1,504,880 | - | - | 13,000 | 1,504,880 | ||||||||||||||||||||
Tyco International Ltd. (Switzerland) | - | - | 42,210 | 2,371,358 | 42,210 | 2,371,358 | ||||||||||||||||||||
United Rentals Inc* | 28,000 | 1,200,920 | - | - | 28,000 | 1,200,920 | ||||||||||||||||||||
United Technologies Corp. | - | - | 39,640 | 3,287,742 | 39,640 | 3,287,742 | ||||||||||||||||||||
Wabtec Corp/DE | 14,000 | 1,055,180 | - | - | 14,000 | 1,055,180 | ||||||||||||||||||||
WESCO International, Inc.* | 16,000 | 1,044,960 | 25,470 | 1,663,446 | 41,470 | 2,708,406 | ||||||||||||||||||||
13,432,425 | 30,126,752 | 43,559,177 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||
Information Technology - 29.4% | ||||||||||||||||||||||||||
Alliance Data Systems Corp.* | - | - | 31,640 | 3,985,374 | 31,640 | 3,985,374 | ||||||||||||||||||||
Altera Corp | 24,000 | 955,680 | - | - | 24,000 | 955,680 | ||||||||||||||||||||
Apple, Inc.* | - | - | 19,490 | 11,683,670 | 19,490 | 11,683,670 | ||||||||||||||||||||
Broadcom Corp.* | - | - | 59,880 | 2,353,284 | 59,880 | 2,353,284 | ||||||||||||||||||||
Cardtronics Inc* | 33,000 | 866,250 | - | - | 33,000 | 866,250 | ||||||||||||||||||||
Check Point Software Technologies Ltd. (Israel) | - | - | 47,490 | 3,031,762 | 47,490 | 3,031,762 | ||||||||||||||||||||
Cisco Systems, Inc. | - | - | 172,853 | 3,655,841 | 172,853 | 3,655,841 | ||||||||||||||||||||
CommVault Systems Inc* | 20,000 | 992,800 | - | - | 20,000 | 992,800 | ||||||||||||||||||||
EMC Corp.* | - | - | 116,620 | 3,484,606 | 116,620 | 3,484,606 | ||||||||||||||||||||
ExactTarget Inc | 709 | 18,434 | - | - | 709 | 18,434 | ||||||||||||||||||||
FEI Co* | 16,000 | 785,760 | - | - | 16,000 | 785,760 | ||||||||||||||||||||
Google, Inc.* | - | - | 7,010 | 4,495,092 | 7,010 | 4,495,092 | ||||||||||||||||||||
KLA-Tencor Corp | 23,000 | 1,251,660 | - | - | 23,000 | 1,251,660 | ||||||||||||||||||||
Mastercard, Inc. | - | - | 7,480 | 3,145,639 | 7,480 | 3,145,639 | ||||||||||||||||||||
Mellanoz Technologies Ltd* | 23,000 | 962,090 | - | - | 23,000 | 962,090 | ||||||||||||||||||||
MoneyGram International, Inc.* | - | - | 111,899 | 2,014,182 | 111,899 | 2,014,182 | ||||||||||||||||||||
Motorola Solutions Inc | 18,000 | 914,940 | - | - | 18,000 | 914,940 | ||||||||||||||||||||
NetApp Inc* | 18,000 | 805,860 | - | - | 18,000 | 805,860 | ||||||||||||||||||||
NICE Systems Ltd. ADR (Israel)* | - | - | 63,847 | 2,509,187 | 63,847 | 2,509,187 | ||||||||||||||||||||
Nuance Communications, Inc.* | - | - | 95,700 | 2,448,006 | 95,700 | 2,448,006 | ||||||||||||||||||||
Qualcomm, Inc. | - | - | 43,589 | 2,964,924 | 43,589 | 2,964,924 | ||||||||||||||||||||
Rackspace Hosting Inc* | 21,000 | 1,213,590 | - | - | 21,000 | 1,213,590 | ||||||||||||||||||||
Red Hat, Inc.* | - | - | 60,040 | 3,595,796 | 60,040 | 3,595,796 | ||||||||||||||||||||
Salesforce.com, Inc.* | - | - | 18,740 | 2,895,517 | 18,740 | 2,895,517 | ||||||||||||||||||||
Skyworks Solutions Inc* | 38,000 | 1,050,700 | - | - | 38,000 | 1,050,700 | ||||||||||||||||||||
Sourcefire Inc* | 19,000 | 914,470 | - | - | 19,000 | 914,470 | ||||||||||||||||||||
Teradata Corp* | 22,000 | 1,499,300 | - | - | 22,000 | 1,499,300 | ||||||||||||||||||||
Teradyne, Inc.* | - | - | 45,250 | 764,272 | 45,250 | 764,272 | ||||||||||||||||||||
TIBCO Software Inc* | 28,000 | 854,000 | - | - | 28,000 | 854,000 | ||||||||||||||||||||
Trimble Navigation Ltd* | 24,000 | 1,306,080 | - | - | 24,000 | 1,306,080 | ||||||||||||||||||||
Xilinx Inc | 30,000 | 1,092,900 | - | - | 30,000 | 1,092,900 | ||||||||||||||||||||
15,484,514 | 53,027,152 | 68,511,666 | ||||||||||||||||||||||||
Materials - 6.8% | ||||||||||||||||||||||||||
Airgas Inc | 11,000 | 978,670 | - | - | 11,000 | 978,670 |
Fifth Third Mid Cap Growth Fund | Touchstone Growth Opportunities Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Opportunities Fund | |||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||
Albemarle Corp | 15,000 | 958,800 | - | - | 15,000 | 958,800 | ||||||||||||||||||||
Celanese Corp. | - | - | 59,880 | 2,765,258 | 59,880 | 2,765,258 | ||||||||||||||||||||
Ecolab Inc | 20,000 | 1,234,400 | - | - | 20,000 | 1,234,400 | ||||||||||||||||||||
FMC Corp | 13,000 | 1,376,180 | - | - | 13,000 | 1,376,180 | ||||||||||||||||||||
International Paper Co. | - | - | 66,760 | 2,343,276 | 66,760 | 2,343,276 | ||||||||||||||||||||
Steel Dynamics Inc | 56,000 | 814,240 | - | - | 56,000 | 814,240 | ||||||||||||||||||||
Valspar Corp | 21,000 | 1,014,090 | - | - | 21,000 | 1,014,090 | ||||||||||||||||||||
Westlake Chemical Corp.+ | 14,000 | 907,060 | 52,491 | 3,400,892 | 66,491 | 4,307,952 | ||||||||||||||||||||
7,283,440 | 8,509,426 | 15,792,866 | ||||||||||||||||||||||||
Total Common Stocks | $ | 76,361,799 | $ | 151,547,726 | $ | 227,909,525 | ||||||||||||||||||||
Investment Funds - 1.5% | ||||||||||||||||||||||||||
Fifth Third Institutional Money Market Fund (A) | 1,127,490 | 1,127,490 | - | - | 1,127,490 | 1,127,490 | ||||||||||||||||||||
Invesco Liquid Assets Portfolio (B) | - | - | 2,376,000 | 2,376,000 | 2,376,000 | 2,376,000 | ||||||||||||||||||||
Total Investment Funds | $ | 1,127,490 | $ | 2,376,000 | $ | 3,503,490 | ||||||||||||||||||||
Total Investment Securities - 99.7% (Cost $210,282,644) | $ | 77,489,289 | $ | 153,923,726 | $ | 231,413,015 | ||||||||||||||||||||
Other Assets in Excess of Liabilities - 0.3% | 390,449 | 378,366 | 768,815 | |||||||||||||||||||||||
Net Assets - 100.0% | $ | 77,879,738 | $ | 154,302,092 | $ | 232,181,830 |
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Value Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of March 31, 2012 |
Fifth Third Disciplined Large Cap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | |||||||||||
Assets | |||||||||||||||
Investments, at cost | $ | 150,558,602 | $ | 79,668,189 | $ | 91,500,611 | $ | 321,727,402 | |||||||
Affiliated securities, at market value | 1,475,467 | 1,101,706 | - | 2,577,173 | |||||||||||
Non-affiliated securities, at market value | 185,666,477 | 94,736,919 | 123,155,227 | 403,558,623 | |||||||||||
Investments, at value | $ | 187,141,944 | $ | 95,838,625 | $ | 123,155,227 | $ | 406,135,796 | |||||||
Cash | 61,473 | 21,088 | - | 82,561 | |||||||||||
Dividends and interest receivable | 258,689 | 155,686 | 249,517 | 663,892 | |||||||||||
Receivable for capital shares sold | 211,370 | 48,313 | 35,066 | 294,749 | |||||||||||
Receivable for investments sold | 1,195,275 | - | - | 1,195,275 | |||||||||||
Receivable from Investment Adviser | - | - | 8,167 | 8,167 | |||||||||||
Other assets | 28,349 | 30,374 | 2,138 | 60,861 | |||||||||||
Total Assets | 188,897,100 | 96,094,086 | 123,450,115 | 408,441,301 | |||||||||||
Liabilities | |||||||||||||||
Payable for capital shares redeemed | 445,609 | 248,094 | 468,704 | 1,162,407 | |||||||||||
Payable for securities purchased | 571,881 | 136 | - | 572,017 | |||||||||||
Payable to Advisor | 101,037 | 42,596 | 80,152 | 223,785 | |||||||||||
Payable to Trustees | - | - | 6,989 | 6,989 | |||||||||||
Payable for Distribution & Service Fees | 6,934 | 9,615 | 85 | 16,634 | |||||||||||
Other accrued expenses and liabilities | 23,929 | 50,936 | 15,733 | 90,598 |
Fifth Third Disciplined Large Cap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | |||||||||||||||
Total Liabilities | 1,149,390 | 351,377 | 571,663 | 2,072,430 | |||||||||||||||
Net Assets | $ | 187,747,710 | $ | 95,742,709 | $ | 122,878,452 | $ | 406,368,871 | |||||||||||
Net assets consist of: | |||||||||||||||||||
Paid-in capital | $ | 225,484,912 | $ | 109,907,819 | $ | 110,530,904 | $ | 445,923,635 | |||||||||||
Accumulated net investment income | 27,246 | 48,871 | 686,535 | 762,652 | |||||||||||||||
Accumulated net realized losses on investments | (74,347,790 | ) | (30,384,417 | ) | (19,993,603 | ) | (124,725,810 | ) | |||||||||||
Net unrealized appreciation on investments | - | ||||||||||||||||||
and Foreign Currency Transactions | 36,583,342 | 16,170,436 | 31,654,616 | 84,408,394 | |||||||||||||||
Net Assets | $ | 187,747,710 | $ | 95,742,709 | $ | 122,878,452 | $ | 406,368,871 | |||||||||||
Pricing of Class A Shares | |||||||||||||||||||
Net assets attributable to Class A shares | $ | 9,878,475 | $ | 26,482,285 | $ | 1,606,202 | $ | 2,474,878 | **** | $ | 40,441,840 | ||||||||
Shares of beneficial interest outstanding | 863,326 | (A) | 1,599,790 | (A) | 224,958 | (B) | 2,976,043 | ****(C) | 5,664,117 | ||||||||||
Net asset value and redemption price per share | $ | 11.44 | $ | 16.55 | $ | 7.14 | $ | 7.14 | |||||||||||
Maximum offering price per share | $ | 12.04 | ** | $ | 17.42 | ** | $ | 7.58 | $ | 7.58 | |||||||||
Pricing of Class B Shares | |||||||||||||||||||
Net assets attributable to Class B shares | $ | 505,032 | $ | 1,969,846 | $ | - | $ | (2,474,878 | ) | **** | $ | - | |||||||
Shares of beneficial interest outstanding | 43,595 | (A) | 125,911 | (A) | - | (169,506 | ) | **** | - | ||||||||||
Net asset value, offering price and redemption price per share* | $ | 11.58 | $ | 15.64 | $ | - | $ | - |
Fifth Third Disciplined Large Cap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | |||||||||||
Pricing of Class C Shares | |||||||||||||||
Net assets attributable to Class C shares | $ | 360,199 | $ | 2,656,615 | $ | - | $ | 3,016,814 | |||||||
Shares of beneficial interest outstanding | 31,867 | (A) | 170,345 | (A) | - | 220,310 | (B),(C) | 422,522 | |||||||
Net asset value, offering price and redemption price per share* | $ | 11.30 | $ | 15.60 | $ | - | $ | 7.14 | |||||||
Pricing of Class Y Shares *** | |||||||||||||||
Net assets attributable to Class Y shares | $ | 177,004,004 | $ | 64,633,963 | $ | 87,545,639 | $ | 329,183,606 | |||||||
Shares of beneficial interest outstanding | 15,415,105 | 3,833,425 | (A) | 12,222,939 | (B) | 14,488,458 | (C) | 45,959,927 | |||||||
Net asset value, offering price and redemption price per share | $ | 11.48 | $ | 16.86 | $ | 7.16 | $ | 7.16 | |||||||
Pricing of Institutional Class Shares | |||||||||||||||
Net assets attributable to Institutional Class shares | $ | - | $ | - | $ | 33,726,611 | $ | 33,726,611 | |||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | - | - | 4,715,130 | 4,715,130 | |||||||||||
Net asset value, offering price and redemption price per share | $ | - | $ | - | $ | 7.15 | $ | 7.15 |
(A) Unlimited number of shares authorized, par value of $.001 | |||||||||||||||||||||||||||||
(B) Unlimited number of shares authorized, no par value | |||||||||||||||||||||||||||||
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Value Fund to the Fifth Third Disciplined Large Cap Value Fund and Fifth Third All Cap Value Fund shareholders as if the reorganization had taken place on March 31, 2012. | |||||||||||||||||||||||||||||
* Redemption price per share varies by length of time shares are held. | |||||||||||||||||||||||||||||
** Maximum offering price per share is equal to net asset value/95.00% | |||||||||||||||||||||||||||||
*** Fifth Third Disciplined Large Cap Value and Fifth Third All Cap Value Funds Institutional shares will convert to Touchstone Value Fund Y shares. | |||||||||||||||||||||||||||||
**** Fifth Third Disciplined Large Cap Value and Fifth Third All Cap Value Funds B shares will convert to Touchstone Value Fund A shares. |
Fifth Third Disciplined Large Cap Value Fund | Fifth Third All Cap Value Fund | Touchstone -Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | |||||||||||
Investment Income | |||||||||||||||
Dividends from affiliated securities | $ | 2,598 | $ | 2,326 | $ | - | $ | 4,924 | |||||||
Dividends from non-affiliated securities | 5,154,196 | 2,499,036 | 3,550,200 | 11,203,432 | |||||||||||
Interest from securities loaned | 11,086 | 10,733 | - | 21,819 | |||||||||||
Less: Foreign Taxes Withheld | (15,710 | ) | (6,808 | ) | (11,030 | ) | (33,548 | ) | |||||||
Total Investment Income | 5,152,170 | 2,505,287 | 3,539,170 | 11,196,627 | |||||||||||
Expenses | |||||||||||||||
Investment advisory fees | 1,551,753 | 1,012,998 | 930,207 | (381,349 | ) A | 3,113,609 | |||||||||
Distribution expenses, Class A | 25,544 | 68,315 | - | 13,345 | A | 107,204 | |||||||||
Distribution expenses, Class B | 7,521 | 25,082 | - | (32,603 | )A | - | |||||||||
Distribution expenses, Class C | 2,784 | 24,152 | - | 8,979 | A | 35,915 | |||||||||
Service expenses, Class A | - | - | 5,450 | (5,450 | ) A | - | |||||||||
Service expenses, Class C | 928 | 8,051 | - | (8,979 | ) A | - | |||||||||
Administration fees | 337,537 | 176,279 | - | 284,043 | A | 797,859 | |||||||||
Accounting fees | 72,348 | 64,600 | - | (136,948 | ) A | - | |||||||||
Transfer Agent fees | 38,245 | 142,855 | 124,099 | (305,199 | ) D | - | |||||||||
Transfer Agent fees, Class A | - | - | - | 191,987 | D | 191,987 | |||||||||
Transfer Agent fees, Class C | - | - | - | 15,749 | D | 15,749 | |||||||||
Transfer Agent fees, Class Y | - | - | - | 264 | D | 264 | |||||||||
Transfer Agent fees, Institutional Class | - | - | - | 161,260 | D | 161,260 | |||||||||
Reports to shareholders | 15,728 | 26,136 | 18,248 | (60,112 | ) D | - | |||||||||
Reports to shareholders, Class A | - | - | - | 7,840 | D | 7,840 | |||||||||
Reports to shareholders, Class C | - | - | - | 6,995 | D | 6,995 | |||||||||
Reports to shareholders, Class Y | - | - | - | 9,627 | D | 9,627 | |||||||||
Reports to shareholders, Institutional Class | - | - | - | 6,987 | D | 6,987 | |||||||||
Registration fees | 39,988 | 37,468 | 41,731 | (119,187 | ) D | - |
Fifth Third Disciplined Large Cap Value Fund | Fifth Third All Cap Value Fund | Touchstone -Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | |||||||||||||||||
Registration fees, Class A | - | - | - | 12,852 | D | 12,852 | |||||||||||||||
Registration fees, Class C | - | - | - | 12,532 | D | 12,532 | |||||||||||||||
Registration fees, Class Y | - | - | - | 13,365 | D | 13,365 | |||||||||||||||
Registration fees, Institutional Class | - | - | - | 12,932 | D | 12,932 | |||||||||||||||
Professional fees | 22,701 | 20,386 | 54,750 | (66,511 | ) | B | 31,326 | ||||||||||||||
Custodian fees | 10,458 | 11,633 | 8,214 | (25,076 | ) | A | 5,229 | ||||||||||||||
Trustees’ fees and expenses | 12,625 | 6,833 | 29,940 | (41,223 | ) | B | 8,175 | ||||||||||||||
Compliance fees and expenses | - | - | - | 1,300 | A | 1,300 | |||||||||||||||
Other expenses | 20,831 | 10,713 | 27,580 | (34,417 | ) | B | 24,707 | ||||||||||||||
Total Expenses | 2,158,991 | 1,635,501 | 1,240,219 | (456,997 | ) | 4,577,714 | |||||||||||||||
Fees waived and/or expenses reimbursed by the Advisor/Administrator | (577,113 | ) | (574,775 | ) | (94,450 | ) | (226,875 | ) | C | (1,473,213 | ) | ||||||||||
Net Expenses | 1,581,878 | 1,060,726 | 1,145,769 | (683,872 | ) | 3,104,501 | |||||||||||||||
Net Investment Income | 3,570,292 | 1,444,561 | 2,393,401 | 683,872 | 8,092,126 | ||||||||||||||||
Realized and Unrealized Gains (Losses) on Investments | |||||||||||||||||||||
Net realized gains from security transactions | 27,154,841 | 6,723,168 | 3,679,428 | 37,557,437 | |||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | (26,379,884 | ) | (9,123,185 | ) | 5,419,029 | (30,084,040 | ) | ||||||||||||||
Net Realized and Unrealized Gains on Investments | 774,957 | (2,400,017 | ) | 9,098,457 | 7,473,397 | ||||||||||||||||
Change in Net Assets Resulting from Operations | $ | 4,345,249 | $ | (955,456 | ) | $ | 11,491,858 | $ | 683,872 | $ | 15,565,523 |
A | Based on differences in contractual expense agreements |
B | Decrease due to the elimination of duplicate expenses achieved by merging |
C | Based on expense limitation agreement |
D | Reclassification of fund level expense to class level expense |
Fifth Third Disciplined LargeCap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | ||||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||||
Common Stocks - 99.2% | ||||||||||||||||||||||||||||||||||||
Consumer Discretionary - 5.9% | ||||||||||||||||||||||||||||||||||||
Carnival Corp | - | $ | - | - | $ | - | 58,658 | $ | 1,881,747 | 58,658 | $ | 1,881,747 | ||||||||||||||||||||||||
CVS Caremark Corp | - | - | - | - | 21,100 | 945,280 | 21,100 | 945,280 | ||||||||||||||||||||||||||||
DISH Network Corp | 95,077 | 3,130,883 | 23,050 | 759,038 | - | - | 118,127 | 3,889,921 | ||||||||||||||||||||||||||||
Foot Locker Inc | - | - | 19,311 | 599,607 | - | - | 19,311 | 599,607 | ||||||||||||||||||||||||||||
Gannett Co Inc | - | - | 86,934 | 1,332,698 | - | - | 86,934 | 1,332,698 | ||||||||||||||||||||||||||||
Mattel Inc | 73,197 | 2,463,811 | 22,432 | 755,061 | - | - | 95,629 | 3,218,872 | ||||||||||||||||||||||||||||
OfficeMax Inc* | - | - | 58,066 | 332,138 | - | - | 58,066 | 332,138 | ||||||||||||||||||||||||||||
Target Corp | - | - | - | - | 21,700 | 1,264,459 | 21,700 | 1,264,459 | ||||||||||||||||||||||||||||
Time Warner Inc | 99,926 | 3,772,207 | 46,747 | 1,764,699 | - | - | 146,673 | 5,536,906 | ||||||||||||||||||||||||||||
Viacom Inc | 70,941 | 3,366,860 | 36,929 | 1,752,650 | - | - | 107,870 | 5,119,510 | ||||||||||||||||||||||||||||
12,733,761 | 7,295,891 | 4,091,486 | 24,121,138 | |||||||||||||||||||||||||||||||||
Consumer Staples - 10.4% | ||||||||||||||||||||||||||||||||||||
Altria Group Inc | 100,603 | 3,105,615 | 31,645 | 976,881 | 63,332 | 1,955,059 | 195,580 | 6,037,555 | ||||||||||||||||||||||||||||
Archer-Daniels-Midland Co | 61,242 | 1,938,922 | 44,891 | 1,421,249 | - | - | 106,133 | 3,360,171 | ||||||||||||||||||||||||||||
Baxter International Inc | - | - | - | - | 62,158 | 3,715,805 | 62,158 | 3,715,805 | ||||||||||||||||||||||||||||
Diageo PLC, ADR | - | - | - | - | 37,972 | 3,664,298 | 37,972 | 3,664,298 | ||||||||||||||||||||||||||||
Imperial Tobacco Group PLC, ADR | - | - | - | - | 47,147 | 3,836,351 | 47,147 | 3,836,351 | ||||||||||||||||||||||||||||
Johnson & Johnson | - | - | - | - | 46,600 | 3,073,736 | 46,600 | 3,073,736 | ||||||||||||||||||||||||||||
Kraft Foods Inc | - | - | 23,949 | 910,301 | - | - | 23,949 | 910,301 | ||||||||||||||||||||||||||||
Medtronic Inc | - | - | - | - | 91,500 | 3,585,885 | 91,500 | 3,585,885 | ||||||||||||||||||||||||||||
Pfizer Inc | - | - | - | - | 185,304 | 4,198,989 | 185,304 | 4,198,989 | ||||||||||||||||||||||||||||
Philip Morris International Inc | - | - | - | - | 65,100 | 5,768,511 | 65,100 | 5,768,511 | ||||||||||||||||||||||||||||
Service Corp International/US | - | - | - | - | 131,500 | 1,480,690 | 131,500 | 1,480,690 | ||||||||||||||||||||||||||||
Spartan Stores Inc | - | - | 17,883 | 324,040 | - | - | 17,883 | 324,040 | ||||||||||||||||||||||||||||
WellPoint Inc | - | - | - | - | 28,512 | 2,104,186 | 28,512 | 2,104,186 | ||||||||||||||||||||||||||||
5,044,537 | 3,632,471 | 33,383,510 | 42,060,518 | |||||||||||||||||||||||||||||||||
Energy - 12.0% | ||||||||||||||||||||||||||||||||||||
Apache Corp | 36,167 | 3,632,613 | 8,739 | 877,745 | - | - | 44,906 | 4,510,358 |
Fifth Third Disciplined LargeCap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | ||||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||||
BP PLC | 136,821 | 6,156,945 | 43,933 | 1,976,985 | - | - | 180,754 | 8,133,930 | ||||||||||||||||||||||||||||
Chevron Corp | 58,873 | 6,313,541 | 20,393 | 2,186,945 | - | - | 79,266 | 8,500,486 | ||||||||||||||||||||||||||||
ConocoPhillips | - | - | - | - | 58,395 | 4,438,604 | 58,395 | 4,438,604 | ||||||||||||||||||||||||||||
Ensco PLC | 39,352 | 2,082,901 | 26,455 | 1,400,263 | - | - | 65,807 | 3,483,164 | ||||||||||||||||||||||||||||
Helix Energy Solutions Group Inc* | - | - | 12,686 | 225,811 | - | - | 12,686 | 225,811 | ||||||||||||||||||||||||||||
Marathon Oil Corp | - | - | - | - | 32,500 | 1,030,250 | 32,500 | 1,030,250 | ||||||||||||||||||||||||||||
Marathon Petroleum Corp | - | - | - | - | 34,250 | 1,485,080 | 34,250 | 1,485,080 | ||||||||||||||||||||||||||||
Nabors Industries Ltd* | - | - | 28,474 | 498,010 | - | - | 28,474 | 498,010 | ||||||||||||||||||||||||||||
Noble Corp* | 69,150 | 2,591,051 | 30,347 | 1,137,102 | - | - | 99,497 | 3,728,153 | ||||||||||||||||||||||||||||
North American Energy Partners Inc* | - | - | 120,897 | 592,395 | - | - | 120,897 | 592,395 | ||||||||||||||||||||||||||||
Occidental Petroleum Corp | - | - | - | - | 41,522 | 3,954,140 | 41,522 | 3,954,140 | ||||||||||||||||||||||||||||
Petroquest Energy Inc* | - | - | 71,811 | 440,920 | - | - | 71,811 | 440,920 | ||||||||||||||||||||||||||||
Royal Dutch Shell PLC | 43,332 | 3,060,539 | 16,726 | 1,181,357 | - | - | 60,058 | 4,241,896 | ||||||||||||||||||||||||||||
Spectra Energy Corp | - | - | - | - | 112,672 | 3,554,802 | 112,672 | 3,554,802 | ||||||||||||||||||||||||||||
23,837,590 | 10,517,533 | 14,462,876 | 48,817,999 | |||||||||||||||||||||||||||||||||
Financials - 26.4% | ||||||||||||||||||||||||||||||||||||
Aflac Inc | 39,238 | 1,804,556 | 29,939 | 1,376,895 | - | - | 69,177 | 3,181,451 | ||||||||||||||||||||||||||||
Allstate Corp/The | - | - | 32,123 | 1,057,489 | - | - | 32,123 | 1,057,489 | ||||||||||||||||||||||||||||
American Equity Investment Life Holding Co | - | - | 37,926 | 484,315 | - | - | 37,926 | 484,315 | ||||||||||||||||||||||||||||
American Express Co | - | - | - | - | 70,762 | 4,094,289 | 70,762 | 4,094,289 | ||||||||||||||||||||||||||||
Ameriprise Financial Inc | 33,835 | 1,932,994 | 34,164 | 1,951,789 | - | - | 67,999 | 3,884,783 | ||||||||||||||||||||||||||||
AON Corp * | 62,821 | 3,081,998 | 13,503 | 662,457 | - | - | 76,324 | 3,744,455 | ||||||||||||||||||||||||||||
Aspen Insurance Holdings Ltd | - | - | 8,085 | 225,895 | - | - | 8,085 | 225,895 | ||||||||||||||||||||||||||||
Bank of America Corp | - | - | - | - | 170,663 | 1,633,245 | 170,663 | 1,633,245 | ||||||||||||||||||||||||||||
BB&T Corp | 122,032 | 3,830,584 | 43,192 | 1,355,797 | - | - | 165,224 | 5,186,381 | ||||||||||||||||||||||||||||
Capital One Financial Corp | - | - | - | - | 48,340 | 2,694,472 | 48,340 | 2,694,472 | ||||||||||||||||||||||||||||
Citigroup Inc | 210,793 | 7,704,484 | 82,360 | 3,010,258 | 73,770 | 2,696,294 | 366,923 | 13,411,036 | ||||||||||||||||||||||||||||
Discover Financial Services | 106,796 | 3,560,579 | - | - | - | - | 106,796 | 3,560,579 | ||||||||||||||||||||||||||||
Goldman Sachs Group Inc/The | 21,203 | 2,637,017 | 14,593 | 1,814,931 | - | - | 35,796 | 4,451,948 | ||||||||||||||||||||||||||||
Invesco Ltd | 150,341 | 4,009,594 | 64,385 | 1,717,148 | - | - | 214,726 | 5,726,742 | ||||||||||||||||||||||||||||
JPMorgan Chase & Co | - | - | 61,765 | 2,839,955 | 66,057 | 3,037,301 | 127,822 | 5,877,256 | ||||||||||||||||||||||||||||
KeyCorp | 565,498 | 4,806,733 | 209,978 | 1,784,813 | - | - | 775,476 | 6,591,546 | ||||||||||||||||||||||||||||
Meadowbrook Insurance Group Inc | - | - | 57,634 | 537,725 | - | - | 57,634 | 537,725 | ||||||||||||||||||||||||||||
NYSE Euronext | - | - | 31,182 | 935,772 | - | - | 31,182 | 935,772 | ||||||||||||||||||||||||||||
Old National Bancorp/IN | - | - | 81,924 | 1,076,481 | - | - | 81,924 | 1,076,481 | ||||||||||||||||||||||||||||
Piper Jaffray Cos* | - | - | 12,535 | 333,682 | - | - | 12,535 | 333,682 |
Fifth Third Disciplined LargeCap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | ||||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||||
PNC Financial Services Group Inc | - | - | - | - | 59,236 | 3,820,130 | 59,236 | 3,820,130 | ||||||||||||||||||||||||||||
Principal Financial Group Inc | 133,987 | 3,953,956 | 17,745 | 523,655 | - | - | 151,732 | 4,477,611 | ||||||||||||||||||||||||||||
Progressive Corp/The | 116,844 | 2,708,444 | 59,842 | 1,387,138 | - | - | 176,686 | 4,095,582 | ||||||||||||||||||||||||||||
Prudential Financial Inc | 64,625 | 4,096,579 | 24,070 | 1,525,797 | - | - | 88,695 | 5,622,376 | ||||||||||||||||||||||||||||
Regions Financial Corp | 515,647 | 3,398,114 | 205,604 | 1,354,930 | - | - | 721,251 | 4,753,044 | ||||||||||||||||||||||||||||
Reinsurance Group of America Inc | - | - | 5,180 | 308,055 | - | - | 5,180 | 308,055 | ||||||||||||||||||||||||||||
SLM Corp | - | - | - | - | 124,188 | 1,957,203 | 124,188 | 1,957,203 | ||||||||||||||||||||||||||||
UBS AG* | 97,896 | 1,372,502 | - | - | - | - | 97,896 | 1,372,502 | ||||||||||||||||||||||||||||
UMB Financial Corp | - | - | 8,771 | 392,371 | - | - | 8,771 | 392,371 | ||||||||||||||||||||||||||||
Unum Group | 126,318 | 3,092,265 | 20,602 | 504,337 | - | - | 146,920 | 3,596,602 | ||||||||||||||||||||||||||||
Wells Fargo & Co | - | - | 57,745 | 1,971,414 | 124,515 | 4,250,942 | 182,260 | 6,222,356 | ||||||||||||||||||||||||||||
XL Group Plc | - | - | - | - | 76,661 | 1,662,777 | 76,661 | 1,662,777 | ||||||||||||||||||||||||||||
51,990,399 | 29,133,099 | 25,846,653 | 106,970,151 | |||||||||||||||||||||||||||||||||
Healthcare - 11.5% | ||||||||||||||||||||||||||||||||||||
Amgen Inc | 64,625 | 4,393,854 | 32,438 | 2,205,460 | - | - | 97,063 | 6,599,314 | ||||||||||||||||||||||||||||
Cigna Corp | 92,370 | 4,549,223 | 38,476 | 1,894,943 | - | - | 130,846 | 6,444,166 | ||||||||||||||||||||||||||||
Gilead Sciences Inc* | 58,309 | 2,848,395 | 25,865 | 1,263,505 | - | - | 84,174 | 4,111,900 | ||||||||||||||||||||||||||||
Hologic Inc* | - | - | 53,124 | 1,144,822 | - | - | 53,124 | 1,144,822 | ||||||||||||||||||||||||||||
Merck & Co Inc | 184,514 | 7,085,338 | 62,255 | 2,390,592 | - | - | 246,769 | 9,475,930 | ||||||||||||||||||||||||||||
Sanofi | 86,392 | 3,347,690 | 12,730 | 493,288 | - | - | 99,122 | 3,840,978 | ||||||||||||||||||||||||||||
Symmetry Medical Inc* | - | - | 60,943 | 430,867 | - | - | 60,943 | 430,867 | ||||||||||||||||||||||||||||
Teva Pharmaceutical Industries Ltd | 61,354 | 2,764,611 | 31,435 | 1,416,461 | - | - | 92,789 | 4,181,072 | ||||||||||||||||||||||||||||
UnitedHealth Group Inc | 130,452 | 7,688,841 | 50,029 | 2,948,709 | - | - | 180,481 | 10,637,550 | ||||||||||||||||||||||||||||
32,677,952 | 14,188,647 | - | 46,866,599 | |||||||||||||||||||||||||||||||||
Industrials - 10.3% | ||||||||||||||||||||||||||||||||||||
AAR Corp | - | - | 46,252 | 844,099 | - | - | 46,252 | 844,099 | ||||||||||||||||||||||||||||
CBIZ Inc* | - | - | 86,545 | 546,964 | - | - | 86,545 | 546,964 | ||||||||||||||||||||||||||||
Cooper Industries PLC | - | - | - | - | 54,200 | 3,466,090 | 54,200 | 3,466,090 | ||||||||||||||||||||||||||||
Eaton Corp | 75,791 | 3,776,666 | 9,306 | 463,718 | - | - | 85,097 | 4,240,384 | ||||||||||||||||||||||||||||
Exelis Inc | - | - | - | - | 47,000 | 588,440 | 47,000 | 588,440 | ||||||||||||||||||||||||||||
General Dynamics Corp | 70,742 | 5,191,048 | 14,989 | 1,099,893 | - | - | 85,731 | 6,290,941 | ||||||||||||||||||||||||||||
General Electric Co | 359,104 | 7,207,217 | 176,790 | 3,548,175 | 150,030 | 3,011,102 | 685,924 | 13,766,494 | ||||||||||||||||||||||||||||
Greenbrier Cos Inc* | - | - | 10,127 | 200,413 | - | - | 10,127 | 200,413 | ||||||||||||||||||||||||||||
Honeywell International Inc | - | - | - | - | 51,038 | 3,115,870 | 51,038 | 3,115,870 |
Fifth Third Disciplined LargeCap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | ||||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||||
Illinois Tool Works Inc | - | - | - | - | 35,955 | 2,053,750 | 35,955 | 2,053,750 | ||||||||||||||||||||||||||||
ITT Corp | - | - | - | - | 23,450 | 537,943 | 23,450 | 537,943 | ||||||||||||||||||||||||||||
Marten Transport Ltd | - | - | 16,779 | 370,313 | - | - | 16,779 | 370,313 | ||||||||||||||||||||||||||||
Navigant Consulting Inc* | - | - | 45,933 | 638,928 | - | - | 45,933 | 638,928 | ||||||||||||||||||||||||||||
Raytheon Co | - | - | - | - | 57,400 | 3,029,572 | 57,400 | 3,029,572 | ||||||||||||||||||||||||||||
Spirit Aerosystems Holdings Inc* | - | - | 42,830 | 1,047,622 | - | - | 42,830 | 1,047,622 | ||||||||||||||||||||||||||||
Xylem Inc/NY | - | - | - | - | 47,000 | 1,304,250 | 47,000 | 1,304,250 | ||||||||||||||||||||||||||||
16,174,931 | 8,760,125 | 17,107,017 | 42,042,073 | |||||||||||||||||||||||||||||||||
Information Technology - 10.5% | ||||||||||||||||||||||||||||||||||||
Avnet Inc* | - | - | 17,070 | 621,177 | - | - | 17,070 | 621,177 | ||||||||||||||||||||||||||||
Cisco Systems Inc | 330,569 | 6,991,534 | 47,479 | 1,004,181 | - | - | 378,048 | 7,995,715 | ||||||||||||||||||||||||||||
Corning Inc | 118,874 | 1,673,746 | 79,360 | 1,117,389 | - | - | 198,234 | 2,791,135 | ||||||||||||||||||||||||||||
Dell Inc* | 194,665 | 3,231,439 | 54,751 | 908,867 | - | - | 249,416 | 4,140,306 | ||||||||||||||||||||||||||||
Intel Corp | 221,282 | 6,220,237 | 83,430 | 2,345,217 | 55,500 | 1,560,105 | 360,212 | 10,125,559 | ||||||||||||||||||||||||||||
International Business Machines Corp | - | - | - | - | 20,950 | 4,371,218 | 20,950 | 4,371,218 | ||||||||||||||||||||||||||||
Microsoft Corp | - | - | 66,872 | 2,156,622 | 110,900 | 3,576,525 | 177,772 | 5,733,147 | ||||||||||||||||||||||||||||
Photronics Inc* | - | - | 69,583 | 462,727 | - | - | 69,583 | 462,727 | ||||||||||||||||||||||||||||
Seagate Technology PLC | 109,739 | 2,957,466 | - | - | - | - | 109,739 | 2,957,466 | ||||||||||||||||||||||||||||
Xerox Corp | 259,064 | 2,093,237 | 156,964 | 1,268,269 | - | - | 416,028 | 3,361,506 | ||||||||||||||||||||||||||||
23,167,659 | 9,884,449 | 9,507,848 | 42,559,956 | |||||||||||||||||||||||||||||||||
Materials - 2.2% | ||||||||||||||||||||||||||||||||||||
Alcoa Inc | 117,746 | 1,179,815 | 67,614 | 677,492 | - | - | 185,360 | 1,857,307 | ||||||||||||||||||||||||||||
AuRico Gold Inc* | - | - | 25,387 | 225,183 | - | - | 25,387 | 225,183 | ||||||||||||||||||||||||||||
Coeur d’Alene Mines Corp* | - | - | 26,942 | 639,603 | - | - | 26,942 | 639,603 | ||||||||||||||||||||||||||||
Dow Chemical Co/The | 91,919 | 3,184,074 | 53,765 | 1,862,420 | - | - | 145,684 | 5,046,494 | ||||||||||||||||||||||||||||
EI du Pont de Nemours & Co | - | - | - | - | 23,800 | 1,259,020 | 23,800 | 1,259,020 | ||||||||||||||||||||||||||||
4,363,889 | 3,404,698 | 1,259,020 | 9,027,607 | |||||||||||||||||||||||||||||||||
Telecommunication Services - 5.1% | ||||||||||||||||||||||||||||||||||||
AT&T Inc | 168,161 | 5,251,668 | 47,299 | 1,477,148 | 103,914 | 3,245,234 | 319,374 | 9,974,050 | ||||||||||||||||||||||||||||
CBS Corp | - | - | - | - | 40,900 | 1,386,919 | 40,900 | 1,386,919 | ||||||||||||||||||||||||||||
CenturyLink Inc | 82,332 | 3,182,132 | 46,840 | 1,810,366 | - | - | 129,172 | 4,992,498 | ||||||||||||||||||||||||||||
Neutral Tandem Inc* | - | - | 42,218 | 514,637 | - | - | 42,218 | 514,637 | ||||||||||||||||||||||||||||
Verizon Communications Inc | - | - | - | - | 54,158 | 2,070,460 | 54,158 | 2,070,460 |
Fifth Third Disciplined LargeCap Value Fund | Fifth Third All Cap Value Fund | Touchstone Value Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Value Fund | ||||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||||
Vodafone Group PLC, ADR | - | - | - | - | 66,700 | 1,845,589 | 66,700 | 1,845,589 | ||||||||||||||||||||||||||||
8,433,800 | 3,802,151 | 8,548,202 | 20,784,153 | |||||||||||||||||||||||||||||||||
Utilities - 4.9% | ||||||||||||||||||||||||||||||||||||
CenterPoint Energy Inc | - | - | - | - | 139,700 | 2,754,884 | 139,700 | 2,754,884 | ||||||||||||||||||||||||||||
Dominion Resources Inc/VA | - | - | - | - | 53,824 | 2,756,327 | 53,824 | 2,756,327 | ||||||||||||||||||||||||||||
Edison International | - | - | 20,265 | 861,465 | - | - | 20,265 | 861,465 | ||||||||||||||||||||||||||||
Entergy Corp | - | - | - | - | 46,800 | 3,144,960 | 46,800 | 3,144,960 | ||||||||||||||||||||||||||||
Exelon Corp | 82,445 | 3,232,668 | 22,931 | 899,125 | - | - | 105,376 | 4,131,793 | ||||||||||||||||||||||||||||
NextEra Energy Inc | 65,640 | 4,009,291 | 14,974 | 914,612 | - | - | 80,614 | 4,923,903 | ||||||||||||||||||||||||||||
Pepco Holdings Inc | - | - | 38,881 | 734,462 | - | - | 38,881 | 734,462 | ||||||||||||||||||||||||||||
PG&E Corp | - | - | 16,314 | 708,191 | - | - | 16,314 | 708,191 | ||||||||||||||||||||||||||||
7,241,959 | 4,117,855 | 8,656,171 | 20,015,985 | |||||||||||||||||||||||||||||||||
Total Common Stocks | $ | 185,666,477 | $ | 94,736,919 | $ | 122,862,783 | $ | 403,266,179 | ||||||||||||||||||||||||||||
Investment Funds - 0.7% | ||||||||||||||||||||||||||||||||||||
Dreyfus Government Cash Management Fund (A) | - | - | - | - | 292,444 | 292,444 | 292,444 | 292,444 | ||||||||||||||||||||||||||||
Fifth Third Institutional Money Market Fund (A) | 1,475,467 | 1,475,467 | 1,101,706 | 1,101,706 | - | - | 2,577,173 | 2,577,173 | ||||||||||||||||||||||||||||
Total Investment Funds | $ | 1,475,467 | $ | 1,101,706 | $ | 292,444 | $ | 2,869,617 | ||||||||||||||||||||||||||||
Total Investment Securities - 99.9% (Cost - $321,727,402) | $ | 187,141,944 | $ | 95,838,625 | $ | 123,155,227 | $ | 406,135,796 | ||||||||||||||||||||||||||||
Other Assets in Excess of Liabilities - 0.1% | 605,766 | (95,916 | ) | (276,775 | ) | 233,075 | ||||||||||||||||||||||||||||||
Net Assets - 100.0% | $ | 187,747,710 | $ | 95,742,709 | $ | 122,878,452 | $ | 406,368,871 |
Trust | Funds | Classes |
Touchstone Strategic Trust | Touchstone Growth Opportunities Fund | A, C, Y, and Institutional |
Touchstone Strategic Trust | Touchstone Large Cap Growth Fund | A, B, C, and Y |
Touchstone Strategic Trust | Touchstone Value Fund | A, Y, and Institutional |
Trust | Funds | Classes |
Fifth Third Funds | Mid Cap Growth Fund | A, B, C, and Institutional |
Fifth Third Funds | Quality Growth Fund | A, B, C, and Institutional |
Fifth Third Funds | Disciplined Large Cap Value Fund | A, B, C, and Institutional |
Fifth Third Funds | All Cap Value Fund | A, B, C, and Institutional |
Trust | Funds | Annual Report Date |
Touchstone Strategic Trust | Touchstone Growth Opportunities Fund | March 31, 2012 |
Touchstone Strategic Trust | Touchstone Large Cap Growth Fund | March 31, 2012 |
Touchstone Strategic Trust | Touchstone Value Fund | March 31, 2012 |
Fifth Third Funds | Mid Cap Growth Fund | July 31, 2011 |
Fifth Third Funds | Quality Growth Fund | July 31, 2011 |
Fifth Third Funds | Disciplined Large Cap Value Fund | July 31, 2011 |
Fifth Third Funds | All Cap Value Fund | July 31, 2011 |
Touchstone Strategic Trust Growth Opportunities Fund | |||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination |
Class A | 2,428,627 | 662,111 | 3,090,738 |
Class C | 385,572 | 21,301 | 406,873 |
Class Y * | 474,890 | 2,340,691 | 2,815,581 |
Institutional | 2,725,293 | - | 2,725,293 |
* Institutional Class of Target Fund | |||
Touchstone Strategic Trust Large Cap Growth Fund | |||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination |
Class A | 8,596,465 | 2,362,963 | 10,959,428 |
Class B | 413,628 | - | 413,628 |
Class C | 4,422,281 | 42,076 | 4,464,357 |
Class Y * | 13,722,982 | 9,027,683 | 22,750,665 |
* Institutional Class of Target Fund | |||
Touchstone Strategic Trust Value Fund | |||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination |
Class A | 224,958 | 5,439,159 | 5,664,117 |
Class C | - | 422,522 | 422,522 |
Class Y * | 12,222,939 | 33,736,988 | 45,959,927 |
Institutional | 4,715,130 | - | 4,715,130 |
* Institutional Class of Target Fund |
Touchstone Strategic Trust, on behalf of: | Class A | Class C | Class Y | ||
Touchstone Growth Allocation Fund | TGQAX | TGQCX | TGQYX | ||
Touchstone Moderate Growth Allocation Fund | TSMAX | TSMCX | TSMYX | ||
Touchstone Balanced Allocation Fund | TBAAX | TBACX | TBAYX | ||
Touchstone Conservative Allocation Fund | TSAAX | TSACX | TSAYX |
Class A | Class B | Class C | Institutional Class | ||||
Fifth Third LifeModel Aggressive FundSM | LASAX | LASBX | LASCX | LASIX | |||
Fifth Third LifeModel Moderately Aggressive FundSM | LMAAX | LMABX | LMACX | LMAIX | |||
Fifth Third LifeModel Moderate FundSM | LMDAX | LMDBX | LMDCX | LMDIX | |||
Fifth Third LifeModel Moderately Conservative FundSM | LAMVX | LBMVX | LCMVX | LIMVX | |||
Fifth Third LifeModel Conservative FundSM | LCVAX | LCVBX | LCVCX | LCVIX |
Page | ||||
3 | ||||
3 | ||||
5 |
Acquired Fund | Acquiring Funds |
Fifth Third LifeModel Aggressive FundSM | Touchstone Growth Allocation Fund |
Fifth Third LifeModel Moderately Aggressive FundSM | Touchstone Moderate Growth Allocation Fund |
Fifth Third LifeModel Moderate FundSM | Touchstone Balanced Allocation Fund |
Fifth Third LifeModel Moderately Conservative FundSM | Touchstone Conservative Allocation Fund |
Fifth Third LifeModel Conservative FundSM | Touchstone Conservative Allocation Fund |
1. | Statement of Additional Information of Touchstone Strategic Trust, with respect to Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund, dated April 12, 2012 (filed via EDGAR on April 13, 2012 Accession No. 0001104659-12-025155). |
2. | The audited financial statements and related report of the independent registered public accounting firm included in the Annual Report to Shareholders of Old Mutual Funds I, with respect to Old Mutual Asset Allocation Growth Portfolio (Predecessor Fund to the Touchstone Growth Allocation Fund), Old Mutual Asset Allocation Moderate Growth Portfolio (Predecessor Fund to the Touchstone Moderate Growth Allocation Fund), Old Mutual Asset Allocation Balanced Portfolio (Predecessor Fund to the Touchstone Balanced Allocation Fund) and Old Mutual Asset Allocation Conservative Portfolio (Predecessor Fund to the Touchstone Conservative Allocation Fund) for the fiscal year ended July 31, 2011 (filed via EDGAR on September 27, 2011, Accession No. 0001292278-11-000020). |
3. | The unaudited financial statements included in the Semi-Annual Report to Shareholders of Old Mutual Funds I for the fiscal period ended January 31, 2012 (filed via EDGAR on April 5, 2012, Accession No. 0001292278-12-000016). |
4. | Statement of Additional Information of Fifth Third Funds, with respect to Fifth Third LifeModel Aggressive FundSM, Fifth Third LifeModel Moderately Aggressive FundSM, Fifth Third LifeModel Moderate FundSM, Fifth Third LifeModel Moderately Conservative FundSM and Fifth Third LifeModel Conservative FundSM, dated November 23, 2011 (filed via EDGAR on December 12, 2011, Accession No. 0001209286-11-000917). |
5. | The audited financial statements and related report of the independent registered public accounting firm included in the Annual Report to Shareholders of Fifth Third Funds for the fiscal year ended July 31, 2011, with respect to Fifth Third LifeModel Aggressive FundSM, Fifth Third LifeModel Moderately Aggressive FundSM, Fifth Third LifeModel Moderate FundSM, Fifth Third LifeModel Moderately Conservative FundSM and Fifth Third LifeModel Conservative FundSM (filed via EDGAR on September 30, 2011, Accession No. 0001209286-11-000711). |
6. | The unaudited financial statements included in the Semi-Annual Report to Shareholders of Fifth Third Funds for the fiscal period ended January 31, 2012, with respect to Fifth Third LifeModel Aggressive |
FundSM, Fifth Third LifeModel Moderately Aggressive FundSM, Fifth Third LifeModel Moderate FundSM, Fifth Third LifeModel Moderately Conservative FundSM and Fifth Third LifeModel Conservative FundSM (filed via EDGAR on April 9, 2012, Accession No. 0001534424-12-000023). |
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Growth Allocation Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of January 31, 2012 |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | |||||||||
Assets | ||||||||||||
Investments, at cost | $ | 88,678,344 | $ | 36,349,669 | $ | 125,028,013 | ||||||
Affiliated securities, at market value | 98,286,968 | 41,276,062 | 139,563,030 | |||||||||
Non-affiliated securities, at market value | - | - | - | |||||||||
Investments, at value | $ | 98,286,968 | $ | 41,276,062 | $ | 139,563,030 | ||||||
Cash | - | |||||||||||
Dividends and interest receivable | 7,794 | 1,225 | 9,019 | |||||||||
Receivable for capital shares sold | 62,920 | 51,084 | 114,004 | |||||||||
Receivable from Investment Adviser | 16,188 | 22,240 | �� | 38,428 | ||||||||
Other assets | 35,981 | 4,668 | 40,649 | |||||||||
Total Assets | 98,409,851 | 41,355,279 | 139,765,130 | |||||||||
Liabilities | ||||||||||||
Payable for capital shares redeemed | 173,359 | 130,420 | 303,779 | |||||||||
Payable for securities purchased | 8,322 | 1,225 | 9,547 | |||||||||
Payable to Advisor | - | 8,631 | 8,631 | |||||||||
Payable to other affiliates | 8,529 | 3,452 | 11,981 | |||||||||
Payable to Trustees | - | 940 | 940 | |||||||||
Payable for Distribution & Service Fees | - | 5,915 | 5,915 | |||||||||
Other accrued expenses and liabilities | 25,298 | 33,007 | 58,305 |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | |||||||||
Total Liabilities | 215,508 | 183,590 | 399,098 | |||||||||
Net Assets | $ | 98,194,343 | $ | 41,171,689 | $ | 139,366,032 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 112,449,786 | $ | 78,221,091 | $ | 190,670,877 | ||||||
Accumulated net investment income | (4,197 | ) | 373,091 | 368,894 | ||||||||
Accumulated net realized gains (losses) on investments | (23,859,870 | ) | (42,348,886 | ) | (66,208,756 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | 9,608,624 | 4,926,393 | 14,535,017 | |||||||||
Net Assets | $ | 98,194,343 | $ | 41,171,689 | $ | 139,366,032 | ||||||
Pricing of Class A Shares | ||||||||||||
Net assets attributable to Class A shares | $ | 21,519,749 | $ | 11,915,668 | $ | 3,922,337 | **** | $ | 37,357,754 | |||
Shares of beneficial interest outstanding | 1,953,509 | (A) | 1,077,721 | (B) | 347,618 | ****(C) | 3,378,848 | |||||
Net asset value and redemption price per share | $ | 11.02 | $ | 11.06 | $ | 11.06 | ||||||
Maximum offering price per share | $ | 11.60 | ** | $ | 11.73 | $ | 11.73 | |||||
Pricing of Class B Shares | ||||||||||||
Net assets attributable to Class B shares | $ | 3,922,337 | $ | - | $ | (3,922,337 | ) **** | $ | - | |||
Shares of beneficial interest outstanding | 371,595 | (A) | - | (371,595 | ) **** | - | ||||||
Net asset value, offering price and redemption price per share* | 10.56 | - | - | |||||||||
Pricing of Class C Shares | ||||||||||||
Net assets attributable to Class C shares | $ | 965,292 | $ | 27,736,206 | $ | 28,701,498 | ||||||
Shares of beneficial interest outstanding | 91,629 | (A) | 2,611,320 | (B) | (748 | ) (C) | 2,702,201 |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | |||||||||
Net asset value, offering price and redemption price per share* | $ | 10.53 | $ | 10.62 | $ | 10.62 | ||||||
Pricing of Class Y Shares *** | ||||||||||||
Net assets attributable to Class Y shares | $ | 71,786,965 | $ | 1,507,124 | $ | 73,294,089 | ||||||
Shares of beneficial interest outstanding | 6,462,400 | (A) | 134,704 | (B) | (46,212 | ) (C) | 6,550,892 | |||||
Net asset value, offering price and redemption price per share | $ | 11.11 | $ | 11.19 | $ | 11.19 | ||||||
Pricing of Institutional Class Shares | ||||||||||||
Net assets attributable to Institutional Class shares | $ | - | $ | 12,691 | $ | 12,691 | ||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | - | 1,222 | 1,222 | |||||||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.39 | $ | 10.39 |
(A) Unlimited number of shares authorized, par value of $.001 |
(B) Unlimited number of shares authorized, no par value |
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Growth Allocation Fund to the Fifth Third LifeModel Aggressive Fund shareholders as if the reorganization had taken place on January 31, 2012. |
* Redemption price per share varies by length of time shares are held. |
** Maximum offering price per share is equal to net asset value/95.00% |
*** Fifth Third LifeModel Aggressive Fund Institutional shares will convert to Touchstone Growth Allocation Fund Y shares. |
**** Fifth Third LifeModel Aggressive Fund B shares will convert to Touchstone Growth Allocation Fund A shares. |
Touchstone Strategic Trust |
Touchstone Growth Allocation Fund |
Pro Forma Combining |
Statement of Operations |
For the Twelve Months Ending January 31, 2012 (Unaudited) |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | ||||||||||||||
Investment Income | |||||||||||||||||
Dividends from affiliated securities | $ | 1,595,443 | $ | 704,541 | $ | 2,299,984 | |||||||||||
Total Investment Income | 1,595,443 | 704,541 | 2,299,984 | ||||||||||||||
Expenses | |||||||||||||||||
Investment advisory fees | 160,848 | 120,554 | 107,633 | A | 389,035 | ||||||||||||
Distribution expenses, Class A | 60,856 | - | 45,731 | A | 106,587 | ||||||||||||
Distribution expenses, Class B | 51,194 | - | (51,194 | ) | A | - | |||||||||||
Distribution expenses, Class C | 8,496 | 238,086 | 82,194 | A | 328,776 | ||||||||||||
Service expenses, Class A | - | 32,836 | (32,836 | ) | A | - | |||||||||||
Service expenses, Class C | 2,832 | 79,362 | (82,194 | ) | A | - | |||||||||||
Administration fees | 186,484 | 48,222 | 64,073 | A | 298,779 | ||||||||||||
Accounting fees | 60,941 | - | (60,941 | ) | A | - | |||||||||||
Transfer Agent fees | 96,460 | 135,101 | (231,561 | ) | D | - | |||||||||||
Transfer Agent fees, Class A | - | - | 120,776 | D | 120,776 | ||||||||||||
Transfer Agent fees, Class C | - | - | 51,752 | D | 51,752 | ||||||||||||
Transfer Agent fees, Class Y | - | - | 3,821 | D | 3,821 | ||||||||||||
Transfer Agent fees, Institutional Class | - | - | 55 | D | 55 | ||||||||||||
Reports to shareholders | 26,763 | 20,535 | (47,298 | ) | D | - | |||||||||||
Reports to shareholders, Class A | - | - | 8,008 | D | 8,008 | ||||||||||||
Reports to shareholders, Class C | - | - | 9,154 | D | 9,154 | ||||||||||||
Reports to shareholders, Class Y | - | - | 6,151 | D | 6,151 |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | ||||||||||||||
Reports to shareholders, Institutional Class | - | - | 6,080 | D | 6,080 | ||||||||||||
Registration fees | 41,527 | 54,227 | (95,754 | ) | D | - | |||||||||||
Registration fees, Class A | - | - | 16,126 | D | 16,126 | ||||||||||||
Registration fees, Class C | - | - | 16,383 | D | 16,383 | ||||||||||||
Registration fees, Class Y | - | - | 13,024 | D | 13,024 | ||||||||||||
Registration fees, Institutional Class | - | - | 9,773 | D | 9,773 | ||||||||||||
Professional fees | 18,447 | 35,526 | (31,858 | ) | B | 22,115 | |||||||||||
Custodian fees | 2,181 | 203 | (439 | ) | A | 1,945 | |||||||||||
Trustees’ fees and expenses | 6,856 | 11,025 | (11,097 | ) | B | 6,784 | |||||||||||
Compliance fees and expenses | - | - | 1,393 | A | 1,393 | ||||||||||||
Other expenses | 9,758 | 13,214 | (18,079 | ) | B | 4,893 | |||||||||||
Total Expenses | 733,643 | 788,891 | (101,124 | ) | 1,421,410 | ||||||||||||
Fees waived and/or expenses reimbursed | |||||||||||||||||
by the Advisor/Administrator | (524,480 | ) | (284,298 | ) | (46,464 | ) | C | (855,242 | ) | ||||||||
Net Expenses | 209,163 | 504,593 | (147,588 | ) | 566,168 | ||||||||||||
Net Investment Income | 1,386,280 | 199,948 | 147,588 | 1,733,816 | |||||||||||||
Realized and Unrealized Gains (Losses) on Investments | |||||||||||||||||
Net realized gains (losses) from security transactions | (4,550,467 | ) | (1,747,399 | ) | (6,297,866 | ) | |||||||||||
Net capital gain distributions received from affiliated funds | - | 483,641 | 483,641 | ||||||||||||||
Net change in unrealized appreciation/depreciation on investments | 5,351,501 | 510,892 | 5,862,393 | ||||||||||||||
Net Realized and Unrealized Gains on Investments | 801,034 | (752,866 | ) | 48,168 | |||||||||||||
Change in Net Assets Resulting from Operations | $ | 2,187,314 | $ | (552,918 | ) | $ | 147,588 | $ | 1,781,984 |
A Based on differences in contractual expense agreements | ||||||||||||
B Decrease due to the elimination of duplicate expenses achieved by merging | ||||||||||||
C Based on expense limitation agreement | ||||||||||||
D Reclassification of fund level expense to class level expense |
Touchstone Funds Strategic Trust |
Touchstone Growth Allocation Fund |
Pro Forma Combining |
Portfolio of Investments |
As of January 31, 2012 |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | |||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||
Investment in Affiliates - 100.0% | ||||||||||||||||||||||||||||||||
Fifth Third All Cap Value Fund (A) | 561,158 | $ | 8,922,406 | $ | - | 561,158 | $ | 8,922,406 | ||||||||||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund (A) | 1,447,873 | 15,593,595 | - | - | 1,447,873 | 15,593,595 | ||||||||||||||||||||||||||
Fifth Third Institutional Money Market Fund (A) | 3,449,859 | 3,449,859 | - | - | 3,449,859 | 3,449,859 | ||||||||||||||||||||||||||
Fifth Third International Equity Fund (A) | 1,903,280 | 13,798,779 | - | - | 1,903,280 | 13,798,779 | ||||||||||||||||||||||||||
Fifth Third Mid Cap Growth Fund * (A) | 748,959 | 8,912,609 | - | - | 748,959 | 8,912,609 | ||||||||||||||||||||||||||
Fifth Third Quality Growth Fund * (A) | 985,219 | 16,778,277 | - | - | 985,219 | 16,778,277 | ||||||||||||||||||||||||||
Fifth Third Short Term Bond Fund (A) | 108,442 | 1,034,540 | - | - | 108,442 | 1,034,540 | ||||||||||||||||||||||||||
Fifth Third Small Cap Growth Fund * (A) | 529,128 | 4,576,958 | - | - | 529,128 | 4,576,958 | ||||||||||||||||||||||||||
Fifth Third Small Cap Value Fund (A) | 242,303 | 4,528,646 | - | - | 242,303 | 4,528,646 | ||||||||||||||||||||||||||
Fifth Third Strategic Income Fund (A) | 187,719 | 1,978,557 | - | - | 187,719 | 1,978,557 | ||||||||||||||||||||||||||
Fifth Third Structured Large Cap Plus Fund (A) | 1,365,266 | 17,666,538 | - | - | 1,365,266 | 17,666,538 | ||||||||||||||||||||||||||
Fifth Third Total Return Bond Fund (A) | 111,180 | 1,046,204 | - | - | 111,180 | 1,046,204 | ||||||||||||||||||||||||||
Old Mutual Analytic U.S. Long/Short Fund | - | - | 215,459 | 2,557,498 | 215,459 | 2,557,498 | ||||||||||||||||||||||||||
Old Mutual Barrow Hanley Value Fund | - | - | 1,042,187 | 6,868,012 | 1,042,187 | 6,868,012 |
Fifth Third LifeModel Aggressive Fund | Touchstone Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Growth Allocation Fund | |||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||
Old Mutual Copper Rock Emerging Growth Fund * | - | - | 228,648 | 2,625,909 | 228,648 | 2,625,909 | ||||||||||||||||||||||||||
Old Mutual Copper Rock International Small Cap Fund | - | - | 151,656 | 1,622,723 | 151,656 | 1,622,723 | ||||||||||||||||||||||||||
Old Mutual Dwight Short Term Fixed Income Fund | - | - | 80,136 | 806,172 | 80,136 | 806,172 | ||||||||||||||||||||||||||
Old Mutual Focused Fund | - | - | 198,046 | 4,368,885 | 198,046 | 4,368,885 | ||||||||||||||||||||||||||
Old Mutual Heitman REIT Fund | - | - | 208,418 | 1,952,881 | 208,418 | 1,952,881 | ||||||||||||||||||||||||||
Old Mutual International Equity Fund | - | - | 995,951 | 8,236,517 | 995,951 | 8,236,517 | ||||||||||||||||||||||||||
Old Mutual Large Cap Growth Fund | - | - | 193,753 | 3,741,376 | 193,753 | 3,741,376 | ||||||||||||||||||||||||||
Old Mutual TS&W Mid-Cap Value Fund | - | - | 572,523 | 4,958,051 | 572,523 | 4,958,051 | ||||||||||||||||||||||||||
Old Mutual TS&W Small Cap Value Fund * | - | - | 185,133 | 3,281,426 | 185,133 | 3,281,426 | ||||||||||||||||||||||||||
Investment in Affiliates Total | $ | 98,286,968 | $ | 41,019,450 | $ | 139,306,418 | ||||||||||||||||||||||||||
Money Market Fund - 0.2% | ||||||||||||||||||||||||||||||||
Old Mutual Cash Reserves Fund, Institutional Class, 0.00% (B) | - | - | 256,612 | 256,612 | 256,612 | 256,612 | ||||||||||||||||||||||||||
Money Market Fund Total | $ | - | $ | 256,612 | - | $ | 256,612 | |||||||||||||||||||||||||
Total Investment Securities - 100.2% (Cost $125,028,013) | $ | 98,286,968 | $ | 41,276,062 | - | $ | 139,563,030 | |||||||||||||||||||||||||
Liabilities in Excess of Other Assets - (0.2%) | - | $ | (92,625 | ) | $ | (104,373 | ) | - | $ | (196,998 | ) | |||||||||||||||||||||
Net Assets - 100.0% | $ | 98,194,343 | $ | 41,171,689 | $ | 139,366,032 |
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Moderate Growth Allocation Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of January 31, 2012 |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | |||||||||||||
Assets | ||||||||||||||||
Investments, at cost | $ | 148,216,616 | $ | 63,773,326 | $ | 211,989,942 | ||||||||||
Affiliated securities, at market value | 164,507,454 | 70,563,266 | 235,070,720 | |||||||||||||
Non-affiliated securities, at market value | - | - | - | |||||||||||||
Investments, at value | $ | 164,507,454 | $ | 70,563,266 | $ | 235,070,720 | ||||||||||
Cash | - | |||||||||||||||
Dividends and interest receivable | 19,427 | 36,224 | 55,651 | |||||||||||||
Receivable for capital shares sold | 117,967 | 9,974 | 127,941 | |||||||||||||
Receivable from Investment Adviser | 24,561 | 29,021 | 53,582 | |||||||||||||
Other assets | 39,959 | 6,127 | 46,086 | |||||||||||||
Total Assets | 164,709,368 | 70,644,612 | 235,353,980 | |||||||||||||
Liabilities | ||||||||||||||||
Payable for capital shares redeemed | 219,991 | 141,161 | 361,152 | |||||||||||||
Payable for securities purchased | 20,748 | 36,224 | 56,972 | |||||||||||||
Payable to Advisor | - | 14,939 | 14,939 | |||||||||||||
Payable to other affiliates | 23,856 | 5,976 | 29,832 | |||||||||||||
Payable to Trustees | - | 1,410 | 1,410 | |||||||||||||
Payable for Distribution & Service Fees | - | 10,927 | 10,927 | |||||||||||||
Other accrued expenses and liabilities | 47,897 | 48,447 | 96,344 | |||||||||||||
Total Liabilities | 312,492 | 259,084 | 571,576 |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | ||||||||||||||
Net Assets | $ | 164,396,876 | $ | 70,385,528 | $ | 234,782,404 | |||||||||||
Net assets consist of: | |||||||||||||||||
Paid-in capital | $ | 177,830,391 | $ | 109,010,753 | $ | 286,841,144 | |||||||||||
Accumulated net investment income | 56,617 | 224,489 | 281,106 | ||||||||||||||
Accumulated net realized gains (losses) on investments | (29,780,970 | ) | (45,639,654 | ) | (75,420,624 | ) | |||||||||||
Net unrealized appreciation (depreciation) on investments | 16,290,838 | 6,789,940 | 23,080,778 | ||||||||||||||
Net Assets | $ | 164,396,876 | $ | 70,385,528 | $ | 234,782,404 | |||||||||||
Pricing of Class A Shares | |||||||||||||||||
Net assets attributable to Class A shares | $ | 54,445,994 | $ | 16,534,247 | $ | 11,924,000 | **** | $ | 82,904,241 | ||||||||
Shares of beneficial interest outstanding | 4,828,760 | (A) | 1,521,120 | (B) | 1,277,156 | ****(C) | 7,627,036 | ||||||||||
Net asset value and redemption price per share | $ | 11.28 | $ | 10.87 | $ | 10.87 | |||||||||||
Maximum offering price per share | $ | 11.87 | ** | $ | 11.53 | $ | 11.53 | ||||||||||
Pricing of Class B Shares | |||||||||||||||||
Net assets attributable to Class B shares | $ | 11,924,000 | $ | - | $ | (11,924,000 | ) | **** | $ | - | |||||||
Shares of beneficial interest outstanding | 1,069,152 | (A) | - | (1,069,152 | ) | **** | - | ||||||||||
Net asset value, offering price and redemption price per share* | 11.15 | - | - | ||||||||||||||
Pricing of Class C Shares | |||||||||||||||||
Net assets attributable to Class C shares | $ | 2,726,607 | $ | 52,640,804 | $ | 55,367,411 | |||||||||||
Shares of beneficial interest outstanding | 244,545 | (A) | 4,933,239 | (B) | 10,979 | (C) | 5,188,763 | ||||||||||
Net asset value, offering price and redemption price per share* | $ | 11.15 | $ | 10.67 | $ | 10.67 | |||||||||||
Pricing of Class Y Shares *** | |||||||||||||||||
Net assets attributable to Class Y shares | $ | 95,300,275 | $ | 1,202,634 | $ | 96,502,909 |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | ||||||||||||||
Shares of beneficial interest outstanding | 8,438,939 | (A) | 109,701 | (B) | 254,093 | (C) | 8,802,733 | ||||||||||
Net asset value, offering price and redemption price per share | $ | 11.29 | $ | 10.96 | $ | 10.96 | |||||||||||
Pricing of Institutional Class Shares + | |||||||||||||||||
Net assets attributable to Institutional Class shares | $ | - | $ | 7,843 | $ | 7,843 | |||||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | - | 719 | 719 | ||||||||||||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.90 | $ | 10.90 |
(A) Unlimited number of shares authorized, par value of $.001 |
(B) Unlimited number of shares authorized, no par value |
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Moderate Growth Allocation Fund to the Fifth Third LifeModel Moderately Aggressive Fund shareholders as if the reorganization had taken place on January 31, 2012. |
* Redemption price per share varies by length of time shares are held. |
** Maximum offering price per share is equal to net asset value/95.00% |
*** Fifth Third LifeModel Moderately Aggressive Fund Institutional shares will convert to Touchstone Moderate Growth Allocation Fund Y shares. |
**** Fifth Third LifeModel Moderately Aggressive Fund B shares will convert to Touchstone Moderate Growth Allocation Fund A shares. |
+ Net assets divided by shares may not calculate to the stated NAV due to rounding of shares. |
Touchstone Strategic Trust | ||
Touchstone Moderate Growth Allocation Fund | ||
Pro Forma Combining | ||
Statement of Operations | ||
For the Twelve Months Ending January 31, 2012 (Unaudited) |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | ||||||||||||||
Investment Income | |||||||||||||||||
Dividends from affiliated securities | $ | 3,739,183 | $ | 1,445,700 | $ | 5,184,883 | |||||||||||
Total Investment Income | 3,739,183 | 1,445,700 | 5,184,883 | ||||||||||||||
Expenses | |||||||||||||||||
Investment advisory fees | 271,214 | 199,663 | 181,317 | A | 652,194 | ||||||||||||
Distribution expenses, Class A | 142,558 | - | 91,358 | A | 233,916 | ||||||||||||
Distribution expenses, Class B | 174,358 | - | (174,358 | ) | A | - | |||||||||||
Distribution expenses, Class C | 21,820 | 446,101 | 155,975 | A | 623,896 | ||||||||||||
Service expenses, Class A | - | 47,654 | (47,654 | ) | A | - | |||||||||||
Service expenses, Class C | 7,274 | 148,701 | (155,975 | ) | A | - | |||||||||||
Administration fees | 315,547 | 79,865 | 105,473 | A | 500,885 | ||||||||||||
Accounting fees | 67,262 | - | (67,262 | ) | A | - | |||||||||||
Transfer Agent fees | 210,073 | 169,861 | (379,934 | ) | D | - | |||||||||||
Transfer Agent fees, Class A | - | - | 284,947 | D | 284,947 | ||||||||||||
Transfer Agent fees, Class C | - | - | 71,979 | D | 71,979 | ||||||||||||
Transfer Agent fees, Class Y | - | - | 17,473 | D | 17,473 | ||||||||||||
Transfer Agent fees, Institutional Class | - | - | 31 | D | 31 | ||||||||||||
Reports to shareholders | 44,784 | 29,458 | (74,242 | ) | D | - | |||||||||||
Reports to shareholders, Class A | - | - | 8,087 | D | 8,087 |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | ||||||||||||||
Reports to shareholders, Class C | $ | - | $ | - | $ | 10,628 | D | $ | 10,628 | ||||||||
Reports to shareholders, Class Y | - | - | 6,126 | D | 6,126 | ||||||||||||
Reports to shareholders, Institutional Class | - | - | 6,078 | D | 6,078 | ||||||||||||
Registration fees | 42,135 | 51,792 | (93,927 | ) | D | - | |||||||||||
Registration fees, Class A | - | - | 16,114 | D | 16,114 | ||||||||||||
Registration fees, Class C | - | - | 16,712 | D | 16,712 | ||||||||||||
Registration fees, Class Y | - | - | 13,003 | D | 13,003 | ||||||||||||
Registration fees, Institutional Class | - | - | 9,768 | D | 9,768 | ||||||||||||
Professional fees | 20,464 | 59,429 | (53,912 | ) | B | 25,981 | |||||||||||
Custodian fees | 3,314 | 241 | (294 | ) | A | 3,261 | |||||||||||
Trustees’ fees and expenses | 11,550 | 18,713 | (23,427 | ) | B | 6,836 | |||||||||||
Compliance fees and expenses | - | - | 1,393 | A | 1,393 | ||||||||||||
Other expenses | 15,170 | 19,084 | (28,596 | ) | B | 5,658 | |||||||||||
Total Expenses | 1,347,523 | 1,270,562 | (103,119 | ) | 2,514,966 | ||||||||||||
Fees waived and/or expenses reimbursed by the Advisor/Administrator | (856,865 | ) | (372,538 | ) | (212,972 | ) | C | (1,442,375 | ) | ||||||||
Net Expenses | 490,658 | 898,024 | (316,091 | ) | 1,072,591 | ||||||||||||
Net Investment Income | 3,248,525 | 547,676 | 316,091 | 4,112,292 | |||||||||||||
Realized and Unrealized Gains (Losses) on Investments | |||||||||||||||||
Net realized gains (losses) from security transactions | (3,258,213 | ) | (1,389,946 | ) | (4,648,159 | ) | |||||||||||
Net capital gain distributions received from affiliated funds | - | 1,030,597 | 1,030,597 | ||||||||||||||
Net change in unrealized appreciation/ depreciation on investments | 6,265,768 | 742,624 | 7,008,392 |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | |||||||||||||
Net Realized and Unrealized Gains on Investments | 3,007,555 | 383,275 | 3,390,830 | |||||||||||||
Change in Net Assets Resulting from Operations | $ | 6,256,080 | $ | 930,951 | $ | 316,091 | $ | 7,503,122 |
A Based on differences in contractual expense agreements | |||||||||||||
B Decrease due to the elimination of duplicate expenses achieved by merging | |||||||||||||
C Based on expense limitation agreement | |||||||||||||
D Reclassification of fund level expense to class level expense |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | |||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||
Investment in Affiliates - 99.8% | ||||||||||||||||||||||||||||||||
Fifth Third All Cap Value Fund (A) | 732,546 | $ | 11,647,480 | - | $ | - | 732,546 | $ | 11,647,480 | |||||||||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund (A) | 1,903,828 | 20,504,227 | - | - | 1,903,828 | 20,504,227 | ||||||||||||||||||||||||||
Fifth Third Institutional Money Market Fund (A) | 5,173,606 | 5,173,606 | - | - | 5,173,606 | 5,173,606 | ||||||||||||||||||||||||||
Fifth Third International Equity Fund (A) | 2,594,466 | 18,809,878 | - | - | 2,594,466 | 18,809,878 | ||||||||||||||||||||||||||
Fifth Third Mid Cap Growth Fund * (A) | 972,828 | 11,576,651 | - | - | 972,828 | 11,576,651 | ||||||||||||||||||||||||||
Fifth Third Quality Growth Fund * (A) | 1,293,718 | 22,032,023 | - | - | 1,293,718 | 22,032,023 | ||||||||||||||||||||||||||
Fifth Third Short Term Bond Fund (A) | 1,013,821 | 9,671,857 | - | - | 1,013,821 | 9,671,857 | ||||||||||||||||||||||||||
Fifth Third Small Cap Growth Fund * (A) | 715,438 | 6,188,540 | - | - | 715,438 | 6,188,540 | ||||||||||||||||||||||||||
Fifth Third Small Cap Value Fund (A) | 355,819 | 6,650,257 | - | - | 355,819 | 6,650,257 | ||||||||||||||||||||||||||
Fifth Third Strategic Income Fund (A) | 470,780 | 4,962,016 | - | - | 470,780 | 4,962,016 | ||||||||||||||||||||||||||
Fifth Third Structured Large Cap Plus Fund (A) | 1,680,231 | 21,742,182 | - | - | 1,680,231 | 21,742,182 | ||||||||||||||||||||||||||
Fifth Third Total Return Bond Fund (A) | 2,715,062 | 25,548,737 | - | - | 2,715,062 | 25,548,737 | ||||||||||||||||||||||||||
Old Mutual Analytic U.S. Long/Short Fund | - | - | 322,315 | 3,825,883 | 322,315 | 3,825,883 | ||||||||||||||||||||||||||
Old Mutual Barrow Hanley Core Bond Fund | - | - | 1,022,854 | 10,903,623 | 1,022,854 | 10,903,623 | ||||||||||||||||||||||||||
Old Mutual Barrow Hanley Value Fund | - | - | 1,511,295 | 9,959,431 | 1,511,295 | 9,959,431 | ||||||||||||||||||||||||||
Old Mutual Copper Rock Emerging Growth Fund * | - | - | 390,770 | 4,487,795 | 390,770 | 4,487,795 | ||||||||||||||||||||||||||
Old Mutual Copper Rock International Small Cap Fund | - | - | 229,245 | 2,452,927 | 229,245 | 2,452,927 | ||||||||||||||||||||||||||
Old Mutual Dwight Intermediate Fixed Income Fund | - | - | 167,382 | 1,657,083 | 167,382 | 1,657,083 |
Fifth Third LifeModel Moderately Aggressive Fund | Touchstone Moderate Growth Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Moderate Growth Allocation Fund | |||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||
Old Mutual Dwight Short Term Fixed Income Fund | - | - | 160,273 | 1,612,344 | 160,273 | 1,612,344 | ||||||||||||||||||||||||||
Old Mutual Focused Fund | - | - | 281,520 | 6,210,326 | 281,520 | 6,210,326 | ||||||||||||||||||||||||||
Old Mutual Heitman REIT Fund | - | - | 211,161 | 1,978,578 | 211,161 | 1,978,578 | ||||||||||||||||||||||||||
Old Mutual International Equity Fund | - | - | 1,118,162 | 9,247,197 | 1,118,162 | 9,247,197 | ||||||||||||||||||||||||||
Old Mutual Large Cap Growth Fund | - | - | 265,454 | 5,125,919 | 265,454 | 5,125,919 | ||||||||||||||||||||||||||
Old Mutual TS&W Mid-Cap Value Fund | - | - | 665,835 | 5,766,131 | 665,835 | 5,766,131 | ||||||||||||||||||||||||||
Old Mutual TS&W Small Cap Value Fund * | - | - | 374,627 | 6,640,153 | 374,627 | 6,640,153 | ||||||||||||||||||||||||||
Investment in Affiliates Total | $ | 164,507,454 | $ | 69,867,390 | $ | 234,374,844 | ||||||||||||||||||||||||||
Money Market Fund - 0.3% | ||||||||||||||||||||||||||||||||
Old Mutual Cash Reserves Fund, Institutional Class, 0.00% (B) | - | - | 695,876 | 695,876 | 695,876 | 695,876 | ||||||||||||||||||||||||||
Money Market Fund Total | $ | - | $ | 695,876 | - | $ | 695,876 | |||||||||||||||||||||||||
Total Investment Securities - 100.1% (Cost $211,989,942) | $ | 164,507,454 | $ | 70,563,266 | $ | 235,070,720 | ||||||||||||||||||||||||||
Liabilities in Excess of Other Assets - (0.1%) | $ | (110,578 | ) | $ | (177,738 | ) | - | $ | (288,316 | ) | ||||||||||||||||||||||
Net Assets - 100.0% | $ | 164,396,876 | $ | 70,385,528 | $ | 234,782,404 | ||||||||||||||||||||||||||
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Balanced Allocation Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of January 31, 2012 |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | |||||||||
Assets | ||||||||||||
Investments, at cost | $ | 217,823,174 | $ | 52,361,298 | $ | 270,184,472 | ||||||
Affiliated securities, at market value | $ | 234,683,310 | $ | 58,324,770 | $ | 293,008,080 | ||||||
Non-affiliated securities, at market value | - | - | - | |||||||||
Investments, at value | $ | 234,683,310 | $ | 58,324,770 | $ | 293,008,080 | ||||||
Cash | - | - | - | |||||||||
Dividends and interest receivable | 46,723 | 52,256 | 98,979 | |||||||||
Receivable for capital shares sold | 66,768 | 48,569 | 115,337 | |||||||||
Receivable from Investment Adviser | 13,333 | 15,051 | 28,384 | |||||||||
Other assets | 40,282 | �� 4,726 | 45,008 | |||||||||
Total Assets | 234,850,416 | 58,445,372 | 293,295,788 | |||||||||
Liabilities | ||||||||||||
Payable for capital shares redeemed | 224,269 | 77,928 | 302,197 | |||||||||
Payable for securities purchased | 49,944 | 52,256 | 102,200 | |||||||||
Payable to Advisor | - | 9,909 | 9,909 | |||||||||
Payable to other affiliates | - | 4,954 | 4,954 | |||||||||
Payable to Trustees | - | 1,094 | 1,094 | |||||||||
Payable for Distribution & Service Fees | 16,953 | 9,264 | 26,217 | |||||||||
Other accrued expenses and liabilities | 24,338 | 30,522 | 54,860 | |||||||||
Total Liabilities | 315,504 | 185,927 | 501,431 |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | |||||||||
Net Assets | $ | 234,534,912 | $ | 58,259,445 | $ | 292,794,357 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 264,880,976 | $ | 78,818,986 | $ | 343,699,962 | ||||||
Accumulated net investment income | 192,080 | 50,276 | 242,356 | |||||||||
Accumulated net realized gains (losses) on investments | (47,398,280 | ) | (26,573,289 | ) | (73,971,569 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | 16,860,136 | 5,963,472 | 22,823,608 | |||||||||
Net Assets | $ | 234,534,912 | $ | 58,259,445 | $ | 292,794,357 | ||||||
Pricing of Class A Shares | ||||||||||||
Net assets attributable to Class A shares | $ | 38,183,124 | $ | 10,845,229 | $ | 7,808,946 | **** | $ | 56,837,299 | |||
Shares of beneficial interest outstanding | 3,546,715 | (A) | 991,074 | (B) | 656,197 | ****(C) | 5,193,986 | |||||
Net asset value and redemption price per share | $ | 10.77 | $ | 10.94 | $ | 10.94 | ||||||
Maximum offering price per share | $ | 11.34 | ** | $ | 11.61 | $ | 11.61 | |||||
Pricing of Class B Shares | ||||||||||||
Net assets attributable to Class B shares | $ | 7,808,946 | $ | - | $ | (7,808,946 | ) **** | $ | - | |||
Shares of beneficial interest outstanding | 729,132 | (A) | - | (729,132 | ) **** | - | ||||||
Net asset value, offering price and redemption price per share* | 10.71 | - | - | |||||||||
Pricing of Class C Shares | ||||||||||||
Net assets attributable to Class C shares | $ | 2,525,253 | $ | 45,574,807 | $ | 48,100,060 |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | |||||||||
Shares of beneficial interest outstanding | 235,826 | (A) | 4,172,507 | (B) | (4,632 | ) (C) | 4,403,701 | |||||
Net asset value, offering price and redemption price per share* | $ | 10.71 | $ | 10.92 | $ | 10.92 | ||||||
Pricing of Class Y Shares *** | ||||||||||||
Net assets attributable to Class Y shares | $ | 186,017,589 | $ | 1,810,588 | $ | 187,828,177 | ||||||
Shares of beneficial interest outstanding | 17,253,081 | (A) | 165,174 | (B) | (283,307 | ) (C) | 17,134,948 | |||||
Net asset value, offering price and redemption price per share | $ | 10.78 | $ | 10.96 | $ | 10.96 | ||||||
Pricing of Institutional Class Shares | ||||||||||||
Net assets attributable to Institutional Class shares | $ | - | $ | 28,821 | $ | 28,821 | ||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | - | 2,641 | 2,641 | |||||||||
Net asset value, offering price and redemption price per share | $ | - | $ | 10.91 | $ | 10.91 |
(A) Unlimited number of shares authorized, par value of $.001 | ||||||||||||||
(B) Unlimited number of shares authorized, no par value | ||||||||||||||
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Balanced Allocation Fund to the Fifth Third LifeModel Moderate Fund shareholders as if the reorganization had taken place on January 31, 2012. | ||||||||||||||
* Redemption price per share varies by length of time shares are held. | ||||||||||||||
** Maximum offering price per share is equal to net asset value/95.00% | ||||||||||||||
*** Fifth Third LifeModel Moderate Fund Institutional shares will convert to Touchstone Balanced Allocation Fund Y shares. | ||||||||||||||
**** Fifth Third LifeModel Moderate Fund B shares will convert to Touchstone Balanced Allocation Fund A shares. |
(Unaudited)
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | |||||||||
Investment Income | ||||||||||||
Dividends from affiliated securities | $ | 6,470,060 | $ | 1,502,462 | $ | 7,972,522 | ||||||
Total Investment Income | 6,470,060 | 1,502,462 | 7,972,522 | |||||||||
Expenses | ||||||||||||
Investment advisory fees | 369,317 | 127,790 | 123,703 | A | 620,810 | |||||||
Distribution expenses, Class A | 96,069 | - | 59,837 | A | 155,906 | |||||||
Distribution expenses, Class B | 113,140 | - | (113,140 | ) A | - | |||||||
Distribution expenses, Class C | 20,445 | 371,122 | 130,521 | A | 522,088 | |||||||
Service expenses, Class A | - | 31,450 | (31,450 | ) A | - | |||||||
Service expenses, Class C | 6,814 | 123,707 | (130,521 | ) A | - | |||||||
Administration fees | 429,696 | 63,895 | 102,387 | A | 595,978 | |||||||
Accounting fees | 80,416 | - | (80,416 | ) A | - | |||||||
Transfer Agent fees | 122,036 | 98,204 | (220,240 | ) D | - | |||||||
Transfer Agent fees, Class A | - | - | 203,631 | D | 203,631 | |||||||
Transfer Agent fees, Class C | - | - | 55,560 | D | 55,560 | |||||||
Transfer Agent fees, Class Y | - | - | 2,250 | D | 2,250 | |||||||
Transfer Agent fees, Institutional Class | - | - | 37 | D | 37 | |||||||
Reports to shareholders | 43,410 | 17,864 | (61,274 | ) D | - | |||||||
Reports to shareholders, Class A | - | - | 7,037 | D | 7,037 | |||||||
Reports to shareholders, Class C | - | - | 8,785 | D | 8,785 | |||||||
Reports to shareholders, Class Y | - | - | 6,168 | D | 6,168 | |||||||
Reports to shareholders, Institutional Class | - | - | 6,078 | D | 6,078 |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | |||||||||
Registration fees | 39,593 | 51,814 | (91,407 | ) D | - | |||||||
Registration fees, Class A | - | - | 16,078 | D | 16,078 | |||||||
Registration fees, Class C | - | - | 14,717 | D | 14,717 | |||||||
Registration fees, Class Y | - | �� - | 13,012 | D | 13,012 | |||||||
Registration fees, Institutional Class | - | - | 9,521 | D | 9,521 | |||||||
Professional fees | 22,235 | 46,929 | (41,364 | ) B | 27,800 | |||||||
Custodian fees | 4,709 | 183 | (1,012 | ) A | 3,880 | |||||||
Trustees’ fees and expenses | 15,643 | 14,924 | (23,707 | ) B | 6,860 | |||||||
Compliance fees and expenses | - | - | 1,393 | A | 1,393 | |||||||
Other expenses | 20,591 | 16,954 | (31,662 | ) B | 5,883 | |||||||
Total Expenses | 1,384,114 | 964,836 | (65,478 | ) | 2,283,472 | |||||||
Fees waived and/or expenses reimbursed | ||||||||||||
by the Advisor/Administrator | (950,678 | ) | (189,294 | ) | (220,828 | ) C | (1,360,800 | ) | ||||
Net Expenses | 433,436 | 775,542 | (286,306 | ) | 922,672 | |||||||
Net Investment Income | 6,036,624 | 726,920 | 286,306 | 7,049,850 | ||||||||
Realized and Unrealized Gains (Losses) on Investments | ||||||||||||
Net realized gains (losses) from security transactions | (6,033,357 | ) | 575,395 | (5,457,962 | ) | |||||||
Net capital gain distributions received from affiliated funds | - | 884,546 | 884,546 | |||||||||
Net change in unrealized appreciation/ | ||||||||||||
depreciation on investments | 11,897,944 | (757,070 | ) | 11,140,874 | ||||||||
Net Realized and Unrealized Gains on Investments | 5,864,587 | 702,871 | 6,567,458 | |||||||||
Change in Net Assets Resulting from Operations | $ | 11,901,211 | $ | 1,429,791 | $ | 286,306 | $ | 13,617,308 | ||||
A Based on differences in contractual expense agreements. | ||||||||||||
B Decrease due to the elimination of duplicate expenses achieved by merging | ||||||||||||
C Based on expense limitation agreement | ||||||||||||
D Reclassification of fund level expense to class level expense |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | ||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | ||||||||||
Investment in Affiliates - 99.9% | |||||||||||||||||
Fifth Third All Cap Value Fund (A) | 790,720 | $ | 12,572,448 | - | $ | - | 790,720 | $ | 12,572,448 | ||||||||
Fifth Third Disciplined Large Cap Value Fund (A) | 2,161,773 | 23,282,302 | - | - | 2,161,773 | 23,282,302 | |||||||||||
Fifth Third Institutional Money Market Fund (A) | 8,222,138 | 8,222,138 | - | - | 8,222,138 | 8,222,138 | |||||||||||
Fifth Third International Equity Fund (A) | 2,532,806 | 18,362,841 | - | - | 2,532,806 | 18,362,841 | |||||||||||
Fifth Third Mid Cap Growth Fund * (A) | 1,063,441 | 12,654,951 | - | - | 1,063,441 | 12,654,951 | |||||||||||
Fifth Third Quality Growth Fund * (A) | 1,319,460 | 22,470,413 | - | - | 1,319,460 | 22,470,413 | |||||||||||
Fifth Third Short Term Bond Fund (A) | 2,624,622 | 25,038,891 | - | - | 2,624,622 | 25,038,891 | |||||||||||
Fifth Third Small Cap Growth Fund * (A) | 668,784 | 5,784,979 | - | - | 668,784 | 5,784,979 | |||||||||||
Fifth Third Small Cap Value Fund (A) | 332,351 | 6,211,646 | - | - | 332,351 | 6,211,646 | |||||||||||
Fifth Third Strategic Income Fund (A) | 1,119,877 | 11,803,500 | - | - | 1,119,877 | 11,803,500 | |||||||||||
Fifth Third Structured Large Cap Plus Fund (A) | 1,750,222 | 22,647,875 | - | - | 1,750,222 | 22,647,875 | |||||||||||
Fifth Third Total Return Bond Fund (A) | 6,974,636 | 65,631,326 | - | - | 6,974,636 | 65,631,326 | |||||||||||
Old Mutual Analytic U.S. Long/Short Fund | - | - | 230,814 | 2,739,767 | 230,814 | 2,739,767 | |||||||||||
Old Mutual Barrow Hanley Core Bond Fund | - | - | 1,244,781 | 13,269,364 | 1,244,781 | 13,269,364 |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | ||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | ||||||||||
Old Mutual Barrow Hanley Value Fund | - | - | 1,021,510 | 6,731,753 | 1,021,510 | 6,731,753 | |||||||||||
Old Mutual Copper Rock Emerging Growth Fund * | - | - | 166,894 | 1,916,695 | 166,894 | 1,916,695 | |||||||||||
Old Mutual Copper Rock International Small Cap Fund | - | - | 110,324 | 1,180,471 | 110,324 | 1,180,471 | |||||||||||
Old Mutual Dwight Intermediate Fixed Income Fund | - | - | 410,817 | 4,067,088 | 410,817 | 4,067,088 | |||||||||||
Old Mutual Dwight Short Term Fixed Income Fund | - | - | 519,622 | 5,227,397 | 519,622 | 5,227,397 | |||||||||||
Old Mutual Focused Fund | - | - | 205,973 | 4,543,756 | 205,973 | 4,543,756 | |||||||||||
Old Mutual Heitman REIT Fund | - | - | 121,990 | 1,143,048 | 121,990 | 1,143,048 | |||||||||||
Old Mutual International Equity Fund | - | - | 607,978 | 5,027,981 | 607,978 | 5,027,981 | |||||||||||
Old Mutual Large Cap Growth Fund | - | - | 192,678 | 3,720,621 | 192,678 | 3,720,621 | |||||||||||
Old Mutual TS&W Mid-Cap Value Fund | - | - | 599,737 | 5,193,723 | 599,737 | 5,193,723 | |||||||||||
Old Mutual TS&W Small Cap Value Fund * | - | - | 168,418 | 2,985,152 | 168,418 | 2,985,152 | |||||||||||
Investment in Affiliates Total | $ | 234,683,310 | $ | 57,746,816 | $ | 292,430,126 | |||||||||||
Money Market Fund - 0.2% | |||||||||||||||||
Old Mutual Cash Reserves Fund, Institutional Class, 0.00% (B) | - | - | 577,954 | 577,954 | 577,954 | 577,954 | |||||||||||
Money Market Fund Total | $ | $ | 577,954 | $ | 577,954 | ||||||||||||
Total Investment Securities - 100.1% (Cost $270,184,472) | $ | 234,683,310 | $ | 58,324,770 | $ | 293,008,080 | |||||||||||
Liabilities in Excess of Other Assets - (0.1%) | $ | (148,398 | ) | $ | (65,325 | ) | $ | (213,723 | ) |
Fifth Third LifeModel Moderate Fund | Touchstone Balanced Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Balanced Allocation Fund | ||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | ||||||||||
Net Assets - 100.0% | $ | 234,534,912 | $ | 58,259,445 | $ | 292,794,357 |
* | Non-income producing security. |
(A) | — Investment is in Institutional Shares of underlying fund. |
(B) | — The rate reported represents the 7-day effective yield as of January 31, 2012. |
Pro Forma Financial Statements |
Touchstone Strategic Trust |
Touchstone Conservative Allocation Fund |
Pro Forma Combining |
Statement of Assets & Liabilities |
As of January 31, 2012 |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||
Assets | |||||||||||||||
Investments, at cost | $ | 45,089,658 | $ | 38,567,059 | $ | 33,050,958 | $ | 116,707,675 | |||||||
Affiliated securities, at market value | 48,909,789 | 39,610,481 | 36,274,219 | 124,794,489 | |||||||||||
Non-affiliated securities, at market value | - | - | - | - | |||||||||||
Investments, at value | $ | 48,909,789 | $ | 39,610,481 | $ | 36,274,219 | $ | 124,794,489 | |||||||
Cash | - | - | - | - | |||||||||||
Dividends and interest receivable | 9,808 | 7,745 | 52,592 | 70,145 | |||||||||||
Receivable for capital shares sold | 106,207 | 13,064 | 53,050 | 172,321 | |||||||||||
Receivable from Investment Adviser | 11,968 | 10,706 | 10,264 | 32,938 | |||||||||||
Other assets | 36,218 | 32,443 | 3,846 | 72,507 | |||||||||||
Total Assets | 49,073,990 | 39,674,439 | 36,393,971 | 125,142,400 | |||||||||||
Liabilities | |||||||||||||||
Payable for capital shares redeemed | 33,578 | 11,369 | 69,096 | 114,043 |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||
Payable for securities purchased | 10,498 | 8,273 | 52,592 | 71,363 | |||||||||||
Payable to Advisor | - | - | 5,590 | 5,590 | |||||||||||
Payable to other affiliates | - | - | 2,794 | 2,794 | |||||||||||
Payable to Trustees | - | - | 678 | 678 | |||||||||||
Payable for Distribution & Service Fees | 6,115 | 4,014 | 4,028 | 14,157 | |||||||||||
Other accrued expenses and liabilities | 18,636 | 13,717 | 15,016 | 47,369 | |||||||||||
Total Liabilities | 68,827 | 37,373 | 149,794 | 255,994 | |||||||||||
Net Assets | $ | 49,005,163 | $ | 39,637,066 | $ | 36,244,177 | $ | 124,886,406 | |||||||
Net assets consist of: | |||||||||||||||
Paid-in capital | $ | 52,462,890 | $ | 42,670,110 | $ | 36,171,771 | $ | 131,304,771 | |||||||
Accumulated net investment income | 47,629 | 54,753 | (37,208 | ) | 65,174 | ||||||||||
Accumulated net realized gains (losses) on investments | (7,325,487 | ) | (4,131,219 | ) | (3,113,647 | ) | (14,570,353 | ) | |||||||
Net unrealized appreciation (depreciation) on investments | 3,820,131 | 1,043,422 | 3,223,261 | 8,086,814 | |||||||||||
Net Assets | $ | 49,005,163 | $ | 39,637,066 | $ | 36,244,177 | $ | 124,886,406 | |||||||
Pricing of Class A Shares |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||
Net assets attributable to Class A shares | $ | 14,713,755 | $ | 9,751,481 | $ | 9,248,288 | $ | 4,322,729 | **** | $ | 38,036,253 | ||||
Shares of beneficial interest outstanding | 1,492,284 | (A) | 986,265 | (A) | 856,825 | (B) | 188,566 | ****(C) | 3,523,940 | ||||||
Net asset value and redemption price per share | $ | 9.86 | $ | 9.89 | $ | 10.79 | $ | 10.79 | |||||||
Maximum offering price per share | $ | 10.38 | ** | $ | 10.41 | ** | $ | 11.45 | $ | 11.45 | |||||
Pricing of Class B Shares | |||||||||||||||
Net assets attributable to Class B shares | $ | 2,749,132 | $ | 1,573,597 | $ | - | $ | (4,322,729 | )**** | $ | - | ||||
Shares of beneficial interest outstanding | 279,892 | (A) | 159,670 | (A) | - | (439,562 | )**** | - | |||||||
Net asset value, offering price and redemption price per share* | $ | 9.82 | $ | 9.86 | $ | - | $ | - | |||||||
Pricing of Class C Shares | |||||||||||||||
Net assets attributable to Class C shares | $ | 988,679 | $ | 749,599 | $ | 18,864,229 | $ | 20,602,507 | |||||||
Shares of beneficial interest outstanding | 100,614 | (A) | 75,960 | (A) | 1,756,807 | (B) | (14,690 | ) (C) | 1,918,691 | ||||||
Net asset value, offering price and redemption price per share* | $ | 9.83 | $ | 9.87 | $ | 10.74 | $ | 10.74 | |||||||
Pricing of Class Y Shares *** | |||||||||||||||
Net assets attributable to Class Y shares | $ | 30,553,597 | $ | 27,562,389 | $ | 1,899,774 | $ | 60,015,760 |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||
Shares of beneficial interest outstanding | 3,093,221 | (A) | 2,781,380 | (A) | 175,921 | (B) | (493,002 | ) (C) | 5,557,520 | ||||||
Net asset value, offering price and redemption price per share | $ | 9.88 | $ | 9.91 | $ | 10.80 | $ | 10.80 | |||||||
Pricing of Institutional Class Shares | |||||||||||||||
Net assets attributable to Institutional Class shares | $ | - | $ | - | $ | 6,231,886 | $ | 6,231,886 | |||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | - | - | 576,580 | 576,580 | |||||||||||
Net asset value, offering price and redemption price per share | $ | - | $ | - | $ | 10.81 | $ | 10.81 |
(A) Unlimited number of shares authorized, par value of $.001 | ||||||||||||||
(B) Unlimited number of shares authorized, no par value | ||||||||||||||
(C) Reflects the capitalization adjustments due to the change in par value per share of the newly issues shares and giving effect to issuance of shares of Touchstone Conservative Allocation Fund to the Fifth Third LifeModel Moderately Conservative Fund and Fifth Third LifeModel Conservative Fund shareholders as if the reorganization had taken place on January 31, 2012. | ||||||||||||||
* Redemption price per share varies by length of time shares are held. | ||||||||||||||
** Maximum offering price per share is equal to net asset value/95.00% | ||||||||||||||
*** Fifth Third LifeModel Moderately Conservative and Fifth Third LifeModel Conservative Fund Institutional shares will convert to Touchstone Conservative Allocation Fund Y shares. | ||||||||||||||
**** Fifth Third LifeModel Moderately Conservative Fund and Fifth Third LifeModel Conservative Fund B shares will convert to Touchstone Conservative Allocation Fund A shares. |
Touchstone Conservative Allocation Fund |
Pro Forma Combining |
Statement of Operations |
For the Twelve Months Ending January 31, 2012 (Unaudited) |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||||||||
Investment Income | |||||||||||||||||||||
Dividends from affiliated securities | $ | 1,539,183 | $ | 1,321,758 | $ | 1,061,428 | $ | 3,922,369 | |||||||||||||
Total Investment Income | 1,539,183 | 1,321,758 | 1,061,428 | 3,922,369 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Investment advisory fees | 80,206 | 58,089 | 73,193 | 46,406 | A | 257,894 | |||||||||||||||
Distribution expenses, Class A | 35,699 | 23,958 | - | 38,809 | A | 98,466 | |||||||||||||||
Distribution expenses, Class B | 44,357 | 22,573 | - | (66,930 | ) | A | - | ||||||||||||||
Distribution expenses, Class C | 7,274 | 6,182 | 149,054 | 54,171 | A | 216,681 | |||||||||||||||
Service expenses, Class A | - | - | 21,960 | (21,960 | ) | A | - | ||||||||||||||
Service expenses, Class C | 2,425 | 2,061 | 49,685 | (54,171 | ) | A | - | ||||||||||||||
Administration fees | 92,983 | 67,334 | 36,596 | 50,666 | A | 247,579 | |||||||||||||||
Accounting fees | 60,825 | 60,803 | - | (121,628 | ) | A | - |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||||||||
Transfer Agent fees | 37,972 | 20,838 | 43,794 | (102,604 | ) | D | - | ||||||||||||||
Transfer Agent fees, Class A | - | - | - | 79,488 | D | 79,488 | |||||||||||||||
Transfer Agent fees, Class C | - | - | - | 22,179 | D | 22,179 | |||||||||||||||
Transfer Agent fees, Class Y | - | - | - | 8,361 | D | 8,361 | |||||||||||||||
Transfer Agent fees, Institutional Class | - | - | - | 108 | D | 108 | |||||||||||||||
Reports to shareholders | 10,114 | 7,826 | 9,023 | (26,963 | ) | D | - | ||||||||||||||
Reports to shareholders, Class A | - | - | - | 6,550 | D | 6,550 | |||||||||||||||
Reports to shareholders, Class C | - | - | - | 7,071 | D | 7,071 | |||||||||||||||
Reports to shareholders, Class Y | - | - | - | 6,172 | D | 6,172 | |||||||||||||||
Reports to shareholders, Institutional Class | - | - | - | 6,082 | D | 6,082 | |||||||||||||||
Registration fees | 39,595 | 39,549 | 51,781 | (130,925 | ) | D | - | ||||||||||||||
Registration fees, Class A | - | - | - | 16,105 | D | 16,105 | |||||||||||||||
Registration fees, Class C | - | - | - | 15,897 | D | 15,897 | |||||||||||||||
Registration fees, Class Y | - | - | - | 13,122 | D | 13,122 | |||||||||||||||
Registration fees, Institutional Class | - | - | - | 10,006 | D | 10,006 | |||||||||||||||
Professional fees | 16,787 | 16,260 | 27,348 | (39,259 | ) | B | 21,136 | ||||||||||||||
Custodian fees | 2,358 | 1,774 | 172 | (2,692 | ) | A | 1,612 | ||||||||||||||
Trustees’ fees and expenses | 3,415 | 2,445 | 8,713 | (7,802 | ) | B | 6,771 | ||||||||||||||
Compliance fees and expenses | - | - | - | 1,393 | A | 1,393 |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | |||||||||||||||||
Other expenses | 5,998 | 4,516 | 11,654 | (17,543 | ) | B | 4,625 | ||||||||||||||
Total Expenses | 440,008 | 334,208 | 482,973 | (209,891 | ) | 1,047,298 | |||||||||||||||
Fees waived and/or expenses reimbursed by the Advisor/Administrator | (307,478 | ) | (248,455 | ) | (130,527 | ) | 62,303 | C | (624,157 | ) | |||||||||||
Net Expenses | 132,530 | 85,753 | 352,446 | (147,588 | ) | 423,141 | |||||||||||||||
Net Investment Income | 1,406,653 | 1,236,005 | 708,982 | 147,588 | 3,499,228 | ||||||||||||||||
Realized and Unrealized Gains (Losses) on Investments | |||||||||||||||||||||
Net realized gains (losses) from security transactions | (603,504 | ) | (250,554 | ) | 121,391 | (732,667 | ) | ||||||||||||||
Net capital gain distributions received from affiliated funds | - | - | 509,473 | 509,473 | |||||||||||||||||
Net change in unrealized appreciation/ depreciation on investments | 1,980,479 | 1,439,202 | (206,168 | ) | 3,213,513 | ||||||||||||||||
Net Realized and Unrealized Gains on Investments | 1,376,975 | 1,188,648 | 424,696 | 2,990,319 | |||||||||||||||||
Change in Net Assets Resulting from Operations | $ | 2,783,628 | $ | 2,424,653 | $ | 1,133,678 | $ | 147,588 | $ | 6,489,547 |
A Based on differences in contractual expense agreements |
B Decrease due to the elimination of duplicate expenses achieved by merging |
C Based on expense limitation agreement |
D Reclassification of fund level expense to class level expense |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | ||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||
Investment in Affiliates - 99.6% | ||||||||||||||||||||||||||||||||||
Fifth Third All Cap Value Fund (A) | 123,551 | $ | 1,964,457 | 54,103 | $ | 860,230 | - | $ | - | 177,654 | $ | 2,824,687 | ||||||||||||||||||||||
Fifth Third Disciplined Large Cap Value Fund (A) | 340,205 | 3,664,011 | 144,107 | 1,552,032 | - | - | 484,312 | 5,216,043 | ||||||||||||||||||||||||||
Fifth Third Institutional Money Market Fund (A) | 2,094,901 | 2,094,901 | 2,363,126 | 2,363,126 | - | - | 4,458,027 | 4,458,027 | ||||||||||||||||||||||||||
Fifth Third International Equity Fund (A) | 433,480 | 3,142,730 | 172,862 | 1,253,247 | - | - | 606,342 | 4,395,977 | ||||||||||||||||||||||||||
Fifth Third Mid Cap Growth Fund * (A) | 163,443 | 1,944,966 | 71,606 | 852,112 | - | - | 235,049 | 2,797,078 | ||||||||||||||||||||||||||
Fifth Third Quality Growth Fund * (A) | 223,133 | 3,799,960 | 92,558 | 1,576,261 | - | - | 315,691 | 5,376,221 | ||||||||||||||||||||||||||
Fifth Third Short Term Bond Fund (A) | 692,222 | 6,603,795 | 743,567 | 7,093,630 | - | - | 1,435,789 | 13,697,425 | ||||||||||||||||||||||||||
Fifth Third Small Cap Growth Fund * (A) | 124,114 | 1,073,587 | 44,756 | 387,139 | - | - | 168,870 | 1,460,726 | ||||||||||||||||||||||||||
Fifth Third Small Cap Value Fund (A) | 61,725 | 1,153,633 | 21,661 | 404,851 | - | - | 83,386 | 1,558,484 | ||||||||||||||||||||||||||
Fifth Third Strategic Income Fund (A) | 237,939 | 2,507,881 | 187,614 | 1,977,455 | - | - | 425,453 | 4,485,336 | ||||||||||||||||||||||||||
Fifth Third Structured Large Cap Plus Fund (A) | 273,601 | 3,540,393 | 111,455 | 1,442,222 | - | - | 385,056 | 4,982,615 | ||||||||||||||||||||||||||
Fifth Third Total Return Bond Fund (A) | 1,851,166 | 17,419,475 | 2,109,264 | 19,848,176 | - | - | 3,960,430 | 37,267,651 | ||||||||||||||||||||||||||
Old Mutual Analytic U.S. Long/Short Fund | - | - | - | - | 67,741 | 804,090 | 67,741 | 804,090 | ||||||||||||||||||||||||||
Old Mutual Barrow Hanley Core Bond Fund | - | - | - | - | 1,319,612 | 14,067,065 | 1,319,612 | 14,067,065 | ||||||||||||||||||||||||||
Old Mutual Barrow Hanley Value Fund | - | - | - | - | 286,872 | 1,890,486 | 286,872 | 1,890,486 | ||||||||||||||||||||||||||
Old Mutual Copper Rock | - | - | - | - | 75,298 | 864,756 | 75,298 | 864,756 |
Fifth Third LifeModel Moderately Conservative Fund | Fifth Third LifeModel Conservative Fund | Touchstone Conservative Allocation Fund | Pro Forma Adjustments | Pro Forma Combined Touchstone Conservative Allocation Fund | ||||||||||||||||||||||||||||||
Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | Shares | Market Value | |||||||||||||||||||||||||
Emerging Growth Fund * | ||||||||||||||||||||||||||||||||||
Old Mutual Dwight Intermediate Fixed Income Fund | - | - | - | - | 500,741 | 4,957,333 | 500,741 | 4,957,333 | ||||||||||||||||||||||||||
Old Mutual Dwight Short Term Fixed Income Fund | - | - | - | - | 640,895 | 6,447,406 | 640,895 | 6,447,406 | ||||||||||||||||||||||||||
Old Mutual Focused Fund | - | - | - | - | 65,907 | 1,453,915 | 65,907 | 1,453,915 | ||||||||||||||||||||||||||
Old Mutual International Equity Fund | - | - | - | - | 233,363 | 1,929,914 | 233,363 | 1,929,914 | ||||||||||||||||||||||||||
Old Mutual Large Cap Growth Fund | - | - | - | - | 59,538 | 1,149,671 | 59,538 | 1,149,671 | ||||||||||||||||||||||||||
Old Mutual TS&W Mid-Cap Value Fund | - | - | - | - | 266,718 | 2,309,779 | 266,718 | 2,309,779 | ||||||||||||||||||||||||||
Old Mutual TS&W Small Value Cap Fund * | - | - | - | - | 1,230 | 21,807 | 1,230 | 21,807 | ||||||||||||||||||||||||||
Investment in Affiliates Total | $ | 48,909,789 | $ | 39,610,481 | $ | 35,896,222 | $ | 124,416,492 | ||||||||||||||||||||||||||
Money Market Fund - 0.3% | ||||||||||||||||||||||||||||||||||
Old Mutual Cash Reserves Fund, Institutional Class, 0.00% (B) | - | - | - | - | 377,997 | 377,997 | 377,997 | 377,997 | ||||||||||||||||||||||||||
Money Market Fund Total | $ | - | $ | - | $ | 377,997 | $ | 377,997 | ||||||||||||||||||||||||||
Total Investment Securities - 99.9% (Cost $116,707,675) | $ | 48,909,789 | $ | 39,610,481 | $ | 36,274,219 | $ | 124,794,489 | ||||||||||||||||||||||||||
Other Assets in Excess of Liabilities - 0.1% | $ | 95,374 | $ | 26,585 | $ | (30,042 | ) | $ | 91,917 | |||||||||||||||||||||||||
Net Assets - 100.0% | $ | 49,005,163 | $ | 39,637,066 | $ | 36,244,177 | $ | 124,886,406 |
* Non-income producing security. |
(A) — Investment is in Institutional Shares of underlying fund. |
(B) — The rate reported represents the 7-day effective yield as of January 31, 2012. |
Trust | Funds | Classes |
Touchstone Strategic Trust | Touchstone Conservative Allocation Fund | A, C, Y, and Institutional |
Touchstone Strategic Trust | Touchstone Balanced Allocation Fund | A, C, Y, and Institutional |
Touchstone Strategic Trust | Touchstone Moderate Growth Allocation Fund | A, C, Y, and Institutional |
Touchstone Strategic Trust | Touchstone Growth Allocation Fund | A, C, Y, and Institutional |
Trust | Funds | Classes |
Fifth Third Funds | LifeModel Moderately Conservative Fund | A, B, C, and Institutional |
Fifth Third Funds | LifeModel Conservative Fund | A, B, C, and Institutional |
Fifth Third Funds | LifeModel Moderate Fund | A, B, C, and Institutional |
Fifth Third Funds | LifeModel Moderately Aggressive Fund | A, B, C, and Institutional |
Fifth Third Funds | LifeModel Aggressive Fund | A, B, C, and Institutional |
Trust | Funds | Annual Report Date |
Touchstone Strategic Trust | Touchstone Conservative Allocation Fund | July 31, 2011 |
Touchstone Strategic Trust | Touchstone Balanced Allocation Fund | July 31, 2011 |
Touchstone Strategic Trust | Touchstone Moderate Growth Allocation Fund | July 31, 2011 |
Touchstone Strategic Trust | Touchstone Growth Allocation Fund | July 31, 2011 |
Fifth Third Funds | LifeModel Moderately Conservative Fund | July 31, 2011 |
Fifth Third Funds | LifeModel Conservative Fund | July 31, 2011 |
Fifth Third Funds | LifeModel Moderate Fund | July 31, 2011 |
Fifth Third Funds | LifeModel Moderately Aggressive Fund | July 31, 2011 |
Fifth Third Funds | LifeModel Aggressive Fund | July 31, 2011 |
Touchstone Strategic Trust - Conservative Allocation Fund | |||||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination | ||
Class A | 856,825 | 2,667,115 | 3,523,940 | ||
Class C | 1,756,807 | 161,884 | 1,918,691 | ||
Class Y * | 175,921 | 5,381,599 | 5,557,520 | ||
Institutional | 576,580 | - | 576,580 | ||
* Institutional Class of Target Fund | |||||
Touchstone Strategic Trust - Balanced Allocation Fund | |||||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination | ||
Class A | 991,074 | 4,202,912 | 5,193,986 | ||
Class C | 4,172,507 | 231,194 | 4,403,701 | ||
Class Y * | 165,174 | 16,969,774 | 17,134,948 | ||
Institutional | 2,641 | - | 2,641 | ||
* Institutional Class of Target Fund | |||||
Touchstone Strategic Trust - Growth Allocation Fund | |||||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination | ||
Class A | 1,077,721 | 2,301,127 | 3,378,848 | ||
Class C | 2,611,320 | 90,881 | 2,702,201 | ||
Class Y * | 134,704 | 6,416,188 | 6,550,892 | ||
Institutional | 1,222 | - | 1,222 | ||
* Institutional Class of Target Fund |
Touchstone Strategic Trust - Moderate Growth Allocation Fund | |||||
Class of Shares | Shares of Acquiring Fund Pre-Combination | Additional Shares Assumed Issued in Reorganization | Total Outstanding Shares Post-Combination | ||
Class A | 1,521,120 | 6,105,916 | 7,627,036 | ||
Class C | 4,933,239 | 255,524 | 5,188,763 | ||
Class Y * | 109,701 | 8,693,032 | 8,802,733 | ||
Institutional | 719 | - | 719 | ||
* Institutional Class of Target Fund |
Predecessor Funds | Acquiring Funds | |
Old Mutual Asset Allocation Balanced Portfolio | Touchstone Balanced Allocation Fund | |
Old Mutual Asset Allocation Conservative Portfolio | Touchstone Conservative Allocation Fund | |
Old Mutual Asset Allocation Growth Portfolio | Touchstone Growth Allocation Fund | |
Old Mutual Asset Allocation Moderate Growth Portfolio | Touchstone Moderate Growth Allocation Fund |
Class A | Class C | Class Y | |||
Touchstone Micro Cap Value Fund | MXCAX | MXCSX | MXAIX | ||
Touchstone Small Company Value Fund | FTVAX | FTVCX | FTVIX | ||
Touchstone International Value Fund | FSIEX | FTECX | FIEIX | ||
Touchstone Strategic Income Fund | FFSAX | FRACX | MXIIX |
Class A | Class B | Class C | Institutional Class | ||||
Fifth Third Micro Cap Value Fund | MXCAX | MXCBX | MXCSX | MXAIX | |||
Fifth Third Small Cap Value Fund | FTVAX | FTVBX | FTVCX | FTVIX | |||
Fifth Third International Equity Fund | FSIEX | FBIEX | FTECX | FIEIX | |||
Fifth Third Strategic Income Fund | FFSAX | FFSBX | FRACX | MXIIX |
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Acquired Fund | Acquiring Funds |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund |
Fifth Third International Equity Fund | Touchstone International Value Fund |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund |
1. | Statement of Additional Information of Fifth Third Funds, with respect to Fifth Third Micro Cap Value Fund, Fifth Third Small Cap Value Fund, Fifth Third International Equity Fund and Fifth Third Strategic Income Fund, dated November 23, 2011 (filed via EDGAR on December 12, 2011, Accession No. 0001209286-11-000917). |
2. | The audited financial statements and related report of the independent registered public accounting firm included in the Annual Report to Shareholders of Fifth Third Funds for the fiscal year ended July 31, 2011, with respect to Fifth Third Micro Cap Value Fund, Fifth Third Small Cap Value Fund, Fifth Third International Equity Fund and Fifth Third Strategic Income Fund (filed via EDGAR on September 30, 2011, Accession No. 0001209286-11-000711). |
3. | The unaudited financial statements included in the Semi-Annual Report to Shareholders of Fifth Third Funds for the fiscal period ended January 31, 2012, with respect to Fifth Third Micro Cap Value Fund, Fifth Third Small Cap Value Fund, Fifth Third International Equity Fund and Fifth Third Strategic Income Fund (filed via EDGAR on April 9, 2012, Accession No. 0001534424-12-000023). |
Predecessor Funds | Funds |
Fifth Third Micro Cap Value Fund | Touchstone Micro Cap Value Fund |
Fifth Third Small Cap Value Fund | Touchstone Small Company Value Fund |
Fifth Third International Equity Fund | Touchstone International Value Fund |
Fifth Third Strategic Income Fund | Touchstone Strategic Income Fund |
Interested Trustees1: | |||||
Name Address Year of Birth | Position Held with Trust | Term of Office And Length of Time Served2 | Principal Occupation(s) During Past 5 Years | Number of Funds Overseen in the Touchstone Fund Complex3 | Other Directorships Held During Past 5 Years 4 |
Jill T. McGruder Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1955 | Trustee and President | Until retirement at age 75 or until she resigns or is removed Trustee since 1999 | President and CEO of IFS Financial Services, Inc. (a holding company). | 60 | Director of LaRosa’s (a restaurant chain), Capital Analysts Incorporated (an investment advisor and broker-dealer), IFS Financial Services, Inc. (a holding company), Integrity and National Integrity Life Insurance Co., Touchstone Securities (the Trust’s distributor), Touchstone Advisors (the Trust’s investment advisor and administrator), W&S Brokerage Services (a brokerage company) and W&S Financial Group Distributors (a distribution company). |
Independent Trustees: | |||||
Name Address Year of Birth | Position Held with Trust | Term of Office And Length of Time Served2 | Principal Occupation(s) During Past 5 Years | Number of Funds Overseen in the Touchstone Fund Complex3 | Other Directorships Held During Past 5 Years 4 |
Phillip R. Cox 105 East Fourth Street Cincinnati, OH Year of Birth: 1947 | Trustee | Until retirement at age 75 or until he resigns or is removed Trustee since 1999 | President and Chief Executive Officer of Cox Financial Corp. (a financial services company). | 60 | Director of Cincinnati Bell (a communications company), Bethesda Inc. (a hospital), Timken Co. (a manufacturing company), Diebold (a technology solutions company), and Ohio Business Alliance for Higher Education. Director of Duke Energy from 1994 – 2008. |
H. Jerome Lerner c/o Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1938 | Trustee | Until retirement at age 75 or until he resigns or is removed Trustee since 1989 | Principal of HJL Enterprises (a privately held investment company). | 60 | None |
Donald C. Siekmann c/o Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1938 | Trustee | Until retirement at age 75 or until he resigns or is removed Trustee since 2005 | Executive for Duro Bag Manufacturing Co. (a bag manufacturer) from 2002 -2008. | 60 | None |
John P. Zanotti c/o Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1948 | Trustee | Until retirement at age 75 or until he resigns or is removed Trustee since 2002 | Private Investor. President of Cincinnati Biomedical (a life science and economic development company) from 2003 - 2007. Chairman of Integrated Media Technologies (a media company). | 60 | None |
Susan J. Hickenlooper c/o Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1946 | Trustee | Until retirement at age 75 or until she resigns or is removed Trustee since 2009 | Trustee of Episcopal Retirement Homes Foundation from 1998 to 2011. | 60 | Trustee of Gateway Trust (a mutual fund) from 2006 - 2008, Trustee of Cincinnati Parks Foundation (a charitable organization). |
1 | Ms. McGruder, as a director of the Advisor and the Distributor, and an officer of affiliates of the Advisor and the Distributor, is an “interested person” of the Trust within the meaning of Section 2(a) (19) of the 1940 Act. |
2 | Each Trustee is elected to serve until the age of 75 or until he or she sooner resigns or is removed. |
3 | The Touchstone Fund Complex consists of 22 series of the Trust, 3 series of Touchstone Tax-Free Trust, 4 series of Touchstone Investment Trust, 11 variable annuity series of Touchstone Variable Series Trust, 19 series of Touchstone Funds Group Trust and 1 series of Touchstone Institutional Funds Trust. |
4 | Each Trustee is also a Trustee of Touchstone Tax-Free Trust, Touchstone Investment Trust, Touchstone Variable Series Trust, Touchstone Funds Group Trust and Touchstone Institutional Funds Trust. |
Principal Officers: | |||
Name Address Year of Birth | Position Held with Trust1 | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Jill T. McGruder Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1955 | President | Until resignation, removal or disqualification President since 2004; President from 2000-2002 | See biography above. |
Steven M. Graziano Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1954 | Vice President | Until resignation, removal or disqualification Vice President since 2009 | President of Touchstone Advisors, Inc.; Executive Vice President of Pioneer Investment Management, Head of Retail Distribution and Strategic Marketing 2007 – 2008; Executive Vice President of Pioneer Investment Management, Chief Marketing Officer 2002 – 2007. |
Timothy D. Paulin Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1963 | Vice President | Until resignation, removal or disqualification Vice President since 2010 | Senior Vice President of Investment Research and Product Management of Touchstone Advisors, Inc.; Director of Product Design of Klein Decisions, Inc. 2003 – 2010. |
Joseph Melcher Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1973 | Chief Compliance Officer | Until resignation, removal or disqualification Chief Compliance Officer since 2010 | Vice President of Compliance of IFS Financial Services (a holding company); Assistant Vice President of Compliance of IFS Financial Services 2005 – 2010. |
Terrie A. Wiedenheft Touchstone Advisors, Inc. 303 Broadway Cincinnati, OH Year of Birth: 1962 | Controller and Treasurer | Until resignation, removal or disqualification Controller since 2000 Treasurer since 2003 | Senior Vice President, Chief Financial Officer and Chief Operating Officer of IFS Financial Services, Inc. |
Elizabeth R. Freeman BNY Mellon Investment Servicing (US) Inc. 201 Washington St., 34th Fl. Boston, MA 02108 Year of Birth: 1962 | Secretary | Until resignation, removal or disqualification Secretary since 2011. | Managing Director and Senior Counsel of BNY Mellon Investment Servicing (US) Inc. |
Name | Dollar Range of Equity Securities in the Funds | Aggregate Dollar Range of Equity Securities in the Touchstone Fund Complex1 |
Phillip R. Cox | None | $1 - $10,000 |
H. Jerome Lerner | None | $50,001 - $100,000 |
Jill T. McGruder | None | Over $100,000 |
Donald C. Siekmann | None | Over $100,000 |
Susan J. Hickenlooper | None | Over $100,000 |
John P. Zanotti | None | $50,001 - $100,000 |
Name | Compensation from Trust1 | Pension or Retirement Benefits Accrued As Part of Fund Expenses | Estimate Annual Benefits Upon Retirement | Aggregate Compensation from the Touchstone Fund Complex1,2 | ||||||||||||
Philip R. Cox | $ | 7,451 | N/A | N/A | $ | 80,000 | ||||||||||
H. Jerome Lerner | $ | 6,334 | N/A | N/A | $ | 68,000 | ||||||||||
Jill T. McGruder | $ | 0 | N/A | N/A | $ | 0 | ||||||||||
Donald C. Siekmann | $ | 7,078 | N/A | N/A | $ | 76,000 | ||||||||||
Susan J. Hickenlooper | $ | 6,334 | N/A | N/A | $ | 68,000 | ||||||||||
John P. Zanotti | $ | 6,892 | N/A | N/A | $ | 74,000 |
Fund | Annual Fee Rate |
Touchstone Micro Cap Value Fund | 1.00% |
Touchstone Small Company Value Fund | 0.90% |
Touchstone International Value Fund | 1.00% |
Touchstone Strategic Income Fund | 0.70% |
Fund | Contractual Limit on Total Operating Expenses |
Touchstone Micro Cap Value Fund Class A Class C Class Y | 1.60% 2.35% 1.35% |
Touchstone Small Company Value Fund Class A Class C Class Y | 1.20% 1.95% 0.95% |
Touchstone International Value Fund Class A Class C Class Y | 1.36% 2.11% 1.11% |
Touchstone Strategic Income Fund Class A Class C Class Y | 0.94% 1.69% 0.69% |
Fund Name | Year Ended July 31, 2011 | Fees Waived/ Reimbursed- 2011** | Year Ended July 31, 2010 | Fees Waived/ Reimbursed- 2010** | Year Ended July 31, 2009 | Fees Waived/ Reimbursed- 2009** | ||||||||||||||||||
Touchstone Micro Cap Value Fund | $ | 477,339 | $ | 171,739 | $ | 336,502 | $ | 158,021 | $ | 261,562 | $ | 140,680 | ||||||||||||
Touchstone Small Company Value Fund | $ | 644,654 | $ | 134,348 | $ | 594,031 | $ | 98,291 | $ | 580,781 | $ | 63,537 | ||||||||||||
Touchstone International Value Fund | $ | 2,235,154 | $ | 424,929 | $ | 2,509,959 | $ | 393,341 | $ | 2,514,187 | $ | 285,475 |
Fund Name | Year Ended July 31, 2011 | Fees Waived/ Reimbursed- 2011** | Year Ended July 31, 2010 | Fees Waived/ Reimbursed- 2010** | Year Ended July 31, 2009 | Fees Waived/ Reimbursed- 2009** | ||||||||||||||||||
Touchstone Strategic Income Fund | $ | 1,361,263 | $ | 666,743 | $ | 909,694 | $ | 434,520 | $ | 842,711 | $ | 350,603 |
Fund Name | Year Ended July 31, 2011 | Fees Waived- 2011 | Year Ended July 31, 2010 | Fees Waived- 2010 | Year Ended July 31, 2009 | Fees Waived- 2009 | ||||||||||||||||||
Touchstone Micro Cap Value Fund | $ | 83,018 | — | $ | 58,475 | — | $ | 45,287 | — | |||||||||||||||
Touchstone Small Company Value Fund | $ | 124,526 | $ | 34,979 | $ | 114,842 | — | $ | 111,806 | — | ||||||||||||||
Touchstone International Value Fund | $ | 389,147 | — | $ | 436,716 | — | $ | 435,416 | — | |||||||||||||||
Touchstone Strategic Income Fund | $ | 237,046 | $ | 135,890 | $ | 158,008 | $ | 45,485 | $ | 146,007 | $ | 42,136 |
(i) | “Other Accounts Managed.” Other accounts managed by the portfolio managers; |
(ii) | “Material Conflicts of Interest.” Material conflicts of interest identified by each sub-advisor that may arise in connection with a portfolio manager’s management of a Fund’s investments and investments of other accounts managed. These potential conflicts of interest include material conflicts between the investment strategy of a Fund and the investment strategy of the other accounts managed by the portfolio manager and conflicts associated with the allocation of investment opportunities between a Fund and other accounts managed by the portfolio manager. Additional conflicts of interest may potentially exist or arise that are not discussed below; |
(iii) | “Compensation.” A description of the structure of, and method used to determine the compensation received by a Fund’s portfolio managers from the Fund, the sub-advisor or any other source with respect to managing the Fund and any other accounts; and |
(iv) | “Ownership of Securities.” Information regarding a portfolio manager’s dollar range of equity securities beneficially owned in the Funds. |
Portfolio Manager/ Types of Accounts | Total Number of Accounts Managed | Total Assets (million) | Number of Accounts Managed subject to a Performance Based Advisory Fee | Total Asset Managed subject to a Performance Based Advisory Fee (million) | ||||||||||||
Eric J. Holmes | ||||||||||||||||
Registered Investment Companies | 2 | $ | 116.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 11 | $ | 88.3 | 0 | $ | 0 | ||||||||||
Craig P. Nedbalski | ||||||||||||||||
Registered Investment Companies | 2 | $ | 116.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 11 | $ | 88.3 | 0 | $ | 0 | ||||||||||
Michael Barr | ||||||||||||||||
Registered Investment Companies | 2 | $ | 116.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 11 | $ | 88.3 | 0 | $ | 0 |
Fund Name | Index |
Micro Cap Value Fund | Russell 2000® Value Index, Russell Microcap® Value Index |
Portfolio Manager | Dollar Range of Beneficial Ownership* |
Eric J. Holmes | $10,001-$50,000 |
Craig P. Nedbalski | $10,001-$50,000 |
Michael Barr | $0 |
Portfolio Manager/ Types of Accounts | Total Number of Accounts Managed | Total Assets (million) | Number of Accounts Managed subject to a Performance Based Advisory Fee | Total Asset Managed subject to a Performance Based Advisory Fee (million) | ||||||||||||
Gregory T. Ramsby | ||||||||||||||||
Registered Investment Companies | 2 | $ | 652 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 43 | $ | 1,504 | 2 | $ | 297 |
Portfolio Manager/ Types of Accounts | Total Number of Accounts Managed | Total Assets (million) | Number of Accounts Managed subject to a Performance Based Advisory Fee | Total Asset Managed subject to a Performance Based Advisory Fee (million) | ||||||||||||
David A. Hodges, Jr.1 | ||||||||||||||||
Registered Investment Companies | 7 | $ | 2,528.9 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 1 | $ | 9.4 | 0 | $ | 0 | ||||||||||
Other Accounts | 9 | $ | 1,213.2 | 0 | $ | 0 | ||||||||||
Randolph S. Wrighton, Jr.1 | ||||||||||||||||
Registered Investment Companies | 7 | $ | 2,528.9 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 1 | $ | 9.4 | 0 | $ | 0 | ||||||||||
Other Accounts | 9 | $ | 1,213.2 | 0 | $ | 0 |
Portfolio Manager | Dollar Range of Beneficial Ownership |
David A. Hodges, Jr., CFA | None |
Randolph S. Wrighton, Jr., CFA | None |
Portfolio Manager/ Types of Accounts | Total Number of Accounts Managed | Total Assets (million) | Number of Accounts Managed subject to a Performance Based Advisory Fee | Total Asset Managed subject to a Performance Based Advisory Fee (million) | ||||||||||||
Peter Kwiatkowski | ||||||||||||||||
Registered Investment Companies | 2 | $ | 236.7 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 30 | $ | 1,305.9 | 0 | $ | 0 | ||||||||||
David L. Withrow | ||||||||||||||||
Registered Investment Companies | 3 | $ | 622.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 111 | $ | 2,381.1 | 0 | $ | 0 | ||||||||||
Mitchell Stapley | ||||||||||||||||
Registered Investment Companies | 9 | $ | 1,338.8 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 120 | $ | 2,503.0 | 0 | $ | 0 | ||||||||||
Mirko Mikelic | ||||||||||||||||
Registered Investment Companies | 2 | $ | 452.7 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 25 | $ | 372.8 | 0 | $ | 0 | ||||||||||
John Cassady | ||||||||||||||||
Registered Investment Companies | 3 | $ | 622.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 98 | $ | 1,921.0 | 0 | $ | 0 |
Portfolio Manager/ Types of Accounts | Total Number of Accounts Managed | Total Assets (million) | Number of Accounts Managed subject to a Performance Based Advisory Fee | Total Asset Managed subject to a Performance Based Advisory Fee (million) |
Dan Popowics | ||||||||||||||||
Registered Investment Companies | 3 | $ | 314.7 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 39 | $ | 1,337.8 | 0 | $ | 0 | ||||||||||
Jason Schwartz | ||||||||||||||||
Registered Investment Companies | 3 | $ | 622.1 | 0 | $ | 0 | ||||||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Other Accounts | 33 | $ | 469.2 | 0 | $ | 0 |
Portfolio Manager | Dollar Range of Beneficial Ownership* |
Peter Kwiatkowski | $0 |
David L. Withrow | $0 |
Mitchell Stapley | $100,001-$500,000 |
Mirko Mikelic | $0 |
John Cassady | $0 |
Dan Popowics | $10,001-$50,000 |
Jason Schwartz | $0 |
Name of Broker-Dealer |
American Enterprise Investment Services, Inc. (Ameriprise) |
Capital Analysts, Inc. |
Charles Schwab & Company, Inc. |
Hewitt Associates, LLC |
First Clearing, LLC |
Janney Montgomery Scott LLC |
LPL Financial Corporation |
Merrill Lynch Pierce Fenner & Smith, Inc. |
Morgan Stanley DW, Inc. |
Morgan Stanley Smith Barney LLC (formerly Citigroup) |
Next Financial Group, Inc. |
Pershing LLC |
Raymond James & Associates, Inc. |
RBC Capital Markets Corporation |
Royal Alliance |
Stifel Nicolaus & Co, Inc. |
UBS Financial Services, Inc. |
Vanguard Brokerage Services, Inc. |
Wells Fargo Advisors, LLC |
Class A Shares Fiscal Year Ended July 31, 2011 | Class A Shares Fiscal Year Ended July 31, 2010 | Class A Shares Fiscal Year Ended July 31, 2009 | ||||||||||
Distribution Fees | Distribution Fees | Distribution Fees | ||||||||||
Touchstone Micro Cap Value Fund | $ | 45,175 | $ | 25,433 | $ | 17,406 | ||||||
Touchstone Small Company Value Fund | 5,847 | 3,939 | 3,076 | |||||||||
Touchstone International Value Fund | 27,032 | 28,448 | 29,534 | |||||||||
Touchstone Strategic Income Fund | 55,979 | 41,552 | 27,011 |
Compensation to Dealers | ||||
Touchstone Micro Cap Value Fund | $ | 45,175 | ||
Touchstone Small Company Value Fund | 5,847 | |||
Touchstone International Value Fund | 27,032 | |||
Touchstone Strategic Income Fund | 55,979 |
Class C Shares Fiscal Year Ended July 31, 2011 | Class C Shares Fiscal Year Ended July 31, 2010 | Class C Shares Fiscal Year Ended July 31, 2009 | ||||||||||
Touchstone Micro Cap Value Fund | $ | 33,726 | $ | 15,892 | $ | 8,858 | ||||||
Touchstone Small Company Value Fund | 11,646 | 3,868 | 2,589 | |||||||||
Touchstone International Value Fund | 2,263 | 2,643 | 3,024 | |||||||||
Touchstone Strategic Income Fund | 108,681 | 77,286 | 55,555 |
Compensation to Dealers | ||||
Touchstone Micro Cap Value Fund | $ | 33,726 | ||
Touchstone Small Company Value Fund | 11,646 | |||
Touchstone International Value Fund | 2,263 | |||
Touchstone Strategic Income Fund | 108,681 |
Amount Retained* | ||||
Touchstone Micro Cap Value Fund | $ | 6,805 | ||
Touchstone Small Company Value Fund | 1,558 | |||
Touchstone International Value Fund | 198 | |||
Touchstone Strategic Income Fund | 20,256 |
Fund | Total Brokerage Commissions Paid July 31, 2011 | Total Brokerage Commissions Paid July 31, 2010 | Total Brokerage Commissions Paid July 31, 2009 | |||||||||
Touchstone Micro Cap Value Fund | $ | 282,039 | $ | 189,283 | $ | 179,363 | ||||||
Touchstone Small Company Value Fund | 503,375 | 318,622 | 335,973 | |||||||||
Touchstone International Value Fund | 930,042 | — | 813,651 | |||||||||
Touchstone Strategic Income Fund | 91,465 | 35,827 | 44,234 |
Fund | Commissions Paid on Transactions Directed to Firms Providing Research July 31, 2011 | Amount of Transactions Directed to Firms Providing Research July 31, 2011 | ||||||
Touchstone Micro Cap Value Fund | $ | 281,727 | $ | 58,206,339 | ||||
Touchstone Small Company Value Fund | 502,825 | 138,892,929 | ||||||
Touchstone International Value Fund | 930,042 | 652,783,318 | ||||||
Touchstone Strategic Income Fund | 91,465 | 51,770,274 |
Broker/Dealer | Fund | Shares | Principal($) | Market Value($) |
Barclays Capital, Inc. | Touchstone International Value Fund | 65,476 | 240,000 | |
Bear Stearns Securities Corp | Touchstone Strategic Income Fund | - | 357,000 | 369,000 |
Citigroup Global Markets, Inc. | Touchstone Strategic Income Fund | 94,225 | 1,443,000 | 3,989,000 |
Deutsche Bank Securities | Touchstone Strategic Income Fund | 36,000 | 1,000,000 | 1,922,000 |
Goldman Sachs & Co. | Touchstone Strategic Income Fund | 67,500 | 101,000 | 1,480,000 |
JPMorgan Chase & Co. | Touchstone Strategic Income Fund | 32,300 | 1,700,000 | 2,642,000 |
Merrill Lynch, Pierce, Fenner, & Smith | Touchstone Strategic Income Fund | 24,800 | 701,000 | 1,305,000 |
Morgan Stanley Group, Inc. | Touchstone Strategic Income Fund | 33,100 | 1,000,000 | 1,810,000 |
State Street Bank | Touchstone International Value Fund | 13,237,888 | - | 13,238,000 |
Fiscal Year Ended July 31 | ||||
Fund | 2011 | 2010 | ||
Touchstone Micro Cap Value Fund | 59% | 56% | ||
Touchstone Small Company Value Fund | 93% | 65% | ||
Touchstone International Value Fund | 131% | 137% | ||
Touchstone Strategic Income Fund | 42% | 31% |
1) | A request made by a sub-advisor for a Fund (or that portion of a Fund) that it manages. |
2) | A request by executive officers of the Advisor 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 calendar 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 30 days after the end of the calendar quarter. The Funds provide their full holdings to their printer at least 45 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 Chief Compliance Officer. |
5) | A request by a newly hired sub-advisor or sub-advisor candidate prior to the commencement of its duties to facilitate its transition as a new sub-advisor, 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. |
● | 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, at least seven business days after month end. |
● | The Funds provide their full holdings on their publicly available website, and to market data agencies, their typesetter and printer, quarterly, as of the end of a calendar quarter, at least fifteen days after quarter end. |
8) | The Chief Compliance Officer 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 Chief Compliance Officer in writing for good reason, 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. |
CMS Bondedge | Morningstar, Inc. |
Amount of Investment | Percentage of Offering Price Deducted for Sales Charge | Which Equals this Percentage of Your Net Investment | Dealer Reallowance as Percentage of Offering Price | |||||||||
Less than $50,000 | 5.75 | % | 6.10 | % | 5.00 | % | ||||||
$50,000 but less than $100,000 | 4.50 | % | 4.71 | % | 3.75 | % | ||||||
$100,000 but less than $250,000 | 3.50 | % | 3.63 | % | 2.75 | % | ||||||
$250,000 but less than $500,000 | 2.95 | % | 3.04 | % | 2.25 | % | ||||||
$500,000 but less than $1,000,000 | 2.25 | % | 2.30 | % | 1.75 | % | ||||||
$1,000,000 or more | None | None | None |
Amount of Investment | Dealer Fee | |
$1 million but less than $3 million | 1.00% | |
$3 million but less than $5 million | 0.75% | |
$5 million but less than $25 million | 0.50% | |
$25 million or more | 0.25% |
● | Any partial or complete redemption following death or disability (as defined in the IRC) 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. The Distributor 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 IRC. 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 IRC), 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. |
● | Redemptions that are mandatory withdrawals from a traditional IRA account after age 70½. |
PricewaterhouseCoopers LLP, 1100 Walnut, Suite 1300, Kansas City, Missouri 64106, served as the independent registered public accounting firm for the Predecessor Funds. PricewaterhouseCoopers LLP audited the Predecessor Funds’ annual financial statements. The Funds’ management anticipates proposing that the Audit Committee and Board of Trustees of Touchstone Strategic Trust select PricewaterhouseCoopers LLP to audit the financial statements for the Funds for their upcoming fiscal year.
● | The ratings do not predict a specific percentage of default likelihood over any given time period. |
● | The ratings do not opine on the market value of any issuer’s securities or stock, or the likelihood that this value may change. |
● | The ratings do not opine on the liquidity of the issuer’s securities or stock. |
● | The ratings do not opine on the possible loss severity on an obligation should an obligation default. |
● | The ratings do not opine on any quality related to an issuer or transaction’s profile other than the agency’s opinion on the relative vulnerability to default of the rated issuer or obligation. |
● | 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. |
a. | the issuer has entered into a grace or cure period following non-payment of a material financial obligation; |
b. | the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or |
c. | Fitch otherwise believes a condition of “RD” or “D” to be imminent or inevitable, including through the formal announcement of a distressed debt exchange. |
a. | the selective payment default on a specific class or currency of debt; |
b. | the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; |
c. | the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or |
d. | execution of a distressed debt exchange on one or more material financial obligations. |
● | The ratings do not predict a specific percentage of default likelihood over any given time period. |
● | The ratings do not opine on the market value of any issuer’s securities or stock, or the likelihood that this value may change. |
● | The ratings do not opine on the liquidity of the issuer’s securities or stock. |
● | The ratings do not opine on the possible loss severity on an obligation should an issuer default. |
● | The ratings do not opine on the suitability of an issuer as a counterparty to trade credit. |
● | The ratings do not opine on any quality related to an issuer’s business, operational or financial profile other than the agency’s opinion on its relative vulnerability to default. |
● | 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. |
Proxy Voting |
● | An investment adviser must disclose to clients how they can obtain information on how client proxies were voted. |
● | A concise summation of the proxy voting process, rather than a reiteration of the adviser’s proxy voting policy and procedures must also be disclosed and that upon client request, the adviser will provide a copy of the policies and procedures. |
- | Proxy Voting Policies and Procedures; |
- | Proxy Statements Received Regarding Client Securities; |
- | Records of Votes Cast on Behalf of Clients; |
- | Records of Client Requests for Proxy Voting Information; and |
- | Any Documents Prepared by the Adviser that were Material to Making a Decision how to Vote, or that Memorialized the Basis for the Decision. |
● | DRZ does not maintain a written proxy voting policy as required by Rule 206(4)-6. |
● | Proxies are not voted in clients’ best interests. |
● | Proxies are not identified and voted in a timely manner. |
● | Conflicts between DRZ’s interests and the client are not identified; therefore, proxies are not voted appropriately. |
● | Proxy voting records and client requests to review proxy votes are not maintained. |
1. | DRZ shall maintain a list of all clients for which it votes proxies. The list will be maintained electronically and updated by the Compliance department who will obtain proxy voting information from client agreements. |
2. | DRZ shall work with the client to ensure that the Proxy Administrator is the designated party to receive proxy voting materials from companies or intermediaries. To that end, new account forms of broker-dealers/custodians will state that the Proxy Administrator should receive this documentation. The designation may also be made by telephoning contacts and/or client service representatives at broker-dealers/custodians. |
3. | The Proxy Administrator shall receive all proxy voting materials and will be responsible for ensuring that proxies are voted and submitted in a timely manner. The Compliance Department of DRZ shall receive and review current proxy information from the Proxy Administrator on a routine basis to ensure that all proxies are being received and voted. |
4. | The Proxy Administrator will review the list of clients and compare the record date of the proxies with a security holdings list for the security or company soliciting the proxy vote. |
5. | The Proxy Administrator will provide to the appropriate investment officers (portfolio managers) the proxy solicitations and materials for review if not covered by DRZ’s guidelines. |
6. | DRZ shall compare the cost of voting the proxy to the benefit to the client. In the event that the costs of voting appear to outweigh the benefits, DRZ shall document such rationale and maintain the documentation in the permanent file (for example, voting a foreign security may require additional costs that overshadow the benefits) in accordance with the Recordkeeping policy. The Proxy Administrator will then be notified accordingly. |
7. | The Proxy Administrator and/or the CCO or ACO will reasonably try to assess any material conflicts between DRZ’s interests and those of its clients with respect to proxy voting by considering the situations identified in the Conflicts of Interest section of this document. |
8. | So long as there is no material conflicts of interest identified, the Proxy Administrator will vote proxies according to the guidelines set forth above. DRZ may also elect to abstain from voting if it deems such abstinence in its clients’ best interests. The rationale for the occurrence of voting that deviates from the guidelines will be documented and the documentation will be maintained in the permanent file in accordance with the Recordkeeping policy. |
9. | If the Proxy Administrator, the CCO or the ACO (the “Compliance Officer”) detects a conflict of interest, the following process will be followed: |
a. | The Proxy Administrator, if the identifying party of the conflict will, as soon as reasonably practicable, contact the Compliance Officer of DRZ. |
b. | The Compliance Officer and a member of the DRZ Proxy Voting Committee (the “Committee”) will determine the appropriate method of resolution considering the nature of the conflict of interest, the proxy voting deadline, the number of clients involved and other material information related to the matter. |
c. | The Compliance Officer and appropriate investment personnel will either (i) with the assistance of the appropriate investment personnel, contact the client(s) directly for discussion of the matter and determine if the clients desire to vote the proxy directly or provide its vote to DRZ to vote on their behalf, or (ii) will convene the Committee. |
d. | If the Compliance Officer elects to contact the clients directly and the clients desire to vote the proxy or provide DRZ with their vote, the Compliance Officer and the Proxy Administrator will provide the clients with the proxy and related information to enable the clients to make an informed decision. |
e. | Alternatively, if the Compliance Officer concludes the matter should go before the Committee, he will immediately convene the Committee. Members of the Committee include the persons listed on Attachment A, none of which directly reports to another member of the Committee. The Compliance Officer will serve as chairperson. |
f. | The Compliance Officer, at inception of the Committee meeting, will appoint a Secretary, whose role it will be to keep careful and detailed minutes. |
g. | The Compliance Officer will identify for the Committee the issuer and proposal to be considered. The Compliance Officer will also identify the conflict of interest that has been detected. The Compliance Officer will also identify the vote that he believes is in the interest of shareholder value and the reasons why. |
h. | The members of the Committee will then consider the proposal by reviewing the proxy voting materials and any additional documentation a member(s) feels necessary in determining the appropriate vote. Members of the Committee may wish to consider the following questions: |
● | Whether adoption of the proposal would have a positive or negative impact on the issuer’s short term or long-term value. |
● | Whether the issuer has already responded in some appropriate manner to the request embodied in a proposal. |
● | Whether the proposal itself is well framed and reasonable. |
● | Whether implementation of the proposal would achieve the objectives sought in the proposal. |
● | Whether the issues presented would best be handled through government or issuer-specific action. |
i. | Upon the provision of a reasonable amount of time to consider the proposal, each member of the Committee will in turn announce to the Committee his decision on whether DRZ will vote for or against the proposal. Members of the Committee are prohibited from abstaining from the Committee vote and are prohibited from recommending that DRZ refrain from voting on the proposal, although “abstain” votes are permitted. The Secretary will record each member’s vote and the rationale for his decision. |
f. | After each member of the Committee has announced his vote, the Secretary will tally the votes. The tally will result in one of the following two outcomes: |
■ | If all members of the committee have voted in the same direction on the proposal, all of DRZ’s proxies for that proposal will be voted in such direction. The Secretary will document the unanimous vote and all minutes will be maintained in the permanent file in accordance with the Recordkeeping policy. |
■ | If a unanimous decision cannot be reached by the Committee, DRZ will, at its expense, engage the services of an outside proxy voting service or consultant who will provide an independent recommendation on the direction in which DRZ should vote on the proposal. The proxy voting service’s or consultant’s determination will be binding on DRZ. |
10. | The Proxy Administrator shall be informed of the results and shall collect and submit the proxy votes in a timely manner. |
11. | All proxy votes will be recorded on the attached DRZ Proxy Voting Record or in another suitable place. In either case, the following information will be maintained: |
1. | The name of the issuer of the portfolio security; |
2. | The exchange ticker symbol of the portfolio security; |
3. | The Council on Uniform Securities Identification Procedures (“CUSIP”) number for the portfolio security; |
4. | The shareholder meeting date; |
5. | The number of shares DRZ is voting on firm-wide; |
6. | A brief identification of the matter voted on; |
7. | Whether the matter was proposed by the issuer or by a security holder; |
8. | Whether or not DRZ cast its vote on the matter; |
9. | How DRZ cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); |
10. | Whether DRZ cast its vote with or against management; and |
11. | Whether any client requested an alternative vote of its proxy. |
■ | Conflict: DRZ retains an institutional client, or is in the process of retaining an institutional client that is affiliated with an issuer that is held in DRZ’s client portfolios. For example, DRZ may be retained to manage XYZ’s pension fund. XYZ is a public company and DRZ client accounts hold shares of XYZ. This type of relationship may influence DRZ to vote with management on proxies to gain favor with management. Such favor may influence XYZ’s decision to continue its advisory relationship with DRZ. |
■ | Conflict: DRZ retains a client, or is in the process of retaining a client that is an officer or director of an issuer that is held in DRZ’s client portfolios. The similar conflicts of interest exist in this relationship as discussed above. |
■ | Conflict: DRZ’s employees maintain a personal and/or business relationship (not an advisory relationship) with issuers or individuals that serve as officers or directors of issuers. For example, the spouse of a DRZ employee may be a high-level executive of an issuer that is held in DRZ’s client portfolios. The spouse could attempt to influence DRZ to vote in favor of management. |
■ | Conflict: DRZ or an employee(s) personally owns a significant number of an issuer’s securities that are also held in DRZ’s client portfolios. For any number of reasons, an employee(s) may seek to vote proxies in a different direction for his/her personal holdings than would otherwise be warranted by the proxy voting policy. The employee(s) could oppose voting the proxies according to the policy and successfully influence the Proxy Administrator to vote proxies in contradiction to the policy. |
■ | Conflict: DRZ or its affiliates has a financial interest in the outcome of a vote, such as when DRZ receives distribution fees (i.e., Rule 12b-1 fees) from mutual funds that are maintained in client accounts and the proxy relates to an increase in 12b-1 fees. |
● | On a case-by-case basis, DRZ shall make the determination of whether it deems a proxy to be material. Among other things, DRZ may take the following factors into consideration when making this determination: the nature of the vote and the number of shares held in client accounts versus the total shares outstanding. |
● | If deemed to be material, DRZ will check to see if the proxy is for a security for which it files a Form 13G. |
● | If the proxy is deemed to be material and is for a security for which it files a Form 13G, DRZ shall then take steps to reconcile the number of proxies to the number of shares held in client accounts. |
■ | Any request, whether written (including e-mail) or oral, received by any employee of DRZ, must be promptly reported to the Compliance Officer. All written requests must be retained in the permanent file in accordance with the Recordkeeping policy. |
■ | The Compliance Officer will record the identity of the client, the date of the request, and the disposition (e.g., provided a written or oral response to client’s request, referred to third party, not a proxy voting client, other dispositions, etc.). |
■ | DRZ will make every effort to fulfill each individual client request for Proxy Voting information in the client’s prescribed format. In the event that DRZ cannot, and in order to facilitate the management of proxy voting record keeping process, and to facilitate dissemination of such proxy voting records to clients, the Compliance Officer may distribute to any client requesting proxy voting information the COMPLETE proxy voting record of DRZ for the period requested. |
■ | Furnish the information requested, free of charge, to the client within a reasonable time period (within 10 business days). Maintain a copy of the written record provided in response to client’s written (including e-mail) or oral request. The written response should be attached and maintained with the client’s written request, if applicable and maintained in the permanent file in accordance with the Recordkeeping policy. |
■ | Clients are permitted to request the proxy voting record for the 5 year period prior to their request. |
■ | This Proxy Voting Policy and Procedures |
■ | “Concise” Proxy Policy and Procedure separate disclosure document offered to clients annually. |
■ | Upon receipt of a proxy, copy or print a sample of the proxy statement or card and maintain the copy in a central file along with a sample of the proxy solicitation instructions. |
■ | DRZ Proxy Voting Record. |
■ | Documents prepared or created by DRZ that were material to making a decision how to vote, or that memorialized the basis for the decision. This includes Committee Minutes. |
■ | Documentation or notes or any communications received from third parties, other industry analysts, third party service providers, company’s management discussions, etc, that were material in the basis for the decision. |
■ | DRZ will ensure that Item 1D of Form ADV, Part II is updated as necessary to reflect: (i) all material changes to the Proxy Voting Policy and Procedures; and (ii) regulatory requirements. |
Member 1 | John D. Race |
Member 2 | Gregory M. DePrince |
Member 3 | Victor A. Zollo, Jr. |
v | BHMS’ Proxy Oversight Committee reviews and evaluates the data and recommendations provided by the proxy service along with its own internal research on each company to ensure that all votes are consistent with the Firm’s policies and are in the best interest of the beneficial owners. Every proxy vote must be approved by BHMS before submitting to the proxy service provider. |
v | The Proxy Oversight Committee includes two portfolio managers, five research analysts, one client service specialist and one proxy coordinator. Research analysts participate based on industry coverage. |
v | All proxies are voted uniformly in accordance with the Firm’s policies, including proxies of companies that are also clients, thereby eliminating any potential conflicts of interest. |
v | BHMS sends a daily electronic transfer of all stock positions to the proxy service provider. |
v | The proxy service provider identifies all accounts eligible to vote for each security and posts the proposals and research on its secure, proprietary online system. |
v | Any new or controversial issues are presented to the Proxy Oversight Committee for evaluation. |
v | Domestic Equity Accounts |
v | The proxy service provider verifies that every vote is received, voted, and recorded. |
v | BHMS sends a proxy report to each client, at least annually (or as requested by client), listing the number of shares voted and disclosing how each proxy was voted. |
v | All voting records are retained on the network, which is backed up daily. The proxy service provider retains records for seven years. |
v | BHMS’ guidelines addressing specific issues are available upon request by calling 214-665-1900 or by e-mailing: clientservices@barrowhanley.com. |
v | BHMS will identify any conflicts that exist between the interests of the Firm and the client by reviewing the relationship of the Firm with the issuer of each security to determine whether the Firm or any of its employees have any financial, business, or personal relationship with the issuer. |
v | If a material conflict of interest exists, the proxy coordinator will determine whether it is appropriate to disclose the conflict with the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means, such as voting in a manner consistent with a predetermined voting policy or receiving an independent third party voting recommendation. |
v | BHMS will maintain a record of the voting resolution of any conflict of interest. |
v | The proxy coordinator retains the following proxy records in accordance with the SEC’s five-year retention requirement: |
♦ | These policies and procedures and any amendments; |
♦ | A record of each vote cast; and |
♦ | Any document BHMS created that was material to making a decision on how to vote proxies, or that memorializes that decision. |
(a) | Restated Agreement and Declaration of Trust dated May 19, 1993 and Amendment No. 1 dated May 24, 1994, Amendment No. 2 dated February 28, 1997 and Amendment No. 3 dated August 11, 1997, are herein incorporated by reference to Exhibit (b)(1) of Post-Effective Amendment No. 36 to Registrant’s Registration Statement on Form N-1A (File No. 002-80859), filed with the SEC on July 31, 1998. | |
(b) | Amendment No. 4 to Restated Agreement and Declaration of Trust dated February 12, 1998 and Amendments to Restated Agreement and Declaration of Trust dated March 16, 2000 and April 6, 2000 are herein incorporated by reference to Exhibit (a) of Post-Effective Amendment No. 42 to Registrant’s Registration Statement on Form N-1A (File No. 002-80859), filed with the SEC on August 1, 2000. | |
(c) | Amendments to Restated Agreement and Declaration of Trust dated September 21, 2000 and March 27, 2001 are herein incorporated by reference to Exhibit (a) of Post-Effective Amendment No. 45 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2001. | |
(d) | Amendment to Restated Agreement and Declaration of Trust dated August 28, 2002 is herein incorporated by reference to Exhibit (a) of Post-Effective Amendment No. 48 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on September 6, 2002. | |
(e) | Amendment to Restated Agreement and Declaration of Trust dated November 7, 2002 is herein incorporated by reference to Exhibit (a) of Post-Effective Amendment No. 49 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2003. | |
(f) | Amendment to Restated Agreement and Declaration of Trust dated April 14, 2004 is herein incorporated by reference to Exhibit (1) of Post-Effective Amendment No. 54 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 30, 2004. | |
(g) | Amendment to Restated Agreement and Declaration of Trust dated January 3, 2006 is herein incorporated by reference to Exhibit (a) of Post-Effective Amendment No. 60 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on March 1, 2006. |
(h) | Amendment to Restated Agreement and Declaration of Trust dated September 30, 2004 is herein incorporated by reference to Exhibit (a)(8) of Post-Effective Amendment No. 70 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on February 2, 2009. | |
(i) | Amendment to Restated Agreement and Declaration of Trust dated February 22, 2006 is herein incorporated by reference to Exhibit (a)(9) of Post-Effective Amendment No. 70 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on February 2, 2009. | |
(j) | Amendment to Restated Agreement and Declaration of Trust dated August 15, 2006 is herein incorporated by reference to Exhibit (a)(10) of Post-Effective Amendment No. 70 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on February 2, 2009. | |
(k) | Amendment to Restated Agreement and Declaration of Trust dated March 22, 2007 is herein incorporated by reference to Exhibit (a)(11) of Post-Effective Amendment No. 70 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on February 2, 2009. | |
(l) | Amendments to Restated Agreement and Declaration of Trust is herein incorporated by reference to Exhibit (1)(l) of Post Effective No. 1 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597), filed with the SEC on November 30, 2011. | |
(m) | Amendment to Restated Agreement and Declaration of Trust is herein incorporated by reference to Exhibit (a)(13) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. |
(a) | By-Laws and Amendments to By-Laws dated July 17, 1984 and April 5, 1989 are herein incorporated by reference to Exhibit (b)(2) of Post-Effective Amendment No. 36 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 31, 1998. |
(a) | Agreement and Plan of Reorganization with respect to Touchstone Growth Opportunities Fund, Touchstone Large Cap Growth Fund and Touchstone Value Fund is filed herewith. | |
(b) | Agreement and Plan of Reorganization with respect to Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund is filed herewith. | |
(c) | Agreement and Plan of Reorganization with respect to Touchstone Micro Cap Value Fund, Touchstone Small Company Value Fund, Touchstone International Value Fund and Touchstone Strategic Income Fund is filed herewith. |
(a) | Instruments Defining Rights of Security Holders are herein incorporated by reference to Exhibit (c) of Post-Effective Amendment No. 83 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 10, 2012. |
(a) | Advisory Agreement with Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit (d)(1) of Post-Effective Amendment No. 67 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2007. | |
(b) | Form of Amended and Restated Schedule I to the Advisory Agreement with Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit 28(d)(1)(b) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. | |
(c) | Amendment to the Advisory Agreement with Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit 28(d)(1)(c) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. | |
(d) | Sub-Advisory Agreement between Touchstone Advisors, Inc. and Westfield Capital Management Company, L.P. with respect to the Mid Cap Growth Fund is herein incorporated by reference to Exhibit (d)(3) of Post-Effective Amendment No. 73 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 29, 2010. | |
(e) | Sub-Advisory Agreement between Touchstone Advisors, Inc. and Navellier & Associates, Inc. for the Large Cap Growth Fund is herein incorporated by reference to Exhibit (d)(4) of Post-Effective Amendment No. 71 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 29, 2009. | |
(f) | Amendment to Sub-Advisory Agreement with Navellier & Associates, Inc. is herein incorporated by reference to Exhibit (d)(vi)(b) of Post-Effective Amendment No. 57 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 2, 2005. | |
(g) | Sub-Advisory Agreement between Touchstone Advisors, Inc. and Westfield Capital Management Company, L.P. with respect to the Growth Opportunities Fund is herein incorporated by reference to Exhibit (d)(11) of Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2008. | |
(h) | Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with respect to the Diversified Small Cap Growth Fund is herein incorporated by reference to Exhibit (d)(15) of Post-Effective Amendment No. 67 to Registrant’s Registration Statement on Form N-1A (File |
Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2007. | ||
(i) | Addendum to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with respect to the Diversified Small Cap Growth Fund is herein incorporated by reference to Exhibit (d)(16) of Post-Effective Amendment No. 67 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2007. | |
(j) | Addendum to Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fort Washington Investment Advisors, Inc. with respect to the Diversified Small Cap Growth Fund is herein incorporated by reference to Exhibit (d)(14) of Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2008. | |
(k) | Form of Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Ibbotson Associates, Inc. with respect to the Touchstone Balanced Allocation Fund, Touchstone Conservative Allocation Fund, Touchstone Growth Allocation Fund and Touchstone Moderate Growth Allocation Fund is herein incorporated by reference to Exhibit 6(k) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(l) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Analytic Investors, LLC with respect to the Touchstone Dynamic Equity Fund is herein incorporated by reference to Exhibit 6(l) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(m) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Analytic Investors, LLC with respect to the Touchstone U.S. Long/Short Fund is herein incorporated by reference to Exhibit 6(m) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(n) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Barrow, Hanley, Mewhinney & Strauss, LLC with respect to the Touchstone Value Fund is herein incorporated by reference to Exhibit 6(n) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(o) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Copper Rock Capital Partners, LLC with respect to the Touchstone International Small Cap Fund is herein incorporated by reference to Exhibit 6(o) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(p) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Copper Rock Capital Partners, LLC with respect to the Touchstone Emerging Growth Fund is herein incorporated by reference to Exhibit 6(p) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(q) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Thompson, Siegel & |
Walmsley LLC with respect to the Touchstone Mid Cap Value Opportunities Fund is herein incorporated by reference to Exhibit 6(q) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | ||
(r) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Thompson, Siegel & Walmsley LLC with respect to the Touchstone Small Cap Value Opportunities Fund is herein incorporated by reference to Exhibit 6(r) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(s) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Fort Washington Investment Advisers, Inc. with respect to the Touchstone Focused Fund is herein incorporated by reference to Exhibit 6(s) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(t) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Acadian Asset Management LLC with respect to the Touchstone International Equity Fund is herein incorporated by reference to Exhibit 6(t) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(u) | Sub-Advisory Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and Ashfield Capital Partners, LLC with respect to the Touchstone Capital Growth Fund is herein incorporated by reference to Exhibit 6(u) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(v) | Form of Sub-Advisory Agreement between Touchstone Advisors, Inc. and Fifth Third Asset Management, Inc. with respect to the Touchstone Micro Cap Value Fund and the Touchstone Strategic Income Fund is herein incorporated by reference to Exhibit (d)(20) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. | |
(w) | Form of Sub-Advisory Agreement between Touchstone Advisors, Inc. and DePrince, Race & Zollo, Inc. with respect to the Touchstone Small Company Value Fund is herein incorporated by reference to Exhibit (d)(21) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. | |
(x) | Form of Sub-Advisory Agreement between Touchstone Advisors, Inc. and Barrow, Hanley, Mewhinney & Strauss, LLC with respect to the Touchstone International Value Fund is herein incorporated by reference to Exhibit (d)(22) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. |
(a) | Distribution Agreement with Touchstone Securities, Inc. is herein incorporated by reference to Exhibit (e)(i) of Post-Effective Amendment No. 45 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2001. |
(b) | Form of Underwriter’s Dealer Agreement is herein incorporated by reference to Exhibit (e) of Post-Effective Amendment No. 56 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on September 10, 2004. |
(a) | Touchstone Trustee Deferred Compensation Plan is herein incorporated by reference to Exhibit (f) of Post-Effective Amendment No. 71 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 29, 2009. |
(a) | Custodian Agreement with Brown Brothers Harriman & Co. is herein incorporated by reference to Exhibit (g)(1) of Post-Effective Amendment No. 68 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2008. |
(a) | Registrant’s Plans of Distribution pursuant to Rule 12b-1 for Class A Shares and Class C Shares are herein incorporated by reference to Exhibit (m)(1) of Post-Effective Amendment No. 42 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2000. | |
(b) | Registrant’s Plan of Distribution pursuant to Rule 12b-1 for Class B Shares is herein incorporated by reference to Exhibit (m)(ii) of Post-Effective Amendment No. 45 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2001. | |
(c) | Registrant’s Plan of Distribution pursuant to Rule 12b-1 for Class A Shares with respect to the Touchstone Dynamic Equity Fund, Touchstone Emerging Growth Fund, Touchstone International Equity Fund, Touchstone Conservative Allocation Fund, Touchstone Balanced Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Growth Allocation Fund, Touchstone U.S. Long/Short Fund, Touchstone Value Fund, Touchstone International Small Cap Fund, Touchstone Capital Growth Fund, Touchstone Mid Cap Value Opportunities Fund, Touchstone Small Cap Value Opportunities Fund, Touchstone Focused Fund, Touchstone Micro Cap Value Fund, Touchstone Small Company Value Fund, Touchstone International Value Fund and Touchstone Strategic Income Fund is herein incorporated by reference to Exhibit (m)(3) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. | |
(d) | Registrant’s Plan of Distribution pursuant to Rule 12b-1 for Class C Shares with respect to the Touchstone Dynamic Equity Fund, Touchstone Emerging Growth Fund, Touchstone International Equity Fund, Touchstone Conservative Allocation Fund, Touchstone Balanced Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Growth Allocation Fund, Touchstone U.S. Long/Short Fund, Touchstone Value Fund, Touchstone International Small Cap Fund, Touchstone Capital Growth Fund, Touchstone Mid Cap Value Opportunities Fund, Touchstone Small Cap Value Opportunities Fund, Touchstone Focused Fund, Touchstone Micro Cap Value Fund, Touchstone Small Company Value Fund, Touchstone International Value Fund and Touchstone Strategic Income Fund is herein incorporated by reference to Exhibit (m)(4) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. |
(e) | Amended and Restated Rule 18f-3 Plan is herein incorporated by reference to Exhibit (n) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. |
(a) | Opinion of Pepper Hamilton LLP, as to legality of securities being registered, is filed herewith. |
(a) | Forms of Opinions of Pepper Hamilton LLP, as to certain tax consequences, is filed herewith. | |
(a) | Recordkeeping Agreement is herein incorporated by reference to Exhibit (h)(vii) of Post-Effective Amendment No. 51 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on March 5, 2004. | |
(b) | Amended Administration Agreement with Touchstone Advisors, Inc. dated January 1, 2007 is herein incorporated by reference to Exhibit (h)(8) of Post-Effective Amendment No. 67 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on August 1, 2007. | |
(c) | Sub-Administration and Accounting Services Agreement between Touchstone Advisors, Inc. and BNY Mellon Investment Servicing (US) Inc. is herein incorporated by reference to Exhibit (h)(3) of Post-Effective Amendment No. 83 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 10, 2012. | |
(d) | Amendment to the Sub-Administration and Accounting Services Agreement dated April 16, 2012 between Touchstone Advisors, Inc. and BNY Mellon Investment Servicing (US) Inc. is herein incorporated by reference to Exhibit 13(d) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(e) | Transfer Agency and Shareholder Services Agreement with BNY Mellon Investment Servicing (US) Inc. is herein incorporated by reference to Exhibit (h)(4) of Post-Effective Amendment No. 83 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 10, 2012. | |
(f) | Amendment to the Transfer Agency Agreement and Shareholder Services Agreement dated April 16, 2012 between the Registrant and BNY Mellon Investment Servicing (US) Inc. is herein incorporated by reference to Exhibit 13(f) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. |
(g) | State Filing Services Agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc., dated December 5, 2011 is herein incorporated by reference to Exhibit (h)(5) of Post-Effective Amendment No. 83 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 10, 2012. | |
(h) | Amended and Restated Schedule A to the State Filing Services Agreement dated April 16, 2012 between the Registrant and BNY Mellon Investment Servicing (US) Inc. is herein incorporated by reference to Exhibit 13(h) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(i) | Allocation Agreement for Allocation of Fidelity Bond Proceeds is herein incorporated by reference to Exhibit (h)(6) of Post-Effective Amendment No. 83 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 10, 2012. | |
(j) | Amended Expense Limitation Agreement with Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit (13)(h) of Form N-14 (File Nos. 333-168093 and 811-03651) filed with the SEC on July 14, 2010. | |
(k) | Amendment to Amended Expense Limitation Agreement with Touchstone Advisors, Inc. is herein incorporated by reference to Exhibit (h)(9) of Post-Effective Amendment No. 71 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on July 29, 2009. | |
(l) | Expense Limitation Agreement with Touchstone Advisors, Inc. with respect to the Touchstone Dynamic Equity Fund, Touchstone Emerging Growth Fund, Touchstone International Equity Fund, Touchstone Conservative Allocation Fund, Touchstone Balanced Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Growth Allocation Fund, Touchstone U.S. Long/Short Fund, Touchstone Value Fund, Touchstone International Small Cap Fund, Touchstone Capital Growth Fund, Touchstone Mid Cap Value Opportunities Fund, Touchstone Small Cap Value Opportunities Fund and Touchstone Focused Fund is herein incorporated by reference to Exhibit 13(l) of Post Effective No. 2 to Registrant’s Registration Statement on Form N-14 (File No. 333-177597) filed with the SEC on April 27, 2012. | |
(m) | Form of Expense Limitation Agreement with respect to Touchstone Micro Cap Value Fund, Touchstone Small Company Value Fund, Touchstone International Value Fund and Touchstone Strategic Income Fund is herein incorporated by reference to Exhibit (h)(10) of Post-Effective Amendment No. 85 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on June 8, 2012. | |
(n) | Form of Expense Limitation Agreement with respect to Touchstone Growth Opportunities Fund and Touchstone Large Cap Growth Fund is filed herewith. | |
(o) | Form of Expense Limitation Agreement with respect to Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund, Touchstone Conservative Allocation Fund and Touchstone Value Fund is filed herewith. |
(a) | Consent of Ernst & Young LLP is filed herewith. | |
(b) | Consents of PricewaterhouseCoopers LLP is filed herewith. |
(a) | Powers of Attorney are herein incorporated by reference to Exhibit (q) of Post-Effective Amendment No. 83 to Registrant’s Registration Statement on Form N-1A (File Nos. 002-80859 and 811-03651), filed with the SEC on April 10, 2012. |
(a)(i) | Statement of Additional Information (“SAI”) for the Touchstone Growth Opportunities Fund and Touchstone Large Cap Growth Fund filed with the SEC on July 29, 2011 with Post-Effective Amendment No. 76 (File Nos. 002-80859 and 811-03651) and incorporated herein by reference. | |
(a)(ii) | Supplement to the SAI dated November 29, 2011 filed with the SEC on November 29, 2011 (File Nos. 002-80859 and 811-03651) and incorporated herein by reference. | |
(b) | Definitive SAI for the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund filed with the SEC on April 13, 2012 pursuant to Rule 497 of the Securities Act of 1933, as amended, and incorporated herein by reference. | |
(c) | Definitive SAI for the Touchstone Value Fund filed with the SEC on April 13, 2012 pursuant to Rule 497 of the Securities Act of 1933, as amended, and incorporated herein by reference. | |
(d) | Audited financial statements with respect to the Touchstone Growth Opportunities Fund and Touchstone Large Cap Growth Fund filed with the SEC with the Registrant’s Certified Shareholder Report on Form N-CSR on June 1, 2012 and incorporated herein by reference. | |
(e) | Audited financial statements included in the Annual Report to Shareholders of Old Mutual Funds II with respect to the Old Mutual Barrow Hanley Value Fund (Predecessor Fund to the Touchstone Value Fund) filed with the SEC on June 5, 2012 and incorporated herein by reference (SEC Accession No. 0001137439-12-000148). | |
(f) | Audited financial statements included in the Annual Report to Shareholders of Old Mutual Funds I with respect to the Old Mutual Asset Allocation Growth Portfolio (Predecessor Fund to the Touchstone Growth Allocation Fund), Old Mutual Asset Allocation Moderate Growth Portfolio (Predecessor Fund to the Touchstone Moderate Growth Allocation Fund), Old Mutual Asset Allocation Balanced Portfolio (Predecessor Fund to the Touchstone Balanced Allocation Fund) and Old Mutual Asset Allocation |
Conservative Portfolio (Predecessor Fund to the Touchstone Conservative Allocation Fund) filed with the SEC on September 27, 2011 and incorporated herein by reference (SEC Accession No. 0001292278-11-000020). | ||
(g) | Unaudited financial statements included in the Semi-Annual Report to Shareholders of Old Mutual Funds I with respect to the Old Mutual Asset Allocation Growth Portfolio (Predecessor Fund to the Touchstone Growth Allocation Fund), Old Mutual Asset Allocation Moderate Growth Portfolio (Predecessor Fund to the Touchstone Moderate Growth Allocation Fund), Old Mutual Asset Allocation Balanced Portfolio (Predecessor Fund to the Touchstone Balanced Allocation Fund) and Old Mutual Asset Allocation Conservative Portfolio (Predecessor Fund to the Touchstone Conservative Allocation Fund) filed with the SEC on April 5, 2012 and incorporated herein by reference (SEC Accession No. 0001292278-12-000016). | |
(h) | Form of Proxy Card is filed herewith. |
Touchstone Strategic Trust | ||
By: | /s/ Jill T. McGruder | |
Jill T. McGruder | ||
President |
* | Trustee | June 15, 2012 | |||
Phillip R. Cox | |||||
* | Trustee | June 15, 2012 | |||
Donald C. Siekmann | |||||
* | Trustee | June 15, 2012 | |||
H. Jerome Lerner | |||||
* | Trustee | June 15, 2012 | |||
John P. Zanotti | |||||
* | Trustee | June 15, 2012 | |||
Susan J. Hickenlooper | |||||
/s/ Jill T. McGruder | Trustee and President | June 15, 2012 | |||
Jill T. McGruder | |||||
/s/ Terrie A. Wiedenheft | Controller, Treasurer and Principal Financial Officer | June 15, 2012 | |||
Terrie A. Wiedenheft | |||||
*By: | /s/ Terrie A. Wiedenheft | ||||
Terrie A. Wiedenheft | |||||
(Attorney-in-Fact Pursuant to Power of Attorney) |
EXHIBIT NO. | DESCRIPTION | |
(4)(a) | Agreement and Plan of Reorganization with respect to the Touchstone Growth Opportunities Fund, Touchstone Large Cap Growth Fund and Touchstone Value Fund. | |
(4)(b) | Agreement and Plan of Reorganization with respect to the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund and Touchstone Conservative Allocation Fund. | |
(4)(c) | Agreement and Plan of Reorganization with respect to the Touchstone Micro Cap Value Fund, Touchstone Small Company Value Fund, Touchstone International Value Fund and Touchstone Strategic Income Fund. | |
(11)(a) | Opinion of Pepper Hamilton LLP. | |
(12)(a) | Forms of Tax Opinions. | |
(13)(n) | Form of Expense Limitation Agreement with respect to the Touchstone Growth Opportunities Fund and Touchstone Large Cap Growth Fund. | |
(13)(o) | Form of Expense Limitation Agreement with respect to the Touchstone Growth Allocation Fund, Touchstone Moderate Growth Allocation Fund, Touchstone Balanced Allocation Fund, Touchstone Conservative Allocation Fund and Touchstone Value Fund. | |
(14)(a) | Consent of Ernst & Young LLP. | |
(14)(b) | Consents of PricewaterhouseCoopers LLP. | |
(17)(h) | Form of Proxy Card. |