(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14 (a) of the Securities
Exchange Act of 1934 (Amendment No.__)
Filed by the Registrant |X|
Filed by a Party other than the Registrant |_|
Check the appropriate box:
|X| Preliminary Proxy Statement
|_| Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
|_| Definitive Proxy Statement
Definitive additional materials
Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
TOUCHSTONE TAX FREE TRUST
(Name of Registrant as Specified in Its Charter/Declaration of Trust)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of filing fee (Check the appropriate box):
|X| No fee required.
|_| Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
|_| Fee paid previously with preliminary materials:
|_| Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount previously paid:
(2) Form, Schedule or Registration Statement no.:
(3) Filing Party:
(4) Date Filed:
TOUCHSTONE TAX FREE TRUST
221 East Fourth Street, Suite 300
Cincinnati, Ohio 45202
Touchstone Ohio Insured Tax-Free Fund
Touchstone Tax-Free Money Market Fund
Touchstone Ohio Tax-Free Money Market Fund
Touchstone California Tax-Free Money Market Fund
Touchstone Florida Tax-Free Money Market Fund
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
To Be Held on February 15, 2005
To the Shareholders of Touchstone Tax Free Trust:
NOTICE IS HEREBY GIVEN THAT a Special Meeting of the Shareholders of the
Touchstone Tax Free Trust (the "Trust"), a Massachusetts business trust, will be
held at the offices of the Trust, 221 East Fourth Street, Suite 300, Cincinnati,
Ohio, 45202 on February 15, 2005 at 10:00 a.m. Eastern Time and any adjournments
thereof (the "Special Meeting") for the following purposes:
1. To elect 9 Trustees to the Touchstone Tax-Free Trust.
The Board of Trustees has fixed the close of business on December 17, 2004
as the record date for determination of shareholders entitled to notice of and
to vote at the Special Meeting.
By order of the Board of Trustees
Tina H. Bloom
Secretary
_______________, 2004
SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE SPECIAL MEETING ARE REQUESTED TO
COMPLETE, SIGN, DATE AND RETURN THE ACCOMPANYING PROXY IN THE ENCLOSED ENVELOPE,
WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES, OR VOTE BY TELEPHONE.
INSTRUCTIONS FOR THE PROPER EXECUTION OF THE PROXY ARE SET FORTH IMMEDIATELY
FOLLOWING THIS NOTICE OR, WITH RESPECT TO TELEPHONE OR INTERNET VOTING, ON THE
PROXY CARD. IT IS IMPORTANT THAT THE PROXY BE RETURNED PROMPTLY. IT IS IMPORTANT
THAT THE PROXY BE RETURNED PROMPTLY.
INSTRUCTIONS FOR SIGNING PROXY CARDS
The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Trust involved in validating your
vote if you fail to sign your proxy card properly.
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
TOUCHSTONE INVESTMENT TRUST
TOUCHSTONE STRATEGIC TRUST
TOUCHSTONE TAX-FREE TRUST
TOUCHSTONE VARIABLE SERIES TRUST
221 East Fourth Street, Suite 300
Cincinnati, Ohio 45202
(800) 543-0407
SPECIAL MEETING OF SHAREHOLDERS
To be held on February 15, 2005
------------------------------------------
PROXY STATEMENT
------------------------------------------
This Proxy Statement is furnished in connection with the solicitation of proxies
by the Board of Trustees (the "Board") of the Touchstone Investment Trust, the
Touchstone Strategic Trust, the Touchstone Tax-Free Trust and the Touchstone
Variable Series Trust (each a "Trust" and collectively the "Trusts") for use at
the special meeting of shareholders to be held at 10:00 a.m. on February 15,
2005 (the "Meeting") and any adjournment(s) there of. The Meeting will be held
at the offices of the Trusts, 221 East Fourth Street, Suite 300, Cincinnati,
Ohio 45202 for the purpose of electing trustees to the Board.
This Proxy Statement is furnished to the shareholders of each specific Trust as
follows:
o The Touchstone Investment Trust, which consists of the Touchstone
Core Bond Fund, the Touchstone High Yield Fund, the Touchstone
Institutional U.S. Government Money Market Fund, the Touchstone
Money Market Fund, and the Touchstone U.S. Government Money Market
Fund (each a "Fund", and collectively the "Funds").
o The Touchstone Strategic Trust, which consists of the Touchstone
Emerging Growth Fund, the Touchstone Growth Opportunities Fund, the
Touchstone Large Cap Core Equity Fund, the Touchstone Large Cap
Growth Fund, the Touchstone Micro Cap Growth Fund, the Touchstone
Small Cap Growth Fund, and the Touchstone Value Plus Fund (each a
"Fund", and collectively the "Funds").
o The Touchstone Tax-Free Trust, which consists of the Touchstone
California Tax-Free Money Market Fund, the Touchstone Florida
Tax-Free Money Market Fund, the Touchstone Ohio Insured Tax-Free
Fund, the Touchstone Ohio Tax-Free Money Market Fund, and the
Touchstone Tax-Free Money Market Fund (each a "Fund", and
collectively the "Funds").
1
o The Touchstone Variable Series Trust, which consists of the
Touchstone Baron Small Cap Fund, the Touchstone Emerging Growth
Fund, the Touchstone Third Avenue Value Fund, the Touchstone Eagle
Capital Appreciation Fund, the Touchstone Enhanced Dividend 30 Fund,
the Touchstone Value Plus Fund, the Touchstone Growth & Income Fund,
the Touchstone Balanced Fund, the Touchstone High Yield Fund, the
Touchstone Core Bond Fund, the Touchstone Money Market Fund, the
Touchstone Money Market Class SC, the Touchstone Conservative ETF
Fund, the Touchstone Moderate ETF Fund, the Touchstone Aggressive
ETF Fund, and the Touchstone Enhanced ETF Fund (each a "Fund", and
collectively the "Funds").
This Proxy Statement, the Notice of Special Meeting and the proxy cards are
first being mailed to shareholders on or about December 27, 2004 or as soon as
practicable thereafter.
It is expected that the solicitation of proxies will be primarily by mail.
Supplementary solicitations may be made by mail, telephone, facsimile, internet
or personal contact by representatives of the Trusts. ALAMO Direct has been
engaged to assist in the distribution, tabulation and solicitation of proxies.
The anticipated cost of such services is approximately $180,000.00. All costs
associated with the preparation, filing and distribution of this Proxy
Statement, the solicitation and the meeting will be borne by the Funds of each
Trust, allocated based on the number of shareholder accounts in each fund.
Any shareholder submitting a proxy has the power to revoke it by attending and
voting in person at the Meeting, by mailing a notice of revocation to the
Secretary at the principal office of the Trusts, or by executing a superseding
proxy by telephone or through the internet to the Trust. All properly executed
proxies received before the Meeting will be voted as specified on the Proxy.
A majority of the outstanding shares of each Trust must be present in person or
by proxy to constitute a quorum for the transaction of business for each
respective Trust. If the necessary quorum to transact business or the vote
required to approve the proposal is not obtained at the Meeting, the persons
named as proxies on the proxy card may propose one or more adjournments of the
Meeting, in accordance with applicable law, to permit the further solicitation
of proxies. Any such adjournment would require the affirmative vote of a
majority of the shares voting on the adjournment. The persons named as proxies
will vote those proxies which they are entitled to vote in favor of the proposal
in favor of such adjournment, and will vote against any such adjournment those
proxies that they have been instructed to vote against the proposal. Abstentions
and "broker non-votes" are counted for purposes of determining whether a quorum
is present but do not represent votes cast with respect to a proposal. "Broker
non-votes" are shares held by a broker or nominee for which an executed proxy is
received by the Trust, but are not voted as to one or more proposals because
instructions have not been received from beneficial owners or persons entitled
to vote and the broker or nominee does not have discretionary power.
2
A copy of each Trust's annual report and unaudited semi annual report (for their
respective year ends as listed below) is available free of charge on the
Touchstone Funds website, www.touchstoneinvestments.com or by calling
800-543-0407.
Touchstone Investment Trust Fiscal year ended September 30, 2004
Touchstone Strategic Trust Fiscal year ended March 31, 2004
Touchstone Tax-Free Trust Fiscal year ended June 30, 2004
Touchstone Variable Series Trust Fiscal year ended December 31, 2003
SUMMARY OF PROPOSALS
Shareholders of record of the Funds within the Touchstone Investment Trust,
Touchstone Strategic Trust and Touchstone Tax-Free Trust at the close of
business on December 17, 2004 (the "Record Date") will be entitled to one vote
per share of each full share of the Trust, with proportionate voting for
fractional shares.
Shareholders of record of the Funds within the Touchstone Variable Series Trust
at the close of business on the Record Date will be entitled to one vote for
each dollar of net asset value of such series and each fractional dollar amount
shall be entitled to a proportionate fractional vote.
REQUIRED VOTE
Approval of Proposal 1 requires the affirmative vote of a plurality of the
shares of each Trust voting in person or by proxy at the Meeting. Shares
represented by proxies that reflect abstentions or broker non-votes will be
counted as shares that are present and entitled to vote on the matter for
purposes of determining the presence of a quorum.
BOARD OF TRUSTEES RECOMMENDATION
On November 18, 2004, the Board of Trustees, including a majority of the
Independent Trustees, met to review pertinent information on the nominees for
election to the Board of Trustees and unanimously determined to nominate Richard
L. Brenan and Donald C. Siekmann to serve on the Board, subject to the required
shareholder approval. The Board of Trustees of the Trusts recommends that each
nominee listed below be elected to serve as a Trustee until he or she ceases to
be a Trustee.
PROPOSAL 1: ELECTION OF TRUSTEES
At the Meeting, the following number of Trustees will be elected for each Trust.
3
Touchstone Investment Trust 9 Trustees
Touchstone Strategic Trust 9 Trustees
Touchstone Tax-Free Trust 9 Trustees
Touchstone Variable Series Trust 10 Trustees
The vote of a plurality of a Trust's shares represented at the Meeting is
required for the election of Trustees. As a Massachusetts business trust, the
Trusts are not required, and do not intend, to hold annual shareholder meetings
for the purpose of electing Trustees. Once elected, each Trustee shall serve
until the age of 75, or until he or she resigns or is removed as a Trustee.
Although the Trusts will not normally hold annual meetings of its shareholders,
they may hold shareholder meetings from time to time on important matters, and
shareholders have certain rights to call a meeting to remove a Trustee or to
take other action described in the Trusts' Declaration of Trusts. Also, if at
any time fewer than a majority of the Trustees holding office have been elected
by the shareholders, the Trustees then in office will promptly call a
shareholders' meeting for the purpose of electing Trustees.
It is intended that the enclosed proxy will be voted for the nominees listed
below unless such authority has been withheld in the proxy. Except for Richard
L. Brenan and Donald C. Siekmann, all nominees named below are currently
Trustees and have served in that capacity for as many years as indicated below.
The Nominating Committee of each Trust has nominated Mr. Brenan and Mr. Siekmann
to serve as Trustees of each Trust. Each of the current trustees oversees all of
the Funds of each Trust, with the exception of John R. Lindholm, who is only a
Trustee for the Touchstone Variable Series Trust and the Funds of that Trust.
- --------------------------------------------------------------------------------------------------------------------------------
Interested Trustees(1):
- --------------------------------------------------------------------------------------------------------------------------------
Name Position Term of Principal Occupation(s) Other
Address Held with Office During Past 5 Years Number Directorships
Age Trusts And of Funds Held
Length of Overseen
Time in the
Served Touchstone
Family
- --------------------------------------------------------------------------------------------------------------------------------
Jill T. McGruder Trustee and Until Senior Vice President of The 32 Director of LaRosa's
Touchstone President retirement Western and Southern Life (a restaurant chain).
Advisors, Inc. at age 75 or Insurance Company.
221 East Fourth Street until she President and a director of
Cincinnati, OH resigns or IFS Financial Services, Inc.
Age: 49 is removed (a holding company). She is
a director of Capital
Trustee Analysts Incorporated (an
since 1999 investment advisor and
broker-dealer), Integrated
Fund Services, Inc. (the
Trust's administrator and
transfer agent) and IFS Fund
Distributors, Inc. (a
broker-dealer), Touchstone
Advisors, Inc. (the Trust's
investment advisor) and
Touchstone Securities, Inc.
(the Trust's distributor).
She is also President and a
director of IFS Agency
Services, Inc. (an insurance
agency), W&S Financial Group
Distributors, Inc. and IFS
Systems, Inc. She is Senior
Vice President and a
director of Fort Washington
Brokerage Services, Inc. (a
broker-dealer). She is
President of Touchstone
Tax-Free Trust, Touchstone
Investment Trust, Touchstone
Variable Series Trust and
Touchstone Strategic Trust.
She was President of
Touchstone Advisors, Inc and
Touchstone Securities, Inc.
until 2004.
- --------------------------------------------------------------------------------------------------------------------------------
4
- --------------------------------------------------------------------------------------------------------------------------------
John F. Barrett Trustee Until Chairman of the Board, 32 Director of The
Trustee retirement President and Chief Andersons (an
The Western and Southern at age 75 or Executive Officer of The agribusiness and
Life Insurance Company until he Western and Southern Life retailing company);
400 Broadway resigns or Insurance Company, Western- Convergys Corporation
Southern Life Insurance is removed Southern Life Assurance (a provider of
Company; Director Company and Western & integrated billing
Cincinnati, OH Trustee of Southern Financial Group, solutions and
Company and Western- the Inc.; Director and Chairman customer/employee care
Eagle Realty Group, Touchstone of Columbus Life Insurance services) and Fifth
Age: 55 Investment Company; Fort Washington Third Bancorp.
Trust, Investment Advisors, Inc.,
Strategic Integrity Life Insurance
Trust and Company and National
Tax-Free Integrity Life Insurance
Trust since Company; Director of Eagle
2002. Realty Group, Inc., Eagle
Trustee of Realty Investments, Inc.;
Touchstone Integrated Fund Services,
Variable Inc. and IFS Holdings, Inc.;
Series Trust Director, Chairman and CEO
since 2000. of WestAd, Inc.; President
and Trustee of Western &
Southern Foundation.
- --------------------------------------------------------------------------------------------------------------------------------
John R. Lindholm Trustee for Until President and CEO of 15 Director of National
Integrity Life the retirement Integrity Life Insurance Integrity Life
515 West Market Street Touchstone at age 75 or Company; President and CEO Insurance Company and
Louisville, KY Variable until he of National Integrity Life Integrity Life
Age: 55 Series resigns or Company. President of Insurance Company.
Trust only. is removed Retail Business Division for
ARM Financial Group, Inc.
Trustee from 1996 to 2000.
since 2003
- --------------------------------------------------------------------------------------------------------------------------------
Independent
Trustees or Nominees:
- --------------------------------------------------------------------------------------------------------------------------------
Richard L. Brenan Nominee Until Retired Managing Partner of 32 Director of Wing
c/o Touchstone Advisors, retirement KPMG, LLP (a certified Eyecare Companies.
Inc. at age 75 or public accounting firm).
221 East Fourth Street until he
Cincinnati, OH resigns or
Age: 60 is removed
- --------------------------------------------------------------------------------------------------------------------------------
5
- --------------------------------------------------------------------------------------------------------------------------------
J. Leland Brewster II Trustee Until Retired Senior Partner of 32 Director of
c/o Touchstone retirement Frost Brown Todd LLC (a law Consolidated Health
Advisors, Inc. in 2005 or firm). Services, Inc.
221 East Fourth Street until he
Cincinnati, OH resigns or
Age: 76 is removed
Trustee
since 2000
- --------------------------------------------------------------------------------------------------------------------------------
Phillip R. Cox Trustee Until President and Chief 32 Director of the
c/o Touchstone retirement Executive Officer of Cox Federal Reserve Bank
Advisors, Inc. at age 75 or Financial Corp. (a financial of Cleveland;
221 East Fourth Street until he services company). Broadwing, Inc. (a
Cincinnati, OH resigns or communications
Age: 56 is removed company); and Cinergy
Corporation (a utility
Trustee company).
since 1999
- --------------------------------------------------------------------------------------------------------------------------------
H. Jerome Lerner Trustee Until Principal of HJL Enterprises 32 None
c/o Touchstone retirement (a privately held investment
Advisors, Inc. at age 75 or company).
221 East Fourth Street until he
Cincinnati, OH resigns or
Age: 65 is removed
Trustee of
the
Touchstone
Investment
Trust &
Touchstone
Tax-Free
Trust since
1981.
Trustee of
the
Touchstone
Strategic
Trust since
1989.
Trustee of
the
Touchstone
Variable
Series Trust
since 1999.
- --------------------------------------------------------------------------------------------------------------------------------
Donald C. Siekmann Nominee Until Executive Advisor for 32 None
c/o Touchstone Advisors, retirement DuroBag Manufacturing, Co.
Inc. at age 75 or (a paper bag manufacturer);
221 East Fourth Street until he President of Shor Foundation
Cincinnati, OH resigns or for Epilepsy Research;
Age: 66 is removed Trustee of Riverfront Funds
until October 2004.
- --------------------------------------------------------------------------------------------------------------------------------
Robert E. Stautberg Trustee Until Retired Partner of KPMG LLP 32 Trustee of Good
c/o Touchstone retirement (a certified public Samaritan Hospital,
Advisors, Inc. at age 75 or accounting firm). He is Bethesda Hospital and
221 East Fourth Street until he Vice President of St. Xavier Tri-Health, Inc.
Cincinnati, OH resigns or High School.
Age: 70 is removed
Trustee
since 1999
- --------------------------------------------------------------------------------------------------------------------------------
John P. Zanotti Trustee Until CEO and Chairman of Avaton, 32 None
c/o Touchstone retirement Inc. (a wireless
Advisors, Inc. at age 75 or entertainment company).
221 East Fourth Street until he President of Cincinnati
Cincinnati, OH resigns or Biomedical (a consulting
Age: 56 is removed company) and a Director of
Qmed (a health care
Trustee management company). CEO
since 2002 and Chairman of Astrum
Digital Information
(an information
monitoring company)
from 2000 until 2001;
President of Great
American Life
Insurance Company
from 1999 until 2000;
A Director of
Chiquita Brands
International, Inc.
until 2000; Senior
Executive of American
Financial Group, Inc.
(a financial services
company) from 1996
until 1999.
- --------------------------------------------------------------------------------------------------------------------------------
6
o Ms. McGruder, as a director of Touchstone Advisors, Inc., the
Trusts' investment advisor, and Touchstone Securities, Inc., the
Trusts' distributor and an officer of affiliates of the advisor and
distributor, is an "interested person" of the Trusts within the
meaning of Section 2(a)(19) of the Investment Company Act of 1940
(the "1940 Act"). Mr. Barrett, as President and Chairman of The
Western and Southern Life Insurance Company and Western-Southern
Life Assurance Company, parent companies of Touchstone Advisors,
Inc. and Touchstone Securities, Inc., Chairman of Fort Washington
Investment Advisors, Inc., a Trust sub-advisor and an officer of
other affiliates of the advisor and distributor is an "interested
person" of the Trusts within the meaning of Section 2(a)(19) of the
1940 Act. Mr. Lindholm, as President and CEO of Integrity Life
Insurance Company and National Integrity Life Insurance Company, is
an "interested person" of the Touchstone Variable Series Trust
within the meaning of Section 2(a)(19) of the 1940 Act.
The following tables set forth information describing the dollar range of shares
beneficially owned by each nominee or Trustee in each Fund and in all Funds in
the aggregate in the Touchstone Funds as of December 31, 2003.
INTERESTED TRUSTEES
- -------------------------------------------------------------------------------------------------------------
Touchstone Investment Trust Jill T. John F. John R.
McGruder Barrett Lindholm
- -------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
$50,001- none none
$100,000
- -------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund
$1 - $10,000 none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Institutional U.S. Government Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Money Market Fund
$10,001 - $1 - $10,000 none
$50,000
- -------------------------------------------------------------------------------------------------------------
Touchstone U.S. Government Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Strategic Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none $50,001 none
-$100,000
- -------------------------------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund
none Over $100,000 none
- -------------------------------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund
$1 - $10,000 none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none $50,001 none
-$100,000
- -------------------------------------------------------------------------------------------------------------
7
- -------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone California Tax-Free Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Florida Tax-Free Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Variable Series Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone Baron Small Cap Fund
none none $10,001
-$50,000
- -------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Third Avenue Value Fund
none none $10,001
-$50,000
- -------------------------------------------------------------------------------------------------------------
Touchstone Eagle Capital Appreciation Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Growth & Income Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Balanced Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Money Market Class SC
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Conservative ETF Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Moderate ETF Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Aggressive ETF Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Touchstone Enhanced ETF Fund
none none none
- -------------------------------------------------------------------------------------------------------------
Aggregate Dollar Range of Fund Shares in all Funds overseen in
the Touchstone Funds Over $100,000 Over $100,000 Over $100,000
- -------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES OR NOMINEES
- ---------------------------------------------------------------------------------------------------------------
Touchstone Investment Trust Richard L. Brenan J. Leland Phillip R.
Brewster II Cox
- ---------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Institutional U.S. Government Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone U.S. Government Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
8
- ---------------------------------------------------------------------------------------------------------------
Touchstone Strategic Trust
- ---------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none $10,001 none
-$50,000
- ---------------------------------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund
none $10,001 none
-$50,000
- ---------------------------------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none $1-$10,000 none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Trust
- ---------------------------------------------------------------------------------------------------------------
Touchstone California Tax-Free Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Florida Tax-Free Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Variable Series Trust
- ---------------------------------------------------------------------------------------------------------------
Touchstone Baron Small Cap Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Third Avenue Value Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Eagle Capital Appreciation Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Growth & Income Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Balanced Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Money Market Class SC
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Conservative ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Moderate ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Aggressive ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Enhanced ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Aggregate Dollar Range of Fund Shares in all Funds overseen
in the Touchstone Funds none $10,001 none
-$50,000
- ---------------------------------------------------------------------------------------------------------------
9
- ---------------------------------------------------------------------------------------------------------------
Touchstone Investment Trust H. Jerome Donald C. Robert E.
Lerner Siekmann Stautberg
- ---------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Institutional U.S. Government Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone U.S. Government Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Strategic Trust
- ---------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none none $10,001-$50,000
- ---------------------------------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund
none none $10,001-$50,000
- ---------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Trust
- ---------------------------------------------------------------------------------------------------------------
Touchstone California Tax-Free Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Florida Tax-Free Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund
Over none none
$100,000
- ---------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund
Over none none
$100,000
- ---------------------------------------------------------------------------------------------------------------
Touchstone Variable Series Trust
- ---------------------------------------------------------------------------------------------------------------
Touchstone Baron Small Cap Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Third Avenue Value Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Eagle Capital Appreciation Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Growth & Income Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Balanced Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Money Market Class SC
none none none
- ---------------------------------------------------------------------------------------------------------------
10
- ---------------------------------------------------------------------------------------------------------------
Touchstone Conservative ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Moderate ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Aggressive ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Touchstone Enhanced ETF Fund
none none none
- ---------------------------------------------------------------------------------------------------------------
Aggregate Dollar Range of Fund Shares in all Funds overseen
in the Touchstone Funds Over none $50,001-$100,000
$100,000
- ---------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Touchstone Investment Trust John P.
Zanotti
- --------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
$1-$10,000
- --------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Institutional U.S. Government Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone U.S. Government Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Strategic Trust
- --------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
$10,001
-$50,000
- --------------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund
$1-$10,000
- --------------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund
$1-$10,000
- --------------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Tax-Free Trust
- --------------------------------------------------------------------------------------------
Touchstone California Tax-Free Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Florida Tax-Free Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Variable Series Trust
- --------------------------------------------------------------------------------------------
Touchstone Baron Small Cap Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Third Avenue Value Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Eagle Capital Appreciation Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Value Plus Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Growth & Income Fund
none
- --------------------------------------------------------------------------------------------
11
- --------------------------------------------------------------------------------------------
Touchstone Balanced Fund
none
- --------------------------------------------------------------------------------------------
Touchstone High Yield Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Core Bond Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Money Market Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Money Market Class SC
none
- --------------------------------------------------------------------------------------------
Touchstone Conservative ETF Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Moderate ETF Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Aggressive ETF Fund
none
- --------------------------------------------------------------------------------------------
Touchstone Enhanced ETF Fund
none
- --------------------------------------------------------------------------------------------
Aggregate Dollar Range of Fund Shares in all Funds overseen in the
Touchstone Funds $10,001
-$50,000
- --------------------------------------------------------------------------------------------
A. General Information Regarding the Board of Trustees
Each Trust is governed by a Board of Trustees, which is responsible for
protecting the interests of the shareholders. The Trustees meet periodically
throughout the year to oversee the Trusts' activities, review performance and
review the actions of the Trusts' Advisors, which are responsible for the
Trusts' day-to-day operations. There were four regular meetings and no special
meetings held during the fiscal year ended September 30, 2004 for the Touchstone
Investment Trust; four regular meetings and no special meetings held during the
fiscal year ended March 31, 2004 for the Touchstone Strategic Trust; four
regular meetings and no special meetings held during the fiscal year ended June
30, 2004 for the Touchstone Tax-Free Trust; and four regular meetings and one
special meeting held during the 12 month period ended November 30, 2004 for the
Touchstone Variable Series Trust. Each Trustee attended at least 75% the
meetings for each Trust during the fiscal year. Since Annual Shareholder
Meetings are not required by open-end funds, there is no policy requiring
Trustees attendance, however, Trustee attendance is encouraged for all
shareholder meetings.
B. Committees of the Board of Trustees
The Board of Trustees for each trust has established four committees; Audit,
Valuation, Nominating and Compliance. There are three members of the Audit
Committee for each Trust: J. Leland Brewster II, H. Jerome Lerner and Robert E.
Stautberg, each of whom is an Independent Trustee. It is anticipated that Donald
C. Siekmann will serve on the Audit Committee if elected to the Board. Mr.
Stautberg serves as Chairman of the Audit Committee as well as the Audit
Committee Financial Expert. The Audit Committee furnishes the Board with
recommendations regarding the selection of the Trusts' independent auditors.
Other main functions of the Audit Committee include, but are not limited to:
reviewing the scope and results of audits and audit fees charged; reviewing
reports from the Trusts' independent auditors regarding the Trusts' internal
accounting procedures and controls; and establishing a separate line of
communication between the Trusts independent auditors and the Independent
Trustees. There were four regularly scheduled meetings of the Audit Committee
for each Trust during the 12-month period ended September 30, 2004.
12
There are two members of the Valuation Committee for each Trust: Phillip R. Cox
and John P. Zanotti, both Independent Trustees. It is anticipated that Richard
L. Brenan will serve on the Valuation Committee if elected to the Board. Phillip
R. Cox serves as Chairman of the Valuation Committee. The Valuation Committee
monitors and establishes policies concerning procedures and controls regarding
the valuation of fund investments and their classification as liquid or illiquid
and monitors matters of disclosure to the extent required to fulfill its
statutory responsibilities. There were four regularly scheduled meetings of the
Valuation Committee held for each Trust during the 12-month period ended
September 30, 2004.
There are three members of the Nominating Committee for each Trust: J. Leland
Brewster, Phillip R. Cox and Robert E. Stautberg, each of whom is an Independent
Trustees. The Nominating Committee has adopted a charter, which is available for
review by shareholders at www.touchstoneinvestments.com. The Nominating
Committee recommends to the full Board those persons to be nominated for
election as Trustees by shareholders and selects and proposes nominees for
election by Trustees between shareholder meetings. The Nominating Committee does
not normally consider candidates proposed by shareholders for election as
Trustees. The Board believes that the Committee through its resources can
identify qualified candidates for consideration as Independent Trustees. In
selecting qualified candidates, the Committee gathers a list of prospective
candidates. The Committee generally requires that any candidate be a highly
experienced, knowledgeable individual with experience either in the industry or
as directors or senior executives of companies. The Committee does consider
candidates recommended by current Trustees, including Interested Trustees. The
Committee meets privately with all candidates, questions a candidate's
references, and gathers background information, some of which may be from
independent sources. The Committee then meets to consider the potential nominees
and votes to make a nomination. There was one Nominating Committee meeting for
the 12 month period ended September 30, 2004.
There are three members of the Compliance Committee for each Trust: H. Jerome
Lerner, Phillip R. Cox and Robert E. Stautberg, each of who is an Independent
Trustee. It is anticipated that Richard L. Brenan will serve on the Compliance
Committee if elected to the Board. The Compliance Committee meets to discuss the
Funds compliance program and other compliance matters. The first meeting of
Compliance Committee took place on November 17, 2004.
13
There is no compensation committee for the Trusts. The Independent Trustees
review their compensation on a periodic basis.
Fund Shareholders who wish to send communications to the Board may do so by
sending an email to TI-Webmaster@touchstoneinvestments.com or by visiting the
"Contact Us" section at www.touchstoneinvestments.com , which will promptly be
forwarded to each Board member. However, the Secretary reserves the right not to
forward to the Trustees any abusive, threatening or otherwise inappropriate
materials. Alternatively, you may also contact Mr. Brian Hirsch, Vice President
and Chief Compliance Officer of the Trusts, at 221 East Fourth Street, Suite
300, Cincinnati, Ohio 45202.
Independent Accountants
Based on the Audit Committee's recommendation, the Board of Trustees of the
Trusts, including a majority of Independent Trustees, selected Ernst & Young LLP
as auditors to the Trusts during each Trust's current fiscal year.
Representatives from Ernst & Young LLP will not be attending this Shareholder
Meeting.
Audit Fees, Audit-Related Fees, Tax Fees and Other Fees. During the fiscal years
stated below for each Trust, Ernst & Young, LLP performed audit services for the
Trust including the audit of the Trust's financial statements, review of the
Trust's annual report and registration statement amendments, and reporting
matters.
Touchstone Investment Trust
---------------------------
Audit fees totaled $57,800 for the September 30, 2004 fiscal year and $59,400
for the September 30, 2003 fiscal year, including fees associated with the
annual audit and filings of the Trust's Form N-1A and Form N-SAR.
Audit-Related fees totaled $130,500 for the September 30, 2004 fiscal year, of
which $28,000 was for due diligence/merger services related to the merger of the
Intermediate Term U.S. Government Bond Fund into the Core Bond Fund. The
remaining $102,500 was for SAS 70 internal control reviews of the Trust's fund
accountant and transfer agent. Fees of $95,000 in the September 30, 2003 fiscal
year were consisted of SAS 70 control review of the registrant's fund accountant
and transfer agent.
Tax fees totaled $16,000 for the September 30, 2004 fiscal year and $21,000 for
the September 30, 2003 fiscal year and consisted of tax compliance services
during both periods.
There were no other fees for all other services during the September 30, 2004
and September 30, 2003 fiscal years.
Touchstone Strategic Trust
--------------------------
Audit fees totaled $68,900 for the March 31, 2004 fiscal year and $35,500 for
the March 31, 2003 fiscal year.
14
Audit-Related fees totaled $141,000 for the March 31, 2004 fiscal year, of which
$46,000 was for due diligence services for fund acquisitions and $95,000 was for
SAS 70 internal control reviews of the registrant's fund accountant and transfer
agent. Audit-Related fees totaled $90,000 for the March 31, 2003 fiscal year and
consisted of SAS 70 internal control review of the registrant's fund accountant
and transfer agent.
Tax fees totaled $15,000 for the March 31, 2004 fiscal year and $24,900 for the
March 31, 2003 fiscal year and consisted of tax compliance services during both
periods.
There are no other fees for the March 31, 2004 or March 31, 2003 fiscal years.
Touchstone Tax-Free Trust
-------------------------
Audit fees totaled $68,000 for the June 30, 2004 fiscal year and $76,400 for the
June 30, 2003 fiscal year.
Audit-Related fees totaled $135,800 for the June 30, 2004 fiscal year, of which
$36,000 was for due diligence/merger services for the fund mergers, $4,800 was
for accounting consultations and $95,000 was for SAS 70 internal control reviews
of the registrant's fund accountant and transfer agent. Audit-Related fees
totaled $90,000 for the June 30, 2003 fiscal year and consisted of SAS 70
internal control review of the registrant's fund accountant and transfer agent.
Tax fees totaled $16,000 for the June 30, 2004 fiscal year and $21,000 for the
June 30, 2003 fiscal year and were for tax compliance services during both
years.
There were no other fees for the June 30, 2004 or June 30, 2003 fiscal years.
Touchstone Variable Series Trust
--------------------------------
Audit fees totaled $95,700 for the December 31, 2003 fiscal year and $56,700 for
the December 31, 2002 fiscal year.
Audit-Related fees were approximately $95,000 and $90,000 in fiscal 2003 and
2002 for SAS 70 internal control reviews of the Trust's fund accountant and
transfer agent. Tax fees totaled $53,100 for the December 31, 2003 fiscal year
and $46,300 for the December 31, 2002 fiscal year and consisted of tax
compliance services during both years.
There were no other fees for the December 31, 2003 or the December 31, 2002
fiscal years.
C. Additional Information Regarding Trustees
15
The following table sets forth information describing the compensation of each
Trustee for his or her service for the following fiscal year end periods.
Touchstone Investment Trust Fiscal year ended September 30, 2004
Touchstone Strategic Trust Fiscal year ended March 31, 2004
Touchstone Tax-Free Trust Fiscal year ended June 30, 2004
Touchstone Variable Series Trust Fiscal year ended December 31, 2003
INTERESTED TRUSTEES
- -------------------------------------------------------------------------------------------------------------
Touchstone Jill T. McGruder John F. Barrett John R. Lindholm
Investment Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone Institutional N/A N/A N/A
U.S. Government Money
Market Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Money Market N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone U.S. Government N/A N/A N/A
Money Market Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Intermediate N/A N/A N/A
Term U.S. Government Bond
Fund*
- -------------------------------------------------------------------------------------------------------------
Touchstone
Strategic Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Growth N/A N/A N/A
Opportunities Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Large Cap Core N/A N/A N/A
Equity Fund**
- -------------------------------------------------------------------------------------------------------------
Touchstone Large Cap N/A N/A N/A
Growth Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Micro Cap N/A N/A N/A
Growth Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Small Cap N/A N/A N/A
Growth Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone International N/A N/A N/A
Equity Fund***
- -------------------------------------------------------------------------------------------------------------
Touchstone
Tax-Free Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone California N/A N/A N/A
Tax-Free Money Market Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Florida N/A N/A N/A
Tax-Free Money Market Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Ohio Insured N/A N/A N/A
Tax-Free Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free N/A N/A N/A
Money Market Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Tax-Free Money N/A N/A N/A
Market Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Tax Free N/A N/A N/A
Intermediate Fund****
- -------------------------------------------------------------------------------------------------------------
16
- -------------------------------------------------------------------------------------------------------------
Touchstone
Variable Series
Trust
- -------------------------------------------------------------------------------------------------------------
Touchstone Baron Small Cap N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Emerging Growth N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Third Avenue N/A N/A N/A
Value Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Eagle Capital N/A N/A N/A
Appreciation Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Enhanced N/A N/A N/A
Dividend 30 Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Value Plus Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone Growth & Income N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Balanced Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone High Yield Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone Core Bond Fund N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------
Touchstone Money Market N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Money Market N/A N/A N/A
Class SC
- -------------------------------------------------------------------------------------------------------------
Touchstone International N/A N/A N/A
Equity Fund***
- -------------------------------------------------------------------------------------------------------------
Touchstone Conservative N/A N/A N/A
ETF Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Moderate ETF N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Aggressive ETF N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Touchstone Enhanced ETF N/A N/A N/A
Fund
- -------------------------------------------------------------------------------------------------------------
Aggregate Dollar Range of N/A N/A N/A
Fund Shares in all Funds
overseen in the Touchstone
Funds
- -------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES OR NOMINEES
- -----------------------------------------------------------------------------------------------
Touchstone Richard J. Leland Phillip H. Jerome Donald Robert E. John P.
Investment Trust L. Brewster R. Cox Lerner C. Stautberg Zanotti
Brenan II Siekmann
- -----------------------------------------------------------------------------------------------
Touchstone Core
Bond Fund N/A $1,331.67 $1,460.84 $1,460.84 N/A $1,460.84 $1,373.33
- -----------------------------------------------------------------------------------------------
Touchstone High
Yield Fund
N/A $1,331.67 $1,460.84 $1,460.84 N/A $1,460.84 $1,373.33
- -----------------------------------------------------------------------------------------------
Touchstone
Institutional
U.S. Government N/A $1,331.67 $1,460.84 $1,460.84 N/A $1,460.84 $1,373.33
Money Market Fund
- -----------------------------------------------------------------------------------------------
Touchstone Money
Market Fund N/A $1,331.67 $1,460.84 $1,460.84 N/A $1,460.84 $1,373.33
- -----------------------------------------------------------------------------------------------
Touchstone U.S.
Government Money N/A $1,331.67 $1,460.84 $1,460.84 N/A $1,460.84 $1,373.33
Market Fund
- -----------------------------------------------------------------------------------------------
Touchstone
Intermediate Term N/A $916.67 $1,020.84 $1,020.84 N/A $1,020.84 $958.33
U.S. Government
Bond Fund*
- -----------------------------------------------------------------------------------------------
17
- -----------------------------------------------------------------------------------------------
Touchstone
Strategic Trust
- -----------------------------------------------------------------------------------------------
Touchstone
Emerging Growth N/A $1,135.72 $1,257.74 $1,257.74 N/A $1,262.15 $1,141.66
Fund
- -----------------------------------------------------------------------------------------------
Touchstone Growth
Opportunities Fund N/A $1,135.72 $1,257.74 $1,257.74 N/A $1,262.15 $1,141.66
- -----------------------------------------------------------------------------------------------
Touchstone Large
Cap Core Equity N/A $1,135.72 $1,257.74 $1,257.74 N/A $1,262.15 $1,141.66
Fund**
- -----------------------------------------------------------------------------------------------
Touchstone Large
Cap Growth Fund N/A $1,135.72 $1,257.74 $1,257.74 N/A $1,262.15 $1,141.66
- -----------------------------------------------------------------------------------------------
Touchstone Micro
Cap Growth Fund N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------
Touchstone Small
Cap Growth Fund N/A $1,135.72 $1,257.74 $1,257.74 N/A $1,262.15 $1,141.66
- -----------------------------------------------------------------------------------------------
Touchstone Value
Plus Fund N/A $1,135.72 $1,257.74 $1,257.74 N/A $1,262.15 $1,141.66
- -----------------------------------------------------------------------------------------------
Touchstone
International N/A $260.71 $278.57 $278.57 N/A $282.98 $224.99
Equity Fund***
- -----------------------------------------------------------------------------------------------
Touchstone
Tax-Free Trust
- -----------------------------------------------------------------------------------------------
Touchstone
California N/A $1,208.34 $1,333.34 $1,333.34 N/A $1,333.34 $1,250.00
Tax-Free Money
Market Fund
- -----------------------------------------------------------------------------------------------
Touchstone
Florida Tax-Free N/A $1,208.34 $1,333.34 $1,333.34 N/A $1,333.34 $1,250.00
Money Market Fund
- -----------------------------------------------------------------------------------------------
Touchstone Ohio
Insured Tax-Free N/A $1,208.34 $1,333.34 $1,333.34 N/A $1,333.34 $1,250.00
Fund
- -----------------------------------------------------------------------------------------------
Touchstone Ohio
Tax-Free Money N/A $1,208.34 $1,333.34 $1,333.34 N/A $1,333.34 $1,250.00
Market Fund
- -----------------------------------------------------------------------------------------------
Touchstone
Tax-Free Money N/A $1,208.34 $1,333.34 $1,333.34 N/A $1,333.34 $1,250.00
Market Fund
- -----------------------------------------------------------------------------------------------
Touchstone Tax
Free Intermediate N/A $1,208.34 $1,333.34 $1,333.34 N/A $1,333.34 $1,250.00
Fund****
- -----------------------------------------------------------------------------------------------
Touchstone
Variable Series
Trust
- -----------------------------------------------------------------------------------------------
Touchstone Baron
Small Cap Fund N/A $318.18 $340.90 $340.90 N/A $340.90 $318.18
- -----------------------------------------------------------------------------------------------
Touchstone
Emerging Growth N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
Fund
- -----------------------------------------------------------------------------------------------
Touchstone Third
Avenue Value Fund N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
- -----------------------------------------------------------------------------------------------
Touchstone Eagle
Capital N/A $926.50 $990.90 $990.90 N/A $990.90 $843.18
Appreciation Fund
- -----------------------------------------------------------------------------------------------
18
- -----------------------------------------------------------------------------------------------
Touchstone
Enhanced Dividend N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
30 Fund
- -----------------------------------------------------------------------------------------------
Touchstone Value N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
Plus Fund
- -----------------------------------------------------------------------------------------------
Touchstone Growth
& Income Fund N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
- -----------------------------------------------------------------------------------------------
Touchstone N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
Balanced Fund
- -----------------------------------------------------------------------------------------------
Touchstone High N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
Yield Fund
- -----------------------------------------------------------------------------------------------
Touchstone Core N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
Bond Fund
- -----------------------------------------------------------------------------------------------
Touchstone Money
Market Fund N/A $622.35 $665.90 $665.90 N/A $665.90 $580.68
- -----------------------------------------------------------------------------------------------
Touchstone Money
Market Class SC N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------
Touchstone
International N/A $304.16 $325.00 $325.00 N/A $325.00 $262.50
Equity Fund***
- -----------------------------------------------------------------------------------------------
Touchstone
Conservative ETF N/A N/A N/A N/A N/A N/A N/A
Fund
- -----------------------------------------------------------------------------------------------
Touchstone
Moderate ETF Fund N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------
Touchstone
Aggressive ETF N/A N/A N/A N/A N/A N/A N/A
Fund
- -----------------------------------------------------------------------------------------------
Touchstone
Enhanced ETF Fund N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------
Aggregate Dollar
Range of Fund
Shares in all
Funds overseen in N/A $29,050.08 $31,799.99 $31,799.99 N/A $31,830.86 $29,049.91
the Touchstone
Funds
- -----------------------------------------------------------------------------------------------
* Touchstone Intermediate Term U.S. Government Bond Fund merged into the
Touchstone Core Bond Fund as of May 21, 2004.
** Touchstone Large Cap Core Equity Fund changed its name from Touchstone
Enhanced 30 Fund as of September 27, 2004
*** Touchstone International Equity Fund closed as of July 28, 2003.
**** Touchstone Tax-Free Intermediate Fund merged into the Touchstone Ohio
Insured Tax Free Fund as of May 21, 2004.
D. Additional Information
Shares Outstanding
At the close of business on the Record Date, the number of outstanding shares of
beneficial interest for each of the Funds was as follows:
[Information to be inserted later]
- --------------------------------------------------------------------------------
Name of Fund Outstanding Shares
- --------------------------------------------------------------------------------
Touchstone Investment Trust
- --------------------------------------------------------------------------------
Touchstone Core Bond Fund Class A
- --------------------------------------------------------------------------------
Touchstone Core Bond Fund Class C
- --------------------------------------------------------------------------------
Touchstone High Yield Fund Class A
- --------------------------------------------------------------------------------
19
- --------------------------------------------------------------------------------
Touchstone High Yield Fund Class B
- --------------------------------------------------------------------------------
Touchstone High Yield Fund Class C
- --------------------------------------------------------------------------------
Touchstone Institutional U.S. Government
Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Money Market Fund Class S
- --------------------------------------------------------------------------------
Touchstone U.S. Government Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Strategic Trust
- --------------------------------------------------------------------------------
Touchstone Emerging Growth Fund Class A
- --------------------------------------------------------------------------------
Touchstone Emerging Growth Fund Class B
- --------------------------------------------------------------------------------
Touchstone Emerging Growth Fund Class C
- --------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund Class A
- --------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund Class B
- --------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund Class C
- --------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund Class A *
- --------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund Class B *
- --------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund Class C *
- --------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class A
- --------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class B
- --------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class C
- --------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class I
- --------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund Class A
- --------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund Class C
- --------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund Class I
- --------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class A
- --------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class B
- --------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class C
- --------------------------------------------------------------------------------
Touchstone Value Plus Fund Class A
- --------------------------------------------------------------------------------
Touchstone Value Plus Fund Class B
- --------------------------------------------------------------------------------
Touchstone Value Plus Fund Class C
- --------------------------------------------------------------------------------
Touchstone Tax-Free Trust
- --------------------------------------------------------------------------------
Touchstone California Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Florida Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund Class A
- --------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund Class C
- --------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund -
Institutional
- --------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund Class S
- --------------------------------------------------------------------------------
Touchstone Variable Series Trust
- --------------------------------------------------------------------------------
Touchstone Baron Small Cap Fund
- --------------------------------------------------------------------------------
Touchstone Emerging Growth Fund
- --------------------------------------------------------------------------------
Touchstone Third Avenue Value Fund
- --------------------------------------------------------------------------------
Touchstone Eagle Capital Appreciation Fund
- --------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund
- --------------------------------------------------------------------------------
Touchstone Value Plus Fund
- --------------------------------------------------------------------------------
Touchstone Growth & Income Fund
- --------------------------------------------------------------------------------
Touchstone Balanced Fund
- --------------------------------------------------------------------------------
Touchstone High Yield Fund
- --------------------------------------------------------------------------------
Touchstone Core Bond Fund
- --------------------------------------------------------------------------------
Touchstone Money Market Fund
- --------------------------------------------------------------------------------
Touchstone Money Market Class SC
- --------------------------------------------------------------------------------
Touchstone Conservative ETF Fund
- --------------------------------------------------------------------------------
Touchstone Moderate ETF Fund
- --------------------------------------------------------------------------------
Touchstone Aggressive ETF Fund
- --------------------------------------------------------------------------------
Touchstone Enhanced ETF Fund
- --------------------------------------------------------------------------------
* Touchstone Large Cap Core Equity Fund changed its name from Touchstone
Enhanced 30 Fund as of September 27, 2004
Share Ownership Information
As of the Record Date, the following chart lists those shareholders who
beneficially owned 5% or more of the outstanding shares of the indicated Funds,
and also shows the aggregate holdings of persons affiliated with the Funds and
the Advisor.
20
To be inserted.
As of the Record Date, the Trustees and Officers of the Trusts as a group owned
of record and beneficially less than 1% of the outstanding shares of each Trust
and of each Fund.
Investment Advisor and Other Service Providers
Touchstone Advisors, Inc., (the "Advisor") located at 221 East Fourth Street,
Suite 300, Cincinnati, Ohio 45202, serves as the investment advisor to all the
Trusts.
Touchstone Securities, Inc. (the "Underwriter") serves as the principal
underwriter of the shares of the Trusts. The address of Touchstone Securities is
221 East Fourth Street, Suite 300, Cincinnati, Ohio 45202.
Both the Advisor and the Underwriter are wholly owned subsidiaries of IFS
Financial Services, Inc., which is a wholly owned subsidiary of Western-Southern
Life Assurance Company ("WSLAC"). The address of WSLAC is 400 Broadway,
Cincinnati, Ohio 45202. WSLAC is a wholly owned subsidiary of The Western and
Southern Life Insurance company, a stock life insurance company originally
organized under the laws of the State of Ohio on February 23, 1888 ("WSLIC").
WSLIC is wholly owned by an Ohio-domiciled intermediate holding company,
Western-Southern Financial Group, Inc., which is wholly owned by an
Ohio-domiciled mutual insurance holding company, Western-Southern Mutual Holding
Company. WSLAC is in the business of issuing insurance and annuity contracts.
The following officers of the Trust hold positions with the Advisor and the
Underwriter.
- -------------------------------------------------------------------------------------------------------------
Name Position with Trust Position with Touchstone Position with Touchstone
Advisors Securities
- -------------------------------------------------------------------------------------------------------------
Jill T. McGruder President President President
- -------------------------------------------------------------------------------------------------------------
Terrie A. Wiedenheft Treasurer and Controller Chief Financial Officer Chief Financial Officer
- -------------------------------------------------------------------------------------------------------------
James H. Grifo Vice President President President
- -------------------------------------------------------------------------------------------------------------
William A. Dent Vice President Senior Vice President N/A
- -------------------------------------------------------------------------------------------------------------
Integrated Fund Services, Inc. ("Integrated") serves as the administrator, fund
accounting and transfer agent for the Trusts. The address of Integrated is 221
East Fourth Street, Suite 300, Cincinnati, Ohio 45202.
21
Certain Voting Matters for Touchstone Variable Series Trust
Shares of the Funds may be purchased by separate accounts of insurance
companies, including affiliated companies of the Trust, such as WSLAC, Columbus
Life Insurance Company ("Columbus") and Integrity Life Insurance Company
("Integrity"), for the purpose of funding variable annuity and variable life
insurance contracts. Pursuant to an order of exemption from the Securities and
Exchange Commission, shares of the Funds also may be purchased by separate
accounts of unaffiliated life insurance companies, qualified pension and
retirement plans outside the separate account context and the Advisor (including
its affiliates) and affiliated and unaffiliated investment managers (including
their affiliates) retained by the Advisor. WSLAC, Columbus, Integrity and other
affiliated and unaffiliated insurance companies permitted, through separate
accounts, to purchase shares of the Funds will be referred to collectively as
the "Participating Insurance Companies" and individually, as the context
requires as a " Participating Insurance Company."
Instructions from Contract Owners
Contract owners (collectively, the "Contract Owners") who select the Fund for
investment under a contract offered through a separate account of a
Participating Insurance Company do not invest directly in, or hold shares of,
the Fund. The Participating Insurance Companies, on behalf of their respective
separate accounts, are the shareholders of the Fund and, as the legal owner of
the Fund's shares, have sole voting and investment power with respect to the
shares. The Participating Insurance Companies generally will pass through any
voting rights to Contract Owners. Each Contract Owner, therefore, has the right
to instruct the Participating Insurance Company how to vote the Contract Owner's
interest with respect to the Proposal. Participating Insurance Companies will
vote the shares of the Fund held in the name of each of their respective
separate accounts as directed by the relevant Contract Owners.
The number of shares for which a Contract Owner may provide voting instructions
is calculated by determining, for the Fund's sub-account in each applicable
separate account, the percentage that represents a Contract Owner's investment
in the sub-account, and applying this percentage to the total number of Fund
shares that the sub-account owns.
In the event that any Contract Owner investing in the Fund through a separate
account fails to provide a Participating Insurance Company with voting
instructions, the Participating Insurance Company will vote the shares
attributable to each Contract Owner for, against or abstaining, in the same
proportions as the shares for which instructions have been received from other
Contract Owners investing through the Participating Insurance Company's separate
account. Shares of the Fund owned by Participating Insurance Companies also will
be voted in the same proportion as the share for which instructions have been
received from Contract Owners investing through the respective separate accounts
of these Participating Insurance Companies.
22
Under certain group contracts, participants in the group may be entitled to
provide voting instructions. A participant entitled to provide voting
instructions will be referred to as a "Voting Participant."
Any Contract Owner or Voting Participant authorizing a Participating Insurance
Company to vote shares attributable to that Contract Owner or Voting Participant
has the power to revoke this authorization (1) by executing and sending a
superseding authorization card to the Participating Insurance Company (at the
address provided by the Participating Insurance Company) or (2) by sending a
notice of revocation to the Participating Insurance Company (at the address
provided by the Participating Insurance Company). The superseding authorization
card or notice of revocation must be received by the Participating Insurance
Company on or before February 15, 2005.
Quorum
The presence in person or by proxy of the Fund's shareholders entitled to cast a
majority in number of votes is necessary to constitute a quorum for the
transaction of business. Because WSLAC and/or affiliate thereof is the legal
owner of a majority of the Fund's shares, there will be a quorum at the special
meeting regardless of how many Contract Owners direct WSLAC to vote on the
Proposal. If there are insufficient votes to approve a Proposal, the persons
named as proxies may propose one or more adjournments of the special meeting to
permit additional time for the solicitation of proxies, in accordance with
applicable law. Adjourned meetings must be held within a reasonable time after
the date originally set for the special meeting. Solicitation of votes may
continue to be made without any obligation to provide any additional notice of
the adjournment. The persons named as proxies will vote in favor of such
adjournment those proxies which they are entitled to vote in favor of the
Proposal and will vote against any such adjournment those proxies to be voted
against the Proposal.
Other Business
The Board knows of no other business to be brought before the Meeting. If other
business should properly come before the meeting, the proxy holders will vote
thereon in their discretion.
PLEASE COMPLETE THE ENLOSED PROXY CARD(S) AND RETURN THE CARD(S) BY FEBRUARY 15,
2005 IN THE ENCLOSED SELF-ADDRESSED, POSTAGE-PAID ENVELOPE.
By order of the Board of Trustees
Tina H. Bloom, Secretary
23
EVERY SHAREHOLDER'S VOTE IS IMPORTANT!
PLEASE SIGN, DATE AND RETURN YOUR VOTING INSTRUCTIONS TODAY!
Your Proxy Vote is important!
Now you can Vote your Proxy on the
PHONE or on the INTERNET.
Just follow these simple steps:
1. Read your proxy statement and
have it at hand.
2. Call toll-free 1-866-241-6192 or
go to website:
https://vote.proxy-direct.com.
3. Follow the recorded or on-screen
directions.
4. Do not mail your Proxy Card when
you vote by phone or via the
Internet.
Please detach at perforation before mailing.
PROXY TOUCHSTONE INVESTMENT TRUST PROXY
TOUCHSTONE STRATEGIC TRUST
TOUCHSTONE TAX-FREE TRUST
SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON FEBRUARY 15, 2005
The undersigned shareholder(s) of the referenced Touchstone Fund (the "Fund") of
the Touchstone Trust (the "Trust") hereby appoints Jay S. Fitton and Tina H.
Bloom, or any one of them true and lawful attorneys with power of substitution
of each, to vote all shares which the undersigned is entitled to vote, at the
Special Meeting of Shareholders of the Fund to be held on February 15, 2005, at
the offices of the Trust, 221 East Fourth Street, Suite 300, Cincinnati, Ohio
45202, at 10:00 a.m. local time, and at any adjournment thereof as indicated on
the reverse side. In its discretion, the Trust is authorized to vote upon such
other matters as may properly come before the meeting.
RECEIPT OF THE NOTICE(S) OF THE SPECIAL MEETING AND THE ACCOMPANYING PROXY
STATEMENT(S), AS APPLICABLE, IS HEREBY ACKNOWLEDGED. THE SHARES REPRESENTED
HEREBY WILL BE VOTED AS INDICATED OR FOR THE PROPOSAL IF NO CHOICE IS INDICATED.
VOTE VIA THE INTERNET: https://vote.proxy-direct.com
VOTE VIA THE TELEPHONE: 1-866-241-6192
-----------------------------------------------------
999 9999 9999 999
-----------------------------------------------------
Note: PLEASE SIGN EXACTLY AS YOUR NAME (S) APPEAR ON
THIS CARD. When signing as attorney, executor,
administrator, trustee, guardian or as custodian for
a minor please sign your name and give your full
title as such. If signing on behalf of a corporation
please sign the full corporate name and your name and
indicate your title. If you are a partner signing for
a partnership, please sign the partnership name, your
name and indicate your title. Joint owners should
each sign these instructions. Please sign, date and
return.
_____________________________________________________
Signature and Title, if applicable
_____________________________________________________
Signature (if held jointly)
_______________________________________________, 2005
Date
PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE
EVERY SHAREHOLDER'S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
FUND NAME
- ---------
[NAME OF FUND] [NUMBER OF SHARES OWNED]
Please detach at perforation before mailing.
SHARES HELD ON BEHALF OF THE SHAREHOLDER WILL BE VOTED AS INDICATED BELOW OR FOR
THE PROPOSAL IF NO CHOICE IS INDICATED.
The board of trustees recommends a vote FOR the following proposal.
PLEASE MARK BOXES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example: |X|
1. Election of Trustees FOR ALL WITHHOLD FOR ALL
Nominees: ALL EXCEPT
01 Jill T. McGruder 02 John F. Barrett 03 Richard L. Brenan
04 J. Leland Brewster II 05 Phillip R. Cox 06 H. Jerome Lerner |_| |_| |_|
07 Donald C. Siekmann 08 Robert E. Stautberg 09 John P. Zanotti
To withhold authority to vote for any individual nominee, mark the "For All
Except" box and write The nominee's number and name in the space provided below.
_________________________________________________________________
IMPORTANT: PLEASE SIGN AND DATE ON THE REVERSE SIDE BEFORE MAILING