(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:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[X] 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 INVESTMENTS
221 East Fourth Street, Suite 300
Cincinnati, Ohio 45202
Dear Valued Customer:
The proxy statement that accompanies this letter describes a proposal to elect
members to the Board of Trustees for each of the four Touchstone Trusts. You are
being asked to vote on the proposal. The Board of Trustees has approved the
proposal and recommends that you vote FOR the proposal.
The proxy statement contains details about each of the Trustees and the Board of
Trustees in general that are important for you to know. I urge you to take the
time to review it carefully. Your vote is important regardless of how many
shares you own.
Enclosed is a proxy statement that provides detailed information about these
important matters. Please read the proxy carefully and cast your vote promptly
using the enclosed card and potage-paid envelope, by phone using the toll-free
number or via the Internet. Your vote is important to us.
We appreciate your business and the trust you have placed in us. We look forward
to serving you for many years to come.
Sincerely,
/s/ Jill T. McGruder
Jill T. McGruder
President
Touchstone Investment Trust
Touchstone Strategic Trust
Touchstone Tax Free Trust
Touchstone Variable Series Trust
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
/s/ Tina H. Bloom
Tina H. Bloom
Secretary
December 17, 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.
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 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
2
owners or persons entitled to vote and the broker or nominee does not have
discretionary power.
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.
Touchstone Investment Trust 9 Trustees
Touchstone Strategic Trust 9 Trustees
Touchstone Tax- Free Trust 9 Trustees
Touchstone Variable Series Trust 10 Trustees
3
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 TRUSTEES1:
- -------------------------------------------------------------------------------------------------------------
NAME POSITION TERM OF PRINCIPAL OCCUPATION(S) NUMBER OTHER
ADDRESS HELD WITH OFFICE DURING PAST 5 YEARS OF FUNDS DIRECTORSHIPS
AGE TRUSTS AND OVERSEEN HELD
LENGTH IN THE
OF TIME TOUCHSTONE
SERVED2 FAMILY3
- -------------------------------------------------------------------------------------------------------------
Jill T. McGruder Trustee Until Senior Vice President 32 Director of
Touchstone and retirement of The Western and LaRosa's (a
Advisors, Inc. President at age 75 Southern Life Insurance restaurant chain).
221 East Fourth Street or until Company. President and
Cincinnati, OH she a director of IFS
Age: 49 resigns or Financial Services,
is removed Inc. (a holding
company). She is a
Trustee director of Capital
since 1999 Analysts Incorporated
(an investment advisor
and broker-dealer),
Integrated Fund
Services, Inc. (the
Trust's administrator
and transfer agent) and
IFS Fund Distributors,
Inc. (a broker-dealer),
- -------------------------------------------------------------------------------------------------------------
4
- -------------------------------------------------------------------------------------------------------------
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.
- -------------------------------------------------------------------------------------------------------------
John F. Barrett Trustee Until Chairman of the Board, 32 Director of The
The Western and retirement President and Chief Andersons (an
Southern Life Insurance at age 75 Executive Officer of agribusiness and
Company or until The Western and retailing
400 Broadway he resigns Southern Life Insurance company);
Cincinnati, OH or is Company, Western- Convergys
Age: 55 removed Southern Life Assurance Corporation (a
Company and Western & provider of
Trustee of Southern Financial integrated billing
the Group, Inc.; Director solutions and
Touchstone and Chairman of customer/employee
Investment Columbus Life Insurance care services) and
Trust, Company; Fort Fifth Third
Strategic Washington Investment Bancorp.
Trust and Advisors, Inc.,
Tax-Free Integrity Life
Trust Insurance Company and
since 2002. National Integrity Life
Trustee of Insurance Company;
Touchstone Director of Eagle
Variable Realty Group, Inc.,
Series Eagle Realty
Trust Investments, Inc.;
since 2000. Integrated Fund
Services, Inc. and IFS
Holdings, Inc.;
Director, Chairman and
CEO of WestAd, Inc.;
President and Trustee
of Western & Southern
Foundation.
- -------------------------------------------------------------------------------------------------------------
John R. Lindholm Trustee Until President and CEO of 15 Director of
Integrity Life for the retirement Integrity Life National Integrity
515 West Market Street Touchstone at age 75 Insurance Company; Life Insurance
Louisville, KY Variable or until President and CEO of Company and
Age: 55 Series he resigns National Integrity Life Integrity Life
Trust or is Company. President of Insurance Company.
only. removed Retail Business
Division for ARM
Trustee Financial Group, Inc.
since 2003 from 1996 to 2000.
- -------------------------------------------------------------------------------------------------------------
INDEPENDENT
TRUSTEES OR NOMINEES:
- -------------------------------------------------------------------------------------------------------------
Richard L. Brenan Nominee Until Retired Managing 32 Director of Wing
c/o Touchstone retirement Partner of KPMG, LLP (a Eyecare Companies.
Advisors, Inc. at age 75 certified public
221 East Fourth Street or until accounting firm).
Cincinnati, OH he resigns
Age: 60 or is
removed
- -------------------------------------------------------------------------------------------------------------
5
- -------------------------------------------------------------------------------------------------------------
J. Leland Brewster II Trustee Until Retired Senior Partner 32 Director of
c/o Touchstone retirement of Frost Brown Todd LLC Consolidated
Advisors, Inc. in 2005 or (a law firm). Health Services,
221 East Fourth Street until he Inc.
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 Federal Reserve
Advisors, Inc. at age 75 Cox Financial Corp. (a Bank of Cleveland;
221 East Fourth Street or until financial services Broadwing, Inc. (a
Cincinnati, OH he company). communications
Age: 56 resigns or company); and
is Cinergy
removed Corporation (a
utility company).
Trustee
since 1999
- -------------------------------------------------------------------------------------------------------------
H. Jerome Lerner Trustee Until Principal of HJL 32 None
c/o Touchstone retirement Enterprises (a
Advisors, Inc. at age 75 privately held
221 East Fourth Street or until investment company).
Cincinnati, OH he resigns
Age: 65 or 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 retirement DuroBag Manufacturing,
Advisors, Inc. at age 75 Co. (a paper bag
221 East Fourth Street or until manufacturer);
Cincinnati, OH he President of Shor
Age: 66 resigns or Foundation for Epilepsy
is removed Research; Trustee of
Riverfront Funds until
October 2004.
- -------------------------------------------------------------------------------------------------------------
Robert E. Stautberg Trustee Until Retired Partner of KPMG 32 Trustee of Good
c/o Touchstone retirement LLP (a certified public Samaritan
Advisors, Inc. at age 75 accounting firm). He Hospital, Bethesda
221 East Fourth Street or until is Vice President of Hospital and
Cincinnati, OH he resigns St. Xavier High School. Tri-Health, Inc.
Age: 70 or is
removed
Trustee
since 1999
- -------------------------------------------------------------------------------------------------------------
John P. Zanotti Trustee Until CEO and Chairman of 32 None
c/o Touchstone retirement Avaton, Inc. (a
Advisors, Inc. at age 75 wireless entertainment
221 East Fourth Street or until company). President of
Cincinnati, OH he resigns Cincinnati Biomedical
Age: 56 or is (a consulting company)
removed and a Director of Qmed
- -------------------------------------------------------------------------------------------------------------
6
- -------------------------------------------------------------------------------------------------------------
(a health care
Trustee management company).
since 2002 CEO 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.
company) from 1996
until 1999.
- -------------------------------------------------------------------------------------------------------------
1. 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.
2. Each Trustee is elected to serve until the age of 75 or after five
years of service, whichever is greater, or until he or she sooner dies,
resigns, or is removed.
3. The Touchstone Family of Funds consists of five series of Touchstone
Investment Trust, five series of Touchstone Tax-Free Trust, seven series
of Touchstone Strategic Trust, and fifteen variable annuity series of
Touchstone Variable Series Trust.
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-$100,000 none none
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
7
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
8
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
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
9
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
TOUCHSTONE INVESTMENT TRUST H. Donald C. Robert E.
Jerome Siekmann Stautberg
Lerner
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
10
- -------------------------------------------------------------------------------------------------------------
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 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
- --------------------------------------------------------------------------------------------
11
- --------------------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund none
- --------------------------------------------------------------------------------------------
Touchstone Value Plus Fund none
- --------------------------------------------------------------------------------------------
Touchstone Growth & Income Fund none
- --------------------------------------------------------------------------------------------
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% of the
regularly scheduled board and committee 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
12
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.
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
13
program and other compliance matters. The first meeting of Compliance Committee
took place on November 17, 2004.
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 COMMITTEE PRE-APPROVAL POLICIES. The Audit Committee's pre-approval
policies describe the types of audit, audit-related, tax and other services that
have the general pre-approval of the Audit Committee. The pre-approval policies
provide that annual audit service fees, tax services not specifically granted
pre-approval, services exceeding pre-approved cost levels and other services
that have not received general pre-approval will be subject to specific
pre-approval by the Audit Committee. The pre-approval policies further provide
that the Committee may grant general pre-approval to other audit services
(statutory audits and services associated with SEC registration statements,
periodic reports and other documents filed with the SEC or other documents
issued in connection with securities offerings), audit-related services
(accounting consultations related to accounting, financial reporting or
disclosure matters not classified as "audit services," assistance with
understanding and implementing new accounting and financial reporting guidance
from rulemaking authorities, agreed-upon or expanded audit procedures related to
accounting and/or billing records required to respond to or comply with
financial, accounting or regulatory reporting matters and assistance with
internal control reporting requirements under Form N-SAR and Form N-CSR), tax
services that have historically been provided by the auditor that the Committee
believes would not impair the independence of the auditor and are consistent
with the SEC's rules on auditor independence and permissible non-audit services
classified as "all other services" that are routine and recurring services.
All services described in the following paragraphs were approved by the Audit
Committee for each Trust as listed.
14
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.
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
15
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
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 INVESTMENT TRUST Jill T. McGruder John F. Barrett John R. Lindholm
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
16
- -------------------------------------------------------------------------------------------------------------
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****
- -------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------------
17
- -------------------------------------------------------------------------------------------------------------
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*
- -----------------------------------------------------------------------------------------------
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***
- -----------------------------------------------------------------------------------------------
18
- -----------------------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------
19
- -----------------------------------------------------------------------------------------------
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:
- --------------------------------------------------------------------------------------
NAME OF FUND OUTSTANDING SHARES
- --------------------------------------------------------------------------------------
TOUCHSTONE INVESTMENT TRUST
- --------------------------------------------------------------------------------------
Touchstone Core Bond Fund Class A 5975112.639
- --------------------------------------------------------------------------------------
Touchstone Core Bond Fund Class C 223819.581
- --------------------------------------------------------------------------------------
Touchstone High Yield Fund Class A 6964446.497
- --------------------------------------------------------------------------------------
Touchstone High Yield Fund Class B 923081.307
- --------------------------------------------------------------------------------------
Touchstone High Yield Fund Class C 1577651.654
- --------------------------------------------------------------------------------------
Touchstone Institutional U.S. Government Money Market
Fund 39829694.340
- --------------------------------------------------------------------------------------
Touchstone Money Market Fund 70386086.510
- --------------------------------------------------------------------------------------
Touchstone Money Market Fund Class S 97230636.280
- --------------------------------------------------------------------------------------
Touchstone U.S. Government Money Market Fund 43348840.460
- --------------------------------------------------------------------------------------
TOUCHSTONE STRATEGIC TRUST
- --------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund Class A 27431069.390
- --------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund Class B 3721357.290
- --------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund Class C 14981697.960
- --------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund Class A 4788600.131
- --------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund Class B 189,125.564
- --------------------------------------------------------------------------------------
Touchstone Growth Opportunities Fund Class C 1,430,918.551
- --------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund Class A * 982522.383
- --------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund Class B * 185,823.403
- --------------------------------------------------------------------------------------
Touchstone Large Cap Core Equity Fund Class C * 203461.015
- --------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class A 10678072.070
- --------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class B 358603.788
- --------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class C 1462772.756
- --------------------------------------------------------------------------------------
Touchstone Large Cap Growth Fund Class I 2132440.340
- --------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund Class A 2167882.580
- --------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund Class C 844299.417
- --------------------------------------------------------------------------------------
Touchstone Micro Cap Growth Fund Class I 10.111
- --------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class A 2416533.672
- --------------------------------------------------------------------------------------
20
- --------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class B 561634.929
- --------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class C 1231677.904
- --------------------------------------------------------------------------------------
Touchstone Small Cap Growth Fund Class I 2901477.305
- --------------------------------------------------------------------------------------
Touchstone Value Plus Fund Class A 7329979.770
- --------------------------------------------------------------------------------------
Touchstone Value Plus Fund Class B 89479.773
- --------------------------------------------------------------------------------------
Touchstone Value Plus Fund Class C 188893.100
- --------------------------------------------------------------------------------------
TOUCHSTONE TAX-FREE TRUST
- --------------------------------------------------------------------------------------
Touchstone California Tax-Free Money Market Fund 51523359.230
- --------------------------------------------------------------------------------------
Touchstone Florida Tax-Free Money Market Fund 28409685.120
- --------------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund Class A 6387942.464
- --------------------------------------------------------------------------------------
Touchstone Ohio Insured Tax-Free Fund Class C 778086.127
- --------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund 129866711.900
- --------------------------------------------------------------------------------------
Touchstone Ohio Tax-Free Money Market Fund -
Institutional 209639302.800
- --------------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund 16980386.760
- --------------------------------------------------------------------------------------
Touchstone Tax-Free Money Market Fund Class S 16323982.600
- --------------------------------------------------------------------------------------
TOUCHSTONE VARIABLE SERIES TRUST
- --------------------------------------------------------------------------------------
Touchstone Baron Small Cap Fund 1258588.145
- --------------------------------------------------------------------------------------
Touchstone Emerging Growth Fund 1643780.330
- --------------------------------------------------------------------------------------
Touchstone Third Avenue Value Fund 3940765.170
- --------------------------------------------------------------------------------------
Touchstone Eagle Capital Appreciation Fund 2639165.445
- --------------------------------------------------------------------------------------
Touchstone Enhanced Dividend 30 Fund 3180757.041
- --------------------------------------------------------------------------------------
Touchstone Value Plus Fund 1840095.775
- --------------------------------------------------------------------------------------
Touchstone Growth & Income Fund 3013548.071
- --------------------------------------------------------------------------------------
Touchstone Balanced Fund 1955278.963
- --------------------------------------------------------------------------------------
Touchstone High Yield Fund 4705726.589
- --------------------------------------------------------------------------------------
Touchstone Core Bond Fund 3826924.124
- --------------------------------------------------------------------------------------
Touchstone Money Market Fund 41302280.93
- --------------------------------------------------------------------------------------
Touchstone Money Market Class SC 27531937.55
- --------------------------------------------------------------------------------------
Touchstone Conservative ETF Fund 69995.129
- --------------------------------------------------------------------------------------
Touchstone Moderate ETF Fund 187970.735
- --------------------------------------------------------------------------------------
Touchstone Aggressive ETF Fund 344778.918
- --------------------------------------------------------------------------------------
Touchstone Enhanced ETF Fund 75945.679
- --------------------------------------------------------------------------------------
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.
- -------------------------------------------------------------------------------------------------------------
TOUCHSTONE INVESTMENT TRUST
- -------------------------------------------------------------------------------------------------------------
FUND NAME SHAREHOLDER SHARES PERCENTAGE
- -------------------------------------------------------------------------------------------------------------
Core Bond A WESTERN & SOUTHERN LIFE 1959313.071 32.79%
AND INSURANCE COMPANY
400 BROADWAY MS 80
CINCINNATI OH 45202
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TTEE
FASCORP RECORDS
8515 E ORCHARD 2T2
Core Bond A CENTENNIAL CO 80111 1480073.232 24.77%
- -------------------------------------------------------------------------------------------------------------
21
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Core Bond C JACKSONVILLE FL 32246 33707.491 15.06%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
400 BROADWAY
Core Bond C CINCINNATI OH 45202 18589.782 8.31%
- -------------------------------------------------------------------------------------------------------------
MCB TRUST SERVICES CUST
FBO
RIVERVIEW HOMES INC
700 17TH ST SUITE 300
Core Bond C DENVER CO 80202 18804.305 8.40%
- -------------------------------------------------------------------------------------------------------------
WESTERN & SOUTHERN LIFE
AND INSURANCE COMPANY
400 BROADWAY MS 80
High Yield A CINCINNATI OH 45202 3462509.922 49.72%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
400 BROADWAY
High Yield A CINCINNATI OH 45202 750905.78 10.78%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
High Yield B JACKSONVILLE FL 32246 147325.627 15.96%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
High Yield C JACKSONVILLE FL 32246 460224.169 29.17%
- -------------------------------------------------------------------------------------------------------------
22
- -------------------------------------------------------------------------------------------------------------
CINCINNATI PLAYHOUSE IN
THE PARK
Institutional US Gov't PO BOX 6537
Money CINCINNATI OH 45206 0537 3755346.16 9.43%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN LIFE
INS DECAIF
400 BROADWAY
CINCINATI OH
Money Market 45202 3561602.03 5.06%
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TTEE
FASCORP RECORDS
8515 E ORCHARD 2T2
Money Market CENTENNIAL CO 80111 13937626.02 19.80%
- -------------------------------------------------------------------------------------------------------------
NATIONAL FINANCIAL
SERVICES LLC
200 LIBERTY ST 1 WORLD
FINCL CTR
Money Market S NEW YORK NY 10281 97230636.28 100.00%
- -------------------------------------------------------------------------------------------------------------
BEAR STEARNS & CO INC
0377985817-MR3
1 METROTECH CTR NORTH
US Gov't Money Market BROOKLYN NY 11201 3859 4075401.86 9.40%
- -------------------------------------------------------------------------------------------------------------
TOUCHSTONE STRATEGIC TRUST
- -------------------------------------------------------------------------------------------------------------
FUND NAME SHAREHOLDER SHARES PERCENTAGE
- -------------------------------------------------------------------------------------------------------------
Emerging Growth A MLPF & S THE SOLE 3575152.154 13.03%
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
JACKSONVILLE FL 32246
- -------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB & CO INC
MUTUAL FNDS
CUST SPL CUSTODY BNFT
101 MONTGOMERY ST
Emerging Growth A SAN FRANCISCO CA 94104 2451299.917 8.94%
- -------------------------------------------------------------------------------------------------------------
23
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Emerging Growth B JACKSONVILLE FL 32246 581309.333 15.62%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Emerging Growth C JACKSONVILLE FL 32246 5600184.407 37.38%
- -------------------------------------------------------------------------------------------------------------
FIDELITY INVESTMENTS
INSTITUTIONAL
100 MAGELLAN WAY KW1C
Growth Opportunities A COVINGTON KY 41033 1593856.141 33.28%
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TTEE
FASCORP RECORDS
8515 E ORCHARD 2T2
Growth Opportunities A CENTENNIAL CO 80111 355158.235 7.42%
- -------------------------------------------------------------------------------------------------------------
WESTERN & SOUTHERN LIFE
AND INSURANCE COMPANY
400 BROADWAY MS 80
Large Cap Core Equity A CINCINNATI OH 45202 182603.745 18.59%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
400 BROADWAY
Large Cap Core Equity A CINCINNATI OH 45202 503336.756 51.23%
- -------------------------------------------------------------------------------------------------------------
MORGAN KEEGAN COMPANY
INC
FBO 720043691
50 NORTH FRONT STREET
Large Cap Core Equity C MEMPHIS TN 38103 12005.6 5.90%
- -------------------------------------------------------------------------------------------------------------
24
- -------------------------------------------------------------------------------------------------------------
MCB TRUST SERVICES CUST
FBO
RIVERVIEW HOMES INC
700 17TH STREET SUITE
300
Large Cap Core Equity C DENVER CO 80202 32594.981 16.02%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Large Cap Core Equity C JACKSONVILLE FL 32246 59717.394 29.35%
- -------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB & COMPANY
INC
BNFT DEPARTMENT
101 MONTGOMERY ST
Large Cap Growth A SAN FRANCISCO CA 94104 2319911.829 21.73%
- -------------------------------------------------------------------------------------------------------------
WESTERN & SOUTHERN LIFE
AND INSURANCE COMPANY
400 BROADWAY MS 80
Large Cap Growth A CINCINNATI OH 45202 543833.201 5.09%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE FLOOR
DR EAST 2RD
Large Cap Growth A JACKSONVILLE FL 32246 1167362.269 10.93%
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TTEE
FASCORP RECORDS
8515 E ORCHARD 2T2
Large Cap Growth A CENTENNIAL CO 80111 1310886.435 12.28%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
400 BROADWAY
CINCINNATI OH
Large Cap Growth A 45202 1407379.894 13.18%
- -------------------------------------------------------------------------------------------------------------
25
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Large Cap Growth B JACKSONVILLE FL 32246 100696.93 28.08%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE FLOOR
DR EAST 2RD
Large Cap Growth C JACKSONVILLE FL 32246 711867.017 48.67%
- -------------------------------------------------------------------------------------------------------------
NEW YORK TRUST COMPANY
169 LACKAWANNA AVE
PARSIPPANY NJ
Large Cap Growth I 07054 2132434.887 100.00%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Micro Cap Growth A JACKSONVILLE FL 32246 341816.389 15.77%
- -------------------------------------------------------------------------------------------------------------
WESTERN & SOUTHERN LIFE
AND INSURANCE COMPANY
400 BROADWAY MS 80
Micro Cap Growth A CINCINNATI OH 45202 500000 23.06%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Micro Cap Growth C JACKSONVILLE FL 32246 158372.596 18.76%
- -------------------------------------------------------------------------------------------------------------
TOUCHSTONE ADVISORS SEED
ACCOUNT
221 E FOURTH ST STE 300
Micro Cap Growth I CINCINNATI OH 45202 10.111 100.00%
- -------------------------------------------------------------------------------------------------------------
26
- -------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB & CO INC
MUTUAL FNDS
CUST SPL C BNFT
101 MONTOGMERY ST
SAN FRANCISCO CA
Small Cap Growth A 94104 240566.973 9.96%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Small Cap Growth A JACKSONVILLE FL 32246 216781.851 8.97%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Small Cap Growth B JACKSONVILLE FL 32246 67677.647 12.05%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Small Cap Growth C JACKSONVILLE FL 32246 572707.674 46.50%
- -------------------------------------------------------------------------------------------------------------
PRUDENTIAL INVESTMENT
MANAGEMENT SER
FBO MUTUAL FUND CLIENTS
194 WOOD AVE SOUTH
Small Cap Growth I ISELIN NJ 08830 2376737.929 81.91%
- -------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB & CO INC
MUTUAL FNDS
CUST SPL C BNFT
101 MONTGOMERY ST
Small Cap Growth I SAN FRANCISCO CA 94104 524006.288 18.06%
- -------------------------------------------------------------------------------------------------------------
NFSC FEBO 479-515060
BANK OF NY C F AMER FDR
OF
1 WALL ST FL 12
Value Plus A NY NY 10286 0001 454449.536 6.20%
- -------------------------------------------------------------------------------------------------------------
27
- -------------------------------------------------------------------------------------------------------------
WESTERN & SOUTHERN LIFE
AND INSURANCE COMPANY
400 BROADWAY MS 80
Value Plus A CINCINNATI OH 45202 1240575.079 16.92%
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TTEE
FASCORP RECORDS
8515 E ORCHARD 2T2
Value Plus A CENTENNIAL CO 80111 1409148.713 19.22%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
400 BROADWAY
Value Plus A CINCINNATI OH 45202 1421857.256 19.40%
- -------------------------------------------------------------------------------------------------------------
NFSC FEBO 579-828750
CORP INC CASH
275 BROADHOLLOW RD
Value Plus A MELVILLE NY 11747 424386.163 5.79%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Value Plus B JACKSONVILLE FL 32246 6580.882 7.35%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
400 BROADWAY
Value Plus C CINCINNATI OH 45202 20081.944 10.63%
- -------------------------------------------------------------------------------------------------------------
WESTERN & SOUTHERN LIFE
AND INSURANCE COMPANY
400 BROADWAY MS 80
Value Plus C CINCINNATI OH 45202 28520.171 15.10%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE DR
EAST-2ND FLR
Value Plus C JACKSONVILLE FL 32246 21910.27 11.60%
- -------------------------------------------------------------------------------------------------------------
28
- -------------------------------------------------------------------------------------------------------------
TOUCHSTONE TAX - FREE TRUST
- -------------------------------------------------------------------------------------------------------------
FUND NAME SHAREHOLDER SHARES PERCENTAGE
- -------------------------------------------------------------------------------------------------------------
California Tax Free Money BEAR STEARNS & CO INC 3937929.95 7.64%
0337287411-617
1 METROTECH CTR NORTH
BROOKLYN NY 11201 3859
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TRUST
38 FOUNTAIN SQUARE PLZ
Florida Tax Free Money 1090F1
Market CINCINNATI OH 45263 21261731 75.93%
- -------------------------------------------------------------------------------------------------------------
MILTON R PSATY
TRST THE MILTON PSATY
REV LIV'G TRU
Florida Tax Free Money 3170 S OCEAN BLVD
Market PALM BEACH FL 33480 1550004.47 5.46%
- -------------------------------------------------------------------------------------------------------------
KATE NUCCI
ROBERT C NUCCI
Florida Tax Free Money 602 GUISANDO DE AVILA
Market TAMPA FL 33613 1519174.48 5.35%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE FLOOR
Ohio Insured Tax Free Fund DR EAST 2RD
A JACKSONVILLE FL 32246 563314.982 8.82%
- -------------------------------------------------------------------------------------------------------------
MLPF & S THE SOLE
BENEFIT OF
FOR IT'S CUSTOMERS
4800 DEER LAKE FL DR
Ohio Insured Tax Free Fund EAST 3RD
C JACKSONVILLE FL 32246 85505.171 10.99%
- -------------------------------------------------------------------------------------------------------------
29
- -------------------------------------------------------------------------------------------------------------
NFSC FEBO AK3-991120
CHRISTOPHER G SMITH
Ohio Insured Tax Free Fund PO BOX 291
C LEDBETTER KY 42058 49391.352 6.35%
- -------------------------------------------------------------------------------------------------------------
NATIONAL FINANCIAL
SERVICES LLC
FOR EXCLUSIVE BENEFIT OR
OUR CUSTOMERS
200 LIBERTY ST 1 WORLD
FINCL CTR
Ohio Tax Free Money Market NEW YORK NY 10281 32289804.49 24.86%
- -------------------------------------------------------------------------------------------------------------
CORTLAND FINANCIAL
SERVICES AGT
FOR CUSTOMERS
600 5TH AVE
Ohio Tax Free Money Market NEW YORK NY 10020 2302 27920948.21 21.50%
- -------------------------------------------------------------------------------------------------------------
JOHN J CHESTER
65 E STATE ST SUITE 1000
Ohio Tax Free Money Market COLUMBUS OH 43215 9233181.26 7.11%
- -------------------------------------------------------------------------------------------------------------
FIFTH THIRD BANK TRUST
Ohio Tax Free Money Market 38 FOUNTAIN SQUARE PLZ
Institutional CINCINNATI OH 45202 3191 200618093.2 95.70%
- -------------------------------------------------------------------------------------------------------------
EDWARD A STRIKER
AND CAROL A STRIKER
9711 BENNINGTON DR
Tax Free Money Market CINCINNATI OH 45241 3618 2987200.29 17.59%
- -------------------------------------------------------------------------------------------------------------
NATIONAL FINANCIAL
SERVICES LLC
200 LIBERTY ST 1 WORLD
FINCL CTR
Tax Free Money Market S NEW YORK NY 10281 16323982.6 100.00%
- -------------------------------------------------------------------------------------------------------------
TOUCHSTONE VARIABLE SERIES
TRUST
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Growth & Income CINCINNATI OH 45202 1677649.154 55.67%
- -------------------------------------------------------------------------------------------------------------
30
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN 871525.038 28.92%
LIFE INSURANCE
MAILSTATION 80
SEPARATE ACCT A
400 BROADWAY
Growth & Income CINCINNATI OH 45202
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Growth & Income LOUISVILLE KY 40202 3333 257012.444 8.53%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Growth & Income LOUISVILLE KY 40202 3333 195642.329 6.49%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE 888879.628 23.23%
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Core Bond CINCINNATI OH 45202
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN 1825787.448 47.71%
LIFE INSURANCE
MAILSTATION 80
SEPARATE ACCT A
400 BROADWAY
Core Bond CINCINNATI OH 45202
- -------------------------------------------------------------------------------------------------------------
31
- -------------------------------------------------------------------------------------------------------------
COLUMBUS LIFE INSURANCE
COMPANY
MAILSTATION 80
SEPARATE ACCOUNT 1
400 BROADWAY
Core Bond CINCINNATI OH 45202 199172.454 5.20%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Core Bond LOUISVILLE KY 40202 3333 620329.345 16.21%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Core Bond LOUISVILLE KY 40202 3333 285456.826 7.46%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Emerging Growth CINCINNATI OH 45202 1037930.252 63.14%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Emerging Growth LOUISVILLE KY 40202 3333 425355.219 25.88%
- -------------------------------------------------------------------------------------------------------------
32
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Emerging Growth LOUISVILLE KY 40202 3333 110471.602 6.72%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Balanced CINCINNATI OH 45202 1091623.821 55.83%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Balanced LOUISVILLE KY 40202 3333 484039.253 24.76%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Balanced LOUISVILLE KY 40202 3333 244109.401 12.48%
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
ATTN MS 80- INVESTMENT
ACCOUNTING
400 BROADWAY
Balanced CINCINNATI OH 45202 126777.102 6.48%
- -------------------------------------------------------------------------------------------------------------
33
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Value Plus CINCINNATI OH 45202 406022.165 22.07%
- -------------------------------------------------------------------------------------------------------------
COLUMBUS LIFE INSURANCE
COMPANY
MAILSTATION 80
SEPARATE ACCOUNT 1
400 BROADWAY
Value Plus CINCINNATI OH 45202 249603.786 13.56%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Value Plus LOUISVILLE KY 40202 3333 778511.1 42.31%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Value Plus LOUISVILLE KY 40202 3333 316023.582 17.17%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
High Yield CINCINNATI OH 45202 1331560.184 28.30%
- -------------------------------------------------------------------------------------------------------------
COLUMBUS LIFE INSURANCE
COMPANY
MAILSTATION 80
SEPARATE ACCOUNT 1
400 BROADWAY
High Yield CINCINNATI OH 45202 268948.198 5.72%
- -------------------------------------------------------------------------------------------------------------
34
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
High Yield LOUISVILLE KY 40202 3333 1854078.863 39.40%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
High Yield LOUISVILLE KY 40202 3333 881912.273 18.74%
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN
LIFE INSURANCE
400 BROADWAY MS 80
High Yield CINCINNATI OH 45202 358481.602 7.62%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Enhanced Dividend 30 CINCINNATI OH 45202 178790.477 5.62%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Enhanced Dividend 30 LOUISVILLE KY 40202 3333 2024847.033 63.66%
- -------------------------------------------------------------------------------------------------------------
35
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN
LIFE INSURANCE
400 BROADWAY MS 80
Enhanced Dividend 30 CINCINNATI OH 45202 898386.978 28.24%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
400 BROADWAY
Money Market CINCINNATI OH 45202 8096012.16 19.60%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Money Market LOUISVILLE KY 40202 3333 19496937.03 47.21%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Money Market LOUISVILLE KY 40202 3333 13248875.21 32.08%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Baron Small Cap LOUISVILLE KY 40202 3333 727448.46 57.80%
- -------------------------------------------------------------------------------------------------------------
36
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET ST
Baron Small Cap LOUISVILLE KY 40202 3333 455692.928 36.21%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Third Avenue Value LOUISVILLE KY 40202 3333 2296716.662 58.28%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Third Avenue Value LOUISVILLE KY 40202 3333 998245.155 25.33%
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN
LIFE INSURANCE
400 BROADWAY MS 80
Third Avenue Value CINCINNATI OH 45202 442031.588 11.22%
- -------------------------------------------------------------------------------------------------------------
WESTERN-SOUTHERN LIFE
ASSURANCE COMP
MAILSTATION 80
SEPARATE ACCT 1
Touchstone Eagle Capital 400 BROADWAY
Appreciation CINCINNATI OH 45202 164477.817 6.23%
- -------------------------------------------------------------------------------------------------------------
37
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN
LIFE INSURANCE
MAILSTATION 80
SEPARATE ACCT A
Touchstone Eagle Capital 400 BROADWAY
Appreciation CINCINNATI OH 45202 351819.976 13.33%
- -------------------------------------------------------------------------------------------------------------
COLUMBUS LIFE INSURANCE
COMPANY
MAILSTATION 80
SEPARATE ACCOUNT 1
Touchstone Eagle Capital 400 BROADWAY
Appreciation CINCINNATI OH 45202 204030.404 7.73%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
Touchstone Eagle Capital 515 W MARKET STREET
Appreciation LOUISVILLE KY 40202 3333 1075153.871 40.74%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
Touchstone Eagle Capital 515 W MARKET STREET
Appreciation LOUISVILLE KY 40202 3333 401413.525 15.21%
- -------------------------------------------------------------------------------------------------------------
WESTERN AND SOUTHERN
LIFE INSURANCE
Touchstone Eagle Capital 400 BROADWAY MS 80
Appreciation CINCINNATI OH 45202 231522.099 8.77%
- -------------------------------------------------------------------------------------------------------------
38
- -------------------------------------------------------------------------------------------------------------
WESTERN SOUTHERN
FINANCIAL GROUP
ATTN MS 80- INVESTMENT
ACCOUNTING
Touchstone Eagle Capital 400 BROADWAY
Appreciation CINCINNATI OH 45202 210741.201 7.99%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Money Market Class SC LOUISVILLE KY 40202 3333 15825120.76 57.48%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Money Market Class SC LOUISVILLE KY 40202 3333 11705804.62 42.52%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY SEE
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Conservative ETF LOUISVILLE KY 40202 3333 10662.672 15.23%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Conservative ETF LOUISVILLE KY 40202 3333 7591.263 10.85%
- -------------------------------------------------------------------------------------------------------------
39
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY SEE
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Conservative ETF LOUISVILLE KY 40202 3333 51741.194 73.92%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Moderate ETF LOUISVILLE KY 40202 3333 74305.535 39.53%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Moderate ETF LOUISVILLE KY 40202 3333 113665.2 60.47%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY SEE
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Aggressive ETF LOUISVILLE KY 40202 3333 42374.541 12.29%
- -------------------------------------------------------------------------------------------------------------
NATIONAL INTEGRITY LIFE
INSURANCE CO
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Aggressive ETF LOUISVILLE KY 40202 3333 302404.377 87.71%
- -------------------------------------------------------------------------------------------------------------
40
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Enhanced ETF LOUISVILLE KY 40202 3333 29131.231 38.36%
- -------------------------------------------------------------------------------------------------------------
INTEGRITY LIFE INSURANCE
COMPANY SEE
ATTN CURTIS A SOUTHARD
ATTN PRODUCT ACCOUNTING
515 W MARKET STREET
Enhanced ETF LOUISVILLE KY 40202 3333 46814.448 61.64%
- -------------------------------------------------------------------------------------------------------------
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
41
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 Director Director
- -------------------------------------------------------------------------------------------------------------
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.
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
42
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.
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
43
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
44
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.
Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.
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.
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
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 PROXY
TOUCHSTONE INVESTMENT TRUST
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 this card.
Please sign, date and return.
________________________________________
Signature and Title, if applicable
________________________________________
Signature (if held jointly)
__________________________________, 2005
Date TVT_14624
PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE!
EVERY SHAREHOLDER'S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
FUND NAME
---------
Touchstone High Yield 1235.123
Touchstone Tax-Free Money Market 2547.541
Touchstone Value Plus 9852.147
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:
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.