0000914243-22-000065.txt : 20220614 0000914243-22-000065.hdr.sgml : 20220614 20220614160558 ACCESSION NUMBER: 0000914243-22-000065 CONFORMED SUBMISSION TYPE: N-14/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20220614 DATE AS OF CHANGE: 20220614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOUCHSTONE FUNDS GROUP TRUST CENTRAL INDEX KEY: 0000914243 IRS NUMBER: 680325521 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-14/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-254411 FILM NUMBER: 221014759 BUSINESS ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5133628000 MAIL ADDRESS: STREET 1: 303 BROADWAY STREET 2: SUITE 1100 CITY: CINCINNATI STATE: OH ZIP: 45202 FORMER COMPANY: FORMER CONFORMED NAME: CONSTELLATION FUNDS DATE OF NAME CHANGE: 20040412 FORMER COMPANY: FORMER CONFORMED NAME: ALPHA SELECT FUNDS DATE OF NAME CHANGE: 19981216 FORMER COMPANY: FORMER CONFORMED NAME: TIP INSTITUTIONAL FUNDS DATE OF NAME CHANGE: 19971205 CENTRAL INDEX KEY: 0000914243 S000042224 Touchstone Ares Credit Opportunities Fund C000131056 Class A TMARX CENTRAL INDEX KEY: 0000711080 S000035687 Touchstone Dynamic Diversified Income Fund C000109270 A TBAAX CENTRAL INDEX KEY: 0000914243 S000042224 Touchstone Ares Credit Opportunities Fund C000131057 Class C TMACX CENTRAL INDEX KEY: 0000711080 S000035687 Touchstone Dynamic Diversified Income Fund C000109271 C TBACX CENTRAL INDEX KEY: 0000914243 S000042224 Touchstone Ares Credit Opportunities Fund C000131058 Class Y TMAYX CENTRAL INDEX KEY: 0000711080 S000035687 Touchstone Dynamic Diversified Income Fund C000109273 Y TBAYX N-14/A 1 a1tfgt-ddi_creditoppsxform.htm N-14/A Document


As filed with the Securities and Exchange Commission on June 14, 2022
File No. 333-254411
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-14
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.  ☒ Post-Effective Amendment No. 1

(Check appropriate box or boxes)
Touchstone Funds Group Trust
(Exact Name of Registrant as Specified in Charter)
 
(800) 638-8194
(Area Code and Telephone Number)
 
303 Broadway, Suite 1100
Cincinnati, Ohio 45202
(Address of Principal Executive Offices: Number, Street, City, State, Zip Code)
 
 
E. Blake Moore, Jr.
303 Broadway, Suite 1100
Cincinnati, Ohio 45202
(Name and Address of Agent for Service)
 
Copies to:
 
Clair E. Pagnano, Esq.
K&L Gates LLP
One Lincoln Street
Boston, Massachusetts 02111-2950

Ndenisarya M. Bregasi, Esq.
K&L Gates LLP
1601 K Street, NW
Washington, D.C. 20006-1600 
image_0.jpg




EXPLANATORY NOTE

The Proxy Statement/Prospectus and Statement of Additional Information, each dated April 21, 2021 and in the form filed on April 21, 2021 pursuant to Rule 497(b) under the Securities Act of 1933, as amended (File No. 333-254411), constitute Part A and Part B of this Post-Effective Amendment No. 1 and are incorporated herein by reference.

This amendment is being filed for the purpose of filing the executed tax opinion of K&L Gates LLP supporting the tax matters discussed in the Proxy Statement/Prospectus as Exhibit (12) to Part C of the Registration Statement.

PART C. OTHER INFORMATION

Item 15. Indemnification
Article VII of the Agreement and Declaration of Trust empowers the Trustees of the Trust, to the full extent permitted by law, to purchase with Trust assets insurance for indemnification from liability and to pay for all expenses reasonably incurred or paid or expected to be paid by a Trustee or officer in connection with any claim, action, suit or proceeding in which he or she becomes involved by virtue of his or her capacity or former capacity with the Trust.
 
Article VI of the By-Laws of the Trust provides that the Trust shall indemnify any person who was or is a party or is threatened to be made a party to any proceeding by reason of the fact that such person is or was an agent of the Trust, against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such proceeding if that person acted in good faith and reasonably believed his or her conduct to be in the best interests of the Trust. Indemnification will not be provided in certain circumstances, however, including instances of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the particular office involved.

Item 16. Exhibits
(1)(a)
  
(1)(b)
(1)(c)
(1)(d)
  
(1)(e)




(1)(f)
  
(1)(g)
  
(1)(h)
  
(1)(i)
 
(1)(j)
 
(1)(k)
  
(2)
  
(3)Not applicable
  
(4)Forms of Agreements and Plans of Reorganization are incorporated by reference to Exhibit A of Part A of this Registration Statement.
 
(5)
  
(6)(a)(i)
 
(6)(a)(ii)




(6)(b)
 
(6)(c)
 
(6)(d)
 
(6)(e)
 
(6)(f)
 
(6)(g)
  
(6)(h)
 
(6)(i)
 
(6)(j)




(6)(k)
 
(6)(l)
(6)(m)
(6)(n)
 
(6)(o)
(6)(p)
(7)(a)
 
(7)(b)
  
(8)
 
(9)



 
10(b)(i)
 
10(b)(ii)
  
(10)(c)
(10)(d)
(10)(e)(i)
 
(10)(e)(ii)
  
(11)
  
(12)
  
(13)(a)
 
(13)(b)
(13)(c)
  
(13)(d)(i)
 



(13)(d)(ii)
  
(13)(e)
(13)(f)(i)
 
(13)(f)(ii)
 
(13)(f)(iii)
 
(13)(g)(i)
 
(13)(g)(ii)
  
(13)(h)
(13)(i)
 
(13)(j)
(14)
  
(15)Not applicable.
  




Item 17. Undertakings
(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended (the “1933 Act”), the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3)  Insofar as indemnification for liability arising under the 1933 Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to Article VII of the Registrant’s Agreement and Declaration of Trust or Article VI of the Registrant’s By-Laws, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.






SIGNATURES
As required by the Securities Act of 1933, as amended, this post-effective amendment number 1 to the registration statement on Form N-14 has been signed on behalf of the Registrant, in the City of Cincinnati and State of Ohio on the 14th day of June, 2022.
 TOUCHSTONE FUNDS GROUP TRUST
  
 
By:/s/ E. Blake Moore, Jr.
 E. Blake Moore, Jr.
 President

As required by the Securities Act of 1933, as amended, this post-effective amendment number 1 to the registration statement on Form N-14 has been signed by the following persons in the capacities and on the dates indicated.
* Trustee 
June 14, 2022
Karen Carnahan    
     
* Trustee 
June 14, 2022
William C. Gale    
     
* Trustee 
June 14, 2022
Susan M. King    
* Trustee 
June 14, 2022
Susan J. Hickenlooper    
     
* Trustee June 14, 2022
Kevin A. Robie    
     
* Trustee 
June 14, 2022
William H. Zimmer III    
     
* Trustee 
June 14, 2022
Jill T. McGruder    
     
/s/ E. Blake Moore, Jr.
 President and Trustee 
June 14, 2022
E. Blake Moore, Jr    
/s/Terrie A. Wiedenheft Controller, Treasurer and Principal Financial Officer 
June 14, 2022
Terrie A. Wiedenheft    
* By:/s/ Terrie A. Wiedenheft  
 Terrie A. Wiedenheft 
 (Attorney-in-Fact Pursuant to Power of Attorney) 






EXHIBIT INDEX
(12) 
Opinion of K&L Gates LLP, as to certain tax consequences.


  

EX-99 2 a1-ex12reorgtaxopinionxtou.htm EX-99 Document
image_0.jpg
June 25, 2021
Touchstone Strategic Trust
303 Broadway, Suite 1100
Cincinnati, Ohio 45202

Touchstone Funds Group Trust
303 Broadway, Suite 1100
Cincinnati, Ohio 45202

Re:    Reorganization of Touchstone Dynamic Diversified Income Fund into Touchstone Credit Opportunities II Fund


Ladies and Gentleman:

You have requested our opinion regarding certain U.S. federal income tax consequences of the reorganization of Touchstone Dynamic Diversified Income Fund (the “Target Fund”), a series of Touchstone Strategic Trust (the “Target Trust”), a Massachusetts business trust, into the Touchstone Credit Opportunities II Fund (the “Acquiring Fund,” and collectively with the Target Fund, the “Funds” and each a “Fund”), a series of Touchstone Funds Group Trust (the “Acquiring Trust”), a Delaware statutory trust.

Pursuant to a reorganization (the “Reorganization”), the Acquiring Fund will acquire substantially all of the assets and assume all of the liabilities of the Target Fund in exchange solely for shares of beneficial interest in the Acquiring Fund (“Acquiring Fund Shares”) pursuant to an Agreement and Plan of Reorganization (“Agreement”) entered into by the Acquiring Fund, the Target Fund, and Touchstone Advisors, Inc. (for purposes of paragraph 9.1 only of the Agreement). Specifically, the Funds have requested our opinion that the consummation of the Reorganization will qualify as a “reorganization” (as defined in section 368(a)).1

In rendering this opinion, we have examined (1) the Agreement and (2) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, “Documents”). We have assumed, for purposes hereof, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact material to this opinion, we have relied, exclusively and without independent
1 All “section” references are to the Internal Revenue Code of 1986, as amended (the “Code”), unless otherwise noted, and all “Treas. Reg. §” references are to the regulations under the Code (“Regulations”).


K&L GATES LLP
300 SOUTH TRYON STREET SUITE 1000 CHARLOTTE NC 28202
T +1 704 331 7400 F +1 704 331 7598 klgates.com





Touchstone Strategic Trust
Touchstone Funds Group Trust
June 25, 2021
Page 2

verification (with your permission), on the representations and warranties set forth in the Agreement and on the statements and representations of officers and other representatives of the Acquiring Fund and the Target Fund (collectively, “Representations”). We have assumed that any Representation made based on “knowledge” or “to the knowledge and belief” (or similar qualifications) of any person or party is, and at the Closing Date (as defined in the Agreement) will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganization.

OPINION

    Based solely on the facts and Representations set forth in the reviewed Documents and the Representations of officers of the Target Trust and the Acquiring Trust, and conditioned on (i) those Representations being true on the Closing Date of the Reorganization and (ii) the Reorganization being consummated in accordance with the Agreement (without the waiver or modification of any terms or conditions thereof), our opinion with respect to the federal income tax consequences of the Reorganization is as follows.

    1.    The Reorganization will be a reorganization under section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund will each be a party to a reorganization under section 368(b) of the Code.

    2.    No gain or loss will be recognized by the Target Fund upon the transfer of substantially all of its assets to, and the assumption of substantially all of its liabilities by, the Acquiring Fund in exchange solely for Acquiring Fund Shares, followed by the distribution of those Acquiring Fund Shares to the Target Fund’s shareholders in liquidation of the Target Fund.

    3.    No gain or loss will be recognized by the Acquiring Fund on the receipt of the Target Fund's assets and the assumption of its liabilities in exchange solely for the Acquiring Fund Shares.

    4.    The basis of the Target Fund's assets in the hands of the Acquiring Fund will be the same as the basis of such assets in the Target Fund's hands immediately prior to the Reorganization.

    5.    The Acquiring Fund's holding period in the assets to be received from the Target Fund will include the Target Fund's holding period in such assets (except where the Acquiring Fund’s investment activities have the effect of reducing or eliminating an asset’s holding period).






Touchstone Strategic Trust
Touchstone Funds Group Trust
June 25, 2021
Page 3

    6.    The Target Fund’s shareholders will recognize no gain or loss on the exchange of their shares of beneficial interest in the Target Fund (“Target Fund Shares”) for Acquiring Fund Shares in the Reorganization.
    7.    The Target Fund’s shareholders’ aggregate basis in the Acquiring Fund Shares to be received by them will be the same as their aggregate basis in the Target Fund Shares to be surrendered in exchange therefor.

    8.    The holding period of the Acquiring Fund Shares to be received by the Target Fund’s shareholders will include the holding period of the Target Fund Shares to be surrendered in exchange therefor, provided those Target Fund Shares were held as capital assets on the date of the Reorganization.

    Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the Internal Revenue Service (“Service”) in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect the conclusions expressed herein; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the Service or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon will not be challenged by the Service, and although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.

Our opinion addresses only the specific federal income tax consequences of the Reorganization set forth above and does not address any other federal, or any state, local, or foreign tax consequences of the Reorganization or any other action (including any taken in connection therewith). Our opinion also applies only if each Fund is solvent, and we express no opinion about the tax treatment of the transactions described herein if any Fund is insolvent. Finally, our opinion is solely for the information and use of the addressees and their shareholders and may not be relied on for any purpose by any other person without our express written consent.

Very truly yours,

/s/ K&L Gates LLP


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