Filed pursuant to Rule 497(b)

File No. 333-218333

SENTINEL GROUP FUNDS, INC.

One National Life DriveMontpelier, Vermont 05604 800-282-3863

July 27, 2017

Dear Shareholder:

The Board of Directors of Sentinel Group Funds, Inc., a Maryland corporation (“Sentinel Funds”), has called a joint special meeting of shareholders (the “Special Meeting”) of the series of Sentinel Funds listed in the table below under the heading Target Funds (each a “Target Fund” and collectively, the “Target Funds”) to be held at the offices of Sentinel Funds, One National Life Drive, Montpelier, Vermont 05604, on September 13, 2017 at 11:00 a.m., Eastern time. The purpose of the Special Meeting is to vote on an important proposal that affects your investment in your Target Fund.

On April 18, 2017, Sentinel Asset Management, Inc. (“Sentinel”) entered into an agreement to sell its mutual fund asset management business to Touchstone Advisors, Inc. (“Touchstone Advisors”), investment advisor to the Touchstone family of mutual funds and an indirect, wholly-owned subsidiary of Western & Southern Mutual Holding Company (the “Transaction”). Currently, Touchstone Advisors’ retail mutual fund platform includes 35 separate mutual funds that are managed by Touchstone Advisors and sub-advised by various institutional investment managers (the “Touchstone Funds”).

In connection with Sentinel’s decision to exit the mutual fund asset management business, Sentinel recommended and the Board of Directors of Sentinel Funds approved an Agreement and Plan of Reorganization with respect to each Target Fund pursuant to which the Target Fund would be reorganized (each, a “Reorganization” and collectively, the “Reorganizations”) into a corresponding Touchstone Fund as set forth in the table below under the heading Acquiring Funds (each, an “Acquiring Fund” and collectively, the “Acquiring Funds”).

Target Funds	Acquiring Funds
Sentinel Government Securities Fund	Touchstone Active Bond Fund, a series of Touchstone Funds Group Trust
Sentinel Total Return Bond Fund	Touchstone Active Bond Fund, a series of Touchstone Funds Group Trust
Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund, a series of Touchstone Funds Group Trust
Sentinel Multi-Asset Income Fund	Touchstone Flexible Income Fund, a series of Touchstone Strategic Trust
Sentinel Sustainable Core Opportunities Fund	Touchstone Sustainability and Impact Equity Fund, a series of Touchstone Strategic Trust
Sentinel Balanced Fund	Touchstone Balanced Fund, a newly created series of Touchstone Strategic Trust
Sentinel Common Stock Fund	Touchstone Large Cap Focused Fund, a newly created series of Touchstone Strategic Trust
Sentinel International Equity Fund	Touchstone International Equity Fund, a newly created series of Touchstone Strategic Trust
Sentinel Small Company Fund	Touchstone Small Company Fund, a newly created series of Touchstone Strategic Trust

The Board of Directors of Sentinel Funds believes that the proposed Reorganizations are in the best interests of the Target Funds and recommends that you vote FOR the proposed Reorganization of your Target Fund.

We have enclosed a Joint Proxy Statement/Prospectus that describes each Reorganization proposal in greater detail, as well as important information about the Acquiring Funds. Your vote is extremely important, so please read the entire Joint Proxy Statement/Prospectus. Please contact our proxy solicitor, Broadridge Financial Solutions, Inc., at 855-928-4492 with any questions.

Thank you for your consideration of this important proposal.

Sincerely,Lisa F. Muller Secretary, Sentinel Group Funds, Inc.

2

SENTINEL GROUP FUNDS, INC.

One National Life DriveMontpelier, Vermont 05604 800-282-3863

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON SEPTEMBER 13, 2017

To the Shareholders:

Notice is hereby given that a joint special meeting of shareholders of the series of Sentinel Group Funds, Inc., a Maryland corporation, identified in the table below (each, a “Target Fund” and collectively, the “Target Funds”) will be held at the offices of Sentinel Group Funds, Inc., One National Life Drive, Montpelier, Vermont 05604, on September 13, 2017 at 11:00 a.m., Eastern time, and any adjournment or postponement thereof (the “Special Meeting”).

At the Special Meeting, shareholders of each Target Fund will be asked to consider a proposal to approve an Agreement and Plan of Reorganization (the “Plan”) between Touchstone Strategic Trust or Touchstone Funds Group Trust, as applicable, on behalf of the applicable series thereof identified in the table below (each, an “Acquiring Fund” and collectively, the “Acquiring Funds”) and Sentinel Group Funds, Inc., on behalf of the applicable Target Fund, providing for (i) the transfer of all the assets of the Target Fund to the Acquiring Fund in exchange solely for shares of the Acquiring Fund as set forth in the table below and the assumption by the Acquiring Fund of the liabilities (other than certain excluded liabilities) of the Target Fund, as described in the Plan; (ii) the pro rata distribution, by class, to the Target Fund’s shareholders of the shares of the Acquiring Fund as set forth in the table below; and (iii) the termination of the Target Fund (each, a “Reorganization” and collectively, the “Reorganizations”).

Target Funds and Share Classes	Acquiring Funds and Corresponding Share Classes
Sentinel Government Securities Fund	Touchstone Active Bond Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Total Return Bond Fund	Touchstone Active Bond Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class R3	Class A
Class R6	Class Y
Class T	Class T
Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund
Class A	Class A
Class I	Class Y
Class S	Class S
Class T	Class T
Sentinel Multi-Asset Income Fund	Touchstone Flexible Income Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T

Target Funds and Share Classes	Acquiring Funds and Corresponding Share Classes
Sentinel Sustainable Core Opportunities Fund	Touchstone Sustainability and Impact Equity Fund
Class A	Class A
Class I	Class Y
Class T	Class T
Sentinel Balanced Fund	Touchstone Balanced Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Common Stock Fund	Touchstone Large Cap Focused Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class R6	Institutional Class
Class T	Class T
Sentinel International Equity Fund	Touchstone International Equity Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Small Company Fund	Touchstone Small Company Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class R6	Class R6
Class T	Class T

The Board of Directors of Sentinel Group Funds, Inc. has fixed the close of business on June 21, 2017 as the record date for the determination of shareholders entitled to notice of and eligible to vote at the Special Meeting.

Please complete, sign, date and return your proxy card in the postage paid return envelope or otherwise vote promptly regardless of the number of shares owned.

Even if you expect to attend the Special Meeting, shareholders are requested to complete, sign, date and return the enclosed proxy card in the enclosed envelope, which needs no postage if mailed in the United States. Shareholders may also authorize a proxy by telephone or via the Internet. Instructions for the proper execution of the proxy card are set forth immediately following this notice or, with respect to telephone or Internet voting, on the proxy card. It is important that you vote promptly.

2

Important Notice Regarding the Availability of Proxy Materials for the Special Meeting to be held on September 13, 2017: The Notice of Joint Special Meeting of Shareholders, Joint Proxy Statement/Prospectus, annual and semi-annual reports and form of proxy are available on the Internet at www.sentinelinvestments.com. For more information, shareholders may contact Sentinel Funds at P.O. Box 55929-5929, Boston, Massachusetts 02205 or 1-800-282-3863.

Sincerely, Lisa F. Muller

Secretary, Sentinel Group Funds, Inc.

3

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 in validating your vote if you fail to sign your proxy card properly.

1. Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card.

2. Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card.

3. All Other Accounts: The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example:

Registration	Valid Signature
Corporate Accounts
(1) ABC Corp.	ABC Corp.
(2) ABC Corp	John Doe, Treasurer
(3) ABC Corp. c/o John Doe, Treasurer	John Doe
(4) ABC Corp. Profit Sharing Plan	John Doe, Trustee
Trust Accounts
(1) ABC Trust	Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee u/t/d 12/28/78	Jane B. Doe
Custodial or Estate Accounts
(1) John B. Smith, Cust. f/b/o John B. Smith, Jr. UGMA	John B. Smith
(2) Estate of John B. Smith	John B. Smith, Jr., Executor

Every shareholder’s vote is important!

Please complete, sign, date and return your proxy card today!

Your proxy vote is important!

JOINT PROXY STATEMENT

OF

SENTINEL GROUP FUNDS, INC.

One National Life Drive

Montpelier, Vermont 05604 800-282-3863

and

JOINT PROSPECTUS

OF

TOUCHSTONE STRATEGIC TRUST

and

TOUCHSTONE FUNDS GROUP TRUST

303 Broadway, Suite 1100Cincinnati, Ohio 45202 800.543.0407

July 27, 2017

This Joint Proxy Statement/Prospectus is being furnished to shareholders of the series of Sentinel Group Funds, Inc., a Maryland corporation (“Sentinel Funds”), listed below (each, a “Target Fund” and collectively, the “Target Funds”). The Board of Directors of Sentinel Funds (the “Sentinel Funds Board”) has called a joint special meeting of shareholders of the Target Funds to be held at the offices of Sentinel Funds, One National Life Drive, Montpelier, Vermont 05604, on September 13, 2017 at 11:00 a.m., Eastern time, and any adjournment or postponement thereof (the “Special Meeting”). This Joint Proxy Statement/Prospectus and the enclosed proxy are first being sent to shareholders of the Target Funds on or about August 2, 2017.

Shareholders of record of each Target Fund as of the close of business on June 21, 2017 (the “Record Date”) are entitled to notice of and eligible to vote at the Special Meeting. At the Special Meeting, shareholders of each Target Fund will be asked to consider a proposal to approve an Agreement and Plan of Reorganization (the “Plan”) between Touchstone Strategic Trust or Touchstone Funds Group Trust, as applicable, on behalf of the applicable series thereof identified in the table below (each, an “Acquiring Fund” and collectively, the “Acquiring Funds”), and Sentinel Funds, on behalf of the applicable Target Fund, providing for (i) the transfer of all the assets of the Target Fund to the Acquiring Fund in exchange solely for shares of the Acquiring Fund as set forth in the table below and the assumption by the Acquiring Fund of the liabilities (other than certain excluded liabilities) of the Target Fund, as described in the Plan; (ii) the pro rata distribution, by class, to the Target Fund’s shareholders of such shares of the Acquiring Fund; and (iii) the termination of the Target Fund (each, a “Reorganization” and collectively, the “Reorganizations”).

The following table shows each Target Fund and the corresponding Acquiring Fund, as well as the share class of the Acquiring Fund that will be issued to holders of each share class of the Target Fund.

Target Funds and Share Classes	Acquiring Funds and Corresponding Share Classes
Sentinel Government Securities Fund	Touchstone Active Bond Fund, a series of Touchstone Funds Group Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Total Return Bond Fund	Touchstone Active Bond Fund, a series of Touchstone Funds Group Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class R3	Class A
Class R6	Class Y
Class T	Class T
Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund, a series of Touchstone Funds Group Trust
Class A	Class A
Class I	Class Y
Class S	Class S
Class T	Class T
Sentinel Multi-Asset Income Fund	Touchstone Flexible Income Fund, a series of Touchstone Strategic Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Sustainable Core Opportunities Fund	Touchstone Sustainability and Impact Equity Fund, a series of Touchstone Strategic Trust
Class A	Class A
Class I	Class Y
Class T	Class T
Sentinel Balanced Fund	Touchstone Balanced Fund, a newly created series of Touchstone Strategic Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Common Stock Fund	Touchstone Large Cap Focused Fund, a newly created series of Touchstone Strategic Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class R6	Institutional Class
Class T	Class T

ii

Target Funds and Share Classes	Acquiring Funds and Corresponding Share Classes
Sentinel International Equity Fund	Touchstone International Equity Fund, a newly created series of Touchstone Strategic Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T
Sentinel Small Company Fund	Touchstone Small Company Fund, a newly created series of Touchstone Strategic Trust
Class A	Class A
Class C	Class C
Class I	Class Y
Class R6	Class R6
Class T	Class T

The Reorganizations are expected to be completed on October 13, 2017, or as soon as practicable thereafter.

Each Target Fund and each Acquiring Fund is a series of a registered open-end management investment company (mutual funds). The following Acquiring Funds are each currently operating mutual funds: Touchstone Active Bond Fund, Touchstone Ultra Short Duration Fixed Income Fund, Touchstone Flexible Income Fund and Touchstone Sustainability and Impact Equity Fund (each, an “Operating Fund” and collectively, the “Operating Funds”). Touchstone Balanced Fund, Touchstone Large Cap Focused Fund, Touchstone International Equity Fund and Touchstone Small Company Fund (each, a “Shell Fund” and collectively, the “Shell Funds”) are each newly organized series of Touchstone Strategic Trust that have been created solely for the purpose of completing the applicable Reorganization and will not commence operations prior to the closing of the Reorganization. Touchstone Strategic Trust and Touchstone Funds Group Trust are sometimes referred to in this Joint Proxy Statement/ Prospectus individually as an “Acquiring Trust” and collectively as the “Acquiring Trusts.” The Board of Trustees of each Acquiring Trust is comprised of the same individual board members (the “Touchstone Funds Board”). The Target Funds and the Acquiring Funds are sometimes referred to in this Joint Proxy Statement/Prospectus individually as a “Fund” and collectively as the “Funds.”

This Joint Proxy Statement/Prospectus, which you should read carefully and retain for future reference, presents the information that you should know about the Funds and the Reorganizations. This document also serves as a prospectus for the offering and issuance of the shares of each Acquiring Fund to be issued in the Reorganizations. Statements of Additional Information (“SAIs”) dated July 27, 2017 relating to this Joint Proxy Statement/Prospectus and the Reorganizations have been filed with the U.S. Securities and Exchange Commission (the “SEC”) and are incorporated by reference into this Joint Proxy Statement/Prospectus (meaning that they are legally considered to be part of this Joint Proxy Statement/Prospectus).

Additional information concerning the Target Funds and the Operating Funds is contained in the documents described below, all of which have been filed with the SEC. Each document is incorporated by reference into this Joint Proxy Statement/Prospectus only insofar as it relates to the Target Funds and the Operating Funds. No other parts of such documents are incorporated by reference herein. Because the Shell Funds have not yet commenced operations as of the date of this Joint Proxy Statement/Prospectus, no prospectuses, SAIs or annual or semi-annual reports are available for the Shell Funds at this time.

Information About the Target Funds:	How to Obtain this Information:
Prospectus for Sentinel Group Funds, Inc., dated March 30, 2017, as supplemented through the date of this Joint Proxy Statement/Prospectus (File Nos. 811-00214; 002-10685)	On file with the SEC (www.sec.gov) (Accession No. 0001144204-17-017719 filed March 30, 2017)

iii

Information About the Target Funds:	How to Obtain this Information:
Statement of Additional Information for Sentinel Group Funds, Inc., March 30, 2017, as supplemented through the date of this Joint Proxy Statement/Prospectus (File Nos. 811-00214; 002-10685)	On file with the SEC (www.sec.gov) (Accession No. 0001144204-17-017719 filed March 30, 2017)
Annual Report for Sentinel Group Funds, Inc., for the fiscal year ended November 30, 2016 (File Nos. 811-00214; 002-10685)	On file with the SEC (www.sec.gov) (Accession No. 0001144204-17-006110 filed February 6, 2017)

Information About the Operating Funds:	How to Obtain this Information:
Prospectus for Touchstone Strategic Trust, dated July 30, 2016, as supplemented through the date of this Joint Proxy Statement/Prospectus (File Nos. 811-03651; 002-80859)	On file with the SEC (www.sec.gov) (Accession No. 0000711080-16-000093 filed July 28, 2016)
Statement of Additional Information for Touchstone Strategic Trust, dated July 30, 2016, as supplemented through the date of this Joint Proxy Statement/Prospectus (File Nos. 811-03651; 002-80859)	On file with the SEC (www.sec.gov) (Accession No. 0000711080-16-000093 filed July 28, 2016)
Annual Report for Touchstone Strategic Trust, for the fiscal year ended March 31, 2017 (File Nos. 811-03651; 002-80859)	On file with the SEC (www.sec.gov) (Accession No. 0001144204-17-030423)
Prospectus for Touchstone Funds Group Trust, dated January 30, 2017, as supplemented through the date of this Joint Proxy Statement/Prospectus (File Nos. 811-08104; 033-70958)	On file with the SEC (www.sec.gov) (Accession No. 0000914243-17-000005 filed January 27, 2017)
Statement of Additional Information for Touchstone Funds Group Trust, dated January 30, 2017, as supplemented through the date of this Joint Proxy Statement/Prospectus (File Nos. 811-08104; 033-70958)	On file with the SEC (www.sec.gov) (Accession No. 0000914243-17-000005 filed January 27, 2017)
Annual Report for Touchstone Funds Group Trust, for the fiscal year ended September 30, 2016 (File Nos. 811-08104; 033-70958)	On file with the SEC (www.sec.gov) (Accession No. 0001144204-16-137153 filed November 30, 2016)
Semi-Annual Report for Touchstone Funds Group Trust, for the period ended March 31, 2017 (File Nos. 811-08104; 033-70958)	On file with the SEC (www.sec.gov) (Accession No. 0001144204-17-030425)
Annual Report for Touchstone Investment Trust for the fiscal year ended September 30, 2016 (File Nos. 811-02538; 002-52242	On file with the SEC (www.sec.gov) (Accession No. 0001144204-16-137138 filed November 30, 2016)

You can also obtain copies of any of the above-referenced documents without charge on the EDGAR database on the SEC’s Internet site at http://www.sec.gov. Copies are available for a fee by electronic request at the following e-mail address: publicinfo@sec.gov, or from the Public Reference Section, Securities and Exchange Commission, Washington, D.C. 20549-1520. Copies of above-referenced documents relating to the Target Funds may also be obtained upon oral or written request without charge by calling 800.282.3863, on the Target Funds’ website at www.sentinelinvestments.com or by writing to Sentinel Investments at P.O. Box 55929, Boston, Massachusetts 02205. Copies of above-referenced documents relating to the Acquiring Funds may also be obtained upon oral or written request without charge by calling 800.543.0407, on the Acquiring Funds’ website at TouchstoneInvestments.com or by writing to Touchstone Strategic Trust or Touchstone Funds Group Trust, as applicable, at P.O. Box 9878, Providence, Rhode Island 02940.

iv

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT DETERMINED THAT THE INFORMATION IN THIS JOINT PROXY STATEMENT/PROSPECTUS IS ACCURATE OR ADEQUATE, NOR HAS IT APPROVED OR DISAPPROVED THESE SECURITIES. ANYONE WHO TELLS YOU OTHERWISE IS COMMITTING A CRIMINAL OFFENSE.

An investment in the Acquiring Funds:

· is not a deposit of, or guaranteed by, any bank

· is not insured by the FDIC, the Federal Reserve Board or any other government agency

· is not endorsed by any bank or government agency

· involves investment risk, including possible loss of your original investment

v

TABLE OF CONTENTS

	Page
Synopsis: Background and General Summary	1
Synopsis: Reorganization of Sentinel Government Securities Fund into Touchstone Active Bond Fund	6
Synopsis: Reorganization of Sentinel Total Return Bond Fund into Touchstone Active Bond Fund	17
Synopsis: Reorganization of Sentinel Low Duration Bond Fund into Touchstone Ultra Short Duration Fixed Income Fund	29
Synopsis: Reorganization of Sentinel Multi-Asset Income Fund into Touchstone Flexible Income Fund	40
Synopsis: Reorganization of Sentinel Sustainable Core Opportunities Fund into Touchstone Sustainability and Impact Equity Fund	51
Synopsis: Reorganization of Sentinel Balanced Fund into Touchstone Balanced Fund	60
Synopsis: Reorganization of Sentinel Common Stock Fund into Touchstone Large Cap Focused Fund	70
Synopsis: Reorganization of Sentinel International Equity Fund into Touchstone International Equity Fund	79
Synopsis: Reorganization of Sentinel Small Company Fund into Touchstone Small Company Fund	87
Comparison of Principal Risks	95
Information About the Reorganizations	106
The Funds’ Management	122
Share Classes of the Target Funds and Acquiring Funds	131
Distribution and Shareholder Servicing Arrangements for the Acquiring Funds	135
Information on Shareholders’ Rights	136
Voting Information Concerning the Joint Special Meeting	145
Additional Information About the Funds’ Investment Strategies	146
Investing with Touchstone	149
Distributions and Taxes	161
Financial Statements and Experts	163
Legal Matters	163
Additional Information	164
Other Business	164
Target Fund Financial Highlights	164
Touchstone Operating Fund Financial Highlights	187
Exhibit A: Form of Agreement and Plan of Reorganization	A-1
Exhibit B: Fundamental Investment Limitations	B-1
Exhibit C: Control Persons and Principal Holders of Securities	C-1
Exhibit D: Prior Performance For Similar Accounts Managed by Fort Washington for the Touchstone Large Cap Focused Fund	D-1

-i-

SYNOPSIS: BACKGROUND AND GENERAL SUMMARY

These questions and answers provide a brief overview of the key features of the Reorganizations and other matters typically of concern to shareholders considering a proposed combination of mutual funds. These questions and answers are qualified in their entirety by the more detailed information contained in the remainder of this Joint Proxy Statement/Prospectus, which you should read carefully and retain for future reference. The description of the Reorganizations is qualified by reference to the full texts of the Agreements and Plans of Reorganization. A form of Agreement and Plan of Reorganization is attached as Exhibit A to this Joint Proxy Statement/Prospectus.

Q. What is being proposed?

A. Sentinel Asset Management, Inc. (“Sentinel”), the current investor advisor of your Fund, informed the Sentinel Funds Board of its intent to exit the mutual fund advisory business. Sentinel engaged an investment bank to help identify parties interested in acquiring Sentinel’s mutual fund advisory business. As a result of that search, Sentinel and Touchstone Advisors, Inc. (“Touchstone Advisors”), investment advisor to the Touchstone family of mutual funds, entered into a Purchase Agreement pursuant to which Sentinel has agreed to sell its mutual fund advisory business to Touchstone Advisors in exchange for cash consideration, which consideration is subject to adjustment if assets under management of the Sentinel Funds fall below certain levels as of the closing time (the “Transaction”). In connection with the Transaction, Sentinel recommended and the Sentinel Funds Board approved the integration of each of the Target Funds into the Touchstone family of mutual funds (the “Touchstone Funds”). At the Joint Special Meeting of Shareholders on September 13, 2017, shareholders of each Target Fund are being asked to vote on a proposal to reorganize their Fund into a Touchstone Fund with a similar investment goal and principal investment policies (each, a “Reorganization” and collectively, the “Reorganizations”). The completion of the Transaction is subject to the satisfaction or waiver of certain conditions including that (1) shareholders of the Sentinel Common Stock Fund and Sentinel Small Company Fund shall have approved their respective Reorganization and such Target Funds shall have a minimum amount of assets at closing as agreed between Sentinel and Touchstone Advisors, and (2) shareholders of the Sentinel Funds representing a minimum amount of assets under management, as agreed between Sentinel and Touchstone Advisors, at closing shall have approved their respective Reorganizations.

Shareholders of record of each Target Fund as of the close of business on June 21, 2017 are entitled to notice of and are eligible to vote at the September 13, 2017 Special Meeting. Subject to the satisfaction or waiver of all closing conditions, the Reorganizations are expected to be completed on October 13, 2017, or as soon as practicable thereafter.

Q. What is the recommendation of the Sentinel Funds Board?

A. After considering the proposed Reorganizations as well as various alternatives to the Reorganizations, including alternative buyers and the potential liquidation of the Sentinel Funds, the Sentinel Funds Board determined, at a meeting held on April 24, 2017, that each Reorganization was in the best interests of the applicable Target Fund and its shareholders. Based on information provided by Sentinel and Touchstone Advisors, the Sentinel Funds Board believes that the Reorganizations will provide shareholders with access to a larger and more diverse family of mutual funds managed by Touchstone Advisors and that the larger distribution platform of the Touchstone family of funds may provide opportunities for asset growth. If realized, these asset growth opportunities may result in greater efficiencies and economies of scale, which in turn could lead to lower overall costs over time. In addition, each Reorganization will provide Target Fund shareholders with an opportunity to continue their investment in a Touchstone Fund with an investment goal and principal investment policies similar to those of their Target Fund through a tax-free reorganization of the Target Fund into the corresponding Acquiring Fund. The Board of Directors of Sentinel Funds recommends that shareholders of each Target Fund approve the Reorganization of their Fund.

See “Information About the Reorganizations—Sentinel Funds Board Approval of the Reorganizations” for additional information regarding the Sentinel Funds Board’s considerations.

Q. How do the fees and expenses of the Funds compare?

A. Touchstone Advisors has contractually agreed to waive fees and reimburse expenses in order to maintain the total annual operating expense ratio (excluding dividend and interest expenses relating to short sales;interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalizedin accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses notincurred in the ordinary course of business) for each class of shares of each Acquiring Fund offered hereby (other than Class T shares) to an amount no greater than the total annual operating expense ratio of the corresponding class of shares of the corresponding Target Fund for the fiscal year ended November 30, 2016 (after giving effect to any fees waived and expenses reimbursed for the Target Fund). For Class T shares, Touchstone Advisors has contractually agreed to waive fees and reimburse expenses in order to similarly maintain the total annual operating expense ratio of each Acquiring Fund's Class T shares to an amount no greater than the total annual operating expense ratio of the Acquiring Fund's Class A shares. These contractual expense limitations will remain in place for a period of at least two years from the closing date of the Reorganization. Absent these expense limitations, and after giving effect to existing Touchstone expense limitation arrangements, the pro forma total annual fund operating expense ratio of certain classes of the Acquiring Funds in the Reorganizations involving each of Sentinel Sustainable Core Opportunities Fund, Sentinel Balanced Fund, Sentinel Common Stock Fund, Sentinel International Equity Fund and Sentinel Small Company Fund would be higher than the total annual fund operating expense ratio before any waivers and reimbursements of the corresponding class of the corresponding Target Fund. Additional information regarding the pro forma fees and expenses for the Funds involved in each Reorganization can be found under the Synopsis for your Target Fund’s Reorganization. Additional information regarding the terms of the expense limitation agreements can be found under “The Funds’ Management—Expense Limitation Agreement.”

Q. How do the Funds’ investment goals and principal investment strategies compare?

A. Although each Target Fund and the corresponding Acquiring Fund have similar investment goals and principal investment strategies, there are some differences. In addition, the analytical tools, techniques and investment selection process used by the sub-advisors of the Acquiring Funds to select investments may be different from those used by Sentinel. The section of this Joint Proxy Statement/Prospectus entitled “Synopsis” for your Target Fund’s Reorganization describes in detail the differences between the investment goals and principal investment strategies of each Target Fund and the corresponding Acquiring Fund.

Q. Who will manage the Acquiring Funds after the Reorganizations?

A. Touchstone Advisors currently serves as investment advisor to the existing Touchstone Funds and will serve as the investment advisor to each Acquiring Fund. With respect to each Acquiring Fund, Touchstone Advisors will employ a sub-advisor to provide portfolio management services. The sub-advisors are overseen by Touchstone Advisors and by the Touchstone Funds Board. The Target Funds are managed by Sentinel and do not employ sub-advisors. With respect to the Acquiring Funds into which the Sentinel International Equity Fund and Sentinel Small Company Fund will be reorganized, Fort Washington Investment Advisors, Inc. (“Fort Washington”), an affiliate of Touchstone Advisors, has been appointed to serve as sub-advisor following the completion of the Reorganizations, and the current portfolio management teams of those Target Funds are expected to remain in place after the Reorganizations as employees of Fort Washington. For all other Reorganizations, the portfolio management team of the Acquiring Fund will differ from the current portfolio manager(s) of the corresponding Target Fund. Touchstone Advisors and the Touchstone Funds operate pursuant to a manager-of –managers exemptive order, which allows Touchstone Advisors to recommend and engage unaffiliated sub-advisors subject to approval of the Touchstone Funds Board but not shareholders. For more information on Touchstone Advisors and each of the sub-advisors, please see the sections of the Joint Proxy Statement/Prospectus entitled “Synopsis” for your Target Fund’s Reorganization and “The Funds’ Management.”

Q. What will happen to my existing shares?

A. At the closing, your Target Fund will transfer all of its assets to the Acquiring Fund in exchange for (i)the Acquiring Fund’s assumption of the liabilities (other than certain excluded liabilities) of the Target Fund, as described in the Plan, and (ii) newly issued shares of the Acquiring Fund having a value equal to the aggregate net assets of the Target Fund. Immediately after the Reorganization of your Target Fund, you will own shares of the corresponding Acquiring Fund with an aggregate net asset value equal to the aggregate net asset value of the shares of the Target Fund that you held immediately prior to the closing of the Reorganization (although the number of shares and the net asset value per share may be different).

2

Q. Will I have to pay federal income taxes as a result of my Target Fund’s Reorganization?

A. Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes. Accordingly, shareholders are not expected to recognize any gain or loss for federal income tax purposes as a direct result of the exchange of their Target Fund shares for shares of the corresponding Acquiring Fund in their Target Fund’s Reorganization. While it is unlikely a Fund holds stock in a foreign corporation classified as a passive foreign investment company (“PFIC”), if a Fund does hold stock in a PFIC, the Reorganization of the Fund may result in it having to pay a “deferred tax amount” that cannot be reduced or eliminated by distributing an equivalent amount to shareholders. Because any deferred tax amounts would be payable at the Fund level, the shareholders would effectively bear that cost.

Shareholders may receive a higher level of taxable distributions as a result of the Reorganization. Prior to the closing of each Reorganization, the Target Fund may distribute all of its net investment income and net capital gains, if any. All or a portion of such distribution may be taxable to the shareholders of such Target Fund and will generally be taxed as ordinary income or capital gains for federal income tax purposes, unless the shareholders are tax-advantaged accounts such as an individual retirement account or 401(k) plan (in which case the owners of such accounts may be taxed upon withdrawal of their investment from such accounts). The tax character of such distributions will be the same regardless of whether they are paid in cash or reinvested in additional shares.

In addition, a significant portion of the portfolio securities of each Target Fund, other than Sentinel International Equity Fund and Sentinel Small Company Fund, are expected to be sold following the Reorganization. To the extent that portfolio investments received by an Acquiring Fund from a Target Fund in a Reorganization are sold after the Reorganization, the combined Fund will incur transaction costs related to the purchase and sale of securities and may recognize gains or losses, which may result in taxable distributions to shareholders holding shares of the combined Fund (including former Target Fund shareholders who hold shares of the Acquiring Fund following the Reorganization). The section of this Joint Proxy Statement/Prospectus entitled “Information About the Reorganizations—Material Federal Income Tax Consequences” provides additional information regarding the federal income tax consequences of the Reorganizations.

Q. Will I have to pay any sales load, commission or other similar fee in connection with the Reorganization?

A. No, you will not pay any sales load, commission or other similar fee in connection with the receipt of Acquiring Fund shares in the Reorganization of your Target Fund, and otherwise applicable investment minimums will not apply with regard to your receipt of Acquiring Fund shares in a Reorganization. If you hold Target Fund shares that are subject to contingent deferred sales charges (certain load-waived Class A shares or Class C shares), the Acquiring Funds will look to the date of purchase of your Target Fund shares for purposes of assessing such contingent deferred sales charges.

Q. What if I redeem my shares before the Reorganization of my Target Fund takes place?

A. If you choose to redeem your Target Fund shares before the Reorganization takes place, then the redemption will be treated as a normal sale of shares and, generally, will be a taxable transaction and may be subject to any applicable redemption fee applied by your Target Fund.

3

Q. How do the distribution policies of the Funds compare?

A. Like the Target Funds, the Acquiring Funds intend to distribute substantially all of their income and capital gains to their shareholders annually. After the Reorganizations, any income and capital gains will be reinvested in the class of shares of the Acquiring Fund you receive in your Target Fund’s Reorganization or, if you have so elected, distributed in cash. For more information, see the section entitled “Share Classes of the Target Funds and Acquiring Funds—Distribution Policy.”

Q. How do I purchase, exchange and redeem shares after the Reorganizations?

A. Shares of the Target Funds may currently be purchased and redeemed in accordance with the policies of the Sentinel Funds family of funds (the “Sentinel Funds”), and you may exchange shares of the Target Funds for shares of other series of Sentinel Funds, subject to applicable policies and procedures. In connection with the Reorganizations, you will become a shareholder of a Fund that is part of the Touchstone family of funds. You will be able to purchase and redeem shares of your Fund in accordance with the policies of the Touchstone Funds. You may also exchange shares of your Acquiring Fund for shares of other Touchstone Funds, including the other Acquiring Funds, subject to applicable policies and procedures of the Touchstone Funds. For more information, see the section entitled “Share Classes of the Target Funds and Acquiring Funds—Distribution Policy.” The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See “Investing with Touchstone.”

Q. Who will pay the costs of the Reorganizations?

A. Touchstone Advisors and Sentinel or their respective affiliates will pay the costs of the Reorganizations (other than transaction costs related to the purchase or sale of portfolio securities), including the costs relating to the Special Meeting and this Joint Proxy Statement/Prospectus. The costs of the Reorganizations (other than transaction costs related to the purchase or sale of portfolio securities) are estimated to be approximately $1.7 million in the aggregate. Additional information regarding expected portfolio repositioning and related transaction costs in connection with purchases and sales of securities for each Reorganization is included in the Synopsis for your Target Fund. Because any repositioning will occur following the Reorganizations, shareholders of the combined Fund (including Target Fund shareholders who receive shares in a Reorganization) will bear such costs.

Q. What is the required vote to approve each Reorganization?

A. In order to take action at the Special Meeting, a quorum of shareholders of a Target Fund must be present. The presence in person or by proxy of the shareholders entitled to cast one-third of all the votes entitled to be cast at such meeting shall constitute a quorum for the purpose of voting on the proposal to approve each Reorganization. Approval of each Reorganization requires the affirmative vote of the holders of a majority of the outstanding voting securities, as defined under the 1940 Act. Under Section 2(a)(42) of the 1940 Act, the vote of a majority of outstanding voting securities of a Target Fund means the vote, at the special meeting of the shareholders of such Target Fund duly called (A) of 67% or more of the voting securities present or represented by proxy at such meeting, if the holders of more than 50% of the outstanding voting securities of such Target Fund are present in person or by proxy or (B)of more than 50% of the outstanding voting securities of such Target Fund, whichever is less.

Q. What will happen if shareholders of one or more Target Funds do not approve the Reorganization or the Transaction is not completed?

A. If the shareholders of a Target Fund do not approve the Reorganization, or other closing conditions are not satisfied or waived, the Reorganization of that Target Fund will not be completed and the Sentinel Funds Board will consider other possible courses of action for that Target Fund, including continuing to operate the Target Fund as a stand-alone fund, reorganizing the Target Fund into another mutual fund or liquidating the Target Fund. The closing of each Reorganization is subject to the satisfaction or waiver of all conditions under the Plan and with respect to the closing of the Transaction, which include, among other conditions, that (i) shareholders of the Sentinel Common Stock Fund and Sentinel Small Company Fund shall have approved their respective Reorganization and such Target Funds shall have a minimum amount of assets at closing as agreed between Sentinel and Touchstone Advisors, and (ii) shareholders of the Sentinel Funds representing a minimum amount of assets under management, as agreed between Sentinel and Touchstone Advisors, shall have approved their respective Reorganizations. If these and any other closing conditions are not met, then Touchstone Advisors is not obligated to close the Transaction, and absent a waiver from Touchstone Advisors, none of the Reorganizations would be consummated. In that event, the Sentinel Funds Board will consider other possible courses of action for the Target Funds.

4

Q. What will happen to my account options, such as my automatic investment plan?

A. Your current election with respect to automatic investment plans and systematic withdrawal plans and distributions will be automatically enacted on your new account at Touchstone Funds. Your current bank instructions on file with Sentinel Funds also will be enacted on your Touchstone Funds account.

Q. For Class A shares, will my NAV purchase privileges (eligibility for sales load waivers) be converted or do I need to re-enroll?

A. For the majority of shareholders with NAV privileges those elections will carry over and no action will be required to maintain that election. There are some isolated circumstances which may result in changes to NAV privileges. If this affects your account you will receive a separate communication alerting you to this change.

Q. When will the Reorganizations occur?

A. The Reorganizations are expected to be completed on October 13, 2017, or as soon as practicable thereafter.

Q. Whom should I contact for more information?

A. You can contact our proxy solicitor, Broadridge Financial Solutions, Inc., at 855-928-4492.

5

SYNOPSIS: REORGANIZATION OF SENTINEL GOVERNMENT SECURITIES FUND INTO TOUCHSTONE ACTIVE BOND FUND

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of the Sentinel Government Securities Fund will receive shares of the Touchstone Active Bond Fund, as follows:

Sentinel Government Securities Fund	Touchstone Active Bond Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below describe the fees and expenses that you pay if you buy and hold shares of your Sentinel Fund and the pro forma fees and expenses that you may pay if you buy and hold shares of the corresponding Touchstone Fund under the following two scenarios: (i)assuming that only the Reorganization of the Sentinel Government Securities Fund into the Touchstone Active Bond Fund takes place and (ii)assuming that both the Reorganization of the Sentinel Government Securities Fund into the Touchstone Active Bond Fund and the Reorganization of the Sentinel Total Return Bond Fund into the Touchstone Active Bond Fund (which is also described in this Joint Proxy Statement Prospectus) take place. The two scenarios are presented because the Reorganizations of the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund are not contingent on each other, and it is possible that one Reorganization takes place but the other Reorganization does not. However, each Reorganization is subject to the closing of the Purchase Agreement between Sentinel and Touchstone Advisors. The pro forma expense ratios project anticipated expenses of the Acquiring Fund following the Reorganizations, but actual expenses may be greater or less than those shown. Expenses for the Class A, Class C and Class I shares of the Sentinel Government Securities Fund are based on the operating expenses incurred by each class of shares of the Fund for the fiscal year ended November 30, 2016. Expenses for the Class A, Class C and Class Y shares of the Touchstone Active Bond Fund are based on the operating expenses incurred by each class of shares of the Fund for the 12-month period ended March 31, 2017. Class T shares of each Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus, and therefore expenses for each Fund’s Class T shares are estimated based on the operating expenses incurred by the Fund during its most recent fiscal year. The pro forma fees and expenses for the Class A, Class C, Class Y and Class T shares of the Touchstone Active Bond Fund reflect the fees and expenses of the Acquiring Fund and assume that the Reorganization(s) had been completed at the beginning of the 12-month period ended March 31, 2017.

The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See generally “Investing with Touchstone” on page 149. No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization. In addition, you may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Sentinel Funds or $50,000 or more in the Touchstone Funds. You may qualify for sales charge discounts if you invest at least $250,000 in a single transaction in Class T shares of the Target Fund or Acquiring Fund. For the Target Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Share Classes” on page 82 of the Target Fund’s prospectus and “How to Purchase Shares and Reduce Sales Charges” on page 44 of the Target Fund’s SAI. For the Acquiring Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Investing with Touchstone—Class A Shares—Letter of Intent” on page 152 of this Joint Proxy Statement/Prospectus and in the Acquiring Fund’s SAI on page 80.

6

SHAREHOLDER FEES (fees paid directly from your investment)

	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	Wire Redemption Fee
Sentinel Government Securities Fund – Class A Shares	2.25%	None	None
Touchstone Active Bond Fund – Class A Shares	4.75%	None(2)	up to $15
Touchstone Active Bond Fund – Class A Shares Pro Forma	4.75%(1)	None(2)	up to $15
Sentinel Government Securities Fund – Class C Shares	None	1.00%(2)	None
Touchstone Active Bond Fund – Class C Shares	None	1.00%(2)	up to $15
Touchstone Active Bond Fund – Class C Shares Pro Forma	None	1.00%(2)	up to $15
Sentinel Government Securities Fund – Class I Shares	None	None	None
Touchstone Active Bond Fund – Class Y Shares	None	None	up to $15
Touchstone Active Bond Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Government Securities Fund – Class T Shares	2.50%	None	None
Touchstone Active Bond Fund – Class T Shares	2.50%	None	up to $15
Touchstone Active Bond Fund – Class T Shares Pro Forma	2.50%	None	up to $15

(1) No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.

(2) A deferred sales charge of 1% applies to certain redemptions of Class A shares made within twelve months of purchase if the shares were purchased without an initial sales charge as part of an investment of $1 million or more. If you hold load-waived Class A shares or Class C shares of the Target Fund, the Acquiring Fund will look to the date of purchase of your Target Fund shares for purposes of assessing deferred sales charges on shares received in the Reorganization.

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Government Securities Fund (Class A Shares)	Touchstone Active Bond Fund (Class A Shares)	Touchstone Active Bond Fund Pro Forma (Class A Shares)	Touchstone Active Bond Fund Pro Forma (Class A Shares) (both Reorganizations)(1)
Management Fees	0.45%	0.40%	0.40%	0.37%
Distribution/Service (12b-1) Fees	0.20%	0.25%	0.25%	0.25%
Other Expenses	0.26%	0.52%	0.36%(2)	0.38%(2)
Acquired Fund Fees and Expenses(3)	0.01%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	0.92%	1.18%	1.02%	1.01%
Fee Waiver	None	(0.27%)(4)	(0.11%)(5)	(0.10%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	0.92%	0.91%	0.91%	0.91%

7

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Government Securities Fund (Class C Shares)	Touchstone Active Bond Fund (Class C Shares)	Touchstone Active Bond Fund Pro Forma (Class C Shares)	Touchstone Active Bond Fund Pro Forma (Class C Shares) (both Reorganizations)(1)
Management Fees	0.45%	0.40%	0.40%	0.37%
Distribution/Service (12b-1) Fees	1.00%	1.00%	1.00%	1.00%
Other Expenses	0.27%	0.64%	0.38%(2)	0.32%(2)
Acquired Fund Fees and Expenses(3)	0.01%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	1.73%	2.05%	1.79%	1.70%
Fee Waiver	None	(0.39%)(4)	(0.13%)(5)	(0.04%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	1.73%	1.66%	1.66%	1.66%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Government Securities Fund (Class I Shares)	Touchstone ActiveBond Fund (Class Y Shares)	Touchstone ActiveBond Fund Pro Forma (Class Y Shares)	Touchstone ActiveBond Fund Pro Forma(Class Y Shares) (both Reorganizations)(1)
Management Fees	0.45%	0.40%	0.40%	0.37%
Distribution/Service (12b-1) Fees	None	None	None	None
Other Expenses	0.23%	0.48%	0.35%(2)	0.32%(2)
Acquired Fund Fees and Expenses(3)	0.01%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	0.69%	0.89%	0.76%	0.70%
Fee Waiver	—(6)	(0.23%)(4)	(0.10%)(5)	(0.04%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	0.69%	0.66%	0.66%	0.66%

8

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Government Securities Fund (Class T Shares)	Touchstone Active Bond Fund (Class T Shares)	Touchstone Active Bond Fund Pro Forma (Class T Shares)	Touchstone Active Bond Fund Pro Forma (Class T Shares) (both Reorganizations)(1)
Management Fees	0.45%	0.40%	0.40%	0.37%
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%	0.25%
Other Expenses (7)	2.40%	0.52%	0.36%	0.38%
Acquired Fund Fees and Expenses (7)	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	3.11%	1.18%	1.02%	1.01%
Fee Waiver	(2.20)%(8)	(0.27%)(4)	(0.11%)(5)	(0.10%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	0.91%	0.91%	0.91%	0.91%

(1) Represents Pro Forma information if both Sentinel Government Securities Fund and Sentinel Total Return Bond Fund reorganize into the Touchstone Active Bond Fund. The Reorganizations of the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund are not contingent on each other; however, each Reorganization is subject to the closing of the Purchase Agreement between Sentinel and Touchstone Advisors.

(2) Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses of the Acquiring Fund, assuming the Reorganization(s) had been consummated as of the beginning of the 12-month period ended March 31, 2017.

(3) Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund through its investments in one or more underlying funds, including money market funds. Because these costs are indirect, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund’s most recent annual report.

(4) Touchstone Advisors has agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 0.90%, 1.65%, 0.65% and 0.90% of average daily net assets for Classes A, C, Y and T shares, respectively. This contractual expense limitation is effective through January 29, 2018 for Classes A, C and Y shares and is effective through July 29, 2018 for Class T shares, but can be terminated by a vote of the Touchstone Funds Board if it deems the termination to be beneficial to the Fund’s shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Touchstone Funds Board, such amounts waived or reimbursed for a period of up to three years from the date of reimbursement or waiver. The Fund will make repayments to Touchstone Advisors only if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

(5) Effective upon consummation of the Reorganization(s), Touchstone Advisors has contractually agreed to waive fees and/or reimburse certain expenses in order to limit total annual fund operating expenses of each class of shares of the Acquiring Fund to 0.90%, 1.65%, 0.65%, and 0.90% of average daily net assets for Classes A, C, Y, and T shares, respectively. The contractual expense limitation agreement will have the terms described above in Footnote 4, including recoupment provisions, and will remain in effect for at least two years following the closing of the Reorganization(s). Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

9

(6) Sentinel has contractually agreed to reimburse certain expenses paid by the Class I shares of the Target Funds to the extent necessary to prevent the total annual fund operating expense ratio of the Class I shares of the Target Funds, on an annualized basis, from exceeding the total annual fund operating expense ratio of the Class A shares of the same Fund. This agreement will continue through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Sentinel Funds. Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.” Fees waived and expenses reimbursed by Sentinel prior to the closing of the Reorganization may not be recouped by Sentinel or Touchstone Advisors following the closing of the Reorganization.

(7) Class T shares of the Target Fund and Acquiring Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus. For Class T shares of each Fund, Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses incurred by the Fund during its most recent fiscal year and, for the Acquiring Fund Pro Forma, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017. Other Expenses for Class T shares of the Target Fund are based on actual expenses of an existing share class, adjusted to reflect the anticipated assets of the Class T shares at inception.

(8) Sentinel has contractually agreed to waive fees and/or reimburse certain expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) for Class T shares, on an annualized basis, to 0.90% of average daily net assets attributable to Class T shares through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund.

Expense Examples. The examples below are intended to help you compare the cost of investing in the Target Fund with cost of investing the Acquiring Fund under the following two scenarios (i) assuming that only the Reorganization of the Sentinel Government Securities Fund into the Touchstone Active Bond Fund takes place and (ii) assuming that both the Reorganization of Sentinel Government Securities Fund into Touchstone Active Bond Fund and the Reorganization of Sentinel Total Return Bond Fund (which is also described in this Joint Proxy Statement/Prospectus) take place. The examples assume that you invest $10,000 in each Fund and then either (i) sell all of your shares at the end of each period indicated below or (ii) keep all of your shares at the end of each period indicated below. The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreements reflected in the Annual Fund Operating Expenses tables above for the Sentinel Government Securities Fund and the Touchstone Active Bond Fund will remain in place for one year and the expense limitation agreement that takes effect upon closing of the Reorganization(s) will be in place for two years following the closing of the Reorganization(s). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares
Sentinel Government Securities Fund	$317	$512	$723	$1,331
Touchstone Active Bond Fund	$563	$806	$1,068	$1,816
Touchstone Active Bond Fund Pro Forma	$563	$763	$991	$1,644
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$563	$762	$987	$1,635
Class C Shares
Sentinel Government Securities Fund	$276	$545	$939	$2,041
Touchstone Active Bond Fund	$269	$605	$1,067	$2,348
Touchstone Active Bond Fund Pro Forma	$269	$537	$945	$2,083
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$269	$528	$915	$2,002
Class I Shares/Class Y Shares
Sentinel Government Securities Fund	$70	$221	$384	$859
Touchstone Active Bond Fund	$67	$261	$471	$1,075
Touchstone Active Bond Fund Pro Forma	$67	$222	$402	$923
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$67	$216	$382	$863
Class T Shares
Sentinel Government Securities Fund	$341	$984	$1,652	$3,435
Touchstone Active Bond Fund	$341	$589	$857	$1,623
Touchstone Active Bond Fund Pro Forma	$341	$545	$778	$1,447

10

If shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$341	$544	$774	$1,437

If shares are not redeemed:(1)	1 Year	3 Years	5 Years	10 Years
Class C Shares
Sentinel Government Securities Fund	$176	$545	$939	$2,041
Touchstone Active Bond Fund	$169	$605	$1,067	$2,348
Touchstone Active Bond Fund Pro Forma	$169	$537	$945	$2,083
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$169	$528	$915	$2,002

(1) For holders of all other classes, the costs are the same as set forth above.

How do the performance records of the Target Fund and the Acquiring Fund compare?

The bar charts and the performance tables below provide some indication of the risks of an investment in each of the Target Fund and the Acquiring Fund by showing how each Fund’s performance has varied from year to year and by showing how each Fund’s average annual returns compare with a broad measure of market performance. Class A returns of the Target Fund shown are based on the 2.25% maximum sales charge currently in effect and are not adjusted to reflect a maximum 4% sales charge in effect from inception through April 10, 2005 and from June 1, 2006 through July 31, 2010. If historical sales charges were reflected, the returns would be lower. Class I share performance of the Target Fund prior to May 4, 2007 (the inception date for the Class I shares) is based on the Target Fund’s Class A share performance, restated to reflect that Class I shares are offered without a sales charge. Class Y share performance of the Acquiring Fund prior to April 12, 2012 (the inception date for the Class Y shares) is based on the Acquiring Fund's Class A share performance, restated to reflect the impact of the fees and expenses applicable to the Acquiring Fund's Class Y shares. Past performance of the Target Fund and the Acquiring Fund, before and after taxes, does not necessarily represent how either Fund will perform in the future. Performance information for Class T shares of the Target Fund and the Acquiring Fund is not available because they have not commenced operations as of the date of the Joint Proxy Statement/Prospectus. Updated performance information for the Target Fund is available on the Target Fund’s website at www.sentinelinvestments.com or by calling 800.282.3863. Updated performance information for the Acquiring Fund is available on the Acquiring Fund’s website at TouchstoneInvestments.com or by calling 800.543.0407.

Sentinel Government Securities Fund—Class A Shares

Best Quarter: 2nd Quarter, 2010 4.13% Worst Quarter: 2nd Quarter, 2013 (2.88%)

The Sentinel Government Securities Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 1.15%.

11

Touchstone Active Bond Fund—Class A Shares

Best Quarter: Third Quarter, 2009 7.14% Worst Quarter: Third Quarter, 2008 (2.68%)

The Touchstone Active Bond Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 2.39%.

Average Annual Total Returns For the periods ended December 31, 2016

Sentinel Government Securities Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	09/02/1986	(1.91%)	0.06%	3.22%
Class A (return after taxes on distributions)	09/02/1986	(2.97%)	(1.00%)	1.78%
Class A (return after taxes on distributions and sale of fund shares)	09/02/1986	(1.07%)	(0.40%)	1.95%
Class C (return before taxes)	06/01/2006	(1.42%)	(0.28%)	2.56%
Class I (return before taxes)	05/04/2007	0.67%	0.77%	3.72%
Bloomberg Barclays US Government/Mortgage Backed Securities Index(1) (reflects no deduction for fees, expenses or taxes)	N/A	1.31%	1.57%	4.04%

Touchstone Active Bond Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	10/03/1994	0.14%	1.70%	4.10%
Class A (return after taxes on distributions)	10/03/1994	(1.00%)	0.36%	2.61%
Class A (return after taxes on distributions and sale of fund shares)	10/03/1994	0.08%	0.72%	2.57%
Class C (return before taxes)	10/03/1994	3.32%	1.94%	3.83%
Class Y (return before taxes)(2)	04/12/2012	5.28%	2.94%	4.73%
Bloomberg Barclays US Aggregate Bond Index(3) (reflects no deduction for fees, expenses or taxes)	N/A	2.65%	2.23%	4.34%

(1) The Bloomberg Barclays US Government/Mortgage Backed Securities Index is a is an unmanaged index comprising U.S. Treasuries and agency debentures with maturities of one year or longer and agency mortgage-backed pass-through securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA), and Federal Home Loan Mortgage Corporation (FHLMC).

(2) Class Y shares performance information of the Acquiring Fund was calculated using the historical performance of the Acquiring Fund’s Class A shares for the periods prior to April 12, 2012. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to the Acquiring Fund’s Class Y.

12

(3) The Bloomberg Barclays US Aggregate Bond Index measures the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you hold your Fund shares through a tax-advantaged arrangement, such as an individual retirement account or a 401(k) plan, the after-tax returns do not apply to your situation.

How do the investment goals and principal investment strategies of the Funds compare?

The investment goals and principal investment strategies of the Sentinel Government Securities Fund and the Touchstone Active Bond Fund, along with descriptions of certain differences between the Funds’ investment goals and principal investment policies, are set forth in the table below. Although the Funds have similar investment goals, the Acquiring Fund may invest in a broad range of corporate and government debt securities, while the Target Fund invests mainly in U.S. government securities. Additionally, the analytical tools, techniques and investment selection process used by the sub-advisor to the Acquiring Fund may differ from those used by Sentinel.

Each Fund’s investment goal is non-fundamental, and may be changed by the applicable Board without shareholder approval. Shareholders of the Sentinel Government Securities Fund will be given at least 30 days’ notice before any such change is made, and shareholders of the Touchstone Active Bond Fund will be notified at least 60 days before any such change takes effect.

In addition, while the Sentinel Government Securities Fund and the Touchstone Active Bond Fund have generally similar investment goals, there are certain key differences. While both Funds seek as high a level of current income as is consistent with the preservation of capital, the Touchstone Active Bond Fund, unlike the Sentinel Government Securities Fund, also has a secondary investment goal of capital appreciation. Additionally, the Touchstone Active Bond Fund may invest in a broader range of debt securities, including below-investment-grade debt securities (“junk bonds”).

	Sentinel Government Securities Fund	Touchstone Active Bond Fund	Differences
Investment Goal(s):	The Fund seeks a high level of current income consistent with the preservation of principal.	The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal.	The Acquiring Fund has a secondary investment goal of capital appreciation.
Principal Investment Strategy:	The Fund normally invests at least 80% of its net assets in U.S. government securities and related derivatives. The Fund invests mainly in U.S. government bonds. These bonds include direct obligations of the U.S. Treasury, obligations guaranteed by the U.S. government, and obligations of U.S. government agencies and instrumentalities.	Under normal circumstances, the Fund invests at least 80% of its assets in bonds. Bonds include mortgage-related securities, asset-backed securities, government securities (both U.S. government securities and foreign sovereign debt), and corporate debt securities.	The Target Fund focuses on investments in U.S. government securities and related derivatives. The Acquiring Fund may invest broadly in bonds, including both government and corporate debt securities.

13

	Sentinel Government Securities Fund	Touchstone Active Bond Fund	Differences
Credit Quality:	While the Fund invests mainly in U.S. government bonds, the Fund has no stated credit quality policy.	Up to 30% of the Fund’s total assets may be invested in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization. Non-investment-grade debt securities are often referred to as “junk bonds” and are considered speculative.	The Acquiring Fund may invest in non-investment-grade debt securities. While the Target Fund has no stated credit quality policy, it generally does not invest in non-investment-grade debt securities. As of June 30, 2017, the Target Fund and Acquiring Fund held 0.0% and 7.38% of their assets in non-investment-grade debt securities, respectively (i.e., “junk bonds”).
Non-U.S. Investments:	The Fund does not invest in securities of non-U.S. issuers.	The Fund may invest up to 20% of its total assets in foreign-issued debt securities denominated in either the U.S. dollar or a foreign currency. Foreign-issued debt securities may include debt securities of emerging market countries.	The Acquiring Fund has exposure to non-U.S. issuers; the Target Fund does not. As of June 30, 2017, the Acquiring Fund held 5.97% of its total assets in non-U.S. issuers.
Derivatives and Other Investments:	The Fund may use derivative instruments (e.g., exchange-traded derivatives such as futures and options, and other derivatives such as swap agreements, options on swaps and interest rate caps and floors) for investment purposes, such as replicating permitted investments, as long as such investments do not have the effect of leveraging portfolio risks.	In order to implement its investment strategy, the Fund may invest in mortgage dollar-roll transactions and reverse repurchase agreements, and in derivatives, including forwards, futures contracts, interest rate and credit default swap agreements, and options.	While there are certain differences, each Fund may invest in a broad range of derivative instruments. The Target Fund has a stated policy that its use of derivatives may not result in leverage, while the Acquiring Fund's use of derivatives may have the effect of creating leverage.
Hedging:	The Fund may also use derivative instruments in order to hedge various risks, such as interest rate, credit and currency risk. The Fund is not required to use hedging and may choose not to do so.	The Fund may use mortgage dollar-roll transactions, reverse repurchase agreements and derivatives to gain or hedge market exposure, to adjust the Fund’s duration, to manage interest rate risk, and for any other purposes consistent with the Fund’s investment strategies and limitations.	While there are certain differences, each Fund may, but is not required to, hedge risks using a variety of derivatives.
Active Trading:	The Fund utilizes an active trading approach, which is expected to result in portfolio turnover greater than 100%.	The Fund may engage in frequent and active trading as part of its principal investment strategies.	—

14

Additional Information About the Funds’ Principal Investment Policies

Target Fund. The Target Fund is not required to invest set amounts in any of the various types of U.S. government securities described above. The Target Fund’s investment advisor, Sentinel, will choose the types of U.S. government securities that it believes will provide capital preservation and the best return with the least risk in light of its analysis of current market conditions and its outlook for interest rates and the economy.

The Target Fund invests substantially in U.S. government mortgage-backed securities (“MBS”) issued and/or guaranteed by the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) and the Government National Mortgage Association (“GNMA” or “Ginnie Mae”). The MBS in which the Target Fund invests are residential MBS rather than commercial MBS. The Target Fund may also purchase or sell agency MBS on a “to be announced” or “TBA” basis, where the Target Fund buys or sells agency MBS on a forward commitment basis. In a TBA securities transaction, the seller of the agency MBS agrees on a sale price, but does not specify which particular securities will be delivered to the buyer on settlement day. Instead, only a few basic characteristics of the securities are agreed upon, such as the coupon rate and the face value. The Target Fund may engage in short sales of agency MBS that the Target Fund does not own, primarily as part of a TBA swap transaction. A TBA swap transaction involves an agreement to purchase one agency MBS and a simultaneous agreement to sell a different agency MBS.

The Target Fund may sell a security if the security is overvalued on a relative basis compared to other securities available in the market or for duration management purposes. The Target Fund may also sell a security to meet redemptions.

Acquiring Fund.In deciding what securities to buy and sell for the Acquiring Fund, the Acquiring Fund’s sub-advisor, Fort Washington, analyzes the overall investment opportunities and risks in different sectors of the debt securities markets by focusing on maximizing total return while reducing volatility of the Acquiring Fund’s portfolio. Fort Washington follows a disciplined sector allocation process in order to build a diversified portfolio of investments.

How do the principal risks of investing in the Funds compare?

An investment in each Fund is subject to derivatives risk, fixed-income securities risk and portfolio turnover risk. An investment in the Sentinel Government Securities Fund is also subject to short sales risk and TBA securities risk. An investment in the Touchstone Active Bond Fund is also subject to foreign securities risk including emerging markets risk, leverage risk, management risk and mortgage dollar roll risk, as well as additional fixed-income securities risks including non-investment-grade debt securities risk. For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the Advisor, Sub-Advisor and Portfolio Managers of my Fund after the Reorganization?

Sentinel is the investment advisor to Sentinel Government Securities Fund. The portfolio managers of Sentinel Government Securities Fund are Jason Doiron and Peter Hassler.

After the Reorganization, Touchstone Advisors will serve as the investment advisor and Fort Washington will serve as the sub-advisor to Touchstone Active Bond Fund. The portfolio managers of Touchstone Active Bond Fund are Timothy J. Policinski and Daniel J. Carter. For additional information regarding the advisor, sub-advisor and portfolio managers listed above, please see the section entitled “The Funds’ Management—Investment Advisor” and “The Funds’ Management—Sub-Advisors and Portfolio Managers.”

15

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance. During the fiscal year ended November 30, 2016, the Target Fund’s portfolio turnover rate was 59% of the average value of its portfolio. During the fiscal year ended September 30, 2016, the portfolio turnover rate of the Acquiring Fund was 590% of the average value of its portfolio.

Will there be any repositioning of the portfolio after the Reorganization?

It is expected that a significant portion (approximately two-thirds) of the portfolio investments of the Target Fund may be sold by the Acquiring Fund following the Reorganization. The timing of any repositioning and its resulting impact on capital gains distributions in 2017 and beyond is uncertain. It is intended that at least one-third of the portfolio investments of the Target Fund will be held for at least the first year following the Reorganization. In addition, additional securities may be sold over time in the ordinary course of business. The amounts per share of any capital gains distributions resulting from the repositioning will depend on a number of factors, including the proportion of portfolio holdings that are actually sold, the timing of portfolio sales, the performance of the bond market in general, the availability of offsetting capital losses and the scale of purchase and redemption activity in the Funds’ shares. The timing of portfolio sales will also be subject to market conditions existing after the closing of the Reorganization. Accordingly, the per share amounts of any capital gains distributions resulting from the repositioning cannot be estimated at this time. Touchstone Advisors publishes estimates of capital gains distributions for the Touchstone Funds on its website (https://www.touchstoneinvestments.com/literature-center/taxplanning.htm), generally in October of each year. The Acquiring Fund will also bear brokerage costs in connection with the repositioning. For illustration purposes only, if the Reorganization had been completed as of March 31, 2017 and the Acquiring Fund had sold on a pro rata basis two-thirds of the investments held in the Target Fund’s portfolio as of March 31, 2017, the resulting realized capital gains estimate would be expected to total $0.02 per share of the combined fund and the spreads and other transaction costs would be expected to total approximately $145,000 in the aggregate, or $0.005 per share of the combined fund, based on average transaction costs of the Acquiring Fund. Under the same circumstances, if only one-third of the investments held in the Target Fund’s portfolio had been repositioned as of March 31, 2017, the resulting realized capital gains and transaction cost estimates would be reduced by half, to $0.01 and $0.003 per share of the combined fund, respectively. The brokerage costs to be borne by the Acquiring Fund will be borne by both Acquiring Fund shareholders and continuing Target Fund shareholders (as shareholders of the Acquiring Fund following the Reorganization).

16

SYNOPSIS:  REORGANIZATION OF SENTINEL TOTAL RETURN BOND FUND INTO TOUCHSTONE ACTIVE BOND FUND

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of the Sentinel Total Return Bond Fund will receive shares of the Touchstone Active Bond Fund, as follows:

Sentinel Total Return Bond Fund	Touchstone Active Bond Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class R3	Class A
Class R6	Class Y
Class T	Class T

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below describe the fees and expenses that you pay if you buy and hold shares of your Sentinel Fund and the pro forma fees and expenses that you may pay if you buy and hold shares of the corresponding Touchstone Fund under the following two scenarios (i) assuming that only the Reorganization of the Sentinel Total Return Bond Fund into the Touchstone Active Bond Fund takes places and (ii) assuming that both the Reorganization of the Sentinel Total Return Bond Fund into the Touchstone Active Bond Fund and the Reorganization of the Sentinel Government Securities Fund into the Touchstone Active Bond Fund (which is also described in this Joint Proxy Statement/Prospectus) take place. The two scenarios are presented because the Reorganizations of the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund are not contingent on each other, and it is possible that one Reorganization takes place but the other Reorganization does not. However, each Reorganization is subject to the closing of the Purchase Agreement between Sentinel and Touchstone Advisors.The pro forma expense ratios project anticipated expenses of the Acquiring Fund following Reorganizations, but actual expenses may be greater or less than those shown.  Expenses for the Class A, Class C, Class I, Class R3 and Class R6 shares of the Sentinel Total Return Bond Fund are based on the operating expenses incurred by each class of shares of the Fund for the fiscal year ended November 30, 2016.  Expenses for the Class A, Class C and Class Y shares of the Touchstone Active Bond Fund are based on the operating expenses incurred by each class of shares of the Fund for the 12-month period ended March 31, 2017.  Class T shares of each Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus, and therefore expenses for each Fund’s Class T shares are estimated based on the operating expenses incurred by the Fund during its most recent fiscal year.  The pro forma fees and expenses for the Class A, Class C, Class Y and Class T shares of the Touchstone Active Bond Fund reflect the fees and expenses of the Acquiring Fund and assume that the Reorganization(s) had been completed at the beginning of the 12-month period ended March 31, 2017.

The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See generally “Investing with Touchstone” on page 149.  No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.  In addition, you may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Sentinel Funds or $50,000 or more in the Touchstone Funds.  You may qualify for sales charge discounts if you invest at least $250,000 in a single transaction in Class T shares of the Target Fund or Acquiring Fund.  For the Target Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Share Classes” on page 82 of the Target Fund’s prospectus and “How to Purchase Shares and Reduce Sales Charges” on page 44 of the Target Fund’s SAI.  For the Acquiring Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Investing with Touchstone—Class A Shares—Letter of Intent” on page 152 of this Joint Proxy Statement/Prospectus and in the Acquiring Fund’s SAI on page 80.

17

SHAREHOLDER FEES

(fees paid directly from your investment)

	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	Wire Redemption Fee
Sentinel Total Return Bond Fund – Class A Shares	2.25%	None	None
Touchstone Active Bond Fund – Class A Shares	4.75%	None(2)	up to $15
Touchstone Active Bond Fund – Class A Shares Pro Forma	4.75%(1)	None(2)	up to $15
Sentinel Total Return Bond Fund – Class C Shares	None	1.00%(2)	None
Touchstone Active Bond Fund – Class  C Shares	None	1.00%(2)	up to $15
Touchstone Active Bond Fund – Class C Shares Pro Forma	None	1.00%(2)	up to $15
Sentinel Total Return Bond Fund – Class I Shares	None	None	None
Touchstone Active Bond Fund – Class Y Shares	None	None	up to $15
Touchstone Active Bond Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Total Return Bond Fund – Class R3 Shares	None	None	None
Touchstone Active Bond Fund – Class A Shares	4.75%	None	up to $15
Touchstone Active Bond Fund – Class A Shares Pro Forma	4.75%(1)(2)	None	up to $15
Sentinel Total Return Bond Fund – Class R6 Shares	None	None	None
Touchstone Active Bond Fund – Class Y Shares	None	None	up to $15
Touchstone Active Bond Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Total Return Bond Fund – Class T Shares	2.50%	None	None
Touchstone Active Bond Fund – Class T Shares	2.50%	None	up to $15
Touchstone Active Bond Fund – Class T Shares Pro Forma	2.50%	None	up to $15

(1) No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.

 

(2) A deferred sales charge of 1% applies to certain redemptions of Class A shares made within twelve months of purchase if the shares were purchased without an initial sales charge as part of an investment of $1 million or more.  If you hold load-waived Class A shares or Class C shares of the Target Fund, the Acquiring Fund will look to the date of purchase of your Target Fund shares for purposes of assessing deferred sales charges on shares received in the Reorganization.

18

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Total Return Bond Fund (Class A Shares)	Touchstone Active Bond Fund (Class A Shares)	Touchstone Active Bond Fund Pro Forma (Class A Shares)	Touchstone Active Bond Fund Pro Forma (Class A Shares) (both Reorganizations)(1)
Management Fees	0.53%	0.40%	0.38%	0.37%
Distribution/Service (12b-1) Fees	0.20%	0.25%	0.25%	0.25%
Other Expenses	0.37%	0.52%	0.47%(2)	0.38%(2)
Acquired Fund Fees and Expenses(3)	0.07%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	1.17%(4)	1.18%	1.11%	1.01%
Fee Waiver	(0.21%)(5)	(0.27%)(6)	(0.20%)(7)	(0.10%)(7)
Total Annual Fund Operating Expenses After Fee Waiver	0.96%	0.91%	0.91%	0.91%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Total Return Bond Fund (Class C Shares)	Touchstone Active Bond Fund (Class C Shares)	Touchstone Active Bond Fund Pro Forma (Class C Shares)	Touchstone Active Bond Fund Pro Forma (Class C Shares) (both Reorganizations)(1)
Management Fees	0.53%	0.40%	0.38%	0.37%
Distribution/Service (12b-1) Fees	1.00%	1.00%	1.00%	1.00%
Other Expenses	0.23%	0.64%	0.33%(2)	0.32%(2)
Acquired Fund Fees and Expenses(3)	0.07%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	1.83%(4)	2.05%	1.72%	1.70%
Fee Waiver	None	(0.39%)(6)	(0.06%)(7)	(0.04%)(7)
Total Annual Fund Operating Expenses After Fee Waiver	1.83%	1.66%	1.66%	1.66%

19

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Total Return Bond Fund (Class I Shares)	Touchstone Active Bond Fund (Class Y Shares)	Touchstone Active Bond Fund Pro Forma (Class Y Shares)	Touchstone Active Bond Fund Pro Forma (Class Y Shares) (both Reorganizations)(1)
Management Fees	0.53%	0.40%	0.38%	0.37%
Distribution/Service (12b-1) Fees	None	None	None	None
Other Expenses	0.24%	0.48%	0.33%(2)	0.32%(2)
Acquired Fund Fees and Expenses(3)	0.07%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	0.84%(4)	0.89%	0.72%	0.70%
Fee Waiver	—(8)	(0.23%)(6)	(0.06%)(7)	(0.04%)(7)
Total Annual Fund Operating Expenses After Fee Waiver	0.84%	0.66%	0.66%	0.66%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Total Return Bond Fund (Class R3 Shares)	Touchstone Active Bond Fund (Class A Shares)	Touchstone Active Bond Fund Pro Forma (Class A Shares)	Touchstone Active Bond Fund Pro Forma (Class A Shares) (both Reorganizations)(1)
Management Fees	0.53%	0.40%	0.38%	0.37%
Distribution/Service (12b-1) Fees	0.50%(9)	0.25%	0.25%	0.25%
Other Expenses	2.41%	0.52%	0.47%(2)	0.38%(2)
Acquired Fund Fees and Expenses(3)	0.07%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	3.51%(4)	1.18%	1.11%	1.01%
Fee Waiver	(2.25%)(5)	(0.27%)(6)	(0.20%)(7)	(0.10%)(7)
Total Annual Fund Operating Expenses After Fee Waiver	1.26%	0.91%	0.91%	0.91%

20

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Total Return Bond Fund (Class R6 Shares)	Touchstone Active Bond Fund (Class Y Shares)	Touchstone Active Bond Fund Pro Forma (Class Y Shares)	Touchstone Active Bond Fund Pro Forma (Class Y Shares) (both Reorganizations)(1)
Management Fees	0.53%	0.40%	0.38%	0.37%
Distribution/Service (12b-1) Fees	None	None	None	None
Other Expenses	2.40%	0.48%	0.33%(2)	0.32%(2)
Acquired Fund Fees and Expenses(3)	0.07%	0.01%	0.01%(2)	0.01%(2)
Total Annual Fund Operating Expenses	3.00%(4)	0.89%	0.72%	0.70%
Fee Waiver	(2.24%)(5)	(0.23%)(6)	(0.06%)(7)	(0.04%)(7)
Total Annual Fund Operating Expenses After Fee Waiver	0.76%	0.66%	0.66%	0.66%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Total Return Bond Fund (Class T Shares)	Touchstone Active Bond Fund (Class T Shares)	Touchstone Active Bond Fund Pro Forma (Class T Shares)	Touchstone Active Bond Fund Pro Forma (Class T Shares) (both Reorganizations)(1)
Management Fees	0.53%	0.40%	0.38%	0.37%
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%	0.25%
Other Expenses(10)	2.40%	0.52%	0.47%	0.38%
Acquired Fund Fees and Expenses(10)	0.07%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	3.25%	1.18%	1.11%	1.01%
Fee Waiver	(2.33%)(11)	(0.27%)(6)	(0.20%)(7)	(0.10%)(7)
Total Annual Fund Operating Expenses After Fee Waiver	0.92%	0.91%	0.91%	0.91%

(1) Represents Pro Forma information if both the Sentinel Government Securities Fund and the Sentinel Total Return Bond Fund reorganize into the Touchstone Active Bond Fund.  The Reorganizations of the Sentinel Government Securities Fund and Sentinel Total Return Bond Fund are not contingent on each other; however, each Reorganization is subject to the closing of the Purchase Agreement between Sentinel and Touchstone Advisors.

(2) Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses of the Acquiring Fund, assuming the Reorganization(s) had been consummated as of the beginning of the 12-month period ended March 31, 2017.

(3) Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund through its investments in one or more underlying funds, including money market funds. Because these costs are indirect, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund’s most recent annual report.

(4)  Total Annual Fund Operating Expenses  of Sentinel Total Return Bond Fund have been restated to reflect current fee rates.

21

(5) Sentinel has contractually agreed to waive fees and/or reimburse certain expenses in order to limit Total Annual Fund Operating Expenses. After Fee Waiver and/or Expense Reimbursement for Classes A, R3, R6, and T shares on an annualized basis, to 0.89%, 1.19%, 0.69%, and 0.95% respectively of average daily net assets through March 31, 2018.  Each of these agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Sentinel Funds.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.” Fees waived and expenses reimbursed by Sentinel prior to the closing of the Reorganization may not be recouped by Sentinel or Touchstone Advisors following the closing of the Reorganization.

(6) Touchstone Advisors has agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 0.90%, 1.65%, 0.65% and 0.90% of average daily net assets for Classes A, C, Y and T shares, respectively. This contractual expense limitation is effective through January 29, 2018 for Classes A, C and Y shares and is effective through July 29, 2018 for Class T shares, but can be terminated by a vote of the Touchstone Funds Board if it deems the termination to be beneficial to the Fund’s shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Touchstone Funds Board, such amounts waived or reimbursed for a period of up to three years from the date of reimbursement or waiver. The Fund will make repayments to Touchstone Advisors only if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

(7) Effective upon consummation of the Reorganization(s), Touchstone Advisors has contractually agreed to waive fees and/or reimburse certain expenses in order to limit total annual fund operating expenses of each class of shares of the Acquiring Fund to 0.90%, 1.65%, 0.65%, and 0.90% of average daily net assets for Classes A, C, Y, and T shares, respectively. The contractual expense limitation agreement will have the terms described above in Footnote 6, including recoupment provisions, and will remain in effect for at least two years following the closing of the Reorganization(s).  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

(8) Sentinel has contractually agreed to reimburse certain expenses paid by the Class I shares of the Target Funds to the extent necessary to prevent the total annual fund operating expense ratio of the Class I shares of the Target Funds, on an annualized basis, from exceeding the total annual fund operating expense ratio of the Class A shares of the same Fund. This agreement will continue through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Sentinel Funds.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.” No right that Sentinel may have to recoup previously waived fees and/or reimbursed expenses under certain circumstances will survive the closing of the Reorganization.

(9) Rule 12b-1 fees of Sentinel Total Return Bond Fund have been restated from actual fiscal year amounts to reflect the maximum fee payable under the applicable distribution plan for such share class.

(10) Class T shares of the Target Fund and Acquiring Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus. For Class T shares each Fund, Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses incurred by the Fund  during its most recent fiscal year and, for the Acquiring Fund Pro Forma, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017. Other Expenses for Class T shares of the Target Fund are based on actual expenses of an existing share class, adjusted to reflect the anticipated assets of the Class T shares at inception.

(11) Sentinel has contractually agreed to waive fees and/or reimburse certain expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) for Class T shares, on an annualized basis, to 0.85% of average daily net assets attributable to Class T shares through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund.

Expense Examples.  The examples below are intended to help you compare the cost of investing in the Target Fund with the Acquiring Fund and pro forma cost of investing in the Acquiring Fund under the following two scenarios (i) assuming that only the Reorganization of the Sentinel Total Return Bond Fund into the Touchstone Active Bond Fund takes place and (ii) assuming that both the Reorganization of the Sentinel Total Return Bond Fund into the Touchstone Active Bond Fund and the Reorganization of the Sentinel Government Securities Fund into the Touchstone Active Bond Fund (which is also described in this Joint Proxy Statement/Prospectus) take place.  The examples assume that you invest $10,000 in each Fund and then either (i) sell all of your shares at the end of each period indicated below or (ii) keep all of your shares at the end of each period indicated below.  The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreements reflected in the Annual Fund Operating Expenses tables above for the Sentinel Total Return Bond Fund and the Touchstone Active Bond Fund will remain in place for one year and the expense limitation agreement that will take effect as of the closing of the Reorganization(s) will remain in place for two years following the closing of the Reorganization(s). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

22

If shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares
Sentinel Total Return Bond Fund	$321	$568	$834	$1,595
Touchstone Active Bond Fund	$563	$806	$1,068	$1,816
Touchstone Active Bond Fund Pro Forma	$563	$772	$1,020	$1,727
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$563	$762	$987	$1,635
Class C Shares
Sentinel Total Return Bond Fund	$286	$576	$990	$2,148
Touchstone Active Bond Fund	$269	$605	$1,067	$2,348
Touchstone Active Bond Fund Pro Forma	$269	$530	$922	$2,020
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$269	$528	$915	$2,002
Class I Shares/Class Y Shares
Sentinel Total Return Bond Fund	$86	$268	$466	$1,037
Touchstone Active Bond Fund	$67	$261	$471	$1,075
Touchstone Active Bond Fund Pro Forma	$67	$218	$388	$883
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$67	$216	$382	$863
Class R3/Class A Shares
Sentinel Total Return Bond Fund	$128	$868	$1,629	$3,634
Touchstone Active Bond Fund	$563	$806	$1,068	$1,816
Touchstone Active Bond Fund Pro Forma	$563	$772	$1,020	$1,727
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$563	$762	$987	$1,635
Class R6/Class Y Shares
Sentinel Total Return Bond Fund	$78	$716	$1,379	$3,159
Touchstone Active Bond Fund	$67	$261	$471	$1,075
Touchstone Active Bond Fund Pro Forma	$67	$218	$388	$883
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$67	$216	$382	$863
Class T Shares
Sentinel Total Return Bond Fund	$342	$1,013	$1,708	$3,554
Touchstone Active Bond Fund	$341	$589	$857	$1,623
Touchstone Active Bond Fund Pro Forma	$341	$554	$808	$1,532
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$341	$544	$774	$1,437

If shares are not redeemed:(1)	1 Year	3 Years	5 Years	10 Years
Class C Shares
Sentinel Total Return Bond Fund	$186	$576	$990	$2,148
Touchstone Active Bond Fund	$169	$605	$1,067	$2,348
Touchstone Active Bond Fund Pro Forma	$169	$530	$922	$2,020
Touchstone Active Bond Fund Pro Forma (both Reorganizations)	$169	$528	$915	$2,002

(1) For holders of all other classes, the costs are the same as set forth above.

How do the performance records of the Target Fund and the Acquiring Fund compare?

The bar charts and the performance tables below provide some indication of the risks of an investment in each of the Target Fund and the Acquiring Fund by showing how each Fund’s performance has varied from year to year and by showing how each Fund’s average annual returns compare with a broad measure of market performance.  Performance of the Target Fund’s Class R3 shares prior to December 23, 2014 (the inception date for the Class R3 shares) is based on the Fund’s Class A share performance, restated to reflect that Class R3 shares are offered without a sales charge and adjusted for Class R3’s estimated higher expenses. Performance of the Target Fund’s Class R6 shares prior to December 23, 2014 (the inception date for the Class R6 shares) is based on the Target Fund’s Class A share performance, restated to reflect that Class R6 shares are offered without a sales charge. Class Y share performance of the Acquiring Fund prior to April 12, 2012 (the inception date for the Class Y shares) is based on the Acquiring Fund's Class A share performance, restated to reflect the impact of the fees and expenses applicable to the Acquiring Fund's Class Y shares. Past performance of the Target Fund and the Acquiring Fund, before and after taxes, does not necessarily represent how either Fund will perform in the future.  Performance information for Class T shares of the Target Fund and the Acquiring Fund is not available because they have not commenced operations as of the date of the Joint Proxy Statement/Prospectus.  Updated performance information for the Target Fund is available on the Target Fund’s website at www.sentinelinvestments.com or by calling 800.282.3863.  Updated performance information for the Acquiring Fund is available on the Acquiring Fund’s website at TouchstoneInvestments.com or by calling 800.543.0407.

23

Sentinel Total Return Bond Fund—Class A Shares

Best Quarter:  Third Quarter, 2012 3.61% Worst Quarter:  Fourth Quarter, 2016 (2.35%)

The Sentinel Total Return Bond Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 2.80%.

Touchstone Active Bond Fund—Class A Shares

Best Quarter:  Third Quarter, 2009 7.14% Worst Quarter:  Third Quarter, 2008 (2.68%)

The Touchstone Active Bond Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 2.39%.

24

Average Annual Total Returns For the periods ended December 31, 2016

Sentinel Total Return Bond Fund	Inception Date	1 Year	5 Years	10 Years	Since Inception
Class A (return before taxes)	12/17/2010	0.14%	2.83%	N/A	3.40%
Class A (return after taxes on distributions)	12/17/2010	(0.84%)	1.62%	N/A	2.10%
Class A (return after taxes on distributions and sale of fund shares)	12/17/2010	0.08%	1.69%	N/A	2.10%
Class C (return before taxes)	12/17/2010	0.62%	2.64%	N/A	3.21%
Class I (return before taxes)	12/17/2010	2.63%	3.46%	N/A	3.94%
Class R3 (return before taxes)	12/23/2014	2.49%	3.02%	N/A	3.49%
Class R6 (return before taxes)	12/23/2014	2.69%	3.40%	N/A	3.87%
Bloomberg Barclays US Aggregate Bond Index(1) (reflects no deduction for fees, expenses or taxes)	N/A	2.65%	2.23%	N/A	3.31%

Touchstone Active Bond Fund	Inception Date	1 Year	5 Years	10 Years	Since Inception
Class A (return before taxes)	10/03/1994	0.14%	1.70%	4.10%	N/A
Class A (return after taxes on distributions)	10/03/1994	(1.00%)	0.36%	2.61%	N/A
Class A (return after taxes on distributions and sale of fund shares)	10/03/1994	0.08%	0.72%	2.57%	N/A
Class C (return before taxes)	10/03/1994	3.32%	1.94%	3.83%	N/A
Class Y (return before taxes)(2)	04/12/2012	5.28%	2.94%	4.73%	N/A
Bloomberg Barclays US Aggregate Bond Index(1) (reflects no deduction for fees, expenses or taxes)	N/A	2.65%	2.23%	4.34%	N/A

(1) The Bloomberg Barclays US Aggregate Bond Index measures the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

(2) Class Y shares performance information of the Acquiring Fund was calculated using the historical performance of Class A shares of the Acquiring Fund for the periods prior to April 12, 2012. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to the Acquiring Fund’s Class Y shares.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.  If you hold your Fund shares through a tax-advantaged arrangement, such as an individual retirement account or a 401(k) plan, the after-tax returns do not apply to your situation.

How do the investment goals and principal investment policies of the Funds compare?

The investment goals and principal investment policies of the Sentinel Total Return Bond Fund and the Touchstone Active Bond Fund, along with descriptions of certain differences between the Funds’ investment goals and principal investment policies, are set forth in the table below.  Although the Funds have similar investment goals and principal policies, the analytical tools, techniques and investment selection process used by the sub-advisor to the Acquiring Fund may differ from those used by Sentinel.

Each Fund’s investment goal is non-fundamental, and may be changed by the applicable Board without shareholder approval. Shareholders of the Sentinel Total Return Bond Fund will be given at least 30 days’ notice before any such change is made, and shareholders of the Touchstone Active Bond Fund will be notified at least 60 days before any such change takes effect.

25

	Sentinel Total Return Bond Fund	Touchstone Active Bond Fund	Differences
Investment Goal(s):	The Fund seeks maximum investment return through a combination of current income and capital appreciation.	The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital. Capital appreciation is a secondary goal.	Each Fund seeks current income and capital appreciation. For the Acquiring Fund, capital appreciation as a secondary goal.
Principal Investment Strategy:	At least 80% of the Fund’s assets will normally be invested in corporate bonds, government debt securities, including mortgage-backed securities, taxable or tax-exempt municipal securities and derivatives related to such securities.	Under normal circumstances, the Fund invests at least 80% of its assets in bonds.  Bonds include mortgage-related securities, asset-backed securities, government securities, and corporate debt securities.	Each Fund invests in a broad range of corporate and government bonds, including mortgage-backed securities. The Target Fund’s principal investment strategy includes derivatives related to such securities.
Credit Quality:	The Fund invests primarily in investment-grade bonds. The Fund may invest up to 50% of its assets in below investment-grade bonds.	The Fund primarily invests in investment-grade debt securities, but may invest up to 30% of the Fund’s total assets in non-investment-grade debt securities rated as low as B by a Nationally Recognized Statistical Rating Organization (i.e., “junk bonds”).	The Target Fund may invest to a greater degree in non-investment-grade debt securities.  As of June 30, 2017, the Target Fund and Acquiring Fund held 5.7% and 7.38% of their assets in non-investment-grade debt securities, respectively (i.e., “junk bonds”).
Non-U.S. Investments:	The Fund may invest in debt securities issued by U.S. and non-U.S. private-sector entities denominated in U.S. dollars and foreign currencies. The Fund may also invest in debt securities issued by non-U.S. sovereign and quasi-sovereign entities.	The Fund may invest up to 20% of its total assets in foreign-issued debt securities denominated in either the U.S. dollar or a foreign currency. Foreign-issued debt securities may include debt securities of emerging market countries.	Each Fund may invest in non-U.S. debt securities.  While the Acquiring Fund has a stated limitation on such investments equal to 20% of its total assets, the Target Fund has no such limitation.  As of June 30, 2017, the Target Fund and Acquiring Fund held 4.7% and 5.97% of their assets in non-U.S. securities, respectively.
Sector or Industry Focus:	Up to 25% of the Fund’s net assets may be invested in securities within a single industry.	Up to 25% of the Fund’s net assets may be invested in securities within a single industry.	—

26

	Sentinel Total Return Bond Fund	Touchstone Active Bond Fund	Differences
Derivatives and Other Instruments:	The Fund may use derivative instruments (e.g., exchange-traded derivatives such as futures and options, and other derivatives such as swap agreements, options on swaps and interest rate caps and floors) for investment purposes, such as replicating permitted investments, as long as such investments do not have the effect of leveraging portfolio risks.	In order to implement its investment strategy, the Fund may invest in mortgage dollar-roll transactions and reverse repurchase agreements, and in derivatives, including forwards, futures contracts, interest rate and credit default swap agreements, and options.	While there are certain differences, each Fund may invest in a broad range of derivative instruments. The Target Fund has a stated policy that its use of derivatives may not result in leverage, while the Acquiring Fund's use of derivatives may have the effect of creating leverage.
Hedging:	The Fund may also use derivative instruments in order to hedge various risks, such as interest rate, credit and currency risk. The Fund is not required to use hedging and may choose not to do so.	The Fund may use mortgage dollar-roll transactions, reverse repurchase agreements and derivatives to gain or hedge market exposure, to adjust the Fund’s duration, to manage interest rate risk, and for any other purposes consistent with the Fund’s investment strategies and limitations.	While there are certain differences, each Fund may, but is not required to, hedge risks using a variety of derivatives.
Active Trading:	The Fund utilizes an active trading approach, which is expected to result in portfolio turnover greater than 100%.	The Fund may engage in frequent and active trading as part of its principal investment strategies.	—

Additional Information About the Funds’ Principal Investment Strategies

Target Fund.  The Target Fund may invest in exchange-traded funds (“ETFs”) in carrying out its investment strategies. The Fund considers investments in bond ETFs (ETFs whose underlying portfolio consists of debt instruments) as investments in fixed income instruments. At times, the Fund may have considerable exposure to ETFs. The Target Fund may invest in securities of any duration.

The Target Fund may also purchase or sell “to be announced” or “TBA” securities, which usually are transactions in which the Fund buys or sells agency mortgage-backed securities (“MBS”) on a forward commitment basis. In a TBA transaction, the seller of the agency MBS agrees on a sale price, but does not specify which particular securities will be delivered to the buyer on settlement day. Instead, only a few basic characteristics of the securities are agreed upon, such as the coupon rate and the face value. The Fund may engage in short sales of agency MBS that the Fund does not own, primarily as part of a TBA swap transaction. A TBA swap transaction involves an agreement to purchase one agency MBS and a simultaneous agreement to sell a different agency MBS.

The Target Fund may sell a security if the security is overvalued on a relative basis compared to other securities available in the market, if the fundamentals of the company are deteriorating, or for duration management purposes. The Fund may also sell a security to meet redemptions.

27

Acquiring Fund.  In deciding what securities to buy and sell for the Fund, the Acquiring Fund’s sub-advisor analyzes the overall investment opportunities and risks in different sectors of the debt securities markets by focusing on maximizing total return while reducing volatility of the Fund’s portfolio. The sub-advisor follows a disciplined sector allocation process in order to build a diversified portfolio of investments.

How do the principal risks of investing in the Funds compare?

An investment in each Fund is subject to derivatives risk, fixed-income securities risk including non-investment-grade debt securities risk, foreign securities risk and portfolio turnover risk.  An investment in the Sentinel Total Return Bond Fund is also subject to other investment companies and ETFs risk, short sales risk and TBA securities risk.  An investment in the Touchstone Active Bond Fund is also subject to leverage risk, management risk and mortgage dollar roll risk, as well as additional foreign securities risk including emerging markets risk.  For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the Advisor, Sub-Advisor and Portfolio Managers of my Fund after the Reorganization?

Sentinel is the investment advisor to Sentinel Total Return Bond Fund. The portfolio manager of Sentinel Total Return Bond Fund is Jason Doiron.

After the Reorganization, Touchstone Advisors will serve as the investment advisor and Fort Washington will serve as the sub-advisor to Touchstone Active Bond Fund.  The portfolio managers of Touchstone Active Bond Fund are Timothy J. Policinski and Daniel J. Carter.  For additional information regarding the advisor, sub-advisor and portfolio managers listed above, please see the section entitled “The Funds’ Management—Investment Advisor” and “The Funds’ Management—Sub-Advisors and Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance.  During the fiscal year ended November 30, 2016, the Target Fund’s portfolio turnover rate was 240% of the average value of its portfolio.  During the fiscal year ended September 30, 2016, the portfolio turnover rate of the Acquiring Fund was 590% of the average value of its portfolio.

Will there be any repositioning of the portfolio after the Reorganization?

It is expected that a significant portion (approximately two-thirds) of the portfolio investments of the Target Fund may be sold by the Acquiring Fund following the Reorganization.  However, the timing of any repositioning and its resulting impact on capital gains distributions in 2017 and beyond is uncertain.  It is intended that at least one-third of the portfolio investments of the Target Fund will be held for at least the first year following the Reorganization.  In addition, additional securities may be sold over time in the ordinary course of business. The amounts per share of any capital gains distributions resulting from the repositioning will depend on a number of factors, including the proportion of portfolio holdings that are actually sold, the timing of portfolio sales, the performance of the bond market in general, the availability of offsetting capital losses and the scale of purchase and redemption activity in the Funds’ shares.  The timing of portfolio sales will also be subject to market conditions existing after the closing of the Reorganization.  Accordingly, the per share amounts of any capital gains distributions resulting from the repositioning cannot be estimated at this time.  Touchstone Advisors publishes estimates of capital gains distributions for the Touchstone Funds on its website (https://www.touchstoneinvestments.com/literature-center/taxplanning.htm), generally in October of each year.  The Acquiring Fund will also bear brokerage costs in connection with the repositioning.  For illustration purposes only, if the Reorganization had been completed as of March 31, 2017 and the Acquiring Fund had sold on a pro rata basis two-thirds of the investments held in the Target Fund’s portfolio as of March 31, 2017, the resulting realized capital gains estimate would be expected to total $0.02 per share of the combined fund and the brokerage commissions, spreads and other transaction costs would be expected to total approximately $226,000 in the aggregate, or $0.006 per share of the combined fund, based on average transaction costs of the Acquiring Fund.  Under the same circumstances, if only one-third of the investments held in the Target Fund’s portfolio had been repositioned as of March 31, 2017, the resulting realized capital gains and transaction cost estimates would be reduced by half, to $0.01 and $0.003 per share of the combined fund, respectively. The brokerage costs to be borne by the Acquiring Fund will be borne by both Acquiring Fund shareholders and continuing Target Fund shareholders (as shareholders of the Acquiring Fund following the Reorganization).

28

SYNOPSIS:  REORGANIZATION OF SENTINEL LOW DURATION BOND FUND INTO TOUCHSTONE ULTRA SHORT DURATION FIXED INCOME FUND

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of the Sentinel Low Duration Bond Fund will receive shares of the Touchstone Ultra Short Duration Fixed Income Fund, as follows:

Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund
Class A	Class A
Class I	Class Y
Class S	Class S
Class T	Class T

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below describe the fees and expenses that you pay if you buy and hold shares of your Sentinel Fund and the pro forma fees and expenses that you may pay if you buy and hold shares of the corresponding Touchstone Fund after giving effect to the Reorganization.  The pro forma expense ratios project anticipated expenses of the Acquiring Fund following the Reorganization, but actual expenses may be greater or less than those shown.  Expenses for the Class A, Class I and Class S shares of the Sentinel Low Duration Bond Fund are based on the operating expenses incurred by each class of shares of the Fund for the fiscal year ended November 30, 2016.  Expenses for the Class A, Class Y and Class S shares of the Touchstone Ultra Short Duration Fixed Income Fund are based on the operating expenses incurred by each class of shares of the Fund for the 12-month period ended March 31, 2017.  Class T shares of each Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus, and therefore expenses for each Fund’s Class T shares are estimated based on the operating expenses incurred by the Fund during its most recent fiscal year.  The pro forma fees and expenses for the Class A, Class Y, Class S and Class T shares of the Touchstone Ultra Short Duration Fixed Income Fund reflect the fees and expenses of the Acquiring Fund and assume that the Reorganization had been completed at the beginning of the 12-month period ended March 31, 2017.

The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See generally “Investing with Touchstone” on page 149.  No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.  In addition, you may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Sentinel Funds or $50,000 or more in the Touchstone Funds.  You may qualify for sales charge discounts if you invest at least $250,000 in a single transaction in Class T shares of the Target Fund or Acquiring Fund.  For the Target Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Share Classes” on page 82 of the Target Fund’s prospectus and “How to Purchase Shares and Reduce Sales Charges” on page 44 of the Target Fund’s SAI.  For the Acquiring Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Investing with Touchstone—Class A Shares—Letter of Intent” on page 152 of this Joint Proxy Statement/Prospectus and in the Acquiring Fund’s SAI on page 80.

29

SHAREHOLDER FEES (fees paid directly from your investment)

	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	Wire Redemption Fee
Sentinel Low Duration Bond Fund – Class A Shares	1.00%	None	None
Touchstone Ultra Short Duration Fixed Income Fund – Class A Shares	2.00%	None(2)	up to $15
Touchstone Ultra Short Duration Fixed Income Fund – Class A Shares Pro Forma	2.00%(1)	None(2)	up to $15
Sentinel Low Duration Bond Fund – Class I Shares	None	None	None
Touchstone Ultra Short Duration Fixed Income Fund – Class Y Shares	None	None	up to $15
Touchstone Ultra Short Duration Fixed Income Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Low Duration Bond Fund – Class S Shares	None	None	None
Touchstone Ultra Short Duration Fixed Income Fund – Class S Shares	None	None	up to $15
Touchstone Ultra Short Duration Fixed Income Fund – Class S Shares Pro Forma	None	None	up to $15
Sentinel Low Duration Bond Fund – Class T Shares	2.50%	None	None
Touchstone Ultra Short Duration Fixed Income Fund – Class T Shares	2.50%	None	up to $15
Touchstone Ultra Short Duration Fixed Income Fund – Class T Shares Pro Forma	2.50%	None	up to $15

 

(1) No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.

(2) A deferred sales charge of 1% applies to certain redemptions of Class A shares made within twelve months of purchase if the shares were purchased without an initial sales charge as part of an investment of $1 million or more.  If you hold load-waived Class A shares of the Target Fund, the Acquiring Fund will look to the date of purchase of your Target Fund shares for purposes of assessing deferred sales charges on shares received in the Reorganization.

30

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Low Duration Bond Fund (Class A Shares)	Touchstone Ultra Short Duration Fixed Income Fund (Class A Shares)	Touchstone Ultra Short Duration Fixed Income Fund Pro Forma (Class A Shares)
Management Fees	0.45%	0.25%	0.25%
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses	0.24%	0.41%(1)	0.32%(1)
Acquired Fund Fees and Expenses(2)	0.08%	0.00%	0.00%
Total Annual Fund Operating Expenses	1.02%	0.91%	0.82%
Fee Waiver	None	(0.22%)(3)	(0.13%)(4)
Total Annual Fund Operating Expenses After Fee Waiver	1.02%	0.69%	0.69%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Low Duration Bond Fund (Class I Shares)	Touchstone Ultra Short Duration Fixed Income Fund (Class Y Shares)	Touchstone Ultra Short Duration Fixed Income Fund Pro Forma (Class Y Shares)
Management Fees	0.45%	0.25%	0.25%
Distribution/Service (12b-1) Fees	None	None	None
Other Expenses	0.15%	0.28%(1)	0.26%(1)
Acquired Fund Fees and Expenses(2)	0.08%	0.00%	0.00%
Total Annual Fund Operating Expenses	0.68%	0.53%	0.51%
Fee Waiver	—(5)	(0.09%)(3)	(0.07%)(4)
Total Annual Fund Operating Expenses After Fee Waiver	0.68%	0.44%	0.44%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Low Duration Bond Fund (Class S Shares)	Touchstone Ultra Short Duration Fixed Income Fund (Class S Shares)	Touchstone Ultra Short Duration Fixed Income Fund Pro Forma (Class S Shares)
Management Fees	0.45%	N/A	0.25%
Distribution/Service (12b-1) Fees	0.50%	N/A	0.50%
Other Expenses	0.13%	N/A	0.21%(1)
Acquired Fund Fees and Expenses(2)	0.08%	N/A	0.00%
Total Annual Fund Operating Expenses	1.16%	N/A	0.96%
Fee Waiver	None	N/A	(0.02%)(4)
Total Annual Fund Operating Expenses After Fee Waiver	1.16%	N/A	0.94%

31

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Low Duration Bond Fund (Class T Shares)	Touchstone Ultra Short Duration Fixed Income Fund (Class T Shares)	Touchstone Ultra Short Duration Fixed Income Fund Pro Forma (Class T Shares)
Management Fees	0.45%	0.25%	0.25%
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses(6)	2.40%	0.41%	0.32%
Acquired Fund Fees and Expenses(6)	0.08%	0.00%	0.00%
Total Annual Fund Operating Expenses	3.18%	0.91%	0.82%
Fee Waiver	(2.20%)(7)	(0.22%)(3)	(0.13%)(4)
Total Annual Fund Operating Expenses After Fee Waiver	0.98%	0.69%	0.69%

(1) Other Expenses are estimated based on fees and expenses of the Acquiring Fund, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017.

(2) Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund through its investments in one or more underlying funds, including money market funds. Because these costs are indirect, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund’s most recent annual report.

(3) Touchstone Advisors has agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 0.69%, 0.44% and 0.69% of average daily net assets for Classes A, Y and T shares, respectively. This contractual expense limitation is effective through January 29, 2018 for Classes A and Y shares and is effective through July 29, 2018 for Class T shares, but can be terminated by a vote of the Touchstone Funds Board if it deems the termination to be beneficial to the Fund’s shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Touchstone Funds Board, such amounts waived or reimbursed for a period of up to three years from the date of reimbursement or waiver. The Fund will make repayments to Touchstone Advisors only if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

(4) Effective upon consummation of the Reorganization, Touchstone Advisors has contractually agreed to waive fees and/or reimburse certain expenses in order to limit total annual fund operating expenses of each class of shares of the Acquiring Fund to 0.69%, 0.44%, 0.94%, and 0.69% of average daily net assets for Classes A, Y, S, and T shares, respectively. The contractual expense limitation agreement will have the terms described above in Footnote 3, including recoupment provisions, and will remain in effect for at least two years following the closing of the Reorganization.  Class S shares will commence operations upon the closing of the Reorganization.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management --Expense Limitation Agreement.”

(5) Sentinel has contractually agreed to reimburse certain expenses paid by the Class I shares of the Target Funds to the extent necessary to prevent the total annual fund operating expense ratio of the Class I shares of the Target Funds, on an annualized basis, from exceeding the total annual fund operating expense ratio of the Class A shares of the same Fund. This agreement will continue through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Sentinel Funds.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.” Fees waived and expenses reimbursed by Sentinel prior to the closing of the Reorganization may not be recouped by Sentinel or Touchstone Advisors following the closing of the Reorganization.

(6) Class T shares of the Target Fund and the Acquiring Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus. For Class T shares of each Fund, Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses incurred by the Fund during its most recent fiscal year and, for the Acquiring Fund Pro Forma, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017. Other Expenses for Class T shares of the Target Fund are based on actual expenses of an existing share class, adjusted to reflect the anticipated assets of the Class T shares at inception.

(7) Sentinel has contractually agreed to waive fees and/or reimburse certain expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) for Class T shares, on an annualized basis, to 0.90% of average daily net assets attributable to Class T shares through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund.

32

Expense Examples.  The examples below are intended to help you compare the cost of investing in the Target Fund with the Acquiring Fund pro forma cost of investing in the Acquiring Fund following the Reorganization.  The examples assume that you invest $10,000 in each Fund and then sell all of your shares at the end of each period indicated below or (ii) keep all of your shares at the end of each period indicated below.  The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreements reflected in the Annual Fund Operating Expenses tables above for the Sentinel Low Duration Bond Fund and the Touchstone Ultra Short Duration Fixed Income Fund will remain in place for one year and the expense limitation agreement that takes effect as of the closing of the Reorganization will be in place for two years following the closing of the Reorganization.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If shares are redeemed:(1)	1 Year	3 Years	5 Years	10 Years
Class A Shares
Sentinel Low Duration Bond Fund	$203	$421	$658	$1,335
Touchstone Ultra Short Duration Fixed Income Fund	$269	$463	$673	$1,277
Touchstone Ultra Short Duration Fixed Income Fund Pro Forma	$269	$430	$620	$1,169
Class I Shares/Class Y Shares
Sentinel Low Duration Bond Fund	$69	$218	$379	$847
Touchstone Ultra Short Duration Fixed Income Fund	$45	$161	$287	$656
Touchstone Ultra Short Duration Fixed Income Fund Pro Forma	$45	$149	$271	$627
Class S Shares
Sentinel Low Duration Bond Fund	$118	$368	$638	$1,409
Touchstone Ultra Short Duration Fixed Income Fund	N/A	N/A	N/A	N/A
Touchstone Ultra Short Duration Fixed Income Fund Pro Forma	$96	$302	$527	$1,174
Class T Shares
Sentinel Low Duration Bond Fund	$347	$1,004	$1,685	$3,499
Touchstone Ultra Short Duration Fixed Income Fund	$319	$511	$720	$1,322
Touchstone Ultra Short Duration Fixed Income Fund Pro Forma	$319	$479	$668	$1,214

(1) For holders of all classes, costs are the same if you held your shares.

How do the performance records of the Target Fund  and the Acquiring Fund compare?

The bar charts and the performance tables below provide some indication of the risks of an investment in each of the Target Fund and the Acquiring Fund by showing how each Fund’s performance has varied from year to year and by showing how each Fund’s average annual returns compare with a broad measure of market performance.  Performance of the Class I shares of the Target Fund prior to January 31, 2014 (the inception date for Class I shares) is based on the Target Fund’s Class A share performance, restated to reflect that Class I shares are offered without a sales charge. Effective January 31, 2014, the Target Fund changed its investment strategies from investing primarily in U.S. government securities to investing in a variety of fixed income instruments. The performance information provided below for periods prior to January 31, 2014 relates to the Target Fund’s investment strategies that were in effect during such periods. Performance of the Class A and Class Y shares of the Acquiring Fund prior to April 12, 2012 (the inception date for Class A and Class Y shares) is based on the Acquiring Fund’s Class Z share performance, restated to reflect the impact of the fees and expenses applicable to Class A and Class Y shares of the Acquiring Fund. Past performance of the Target Fund and the Acquiring Fund, before and after taxes, does not necessarily represent how either Fund will perform in the future.  Performance information for Class T shares of the Target Fund and the Acquiring Fund is not available because they have not commenced operations as of the date of the Joint Proxy Statement/Prospectus.  Updated performance information for the Target Fund is available on the Target Fund’s website at www.sentinelinvestments.com or by calling 800.282.3863. Updated performance information for the Acquiring Fund is available on the Acquiring Fund’s website at TouchstoneInvestments.com or by calling 800.543.0407.

33

Sentinel Low Duration Bond Fund—Class A Shares

Best Quarter:  Third Quarter, 2007 1.97% Worst Quarter:  Fourth Quarter, 2016 (1.14%)

The Sentinel Low Duration Bond Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 1.22%.

Touchstone Ultra Short Duration Fixed Income Fund—Class A Shares

Best Quarter:  Third Quarter, 2012 0.62% Worst Quarter:  Second Quarter, 2013 (0.18%)

The Touchstone Ultra Short Duration Fixed Income Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 0.62%.

34

Average Annual Total Returns For the periods ended December 31, 2016

Sentinel Low Duration Bond Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	03/27/1995	0.43%	(0.03%)	1.94%
Class A (return after taxes on distributions)	03/27/1995	(0.37%)	(0.82%)	0.93%
Class A (return after taxes on distributions and sale of fund shares)	03/27/1995	0.24%	(0.36%)	1.11%
Class I (return before taxes)	01/31/2014	1.91%	0.37%	2.14%
Class S (return before taxes)	03/04/2005	1.46%	(0.01%)	1.73%
Bloomberg Barclays 1-3 Year US Government/Credit Index(1) (reflects no deduction for fees, expenses or taxes)	N/A	1.28%	0.92%	2.44%

Touchstone Ultra Short Duration Fixed Income Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)(5)	04/12/2012	(0.53%)	0.53%	1.44%
Class A (return after taxes on distributions)(5)	04/12/2012	(1.08%)	(0.08%)	0.53%
Class A (return after taxes on distributions and sale of fund shares)(5)	04/12/2012	(0.30)%	0.14%	0.76%
Class Y (return before taxes)(5)	04/12/2012	1.67%	1.17%	1.76%
Class S (return before taxes)(2)	N/A	N/A	N/A	N/A
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index(3) (reflects no deduction for fees, expenses or taxes)	N/A	0.33%	0.12%	0.12%
BofA Merrill Lynch 1-Year U.S. Treasury Note Index(4) (reflects no deduction for taxes or certain expenses)	N/A	0.76%	0.32%	0.43%

(1) The Bloomberg Barclays 1-3 Year US Government/Credit Index is an index which consists of U.S. government, government agency and investment grade corporate securities with maturities of one to three years.

(2) No returns are included for Class S shares since the class has not commenced operations.

(3) The BofA Merrill Lynch U.S. 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

(4) The BofA Merrill Lynch 1-Year U.S. Treasury Note Index is an unmanaged index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding two-year Treasury note that matures closest to, but not beyond, one year from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

(5) Class A shares and Class Y shares performance of the Acquiring Fund was calculated using the historical performance of Class Z shares of the Acquiring Fund for the periods prior to April 12, 2012. Performance for these periods has been restated to reflect the impact of the fees and expenses applicable to Class A and Class Y shares of the Acquiring Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.  If you hold your Fund shares through a tax-advantaged arrangement, such as an individual retirement account or a 401(k) plan, the after-tax returns do not apply to your situation.

35

How do the investment goals and principal investment strategies of the Funds compare?

The investment goals and principal investment strategies of the Sentinel Low Duration Bond Fund and the Touchstone Ultra Short Duration Fixed Income Fund, along with descriptions of certain differences between the Funds’ investment goals and principal investment strategies, are set forth in the table below.  Although the Funds have similar investment goals and principal strategies, the analytical tools, techniques and investment selection process used by the sub-advisor to the Acquiring Fund may differ from those used by Sentinel. In addition, the Target Fund may invest in below-investment-grade debt securities, while the Acquiring Fund invests only in investment-grade debt securities. The Target Fund may invest in derivatives as a principal strategy, while the Acquiring Fund does not invest in derivatives as a principal strategy.

The investment goal of the Sentinel Low Duration Bond Fund is a fundamental investment policy of the Fund that cannot be changed without the consent of the holders of a majority of the outstanding shares of the Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.  The investment goal of the Touchstone Ultra Short Duration Fixed Income Fund is non-fundamental, and may be changed by the Touchstone Funds Board without shareholder approval. Shareholders of the Touchstone Fund will be notified at least 60 days before any such change takes effect.

	Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund	Differences
Investment Goal(s):	The Fund seeks high current income and limited fluctuations in principal value.	The Fund seeks maximum total return consistent with the preservation of capital.	The Target Fund’s investment goal focuses on current income while the Acquiring Fund’s investment goal focuses on total return.
Principal Investment Strategy:	The Fund normally invests at least 80% of its net assets in fixed income instruments and related derivatives.	The Fund invests, under normal market conditions, at least 80% of its assets in fixed-income securities. The Fund invests in a diversified portfolio of securities of different maturities including U.S. Treasury securities, U.S. government agency securities, securities of U.S. government-sponsored enterprises, corporate bonds (including those of foreign issuers), mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds and cash equivalent securities including repurchase agreements, commercial paper and variable rate demand notes.	While there are certain differences, each Fund may invest in a broad range of fixed-income securities.  The Target Fund may invest in derivatives while the Acquiring Fund does not expect to invest in derivatives.

36

	Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund	Differences
Credit Quality:	Under normal market conditions, the Fund expects to invest no more than 50% of its total assets in below investment-grade debt securities (sometimes called “junk bonds”).	The Fund invests only in investment-grade debt securities and does not invest in non-investment-grade debt securities. Investment-grade debt securities are those having a rating of BBB-/Baa3 or higher from a nationally recognized statistical rating organization or, if a rating is not available, deemed to be of comparable quality by the Fund’s sub-advisor.  Non-investment-grade debt securities are often referred to as “junk bonds” and are considered speculative.	The Target Fund may invest in non-investment-grade debt securities while the Acquiring Fund does not invest in non-investment-grade debt securities. As of June 30, 2017, the Target Fund held 6.6% of its assets in securities rated below investment grade (i.e., “junk bonds”).
Duration:(1)	The Target Fund attempts to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal market conditions, the Fund expects to maintain its average duration range between zero and three years.	While the Acquiring Fund may invest in securities with any maturity or duration, Fort Washington seeks to maintain an effective duration(2) for the Fund of one year or less under normal market conditions.	While there are certain differences, both Funds expect to maintain relatively short durations. As of June 30, 2017, the effective duration of the Target Fund and Acquiring Fund was 2.84 years and 0.72 years, respectively.
Non-U.S. Investments:	The Fund expects to invest in debt securities of U.S. and non-U.S. (including emerging market) issuers denominated in U.S. dollars or foreign currencies.	—	The Target Fund expects to invest in debt securities of U.S. and non-U.S. (including emerging market) issuers while the Acquiring Fund has no stated policy regarding investments in non-U.S. securities.

37

	Sentinel Low Duration Bond Fund	Touchstone Ultra Short Duration Fixed Income Fund	Differences
Derivatives and Hedging:	The Fund may use derivative instruments in order to hedge various risks and manage the average duration of the Fund’s portfolio. The Fund’s investments in derivatives include exchange-traded futures on U.S. Treasury notes and bonds and equity indexes, and options on these futures, and other derivatives intended to hedge interest rate risk and credit risk, such as interest rate caps and floors, swaps and options on swaps. The Fund may use derivative instruments for other investment purposes, such as replicating permitted investments, as long as such investments do not have the effect of leveraging portfolio risks.	—	The Target Fund may use derivative instruments for various purposes, including hedging, while the Acquiring Fund  does not invest in derivative instruments as a principal strategy.
Active Trading:	The Fund utilizes an active trading approach which is expected to result in portfolio turnover greater than 100%.	The Fund may engage in frequent and active trading of securities as a part of its principal investment strategy.	—

(1) Duration is a mathematical concept that measures a portfolio’s sensitivity to interest rate changes. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. The shorter a portfolio’s duration, the less sensitive it is to changes in interest rates. For example, the price of a portfolio with a duration of five years would be expected to fall approximately five percent if interest rates rose by one percentage point and a portfolio with a duration of two years would be expected to fall  approximately two percent if interest rates rose by one percentage point..

(2) Effective duration is a measure of a security’s price volatility or the risk associated with changes in interest rates.

Additional Information About the Funds’ Principal Investment Strategies

Target Fund.  Under normal market conditions, the Fund expects to invest no more than 50% of its total assets in any one or combination of the following types of fixed income securities and other instruments:

• Below investment-grade debt securities (sometimes called “junk bonds”);

• Debt securities of non-U.S. (including emerging markets) issuers that are denominated in foreign currencies;

• Senior bank loans, including participations; and

• Convertible securities, including convertible bonds and preferred stocks.

38

The Target Fund may invest in exchange-traded funds (“ETFs”) and considers investments in bond ETFs (ETFs whose underlying portfolio consists of debt instruments) as investments in fixed income instruments. At times, the Fund may have considerable exposure to ETFs.

The Target Fund may also purchase or sell “to be announced” or “TBA” securities, which usually are transactions in which the Fund buys or sells agency mortgage-backed securities (“MBS”) on a forward commitment basis. In a TBA transaction, the seller of the agency MBS agrees on a sale price, but does not specify which particular securities will be delivered to the buyer on settlement day. Instead, only a few basic characteristics of the securities are agreed upon, such as the coupon rate and the face value. The Fund may engage in short sales of agency MBS that the Fund does not own, primarily as part of a TBA swap transaction. A TBA swap transaction involves an agreement to purchase one agency MBS and a simultaneous agreement to sell a different agency MBS.

The Target Fund may sell a security if it no longer meets the Fund’s investment criteria, or for a variety of other reasons, such as to secure gains, limit losses, maintain its duration, redeploy assets into opportunities believed to be more promising, or satisfy redemption requests, among others.

Acquiring Fund.  In selecting investments for the Fund, in addition to considering effective duration, the Fund’s sub-advisor, Fort Washington, chooses fixed-income securities that it believes are attractively priced relative to the market or to similar instruments.

How do the principal risks of investing in the Funds compare?

An investment in each Fund is subject to fixed-income securities risk, foreign securities risk and portfolio turnover risk.  An investment in the Sentinel Low Duration Bond Fund is also subject to derivatives risk, inflation-linked investments risk, other investment companies and ETFs risk, short sales risk and TBA securities risk, as well as additional fixed-income securities risks including corporate loan risk and non-investment-grade debt securities risk.  An investment in the Touchstone Ultra Short Duration Fixed Income Fund is also subject to management risk and repurchase agreement risk.  For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the Advisor, Sub-Advisor and Portfolio Managers of my Fund after the Reorganization?

Sentinel is the investment advisor to Sentinel Low Duration Bond Fund. The portfolio manager of Sentinel Low Duration Bond Fund is Jason Doiron.

After the Reorganization, Touchstone Advisors will serve as the investment advisor and Fort Washington will serve as the sub-advisor to Touchstone Ultra Short Duration Fixed Income Fund.   The portfolio managers of Touchstone Ultra Short Duration Fixed Income Fund are Scott D. Weston and Brent A. Miller.  For additional information regarding the advisor, sub-advisor and portfolio managers listed above, please see the section entitled “The Funds’ Management—Investment Advisor” and “The Funds’ Management—Sub-Advisors and Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance.  During the fiscal year ended November 30, 2016, the Target Fund’s portfolio turnover rate was 117% of the average value of its portfolio.  During the fiscal year ended September 30, 2016, the portfolio turnover rate of the Acquiring Fund was 169% of the average value of its portfolio.

Will there be any repositioning of the portfolio after the Reorganization?

It is expected that a significant portion (approximately two-thirds) of the portfolio investments of the Target Fund may be sold by the Acquiring Fund following the Reorganization.  However, the timing of any repositioning and its resulting impact on capital gains distributions in 2017 and beyond is uncertain.  It is intended that at least one-third of the portfolio investments of the Target Fund will be held for at least the first year following the Reorganization.  In addition, additional securities may be sold over time in the ordinary course of business.  The amounts per share of any capital gains distributions resulting from the repositioning will depend on a number of factors, including the proportion of portfolio holdings that are actually sold, the timing of portfolio sales, the performance of the bond market in general, the availability of offsetting capital losses and the scale of purchase and redemption activity in the Funds’ shares.  The timing of portfolio sales will also be subject to market conditions existing after the closing of the Reorganization.  Accordingly, the per share amounts of any capital gains distributions resulting from the repositioning cannot be estimated at this time.  Touchstone Advisors publishes estimates of capital gains distributions for the Touchstone Funds on its website (https://www.touchstoneinvestments.com/literature-center/taxplanning.htm), generally in October of each year.  The Acquiring Fund will also bear brokerage costs in connection with the repositioning.  For illustration purposes only, if the Reorganization had been completed as of March 31, 2017 and the Acquiring Fund had sold on a pro rata basis two-thirds of the investments held in the Target Fund’s portfolio as of March 31, 2017, the resulting realized capital gains estimate would be expected to total $0.003 per share of the combined fund and the brokerage commissions would be expected to total approximately $471,000 in the aggregate, or $0.005 per share of the combined fund, based on average commission costs of the Acquiring Fund.  Under the same circumstances, if only one-third of the investments held in the Target Fund’s portfolio had been repositioned as of March 31, 2017, the resulting realized capital gains and brokerage cost estimates would be reduced by half, to $0.002 and $0.002 per share of the combined fund, respectively. The brokerage costs to be borne by the Acquiring Fund will be borne by both Acquiring Fund shareholders and continuing Target Fund shareholders (as shareholders of the Acquiring Fund following the Reorganization).

39

SYNOPSIS:  REORGANIZATION OF SENTINEL MULTI-ASSET INCOME FUND INTO TOUCHSTONE FLEXIBLE INCOME FUND

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of the Sentinel Multi-Asset Income Fund will receive shares of the Touchstone Flexible Income Fund, as follows:

Sentinel Multi-Asset Income Fund	Touchstone Flexible Income Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below describe the fees and expenses that you pay if you buy and hold shares of your Sentinel Fund and the pro forma fees and expenses that you may pay if you buy and hold shares of the corresponding Touchstone Fund after giving effect to the Reorganization.  The pro forma expense ratios project anticipated expenses of the Acquiring Fund following the Reorganization, but actual expenses may be greater or less than those shown.  Expenses for the Class A, Class C and Class I shares of the Sentinel Multi-Asset Income Fund are based on the operating expenses incurred by each class of shares of the Fund for the fiscal year ended November 30, 2016.  Expenses for the Class A, Class C and Class Y shares of the Touchstone Flexible Income Fund are based on the operating expenses incurred by each class of shares of the Fund for the fiscal year ended March 31, 2017.  Class T shares of each Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus, and therefore expenses for each Fund’s Class T shares are estimated based on the operating expenses incurred by the Fund during its most recent fiscal year.  The pro forma fees and expenses for the Class A, Class C, Class Y and Class T shares of the Touchstone Flexible Income Fund reflect the fees and expenses of the Acquiring Fund and assume that the Reorganization had been completed at the beginning of the 12-month period ended March 31, 2017.

The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See generally “Investing with Touchstone” on page 149.  No sales charge will be imposed on the Class A shares of the Acquiring Fund received in connection with the Reorganization.  In addition, you may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Sentinel Funds or $50,000 or more in the Touchstone Funds.  You may qualify for sales charge discounts if you invest at least $250,000 in a single transaction in Class T shares of the Target Fund or Acquiring Fund.  For the Target Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Share Classes” on page 82 of the Target Fund’s prospectus and “How to Purchase Shares and Reduce Sales Charges” on page 44 of the Target Fund’s SAI.  For the Acquiring Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Investing with Touchstone—Class A Shares—Letter of Intent” on page 152 of this Joint Proxy Statement/Prospectus and in the Acquiring Fund’s SAI on page 63.

40

SHAREHOLDER FEES (fees paid directly from your investment)

	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	Wire Redemption Fee
Sentinel Multi-Asset Income Fund – Class A Shares	5.00%	None	None
Touchstone Flexible Income Fund – Class A Shares	5.75%	None(2)	up to $15
Touchstone Flexible Income Fund – Class A Shares Pro Forma	5.75%(1)	None(2)	up to $15
Sentinel Multi-Asset Income Fund – Class C Shares	None	1.00%(2)	None
Touchstone Flexible Income Fund – Class C Shares	None	1.00%(2)	up to $15
Touchstone Flexible Income Fund – Class C Shares Pro Forma	None	1.00%(2)	up to $15
Sentinel Multi-Asset Income Fund – Class I Shares	None	None	None
Touchstone Flexible Income Fund – Class Y Shares	None	None	up to $15
Touchstone Flexible Income Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Multi-Asset Income Fund – Class T Shares	2.50%	None	None
Touchstone Flexible Income Fund – Class T Shares	2.50%	None	up to $15
Touchstone Flexible Income Fund – Class T Shares Pro Forma	2.50%	None	up to $15

(1) No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.

(2) A deferred sales charge of 1% applies to certain redemptions of Class A shares made within twelve months of purchase if the shares were purchased without an initial sales charge as part of an investment of $1 million or more.  If you hold load-waived Class A shares or Class C shares of the Target Fund, the Acquiring Fund will look to the date of purchase of your Target Fund shares for purposes of assessing deferred sales charges on shares received in the Reorganization.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Multi-Asset Income Fund (Class A Shares)	Touchstone Flexible Income Fund (Class A Shares)	Touchstone Flexible Income FundPro Forma (Class A Shares)
Management Fees	0.53%	0.68%	0.55%(1)
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%

41

	Sentinel Multi-Asset Income Fund (Class A Shares)	Touchstone Flexible Income Fund (Class A Shares)	Touchstone Flexible Income FundPro Forma (Class A Shares)
Dividend and Interest Expenses on Securities Sold Short	None	0.01%	0.01%(2)
Other Expenses	0.23%	0.36%	0.31%(2)
Acquired Fund Fees and Expenses(3)	0.19%	0.02%	0.02%(2)
Total Annual Fund Operating Expenses	1.20%	1.32%	1.14%
Fee Waiver	None	(0.20%)(4)	(0.07%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	1.20%	1.12%	1.07%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Multi-Asset Income Fund (Class C Shares)	Touchstone Flexible Income Fund (Class C Shares)	Touchstone Flexible Income FundPro Forma (Class C Shares)
Management Fees	0.53%	0.68%	0.55%(1)
Distribution/Service (12b-1) Fees	1.00%	1.00%	1.00%
Dividend and Interest Expenses on Securities Sold Short	None	0.01%	0.01%(2)
Other Expenses	0.22%	0.31%	0.29%(2)
Acquired Fund Fees and Expenses(3)	0.19%	0.02%	0.02%(2)
Total Annual Fund Operating Expenses	1.94%	2.02%	1.87%
Fee Waiver	None	(0.15%)(4)	(0.05%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	1.94%	1.87%	1.82%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Multi-Asset Income Fund (Class I Shares)	Touchstone Flexible Income Fund (Class Y Shares)	Touchstone Flexible Income FundPro Forma (Class Y Shares)
Management Fees	0.53%	0.68%	0.55%(1)
Distribution/Service (12b-1) Fees	None	None	None
Dividend and Interest Expenses on Securities Sold Short	None	0.01%	0.01%(2)
Other Expenses	0.26%	0.31%	0.31%(2)
Acquired Fund Fees and Expenses(3)	0.19%	0.02%	0.02%(2)
Total Annual Fund Operating Expenses	0.98%	1.02%	0.89%
Fee Waiver	—(6)	(0.15%)(4)	(0.07%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	0.98%	0.87%	0.82%

42

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Multi-Asset Income Fund (Class T Shares)	Touchstone Flexible Income Fund (Class T Shares)	Touchstone Flexible Income FundPro Forma (Class T Shares)
Management Fees	0.53%	0.68%	0.55%(1)
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%
Dividend and Interest Expenses on Securities Sold Short	0.00%	0.01%	0.01%
Other Expenses(7)	2.40%	0.36%	0.31%
Acquired Fund Fees and Expenses(7)	0.19%	0.02%	0.02%
Total Annual Fund Operating Expenses	3.37%	1.32%	1.14%
Fee Waiver	(2.18%)(8)	(0.20%)(4)	(0.07)%(5)
Total Annual Fund Operating Expenses After Fee Waiver	1.19%	1.12%	1.07%

(1) Restated to reflect the management fee schedule that will take effect upon consummation of the Reorganization.

(2) Other Expenses, Dividend and Interest Expenses on Securities Sold Short and Acquired Fund Fees and Expenses are estimated based on fees and expenses of the Acquiring Fund, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017.

(3) Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund through its investments in one or more underlying funds, including money market funds. Because these costs are indirect, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund’s most recent annual report.

(4) Touchstone Advisors has agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.09%, 1.84%, 0.84% and 1.09% of average daily net assets for Classes A, C, Y and T shares, respectively. This contractual expense limitation is effective through July 29, 2018, but can be terminated by a vote of the Touchstone Funds Board if it deems the termination to be beneficial to the Fund’s shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Touchstone Funds Board, such amounts waived or reimbursed for a period of up to three years from the date of reimbursement or waiver. The Fund will make repayments to Touchstone Advisors only if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement”

(5) Effective upon consummation of the Reorganization, Touchstone Advisors has contractually agreed to waive fees and/or reimburse certain expenses in order to limit total annual fund operating expenses of each class of shares of the Acquiring Fund to 1.04%, 1.79%, 0.79%, and 1.04% of average daily net assets for Classes A, C, Y, and T shares, respectively. The contractual expense limitation agreement will have the terms described above in Footnote 4, including recoupment provisions, and will remain in effect for at least two years following the closing of the Reorganization.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

(6) Sentinel has contractually agreed to reimburse certain expenses paid by the Class I shares of the Target Funds to the extent necessary to prevent the total annual fund operating expense ratio of the Class I shares of the Target Funds, on an annualized basis, from exceeding the total annual fund operating expense ratio of the Class A shares of the same Fund. This agreement will continue through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Sentinel Funds.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.” Fees waived and expenses reimbursed by Sentinel prior to the closing of the Reorganization may not be recouped by Sentinel or Touchstone Advisors following the closing of the Reorganization.

(7) Class T shares have not commenced operations as of the date of this Joint Proxy Statement/Prospectus for the Target Fund or Acquiring Fund. For Class T shares of each Fund, Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses incurred by the Fund during its most recent fiscal year and, for the Acquiring Fund Pro Forma, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017. Other Expenses for Class T shares of the Target Fund are based on actual expenses of an existing share class, adjusted to reflect the anticipated assets of the Class T shares at inception.

43

(8) Sentinel has contractually agreed to waive fees and/or reimburse certain expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) for Class T shares, on an annualized basis, to 1.00% of average daily net assets attributable to Class T shares through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund.

Expense Examples.  The examples below are intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund.  The examples assume that you invest $10,000 in each Fund and then either (i) sell all of your shares at the end of each period indicated below or (ii) keep all of your shares at the end of each period indicated below.  The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same.  The examples also assume that the expense limitation agreements reflected in the Annual Fund Operating Expenses tables above for the Sentinel Multi-Asset Income Fund and the Touchstone Flexible Income Fund will remain in place for one year and the expense limitation agreement that will take effect as of the Closing to the Reorganization will be in place for two years following the closing of the Reorganization.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares
Sentinel Multi-Asset Income Fund	$616	$862	$1,127	$1,882
Touchstone Flexible Income Fund	$683	$951	$1,239	$2,057
Touchstone Flexible Income Fund Pro Forma	$678	$903	$1,153	$1,869
Class C Shares
Sentinel Multi-Asset Income Fund	$297	$609	$1,047	$2,264
Touchstone Flexible Income Fund	$290	$619	$1,074	$2,336
Touchstone Flexible Income Fund Pro Forma	$285	$578	$1,001	$2,182
Class I Shares/Class Y Shares
Sentinel Multi-Asset Income Fund	$100	$312	$542	$1,201
Touchstone Flexible Income Fund	$89	$310	$549	$1,234
Touchstone Flexible Income Fund Pro Forma	$84	$270	$479	$1,083
Class T Shares
Sentinel Multi-Asset Income Fund	$368	$1,062	$1,778	$3,673
Touchstone Flexible Income Fund	$361	$639	$937	$1,783
Touchstone Flexible Income Fund Pro Forma	$356	$589	$848	$1,589

If shares are not redeemed:(1)	1 Year	3 Years	5 Years	10 Years
Class C Shares
Sentinel Multi-Asset Income Fund	$197	$609	$1,047	$2,264
Touchstone Flexible Income Fund	$190	$619	$1,074	$2,236
Touchstone Flexible Income Fund Pro Forma	$185	$578	$1,001	$2,182

(1) For holders of all other classes, the costs are the same as set forth above.

How do the performance records of the Target Fund and the Acquiring Fund compare?

The bar charts and the performance tables below provide some indication of the risks of an investment in each of the Target Fund and the Acquiring Fund by showing how each Fund’s performance has varied from year to year and by showing how each Fund’s average annual returns compare with a broad measure of market performance.  Performance of the Class A shares of the Target Fund prior to June 30, 2012, has not been adjusted to reflect the decrease in the maximum 12b-1 fee from 0.30% to 0.25%. If it had, those returns would be higher.  Performance of the Class I shares of the Target Fund prior to December 17, 2010 (the inception date for the Class I shares) is based on the Fund’s Class A share performance, restated to reflect that Class I shares are offered without a sales charge. Effective July 1, 2014, the Target Fund changed its investment strategies. The performance information provided below for periods prior to July 1, 2014 relates to the Target Fund’s investment strategies that were in effect during such periods.  Past performance of the Target Fund and the Acquiring Fund, before and after taxes, does not necessarily represent how either Fund will perform in the future.  Performance information for Class T shares of the Target Fund and the Acquiring Fund is not available because they have not commenced operations as of the date of the Joint Proxy Statement/Prospectus.  Updated performance information for the Target Fund is available on the Target Fund’s website at www.sentinelinvestments.com or by calling 800.282.3863. Updated performance information for the Acquiring Fund is available on the Acquiring Fund’s website at TouchstoneInvestments.com or by calling 800.543.0407.

44

Sentinel Multi-Asset Income Fund—Class A Shares

Best Quarter:  Third Quarter, 2009 7.66% Worst Quarter:  Fourth Quarter, 2008 (10.97%)

The Sentinel Multi-Asset Income Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 3.68%.

Touchstone Flexible Income Fund—Class A Shares

Best Quarter:  Second Quarter, 2009 21.98% Worst Quarter:  Third Quarter, 2008 (18.48%)

The Touchstone Flexible Income Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 4.45%.

45

Average Annual Total Returns For the periods ended December 31, 2016

Sentinel Multi-Asset Income Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	03/10/2003	2.21%	4.93%	4.29%
Class A (return after taxes on distributions)	03/10/2003	0.60%	3.27%	3.03%
Class A (return after taxes on distributions and sale of fund shares)	03/10/2003	1.33%	3.39%	3.02%
Class C (return before taxes)	03/10/2003	5.88%	5.24%	4.03%
Class I (return before taxes)	12/17/2010	7.85%	6.25%	4.95%
S&P 500® Index(1) (reflects no deduction for fees, expenses or taxes)	N/A	11.96%	14.66%	6.95%
Bloomberg Barclays US Aggregate Bond Index(2) (reflects no deduction for taxes or certain expenses)	N/A	2.65%	2.23%	4.34%

Touchstone Flexible Income Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	04/01/2004	(2.23%)	3.26%	3.90%
Class A (return after taxes on distributions)	04/01/2004	(3.35%)	1.80%	2.04%
Class A (return after taxes on distributions and sale of fund shares)	04/01/2004	(1.24%)	1.96%	2.28%
Class C (return before taxes)	10/29/2001	1.84%	3.72%	3.74%
Class Y (return before taxes)	09/01/1998	3.90%	4.77%	4.77%
Bloomberg Barclays US Aggregate Bond Index(2) (reflects no deduction for fees, expenses or taxes)	N/A	2.65%	2.23%	4.34%

(1) The S&P 500^® Index consists of approximately 500 widely held U.S. equity securities chosen for market size, liquidity, and industry group representation.

(2) The Bloomberg Barclays US Aggregate Bond Index measures the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.  If you hold your Fund shares through a tax-advantaged arrangement, such as an individual retirement account  or a 401(k) plan, the after-tax returns do not apply to your situation.

How do the investment goals and principal investment strategies of the Funds compare?

The investment goals and principal investment strategies of the Sentinel Multi-Asset Income Fund and the Touchstone Flexible Income Fund, along with descriptions of certain differences between the Funds’ investment goals and principal investment strategies, are set forth in the table below.  Although the Funds have similar investment goals and principal strategies, the analytical tools, techniques and investment selection process used by the sub-advisor to the Acquiring Fund may differ from those used by Sentinel.

The investment goal of the Sentinel Multi-Asset Income Fund is a fundamental investment policy of the Fund that cannot be changed without the consent of the holders of a majority of the outstanding shares of the Fund. The term “majority of the outstanding shares” means the vote of (i) 67% or more of a Fund’s shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund’s outstanding shares, whichever is less.  The investment goal of the Touchstone Flexible Income Fund is non-fundamental, and may be changed by the Touchstone Funds Board without shareholder approval. Shareholders of the Touchstone Fund will be notified at least 60 days before any such change takes effect.

46

	Sentinel Multi-Asset Income Fund	Touchstone Flexible Income Fund	Differences
Investment Goal(s):	The Fund seeks a high level of current income, with a secondary objective of long-term capital appreciation.	The Fund seeks a high level of income consistent with reasonable risk. The Fund seeks capital appreciation as a secondary goal.	While there are certain differences, each Fund seeks a high level of income and has a secondary goal of capital appreciation.
Principal Investment Strategy:	The Fund normally invests in a broad range of debt instruments and equity securities.	Under normal circumstances, the Fund invests at least 80% of its assets in income-producing securities such as debt securities, common stocks, and preferred stocks.	While there are certain differences, each Fund may invest in a broad range of debt and equity securities.
Credit Quality:	The debt instruments may be of any credit quality, including high-yield (below investment-grade) bonds (sometimes called “junk bonds”).	In selecting corporate debt securities for the Fund, the Fund’s sub-advisor intends to invest principally in securities rated Baa or better by Moody’s Investors Service, Inc. (“Moody’s”) (or the equivalent using Standard & Poor’s Ratings Services (“S&P”)), but may invest in non-investment-grade debt securities rated as low as Ba, B, Caa, or Ca by Moody’s, or unrated securities. The Fund will not invest more than 20% of its assets in either (i) securities rated Ba or lower by Moody’s or (ii) unrated securities which, in the opinion of the Fund’s sub-advisor, are of quality comparable to those rated Ba or lower.  Non-investment-grade debt securities are often referred to as “junk bonds” and are considered speculative.	The Target Fund may invest in non-investment-grade debt securities to a greater degree than the Acquiring Fund.

47

	Sentinel Multi-Asset Income Fund	Touchstone Flexible Income Fund	Differences
Market Capitalization:	The Fund may invest in stocks of any size or any market capitalization.	The Fund normally invests in equity securities of companies with a market capitalization of approximately $400 million or higher.	The Target Fund may invest in stocks of any market capitalization while the Acquiring Fund normally invests in equity securities of companies with a market capitalization of approximately $400 million or higher.
Non-U.S. Investments:	The Fund may invest no more than 70% of its assets in equity securities of non-U.S. companies. Assets in which the Fund invests may be denominated in U.S. dollars or foreign currencies.	The Fund may invest in both domestic and foreign securities.	The Target Fund may invest no more than 70% of its assets in equity securities of non-U.S. companies while the Acquiring Fund has no stated limitation on investments in foreign securities.
Derivatives and Hedging:	The Fund may attempt to hedge various risks, such as interest rate, equity, credit and currency risk, using derivative instruments (e.g., exchange-traded futures and options, and other derivatives such as swaps, options on swaps, and interest rate caps and floors), and may use derivative instruments for other investment purposes such as replicating permitted investments, as long as such investments do not have the effect of leveraging portfolio risks.	In order to efficiently seek certain exposures or to hedge certain risks, the Fund may invest in derivative instruments, such as currency forwards, options, futures contracts or swap agreements.	While there are certain differences, each Fund may utilize derivatives instruments in order to hedge certain risks and obtain certain exposures.
Active Trading:	The Fund utilizes an active trading approach, which is expected to result in portfolio turnover greater than 100%.	The Fund may utilize active trading and have portfolio turnover greater than 100%.	—

Additional Information About the Funds’ Principal Investment Strategies

Target Fund.  Sentinel has broad discretion to allocate assets among asset classes in order to pursue the Target Fund’s investment objective, and may shift the Fund’s investments from one asset class to another based on Sentinel’s analysis of the best opportunities for the Fund in a given market. The Fund may invest up to 100% of its assets in equity securities, including common stocks, preferred stock, utility stocks, publicly-traded real estate investment trusts (“REITs”) securities and other equity trusts and partnership interests, including master limited partnerships.  Currently, the Fund expects to invest no more than 40% of its assets in equity securities.

The Target Fund may invest in exchange-traded funds (“ETFs”) in carrying out its investment strategies. At times, the Fund may have considerable exposure to ETFs, potentially a majority of the Fund’s assets may be invested in a combination of different ETFs. The Fund may purchase or sell “to be announced” or “TBA” securities, which usually are transactions in which the Fund buys or sells agency mortgage-backed securities (“MBS”) on a forward commitment basis. In a TBA transaction, the seller of the agency MBS agrees on a sale price, but does not specify which particular securities will be delivered to the buyer on settlement day. Instead, only a few basic characteristics of the securities are agreed upon, such as the coupon rate and the face value. The Fund may engage in short sales of agency MBS that the Fund does not own, primarily as part of a TBA swap transaction. A TBA swap transaction involves an agreement to purchase one agency MBS and a simultaneous agreement to sell a different agency MBS.

48

The debt instruments in which the Fund may invest may be of any maturity and may include  all varieties of fixed and floating rate instruments, including, without limitation, secured and unsecured bonds and mortgage-backed or other asset-backed securities. The Fund may invest up to 100% of its assets in debt instruments, and has the flexibility to invest exclusively in any one type of debt instrument or in any combination of debt instruments.

The Target Fund may sell a security if it no longer meets the Fund’s investment criteria, or for a variety of other reasons, such as to secure gains, limit losses, redeploy assets into opportunities believed to be more promising, or satisfy redemption requests, among others.

Acquiring Fund.  The Acquiring Fund’s sub-advisor, ClearArc Capital, Inc. (“ClearArc Capital”), seeks to provide value by investing in asset classes that appear to be attractive based on their risks and in companies with attractive price-to-cash flow ratios. The Fund seeks returns by investing across a broader array of investments than traditional investment-grade fixed-income funds, and the Fund’s sub-advisor believes that a low correlation between various asset classes leads to stability of expected returns. The Acquiring Fund will increase its investment in short-term debt securities during periods when the Fund’s sub-advisor believes interest rates will rise and will increase its investment in long-term debt securities during periods when the sub-advisor believes interest rates will decline.  Debt securities in which the Fund may invest may be of any maturity and include, but are not limited to, U.S. government agency securities, variable and floating-rate instruments, and mortgage- and asset-backed securities. Certain of the debt securities and preferred stocks in which the Fund may invest may be convertible into common shares.

The Acquiring Fund’s sub-advisor may consider selling a portfolio holding when it detects deterioration in a company’s strategic position, growth prospects, or financial reporting; an individual security comprises too large a position in the portfolio; a company has declining financial fundamentals and unacceptable risk volatility as determined by the sub-advisor’s credit risk model; a company’s valuations are no longer attractive; or a better opportunity arises.

How do the principal risks of investing in the Funds compare?

An investment in each Fund is subject to derivatives risk, equity securities (stock market) risk, fixed-income securities risk including non-investment-grade securities risk, foreign securities risk, other investment companies and ETFs risk and portfolio turnover risk.  An investment in the Sentinel Multi-Asset Income Fund is also subject to asset allocation risk, income risk, sector risk, short sales risk, TBA securities risk and utilities industry risk.  An investment in the Touchstone Flexible Income Fund is also subject to convertible securities risk, foreign securities risk and management risk, as well as additional equity securities risks including small cap risk.  For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the Advisor, Sub-Advisor and Portfolio Managers of my Fund after the Reorganization?

Sentinel is the investment advisor to Sentinel Multi-Asset Income Fund. The portfolio manager of Sentinel Multi-Asset Income Fund is Jason Doiron.

After the Reorganization, Touchstone Advisors will serve as the investment advisor and ClearArc Capital will serve as the sub-advisor to Touchstone Flexible Income Fund.  The portfolio managers of Touchstone Flexible Income Fund are Peter Kwiatkowski, David Withrow, Mitchell Stapley and John Cassady.  For additional information regarding the advisor, sub-advisor and portfolio managers listed above, please see the section entitled “The Funds’ Management—Investment Advisor” and “The Funds’ Management—Sub-Advisors and Portfolio Managers.”

49

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance.  During the fiscal year ended November 30, 2016, the Target Fund’s portfolio turnover rate was 228% of the average value of its portfolio.  During the fiscal year ended March 31, 2017, the portfolio turnover rate of the Acquiring Fund was 127% of the average value of its portfolio.

Will there be any repositioning of the portfolio after the Reorganization?

It is expected that a significant portion (approximately two-thirds) of the portfolio investments of the Target Fund may be sold by the Acquiring Fund following the Reorganization.  However, the timing of any repositioning and its resulting impact on capital gains distributions in 2017 and beyond is uncertain.  It is intended that at least one-third of the portfolio investments of the Target Fund will be held for at least the first year following the Reorganization.  In addition, additional securities may be sold over time in the ordinary course of business. The amounts per share of any capital gains distributions resulting from the repositioning will depend on a number of factors, including the proportion of portfolio holdings that are actually sold, the timing of portfolio sales, the performance of the stock and bond markets in general, the availability of offsetting capital losses and the scale of purchase and redemption activity in the Funds’ shares.  The timing of portfolio sales will also be subject to market conditions existing after the closing of the Reorganization.  Accordingly, the per share amounts of any capital gains distributions resulting from the repositioning cannot be estimated at this time.  Touchstone Advisors publishes estimates of capital gains distributions for the Touchstone Funds on its website (https://www.touchstoneinvestments.com/literature-center/taxplanning.htm), generally in October of each year.  The Acquiring Fund will also bear brokerage costs in connection with the repositioning.  For illustration purposes only, if the Reorganization had been completed as of March 31, 2017 and the Acquiring Fund had sold on a pro rata basis two-thirds of the investments held in the Target Fund’s portfolio as of March 31, 2017, the resulting realized capital gains estimate would be expected to total $0.03 per share of the combined fund and the brokerage commissions would be expected to total approximately $295,000 in the aggregate, or $0.003 per share of the combined fund, based on average commission costs of the Acquiring Fund.  Under the same circumstances, if only one-third of the investments held in the Target Fund’s portfolio had been repositioned as of March 31, 2017, the resulting realized capital gains and brokerage cost estimates would be reduced by half, to $0.02 and $0.002 per share of the combined fund, respectively. The brokerage costs to be borne by the Acquiring Fund will be borne by both Acquiring Fund shareholders and continuing Target Fund shareholders (as shareholders of the Acquiring Fund following the Reorganization).

50

SYNOPSIS:  REORGANIZATION OF SENTINEL SUSTAINABLE CORE OPPORTUNITIES FUND INTO TOUCHSTONE SUSTAINABILITY AND IMPACT EQUITY FUND

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of the Sentinel Sustainable Core Opportunities Fund will receive shares of the Touchstone Sustainability and Impact Equity Fund, as follows:

Sentinel Sustainable Core Opportunities Fund	Touchstone Sustainability and Impact Equity Fund
Class A	Class A
Class I	Class Y
Class T	Class T

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below describe the fees and expenses that you pay if you buy and hold shares of your Sentinel Fund and the pro forma fees and expenses that you may pay if you buy and hold shares of the corresponding Touchstone Fund after giving effect to the Reorganization.  The pro forma expense ratios project anticipated expenses of the Acquiring Fund following the Reorganization, but actual expenses may be greater or less than those shown.  Expenses for the Class A and Class I shares of the Sentinel Sustainable Core Opportunities Fund are based on the operating expenses incurred by each class of shares of the Fund as of the fiscal year ended November 30, 2016.  Expenses for the Class A and Class Y shares of the Touchstone Sustainability and Impact Equity Fund are based on the operating expenses incurred by each class of shares of the Fund as of the fiscal year ended March 31, 2017.  Class T shares of each Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus, and therefore expenses for each Fund’s Class T shares are estimated based on the operating expenses incurred by the Fund during its most recent fiscal year.  The pro forma fees and expenses for the Class A, Class Y and Class T shares of the Touchstone Sustainability and Impact Equity Fund reflect the fees and expenses of the Acquiring Fund and assume that the Reorganization had been completed at the beginning of the 12-month period ended March 31, 2017.

The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See generally “Investing with Touchstone” on page 149.  No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.  In addition, you may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Sentinel Funds or $50,000 or more in the Touchstone Funds.  You may qualify for sales charge discounts if you invest at least $250,000 in a single transaction in Class T shares of the Target Fund or Acquiring Fund.  For the Target Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Share Classes” on page 82 of the Target Fund’s prospectus and “How to Purchase Shares and Reduce Sales Charges” on page 44 of the Target Fund’s SAI.  For the Acquiring Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Investing with Touchstone—Class A Shares—Letter of Intent” on page 152 of this Joint Proxy Statement/Prospectus and in the Acquiring Fund’s SAI on page 63.

51

SHAREHOLDER FEES

(fees paid directly from your investment)

	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	Wire Redemption Fee
Sentinel Sustainable Core Opportunities Fund – Class A Shares	5.00%	None	None
Touchstone Sustainability and Impact Equity Fund – Class A Shares	5.75%	None(2)	up to $15
Touchstone Sustainability and Impact Equity Fund – Class A Shares Pro Forma	5.75%(1)	None(2)	up to $15
Sentinel Sustainable Core Opportunities Fund – Class I Shares	None	None	None
Touchstone Sustainability and Impact Equity Fund – Class Y Shares	None	None	up to $15
Touchstone Sustainability and Impact Equity Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Sustainable Core Opportunities Fund – Class T Shares	2.50%	None	None
Touchstone Sustainability and Impact Equity Fund – Class T Shares	2.50%	None	up to $15
Touchstone Sustainability and Impact Equity Fund – Class T Shares Pro Forma	2.50%	None	up to $15

(1) No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.

(2) A deferred sales charge of 1% applies to certain redemptions of Class A shares made within twelve months of purchase if the shares were purchased without an initial sales charge as part of an investment of $1 million or more.  If you hold load-waived Class A shares of the Target Fund, the Acquiring Fund will look to the date of purchase of your Target Fund shares for purposes of assessing deferred sales charges on shares received in the Reorganization.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Sustainable Core Opportunities Fund (Class A Shares)	Touchstone Sustainability and Impact Equity Fund (Class A Shares)	Touchstone Sustainability and Impact Equity Fund Pro Forma (Class A Shares)
Management Fees	0.70%	0.74%	0.65%(1)
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses	0.23%	0.37%	0.33%(2)
Acquired Fund Fees and Expenses(3)	None	0.01%	0.01%(2)
Total Annual Fund Operating Expenses	1.18%	1.37%	1.24%
Fee Waiver	None	(0.12%)(4)	(0.06%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	1.18%	1.25%	1.18%

52

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Sustainable Core Opportunities Fund (Class I Shares)	Touchstone Sustainability and Impact Equity Fund (Class Y Shares)	Touchstone Sustainability and Impact Equity Fund Pro Forma (Class Y Shares)
Management Fees	0.70%	0.74%	0.65%(1)
Distribution/Service (12b-1) Fees	None	None	None
Other Expenses	0.21%	0.35%	0.31%(2)
Acquired Fund Fees and Expenses(3)	None	0.01%	0.01%(2)
Total Annual Fund Operating Expenses	0.91%	1.10%	0.97%
Fee Waiver	—(6)	(0.10%)(4)	(0.06%)(5)
Total Annual Fund Operating Expenses After Fee Waiver	0.91%	1.00%	0.91%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Sustainable Core Opportunities Fund (Class T Shares)	Touchstone Sustainability and Impact Equity Fund (Class T Shares)	Touchstone Sustainability and Impact Equity Fund Pro Forma (Class T Shares)
Management Fees	0.70%	0.74%	0.65%
Distribution/Service (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses(7)	2.40%	0.37%	0.33%
Acquired Fund Fees and Expenses(7)	0.00%	0.01%	0.01%
Total Annual Fund Operating Expenses	3.35%	1.37%	1.24%
Fee Waiver	(2.17%)(8)	(0.12%)(4)	(0.06)%(5)
Total Annual Fund Operating Expenses After Fee Waiver	1.18%	1.25%	1.18%

(1) Restated to reflect the management fee that will take effect upon consummation of the Reorganization.

(2) Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses of the Acquiring Fund, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017.

(3) Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund through its investments in one or more underlying funds, including money market funds. Because these costs are indirect, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets in the Fund’s most recent annual report.

(4) Touchstone Advisors has agreed to waive a portion of its fees or reimburse certain Fund expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transactions and investment related expenses; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) in order to limit annual Fund operating expenses to 1.24%, 0.99% and 1.24% of average daily net assets for Classes A, Y and T shares, respectively. This contractual expense limitation is effective through July 29, 2018, but can be terminated by a vote of the Touchstone Funds Board if it deems the termination to be beneficial to the Fund’s shareholders. The terms of the contractual expense limitation agreement provide that Touchstone Advisors is entitled to recoup, subject to approval by the Touchstone Funds Board, such amounts waived or reimbursed for a period of up to three years from the date of reimbursement or waiver. The Fund will make repayments to Touchstone Advisors only if such repayment does not cause the Fund’s expense ratio (after the repayment is taken into account) to exceed both (1) the expense limitation in place when such amounts were waived and (2) the Fund’s current expense limitation. Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

53

(5) Effective upon consummation of the Reorganization, Touchstone Advisors has contractually agreed to waive fees and/or reimburse certain expenses in order to limit total annual fund operating expenses of each class of shares of the Acquiring Fund 1.17% , 0.90%, and 1.17% of average daily net assets for Classes A, Y, and T shares, respectively. The contractual expense limitation agreement will have the terms described above in Footnote 4, including recoupment provisions, and will remain in effect for at least two years following the closing of the Reorganization.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.”

(6) Sentinel has contractually agreed to reimburse certain expenses paid by the Class I shares of the Target Funds to the extent necessary to prevent the total annual fund operating expense ratio of the Class I shares of the Target Funds, on an annualized basis, from exceeding the total annual fund operating expense ratio of the Class A shares of the same Fund. This agreement will continue through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of Sentinel Funds.  Additional information regarding the expense limit is provided under the section entitled “The Funds’ Management—Expense Limitation Agreement.” Fees waived and expenses reimbursed by Sentinel prior to the closing of the Reorganization may not be recouped by Sentinel or Touchstone Advisors following the closing of the Reorganization.

(7) Class T shares have not commenced operations as of the date of this Joint Proxy Statement/Prospectus. For Class T shares of each Fund, Other Expenses and Acquired Fund Fees and Expenses are estimated based on fees and expenses incurred by the Fund during its most recent fiscal year and, for the Acquiring Fund Pro Forma, assuming the Reorganization had been consummated as of the beginning of the 12-month period ended March 31, 2017. Other Expenses for Class T shares of the Target Fund are based on actual expenses of an existing share class, adjusted to reflect the anticipated assets of the Class T shares at inception.

(8) Sentinel has contractually agreed to waive fees and/or reimburse certain expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) for Class T shares, on an annualized basis, to 1.18% of average daily net assets attributable to Class T shares through March 31, 2018. This agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund.

Expense Examples.  The examples below are intended to help you compare the cost of investing in the Target Fund with Acquiring Fund and with the pro forma cost of investing in the Acquiring Fund.  The examples assume that you invest $10,000 in each Fund and then either (i) sell all of your shares at the end of each period indicated below or (ii) keep all of your shares at the end of each period indicated below.  The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreements reflected in the Annual Fund Operating Expenses tables above for the Sentinel Sustainable Core Opportunities Fund and the Touchstone Sustainability and Impact Equity Fund will remain in place for one year and the expense limitation agreement that takes effect as of the closing of the Reorganization will be in place for two years following the closing of the Reorganization.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If shares are redeemed:(1)	1 Year	3 Years	5 Years	10 Years
Class A Shares
Sentinel Sustainable Core Opportunities Fund	$614	$856	$1,117	$1,860
Touchstone Sustainability and Impact Equity Fund	$695	$973	$1,271	$2,117
Touchstone Sustainability and Impact Equity Fund Pro Forma	$688	$934	$1,206	$1,978
Class I Shares/Class Y Shares
Sentinel Sustainable Core Opportunities Fund	$93	$290	$504	$1,120
Touchstone Sustainability and Impact Equity Fund	$102	$340	$597	$1,331
Touchstone Sustainability and Impact Equity Fund Pro Forma	$93	$297	$524	$1,178

54

If shares are redeemed:(1)	1 Year	3 Years	5 Years	10 Years
Class T Shares
Sentinel Sustainable Core Opportunities Fund	$367	$1,057	$1,769	$3,655
Touchstone Sustainability and Impact Equity Fund	$374	$661	$970	$1,845
Touchstone Sustainability and Impact Equity Fund Pro Forma	$367	$622	$902	$1,702

(1) For all share classes, the costs are the same if you held your shares.

How do the performance records of the Target Fund and the Acquiring Fund compare?

The bar charts and the performance tables below provide some indication of the risks of an investment in each of the Target Fund and the Acquiring Fund by showing how each Fund’s performance has varied from year to year and by showing how each Fund’s average annual returns compare with a broad measure of market performance.  Performance for the Class A shares of the Target Fund from September 24, 2001 to April 4, 2008 is based on the performance of the Standard shares of the predecessor Citizens Value Fund, which was offered without a sales charge and reflects the current maximum sales charge. Performance of the Class A shares of the Target Fund from their inception on April 4, 2008 to June 29, 2012, has not been adjusted to reflect the lower maximum 12b-1 fee in effect prior to April 4, 2008 or the decrease in the maximum 12b-1 fee, effective June 30, 2012, from 0.30% to 0.25%. If it had, those returns would be higher. Performance of the Class I shares of the Target Fund from March 31, 2006 to April 4, 2008 (the inception date for the Class I shares) is based on the performance of the Institutional shares of the Citizens Value Fund, which had different expenses but substantially similar investment risks.  Past performance of the Target Fund and the Acquiring Fund, before and after taxes, does not necessarily represent how either Fund will perform in the future.  Performance information for Class T shares of the Target Fund and the Acquiring Fund is not available because they have not commenced operations as of the date of the Joint Proxy Statement/Prospectus.  Updated performance information for the Target Fund is available on the Target Fund’s website at www.sentinelinvestments.com or by calling 800.282.3863. Updated performance information for the Acquiring Fund is available on the Acquiring Fund’s website at TouchstoneInvestments.com or by calling 800.543.0407.

Sentinel Sustainable Core Opportunities Fund—Class A Shares

Best Quarter:  Second Quarter, 2009 19.35% Worst Quarter:  Fourth Quarter, 2008 (23.51%)

The Sentinel Sustainable Core Opportunities Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 9.82%.

Touchstone Sustainability and Impact Equity Fund—Class A Shares

55

Best Quarter:  Third Quarter, 2009 14.98% Worst Quarter:  Fourth Quarter, 2008 (23.90%)

The Touchstone Sustainability and Impact Equity Fund’s calendar year-to-date total return for Class A shares as of June 30, 2017 was 14.36%.

Average Annual Total Returns For the periods ended December 31, 2016

Sentinel Sustainable Core Opportunities Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	06/13/1996	4.18%	11.26%	4.57%
Class A (return after taxes on distributions)	06/13/1996	3.72%	10.90%	4.37%
Class A (return after taxes on distributions and sale of fund shares)	06/13/1996	2.75%	8.96%	3.63%
Class I (return before taxes)	03/31/2006	10.02%	12.71%	5.49%
S&P 500® Index(1) (reflects no deduction for fees, expenses or taxes)	N/A	11.96%	14.66%	6.95%

Touchstone Sustainability and Impact Equity Fund	Inception Date	1 Year	5 Years	10 Years
Class A (return before taxes)	12/19/1997	(1.41%)	8.47%	5.72%
Class A (return after taxes on distributions)	12/19/1997	(1.54%)	4.92%	3.97%
Class A (return after taxes on distributions and sale of fund shares)	12/19/1997	(0.69%)	6.20%	4.34%
Class Y (return before taxes)	11/10/2004	4.86%	10.05%	6.60%
MSCI ACWI(2) (reflects no deduction for fees, expenses or taxes)	N/A	7.86%	9.36%	3.56%

(1) The S&P 500^® Index consists of approximately 500 widely held U.S. equity securities chosen for market size, liquidity, and industry group representation.

(2) The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging markets countries.  The MSCI ACWI returns disclosed are net of withholding taxes.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.  If you hold your Fund shares through a tax-advantaged arrangement, such as an individual retirement account or a 401(k) plan, the after-tax returns do not apply to your situation.

56

How do the investment goals and principal investment strategies of the Funds compare?

The investment goals and principal investment strategies of the Sentinel Sustainable Core Opportunities Fund and the Touchstone Sustainability and Impact Equity Fund, along with descriptions of certain differences between the Funds’ investment goals and principal investment strategies, are set forth in the table below.  Although the Funds have similar investment goals and principal investment strategies, the analytical tools, techniques and investment selection process used by the sub-advisor to the Acquiring Fund may differ from those used by Sentinel.

Each Fund’s investment goal is non-fundamental, and may be changed by the applicable Board without shareholder approval. Shareholders of the Sentinel Sustainable Core Opportunities Fund will be given at least 30 days’ notice before any such change is made, and shareholders of the Touchstone Sustainability and Impact Equity Fund will be notified at least 60 days before any such change takes effect.

	Sentinel Sustainable Core Opportunities Fund (Target Fund)	Touchstone Sustainability and Impact Equity Fund (Acquiring Fund)	Differences
Investment Goal(s):	The Fund seeks long-term capital appreciation	The Fund seeks long-term growth of capital.	—
Principal Investment Strategy:	The Fund normally invests at least 65% of its net assets in stocks of well-established U.S. companies. The Fund employs a process of environmental, social and corporate governance (“ESG”) screening.	The Fund invests, under normal circumstances, at least 80% of its assets in equity securities of U.S. and non-U.S. companies that meet certain financial and environmental, social, and governance (“ESG”) criteria.	While there are certain differences, each Fund emphasizes equity securities and uses environmental, social, and governance criteria in selecting investments.  As described in detail below, the application of the ESG screens applied by the portfolio management team of the Target Fund and the portfolio management team of the Acquiring Fund may differ and may result in the selection of different portfolio investments.  Generally, the ESG screens applied by Sentinel include objective industry exclusions, while the ESG screens applied with respect to the Acquiring Fund rely on subjective criteria.
Issuer Size:	The Fund typically invests in companies above $5 billion in market capitalization.	The Fund invests in securities of any size, but generally focuses on larger, more established companies.	While there are certain differences, each Fund may invest in companies of any size but typically focus on larger companies. As of June 30, 2017, the average market capitalization of companies held by the Target Fund and Acquiring Fund were $102.2 billion and $47.4 billion, respectively.

57

	Sentinel Sustainable Core Opportunities Fund (Target Fund)	Touchstone Sustainability and Impact Equity Fund (Acquiring Fund)	Differences
Non-U.S. Investments:	The Fund may invest in foreign securities.	The Fund invests primarily in securities of U.S. companies and non-U.S. companies domiciled in developed markets, but may invest up to 30% of its net assets in securities of companies domiciled in emerging and frontier markets.	While there are certain differences, each Fund may invest in non-U.S. companies.
Sector or Industry Focus:	Up to 25% of the Fund’s assets may be invested in securities within a single industry.  Although the Fund may invest in any economic sector, at times it may emphasize one or more particular sectors.	Up to 25% of the Fund’s assets may be invested in securities within a single industry.	—

Additional Information About the Funds’ Principal Investment Strategies

Target Fund.  Sentinel’s investment philosophy centers on building a diverse portfolio consisting largely of securities of high quality companies with a positive multi-year outlook offered at attractive valuation levels, based on a number of metrics, including value relative to its history, peers and/or the market over time. The Target Fund may also invest in stocks with the potential to provide current income, growth of income and relatively low risk as compared to the stock market as a whole when consistent with the Fund’s investment objective.

The Target Fund employs a process of ESG screening that is overseen by Sentinel’s in-house sustainable research department. While no investment is ever made solely based on the qualitative criteria alone, the Target Fund believes sustainable screening provides a unique and more comprehensive view of the companies it considers for investment. Generally, companies are eliminated from investment consideration if they produce tobacco or tobacco products or alcoholic beverages; generate nuclear power or supply nuclear facilities with industry specific components, as a primary line of business; have material interests in the manufacture of weapons or weapons-specific components; are involved in gambling as a main line of business; and/or lack diversity at the level of the board of directors/senior management. Sentinel favors companies that publish and enforce codes of conduct and vendor standards; promote equal opportunity, diversity and good employee relations; are sensitive to community concerns; seek alternatives to animal testing when not required by law; and/or have minimal impact on the environment and engage in proactive environmental initiatives. Sentinel may, in its discretion, choose to apply additional screens, modify the application of the screens listed above or vary the application of the screens listed above to the Funds’ investments at any time without shareholder approval.

The Target Fund may sell a security if the fundamentals of the company are deteriorating or the original investment premise is no longer valid, the stock is trading meaningfully higher than what the portfolio manager believes is a fair valuation, to manage the size of the holding or the sector weighting and/or to take advantage of a more attractive investment opportunity, and to meet redemptions. A security will also be sold if it is determined that it no longer meets the environmental, social and/or corporate governance performance criteria.

Acquiring Fund.  The Acquiring Fund’s investments in equity securities include common stocks, preferred stocks, convertible securities, depositary receipts such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and interests in other investment companies, including exchange-traded funds that invest in equity securities.

58

The Acquiring Fund may invest in securities of companies domiciled in emerging and frontier markets. Emerging markets are defined as those countries not included in the MSCI World Index, a developed market index. As of April 28, 2017, the countries in the MSCI World Index included:  Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The country composition of the MSCI Emerging Markets Index and the MSCI World Index can change over time. Frontier markets are those emerging market countries that have the smallest, least mature economies and least developed capital markets. Frontier markets are those emerging market countries that have the smallest, least mature economies and least developed capital markets.

The Acquiring Fund’s sub-advisor, Rockefeller & Co., Inc. (“Rockefeller”) applies “bottom-up” security analysis that includes fundamental, sector-based research in seeking to identify businesses that have high or improving returns on capital, barriers to competition, and compelling valuations. The Acquiring Fund’s sub-advisor selects investments for the Fund based on an evaluation of a company’s financial condition and its sustainability and impact practices. The sub-advisor’s sustainability and impact evaluation considers environmental, social, and governance criteria such as corporate governance practices, product quality and safety, workplace diversity practices, environmental impact and sustainability, community investment and development, and human rights record.

How do the principal risks of investing in the Funds compare?

An investment in each Fund is subject to equity securities (stock market) risk, foreign securities risk and sustainable/responsible investing risk.  An investment in the Sentinel Sustainable Core Equity Fund is also subject to investment style risk and sector risk.  An investment in the Touchstone Sustainability and Impact Equity Fund is also subject to convertible securities risk, management risk and other investment companies and ETFs risk, as well as additional equity securities risks including small cap risk and additional foreign securities risks including emerging markets risk and frontier markets risk.  For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the Advisor, Sub-Advisor and Portfolio Managers of my Fund after the Reorganization?

Sentinel is the investment advisor to Sentinel Sustainable Core Opportunities Fund. The portfolio manager of Sentinel Sustainable Core Opportunities Fund is Helena Ocampo.

After the Reorganization, Touchstone Advisors will serve as the investment advisor and Rockefeller will serve as the sub-advisor to Touchstone Sustainability and Impact Equity Fund.  The portfolio managers of Touchstone Sustainability and Impact Equity Fund are David P. Harris and Jimmy C. Chang.  For additional information regarding the advisor, sub-advisor and portfolio managers listed above, please see the section entitled “The Funds’ Management—Investment Advisor” and “The Funds’ Management—Sub-Advisors and Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect a Fund’s performance.  During the fiscal year ended November 30, 2016, the Target Fund’s portfolio turnover rate was 33% of the average value of its portfolio.  During the fiscal year ended March 31, 2017, the portfolio turnover rate of the Acquiring Fund was 53% of the average value of its portfolio.

Will there be any repositioning of the portfolio after the Reorganization?

It is expected that a significant portion (approximately two-thirds) of the portfolio investments of the Target Fund may be sold by the Acquiring Fund following the Reorganization.  However, the timing of any repositioning and its resulting impact on capital gains distributions in 2017 and beyond is uncertain.  It is intended that at least one-third of the portfolio investments of the Target Fund will be held for at least the first year following the Reorganization.  In addition, additional securities may be sold over time in the ordinary course of business.  To mitigate repositioning-related tax consequences to shareholders holding Fund shares in taxable accounts, Rockefeller intends to take steps including, among other things, executing the repositioning over time across multiple fiscal years and harvesting offsetting capital losses during periods of market volatility.  There can be no assurance that these steps will be effective in materially reducing or eliminating the aggregate tax consequences of the repositioning.  The amounts per share of any capital gains distributions resulting from the repositioning will depend on a number of factors, including the proportion of portfolio holdings that are actually sold, the timing of portfolio sales, the performance of the stock market in general, the availability of offsetting capital losses and the scale of purchase and redemption activity in the Funds’ shares.  The timing of portfolio sales will also be subject to market conditions existing after the closing of the Reorganization.  Accordingly, the per share amounts of any capital gains distributions resulting from the repositioning cannot be estimated at this time.  Touchstone Advisors publishes estimates of capital gains distributions for the Touchstone Funds on its website (https://www.touchstoneinvestments.com/literature-center/taxplanning.htm), generally in October of each year.  The Acquiring Fund will also bear brokerage costs in connection with the repositioning.  For illustration purposes only, if the Reorganization had been completed as of March 31, 2017 and the Acquiring Fund had sold on a pro rata basis two-thirds of the investments held in the Target Fund’s portfolio as of March 31, 2017, the resulting realized capital gains estimate would be expected to total $2.43 per share of the combined fund and the brokerage commissions would be expected to total approximately $342,000 in the aggregate, or $0.01 per share of the combined fund, based on average commission costs of the Acquiring Fund.  Under the same circumstances, if only one-third of the investments held in the Target Fund’s portfolio had been repositioned as of March 31, 2017, the resulting realized capital gains and brokerage cost estimates would be reduced by half, to $1.21 and $0.005 per share of the combined fund, respectively. The brokerage costs to be borne by the Acquiring Fund will be borne by both Acquiring Fund shareholders and continuing Target Fund shareholders (as shareholders of the Acquiring Fund following the Reorganization).

59

SYNOPSIS:  REORGANIZATION OF SENTINEL BALANCED FUND INTO TOUCHSTONE BALANCED FUND

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of the Sentinel Balanced Fund will receive shares of the Touchstone Balanced Fund, as follows:

Sentinel Balanced Fund	Touchstone Balanced Fund
Class A	Class A
Class C	Class C
Class I	Class Y
Class T	Class T

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below describe the fees and expenses that you pay if you buy and hold shares of the Sentinel Balanced Fund and the pro forma fees and expenses that you may pay if you buy and hold shares of the Touchstone Balanced Fund after giving effect to the Reorganization.  The pro forma expense ratios project anticipated expenses of the Touchstone Balanced Fund following the Reorganization, but actual expenses may be greater or less than those shown.

Expenses for the Class A, Class C and Class I shares of the Sentinel Balanced Fund are based on the operating expenses incurred by each class of shares of the Fund as of the fiscal year ended November 30, 2016.  Class T shares of the Sentinel Balanced Fund have not commenced operations as of the date of this Joint Proxy Statement/Prospectus, and therefore expenses for the Fund’s Class T shares are estimated based on the operating expenses incurred by the Fund during its most recent fiscal year.  Touchstone Balanced Fund is newly formed and will commence operations upon the closing of the Reorganization. Pro forma fees and expense of Touchstone Balanced Fund are estimated based on the assets of Sentinel Balanced Fund as of November 30, 2016.

The Sentinel Funds’ policies and procedures applicable to purchases, exchanges and redemptions are generally comparable to those of the Touchstone Funds; however, following the Reorganizations, purchases, exchanges and redemptions of Touchstone Fund shares may be subject to fees, charges, expenses and limitations that differ from those applicable to the Target Funds. See generally “Investing with Touchstone” on page 149.  No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.  In addition, you may qualify for sales charge discounts for Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 or more in the Sentinel Funds or $50,000 or more in the Touchstone Funds.  You may qualify for sales charge discounts if you invest at least $250,000 in a single transaction in Class T shares of the Target Fund or Acquiring Fund.  For the Target Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Share Classes” on page 82 of the Target Fund’s prospectus and “How to Purchase Shares and Reduce Sales Charges” on page 44 of the Target Fund’s SAI.  For the Acquiring Fund, more information about these and other discounts is available from your financial professional and in the section entitled “Investing with Touchstone—Class A Shares—Letter of Intent” on page 152 of this Joint Proxy Statement/Prospectus and in the Acquiring Fund’s SAI on page 46.

60

SHAREHOLDER FEES

(fees paid directly from your investment)

	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	Wire Redemption Fee
Sentinel Balanced Fund – Class A Shares	5.00%	None	None
Touchstone Balanced Fund – Class A Shares Pro Forma	5.75%(1)	None(2)	up to $15
Sentinel Balanced Fund – Class C Shares	None	1.00%(2)	None
Touchstone Balanced Fund – Class C Shares Pro Forma	None	1.00%(2)	up to $15
Sentinel Balanced Fund – Class I Shares	None	None	None
Touchstone Balanced Fund – Class Y Shares Pro Forma	None	None	up to $15
Sentinel Balanced Fund – Class T Shares	2.50%	None	up to $15
Touchstone Balanced Fund – Class T Shares Pro Forma	2.50%	None	up to $15

(1) No sales charge will be imposed on the Class A and Class T shares of the Acquiring Fund received in connection with the Reorganization.

(2) A deferred sales charge of 1% applies to certain redemptions of Class A shares made within twelve months of purchase if the shares were purchased without an initial sales charge as part of an investment of $1 million or more. If you hold load-waived Class A shares or Class C shares of the Target Fund, the Acquiring Fund will look to the date of purchase of your Target Fund shares for purposes of assessing deferred sales charges on shares received in the Reorganization.

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Balanced Fund (Class A Shares)	Touchstone Balanced Fund Pro Forma (Class A Shares)
Management Fees	0.53%	0.53%
Distribution/Service (12b-1) Fees	0.25%	0.25%
Other Expenses	0.23%	0.32%(1)
Acquired Fund Fees and Expenses(2)	0.02%	0.02%(1)
Total Annual Fund Operating Expenses	1.03%	1.12%
Fee Waiver	None	(0.09%)
Total Annual Fund Operating Expenses After Fee Waiver	1.03%	1.03%

61

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

	Sentinel Balanced Fund (Class C Shares)	Touchstone Balanced Fund Pro Forma (Class C Shares)
Management Fees	0.53%	0.53%
Distribution/Service (12b-1) Fees	1.00%	1.00%
Other Expenses	0.25%	0.33%(1)
Acquired Fund Fees and Expenses(2)	0.02% </