Touchstone Core Municipal Bond Fund (TOHAX, TOHCX, TOHYX, TOHIX)

Overall Morningstar Rating™

Muni National Interm

Overview

Actively Managed and Sub-Advised by Sage Advisory Services, Ltd. Co.

Objective

The Fund seeks the highest level of current income exempt from federal income taxes, consistent with the protection of capital by investing primarily in high-quality, municipal debt issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

Investment Style

In managing the Fund’s portfolio, Sage Advisory Services, Ltd. Co. seeks to exploit market inefficiencies using its income, price and volatility framework to:

Construct portfolios that generate consistent tax-free income by capturing diversified sources of credit, liquidity and term premiums
Control price sensitivity at the portfolio level by managing duration and yield curve positioning
Identify and purchase bonds that Sage believes are attractively priced relative to historical averages and adds positions in a risk-controlled manner

Municipal issues are analyzed through a proprietary approach for various environmental, social and governance (ESG) criteria.

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Inception Date
Total Share Class Net Assets as of 09/30/2024
Total Fund Net Assets as of 09/30/2024	$49,052,889
Asset Class	Income
Benchmark	Bloomberg Municipal Bond Index
Distribution Frequency	Monthly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date	10/28/2024

Performance

Daily

as of
	NAV	NAV $ Change
Touchstone Core Municipal Bond Fund -

HISTORICAL DAILY NAV

Date*

Historical Daily NAV on
	NAV	POP
Touchstone Core Municipal Bond Fund -

as of 11/30/2024
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Core Municipal Bond Fund - Including Sales Charge
Touchstone Core Municipal Bond Fund - Excluding Sales Charge
Bloomberg Municipal Bond Index	1.73%	1.23%	2.55%	4.93%	-0.01%	1.35%	2.45%	--

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A Shares of Touchstone Fixed Income Funds is 3.25% excluding Touchstone Ultra Short Duration Fixed Income Fund which is 2.00%.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

The performance presented for Class C, Y, and INST Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 04/01/85, with the performance since the inception date of each share class.

as of 09/30/2024
	3 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Core Municipal Bond Fund - Including Sales Charge
Touchstone Core Municipal Bond Fund - Excluding Sales Charge
Bloomberg Municipal Bond Index	2.71%	10.37%	0.09%	1.39%	2.52%	--

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

as of 11/30/2024
	30 Day SEC Yield	30 Day Unsubsidized Yield	Distribution Yield
Touchstone Core Municipal Bond Fund -

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

Monthly distributing funds are using this Distribution Yield Calculation = Per share distribution dollars during the month divided by the number of days in the month divided by the month end NAV and multiplied by 365. Quarterly distributing funds are using an Annual Distribution Yield calculation = Per share distribution dollars during the 12 months divided by the number of days in the 12 month period divided by the 12 month period end NAV and multiplied by 365.

The performance presented for Class Y and INST Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 10/03/94, with the performance since the inception date of each share class.

Consider Touchstone Core Municipal Bond Fund for Your Portfolio

The Touchstone Core Municipal Bond Fund seeks the highest level of current income exempt from federal income taxes, consistent with the protection of capital by investing primarily in high-quality, municipal debt issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

Morningstar Rating™

Morningstar risk adjusted return as of 09/30/2024
	Overall	3 Year	5 Year	10 Year
Touchstone Core Municipal Bond Fund - Shares
Funds in Muni National Interm Category	262	262	240	176

Portfolio

Credit Quality

as of 09/30/2024
Credit Quality	% of Portfolio
AAA/Aaa	2.5
AA/Aa	49.8
A/A	35.2
BBB/Baa	9.6
BB/Ba	0.9
Not Rated	1.1
Cash Equivalents	0.9

as of 09/30/2024
Sector	% of Portfolio
General Obligations	25.1
Appropriated Debt	17.7
Education	14.3
Hospital/Healthcare	12.2
Utilities	9.8
Tax-Backed	8.9
Transportation	6.6
Corporates	2.4
Tobacco	2.2
Cash Equivalents	0.9
Housing	0.0
Prerefunded/Escrowed to Maturity	0.0

as of 10/31/2024
Security Description	% of Portfolio
COUNTY OF HAMILTON OH 5.00% 06/01/2033	2.2
DEKALB-JACKSON WATER SUPPLY DI 5.00% 07/01/2032	1.6
CITY OF MILWAUKEE WI 5.00% 04/01/2029	1.4
WICHITA FALLS INDEPENDENT SCHO 4.00% 02/01/2026	1.4
KENTUCKY PUBLIC ENERGY AUTHORI 4.00% 02/01/2030	1.3
MONTROSE REDEVELOPMENT AUTHORI 5.00% 09/01/2026	1.3
COUNTY OF BARRY MO 5.00% 10/01/2037	1.2
DULUTH ECONOMIC DEVELOPMENT AU 5.00% 06/15/2032	1.2
TROY CAPITAL RESOURCE CORP 5.00% 09/01/2030	1.2
MISSOURI JOINT MUNICIPAL ELECT 5.00% 12/01/2036	1.2

as of 09/30/2024
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
{name}	{country}	{sharesParValue}	{currentPriceBase}	{marketBaseValue}	{percentOfPortfolio}

Management

Actively Managed and Sub-Advised by Sage Advisory Services, Ltd. Co.

Robert G. Smith

Investment Experience since 1970

Career Summary
Sage Advisory Services, Ltd. Co.
Merrill Lynch & Co.
Loeb, Rhoades & Co.
Moody’s Investors Services

Education
BA – City University of New York
MBA – New York University

Jeffrey S. Timlin, CFA

Investment Experience since 1997

Career Summary
Sage Advisory Services, Ltd. Co.
MFS Investment Management
Brown Brothers Harriman & Co.

Education
BS – Villanova University

Thomas H. Urano, CFA

Investment Experience since 1996

Career Summary
Sage Advisory Services, Ltd. Co.
Credit Suisse Asset Management
Morgan Keegan

Education
BA – University of Texas

Fees

Expense Fees for Share Class
Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio

Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.80% for Class A Shares, 1.50% for Class C Shares, 0.55% for Class Y Shares and 0.48% for Class INST Shares. These expense limitations will remain in effect until at least 10/29/2025.

Distributions

Capital Gain and Income Distribution as of
Pay Date	Income Distribution	Short Term Capital Gains Per Share	Long Term Capital Gains Per Share	Total Capital Gains Per Share

Resources

Annual Report
Commentary
Fact Sheet

Semi-Annual Report
Statement of Additional Information (SAI)

Statutory Prospectus
Summary Prospectus

A WORD ABOUT RISK

The Fund invests in fixed-income securities which can experience reduced liquidity during certain market events, lose their value as interest rates rise and are subject to credit risk which is the risk of deterioration in the financial condition of an issuer and/or general economic conditions that can cause the issuer to not make timely payments of principal and interest also causing the securities to decline in value and an investor can lose principal. When interest rates rise, the price of debt securities generally falls. Longer term securities are generally more volatile. The Fund invests in investment grade debt securities which may be downgraded by a Nationally Recognized Statistical Rating Organization (NRSRO) to below investment grade status. The Fund invests in U.S. government agency securities which are neither issued nor guaranteed by the U.S. Treasury and are not guaranteed against price movements due to changing interest rates. The Fund is subject to prepayment risk which is when a debt security may be paid off and proceeds invested earlier than anticipated. The Fund invests in municipal securities which may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal security holders in the event of bankruptcy and may not be able to meet their obligations. The Adviser engages a sub-adviser to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-adviser who achieves superior investment returns relative to other similar sub-advisers. Events in the U.S. and global financial markets, including actions taken to stimulate or stabilize economic growth may at times result in unusually high market volatility, which could negatively impact Fund performance and cause it to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate. The sub-adviser considers ESG factors that it deems relevant or additive along with other material factors. The ESG criteria may cause the Fund to forgo opportunities to buy certain securities and/or gain exposure to certain industries, sectors, regions and countries. The Fund may be required to sell a security when it could be disadvantageous to do so.

Consider Touchstone Core Municipal Bond Fund for Your Portfolio

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus and the summary prospectus contain this and other information about the Fund. To obtain a prospectus or a summary prospectus, contact your financial professional or download and/or request one on the resources section or call Touchstone at 800-638-8194. Please read the prospectus and/or summary prospectus carefully before investing.

Investment return and principal value of an investment in a Fund will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. All investing involves risk.

Touchstone Funds are distributed by Touchstone Securities, Inc.
A registered broker-dealer and member FINRA/SIPC.

Not FDIC Insured | No Bank Guarantee | May Lose Value

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Touchstone Core Municipal Bond Fund

Morningstar

Overview

Overview

Objective

Investment Style

Fund Facts

Fund Facts

Performance

Performance

Consider Touchstone Core Municipal Bond Fund for Your Portfolio

Morningstar Rating™

Morningstar Rating™

Portfolio

Management

Management

Robert G. Smith

Jeffrey S. Timlin, CFA

Thomas H. Urano, CFA

Fees

Fees

Distributions

Distributions

Resources

Resources

Consider Touchstone Core Municipal Bond Fund for Your Portfolio

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