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Touchstone Impact Bond Fund

(formerly the Total Return Bond Fund)

Touchstone Impact Bond Fund

(formerly the Total Return Bond Fund)

Daily NAV
$
Overall Morningstar Rating™
Intermediate-Term Bond

Morningstar

Overall Morningstar Rating™ is calculated against 901 funds in the Intermediate-Term Bond category.

The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating™ does not include any adjustment for sales load. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.
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Class A Shares star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms.

Overview

Overview

Actively Managed and Sub-Advised by EARNEST Partners LLC

Objective

The fund seeks current income by investing primarily in fixed income securities.

Impact Bond Fund Commentary

Investment Style

  • Seeks to maximize total return by investing in market sectors and securities that are considered undervalued for their risk characteristics
  • Focus is placed on high-quality securities, many with beneficial structures such as government guarantees or significant tangible collateral support; there is limited exposure to non-investment grade securities
  • Prefers to invest in securities of government programs and companies that have sustainable operating models by considering a wide range of factors including, but not limited to, support for economic development, home ownership and job creation
  • Utilizes a traditional long-only investment style and invests directly in cash bonds
  • Does not invest in futures contracts, options, credit default swaps or derivatives
  • Constructs a diversified portfolio across issuer, sector and industry that strives to maximize yield while minimizing the risks inherent in fixed income investing
A WORD ABOUT RISK

The Fund invests in debt securities which can 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 non-investment grade debt securities which are considered speculative with respect to the issuers' ability to make timely payments of interest and principal, may lack liquidity and has had more frequent and larger price changes than other debt securities. 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 invests in mortgage-backed securities and asset-backed securities which are subject to the risks of prepayment, defaults, changing interest rates and at times, the financial condition of the issuer. The Fund invests in mortgage dollar rolls which involve increased risk and volatility, as the securities the Fund is required to repurchase may be worth less than the securities that the Fund originally held. The Fund's environmental, social and corporate governance 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. Current and future portfolio holdings are subject to risk. The Advisor engages a sub-advisor to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-advisor who achieves superior investment returns relative to other similar sub-advisors.

Fund Facts

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 03/31/2019
Total Fund Net Assets as of 03/31/2019 $263,407,279
Asset Class Income
Morningstar Category Intermediate-Term Bond
Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
Distribution Frequency Monthly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 01/30/2019

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Impact Bond Fund -
HISTORICAL DAILY NAV
as of 03/31/2019 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Impact Bond Fund -
Including Sales Charge
Touchstone Impact Bond Fund -
Excluding Sales Charge
Bloomberg Barclays U.S. Aggregate Bond Index 1.92% 2.94% 2.94% 4.48% 2.03% 2.74% 3.77% --
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 advisor 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 including Touchstone Flexible Income Fund 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 advisor 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 advisor 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 advisor 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 A, C, and INST Shares combines the performance of an older class of shares (Y Shares) from the Fund's inception, 11/15/91, with the performance since the inception date of each share class.
as of 03/31/2019 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Impact Bond Fund -
Including Sales Charge
Touchstone Impact Bond Fund -
Excluding Sales Charge
Bloomberg Barclays U.S. Aggregate Bond Index 4.48% 2.03% 2.74% 3.77% --
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 advisor 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 including Touchstone Flexible Income Fund 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 advisor 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 advisor 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 advisor 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 A, C, and INST Shares combines the performance of an older class of shares (Y Shares) from the Fund's inception, 11/15/91, with the performance since the inception date of each share class.

Consider Touchstone Impact Bond Fund for Your Portfolio

Touchstone Impact Bond Fund seeks to provide current income by constructing an intermediate investment grade debt portfolio that strives to maximize yield while minimizing risks inherent in fixed income investing.
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Morningstar Rating™

Portfolio

as of 03/31/2019
Number of Holdings
170
Weighted Average Effective Maturity
8.4 Years
Weighted Average Effective Duration
5.7 Years
as of 03/31/2019
Credit Quality % of Portfolio
AAA/Aaa 56.6
AA/Aa 8.5
A/A 14.3
BBB/Baa 12.8
BB/Ba 1.9
CCC 0.6
Not Rated 1.6
Cash Equivalents 3.7
Data may not total due to rounding. The ratings agencies that provided the ratings are Standard & Poor's and Moody's Investors Service. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer. The credit quality ratings apply only to the credit worthiness of the issuers of the underlying securities and not the fund or its shares.  Ratings are subject to change.  
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Sector % of Portfolio
Investment Grade Corp. Credit 30.8
U.S. Agency Obligations 30.2
U.S. Agency MBS/CMO 18.8
Municipals 6.5
U.S. Treasury 5.8
Cash Equivalents 3.8
High Yield Corporate Credit 2.2
Asset Backed Securities 1.9
CMBS 0.1
Miscellaneous 0.0
Emerging Markets 0.0
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Security Description % of Portfolio
US TREASURY N/B 3.13% 11/15/2028 2.1
STRIP PRINC 05/15/2043 2.1
SMALL BUSINESS ADMINISTRATION 2.22% 03/01/2033 1.4
SMALL BUSINESS ADMINISTRATION 2.78% 01/01/2036 1.4
PACIFICORP 8.05% 09/01/2022 1.3
FANNIE MAE 2.68% 12/01/2026 1.3
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/16/2055 1.3
SMALL BUSINESS ADMINISTRATION 2.88% 05/01/2037 1.3
SMALL BUSINESS ADMINISTRATION 2.79% 11/01/2037 1.3
GOVERNMENT NATIONAL MORTGAGE 2.60% 11/16/2055 1.2
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Security Description
Country
Coupon Rate (%)
Maturity Date
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
321 HENDERSON RECEIVABLES LLC 3.84% 10/15/2059 US 3.840 10/15/2059 1,149,354 103.51 1,189,736 0.45
321 HENDERSON RECEIVABLES LLC 3.87% 03/15/2058 US 3.870 03/15/2058 1,448,428 103.08 1,493,062 0.57
321 HENDERSON RECEIVABLES LLC 4.21% 02/16/2065 US 4.210 02/16/2065 1,274,073 105.60 1,345,401 0.51
AFLAC INC 3.25% 03/17/2025 US 3.250 03/17/2025 2,444,000 101.26 2,474,745 0.95
AM AIRLIN 16-3 A 3.00% 10/15/2028 US 3.000 10/15/2028 2,829,226 96.67 2,735,087 1.05
AMERICAN EXPRESS 2.65% 12/02/2022 US 2.650 12/02/2022 2,600,000 99.42 2,584,998 0.99
APACHE CORP 3.25% 04/15/2022 US 3.250 04/15/2022 786,000 100.08 786,620 0.30
ASTRO OFFSHORE 6.00% 12/20/2019 US 6.000 12/20/2019 8,735 100.93 8,816 0.00
BNSF 04-1 TRUST 4.58% 01/15/2021 US 4.580 01/15/2021 15,853 101.64 16,113 0.01
BNSF 05-3 TRUST 4.83% 01/15/2023 US 4.830 01/15/2023 147,122 102.90 151,393 0.06
BNSF 05-4 TRUST 4.97% 04/01/2023 US 4.970 04/01/2023 998,712 103.40 1,032,636 0.39
CALIF WATER SRVC 5.50% 12/01/2040 US 5.500 12/01/2040 1,623,000 117.20 1,902,166 0.73
CALIFORNIA ST HSG FIN AGY RSDL 2.90% 02/01/2042 US 2.900 02/01/2042 708,911 99.80 707,486 0.27
CANAL BARGE CO 4.50% 11/12/2034 US 4.500 11/12/2034 1,253,000 107.90 1,351,977 0.52
CD COMMERCIAL MORTGAGE TRUST 5.69% 10/15/2048 US 5.690 10/15/2048 447,395 56.95 254,810 0.10
CHESAPEAKE ENRGY 6.63% 08/15/2020 US 6.630 08/15/2020 1,253,000 102.63 1,285,891 0.49
COMMONWEALTH EDI 5.90% 03/15/2036 US 5.900 03/15/2036 1,598,000 122.38 1,955,641 0.75
CONTL AIRLINES 4.00% 10/29/2024 US 4.000 10/29/2024 680,337 101.67 691,699 0.26
CONTL AIRLINES 5.98% 04/19/2022 US 5.980 04/19/2022 1,007,343 105.19 1,059,624 0.40
CONTL AIRLINES 7.71% 04/02/2021 US 7.710 04/02/2021 539,271 103.06 555,773 0.21
CROWN CASTLE INT 4.30% 02/15/2029 US 4.300 02/15/2029 1,242,000 103.07 1,280,133 0.49
CSX TRANS 6.25% 01/15/2023 US 6.250 01/15/2023 1,904,408 108.72 2,070,484 0.79
CVS PASS-THROUGH 6.04% 12/10/2028 US 6.040 12/10/2028 2,566,363 109.07 2,799,212 1.07
DALLAS TX AREA RAPID TRANSIT S 6.00% 12/01/2044 US 6.000 12/01/2044 1,770,000 133.59 2,364,578 0.90
DELPHI FINL GRP 7.88% 01/31/2020 US 7.880 01/31/2020 2,803,000 103.78 2,908,963 1.11
DELTA AIR 20071B 8.02% 08/10/2022 US 8.020 08/10/2022 545,244 110.20 600,859 0.23
DELTA AIR 2010-2 4.95% 05/23/2019 US 4.950 05/23/2019 335,896 100.24 336,702 0.13
DOMINION RES 4.63% 09/30/2066 US 4.630 09/30/2066 1,780,000 92.00 1,637,600 0.63
DREYFUS-GOV C-IN US -- -- 8,724,961 1.00 8,724,961 3.33
DUKE ENERGY PROG 6.30% 04/01/2038 US 6.300 04/01/2038 2,080,000 131.03 2,725,342 1.04
EAST BAY CA MUNI UTILITY DIST 5.87% 06/01/2040 US 5.870 06/01/2040 1,710,000 131.61 2,250,480 0.86
ENTERGY LA LLC 4.44% 01/15/2026 US 4.440 01/15/2026 1,904,000 105.98 2,017,900 0.77
FANNIE MAE 2.00% 03/01/2028 US 2.000 03/01/2028 672,658 96.58 649,620 0.25
FANNIE MAE 2.68% 02/01/2022 US 2.680 02/01/2022 1,700,304 100.27 1,704,881 0.65
FANNIE MAE 2.68% 12/01/2026 US 2.680 12/01/2026 3,359,000 99.07 3,327,823 1.27
FANNIE MAE 3.50% 11/01/2021 US 3.500 11/01/2021 1,469,799 102.46 1,506,008 0.58
FANNIE MAE 4.00% 01/01/2046 US 4.000 01/01/2046 1,829,229 103.40 1,891,449 0.72
FANNIE MAE 4.04% 09/01/2020 US 4.040 09/01/2020 292,750 101.51 297,174 0.11
FANNIE MAE 4.38% 06/01/2020 US 4.380 06/01/2020 30,543 101.57 31,023 0.01
FANNIE MAE 4.50% 01/01/2020 US 4.500 01/01/2020 495,964 100.92 500,542 0.19
FANNIE MAE 4.50% 04/01/2041 US 4.500 04/01/2041 1,576,355 105.70 1,666,142 0.64
FANNIE MAE 4.63% 04/01/2020 US 4.630 04/01/2020 263,355 100.98 265,943 0.10
FANNIE MAE 4.65% 10/01/2019 US 4.650 10/01/2019 510,274 100.55 513,060 0.20
FANNIE MAE 4.68% 08/01/2028 US 4.680 08/01/2028 196,976 109.88 216,429 0.08
FANNIE MAE 4.78% 08/01/2019 US 4.780 08/01/2019 215,737 100.38 216,551 0.08
FANNIE MAE 5.26% 01/01/2025 US 5.260 01/01/2025 104,047 104.12 108,331 0.04
FANNIE MAE 5.83% 06/01/2037 US 5.830 06/01/2037 755,615 110.77 837,008 0.32
FEDEX 1999 TRUST 7.65% 01/15/2023 US 7.650 01/15/2023 596,949 107.17 639,752 0.24
FHLMC MULTIFAMILY STRUCTURED 2.62% 12/25/2026 US 2.620 12/25/2026 2,870,079 99.13 2,845,176 1.09
FISHERS LANE 3.67% 08/05/2030 US 3.670 08/05/2030 1,786,362 101.24 1,808,449 0.69
FLORIDA ST HSG FIN CORP REVENU 2.80% 07/01/2041 US 2.800 07/01/2041 1,028,324 98.63 1,014,185 0.39
FORD MOTOR CRED 4.38% 08/06/2023 US 4.380 08/06/2023 2,347,000 97.91 2,297,840 0.88
FPL GROUP CAPTL 4.86% 10/01/2066 US 4.860 10/01/2066 2,000,000 87.00 1,740,000 0.67
FPL RECOVERY FUNDING 5.26% 08/01/2021 US 5.260 08/01/2021 70,985 100.28 71,181 0.03
FREDDIE MAC 7.65% 05/01/2025 US 7.650 05/01/2025 1,562,565 112.00 1,750,100 0.67
FREMF MORTGAGE TRUST 2014-K716 3.95% 08/25/2047 US 3.950 08/25/2047 1,528,000 101.99 1,558,473 0.60
FREMF MORTGAGE TRUST 3.56% 06/25/2023 US 3.560 06/25/2023 1,300,000 101.36 1,317,650 0.50
FREMF MORTGAGE TRUST 3.66% 08/25/2022 US 3.660 08/25/2022 2,000,000 102.34 2,046,769 0.78
FREMF MORTGAGE TRUST 3.93% 06/25/2047 US 3.930 06/25/2047 1,200,000 99.82 1,197,894 0.46
FREMF MORTGAGE TRUST 4.03% 05/25/2045 US 4.030 05/25/2045 1,020,037 103.03 1,050,914 0.40
FRESB 2016-SB17 A5H 2.16% 06/25/2021 US 2.160 06/25/2021 1,253,941 98.80 1,238,860 0.47
FRESB MULTIFAMILY MORTGAGE 2.42% 12/25/2020 US 2.420 12/25/2020 1,838,929 99.54 1,830,472 0.70
FRESB MULTIFAMILY MORTGAGE 3.09% 01/25/2027 US 3.090 01/25/2027 2,124,560 100.70 2,139,408 0.82
FRESB MULTIFAMILY MORTGAGE 3.30% 12/25/2027 US 3.300 12/25/2027 2,403,643 101.38 2,436,932 0.93
GATX CORP 3.25% 03/30/2025 US 3.250 03/30/2025 2,583,000 95.35 2,462,870 0.94
GEORGIA POWER 4.75% 09/01/2040 US 4.750 09/01/2040 1,642,000 103.55 1,700,253 0.65
GNMA 12-46 CL C 3.18% 05/16/2050 US 3.180 05/16/2050 2,975,000 99.84 2,970,143 1.14
GNR 2013-40 AC 1.58% 01/16/2046 US 1.580 01/16/2046 977,350 95.22 930,606 0.36
GOVERNMENT NATIONAL MORTGAGE 2.60% 11/16/2055 US 2.600 11/16/2055 3,131,878 97.09 3,040,591 1.16
GOVERNMENT NATIONAL MORTGAGE 3.00% 09/16/2049 US 3.000 09/16/2049 2,540,000 93.10 2,364,809 0.90
GOVERNMENT NATIONAL MORTGAGE 3.31% 11/16/2049 US 3.310 11/16/2049 2,729,341 99.96 2,728,350 1.04
GOVERNMENT NATIONAL MORTGAGE 3.49% 02/16/2044 US 3.490 02/16/2044 2,600,000 100.41 2,610,729 1.00
GOVERNMENT NATIONAL MORTGAGE A 2.38% 12/16/2043 US 2.380 12/16/2043 1,593,710 98.05 1,562,571 0.60
GOVERNMENT NATIONAL MORTGAGE A 2.60% 01/16/2052 US 2.600 01/16/2052 2,574,794 96.21 2,477,120 0.95
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/16/2055 US 2.700 10/16/2055 3,512,000 92.80 3,259,259 1.25
GOVERNMENT NATIONAL MORTGAGE A 3.01% 05/20/2067 US 3.010 05/20/2067 1,841,539 100.02 1,841,830 0.70
HCA INC 4.25% 10/15/2019 US 4.250 10/15/2019 1,650,000 100.51 1,658,468 0.63
HELIOS LEASING I 1.73% 07/24/2024 US 1.730 07/24/2024 1,406,353 97.48 1,370,951 0.52
JCP&L TRANSITION FUNDING LLC 5.61% 06/05/2023 US 5.610 06/05/2023 962,438 103.05 991,797 0.38
JOHN DEERE CAP 2.80% 09/08/2027 US 2.800 09/08/2027 2,000,000 97.84 1,956,714 0.75
KANSAS CITY SOUT 3.00% 05/15/2023 US 3.000 05/15/2023 1,180,000 100.13 1,181,583 0.45
KANSAS CITY SOUT 3.13% 06/01/2026 US 3.130 06/01/2026 1,475,000 96.13 1,417,854 0.54
KEY BANK NA 3.35% 06/15/2021 US 3.350 06/15/2021 1,950,000 101.51 1,979,357 0.76
KIOWA POWER 5.74% 03/30/2021 US 5.740 03/30/2021 319,771 101.40 324,240 0.12
KROGER CO 3.85% 08/01/2023 US 3.850 08/01/2023 1,500,000 103.05 1,545,728 0.59
LOUISIANA ST HSG CORP SF MTGE 2.88% 11/01/2038 US 2.880 11/01/2038 1,688,954 98.42 1,662,336 0.64
MATSON NAVIG CO 5.34% 09/04/2028 US 5.340 09/04/2028 1,216,000 109.17 1,327,503 0.51
MISSOURI ST HSG DEV COMMISSION 2.65% 11/01/2040 US 2.650 11/01/2040 650,000 98.15 637,995 0.24
NATIONWIDE FIN 5.38% 03/25/2021 US 5.380 03/25/2021 900,000 104.00 935,987 0.36
NATIONWIDE MUTL 9.38% 08/15/2039 US 9.380 08/15/2039 708,000 157.66 1,116,255 0.43
NATL RURAL UTIL 3.40% 11/15/2023 US 3.400 11/15/2023 2,106,000 102.52 2,159,133 0.83
NEWFIELD EXPLOR 5.75% 01/30/2022 US 5.750 01/30/2022 1,530,000 106.71 1,632,678 0.62
NORFOLK SOUTHERN 2.90% 02/15/2023 US 2.900 02/15/2023 1,941,000 100.07 1,942,389 0.74
OHIO ST HSG FIN AGY SF MTGE RE 2.65% 11/01/2041 US 2.650 11/01/2041 1,555,000 97.92 1,522,687 0.58
PACIFICORP 8.05% 09/01/2022 US 8.050 09/01/2022 2,926,000 115.92 3,391,684 1.30
PETROLEOS MEXICA 2.29% 02/15/2024 MX 2.290 02/15/2024 1,095,000 98.98 1,083,842 0.41
PNC BANK NA 2.50% 01/22/2021 US 2.500 01/22/2021 1,291,000 99.90 1,289,730 0.49
PORT AUTH OF NEW YORK & NEW JE 4.93% 10/01/2051 US 4.930 10/01/2051 1,400,000 120.67 1,689,366 0.65
PULTE HOMES INC 7.88% 06/15/2032 US 7.880 06/15/2032 990,000 112.50 1,113,750 0.43
RELIANCE INDUSTR 1.87% 01/15/2026 IN 1.870 01/15/2026 1,885,579 97.24 1,833,472 0.70
REPUBLIC SVCS 5.25% 11/15/2021 US 5.250 11/15/2021 1,408,000 106.12 1,494,214 0.57
ROYAL CARIBBEAN 5.25% 11/15/2022 LR 5.250 11/15/2022 1,300,000 106.97 1,390,589 0.53
SAN FRANCISCO CITY & CNTY CA P 6.95% 11/01/2050 US 6.950 11/01/2050 1,225,000 146.15 1,790,387 0.68
SBA TOWER TRUST 3.17% 04/11/2022 US 3.170 04/11/2022 1,330,000 99.46 1,322,834 0.51
SERVICE CORP 5.38% 05/15/2024 US 5.380 05/15/2024 466,000 102.63 478,233 0.18
SMALL BUSINESS ADMINISTRATION 1.24% 05/01/2022 US 1.240 05/01/2022 570,222 98.60 562,250 0.21
SMALL BUSINESS ADMINISTRATION 2.07% 05/01/2033 US 2.070 05/01/2033 2,510,208 96.15 2,413,471 0.92
SMALL BUSINESS ADMINISTRATION 2.22% 03/01/2033 US 2.220 03/01/2033 3,614,273 96.72 3,495,549 1.34
SMALL BUSINESS ADMINISTRATION 2.52% 09/10/2027 US 2.520 09/10/2027 2,597,987 98.88 2,568,820 0.98
SMALL BUSINESS ADMINISTRATION 2.78% 01/01/2036 US 2.780 01/01/2036 3,499,040 99.43 3,478,972 1.33
SMALL BUSINESS ADMINISTRATION 2.78% 12/01/2037 US 2.780 12/01/2037 2,858,111 99.43 2,841,857 1.09
SMALL BUSINESS ADMINISTRATION 2.79% 11/01/2037 US 2.790 11/01/2037 3,214,991 99.52 3,199,604 1.22
SMALL BUSINESS ADMINISTRATION 2.80% 11/01/2034 US 2.800 11/01/2034 1,608,123 100.35 1,613,738 0.62
SMALL BUSINESS ADMINISTRATION 2.81% 06/01/2037 US 2.810 06/01/2037 3,045,051 99.63 3,033,684 1.16
SMALL BUSINESS ADMINISTRATION 2.82% 09/01/2035 US 2.820 09/01/2035 2,469,630 99.63 2,460,583 0.94
SMALL BUSINESS ADMINISTRATION 2.85% 03/10/2027 US 2.850 03/10/2027 2,010,413 100.45 2,019,530 0.77
SMALL BUSINESS ADMINISTRATION 2.88% 05/01/2037 US 2.880 05/01/2037 3,207,319 100.09 3,210,230 1.23
SMALL BUSINESS ADMINISTRATION 2.88% 08/01/2034 US 2.880 08/01/2034 1,962,172 100.83 1,978,512 0.76
SMALL BUSINESS ADMINISTRATION 3.15% 07/01/2033 US 3.150 07/01/2033 2,311,947 100.66 2,327,172 0.89
SMALL BUSINESS ADMINISTRATION 3.20% 03/01/2038 US 3.200 03/01/2038 2,700,544 101.44 2,739,383 1.05
SMALL BUSINESS ADMINISTRATION 3.21% 09/01/2030 US 3.210 09/01/2030 1,206,518 100.87 1,217,043 0.47
SMALL BUSINESS ADMINISTRATION 3.37% 01/01/2039 US 3.370 01/01/2039 2,565,000 102.71 2,634,538 1.01
SMALL BUSINESS ADMINISTRATION 3.45% 02/01/2044 US 3.450 02/01/2044 2,800,000 99.79 2,794,031 1.07
SMALL BUSINESS ADMINISTRATION 3.88% 06/01/2030 US 3.880 06/01/2030 1,368,727 103.59 1,417,801 0.54
SMALL BUSINESS ADMINISTRATION 3.89% 10/01/2043 US 3.890 10/01/2043 2,531,000 104.39 2,642,134 1.01
SMALL BUSINESS ADMINISTRATION 3.92% 10/01/2029 US 3.920 10/01/2029 710,218 103.71 736,593 0.28
SMALL BUSINESS ADMINISTRATION 4.31% 04/01/2029 US 4.310 04/01/2029 383,173 103.82 397,823 0.15
SMALL BUSINESS ADMINISTRATION 4.43% 05/01/2029 US 4.430 05/01/2029 753,733 102.76 774,512 0.30
SMALL BUSINESS ADMINISTRATION 4.66% 03/01/2029 US 4.660 03/01/2029 1,138,669 104.02 1,184,395 0.45
SMALL BUSINESS ADMINISTRATION 4.76% 02/01/2029 US 4.760 02/01/2029 782,141 104.28 815,603 0.31
SMALL BUSINESS ADMINISTRATION 4.76% 04/01/2023 US 4.760 04/01/2023 20,904 102.38 21,402 0.01
SMALL BUSINESS ADMINISTRATION 4.77% 04/01/2024 US 4.770 04/01/2024 18,064 102.57 18,528 0.01
SMALL BUSINESS ADMINISTRATION 4.88% 11/01/2024 US 4.880 11/01/2024 168,128 103.01 173,189 0.07
SMALL BUSINESS ADMINISTRATION 4.95% 06/01/2029 US 4.950 06/01/2029 444,059 105.03 466,408 0.18
SMALL BUSINESS ADMINISTRATION 5.11% 08/01/2025 US 5.110 08/01/2025 65,887 103.41 68,136 0.03
SMALL BUSINESS ADMINISTRATION 5.12% 12/01/2026 US 5.120 12/01/2026 446,397 103.54 462,191 0.18
SMALL BUSINESS ADMINISTRATION 5.17% 01/01/2028 US 5.170 01/01/2028 317,067 104.96 332,780 0.13
SMALL BUSINESS ADMINISTRATION 5.29% 12/01/2027 US 5.290 12/01/2027 443,203 103.71 459,646 0.18
SMALL BUSINESS ADMINISTRATION 5.31% 05/01/2027 US 5.310 05/01/2027 521,417 104.71 545,993 0.21
SMALL BUSINESS ADMINISTRATION 5.31% 08/01/2022 US 5.310 08/01/2022 59,129 102.08 60,361 0.02
SMALL BUSINESS ADMINISTRATION 5.32% 01/01/2027 US 5.320 01/01/2027 388,081 103.92 403,303 0.15
SMALL BUSINESS ADMINISTRATION 5.35% 02/01/2026 US 5.350 02/01/2026 527,703 104.71 552,566 0.21
SMALL BUSINESS ADMINISTRATION 5.36% 11/01/2026 US 5.360 11/01/2026 321,103 104.05 334,099 0.13
SMALL BUSINESS ADMINISTRATION 5.70% 08/01/2026 US 5.700 08/01/2026 225,505 104.93 236,633 0.09
SMALL BUSINESS ADMINISTRATION 5.71% 06/01/2027 US 5.710 06/01/2027 156,598 105.06 164,525 0.06
SMALL BUSINESS ADMINISTRATION 6.77% 11/01/2028 US 6.770 11/01/2028 665,656 107.72 717,044 0.27
SOUTH CAROL E&G 4.60% 06/15/2043 US 4.600 06/15/2043 1,983,000 108.69 2,155,344 0.82
SPECTRA PARTNERS 3.50% 03/15/2025 US 3.500 03/15/2025 592,000 100.00 591,992 0.23
STERLING EQUIP 6.13% 09/28/2019 US 6.130 09/28/2019 27,597 101.27 27,947 0.01
STRIP PRINC 05/15/2043 US -- 05/15/2043 10,429,000 50.56 5,272,504 2.02
STRIP PRINC 05/15/2045 US -- 05/15/2045 5,379,000 47.60 2,560,480 0.98
STRIP PRINC 05/15/2048 US -- 05/15/2048 4,862,000 43.39 2,109,840 0.81
SW AIRLN 07-1 TR 6.15% 08/01/2022 US 6.150 08/01/2022 1,145,306 105.45 1,207,671 0.46
TAGUA LEASING 1.58% 11/16/2024 US 1.580 11/16/2024 1,036,412 97.04 1,005,784 0.38
TENN VALLEY AUTH 4.65% 06/15/2035 US 4.650 06/15/2035 1,914,000 117.95 2,257,563 0.86
TEXAS EAST TRANS 7.00% 07/15/2032 US 7.000 07/15/2032 500,000 124.06 620,282 0.24
TEXAS ST DEPT OF HSG & CMNTY A 2.80% 03/01/2036 US 2.800 03/01/2036 605,000 98.55 596,221 0.23
TORCHMARK CORP 3.80% 09/15/2022 US 3.800 09/15/2022 1,398,000 101.84 1,423,687 0.54
TOTEM OCEAN 6.37% 04/15/2028 US 6.370 04/15/2028 845,000 113.88 962,263 0.37
UNITED RENTAL NA 5.75% 11/15/2024 US 5.750 11/15/2024 1,644,000 102.75 1,689,210 0.65
UNP CO 2003 TRST 4.70% 01/02/2024 US 4.700 01/02/2024 842,704 103.63 873,273 0.33
UNP CO 2006 TRST 5.87% 07/02/2030 US 5.870 07/02/2030 451,617 111.14 501,942 0.19
US TREASURY N/B 3.13% 11/15/2028 US 3.130 11/15/2028 5,000,000 106.07 5,303,711 2.03
USB CAPITAL IX 3.50% 10/29/2049 US 3.500 10/29/2049 2,000,000 78.50 1,570,000 0.60
VERIZON COMM INC 5.01% 04/15/2049 US 5.010 04/15/2049 1,250,000 109.18 1,364,739 0.52
VESSEL MGMT SERV 5.13% 04/16/2035 US 5.130 04/16/2035 1,246,000 112.19 1,397,829 0.53
VIRGINIA ST HSG DEV AUTH CMWLT 2.75% 04/25/2042 US 2.750 04/25/2042 947,595 98.41 932,538 0.36
WACHOVIA CAP III 5.57% 03/29/2049 US 5.570 03/29/2049 2,000,000 98.71 1,974,100 0.75
WASHINGTON ST 5.48% 08/01/2039 US 5.480 08/01/2039 1,515,000 123.91 1,877,282 0.72
WASTE MANAGEMENT 2.40% 05/15/2023 US 2.400 05/15/2023 1,616,000 98.30 1,588,575 0.61
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.

Management

Management

Actively Managed and Sub-Advised by EARNEST Partners LLC
Douglas Folk

Douglas Folk, CFA

Investment Experience since 1985 

Career Summary 
EARNEST Partners LLC
Southern Farm Bureau Life Insurance Company 

Education 
MBA - Millsaps' Else School of Management
BA - Millsaps College
Chris Fitze

Chris Fitze, CFA

Investment Experience since 2003 

Career Summary 
EARNEST Partners LLC 

Education 
MBA - University of Chicago Booth School of Business
BA - Emory University

Fees

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 0.85% for Class A Shares, 1.60% for Class C Shares, 0.60% for Class Y Shares and 0.50% for Class INST Shares. These expense limitations will remain in effect until at least 01/29/2020.

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

Consider Touchstone Impact Bond Fund for Your Portfolio

Touchstone Impact Bond Fund seeks to provide current income by constructing an intermediate investment grade debt portfolio that strives to maximize yield while minimizing risks inherent in fixed income investing.
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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 advisor or download and/or request one at Resources & Tools. 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


Investment products offered are not FDIC insured, may lose value and have no bank guarantee.

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