Touchstone Impact Bond Fund

(formerly the Total Return Bond Fund)

Touchstone Impact Bond Fund

(formerly the Total Return Bond Fund)

Daily NAV
$
Overall Morningstar RatingTM
Intermediate-Term Bond

Morningstar

Overall Morningstar RatingTM is calculated against 902 funds in the Intermediate-Term Bond category.

The Morningstar RatingTM 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 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.

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 duration-adjusted total return by investing in market sectors or securities that are considered undervalued for their risk characteristics
  • Employs a bottom-up, three-step investment process: GAP Framework analysis, fundamental security review, and portfolio risk management
  • Prefers to invest in securities of government programs and companies that have sustainable operating models by assessing an issue's sustainability profile including, but not limited to, support for economic development, homeownership, and job creation
  • Seeks to be diversified according to issuer, sector, and industry
  • Makes tactical allocations in an effort to enhance returns and diversification
  • Constructs a portfolio 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 and 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 the sub-advisor to manage the Fund's portfolio; the sub-advisor's judgment may impact the Fund's performance.

Fund Facts

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 09/30/2018
Total Fund Net Assets as of 09/30/2018 $252,881,051
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 01/30/2018

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Impact Bond Fund -
HISTORICAL DAILY NAV
as of 09/30/2018 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 -0.64% 0.02% -1.60% -1.22% 1.31% 2.16% 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.
as of 09/30/2018 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 -1.22% 1.31% 2.16% 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.

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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Portfolio

as of 09/30/2018
Number of Holdings
173
Weighted Average Effective Maturity
8.1 Years
Weighted Average Effective Duration
5.3 Years
as of 09/30/2018
Credit Quality % of Portfolio
AAA/Aaa 60.8
AA/Aa 7.3
A/A 11.9
BBB/Baa 12.6
BB/Ba 1.9
CCC 1.0
Cash Equivalents 4.6
Data may not total due to rounding. Credit ratings are from Standard & Poor’s and Moody’s Investors Service. If agency rating differ the higher rating will be used. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer.
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.
For the data illustrated for Touchstone Domestic Equity Funds,  Morningstar is the source. For Russell index information,  the Frank Russell Company is the source and owner. For MSCI index information, the MSCI is the source and owner. 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. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 09/30/2018
Sector % of Portfolio
Investment Grade Corp. Credit 27.8
U.S. Agency Obligations 26.3
U.S. Agency MBS/CMO 26.0
Municipals 6.7
Cash Equivalents 4.6
U.S. Treasury 3.5
High Yield Corporate Credit 2.9
Asset Backed Securities 2.1
CMBS 0.1
Emerging Markets 0.0
Miscellaneous 0.0
Data may not total due to rounding. Credit ratings are from Standard & Poor’s and Moody’s Investors Service. If agency rating differ the higher rating will be used. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer.
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.
For the data illustrated for Touchstone Domestic Equity Funds,  Morningstar is the source. For Russell index information,  the Frank Russell Company is the source and owner. For MSCI index information, the MSCI is the source and owner. 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. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 09/30/2018
Security Description % of Portfolio
STRIP PRINC 05/15/2043 2.0
SMALL BUSINESS ADMINISTRATION 2.78% 01/01/2036 1.5
GOVERNMENT NATIONAL MORTGAGE 2.60% 11/16/2055 1.5
PACIFICORP 8.05% 09/01/2022 1.4
SMALL BUSINESS ADMINISTRATION 2.22% 03/01/2033 1.4
SMALL BUSINESS ADMINISTRATION 2.88% 05/01/2037 1.3
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/16/2055 1.3
FANNIE MAE 2.68% 12/01/2026 1.3
SMALL BUSINESS ADMINISTRATION 2.79% 11/01/2037 1.3
SMALL BUSINESS ADMINISTRATION 2.81% 06/01/2037 1.3
Data may not total due to rounding. Credit ratings are from Standard & Poor’s and Moody’s Investors Service. If agency rating differ the higher rating will be used. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer.
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.
For the data illustrated for Touchstone Domestic Equity Funds,  Morningstar is the source. For Russell index information,  the Frank Russell Company is the source and owner. For MSCI index information, the MSCI is the source and owner. 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. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 09/30/2018
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 1,198,972 99.82 1,196,771 0.48
321 HENDERSON RECEIVABLES LLC 3.87% 03/15/2058 US 3.870 03/15/2058 1,491,087 99.62 1,485,446 0.59
321 HENDERSON RECEIVABLES LLC 4.21% 02/16/2065 US 4.210 02/16/2065 1,331,995 101.87 1,356,880 0.54
AFLAC INC 3.25% 03/17/2025 US 3.250 03/17/2025 2,444,000 96.60 2,360,885 0.94
AM AIRLIN 16-3 A 3.00% 10/15/2028 US 3.000 10/15/2028 2,905,541 93.19 2,707,770 1.08
AMERICAN EXPRESS 2.65% 12/02/2022 US 2.650 12/02/2022 2,443,000 96.30 2,352,505 0.94
APACHE CORP 3.25% 04/15/2022 US 3.250 04/15/2022 786,000 98.44 773,716 0.31
ASTRO OFFSHORE 6.00% 12/20/2019 US 6.000 12/20/2019 13,242 101.29 13,413 0.01
BNSF 04-1 TRUST 4.58% 01/15/2021 US 4.580 01/15/2021 35,434 100.96 35,776 0.01
BNSF 05-3 TRUST 4.83% 01/15/2023 US 4.830 01/15/2023 218,639 102.25 223,556 0.09
BNSF 05-4 TRUST 4.97% 04/01/2023 US 4.970 04/01/2023 1,071,159 102.73 1,100,396 0.44
BRUCE MANSFIELD 6.85% 06/01/2034 US 6.850 06/01/2034 1,314,409 72.88 957,875 0.38
CALIF WATER SRVC 5.50% 12/01/2040 US 5.500 12/01/2040 610,000 113.74 693,844 0.28
CALIFORNIA ST HSG FIN AGY RSDL 2.90% 02/01/2042 US 2.900 02/01/2042 756,061 97.04 733,674 0.29
CANAL BARGE CO 4.50% 11/12/2034 US 4.500 11/12/2034 1,293,000 103.56 1,338,977 0.53
CAROLINA P & L 6.30% 04/01/2038 US 6.300 04/01/2038 275,000 125.00 343,744 0.14
CD COMMERCIAL MORTGAGE TRUST 5.69% 10/15/2048 US 5.690 10/15/2048 472,066 50.02 236,106 0.09
CHESAPEAKE ENRGY 6.63% 08/15/2020 US 6.630 08/15/2020 1,253,000 104.50 1,309,385 0.52
COMMONWEALTH EDI 5.90% 03/15/2036 US 5.900 03/15/2036 1,598,000 119.10 1,903,170 0.76
CONTL AIRLINES 4.00% 10/29/2024 US 4.000 10/29/2024 665,942 100.00 665,942 0.27
CONTL AIRLINES 5.98% 04/19/2022 US 5.980 04/19/2022 1,033,096 105.30 1,087,829 0.43
CONTL AIRLINES 7.71% 04/02/2021 US 7.710 04/02/2021 696,261 105.56 734,973 0.29
CSX TRANS 6.25% 01/15/2023 US 6.250 01/15/2023 1,428,692 107.86 1,541,009 0.62
CVS PASS-THROUGH 6.04% 12/10/2028 US 6.040 12/10/2028 2,663,278 106.65 2,840,373 1.13
DALLAS TX AREA RAPID TRANSIT S 6.00% 12/01/2044 US 6.000 12/01/2044 1,770,000 129.04 2,284,061 0.91
DELPHI FINL GRP 7.88% 01/31/2020 US 7.880 01/31/2020 2,803,000 105.59 2,959,806 1.18
DELTA AIR 20071B 8.02% 08/10/2022 US 8.020 08/10/2022 597,640 109.86 656,567 0.26
DELTA AIR 2010-2 4.95% 05/23/2019 US 4.950 05/23/2019 930,768 100.63 936,586 0.37
DOMINION RES 4.63% 09/30/2066 US 4.630 09/30/2066 1,780,000 96.50 1,717,700 0.69
DREYFUS-GOV C-IN US -- -- 11,420,139 1.00 11,420,139 4.56
EAST BAY CA MUNI UTILITY DIST 5.87% 06/01/2040 US 5.870 06/01/2040 1,710,000 124.27 2,124,966 0.85
ENTERGY LA LLC 4.44% 01/15/2026 US 4.440 01/15/2026 1,904,000 102.70 1,955,411 0.78
FANNIE MAE 1.94% 09/01/2019 US 1.940 09/01/2019 1,792,945 99.82 1,789,656 0.71
FANNIE MAE 2.00% 03/01/2028 US 2.000 03/01/2028 1,011,966 93.02 941,284 0.38
FANNIE MAE 2.68% 02/01/2022 US 2.680 02/01/2022 1,720,891 98.10 1,688,207 0.67
FANNIE MAE 2.68% 12/01/2026 US 2.680 12/01/2026 3,359,000 93.91 3,154,537 1.26
FANNIE MAE 3.50% 02/01/2045 US 3.500 02/01/2045 2,729,900 98.83 2,698,070 1.08
FANNIE MAE 3.50% 09/01/2042 US 3.500 09/01/2042 2,127,170 99.19 2,109,945 0.84
FANNIE MAE 3.50% 11/01/2021 US 3.500 11/01/2021 1,488,219 100.71 1,498,794 0.60
FANNIE MAE 3.50% 11/01/2047 US 3.500 11/01/2047 1,902,557 98.46 1,873,299 0.75
FANNIE MAE 4.00% 01/01/2046 US 4.000 01/01/2046 1,906,903 101.11 1,928,061 0.77
FANNIE MAE 4.04% 09/01/2020 US 4.040 09/01/2020 468,954 101.24 474,775 0.19
FANNIE MAE 4.38% 06/01/2020 US 4.380 06/01/2020 30,871 101.58 31,358 0.01
FANNIE MAE 4.50% 01/01/2020 US 4.500 01/01/2020 603,159 101.40 611,601 0.24
FANNIE MAE 4.50% 04/01/2041 US 4.500 04/01/2041 1,632,828 104.04 1,698,856 0.68
FANNIE MAE 4.63% 04/01/2020 US 4.630 04/01/2020 391,037 101.41 396,547 0.16
FANNIE MAE 4.65% 10/01/2019 US 4.650 10/01/2019 571,843 101.28 579,174 0.23
FANNIE MAE 4.68% 08/01/2028 US 4.680 08/01/2028 200,496 104.09 208,706 0.08
FANNIE MAE 4.78% 08/01/2019 US 4.780 08/01/2019 273,322 101.35 277,000 0.11
FANNIE MAE 4.94% 05/01/2019 US 4.940 05/01/2019 269,018 100.85 271,292 0.11
FANNIE MAE 5.26% 01/01/2025 US 5.260 01/01/2025 105,571 102.61 108,331 0.04
FANNIE MAE 5.83% 06/01/2037 US 5.830 06/01/2037 275,176 105.16 289,363 0.12
FEDEX 1998 TRUST 6.85% 01/15/2019 US 6.850 01/15/2019 389,181 101.13 393,559 0.16
FEDEX 1999 TRUST 7.65% 01/15/2023 US 7.650 01/15/2023 762,644 107.25 817,936 0.33
FHLMC MULTIFAMILY STRUCTURED 2.62% 12/25/2026 US 2.620 12/25/2026 2,902,396 96.32 2,795,720 1.12
FISHERS LANE 3.67% 08/05/2030 US 3.670 08/05/2030 1,848,802 97.81 1,808,308 0.72
FLORIDA ST HSG FIN CORP REVENU 2.80% 07/01/2041 US 2.800 07/01/2041 1,112,558 94.21 1,048,130 0.42
FORD MOTOR CRED 4.38% 08/06/2023 US 4.380 08/06/2023 2,347,000 98.87 2,320,368 0.93
FPL GROUP CAPTL 4.40% 10/01/2066 US 4.400 10/01/2066 2,000,000 96.50 1,930,000 0.77
FPL RECOVERY FUNDING 5.26% 08/01/2021 US 5.260 08/01/2021 148,098 100.97 149,538 0.06
FREDDIE MAC 7.65% 05/01/2025 US 7.650 05/01/2025 1,658,503 110.35 1,830,103 0.73
FREMF MORTGAGE TRUST 2014-K716 4.08% 08/25/2047 US 4.080 08/25/2047 1,528,000 100.86 1,541,203 0.62
FREMF MORTGAGE TRUST 3.67% 06/25/2023 US 3.670 06/25/2023 750,000 99.16 743,670 0.30
FREMF MORTGAGE TRUST 3.94% 06/25/2047 US 3.940 06/25/2047 1,200,000 100.34 1,204,133 0.48
FREMF MORTGAGE TRUST 4.17% 05/25/2045 US 4.170 05/25/2045 1,020,037 101.19 1,032,169 0.41
FREMF MORTGAGE TRUST 4.18% 11/25/2018 US 4.180 11/25/2018 925,000 99.86 923,659 0.37
FRESB 2016-SB17 A5H 2.16% 06/25/2021 US 2.160 06/25/2021 1,340,612 97.50 1,307,044 0.52
FRESB MULTIFAMILY MORTGAGE 2.54% 12/25/2020 US 2.540 12/25/2020 2,156,434 98.63 2,126,825 0.85
FRESB MULTIFAMILY MORTGAGE 3.09% 01/25/2027 US 3.090 01/25/2027 2,294,711 97.19 2,230,186 0.89
FRESB MULTIFAMILY MORTGAGE 3.30% 12/25/2027 US 3.300 12/25/2027 2,413,069 97.46 2,351,668 0.94
GATX CORP 3.25% 03/30/2025 US 3.250 03/30/2025 2,583,000 93.57 2,416,896 0.96
GEORGIA POWER 4.75% 09/01/2040 US 4.750 09/01/2040 1,642,000 100.66 1,652,905 0.66
GNMA 12-46 CL C 3.18% 05/16/2050 US 3.180 05/16/2050 2,975,000 96.79 2,879,615 1.15
GNR 2013-40 AC 1.58% 01/16/2046 US 1.580 01/16/2046 1,029,297 95.58 983,826 0.39
GOVERNMENT NATIONAL MORTGAGE 2.60% 11/16/2055 US 2.600 11/16/2055 3,622,053 95.95 3,475,273 1.39
GOVERNMENT NATIONAL MORTGAGE 3.00% 09/16/2049 US 3.000 09/16/2049 2,540,000 85.20 2,164,034 0.86
GOVERNMENT NATIONAL MORTGAGE 3.31% 11/16/2049 US 3.310 11/16/2049 2,794,469 98.79 2,760,629 1.10
GOVERNMENT NATIONAL MORTGAGE 3.49% 02/16/2044 US 3.490 02/16/2044 2,600,000 98.67 2,565,527 1.02
GOVERNMENT NATIONAL MORTGAGE A 2.38% 12/16/2043 US 2.380 12/16/2043 1,619,507 96.28 1,559,261 0.62
GOVERNMENT NATIONAL MORTGAGE A 2.58% 05/20/2067 US 2.580 05/20/2067 1,925,060 100.45 1,933,723 0.77
GOVERNMENT NATIONAL MORTGAGE A 2.60% 01/16/2052 US 2.600 01/16/2052 2,602,173 94.72 2,464,797 0.98
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/16/2055 US 2.700 10/16/2055 3,512,000 90.42 3,175,690 1.27
GOVERNMENT NATIONAL MORTGAGE A 3.00% 01/20/2027 US 3.000 01/20/2027 625,760 99.28 621,261 0.25
GOVERNMENT NATIONAL MORTGAGE A 4.28% 07/20/2061 US 4.280 07/20/2061 65,752 100.40 66,015 0.03
HCA INC 4.25% 10/15/2019 US 4.250 10/15/2019 1,650,000 100.75 1,662,375 0.66
HELIOS LEASING I 1.73% 07/24/2024 US 1.730 07/24/2024 1,527,082 95.86 1,463,896 0.58
JCP&L TRANSITION FUNDING LLC 5.61% 06/05/2023 US 5.610 06/05/2023 1,166,366 103.48 1,206,995 0.48
KANSAS CITY SOUT 3.00% 05/15/2023 US 3.000 05/15/2023 1,180,000 96.18 1,134,888 0.45
KANSAS CITY SOUT 3.13% 06/01/2026 US 3.130 06/01/2026 1,475,000 91.97 1,356,561 0.54
KIOWA POWER 5.74% 03/30/2021 US 5.740 03/30/2021 400,001 100.51 402,042 0.16
KROGER CO 3.85% 08/01/2023 US 3.850 08/01/2023 1,500,000 100.27 1,503,998 0.60
LOUISIANA ST HSG CORP SF MTGE 2.88% 11/01/2038 US 2.880 11/01/2038 1,787,006 95.30 1,703,071 0.68
MATSON NAVIG CO 5.34% 09/04/2028 US 5.340 09/04/2028 1,280,000 106.36 1,361,394 0.54
MISSOURI ST HSG DEV COMMISSION 2.65% 11/01/2040 US 2.650 11/01/2040 700,000 94.57 661,990 0.26
NATIONWIDE FIN 5.38% 03/25/2021 US 5.380 03/25/2021 900,000 103.45 931,086 0.37
NATIONWIDE MUTL 9.38% 08/15/2039 US 9.380 08/15/2039 708,000 154.54 1,094,166 0.44
NATL RURAL UTIL 3.40% 11/15/2023 US 3.400 11/15/2023 2,106,000 99.38 2,092,935 0.84
NEWFIELD EXPLOR 5.75% 01/30/2022 US 5.750 01/30/2022 1,530,000 104.63 1,600,763 0.64
NORFOLK SOUTHERN 2.90% 02/15/2023 US 2.900 02/15/2023 1,941,000 97.52 1,892,856 0.76
OHIO ST HSG FIN AGY SF MTGE RE 2.65% 11/01/2041 US 2.650 11/01/2041 1,675,000 94.63 1,585,053 0.63
PACIFICORP 8.05% 09/01/2022 US 8.050 09/01/2022 2,926,000 114.98 3,364,419 1.34
PETROLEOS MEXICA 2.29% 02/15/2024 MX 2.290 02/15/2024 1,204,500 97.57 1,175,262 0.47
PORT AUTH OF NEW YORK & NEW JE 4.93% 10/01/2051 US 4.930 10/01/2051 1,400,000 111.45 1,560,328 0.62
PULTE HOMES INC 7.88% 06/15/2032 US 7.880 06/15/2032 990,000 107.63 1,065,488 0.43
RELIANCE INDUSTR 1.87% 01/15/2026 IN 1.870 01/15/2026 1,874,211 95.11 1,782,536 0.71
REPUBLIC SVCS 5.25% 11/15/2021 US 5.250 11/15/2021 1,408,000 105.22 1,481,550 0.59
ROYAL CARIBBEAN 5.25% 11/15/2022 LR 5.250 11/15/2022 1,300,000 105.25 1,368,307 0.55
SAN FRANCISCO CITY & CNTY CA P 6.95% 11/01/2050 US 6.950 11/01/2050 1,225,000 141.44 1,732,677 0.69
SBA TOWER TRUST 3.17% 04/11/2022 US 3.170 04/11/2022 1,330,000 98.06 1,304,142 0.52
SERVICE CORP 5.38% 05/15/2024 US 5.380 05/15/2024 466,000 101.64 473,661 0.19
SMALL BUSINESS ADMINISTRATION 1.24% 05/01/2022 US 1.240 05/01/2022 652,563 97.63 637,126 0.25
SMALL BUSINESS ADMINISTRATION 2.07% 05/01/2033 US 2.070 05/01/2033 2,771,006 94.96 2,631,365 1.05
SMALL BUSINESS ADMINISTRATION 2.22% 03/01/2033 US 2.220 03/01/2033 3,408,962 94.74 3,229,484 1.29
SMALL BUSINESS ADMINISTRATION 2.52% 09/10/2027 US 2.520 09/10/2027 2,710,280 95.75 2,595,009 1.04
SMALL BUSINESS ADMINISTRATION 2.78% 01/01/2036 US 2.780 01/01/2036 3,714,890 97.01 3,603,974 1.44
SMALL BUSINESS ADMINISTRATION 2.78% 12/01/2037 US 2.780 12/01/2037 2,940,731 95.42 2,805,928 1.12
SMALL BUSINESS ADMINISTRATION 2.79% 11/01/2037 US 2.790 11/01/2037 3,236,618 95.54 3,092,166 1.23
SMALL BUSINESS ADMINISTRATION 2.80% 11/01/2034 US 2.800 11/01/2034 1,665,298 97.68 1,626,741 0.65
SMALL BUSINESS ADMINISTRATION 2.81% 06/01/2037 US 2.810 06/01/2037 3,120,288 95.68 2,985,636 1.19
SMALL BUSINESS ADMINISTRATION 2.82% 09/01/2035 US 2.820 09/01/2035 2,685,943 97.52 2,619,391 1.05
SMALL BUSINESS ADMINISTRATION 2.85% 03/10/2027 US 2.850 03/10/2027 2,129,998 97.21 2,070,583 0.83
SMALL BUSINESS ADMINISTRATION 2.88% 05/01/2037 US 2.880 05/01/2037 3,312,294 96.18 3,185,625 1.27
SMALL BUSINESS ADMINISTRATION 2.88% 08/01/2034 US 2.880 08/01/2034 2,040,558 97.89 1,997,564 0.80
SMALL BUSINESS ADMINISTRATION 3.15% 07/01/2033 US 3.150 07/01/2033 2,427,292 99.64 2,418,451 0.97
SMALL BUSINESS ADMINISTRATION 3.20% 03/01/2038 US 3.200 03/01/2038 2,834,406 97.17 2,754,088 1.10
SMALL BUSINESS ADMINISTRATION 3.21% 09/01/2030 US 3.210 09/01/2030 1,298,249 99.39 1,290,313 0.51
SMALL BUSINESS ADMINISTRATION 3.88% 06/01/2030 US 3.880 06/01/2030 1,449,314 101.43 1,470,004 0.59
SMALL BUSINESS ADMINISTRATION 3.92% 10/01/2029 US 3.920 10/01/2029 786,238 101.50 798,031 0.32
SMALL BUSINESS ADMINISTRATION 4.31% 04/01/2029 US 4.310 04/01/2029 441,555 102.63 453,177 0.18
SMALL BUSINESS ADMINISTRATION 4.43% 05/01/2029 US 4.430 05/01/2029 869,305 102.27 889,010 0.35
SMALL BUSINESS ADMINISTRATION 4.63% 02/01/2025 US 4.630 02/01/2025 102,563 101.69 104,300 0.04
SMALL BUSINESS ADMINISTRATION 4.66% 03/01/2029 US 4.660 03/01/2029 1,308,210 103.67 1,356,233 0.54
SMALL BUSINESS ADMINISTRATION 4.76% 02/01/2029 US 4.760 02/01/2029 898,841 103.96 934,455 0.37
SMALL BUSINESS ADMINISTRATION 4.76% 04/01/2023 US 4.760 04/01/2023 25,947 102.11 26,495 0.01
SMALL BUSINESS ADMINISTRATION 4.77% 04/01/2024 US 4.770 04/01/2024 21,584 101.91 21,996 0.01
SMALL BUSINESS ADMINISTRATION 4.84% 02/01/2023 US 4.840 02/01/2023 62,360 102.30 63,793 0.03
SMALL BUSINESS ADMINISTRATION 4.88% 11/01/2024 US 4.880 11/01/2024 188,220 102.14 192,252 0.08
SMALL BUSINESS ADMINISTRATION 4.95% 06/01/2029 US 4.950 06/01/2029 486,133 104.49 507,952 0.20
SMALL BUSINESS ADMINISTRATION 5.11% 08/01/2025 US 5.110 08/01/2025 75,162 102.24 76,846 0.03
SMALL BUSINESS ADMINISTRATION 5.12% 12/01/2026 US 5.120 12/01/2026 495,590 102.17 506,346 0.20
SMALL BUSINESS ADMINISTRATION 5.17% 01/01/2028 US 5.170 01/01/2028 309,131 103.47 319,863 0.13
SMALL BUSINESS ADMINISTRATION 5.29% 12/01/2027 US 5.290 12/01/2027 496,769 102.02 506,828 0.20
SMALL BUSINESS ADMINISTRATION 5.31% 05/01/2027 US 5.310 05/01/2027 606,993 103.19 626,342 0.25
SMALL BUSINESS ADMINISTRATION 5.31% 08/01/2022 US 5.310 08/01/2022 75,881 101.81 77,255 0.03
SMALL BUSINESS ADMINISTRATION 5.32% 01/01/2027 US 5.320 01/01/2027 425,235 102.40 435,421 0.17
SMALL BUSINESS ADMINISTRATION 5.35% 02/01/2026 US 5.350 02/01/2026 573,057 102.78 588,988 0.24
SMALL BUSINESS ADMINISTRATION 5.36% 11/01/2026 US 5.360 11/01/2026 377,487 102.60 387,291 0.15
SMALL BUSINESS ADMINISTRATION 5.70% 08/01/2026 US 5.700 08/01/2026 262,246 103.39 271,144 0.11
SMALL BUSINESS ADMINISTRATION 5.71% 06/01/2027 US 5.710 06/01/2027 179,968 103.35 185,997 0.07
SMALL BUSINESS ADMINISTRATION 6.77% 11/01/2028 US 6.770 11/01/2028 871,374 106.81 930,673 0.37
SOUTH CAROL E&G 4.60% 06/15/2043 US 4.600 06/15/2043 1,983,000 99.26 1,968,326 0.79
SPECTRA PARTNERS 3.50% 03/15/2025 US 3.500 03/15/2025 400,000 96.35 385,396 0.15
STERLING EQUIP 6.13% 09/28/2019 US 6.130 09/28/2019 41,161 102.10 42,024 0.02
STRIP PRINC 05/15/2040 US -- 05/15/2040 3,695,000 50.69 1,873,074 0.75
STRIP PRINC 05/15/2043 US -- 05/15/2043 10,429,000 45.67 4,762,602 1.90
STRIP PRINC 05/15/2045 US -- 05/15/2045 5,379,000 42.88 2,306,749 0.92
SW AIRLN 07-1 TR 6.15% 08/01/2022 US 6.150 08/01/2022 1,275,753 105.36 1,344,082 0.54
TAGUA LEASING 1.58% 11/16/2024 US 1.580 11/16/2024 1,121,848 95.11 1,066,985 0.43
TENN VALLEY AUTH 4.65% 06/15/2035 US 4.650 06/15/2035 1,914,000 112.44 2,152,125 0.86
TEXAS EAST TRANS 7.00% 07/15/2032 US 7.000 07/15/2032 500,000 120.64 603,200 0.24
TEXAS ST DEPT OF HSG & CMNTY A 2.80% 03/01/2036 US 2.800 03/01/2036 640,000 94.35 603,846 0.24
TORCHMARK CORP 3.80% 09/15/2022 US 3.800 09/15/2022 1,398,000 99.50 1,390,941 0.56
TOTEM OCEAN 6.37% 04/15/2028 US 6.370 04/15/2028 878,000 110.94 974,040 0.39
UNITED RENTAL NA 5.75% 11/15/2024 US 5.750 11/15/2024 1,644,000 102.88 1,691,347 0.68
UNP CO 2001 TRST 6.63% 01/27/2022 US 6.630 01/27/2022 23,121 108.25 25,028 0.01
UNP CO 2003 TRST 4.70% 01/02/2024 US 4.700 01/02/2024 1,149,454 101.80 1,170,197 0.47
UNP CO 2006 TRST 5.87% 07/02/2030 US 5.870 07/02/2030 512,673 107.54 551,343 0.22
USB CAPITAL IX 3.50% 10/29/2049 US 3.500 10/29/2049 2,000,000 89.38 1,787,500 0.71
VESSEL MGMT SERV 5.13% 04/16/2035 US 5.130 04/16/2035 1,284,000 107.13 1,375,572 0.55
VIRGINIA ST HSG DEV AUTH CMWLT 2.75% 04/25/2042 US 2.750 04/25/2042 1,020,778 94.36 963,206 0.38
WACHOVIA CAP III 5.57% 03/29/2049 US 5.570 03/29/2049 2,000,000 99.05 1,981,000 0.79
WASHINGTON ST 5.48% 08/01/2039 US 5.480 08/01/2039 1,515,000 119.34 1,808,016 0.72
WASTE MANAGEMENT 2.40% 05/15/2023 US 2.400 05/15/2023 1,616,000 95.36 1,541,003 0.62
Data may not total due to rounding. Credit ratings are from Standard & Poor’s and Moody’s Investors Service. If agency rating differ the higher rating will be used. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer.
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.
For the data illustrated for Touchstone Domestic Equity Funds,  Morningstar is the source. For Russell index information,  the Frank Russell Company is the source and owner. For MSCI index information, the MSCI is the source and owner. 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. Calculations for sectors and top holdings exclude cash equivalents. 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 01/29/2019.
Data may not total due to rounding. Credit ratings are from Standard & Poor’s and Moody’s Investors Service. If agency rating differ the higher rating will be used. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer.
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.
For the data illustrated for Touchstone Domestic Equity Funds,  Morningstar is the source. For Russell index information,  the Frank Russell Company is the source and owner. For MSCI index information, the MSCI is the source and owner. 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. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.

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
Data may not total due to rounding. Credit ratings are from Standard & Poor’s and Moody’s Investors Service. If agency rating differ the higher rating will be used. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer.
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.
For the data illustrated for Touchstone Domestic Equity Funds,  Morningstar is the source. For Russell index information,  the Frank Russell Company is the source and owner. For MSCI index information, the MSCI is the source and owner. 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. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.

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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