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 878 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. 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 06/30/2018
Total Fund Net Assets as of 06/30/2018 $266,074,227
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 08/31/2018 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% 0.54% -0.96% -1.05% 1.76% 2.49% 3.70% --
as of 06/30/2018 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 -0.40% 1.72% 2.27% 3.72% --
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 Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. 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 Bond Funds is 4.75%, except for the Touchstone Ultra Short Duration Fixed Income Fund. The maximum front-end sales charge for the Touchstone Ultra Short Duration Fixed 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 Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. 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 in effect at the end of the specified period. The contingent deferred sales charge 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 Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. 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 NAV, without an initial sales charge and are not subject to a 12b-1 fee or CDSC, but may be subject to higher initial investment requirements than other classes of shares of a 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 Funds 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, may lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains.

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 06/30/2018
Number of Holdings
187
Weighted Average Effective Maturity
8.4 Years
Weighted Average Effective Duration
5.6 Years
as of 06/30/2018
Credit Quality % of Portfolio
AAA/Aaa 65.4
AA/Aa 6.4
A/A 11.4
BBB/Baa 13.2
BB/Ba 1.9
CCC 0.5
CC 0.1
Not Rated 0.2
Cash Equivalents 0.9
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 06/30/2018
Sector % of Portfolio
U.S. Agency MBS/CMO 28.7
Investment Grade Corp. Credit 27.9
U.S. Agency Obligations 27.6
Municipals 6.6
U.S. Treasury 3.5
High Yield Corporate Credit 2.6
Asset Backed Securities 2.2
Cash Equivalents 0.9
CMBS 0.1
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 08/31/2018
Security Description % of Portfolio
US TREASURY N/B 2.88% 08/15/2028 3.9
STRIP PRINC 05/15/2043 2.0
SMALL BUSINESS ADMINISTRATION 2.78% 01/01/2036 1.4
SMALL BUSINESS ADMINISTRATION 2.22% 03/01/2033 1.4
GOVERNMENT NATIONAL MORTGAGE 2.60% 11/16/2055 1.4
PACIFICORP 8.05% 09/01/2022 1.3
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 1.2
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 06/30/2018
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 1,224,736 101.11 1,238,282 0.47
321 HENDERSON RECEIVABLES LLC 3.87% 03/15/2058 US 3.870 03/15/2058 1,512,287 100.27 1,516,337 0.57
321 HENDERSON RECEIVABLES LLC 4.21% 02/16/2065 US 4.210 02/16/2065 1,362,855 102.91 1,402,481 0.53
AFLAC INC 3.25% 03/17/2025 US 3.250 03/17/2025 2,444,000 96.70 2,363,387 0.90
AM AIRLIN 16-3 A 3.00% 10/15/2028 US 3.000 10/15/2028 2,905,541 93.92 2,728,745 1.03
AMERICAN EXPRESS 2.65% 12/02/2022 US 2.650 12/02/2022 2,443,000 96.03 2,345,896 0.89
APACHE CORP 3.25% 04/15/2022 US 3.250 04/15/2022 1,000,000 98.30 983,031 0.37
ASTRO OFFSHORE 6.00% 12/20/2019 US 6.000 12/20/2019 13,242 101.07 13,384 0.01
BNSF 04-1 TRUST 4.58% 01/15/2021 US 4.580 01/15/2021 35,573 101.48 36,100 0.01
BNSF 05-3 TRUST 4.83% 01/15/2023 US 4.830 01/15/2023 218,639 102.73 224,612 0.09
BNSF 05-4 TRUST 4.97% 04/01/2023 US 4.970 04/01/2023 1,071,159 103.65 1,110,255 0.42
BNSF 98-C TRUST 6.23% 07/02/2018 US 6.230 07/02/2018 7,537 100.01 7,537 0.00
BRUCE MANSFIELD 6.85% 06/01/2034 US 6.850 06/01/2034 1,314,409 49.50 650,632 0.25
CALIF WATER SRVC 5.50% 12/01/2040 US 5.500 12/01/2040 610,000 116.41 710,095 0.27
CALIFORNIA ST HSG FIN AGY RSDL 2.90% 02/01/2042 US 2.900 02/01/2042 793,629 96.69 767,344 0.29
CANAL BARGE CO 4.50% 11/12/2034 US 4.500 11/12/2034 1,293,000 103.15 1,333,669 0.51
CAROLINA P & L 6.30% 04/01/2038 US 6.300 04/01/2038 275,000 125.93 346,299 0.13
CD COMMERCIAL MORTGAGE TRUST 5.69% 10/15/2048 US 5.690 10/15/2048 473,780 49.00 232,152 0.09
CHESAPEAKE ENRGY 6.63% 08/15/2020 US 6.630 08/15/2020 1,253,000 102.75 1,287,458 0.49
COMMONWEALTH EDI 5.90% 03/15/2036 US 5.900 03/15/2036 1,598,000 121.45 1,940,766 0.74
CONTL AIRLINES 4.00% 10/29/2024 US 4.000 10/29/2024 665,942 100.40 668,572 0.25
CONTL AIRLINES 5.98% 04/19/2022 US 5.980 04/19/2022 1,033,096 105.87 1,093,738 0.41
CONTL AIRLINES 7.71% 04/02/2021 US 7.710 04/02/2021 696,261 107.06 745,417 0.28
CSX TRANS 6.25% 01/15/2023 US 6.250 01/15/2023 1,558,226 107.78 1,679,478 0.64
CVS PASS-THROUGH 6.04% 12/10/2028 US 6.040 12/10/2028 2,710,653 106.48 2,886,375 1.09
DALLAS TX AREA RAPID TRANSIT S 6.00% 12/01/2044 US 6.000 12/01/2044 1,770,000 129.70 2,295,761 0.87
DELPHI FINL GRP 7.88% 01/31/2020 US 7.880 01/31/2020 2,803,000 106.70 2,990,715 1.13
DELTA AIR 20071B 8.02% 08/10/2022 US 8.020 08/10/2022 653,219 109.89 717,822 0.27
DELTA AIR 2010-2 4.95% 05/23/2019 US 4.950 05/23/2019 930,768 100.93 939,424 0.36
DOMINION RES 4.60% 09/30/2066 US 4.600 09/30/2066 1,780,000 93.25 1,659,850 0.63
DREYFUS-GOV C-IN US -- -- 2,294,835 1.00 2,294,835 0.87
EAST BAY CA MUNI UTILITY DIST 5.87% 06/01/2040 US 5.870 06/01/2040 1,710,000 126.78 2,168,006 0.82
ENTERGY LA LLC 4.44% 01/15/2026 US 4.440 01/15/2026 1,904,000 103.76 1,975,519 0.75
FANNIE MAE 1.94% 09/01/2019 US 1.940 09/01/2019 1,804,028 99.82 1,800,848 0.68
FANNIE MAE 2.00% 03/01/2028 US 2.000 03/01/2028 1,035,360 93.96 972,779 0.37
FANNIE MAE 2.68% 02/01/2022 US 2.680 02/01/2022 1,730,791 98.59 1,706,377 0.65
FANNIE MAE 2.68% 12/01/2026 US 2.680 12/01/2026 3,359,000 94.73 3,181,946 1.21
FANNIE MAE 3.00% 07/01/2043 US 3.000 07/01/2043 3,722,564 97.69 3,636,580 1.38
FANNIE MAE 3.50% 02/01/2045 US 3.500 02/01/2045 2,833,366 99.85 2,829,254 1.07
FANNIE MAE 3.50% 09/01/2042 US 3.500 09/01/2042 2,161,893 100.30 2,168,409 0.82
FANNIE MAE 3.50% 11/01/2021 US 3.500 11/01/2021 1,497,015 101.35 1,517,263 0.57
FANNIE MAE 3.50% 11/01/2047 US 3.500 11/01/2047 1,938,011 99.72 1,932,652 0.73
FANNIE MAE 4.00% 01/01/2046 US 4.000 01/01/2046 1,981,358 102.02 2,021,358 0.77
FANNIE MAE 4.00% 10/01/2047 US 4.000 10/01/2047 3,256,028 102.09 3,324,086 1.26
FANNIE MAE 4.04% 09/01/2020 US 4.040 09/01/2020 914,383 101.76 930,462 0.35
FANNIE MAE 4.38% 06/01/2020 US 4.380 06/01/2020 86,434 101.97 88,136 0.03
FANNIE MAE 4.50% 01/01/2020 US 4.500 01/01/2020 787,347 101.83 801,780 0.30
FANNIE MAE 4.50% 04/01/2041 US 4.500 04/01/2041 1,657,544 105.13 1,742,630 0.66
FANNIE MAE 4.63% 04/01/2020 US 4.630 04/01/2020 399,886 101.95 407,681 0.15
FANNIE MAE 4.65% 10/01/2019 US 4.650 10/01/2019 626,964 101.83 638,431 0.24
FANNIE MAE 4.68% 08/01/2028 US 4.680 08/01/2028 202,174 105.19 212,672 0.08
FANNIE MAE 4.78% 08/01/2019 US 4.780 08/01/2019 274,868 101.93 280,167 0.11
FANNIE MAE 4.82% 07/01/2019 US 4.820 07/01/2019 284,984 101.63 289,619 0.11
FANNIE MAE 4.94% 05/01/2019 US 4.940 05/01/2019 270,523 101.36 274,202 0.10
FANNIE MAE 5.26% 01/01/2025 US 5.260 01/01/2025 106,315 103.40 109,926 0.04
FANNIE MAE 5.83% 06/01/2037 US 5.830 06/01/2037 277,094 106.65 295,530 0.11
FEDEX 1998 TRUST 6.85% 01/15/2019 US 6.850 01/15/2019 389,181 102.25 397,938 0.15
FEDEX 1999 TRUST 7.65% 01/15/2023 US 7.650 01/15/2023 765,154 108.50 830,192 0.31
FHLMC MULTIFAMILY STRUCTURED 2.62% 12/25/2026 US 2.620 12/25/2026 2,917,476 97.09 2,832,480 1.07
FISHERS LANE 3.67% 08/05/2030 US 3.670 08/05/2030 1,879,617 100.10 1,881,479 0.71
FLORIDA ST HSG FIN CORP REVENU 2.80% 07/01/2041 US 2.800 07/01/2041 1,164,898 94.86 1,104,964 0.42
FORD MOTOR CRED 4.38% 08/06/2023 US 4.380 08/06/2023 2,347,000 100.53 2,359,397 0.89
FPL GROUP CAPTL 4.38% 10/01/2066 US 4.380 10/01/2066 2,000,000 97.50 1,950,000 0.74
FPL RECOVERY FUNDING 5.26% 08/01/2021 US 5.260 08/01/2021 215,024 101.50 218,245 0.08
FREDDIE MAC 7.65% 05/01/2025 US 7.650 05/01/2025 1,705,045 111.40 1,899,354 0.72
FREMF MORTGAGE TRUST 2014-K716 4.08% 08/25/2047 US 4.080 08/25/2047 1,528,000 101.48 1,550,541 0.59
FREMF MORTGAGE TRUST 3.67% 06/25/2023 US 3.670 06/25/2023 750,000 99.33 744,947 0.28
FREMF MORTGAGE TRUST 3.94% 06/25/2047 US 3.940 06/25/2047 1,200,000 100.70 1,208,359 0.46
FREMF MORTGAGE TRUST 4.17% 05/25/2045 US 4.170 05/25/2045 1,020,037 102.03 1,040,790 0.39
FREMF MORTGAGE TRUST 4.17% 11/25/2018 US 4.170 11/25/2018 925,000 100.05 925,421 0.35
FRESB 2016-SB17 A5H 2.16% 06/25/2021 US 2.160 06/25/2021 1,494,337 97.72 1,460,337 0.55
FRESB MULTIFAMILY MORTGAGE 2.54% 12/25/2020 US 2.540 12/25/2020 2,180,042 98.61 2,149,755 0.81
FRESB MULTIFAMILY MORTGAGE 3.09% 01/25/2027 US 3.090 01/25/2027 2,403,227 98.16 2,358,921 0.89
FRESB MULTIFAMILY MORTGAGE 3.30% 12/25/2027 US 3.300 12/25/2027 2,417,222 98.98 2,392,676 0.91
GATX CORP 3.25% 03/30/2025 US 3.250 03/30/2025 2,583,000 94.53 2,441,719 0.93
GEORGIA POWER 4.75% 09/01/2040 US 4.750 09/01/2040 1,642,000 107.95 1,772,600 0.67
GNMA 12-46 CL C 3.18% 05/16/2050 US 3.180 05/16/2050 2,975,000 97.55 2,902,081 1.10
GNR 2013-40 AC 1.58% 01/16/2046 US 1.580 01/16/2046 1,039,208 95.93 996,944 0.38
GOVERNMENT NATIONAL MORTGAGE 2.60% 11/16/2055 US 2.600 11/16/2055 3,637,543 96.56 3,512,304 1.33
GOVERNMENT NATIONAL MORTGAGE 3.00% 09/16/2049 US 3.000 09/16/2049 2,540,000 86.75 2,203,501 0.83
GOVERNMENT NATIONAL MORTGAGE 3.31% 11/16/2049 US 3.310 11/16/2049 2,818,000 99.18 2,794,879 1.06
GOVERNMENT NATIONAL MORTGAGE 3.49% 02/16/2044 US 3.490 02/16/2044 2,600,000 99.15 2,577,870 0.98
GOVERNMENT NATIONAL MORTGAGE A 2.17% 07/16/2038 US 2.170 07/16/2038 158,299 99.67 157,774 0.06
GOVERNMENT NATIONAL MORTGAGE A 2.38% 05/20/2067 US 2.380 05/20/2067 2,020,878 100.51 2,031,230 0.77
GOVERNMENT NATIONAL MORTGAGE A 2.38% 12/16/2043 US 2.380 12/16/2043 1,663,267 96.74 1,609,032 0.61
GOVERNMENT NATIONAL MORTGAGE A 2.60% 01/16/2052 US 2.600 01/16/2052 2,618,493 95.41 2,498,302 0.95
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/16/2055 US 2.700 10/16/2055 3,512,000 91.57 3,215,814 1.22
GOVERNMENT NATIONAL MORTGAGE A 3.00% 01/20/2027 US 3.000 01/20/2027 675,658 99.92 675,140 0.26
GOVERNMENT NATIONAL MORTGAGE A 4.28% 07/20/2061 US 4.280 07/20/2061 116,498 100.57 117,162 0.04
GOVERNMENT NATIONAL MORTGAGE A 4.59% 07/20/2061 US 4.590 07/20/2061 218,362 100.81 220,137 0.08
GOVERNMENT NATIONAL MORTGAGE A 4.70% 05/20/2061 US 4.700 05/20/2061 411,531 100.46 413,431 0.16
GOVERNMENT NATIONAL MORTGAGE A 4.71% 09/20/2061 US 4.710 09/20/2061 244,017 100.89 246,189 0.09
GOVERNMENT NATIONAL MORTGAGE A 4.85% 06/20/2061 US 4.850 06/20/2061 317,899 102.70 326,477 0.12
HCA INC 4.25% 10/15/2019 US 4.250 10/15/2019 1,650,000 100.75 1,662,375 0.63
HELIOS LEASING I 1.73% 07/24/2024 US 1.730 07/24/2024 1,587,018 96.16 1,526,090 0.58
JCP&L TRANSITION FUNDING LLC 5.61% 06/05/2023 US 5.610 06/05/2023 1,263,439 104.03 1,314,384 0.50
KANSAS CITY SOUT 3.00% 05/15/2023 US 3.000 05/15/2023 1,180,000 96.33 1,136,736 0.43
KANSAS CITY SOUT 3.13% 06/01/2026 US 3.130 06/01/2026 1,475,000 92.18 1,359,640 0.52
KIOWA POWER 5.74% 03/30/2021 US 5.740 03/30/2021 440,116 100.99 444,461 0.17
KROGER CO 3.85% 08/01/2023 US 3.850 08/01/2023 1,500,000 100.20 1,502,974 0.57
LOUISIANA ST HSG CORP SF MTGE 2.88% 11/01/2038 US 2.880 11/01/2038 1,907,931 95.68 1,825,585 0.69
MATSON NAVIG CO 5.34% 09/04/2028 US 5.340 09/04/2028 1,344,000 107.53 1,445,233 0.55
MISSOURI ST HSG DEV COMMISSION 2.65% 11/01/2040 US 2.650 11/01/2040 730,000 94.57 690,383 0.26
NATIONWIDE FIN 5.38% 03/25/2021 US 5.380 03/25/2021 700,000 104.26 729,830 0.28
NATIONWIDE MUTL 9.38% 08/15/2039 US 9.380 08/15/2039 708,000 156.58 1,108,596 0.42
NATL RURAL UTIL 3.40% 11/15/2023 US 3.400 11/15/2023 2,106,000 99.26 2,090,424 0.79
NEWFIELD EXPLOR 5.75% 01/30/2022 US 5.750 01/30/2022 1,530,000 104.13 1,593,113 0.60
NORFOLK SOUTHERN 2.90% 02/15/2023 US 2.900 02/15/2023 1,941,000 97.75 1,897,378 0.72
OHIO ST HSG FIN AGY SF MTGE RE 2.65% 11/01/2041 US 2.650 11/01/2041 1,725,000 94.49 1,629,953 0.62
PACIFICORP 8.05% 09/01/2022 US 8.050 09/01/2022 2,926,000 116.33 3,403,900 1.29
PETROLEOS MEXICA 2.29% 02/15/2024 MX 2.290 02/15/2024 1,314,000 97.93 1,286,854 0.49
PORT AUTH OF NEW YORK & NEW JE 4.93% 10/01/2051 US 4.930 10/01/2051 1,400,000 117.26 1,641,654 0.62
PROVIDENT COS 7.00% 07/15/2018 US 7.000 07/15/2018 1,512,000 99.96 1,511,434 0.57
PULTE HOMES INC 7.88% 06/15/2032 US 7.880 06/15/2032 990,000 114.50 1,133,550 0.43
RELIANCE INDUSTR 1.87% 01/15/2026 IN 1.870 01/15/2026 1,914,947 95.81 1,834,764 0.70
REPUBLIC SVCS 5.25% 11/15/2021 US 5.250 11/15/2021 1,408,000 105.48 1,485,207 0.56
ROYAL CARIBBEAN 5.25% 11/15/2022 LR 5.250 11/15/2022 1,300,000 105.49 1,371,399 0.52
SAN FRANCISCO CITY & CNTY CA P 6.95% 11/01/2050 US 6.950 11/01/2050 1,225,000 144.62 1,771,583 0.67
SBA TOWER TRUST 3.17% 04/11/2022 US 3.170 04/11/2022 1,330,000 97.84 1,301,241 0.49
SERVICE CORP 5.38% 05/15/2024 US 5.380 05/15/2024 466,000 102.25 476,485 0.18
SMALL BUS ADMIN 5.34% 11/01/2021 US 5.340 11/01/2021 27,470 101.95 28,005 0.01
SMALL BUSINESS ADMINISTRATION 1.24% 05/01/2022 US 1.240 05/01/2022 652,563 97.57 636,718 0.24
SMALL BUSINESS ADMINISTRATION 2.07% 05/01/2033 US 2.070 05/01/2033 2,771,006 96.75 2,680,967 1.02
SMALL BUSINESS ADMINISTRATION 2.22% 03/01/2033 US 2.220 03/01/2033 3,687,566 97.13 3,581,795 1.36
SMALL BUSINESS ADMINISTRATION 2.52% 09/10/2027 US 2.520 09/10/2027 2,710,280 96.88 2,625,824 1.00
SMALL BUSINESS ADMINISTRATION 2.77% 05/01/2035 US 2.770 05/01/2035 3,760,667 98.37 3,699,549 1.40
SMALL BUSINESS ADMINISTRATION 2.78% 01/01/2036 US 2.780 01/01/2036 4,044,159 98.15 3,969,410 1.50
SMALL BUSINESS ADMINISTRATION 2.78% 12/01/2037 US 2.780 12/01/2037 2,940,731 96.45 2,836,216 1.07
SMALL BUSINESS ADMINISTRATION 2.79% 11/01/2037 US 2.790 11/01/2037 3,236,618 96.55 3,125,098 1.18
SMALL BUSINESS ADMINISTRATION 2.80% 11/01/2034 US 2.800 11/01/2034 1,665,298 98.57 1,641,542 0.62
SMALL BUSINESS ADMINISTRATION 2.81% 06/01/2037 US 2.810 06/01/2037 3,120,288 96.73 3,018,285 1.14
SMALL BUSINESS ADMINISTRATION 2.82% 09/01/2035 US 2.820 09/01/2035 2,829,876 98.67 2,792,231 1.06
SMALL BUSINESS ADMINISTRATION 2.85% 03/10/2027 US 2.850 03/10/2027 2,164,549 98.30 2,127,856 0.81
SMALL BUSINESS ADMINISTRATION 2.88% 05/01/2037 US 2.880 05/01/2037 3,312,294 97.23 3,220,391 1.22
SMALL BUSINESS ADMINISTRATION 2.88% 08/01/2034 US 2.880 08/01/2034 2,179,174 99.01 2,157,670 0.82
SMALL BUSINESS ADMINISTRATION 3.15% 07/01/2033 US 3.150 07/01/2033 2,636,177 100.69 2,654,305 1.01
SMALL BUSINESS ADMINISTRATION 3.20% 03/01/2038 US 3.200 03/01/2038 2,898,000 98.75 2,861,854 1.08
SMALL BUSINESS ADMINISTRATION 3.21% 09/01/2030 US 3.210 09/01/2030 1,379,318 100.29 1,383,275 0.52
SMALL BUSINESS ADMINISTRATION 3.88% 06/01/2030 US 3.880 06/01/2030 1,449,314 102.38 1,483,786 0.56
SMALL BUSINESS ADMINISTRATION 3.92% 10/01/2029 US 3.920 10/01/2029 786,238 102.40 805,116 0.31
SMALL BUSINESS ADMINISTRATION 4.31% 04/01/2029 US 4.310 04/01/2029 441,555 102.84 454,100 0.17
SMALL BUSINESS ADMINISTRATION 4.43% 05/01/2029 US 4.430 05/01/2029 869,305 103.52 899,927 0.34
SMALL BUSINESS ADMINISTRATION 4.63% 02/01/2025 US 4.630 02/01/2025 116,186 102.22 118,762 0.05
SMALL BUSINESS ADMINISTRATION 4.66% 03/01/2029 US 4.660 03/01/2029 1,488,976 104.29 1,552,813 0.59
SMALL BUSINESS ADMINISTRATION 4.76% 02/01/2029 US 4.760 02/01/2029 993,056 104.73 1,040,005 0.39
SMALL BUSINESS ADMINISTRATION 4.76% 04/01/2023 US 4.760 04/01/2023 25,947 102.75 26,661 0.01
SMALL BUSINESS ADMINISTRATION 4.77% 04/01/2024 US 4.770 04/01/2024 21,584 102.56 22,136 0.01
SMALL BUSINESS ADMINISTRATION 4.84% 02/01/2023 US 4.840 02/01/2023 81,149 102.70 83,338 0.03
SMALL BUSINESS ADMINISTRATION 4.88% 11/01/2024 US 4.880 11/01/2024 188,220 102.92 193,721 0.07
SMALL BUSINESS ADMINISTRATION 4.95% 06/01/2029 US 4.950 06/01/2029 486,133 105.56 513,149 0.19
SMALL BUSINESS ADMINISTRATION 5.11% 08/01/2025 US 5.110 08/01/2025 88,819 103.01 91,496 0.03
SMALL BUSINESS ADMINISTRATION 5.12% 12/01/2026 US 5.120 12/01/2026 495,590 103.24 511,640 0.19
SMALL BUSINESS ADMINISTRATION 5.17% 01/01/2028 US 5.170 01/01/2028 362,961 104.44 379,080 0.14
SMALL BUSINESS ADMINISTRATION 5.29% 12/01/2027 US 5.290 12/01/2027 496,769 103.21 512,728 0.19
SMALL BUSINESS ADMINISTRATION 5.31% 05/01/2027 US 5.310 05/01/2027 606,993 104.38 633,558 0.24
SMALL BUSINESS ADMINISTRATION 5.31% 08/01/2022 US 5.310 08/01/2022 91,700 102.30 93,813 0.04
SMALL BUSINESS ADMINISTRATION 5.32% 01/01/2027 US 5.320 01/01/2027 489,223 103.28 505,276 0.19
SMALL BUSINESS ADMINISTRATION 5.35% 02/01/2026 US 5.350 02/01/2026 634,206 103.56 656,756 0.25
SMALL BUSINESS ADMINISTRATION 5.36% 11/01/2026 US 5.360 11/01/2026 377,487 103.63 391,175 0.15
SMALL BUSINESS ADMINISTRATION 5.70% 08/01/2026 US 5.700 08/01/2026 313,075 104.00 325,592 0.12
SMALL BUSINESS ADMINISTRATION 5.71% 06/01/2027 US 5.710 06/01/2027 179,968 104.26 187,637 0.07
SMALL BUSINESS ADMINISTRATION 6.29% 01/01/2021 US 6.290 01/01/2021 143,449 102.59 147,159 0.06
SMALL BUSINESS ADMINISTRATION 6.77% 11/01/2028 US 6.770 11/01/2028 871,374 107.95 940,625 0.36
SOUTH CAROL E&G 4.60% 06/15/2043 US 4.600 06/15/2043 1,983,000 97.95 1,942,289 0.74
SPECTRA PARTNERS 3.50% 03/15/2025 US 3.500 03/15/2025 400,000 95.37 381,492 0.14
STERLING EQUIP 6.13% 09/28/2019 US 6.130 09/28/2019 54,310 102.02 55,407 0.02
STRIP PRINC 05/15/2040 US -- 05/15/2040 3,695,000 52.96 1,956,956 0.74
STRIP PRINC 05/15/2043 US -- 05/15/2043 10,429,000 47.93 4,998,670 1.89
STRIP PRINC 05/15/2045 US -- 05/15/2045 5,379,000 45.15 2,428,533 0.92
SW AIRLN 07-1 TR 6.15% 08/01/2022 US 6.150 08/01/2022 1,395,176 106.05 1,479,560 0.56
TAGUA LEASING 1.58% 11/16/2024 US 1.580 11/16/2024 1,164,295 95.41 1,110,882 0.42
TENN VALLEY AUTH 4.65% 06/15/2035 US 4.650 06/15/2035 1,914,000 116.15 2,223,170 0.84
TEXAS EAST TRANS 7.00% 07/15/2032 US 7.000 07/15/2032 500,000 123.24 616,219 0.23
TEXAS ST DEPT OF HSG & CMNTY A 2.80% 03/01/2036 US 2.800 03/01/2036 665,000 94.39 627,694 0.24
TORCHMARK CORP 3.80% 09/15/2022 US 3.800 09/15/2022 1,398,000 100.49 1,404,829 0.53
TOTEM OCEAN 6.37% 04/15/2028 US 6.370 04/15/2028 850,637 109.84 934,378 0.35
UNITED RENTAL NA 5.75% 11/15/2024 US 5.750 11/15/2024 1,644,000 101.63 1,670,715 0.63
UNP CO 2001 TRST 6.63% 01/27/2022 US 6.630 01/27/2022 23,121 110.28 25,498 0.01
UNP CO 2003 TRST 4.70% 01/02/2024 US 4.700 01/02/2024 1,149,454 103.99 1,195,325 0.45
UNP CO 2006 TRST 5.87% 07/02/2030 US 5.870 07/02/2030 514,707 108.62 559,076 0.21
USB CAPITAL IX 3.50% 10/29/2049 US 3.500 10/29/2049 2,000,000 90.63 1,812,500 0.69
VERIZON COMM INC 5.01% 04/15/2049 US 5.010 04/15/2049 1,422,000 97.39 1,384,816 0.52
VESSEL MGMT SERV 5.13% 04/16/2035 US 5.130 04/16/2035 1,284,000 109.14 1,401,318 0.53
VIRGINIA ST HSG DEV AUTH CMWLT 2.75% 04/25/2042 US 2.750 04/25/2042 1,050,902 95.13 999,712 0.38
WACHOVIA CAP III 5.57% 03/29/2049 US 5.570 03/29/2049 2,000,000 98.63 1,972,500 0.75
WASHINGTON ST 5.48% 08/01/2039 US 5.480 08/01/2039 1,515,000 122.27 1,852,391 0.70
WASTE MANAGEMENT 2.40% 05/15/2023 US 2.400 05/15/2023 1,616,000 95.13 1,537,359 0.58
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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