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Touchstone Impact Bond Fund

(formerly the Total Return Bond Fund)

Daily NAV
$
Overall Morningstar Rating™
Intermediate Core Bond

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

Fund Facts for Share Class
Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 06/30/2019
Total Fund Net Assets as of 06/30/2019 $293,697,264
Asset Class Income
Morningstar Category Intermediate Core 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 07/31/2019
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 0.22% 3.28% 6.35% 8.08% 2.17% 3.05% 3.75% --
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 06/30/2019
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 7.87% 2.31% 2.95% 3.90% --
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 06/30/2019
Number of Holdings
173
Weighted Average Effective Maturity
8.4 Years
Weighted Average Effective Duration
5.9 Years
as of 06/30/2019
Credit Quality % of Portfolio
AAA/Aaa 64.4
AA/Aa 8.0
A/A 12.3
BBB/Baa 12.4
BB/Ba 1.1
CCC 0.5
Cash Equivalents 1.4
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 06/30/2019
Sector % of Portfolio
Investment Grade Corp. Credit 29.2
U.S. Agency Obligations 28.5
U.S. Agency MBS/CMO 26.2
Municipals 6.1
U.S. Treasury 5.6
Asset Backed Securities 1.7
Cash Equivalents 1.4
High Yield Corporate Credit 1.1
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 07/31/2019
Security Description % of Portfolio
UNITED STATES TREASURY STRIP P 05/15/2043 2.0
FANNIE MAE POOL 4.50% 02/01/2049 1.9
UNITED STATES SMALL BUSINESS A 2.79% 11/01/2037 1.9
UNITED STATES TREASURY NOTE/BO 3.13% 11/15/2028 1.9
FANNIE MAE POOL 4.00% 02/01/2049 1.9
FANNIE MAE POOL 3.50% 06/01/2047 1.5
FANNIE MAE POOL 3.00% 01/01/2047 1.5
FANNIE MAE POOL 4.50% 01/01/2049 1.3
UNITED STATES SMALL BUSINESS A 2.22% 03/01/2033 1.2
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/01/2055 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 06/30/2019
Security Description
Country
Coupon Rate (%)
Maturity Date
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
AFLAC INC 3.25% 03/17/2025 US 3.250 03/17/2025 2,444,000 103.35 2,525,890 0.87
AMERICAN AIRLINES 2016-3 CLASS 3.00% 10/15/2028 US 3.000 10/15/2028 2,751,929 99.78 2,745,879 0.94
AMERICAN EXPRESS CO 2.65% 12/02/2022 US 2.650 12/02/2022 2,600,000 101.10 2,628,504 0.90
APACHE CORP 3.25% 04/15/2022 US 3.250 04/15/2022 404,000 101.48 409,997 0.14
BURLINGTON NORTHERN AND SANTA 4.58% 01/15/2021 US 4.580 01/15/2021 15,853 102.02 16,174 0.01
BURLINGTON NORTHERN AND SANTA 4.83% 01/15/2023 US 4.830 01/15/2023 147,122 102.77 151,200 0.05
BURLINGTON NORTHERN AND SANTA 4.97% 04/01/2023 US 4.970 04/01/2023 783,147 105.78 828,379 0.28
CALIFORNIA HOUSING FINANCE AGE 2.90% 02/01/2042 US 2.900 02/01/2042 684,103 98.83 676,126 0.23
CALIFORNIA WATER SERVICE CO 5.50% 12/01/2040 US 5.500 12/01/2040 1,623,000 122.92 1,995,005 0.68
CANAL BARGE CO INC 4.50% 11/12/2034 US 4.500 11/12/2034 1,214,000 110.91 1,346,387 0.46
CD 2006-CD3 MORTGAGE TRUST 5.69% 10/01/2048 US 5.690 10/01/2048 428,701 56.05 240,287 0.08
CHESAPEAKE ENERGY CORP 6.63% 08/15/2020 US 6.630 08/15/2020 1,253,000 100.75 1,262,398 0.43
CITY OF SAN FRANCISCO CA PUBLI 6.95% 11/01/2050 US 6.950 11/01/2050 1,465,000 153.95 2,255,324 0.77
COMMONWEALTH EDISON CO 5.90% 03/15/2036 US 5.900 03/15/2036 1,598,000 129.22 2,064,915 0.71
CONTINENTAL AIRLINES 2000-2 CL 7.71% 04/02/2021 US 7.710 04/02/2021 436,361 103.48 451,546 0.15
CONTINENTAL AIRLINES 2007-1 CL 5.98% 04/19/2022 US 5.980 04/19/2022 981,749 106.07 1,041,341 0.36
CONTINENTAL AIRLINES 2012-2 CL 4.00% 10/29/2024 US 4.000 10/29/2024 657,712 104.46 687,046 0.24
CROWN CASTLE INTERNATIONAL COR 4.30% 02/15/2029 US 4.300 02/15/2029 1,242,000 108.06 1,342,098 0.46
CSX TRANSPORTATION INC 6.25% 01/15/2023 US 6.250 01/15/2023 1,904,408 110.29 2,100,293 0.72
CVS PASS-THROUGH TRUST 6.04% 12/10/2028 US 6.040 12/10/2028 2,516,800 111.97 2,818,163 0.97
DALLAS AREA RAPID TRANSIT 6.00% 12/01/2044 US 6.000 12/01/2044 1,770,000 141.08 2,497,081 0.86
DELPHI FINANCIAL GROUP INC 7.88% 01/31/2020 US 7.880 01/31/2020 2,803,000 102.86 2,883,069 0.99
DELTA AIR LINES 2007-1 CLASS B 8.02% 08/10/2022 US 8.020 08/10/2022 545,244 110.32 601,513 0.21
DOMINION ENERGY INC 4.63% 09/30/2066 US 4.630 09/30/2066 1,780,000 93.50 1,664,300 0.57
DOMINION ENERGY SOUTH CAROLINA 4.60% 06/15/2043 US 4.600 06/15/2043 1,983,000 113.24 2,245,503 0.77
DREYFUS GOVERNMENT CASH MANAGE 12/01/2099 US -- 12/01/2099 5,375,707 1.00 5,375,707 1.84
DUKE ENERGY PROGRESS LLC 6.30% 04/01/2038 US 6.300 04/01/2038 2,080,000 136.96 2,848,802 0.98
EAST BAY MUNICIPAL UTILITY DIS 5.87% 06/01/2040 US 5.870 06/01/2040 1,710,000 136.18 2,328,712 0.80
ENTERGY LOUISIANA LLC 4.44% 01/15/2026 US 4.440 01/15/2026 2,382,000 108.19 2,577,182 0.88
FANNIE MAE POOL 2.00% 03/01/2028 US 2.000 03/01/2028 656,158 99.33 651,745 0.22
FANNIE MAE POOL 2.68% 02/01/2022 US 2.680 02/01/2022 1,690,124 101.41 1,714,024 0.59
FANNIE MAE POOL 2.68% 12/01/2026 US 2.680 12/01/2026 3,359,000 101.34 3,404,173 1.17
FANNIE MAE POOL 3.00% 01/01/2047 US 3.000 01/01/2047 4,192,833 101.26 4,245,527 1.46
FANNIE MAE POOL 3.25% 04/01/2027 US 3.250 04/01/2027 2,946,558 104.89 3,090,698 1.06
FANNIE MAE POOL 3.50% 06/01/2047 US 3.500 06/01/2047 4,337,943 102.89 4,463,365 1.53
FANNIE MAE POOL 3.50% 11/01/2021 US 3.500 11/01/2021 1,460,701 102.84 1,502,191 0.52
FANNIE MAE POOL 4.00% 01/01/2046 US 4.000 01/01/2046 1,727,145 104.59 1,806,463 0.62
FANNIE MAE POOL 4.00% 02/01/2049 US 4.000 02/01/2049 5,463,644 103.33 5,645,683 1.94
FANNIE MAE POOL 4.04% 09/01/2020 US 4.040 09/01/2020 290,945 101.78 296,113 0.10
FANNIE MAE POOL 4.38% 06/01/2020 US 4.380 06/01/2020 30,383 101.69 30,895 0.01
FANNIE MAE POOL 4.50% 01/01/2020 US 4.500 01/01/2020 311,642 99.90 311,341 0.11
FANNIE MAE POOL 4.50% 01/01/2049 US 4.500 01/01/2049 3,651,895 104.46 3,814,598 1.31
FANNIE MAE POOL 4.50% 02/01/2049 US 4.500 02/01/2049 5,576,601 104.46 5,825,055 2.00
FANNIE MAE POOL 4.50% 04/01/2041 US 4.500 04/01/2041 1,513,367 107.41 1,625,450 0.56
FANNIE MAE POOL 4.60% 04/01/2020 US 4.600 04/01/2020 188,331 100.93 190,089 0.07
FANNIE MAE POOL 4.65% 10/01/2019 US 4.650 10/01/2019 143,491 100.18 143,742 0.05
FANNIE MAE POOL 4.68% 08/01/2028 US 4.680 08/01/2028 195,225 112.92 220,445 0.08
FANNIE MAE POOL 4.79% 08/01/2019 US 4.790 08/01/2019 161,667 99.99 161,648 0.06
FANNIE MAE POOL 5.26% 01/01/2025 US 5.260 01/01/2025 103,266 105.17 108,602 0.04
FANNIE MAE POOL 5.90% 06/01/2037 US 5.900 06/01/2037 764,433 114.98 878,973 0.30
FEDERAL EXPRESS CORP 1999 PASS 7.65% 01/15/2023 US 7.650 01/15/2023 596,949 107.81 643,593 0.22
FISHERS LANE ASSOCIATES LLC 3.67% 08/05/2030 US 3.670 08/05/2030 1,754,663 103.58 1,817,519 0.62
FLORIDA HOUSING FINANCE CORP 2.80% 07/01/2041 US 2.800 07/01/2041 1,005,767 100.00 1,005,777 0.34
FORD MOTOR CREDIT CO LLC 4.38% 08/06/2023 US 4.380 08/06/2023 2,347,000 102.70 2,410,274 0.83
FPL RECOVERY FUNDING LLC 5.26% 08/01/2021 US 5.260 08/01/2021 70,985 100.10 71,054 0.02
FREDDIE MAC GOLD POOL 7.65% 05/01/2025 US 7.650 05/01/2025 1,513,131 113.33 1,714,842 0.59
FREDDIE MAC MULTIFAMILY STRUCT 2.62% 12/01/2026 US 2.620 12/01/2026 2,853,310 101.39 2,892,954 0.99
FREMF 2012-K19 MORTGAGE TRUST 4.17% 05/01/2045 US 4.170 05/01/2045 1,020,037 104.16 1,062,452 0.36
FREMF 2012-K23 MORTGAGE TRUST 3.78% 10/01/2045 US 3.780 10/01/2045 3,000,000 103.28 3,098,468 1.06
FREMF 2013-K30 MORTGAGE TRUST 3.67% 06/01/2045 US 3.670 06/01/2045 1,300,000 103.24 1,342,062 0.46
FREMF 2014-K716 MORTGAGE TRUST 4.08% 08/01/2047 US 4.080 08/01/2047 1,528,000 102.95 1,573,112 0.54
FRESB 2015-SB9 MORTGAGE TRUST 2.42% 11/01/2035 US 2.420 11/01/2035 1,763,555 100.17 1,766,519 0.61
FRESB 2016-SB17 MORTGAGE TRUST 2.16% 05/01/2036 US 2.160 05/01/2036 1,168,894 99.74 1,165,871 0.40
FRESB 2017-SB27 MORTGAGE TRUST 3.09% 01/01/2027 US 3.090 01/01/2027 2,053,016 103.26 2,119,912 0.73
FRESB 2018-SB46 MORTGAGE TRUST 3.30% 12/01/2027 US 3.300 12/01/2027 2,398,875 104.65 2,510,405 0.86
GATX CORP 3.25% 03/30/2025 US 3.250 03/30/2025 2,583,000 100.25 2,589,552 0.89
GEORGIA POWER CO 4.75% 09/01/2040 US 4.750 09/01/2040 1,642,000 108.99 1,789,625 0.61
GOVERNMENT NATIONAL MORTGAGE A 1.58% 01/01/2046 US 1.580 01/01/2046 961,583 96.88 931,626 0.32
GOVERNMENT NATIONAL MORTGAGE A 2.38% 12/01/2043 US 2.380 12/01/2043 1,440,422 99.27 1,429,948 0.49
GOVERNMENT NATIONAL MORTGAGE A 2.60% 01/01/2052 US 2.600 01/01/2052 2,555,848 98.84 2,526,212 0.87
GOVERNMENT NATIONAL MORTGAGE A 2.60% 11/01/2055 US 2.600 11/01/2055 3,117,221 99.42 3,099,261 1.06
GOVERNMENT NATIONAL MORTGAGE A 2.70% 10/01/2055 US 2.700 10/01/2055 3,512,000 96.71 3,396,534 1.16
GOVERNMENT NATIONAL MORTGAGE A 2.97% 05/20/2067 US 2.970 05/20/2067 1,808,730 100.05 1,809,548 0.62
GOVERNMENT NATIONAL MORTGAGE A 3.00% 09/01/2049 US 3.000 09/01/2049 2,540,000 97.93 2,487,446 0.85
GOVERNMENT NATIONAL MORTGAGE A 3.18% 05/01/2050 US 3.180 05/01/2050 2,975,000 102.12 3,038,032 1.04
GOVERNMENT NATIONAL MORTGAGE A 3.31% 11/01/2049 US 3.310 11/01/2049 2,696,305 101.38 2,733,600 0.94
GOVERNMENT NATIONAL MORTGAGE A 3.49% 02/01/2044 US 3.490 02/01/2044 2,600,000 101.69 2,643,830 0.91
HCA INC 4.25% 10/15/2019 US 4.250 10/15/2019 1,650,000 100.41 1,656,695 0.57
HCA INC 5.25% 04/15/2025 US 5.250 04/15/2025 940,000 110.80 1,041,480 0.36
HELIOS LEASING I LLC 1.73% 07/24/2024 US 1.730 07/24/2024 1,345,558 98.92 1,330,971 0.46
JCP&L TRANSITION FUNDING II LL 5.61% 06/05/2023 US 5.610 06/05/2023 865,460 103.03 891,715 0.31
JG WENTWORTH XXXV LLC 3.87% 03/15/2058 US 3.870 03/15/2058 1,426,967 108.45 1,547,557 0.53
JGWPT XXV LLC 4.21% 02/16/2065 US 4.210 02/16/2065 1,253,324 108.98 1,365,902 0.47
JGWPT XXVI LLC 3.84% 10/15/2059 US 3.840 10/15/2059 1,123,508 107.03 1,202,444 0.41
JOHN DEERE CAPITAL CORP 2.80% 09/08/2027 US 2.800 09/08/2027 2,000,000 101.41 2,028,272 0.70
KANSAS CITY SOUTHERN 3.00% 05/15/2023 US 3.000 05/15/2023 1,180,000 101.53 1,198,060 0.41
KANSAS CITY SOUTHERN 3.13% 06/01/2026 US 3.130 06/01/2026 1,475,000 98.06 1,446,311 0.50
KEYBANK NA/CLEVELAND OH 3.35% 06/15/2021 US 3.350 06/15/2021 1,950,000 102.05 1,989,987 0.68
KIOWA POWER PARTNERS LLC 5.74% 03/30/2021 US 5.740 03/30/2021 284,677 101.72 289,567 0.10
KROGER CO/THE 3.85% 08/01/2023 US 3.850 08/01/2023 1,500,000 104.72 1,570,831 0.54
KROGER CO/THE 4.50% 01/15/2029 US 4.500 01/15/2029 1,000,000 108.87 1,088,653 0.37
LOUISIANA HOUSING CORP 2.88% 11/01/2038 US 2.880 11/01/2038 1,611,791 99.51 1,603,829 0.55
MATSON NAVIGATION CO INC 5.34% 09/04/2028 US 5.340 09/04/2028 1,242,000 110.95 1,378,044 0.47
MISSOURI HOUSING DEVELOPMENT C 2.65% 11/01/2040 US 2.650 11/01/2040 645,000 99.75 643,388 0.22
NATIONAL RURAL UTILITIES COOPE 3.40% 11/15/2023 US 3.400 11/15/2023 2,106,000 104.33 2,197,184 0.75
NATIONWIDE FINANCIAL SERVICES 5.38% 03/25/2021 US 5.380 03/25/2021 900,000 104.12 937,101 0.32
NATIONWIDE MUTUAL INSURANCE CO 9.38% 08/15/2039 US 9.380 08/15/2039 708,000 163.58 1,158,120 0.40
NEWFIELD EXPLORATION CO 5.75% 01/30/2022 US 5.750 01/30/2022 1,530,000 107.03 1,637,564 0.56
NEXTERA ENERGY CAPITAL HOLDING 4.66% 10/01/2066 US 4.660 10/01/2066 2,000,000 82.65 1,652,920 0.57
NORFOLK SOUTHERN CORP 2.90% 02/15/2023 US 2.900 02/15/2023 1,941,000 102.04 1,980,549 0.68
OHIO HOUSING FINANCE AGENCY 2.65% 11/01/2041 US 2.650 11/01/2041 1,530,000 99.07 1,515,740 0.52
PACIFICORP 8.05% 09/01/2022 US 8.050 09/01/2022 2,926,000 116.15 3,398,514 1.17
PETROLEOS MEXICANOS 2.29% 02/15/2024 MX 2.290 02/15/2024 1,095,000 100.30 1,098,230 0.38
PNC BANK NA 2.50% 01/22/2021 US 2.500 01/22/2021 1,291,000 100.33 1,295,319 0.44
PORT AUTHORITY OF NEW YORK & N 4.93% 10/01/2051 US 4.930 10/01/2051 1,400,000 125.95 1,763,356 0.60
PULTEGROUP INC 7.88% 06/15/2032 US 7.880 06/15/2032 990,000 119.00 1,178,100 0.40
RELIANCE INDUSTRIES LTD 1.87% 01/15/2026 IN 1.870 01/15/2026 1,885,579 98.98 1,866,305 0.64
REPUBLIC SERVICES INC 5.25% 11/15/2021 US 5.250 11/15/2021 1,408,000 106.55 1,500,276 0.51
ROYAL CARIBBEAN CRUISES LTD 5.25% 11/15/2022 LR 5.250 11/15/2022 1,300,000 108.39 1,409,095 0.48
SBA SMALL BUSINESS INVESTMENT 2.52% 09/01/2027 US 2.520 09/01/2027 2,597,987 100.81 2,619,062 0.90
SBA SMALL BUSINESS INVESTMENT 2.85% 03/01/2027 US 2.850 03/01/2027 2,973,272 101.69 3,023,424 1.04
SBA TOWER TRUST 3.17% 04/11/2022 US 3.170 04/11/2022 1,330,000 100.76 1,340,046 0.46
SERVICE CORP INTERNATIONAL/US 5.38% 05/15/2024 US 5.380 05/15/2024 466,000 102.88 479,398 0.16
SOUTHWEST AIRLINES CO 2007-1 P 6.15% 08/01/2022 US 6.150 08/01/2022 1,145,306 105.75 1,211,128 0.42
SPECTRA ENERGY PARTNERS LP 3.50% 03/15/2025 US 3.500 03/15/2025 592,000 102.65 607,683 0.21
STATE OF WASHINGTON 5.48% 08/01/2039 US 5.480 08/01/2039 1,515,000 127.92 1,938,033 0.66
STERLING EQUIPMENT INC 6.13% 09/28/2019 US 6.130 09/28/2019 14,260 100.74 14,365 0.00
TAGUA LEASING LLC 1.58% 11/16/2024 US 1.580 11/16/2024 993,422 98.57 979,194 0.34
TENNESSEE VALLEY AUTHORITY 4.65% 06/15/2035 US 4.650 06/15/2035 2,266,000 120.79 2,737,187 0.94
TEXAS DEPARTMENT OF HOUSING & 2.80% 03/01/2036 US 2.800 03/01/2036 585,000 99.56 582,449 0.20
TEXAS EASTERN TRANSMISSION LP 7.00% 07/15/2032 US 7.000 07/15/2032 500,000 130.84 654,183 0.22
TORCHMARK CORP 3.80% 09/15/2022 US 3.800 09/15/2022 1,398,000 102.73 1,436,133 0.49
TOTEM OCEAN TRAILER EXPRESS IN 6.37% 04/15/2028 US 6.370 04/15/2028 812,000 116.14 943,067 0.32
UNION PACIFIC RAILROAD CO 2003 4.70% 01/02/2024 US 4.700 01/02/2024 842,704 105.81 891,651 0.31
UNION PACIFIC RAILROAD CO 2006 5.87% 07/02/2030 US 5.870 07/02/2030 484,479 113.41 549,457 0.19
UNITED STATES SMALL BUSINESS A 1.24% 05/01/2022 US 1.240 05/01/2022 438,169 99.44 435,699 0.15
UNITED STATES SMALL BUSINESS A 2.07% 05/01/2033 US 2.070 05/01/2033 2,357,087 98.74 2,327,411 0.80
UNITED STATES SMALL BUSINESS A 2.22% 03/01/2033 US 2.220 03/01/2033 3,614,273 99.51 3,596,713 1.23
UNITED STATES SMALL BUSINESS A 2.78% 01/01/2036 US 2.780 01/01/2036 3,499,040 102.36 3,581,488 1.23
UNITED STATES SMALL BUSINESS A 2.78% 12/01/2037 US 2.780 12/01/2037 3,081,389 102.44 3,156,515 1.08
UNITED STATES SMALL BUSINESS A 2.79% 11/01/2037 US 2.790 11/01/2037 3,106,353 102.49 3,183,557 1.09
UNITED STATES SMALL BUSINESS A 2.80% 11/01/2034 US 2.800 11/01/2034 1,503,120 102.10 1,534,650 0.53
UNITED STATES SMALL BUSINESS A 2.81% 06/01/2037 US 2.810 06/01/2037 3,082,398 102.50 3,159,417 1.08
UNITED STATES SMALL BUSINESS A 2.82% 09/01/2035 US 2.820 09/01/2035 2,469,630 102.63 2,534,536 0.87
UNITED STATES SMALL BUSINESS A 2.88% 05/01/2037 US 2.880 05/01/2037 3,023,091 102.92 3,111,399 1.07
UNITED STATES SMALL BUSINESS A 2.88% 08/01/2034 US 2.880 08/01/2034 1,962,172 102.39 2,009,088 0.69
UNITED STATES SMALL BUSINESS A 3.07% 05/01/2044 US 3.070 05/01/2044 2,770,000 103.54 2,867,991 0.98
UNITED STATES SMALL BUSINESS A 3.15% 07/01/2033 US 3.150 07/01/2033 2,311,947 102.87 2,378,346 0.82
UNITED STATES SMALL BUSINESS A 3.20% 03/01/2038 US 3.200 03/01/2038 2,700,544 104.92 2,833,440 0.97
UNITED STATES SMALL BUSINESS A 3.21% 09/01/2030 US 3.210 09/01/2030 1,206,518 103.33 1,246,691 0.43
UNITED STATES SMALL BUSINESS A 3.37% 01/01/2039 US 3.370 01/01/2039 2,662,000 105.64 2,812,124 0.96
UNITED STATES SMALL BUSINESS A 3.45% 02/01/2044 US 3.450 02/01/2044 2,800,000 102.83 2,879,330 0.99
UNITED STATES SMALL BUSINESS A 3.88% 06/01/2030 US 3.880 06/01/2030 1,255,399 106.14 1,332,484 0.46
UNITED STATES SMALL BUSINESS A 3.89% 10/01/2043 US 3.890 10/01/2043 2,496,371 108.94 2,719,536 0.93
UNITED STATES SMALL BUSINESS A 3.92% 10/01/2029 US 3.920 10/01/2029 622,151 106.05 659,811 0.23
UNITED STATES SMALL BUSINESS A 4.31% 04/01/2029 US 4.310 04/01/2029 341,840 106.23 363,139 0.12
UNITED STATES SMALL BUSINESS A 4.43% 05/01/2029 US 4.430 05/01/2029 672,235 105.23 707,377 0.24
UNITED STATES SMALL BUSINESS A 4.66% 03/01/2029 US 4.660 03/01/2029 1,138,669 106.24 1,209,715 0.41
UNITED STATES SMALL BUSINESS A 4.76% 04/01/2023 US 4.760 04/01/2023 17,356 103.71 18,000 0.01
UNITED STATES SMALL BUSINESS A 4.77% 04/01/2024 US 4.770 04/01/2024 73,821 104.19 76,918 0.03
UNITED STATES SMALL BUSINESS A 4.88% 11/01/2024 US 4.880 11/01/2024 149,078 104.98 156,497 0.05
UNITED STATES SMALL BUSINESS A 4.95% 06/01/2029 US 4.950 06/01/2029 386,197 107.69 415,904 0.14
UNITED STATES SMALL BUSINESS A 5.11% 08/01/2025 US 5.110 08/01/2025 145,749 105.07 153,144 0.05
UNITED STATES SMALL BUSINESS A 5.12% 12/01/2026 US 5.120 12/01/2026 388,400 105.89 411,286 0.14
UNITED STATES SMALL BUSINESS A 5.17% 01/01/2028 US 5.170 01/01/2028 334,488 106.88 357,485 0.12
UNITED STATES SMALL BUSINESS A 5.29% 12/01/2027 US 5.290 12/01/2027 527,662 106.02 559,453 0.19
UNITED STATES SMALL BUSINESS A 5.31% 05/01/2027 US 5.310 05/01/2027 442,189 107.09 473,561 0.16
UNITED STATES SMALL BUSINESS A 5.31% 08/01/2022 US 5.310 08/01/2022 59,129 102.82 60,795 0.02
UNITED STATES SMALL BUSINESS A 5.32% 01/01/2027 US 5.320 01/01/2027 388,081 105.85 410,786 0.14
UNITED STATES SMALL BUSINESS A 5.36% 11/01/2026 US 5.360 11/01/2026 273,741 106.39 291,223 0.10
UNITED STATES SMALL BUSINESS A 5.70% 08/01/2026 US 5.700 08/01/2026 225,505 106.64 240,469 0.08
UNITED STATES SMALL BUSINESS A 5.71% 06/01/2027 US 5.710 06/01/2027 136,943 107.34 146,990 0.05
UNITED STATES SMALL BUSINESS A 6.77% 11/01/2028 US 6.770 11/01/2028 552,995 110.11 608,919 0.21
UNITED STATES TREASURY NOTE/BO 3.13% 11/15/2028 US 3.130 11/15/2028 5,000,000 109.68 5,484,180 1.88
UNITED STATES TREASURY STRIP P 05/15/2043 US -- 05/15/2043 10,429,000 54.39 5,672,692 1.95
UNITED STATES TREASURY STRIP P 05/15/2045 US -- 05/15/2045 5,379,000 51.39 2,764,270 0.95
UNITED STATES TREASURY STRIP P 05/15/2048 US -- 05/15/2048 4,862,000 47.26 2,297,910 0.79
USB CAPITAL IX 3.62% 10/15/2167 US 3.620 10/15/2167 2,000,000 81.75 1,635,000 0.56
VERIZON COMMUNICATIONS INC 5.01% 04/15/2049 US 5.010 04/15/2049 1,250,000 119.10 1,488,737 0.51
VESSEL MANAGEMENT SERVICES INC 5.13% 04/16/2035 US 5.130 04/16/2035 1,208,000 115.32 1,393,108 0.48
VIRGINIA HOUSING DEVELOPMENT A 2.75% 04/25/2042 US 2.750 04/25/2042 922,333 99.71 919,640 0.32
WACHOVIA CAPITAL TRUST III 5.57% 03/15/2168 US 5.570 03/15/2168 2,000,000 100.05 2,000,920 0.69
WASTE MANAGEMENT INC 2.40% 05/15/2023 US 2.400 05/15/2023 1,616,000 100.34 1,621,478 0.56
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

Expense Fees for Share Class
Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio
Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 0.85% 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 on the resources section or call Touchstone at 800-638-8194. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

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