Touchstone Core Municipal Bond Fund Q3 2025 Commentary

**Touchstone Core Municipal Bond Fund Q3 2025 Commentary**

*Touchstone Investments*

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**Summary**

The Touchstone Core Municipal Bond Fund (Class A Shares, Load Waived) underperformed its benchmark, the Bloomberg Municipal Bond Index, for the quarter ended September 30, 2025. The primary factor contributing to the Fund’s underperformance was its significant underweight position in sub-5% coupon structures.

Looking ahead, we plan to selectively adjust the Fund’s allocation by reducing our overweight position in 5%+ coupon bonds and increasing exposure to 4% coupons.

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**Fund Highlights**

– Seeks to exploit market inefficiencies using a proprietary income, price, and volatility framework.
– Constructs portfolios that generate consistent tax-free income by capturing diversified sources of credit, liquidity, and term premiums.
– Controls price sensitivity to better manage risk and returns.

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**About Touchstone Investments**

At Touchstone Investments, we recognize that not all mutual fund companies are created equal. Our commitment to being *Distinctively Active* means employing a fully integrated and rigorous process for identifying and partnering with asset managers who sub-advise our mutual funds.

We advocate a robust approach to portfolio construction that utilizes standalone active strategies or complements passive strategies. That is the power of *Distinctively Active.*

Touchstone Funds are offered nationally through intermediaries, including broker-dealers, financial planners, registered investment advisors, and institutions, via Touchstone Securities, Inc.

For more information, please call 800-638-8194 or visit [www.touchstoneinvestments.com](http://www.touchstoneinvestments.com).

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**Specialties**

Touchstone Investments helps investors achieve their financial goals by providing access to a distinctive selection of institutional asset managers known and respected for their expertise in specific areas.

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**Contact**

For inquiries or communication, please use Touchstone Investments’ official channels.

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