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Touchstone Flexible Income Fund

Daily NAV
$
Overall Morningstar Rating™
Multisector Bond

Overview

Overview

Actively Managed and Sub-Advised by Bramshill Investments, LLC

Objective

The fund seeks a high level of income consistent with reasonable risk by investing primarily in income-producing securities.

Flexible Income Fund Commentary

Investment Style

  • Primarily invests in investment grade corporate bonds, high yield corporate bonds, preferred stocks, U.S. municipal bonds and U.S. Treasuries
  • Actively manages the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments
  • Seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets
  • Analyzes and targets the portfolio’s level of risk and interest rate sensitivity
  • Selects individual positions based on security credit metrics and structures
  • Focuses on liquid securities with transparent pricing and actively-traded capital structures
A WORD ABOUT RISK

The Fund invests in equities which are subject to market volatility and loss. The Fund invests in stocks of large-cap companies which may be unable to respond quickly to new competitive challenges. The Fund invests in stocks of small- and mid-cap companies, which may be subject to more erratic market movements than stocks of larger, more established companies. The Fund invests in value stocks which may not appreciate in value as anticipated or may experience a decline in value. The Fund invests in foreign securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards including those of certain European countries that may have the potential to leave the European Union. The Fund invests in preferred stocks which are relegated below bonds for payment should the issuer be liquidated. The fixed dividend may be less attractive in a rising interest rate market. The Fund invests in REITs; the risks are similar to those associated with direct ownership of real estate. Shareholders will indirectly bear the additional expenses of investing in REITs. The Fund invests in convertible securities which are subject to the risks of both debt securities and equity securities. 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’s investments in other investment companies will be subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolios of such investment companies, and the value of the Fund's investment will fluctuate in response to the performance of such portfolios. In addition, if the Fund acquires shares of investment companies, shareholders of the Fund will bear their proportionate share of the fees and expenses of the Fund and, indirectly, the fees and expenses of the investment companies. The Fund invests in municipal securities which may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal security holders in the event of bankruptcy and may not be able to meet their obligations. The Fund invests in derivatives and securities such as forward currency exchange contracts, futures contracts, options and swap agreements including those based on the London Interbank Offered Rate (LIBOR). Derivatives can be highly volatile, illiquid and difficult to value, subject to counterparty and leverage risks and there is risk that changes in the value of a derivative held by the Fund will not correlate with the Fund’s other investments. Gains or losses from speculative positions in a derivative may be much greater than the original cost and potential losses may be substantial. The Fund may experience higher portfolio turnover which may lead to increased fund expenses, lower investment returns and higher short-term capital gains taxable to shareholders. 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 $701,200,370
Asset Class Income, Multi-Asset / Alternative
Morningstar Category Multisector Bond
Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
Distribution Frequency Monthly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 07/30/2019

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Flexible Income 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 Flexible Income Fund -
Including Sales Charge
Touchstone Flexible Income 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.
Class A, Class C and Class Y shares performance was calculated using the historical performance of the Fifth Third/Maxus Income Fund Investor shares, with an inception date of March 10, 1985, for periods prior to April 1, 2004, October 29, 2001 and September 1, 1998, respectively. Institutional Class shares performance information was calculated using the historical performance of Class Y shares for the periods prior to September 10, 2012. The returns have been restated to reflect sales charges and fees applicable to Class A, Class C, Class Y and Institutional Class shares.
as of 06/30/2019
1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Flexible Income Fund -
Including Sales Charge
Touchstone Flexible Income 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.
Class A, Class C and Class Y shares performance was calculated using the historical performance of the Fifth Third/Maxus Income Fund Investor shares, with an inception date of March 10, 1985, for periods prior to April 1, 2004, October 29, 2001 and September 1, 1998, respectively. Institutional Class shares performance information was calculated using the historical performance of Class Y shares for the periods prior to September 10, 2012. The returns have been restated to reflect sales charges and fees applicable to Class A, Class C, Class Y and Institutional Class shares.

Consider Touchstone Flexible Income Fund for Your Portfolio

Touchstone Flexible Income Fund invests primarily in income-producing securities including debt securities, common stock, and preferred stock. It seeks to provide a high level of income consistent with reasonable risk.
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Morningstar Rating™

Portfolio

as of 06/30/2019
Number of Holdings
115
as of 06/30/2019
Composition % of Portfolio
Preferred Equities 34.7
Investment Grade Bonds 30.1
Cash Equivalents 12.2
Municipal Bonds 7.3
U.S. Treasury 6.4
High Yield Bonds 6.4
Common Equity 2.9
Other Derivatives 0.0
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
Sector % of Portfolio
Structured Products 54.9
Corporates 26.6
U.S. Treasury 18.5
Municipal 0.0
Other 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 NOTE/BO 1.38% 12/15/2019 6.3
CITIGROUP INC 5.88% 09/27/2167 4.1
GOLDMAN SACHS GROUP INC/THE 5.38% 11/10/2167 3.9
UNITED STATES TREASURY NOTE/BO 1.63% 08/31/2019 3.8
WELLS FARGO & CO 6.18% 09/15/2167 3.6
MORGAN STANLEY 5.55% 07/15/2168 2.8
NUVEEN CREDIT STRATEGIES INCOM 2.7
METLIFE INC 5.25% 12/15/2167 2.7
CARLYLE GROUP LP/THE 2.6
GENERAL MOTORS CO 3.35% 09/10/2021 2.2
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
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ALLIANZGI CONVERTIBLE & INCOME 5.63% 07/01/2168 US 139,550 25.50 3,558,525 0.51
AMERICAN CREDIT ACCEPTANCE REC 2.92% 08/12/2021 US 346,134 100.05 346,294 0.05
AMERICAN EXPRESS CO 4.90% 09/15/2167 US 5,986,000 100.25 6,001,085 0.86
AMERICAN EXPRESS CO 5.20% 05/15/2168 US 6,755,000 99.75 6,738,113 0.96
AMERICAN HOME MORTGAGE INVESTM 4.54% 02/01/2045 US 918,719 102.19 938,814 0.13
AMERICAN HOMES 4 RENT 2014-SFR 3.79% 10/01/2036 US 3,873,994 104.72 4,056,809 0.58
AMERICREDIT AUTOMOBILE RECEIVA 2.30% 03/08/2021 US 1,577,701 99.99 1,577,514 0.22
AMMC CLO XII LTD 3.20% 11/10/2030 KY 3,377,500 100.00 3,377,439 0.48
ANADARKO PETROLEUM CORP 10/10/2036 US 15,016,000 47.25 7,094,313 1.01
ANDEAVOR LOGISTICS LP 6.88% 02/15/2168 US 7,459,000 99.73 7,439,010 1.06
ANNALY CAPITAL MANAGEMENT INC 6.75% 09/30/2167 US 355,308 24.91 8,850,722 1.26
ANNALY CAPITAL MANAGEMENT INC 6.95% 06/28/2168 US 70,515 25.40 1,791,081 0.26
APOLLO GLOBAL MANAGEMENT LLC 6.38% 06/17/2168 US 112,832 25.61 2,889,628 0.41
ARES MANAGEMENT CORP 7.00% 06/30/2168 US 453,005 26.46 11,986,512 1.71
BANK OF AMERICA CORP 5.13% 12/20/2167 US 4,829,000 100.63 4,859,181 0.69
BANK OF AMERICA CORP 6.63% 06/10/2168 US 68,187 25.46 1,736,041 0.25
BARINGS BDC STATIC CLO LTD 201 3.54% 04/15/2027 KY 8,205,000 100.03 8,207,814 1.17
BEAR STEARNS ALT-A TRUST 2004- 3.33% 01/25/2035 US 4,245,729 101.69 4,317,477 0.62
BEAR STEARNS ASSET BACKED SECU 5.75% 01/01/2034 US 85,152 103.12 87,810 0.01
BLACKROCK CORPORATE HIGH YIELD US 680,215 10.72 7,291,905 1.04
BLACKROCK MUNICIPAL INCOME TRU US 324,983 13.90 4,517,264 0.64
BLACKROCK MUNIHOLDINGS NEW YOR US 349,312 13.16 4,596,946 0.66
BLACKROCK MUNIVEST FUND INC US 772,976 9.17 7,088,190 1.01
BLACKROCK MUNIYIELD QUALITY FU US 430,834 13.20 5,687,009 0.81
CARLYLE GROUP LP/THE US 900,000 22.61 20,349,000 2.90
CITIGROUP INC 5.88% 09/27/2167 US 26,604,000 100.88 26,836,785 3.83
CITIGROUP INC 5.95% 02/15/2168 US 5,759,000 102.83 5,922,095 0.84
CITIGROUP MORTGAGE LOAN TRUST 3.00% 09/01/2064 US 5,579,430 101.37 5,655,993 0.81
CITIZENS FINANCIAL GROUP INC 5.50% 10/06/2167 US 6,412,000 100.00 6,412,000 0.91
CITIZENS FINANCIAL GROUP INC 6.35% 07/08/2167 US 82,292 26.80 2,205,426 0.31
CONSECO FINANCE CORP 6.87% 04/01/2030 US 285,935 104.32 298,282 0.04
CPS AUTO RECEIVABLES TRUST 201 2.30% 07/15/2021 US 57,555 99.89 57,491 0.01
CPS AUTO RECEIVABLES TRUST 201 2.89% 05/16/2022 US 4,567,827 100.19 4,576,515 0.65
DREYFUS GOVERNMENT CASH MANAGE 12/01/2099 US 32,647,115 1.00 32,647,115 4.66
DRIVE AUTO RECEIVABLES TRUST 2 2.75% 09/15/2023 US 852,304 100.06 852,822 0.12
DRIVE AUTO RECEIVABLES TRUST 2 2.80% 07/15/2022 US 2,187,532 100.12 2,190,235 0.31
DT AUTO OWNER TRUST 2017-2 3.03% 01/17/2023 US 117,871 100.05 117,926 0.02
DT AUTO OWNER TRUST 2018-1 2.59% 05/17/2021 US 61,697 100.00 61,696 0.01
DT AUTO OWNER TRUST 2019-1 3.08% 09/15/2022 US 124,341 100.36 124,793 0.02
DT AUTO OWNER TRUST 2019-2 2.85% 09/15/2022 US 3,272,386 100.33 3,283,235 0.47
DUKE ENERGY CORP 5.75% 06/17/2168 US 181,886 26.42 4,805,428 0.69
EATON VANCE MUNICIPAL BOND FUN US 220,490 12.43 2,740,691 0.39
ENERGY TRANSFER OPERATING LP 7.38% 05/15/2168 US 71,334 23.68 1,689,189 0.24
ENERGY TRANSFER OPERATING LP 7.60% 08/15/2167 US 554,410 24.93 13,821,441 1.97
ENTERGY ARKANSAS LLC 4.75% 06/01/2063 US 20,992 25.82 542,013 0.08
ENTERGY ARKANSAS LLC 4.90% 12/01/2052 US 33,791 25.95 876,876 0.13
ENTERGY LOUISIANA LLC 4.88% 09/01/2066 US 47,321 25.70 1,216,150 0.17
FLAGSHIP CREDIT AUTO TRUST 201 2.43% 06/15/2021 US 318,450 99.97 318,351 0.05
FORD MOTOR CREDIT CO LLC 5.09% 01/07/2021 US 8,982,000 103.04 9,255,487 1.32
GALAXY XX CLO LTD 3.19% 04/20/2031 KY 3,586,667 99.98 3,585,949 0.51
GENERAL MOTORS CO 3.35% 09/10/2021 US 14,138,000 99.70 14,095,916 2.01
GLS AUTO RECEIVABLES ISSUER TR 3.06% 04/17/2023 US 5,298,196 100.57 5,328,647 0.76
GMAC CAPITAL TRUST I 8.30% 02/15/2040 US 243,492 26.13 6,362,446 0.91
GOLDMAN SACHS GROUP INC/THE 5.38% 11/10/2167 US 25,571,000 100.13 25,602,964 3.65
GOLDMAN SACHS GROUP INC/THE 5.50% 02/10/2168 US 1,198,000 102.56 1,228,699 0.18
GOVERNMENT NATIONAL MORTGAGE A 0.56% 04/01/2054 US 7,338,113 3.41 249,961 0.04
GOVERNMENT NATIONAL MORTGAGE A 0.66% 02/01/2059 US 48,216,074 6.06 2,922,964 0.42
GOVERNMENT NATIONAL MORTGAGE A 0.91% 06/01/2058 US 38,261,950 7.34 2,807,061 0.40
GOVERNMENT NATIONAL MORTGAGE A 0.92% 03/01/2058 US 45,011,795 6.94 3,125,804 0.45
GOVERNMENT NATIONAL MORTGAGE A 0.95% 12/01/2056 US 42,207,241 7.61 3,210,907 0.46
GOVERNMENT NATIONAL MORTGAGE A 1.03% 05/01/2058 US 33,066,133 7.65 2,529,609 0.36
GSR MORTGAGE LOAN TRUST 2005-A 4.66% 07/01/2035 US 782,866 102.16 799,745 0.11
HARTFORD FINANCIAL SERVICES GR 7.88% 04/15/2042 US 286,439 27.88 7,985,919 1.14
INVESCO CEF INCOME COMPOSITE E US 531,782 22.63 12,034,227 1.72
INVESCO MUNICIPAL OPPORTUNITY US 581,420 12.30 7,151,466 1.02
INVESCO MUNICIPAL TRUST US 452,811 12.32 5,578,632 0.80
INVESCO SENIOR INCOME TRUST US 2,528,597 4.32 10,923,539 1.56
INVESCO TRUST FOR INVESTMENT G US 286,814 12.67 3,633,933 0.52
JPMORGAN CHASE & CO 6.05% 10/30/2167 US 5,514,000 99.95 5,511,022 0.79
KIMCO REALTY CORP 5.25% 07/15/2167 US 226,866 24.47 5,551,411 0.79
LCM 30 LTD 3.32% 04/20/2031 KY 1,000,000 99.99 999,938 0.14
MARATHON CLO VI LTD 3.24% 05/13/2028 KY 5,000,000 100.00 5,000,000 0.71
MERRILL LYNCH MORTGAGE INVESTO 4.20% 12/01/2032 US 6,209 102.15 6,342 0.00
METLIFE INC 5.25% 12/15/2167 US 17,418,000 101.12 17,612,211 2.51
METLIFE SECURITIZATION TRUST 3.00% 04/01/2055 US 4,666,399 100.94 4,710,374 0.67
MID-STATE CAPITAL CORP 2005-1 7.08% 01/01/2040 US 486,214 112.77 548,306 0.08
MORGAN STANLEY 5.45% 07/15/2167 US 7,550,000 99.75 7,531,125 1.07
MORGAN STANLEY 5.55% 07/15/2167 US 18,452,000 101.10 18,654,972 2.66
MORGAN STANLEY MORTGAGE LOAN T 3.15% 09/25/2035 US 3,838,001 100.07 3,840,742 0.55
MORGAN STANLEY MORTGAGE LOAN T 4.53% 09/01/2034 US 242,431 102.84 249,310 0.04
NATIONAL RURAL UTILITIES COOPE 5.50% 05/15/2064 US 242,742 26.69 6,478,784 0.92
NEUBERGER BERMAN GROUP LLC / N 4.88% 04/15/2045 US 5,863,000 95.73 5,612,367 0.80
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 03/01/2057 US 3,046,762 104.42 3,181,542 0.45
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 12/01/2057 US 4,772,387 103.68 4,948,111 0.71
NEWELL BRANDS INC 3.15% 04/01/2021 US 9,000 100.37 9,033 0.00
NUVEEN CREDIT STRATEGIES INCOM US 2,241,779 7.92 17,754,890 2.53
NUVEEN QUALITY MUNICIPAL INCOM US 671,409 14.00 9,399,726 1.34
OAKTREE CAPITAL GROUP LLC 6.55% 06/15/2168 US 323,540 25.95 8,395,863 1.20
OAKTREE CAPITAL GROUP LLC 6.63% 06/15/2168 US 25,756 25.83 665,277 0.09
OHA CREDIT PARTNERS IX LTD 3.60% 10/20/2025 KY 1,528,219 100.01 1,528,398 0.22
OZLM VI LTD 3.29% 04/17/2031 KY 4,000,000 100.00 3,999,952 0.57
PARTNERRE LTD 7.25% 06/03/2168 BM 8,980 26.43 237,341 0.03
SANTANDER DRIVE AUTO RECEIVABL 2.10% 06/15/2021 US 632,313 99.96 632,082 0.09
SANTANDER DRIVE AUTO RECEIVABL 2.63% 07/15/2022 US 3,292,000 100.15 3,296,902 0.47
SANTANDER DRIVE AUTO RECEIVABL 3.09% 04/15/2022 US 4,326,106 100.09 4,329,806 0.62
SEQUOIA MORTGAGE TRUST 2013-9 3.50% 07/01/2043 US 4,824,682 102.37 4,939,015 0.70
SOUND POINT CLO VI-R LTD 3.29% 10/20/2031 KY 3,636,364 100.00 3,636,313 0.52
STIFEL FINANCIAL CORP 5.20% 10/15/2047 US 106,820 24.69 2,637,386 0.38
TCF AUTO RECEIVABLES OWNER TRU 1.71% 04/15/2021 US 65,903 99.94 65,865 0.01
TOWD POINT MORTGAGE TRUST 2016 3.50% 02/01/2055 US 5,900,000 102.89 6,070,276 0.87
TOWD POINT MORTGAGE TRUST 2017 2.75% 10/01/2057 US 6,783,014 100.77 6,835,112 0.97
TRYON PARK CLO LTD 3.15% 04/15/2029 KY 3,750,000 100.00 3,749,963 0.53
UBER TECHNOLOGIES INC 7.50% 11/01/2023 US 2,266,000 106.00 2,401,960 0.34
UNITED AUTO CREDIT SECURITIZAT 2.82% 07/12/2021 US 6,275,324 100.12 6,282,919 0.90
UNITED STATES TREASURY NOTE/BO 1.38% 12/15/2019 US 41,951,000 99.68 41,818,265 5.96
UNITED STATES TREASURY NOTE/BO 1.63% 06/30/2019 US 52,465,000 100.00 52,465,000 7.48
UNITED STATES TREASURY NOTE/BO 3.38% 11/15/2019 US 1,623,000 100.45 1,630,227 0.23
VALLEY NATIONAL BANCORP 5.50% 07/01/2168 US 164,884 25.65 4,229,275 0.60
WACHOVIA STUDENT LOAN TRUST 20 2.70% 07/26/2027 US 14,664 99.98 14,661 0.00
WELLS FARGO & CO 6.18% 09/15/2167 US 20,407,000 100.83 20,575,358 2.93
WELLS FARGO INCOME OPPORTUNITI US 80,587 8.24 664,037 0.09
WELLS FARGO MORTGAGE BACKED SE 4.83% 11/01/2034 US 93,448 103.20 96,440 0.01
WESTERN ASSET HIGH INCOME OPPO US 1,339,205 5.13 6,870,122 0.98
WYNDHAM DESTINATIONS INC 5.75% 04/01/2027 US 5,497,000 104.38 5,737,494 0.82
UNITED STATES TREASURY NOTE/BO 2.88% 05/15/2049 US -47,528,000 107.28 -50,988,633 -7.27
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 Bramshill Investments, LLC
Art DeGaetano, Portfolio Manager for Touchstone Flexible Income Fund from Bramshill Investments.

Art DeGaetano

Investment Experience since 1992

Career Summary 
Bramshill Investments, LLC
GLG Partners LP
RBS Greenwich Capital
Bear Sterns & Co. Inc.

Education 
BA - Colgate University
Derek Pines, Portfolio Manager for Touchstone Flexible Income Fund at Bramshill Investments

Derek Pines

Investment Experience since 2000

Career Summary 
Bramshill Investments, LLC
Assent (Sungard Financial)
Chimera Securities
Accenture

Education 
BS - Georgetown University
Michael Hirschfield, Portfolio Manager for Touchstone Flexible Income Fund at Bramshill Investments

Michael Hirschfield, CFA

Investment Experience since 2003

Career Summary 
Bramshill Investments, LLC
Man Group
GLG Partners LP
Cedarview Capital
FTN Financial

Education 
BA - Yale University
Paul van Lingen, Portfolio Manager for Touchstone Flexible Income Fund at Bramshill Investments

Paul van Lingen

Investment Experience since 1995

Career Summary 
Bramshill Investments, LLC
Rimrock Capital Management, LLC
RBS Greenwich Capital
Bear Stearns & Co. Inc. 

Education 
BS - New York 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 1.04% for Class A Shares, 1.79% for Class C Shares, 0.79% for Class Y Shares and 0.69% for Class INST Shares. These expense limitations will remain in effect until at least 07/29/2020.

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 Flexible Income Fund for Your Portfolio

Touchstone Flexible Income Fund invests primarily in income-producing securities including debt securities, common stock, and preferred stock. It seeks to provide a high level of income consistent with reasonable risk.
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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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