Touchstone Flexible Income Fund

Touchstone Flexible Income Fund

Daily NAV
$
Overall Morningstar RatingTM
Multisector Bond

Morningstar

Overall Morningstar RatingTM is calculated against 267 funds in the Multisector 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 ClearArc Capital, Inc.

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

  • Invests in a variety of income-producing asset classes including debt securities, common stock, and preferred stock
  • Employs a top-down macro perspective along with bottom-up security selection analysis with an emphasis on quality, relative value, and high current income
  • Seeks to maximize risk-adjusted returns through fundamental research, quantitative modeling and capital structure analysis
  • Evaluates companies based on such facts as sales, assets, earnings, markets, and management
  • Correlation* analysis between asset classes is conducted in an effort to build a portfolio with low correlation to both stocks and bonds

*Correlation is a statistical measure of how two securities move in relation to each other.

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. 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 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 other investment companies such as closed-end funds and ETFs which are subject to substantially the same risks as those associated with the direct ownership of the securities comprising the portfolios; however, the price movements of the investment companies may not track the underlying securities or market index; the value of their shares may be lower than the value of the portfolio securities, and may be illiquid and shareholders will bear, indirectly, the additional expenses of investing in other investment companies. The Fund invests in derivatives such as forward currency exchange contracts, futures contracts, options and swap agreements. 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 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 $897,470,982
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 07/30/2018

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Flexible Income 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 Flexible Income Fund -
Including Sales Charge
Touchstone Flexible Income 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 Flexible Income Fund -
Including Sales Charge
Touchstone Flexible Income 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 Equity Funds is 5.75%.
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 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.
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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Portfolio

as of 06/30/2018
Number of Holdings
221
Effective Duration
3.9 Years
as of 06/30/2018
Composition % of Portfolio
Bonds 52.1
Preferreds 36.7
REITs 4.0
High Dividend Equities 3.7
Cash Equivalents 2.7
ETFs 0.8
Derivatives 0.1
Commodities 0.0
Closed end Funds 0.0
Data may not total due to rounding.
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
Corporates 22.3
Mortgages 12.5
CMBS 7.1
Treasury & Agency 5.1
Asset Backed Securities 4.1
Sovereign 0.8
International 0.2
Loan Participation Notes 0.0
Data may not total due to rounding.
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
ROYAL BK SCOTLND 7.50% 12/29/2049 2.1
ANDEAVOR LOGISTI 6.88% 02/15/2056 2.0
ING GROEP NV 6.00% 12/31/2049 1.9
BANCO SANTANDER 6.38% 08/19/2056 1.8
CATLIN INSURANCE 5.32% 07/29/2049 1.6
REINSURANCE GRP 5.01% 12/15/2065 1.5
AUST & NZ BK/UK 6.75% 12/29/2049 1.5
LLOYDS BK GR PLC 7.50% 04/30/2049 1.5
US TREASURY N/B 2.75% 08/15/2021 1.5
US TREASURY N/B 2.75% 02/15/2028 1.4
Data may not total due to rounding.
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
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
FHLMC MULTIFAMILY STR K006 AX1 1.12% 01/25/2020 US 32,345,829 1.23 397,485 0.04
POPULAR ABS MORTGAGE PASS-THRO 2.64% 09/25/2034 US 2,977,646 99.69 2,968,399 0.33
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 03/25/2057 US 3,688,862 101.40 3,740,438 0.42
MORGAN STANLEY MORTGAGE LOAN T 2.59% 09/25/2035 US 4,547,000 100.06 4,549,895 0.51
METLIFE SECURITIZATION TRUST 3.00% 04/25/2055 US 5,467,549 98.27 5,372,915 0.60
MORGAN STANLEY MORTGAGE LOAN T 3.72% 09/25/2034 US 339,541 102.68 348,638 0.04
MERRILL LYNCH MORTGAGE INVESTO 2.40% 08/25/2036 US 6,700,000 99.84 6,689,079 0.75
NOMURA HOME EQUITY LOAN INC 2.58% 05/25/2035 US 5,333,887 100.49 5,360,285 0.60
NEWCASTLE MORTGAGE SECURITIES 2.46% 03/25/2036 US 4,815,000 99.27 4,779,773 0.53
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 12/25/2057 US 5,743,103 100.64 5,779,606 0.64
SANTANDER DRIVE AUTO RECEIVABL 3.10% 11/16/2020 US 8,455,000 100.19 8,470,682 0.94
QBE INSURANCE GROUP LTD 5.875% 5.88% 06/17/2046 AU 1,100,000 96.93 1,066,239 0.12
RESIDENTIAL ASSET MORTGAGE PRO 2.78% 10/25/2035 US 2,335,000 98.12 2,291,189 0.26
WELLS FARGO MORTGAGE BACKED SE 3.68% 11/25/2034 US 124,420 102.17 127,123 0.01
WELLS FARGO HOME EQUITY TRUST 2.55% 12/25/2035 US 1,250,331 100.09 1,251,438 0.14
ABBOTT LABORATORIES US 39,673 60.99 2,419,656 0.27
ABBOTT LABS 4.90% 11/30/2046 US 850,000 107.65 915,050 0.10
ACE INA HOLDINGS 3.35% 05/03/2026 US 6,360,000 96.96 6,166,468 0.69
AERCAP GLOBAL 6.50% 06/15/2045 US 4,300,000 103.00 4,429,000 0.49
AFLAC INC 2.88% 10/15/2026 US 6,765,000 93.88 6,350,820 0.71
AGNC INVESTMENT US 110,000 26.00 2,860,000 0.32
AGNC INVESTMENT CORP US 168,304 18.59 3,128,771 0.35
AIR CAN 2013-1A 4.13% 05/15/2025 CA 526,202 100.23 527,412 0.06
ALLSTATE CORP 5.75% 08/15/2053 US 2,000,000 102.75 2,055,000 0.23
AMAZON.COM INC 3.15% 08/22/2027 US 7,455,000 95.77 7,139,574 0.80
AMERICAN HOME MORTGAGE INVESTM 4.47% 02/25/2045 US 1,254,141 101.69 1,275,319 0.14
AMERICAN HOMES 4 RENT 3.79% 10/17/2036 US 3,944,248 101.10 3,987,650 0.44
AMERICAN WATER 2.95% 09/01/2027 US 7,190,000 94.20 6,773,186 0.75
AMGEN INC 2.60% 08/19/2026 US 1,500,000 90.26 1,353,917 0.15
ANDEAVOR LOGISTI 6.88% 02/15/2056 US 16,900,000 99.00 16,731,000 1.86
ANHEUSER-BUSCH 4.90% 02/01/2046 US 1,550,000 102.84 1,593,986 0.18
ASSURANT INC 7.00% 03/27/2048 US 10,460,000 100.94 10,558,574 1.18
AT&T INC 3.80% 03/15/2022 US 592,000 100.17 593,010 0.07
AUST & NZ BK/UK 6.75% 12/29/2049 AU 12,600,000 101.63 12,804,750 1.43
BANC OF AMERICA COMMERCIAL MOR 3.71% 09/15/2048 US 6,020,000 100.22 6,033,186 0.67
BANCO SANTANDER 6.38% 08/19/2056 ES 15,200,000 100.19 15,229,062 1.70
BANK OF AMER CRP 3.25% 10/21/2027 US 1,750,000 93.20 1,630,948 0.18
BANK OF AMER CRP 5.88% 09/15/2066 US 2,400,000 97.75 2,346,000 0.26
BANK OF NY MELLO 4.95% 12/29/2049 US 5,480,000 102.13 5,596,450 0.62
BAT CAPITAL CORP 3.56% 08/15/2027 US 1,520,000 93.04 1,414,210 0.16
BEAR STEARNS ALT-A TRUST 3.02% 01/25/2035 US 4,245,729 99.11 4,207,774 0.47
BEAR STEARNS ASSET BACKED SECU 5.75% 01/25/2034 US 98,574 100.87 99,427 0.00
BERKLEY (WR) US 80,612 24.75 1,995,147 0.22
BERKSHIRE HATHWY 3.13% 03/15/2026 US 8,325,000 96.35 8,021,162 0.89
BNP PARIBAS 6.75% 12/29/2049 FR 9,450,000 99.25 9,379,125 1.05
BOARDWALK PIPELI 4.45% 07/15/2027 US 9,448,000 97.10 9,174,176 1.02
CABELA'S MASTER CREDIT CARD TR 2.71% 02/17/2026 US 5,435,000 97.32 5,289,612 0.59
CALIFORNIA REPUBLIC AUTO RECEI 1.79% 03/16/2020 US 1,018,228 99.88 1,017,033 0.11
CATLIN INSURANCE 5.33% 07/29/2049 BM 13,602,000 99.50 13,533,990 1.51
CBOE VIX FUTURE JUL 18 08/22/2018 US 394 16.38 123,037 0.01
CBS CORP 4.00% 01/15/2026 US 1,500,000 96.98 1,454,702 0.16
CHARLES SCHWAB 4.63% 12/29/2049 US 7,780,000 99.88 7,770,275 0.87
CHIMERA INVSTMNT US 200,875 25.83 5,188,601 0.58
CHS INC US 103,723 26.46 2,744,511 0.31
CITIGROUP MORTGAGE LOAN TRUST 3.00% 09/25/2064 US 6,128,735 98.37 6,028,547 0.67
CITIZENS FIN GRP 4.30% 12/03/2025 US 582,000 99.36 578,259 0.06
CME GROUP INC US 14,443 163.92 2,367,497 0.26
COBANK ACB US 59,650 105.50 6,293,075 0.70
CONSECO FINANCIAL CORP 6.87% 04/01/2030 US 415,356 105.85 439,651 0.05
CONTL AIRLINES 4.00% 10/29/2024 US 5,948,669 100.40 5,972,167 0.67
COUNTRYWIDE ASSET-BACKED CERTI 3.01% 01/25/2035 US 1,798,026 100.40 1,805,197 0.20
COX COMMUN INC 3.35% 09/15/2026 US 1,350,000 92.45 1,248,129 0.14
CRED AGRICOLE SA 8.13% 12/29/2049 FR 6,000,000 105.88 6,352,500 0.71
CRH AMERICA FIN 3.40% 05/09/2027 US 6,760,000 94.12 6,362,744 0.71
CROWN CASTLE INTL CORP US 73,196 107.82 7,891,993 0.88
CRUDE OIL OPT OCT18C69 09/17/2018 US 156 4.25 663,000 0.07
D.R. HORTON 4.75% 02/15/2023 US 775,000 103.22 799,959 0.09
DAI-ICHI LIFE 7.25% 07/25/2056 JP 3,630,000 108.75 3,947,625 0.44
DELTA AIR 20021G 6.72% 01/02/2023 US 3,651,221 106.70 3,895,852 0.43
DIGITAL REALTY TRUST INC US 43,768 111.58 4,883,633 0.54
DOMINION ENERGY INC US 38,441 68.18 2,620,907 0.29
DOMTAR CORP 6.25% 09/01/2042 US 1,750,000 99.55 1,742,094 0.19
DORIC NIMROD AIR 6.50% 05/30/2019 GG 339,854 101.48 344,870 0.04
DREYFUS-GOV C-IN US 18,745,514 1.00 18,745,514 2.09
DUKE REALTY 3.25% 06/30/2026 US 6,100,000 93.79 5,721,296 0.64
DUKE REALTY CORP US 100,000 29.03 2,903,000 0.32
ELEC DE FRANCE 3.63% 10/13/2025 FR 850,000 97.90 832,165 0.09
ELI LILLY & CO 3.10% 05/15/2027 US 7,160,000 95.72 6,853,583 0.76
ENERGY TRANSFER US 188,000 24.99 4,698,120 0.52
ENERGY TRANSFER PARTNERS 6.25% 08/15/2049 US 10,630,000 92.63 9,846,038 1.10
ENTERPRISE PRODU 4.88% 08/16/2077 US 1,500,000 93.50 1,402,500 0.16
ENTERPRISE PRODU 5.25% 08/16/2077 US 1,500,000 93.00 1,395,000 0.16
EOG RESOURCES INC US 11,057 124.43 1,375,823 0.15
EXPRESS SCRIPTS 3.40% 03/01/2027 US 810,000 91.37 740,098 0.08
EXXON MOBIL CORP US 40,000 82.73 3,309,200 0.37
FANNIE MAE 2.50% 02/01/2032 US 1,725,939 97.24 1,678,269 0.19
FANNIE MAE 4.00% 07/01/2046 US 2,046,677 102.03 2,088,173 0.23
FANNIE MAE 4.00% 08/01/2041 US 356,543 102.77 366,422 0.04
FANNIE MAE 4.00% 12/01/2040 US 580,546 103.12 598,632 0.07
FANNIE MAE 4.00% 12/01/2040 US 415,514 102.91 427,620 0.05
FANNIE MAE 4.41% 07/25/2038 US 1,107,824 14.24 157,797 0.02
FANNIE MAE 4.50% 12/01/2039 US 1,889,665 105.07 1,985,423 0.22
FANNIE MAE 5.50% 10/01/2035 US 88,523 108.36 95,927 0.01
FHMS K019 X1 1.81% 03/25/2022 US 14,144,133 5.02 710,299 0.08
FHMS K025 X1 0.99% 10/25/2022 US 26,164,271 3.11 813,418 0.09
FHMS K033 X1 0.42% 07/25/2023 US 70,718,252 1.40 992,835 0.11
FHMS K036 X1 0.90% 10/25/2023 US 110,528,697 3.32 3,671,211 0.41
FHMS K710 X1 1.86% 05/25/2019 US 32,701,780 1.01 329,340 0.04
FNMA POOL BE4435 3.00% 11/01/2046 US 3,960,091 97.02 3,842,089 0.43
FPL GROUP CAPTL 4.38% 10/01/2066 US 1,300,000 97.50 1,267,500 0.14
FPL GROUP CAPTL 4.47% 06/15/2067 US 2,700,000 97.25 2,625,751 0.29
FREDDIE MAC 2.38% 01/13/2022 US 1,500,000 98.69 1,480,311 0.16
FREDDIE MAC 3.38% 10/01/2032 US 40,394 102.80 41,525 0.00
FREDDIE MAC 3.50% 06/01/2046 US 3,380,443 99.76 3,372,165 0.38
FREDDIE MAC 6.50% 08/01/2037 US 38,380 111.32 42,725 0.00
FREDDIE MAC 6.50% 09/01/2022 US 50,172 103.78 52,069 0.01
FREMF 2013-K712 C 3.48% 12/25/2045 US 5,730,000 99.95 5,727,342 0.64
FREMF 2013-K713 C 3.26% 04/25/2046 US 5,095,000 99.48 5,068,695 0.56
FREMF MORTGAGE TRUST 4.17% 05/25/2045 US 3,000,000 102.03 3,061,037 0.34
GEN ELECTRIC CO 5.00% 12/29/2049 US 7,760,000 98.50 7,643,600 0.85
GEN MOTORS FIN 3.20% 07/06/2021 US 1,100,000 98.70 1,085,688 0.12
GEN MOTORS FIN 5.25% 03/01/2026 US 1,000,000 103.62 1,036,230 0.12
GNR 2012-147 IO 0.56% 04/16/2054 US 7,496,781 3.56 267,134 0.03
GNR 2016-110 IO 1.03% 05/16/2058 US 33,602,422 8.02 2,695,395 0.30
GNR 2016-158 IO 0.91% 06/16/2058 US 38,886,608 7.54 2,930,639 0.33
GNR 2016-34 IO 1.00% 01/16/2058 US 74,975,391 7.88 5,908,878 0.66
GNR 2016-35 IO 0.88% 03/16/2058 US 65,381,490 7.15 4,673,900 0.52
GNR 2016-50 IO 1.03% 08/16/2057 US 67,619,485 7.59 5,130,162 0.57
GNR 2016-52 IO 0.93% 03/16/2058 US 47,268,815 7.04 3,327,814 0.37
GNR 2016-67 IO 1.17% 07/16/2057 US 59,411,293 8.04 4,776,478 0.53
GNR 2017-76 IO 0.95% 12/16/2056 US 42,950,401 7.46 3,202,189 0.36
GNR 2017-94 IO 0.66% 02/16/2059 US 50,538,605 6.16 3,114,153 0.35
GOLDMAN SACHS GP 5.00% 05/10/2066 US 6,250,000 93.81 5,863,125 0.65
GOVERNMENT NATIONAL MORTGAGE A 4.50% 10/16/2037 US 401,967 0.80 3,232 0.00
GSR MORTGAGE LOAN TRUST 4.35% 07/25/2035 US 1,290,636 100.73 1,300,097 0.14
HAWAIIAN AIRLINE 3.90% 01/15/2026 US 3,169,533 98.14 3,110,580 0.35
HCP INC 4.00% 06/01/2025 US 850,000 97.86 831,810 0.09
HOME DEPOT INC 4.20% 04/01/2043 US 7,020,000 100.33 7,043,040 0.78
HOME EQUITY ASSET TRUST 2.73% 08/25/2035 US 5,169,512 101.04 5,223,486 0.58
HSBC HOLDINGS 6.25% 09/23/2066 GB 2,400,000 98.13 2,355,000 0.26
HSBC HOLDINGS 6.38% 03/29/2049 GB 11,550,000 98.13 11,333,438 1.26
ING GROEP NV 6.00% 12/31/2049 NL 16,850,000 99.52 16,769,120 1.87
JOHN DEERE CAP 2.80% 09/08/2027 US 7,690,000 93.35 7,178,643 0.80
JP MORGAN MORTGAGE TRUST 3.00% 06/25/2029 US 5,083,168 99.15 5,040,083 0.56
JPMORGAN CHASE 2.95% 10/01/2026 US 1,050,000 92.89 975,339 0.11
JPMORGAN CHASE 5.30% 12/29/2049 US 9,417,000 101.85 9,591,215 1.07
JPMORGAN CHASE 5.83% 04/30/2059 US 8,500,000 100.75 8,563,750 0.95
KEMPER 4.35% 02/15/2025 US 427,000 99.46 424,675 0.05
KIMBERLY-CLARK CORP US 17,642 105.34 1,858,408 0.21
KLA-TENCOR CORP 4.65% 11/01/2024 US 1,150,000 103.35 1,188,517 0.13
KRAFT HEINZ CO/THE US 39,120 62.82 2,457,518 0.27
KROGER CO 2.65% 10/15/2026 US 5,150,000 88.53 4,559,083 0.51
LAMB WESTON HLD 4.88% 11/01/2026 US 1,800,000 97.25 1,750,500 0.20
LENNAR CORP 5.25% 06/01/2026 US 6,680,000 98.00 6,546,400 0.73
LINCOLN NATL CRP 4.68% 05/17/2066 US 4,070,000 95.18 3,873,989 0.43
LLOYDS BK GR PLC 7.50% 04/30/2049 GB 12,550,000 101.55 12,744,525 1.42
LOCKHEED MARTIN 3.55% 01/15/2026 US 1,050,000 98.28 1,031,916 0.11
LOCKHEED MARTIN 4.70% 05/15/2046 US 6,665,000 106.31 7,085,695 0.79
MANULIFE FIN COR 4.15% 03/04/2026 CA 1,045,000 99.82 1,043,162 0.12
MARATHON PETRO 3.63% 09/15/2024 US 9,269,000 97.66 9,052,462 1.01
MCDONALD'S CORP 2.63% 01/15/2022 US 6,950,000 98.00 6,810,950 0.76
MCDONALD'S CORP 3.70% 01/30/2026 US 1,050,000 99.28 1,042,490 0.12
MEDTRONIC INC 3.15% 03/15/2022 US 2,090,000 99.20 2,073,260 0.23
MEDTRONIC INC 3.50% 03/15/2025 US 1,350,000 98.95 1,335,846 0.15
MERRILL LYNCH MORTGAGE INVESTO 4.41% 12/25/2032 US 6,533 100.14 6,543 0.00
METLIFE INC 4.60% 05/13/2046 US 1,300,000 101.34 1,317,364 0.15
METLIFE INC 5.25% 12/29/2049 US 6,430,000 101.73 6,541,239 0.73
MGM GROWTH PROPERTIES LLC-A US 272,534 30.46 8,301,386 0.92
MICROSOFT CORP 2.40% 08/08/2026 US 1,550,000 92.50 1,433,821 0.16
MICROSOFT CORP 4.45% 11/03/2045 US 6,680,000 107.49 7,180,264 0.80
MID-STATE TRUST 7.08% 01/15/2040 US 557,896 111.80 623,705 0.07
NATIONAL OILWELL VARCO INC US 43,222 43.40 1,875,835 0.21
NEXTERA ENERGY INC US 15,921 167.03 2,659,285 0.30
NORTHROP GRUMMAN 3.85% 04/15/2045 US 1,125,000 90.72 1,020,652 0.11
NORTHWEST AIR 07 7.03% 11/01/2019 US 2,257,001 104.45 2,357,437 0.26
OCCIDENTAL PETROLEUM CORP US 27,039 83.68 2,262,624 0.25
OSCAR US FUNDING TRUST 2.55% 12/15/2021 US 1,592,864 99.77 1,589,247 0.18
OWENS CORNING 3.40% 08/15/2026 US 1,500,000 91.18 1,367,702 0.15
OWENS CORNING 4.20% 12/15/2022 US 3,180,000 100.24 3,187,775 0.36
PARK PLACE SECURITIES INC 3.08% 12/25/2034 US 3,057,619 100.12 3,061,153 0.00
PEPSICO INC US 19,989 108.87 2,176,202 0.24
PP&L CAPITAL FDG 4.97% 03/30/2067 US 2,234,000 100.00 2,234,000 0.25
PRINCIPAL FINL 4.70% 05/15/2055 US 3,435,000 100.25 3,443,588 0.38
PROLOGIS INC US 84,224 65.69 5,532,675 0.62
QUALCOMM INC 3.45% 05/20/2025 US 1,500,000 96.23 1,443,502 0.16
REINSURANCE GRP 4.79% 12/15/2065 US 13,326,000 99.50 13,259,370 1.48
RESIDENTIAL ACCREDIT LOANS IN 5.00% 05/25/2019 US 36,451 99.44 36,245 0.00
RETAIL OPPORTUNI 5.00% 12/15/2023 US 1,400,000 100.63 1,408,805 0.16
ROYAL BK SCOTLND 7.50% 12/29/2049 GB 17,365,000 101.95 17,703,618 1.97
SABINE PASS LIQU 5.63% 03/01/2025 US 1,225,000 106.37 1,302,991 0.15
SEASPAN CORP HK 139,438 25.52 3,558,458 0.40
SEQUOIA MORTGAGE TRUST 3.50% 07/25/2043 US 5,179,850 98.25 5,089,115 0.57
SIMON PROP GP LP 4.25% 11/30/2046 US 1,500,000 96.86 1,452,826 0.16
SIMON PROPERTY GROUP INC US 20,752 170.19 3,531,783 0.39
SOCIETE GENERALE 6.00% 07/27/2065 FR 6,950,000 96.48 6,705,443 0.75
SOCIETE GENERALE 7.38% 12/29/2049 FR 9,025,000 101.75 9,182,938 1.02
STRYKER CORP US 9,654 168.86 1,630,174 0.18
TACO BELL FUNDING LLC 3.83% 05/25/2046 US 295,500 100.12 295,855 0.03
TAX EASE FUNDING LLC 3.13% 06/15/2028 US 2,432,780 99.87 2,429,737 0.27
THERMO FISHER 2.95% 09/19/2026 US 1,500,000 92.38 1,385,729 0.15
TIME WARNER INC 3.80% 02/15/2027 US 1,425,000 94.44 1,345,734 0.15
TIME WARNER INC 3.88% 01/15/2026 US 5,195,000 96.07 4,990,921 0.56
TLF NATIONAL TAX LIEN TRUST 3.09% 12/15/2029 US 8,269,900 99.94 8,264,654 0.00
TLF NATIONAL TAX LIEN TRUST 3.84% 12/15/2029 US 955,633 99.40 949,928 0.10
TOLL BR FIN CORP 4.38% 04/15/2023 US 9,365,000 98.00 9,177,700 1.02
TOWD POINT MORTGAGE TRUST 2.75% 10/25/2057 US 11,111,743 97.45 10,828,758 1.00
TOWD POINT MORTGAGE TRUST 3.50% 02/25/2055 US 5,900,000 99.13 5,848,452 0.60
TSY INFL IX N/B 0.38% 01/15/2027 US 17,690,000 100.75 17,822,357 1.99
TWO HARBORS US 120,000 25.82 3,098,400 0.35
UBS GROUP FUNDIN 6.88% 03/22/2021 CH 3,800,000 102.47 3,893,966 0.43
UBS GROUP FUNDIN 7.13% 12/29/2049 CH 5,000,000 102.63 5,131,530 0.57
UNITEDHEALTH GROUP INC US 11,625 245.34 2,852,078 0.32
US AIR 2012-2A 4.63% 06/03/2025 US 7,130,731 102.16 7,284,755 0.81
US BANCORP 5.13% 12/29/2049 US 7,100,000 102.63 7,286,375 0.81
US TREASURY N/B 1.38% 10/31/2020 US 7,420,000 97.28 7,218,269 0.80
US TREASURY N/B 1.50% 08/15/2026 US 5,514,200 90.31 4,980,012 0.55
US TREASURY N/B 1.75% 05/31/2022 US 3,500,000 96.50 3,377,363 0.38
US TREASURY N/B 1.88% 01/31/2022 US 6,880,000 97.28 6,692,950 0.75
US TREASURY N/B 2.00% 10/31/2021 US 4,770,000 97.91 4,670,128 0.52
US TREASURY N/B 2.25% 11/15/2027 US 3,600,000 95.06 3,422,109 0.38
US TREASURY N/B 2.75% 04/30/2023 US 4,000,000 100.10 4,003,906 0.45
VALERO ENERGY CORP US 11,456 110.83 1,269,668 0.14
VANECK VECTORS GOLD MINERS E US 315,119 22.31 7,030,305 0.78
VIACOM INC 5.88% 02/28/2057 US 6,603,000 94.50 6,239,835 0.70
VISA INC-CLASS A SHARES US 14,664 132.45 1,942,247 0.22
WALGREENS BOOTS 3.45% 06/01/2026 US 1,050,000 93.21 978,657 0.11
WALMART INC 4.05% 06/29/2048 US 4,500,000 100.70 4,531,457 0.50
WESTPAC BANKING 4.32% 11/23/2031 AU 2,250,000 96.35 2,167,895 0.24
WISCONSIN ENERGY 4.46% 05/15/2067 US 4,001,000 98.63 3,946,186 0.44
EURO-BUND FUTURE SEP18 09/10/2018 EU -60 189.83 -120,676 -0.01
JPN 10Y BOND(OSE) SEP18 09/20/2018 JP -7 1.36 -14,542 0.00
Data may not total due to rounding.
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 ClearArc Capital, Inc.
Pete Kwiatkowski

Pete Kwiatkowski, CFA

Investment Experience since 1999 

Career Summary 
ClearArc Capital, Inc.
Pacific Investment Management Company (PIMCO) 

Education 
BS - California State University at Long Beach
David Withrow

David L. Withrow, CFA

Investment Experience since 1989 

Career Summary 
ClearArc Capital, Inc.

Education 
BA - Anderson University
Mitchell Stapley

Mitchell L. Stapley, CFA

Investment Experience since 1984

Career Summary 
ClearArc Capital, Inc.
Navistar International Corporation
William Wrigley Jr. Company 

Education 
BA - Albion College
John Cassady

John Cassady, CFA

Investment Experience since 1987 

Career Summary 
ClearArc Capital, Inc.
Atlantic Portfolio Analytics & Management 

Education 
BS - Georgia Institute of Technology

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 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 10/26/2019.
Data may not total due to rounding.
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.
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 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 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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