Touchstone Flexible Income Fund

Touchstone Flexible Income Fund

Daily NAV
$
Overall Morningstar RatingTM
Multisector Bond

Morningstar

Overall Morningstar RatingTM is calculated against 278 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 Morningstar RatingTM does not include any adjustment for sales load. 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 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. 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 09/30/2018
Total Fund Net Assets as of 09/30/2018 $884,532,448
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 11/30/2018 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 0.60% -0.84% -1.79% -1.34% 1.33% 2.03% 3.67% --
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 09/30/2018 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 -1.22% 1.31% 2.16% 3.77% --
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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Portfolio

as of 09/30/2018
Number of Holdings
225
as of 09/30/2018
Composition % of Portfolio
Bonds 51.6
Preferreds 38.4
High Dividend Equities 4.4
REITs 4.3
Derivatives 0.9
Cash Equivalents 0.5
ETFs 0.0
Commodities 0.0
Closed end Funds 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 09/30/2018
Sector % of Portfolio
Corporates 23.1
Mortgages 11.8
CMBS 7.4
Asset Backed Securities 4.6
Treasury & Agency 4.4
International 0.3
Loan Participation Notes 0.0
Sovereign 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 11/30/2018
Security Description % of Portfolio
ING GROEP NV 6.00% 12/31/2049 2.2
BANCO SANTANDER 6.38% 08/19/2056 2.1
ROYAL BK SCOTLND 7.50% 12/29/2049 1.9
REINSURANCE GRP 5.00% 12/15/2065 1.7
US TREASURY N/B 2.75% 08/15/2021 1.7
AUST & NZ BK/UK 6.75% 12/29/2049 1.7
LLOYDS BK GR PLC 7.50% 04/30/2049 1.6
US TREASURY N/B 2.75% 02/15/2028 1.6
CATLIN INSURANCE 5.42% 07/29/2049 1.5
HSBC HOLDINGS 6.38% 03/29/2049 1.5
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 09/30/2018
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ABBOTT LABORATORIES US 39,673 73.36 2,910,411 0.33
ABBOTT LABS 4.90% 11/30/2046 US 850,000 108.60 923,135 0.10
ACE INA HOLDINGS 3.35% 05/03/2026 US 6,360,000 97.20 6,182,044 0.70
AERCAP GLOBAL 6.50% 06/15/2045 US 4,300,000 104.00 4,472,000 0.51
AFLAC INC 2.88% 10/15/2026 US 6,765,000 92.33 6,246,067 0.71
AGNC INVESTMENT US 110,000 25.98 2,857,800 0.32
AGNC INVESTMENT CORP US 168,304 18.63 3,135,504 0.35
AIR CAN 2013-1A 4.13% 05/15/2025 CA 526,202 100.00 526,202 0.06
ALLSTATE CORP 5.75% 08/15/2053 US 2,000,000 103.00 2,060,000 0.23
AMAZON.COM INC 3.15% 08/22/2027 US 7,455,000 95.82 7,143,052 0.81
AMERICAN HOME MORTGAGE INVESTM 4.53% 02/25/2045 US 1,175,628 101.57 1,194,138 --
AMERICAN HOMES 4 RENT 3.79% 10/17/2036 US 3,927,057 100.12 3,931,620 0.44
AMERICAN WATER 2.95% 09/01/2027 US 7,190,000 93.57 6,727,629 0.76
AMGEN INC 2.60% 08/19/2026 US 1,500,000 90.53 1,357,893 0.15
ANDEAVOR LOGISTI 6.88% 02/15/2056 US 16,900,000 100.45 16,976,050 1.92
ANHEUSER-BUSCH 4.90% 02/01/2046 US 1,550,000 101.13 1,567,547 0.18
ASSURANT INC 7.00% 03/27/2048 US 10,460,000 101.50 10,616,900 1.20
AT&T INC 3.80% 03/15/2022 US 592,000 100.38 594,241 0.07
AUST & NZ BK/UK 6.75% 12/29/2049 AU 12,600,000 103.50 13,041,000 1.47
BANC OF AMERICA COMMERCIAL MOR 3.71% 09/15/2048 US 6,020,000 99.94 6,016,666 --
BANCO SANTANDER 6.38% 08/19/2056 ES 16,200,000 99.17 16,065,378 1.82
BANK OF AMER CRP 3.25% 10/21/2027 US 1,750,000 92.75 1,623,192 0.18
BANK OF AMER CRP 5.88% 09/15/2066 US 2,400,000 98.75 2,370,000 0.27
BARCLAYS PLC 7.75% 12/15/2066 GB 5,200,000 100.25 5,213,000 0.59
BAT CAPITAL CORP 3.56% 08/15/2027 US 1,520,000 93.12 1,415,497 0.16
BEAR STEARNS ALT-A TRUST 3.15% 01/25/2035 US 4,245,729 99.13 4,208,664 0.48
BEAR STEARNS ASSET BACKED SECU 5.75% 01/25/2034 US 94,993 100.61 95,575 0.00
BERKLEY (WR) US 80,612 24.35 1,962,902 0.22
BERKSHIRE HATHWY 3.13% 03/15/2026 US 8,325,000 96.48 8,031,730 0.91
BNP PARIBAS 6.75% 12/29/2049 FR 9,450,000 101.00 9,544,500 1.08
CABELA'S MASTER CREDIT CARD TR 2.71% 02/17/2026 US 5,435,000 97.12 5,278,739 --
CALIFORNIA REPUBLIC AUTO RECEI 1.79% 03/16/2020 US 270,250 99.95 270,125 0.00
CATLIN INSURANCE 5.32% 07/29/2049 BM 13,602,000 99.00 13,465,980 1.52
CAZENOVIA CREEK FUNDING LLC 3.56% 07/15/2030 US 9,474,814 99.74 9,450,171 1.00
CBOE VIX FUTURE NOV 18 11/21/2018 US 294 14.98 6,583 0.00
CBOE VIX FUTURE OCT18 10/17/2018 US 124 13.98 -148,174 -0.02
CBS CORP 4.00% 01/15/2026 US 1,500,000 98.01 1,470,127 0.17
CHARLES SCHWAB 4.63% 12/29/2049 US 7,780,000 100.50 7,818,900 0.88
CHIMERA INVSTMNT US 200,875 25.70 5,162,488 0.58
CHS INC US 103,723 26.23 2,720,654 0.31
CITIGROUP MORTGAGE LOAN TRUST 3.00% 09/25/2064 US 5,919,183 97.84 5,791,394 --
CITIZENS FIN GRP 4.30% 12/03/2025 US 582,000 98.60 573,870 0.06
CME GROUP INC US 14,443 170.21 2,458,343 0.28
COBANK ACB US 59,650 106.00 6,322,900 0.71
CONSECO FINANCIAL CORP 6.87% 04/01/2030 US 379,314 105.35 399,591 0.05
CONTL AIRLINES 4.00% 10/29/2024 US 5,948,669 100.00 5,948,669 0.67
COUNTRYWIDE ASSET-BACKED CERTI 3.27% 01/25/2035 US 1,497,456 100.36 1,502,797 --
COX COMMUN INC 3.35% 09/15/2026 US 1,350,000 92.89 1,253,999 0.14
CRED AGRICOLE SA 8.13% 12/29/2049 FR 6,000,000 110.00 6,599,832 0.75
CREDIT SUISSE 7.25% 03/12/2067 CH 2,500,000 100.38 2,509,375 0.28
CRH AMERICA FIN 3.40% 05/09/2027 US 6,760,000 93.27 6,304,774 0.71
CROWN CASTLE INTL CORP US 73,196 111.33 8,148,911 0.92
D.R. HORTON 4.75% 02/15/2023 US 775,000 102.44 793,890 0.09
DAI-ICHI LIFE 7.25% 07/25/2056 JP 3,630,000 108.00 3,920,400 0.44
DELTA AIR 20021G 6.72% 01/02/2023 US 3,651,221 106.88 3,902,242 0.44
DIGITAL REALTY TRUST INC US 43,768 112.48 4,923,025 0.56
DOMINION ENERGY INC US 38,441 70.28 2,701,633 0.31
DOMTAR CORP 6.25% 09/01/2042 US 1,750,000 98.18 1,718,070 0.19
DORIC NIMROD AIR 6.50% 05/30/2019 GG 339,854 100.52 341,614 0.04
DREYFUS-GOV C-IN US 10,359,429 1.00 10,359,429 1.17
DUKE REALTY 3.25% 06/30/2026 US 6,100,000 94.07 5,738,411 0.65
DUKE REALTY CORP US 100,000 28.37 2,837,000 0.32
ELEC DE FRANCE 3.63% 10/13/2025 FR 850,000 96.74 822,281 0.09
ELI LILLY & CO 3.10% 05/15/2027 US 7,160,000 96.32 6,896,517 0.78
ENBRIDGE INC 3.70% 07/15/2027 CA 9,005,000 96.57 8,696,545 0.98
ENERGY TRANSFER US 188,000 25.45 4,784,600 0.54
ENERGY TRANSFER US 94,000 25.87 2,431,780 0.27
ENERGY TRANSFER PARTNERS 6.25% 08/15/2049 US 8,280,000 96.25 7,969,500 0.90
ENTERPRISE PRODU 4.88% 08/16/2077 US 1,500,000 95.19 1,427,906 0.16
ENTERPRISE PRODU 5.25% 08/16/2077 US 1,500,000 93.19 1,397,837 0.16
EOG RESOURCES INC US 17,997 127.57 2,295,877 0.26
EXPRESS SCRIPTS 3.40% 03/01/2027 US 810,000 92.93 752,756 0.09
EXXON MOBIL CORP US 40,000 85.02 3,400,800 0.38
FANNIE MAE 2.50% 02/01/2032 US 1,662,272 96.57 1,605,187 0.18
FANNIE MAE 4.00% 07/01/2046 US 1,955,814 101.08 1,976,961 0.22
FANNIE MAE 4.00% 08/01/2041 US 340,613 101.80 346,757 0.04
FANNIE MAE 4.00% 12/01/2040 US 561,046 102.03 572,462 0.06
FANNIE MAE 4.00% 12/01/2040 US 401,971 101.91 409,666 0.05
FANNIE MAE 4.28% 07/25/2038 US 1,048,690 12.78 133,976 0.02
FANNIE MAE 4.50% 12/01/2039 US 1,760,953 104.09 1,832,902 0.21
FANNIE MAE 5.50% 10/01/2035 US 87,479 107.86 94,358 0.01
FHLMC MULTIFAMILY STR K006 AX1 1.11% 01/25/2020 US 32,166,498 0.99 319,146 --
FHMS K019 X1 1.77% 03/25/2022 US 14,050,983 4.67 655,712 0.07
FHMS K025 X1 0.98% 10/25/2022 US 26,008,197 2.91 756,805 0.09
FHMS K036 X1 0.90% 10/25/2023 US 109,975,737 3.14 3,456,328 0.39
FHMS K710 X1 1.86% 05/25/2019 US 32,199,600 0.58 187,157 0.02
FNMA POOL BE4435 3.00% 11/01/2046 US 3,781,440 95.83 3,623,636 0.41
FPL GROUP CAPTL 4.40% 10/01/2066 US 1,300,000 96.50 1,254,500 0.14
FPL GROUP CAPTL 4.46% 06/15/2067 US 2,700,000 95.75 2,585,250 0.29
FREDDIE MAC 2.38% 01/13/2022 US 1,500,000 98.27 1,474,088 0.17
FREDDIE MAC 3.38% 10/01/2032 US 39,894 102.63 40,944 0.00
FREDDIE MAC 3.50% 06/01/2046 US 3,218,280 98.62 3,173,904 0.36
FREDDIE MAC 6.50% 08/01/2037 US 34,659 112.13 38,864 0.00
FREDDIE MAC 6.50% 09/01/2022 US 43,343 102.90 44,599 0.01
FREMF 2013-K712 C 3.47% 12/25/2045 US 5,730,000 99.75 5,715,515 0.65
FREMF 2013-K713 C 3.26% 04/25/2046 US 5,095,000 99.31 5,059,928 0.57
FREMF MORTGAGE TRUST 4.17% 05/25/2045 US 3,000,000 101.19 3,035,681 0.34
GEN ELECTRIC CO 5.00% 12/29/2049 US 7,760,000 97.43 7,560,180 0.85
GEN MOTORS FIN 3.20% 07/06/2021 US 1,100,000 98.75 1,086,245 0.12
GEN MOTORS FIN 5.25% 03/01/2026 US 1,000,000 102.47 1,024,715 0.12
GNR 2012-147 IO 0.56% 04/16/2054 US 7,457,511 3.47 258,459 0.03
GNR 2016-110 IO 1.03% 05/16/2058 US 33,471,687 7.86 2,630,359 0.30
GNR 2016-158 IO 0.91% 06/16/2058 US 38,736,159 7.37 2,853,619 0.32
GNR 2016-34 IO 0.99% 01/16/2058 US 72,266,348 7.76 5,606,987 0.63
GNR 2016-35 IO 0.89% 03/16/2058 US 63,283,553 7.02 4,440,050 0.50
GNR 2016-50 IO 1.04% 08/16/2057 US 66,484,014 7.43 4,943,047 0.56
GNR 2016-52 IO 0.93% 03/16/2058 US 47,073,512 6.90 3,245,747 0.37
GNR 2016-64 IO 0.96% 12/16/2057 US 65,884,743 7.05 4,647,905 0.53
GNR 2016-67 IO 1.17% 07/16/2057 US 58,729,398 8.12 4,768,528 0.54
GNR 2017-76 IO 0.95% 12/16/2056 US 42,767,056 7.52 3,216,870 0.36
GNR 2017-94 IO 0.66% 02/16/2059 US 50,354,333 5.99 3,016,013 0.34
GOLDMAN SACHS GP 5.00% 05/10/2066 US 6,250,000 94.37 5,898,148 0.67
GOVERNMENT NATIONAL MORTGAGE A 4.50% 10/16/2037 US 255,611 0.58 1,471 0.00
GSR MORTGAGE LOAN TRUST 4.35% 07/25/2035 US 1,073,451 100.61 1,080,028 0.12
HAWAIIAN AIRLINE 3.90% 01/15/2026 US 3,059,387 98.25 3,005,848 0.34
HCP INC 4.00% 06/01/2025 US 850,000 98.18 834,533 0.09
HOME DEPOT INC 4.20% 04/01/2043 US 7,020,000 100.74 7,071,894 0.80
HOME EQUITY ASSET TRUST 2.86% 08/25/2035 US 4,557,667 101.00 4,603,115 0.52
HSBC HOLDINGS 6.25% 09/23/2066 GB 2,400,000 99.63 2,391,000 0.27
HSBC HOLDINGS 6.38% 03/29/2049 GB 11,550,000 99.13 11,448,938 1.29
HYUNDAI AUTO LEASE SECURITIZAT 1.49% 02/18/2019 US 5,121,297 99.85 5,113,858 --
ING GROEP NV 6.00% 12/31/2049 NL 16,850,000 99.74 16,806,190 1.90
JOHN DEERE CAP 2.80% 09/08/2027 US 7,690,000 92.92 7,145,228 0.81
JP MORGAN MORTGAGE TRUST 3.00% 06/25/2029 US 4,872,262 98.50 4,798,988 0.54
JPMORGAN CHASE 2.95% 10/01/2026 US 1,050,000 92.97 976,164 0.11
JPMORGAN CHASE 5.30% 12/29/2049 US 9,417,000 102.25 9,628,883 1.09
JPMORGAN CHASE 5.81% 04/30/2059 US 8,500,000 100.43 8,536,125 0.97
KEMPER 4.35% 02/15/2025 US 427,000 98.24 419,495 0.05
KIMBERLY-CLARK CORP US 17,642 113.64 2,004,837 0.23
KLA-TENCOR CORP 4.65% 11/01/2024 US 1,150,000 102.47 1,178,409 0.13
KROGER CO 2.65% 10/15/2026 US 5,150,000 89.23 4,595,091 0.52
LAMB WESTON HLD 4.88% 11/01/2026 US 1,800,000 98.00 1,764,000 0.20
LENNAR CORP 5.25% 06/01/2026 US 6,680,000 99.13 6,621,550 0.75
LINCOLN NATL CRP 4.68% 05/17/2066 US 4,070,000 93.69 3,813,102 0.43
LLOYDS BK GR PLC 7.50% 04/30/2049 GB 12,550,000 103.13 12,942,188 1.46
LOCKHEED MARTIN 3.55% 01/15/2026 US 1,050,000 98.83 1,037,689 0.12
LOCKHEED MARTIN 4.70% 05/15/2046 US 6,665,000 106.60 7,105,207 0.80
MANULIFE FIN COR 4.15% 03/04/2026 CA 1,045,000 100.87 1,054,077 0.12
MARATHON PETRO 3.63% 09/15/2024 US 9,269,000 98.68 9,146,740 1.03
MCDONALD'S CORP 2.63% 01/15/2022 US 6,950,000 97.29 6,761,881 0.76
MCDONALD'S CORP 3.70% 01/30/2026 US 1,050,000 99.09 1,040,397 0.12
MEDTRONIC INC 3.50% 03/15/2025 US 1,350,000 99.17 1,338,774 0.15
MERRILL LYNCH MORTGAGE INVESTO 2.53% 08/25/2036 US 6,700,000 99.92 6,694,444 --
MERRILL LYNCH MORTGAGE INVESTO 4.47% 12/25/2032 US 6,449 100.32 6,470 0.00
METLIFE INC 4.60% 05/13/2046 US 1,300,000 101.68 1,321,808 0.15
METLIFE INC 5.25% 12/29/2049 US 6,430,000 101.30 6,513,590 0.74
METLIFE SECURITIZATION TRUST 3.00% 04/25/2055 US 5,187,389 97.13 5,038,528 --
MGM GROWTH PROPERTIES LLC-A US 272,534 29.49 8,037,028 0.91
MICROSOFT CORP US 19,900 114.37 2,275,963 0.26
MICROSOFT CORP 2.40% 08/08/2026 US 1,550,000 92.21 1,429,184 0.16
MICROSOFT CORP 4.45% 11/03/2045 US 6,680,000 107.09 7,153,393 0.81
MID-STATE TRUST 7.08% 01/15/2040 US 535,996 111.51 597,710 0.07
MORGAN STANLEY MORTGAGE LOAN T 2.72% 09/25/2035 US 4,547,000 100.01 4,547,385 --
MORGAN STANLEY MORTGAGE LOAN T 4.34% 09/25/2034 US 300,325 102.61 308,162 --
MOTOROLA SOLUTIONS INC US 14,699 130.14 1,912,928 0.22
NATIONAL OILWELL VARCO INC US 43,222 43.08 1,862,004 0.21
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 03/25/2057 US 3,517,338 100.55 3,536,850 --
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 12/25/2057 US 5,440,471 100.44 5,464,281 --
NEWCASTLE MORTGAGE SECURITIES 2.59% 03/25/2036 US 4,815,000 99.39 4,785,513 --
NEXTERA ENERGY INC US 15,921 167.60 2,668,360 0.30
NOMURA HOME EQUITY LOAN INC 2.71% 05/25/2035 US 5,270,499 100.50 5,296,689 --
NORTHROP GRUMMAN 3.85% 04/15/2045 US 1,125,000 90.86 1,022,183 0.12
NORTHWEST AIR 07 7.03% 11/01/2019 US 2,257,001 103.63 2,338,817 0.26
OCCIDENTAL PETROLEUM CORP US 27,039 82.17 2,221,795 0.25
OSCAR US FUNDING TRUST 2.55% 12/15/2021 US 1,103,626 99.81 1,101,497 0.12
OWENS CORNING 3.40% 08/15/2026 US 1,500,000 91.71 1,375,594 0.16
OWENS CORNING 4.20% 12/15/2022 US 3,180,000 100.22 3,187,113 0.36
PARK PLACE SECURITIES INC 3.19% 12/25/2034 US 1,799,185 100.08 1,800,659 0.00
PEPSICO INC US 19,989 111.80 2,234,770 0.25
PFIZER INC US 39,831 44.07 1,755,352 0.20
POPULAR ABS MORTGAGE PASS-THRO 2.90% 09/25/2034 US 2,971,743 99.73 2,963,781 --
PP&L CAPITAL FDG 5.00% 03/30/2067 US 2,234,000 98.73 2,205,606 0.25
PRINCIPAL FINL 4.70% 05/15/2055 US 3,435,000 100.00 3,435,000 0.39
PROLOGIS INC US 84,224 67.79 5,709,545 0.65
QBE INSURANCE GROUP LTD 5.875% 5.88% 06/17/2046 AU 1,100,000 99.70 1,096,720 --
QUALCOMM INC 3.45% 05/20/2025 US 1,500,000 97.01 1,455,178 0.16
REINSURANCE GRP 5.00% 12/15/2065 US 13,326,000 99.88 13,309,343 1.50
RESIDENTIAL ACCREDIT LOANS IN 5.00% 05/25/2019 US 28,005 99.50 27,865 0.00
RESIDENTIAL ASSET MORTGAGE PRO 2.91% 10/25/2035 US 2,335,000 98.39 2,297,371 --
RETAIL OPPORTUNI 5.00% 12/15/2023 US 1,400,000 99.51 1,393,122 0.16
ROYAL BK SCOTLND 7.50% 12/29/2049 GB 17,365,000 102.38 17,777,419 2.01
SABINE PASS LIQU 5.63% 03/01/2025 US 1,225,000 106.65 1,306,518 0.15
SANTANDER DRIVE AUTO RECEIVABL 3.10% 11/16/2020 US 7,572,228 100.13 7,581,841 --
SEASPAN CORP HK 160,689 25.41 4,083,107 0.46
SEQUOIA MORTGAGE TRUST 3.50% 07/25/2043 US 5,112,396 97.57 4,988,104 0.56
SIMON PROP GP LP 4.25% 11/30/2046 US 1,500,000 97.26 1,458,829 0.16
SIMON PROPERTY GROUP INC US 28,949 176.75 5,116,736 0.58
SOCIETE GENERALE 6.00% 07/27/2065 FR 6,950,000 98.00 6,811,278 0.77
SOCIETE GENERALE 7.38% 04/04/2067 FR 8,000,000 99.75 7,980,000 0.90
SOCIETE GENERALE 7.38% 12/29/2049 FR 9,025,000 103.13 9,307,031 1.05
SYSCO CORP US 25,215 73.25 1,846,999 0.21
TACO BELL FUNDING LLC 3.83% 05/25/2046 US 295,500 100.00 295,488 0.03
TAX EASE FUNDING LLC 3.13% 06/15/2028 US 2,257,928 99.72 2,251,711 0.25
THERMO FISHER 2.95% 09/19/2026 US 1,500,000 92.61 1,389,108 0.16
TIME WARNER INC 3.80% 02/15/2027 US 1,425,000 95.66 1,363,098 0.15
TIME WARNER INC 3.88% 01/15/2026 US 5,195,000 97.03 5,040,901 0.57
TLF NATIONAL TAX LIEN TRUST 3.09% 12/15/2029 US 7,116,893 99.74 7,098,134 0.00
TLF NATIONAL TAX LIEN TRUST 3.84% 12/15/2029 US 822,397 99.19 815,713 0.00
TOLL BR FIN CORP 4.38% 04/15/2023 US 9,365,000 99.25 9,294,763 1.05
TOWD POINT MORTGAGE TRUST 2.75% 10/25/2057 US 7,702,842 97.50 7,510,523 0.80
TOWD POINT MORTGAGE TRUST 3.50% 02/25/2055 US 5,900,000 97.88 5,774,857 0.60
TWO HARBORS US 120,000 25.75 3,090,000 0.35
UBS GROUP FUNDIN 6.88% 03/22/2021 CH 3,800,000 102.94 3,911,758 0.44
UBS GROUP FUNDIN 7.13% 12/29/2049 CH 5,000,000 102.38 5,118,800 0.58
UNITEDHEALTH GROUP INC US 11,625 266.04 3,092,715 0.35
US AIR 2012-2A 4.63% 06/03/2025 US 7,130,731 102.23 7,289,839 0.82
US BANCORP 5.13% 12/29/2049 US 7,100,000 102.87 7,303,415 0.83
US TREASURY N/B 1.50% 08/15/2026 US 5,514,200 89.29 4,923,577 0.56
US TREASURY N/B 2.25% 11/15/2027 US 3,600,000 93.60 3,369,656 0.38
US TREASURY N/B 2.75% 02/15/2028 US 12,000,000 97.50 11,699,531 1.32
US TREASURY N/B 2.75% 04/30/2023 US 4,000,000 99.18 3,967,031 0.45
US TREASURY N/B 2.75% 08/15/2021 US 12,925,000 99.63 12,877,036 1.46
VALERO ENERGY CORP US 20,800 113.75 2,366,000 0.27
VANECK VECTORS GOLD MINERS E US 56,760 18.52 1,051,195 0.12
VIACOM INC 5.88% 02/28/2057 US 6,603,000 98.01 6,471,624 0.73
VISA INC-CLASS A SHARES US 14,664 150.09 2,200,920 0.25
WALGREENS BOOTS 3.45% 06/01/2026 US 1,050,000 94.89 996,397 0.11
WALMART INC 4.05% 06/29/2048 US 4,500,000 100.15 4,506,629 0.51
WELLS FARGO HOME EQUITY TRUST 2.68% 12/25/2035 US 1,046,908 100.09 1,047,825 --
WELLS FARGO MORTGAGE BACKED SE 4.20% 11/25/2034 US 116,140 102.26 118,769 --
WESTPAC BANKING 4.32% 11/23/2031 AU 2,250,000 96.36 2,168,100 0.25
WISCONSIN ENERGY 4.43% 05/15/2067 US 4,001,000 96.87 3,875,809 0.44
EUR-BUND FUTURE DEC18 12/06/2018 EU -94 184.36 188,560 0.02
JPN10Y BOND(OSE) DEC 18 12/13/2018 JP -7 1.32 12,322 0.00
US 10YR ULTRA FUT DEC18 12/31/2018 US -189 126.00 120,720 0.01
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

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.

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 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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