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Touchstone Flexible Income Fund

Touchstone Flexible Income Fund

Daily NAV
$
Overall Morningstar Rating™
Multisector Bond

Morningstar

Overall Morningstar Rating™ is calculated against 291 funds in the Multisector Bond category.

The Morningstar Rating™ 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 Rating™ 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.
©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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 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 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 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

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 03/31/2019
Total Fund Net Assets as of 03/31/2019 $695,113,674
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 03/31/2019 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 1.92% 2.94% 2.94% 4.48% 2.03% 2.74% 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.
as of 03/31/2019 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 4.48% 2.03% 2.74% 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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Morningstar Rating™

Portfolio

as of 03/31/2019
Number of Holdings
111
as of 03/31/2019
Composition % of Portfolio
Preferred Equities 44.7
U.S. Treasury 15.4
Structured Products 12.2
Closed-End Funds 11.9
Corporate Bonds Investment Grade 6.2
Common Equity 5.3
Cash Equivalents 4.5
Corporate Bonds Non-Investment Grade 0.6
Municipal 0.0
Derivatives -0.7
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 03/31/2019
Sector % of Portfolio
U.S. Treasury 44.7
Structured Products 35.5
Corporates 19.8
Other 0.0
Municipal 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 03/31/2019
Security Description % of Portfolio
U.S. Treasury N/B 1.63% 06/30/19 8.0
U.S. Treasury N/B 1.38% 12/15/19 6.1
Citigroup Inc. 5.88% 02/29/20 5.4
JPMorgan Chase & Co. 5.30% 12/29/49 5.3
Goldman Sachs Group Inc. 5.38% 12/31/49 4.7
Metlife Inc. 5.25% 12/29/49 3.5
Hess Corp 3.1
Morgan Stanley 5.55% 12/29/49 2.7
Wells Fargo Co. 6.38% 03/15/67 2.5
Nuveen Credit Strategies Income Fund 1.9
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 03/31/2019
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ALLIANZGI CONVER US 115,879 24.26 2,811,225 0.40
AMERICAN CREDIT ACCEPTANCE REC 2.92% 08/12/2021 US 625,113 99.99 625,060 0.00
AMERICAN EXPRESS 4.90% 03/15/2020 US 8,905,000 99.46 8,856,468 1.27
AMERICAN EXPRESS 5.20% 06/29/2049 US 8,090,000 100.50 8,130,450 1.17
AMERICAN HOME MORTGAGE INVESTM 4.69% 02/25/2045 US 1,006,242 101.37 1,020,006 --
AMERICAN HOMES 4 RENT 3.79% 10/17/2036 US 3,892,675 102.77 4,000,355 0.58
AMERICREDIT AUTOMOBILE RECEIVA 2.30% 03/08/2021 US 5,800,270 99.93 5,795,978 --
ANADARKO PETRO 10/10/2036 US 2,909,000 44.38 1,290,989 0.19
ANDEAVOR LOGISTI 6.88% 02/15/2056 US 10,484,000 100.50 10,536,420 1.52
ANNALY CAPITAL US 110,646 25.61 2,833,644 0.41
APOLLO MANAGEME US 146,181 24.82 3,628,212 0.52
ARES MGMT US 475,764 26.20 12,465,017 1.79
BANK OF AMER CRP US 99,162 25.55 2,533,589 0.36
BANK OF AMER CRP 5.13% 07/05/2019 US 6,057,000 99.65 6,035,725 0.87
BARCLAYS PLC 8.00% 06/15/2024 GB 10,307,000 102.25 10,538,908 1.52
BEAR STEARNS ALT-A TRUST 3.42% 01/25/2035 US 4,245,729 99.66 4,231,281 0.61
BEAR STEARNS ASSET BACKED SECU 5.75% 01/25/2034 US 91,249 100.71 91,900 0.00
BLACKROCK CORP HI YLD US 522,450 10.26 5,360,337 0.77
BLACKROCK MUNICIPAL INC TRST US 297,178 13.48 4,005,959 0.58
BLACKROCK MUNIHOLDINGS NY QU US 246,018 12.92 3,178,307 0.46
BLACKROCK MUNIVEST FUND US 641,743 9.01 5,782,104 0.83
BLACKROCK MUNIYIELD QUALITY US 333,377 12.93 4,310,565 0.62
CARDS II TRUST 2.85% 04/18/2022 CA 10,174,000 100.00 10,173,999 1.46
CARLYLE GROUP/THE US 650,000 18.28 11,882,000 1.71
CITIGROUP CAP US 67,812 27.35 1,854,658 0.27
CITIGROUP INC 5.88% 02/29/2020 US 37,653,000 101.00 38,029,530 5.47
CITIGROUP INC 5.95% 12/29/2049 US 3,895,000 101.00 3,933,950 0.57
CITIGROUP MORTGAGE LOAN TRUST 3.00% 09/25/2064 US 5,700,892 99.00 5,643,657 --
CITIZENS FIN GRP US 327,909 26.25 8,607,611 1.24
CITIZENS FIN GRP 5.50% 12/29/2049 US 5,187,000 101.00 5,238,870 0.75
CONSECO FINANCIAL CORP 6.87% 04/01/2030 US 314,980 104.35 328,681 0.05
DIGITAL REALTY US 390,664 24.98 9,758,787 1.40
DOMTAR CORP 6.25% 09/01/2042 US 1,750,000 101.74 1,780,465 0.26
DRIVE AUTO RECEIVABLES TRUST 2.75% 09/15/2023 US 1,271,648 99.95 1,271,009 0.00
DT AUTO OWNER TRUST 2.40% 05/17/2021 US 1,616,920 99.95 1,616,097 0.23
DT AUTO OWNER TRUST 2.59% 05/17/2021 US 257,003 99.96 256,893 0.04
DT AUTO OWNER TRUST 3.03% 01/17/2023 US 205,403 100.01 205,416 0.03
DT AUTO OWNER TRUST 3.08% 09/15/2022 US 154,935 100.08 155,064 0.02
DUKE ENERGY COR US 171,920 25.47 4,378,802 0.63
EATON VANCE MUNICIPAL BOND F US 291,012 12.40 3,608,549 0.52
ENERGY TRANSFER US 188,000 24.62 4,628,560 0.67
ENERGY TRANSFER US 160,099 25.50 4,082,525 0.59
ENERGY TRANSFER PARTNERS 6.25% 08/15/2049 US 8,192,000 94.50 7,741,440 1.11
ENTERGY ARKANSAS US 17,885 25.27 451,954 0.07
ENTERGY ARKANSAS US 23,622 25.36 599,054 0.09
ENTERGY LA LLC US 47,321 25.03 1,184,445 0.17
FLAGSHIP CREDIT AUTO TRUST 2.43% 06/15/2021 US 634,825 99.90 634,178 0.09
FORD MOTOR CRED 5.09% 01/07/2021 US 8,408,000 101.81 8,560,353 1.23
GENERAL MOTORS C 3.50% 09/10/2021 US 610,000 99.18 605,016 0.09
GMAC CAP TR I US 68,197 26.04 1,775,850 0.26
GNR 2012-147 IO 0.56% 04/16/2054 US 7,378,179 3.41 251,904 0.04
GNR 2016-110 IO 1.03% 05/16/2058 US 33,203,162 7.76 2,576,369 0.37
GNR 2016-158 IO 0.91% 06/16/2058 US 38,422,909 7.21 2,770,253 0.40
GNR 2016-34 IO 0.99% 01/16/2058 US 70,305,748 7.72 5,425,530 0.78
GNR 2016-35 IO 0.89% 03/16/2058 US 62,630,655 6.93 4,339,033 0.62
GNR 2016-50 IO 1.04% 08/16/2057 US 65,753,846 7.47 4,912,286 0.71
GNR 2016-52 IO 0.93% 03/16/2058 US 46,676,584 6.97 3,252,093 0.47
GNR 2016-64 IO 0.96% 12/16/2057 US 65,014,814 6.91 4,494,611 0.65
GNR 2016-67 IO 1.17% 07/16/2057 US 58,090,794 8.03 4,663,912 0.67
GNR 2017-76 IO 0.95% 12/16/2056 US 42,395,490 7.50 3,179,272 0.46
GNR 2017-94 IO 0.66% 02/16/2059 US 48,413,198 5.97 2,892,045 0.42
GOLDMAN SACHS GP 5.38% 12/31/2049 US 32,568,000 100.88 32,852,970 4.73
GOVERNMENT NATIONAL MORTGAGE A 4.50% 10/16/2037 US 2,109 0.04 1 0.00
GSR MORTGAGE LOAN TRUST 4.33% 07/25/2035 US 942,740 100.77 950,006 0.14
HARTFORD FINL US 329,117 28.39 9,343,632 1.34
HESS CORP US 362,514 60.23 21,834,218 3.14
INVESCO MUNICIPAL OPPORTUNI US 446,018 11.93 5,320,995 0.77
INVESCO MUNICIPAL TRUST US 456,469 12.05 5,500,451 0.79
INVESCO TRUST FOR INVESTMEN US 351,510 12.39 4,355,209 0.63
INVESCO VAN KAMPEN SENIOR IN US 1,864,133 4.20 7,829,359 1.13
JPMORGAN CHASE 5.30% 12/29/2049 US 37,081,000 101.05 37,470,351 5.39
JPMORGAN CHASE 6.22% 04/30/2059 US 8,686,000 100.50 8,729,430 1.26
KIMCO REALTY US 255,747 23.30 5,958,905 0.86
LCM LTD 2019-30 20310421 FLT 04/21/2031 US 1,000,000 100.00 1,000,000 --
MERRILL LYNCH MORTGAGE INVESTO 4.65% 12/25/2032 US 6,288 100.38 6,312 0.00
METLIFE INC 5.25% 12/29/2049 US 24,539,000 100.83 24,743,655 3.56
METLIFE SECURITIZATION TRUST 3.00% 04/25/2055 US 4,878,192 99.04 4,831,258 0.00
MID-STATE TRUST 7.08% 01/15/2040 US 501,782 111.25 558,224 0.08
MORGAN STANLEY 5.45% 12/29/2049 US 9,993,000 100.25 10,017,983 1.44
MORGAN STANLEY 5.55% 12/29/2049 US 18,452,000 101.76 18,776,755 2.70
MORGAN STANLEY MORTGAGE LOAN T 3.24% 09/25/2035 US 4,544,491 99.88 4,539,143 --
MORGAN STANLEY MORTGAGE LOAN T 4.49% 09/25/2034 US 268,768 101.42 272,581 --
NEUBERGER BERMAN 4.88% 04/15/2045 US 5,863,000 90.62 5,313,284 0.76
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 03/25/2057 US 3,225,260 102.19 3,295,973 --
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 12/25/2057 US 4,972,665 102.07 5,075,569 --
NUVEEN CREDIT STRAT INC FD US 1,695,266 7.73 13,104,406 1.89
NUVEEN QUAL MUNI INCOME FD US 488,047 13.57 6,622,798 0.95
OAKTREE CAPITAL US 41,907 24.86 1,041,808 0.15
PARK PLACE SECURITIES INC 3.61% 12/25/2034 US 182,246 100.01 182,261 0.03
PARTNERRE LTD BM 2,558 27.07 69,245 0.01
RESIDENTIAL ACCREDIT LOANS IN 5.00% 05/25/2019 US 14,470 99.57 14,408 0.00
SANTANDER DRIVE AUTO RECEIVABL 2.10% 06/15/2021 US 6,895,148 99.91 6,888,965 --
SANTANDER DRIVE AUTO RECEIVABL 3.09% 04/15/2022 US 6,312,697 100.06 6,316,578 --
SEASPAN CORP HK 160,689 25.32 4,068,645 0.59
SEQUOIA MORTGAGE TRUST 3.50% 07/25/2043 US 4,966,956 99.88 4,961,166 0.71
STIFEL FINANCIAL US 117,906 24.12 2,843,893 0.41
SWISS RE FIN 5.00% 04/02/2049 LU 1,242,000 101.24 1,257,346 0.18
TOWD POINT MORTGAGE TRUST 2.75% 10/25/2057 US 7,083,336 98.16 6,952,994 1.00
TOWD POINT MORTGAGE TRUST 3.50% 02/25/2055 US 5,900,000 100.32 5,918,952 0.80
UBER TECHNOLOGIE 8.00% 11/01/2026 US 1,205,000 106.38 1,281,819 0.18
US TREASURY N/B 1.38% 12/15/2019 US 43,574,000 99.26 43,250,599 6.22
US TREASURY N/B 1.63% 06/30/2019 US 56,465,000 99.78 56,339,277 8.11
VALLEY NATL BANC US 179,832 24.94 4,485,010 0.65
VODAFONE GROUP 7.00% 04/04/2079 GB 8,021,000 101.47 8,139,240 1.17
VORNADO RLTY TST US 48,886 23.45 1,146,377 0.16
WACHOVIA STUDENT LOAN TRUST 2.89% 07/26/2027 US 24,116 99.99 24,114 0.00
WELLS FARGO CO 6.38% 03/15/2067 US 17,427,000 100.63 17,535,919 2.52
WELLS FARGO MORTGAGE BACKED SE 4.83% 11/25/2034 US 99,111 101.88 100,973 --
WESTERN ASSET HI INC OPPORT US 1,045,179 4.83 5,048,215 0.73
WYNDHAM WORLDWID 5.75% 04/01/2027 US 2,674,000 99.19 2,652,341 0.38
US ULTRA BOND CBT JUN19 06/28/2019 US -254 168.00 -1,580,368 -0.23
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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