Touchstone Flexible Income Fund

Touchstone Flexible Income Fund

Daily NAV
$
Overall Morningstar RatingTM
Multisector Bond

Morningstar

Overall Morningstar RatingTM is calculated against 292 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 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 12/31/2018
Total Fund Net Assets as of 12/31/2018 $738,465,695
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 01/31/2019 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 1.06% 3.53% 1.06% 2.25% 1.95% 2.44% 3.68% --
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 12/31/2018 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 0.01% 2.06% 2.52% 3.48% --
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 12/31/2018
Number of Holdings
150
as of 12/31/2018
Composition % of Portfolio
Preferred Equity 45.8
Structured Products 18.8
U.S. Treasury 17.4
Corporate Bonds Investment Grade 9.9
Corporate Bonds Non-Investment Grade 7.0
Municipals 1.1
Derivatives -0.1
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 12/31/2018
Sector % of Portfolio
Structured Products 39.6
U.S. Treasury 36.8
Corporates 23.6
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 01/31/2019
Security Description % of Portfolio
US TREASURY N/B 1.63% 06/30/2019 11.4
CITIGROUP INC 5.88% 02/29/2020 6.0
JPMORGAN CHASE 5.30% 12/29/2049 5.7
GOLDMAN SACHS GP 5.38% 12/31/2049 5.0
METLIFE INC 5.25% 12/29/2049 3.7
HESS CORP 3.2
MORGAN STANLEY 5.55% 12/29/2049 2.8
WELLS FARGO CO 6.56% 03/15/2067 2.3
ARES MGMT 2.1
CATLIN INSURANCE 5.74% 07/29/2049 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 12/31/2018
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
AERCAP GLOBAL 6.50% 06/15/2045 US 4,300,000 96.00 4,128,000 0.56
AGNC INVESTMENT US 8,825 25.28 223,096 0.03
ALLIANZGI CONVER US 17,984 23.58 424,063 0.06
AMERICAN EXPRESS 4.90% 03/15/2020 US 1,019,000 95.75 975,693 0.13
AMERICAN EXPRESS 5.20% 06/29/2049 US 1,657,000 98.50 1,632,145 0.22
AMERICAN HOME MORTGAGE INVESTM 4.80% 02/25/2045 US 1,123,590 100.98 1,134,587 --
AMERICAN HOMES 4 RENT 3.79% 10/17/2036 US 3,909,866 100.89 3,944,794 0.53
ANADARKO PETRO 10/10/2036 US 2,909,000 41.70 1,213,196 0.16
ANDEAVOR LOGISTI 6.88% 02/15/2056 US 10,484,000 89.00 9,330,760 1.26
ANNALY CAPITAL US 46,738 24.76 1,157,233 0.16
APOLLO MANAGEME US 127,639 22.50 2,871,878 0.39
ARES MGMT US 64,669 26.02 1,682,687 0.23
ASSURANT INC 7.00% 03/27/2048 US 10,460,000 95.00 9,937,000 1.35
AUST & NZ BK/UK 6.75% 12/29/2049 AU 12,600,000 98.13 12,363,750 1.67
BANCO SANTANDER 6.38% 08/19/2056 ES 16,200,000 95.53 15,475,633 2.10
BANK OF AMER CRP 5.88% 09/15/2066 US 2,400,000 91.00 2,184,000 0.30
BARCLAYS PLC 7.75% 12/15/2066 GB 4,500,000 96.19 4,328,640 0.59
BEAR STEARNS ALT-A TRUST 3.44% 01/25/2035 US 4,245,729 99.15 4,209,810 0.57
BEAR STEARNS ASSET BACKED SECU 5.75% 01/25/2034 US 93,133 99.54 92,705 0.00
BERKLEY (WR) US 80,612 22.42 1,807,321 0.24
BLACKROCK CORPORATE HIGH YIE US 126,043 9.28 1,169,679 0.16
BLACKROCK MUNICIPAL INC TRST US 89,617 12.19 1,092,431 0.15
BLACKROCK MUNIHOLDINGS NY QU US 66,378 11.98 795,208 0.11
BLACKROCK MUNIVEST FUND US 83,384 8.26 688,752 0.09
BLACKROCK MUNIYIELD QUALITY US 89,132 12.05 1,074,041 0.15
BLOCK FINANCIAL 4.13% 10/01/2020 US 172,000 100.83 173,427 0.02
BNP PARIBAS 6.75% 12/29/2049 FR 5,450,000 97.50 5,313,750 0.72
CATLIN INSURANCE 5.42% 07/29/2049 BM 12,197,000 93.60 11,416,392 1.55
CAZENOVIA CREEK FUNDING LLC 3.56% 07/15/2030 US 9,244,609 100.06 9,250,592 1.00
CHARLES SCHWAB 4.63% 12/29/2049 US 5,780,000 91.50 5,288,700 0.72
CHIMERA INVSTMNT US 200,875 25.55 5,132,356 0.70
CHS INC US 82,241 24.06 1,978,718 0.27
CIT GROUP INC 5.80% 06/15/2022 US 216,000 90.50 195,480 0.03
CITIGROUP CAP US 79,558 26.43 2,102,718 0.28
CITIGROUP INC 5.88% 02/29/2020 US 9,012,000 96.50 8,696,580 1.18
CITIGROUP INC 5.95% 12/29/2049 US 1,965,000 96.50 1,896,225 0.26
CITIGROUP MORTGAGE LOAN TRUST 3.00% 09/25/2064 US 5,798,948 99.17 5,750,561 --
CITIZENS FIN GRP 5.50% 12/29/2049 US 965,000 98.75 952,938 0.13
CITIZENS FIN GRP 6.38% 01/06/2027 US 4,250,000 93.50 3,973,750 0.54
CNH INDUSTRIAL C 4.38% 11/06/2020 US 108,000 100.55 108,594 0.01
COBANK ACB US 59,650 100.00 5,965,000 0.81
CONSECO FINANCIAL CORP 6.87% 04/01/2030 US 343,368 104.69 359,473 0.05
COUNTRYWIDE ASSET-BACKED CERTI 3.56% 01/25/2035 US 1,192,994 100.19 1,195,285 --
CRED AGRICOLE SA 8.13% 12/29/2049 FR 4,000,000 102.75 4,110,000 0.56
CREDIT SUISSE 7.25% 03/12/2067 CH 2,500,000 94.34 2,358,375 0.32
CRH AMERICA FIN 3.40% 05/09/2027 US 6,760,000 91.80 6,205,896 0.84
DAI-ICHI LIFE 7.25% 07/25/2056 JP 3,630,000 106.00 3,847,800 0.52
DIGITAL REALTY US 55,778 25.21 1,406,163 0.19
DOMTAR CORP 6.25% 09/01/2042 US 1,750,000 97.89 1,712,994 0.23
DUKE REALTY 3.25% 06/30/2026 US 6,100,000 95.11 5,801,698 0.79
EATON VANCE MUNICIPAL BOND F US 86,613 11.29 977,861 0.13
ELEC DE FRANCE 3.63% 10/13/2025 FR 377,000 96.39 363,387 0.05
ENERGY TRANSFER US 188,000 22.01 4,137,880 0.56
ENERGY TRANSFER US 154,293 22.92 3,536,396 0.48
ENERGY TRANSFER PARTNERS 6.25% 08/15/2049 US 8,192,000 83.69 6,855,680 0.93
ENTERGY ARKANSAS US 17,885 22.16 396,332 0.05
ENTERGY ARKANSAS US 16,603 22.63 375,726 0.05
ENTERGY LA LLC US 47,321 23.06 1,091,222 0.15
FPL GROUP CAPTL 4.46% 10/01/2066 US 1,300,000 82.50 1,072,500 0.15
FPL GROUP CAPTL 4.91% 06/15/2067 US 2,700,000 82.22 2,219,848 0.30
FREDDIE MAC 2.38% 01/13/2022 US 1,500,000 99.60 1,494,027 0.20
GEN ELECTRIC CO 5.00% 12/29/2049 US 7,143,000 76.50 5,464,395 0.74
GENERAL MOTORS C 3.67% 09/10/2021 US 486,000 97.23 472,527 0.06
GMAC CAP TR I US 44,622 25.35 1,131,168 0.15
GNR 2012-147 IO 0.56% 04/16/2054 US 7,417,977 3.44 255,203 0.03
GNR 2016-110 IO 1.03% 05/16/2058 US 33,338,821 7.40 2,466,139 0.33
GNR 2016-158 IO 0.91% 06/16/2058 US 38,581,199 7.41 2,858,334 0.39
GNR 2016-34 IO 0.99% 01/16/2058 US 71,976,495 7.66 5,511,456 0.75
GNR 2016-35 IO 0.89% 03/16/2058 US 62,924,080 6.88 4,331,209 0.59
GNR 2016-50 IO 1.04% 08/16/2057 US 66,190,136 7.47 4,945,502 0.67
GNR 2016-52 IO 0.93% 03/16/2058 US 46,876,049 6.51 3,050,046 0.41
GNR 2016-64 IO 0.96% 12/16/2057 US 65,536,442 7.09 4,646,698 0.63
GNR 2016-67 IO 1.17% 07/16/2057 US 58,480,162 8.03 4,693,723 0.64
GNR 2017-76 IO 0.95% 12/16/2056 US 42,582,090 7.59 3,233,974 0.44
GNR 2017-94 IO 0.66% 02/16/2059 US 50,168,463 6.05 3,036,933 0.41
GOLDMAN SACHS GP 5.00% 05/10/2066 US 6,000,000 83.74 5,024,400 0.68
GOLDMAN SACHS GP 5.38% 12/31/2049 US 5,103,000 96.63 4,930,876 0.67
GOLDMAN SACHS GP 5.70% 12/29/2049 US 925,000 97.51 901,968 0.12
GOVERNMENT NATIONAL MORTGAGE A 4.50% 10/16/2037 US 79,612 0.09 70 0.00
GSR MORTGAGE LOAN TRUST 4.33% 07/25/2035 US 1,034,834 100.33 1,038,250 0.14
HARTFORD FINL US 327,293 27.35 8,951,464 1.21
HESS CORP US 332,247 49.65 16,496,064 2.23
HOME EQUITY ASSET TRUST 3.15% 08/25/2035 US 4,230,949 100.68 4,259,623 0.58
HSBC HOLDINGS 6.25% 09/23/2066 GB 2,400,000 93.75 2,250,000 0.30
HSBC HOLDINGS 6.38% 03/29/2049 GB 9,550,000 96.00 9,168,000 1.24
ING GROEP NV 6.00% 12/31/2049 NL 16,850,000 97.14 16,368,090 2.22
INVESCO MUNICIPAL OPPORTUNI US 94,907 11.18 1,061,060 0.14
INVESCO MUNICIPAL TRUST US 78,194 11.14 871,081 0.12
INVESCO TRUST FOR INVESTMEN US 50,260 11.48 576,985 0.08
INVESCO VAN KAMPEN SENIOR IN US 286,007 3.91 1,118,287 0.15
ISHARES IBOXX HIGH YLD CORP US 436,486 81.10 35,399,015 4.79
ISHARES US PREFERRED STOCK E US 1,331,521 34.23 45,577,964 6.17
JP MORGAN MORTGAGE TRUST 3.00% 06/25/2029 US 4,672,049 99.29 4,639,018 0.63
JPMORGAN CHASE 5.30% 12/29/2049 US 13,778,000 98.75 13,605,775 1.84
JPMORGAN CHASE 5.99% 04/30/2059 US 4,139,000 98.63 4,082,089 0.55
KIMCO REALTY US 145,070 20.45 2,966,682 0.40
LENNAR CORP 5.25% 06/01/2026 US 3,180,000 94.25 2,997,150 0.41
LINCOLN NATL CRP 5.00% 05/17/2066 US 3,998,000 81.88 3,273,363 0.44
LLOYDS BK GR PLC 7.50% 04/30/2049 GB 12,550,000 96.48 12,108,240 1.64
MERRILL LYNCH MORTGAGE INVESTO 2.82% 08/25/2036 US 6,700,000 99.83 6,688,682 --
MERRILL LYNCH MORTGAGE INVESTO 4.74% 12/25/2032 US 6,367 99.90 6,360 0.00
METLIFE INC 5.25% 12/29/2049 US 17,199,000 96.10 16,528,239 2.24
METLIFE SECURITIZATION TRUST 3.00% 04/25/2055 US 5,029,757 98.42 4,950,214 --
MID-STATE TRUST 7.08% 01/15/2040 US 518,967 111.05 576,313 0.08
MORGAN STANLEY 5.45% 12/29/2049 US 4,336,000 97.26 4,217,280 0.57
MORGAN STANLEY 5.55% 12/29/2049 US 4,703,000 97.05 4,564,262 0.62
MORGAN STANLEY MORTGAGE LOAN T 3.01% 09/25/2035 US 4,547,000 99.48 4,523,509 --
MORGAN STANLEY MORTGAGE LOAN T 4.35% 09/25/2034 US 273,080 102.24 279,187 --
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 03/25/2057 US 3,356,300 100.92 3,387,275 --
NEW RESIDENTIAL MORTGAGE LOAN 4.00% 12/25/2057 US 5,184,698 100.51 5,211,019 --
NEWCASTLE MORTGAGE SECURITIES 2.88% 03/25/2036 US 4,815,000 99.15 4,774,299 --
NOMURA HOME EQUITY LOAN INC 3.24% 05/25/2035 US 5,026,753 100.12 5,032,987 --
NUVEEN CREDIT STRAT INC FD US 690,690 7.40 5,111,106 0.69
NUVEEN QUAL MUNI INCOME FD US 97,728 12.54 1,225,509 0.17
PARK PLACE SECURITIES INC 3.63% 12/25/2034 US 945,799 100.02 946,030 0.13
PARTNERRE LTD BM 1,169 25.19 29,447 0.00
POPULAR ABS MORTGAGE PASS-THRO 3.19% 09/25/2034 US 2,966,557 99.16 2,941,518 --
PP&L CAPITAL FDG 5.47% 03/30/2067 US 2,234,000 86.50 1,932,410 0.26
PRINCIPAL FINL 4.70% 05/15/2055 US 3,435,000 94.88 3,258,956 0.44
QBE INSURANCE GROUP LTD 5.875% 5.88% 06/17/2046 AU 1,100,000 94.89 1,043,744 --
REINSURANCE GRP 5.45% 12/15/2065 US 13,326,000 88.00 11,726,880 1.59
RESIDENTIAL ACCREDIT LOANS IN 5.00% 05/25/2019 US 20,717 99.43 20,600 0.00
RESIDENTIAL ASSET MORTGAGE PRO 3.20% 10/25/2035 US 2,335,000 98.23 2,293,579 --
RETAIL OPPORTUNI 5.00% 12/15/2023 US 1,400,000 100.40 1,405,655 0.19
ROYAL BK SCOTLND 7.50% 12/29/2049 GB 14,365,000 99.00 14,221,350 1.93
SEASPAN CORP HK 160,689 25.31 4,067,039 0.55
SEQUOIA MORTGAGE TRUST 3.50% 07/25/2043 US 5,026,514 99.35 4,993,636 0.68
SOCIETE GENERALE 7.38% 04/04/2067 FR 8,000,000 93.13 7,450,000 1.01
SOCIETE GENERALE 7.38% 12/29/2049 FR 6,825,000 97.38 6,645,844 0.90
STANLEY BLACK 5.75% 12/15/2053 US 320,000 99.50 318,400 0.04
TAX EASE FUNDING LLC 3.13% 06/15/2028 US 1,952,377 99.78 1,948,137 0.26
TLF NATIONAL TAX LIEN TRUST 3.09% 12/15/2029 US 6,176,434 99.73 6,159,855 0.00
TLF NATIONAL TAX LIEN TRUST 3.84% 12/15/2029 US 713,721 100.00 713,713 0.00
TOLL BR FIN CORP 4.38% 04/15/2023 US 5,365,000 93.75 5,029,688 0.68
TOWD POINT MORTGAGE TRUST 2.75% 10/25/2057 US 7,329,664 97.67 7,159,174 0.90
TOWD POINT MORTGAGE TRUST 3.50% 02/25/2055 US 5,900,000 99.03 5,842,503 0.70
TWO HARBORS US 120,000 24.82 2,978,400 0.40
UBS GROUP FUNDIN 6.88% 03/22/2021 CH 3,800,000 100.00 3,800,000 0.51
UBS GROUP FUNDIN 7.13% 12/29/2049 CH 5,000,000 100.25 5,012,500 0.68
US BANCORP 5.13% 12/29/2049 US 5,245,000 99.00 5,192,550 0.70
US TREASURY N/B 1.63% 06/30/2019 US 134,565,000 99.55 133,955,252 18.14
VALLEY NATL BANC US 38,994 22.26 868,006 0.12
VIACOM INC 5.88% 02/28/2057 US 6,500,000 90.75 5,898,701 0.80
VORNADO RLTY TST US 43,213 20.55 888,027 0.12
WELLS FARGO CO 7.98% 03/29/2049 US 1,813,000 99.38 1,801,669 0.24
WELLS FARGO HOME EQUITY TRUST 2.97% 12/25/2035 US 885,886 99.96 885,520 0.00
WELLS FARGO MORTGAGE BACKED SE 4.83% 11/25/2034 US 103,322 102.11 105,497 --
WESTERN ASSET HI INC OPPORT US 229,609 4.38 1,005,687 0.14
WISCONSIN ENERGY 4.73% 05/15/2067 US 4,001,000 81.59 3,264,456 0.44
US ULTRA BOND CBT MAR19 03/26/2019 US -507 160.66 -940,942 -0.13
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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