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Touchstone Credit Opportunities Fund

Touchstone Credit Opportunities Fund

Daily NAV
$
Overall Morningstar Rating™
Nontraditional Bond

Morningstar

Overall Morningstar Rating™ is calculated against 278 funds in the Nontraditional 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 Ares Capital Management II LLC*

Objective

The fund seeks absolute total return, primarily from income and capital appreciation by investing primarily in global debt securities.

Credit Opportunities Fund Commentary

Investment Style

  • Employs flexibility by allocating assets among core investments and opportunistic investments as market conditions change
  • Identifies companies and securities that are believed to offer attractive relative values when compared to their fundamental credit risk
  • Actively hedges portfolio risks, including credit, interest rate, and currency, in an effort to preserve capital
  • Consists of several broad investment categories, including high yield bonds, bank loans, special situations, structured credit and hedges
A WORD ABOUT RISK

Certain Touchstone funds-of-funds may invest in the Fund. Purchases, redemptions, and underlying allocations may require the Fund to take actions when it otherwise would not do so. This could adversely affect performance. 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 non-investment grade debt securities, distressed securities and corporate loans which are considered speculative with respect to the issuers’ ability to make timely payments of interest and principal, may lack liquidity and have more frequent and larger price changes than other debt securities. There is a high risk that the Fund could suffer losses from investments in non-investment grade debt securities caused by the default of an issuer. The Fund invests in Collateralized Loan Obligations (CLOs) that have risks that largely depend on the type of underlying collateral and risks may include illiquidity, limited active market, the possibility that distributions from collateral securities will be insufficient to make interest or other payments, the potential for a decline in the quality of the collateral, and can bear the risk of default by the loans. The Fund invests in convertible securities which are subject to the risks of both debt securities and equity securities. The Fund invests in equities which are subject to market volatility and loss. 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 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 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 is involved in short selling which may result in additional costs associated with covering short positions and a possibility of unlimited loss. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in the securities of a limited number of issuers and may be subject to greater risks. Current and future portfolio holdings are subject to risk. The Advisor engages a sub-advisor to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-advisor who achieves superior investment returns relative to other similar sub-advisors.

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 03/31/2019
Total Fund Net Assets as of 03/31/2019 $58,001,125
Asset Class Multi-Asset / Alternative, Income
Morningstar Category Nontraditional Bond
Benchmark ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
Distribution Frequency Quarterly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 10/30/2018

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Credit Opportunities Fund -
HISTORICAL DAILY NAV
as of 04/30/2019
1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Credit Opportunities Fund -
Including Sales Charge
Touchstone Credit Opportunities Fund -
Excluding Sales Charge
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.19% 0.59% 0.79% 2.18% 1.25% 0.78% 0.45% --
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 U.S. Equity, International/Global Equity and Multi-Asset/Alternative Investment Funds excluding Touchstone Flexible Income Fund is 5.00%.
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.
as of 03/31/2019
1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Credit Opportunities Fund -
Including Sales Charge
Touchstone Credit Opportunities Fund -
Excluding Sales Charge
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 2.12% 1.19% 0.74% 0.43% --
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 U.S. Equity, International/Global Equity and Multi-Asset/Alternative Investment Funds excluding Touchstone Flexible Income Fund is 5.00%.
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.

Consider Touchstone Credit Opportunities Fund for Your Portfolio

Investing primarily in global debt securities, Touchstone Credit Opportunities Fund allocates assets among core investments and opportunistic investments as market conditions change. It seeks absolute total return, primarily from income and capital appreciation.
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Morningstar Rating™

Portfolio

as of 03/31/2019
Number of Long Holdings
256
Number of Short Holdings
5
as of 03/31/2019
Composition % of Portfolio
Bonds 73.9
Bank Loans 15.3
Special Situations 4.0
Collateralized Loan Obligations Equity 2.8
Collateralized Loan Obligations Debt 2.1
Cash Equivalents 1.4
Equities 0.6
Closed end Funds 0.0
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 03/31/2019
Credit Quality % of Portfolio
BBB/Baa 1.8
BB/Ba 42.4
B/B 39.5
CCC 9.2
C or Lower 0.1
Not Rated 5.6
Cash Equivalents 1.4
Data may not total due to rounding. The ratings agencies that provided the ratings are Standard & Poor's and Moody's Investors Service. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. Where no rating has been assigned, it could be for reasons unrelated to the creditworthiness of the issuer. The credit quality ratings apply only to the credit worthiness of the issuers of the underlying securities and not the fund or its shares.  Ratings are subject to change.  
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 04/30/2019
Security Description % of Portfolio
SABRE GLBL INC 5.25% 11/15/2023 1.3
IRB HOLDING CORP 6.75% 02/15/2026 1.1
BLUE RACER MID/F 6.13% 11/15/2022 1.1
SIX FLAGS ENT 4.88% 07/31/2024 1.0
NCR CORP 5.00% 07/15/2022 0.9
ESH HOSPITALITY 5.25% 05/01/2025 0.9
PARSLEY ENERGY 6.25% 06/01/2024 0.9
VIRGIN MEDIA SEC 5.50% 08/15/2026 0.9
CSC HOLDINGS LLC 5.38% 07/15/2023 0.9
LEVEL 3 FIN INC 5.38% 01/15/2024 0.9
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
ACADIA HEALTH 5.13% 07/01/2022 US 92,000 100.25 92,230 0.16
ACADIA HEALTH 5.63% 02/15/2023 US 320,000 100.63 322,000 0.55
ACADIA HEALTH 6.50% 03/01/2024 US 18,000 102.50 18,450 0.03
ACRISURE LLC 7.00% 11/15/2025 US 208,000 90.00 187,200 0.32
ACRISURE LLC 8.13% 02/15/2024 US 382,000 103.62 395,813 0.68
AIR MEDICAL GROUP HOLDINGS 04/28/2022 US 260,994 94.04 245,444 0.42
AIR MEDICAL MRGR 6.38% 05/15/2023 US 208,000 84.00 174,720 0.30
ALLIANT HOLDINGS 8.25% 08/01/2023 US 298,000 102.50 305,450 0.52
ALLISON TRANS 4.75% 10/01/2027 US 165,000 95.38 157,369 0.27
ALTICE LX 7.63% 02/15/2025 LU 275,000 87.75 241,313 0.41
ALTICE LX 7.75% 05/15/2022 LU 235,000 100.00 235,000 0.40
AMC NETWORKS INC 4.75% 08/01/2025 US 320,000 99.25 317,600 0.54
APPLIED SYSTEMS INC. 11/12/2025 US 42,151 100.56 42,388 0.07
AQUITY HOLDINGS INC/NEW ESCROW US 8,386 2.79 23,397 0.04
ARDAGH PKG FIN 6.00% 02/15/2025 IE 145,000 100.00 145,000 0.25
ASP AMC MERGE 8.00% 05/15/2025 US 611,000 45.00 274,950 0.47
ASURION LLC/2ND LIEN COV-LITE 07/14/2025 US 227,946 101.21 230,699 0.39
AVOLON HDGS 5.13% 10/01/2023 KY 369,000 101.75 375,458 0.64
B&G FOODS INC 5.25% 04/01/2025 US 398,000 95.88 381,583 0.65
BAUSCH HEALTH 5.75% 08/15/2027 CA 27,000 102.53 27,683 0.05
BERRY GLOBAL INC 4.50% 02/15/2026 US 345,000 95.02 327,819 0.56
BERRY PLASTICS 5.50% 05/15/2022 US 105,000 101.50 106,575 0.18
BIOSCRIP INC 8.88% 02/15/2021 US 443,000 101.00 447,430 0.76
BLOCK COMMUNICAT 6.88% 02/15/2025 US 350,000 103.63 362,688 0.62
BLUE RACER MID/F 6.13% 11/15/2022 US 619,000 101.50 628,285 1.07
BOMBARDIER INC 6.00% 10/15/2022 CA 175,000 100.88 176,531 0.30
BOMBARDIER INC 7.50% 12/01/2024 CA 289,000 103.88 300,199 0.51
BOMBARDIER INC 7.88% 04/15/2027 CA 104,000 103.16 107,281 0.18
BOYD GAMING CORP 6.38% 04/01/2026 US 139,000 103.50 143,865 0.25
BOYD GAMING CORPORATION 09/15/2023 US 108,792 99.03 107,739 0.18
BPA LABORATORIES INC TL 2L 04/29/2020 US 352,985 92.00 324,746 0.55
BROOKFIELD PROPERTY REIT INC 08/27/2025 US 404,771 96.13 389,086 0.66
BUILDERS FIRSTSOURCE INC 02/29/2024 US 279,623 96.60 270,127 0.46
BWAY HOLDING CO 5.50% 04/15/2024 US 195,000 99.28 193,596 0.33
BWAY HOLDING COMPANY 04/03/2024 US 387,247 97.43 377,276 0.64
BWX TECHNOLOGIES 5.38% 07/15/2026 US 201,000 101.50 204,015 0.35
CABLEVISION SYS 5.88% 09/15/2022 US 300,000 104.50 313,500 0.54
CAESARS RESORT COLLECTION LLC 12/23/2024 US 239,151 98.57 235,733 0.40
CALIFORNIA RESOU 8.00% 12/15/2022 US 159,000 78.53 124,863 0.21
CALIFORNIA RESOURCES CORP 2L 12/31/2021 US 155,385 105.31 163,640 0.28
CALIFORNIA RESOURCES CORP/TERM 11/14/2022 US 96,739 98.19 94,986 0.16
CARRIZO OIL&GAS 6.25% 04/15/2023 US 278,000 98.38 273,483 0.47
CCO HOLDINGS LLC 5.00% 02/01/2028 US 315,000 98.62 310,637 0.53
CCO HOLDINGS LLC 5.13% 05/01/2027 US 190,000 100.63 191,188 0.33
CD&R WATERWORKS 6.13% 08/15/2025 US 436,000 97.78 426,321 0.73
CEDAR FAIR LP/CA 5.38% 06/01/2024 US 300,000 102.12 306,357 0.52
CENTENE CORP 4.75% 01/15/2025 US 160,000 102.00 163,200 0.28
CENTENE CORP 6.13% 02/15/2024 US 95,000 104.78 99,541 0.17
CENTENNIAL RESOU 5.38% 01/15/2026 US 172,000 95.88 164,905 0.28
CENTENNIAL RESOU 6.88% 04/01/2027 US 77,000 100.98 77,755 0.13
CENTURYLINK INC 01/31/2025 US 149,370 97.94 146,290 0.25
CERIDIAN HCM HOLDING 04/30/2025 US 358,081 99.63 356,738 0.61
CITGO PETROLEUM 6.25% 08/15/2022 US 140,000 99.38 139,125 0.24
CLEARWATER SEA 6.88% 05/01/2025 CA 100,000 99.00 99,000 0.17
CNSL 07/19/19 BP10 07/20/2019 US 150 0.84 12,600 0.02
COLUMBIA/HCA 7.69% 06/15/2025 US 100,000 113.50 113,500 0.19
COMMSCOPE FINANC 5.50% 03/01/2024 US 110,000 102.28 112,507 0.19
COMMSCOPE FINANC 6.00% 03/01/2026 US 180,000 103.44 186,187 0.32
CONSTELLIUM NV 5.75% 05/15/2024 NL 214,000 99.75 213,465 0.36
CONSTELLIUM NV 5.88% 02/15/2026 NL 95,000 98.19 93,278 0.16
COTT HOLDINGS IN 5.50% 04/01/2025 CA 458,000 100.88 462,008 0.79
CROWN AMER/CAP 4.75% 02/01/2026 US 530,000 100.48 532,544 0.91
CSC HOLDINGS LLC 5.25% 06/01/2024 US 58,000 101.50 58,870 0.10
CSC HOLDINGS LLC 5.38% 07/15/2023 US 500,000 101.88 509,375 0.87
CUMULUS MEDIA 05/15/2022 US 315,024 98.16 309,215 0.53
CUMULUS MEDIA INC-CL A US 13,299 18.01 239,515 0.41
DAE FUNDING 4.50% 08/01/2022 US 30,000 100.75 30,225 0.05
DAE FUNDING 5.75% 11/15/2023 US 280,000 102.75 287,700 0.49
DELPHI JERSEY 5.00% 10/01/2025 JE 173,000 88.05 152,327 0.26
DIAMOND 1 FIN/DI 6.02% 06/15/2026 US 385,000 107.56 414,087 0.71
DIEBOLD NIXDORF INC 08/24/2022 US 135,866 105.92 143,906 0.25
DIGICEL GROUP 8.25% 09/30/2020 BM 133,000 77.00 102,409 0.17
DREYFUS-GOV C-IN US 2,564,188 1.00 2,564,188 4.38
DRYDEN SENIOR LOAN FUND 8.64% 10/15/2030 KY 250,000 95.35 238,377 0.41
DYNEGY INC 7.63% 11/01/2024 US 200,000 105.75 211,504 0.36
ENERGIZER HOLDINGS INC 06/20/2025 US 46,533 98.75 45,951 0.08
ENTERPRISE DEVEL 12.00% 07/15/2024 US 185,000 101.50 187,775 0.32
ENVIGO HOLDINGS TL 10/28/2021 US 56,406 94.50 53,304 0.09
ENVIGO LABORATORIES INC. A US 1,179 0.00 0 0.00
ENVIGO LABORATORIES INC. B US 1,890 0.00 0 0.00
EQUINOX HOLDINGS 03/08/2024 US 305,212 99.30 303,076 0.52
EQUITRANS MIDSTREAM 12/23/2023 US 87,780 100.08 87,853 0.15
ESH HOSPITALITY 5.25% 05/01/2025 US 521,000 99.33 517,525 0.88
EVERGREEN SKILLS LUX S.A.R.L. 04/28/2021 US 186,184 83.65 155,743 0.27
EXTERRAN SOL/FIN 8.13% 05/01/2025 US 345,000 102.00 351,900 0.60
EXTRACTION OIL 5.63% 02/01/2026 US 362,000 76.75 277,835 0.47
EXTRACTION OIL 7.38% 05/15/2024 US 63,000 83.50 52,605 0.09
FIRST QUAL FIN C 5.00% 07/01/2025 US 230,000 97.25 223,682 0.38
FIRST QUANTUM 6.88% 03/01/2026 CA 135,000 92.75 125,213 0.21
FIRST QUANTUM 7.25% 04/01/2023 CA 55,000 97.75 53,763 0.09
FORTERRA FINANCE LLC 10/25/2023 US 544,952 91.82 500,380 0.85
FREEPORT-MC C&G 5.45% 03/15/2043 US 105,000 87.50 91,876 0.16
FREEPORT-MCMORAN 4.00% 11/14/2021 US 109,000 100.50 109,545 0.19
FREEPORT-MCMORAN 5.40% 11/14/2034 US 150,000 91.00 136,500 0.23
FRONTIER COMM 11.00% 09/15/2025 US 230,000 65.81 151,369 0.26
FTS INTERNATIONAL INC 04/16/2021 US 35,096 99.72 34,998 0.06
FTS INTL INC 6.25% 05/01/2022 US 191,000 96.75 184,793 0.32
GARDNER DENVER INC 07/30/2024 US 199,644 99.84 199,318 0.34
GENERAL NUTRITION CENTER 12/30/2022 US 117,372 100.92 118,448 0.20
GENESYS/GREENEDE 10.00% 11/30/2024 US 290,000 109.00 316,100 0.54
GEO GROUP INC/T 5.13% 04/01/2023 US 260,000 88.75 230,750 0.39
GEO GROUP INC/T 6.00% 04/15/2026 US 95,000 83.75 79,563 0.14
GFL ENVIRON INC 5.38% 03/01/2023 CA 360,000 94.50 340,200 0.58
GO WIRELESS INC 12/22/2024 US 125,539 97.63 122,558 0.21
GOBP HOLDINGS 10/22/2025 US 173,794 98.73 171,578 0.29
GOLDEN NUGGET LLC 10/04/2023 US 441,526 98.92 436,766 0.75
GRAY TELE INC 5.13% 10/15/2024 US 285,000 100.41 286,154 0.49
GROUP 1 AUTO 5.00% 06/01/2022 US 379,000 100.25 379,948 0.65
GROUP 1 AUTO 5.25% 12/15/2023 US 31,000 100.50 31,155 0.05
GRT WRN PTRL 9.00% 09/30/2021 US 89,000 75.50 67,195 0.11
GULF FINANCE TLB 08/25/2023 US 168,133 79.38 133,455 0.23
H&E EQUIPMENT 5.63% 09/01/2025 US 249,000 99.75 248,378 0.42
H.B. FULLER CO 4.00% 02/15/2027 US 93,000 88.50 82,305 0.14
HCA INC 5.63% 09/01/2028 US 19,000 105.75 20,093 0.03
HCA INC 5.88% 02/01/2029 US 291,000 107.75 313,538 0.54
HESS INF / FIN 5.63% 02/15/2026 US 251,000 101.75 255,393 0.44
HILCORP ENERGY I 5.00% 12/01/2024 US 145,000 97.28 141,056 0.24
HILCORP ENERGY I 5.75% 10/01/2025 US 73,000 98.25 71,723 0.12
HILCORP ENERGY I 6.25% 11/01/2028 US 110,000 100.25 110,275 0.19
HILLMAN GROUP 6.38% 07/15/2022 US 465,000 89.50 416,175 0.71
HILL-ROM HLDGS 5.00% 02/15/2025 US 222,000 101.47 225,263 0.38
HUB INTERNATIONAL LTD 04/25/2025 US 133,494 96.58 128,933 0.22
INFOBLOX INC TL 11/07/2023 US 103,615 99.47 103,065 0.18
INMARSAT FINANCE 4.88% 05/15/2022 GB 164,000 101.52 166,493 0.28
INMARSAT FINANCE 6.50% 10/01/2024 GB 240,000 105.00 252,000 0.43
INTELSAT JACKSON 5.50% 08/01/2023 LU 450,000 88.75 399,375 0.68
INTELSAT JACKSON 8.00% 02/15/2024 LU 120,000 104.25 125,100 0.21
IQVIA INC 5.00% 10/15/2026 US 250,000 102.31 255,783 0.44
IRB HOLDING CORP 02/05/2025 US 226,639 97.38 220,690 0.38
IRB HOLDING CORP 6.75% 02/15/2026 US 660,000 94.00 620,400 1.06
IRON MOUNTAIN 5.25% 03/15/2028 US 351,000 96.63 339,154 0.58
IRON MOUNTAIN INFO MGMT 06/05/2023 US 191,138 97.25 185,881 0.32
JBS USA LUX S.A. 10/30/2022 US 219,440 99.21 217,713 0.37
JELD-WEN INC./TERM LOAN B 12/31/2024 US 125,435 98.21 123,187 0.21
JELD-WEN INC 4.63% 12/15/2025 US 33,000 95.00 31,350 0.05
JELD-WEN INC 4.88% 12/15/2027 US 359,000 94.25 338,358 0.58
KFC HLD/PIZZA HU 5.25% 06/01/2026 US 105,000 100.94 105,984 0.18
KRATON POLYMERS 7.00% 04/15/2025 US 173,000 101.00 174,730 0.30
L BRANDS INC 6.75% 07/01/2036 US 120,000 84.00 100,800 0.17
L BRANDS INC 6.88% 11/01/2035 US 140,000 86.38 120,925 0.21
LCM LTD 2019-30 04/21/2031 KY 250,000 100.00 250,000 0.43
LEE ENTERPRISES 9.50% 03/15/2022 US 192,000 102.13 196,080 0.33
LEVEL 3 FIN INC 5.25% 03/15/2026 US 215,000 99.75 214,463 0.37
LEVEL 3 FIN INC 5.38% 01/15/2024 US 500,000 101.86 509,300 0.87
LIVE NATION ENT 4.88% 11/01/2024 US 300,000 100.63 301,875 0.52
LIVE NATION ENT 5.63% 03/15/2026 US 80,000 103.25 82,600 0.14
MA FINANCECO LLC 11/19/2021 US 325,000 97.50 316,875 0.54
MADISON PARK FUNDING LTD 01/23/2048 KY 250,000 94.07 235,164 0.40
MADISON PARK FUNDING LTD 04/25/2031 KY 250,000 99.00 247,500 0.42
MADISON PARK FUNDING LTD 07/20/2026 KY 300,000 51.20 153,588 0.26
MGM GROWTH/MGM F 4.50% 09/01/2026 US 500,000 97.25 486,250 0.83
MOLINA HEALTHCAR 4.88% 06/15/2025 US 100,000 98.88 98,875 0.17
MOLINA HEALTHCAR 5.38% 11/15/2022 US 295,000 103.81 306,242 0.52
MULTI-COLOR CORP 4.88% 11/01/2025 US 181,000 103.25 186,883 0.32
MURRAY ENERGY 12.00% 04/15/2024 US 168,475 42.00 70,760 0.12
MURRAY ENERGY TERM LOAN B2 04/17/2020 US 144,524 82.17 118,751 0.20
NAVISTAR INC 11/06/2024 US 225,000 99.54 223,970 0.38
NCR CORP 5.00% 07/15/2022 US 526,000 99.75 524,685 0.90
NETFLIX INC 4.88% 04/15/2028 US 430,000 99.00 425,700 0.73
NEW GOLD INC 6.25% 11/15/2022 CA 480,000 88.00 422,400 0.72
NEW GOLD INC 6.38% 05/15/2025 CA 83,000 81.00 67,230 0.11
NEWELL RUBBERMAI 4.20% 04/01/2026 US 178,000 95.44 169,887 0.29
NEXSTAR BROADC 5.63% 08/01/2024 US 404,000 101.50 410,060 0.70
NGL ENRGY PART/F 6.13% 03/01/2025 US 197,000 96.50 190,105 0.32
NGL ENRGY PART/F 7.50% 11/01/2023 US 155,000 103.46 160,363 0.27
NIELSEN CO LUXEM 5.00% 02/01/2025 LU 231,000 96.13 222,049 0.38
NIELSEN FINANCE 5.00% 04/15/2022 US 239,000 98.75 236,013 0.40
NIELSEN FINANCE LLC 10/04/2023 US 79,797 98.06 78,246 0.13
NOVELIS CORP 5.88% 09/30/2026 US 361,000 99.63 359,646 0.61
NUANCE COMMUNIC 5.63% 12/15/2026 US 459,000 102.74 471,590 0.81
OAKTREE CLO LTD 10/20/2030 KY 500,000 94.76 473,795 0.81
OI EUROPEAN GRP 4.00% 03/15/2023 NL 411,000 98.13 403,294 0.69
OPTIV SECURITY INC 02/01/2024 US 48,018 95.25 45,737 0.08
OZLM LTD 01/20/2031 KY 500,000 80.27 401,351 0.69
PANTHER BF AGG 2 6.25% 05/15/2026 CA 102,000 102.00 104,040 0.18
PANTHER BF AGG 2 8.50% 05/15/2027 CA 69,000 100.25 69,173 0.12
PARSLEY ENERGY 5.38% 01/15/2025 US 99,000 99.75 98,753 0.17
PARSLEY ENERGY 6.25% 06/01/2024 US 500,000 103.38 516,875 0.88
PENSKE AUTO GRP 5.50% 05/15/2026 US 229,000 98.50 225,565 0.39
PETCO ANIMAL SUPPLIES INC. 01/26/2023 US 326,957 75.80 247,833 0.42
PRAIRIE ECI ACQUIROR LP 03/11/2026 US 159,783 100.13 159,982 0.27
QUICKEN LOANS IN 5.25% 01/15/2028 US 315,000 93.63 294,919 0.50
RBS GLOBAL/REXNO 4.88% 12/15/2025 US 362,000 98.75 357,475 0.61
REALOGY GRP / CO 4.88% 06/01/2023 US 527,000 93.25 491,428 0.84
REGIONALCARE HOSPITAL PART 11/16/2025 US 223,512 98.80 220,824 0.38
REGIONALCARE HSP 8.25% 05/01/2023 US 157,000 106.38 167,009 0.29
ROWAN COS INC 7.38% 06/15/2025 US 195,000 87.50 170,625 0.29
SABRE GLBL INC 5.25% 11/15/2023 US 714,000 102.00 728,280 1.24
SCIENTIFIC GAMES 5.00% 10/15/2025 US 184,000 98.00 180,320 0.31
SCIENTIFIC GAMES INTL 08/14/2024 US 375,878 97.29 365,677 0.62
SENSATA TECH BV 5.00% 10/01/2025 NL 474,000 102.50 485,850 0.83
SEQUA CORPORATION 11/28/2021 US 237,720 97.63 232,074 0.40
SEVEN GENS ENER 5.38% 09/30/2025 CA 492,000 97.75 480,930 0.82
SIMMONS FOODS 5.75% 11/01/2024 US 220,000 87.75 193,050 0.33
SIMMONS FOODS 7.75% 01/15/2024 US 70,000 106.50 74,550 0.13
SINCLAIR TELE 5.13% 02/15/2027 US 262,000 95.75 250,865 0.43
SINCLAIR TELE 5.63% 08/01/2024 US 300,000 100.88 302,625 0.52
SIRIUS XM RADIO 5.00% 08/01/2027 US 5,000 100.06 5,003 0.01
SIRIUS XM RADIO 5.38% 07/15/2026 US 300,000 102.16 306,465 0.52
SIX FLAGS ENT 4.88% 07/31/2024 US 557,000 98.81 550,383 0.94
SIX FLAGS ENT 5.50% 04/15/2027 US 250,000 98.88 247,200 0.42
SOLERA LLC / FIN 10.50% 03/01/2024 US 200,000 108.39 216,784 0.37
SPRINT COMMUNICATIONS INC 02/02/2024 US 211,313 98.38 207,879 0.36
SPRINT CORP 7.63% 02/15/2025 US 443,000 102.00 451,860 0.77
SPRINT CORP 7.63% 03/01/2026 US 635,000 101.35 643,573 1.10
SPY 05/17/19 BP270 05/18/2019 US 100 1.83 18,300 0.03
SRC ENERGY 6.25% 12/01/2025 US 245,000 89.28 218,736 0.37
SS&C TECH INC 5.50% 09/30/2027 US 110,000 101.00 111,100 0.19
STARFRUIT FINCO 8.00% 10/01/2026 NL 91,000 100.75 91,683 0.16
STERIGENICS-NORD 6.50% 05/15/2023 US 251,000 100.75 252,883 0.43
SUMMIT MATERIALS 5.13% 06/01/2025 US 531,000 96.25 511,088 0.87
SUMMIT MID HLD / 5.50% 08/15/2022 US 207,000 99.00 204,930 0.35
SUMMIT MID HLD / 5.75% 04/15/2025 US 205,000 94.25 193,213 0.33
SUNCOKE EN PAR L 7.50% 06/15/2025 US 75,000 101.25 75,938 0.13
TARGA RES PRTNRS 5.88% 04/15/2026 US 89,000 105.70 94,073 0.16
TE HOLDCORP LLC CORP COMMON ST US 74,381 0.31 23,281 0.04
TE HOLDCORP LLC/CORP PREFERRED US 12,726 2.25 28,634 0.05
TENET HEALTHCARE 4.63% 07/15/2024 US 220,000 100.16 220,341 0.38
TERRAFORM POWER 4.25% 01/31/2023 US 78,000 98.80 77,063 0.13
TERRAFORM POWER 5.00% 01/31/2028 US 260,000 96.50 250,900 0.43
THE HILLMAN GROUP INC 05/30/2025 US 69,824 95.25 66,507 0.11
T-MOBILE USA INC 4.75% 02/01/2028 US 350,000 99.13 346,938 0.59
TOWNSQUARE MEDIA 6.50% 04/01/2023 US 371,000 95.75 355,233 0.61
TRANSDIGM INC 6.25% 03/15/2026 US 120,000 104.15 124,980 0.21
TRANSDIGM INC 6.50% 05/15/2025 US 250,000 101.51 253,775 0.43
TRANSDIGM INC 6.50% 07/15/2024 US 75,000 102.75 77,063 0.13
TRANSOCEAN POSEI 6.88% 02/01/2027 KY 338,000 104.00 351,520 0.60
TRAVERSE MIDSTREAM PARTNERS 09/27/2024 US 201,270 99.75 200,767 0.34
TRIBUNE MEDIA 5.88% 07/15/2022 US 250,000 102.06 255,156 0.44
TRONOX FINANCE 5.75% 10/01/2025 GB 328,000 92.50 303,400 0.52
TRONOX INC 6.50% 04/15/2026 US 65,000 95.44 62,036 0.11
TUTOR PERINI CRP 6.88% 05/01/2025 US 443,000 99.64 441,396 0.75
ULTRA RESOURCES 04/12/2024 US 371,410 86.38 320,805 0.55
UNITED RENTAL NA 5.88% 09/15/2026 US 375,000 103.38 387,656 0.66
UNITI GROUP INC 10/24/2022 US 0 97.58 0 0.00
UNIVERSAL HOSPITAL SERVICES 01/04/2026 US 63,131 99.63 62,895 0.11
US WEST COMM 6.88% 09/15/2033 US 173,000 99.47 172,078 0.29
VALEANT PHARMA 5.50% 03/01/2023 US 267,000 100.50 268,335 0.46
VALEANT PHARMA 6.13% 04/15/2025 CA 100,000 99.00 99,000 0.17
VALEANT PHARMA 6.50% 03/15/2022 CA 100,000 103.50 103,500 0.18
VALEANT PHARMA 8.50% 01/31/2027 CA 56,000 106.00 59,360 0.10
VENTURE CDO LTD 0.00% 10/15/2029 KY 250,000 62.01 155,018 0.26
VINE OIL & GAS 9.75% 04/15/2023 US 271,000 82.50 223,575 0.38
VIRGIN MEDIA SEC 5.50% 08/15/2026 GB 500,000 101.75 508,750 0.87
VISTRA OPERATION 5.50% 09/01/2026 US 151,000 104.00 157,040 0.27
VISTRA OPERATION 5.63% 02/15/2027 US 68,000 104.00 70,720 0.12
VISTRA OPERATIONS COMP 12/31/2025 US 57,725 98.40 56,802 0.10
VIX 05/22/19 BC20 05/23/2019 US 64 1.00 6,400 0.01
WEATHERFORD BERM 5.88% 07/01/2021 BM 60,000 80.75 48,449 0.08
WEATHERFORD BERM 9.88% 02/15/2024 BM 35,000 72.00 25,200 0.04
WEATHERFORD LLC 9.88% 03/01/2025 US 40,000 70.75 28,300 0.05
WELLFLEET CLO LTD 01/20/2032 KY 250,000 89.02 222,550 0.38
WEWORK COS 7.88% 05/01/2025 US 126,000 92.00 115,920 0.20
WOODFORD EXPRESS LLC 01/27/2025 US 178,919 96.66 172,936 0.30
XPO LOGISTICS 6.75% 08/15/2024 US 311,000 102.00 317,220 0.54
ZAYO GROUP LLC 6.38% 05/15/2025 US 425,000 100.50 427,125 0.73
CHAPARRAL EN INC 8.75% 07/15/2023 US -375,000 68.50 -256,875 -0.44
CNSL 07/19/19 WC10 07/20/2019 US -150 1.24 -18,600 -0.03
GOODYEAR TIRE 4.88% 03/15/2027 US -300,000 91.38 -274,125 -0.47
SPY 05/17/19 BP260 05/18/2019 US -100 0.89 -8,900 -0.02
VIX 05/22/19 WC25 05/23/2019 US -64 0.54 -3,456 -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 Ares Capital Management II LLC*
Brufsky

Seth Brufsky

Investment Experience since 1990

Career Summary 
Ares Capital Management II LLC
Merrill Lynch & Co.
Union Bank of Switzerland 

Education 
MBA - University of Southern California
BS - Cornell University
Jason Duko

Jason Duko

Investment Experience since 2000

Career Summary
Ares Capital Management II LLC
Pacific Investment Management Co. LLC
Lord Abbett & Co. LLC
Nomura Corporate Research and Asset Management Inc.
ING Pilgrim Research

Education 
BS - Arizona State University
Kapil Singh

Kapil Singh, CFA

Investment Experience since 1993

Career Summary 
Ares Capital Management II LLC
DoubleLine Capital LP
Post Advisory Group LLC
Four Corners Capital Management LLC
Bradford & Marzec LLC

Education 
MBA - Northwestern University
BS - University of Illinois

Fees

Expense Fees for Share Class
Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio
Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 1.08% for Class A Shares, 1.83% for Class C Shares, 0.83% for Class Y Shares and 0.73% for Class INST Shares. These expense limitations will remain in effect until at least 02/29/2020.

Distributions

Capital Gain and Income Distribution as of
Pay Date Income Distribution Short Term Capital Gains Per Share Long Term Capital Gains Per Share Total Capital Gains Per Share

Resources

Consider Touchstone Credit Opportunities Fund for Your Portfolio

Investing primarily in global debt securities, Touchstone Credit Opportunities Fund allocates assets among core investments and opportunistic investments as market conditions change. It seeks absolute total return, primarily from income and capital appreciation.
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*Ares does not endorse, approve, certify or control the content of this website and does not assume responsibility for its accuracy, completeness or timeliness of the information herein. An investment in the Touchstone Credit Opportunities Fund does not constitute an investment in the sub-advisor.An investment in the TCOF is not an investment in Ares or an Ares managed fund or strategy. There is no assurance that unrealized values within the Ares sub-advised strategies will be achieved or that past results are indicative of future results. Moreover, it should be noted that Ares manages a global diverse investment platform with differing investment strategies some of which may be inconsistent with the sub-advised strategies within the TCOF.

“The parent company is Ares Management, L.P. (NYSE: ARES), is a publicly traded, leading global alternative asset manager with approximately $112.5 billion of assets under management as of March 31, 2018, and 18 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity, and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.”

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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