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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 274 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

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

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 $47,738,555
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 02/28/2019 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 0.18% 0.56% 0.38% 2.04% 1.13% 0.70% 0.41% --
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 12/31/2018 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 1.87% 1.02% 0.63% 0.38% --
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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Portfolio

as of 12/31/2018
Number of Long Holdings
235
Number of Short Holdings
1
as of 12/31/2018
Composition % of Portfolio
Bonds 68.6
Bank Loans 13.8
Special Situations 10.5
Collateralized Loan Obligations Equity 3.4
Cash Equivalents 3.2
Collateralized Loan Obligations Debt 0.5
Derivatives 0.0
Equities 0.0
Closed end Funds 0.0
Data may not total due to rounding.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 12/31/2018
Credit Quality % of Portfolio
BBB/Baa 2.0
BB/Ba 40.8
B/B 38.8
CCC 11.8
Not Rated 3.5
Cash Equivalents 3.2
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 02/28/2019
Security Description % of Portfolio
SABRE GLBL INC 5.25% 11/15/2023 1.3
BLUE RACER MID/F 6.13% 11/15/2022 1.2
SPRINT CORP 7.63% 03/01/2026 1.2
IRB HOLDING CORP 6.75% 02/15/2026 1.1
VALEANT PHARMA 5.50% 03/01/2023 1.0
SIX FLAGS ENT 4.88% 07/31/2024 1.0
CROWN AMER/CAP 4.75% 02/01/2026 1.0
DIAMOND 1 FIN/DI 6.02% 06/15/2026 1.0
NCR CORP 5.00% 07/15/2022 1.0
ESH HOSPITALITY 5.25% 05/01/2025 1.0
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 12/31/2018
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ACADIA HEALTH 5.13% 07/01/2022 US 92,000 95.50 87,860 0.18
ACADIA HEALTH 5.63% 02/15/2023 US 320,000 94.75 303,200 0.62
ACADIA HEALTH 6.50% 03/01/2024 US 18,000 96.50 17,370 0.04
ACRISURE LLC 11/22/2023 US 130,345 94.25 122,850 0.25
ACRISURE LLC 7.00% 11/15/2025 US 313,000 85.25 266,833 0.54
AIR MEDICAL GROUP HOLDINGS 04/28/2022 US 298,021 93.16 277,624 0.57
AIR MEDICAL MRGR 6.38% 05/15/2023 US 462,000 84.50 390,390 0.80
AIR METHODS CORP 04/22/2024 US 150,000 78.71 118,071 0.24
ALTICE LX 7.63% 02/15/2025 LU 524,000 74.75 391,690 0.80
ALTICE LX 7.75% 05/15/2022 LU 480,000 91.00 436,800 0.89
AMC NETWORKS INC 4.75% 08/01/2025 US 255,000 90.75 231,413 0.47
APPLIED SYSTEMS INC. 11/12/2025 US 42,151 97.25 40,991 0.08
ARDAGH PKG FIN 6.00% 02/15/2025 IE 145,000 92.31 133,852 0.27
ASP AMC MERGE 8.00% 05/15/2025 US 611,000 53.00 323,830 0.66
ASURION LLC/2ND LIEN COV-LITE 07/14/2025 US 227,946 98.69 224,955 0.46
AVOLON HDGS 5.13% 10/01/2023 KY 159,000 95.50 151,845 0.31
AVOLON TLB BORROWER 01/15/2025 US 33,978 95.92 32,591 0.07
B&G FOODS INC 5.25% 04/01/2025 US 380,000 93.00 353,400 0.72
BAUSCH HEALTH COMP INC 06/02/2025 US 101,408 95.31 96,648 0.20
BERRY GLOBAL INC 4.50% 02/15/2026 US 185,000 91.50 169,275 0.35
BIOSCRIP INC 8.88% 02/15/2021 US 443,000 93.25 413,098 0.84
BLOCK COMMUNICAT 6.88% 02/15/2025 US 350,000 100.25 350,875 0.72
BLUE RACER MID/F 6.13% 11/15/2022 US 750,000 96.50 723,750 1.48
BOMBARDIER INC 6.00% 10/15/2022 CA 50,000 93.75 46,875 0.10
BOMBARDIER INC 7.50% 12/01/2024 CA 289,000 94.25 272,383 0.56
BOYD GAMING CORP 6.38% 04/01/2026 US 230,000 96.75 222,525 0.45
BPA LABORATORIES INC TL 2L 04/29/2020 US 352,985 92.00 324,746 0.66
BWAY HOLDING COMPANY 04/03/2024 US 278,422 93.83 261,252 0.53
BWX TECHNOLOGIES 5.38% 07/15/2026 US 201,000 96.22 193,402 0.39
CABLEVISION SYS 5.88% 09/15/2022 US 300,000 98.25 294,750 0.60
CAESARS RESORT COLLECTION LLC 12/23/2024 US 240,226 95.86 230,273 0.47
CALFRAC HLDGS 8.50% 06/15/2026 US 81,000 71.00 57,510 0.12
CALIFORNIA RESOU 8.00% 12/15/2022 US 114,000 67.75 77,235 0.16
CALIFORNIA RESOURCES CORP 2L 12/31/2021 US 155,385 97.75 151,888 0.31
CALIFORNIA RESOURCES CORP/TERM 11/14/2022 US 96,739 96.67 93,514 0.19
CARLSON TRAVEL 6.75% 12/15/2023 US 110,000 96.38 106,013 0.22
CARRIZO OIL&GAS 6.25% 04/15/2023 US 33,000 92.50 30,525 0.06
CCO HOLDINGS LLC 5.00% 02/01/2028 US 315,000 92.00 289,800 0.59
CCO HOLDINGS LLC 5.13% 05/01/2027 US 190,000 93.14 176,966 0.36
CD&R WATERWORKS 6.13% 08/15/2025 US 141,000 88.00 124,080 0.25
CEDAR FAIR LP/CA 5.38% 06/01/2024 US 100,000 97.75 97,750 0.20
CENTENE CORP 4.75% 01/15/2025 US 160,000 95.50 152,800 0.31
CENTENE CORP 6.13% 02/15/2024 US 95,000 102.38 97,256 0.20
CENTURYLINK INC 01/31/2025 US 99,748 93.10 92,865 0.19
CHARTER COMMUNICATIONS OPER LL 04/30/2025 US 240,000 95.64 229,531 0.47
CLEARWATER SEA 6.88% 05/01/2025 CA 100,000 95.75 95,750 0.20
COLUMBIA/HCA 7.69% 06/15/2025 US 100,000 106.50 106,500 0.22
CONSTELLIUM NV 5.75% 05/15/2024 NL 214,000 92.00 196,880 0.40
CONSTELLIUM NV 5.88% 02/15/2026 NL 95,000 89.00 84,550 0.17
COTT HOLDINGS IN 5.50% 04/01/2025 CA 115,000 94.25 108,388 0.22
CROWN AMER/CAP 4.75% 02/01/2026 US 530,000 94.25 499,525 1.02
CSC HOLDINGS LLC 5.25% 06/01/2024 US 58,000 91.63 53,143 0.11
CSC HOLDINGS LLC 5.38% 07/15/2023 US 500,000 97.52 487,600 0.99
CUMULUS MEDIA 05/15/2022 US 265,898 93.38 248,282 0.51
CUMULUS MEDIA NEW HOLDINGS US 1,299 9.25 12,016 0.02
DAE FUNDING 4.50% 08/01/2022 US 30,000 96.00 28,800 0.06
DAE FUNDING 5.75% 11/15/2023 US 250,000 99.00 247,500 0.50
DELPHI JERSEY 5.00% 10/01/2025 JE 95,000 84.00 79,800 0.16
DIEBOLD 11/06/2023 US 51,732 84.00 43,455 0.09
DIEBOLD NIXDORF INC 08/24/2022 US 136,726 102.44 140,060 0.29
DIGICEL GROUP 8.25% 09/30/2020 BM 133,000 67.50 89,775 0.18
DJO FINANCE LLC 06/08/2020 US 247,457 98.55 243,869 0.50
DJO FINANCE LLC 8.13% 06/15/2021 US 410,000 103.00 422,300 0.86
DREYFUS-GOV C-IN US 3,541,354 1.00 3,541,354 7.22
DRYDEN SENIOR LOAN FUND 8.29% 10/15/2030 KY 250,000 90.98 227,459 0.46
DYNEGY INC 7.63% 11/01/2024 US 200,000 105.50 211,000 0.43
ENERGIZER HOLDINGS INC 06/20/2025 US 46,533 96.38 44,846 0.09
ENGILITY CORP TL B2 08/12/2023 US 83,420 99.22 82,769 0.17
ENTERPRISE DEVEL 12.00% 07/15/2024 US 185,000 91.00 168,350 0.34
ENVIGO HOLDINGS TL 10/28/2021 US 56,549 98.20 55,531 0.11
ENVIGO LABORATORIES INC. A US 1,179 0.00 0 0.00
ENVIGO LABORATORIES INC. B US 1,890 0.00 0 0.00
EQUITRANS MIDSTREAM 12/23/2023 US 88,000 97.58 85,873 0.18
ESH HOSPITALITY 5.25% 05/01/2025 US 521,000 93.00 484,530 0.99
EVERGREEN SKILLS LUX S.A.R.L. 04/28/2021 US 186,672 80.58 150,426 0.31
EXTERRAN SOL/FIN 8.13% 05/01/2025 US 226,000 96.00 216,960 0.44
EXTRACTION OIL 5.63% 02/01/2026 US 348,000 73.00 254,040 0.52
EXTRACTION OIL 7.38% 05/15/2024 US 63,000 82.50 51,975 0.11
FIRST QUANTUM 6.88% 03/01/2026 CA 135,000 80.25 108,338 0.22
FORTERRA FINANCE LLC 10/25/2023 US 471,157 89.96 423,872 0.86
FREEPORT-MC C&G 5.45% 03/15/2043 US 160,000 76.13 121,800 0.25
FREEPORT-MCMORAN 4.00% 11/14/2021 US 109,000 97.25 106,003 0.22
FREEPORT-MCMORAN 5.40% 11/14/2034 US 210,000 78.75 165,375 0.34
FRONTIER COMM 11.00% 09/15/2025 US 230,000 62.25 143,164 0.29
FRONTIER COMM 8.50% 04/01/2026 US 60,000 87.50 52,500 0.11
FTS INTERNATIONAL INC 04/16/2021 US 35,096 98.17 34,453 0.07
FTS INTL INC 6.25% 05/01/2022 US 387,000 88.50 342,495 0.70
GARDNER DENVER INC 07/30/2024 US 215,000 96.34 207,140 0.42
GENERAL NUTRITION CENTER 12/30/2022 US 117,372 98.50 115,611 0.24
GENESYS/GREENEDE 10.00% 11/30/2024 US 245,000 104.75 256,638 0.52
GEO GROUP INC/T 5.13% 04/01/2023 US 40,000 90.00 36,000 0.07
GEO GROUP INC/T 6.00% 04/15/2026 US 135,000 87.75 118,463 0.24
GFL ENVIRON INC 5.38% 03/01/2023 CA 132,000 87.50 115,500 0.24
GOBP HOLDINGS 10/22/2025 US 174,230 97.33 169,583 0.35
GOLDEN NUGGET 6.75% 10/15/2024 US 140,000 94.25 131,950 0.27
GOLDEN NUGGET LLC 10/04/2023 US 261,593 96.00 251,130 0.51
GRAY ESCROW INC 7.00% 05/15/2027 US 74,000 97.32 72,015 0.15
GRAY TELE INC 5.13% 10/15/2024 US 285,000 92.20 262,770 0.54
GROUP 1 AUTO 5.00% 06/01/2022 US 379,000 94.75 359,103 0.73
GRT WRN PTRL 9.00% 09/30/2021 US 106,000 91.00 96,460 0.20
GULF FINANCE TLB 08/25/2023 US 118,428 75.88 89,857 0.18
H.B. FULLER CO 4.00% 02/15/2027 US 93,000 84.00 78,120 0.16
HD SUPPLY INC 5.38% 10/15/2026 US 171,000 97.00 165,870 0.34
HESS INF / FIN 5.63% 02/15/2026 US 191,000 96.75 184,793 0.38
HILCORP ENERGY I 5.00% 12/01/2024 US 69,000 88.50 61,065 0.12
HILCORP ENERGY I 5.75% 10/01/2025 US 73,000 89.00 64,970 0.13
HILCORP ENERGY I 6.25% 11/01/2028 US 110,000 88.00 96,800 0.20
HILLMAN GROUP 6.38% 07/15/2022 US 590,000 81.00 477,900 0.97
HILL-ROM HLDGS 5.00% 02/15/2025 US 222,000 95.00 210,900 0.43
HOUGHTON MIFFLIN HARCOURT PUBL 05/28/2021 US 109,716 90.38 99,156 0.20
HUB INTERNATIONAL LTD 04/25/2025 US 233,494 94.22 219,996 0.45
IMMUCOR INC 11.13% 02/15/2022 US 23,000 100.00 23,000 0.05
INFOBLOX INC TL 11/07/2023 US 103,877 99.31 103,164 0.21
INMARSAT FINANCE 6.50% 10/01/2024 GB 240,000 93.50 224,400 0.46
INTELSAT JACKSON 5.50% 08/01/2023 LU 210,000 87.00 182,700 0.37
INTELSAT JACKSON 8.00% 02/15/2024 LU 120,000 103.00 123,600 0.25
IRB HOLDING CORP 02/05/2025 US 227,211 95.15 216,191 0.44
IRB HOLDING CORP 6.75% 02/15/2026 US 600,000 87.50 525,000 1.07
IRON MOUNTAIN 5.25% 03/15/2028 US 351,000 88.25 309,758 0.63
IRON MOUNTAIN INFO MGMT 06/05/2023 US 191,138 98.50 188,271 0.38
JELD-WEN INC./TERM LOAN B 12/31/2024 US 125,752 94.92 119,360 0.24
JELD-WEN INC 4.63% 12/15/2025 US 33,000 87.50 28,875 0.06
JELD-WEN INC 4.88% 12/15/2027 US 575,000 84.50 485,875 0.99
KAR AUCTION 5.13% 06/01/2025 US 250,000 90.25 225,625 0.46
KFC HLD/PIZZA HU 4.75% 06/01/2027 US 385,000 93.00 358,050 0.73
KRATON POLYMERS 7.00% 04/15/2025 US 223,000 92.00 205,160 0.42
L BRANDS INC 6.88% 11/01/2035 US 140,000 83.52 116,928 0.24
LEVEL 3 FIN INC 5.38% 01/15/2024 US 500,000 95.25 476,250 0.97
LX137517 EAGLE TOPCO 2013 LIMI GB 692,722 0.34 233,097 0.48
MADISON PARK FUNDING LTD 01/23/2048 KY 250,000 92.31 230,776 0.47
MADISON PARK FUNDING LTD 07/20/2026 KY 300,000 50.49 151,470 0.31
MGM RESORTS 5.75% 06/15/2025 US 145,000 96.50 139,925 0.29
MMODAL LLC/ TERM LOAN US 8,386 77.00 645,722 1.32
MOHEGAN TRIBAL GAMING AUTHORIT 10/13/2023 US 112,500 88.80 99,900 0.20
MOLINA HEALTHCAR 4.88% 06/15/2025 US 100,000 91.25 91,250 0.19
MOLINA HEALTHCAR 5.38% 11/15/2022 US 295,000 96.50 284,675 0.58
MULTI-COLOR CORP 4.88% 11/01/2025 US 320,000 86.00 275,200 0.56
MURPHY OIL CORP 6.88% 08/15/2024 US 198,000 99.46 196,930 0.40
MURRAY ENERGY 11.25% 04/15/2021 US 27,000 62.38 16,841 0.03
MURRAY ENERGY 12.00% 04/15/2024 US 168,475 54.00 90,977 0.19
MURRAY ENERGY TERM LOAN B2 04/17/2020 US 124,687 84.25 105,049 0.21
NCR CORP 5.00% 07/15/2022 US 526,000 94.25 495,755 1.01
NETFLIX INC 4.88% 04/15/2028 US 385,000 91.25 351,313 0.72
NEW GOLD INC 6.25% 11/15/2022 CA 625,000 84.00 525,000 1.07
NEW GOLD INC 6.38% 05/15/2025 CA 100,000 76.00 76,000 0.15
NEXSTAR BROADC 5.63% 08/01/2024 US 404,000 93.50 377,740 0.77
NGL ENRGY PART/F 7.50% 11/01/2023 US 306,000 96.00 293,760 0.60
NIELSEN CO LUXEM 5.00% 02/01/2025 LU 395,000 93.50 369,325 0.75
NIELSEN FINANCE 5.00% 04/15/2022 US 325,000 95.50 310,375 0.63
NIELSEN FINANCE LLC 10/04/2023 US 80,000 96.88 77,500 0.16
NOVELIS CORP 5.88% 09/30/2026 US 191,000 88.50 169,035 0.34
OAKTREE CLO LTD 10/20/2030 KY 500,000 89.11 445,554 0.91
OI EUROPEAN GRP 4.00% 03/15/2023 NL 326,000 93.50 304,810 0.62
OLIN CORP 5.00% 02/01/2030 US 105,000 87.63 92,006 0.19
OPTIV SECURITY INC 02/01/2024 US 48,144 92.38 44,473 0.09
OZLM LTD 01/20/2031 KY 500,000 78.09 390,469 0.80
PACIFIC GAS&ELEC 3.30% 03/15/2027 US 31,000 82.32 25,519 0.05
PACIFIC GAS&ELEC 3.50% 06/15/2025 US 31,000 85.70 26,568 0.05
PACIFIC GAS&ELEC 4.25% 08/01/2023 US 60,000 92.66 55,594 0.11
PARSLEY ENERGY 5.38% 01/15/2025 US 99,000 92.00 91,080 0.19
PARSLEY ENERGY 6.25% 06/01/2024 US 500,000 97.00 485,000 0.99
PEABODY ENERGY 6.00% 03/31/2022 US 230,000 97.00 223,100 0.45
PENSKE AUTO GRP 5.50% 05/15/2026 US 119,000 93.00 110,670 0.23
PETCO ANIMAL SUPPLIES INC. 01/26/2023 US 327,799 72.83 238,746 0.49
PETSMART INC 5.88% 06/01/2025 US 77,000 72.25 55,633 0.11
QUICKEN LOANS IN 5.25% 01/15/2028 US 315,000 88.50 278,775 0.57
RADIATE HOLDCO L 6.63% 02/15/2025 US 320,000 86.50 276,800 0.56
RBS GLOBAL/REXNO 4.88% 12/15/2025 US 273,000 90.75 247,748 0.51
REALOGY GRP / CO 4.88% 06/01/2023 US 498,000 87.00 433,260 0.88
REFINITIV US HLD 8.25% 11/15/2026 US 54,000 91.38 49,343 0.10
REGIONALCARE HOSPITAL PART 11/14/2025 US 208,860 94.63 197,633 0.40
REGIONALCARE HSP 8.25% 05/01/2023 US 157,000 101.00 158,570 0.32
ROWAN COS INC 7.38% 06/15/2025 US 195,000 80.25 156,488 0.32
SABRE GLBL INC 5.25% 11/15/2023 US 714,000 98.75 705,075 1.44
SCIENTIFIC GAMES 5.00% 10/15/2025 US 34,000 89.25 30,345 0.06
SCIENTIFIC GAMES INTL 08/14/2024 US 216,948 93.61 203,078 0.41
SENSATA TECH BV 5.00% 10/01/2025 NL 474,000 94.00 445,560 0.91
SEQUA CORPORATION 11/28/2021 US 238,325 95.13 226,706 0.46
SEVEN GENS ENER 5.38% 09/30/2025 CA 200,000 89.50 179,000 0.36
SIMMONS FOODS 5.75% 11/01/2024 US 245,000 71.00 173,950 0.35
SIMMONS FOODS 7.75% 01/15/2024 US 70,000 100.50 70,350 0.14
SINCLAIR TELE 5.13% 02/15/2027 US 262,000 88.25 231,215 0.47
SINCLAIR TELE 5.63% 08/01/2024 US 300,000 93.75 281,250 0.57
SIRIUS XM RADIO 5.00% 08/01/2027 US 5,000 91.38 4,569 0.01
SIRIUS XM RADIO 5.38% 07/15/2026 US 300,000 93.50 280,500 0.57
SIX FLAGS ENT 4.88% 07/31/2024 US 557,000 94.25 524,973 1.07
SIX FLAGS ENT 5.50% 04/15/2027 US 250,000 94.25 235,625 0.48
SOLERA LLC / FIN 10.50% 03/01/2024 US 200,000 106.50 213,000 0.43
SPRINT CORP 7.63% 02/15/2025 US 443,000 100.00 443,000 0.90
SRC ENERGY 6.25% 12/01/2025 US 220,000 83.00 182,600 0.37
STARFRUIT FINCO 8.00% 10/01/2026 NL 91,000 92.50 84,175 0.17
STATION CASINO LLC/TERM B 06/08/2023 US 99,894 95.79 95,685 0.20
STATION CASINOS 5.00% 10/01/2025 US 380,000 90.50 343,900 0.70
STERIGENICS-NORD 6.50% 05/15/2023 US 356,000 95.75 340,870 0.70
SUMMIT MID HLD / 5.50% 08/15/2022 US 207,000 95.00 196,650 0.40
SUMMIT MID HLD / 5.75% 04/15/2025 US 347,000 92.00 319,240 0.65
TARGA RES PRTNRS 5.88% 04/15/2026 US 89,000 97.25 86,553 0.18
TE HOLDCORP LLC CORP COMMON ST US 74,381 0.25 18,595 0.04
TE HOLDCORP LLC/CORP PREFERRED US 11,748 2.50 29,370 0.06
TENET HEALTHCARE 4.63% 07/15/2024 US 220,000 93.00 204,600 0.42
TERRAFORM POWER 4.25% 01/31/2023 US 78,000 93.25 72,735 0.15
TERRAFORM POWER 5.00% 01/31/2028 US 45,000 88.00 39,600 0.08
THC ESCROW CORP 7.00% 08/01/2025 US 424,000 92.50 392,200 0.80
T-MOBILE USA INC 4.75% 02/01/2028 US 350,000 90.50 316,750 0.65
TOWNSQUARE MEDIA 6.50% 04/01/2023 US 215,000 92.00 197,800 0.40
TR OP / TR FIN 5.38% 09/01/2025 LU 101,000 87.40 88,274 0.18
TRANSDIGM INC 6.00% 07/15/2022 US 69,000 98.50 67,965 0.14
TRANSDIGM INC 6.50% 05/15/2025 US 250,000 95.50 238,750 0.49
TRAVERSE MIDSTREAM PARTNERS 09/27/2024 US 202,281 95.75 193,684 0.39
TRIBUNE MEDIA 5.88% 07/15/2022 US 250,000 100.50 251,250 0.51
TRONOX FINANCE 5.75% 10/01/2025 GB 100,000 81.00 81,000 0.17
TUTOR PERINI CRP 6.88% 05/01/2025 US 405,000 93.00 376,650 0.77
ULTRA RESOURCES 04/12/2024 US 116,410 88.88 103,459 0.21
UNITED RENTAL NA 5.88% 09/15/2026 US 375,000 94.25 353,438 0.72
UNIVERSAL HOSPITAL SERVICES 10/18/2025 US 63,131 96.50 60,922 0.12
VALEANT PHARMA 5.50% 03/01/2023 US 444,000 91.50 406,260 0.83
VALEANT PHARMA 5.63% 12/01/2021 CA 4,000 98.50 3,940 0.01
VALEANT PHARMA 6.13% 04/15/2025 CA 100,000 87.25 87,250 0.18
VALEANT PHARMA 6.50% 03/15/2022 CA 100,000 100.50 100,500 0.20
VENTURE CDO LTD 0.00% 10/15/2029 KY 250,000 63.12 157,802 0.32
VIDEOTRON LTD 5.13% 04/15/2027 CA 125,000 94.50 118,125 0.24
VINE OIL & GAS 9.75% 04/15/2023 US 188,000 80.00 150,400 0.31
VISTRA OPERATION 5.50% 09/01/2026 US 151,000 96.25 145,338 0.30
VISTRA OPERATIONS COMP 12/31/2025 US 137,871 96.01 132,375 0.27
VIX 01/16/19 BC20 01/17/2019 US 64 4.50 28,800 0.06
WEATHERFORD BERM 5.88% 07/01/2021 BM 60,000 62.69 37,617 0.08
WEATHERFORD BERM 9.88% 02/15/2024 BM 35,000 61.00 21,350 0.04
WEATHERFORD LLC 9.88% 03/01/2025 US 40,000 60.75 24,300 0.05
WELLCARE HEALTH 5.38% 08/15/2026 US 85,000 96.50 82,025 0.17
WELLFLEET CLO LTD 01/20/2032 KY 250,000 86.36 215,892 0.44
WHITING PETRO 5.75% 03/15/2021 US 50,000 95.00 47,500 0.10
WHITING PETRO 6.25% 04/01/2023 US 239,000 91.00 217,490 0.44
WHITING PETRO 6.63% 01/15/2026 US 80,000 85.75 68,600 0.14
WIDEOPENWEST FINANCE LLC 08/18/2023 US 496,231 92.38 458,394 0.93
WOODFORD EXPRESS LLC 01/27/2025 US 179,371 94.92 170,253 0.35
VIX 01/16/19 WC25 01/17/2019 US -64 1.65 -10,560 -0.02
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

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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