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Touchstone Credit Opportunities Fund

Daily NAV
$
Overall Morningstar Rating™
Nontraditional Bond

Morningstar

Overall Morningstar Rating™ is calculated against 270 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.
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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 including those of certain European countries that may have the potential to leave the European Union. The Fund invests in derivatives and securities such as forward currency exchange contracts, futures contracts, options and swap agreements including those based on the London Interbank Offered Rate (LIBOR). 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. 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 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 06/30/2019
Total Fund Net Assets as of 06/30/2019 $59,306,039
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 06/30/2019
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 0.22% 0.64% 1.24% 2.31% 1.38% 0.87% 0.49% --
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 06/30/2019
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 2.31% 1.38% 0.87% 0.49% --
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 06/30/2019
Number of Long Holdings
252
Number of Short Holdings
4
as of 06/30/2019
Composition % of Portfolio
Bonds 75.7
Bank Loans 12.6
Special Situations 4.1
Collateralized Loan Obligations Equity 2.7
Collateralized Loan Obligations Debt 2.5
Cash Equivalents 1.9
Equities 0.5
Derivatives 0.1
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 06/30/2019
Credit Quality % of Portfolio
BBB/Baa 3.1
BB/Ba 46.0
B/B 37.6
CCC 7.8
Not Rated 3.7
Cash Equivalents 1.9
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 06/30/2019
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 MIDSTREAM LLC / BLU 6.13% 11/15/2022 1.1
TOWNSQUARE MEDIA INC 6.50% 04/01/2023 1.1
BIOSCRIP INC 8.88% 02/15/2021 1.0
EXTERRAN ENERGY SOLUTIONS LP / 8.13% 05/01/2025 1.0
BWAY HOLDING CO 5.50% 04/15/2024 1.0
TUTOR PERINI CORP 6.88% 05/01/2025 1.0
SCIENTIFIC GAMES INTERNATIONAL 5.00% 10/15/2025 1.0
NEW GOLD INC 6.25% 11/15/2022 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 06/30/2019
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ACADIA HEALTHCARE CO INC 5.13% 07/01/2022 US 106,000 100.50 106,530 0.18
ACADIA HEALTHCARE CO INC 5.63% 02/15/2023 US 353,000 101.63 358,736 0.61
ACADIA HEALTHCARE CO INC 6.50% 03/01/2024 US 18,000 104.25 18,765 0.03
ACRISURE LLC / ACRISURE FINANC 7.00% 11/15/2025 US 180,000 90.25 162,450 0.28
ACRISURE LLC / ACRISURE FINANC 8.13% 02/15/2024 US 382,000 103.25 394,415 0.67
AIR MEDICAL GROUP HOLDINGS 5.69% 04/28/2022 US 260,034 94.02 244,479 0.42
AIR MEDICAL GROUP HOLDINGS INC 6.38% 05/15/2023 US 122,000 89.50 109,190 0.19
ALLIANT HOLDINGS INTERMEDIATE 8.25% 08/01/2023 US 298,000 102.47 305,361 0.52
ALLISON TRANSMISSION INC 4.75% 10/01/2027 US 311,000 99.25 308,668 0.52
ALTICE LUXEMBOURG SA 7.63% 02/15/2025 LU 80,000 94.06 75,250 0.13
AMC NETWORKS INC 4.75% 08/01/2025 US 320,000 101.00 323,200 0.55
APPLIED SYSTEMS INC 09/19/2025 US 42,151 100.88 42,519 0.07
AQUITY HOLDINGS INC/NEW ESCROW US 8,386 2.79 23,397 0.04
ARDAGH PACKAGING FINANCE PLC / 6.00% 02/15/2025 MULT 145,000 103.63 150,256 0.26
ASP AMC MERGER SUB INC 8.00% 05/15/2025 US 639,000 59.75 381,803 0.65
ASURION LLC 8.98% 08/04/2025 US 227,946 101.31 230,938 0.39
AVOLON HOLDINGS FUNDING LTD 5.13% 10/01/2023 KY 369,000 105.85 390,587 0.66
B&G FOODS INC 5.25% 04/01/2025 US 282,000 101.00 284,820 0.48
BAUSCH HEALTH COS INC 5.50% 03/01/2023 CA 267,000 100.80 269,136 0.46
BAUSCH HEALTH COS INC 5.75% 08/15/2027 CA 27,000 105.10 28,376 0.05
BAUSCH HEALTH COS INC 6.13% 04/15/2025 CA 100,000 102.12 102,122 0.17
BCP RAPTOR LLC 6.88% 06/24/2024 US 259,338 94.75 245,723 0.42
BERRY GLOBAL ESCROW CORP 4.88% 07/15/2026 US 154,000 102.13 157,273 0.27
BERRY GLOBAL INC 4.50% 02/15/2026 US 450,000 98.50 443,250 0.75
BIOSCRIP INC 8.88% 02/15/2021 US 583,000 101.25 590,288 1.00
BKLN US 10/18/19 P22 10/18/2019 US 1,833 0.15 27,495 0.05
BLACKSTONE CQP HOLDCO LP 06/20/2024 US 266,298 100.10 266,565 0.45
BLUE RACER MIDSTREAM LLC / BLU 6.13% 11/15/2022 US 617,000 101.38 625,484 1.06
BOMBARDIER INC 6.00% 10/15/2022 CA 175,000 100.43 175,751 0.30
BOMBARDIER INC 7.50% 12/01/2024 CA 289,000 102.00 294,780 0.50
BOMBARDIER INC 7.88% 04/15/2027 CA 104,000 100.13 104,130 0.18
BOYD GAMING CORP 4.65% 09/15/2023 US 103,760 99.36 103,101 0.18
BOYD GAMING CORP 6.38% 04/01/2026 US 139,000 105.79 147,045 0.25
BRAZOS DELAWARE II LLC 6.44% 05/21/2025 US 269,722 93.88 253,202 0.43
BROOKFIELD PROPERTY REIT INC / 5.75% 05/15/2026 US 90,000 103.00 92,700 0.16
BUILDERS FIRSTSOURCE INC 02/29/2024 US 89,103 99.56 88,714 0.15
BUILDERS FIRSTSOURCE INC 5.63% 09/01/2024 US 250,000 103.07 257,668 0.44
BUILDERS FIRSTSOURCE INC 6.75% 06/01/2027 US 44,000 105.50 46,420 0.08
BWAY CORP 5.85% 04/03/2024 US 0 96.46 0 0.00
BWAY HOLDING CO 5.50% 04/15/2024 US 580,000 100.05 580,290 0.99
BWX TECHNOLOGIES INC 5.38% 07/15/2026 US 201,000 103.25 207,522 0.35
CABLEVISION SYSTEMS CORP 5.88% 09/15/2022 US 300,000 105.00 315,000 0.54
CALIFORNIA RESOURCES CRP 12.85% 12/31/2021 US 94,557 101.30 95,787 0.16
CALIFORNIA RESOURCES CRP 7.23% 12/31/2022 US 96,739 95.43 92,317 0.16
CARRIZO OIL & GAS INC 6.25% 04/15/2023 US 278,000 96.50 268,270 0.46
CCO HOLDINGS LLC / CCO HOLDING 5.00% 02/01/2028 US 315,000 102.12 321,678 0.55
CCO HOLDINGS LLC / CCO HOLDING 5.13% 05/01/2027 US 190,000 103.54 196,718 0.33
CEDAR FAIR LP / CANADA'S WONDE 5.38% 06/01/2024 US 409,000 102.75 420,248 0.71
CEDAR FUNDING XI CLO LTD 9.37% 05/29/2032 KY 250,000 99.28 248,212 0.42
CENTENE CORP 4.75% 01/15/2025 US 131,000 103.22 135,220 0.23
CENTENE CORP 6.13% 02/15/2024 US 95,000 104.75 99,513 0.17
CENTENNIAL RESOURCE PRODUCTION 5.38% 01/15/2026 US 282,000 95.00 267,900 0.46
CENTENNIAL RESOURCE PRODUCTION 6.88% 04/01/2027 US 77,000 101.00 77,770 0.13
CENTURY COMMUNITIES INC 6.75% 06/01/2027 US 242,000 101.38 245,328 0.42
CENTURYLINK INC 5.23% 01/31/2025 US 148,992 97.56 145,350 0.25
CITGO PETROLEUM CORP 6.25% 08/15/2022 US 469,000 100.00 469,000 0.80
CLEAN HARBORS INC 4.88% 07/15/2027 US 186,000 101.64 189,041 0.32
CLEARWATER SEAFOODS INC 6.88% 05/01/2025 CA 100,000 100.00 100,000 0.17
COMMSCOPE INC 5.50% 03/01/2024 US 110,000 102.63 112,888 0.19
COMMSCOPE INC 6.00% 03/01/2026 US 130,000 102.50 133,250 0.23
CONSTELLIUM SE 5.75% 05/15/2024 NL 214,000 102.50 219,350 0.37
CONSTELLIUM SE 5.88% 02/15/2026 NL 145,000 102.75 148,988 0.25
CORE & MAIN LP 6.13% 08/15/2025 US 506,000 101.00 511,060 0.87
COTT HOLDINGS INC 5.50% 04/01/2025 US 392,000 101.88 399,350 0.68
COVEY PARK ENERGY LLC / COVEY 7.50% 05/15/2025 US 170,000 72.00 122,400 0.21
CROWN AMERICAS LLC / CROWN AME 4.25% 09/30/2026 US 197,000 102.00 200,940 0.34
CROWNROCK LP / CROWNROCK FINAN 5.63% 10/15/2025 US 159,000 100.25 159,398 0.27
CSC HOLDINGS LLC 5.38% 07/15/2023 US 382,000 102.75 392,505 0.67
CUMULUS MEDIA INC US 13,299 18.55 246,696 0.42
CUMULUS MEDIA NEW HLDGS 05/13/2022 US 97,355 99.88 97,234 0.17
CUMULUS MEDIA NEW HOLDINGS INC 6.75% 07/01/2026 US 170,000 99.73 169,541 0.29
DAE FUNDING LLC 4.50% 08/01/2022 US 30,000 101.50 30,450 0.05
DAE FUNDING LLC 5.75% 11/15/2023 US 280,000 105.00 294,000 0.50
DELL INTERNATIONAL LLC / EMC C 6.02% 06/15/2026 US 385,000 110.32 424,725 0.72
DELPHI TECHNOLOGIES PLC 5.00% 10/01/2025 JE 248,000 89.25 221,340 0.38
DIEBOLD INC 08/31/2022 US 134,147 105.40 141,385 0.24
DIGICEL GROUP LTD 8.25% 09/30/2020 BM 133,000 72.63 96,593 0.16
DREYFUS GOVERNMENT CASH MANAGE 12/01/2099 US 1,531,929 1.00 1,531,929 2.60
DRYDEN 45 SENIOR LOAN FUND 8.45% 10/15/2030 KY 250,000 94.77 236,934 0.40
ENERGIZER HOLDINGS INC 12/17/2025 US 46,417 99.56 46,214 0.08
ENTERPRISE DEVELOPMENT AUTHORI 12.00% 07/15/2024 US 185,000 108.50 200,725 0.34
ENVIGO LABORATORIES INC. (FKA 12/31/2099 US 1,179 0.00 0 0.00
ENVIGO LABORATORIES INC. (FKA 12/31/2099 US 1,890 0.00 0 0.00
EQUITRANS MIDSTREAM CORP 4.50% 01/31/2024 US 87,560 100.44 87,944 0.15
ESH HOSPITALITY INC 5.25% 05/01/2025 US 521,000 102.38 533,374 0.91
EVERGREEN SKILLS LUX SARL 7.23% 04/28/2021 LU 185,697 86.04 159,777 0.27
EXTERRAN ENERGY SOLUTIONS LP / 8.13% 05/01/2025 US 579,000 101.63 588,409 1.00
EXTRACTION OIL & GAS INC 5.63% 02/01/2026 US 125,000 80.75 100,938 0.17
EXTRACTION OIL & GAS INC 7.38% 05/15/2024 US 133,000 85.50 113,715 0.19
FIRST QUALITY FINANCE CO INC 5.00% 07/01/2025 US 365,000 100.75 367,738 0.62
FIRST QUANTUM MINERALS LTD 6.88% 03/01/2026 CA 135,000 92.75 125,213 0.21
FIRST QUANTUM MINERALS LTD 7.25% 04/01/2023 CA 55,000 97.38 53,556 0.09
FORTERRA FINANCE LLC 5.48% 10/25/2023 US 543,363 92.14 500,650 0.85
FREEPORT-MCMORAN INC 3.88% 03/15/2023 US 110,000 100.00 110,000 0.19
FREEPORT-MCMORAN INC 5.40% 11/14/2034 US 150,000 95.75 143,625 0.24
FREEPORT-MCMORAN INC 5.45% 03/15/2043 US 105,000 91.50 96,075 0.16
FRONTIER COMMUNICATIONS 6.24% 06/17/2024 US 60,280 97.92 59,024 0.10
FRONTIER COMMUNICATIONS CORP 11.00% 09/15/2025 US 230,000 62.00 142,600 0.24
FRONTIER COMMUNICATIONS CORP 8.50% 04/01/2026 US 175,000 97.00 169,750 0.29
FTS INTERNATIONAL INC 6.25% 05/01/2022 US 191,000 92.75 177,153 0.30
FTS INTERNATIONAL INC 7.23% 04/16/2021 US 30,746 99.73 30,662 0.05
GENERAL NUTRITION CENTER 9.49% 12/31/2022 US 117,372 100.88 118,399 0.20
GENESYS TELECOMMUNICATIONS LAB 10.00% 11/30/2024 US 290,000 108.63 315,013 0.54
GEO GROUP INC/THE 5.13% 04/01/2023 US 285,000 89.50 255,075 0.43
GEO GROUP INC/THE 6.00% 04/15/2026 US 95,000 86.97 82,622 0.14
GFL ENVIRONMENTAL INC 5.38% 03/01/2023 CA 152,000 99.00 150,480 0.26
GFL ENVIRONMENTAL INC 7.00% 06/01/2026 CA 160,000 102.38 163,800 0.28
GFL ENVIRONMENTAL INC 8.50% 05/01/2027 CA 32,000 107.63 34,440 0.06
GGP NIMBUS LP 4.98% 08/27/2025 US 402,970 97.51 392,940 0.67
GO DADDY OPERATING CO LLC / GD 5.25% 12/01/2027 US 183,000 103.50 189,405 0.32
GO WIRELESS INC 12/22/2024 US 186,369 97.00 180,778 0.31
GOBP HOLDINGS INC 10/22/2025 US 114,196 99.88 114,053 0.19
GOLDEN NUGGET 5.21% 10/04/2023 US 440,339 99.08 436,288 0.74
GRAY TELEVISION INC 5.13% 10/15/2024 US 285,000 101.88 290,344 0.49
GREAT WESTERN PETROLEUM LLC / 9.00% 09/30/2021 US 219,000 81.25 177,938 0.30
GROUP 1 AUTOMOTIVE INC 5.25% 12/15/2023 US 31,000 102.38 31,736 0.05
GULF FINANCE LLC 08/25/2023 US 212,475 81.46 173,078 0.29
H&E EQUIPMENT SERVICES INC 5.63% 09/01/2025 US 359,000 102.85 369,232 0.63
HB FULLER CO 4.00% 02/15/2027 US 93,000 92.00 85,560 0.15
HCA INC 5.63% 09/01/2028 US 19,000 108.25 20,568 0.03
HCA INC 5.88% 02/01/2029 US 291,000 109.63 319,009 0.54
HCA INC 7.69% 06/15/2025 US 100,000 117.50 117,500 0.20
HESS INFRASTRUCTURE PARTNERS L 5.63% 02/15/2026 US 211,000 102.88 217,066 0.37
HILLMAN GROUP INC 05/31/2025 US 120,033 96.13 115,382 0.20
HILLMAN GROUP INC/THE 6.38% 07/15/2022 US 465,000 88.75 412,688 0.70
HILL-ROM HOLDINGS INC 5.00% 02/15/2025 US 222,000 103.00 228,660 0.39
IAA INC 5.50% 06/15/2027 US 100,000 104.00 104,000 0.18
INFOBLOX INC 11/07/2023 US 103,353 99.83 103,180 0.18
INMARSAT FINANCE PLC 4.88% 05/15/2022 GB 164,000 100.63 165,025 0.28
INMARSAT FINANCE PLC 6.50% 10/01/2024 GB 240,000 104.63 251,100 0.43
INTELSAT JACKSON HLDG 6.18% 11/27/2023 LU 57,000 98.88 56,359 0.10
INTELSAT JACKSON HOLDINGS SA 5.50% 08/01/2023 LU 450,000 91.25 410,625 0.70
INTELSAT JACKSON HOLDINGS SA 8.00% 02/15/2024 LU 63,000 104.25 65,678 0.11
INTELSAT LUXEMBOURG SA 8.13% 06/01/2023 LU 75,000 77.25 57,938 0.10
IQVIA INC 5.00% 10/15/2026 US 250,000 103.25 258,125 0.44
IRB HOLDING CORP 5.69% 02/05/2025 US 226,067 98.64 222,994 0.38
IRB HOLDING CORP 6.75% 02/15/2026 US 660,000 99.50 656,700 1.12
IRON MOUNTAIN INC 06/05/2023 US 188,655 97.13 183,231 0.31
IRON MOUNTAIN INC 5.25% 03/15/2028 US 351,000 100.13 351,439 0.60
JELD-WEN INC 12/14/2024 US 125,435 99.40 124,682 0.21
JELD-WEN INC 4.63% 12/15/2025 US 33,000 98.13 32,381 0.06
JELD-WEN INC 4.88% 12/15/2027 US 280,000 96.75 270,900 0.46
KRATON POLYMERS LLC / KRATON P 7.00% 04/15/2025 US 107,000 101.25 108,338 0.18
L BRANDS INC 6.75% 07/01/2036 US 120,000 86.00 103,200 0.18
L BRANDS INC 6.88% 11/01/2035 US 140,000 88.94 124,510 0.21
L BRANDS INC 7.50% 06/15/2029 US 79,000 99.99 78,992 0.13
LAREDO PETROLEUM INC 6.25% 03/15/2023 US 211,000 93.03 196,293 0.33
LBM BORROWER LLC 4.75% 08/19/2022 US 220,000 99.73 219,404 0.37
LCM 30 LTD 9.52% 04/20/2031 KY 250,000 100.07 250,163 0.43
LEE ENTERPRISES INC 9.50% 03/15/2022 US 242,000 101.75 246,235 0.42
LEVEL 3 FINANCING INC 5.25% 03/15/2026 US 215,000 103.50 222,525 0.38
LEVEL 3 FINANCING INC 5.38% 01/15/2024 US 500,000 102.25 511,250 0.87
LIVE NATION ENTERTAINMENT INC 4.88% 11/01/2024 US 300,000 102.88 308,625 0.52
LIVE NATION ENTERTAINMENT INC 5.63% 03/15/2026 US 80,000 104.88 83,900 0.14
MA FINANCECO LLC 4.73% 11/19/2021 US 345,485 98.79 341,312 0.58
MADISON PARK FUNDING XII LTD 0.00% 07/20/2026 KY 300,000 45.35 136,058 0.23
MADISON PARK FUNDING XXXI LTD 01/23/2048 KY 250,000 81.76 204,403 0.35
MADISON PARK FUNDING XXXIV LTD 9.33% 04/25/2031 KY 250,000 99.74 249,356 0.42
MARINER CLO 7 LTD 9.43% 04/30/2032 KY 250,000 99.04 247,610 0.42
MGM GROWTH PROPERTIES OPERATIN 4.50% 09/01/2026 US 500,000 102.63 513,125 0.87
MOLINA HEALTHCARE INC 4.88% 06/15/2025 US 100,000 101.50 101,500 0.17
MURRAY ENERGY CORP 12.00% 04/15/2024 US 171,002 20.25 34,628 0.06
MURRAY ENERGY CORP 9.88% 10/17/2022 US 144,323 66.38 95,794 0.16
NAVISTAR INC 11/06/2024 US 224,432 99.66 223,660 0.38
NCR CORP 5.00% 07/15/2022 US 526,000 100.85 530,450 0.90
NETFLIX INC 4.88% 04/15/2028 US 430,000 103.13 443,438 0.75
NEW GOLD INC 6.25% 11/15/2022 CA 594,000 93.25 553,905 0.94
NEWELL BRANDS INC 4.20% 04/01/2026 US 299,000 99.38 297,156 0.50
NEXSTAR BROADCASTING INC 5.63% 08/01/2024 US 404,000 103.60 418,528 0.71
NEXSTAR ESCROW INC 5.63% 07/15/2027 US 95,000 102.38 97,256 0.17
NEXTERA ENERGY OPERATING PARTN 4.25% 07/15/2024 US 176,000 100.63 177,104 0.30
NGL ENERGY PARTNERS LP / NGL E 6.13% 03/01/2025 US 253,000 99.00 250,470 0.43
NGL ENERGY PARTNERS LP / NGL E 7.50% 11/01/2023 US 135,000 104.50 141,075 0.24
NIELSEN CO LUXEMBOURG SARL/THE 5.00% 02/01/2025 LU 231,000 98.25 226,958 0.39
NIELSEN FINANCE LLC / NIELSEN 5.00% 04/15/2022 US 239,000 99.75 238,403 0.41
NIELSEN FINANCE LLC 4.46% 10/04/2023 US 79,594 98.97 78,773 0.13
NOVELIS CORP 5.88% 09/30/2026 US 461,000 101.25 466,763 0.79
NUANCE COMMUNICATIONS INC 5.63% 12/15/2026 US 401,000 104.28 418,163 0.71
OAKTREE CLO 2018-1 LTD 10/20/2030 KY 500,000 93.32 466,584 0.79
OAKTREE CLO 2019-2 LTD 9.25% 04/15/2031 KY 250,000 97.41 243,522 0.41
OI EUROPEAN GROUP BV 4.00% 03/15/2023 NL 411,000 100.50 413,055 0.70
OZLM XXI LTD 01/20/2031 KY 500,000 83.20 416,021 0.71
PANTHER BF AGGREGATOR 2 LP / P 6.25% 05/15/2026 MULT 228,000 103.88 236,835 0.40
PANTHER BF AGGREGATOR 2 LP / P 8.50% 05/15/2027 MULT 184,000 103.00 189,520 0.32
PARSLEY ENERGY LLC / PARSLEY F 5.38% 01/15/2025 US 99,000 102.50 101,475 0.17
PARSLEY ENERGY LLC / PARSLEY F 6.25% 06/01/2024 US 500,000 104.00 520,000 0.88
PENSKE AUTOMOTIVE GROUP INC 5.50% 05/15/2026 US 229,000 104.25 238,733 0.41
PERFORCE SOFTWARE INC 06/12/2026 US 111,150 99.75 110,872 0.19
PETCO ANIMAL SUPPLIES INC 5.83% 01/26/2023 US 326,114 77.31 252,106 0.43
PETSMART INC 4.25% 03/11/2022 US 205,000 97.22 199,299 0.34
QUICKEN LOANS INC 5.25% 01/15/2028 US 207,000 99.50 205,965 0.35
QWEST CORP 6.88% 09/15/2033 US 266,000 99.89 265,716 0.45
RBS GLOBAL INC / REXNORD LLC 4.88% 12/15/2025 US 362,000 101.25 366,525 0.62
REALOGY GROUP LLC / REALOGY CO 4.88% 06/01/2023 US 411,000 90.00 369,900 0.63
REGIONALCARE HOSPITAL PARTNERS 8.25% 05/01/2023 US 157,000 106.44 167,107 0.28
REGIONALCARE HOSPITAL PRTNRS 6.93% 11/16/2025 US 222,740 99.34 221,268 0.38
ROWAN COS INC 7.38% 06/15/2025 US 195,000 77.50 151,125 0.26
SABRE GLBL INC 5.25% 11/15/2023 US 714,000 103.00 735,420 1.25
SCIENTIFIC GAMES INTERNATIONAL 5.00% 10/15/2025 US 559,000 101.00 564,590 0.96
SENSATA TECHNOLOGIES BV 5.00% 10/01/2025 NL 474,000 104.25 494,145 0.84
SEQUA MEZZANINE HOLDINGS LL 7.56% 11/28/2021 US 237,720 97.67 232,174 0.39
SEVEN GENERATIONS ENERGY LTD 5.38% 09/30/2025 CA 329,000 96.25 316,663 0.54
SIMMONS FOODS INC 5.75% 11/01/2024 US 303,000 91.00 275,730 0.47
SIMMONS FOODS INC 7.75% 01/15/2024 US 70,000 107.75 75,425 0.13
SINCLAIR TELEVISION GROUP INC 5.13% 02/15/2027 US 262,000 98.00 256,760 0.44
SINCLAIR TELEVISION GROUP INC 5.63% 08/01/2024 US 300,000 102.25 306,750 0.52
SIRIUS XM RADIO INC 5.38% 07/15/2026 US 300,000 103.63 310,875 0.53
SIRIUS XM RADIO INC 5.50% 07/01/2029 US 175,000 102.52 179,410 0.30
SIX FLAGS ENTERTAINMENT CORP 4.88% 07/31/2024 US 419,000 101.56 425,547 0.72
SIX FLAGS ENTERTAINMENT CORP 5.50% 04/15/2027 US 250,000 104.00 260,000 0.44
SOLERA LLC / SOLERA FINANCE IN 10.50% 03/01/2024 US 200,000 108.13 216,250 0.37
SOTERA HEALTH HOLDINGS LLC 6.50% 05/15/2023 US 251,000 101.25 254,138 0.43
SPRINT COMMUNICATIONS 3.75% 02/02/2024 US 510,031 98.97 504,773 0.86
SPRINT CORP 7.63% 02/15/2025 US 443,000 106.50 471,795 0.80
SPRINT CORP 7.63% 03/01/2026 US 210,000 106.60 223,860 0.38
SPY US 07/19/19 P270 07/19/2019 US 100 0.31 3,100 0.01
SRC ENERGY INC 6.25% 12/01/2025 US 166,000 91.00 151,060 0.26
SUMMIT MATERIALS LLC / SUMMIT 5.13% 06/01/2025 US 506,000 100.25 507,265 0.86
SUMMIT MIDSTREAM HOLDINGS LLC 5.50% 08/15/2022 US 207,000 96.00 198,720 0.34
SUMMIT MIDSTREAM HOLDINGS LLC 5.75% 04/15/2025 US 233,000 87.50 203,875 0.35
TARGA RESOURCES PARTNERS LP / 5.88% 04/15/2026 US 89,000 106.00 94,340 0.16
TE HOLDCORP LLC COMMONSTOCK A US 74,381 0.75 55,785 0.09
TE HOLDCORP LLC/CORP PREFERRED US 12,726 0.00 0 0.00
TENET HEALTHCARE CORP 4.63% 07/15/2024 US 220,000 101.25 222,750 0.38
TERRAFORM POWER OPERATING LLC 4.25% 01/31/2023 US 233,000 99.88 232,709 0.40
TERRAFORM POWER OPERATING LLC 5.00% 01/31/2028 US 190,000 100.38 190,713 0.32
T-MOBILE USA INC 4.75% 02/01/2028 US 350,000 102.89 360,098 0.61
TOWNSQUARE MEDIA INC 6.50% 04/01/2023 US 633,000 98.50 623,505 1.06
TRANSDIGM INC 4.98% 05/30/2025 US 91,750 97.58 89,533 0.15
TRANSDIGM INC 6.25% 03/15/2026 US 405,000 105.25 426,263 0.72
TRANSOCEAN POSEIDON LTD 6.88% 02/01/2027 KY 338,000 105.69 357,224 0.61
TRANSOCEAN SENTRY LTD 5.38% 05/15/2023 KY 89,000 100.13 89,111 0.15
TRAVERSE MIDSTREAM PARTN 6.59% 09/27/2024 US 201,270 98.71 198,681 0.34
TRONOX FINANCE PLC 5.75% 10/01/2025 GB 227,000 97.00 220,190 0.37
TRONOX INC 6.50% 04/15/2026 US 65,000 99.13 64,431 0.11
TUTOR PERINI CORP 6.88% 05/01/2025 US 593,000 95.75 567,798 0.96
ULTRA RESOURCES INC 6.49% 04/12/2024 US 370,724 75.83 281,131 0.48
UNITED RENTALS NORTH AMERICA I 5.88% 09/15/2026 US 375,000 106.50 399,375 0.68
VENTURE XVIII CLO LTD 10/15/2029 KY 250,000 58.75 146,883 0.25
VINE OIL & GAS LP / VINE OIL & 9.75% 04/15/2023 US 271,000 64.75 175,473 0.30
VIRGIN MEDIA SECURED FINANCE P 5.50% 08/15/2026 GB 500,000 103.63 518,125 0.88
VISTRA ENERGY CORP 7.63% 11/01/2024 US 200,000 105.75 211,496 0.36
VISTRA OPERATIONS CO LLC 4.45% 12/31/2025 US 53,945 99.84 53,857 0.09
VISTRA OPERATIONS CO LLC 5.00% 07/31/2027 US 337,000 103.63 349,216 0.59
VISTRA OPERATIONS CO LLC 5.50% 09/01/2026 US 151,000 105.63 159,494 0.27
VIX US 07/17/19 C20 07/17/2019 US 64 0.45 2,880 0.00
VIXW US 06/26/19 C20 06/26/2019 US 64 0.00 0 0.00
WELLFLEET CLO 2018-3 LTD 01/20/2032 KY 250,000 93.36 233,411 0.40
WEWORK COS INC 7.88% 05/01/2025 US 226,000 98.66 222,972 0.38
WOODFORD EXPRESS LLC 7.48% 01/27/2025 US 178,467 98.08 175,046 0.30
XPO LOGISTICS INC 6.75% 08/15/2024 US 311,000 106.63 331,604 0.56
ZAYO GROUP LLC / ZAYO CAPITAL 6.38% 05/15/2025 US 425,000 102.00 433,479 0.74
CALIFORNIA RESOURCES CORP 8.00% 12/15/2022 US -200,000 75.38 -150,750 -0.26
CHAPARRAL ENERGY INC 8.75% 07/15/2023 US -250,000 62.00 -155,000 -0.26
GOODYEAR TIRE & RUBBER CO/THE 4.88% 03/15/2027 US -300,000 95.00 -285,000 -0.48
VIX US 07/17/19 C25 07/17/2019 US -64 0.20 -1,280 0.00
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 on the resources section or call Touchstone at 800-638-8194. 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.

Not FDIC Insured | No Bank Guarantee | May Lose Value

All Russell® Indices are trademarks/service marks of the Frank Russell Company. Russell is a trademark of the Frank Russell Company. The Frank Russell Company (FRC) is the source and owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

©2019 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. 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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