Touchstone Ares Credit Opportunities Fund

Overall Morningstar Rating™

High Yield Bond

Overview

Actively Managed and Sub-Advised by Ares Capital Management II LLC^*

Objective

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

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

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Inception Date
Total Share Class Net Assets as of 09/30/2024
Total Fund Net Assets as of 09/30/2024	$621,596,499
Asset Class	Income, Multi-Asset
Benchmark	ICE BofA U.S. High Yield Constrained Index
Distribution Frequency	Monthly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date	01/26/2024

Performance

Daily

as of
	NAV	NAV $ Change
Touchstone Ares Credit Opportunities Fund -

HISTORICAL DAILY NAV

Date*

Historical Daily NAV on
	NAV	POP
Touchstone Ares Credit Opportunities Fund -

as of 10/31/2024
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Ares Credit Opportunities Fund - Including Sales Charge
Touchstone Ares Credit Opportunities Fund - Excluding Sales Charge
ICE BofA U.S. High Yield Constrained Index	-0.55%	2.68%	7.44%	16.49%	2.96%	4.37%	4.77%	--

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A Shares of Touchstone Fixed Income Funds is 3.25% excluding Touchstone Ultra Short Duration Fixed Income Fund which is 2.00%.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment adviser 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 adviser 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 adviser 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 09/30/2024
	3 Month	1 Year	3 Year	5 Year	10 Year	Since Inception
Touchstone Ares Credit Opportunities Fund - Including Sales Charge
Touchstone Ares Credit Opportunities Fund - Excluding Sales Charge
ICE BofA U.S. High Yield Constrained Index	5.28%	15.67%	3.08%	4.53%	4.95%	--

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 adviser 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 adviser 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 adviser 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 10/31/2024
	30 Day SEC Yield	30 Day Unsubsidized Yield	Distribution Yield
Touchstone Ares Credit Opportunities Fund -

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 adviser 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.

Monthly distributing funds are using this Distribution Yield Calculation = Per share distribution dollars during the month divided by the number of days in the month divided by the month end NAV and multiplied by 365. Quarterly distributing funds are using an Annual Distribution Yield calculation = Per share distribution dollars during the 12 months divided by the number of days in the 12 month period divided by the 12 month period end NAV and multiplied by 365.

The performance presented for Class Y and INST Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 10/03/94, with the performance since the inception date of each share class.

Consider Touchstone Ares Credit Opportunities Fund for Your Portfolio

Investing primarily in global debt securities, Touchstone Ares 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.

Morningstar Rating™

Morningstar risk adjusted return as of 09/30/2024
	Overall	3 Year	5 Year	10 Year
Touchstone Ares Credit Opportunities Fund - Shares
Funds in High Yield Bond Category	598	598	563	425

Portfolio

Portfolio Composition

as of 09/30/2024
Composition	% of Portfolio
Bonds	79.9
Bank Loans	11.7
Cash Equivalents	2.7
Collateralized Loan Obligations Debt	2.3
Collateralized Loan Obligations Equity	1.6
Equities	1.1
Special Situations	0.6
Closed end Funds	0.0
Derivatives	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 Equity Funds and Multi-Asset Funds, the fund’s sub-adviser is the source. All holdings data is sourced from BNY Mellon Asset Servicing.

as of 09/30/2024
Credit Quality	% of Portfolio
BBB/Baa	9.5
BB/Ba	39.4
B/B	35.4
CCC	8.8
CC	0.1
Not Rated	4.2
Cash Equivalents	2.7

Data may not total due to rounding. Credit quality is calculated using the ratings assigned by a nationally recognized statistical rating organization (NRSRO) such as Standard & Poor’s or Moody’s Investors Service. When ratings vary, the highest rating is used. Credit ratings equivalent to AAA, AA, A or BBB are considered to be high credit quality (“investment grade”); credit ratings of BB and below are lower quality securities (“below investment grade” or “high yield”). 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 fixed income securities and not the fund or its shares. Ratings are subject to change.

as of 10/31/2024
Security Description	% of Portfolio
CDX HY CDSI S41 5Y PRC 5.00% 12/20/2028	78.8
VIX US 11/20/24 C40 11/20/2024	21.2

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 details regarding country code abbreviations, please visit this page.

as of 10/31/2024
Security Description	% of Portfolio
CCO HOLDINGS LLC / CCO HOLDING 4.50% 08/15/2030	1.0
SCRIPPS ESCROW II INC 3.88% 01/15/2029	0.9
CHS/COMMUNITY HEALTH SYSTEMS I 5.63% 03/15/2027	0.8
ITT HOLDINGS LLC 6.50% 08/01/2029	0.8
BROOKFIELD PROPERTY REIT INC / 4.50% 04/01/2027	0.8

as of 09/30/2024
Security Description	Country	Shares Par Value	Current Price ($)	Market Value ($)	% of Portfolio
{name}	{country}	{sharesParValue}	{currentPriceBase}	{marketBaseValue}	{percentOfPortfolio}

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.

Management

Actively Managed and Sub-Advised by Ares Capital Management II LLC^*

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

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

Chris Mathewson

Investment Experience since 2004

Career Summary
Ares Capital Management II LLC
Lehman Brothers

Education
BA - Dartmouth College

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 1.03% for Class A Shares, 1.43% 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 01/29/2025.

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

A portion of the March through September 2022 distributions included a Return of Capital within each share class.

Resources

Annual Report

Commentary

Fact Sheet

Semi-Annual Report
Summary of Additional Information (SAI)

Statutory Prospectus
Summary Prospectus

A WORD ABOUT RISK

The Fund invests in fixed-income securities which can experience reduced liquidity during certain market events, 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 Adviser engages a sub-adviser to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-adviser who achieves superior investment returns relative to other similar sub-advisers. 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 derivatives and securities such as 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 invests in convertible securities which are subject to the risks of both debt securities and equity securities. Events in the U.S. and global financial markets, including actions taken to stimulate or stabilize economic growth may at times result in unusually high market volatility, which could negatively impact Fund performance and cause it to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate. 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. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing their price to decline. The Fund invests in foreign securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and accounting standards that differ from those of U.S. markets and may offer less protection to investors. 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's service providers are susceptible to cyber security risks that could result in losses to a Fund and its shareholders. Cyber security incidents could affect issuers in which a Fund invests, thereby causing the Fund’s investments to lose value. Current and future portfolio holdings are subject to change.

Consider Touchstone Ares Credit Opportunities Fund for Your Portfolio

^*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 Ares Credit Opportunities Fund does not constitute an investment in the sub-adviser. 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 $137 billion of assets under management as of March 31, 2019, 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 professional 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

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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.

Morningstar

Overview

Overview

Objective

Investment Style

Fund Facts

Fund Facts

Performance

Performance

Consider Touchstone Ares Credit Opportunities Fund for Your Portfolio

Morningstar Rating™

Portfolio

Portfolio

Management

Management

Seth Brufsky

Kapil Singh, CFA

Chris Mathewson

Fees

Fees

Distributions

Distributions

Resources

Resources

Consider Touchstone Ares Credit Opportunities Fund for Your Portfolio

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