Touchstone Credit Opportunities Fund Sub-Advised by: Ares Capital Management II LLC

Portfolio Characteristics as of 9/30/2017
Number of Long Holdings ^204
Number of Short Holdings0
Effective Durations2.9 years

^ Total number of holdings includes cash equivalents

Credit Quality as of 12/31/2017(% of Portfolio)
BBB/Baa1.7
BB/Ba32.5
B/B42.6
CCC18.9
C or Lower0.2
Not Rated2.0
Cash Equivalents2.1

Credit quality ratings are from Standard & Poor’s (“S&P”) and Moody’s Investors Service (“Moody’s”). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.

Portfolio Composition as of 12/31/2017(% of Portfolio)
Bonds75.5
Bank Loans10.1
Special Situations6.7
Collateralized Loan Obligations
  Equity1.7
  Debt3.7
Equities0.0
Cash Equivalents2.1
Derivatives0.0
Closed end Funds0.2
Full Holdings as of 12/31/2017
Security DescriptionCountryShares Par
Value
Current
Price ($)
Market
Value ($)
% of
Portfolio
ACADEMY LTD INIT TL 07/02/2022US243,93978.48191,4320.38
ACADIA HEALTH 6.50% 03/01/2024US18,000104.0018,7200.04
ACADIA HEALTHCARE CO INCUS6,00032.63195,7800.38
ACOSTA INC TRANCHE B-1 LOAN 09/26/2021US293,19987.50256,5490.50
ACRISURE LLC 7.00% 11/15/2025US558,00096.38537,7781.06
AIR MEDICAL GROUP HOLDINGS 04/28/2022US301,03199.55299,6890.59
AIR MEDICAL MRGR 6.38% 05/15/2023US462,00096.00443,5200.87
ALMONDE INC 06/13/2025US148,148100.03148,1850.29
ALTA MESA HLDGS 7.88% 12/15/2024US310,000109.63339,8380.67
ALTICE LX 7.63% 02/15/2025LU400,00095.75383,0000.75
ALTICE LX 7.75% 05/15/2022LU430,00098.50423,5500.83
ALTICE US FIN I 5.38% 07/15/2023US500,000102.25511,2501.00
AMC NETWORKS INC 4.75% 08/01/2025US255,00099.13252,7690.50
AMSURG CORP 5.63% 07/15/2022US322,000101.00325,2200.64
APPLIED SYSTEMS INC. 11/12/2025US42,151103.3843,5730.09
ARBYS RESTAURANT GROUP INC 12/19/2018US335,000101.25339,1880.67
ARCELORMITTAL 7.50% 10/15/2039LU51,000128.0065,2800.13
ARD FINANCE SA 7.13% 09/15/2023LU380,000104.50397,1000.78
ARDAGH PKG FIN 6.00% 02/15/2025IE145,000105.25152,6130.30
ASP AMC MERGE 8.00% 05/15/2025US305,00096.00292,8000.57
ASURION LLC/2ND LIEN COV-LITE 07/14/2025US348,458102.66357,7130.70
B&G FOODS INC 5.25% 04/01/2025US175,000101.72178,0010.35
BALBOA MERGER 11.38% 12/01/2021US434,000108.94472,7910.93
BCP RAPTOR LLC 06/07/2024US179,100100.31179,6610.35
BIG RVR STL/FIN 7.25% 09/01/2025US24,000105.7525,3800.05
BIOSCRIP INC 8.88% 02/15/2021US443,00090.50400,9150.79
BLOCK COMMUNICAT 6.88% 02/15/2025US350,000104.75366,6250.72
BLUE RACER MID/F 6.13% 11/15/2022US750,000104.25781,8751.53
BOMBARDIER INC 6.00% 10/15/2022CA165,00098.25162,1130.32
BOMBARDIER INC 7.50% 12/01/2024CA189,000101.50191,8350.38
BOYD GAMING CORP 6.38% 04/01/2026US230,000107.75247,8250.49
BPA LABORATORIES INC TL 2L 04/29/2020US352,98598.00345,9250.68
BUILDERS FIRSTSO 5.63% 09/01/2024US111,000104.07115,5180.23
BWAY HOLDING CO 7.25% 04/15/2025US125,000103.25129,0630.25
CABLEVISION SYS 5.88% 09/15/2022US300,00098.50295,5000.58
CALFRAC HLDGS 7.50% 12/01/2020US500,00098.50492,5000.97
CALIFORNIA RESOU 8.00% 12/15/2022US150,00082.50123,7500.24
CALIFORNIA RESOURCES CORP 2L 12/31/2021US100,000109.63109,6250.22
CALIFORNIA RESOURCES CORP/TERM 11/14/2022US121,73999.50121,1300.24
CARLSON TRAVEL 6.75% 12/15/2023US110,00090.5099,5500.20
CATALINA MARKETING CORP 04/09/2021US234,04378.88184,6010.36
CCO HOLDINGS LLC 5.00% 02/01/2028US425,00097.25413,3130.81
CCO HOLDINGS LLC 5.13% 05/01/2027US190,00098.50187,1500.37
CENTENE CORP 6.13% 02/15/2024US130,000105.75137,4750.27
CENTURYLINK INC 5.63% 04/01/2025US246,00091.00223,8600.44
CERIDIAN HCM 11.00% 03/15/2021US11,000104.5011,4950.02
CF INDUSTRIES IN 5.15% 03/15/2034US45,000102.0045,9000.09
CHESAPEAKE ENERGY 1ST LIEN 08/16/2021US125,000106.30132,8750.26
CHESAPEAKE ENRGY 8.00% 01/15/2025US60,000101.0060,6000.12
CHIEF EXPLORATION LLC/LOAN 05/16/2021US150,00098.17147,2510.29
CLEARWATER SEA 6.88% 05/01/2025CA120,000100.50120,6000.24
COLUMBIA/HCA 7.69% 06/15/2025US100,000113.25113,2500.22
COMMUNICATIONS S 7.13% 12/15/2024US-350,00091.00-318,500-0.62
CONSTELLIUM NV 5.75% 05/15/2024NL400,000102.00408,0000.80
CONSTELLIUM NV 5.88% 02/15/2026NL23,000101.8823,4310.05
CONTINENTAL RES 4.50% 04/15/2023US298,000102.00303,9600.60
CONTINENTAL RES 5.00% 09/15/2022US110,000101.50111,6500.22
COTT HOLDINGS IN 5.50% 04/01/2025CA115,000102.75118,1630.23
COTY INC-CL AUS-5,00019.89-99,450-0.20
CSC HOLDINGS LLC 5.25% 06/01/2024US100,00098.5098,5000.19
CUMULUS MEDIA HOLDINGS INC 12/23/2020US134,42685.66115,1440.23
DAVITA HEALTHCAR 5.13% 07/15/2024US125,000101.00126,2500.25
DELPHI JERSEY 5.00% 10/01/2025JE120,000101.25121,5000.24
DENALI CAPITAL CLO XII LTD 9.11% 04/15/2028KY250,000100.58251,4550.49
DIGICEL GROUP 8.25% 09/30/2020BM300,00098.38295,1370.58
DIGICEL LIMITED 6.00% 04/15/2021BM500,00098.43492,1300.97
DJO FINANCE LLC 10.75% 04/15/2020US246,00090.00221,4000.43
DJO FINCO/DJO FI 8.13% 06/15/2021US460,00093.50430,1000.84
DOUBLELINE INCOME SOLUTIONSUS6,00020.19121,1400.24
DREYFUS-GOV C-INUS2,054,9691.002,054,9694.03
DRYDEN SENIOR LOAN FUND 7.87% 08/15/2030KY500,000102.24511,1801.00
DYNEGY INC 7.63% 11/01/2024US205,000107.25219,8630.43
EAGLE TOPCO 2013 LIMITEDGB173,899.000.00
EMERALD 2 LIMITED TLB1 05/14/2021US39,21799.5439,0370.08
ENGILITY CORP TL B2 08/12/2023US93,361100.8894,1780.18
ENVIGO HOLDINGS TL 10/28/2021US57,12199.5056,8350.11
ENVIGO LABORATORIES INC. AUS1,179.000.00
ENVIGO LABORATORIES INC. BUS1,889.000.00
ENVISION HEALTH 6.25% 12/01/2024US102,000103.00105,0600.21
ENVISION HEALTHCARE CORPUS6,00034.56207,3600.41
ESH HOSPITALITY 5.25% 05/01/2025US471,000101.00475,7100.93
EVERGREEN SKILLS LUX S.A R.L. 04/28/2022LU21,85888.3819,3170.04
EVERGREEN SKILLS LUX S.A.R.L. 04/28/2021US292,64396.07281,1450.55
EVOLUTION ESCROW 7.50% 03/15/2022US224,000104.50234,0800.46
EXT OIL&GAS/FIN 7.88% 07/15/2021US385,000105.75407,1380.80
EXTRACTION OIL 7.38% 05/15/2024US63,000106.7567,2530.13
FAIRMOUNT SANTROL INC. 10/27/2022US99,264101.03100,2820.20
FERRELLGAS 8.63% 06/15/2020US100,00085.2585,2500.17
FIRST QUAL FIN C 5.00% 07/01/2025US155,000102.00158,1000.31
FIRST QUANTUM 7.50% 04/01/2025CA300,000108.50325,5000.64
FORTERRA FINANCE LLC 10/25/2023US445,96193.31416,1390.82
FREEPORT-MC C&G 5.45% 03/15/2043US110,00099.88109,8630.22
FREEPORT-MCMORAN 5.40% 11/14/2034US335,000101.75340,8630.67
FTS INTERNATIONAL INC 04/16/2021US125,00097.40121,7500.24
FTS INTL INC 6.25% 05/01/2022US705,00096.75682,0881.34
GENERAL NUTRITION CENTERS INC 03/04/2019US410,13981.83335,6290.66
GENESYS/GREENEDE 10.00% 11/30/2024US269,000109.25293,8830.58
GEO GROUP INC/T 6.00% 04/15/2026US225,000102.75231,1880.45
GOLDEN NUGGET 6.75% 10/15/2024US90,000101.7591,5750.18
GTT COMMUNICATIO 7.88% 12/31/2024US151,000105.50159,3050.31
GULF FINANCE TLB 08/25/2023US60,79589.5454,4370.11
H&E EQUIPMENT 5.63% 09/01/2025US15,000104.5015,6750.03
H.B. FULLER CO 4.00% 02/15/2027US101,00094.7595,6980.19
HECLA MINING CO 6.88% 05/01/2021US300,000102.50307,5000.60
HILLMAN GROUP 6.38% 07/15/2022US550,00099.75548,6251.08
HILL-ROM HLDGS 5.00% 02/15/2025US250,000101.97254,9250.50
HOCKEY MERGER 7.88% 10/01/2021US500,000104.13520,6251.02
HUDBAY MINERALS 7.25% 01/15/2023CA37,000106.0039,2200.08
INFOBLOX INC TL 11/07/2023US107,239100.30107,5610.21
INMARSAT FINANCE 6.50% 10/01/2024GB380,000101.50385,7000.76
INTELSAT JACKSON 8.00% 02/15/2024LU120,000105.25126,3000.25
J2 CLOUD LLC/INC 6.00% 07/15/2025US220,000105.25231,5500.45
JACK OHIO FINAN 6.75% 11/15/2021US305,000105.25321,0130.63
JACOBS ENTERTAIN 7.88% 02/01/2024US150,000107.00160,5000.31
JC PENNEY CORP 5.88% 07/01/2023US190,00094.38179,3130.35
JELD-WEN INC./TERM LOAN B 12/31/2024US167,212100.27167,6650.33
JELD-WEN INC 4.63% 12/15/2025US60,000100.7560,4500.12
JELD-WEN INC 4.88% 12/15/2027US90,000101.0090,9000.18
KAR AUCTION 5.13% 06/01/2025US250,000102.50256,2500.50
KRATON POLYMERS 7.00% 04/15/2025US163,000107.00174,4100.34
L BRANDS INC 6.88% 11/01/2035US146,000101.00147,4600.29
LEE ENTERPRISES 9.50% 03/15/2022US275,000103.50284,6250.56
LEVEL 3 FIN INC 5.38% 01/15/2024US500,00099.88499,3750.98
LINN ENERGY LLC /UNSECURED RIGUS1,53740.0061,4800.12
MADISON PARK FUNDING LTD 07/20/2026KY300,00065.83197,4830.39
MALLINCKRODT INT 4.75% 04/15/2023LU63,00078.5049,4550.10
MEDALLION MIDSTREAM/TERM LOAN 10/31/2024US125,000100.13125,1560.25
MEG ENERGY CORP 6.38% 01/30/2023CA310,00085.00263,5000.52
MEG ENERGY CORP 7.00% 03/31/2024CA160,00084.38135,0000.26
MMODAL LLC/ TERM LOANUS8,38622.50188,6850.37
MOHEGAN GAMING 7.88% 10/15/2024US291,000102.50298,2750.59
MOLINA HEALTHCAR 5.38% 11/15/2022US295,000104.25307,5380.60
MURPHY OIL CORP 6.88% 08/15/2024US250,000106.75266,8750.52
MURRAY ENERGY 11.25% 04/15/2021US285,00051.00145,3500.29
MURRAY ENERGY TERM LOAN B2 04/17/2020US315,29387.75276,6690.54
NETFLIX INC 4.88% 04/15/2028US335,00098.00328,3000.64
NEW GOLD INC 6.25% 11/15/2022CA575,000103.25593,6881.16
NEXSTAR BROADC 5.63% 08/01/2024US449,000103.25463,5930.91
NGL ENRGY PART/F 7.50% 11/01/2023US330,000103.25340,7250.67
NIELSEN CO LUXEM 5.00% 02/01/2025LU495,000103.75513,5631.01
NUMERICABLE-SFR 6.25% 05/15/2024FR800,000100.25802,0001.57
OPTIV SECURITY INC 02/01/2024US48,65093.3845,4270.09
OZLM LTD 01/20/2031KY500,00090.50452,5000.89
OZLM LTD 7.71% 01/15/2029KY500,000102.10510,5121.00
PARSLEY ENERGY 5.38% 01/15/2025US99,000101.0099,9900.20
PARSLEY ENERGY 6.25% 06/01/2024US500,000105.25526,2501.03
PERRY ELLIS INTERNATIONALUS-4,05525.04-101,537-0.20
PETCO ANIMAL SUPPLIES INC. 01/26/2023US100,00075.2275,2190.15
PLATFORM SPECIAL 5.88% 12/01/2025US221,00099.25219,3430.43
PNK ENTERTAINMEN 5.63% 05/01/2024US140,000107.00149,8000.29
PQ CORP 5.75% 12/15/2025US187,000101.75190,2730.37
QUICKEN LOANS IN 5.25% 01/15/2028US195,00098.72192,5040.38
RADIATE HOLDCO L 6.63% 02/15/2025US370,00094.50349,6500.69
RADNET MANAGEMENT INC. 06/30/2023US248,377101.38251,7920.49
RBS GLOBAL/REXNO 4.88% 12/15/2025US70,000101.0070,7000.14
REALOGY GRP / CO 4.88% 06/01/2023US400,00098.75395,0000.78
RITE AID CORP 6.13% 04/01/2023US113,00090.25101,9830.20
SABRE GLBL INC 5.25% 11/15/2023US714,000102.28730,2791.43
SEADRILL OPERATING LP 02/21/2021US143,72780.50115,7000.23
SEMINOLE INC/LLC 5.88% 05/15/2021US600,000101.50609,0001.19
SENSATA TECH BV 5.00% 10/01/2025NL634,000105.75670,4551.32
SEQUA CORPORATION 04/28/2022US171,438100.88172,9380.34
SEQUA CORPORATION 11/28/2021US133,913100.56134,6670.26
SIMMONS FOODS 5.75% 11/01/2024US245,00099.38243,4690.48
SINCLAIR TELE 5.13% 02/15/2027US97,00099.1396,1510.19
SINCLAIR TELE 5.63% 08/01/2024US300,000103.13309,3750.61
SINCLAIR TELE 5.88% 03/15/2026US125,000104.00130,0000.26
SIRIUS XM RADIO 5.00% 08/01/2027US70,000100.2570,1750.14
SIRIUS XM RADIO 5.38% 07/15/2026US300,000103.63310,8750.61
SIX FLAGS ENT 4.88% 07/31/2024US557,000101.50565,3551.11
SOLERA LLC / FIN 10.50% 03/01/2024US510,000112.50573,7401.13
SPRINT CORP 7.63% 02/15/2025US438,000104.75458,8050.90
SRC ENERGY 6.25% 12/01/2025US160,000102.25163,6000.32
STATION CASINOS 5.00% 10/01/2025US131,000100.50131,6550.26
SUMMIT MATERIALS 6.13% 07/15/2023US295,000104.00306,8000.60
SUMMIT MID HLD / 5.50% 08/15/2022US207,000100.00207,0000.41
SUMMIT MID HLD / 5.75% 04/15/2025US390,000100.84393,2720.77
SYMPHONY CLO LTD 5.01% 07/15/2028KY300,000100.95302,8550.59
SYNIVERSE FOREIG 9.13% 01/15/2022US372,750101.50378,3410.74
SYNIVERSE HOLDINGS INC 04/23/2019US249,55398.17244,9780.48
TALEN ENERGY SUP 6.50% 06/01/2025US120,00080.7596,9000.19
TE HOLDCORP LLC CORP COMMON STUS74,3812.10156,1990.31
TE HOLDCORP LLC/CORP PREFERREDUS10,8459.25100,3150.20
THC ESCROW CORP 7.00% 08/01/2025US494,00094.00464,3600.91
TICP CLO LTD 4.91% 07/20/2027KY250,000100.24250,5880.49
TRANSDIGM INC 6.50% 05/15/2025US137,000102.25140,0830.27
TRAVERSE MIDSTREAM PARTNERS 09/21/2024US228,037101.30231,0020.45
TRIBUNE MEDIA 5.88% 07/15/2022US500,000102.75513,7501.01
TRIUMPH GROUP 7.75% 08/15/2025US80,000106.1384,9000.17
TRONOX FINANCE 5.75% 10/01/2025GB66,000102.7567,8150.13
TUTOR PERINI CRP 6.88% 05/01/2025US150,000107.50161,2500.32
UNITED RENTAL NA 5.88% 09/15/2026US375,000107.00401,2500.79
UNIVISION COMM 5.13% 02/15/2025US279,00097.38271,6760.53
VALEANT PHARMA 5.38% 03/15/2020CA375,000100.13375,4690.74
VALEANT PHARMA 5.63% 12/01/2021CA110,00097.75107,5250.21
VALEANT PHARMA 6.13% 04/15/2025CA365,00091.50333,9750.66
VALEANT PHARMA 6.50% 03/15/2022CA100,000105.00105,0000.21
VENATOR FIN SARL 5.75% 07/15/2025US170,000105.50179,3500.35
VENTURE CDO LTD 0.00% 10/15/2029KY250,00068.83172,0840.34
VERITAS US INC 01/27/2023US336,913100.17337,4760.66
VERITAS US/BM 10.50% 02/01/2024US345,000104.00358,8000.70
VIDEOTRON LTD 5.13% 04/15/2027CA159,000104.50166,1550.33
VIX US 02/18 BC20 02/17/2018US62.603,7200.01
VIX US 02/18 WC25 02/17/2018US-62.45-2,790-0.01
WHITING PETRO 5.75% 03/15/2021US100,000102.63102,6250.20
WHITING PETRO 6.25% 04/01/2023US463,000102.63475,1540.93
WHITING PETRO 6.63% 01/15/2026US80,000102.0081,6000.16
WIND TRE SPA 5.00% 01/20/2026IT140,00094.05131,6730.26
YELL_EQ_REGSGB163,444.000.00
YH LIMITED 09/07/2065US86,769259.67225,3110.44
Top 10 Holdings as of 12/31/2017
Security Description
% of
Portfolio
1. COMMUNICATIONS S 7.13% 12/15/202461.0
1. NUMERICABLE-SFR 6.25% 05/15/20241.6
2. PERRY ELLIS INTERNATIONAL19.4
2. BLUE RACER MID/F 6.13% 11/15/20221.6
3. COTY INC-CL A19.0
3. SABRE GLBL INC 5.25% 11/15/20231.5
4. VIX US 02/18 WC25 02/17/20180.5
4. FTS INTL INC 6.25% 05/01/20221.4
5. SENSATA TECH BV 5.00% 10/01/20251.4
6. TOUCHSTONE CREDIT OPPORTUNITIES FUND1.2
7. NEW GOLD INC 6.25% 11/15/20221.2
8. SOLERA LLC / FIN 10.50% 03/01/20241.2
9. SIX FLAGS ENT 4.88% 07/31/20241.1
10. HILLMAN GROUP 6.38% 07/15/20221.1

Data may not total due to rounding.

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.

The data illustrated for Touchstone Domestic Equity Funds – Morningstar is the source. For Russell index information – the Frank Russell Company is the source and owner. For MSCI index information- the MSCI is the source and owner. The data illustrated for Touchstone Fixed Income Funds, Diversified Income Funds, Alternative Investment Funds, International Equity Funds, Asset Allocation Funds and Money Market Funds – the fund’s sub-advisor is the source. Calculations for sectors and top holdings exclude cash equivalents. All holdings data is sourced from BNY Mellon Asset Servicing.