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

Portfolio Characteristics as of 3/31/2018
Number of Long Holdings ^217
Number of Short Holdings1
Effective Durations3.5 years

^ Total number of holdings includes cash equivalents

Credit Quality as of 6/30/2018(% of Portfolio)
BBB/Baa1.7
BB/Ba38.2
B/B40.2
CCC13.9
Not Rated2.6
Cash Equivalents3.4
Portfolio Composition as of 6/30/2018(% of Portfolio)
Bonds78.3
Bank Loans9.3
Special Situations4.8
Collateralized Loan Obligations
  Equity2.5
  Debt1.6
Equities0.0
Cash Equivalents3.4
Derivatives0.1
Closed end Funds0.0
Full Holdings as of 6/30/2018
Security DescriptionCountryShares Par
Value
Current
Price ($)
Market
Value ($)
% of
Portfolio
ACADEMY LTD INIT TL 07/02/2022US194,83682.97161,6590.31
ACADIA HEALTH 6.50% 03/01/2024US18,000102.5018,4500.04
ACRISURE LLC 11/22/2023US131,00099.13129,8540.25
ACRISURE LLC 7.00% 11/15/2025US558,00091.00507,7800.96
AIR MEDICAL GROUP HOLDINGS 04/28/2022US299,52697.02290,6030.55
AIR MEDICAL MRGR 6.38% 05/15/2023US462,00093.00429,6600.82
ALTA MESA HLDGS 7.88% 12/15/2024US310,000105.88328,2130.62
ALTICE LX 7.63% 02/15/2025LU524,00092.00482,0800.91
ALTICE LX 7.75% 05/15/2022LU480,00096.75464,4000.88
ALTICE US FIN I 5.38% 07/15/2023US500,00099.50497,5000.94
AMC NETWORKS INC 4.75% 08/01/2025US255,00096.13245,1210.47
AMSURG CORP 5.63% 07/15/2022US322,000101.31326,2260.62
APPLIED SYSTEMS INC. 11/12/2025US42,151102.7543,3100.08
ARAMARK SERV INC 5.00% 02/01/2028US55,00095.5052,5250.10
ARCELORMITTAL 7.25% 10/15/2039LU195,000114.82223,8990.42
ARD FINANCE SA 7.13% 09/15/2023LU330,000100.25330,8250.63
ARDAGH PKG FIN 6.00% 02/15/2025IE145,00097.38141,1940.27
ASP AMC MERGE 8.00% 05/15/2025US488,00083.00405,0400.77
ASURION LLC/2ND LIEN COV-LITE 07/14/2025US348,458101.38353,2500.67
B&G FOODS INC 5.25% 04/01/2025US380,00094.25358,1500.68
BAIN CAPITAL CREDIT CLO LIMIT 04/23/2031KY500,00090.88454,3750.86
BALBOA MERGER 11.38% 12/01/2021US434,000108.00468,7200.89
BBA US HOLDINGS 5.38% 05/01/2026US30,000100.3830,1130.06
BIOSCRIP INC 8.88% 02/15/2021US443,00095.50423,0650.80
BLOCK COMMUNICAT 6.88% 02/15/2025US350,00099.75349,1250.66
BLUE RACER MID/F 6.13% 11/15/2022US750,000101.00757,5001.44
BOMBARDIER INC 6.00% 10/15/2022CA165,00099.60164,3320.31
BOMBARDIER INC 7.50% 12/01/2024CA189,000105.25198,9230.38
BOYD GAMING CORP 6.38% 04/01/2026US230,000101.25232,8750.44
BPA LABORATORIES INC TL 2L 04/29/2020US352,98592.00324,7460.62
BUILDERS FIRSTSO 5.63% 09/01/2024US111,00097.25107,9480.20
BWAY HOLDING CO 7.25% 04/15/2025US125,00097.50121,8750.23
BWAY HOLDING COMPANY 04/03/2024US114,45599.39113,7580.22
BWX TECHNOLOGIES 5.38% 07/15/2026US81,000101.2582,0130.16
CABLEVISION SYS 5.88% 09/15/2022US300,00099.25297,7500.56
CALFRAC HLDGS 8.50% 06/15/2026US145,00099.50144,2750.27
CALIFORNIA RESOU 8.00% 12/15/2022US179,00090.75162,4430.31
CALIFORNIA RESOURCES CORP 2L 12/31/2021US100,000110.50110,5000.21
CALIFORNIA RESOURCES CORP/TERM 11/14/2022US96,739101.6998,3720.19
CARLSON TRAVEL 6.75% 12/15/2023US110,00098.00107,8000.20
CATALINA MARKETING CORP 04/09/2021US311,04362.50194,4020.37
CCO HOLDINGS LLC 5.00% 02/01/2028US675,00091.50617,6251.17
CCO HOLDINGS LLC 5.13% 05/01/2027US190,00093.56177,7690.34
CENTENE CORP 4.75% 01/15/2025US215,00099.50213,9250.41
CENTENE CORP 6.13% 02/15/2024US130,000105.38136,9880.26
CENTENE ESCRW 5.38% 06/01/2026US310,000101.31314,0700.60
CENTURYLINK INC 5.63% 04/01/2025US101,00094.5095,4450.18
CF INDUSTRIES IN 5.15% 03/15/2034US155,00092.75143,7630.27
CHESAPEAKE ENERGY 1ST LIEN 08/16/2021US125,000104.52130,6510.25
CLEARWATER SEA 6.88% 05/01/2025CA120,00096.00115,2000.22
COLUMBIA/HCA 7.69% 06/15/2025US100,000108.50108,5000.21
COMMUNICATIONS S 7.13% 12/15/2024US-350,00090.50-316,750-0.60
CONSTELLIUM NV 5.75% 05/15/2024NL464,00096.75448,9200.85
CONSTELLIUM NV 5.88% 02/15/2026NL23,00096.5022,1950.04
COTT HOLDINGS IN 5.50% 04/01/2025CA115,00097.25111,8380.21
CROWN AMER/CAP 4.75% 02/01/2026US250,00095.00237,5000.45
CSC HOLDINGS LLC 5.25% 06/01/2024US100,00094.5094,5000.18
CUMULUS MEDIA 05/15/2022US152,09599.15150,8020.29
CUMULUS MEDIA NEW HOLDINGSUS1,29914.2518,5110.04
DIGICEL GROUP 8.25% 09/30/2020BM365,00075.50275,5750.52
DIGICEL LIMITED 6.00% 04/15/2021BM500,00090.63453,1250.86
DJO FINANCE LLC 10.75% 04/15/2020US246,00097.75240,4650.46
DJO FINANCE LLC 8.13% 06/15/2021US460,000101.22465,6120.88
DREYFUS-GOV C-INUS3,191,2111.003,191,2116.05
DRYDEN SENIOR LOAN FUND 8.79% 08/15/2030KY500,000101.73508,6550.97
DYNEGY INC 7.63% 11/01/2024US205,000106.63218,5810.41
EMERALD 2 LIMITED TLB1 05/14/2021US34,21799.7534,1310.06
ENERGIZER HOLDINGS INC 06/20/2025US46,53399.9646,5130.09
ENGILITY CORP TL B2 08/12/2023US87,95999.7387,7250.17
ENVIGO HOLDINGS TL 10/28/2021US56,835100.0056,8350.11
ENVIGO LABORATORIES INC. AUS1,179.000.00
ENVIGO LABORATORIES INC. BUS1,889.000.00
ENVISION HEALTH 6.25% 12/01/2024US102,000106.50108,6300.21
ESH HOSPITALITY 5.25% 05/01/2025US471,00096.50454,5150.86
EVERGREEN SKILLS LUX S.A.R.L. 04/28/2021US187,64394.28176,9120.34
EXTRACTION OIL 5.63% 02/01/2026US298,00095.76285,3530.54
EXTRACTION OIL 7.38% 05/15/2024US63,000104.7565,9930.13
FAIR ISAAC CORP 5.25% 05/15/2026US52,000100.3852,1950.10
FIDELITY & GUARA 5.50% 05/01/2025US25,00097.5024,3750.05
FIRST QUAL FIN C 5.00% 07/01/2025US155,00091.50141,8250.27
FIRST QUANTUM 6.88% 03/01/2026CA200,00095.75191,5000.36
FIRST QUANTUM 7.50% 04/01/2025CA203,00098.69200,3410.38
FORTERRA FINANCE LLC 10/25/2023US443,49193.23413,4620.78
FREEPORT-MC C&G 5.45% 03/15/2043US160,00087.72140,3520.27
FREEPORT-MCMORAN 5.40% 11/14/2034US260,00090.75235,9500.45
FRONTIER COMM 11.00% 09/15/2025US230,00079.97183,9310.35
FRONTIER COMM 8.50% 04/01/2026US50,00096.5048,2500.09
FTS INTERNATIONAL INC 04/16/2021US66,998100.2167,1370.13
FTS INTL INC 6.25% 05/01/2022US995,000100.871,003,6571.90
GENERAL NUTRITION CENTER 03/04/2021US133,95995.91128,4810.24
GENERAL NUTRITION CENTER 12/30/2022US117,372103.07120,9760.23
GENESYS/GREENEDE 10.00% 11/30/2024US395,000111.61440,8690.84
GEO GROUP INC/T 6.00% 04/15/2026US225,00097.00218,2500.41
GOLDEN NUGGET 6.75% 10/15/2024US140,000100.02140,0250.27
GRAY TELE INC 5.13% 10/15/2024US360,00095.72344,5920.65
GRINDING MEDIA/M 7.38% 12/15/2023US150,000104.25156,3750.30
GRT WRN PTRL 9.00% 09/30/2021US106,000102.00108,1200.21
GULF FINANCE TLB 08/25/2023US58,87086.0850,6770.10
H.B. FULLER CO 4.00% 02/15/2027US171,00089.75153,4730.29
HANGER INCUS15,60016.96264,5760.50
HECLA MINING CO 6.88% 05/01/2021US300,000101.06303,1770.58
HILLMAN GROUP 6.38% 07/15/2022US550,00095.75526,6251.00
HILL-ROM HLDGS 5.00% 02/15/2025US250,00097.00242,5000.46
HUB INTERNATIONAL LTD 04/25/2025US234,66899.34233,1140.44
HUDBAY MINERALS 7.25% 01/15/2023CA37,000103.0038,1100.07
INFOBLOX INC TL 11/07/2023US104,402100.63105,0550.20
INMARSAT FINANCE 6.50% 10/01/2024GB380,000100.25380,9500.72
INTELSAT JACKSON 8.00% 02/15/2024LU120,000105.00126,0000.24
IRB HOLDING CORP 6.75% 02/15/2026US550,00095.50525,2501.00
IRON MOUNTAIN 5.25% 03/15/2028US262,00092.54242,4550.46
J2 CLOUD LLC/INC 6.00% 07/15/2025US220,000101.25222,7500.42
JC PENNEY CORP 5.88% 07/01/2023US125,00093.75117,1880.22
JELD-WEN INC./TERM LOAN B 12/31/2024US166,37699.56165,6490.31
JELD-WEN INC 4.63% 12/15/2025US60,00095.2557,1500.11
JELD-WEN INC 4.88% 12/15/2027US550,00093.00511,5000.97
KAR AUCTION 5.13% 06/01/2025US250,00095.50238,7500.45
KRATON POLYMERS 7.00% 04/15/2025US163,000103.50168,7050.32
L BRANDS INC 6.88% 11/01/2035US101,00089.0089,8900.17
LEE ENTERPRISES 9.50% 03/15/2022US275,000104.38287,0310.54
LEVEL 3 FIN INC 5.38% 01/15/2024US500,00097.95489,7500.93
LX137517 EAGLE TOPCO 2013 LIMIGB461,722.40182,8070.35
MADISON PARK FUNDING LTD 07/20/2026KY300,00072.98218,9510.42
MEG ENERGY CORP 6.38% 01/30/2023CA310,00093.00288,3000.55
MEG ENERGY CORP 7.00% 03/31/2024CA210,00093.25195,8250.37
MGM GROWTH/MGM F 4.50% 01/15/2028US62,00090.7556,2650.11
MGM RESORTS 5.75% 06/15/2025US145,00099.85144,7750.27
MMODAL LLC/ TERM LOANUS8,38632.50272,5450.52
MOHEGAN GAMING 7.88% 10/15/2024US261,00094.50246,6450.47
MOLINA HEALTHCAR 4.88% 06/15/2025US125,00097.00121,2500.23
MOLINA HEALTHCAR 5.38% 11/15/2022US295,000100.63296,8440.56
MUELLER WATER 5.50% 06/15/2026US19,000100.7519,1430.04
MURPHY OIL CORP 6.88% 08/15/2024US250,000105.00262,5000.50
MURRAY ENERGY 11.25% 04/15/2021US418,00059.00246,6200.47
MURRAY ENERGY TERM LOAN B2 04/17/2020US313,60994.05294,9430.56
NCR CORP 5.00% 07/15/2022US500,00099.00495,0000.94
NETFLIX INC 4.88% 04/15/2028US385,00095.32366,9700.70
NEW GOLD INC 6.25% 11/15/2022CA575,000101.00580,7501.10
NEXSTAR BROADC 5.63% 08/01/2024US449,00096.75434,4080.82
NGL ENRGY PART/F 7.50% 11/01/2023US330,000101.00333,3000.63
NIELSEN CO LUXEM 5.00% 02/01/2025LU495,00095.25471,4880.89
NIELSEN FINANCE 5.00% 04/15/2022US500,00098.26491,3000.93
NOVELIS CORP 5.88% 09/30/2026US235,00095.75225,0130.43
OLIN CORP 5.00% 02/01/2030US120,00094.50113,4000.22
OPTIV SECURITY INC 02/01/2024US48,39797.0046,9450.09
OZLM LTD 01/20/2031KY500,00096.91484,5350.92
PARSLEY ENERGY 5.38% 01/15/2025US99,00099.2598,2580.19
PARSLEY ENERGY 6.25% 06/01/2024US500,000103.75518,7500.98
PEABODY ENERGY 6.00% 03/31/2022US115,000101.46116,6790.22
PETCO ANIMAL SUPPLIES INC. 01/26/2023US264,49172.00190,4340.36
PETSMART INC 5.88% 06/01/2025US77,00077.0159,2980.11
PLATFORM SPECIAL 5.88% 12/01/2025US221,00097.75216,0280.41
QUICKEN LOANS IN 5.25% 01/15/2028US290,00092.23267,4670.51
RADIATE HOLDCO L 6.63% 02/15/2025US320,00091.50292,8000.56
RADNET MANAGEMENT INC. 06/30/2023US245,065100.19245,5260.47
RBS GLOBAL/REXNO 4.88% 12/15/2025US230,00094.00216,2000.41
REALOGY GRP / CO 4.88% 06/01/2023US428,00094.00402,3200.76
REVLON CONSUMER PRODUCTS CORP 09/07/2023US8,77877.006,7590.01
RITE AID CORP 6.13% 04/01/2023US113,000101.40114,5820.22
ROWAN COS INC 7.38% 06/15/2025US56,00096.7554,1800.10
SABRE GLBL INC 5.25% 11/15/2023US714,000100.62718,4481.36
SEADRILL OPERATING LP 02/21/2021US97,69589.4087,3420.17
SEMINOLE INC/LLC 5.88% 05/15/2021US600,000100.50603,0001.14
SENSATA TECH BV 5.00% 10/01/2025NL647,000100.75651,8531.24
SEQUA CORPORATION 04/28/2022US171,43899.75171,0090.32
SEQUA CORPORATION 11/28/2021US133,241100.13133,4070.25
SIMMONS FOODS 5.75% 11/01/2024US245,00086.75212,5380.40
SINCLAIR TELE 5.13% 02/15/2027US413,00092.00379,9600.72
SINCLAIR TELE 5.63% 08/01/2024US300,00099.25297,7500.56
SINCLAIR TELE 5.88% 03/15/2026US125,00097.25121,5630.23
SIRIUS XM RADIO 5.00% 08/01/2027US160,00093.63149,8000.28
SIRIUS XM RADIO 5.38% 07/15/2026US300,00096.25288,7500.55
SIX FLAGS ENT 4.88% 07/31/2024US557,00097.38542,3791.03
SIX FLAGS ENT 5.50% 04/15/2027US250,00097.10242,7400.46
SOLERA LLC / FIN 10.50% 03/01/2024US410,000111.06455,3580.86
SPRINT CORP 7.63% 02/15/2025US443,000102.00451,8640.86
SPY 09/21/18 BP260 09/22/2018US1363.8852,7680.10
SRC ENERGY 6.25% 12/01/2025US220,00099.88219,7250.42
STANDARD INDS IN 4.75% 01/15/2028US66,00091.7560,5550.11
STATION CASINOS 5.00% 10/01/2025US131,00094.00123,1400.23
SUMMIT MATERIALS 6.13% 07/15/2023US295,000101.50299,4250.57
SUMMIT MID HLD / 5.50% 08/15/2022US207,00098.25203,3780.39
SUMMIT MID HLD / 5.75% 04/15/2025US390,00095.00370,5000.70
SYMPHONY CLO LTD 5.37% 07/15/2028KY300,000100.05300,1470.57
SYNIVERSE HOLDINGS INC 03/09/2023US78,92699.7978,7620.15
TARGA RES PRTNRS 5.88% 04/15/2026US89,000100.7589,6680.17
TE HOLDCORP LLC CORP COMMON STUS74,3811.0074,3810.14
TE HOLDCORP LLC/CORP PREFERREDUS11,7486.5076,3620.14
TENET HEALTHCARE 4.63% 07/15/2024US220,00094.72208,3840.40
THC ESCROW CORP 7.00% 08/01/2025US444,00099.25440,6700.84
T-MOBILE USA INC 4.75% 02/01/2028US220,00092.63203,7750.39
TOWNSQUARE MEDIA 6.50% 04/01/2023US200,00090.00180,0000.34
TR OP / TR FIN 5.38% 09/01/2025LU60,00099.1359,4750.11
TRANSDIGM INC 6.00% 07/15/2022US69,000100.5369,3660.13
TRANSDIGM INC 6.50% 05/15/2025US250,000101.13252,8130.48
TRAVELPORT CORP 6.00% 03/15/2026GB134,000100.75135,0050.26
TRAVERSE MIDSTREAM PARTNERS 09/27/2024US108,28199.88108,1460.21
TRIBUNE MEDIA 5.88% 07/15/2022US500,000100.93504,6250.96
TRONOX FINANCE 5.75% 10/01/2025GB256,00097.13248,6400.47
TUTOR PERINI CRP 6.88% 05/01/2025US150,000100.13150,1880.28
ULTRA RESOURCES 04/12/2024US25,00091.9422,9850.04
UNITED RENTAL NA 4.88% 01/15/2028US15,00092.6013,8890.03
UNITED RENTAL NA 5.88% 09/15/2026US375,000101.00378,7500.72
VALEANT PHARMA 5.50% 03/01/2023US199,00093.00185,0700.35
VALEANT PHARMA 5.63% 12/01/2021CA110,00098.38108,2130.21
VALEANT PHARMA 6.50% 03/15/2022CA100,000103.50103,5000.20
VENATOR FIN SARL 5.75% 07/15/2025US255,00095.50243,5250.46
VENTURE CDO LTD 0.00% 10/15/2029KY250,00071.83179,5820.34
VERITAS US INC 01/27/2023US49,15191.4044,9240.09
VERITAS US/BM 10.50% 02/01/2024US200,00082.00164,0000.31
VIDEOTRON LTD 5.13% 04/15/2027CA260,00097.02252,2520.48
VIX 08/22/18 BC20 08/23/2018US601.458,7000.02
VIX 08/22/18 WC25 08/23/2018US-60.90-5,400-0.01
WHITING PETRO 5.75% 03/15/2021US50,000102.2051,0990.10
WHITING PETRO 6.25% 04/01/2023US239,000102.50244,9750.46
WHITING PETRO 6.63% 01/15/2026US80,000103.0082,4000.16
WIDEOPENWEST FINANCE LLC 08/18/2023US500,00095.25476,2500.90
WILDHORSE RESO 6.88% 02/01/2025US133,000101.88135,4940.26
WIND TRE SPA 5.00% 01/20/2026IT228,00079.25180,6900.34
Top 10 Holdings as of 6/30/2018
Security Description
% of
Portfolio
1. FTS INTL INC 6.25% 05/01/20222.0
2. BLUE RACER MID/F 6.13% 11/15/20221.5
3. SABRE GLBL INC 5.25% 11/15/20231.4
4. SENSATA TECH BV 5.00% 10/01/20251.3
5. CCO HOLDINGS LLC 5.00% 02/01/20281.2
6. SEMINOLE INC/LLC 5.88% 05/15/20211.2
7. NEW GOLD INC 6.25% 11/15/20221.2
8. SIX FLAGS ENT 4.88% 07/31/20241.1
9. HILLMAN GROUP 6.38% 07/15/20221.1
10. IRB HOLDING CORP 6.75% 02/15/20261.1

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.