Touchstone Balanced Fund

(formerly the Sentinel Balanced Fund)

Touchstone Balanced Fund

(formerly the Sentinel Balanced Fund)

Daily NAV
$
Overall Morningstar RatingTM
Allocation--50% to 70% Equity

Morningstar

Overall Morningstar RatingTM is calculated against 703 funds in the Allocation--50% to 70% Equity category.

The Morningstar RatingTM 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 RatingTM 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.

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 Fort Washington Investment Advisors, Inc.

Objective

The fund seeks to provide investors with capital appreciation and current income.

Balanced Fund Commentary

Investment Style

  • Primarily invests in a diversified portfolio of fixed-income and equity securities. Under normal circumstances, the fund generally expects to allocate its assets as follows:
    - 60% equity securities
    - 40% fixed-income securities
  • Allocates assets based on relative attractiveness
    - Equity/fixed income weights
    - Sector/industry weights
    - Active duration management and yield curve positioning
  • Fundamentally driven equity and credit analysis
  • Strategic long-term execution of asset class allocation
A WORD ABOUT RISK

The Fund invests in equities which are subject to market volatility and loss. The Fund invests in stocks of large-cap companies which may be unable to respond quickly to new competitive challenges. The Fund invests in foreign securities, including depositary receipts, such as ADRs, GDRs and EDRs, which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The Fund invests in emerging markets securities which are more likely to experience turmoil or rapid changes in market or economic conditions than developed countries. The Fund invests in debt securities which can lose their value as interest rates rise and are subject to 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. The Fund invests in investment grade debt securities which may be downgraded by a Nationally Recognized Statistical Rating Organization (NRSRO) to below investment grade status. The Fund invests in non-investment grade debt securities which are considered speculative with respect to the issuers' ability to make timely payments of interest and principal, may lack liquidity and has had more frequent and larger price changes than other debt securities. The Fund invests in U.S. government and agency securities which are neither issued nor guaranteed by the U.S. Treasury and are not guaranteed against price movements due to changing interest rates. The Fund invests in mortgage-backed securities and asset-backed securities which are subject to the risks of prepayment, defaults, changing interest rates and at times, the financial condition of the issuer. 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 may experience higher portfolio turnover which may lead to increased fund expenses, lower investment returns and higher short-term capital gains taxable to shareholders. Current and future portfolio holdings are subject to risk. The advisor engages the sub-advisor to manage the Fund's portfolio; the sub-advisor's judgment may impact the Fund's performance.

Fund Facts

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 09/30/2018
Total Fund Net Assets as of 09/30/2018 $326,333,813
Asset Class Multi-Asset / Alternative
Morningstar Category Allocation--50% to 70% Equity
Benchmark S&P 500 Index
Benchmark 2 Bloomberg Barclays U.S. Aggregate Bond Index
Distribution Frequency Quarterly
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 10/30/2018

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Balanced Fund -
HISTORICAL DAILY NAV
as of 11/30/2018 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Balanced Fund -
Including Sales Charge
Touchstone Balanced Fund -
Excluding Sales Charge
S&P 500 Index 2.04% -4.40% 5.11% 6.27% 12.16% 11.12% 14.32% --
Bloomberg Barclays U.S. Aggregate Bond Index 0.60% -0.84% -1.79% -1.34% 1.33% 2.03% 3.67% --
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.
The performance presented for Class C and Y Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 11/15/38, with the performance since the inception date of each share class.
Prior to October 30, 2017, the performance, rating and ranking history is that of the Sentinel Balanced Fund.
as of 09/30/2018 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Balanced Fund -
Including Sales Charge
Touchstone Balanced Fund -
Excluding Sales Charge
S&P 500 Index 17.91% 17.31% 13.95% 11.97% --
Bloomberg Barclays U.S. Aggregate Bond Index -1.22% 1.31% 2.16% 3.77% --
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 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.
The performance presented for Class C and Y Shares combines the performance of an older class of shares (A Shares) from the Fund's inception, 11/15/38, with the performance since the inception date of each share class.
Prior to October 30, 2017, the performance, rating and ranking history is that of the Sentinel Balanced Fund.

Consider Touchstone Balanced Fund for Your Portfolio

Touchstone Balanced Fund primarily invests in fixed-income and equity securities. It seeks to provide investors with capital appreciation and current income.
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Portfolio

as of 09/30/2018
Number of Holdings
240
Weighted Average Market Capitalization
$254.5 B
Median Market Capitalization
$104.3 B
as of 09/30/2018
Composition % of Portfolio
Domestic Equity 65.2
U.S. Government Bonds 16.9
Corporate Bonds 11.8
Emerging Market Bonds 2.5
Foreign Equity 2.0
Cash Equivalents 1.7
Miscellaneous 0.0
Data may not total due to rounding.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 11/30/2018
Security Description % of Portfolio
US TREASURY N/B 2.50% 03/31/2023 4.4
MICROSOFT CORP 4.3
APPLE INC 2.7
VISA INC-CLASS A SHARES 2.4
BOEING CO/THE 2.2
US TREASURY N/B 2.88% 08/15/2028 2.2
ALPHABET INC-CL C 2.1
MCDONALD'S CORP 2.0
BERKSHIRE HATHAWAY INC-CL B 1.9
TEXAS INSTRUMENTS INC 1.9
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 09/30/2018
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ABBOTT LABS 3.75% 11/30/2026 US 202,000 99.72 201,433 0.06
ABBVIE INC 4.45% 05/14/2046 US 365,000 91.93 335,530 0.10
ACCENTURE PLC-CL A IE 30,000 170.20 5,106,000 1.57
ACE INA HOLDINGS 4.35% 11/03/2045 US 217,000 102.12 221,609 0.07
ACTAVIS FUNDING 3.80% 03/15/2025 LU 260,000 97.92 254,603 0.08
AGATE BAY MORTGAGE LOAN TRUST 3.76% 10/25/2045 US 782,837 98.62 772,064 0.24
AIR CAN 2015-1A 3.60% 03/15/2027 CA 103,649 96.87 100,405 0.03
ALBERTA PROVINCE 2.20% 07/26/2022 CA 359,000 96.24 345,487 0.11
ALLERGAN SALES 5.00% 12/15/2021 US 322,000 103.71 333,942 0.10
ALPHABET INC-CL C US 6,000 1,193.47 7,160,820 2.20
AMAZON.COM INC US 1,301 2,003.00 2,605,903 0.80
AMERICAN EXPRESS 3.00% 10/30/2024 US 440,000 95.52 420,289 0.13
AMERICAN EXPRESS CO US 25,000 106.49 2,662,250 0.82
AMERISOURCEBERGEN CORP US 23,954 92.22 2,209,038 0.68
AMGEN INC US 15,000 207.29 3,109,350 0.95
ANHEUSER-BUSCH 4.90% 02/01/2046 US 380,000 101.13 384,302 0.12
APPLE INC US 48,000 225.74 10,835,520 3.33
APPLE INC 2.75% 01/13/2025 US 899,000 95.81 861,289 0.26
APPLE INC 4.65% 02/23/2046 US 110,000 108.03 118,837 0.04
APTIV PLC 3.15% 11/19/2020 IE 105,000 99.09 104,049 0.03
ARC PROPERTIES 4.60% 02/06/2024 US 795,000 100.33 797,632 0.24
AT&T INC US 28,740 33.58 965,089 0.30
AT&T INC 3.80% 03/15/2022 US 552,000 100.38 554,090 0.17
AT&T INC 4.35% 06/15/2045 US 88,000 86.15 75,810 0.02
AUTONATION INC 5.50% 02/01/2020 US 89,000 102.57 91,287 0.03
BAHIA SUL HLDGS 5.75% 07/14/2026 AT 470,000 100.88 474,113 0.15
BANK OF AMER CRP 3.71% 04/24/2028 US 355,000 96.26 341,717 0.10
BANK OF AMER CRP 4.00% 01/22/2025 US 535,000 98.69 527,971 0.16
BANK OF MONTREAL 3.80% 12/15/2032 CA 390,000 93.43 364,393 0.11
BANK OF NY MELLO 2.95% 01/29/2023 US 449,000 97.55 437,995 0.13
BARCLAYS PLC 3.25% 01/12/2021 GB 435,000 98.65 429,137 0.13
BB&T CORPORATION 2.85% 10/26/2024 US 380,000 95.69 363,616 0.11
BECTON DICKINSON AND CO US 13,000 261.00 3,393,000 1.04
BERKSHIRE HATHAWAY INC-CL B US 27,693 214.11 5,929,348 1.82
BIOGEN INC US 5,000 353.31 1,766,550 0.54
BMW US CAP LLC 3.10% 04/12/2021 US 658,000 99.35 653,693 0.20
BOARDWALK PIPELI 4.45% 07/15/2027 US 224,000 96.06 215,165 0.07
BOEING CO/THE US 20,000 371.90 7,438,000 2.28
BOSTON PROP LP 3.20% 01/15/2025 US 390,000 95.68 373,150 0.11
BRASKEM AMERICA 7.13% 07/22/2041 US 250,000 115.41 288,525 0.09
BRISTOL-MYERS SQUIBB CO US 45,000 62.08 2,793,600 0.86
BURLINGTON NORTH 5.75% 05/01/2040 US 418,000 119.69 500,287 0.15
CANADIAN NATL RAILWAY CO CA 32,000 89.80 2,873,600 0.88
CARE CAPITAL 5.13% 08/15/2026 US 149,000 97.90 145,865 0.04
CARGILL INC 3.05% 04/19/2021 US 438,000 99.29 434,869 0.13
CARNIVAL CORP US 18,121 63.77 1,155,576 0.35
CELGENE CORP 5.00% 08/15/2045 US 299,000 99.38 297,135 0.09
CENOVUS ENERGY 4.25% 04/15/2027 CA 333,000 96.67 321,895 0.10
CHARTER COMM OPT 6.48% 10/23/2045 US 368,000 107.50 395,594 0.12
CHENIERE CORP CH 7.00% 06/30/2024 US 350,000 109.50 383,250 0.12
CHEVRON CORP US 20,000 122.28 2,445,600 0.75
CITIGROUP INC 3.30% 04/27/2025 US 330,000 96.05 316,965 0.10
CITIGROUP INC 4.75% 05/18/2046 US 197,000 97.54 192,159 0.06
CME GROUP INC US 18,000 170.21 3,063,780 0.94
COLOMBIA REP OF 5.00% 06/15/2045 CO 238,000 99.90 237,762 0.07
COLUMBIA PIPELIN 4.50% 06/01/2025 US 301,000 101.10 304,309 0.09
COMCAST CORP 2.85% 01/15/2023 US 367,000 97.00 355,988 0.11
COMCAST CORP 4.00% 03/01/2048 US 232,000 89.75 208,226 0.06
COMCAST CORP-CLASS A US 120,000 35.41 4,249,200 1.30
CRED SUIS NY 3.63% 09/09/2024 CH 305,000 98.56 300,602 0.09
CREDIT SUISSE MORTGAGE TRUST 3.87% 12/25/2044 US 890,285 97.55 868,441 0.27
CREDIT SUISSE MORTGAGE TRUST 3.94% 01/25/2045 US 783,666 95.66 749,691 0.23
CRH AMERICA FIN 4.50% 04/04/2048 US 370,000 91.75 339,460 0.10
CROWN CASTLE INT 3.65% 09/01/2027 US 403,000 93.95 378,634 0.12
CVS HEALTH CORP US 10,000 78.72 787,200 0.24
CVS HEALTH CORP 4.30% 03/25/2028 US 475,000 99.22 471,275 0.14
CVS HEALTH CORP 5.13% 07/20/2045 US 230,000 102.80 236,448 0.07
DIAMOND 1 FIN/DI 6.02% 06/15/2026 US 235,000 106.88 251,176 0.08
DOLLAR TREE 3.04% 04/17/2020 US 434,000 100.15 434,660 0.13
DOWDUPONT INC US 38,460 64.31 2,473,363 0.76
DREYFUS-GOV C-IN US 5,385,088 1.00 5,385,088 1.65
DTE ENERGY CO 3.70% 08/01/2023 US 436,000 99.83 435,268 0.13
DUKE ENERGY PROG 4.15% 12/01/2044 US 237,000 97.64 231,406 0.07
EAGLE MATERIALS 4.50% 08/01/2026 US 377,000 99.79 376,221 0.12
EMBRAER NL FINAN 5.05% 06/15/2025 NL 166,000 100.38 166,624 0.05
EMBRAER NL FINAN 5.40% 02/01/2027 NL 167,000 102.00 170,340 0.05
ENBRIDGE INC 3.04% 06/15/2020 CA 418,000 100.36 419,526 0.13
ENERGY TRANSFER 4.95% 06/15/2028 US 243,000 101.81 247,399 0.08
EOG RESOURCES IN 3.90% 04/01/2035 US 264,000 97.61 257,695 0.08
EOG RESOURCES INC US 25,000 127.57 3,189,250 0.98
EXPRESS SCRIPTS 3.30% 02/25/2021 US 327,000 99.49 325,326 0.10
EXXON MOBIL CORP US 38,000 85.02 3,230,760 0.99
FACEBOOK INC-A US 22,420 164.46 3,687,193 1.13
FANNIE MAE 2.50% 02/01/2032 US 1,507,453 96.57 1,455,684 0.45
FANNIE MAE 3.00% 03/01/2043 US 638,991 96.57 617,046 0.19
FANNIE MAE 3.00% 11/01/2045 US 1,907,553 96.00 1,831,316 0.56
FANNIE MAE 3.00% 12/01/2042 US 985,740 96.60 952,274 0.29
FANNIE MAE 3.50% 04/01/2045 US 1,196,606 98.83 1,182,655 0.36
FANNIE MAE 3.50% 05/01/2046 US 1,967,300 98.79 1,943,547 0.60
FANNIE MAE 3.50% 09/01/2044 US 441,846 98.86 436,799 0.13
FANNIE MAE 4.50% 03/01/2041 US 785,563 104.02 817,167 0.25
FANNIE MAE 4.50% 06/01/2019 US 700 101.28 709 0.00
FANNIE MAE 5.00% 09/01/2019 US 241 103.02 248 0.00
FANNIE MAE 5.00% 09/01/2040 US 360,534 106.40 383,597 0.12
FANNIE MAE 5.00% 10/01/2018 US 3 101.09 3 0.00
FANNIE MAE 5.50% 03/01/2033 US 1,234 106.70 1,316 0.00
FANNIE MAE 5.50% 05/01/2034 US 702,412 108.01 758,662 0.23
FANNIE MAE 5.50% 07/01/2034 US 654,828 107.99 707,138 0.22
FANNIE MAE 6.00% 11/01/2032 US 32 107.95 35 0.00
FANNIE MAE 6.00% 12/01/2033 US 90,291 104.84 94,659 0.03
FEDEX CORP 5.10% 01/15/2044 US 280,000 104.16 291,641 0.09
FIFTH THIRD BANK 2.88% 07/27/2020 US 345,000 99.36 342,806 0.11
FORD MOTOR CO 4.75% 01/15/2043 US 235,000 83.27 195,679 0.06
FORD MOTOR CRED 4.14% 02/15/2023 US 434,000 98.37 426,909 0.13
FORTIS INC 3.06% 10/04/2026 CA 329,000 91.76 301,889 0.09
FREDDIE MAC 4.00% 04/01/2045 US 597,402 101.25 604,869 0.19
FREDDIE MAC 4.00% 10/01/2044 US 1,693,878 101.28 1,715,522 0.53
FREDDIE MAC 4.00% 10/01/2044 US 3,475,226 101.28 3,519,542 1.08
FREDDIE MAC 4.50% 08/01/2041 US 2,500,813 104.33 2,609,217 0.80
FREDDIE MAC 5.00% 05/15/2041 US 1,237,675 104.94 1,298,837 0.40
FREDDIE MAC 5.00% 06/01/2035 US 3,785 106.17 4,019 0.00
FREDDIE MAC 6.00% 12/01/2020 US 635 101.37 644 0.00
FREDDIE MAC 6.50% 10/01/2022 US 7,973 99.98 7,972 0.00
GEN ELECTRIC CO 4.13% 10/09/2042 US 395,000 89.19 352,311 0.11
GEN MOTORS FIN 3.20% 07/13/2020 US 385,000 99.71 383,888 0.12
GEN MOTORS FIN 3.95% 04/13/2024 US 150,000 97.25 145,882 0.04
GEN MOTORS FIN 4.35% 04/09/2025 US 279,000 98.13 273,778 0.08
GENERAL DYNAMICS CORP US 14,000 204.72 2,866,080 0.88
GENERAL MILLS IN 3.20% 04/16/2021 US 205,000 99.35 203,671 0.06
GNR 2012-147 IO 0.56% 04/16/2054 US 7,459,648 3.47 258,533 0.08
GOLDMAN SACHS GP 3.34% 07/24/2023 US 440,000 101.06 444,664 0.14
GOLDMAN SACHS GP 3.69% 06/05/2028 US 150,000 95.18 142,764 0.04
GOLDMAN SACHS GP 5.25% 07/27/2021 US 350,000 104.70 366,449 0.11
GOVERNMENT NATIONAL MORTGAGE A 4.50% 09/20/2041 US 1,240,924 104.80 1,300,477 0.40
GOVERNMENT NATIONAL MORTGAGE A 4.50% 12/20/2040 US 750,000 103.84 778,766 0.24
GRUPO BIMBO SAB 4.50% 01/25/2022 MX 380,000 102.31 388,788 0.12
GS MORTGAGE SECURITIES TRUST 3.54% 01/10/2043 US 1,400,000 95.56 1,337,870 0.41
HALFMOON PARENT 4.38% 10/15/2028 US 312,000 99.71 311,091 0.10
HERTZ VEHICLE FINANCING LLC 2.65% 07/25/2022 US 1,350,000 97.12 1,311,114 0.40
HOME DEPOT INC US 8,683 207.15 1,798,683 0.55
HOME DEPOT INC 5.95% 04/01/2041 US 285,000 124.49 354,809 0.11
HONEYWELL INTERNATIONAL INC US 35,000 166.40 5,824,000 1.79
HSBC HOLDINGS 3.90% 05/25/2026 GB 335,000 96.98 324,872 0.10
HUNTINGTON BANCS 4.00% 05/15/2025 US 562,000 99.83 561,044 0.17
IMPERIAL BRANDS 4.25% 07/21/2025 GB 475,000 99.19 471,143 0.14
INTEGRYS HLDG US 2,000 25.95 51,900 0.02
INTERPUBLIC GRP 3.75% 10/01/2021 US 267,000 100.20 267,529 0.08
ISHARES JP MORGAN USD EMERGI US 49,202 107.81 5,304,468 1.63
JD.COM INC-ADR CN 68,143 26.09 1,777,851 0.55
JIMMY JOHN'S FUNDING LLC 3.61% 07/30/2047 US 841,500 98.72 830,695 0.25
JOHNSON & JOHNSON US 23,000 138.17 3,177,910 0.98
JONES LANG LASALLE INC US 7,564 144.32 1,091,636 0.34
JPMORGAN CHASE & CO US 39,000 112.84 4,400,760 1.35
JPMORGAN CHASE 3.08% 04/23/2024 US 350,000 99.55 348,422 0.11
JPMORGAN CHASE 3.25% 09/23/2022 US 270,000 99.12 267,613 0.08
JPMORGAN CHASE 3.51% 01/23/2029 US 425,000 94.72 402,558 0.12
KIMCO REALTY 3.13% 06/01/2023 US 202,000 96.32 194,558 0.06
KINDER MORGAN EN 3.50% 09/01/2023 US 440,000 97.78 430,222 0.13
KRAFT FOODS GROU 6.88% 01/26/2039 US 255,000 116.84 297,948 0.09
KRAFT HEINZ CO/THE US 30,000 55.11 1,653,300 0.51
KROGER CO 5.00% 04/15/2042 US 140,000 99.01 138,608 0.04
LLOYDS BK GR PLC 3.57% 11/07/2028 GB 416,000 91.60 381,055 0.12
MARATHON PETROLEUM CORP US 40,000 79.97 3,198,800 0.98
MARRIOTT INTERNATIONAL -CL A US 31,100 132.03 4,106,133 1.26
MCDONALD'S CORP US 33,000 167.29 5,520,570 1.69
MERCK & CO. INC. US 70,000 70.94 4,965,800 1.52
MICROSOFT CORP US 123,000 114.37 14,067,510 4.32
MICROSOFT CORP 3.50% 02/12/2035 US 210,000 96.46 202,569 0.06
MID-AMER APT LP 3.75% 06/15/2024 US 288,000 97.99 282,220 0.09
MIDCONTINENT EXP 6.70% 09/15/2019 US 106,000 102.25 108,383 0.03
MONSTER BEVERAGE CORP US 18,792 58.28 1,095,198 0.34
MOODY'S CORP 2.75% 12/15/2021 US 374,000 97.80 365,786 0.11
MORGAN STANLEY US 100,000 46.57 4,657,000 1.43
MORGAN STANLEY 3.74% 04/24/2024 US 148,000 99.15 146,743 0.05
MORGAN STANLEY 3.95% 04/23/2027 US 470,000 95.98 451,112 0.14
NEWCREST FINANCE 4.20% 10/01/2022 AU 66,000 100.32 66,211 0.02
NEWCREST FINANCE 4.45% 11/15/2021 AU 121,000 101.36 122,647 0.04
NEXTERA ENERGY 2.80% 01/15/2023 US 250,000 96.68 241,691 0.07
NGPL PIPECO LLC 7.77% 12/15/2037 US 89,000 122.50 109,025 0.03
NORTHWESTERN MUT 3.85% 09/30/2047 US 300,000 91.65 274,946 0.08
NOVARTIS AG-SPONSORED ADR CH 28,756 86.16 2,477,617 0.76
ONCOR ELECTRIC D 3.80% 09/30/2047 US 76,000 94.56 71,868 0.02
ONTARIO PROVINCE 1.88% 05/21/2020 CA 417,000 98.17 409,361 0.13
ORACLE CORP US 11,308 51.56 583,040 0.18
ORACLE CORP 2.65% 07/15/2026 US 351,000 92.81 325,773 0.10
PACIFIC GAS&ELEC 4.65% 08/01/2028 US 125,000 100.71 125,893 0.04
PACIFICORP 5.75% 04/01/2037 US 125,000 118.89 148,616 0.05
PEPSICO INC US 40,000 111.80 4,472,000 1.37
PETROLEOS MEXICA 4.50% 01/23/2026 MX 307,000 93.50 287,045 0.09
PETROLEOS MEXICA 5.35% 02/12/2028 MX 53,000 94.25 49,953 0.02
PHILIP MORRIS INTERNATIONAL US 40,000 81.54 3,261,600 1.00
PMTLT 2013-J1 3.50% 09/25/2043 US 772,568 97.34 752,041 0.23
PNC BANK NA 2.70% 11/01/2022 US 370,000 96.34 356,443 0.11
PNC FINANCIAL SERVICES GROUP US 27,000 136.19 3,677,130 1.13
PRAXAIR INC US 12,000 160.73 1,928,760 0.59
PRICELINE GROUP 3.60% 06/01/2026 US 410,000 97.01 397,759 0.12
PROCTER & GAMBLE CO/THE US 40,000 83.23 3,329,200 1.02
PRUDENTIAL FIN 5.63% 06/15/2043 US 339,000 104.25 353,408 0.11
QUALCOMM INC 3.45% 05/20/2025 US 340,000 97.01 329,840 0.10
QWEST CORP 6.75% 12/01/2021 US 250,000 106.72 266,812 0.08
REYNOLDS AMERICA 4.45% 06/12/2025 US 351,000 100.74 353,587 0.11
ROYAL BK CANADA 3.20% 04/30/2021 CA 434,000 99.82 433,200 0.13
S&P GLOBAL INC US 20,000 195.39 3,907,800 1.20
SALESFORCE.COM INC US 3,733 159.03 593,659 0.18
SCHLUMBERGER LTD US 37,700 60.92 2,296,684 0.70
SEQUOIA MORTGAGE TRUST 3.50% 05/25/2045 US 872,556 96.34 840,619 0.26
SHELL INTL FIN 1.88% 05/10/2021 NL 100,000 96.78 96,782 0.03
SIGNATURE BANK US 17,239 114.84 1,979,727 0.61
SIMON PROPERTY GROUP INC US 6,587 176.75 1,164,252 0.36
SL GREEN OPERAT 3.25% 10/15/2022 US 110,000 96.98 106,677 0.03
SPIRIT REALTY LP 4.45% 09/15/2026 US 244,000 95.86 233,907 0.07
STARBUCKS CORP US 20,393 56.84 1,159,138 0.36
STARWOOD COMMERCIAL MORTGAGE T 3.61% 05/15/2035 US 800,000 100.00 799,999 0.25
STRYKER CORP US 15,000 177.68 2,665,200 0.82
SUNTRUST BANKS 4.00% 05/01/2025 US 380,000 100.25 380,949 0.12
TELECOM ITALIA 5.30% 05/30/2024 IT 426,000 97.38 414,818 0.13
TEXAS INSTRUMENTS INC US 60,000 107.29 6,437,400 1.98
THERMO FISHER 3.60% 08/15/2021 US 270,000 100.33 270,887 0.08
TIME WARNER INC 3.80% 02/15/2027 US 287,000 95.66 274,533 0.08
TJX COMPANIES INC US 45,000 112.02 5,040,900 1.55
TOYOTA MTR CRED 2.95% 04/13/2021 US 434,000 99.54 432,011 0.13
TYSON FOODS INC 3.90% 09/28/2023 US 200,000 100.39 200,787 0.06
UNILEVER N V -NY SHARES GB 70,000 55.55 3,888,500 1.19
UNITED MEXICAN 4.35% 01/15/2047 MX 345,000 90.65 312,746 0.10
UNITED TECHNOLOGIES CORP US 22,000 139.81 3,075,820 0.94
UNITEDHEALTH GROUP INC US 20,000 266.04 5,320,800 1.63
UNITEDHEALTH GRP 2.38% 10/15/2022 US 442,000 95.90 423,887 0.13
URUGUAY 4.98% 04/20/2055 UY 280,000 100.00 280,000 0.09
US TREASURY N/B 2.50% 03/31/2023 US 10,700,000 98.14 10,501,465 3.22
US TREASURY N/B 2.50% 05/31/2020 US 1,215,000 99.52 1,209,210 0.37
US TREASURY N/B 2.88% 08/15/2028 US 3,940,000 98.46 3,879,361 1.19
US TREASURY N/B 3.00% 08/15/2048 US 7,490,000 96.24 7,208,247 2.21
VALERO ENERGY 4.35% 06/01/2028 US 286,000 100.73 288,082 0.09
VERISK ANALYTICS INC US 20,000 120.55 2,411,000 0.74
VERIZON COMM INC 4.67% 03/15/2055 US 130,000 94.01 122,215 0.04
VERIZON COMM INC 5.01% 04/15/2049 US 285,000 102.12 291,055 0.09
VERIZON COMMUNICATIONS INC US 75,000 53.39 4,004,250 1.23
VISA INC 4.15% 12/14/2035 US 297,000 103.25 306,643 0.09
VISA INC-CLASS A SHARES US 53,000 150.09 7,954,770 2.44
VULCAN MATERIALS 4.50% 04/01/2025 US 330,000 100.25 330,819 0.10
WABTEC 4.70% 09/15/2028 US 400,000 98.42 393,662 0.12
WELLS FARGO CO 2.10% 07/26/2021 US 285,000 96.30 274,445 0.08
WELLS FARGO CO 4.10% 06/03/2026 US 63,000 98.85 62,274 0.02
WELLS FARGO CO 4.13% 08/15/2023 US 270,000 101.22 273,297 0.08
WELLTOWER INC 4.25% 04/01/2026 US 309,000 99.68 308,025 0.09
WENDYS FUNDING LLC 3.57% 03/15/2048 US 1,339,883 96.22 1,289,236 0.40
WILLIAMS COS INC 3.70% 01/15/2023 US 214,000 98.96 211,772 0.06
ZIMMER HLDGS 3.15% 04/01/2022 US 287,000 97.95 281,120 0.09
ZOETIS INC US 40,000 91.56 3,662,400 1.12
ZOETIS INC 3.25% 02/01/2023 US 139,000 98.27 136,600 0.04
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 Fort Washington Investment Advisors, Inc.
Timothy Policinski

Timothy J. (Tim) Policinski, CFA 

Investment Experience since 1978

Career Summary 
Fort Washington Investment Advisors, Inc.
Lincoln Investment Management Company

Education 
MBA - Indiana University
BA - Indiana University

Daniel Carter

Daniel Carter, CFA 

Investment Experience since 1996

Career Summary
Fort Washington Investment Advisors, Inc.
Ohio Casualty Corporation
Provident Bank

Education
BS - Miami University

Jaime WIlhelm

James Wilhelm

Investment Experience since 1993 

Career Summary 
Fort Washington Investment Advisors, Inc.
Riggs Investment Management Incorporation
First Union Securities
Evergreen Funds
Salomon Smith Barney 

Education 
MBA - Johns Hopkins University
BS - Wingate University

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 1.01% for Class A Shares, 1.78% for Class C Shares and 0.81% for Class Y Shares. These expense limitations will remain in effect until at least 10/29/2019.

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 Balanced Fund for Your Portfolio

Touchstone Balanced Fund primarily invests in fixed-income and equity securities. It seeks to provide investors with capital appreciation and current income.
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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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