George Putnam Balanced Fund  (PGEOX)

A prudent balance of stocks and bonds since 1937


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Objective

The fund seeks to provide a balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income.

Strategy and process

  • Balanced approach: One of the pioneering mutual funds, it offers a mix of stocks and bonds in a classic balanced portfolio.
  • Seeks lower volatility: A focus on high-quality bonds helps manage volatility, while high-conviction stocks can help drive relative returns.
  • Disciplined process: Experienced portfolio managers use rigorous fundamental research to find opportunities and manage risk.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $20.00
0.50% | $0.10
$20.00
12/15/17
$17.60
12/30/16
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

22.26%

Best 5-year annualized return

(for period ending 06/30/87)


-6.23%

Worst 5-year annualized return

(for period ending 03/31/09)


9.09%

Average 5-year annualized return


Fund facts as of 11/30/17

Total net assets
$1,234.34M
Turnover (fiscal year end)
204%
Dividend frequency (view rate)
Quarterly
Number of holdings
581
Fiscal year-end
July
CUSIP / Fund code
37252M108 / 0002
Inception date
11/05/37
Category
Asset Allocation
Open to new investors
Ticker
PGEOX

Management team


Chief Investment Officer, Equities

Co-Head of Fixed Income


Literature


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What’s most remarkable about 2017 is the market calm, but this is not a sign that the trend will revert to the mean.

Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 12.56% 7.02% 9.24% 3.69%
After sales charge 6.09% 4.93% 7.95% 3.08%
S&P 500 Index 18.61% 10.81% 14.22% 7.44%
Bloomberg Barclays U.S. Aggregate Bond Index 0.07% 2.71% 2.06% 4.27%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 11/30/17 1.37 % -4.46 %
YTD as of 12/15/17 14.96 % 8.35 %

Yield

Distribution rate before sales charge
as of 12/15/17
1.18%
Distribution rate after sales charge
as of 12/15/17
1.11%
30-day SEC yield as of 11/30/17
(after sales charge)
0.99%

Risk-adjusted performance as of 11/30/17

Alpha (3 yrs.) -0.52
Sharpe ratio (3 yrs.) 0.96
Treynor ratio (3 yrs.) 9.81
Information ratio (3 yrs.) -1.11

Volatility as of 11/30/17

Standard deviation (3 yrs.) 6.75%
Beta 0.66
R-squared 0.95

Capture ratio as of 11/30/17

Up-market (3 yrs.) 66.51
Down-market (3 yrs.) 71.97

Lipper rankings as of 11/30/17

BALANCED FUNDS Percentile ranking Rank/Funds in category
1 yr. 18% 105/602
3 yrs. 17% 91/561
5 yrs. 14% 69/527
10 yrs. 79% 344/438

Morningstar ratings as of 11/30/17

Allocation--50% to 70% Equity Rating Funds in category
Overall (719)
3 yrs. (719)
5 yrs. (668)
10 yrs. (458)

Distributions

Record/Ex dividend date 11/28/17
Payable date 11/30/17
Income $0.059
Extra income $0.0
Short-term cap. gain --
Long-term cap. gain --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

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 three-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 top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-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 three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 11/30/17

Us Treasury N/B 02.0000 11/30/2020 3.26%
Us Treasury N/B 01.1250 12/31/2019 2.44%
Apple 2.12%
Microsoft 1.99%
Us Treasury N/B 01.0000 08/31/2019 1.84%
Alphabet 1.80%
Fnma Fn30 Tba 04.5000 01/01/2048 1.64%
Amazon 1.48%
Us Treasury N/B 02.1250 12/31/2022 1.47%
Bank of America 1.38%
Top 10 holdings, percent of portfolio 19.42%

Full portfolio holdings as of 09/30/17

US TREASURY N/B 02.0000 11/30/2020 3.75%
US TREASURY N/B 01.1250 12/31/2019 2.50%
APPLE INC 1.94%
US TREASURY N/B 01.0000 08/31/2019 1.89%
ALPHABET INC-CL A 1.82%
MICROSOFT CORP 1.79%
FNMA FN30 TBA 04.5000 11/01/2047 1.68%
US TREASURY N/B 02.1250 12/31/2022 1.51%
US TREASURY N/B 02.7500 08/15/2042 1.47%
AMAZON.COM INC 1.30%
BANK OF AMERICA CORP 1.25%
FACEBOOK INC-A 1.23%
HOME DEPOT INC 1.10%
JOHNSON & JOHNSON 1.08%
CITIGROUP INC 1.00%
US TREASURY N/B 01.6250 07/31/2019 0.80%
COMCAST CORP-CLASS A 0.73%
KRAFT HEINZ CO/THE 0.72%
PEPSICO INC 0.71%
VISA INC-CLASS A SHARES 0.69%
JPMORGAN CHASE & CO 0.67%
UNITEDHEALTH GROUP INC 0.66%
US TREASURY N/B 01.1250 03/31/2020 0.64%
BROADCOM LTD 0.62%
CHUBB LTD 0.62%
DOWDUPONT INC 0.62%
RAYTHEON COMPANY 0.62%
BECTON DICKINSON AND CO 0.61%
GNMA GII30 TBA 03.0000 10/01/2047 0.59%
DANAHER CORP 0.58%
AT&T INC 0.57%
AMGEN INC 0.56%
PHILIP MORRIS INTERNATIONAL 0.56%
SPDR S&P REGIONAL BANKING 0.56%
GOLDMAN SACHS GROUP INC 0.55%
CHARTER COMMUNICATIONS INC-A 0.54%
GILEAD SCIENCES INC 0.54%
US TREASURY N/B 01.8750 11/30/2021 0.54%
TEXAS INSTRUMENTS INC 0.52%
ACTIVISION BLIZZARD INC 0.51%
FHLMC FH30G G60861 03.5000 01/01/2047 0.51%
FNMA FN30 TBA 03.5000 11/01/2047 0.51%
JAZZ PHARMACEUTICALS PLC 0.49%
MCCORMICK & CO-NON VTG SHRS 0.49%
SHERWIN-WILLIAMS CO/THE 0.49%
US TREASURY N/B 02.0000 02/15/2022 0.49%
CATERPILLAR INC 0.48%
NCSOFT CORP 0.47%
BLACKROCK INC 0.45%
CONSTELLATION BRANDS INC-A 0.45%
NORTHROP GRUMMAN CORP 0.45%
APPLIED MATERIALS INC 0.44%
PRICELINE GROUP INC/THE 0.44%
QORVO INC 0.44%
BF0132 04.0000 07/01/2056 0.43%
BOSTON SCIENTIFIC CORP 0.43%
FORTIVE CORP 0.43%
BIOGEN INC 0.42%
CAVIUM INC 0.42%
CELGENE CORP 0.42%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.42%
JOHNSON CONTROLS INTERNATION 0.42%
PRUDENTIAL PLC 0.42%
AMERICAN INTERNATIONAL GROUP 0.41%
DXC TECHNOLOGY CO 0.41%
NORFOLK SOUTHERN CORP 0.41%
CONOCOPHILLIPS 0.40%
DENTSPLY SIRONA INC 0.39%
HILTON WORLDWIDE HOLDINGS IN 0.39%
MONDELEZ INTERNATIONAL INC-A 0.39%
ALIBABA GROUP HOLDING-SP ADR 0.38%
ASSURED GUARANTY LTD 0.38%
COSTCO WHOLESALE CORP 0.38%
INVESCO LTD 0.37%
MASTERCARD INC - A 0.37%
ORACLE CORP 0.36%
ADOBE SYSTEMS INC 0.35%
CUMMINS INC 0.35%
FNCL 4 STIP 04.0000 07/01/2047 0.35%
PIONEER NAT RES CO 0.35%
VERTEX PHARMACEUTICALS INC 0.35%
DOVER CORP 0.34%
EOG RESOURCES INC 0.34%
FHLMC FH30G G07084 04.0000 07/01/2042 0.34%
GNMA GII30 TBA 03.5000 10/01/2047 0.34%
INTERCONTINENTAL EXCHANGE IN 0.34%
NEXTERA ENERGY INC 0.34%
REALPAGE INC 0.34%
ROCKWELL AUTOMATION INC 0.34%
TOTAL SA 0.34%
L3 TECHNOLOGIES INC 0.33%
MERCK & CO. INC. 0.33%
TJX COMPANIES INC 0.32%
W.R. GRACE & CO 0.32%
AMERICAN AIRLINES GROUP INC 0.31%
AMERICAN TOWER CORP 0.31%
KKR & CO LP 0.31%
KION GROUP AG 0.30%
INTUITIVE SURGICAL INC 0.29%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.29%
SUNCOR ENERGY INC 0.29%
WYNN RESORTS LTD 0.29%
EXPEDIA INC 0.28%
TENCENT HOLDINGS LTD 0.28%
BLUE BUFFALO PET PRODUCTS IN 0.27%
FORTUNE BRANDS HOME & SECURI 0.27%
HALLIBURTON CO 0.27%
AETNA INC 0.26%
AMERICAN ELECTRIC POWER 0.26%
KROGER CO 0.26%
LIVE NATION ENTERTAINMENT IN 0.26%
MICRO FOCUS INTL-SPN ADR 0.26%
PINNACLE FOODS INC 0.26%
ALBEMARLE CORP 0.25%
ALCOA CORP 0.25%
EXELON CORP 0.25%
FNMA FN30 AS8684 03.5000 01/01/2047 0.25%
INVESTMENT TECHNOLOGY GROUP 0.25%
WAL-MART STORES INC 0.25%
YUM CHINA HOLDINGS INC 0.25%
AGILENT TECHNOLOGIES INC 0.24%
CVS HEALTH CORP 0.24%
HAMILTON LANE INC-CLASS A 0.24%
KOMATSU LTD 0.24%
P G & E CORP 0.24%
SOUTHERN CO/THE 0.24%
UBS AG REGS 05.1250 05/15/2024 0.24%
WASTE CONNECTIONS INC 0.24%
CENOVUS ENERGY INC 0.23%
FIDELITY NATIONAL INFO SERV 0.23%
GAMING AND LEISURE PROPERTIE 0.23%
SIEMENS AG 0.23%
CF INDUSTRIES HOLDINGS INC 0.22%
FNMA FN30 AL8994 04.0000 09/01/2045 0.22%
O'REILLY AUTOMOTIVE INC 0.22%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.21%
E*TRADE FINANCIAL CORPORATION 0.21%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.21%
METLIFE INC 0.21%
MOLSON COORS BREWING CO -B 0.21%
COMM 2014-CR18 C 04.8929 07/15/2047 0.20%
MCKESSON CORP 0.20%
PFIZER INC 0.20%
RESTAURANT BRANDS INTERN 0.20%
SCHWAB (CHARLES) CORP 0.20%
ANADARKO PETROLEUM CORP 0.19%
EXXON MOBIL CORP 0.19%
HANESBRANDS INC 0.19%
NIKE INC -CL B 0.19%
CHENIERE ENERGY INC 0.18%
GE CAP INTL FUNDING USD 04.4180 11/15/2035 0.18%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.18%
MBIA INC 0.18%
REGENERON PHARMACEUTICALS 0.18%
AMEREN CORPORATION 0.17%
FHLMC FH30G Q45743 03.5000 01/01/2047 0.17%
FNMA FN30 AS4991 03.5000 05/01/2045 0.17%
FNMA FN30 BH7626 04.0000 08/01/2047 0.17%
FNMA FN30 TBA 04.0000 11/01/2047 0.17%
GNMA GII30 MA4586 03.5000 07/20/2047 0.17%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.17%
NRG ENERGY INC 0.17%
NXP SEMICONDUCTORS NV 0.17%
VERIZON COMMUNICATIONS INC 0.17%
WALT DISNEY CO/THE 0.17%
BIOVERATIV INC 0.16%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.16%
FN BF0091 0.16%
FNMA FN30 BM1172 03.0000 03/01/2047 0.16%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.16%
ROPER TECHNOLOGIES INC 0.16%
WEC ENERGY GROUP INC 03.4275 05/15/2067 0.16%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.15%
EVERBRIDGE INC 0.15%
FNMA FN30 BC1155 03.0000 06/01/2046 0.15%
MSC 2012-C4 D P/P 144A 05.6013 03/15/2045 0.15%
NOBLE ENERGY INC 0.15%
ROCKWELL COLLINS INC 04.3500 04/15/2047 0.15%
SYNCHRONY FINANCIAL 0.15%
WESTROCK MWV LLC 08.2000 01/15/2030 0.15%
CLOVIS ONCOLOGY INC 0.14%
DISH NETWORK CORP-A 0.14%
EDGEWELL PERSONAL CARE CO 0.14%
EDISON INTERNATIONAL 0.14%
GODADDY INC - CLASS A 0.14%
SELECT ENERGY SERVICES INC-A 0.14%
AT&T INC 04.2500 03/01/2027 0.13%
CITIGROUP INC 04.7500 05/18/2046 0.13%
EQT CORP 0.13%
INSTRUCTURE INC 0.13%
SALESFORCE.COM INC 0.13%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.13%
AMERICAN WATER WORKS CO INC 0.12%
AT&T INC 05.1500 02/14/2050 0.12%
ENI SPA 0.12%
FNMA FN30 AU1625 03.5000 07/01/2043 0.12%
IHS MARKIT LTD 0.12%
ORACLE CORP 02.6500 07/15/2026 0.12%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.11%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 0.11%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.11%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.11%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.11%
FNMA FN30 AL6919 05.5000 01/01/2038 0.11%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.11%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.11%
ILUKA RESOURCES LTD 0.11%
LIMITED BRANDS INC 0.11%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.11%
SANTANDER ISSUANCES USD 05.1790 11/19/2025 0.11%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.11%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.10%
AON PLC USD 04.2500 12/12/2042 0.10%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.10%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.10%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.10%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.10%
CHIPOTLE MEXICAN GRILL INC 0.10%
GENERAL ELECTRIC CO 05.0000 12/29/2049 0.10%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 0.10%
GNMA GII30 AL4508 03.5000 02/20/2045 0.10%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.10%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.10%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.10%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
TOTAL SYSTEM SERVICES INC 0.10%
AIR LEASE CORP 03.6250 04/01/2027 0.09%
AMAZON.COM INC P/P 144A 04.0500 08/22/2047 0.09%
BPCE SA P/P 144A 04.5000 03/15/2025 0.09%
BRDCOM CRP / FIN P/P 144A 03.8750 01/15/2027 0.09%
BRISTOL-MYERS SQUIBB CO 0.09%
CBS CORP 04.6000 01/15/2045 0.09%
CITIGROUP INC 05.9500 12/29/2049 0.09%
COMM 2012-CR1 AM 03.9120 05/15/2045 0.09%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.09%
ENCANA CORP 0.09%
FHLMC FH30G Q44791 03.5000 12/01/2046 0.09%
HSBC HOLDINGS PLC USD 06.5000 05/02/2036 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
NEWELL BRANDS INC 04.2000 04/01/2026 0.09%
REALTY INCOME CORP 04.6500 08/01/2023 0.09%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.09%
TELECOM ITALIA SPA P/P 144A 05.3030 05/30/2024 0.09%
WILLIAMS PARTNERS LP 04.3000 03/04/2024 0.09%
AUTONATION INC. 05.5000 02/01/2020 0.08%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.08%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
FNMA FN30 BC1445 03.0000 07/01/2046 0.08%
FNMA FN30 BC1489 03.0000 08/01/2046 0.08%
FNMA FN30 BD5293 03.5000 01/01/2047 0.08%
FORD MOTOR COMPANY 04.3460 12/08/2026 0.08%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.08%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.08%
SEALED AIR CORP 0.08%
SEVEN GENERATIONS ENERGY - A 0.08%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.08%
STEEL DYNAMICS INC P/P 144A 04.1250 09/15/2025 0.08%
T-MOBILE US INC 0.08%
TEVA PHARMACEUTICALS NE USD 03.1500 10/01/2026 0.08%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.08%
AMAZON.COM INC P/P 144A 03.1500 08/22/2027 0.07%
BPCE SA P/P 144A 05.1500 07/21/2024 0.07%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.07%
COMM 2013-CR13 AM 04.4490 11/12/2046 0.07%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.07%
CREDIT SUISSE P/P 144A 06.5000 08/08/2023 0.07%
CVS HEALTH CORP 04.7500 12/01/2022 0.07%
ENERGY TRANSFER LP 06.5000 02/01/2042 0.07%
EVONIK INDUSTRIES AG 0.07%
GNMA GII30 711724 03.5000 02/20/2043 0.07%
KRAFT HEINZ FOODS CO 06.8750 01/26/2039 0.07%
LEAR CORP 03.8000 09/15/2027 0.07%
MICROSOFT CORP 02.4000 08/08/2026 0.07%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.07%
RABOBANK NEDERLAND P/P 144A 11.0000 12/29/2049 0.07%
TOSCO CORP 08.1250 02/15/2030 0.07%
WP CAREY INC 04.6000 04/01/2024 0.07%
AIG LIFE HLDG INC P/P 144A 08.1250 03/15/2046 0.06%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.06%
AMERICAN EXPRESS COMPANY 07.0000 03/19/2018 0.06%
ARC PROP OPER PART L 04.6000 02/06/2024 0.06%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.06%
BP CAPITAL MARKETS PLC USD 03.1190 05/04/2026 0.06%
CBRE SERVICES INC 04.8750 03/01/2026 0.06%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.06%
CENOVUS ENERGY INC. P/P 144A 04.2500 04/15/2027 0.06%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.06%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.06%
CROWN CASTLE TOWERS P/P 144A 04.8830 08/15/2020 0.06%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.06%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.06%
EASTMAN CHEMICAL CO 03.8000 03/15/2025 0.06%
FHLMC FH30G G60314 04.0000 09/01/2045 0.06%
FNMA FN30 AB7936 03.0000 02/01/2043 0.06%
GNMA GII30 673972 03.0000 08/20/2046 0.06%
GNMA GII30 AP4923 03.5000 11/20/2045 0.06%
JPMBB 2013-C14 C 04.7211 08/15/2046 0.06%
JPMCC 2012-C6 D 05.3074 05/15/2045 0.06%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.06%
MARATHON OIL CORP 0.06%
MITSUBISHI UFJ FIN GRP USD 03.8500 03/01/2026 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
PLAINS ALL AMER PIPELINE LP 0.06%
S&P GLOBAL INC 04.4000 02/15/2026 0.06%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.06%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.06%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.06%
WEYERHAEUSER CO 07.3750 03/15/2032 0.06%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.06%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.05%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.05%
AXA SA P/P 144A 06.4630 12/29/2049 0.05%
BURLINGTN NORTH SANTA FE 05.4000 06/01/2041 0.05%
CHENIERE CORP CHRIST P/P 144A 05.1250 06/30/2027 0.05%
COMCAST CORP 03.1500 03/01/2026 0.05%
DELIVERY HERO HOLDIN P/P 0.05%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.05%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.05%
ENBRIDGE INC USD 04.2500 12/01/2026 0.05%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.05%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.05%
FHLMC FH30G V80012 03.0000 03/01/2043 0.05%
FNMA FN30 AB9369 03.5000 05/01/2043 0.05%
FNMA FN30 AT2746 03.5000 05/01/2043 0.05%
FNMA FN30 AY0773 03.5000 03/01/2045 0.05%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.05%
GNMA GII30 AL4511 03.5000 02/20/2045 0.05%
GNMA GII30 AT9856 03.0000 10/20/2046 0.05%
HEALTHCARE REALTY TRUST INC 03.8750 05/01/2025 0.05%
HISTORIC TW INC 09.1500 02/01/2023 0.05%
KINDER MORGAN INC 03.1500 01/15/2023 0.05%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.05%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.05%
LLOYDS BANKING GROUP PLC USD 04.5000 11/04/2024 0.05%
MPLX LP 04.1250 03/01/2027 0.05%
NABORS INDUSTRIES INC 04.6250 09/15/2021 0.05%
NATIONWIDE MUTUAL P/P 144A 08.2500 12/01/2031 0.05%
OMEGA HLTHCARE INVES 05.2500 01/15/2026 0.05%
OMNICOM GROUP INC 03.6000 04/15/2026 0.05%
PACIFIC GAS & ELECTRIC 06.3500 02/15/2038 0.05%
PUGET SOUND ENERGY INC 06.9740 06/01/2067 0.05%
STATOIL ASA USD 05.1000 08/17/2040 0.05%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.05%
TEXAS GAS TRANSMISN P/P 144A 04.5000 02/01/2021 0.05%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.05%
VERIZON COMMUNICATIONS 04.1250 03/16/2027 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.05%
AES CORP/VA 05.1250 09/01/2027 0.04%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.04%
ANHEUSER-BUSCH INBEV FIN 03.6500 02/01/2026 0.04%
APPLE INC 03.8500 05/04/2043 0.04%
BACARDI LTD P/P 144A 04.5000 01/15/2021 0.04%
CANADIAN NATL RESOURCES USD 03.8500 06/01/2027 0.04%
CAPITAL ONE BANK USA NA 03.3750 02/15/2023 0.04%
CBS CORP 03.5000 01/15/2025 0.04%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.04%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.04%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.04%
CHARTER COMM OPT LLC P/P 144A 05.3750 05/01/2047 0.04%
COMM 2012-LC4 C 05.7623 12/10/2044 0.04%
CONSTELLATION BRANDS INC 03.7000 12/06/2026 0.04%
DUKE ENERGY CAROLINAS 04.2500 12/15/2041 0.04%
EMERA US FINANCE LP 03.5500 06/15/2026 0.04%
FHLMC FH30G Q45196 03.5000 12/01/2046 0.04%
FIVE CORNERS FUNDING P/P 144A 04.4190 11/15/2023 0.04%
FNMA FN30 734836 05.0000 08/01/2033 0.04%
HCA INC 05.0000 03/15/2024 0.04%
HESS CORP 07.3000 08/15/2031 0.04%
HSBC BANK USA NA 07.0000 01/15/2039 0.04%
HSBC HOLDINGS PLC USD 04.2500 08/18/2025 0.04%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.04%
LIBERTY MUTUAL INSUR P/P 144A 07.6970 10/15/2097 0.04%
MOODY'S CORPORATION P/P 144A 03.2500 01/15/2028 0.04%
N TX HWY-TXB-B 06.7180 01/01/2049 0.04%
NBCUNIVERSAL MEDIA LLC 06.4000 04/30/2040 0.04%
NORFOLK SOUTHERN COR P/P 144A 04.0500 08/15/2052 0.04%
NVR INC 03.9500 09/15/2022 0.04%
O'REILLY AUTOMOTIVE INC 03.5500 03/15/2026 0.04%
ONCOR ELECTRIC DELIVERY CO 07.0000 09/01/2022 0.04%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
PARKER-HANNIFIN CORP 06.2500 05/15/2038 0.04%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.04%
ROCHE HOLDINGS INC P/P 144A 04.0000 11/28/2044 0.04%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.04%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.04%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.04%
SUMITOMO MITSUI P/P 144A 04.4360 04/02/2024 0.04%
TELEFONICA EMISIONES SAU USD 07.0450 06/20/2036 0.04%
VALERO ENERGY PARTNERS 04.3750 12/15/2026 0.04%
VMWARE INC 03.9000 08/21/2027 0.04%
AMERICAN EXPRESS CO 04.9000 12/29/2049 0.03%
AMERICAN TOWER CORP 04.0000 06/01/2025 0.03%
APPLE INC 04.3750 05/13/2045 0.03%
AUTONATION INC 04.5000 10/01/2025 0.03%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.03%
BANCO DEL ESTADO P/P 144A 02.0000 11/09/2017 0.03%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.03%
BARCLAYS BANK PLC P/P 144A 10.1790 06/12/2021 0.03%
BEAR STEARNS COS LLC 07.2500 02/01/2018 0.03%
CA TXB-VAR PURP 3 07.5000 04/01/2034 0.03%
CALYXT INC 0.03%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.03%
CBS CORP 02.9000 01/15/2027 0.03%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.03%
CITIGROUP INC 05.8750 12/29/2049 0.03%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.03%
COMCAST CORP 06.5000 11/15/2035 0.03%
CROWN CASTLE INTL CORP 04.8750 04/15/2022 0.03%
DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 0.03%
EDP FINANCE BV P/P 144A 05.2500 01/14/2021 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.03%
FHLMC FH30G G07321 03.5000 04/01/2043 0.03%
FHLMC FH30G Q14035 03.5000 12/01/2042 0.03%
FHLMC FH30G Q44903 03.5000 12/01/2046 0.03%
FHLMC FH30G Q44946 03.5000 12/01/2046 0.03%
FNMA FN30 555591 05.5000 07/01/2033 0.03%
FNMA FN30 995023 05.5000 08/01/2037 0.03%
FNMA FN30 BC7330 03.5000 12/01/2046 0.03%
FNMA FN30 BD6687 03.5000 08/01/2046 0.03%
FNMA FN30 BD8704 03.5000 12/01/2046 0.03%
GNMA GII30 AW5280 03.0000 10/20/2046 0.03%
GOLDMAN SACHS GROUP INC 06.7500 10/01/2037 0.03%
GRUPO BIMBO SAB P/P 144A 04.8750 06/27/2044 0.03%
GRUPO TELEVISA SAB USD 05.0000 05/13/2045 0.03%
GRUPO TELEVISA SAB USD 06.6250 01/15/2040 0.03%
HOST HOTELS & RESORTS LP 06.0000 10/01/2021 0.03%
HSBC BANK USA NA 05.6250 08/15/2035 0.03%
INVISTA FINANCE LLC P/P 144A 04.2500 10/15/2019 0.03%
IPALCO ENTPRS IN P/P 144A 03.7000 09/01/2024 0.03%
JPMCC 2012-C8 D P/P 144A 04.8070 10/15/2045 0.03%
KRAFT HEINZ FOODS CO 06.5000 02/09/2040 0.03%
LLOYDS BANKING GROUP USD 05.3000 12/01/2045 0.03%
LUKOIL INTL FIN BV P/P 144A 04.5630 04/24/2023 0.03%
MEDTRONIC INC 03.5000 03/15/2025 0.03%
MEDTRONIC INC 04.3750 03/15/2035 0.03%
MID-AMERICA APARTMENTS 04.3000 10/15/2023 0.03%
NORTHROP GRUMMAN SYSTEMS 07.8750 03/01/2026 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
PACIFIC LIFECORP P/P 144A 06.0000 02/10/2020 0.03%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.03%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.03%
QVC INC 04.8500 04/01/2024 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
UNITEDHEALTH GROUP INC 04.6250 11/15/2041 0.03%
WFRBS 2014-C19 C 04.6460 03/15/2047 0.03%
WILLIAMS PARTNERS L.P. 04.8750 03/15/2024 0.03%
21ST CENTURY FOX AMERICA 07.8500 03/01/2039 0.02%
ABBVIE INC 03.6000 05/14/2025 0.02%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.02%
AMERICA MOVIL SAB DE USD 06.1250 03/30/2040 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
APPLE INC 03.4500 05/06/2024 0.02%
AUST & NZ BANKING GR P/P 144A 06.7500 12/29/2049 0.02%
BANK OF AMERICA CORP 02.0800 09/15/2026 0.02%
BG ENERGY CAP PLC P/P 144A 04.0000 10/15/2021 0.02%
BOARDWALK PIPELINES LP 04.4500 07/15/2027 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
CONSOLIDATED EDISON CO O 04.2000 03/15/2042 0.02%
COOPERATIEVE RABOBANK UA USD 03.7500 07/21/2026 0.02%
COOPERATIEVE RABOBANK UA USD 04.6250 12/01/2023 0.02%
CREDIT AGRICOLE SA P/P 144A 04.3750 03/17/2025 0.02%
DCP MIDSTREAM OPERATING 02.7000 04/01/2019 0.02%
DEVON ENERGY CORPORATION 03.2500 05/15/2022 0.02%
DR PEPPER SNAPPLE GROUP INC 0.02%
ENERGY TRANSFER LP 05.2000 02/01/2022 0.02%
EXPEDIA INC 05.0000 02/15/2026 0.02%
FHLMC FH30G Q44706 03.5000 12/01/2046 0.02%
FHLMC FH30G Q45042 03.5000 12/01/2046 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 889982 05.5000 11/01/2038 0.02%
FNMA FN30 995018 05.5000 06/01/2038 0.02%
FNMA FN30 AA0839 05.0000 01/01/2039 0.02%
FNMA FN30 BD4740 03.5000 08/01/2046 0.02%
FNMA FN30 BE4222 03.5000 12/01/2046 0.02%
GENERAL MOTORS FINL CO 04.0000 01/15/2025 0.02%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.02%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.02%
GNMA GII30 AP5408 03.5000 09/20/2045 0.02%
GNMA GII30 AT8064 03.0000 08/20/2046 0.02%
HCA INC 05.2500 06/15/2026 0.02%
HCA INC 05.5000 06/15/2047 0.02%
HILTON DOMESTIC OPERATIN 04.2500 09/01/2024 0.02%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.02%
HYATT HOTELS CORP 03.3750 07/15/2023 0.02%
IBERDROLA INTL BV USD 06.7500 07/15/2036 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.02%
LLOYDS BANK PLC USD 02.7000 08/17/2020 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
O'REILLY AUTOMOTIVE INC 03.8500 06/15/2023 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
PRIMERICA INC 04.7500 07/15/2022 0.02%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.02%
ROYAL BK SCOTLND GRP PLC USD 03.8750 09/12/2023 0.02%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.02%
SABMILLER HLDG INC 04.9500 01/15/2042 0.02%
SELECT INCOME REIT 02.8500 02/01/2018 0.02%
SELECT INCOME REIT 03.6000 02/01/2020 0.02%
UNITED AIR 2014-2 A PTT 03.7500 09/03/2026 0.02%
UNITED TECHNOLOGIES CORP 04.5000 06/01/2042 0.02%
VERIZON COMM 04.5220 09/15/2048 0.02%
VULCAN MATERIALS COMPANY 04.5000 04/01/2025 0.02%
WESTROCK MWV LLC 07.9500 02/15/2031 0.02%
WILLIAMS PARTNERS LP 03.6000 03/15/2022 0.02%
AFLAC INC 06.4500 08/15/2040 0.01%
ALLERGAN FUNDING SCS USD 04.7500 03/15/2045 0.01%
ARIZONA PUBLIC SERVICE 04.5000 04/01/2042 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
AXA SA P/P 144A 06.3790 12/29/2049 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
BURLINGTN NORTH SANTA FE 05.7500 05/01/2040 0.01%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.01%
CROWN CASTLE INTL CORP. 05.2500 01/15/2023 0.01%
DCP MIDSTREAM OPERATING 03.8750 03/15/2023 0.01%
ENERGY TRANSFER LP 04.2000 04/15/2027 0.01%
FIRSTENERGY CORP 03.9000 07/15/2027 0.01%
FIRSTENERGY CORP 04.8500 07/15/2047 0.01%
FNMA FN30 BD4702 03.5000 08/01/2046 0.01%
FNMA FN30 BD4712 03.5000 08/01/2046 0.01%
FNMA FN30 BD5295 03.5000 01/01/2047 0.01%
FNMA FN30 BD6697 03.5000 08/01/2046 0.01%
FNMA FN30 BD6704 03.5000 09/01/2046 0.01%
FNMA FN30 BD6714 03.5000 09/01/2046 0.01%
FNMA FN30 BD7907 03.5000 10/01/2046 0.01%
FNMA FN30 BD7914 03.5000 10/01/2046 0.01%
FNMA FN30 BD7948 03.5000 11/01/2046 0.01%
FNMA FN30 BD9948 03.5000 10/01/2046 0.01%
GNMA GII30 AP4904 03.5000 10/20/2045 0.01%
HOST HOTELS & RESORTS 05.2500 03/15/2022 0.01%
HSBC USA INC 03.5000 06/23/2024 0.01%
JABIL INC 08.2500 03/15/2018 0.01%
LBCMT 1999-C1 G P/P 144A 06.4100 06/15/2031 0.01%
LIBERTY PROPERTY LP 03.3750 06/15/2023 0.01%
OMEGA HLTHCARE INVES 04.5000 04/01/2027 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
PACIFIC GAS & ELECTRIC 05.8000 03/01/2037 0.01%
PEACHTREE FUNDING TR P/P 144A 03.9760 02/15/2025 0.01%
PPL CAPITAL FUNDING INC 04.2000 06/15/2022 0.01%
PRICELINE GROUP INC/THE 03.6500 03/15/2025 0.01%
QUEST DIAGNOSTICS INC 04.7500 01/30/2020 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
STACR 2016-HQA2 M1 02.4372 11/25/2028 0.01%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
TIME WARNER INC 02.9500 07/15/2026 0.01%
TYSON FOODS INC 04.8750 08/15/2034 0.01%
UNITED TECHNOLOGIES CORP 05.7000 04/15/2040 0.01%
CAD/USD 10/18/2017 BANKAM 0.00%
CAD/USD 10/18/2017 BCAP-FX 0.00%
CAD/USD 10/18/2017 JPMCB 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CAS 2016-C05 2M1 02.5872 01/25/2029 0.00%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.00%
EUR/USD 12/20/2017 GSFX 0.00%
EUR/USD 12/20/2017 UBS 0.00%
FHLMC FH30G G01793 06.0000 03/01/2035 0.00%
FNR 2001-79 BI IO 00.2932 03/25/2045 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
GBP/USD 12/20/2017 BANKAM 0.00%
GE 20171215 C 26.00BCBP 0.00%
GE 20171215 C 27.00BANKAM 0.00%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.00%
JPMCC 2004-LN2 A2 05.1150 07/15/2041 0.00%
JPY/USD 11/15/2017 CITI 0.00%
JPY/USD 11/15/2017 GSFX 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
EUR/USD 12/20/2017 CITI -0.01%
GBP/USD 12/20/2017 CSI-FX -0.01%
FNMA FN30 TBA 03.0000 10/01/2047 -1.49%

Prior top 10 holdings

Top 10 holdings as of 11/30/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Microsoft
Us Treasury N/B 01.0000 08/31/2019
Alphabet
Fnma Fn30 Tba 04.5000 01/01/2048
Amazon
Us Treasury N/B 02.1250 12/31/2022
Bank of America
Holdings represent 19.42% of portfolio
Top 10 holdings as of 10/31/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Microsoft
Alphabet
Us Treasury N/B 01.0000 08/31/2019
Fnma Fn30 Tba 04.5000 11/01/2047
Us Treasury N/B 02.1250 12/31/2022
Amazon
Us Treasury N/B 02.7500 08/15/2042
Holdings represent 20.08% of portfolio
Top 10 holdings as of 09/30/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Us Treasury N/B 01.0000 08/31/2019
Alphabet
Microsoft
Fnma Fn30 Tba 04.5000 11/01/2047
Us Treasury N/B 02.1250 12/31/2022
Us Treasury N/B 02.7500 08/15/2042
Amazon
Holdings represent 19.65% of portfolio
Top 10 holdings as of 08/31/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Us Treasury N/B 01.0000 08/31/2019
Alphabet
Microsoft
Fnma Fn30 Tba 04.5000 09/01/2047
Us Treasury N/B 02.1250 12/31/2022
Us Treasury N/B 02.7500 08/15/2042
Amazon
Holdings represent 20.25% of portfolio

Portfolio composition as of 11/30/17

Common stock 61.14%
Corporate bonds and notes 15.12%
Treasury 12.76%
Agency pass-through 6.64%
Cash and net other assets 2.77%
Commercial MBS 0.84%
Agency 0.42%
Emerging-market bonds 0.16%
Municipal bonds 0.10%
Agency CMO 0.05%

Fixed income statistics as of 11/30/17

Average effective maturity 8.64 yrs.
Average effective duration 5.86 yrs.

Maturity detail as of 11/30/17

0 - 1 yr. 3.74%
1 - 5 yrs. 31.89%
5 - 10 yrs. 45.69%
10 - 15 yrs. 2.07%
Over 15 yrs. 16.61%

Quality rating as of 11/30/17

AAA 53.89%
AA 2.32%
A 13.82%
BBB 24.31%
BB 2.27%
CCC and Below 0.03%
Not Rated 3.36%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, factors related to a specific issuer or industry and, with respect to bond prices, changing market perceptions of the risk of default and changes in government intervention. These factors may also lead to increased volatility and reduced liquidity in the bond markets. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top Industry Sectors as of 11/30/17

Information technology 24.98%
Financials 14.41%
Health care 13.48%
Consumer discretionary 11.38%
Industrials 9.49%
Consumer staples 8.68%
Energy 5.42%
Materials 3.86%
Utilities 3.15%
 
Other
5.15%
Cash and net other assets 2.77%
Telecommunication services 1.27%
Real estate 1.11%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.

Represents the equity portion of the portfolio.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
Total expense ratio 1.01% 1.76% 1.76% 1.51% 1.26% 0.74% 0.64% 0.76%
What you pay 1.01% 1.76% 1.76% 1.51% 1.26% 0.74% 0.64% 0.76%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- -- -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- -- -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- -- -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class R5 Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- -- -- -- --
2 yrs. -- 4.00% 0.00% -- -- -- -- --
3 yrs. -- 3.00% 0.00% -- -- -- -- --
4 yrs. -- 3.00% 0.00% -- -- -- -- --
5 yrs. -- 2.00% 0.00% -- -- -- -- --
6 yrs. -- 1.00% 0.00% -- -- -- -- --
7+ yrs. -- 0.00% 0.00% -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00% 0.00% 0.00%
  NA NA NA NA NA NA NA NA
  NA NA NA NA NA NA NA NA

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The S&P 500 Index is an unmanaged index of common stock performance. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities. You cannot invest directly in an index.

Consider these risks before investing: Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, factors related to a specific issuer or industry and, with respect to bond prices, changing market perceptions of the risk of default and changes in government intervention. These factors may also lead to increased volatility and reduced liquidity in the bond markets. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.