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George Putnam Balanced Fund (Class Y)  (PGEYX)

A prudent balance of stocks and bonds since 1937

George Putnam Balanced Fund received an  Overall Morningstar Rating  of  

Highlights

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 $20.50
-0.34% | $-0.07
$21.10
09/21/18
$17.23
12/24/18
Historical fund price

Fund facts as of 07/31/19

Total net assets
$1,319.94M
Turnover (fiscal year end)
179%
Dividend frequency (view rate)
Quarterly
Number of holdings
533
Fiscal year-end
July
CUSIP / Fund code
37252M603 / 1802
Inception date
03/31/94
Class Y  
Category
Asset Allocation
Open to new investors
Ticker
PGEYX

Management team

Director of Equity Research
Co-Head of Fixed Income
Portfolio Manager


Manager commentary | Q2 2019

A balanced fund for a shifting market environment

Portfolio Manager Jackie Cavanaugh discusses the advantages of a balanced portfolio in managing risk.



Performance

  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 10.40% 10.59% 7.58% 10.37%
After sales charge N/A N/A N/A N/A
S&P 500 Index 10.42%14.19%10.71%14.70%
Bloomberg Barclays U.S. Aggregate Bond Index 7.87%2.31%2.95%3.90%

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. 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 Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining to 1% in the fourth 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, N, R, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. 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 and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense 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 07/31/19 1.32% -
YTD as of 08/20/19 15.50% -

Yield

Distribution rate before sales charge
as of 08/20/19
1.62%
Distribution rate after sales charge
as of 08/20/19
1.62%
30-day SEC yield as of 07/31/19 1.42%

Risk-adjusted performance as of 07/31/19

Alpha (3 yrs.) 1.18
Sharpe ratio (3 yrs.) 1.14
Treynor ratio (3 yrs.) 13.87
Information ratio (3 yrs.) -0.70

Volatility as of 07/31/19

Standard deviation (3 yrs.) 7.62%
Beta 0.62
R-squared 0.96

Capture ratio as of 07/31/19

Up-market (3 yrs.) 68.53
Down-market (3 yrs.) 60.24

Lipper rankings as of 07/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 10/569 2%
3 yrs. 19/539 4%
5 yrs. 18/503 4%
10 yrs. 32/428 8%
Lipper category: BALANCED FUNDS

Morningstar Ratings as of 07/31/19

Time period Funds in category Morningstar Rating
Overall 666
3 yrs. 666
5 yrs. 585
10 yrs. 431
Morningstar category: Allocation--50% to 70% Equity

Distributions

Record/Ex dividend date 05/28/19
Payable date 05/30/19
Income $0.083
Extra income --
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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Holdings

Top 10 holdings as of 07/31/19

Microsoft 2.79%
Alphabet 2.10%
Amazon 2.03%
Apple 1.80%
Us Treasury N/B 02.2500 02/15/2021 1.77%
Us Treasury N/B 02.7500 08/15/2042 1.70%
Facebook 1.31%
Procter & Gamble 1.29%
Us Treasury N/B 01.7500 06/30/2022 1.29%
Bank of America 1.27%
Top 10 holdings, percent of portfolio 17.35%

Full portfolio holdings as of 06/30/19

MICROSOFT CORP 2.80%
AMAZON.COM INC 2.04%
ALPHABET INC-CL A 1.90%
US TREASURY N/B 02.2500 02/15/2021 1.79%
APPLE INC 1.70%
US TREASURY N/B 02.7500 08/15/2042 1.58%
US TREASURY N/B 01.7500 06/30/2022 1.32%
FACEBOOK INC-CLASS A 1.25%
PROCTER & GAMBLE CO/THE 1.24%
BANK OF AMERICA CORP 1.23%
US TREASURY N/B 02.0000 11/30/2020 1.15%
COCA-COLA CO/THE 1.10%
HOME DEPOT INC 1.10%
US TREASURY N/B 02.6250 06/15/2021 1.10%
US TREASURY N/B 01.5000 05/31/2020 1.08%
US TREASURY N/B 01.6250 10/31/2023 1.06%
CITIGROUP INC 1.01%
US TREASURY N/B 01.8750 11/30/2021 1.01%
US TREASURY N/B 03.0000 02/15/2047 0.94%
VISA INC-CLASS A SHARES 0.87%
GENERAL MOTORS CO 0.82%
FIDELITY NATIONAL INFO SERV 0.80%
DXC TECHNOLOGY CO 0.80%
WALMART INC 0.80%
BP PLC 0.79%
MASTERCARD INC - A 0.78%
ASSURED GUARANTY LTD 0.75%
CIGNA CORP 0.75%
CENOVUS ENERGY INC 0.74%
JOHNSON & JOHNSON 0.74%
MERCK & CO. INC. 0.73%
NXP SEMICONDUCTORS NV 0.73%
HONEYWELL INTERNATIONAL INC 0.72%
US TREASURY N/B 02.1250 12/31/2022 0.71%
ADOBE INC 0.68%
AMERICAN INTERNATIONAL GROUP 0.67%
GOLDMAN SACHS GROUP INC 0.67%
PRUDENTIAL PLC 0.63%
TEXAS INSTRUMENTS INC 0.63%
CHARTER COMMUNICATIONS INC-A 0.60%
NETFLIX INC 0.59%
AMERICAN ELECTRIC POWER 0.57%
ENTERPRISE PRODUCTS PARTNERS 0.57%
JPMORGAN CHASE & CO 0.57%
AT&T INC 0.57%
SALESFORCE.COM INC 0.57%
WALT DISNEY CO/THE 0.56%
GNMA GII30 TBA 03.5000 07/01/2049 0.56%
PNC FINANCIAL SERVICES GROUP 0.56%
EXELON CORP 0.54%
DANAHER CORP 0.53%
UNITEDHEALTH GROUP INC 0.53%
GNMA GII30 MA3802 03.0000 07/20/2046 0.53%
EATON CORP PLC 0.51%
UNION PACIFIC CORP 0.51%
BOOKING HOLDINGS INC 0.50%
PFIZER INC 0.50%
GAMING AND LEISURE PROPERTIE 0.49%
SBA COMMUNICATIONS CORP 0.49%
LINDE PLC 0.49%
ON SEMICONDUCTOR CORP 0.48%
FNMA FN30 TBA UMBS 03.5000 08/01/2049 0.48%
FIRST DATA CORP- CLASS A 0.47%
THERMO FISHER SCIENTIFIC INC 0.46%
ABBOTT LABORATORIES 0.45%
SHERWIN-WILLIAMS CO/THE 0.43%
KKR & CO INC -A 0.41%
FREEPORT-MCMORAN INC 0.41%
FHLMC FR30 RA1102 UMBS 04.0000 07/01/2049 0.40%
FORTUNE BRANDS HOME & SECURI 0.40%
HILTON WORLDWIDE HOLDINGS IN 0.39%
E*TRADE FINANCIAL CORPORATION 0.39%
GNMA GN30 784660 04.0000 12/15/2040 0.39%
FHLMC FH30G G60861 03.5000 01/01/2047 0.37%
HERSHEY CO/THE 0.37%
NEXTERA ENERGY INC 0.36%
NIKE INC -CL B 0.36%
ACTIVISION BLIZZARD INC 0.36%
NETEASE INC-ADR 0.35%
DASSAULT SYSTEMES SA 0.35%
BLACKROCK INC 0.34%
BOEING CO/THE 0.34%
ABBVIE INC 0.34%
AMGEN INC 0.33%
NORTHROP GRUMMAN CORP 0.32%
WELLS FARGO & CO 0.32%
ELECTRONIC ARTS INC 0.32%
FNMA FN30 TBA UMBS 04.0000 08/01/2049 0.32%
NRG ENERGY INC 0.32%
RAYMOND JAMES FINANCIAL INC 0.32%
YUM CHINA HOLDINGS INC 0.31%
BOSTON SCIENTIFIC CORP 0.31%
FNMA FN30 BJ9256 UMBS 04.0000 06/01/2048 0.31%
CHIPOTLE MEXICAN GRILL INC 0.31%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.30%
FNMA FN30 BK4129 UMBS 04.5000 06/01/2048 0.30%
WYNN RESORTS LTD 0.30%
NORFOLK SOUTHERN CORP 0.30%
GENERAL DYNAMICS CORP 0.30%
MCCORMICK & CO-NON VTG SHRS 0.29%
PEPSICO INC 0.29%
ELI LILLY & CO 0.28%
UNITED TECHNOLOGIES CORP 0.28%
CISCO SYSTEMS INC 0.27%
COSTCO WHOLESALE CORP 0.27%
INTERCONTINENTAL EXCHANGE IN 0.27%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.25%
GNMA GII30 BJ1330 05.0000 02/20/2049 0.25%
FNMA FN30 BM5477 UMBS 04.5000 02/01/2049 0.24%
TYSON FOODS INC-CL A 0.24%
FNMA FN30 TBA UMBS 04.5000 07/01/2049 0.24%
FHLMC FH30G G07084 04.0000 07/01/2042 0.24%
JOHNSON CONTROLS INTERNATION 0.24%
SOUTHERN CO/THE 0.24%
VERTEX PHARMACEUTICALS INC 0.24%
ANGLO AMER PLC 0.24%
BAXTER INTERNATIONAL INC 0.23%
FNMA FN15 BM3058 UMBS 03.0000 12/01/2030 0.23%
VERIZON COMM 04.3290 09/21/2028 0.23%
CIGNA CORP P/P 144A 03.7500 07/15/2023 0.22%
BRISTOL-MYERS SQUIBB CO 0.22%
CVS HEALTH CORP 0.22%
STANLEY BLACK & DECKER INC 0.22%
UBS AG REGS 05.1250 05/15/2024 0.22%
STRYKER CORP 0.22%
UNITED RENTALS INC 0.21%
GENERAL ELECTRIC CO 0.21%
ROPER TECHNOLOGIES INC 0.20%
TRANSDIGM GROUP INC 0.20%
TJX COMPANIES INC 0.20%
FHLMC FH30G G08747 03.0000 02/01/2047 0.20%
COMM 2014-CR18 C 04.8912 07/15/2047 0.20%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.19%
ALLERGAN PLC 0.19%
BRISTOL-MYERS P/P 144A 03.4000 07/26/2029 0.19%
DEERE & CO 0.18%
ENCANA CORP 0.18%
COOPER COS INC/THE 0.18%
MEDTRONIC PLC 0.18%
AMEREN CORPORATION 0.18%
METTLER-TOLEDO INTERNATIONAL 0.17%
GILEAD SCIENCES INC 0.16%
3M CO 0.16%
BALL CORP 0.16%
CIT GROUP INC. 05.2500 03/07/2025 0.16%
FNMA FN30 TBA UMBS 04.0000 07/01/2049 0.16%
SALESFORCE.COM INC 03.7000 04/11/2028 0.16%
YELLOW CAKE PLC 144A 0.16%
BURLINGTON STORES INC 0.16%
CAIRN ENERGY PLC 0.16%
FNMA FN30 BJ6741 UMBS 04.5000 05/01/2048 0.16%
AIR CANADA 0.15%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.15%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.15%
DOW INC 0.15%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.15%
FNMA FN30 MA2737 UMBS 03.0000 09/01/2046 0.15%
S&P500 EMINI FUT SEP19 ESU9 0.15%
CARMAX INC 0.15%
FNMA FN30 AL8994 UMBS 04.0000 09/01/2045 0.14%
INTERPUBLIC GROUP COS 04.6500 10/01/2028 0.14%
KOSMOS ENERGY LTD 0.14%
ELANCO ANIMAL HEALTH 04.9000 08/28/2028 0.14%
FHLMC FH30G Q54414 04.0000 02/01/2048 0.14%
MSC 2012-C4 D P/P 144A 05.6003 03/15/2045 0.14%
SUMMIT MATERIALS INC -CL A 0.14%
IDEXX LABORATORIES INC 0.14%
BJ'S WHOLESALE CLUB HOLDINGS 0.14%
CITIGROUP INC 04.7500 05/18/2046 0.14%
FNMA FN30 BM1172 UMBS 03.0000 03/01/2047 0.13%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.13%
WILLIAMS COMPANIES INC 04.3000 03/04/2024 0.13%
AT&T INC 04.1000 02/15/2028 0.13%
KEURIG DR PEPPER INC 04.5970 05/25/2028 0.13%
ARAMARK 0.12%
EOG RESOURCES INC 04.1500 01/15/2026 0.12%
COSTAR GROUP INC 0.12%
EDISON INTERNATIONAL 0.12%
FN BF0091 0.12%
WEC ENERGY GROUP INC 04.6305 05/15/2067 0.12%
GOLDMAN SACHS GROUP INC 04.2230 05/01/2029 0.12%
BECTON DICKINSON AND CO 0.12%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.12%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.12%
UNITEDHEALTH GROUP INC 03.8500 06/15/2028 0.12%
WASTE CONNECTIONS INC 0.12%
FNMA FN30 BC1155 UMBS 03.0000 06/01/2046 0.12%
DIGITAL REALTY TRUST LP 04.4500 07/15/2028 0.12%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.12%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.12%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.12%
DUPONT DE NEMOURS INC 0.12%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.12%
CITIGROUP INC 04.4500 09/29/2027 0.11%
FNMA FN15 AT8509 UMBS 02.0000 08/01/2028 0.11%
FNMA FN15 AS0285 UMBS 02.0000 08/01/2028 0.11%
AT&T INC 04.3500 03/01/2029 0.11%
MGM RESORTS INTERNATIONAL 0.11%
ADVANCE AUTO PARTS 0.11%
FISERV INC 04.2000 10/01/2028 0.11%
WESTROCK MWV LLC 08.2000 01/15/2030 0.11%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 0.10%
BANCO SANTANDER SA USD 05.1790 11/19/2025 0.10%
NRG ENERGY INC P/P 144A 04.4500 06/15/2029 0.10%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.10%
WALT DISNEY COMP P/P 144A 07.7500 01/20/2024 0.10%
CREDIT SUISSE GRP AG P/P 144A 03.8690 01/12/2029 0.10%
AON PLC USD 04.2500 12/12/2042 0.10%
LEVI STRAUSS & CO- CLASS A 0.10%
AMAZON.COM INC 04.0500 08/22/2047 0.10%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.10%
MICROCHIP TECH INC 04.3330 06/01/2023 0.10%
MICROSOFT CORP 03.7000 08/08/2046 0.10%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.10%
FEDEX CORP 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.09%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.09%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.09%
BANK OF AMERICA CORP 05.1250 06/17/2049 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
ARCHER-DANIELS-MIDLAND CO 0.09%
FNMA FN30 AU1625 UMBS 03.5000 07/01/2043 0.09%
BPCE SA P/P 144A 04.5000 03/15/2025 0.09%
TELEFONICA EMISIONES SAU USD 04.8950 03/06/2048 0.09%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.08%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.08%
COMM 2012-CR1 AM 03.9120 05/15/2045 0.08%
OSHKOSH CORP 04.6000 05/15/2028 0.08%
GNMA GII30 BK3755 05.0000 02/20/2049 0.08%
AVERY DENNISON CORP 0.08%
FIDELITY NATL INFO SERV 03.7500 05/21/2029 0.08%
CAS 2016-C01 1M2 09.1544 08/25/2028 0.08%
FNMA FN30 BN2701 UMBS 04.5000 11/01/2048 0.08%
GNMA GII30 TBA 05.0000 07/01/2049 0.08%
WASTE CONNECTIONS INC 03.5000 05/01/2029 0.08%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.08%
NUTRIEN LTD. USD 04.2000 04/01/2029 0.08%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.08%
FNMA FN30 TBA UMBS 03.0000 08/01/2049 0.08%
US TREASURY N/B 02.0000 02/15/2022 0.08%
FNMA FN15 AS0001 UMBS 02.0000 07/01/2028 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.08%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.07%
FNMA FN30 BD5293 UMBS 03.5000 01/01/2047 0.07%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.07%
FNMA FN30 AL6919 UMBS 05.5000 01/01/2038 0.07%
NORTHROP GRUMMAN CORP 03.2500 01/15/2028 0.07%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.07%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.07%
BPCE SA P/P 144A 05.1500 07/21/2024 0.07%
FHLMC FH30G Q44791 03.5000 12/01/2046 0.07%
AUTONATION INC. 05.5000 02/01/2020 0.07%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.07%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.06%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.06%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.06%
FNMA FN30 BC1489 UMBS 03.0000 08/01/2046 0.06%
LEAR CORP 03.8000 09/15/2027 0.06%
AIR LEASE CORP 03.6250 04/01/2027 0.06%
CREDIT SUISSE AG P/P 144A 06.5000 08/08/2023 0.06%
FNMA FN40 BF0169 3.500000 01/01/2057 0.06%
BP CAP MARKETS AMERICA 03.1190 05/04/2026 0.06%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.06%
EQUINIX INC 05.3750 05/15/2027 0.06%
FNMA FN30 BC1445 UMBS 03.0000 07/01/2046 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
GNMA GII30 BE2222 03.5000 01/20/2048 0.06%
JPMCC 2012-C6 D 05.3202 05/15/2045 0.06%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.06%
WEYERHAEUSER CO 07.3750 03/15/2032 0.06%
ZOETIS INC 03.9000 08/20/2028 0.06%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.06%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
VODAFONE GROUP PLC USD 04.3750 05/30/2028 0.06%
BP CAP MARKETS AMERICA 03.9370 09/21/2028 0.06%
EMIR 2018-1 M1 04.1044 11/25/2028 0.06%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.06%
W.R. GRACE & CO 0.06%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.06%
CVS HEALTH CORP 03.7000 03/09/2023 0.06%
FNMA FN15 AB6335 UMBS 02.0000 10/01/2027 0.06%
KINDER MORGAN INC 03.1500 01/15/2023 0.06%
MARSH & MCLENNAN COS INC 04.3750 03/15/2029 0.06%
ALPHABET INC 01.9980 08/15/2026 0.06%
BMW US CAPITAL LLC P/P 144A 03.9500 08/14/2028 0.06%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.06%
GNMA GII30 711724 03.5000 02/20/2043 0.06%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.06%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.05%
AMAZON.COM INC 03.1500 08/22/2027 0.05%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.05%
EQUINOR ASA USD 05.1000 08/17/2040 0.05%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.05%
INTL FLAVOR & FRAGRANCES 04.4500 09/26/2028 0.05%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.05%
GNMA GII30 BI6858 04.5000 03/20/2049 0.05%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.05%
ICU MEDICAL INC 0.05%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.05%
CBS CORP 04.6000 01/15/2045 0.05%
COMCAST CORP 03.9990 11/01/2049 0.05%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.05%
NRG P/P 144A 03.7500 06/15/2024 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
APTARGROUP INC 0.05%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.05%
OMEGA HLTHCARE INVES 05.2500 01/15/2026 0.05%
CBRE SERVICES INC 04.8750 03/01/2026 0.05%
HMIR 2018-1 M1 P/P 144A 03.8300 10/25/2028 0.05%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.05%
S&P GLOBAL INC 04.4000 02/15/2026 0.05%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.05%
AMERICAN ELECTRIC POWER 04.3000 12/01/2028 0.04%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.04%
FNMA FN30 AB7936 UMBS 03.0000 02/01/2043 0.04%
GNMA GII30 BE2219 03.5000 01/20/2048 0.04%
GNMA GII30 BE2220 03.5000 01/20/2048 0.04%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.04%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.04%
DUKE ENERGY CAROLINAS 04.2500 12/15/2041 0.04%
FNMA FN15 AP6055 UMBS 02.0000 07/01/2028 0.04%
FNMA FN30 CA0341 UMBS 04.0000 09/01/2047 0.04%
GNMA GII30 673972 03.0000 08/20/2046 0.04%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.04%
FISERV INC 03.5000 07/01/2029 0.04%
L3 TECHNOLOGIES INC 04.4000 06/15/2028 0.04%
LLOYDS BANKING GROUP PLC USD 04.5000 11/04/2024 0.04%
ONCOR ELECTRIC DELI 05.7500 03/15/2029 0.04%
TARGA RESOURCES PART 05.0000 01/15/2028 0.04%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.04%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.04%
FNMA FN30 AY0773 UMBS 03.5000 03/01/2045 0.04%
HOSPITALITY PROP TRUST 04.3750 02/15/2030 0.04%
N TX HWY-TXB-B 06.7180 01/01/2049 0.04%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.04%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.04%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.04%
FIDELITY NATIONAL INFORM 04.2500 05/15/2028 0.04%
ORACLE CORP 02.6500 07/15/2026 0.04%
VISTRA OPERATION P/P 144A 03.5500 07/15/2024 0.04%
APPLE INC 03.8500 05/04/2043 0.04%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.04%
COMM 2012-LC4 C 05.7227 12/10/2044 0.04%
HCA INC 04.1250 06/15/2029 0.04%
HCA INC 05.0000 03/15/2024 0.04%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.04%
COMCAST CORP 03.1500 03/01/2026 0.04%
FNMA FN30 AS9415 UMBS 04.0000 04/01/2047 0.04%
GNMA 10000 BD7925 03.5000 11/20/2047 0.04%
GNMA GII30 BE1441 03.5000 11/20/2047 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.04%
AIR LEASE CORP 04.6250 10/01/2028 0.04%
BMW US CAPITAL LLC P/P 144A 02.8000 04/11/2026 0.04%
FNMA FN30 AB9369 UMBS 03.5000 05/01/2043 0.04%
FNMA FN30 AS8056 UMBS 03.0000 10/01/2046 0.04%
APOLLO GLOBAL MANAGEMENT - A 0.04%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.04%
FHLMC FH30G V80012 03.0000 03/01/2043 0.04%
FHLMC FH30G G60314 04.0000 09/01/2045 0.04%
FOX CORP P/P 144A 04.0300 01/25/2024 0.04%
CAPITAL ONE BANK USA NA 03.3750 02/15/2023 0.04%
FNMA FN30 AT2746 UMBS 03.5000 05/01/2043 0.04%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.04%
ENBRIDGE INC USD 04.2500 12/01/2026 0.04%
FIVE CORNERS FUNDING P/P 144A 04.4190 11/15/2023 0.04%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.04%
VISTRA OPERATION P/P 144A 04.3000 07/15/2029 0.04%
CBS CORP 02.9000 01/15/2027 0.03%
GNMA GII30 AT9856 03.0000 10/20/2046 0.03%
STACR 2014-HQ2 M2 04.6044 09/25/2024 0.03%
SUMITOMO MITSUI P/P 144A 04.4360 04/02/2024 0.03%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.03%
FNMA FN15 MA1542 UMBS 02.0000 08/01/2028 0.03%
OMNICOM GP/OMNICOM CAP 03.6000 04/15/2026 0.03%
AES CORP/THE 05.1250 09/01/2027 0.03%
JPMCC 2012-C8 D P/P 144A 04.8049 10/15/2045 0.03%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.03%
BMW US CAPITAL LLC P/P 144A 03.4000 08/13/2021 0.03%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.03%
QVC INC 04.8500 04/01/2024 0.03%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.03%
APPLE INC 04.3750 05/13/2045 0.03%
CBS CORP 04.2000 06/01/2029 0.03%
FNMA FN15 AB7525 UMBS 02.0000 01/01/2028 0.03%
GNMA GII30 BE1437 03.5000 11/20/2047 0.03%
FHLMC FH30G Q45196 03.5000 12/01/2046 0.03%
FNMA FN15 AB7707 UMBS 02.0000 01/01/2028 0.03%
FNMA FN15 MA1346 UMBS 02.0000 02/01/2028 0.03%
GNMA GII30 BE2221 03.5000 01/20/2048 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
VMWARE INC 03.9000 08/21/2027 0.03%
COMCAST CORP 06.5000 11/15/2035 0.03%
FHLMC FH30G Q44903 03.5000 12/01/2046 0.03%
GOLDMAN SACHS GROUP INC 06.7500 10/01/2037 0.03%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.03%
CREDIT AGRICOLE SA P/P 144A 04.0000 01/10/2033 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.03%
FNMA FN30 BD9047 UMBS 04.0000 07/01/2047 0.03%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.03%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.03%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.03%
BRIGHAM MINERALS INC-CL A 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%
FHLMC FH30G Q44946 03.5000 12/01/2046 0.03%
FNMA FN30 AS8074 UMBS 03.0000 10/01/2046 0.03%
FNMA FN30 BD8704 UMBS 03.5000 12/01/2046 0.03%
FNMA FN30 BD9043 UMBS 04.0000 06/01/2047 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
ANHEUSER-BUSCH INBEV WOR 04.7500 01/23/2029 0.02%
BMIR 2017-1 M1 P/P 144A 04.1044 10/25/2027 0.02%
CA TXB-VAR PURP 07.5000 04/01/2034 0.02%
LLOYDS BANKING GROUP PLC USD 04.6500 03/24/2026 0.02%
LUKOIL INTL FIN BV P/P 144A 04.5630 04/24/2023 0.02%
OPORTUN FIN G-1 PFD CV P/P 0.02%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.02%
FNMA FN30 AS9978 UMBS 04.0000 07/01/2047 0.02%
OPORTUN FIN CORP P/P 0.02%
ANHEUSER-BUSCH INBEV WOR 05.5500 01/23/2049 0.02%
CELANESE US HOLDINGS LLC 03.5000 05/08/2024 0.02%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.02%
COOPERATIEVE RABOBANK UA USD 03.7500 07/21/2026 0.02%
DUKE ENERGY OHIO INC 03.6500 02/01/2029 0.02%
FNMA FN30 734836 05.0000 08/01/2033 0.02%
GNMA GII30 BC0462 03.5000 10/20/2047 0.02%
GNMA GII30 BE1440 03.5000 11/20/2047 0.02%
GNMA GII30 BE5899 03.5000 01/20/2048 0.02%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.02%
HSBC BANK USA NA 05.6250 08/15/2035 0.02%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.02%
ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 0.02%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.02%
GNMA 10000 BD7924 03.5000 11/20/2047 0.02%
GNMA GII30 BA8386 03.5000 10/20/2047 0.02%
HCA INC 05.5000 06/15/2047 0.02%
WILLIAMS COMPANIES INC 03.6000 03/15/2022 0.02%
AMGEN INC 02.6000 08/19/2026 0.02%
CON EDISON CO OF NY INC 04.2000 03/15/2042 0.02%
COOPERATIEVE RABOBANK UA USD 04.6250 12/01/2023 0.02%
FNMA FN30 995023 05.5000 08/01/2037 0.02%
GNMA GII30 BA8388 03.5000 10/20/2047 0.02%
GNMA GII30 OBD1716 03.5000 11/20/2047 0.02%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.02%
ANHEUSER-BUSCH INBEV WOR 04.1500 01/23/2025 0.02%
APPLE INC 03.4500 05/06/2024 0.02%
AUTONATION INC 04.5000 10/01/2025 0.02%
BANK OF AMERICA CORP 03.1703 09/15/2026 0.02%
BG ENERGY CAP PLC P/P 144A 04.0000 10/15/2021 0.02%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.02%
FHLMC FH30G Q14035 03.5000 12/01/2042 0.02%
FHLMC FH30G Q45042 03.5000 12/01/2046 0.02%
FHLMC FR30 ZS3713 UMBS 03.5000 04/01/2043 0.02%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
FNMA FN30 AS7561 UMBS 04.0000 06/01/2046 0.02%
FNMA FN30 BC7330 UMBS 03.5000 12/01/2046 0.02%
GNMA GII30 AW5280 03.0000 10/20/2046 0.02%
WESTROCK MWV LLC 07.9500 02/15/2031 0.02%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.02%
FNMA FN30 AS4073 UMBS 04.0000 12/01/2044 0.02%
FNMA FN30 BD9038 UMBS 04.0000 05/01/2047 0.02%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.02%
AUST & NZ BANKING GR P/P 144A 06.7500 12/29/2049 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
CNH/USD 08/21/2019 HSBCB 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 555591 05.5000 07/01/2033 0.02%
FNMA FN30 BD9031 UMBS 04.0000 03/01/2047 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
SABMILLER HLDG INC 04.9500 01/15/2042 0.02%
CBS CORP 04.0000 01/15/2026 0.02%
FNMA FN30 BD9052 UMBS 04.0000 08/01/2047 0.02%
GNMA GII30 BA8385 03.5000 10/20/2047 0.02%
GNMA GII30 BB3019 03.5000 11/20/2047 0.02%
HILTON DOMESTIC OPERATIN 04.2500 09/01/2024 0.02%
JPMORGAN CHASE & CO 06.1000 02/01/2049 0.02%
ROYAL BK SCOTLND GRP PLC USD 03.8750 09/12/2023 0.02%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
GNMA GII30 BC0460 03.5000 10/20/2047 0.02%
GNMA GII30 BC0461 03.5000 10/20/2047 0.02%
GNMA GII30 BE5897 03.5000 10/20/2047 0.02%
KEURIG DR PEPPER INC 04.4170 05/25/2025 0.02%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.02%
FIRSTENERGY CORP 04.8500 07/15/2047 0.01%
FNMA FN30 AA0839 UMBS 05.0000 01/01/2039 0.01%
FNMA FN30 AS8974 UMBS 04.0000 03/01/2047 0.01%
FNMA FN30 BE4222 UMBS 03.5000 12/01/2046 0.01%
GENERAL MOTORS FINL CO 04.0000 01/15/2025 0.01%
GNMA GII30 BB3013 03.5000 11/20/2047 0.01%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.01%
CAS 2016-C02 1M2 08.4044 09/25/2028 0.01%
ENERGY TRANSFER OPERATNG 06.2500 04/15/2049 0.01%
FHLMC FH30G Q44706 03.5000 12/01/2046 0.01%
FNMA FN30 995018 05.5000 06/01/2038 0.01%
FNMA FN30 AX5534 UMBS 04.0000 06/01/2046 0.01%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.01%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
AXA SA P/P 144A 06.3790 12/29/2049 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
FNMA FN30 889982 05.5000 11/01/2038 0.01%
GNMA GII30 AT8064 03.0000 08/20/2046 0.01%
HCA INC 05.2500 06/15/2026 0.01%
PPL CAPITAL FUNDING INC 04.2000 06/15/2022 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
QUEST DIAGNOSTICS INC 04.7500 01/30/2020 0.01%
GNMA GII30 BC0459 03.5000 10/20/2047 0.01%
GNMA GII30 BE5896 03.5000 10/20/2047 0.01%
GNMA GII30 BE5898 03.5000 10/20/2047 0.01%
GNMA GII30 OBD1714 03.5000 11/20/2047 0.01%
GNMA GN30 AZ3487 03.5000 11/15/2047 0.01%
HILTON DOMESTIC P/P 144A 04.8750 01/15/2030 0.01%
HSBC USA INC 03.5000 06/23/2024 0.01%
KKR GR FIN CO P/P 144A 03.7500 07/01/2029 0.01%
CROWN CASTLE INTL CORP 03.1500 07/15/2023 0.01%
GNMA GII30 BD3297 03.5000 11/20/2047 0.01%
GNMA GN30 AZ3486 03.5000 11/15/2047 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
AT&T INC 02.9500 07/15/2026 0.00%
FIDELITY NATIONAL INFORM 03.0000 08/15/2026 0.00%
FIRSTENERGY CORP 03.9000 07/15/2027 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
WALT DISNEY COMPAN P/P 144A 04.7500 09/15/2044 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
CITIGROUP INC 03.6680 07/24/2028 0.00%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
FHLMC FH30G G01793 06.0000 03/01/2035 0.00%
FNR 2001-79 BI IO 00.2831 03/25/2045 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
GBP/USD 09/18/2019 BANKAM -0.00%
GBP/USD 09/18/2019 BCAP-FX -0.00%
GBP/USD 09/18/2019 CITI -0.00%
GBP/USD 09/18/2019 GSFX -0.00%
CAD/USD 07/17/2019 BCAP-FX -0.00%
EUR/USD 09/18/2019 CITI -0.00%
CAD/USD 07/17/2019 JPMCB -0.00%
CAD/USD 07/17/2019 CITI -0.01%
CAD/USD 07/17/2019 GSFX -0.01%
GNMA GII30 TBA 04.0000 07/01/2049 -0.40%

Prior top 10 holdings

Top 10 holdings as of 07/31/19
Microsoft
Alphabet
Amazon
Apple
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 02.7500 08/15/2042
Facebook
Procter & Gamble
Us Treasury N/B 01.7500 06/30/2022
Bank of America
Holdings represent 17.35% of portfolio
Top 10 holdings as of 06/30/19
Microsoft
Amazon
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 02.7500 08/15/2042
Apple
Us Treasury N/B 01.7500 06/30/2022
Facebook
Procter & Gamble Co
Bank of America
Holdings represent 17.04% of portfolio
Top 10 holdings as of 05/31/19
Microsoft
Alphabet
Amazon
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 02.7500 08/15/2042
Apple
Us Treasury N/B 01.7500 06/30/2022
Us Treasury N/B 02.0000 11/30/2020
Facebook
Bank of America
Holdings represent 16.88% of portfolio
Top 10 holdings as of 04/30/19
Microsoft
Amazon
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Apple
Us Treasury N/B 02.7500 08/15/2042
Facebook
Bank of America
Visa
Us Treasury N/B 02.0000 11/30/2020
Holdings represent 16.83% of portfolio

Portfolio composition as of 07/31/19

Common stock 61.45%
Corporate bonds and notes 14.23%
Treasury 11.91%
Agency pass-through 8.55%
Cash and net other assets 2.79%
Commercial MBS 0.70%
Agency CMO 0.25%
Municipal bonds 0.09%
Emerging-market bonds 0.03%

Fixed income statistics as of 07/31/19

Average effective maturity 7.68 yrs.
Average effective duration 5.37 yrs.

Maturity detail as of 07/31/19

0 - 1 yr. 8.00%
1 - 5 yrs. 44.67%
5 - 10 yrs. 30.00%
10 - 15 yrs. 2.17%
Over 15 yrs. 15.16%

Quality rating as of 07/31/19

AAA 53.69%
AA 4.87%
A 13.45%
BBB 20.97%
BB 2.04%
CCC and Below 0.03%
Not Rated 4.95%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally 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 07/31/19

Information technology 19.10%
Financials 13.25%
Health care 12.95%
Consumer discretionary 11.50%
Communication services 10.74%
Industrials 9.33%
Consumer staples 7.45%
Energy 4.00%
Materials 3.68%
 
Other
8.00%
Utilities 3.64%
Cash and net other assets 2.79%
Real estate 1.57%

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 0.99% 1.74% 1.74% 1.49% 1.24% 0.73% 0.63% 0.74%
What you pay 0.99% 1.74% 1.74% 1.49% 1.24% 0.73% 0.63% 0.74%

Sales charge

 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. 1.00% 5.00% 1.00% -- -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- -- --
7+ yrs. 0.00% 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: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally 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.