George Putnam Balanced Fund  (PGEYX)

A prudent balance of stocks and bonds since 1937

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.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $19.63
-0.05% | $-0.01
$19.65
10/17/17
$17.04
11/04/16
Historical fund price

Fund facts as of 09/30/17

Total net assets
$1,209.39M
Turnover (fiscal year end)
204%
Dividend frequency (view rate)
Quarterly
Number of holdings
575
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


Chief Investment Officer, Equities

Co-Head of Fixed 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.

Literature


Longevity and medical costs – education for the great unknowns
Understanding the impact of longevity and medical costs on savings requires education and a proactive approach to saving.
Why a meaningful near-term market correction is unlikely
2017 is a rare year without a stock market correction of at least 5%, but that doesn't make a correction more likely in the fourth quarter.
Avoiding retirement savings shortfalls requires a team effort
Plan features, employer match, deferral rates, and investor education all work together to help participants avoid retirement savings shortfalls.

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 12.80% 7.30% 9.52% 3.95%
After sales charge N/A N/A N/A N/A
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 09/30/17 1.14 % -
YTD as of 10/19/17 12.33 % -

Yield

Distribution rate before sales charge
as of 10/19/17
1.34%
Distribution rate after sales charge
as of 10/19/17
1.34%
30-day SEC yield as of 09/29/17 1.20%

Risk-adjusted performance as of 09/30/17

Alpha (3 yrs.) -0.02
Sharpe ratio (3 yrs.) 1.03
Treynor ratio (3 yrs.) 10.52
Information ratio (3 yrs.) -0.98

Volatility as of 09/30/17

Standard deviation (3 yrs.) 6.80%
Beta 0.67
R-squared 0.95

Capture ratio as of 09/30/17

Up-market (3 yrs.) 69.63
Down-market (3 yrs.) 71.55

Lipper rankings as of 09/30/17

BALANCED FUNDS Percentile ranking Rank/Funds in category
1 yr. 13% 75/600
3 yrs. 10% 56/559
5 yrs. 8% 37/520
10 yrs. 78% 340/438

Morningstar ratings as of 09/30/17

Allocation--50% to 70% Equity Rating Funds in category
Overall (725)
3 yrs. (725)
5 yrs. (664)
10 yrs. (458)

Distributions

Record/Ex dividend date 08/28/17
Payable date 08/30/17
Income $0.066
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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Holdings

Top 10 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 1.94%
Us Treasury N/B 01.0000 08/31/2019 1.89%
Alphabet 1.82%
Microsoft 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 1.30%
Top 10 holdings, percent of portfolio 19.65%

Full portfolio holdings as of 06/30/17

US TREASURY N/B 02.0000 11/30/2020 3.81%
US TREASURY N/B 01.1250 12/31/2019 2.63%
APPLE INC 2.15%
US TREASURY N/B 01.3750 09/30/2018 1.96%
ALPHABET INC-CL A 1.91%
MICROSOFT CORP 1.80%
FNMA FN30 TBA 04.5000 07/01/2047 1.72%
US TREASURY N/B 02.7500 08/15/2042 1.61%
AMAZON.COM INC 1.47%
GNMA GII30 TBA 03.5000 07/01/2047 1.31%
JPMORGAN CHASE & CO 1.23%
FACEBOOK INC-A 1.19%
JOHNSON & JOHNSON 1.11%
SPDR S&P REGIONAL BANKING 1.10%
HOME DEPOT INC 1.03%
PEPSICO INC 1.02%
INVESCO LTD 0.90%
BANK OF AMERICA CORP 0.83%
COMCAST CORP-CLASS A 0.78%
AT&T INC 0.73%
VISA INC-CLASS A SHARES 0.68%
US TREASURY N/B 01.1250 03/31/2020 0.65%
CHUBB LTD 0.64%
ALTRIA GROUP INC 0.63%
GNMA GII30 TBA 03.0000 07/01/2047 0.60%
AMGEN INC 0.59%
BROADCOM LTD 0.58%
MERCK & CO. INC. 0.58%
INTERCONTINENTAL EXCHANGE IN 0.55%
US TREASURY N/B 01.8750 11/30/2021 0.55%
CONOCOPHILLIPS 0.53%
FHLMC FH30G G60861 03.5000 01/01/2047 0.53%
RAYTHEON COMPANY 0.53%
BECTON DICKINSON AND CO 0.52%
KRAFT HEINZ CO/THE 0.52%
PRICELINE GROUP INC/THE 0.52%
SHERWIN-WILLIAMS CO/THE 0.52%
UNITED TECHNOLOGIES CORP 0.52%
WALGREENS BOOTS ALLIANCE INC 0.51%
NORTHROP GRUMMAN CORP 0.50%
US TREASURY N/B 02.0000 02/15/2022 0.50%
ASSURED GUARANTY LTD 0.48%
CHARTER COMMUNICATIONS INC-A 0.48%
TEXAS INSTRUMENTS INC 0.48%
AMERICAN INTERNATIONAL GROUP 0.46%
JAZZ PHARMACEUTICALS PLC 0.46%
NORFOLK SOUTHERN CORP 0.46%
BF0132 04.0000 07/01/2056 0.45%
BIOGEN INC 0.45%
DOW CHEMICAL CO/THE 0.45%
GILEAD SCIENCES INC 0.45%
GOLDMAN SACHS GROUP INC 0.44%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.44%
DANAHER CORP 0.43%
DR PEPPER SNAPPLE GROUP INC 0.43%
FORTIVE CORP 0.43%
QUALCOMM INC 0.43%
DXC TECHNOLOGY CO 0.41%
SIEMENS AG 0.40%
ADOBE SYSTEMS INC 0.39%
CELGENE CORP 0.39%
COSTCO WHOLESALE CORP 0.38%
DOVER CORP 0.38%
FORTUNE BRANDS HOME & SECURI 0.38%
APPLIED MATERIALS INC 0.37%
JOHNSON CONTROLS INTERNATION 0.37%
EOG RESOURCES INC 0.36%
FHLMC FH30G G07084 04.0000 07/01/2042 0.36%
ROCKWELL AUTOMATION INC 0.36%
BOSTON SCIENTIFIC CORP 0.35%
CONSTELLATION BRANDS INC-A 0.35%
CUMMINS INC 0.35%
EXELON CORP 0.35%
FNCL 4 STIP POOL 04.0000 07/01/2047 0.35%
FNMA FN30 TBA 04.0000 07/01/2047 0.35%
MASTERCARD INC - A 0.35%
NCSOFT CORP 0.35%
ALIBABA GROUP HOLDING-SP ADR 0.34%
WASTE CONNECTIONS INC 0.34%
HILTON WORLDWIDE HOLDINGS IN 0.33%
PINNACLE FOODS INC 0.33%
PRUDENTIAL PLC 0.33%
TJX COMPANIES INC 0.33%
KOMATSU LTD 0.32%
W.R. GRACE & CO 0.32%
CIGNA CORP 0.31%
COLGATE-PALMOLIVE CO 0.31%
EXPEDIA INC 0.31%
HALLIBURTON CO 0.31%
MONDELEZ INTERNATIONAL INC-A 0.31%
AMERICAN AIRLINES GROUP INC 0.30%
AMERICAN ELECTRIC POWER 0.30%
DENTSPLY SIRONA INC 0.30%
KION GROUP AG 0.30%
P G & E CORP 0.30%
UNITEDHEALTH GROUP INC 0.30%
WALT DISNEY CO/THE 0.30%
KROGER CO 0.29%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.29%
WYNN RESORTS LTD 0.29%
REALPAGE INC 0.28%
ROYAL DUTCH SHELL PLC-A SHS 0.28%
FIDELITY NATIONAL INFO SERV 0.27%
KKR & CO LP 0.27%
YUM CHINA HOLDINGS INC 0.27%
AMERICAN TOWER CORP 0.26%
FNMA FN30 AS8684 03.5000 01/01/2047 0.26%
INVESTMENT TECHNOLOGY GROUP 0.26%
NRG ENERGY INC 0.26%
QORVO INC 0.26%
TENCENT HOLDINGS LTD 0.26%
AIRBUS SE 0.25%
BLACKROCK INC 0.25%
CHENIERE ENERGY INC 0.25%
CVS HEALTH CORP 0.25%
GAMING AND LEISURE PROPERTIE 0.25%
HANESBRANDS INC 0.25%
SUNCOR ENERGY INC 0.25%
INTUITIVE SURGICAL INC 0.24%
RESTAURANT BRANDS INTERN 0.24%
UBI SOFT ENTERTA 0.24%
UBS AG REGS 05.1250 05/15/2024 0.24%
VERIZON COMMUNICATIONS INC 0.24%
CAVIUM INC 0.23%
FNMA FN30 AL8994 04.0000 09/01/2045 0.23%
NIKE INC -CL B 0.23%
PENN NATIONAL GAMING INC 0.23%
CISCO SYSTEMS INC 0.22%
COMM 2014-CR18 C 04.8933 07/15/2047 0.21%
HUMANA INC 0.21%
IHS MARKIT LTD 0.21%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.21%
METLIFE INC 0.21%
O'REILLY AUTOMOTIVE INC 0.21%
REGENERON PHARMACEUTICALS 0.21%
AGILENT TECHNOLOGIES INC 0.20%
LIVE NATION ENTERTAINMENT IN 0.20%
NEXTERA ENERGY INC 0.20%
PFIZER INC 0.20%
PIONEER NAT RES CO 0.20%
WAL-MART STORES INC 0.20%
ANADARKO PETROLEUM CORP 0.19%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.19%
MOLSON COORS BREWING CO -B 0.19%
SCHWAB (CHARLES) CORP 0.19%
ALCOA CORP 0.18%
CENOVUS 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%
NOBLE ENERGY INC 0.18%
SEALED AIR CORP 0.18%
DISH NETWORK CORP-A 0.17%
FHLMC FH30G Q45743 03.5000 01/01/2047 0.17%
FNMA FN30 AS4991 03.5000 05/01/2045 0.17%
FNMA FN30 BM1172 03.0000 03/01/2047 0.17%
HAMILTON LANE INC-CLASS A 0.17%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.17%
NXP SEMICONDUCTORS NV 0.17%
T-MOBILE US INC 0.17%
AMERICAN WATER WORKS CO INC 0.16%
CR BARD INC 0.16%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.16%
E*TRADE FINANCIAL CORPORATION 0.16%
EDGEWELL PERSONAL CARE CO 0.16%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.16%
FNMA FN30 BC1155 03.0000 06/01/2046 0.16%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.16%
LIMITED BRANDS INC 0.16%
ORACLE CORP 0.16%
ROCKWELL COLLINS INC 04.3500 04/15/2047 0.16%
WEC ENERGY GROUP INC 03.2943 05/15/2067 0.16%
AMEREN CORPORATION 0.15%
BIOVERATIV INC 0.15%
BRISTOL-MYERS SQUIBB CO 0.15%
EVERBRIDGE INC 0.15%
EXXON MOBIL CORP 0.15%
GODADDY INC - CLASS A 0.15%
MONSTER BEVERAGE CORP 0.15%
MSC 2012-C4 D P/P 144A 05.6014 03/15/2045 0.15%
SALESFORCE.COM INC 0.15%
WESTROCK MWV LLC 08.2000 01/15/2030 0.15%
HARTFORD FINANCIAL SVCS GRP 0.14%
HP INC 0.14%
STERICYCLE INC 0.14%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.14%
CF INDUSTRIES HOLDINGS INC 0.13%
EDISON INTERNATIONAL 0.13%
INSTRUCTURE INC 0.13%
MCKESSON CORP 0.13%
SYNCHRONY FINANCIAL 0.13%
VULCAN MATERIALS CO 0.13%
CAMPBELL SOUP CO 0.12%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.12%
CITIGROUP INC 04.7500 05/18/2046 0.12%
FNMA FN30 AU1625 03.5000 07/01/2043 0.12%
ORACLE CORP 02.6500 07/15/2026 0.12%
QEP RESOURCES INC 0.12%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.12%
SCHLUMBERGER LTD 0.12%
SELECT ENERGY SERVICES INC-A 0.12%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.11%
ALBEMARLE CORP 0.11%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 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%
GNMA GII30 AL4508 03.5000 02/20/2045 0.11%
HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 0.11%
ILUKA RESOURCES LTD 0.11%
SANTANDER ISSUANCES USD 05.1790 11/19/2025 0.11%
SEVEN GENERATIONS ENERGY - A 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%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.10%
CALPINE CORP 0.10%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.10%
CARDINAL HEALTH INC 0.10%
GENERAL ELECTRIC CO 05.0000 12/29/2049 0.10%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 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%
REALTY INCOME CORP 04.6500 08/01/2023 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
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%
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%
EXPRESS SCRIPTS HOLDING CO 0.09%
FHLMC FH30G Q44791 03.5000 12/01/2046 0.09%
FNMA FN30 BD5293 03.5000 01/01/2047 0.09%
HSBC HOLDINGS PLC USD 06.5000 05/02/2036 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.09%
NEWELL BRANDS INC 04.2000 04/01/2026 0.09%
PLAINS ALL AMER PIPELINE LP 0.09%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
TELECOM ITALIA SPA P/P 144A 05.3030 05/30/2024 0.09%
TEVA PHARMACEUTICALS NE USD 03.1500 10/01/2026 0.09%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 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%
CONCHO RESOURCES INC 04.3750 01/15/2025 0.08%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.08%
ENCANA CORP 0.08%
EVONIK INDUSTRIES AG 0.08%
FNMA FN30 BC1445 03.0000 07/01/2046 0.08%
FNMA FN30 BC1489 03.0000 08/01/2046 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%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.08%
LYONDELLBASELL INDU-CL A 0.08%
MICROSOFT CORP 02.4000 08/08/2026 0.08%
OWENS CORNING 09.0000 06/15/2019 0.08%
SPECTRA ENERGY CAPITAL LLC 08.0000 10/01/2019 0.08%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.08%
AETNA INC 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 12/10/2023 0.07%
CREDIT SUISSE P/P 144A 06.5000 08/08/2023 0.07%
CVS HEALTH CORP 04.7500 12/01/2022 0.07%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.07%
ENERGY TRANSFER LP 06.5000 02/01/2042 0.07%
GNMA GII30 673972 03.0000 08/20/2046 0.07%
GNMA GII30 711724 03.5000 02/20/2043 0.07%
GREAT PLAINS ENERGY INC 04.8500 04/01/2047 0.07%
JPMCC 2012-C6 D 05.2988 05/15/2045 0.07%
JPMORGAN CHASE & CO 07.9000 12/29/2049 0.07%
KRAFT HEINZ FOODS CO 06.8750 01/26/2039 0.07%
MARATHON OIL CORP 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%
TWENTY-FIRST CENTURY FOX-A 0.07%
WESTERN DIGITAL CORP 0.07%
WEYERHAEUSER CO 07.3750 03/15/2032 0.07%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.07%
WP CAREY INC 04.6000 04/01/2024 0.07%
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%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.06%
CHARTER COMM OPT LLC P/P 144A 05.3750 05/01/2047 0.06%
COCA-COLA CO/THE 0.06%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.06%
CONYERS PARK ACQUISIT - UNIT 0.06%
CORP BOND BACKED CTF P/P 144A 00.0000 09/15/2017 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%
FHLMC FH30G G60314 04.0000 09/01/2045 0.06%
FNMA FN30 AB7936 03.0000 02/01/2043 0.06%
FNMA FN30 AB9369 03.5000 05/01/2043 0.06%
FNMA FN30 BD0494 03.5000 07/01/2046 0.06%
GNMA GII30 AP4923 03.5000 11/20/2045 0.06%
JPMBB 2013-C14 C 04.7206 08/15/2046 0.06%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.06%
MITSUBISHI UFJ FIN GRP USD 03.8500 03/01/2026 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
PRIDE INTERNATIONAL LLC 07.8750 08/15/2040 0.06%
S&P GLOBAL INC 04.4000 02/15/2026 0.06%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.06%
TEXAS GAS TRANSMISN P/P 144A 04.5000 02/01/2021 0.06%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 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%
AIR LEASE CORP 03.3750 06/01/2021 0.05%
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%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.05%
CHENIERE CORP CHRIST P/P 144A 05.1250 06/30/2027 0.05%
COMCAST CORP 03.1500 03/01/2026 0.05%
COMM 2012-LC4 C 05.7628 12/10/2044 0.05%
CONSTELLATION BRANDS INC 03.7000 12/06/2026 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 TRANSFER LP 07.6000 02/01/2024 0.05%
EQT MIDSTREAM PARTNERS L 04.0000 08/01/2024 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 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%
GORES HOLDINGS II INC 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 0.05%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 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%
ONCOR ELECTRIC DELIVERY CO 07.0000 09/01/2022 0.05%
OPORTUN FIN CORP P/P SERIES H PFD 0.05%
PACIFIC GAS & ELECTRIC 06.3500 02/15/2038 0.05%
PUGET SOUND ENERGY INC 06.9740 06/01/2067 0.05%
SPECTRA ENERGY CAPITAL LLC 06.2000 04/15/2018 0.05%
STATOIL ASA USD 05.1000 08/17/2040 0.05%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 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%
AIR LEASE CORP 03.7500 02/01/2022 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%
CITIGROUP INC 05.8750 12/29/2049 0.04%
DELIVERY HERO HOLDIN P/P 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%
FNMA FN30 BD3705 03.5000 08/01/2046 0.04%
FNMA FN30 BD6401 03.5000 09/01/2046 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%
JPMCC 2013-C13 C 04.1876 01/15/2046 0.04%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.04%
KOREAN WON CALL ACCOUNT 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 CORP 06.0000 05/23/2111 0.04%
NVR INC 03.9500 09/15/2022 0.04%
O'REILLY AUTOMOTIVE INC 03.5500 03/15/2026 0.04%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 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%
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%
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%
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%
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%
ENEL FINANCE INTL NV P/P 144A 05.1250 10/07/2019 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%
FHLMC FH30G Q45042 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%
JPMCC 2012-C8 D P/P 144A 04.8071 10/15/2045 0.03%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.03%
KRAFT HEINZ FOODS CO 06.5000 02/09/2040 0.03%
LEAR CORP 05.3750 03/15/2024 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 F-1 PFD CV 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%
SELECT INCOME REIT 03.6000 02/01/2020 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
TRAVELERS PPTY CASUALTY 07.7500 04/15/2026 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%
AGRIUM INC USD 07.1250 05/23/2036 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%
ANHEUSER-BUSCH INBEV 08.2000 01/15/2039 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
APPLE INC 03.4500 05/06/2024 0.02%
ASSURANT INC 06.7500 02/15/2034 0.02%
AUST & NZ BANKING GR P/P 144A 06.7500 12/29/2049 0.02%
BANK OF AMERICA CORP 02.0056 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%
CYTEC INDUSTRIES INC. 03.5000 04/01/2023 0.02%
DCP MIDSTREAM OPERATING 02.7000 04/01/2019 0.02%
DCP MIDSTREAM OPERATING 03.8750 03/15/2023 0.02%
DEVON ENERGY CORPORATION 03.2500 05/15/2022 0.02%
EASTMAN CHEMICAL CO 03.8000 03/15/2025 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%
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 BD3718 03.5000 08/01/2046 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 OPER P/P 144A 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%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
KINDER MORGAN INC. 03.0500 12/01/2019 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%
NOBLE HOLDING INTL LTD USD 06.0500 03/01/2041 0.02%
O'REILLY AUTOMOTIVE INC 03.8500 06/15/2023 0.02%
PACIFIC GAS & ELECTRIC 05.8000 03/01/2037 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 LIQUEFAC P/P 144A 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%
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%
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 D-1 PFD CV P/P 0.01%
OPORTUN FIN F PFD CV P/P 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 02.4161 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 07/19/2017 BANKAM 0.00%
CAD/USD 07/19/2017 BCAP-FX 0.00%
CAD/USD 07/19/2017 CSI-FX 0.00%
CAD/USD 07/19/2017 JPMCB 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CAS 2016-C05 2M1 02.5661 01/25/2029 0.00%
CHF/USD 09/20/2017 JPMCB 0.00%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.00%
CONTL AIRLINES 1998-1 06.6480 09/15/2017 0.00%
EUR/USD 09/20/2017 UBS 0.00%
FHLMC FH30G G01793 06.0000 03/01/2035 0.00%
FNR 2001-79 BI IO 00.2986 03/25/2045 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
GBP/USD 09/20/2017 BANKAM 0.00%
GBP/USD 09/20/2017 CSI-FX 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 08/16/2017 CITI 0.00%
JPY/USD 08/16/2017 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 E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
VERIZON COMM 05.9000 02/15/2054 0.00%
EUR/USD 09/20/2017 CITI -0.01%
FNMA FN30 TBA 03.5000 07/01/2047 -0.17%
FNMA FN30 TBA 03.0000 07/01/2047 -1.51%

Prior top 10 holdings

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
Top 10 holdings as of 07/31/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Us Treasury N/B 01.3750 09/30/2018
Alphabet
Microsoft
Fnma Fn30 Tba 04.5000 09/01/2047
Amazon
Us Treasury N/B 02.7500 08/15/2042
Facebook
Holdings represent 20.30% of portfolio
Top 10 holdings as of 06/30/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Us Treasury N/B 01.3750 09/30/2018
Alphabet
Microsoft
Fnma Fn30 Tba 04.5000 07/01/2047
Us Treasury N/B 02.7500 08/15/2042
Amazon
Gnma Gii30 Tba 03.5000 07/01/2047
Holdings represent 20.37% of portfolio

Portfolio composition as of 09/30/17

Common stock 60.15%
Corporate bonds and notes 15.45%
Treasury 13.58%
Agency pass-through 6.98%
Cash and net other assets 2.26%
Commercial MBS 0.85%
Agency 0.42%
Emerging-market bonds 0.20%
Municipal bonds 0.10%
Agency CMO 0.01%

Fixed income statistics as of 09/30/17

Average effective maturity 8.66 yrs.
Average effective duration 5.96 yrs.

Maturity detail as of 09/30/17

0 - 1 yr. 2.71%
1 - 5 yrs. 33.64%
5 - 10 yrs. 44.92%
10 - 15 yrs. 2.03%
Over 15 yrs. 16.70%

Quality rating as of 09/30/17

AAA 55.32%
AA 2.83%
A 12.60%
BBB 24.63%
BB 2.36%
CCC and Below 0.03%
Not Rated 2.23%

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 09/30/17

Information technology 23.90%
Financials 14.46%
Health care 14.04%
Consumer discretionary 11.67%
Industrials 9.96%
Consumer staples 8.69%
Energy 5.87%
Materials 3.82%
Utilities 3.14%
 
Other
4.45%
Cash and net other assets 2.26%
Telecommunication services 1.33%
Real estate 0.86%

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 1.02% 1.77% 1.77% 1.52% 1.27% 0.73% 0.63% 0.77%
What you pay 1.02% 1.77% 1.77% 1.52% 1.27% 0.73% 0.63% 0.77%

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.