Always Aligned. Always Active.

George Putnam Balanced Fund (Class A)  (PGEOX)

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 $19.21
0.16% | $0.03
$21.02
09/21/18
$17.17
12/24/18
Historical fund price

Fund facts as of 01/31/19

Total net assets
$1,183.66M
Turnover (fiscal year end)
179%
Dividend frequency (view rate)
Quarterly
Number of holdings
551
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

Executive Vice President and Chief Operating Officer
Co-Head of Fixed Income


Literature


Headwinds buffet emerging-market debt
Higher interest rates can challenge any fixed-income market, but rate increases in advanced economies can cause particular difficulty for emerging markets.
What may unlock consumer spending
While retail sales have been rather weak, key elements of consumer spending on services, including housing, are growing.
The outlook for high yield in the oilfield
Fundamental research offers a guide to the risk that low oil prices pose to energy companies with high yield debt.

Performance

Consistency of positive performance over five years

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

Performance shown above 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 see below.

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)


9.07%

Average 5-year annualized return


  • Total return (%) as of 12/31/18

  • Annual performance as of 12/31/18

Annualized Total return (%) as of 12/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -3.14% 6.34% 5.61% 9.58%
After sales charge -8.71% 4.26% 4.37% 8.93%
S&P 500 Index -4.38%9.26%8.49%13.12%
Bloomberg Barclays U.S. Aggregate Bond Index 0.01%2.06%2.52%3.48%

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 01/31/19 5.72% -0.36%
YTD as of 02/15/19 7.51% 1.33%

Yield

Distribution rate before sales charge
as of 02/15/19
1.48%
Distribution rate after sales charge
as of 02/15/19
1.40%
30-day SEC yield as of 01/31/19
(after sales charge)
1.37%

Risk-adjusted performance as of 01/31/19

Alpha (3 yrs.) 0.63
Sharpe ratio (3 yrs.) 1.24
Treynor ratio (3 yrs.) 14.03
Information ratio (3 yrs.) -0.97

Volatility as of 01/31/19

Standard deviation (3 yrs.) 6.97%
Beta 0.62
R-squared 0.95

Capture ratio as of 01/31/19

Up-market (3 yrs.) 66.67
Down-market (3 yrs.) 61.82

Lipper rankings as of 01/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 40/583 7%
3 yrs. 35/542 7%
5 yrs. 43/509 9%
10 yrs. 56/429 14%
Lipper category: BALANCED FUNDS

Morningstar Ratings as of 01/31/19

Time period Funds in category Morningstar Rating
Overall 691
3 yrs. 691
5 yrs. 603
10 yrs. 439
Morningstar category: Allocation--50% to 70% Equity

Distributions

Record/Ex dividend date 11/28/18
Payable date 11/30/18
Income $0.071
Extra income --
Short-term cap. gain $0.314
Long-term cap. gain $1.044

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.


Holdings

Top 10 holdings as of 01/31/19

Microsoft 2.45%
Amazon 2.00%
Alphabet 1.98%
Us Treasury N/B 02.2500 02/15/2021 1.95%
Us Treasury N/B 01.5000 05/31/2020 1.74%
Apple 1.60%
Bank of America 1.49%
Us Treasury N/B 02.0000 11/30/2020 1.43%
Coca-Cola 1.31%
Facebook 1.25%
Top 10 holdings, percent of portfolio 17.20%

Full portfolio holdings as of 12/31/18

MICROSOFT CORP 2.56%
US TREASURY N/B 02.2500 02/15/2021 2.06%
US TREASURY N/B 02.0000 11/30/2020 2.04%
ALPHABET INC-CL A 1.98%
AMAZON.COM INC 1.88%
US TREASURY N/B 01.5000 05/31/2020 1.83%
APPLE INC 1.73%
BANK OF AMERICA CORP 1.40%
COCA-COLA CO/THE 1.39%
VISA INC-CLASS A SHARES 1.25%
US TREASURY N/B 02.6250 06/15/2021 1.15%
HOME DEPOT INC 1.14%
FNMA FN30 TBA 04.5000 01/01/2049 1.11%
PROCTER & GAMBLE CO/THE 1.07%
FACEBOOK INC-CLASS A 1.06%
BP PLC 1.02%
DANAHER CORP 1.02%
HONEYWELL INTERNATIONAL INC 0.98%
QUALCOMM INC 0.93%
CITIGROUP INC 0.91%
MERCK & CO. INC. 0.82%
GENERAL MOTORS CO 0.77%
FNMA FN30 TBA 04.0000 01/01/2049 0.73%
CENOVUS ENERGY INC 0.72%
DOWDUPONT INC 0.72%
US TREASURY N/B 02.7500 08/15/2042 0.72%
BECTON DICKINSON AND CO 0.71%
EMERSON ELECTRIC CO 0.71%
SALESFORCE.COM INC 0.71%
UNION PACIFIC CORP 0.71%
BOEING CO/THE 0.69%
CIGNA CORP 0.69%
ACTIVISION BLIZZARD INC 0.68%
GOLDMAN SACHS GROUP INC 0.68%
KKR & CO INC -A 0.68%
ADOBE INC 0.67%
UNITEDHEALTH GROUP INC 0.67%
JPMORGAN CHASE & CO 0.66%
PFIZER INC 0.66%
AMERICAN ELECTRIC POWER 0.64%
GNMA GII30 TBA 03.5000 01/01/2049 0.63%
FNMA FN30 TBA 03.0000 01/01/2049 0.61%
GNMA GII30 TBA 03.0000 01/01/2049 0.61%
PRUDENTIAL PLC 0.61%
INTEL CORP 0.57%
JOHNSON & JOHNSON 0.57%
NXP SEMICONDUCTORS NV 0.57%
ROPER TECHNOLOGIES INC 0.57%
ASSURED GUARANTY LTD 0.56%
WALMART INC 0.55%
WELLS FARGO & CO 0.54%
AT&T INC 0.52%
DXC TECHNOLOGY CO 0.51%
WASTE CONNECTIONS INC 0.51%
E*TRADE FINANCIAL CORPORATION 0.50%
US TREASURY N/B 03.0000 02/15/2047 0.50%
RAYMOND JAMES FINANCIAL INC 0.49%
TWENTY-FIRST CENTURY FOX-A 0.48%
EXELON CORP 0.47%
SHERWIN-WILLIAMS CO/THE 0.47%
EXXON MOBIL CORP 0.46%
FHLMC FH30G G60861 03.5000 01/01/2047 0.45%
KINDER MORGAN INC 0.45%
NIKE INC -CL B 0.45%
NRG ENERGY INC 0.45%
HILTON WORLDWIDE HOLDINGS IN 0.44%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.44%
BLACKROCK INC 0.43%
VERIZON COMMUNICATIONS INC 0.43%
BOOKING HOLDINGS INC 0.42%
CHARTER COMMUNICATIONS INC-A 0.42%
COMCAST CORP-CLASS A 0.42%
ELI LILLY & CO 0.42%
HERSHEY CO/THE 0.41%
NCSOFT CORP 0.41%
NETEASE INC-ADR 0.41%
PEPSICO INC 0.39%
AMGEN INC 0.37%
BIOGEN INC 0.37%
FNMA FN30 BK4129 04.5000 06/01/2048 0.37%
JOHNSON CONTROLS INTERNATION 0.37%
NORFOLK SOUTHERN CORP 0.36%
AMERICAN INTERNATIONAL GROUP 0.35%
FORTIVE CORP 0.35%
MCCORMICK & CO-NON VTG SHRS 0.35%
TJX COMPANIES INC 0.35%
YUM CHINA HOLDINGS INC 0.35%
CLOROX COMPANY 0.34%
NEXTERA ENERGY INC 0.34%
ON SEMICONDUCTOR CORP 0.34%
ENTERPRISE PRODUCTS PARTNERS 0.33%
FNCL 4 STIP 04.0000 07/01/2047 0.33%
VERTEX PHARMACEUTICALS INC 0.33%
CHIPOTLE MEXICAN GRILL INC 0.32%
INTERCONTINENTAL EXCHANGE IN 0.32%
SBA COMMUNICATIONS CORP 0.32%
TEXTRON INC 0.32%
BAXTER INTERNATIONAL INC 0.31%
BJ'S WHOLESALE CLUB HOLDINGS 0.31%
INTUITIVE SURGICAL INC 0.31%
DUKE ENERGY CORP 0.30%
FMC CORP 0.30%
COOPER COS INC/THE 0.29%
COSTCO WHOLESALE CORP 0.29%
FHLMC FH30G G07084 04.0000 07/01/2042 0.29%
FIRST DATA CORP- CLASS A 0.29%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.29%
WYNN RESORTS LTD 0.29%
FIDELITY NATIONAL INFO SERV 0.28%
GAMING AND LEISURE PROPERTIE 0.28%
METTLER-TOLEDO INTERNATIONAL 0.28%
EVERBRIDGE INC 0.27%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.26%
CIGNA CORP P/P 144A 03.7500 07/15/2023 0.25%
CONOCOPHILLIPS 0.25%
YELLOW CAKE PLC 0.25%
CHUBB LTD 0.24%
DOMINION ENERGY INC 0.24%
ICU MEDICAL INC 0.24%
UBS AG REGS 05.1250 05/15/2024 0.24%
ANADARKO PETROLEUM CORP 0.23%
FHLMC FH30G G08747 03.0000 02/01/2047 0.23%
FNMA FN30 AS8684 03.5000 01/01/2047 0.23%
JAZZ PHARMACEUTICALS PLC 0.23%
COMM 2014-CR18 C 04.7313 07/15/2047 0.22%
LIVE NATION ENTERTAINMENT IN 0.22%
BALL CORP 0.21%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.21%
TENCENT HOLDINGS LTD 0.21%
WALGREENS BOOTS ALLIANCE INC 0.21%
DEERE & CO 0.20%
FNMA FN30 BJ6741 04.5000 05/01/2048 0.20%
BOSTON SCIENTIFIC CORP 0.19%
CELGENE CORP 0.19%
FNMA FN30 AL8994 04.0000 09/01/2045 0.17%
FNMA FN30 BH8526 04.0000 12/01/2047 0.17%
FNMA FN30 MA2737 03.0000 09/01/2046 0.17%
GILEAD SCIENCES INC 0.17%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.17%
SALESFORCE.COM INC 03.7000 04/11/2028 0.17%
ABBVIE INC 0.16%
ADVANCE AUTO PARTS 0.16%
CAIRN ENERGY PLC 0.16%
EDWARDS LIFESCIENCES CORP 0.16%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.16%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.16%
FHLMC FH30G Q54414 04.0000 02/01/2048 0.16%
FNMA FN30 BJ1309 04.0000 10/01/2047 0.16%
GODADDY INC - CLASS A 0.16%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.16%
SUMMIT MATERIALS INC -CL A 0.16%
ELANCO ANIMAL HEALTH P/P 144A 04.9000 08/28/2028 0.15%
FHLMC FH30G Q45743 03.5000 01/01/2047 0.15%
FNMA FN30 AS4991 03.5000 05/01/2045 0.15%
FNMA FN30 BM1172 03.0000 03/01/2047 0.15%
INTERPUBLIC GROUP COS 04.6500 10/01/2028 0.15%
KEURIG DR PEPPER INC P/P 144A 04.5970 05/25/2028 0.15%
MGM RESORTS INTERNATIONAL 0.15%
MSC 2012-C4 D P/P 144A 05.4199 03/15/2045 0.15%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.14%
EOG RESOURCES INC 04.1500 01/15/2026 0.14%
FN BF0091 0.14%
FNMA FN30 BC1155 03.0000 06/01/2046 0.14%
WEC ENERGY GROUP INC 04.7286 05/15/2067 0.14%
WILLIAMS COMPANIES INC 04.3000 03/04/2024 0.14%
AT&T INC 04.1000 02/15/2028 0.13%
BURLINGTON STORES INC 0.13%
CITIGROUP INC 04.7500 05/18/2046 0.13%
DIGITAL REALTY TRUST LP 04.4500 07/15/2028 0.13%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.13%
GOLDMAN SACHS GROUP INC 04.2230 05/01/2029 0.13%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.13%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.13%
UNITEDHEALTH GROUP INC 03.8500 06/15/2028 0.13%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.12%
CITIGROUP INC 04.4500 09/29/2027 0.12%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.12%
FISERV INC 04.2000 10/01/2028 0.12%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 0.12%
O'REILLY AUTOMOTIVE INC 0.12%
WESTROCK MWV LLC 08.2000 01/15/2030 0.12%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.11%
BANCO SANTANDER SA USD 05.1790 11/19/2025 0.11%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.11%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 0.11%
CENTERPOINT ENERGY INC 0.11%
FAIRFAX FINL HLDGS P/P 144A 04.8500 04/17/2028 0.11%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.11%
NOBLE ENERGY INC 0.11%
REGENERON PHARMACEUTICALS 0.11%
AMAZON.COM INC 04.0500 08/22/2047 0.10%
AON PLC USD 04.2500 12/12/2042 0.10%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.10%
COMM 2012-CR1 AM 03.9120 05/15/2045 0.10%
CREDIT SUISSE GRP AG P/P 144A 03.8690 01/12/2029 0.10%
FNMA FN30 AU1625 03.5000 07/01/2043 0.10%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.10%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.10%
MICROCHIP TECH INC P/P 144A 04.3330 06/01/2023 0.10%
MICROSOFT CORP 03.7000 08/08/2046 0.10%
NEWELL BRANDS INC 04.2000 04/01/2026 0.10%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.10%
ALCOA CORP 0.09%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.09%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.09%
BPCE SA P/P 144A 04.5000 03/15/2025 0.09%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.09%
FNMA FN30 AL6919 05.5000 01/01/2038 0.09%
FNMA FN30 BN2701 04.5000 11/01/2048 0.09%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.09%
OSHKOSH CORP 04.6000 05/15/2028 0.09%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
US TREASURY N/B 02.0000 02/15/2022 0.09%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.09%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.09%
AUTONATION INC. 05.5000 02/01/2020 0.08%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.08%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
FHLMC FH30G Q44791 03.5000 12/01/2046 0.08%
FNMA FN30 BC1489 03.0000 08/01/2046 0.08%
FNMA FN30 BD5293 03.5000 01/01/2047 0.08%
FNMA FN40 BF0169 3.500000 01/01/2057 0.08%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.08%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.08%
NORTHROP GRUMMAN CORP 03.2500 01/15/2028 0.08%
REPUBLIC SERVICES INC 03.9500 05/15/2028 0.08%
TELEFONICA EMISIONES SAU USD 04.8950 03/06/2048 0.08%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.08%
ALIBABA GROUP HOLDING-SP ADR 0.07%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.07%
ARC PROP OPER PART L 04.6000 02/06/2024 0.07%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.07%
BPCE SA P/P 144A 05.1500 07/21/2024 0.07%
BRISTOL-MYERS SQUIBB CO 0.07%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.07%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.07%
CREDIT SUISSE AG P/P 144A 06.5000 08/08/2023 0.07%
CVS HEALTH CORP 04.7500 12/01/2022 0.07%
ECOLAB INC 0.07%
EDISON INTERNATIONAL 0.07%
EMIR 2018-1 M1 03.9169 11/25/2028 0.07%
FNMA FN30 BC1445 03.0000 07/01/2046 0.07%
GNMA GII30 BE2222 03.5000 01/20/2048 0.07%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.07%
JPMCC 2012-C6 D 05.1401 05/15/2045 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.07%
LEAR CORP 03.8000 09/15/2027 0.07%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.07%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.07%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.07%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.07%
W.R. GRACE & CO 0.07%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.07%
WP CAREY INC 04.6000 04/01/2024 0.07%
AIR LEASE CORP 03.6250 04/01/2027 0.06%
ALPHABET INC 01.9980 08/15/2026 0.06%
AMAZON.COM INC 03.1500 08/22/2027 0.06%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.06%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.06%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.06%
BMW US CAPITAL LLC P/P 144A 03.9500 08/14/2028 0.06%
BP CAP MARKETS AMERICA 03.1190 05/04/2026 0.06%
BP CAP MARKETS AMERICA 03.9370 09/21/2028 0.06%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.06%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.06%
CVS HEALTH CORP 04.7800 03/25/2038 0.06%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.06%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.06%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.06%
GNMA GII30 673972 03.0000 08/20/2046 0.06%
GNMA GII30 711724 03.5000 02/20/2043 0.06%
INTL FLAVOR & FRAGRANCES 04.4500 09/26/2028 0.06%
KINDER MORGAN INC 03.1500 01/15/2023 0.06%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.06%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.06%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.06%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.06%
VODAFONE GROUP PLC USD 04.3750 05/30/2028 0.06%
WEYERHAEUSER CO 07.3750 03/15/2032 0.06%
ZOETIS INC 03.9000 08/20/2028 0.06%
AMERICAN ELECTRIC POWER 04.3000 12/01/2028 0.05%
APOLLO GLOBAL MANAGEMENT - A 0.05%
CBRE SERVICES INC 04.8750 03/01/2026 0.05%
CBS CORP 04.6000 01/15/2045 0.05%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.05%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.05%
CIT GROUP INC. 05.2500 03/07/2025 0.05%
COMCAST CORP 03.9990 11/01/2049 0.05%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.05%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.05%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.05%
DOW CHEMICAL CO/THE P/P 144A 04.8000 11/30/2028 0.05%
DUKE ENERGY CAROLINAS 04.2500 12/15/2041 0.05%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.05%
ENERGY TRANSFER OPERATNG 07.6000 02/01/2024 0.05%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.05%
EQUINOR ASA USD 05.1000 08/17/2040 0.05%
FHLMC FH30G G60314 04.0000 09/01/2045 0.05%
FIDELITY NATIONAL INFORM 04.2500 05/15/2028 0.05%
FNMA FN30 AB7936 03.0000 02/01/2043 0.05%
FNMA FN30 AB9369 03.5000 05/01/2043 0.05%
FNMA FN30 AY0773 03.5000 03/01/2045 0.05%
FNMA FN30 CA0341 04.0000 09/01/2047 0.05%
FORTUNE BRANDS HOME & SECURI 0.05%
GNMA GII30 BE2219 03.5000 01/20/2048 0.05%
GNMA GII30 BE2220 03.5000 01/20/2048 0.05%
HMIR 2018-1 M1 04.1063 10/25/2028 0.05%
HOSPITALITY PROP TRUST 04.3750 02/15/2030 0.05%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.05%
L3 TECHNOLOGIES INC 04.4000 06/15/2028 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%
OMEGA HLTHCARE INVES 05.2500 01/15/2026 0.05%
ONCOR ELECTRIC DELI P/P 144A 05.7500 03/15/2029 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%
STACR 2014-HQ2 M2 04.7063 09/25/2024 0.05%
TARGA RESOURCES PART 05.0000 01/15/2028 0.05%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
AIR LEASE CORP 04.6250 10/01/2028 0.04%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.04%
APPLE INC 03.8500 05/04/2043 0.04%
BMIR 2017-1 M1 P/P 144A 04.2063 10/25/2027 0.04%
BMW US CAPITAL LLC P/P 144A 02.8000 04/11/2026 0.04%
BMW US CAPITAL LLC P/P 144A 03.4000 08/13/2021 0.04%
CAPITAL ONE BANK USA NA 03.3750 02/15/2023 0.04%
CBS CORP 02.9000 01/15/2027 0.04%
CELANESE CORP 0.04%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.04%
COMCAST CORP 03.1500 03/01/2026 0.04%
COMM 2012-LC4 C 05.5390 12/10/2044 0.04%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.04%
ENBRIDGE INC USD 04.2500 12/01/2026 0.04%
FHLMC FH30G V80012 03.0000 03/01/2043 0.04%
FIVE CORNERS FUNDING P/P 144A 04.4190 11/15/2023 0.04%
FNMA FN30 AS8056 03.0000 10/01/2046 0.04%
FNMA FN30 AS9415 04.0000 04/01/2047 0.04%
FNMA FN30 AT2746 03.5000 05/01/2043 0.04%
GNMA 10000 BD7925 03.5000 11/20/2047 0.04%
GNMA GII30 AT9856 03.0000 10/20/2046 0.04%
GNMA GII30 BE1441 03.5000 11/20/2047 0.04%
GNMA GII30 BE2221 03.5000 01/20/2048 0.04%
HCA INC 05.0000 03/15/2024 0.04%
HESS CORP 07.3000 08/15/2031 0.04%
HSBC HOLDINGS PLC USD 04.2500 08/18/2025 0.04%
N TX HWY-TXB-B 06.7180 01/01/2049 0.04%
NVR INC 03.9500 09/15/2022 0.04%
OMNICOM GP/OMNICOM CAP 03.6000 04/15/2026 0.04%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
ORACLE CORP 02.6500 07/15/2026 0.04%
RPM INTERNATIONAL INC 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%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.04%
US TREASURY N/B 02.2500 02/29/2020 0.04%
VERIZON COMM 04.3290 09/21/2028 0.04%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.04%
AES CORP/THE 05.1250 09/01/2027 0.03%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.03%
APPLE INC 04.3750 05/13/2045 0.03%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.03%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.03%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.03%
CA TXB-VAR PURP 07.5000 04/01/2034 0.03%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.03%
COMCAST CORP 06.5000 11/15/2035 0.03%
CREDIT AGRICOLE SA P/P 144A 04.0000 01/10/2033 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%
EMERA US FINANCE LP 03.5500 06/15/2026 0.03%
ENERGY TRANSFER OPERATNG 06.5000 02/01/2042 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.03%
FHLMC FH30G Q44903 03.5000 12/01/2046 0.03%
FHLMC FH30G Q44946 03.5000 12/01/2046 0.03%
FHLMC FH30G Q45196 03.5000 12/01/2046 0.03%
FNMA FN30 734836 05.0000 08/01/2033 0.03%
FNMA FN30 995023 05.5000 08/01/2037 0.03%
FNMA FN30 AS8074 03.0000 10/01/2046 0.03%
FNMA FN30 AS9978 04.0000 07/01/2047 0.03%
FNMA FN30 BD8704 03.5000 12/01/2046 0.03%
FNMA FN30 BD9043 04.0000 06/01/2047 0.03%
FNMA FN30 BD9047 04.0000 07/01/2047 0.03%
GNMA GII30 BA8386 03.5000 10/20/2047 0.03%
GNMA GII30 BA8388 03.5000 10/20/2047 0.03%
GNMA GII30 BC0462 03.5000 10/20/2047 0.03%
GNMA GII30 BE1437 03.5000 11/20/2047 0.03%
GNMA GII30 BE1440 03.5000 11/20/2047 0.03%
GNMA GII30 BE5899 03.5000 01/20/2048 0.03%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.03%
GNMA GII30 OBD1716 03.5000 11/20/2047 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%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.03%
JPMCC 2012-C8 D P/P 144A 04.6524 10/15/2045 0.03%
LUKOIL INTL FIN BV P/P 144A 04.5630 04/24/2023 0.03%
MID-AMERICA APARTMENTS 04.3000 10/15/2023 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%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.03%
QVC INC 04.8500 04/01/2024 0.03%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
VMWARE INC 03.9000 08/21/2027 0.03%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.02%
AMGEN INC 02.6000 08/19/2026 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%
AUTONATION INC 04.5000 10/01/2025 0.02%
BANK OF AMERICA CORP 03.5482 09/15/2026 0.02%
BG ENERGY CAP PLC P/P 144A 04.0000 10/15/2021 0.02%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.02%
CAS 2016-C02 1M2 08.5063 09/25/2028 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
CBS CORP 04.0000 01/15/2026 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.02%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 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%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
CVS HEALTH CORP 05.0500 03/25/2048 0.02%
ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 0.02%
FHLMC FH30G G07321 03.5000 04/01/2043 0.02%
FHLMC FH30G Q14035 03.5000 12/01/2042 0.02%
FHLMC FH30G Q45042 03.5000 12/01/2046 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 555591 05.5000 07/01/2033 0.02%
FNMA FN30 995018 05.5000 06/01/2038 0.02%
FNMA FN30 AA0839 05.0000 01/01/2039 0.02%
FNMA FN30 AS4073 04.0000 12/01/2044 0.02%
FNMA FN30 AS7561 04.0000 06/01/2046 0.02%
FNMA FN30 AS8974 04.0000 03/01/2047 0.02%
FNMA FN30 AX5534 04.0000 06/01/2046 0.02%
FNMA FN30 BC7330 03.5000 12/01/2046 0.02%
FNMA FN30 BD9031 04.0000 03/01/2047 0.02%
FNMA FN30 BD9038 04.0000 05/01/2047 0.02%
FNMA FN30 BD9052 04.0000 08/01/2047 0.02%
FNMA FN30 BE4222 03.5000 12/01/2046 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 10000 BD7924 03.5000 11/20/2047 0.02%
GNMA GII30 AW5280 03.0000 10/20/2046 0.02%
GNMA GII30 BA8385 03.5000 10/20/2047 0.02%
GNMA GII30 BB3013 03.5000 11/20/2047 0.02%
GNMA GII30 BB3019 03.5000 11/20/2047 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%
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%
HSBC BANK USA NA 05.6250 08/15/2035 0.02%
IBERDROLA INTL BV USD 06.7500 07/15/2036 0.02%
JPMORGAN CHASE & CO 06.1000 02/01/2049 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
LLOYDS BANKING GROUP PLC USD 04.3440 01/09/2048 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
P G & E CORP 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%
SERVICE CORP INTL 04.6250 12/15/2027 0.02%
UNITED AIR 2014-2 A PTT 03.7500 09/03/2026 0.02%
WESTROCK MWV LLC 07.9500 02/15/2031 0.02%
WILLIAMS COMPANIES INC 03.6000 03/15/2022 0.02%
ABBVIE INC 03.6000 05/14/2025 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%
CROWN CASTLE INTL CORP 03.1500 07/15/2023 0.01%
FHLMC FH30G Q44706 03.5000 12/01/2046 0.01%
FIRSTENERGY CORP 03.9000 07/15/2027 0.01%
FIRSTENERGY CORP 04.8500 07/15/2047 0.01%
FNMA FN30 889982 05.5000 11/01/2038 0.01%
GENERAL MOTORS FINL CO 04.0000 01/15/2025 0.01%
GNMA GII30 AT8064 03.0000 08/20/2046 0.01%
GNMA GII30 BC0459 03.5000 10/20/2047 0.01%
GNMA GII30 BD3297 03.5000 11/20/2047 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 AZ3486 03.5000 11/15/2047 0.01%
GNMA GN30 AZ3487 03.5000 11/15/2047 0.01%
HCA INC 05.2500 06/15/2026 0.01%
HSBC USA INC 03.5000 06/23/2024 0.01%
OMEGA HLTHCARE INVES 04.5000 04/01/2027 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%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.01%
QUEST DIAGNOSTICS INC 04.7500 01/30/2020 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
US TREASURY N/B 01.6250 10/31/2023 0.01%
WARNER MEDIA LLC 02.9500 07/15/2026 0.01%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
21ST CENTURY FOX AMERICA 04.7500 09/15/2044 0.00%
CAD/USD 01/16/2019 BANKAM 0.00%
CAD/USD 01/16/2019 BCAP-FX 0.00%
CAD/USD 01/16/2019 GSFX 0.00%
CAD/USD 01/16/2019 JPMCB 0.00%
CAD/USD 01/16/2019 WPAC 0.00%
CAS 2016-C05 2M1 03.8563 01/25/2029 0.00%
CITIGROUP INC 03.6680 07/24/2028 0.00%
CNH/USD 02/20/2019 GSFX 0.00%
EUR/USD 03/20/2019 CITI 0.00%
FHLMC FH30G G01793 06.0000 03/01/2035 0.00%
FNR 2001-79 BI IO 00.2842 03/25/2045 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
GBP/USD 03/20/2019 BCAP-FX 0.00%
GBP/USD 03/20/2019 CITI 0.00%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.00%
KRW/USD 02/20/2019 JPMCB 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%
GBP/USD 03/20/2019 BANKAM -0.01%
GBP/USD 03/20/2019 GSFX -0.01%

Prior top 10 holdings

Top 10 holdings as of 01/31/19
Microsoft
Amazon
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 01.5000 05/31/2020
Apple
Bank of America
Us Treasury N/B 02.0000 11/30/2020
Coca-Cola
Facebook
Holdings represent 17.20% of portfolio
Top 10 holdings as of 12/31/18
Microsoft
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 02.0000 11/30/2020
Alphabet
Amazon
Us Treasury N/B 01.5000 05/31/2020
Apple
Bank of America
Coca-Cola
Visa
Holdings represent 18.12% of portfolio
Top 10 holdings as of 11/30/18
Microsoft
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 02.0000 11/30/2020
Amazon
Us Treasury N/B 01.5000 05/31/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Bank of America
Us Treasury N/B 02.7500 08/15/2042
Holdings represent 18.01% of portfolio
Top 10 holdings as of 10/31/18
Microsoft
Us Treasury N/B 02.0000 11/30/2020
Apple
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Us Treasury N/B 01.1250 12/31/2019
Amazon
Us Treasury N/B 01.5000 05/31/2020
Bank of America
Us Treasury N/B 02.7500 08/15/2042
Holdings represent 18.68% of portfolio

Portfolio composition as of 01/31/19

Common stock 64.91%
Corporate bonds and notes 14.66%
Agency pass-through 9.84%
Treasury 7.81%
Cash and net other assets 1.57%
Commercial MBS 0.75%
Agency CMO 0.31%
Municipal bonds 0.10%
Emerging-market bonds 0.05%

Fixed income statistics as of 01/31/19

Average effective maturity 8.46 yrs.
Average effective duration 5.59 yrs.

Maturity detail as of 01/31/19

0 - 1 yr. 2.51%
1 - 5 yrs. 31.65%
5 - 10 yrs. 48.86%
10 - 15 yrs. 3.10%
Over 15 yrs. 13.88%

Quality rating as of 01/31/19

AAA 48.05%
AA 7.81%
A 14.25%
BBB 25.39%
BB 1.97%
CCC and Below 0.04%
Not Rated 2.49%

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, changing market perceptions (including perceptions, in the case of bonds, about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also 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 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 01/31/19

Information technology 16.29%
Health care 14.26%
Financials 13.63%
Consumer discretionary 11.33%
Communication services 11.18%
Industrials 9.63%
Consumer staples 7.98%
Energy 5.23%
Materials 4.03%
 
Other
6.44%
Utilities 3.94%
Cash and net other assets 1.57%
Real estate 0.93%

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

Investment Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% 0.00% 0.00% 3.50% -- -- -- --
$50,000-$99,999 4.50% 0.00% 0.00% 2.50% -- -- -- --
$100,000-$249,999 3.50% -- 0.00% 1.50% -- -- -- --
$250,000-$499,999 2.50% -- 0.00% 1.00% -- -- -- --
$500,000-$999,999 2.00% -- 0.00% 1.00% -- -- -- --
$1M-$4M 0.00% -- -- -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- -- -- --
$50M+ 0.00% -- -- -- -- -- -- --

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% -- -- -- -- --

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, changing market perceptions (including perceptions, in the case of bonds, about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also 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 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.