George Putnam Balanced Fund  (PGEOX)

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.

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 $20.18
0.10% | $0.02
$20.88
01/26/18
$18.24
03/21/17
Historical fund price

Fund facts as of 01/31/18

Total net assets
$1,267.05M
Turnover (fiscal year end)
204%
Dividend frequency (view rate)
Quarterly
Number of holdings
573
Fiscal year-end
July
CUSIP / Fund code
37252M108 / 0002
Inception date
11/05/37
Category
Asset Allocation
Open to new investors
Ticker
PGEOX

Management team

Chief Investment Officer, Equities
Co-Head of Fixed Income


Literature


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)


9.09%

Average 5-year annualized return


  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 15.02% 7.08% 9.82% 4.40%
After sales charge 8.41% 4.98% 8.52% 3.79%
S&P 500 Index 21.83% 11.41% 15.79% 8.50%
Bloomberg Barclays U.S. Aggregate Bond Index 3.54% 2.24% 2.10% 4.01%

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 01/31/18 3.20 % -2.74 %
YTD as of 02/16/18 0.85 % -4.95 %

Yield

Distribution rate before sales charge
as of 02/16/18
1.17%
Distribution rate after sales charge
as of 02/16/18
1.10%
30-day SEC yield as of 01/31/18
(after sales charge)
0.94%

Risk-adjusted performance as of 01/31/18

Alpha (3 yrs.) -1.22
Sharpe ratio (3 yrs.) 1.21
Treynor ratio (3 yrs.) 12.44
Information ratio (3 yrs.) -1.64

Volatility as of 01/31/18

Standard deviation (3 yrs.) 6.81%
Beta 0.66
R-squared 0.95

Capture ratio as of 01/31/18

Up-market (3 yrs.) 65.63
Down-market (3 yrs.) 75.97

Lipper rankings as of 01/31/18

BALANCED FUNDS Percentile ranking Rank/Funds in category
1 yr. 36% 209/585
3 yrs. 20% 109/548
5 yrs. 18% 90/517
10 yrs. 83% 361/437

Morningstar ratings as of 01/31/18

Allocation--50% to 70% Equity Rating Funds in category
Overall (681)
3 yrs. (681)
5 yrs. (633)
10 yrs. (441)

Distributions

Record/Ex dividend date 11/28/17
Payable date 11/30/17
Income $0.059
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.


Holdings

Top 10 holdings as of 01/31/18

Us Treasury N/B 01.1250 12/31/2019 2.35%
Us Treasury N/B 02.0000 11/30/2020 2.34%
Microsoft 2.13%
Apple 2.01%
Alphabet 1.94%
Us Treasury N/B 01.0000 08/31/2019 1.79%
Amazon 1.73%
Fnma Fn30 Tba 04.5000 02/01/2048 1.58%
Bank Of America 1.53%
Facebook 1.18%
Top 10 holdings, percent of portfolio 18.58%

Full portfolio holdings as of 12/31/17

US TREASURY N/B 01.1250 12/31/2019 2.42%
US TREASURY N/B 02.0000 11/30/2020 2.41%
APPLE INC 2.08%
MICROSOFT CORP 1.96%
US TREASURY N/B 01.0000 08/31/2019 1.84%
ALPHABET INC-CL A 1.82%
FNMA FN30 TBA 04.5000 02/01/2048 1.63%
BANK OF AMERICA CORP 1.48%
AMAZON.COM INC 1.47%
FACEBOOK INC-A 1.18%
CITIGROUP INC 1.13%
UNITEDHEALTH GROUP INC 1.13%
HOME DEPOT INC 1.12%
US TREASURY N/B 01.6250 07/31/2019 0.78%
US TREASURY N/B 02.7500 08/15/2042 0.78%
BROADCOM LTD 0.74%
PEPSICO INC 0.74%
JOHNSON & JOHNSON 0.72%
JPMORGAN CHASE & CO 0.72%
US TREASURY N/B 02.1250 12/31/2022 0.71%
DOWDUPONT INC 0.70%
VISA INC-CLASS A SHARES 0.70%
BOEING CO/THE 0.69%
NXP SEMICONDUCTORS NV 0.69%
EXXON MOBIL CORP 0.68%
AMGEN INC 0.66%
CHUBB LTD 0.66%
KRAFT HEINZ CO/THE 0.65%
GOLDMAN SACHS GROUP INC 0.64%
BECTON DICKINSON AND CO 0.63%
E*TRADE FINANCIAL CORPORATION 0.62%
US TREASURY N/B 01.1250 03/31/2020 0.62%
CATERPILLAR INC 0.61%
DANAHER CORP 0.59%
TEXAS INSTRUMENTS INC 0.59%
FNMA FN30 TBA 03.5000 02/01/2048 0.58%
HONEYWELL INTERNATIONAL INC 0.58%
GNMA GII30 TBA 03.0000 01/01/2048 0.57%
PRUDENTIAL PLC 0.56%
AT&T INC 0.54%
QORVO INC 0.53%
RAYTHEON COMPANY 0.53%
BLACKROCK INC 0.52%
NCSOFT CORP 0.52%
US TREASURY N/B 01.8750 11/30/2021 0.52%
VERTEX PHARMACEUTICALS INC 0.51%
AMERICAN INTERNATIONAL GROUP 0.49%
CHARTER COMMUNICATIONS INC-A 0.49%
FNMA FN30 TBA 03.0000 01/01/2048 0.49%
JAZZ PHARMACEUTICALS PLC 0.49%
PRICELINE GROUP INC/THE 0.49%
SHERWIN-WILLIAMS CO/THE 0.49%
AMERICAN TOWER CORP 0.48%
FHLMC FH30G G60861 03.5000 01/01/2047 0.48%
US TREASURY N/B 02.0000 02/15/2022 0.48%
BIOGEN INC 0.47%
MCCORMICK & CO-NON VTG SHRS 0.47%
REALPAGE INC 0.47%
GILEAD SCIENCES INC 0.46%
PHILIP MORRIS INTERNATIONAL 0.46%
COMCAST CORP-CLASS A 0.44%
NORFOLK SOUTHERN CORP 0.44%
NORTHROP GRUMMAN CORP 0.44%
SUNTRUST BANKS INC 0.44%
US TREASURY N/B 03.0000 02/15/2047 0.44%
KKR & CO LP 0.43%
APPLIED MATERIALS INC 0.42%
COSTCO WHOLESALE CORP 0.42%
DENTSPLY SIRONA INC 0.42%
DXC TECHNOLOGY CO 0.42%
INTL BK RECON & DEVELOP 07.6250 01/19/2023 0.41%
BOSTON SCIENTIFIC CORP 0.40%
CONOCOPHILLIPS 0.40%
KROGER CO 0.40%
ROPER TECHNOLOGIES INC 0.40%
ADOBE SYSTEMS INC 0.39%
DOVER CORP 0.38%
FORTIVE CORP 0.38%
ASSURED GUARANTY LTD 0.37%
MASTERCARD INC - A 0.37%
HILTON WORLDWIDE HOLDINGS IN 0.36%
MOLSON COORS BREWING CO -B 0.36%
ALIBABA GROUP HOLDING-SP ADR 0.35%
TOTAL SA 0.35%
TJX COMPANIES INC 0.34%
FNCL 4 STIP 04.0000 07/01/2047 0.33%
PINNACLE FOODS INC 0.33%
WYNN RESORTS LTD 0.33%
CONSTELLATION BRANDS INC-A 0.32%
FHLMC FH30G G07084 04.0000 07/01/2042 0.32%
FORTUNE BRANDS HOME & SECURI 0.32%
INVESCO LTD 0.32%
PIONEER NAT RES CO 0.32%
TENCENT HOLDINGS LTD 0.32%
AMERICAN ELECTRIC POWER 0.31%
INTERCONTINENTAL EXCHANGE IN 0.31%
L3 TECHNOLOGIES INC 0.31%
ROCKWELL AUTOMATION INC 0.31%
WAL-MART STORES INC 0.31%
ABBVIE INC 0.30%
NEXTERA ENERGY INC 0.30%
W.R. GRACE & CO 0.30%
ACTIVISION BLIZZARD INC 0.29%
KION GROUP AG 0.29%
CVS HEALTH CORP 0.28%
KOMATSU LTD 0.28%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.28%
ALCOA CORP 0.27%
CHURCH & DWIGHT CO INC 0.27%
EXPEDIA INC 0.27%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.27%
KIMBERLY-CLARK CORP 0.27%
MONDELEZ INTERNATIONAL INC-A 0.27%
ORACLE CORP 0.27%
SUNCOR ENERGY INC 0.27%
CF INDUSTRIES HOLDINGS INC 0.26%
EXELON CORP 0.26%
PFIZER INC 0.26%
BAXTER INTERNATIONAL INC 0.25%
FNMA FN30 TBA 04.0000 02/01/2048 0.25%
MICRO FOCUS INTL-SPN ADR 0.25%
YUM CHINA HOLDINGS INC 0.25%
CHIPOTLE MEXICAN GRILL INC 0.24%
FNMA FN30 AS8684 03.5000 01/01/2047 0.24%
INTUITIVE SURGICAL INC 0.24%
KINDER MORGAN INC 0.24%
MERCK & CO. INC. 0.24%
O'REILLY AUTOMOTIVE INC 0.24%
WASTE CONNECTIONS INC 0.24%
INVESTMENT TECHNOLOGY GROUP 0.23%
NIKE INC -CL B 0.23%
UBS AG REGS 05.1250 05/15/2024 0.23%
EOG RESOURCES INC 0.22%
FIDELITY NATIONAL INFO SERV 0.22%
GAMING AND LEISURE PROPERTIE 0.22%
PAYPAL HOLDINGS INC 0.22%
LIVE NATION ENTERTAINMENT IN 0.21%
AGILENT TECHNOLOGIES INC 0.20%
COMM 2014-CR18 C 04.7347 07/15/2047 0.20%
FNMA FN30 AL8994 04.0000 09/01/2045 0.20%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.20%
RESTAURANT BRANDS INTERN 0.19%
VERIZON COMMUNICATIONS INC 0.19%
ANADARKO PETROLEUM CORP 0.18%
DOMINION ENERGY INC 0.18%
HANESBRANDS INC 0.18%
ILUKA RESOURCES LTD 0.18%
ORBOTECH LTD 0.18%
SALESFORCE.COM INC 0.18%
SOUTHERN CO/THE 0.18%
ALBEMARLE CORP 0.17%
AMEREN CORPORATION 0.17%
BRISTOL-MYERS SQUIBB CO 0.17%
CENOVUS ENERGY INC 0.17%
FNMA FN30 BH7626 04.0000 08/01/2047 0.17%
FNMA FN30 BH8526 04.0000 12/01/2047 0.17%
FNMA FN30 BJ1309 04.0000 10/01/2047 0.17%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.17%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.17%
ENERGY TRANSFER PARTNERS 06.6250 12/31/2049 0.16%
ENI SPA 0.16%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.16%
FHLMC FH30G Q45743 03.5000 01/01/2047 0.16%
FNMA FN30 AS4991 03.5000 05/01/2045 0.16%
GNMA GII30 MA4586 03.5000 07/20/2047 0.16%
ROCKWELL COLLINS INC 04.3500 04/15/2047 0.16%
CITIGROUP INC 04.4500 09/29/2027 0.15%
CREDIT SUISSE GRP AG P/P 144A 04.2820 01/09/2028 0.15%
EVERBRIDGE INC 0.15%
FN BF0091 0.15%
FNMA FN30 BC1155 03.0000 06/01/2046 0.15%
FNMA FN30 BM1172 03.0000 03/01/2047 0.15%
GODADDY INC - CLASS A 0.15%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.15%
LIMITED BRANDS INC 0.15%
WEC ENERGY GROUP INC 03.5284 05/15/2067 0.15%
WESTROCK MWV LLC 08.2000 01/15/2030 0.15%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.14%
MSC 2012-C4 D P/P 144A 05.4205 03/15/2045 0.14%
NOBLE ENERGY INC 0.14%
WALT DISNEY CO/THE 0.14%
AT&T INC 04.2500 03/01/2027 0.13%
CITIGROUP INC 04.7500 05/18/2046 0.13%
SEVEN GENERATIONS ENERGY - A 0.13%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.12%
DISH NETWORK CORP-A 0.12%
ECOLAB INC P/P 144A 03.2500 12/01/2027 0.12%
INSTRUCTURE INC 0.12%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.12%
21ST CENTURY FOX AMERICA 07.7500 01/20/2024 0.11%
AMERICAN WATER WORKS CO INC 0.11%
BRDCOM CRP / FIN P/P 144A 03.8750 01/15/2027 0.11%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 0.11%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.11%
DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 0.11%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.11%
FNMA FN30 AU1625 03.5000 07/01/2043 0.11%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.11%
NRG ENERGY INC 0.11%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.11%
SANTANDER ISSUANCES USD 05.1790 11/19/2025 0.11%
TOTAL SYSTEM SERVICES INC 0.11%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.11%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.10%
BECTON DICKINSON AND CO 04.6690 06/06/2047 0.10%
ENCANA CORP 0.10%
EQT CORP 0.10%
FNMA FN30 AL6919 05.5000 01/01/2038 0.10%
GEORGIA-PACIFIC LLC 07.7500 11/15/2029 0.10%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 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%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
AMAZON.COM INC P/P 144A 04.0500 08/22/2047 0.09%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.09%
AON PLC USD 04.2500 12/12/2042 0.09%
BPCE SA P/P 144A 04.5000 03/15/2025 0.09%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.09%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.09%
COMM 2012-CR1 AM 03.9120 05/15/2045 0.09%
GENERAL ELECTRIC CO 05.0000 12/29/2049 0.09%
HSBC HOLDINGS PLC USD 06.5000 05/02/2036 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
MARATHON OIL CORP 0.09%
NEWELL BRANDS INC 04.2000 04/01/2026 0.09%
REALTY INCOME CORP 04.6500 08/01/2023 0.09%
SELECT ENERGY SERVICES INC-A 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%
WILLIAMS PARTNERS LP 04.3000 03/04/2024 0.09%
AIR LEASE CORP 03.6250 04/01/2027 0.08%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.08%
CBS CORP 04.6000 01/15/2045 0.08%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 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 FN30 TBA 03.5000 01/01/2048 0.08%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.08%
GNMA GII30 TBA 03.5000 01/01/2048 0.08%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.08%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.08%
MCKESSON CORP 0.08%
STEEL DYNAMICS INC P/P 144A 04.1250 09/15/2025 0.08%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.08%
AMAZON.COM INC P/P 144A 03.1500 08/22/2027 0.07%
AUTONATION INC. 05.5000 02/01/2020 0.07%
BPCE SA P/P 144A 05.1500 07/21/2024 0.07%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.07%
COMM 2013-CR13 AM 04.4490 11/12/2046 0.07%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.07%
CREDIT SUISSE AG P/P 144A 06.5000 08/08/2023 0.07%
EDISON INTERNATIONAL 0.07%
FNMA FN30 BC1445 03.0000 07/01/2046 0.07%
FORD MOTOR COMPANY 04.3460 12/08/2026 0.07%
KRAFT HEINZ FOODS CO 06.8750 01/26/2039 0.07%
MICROSOFT CORP 02.4000 08/08/2026 0.07%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.07%
ORACLE CORP 02.6500 07/15/2026 0.07%
RABOBANK NEDERLAND P/P 144A 11.0000 12/29/2049 0.07%
SOGOU INC-ADR 0.07%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.07%
TOSCO CORP 08.1250 02/15/2030 0.07%
WP CAREY INC 04.6000 04/01/2024 0.07%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
ARC PROP OPER PART L 04.6000 02/06/2024 0.06%
AXALTA COATING SYSTEMS LTD 0.06%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.06%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 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. USD 04.2500 04/15/2027 0.06%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.06%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.06%
CROWN CASTLE TOWERS P/P 144A 04.8830 08/15/2020 0.06%
CVS HEALTH CORP 04.7500 12/01/2022 0.06%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.06%
DELIVERY HERO AG 0.06%
EASTMAN CHEMICAL CO 03.8000 03/15/2025 0.06%
EXPRESS SCRIPTS HOLDING CO 0.06%
GNMA GII30 673972 03.0000 08/20/2046 0.06%
GNMA GII30 711724 03.5000 02/20/2043 0.06%
JPMBB 2013-C14 C 04.5688 08/15/2046 0.06%
JPMCC 2012-C6 D 05.1358 05/15/2045 0.06%
LEAR CORP 03.8000 09/15/2027 0.06%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
P G & E CORP 0.06%
PHILLIPS 66 PARTNERS LP 03.7500 03/01/2028 0.06%
S&P GLOBAL INC 04.4000 02/15/2026 0.06%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.06%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.06%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.06%
WEYERHAEUSER CO 07.3750 03/15/2032 0.06%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.06%
AMERICAN EXPRESS COMPANY 07.0000 03/19/2018 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%
BP CAPITAL MARKETS PLC USD 03.1190 05/04/2026 0.05%
BURLINGTN NORTH SANTA FE 05.4000 06/01/2041 0.05%
CBS CORP 02.9000 01/15/2027 0.05%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.05%
COMCAST CORP 03.1500 03/01/2026 0.05%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.05%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.05%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.05%
ENBRIDGE INC USD 04.2500 12/01/2026 0.05%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.05%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.05%
FHLMC FH30G G60314 04.0000 09/01/2045 0.05%
FHLMC FH30G V80012 03.0000 03/01/2043 0.05%
FNMA FN30 AB7936 03.0000 02/01/2043 0.05%
FNMA FN30 AB9369 03.5000 05/01/2043 0.05%
FNMA FN30 AT2746 03.5000 05/01/2043 0.05%
FNMA FN30 AY0773 03.5000 03/01/2045 0.05%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.05%
HEALTHCARE REALTY TRUST INC 03.8750 05/01/2025 0.05%
KINDER MORGAN INC 03.1500 01/15/2023 0.05%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.05%
KRAFT HEINZ FOODS CO 04.3750 06/01/2046 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%
MITSUBISHI UFJ FIN GRP USD 03.8500 03/01/2026 0.05%
ORACLE CORP 03.2500 11/15/2027 0.05%
PUGET SOUND ENERGY INC 04.0106 06/01/2067 0.05%
STATOIL ASA USD 05.1000 08/17/2040 0.05%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.05%
TARGA RESOURCES PART P/P 144A 05.0000 01/15/2028 0.05%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.05%
VERIZON COMMUNICATIONS 04.1250 03/16/2027 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
WILLIAMS COS INC 0.05%
AES CORP/VA 05.1250 09/01/2027 0.04%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.04%
ANHEUSER-BUSCH INBEV FIN 03.6500 02/01/2026 0.04%
APPLE INC 03.8500 05/04/2043 0.04%
BACARDI LTD P/P 144A 04.5000 01/15/2021 0.04%
BMIR 2017-1 M1 P/P 144A 03.2521 10/25/2027 0.04%
BRASKEM SA-SPON ADR 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%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.04%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.04%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.04%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.04%
COMCAST CORP 03.9990 11/01/2049 0.04%
COMM 2012-LC4 C 05.6049 12/10/2044 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%
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%
HCA INC 05.0000 03/15/2024 0.04%
HESS CORP 07.3000 08/15/2031 0.04%
HSBC BANK USA NA 07.0000 01/15/2039 0.04%
HSBC HOLDINGS PLC USD 04.2500 08/18/2025 0.04%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.04%
LIBERTY MUTUAL INSUR P/P 144A 07.6970 10/15/2097 0.04%
MOODY'S CORPORATION P/P 144A 03.2500 01/15/2028 0.04%
N TX HWY-TXB-B 06.7180 01/01/2049 0.04%
NORFOLK SOUTHERN COR P/P 144A 04.0500 08/15/2052 0.04%
NVR INC 03.9500 09/15/2022 0.04%
O'REILLY AUTOMOTIVE INC 03.5500 03/15/2026 0.04%
OMEGA HLTHCARE INVES 05.2500 01/15/2026 0.04%
OMNICOM GROUP INC 03.6000 04/15/2026 0.04%
ONCOR ELECTRIC DELIVERY CO 07.0000 09/01/2022 0.04%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.04%
ROCHE HOLDINGS INC P/P 144A 04.0000 11/28/2044 0.04%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.04%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.04%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.04%
SUMITOMO MITSUI P/P 144A 04.4360 04/02/2024 0.04%
TELEFONICA EMISIONES SAU USD 07.0450 06/20/2036 0.04%
VALERO ENERGY PARTNERS 04.3750 12/15/2026 0.04%
VMWARE INC 03.9000 08/21/2027 0.04%
WYNDHAM WORLDWIDE CORP 04.5000 04/01/2027 0.04%
AMERICAN EXPRESS CO 04.9000 12/29/2049 0.03%
AMERICAN TOWER CORP 04.0000 06/01/2025 0.03%
AMGEN INC 02.6000 08/19/2026 0.03%
APPLE INC 04.3750 05/13/2045 0.03%
AUTONATION INC 04.5000 10/01/2025 0.03%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.03%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.03%
BARCLAYS BANK PLC P/P 144A 10.1790 06/12/2021 0.03%
BEAR STEARNS COS LLC 07.2500 02/01/2018 0.03%
CA TXB-VAR PURP 3 07.5000 04/01/2034 0.03%
CALYXT INC 0.03%
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%
ENERGY TRANSFER LP 06.5000 02/01/2042 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.03%
FHLMC FH30G G07321 03.5000 04/01/2043 0.03%
FHLMC FH30G Q14035 03.5000 12/01/2042 0.03%
FHLMC FH30G Q44903 03.5000 12/01/2046 0.03%
FHLMC FH30G Q44946 03.5000 12/01/2046 0.03%
FNMA FN30 734836 05.0000 08/01/2033 0.03%
FNMA FN30 995023 05.5000 08/01/2037 0.03%
FNMA FN30 BD8704 03.5000 12/01/2046 0.03%
GNMA 10000 BD7924 03.5000 11/20/2047 0.03%
GNMA GII30 AW5280 03.0000 10/20/2046 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 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%
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%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.03%
IPALCO ENTPRS IN P/P 144A 03.7000 09/01/2024 0.03%
JPMCC 2012-C8 D P/P 144A 04.6540 10/15/2045 0.03%
KRAFT HEINZ FOODS CO 06.5000 02/09/2040 0.03%
LLOYDS BANKING GROUP USD 05.3000 12/01/2045 0.03%
LUKOIL INTL FIN BV P/P 144A 04.5630 04/24/2023 0.03%
MEDTRONIC INC 04.3750 03/15/2035 0.03%
MYLAN NV 0.03%
NORTHROP GRUMMAN SYSTEMS 07.8750 03/01/2026 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
OPORTUN FIN CORP P/P 0.03%
OPORTUN FIN G-1 PFD CV P/P 0.03%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.03%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.03%
QVC INC 04.8500 04/01/2024 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
TRONOX LTD-CL A 0.03%
UNITEDHEALTH GROUP INC 04.6250 11/15/2041 0.03%
WFRBS 2014-C19 C 04.6460 03/15/2047 0.03%
WILLIAMS PARTNERS L.P. 04.8750 03/15/2024 0.03%
21ST CENTURY FOX AMERICA 07.8500 03/01/2039 0.02%
ABBVIE INC 03.6000 05/14/2025 0.02%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.02%
AMERICA MOVIL SAB DE USD 06.1250 03/30/2040 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
APPLE INC 03.4500 05/06/2024 0.02%
AUST & NZ BANKING GR P/P 144A 06.7500 12/29/2049 0.02%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.02%
BANK OF AMERICA CORP 02.3485 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%
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%
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%
DEVON ENERGY CORPORATION 03.2500 05/15/2022 0.02%
ENERGY TRANSFER LP 05.2000 02/01/2022 0.02%
EXPEDIA INC 05.0000 02/15/2026 0.02%
FHLMC FH30G Q44706 03.5000 12/01/2046 0.02%
FHLMC FH30G Q45042 03.5000 12/01/2046 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 555591 05.5000 07/01/2033 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 BC7330 03.5000 12/01/2046 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 AT8064 03.0000 08/20/2046 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%
HCA INC 05.2500 06/15/2026 0.02%
HCA INC 05.5000 06/15/2047 0.02%
HILTON DOMESTIC OPERATIN 04.2500 09/01/2024 0.02%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.02%
HYATT HOTELS CORP 03.3750 07/15/2023 0.02%
IBERDROLA INTL BV USD 06.7500 07/15/2036 0.02%
JPMORGAN CHASE & CO 05.1500 12/29/2049 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
MID-AMERICA APARTMENTS 04.3000 10/15/2023 0.02%
O'REILLY AUTOMOTIVE INC 03.8500 06/15/2023 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.02%
ROYAL BK SCOTLND GRP PLC USD 03.8750 09/12/2023 0.02%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.02%
SABMILLER HLDG INC 04.9500 01/15/2042 0.02%
SELECT INCOME REIT 02.8500 02/01/2018 0.02%
SELECT INCOME REIT 03.6000 02/01/2020 0.02%
SERVICE CORP INTL 04.6250 12/15/2027 0.02%
UNITED AIR 2014-2 A PTT 03.7500 09/03/2026 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%
FIRSTENERGY CORP 03.9000 07/15/2027 0.01%
FIRSTENERGY CORP 04.8500 07/15/2047 0.01%
GE 20180615 C 22.00CSI 0.01%
GNMA GII30 BC0459 03.5000 10/20/2047 0.01%
GNMA GII30 BD3297 03.5000 11/20/2047 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%
HOST HOTELS & RESORTS 05.2500 03/15/2022 0.01%
HSBC USA INC 03.5000 06/23/2024 0.01%
JABIL INC 08.2500 03/15/2018 0.01%
LBCMT 1999-C1 G P/P 144A 06.4100 06/15/2031 0.01%
LIBERTY PROPERTY LP 03.3750 06/15/2023 0.01%
OMEGA HLTHCARE INVES 04.5000 04/01/2027 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
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%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
TIME WARNER INC 02.9500 07/15/2026 0.01%
UNITED TECHNOLOGIES CORP 05.7000 04/15/2040 0.01%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
AUD/USD 01/17/2018 UBS 0.00%
CAD/USD 01/17/2018 BANKAM 0.00%
CAD/USD 01/17/2018 BCAP-FX 0.00%
CAD/USD 01/17/2018 GSFX 0.00%
CAD/USD 01/17/2018 JPMCB 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CAS 2016-C05 2M1 02.9021 01/25/2029 0.00%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.00%
EUR/USD 03/21/2018 CITI 0.00%
EUR/USD 03/21/2018 GSFX 0.00%
EUR/USD 03/21/2018 UBS 0.00%
FHLMC FH30G G01793 06.0000 03/01/2035 0.00%
FNR 2001-79 BI IO 00.2928 03/25/2045 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
GBP/USD 03/21/2018 BANKAM 0.00%
GBP/USD 03/21/2018 CITI 0.00%
GE 20180615 C 24.00CSI 0.00%
ILS/USD 01/17/2018 SSBT 0.00%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.00%
JPY/USD 02/22/2018 CITI 0.00%
JPY/USD 02/22/2018 GSFX 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
POUND STERLING CALL ACCOUNT 0.00%
STACR 2016-HQA2 M1 02.7521 11/25/2028 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Us Treasury N/B 01.1250 12/31/2019
Us Treasury N/B 02.0000 11/30/2020
Microsoft
Apple
Alphabet
Us Treasury N/B 01.0000 08/31/2019
Amazon
Fnma Fn30 Tba 04.5000 02/01/2048
Bank Of America
Facebook
Holdings represent 18.58% of portfolio
Top 10 holdings as of 12/31/17
Us Treasury N/B 01.1250 12/31/2019
Us Treasury N/B 02.0000 11/30/2020
Apple
Microsoft
Us Treasury N/B 01.0000 08/31/2019
Alphabet
Fnma Fn30 Tba 04.5000 02/01/2048
Bank Of America
Amazon
Facebook
Holdings represent 18.29% of portfolio
Top 10 holdings as of 11/30/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Microsoft
Us Treasury N/B 01.0000 08/31/2019
Alphabet
Fnma Fn30 Tba 04.5000 01/01/2048
Amazon
Us Treasury N/B 02.1250 12/31/2022
Bank of America
Holdings represent 19.42% of portfolio
Top 10 holdings as of 10/31/17
Us Treasury N/B 02.0000 11/30/2020
Us Treasury N/B 01.1250 12/31/2019
Apple
Microsoft
Alphabet
Us Treasury N/B 01.0000 08/31/2019
Fnma Fn30 Tba 04.5000 11/01/2047
Us Treasury N/B 02.1250 12/31/2022
Amazon
Us Treasury N/B 02.7500 08/15/2042
Holdings represent 20.08% of portfolio

Portfolio composition as of 01/31/18

Common stock 62.11%
Corporate bonds and notes 14.34%
Treasury 10.81%
Agency pass-through 8.21%
Cash and net other assets 3.06%
Commercial MBS 0.78%
Agency 0.39%
Emerging-market bonds 0.16%
Municipal bonds 0.09%
Agency CMO 0.05%

Fixed income statistics as of 01/31/18

Average effective maturity 8.91 yrs.
Average effective duration 6.09 yrs.

Maturity detail as of 01/31/18

0 - 1 yr. 2.83%
1 - 5 yrs. 32.69%
5 - 10 yrs. 45.89%
10 - 15 yrs. 2.96%
Over 15 yrs. 15.63%

Quality rating as of 01/31/18

AAA 55.14%
AA 2.28%
A 13.37%
BBB 24.51%
BB 2.15%
CCC and Below 0.03%
Not Rated 2.52%

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 01/31/18

Information technology 24.85%
Financials 14.50%
Health care 13.25%
Consumer discretionary 11.67%
Industrials 9.89%
Consumer staples 8.24%
Energy 6.01%
Materials 3.73%
Cash and net other assets 3.06%
 
Other
4.80%
Utilities 2.37%
Telecommunication services 1.37%
Real estate 1.06%

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

Sectors will vary over time.

Represents the equity portion of the portfolio.


Expenses

Expense ratio

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

Sales charge

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. 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% -- -- -- -- --

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.