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George Putnam Balanced Fund (Class Y)  (PGEYX)

A prudent balance of stocks and bonds since 1937

George Putnam Balanced Fund received an  Overall Morningstar Rating  of  

Highlights

A prudent balance of stocks and bonds since 1937

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 $20.32
-0.54% | $-0.11
$21.10
09/21/18
$17.23
12/24/18
Historical fund price

Fund facts as of 04/30/19

Total net assets
$1,276.57M
Turnover (fiscal year end)
179%
Dividend frequency (view rate)
Quarterly
Number of holdings
560
Fiscal year-end
July
CUSIP / Fund code
37252M603 / 1802
Inception date
03/31/94
Category
Asset Allocation
Open to new investors
Ticker
PGEYX

Management team

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



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)


-6.01%

Worst 5-year annualized return

(for period ending 03/31/09)


9.15%

Average 5-year annualized return


  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

Annualized Total return (%) as of 03/31/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 7.71% 9.84% 7.41% 11.19%
After sales charge N/A N/A N/A N/A
S&P 500 Index 9.50%13.51%10.91%15.92%
Bloomberg Barclays U.S. Aggregate Bond Index 4.48%2.03%2.74%3.77%

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 05/31/19 -3.53% -
YTD as of 06/25/19 14.48% -

Yield

Distribution rate before sales charge
as of 06/25/19
1.63%
Distribution rate after sales charge
as of 06/25/19
1.63%
30-day SEC yield as of 05/31/19 1.63%

Risk-adjusted performance as of 04/30/19

Alpha (3 yrs.) 1.05
Sharpe ratio (3 yrs.) 1.40
Treynor ratio (3 yrs.) 15.36
Information ratio (3 yrs.) -0.94

Volatility as of 04/30/19

Standard deviation (3 yrs.) 6.92%
Beta 0.63
R-squared 0.95

Capture ratio as of 04/30/19

Up-market (3 yrs.) 68.98
Down-market (3 yrs.) 61.62

Lipper rankings as of 04/30/19

Time period Rank/Funds in category Percentile ranking
1 yr. 13/580 3%
3 yrs. 20/547 4%
5 yrs. 27/512 6%
10 yrs. 28/429 7%
Lipper category: BALANCED FUNDS

Morningstar Ratings as of 04/30/19

Time period Funds in category Morningstar Rating
Overall 688
3 yrs. 688
5 yrs. 605
10 yrs. 444
Morningstar category: Allocation--50% to 70% Equity

Distributions

Record/Ex dividend date 05/28/19
Payable date 05/30/19
Income $0.083
Extra income --
Short-term cap. gain --
Long-term cap. gain --

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

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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


Holdings

Top 10 holdings as of 04/30/19

Microsoft 2.81%
Amazon 2.02%
Alphabet 1.95%
Us Treasury N/B 02.2500 02/15/2021 1.81%
Apple 1.78%
Us Treasury N/B 02.7500 08/15/2042 1.41%
Facebook 1.36%
Bank of America 1.33%
Visa 1.19%
Us Treasury N/B 02.0000 11/30/2020 1.17%
Top 10 holdings, percent of portfolio 16.83%

Full portfolio holdings as of 03/31/19

MICROSOFT CORP 2.72%
ALPHABET INC-CL A 2.05%
AMAZON.COM INC 2.01%
US TREASURY N/B 02.2500 02/15/2021 1.88%
US TREASURY N/B 02.7500 08/15/2042 1.64%
APPLE INC 1.58%
US TREASURY N/B 01.7500 06/30/2022 1.38%
US TREASURY N/B 02.0000 11/30/2020 1.20%
FACEBOOK INC-CLASS A 1.20%
BANK OF AMERICA CORP 1.18%
US TREASURY N/B 02.6250 06/15/2021 1.15%
US TREASURY N/B 01.5000 05/31/2020 1.13%
US TREASURY N/B 01.6250 10/31/2023 1.11%
PROCTER & GAMBLE CO/THE 1.10%
HOME DEPOT INC 1.06%
US TREASURY N/B 01.8750 11/30/2021 1.06%
COCA-COLA CO/THE 1.03%
US TREASURY N/B 03.0000 02/15/2047 0.98%
CITIGROUP INC 0.91%
BP PLC 0.86%
VISA INC-CLASS A SHARES 0.84%
FIDELITY NATIONAL INFO SERV 0.80%
JOHNSON & JOHNSON 0.78%
MASTERCARD INC - A 0.77%
HONEYWELL INTERNATIONAL INC 0.76%
US TREASURY N/B 02.1250 12/31/2022 0.74%
WALMART INC 0.73%
CENOVUS ENERGY INC 0.72%
MERCK & CO. INC. 0.72%
ASSURED GUARANTY LTD 0.71%
GENERAL MOTORS CO 0.71%
NXP SEMICONDUCTORS NV 0.69%
CIGNA CORP 0.68%
CHARTER COMMUNICATIONS INC-A 0.66%
ADOBE INC 0.66%
SALESFORCE.COM INC 0.64%
DANAHER CORP 0.63%
GOLDMAN SACHS GROUP INC 0.63%
DXC TECHNOLOGY CO 0.61%
UNITEDHEALTH GROUP INC 0.61%
TEXAS INSTRUMENTS INC 0.60%
AMERICAN ELECTRIC POWER 0.59%
GNMA GII30 TBA 03.5000 06/01/2049 0.58%
NETFLIX INC 0.58%
GAMING AND LEISURE PROPERTIE 0.58%
JPMORGAN CHASE & CO 0.57%
PRUDENTIAL PLC 0.57%
GNMA GII30 MA3802 UMBS 03.0000 07/20/2046 0.56%
SBA COMMUNICATIONS CORP 0.55%
VERIZON COMMUNICATIONS INC 0.54%
WALT DISNEY CO/THE 0.53%
UNION PACIFIC CORP 0.53%
PFIZER INC 0.53%
EXELON CORP 0.50%
FNMA FN30 TBA UMBS 03.5000 06/01/2049 0.50%
LINDE PLC 0.46%
S&P500 EMINI FUT JUN19 ESM9 0.46%
FIRST DATA CORP- CLASS A 0.45%
HERSHEY CO/THE 0.45%
BOOKING HOLDINGS INC 0.43%
KKR & CO INC -A 0.43%
ENTERPRISE PRODUCTS PARTNERS 0.42%
SHERWIN-WILLIAMS CO/THE 0.42%
GNMA GN30 784660 04.0000 12/15/2040 0.41%
E*TRADE FINANCIAL CORPORATION 0.41%
ACTIVISION BLIZZARD INC 0.41%
ON SEMICONDUCTOR CORP 0.40%
FHLMC FH30G G60861 03.5000 01/01/2047 0.39%
MCCORMICK & CO-NON VTG SHRS 0.38%
AMERICAN INTERNATIONAL GROUP 0.38%
HILTON WORLDWIDE HOLDINGS IN 0.38%
NETEASE INC-ADR 0.36%
FORTUNE BRANDS HOME & SECURI 0.36%
KINDER MORGAN INC 0.35%
NIKE INC -CL B 0.35%
DUPONT DE NEMOURS INC 0.34%
DASSAULT SYSTEMES SA 0.34%
BOEING CO/THE 0.33%
FNMA FN30 BJ9256 04.0000 06/01/2048 0.33%
FNMA FN30 BK4129 04.5000 06/01/2048 0.33%
RAYMOND JAMES FINANCIAL INC 0.32%
NORTHROP GRUMMAN CORP 0.32%
WELLS FARGO & CO 0.32%
BLACKROCK INC 0.32%
ELI LILLY & CO 0.31%
AMGEN INC 0.31%
ELECTRONIC ARTS INC 0.31%
NORFOLK SOUTHERN CORP 0.31%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.30%
NEXTERA ENERGY INC 0.30%
PEPSICO INC 0.30%
CHIPOTLE MEXICAN GRILL INC 0.29%
FNCL 4 STIP 04.0000 07/01/2047 0.29%
KOSMOS ENERGY LTD 0.29%
THERMO FISHER SCIENTIFIC INC 0.29%
YUM CHINA HOLDINGS INC 0.28%
L3 TECHNOLOGIES INC 0.28%
UNITED TECHNOLOGIES CORP 0.28%
FREEPORT-MCMORAN INC 0.27%
WYNN RESORTS LTD 0.27%
CISCO SYSTEMS INC 0.27%
BECTON DICKINSON AND CO 0.27%
INTERCONTINENTAL EXCHANGE IN 0.27%
JOHNSON CONTROLS INTERNATION 0.27%
GNMA GII30 BJ1330 05.0000 02/20/2049 0.26%
METLIFE CAP TRST IV P/P 144A 07.8750 12/15/2037 0.26%
FHLMC FH30G G07084 04.0000 07/01/2042 0.26%
FNMA FN30 BM5477 04.5000 02/01/2049 0.26%
FNMA FN30 TBA UMBS 04.5000 06/01/2049 0.26%
COSTCO WHOLESALE CORP 0.25%
PNC FINANCIAL SERVICES GROUP 0.25%
ABBOTT LABORATORIES 0.25%
FNMA FN15 BM3058 03.0000 12/01/2030 0.24%
TYSON FOODS INC-CL A 0.24%
CHUBB LTD 0.24%
EATON CORP PLC 0.24%
VERIZON COMM 04.3290 09/21/2028 0.24%
BRISTOL-MYERS SQUIBB CO 0.23%
CIGNA CORP P/P 144A 03.7500 07/15/2023 0.23%
INTUITIVE SURGICAL INC 0.22%
UBS AG REGS 05.1250 05/15/2024 0.22%
METTLER-TOLEDO INTERNATIONAL 0.22%
NRG ENERGY INC 0.21%
FHLMC FH30G G08747 03.0000 02/01/2047 0.21%
ABBVIE INC 0.21%
STANLEY BLACK & DECKER INC 0.21%
VERTEX PHARMACEUTICALS INC 0.20%
COMM 2014-CR18 C 04.7417 07/15/2047 0.20%
TJX COMPANIES INC 0.20%
MEDTRONIC PLC 0.20%
ROPER TECHNOLOGIES INC 0.20%
ENCANA CORP 0.20%
ING BANK NV P/P 144A 05.8000 09/25/2023 0.20%
TRANSDIGM GROUP INC 0.20%
BRISTOL-MYERS P/P 144A 03.4000 07/26/2029 0.19%
BOSTON SCIENTIFIC CORP 0.19%
FNMA FN30 BJ6741 04.5000 05/01/2048 0.18%
UNITED RENTALS INC 0.17%
CVS HEALTH CORP 0.17%
FNMA FN30 TBA UMBS 04.0000 06/01/2049 0.17%
FNMA FN30 TBA UMBS 04.0000 07/01/2049 0.17%
MASS MUTUAL LIFE P/P 144A 08.8750 06/01/2039 0.17%
EDWARDS LIFESCIENCES CORP 0.16%
SALESFORCE.COM INC 03.7000 04/11/2028 0.16%
CIT GROUP INC. 05.2500 03/07/2025 0.16%
GILEAD SCIENCES INC 0.16%
AIR CANADA 0.16%
FNMA FN30 MA2737 03.0000 09/01/2046 0.16%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.16%
HARTFORD FINL SVCS GRP 06.6250 03/30/2040 0.16%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.16%
SOUTHERN CO/THE 0.15%
BURLINGTON STORES INC 0.15%
DEERE & CO 0.15%
FNMA FN30 AL8994 04.0000 09/01/2045 0.15%
CAIRN ENERGY PLC 0.15%
DOW INC 0.15%
FHLMC FH30G Q54414 04.0000 02/01/2048 0.15%
FNMA FN30 BH8526 04.0000 12/01/2047 0.14%
FNMA FN30 BJ1309 04.0000 10/01/2047 0.14%
INTERPUBLIC GROUP COS 04.6500 10/01/2028 0.14%
ALLERGAN PLC 0.14%
MSC 2012-C4 D P/P 144A 05.4197 03/15/2045 0.14%
COSTAR GROUP INC 0.14%
CARMAX INC 0.14%
ELANCO ANIMAL HEALTH P/P 144A 04.9000 08/28/2028 0.14%
WALGREENS BOOTS ALLIANCE INC 0.14%
MGM RESORTS INTERNATIONAL 0.14%
3M CO 0.14%
YELLOW CAKE PLC 144A 0.14%
FNMA FN30 BM1172 03.0000 03/01/2047 0.14%
BJ'S WHOLESALE CLUB HOLDINGS 0.13%
CITIGROUP INC 04.7500 05/18/2046 0.13%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.13%
WILLIAMS COMPANIES INC 04.3000 03/04/2024 0.13%
WEC ENERGY GROUP INC 04.6305 05/15/2067 0.13%
FN BF0091 0.13%
AT&T INC 04.1000 02/15/2028 0.13%
BALL CORP 0.13%
EOG RESOURCES INC 04.1500 01/15/2026 0.13%
KEURIG DR PEPPER INC 04.5970 05/25/2028 0.13%
ARAMARK 0.13%
FNMA FN30 BC1155 03.0000 06/01/2046 0.12%
WASTE CONNECTIONS INC 0.12%
BRIGHAM MINERALS INC-CL A 0.12%
GOLDMAN SACHS GROUP INC 03.8500 01/26/2027 0.12%
GOLDMAN SACHS GROUP INC 04.2230 05/01/2029 0.12%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.12%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.12%
UNITEDHEALTH GROUP INC 03.8500 06/15/2028 0.12%
DIGITAL REALTY TRUST LP 04.4500 07/15/2028 0.12%
FNMA FN15 AS0285 02.0000 08/01/2028 0.12%
FNMA FN15 AT8509 02.0000 08/01/2028 0.12%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.12%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.12%
ALEXION PHARMACEUTICALS INC 0.12%
ADVANCE AUTO PARTS 0.12%
CITIGROUP INC 04.4500 09/29/2027 0.12%
GENERAL ELECTRIC CO 0.12%
AMEREN CORPORATION 0.11%
AT&T INC 04.3500 03/01/2029 0.11%
WESTROCK MWV LLC 08.2000 01/15/2030 0.11%
FISERV INC 04.2000 10/01/2028 0.11%
CMS ENERGY CORP 0.11%
FEDEX CORP 0.11%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 0.11%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.11%
ICU MEDICAL INC 0.11%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.10%
WALT DISNEY COMP P/P 144A 07.7500 01/20/2024 0.10%
BANCO SANTANDER SA USD 05.1790 11/19/2025 0.10%
DOMINION ENERGY INC 0.10%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.10%
SUMMIT MATERIALS INC -CL A 0.10%
AON PLC USD 04.2500 12/12/2042 0.10%
CREDIT SUISSE GRP AG P/P 144A 03.8690 01/12/2029 0.10%
MICROCHIP TECH INC 04.3330 06/01/2023 0.10%
SEMPRA ENERGY 0.10%
AMAZON.COM INC 04.0500 08/22/2047 0.10%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.10%
DUKE ENERGY CORP 0.10%
MICROSOFT CORP 03.7000 08/08/2046 0.10%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.10%
LEVI STRAUSS & CO- CLASS A 0.10%
CELGENE CORP 0.09%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.09%
FNMA FN30 AU1625 03.5000 07/01/2043 0.09%
WESTLAKE CHEM CORP 03.6000 08/15/2026 0.09%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.09%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.09%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.09%
CAS 2016-C01 1M2 09.1798 08/25/2028 0.09%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.09%
BPCE SA P/P 144A 04.5000 03/15/2025 0.09%
COMM 2012-CR1 AM 03.9120 05/15/2045 0.09%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.09%
GNMA GII30 BK3755 05.0000 02/20/2049 0.09%
FNMA FN30 BN2701 04.5000 11/01/2048 0.09%
OSHKOSH CORP 04.6000 05/15/2028 0.09%
GNMA GII30 TBA 05.0000 06/01/2049 0.08%
TELEFONICA EMISIONES SAU USD 04.8950 03/06/2048 0.08%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.08%
BAXTER INTERNATIONAL INC 0.08%
FIDELITY NATL INFO SERV 03.7500 05/21/2029 0.08%
WASTE CONNECTIONS INC 03.5000 05/01/2029 0.08%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.08%
FNMA FN15 AS0001 02.0000 07/01/2028 0.08%
UMBS FN30 TBA 03.0000 06/01/2049 0.08%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.08%
EQT CORP 03.9000 10/01/2027 0.08%
US TREASURY N/B 02.0000 02/15/2022 0.08%
FIRSTENERGY CORP 0.08%
NUTRIEN LTD. USD 04.2000 04/01/2029 0.08%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.08%
DIAGEO INVESTMENT CORP 08.0000 09/15/2022 0.08%
REPUBLIC SERVICES INC 03.9500 05/15/2028 0.08%
ECOLAB INC 0.08%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.08%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.08%
FNMA FN30 AL6919 05.5000 01/01/2038 0.08%
FNMA FN30 BD5293 03.5000 01/01/2047 0.08%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.07%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.07%
NORTHROP GRUMMAN CORP 03.2500 01/15/2028 0.07%
FHLMC FH30G Q44791 03.5000 12/01/2046 0.07%
AUTONATION INC. 05.5000 02/01/2020 0.07%
AVERY DENNISON CORP 0.07%
BPCE SA P/P 144A 05.1500 07/21/2024 0.07%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.07%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.07%
EDISON INTERNATIONAL 0.07%
FNMA FN30 BC1489 03.0000 08/01/2046 0.07%
WP CAREY INC 04.6000 04/01/2024 0.07%
FNMA FN40 BF0169 3.500000 01/01/2057 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.07%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.07%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.06%
COMCAST CABLE COMMUNICAT 09.4550 11/15/2022 0.06%
CREDIT SUISSE AG P/P 144A 06.5000 08/08/2023 0.06%
FNMA FN30 BC1445 03.0000 07/01/2046 0.06%
LEAR CORP 03.8000 09/15/2027 0.06%
AIR LEASE CORP 03.6250 04/01/2027 0.06%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.06%
BP CAP MARKETS AMERICA 03.1190 05/04/2026 0.06%
EQUINIX INC 05.3750 05/15/2027 0.06%
JPMCC 2012-C6 D 05.1483 05/15/2045 0.06%
FNMA FN15 AB6335 02.0000 10/01/2027 0.06%
GNMA GII30 BE2222 UMBS 03.5000 01/20/2048 0.06%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.06%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.06%
ZOETIS INC 03.9000 08/20/2028 0.06%
ARC PROP OPER PART L 04.6000 02/06/2024 0.06%
COMMONWEALTH EDISON CO 05.8750 02/01/2033 0.06%
EMIR 2018-1 M1 04.1298 11/25/2028 0.06%
WEYERHAEUSER CO 07.3750 03/15/2032 0.06%
AMGEN INC 04.6630 06/15/2051 0.06%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.06%
WILLIS TOWERS WATSON PLC USD 05.7500 03/15/2021 0.06%
BP CAP MARKETS AMERICA 03.9370 09/21/2028 0.06%
CVS HEALTH CORP 03.7000 03/09/2023 0.06%
GNMA GII30 711724 03.5000 02/20/2043 0.06%
KINDER MORGAN INC 03.1500 01/15/2023 0.06%
MARSH & MCLENNAN COS INC 04.3750 03/15/2029 0.06%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.06%
VODAFONE GROUP PLC USD 04.3750 05/30/2028 0.06%
ALPHABET INC 01.9980 08/15/2026 0.06%
FMC CORP 0.06%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.06%
W.R. GRACE & CO 0.06%
BMW US CAPITAL LLC P/P 144A 03.9500 08/14/2028 0.06%
CELANESE US HOLDINGS LLC 04.6250 11/15/2022 0.06%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.06%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.06%
REGENERON PHARMACEUTICALS 0.06%
AMAZON.COM INC 03.1500 08/22/2027 0.06%
CVS PASS-THRU TRUST P/P 144A 07.5070 01/10/2032 0.06%
APPALACHIAN POWER CO 05.8000 10/01/2035 0.05%
EQUINOR ASA USD 05.1000 08/17/2040 0.05%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.05%
GNMA GII30 BI6858 UMBS 04.5000 03/20/2049 0.05%
INTL FLAVOR & FRAGRANCES 04.4500 09/26/2028 0.05%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.05%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.05%
NRG P/P 144A 03.7500 06/15/2024 0.05%
CVS PASS-THROUGH P/P 144A 04.7040 01/10/2036 0.05%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.05%
CBS CORP 04.6000 01/15/2045 0.05%
COMCAST CORP 03.9990 11/01/2049 0.05%
GNMA GII30 BE2219 UMBS 03.5000 01/20/2048 0.05%
CBRE SERVICES INC 04.8750 03/01/2026 0.05%
FNMA FN30 AB7936 03.0000 02/01/2043 0.05%
GNMA GII30 673972 03.0000 08/20/2046 0.05%
HMIR 2018-1 M1 P/P 144A 03.8300 10/25/2028 0.05%
OMEGA HLTHCARE INVES 05.2500 01/15/2026 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%
SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 0.05%
FNMA FN15 AP6055 02.0000 07/01/2028 0.05%
GNMA GII30 BE2220 UMBS 03.5000 01/20/2048 0.05%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.05%
WALGREENS BOOTS ALLIANCE 03.4500 06/01/2026 0.05%
AMERICAN ELECTRIC POWER 04.3000 12/01/2028 0.05%
FNMA FN30 CA0341 04.0000 09/01/2047 0.05%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.05%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.04%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.04%
DUKE ENERGY CAROLINAS 04.2500 12/15/2041 0.04%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.04%
HOSPITALITY PROP TRUST 04.3750 02/15/2030 0.04%
L3 TECHNOLOGIES INC 04.4000 06/15/2028 0.04%
ENERGY TRAN PTNR 07.6000 02/01/2024 0.04%
FNMA FN30 AY0773 03.5000 03/01/2045 0.04%
LLOYDS BANKING GROUP PLC USD 04.5000 11/04/2024 0.04%
N TX HWY-TXB-B 06.7180 01/01/2049 0.04%
ONCOR ELECTRIC DELI 05.7500 03/15/2029 0.04%
TARGA RESOURCES PART 05.0000 01/15/2028 0.04%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.04%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.04%
COMM 2012-LC4 C 05.5382 12/10/2044 0.04%
FIDELITY NATIONAL INFORM 04.2500 05/15/2028 0.04%
ORACLE CORP 02.6500 07/15/2026 0.04%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.04%
FNMA FN30 AB9369 03.5000 05/01/2043 0.04%
FNMA FN30 AS9415 04.0000 04/01/2047 0.04%
GNMA 10000 BD7925 UMBS 03.5000 11/20/2047 0.04%
HCA INC 05.0000 03/15/2024 0.04%
SHIRE ACQ INV IRELAND DA USD 02.8750 09/23/2023 0.04%
APPLE INC 03.8500 05/04/2043 0.04%
COMCAST CORP 03.1500 03/01/2026 0.04%
FNMA FN30 AS8056 03.0000 10/01/2046 0.04%
GNMA GII30 BE1441 UMBS 03.5000 11/20/2047 0.04%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.04%
BMW US CAPITAL LLC P/P 144A 02.8000 04/11/2026 0.04%
FHLMC FH30G V80012 03.0000 03/01/2043 0.04%
FHLMC FH30G G60314 04.0000 09/01/2045 0.04%
OPORTUN FIN CORP P/P SERIES H PFD 0.04%
AIR LEASE CORP 04.6250 10/01/2028 0.04%
CAPITAL ONE BANK USA NA 03.3750 02/15/2023 0.04%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.04%
FNMA FN30 AT2746 03.5000 05/01/2043 0.04%
FOX CORP P/P 144A 04.0300 01/25/2024 0.04%
ONEAMERICA FINL P/P 144A 07.0000 10/15/2033 0.04%
FIVE CORNERS FUNDING P/P 144A 04.4190 11/15/2023 0.04%
STACR 2014-HQ2 M2 04.6298 09/25/2024 0.04%
ENBRIDGE INC USD 04.2500 12/01/2026 0.04%
GNMA GII30 AT9856 UMBS 03.0000 10/20/2046 0.04%
NVR INC. 03.9500 09/15/2022 0.04%
SANTANDER UK PLC P/P 144A 05.0000 11/07/2023 0.04%
CBS CORP 02.9000 01/15/2027 0.04%
FNMA FN15 MA1542 02.0000 08/01/2028 0.04%
SUMITOMO MITSUI P/P 144A 04.4360 04/02/2024 0.04%
OMNICOM GP/OMNICOM CAP 03.6000 04/15/2026 0.03%
SW AIRLINES 07-1 TRUST 06.1500 08/01/2022 0.03%
AES CORP/THE 05.1250 09/01/2027 0.03%
APOLLO GLOBAL MANAGEMENT - A 0.03%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.03%
JPMCC 2012-C8 D P/P 144A 04.6499 10/15/2045 0.03%
BMW US CAPITAL LLC P/P 144A 03.4000 08/13/2021 0.03%
FNMA FN15 AB7525 02.0000 01/01/2028 0.03%
FNMA FN15 MA1346 02.0000 02/01/2028 0.03%
GNMA GII30 BE1437 UMBS 03.5000 11/20/2047 0.03%
QVC INC 04.8500 04/01/2024 0.03%
AMERICAN TOWER CORP 03.3750 10/15/2026 0.03%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.03%
EDP FINANCE BV P/P 144A 05.2500 01/14/2021 0.03%
FHLMC FH30G Q45196 03.5000 12/01/2046 0.03%
FNMA FN15 AB7707 02.0000 01/01/2028 0.03%
APPLE INC 04.3750 05/13/2045 0.03%
CBS CORP 04.2000 06/01/2029 0.03%
FHLMC FH30G Q44903 03.5000 12/01/2046 0.03%
GNMA GII30 BE2221 UMBS 03.5000 01/20/2048 0.03%
TEACHERS INSUR & ANN P/P 144A 06.8500 12/16/2039 0.03%
VMWARE INC 03.9000 08/21/2027 0.03%
COMCAST CORP 06.5000 11/15/2035 0.03%
GBP/USD 06/19/2019 BANKAM 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%
BMIR 2017-1 M1 P/P 144A 04.1298 10/25/2027 0.03%
FAIRFAX US INC P/P 144A 04.8750 08/13/2024 0.03%
FHLMC FH30G Q44946 03.5000 12/01/2046 0.03%
FNMA FN30 BD9047 04.0000 07/01/2047 0.03%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.03%
OH UNIV-TXB-C-BABS 04.9100 06/01/2040 0.03%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.03%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.03%
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%
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%
MID-AMERICA APARTMENTS 04.3000 10/15/2023 0.03%
CA TXB-VAR PURP 07.5000 04/01/2034 0.03%
LLOYDS BANKING GROUP PLC USD 04.6500 03/24/2026 0.03%
LUKOIL INTL FIN BV P/P 144A 04.5630 04/24/2023 0.03%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.03%
WEC ENERGY GROUP INC 0.03%
ANHEUSER-BUSCH INBEV WOR 04.7500 01/23/2029 0.02%
CNH/USD 08/21/2019 HSBCB 0.02%
FNMA FN30 734836 05.0000 08/01/2033 0.02%
GBP/USD 06/19/2019 GSFX 0.02%
OPORTUN FIN G-1 PFD CV P/P 0.02%
CELANESE US HOLDINGS LLC 03.5000 05/08/2024 0.02%
DUKE ENERGY OHIO INC 03.6500 02/01/2029 0.02%
GNMA GII30 BA8386 03.5000 10/20/2047 0.02%
GNMA GII30 BC0462 03.5000 10/20/2047 0.02%
GNMA GII30 BE1440 UMBS 03.5000 11/20/2047 0.02%
GNMA GII30 BE5899 03.5000 01/20/2048 0.02%
GNMA GII30 OBD1715 03.5000 11/20/2047 0.02%
OPORTUN FIN CORP P/P 0.02%
AVIATION CAPITAL GRP P/P 144A 07.1250 10/15/2020 0.02%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.02%
COOPERATIEVE RABOBANK UA USD 03.7500 07/21/2026 0.02%
ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 0.02%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.02%
GNMA 10000 BD7924 UMBS 03.5000 11/20/2047 0.02%
HCA INC 05.5000 06/15/2047 0.02%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.02%
HSBC BANK USA NA 05.6250 08/15/2035 0.02%
WILLIAMS COMPANIES INC 03.6000 03/15/2022 0.02%
ANHEUSER-BUSCH INBEV WOR 05.5500 01/23/2049 0.02%
CON EDISON CO OF NY INC 04.2000 03/15/2042 0.02%
FNMA FN30 995023 05.5000 08/01/2037 0.02%
GBP/USD 06/19/2019 BCAP-FX 0.02%
GNMA GII30 BA8388 03.5000 10/20/2047 0.02%
GNMA GII30 OBD1716 03.5000 11/20/2047 0.02%
AMGEN INC 02.6000 08/19/2026 0.02%
APPLE INC 03.4500 05/06/2024 0.02%
AUTONATION INC 04.5000 10/01/2025 0.02%
BANK OF AMERICA CORP 03.3709 09/15/2026 0.02%
BG ENERGY CAP PLC P/P 144A 04.0000 10/15/2021 0.02%
COOPERATIEVE RABOBANK UA USD 04.6250 12/01/2023 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%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.02%
ANHEUSER-BUSCH INBEV WOR 04.1500 01/23/2025 0.02%
CC HLDG GS V LLC/CRO 03.8490 04/15/2023 0.02%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.02%
FNMA FN30 AS7561 04.0000 06/01/2046 0.02%
FNMA FN30 BC7330 03.5000 12/01/2046 0.02%
FNMA FN30 BD9038 04.0000 05/01/2047 0.02%
GNMA GII30 AW5280 UMBS 03.0000 10/20/2046 0.02%
OPORTUN FIN F-1 PFD CV P/P 0.02%
WESTROCK MWV LLC 07.9500 02/15/2031 0.02%
ANTHEM INC 04.6250 05/15/2042 0.02%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.02%
FNMA FN30 555591 05.5000 07/01/2033 0.02%
FNMA FN30 AS4073 04.0000 12/01/2044 0.02%
IBERDROLA INTL BV USD 06.7500 07/15/2036 0.02%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
AUST & NZ BANKING GR P/P 144A 06.7500 12/29/2049 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FNMA FN30 BD9031 04.0000 03/01/2047 0.02%
FNMA FN30 BD9052 04.0000 08/01/2047 0.02%
JPMORGAN CHASE & CO 06.1000 02/01/2049 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
MARATHON PETRO CORP 06.5000 03/01/2041 0.02%
SABMILLER HLDG INC 04.9500 01/15/2042 0.02%
CBS CORP 04.0000 01/15/2026 0.02%
GNMA GII30 BA8385 03.5000 10/20/2047 0.02%
GNMA GII30 BB3019 UMBS 03.5000 11/20/2047 0.02%
GNMA GII30 BC0460 03.5000 10/20/2047 0.02%
GNMA GII30 BE5897 03.5000 10/20/2047 0.02%
HILTON DOMESTIC OPERATIN 04.2500 09/01/2024 0.02%
KEURIG DR PEPPER INC 04.4170 05/25/2025 0.02%
ROYAL BK SCOTLND GRP PLC USD 03.8750 09/12/2023 0.02%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.02%
CROWN CASTLE INTL CORP 04.7500 05/15/2047 0.02%
FNMA FN30 AA0839 05.0000 01/01/2039 0.02%
GNMA GII30 BB3013 UMBS 03.5000 11/20/2047 0.02%
GNMA GII30 BC0461 03.5000 10/20/2047 0.02%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.02%
UNITED AIR 2014-2 A PTT 03.7500 09/03/2026 0.02%
ARIZONA PUBLIC SERVICE 04.5000 04/01/2042 0.01%
CAS 2016-C02 1M2 08.4298 09/25/2028 0.01%
FIRSTENERGY CORP 04.8500 07/15/2047 0.01%
FNMA FN30 995018 05.5000 06/01/2038 0.01%
FNMA FN30 AS8974 04.0000 03/01/2047 0.01%
FNMA FN30 AX5534 04.0000 06/01/2046 0.01%
FNMA FN30 BE4222 03.5000 12/01/2046 0.01%
GBP/USD 06/19/2019 CITI 0.01%
GENERAL MOTORS FINL CO 04.0000 01/15/2025 0.01%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.01%
BGC PARTNERS INC 05.1250 05/27/2021 0.01%
FHLMC FH30G Q44706 03.5000 12/01/2046 0.01%
GNMA GII30 AT8064 UMBS 03.0000 08/20/2046 0.01%
OMEGA HLTHCARE INVES 04.5000 04/01/2027 0.01%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.01%
ABBVIE INC 03.6000 05/14/2025 0.01%
AXA SA P/P 144A 06.3790 12/29/2049 0.01%
ENERGY TRANSFER OPERATNG 06.2500 04/15/2049 0.01%
FNMA FN30 889982 05.5000 11/01/2038 0.01%
HCA INC 05.2500 06/15/2026 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%
TIAAC 2003-1A E 144A 08.0000 12/28/2038 0.01%
AT&T INC 04.7500 05/15/2046 0.01%
ROGERS COMMUNICATIONS IN USD 08.7500 05/01/2032 0.01%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.01%
QUEST DIAGNOSTICS INC 04.7500 01/30/2020 0.01%
HSBC USA INC 03.5000 06/23/2024 0.01%
GNMA GII30 BC0459 03.5000 10/20/2047 0.01%
GNMA GII30 BE5896 03.5000 10/20/2047 0.01%
GNMA GII30 BE5898 03.5000 10/20/2047 0.01%
GNMA GII30 OBD1714 03.5000 11/20/2047 0.01%
GNMA GN30 AZ3487 UMBS 03.5000 11/15/2047 0.01%
CROWN CASTLE INTL CORP 03.1500 07/15/2023 0.01%
GNMA GII30 BD3297 UMBS 03.5000 11/20/2047 0.01%
GNMA GN30 AZ3486 UMBS 03.5000 11/15/2047 0.01%
OPORTUN FIN F PFD CV P/P 0.01%
FIRSTENERGY CORP 03.9000 07/15/2027 0.01%
CAD/USD 07/17/2019 GSFX 0.00%
FIDELITY NATIONAL INFORM 03.0000 08/15/2026 0.00%
WARNER MEDIA LLC 02.9500 07/15/2026 0.00%
CAD/USD 07/17/2019 JPMCB 0.00%
OPORTUN FIN D-1 PFD CV P/P 0.00%
CAD/USD 07/17/2019 BCAP-FX 0.00%
CAD/USD 07/17/2019 CITI 0.00%
OPORTUN FIN C-1 PFD CV P/P 0.00%
WALT DISNEY COMPAN P/P 144A 04.7500 09/15/2044 0.00%
OPORTUN FIN E-1 PFD CV P/P 0.00%
CITIGROUP INC 03.6680 07/24/2028 0.00%
EUR/USD 06/19/2019 CITI 0.00%
INTERNATIONAL PAPER CO 08.7000 06/15/2038 0.00%
OPORTUN FIN B-1 PFD CV P/P 0.00%
CAS 2016-C05 2M1 03.7798 01/25/2029 0.00%
FHLMC FH30G G01793 06.0000 03/01/2035 0.00%
FNR 2001-79 BI IO 00.2812 03/25/2045 0.00%
FPLUS 1997-3 B1 07.7900 11/10/2023 0.00%
OPORTUN FIN A-1 PFD CV P/P 0.00%
GNMA GII30 TBA 04.0000 06/01/2049 -0.42%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
Microsoft
Amazon
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Apple
Us Treasury N/B 02.7500 08/15/2042
Facebook
Bank of America
Visa
Us Treasury N/B 02.0000 11/30/2020
Holdings represent 16.83% of portfolio
Top 10 holdings as of 03/31/19
Microsoft
Alphabet
Us Treasury N/B 02.2500 02/15/2021
Amazon
Us Treasury N/B 01.5000 05/31/2020
Apple
Us Treasury N/B 02.7500 08/15/2042
Bank of America
Us Treasury N/B 01.6250 10/31/2023
Us Treasury N/B 02.0000 11/30/2020
Holdings represent 16.82% of portfolio
Top 10 holdings as of 02/28/19
Microsoft
Us Treasury N/B 02.2500 02/15/2021
Alphabet
Amazon
Us Treasury N/B 01.5000 05/31/2020
Apple
Bank of America
Us Treasury N/B 01.6250 10/31/2023
Us Treasury N/B 02.7500 08/15/2042
Us Treasury N/B 02.0000 11/30/2020
Holdings represent 16.50% of portfolio
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

Portfolio composition as of 04/30/19

Common stock 62.22%
Corporate bonds and notes 14.09%
Treasury 10.12%
Agency pass-through 8.97%
Cash and net other assets 3.47%
Commercial MBS 0.71%
Agency CMO 0.28%
Municipal bonds 0.09%
Emerging-market bonds 0.05%

Fixed income statistics as of 04/30/19

Average effective maturity 8.05 yrs.
Average effective duration 5.55 yrs.

Maturity detail as of 04/30/19

0 - 1 yr. 2.97%
1 - 5 yrs. 38.11%
5 - 10 yrs. 41.95%
10 - 15 yrs. 2.84%
Over 15 yrs. 14.13%

Quality rating as of 04/30/19

AAA 51.12%
AA 7.05%
A 13.82%
BBB 22.85%
BB 2.16%
CCC and Below 0.03%
Not Rated 2.97%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top industry sectors as of 04/30/19

Information technology 18.78%
Financials 13.15%
Health care 12.61%
Consumer discretionary 11.04%
Communication services 11.00%
Industrials 8.90%
Consumer staples 6.95%
Energy 4.98%
Materials 3.97%
 
Other
8.62%
Utilities 3.78%
Cash and net other assets 3.47%
Real estate 1.37%

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: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.