Absolute Return 100 Fund  (PARTX)

Seeking positive results balanced with lower volatility over time


Track this fund

Objective

The fund seeks to earn a positive total return that exceeds the return on U.S. Treasury bills by 100 basis points (or 1.00%) on an annualized basis over a reasonable period of time (generally at least three years or more) regardless of market conditions.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $10.14
0.00% | $0.00
$10.15
10/10/17
$9.86
12/29/16
Historical fund price

Consistency of positive performance over five years

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

Performance shown 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 click on the performance tab.

1.59%

Best 5-year annualized return

(for period ending 03/31/14)


0.15%

Worst 5-year annualized return

(for period ending 03/31/16)


1.03%

Average 5-year annualized return


Fund facts as of 09/30/17

Total net assets
$204.69M
Turnover (fiscal year end)
129%
Dividend frequency
Annually
Number of holdings
492
Fiscal year end
October
CUSIP / Fund code
746764448 / 0063
Inception Date
12/23/08
Category
Absolute Return
Open to new investors
Ticker
PARTX

Management team


Chief Investment Officer, Fixed Income

Portfolio Manager

Co-Head of Fixed Income

Co-Head of Fixed Income

Strategy and process

  • A wide range of securities for diversification: The fund can invest across global fixed-income sectors and can adjust dynamically as opportunities change.
  • Ultimate flexibility to be independent of indexes: Freed from the constraints of traditional benchmarks that may carry unwanted risks, the portfolio managers can invest across diverse securities, asset classes, and strategies.
  • Modern investment tools seeking reduced risk: With the ability to hedge and use market neutral strategies, the fund can provide a new type of diversification to traditional portfolios.

Manager commentary | Q2 2017

Is rate normalization underway?

Bill Kohli, Chief Investment Officer for Fixed Income, discusses interest rates and yield curve moves.


Literature


Why a meaningful near-term market correction is unlikely
2017 is a rare year without a stock market correction of at least 5%, but that doesn't make a correction more likely in the fourth quarter.
How the Japan election may influence global interest rates
The Japan election could have consequences for the future leadership of the Bank of Japan and the country's impact on global interest rate trends.
Avoiding retirement savings shortfalls requires a team effort
Plan features, employer match, deferral rates, and investor education all work together to help participants avoid retirement savings shortfalls.

Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 12/23/08 )
Before sales charge 3.50% 1.42% 1.51% 1.47%
After sales charge 2.46% 1.08% 1.31% 1.35%
BofA Merrill Lynch U.S. Treasury Bill Index 0.64% 0.34% 0.24% --

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 09/30/17 0.50 % -0.51 %
YTD as of 10/19/17 2.74 % 1.71 %

Volatility as of 09/30/17

Standard deviation (3 yrs.) 1.38%

Morningstar ratings as of 09/30/17

Nontraditional Bond Rating Funds in category
Overall (264)
3 yrs. (264)
5 yrs. (160)

Distributions

Record/Ex dividend date 12/20/16
Payable date 12/22/16
Income $0.244
Extra income $0.0
Short-term cap. gain --
Long-term cap. gain --

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

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

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


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 09/30/17

Net cash 32.70%
Kkr Group Finance P/P 144a 06.3750 09/29/2020 1.08%
Altria Group 02.6250 01/14/2020 0.95%
Russian Federation P/P 144a 05.6250 04/04/2042 0.89%
Cwalt 2006-Oa10 4a1 01.4272 08/25/2046 0.86%
Cwalt 2006-Oa7 1a2 01.8291 06/25/2046 0.82%
Skandinaviska Enskilda Usd 02.3000 03/11/2020 0.81%
Lnstr 2015-3 B P/P 144a 03.3278 04/20/2048 0.80%
Petroleos Mexicanos Usd 05.5000 01/21/2021 0.79%
Mraft 2016-5 A 02.4050 06/10/2019 0.78%
Top 10 holdings, percent of portfolio 40.48%

Full portfolio holdings as of 06/30/17

FNMA FN30 TBA 03.5000 08/01/2047 1.55%
TREASURY BILL 00.0000 07/20/2017 1.39%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 1.14%
CWALT 2006-OA10 4A1 01.4061 08/25/2046 1.08%
FNMA FN30 TBA 04.5000 07/01/2047 1.08%
CWALT 2006-OA7 1A2 01.6716 06/25/2046 1.02%
RUSSIAN FEDERATION P/P 144A 05.6250 04/04/2042 0.89%
SKANDINAVISKA ENSKILDA USD 02.3000 03/11/2020 0.84%
PETROLEOS MEXICANOS USD 05.5000 01/21/2021 0.82%
MRAFT 2016-5 A 02.3944 06/10/2019 0.81%
ROYAL BK SCOTLND USD 04.7000 07/03/2018 0.81%
NATIONAL AUSTRALIA BK/NY 02.8000 01/10/2022 0.78%
ANZ NEW ZEALAND INTL P/P 144A 02.1665 01/25/2022 0.77%
GOLDMAN SACHS GROUP INC 02.3518 11/15/2021 0.77%
MORGAN STANLEY 02.3362 01/20/2022 0.77%
LNSTR 2015-3 B P/P 144A 03.3453 04/20/2048 0.76%
WESTPAC BANKING CORP USD 02.1500 03/06/2020 0.76%
AIR LEASE CORP 02.6250 09/04/2018 0.71%
APPLE INC 02.1000 05/06/2019 0.71%
METLIFE INC. 04.7500 02/08/2021 0.66%
RUSSIAN FEDERATION P/P 144A 12.7500 06/24/2028 0.66%
ANHEUSER-BUSCH INBEV FIN 01.9000 02/01/2019 0.64%
SIEMENS FINANCIERING P/P 144A 02.2000 03/16/2020 0.64%
WFRBS 2011-C4 D P/P 144A 05.4143 06/15/2044 0.62%
UNITED TECHNOLOGIES CORP 01.9000 05/04/2020 0.60%
BANK OF AMERICA CORP 02.0000 01/11/2018 0.59%
INTERNATIONAL PAPER COMPANY 09.3750 05/15/2019 0.58%
ABN AMRO BANK NV P/P 144A 01.7984 01/18/2019 0.57%
CVS HEALTH CORP 04.7500 12/01/2022 0.57%
FHR 3835 FO PO 00.0000 04/15/2041 0.57%
GEORGIA-PACIFIC LLC P/P 144A 05.4000 11/01/2020 0.56%
THE BOEING COMPANY 08.7500 08/15/2021 0.56%
GNR 2013-23 IK IO 03.0000 09/20/2037 0.55%
MSRR 2015-R4 CB1 00.5977 08/26/2047 0.53%
S&P GLOBAL INC 03.3000 08/14/2020 0.53%
ALTRIA GROUP INC 02.6250 01/14/2020 0.52%
BRDCOM CRP / FIN P/P 144A 03.0000 01/15/2022 0.52%
FNMA FN30 TBA 03.5000 07/01/2047 0.52%
GENERAL MOTORS FINL CO 03.1000 01/15/2019 0.52%
MARSH & MCLENNAN COS INC 02.7500 01/30/2022 0.52%
PETROBRAS GLOBAL FINANCE USD 07.2500 03/17/2044 0.52%
AGRIUM INC 00856BU73 DCP 07/07/2017 0.51%
AMPHENOL CORP 03209LU61 DCP 07/06/2017 0.51%
AT&T INC 03.0000 06/30/2022 0.51%
AUTONATION INC 05330LTW3 DCP 06/30/2017 0.51%
AUTONATION INC 05330LU50 DCP 07/05/2017 0.51%
BF0101 03.5000 06/01/2056 0.51%
CBS CORP 1248C2TW6 DCP 06/30/2017 0.51%
ENERGY TRANSFER LP 29277ETW4 DCP 06/30/2017 0.51%
ENERGY TRANSFER LP 29277EU36 DCP 07/03/2017 0.51%
EXPERIAN FINANCE PLC 30217HU71 DCP 07/07/2017 0.51%
FMC TECHNOLOGIES INC 3024X2U61 DCP 07/06/2017 0.51%
HBOS PLC REGS 01.9225 09/06/2017 0.51%
HSBC USA INC 02.0000 08/07/2018 0.51%
JPMORGAN CHASE & CO 02.2500 01/23/2020 0.51%
KINDER MORGAN INC/DE 49455LTW0 DCP 06/30/2017 0.51%
MAGNA INTERNATIONAL INC 55922PU50 DCP 07/05/2017 0.51%
MOHAWK INDUSTRIES INC 60819JU76 DCP 07/07/2017 0.51%
MOODY'S CORPORATION 02.7500 12/15/2021 0.51%
NISOURCE FINANCE CORP 65475JU54 DCP 07/05/2017 0.51%
PHILLIPS 66 P/P 144A 02.0539 04/15/2020 0.51%
ROCKWELL COLLINS INC 01.9500 07/15/2019 0.51%
SYSCO CORP 87183ATW3 DCP 06/30/2017 0.51%
TRANSCANADA PIPELINES USD 01.6250 11/09/2017 0.51%
TYCO INTERNATIONAL HOLDING SA 90220LU30 DCP 07/03/2017 0.51%
TYCO INTERNATIONAL HOLDING SA 90220LU55 DCP 07/05/2017 0.51%
TYCO INTERNATIONAL HOLDING SA 90220LU63 DCP 07/06/2017 0.51%
UDR INC 90352PTW9 DCP 06/30/2017 0.51%
VERIZON COMMUNICATIONS 01.5518 08/15/2019 0.51%
WESTAR ENERGY INC 95709WU50 DCP 07/05/2017 0.51%
WESTERN UNION CO/THE 95980GU30 DCP 07/03/2017 0.51%
ALBEMARLE CORP 01265QUE8 DCP 07/14/2017 0.50%
AMEREN CORP 02360RUB4 DCP 07/11/2017 0.50%
AMERICAN ELECTRIC POWER CO IN 0255E2UK4 DCP 07/19/2017 0.50%
ASSA ABLOY FINANCIAL SERVICES 0453W2WU1 DCP 09/28/2017 0.50%
AUTOZONE INC 05333TUX9 DCP 07/31/2017 0.50%
BAT INTERNATIONAL FINANCE PLC 05531MUQ9 DCP 07/24/2017 0.50%
BERKSHIRE HATHAWAY ENERGY CO 08465RV99 DCP 08/09/2017 0.50%
CANADIAN NATURAL RESOURCES LT 13638WUK6 DCP 07/19/2017 0.50%
CATERPILLAR FINANCIAL SERVICE 14912DVF3 DCP 08/15/2017 0.50%
CENTERPOINT ENERGY INC 1518T2UQ5 DCP 07/24/2017 0.50%
COMCAST CORP 2003A2UR5 DCP 07/25/2017 0.50%
CRH AMERICA FINANCE INC 12636CUB4 DCP 07/11/2017 0.50%
DBUBS 2011-LC3A D P/P 144A 05.3457 08/10/2044 0.50%
DEUTSCHE TELEKOM AG 25156KUA0 DCP 07/10/2017 0.50%
DOLLAR GENERAL CORP 25667LUT9 DCP 07/27/2017 0.50%
EI DU PONT DE NEMOURS & CO 2635J4UX8 DCP 07/31/2017 0.50%
ENTERGY CORP 29366EUT1 DCP 07/27/2017 0.50%
ERP OPERATING LP 26885TUH2 DCP 07/17/2017 0.50%
HUMANA INC 44486HUB7 DCP 07/11/2017 0.50%
INTESA FUNDING LLC 4611K0V87 DCP 08/08/2017 0.50%
KRAFT HEINZ FOODS CO 50076TUR9 DCP 07/25/2017 0.50%
MCDONALD'S CORP 58013LUD6 DCP 07/13/2017 0.50%
MONDELEZ INTL P/P 144A 01.6250 10/28/2019 0.50%
NEXTERA ENERGY CAPITAL HOLDIN 65339MUH7 DCP 07/17/2017 0.50%
ONEOK PARTNERS LP 68268TUE8 DCP 07/14/2017 0.50%
ROGERS COMMUNICATIONS INC 77511LUA9 DCP 07/10/2017 0.50%
SEMPRA GLOBAL 81685LV36 DCP 08/03/2017 0.50%
SOUTHERN CO FUNDING CORP 8426E2UH0 DCP 07/17/2017 0.50%
SUNCOR ENERGY INC 86723AUS9 DCP 07/26/2017 0.50%
THOMSON REUTERS CORP 88513AUT7 DCP 07/27/2017 0.50%
TYSON FOODS INC 90247MUX1 DCP 07/31/2017 0.50%
UDR INC 90352PUX5 DCP 07/31/2017 0.50%
WAMU 2005-AR17 A1B2 01.6261 12/25/2045 0.50%
WHIRLPOOL CORP 96332UV72 DCP 08/07/2017 0.50%
FNMA FN30 TBA 02.5000 07/01/2047 0.49%
MICROSOFT CORP 01.5500 08/08/2021 0.49%
SPST 2017-1 A 02.1161 02/25/2049 0.47%
WFCM 2013-LC12 C 04.4307 07/15/2046 0.46%
WFCM 2013-LC12 D P/P 144A 04.4307 07/15/2046 0.45%
UBSBB 2012-C2 XA IO P/P 144A 01.3829 05/10/2063 0.44%
VERIZON COMM 02.9460 03/15/2022 0.43%
GECMC 2005-C1 D 04.4118 06/10/2048 0.41%
JPMCC 2012-C6 E P/P 144A 05.2988 05/15/2045 0.41%
MET LIFE GLOB FUND P/P 144A 03.0000 01/10/2023 0.41%
GSMS 2013-GC12 D P/P 144A 04.4464 06/10/2046 0.40%
BIOGEN INC 03.6250 09/15/2022 0.39%
GNR 2013-20 QI IO 04.5000 12/16/2042 0.39%
MSBAM 2013-C7 XA IO 01.6246 02/15/2046 0.39%
NATIONWIDE BUILDING SOCIETY 6385E0V26 DCP 08/02/2017 0.38%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.38%
VODAFONE GROUP PLC USD 01.2500 09/26/2017 0.38%
ROYAL BANK OF CANADA USD 02.1250 03/02/2020 0.37%
GSMS 2014-GC18 C 04.9445 01/10/2047 0.36%
JPMBB 2014-C25 C 04.5958 11/15/2047 0.36%
BSCMS 2007-T26 AJ 05.5353 01/12/2045 0.35%
CITIZENS BANK NA/RI 02.2500 03/02/2020 0.35%
COMM 2014-LC15 XA IO 01.5084 04/10/2047 0.35%
BNP PARIBAS USD 05.0000 01/15/2021 0.34%
MOLSON COORS P/P 144A 01.9000 03/15/2019 0.34%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.33%
JPMCC 2011-C3 E P/P 144A 05.8007 02/15/2046 0.33%
REP OF INDONESIA P/P 144A 04.7500 01/08/2026 0.33%
FEDEX CORP 03.2000 02/01/2025 0.32%
SHEFFIELD RECEIVABLES CO LLC 82124LWV0 DCP 09/29/2017 0.32%
ANHEUSER-BUSCH INBEV FIN 03.6500 02/01/2026 0.31%
GNR 2014-20 SQ IO 04.8878 07/20/2043 0.31%
REP OF ARGENTINA USD 06.8750 01/26/2027 0.31%
COMM 2012-LC4 C 05.5892 12/10/2044 0.29%
CWALT 2005-59 1A1 01.5422 11/20/2035 0.29%
JPMCC 2013-C10 XA IO 01.2634 12/15/2047 0.29%
UBS GROUP FUNDIN P/P 144A 03.0000 04/15/2021 0.29%
WFRBS 2013-C15 D P/P 144A 04.6285 08/15/2046 0.29%
BSCMS 2006-PW11 B P/P 144A 05.3019 03/11/2039 0.28%
CAS 2016-C03 2M2 07.1161 10/25/2028 0.28%
CMLTI 2005-2 1A2A 03.1504 05/25/2035 0.28%
LIBERTY PROPERTY LP 03.3750 06/15/2023 0.28%
WFCM 2012-LC5 AS 03.5390 10/15/2045 0.28%
BANK OF AMERICA CORP 02.1510 11/09/2020 0.27%
BOARDWALK PIPELINES LLC 05.7500 09/15/2019 0.27%
CHEVRON CORP 01.5610 05/16/2019 0.27%
CITIGROUP INC 02.6500 10/26/2020 0.27%
CWCI 2007-C3 AJ 06.0607 05/15/2046 0.27%
WFRBS 2011-C5 E P/P 144A 05.8613 11/15/2044 0.27%
WFRBS 2012-C10 C 04.5294 12/15/2045 0.27%
WFRBS 2013-C18 AS 04.3870 12/15/2046 0.27%
CFCRE 2011-C2 D P/P 144A 05.9452 12/15/2047 0.26%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.26%
JPMCC 2005-CB11 C 05.5188 08/12/2037 0.26%
COMMONWEALTH BK AUST P/P 144A 01.7500 11/07/2019 0.25%
GSMS 2013-GC10 D P/P 144A 04.4098 02/10/2046 0.25%
MEDTRONIC GLOBAL HOLDINGS SCA 58507AUQ4 DCP 07/24/2017 0.25%
SHIRE ACQ INV IRELAND DA USD 01.9000 09/23/2019 0.25%
CSMC 2008-C1 AJ P/P 144A 06.5200 02/15/2041 0.24%
WESTROCK RKT CO 04.4500 03/01/2019 0.24%
GREAT PLAINS ENERGY INC 02.5000 03/09/2020 0.23%
KEYCORP 02.3000 12/13/2018 0.23%
MSBAM 2014-C17 XA IO 01.4010 08/15/2047 0.23%
ASTRAZENECA PLC USD 05.9000 09/15/2017 0.22%
BANK OF NOVA SCOTIA USD 01.3750 12/18/2017 0.22%
BCAP 2014-RR1 2A2 02.8780 01/26/2036 0.22%
CONOCOPHILLIPS COMPANY 01.0500 12/15/2017 0.22%
COVIDIEN INTlL FIN USD 06.0000 10/15/2017 0.22%
CVS HEALTH CORP 02.2500 12/05/2018 0.22%
EBAY INC 01.3500 07/15/2017 0.22%
INTEL CORP 01.3500 12/15/2017 0.22%
JPMORGAN CHASE & CO 02.0000 08/15/2017 0.22%
MSBAM 2013-C7 XB IO P/P 144A 00.4341 02/15/2046 0.22%
PEPSICO INC. 01.2500 08/13/2017 0.22%
ROYAL BANK OF CANADA USD 02.2000 07/27/2018 0.22%
AMAZON.COM INC 01.2000 11/29/2017 0.21%
CHEVRON CORP 01.1040 12/05/2017 0.21%
COMM 2013-LC13 XA IO 01.3278 08/10/2046 0.21%
COMM 2014-CR17 C 04.7349 05/10/2047 0.21%
WFRBS 2013-C12 AS 03.5600 03/15/2048 0.21%
JPMBB 2014-C19 C 04.8212 04/15/2047 0.20%
PROVINCIA DE CORDOBA P/P 144A 07.1250 06/10/2021 0.20%
STACR 2016-DNA2 M2 03.4161 10/25/2028 0.20%
AMERICAN EXPRESS CO 04.9000 12/29/2049 0.19%
AUTONATION INC 06.7500 04/15/2018 0.19%
GSMS 2012-GC6 D P/P 144A 05.6522 01/10/2045 0.19%
JPMCC 2005-LDP5 F 05.8239 12/15/2044 0.19%
UBS AG LONDON P/P 144A 02.2000 06/08/2020 0.19%
ARCHER-DANIELS-MIDLAND C 05.4500 03/15/2018 0.18%
MSBAM 2012-C5 AS 03.7920 08/15/2045 0.18%
PETROBRAS GLOBAL FINANCE USD 08.7500 05/23/2026 0.18%
PNC BANK NA 02.0000 05/19/2020 0.18%
REP OF INDONESIA P/P 144A 05.9500 01/08/2046 0.18%
UBSBB 2012-C4 XA IO P/P 144A 01.7379 12/10/2045 0.18%
COMM 2014-CR14 XA IO 00.8164 02/10/2047 0.17%
GSAA 2006-8 2A2 01.3961 05/25/2036 0.17%
JPMBB 2014-C22 XA IO 01.0870 09/15/2047 0.17%
MACQUARIE BANK LTD P/P 144A 04.0000 07/29/2025 0.17%
UNITED MEXICAN STATES USD 04.1500 03/28/2027 0.17%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.17%
AIG GLOBAL FUNDING P/P 144A 02.1500 07/02/2020 0.16%
COMM 2014-CR17 XA IO 01.1431 05/10/2047 0.16%
COMM 2014-CR18 C 04.8933 07/15/2047 0.16%
CONSOLIDATED EDISON COMPANY 07.1250 12/01/2018 0.16%
CONSOLIDATED EDISON INC 02.0000 03/15/2020 0.16%
GSMS 2013-GC10 XA IO 01.5822 02/10/2046 0.16%
PROTECTIVE LIFE GLO P/P 144A 02.2620 04/08/2020 0.16%
UBSBB 2012-C3 C P/P 144A 05.0405 08/10/2049 0.16%
AMERICAN EXPRESS COMPANY 07.0000 03/19/2018 0.15%
DOLLAR GENERAL CORP 01.8750 04/15/2018 0.15%
GSMS 2011-GC5 D P/P 144A 05.3990 08/10/2044 0.15%
GSMS 2013-GC12 XA IO 01.5475 06/10/2046 0.15%
GSMS 2014-GC22 C 04.8006 06/10/2047 0.15%
MACQUARIE GROUP LTD P/P 144A 07.6250 08/13/2019 0.15%
MARRIOTT INTERNATIONAL INC/MD 57163TUS6 DCP 07/26/2017 0.15%
MSC 2011-C3 E P/P 144A 05.3268 07/15/2049 0.15%
MSC 2012-C4 XA IO P/P 144A 02.2804 03/15/2045 0.15%
STACR 2016-DNA3 M1 02.3161 12/25/2028 0.15%
GOLDMAN SACHS GROUP INC 02.6000 12/27/2020 0.14%
IPALCO ENTERPRISES INC 05.0000 05/01/2018 0.14%
JOHNSON & JOHNSON 05.1500 07/15/2018 0.14%
JPMCC 2012-C8 C P/P 144A 04.7590 10/15/2045 0.14%
LNSTR 2015-3 C P/P 144A 03.3453 04/20/2048 0.14%
MLMT 2004-KEY2 D 05.0460 08/12/2039 0.14%
UBSBB 2012-C2 D P/P 144A 04.8980 05/10/2063 0.14%
VOLT 2017-NPL8 A1 P/P 144A 03.1250 06/25/2047 0.14%
WFRBS 2011-C4 E P/P 144A 05.4143 06/15/2044 0.14%
FNR 2012-36 SN IO 05.2339 04/25/2042 0.13%
GSMS 2014-GC18 D P/P 144A 04.9445 01/10/2047 0.13%
HARTFORD FINL SVCS GRP 08.1250 06/15/2038 0.13%
JPMBB 2013-C17 AS 04.4584 01/15/2047 0.13%
SASC 2006-AM1 A4 01.3761 04/25/2036 0.13%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CS 0.12%
GOLDMAN SACHS GROUP INC 02.3750 01/22/2018 0.12%
LBUBS 2006-C6 AJ 05.4520 09/15/2039 0.12%
MSC 2007-HQ11 AJ 05.5080 02/12/2044 0.12%
WBCMT 2005-C21 D 05.4679 10/15/2044 0.12%
WFRBS 2011-C2 D P/P 144A 05.7880 02/15/2044 0.12%
WFRBS 2013-C11 AS 03.3110 03/15/2045 0.12%
ARGENTINE REPUBLIC USD 07.6250 04/22/2046 0.11%
CAS 2016-C05 2M1 02.5661 01/25/2029 0.11%
FNR 2011-4 CS 10.4678 05/25/2040 0.11%
SANTANDER ISSUANCES USD 05.1790 11/19/2025 0.11%
SOUTHERN COPPER CORP USD 05.8750 04/23/2045 0.11%
STACR 2015-DNA2 M2 03.8161 12/25/2027 0.11%
WFRBS 2014-C19 C 04.6460 03/15/2047 0.11%
CWHL 2005-3 1A1 01.8361 04/25/2035 0.10%
FNR 2003-43 YA 04.0000 03/25/2033 0.10%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.10%
UNITEDHEALTH GROUP INC 06.0000 02/15/2018 0.10%
1.90 R ISWP FWD USL3M P 09/20/2022 0.09%
AMERICAN EXPRESS CO 06.1500 08/28/2017 0.09%
CAS 2015-C04 1M2 06.9161 04/25/2028 0.09%
FNR 2005-75 GS 16.6017 08/25/2035 0.09%
JPMCC 2012-LC9 D P/P 144A 04.5352 12/15/2047 0.09%
MLMI 2005-A2 A2 02.9811 02/25/2035 0.09%
ANHEUSER-BUSCH INBEV FIN 01.2500 01/17/2018 0.08%
BACM 2007-3 AJ 05.6762 06/10/2049 0.08%
STACR 2015-HQ1 M2 03.4161 03/25/2025 0.08%
FHR 3609 LK 02.0000 12/15/2024 0.07%
GNR 2014-163 NI IO 05.0000 02/20/2044 0.07%
GSMS 2014-GC24 XA IO 00.8465 09/10/2047 0.07%
JPMORGAN CHASE & CO 03.8750 09/10/2024 0.07%
MRAFT 2016-4 A1 02.4244 05/10/2019 0.07%
SELECT INCOME REIT 02.8500 02/01/2018 0.07%
SELECT INCOME REIT 03.6000 02/01/2020 0.07%
TRY/USD 09/20/2017 RBSF 0.07%
TURKEY GOVERNMENT BOND TRY 11.0000 03/02/2022 0.07%
AUTONATION INC. 05.5000 02/01/2020 0.06%
GNR 2010-151 KO PO 00.0000 06/16/2037 0.06%
MRAFT 2016-2 A 02.5244 03/10/2019 0.06%
BACM 2006-4 AJ 05.6950 07/10/2046 0.05%
COMM 2006-C8 AJ 05.3770 12/10/2046 0.05%
PETROBRAS GLOBAL FINANCE USD 06.2500 03/17/2024 0.05%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.05%
TREASURY BILL 00.0000 07/06/2017 0.05%
TREASURY BILL 00.0000 08/10/2017 0.05%
TREASURY BILL 00.0000 08/24/2017 0.05%
2.20 R ISWP FWD USL3M P 09/20/2027 0.04%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS 0.04%
CONTL AIRLINES 1997-4 06.9000 01/02/2018 0.04%
FNR 2010-81 AP 02.5000 07/25/2040 0.04%
GSMS 2013-GC12 C 04.1790 06/10/2046 0.04%
TREASURY BILL 00.0000 07/13/2017 0.04%
CAS 2015-C04 2M2 06.7661 04/25/2028 0.03%
CSFB 1998-C1 F P/P 144A 06.0000 05/17/2040 0.03%
PETROBRAS GLOBAL FINANCE USD 06.1250 01/17/2022 0.03%
STACR 2014-HQ3 M2 03.8661 10/25/2024 0.03%
SWPTN 5YX30Y R 2.8325 USD 02/15/2022 JP 0.03%
US TREASURY N/B 02.0000 09/30/2020 0.03%
WFRBS 2013-C12 XA IO P/P 144A 01.5119 03/15/2048 0.03%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CS 0.02%
FEDEX 2012 TRUST P/P 144A 02.6250 01/15/2018 0.02%
FHR 3724 CM 05.5000 06/15/2037 0.02%
FNR 2004-2 QL 04.0000 02/25/2019 0.02%
FNW 1998-W2 X IO 00.0492 06/25/2028 0.02%
JPMCC 2007-CB20 AJ 06.2104 02/12/2051 0.02%
LBUBS 2006-C6 B 05.4720 09/15/2039 0.02%
SWPTN 10YX20Y P 2.785 USD 01/25/2027 BA 0.02%
SWPTN 10YX20Y R 2.785 USD 01/25/2027 BA 0.02%
SWPTN 1MX10Y P 2.124 USD 07/14/2017 CI 0.02%
SWPTN 5YX30Y P 2.8325 USD 02/15/2022 JP 0.02%
SWPTN LIABILITY 2YX28Y P 2.7175 USD 01/24/2019 BA 0.02%
SWPTN LIABILITY 2YX28Y R 2.7175 USD 01/24/2019 BA 0.02%
SWPTN LIABILITY 2YX30Y P 2.79 USD 02/15/2019 JP 0.02%
SWPTN LIABILITY 2YX30Y R 2.79 USD 02/15/2019 JP 0.02%
2.15 R ISWP FWD USL3M P 06/27/2027 0.01%
2.1965 R ISWP USL3M P 06/30/2027 0.01%
2.45 R ISWP FWD USL3M P 09/20/2047 0.01%
CAS 2015-C03 2M2 06.2161 07/25/2025 0.01%
CAS 2016-C06 1M2 05.4661 04/25/2029 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.01%
FHR 2976 LC 20.1707 05/15/2035 0.01%
FHR 3539 PM 04.5000 05/15/2037 0.01%
FHR 3876 CA 02.7500 06/15/2026 0.01%
FNR 2005-68 PC 05.5000 07/25/2035 0.01%
FNR 2010-155 A 03.5000 09/25/2025 0.01%
FNR 2011-60 PA 04.0000 10/25/2039 0.01%
GNR 2009-32 AB 04.0000 05/16/2039 0.01%
HESS CORP 07.3000 08/15/2031 0.01%
MLCFC 2006-4 XC IO P/P 144A 00.6339 12/12/2049 0.01%
STACR 2014-DN3 M2 03.6161 08/25/2024 0.01%
SWPTN 13WX20Y R 2.525 USD 08/14/2017 GS 0.01%
SWPTN 2MX10Y P 2.33 USD 08/30/2017 GS 0.01%
SWPTN 2YX30Y P 2.518 USD 05/17/2019 CI 0.01%
SWPTN 2YX5Y P 2.203 USD 06/03/2019 BA 0.01%
SWPTN 2YX5Y P 2.205 USD 06/03/2019 BC 0.01%
SWPTN 2YX5Y R 2.203 USD 06/03/2019 BA 0.01%
SWPTN 2YX5Y R 2.205 USD 06/03/2019 BC 0.01%
SWPTN 2YX8Y R 2.5925 USD 01/24/2019 BA 0.01%
SWPTN 5WX30Y P 2.488 USD 07/21/2017 CI 0.01%
SWPTN 5WX30Y P 2.506 USD 07/21/2017 CI 0.01%
SWPTN 6MX10Y R 2.25 USD 09/11/2017 CI 0.01%
SWPTN 6MX5Y P 1.896 USD 12/07/2017 CI 0.01%
SWPTN 6MX5Y P 1.975 USD 11/22/2017 CI 0.01%
SWPTN 6MX5Y P 2.57 USD 11/22/2017 CI 0.01%
SWPTN 7YX5Y P 2.647 USD 06/03/2024 BA 0.01%
SWPTN 7YX5Y P 2.654 USD 06/03/2024 CI 0.01%
SWPTN 7YX5Y R 2.647 USD 06/03/2024 BA 0.01%
SWPTN 7YX5Y R 2.654 USD 06/03/2024 CI 0.01%
SWPTN LIABILITY 2MX10Y P 2.46 USD 08/30/2017 GS 0.01%
SWPTN LIABILITY 2YX10Y P 2.413 USD 06/03/2019 BA 0.01%
SWPTN LIABILITY 2YX10Y P 2.42 USD 06/03/2019 CI 0.01%
SWPTN LIABILITY 2YX10Y R 2.413 USD 06/03/2019 BA 0.01%
SWPTN LIABILITY 2YX10Y R 2.42 USD 06/03/2019 CI 0.01%
1.60431 R ISWP USL3M P 07/05/2019 0.00%
1.6076 R ISWP USL3M P 07/05/2019 0.00%
2.18 R ISWP FWD USL3M P 07/13/2027 0.00%
BACM 2004-4 XC IO P/P 144A 00.0164 07/10/2042 0.00%
BACM 2007-1 XW IO 00.4118 01/15/2049 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 JP 0.00%
CMB CMBX.NA.A.7 2047-01-17 200.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 BA 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.00%
CONTL AIRLINES 1998-1 06.6480 09/15/2017 0.00%
CPURNSA P 2.05 R 07/05/27 BC 0.00%
CPURNSA P 2.085 R 07/03/27 BC 0.00%
CPURNSA R 1.89 P 07/05/22 BC 0.00%
CPURNSA R 1.9225 P 07/03/22 BC 0.00%
CSFB 2003-C3 AX IO P/P 144A 02.2518 05/15/2038 0.00%
FHLMC FH15G E01203 06.0000 09/01/2017 0.00%
FHLMC FH15G E01425 04.5000 08/01/2018 0.00%
FHLMC FH15OT M30301 04.5000 10/01/2018 0.00%
FHR 2513 DB 05.0000 10/15/2017 0.00%
FHR 2533 HB 05.5000 12/15/2017 0.00%
FHR 3805 AK 03.5000 04/15/2024 0.00%
FNMA FN10 257370 06.0000 09/01/2018 0.00%
FNMA FN15 725993 06.0000 09/01/2019 0.00%
FNR 2009-100 PA 04.5000 04/25/2039 0.00%
FNW 1998-W5 X IO 00.3167 07/25/2028 0.00%
FSPC T-48 AIO2 IO 00.2120 07/25/2033 0.00%
FSPC T-59 1AX IO 00.2724 10/25/2043 0.00%
FSPC T-8 A9 IO 00.4414 11/15/2028 0.00%
GECMC 2005-C3 XC IO P/P 144A 00.0734 07/10/2045 0.00%
GSMPS 1998-2 IO IO 01.0041 05/19/2027 0.00%
GSMPS 1998-3 IO IO 00.0000 09/19/2027 0.00%
GSMPS 1998-4 IO IO 00.0000 12/19/2026 0.00%
GSMPS 1999-2 IO IO 00.8396 09/19/2027 0.00%
JPMCC 2004-LN2 A2 05.1150 07/15/2041 0.00%
LBUBS 2007-C2 XW IO 00.4577 02/15/2040 0.00%
MLMT 2005-MCP1 XC IO P/P 144A 00.0050 06/12/2043 0.00%
SWPTN 10YX20Y P 2.8175 USD 03/23/2027 GS 0.00%
SWPTN 10YX20Y R 2.8175 USD 03/23/2027 GS 0.00%
SWPTN 13WX10Y R 2.31 USD 08/14/2017 GS 0.00%
SWPTN 13WX10Y R 2.805 USD 08/14/2017 GS 0.00%
SWPTN 1MX10Y P 2.291 USD 07/10/2017 CI 0.00%
SWPTN 1MX10Y P 2.4175 USD 07/27/2017 CI 0.00%
SWPTN 1MX10Y P 2.491 USD 07/10/2017 CI 0.00%
SWPTN 1MX10Y R 1.891 USD 07/10/2017 CI 0.00%
SWPTN 1MX10Y R 1.9275 USD 07/27/2017 CI 0.00%
SWPTN 1MX10Y R 2.06375 USD 07/21/2017 CS 0.00%
SWPTN 1MX10Y R 2.08475 USD 07/10/2017 CI 0.00%
SWPTN 1MX10Y R 2.15375 USD 07/21/2017 CS 0.00%
SWPTN 1MX1Y R 1.44 USD 07/19/2017 GS 0.00%
SWPTN 1MX1Y R 1.446 USD 07/19/2017 CS 0.00%
SWPTN 1MX1Y R 1.8225 USD 07/19/2017 CS 0.00%
SWPTN 1MX1Y R 1.9245 USD 07/19/2017 GS 0.00%
SWPTN 2MX10Y P 2.325 USD 07/25/2017 CS 0.00%
SWPTN 2MX10Y P 2.465 USD 07/25/2017 CS 0.00%
SWPTN 2MX10Y P 2.5975 USD 08/30/2017 GS 0.00%
SWPTN 2MX10Y P 2.7225 USD 07/25/2017 CS 0.00%
SWPTN 2YX3Y P 2.43 USD 02/15/2019 BC 0.00%
SWPTN 2YX3Y R 2.43 USD 02/15/2019 BC 0.00%
SWPTN 2YX8Y P 2.5925 USD 01/24/2019 BA 0.00%
SWPTN 3MX10Y R 1.799 USD 07/18/2017 JP 0.00%
SWPTN 3MX10Y R 1.999 USD 07/18/2017 JP 0.00%
SWPTN 3MX10Y R 2.3724 USD 08/11/2017 CS 0.00%
SWPTN 3MX10Y R 2.8472 USD 08/11/2017 CS 0.00%
SWPTN 3MX1Y R 1.674 USD 07/06/2017 GS 0.00%
SWPTN 3MX1Y R 1.779 USD 07/06/2017 GS 0.00%
SWPTN 3MX1Y R 1.884 USD 07/06/2017 GS 0.00%
SWPTN 3MX2Y P 1.563 USD 09/06/2017 GS 0.00%
SWPTN 3MX2Y P 2.214 USD 08/02/2017 BA 0.00%
SWPTN 3MX2Y P 2.234 USD 08/02/2017 GS 0.00%
SWPTN 3MX2Y P 2.404 USD 08/02/2017 BA 0.00%
SWPTN 3MX2Y P 2.419 USD 08/02/2017 GS 0.00%
SWPTN 3MX2Y R 1.563 USD 09/06/2017 GS 0.00%
SWPTN 3MX5Y P 1.83 USD 09/06/2017 GS 0.00%
SWPTN 3MX5Y R 1.83 USD 09/06/2017 GS 0.00%
SWPTN 5WX10Y R 2.132 USD 07/21/2017 CI 0.00%
SWPTN 5WX10Y R 2.152 USD 07/21/2017 CI 0.00%
SWPTN 5WX30Y R 2.326 USD 07/21/2017 CI 0.00%
SWPTN 5WX30Y R 2.34 USD 07/21/2017 CI 0.00%
SWPTN 6MX10Y P 2.534 USD 10/18/2017 JP 0.00%
SWPTN 6MX10Y P 2.81025 USD 10/18/2017 JP 0.00%
SWPTN 6MX1Y P 1.495 USD 07/05/2017 BA 0.00%
SWPTN 6MX1Y R 1.495 USD 07/05/2017 BA 0.00%
SWPTN 6MX1Y R 1.6125 USD 08/10/2017 CI 0.00%
SWPTN 6MX1Y R 2.0625 USD 08/10/2017 CI 0.00%
SWPTN 6MX2Y R 1.642 USD 12/07/2017 CI 0.00%
SWPTN 6MX3Y P 2.082 USD 07/05/2017 BA 0.00%
SWPTN 6MX3Y R 1.728 USD 07/05/2017 BA 0.00%
SWPTN 6MX5Y R 1.896 USD 12/07/2017 CI 0.00%
SWPTN 6MX5Y R 1.975 USD 11/22/2017 CI 0.00%
SWPTN 6MX5Y R 2.57 USD 11/22/2017 CI 0.00%
SWPTN LIABILITY 10YX20Y P 2.8175 USD 03/23/2027 GS 0.00%
SWPTN LIABILITY 10YX20Y R 2.8175 USD 03/23/2027 GS 0.00%
SWPTN LIABILITY 2MX10Y P 2.5975 USD 08/30/2017 GS 0.00%
SWPTN LIABILITY 2YX3Y P 2.43 USD 02/15/2019 BC 0.00%
SWPTN LIABILITY 2YX3Y R 2.43 USD 02/15/2019 BC 0.00%
WBCMT 2006-C29 IO IO 00.4944 11/15/2048 0.00%
WBCMT 2007-C31 IO IO P/P 144A 00.2668 04/15/2047 0.00%
1.70 R ISWP FWD USL3M P 09/20/2019 -0.01%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS -0.01%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS -0.01%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 JP -0.01%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 JP -0.01%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 BA -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 BA -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 BA -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
SWPTN 2MX10Y P 2.46 USD 08/30/2017 GS -0.01%
SWPTN 2WX10Y P 2.18 USD 07/11/2017 BA -0.01%
SWPTN 2YX10Y P 2.413 USD 06/03/2019 BA -0.01%
SWPTN 2YX10Y P 2.42 USD 06/03/2019 CI -0.01%
SWPTN 2YX10Y R 2.413 USD 06/03/2019 BA -0.01%
SWPTN 2YX10Y R 2.42 USD 06/03/2019 CI -0.01%
SWPTN 2YX28Y P 2.7175 USD 01/24/2019 BA -0.01%
SWPTN 2YX30Y P 2.79 USD 02/15/2019 JP -0.01%
SWPTN 3MX20Y R 2.5816 USD 08/11/2017 CS -0.01%
SWPTN 5WX10Y P 2.132 USD 07/21/2017 CI -0.01%
SWPTN 5WX10Y P 2.152 USD 07/21/2017 CI -0.01%
SWPTN 6MX10Y P 2.257 USD 11/22/2017 CI -0.01%
SWPTN 6MX10Y R 2.257 USD 11/22/2017 CI -0.01%
SWPTN 6MX2Y P 1.642 USD 12/07/2017 CI -0.01%
SWPTN LIABILITY 2MX10Y P 2.33 USD 08/30/2017 GS -0.01%
SWPTN LIABILITY 2YX5Y P 2.203 USD 06/03/2019 BA -0.01%
SWPTN LIABILITY 2YX5Y P 2.205 USD 06/03/2019 BC -0.01%
SWPTN LIABILITY 2YX5Y R 2.203 USD 06/03/2019 BA -0.01%
SWPTN LIABILITY 2YX5Y R 2.205 USD 06/03/2019 BC -0.01%
SWPTN LIABILITY 2YX8Y P 2.5925 USD 01/24/2019 BA -0.01%
SWPTN LIABILITY 2YX8Y R 2.5925 USD 01/24/2019 BA -0.01%
SWPTN LIABILITY 7YX5Y P 2.647 USD 06/03/2024 BA -0.01%
SWPTN LIABILITY 7YX5Y P 2.654 USD 06/03/2024 CI -0.01%
SWPTN LIABILITY 7YX5Y R 2.647 USD 06/03/2024 BA -0.01%
SWPTN LIABILITY 7YX5Y R 2.654 USD 06/03/2024 CI -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
SWPTN 1MX10Y P 2.204 USD 07/14/2017 CI -0.02%
SWPTN 2YX28Y R 2.7175 USD 01/24/2019 BA -0.02%
SWPTN 2YX30Y R 2.79 USD 02/15/2019 JP -0.02%
SWPTN 2YX5Y P 2.208 USD 05/17/2019 CI -0.02%
SWPTN LIABILITY 10YX20Y P 2.785 USD 01/25/2027 BA -0.02%
SWPTN LIABILITY 10YX20Y R 2.785 USD 01/25/2027 BA -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.03%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS -0.03%
SWPTN LIABILITY 5YX30Y P 2.8325 USD 02/15/2022 JP -0.03%
SWPTN LIABILITY 5YX30Y R 2.8325 USD 02/15/2022 JP -0.03%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.04%
TRY/USD 09/20/2017 RBSF -0.07%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.08%
FLR USL3M 6.00 03/07/2018 JP -0.29%
FNMA FN30 TBA 03.0000 07/01/2047 -1.51%

Prior top 10 holdings

Top 10 holdings as of 09/30/17
Net cash
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Altria Group 02.6250 01/14/2020
Russian Federation P/P 144a 05.6250 04/04/2042
Cwalt 2006-Oa10 4a1 01.4272 08/25/2046
Cwalt 2006-Oa7 1a2 01.8291 06/25/2046
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Lnstr 2015-3 B P/P 144a 03.3278 04/20/2048
Petroleos Mexicanos Usd 05.5000 01/21/2021
Mraft 2016-5 A 02.4050 06/10/2019
Holdings represent 40.48% of portfolio
Top 10 holdings as of 08/31/17
Net cash
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Fnma Fn30 Tba 04.5000 09/01/2047
Cwalt 2006-Oa10 4a1 01.4244 08/25/2046
Cwalt 2006-Oa7 1a2 01.7699 06/25/2046
Altria Group 02.6250 01/14/2020
Russian Federation P/P 144a 05.6250 04/04/2042
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Lnstr 2015-3 B P/P 144a 03.3398 04/20/2048
Petroleos Mexicanos Usd 05.5000 01/21/2021
Holdings represent 38.83% of portfolio
Top 10 holdings as of 07/31/17
Net cash
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Fnma Fn30 Tba 04.5000 09/01/2047
Cwalt 2006-Oa10 4a1 01.4222 08/25/2046
Fnma Fn30 Tba 03.5000 09/01/2047
Cwalt 2006-Oa7 1a2 01.7159 06/25/2046
Altria Group 02.6250 01/14/2020
Russian Federation P/P 144a 05.6250 04/04/2042
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Lnstr 2015-3 B P/P 144a 03.1976 04/20/2048
Holdings represent 38.73% of portfolio
Top 10 holdings as of 06/30/17
Net cash
Fnma Fn30 Tba 03.5000 08/01/2047
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Fnma Fn30 Tba 04.5000 07/01/2047
Cwalt 2006-Oa10 4a1 01.4061 08/25/2046
Cwalt 2006-Oa7 1a2 01.6716 06/25/2046
Russian Federation P/P 144a 05.6250 04/04/2042
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Petroleos Mexicanos Usd 05.5000 01/21/2021
Royal Bk Scotlnd Usd 04.7000 07/03/2018
Holdings represent 42.09% of portfolio

Portfolio composition as of 09/30/17

Investment-grade corporate bonds 36.49%
Net cash 32.70%
Commercial MBS 19.28%
Residential MBS (non-agency) 5.81%
Emerging-market bonds 4.74%
Agency pass-through 3.00%
Agency CMO 2.91%
Asset-backed securities (ABS) 1.30%
High-yield corporate bonds 0.10%
U.S. Treasury/agency 0.03%

Fixed income statistics as of 09/30/17

Average effective maturity 2.99 yrs.
Average effective duration 0.12 yrs.
Average yield to maturity 2.51%
Average coupon 2.59%
Average price $79.50

Maturity detail as of 09/30/17

0 - 1 yr. 38.50%
1 - 5 yrs. 43.64%
5 - 10 yrs. 15.30%
10 - 15 yrs. 0.67%
Over 15 yrs. 1.89%

Quality rating as of 09/30/17

AAA 13.80%
AA 9.65%
A 37.48%
BBB 18.11%
BB 3.61%
B 1.86%
CCC and Below 3.08%
Not Rated 12.41%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. 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. Unlike bonds, funds that invest in bonds have fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. The fund may not achieve its goal, and it is not intended to be a complete investment program. 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. The fund's effort to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. The fund's effort to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. You can lose money by investing in the fund. The fund's prospectus lists additional risks.

Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in their closest long-term equivalent rating category. To be announced (TBA) mortgage commitments, if any, are included based on their issuer ratings. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. Derivative offset values are included in the not-rated category and may result in negative weights. The fund itself has not been rated by an independent rating agency.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 0.63% 0.83% 1.38% 0.68% 0.88% 0.38% 0.38%
What you pay 0.63% 0.83% 1.38% 0.68% 0.88% 0.38% 0.38%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class R6 Class Y
$0-$49,999 1.00% / 1.00% 0.00% / 1.00% 0.00% / 1.00% 0.75% / 0.75% -- -- --
$50,000-$99,999 1.00% / 1.00% 0.00% / 1.00% 0.00% / 1.00% 0.75% / 0.75% -- -- --
$100,000-$249,999 1.00% / 1.00% -- 0.00% / 1.00% 0.75% / 0.75% -- -- --
$250,000-$499,999 1.00% / 1.00% -- 0.00% / 1.00% 0.75% / 0.75% -- -- --
$500,000-$999,999 0.00% / 1.00% -- -- -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class R Class R6 Class Y
0 to 9 mts. 1.00% 1.00% 1.00% -- -- -- --
9 to 12 mts. 0.00% 1.00% 1.00% -- -- -- --
2 yrs. -- 0.50% 0.00% -- -- -- --
3 yrs. -- -- 0.00% -- -- -- --
4 yrs. -- -- 0.00% -- -- -- --
5 yrs. -- -- 0.00% -- -- -- --
6 yrs. -- -- 0.00% -- -- -- --
7+ yrs. -- -- 0.00% -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R6 Class Y
  0.25% 0.25% 1.00% 0.30% 0.50% 0.00% 0.00%
  NA NA NA NA NA NA NA
  NA NA NA NA NA NA NA

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The BofA Merrill Lynch U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.

Each fund seeks to earn a positive total return that exceeds the rate of inflation by a targeted amount over a reasonable period of time regardless of market conditions. There can be no assurance that a fund will meet its objective. The fund is not intended to outperform stocks and bonds during strong market rallies. Consult your financial advisor to determine which fund fits into your investment goals and time horizon.

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. 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. Unlike bonds, funds that invest in bonds have fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. The fund may not achieve its goal, and it is not intended to be a complete investment program. 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. The fund's effort to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. The fund's effort to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. You can lose money by investing in the fund. The fund's prospectus lists additional risks.

Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in their closest long-term equivalent rating category. To be announced (TBA) mortgage commitments, if any, are included based on their issuer ratings. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. Cash is also shown in the not-rated category. Derivative offset values are included in the not-rated category and may result in negative weights. The fund itself has not been rated by an independent rating agency.