Absolute Return 100 Fund (Class Y)  (PARYX)

Seeking positive results balanced with lower volatility over time


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Highlights

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.

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.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $10.08
0.00% | $0.00
$10.21
12/11/17
$9.96
12/26/17
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.

1.84%

Best 5-year annualized return

(for period ending 03/31/14)


0.42%

Worst 5-year annualized return

(for period ending 03/31/16)


1.36%

Average 5-year annualized return


Fund facts as of 04/30/18

Total net assets
$143.80M
Turnover (fiscal year end)
256%
Dividend frequency
Annually
Number of holdings
516
Fiscal year-end
October
CUSIP / Fund code
746764380 / 1863
Inception date
12/23/08
Category
Absolute Return
Open to new investors
Ticker
PARYX

Management team

Chief Investment Officer, Fixed Income
Portfolio Manager
Co-Head of Fixed Income
Co-Head of Fixed Income


Literature


Don’t underestimate this economy
Despite worrisome headlines about the economy, recent data show only a modest loss of momentum.
The fixed-income risks that we favor
We see more attractive fixed income risks outside of interest rates, in part because U.S. economic growth may warrant more rate hikes by the Fed.
A surprising shortage in housing
Home construction is falling behind the pace of new household formation, creating an imbalance between housing supply and demand.

Performance

  • Total return (%) as of 03/31/18

  • Annual performance as of 03/31/18

Annualized Total return (%) as of 03/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 12/23/08 )
Before sales charge 2.54% 2.01% 1.70% 1.76%
After sales charge N/A N/A N/A N/A
ICE BofAML U.S. Treasury Bill Index 1.04% 0.53% 0.35% --

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, 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, Putnam Fixed Income Absolute Return 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, Putnam Fixed Income Absolute Return 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, 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. 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 04/30/18 0.20 % -
YTD as of 05/25/18 1.10 % -

Volatility as of 04/30/18

Standard deviation (3 yrs.) 1.36%

Morningstar ratings as of 04/30/18

Nontraditional Bond Rating Funds in category
Overall (264)
3 yrs. (264)
5 yrs. (159)

Distributions

Record/Ex dividend date 12/19/17
Payable date 12/21/17
Income $0.253
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.


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


Holdings

Top 10 holdings as of 04/30/18

Net cash 11.77%
Fnma Fn30 Tba 03.0000 05/01/2048 4.70%
Gnma Gii30 Tba 04.5000 05/01/2048 2.16%
Spst 2018-1 A 02.4747 04/24/2019 2.07%
Kkr Group Finance P/P 144a 06.3750 09/29/2020 1.48%
Altria Group 02.6250 01/14/2020 1.33%
Cwalt 2006-Oa10 4a1 02.0871 08/25/2046 1.14%
Skandinaviska Enskilda Usd 02.3000 03/11/2020 1.13%
Lnstr 2015-3 B P/P 144a 03.2536 04/20/2048 1.10%
Petroleos Mexicanos Usd 05.5000 01/21/2021 1.10%
Top 10 holdings, percent of portfolio 27.98%

Full portfolio holdings as of 03/31/18

FNMA FN30 TBA 03.0000 04/01/2048 3.57%
SPST 2018-1 A 02.4747 04/24/2019 1.55%
TREASURY BILL 00.0000 04/19/2018 1.36%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 1.11%
GNMA GII30 TBA 04.5000 05/01/2048 1.09%
ALTRIA GROUP INC 02.6250 01/14/2020 1.00%
CWALT 2006-OA10 4A1 02.0615 08/25/2046 0.86%
SKANDINAVISKA ENSKILDA USD 02.3000 03/11/2020 0.85%
LNSTR 2015-3 B P/P 144A 03.1119 04/20/2048 0.84%
PETROLEOS MEXICANOS USD 05.5000 01/21/2021 0.82%
ROYAL BK SCOTLND USD 04.7000 07/03/2018 0.81%
ANZ NEW ZEALAND INTL P/P 144A 02.7452 01/25/2022 0.80%
CWALT 2006-OA7 1A2 02.2225 06/25/2046 0.80%
GOLDMAN SACHS GROUP INC 03.0088 11/15/2021 0.80%
MORGAN STANLEY 02.9247 01/20/2022 0.80%
NATIONAL AUSTRALIA BK/NY 02.8000 01/10/2022 0.78%
WESTPAC BANKING CORP USD 02.1500 03/06/2020 0.77%
APPLE INC 02.1000 05/06/2019 0.73%
HBOS PLC P/P 144A 06.7500 05/21/2018 0.73%
SOUTHERN CO 02.3500 07/01/2021 0.73%
AIR LEASE CORP 02.6250 09/04/2018 0.72%
CAS 2015-C04 2M2 07.4215 04/25/2028 0.69%
PETROLEOS MEXICANOS USD 06.5000 03/13/2027 0.68%
RUSSIAN FEDERATION P/P 144A 12.7500 06/24/2028 0.67%
ANHEUSER-BUSCH INBEV FIN 01.9000 02/01/2019 0.66%
CBS CORP 1248C3DH4 DCP 04/17/2018 0.65%
METLIFE INC. 04.7500 02/08/2021 0.65%
SIEMENS FINANCIERING P/P 144A 02.2000 03/16/2020 0.65%
MSRR 2015-R4 CB1 00.5977 08/26/2047 0.64%
WFRBS 2011-C4 D P/P 144A 05.2395 06/15/2044 0.62%
UNITED TECHNOLOGIES CORP 01.9000 05/04/2020 0.61%
ABN AMRO BANK NV P/P 144A 02.3741 01/18/2019 0.59%
COMMONWEALTH BK AUST P/P 144A 02.2000 11/09/2020 0.59%
ORACLE CORPORATION 02.2500 10/08/2019 0.58%
CVS HEALTH CORP 04.7500 12/01/2022 0.57%
GEORGIA-PACIFIC LLC P/P 144A 05.4000 11/01/2020 0.56%
CREDIT SUISSE NEW YORK 05.4000 01/14/2020 0.55%
FNMA FN30 TBA 04.0000 04/01/2048 0.54%
GNMA GII30 TBA 04.0000 05/01/2048 0.54%
GNMA GII30 TBA 04.5000 04/01/2048 0.54%
THE BOEING COMPANY 08.7500 08/15/2021 0.54%
AT&T INC P/P 144A 04.3000 02/15/2030 0.53%
GENERAL MOTORS FINL CO 03.1000 01/15/2019 0.53%
KRAFT HEINZ FOODS CO 02.6305 08/10/2022 0.53%
PHILLIPS 66 P/P 144A 02.4715 04/15/2020 0.53%
S&P GLOBAL INC 03.3000 08/14/2020 0.53%
VERIZON COMMUNICATIONS 02.2088 08/15/2019 0.53%
WELLS FARGO & COMPANY 02.6000 07/22/2020 0.53%
AMEREN ILLINOIS CO 02361LDB5 DCP 04/11/2018 0.52%
AMERICAN ELECTRIC POWER CO IN 0255E3D47 DCP 04/04/2018 0.52%
ATLANTIC ASSET SECURITIZATION 04821UEA6 DCP 05/10/2018 0.52%
AUTONATION INC 05330NCV9 DCP 03/29/2018 0.52%
AUTONATION INC 05330ND22 DCP 04/02/2018 0.52%
AUTOZONE INC 05333UD56 DCP 04/05/2018 0.52%
AVERY DENNISON CORP 05361MDG5 DCP 04/16/2018 0.52%
AXA FINANCIAL INC 05454KDJ1 DCP 04/18/2018 0.52%
BAT INTERNATIONAL FINANCE PLC 05531ND45 DCP 04/04/2018 0.52%
BERKSHIRE HATHAWAY ENERGY CO 08465SDP1 DCP 04/23/2018 0.52%
BOSTON SCIENTIFIC CORP 10114BDC8 DCP 04/12/2018 0.52%
BRDCOM CRP / FIN 03.0000 01/15/2022 0.52%
CENTERPOINT ENERGY INC 1518T3D25 DCP 04/02/2018 0.52%
CHARIOT FUNDING LLC 15963UFN1 DCP 06/22/2018 0.52%
CHURCH & DWIGHT CO INC 17133XD24 DCP 04/02/2018 0.52%
DIAGEO CAPITAL PLC 2524H5FC6 DCP 06/12/2018 0.52%
DOMINION ENERGY GAS HOLDINGS 25737MDG0 DCP 04/16/2018 0.52%
DUKE ENERGY CORP 26244JD55 DCP 04/05/2018 0.52%
ENBRIDGE ENERGY PARTNERS LP 2925A3DC9 DCP 04/12/2018 0.52%
ENERGY TRANSFER LP 29277FCV1 DCP 03/29/2018 0.52%
ENERGY TRANSFER LP 29277FD24 DCP 04/02/2018 0.52%
EXPORT DEVELOPMENT CANADA 30215HD31 DCP 04/03/2018 0.52%
FLORIDA POWER & LIGHT CO 34108BEH4 DCP 05/17/2018 0.52%
HEWLETT PACKARD ENTERPRISE CO 42824GD49 DCP 04/04/2018 0.52%
HSBC USA INC 02.0000 08/07/2018 0.52%
HUMANA INC 44486JDL0 DCP 04/20/2018 0.52%
INTERNATIONAL FLAVORS & FRAGR 4595A3CV7 DCP 03/29/2018 0.52%
INTERPUBLIC GROUP OF COS INC/ 46070QD23 DCP 04/02/2018 0.52%
JPMORGAN CHASE & CO 02.2500 01/23/2020 0.52%
KINDER MORGAN INC/DE 49455MCV8 DCP 03/29/2018 0.52%
KINDER MORGAN INC/DE 49455MD21 DCP 04/02/2018 0.52%
MARRIOTT INTERNATIONAL INC/MD 57163UDD5 DCP 04/13/2018 0.52%
MARSH & MCLENNAN COS INC 02.7500 01/30/2022 0.52%
MONDELEZ INTL P/P 144A 01.6250 10/28/2019 0.52%
MOODY'S CORPORATION 02.7500 12/15/2021 0.52%
NATIONAL GRID USA 6362P3DS0 DCP 04/26/2018 0.52%
NISOURCE FINANCE CORP 65478KDA6 DCP 04/10/2018 0.52%
ROCKWELL COLLINS INC 01.9500 07/15/2019 0.52%
SOCIETE GENERALE SA 83369CEX8 DCP 05/31/2018 0.52%
SOUTHERN CO/THE 84262MD96 DCP 04/09/2018 0.52%
SUNCOR ENERGY INC 86723BDL1 DCP 04/20/2018 0.52%
TRANSCANADA PIPELINES LTD 89355QDW3 DCP 04/30/2018 0.52%
TYCO INTERNATIONAL HOLDING SA 90220MCV6 DCP 03/29/2018 0.52%
TYSON FOODS INC 90247NDP5 DCP 04/23/2018 0.52%
UDR INC 90352QD46 DCP 04/04/2018 0.52%
WASTE MANAGEMENT INC 94107NDK7 DCP 04/19/2018 0.52%
WESTERN UNION CO/THE 95980HD29 DCP 04/02/2018 0.52%
MICROSOFT CORP 01.5500 08/08/2021 0.50%
PETROBRAS GLOBAL FINANCE USD 06.2500 03/17/2024 0.49%
GE CAP INTL FUNDING USD 02.3420 11/15/2020 0.48%
WAMU 2005-AR17 A1B2 02.2815 12/25/2045 0.48%
BF0101 03.5000 06/01/2056 0.47%
DBUBS 2011-LC3A D P/P 144A 05.3414 08/10/2044 0.47%
STACR 2015-DNA3 M2 04.7215 04/25/2028 0.47%
FHR 3835 FO PO 00.0000 04/15/2041 0.46%
GNR 2013-23 IK IO 03.0000 09/20/2037 0.45%
WFCM 2013-LC12 C 04.2909 07/15/2046 0.44%
JPMCC 2012-C6 E P/P 144A 05.1367 05/15/2045 0.42%
WFCM 2013-LC12 D P/P 144A 04.2909 07/15/2046 0.42%
MET LIFE GLOB FUND P/P 144A 03.0000 01/10/2023 0.41%
RUSSIAN FEDERATION P/P 144A 04.3750 03/21/2029 0.41%
SPST 2017-LD1 A 02.6715 11/25/2050 0.41%
BIOGEN INC 03.6250 09/15/2022 0.39%
MSBAM 2013-C7 XA IO 01.3884 02/15/2046 0.38%
ROYAL BANK OF CANADA USD 02.1250 03/02/2020 0.38%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.38%
GSMS 2014-GC18 C 04.9444 01/10/2047 0.37%
UBSBB 2012-C2 XA IO P/P 144A 01.3400 05/10/2063 0.37%
VIACOM INC 9255M3CV0 DCP 03/29/2018 0.37%
WFCM 2012-LC5 AS 03.5390 10/15/2045 0.37%
CITIZENS BANK NA/RI 02.2500 03/02/2020 0.36%
TREASURY BILL 00.0000 05/24/2018 0.36%
GECMC 2005-C1 D 04.4135 06/10/2048 0.35%
GNR 2013-20 QI IO 04.5000 12/16/2042 0.35%
MOLSON COORS 01.9000 03/15/2019 0.35%
SAMI 2007-AR7 1A1 02.7215 05/25/2047 0.34%
ANHEUSER-BUSCH INBEV FIN 04.9000 02/01/2046 0.33%
BNP PARIBAS USD 05.0000 01/15/2021 0.33%
JPMCC 2011-C3 E P/P 144A 05.6735 02/15/2046 0.33%
PFIZER INC 01.7000 12/15/2019 0.33%
REP OF INDONESIA P/P 144A 04.7500 01/08/2026 0.33%
FEDEX CORP 03.2000 02/01/2025 0.32%
SVENSKA HANDELSBANKEN AB USD 01.9500 09/08/2020 0.32%
BANQUE FED CRED MUTU P/P 144A 02.2000 07/20/2020 0.31%
COMM 2014-CR17 C 04.7351 05/10/2047 0.31%
REP OF ARGENTINA USD 06.8750 01/26/2027 0.31%
ANHEUSER-BUSCH INBEV FIN 03.6500 02/01/2026 0.30%
COMM 2014-LC15 XA IO 01.3139 04/10/2047 0.30%
UBS GROUP FUNDIN P/P 144A 03.0000 04/15/2021 0.30%
CAS 2016-C03 2M2 07.7715 10/25/2028 0.29%
GSMS 2014-GC22 C 04.6459 06/10/2047 0.29%
WFRBS 2013-C15 D P/P 144A 04.4813 08/15/2046 0.29%
BANK OF AMERICA CORP 02.1510 11/09/2020 0.28%
CHEVRON CORP 01.5610 05/16/2019 0.28%
COMM 2012-LC4 C 05.6045 12/10/2044 0.28%
CWALT 2005-59 1A1 02.1521 11/20/2035 0.28%
MANUF & TRADERS TRUST CO 02.0500 08/17/2020 0.28%
BMIR 2017-1 M1 P/P 144A 03.5715 10/25/2027 0.27%
BOARDWALK PIPELINES LLC 05.7500 09/15/2019 0.27%
CITIGROUP INC 02.6500 10/26/2020 0.27%
JPMCC 2005-CB11 C 05.5424 08/12/2037 0.27%
WFRBS 2011-C5 E P/P 144A 05.6714 11/15/2044 0.27%
WFRBS 2013-C18 AS 04.3870 12/15/2046 0.27%
BSCMS 2007-T26 AJ 05.5249 01/12/2045 0.26%
CFCRE 2011-C2 D P/P 144A 05.7546 12/15/2047 0.26%
COMMONWEALTH BK AUST P/P 144A 01.7500 11/07/2019 0.26%
GSMS 2013-GC10 D P/P 144A 04.4122 02/10/2046 0.26%
JPMCC 2012-C6 AS 04.1166 05/15/2045 0.26%
JPMCC 2012-C6 D 05.1367 05/15/2045 0.26%
REPUBLIC OF COLOMBIA USD 03.8750 04/25/2027 0.26%
SHIRE ACQ INV IRELAND DA USD 01.9000 09/23/2019 0.26%
GCCFC 2005-GG5 B 05.1419 04/10/2037 0.25%
BSCMS 2006-PW11 B P/P 144A 05.2790 03/11/2039 0.24%
WESTROCK RKT CO 04.4500 03/01/2019 0.24%
CMLTI 2005-2 1A2A 03.7881 05/25/2035 0.23%
CVS HEALTH CORP 02.2500 12/05/2018 0.23%
GNR 2014-20 SQ IO 04.2779 07/20/2043 0.23%
KEYCORP 02.3000 12/13/2018 0.23%
ROYAL BANK OF CANADA USD 02.2000 07/27/2018 0.23%
CSMC 2008-C1 AJ P/P 144A 06.1991 02/15/2041 0.22%
JPMCC 2013-C10 XA IO 01.0604 12/15/2047 0.22%
MANHATTAN ASSET FUNDING CO LL 56274MEV0 DCP 05/29/2018 0.22%
CONAGRA BRANDS INC 02.8306 10/09/2020 0.21%
MSBAM 2012-C5 AS 03.7920 08/15/2045 0.21%
PROVINCIA DE CORDOBA P/P 144A 07.1250 06/10/2021 0.21%
WFRBS 2013-C12 AS 03.5600 03/15/2048 0.21%
AMERICAN EXPRESS CO 04.9000 12/29/2049 0.20%
AUTONATION INC 06.7500 04/15/2018 0.20%
COMM 2014-CR14 XA IO 00.7804 02/10/2047 0.20%
CVS HEALTH CORP 03.7000 03/09/2023 0.20%
EQT CORP 03.0780 10/01/2020 0.20%
MSBAM 2013-C7 XB IO P/P 144A 00.3427 02/15/2046 0.20%
MSBAM 2014-C17 XA IO 01.2090 08/15/2047 0.20%
PETROBRAS GLOBAL FINANCE USD 07.2500 03/17/2044 0.20%
PETROBRAS GLOBAL FINANCE USD 08.7500 05/23/2026 0.20%
UBS AG LONDON P/P 144A 02.2000 06/08/2020 0.20%
APPLE INC 02.0000 05/06/2020 0.19%
GSMS 2012-GC6 D P/P 144A 05.6529 01/10/2045 0.19%
CWCI 2007-C3 AJ 05.8120 05/15/2046 0.18%
GSAA 2006-8 2A2 02.0515 05/25/2036 0.18%
GSMS 2013-GC12 D P/P 144A 04.4430 06/10/2046 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%
STATOIL ASA USD 02.9000 11/08/2020 0.18%
AIG GLOBAL FUNDING P/P 144A 02.1500 07/02/2020 0.17%
KANSAS CITY SOUTHERN 48516WCV5 DCP 03/29/2018 0.17%
PROTECTIVE LIFE GLO P/P 144A 02.2620 04/08/2020 0.17%
STACR 2016-DNA2 M2 04.0715 10/25/2028 0.17%
TREASURY BILL 00.0000 06/07/2018 0.17%
WFRBS 2013-UBS1 AS 04.3060 03/15/2046 0.17%
BUMT 2005-1 1A1 02.1715 09/25/2045 0.16%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.16%
COMM 2014-CR18 C 04.7349 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%
DOLLAR GENERAL CORP 01.8750 04/15/2018 0.16%
GSMS 2011-GC5 D P/P 144A 05.3987 08/10/2044 0.16%
LNSTR 2015-3 C P/P 144A 03.1119 04/20/2048 0.16%
MACQUARIE BANK LTD P/P 144A 04.0000 07/29/2025 0.16%
UBSBB 2012-C3 C P/P 144A 05.0424 08/10/2049 0.16%
UBSBB 2012-C4 XA IO P/P 144A 01.6538 12/10/2045 0.16%
VOLT 2017-NP10 A1 P/P 144A 03.0000 10/25/2047 0.16%
ARGENTINE REPUBLIC USD 07.6250 04/22/2046 0.15%
CAS 2017-C07 1M2 04.2715 05/25/2030 0.15%
COMM 2013-LC13 XA IO 01.2627 08/10/2046 0.15%
GOLDMAN SACHS GROUP INC 02.6000 12/27/2020 0.15%
GSMS 2012-GC6 C P/P 144A 05.6529 01/10/2045 0.15%
GSMS 2013-GC10 XA IO 01.5489 02/10/2046 0.15%
JPMBB 2014-C22 XA IO 00.9128 09/15/2047 0.15%
MACQUARIE GROUP LTD P/P 144A 07.6250 08/13/2019 0.15%
STACR 2014-HQ3 M3 06.6215 10/25/2024 0.15%
COMM 2014-CR17 XA IO 01.1184 05/10/2047 0.14%
GNR 2010-35 QI IO 04.5000 03/20/2040 0.14%
JOHNSON & JOHNSON 05.1500 07/15/2018 0.14%
JPMCC 2012-C8 C P/P 144A 04.6065 10/15/2045 0.14%
STACR 2015-DNA2 M2 04.4715 12/25/2027 0.14%
UBSBB 2012-C2 D P/P 144A 04.8945 05/10/2063 0.14%
WFRBS 2011-C2 D P/P 144A 05.6522 02/15/2044 0.14%
WFRBS 2012-C10 C 04.3828 12/15/2045 0.14%
BP CAPITAL MARKETS PLC USD 01.7680 09/19/2019 0.13%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.13%
GSMS 2013-GC12 XA IO 01.5193 06/10/2046 0.13%
HARTFORD FINL SVCS GRP 08.1250 06/15/2038 0.13%
JPMBB 2013-C17 AS 04.4584 01/15/2047 0.13%
JPMCC 2005-LDP5 F 05.7047 12/15/2044 0.13%
MSC 2012-C4 XA IO P/P 144A 02.0935 03/15/2045 0.13%
WBCMT 2005-C21 D 05.2958 10/15/2044 0.13%
MSBAM 2014-C18 C 04.4893 10/15/2047 0.12%
PROVINCIA DE CORDOBA P/P 144A 07.1250 08/01/2027 0.12%
SOUTHERN COPPER CORP USD 05.8750 04/23/2045 0.12%
BANCO SANTANDER SA USD 05.1790 11/19/2025 0.11%
FNR 2012-36 SN IO 04.5785 04/25/2042 0.11%
LBUBS 2006-C6 AJ 05.4520 09/15/2039 0.11%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.11%
TREASURY BILL 00.0000 04/26/2018 0.11%
CWHL 2005-3 1A1 02.4915 04/25/2035 0.10%
PPSI 2004-WCW2 M3 02.9215 10/25/2034 0.10%
FNR 2003-43 YA 04.0000 03/25/2033 0.09%
FNR 2011-4 CS 09.1570 05/25/2040 0.09%
JPMCC 2012-LC9 D P/P 144A 04.3724 12/15/2047 0.09%
NBCUNIVERSAL MEDIA LLC 05.1500 04/30/2020 0.09%
SASC 2006-AM1 A4 02.0315 04/25/2036 0.09%
TREASURY BILL 00.0000 05/10/2018 0.09%
VOLT 2017-NPL8 A1 P/P 144A 03.1250 06/25/2047 0.09%
WFRBS 2011-C4 E P/P 144A 05.2395 06/15/2044 0.09%
CAS 2014-C02 1M2 04.4715 05/25/2024 0.08%
CAS 2015-C04 1M2 07.5715 04/25/2028 0.08%
MLMI 2005-A2 A2 03.5252 02/25/2035 0.08%
MSC 2007-HQ11 AJ 05.5080 02/12/2044 0.08%
WASTE MANAGEMENT INC. 04.7500 06/30/2020 0.08%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CS 0.07%
FNR 2005-75 GS 14.6355 08/25/2035 0.07%
GNR 2014-163 NI IO 05.0000 02/20/2044 0.07%
JPMBB 2015-C33 XA IO 01.0226 12/15/2048 0.07%
JPMORGAN CHASE & CO. 03.8750 09/10/2024 0.07%
CAS 2016-C05 2M1 03.2215 01/25/2029 0.06%
GSMS 2010-C1 D P/P 144A 06.0517 08/10/2043 0.06%
GSMS 2014-GC24 XA IO 00.8278 09/10/2047 0.06%
WFRBS 2013-C11 AS 03.3110 03/15/2045 0.06%
AUTONATION INC. 05.5000 02/01/2020 0.05%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS 0.05%
GNR 2010-151 KO PO 00.0000 06/16/2037 0.05%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.05%
TREASURY BILL 00.0000 06/21/2018 0.05%
WFRBS 2014-C19 C 04.6460 03/15/2047 0.05%
MLMT 2004-KEY2 D 05.0460 08/12/2039 0.04%
STACR 2015-HQ1 M2 04.0715 03/25/2025 0.04%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CS 0.03%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CS 0.03%
FHR 3609 LK 02.0000 12/15/2024 0.03%
FNR 2010-81 AP 02.5000 07/25/2040 0.03%
OPTN FN30 3.0 04/05/18 CALL 96.3515625 JPMC 0.03%
PETROBRAS GLOBAL FINANCE USD 06.1250 01/17/2022 0.03%
STACR 2016-DNA3 M1 02.9715 12/25/2028 0.03%
SWPTN 1YX1Y P 1.919 USD 08/15/2018 JP 0.03%
SWPTN 1YX1Y P 1.9325 USD 08/16/2018 BA 0.03%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 ML 0.02%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.02%
FHR 3724 CM 05.5000 06/15/2037 0.02%
HESS CORP 07.3000 08/15/2031 0.02%
LBUBS 2006-C6 B 05.4720 09/15/2039 0.02%
OPTN FN30 3.0 04/05/18 CALL 96.4375 JPMC 0.02%
OPTN FN30 3.0 04/05/18 CALL 96.4453125 JPMC 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 17DX10Y R 2.8435 USD 04/06/2018 GS 0.02%
SWPTN 2YX30Y P 2.518 USD 05/17/2019 CI 0.02%
SWPTN 5YX30Y P 2.8325 USD 02/15/2022 JP 0.02%
SWPTN 5YX30Y R 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%
2.605 R ISWP FWD US0003M P 06/20/2020 0.01%
CAS 2016-C06 1M2 06.1215 04/25/2029 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CG 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 ML 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 MS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 MS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 MS 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 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%
CPURNSA R 1.89 P 07/05/22 0.01%
FHR 2976 LC 17.9058 05/15/2035 0.01%
FHR 3539 PM 04.5000 05/15/2037 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%
FNW 1998-W2 X IO 00.5416 06/25/2028 0.01%
GNR 2009-32 AB 04.0000 05/16/2039 0.01%
MLCFC 2006-4 XC IO P/P 144A 00.5123 12/12/2049 0.01%
OPTN FN30 3.0 05/07/18 PUT 97.0 JPMC 0.01%
OPTN FN30 3.0 05/07/18 PUT 97.125 JPMC 0.01%
OPTN FN30 3.0 05/07/18 PUT 97.25 JPMC 0.01%
SWPTN 1MX10Y R 2.813 USD 04/19/2018 BA 0.01%
SWPTN 1MX10Y R 2.833 USD 04/05/2018 MS 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 2YX8Y P 2.5925 USD 01/24/2019 BA 0.01%
SWPTN 4WX10Y R 2.8 USD 04/24/2018 JP 0.01%
SWPTN 4YX1Y P 2.25 USD 08/16/2021 JP 0.01%
SWPTN 4YX1Y P 2.2625 USD 08/16/2021 BA 0.01%
SWPTN 4YX1Y R 2.25 USD 08/16/2021 JP 0.01%
SWPTN 4YX1Y R 2.2625 USD 08/16/2021 BA 0.01%
SWPTN 5WX10Y R 2.787 USD 04/17/2018 JP 0.01%
SWPTN 5WX10Y R 2.852 USD 04/17/2018 JP 0.01%
SWPTN 6MX2Y P 2.49275 USD 07/16/2018 MS 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 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%
2.7825 R ISWP US0003M P 04/09/2028 0.00%
2.785 R ISWP FWD US0003M P 05/02/2028 0.00%
2.85 R ISWP FWD US0003M P 06/20/2048 0.00%
2.864 R ISWP FWD US0003M P 04/19/2028 0.00%
2.903 R ISWP FWD US0003M P 04/09/2028 0.00%
2.9075 R ISWP FWD US0003M P 04/17/2028 0.00%
2.917 R ISWP FWD US0003M P 04/19/2028 0.00%
2.923 R ISWP FWD US0003M P 04/19/2028 0.00%
BACM 2004-4 XC IO P/P 144A 00.0515 07/10/2042 0.00%
BACM 2007-1 XW IO 00.0068 01/15/2049 0.00%
CAS 2015-C03 2M2 06.8715 07/25/2025 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 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.6 2063-05-11 200.0 05/11/2063 JP 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 JP 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 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 MS 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CG 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CG 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.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.BB.7 2047-01-17 500.0 01/17/2047 ML 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 ML 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 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-.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%
CPURNSA R 1.9225 P 07/03/22 0.00%
CSFB 2003-C3 AX IO P/P 144A 02.0754 05/15/2038 0.00%
FHLMC FH15G E01425 04.5000 08/01/2018 0.00%
FHLMC FH15OT M30301 04.5000 10/01/2018 0.00%
FHR 3876 CA 02.7500 06/15/2026 0.00%
FNMA FN10 257370 06.0000 09/01/2018 0.00%
FNMA FN15 725993 06.0000 09/01/2019 0.00%
FNR 2004-2 QL 04.0000 02/25/2019 0.00%
FNR 2009-100 PA 04.5000 04/25/2039 0.00%
FNW 1998-W5 X IO 16.1530 07/25/2028 0.00%
FSPC T-48 AIO2 IO 00.2120 07/25/2033 0.00%
FSPC T-59 1AX IO 00.2773 10/25/2043 0.00%
FSPC T-8 A9 IO 00.4366 11/15/2028 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%
LBUBS 2007-C2 XW IO 00.2030 02/15/2040 0.00%
MLMT 2005-MCP1 XC IO P/P 144A 00.0025 06/12/2043 0.00%
OPTN FN30 3.0 05/07/18 PUT 95.28125 JPMC 0.00%
OPTN FN30 3.0 05/07/18 PUT 95.40625 JPMC 0.00%
OPTN FN30 3.0 05/07/18 PUT 95.53125 JPMC 0.00%
OPTN FN30 3.0 05/07/18 PUT 96.140625 JPMC 0.00%
OPTN FN30 3.0 05/07/18 PUT 96.265625 JPMC 0.00%
OPTN FN30 3.0 05/07/18 PUT 96.390625 JPMC 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 13WX1Y R 2.355 USD 05/14/2018 MS 0.00%
SWPTN 13WX1Y R 2.71375 USD 05/14/2018 MS 0.00%
SWPTN 17DX10Y P 2.9175 USD 04/06/2018 GS 0.00%
SWPTN 17DX10Y P 2.9915 USD 04/06/2018 GS 0.00%
SWPTN 1MX10Y P 2.805 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y P 2.9 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y P 3.1075 USD 04/13/2018 WE 0.00%
SWPTN 1MX10Y R 2.7075 USD 04/13/2018 WE 0.00%
SWPTN 1MX10Y R 2.71 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y R 2.743 USD 04/19/2018 BA 0.00%
SWPTN 1MX10Y R 2.75 USD 04/09/2018 GS 0.00%
SWPTN 1MX10Y R 2.763 USD 04/05/2018 MS 0.00%
SWPTN 1MX10Y R 2.805 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y R 2.82 USD 04/09/2018 GS 0.00%
SWPTN 1MX1Y R 2.34 USD 04/05/2018 BC 0.00%
SWPTN 1MX1Y R 2.736 USD 04/05/2018 BC 0.00%
SWPTN 1MX2Y R 2.538 USD 04/05/2018 BC 0.00%
SWPTN 1WX10Y P 2.7825 USD 04/05/2018 CI 0.00%
SWPTN 1YX1Y R 1.9175 USD 10/04/2018 GS 0.00%
SWPTN 1YX1Y R 1.919 USD 08/15/2018 JP 0.00%
SWPTN 1YX1Y R 1.9325 USD 08/16/2018 BA 0.00%
SWPTN 1YX1Y R 2.25 USD 08/15/2018 JP 0.00%
SWPTN 1YX1Y R 2.2625 USD 08/16/2018 BA 0.00%
SWPTN 1YX1Y R 2.3025 USD 10/04/2018 GS 0.00%
SWPTN 1YX5Y R 2.695 USD 10/04/2018 GS 0.00%
SWPTN 2YX10Y R 2.413 USD 06/03/2019 BA 0.00%
SWPTN 2YX10Y R 2.42 USD 06/03/2019 CI 0.00%
SWPTN 2YX1Y R 1.919 USD 08/15/2019 JP 0.00%
SWPTN 2YX1Y R 1.9325 USD 08/16/2019 BA 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 2YX5Y R 2.203 USD 06/03/2019 BA 0.00%
SWPTN 2YX5Y R 2.205 USD 06/03/2019 BC 0.00%
SWPTN 2YX8Y R 2.5925 USD 01/24/2019 BA 0.00%
SWPTN 3MX1Y P 2.79375 USD 06/05/2018 GS 0.00%
SWPTN 3MX1Y P 2.90375 USD 06/05/2018 GS 0.00%
SWPTN 3MX1Y P 3.01375 USD 06/05/2018 GS 0.00%
SWPTN 3MX2Y P 2.646 USD 05/29/2018 MS 0.00%
SWPTN 4WX10Y R 2.735 USD 04/24/2018 JP 0.00%
SWPTN 5WX10Y P 2.935 USD 04/30/2018 CI 0.00%
SWPTN 5WX10Y R 2.635 USD 04/30/2018 CI 0.00%
SWPTN 5WX1Y R 2.359 USD 04/09/2018 BC 0.00%
SWPTN 5WX1Y R 2.765 USD 04/09/2018 BC 0.00%
SWPTN 5WX2Y R 2.5625 USD 04/09/2018 BC 0.00%
SWPTN 6MX1Y R 1.85125 USD 04/30/2018 MS 0.00%
SWPTN 6MX1Y R 2.01 USD 04/30/2018 MS 0.00%
SWPTN 6MX1Y R 2.47 USD 08/14/2018 CI 0.00%
SWPTN 6MX1Y R 2.6325 USD 08/14/2018 CI 0.00%
SWPTN 6MX2Y P 2.61575 USD 07/26/2018 MS 0.00%
SWPTN 6MX2Y P 2.68 USD 07/16/2018 JP 0.00%
SWPTN 6MX2Y P 2.8375 USD 08/28/2018 MS 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 1WX10Y P 2.7825 USD 04/05/2018 CI 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%
SWPTN LIABILITY 5WX10Y P 2.935 USD 04/30/2018 CI 0.00%
SWPTN LIABILITY 5WX10Y R 2.635 USD 04/30/2018 CI 0.00%
US 2YR NOTE (CBT) JUN18 TUM8 0.00%
WBCMT 2006-C29 IO IO 00.1573 11/15/2048 0.00%
WBCMT 2007-C31 IO IO P/P 144A 00.0787 04/15/2047 0.00%
2.75 R ISWP FWD US0003M P 06/20/2023 -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.A.6 2063-05-11 200.0 05/11/2063 MS -0.01%
CMB CMBX.NA.A.7 2047-01-17 200.0 01/17/2047 GS -0.01%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CG -0.01%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 MS -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 CS -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CPURNSA P 2.05 R 07/05/27 -0.01%
CPURNSA P 2.085 R 07/03/27 -0.01%
OPTN FN30 3.0 04/05/18 CALL 96.9296875 JPMC -0.01%
OPTN FN30 3.0 04/05/18 CALL 96.9296875 JPMC -0.01%
OPTN FN30 3.0 04/05/18 CALL 97.3203125 JPMC -0.01%
OPTN FN30 3.0 04/05/18 CALL 97.4140625 JPMC -0.01%
OPTN FN30 3.0 04/05/18 CALL 97.421875 JPMC -0.01%
SWPTN 1MX10Y R 2.883 USD 04/19/2018 BA -0.01%
SWPTN 1MX10Y R 2.89 USD 04/09/2018 GS -0.01%
SWPTN 1MX10Y R 2.903 USD 04/05/2018 MS -0.01%
SWPTN 1YX1Y P 2.25 USD 08/15/2018 JP -0.01%
SWPTN 1YX1Y P 2.2625 USD 08/16/2018 BA -0.01%
SWPTN 1YX2Y P 2.663 USD 01/14/2019 CI -0.01%
SWPTN 1YX2Y P 2.77 USD 01/16/2019 JP -0.01%
SWPTN 1YX2Y P 2.813 USD 01/28/2019 BC -0.01%
SWPTN 2YX28Y P 2.7175 USD 01/24/2019 BA -0.01%
SWPTN 2YX28Y R 2.7175 USD 01/24/2019 BA -0.01%
SWPTN 2YX30Y P 2.79 USD 02/15/2019 JP -0.01%
SWPTN 2YX30Y R 2.79 USD 02/15/2019 JP -0.01%
SWPTN 3MX2Y P 2.315 USD 04/16/2018 MS -0.01%
SWPTN 3MX2Y P 2.41625 USD 04/26/2018 MS -0.01%
SWPTN 4WX10Y R 2.865 USD 04/24/2018 JP -0.01%
SWPTN 5WX10Y R 2.917 USD 04/17/2018 JP -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%
2.90 R ISWP FWD US0003M P 06/20/2028 -0.02%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS -0.02%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.02%
OPTN FN30 3.0 04/05/18 CALL 96.8359375 JPMC -0.02%
SWPTN 17DX10Y R 2.9175 USD 04/06/2018 GS -0.02%
SWPTN 2YX10Y P 2.413 USD 06/03/2019 BA -0.02%
SWPTN 2YX10Y P 2.42 USD 06/03/2019 CI -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 CS -0.03%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.03%
SWPTN 2YX1Y P 1.919 USD 08/15/2019 JP -0.03%
SWPTN 2YX1Y P 1.9325 USD 08/16/2019 BA -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.A.6 2063-05-11 200.0 05/11/2063 CS -0.04%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS -0.04%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.05%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.06%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.07%
FNMA FN30 TBA 04.5000 04/01/2048 -1.09%
FNMA FN30 TBA 03.5000 04/01/2048 -3.67%

Prior top 10 holdings

Top 10 holdings as of 04/30/18
Net cash
Fnma Fn30 Tba 03.0000 05/01/2048
Gnma Gii30 Tba 04.5000 05/01/2048
Spst 2018-1 A 02.4747 04/24/2019
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Altria Group 02.6250 01/14/2020
Cwalt 2006-Oa10 4a1 02.0871 08/25/2046
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Lnstr 2015-3 B P/P 144a 03.2536 04/20/2048
Petroleos Mexicanos Usd 05.5000 01/21/2021
Holdings represent 27.98% of portfolio
Top 10 holdings as of 03/31/18
Net cash
Fnma Fn30 Tba 03.0000 04/01/2048
Spst 2018-1 A 02.4747 04/24/2019
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Gnma Gii30 Tba 04.5000 05/01/2048
Altria Group 02.6250 01/14/2020
Cwalt 2006-Oa10 4a1 02.0615 08/25/2046
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Lnstr 2015-3 B P/P 144a 03.1119 04/20/2048
Petroleos Mexicanos Usd 05.5000 01/21/2021
Holdings represent 41.92% of portfolio
Top 10 holdings as of 02/28/18
Net cash
Fnma Fn30 Tba 03.0000 04/01/2048
Gnma Gii30 Tba 04.5000 03/01/2048
Spst 2018-1 A 02.4747 04/24/2019
Kkr Group Finance P/P 144a 06.3750 09/29/2020
Altria Group 02.6250 01/14/2020
Cwalt 2006-Oa10 4a1 01.8107 08/25/2046
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Lnstr 2015-3 B P/P 144a 03.1117 04/20/2048
Petroleos Mexicanos Usd 05.5000 01/21/2021
Holdings represent 40.98% of portfolio
Top 10 holdings as of 01/31/18
Net cash
Bilhetes Do Tesouro 00.0000 05/18/2018
Gnma Gii30 Tba 04.5000 02/01/2048
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
Skandinaviska Enskilda Usd 02.3000 03/11/2020
Cwalt 2006-Oa10 4a1 01.7514 08/25/2046
Lnstr 2015-3 B P/P 144a 03.1129 04/20/2048
Cwalt 2006-Oa7 1a2 02.0716 06/25/2046
Holdings represent 38.58% of portfolio

Portfolio composition as of 04/30/18

Investment-grade corporate bonds 48.99%
Commercial MBS 21.77%
Net cash 11.77%
Emerging-market bonds 7.14%
Residential MBS (non-agency) 5.73%
Agency CMO 4.70%
Asset-backed securities (ABS) 2.62%
Agency pass-through 2.62%
High-yield corporate bonds 0.15%

Fixed income statistics as of 04/30/18

Average effective maturity 3.51 yrs.
Average effective duration 0.14 yrs.
Average yield to maturity 3.62%
Average coupon 3.39%
Average price $94.94

Maturity detail as of 04/30/18

0 - 1 yr. 22.10%
1 - 5 yrs. 56.33%
5 - 10 yrs. 18.62%
10 - 15 yrs. 1.38%
Over 15 yrs. 1.57%

Quality rating as of 04/30/18

AAA 16.34%
AA 13.00%
A 35.94%
BBB 24.61%
BB 4.41%
B 2.39%
CCC and Below 2.63%
Not Rated 0.68%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Allocation of assets among fixed-income strategies and sectors may hurt performance. Bond prices may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk (including perceptions about default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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 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 efforts 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.

The Absolute Return funds are not intended to outperform stocks and bonds during strong market rallies.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 0.66% 0.86% 1.41% 0.71% 0.91% 0.41% 0.41%
What you pay 0.66% 0.86% 1.41% 0.71% 0.91% 0.41% 0.41%

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. 1.00% 1.00% 1.00% -- -- -- --
2 yrs. 0.00% 0.50% 0.00% -- -- -- --
3 yrs. 0.00% -- 0.00% -- -- -- --
4 yrs. 0.00% -- 0.00% -- -- -- --
5 yrs. 0.00% -- 0.00% -- -- -- --
6 yrs. 0.00% -- 0.00% -- -- -- --
7+ yrs. 0.00% -- 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 ICE BofAML 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 fixed-income strategies and sectors may hurt performance. Bond prices may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk (including perceptions about default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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 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 efforts 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.

The Absolute Return funds are not intended to outperform stocks and bonds during strong market rallies.