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.
Prior to June 1, 2018, the fund was known as Putnam Absolute Return 100 Fund. All fund data for dates prior to June 1, 2018, reflect the fund's previous investment strategy in effect at that time.
Short Duration Bond Fund (Class Y) (PARYX)
Pursuing income with a multi-sector, lower duration approach
Highlights
Objective
The fund seeks as high a rate of current income as we believe is consistent with preservation of capital.
Strategy and process
- Sector diversification: The fund invests in a diversified portfolio of fixed-income securities, including corporate debt, bank loans, sovereign debt, and securitized assets, such as mortgage-backed and asset-backed securities.
- Managing rate sensitivity: The fund invests in short-term bonds and other securities, and generally maintains an effective duration, or interest-rate sensitivity, of three years or less.
- Fundamental approach: The fund's experienced portfolio managers implement active strategies that consider several factors, including credit, interest-rate, and prepayment risks, and general market conditions.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$10.16
0.10% | $0.01 |
$10.19
10/03/19 |
$9.96
12/26/18 |
Fund facts as of 09/30/19
Total net assets
$883.82M
$883.82M
Turnover (fiscal year end)
386%
386%
Dividend frequency (view rate)
Monthly
Monthly
Number of holdings
486
486
Fiscal year-end
October
October
CUSIP / Fund code
746764380 / 1863
746764380 / 1863
Inception date
12/23/08
12/23/08
Class Y
Category
Fixed Income
Fixed Income
Open to new investors
Ticker
PARYX
PARYX
Management team
Portfolio Manager
Portfolio Manager
Chief Investment Officer, Fixed Income
Portfolio Manager
Literature
Fund documents |
| Fact Sheet (Y share) (PDF) |
| Prospectuses/SAI |
| Annual Report (PDF) |
| Semiannual Report (PDF) |
| Full holdings (August 2019) (PDF) |
| Full holdings (July 2019) (PDF) |
| Full holdings (June 2019) (PDF) |
| Full holdings (May 2019) (PDF) |
Performance
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 4.63% | 3.54% | 2.36% | 1.91% |
| After sales charge | N/A | N/A | N/A | N/A |
| ICE BofAML 1-3 Year U.S. Corporate Index | 5.35% | 2.60% | 2.28% | 2.71% |
| ICEBAML US TBill-ICEBAML 1-3yr US Corp Linkd Bench | 5.35% | 2.51% | 1.58% | 0.85% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 09/30/19 | 0.06% | - | |
| YTD as of 10/16/19 | 4.32% | - | |
Yield
| Distribution rate before sales charge as of 10/16/19 |
3.07% |
|---|---|
| Distribution rate after sales charge as of 10/16/19 |
3.07% |
| 30-day SEC yield as of 09/30/19 | 2.59% |
Risk-adjusted performance as of 09/30/19
| Sharpe ratio (3 yrs.) | 2.51 |
|---|---|
| Information ratio (3 yrs.) | 1.35 |
Volatility as of 09/30/19
| Standard deviation (3 yrs.) | 0.82% |
|---|---|
| Beta | 0.57 |
| R-squared | 0.33 |
Lipper rankings as of 09/30/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 124/364 | 34% |
| 3 yrs. | 12/318 | 4% |
| 5 yrs. | 38/274 | 14% |
| 10 yrs. | 110/176 | 63% |
Morningstar Ratings™ as of 09/30/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 488 | |
| 3 yrs. | 488 | |
| 5 yrs. | 436 | |
| 10 yrs. | 277 |
Distributions
| Accrual days | 28 |
|---|---|
| Accrual start date | 09/03/19 |
| Accrual end date | 09/30/19 |
| Payable date | 09/30/19 |
| Income | $0.026031068 |
| Extra taxable income | -- |
| Dividend frequency | Monthly |
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.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
Top 10 holdings as of 09/30/19
| Jpmorgan Chase 03.3750 05/01/2023 | 1.10% |
|---|---|
| Comcast Corporation 03.7000 04/15/2024 | 0.83% |
| Pnc Bank Na 03.3000 10/30/2024 | 0.80% |
| At&T 03.8000 03/01/2024 | 0.80% |
| Bristol-Myers P/P 144a 02.9000 07/26/2024 | 0.76% |
| Met Life Glob Fundin P/P 144a 02.5000 12/03/2020 | 0.69% |
| Ubs Group Fundin P/P 144a 03.4910 05/23/2023 | 0.68% |
| Cas 2017-C01 1eb1 03.2684 07/25/2029 | 0.67% |
| Stacr 2016-Dna2 M3 06.6684 10/25/2028 | 0.67% |
| Hsbc Usa 05.0000 09/27/2020 | 0.66% |
| Top 10 holdings, percent of portfolio | 7.66% |
Full portfolio holdings as of 09/30/19
| JPMORGAN CHASE & CO 03.3750 05/01/2023 | 1.08% |
|---|---|
| COMCAST CORPORATION 03.7000 04/15/2024 | 0.81% |
| AT&T INC 03.8000 03/01/2024 | 0.79% |
| PNC BANK NA 03.3000 10/30/2024 | 0.79% |
| BRISTOL-MYERS P/P 144A 02.9000 07/26/2024 | 0.75% |
| MET LIFE GLOB FUNDIN P/P 144A 02.5000 12/03/2020 | 0.68% |
| CAS 2017-C01 1EB1 03.2684 07/25/2029 | 0.67% |
| UBS GROUP FUNDIN P/P 144A 03.4910 05/23/2023 | 0.67% |
| STACR 2016-DNA2 M3 06.6684 10/25/2028 | 0.67% |
| HSBC USA INC 05.0000 09/27/2020 | 0.66% |
| VERIZON COMMUNICATIONS 03.5000 11/01/2024 | 0.63% |
| CITIGROUP INC 04.0440 06/01/2024 | 0.62% |
| NORTHROP GRUMMAN CORP 02.5500 10/15/2022 | 0.58% |
| UNITED TECHNOLOGIES CORP 03.1000 06/01/2022 | 0.58% |
| CAS 2016-C01 1M2 08.7684 08/25/2028 | 0.58% |
| TOTAL CAPITAL INTL SA USD 02.4340 01/10/2025 | 0.57% |
| PRICOA GLOBAL FUNDI P/P 144A 02.4000 09/23/2024 | 0.57% |
| HONEYWELL INTERNATIONAL 02.1500 08/08/2022 | 0.57% |
| PENSKE TRUCK LE P/P 144A 02.7000 11/01/2024 | 0.57% |
| JPMORGAN CHASE & CO. 03.8750 09/10/2024 | 0.54% |
| GOLDMAN SACHS GROUP INC 03.6250 02/20/2024 | 0.53% |
| ALPHABET INC 03.3750 02/25/2024 | 0.52% |
| CAS 2014-C04 2M2 07.0184 11/25/2024 | 0.51% |
| MORGAN STANLEY 04.8750 11/01/2022 | 0.51% |
| CAS 2016-C02 1M2 08.0184 09/25/2028 | 0.50% |
| GEORGIA-PACIFIC LLC P/P 144A 05.4000 11/01/2020 | 0.50% |
| STACR 2015-DNA2 M3 05.9184 12/25/2027 | 0.49% |
| MSBAM 2016-C32 XA IO 00.8795 12/15/2049 | 0.49% |
| NEW YORK LIFE GLOBAL P/P 144A 01.7000 09/14/2021 | 0.49% |
| BANK OF AMERICA CORPORATION 04.2000 08/26/2024 | 0.48% |
| FIDELITY NATIONAL INFORM 04.5000 10/15/2022 | 0.48% |
| MSBAM 2017-C34 XA IO 00.9575 11/15/2052 | 0.46% |
| COLT 2019-4 A3 02.9880 11/25/2049 | 0.46% |
| US BANCORP 03.6000 09/11/2024 | 0.46% |
| NEW YORK LIFE GL P/P 144A 02.3000 06/10/2022 | 0.46% |
| CAS 2017-C02 2ED3 03.3684 09/25/2029 | 0.45% |
| AMERICAN TRANS SYS P/P 144A 05.2500 01/15/2022 | 0.45% |
| CAS 2014-C01 M2 06.4184 01/25/2024 | 0.43% |
| CAS 2016-C01 2M2 08.9684 08/25/2028 | 0.43% |
| WFRBS 2011-C2 D P/P 144A 05.8389 02/15/2044 | 0.42% |
| GLOBAL PAYMENTS INC 04.0000 06/01/2023 | 0.42% |
| WASTE MANAGEMENT INC 02.9000 09/15/2022 | 0.42% |
| AMERICAN TOWER CORP 03.5000 01/31/2023 | 0.41% |
| UNITEDHEALTH GROUP INC 03.3500 07/15/2022 | 0.41% |
| COX COMM INC P/P 144A 03.1500 08/15/2024 | 0.41% |
| CAS 2013-C01 M2 07.2684 10/25/2023 | 0.40% |
| NEXTERA ENERGY CAPITAL 02.4030 09/01/2021 | 0.40% |
| BELL CANADA INC 07787QX84 DCP 10/08/2019 | 0.40% |
| SPST 2019-7 A 02.7365 09/24/2020 | 0.39% |
| CAS 2014-C02 2M2 04.6184 05/25/2024 | 0.39% |
| FWD 2019-INV1 A3 03.1100 06/25/2049 | 0.38% |
| FHMS K048 X1 IO 00.3719 06/25/2025 | 0.37% |
| MICROSOFT CORP 02.3750 02/12/2022 | 0.37% |
| SABINE PASS LIQU 06.2500 03/15/2022 | 0.37% |
| GSMS 2011-GC5 AS P/P 144A 05.2090 08/10/2044 | 0.36% |
| ANHEUSER-BUSCH INBEV WOR 03.5000 01/12/2024 | 0.36% |
| WFRBS 2012-C8 B 04.3110 08/15/2045 | 0.36% |
| SALESFORCE.COM INC 03.2500 04/11/2023 | 0.35% |
| GSMS 2012-GCJ7 AS 04.0850 05/10/2045 | 0.35% |
| OMNICOM GP/OMNICOM CAP 03.6250 05/01/2022 | 0.35% |
| CVS HEALTH CORP 03.7000 03/09/2023 | 0.35% |
| CD 2016-CD2 XA IO 00.8094 11/10/2049 | 0.34% |
| REPUBLIC SERVICES INC 02.5000 08/15/2024 | 0.34% |
| OCCIDENTAL PETROLEUM COR 03.4370 08/13/2021 | 0.34% |
| EASTMAN CHEMICAL CO 27743KX13 DCP 10/01/2019 | 0.34% |
| ENGIE SA 29287BXA1 DCP 10/10/2019 | 0.34% |
| ROGERS COMMUNICATIONS INC 77511MXH9 DCP 10/17/2019 | 0.34% |
| ERAC USA FINANCE LLC 26882SYS9 DCP 11/26/2019 | 0.34% |
| CHARTA LLC 16115VBE8 DCP 02/14/2020 | 0.34% |
| CFCRE 2016-C4 XA IO 01.8764 05/10/2058 | 0.33% |
| RAYTHEON COMPANY 02.5000 12/15/2022 | 0.33% |
| GSMS 2010-C2 D P/P 144A 05.3528 12/10/2043 | 0.33% |
| DBUBS 2011-LC3A D P/P 144A 05.5118 08/10/2044 | 0.32% |
| GCAT 2019-NQM1 A2 03.2410 02/25/2059 | 0.32% |
| S&P GLOBAL INC 03.3000 08/14/2020 | 0.32% |
| SPST 2019-11 A 02.7865 10/24/2020 | 0.32% |
| CISCO SYSTEMS INC 01.8500 09/20/2021 | 0.31% |
| MSBAM 2012-C6 B 03.9300 11/15/2045 | 0.31% |
| DUKE ENERGY CAROLINAS 03.3500 05/15/2022 | 0.31% |
| SPST 2019-3 A 02.7365 06/24/2020 | 0.30% |
| COMM 2014-CR20 XA IO 01.1865 11/10/2047 | 0.30% |
| GSMS 2011-GC3 D P/P 144A 05.8245 03/10/2044 | 0.30% |
| WFRBS 2011-C5 C P/P 144A 05.8580 11/15/2044 | 0.30% |
| CAS 2014-C04 1M2 06.9184 11/25/2024 | 0.30% |
| GSMS 2012-GC6 AS P/P 144A 04.9480 01/12/2045 | 0.30% |
| CAS 2014-C02 1M2 04.6184 05/25/2024 | 0.29% |
| ARRW 2019-1 A3 04.2080 01/25/2049 | 0.29% |
| CROWN CASTLE INTL CORP 03.2000 09/01/2024 | 0.29% |
| ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 | 0.29% |
| CITIBANK NA 03.1650 02/19/2022 | 0.29% |
| BANK OF AMERICA CORP 03.5500 03/05/2024 | 0.29% |
| GSMS 2010-C1 B P/P 144A 05.1480 08/10/2043 | 0.29% |
| TRK 2019-1 A1 04.3356 03/25/2022 | 0.29% |
| WFCM 2010-C1 C P/P 144A 05.7831 11/15/2043 | 0.28% |
| DIAMOND 1 FIN/DIAMON P/P 144A 04.4200 06/15/2021 | 0.28% |
| CRH AMERICA FINANCE INC 12636DZ68 DCP 12/06/2019 | 0.28% |
| STACR 2014-HQ1 M3 06.1184 08/25/2024 | 0.28% |
| NATIONAL AUSTRALIA BK/NY 02.8000 01/10/2022 | 0.28% |
| CAS 2014-C03 2M2 04.9184 07/25/2024 | 0.28% |
| GOLDMAN SACHS GROUP INC 03.3281 11/15/2021 | 0.28% |
| WESTPAC BANKING CORP USD 02.1500 03/06/2020 | 0.28% |
| GSMS 2014-GC24 XA IO 00.8744 09/10/2047 | 0.27% |
| STAR 2019-1 A3 03.1750 06/25/2049 | 0.27% |
| DBUBS 2011-LC2A D P/P 144A 05.7142 07/10/2044 | 0.27% |
| ALIMENTATION COUCHE-TARD 2.700000 07/26/2022 | 0.26% |
| INTERPUBLIC GROUP COS 04.2000 04/15/2024 | 0.26% |
| FAIRFAX US INC P/P 144A 04.8750 08/13/2024 | 0.26% |
| GOLDMAN SACHS GROUP INC 03.0000 04/26/2022 | 0.26% |
| CAS 2017-C02 2ED4 02.8684 09/25/2029 | 0.26% |
| SKANDINAVISKA ENSKILDA USD 02.3000 03/11/2020 | 0.26% |
| BANK OF NY MELLON CORP 01.9500 08/23/2022 | 0.26% |
| BECTON DICKINSON AND CO 03.7340 12/15/2024 | 0.26% |
| APPLE INC 02.4000 05/03/2023 | 0.25% |
| JPMCC 2012-C6 B 04.8186 05/15/2045 | 0.25% |
| KINDER MORGAN ENER PART 03.4500 02/15/2023 | 0.25% |
| MORGAN STANLEY 03.4576 01/20/2022 | 0.25% |
| MORGAN STANLEY 02.7500 05/19/2022 | 0.25% |
| WFRBS 2014-C23 XA IO 00.7362 10/15/2057 | 0.25% |
| FOX CORP P/P 144A 04.0300 01/25/2024 | 0.24% |
| THE WILLIAMS COMPANIES INC. 04.5500 06/24/2024 | 0.24% |
| WELLS FARGO BANK NA 03.6250 10/22/2021 | 0.24% |
| MERCK & CO INC 02.9000 03/07/2024 | 0.24% |
| RBIT 2019-1 M3 P/P 144A 03.0110 07/25/2029 | 0.24% |
| WELLS FARGO & COMPANY 03.7500 01/24/2024 | 0.24% |
| COMM 2015-CR26 XA IO 01.1025 10/10/2048 | 0.24% |
| ENERGY TRANSFER OPERATNG 04.5000 04/15/2024 | 0.24% |
| ECOLAB INC 04.3500 12/08/2021 | 0.24% |
| ANZ NEW ZEALAND INTL P/P 144A 03.2755 01/25/2022 | 0.24% |
| BANK OF AMERICA CORP 02.8810 04/24/2023 | 0.24% |
| JPMCC 2016-JP2 XA IO 01.9821 08/15/2049 | 0.23% |
| BP CAPITAL MARKETS PLC USD 03.5610 11/01/2021 | 0.23% |
| NEWFIELD EXPLORATION CO 05.6250 07/01/2024 | 0.23% |
| SPST 2019-WL1 A 02.6684 08/25/2052 | 0.23% |
| VERIZON COMMUNICATIONS 03.1250 03/16/2022 | 0.23% |
| FISERV INC 02.7500 07/01/2024 | 0.23% |
| SIEMENS FINANCIERING P/P 144A 02.2000 03/16/2020 | 0.23% |
| STACR 2019-DNA1 M2 04.6684 01/25/2049 | 0.23% |
| CAS 2016-C04 1M2 06.2684 01/25/2029 | 0.23% |
| GOLDMAN SACHS GROUP INC 02.8760 10/31/2022 | 0.23% |
| MASSMUTUAL GLOBAL P/P 144A 02.5000 10/17/2022 | 0.23% |
| UNITEDHEALTH GROUP INC 02.3750 08/15/2024 | 0.23% |
| VISTRA OPERATION P/P 144A 03.5500 07/15/2024 | 0.23% |
| EMIR 2019-1 M1B 03.8184 04/25/2029 | 0.23% |
| RMIR 2019-2 M1B P/P 144A 03.7684 06/25/2029 | 0.23% |
| ALBEMARLE CORP 01265RXB9 DCP 10/11/2019 | 0.23% |
| CHARIOT FUNDING LLC 15963UXF8 DCP 10/15/2019 | 0.23% |
| NATIONAL GRID ELECTRICITY TRA 6362N3XP6 DCP 10/23/2019 | 0.23% |
| NRZT 2019-NQM4 A3 02.7698 09/25/2059 | 0.23% |
| MANHATTAN ASSET FUNDING CO LL 56274MZ62 DCP 12/06/2019 | 0.22% |
| VICTORY RECEIVABLES CORP 92646LZC7 DCP 12/12/2019 | 0.22% |
| CAFCO LLC 1247P2C93 DCP 03/09/2020 | 0.22% |
| SOUTHERN CO 02.3500 07/01/2021 | 0.22% |
| COMM 2015-LC21 XA IO 00.9091 07/10/2048 | 0.22% |
| IHS MARKIT LTD P/P 144A 05.0000 11/01/2022 | 0.22% |
| VERUS 2019-1 A3 03.9850 02/25/2059 | 0.22% |
| STACR 2014-HQ2 M2 04.2184 09/25/2024 | 0.21% |
| FASST 2018-HB1 M2 P/P 144A 04.0869 09/25/2028 | 0.21% |
| COMM 2012-CR5 AM P/P 144A 03.2230 12/10/2045 | 0.20% |
| NRZT 2019-NQM4 A2 02.6682 09/25/2059 | 0.20% |
| CF INDUSTRIES INC 03.4500 06/01/2023 | 0.20% |
| JPMCC 2010-C2 D P/P 144A 05.7860 11/15/2043 | 0.20% |
| FFML 2006-FF15 A5 02.1784 11/25/2036 | 0.20% |
| FISERV INC. 03.8000 10/01/2023 | 0.20% |
| HMIR 2018-1 M1 P/P 144A 03.6184 10/25/2028 | 0.19% |
| ELANCO ANIMAL HEALTH P/P 03.9120 08/27/2021 | 0.19% |
| RCO 2018-1 A1 P/P 144A 04.0000 05/25/2023 | 0.19% |
| CISCO SYSTEMS INC 02.6000 02/28/2023 | 0.19% |
| CHARTER COMM OPT LLC/CAP 03.9031 02/01/2024 | 0.19% |
| LIBERTY MUTUAL GROUP P/P 144A 05.0000 06/01/2021 | 0.19% |
| BRDCOM CRP / FIN 03.0000 01/15/2022 | 0.19% |
| CAS 2015-C04 1M2 07.7184 04/25/2028 | 0.19% |
| ECOLAB INC 02.2500 01/12/2020 | 0.19% |
| AMERICAN ELECTRIC POWER 03.6500 12/01/2021 | 0.18% |
| JPMORGAN CHASE & CO 02.2500 01/23/2020 | 0.18% |
| VERUS 2019-1 A1 03.7300 02/25/2059 | 0.18% |
| AOMT 2019-1 A3 04.1240 11/25/2048 | 0.18% |
| GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 | 0.18% |
| OBX 2018-EXP1 1A3 04.0000 04/25/2048 | 0.18% |
| CSMC 2016-NXSR XA IO 00.9306 12/15/2049 | 0.18% |
| STACR 2018-HRP2 M2 03.2684 02/25/2047 | 0.18% |
| ROYAL BANK OF CANADA USD 03.7000 10/05/2023 | 0.18% |
| RMIR 2019-1 M2 P/P 144A 05.2184 02/25/2029 | 0.18% |
| DELL INT LLC / EM P/P 144A 04.0000 07/15/2024 | 0.18% |
| UBSCM 2012-C1 AS 04.1710 05/10/2045 | 0.18% |
| BSCMS 2006-T22 E P/P 144A 05.9191 04/12/2038 | 0.18% |
| GSMS 2011-GC5 B P/P 144A 05.5564 08/10/2044 | 0.17% |
| DUPONT DE NEMOURS INC 03.7660 11/15/2020 | 0.17% |
| MSC 2012-C4 B P/P 144A 05.2130 03/15/2045 | 0.17% |
| BECTON DICKINSON AND CO 02.8940 06/06/2022 | 0.17% |
| VERIZON COMMUNICATIONS 02.6995 05/22/2020 | 0.17% |
| CHARIOT FUNDING LLC 15963UYM2 DCP 11/21/2019 | 0.17% |
| GSMS 2010-C1 D P/P 144A 06.1973 08/10/2043 | 0.16% |
| LENNAR CORP 04.5000 04/30/2024 | 0.16% |
| THE SHERWIN-WILLIAMS COMPANY 02.7500 06/01/2022 | 0.16% |
| AIR LEASE CORP 03.5000 01/15/2022 | 0.16% |
| ZOETIS INC 03.4500 11/13/2020 | 0.16% |
| GSMS 2011-GC5 C P/P 144A 05.5564 08/10/2044 | 0.16% |
| WELLS FARGO & COMPANY 02.6000 07/22/2020 | 0.16% |
| AMAZON.COM INC. 02.5000 11/29/2022 | 0.16% |
| CREDIT SUISSE NEW YORK 05.4000 01/14/2020 | 0.16% |
| CITIGROUP INC 03.2355 04/25/2022 | 0.16% |
| MOODY'S CORPORATION 02.7500 12/15/2021 | 0.16% |
| BANK OF AMERICA CORP 02.7563 06/25/2022 | 0.16% |
| ELANCO ANIMAL HEALTH 04.2720 08/28/2023 | 0.15% |
| WFRBS 2013-C16 AS 04.6680 09/15/2046 | 0.15% |
| US BANCORP 02.9500 07/15/2022 | 0.15% |
| WFRBS 2011-C4 D P/P 144A 05.3965 06/15/2044 | 0.15% |
| STACR 2015-DNA3 M2 04.8684 04/25/2028 | 0.15% |
| WFRBS 2012-C8 AS 03.6600 08/15/2045 | 0.15% |
| US BANK NA CINCINNATI 03.1500 04/26/2021 | 0.15% |
| CITIGROUP INC. 03.5000 05/15/2023 | 0.15% |
| CIGNA CORP 03.7500 07/15/2023 | 0.14% |
| MSRR 2015-R4 CB1 02.9695 08/26/2047 | 0.14% |
| HOF 2018-2 A2 04.1370 11/25/2058 | 0.14% |
| GSMS 2015-GC30 XA IO 00.9592 05/10/2050 | 0.14% |
| INTL FLAVOR & FRAGRANCES 03.4000 09/25/2020 | 0.14% |
| DRMT 2017-3A A1 02.5770 10/25/2047 | 0.13% |
| COMMONWEALTH BK AUST P/P 144A 02.2000 11/09/2020 | 0.13% |
| MET LIFE GLOB FUND P/P 144A 03.0000 01/10/2023 | 0.13% |
| MICROCHIP TECH INC 04.3330 06/01/2023 | 0.12% |
| STACR 2015-DNA3 M3 06.7184 04/25/2028 | 0.12% |
| DIGITAL REALTY TRUST LP 04.7500 10/01/2025 | 0.12% |
| AT&T INC 04.4500 04/01/2024 | 0.12% |
| CHARTER COMM OPT LLC/CAP 04.5000 02/01/2024 | 0.12% |
| MWST 2019-1 A 02.8184 06/25/2052 | 0.12% |
| STACR 2014-DN1 M2 04.2184 02/25/2024 | 0.12% |
| MSBAM 2015-C26 XA IO 01.1773 10/15/2048 | 0.12% |
| VERUS SECURITIZATION TRUST 03.6350 06/01/2058 | 0.12% |
| ZOETIS INC 03.2500 08/20/2021 | 0.12% |
| BANK OF MONTREAL USD 03.1000 07/13/2020 | 0.12% |
| CBS CORP 02.9000 06/01/2023 | 0.12% |
| MARSH & MCLENNAN COS INC 02.7500 01/30/2022 | 0.12% |
| MARSH & MCLENNAN COS INC 03.5000 12/29/2020 | 0.12% |
| CAS 2019-R01 2M2 04.4684 07/25/2031 | 0.11% |
| ROYAL BANK OF CANADA USD 02.1250 03/02/2020 | 0.11% |
| CIT BANK NA 02.9690 09/27/2025 | 0.11% |
| CITIZENS FIN GRP P/P 144A 04.1500 09/28/2022 | 0.11% |
| ENBRIDGE US INC 29251VXR2 DCP 10/25/2019 | 0.11% |
| JPMORGAN CHASE & CO 02.7551 06/18/2022 | 0.11% |
| CELANESE US HOLDINGS LLC 04.6250 11/15/2022 | 0.11% |
| TEVA PHARMA FIN IV LLC 02.2500 03/18/2020 | 0.11% |
| FORD MOTOR CREDIT COMPANY LLC 03.2195 10/12/2021 | 0.11% |
| GSMS 2011-GC3 C P/P 144A 05.8245 03/10/2044 | 0.11% |
| MSBAM 2013-C7 XA IO 01.4879 02/15/2046 | 0.11% |
| WFRBS 2014-C22 XA IO 00.9623 09/15/2057 | 0.11% |
| GFMT 2018-2 A41 04.5000 10/25/2058 | 0.11% |
| COMM 2013-LC6 AM 03.2820 01/10/2046 | 0.11% |
| IHS MARKIT LTD USD 03.6250 05/01/2024 | 0.11% |
| CBS CORP 03.3750 03/01/2022 | 0.10% |
| CELANESE US HOLDINGS LLC 03.5000 05/08/2024 | 0.10% |
| WFCM 2013-LC12 C 04.4203 07/15/2046 | 0.10% |
| DRMT 2018-2A A1 03.4790 04/25/2058 | 0.10% |
| BECTON DICKINSON AND COMPANY 03.1250 11/08/2021 | 0.10% |
| WFCM 2013-LC12 D P/P 144A 04.4203 07/15/2046 | 0.10% |
| CAS 2015-C04 2M2 07.5684 04/25/2028 | 0.10% |
| SVENSKA HANDELSBANKEN AB USD 01.9500 09/08/2020 | 0.10% |
| HOF 2018-1 A1 03.7800 06/25/2048 | 0.10% |
| BNP PARIBAS USD 05.0000 01/15/2021 | 0.10% |
| JPMCC 2012-C6 E P/P 144A 05.3187 05/15/2045 | 0.10% |
| CITIGROUP INC 02.6500 10/26/2020 | 0.10% |
| AUTONATION INC. 05.5000 02/01/2020 | 0.09% |
| BANQUE FED CRED MUTU P/P 144A 02.2000 07/20/2020 | 0.09% |
| COLT 2019-1 A3 04.0880 03/25/2049 | 0.09% |
| CSAIL 2015-C1 XA IO 01.0045 04/15/2050 | 0.09% |
| AVIATION CAPITAL GRP P/P 144A 03.0818 06/01/2021 | 0.09% |
| NRG P/P 144A 03.7500 06/15/2024 | 0.09% |
| SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 | 0.09% |
| COMM 2014-LC15 XA IO 01.2702 04/10/2047 | 0.09% |
| MANUF & TRADERS TRUST CO 02.0500 08/17/2020 | 0.09% |
| VOLT 2017-NP11 A1 P/P 144A 03.3750 10/25/2047 | 0.09% |
| VOLT 2017-NPL9 A1 P/P 144A 03.1250 09/25/2047 | 0.09% |
| CIT GROUP INC. 05.2500 03/07/2025 | 0.09% |
| GSMS 2014-GC18 C 05.1566 01/10/2047 | 0.09% |
| BMIR 2018-3A M1A P/P 144A 03.2184 10/25/2027 | 0.08% |
| INTERPUBLIC GROUP COS 03.7500 10/01/2021 | 0.08% |
| STACR 2015-HQ2 M2 03.9684 05/25/2025 | 0.08% |
| WALGREENS BOOTS ALLIANCE 03.3000 11/18/2021 | 0.08% |
| AES CORP/THE 04.5000 03/15/2023 | 0.08% |
| JPMBB 2013-C14 C 04.8586 08/15/2046 | 0.08% |
| BANK OF AMERICA CORP 02.1510 11/09/2020 | 0.08% |
| LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 | 0.08% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 0.08% |
| JPMBB 2015-C31 XA IO 01.0735 08/15/2048 | 0.08% |
| WFCM 2012-LC5 AS 03.5390 10/15/2045 | 0.08% |
| COMM 2012-LC4 C 05.7222 12/10/2044 | 0.08% |
| CSMC 2018-RPL7 A1 04.0000 08/26/2058 | 0.08% |
| TREASURY BILL 00.0000 11/14/2019 | 0.08% |
| CAS 2018-C04 2M1 02.7684 12/25/2030 | 0.08% |
| CD 2016-CD1 XA IO 01.5480 08/10/2049 | 0.08% |
| EQUINIX INC 05.8750 01/15/2026 | 0.08% |
| WILLIAMS COMPANIES INC 04.3000 03/04/2024 | 0.08% |
| BMW US CAPITAL LLC P/P 144A 02.0000 04/11/2021 | 0.08% |
| COMM 2012-CR1 AM 03.9120 05/15/2045 | 0.08% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.08% |
| BNP PARIBAS P/P 144A 02.9500 05/23/2022 | 0.08% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 | 0.08% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.08% |
| STACR 2014-HQ2 M3 05.7684 09/25/2024 | 0.08% |
| CROWN CASTLE INTL CORP 03.4000 02/15/2021 | 0.08% |
| KINDER MORGAN ENER PART 03.5000 03/01/2021 | 0.08% |
| APPLE INC 02.1000 09/12/2022 | 0.08% |
| ARRW 2019-3 A3 03.4160 10/25/2048 | 0.08% |
| AVIATION CAPITAL GRP P/P 144A 02.9358 07/30/2021 | 0.08% |
| NRZT 2018-4A A1M 02.9184 01/25/2048 | 0.08% |
| OMIR 2018-1A M1 03.5684 07/25/2028 | 0.08% |
| ASHTEAD CAPITAL INC P/P 144A 05.2500 08/01/2026 | 0.07% |
| EMERA US FINANCE LP 02.7000 06/15/2021 | 0.07% |
| EMIR 2018-1 M1 03.7184 11/25/2028 | 0.07% |
| WFCM 2016-BNK1 XA IO 01.9110 08/15/2049 | 0.07% |
| MITSUBISHI UFJ FIN GRP USD 03.5350 07/26/2021 | 0.07% |
| ENERGY TRANSFER OPERA 05.8750 01/15/2024 | 0.07% |
| CHENIERE CORP CHRIST 07.0000 06/30/2024 | 0.07% |
| COMM 2014-CR17 C 04.9480 05/10/2047 | 0.07% |
| HILTON WORLDWIDE FIN LLC 04.6250 04/01/2025 | 0.07% |
| PENNSYLVANIA ELECTRIC CO 05.2000 04/01/2020 | 0.07% |
| EMIR 2018-1 M2 05.0184 11/25/2028 | 0.07% |
| GSMS 2014-GC22 C 04.8474 06/10/2047 | 0.07% |
| TREASURY BILL 00.0000 11/07/2019 | 0.07% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.07% |
| T-MOBILE USA INC 05.1250 04/15/2025 | 0.07% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.07% |
| CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 | 0.07% |
| UBS AG LONDON P/P 144A 02.2000 06/08/2020 | 0.07% |
| GSMS 2013-GC10 XA IO 01.6541 02/10/2046 | 0.06% |
| TREASURY BILL 00.0000 12/05/2019 | 0.06% |
| INTERNATIONAL PAPER CO 04.7500 02/15/2022 | 0.06% |
| CAS 2015-C02 2M2 06.0184 05/25/2025 | 0.06% |
| MSBAM 2012-C5 AS 03.7920 08/15/2045 | 0.06% |
| RBIT 2018-1 M3 P/P 144A 04.4475 11/25/2028 | 0.06% |
| UBSCM 2017-C7 XA IO 01.2142 12/15/2050 | 0.06% |
| WFRBS 2013-C18 AS 04.3870 12/15/2046 | 0.06% |
| BANK 2017-BNK9 XA IO 00.9551 11/15/2054 | 0.06% |
| CITIGROUP INC 04.5000 01/14/2022 | 0.06% |
| FISERV INC 04.7500 06/15/2021 | 0.06% |
| GALTON FUNDING MORTGAGE TRUST 03.5000 11/25/2057 | 0.06% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.06% |
| COMM 2010-C1 D P/P 144A 06.3040 07/10/2046 | 0.06% |
| JPMCC 2012-C6 AS 04.1166 05/15/2045 | 0.06% |
| UNITED RENTALS NORTH AM 04.6250 07/15/2023 | 0.06% |
| COMMONWEALTH BK AUST P/P 144A 01.7500 11/07/2019 | 0.06% |
| DUKE ENERGY OHIO INC 03.8000 09/01/2023 | 0.06% |
| HUNTSMAN INTERNATIONAL LLC 05.1250 11/15/2022 | 0.06% |
| NMRR 2015-8R 4A1 04.4815 11/25/2047 | 0.06% |
| TPAT 2018-SL1 A P/P 144A 02.7453 01/25/2046 | 0.06% |
| UBSC 2011-C1 AS P/P 144A 05.1540 01/10/2045 | 0.06% |
| BANK OF MONTREAL USD 03.1000 04/13/2021 | 0.06% |
| BSCMS 2007-T26 AJ 05.5660 01/12/2045 | 0.06% |
| CAS 2015-C01 2M2 06.5684 02/25/2025 | 0.05% |
| PROTECTIVE LIFE GLO P/P 144A 02.2620 04/08/2020 | 0.05% |
| SAMI 2007-AR7 1A1 02.8684 05/25/2047 | 0.05% |
| BRAVO 2019-NQM1 A3 02.9960 07/25/2059 | 0.05% |
| GOLDMAN SACHS GROUP INC 02.6000 12/27/2020 | 0.05% |
| AIG GLOBAL FUNDING P/P 144A 02.1500 07/02/2020 | 0.05% |
| BANK OF AMERICA CORP 02.3280 10/01/2021 | 0.05% |
| CONSOLIDATED EDISON INC 02.0000 03/15/2020 | 0.05% |
| UBSBB 2012-C3 C P/P 144A 05.1983 08/10/2049 | 0.05% |
| WFRBS 2013-C11 AS 03.3110 03/15/2045 | 0.05% |
| UBSBB 2012-C2 XA IO P/P 144A 01.4699 05/10/2063 | 0.05% |
| INTL FLAVOR & FRAGRANCES 03.2000 05/01/2023 | 0.05% |
| WASTE MANAGEMENT INC. 04.7500 06/30/2020 | 0.05% |
| WFRBS 2013-C12 AS 03.5600 03/15/2048 | 0.05% |
| WILLIAMS COMPANIES INC 05.2500 03/15/2020 | 0.05% |
| CAS 2016-C03 2M2 07.9184 10/25/2028 | 0.04% |
| WFRBS 2013-UBS1 AS 04.3060 03/15/2046 | 0.04% |
| AOMT 2017-1 A1 02.8100 01/25/2047 | 0.04% |
| CAS 2019-R02 1M1 02.8684 08/25/2031 | 0.04% |
| OMIR 2017-1A M2 P/P 144A 06.0184 04/25/2027 | 0.04% |
| TECK RESOURCES LIMITED USD 03.7500 02/01/2023 | 0.04% |
| COLT 2018-2 A1 03.4700 07/27/2048 | 0.04% |
| MSRR 2014-R8 2A 02.3053 06/26/2047 | 0.04% |
| PNC BANK NA 02.0000 05/19/2020 | 0.04% |
| CSMC 2008-C1 AJ P/P 144A 05.9967 02/15/2041 | 0.04% |
| WFCM 2016-C37 XA IO 01.1429 12/15/2049 | 0.04% |
| BMIR 2018-2A M1B P/P 144A 03.3684 08/25/2028 | 0.04% |
| CGCMT 2014-GC21 AS 04.0260 05/10/2047 | 0.04% |
| GECMC 2005-C1 D 04.5588 06/10/2048 | 0.03% |
| CFCRE 2011-C2 D P/P 144A 05.9394 12/15/2047 | 0.03% |
| GSMS 2013-GC12 XA IO 01.5590 06/10/2046 | 0.03% |
| JPMBB 2014-C22 XA IO 01.0047 09/15/2047 | 0.03% |
| UBSBB 2012-C2 D P/P 144A 05.0476 05/10/2063 | 0.03% |
| BSCMS 2006-PW11 B P/P 144A 05.8095 03/11/2039 | 0.03% |
| CMLTI 2005-2 1A2A 04.9300 05/25/2035 | 0.03% |
| JPMCC 2005-CB11 C 05.7325 08/12/2037 | 0.03% |
| WFCM 2015-LC20 XB IO 00.6246 04/15/2050 | 0.03% |
| WFRBS 2012-C10 C 04.5201 12/15/2045 | 0.03% |
| JPMBB 2013-C17 AS 04.4584 01/15/2047 | 0.03% |
| MSBAM 2013-C7 XB IO P/P 144A 00.4211 02/15/2046 | 0.03% |
| MSBAM 2014-C17 XA IO 01.2682 08/15/2047 | 0.03% |
| MSC 2005-T19 D 05.2890 06/12/2047 | 0.03% |
| MSC 2012-C4 C P/P 144A 05.6001 03/15/2045 | 0.03% |
| WFCM 2015-C27 XA IO 01.0378 02/15/2048 | 0.03% |
| GSAA 2006-8 2A2 02.1984 05/25/2036 | 0.03% |
| STAR 2018-IMC1 A1 03.7930 03/25/2048 | 0.03% |
| BMIR 2017-1 M1 P/P 144A 03.7184 10/25/2027 | 0.03% |
| JPMCC 2013-C10 XA IO 01.1226 12/15/2047 | 0.03% |
| BUMT 2005-1 1A1 02.6184 09/25/2045 | 0.02% |
| COMM 2014-CR14 XA IO 00.7645 02/10/2047 | 0.02% |
| PPSI 2004-WCW2 M3 03.0684 10/25/2034 | 0.02% |
| STACR 2014-HQ3 M3 06.7684 10/25/2024 | 0.02% |
| 1.58 R ISWP FWD US0003M P 12/18/2021 | 0.02% |
| COMM 2013-LC13 XA IO 01.3267 08/10/2046 | 0.02% |
| COMM 2014-CR17 XA IO 01.1451 05/10/2047 | 0.02% |
| MWST 2018-W1 A 02.8684 11/25/2051 | 0.02% |
| TREASURY BILL 00.0000 11/21/2019 | 0.02% |
| JPMCC 2012-LC9 D P/P 144A 04.5473 12/15/2047 | 0.02% |
| TREASURY BILL 00.0000 10/10/2019 | 0.02% |
| 1.45 R ISWP FWD US0003M P 12/18/2024 | 0.02% |
| CWHL 2005-3 1A1 02.6384 04/25/2035 | 0.02% |
| FNR 2011-4 CS 08.8632 05/25/2040 | 0.02% |
| FNR 2005-75 GS 14.1949 08/25/2035 | 0.01% |
| AOMT 2017-2 A1 02.4780 07/25/2047 | 0.01% |
| LBUBS 2006-C6 AJ 05.4520 09/15/2039 | 0.01% |
| MLMI 2005-A2 A2 04.4481 02/25/2035 | 0.01% |
| BMW US CAPITAL LLC P/P 144A 02.6756 08/13/2021 | 0.01% |
| CSMC 2012-4R 7A2 04.2460 01/27/2036 | 0.01% |
| FNR 2003-43 YA 04.0000 03/25/2033 | 0.01% |
| GNR 2010-151 KO PO 00.0000 06/16/2037 | 0.01% |
| COLT 2018-1 A1 02.9300 02/25/2048 | 0.01% |
| MSC 2012-C4 XA IO P/P 144A 02.2563 03/15/2045 | 0.01% |
| SASC 2006-AM1 A4 02.1784 04/25/2036 | 0.01% |
| FNR 2010-81 AP 02.5000 07/25/2040 | 0.00% |
| MARSH & MCLENNAN COS INC 03.3044 12/29/2021 | 0.00% |
| WFRBS 2011-C4 E P/P 144A 05.3965 06/15/2044 | 0.00% |
| CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CS | 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 CS | 0.00% |
| FHR 3724 CM 05.5000 06/15/2037 | 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 CS | 0.00% |
| CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CS | 0.00% |
| FHR 2976 LC 16.9858 05/15/2035 | 0.00% |
| GNR 2009-32 AB 04.0000 05/16/2039 | 0.00% |
| CAS 2015-C03 2M2 07.0184 07/25/2025 | 0.00% |
| CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS | 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 MS | 0.00% |
| CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 MS | 0.00% |
| CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 MS | 0.00% |
| CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CG | 0.00% |
| CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG | 0.00% |
| CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP | 0.00% |
| CSFB 2003-C3 AX IO P/P 144A 02.2111 05/15/2038 | 0.00% |
| FHR 3539 PM 04.5000 05/15/2037 | 0.00% |
| FNR 2005-68 PC 05.5000 07/25/2035 | 0.00% |
| FNR 2011-60 PA 04.0000 10/25/2039 | 0.00% |
| FNW 1998-W2 X IO 00.9181 06/25/2028 | 0.00% |
| BACM 2007-1 XW IO 00.4019 01/15/2049 | 0.00% |
| CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CG | 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 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 MS | 0.00% |
| CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 MS | 0.00% |
| CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 MS | 0.00% |
| CMB CMBX.NA.A.7 2047-01-17 200.0 01/17/2047 CG | 0.00% |
| CMB CMBX.NA.A.7 2047-01-17 200.0 01/17/2047 GS | 0.00% |
| CMB CMBX.NA.A.7 2047-01-17 200.0 01/17/2047 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.9 2058-09-17 500.0 09/17/2058 CS | 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 JP | 0.00% |
| CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 ML | 0.00% |
| CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 MS | 0.00% |
| CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 MS | 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 ML | 0.00% |
| FHR 3609 LK 02.0000 12/15/2024 | 0.00% |
| FNR 2010-155 A 03.5000 09/25/2025 | 0.00% |
| FNW 1998-W5 X IO 00.7859 07/25/2028 | 0.00% |
| FSPC T-48 AIO2 IO 00.2120 07/25/2033 | 0.00% |
| FSPC T-59 1AX IO 00.2804 10/25/2043 | 0.00% |
| FSPC T-8 A9 IO 00.4270 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 00.3551 02/15/2040 | 0.00% |
| MLCFC 2006-4 XC IO P/P 144A 00.7588 12/12/2049 | 0.00% |
| MLMT 2005-MCP1 XC IO P/P 144A 00.0012 06/12/2043 | 0.00% |
| WBCMT 2006-C29 IO IO 00.4761 11/15/2048 | 0.00% |
| WBCMT 2007-C31 IO IO P/P 144A 00.0000 04/15/2047 | 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.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.BBB-.6 2063-05-11 300.0 05/11/2063 BA | -0.00% |
| CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS | -0.00% |
| CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CG | -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 BA | -0.00% |
Prior top 10 holdings
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Jpmorgan Chase 03.3750 05/01/2023 | |
| Comcast Corporation 03.7000 04/15/2024 | |
| Pnc Bank Na 03.3000 10/30/2024 | |
| At&T 03.8000 03/01/2024 | |
| Bristol-Myers P/P 144a 02.9000 07/26/2024 | |
| Met Life Glob Fundin P/P 144a 02.5000 12/03/2020 | |
| Ubs Group Fundin P/P 144a 03.4910 05/23/2023 | |
| Cas 2017-C01 1eb1 03.2684 07/25/2029 | |
| Stacr 2016-Dna2 M3 06.6684 10/25/2028 | |
| Hsbc Usa 05.0000 09/27/2020 | |
| Holdings represent 7.66% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Jpmorgan Chase 03.3750 05/01/2023 | |
| Comcast Corporation 03.7000 04/15/2024 | |
| At&T 03.8000 03/01/2024 | |
| Pnc Bank Na 03.3000 10/30/2024 | |
| Bristol-Myers P/P 144a 02.9000 07/26/2024 | |
| Met Life Glob Fundin P/P 144a 02.5000 12/03/2020 | |
| Hsbc Usa 05.0000 09/27/2020 | |
| Cas 2017-C01 1eb1 03.3953 07/25/2029 | |
| Stacr 2016-Dna2 M3 06.7953 10/25/2028 | |
| Ubs Group Fundin P/P 144a 02.6500 02/01/2022 | |
| Holdings represent 8.32% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Jpmorgan Chase 03.3750 05/01/2023 | |
| Comcast Corporation 03.7000 04/15/2024 | |
| At&T 03.8000 03/01/2024 | |
| Pnc Bank Na 03.3000 10/30/2024 | |
| Bristol-Myers P/P 144a 02.9000 07/26/2024 | |
| Met Life Glob Fundin P/P 144a 02.5000 12/03/2020 | |
| Stacr 2016-Dna2 M3 06.9160 10/25/2028 | |
| Hsbc Usa 05.0000 09/27/2020 | |
| Ubs Group Fundin P/P 144a 02.6500 02/01/2022 | |
| Verizon Communications 03.5000 11/01/2024 | |
| Holdings represent 8.93% of portfolio | |
| Top 10 holdings as of 06/30/19 | |
|---|---|
| Jpmorgan Chase 03.3750 05/01/2023 | |
| At&T 03.8000 03/01/2024 | |
| Pnc Bank Na 03.3000 10/30/2024 | |
| Met Life Glob Fundin P/P 144a 02.5000 12/03/2020 | |
| Stacr 2016-Dna2 M3 07.0544 10/25/2028 | |
| Hsbc Usa 05.0000 09/27/2020 | |
| Cas 2016-C01 1m2 09.1544 08/25/2028 | |
| Citigroup 04.0440 06/01/2024 | |
| Cas 2014-C04 2m2 07.4044 11/25/2024 | |
| Cas 2016-C02 1m2 08.4044 09/25/2028 | |
| Holdings represent 8.71% of portfolio | |
Fixed income statistics as of 09/30/19
| Average effective maturity | 2.26 yrs. |
|---|---|
| Average effective duration | 1.73 yrs. |
| Average yield to maturity | 2.09% |
| Average coupon | 2.87% |
Maturity detail as of 09/30/19
| 0 - 1 yr. | 31.35% |
|---|---|
| 1 - 5 yrs. | 62.16% |
| 5 - 10 yrs. | 6.32% |
| 10 - 15 yrs. | 0.09% |
| Over 15 yrs. | 0.08% |
Quality rating as of 09/30/19
| AAA | 11.51% |
|---|---|
| AA | 11.22% |
| A | 26.83% |
| BBB | 22.77% |
| BB | 1.51% |
| B | 0.38% |
| CCC and Below | 0.17% |
| Not Rated | 2.12% |
| Net cash | 23.49% |
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. The effects of inflation may erode the value of your investment over time. 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, geography, industry or sector. 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 generally 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, which means that they may increase in value less when interest rates decline and decline in value more when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. 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 prospectus lists additional risks.
Credit qualities are shown as a percentage of the fund's net assets. 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. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.
Country allocation as of 09/30/19
| United States | 92.18% |
|---|---|
| Canada | 1.57% |
| France | 1.19% |
| United Kingdom | 1.10% |
| Bermuda | 1.09% |
| Australia | 0.75% |
| Switzerland | 0.68% |
| Japan | 0.52% |
| Sweden | 0.36% |
| Other | 0.56% |
0
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
| Breakpoint | Class A | Class B | Class C | Class M | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|
| $0-$49,999 | 2.25% / 2.00% | 0.00% / 1.00% | 0.00% / 1.00% | 0.75% / 0.75% | -- | -- | -- |
| $50,000-$99,999 | 2.25% / 2.00% | 0.00% / 1.00% | 0.00% / 1.00% | 0.75% / 0.75% | -- | -- | -- |
| $100,000-$249,999 | 1.25% / 1.00% | -- | 0.00% / 1.00% | 0.75% / 0.75% | -- | -- | -- |
| $250,000-$499,999 | 0.00% / 1.00% | -- | -- | -- | -- | -- | -- |
| $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 $250,000+) | 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 $250,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.
The ICE BofAML 1-3 Year U.S. Corporate Index is an unmanaged index U.S. investment-grade corporate debt with a remaining term to maturity of less than 3 years. 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. The ICE BofAML U.S. Treasury Bill-ICE BofAML 1-3 Year U.S. Corporate Linked Benchmark represents performance of the ICE BofAML U.S. Treasury Bill Index from the inception date of the fund through May 31, 2018, and performance of the ICE BofAML 1-3 Year U.S. Corporate Index from June 1, 2018 thereafter. You cannot invest directly in an index. As of June 1, 2018, the ICE BofAML 1-3 Year U.S. Corporate Index replaced the ICE BofAML U.S. Treasury Bill Index as the benchmark for this fund because, in Putnam Investment Management, LLC's opinion, the securities tracked by this index more accurately reflect the types of securities that generally will be held by the fund.
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. The effects of inflation may erode the value of your investment over time. 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, geography, industry or sector. 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 generally 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, which means that they may increase in value less when interest rates decline and decline in value more when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. 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 prospectus lists additional risks.
Credit qualities are shown as a percentage of the fund's net assets. 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. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.