Prior to April 30, 2018, the fund was known as Putnam Absolute Return 700 Fund.

Always Vigilant. Always Active.

Multi-Asset Absolute Return Fund (Class Y)  (PDMYX)

Seeks positive returns with a similar level of volatility

Highlights

Seeks positive returns with a similar level of volatility

The fund seeks positive total return.

Strategy and process

  • Targeting positive returns:The fund seeks positive returns with a similar level of volatility over a full market cycle.
  • Global flexibility:The strategy dynamically combines efficient beta and uncorrelated alpha strategies to create a well-diversified portfolio.
  • Diversification potential:Less influenced by traditional market risks, the fund can be an effective choice to improve portfolio efficiency.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $11.58
0.09% | $0.01
$11.89
07/27/18
$10.56
12/24/18
Historical fund price

Fund facts as of 04/30/19

Total net assets
$1,215.33M
Turnover (fiscal year end)
479%
Dividend frequency
Annually
Number of holdings
768
Fiscal year-end
October
CUSIP / Fund code
746764257 / 1861
Inception date
12/23/08
Category
Absolute Return
Open to new investors
Ticker
PDMYX

Management team

Chief Investment Officer, Global Asset Allocation
Co-Head of Global Asset Allocation
Portfolio Manager
Co-Head of Global Asset Allocation


Literature


Market volatility returns to "old" normal
Our outlook for stock market volatility sees the levels reached in 2018 continuing, in part because these levels were close to the long-term norm.
Watch the euro as Italy votes
We are watching the referendum in Italy this weekend for yet another existential crisis for the euro.
Italy's bank troubles challenge EU
Troubled banks in Italy pose a new challenge to the EU, one that has been compounded by the U.K.'s vote in favor of Brexit.

Performance

Consistency of positive performance over five years

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

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

6.77%

Best 5-year annualized return

(for period ending 03/31/14)


1.55%

Worst 5-year annualized return

(for period ending 12/31/18)


4.28%

Average 5-year annualized return


  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

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

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -1.16% 3.10% 2.22% 4.47%
After sales charge N/A N/A N/A N/A
ICE BofAML U.S. Treasury Bill Index 2.17%1.19%0.76%0.46%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 05/31/19 0.18% -
YTD as of 06/25/19 7.92% -

Volatility as of 04/30/19

Standard deviation (3 yrs.) 4.55%

Morningstar Ratings as of 04/30/19

Time period Funds in category Morningstar Rating
Overall 278
3 yrs. 278
5 yrs. 180
10 yrs. 63
Morningstar category: Multialternative

Distributions

Record/Ex dividend date 12/18/18
Payable date 12/20/18
Income $0.4
Extra income --
Short-term cap. gain --
Long-term cap. gain --

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

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

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


Holdings

Top 10 holdings as of 04/30/19

Net cash 37.64%
Umbs Fn30 Tba 03.5000 06/01/2049 6.55%
Umbs Fn30 Tba 04.0000 06/01/2049 4.13%
Utilities Select Sector Spdr Sedol 2371812 3.15%
Citi Commod F3-F0 4x Levered Index 3x Note 12/26/2019 1.66%
Technology Select Sect Spdr Sedol 2369709 1.65%
Real Estate Select Sect Spdr Sedol Byz65y9 1.60%
Industrial Select Sect Spdr Sedol 2502139 1.57%
Energy Select Sector Spdr Sedol 2402466 1.56%
Samsung Electronics 1.43%
Top 10 holdings, percent of portfolio 60.94%

Full portfolio holdings as of 03/31/19

GSGLPWDL R US0001M P 12/15/20 GS 39.06%
CGPUTQL2 R US0003M P 11/26/19 CI 38.04%
MLFCF15 R US0003M P 06/20/23 BA 37.96%
US 10YR NOTE (CBT)SEP19 TYU9 33.79%
GSGLPW2L R US0001M P 12/15/20 GS 32.68%
S&P MID 400 EMINI JUN19 FAM9 14.61%
FNMA FN30 TBA UMBS 03.5000 06/01/2049 6.77%
GSVIUS85 R 0.45 P 12/15/20 GS 4.35%
GSISXT27 R 0.2 P 12/15/20 GS 4.34%
REPO TRIPA MORTG 2.5 06/03/2019 3.47%
XLE US R US0001M P 03/25/20 JP 3.04%
FNMA FN30 TBA UMBS 04.0000 07/01/2049 2.25%
GSVIVV69 R 0.3 P 12/15/20 GS 2.15%
FNMA FN30 TBA UMBS 04.0000 06/01/2049 2.00%
CITI COMMOD F3-F0 4X LEVERED INDEX 3X NOTE 12/26/2019 1.66%
REAL ESTATE SELECT SECT SPDR 1.65%
UTILITIES SELECT SECTOR SPDR 1.61%
TECHNOLOGY SELECT SECT SPDR 1.54%
COMM SERV SELECT SECTOR SPDR 1.50%
INDUSTRIAL SELECT SECT SPDR 1.48%
FINANCIAL SELECT SECTOR SPDR 1.48%
GSVICUB3 R 0.45 P 12/15/20 GS 1.46%
TREASURY BILL 00.0000 06/13/2019 1.45%
CITI CROSS-ASSET TREND 10% VOL INDEX 3X 144A NOTE 8/27/19 1.37%
SAMSUNG ELECTRONICS CO LTD 1.32%
GNMA GII30 TBA 04.5000 06/01/2049 1.31%
MBX.FN30.500.10 R USL1M P 01/12/41 BC 1.22%
BAML COMMODITY MLBX4SX6 ER STRATEGY 3X 144A NOTE 12/12/2019 1.21%
TREASURY BILL 00.0000 07/11/2019 0.88%
TENCENT HOLDINGS LTD 0.86%
LIBERTY STREET FUNDING LLC 53127UTD2 DCP 06/13/2019 0.84%
BAML COMMODITY MLBX4SX6 EXCESS RETURN STRATEGY 3X144A NOTE 0.83%
REGENCY MARKETS NO. 1 LLC 7588R1T62 DCP 06/06/2019 0.78%
NRW BANK 62939MUB1 DCP 07/11/2019 0.73%
TOTAL CAPITAL CANADA LTD 89153QUA6 DCP 07/10/2019 0.73%
DNB BANK ASA 2332K1VF4 DCP 08/15/2019 0.73%
MANHATTAN ASSET FUNDING CO LL 56274MVL3 DCP 08/20/2019 0.73%
GSVIVVOL R 0.3 P 12/15/20 GS 0.71%
PING AN INSURANCE GROUP CO-H 0.69%
S&P500 EMINI FUT JUN19 ESM9 0.66%
CHINA MOBILE LTD 0.64%
ALIBABA GROUP HOLDING-SP ADR 0.64%
METLIFE SHORT TERM FUNDING LL 59157UUH1 DCP 07/17/2019 0.62%
IND & COMM BK OF CHINA-H 0.62%
TORONTO-DOMINION BANK/THE 89119BV60 DCP 08/06/2019 0.61%
TAIWAN SEMICONDUCTOR-SP ADR 0.56%
TATA CONSULTANCY SVS LTD 0.55%
GOTHAM FUNDING CORP 38346MUH5 DCP 07/17/2019 0.54%
AMERICAN HONDA FINANCE CORP 02665KTQ0 DCP 06/24/2019 0.50%
OLD LINE FUNDING LLC 67983UV59 DCP 08/05/2019 0.50%
SIMON PROPERTY GROUP LP 82880XVK3 DCP 08/19/2019 0.50%
BARCLAYS BANK PLC CCP 06742QWG3 DCP 08/21/2019 0.50%
BANCO DO BRASIL S.A. 0.50%
NATIONAL BANK OF CANADA 63307MUV9 DCP 07/29/2019 0.48%
SK HYNIX INC 0.47%
WALMART DE MEXICO SAB DE CV 0.47%
GNMA GII30 TBA 04.0000 06/01/2049 0.44%
PTT PCL/FOREIGN 0.44%
HCL TECHNOLOGIES LTD 0.42%
SKANDINAVISKA ENSKILDA BANKEN 83050UUF3 DCP 07/15/2019 0.42%
FED HOME LN DISCOUNT NT 313384KZ1 GDC 08/28/2019 0.42%
ANHUI CONCH CEMENT CO LTD-H 0.41%
2.65 R ISWP FWD US0003M P 06/19/2029 0.41%
TECH MAHINDRA LTD 0.38%
ABN AMRO FUNDING USA LLC 00084CT44 DCP 06/04/2019 0.38%
ATLANTIC ASSET SECURITIZATION 04821UUP5 DCP 07/23/2019 0.38%
CHINA PETROLEUM & CHEMICAL-H 0.38%
SPST 2018-5 A 03.1874 09/24/2019 0.38%
GREE ELECTRIC 144A/REGS WARRANT 08/29/2019 0.37%
MATCHPOINT FINANCE PLC 57666BTB6 DCP 06/11/2019 0.36%
BANCO ITAU HOLDING PFD 0.36%
IRB BRASIL RESSEGUROS SA 0.36%
SK TELECOM 0.35%
BANK OF SHANGHAI 144A REGS WARRANT 12/12/2019 0.35%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.35%
WEICHAI POWER CO LTD-H 0.35%
BANCO SANTANDER BRASIL-UNIT 0.34%
LIBERTY STREET FUNDING LLC 53127UT42 DCP 06/04/2019 0.34%
EVRAZ PLC 0.33%
PTT GLOBAL CHEMICAL PCL-FOR 0.32%
SPST 2018-3 A 03.1874 07/24/2019 0.32%
MITSUBISHI UFJ TRUST & BANKIN 60683CUG4 DCP 07/16/2019 0.31%
JO-ANN STORES TL L+500 07.5915 10/16/2023 0.31%
UNI-PRESIDENT ENTERPRISES CO 0.31%
LG UPLUS CORP 0.31%
AES CORP/THE 05.5000 04/15/2025 0.31%
CIA SANEAMENTO BASICO DE SP 0.30%
BANK OF COMMUNICATIONS - H 0.30%
GUANGZHOU AUTOMOBILE GROUP-H 0.30%
NRG ENERGY INC. 07.2500 05/15/2026 0.30%
ECOPETROL SA-SPONSORED ADR 0.29%
CORPORATE ASSET FUNDING CO IN 1247P3VF6 DCP 08/15/2019 0.29%
SBERBANK PJSC -SPONSORED ADR 0.29%
INFOR US INC 06.5000 05/15/2022 0.28%
S&P GSCI TOTAL RETURN INDEX 3X NOTE 12/5/2019 0.28%
CAS 2016-C02 1B 14.6798 09/25/2028 0.27%
FNMA FN30 TBA UMBS 05.5000 06/01/2049 0.27%
RADIANT OPTO-ELECTRONICS COR 0.26%
HINDUSTAN UNILEVER LTD 0.26%
CHARIOT FUNDING LLC 15963UTL0 DCP 06/20/2019 0.26%
COUNTRY GARDEN HOLDINGS CO 0.25%
0.60 R ISWP FWD EUR006M P 06/19/2029 0.25%
DAELIM INDUSTRIAL CO LTD 0.25%
KIA MOTORS CORP 0.24%
CATCHER TECHNOLOGY CO LTD 0.24%
MBX.FN30.400.09 R USL1M P 01/12/40 BC 0.24%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.23%
TREASURY BILL 00.0000 07/16/2019 0.23%
TREASURY BILL 00.0000 08/15/2019 0.23%
FIRSTRAND LTD 0.22%
JPMBB 2014-C18 D P/P 144A 04.8172 02/15/2047 0.22%
CEMEX P/P 144A 05.7000 01/11/2025 0.22%
MR PRICE GROUP LTD 0.22%
SCIENTIFIC GAMES TLB5 L+275 05.2331 08/14/2024 0.22%
ASURION 2NDL L+650 08.9831 08/04/2025 0.22%
HYPERA SA 0.22%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.22%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.21%
MSBAM 2013-C10 D P/P 144A 04.0824 07/15/2046 0.21%
BF0101 03.5000 06/01/2056 0.20%
ZHEN DING TECHNOLOGY HOLDING 0.20%
YUANTA FINANCIAL HOLDING CO 0.20%
PRESIDENT CHAIN STORE CORP 0.20%
QUALICORP CONS E CORR SEG SA 0.20%
GUANGZHOU R&F PROPERTIES - H 0.20%
S&P GSCI TOTAL RETURN 3X 144A NOTE 01/27/2020 0.20%
INFOSYS LTD 0.19%
CHARIOT FUNDING LLC 15963UVD5 DCP 08/13/2019 0.19%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.18%
CHINA RAILWAY GROUP LTD-H 0.18%
SMILES FIDELIDADE SA 0.18%
KUMBA IRON ORE LTD 0.18%
PETRONAS CHEMICALS GROUP BHD 0.18%
TALBOTS TLB L+700 09.4831 11/28/2022 0.18%
BANCO SANTANDER MEXICO SA IN 0.18%
CIA CERVECERIAS UNI-SPON ADR 0.17%
MSC 2006-HQ10 B 05.4480 11/12/2041 0.17%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.17%
GAIL INDIA LTD 0.17%
MBX.FN30.500.09 R USL1M P 01/12/40 BC 0.17%
WANT WANT CHINA HOLDINGS LTD 0.17%
FOSUN INTERNATIONAL 0.17%
SAMSUNG SDS CO LTD 0.17%
HOME PRODUCT CENTER PCL-FOR 0.16%
INTER RAO UES PJSC 0.16%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.16%
VERTIV TLB L+400 06.6289 11/15/2023 0.16%
VTB BANK (VTB CAP SA P/P 144A 06.9500 10/17/2022 0.16%
NEIMAN MARCUS TL L+325 05.7631 10/25/2020 0.16%
INDUSTRIAL BANK OF KOREA 0.16%
FHR 3852 NT 03.5604 05/15/2041 0.15%
GRUPO AEROPORTUARIO DEL CENT 0.15%
WIPRO LTD 0.15%
GUANGZHOU BAIYUNSHAN PHARM-H 0.15%
AUROBINDO PHARMA LTD 0.14%
SINOTRUK HONG KONG LTD 0.14%
TELKOM SA SOC LTD 0.14%
CAPITEC BANK HOLDINGS LTD 0.14%
GRUPO FINANCIERO BANORTE-O 0.14%
S&P GSCI EXCESS RETURN INDEX 3X NOTE 1/27/2020 0.14%
RHB BANK BHD 0.14%
BSCMS 2006-PW11 B P/P 144A 05.7745 03/11/2039 0.14%
FHS 315 PO PO 00.0000 09/15/2043 0.14%
UNITED MEXICAN STATES USD 05.5500 01/21/2045 0.14%
BANCO SANTANDER-CHILE-ADR 0.14%
CAS 2015-C04 1M2 08.1298 04/25/2028 0.14%
REVLON CONS TLB L+350 06.1289 09/07/2023 0.14%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CS 0.14%
SHINHAN FINANCIAL GROUP LTD 0.14%
ZHONGSHENG GROUP HOLDINGS 0.14%
KINETIC CONCEPTS TLB L+325 04.2846 02/03/2024 0.14%
HINDUSTAN PETROLEUM CORP 0.13%
STACR 2016-DNA1 B 12.4766 07/25/2028 0.13%
GEELY AUTOMOBILE HOLDINGS LT 0.13%
FNR 2017-8 SB IO 03.6703 02/25/2047 0.13%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.13%
PPD TL L+250 04.9989 08/18/2022 0.13%
GNR 2015-H20 CI IO 01.9865 08/20/2065 0.13%
FORMOSA CHEMICALS & FIBRE 0.13%
IVORY COAST P/P 144A 06.1250 06/15/2033 0.12%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.12%
CHINA RESOURCES SANJIU MEDICAL & PHARMA 144A REGS 01/29/2020 0.12%
DONGFENG MOTOR GRP CO LTD-H 0.12%
MWST 2019-1 A 03.2298 06/25/2052 0.12%
GNR 2017-H11 NI IO 02.3472 05/20/2067 0.12%
NASPERS LTD-N SHS 0.12%
SURGUTNEFTEGAS-PREFERENCE 0.12%
AIRASIA GROUP BHD 0.12%
EL PUERTO DE LIVERPOOL-C1 0.12%
FNMA FN30 AL6919 05.5000 01/01/2038 0.12%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.12%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.11%
FNR 2017-74 SA IO 03.3203 10/25/2047 0.11%
GNR 2015-H10 CI IO 01.8153 04/20/2065 0.11%
GNR 2015-H19 NI IO 01.9159 07/20/2065 0.11%
GSMS 2013-GC10 E P/P 144A 04.3968 02/10/2046 0.11%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.11%
GNR 2015-H25 BI IO 01.9170 10/20/2065 0.11%
ENEL AMERICAS SA-ADR 0.11%
UNITED MEXICAN STATES USD 04.1500 03/28/2027 0.11%
JPMBB 2013-C14 E P/P 144A 04.5613 08/15/2046 0.11%
GNR 2015-H24 HI IO 02.0263 09/20/2065 0.11%
FHR 4568 MI IO 04.0000 04/15/2046 0.11%
GNR 2016-H02 BI IO 01.8969 11/20/2065 0.11%
GENTING BHD 0.10%
TRIPOD TECHNOLOGY CORP 0.10%
ACADEMY SPORTS TLB L+400 06.4850 07/02/2022 0.10%
SPST 2019-3 A 03.1370 06/24/2020 0.10%
0.20 R ISWP FWD CHL6M P 06/19/2029 0.10%
FNR 2015-28 IO IO 05.5000 05/25/2045 0.10%
GNR 2014-2 IC IO 05.0000 01/16/2044 0.10%
ARCELORMITTAL USD 06.1250 06/01/2025 0.10%
ORTHO-CLINICAL TLB L+325 05.6950 06/01/2025 0.10%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.10%
GNR 2015-H09 BI IO 01.7005 03/20/2065 0.10%
SPY 20200417 P 255.00BANKAM 0.09%
BANK OF CHINA LTD-H 0.09%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS 0.09%
GNR 2015-H25 AI IO 01.6148 09/20/2065 0.09%
PETROBRAS GLOBAL FIN USD 05.2990 01/27/2025 0.09%
REPUBLIC OF INDONESIA REGS 05.8750 01/15/2024 0.09%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.09%
SHINSEGAE INTERNATIONAL INC 0.09%
DIAMOND RESORTS TLB L+375 06.2489 09/02/2023 0.09%
GNR 2016-H03 AI IO 02.1276 01/20/2066 0.09%
SPY 20200515 P 250.00BANKAM 0.09%
GNR 2015-H16 XI IO 02.0117 07/20/2065 0.09%
GSMS 2014-GC24 D P/P 144A 04.5290 09/10/2047 0.09%
WFRBS 2011-C4 F P/P 144A 05.0000 06/15/2044 0.09%
GNR 2015-H15 JI IO 01.9698 06/20/2065 0.09%
GOLDEN NUGGET TL L+275 05.2139 10/04/2023 0.09%
GNR 2015-H22 GI IO 02.5766 09/20/2065 0.09%
SAMI 2007-AR1 2A1 02.6098 01/25/2037 0.09%
GNR 2015-80 IA IO 04.5000 06/20/2045 0.08%
FIRST DATA TL L+200 04.4899 04/26/2024 0.08%
UNIVISION TLC5 L+275 05.2331 03/15/2024 0.08%
MERCER INTL INC USD 07.7500 12/01/2022 0.08%
GNR 2014-H21 AI IO 01.6544 10/20/2064 0.08%
GNR 2015-H26 EI IO 01.7361 10/20/2065 0.08%
GNR 2016-150 I IO 05.0000 11/20/2046 0.08%
SABRE GBL TLB L+200 04.4831 02/22/2024 0.08%
CHINA ORIENTAL GROUP CO LTD 0.08%
HM SAMPOERNA TBK PT 0.08%
JPMCC 2012-C6 G P/P 144A 02.9720 05/15/2045 0.08%
SPY 20200320 P 250.00JPMCB 0.08%
AVAYA HOLDINGS CORP 0.08%
CAPITAL AUTO 2NDL L+600 08.4831 03/24/2025 0.08%
FNR 2016-3 NI IO 06.0000 02/25/2046 0.08%
GNR 2015-H25 EI IO 01.8608 10/20/2065 0.08%
WFCM 2013-LC12 D P/P 144A 04.2856 07/15/2046 0.08%
GNR 2016-H23 NI IO 02.2654 10/20/2066 0.08%
GNR 2015-53 MI IO 04.0000 04/16/2045 0.08%
2.80 R ISWP FWD US0003M P 06/19/2049 0.08%
BANCO DE CHILE-ADR 0.08%
BMIR 2015-1A B1 08.7298 07/25/2025 0.08%
COMM 2012-LC4 E P/P 144A 04.2500 12/10/2044 0.08%
FORD OTOMOTIV 0.08%
MBX.FN30.500.10 R USL1M P 01/12/41 CI 0.08%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.08%
TRANSDIGM INC TLF L+250 04.9831 06/09/2023 0.08%
GNR 2015-H26 GI IO 01.8012 10/20/2065 0.08%
FNR 2011-4 CS 08.0405 05/25/2040 0.07%
GNR 2015-H09 AI IO 02.0718 04/20/2065 0.07%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.07%
TEKFEN HOLDING AS 0.07%
CROWN CASTLE INTL CORP 03.1500 07/15/2023 0.07%
GLOW ENERGY PCL - FOREIGN 0.07%
HAIER ELECTRONICS GROUP CO 0.07%
ZF NA CAPITAL P/P 144A 04.0000 04/29/2020 0.07%
IOS.FN30.400.14 R USL1M P 01/12/45 CS 0.07%
MANILA ELECTRIC COMPANY 0.07%
FHR 4530 HI IO 04.0000 11/15/2045 0.07%
BSCMS 2005-PWR7 D 05.3040 02/11/2041 0.07%
FHR 4389 IA IO 04.0000 09/15/2044 0.07%
GNR 2016-H08 GI IO 01.4313 04/20/2066 0.07%
GNR 2018-91 SJ IO 03.8094 07/20/2048 0.07%
INDOFOOD SUKSES MAKMUR TBK P 0.07%
GNR 2015-H14 BI IO 01.5805 05/20/2065 0.07%
GNR 2016-H04 KI IO 01.7981 02/20/2066 0.07%
FNR 2012-124 UI IO 04.0000 11/25/2042 0.07%
GNR 2010-9 UI IO 05.0000 01/20/2040 0.07%
GNR 2017-H02 BI IO 02.3461 01/20/2067 0.07%
GNR 2017-H14 DI IO 01.7086 06/20/2067 0.07%
WELBILT TLB L+250 04.9930 10/23/2025 0.07%
BSCMS 2007-T26 AJ 05.4639 01/12/2045 0.06%
GNR 2015-H24 BI IO 01.6180 08/20/2065 0.06%
TRIBUNE MEDIA TLB L+300 05.4831 01/27/2024 0.06%
0.95 R ISWP FWD SES3M P 06/19/2029 0.06%
GNR 2014-104 IO IO 04.0000 03/20/2042 0.06%
ASURION TLB4 L+300 05.4831 08/04/2022 0.06%
FNR 2018-58 IO IO 05.5000 08/25/2048 0.06%
WAMU 2005-AR14 1A2 04.1854 12/25/2035 0.06%
MSC 2011-C3 G P/P 144A 05.1113 07/15/2049 0.06%
CMLTI 2007-AMC3 A2D 02.7798 03/25/2037 0.06%
JPMCC 2012-C6 F P/P 144A 05.1483 05/15/2045 0.06%
TIANNENG POWER INTL LTD 0.06%
WBCMT 2005-C21 E P/P 144A 05.2332 10/15/2044 0.06%
FNR 2014-47 IP IO 04.0000 03/25/2044 0.06%
LG CORP 0.06%
PETROBRAS GLOBAL FINANCE USD 07.3750 01/17/2027 0.06%
FNR 2017-48 LI IO 04.0000 05/25/2047 0.06%
IHEARTMEDIA TL L+400 06.5180 05/01/2026 0.06%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.05%
GNR 2016-H07 HI IO 01.8728 02/20/2066 0.05%
JASTRZEBSKA SPOLKA WEGLOWA S 0.05%
GNR 2016-H16 DI IO 02.2401 06/20/2066 0.05%
MBX.FN30.500.10 R USL1M P 01/12/41 CS 0.05%
GNR 2015-H10 EI IO 01.6296 04/20/2065 0.05%
GNR 2018-127 IB IO 04.5000 06/20/2045 0.05%
INFOR TLB6 L+275 05.2430 02/01/2022 0.05%
MSBAM 2013-C11 F P/P 144A 04.3570 08/15/2046 0.05%
UBSBB 2012-C2 F P/P 144A 04.8913 05/10/2063 0.05%
AUD/JPY PUT 76.00 20190806 GSFX 0.05%
FORMOSA PLASTICS CORP 0.05%
MSBAM 2013-C11 E P/P 144A 04.3570 08/15/2046 0.05%
SPY 20200221 P 240.00CITI 0.05%
TCI CO LTD 0.05%
FHLMC FH30G V80357 03.5000 08/01/2043 0.05%
FNMA FN30 AB7936 03.0000 02/01/2043 0.05%
GNR 2009-121 UI IO 05.0000 12/20/2039 0.05%
GNR 2015-H26 DI IO 01.9227 10/20/2065 0.05%
GNR 2016-49 IO IO 04.5000 11/16/2045 0.05%
FNMA FN30 AU1625 03.5000 07/01/2043 0.05%
GNR 2015-187 JI IO 04.0000 03/20/2045 0.05%
KT CORP 0.05%
COMM 2012-CR3 F P/P 144A 04.7500 10/15/2045 0.05%
PROVINCIA DE BUENOS P/P 144A 09.1250 03/16/2024 0.05%
UNITED TRACTORS TBK PT 0.05%
GNR 2014-76 IO IO 05.0000 05/20/2044 0.05%
GNR 2018-127 IC IO 05.0000 10/20/2044 0.05%
IOS.FN30.400.14 R USL1M P 01/12/45 GS 0.05%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.04%
CWALT 2005-27 1A6 03.2498 08/25/2035 0.04%
FHR 4158 TI IO 03.0000 12/15/2042 0.04%
IOS.FN30.350.14 R USL1M P 01/12/45 CS 0.04%
PETROBRAS GLOBAL FINANCE USD 06.2500 03/17/2024 0.04%
VIRGIN MEDIA SECURED P/P 144A 05.0000 04/15/2027 0.04%
WFRBS 2013-C15 D P/P 144A 04.4726 08/15/2046 0.04%
GNR 2015-96 NI IO 03.5000 01/20/2039 0.04%
FNMA FN30 AR6852 03.0000 02/01/2043 0.04%
GNR 2018-127 IE IO 03.5000 01/20/2046 0.04%
BSCMS 2005-PWR7 C 05.2350 02/11/2041 0.04%
FHR 4134 PI IO 03.0000 11/15/2042 0.04%
GNR 2013-79 XI IO 03.5000 11/20/2039 0.04%
HANNSTAR DISPLAY CORP 0.04%
PETROBRAS GLOBAL FINANCE USD 06.1250 01/17/2022 0.04%
FHLMC FH30G V80012 03.0000 03/01/2043 0.04%
IVORY COAST REGS 06.1250 06/15/2033 0.04%
REPUBLIC OF SOUTH AFRICA USD 04.8500 09/27/2027 0.04%
SAO MARTINHO SA 0.04%
FEDERATIVE REP OF BRAZIL USD 04.2500 01/07/2025 0.04%
GNR 2015-H18 IA IO 01.8223 06/20/2065 0.04%
GNR 2016-H04 HI IO 02.3702 07/20/2065 0.04%
GNR 2016-H11 HI IO 02.0951 01/20/2066 0.04%
GNR 2017-99 AI IO 04.0000 01/20/2047 0.04%
FNMA FN30 AO5471 03.5000 06/01/2042 0.04%
KANGMEI PHARMACEUTICAL CO 144A REGS 12/12/2019 0.04%
2.40 R ISWP FWD NFIX3MID P 06/19/2029 0.04%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.04%
GNR 2014-163 NI IO 05.0000 02/20/2044 0.04%
MBX.FN30.400.09 R USL1M P 01/12/40 BC 0.04%
RACKSPACE HOSTING INC L+300 05.5755 11/03/2023 0.04%
WFRBS 2012-C10 E P/P 144A 04.4407 12/15/2045 0.04%
CHINA CONSTRUCTION BANK-H 0.04%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.04%
FHR 3747 SA IO 04.0604 10/15/2040 0.04%
GNR 2015-167 BI IO 04.5000 04/16/2045 0.04%
MBX.FN30.500.10 R USL1M P 01/12/41 CI 0.04%
OIL & NATURAL GAS CORP LTD 0.04%
IHEARTMEDIA INC - CLASS A 0.04%
ITAUSA-INVESTIMENTOS ITAU-PR 0.04%
CHEMOURS CO 06.6250 05/15/2023 0.04%
CWALT 2006-OA10 1A1 03.4411 08/25/2046 0.04%
FHR 4355 DI IO 04.0000 03/15/2044 0.04%
MBX.FN30.500.10 R USL1M P 01/12/41 GS 0.04%
REYNOLDS GROUP TL L+300 05.2331 02/05/2023 0.04%
FNR 2012-22 CI IO 04.0000 03/25/2041 0.03%
FNR 2013-21 AI IO 03.5000 03/25/2033 0.03%
GNR 2012-8 PI IO 04.0000 05/20/2041 0.03%
WPX ENERGY INC 06.0000 01/15/2022 0.03%
AIR MEDICAL TLB L+325 05.7226 04/28/2022 0.03%
ASTRAL FOODS LTD 0.03%
CPG INTL TL L+375 06.6330 05/05/2024 0.03%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 0.03%
SPY 20200117 P 230.00CITI 0.03%
FHR 4136 IW IO 03.5000 10/15/2042 0.03%
GNR 2011-H08 GI IO 01.2701 03/20/2061 0.03%
KOREA INVESTMENT HOLDINGS CO 0.03%
POU CHEN 0.03%
PROVINCIA DE CORDOBA P/P 144A 07.1250 08/01/2027 0.03%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.03%
FHR 4193 PI IO 04.0000 03/15/2043 0.03%
PETROBRAS GLOBAL FIN USD 05.9990 01/27/2028 0.03%
REPUBLIC OF SENEGAL REGS 06.2500 05/23/2033 0.03%
FNR 2014-10 IO IO 03.5000 08/25/2042 0.03%
GNR 2015-82 GI IO 03.5000 12/20/2038 0.03%
PETROLEOS MEXICANOS USD 06.3750 01/23/2045 0.03%
FHR 4150 DI IO 03.0000 01/15/2043 0.03%
PETROLEOS DE VENEZUELA S REGS 05.3750 04/12/2027 0.03%
TREASURY BILL 00.0000 06/06/2019 0.03%
BACM 2005-1 C 05.5038 11/10/2042 0.03%
FHR 4206 IP IO 03.0000 12/15/2041 0.03%
GNR 2010-35 AI IO 04.5000 03/20/2040 0.03%
GNR 2012-145 IO IO 03.5000 12/20/2042 0.03%
GNR 2013-100 MI IO 03.5000 02/20/2043 0.03%
GNR 2013-6 AI IO 03.5000 08/20/2039 0.03%
CAS 2017-C03 1B1 07.2798 10/25/2029 0.03%
CAS 2017-C05 1B1 06.0298 01/25/2030 0.03%
CLEAR CHANNEL OUTDOOR HOLDIN 0.03%
FHR 4097 PI IO 03.5000 11/15/2040 0.03%
GNR 2012-47 CI IO 04.0000 03/20/2042 0.03%
REP OF INDONESIA P/P 144A 04.7500 01/08/2026 0.03%
ATACADAO SA 0.03%
CAS 2015-C03 1M2 07.4298 07/25/2025 0.03%
COMM 2014-CR17 D P/P 144A 04.8417 05/10/2047 0.03%
CWHL 2005-3 1A1 03.0498 04/25/2035 0.03%
GNR 2017-57 AI IO 04.0000 06/20/2045 0.03%
JPMCC 2013-LC11 E P/P 144A 03.2500 04/15/2046 0.03%
1.20 R ISWP FWD GBL6M P 06/19/2024 0.02%
ESTACIO PARTICIPACOES SA 0.02%
FHR 4073 AS IO 03.6104 08/15/2038 0.02%
FNR 2017-2 KI IO 04.0000 02/25/2047 0.02%
FRAC TECH INTL TLB L+475 07.2331 04/16/2021 0.02%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.02%
2.5105 R ISWP US0003M P 05/01/2029 0.02%
BACM 2008-1 C P/P 144A 06.7858 02/10/2051 0.02%
GNR 2015-H26 CI IO 00.6079 08/20/2065 0.02%
IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 0.02%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 0.02%
1.35 R ISWP FWD GBL6M P 06/19/2029 0.02%
EUR/USD 06/19/2019 JPMCB 0.02%
FHR 4501 BI IO 03.5000 10/15/2043 0.02%
FNR 2012-104 QI IO 04.5000 05/25/2042 0.02%
2.40 R ISWP FWD US0003M P 06/19/2024 0.02%
GNR 2011-17 S IO 03.6094 02/20/2041 0.02%
GNR 2013-151 IB IO 04.5000 02/20/2040 0.02%
GNR 2013-37 JI IO 03.5000 01/20/2043 0.02%
GNR 2015-124 NI IO 03.5000 06/20/2039 0.02%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.02%
RALI 2006-QO10 A1 02.5898 01/25/2037 0.02%
FNR 2012-151 PI IO 03.0000 01/25/2043 0.02%
FNR 2015-73 PI IO 03.5000 10/25/2045 0.02%
GNR 2012-141 WI IO 03.5000 11/20/2041 0.02%
GNR 2012-50 PI IO 04.0000 12/20/2041 0.02%
GNR 2015-24 IA IO 03.5000 02/20/2045 0.02%
PETROLEOS MEXICANOS USD 06.5000 03/13/2027 0.02%
TRANSDIGM INC TLE 04.9831 05/30/2025 0.02%
WFMBS 2006-AR6 7A2 04.8119 03/25/2036 0.02%
AUD/JPY PUT 72.00 20190806 GSFX 0.02%
CAD/USD 07/17/2019 BCAP-FX 0.02%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.02%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.02%
FHR 4122 TI IO 04.5000 10/15/2042 0.02%
GNR 2010-20 UI IO 05.0000 02/20/2040 0.02%
GNR 2011-H15 AI IO 01.5354 06/20/2061 0.02%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.02%
MHL 2004-1 M2 03.4348 11/25/2034 0.02%
WFRBS 2013-C12 E P/P 144A 03.5000 03/15/2048 0.02%
BALTA 2004-3 B 05.3548 04/25/2034 0.02%
CAS 2015-C03 2M2 07.4298 07/25/2025 0.02%
EUR/USD 06/19/2019 HSBCB 0.02%
EUR/USD 06/19/2019 SSBT 0.02%
FNR 2013-31 NI IO 03.0000 06/25/2041 0.02%
GNR 2013-3 IT IO 05.0000 01/20/2043 0.02%
GNR 2015-118 EI IO 03.5000 07/20/2039 0.02%
REPUBLIC OF VENEZUELA REGS 07.6500 04/21/2025 0.02%
0.12 R ISWP FWD EUR006M P 06/19/2024 0.02%
AHM 2007-1 GA1C 02.6198 05/25/2047 0.02%
FHR 2990 LB 10.7102 06/15/2034 0.02%
GBP/USD 06/19/2019 SSBT 0.02%
GNR 2013-24 PI IO 04.0000 11/20/2042 0.02%
GNR 2017-132 IB IO 05.5000 09/20/2047 0.02%
IOS.FN30.400.13 R USL1M P 01/12/44 JP 0.02%
LOJAS RENNER S.A. 0.02%
PROVINCIA DE BUENOS P/P 56.7533 05/31/2022 0.02%
SPY 20191220 P 215.00JPMCB 0.02%
WFRBS 2011-C3 E P/P 144A 05.0000 03/15/2044 0.02%
2.2975 R ISWP US0003M P 05/09/2024 0.02%
CAS 2015-C02 2M2 06.4298 05/25/2025 0.02%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.02%
GNR 2014-133 AI IO 04.0000 10/20/2036 0.02%
GNR 2015-24 IC IO 03.5000 11/20/2037 0.02%
GNR 2015-36 GI IO 03.5000 06/16/2041 0.02%
GNR 2017-160 AI IO 04.5000 10/20/2047 0.02%
IOS.FN30.400.14 R USL1M P 01/12/45 CS 0.02%
RALI 2006-QO5 1A1 02.6448 05/25/2046 0.02%
2.5185 R ISWP US0003M P 04/29/2029 0.02%
FHR 4369 IA IO 03.5000 07/15/2044 0.02%
GNR 2010-9 QI IO 04.5000 01/20/2040 0.02%
GNR 2015-99 LI IO 04.0000 07/20/2045 0.02%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.02%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.02%
IVORY COAST P/P 144A 05.2500 03/22/2030 0.02%
PROVINCIA DE BUENOS AIRE REGS 06.5000 02/15/2023 0.02%
PROVINCIA DE BUENOS AIRE REGS 07.8750 06/15/2027 0.02%
FHR 4213 GI IO 04.0000 11/15/2041 0.02%
FNR 2012-136 PI IO 03.5000 11/25/2042 0.02%
FNR 2013-6 BI IO 03.0000 12/25/2042 0.02%
FNR 2017-113 IO IO 05.0000 01/25/2038 0.02%
GSAA 2007-6 1A1 02.5498 05/25/2047 0.02%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.02%
2.4865 R ISWP US0003M P 04/10/2029 0.01%
ARGENTINE REPUBLIC USD 06.8750 01/26/2027 0.01%
FHR 4183 MI IO 03.0000 02/15/2042 0.01%
FHR 4663 KI IO 03.5000 11/15/2042 0.01%
FNR 2013-35 IP IO 03.0000 06/25/2042 0.01%
FNR 2015-10 AI IO 03.5000 08/25/2043 0.01%
GNR 2010-134 ES IO 03.5594 11/20/2039 0.01%
GNR 2010-35 QI IO 04.5000 03/20/2040 0.01%
MBX.FN30.400.09 R USL1M P 01/12/40 BC 0.01%
MSC 2007-HQ11 C 05.5580 02/12/2044 0.01%
CAS 2015-C01 2M2 06.9798 02/25/2025 0.01%
FNR 2013-23 PI IO 03.0000 10/25/2041 0.01%
GNR 2010-35 UI IO 05.0000 03/20/2040 0.01%
GNR 2013-102 IP IO 03.5000 06/20/2043 0.01%
GNR 2013-37 LI IO 03.5000 01/20/2042 0.01%
IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 0.01%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 0.01%
SAMI 2007-AR7 1A1 03.2798 05/25/2047 0.01%
SEK/USD 06/19/2019 SSBT 0.01%
ARGENTINE REPUBLIC USD 06.6250 07/06/2028 0.01%
CAD/USD 07/17/2019 JPMCB 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 MS 0.01%
FNR 2012-101 PI IO 03.5000 08/25/2040 0.01%
GNR 2013-157 IA IO 03.5000 04/20/2040 0.01%
GNR 2013-183 AI IO 03.5000 10/20/2039 0.01%
IOS.FN30.400.10 R USL1M P 01/12/41 JP 0.01%
STACR 2019-DNA1 M2 05.0798 01/25/2049 0.01%
WFRBS 2011-C4 E P/P 144A 05.2305 06/15/2044 0.01%
2.1255 R ISWP US0003M P 05/29/2024 0.01%
ADVANZ PHARMA CORP 0.01%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.01%
CAS 2015-C04 2M2 07.9798 04/25/2028 0.01%
CAS 2017-C06 2M2 05.2298 02/25/2030 0.01%
DIGICEL LTD P/P 144A 06.7500 03/01/2023 0.01%
GNR 2013-27 PI IO 03.5000 12/20/2042 0.01%
GNR 2013-34 PI IO 04.5000 08/20/2039 0.01%
GNR 2013-99 VS IO 03.6624 07/16/2043 0.01%
GSMS 2006-GG8 X IO P/P 144A 00.8707 11/10/2039 0.01%
IOS.FN30.400.10 R USL1M P 01/12/41 JP 0.01%
IOS.FN30.650.67 R USL1M P 01/12/38 BC 0.01%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.01%
SEAZEN HOLDINGS CO 144A/REGS WARRANT 04/17/2020 0.01%
2.33973 R ISWP US0003M P 03/29/2029 0.01%
ASTRO MALAYSIA 0.01%
GNMA GII30 BN1506 04.5000 05/20/2049 0.01%
GNR 2013-129 SN IO 03.7094 09/20/2043 0.01%
GNR 2014-63 PI IO 04.0000 07/20/2043 0.01%
AUD/USD 07/17/2019 JPMCB 0.01%
GNR 2009-121 BI IO 04.5000 12/16/2039 0.01%
GNR 2018-127 IA IO 03.5000 04/20/2042 0.01%
IOS.FN30.400.10 R USL1M P 01/12/41 CS 0.01%
CAS 2017-C02 2M2 06.0798 09/25/2029 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
GNMA GII30 BN1509 05.0000 05/20/2049 0.01%
KINETIC CONCEPT/KCI P/P 144A 07.8750 02/15/2021 0.01%
SWPTN 10YX20Y R 2.785 USD 01/25/2027 BA 0.01%
CMB CMBX.NA.BB.11 2054-11-18 500.0 11/18/2054 CG 0.01%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CG 0.01%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CS 0.01%
FNR 2005-122 SE 14.5959 11/25/2035 0.01%
GNMA GII30 BJ9611 04.5000 05/20/2049 0.01%
GNMA GII30 BM5010 05.0000 04/20/2049 0.01%
GNMA GII30 BN2618 04.5000 05/20/2049 0.01%
GNR 2012-106 QI IO 04.0000 07/20/2042 0.01%
INNOLUX CORP 0.01%
ASCENT RESOURCES TLB L+650 08.9534 03/30/2023 0.01%
CAD/USD 07/17/2019 CITI 0.01%
CAS 2015-C02 1M2 06.4298 05/25/2025 0.01%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 ML 0.01%
FNMA FN30 BO0212 04.5000 05/01/2049 0.01%
FNR 2005-74 NK 15.3513 05/25/2035 0.01%
GNR 2014-108 IP IO 04.5000 12/20/2042 0.01%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.01%
NZD/USD 07/17/2019 JPMCB 0.01%
3.312 R ISWP US0003M P 11/08/2048 0.00%
CAS 2016-C06 1M2 06.6798 04/25/2029 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CG 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CG 0.00%
FHR 3996 IK IO 04.0000 03/15/2039 0.00%
GNMA GII30 BM4852 UMBS 05.0000 04/20/2049 0.00%
GNMA GII30 BM4969 05.0000 05/20/2049 0.00%
GNMA GII30 BN7073 04.5000 05/20/2049 0.00%
GNMA GII30 BN8581 05.0000 05/20/2049 0.00%
GNR 2013-90 HI IO 03.5000 04/20/2040 0.00%
SWPTN 10YX20Y P 2.785 USD 01/25/2027 BA 0.00%
TRIBUNE MEDIA TLB L+300 05.4831 12/27/2020 0.00%
BSCMS 2006-PW11 C P/P 144A 05.7745 03/11/2039 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 CG 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 CS 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 CS 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.BB.9 2058-09-17 500.0 09/17/2058 CG 0.00%
FNMA FN30 BN9825 05.0000 05/01/2049 0.00%
FNMA FN30 BO0182 05.0000 05/01/2049 0.00%
GNMA GII30 BJ1319 05.0000 03/20/2049 0.00%
GNMA GII30 BJ9616 05.0000 05/20/2049 0.00%
GNMA GII30 BM4874 UMBS 05.0000 04/20/2049 0.00%
GNMA GII30 BN1507 05.0000 05/20/2049 0.00%
GNMA GII30 BN1508 05.0000 05/20/2049 0.00%
GNMA GII30 BN1510 05.5000 05/20/2049 0.00%
GNMA GII30 BN3999 04.5000 05/20/2049 0.00%
IOS.FN30.600.08 R USL1M P 01/12/39 BC 0.00%
JPY/USD 08/21/2019 JPMCB 0.00%
CAD/USD 07/17/2019 SSBT 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.00%
FNW 1998-W2 X IO 00.6417 06/25/2028 0.00%
GBP/USD 06/19/2019 GSFX 0.00%
GNMA GII30 BM1887 05.0000 04/20/2049 0.00%
GNMA GII30 BM1904 04.5000 05/20/2049 0.00%
GNMA GII30 BN1511 05.5000 05/20/2049 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 JP 0.00%
2.00 R ISWP FWD NOKOIB6M P 06/19/2029 0.00%
CAD/USD 07/17/2019 HSBCB 0.00%
CAD/USD 07/17/2019 RBSF 0.00%
CHC GRP LLC P/P CV 00.0000 10/01/2020 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 CG 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 ML 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 ML 0.00%
CMB CMBX.NA.BB.10 2059-11-17 500.0 11/17/2059 MS 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CG 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CS 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CS 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 ML 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 GS 0.00%
TXU TCEH RIGHTS 0.00%
AUD/USD 07/17/2019 SSBT 0.00%
CAD/USD 07/17/2019 GSFX 0.00%
CHF/USD 06/19/2019 JPMCB 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 GS 0.00%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CS 0.00%
FHR 3175 MO PO 00.0000 06/15/2036 0.00%
FHR 3206 EO PO 00.0000 08/15/2036 0.00%
FNR 2008-36 OV PO 00.0000 01/25/2036 0.00%
FNS 397 2 IO 05.0000 09/25/2039 0.00%
FNW 1998-W5 X IO 00.7883 07/25/2028 0.00%
FSPC T-48 AIO2 IO 00.2120 07/25/2033 0.00%
GNR 2011-81 SB IO 04.2674 11/16/2036 0.00%
GNR 2014-162 DI IO 04.0000 11/20/2038 0.00%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 CS 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 BC 0.00%
JPY/USD 08/21/2019 UBS 0.00%
SWPTN 5YX30Y R 2.8325 USD 02/15/2022 JP 0.00%
1.80 R ISWP FWD NOKOIB6M P 06/19/2024 0.00%
2.25 R ISWP FWD CDOR03 P 06/19/2029 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
BACM 2007-1 XW IO 00.2111 01/15/2049 0.00%
CHC GROUP LLC P/P 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 ML 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG 0.00%
CSFB 2003-C3 AX IO P/P 144A 02.0066 05/15/2038 0.00%
FSPC T-59 1AX IO 00.2795 10/25/2043 0.00%
FSPC T-8 A9 IO 00.4249 11/15/2028 0.00%
GNR 2011-116 IB IO 05.0000 10/20/2040 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%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.00%
JPMCC 2007-LDPX X IO 00.1497 01/15/2049 0.00%
LBUBS 2007-C2 XW IO 00.2860 02/15/2040 0.00%
MLCFC 2006-4 XC IO P/P 144A 00.5686 12/12/2049 0.00%
MLMT 2005-MCP1 XC IO P/P 144A 00.0012 06/12/2043 0.00%
NOK/USD 09/18/2019 BCAP-FX 0.00%
NZD/USD 07/17/2019 GSFX 0.00%
NZD/USD 07/17/2019 SSBT 0.00%
SPY 20190531 C 304.00CITI 0.00%
SPY 20190614 C 297.50BANKAM 0.00%
SWPTN 10YX20Y R 2.8175 USD 03/23/2027 GS 0.00%
SWPTN 7YX5Y R 2.647 USD 06/03/2024 BA 0.00%
SWPTN 7YX5Y R 2.654 USD 06/03/2024 CI 0.00%
WBCMT 2006-C29 IO IO 00.3071 11/15/2048 0.00%
WBCMT 2007-C31 IO IO P/P 144A 00.0000 04/15/2047 0.00%
2.67 R ISWP FWD US0003M P 03/28/2052 -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%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.00%
EUR/USD 09/18/2019 BCAP-FX -0.00%
SEK/USD 06/19/2019 JPMCB -0.00%
SWPTN 10YX20Y P 2.8175 USD 03/23/2027 GS -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 BC -0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -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-.7 2047-01-17 300.0 01/17/2047 CS -0.00%
SWPTN 7YX5Y P 2.647 USD 06/03/2024 BA -0.00%
SWPTN 7YX5Y P 2.654 USD 06/03/2024 CI -0.00%
CAD/USD 07/17/2019 BANKAM -0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -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%
JPY/USD 08/21/2019 RBSF -0.00%
SEK/USD 06/19/2019 UBS -0.00%
AUD/USD 07/17/2019 GSFX -0.00%
AUD/USD 07/17/2019 WPAC -0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.00%
NZD/USD 07/17/2019 CITI -0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -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 MS -0.00%
JPY/USD 08/21/2019 HSBCB -0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 GS -0.00%
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 CS -0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 BC -0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CG -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.01%
SWPTN 5YX30Y P 2.8325 USD 02/15/2022 JP -0.01%
0.45 R ISWP FWD SES3M P 06/19/2024 -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 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 GS -0.01%
2.3755 R ISWP US0003M P 05/23/2029 -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -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 GS -0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS -0.01%
IOS.FN30.350.14 P USL1M R 01/12/45 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.01%
MBX.FN30.650.67 P USL1M R 01/12/38 GS -0.01%
AUD/USD 07/17/2019 BANKAM -0.01%
AUD/USD 07/17/2019 BCAP-FX -0.01%
2.496 R ISWP US0003M P 04/08/2029 -0.01%
SEK/USD 06/19/2019 GSFX -0.01%
2.5345 R ISWP US0003M P 05/02/2029 -0.02%
AUD/USD 07/17/2019 CSI-FX -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.02%
IOS.FN30.350.12 P USL1M R 01/12/43 BC -0.02%
2.551 R ISWP US0003M P 04/24/2029 -0.02%
AUD/USD 07/17/2019 HSBCB -0.02%
JPY/USD 08/21/2019 GSFX -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.02%
IOS.FN30.400.13 P USL1M R 01/12/44 JP -0.02%
JPY/USD 08/21/2019 BANKAM -0.02%
JPY/USD 08/21/2019 CITI -0.02%
2.5535 R ISWP US0003M P 04/17/2029 -0.02%
AUD/USD 07/17/2019 CITI -0.02%
2.5005 R ISWP US0003M P 04/05/2029 -0.02%
NOK/USD 06/19/2019 JPMCB -0.02%
-0.30 R ISWP FWD CHL6M P 06/19/2024 -0.02%
AUD/USD 07/17/2019 UBS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -0.02%
2.25 R ISWP FWD AUDBB6M P 06/19/2029 -0.03%
GTT US P US0001M R 07/05/22 CI -0.03%
MBX.FN30.650.67 P USL1M R 01/12/38 GS -0.03%
2.00 R ISWP FWD CDOR03 P 06/19/2024 -0.03%
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 MS -0.03%
JPY/USD 08/21/2019 SSBT -0.03%
NOK/USD 06/19/2019 GSFX -0.03%
AUD/USD 07/17/2019 RBSF -0.03%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS -0.03%
IOS.FN30.350.12 P USL1M R 01/12/43 GS -0.03%
JW/A US P US0001M R 07/05/22 CI -0.03%
UA US P R 07/05/22 CI -0.04%
AIR US P US0001M R 07/05/22 CI -0.04%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.04%
IOS.FN30.400.14 P USL1M R 01/12/45 JP -0.04%
NOK/USD 06/19/2019 SSBT -0.04%
IOS.FN30.300.13 P USL1M R 01/12/44 GS -0.04%
IOS.FN30.400.10 P USL1M R 01/12/41 CS -0.04%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.04%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS -0.04%
KLIC US P US0001M R 07/05/22 CI -0.05%
INGN US P R 07/05/22 CI -0.05%
HOMB US P US0001M R 07/05/22 CI -0.06%
2.00 R ISWP FWD NFIX3MID P 06/19/2024 -0.07%
DBD US P R 07/05/22 CI -0.07%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -0.07%
EBIX US P R 07/05/22 CI -0.07%
MBX.FN30.650.67 P USL1M R 01/12/38 GS -0.07%
BCPC US P US0001M R 07/05/22 CI -0.07%
MBX.FN30.600.08 P USL1M R 01/12/39 BC -0.08%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.08%
EYE US P US0001M R 07/05/22 CI -0.08%
OMCL US P US0001M R 07/05/22 CI -0.09%
MBX.FN30.650.67 P USL1M R 01/12/38 GS -0.09%
DLB US P US0001M R 07/05/22 CI -0.10%
IOS.FN30.400.14 P US0001M R 01/12/45 JP -0.10%
CBPO US P US0001M R 07/05/22 CI -0.10%
BGS US P R 07/05/22 CI -0.11%
EPC US P US0001M R 07/05/22 CI -0.11%
PBH US P US0001M R 07/05/22 CI -0.11%
CDX CDX.NA.HY.32 500.0 06/20/2024 -0.11%
BRKR US P US0001M R 07/05/22 CI -0.11%
MDRX US P US0001M R 07/05/22 CI -0.12%
ACIW US P R 07/05/22 CI -0.12%
QLYS US P US0001M R 07/05/22 CI -0.12%
2.55 R ISWP FWD US0003M P 06/19/2029 -0.12%
TREX US P US0001M R 07/05/22 CI -0.13%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 ML -0.14%
HUBS US P R 07/05/22 CI -0.14%
PCTY US P R 07/05/22 CI -0.14%
COTY US P US0001M R 07/05/22 CI -0.14%
PTC US P R 07/05/22 CI -0.14%
CTLT US P US0001M R 07/05/22 CI -0.14%
INST US P US0001M R 07/05/22 CI -0.15%
AJRD US P R 07/05/22 CI -0.15%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.15%
MDSO US P R 07/05/22 CI -0.15%
TRMB US P US0001M R 07/05/22 CI -0.15%
JBL US P US0001M R 07/05/22 CI -0.16%
SIG US P R 07/05/22 CI -0.18%
TKR US P US0001M R 07/05/22 CI -0.19%
GWRE US P US0001M R 07/05/22 CI -0.19%
1.90 R ISWP FWD AUDBB6M P 06/19/2024 -0.21%
MTZ US P US0001M R 07/05/22 CI -0.22%
PKI US P US0001M R 07/05/22 CI -0.24%
2.50 R ISWP FWD US0003M P 06/19/2024 -0.26%
TGI US P R 07/05/22 CI -0.26%
2.55 R ISWP FWD US0003M P 06/19/2021 -0.27%
OSK US P US0001M R 07/05/22 CI -0.27%
HBI US P R 07/05/22 CI -0.27%
ICLR US P R 07/05/22 CI -0.30%
PODD US P US0001M R 07/05/22 CI -0.31%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.46%
TXT US P US0001M R 07/05/22 CI -0.47%
VAR US P R 07/05/22 CI -0.48%
CERN US P R 07/05/22 CI -0.52%
AMD US P US0001M R 07/05/22 CI -0.53%
KMX US P US0001M R 07/05/22 CI -0.55%
DPZ US P US0001M R 07/05/22 CI -0.55%
TSLA US P R 07/05/22 CI -0.65%
RL US P US0001M R 07/05/22 CI -0.66%
IQV US P R 07/05/22 CI -0.68%
NTAP US P US0001M R 07/05/22 CI -0.74%
K US P R 07/05/22 CI -0.88%
FNMA FN30 TBA UMBS 04.5000 06/01/2049 -0.88%
CTXS US P US0001M R 07/05/22 CI -0.88%
NDUEEGF P US0001M R 12/12/19 GS -1.11%
MBX.FN30.650.67 P USL1M R 01/12/38 BC -1.33%
UMBS FN30 TBA 03.0000 06/01/2049 -1.94%
NDUEEGF P US0003M R 09/20/19 CI -2.61%
NDUEEGF P US0003M R 03/19/20 CI -5.86%
NDUEEGF P US0001M R 08/21/19 UB -15.57%
RU10INTR P US0003M R 11/26/19 CI -19.43%
GSGLPW2S P US0001M R 12/15/20 GS -32.66%
GSGLPWDS P US0001M R 12/15/20 GS -36.26%
RU10INTR P US0003M R 06/20/23 BA -38.30%

Prior top 10 holdings

Top 10 holdings as of 04/30/19
Net cash
Umbs Fn30 Tba 03.5000 06/01/2049
Umbs Fn30 Tba 04.0000 06/01/2049
Utilities Select Sector Spdr Sedol 2371812
Citi Commod F3-F0 4x Levered Index 3x Note 12/26/2019
Technology Select Sect Spdr Sedol 2369709
Real Estate Select Sect Spdr Sedol Byz65y9
Industrial Select Sect Spdr Sedol 2502139
Energy Select Sector Spdr Sedol 2402466
Samsung Electronics
Holdings represent 60.94% of portfolio
Top 10 holdings as of 03/31/19
Net cash
Fnma Fn30 Tba 03.5000 04/01/2049
Fnma Fn30 Tba 04.0000 04/01/2049
Citi Commod F3-F0 4x Levered Index 3x Note 12/26/2019
Real Estate Select Sect Spdr Sedol Byz65y9
Utilities Select Sector Spdr Sedol 2371812
Comm Serv Select Sector Spdr Sedol Bfxhc51
Energy Select Sector Spdr Sedol 2402466
Health Care Select Sector Sedol 2371823
Industrial Select Sect Spdr Sedol 2502139
Holdings represent 60.41% of portfolio
Top 10 holdings as of 02/28/19
Net cash
Fnma Fn30 Tba 03.5000 03/01/2049
Fnma Fn30 Tba 04.0000 03/01/2049
Industrial Select Sect Spdr Sedol 2502139
Technology Select Sect Spdr Sedol 2369709
Consumer Discretionary Selt Sedol 2424341
Utilities Select Sector Spdr Sedol 2371812
Citi Commod F3-F0 4x Levered Index 3x Note 12/26/2019
Financial Select Sector Spdr Sedol 2364038
Real Estate Select Sect Spdr Sedol Byz65y9
Holdings represent 60.47% of portfolio
Top 10 holdings as of 01/31/19
Net cash
Fnma Fn30 Tba 04.0000 02/01/2049
Technology Select Sect Spdr Sedol 2369709
Fnma Fn30 Tba 03.5000 03/01/2049
Fnma Fn30 Tba 03.5000 02/01/2049
S&P Gsci Excess Return Index 3x Note 1/27/2020
Comm Serv Select Sector Spdr Sedol Bfxhc51
Consumer Discretionary Selt Sedol 2424341
Industrial Select Sect Spdr Sedol 2502139
Citi Commod F3-F0 4x Levered Index 3x Note 12/26/2019
Holdings represent 58.59% of portfolio

Portfolio composition as of 04/30/19

Net cash 37.64%
U.S. Treasury/agency 34.47%
U.S. stocks 19.58%
Commodities 11.19%
Agency pass-through 11.11%
Commercial MBS 11.09%
Agency CMO 6.96%
High-yield corporate bonds 3.96%
Bank loans 3.11%
International stocks 1.95%
Emerging-market bonds 1.57%
Residential MBS (non-agency) 1.33%
Asset-backed securities (ABS) 0.97%
Investment-grade corporate bonds 0.24%
Emerging-market stocks -0.30%

Fixed income statistics as of 04/30/19

Average effective maturity 8.12 yrs.
Average effective duration 1.83 yrs.
Average price $89.47

Maturity detail as of 04/30/19

0 - 1 yr. 39.44%
1 - 5 yrs. 18.50%
5 - 10 yrs. 40.99%
10 - 15 yrs. 0.64%
Over 15 yrs. 0.43%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. 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 than other bonds when interest rates decline and decline in value more than other bonds 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. Our alpha strategy may lose money or not earn a return sufficient to cover associated trading and other costs. Our use of leverage obtained through derivatives increases these risks by increasing investment exposure. 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. The fund may not achieve its goal, and it is not intended to be a complete investment program. You can lose money by investing in the fund. The fund’s prospectus lists additional risks.

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


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.04% 1.79% 1.79% 1.54% 1.29% 0.69% 0.79%
What you pay† 1.01% 1.76% 1.76% 1.51% 1.26% 0.66% 0.76%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 02/28/20

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R Class R6 Class Y
$0-$49,999 5.75% 0.00% 0.00% 3.50% -- -- --
$50,000-$99,999 4.50% 0.00% 0.00% 2.50% -- -- --
$100,000-$249,999 3.50% -- 0.00% 1.50% -- -- --
$250,000-$499,999 2.50% -- 0.00% 1.00% -- -- --
$500,000-$999,999 0.00% -- -- -- -- -- --
$1M-$4M 0.00% -- -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- -- --
$50M+ 0.00% -- -- -- -- -- --

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% 5.00% 1.00% -- -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- -- --

The 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 asset classes may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. 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 than other bonds when interest rates decline and decline in value more than other bonds 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. Our alpha strategy may lose money or not earn a return sufficient to cover associated trading and other costs. Our use of leverage obtained through derivatives increases these risks by increasing investment exposure. 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. The fund may not achieve its goal, and it is not intended to be a complete investment program. You can lose money by investing in the fund. The fund’s prospectus lists additional risks.

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