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 A)  (PDMAX)

Seeks positive returns with a similar level of volatility

Multi-Asset Absolute Return Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

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 $11.09
-0.27% | $-0.03
$12.58
12/15/17
$11.07
12/10/18
Historical fund price

Fund facts as of 11/30/18

Total net assets
$1,400.06M
Turnover (fiscal year end)
559%
Dividend frequency
Annually
Number of holdings
832
Fiscal year-end
October
CUSIP / Fund code
746764315 / 0061
Inception date
12/23/08
Category
Absolute Return
Open to new investors
Ticker
PDMAX

Management team

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

Literature


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.
Constrained credit threatens growth
Stock market rallies often need to climb a wall of worry, and we see that wall getting higher.

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.

6.55%

Best 5-year annualized return

(for period ending 03/31/14)


2.53%

Worst 5-year annualized return

(for period ending 03/31/16)


4.27%

Average 5-year annualized return


  • Total return (%) as of 09/30/18

  • Annual performance as of 09/30/18

Annualized Total return (%) as of 09/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 12/23/08 )
Before sales charge -0.99% 2.52% 3.16% 4.52%
After sales charge -6.68% 0.51% 1.94% 3.89%
ICE BofAML U.S. Treasury Bill Index 1.54%0.82%0.52%--

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 11/30/18 -2.55% -8.15%
YTD as of 12/14/18 -9.10% -14.33%

Volatility as of 10/31/18

Standard deviation (3 yrs.) 4.28%

Morningstar Ratings as of 10/31/18

Time period Funds in category Morningstar Rating
Overall 288
3 yrs. 288
5 yrs. 166
Morningstar category: Multialternative

Distributions

Record/Ex dividend date 12/19/17
Payable date 12/21/17
Income $0.236
Extra income --
Short-term cap. gain --
Long-term cap. gain $0.064

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 10/31/18

Net cash 43.72%
S&P Gsci Total Return Index 3x 144a Note 12/10/2018 2.65%
Fnma Fn30 Tba 03.5000 11/01/2048 1.93%
Fnma Fn30 Tba 04.0000 11/01/2048 1.85%
Ishares Msci India Etf 1.70%
Djubs Long F3 - Short Djubs F0 3x 144a Note 2/28/2019 1.63%
Fnma Fn30 Tba 03.5000 12/01/2048 1.41%
Djubs Long F3 - Short Djubs 3x 144a Note 01/07/2019 1.40%
Utilities Select Sector Spdr Sedol 2371812 1.40%
Financial Select Sector Spdr Sedol 2364038 1.33%
Top 10 holdings, percent of portfolio 59.02%

Full portfolio holdings as of 09/30/18

GSGLPWDL R US0001M P 12/15/20 GS 32.63%
FNMA FN30 TBA 03.5000 10/01/2048 3.51%
S&P GSCI TOTAL RETURN INDEX 3X 144A NOTE 12/10/2018 2.90%
ENERGY SELECT SECTOR SPDR 2.70%
FNMA FN30 TBA 04.0000 11/01/2048 1.74%
ISHARES MSCI INDIA ETF 1.71%
DJUBS LONG F3 - SHORT DJUBS F0 3X 144A NOTE 2/28/2019 1.52%
CONSUMER DISCRETIONARY SELT 1.32%
DJUBS LONG F3 - SHORT DJUBS 3X 144A NOTE 01/07/2019 1.31%
TECHNOLOGY SELECT SECT SPDR 1.31%
FINANCIAL SELECT SECTOR SPDR 1.30%
UTILITIES SELECT SECTOR SPDR 1.28%
FNMA FN30 TBA 02.5000 10/01/2048 1.20%
SAMSUNG ELECTRONICS CO LTD 1.18%
BOFA MERRILL LYNCH COMMODITY MLBX4SX6 EXCESS RETURN STRATEGY 1.16%
CITI CROSS-ASSET TREND 10% VOL INDEX 3X 144A NOTE 8/27/19 1.13%
CITI COMMODITIES F3 VS F0 - 4X NOTE 07/11/2019 0.97%
GNMA GII30 TBA 04.5000 10/01/2048 0.95%
TENCENT HOLDINGS LTD 0.60%
CHINA CONSTRUCTION BANK-H 0.59%
GSGLPW2L R US0001M P 12/15/20 GS 0.56%
TAIWAN SEMICONDUCTOR-SP ADR 0.51%
IND & COMM BK OF CHINA-H 0.49%
BAML COMMODITY MLBX4SX6 EXCESS RETURN STRATEGY 3X144A NOTE 0.46%
S&P GSCI TOTAL RETURN INDEX 3X NOTE 11/5/2018 -CG 0.45%
ALIBABA GROUP HOLDING-SP ADR 0.43%
SK HYNIX INC 0.43%
CHINA PETROLEUM & CHEMICAL-H 0.41%
PTT PCL/FOREIGN 0.39%
WALMART DE MEXICO SAB DE CV 0.39%
FORMOSA CHEMICALS & FIBRE 0.37%
UNI-PRESIDENT ENTERPRISES CO 0.36%
AGRICULTURAL BANK OF CHINA-H 0.35%
EVRAZ PLC 0.34%
PTT GLOBAL CHEMICAL PCL-FOR 0.33%
SK TELECOM 0.33%
TENAGA NASIONAL BHD 0.33%
ANHUI CONCH CEMENT CO LTD-H 0.32%
GNMA GII30 TBA 04.0000 10/01/2048 0.31%
CATCHER TECHNOLOGY CO LTD 0.30%
LG UPLUS CORP 0.30%
BANK OF COMMUNICATIONS - H 0.29%
GREE ELECTRIC 144A/REGS WARRANT 08/29/2019 0.28%
SPST 2018-1 A 03.1122 04/24/2019 0.28%
S&P GSCI TOTAL RETURN INDEX 3X NOTE 11/5/2018 -DB 0.27%
SINOTRUK HONG KONG LTD 0.27%
SPST 2018-5 A 02.9122 09/24/2019 0.27%
TIM PARTICIPACOES SA 0.27%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.26%
FORMOSA PLASTICS CORP 0.26%
PRESIDENT CHAIN STORE CORP 0.26%
CHINA RAILWAY GROUP LTD-H 0.24%
COUNTRY GARDEN HOLDINGS CO 0.24%
FOSUN INTERNATIONAL 0.24%
JO-ANN STORES TL L+500 07.5094 10/16/2023 0.24%
KOREA INVESTMENT HOLDINGS CO 0.24%
LOTTE CHEMICAL CORP 0.24%
AES CORP/THE 05.5000 04/15/2025 0.23%
NRG ENERGY INC 07.2500 05/15/2026 0.23%
SPST 2018-3 A 02.9122 07/24/2019 0.23%
CGPUTQL2 R US0003M P 11/27/18 CI 0.22%
BANCO ITAU HOLDING PFD 0.21%
BANK OF CHINA LTD-H 0.21%
HANA FINANCIAL GROUP 0.21%
INFOR US INC 06.5000 05/15/2022 0.21%
MLFCF14 R US0003M P 06/13/19 BA 0.21%
QUALICORP CONS E CORR SEG SA 0.21%
BANCO SANTANDER BRASIL-UNIT 0.20%
BANCO SANTANDER-CHILE-ADR 0.20%
CAS 2016-C02 1B 14.4658 09/25/2028 0.20%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.20%
FNMA FN30 TBA 05.5000 10/01/2048 0.20%
GIGABYTE TECHNOLOGY CO LTD 0.20%
HYPERA SA 0.19%
MR PRICE GROUP LTD 0.19%
FIRSTRAND LTD 0.18%
MSC 2006-HQ10 B 05.4480 11/12/2041 0.18%
WANT WANT CHINA HOLDINGS LTD 0.18%
GUANGZHOU R&F PROPERTIES - H 0.17%
MSBAM 2013-C10 D P/P 144A 04.2185 07/15/2046 0.17%
AGILE GROUP HOLDINGS LTD 0.16%
ASURION 2NDL L+600 07.5734 08/04/2025 0.16%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.16%
CEMEX P/P 144A 05.7000 01/11/2025 0.16%
DONGFENG MOTOR GRP CO LTD-H 0.16%
IMPERIAL HOLDINGS LTD 0.16%
IRB BRASIL RESSEGUROS SA 0.16%
SBERBANK PJSC -SPONSORED ADR 0.16%
SCIENTIFIC GAMES TLB5 L+275 04.5390 08/14/2024 0.16%
WEICHAI POWER CO LTD-H 0.16%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.15%
BF0101 03.5000 06/01/2056 0.15%
YUANTA FINANCIAL HOLDING CO 0.15%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.14%
INDUSTRIAL BANK OF KOREA 0.14%
JPMBB 2014-C18 D P/P 144A 04.9744 02/15/2047 0.14%
PETROBRAS GLOBAL FINANCE USD 07.3750 01/17/2027 0.14%
SMILES FIDELIDADE SA 0.14%
SPST 2017-LD1 A 03.0158 11/25/2050 0.14%
GEELY AUTOMOBILE HOLDINGS LT 0.13%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.13%
KUMBA IRON ORE LTD 0.13%
TALBOTS INC 2NDL L+850 10.5759 03/19/2021 0.13%
UFC 1STL L+325 05.3300 08/18/2023 0.13%
VERTIV TLB L+400 06.3126 11/15/2023 0.13%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.12%
BUILDERS FIRSTSOURCE L+300 05.3344 02/29/2024 0.12%
CIA SANEAMENTO BASICO DE SP 0.12%
FHR 4568 MI IO 04.0000 04/15/2046 0.12%
NEIMAN MARCUS TL L+325 05.3703 10/25/2020 0.12%
SINOPEC SHANGHAI PETROCHEM-H 0.12%
YY INC-ADR 0.12%
BAUSCH HLTH COS INC P/P 144A 05.8750 05/15/2023 0.11%
CAS 2015-C04 1M2 07.9158 04/25/2028 0.11%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CS 0.11%
FHR 3852 NT 03.8416 05/15/2041 0.11%
REVLON CONS TLB L+350 05.8103 09/07/2023 0.11%
SHINHAN FINANCIAL GROUP LTD 0.11%
VTB BANK (VTB CAP SA P/P 144A 06.9500 10/17/2022 0.11%
AIRASIA GROUP BHD 0.10%
AVAYA HOLDINGS CORP 0.10%
BSCMS 2006-PW11 B P/P 144A 05.2830 03/11/2039 0.10%
CAS 2016-C01 1B 13.9658 08/25/2028 0.10%
DAELIM INDUSTRIAL CO LTD 0.10%
FHS 315 PO PO 00.0000 09/15/2043 0.10%
GNR 2015-H20 CI IO 02.3483 08/20/2065 0.10%
INTER RAO UES PJSC 0.10%
IVORY COAST P/P 144A 06.1250 06/15/2033 0.10%
KINETIC CONCEPTS TLB L+325 04.2846 02/03/2024 0.10%
PPD TL L+250 04.7856 08/18/2022 0.10%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.10%
STACR 2016-DNA1 B 12.2158 07/25/2028 0.10%
TRIPOD TECHNOLOGY CORP 0.10%
ZHONGSHENG GROUP HOLDINGS 0.10%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.09%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.09%
FNMA FN30 AL6919 05.5000 01/01/2038 0.09%
FNR 2015-28 IO IO 05.5000 05/25/2045 0.09%
FNR 2017-74 SA IO 03.5342 10/25/2047 0.09%
GNR 2015-H10 CI IO 01.8021 04/20/2065 0.09%
GNR 2015-H19 NI IO 01.9030 07/20/2065 0.09%
GNR 2015-H24 HI IO 02.0277 09/20/2065 0.09%
GNR 2015-H25 BI IO 01.5389 10/20/2065 0.09%
GNR 2017-H11 NI IO 02.0094 05/20/2067 0.09%
GRUPO AEROPORTUARIO DEL CENT 0.09%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.09%
PETROLEOS DE VENEZUELA S REGS 05.3750 04/12/2027 0.09%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.09%
RADIANT OPTO-ELECTRONICS COR 0.09%
REP OF INDONESIA P/P 144A 05.9500 01/08/2046 0.09%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.09%
ACADEMY SPORTS TLB L+400 06.1038 07/02/2022 0.08%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.08%
CHINA MOBILE LTD 0.08%
ECOPETROL SA-SPONSORED ADR 0.08%
FHR 4389 IA IO 04.0000 09/15/2044 0.08%
FHR 4530 HI IO 04.0000 11/15/2045 0.08%
FNR 2017-8 SB IO 03.8842 02/25/2047 0.08%
GNR 2014-2 IC IO 05.0000 01/16/2044 0.08%
GNR 2015-80 IA IO 04.5000 06/20/2045 0.08%
GNR 2015-H09 BI IO 01.6865 03/20/2065 0.08%
GNR 2016-H02 BI IO 01.2633 11/20/2065 0.08%
GSMS 2013-GC10 E P/P 144A 04.5439 02/10/2046 0.08%
HCA INC 06.5000 02/15/2020 0.08%
JPMBB 2013-C12 E P/P 144A 04.2321 07/15/2045 0.08%
JPMBB 2013-C14 E P/P 144A 04.7200 08/15/2046 0.08%
ORTHO-CLINICAL TLB L+325 06/01/2025 0.08%
PROV BUENOS AIRE P/P 144A 07.8750 06/15/2027 0.08%
PROVINCIA DE CORDOBA REGS 07.4500 09/01/2024 0.08%
SYNNEX TECHNOLOGY INTL CORP 0.08%
TAIWAN DOLLAR CALL ACCOUNT 0.08%
THAI OIL PCL-FOREIGN 0.08%
UNITED MEXICAN STATES USD 04.1500 03/28/2027 0.08%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.07%
ADVANCED INFO SERVICE-FOR RG 0.07%
AMERICAN AXLE & MFG INC 07.7500 11/15/2019 0.07%
ARCELORMITTAL USD 06.1250 06/01/2025 0.07%
CLEAR CHANNEL TLD L+675 08.8259 01/30/2019 0.07%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS 0.07%
DIAMOND RESORTS TLB L+375 05.8259 09/02/2023 0.07%
FNR 2016-3 NI IO 06.0000 02/25/2046 0.07%
FREEPORT-MCMORAN INC 0.07%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.07%
GNR 2015-53 MI IO 04.0000 04/16/2045 0.07%
GNR 2015-H15 JI IO 01.9447 06/20/2065 0.07%
GNR 2015-H16 XI IO 02.3159 07/20/2065 0.07%
GNR 2015-H22 GI IO 02.5734 09/20/2065 0.07%
GNR 2015-H25 AI IO 01.6037 09/20/2065 0.07%
GNR 2016-150 I IO 05.0000 11/20/2046 0.07%
GNR 2016-H03 AI IO 01.3292 01/20/2066 0.07%
GOLDEN NUGGET TL L+275 04.8565 10/04/2023 0.07%
GSCBPUR1 R US0001M P 12/15/20 GS 0.07%
GUANGZHOU BAIYUNSHAN PHARM-H 0.07%
LG CORP 0.07%
REPUBLIC OF INDONESIA REGS 05.8750 01/15/2024 0.07%
SAMI 2007-AR1 2A1 02.3958 01/25/2037 0.07%
SPY 20190920 P 260.00JPMCB 0.07%
UNIVISION TLC5 L+275 04.8259 03/15/2024 0.07%
WINDSTREAM SRVC / P/P 144A 09.0000 06/30/2025 0.07%
BMIR 2015-1A B1 08.5158 07/25/2025 0.06%
CAPITAL AUTO 2NDL L+600 08.0800 03/24/2025 0.06%
FHLMC FH30G TBA 03.5000 10/01/2048 0.06%
FIRST DATA TL L+200 04.2122 04/26/2024 0.06%
FNR 2011-4 CS 08.4684 05/25/2040 0.06%
FNR 2012-124 UI IO 04.0000 11/25/2042 0.06%
FNR 2014-47 IP IO 04.0000 03/25/2044 0.06%
FNR 2017-48 LI IO 04.0000 05/25/2047 0.06%
FNR 2018-58 IO IO 05.5000 08/25/2048 0.06%
FORD OTOMOTIV 0.06%
FREEDOM MORTGAGE TLB L+475 07.0356 02/23/2022 0.06%
GNR 2010-9 UI IO 05.0000 01/20/2040 0.06%
GNR 2014-104 IO IO 04.0000 03/20/2042 0.06%
GNR 2014-H21 AI IO 01.1760 10/20/2064 0.06%
GNR 2015-H09 AI IO 01.4977 04/20/2065 0.06%
GNR 2015-H14 BI IO 01.5736 05/20/2065 0.06%
GNR 2015-H25 EI IO 01.8404 10/20/2065 0.06%
GNR 2015-H26 EI IO 01.7196 10/20/2065 0.06%
GNR 2015-H26 GI IO 01.7849 10/20/2065 0.06%
GNR 2016-H08 GI IO 01.4186 04/20/2066 0.06%
GNR 2016-H23 NI IO 02.0032 10/20/2066 0.06%
GNR 2018-127 IB IO 04.5000 06/20/2045 0.06%
GUANGZHOU AUTOMOBILE GROUP-H 0.06%
MERCER INTL INC USD 07.7500 12/01/2022 0.06%
NASPERS LTD-N SHS 0.06%
NOK/USD 12/19/2018 GSFX 0.06%
PETROBRAS GLOBAL FIN USD 05.2990 01/27/2025 0.06%
REP OF INDONESIA P/P 144A 05.2500 01/17/2042 0.06%
SABRE GLBL TLB L+200 03.9842 02/22/2024 0.06%
ST SHINE OPTICAL CO LTD 0.06%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.06%
TELKOM SA SOC LTD 0.06%
TIANNENG POWER INTL LTD 0.06%
TRANSDIGM INC TLF L+250 04.8525 06/09/2023 0.06%
WAMU 2005-AR14 1A2 03.5377 12/25/2035 0.06%
WBCMT 2005-C21 E P/P 144A 05.4168 10/15/2044 0.06%
WFCM 2013-LC12 D P/P 144A 04.4226 07/15/2046 0.06%
WFRBS 2011-C4 F P/P 144A 05.0000 06/15/2044 0.06%
ASURION TLB4 L+300 05.0759 08/04/2022 0.05%
BANCO DE CHILE-ADR 0.05%
BSCMS 2005-PWR7 D 05.3040 02/11/2041 0.05%
BSCMS 2007-T26 AJ 05.5660 01/12/2045 0.05%
CMLTI 2007-AMC3 A2D 02.5658 03/25/2037 0.05%
COMM 2012-LC4 E P/P 144A 04.2500 12/10/2044 0.05%
CROWN CASTLE INTL CORP 03.1500 07/15/2023 0.05%
FHR 4355 DI IO 04.0000 03/15/2044 0.05%
GLOW ENERGY PCL - FOREIGN 0.05%
GNR 2014-76 IO IO 05.0000 05/20/2044 0.05%
GNR 2015-H10 EI IO 01.6222 04/20/2065 0.05%
GNR 2015-H24 BI IO 01.6026 08/20/2065 0.05%
GNR 2016-H04 KI IO 01.2146 02/20/2066 0.05%
GNR 2017-H02 BI IO 02.3837 01/20/2067 0.05%
GNR 2017-H14 DI IO 01.6948 06/20/2067 0.05%
GNR 2018-127 IE IO 03.5000 01/20/2046 0.05%
GNR 2018-91 SJ IO 04.0848 07/20/2048 0.05%
GREEKTOWN TLB L+300 03.7500 04/25/2024 0.05%
HAIER ELECTRONICS GROUP CO 0.05%
JASTRZEBSKA SPOLKA WEGLOWA S 0.05%
JPMCC 2012-C6 G P/P 144A 02.9720 05/15/2045 0.05%
RACKSPACE HOSTING INC L+300 05.3482 11/03/2023 0.05%
SPY 20190816 P 250.00CITI 0.05%
TRIBUNE MEDIA TLB L+300 05.0759 01/27/2024 0.05%
WELBILT TLB L+300 03.9811 03/03/2023 0.05%
ZF NA CAPITAL P/P 144A 04.0000 04/29/2020 0.05%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.04%
ASTRAL FOODS LTD 0.04%
CHINA SHINEWAY PHARMACEUTICA 0.04%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.04%
CWALT 2005-27 1A6 03.0358 08/25/2035 0.04%
FHLMC FH30G V80357 03.5000 08/01/2043 0.04%
FHR 4134 PI IO 03.0000 11/15/2042 0.04%
FHR 4158 TI IO 03.0000 12/15/2042 0.04%
FNMA FN30 AB7936 03.0000 02/01/2043 0.04%
FNMA FN30 AU1625 03.5000 07/01/2043 0.04%
FNR 2012-22 CI IO 04.0000 03/25/2041 0.04%
GNR 2009-121 UI IO 05.0000 12/20/2039 0.04%
GNR 2013-79 XI IO 03.5000 11/20/2039 0.04%
GNR 2014-163 NI IO 05.0000 02/20/2044 0.04%
GNR 2015-187 JI IO 04.0000 03/20/2045 0.04%
GNR 2015-82 GI IO 03.5000 12/20/2038 0.04%
GNR 2015-96 NI IO 03.5000 01/20/2039 0.04%
GNR 2015-H26 DI IO 01.2798 10/20/2065 0.04%
GNR 2016-49 IO IO 04.5000 11/16/2045 0.04%
GNR 2016-H07 HI IO 01.0869 02/20/2066 0.04%
GNR 2016-H16 DI IO 02.1321 06/20/2066 0.04%
GNR 2017-99 AI IO 04.0000 01/20/2047 0.04%
GNR 2018-127 IC IO 05.0000 10/20/2044 0.04%
INDOFOOD SUKSES MAKMUR TBK P 0.04%
INFOR TLB6 L+275 03.7500 02/01/2022 0.04%
JPMCC 2012-C6 F P/P 144A 05.3117 05/15/2045 0.04%
MSBAM 2013-C11 E P/P 144A 04.5027 08/15/2046 0.04%
MSBAM 2013-C11 F P/P 144A 04.5027 08/15/2046 0.04%
MSBAM 2014-C17 D P/P 144A 04.8596 08/15/2047 0.04%
MSC 2011-C3 G P/P 144A 05.3257 07/15/2049 0.04%
PROVINCIA DE BUENOS P/P 144A 09.1250 03/16/2024 0.04%
SAO MARTINHO SA 0.04%
SEK/USD 12/19/2018 GSFX 0.04%
SPY 20190719 P 250.00CITI 0.04%
TALBOTS INC 1STL L+450 06.5759 03/19/2020 0.04%
UBSBB 2012-C2 F P/P 144A 05.0000 05/10/2063 0.04%
UNITED TRACTORS TBK PT 0.04%
WFRBS 2013-C15 D P/P 144A 04.6207 08/15/2046 0.04%
3.05 R ISWP FWD US0003M P 12/19/2023 0.03%
BCAP 2012-RR5 4A8 02.2348 06/26/2035 0.03%
BSCMS 2005-PWR7 C 05.2350 02/11/2041 0.03%
CAS 2015-C03 2M2 07.2158 07/25/2025 0.03%
CHEMOURS CO 06.6250 05/15/2023 0.03%
COMM 2012-CR3 F P/P 144A 04.7500 10/15/2045 0.03%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.03%
CWALT 2006-OA10 1A1 02.8050 08/25/2046 0.03%
EPC US P US0001M R 07/05/22 CI 0.03%
FHLMC FH30G V80012 03.0000 03/01/2043 0.03%
FHR 3747 SA IO 04.3416 10/15/2040 0.03%
FHR 4097 PI IO 03.5000 11/15/2040 0.03%
FHR 4136 IW IO 03.5000 10/15/2042 0.03%
FHR 4150 DI IO 03.0000 01/15/2043 0.03%
FHR 4193 PI IO 04.0000 03/15/2043 0.03%
FHR 4206 IP IO 03.0000 12/15/2041 0.03%
FHR 4501 BI IO 03.5000 10/15/2043 0.03%
FNMA FN30 AO5471 03.5000 06/01/2042 0.03%
FNMA FN30 AR6852 03.0000 02/01/2043 0.03%
FNR 2013-21 AI IO 03.5000 03/25/2033 0.03%
FNR 2014-10 IO IO 03.5000 08/25/2042 0.03%
FNR 2017-2 KI IO 04.0000 02/25/2047 0.03%
FRAC TECH INTL TLB L+475 06.8259 04/16/2021 0.03%
GNR 2010-35 AI IO 04.5000 03/20/2040 0.03%
GNR 2011-H08 GI IO 01.2557 03/20/2061 0.03%
GNR 2012-145 IO IO 03.5000 12/20/2042 0.03%
GNR 2012-8 PI IO 04.0000 05/20/2041 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%
GNR 2015-118 EI IO 03.5000 07/20/2039 0.03%
GNR 2015-124 NI IO 03.5000 06/20/2039 0.03%
GNR 2015-167 BI IO 04.5000 04/16/2045 0.03%
GNR 2015-24 CI IO 03.5000 02/20/2045 0.03%
GNR 2015-H18 IA IO 01.8124 06/20/2065 0.03%
GNR 2016-H04 HI IO 02.3663 07/20/2065 0.03%
GNR 2016-H11 HI IO 02.0888 01/20/2066 0.03%
GNR 2017-57 AI IO 04.0000 06/20/2045 0.03%
HANNSTAR DISPLAY CORP 0.03%
ISBANK-C 0.03%
IVORY COAST REGS 06.1250 06/15/2033 0.03%
PETROBRAS GLOBAL FINANCE USD 06.1250 01/17/2022 0.03%
PETROLEOS MEXICANOS USD 04.8750 01/24/2022 0.03%
PROVINCIA DE CORDOBA P/P 144A 07.1250 08/01/2027 0.03%
REYNOLDS GROUP TL L+300 04.8259 02/05/2023 0.03%
SPY 20190621 P 245.00JPMCB 0.03%
TURK SISE CAM 0.03%
VIRGIN MEDIA SECURED P/P 144A 05.0000 04/15/2027 0.03%
WFRBS 2012-C10 E P/P 144A 04.5903 12/15/2045 0.03%
WPX ENERGY INC 06.0000 01/15/2022 0.03%
3.15 R ISWP FWD US0003M P 12/19/2028 0.02%
AIR MEDICAL TLB L+325 05.3826 04/28/2022 0.02%
BACM 2005-1 C 05.6875 11/10/2042 0.02%
BACM 2008-1 C P/P 144A 06.7902 02/10/2051 0.02%
BALTA 2004-3 B 05.1408 04/25/2034 0.02%
CAS 2015-C03 1M2 07.2158 07/25/2025 0.02%
CAS 2017-C03 1B1 07.0658 10/25/2029 0.02%
CAS 2017-C05 1B1 05.8158 01/25/2030 0.02%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.02%
CHUCK E CHEESE'S TLB L+325 05.3259 02/14/2021 0.02%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.02%
CPG INTL TL L+375 05.0828 05/05/2024 0.02%
CWHL 2005-3 1A1 02.8358 04/25/2035 0.02%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.02%
FHR 4073 AS IO 03.8916 08/15/2038 0.02%
FHR 4122 TI IO 04.5000 10/15/2042 0.02%
FHR 4213 GI IO 04.0000 11/15/2041 0.02%
FHR 4663 KI IO 03.5000 11/15/2042 0.02%
FNR 2012-104 QI IO 04.5000 05/25/2042 0.02%
FNR 2012-136 PI IO 03.5000 11/25/2042 0.02%
FNR 2012-151 PI IO 03.0000 01/25/2043 0.02%
FNR 2013-23 PI IO 03.0000 10/25/2041 0.02%
FNR 2013-31 NI IO 03.0000 06/25/2041 0.02%
FNR 2013-6 BI IO 03.0000 12/25/2042 0.02%
FNR 2015-73 PI IO 03.5000 10/25/2045 0.02%
GNR 2010-20 UI IO 05.0000 02/20/2040 0.02%
GNR 2011-17 S IO 03.8848 02/20/2041 0.02%
GNR 2011-H15 AI IO 01.5571 06/20/2061 0.02%
GNR 2012-141 WI IO 03.5000 11/20/2041 0.02%
GNR 2012-47 CI IO 04.0000 03/20/2042 0.02%
GNR 2012-50 PI IO 04.0000 12/20/2041 0.02%
GNR 2013-102 IP IO 03.5000 06/20/2043 0.02%
GNR 2013-151 IB IO 04.5000 02/20/2040 0.02%
GNR 2013-157 IA IO 03.5000 04/20/2040 0.02%
GNR 2013-183 AI IO 03.5000 10/20/2039 0.02%
GNR 2013-24 PI IO 04.0000 11/20/2042 0.02%
GNR 2013-3 IT IO 05.0000 01/20/2043 0.02%
GNR 2013-37 JI IO 03.5000 01/20/2043 0.02%
GNR 2014-133 AI IO 04.0000 10/20/2036 0.02%
GNR 2015-24 IA IO 03.5000 02/20/2045 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 2015-40 IO IO 04.0000 03/20/2045 0.02%
GNR 2015-99 LI IO 04.0000 07/20/2045 0.02%
GNR 2015-H26 CI IO 00.7699 08/20/2065 0.02%
GNR 2017-132 IB IO 05.5000 09/20/2047 0.02%
GNR 2017-160 AI IO 04.5000 10/20/2047 0.02%
GSVIVV69 R 0.3 P 12/15/20 GS 0.02%
ITAUSA-INVESTIMENTOS ITAU-PR 0.02%
JPMCC 2013-LC11 E P/P 144A 03.2500 04/15/2046 0.02%
K US P R 07/05/22 CI 0.02%
KB FINANCIAL GROUP INC 0.02%
MANILA ELECTRIC COMPANY 0.02%
MHL 2004-1 M2 03.2208 11/25/2034 0.02%
MYL US P R 07/05/22 CI 0.02%
NOK/USD 12/19/2018 BANKAM 0.02%
NOK/USD 12/19/2018 JPMCB 0.02%
NOK/USD 12/19/2018 SSBT 0.02%
PETROBRAS GLOBAL FINANCE USD 07.2500 03/17/2044 0.02%
PETROLEOS MEXICANOS USD 06.5000 03/13/2027 0.02%
POU CHEN 0.02%
PROVINCIA DE BUENOS P/P 144A 45.7802 05/31/2022 0.02%
RALI 2006-QO10 A1 02.3758 01/25/2037 0.02%
REP OF INDONESIA P/P 144A 04.7500 01/08/2026 0.02%
REPUBLIC OF SENEGAL REGS 06.2500 05/23/2033 0.02%
SANDRIDGE ENERGY INC 0.02%
SPY 20190418 P 235.00BANKAM 0.02%
SPY 20190517 P 240.00BANKAM 0.02%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.02%
TRANSDIGM INC TLE 04.5759 05/30/2025 0.02%
USD/CNH CALL 7.00 20190404 GSFX 0.02%
WFMBS 2006-AR6 7A2 04.3843 03/25/2036 0.02%
0.30125 R ISWP JPL6M P 05/31/2028 0.01%
0.65 R ISWP FWD SES3M P 12/19/2023 0.01%
2.40 R ISWP FWD NFIX3MID P 12/19/2023 0.01%
2.75 R ISWP FWD CDOR03 P 12/19/2028 0.01%
3.05 R ISWP FWD US0003M P 12/19/2020 0.01%
AHM 2007-1 GA1C 02.4058 05/25/2047 0.01%
ALLY US P US0001M R 07/05/22 CI 0.01%
ASTRO MALAYSIA 0.01%
AU OPTRONICS CORP 0.01%
BACM 2005-3 AJ 04.7670 07/10/2043 0.01%
BGS US P R 07/05/22 CI 0.01%
CAESARS ENTERTAINMENT CORP 0.01%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.01%
CAS 2015-C01 2M2 06.7658 02/25/2025 0.01%
CAS 2015-C02 1M2 06.2158 05/25/2025 0.01%
CAS 2015-C02 2M2 06.2158 05/25/2025 0.01%
CAS 2015-C04 2M2 07.7658 04/25/2028 0.01%
CAS 2017-C02 2M2 05.8658 09/25/2029 0.01%
CAS 2017-C06 2M2 05.0158 02/25/2030 0.01%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BB.9 2058-09-17 500.0 09/17/2058 CS 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 MS 0.01%
CONCORDIA INTERNATIONAL CORP 0.01%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.01%
ESTACIO PARTICIPACOES SA 0.01%
EUR/USD 12/19/2018 HSBCB 0.01%
FHR 2990 LB 11.4289 06/15/2034 0.01%
FHR 3996 IK IO 04.0000 03/15/2039 0.01%
FHR 4183 MI IO 03.0000 02/15/2042 0.01%
FHR 4369 IA IO 03.5000 07/15/2044 0.01%
FLIR US P R 07/05/22 CI 0.01%
FNR 2005-122 SE 15.3447 11/25/2035 0.01%
FNR 2012-101 PI IO 03.5000 08/25/2040 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%
FNR 2017-113 IO IO 05.0000 01/25/2038 0.01%
GNR 2009-121 BI IO 04.5000 12/16/2039 0.01%
GNR 2010-134 ES IO 03.8348 11/20/2039 0.01%
GNR 2010-35 QI IO 04.5000 03/20/2040 0.01%
GNR 2010-35 UI IO 05.0000 03/20/2040 0.01%
GNR 2010-9 QI IO 04.5000 01/20/2040 0.01%
GNR 2012-106 QI IO 04.0000 07/20/2042 0.01%
GNR 2013-129 SN IO 03.9848 09/20/2043 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 2013-37 LI IO 03.5000 01/20/2042 0.01%
GNR 2013-90 HI IO 03.5000 04/20/2040 0.01%
GNR 2013-99 VS IO 03.9416 07/16/2043 0.01%
GNR 2014-108 IP IO 04.5000 12/20/2042 0.01%
GNR 2014-63 PI IO 04.0000 07/20/2043 0.01%
GNR 2018-127 IA IO 03.5000 04/20/2042 0.01%
GSAA 2007-6 1A1 02.3358 05/25/2047 0.01%
GSMS 2006-GG8 X IO P/P 144A 01.0888 11/10/2039 0.01%
GSVIUS85 R 0.45 P 12/15/20 GS 0.01%
GSVIVV69 R 0.3 P 12/15/20 GS 0.01%
HALCON RESOURCES CORP 0.01%
INGN US P R 07/05/22 CI 0.01%
IVORY COAST P/P 144A 05.2500 03/22/2030 0.01%
JPY/USD 11/19/2018 CSI-FX 0.01%
JPY/USD 11/19/2018 HSBCB 0.01%
JPY/USD 11/19/2018 SSBT 0.01%
KINETIC CONCEPT/KCI P/P 144A 07.8750 02/15/2021 0.01%
MSC 2007-HQ11 C 05.5580 02/12/2044 0.01%
NOK/USD 12/19/2018 BCAP-FX 0.01%
NOK/USD 12/19/2018 UBS 0.01%
NZD/USD 10/17/2018 SSBT 0.01%
NZD/USD 10/17/2018 UBS 0.01%
PETROBRAS GLOBAL FIN USD 05.9990 01/27/2028 0.01%
PNFP US P R 07/05/22 CI 0.01%
PROVINCIA DE BUENOS AIRE REGS 06.5000 02/15/2023 0.01%
PROVINCIA DE BUENOS AIRE REGS 07.8750 06/15/2027 0.01%
RALI 2006-QO5 1A1 02.4308 05/25/2046 0.01%
REP OF ARGENTINA USD 06.6250 07/06/2028 0.01%
REP OF ARGENTINA USD 06.8750 01/26/2027 0.01%
SAMI 2007-AR7 1A1 03.0658 05/25/2047 0.01%
TEXAS-NEW MEXICO PR P/P 144A 09.5000 04/01/2019 0.01%
TSLA US P R 07/05/22 CI 0.01%
WFRBS 2011-C3 E P/P 144A 05.0000 03/15/2044 0.01%
WFRBS 2011-C4 E P/P 144A 05.3975 06/15/2044 0.01%
WFRBS 2013-C12 E P/P 144A 03.5000 03/15/2048 0.01%
0.05 R ISWP FWD CHL6M P 12/19/2023 0.00%
0.11375 R ISWP JPL6M P 05/31/2023 0.00%
0.134 R ISWP JPL6M P 05/17/2023 0.00%
0.333 R ISWP JPL6M P 05/17/2028 0.00%
0.40 R ISWP FWD EUR006M P 12/19/2023 0.00%
1.30 R ISWP FWD SES3M P 12/19/2028 0.00%
1.45 R ISWP FWD GBL6M P 12/19/2023 0.00%
1.65 R ISWP FWD GBL6M P 12/19/2028 0.00%
2.05 R ISWP FWD NOKOIB6M P 12/19/2023 0.00%
2.35 R ISWP FWD NOKOIB6M P 12/19/2028 0.00%
2.50 R ISWP FWD AUDBB6M P 12/19/2023 0.00%
2.65 R ISWP FWD CDOR03 P 12/19/2023 0.00%
2.90 R ISWP FWD AUDBB6M P 12/19/2028 0.00%
2.90 R ISWP FWD NFIX3MID P 12/19/2028 0.00%
3.10 R ISWP FWD US0003M P 12/19/2023 0.00%
3.20 R ISWP FWD US0003M P 12/19/2048 0.00%
ACIW US P R 07/05/22 CI 0.00%
AJRD US P R 07/05/22 CI 0.00%
ASCENT RESOURCES TLB L+650 08.6203 03/30/2023 0.00%
AUD/USD 10/17/2018 BANKAM 0.00%
AUD/USD 10/17/2018 GSFX 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2019 0.00%
BACM 2004-4 XC IO P/P 144A 00.0862 07/10/2042 0.00%
BACM 2007-1 XW IO 00.4119 01/15/2049 0.00%
BDC US P US0001M R 07/05/22 CI 0.00%
BLKB US P US0001M R 07/05/22 CI 0.00%
BRAZILIAN REAL CALL ACCOUNT 0.00%
BSCMS 2006-PW11 C P/P 144A 05.2830 03/11/2039 0.00%
CAD/USD 10/17/2018 BANKAM 0.00%
CAD/USD 10/17/2018 CITI 0.00%
CAD/USD 10/17/2018 JPMCB 0.00%
CAD/USD 10/17/2018 RBSF 0.00%
CAD/USD 10/17/2018 SSBT 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CAS 2016-C06 1M2 06.4658 04/25/2029 0.00%
CBM US P R 07/05/22 CI 0.00%
CERN US P R 07/05/22 CI 0.00%
CGCMT 2006-C4 B 06.3952 03/15/2049 0.00%
CHC GROUP LLC P/P 0.00%
CHF/USD 12/19/2018 CSI-FX 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 ML 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 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 CS 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 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%
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%
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 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 CG 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 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 CS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 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 02.2209 05/15/2038 0.00%
CSFB 2005-C3 B 04.8820 07/15/2037 0.00%
DBD US P R 07/05/22 CI 0.00%
DORM US P US0001M R 07/05/22 CI 0.00%
EBIX US P R 07/05/22 CI 0.00%
EFII US P R 07/05/22 CI 0.00%
EME US P US0001M R 07/05/22 CI 0.00%
EUR/USD 12/19/2018 BANKAM 0.00%
EUR/USD 12/19/2018 CITI 0.00%
EUR/USD 12/19/2018 CSI-FX 0.00%
EUR/USD 12/19/2018 GSFX 0.00%
EUR/USD 12/19/2018 JPMCB 0.00%
EUR/USD 12/19/2018 RBSF 0.00%
EUR/USD 12/19/2018 SSBT 0.00%
EUR/USD 12/19/2018 UBS 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 2005-74 NK 16.4210 05/25/2035 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-W2 X IO 04.2772 06/25/2028 0.00%
FNW 1998-W5 X IO 00.5223 07/25/2028 0.00%
FSPC T-48 AIO2 IO 00.2120 07/25/2033 0.00%
FSPC T-59 1AX IO 00.2758 10/25/2043 0.00%
FSPC T-8 A9 IO 00.4299 11/15/2028 0.00%
GBP/USD 12/19/2018 BANKAM 0.00%
GBP/USD 12/19/2018 BCAP-FX 0.00%
GBP/USD 12/19/2018 GSFX 0.00%
GBP/USD 12/19/2018 HSBCB 0.00%
GBP/USD 12/19/2018 JPMCB 0.00%
GBP/USD 12/19/2018 SSBT 0.00%
GBP/USD 12/19/2018 UBS 0.00%
GMACC 2004-C3 B 04.9650 12/10/2041 0.00%
GNR 2011-116 IB IO 05.0000 10/20/2040 0.00%
GNR 2011-81 SB IO 04.5466 11/16/2036 0.00%
GNR 2014-162 DI IO 04.0000 11/20/2038 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%
GSVICUB3 R 0.45 P 12/15/20 GS 0.00%
GSVICUB3 R 0.45 P 12/15/20 GS 0.00%
GSVIVVOL R 0.3 P 12/15/20 GS 0.00%
GSVIVVOL R 0.3 P 12/15/20 GS 0.00%
GTT US P US0001M R 07/05/22 CI 0.00%
HALCON RESOURCES CORP - WARRA 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
IDR/USD 12/19/2018 HSBCB 0.00%
INR/USD 11/19/2018 GSFX 0.00%
IOS.FN30.300.13 P USL1M R 01/12/44 GS 0.00%
IOS.FN30.350.12 P USL1M R 01/12/43 BC 0.00%
IOS.FN30.350.12 P USL1M R 01/12/43 GS 0.00%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.00%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.00%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.00%
IOS.FN30.350.12 R USL1M P 01/12/43 CS 0.00%
IOS.FN30.350.14 P USL1M R 01/12/45 JP 0.00%
IOS.FN30.350.14 R USL1M P 01/12/45 CS 0.00%
IOS.FN30.400.10 P USL1M R 01/12/41 CS 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 CS 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 CS 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 GS 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 JP 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 JP 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 JP 0.00%
IOS.FN30.400.13 P USL1M R 01/12/44 JP 0.00%
IOS.FN30.400.13 R USL1M P 01/12/44 JP 0.00%
IOS.FN30.400.14 P US0001M R 01/12/45 JP 0.00%
IOS.FN30.400.14 P USL1M R 01/12/45 JP 0.00%
IOS.FN30.400.14 R USL1M P 01/12/45 CS 0.00%
IOS.FN30.400.14 R USL1M P 01/12/45 CS 0.00%
IOS.FN30.400.14 R USL1M P 01/12/45 GS 0.00%
IOS.FN30.600.08 R USL1M P 01/12/39 BC 0.00%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 0.00%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 0.00%
IOS.FN30.600.08 R USL1M P 01/12/39 GS 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 BC 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 BC 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.00%
IOS.FN30.650.67 R USL1M P 01/12/38 GS 0.00%
JPMCC 2007-LDPX X IO 00.3313 01/15/2049 0.00%
JPY/USD 11/19/2018 BANKAM 0.00%
JPY/USD 11/19/2018 BCAP-FX 0.00%
JPY/USD 11/19/2018 CITI 0.00%
JPY/USD 11/19/2018 GSFX 0.00%
JPY/USD 11/19/2018 JPMCB 0.00%
JPY/USD 11/19/2018 RBSF 0.00%
JPY/USD 11/19/2018 UBS 0.00%
KAMN US P US0001M R 07/05/22 CI 0.00%
KN US P US0001M R 07/05/22 CI 0.00%
KOREAN WON CALL ACCOUNT 0.00%
LBUBS 2007-C2 XW IO 00.4065 02/15/2040 0.00%
MBX.FN30.400.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.400.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.400.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.500.09 R USL1M P 01/12/40 BC 0.00%
MBX.FN30.500.10 R USL1M P 01/12/41 BC 0.00%
MBX.FN30.500.10 R USL1M P 01/12/41 CI 0.00%
MBX.FN30.500.10 R USL1M P 01/12/41 CI 0.00%
MBX.FN30.500.10 R USL1M P 01/12/41 CS 0.00%
MBX.FN30.500.10 R USL1M P 01/12/41 GS 0.00%
MBX.FN30.600.08 P USL1M R 01/12/39 BC 0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 BC 0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 GS 0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 GS 0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 GS 0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 GS 0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 GS 0.00%
MDRX US P US0001M R 07/05/22 CI 0.00%
MLCFC 2006-4 XC IO P/P 144A 00.8053 12/12/2049 0.00%
MLMT 2004-KEY2 D 05.0460 08/12/2039 0.00%
MLMT 2005-MCP1 XC IO P/P 144A 00.0014 06/12/2043 0.00%
NEW ZEALAND DOLLAR CALL ACCOUNT 0.00%
NOK/USD 12/19/2018 CITI 0.00%
NZD/USD 10/17/2018 CSI-FX 0.00%
NZD/USD 10/17/2018 GSFX 0.00%
NZD/USD 10/17/2018 RBSF 0.00%
NZD/USD 10/17/2018 WPAC 0.00%
OMCL US P US0001M R 07/05/22 CI 0.00%
OSK US P US0001M R 07/05/22 CI 0.00%
PBH US P US0001M R 07/05/22 CI 0.00%
PCTY US P R 07/05/22 CI 0.00%
PEGA US P R 07/05/22 CI 0.00%
PODD US P US0001M R 07/05/22 CI 0.00%
RH US P US0001M R 07/05/22 CI 0.00%
S&P MID 400 EMINI DEC18 FAZ8 0.00%
S&P500 EMINI FUT DEC18 ESZ8 0.00%
SEK/USD 12/19/2018 BANKAM 0.00%
SEK/USD 12/19/2018 SSBT 0.00%
SOUTH AFRICAN RAND CALL ACCOUNT 0.00%
SPY 20181012 C 297.50CITI 0.00%
SPY 20181031 C 300.00JPMCB 0.00%
SWISS FRANC CALL ACCOUNT 0.00%
SWPTN 10YX20Y P 2.785 USD 01/25/2027 BA 0.00%
SWPTN 10YX20Y P 2.8175 USD 03/23/2027 GS 0.00%
SWPTN 10YX20Y R 2.785 USD 01/25/2027 BA 0.00%
SWPTN 10YX20Y R 2.8175 USD 03/23/2027 GS 0.00%
SWPTN 1YX1Y R 1.9175 USD 10/04/2018 GS 0.00%
SWPTN 1YX1Y R 2.3025 USD 10/04/2018 GS 0.00%
SWPTN 1YX2Y P 2.77 USD 01/16/2019 JP 0.00%
SWPTN 1YX30Y P 3.031 USD 06/14/2019 CI 0.00%
SWPTN 1YX5Y P 3.09 USD 06/14/2019 CI 0.00%
SWPTN 1YX5Y R 2.695 USD 10/04/2018 GS 0.00%
SWPTN 5YX30Y P 2.8325 USD 02/15/2022 JP 0.00%
SWPTN 5YX30Y R 2.8325 USD 02/15/2022 JP 0.00%
SWPTN 6MX2Y P 2.8225 USD 10/03/2018 MS 0.00%
SWPTN 6MX2Y P 2.92875 USD 11/29/2018 MS 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%
SWPTN 7YX5Y R 2.647 USD 06/03/2024 BA 0.00%
SWPTN 7YX5Y R 2.654 USD 06/03/2024 CI 0.00%
THAILAND BAHT CALL ACCOUNT 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
TOPIX INDX FUTR DEC18 TPZ8 0.00%
TRIBUNE MEDIA TLB L+300 05.0759 12/27/2020 0.00%
TURKISH LIRA-NEW CALL ACCOUNT 0.00%
TXU TCEH RIGHTS 0.00%
UA US P R 07/05/22 CI 0.00%
US 10YR NOTE (CBT)DEC18 TYZ8 0.00%
VAR US P R 07/05/22 CI 0.00%
WBCMT 2006-C26 AJ 06.2812 06/15/2045 0.00%
WBCMT 2006-C29 IO IO 00.3742 11/15/2048 0.00%
WBCMT 2007-C31 IO IO P/P 144A 00.0056 04/15/2047 0.00%
0.55 R ISWP FWD CHL6M P 12/19/2028 -0.01%
3.10 R ISWP FWD US0003M P 12/19/2028 -0.01%
AUD/USD 10/17/2018 BCAP-FX -0.01%
AUD/USD 10/17/2018 CITI -0.01%
AUD/USD 10/17/2018 CSI-FX -0.01%
AUD/USD 10/17/2018 HSBCB -0.01%
AUD/USD 10/17/2018 RBSF -0.01%
AUD/USD 10/17/2018 WPAC -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 CS -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%
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-.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-.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-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 BC -0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS -0.01%
COTY US P US0001M R 07/05/22 CI -0.01%
HBI US P R 07/05/22 CI -0.01%
HUBS US P R 07/05/22 CI -0.01%
ICLR US P R 07/05/22 CI -0.01%
IQV US P R 07/05/22 CI -0.01%
MB US P US0001M R 07/05/22 CI -0.01%
MTZ US P US0001M R 07/05/22 CI -0.01%
PKI US P US0001M R 07/05/22 CI -0.01%
PTC US P R 07/05/22 CI -0.01%
SEK/USD 12/19/2018 BCAP-FX -0.01%
SEK/USD 12/19/2018 CITI -0.01%
SEK/USD 12/19/2018 CSI-FX -0.01%
SEK/USD 12/19/2018 HSBCB -0.01%
SEK/USD 12/19/2018 JPMCB -0.01%
SEK/USD 12/19/2018 RBSF -0.01%
SEK/USD 12/19/2018 UBS -0.01%
SIG US P R 07/05/22 CI -0.01%
SWPTN 1YX2Y P 2.663 USD 01/14/2019 CI -0.01%
SWPTN 1YX2Y P 2.813 USD 01/28/2019 BC -0.01%
TXT US P US0001M R 07/05/22 CI -0.01%
USD/CNH CALL 7.20 20190404 GSFX -0.01%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 MS -0.02%
FTI US P US0001M R 07/05/22 CI -0.02%
UBNT US P R 07/05/22 CI -0.02%
XLE US R US0001M P 03/25/19 JP -0.02%
1.00 R ISWP FWD EUR006M P 12/19/2028 -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 GS -0.03%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.03%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS -0.03%
TGI US P R 07/05/22 CI -0.03%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS -0.04%
NOK/USD 12/19/2018 RBSF -0.04%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -0.05%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.05%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.06%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.07%
GSISXT27 R 0.2 P 12/15/20 GS -0.08%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.10%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 ML -0.11%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.12%
RU10INTR P US0003M R 11/27/18 CI -0.12%
FHLMC FH30G TBA 04.5000 10/01/2048 -0.13%
JPCMPTSH P US0001M R 08/12/19 JP -0.14%
RU10INTR P US0003M R 06/13/19 BA -0.17%
RU10INTR P US0003M R 07/26/19 BC -0.24%
FNMA FN30 TBA 04.5000 10/01/2048 -0.51%
GSGLPW2S P US0001M R 12/15/20 GS -0.56%
CDX CDX.NA.HY.31 500.0 12/20/2023 -0.58%
NDUEEGF P US0001M R 12/12/18 GS -0.85%
NDUEEGF P US0003M R 09/20/19 CI -1.99%
FNMA FN30 TBA 03.0000 10/01/2048 -2.53%
NDUEEGF P US0003M R 03/19/19 CI -4.46%
NDUEEGF P US0001M R 08/21/19 UB -12.62%
GSGLPWDS P US0001M R 12/15/20 GS -30.67%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
Net cash
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
Fnma Fn30 Tba 03.5000 11/01/2048
Fnma Fn30 Tba 04.0000 11/01/2048
Ishares Msci India Etf
Djubs Long F3 - Short Djubs F0 3x 144a Note 2/28/2019
Fnma Fn30 Tba 03.5000 12/01/2048
Djubs Long F3 - Short Djubs 3x 144a Note 01/07/2019
Utilities Select Sector Spdr Sedol 2371812
Financial Select Sector Spdr Sedol 2364038
Holdings represent 59.02% of portfolio
Top 10 holdings as of 09/30/18
Net cash
Fnma Fn30 Tba 03.5000 10/01/2048
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
Energy Select Sector Spdr Sedol 2402466
Fnma Fn30 Tba 04.0000 11/01/2048
Ishares Msci India Etf
Djubs Long F3 - Short Djubs F0 3x 144a Note 2/28/2019
Consumer Discretionary Selt Sedol 2424341
Djubs Long F3 - Short Djubs 3x 144a Note 01/07/2019
Technology Select Sect Spdr Sedol 2369709
Holdings represent 62.05% of portfolio
Top 10 holdings as of 08/31/18
Net cash
Fnma Fn30 Tba 03.5000 10/01/2048
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
Ishares Msci India Etf
Fnma Fn30 Tba 04.0000 10/01/2048
Djubs Long F3 - Short Djubs F0 3x 144a Note 2/28/2019
Industrial Select Sect Spdr Sedol 2502139
Materials Select Sector Spdr Sedol 2436841
Djubs Long F3 - Short Djubs 3x 144a Note 01/07/2019
Consumer Discretionary Selt Sedol 2424341
Holdings represent 62.96% of portfolio
Top 10 holdings as of 07/31/18
Net cash
Fnma Fn30 Tba 03.5000 09/01/2048
Energy Select Sector Spdr Sedol 2402466
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
Ishares Msci India Etf
Fnma Fn30 Tba 04.0000 08/01/2048
Djubs Long F3 - Short Djubs F0 3x 144a Note 2/28/2019
Utilities Select Sector Spdr Sedol 2371812
Consumer Discretionary Selt Sedol 2424341
Materials Select Sector Spdr Sedol 2436841
Holdings represent 64.41% of portfolio

Portfolio composition as of 10/31/18

U.S. Treasury/agency 60.13%
Net cash 43.72%
Commodities 23.80%
U.S. stocks 16.07%
Commercial MBS 8.63%
Agency CMO 6.32%
Agency pass-through 4.93%
International stocks 4.83%
Bank loans 2.74%
Emerging-market bonds 1.58%
Residential MBS (non-agency) 1.18%
Asset-backed securities (ABS) 1.00%
Investment-grade corporate bonds 0.28%
Emerging-market stocks 0.01%
High-yield corporate bonds -5.45%

Fixed income statistics as of 10/31/18

Average effective maturity 9.54 yrs.
Average effective duration 5.07 yrs.
Average price $86.67

Maturity detail as of 10/31/18

0 - 1 yr. 74.19%
1 - 5 yrs. 14.76%
5 - 10 yrs. 10.12%
10 - 15 yrs. 0.36%
Over 15 yrs. 0.57%

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 stocks and bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including, in the case of bonds, perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also 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 greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. 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 1.08% 1.83% 1.83% 1.58% 1.33% 0.75% 0.83%
What you pay† 1.07% 1.82% 1.82% 1.57% 1.32% 0.74% 0.82%

† 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 04/30/19

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 stocks and bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including, in the case of bonds, perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may also 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 greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. 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.