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

Multi-Asset Absolute Return Fund (Class M)  (PDMMX)

Seeks positive returns with a similar level of volatility

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 $11.68
0.17% | $0.02
$12.29
12/15/17
$11.39
03/23/18
Historical fund price

Fund facts as of 04/30/18

Total net assets
$1,865.91M
Turnover (fiscal year end)
559%
Dividend frequency
Annually
Number of holdings
924
Fiscal year-end
October
CUSIP / Fund code
746764273 / 0661
Inception date
12/23/08
Category
Absolute Return
Open to new investors
Ticker
PDMMX

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.

5.94%

Best 5-year annualized return

(for period ending 03/31/14)


2.01%

Worst 5-year annualized return

(for period ending 03/31/16)


3.83%

Average 5-year annualized return


  • Total return (%) as of 03/31/18

  • Annual performance as of 03/31/18

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

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 12/23/08 )
Before sales charge 2.21% 1.01% 2.38% 4.22%
After sales charge -1.37% -0.18% 1.65% 3.82%
ICE BofAML U.S. Treasury Bill Index 1.04% 0.53% 0.35% --

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

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 04/30/18 1.39 % -2.16 %
YTD as of 05/18/18 -2.50 % -5.92 %

Morningstar ratings as of 04/30/18

Multialternative Rating Funds in category
Overall (285)
3 yrs. (285)
5 yrs. (148)

Distributions

Record/Ex dividend date 12/19/17
Payable date 12/21/17
Income $0.169
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 04/30/18

Net cash 45.32%
Fnma Fn30 Tba 03.5000 06/01/2048 2.76%
S&P Gsci Total Return Index 3x 144a Note 12/10/2018 2.33%
S&P Gsci 3x Note 04/01/2019 2.00%
Ishares Msci India Etf 1.66%
Fnma Fn30 Tba 04.0000 05/01/2048 1.53%
Utilities Select Sector Spdr Sedol 2371812 1.44%
Technology Select Sect Spdr Sedol 2369709 1.38%
Consumer Discretionary Selt Sedol 2424341 1.36%
Fnma Fn30 Tba 03.5000 05/01/2048 1.33%
Top 10 holdings, percent of portfolio 61.11%

Full portfolio holdings as of 03/31/18

GSGLPWDL R US0001M P 12/15/20 GS 31.31%
FNMA FN30 TBA 03.5000 05/01/2048 5.09%
S&P GSCI TOTAL RETURN INDEX 3X 144A NOTE 12/10/2018 2.38%
S&P GSCI 3X NOTE 04/01/2019 1.99%
FNMA FN30 TBA 04.0000 04/01/2048 1.91%
ISHARES MSCI INDIA ETF 1.90%
UTILITIES SELECT SECTOR SPDR 1.50%
SAMSUNG ELECTRONICS CO LTD 1.48%
TECHNOLOGY SELECT SECT SPDR 1.44%
CONSUMER DISCRETIONARY SELT 1.42%
CONSUMER STAPLES SPDR 1.38%
DJUBS LONG F3 - SHORT DJUBS 3X 144A NOTE 01/07/2019 1.38%
HEALTH CARE SELECT SECTOR 1.38%
CITI COMMODITIES F3 VS F0 - 4X NOTE 5/29/2018 1.37%
MATERIALS SELECT SECTOR SPDR 1.36%
FNMA FN30 TBA 02.5000 04/01/2048 1.29%
RU10INTR P US0003M R 11/16/18 BA 1.23%
BOFA MERRILL LYNCH COMMODITY MLBX4SX6 EXCESS RETURN STRATEGY 1.20%
JPCMPTSH P US0001M R 12/12/18 JP 1.14%
DISH NETWORK CORP-A 1.04%
TENCENT HOLDINGS LTD 0.92%
DJUBS LONG F3 - SHORT DJUBS F0 3X 144A NOTE 2/28/2019 0.78%
CHINA CONSTRUCTION BANK-H 0.76%
IND & COMM BK OF CHINA-H 0.64%
BAML COMMODITY MLBX4SX6 EXCESS RETURN STRATEGY 3X 144A NOTE 0.61%
S&P GSCI TOTAL RETURN INDEX 3X NOTE 11/5/2018 -CG 0.59%
ALIBABA GROUP HOLDING-SP ADR 0.52%
TAIWAN SEMICONDUCTOR-SP ADR 0.52%
GNMA GII30 TBA 04.5000 05/01/2048 0.51%
AGRICULTURAL BANK OF CHINA-H 0.49%
MIZUHO BANK LTD/NY USD 01.7959 04/05/2018 0.49%
RU10INTR P US0003M R 11/27/18 CI 0.47%
SK HYNIX INC 0.45%
TENAGA NASIONAL BHD 0.45%
PTT GLOBAL CHEMICAL PCL-FOR 0.44%
PTT PCL/FOREIGN 0.44%
RU10INTR P US0003M R 07/26/18 CS 0.44%
GNMA GII30 TBA 04.5000 04/01/2048 0.41%
ANHUI CONCH CEMENT CO LTD-H 0.40%
BANCO SANTANDER BRASIL-UNIT 0.39%
LOTTE CHEMICAL CORP 0.39%
YUANTA FINANCIAL HOLDING CO 0.38%
CIA SANEAMENTO BASICO DE SP 0.37%
HYPERA SA 0.37%
SK TELECOM 0.37%
IMPERIAL HOLDINGS LTD 0.35%
INDUSTRIAL BANK OF KOREA 0.35%
KOC HLDG 0.32%
ST SHINE OPTICAL CO LTD 0.32%
YY INC-ADR 0.32%
BANK OF COMMUNICATIONS - H 0.31%
SMILES FIDELIDADE SA 0.31%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.30%
CHINA RAILWAY GROUP LTD-H 0.30%
GNMA GII30 TBA 04.0000 05/01/2048 0.30%
MR PRICE GROUP LTD 0.30%
VTB BANK (VTB CAP SA P/P 144A 06.9500 10/17/2022 0.28%
GRUMA S.A.B.-B 0.27%
UNITED TRACTORS TBK PT 0.27%
BANK OF CHINA LTD-H 0.26%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.26%
CHINA STATE CONSTRUCTION ENGINEERING 144A REGS WARRANT 0.26%
P/P 144A 05.7000 01/11/2025 0.26%
SINOPEC SHANGHAI PETROCHEM-H 0.26%
NRG ENERGY INC 07.2500 05/15/2026 0.25%
SPST 2018-1 A 02.4747 04/24/2019 0.25%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.23%
CHINA CINDA ASSET MANAGEME-H 0.23%
FORMOSA CHEMICALS & FIBRE 0.23%
GUANGZHOU R&F PROPERTIES - H 0.23%
PEOPLES INSURANCE CO 0.23%
PUB BANK BERHAD 0.23%
RADIANT OPTO-ELECTRONICS COR 0.23%
WANT WANT CHINA HOLDINGS LTD 0.23%
HANA FINANCIAL GROUP 0.22%
OLD MUTUAL PLC 0.22%
SBERBANK PJSC -SPONSORED ADR 0.22%
BARLOWORLD LTD 0.21%
FIRST DATA CORP P/P 144A 07.0000 12/01/2023 0.21%
KB FINANCIAL GROUP INC 0.21%
LG UPLUS CORP 0.21%
TURKIYE GARANTI BANKASI 0.21%
2.90 R ISWP FWD US0003M P 06/20/2028 0.20%
BUILDERS FIRSTSOURCE L+300 05.3020 02/29/2024 0.20%
DONGFENG MOTOR GRP CO LTD-H 0.20%
FORD OTOMOTIV 0.20%
GEELY AUTOMOBILE HOLDINGS LT 0.20%
HUB INTL LTD P/P 144A 07.8750 10/01/2021 0.20%
INDOFOOD SUKSES MAKMUR TBK P 0.20%
INFOR US INC 06.5000 05/15/2022 0.20%
JO-ANN STORES TL L+500 06.5507 10/16/2023 0.20%
MSBAM 2012-C6 G P/P 144A 04.5000 11/15/2045 0.20%
TALBOTS INC 2NDL L+850 10.3769 03/19/2021 0.20%
WPX ENERGY INC 06.0000 01/15/2022 0.20%
AES CORP/THE 05.5000 04/15/2025 0.19%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.19%
CAS 2016-C02 1B 14.1215 09/25/2028 0.19%
REVLON CONS TLB L+350 05.3769 09/07/2023 0.19%
AIRASIA BHD 0.18%
BF0101 03.5000 06/01/2056 0.18%
KUMBA IRON ORE LTD 0.18%
MSBAM 2013-C10 D P/P 144A 04.0822 07/15/2046 0.18%
ACER INC 0.17%
MSC 2006-HQ10 B 05.4480 11/12/2041 0.17%
PGE SA 0.17%
CHONGQING RURAL COMMERCIAL-H 0.16%
SHINHAN FINANCIAL GROUP LTD 0.16%
VALEANT PHARMA P/P 144A 05.8750 05/15/2023 0.16%
ASURION 2NDL 07.5734 08/04/2025 0.15%
CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 0.15%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 CS 0.15%
MISC BHD 0.15%
SCIENTIFIC GAMES TLB5 L+275 04.5390 08/14/2024 0.15%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.15%
FHR 4568 MI IO 04.0000 04/15/2046 0.14%
JPMBB 2014-C18 D P/P 144A 04.8304 02/15/2047 0.14%
PETROBRAS GLOBAL FINANCE USD 07.3750 01/17/2027 0.14%
PETROLEOS MEXICANOS USD 04.5000 01/23/2026 0.14%
SK INNOVATION CO LTD 0.14%
1.15 R ISWP FWD EUR006M P 06/20/2028 0.13%
A SCHULMAN INC 06.8750 06/01/2023 0.13%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.13%
CLEAR CHANNEL TLD L+675 09.0520 01/30/2019 0.13%
GNR 2017-H11 NI IO 02.2103 05/20/2067 0.13%
ISBANK-C 0.13%
SPST 2017-LD1 A 02.6715 11/25/2050 0.13%
SPY 20190315 P 245.00JPMCB 0.13%
AVAYA HOLDINGS CORP 0.12%
NASPERS LTD-N SHS 0.12%
SPY 20190118 P 250.00CITI 0.12%
SYNNEX TECHNOLOGY INTL CORP 0.12%
AMERICAN AXLE & MFG INC 07.7500 11/15/2019 0.11%
ARCELORMITTAL USD 06.1250 06/01/2025 0.11%
CAS 2015-C04 1M2 07.5715 04/25/2028 0.11%
FNMA FN30 AL6919 05.5000 01/01/2038 0.11%
FNMA FN30 TBA 05.5000 04/01/2048 0.11%
GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 0.11%
GNR 2015-H10 CI IO 01.8120 04/20/2065 0.11%
GNR 2016-H23 NI IO 02.1218 10/20/2066 0.11%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.11%
IVORY COAST P/P 144A 06.1250 06/15/2033 0.11%
NOTA DO TESOURO NACIONAL 10.0000 01/01/2023 0.11%
PETROLEOS DE VENEZUELA S REGS 05.3750 04/12/2027 0.11%
REP OF INDONESIA P/P 144A 05.9500 01/08/2046 0.11%
TRIPOD TECHNOLOGY CORP 0.11%
UFC 1STL L+325 05.1300 08/18/2023 0.11%
VERTIV TLB L+400 05.6701 11/15/2023 0.11%
WINDSTREAM SRVC / FIN 06.3750 08/01/2023 0.11%
AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 0.10%
ARGENTINE REPUBLIC USD 07.6250 04/22/2046 0.10%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.10%
CAPITAL AUTO 2NDL L+600 07.8800 03/24/2025 0.10%
CAS 2016-C01 1B 13.6215 08/25/2028 0.10%
CIA DE TRANSMISSAO DE ENE-PF 0.10%
FHLMC FH30G TBA 03.5000 04/01/2048 0.10%
FHR 3852 NT 04.2234 05/15/2041 0.10%
FNR 2017-48 LI IO 04.0000 05/25/2047 0.10%
FREEDOM MORTGAGE TLB L+475 07.0356 02/23/2022 0.10%
GNR 2015-H19 NI IO 01.9180 07/20/2065 0.10%
GNR 2015-H24 HI IO 02.0294 09/20/2065 0.10%
GNR 2017-H14 DI IO 01.7073 06/20/2067 0.10%
HENGAN INTL GROUP CO LTD 0.10%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.10%
ORTHO-CLINICAL TLB L+375 05.6269 06/30/2021 0.10%
SPY 20190215 P 240.00CITI 0.10%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.10%
ZHONGSHENG GROUP HOLDINGS 0.10%
BMIR 2015-1A B1 08.1715 07/25/2025 0.09%
DYNEGY TLC L+275 04.6038 02/07/2024 0.09%
FHR 4530 HI IO 04.0000 11/15/2045 0.09%
FRAC TECH INTL TLB L+475 06.6269 04/16/2021 0.09%
FREEPORT-MCMORAN INC 0.09%
GNR 2014-2 IC IO 05.0000 01/16/2044 0.09%
GNR 2015-H20 CI IO 01.8756 08/20/2065 0.09%
GNR 2015-H25 BI IO 01.7593 10/20/2065 0.09%
LG CORP 0.09%
NEIMAN MARCUS TL L+325 04.9405 10/25/2020 0.09%
PETROBRAS GLOBAL FINANCE REGS 05.2990 01/27/2025 0.09%
PROV BUENOS AIRE P/P 144A 07.8750 06/15/2027 0.09%
TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 0.09%
UNIVAR USA INC P/P 144A 06.7500 07/15/2023 0.09%
CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 0.08%
CMB CMBX.NA.BB.6 2063-05-11 500.0 05/11/2063 GS 0.08%
FHR 4389 IA IO 04.0000 09/15/2044 0.08%
FNR 2014-47 IP IO 04.0000 03/25/2044 0.08%
GNR 2015-187 JI IO 04.0000 03/20/2045 0.08%
GNR 2015-53 MI IO 04.0000 04/16/2045 0.08%
GNR 2015-H09 BI IO 01.6957 03/20/2065 0.08%
GNR 2015-H16 XI IO 01.9010 07/20/2065 0.08%
GNR 2016-49 IO IO 04.5000 11/16/2045 0.08%
SPY 20181221 P 235.00JPMCB 0.08%
THAI OIL PCL-FOREIGN 0.08%
CHINA MOBILE LTD 0.07%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.07%
CMLTI 2007-AMC3 A2D 02.2215 03/25/2037 0.07%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.07%
FHR 4134 PI IO 03.0000 11/15/2042 0.07%
FNR 2016-3 NI IO 06.0000 02/25/2046 0.07%
GNR 2015-80 IA IO 04.5000 06/20/2045 0.07%
GNR 2015-H14 BI IO 01.5893 05/20/2065 0.07%
GNR 2015-H25 AI IO 01.6181 09/20/2065 0.07%
GNR 2015-H25 EI IO 01.8537 10/20/2065 0.07%
GNR 2015-H26 DI IO 01.7373 10/20/2065 0.07%
GNR 2015-H26 EI IO 01.7238 10/20/2065 0.07%
GNR 2016-150 I IO 05.0000 11/20/2046 0.07%
GNR 2016-H02 BI IO 01.6970 11/20/2065 0.07%
GNR 2016-H07 HI IO 01.6058 02/20/2066 0.07%
HAIER ELECTRONICS GROUP CO 0.07%
HARTFORD FINL SVCS GRP 08.1250 06/15/2038 0.07%
JPMBB 2013-C12 E P/P 144A 04.0918 07/15/2045 0.07%
JPMBB 2013-C14 E P/P 144A 04.5699 08/15/2046 0.07%
MSBAM 2012-C6 F P/P 144A 04.5754 11/15/2045 0.07%
MSBAM 2013-C11 F P/P 144A 04.3673 08/15/2046 0.07%
MSC 2011-C3 G P/P 144A 05.1557 07/15/2049 0.07%
SAMI 2007-AR1 2A1 02.0515 01/25/2037 0.07%
UNI-PRESIDENT ENTERPRISES CO 0.07%
WFCM 2013-LC12 D P/P 144A 04.2909 07/15/2046 0.07%
WFRBS 2011-C4 F P/P 144A 05.0000 06/15/2044 0.07%
0.55 R ISWP FWD EUR006M P 06/20/2023 0.06%
DIAMOND RESORTS TLB L+450 06.3769 09/02/2023 0.06%
FNMA FN30 AB7936 03.0000 02/01/2043 0.06%
FNMA FN30 AR6852 03.0000 02/01/2043 0.06%
FNR 2012-124 UI IO 04.0000 11/25/2042 0.06%
GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 0.06%
GNR 2010-9 UI IO 05.0000 01/20/2040 0.06%
GNR 2013-79 XI IO 03.5000 11/20/2039 0.06%
GNR 2014-104 IO IO 04.0000 03/20/2042 0.06%
GNR 2014-H21 AI IO 01.4842 10/20/2064 0.06%
GNR 2015-82 GI IO 03.5000 12/20/2038 0.06%
GNR 2015-96 NI IO 03.5000 01/20/2039 0.06%
GNR 2015-H09 AI IO 01.7483 04/20/2065 0.06%
GNR 2015-H10 EI IO 01.6384 04/20/2065 0.06%
GNR 2015-H15 JI IO 01.9511 06/20/2065 0.06%
GNR 2015-H22 GI IO 02.5672 09/20/2065 0.06%
GNR 2015-H24 BI IO 01.6147 08/20/2065 0.06%
GNR 2015-H26 GI IO 01.7981 10/20/2065 0.06%
GNR 2016-H03 AI IO 01.8573 01/20/2066 0.06%
GNR 2016-H08 GI IO 01.4305 04/20/2066 0.06%
GNR 2017-H02 BI IO 02.3189 01/20/2067 0.06%
GSMS 2013-GC10 E P/P 144A 04.4122 02/10/2046 0.06%
HCA INC 06.5000 02/15/2020 0.06%
IRB BRASIL RESSEGUROS SA 0.06%
JPMCC 2012-C6 G P/P 144A 02.9720 05/15/2045 0.06%
MERCER INTL INC USD 07.7500 12/01/2022 0.06%
MSBAM 2013-C11 E P/P 144A 04.3673 08/15/2046 0.06%
MSBAM 2014-C17 D P/P 144A 04.7062 08/15/2047 0.06%
SIAM CEMENT PUB CO-FOR REG 0.06%
SPY 20181116 P 225.00JPMCB 0.06%
TIM PARTICIPACOES SA 0.06%
TSLA US P R 07/05/22 CI 0.06%
BCAP 2012-RR5 4A8 01.7907 06/26/2035 0.05%
BSCMS 2005-PWR7 C 05.2350 02/11/2041 0.05%
BSCMS 2006-PW11 B P/P 144A 05.2790 03/11/2039 0.05%
CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 0.05%
CHINA DONGXIANG GROUP CO 0.05%
COMM 2012-LC4 E P/P 144A 04.2500 12/10/2044 0.05%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.05%
CWALT 2006-OA10 1A1 02.2425 08/25/2046 0.05%
FHR 4355 DI IO 04.0000 03/15/2044 0.05%
FNMA FN30 AO5471 03.5000 06/01/2042 0.05%
FNR 2011-4 CS 09.1570 05/25/2040 0.05%
GNR 2009-121 UI IO 05.0000 12/20/2039 0.05%
GNR 2014-122 IC IO 05.0000 08/20/2044 0.05%
GNR 2016-H04 KI IO 01.6920 02/20/2066 0.05%
GNR 2016-H16 DI IO 02.2605 06/20/2066 0.05%
GSVIVV69 R 0.3 P 12/15/20 GS 0.05%
GUANGZHOU BAIYUNSHAN PHARM-H 0.05%
MMC NORILSK NICKEL PJSC-ADR 0.05%
PETROBRAS GLOBAL FINANCE USD 07.2500 03/17/2044 0.05%
PROVINCIA DE CORDOBA P/P 144A 07.1250 08/01/2027 0.05%
SANDRIDGE ENERGY INC 0.05%
SPY 20181019 P 225.00BANKAM 0.05%
STACR 2016-DNA1 B 11.8715 07/25/2028 0.05%
TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 0.05%
TURK SISE CAM 0.05%
TURKISH LIRA-NEW CALL ACCOUNT 0.05%
WBCMT 2005-C21 E P/P 144A 05.2958 10/15/2044 0.05%
ARAB REP OF EGYPT P/P 144A 05.5770 02/21/2023 0.04%
BSCMS 2005-PWR7 D 05.3040 02/11/2041 0.04%
CAS 2015-C03 1M2 06.8715 07/25/2025 0.04%
CHEMOURS CO 06.6250 05/15/2023 0.04%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.04%
CWALT 2005-27 1A6 02.6915 08/25/2035 0.04%
CWHL 2005-3 1A1 02.4915 04/25/2035 0.04%
FHR 4073 AS IO 04.2734 08/15/2038 0.04%
FHR 4158 TI IO 03.0000 12/15/2042 0.04%
FHR 4193 PI IO 04.0000 03/15/2043 0.04%
FHR 4663 KI IO 03.5000 11/15/2042 0.04%
FNR 2012-104 QI IO 04.5000 05/25/2042 0.04%
FNR 2012-22 CI IO 04.0000 03/25/2041 0.04%
FNR 2017-2 KI IO 04.0000 02/25/2047 0.04%
GNR 2014-163 NI IO 05.0000 02/20/2044 0.04%
GNR 2014-76 IO IO 05.0000 05/20/2044 0.04%
GNR 2015-64 PI IO 03.5000 05/20/2045 0.04%
GNR 2015-H18 IA IO 01.8226 06/20/2065 0.04%
GNR 2017-99 AI IO 04.0000 01/20/2047 0.04%
HANWHA CORPORATION 0.04%
HYUNDAI MARINE 0.04%
JPMCC 2012-C6 F P/P 144A 05.1367 05/15/2045 0.04%
PROVINCIA DE BUENOS P/P 144A 26.7416 05/31/2022 0.04%
REP OF INDONESIA P/P 144A 05.2500 01/17/2042 0.04%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.04%
WFRBS 2013-C12 E P/P 144A 03.5000 03/15/2048 0.04%
3.30 R ISWP FWD NFIX3MID P 06/20/2028 0.03%
ARAB REPUBLIC OF EGYPT REGS 06.1250 01/31/2022 0.03%
BACM 2008-1 C P/P 144A 06.0867 02/10/2051 0.03%
BSCMS 2007-T26 AJ 05.5249 01/12/2045 0.03%
CAS 2017-C03 1B1 06.7215 10/25/2029 0.03%
CERN US P R 07/05/22 CI 0.03%
COMM 2013-LC13 E P/P 144A 03.7191 08/10/2046 0.03%
FHR 3747 SA IO 04.7234 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 4206 IP IO 03.0000 12/15/2041 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 2015-73 PI IO 03.5000 10/25/2045 0.03%
FNR 2017-113 IO IO 05.0000 01/25/2038 0.03%
GNR 2010-134 ES IO 04.1779 11/20/2039 0.03%
GNR 2010-35 AI IO 04.5000 03/20/2040 0.03%
GNR 2011-17 S IO 04.2279 02/20/2041 0.03%
GNR 2011-H15 AI IO 01.5753 06/20/2061 0.03%
GNR 2013-100 MI IO 03.5000 02/20/2043 0.03%
GNR 2013-157 IA IO 03.5000 04/20/2040 0.03%
GNR 2013-34 PI IO 04.5000 08/20/2039 0.03%
GNR 2013-6 AI IO 03.5000 08/20/2039 0.03%
GNR 2014-133 AI IO 04.0000 10/20/2036 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-H26 CI IO 00.7381 08/20/2065 0.03%
GNR 2016-H04 HI IO 02.3650 07/20/2065 0.03%
GNR 2016-H11 HI IO 02.0850 01/20/2066 0.03%
GNR 2017-160 AI IO 04.5000 10/20/2047 0.03%
GNR 2017-57 AI IO 04.0000 06/20/2045 0.03%
HBI US P R 07/05/22 CI 0.03%
HONG KONG DOLLAR CALL ACCOUNT 0.03%
ITAUSA-INVESTIMENTOS ITAU-PR 0.03%
JPMCC 2013-LC11 E P/P 144A 03.2500 04/15/2046 0.03%
K US P R 07/05/22 CI 0.03%
LG ELECTRONICS INC 0.03%
PEGATRON CORP 0.03%
VNESHECONOMBANK P/P 144A 06.8000 11/22/2025 0.03%
WFRBS 2012-C10 E P/P 144A 04.4478 12/15/2045 0.03%
WFRBS 2012-C6 E P/P 144A 05.0000 04/15/2045 0.03%
WFRBS 2013-C14 E P/P 144A 03.2500 06/15/2046 0.03%
1.40 R ISWP FWD SES3M P 06/20/2028 0.02%
1.45 R ISWP FWD GBL6M P 06/20/2023 0.02%
1.65 R ISWP FWD GBL6M P 06/20/2028 0.02%
2.40 R ISWP FWD NOKOIB6M P 06/20/2028 0.02%
AHM 2007-1 GA1C 02.0615 05/25/2047 0.02%
ARAB REPUBLIC OF EGYPT REGS 08.5000 01/31/2047 0.02%
BACM 2005-1 C 05.5050 11/10/2042 0.02%
BALTA 2004-3 B 04.7965 04/25/2034 0.02%
BGS US P R 07/05/22 CI 0.02%
BSCMS 2006-PW11 C P/P 144A 05.2790 03/11/2039 0.02%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.02%
CAS 2015-C02 2M2 05.8715 05/25/2025 0.02%
CAS 2017-C05 1B1 05.4715 01/25/2030 0.02%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.02%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.02%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.02%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 MS 0.02%
CONCORDIA INTL P/P 144A 07.0000 04/15/2023 0.02%
DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 0.02%
FHR 2990 LB 12.4049 06/15/2034 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 4369 IA IO 03.5000 07/15/2044 0.02%
FNR 2012-101 PI IO 03.5000 08/25/2040 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 2013-31 NI IO 03.0000 06/25/2041 0.02%
FNR 2013-6 BI IO 03.0000 12/25/2042 0.02%
FNR 2015-10 AI IO 03.5000 08/25/2043 0.02%
GNR 2010-20 UI IO 05.0000 02/20/2040 0.02%
GNR 2010-9 QI IO 04.5000 01/20/2040 0.02%
GNR 2012-141 WI IO 03.5000 11/20/2041 0.02%
GNR 2012-145 IO IO 03.5000 12/20/2042 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 2013-151 IB IO 04.5000 02/20/2040 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 2013-37 JI IO 03.5000 01/20/2043 0.02%
GNR 2014-63 PI IO 04.0000 07/20/2043 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%
GSAA 2007-6 1A1 01.9915 05/25/2047 0.02%
GSVIVV69 R 0.3 P 12/15/20 GS 0.02%
GSVIVVOL R 0.3 P 12/15/20 GS 0.02%
HALCON RESOURCES CORP 0.02%
LLOYDS BANKING GROUP P/P 144A 06.6570 05/21/2037 0.02%
MHL 2004-1 M2 02.8765 11/25/2034 0.02%
MSC 2007-HQ11 D 05.5870 02/12/2044 0.02%
PETROBRAS GLOBAL FINANCE USD 06.2500 03/17/2024 0.02%
POU CHEN 0.02%
RALI 2006-QO5 1A1 02.0865 05/25/2046 0.02%
REP OF ARGENTINA USD 06.6250 07/06/2028 0.02%
REP OF ARGENTINA USD 06.8750 01/26/2027 0.02%
RUSSIAN FEDERATION P/P 144A 12.7500 06/24/2028 0.02%
SNA US P R 07/05/22 CI 0.02%
TGI US P R 07/05/22 CI 0.02%
THE EURO EUR CALL ACCOUNT 0.02%
VNESHECONOMBANK P/P 144A 05.9420 11/21/2023 0.02%
WFRBS 2011-C4 E P/P 144A 05.2395 06/15/2044 0.02%
0.05 R ISWP FWD CHL6M P 06/20/2023 0.01%
2.45 R ISWP FWD CDOR03 P 06/20/2023 0.01%
2.50 R ISWP FWD AUDBB6M P 06/20/2023 0.01%
2.605 R ISWP FWD US0003M P 06/20/2020 0.01%
2.65 R ISWP FWD CDOR03 P 06/20/2028 0.01%
2.95 R ISWP FWD US0003M P 06/20/2028 0.01%
BACM 2005-3 AJ 04.7670 07/10/2043 0.01%
BANK NEGARA INDONESIA PERSER 0.01%
CAS 2015-C01 2M2 06.4215 02/25/2025 0.01%
CAS 2015-C02 1M2 05.8715 05/25/2025 0.01%
CAS 2015-C03 2M2 06.8715 07/25/2025 0.01%
CAS 2015-C04 2M2 07.4215 04/25/2028 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 CG 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 CG 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 GS 0.01%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 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 MS 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.01%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP 0.01%
CTB US P R 07/05/22 CI 0.01%
CWH US P US0001M R 07/05/22 CI 0.01%
DBD US P R 07/05/22 CI 0.01%
EPC US P US0001M R 07/05/22 CI 0.01%
EUR/USD 06/20/2018 BCAP-FX 0.01%
EUR/USD 06/20/2018 CITI 0.01%
EUR/USD 06/20/2018 GSFX 0.01%
EUR/USD 06/20/2018 JPMCB 0.01%
EUR/USD 06/20/2018 RBSF 0.01%
EUR/USD 06/20/2018 SSBT 0.01%
EUR/USD 06/20/2018 UBS 0.01%
FHR 3996 IK IO 04.0000 03/15/2039 0.01%
FHR 4183 MI IO 03.0000 02/15/2042 0.01%
FNB US P R 07/05/22 CI 0.01%
FNR 2005-122 SE 16.5498 11/25/2035 0.01%
FNR 2013-23 PI IO 03.0000 10/25/2041 0.01%
FNR 2013-35 IP IO 03.0000 06/25/2042 0.01%
GNR 2009-121 BI IO 04.5000 12/16/2039 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 2012-106 QI IO 04.0000 07/20/2042 0.01%
GNR 2012-71 JI IO 03.5000 04/16/2041 0.01%
GNR 2013-102 IP IO 03.5000 06/20/2043 0.01%
GNR 2013-129 SN IO 04.3279 09/20/2043 0.01%
GNR 2013-27 PI IO 03.5000 12/20/2042 0.01%
GNR 2013-3 IT IO 05.0000 01/20/2043 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 04.3136 07/16/2043 0.01%
GNR 2014-108 IP IO 04.5000 12/20/2042 0.01%
GNR 2014-162 DI IO 04.0000 11/20/2038 0.01%
GSMS 2006-GG8 X IO P/P 144A 00.8659 11/10/2039 0.01%
GSVIVVOL R 0.3 P 12/15/20 GS 0.01%
HUBS US P R 07/05/22 CI 0.01%
IQV US P R 07/05/22 CI 0.01%
MDRX US P US0001M R 07/05/22 CI 0.01%
MSC 2007-HQ11 C 05.5580 02/12/2044 0.01%
PNFP US P R 07/05/22 CI 0.01%
POUND STERLING CALL ACCOUNT 0.01%
SEK/USD 06/20/2018 BANKAM 0.01%
SEK/USD 06/20/2018 CITI 0.01%
SEK/USD 06/20/2018 CSI-FX 0.01%
SEK/USD 06/20/2018 HSBCB 0.01%
SEK/USD 06/20/2018 RBSF 0.01%
SEK/USD 06/20/2018 SSBT 0.01%
SMCI US P R 07/05/22 CI 0.01%
SWPTN 17DX10Y R 2.8435 USD 04/06/2018 GS 0.01%
SWPTN 1YX1Y P 1.919 USD 08/15/2018 JP 0.01%
SWPTN 1YX1Y P 1.9325 USD 08/16/2018 BA 0.01%
TELENET FINANCE V P/P 144A 06.7500 08/15/2024 0.01%
ULTI US P R 07/05/22 CI 0.01%
WFMBS 2006-AR6 7A2 03.6521 03/25/2036 0.01%
2.00 R ISWP FWD NOKOIB6M P 06/20/2023 0.00%
2.75 R ISWP FWD US0003M P 06/20/2023 0.00%
2.7825 R ISWP US0003M P 04/09/2028 0.00%
2.7845 R ISWP US0003M P 04/03/2028 0.00%
2.785 R ISWP FWD US0003M P 05/02/2028 0.00%
2.80 R ISWP FWD NFIX3MID P 06/20/2023 0.00%
2.85 R ISWP FWD AUDBB6M P 06/20/2028 0.00%
2.85 R ISWP FWD US0003M P 06/20/2048 0.00%
2.864 R ISWP FWD US0003M P 04/19/2028 0.00%
2.903 R ISWP FWD US0003M P 04/09/2028 0.00%
2.9075 R ISWP FWD US0003M P 04/17/2028 0.00%
2.917 R ISWP FWD US0003M P 04/19/2028 0.00%
2.923 R ISWP FWD US0003M P 04/19/2028 0.00%
ACIW US P R 07/05/22 CI 0.00%
AJRD US P R 07/05/22 CI 0.00%
ARGENTINE PESO CALL ACCOUNT 0.00%
AUD/USD 04/18/2018 HSBCB 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2019 0.00%
BACM 2004-4 XC IO P/P 144A 00.0515 07/10/2042 0.00%
BACM 2007-1 XW IO 00.0068 01/15/2049 0.00%
BRL/USD 07/03/2018 GSFX 0.00%
CAC40 10 EURO FUT APR18 CFJ8 0.00%
CAD/USD 04/18/2018 CITI 0.00%
CAD/USD 04/18/2018 SSBT 0.00%
CAESARS ENTERTAINMENT CORP 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
CAS 2016-C06 1M2 06.1215 04/25/2029 0.00%
CHC GROUP LLC P/P 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 JP 0.00%
CMB CMBX.NA.BB.7 2047-01-17 500.0 01/17/2047 JP 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 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-.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-.7 2047-01-17 300.0 01/17/2047 BC 0.00%
CNH/USD 05/16/2018 GSFX 0.00%
CSFB 2003-C3 AX IO P/P 144A 02.0754 05/15/2038 0.00%
DAX INDEX FUTURE JUN18 GXM8 0.00%
DY US P 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%
EUR/USD 06/20/2018 BANKAM 0.00%
EUR/USD 06/20/2018 CSI-FX 0.00%
EUR/USD 06/20/2018 HSBCB 0.00%
EUR/USD 06/20/2018 WPAC 0.00%
FLIR US P R 07/05/22 CI 0.00%
FNR 2005-74 NK 18.1425 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 00.4460 06/25/2028 0.00%
FNW 1998-W5 X IO 16.1530 07/25/2028 0.00%
FSPC T-48 AIO2 IO 00.2120 07/25/2033 0.00%
FSPC T-59 1AX IO 00.2773 10/25/2043 0.00%
FSPC T-8 A9 IO 00.4366 11/15/2028 0.00%
FTSE 100 IDX FUT JUN18 Z M8 0.00%
GBP/USD 06/20/2018 BANKAM 0.00%
GMACC 2004-C3 B 04.9650 12/10/2041 0.00%
GMED US P R 07/05/22 CI 0.00%
GNR 2010-103 DI IO 04.5000 12/20/2038 0.00%
GNR 2011-116 IB IO 05.0000 10/20/2040 0.00%
GNR 2011-18 PI IO 04.5000 08/20/2040 0.00%
GNR 2011-81 SB IO 04.9186 11/16/2036 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%
HALCON RESOURCES CORP - WARRA 0.00%
HCSG US P US0001M R 07/05/22 CI 0.00%
ICLR US P R 07/05/22 CI 0.00%
INGN US P R 07/05/22 CI 0.00%
INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 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.FN30.350.14 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.FN30.400.13 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%
JAPANESE YEN CALL ACCOUNT 0.00%
JPMCC 2007-LDPX X IO 00.1828 01/15/2049 0.00%
JPY/USD 05/16/2018 BANKAM 0.00%
JPY/USD 05/16/2018 CITI 0.00%
JPY/USD 05/16/2018 RBSF 0.00%
KBR US P R 07/05/22 CI 0.00%
KOREAN WON CALL ACCOUNT 0.00%
LBUBS 2006-C6 C 05.4820 09/15/2039 0.00%
LBUBS 2007-C2 XW IO 00.2030 02/15/2040 0.00%
LIVN US P US0001M R 07/05/22 CI 0.00%
MB US P US0001M R 07/05/22 CI 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.FN30.600.08 P USL1M R 01/12/39 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%
MLCFC 2006-4 XC IO P/P 144A 00.5123 12/12/2049 0.00%
MLFCF13 R US0003M P 11/16/18 BA 0.00%
MLMT 2004-KEY2 D 05.0460 08/12/2039 0.00%
MYL US P R 07/05/22 CI 0.00%
NOK/USD 06/20/2018 BANKAM 0.00%
NOK/USD 06/20/2018 JPMCB 0.00%
NOK/USD 06/20/2018 SSBT 0.00%
NOK/USD 06/20/2018 UBS 0.00%
NTGR US P R 07/05/22 CI 0.00%
NZD/USD 04/18/2018 CITI 0.00%
NZD/USD 04/18/2018 SSBT 0.00%
OLLI US P 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%
PTC US P R 07/05/22 CI 0.00%
S&P MID 400 EMINI JUN18 FAM8 0.00%
S&P500 EMINI FUT JUN18 ESM8 0.00%
SEK/USD 06/20/2018 BCAP-FX 0.00%
SEK/USD 06/20/2018 GSFX 0.00%
SEK/USD 06/20/2018 JPMCB 0.00%
SEM US P R 07/05/22 CI 0.00%
SPI 200 FUTURES JUN18 XPM8 0.00%
SPY 20180413 C 284.00CITI 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 13WX1Y R 2.355 USD 05/14/2018 MS 0.00%
SWPTN 13WX1Y R 2.71375 USD 05/14/2018 MS 0.00%
SWPTN 17DX10Y P 2.9175 USD 04/06/2018 GS 0.00%
SWPTN 17DX10Y P 2.9915 USD 04/06/2018 GS 0.00%
SWPTN 17DX10Y R 2.9175 USD 04/06/2018 GS 0.00%
SWPTN 1MX10Y P 2.805 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y P 2.9 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y P 3.1075 USD 04/13/2018 WE 0.00%
SWPTN 1MX10Y R 2.7075 USD 04/13/2018 WE 0.00%
SWPTN 1MX10Y R 2.71 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y R 2.743 USD 04/19/2018 BA 0.00%
SWPTN 1MX10Y R 2.75 USD 04/09/2018 GS 0.00%
SWPTN 1MX10Y R 2.763 USD 04/05/2018 MS 0.00%
SWPTN 1MX10Y R 2.805 USD 04/27/2018 CI 0.00%
SWPTN 1MX10Y R 2.813 USD 04/19/2018 BA 0.00%
SWPTN 1MX10Y R 2.82 USD 04/09/2018 GS 0.00%
SWPTN 1MX10Y R 2.833 USD 04/05/2018 MS 0.00%
SWPTN 1MX10Y R 2.883 USD 04/19/2018 BA 0.00%
SWPTN 1MX10Y R 2.89 USD 04/09/2018 GS 0.00%
SWPTN 1MX10Y R 2.903 USD 04/05/2018 MS 0.00%
SWPTN 1MX1Y R 2.34 USD 04/05/2018 BC 0.00%
SWPTN 1MX1Y R 2.736 USD 04/05/2018 BC 0.00%
SWPTN 1MX2Y R 2.538 USD 04/05/2018 BC 0.00%
SWPTN 1WX10Y P 2.7825 USD 04/05/2018 CI 0.00%
SWPTN 1YX1Y P 2.25 USD 08/15/2018 JP 0.00%
SWPTN 1YX1Y P 2.2625 USD 08/16/2018 BA 0.00%
SWPTN 1YX1Y R 1.9175 USD 10/04/2018 GS 0.00%
SWPTN 1YX1Y R 1.919 USD 08/15/2018 JP 0.00%
SWPTN 1YX1Y R 1.9325 USD 08/16/2018 BA 0.00%
SWPTN 1YX1Y R 2.25 USD 08/15/2018 JP 0.00%
SWPTN 1YX1Y R 2.2625 USD 08/16/2018 BA 0.00%
SWPTN 1YX1Y R 2.3025 USD 10/04/2018 GS 0.00%
SWPTN 1YX2Y P 2.663 USD 01/14/2019 CI 0.00%
SWPTN 1YX2Y P 2.77 USD 01/16/2019 JP 0.00%
SWPTN 1YX2Y P 2.813 USD 01/28/2019 BC 0.00%
SWPTN 1YX5Y R 2.695 USD 10/04/2018 GS 0.00%
SWPTN 2YX10Y P 2.413 USD 06/03/2019 BA 0.00%
SWPTN 2YX10Y P 2.42 USD 06/03/2019 CI 0.00%
SWPTN 2YX10Y R 2.413 USD 06/03/2019 BA 0.00%
SWPTN 2YX10Y R 2.42 USD 06/03/2019 CI 0.00%
SWPTN 2YX1Y R 1.919 USD 08/15/2019 JP 0.00%
SWPTN 2YX1Y R 1.9325 USD 08/16/2019 BA 0.00%
SWPTN 2YX28Y P 2.7175 USD 01/24/2019 BA 0.00%
SWPTN 2YX28Y R 2.7175 USD 01/24/2019 BA 0.00%
SWPTN 2YX30Y P 2.518 USD 05/17/2019 CI 0.00%
SWPTN 2YX30Y P 2.79 USD 02/15/2019 JP 0.00%
SWPTN 2YX30Y R 2.79 USD 02/15/2019 JP 0.00%
SWPTN 2YX3Y P 2.43 USD 02/15/2019 BC 0.00%
SWPTN 2YX3Y R 2.43 USD 02/15/2019 BC 0.00%
SWPTN 2YX5Y P 2.203 USD 06/03/2019 BA 0.00%
SWPTN 2YX5Y P 2.205 USD 06/03/2019 BC 0.00%
SWPTN 2YX5Y R 2.203 USD 06/03/2019 BA 0.00%
SWPTN 2YX5Y R 2.205 USD 06/03/2019 BC 0.00%
SWPTN 2YX8Y P 2.5925 USD 01/24/2019 BA 0.00%
SWPTN 2YX8Y R 2.5925 USD 01/24/2019 BA 0.00%
SWPTN 3MX1Y P 2.79375 USD 06/05/2018 GS 0.00%
SWPTN 3MX1Y P 2.90375 USD 06/05/2018 GS 0.00%
SWPTN 3MX1Y P 3.01375 USD 06/05/2018 GS 0.00%
SWPTN 3MX2Y P 2.315 USD 04/16/2018 MS 0.00%
SWPTN 3MX2Y P 2.41625 USD 04/26/2018 MS 0.00%
SWPTN 3MX2Y P 2.646 USD 05/29/2018 MS 0.00%
SWPTN 4WX10Y R 2.735 USD 04/24/2018 JP 0.00%
SWPTN 4WX10Y R 2.8 USD 04/24/2018 JP 0.00%
SWPTN 4WX10Y R 2.865 USD 04/24/2018 JP 0.00%
SWPTN 4YX1Y P 2.25 USD 08/16/2021 JP 0.00%
SWPTN 4YX1Y P 2.2625 USD 08/16/2021 BA 0.00%
SWPTN 4YX1Y R 2.25 USD 08/16/2021 JP 0.00%
SWPTN 4YX1Y R 2.2625 USD 08/16/2021 BA 0.00%
SWPTN 5WX10Y P 2.935 USD 04/30/2018 CI 0.00%
SWPTN 5WX10Y R 2.635 USD 04/30/2018 CI 0.00%
SWPTN 5WX10Y R 2.787 USD 04/17/2018 JP 0.00%
SWPTN 5WX10Y R 2.852 USD 04/17/2018 JP 0.00%
SWPTN 5WX10Y R 2.917 USD 04/17/2018 JP 0.00%
SWPTN 5WX1Y R 2.359 USD 04/09/2018 BC 0.00%
SWPTN 5WX1Y R 2.765 USD 04/09/2018 BC 0.00%
SWPTN 5WX2Y R 2.5625 USD 04/09/2018 BC 0.00%
SWPTN 5YX30Y P 2.8325 USD 02/15/2022 JP 0.00%
SWPTN 5YX30Y R 2.8325 USD 02/15/2022 JP 0.00%
SWPTN 6MX1Y R 1.85125 USD 04/30/2018 MS 0.00%
SWPTN 6MX1Y R 2.01 USD 04/30/2018 MS 0.00%
SWPTN 6MX1Y R 2.47 USD 08/14/2018 CI 0.00%
SWPTN 6MX1Y R 2.6325 USD 08/14/2018 CI 0.00%
SWPTN 6MX2Y P 2.49275 USD 07/16/2018 MS 0.00%
SWPTN 6MX2Y P 2.61575 USD 07/26/2018 MS 0.00%
SWPTN 6MX2Y P 2.68 USD 07/16/2018 JP 0.00%
SWPTN 6MX2Y P 2.8375 USD 08/28/2018 MS 0.00%
SWPTN 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%
SXT US P US0001M R 07/05/22 CI 0.00%
TOPIX INDX FUTR JUN18 TPM8 0.00%
TXU TCEH RIGHTS 0.00%
UA US P R 07/05/22 CI 0.00%
UBNT US P R 07/05/22 CI 0.00%
US 10YR NOTE (CBT)JUN18 TYM8 0.00%
VAR US P R 07/05/22 CI 0.00%
VRNS US P R 07/05/22 CI 0.00%
WST US P R 07/05/22 CI 0.00%
0.40 R ISWP FWD CHL6M P 06/20/2028 -0.01%
0.70 R ISWP FWD SES3M P 06/20/2023 -0.01%
AUD/USD 04/18/2018 CSI-FX -0.01%
AUD/USD 04/18/2018 SSBT -0.01%
AUD/USD 04/18/2018 WPAC -0.01%
CAD/USD 04/18/2018 BCAP-FX -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 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 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%
DBCT16SP P US0003M R 03/07/19 DE -0.01%
EHC US P R 07/05/22 CI -0.01%
GBP/USD 06/20/2018 CITI -0.01%
GBP/USD 06/20/2018 GSFX -0.01%
GBP/USD 06/20/2018 HSBCB -0.01%
GBP/USD 06/20/2018 JPMCB -0.01%
GBP/USD 06/20/2018 SSBT -0.01%
JPY/USD 05/16/2018 CSI-FX -0.01%
JPY/USD 05/16/2018 GSFX -0.01%
JPY/USD 05/16/2018 JPMCB -0.01%
JPY/USD 05/16/2018 UBS -0.01%
MBX.FN30.650.67 P USL1M R 01/12/38 BC -0.01%
NEW ZEALAND DOLLAR CALL ACCOUNT -0.01%
NOK/USD 06/20/2018 GSFX -0.01%
NZD/USD 04/18/2018 JPMCB -0.01%
NZD/USD 04/18/2018 UBS -0.01%
PAYC US P R 07/05/22 CI -0.01%
RUB/USD 06/20/2018 JPMCB -0.01%
SEK/USD 06/20/2018 UBS -0.01%
SPY 20180430 C 279.00BANKAM -0.01%
SWEDISH KRONA CALL ACCOUNT -0.01%
SWPTN 2YX1Y P 1.919 USD 08/15/2019 JP -0.01%
SWPTN 2YX1Y P 1.9325 USD 08/16/2019 BA -0.01%
SWPTN 2YX5Y P 2.208 USD 05/17/2019 CI -0.01%
AUD/USD 04/18/2018 BCAP-FX -0.02%
AUD/USD 04/18/2018 CITI -0.02%
AUD/USD 04/18/2018 UBS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.02%
GBP/USD 06/20/2018 BCAP-FX -0.02%
GBP/USD 06/20/2018 CSI-FX -0.02%
GSVICUB3 R 0.45 P 12/15/20 GS -0.02%
GSVICUB3 R 0.45 P 12/15/20 GS -0.02%
JPY/USD 05/16/2018 SSBT -0.02%
NKE US P R 07/05/22 CI -0.02%
NZD/USD 04/18/2018 GSFX -0.02%
XLE US R US0001M P 03/25/19 JP -0.02%
AUD/USD 04/18/2018 BANKAM -0.03%
AUD/USD 04/18/2018 GSFX -0.03%
AUD/USD 04/18/2018 JPMCB -0.03%
AUD/USD 04/18/2018 RBSF -0.03%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 MS -0.03%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG -0.04%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 GS -0.04%
2.80 R ISWP FWD US0003M P 06/20/2023 -0.05%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS -0.05%
RH US P US0001M R 07/05/22 CI -0.05%
BURL US P R 07/05/22 CI -0.06%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.06%
GSVIUS85 R 0.45 P 12/15/20 GS -0.09%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.12%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.13%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 JP -0.13%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 GS -0.14%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS -0.16%
SOUTH AFRICAN RAND CALL ACCOUNT -0.16%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS -0.27%
DBCT16LP R US0003M P 03/07/19 DE -0.28%
CGPUTQL2 R US0003M P 11/27/18 CI -0.48%
FNMA FN30 TBA 04.5000 04/01/2048 -0.51%
GSCBPUR1 R US0001M P 12/15/20 GS -0.79%
NDUEEGF P US0001M R 12/12/18 GS -0.95%
CDX CDX.NA.HY.30 500.0 06/20/2023 -1.15%
FNMA FN30 TBA 03.0000 04/01/2048 -1.24%
NDUEEGF P US0003M R 09/20/18 CI -2.11%
NDUEEGF P US0003M R 03/19/19 CI -5.56%
NDUEEGF P US0001M R 08/21/18 UB -14.98%
GSGLPWDS P US0001M R 12/15/20 GS -29.11%

Prior top 10 holdings

Top 10 holdings as of 04/30/18
Net cash
Fnma Fn30 Tba 03.5000 06/01/2048
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
S&P Gsci 3x Note 04/01/2019
Ishares Msci India Etf
Fnma Fn30 Tba 04.0000 05/01/2048
Utilities Select Sector Spdr Sedol 2371812
Technology Select Sect Spdr Sedol 2369709
Consumer Discretionary Selt Sedol 2424341
Fnma Fn30 Tba 03.5000 05/01/2048
Holdings represent 61.11% of portfolio
Top 10 holdings as of 03/31/18
Net cash
Fnma Fn30 Tba 03.5000 05/01/2048
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
S&P Gsci 3x Note 04/01/2019
Fnma Fn30 Tba 04.0000 04/01/2048
Ishares Msci India Etf
Utilities Select Sector Spdr Sedol 2371812
Samsung Electronics
Technology Select Sect Spdr Sedol 2369709
Consumer Discretionary Selt Sedol 2424341
Holdings represent 57.24% of portfolio
Top 10 holdings as of 02/28/18
Net cash
Fnma Fn30 Tba 03.5000 04/01/2048
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
Ishares Msci India Etf
Technology Select Sect Spdr Sedol 2369709
Utilities Select Sector Spdr Sedol 2371812
Consumer Discretionary Selt Sedol 2424341
Health Care Select Sector Sedol 2371823
Materials Select Sector Spdr Sedol 2436841
Consumer Staples Spdr Sedol 2369389
Holdings represent 59.41% of portfolio
Top 10 holdings as of 01/31/18
Net cash
Fnma Fn30 Tba 03.5000 03/01/2048
Utilities Select Sector Spdr Sedol 2371812
Fnma Fn30 Tba 02.5000 03/01/2048
S&P Gsci Total Return Index 3x 144a Note 12/10/2018
Ishares Msci India Etf
Consumer Discretionary Selt Sedol 2424341
Technology Select Sect Spdr Sedol 2369709
Materials Select Sector Spdr Sedol 2436841
Health Care Select Sector Sedol 2371823
Holdings represent 63.94% of portfolio

Portfolio composition as of 04/30/18

Net cash 45.32%
U.S. stocks 36.66%
U.S. Treasury/agency 28.16%
Commodities 19.62%
Commercial MBS 7.99%
Agency pass-through 6.83%
Agency CMO 5.33%
International stocks 3.53%
Bank loans 2.78%
Emerging-market bonds 1.39%
Residential MBS (non-agency) 1.00%
Asset-backed securities (ABS) 0.37%
Investment-grade corporate bonds 0.30%
Emerging-market stocks -0.27%
High-yield corporate bonds -14.59%

Fixed income statistics as of 04/30/18

Average effective maturity 3.62 yrs.
Average effective duration 4.94 yrs.
Average price $92.08

Maturity detail as of 04/30/18

0 - 1 yr. 93.65%
1 - 5 yrs. 7.71%
5 - 10 yrs. -2.06%
10 - 15 yrs. 0.11%
Over 15 yrs. 0.59%

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 time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility in the financial markets and reduced liquidity in the bond markets. 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 when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. 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 and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. The fund 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.

The Multi-Asset Absolute Return Fund is not intended to outperform stocks and bonds during strong market rallies.

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 time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility in the financial markets and reduced liquidity in the bond markets. 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 when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. 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 and may make it more difficult at times for the fund to achieve its targeted return. Under certain market conditions, the fund may accept greater-than-typical volatility to seek its targeted return. The fund 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.

The Multi-Asset Absolute Return Fund is not intended to outperform stocks and bonds during strong market rallies.

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.