Active Allocation

Putnam Total Return Fund (Class I)

A global allocation strategy that seeks to improve risk-adjusted returns for a better investment experience through full market cycles.

Highlights

Objective

The fund aims to provide a positive total return, both relative and absolute, throughout varying market conditions.

Strategy and process

  • A more efficient risk/return profile: The fund's dynamic risk allocation process leads to greater risk efficiency.
  • Active allocations across four types of risk: Allocations to sources of market risk - equity, credit, rates and inflation - are dynamic rather than static.
  • A disciplined investment process: The investment process has three components: Building a strategic policy portfolio, dynamically allocating risk and actively executing investment strategies.
  • Experienced portfolio managers: Putnam's dedicated Global Asset Allocation group has managed multi-asset strategies since 1994 and institutional risk allocation portfolios since 2006.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $12.40
-0.40% | $-0.05
$12.69
02/10/2018
$10.86
24/12/2018
Historical fund price

Fund facts as of 31/08/2019

Total net assets
$126.03M
Dividend frequency
Annually
Number of holdings
1246
Fiscal year-end
June
CUSIP / Fund code
G73008446 / 7KX
Inception date
28/12/2012
Category
Asset Allocation
Open to new investors

Net income attributable to Unitholders of Class E Units and Class S Units will be distributed annually. The Fund does not currently intend to distribute net income to Unitholders of the other Classes of Units of the Fund.

Management team

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



Performance

  • Total return (%) as of 30/06/2019

  • Annual performance as of 30/06/2019

Annualized Total return (%) as of 30/06/2019

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 28/12/2012 )
Before sales charge -0.24% 4.82% 2.23% 3.43%
ICE BofAML USD 1-Month LIBOR Index 2.38%1.53%1.01%--
60% MSCI World Index (ND) | 40% Citigroup WGBI 6.38%7.53%4.46%--

Data is historical. Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units. Performance assumes reinvestment of distributions at net asset value (NAV) and reflects fund operating expenses such as management fees but does not account for any taxes or sales charges. The payment of any sales charges will reduce performance. Performance for each class of Units is denominated in the currency of the respective class. 

Performance snapshot

  Before sales charge
1 mt. as of 31/08/2019 -0.64%
YTD as of 13/09/2019 11.81%

Risk-adjusted performance as of 31/07/2019

Sharpe ratio (3 yrs.) 0.42

Volatility as of 31/07/2019

Standard deviation (3 yrs.) 7.88%

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 31/07/2019

Fnma Fn30 Tba Umbs 04.0000 08/01/2049 4.06%
Gnma Gii30 Tba 03.5000 08/01/2049 3.24%
JPMorgan Chase 1.04%
Alphabet 0.93%
Walt Disney 0.90%
Fnma Fn30 Tba Umbs 06.0000 08/01/2049 0.86%
Microsoft 0.84%
Fnma Fn30 Tba Umbs 03.5000 08/01/2049 0.80%
Fnma Fn15 Tba Umbs 03.0000 08/01/2034 0.80%
Apple 0.78%
Top 10 holdings, percent of portfolio 14.25%

Full portfolio holdings as of 30/06/2019

MLFCF15 R US0003M P 06/20/23 BA 15.45%
JPN 10Y BOND(OSE) SEP19 JBU9 12.33%
GOLDMAN SACHS IDX JUL19 GIN9 9.16%
SG3MCIP R 0.18 P 04/23/20 BC 6.21%
CGPUTQL2 R US0003M P 11/26/19 CI 5.24%
EURO-BUND FUTURE SEP19 RXU9 4.67%
US 2YR NOTE (CBT) SEP19 TUU9 3.56%
US 5YR NOTE (CBT) SEP19 FVU9 3.40%
LONG GILT FUTURE SEP19 G U9 3.22%
EURO-BOBL FUTURE SEP19 OEU9 2.86%
REPO DELIV TREAS 2.5 07/01/2019 2.41%
FED HOME LN DISCOUNT NT 313384JE0 GDC 07/16/2019 2.38%
FNMA FN30 TBA UMBS 04.0000 08/01/2049 2.23%
GNMA GII30 TBA 03.5000 07/01/2049 2.23%
EURO-SCHATZ FUT SEP19 DUU9 2.21%
EURO BUXL 30Y BND SEP19 UBU9 2.16%
E-MINI RUSS 2000 SEP19 RTYU9 1.75%
US ULTRA BOND CBT SEP19 WNU9 1.53%
FNMA FN30 TBA UMBS 04.0000 07/01/2049 1.49%
WALT DISNEY CO/THE 0.96%
JPMORGAN CHASE & CO 0.96%
ALPHABET INC-CL A 0.79%
FNMA FN30 TBA UMBS 06.0000 08/01/2049 0.79%
FNMA FN30 TBA UMBS 03.5000 08/01/2049 0.74%
MICROSOFT CORP 0.74%
FNMA FN15 TBA UMBS 03.0000 07/01/2034 0.73%
HONEYWELL INTERNATIONAL INC 0.72%
TREASURY BILL 00.0000 07/18/2019 0.71%
STARBUCKS CORP 0.71%
APPLE INC 0.69%
MONDELEZ INTERNATIONAL INC-A 0.66%
TEXAS INSTRUMENTS INC 0.65%
AUTOMATIC DATA PROCESSING 0.63%
INTERCONTINENTAL EXCHANGE IN 0.63%
NRW BANK 62939MUA3 DCP 07/10/2019 0.61%
INTUIT INC 0.60%
TJX COMPANIES INC 0.59%
AMERICAN ELECTRIC POWER 0.59%
NORTHROP GRUMMAN CORP 0.59%
COCA-COLA CO/THE 0.59%
US BANCORP 0.58%
US LONG BOND(CBT) SEP19 USU9 0.56%
FIDELITY NATIONAL INFO SERV 0.56%
RAYTHEON COMPANY 0.56%
EXELON CORP 0.55%
AUTOZONE INC 0.54%
EXXON MOBIL CORP 0.51%
MATCHPOINT FINANCE PLC 57666BUG3 DCP 07/16/2019 0.50%
WASTE MANAGEMENT INC 0.50%
SKANDINAVISKA ENSKILDA BANKEN 83050UVL9 DCP 08/20/2019 0.50%
SYSCO CORP 0.50%
ALLSTATE CORP 0.49%
T-MOBILE US INC 0.48%
OMNICOM GROUP 0.48%
JOHNSON & JOHNSON 0.47%
ATLANTIC ASSET SECURITIZATION 04821UUJ9 DCP 07/18/2019 0.47%
VICTORY RECEIVABLES CORP 92646LV15 DCP 08/01/2019 0.47%
AMAZON.COM INC 0.47%
COGNIZANT TECH SOLUTIONS-A 0.46%
HUMANA INC 0.46%
EQUITY RESIDENTIAL TR REIT 0.45%
VICI PROPERTIES INC 0.44%
CISCO SYSTEMS INC 0.44%
NORFOLK SOUTHERN CORP 0.41%
ANNALY CAPITAL MANAGEMENT IN 0.40%
COMERICA INC 0.39%
BAXTER INTERNATIONAL INC 0.38%
VERIZON COMMUNICATIONS INC 0.38%
TREASURY BILL 00.0000 07/05/2019 0.38%
PFIZER INC 0.38%
CENTENE CORP 0.37%
OCCIDENTAL PETROLEUM CORP 0.37%
NXP SEMICONDUCTORS NV 0.36%
MERCK & CO. INC. 0.36%
ROSS STORES INC 0.34%
KINDER MORGAN INC 0.34%
CADENCE DESIGN SYS INC 0.32%
F5 NETWORKS INC 0.31%
PROCTER & GAMBLE CO/THE 0.30%
HERSHEY CO/THE 0.30%
JUNIPER NETWORKS INC 0.29%
GARMIN LTD 0.29%
SAMSUNG ELECTRONICS CO LTD 0.28%
GOLDMAN SACHS GROUP INC 02.6000 12/27/2020 0.28%
AGNC INVESTMENT CORP 0.28%
ROCHE HOLDING AG-GENUSSCHEIN 0.27%
SIMON PROPERTY GROUP INC 0.26%
UNITEDHEALTH GROUP INC 0.26%
SYNOPSYS INC 0.26%
DOLLAR TREE INC 0.25%
LOEWS CORP 0.25%
PETROLEOS MEXICANOS USD 05.5000 01/21/2021 0.24%
SKANDINAVISKA ENSKILDA USD 02.3000 03/11/2020 0.24%
COMMONWEALTH BK AUST P/P 144A 02.2000 11/09/2020 0.24%
AMGEN INC 0.24%
SPRINT CORP 07.2500 09/15/2021 0.23%
SERVICE CORP INTL 05.3750 05/15/2024 0.22%
TOTAL SA 0.22%
WAMU 2005-AR11 A1A 02.7244 08/25/2045 0.22%
WESTPAC BANKING CORP USD 02.1500 03/06/2020 0.22%
SHERWIN-WILLIAMS CO/THE 0.22%
SPST 2018-3 A 03.1296 07/24/2019 0.21%
2.05 R ISWP FWD US0003M P 09/18/2029 0.21%
GAMING AND LEISURE PROPERTIE 0.21%
ELI LILLY & CO 0.21%
FACEBOOK INC-CLASS A 0.21%
MAXIM INTEGRATED PRODUCTS 0.20%
BERRY GLOBAL GROUP INC 0.20%
EXXON MOBIL CORPORATION 02.2220 03/01/2021 0.20%
SPST 2018-5 A 03.1296 09/24/2019 0.20%
JPMCC 2012-C6 E P/P 144A 05.3202 05/15/2045 0.20%
TOTAL CAPITAL INTL SA USD 02.7500 06/19/2021 0.20%
ALLIANZ SE-REG 0.20%
HD SUPPLY HOLDINGS INC 0.20%
LABORATORY CRP OF AMER HLDGS 0.19%
NOVO NORDISK A/S-B 0.19%
TREASURY BILL 00.0000 07/16/2019 0.19%
WFRBS 2012-C7 D P/P 144A 04.9695 06/15/2045 0.19%
CDX CDX.NA.HY.32 500.0 06/20/2024 0.18%
EQUITY LIFESTYLE PROPERTIES 0.18%
PETROBRAS GLOBAL FINANCE USD 06.2500 03/17/2024 0.18%
VTB BANK (VTB CAP SA P/P 144A 06.9500 10/17/2022 0.18%
ARGENTINE REPUBLIC USD 07.5000 04/22/2026 0.18%
AVALONBAY COMMUNITIES INC 0.18%
JPMORGAN CHASE & CO 03.9640 11/15/2048 0.18%
MANUF & TRADERS TRUST CO 02.0500 08/17/2020 0.18%
NATIONAL AUSTRALIA BK/NY 02.1250 05/22/2020 0.18%
SIEMENS FINANCIERING P/P 144A 02.2000 03/16/2020 0.18%
ORACLE CORPORATION 02.2500 10/08/2019 0.18%
FEDERATIVE REP OF BRAZIL USD 04.2500 01/07/2025 0.18%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.18%
NESTLE SA-REG 0.18%
US FOODS HOLDING CORP 0.17%
RIO TINTO PLC 0.17%
SPST 2018-8 A 03.1296 02/24/2020 0.17%
UNILEVER PLC 0.17%
ATHENE HOLDING LTD-CLASS A 0.17%
ECOLAB INC 0.16%
ENEL SPA 0.16%
LOWES COMPANIES INC 0.16%
CWL 2004-5 2A 02.9044 10/25/2034 0.16%
LIBERTY PROPERTY TRUST 0.16%
REPUBLIC OF INDONESIA REGS 04.7500 01/08/2026 0.16%
IVORY COAST REGS 05.2500 03/22/2030 0.16%
TENCENT HOLDINGS LTD 0.16%
GOLDMAN SACHS GROUP INC 04.2230 05/01/2029 0.16%
UDR INC 0.16%
UNITED TECHNOLOGIES CORP 01.9000 05/04/2020 0.16%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.16%
PROLOGIS INC 0.16%
BPCE SA P/P 144A 05.1500 07/21/2024 0.16%
MEDTRONIC PLC 0.16%
NOVARTIS AG-REG 0.16%
AXALTA COATING SYSTEMS LTD 0.15%
ZOETIS INC 0.15%
CAS 2016-C02 1M2 08.4044 09/25/2028 0.15%
ENERGY TRANSFER OPERA 05.8750 01/15/2024 0.15%
AMDOCS LTD 0.15%
GLAXOSMITHKLINE PLC 0.15%
QUEST DIAGNOSTICS INC 0.15%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.15%
SANTANDER UK GROUP H P/P 144A 04.7500 09/15/2025 0.15%
BIOGEN INC 0.15%
SHIN-ETSU CHEMICAL CO LTD 0.15%
SUMITOMO MITSUI FINANCIAL GR 0.15%
DUKE REALTY CORP 0.15%
KERING 0.15%
PING AN INSURANCE GROUP CO-H 0.15%
ALIBABA GROUP HOLDING-SP ADR 0.15%
HITACHI LTD 0.15%
SPX 20200619 P 2550.00JPMCB 0.14%
UBS GROUP FUNDIN P/P 144A 02.6500 02/01/2022 0.14%
BANQUE FED CRED MUTU P/P 144A 02.2000 07/20/2020 0.14%
UBS AG LONDON P/P 144A 02.2000 06/08/2020 0.14%
CDK GLOBAL INC 0.14%
PHILLIPS 66 0.14%
AXA SA P/P 144A 06.3790 12/29/2049 0.14%
MICROSOFT CORP 01.5500 08/08/2021 0.14%
VERIZON COMM 04.3290 09/21/2028 0.14%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.14%
HOYA CORP 0.14%
COLGATE-PALMOLIVE CO 0.14%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.14%
AMERICAN HOME 4 RENT 0.14%
QIAGEN N.V. 0.14%
BANCO BILBAO VIZCAYA ARGENTA 0.13%
SANDVIK AB 0.13%
BANK OF AMERICA CORP 06.1100 01/29/2037 0.13%
L OREAL 0.13%
MHL 2005-1 1M1 03.1244 02/25/2035 0.13%
BRISTOL-MYERS SQUIBB CO 0.13%
ANTHEM INC 0.13%
CAMDEN PROPERTY TRUST 0.13%
ENI SPA 0.13%
FISERV INC 0.13%
PARTNERS GROUP HOLDING AG 0.13%
UNILEVER NV-CVA 0.13%
ASHTEAD GROUP PLC 0.13%
INTERPUBLIC GROUP COS 04.6500 10/01/2028 0.13%
MACQUARIE GROUP LTD 0.13%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.13%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.13%
TELSTRA CORP LTD 0.13%
DEUTSCHE TELEKOM AG-REG 0.13%
WELLS FARGO & COMPANY 02.6000 07/22/2020 0.13%
CHINA MOBILE LTD 0.12%
NEWS CORP - CLASS A 0.12%
CK ASSET HOLDINGS LTD 0.12%
KONINKLIJKE AHOLD DELHAIZE N 0.12%
SONY CORP 0.12%
TELEDYNE TECHNOLOGIES INC 0.12%
TESCO PLC 0.12%
CIT GROUP INC. 05.2500 03/07/2025 0.12%
ARMT 2005-9 5A1 02.9444 11/25/2035 0.12%
AVIVA PLC 0.12%
PEUGEOT SA 0.12%
CAS 2016-C01 1M2 09.1544 08/25/2028 0.12%
ITOCHU CORP 0.12%
LEGAL & GENERAL GROUP PLC 0.12%
LNSTR 2015-3 B P/P 144A 03.2727 04/20/2048 0.12%
COVESTRO AG 0.12%
ELANCO ANIMAL HEALTH 04.9000 08/28/2028 0.12%
EXTRA SPACE STORAGE INC 0.12%
FNMA FN40 BF0171 UMBS 04.0000 01/01/2057 0.12%
IND & COMM BK OF CHINA-H 0.12%
REINSURANCE GROUP OF AMERICA 0.12%
WOLTERS KLUWER 0.12%
COCA-COLA EUROPEAN PARTNERS 0.12%
HERMES INTERNATIONAL 0.12%
CENTRAL JAPAN RAILWAY CO 0.12%
MORGAN STANLEY 04.3750 01/22/2047 0.12%
ABBVIE INC 0.12%
TAIWAN SEMICONDUCTOR-SP ADR 0.11%
VERTEX PHARMACEUTICALS INC 0.11%
E.ON SE 0.11%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.11%
SPX 20200417 P 2550.00BANKAM 0.11%
SPX 20200515 P 2500.00BANKAM 0.11%
STARWOOD PROPERTY TRUST INC 0.11%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.11%
CURTISS-WRIGHT CORP 0.11%
HIGHWOODS PROPERTIES INC 0.11%
WFRBS 2011-C4 D P/P 144A 05.3968 06/15/2044 0.11%
AMERICAN FINANCIAL GROUP INC 0.11%
ANGLO AMER PLC 0.11%
ASTELLAS PHARMA INC 0.11%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.11%
ORIX CORP 0.11%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.11%
ALPHABET INC 03.6250 05/19/2021 0.11%
APPLE HOSPITALITY REIT INC 0.11%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.11%
MET LIFE GLOB FUNDIN P/P 144A 01.7500 09/19/2019 0.11%
CHEVRON CORP 0.11%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.11%
MCDONALD'S CORP 0.11%
BLACK KNIGHT INC 0.11%
CHARTER COMM OPT LLC 06.4840 10/23/2045 0.11%
AES CORP/THE 05.5000 04/15/2025 0.10%
COMM 2012-LC4 C 05.7227 12/10/2044 0.10%
KEURIG DR PEPPER INC 04.5970 05/25/2028 0.10%
AENA SME SA 0.10%
PROV BUENOS AIRE P/P 144A 07.8750 06/15/2027 0.10%
ROYAL DUTCH SHELL PLC-B SHS 0.10%
SHIONOGI & CO LTD 0.10%
WFMBS 2005-AR10 2A16 04.9473 06/25/2035 0.10%
AMCOR PLC 0.10%
GSMS 2014-GC22 C 04.8475 06/10/2047 0.10%
HANG SENG BANK LTD 0.10%
EQUINOR ASA 0.10%
JAPAN AIRLINES CO LTD 0.10%
NBCUNIVERSAL MEDIA LLC 04.3750 04/01/2021 0.10%
TATA CONSULTANCY SVS LTD 0.10%
AT&T INC 03.8000 02/15/2027 0.10%
CITIGROUP INC 02.6500 10/26/2020 0.10%
FAURECIA 0.10%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.10%
WH GROUP LTD 0.10%
FNR 2018-86 DS IO 03.6956 12/25/2048 0.10%
LLOYDS BANKING GROUP PLC 0.10%
SK HYNIX INC 0.10%
BRIGHT HORIZONS FAMILY SOLUT 0.10%
PUBLIC STORAGE 0.10%
SHELL INTERNATIONAL FIN USD 02.1250 05/11/2020 0.10%
COMM 2013-CR9 D P/P 144A 04.3975 07/10/2045 0.10%
GILEAD SCIENCES INC 0.10%
HOST HOTELS & RESORTS INC 0.10%
ENDESA S.A. 0.09%
PERSIMMON PLC 0.09%
WAMU 2006-AR1 2A1A 03.5737 01/25/2046 0.09%
CENTERPOINT ENERGY INC 0.09%
IMPERIAL BRANDS PLC 0.09%
PRUDENTIAL FINANCIAL INC 05.2000 03/15/2044 0.09%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.09%
TPAT 2018-SL1 A P/P 144A 03.0044 01/25/2046 0.09%
APARTMENT INVT & MGMT CO -A 0.09%
NATIONAL RETAIL PROPERTIES 0.09%
THE BANK OF NOVA SCOTIA USD 02.7000 03/07/2022 0.09%
JPMRR 2009-3 1A2 05.0811 02/26/2035 0.09%
KIA MOTORS CORP 0.09%
ACS ACTIVIDADES 0.09%
EQUITY COMMONWEALTH 0.09%
PROVINCIA DE BUENOS P/P 144A 09.1250 03/16/2024 0.09%
DISH DBS CORP 05.8750 11/15/2024 0.09%
PTT PCL/FOREIGN 0.09%
ABN AMRO BANK NV-CVA 0.09%
ANHUI CONCH CEMENT CO LTD-H 0.09%
APPLE INC 02.0000 05/06/2020 0.09%
EQUINIX INC 05.3750 05/15/2027 0.09%
NTT DATA CORP 0.09%
YANGZIJIANG SHIPBUILDING 0.09%
UNITED AIRLINES HOLDINGS INC 0.09%
BANCO DO BRASIL S.A. 0.09%
CITIGROUP INC 04.7500 05/18/2046 0.09%
HEIDELBERGCEMENT AG 0.09%
PFIZER INC 01.7000 12/15/2019 0.09%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.09%
UNITEDHEALTH GROUP INC 03.8500 06/15/2028 0.09%
WFRBS 2011-C2 D P/P 144A 05.8388 02/15/2044 0.09%
CCO HOLDINGS LLC P/P 144A 05.3750 06/01/2029 0.08%
LIBERTY MEDIA COR-SIRIUSXM C 0.08%
OMEGA HEALTHCARE INVESTORS 0.08%
STORE CAPITAL CORP 0.08%
WALMART DE MEXICO SAB DE CV 0.08%
AMERICAN CAMPUS COMMUNITIES 0.08%
BRIXMOR PROPERTY GROUP INC 0.08%
ENCOMPASS HEALTH CORP 0.08%
FUJIFILM HOLDINGS CORP 0.08%
BERKSHIRE HATHAWAY FIN 04.2500 01/15/2021 0.08%
CSMC 2016-NXSR C 04.5060 12/15/2049 0.08%
MACQUARIE GROUP LTD P/P 144A 07.6250 08/13/2019 0.08%
MEDICAL PROPERTIES TRUST INC 0.08%
ONCOR ELECTRIC DELIV 03.7500 04/01/2045 0.08%
WAMU 2005-AR8 2A1A 02.9844 07/25/2045 0.08%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.08%
REPUBLIC OF SENEGAL REGS 04.7500 03/13/2028 0.08%
SPX 20200320 P 2500.00JPMCB 0.08%
FIRSTENERGY TRANSMIS P/P 144A 05.4500 07/15/2044 0.08%
LEAR CORP 03.8000 09/15/2027 0.08%
PULTEGROUP INC. 07.8750 06/15/2032 0.08%
EPR PROPERTIES 0.08%
EVRAZ PLC 0.08%
MICROSOFT CORP 02.4000 08/08/2026 0.08%
ORACLE CORP 02.6500 07/15/2026 0.08%
TRANSDIGM INC 06.3750 06/15/2026 0.08%
HEALTHCARE TRUST OF AME-CL A 0.08%
MICROCHIP TECH INC 04.3330 06/01/2023 0.08%
NINTENDO CO LTD 0.08%
NRG ENERGY INC P/P 144A 04.4500 06/15/2029 0.08%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.08%
GENTEX CORP 0.08%
HCL TECHNOLOGIES LTD 0.08%
AIR LEASE CORP 04.6250 10/01/2028 0.08%
BLUESCOPE STEEL LTD 0.08%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.08%
GREE ELECTRIC 144A/REGS WARRANT 08/29/2019 0.08%
MITSUBISHI UFJ FIN GRP USD 03.5350 07/26/2021 0.08%
PETROBRAS GLOBAL FINANCE USD 07.3750 01/17/2027 0.08%
UPM-KYMMENE OYJ 0.08%
SPIRIT REALTY CAPITAL INC 0.08%
THALES SA 0.08%
WEICHAI POWER CO LTD-H 0.08%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.08%
CF INDUSTRIES INC P/P 144A 04.5000 12/01/2026 0.08%
CIA SANEAMENTO BASICO DE SP 0.08%
DELTA AIR LINES INC 0.08%
DOW CHEMICAL CO/THE 03.5000 10/01/2024 0.08%
JBG SMITH PROPERTIES 0.08%
PARK HOTELS & RESORTS INC 0.08%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.08%
TOTAL SYSTEM SERVICES INC 0.08%
BALOISE HOLDING AG - REG 0.07%
CITIGROUP INC 04.4500 09/29/2027 0.07%
CVS HEALTH CORP 04.7800 03/25/2038 0.07%
DIGITAL REALTY TRUST LP 04.4500 07/15/2028 0.07%
IRB BRASIL RESSEGUROS SA 0.07%
JPMORGAN CHASE & CO 05.3000 12/29/2049 0.07%
WELLTOWER INC 0.07%
3I GROUP PLC 0.07%
BANK LEUMI LE-ISRAEL 0.07%
CARLSBERG AS-B 0.07%
CHINA PETROLEUM & CHEMICAL-H 0.07%
QUALCOMM INC 0.07%
BROADRIDGE FINANCIAL SOLUTIO 0.07%
BT GROUP PLC 0.07%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.07%
COMM 2014-UBS6 C 04.6048 12/10/2047 0.07%
THERMO FISHER SCIENTIFIC INC 0.07%
WEYERHAEUSER CO 07.3750 03/15/2032 0.07%
AMER TRANS SYST P/P 144A 05.0000 09/01/2044 0.07%
AMERICOLD REALTY TRUST 0.07%
BRIDGESTONE CORP 0.07%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.07%
ASSOCIATED BRITISH FOODS PLC 0.07%
BANK OF SHANGHAI 144A REGS WARRANT 12/12/2019 0.07%
CAPGEMINI SE 0.07%
PIEDMONT OFFICE REALTY TRU-A 0.07%
SERVICEMASTER GLOBAL HOLDING 0.07%
GENPACT LTD 0.07%
BMW US CAPITAL LLC P/P 144A 02.0000 04/11/2021 0.07%
CALPINE CORPORATION 05.7500 01/15/2025 0.07%
MBX.GII30.450.10 R USL1M P 01/12/41 CS 0.07%
MORGAN STANLEY 02.6500 01/27/2020 0.07%
TAISEI CORP 0.07%
COLUMBIA PROPERTY TRUST INC 0.07%
MITSUBISHI CORP 0.07%
OSHKOSH CORP 05.3750 03/01/2025 0.07%
PULTEGROUP INC 05.5000 03/01/2026 0.07%
TECH MAHINDRA LTD 0.07%
WEINGARTEN REALTY INVESTORS 0.07%
AMERICAN TOWER CORP 03.5500 07/15/2027 0.07%
GLENCORE FUNDING LLC P/P 144A 04.6250 04/29/2024 0.07%
JPMBB 2014-C22 C 04.7093 09/15/2047 0.07%
NATL HEALTH INVESTORS INC 0.07%
PTT GLOBAL CHEMICAL PCL-FOR 0.07%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.06%
CGCMT 2014-GC21 AS 04.0260 05/10/2047 0.06%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.06%
FORTESCUE METALS GROUP LTD 0.06%
AIR LEASE CORP 03.6250 04/01/2027 0.06%
CORELOGIC INC 0.06%
GUANGZHOU AUTOMOBILE GROUP-H 0.06%
REGENERON PHARMACEUTICALS 0.06%
TERADATA CORP 0.06%
ALLERGAN PLC 0.06%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.06%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.06%
KINDER MORGAN INC 03.1500 01/15/2023 0.06%
LG UPLUS CORP 0.06%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.06%
SOFTBANK GROUP CORP 0.06%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.06%
AMAZON.COM INC 03.1500 08/22/2027 0.06%
BP PLC 0.06%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.06%
EASTERLY GOVERNMENT PROPERTI 0.06%
STAPLES INC P/P 144A 07.5000 04/15/2026 0.06%
TARGA RESOURCES PART 05.0000 01/15/2028 0.06%
BP CAP MARKETS AMERICA 03.9370 09/21/2028 0.06%
CVS HEALTH CORP 03.7000 03/09/2023 0.06%
HCA INC 05.2500 06/15/2026 0.06%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.06%
UBSBB 2012-C3 C P/P 144A 05.1984 08/10/2049 0.06%
GENTING SINGAPORE LTD 0.06%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.06%
CITIGROUP INC 04.6000 03/09/2026 0.06%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.06%
SALESFORCE.COM INC 03.7000 04/11/2028 0.06%
SBERBANK PJSC -SPONSORED ADR 0.06%
SPX 20200221 P 2400.00CITI 0.06%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.06%
KKR GROUP FINANCE CO P/P 144A 06.3750 09/29/2020 0.06%
NTT DOCOMO INC 0.06%
OSHKOSH CORP 04.6000 05/15/2028 0.06%
SABINE PASS LIQUEFACTION 04.2000 03/15/2028 0.06%
UCB SA 0.06%
WILLIAMS COMPANIES INC 04.3000 03/04/2024 0.06%
AMADEUS IT GROUP SA 0.06%
ARKEMA 0.06%
CBS CORP 02.9000 01/15/2027 0.06%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.06%
ENTERPRISE PRODUCTS OPER 04.2500 02/15/2048 0.06%
FOUR CORNERS PROPERTY TRUST 0.06%
GENERAL MOTORS FINL CO 04.0000 10/06/2026 0.06%
ING GROEP NV-CVA 0.06%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.06%
NOVARTIS CAPITAL CORP 04.0000 11/20/2045 0.06%
TENET HEALTHCARE 06.0000 10/01/2020 0.06%
TWO HARBORS INVESTMENT CORP 0.06%
BANK OF COMMUNICATIONS - H 0.06%
BROADCOM CRP / CAYM 03.5000 01/15/2028 0.06%
COLT 2018-2 A1 03.4700 07/27/2048 0.06%
HYATT HOTELS CORP 04.8500 03/15/2026 0.06%
NBCUNIVERSAL MEDIA LLC 05.1500 04/30/2020 0.06%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.06%
TRANSCANADA TRUST USD 05.3000 03/15/2077 0.06%
YUM CHINA HOLDINGS INC 0.06%
BANCO ITAU HOLDING PFD 0.05%
ERAC USA FINANCE LLC P/P 144A 07.0000 10/15/2037 0.05%
FIAT CHRYSLER AUTOMOBILES NV 0.05%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.05%
NIPPON TELEGRAPH & TELEPHONE 0.05%
OMV AG 0.05%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.05%
AUTONATION INC. 05.5000 02/01/2020 0.05%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.05%
CARNIVAL PLC 0.05%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.05%
CK HUTCHISON HOLDINGS LTD 0.05%
COUNTRY GARDEN HOLDINGS CO 0.05%
EMLT 2004-1 M2 03.8294 01/25/2034 0.05%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.05%
FIDELITY NATL INFO SERV 03.7500 05/21/2029 0.05%
KBC GROUP NV 0.05%
MSBAM 2012-C6 AS 03.4760 11/15/2045 0.05%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.05%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.05%
BERRY GLOBAL INC 05.1250 07/15/2023 0.05%
CATCHER TECHNOLOGY CO LTD 0.05%
CIGNA CORP 0.05%
DEUTSCHE LUFTHANSA-REG 0.05%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.05%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.05%
OMNICOM GP/OMNICOM CAP 03.6000 04/15/2026 0.05%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.05%
UBSBB 2012-C2 XA IO P/P 144A 01.4742 05/10/2063 0.05%
UNI-PRESIDENT ENTERPRISES CO 0.05%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.05%
DIGITAL REALTY TRUST INC 0.05%
EPR PROPERTIES 05.7500 CUM CV PFD 0.05%
EQT CORP 03.9000 10/01/2027 0.05%
GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 0.05%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.05%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.05%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.05%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.05%
BANCO SANTANDER BRASIL-UNIT 0.05%
BRDCOM CRP / FIN 03.8750 01/15/2027 0.05%
CANTOR FITZGERALD LP P/P 144A 06.5000 06/17/2022 0.05%
HINDUSTAN UNILEVER LTD 0.05%
MEREDITH CORP 06.8750 02/01/2026 0.05%
AMGEN INC 02.6000 08/19/2026 0.05%
CIGNA CORP P/P 144A 03.7500 07/15/2023 0.05%
ECOPETROL SA-SPONSORED ADR 0.05%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.05%
MSBAM 2014-C18 C 04.6249 10/15/2047 0.05%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.05%
SUN HUNG KAI PROPERTIES 0.05%
VENTAS INC 0.05%
BANK OF MONTREAL USD 03.1000 04/13/2021 0.05%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.05%
CLP HOLDINGS LTD 0.05%
COMM 2014-CR14 XA IO 00.7677 02/10/2047 0.05%
COMMONWEALTH BK AUST P/P 144A 03.1500 09/19/2027 0.05%
HENDERSON LAND DEVELOPMENT 0.05%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.05%
SCENTRE GROUP 0.05%
EQUINOR ASA USD 02.9000 11/08/2020 0.05%
GEELY AUTOMOBILE HOLDINGS LT 0.05%
HOSPITALITY PROP TRUST 04.3750 02/15/2030 0.05%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.05%
SANTOS LTD 0.05%
VODAFONE GROUP PLC USD 04.3750 05/30/2028 0.05%
AES CORP/THE 05.1250 09/01/2027 0.05%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.05%
CAS 2016-C04 1M2 06.6544 01/25/2029 0.05%
CBS CORP 04.2000 06/01/2029 0.05%
COMM 2013-CR13 AM 04.4490 11/10/2046 0.05%
NEW RESIDENTIAL INVESTMENT 0.05%
NEWFIELD EXPLORATION CO 05.7500 01/30/2022 0.05%
OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 0.05%
OTSUKA CORP 0.05%
PEPSICO INC 0.05%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.05%
WFRBS 2011-C4 E P/P 144A 05.3968 06/15/2044 0.05%
CAS 2014-C02 2M2 05.0044 05/25/2024 0.04%
COUSINS PROPERTIES INC 0.04%
CROWN CASTLE INTL CORP 03.7000 06/15/2026 0.04%
ECOLAB INC 03.2500 12/01/2027 0.04%
FHR 4134 PI IO 03.0000 11/15/2042 0.04%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.04%
JPY/USD 08/21/2019 CSI-FX 0.04%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.04%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.04%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.04%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.04%
APPLE INC 03.8500 05/04/2043 0.04%
BECTON DICKINSON AND CO 03.7000 06/06/2027 0.04%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.04%
CENTENE CORP 04.7500 05/15/2022 0.04%
COMM 2014-CR17 XA IO 01.1511 05/10/2047 0.04%
DAIWA HOUSE INDUSTRY CO LTD 0.04%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.04%
HCA INC 04.1250 06/15/2029 0.04%
ITRON INC P/P 144A 05.0000 01/15/2026 0.04%
KAJIMA CORP 0.04%
NETFLIX INC. 05.8750 11/15/2028 0.04%
PETROBRAS GLOBAL FINANCE USD 06.1250 01/17/2022 0.04%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.04%
SHELL INTERNATIONAL FIN USD 02.8750 05/10/2026 0.04%
VERIZON COMMUNICATIONS 04.4000 11/01/2034 0.04%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.04%
AIG GLOBAL FUNDING P/P 144A 02.1500 07/02/2020 0.04%
CHARTER COMM OPT LLC 04.9080 07/23/2025 0.04%
GETTY REALTY CORP 0.04%
HINDUSTAN PETROLEUM CORP 0.04%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.04%
MFA FINANCIAL INC 0.04%
MR PRICE GROUP LTD 0.04%
ROYAL BANK OF CANADA USD 02.1250 03/02/2020 0.04%
BANCO MACRO SA-ADR 0.04%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.04%
CIT GROUP INC 05.0000 08/01/2023 0.04%
GNR 2016-H16 EI IO 02.2306 06/20/2066 0.04%
HOCHTIEF AG 0.04%
HYPERA SA 0.04%
SUZUKEN CO LTD 0.04%
TORONTO-DOMINION BANK USD 03.6250 09/15/2031 0.04%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.04%
ZHEN DING TECHNOLOGY HOLDING 0.04%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.04%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.04%
KUMBA IRON ORE LTD 0.04%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.04%
MSC 2016-BNK2 C 04.0371 11/15/2049 0.04%
NABORS INDUSTRIES INC. 05.7500 02/01/2025 0.04%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.04%
NRG P/P 144A 03.7500 06/15/2024 0.04%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.04%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.04%
APPLE INC 04.3750 05/13/2045 0.04%
CD 2016-CD1 XA IO 01.5518 08/10/2049 0.04%
COMM 2014-UBS6 XA IO 01.0876 12/10/2047 0.04%
JPMCC 2012-C6 XA IO 01.7456 05/15/2045 0.04%
KINDER MORGAN ENER PART 03.5000 03/01/2021 0.04%
PETROBRAS GLOBAL FIN USD 05.9990 01/27/2028 0.04%
S&P GLOBAL INC 04.4000 02/15/2026 0.04%
US CONCRETE INC 06.3750 06/01/2024 0.04%
WALT DISNEY COMPANY P/P 144A 07.7500 12/01/2045 0.04%
BMIR 2017-1 M1 P/P 144A 04.1044 10/25/2027 0.04%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.04%
FISERV INC 04.2000 10/01/2028 0.04%
NUTRIEN LTD. USD 04.2000 04/01/2029 0.04%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.04%
ROYAL BANK OF CANADA USD 04.6500 01/27/2026 0.04%
ARCELORMITTAL USD 07.0000 10/15/2039 0.04%
AT&T INC 04.7500 05/15/2046 0.04%
CENTENE CORP 06.1250 02/15/2024 0.04%
GLENCORE FUNDING LLC P/P 144A 04.0000 04/16/2025 0.04%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.04%
MWST 2018-W1 A 03.2544 11/25/2051 0.04%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.04%
REGENCY ENERGY P 04.5000 11/01/2023 0.04%
SERVICE CORP INTL 05.1250 06/01/2029 0.04%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.04%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.04%
WESTLAKE CHEMICAL CORP 04.3750 11/15/2047 0.04%
AMGEN INC 04.6630 06/15/2051 0.04%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.04%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.04%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.04%
COOPERATIEVE RABOBANK UA USD 05.2500 05/24/2041 0.04%
DUKE ENERGY CORP 03.1500 08/15/2027 0.04%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.04%
FUKUOKA FINANCIAL GROUP INC 0.04%
GREIF INC P/P 144A 06.5000 03/01/2027 0.04%
GUANGZHOU R&F PROPERTIES - H 0.04%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.04%
NEXT PLC 0.04%
NORTHROP GRUMMAN CORP 03.2500 01/15/2028 0.04%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.04%
SOUTH32 LTD 0.04%
SUMITOMO MITSUI TRUST HOLDIN 0.04%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.04%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.04%
WALGREENS BOOTS ALLIANCE 03.3000 11/18/2021 0.04%
WASHINGTON REIT 0.04%
APERGY CORP 06.3750 05/01/2026 0.04%
BP CAPITAL MARKETS PLC USD 01.7680 09/19/2019 0.04%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.04%
DEUTSCHE BOERSE AG 0.04%
PETRONAS CHEMICALS GROUP BHD 0.04%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.04%
STAPLES INC P/P 144A 10.7500 04/15/2027 0.04%
STARWOOD PROP TR 04.7500 03/15/2025 0.04%
TAYLOR WIMPEY PLC 0.04%
CELANESE US HOLDINGS LLC 03.5000 05/08/2024 0.04%
GNR 2015-H26 EI IO 01.7336 10/20/2065 0.04%
HOME PRODUCT CENTER PCL-FOR 0.04%
INTL FLAVOR & FRAGRANCES 04.4500 09/26/2028 0.04%
MGM RESORTS INTL 06.6250 12/15/2021 0.04%
PRESIDENT CHAIN STORE CORP 0.04%
SAMSUNG SDS CO LTD 0.04%
ALFRESA HOLDINGS CORP 0.03%
AT&T INC 02.9500 07/15/2026 0.03%
BANCO SANTANDER MEXICO SA IN 0.03%
CAS 2015-C03 2M2 07.4044 07/25/2025 0.03%
CAS 2016-C01 2M2 09.3544 08/25/2028 0.03%
CROWN RESORTS LTD 0.03%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.03%
DNB NOR ASA 0.03%
ENTERCOM MEDIA CORP P/P 144A 07.2500 11/01/2024 0.03%
GENERAL DYNAMICS CORP 0.03%
MERCK & CO INC 03.7000 02/10/2045 0.03%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.03%
QUALICORP CONS E CORR SEG SA 0.03%
T-MOBILE USA INC 06.3750 03/01/2025 0.03%
UNITEDHEALTH GROUP INC 03.9500 10/15/2042 0.03%
BOC HONG KONG HOLDINGS LTD 0.03%
CBRE SERVICES INC 04.8750 03/01/2026 0.03%
COMM 2013-LC13 XA IO 01.3334 08/10/2046 0.03%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.03%
EOG RESOURCES INC 02.6250 03/15/2023 0.03%
GSMS 2013-GC16 D P/P 144A 05.4877 11/10/2046 0.03%
GUANGZHOU BAIYUNSHAN PHARM-H 0.03%
L3 TECHNOLOGIES INC 03.8500 12/15/2026 0.03%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.03%
ORACLE CORP 02.5000 10/15/2022 0.03%
REALTY INCOME CORP 0.03%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.03%
SWISSCOM AG-REG 0.03%
T-MOBILE USA INC 04.7500 02/01/2028 0.03%
TRIBUNE MEDIA CO 05.8750 07/15/2022 0.03%
WFRBS 2012-C9 XB IO P/P 144A 00.8757 11/15/2045 0.03%
BANDAI NAMCO HOLDINGS INC 0.03%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.03%
BOSTON PROPERTIES INC 0.03%
CF INDUSTRIES INC 04.9500 06/01/2043 0.03%
FOSUN INTERNATIONAL 0.03%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.03%
MEDIPAL HOLDINGS CORP 0.03%
MIDAMERICAN FUNDING LLC 06.9270 03/01/2029 0.03%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.03%
SINOTRUK HONG KONG LTD 0.03%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.03%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.03%
ANGLO AMERICAN PLATINUM LTD 0.03%
AVERY DENNISON CORP 0.03%
CGCMT 2014-GC21 C 04.7800 05/10/2047 0.03%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.03%
CROWN CASTLE INTL CORP 04.8750 04/15/2022 0.03%
CSAIL 2015-C1 XA IO 01.0389 04/15/2050 0.03%
HCA INC 05.0000 03/15/2024 0.03%
JARDINE CYCLE & CARRIAGE LTD 0.03%
JAZZ PHARMACEUTICALS PLC 0.03%
NRG ENERGY INC 06.6250 01/15/2027 0.03%
NRG ENERGY INC P/P 144A 05.2500 06/15/2029 0.03%
RADIANT OPTO-ELECTRONICS COR 0.03%
SPX 20200117 P 2300.00CITI 0.03%
VISTRA OPERATION P/P 144A 04.3000 07/15/2029 0.03%
WATERS CORP 0.03%
WFCM 2013-LC12 AS 04.4208 07/15/2046 0.03%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.03%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.03%
CHEMOURS CO 07.0000 05/15/2025 0.03%
CSX CORP 04.1000 03/15/2044 0.03%
DEUTSCHE POST AG-REG 0.03%
ENTERCOM MEDIA CORP P/P 144A 06.5000 05/01/2027 0.03%
FUJITSU LTD 0.03%
GRUPO FINANCIERO BANORTE-O 0.03%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.03%
IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 0.03%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.03%
MSBAM 2014-C17 C 04.6549 08/15/2047 0.03%
NETFLIX INC 04.8750 04/15/2028 0.03%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.03%
VISTRA OPERATION P/P 144A 03.5500 07/15/2024 0.03%
WPX ENERGY INC 05.7500 06/01/2026 0.03%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.03%
BMW US CAPITAL LLC P/P 144A 02.8000 04/11/2026 0.03%
CITY OFFICE REIT INC 0.03%
CROWN CASTLE INTL CORP 04.4500 02/15/2026 0.03%
JOHNSON CONTROLS INTL PL 04.5000 02/15/2047 0.03%
JPMCC 2013-LC11 AS 03.2160 04/15/2046 0.03%
MASTEC INC 04.8750 03/15/2023 0.03%
REGIONS FINANCIAL CORP 02.7500 08/14/2022 0.03%
SG HOLDINGS CO LTD 0.03%
UBSCM 2012-C1 C P/P 144A 05.7280 05/10/2045 0.03%
ANTERO RESOURCES 05.3750 11/01/2021 0.03%
BANCO SANTANDER-CHILE-ADR 0.03%
COLRUYT SA 0.03%
COMCAST CORP 03.9690 11/01/2047 0.03%
DEUTSCHE TELEKOM INT FIN USD 08.7500 06/15/2030 0.03%
GAIL INDIA LTD 0.03%
JOHNSON CONTROLS INTL PL 04.9500 07/02/2064 0.03%
JPMBB 2014-C22 XA IO 01.0097 09/15/2047 0.03%
KKR GROUP FIN CO III P/P 144A 05.1250 06/01/2044 0.03%
LENNAR CORP 05.8750 11/15/2024 0.03%
MBX.FN30.500.10 R USL1M P 01/12/41 BC 0.03%
NEUBERGER BERMAN GRP P/P 144A 04.8750 04/15/2045 0.03%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.03%
QVC INC 04.8500 04/01/2024 0.03%
ROGERS COMMUNICATIONS IN USD 04.5000 03/15/2043 0.03%
SHINHAN FINANCIAL GROUP LTD 0.03%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.03%
TCI COMMUNICATIONS INC 07.1250 02/15/2028 0.03%
WFMBS 2005-AR12 2A7 04.9877 06/25/2035 0.03%
WIPRO LTD 0.03%
ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 0.03%
ALLEGHENY TECHNOLOGIES INC 07.8750 08/15/2023 0.03%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.03%
AT&T INC 04.1000 02/15/2028 0.03%
CAPITEC BANK HOLDINGS LTD 0.03%
CNO FINANCIAL GROUP INC 05.2500 05/30/2029 0.03%
COMM 2014-CR20 XA IO 01.2546 11/10/2047 0.03%
FOX CORP P/P 144A 04.0300 01/25/2024 0.03%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.03%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.03%
L3 TECHNOLOGIES INC 04.4000 06/15/2028 0.03%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.03%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.03%
SM ENERGY CO 06.1250 11/15/2022 0.03%
SMILES FIDELIDADE SA 0.03%
SWISS RE TREAS P/P 144A 04.2500 12/06/2042 0.03%
TELKOM SA SOC LTD 0.03%
USA COMPRESSION PART 06.8750 04/01/2026 0.03%
ZHONGSHENG GROUP HOLDINGS 0.03%
AUROBINDO PHARMA LTD 0.03%
BAUSCH HLTH COS INC P/P 144A 07.2500 05/30/2029 0.03%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.03%
CHINA RESOURCES SANJIU MEDICAL & PHARMA 144A REGS 01/29/2020 0.03%
CINEMARK USA INC 04.8750 06/01/2023 0.03%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.03%
DASSAULT AVIATION SA 0.03%
DOLLAR GENERAL CORP 03.2500 04/15/2023 0.03%
ESSEX PROPERTY TRUST INC 0.03%
GLADSTONE COMMERCIAL CORP 0.03%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.03%
HUNTINGTON BANCSHARES 04.3500 02/04/2023 0.03%
JPMBB 2013-C17 XA IO 00.9310 01/15/2047 0.03%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.03%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.03%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.03%
PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 0.03%
PFIZER INC 03.0000 12/15/2026 0.03%
PRUDENTIAL FINANCIAL INC 05.6250 06/15/2043 0.03%
SARTORIUS STEDIM BIOTECH 0.03%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.03%
SWISS LIFE HOLDING AG-REG 0.03%
TENNANT CO 05.6250 05/01/2025 0.03%
THE AES CORPORATION 04.8750 05/15/2023 0.03%
WFRBS 2012-C10 XA IO P/P 144A 01.7032 12/15/2045 0.03%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.03%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.02%
ALPHABET INC 01.9980 08/15/2026 0.02%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.02%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.02%
CISCO SYSTEMS INC 02.5000 09/20/2026 0.02%
COMCAST CORP 04.0490 11/01/2052 0.02%
ENEL AMERICAS SA-ADR 0.02%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.02%
GNR 2017-162 QI IO 05.0000 10/11/2047 0.02%
IOS.FN30.400.10 R USL1M P 01/12/41 BC 0.02%
MSBAM 2015-C25 XA IO 01.2592 10/15/2048 0.02%
NEWELL BRANDS INC 04.2000 04/01/2026 0.02%
PAR PHARMA INC P/P 144A 07.5000 04/01/2027 0.02%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.02%
SURGUTNEFTEGAS-PREFERENCE 0.02%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.02%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.02%
WFRBS 2014-C24 XA IO 01.0129 11/15/2047 0.02%
YUANTA FINANCIAL HOLDING CO 0.02%
CITIGROUP INC 03.6680 07/24/2028 0.02%
DAELIM INDUSTRIAL CO LTD 0.02%
ESSITY AKTIEBOLAG-B 0.02%
FORMOSA CHEMICALS & FIBRE 0.02%
GMAC CAPITAL TRUST I PCT 08.3030 0.02%
GNR 2014-2 IC IO 05.0000 01/16/2044 0.02%
GNR 2016-123 LI IO 03.5000 03/20/2044 0.02%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.02%
MSBAM 2014-C17 XA IO 01.2783 08/15/2047 0.02%
NRG ENERGY INC. 07.2500 05/15/2026 0.02%
WANT WANT CHINA HOLDINGS LTD 0.02%
ANHEUSER-BUSCH INBEV WOR 04.7500 01/23/2029 0.02%
APPLE INC 03.4500 05/06/2024 0.02%
AT&T INC 04.3500 03/01/2029 0.02%
FRESENIUS MED CARE US REGS 05.7500 02/15/2021 0.02%
INFOSYS LTD 0.02%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.02%
QORVO INC 05.5000 07/15/2026 0.02%
SABINE PASS LIQUEF 05.0000 03/15/2027 0.02%
SM ENERGY CO 05.0000 01/15/2024 0.02%
TRIPOD TECHNOLOGY CORP 0.02%
ZOETIS INC 03.9000 08/20/2028 0.02%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.02%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.02%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.02%
CANTOR FITZGERALD LP P/P 144A 07.8750 10/15/2019 0.02%
CAS 2014-C03 2M2 05.3044 07/25/2024 0.02%
CONCHO RESOURCES INC 03.7500 10/01/2027 0.02%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.02%
EUR/USD 09/18/2019 BCAP-FX 0.02%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.02%
GENERAL MOTORS FINL CO 04.3000 07/13/2025 0.02%
GLOBALWAFERS CO LTD 0.02%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.02%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.02%
INDUSTRIAL BANK OF KOREA 0.02%
IPALCO ENTPRS IN 03.7000 09/01/2024 0.02%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.02%
KINDER MORGAN ENER PART 03.4500 02/15/2023 0.02%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.02%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.02%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.02%
MERCER INTL INC USD 06.5000 02/01/2024 0.02%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.02%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.02%
SHERWIN-WILLIAMS CO 03.4500 06/01/2027 0.02%
SS&C TECH INC P/P 144A 05.5000 09/30/2027 0.02%
T-MOBILE USA INC 06.0000 03/01/2023 0.02%
TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 0.02%
WASTE MANAGEMENT INC. 04.7500 06/30/2020 0.02%
ALLERGAN FUNDING SCS USD 03.4500 03/15/2022 0.02%
AMERICAN TOWER CORP 03.1250 01/15/2027 0.02%
CBRE SERVICES INC 05.2500 03/15/2025 0.02%
FIFTH THIRD BANCORP 05.1000 12/29/2049 0.02%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.02%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.02%
MICROSOFT CORP 03.7000 08/08/2046 0.02%
NASPERS LTD-N SHS 0.02%
POWSZECHNY ZAKLAD UBEZPIECZE 0.02%
SK TELECOM 0.02%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.02%
VIPSHOP HOLDINGS LTD - ADR 0.02%
WPX ENERGY INC 08.2500 08/01/2023 0.02%
ANHEUSER-BUSCH INBEV WOR 05.5500 01/23/2049 0.02%
BOLIDEN AB 0.02%
CIA CERVECERIAS UNI-SPON ADR 0.02%
ENBRIDGE INC USD 04.2500 12/01/2026 0.02%
KEURIG DR PEPPER INC 04.4170 05/25/2025 0.02%
OTP BANK RT 0.02%
TCI CO LTD 0.02%
AMSTED INDUSTRIES P/P 144A 05.6250 07/01/2027 0.02%
BANK OF CHINA LTD-H 0.02%
BERKELEY GROUP HOLDINGS/THE 0.02%
BOYD GAMING CORP 06.3750 04/01/2026 0.02%
CHEMOURS CO 06.6250 05/15/2023 0.02%
CROWN CASTLE INTL CORP 03.8000 02/15/2028 0.02%
GNR 2010-9 UI IO 05.0000 01/20/2040 0.02%
HSBC HOLDINGS PLC 0.02%
HYUNDAI MOBIS CO LTD 0.02%
KOREA ZINC CO LTD 0.02%
PACKAGING CORP OF AMERIC 04.5000 11/01/2023 0.02%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.02%
VISTRA OPERATION P/P 144A 05.0000 07/31/2027 0.02%
VISTRA OPERATIONS CO P/P 144A 05.6250 02/15/2027 0.02%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.02%
WESFARMERS LTD 0.02%
ANHEUSER-BUSCH INBEV WOR 04.1500 01/23/2025 0.02%
CAS 2014-C04 1M2 07.3044 11/25/2024 0.02%
CLEAN HARBORS INC P/P 144A 04.8750 07/15/2027 0.02%
CROWN AMER/CAP 04.7500 02/01/2026 0.02%
ELECTRICITY GEN PUB CO-FOR R 0.02%
EMPIRE STATE REALTY TRUST-A 0.02%
INTERNATIONAL PAPER CO 03.0000 02/15/2027 0.02%
KINDER MORGAN ENER PART 05.4000 09/01/2044 0.02%
MITSUBISHI UFJ LEASE & FINAN 0.02%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.02%
NSTAR ELECTRIC CO 02.3750 10/15/2022 0.02%
NUTRIEN LTD USD 04.1250 03/15/2035 0.02%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.02%
PINNACLE WEST CAPITAL 0.02%
RHB BANK BHD 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.02%
TENET HEALTHCARE 04.6250 07/15/2024 0.02%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.02%
CAPITAL ONE FINANCIAL CO 04.2000 10/29/2025 0.02%
COMCAST CORP 03.9990 11/01/2049 0.02%
CVS PASS-THROUGH TRUST 06.0360 12/10/2028 0.02%
DIAMOND 1 FIN/DIAMON P/P 144A 08.3500 07/15/2046 0.02%
ENERGY TRANSFER OPERATNG 06.1250 12/15/2045 0.02%
ERAC USA FINANCE LLC P/P 144A 05.6250 03/15/2042 0.02%
INTER RAO UES PJSC 0.02%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.02%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.02%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.02%
COMM 2013-CR11 XA IO 01.1005 08/10/2050 0.02%
ENERGY TRANSFER OPERATNG 05.5000 06/01/2027 0.02%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.02%
GLOW ENERGY PCL - FOREIGN 0.02%
HAIER ELECTRONICS GROUP CO 0.02%
JPMORGAN CHASE & CO 06.1000 02/01/2049 0.02%
MMC NORILSK NICKEL PJSC-ADR 0.02%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.02%
NOK/USD 09/18/2019 GSFX 0.02%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.02%
TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 0.02%
TISCO FINANCIAL-FOREIGN 0.02%
AES CORP/THE 04.5000 03/15/2023 0.02%
ALIMENTATION COUCHE-TARD 3.550000 07/26/2027 0.02%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.02%
BERRY GLOBAL ESCR P/P 144A 05.6250 07/15/2027 0.02%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.02%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.02%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.02%
CGCMT 2012-GC8 XA IO P/P 144A 01.9387 09/10/2045 0.02%
CIT GROUP INC. 05.0000 08/15/2022 0.02%
COX COMM INC P/P 144A 03.5000 08/15/2027 0.02%
CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 0.02%
GLENCORE PLC 0.02%
GO DADDY OPCO/FINCO P/P 144A 05.2500 12/01/2027 0.02%
HM SAMPOERNA TBK PT 0.02%
HOLOGIC INC P/P 144A 04.3750 10/15/2025 0.02%
IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 0.02%
ISTAR INC 06.0000 04/01/2022 0.02%
ISTAR INC. 05.2500 09/15/2022 0.02%
JPY/USD 08/21/2019 GSFX 0.02%
NEXTERA ENERGY CAPITAL 04.8000 12/01/2077 0.02%
NRG ENERGY INC 05.7500 01/15/2028 0.02%
P/P 144A 06.8750 08/15/2026 0.02%
PPL CAPITAL FUNDING INC 03.4000 06/01/2023 0.02%
SEAZEN HOLDINGS CO 144A/REGS WARRANT 04/17/2020 0.02%
SEVERSTAL PJSC 0.02%
SHINSEGAE INTERNATIONAL INC 0.02%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.02%
SPRINGLEAF FINANCE CORP 06.6250 01/15/2028 0.02%
T-MOBILE USA INC 04.5000 02/01/2026 0.02%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.02%
TEKFEN HOLDING AS 0.02%
TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 0.02%
TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 0.02%
BANCO DE CHILE-ADR 0.01%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.01%
BROTHER INDUSTRIES LTD 0.01%
CHEMOURS CO 05.3750 05/15/2027 0.01%
DISH NETWORK CV 03.3750 08/15/2026 0.01%
EUTELSAT COMMUNICATIONS 0.01%
GENTING BHD 0.01%
GRUPO AEROPORTUARIO DEL CENT 0.01%
LOGAN PROPERTY HOLDINGS CO L 0.01%
MERCER INTL INC USD 05.5000 01/15/2026 0.01%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.01%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.01%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.01%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.01%
WELLS FARGO & COMPANY 05.8750 12/29/2049 0.01%
WHITING PETROLEUM CORP 06.6250 01/15/2026 0.01%
COMCAST CORP 06.5000 11/15/2035 0.01%
FIDELITY NATIONAL INFORM 04.2500 05/15/2028 0.01%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.01%
MARSH & MCLENNAN COS INC 04.3750 03/15/2029 0.01%
SESI LLC 07.1250 12/15/2021 0.01%
BERKSHIRE HATHAWAY ENERG 06.1250 04/01/2036 0.01%
CDX CDX.NA.IG.32 100.0 06/20/2024 0.01%
CHAROEN POKPHAND FOOD-FORGN 0.01%
EUR/USD 09/18/2019 JPMCB 0.01%
HCA INC 05.5000 06/15/2047 0.01%
INDOFOOD SUKSES MAKMUR TBK P 0.01%
KERRY PROPERTIES LTD 0.01%
LG CORP 0.01%
MIRVAC GROUP 0.01%
NUTRIEN LTD USD 05.2500 01/15/2045 0.01%
PENSKE TRUCK LE P/P 144A 03.4000 11/15/2026 0.01%
T-MOBILE USA INC 05.3750 04/15/2027 0.01%
VERIZON COMM 04.6720 03/15/2055 0.01%
AIRASIA GROUP BHD 0.01%
ALEXANDER S INC 0.01%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.01%
BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 0.01%
BAUSCH HLTH COS INC P/P 144A 07.0000 01/15/2028 0.01%
BERKSHIRE HATHAWAY FIN 04.3000 05/15/2043 0.01%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.01%
BRISTOL-MYERS P/P 144A 03.4000 07/26/2029 0.01%
BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 0.01%
CBS CORP 04.0000 01/15/2026 0.01%
CHINA RAILWAY GROUP LTD-H 0.01%
CINEMARK USA INC 05.1250 12/15/2022 0.01%
CLEAN HARBORS INC P/P 144A 05.1250 07/15/2029 0.01%
COMMSCOPE INC P/P 144A 06.0000 03/01/2026 0.01%
ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 0.01%
EQUINIX INC 05.8750 01/15/2026 0.01%
FORMOSA PLASTICS CORP 0.01%
ICAHN ENTER/FIN P/P 144A 06.2500 05/15/2026 0.01%
LENNAR CORPORATION 04.7500 04/01/2021 0.01%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.01%
MERCER INTL INC USD 07.7500 12/01/2022 0.01%
NEXSTAR ESCROW INC P/P 144A 05.6250 07/15/2027 0.01%
NOVOLIPETSK STEEL PJSC-GDR 0.01%
PENSKE TRUCK LEASING P/P 144A 03.9000 02/01/2024 0.01%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.01%
SWIRE PROPERTIES LTD 0.01%
T-MOBILE USA INC. 04.0000 04/15/2022 0.01%
THE SHERWIN-WILLIAMS COMPANY 02.7500 06/01/2022 0.01%
UNITED TRACTORS TBK PT 0.01%
VMWARE INC 03.9000 08/21/2027 0.01%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.01%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.01%
ANTOFAGASTA PLC 0.01%
CROWN CASTLE INTL CORP 03.6500 09/01/2027 0.01%
FORD OTOMOTIV 0.01%
GNR 2013-99 AS IO 03.6671 06/20/2043 0.01%
HOME DEPOT INC 05.9500 04/01/2041 0.01%
KT CORP 0.01%
SM ENERGY CO 06.6250 01/15/2027 0.01%
CHINA ORIENTAL GROUP CO LTD 0.01%
COMMSCOPE TECH LLC P/P 144A 05.0000 03/15/2027 0.01%
CONTINENTAL RESOURCES 05.0000 09/15/2022 0.01%
DENBURY RESOURCES P/P 144A 07.7500 02/15/2024 0.01%
FIDELITY NATIONAL INFORM 03.0000 08/15/2026 0.01%
GENTING MALAYSIA BHD 0.01%
HOSPITALITY PROPERTIES T 04.5000 03/15/2025 0.01%
IPSEN 0.01%
LUKOIL PJSC-SPON ADR 0.01%
ONCOR ELECTRIC DELIVERY 05.3000 06/01/2042 0.01%
SAO MARTINHO SA 0.01%
WESTROCK MWV LLC 07.9500 02/15/2031 0.01%
WPX ENERGY INC 06.0000 01/15/2022 0.01%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.01%
AMERICAN ELECTRIC POWER 04.3000 12/01/2028 0.01%
ARCELORMITTAL USD 06.1250 06/01/2025 0.01%
AUD/JPY PUT 73.00 20190917 HSBCB 0.01%
BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 0.01%
BUILDERS FIRSTSOURCE P/P 144A 06.7500 06/01/2027 0.01%
CAMDEN PROPERTY TRUST 04.8750 06/15/2023 0.01%
CHARTER COMM OPT LLC 05.3750 05/01/2047 0.01%
CHINA CONSTRUCTION BANK-H 0.01%
CON EDISON CO OF NY INC 04.2000 03/15/2042 0.01%
HANNSTAR DISPLAY CORP 0.01%
HCP INC 0.01%
IOS.FN30.400.10 R USL1M P 01/12/41 BC 0.01%
ITAUSA-INVESTIMENTOS ITAU-PR 0.01%
JASTRZEBSKA SPOLKA WEGLOWA S 0.01%
KONINKLIJKE PHILIPS NV 0.01%
MBX.FN30.500.09 R USL1M P 01/12/40 BC 0.01%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.01%
PPL CAPITAL FUNDING INC 04.2000 06/15/2022 0.01%
SENIOR HOUSING PROP TRUST 0.01%
SHIRE ACQ INV IE 03.2000 09/23/2026 0.01%
TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 0.01%
THE HARTFORD FINANCIAL SERVIC 05.1250 04/15/2022 0.01%
TIANNENG POWER INTL LTD 0.01%
USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 0.01%
ZHEJIANG EXPRESSWAY CO-H 0.01%
AMGEN INC 03.4500 10/01/2020 0.01%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.01%
ASTRAL FOODS LTD 0.01%
BANK OF MONTREAL USD 03.8030 12/15/2032 0.01%
BERKSHIRE HATHAWAY E 03.8000 07/15/2048 0.01%
BMW US CAPITAL LLC P/P 144A 03.4000 08/13/2021 0.01%
CIGNA HOLDING CO 04.5000 03/15/2021 0.01%
COMM 2012-LC4 XA IO P/P 144A 02.2898 12/10/2044 0.01%
COMMONWEALTH EDISON CO 05.9000 03/15/2036 0.01%
COMMSCOPE INC P/P 144A 05.5000 03/01/2024 0.01%
EL PUERTO DE LIVERPOOL-C1 0.01%
EUR/USD 09/18/2019 BANKAM 0.01%
EUR/USD 09/18/2019 UBS 0.01%
GENERAL MOTORS FINL CO 04.0000 01/15/2025 0.01%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.01%
IOS.FN30.400.11 R USL1M P 01/12/42 GS 0.01%
IOS.FN30.400.11 R USL1M P 01/12/42 GS 0.01%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.01%
KOREA INVESTMENT HOLDINGS CO 0.01%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.01%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.01%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.01%
OIL & NATURAL GAS CORP LTD 0.01%
POU CHEN 0.01%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.01%
WASTE CONNECTIONS INC 03.5000 05/01/2029 0.01%
2.25 R ISWP FWD US0003M P 09/18/2049 0.01%
ENEL CHILE SA-ADR 0.01%
FIRSTRAND LTD 0.01%
FNR 2005-122 SE 14.6847 11/25/2035 0.01%
MONMOUTH REAL ESTATE INV COR 0.01%
REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 0.01%
THANACHART CAPITAL-FOREIGN 0.01%
AGL ENERGY LTD 0.00%
ALEXANDRIA REAL ESTATE EQUIT 0.00%
ATACADAO SA 0.00%
CITIGROUP INC 03.8870 01/10/2028 0.00%
EL PASO NATURAL GAS 08.3750 06/15/2032 0.00%
ESTACIO PARTICIPACOES SA 0.00%
IOS.FN30.350.14 R USL1M P 01/12/45 CS 0.00%
JPY/USD 08/21/2019 HSBCB 0.00%
MICROSOFT CORP 05.3000 02/08/2041 0.00%
NOK/USD 09/18/2019 BCAP-FX 0.00%
PETROBRAS GLOBAL FIN USD 05.2990 01/27/2025 0.00%
SESI LLC 07.7500 09/15/2024 0.00%
WESTROCK MWV LLC 08.2000 01/15/2030 0.00%
ANHEUSER-BUSCH INBEV WOR 02.5000 07/15/2022 0.00%
APACHE CORPORATION 03.2500 04/15/2022 0.00%
BGC PARTNERS INC 05.1250 05/27/2021 0.00%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.00%
CBS CORP 04.6000 01/15/2045 0.00%
CONSOLIDATED EDISON INC 02.0000 03/15/2020 0.00%
ELDORADO RESORTS INC 06.0000 09/15/2026 0.00%
ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 0.00%
ENERGY TRANSFER OPERATNG 05.2000 02/01/2022 0.00%
EQUINOR ASA USD 05.1000 08/17/2040 0.00%
FEDEX CORP 02.6250 08/01/2022 0.00%
FISERV INC 03.5000 07/01/2029 0.00%
GNR 2010-9 QI IO 04.5000 01/20/2040 0.00%
HCA INC. 07.5000 02/15/2022 0.00%
HONEYWELL INTL 03.8120 11/21/2047 0.00%
IAA INC P/P 144A 05.5000 06/15/2027 0.00%
KANSAI ELECTRIC POWER CO INC 0.00%
LOJAS RENNER S.A. 0.00%
MANILA ELECTRIC COMPANY 0.00%
MBX.FN30.450.09 R USL1M P 01/12/40 BC 0.00%
NOK/USD 09/18/2019 SSBT 0.00%
PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 0.00%
RAYTHEON COMPANY 04.8750 10/15/2040 0.00%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.00%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.00%
TOTAL SYSTEM SERVICES IN 04.0000 06/01/2023 0.00%
UNITED TECHNOLOGIES CORP 04.1250 11/16/2028 0.00%
VIACOM INC 04.5000 03/01/2021 0.00%
WESTPAC BANKING CORP USD 04.8750 11/19/2019 0.00%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.00%
GOLDMAN SACHS GROUP INC 06.7500 10/01/2037 0.00%
IOS.FN30.400.11 R USL1M P 01/12/42 BC 0.00%
JPY/USD 08/21/2019 JPMCB 0.00%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.00%
NOK/USD 09/18/2019 RBSF 0.00%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.00%
WILLIAMS COS INC 07.7500 06/15/2031 0.00%
ASTRO MALAYSIA 0.00%
BMW US CAPITAL LLC P/P 144A 03.9500 08/14/2028 0.00%
CAD/USD 07/17/2019 CSI-FX 0.00%
EUR/USD 09/18/2019 SSBT 0.00%
GBP/USD 09/18/2019 BANKAM 0.00%
INNOLUX CORP 0.00%
IOS.FN30.350.12 R USL1M P 01/12/43 BC 0.00%
METHANEX CORP USD 03.2500 12/15/2019 0.00%
MITSUBISHI GAS CHEMICAL CO 0.00%
1.70 R ISWP FWD US0003M P 09/18/2021 0.00%
AUD/USD 07/17/2019 WPAC 0.00%
CAD/USD 07/17/2019 RBSF 0.00%
CAD/USD 07/17/2019 WPAC 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CS 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS 0.00%
DELTA AIR LINES 2009 1A 07.7500 12/17/2019 0.00%
EUR/USD 09/18/2019 GSFX 0.00%
IDR/USD 11/20/2019 HSBCB 0.00%
INR/USD 11/20/2019 GSFX 0.00%
INR/USD 11/20/2019 RBSF 0.00%
IOS.FN30.400.10 R USL1M P 01/12/41 GS 0.00%
JPY/USD 08/21/2019 BANKAM 0.00%
SGD/USD 08/21/2019 JPMCB 0.00%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.00%
AUD/USD 07/17/2019 BCAP-FX 0.00%
BRL/USD 10/02/2019 CITI 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CG 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 CS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 GS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 JP 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 ML 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 MS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 MS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 MS 0.00%
CMB CMBX.NA.A.6 2063-05-11 200.0 05/11/2063 MS 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 BA 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 CG 0.00%
CMB CMBX.NA.BBB-.6 2063-05-11 300.0 05/11/2063 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 CG 0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 CS 0.00%
DKK/USD 09/18/2019 CITI 0.00%
EUR/USD 09/18/2019 CITI 0.00%
EUR/USD 09/18/2019 CSI-FX 0.00%
GBP/USD 09/18/2019 HSBCB 0.00%
ILS/USD 07/17/2019 SSBT 0.00%
KRW/USD 11/20/2019 GSFX 0.00%
KRW/USD 11/20/2019 HSBCB 0.00%
MXN/USD 10/16/2019 BANKAM 0.00%
NZD/USD 07/17/2019 SSBT 0.00%
RUB/USD 09/18/2019 GSFX 0.00%
SEK/USD 09/18/2019 RBSF 0.00%
TWD/USD 08/21/2019 GSFX 0.00%
TWD/USD 08/21/2019 RBSF 0.00%
CAD/USD 07/17/2019 CITI -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-.7 2047-01-17 300.0 01/17/2047 GS -0.00%
CMB CMBX.NA.BBB-.7 2047-01-17 300.0 01/17/2047 JP -0.00%
EUR/USD 09/18/2019 HSBCB -0.00%
EUR/USD 09/18/2019 RBSF -0.00%
GBP/USD 09/18/2019 CITI -0.00%
HKD/USD 08/21/2019 BCAP-FX -0.00%
NOK/USD 09/18/2019 JPMCB -0.00%
NZD/USD 07/17/2019 BCAP-FX -0.00%
AUD/JPY PUT 69.00 20190917 HSBCB -0.00%
IOS.FN30.500.10 P USL1M R 01/12/41 BC -0.00%
SEK/USD 09/18/2019 UBS -0.00%
JPY/USD 08/21/2019 RBSF -0.00%
MBX.FN30.650.67 P USL1M R 01/12/38 BC -0.00%
NZD/USD 07/17/2019 CITI -0.00%
SEK/USD 09/18/2019 GSFX -0.00%
SEK/USD 09/18/2019 JPMCB -0.00%
SEK/USD 09/18/2019 SSBT -0.00%
1.80 R ISWP FWD US0003M P 09/18/2024 -0.01%
AUD/USD 07/17/2019 UBS -0.01%
CAD/USD 07/17/2019 BCAP-FX -0.01%
CAD/USD 07/17/2019 JPMCB -0.01%
CHF/USD 09/18/2019 JPMCB -0.01%
NZD/USD 07/17/2019 GSFX -0.01%
NZD/USD 07/17/2019 JPMCB -0.01%
JPY/USD 08/21/2019 UBS -0.01%
JPY/USD 08/21/2019 CITI -0.01%
AUD/USD 07/17/2019 RBSF -0.01%
CPURNSA R 2.138 P 03/07/29 -0.01%
JPY/USD 08/21/2019 SSBT -0.01%
AUD/USD 07/17/2019 BANKAM -0.01%
IOS.FN30.400.10 P USL1M R 01/12/41 JP -0.01%
CPURNSA R 1.92 P 08/07/25 -0.02%
IOS.FN30.400.11 P USL1M R 01/12/42 JP -0.02%
SPX 20190712 C 3000.00JPMCB -0.02%
IOS.FN30.400.10 P USL1M R 01/12/41 CS -0.02%
CPURNSA R 2.099 P 02/07/29 -0.02%
CPURNSA R 2.356 P 07/02/28 -0.05%
CPURNSA R 2.1438 P 11/07/27 -0.05%
CPURNSA R 2.3075 P 04/06/28 -0.06%
CPURNSA R 2.17 P 05/05/27 -0.08%
CPURNSA R 2.0413 P 11/03/26 -0.10%
CPURNSA R 2.5325 P 08/08/22 -0.11%
SPX 20190628 C 2885.00BANKAM -0.14%
CPURNSA R 2.76 P 01/09/23 -0.16%
CDX CDX.EM.31 100.0 06/20/2024 -0.20%
CPURNSA R 2.308 P 12/05/26 -0.24%
CPURNSA R 2.57 P 07/19/23 -0.38%
RU10INTR P US0003M R 11/26/19 CI -4.50%
S&P500 EMINI FUT SEP19 ESU9 -9.43%
RU10INTR P US0003M R 06/20/23 BA -15.49%
US 10YR NOTE (CBT)SEP19 TYU9 -37.96%

Prior top 10 holdings

Top 10 holdings as of 31/07/2019
Fnma Fn30 Tba Umbs 04.0000 08/01/2049
Gnma Gii30 Tba 03.5000 08/01/2049
JPMorgan Chase
Alphabet
Walt Disney
Fnma Fn30 Tba Umbs 06.0000 08/01/2049
Microsoft
Fnma Fn30 Tba Umbs 03.5000 08/01/2049
Fnma Fn15 Tba Umbs 03.0000 08/01/2034
Apple
Holdings represent 14.25% of portfolio
Top 10 holdings as of 30/06/2019
Fnma Fn30 Tba Umbs 04.0000 08/01/2049
Gnma Gii30 Tba 03.5000 07/01/2049
Fnma Fn30 Tba Umbs 04.0000 07/01/2049
Walt Disney
JPMorgan Chase
Alphabet
Fnma Fn30 Tba Umbs 06.0000 08/01/2049
Fnma Fn30 Tba Umbs 03.5000 08/01/2049
Microsoft
Fnma Fn15 Tba Umbs 03.0000 07/01/2034
Holdings represent 11.66% of portfolio
Top 10 holdings as of 31/05/2019
Fnma Fn30 Tba Umbs 04.0000 07/01/2049
Gnma Gii30 Tba 03.5000 06/01/2049
Umbs Fn30 Tba 04.0000 06/01/2049
Walt Disney
JPMorgan Chase
Alphabet
Umbs Fn30 Tba 06.0000 06/01/2049
Umbs Fn30 Tba 03.5000 06/01/2049
Umbs Fn15 Tba 03.0000 06/01/2034
Honeywell International
Holdings represent 11.91% of portfolio
Top 10 holdings as of 30/04/2019
Umbs Fn30 Tba 04.0000 06/01/2049
Gnma Gii30 Tba 03.5000 05/01/2049
Umbs Fn30 Tba 03.0000 05/01/2049
JPMorgan Chase
Walt Disney
Alphabet
Umbs Fn30 Tba 06.0000 06/01/2049
Umbs Fn30 Tba 03.5000 06/01/2049
Umbs Fn15 Tba 03.0000 05/01/2034
Honeywell International
Holdings represent 12.99% of portfolio

Unitholders may obtain more recent information about certain Funds' portfolio holdings from time to time by contacting the Manager. Portfolio holdings information will only be provided for legitimate purposes as determined by the Manager, and will be subject to a reasonable delay intended to protect the Funds.

Portfolio composition as of 31/07/2019

U.S. TIPS 32.54%
International bonds 26.96%
U.S. Equity 26.68%
U.S. High-yield bonds 13.74%
Commodities 12.24%
International equity 10.79%
Emerging-market bonds 5.42%
Emerging-markets equity 5.02%
Real estate investment trust 3.92%
U.S. Investment-grade bonds -18.46%
U.S. money markets -18.84%

Fixed income statistics as of 31/07/2019

Average effective maturity 4.81 yrs.
Average effective duration 4.40 yrs.

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Risks: Emerging-market securities carry illiquidity and volatility risks. The fund may invest a portion of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. Allocation of assets among asset classes may hurt performance, and efforts to diversify risk through the use of leverage and allocation decisions may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. Derivatives carry additional risks, such as the inability to terminate or sell derivatives positions and the failure of the other party to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. Use of leverage obtained through derivatives increases these risks by increasing investment exposure. Over-the-counter derivatives are also subject to the risk of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. The use of short selling may result in losses if the securities appreciate in value. Commodities involve market, political, regulatory, and natural conditions risks. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. International investing involves currency, economic, and political risks. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.


Expenses

Expense ratio

Class A Class B Class C Class E Class I Class M
Total expense ratio 1.80% 2.30% 2.05% 1.05% 1.05% 1.80%

The ICE BofAML U.S. Dollar 1-month LIBOR Index tracks the performance of a synthetic asset paying Libor to a stated maturity. You cannot directly invest in an index.

Risks: Emerging-market securities carry illiquidity and volatility risks. The fund may invest a portion of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. Allocation of assets among asset classes may hurt performance, and efforts to diversify risk through the use of leverage and allocation decisions may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. Derivatives carry additional risks, such as the inability to terminate or sell derivatives positions and the failure of the other party to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. Use of leverage obtained through derivatives increases these risks by increasing investment exposure. Over-the-counter derivatives are also subject to the risk of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. The use of short selling may result in losses if the securities appreciate in value. Commodities involve market, political, regulatory, and natural conditions risks. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. International investing involves currency, economic, and political risks. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.