UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08532 | |||||
AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC. | ||||||
(Exact name of registrant as specified in charter) | ||||||
4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 | ||||||
(Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | 816-531-5575 | |||||
Date of fiscal year end: | 11-30 | |||||
Date of reporting period: | 05-31-2013 |
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT MAY 31, 2013
Global Allocation Fund
Table of Contents |
President’s Letter | 2 |
Independent Chairman’s Letter | 3 |
Performance | 4 |
Fund Characteristics | 5 |
Shareholder Fee Example | 6 |
Schedule of Investments | 8 |
Statement of Assets and Liabilities | 13 |
Statement of Operations | 14 |
Statement of Changes in Net Assets | 15 |
Notes to Financial Statements | 16 |
Financial Highlights | 24 |
Additional Information | 26 |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing our semiannual report for the six months ended May 31, 2013. This report offers a macroeconomic and financial market overview of the period (below), followed by fund performance, a schedule of fund investments, and other financial information.
For additional, updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. Also, the next annual report will provide additional perspective from our portfolio management team.
“Risk-On” Rally Since November Elections, Further Aggressive Monetary Intervention
During the six-month period ended May 31, 2013, the U.S. capital markets benefited from improved investor confidence after uncertainties relating to the U.S. presidential election and federal fiscal policy deadlines were largely resolved. In addition, continued aggressive monetary intervention by central banks encouraged investors world-wide to take more risk and reach for yield, boosting the performance of stocks and high-yield bonds over government bonds.
In this environment, U.S. small-cap, mid-cap, and value stock indices achieved performance leadership for the reporting period, outpacing the S&P 500 Index’s 16.43% return. Broad non-U.S. equity index returns were also generally favorable in dollar terms, but not quite as strong as the U.S. indices—the MSCI EAFE Index advanced 11.39%.
In the global bond markets, rising interest rates and improvements in the relative value of the U.S. dollar in currency exchanges had a generally negative impact on unhedged non-U.S. fixed income returns. In the U.S. bond market, high-yield corporate bond indices achieved performance leadership while Treasury securities and benchmarks lagged. For example, the 10-year U.S. Treasury note returned –3.36%, according to Barclays, as its yield rose over half a percentage point, from 1.62% to 2.13%.
Under the influence of aggressive monetary intervention, the U.S. and global economies are showing signs of improvement this year, but we still expect the U.S. recovery to be subpar, hampered by high unemployment and lingering fiscal and overseas concerns. Under these conditions, we continue to believe in a disciplined, diversified, long-term investment approach, using professionally managed stock and bond portfolios for meeting financial goals. We appreciate your continued trust in us in this challenging environment.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
Independent Chairman’s Letter |
Don Pratt
Dear Fellow Shareholders,
In 2012, identity theft impacted 12.6 million Americans and roughly 16.5% or 2.1 million of those attacks took place in retirement or investment accounts. At a recent meeting, the board discussed the programs in place at American Century Investments to help protect shareholder accounts from identity theft and similar threats. As a part of that effort, American Century Investments’ personnel investigate possible identity theft events on an almost daily basis. In order to protect financial accounts from theft, there are several steps that every investor should take.
If you travel, take steps to ensure your mail is secure. Request a vacation hold or ask a trusted relative or friend to collect mail for you. If you are expecting financial paperwork, be mindful of when it is to arrive or have it delivered to a place other than your home. Consider using a post office box as a secure alternative.
When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.
Be creative with electronic passwords and keep them private. For example, think of a phrase and use the first letter of each word as your password or substitute numbers for similarly appearing letters (4 for A, 8 for G, etc.).
Finally, be alert to impersonators. Do not give personal information over the phone unless you initiated the contact. If you receive an email asking you for information regarding an account, do not respond to the email or click any links. Rather, contact the company through their official website or call the customer service number listed on your account statement.
These few precautions could prevent a major identity theft problem. If you would like to know more about protecting your American Century Investments accounts, please visit our website at www.americancentury.com/security/protect_yourself_online.jsp.
If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.
Best regards,
Don Pratt
Performance |
Total Returns as of May 31, 2013 | |||||
Average | |||||
Ticker Symbol | 6 months(1) | 1 year | Since Inception | Inception | |
Investor Class(2) | AGAVX | 3.04% | 13.03% | 7.15% | 1/31/12 |
Blended index(3) | — | 5.50% | 14.92% | 8.45% | — |
MSCI All Country World Investable Market Index | — | 12.23% | 26.34% | 14.84% | — |
Barclays Global Aggregate Bond Index | — | -4.00% | -0.54% | -0.89% | — |
Institutional Class(2) | AGANX | 3.10% | 13.30% | 7.35% | 1/31/12 |
A Class(2) No sales charge* With sales charge* | AGAEX | 2.87% -3.06% | 12.74% 6.27% | 6.87% 2.22% | 1/31/12 |
C Class(2) No sales charge* With sales charge* | AGAGX | 2.56% 1.56% | 12.00% 12.00% | 6.09% 6.09% | 1/31/12 |
R Class(2) | AGAFX | 2.70% | 12.46% | 6.59% | 1/31/12 |
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
(1) | Total returns for periods less than one year are not annualized. |
(2) | Returns would have been lower if a portion of the management fee had not been waived. |
(3) | The blended index combines monthly returns of two widely known indices. The MSCI All Country World Investable Market Index represents 60% of the blended index and the remaining 40% is represented by the Barclays Global Aggregate Bond Index. |
Total Annual Fund Operating Expenses | ||||
Investor Class | Institutional Class | A Class | C Class | R Class |
2.21% | 2.01% | 2.46% | 3.21% | 2.71% |
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.
Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. As interest rates rise, bond values will decline. In addition, lower-rated securities are subject to greater liquidity risk and credit risk. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. Commodity-related investing involves special risks, such as weather, disease, embargoes, tariffs, taxes and economic, political and regulatory developments. The fund may be subject to certain risks similar to those associated with direct investment in real estate.
Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.
Fund Characteristics |
MAY 31, 2013 | |
Types of Investments in Portfolio | % of net assets |
International Equity Funds | 36.3% |
Domestic Equity Funds | 18.2% |
Domestic Fixed Income Funds | 14.1% |
International Fixed Income Funds | 12.9% |
Exchange-Traded Funds | 12.2% |
Cash and Equivalents* | 6.3%** |
*Includes temporary cash investments and other assets and liabilities.
**Amount relates primarily to repurchase agreements maturing after period end.
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds. As a shareholder in the underlying funds, your fund will indirectly bear its pro rata share of the expenses incurred by the underlying funds. These expenses are not included in the fund’s annualized expense ratio or the expenses paid during the period. These expenses are, however, included in the effective expenses paid during the period.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2012 to May 31, 2013.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account | Ending Account | Expenses Paid During Period(1) 12/1/12 – 5/31/13 | Annualized Expense Ratio(1) | Effective Expenses Paid During Period(2) 12/1/12 – 5/31/13 | Effective Annualized Expense Ratio(2) | |
Actual | ||||||
Investor Class | $1,000 | $1,030.40 | $1.92 | 0.38% | $6.07 | 1.20% |
Investor Class | $1,000 | $1,030.40(3) | $6.94 | 1.37% | $11.09 | 2.19% |
Institutional Class | $1,000 | $1,031.00 | $0.91 | 0.18% | $5.06 | 1.00% |
Institutional Class (before waiver) | $1,000 | $1,031.00(3) | $5.92 | 1.17% | $10.08 | 1.99% |
A Class (after waiver) | $1,000 | $1,028.70 | $3.19 | 0.63% | $7.33 | 1.45% |
A Class (before waiver) | $1,000 | $1,028.70(3) | $8.19 | 1.62% | $12.34 | 2.44% |
C Class (after waiver) | $1,000 | $1,025.60 | $6.97 | 1.38% | $11.11 | 2.20% |
C Class (before waiver) | $1,000 | $1,025.60(3) | $11.97 | 2.37% | $16.11 | 3.19% |
R Class (after waiver) | $1,000 | $1,027.00 | $4.45 | 0.88% | $8.59 | 1.70% |
R Class (before waiver) | $1,000 | $1,027.00(3) | $9.45 | 1.87% | $13.59 | 2.69% |
Hypothetical | ||||||
Investor Class | $1,000 | $1,023.04 | $1.92 | 0.38% | $6.04 | 1.20% |
Investor Class | $1,000 | $1,018.10 | $6.89 | 1.37% | $11.00 | 2.19% |
Institutional Class | $1,000 | $1,024.03 | $0.91 | 0.18% | $5.04 | 1.00% |
Institutional Class (before waiver) | $1,000 | $1,019.10 | $5.89 | 1.17% | $10.00 | 1.99% |
A Class (after waiver) | $1,000 | $1,021.79 | $3.18 | 0.63% | $7.29 | 1.45% |
A Class (before waiver) | $1,000 | $1,016.85 | $8.15 | 1.62% | $12.24 | 2.44% |
C Class (after waiver) | $1,000 | $1,018.05 | $6.94 | 1.38% | $11.05 | 2.20% |
C Class (before waiver) | $1,000 | $1,013.11 | $11.90 | 2.37% | $15.98 | 3.19% |
R Class (after waiver) | $1,000 | $1,020.54 | $4.43 | 0.88% | $8.55 | 1.70% |
R Class (before waiver) | $1,000 | $1,015.61 | $9.40 | 1.87% | $13.49 | 2.69% |
(1) | Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. The fees and expenses of the underlying funds in which the fund invests are not included in the class’s annualized expense ratio. |
(2) | Effective expenses reflect the sum of expenses borne directly by the class plus the fund’s pro rata share of the weighted average expense ratio of the underlying funds in which it invests. The effective annualized expense ratio combines the class’s annualized expense ratio and the annualized weighted average expense ratio of the underlying funds. The annualized weighted average expense ratio of the underlying funds for the one-half year period reflects the actual expense ratio of each underlying fund from its most recent shareholder report, annualized and weighted for the fund’s relative average investment therein during the period. |
(3) | Ending account value assumes the return earned after waiver and would have been lower if a portion of the management fee had not been waived. |
Schedule of Investments |
MAY 31, 2013 (UNAUDITED)
Shares | Value | |
Mutual Funds(1) — 81.5% | ||
INTERNATIONAL EQUITY FUNDS — 36.3% | ||
Emerging Markets Fund Institutional Class | 412,217 | $ 3,676,978 |
Global Gold Fund Institutional Class | 147,568 | 1,733,922 |
Global Real Estate Fund Institutional Class | 621,501 | 6,967,031 |
International Growth Fund Institutional Class | 987,355 | 12,065,474 |
24,443,405 | ||
DOMESTIC EQUITY FUNDS — 18.2% | ||
Core Equity Plus Fund Institutional Class | 321,186 | 4,188,266 |
Heritage Fund Institutional Class | 33,629 | 865,599 |
Large Company Value Fund Institutional Class | 216,260 | 1,583,026 |
Mid Cap Value Fund Institutional Class | 57,891 | 871,260 |
Select Fund Institutional Class | 60,191 | 2,943,319 |
Small Company Fund Institutional Class | 169,057 | 1,766,643 |
12,218,113 | ||
DOMESTIC FIXED INCOME FUNDS — 14.1% | ||
Diversified Bond Fund Institutional Class | 494,120 | 5,410,612 |
High-Yield Fund Institutional Class | 643,995 | 4,063,608 |
9,474,220 | ||
INTERNATIONAL FIXED INCOME FUNDS — 12.9% | ||
International Bond Fund Institutional Class | 632,668 | 8,654,903 |
TOTAL MUTUAL FUNDS (Cost $52,369,923) | 54,790,641 | |
Exchange-Traded Funds — 12.2% | ||
iShares S&P GSCI Commodity Indexed Trust(2) | 160,504 | 4,945,128 |
PowerShares DB Agriculture Fund(2) | 65,116 | 1,659,807 |
SPDR Gold Shares(2) | 5,937 | 795,083 |
Sprott Physical Gold Trust(2) | 68,789 | 794,513 |
TOTAL EXCHANGE-TRADED FUNDS (Cost $8,968,229) | 8,194,531 | |
Temporary Cash Investments — 6.3% | ||
Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 0.875%, 12/31/16, valued at $840,549), in a joint trading account at 0.05%, dated 5/31/13, due 6/3/13 (Delivery value $824,842) | 824,839 | |
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $2,532,335), in a joint trading account at 0.01%, dated 5/31/13, due 6/3/13 (Delivery value $2,484,143) | 2,484,142 | |
Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.625%, 2/15/40, valued at $951,792), in a joint trading account at 0.02%, dated 5/31/13, due 6/3/13 (Delivery value $931,841) | 931,839 | |
TOTAL TEMPORARY CASH INVESTMENTS (Cost $4,240,820) | 4,240,820 | |
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $65,578,972) | 67,225,992 | |
OTHER ASSETS AND LIABILITIES† | (10,034) | |
TOTAL NET ASSETS — 100.0% | $67,215,958 |
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Gain (Loss) | |||||||||||
AUD | 47,800 | USD | 49,424 | UBS AG | 6/19/2013 | $(3,726 | ) | ||||||||
AUD | 30,000 | USD | 28,872 | Westpac Group | 6/19/2013 | (191 | ) | ||||||||
USD | 30,822 | AUD | 30,000 | Barclays Bank plc | 6/19/2013 | 2,141 | |||||||||
USD | 50,684 | AUD | 50,000 | Westpac Group | 6/19/2013 | 2,883 | |||||||||
BRL | 90,000 | USD | 44,709 | Barclays Bank plc | 6/19/2013 | (2,821 | ) | ||||||||
BRL | 29,877 | USD | 14,889 | Barclays Bank plc | 6/19/2013 | (983 | ) | ||||||||
USD | 29,481 | BRL | 60,000 | Barclays Bank plc | 6/19/2013 | 1,555 | |||||||||
USD | 19,608 | BRL | 40,000 | Barclays Bank plc | 6/19/2013 | 991 | |||||||||
USD | 14,731 | BRL | 30,000 | Barclays Bank plc | 6/19/2013 | 768 | |||||||||
USD | 14,678 | BRL | 30,000 | Barclays Bank plc | 6/19/2013 | 715 | |||||||||
CAD | 90,000 | USD | 86,906 | HSBC Holdings plc | 6/19/2013 | (129 | ) | ||||||||
CAD | 40,000 | USD | 39,764 | Westpac Group | 6/19/2013 | (1,197 | ) | ||||||||
USD | 9,910 | CAD | 10,000 | Deutsche Bank | 6/19/2013 | 268 | |||||||||
USD | 96,227 | CAD | 100,000 | HSBC Holdings plc | 6/19/2013 | (192 | ) | ||||||||
USD | 38,925 | CAD | 40,000 | HSBC Holdings plc | 6/19/2013 | 357 | |||||||||
USD | 59 | CAD | 60 | UBS AG | 6/19/2013 | 1 | |||||||||
CHF | 40,000 | USD | 41,545 | HSBC Holdings plc | 6/19/2013 | 292 | |||||||||
CHF | 3,600 | USD | 3,908 | HSBC Holdings plc | 6/19/2013 | (142 | ) | ||||||||
USD | 41,560 | CHF | 40,000 | UBS AG | 6/19/2013 | (276 | ) | ||||||||
CLP | 29,860,000 | USD | 62,823 | Barclays Bank plc | 6/19/2013 | (3,383 | ) | ||||||||
CLP | 20,000,001 | USD | 40,721 | Barclays Bank plc | 6/19/2013 | (908 | ) | ||||||||
CLP | 10,000,002 | USD | 21,097 | Barclays Bank plc | 6/19/2013 | (1,191 | ) | ||||||||
USD | 91,163 | CLP | 44,000,001 | Barclays Bank plc | 6/19/2013 | 3,576 | |||||||||
USD | 20,812 | CLP | 9,999,998 | Barclays Bank plc | 6/19/2013 | 905 | |||||||||
USD | 20,333 | CLP | 10,000,001 | Barclays Bank plc | 6/19/2013 | 427 | |||||||||
USD | 10,411 | CLP | 4,999,998 | Barclays Bank plc | 6/19/2013 | 458 | |||||||||
CNY | 150,000 | USD | 24,191 | HSBC Holdings plc | 6/19/2013 | 157 | |||||||||
CNY | 308 | USD | 49 | HSBC Holdings plc | 6/19/2013 | 1 | |||||||||
USD | 24,255 | CNY | 150,000 | HSBC Holdings plc | 6/19/2013 | (94 | ) | ||||||||
COP | 60,000,007 | USD | 31,679 | Barclays Bank plc | 6/19/2013 | (203 | ) | ||||||||
COP | 52,999,998 | USD | 28,930 | Barclays Bank plc | 6/19/2013 | (1,126 | ) | ||||||||
COP | 39,000,001 | USD | 21,288 | Barclays Bank plc | 6/19/2013 | (828 | ) | ||||||||
USD | 27,721 | COP | 51,069,694 | Barclays Bank plc | 6/19/2013 | 930 | |||||||||
USD | 27,331 | COP | 51,000,001 | Barclays Bank plc | 6/19/2013 | 576 | |||||||||
USD | 23,926 | COP | 44,000,006 | Barclays Bank plc | 6/19/2013 | 843 | |||||||||
USD | 22,156 | COP | 40,999,993 | Barclays Bank plc | 6/19/2013 | 647 | |||||||||
CZK | 1,680,000 | USD | 83,974 | Deutsche Bank | 6/19/2013 | 906 | |||||||||
CZK | 420,000 | USD | 21,441 | Deutsche Bank | 6/19/2013 | (221 | ) | ||||||||
CZK | 400,000 | USD | 20,365 | Westpac Group | 6/19/2013 | (156 | ) | ||||||||
USD | 20,351 | CZK | 400,000 | Barclays Bank plc | 6/19/2013 | 141 | |||||||||
USD | 53,578 | CZK | 1,090,000 | Deutsche Bank | 6/19/2013 | (1,493 | ) | ||||||||
USD | 47,055 | CZK | 950,000 | Deutsche Bank | 6/19/2013 | (943 | ) | ||||||||
USD | 21,437 | CZK | 420,000 | Deutsche Bank | 6/19/2013 | 217 | |||||||||
EUR | 4,349 | USD | 5,738 | Barclays Bank plc | 6/19/2013 | (85 | ) | ||||||||
USD | 25,861 | EUR | 20,000 | Barclays Bank plc | 6/19/2013 | (136 | ) | ||||||||
USD | 25,695 | EUR | 20,000 | Barclays Bank plc | 6/19/2013 | (302 | ) | ||||||||
USD | 25,818 | EUR | 20,000 | Deutsche Bank | 6/19/2013 | (179 | ) | ||||||||
GBP | 10,000 | USD | 15,432 | HSBC Holdings plc | 6/19/2013 | (240 | ) |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Gain (Loss) | |||||||||||
GBP | 1,400 | USD | 2,151 | HSBC Holdings plc | 6/19/2013 | $(24 | ) | ||||||||
USD | 15,237 | GBP | 10,000 | HSBC Holdings plc | 6/19/2013 | 44 | |||||||||
USD | 45,643 | GBP | 30,000 | Westpac Group | 6/19/2013 | 65 | |||||||||
HUF | 3,300,001 | USD | 14,603 | Deutsche Bank | 6/19/2013 | (166 | ) | ||||||||
HUF | 959,999 | USD | 4,280 | Deutsche Bank | 6/19/2013 | (80 | ) | ||||||||
IDR | 159,999,981 | USD | 16,061 | HSBC Holdings plc | 6/19/2013 | 86 | |||||||||
IDR | 381,540,424 | USD | 39,060 | UBS AG | 6/19/2013 | (555 | ) | ||||||||
USD | 38,604 | IDR | 379,999,972 | Westpac Group | 6/19/2013 | 254 | |||||||||
ILS | 110,000 | USD | 29,764 | HSBC Holdings plc | 6/19/2013 | 51 | |||||||||
ILS | 110,000 | USD | 30,349 | UBS AG | 6/19/2013 | (534 | ) | ||||||||
ILS | 80,000 | USD | 22,410 | Westpac Group | 6/19/2013 | (726 | ) | ||||||||
USD | 51,734 | ILS | 190,000 | Barclays Bank plc | 6/19/2013 | 235 | |||||||||
USD | 30,159 | ILS | 110,000 | UBS AG | 6/19/2013 | 344 | |||||||||
INR | 1,900,000 | USD | 33,647 | HSBC Holdings plc | 6/19/2013 | (168 | ) | ||||||||
INR | 1,100,000 | USD | 20,433 | HSBC Holdings plc | 6/19/2013 | (1,050 | ) | ||||||||
INR | 2,705,900 | USD | 49,590 | UBS AG | 6/19/2013 | (1,910 | ) | ||||||||
INR | 2,200,000 | USD | 40,531 | Westpac Group | 6/19/2013 | (1,765 | ) | ||||||||
USD | 63,504 | INR | 3,500,000 | Barclays Bank plc | 6/19/2013 | 1,831 | |||||||||
USD | 18,365 | INR | 1,000,000 | Barclays Bank plc | 6/19/2013 | 745 | |||||||||
USD | 27,059 | INR | 1,500,000 | Westpac Group | 6/19/2013 | 628 | |||||||||
USD | 26,820 | INR | 1,500,000 | Westpac Group | 6/19/2013 | 389 | |||||||||
USD | 61,171 | JPY | 6,300,000 | Barclays Bank plc | 6/19/2013 | (1,547 | ) | ||||||||
USD | 58,292 | JPY | 5,900,000 | HSBC Holdings plc | 6/19/2013 | (444 | ) | ||||||||
USD | 13,790 | JPY | 1,346,100 | Westpac Group | 6/19/2013 | 389 | |||||||||
KRW | 28,000,002 | USD | 25,824 | HSBC Holdings plc | 6/19/2013 | (1,079 | ) | ||||||||
KRW | 14,999,999 | USD | 13,604 | HSBC Holdings plc | 6/19/2013 | (347 | ) | ||||||||
USD | 23,836 | KRW | 27,000,003 | HSBC Holdings plc | 6/19/2013 | (26 | ) | ||||||||
USD | 13,708 | KRW | 15,316,496 | HSBC Holdings plc | 6/19/2013 | 173 | |||||||||
MXN | 754,800 | USD | 61,822 | Barclays Bank plc | 6/19/2013 | (2,838 | ) | ||||||||
USD | 40,883 | MXN | 510,000 | Barclays Bank plc | 6/19/2013 | 1,029 | |||||||||
USD | 20,260 | MXN | 250,000 | Barclays Bank plc | 6/19/2013 | 724 | |||||||||
MYR | 213,500 | USD | 70,184 | Westpac Group | 6/19/2013 | (1,269 | ) | ||||||||
MYR | 100,000 | USD | 32,797 | Westpac Group | 6/19/2013 | (518 | ) | ||||||||
USD | 55,192 | MYR | 170,000 | Westpac Group | 6/19/2013 | 319 | |||||||||
USD | 45,386 | MYR | 140,000 | Westpac Group | 6/19/2013 | 196 | |||||||||
USD | 25,705 | NOK | 147,300 | Deutsche Bank | 6/19/2013 | 619 | |||||||||
NZD | 35,163 | USD | 29,801 | Westpac Group | 6/19/2013 | (1,880 | ) | ||||||||
NZD | 20,000 | USD | 16,233 | Westpac Group | 6/19/2013 | (352 | ) | ||||||||
USD | 16,423 | NZD | 20,000 | Barclays Bank plc | 6/19/2013 | 542 | |||||||||
USD | 16,761 | NZD | 20,000 | HSBC Holdings plc | 6/19/2013 | 880 | |||||||||
USD | 16,099 | NZD | 20,000 | Westpac Group | 6/19/2013 | 218 | |||||||||
PEN | 30,000 | USD | 11,140 | Barclays Bank plc | 6/19/2013 | (224 | ) | ||||||||
PEN | 4,800 | USD | 1,853 | Barclays Bank plc | 6/19/2013 | (106 | ) | ||||||||
USD | 37,665 | PEN | 100,000 | Barclays Bank plc | 6/19/2013 | 1,279 | |||||||||
USD | 22,857 | PEN | 60,000 | Barclays Bank plc | 6/19/2013 | 1,026 | |||||||||
PHP | 1,400,000 | USD | 34,432 | Westpac Group | 6/19/2013 | (1,364 | ) | ||||||||
USD | 29,088 | PHP | 1,199,874 | Westpac Group | 6/19/2013 | 747 | |||||||||
USD | 14,574 | PHP | 600,000 | Westpac Group | 6/19/2013 | 402 | |||||||||
PLN | 60,000 | USD | 19,103 | Barclays Bank plc | 6/19/2013 | (881 | ) |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Gain (Loss) | |||||||||||
PLN | 60,000 | USD | 18,426 | Deutsche Bank | 6/19/2013 | $(204 | ) | ||||||||
PLN | 60,000 | USD | 18,909 | Deutsche Bank | 6/19/2013 | (687 | ) | ||||||||
USD | 33,807 | PLN | 110,000 | Barclays Bank plc | 6/19/2013 | 400 | |||||||||
USD | 18,393 | PLN | 60,000 | Deutsche Bank | 6/19/2013 | 171 | |||||||||
USD | 18,904 | PLN | 60,000 | Westpac Group | 6/19/2013 | 681 | |||||||||
RUB | 1,270,000 | USD | 40,038 | HSBC Holdings plc | 6/19/2013 | (383 | ) | ||||||||
USD | 21,897 | RUB | 700,000 | Barclays Bank plc | 6/19/2013 | 39 | |||||||||
USD | 7,614 | RUB | 240,000 | UBS AG | 6/19/2013 | 121 | |||||||||
SEK | 80,000 | USD | 12,015 | Deutsche Bank | 6/19/2013 | 59 | |||||||||
USD | 12,022 | SEK | 80,000 | Deutsche Bank | 6/19/2013 | (52 | ) | ||||||||
USD | 9,261 | SEK | 58,876 | Deutsche Bank | 6/19/2013 | 375 | |||||||||
USD | 27,416 | SEK | 180,000 | Westpac Group | 6/19/2013 | 249 | |||||||||
SGD | 20,000 | USD | 15,794 | HSBC Holdings plc | 6/19/2013 | 30 | |||||||||
SGD | 2,000 | USD | 1,620 | HSBC Holdings plc | 6/19/2013 | (37 | ) | ||||||||
SGD | 40,000 | USD | 32,460 | Westpac Group | 6/19/2013 | (813 | ) | ||||||||
USD | 56,194 | SGD | 70,000 | HSBC Holdings plc | 6/19/2013 | 812 | |||||||||
USD | 23,674 | SGD | 30,000 | HSBC Holdings plc | 6/19/2013 | (62 | ) | ||||||||
THB | 2,196,600 | USD | 75,693 | Westpac Group | 6/19/2013 | (3,197 | ) | ||||||||
THB | 830,000 | USD | 27,478 | Westpac Group | 6/19/2013 | (85 | ) | ||||||||
USD | 74,169 | THB | 2,200,000 | Westpac Group | 6/19/2013 | 1,561 | |||||||||
USD | 23,112 | THB | 690,000 | Westpac Group | 6/19/2013 | 340 | |||||||||
USD | 21,701 | THB | 650,000 | Westpac Group | 6/19/2013 | 249 | |||||||||
TRY | 20,000 | USD | 11,147 | Barclays Bank plc | 6/19/2013 | (489 | ) | ||||||||
TRY | 100,000 | USD | 55,575 | Deutsche Bank | 6/19/2013 | (2,284 | ) | ||||||||
TRY | 70,000 | USD | 37,895 | Deutsche Bank | 6/19/2013 | (592 | ) | ||||||||
TRY | 40,000 | USD | 21,420 | Deutsche Bank | 6/19/2013 | (103 | ) | ||||||||
USD | 38,333 | TRY | 70,000 | Deutsche Bank | 6/19/2013 | 1,030 | |||||||||
USD | 16,634 | TRY | 30,000 | Deutsche Bank | 6/19/2013 | 646 | |||||||||
USD | 10,848 | TRY | 20,000 | Deutsche Bank | 6/19/2013 | 190 | |||||||||
USD | 81,279 | TRY | 150,000 | HSBC Holdings plc | 6/19/2013 | 1,343 | |||||||||
TWD | 540,000 | USD | 18,163 | Barclays Bank plc | 6/19/2013 | (136 | ) | ||||||||
TWD | 1,840,000 | USD | 61,422 | HSBC Holdings plc | 6/19/2013 | 5 | |||||||||
TWD | 340,000 | USD | 11,494 | HSBC Holdings plc | 6/19/2013 | (144 | ) | ||||||||
USD | 62,004 | TWD | 1,860,000 | HSBC Holdings plc | 6/19/2013 | (91 | ) | ||||||||
USD | 29,607 | TWD | 882,700 | HSBC Holdings plc | 6/19/2013 | 138 | |||||||||
USD | 15,145 | ZAR | 140,000 | Barclays Bank plc | 6/19/2013 | 1,261 | |||||||||
USD | 16,679 | ZAR | 160,000 | Deutsche Bank | 6/19/2013 | 812 | |||||||||
USD | 15,590 | ZAR | 150,000 | Deutsche Bank | 6/19/2013 | 714 | |||||||||
USD | 10,755 | ZAR | 100,000 | Deutsche Bank | 6/19/2013 | 838 | |||||||||
ZAR | 240,000 | USD | 26,107 | Deutsche Bank | 6/19/2013 | (2,306 | ) | ||||||||
ZAR | 230,000 | USD | 23,313 | Deutsche Bank | 6/19/2013 | (503 | ) | ||||||||
$(8,132 | ) |
Notes to Schedule of Investments
AUD = Australian Dollar
BRL = Brazilian Real
CAD = Canadian Dollar
CHF = Swiss Franc
CLP = Chilean Peso
CNY = Chinese Yuan
COP = Colombian Peso
CZK = Czech Koruna
EUR = Euro
GBP = British Pound
HUF = Hungarian Forint
IDR = Indonesian Rupiah
ILS = Israeli Shekel
INR = Indian Rupee
JPY = Japanese Yen
KRW = South Korea Won
MXN = Mexican Peso
MYR = Malaysian Ringgit
NOK = Norwegian Krone
NZD = New Zealand Dollar
PEN = Peruvian Nuevo Sol
PHP = Philippine Peso
PLN = Polish Zloty
RUB = Russian Rouble
SEK = Swedish Krona
SGD = Singapore Dollar
THB = Thai Baht
TRY = Turkish Lira
TWD = Taiwanese Dollar
USD = United States Dollar
ZAR = South African Rand
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors. |
(2) | Non-income producing. |
See Notes to Financial Statements.
Statement of Assets and Liabilities |
MAY 31, 2013 (UNAUDITED) | |||
Assets | |||
Investment securities – affiliated, at value (cost of $52,369,923) | $54,790,641 | ||
Investment securities – unaffiliated, at value (cost of $13,209,049) | 12,435,351 | ||
Total investment securities, at value (cost of $65,578,972) | 67,225,992 | ||
Cash | 30,980 | ||
Receivable for capital shares sold | 52,681 | ||
Unrealized gain on forward foreign currency exchange contracts | 45,034 | ||
Dividends and interest receivable | 33,103 | ||
67,387,790 | |||
Liabilities | |||
Payable for investments purchased | 43,930 | ||
Payable for capital shares redeemed | 35,442 | ||
Unrealized loss on forward foreign currency exchange contracts | 53,166 | ||
Accrued management fees | 23,517 | ||
Distribution and service fees payable | 15,777 | ||
171,832 | |||
Net Assets | $67,215,958 | ||
Net Assets Consist of: | |||
Capital (par value and paid-in surplus) | $65,469,476 | ||
Undistributed net investment income | 95,816 | ||
Undistributed net realized gain | 11,778 | ||
Net unrealized appreciation | 1,638,888 | ||
$67,215,958 |
Net assets | Shares outstanding | Net asset value per share | |
Investor Class, $0.01 Par Value | $29,331,098 | 2,710,747 | $10.82 |
Institutional Class, $0.01 Par Value | $4,450,764 | 410,529 | $10.84 |
A Class, $0.01 Par Value | $19,841,798 | 1,838,840 | $10.79* |
C Class, $0.01 Par Value | $13,347,354 | 1,246,568 | $10.71 |
R Class, $0.01 Par Value | $244,944 | 22,758 | $10.76 |
*Maximum offering price $11.45 (net asset value divided by 0.9425). |
See Notes to Financial Statements.
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) | ||||
Investment Income (Loss) | ||||
Income: | ||||
Dividends (including $832,003 from affiliates) | $832,003 | |||
Interest | 1,505 | |||
833,508 | ||||
Expenses: | ||||
Management fees | 435,557 | |||
Distribution and service fees: | ||||
A Class | 30,852 | |||
C Class | 47,448 | |||
R Class | 1,107 | |||
Directors’ fees and expenses | 1,907 | |||
Other expenses | 85 | |||
516,956 | ||||
Fees waived | (320,960 | ) | ||
195,996 | ||||
Net investment income (loss) | 637,512 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including $81,461 from affiliates) | (21,921 | ) | ||
Foreign currency transactions | 12,980 | |||
Capital gain distributions received from affiliated funds | 51,005 | |||
42,064 | ||||
Change in net unrealized appreciation (depreciation) on: | ||||
Investments | 919,877 | |||
Translation of assets and liabilities in foreign currencies | (10,598 | ) | ||
909,279 | ||||
Net realized and unrealized gain (loss) | 951,343 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $1,588,855 |
See Notes to Financial Statements.
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) AND PERIOD ENDED NOVEMBER 30, 2012 | ||||||
Increase (Decrease) in Net Assets | May 31, 2013 | November 30, 2012(1) | ||||
Operations | ||||||
Net investment income (loss) | $ 637,512 | $ 43,694 | ||||
Net realized gain (loss) | 42,064 | (28,621 | ) | |||
Change in net unrealized appreciation (depreciation) | 909,279 | 729,609 | ||||
Net increase (decrease) in net assets resulting from operations | 1,588,855 | 744,682 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (205,006 | ) | — | |||
Institutional Class | (36,193 | ) | — | |||
A Class | (283,172 | ) | — | |||
C Class | (59,108 | ) | — | |||
R Class | (6,223 | ) | — | |||
Decrease in net assets from distributions | (589,702 | ) | — | |||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions | 30,190,043 | 35,282,080 | ||||
Net increase (decrease) in net assets | 31,189,196 | 36,026,762 | ||||
Net Assets | ||||||
Beginning of period | 36,026,762 | — | ||||
End of period | $67,215,958 | $36,026,762 | ||||
Undistributed net investment income | $95,816 | $48,006 |
(1) | January 31, 2012 (fund inception) through November 30, 2012. |
See Notes to Financial Statements.
Notes to Financial Statements |
MAY 31, 2013 (UNAUDITED)
1. Organization
American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Global Allocation Fund (the fund) is one fund in a series issued by the corporation. The fund may invest in other American Century Investments funds (affiliated funds), unaffiliated funds such as exchange-traded funds (ETFs), securities and other financial instruments in such varying combinations as permitted under the 1940 Act or any regulations or exemptive relief thereunder. The fund may invest up to 100% of its assets in affiliated and unaffiliated funds (underlying funds). The fund is diversified as defined under the 1940 Act. The fund will assume the risks associated with the underlying funds. The fund’s investment objective is to seek total return (capital appreciation plus dividend and interest income).
The fund offers the Investor Class, the Institutional Class, the A Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee. All classes of the fund commenced sale on January 31, 2012, the fund’s inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are typically valued at the closing price on the exchange where primarily traded or as of the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices is used. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. In its determination of fair value, the fund may review several factors including: market information specific to a security; news developments in U.S. and foreign markets; the performance of particular U.S. and foreign securities, indices, comparable securities, American Depositary Receipts, Exchange-Traded Funds, and other relevant market indicators.
Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost. Forward foreign currency exchange contracts are valued at the mean of the latest bid and asked prices of the forward currency rates as provided by an independent pricing service.
The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.
If the fund determines that the market price for a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income and short-term capital gain distributions are recorded on the ex-dividend date as dividend income. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Expenses — The expenses included in the accompanying financial statements reflect the expenses of the fund and do not include any expenses associated with the underlying funds.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.
Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain forward foreign currency exchange contracts. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund’s tax returns are subject to examination by
the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The annual management fee is 1.36% for the Investor Class, A Class, C Class and R Class and 1.16% for the Institutional Class. However, the investment advisor will waive the portion of the fund’s management fee equal to the expenses attributable to the management fees of the American Century Investments funds in which the fund invests. The amount of this waiver will fluctuate depending on the fund’s daily allocations to other American Century Investments funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Directors. From December 1, 2012 through March 31, 2013, the investment advisor agreed to waive an additional 0.31% of the fund’s management fee. Effective April 1, 2013, the investment advisor reduced the amount of this additional waiver from 0.31% to 0.25% of the fund’s management fee. This waiver is expected to continue until March 31, 2014 and cannot be terminated without the approval of the Board of Directors. The total amount of the waivers will not exceed the fund’s management fee. The total amount of the waiver for each class for the six months ended May 31, 2013 was $125,142, $24,155, $122,666, $46,782 and $2,215 for the Investor Class, Institutional Class, A Class, C Class and R Class, respectively. The effective annual management fee after waiver for each class for the six months ended May 31, 2013 was 0.37% for the Investor Class, A Class, C Class and R Class and 0.17% for the Institutional Class.
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual
shareholder services. Fees incurred under the plans during the six months ended May 31, 2013 are detailed in the Statement of Operations.
Acquired Fund Fees and Expenses — The fund may invest in mutual funds, exchange-traded funds, and business development companies (the acquired funds). The fund will indirectly realize its pro rata share of the fees and expenses of the acquired funds in which it invests. These indirect fees and expenses are not paid out of the fund’s assets but are reflected in the return realized by the fund on its investment in the acquired funds.
Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, ACIS, and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC. The directors of the corporation are also directors of some underlying funds and therefore those underlying funds may be deemed to be under common control with the corporation. The officers of the corporation are also officers of all the affiliated funds. ACIM serves as the investment advisor for the affiliated funds.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the six months ended May 31, 2013 were $42,268,716 and $13,950,015, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2013 | Period ended November 30, 2012(1) | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Investor Class/Shares Authorized | 50,000,000 | 200,000,000 | ||||||||||
Sold | 2,515,497 | $ 27,038,016 | 934,169 | $ 9,678,664 | ||||||||
Issued in reinvestment of distributions | 16,600 | 176,366 | — | — | ||||||||
Redeemed | (719,962 | ) | (7,794,706 | ) | (35,557 | ) | (366,383 | ) | ||||
1,812,135 | 19,419,676 | 898,612 | 9,312,281 | |||||||||
Institutional Class/Shares Authorized | 10,000,000 | 50,000,000 | ||||||||||
Sold | 391,113 | 4,163,383 | 177,705 | 1,798,241 | ||||||||
Issued in reinvestment of distributions | 3,405 | 36,193 | — | — | ||||||||
Redeemed | (161,597 | ) | (1,740,124 | ) | (97 | ) | (1,000 | ) | ||||
232,921 | 2,459,452 | 177,608 | 1,797,241 | |||||||||
A Class/Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Sold | 1,252,747 | 13,431,130 | 1,873,777 | 19,563,657 | ||||||||
Issued in reinvestment of distributions | 25,146 | 266,721 | — | — | ||||||||
Redeemed | (1,257,449 | ) | (13,642,777 | ) | (55,381 | ) | (570,407 | ) | ||||
20,444 | 55,074 | 1,818,396 | 18,993,250 | |||||||||
C Class/Shares Authorized | 10,000,000 | 50,000,000 | ||||||||||
Sold | 872,331 | 9,346,533 | 448,512 | 4,687,150 | ||||||||
Issued in reinvestment of distributions | 5,068 | 53,483 | — | — | ||||||||
Redeemed | (78,591 | ) | (850,398 | ) | (752 | ) | (7,842 | ) | ||||
798,808 | 8,549,618 | 447,760 | 4,679,308 | |||||||||
R Class/Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Sold | — | — | 50,000 | 500,000 | ||||||||
Issued in reinvestment of distributions | 587 | 6,223 | — | — | ||||||||
Redeemed | (27,829 | ) | (300,000 | ) | — | — | ||||||
(27,242 | ) | (293,777 | ) | 50,000 | 500,000 | |||||||
Net increase (decrease) | 2,837,066 | $ 30,190,043 | 3,392,376 | $35,282,080 |
(1) | January 31, 2012 (fund inception) through November 30, 2012. |
6. Affiliated Company Transactions
Certain investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors. A summary of transactions for each affiliated fund for the six months ended May 31, 2013 follows:
November 30, 2012 | May 31, 2013 | ||||||||||||||||||||
Affiliated Fund | Share | Purchase Cost | Sales | Realized | Dividend Income(1) | Share Balance | Market | ||||||||||||||
Emerging Markets Fund Institutional Class | 235,144 | $ 2,327,917 | $ 759,925 | $ (7,558 | ) | $ 21,699 | 412,217 | $ 3,676,978 | |||||||||||||
Global Gold Fund Institutional Class | 46,544 | 1,774,218 | 513,870 | (199,316 | ) | 16,453 | 147,568 | 1,733,922 | |||||||||||||
Global Real Estate Fund Institutional Class | 364,971 | 4,862,535 | 2,118,968 | 104,574 | 250,099 | 621,501 | 6,967,031 | ||||||||||||||
International Growth Fund Institutional Class | 590,287 | 7,733,950 | 3,184,771 | 116,022 | 186,327 | 987,355 | 12,065,474 | ||||||||||||||
Core Equity Plus Fund Institutional Class | 188,396 | 2,586,230 | 1,062,996 | 70,234 | 70,356 | 321,186 | 4,188,266 | ||||||||||||||
Heritage Fund Institutional Class | 19,263 | 535,289 | 204,629 | 8,137 | 11,149 | 33,629 | 865,599 | ||||||||||||||
Large Company Value Fund Institutional Class | 128,584 | 956,593 | 395,754 | 26,582 | 13,140 | 216,260 | 1,583,026 | ||||||||||||||
Mid Cap Value Fund Institutional Class | 34,299 | 541,456 | 228,671 | 16,897 | 17,315 | 57,891 | 871,260 | ||||||||||||||
Select Fund Institutional Class | 33,960 | 1,796,059 | 634,459 | 16,418 | 13,981 | 60,191 | 2,943,319 | ||||||||||||||
Small Company Fund Institutional Class | 105,218 | 1,056,947 | 494,224 | 45,262 | 8,666 | 169,057 | 1,766,643 | ||||||||||||||
Diversified Bond Fund Institutional Class | 252,723 | 3,696,937 | 1,024,921 | (18,346 | ) | 87,877 | 494,120 | 5,410,612 | |||||||||||||
High-Yield Fund Institutional Class | 346,859 | 2,655,544 | 800,916 | 2,003 | 139,891 | 643,995 | 4,063,608 | ||||||||||||||
International Bond Fund Institutional Class | 315,865 | 6,257,300 | 1,735,133 | (99,448 | ) | 46,055 | 632,668 | 8,654,903 | |||||||||||||
$36,780,975 | $13,159,237 | $ 81,461 | $883,008 | $54,790,641 |
(1) | Dividend income includes distributions from net investment income and from capital gains, if any. |
7. Investments in Underlying Funds
The fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of the underlying funds’ net assets.
8. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities; |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||
Investment Securities | |||||||||
Mutual Funds | $54,790,641 | — | — | ||||||
Exchange-Traded Funds | 8,194,531 | — | — | ||||||
Temporary Cash Investments | — | $4,240,820 | — | ||||||
Total Value of Investment Securities | $62,985,172 | $4,240,820 | — | ||||||
Other Financial Instruments | |||||||||
Total Unrealized Gain (Loss) on Forward | — | $(8,132 | ) | — |
9. Derivative Instruments
Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund’s exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund regularly utilized foreign currency risk derivative instruments throughout the reporting period, though the amounts held at period end as disclosed on the Schedule of Investments were higher than the fund’s typical volume during the period.
The value of foreign currency risk derivative instruments as of May 31, 2013, is disclosed on the Statement of Assets and Liabilities as an asset of $45,034 in unrealized gain on forward foreign currency exchange contracts and a liability of $53,166 in unrealized loss on forward foreign currency exchange contracts. For the six months ended May 31, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $12,980 in net realized gain (loss) on foreign currency transactions and $(10,598) in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.
10. Risk Factors
There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets may accentuate these risks.
There are certain risks involved with investing in forward foreign currency exchange contracts. Changes in the value of foreign currencies against the U.S. dollar could result in gains or losses to the fund. The value of a share of the fund is determined in U.S. dollars. As a result, the fund could recognize a gain or loss based solely upon a change in the exchange rate between the foreign currency and the U.S. dollar. Changes in exchange rates may increase losses and lower gains from the fund’s investments. The overall impact on the fund may be significant depending on the currencies represented in the portfolio and how each one appreciates or depreciates in relation to the U.S. dollar. Currency trends are unpredictable and exchange rates in foreign currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or Supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.
The fund’s commodity-related investments may be subject to greater volatility than investments in traditional securities. The value of the fund’s commodity-related investments may be affected by changes in overall market movements, interest rate changes, and volatility in commodity-related indices. The value of these investments may also be affected by factors affecting a particular commodity, such as weather, disease, embargoes, tariffs, taxes and economic, political and regulatory developments.
The fund may be subject to certain risks similar to those associated with direct investment in real estate including but not limited to: local or regional economic conditions, changes in zoning laws, changes in property values, property tax increases, overbuilding, increased competition, environmental contamination, natural disasters, and interest rate risk.
The fund is subject to short sales risk. If the market price of a security increases after the fund borrows the security, the fund may suffer a loss when it replaces the borrowed security at the higher price. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security.
The fund may invest in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
11. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of May 31, 2013, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $65,971,095 | ||
Gross tax appreciation of investments | $ 3,192,420 | ||
Gross tax depreciation of investments | (1,937,523 | ) | |
Net tax appreciation (depreciation) of investments | $ 1,254,897 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of November 30, 2012, the fund had accumulated short-term capital losses of $(19,200), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, | Total | Operating Expenses(3) | Operating Expenses (before expense waiver)(3) | Net | Net | Portfolio Turnover | Net Assets, | |
Investor Class | |||||||||||||
2013(4) | $10.65 | 0.10 | 0.21 | 0.31 | (0.14) | $10.82 | 3.04% | 0.38%(5) | 1.37%(5) | 2.19%(5) | 1.20%(5) | 23% | $29,331 |
2012(6) | $10.00 | 0.06 | 0.59 | 0.65 | — | $10.65 | 6.40% | 0.35%(5) | 1.37%(5) | 0.69%(5) | (0.33)%(5) | 19% | $9,566 |
Institutional Class | |||||||||||||
2013(4) | $10.66 | 0.10 | 0.23 | 0.33 | (0.15) | $10.84 | 3.10% | 0.18%(5) | 1.17%(5) | 2.39%(5) | 1.40%(5) | 23% | $4,451 |
2012(6) | $10.00 | 0.08 | 0.58 | 0.66 | — | $10.66 | 6.60% | 0.15%(5) | 1.17%(5) | 0.89%(5) | (0.13)%(5) | 19% | $1,894 |
A Class | |||||||||||||
2013(4) | $10.62 | 0.13 | 0.17 | 0.30 | (0.13) | $10.79 | 2.87% | 0.63%(5) | 1.62%(5) | 1.94%(5) | 0.95%(5) | 23% | $19,842 |
2012(6) | $10.00 | 0.03 | 0.59 | 0.62 | — | $10.62 | 6.20% | 0.60%(5) | 1.62%(5) | 0.44%(5) | (0.58)%(5) | 19% | $19,311 |
C Class | |||||||||||||
2013(4) | $10.55 | 0.05 | 0.22 | 0.27 | (0.11) | $10.71 | 2.56% | 1.38%(5) | 2.37%(5) | 1.19%(5) | 0.20%(5) | 23% | $13,347 |
2012(6) | $10.00 | (0.04) | 0.59 | 0.55 | — | $10.55 | 5.50% | 1.35%(5) | 2.37%(5) | (0.31)%(5) | (1.33)%(5) | 19% | $4,726 |
R Class | |||||||||||||
2013(4) | $10.60 | 0.17 | 0.11 | 0.28 | (0.12) | $10.76 | 2.70% | 0.88%(5) | 1.87%(5) | 1.69%(5) | 0.70%(5) | 23% | $245 |
2012(6) | $10.00 | 0.03 | 0.57 | 0.60 | — | $10.60 | 6.00% | 0.85%(5) | 1.87%(5) | 0.19%(5) | (0.83)%(5) | 19% | $530 |
Notes to Financial Highlights
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds. |
(4) | Six months ended May 31, 2013 (unaudited). |
(5) | Annualized. |
(6) | January 31, 2012 (fund inception) through November 30, 2012. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain IRAs are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
Distributions you receive from 403(b), 457 and qualified plans are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Guidelines
American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
Notes |
Notes |
Contact Us | americancentury.com |
Automated Information Line | 1-800-345-8765 |
Investor Services Representative | 1-800-345-2021 |
Investors Using Advisors | 1-800-378-9878 |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
Telecommunications Device for the Deaf | 1-800-634-4113 |
American Century Strategic Asset Allocations, Inc.
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2013 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-78947 1307
SEMIANNUAL REPORT MAY 31, 2013
Strategic Allocation: Aggressive Fund
Table of Contents |
President’s Letter | 2 |
Independent Chairman’s Letter | 3 |
Performance | 4 |
Fund Characteristics | 5 |
Shareholder Fee Example | 6 |
Schedule of Investments | 8 |
Statement of Assets and Liabilities | 47 |
Statement of Operations | 48 |
Statement of Changes in Net Assets | 49 |
Notes to Financial Statements | 50 |
Financial Highlights | 57 |
Additional Information | 60 |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing our semiannual report for the six months ended May 31, 2013. This report offers a macroeconomic and financial market overview of the period (below), followed by fund performance, a schedule of fund investments, and other financial information.
For additional, updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. Also, the next annual report will provide additional perspective from our portfolio management team.
“Risk-On” Rally Since November Elections, Further Aggressive Monetary Intervention
During the six-month period ended May 31, 2013, the U.S. capital markets benefited from improved investor confidence after uncertainties relating to the U.S. presidential election and federal fiscal policy deadlines were largely resolved. In addition, continued aggressive monetary intervention by central banks encouraged investors world-wide to take more risk and reach for yield, boosting the performance of stocks and high-yield bonds over government bonds.
In this environment, U.S. small-cap, mid-cap, and value stock indices achieved performance leadership for the reporting period, outpacing the S&P 500 Index’s 16.43% return. Broad non-U.S. equity index returns were also generally favorable in dollar terms, but not quite as strong as the U.S. indices—the MSCI EAFE Index advanced 11.39%.
In the global bond markets, rising interest rates and improvements in the relative value of the U.S. dollar in currency exchanges had a generally negative impact on unhedged non-U.S. fixed income returns. In the U.S. bond market, high-yield corporate bond indices achieved performance leadership while Treasury securities and benchmarks lagged. For example, the 10-year U.S. Treasury note returned –3.36%, according to Barclays, as its yield rose over half a percentage point, from 1.62% to 2.13%.
Under the influence of aggressive monetary intervention, the U.S. and global economies are showing signs of improvement this year, but we still expect the U.S. recovery to be subpar, hampered by high unemployment and lingering fiscal and overseas concerns. Under these conditions, we continue to believe in a disciplined, diversified, long-term investment approach, using professionally managed stock and bond portfolios for meeting financial goals. We appreciate your continued trust in us in this challenging environment.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
Independent Chairman’s Letter |
Don Pratt
Dear Fellow Shareholders,
In 2012, identity theft impacted 12.6 million Americans and roughly 16.5% or 2.1 million of those attacks took place in retirement or investment accounts. At a recent meeting, the board discussed the programs in place at American Century Investments to help protect shareholder accounts from identity theft and similar threats. As a part of that effort, American Century Investments’ personnel investigate possible identity theft events on an almost daily basis. In order to protect financial accounts from theft, there are several steps that every investor should take.
If you travel, take steps to ensure your mail is secure. Request a vacation hold or ask a trusted relative or friend to collect mail for you. If you are expecting financial paperwork, be mindful of when it is to arrive or have it delivered to a place other than your home. Consider using a post office box as a secure alternative.
When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.
Be creative with electronic passwords and keep them private. For example, think of a phrase and use the first letter of each word as your password or substitute numbers for similarly appearing letters (4 for A, 8 for G, etc.).
Finally, be alert to impersonators. Do not give personal information over the phone unless you initiated the contact. If you receive an email asking you for information regarding an account, do not respond to the email or click any links. Rather, contact the company through their official website or call the customer service number listed on your account statement.
These few precautions could prevent a major identity theft problem. If you would like to know more about protecting your American Century Investments accounts, please visit our website at www.americancentury.com/security/protect_yourself_online.jsp.
If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.
Best regards,
Don Pratt
Performance |
Total Returns as of May 31, 2013 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | TWSAX | 10.47% | 19.84% | 3.88% | 8.11% | 7.55% | 2/15/96 |
S&P 500 Index | — | 16.43% | 27.28% | 5.42% | 7.57% | 7.52%(2) | — |
Barclays U.S. Aggregate Bond Index | — | -1.05% | 0.92% | 5.50% | 4.66% | 5.96%(2) | — |
Barclays U.S. 1–3 Month Treasury Bill Index | — | 0.04% | 0.08% | 0.26% | 1.64% | 2.80%(2) | — |
Institutional Class | AAAIX | 10.71% | 20.15% | 4.09% | 8.33% | 4.84% | 8/1/00 |
A Class(3) No sales charge* With sales charge* | ACVAX | 10.35% 3.99% | 19.52% 12.64% | 3.59% 2.37% | 7.84% 7.20% | 7.11% 6.73% | 10/2/96 |
B Class No sales charge* With sales charge* | ALLBX | 9.92% 4.92% | 18.66% 14.66% | 2.83% 2.65% | — — | 6.10% 6.10% | 9/30/04 |
C Class No sales charge* With sales charge* | ASTAX | 9.95% 8.95% | 18.70% 18.70% | 2.84% 2.84% | 7.06% 7.06% | 5.47% 5.47% | 11/27/01 |
R Class | AAARX | 10.26% | 19.26% | 3.35% | — | 6.06% | 3/31/05 |
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year to 0.00% after the sixth year. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
(1) | Total returns for periods less than one year are not annualized. |
(2) | Since 2/29/96, the date nearest the Investor Class’s inception for which data are available. |
(3) | Prior to December 3, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge. |
Total Annual Fund Operating Expenses | |||||
Investor Class | Institutional Class | A Class | B Class | C Class | R Class |
1.21% | 1.01% | 1.46% | 2.21% | 2.21% | 1.71% |
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.
Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. As interest rates rise, bond values will decline. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.
Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.
Fund Characteristics |
MAY 31, 2013 | |
Top Ten Common Stocks | % of net assets |
Apple, Inc. | 1.4% |
Exxon Mobil Corp. | 1.0% |
Microsoft Corp. | 0.9% |
Google, Inc. Class A | 0.7% |
Johnson & Johnson | 0.7% |
Samsung Electronics Co. Ltd. | 0.6% |
Oracle Corp. | 0.6% |
Cisco Systems, Inc. | 0.6% |
Comcast Corp., Class A | 0.5% |
Pfizer, Inc. | 0.5% |
Geographic Composition of Common Stocks | % of net assets |
United States | 58.2% |
United Kingdom | 2.6% |
Japan | 2.2% |
France | 1.5% |
Other Countries | 13.3% |
Key Fixed-Income Portfolio Statistics | |
Weighted Average Life | 6.3 years |
Average Duration (effective) | 4.8 years |
Types of Investments in Portfolio | % of net assets |
Domestic Common Stocks | 58.2% |
Foreign Common Stocks | 19.6% |
Corporate Bonds | 7.9% |
U.S. Treasury Securities | 6.6% |
U.S. Government Agency Mortgage-Backed Securities | 3.0% |
Municipal Securities | 0.6% |
Commercial Mortgage-Backed Securities | 0.6% |
Commercial Paper | 0.5% |
Collateralized Mortgage Obligations | 0.5% |
Exchange-Traded Funds | 0.4% |
Sovereign Governments and Agencies | 0.2% |
U.S. Government Agency Securities | —* |
Asset-Backed Securities | —* |
Preferred Stocks | —* |
Convertible Preferred Stocks | —* |
Temporary Cash Investments | 1.8% |
Other Assets and Liabilities | 0.1% |
*Category is less than 0.05% of total net assets. |
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2012 to May 31, 2013.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning 12/1/12 | Ending 5/31/13 | Expenses Paid During Period(1) 12/1/12 – 5/31/13 | Annualized | |
Actual | ||||
Investor Class | $1,000 | $1,104.70 | $6.30 | 1.20% |
Institutional Class | $1,000 | $1,107.10 | $5.25 | 1.00% |
A Class | $1,000 | $1,103.50 | $7.60 | 1.45% |
B Class | $1,000 | $1,099.20 | $11.51 | 2.20% |
C Class | $1,000 | $1,099.50 | $11.52 | 2.20% |
R Class | $1,000 | $1,102.60 | $8.91 | 1.70% |
Hypothetical | ||||
Investor Class | $1,000 | $1,018.95 | $6.04 | 1.20% |
Institutional Class | $1,000 | $1,019.95 | $5.04 | 1.00% |
A Class | $1,000 | $1,017.70 | $7.29 | 1.45% |
B Class | $1,000 | $1,013.96 | $11.05 | 2.20% |
C Class | $1,000 | $1,013.96 | $11.05 | 2.20% |
R Class | $1,000 | $1,016.46 | $8.55 | 1.70% |
(1) | Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
Schedule of Investments |
MAY 31, 2013 (UNAUDITED)
Shares/ Principal Amount | Value | |
Common Stocks — 77.8% | ||
AEROSPACE AND DEFENSE — 2.4% | ||
AAR Corp. | 1,185 | $ 23,771 |
Aerovironment, Inc.(1) | 1,628 | 32,674 |
American Science & Engineering, Inc. | 1,837 | 110,293 |
B/E Aerospace, Inc.(1) | 17,554 | 1,113,626 |
Boeing Co. (The) | 26,495 | 2,623,535 |
Erickson Air-Crane, Inc.(1) | 1,313 | 32,654 |
European Aeronautic Defence and Space Co. NV | 30,079 | 1,712,435 |
General Dynamics Corp. | 28,209 | 2,174,914 |
Honeywell International, Inc. | 63,461 | 4,979,150 |
KEYW Holding Corp. (The)(1) | 2,992 | 44,132 |
Moog, Inc., Class A(1) | 344 | 17,224 |
Northrop Grumman Corp. | 31,231 | 2,573,122 |
Orbital Sciences Corp.(1) | 767 | 13,944 |
Precision Castparts Corp. | 9,356 | 2,001,436 |
Raytheon Co. | 21,285 | 1,418,432 |
Rolls-Royce Holdings plc | 67,524 | 1,221,235 |
Rolls-Royce Holdings plc Preference Shares(1) | 8,035,356 | 12,209 |
Teledyne Technologies, Inc.(1) | 212 | 16,371 |
Textron, Inc. | 50,693 | 1,366,683 |
TransDigm Group, Inc. | 10,220 | 1,493,142 |
Triumph Group, Inc. | 1,625 | 126,181 |
United Technologies Corp. | 24,185 | 2,295,157 |
25,402,320 | ||
AIR FREIGHT AND LOGISTICS — 0.3% | ||
United Parcel Service, Inc., Class B | 30,270 | 2,600,193 |
UTi Worldwide, Inc. | 1,264 | 20,009 |
2,620,202 | ||
AIRLINES — 0.3% | ||
Alaska Air Group, Inc.(1) | 7,785 | 442,344 |
Copa Holdings SA Class A | 4,977 | 653,580 |
JetBlue Airways Corp.(1) | 2,212 | 13,736 |
Pegasus Hava Tasimaciligi AS(1) | 35,856 | 401,166 |
Ryanair Holdings plc ADR | 25,359 | 1,238,534 |
Southwest Airlines Co. | 46,054 | 652,585 |
3,401,945 | ||
AUTO COMPONENTS — 0.6% | ||
American Axle & Manufacturing Holdings, Inc.(1) | 7,099 | 126,291 |
Autoliv, Inc. | 5,413 | 424,704 |
BorgWarner, Inc.(1) | 21,374 | 1,732,790 |
Continental AG | 5,607 | 739,673 |
Cooper Tire & Rubber Co. | 11,785 | 304,524 |
Dana Holding Corp. | 1,927 | 36,459 |
Delphi Automotive plc | 40,454 | 1,974,560 |
Superior Industries International, Inc. | 456 | 8,304 |
Xinyi Glass Holdings Ltd. | 910,000 | 783,098 |
6,130,403 | ||
AUTOMOBILES — 1.1% | ||
Brilliance China Automotive Holdings Ltd.(1) | 384,000 | 436,772 |
Daimler AG | 10,310 | 661,073 |
Ford Motor Co. | 74,190 | 1,163,299 |
Fuji Heavy Industries Ltd. | 53,000 | 1,190,224 |
Harley-Davidson, Inc. | 48,772 | 2,660,025 |
Tata Motors Ltd. | 146,098 | 803,991 |
Tata Motors Ltd. ADR | 22,524 | 617,833 |
Tesla Motors, Inc.(1) | 4,214 | 411,961 |
Thor Industries, Inc. | 4,281 | 182,841 |
Tofas Turk Otomobil Fabrikasi | 51,154 | 383,119 |
Toyota Motor Corp. | 45,600 | 2,689,830 |
Winnebago Industries, Inc.(1) | 2,316 | 48,080 |
11,249,048 | ||
BEVERAGES — 1.5% | ||
Anheuser-Busch InBev NV | 15,798 | 1,456,256 |
Beam, Inc. | 17,054 | 1,105,781 |
Boston Beer Co., Inc., Class A(1) | 150 | 22,926 |
Brown-Forman Corp., Class B | 6,420 | 441,824 |
Cia de Bebidas das Americas Preference Shares ADR | 8,489 | 323,176 |
Coca-Cola Co. (The) | 99,311 | 3,971,447 |
Constellation Brands, Inc., Class A(1) | 16,860 | 893,749 |
Dr Pepper Snapple Group, Inc. | 9,944 | 457,225 |
Fomento Economico Mexicano SAB de CV ADR | 4,288 | 465,634 |
Monster Beverage Corp.(1) | 9,861 | 538,312 |
PepsiCo, Inc. | 48,001 | 3,877,041 |
Pernod-Ricard SA | 6,538 | 785,123 |
Thai Beverage PCL | 1,027,000 | 530,068 |
Treasury Wine Estates Ltd. | 116,617 | 673,978 |
15,542,540 |
Shares/ Principal Amount | Value | |
BIOTECHNOLOGY — 1.6% | ||
Acorda Therapeutics, Inc.(1) | 1,016 | $ 33,985 |
Aegerion Pharmaceuticals, Inc.(1) | 699 | 50,908 |
Alexion Pharmaceuticals, Inc.(1) | 29,897 | 2,916,153 |
Alkermes plc(1) | 2,673 | 83,531 |
Alnylam Pharmaceuticals, Inc.(1) | 1,154 | 35,347 |
Amgen, Inc. | 40,821 | 4,103,735 |
Arena Pharmaceuticals, Inc.(1) | 4,482 | 39,621 |
Celgene Corp.(1) | 5,131 | 634,448 |
Cepheid, Inc.(1) | 1,470 | 51,097 |
CSL Ltd. | 13,232 | 750,117 |
Cubist Pharmaceuticals, Inc.(1) | 1,403 | 77,095 |
Dendreon Corp.(1) | 4,011 | 16,044 |
Exact Sciences Corp.(1) | 1,688 | 18,973 |
Exelixis, Inc.(1) | 4,745 | 22,966 |
Gilead Sciences, Inc.(1) | 45,506 | 2,479,167 |
Grifols SA(1) | 46,244 | 1,692,291 |
Halozyme Therapeutics, Inc.(1) | 2,351 | 16,622 |
ImmunoGen, Inc.(1) | 1,684 | 30,935 |
Infinity Pharmaceuticals, Inc.(1) | 639 | 17,221 |
Ironwood Pharmaceuticals, Inc.(1) | 1,861 | 24,844 |
Isis Pharmaceuticals, Inc.(1) | 2,549 | 55,186 |
Keryx Biopharmaceuticals, Inc.(1) | 1,849 | 14,811 |
Neurocrine Biosciences, Inc.(1) | 1,909 | 24,683 |
Onyx Pharmaceuticals, Inc.(1) | 5,830 | 556,474 |
Opko Health, Inc.(1) | 3,429 | 22,666 |
PDL BioPharma, Inc. | 2,870 | 23,678 |
Pharmacyclics, Inc.(1) | 1,121 | 102,728 |
Regeneron Pharmaceuticals, Inc.(1) | 10,386 | 2,512,062 |
Seattle Genetics, Inc.(1) | 2,051 | 70,390 |
Theravance, Inc.(1) | 1,417 | 49,652 |
United Therapeutics Corp.(1) | 2,971 | 197,482 |
16,724,912 | ||
BUILDING PRODUCTS — 0.5% | ||
American Woodmark Corp.(1) | 1,555 | 56,478 |
AO Smith Corp. | 677 | 26,538 |
Apogee Enterprises, Inc. | 3,284 | 87,617 |
Builders FirstSource, Inc.(1) | 15,412 | 103,877 |
China Liansu Group Holdings Ltd. | 634,000 | 361,024 |
Daikin Industries Ltd. | 24,100 | 1,044,798 |
Fortune Brands Home & Security, Inc. | 42,908 | 1,814,150 |
Lennox International, Inc. | 21,274 | 1,361,323 |
Nortek, Inc.(1) | 150 | 10,598 |
Ply Gem Holdings, Inc.(1) | 285 | 6,584 |
Quanex Building Products Corp. | 1,716 | 31,763 |
4,904,750 | ||
CAPITAL MARKETS — 1.6% | ||
Affiliated Managers Group, Inc.(1) | 16,780 | 2,751,920 |
Ameriprise Financial, Inc. | 10,450 | 851,884 |
Bank of New York Mellon Corp. (The) | 16,440 | 494,186 |
BlackRock, Inc. | 2,520 | 703,584 |
Calamos Asset Management, Inc., Class A | 1,101 | 11,583 |
Charles Schwab Corp. (The) | 20,921 | 415,491 |
Evercore Partners, Inc. Class A | 398 | 15,809 |
Federated Investors, Inc. Class B | 11,390 | 315,161 |
Fifth Street Finance Corp. | 1,995 | 20,948 |
Franklin Resources, Inc. | 9,550 | 1,478,435 |
Goldman Sachs Group, Inc. (The) | 19,055 | 3,088,434 |
Hercules Technology Growth Capital, Inc. | 1,023 | 13,708 |
HFF, Inc., Class A | 2,500 | 47,025 |
Janus Capital Group, Inc. | 29,783 | 261,197 |
KKR & Co. LP | 35,289 | 687,430 |
Manning & Napier, Inc. | 756 | 15,037 |
Morgan Stanley | 11,040 | 285,936 |
Northern Trust Corp. | 22,566 | 1,312,213 |
PennantPark Investment Corp. | 4,181 | 46,576 |
Schroders plc | 34,153 | 1,212,250 |
Solar Capital Ltd. | 1,827 | 42,021 |
State Street Corp. | 3,006 | 198,937 |
Stifel Financial Corp.(1) | 895 | 32,211 |
Triangle Capital Corp. | 2,486 | 70,652 |
UBS AG | 53,898 | 937,448 |
Waddell & Reed Financial, Inc. | 20,841 | 959,520 |
Walter Investment Management Corp.(1) | 1,490 | 54,251 |
16,323,847 |
Shares/ Principal Amount | Value |
CHEMICALS — 2.3% | |||
Agrium, Inc. | 8,126 | $ 750,680 | |
Airgas, Inc. | 7,261 | 747,084 | |
Akzo Nobel NV | 8,899 | 568,163 | |
BASF SE | 8,126 | 794,020 | |
Celanese Corp. | 24,460 | 1,207,101 | |
CF Industries Holdings, Inc. | 3,207 | 612,409 | |
Chemtura Corp.(1) | 895 | 20,522 | |
Christian Hansen Holding A/S | 22,652 | 807,227 | |
Cytec Industries, Inc. | 10,451 | 746,933 | |
E.I. du Pont de Nemours & Co. | 3,630 | 202,518 | |
Eastman Chemical Co. | 27,160 | 1,947,915 | |
Flotek Industries, Inc.(1) | 2,373 | 41,266 | |
FMC Corp. | 22,660 | 1,421,009 | |
H.B. Fuller Co. | 1,645 | 68,383 | |
Hawkins, Inc. | 826 | 32,941 | |
Huntsman Corp. | 23,656 | 460,109 | |
Innophos Holdings, Inc. | 1,270 | 64,237 | |
Intrepid Potash, Inc. | 3,751 | 70,444 | |
Kraton Performance Polymers, Inc.(1) | 1,271 | 26,360 | |
Kronos Worldwide, Inc. | 2,253 | 38,098 | |
LyondellBasell Industries NV, Class A | 30,405 | 2,026,493 | |
Minerals Technologies, Inc. | 582 | 24,793 | |
Monsanto Co. | 43,120 | 4,339,597 | |
NewMarket Corp. | 1,551 | 425,346 | |
OM Group, Inc.(1) | 476 | 13,966 | |
PPG Industries, Inc. | 8,943 | 1,373,734 | |
Sensient Technologies Corp. | 635 | 26,206 | |
Sherwin-Williams Co. (The) | 5,719 | 1,078,203 | |
Shin-Etsu Chemical Co. Ltd. | 14,400 | 905,573 | |
Syngenta AG | 3,841 | 1,507,225 | |
Tronox Ltd. Class A | 5,421 | 125,117 | |
Umicore SA | 9,829 | 466,530 | |
W.R. Grace & Co.(1) | 7,023 | 593,514 | |
Westlake Chemical Corp. | 7,921 | 739,821 | |
24,273,537 | |||
COMMERCIAL BANKS — 3.4% | |||
American National Bankshares, Inc. | 1,713 | 37,155 | |
Banco Bilbao Vizcaya Argentaria SA | 56,136 | 526,295 | |
Bank of Ireland(1) | 3,939,797 | 938,280 | |
Bank of the Ozarks, Inc. | 1,022 | 44,610 | |
BankUnited, Inc. | 5,473 | 134,526 | |
BNP Paribas SA | 18,831 | 1,097,636 | |
BOC Hong Kong Holdings Ltd. | 224,000 | 739,816 | |
BOK Financial Corp. | 309 | 20,116 | |
Boston Private Financial Holdings, Inc. | 2,404 | 23,679 | |
Cathay General Bancorp. | 4,687 | 95,099 | |
Central Pacific Financial Corp.(1) | 1,800 | 33,012 | |
CIT Group, Inc.(1) | 18,087 | 833,449 | |
Comerica, Inc. | 12,811 | 505,906 | |
Commerce Bancshares, Inc. | 17,095 | 743,974 | |
Commonwealth Bank of Australia | 18,753 | 1,187,941 | |
Credicorp Ltd. | 6,383 | 878,429 | |
Cullen/Frost Bankers, Inc. | 5,443 | 350,257 | |
CVB Financial Corp. | 2,071 | 23,754 | |
DNB ASA | 26,138 | 420,905 | |
Erste Group Bank AG | 17,746 | 563,063 | |
F.N.B. Corp. | 826 | 9,499 | |
First Financial Bankshares, Inc. | 1,251 | 68,805 | |
First Horizon National Corp. | 2,353 | 27,012 | |
First Interstate Bancsystem, Inc. | 2,038 | 40,332 | |
First Niagara Financial Group, Inc. | 3,372 | 32,945 | |
FirstMerit Corp. | 2,214 | 41,778 | |
Fulton Financial Corp. | 1,283 | 14,742 | |
Grupo Financiero Banorte SAB de CV | 76,580 | 489,568 | |
HDFC Bank Ltd. | 82,097 | 1,018,091 | |
Heritage Financial Corp. | 2,140 | 29,553 | |
Home Bancshares, Inc. | 2,487 | 104,703 | |
HSBC Holdings plc (Hong Kong) | 151,548 | 1,661,384 | |
ICICI Bank Ltd. ADR | 16,369 | 736,114 | |
Industrial & Commercial Bank of China Ltd. H Shares | 1,181,770 | 826,635 | |
Itau Unibanco Holding SA ADR | 91,962 | 1,383,115 | |
Kasikornbank PCL NVDR | 220,200 | 1,409,654 | |
KeyCorp | 49,867 | 537,566 | |
Lakeland Financial Corp. | 1,575 | 43,439 | |
Lloyds Banking Group plc(1) | 1,114,919 | 1,023,084 | |
MB Financial, Inc. | 1,179 | 30,076 | |
Mitsubishi UFJ Financial Group, Inc. | 88,400 | 522,037 | |
National Bankshares, Inc. | 1,074 | 35,861 | |
OFG Bancorp | 2,943 | 52,327 | |
Pacific Continental Corp. | 2,142 | 23,990 |
Shares/ Principal Amount | Value |
Park Sterling Corp.(1) | 4,655 | $ 27,232 | |
Pinnacle Financial Partners, Inc.(1) | 3,151 | 79,090 | |
PNC Financial Services Group, Inc. (The) | 25,491 | 1,826,175 | |
Popular, Inc.(1) | 1,406 | 42,180 | |
Prosperity Bancshares, Inc. | 743 | 37,217 | |
PT Bank Mandiri (Persero) Tbk | 1,014,819 | 1,006,978 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 720,500 | 653,066 | |
Sberbank of Russia | 431,770 | 1,329,516 | |
Signature Bank(1) | 1,324 | 102,186 | |
Standard Chartered plc | 32,275 | 742,170 | |
SunTrust Banks, Inc. | 48,741 | 1,564,099 | |
Susquehanna Bancshares, Inc. | 2,622 | 31,490 | |
TCF Financial Corp. | 835 | 12,024 | |
Texas Capital Bancshares, Inc.(1) | 2,342 | 103,423 | |
Turkiye Garanti Bankasi AS | 257,800 | 1,323,145 | |
Turkiye Halk Bankasi AS | 48,821 | 519,246 | |
U.S. Bancorp | 36,550 | 1,281,443 | |
ViewPoint Financial Group, Inc. | 2,833 | 53,629 | |
Washington Banking Co. | 1,483 | 20,228 | |
Wells Fargo & Co. | 118,268 | 4,795,767 | |
Westamerica Bancorp. | 8,615 | 387,934 | |
35,298,450 | |||
COMMERCIAL SERVICES AND SUPPLIES — 0.7% | |||
ADT Corp. (The) | 25,695 | 1,042,960 | |
Avery Dennison Corp. | 3,290 | 143,115 | |
Deluxe Corp. | 9,467 | 354,066 | |
G&K Services, Inc., Class A | 2,205 | 106,524 | |
Mobile Mini, Inc.(1) | 1,708 | 57,474 | |
Multi-Color Corp. | 1,637 | 48,111 | |
Republic Services, Inc. | 48,836 | 1,665,308 | |
Stericycle, Inc.(1) | 14,895 | 1,634,875 | |
Tyco International Ltd. | 57,582 | 1,946,847 | |
US Ecology, Inc. | 2,077 | 56,868 | |
Waste Management, Inc. | 6,135 | 257,241 | |
7,313,389 | |||
COMMUNICATIONS EQUIPMENT — 1.2% | |||
AAC Technologies Holdings, Inc. | 143,000 | 806,752 | |
Bel Fuse, Inc., Class B | 1,198 | 19,072 | |
Brocade Communications Systems, Inc.(1) | 22,680 | 123,152 | |
Cisco Systems, Inc. | 256,626 | 6,179,554 | |
F5 Networks, Inc.(1) | 5,515 | 458,903 | |
Harris Corp. | 2,020 | 101,263 | |
HTC Corp. | 33,000 | 302,321 | |
InterDigital, Inc. | 1,022 | 47,002 | |
Procera Networks, Inc.(1) | 3,380 | 49,889 | |
QUALCOMM, Inc. | 48,828 | 3,099,602 | |
Riverbed Technology, Inc.(1) | 54,492 | 842,446 | |
Telefonaktiebolaget LM Ericsson B Shares | 88,451 | 1,034,504 | |
13,064,460 | |||
COMPUTERS AND PERIPHERALS — 2.5% | |||
Apple, Inc. | 32,232 | 14,494,086 | |
Electronics for Imaging, Inc.(1) | 1,123 | 31,320 | |
EMC Corp.(1) | 157,758 | 3,906,088 | |
Hewlett-Packard Co. | 36,820 | 899,144 | |
NetApp, Inc.(1) | 100,225 | 3,761,444 | |
Pegatron Corp.(1) | 251,000 | 451,807 | |
SanDisk Corp.(1) | 4,430 | 261,459 | |
Seagate Technology plc | 10,653 | 458,931 | |
Toshiba Corp. | 169,000 | 798,356 | |
Western Digital Corp. | 19,793 | 1,253,293 | |
26,315,928 | |||
CONSTRUCTION AND ENGINEERING — 0.5% | |||
Chicago Bridge & Iron Co. NV New York Shares | 15,009 | 950,070 | |
China Communications Construction Co. Ltd. H Shares | 389,000 | 360,450 | |
China Railway Construction Corp. Ltd. H Shares | 655,500 | 642,292 | |
EMCOR Group, Inc. | 409 | 16,258 | |
Great Lakes Dredge & Dock Corp. | 3,708 | 30,776 | |
MasTec, Inc.(1) | 30,732 | 977,277 | |
Promotora y Operadora de Infraestructura SAB de CV(1) | 78,460 | 715,938 | |
Quanta Services, Inc.(1) | 71,540 | 2,029,590 | |
5,722,651 | |||
CONSTRUCTION MATERIALS — 0.7% | |||
Cemex SAB de CV ADR(1) | 131,811 | 1,515,826 | |
Eagle Materials, Inc. | 11,659 | 859,851 | |
Headwaters, Inc.(1) | 10,456 | 110,938 | |
Holcim Ltd. | 9,518 | 738,703 | |
James Hardie Industries SE | 50,044 | 472,799 | |
Martin Marietta Materials, Inc. | 7,863 | 857,303 | |
PT Semen Gresik (Persero) Tbk | 549,000 | 1,005,830 |
Shares/ Principal Amount | Value |
Siam Cement PCL NVDR | 57,000 | $ 875,691 | |
Texas Industries, Inc.(1) | 12,877 | 919,547 | |
7,356,488 | |||
CONSUMER FINANCE — 0.3% | |||
Capital One Financial Corp. | 8,900 | 542,277 | |
Cash America International, Inc. | 20,709 | 988,027 | |
Discover Financial Services | 32,052 | 1,519,585 | |
3,049,889 | |||
CONTAINERS AND PACKAGING — 0.3% | |||
Bemis Co., Inc. | 9,342 | 365,739 | |
Berry Plastics Group, Inc.(1) | 2,481 | 52,126 | |
Graphic Packaging Holding Co.(1) | 6,243 | 48,009 | |
Klabin SA Preference Shares | 71,000 | 421,001 | |
Owens-Illinois, Inc.(1) | 27,765 | 762,149 | |
Packaging Corp. of America | 29,110 | 1,426,390 | |
Sealed Air Corp. | 1,370 | 32,907 | |
Silgan Holdings, Inc. | 818 | 38,258 | |
Sonoco Products Co. | 9,594 | 335,982 | |
3,482,561 | |||
DISTRIBUTORS† | |||
Core-Mark Holding Co., Inc. | 281 | 16,633 | |
Pool Corp. | 1,883 | 96,880 | |
113,513 | |||
DIVERSIFIED CONSUMER SERVICES — 0.1% | |||
Anhanguera Educacional Participacoes SA | 157,900 | 966,509 | |
Coinstar, Inc.(1) | 6,302 | 367,028 | |
Grand Canyon Education, Inc.(1) | 2,221 | 71,339 | |
Sotheby’s | 1,629 | 60,680 | |
Steiner Leisure, Ltd.(1) | 1,350 | 68,567 | |
1,534,123 | |||
DIVERSIFIED FINANCIAL SERVICES — 1.2% | |||
Bank of America Corp. | 68,058 | 929,672 | |
Chailease Holding Co. Ltd. | 314,659 | 942,762 | |
Citigroup, Inc. | 46,974 | 2,442,178 | |
Compass Diversified Holdings | 910 | 15,698 | |
Grupo BTG Pactual | 22,200 | 340,701 | |
JPMorgan Chase & Co. | 77,275 | 4,218,442 | |
MarketAxess Holdings, Inc. | 1,345 | 58,319 | |
Moody’s Corp. | 21,935 | 1,457,361 | |
MSCI, Inc., Class A(1) | 3,599 | 126,829 | |
ORIX Corp. | 132,100 | 1,736,610 | |
PHH Corp.(1) | 2,104 | 42,417 | |
12,310,989 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2% | |||
AT&T, Inc. | 133,297 | 4,664,062 | |
CenturyLink, Inc. | 47,086 | 1,607,987 | |
Telenor ASA | 40,863 | 855,159 | |
tw telecom, inc., Class A(1) | 38,543 | 1,099,632 | |
Verizon Communications, Inc. | 85,117 | 4,126,472 | |
12,353,312 | |||
ELECTRIC UTILITIES — 0.7% | |||
American Electric Power Co., Inc. | 10,210 | 467,822 | |
Edison International | 25,113 | 1,153,691 | |
El Paso Electric Co. | 2,046 | 73,226 | |
Empire District Electric Co. (The) | 16,904 | 367,324 | |
Exelon Corp. | 4,430 | 138,836 | |
Great Plains Energy, Inc. | 36,724 | 828,861 | |
IDACORP, Inc. | 5,639 | 266,330 | |
Northeast Utilities | 5,504 | 229,352 | |
NV Energy, Inc. | 26,215 | 614,480 | |
Pinnacle West Capital Corp. | 7,180 | 405,526 | |
Portland General Electric Co. | 27,424 | 834,787 | |
PPL Corp. | 16,570 | 492,129 | |
UNS Energy Corp. | 332 | 15,564 | |
Westar Energy, Inc. | 15,978 | 506,822 | |
Xcel Energy, Inc. | 36,599 | 1,051,123 | |
7,445,873 | |||
ELECTRICAL EQUIPMENT — 0.9% | |||
ABB Ltd. ADR | 14,732 | 321,010 | |
Acuity Brands, Inc. | 842 | 63,209 | |
AMETEK, Inc. | 19,220 | 829,343 | |
Belden, Inc. | 1,294 | 69,164 | |
Brady Corp., Class A | 4,749 | 154,532 | |
Eaton Corp. plc | 27,496 | 1,816,386 | |
Emerson Electric Co. | 26,518 | 1,523,724 | |
Encore Wire Corp. | 604 | 20,904 | |
Franklin Electric Co., Inc. | 1,516 | 51,256 | |
Generac Holdings, Inc. | 1,475 | 59,738 | |
GrafTech International Ltd.(1) | 4,388 | 36,815 | |
Regal-Beloit Corp. | 6,417 | 433,212 | |
Rockwell Automation, Inc. | 28,999 | 2,552,492 | |
Schneider Electric SA | 16,377 | 1,281,629 | |
9,213,414 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.7% | |||
Audience, Inc.(1) | 2,625 | 36,750 | |
Avnet, Inc.(1) | 13,727 | 468,914 | |
Cognex Corp. | 1,306 | 58,679 |
Shares/ Principal Amount | Value |
FARO Technologies, Inc.(1) | 1,594 | $ 59,647 | |
FEI Co. | 670 | 48,247 | |
FLIR Systems, Inc. | 3,421 | 83,336 | |
Ingram Micro, Inc. Class A(1) | 3,360 | 64,210 | |
Jabil Circuit, Inc. | 825 | 16,550 | |
Littelfuse, Inc. | 1,214 | 89,217 | |
Molex, Inc., Class A | 10,389 | 255,154 | |
Murata Manufacturing Co. Ltd. | 10,600 | 804,000 | |
OSI Systems, Inc.(1) | 398 | 23,020 | |
RealD, Inc.(1) | 3,509 | 52,951 | |
TE Connectivity Ltd. | 28,711 | 1,274,481 | |
TPK Holding Co. Ltd. | 49,000 | 966,822 | |
Trimble Navigation Ltd.(1) | 95,297 | 2,658,786 | |
TTM Technologies, Inc.(1) | 4,452 | 35,972 | |
Vishay Intertechnology, Inc.(1) | 5,122 | 74,576 | |
7,071,312 | |||
ENERGY EQUIPMENT AND SERVICES — 1.3% | |||
Atwood Oceanics, Inc.(1) | 21,702 | 1,139,572 | |
Baker Hughes, Inc. | 12,960 | 589,421 | |
Bristow Group, Inc. | 946 | 59,456 | |
Cal Dive International, Inc.(1) | 12,322 | 25,507 | |
Cameron International Corp.(1) | 30,552 | 1,859,700 | |
Core Laboratories NV | 3,433 | 472,930 | |
Dril-Quip, Inc.(1) | 1,463 | 132,328 | |
Eurasia Drilling Co. Ltd. GDR | 17,683 | 725,841 | |
Geospace Technologies Corp.(1) | 420 | 36,481 | |
Gulfmark Offshore, Inc. Class A | 691 | 31,689 | |
Helmerich & Payne, Inc. | 5,569 | 343,830 | |
Hornbeck Offshore Services, Inc.(1) | 2,307 | 120,010 | |
Key Energy Services, Inc.(1) | 4,066 | 26,348 | |
Matrix Service Co.(1) | 1,992 | 32,848 | |
McDermott International, Inc.(1) | 3,377 | 32,250 | |
National Oilwell Varco, Inc. | 13,830 | 972,249 | |
Nuverra Environmental Solutions, Inc.(1) | 3,241 | 12,316 | |
Oceaneering International, Inc. | 39,779 | 2,883,182 | |
Petrofac Ltd. | 23,268 | 475,752 | |
Petroleum Geo-Services ASA | 62,269 | 920,376 | |
RPC, Inc. | 18,856 | 237,397 | |
Schlumberger Ltd. | 24,624 | 1,798,291 | |
Technip SA | 8,510 | 939,998 | |
Tetra Technologies, Inc.(1) | 2,327 | 24,224 | |
13,891,996 | |||
FOOD AND STAPLES RETAILING — 2.1% | |||
BIM Birlesik Magazalar AS | 9,008 | 424,396 | |
Brazil Pharma SA | 32,200 | 187,926 | |
Carrefour SA | 36,984 | 1,077,090 | |
Casey’s General Stores, Inc. | 780 | 47,393 | |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 12,360 | 607,618 | |
Clicks Group Ltd. | 67,070 | 396,254 | |
Costco Wholesale Corp. | 25,064 | 2,748,769 | |
CVS Caremark Corp. | 49,252 | 2,835,930 | |
Eurocash SA | 32,339 | 641,404 | |
GSretail Co. Ltd. | 8,230 | 211,836 | |
Jeronimo Martins SGPS SA | 33,196 | 705,928 | |
Kroger Co. (The) | 17,240 | 580,471 | |
Magnit OJSC GDR | 39,540 | 2,127,656 | |
Rite Aid Corp.(1) | 23,782 | 69,919 | |
Safeway, Inc. | 40,225 | 925,577 | |
Sysco Corp. | 22,697 | 767,159 | |
United Natural Foods, Inc.(1) | 991 | 52,444 | |
Village Super Market, Inc., Class A | 975 | 36,465 | |
Wal-Mart Stores, Inc. | 51,209 | 3,832,481 | |
Weis Markets, Inc. | 1,119 | 45,778 | |
Whole Foods Market, Inc. | 67,570 | 3,504,180 | |
21,826,674 | |||
FOOD PRODUCTS — 1.7% | |||
Annie’s, Inc.(1) | 6,959 | 270,775 | |
Archer-Daniels-Midland Co. | 40,386 | 1,301,641 | |
Associated British Foods plc | 27,831 | 759,791 | |
ConAgra Foods, Inc. | 32,440 | 1,092,904 | |
Danone SA | 12,420 | 912,346 | |
Dole Food Co., Inc.(1) | 2,564 | 24,281 | |
General Mills, Inc. | 34,043 | 1,602,744 | |
Hain Celestial Group, Inc. (The)(1) | 15,448 | 1,029,146 | |
Hershey Co. (The) | 12,195 | 1,086,696 | |
Ingredion, Inc. | 5,222 | 355,723 | |
J&J Snack Foods Corp. | 1,266 | 96,089 | |
Kellogg Co. | 5,081 | 315,276 | |
Kraft Foods Group, Inc. | 5,587 | 308,011 | |
Mead Johnson Nutrition Co. | 31,362 | 2,542,517 | |
Mondelez International, Inc. Class A | 23,280 | 685,829 | |
Nestle SA | 29,053 | 1,917,117 |
Shares/ Principal Amount | Value |
Orion Corp. | 361 | $ 345,680 | |
Pinnacle Foods, Inc.(1) | 16,371 | 402,072 | |
Post Holdings, Inc.(1) | 2,098 | 88,515 | |
Snyders-Lance, Inc. | 954 | 24,728 | |
Tata Global Beverages Ltd. | 143,880 | 371,625 | |
TreeHouse Foods, Inc.(1) | 1,902 | 124,543 | |
Unilever plc | 53,877 | 2,264,686 | |
17,922,735 | |||
GAS UTILITIES — 0.2% | |||
AGL Resources, Inc. | 14,269 | 604,007 | |
ENN Energy Holdings Ltd. | 100,000 | 561,471 | |
Laclede Group, Inc. (The) | 8,960 | 424,077 | |
1,589,555 | |||
HEALTH CARE EQUIPMENT AND SUPPLIES — 2.1% | |||
Abaxis, Inc. | 630 | 27,726 | |
Abbott Laboratories | 59,786 | 2,192,353 | |
Align Technology, Inc.(1) | 1,655 | 59,166 | |
Analogic Corp. | 298 | 23,688 | |
Arthrocare Corp.(1) | 635 | 21,546 | |
Becton Dickinson and Co. | 16,988 | 1,675,357 | |
Boston Scientific Corp.(1) | 33,596 | 310,427 | |
CareFusion Corp.(1) | 32,925 | 1,209,994 | |
Cie Generale d’Optique Essilor International SA | 8,168 | 890,163 | |
Coloplast A/S B Shares | 10,265 | 583,754 | |
Conceptus, Inc.(1) | 740 | 22,925 | |
Cooper Cos., Inc. (The) | 13,056 | 1,475,459 | |
Covidien plc | 9,184 | 584,102 | |
Cyberonics, Inc.(1) | 660 | 31,489 | |
DENTSPLY International, Inc. | 8,798 | 367,404 | |
DexCom, Inc.(1) | 1,718 | 35,786 | |
Endologix, Inc.(1) | 1,406 | 18,897 | |
Ginko International Co. Ltd. | 25,000 | 422,352 | |
Haemonetics Corp.(1) | 1,748 | 72,157 | |
HeartWare International, Inc.(1) | 356 | 32,492 | |
ICU Medical, Inc.(1) | 328 | 23,416 | |
IDEXX Laboratories, Inc.(1) | 7,016 | 578,399 | |
Insulet Corp.(1) | 1,195 | 35,683 | |
Integra LifeSciences Holdings Corp.(1) | 613 | 23,227 | |
Intuitive Surgical, Inc.(1) | 2,562 | 1,274,672 | |
Masimo Corp. | 1,320 | 28,578 | |
Medtronic, Inc. | 69,450 | 3,542,644 | |
Meridian Bioscience, Inc. | 1,170 | 25,284 | |
Mettler-Toledo International, Inc.(1) | 3,777 | 824,368 | |
Neogen Corp.(1) | 617 | 33,608 | |
NxStage Medical, Inc.(1) | 1,598 | 22,292 | |
Orthofix International NV(1) | 1,888 | 52,184 | |
ResMed, Inc. | 8,678 | 416,544 | |
St. Jude Medical, Inc. | 30,100 | 1,301,223 | |
STERIS Corp. | 9,377 | 425,153 | |
Stryker Corp. | 16,510 | 1,096,099 | |
Sysmex Corp. | 13,400 | 875,653 | |
Utah Medical Products, Inc. | 834 | 38,589 | |
Volcano Corp.(1) | 1,397 | 26,683 | |
West Pharmaceutical Services, Inc. | 555 | 38,045 | |
Zimmer Holdings, Inc. | 13,131 | 1,030,915 | |
21,770,496 | |||
HEALTH CARE PROVIDERS AND SERVICES — 1.3% | |||
Acadia Healthcare Co., Inc.(1) | 683 | 22,805 | |
Accretive Health, Inc.(1) | 1,172 | 13,337 | |
Aetna, Inc. | 11,250 | 679,275 | |
Air Methods Corp. | 2,225 | 83,304 | |
AmerisourceBergen Corp. | 39,901 | 2,157,846 | |
Bio-Reference Labs, Inc.(1) | 749 | 23,107 | |
Brookdale Senior Living, Inc.(1) | 5,000 | 141,750 | |
Cardinal Health, Inc. | 20,928 | 982,779 | |
Catamaran Corp.(1) | 61,130 | 3,008,819 | |
Centene Corp.(1) | 1,199 | 59,351 | |
Chemed Corp. | 471 | 32,979 | |
CIGNA Corp. | 3,249 | 220,607 | |
Emeritus Corp.(1) | 872 | 22,166 | |
Express Scripts Holding Co.(1) | 29,351 | 1,823,284 | |
Health Management Associates, Inc., Class A(1) | 1,126 | 15,528 | |
HealthSouth Corp.(1) | 2,811 | 82,334 | |
Humana, Inc. | 5,166 | 417,310 | |
IPC The Hospitalist Co., Inc.(1) | 465 | 22,673 | |
Landauer, Inc. | 302 | 16,060 | |
LifePoint Hospitals, Inc.(1) | 14,040 | 698,209 | |
MWI Veterinary Supply, Inc.(1) | 444 | 53,951 | |
National Healthcare Corp. | 486 | 23,080 | |
Owens & Minor, Inc. | 1,550 | 52,979 | |
Patterson Cos., Inc. | 10,225 | 399,593 | |
Quest Diagnostics, Inc. | 13,182 | 815,175 | |
Team Health Holdings, Inc.(1) | 21,288 | 831,722 | |
VCA Antech, Inc.(1) | 613 | 15,668 | |
WellCare Health Plans, Inc.(1) | 979 | 51,045 | |
WellPoint, Inc. | 9,340 | 718,900 | |
13,485,636 |
Shares/ Principal Amount | Value |
HEALTH CARE TECHNOLOGY — 0.2% | |||
Allscripts Healthcare Solutions, Inc.(1) | 1,087 | $ 15,055 | |
athenahealth, Inc.(1) | 825 | 69,754 | |
Cerner Corp.(1) | 17,620 | 1,731,694 | |
Computer Programs & Systems, Inc. | 367 | 18,379 | |
HMS Holdings Corp.(1) | 2,745 | 68,351 | |
Medidata Solutions, Inc.(1) | 563 | 38,858 | |
Quality Systems, Inc. | 1,148 | 20,526 | |
1,962,617 | |||
HOTELS, RESTAURANTS AND LEISURE — 1.8% | |||
AFC Enterprises, Inc.(1) | 1,905 | 69,456 | |
Alsea SAB de CV | 226,734 | 635,581 | |
Bally Technologies, Inc.(1) | 7,659 | 436,180 | |
Bloomberry Resorts Corp.(1) | 1,009,500 | 288,362 | |
Bloomin’ Brands, Inc.(1) | 1,800 | 41,868 | |
Bob Evans Farms, Inc. | 317 | 14,633 | |
Carnival Corp. | 26,394 | 873,641 | |
CEC Entertainment, Inc. | 8,830 | 353,641 | |
Cedar Fair LP | 2,222 | 90,902 | |
Compass Group plc | 52,577 | 690,052 | |
Cracker Barrel Old Country Store, Inc. | 4,294 | 384,141 | |
Domino’s Pizza, Inc. | 1,510 | 89,498 | |
Dunkin’ Brands Group, Inc. | 18,101 | 716,800 | |
InterContinental Hotels Group plc | 20,955 | 603,870 | |
International Game Technology | 56,146 | 1,003,890 | |
International Speedway Corp., Class A | 3,288 | 113,962 | |
Las Vegas Sands Corp. | 3,300 | 191,070 | |
Life Time Fitness, Inc.(1) | 435 | 21,680 | |
Marriott International, Inc. Class A | 35,503 | 1,491,481 | |
McDonald’s Corp. | 27,365 | 2,642,638 | |
Minor International PCL | 824,700 | 731,708 | |
Norwegian Cruise Line Holdings Ltd.(1) | 23,113 | 710,725 | |
Orient-Express Hotels Ltd. Class A(1) | 3,338 | 39,522 | |
Panera Bread Co., Class A(1) | 3,843 | 737,203 | |
Papa John’s International, Inc.(1) | 2,197 | 141,553 | |
Paradise Co. Ltd. | 33,972 | 723,630 | |
Red Robin Gourmet Burgers, Inc.(1) | 1,033 | 54,243 | |
Sands China Ltd. | 178,800 | 948,558 | |
Six Flags Entertainment Corp. | 1,583 | 118,044 | |
Starbucks Corp. | 18,244 | 1,150,649 | |
Starwood Hotels & Resorts Worldwide, Inc. | 4,000 | 273,200 | |
Whitbread plc | 32,187 | 1,395,179 | |
Wyndham Worldwide Corp. | 26,863 | 1,561,277 | |
19,338,837 | |||
HOUSEHOLD DURABLES — 0.7% | |||
Cavco Industries, Inc.(1) | 1,314 | 62,954 | |
CSS Industries, Inc. | 1,083 | 29,945 | |
Garmin Ltd. | 25,329 | 884,742 | |
Haier Electronics Group Co. Ltd.(1) | 596,000 | 1,057,249 | |
Helen of Troy Ltd.(1) | 482 | 19,121 | |
La-Z-Boy, Inc. | 2,860 | 52,824 | |
Lennar Corp., Class A | 16,525 | 649,763 | |
M.D.C. Holdings, Inc. | 3,974 | 147,475 | |
M/I Homes, Inc.(1) | 6,094 | 151,436 | |
Mohawk Industries, Inc.(1) | 15,553 | 1,729,027 | |
Newell Rubbermaid, Inc. | 46,991 | 1,270,637 | |
PulteGroup, Inc.(1) | 4,507 | 97,306 | |
Standard Pacific Corp.(1) | 19,511 | 172,672 | |
Toll Brothers, Inc.(1) | 28,400 | 970,428 | |
TRI Pointe Homes, Inc.(1) | 1,586 | 26,708 | |
William Lyon Homes Class A(1) | 476 | 12,400 | |
7,334,687 | |||
HOUSEHOLD PRODUCTS — 1.1% | |||
Central Garden and Pet Co.(1) | 2,656 | 20,159 | |
Church & Dwight Co., Inc. | 25,350 | 1,541,534 | |
Clorox Co. | 2,090 | 173,637 | |
Energizer Holdings, Inc. | 12,436 | 1,190,250 | |
Henkel AG & Co. KGaA Preference Shares | 8,261 | 799,832 | |
Kimberly-Clark Corp. | 6,898 | 667,933 | |
LG Household & Health Care Ltd. | 1,273 | 700,803 | |
Procter & Gamble Co. (The) | 47,504 | 3,646,407 | |
Svenska Cellulosa AB B Shares | 47,238 | 1,173,543 | |
Unicharm Corp. | 20,300 | 1,135,318 | |
11,049,416 | |||
INDUSTRIAL CONGLOMERATES — 0.8% | |||
Alfa SAB de CV, Series A | 152,503 | 361,021 | |
Carlisle Cos., Inc. | 2,064 | 135,006 | |
Danaher Corp. | 45,866 | 2,835,436 | |
General Electric Co. | 187,307 | 4,367,999 |
Shares/ Principal Amount | Value |
Koninklijke Philips Electronics NV | 20,481 | $ 578,790 | |
8,278,252 | |||
INSURANCE — 2.8% | |||
ACE Ltd. | 4,444 | 398,538 | |
Aflac, Inc. | 27,776 | 1,546,845 | |
AIA Group Ltd. | 236,300 | 1,042,805 | |
Allied World Assurance Co. Holdings AG | 4,510 | 403,239 | |
Allstate Corp. (The) | 25,897 | 1,249,271 | |
American Equity Investment Life Holding Co. | 984 | 15,941 | |
American International Group, Inc.(1) | 50,715 | 2,254,789 | |
AMERISAFE, Inc. | 1,387 | 47,061 | |
Amtrust Financial Services, Inc. | 1,778 | 58,727 | |
Aon plc | 4,979 | 317,013 | |
Argo Group International Holdings Ltd. | 809 | 32,041 | |
Aspen Insurance Holdings Ltd. | 1,174 | 43,138 | |
Axis Capital Holdings Ltd. | 15,444 | 672,741 | |
Baldwin & Lyons, Inc., Class B | 1,692 | 40,083 | |
Berkshire Hathaway, Inc., Class B(1) | 18,454 | 2,105,048 | |
Chubb Corp. (The) | 10,121 | 881,539 | |
Cincinnati Financial Corp. | 14,476 | 685,294 | |
CNO Financial Group, Inc. | 2,386 | 29,443 | |
Discovery Holdings Ltd. | 97,725 | 784,898 | |
Endurance Specialty Holdings Ltd. | 1,064 | 53,551 | |
First American Financial Corp. | 11,479 | 274,119 | |
Hanover Insurance Group, Inc. (The) | 616 | 30,942 | |
HCC Insurance Holdings, Inc. | 15,031 | 644,078 | |
Infinity Property & Casualty Corp. | 888 | 51,282 | |
Loews Corp. | 11,540 | 528,763 | |
Marsh & McLennan Cos., Inc. | 11,895 | 476,038 | |
MetLife, Inc. | 65,706 | 2,904,862 | |
Muenchener Rueckversicherungs AG | 9,726 | 1,820,674 | |
National Financial Partners Corp.(1) | 613 | 15,454 | |
Ping An Insurance Group Co. H Shares | 178,500 | 1,308,378 | |
Platinum Underwriters Holdings Ltd. | 492 | 28,093 | |
Powszechny Zaklad Ubezpieczen SA | 3,645 | 507,227 | |
Primerica, Inc. | 476 | 16,765 | |
Principal Financial Group, Inc. | 11,280 | 426,948 | |
ProAssurance Corp. | 1,415 | 71,033 | |
Prudential Financial, Inc. | 12,140 | 837,296 | |
Reinsurance Group of America, Inc. | 14,736 | 970,955 | |
RenaissanceRe Holdings Ltd. | 3,605 | 309,886 | |
Sampo A Shares | 22,676 | 917,122 | |
Symetra Financial Corp. | 21,621 | 301,829 | |
Torchmark Corp. | 3,850 | 248,363 | |
Travelers Cos., Inc. (The) | 43,859 | 3,671,875 | |
United Fire Group, Inc. | 1,571 | 42,181 | |
Unum Group | 10,424 | 296,876 | |
Validus Holdings Ltd. | 664 | 23,977 | |
29,387,021 | |||
INTERNET AND CATALOG RETAIL — 0.6% | |||
Amazon.com, Inc.(1) | 5,522 | 1,485,584 | |
Expedia, Inc. | 49,534 | 2,846,224 | |
priceline.com, Inc.(1) | 1,780 | 1,430,995 | |
Rakuten, Inc. | 88,396 | 979,791 | |
Shutterfly, Inc.(1) | 971 | 47,326 | |
6,789,920 | |||
INTERNET SOFTWARE AND SERVICES — 1.6% | |||
Angie’s List, Inc.(1) | 742 | 17,407 | |
CoStar Group, Inc.(1) | 949 | 106,108 | |
eBay, Inc.(1) | 38,017 | 2,056,720 | |
Equinix, Inc.(1) | 3,694 | 748,552 | |
Google, Inc. Class A(1) | 8,689 | 7,562,993 | |
LinkedIn Corp., Class A(1) | 9,110 | 1,526,198 | |
Mail.ru Group Ltd. GDR | 16,811 | 468,262 | |
Market Leader, Inc.(1) | 4,603 | 49,252 | |
NIC, Inc. | 1,537 | 25,699 | |
OpenTable, Inc.(1) | 611 | 40,754 | |
Telecity Group plc | 57,285 | 842,216 | |
Tencent Holdings Ltd. | 52,800 | 2,085,246 | |
Trulia, Inc.(1) | 860 | 26,436 | |
ValueClick, Inc.(1) | 2,630 | 69,274 | |
Web.com Group, Inc.(1) | 5,787 | 121,469 | |
Yahoo Japan Corp. | 2,471 | 1,123,485 | |
16,870,071 | |||
IT SERVICES — 1.3% | |||
Accenture plc, Class A | 9,250 | 759,518 | |
Alliance Data Systems Corp.(1) | 20,060 | 3,552,425 | |
Computer Task Group, Inc. | 1,887 | 42,118 |
Shares/ Principal Amount | Value |
DST Systems, Inc. | 897 | $ 61,157 | |
EVERTEC, Inc.(1) | 1,458 | 29,189 | |
FleetCor Technologies, Inc.(1) | 830 | 72,276 | |
Global Payments, Inc. | 997 | 47,816 | |
Heartland Payment Systems, Inc. | 2,523 | 80,887 | |
International Business Machines Corp. | 25,210 | 5,244,184 | |
MasterCard, Inc., Class A | 5,610 | 3,199,103 | |
MAXIMUS, Inc. | 841 | 62,764 | |
MoneyGram International, Inc.(1) | 1,279 | 25,171 | |
SYKES Enterprises, Inc.(1) | 2,855 | 45,138 | |
Teradata Corp.(1) | 14,215 | 792,486 | |
VeriFone Systems, Inc.(1) | 2,493 | 58,162 | |
WEX, Inc.(1) | 764 | 56,437 | |
14,128,831 | |||
LEISURE EQUIPMENT AND PRODUCTS — 0.3% | |||
Brunswick Corp. | 4,575 | 153,583 | |
Hasbro, Inc. | 21,856 | 972,155 | |
Mattel, Inc. | 27,663 | 1,237,919 | |
Merida Industry Co. Ltd. | 127,000 | 812,490 | |
Polaris Industries, Inc. | 460 | 43,935 | |
3,220,082 | |||
LIFE SCIENCES TOOLS AND SERVICES — 0.3% | |||
Agilent Technologies, Inc. | 10,897 | 495,269 | |
Covance, Inc.(1) | 14,129 | 1,053,741 | |
Luminex Corp.(1) | 1,169 | 22,527 | |
PAREXEL International Corp.(1) | 1,161 | 53,046 | |
Thermo Fisher Scientific, Inc. | 4,315 | 381,014 | |
Waters Corp.(1) | 9,003 | 870,680 | |
2,876,277 | |||
MACHINERY — 1.3% | |||
Altra Holdings, Inc. | 1,897 | 54,653 | |
Barnes Group, Inc. | 895 | 27,047 | |
Briggs & Stratton Corp. | 1,712 | 40,061 | |
Caterpillar, Inc. | 8,277 | 710,167 | |
Chart Industries, Inc.(1) | 584 | 56,811 | |
CLARCOR, Inc. | 683 | 37,046 | |
Crane Co. | 6,475 | 386,881 | |
Dover Corp. | 5,581 | 436,713 | |
Dynamic Materials Corp. | 2,865 | 46,126 | |
FANUC Corp. | 3,900 | 576,348 | |
Flowserve Corp. | 3,526 | 592,826 | |
FreightCar America, Inc. | 1,483 | 26,902 | |
Global Brass & Copper Holdings, Inc.(1) | 1,330 | 17,556 | |
Graham Corp. | 1,270 | 35,560 | |
Ingersoll-Rand plc | 3,180 | 182,945 | |
ITT Corp. | 10,574 | 318,806 | |
Kadant, Inc. | 537 | 16,067 | |
Kaydon Corp. | 14,766 | 399,273 | |
Kennametal, Inc. | 1,827 | 79,182 | |
Kone Oyj | 12,058 | 1,060,023 | |
Kubota Corp. | 87,000 | 1,295,804 | |
Lincoln Electric Holdings, Inc. | 8,280 | 495,144 | |
Lindsay Corp. | 135 | 10,969 | |
Marcopolo SA Preference Shares | 99,800 | 621,129 | |
Middleby Corp.(1) | 1,171 | 191,447 | |
Mitsubishi Heavy Industries Ltd. | 192,000 | 1,176,859 | |
Mueller Industries, Inc., Class A | 310 | 16,879 | |
Mueller Water Products, Inc. Class A | 11,640 | 88,580 | |
PACCAR, Inc. | 8,720 | 467,392 | |
Parker-Hannifin Corp. | 15,054 | 1,501,787 | |
Standex International Corp. | 333 | 17,373 | |
Trinity Industries, Inc. | 20,192 | 826,458 | |
Valmont Industries, Inc. | 4,830 | 735,754 | |
Volvo AB B Shares | 74,811 | 1,091,418 | |
Woodward, Inc. | 10,655 | 417,143 | |
14,055,129 | |||
MEDIA — 2.6% | |||
Belo Corp. Class A | 3,346 | 37,542 | |
CBS Corp., Class B | 53,586 | 2,652,507 | |
Charter Communications, Inc., Class A(1) | 3,851 | 431,004 | |
Comcast Corp., Class A | 141,792 | 5,692,949 | |
DIRECTV(1) | 1,003 | 61,313 | |
Discovery Communications, Inc. Class A(1) | 20,209 | 1,593,682 | |
Discovery Communications, Inc. Class C(1) | 11,795 | 825,296 | |
E.W. Scripps Co. (The), Class A(1) | 3,887 | 53,057 | |
Entercom Communications Corp., Class A(1) | 6,606 | 61,304 | |
Entravision Communications Corp., Class A | 28,329 | 131,163 | |
Kabel Deutschland Holding AG | 10,633 | 1,006,458 | |
Liberty Global, Inc. Class A(1) | 32,828 | 2,419,424 | |
LIN TV Corp., Class A(1) | 5,473 | 66,387 | |
Naspers Ltd. N Shares | 17,613 | 1,294,133 |
Shares/ Principal Amount | Value |
Nexstar Broadcasting Group, Inc. Class A | 1,355 | $ 37,940 | |
Publicis Groupe SA | 11,167 | 793,992 | |
Regal Entertainment Group Class A | 3,785 | 66,994 | |
Scripps Networks Interactive, Inc. Class A | 24,549 | 1,653,621 | |
SES SA | 10,790 | 318,069 | |
Sinclair Broadcast Group, Inc., Class A | 5,406 | 146,124 | |
Sirius XM Radio, Inc. | 294,504 | 1,024,874 | |
Sky Deutschland AG(1) | 94,208 | 630,382 | |
Time Warner Cable, Inc. | 23,076 | 2,203,989 | |
Time Warner, Inc. | 27,817 | 1,623,678 | |
Viacom, Inc., Class B | 31,185 | 2,054,780 | |
26,880,662 | |||
METALS AND MINING — 0.7% | |||
BHP Billiton Ltd. | 48,192 | 1,570,523 | |
Century Aluminum Co.(1) | 3,125 | 30,969 | |
Coeur Mining, Inc.(1) | 7,157 | 101,558 | |
Compass Minerals International, Inc. | 719 | 62,740 | |
Freeport-McMoRan Copper & Gold, Inc. | 23,150 | 718,807 | |
Grupo Mexico SAB de CV | 113,334 | 375,171 | |
Haynes International, Inc. | 941 | 46,052 | |
Iluka Resources Ltd. | 44,120 | 466,499 | |
Newmont Mining Corp. | 14,850 | 509,058 | |
Nucor Corp. | 33,379 | 1,485,699 | |
Rio Tinto plc | 24,611 | 1,061,882 | |
Schnitzer Steel Industries, Inc. Class A | 1,646 | 40,656 | |
Southern Copper Corp. | 17,031 | 530,516 | |
Worthington Industries, Inc. | 8,006 | 275,246 | |
7,275,376 | |||
MULTI-UTILITIES — 0.2% | |||
Avista Corp. | 2,429 | 64,879 | |
DTE Energy Co. | 9,138 | 608,682 | |
National Grid plc | 63,580 | 752,233 | |
PG&E Corp. | 25,152 | 1,129,576 | |
2,555,370 | |||
MULTILINE RETAIL — 0.4% | |||
Dillard’s, Inc., Class A | 5,648 | 521,141 | |
Macy’s, Inc. | 13,100 | 633,254 | |
PT Matahari Department Store Tbk(1) | 525,000 | 696,776 | |
SACI Falabella | 42,515 | 482,759 | |
Target Corp. | 23,112 | 1,606,284 | |
3,940,214 | |||
OIL, GAS AND CONSUMABLE FUELS — 3.8% | |||
Alliance Resource Partners LP | 668 | 48,283 | |
Alon USA Partners LP | 2,915 | 71,680 | |
Apache Corp. | 18,536 | 1,522,362 | |
BG Group plc | 88,868 | 1,617,385 | |
Bill Barrett Corp.(1) | 460 | 10,382 | |
Cabot Oil & Gas Corp. | 30,923 | 2,175,742 | |
Chevron Corp. | 33,217 | 4,077,387 | |
CNOOC Ltd. | 419,000 | 736,744 | |
ConocoPhillips | 8,499 | 521,329 | |
Delek US Holdings, Inc. | 10,753 | 387,431 | |
Devon Energy Corp. | 9,024 | 513,014 | |
Dragon Oil plc | 51,586 | 488,387 | |
Energy XXI Bermuda Ltd. | 1,279 | 32,653 | |
ENI SpA | 29,878 | 675,615 | |
EOG Resources, Inc. | 11,452 | 1,478,453 | |
EQT Midstream Partners LP | 921 | 45,000 | |
Exxon Mobil Corp. | 110,210 | 9,970,699 | |
Global Partners LP | 934 | 30,738 | |
Gulfport Energy Corp.(1) | 3,346 | 159,571 | |
Hugoton Royalty Trust | 3,687 | 32,999 | |
Imperial Oil Ltd. | 31,755 | 1,240,183 | |
Kodiak Oil & Gas Corp.(1) | 5,242 | 46,025 | |
Kunlun Energy Co. Ltd. | 390,000 | 743,004 | |
Marathon Petroleum Corp. | 22,216 | 1,832,820 | |
Murphy Oil Corp. | 7,256 | 459,450 | |
Noble Energy, Inc. | 22,680 | 1,307,502 | |
NovaTek OAO GDR | 4,802 | 533,650 | |
Oasis Petroleum, Inc.(1) | 21,789 | 809,679 | |
Occidental Petroleum Corp. | 27,885 | 2,567,372 | |
Pacific Coast Oil Trust | 3,113 | 56,999 | |
PBF Energy, Inc. | 1,279 | 37,308 | |
Peabody Energy Corp. | 5,554 | 109,247 | |
Rosetta Resources, Inc.(1) | 2,209 | 103,514 | |
Royal Dutch Shell plc, Class A | 22,571 | 751,651 | |
Scorpio Tankers, Inc.(1) | 1,738 | 16,494 | |
Southwestern Energy Co.(1) | 13,429 | 506,139 | |
Spectra Energy Partners LP | 2,131 | 75,885 | |
Swift Energy Co.(1) | 1,673 | 22,686 | |
Tesoro Corp. | 12,005 | 740,108 | |
Total SA ADR | 15,990 | 797,101 | |
Vaalco Energy, Inc.(1) | 2,993 | 18,317 | |
Valero Energy Corp. | 34,801 | 1,413,965 | |
W&T Offshore, Inc. | 1,980 | 29,185 | |
Western Refining, Inc. | 33,303 | 1,111,321 | |
Williams Partners LP | 6,737 | 336,109 | |
40,261,568 |
Shares/ Principal Amount | Value |
PAPER AND FOREST PRODUCTS — 0.1% | |||
Boise Cascade Co.(1) | 1,458 | $ 43,827 | |
Clearwater Paper Corp.(1) | 1,117 | 53,426 | |
International Paper Co. | 12,980 | 599,027 | |
KapStone Paper and Packaging Corp. | 3,597 | 104,349 | |
Neenah Paper, Inc. | 1,343 | 42,184 | |
P.H. Glatfelter Co. | 820 | 20,279 | |
Wausau Paper Corp. | 1,041 | 12,159 | |
875,251 | |||
PERSONAL PRODUCTS — 0.4% | |||
Estee Lauder Cos., Inc. (The), Class A | 12,479 | 845,827 | |
Hengan International Group Co. Ltd. | 74,000 | 818,053 | |
Hypermarcas SA | 79,400 | 626,510 | |
L’Oreal SA | 7,737 | 1,297,026 | |
Nu Skin Enterprises, Inc., Class A | 2,066 | 121,481 | |
Prestige Brands Holdings, Inc.(1) | 2,721 | 79,970 | |
3,788,867 | |||
PHARMACEUTICALS — 4.2% | |||
AbbVie, Inc. | 66,941 | 2,857,711 | |
Actavis, Inc.(1) | 15,307 | 1,887,200 | |
Akorn, Inc.(1) | 1,529 | 22,216 | |
Allergan, Inc. | 13,378 | 1,330,977 | |
Aspen Pharmacare Holdings Ltd. | 33,758 | 695,553 | |
Auxilium Pharmaceuticals, Inc.(1) | 1,158 | 17,277 | |
Bayer AG | 7,970 | 857,329 | |
Bristol-Myers Squibb Co. | 67,874 | 3,122,883 | |
Eli Lilly & Co. | 52,438 | 2,787,604 | |
Hospira, Inc.(1) | 14,010 | 485,867 | |
Impax Laboratories, Inc.(1) | 2,631 | 49,858 | |
Jazz Pharmaceuticals plc(1) | 1,589 | 108,004 | |
Johnson & Johnson | 84,818 | 7,139,979 | |
Medicines Co. (The)(1) | 1,284 | 41,358 | |
Merck & Co., Inc. | 96,490 | 4,506,083 | |
Nektar Therapeutics(1) | 2,107 | 19,953 | |
Novartis AG | 28,658 | 2,053,510 | |
Novo Nordisk A/S B Shares | 10,992 | 1,764,661 | |
Optimer Pharmaceuticals, Inc.(1) | 1,425 | 21,204 | |
Perrigo Co. | 17,860 | 2,070,153 | |
Pfizer, Inc. | 205,084 | 5,584,437 | |
Questcor Pharmaceuticals, Inc. | 1,266 | 43,259 | |
Roche Holding AG | 12,818 | 3,171,690 | |
Sanofi | 22,799 | 2,397,641 | |
Santarus, Inc.(1) | 1,464 | 32,603 | |
VIVUS, Inc.(1) | 2,341 | 34,413 | |
Zoetis, Inc. | 11,139 | 356,448 | |
43,459,871 | |||
PROFESSIONAL SERVICES — 0.5% | |||
Adecco SA | 18,201 | 1,011,537 | |
Barrett Business Services, Inc. | 1,441 | 84,053 | |
Capita Group plc (The) | 106,450 | 1,550,862 | |
CDI Corp. | 3,354 | 45,782 | |
Dun & Bradstreet Corp. | 9,972 | 978,652 | |
Experian plc | 49,312 | 905,487 | |
Huron Consulting Group, Inc.(1) | 1,884 | 84,234 | |
Kforce, Inc. | 3,658 | 54,468 | |
On Assignment, Inc.(1) | 4,196 | 109,264 | |
WageWorks, Inc.(1) | 2,246 | 65,066 | |
4,889,405 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.4% | |||
Acadia Realty Trust | 3,000 | 77,760 | |
American Campus Communities, Inc. | 15,108 | 616,860 | |
American Tower Corp. | 3,442 | 267,925 | |
Annaly Capital Management, Inc. | 30,217 | 410,347 | |
Apartment Investment & Management Co., Class A | 13,041 | 394,621 | |
Apollo Commercial Real Estate Finance, Inc. | 2,091 | 34,857 | |
Armada Hoffler Properties, Inc.(1) | 1,378 | 15,806 | |
Associated Estates Realty Corp. | 1,938 | 31,841 | |
AvalonBay Communities, Inc. | 4,956 | 657,463 | |
BioMed Realty Trust, Inc. | 1,265 | 26,476 | |
Boston Properties, Inc. | 4,984 | 531,195 | |
Brandywine Realty Trust | 2,262 | 32,030 | |
Camden Property Trust | 6,109 | 423,048 | |
Campus Crest Communities, Inc. | 3,936 | 49,790 | |
Capstead Mortgage Corp. | 1,211 | 14,871 | |
CBL & Associates Properties, Inc. | 14,002 | 321,906 | |
Chatham Lodging Trust | 1,379 | 25,580 | |
Chimera Investment Corp. | 4,887 | 14,905 | |
Colony Financial, Inc. | 1,354 | 29,991 | |
Corporate Office Properties Trust | 8,006 | 213,200 |
Shares/ Principal Amount | Value |
Corrections Corp. of America | 12,038 | $ 423,136 | |
CYS Investments, Inc. | 710 | 7,299 | |
DCT Industrial Trust, Inc. | 38,178 | 281,754 | |
DDR Corp. | 27,974 | 488,426 | |
DiamondRock Hospitality Co. | 5,841 | 55,548 | |
Digital Realty Trust, Inc. | 2,233 | 136,012 | |
Douglas Emmett, Inc. | 11,900 | 303,331 | |
Duke Realty Corp. | 18,861 | 312,527 | |
Equity Lifestyle Properties, Inc. | 202 | 15,588 | |
Equity One, Inc. | 7,900 | 184,307 | |
Equity Residential | 15,028 | 849,833 | |
Essex Property Trust, Inc. | 2,005 | 315,066 | |
Excel Trust, Inc. | 1,786 | 23,861 | |
Extra Space Storage, Inc. | 9,636 | 403,652 | |
First Industrial Realty Trust, Inc. | 10,864 | 183,493 | |
General Growth Properties, Inc. | 21,656 | 444,598 | |
Geo Group, Inc. (The) | 1,095 | 38,128 | |
Hatteras Financial Corp. | 611 | 15,776 | |
HCP, Inc. | 19,313 | 915,050 | |
Health Care REIT, Inc. | 12,030 | 818,401 | |
Healthcare Realty Trust, Inc. | 740 | 19,691 | |
Hersha Hospitality Trust | 12,496 | 71,477 | |
Highwoods Properties, Inc. | 808 | 29,427 | |
Host Hotels & Resorts, Inc. | 40,092 | 713,237 | |
Hudson Pacific Properties, Inc. | 5,147 | 111,124 | |
Kilroy Realty Corp. | 9,484 | 501,798 | |
Kimco Realty Corp. | 6,871 | 152,193 | |
LaSalle Hotel Properties | 2,203 | 58,159 | |
Lexington Realty Trust | 1,700 | 21,403 | |
Liberty Property Trust | 5,000 | 202,900 | |
Link Real Estate Investment Trust (The) | 71,535 | 368,659 | |
Macerich Co. (The) | 8,390 | 544,595 | |
Mack-Cali Realty Corp. | 1,801 | 47,726 | |
MFA Financial, Inc. | 1,705 | 14,970 | |
National Retail Properties, Inc. | 1,981 | 71,058 | |
New Residential Investment Corp.(1) | 17,274 | 118,154 | |
Newcastle Investment Corp. | 2,127 | 10,763 | |
Omega Healthcare Investors, Inc. | 2,662 | 86,275 | |
Parkway Properties, Inc. | 10,998 | 188,946 | |
Pebblebrook Hotel Trust | 4,896 | 128,471 | |
Pennsylvania Real Estate Investment Trust | 753 | 14,977 | |
Piedmont Office Realty Trust, Inc., Class A | 30,230 | 574,068 | |
Post Properties, Inc. | 4,400 | 210,320 | |
ProLogis, Inc. | 24,471 | 986,181 | |
PS Business Parks, Inc. | 319 | 24,343 | |
Public Storage | 4,400 | 667,920 | |
Regency Centers Corp. | 2,500 | 129,000 | |
RLJ Lodging Trust | 10,551 | 244,361 | |
Rouse Properties, Inc. | 1,956 | 39,335 | |
Sabra Health Care REIT, Inc. | 575 | 15,554 | |
Simon Property Group, Inc. | 24,541 | 4,084,604 | |
SL Green Realty Corp. | 4,623 | 402,109 | |
Sovran Self Storage, Inc. | 792 | 51,377 | |
Summit Hotel Properties, Inc. | 3,054 | 30,143 | |
Sun Communities, Inc. | 3,361 | 167,949 | |
Sunstone Hotel Investors, Inc.(1) | 17,407 | 209,928 | |
Taubman Centers, Inc. | 5,432 | 437,711 | |
UDR, Inc. | 18,856 | 459,521 | |
Urstadt Biddle Properties, Inc., Class A | 2,265 | 47,701 | |
Ventas, Inc. | 25,249 | 1,802,021 | |
Vornado Realty Trust | 5,519 | 441,244 | |
Washington Real Estate Investment Trust | 1,411 | 39,254 | |
Weingarten Realty Investors | 9,357 | 298,301 | |
25,245,206 | |||
REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.7% | |||
BR Malls Participacoes SA | 61,500 | 627,692 | |
BR Properties SA | 30,100 | 290,207 | |
CBRE Group, Inc.(1) | 99,905 | 2,315,798 | |
China Overseas Land & Investment Ltd. | 400,000 | 1,172,801 | |
Daito Trust Construction Co. Ltd. | 7,200 | 671,118 | |
Forest City Enterprises, Inc. Class A(1) | 10,800 | 202,608 | |
Mitsubishi Estate Co. Ltd. | 54,000 | 1,325,981 | |
Realogy Holdings Corp.(1) | 10,815 | 558,486 | |
7,164,691 | |||
ROAD AND RAIL — 1.2% | |||
Arkansas Best Corp. | 2,600 | 49,634 | |
Avis Budget Group, Inc.(1) | 2,109 | 69,934 | |
Canadian Pacific Railway Ltd. | 10,711 | 1,424,070 | |
Canadian Pacific Railway Ltd. New York Shares | 21,663 | 2,859,299 |
Shares/ Principal Amount | Value |
Celadon Group, Inc. | 2,608 | $ 50,882 | |
Genesee & Wyoming, Inc. Class A(1) | 13,573 | 1,208,676 | |
Heartland Express, Inc. | 38,406 | 551,126 | |
Hertz Global Holdings, Inc.(1) | 29,200 | 754,236 | |
Kansas City Southern | 25,711 | 2,846,208 | |
Marten Transport Ltd. | 2,921 | 70,075 | |
Saia, Inc.(1) | 862 | 41,191 | |
Swift Transportation Co.(1) | 5,610 | 94,472 | |
Union Pacific Corp. | 18,672 | 2,887,064 | |
Werner Enterprises, Inc. | 655 | 16,395 | |
12,923,262 | |||
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 3.0% | |||
Altera Corp. | 19,246 | 638,775 | |
Analog Devices, Inc. | 4,983 | 228,869 | |
Applied Materials, Inc. | 84,450 | 1,283,640 | |
ARM Holdings plc | 128,082 | 1,869,802 | |
ASML Holding NV | 25,265 | 2,083,255 | |
Avago Technologies Ltd. | 25,194 | 950,066 | |
Broadcom Corp., Class A | 37,682 | 1,353,161 | |
Cavium Networks, Inc.(1) | 1,810 | 59,296 | |
Cirrus Logic, Inc.(1) | 1,231 | 22,466 | |
Cypress Semiconductor Corp. | 6,456 | 72,565 | |
Diodes, Inc.(1) | 4,575 | 107,970 | |
First Solar, Inc.(1) | 758 | 41,220 | |
Freescale Semiconductor Ltd.(1) | 35,856 | 570,828 | |
Intel Corp. | 36,697 | 891,003 | |
Intersil Corp., Class A | 5,707 | 46,797 | |
KLA-Tencor Corp. | 23,718 | 1,335,086 | |
Linear Technology Corp. | 37,258 | 1,397,175 | |
M/A-COM Technology Solutions Holdings, Inc.(1) | 588 | 8,191 | |
MediaTek, Inc. | 68,000 | 838,715 | |
Microchip Technology, Inc. | 7,303 | 266,413 | |
MKS Instruments, Inc. | 1,918 | 53,992 | |
Nanometrics, Inc.(1) | 4,817 | 69,606 | |
NXP Semiconductor NV(1) | 27,447 | 846,740 | |
ON Semiconductor Corp.(1) | 2,733 | 23,394 | |
Photronics, Inc.(1) | 7,661 | 58,453 | |
Power Integrations, Inc. | 1,309 | 55,881 | |
Samsung Electronics Co. Ltd. | 5,014 | 6,761,751 | |
Semtech Corp.(1) | 3,109 | 113,603 | |
Skyworks Solutions, Inc.(1) | 2,625 | 62,633 | |
Spansion, Inc., Class A(1) | 3,948 | 54,088 | |
SunEdison, Inc. | 1,860 | 15,010 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,032,425 | 3,755,409 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 65,804 | 1,227,903 | |
Teradyne, Inc.(1) | 77,479 | 1,389,973 | |
Texas Instruments, Inc. | 27,486 | 986,473 | |
Ultratech, Inc.(1) | 2,288 | 83,420 | |
Viatron Technologies, Inc.(1) | 12,680 | 216,979 | |
Xilinx, Inc. | 36,040 | 1,465,026 | |
31,305,627 | |||
SOFTWARE — 2.7% | |||
Activision Blizzard, Inc. | 18,881 | 272,453 | |
Aspen Technology, Inc.(1) | 3,878 | 118,744 | |
Bottomline Technologies (de), Inc.(1) | 2,319 | 64,074 | |
CA, Inc. | 30,871 | 843,087 | |
Cadence Design Systems, Inc.(1) | 59,780 | 904,471 | |
Citrix Systems, Inc.(1) | 11,800 | 759,330 | |
CommVault Systems, Inc.(1) | 19,884 | 1,391,880 | |
Compuware Corp.(1) | 3,069 | 34,465 | |
Dassault Systemes SA | 7,358 | 925,333 | |
Electronic Arts, Inc.(1) | 48,213 | 1,108,417 | |
Informatica Corp.(1) | 2,091 | 76,029 | |
Interactive Intelligence, Inc.(1) | 1,074 | 53,915 | |
Mentor Graphics Corp. | 866 | 16,445 | |
Microsoft Corp. | 272,399 | 9,501,277 | |
Monotype Imaging Holdings, Inc. | 2,691 | 61,247 | |
NetSuite, Inc.(1) | 22,357 | 1,958,473 | |
Oracle Corp. | 188,254 | 6,355,455 | |
PROS Holdings, Inc.(1) | 1,695 | 49,036 | |
PTC, Inc.(1) | 1,242 | 31,187 | |
QLIK Technologies, Inc.(1) | 2,553 | 78,530 | |
SAP AG | 13,267 | 1,010,495 | |
Splunk, Inc.(1) | 23,936 | 1,119,247 | |
Symantec Corp.(1) | 59,763 | 1,338,094 | |
Synchronoss Technologies, Inc.(1) | 923 | 28,936 | |
Tangoe, Inc.(1) | 2,070 | 30,864 | |
Tyler Technologies, Inc.(1) | 672 | 46,375 | |
Ultimate Software Group, Inc.(1) | 447 | 49,751 | |
Websense, Inc.(1) | 7,161 | 177,951 | |
28,405,561 |
Shares/ Principal Amount | Value |
SPECIALTY RETAIL — 2.9% | |||
Aeropostale, Inc.(1) | 1,100 | $ 16,071 | |
American Eagle Outfitters, Inc. | 37,089 | 733,991 | |
ANN, Inc.(1) | 1,058 | 32,459 | |
Asbury Automotive Group, Inc.(1) | 1,534 | 63,201 | |
Barnes & Noble, Inc.(1) | 1,407 | 31,657 | |
Bed Bath & Beyond, Inc.(1) | 1,849 | 126,194 | |
Buckle, Inc. (The) | 6,288 | 336,282 | |
Cabela’s, Inc.(1) | 1,112 | 74,571 | |
Chico’s FAS, Inc. | 26,706 | 482,310 | |
Conn’s, Inc.(1) | 1,160 | 57,107 | |
Destination Maternity Corp. | 1,505 | 37,490 | |
DSW, Inc., Class A | 17,854 | 1,321,017 | |
Fast Retailing Co. Ltd. | 1,500 | 504,338 | |
Foot Locker, Inc. | 13,516 | 463,869 | |
GameStop Corp., Class A | 4,905 | 162,650 | |
Gap, Inc. (The) | 32,298 | 1,309,684 | |
Genesco, Inc.(1) | 921 | 62,241 | |
GNC Holdings, Inc. Class A | 58,758 | 2,645,873 | |
Home Depot, Inc. (The) | 50,386 | 3,963,363 | |
Inditex SA | 7,287 | 903,191 | |
Kingfisher plc | 131,730 | 689,337 | |
Lithia Motors, Inc., Class A | 2,886 | 150,332 | |
Lowe’s Cos., Inc. | 76,006 | 3,200,613 | |
Lumber Liquidators Holdings, Inc.(1) | 9,845 | 808,373 | |
Mr Price Group Ltd. | 35,780 | 453,563 | |
O’Reilly Automotive, Inc.(1) | 11,690 | 1,273,158 | |
Office Depot, Inc.(1) | 3,811 | 16,807 | |
OfficeMax, Inc. | 895 | 11,662 | |
Penske Automotive Group, Inc. | 1,736 | 55,743 | |
PetSmart, Inc. | 39,777 | 2,684,947 | |
Ross Stores, Inc. | 20,543 | 1,320,915 | |
Rue21, Inc.(1) | 1,376 | 57,778 | |
Signet Jewelers Ltd. | 15,346 | 1,051,354 | |
Stage Stores, Inc. | 1,382 | 31,800 | |
TJX Cos., Inc. (The) | 30,499 | 1,543,554 | |
Tractor Supply Co. | 21,124 | 2,365,466 | |
Urban Outfitters, Inc.(1) | 38,631 | 1,619,798 | |
30,662,759 | |||
TEXTILES, APPAREL AND LUXURY GOODS — 1.1% | |||
adidas AG | 6,898 | 749,002 | |
Burberry Group plc | 37,339 | 813,819 | |
Cie Financiere Richemont SA | 10,759 | 945,668 | |
Coach, Inc. | 21,535 | 1,254,629 | |
Crocs, Inc.(1) | 1,432 | 25,260 | |
Culp, Inc. | 2,480 | 42,780 | |
Fifth & Pacific Cos., Inc.(1) | 2,550 | 54,800 | |
G-III Apparel Group Ltd.(1) | 610 | 25,687 | |
Hanesbrands, Inc. | 37,433 | 1,866,409 | |
Iconix Brand Group, Inc.(1) | 3,048 | 91,714 | |
Luxottica Group SpA | 16,597 | 850,942 | |
Michael Kors Holdings Ltd.(1) | 14,779 | 928,417 | |
Movado Group, Inc. | 1,713 | 61,839 | |
Prada SpA | 87,900 | 842,943 | |
PVH Corp. | 18,959 | 2,183,887 | |
True Religion Apparel, Inc. | 845 | 26,905 | |
Under Armour, Inc. Class A(1) | 11,833 | 733,646 | |
Vera Bradley, Inc.(1) | 3,320 | 78,020 | |
11,576,367 | |||
THRIFTS AND MORTGAGE FINANCE — 0.2% | |||
Brookline Bancorp., Inc. | 2,142 | 18,164 | |
Capitol Federal Financial, Inc. | 29,778 | 353,465 | |
Flushing Financial Corp. | 1,441 | 22,523 | |
MGIC Investment Corp.(1) | 4,567 | 28,224 | |
Ocwen Financial Corp.(1) | 27,767 | 1,187,872 | |
Oritani Financial Corp. | 2,338 | 35,842 | |
People’s United Financial, Inc. | 36,827 | 506,739 | |
Provident Financial Services, Inc. | 1,349 | 20,532 | |
Radian Group, Inc. | 2,527 | 32,522 | |
Rockville Financial, Inc. | 1,888 | 24,620 | |
Simplicity Bancorp, Inc. | 1,151 | 16,172 | |
Washington Federal, Inc. | 955 | 16,703 | |
2,263,378 | |||
TOBACCO — 1.1% | |||
Altria Group, Inc. | 14,220 | 513,342 | |
British American Tobacco plc | 30,342 | 1,666,420 | |
ITC Ltd. | 232,949 | 1,399,098 | |
Japan Tobacco, Inc. | 35,200 | 1,192,211 | |
Lorillard, Inc. | 27,537 | 1,168,670 | |
Philip Morris International, Inc. | 48,053 | 4,368,498 | |
Universal Corp. | 18,282 | 1,071,874 | |
11,380,113 | |||
TRADING COMPANIES AND DISTRIBUTORS — 0.8% | |||
Applied Industrial Technologies, Inc. | 1,111 | 53,406 | |
Ashtead Group plc | 101,522 | 952,599 | |
Beacon Roofing Supply, Inc.(1) | 2,069 | 85,284 | |
Brenntag AG | 2,040 | 310,975 |
Shares/ Principal Amount | Value |
DXP Enterprises, Inc.(1) | 877 | $ 51,804 | |
Edgen Group, Inc.(1) | 2,100 | 13,839 | |
Fastenal Co. | 22,466 | 1,172,276 | |
H&E Equipment Services, Inc. | 3,857 | 86,320 | |
Kaman Corp. | 1,045 | 35,436 | |
Mitsubishi Corp. | 51,200 | 891,440 | |
PT AKR Corporindo Tbk | 981,500 | 534,923 | |
United Rentals, Inc.(1) | 33,686 | 1,914,712 | |
W.W. Grainger, Inc. | 2,782 | 716,198 | |
Watsco, Inc. | 662 | 57,759 | |
Wolseley plc | 24,380 | 1,235,321 | |
8,112,292 | |||
TRANSPORTATION INFRASTRUCTURE — 0.1% | |||
CCR SA | 70,100 | 633,643 | |
TAV Havalimanlari Holding AS(1) | 98,740 | 619,864 | |
1,253,507 | |||
WATER UTILITIES† | |||
Artesian Resources Corp., Class A | 1,335 | 29,517 | |
WIRELESS TELECOMMUNICATION SERVICES — 0.6% | |||
Axiata Group Bhd | 341,900 | 747,754 | |
Idea Cellular Ltd.(1) | 139,620 | 324,950 | |
KDDI Corp. | 29,426 | 1,329,894 | |
Mobile Telesystems OJSC ADR | 23,193 | 446,929 | |
Rogers Communications, Inc., Class B | 6,040 | 273,817 | |
SBA Communications Corp., Class A(1) | 45,099 | 3,394,602 | |
6,517,946 | |||
TOTAL COMMON STOCKS (Cost $599,945,242) | 814,764,898 | ||
Corporate Bonds — 7.9% | |||
AEROSPACE AND DEFENSE — 0.1% | |||
B/E Aerospace, Inc., 5.25%, 4/1/22 | 190,000 | 199,500 | |
L-3 Communications Corp., 4.75%, 7/15/20 | 50,000 | 54,112 | |
Lockheed Martin Corp., 4.25%, 11/15/19 | 90,000 | 100,781 | |
Raytheon Co., 2.50%, 12/15/22 | 30,000 | 28,654 | |
Triumph Group, Inc., 8.00%, 11/15/17 | 115,000 | 122,188 | |
United Technologies Corp., 6.05%, 6/1/36 | 106,000 | 132,342 | |
637,577 | |||
AUTO COMPONENTS — 0.1% | |||
Allison Transmission, Inc., 7.125%, 5/15/19(2) | 150,000 | 162,000 | |
Dana Holding Corp., 6.75%, 2/15/21 | 25,000 | 27,000 | |
Delphi Corp., 5.875%, 5/15/19 | 125,000 | 134,062 | |
Goodyear Tire & Rubber Co. (The), 8.25%, 8/15/20 | 50,000 | 55,938 | |
Goodyear Tire & Rubber Co. (The), 7.00%, 5/15/22 | 135,000 | 146,137 | |
Tomkins LLC/Tomkins, Inc., 9.00%, 10/1/18 | 28,000 | 31,080 | |
TRW Automotive, Inc., 8.875%, 12/1/17(2) | 225,000 | 241,312 | |
Visteon Corp., 6.75%, 4/15/19 | 75,000 | 80,438 | |
877,967 | |||
AUTOMOBILES — 0.1% | |||
American Honda Finance Corp., 2.50%, 9/21/15(2) | 160,000 | 166,398 | |
American Honda Finance Corp., 1.50%, 9/11/17(2) | 30,000 | 30,021 | |
Chrysler Group LLC/CG Co-Issuer, Inc., 8.00%, 6/15/19 | 220,000 | 244,750 | |
Daimler Finance North America LLC, 2.625%, 9/15/16(2) | 150,000 | 155,503 | |
Ford Motor Co., 4.75%, 1/15/43 | 20,000 | 18,755 | |
Ford Motor Credit Co. LLC, 5.00%, 5/15/18 | 60,000 | 66,298 | |
Ford Motor Credit Co. LLC, 8.125%, 1/15/20 | 100,000 | 126,505 | |
Ford Motor Credit Co. LLC, 5.75%, 2/1/21 | 100,000 | 113,511 | |
Ford Motor Credit Co. LLC, 5.875%, 8/2/21 | 130,000 | 148,508 | |
General Motors Financial Co., Inc., 3.25%, 5/15/18(2) | 125,000 | 124,219 | |
1,194,468 | |||
BEVERAGES — 0.1% | |||
Anheuser-Busch InBev Finance, Inc., 4.00%, 1/17/43 | 20,000 | 19,058 | |
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 | 210,000 | 272,707 | |
Anheuser-Busch InBev Worldwide, Inc., 2.50%, 7/15/22 | 90,000 | 86,881 | |
Brown-Forman Corp., 3.75%, 1/15/43 | 20,000 | 18,733 |
Shares/ Principal Amount | Value |
Coca-Cola Co. (The), 1.80%, 9/1/16 | $ 100,000 | $ 103,113 | |
Constellation Brands, Inc., 7.25%, 9/1/16 | 125,000 | 144,687 | |
Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16 | 40,000 | 41,918 | |
PepsiCo, Inc., 4.875%, 11/1/40 | 40,000 | 42,993 | |
SABMiller Holdings, Inc., 2.45%, 1/15/17(2) | 110,000 | 113,687 | |
843,777 | |||
BIOTECHNOLOGY† | |||
Amgen, Inc., 2.125%, 5/15/17 | 100,000 | 102,219 | |
Amgen, Inc., 4.10%, 6/15/21 | 40,000 | 43,420 | |
Amgen, Inc., 3.625%, 5/15/22 | 10,000 | 10,463 | |
Amgen, Inc., 6.40%, 2/1/39 | 20,000 | 24,480 | |
Amgen, Inc., 5.375%, 5/15/43 | 30,000 | 33,098 | |
Celgene Corp., 3.25%, 8/15/22 | 40,000 | 40,043 | |
Gilead Sciences, Inc., 4.40%, 12/1/21 | 40,000 | 44,414 | |
298,137 | |||
BUILDING PRODUCTS† | |||
Masco Corp., 6.125%, 10/3/16 | 100,000 | 112,035 | |
Masco Corp., 5.95%, 3/15/22 | 115,000 | 128,600 | |
USG Corp., 8.375%, 10/15/18(2) | 100,000 | 110,500 | |
351,135 | |||
CAPITAL MARKETS — 0.1% | |||
Bear Stearns Cos. LLC (The), 6.40%, 10/2/17 | 170,000 | 201,279 | |
Dresdner Funding Trust I, 8.15%, 6/30/31(2) | 200,000 | 214,000 | |
E*TRADE Financial Corp., 6.75%, 6/1/16 | 130,000 | 139,750 | |
E*TRADE Financial Corp., 6.00%, 11/15/17 | 65,000 | 68,088 | |
HBOS Capital Funding No. 2 LP, VRN, 6.07%, 6/30/14(2) | 100,000 | 91,750 | |
Jefferies Group, Inc., 5.125%, 4/13/18 | 70,000 | 76,866 | |
Merrill Lynch & Co., Inc., MTN, 5.45%, 7/15/14 | 125,000 | 130,889 | |
922,622 | |||
CHEMICALS — 0.2% | |||
Ashland, Inc., 4.75%, 8/15/22(2) | 120,000 | 122,850 | |
Dow Chemical Co. (The), 5.90%, 2/15/15 | 70,000 | 76,009 | |
Dow Chemical Co. (The), 2.50%, 2/15/16 | 60,000 | 62,355 | |
Dow Chemical Co. (The), 4.25%, 11/15/20 | 40,000 | 44,039 | |
Eastman Chemical Co., 2.40%, 6/1/17 | 40,000 | 41,102 | |
Eastman Chemical Co., 3.60%, 8/15/22 | 100,000 | 102,572 | |
Ecolab, Inc., 4.35%, 12/8/21 | 30,000 | 33,007 | |
EI du Pont de Nemours & Co., 4.15%, 2/15/43 | 20,000 | 20,060 | |
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 2/1/18 | 175,000 | 183,531 | |
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 | 100,000 | 102,250 | |
Huntsman International LLC, 8.625%, 3/15/21 | 50,000 | 56,125 | |
Ineos Finance plc, 8.375%, 2/15/19(2) | 100,000 | 111,875 | |
Ineos Finance plc, 7.50%, 5/1/20(2) | 125,000 | 137,812 | |
LyondellBasell Industries NV, 5.00%, 4/15/19 | 125,000 | 141,404 | |
LyondellBasell Industries NV, 6.00%, 11/15/21 | 100,000 | 118,573 | |
Momentive Performance Materials, Inc., 10.00%, 10/15/20 | 125,000 | 135,313 | |
Momentive Performance Materials, Inc., 9.00%, 1/15/21 | 75,000 | 70,594 | |
Rockwood Specialties Group, Inc., 4.625%, 10/15/20 | 25,000 | 25,594 | |
1,585,065 | |||
COMMERCIAL BANKS — 0.4% | |||
Bank of America N.A., 5.30%, 3/15/17 | 510,000 | 566,543 | |
Bank of Montreal, MTN, 1.45%, 4/9/18 | 40,000 | 39,531 | |
Bank of Nova Scotia, 2.55%, 1/12/17 | 80,000 | 83,155 | |
BB&T Corp., 5.70%, 4/30/14 | 50,000 | 52,358 | |
BB&T Corp., 3.20%, 3/15/16 | 105,000 | 111,120 | |
Capital One Financial Corp., 1.00%, 11/6/15 | 40,000 | 39,782 | |
Capital One Financial Corp., 4.75%, 7/15/21 | 50,000 | 55,966 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.875%, 2/8/22 | 50,000 | 52,090 |
Shares/ Principal Amount | Value |
HSBC Bank plc, 3.50%, 6/28/15(2) | $ 100,000 | $ 105,412 | |
Intesa Sanpaolo SpA, 3.875%, 1/16/18 | 20,000 | 19,760 | |
KBC Bank NV, VRN, 8.00%, 1/25/18 | 200,000 | 205,020 | |
KFW, 4.125%, 10/15/14 | 160,000 | 168,130 | |
KFW, 2.00%, 6/1/16 | 160,000 | 166,464 | |
KFW, 2.00%, 10/4/22 | 50,000 | 48,723 | |
LBG Capital No.1 plc, 7.875%, 11/1/20(2) | 250,000 | 277,500 | |
LBG Capital No.1 plc, VRN, 8.00%, 6/15/20(2) | 100,000 | 106,043 | |
Lloyds Banking Group plc, VRN, 6.66%, 5/21/37(2) | 245,000 | 235,813 | |
Regions Bank, 6.45%, 6/26/37 | 300,000 | 331,810 | |
Regions Financial Corp., 5.75%, 6/15/15 | 70,000 | 75,812 | |
Royal Bank of Scotland Group plc, VRN, 7.64%, 9/29/17 | 300,000 | 294,750 | |
Royal Bank of Scotland Group plc, VRN, 7.65%, 9/30/31 | 125,000 | 131,875 | |
Royal Bank of Scotland plc (The), 4.375%, 3/16/16 | 80,000 | 86,732 | |
SunTrust Banks, Inc., 3.60%, 4/15/16 | 29,000 | 30,940 | |
Toronto-Dominion Bank (The), 2.375%, 10/19/16 | 120,000 | 125,360 | |
U.S. Bancorp., 3.44%, 2/1/16 | 70,000 | 73,949 | |
U.S. Bancorp., MTN, 3.00%, 3/15/22 | 50,000 | 50,782 | |
U.S. Bancorp., MTN, 2.95%, 7/15/22 | 20,000 | 19,536 | |
Wachovia Bank N.A., 4.80%, 11/1/14 | 181,000 | 191,074 | |
Wells Fargo & Co., 3.68%, 6/15/16 | 90,000 | 96,763 | |
Wells Fargo & Co., 2.10%, 5/8/17 | 140,000 | 143,389 | |
Wells Fargo & Co., 4.60%, 4/1/21 | 80,000 | 89,954 | |
4,076,136 | |||
COMMERCIAL SERVICES AND SUPPLIES — 0.1% | |||
Brickman Group Holdings, Inc., 9.125%, 11/1/18(2) | 105,000 | 114,188 | |
Ceridian Corp., 8.875%, 7/15/19(2) | 175,000 | 200,375 | |
Clean Harbors, Inc., 5.25%, 8/1/20 | 110,000 | 115,225 | |
Emergency Medical Services Corp., 8.125%, 6/1/19 | 250,000 | 273,750 | |
Iron Mountain, Inc., 8.375%, 8/15/21 | 75,000 | 81,844 | |
Iron Mountain, Inc., 5.75%, 8/15/24 | 155,000 | 157,712 | |
Republic Services, Inc., 3.80%, 5/15/18 | 40,000 | 43,171 | |
Republic Services, Inc., 3.55%, 6/1/22 | 30,000 | 30,659 | |
ServiceMaster Co., 8.00%, 2/15/20 | 70,000 | 72,363 | |
Waste Management, Inc., 6.125%, 11/30/39 | 70,000 | 85,730 | |
1,175,017 | |||
COMMUNICATIONS EQUIPMENT — 0.1% | |||
Alcatel-Lucent USA, Inc., 6.45%, 3/15/29 | 125,000 | 100,938 | |
Apple, Inc., 1.00%, 5/3/18 | 60,000 | 58,997 | |
Apple, Inc., 2.40%, 5/3/23 | 130,000 | 124,477 | |
Apple, Inc., 3.85%, 5/4/43 | 10,000 | 9,243 | |
Avaya, Inc., 7.00%, 4/1/19(2) | 140,000 | 131,250 | |
Cisco Systems, Inc., 5.90%, 2/15/39 | 50,000 | 61,808 | |
CommScope, Inc., 8.25%, 1/15/19(2) | 75,000 | 82,500 | |
Crown Castle International Corp., 5.25%, 1/15/23 | 275,000 | 279,469 | |
Nokia Oyj, 5.375%, 5/15/19 | 50,000 | 49,250 | |
SBA Communications Corp., 5.625%, 10/1/19(2) | 50,000 | 51,688 | |
949,620 | |||
COMPUTERS AND PERIPHERALS† | |||
Dell, Inc., 2.30%, 9/10/15 | 40,000 | 40,291 | |
Dell, Inc., 5.875%, 6/15/19 | 120,000 | 125,894 | |
Hewlett-Packard Co., 4.30%, 6/1/21 | 90,000 | 90,812 | |
Seagate Technology HDD Holdings, 6.80%, 10/1/16 | 60,000 | 68,925 | |
325,922 | |||
CONSTRUCTION MATERIALS — 0.1% | |||
Associated Materials LLC, 9.125%, 11/1/17 | 100,000 | 106,250 | |
Building Materials Corp. of America, 6.75%, 5/1/21(2) | 105,000 | 113,925 | |
Covanta Holding Corp., 7.25%, 12/1/20 | 120,000 | 131,759 | |
Louisiana-Pacific Corp., 7.50%, 6/1/20 | 50,000 | 56,625 |
Shares/ Principal Amount | Value |
Nortek, Inc., 8.50%, 4/15/21 | $ 125,000 | $ 137,500 | |
Owens Corning, 4.20%, 12/15/22 | 50,000 | 51,568 | |
Summit Materials LLC/Summit Materials Finance Corp., 10.50%, 1/31/20(2) | 95,000 | 107,113 | |
Vulcan Materials Co., 7.00%, 6/15/18 | 100,000 | 114,000 | |
818,740 | |||
CONSUMER FINANCE — 0.2% | |||
American Express Co., 1.55%, 5/22/18 | 50,000 | 49,519 | |
American Express Credit Corp., MTN, 2.75%, 9/15/15 | 150,000 | 156,557 | |
American Express Credit Corp., MTN, 2.375%, 3/24/17 | 110,000 | 114,069 | |
CIT Group, Inc., 4.75%, 2/15/15(2) | 125,000 | 130,625 | |
CIT Group, Inc., 4.25%, 8/15/17 | 370,000 | 382,487 | |
CIT Group, Inc., 5.50%, 2/15/19(2) | 120,000 | 130,500 | |
Equifax, Inc., 3.30%, 12/15/22 | 60,000 | 58,577 | |
PNC Bank N.A., 6.00%, 12/7/17 | 230,000 | 270,394 | |
SLM Corp., 6.25%, 1/25/16 | 50,000 | 53,325 | |
SLM Corp., 5.50%, 1/25/23 | 250,000 | 236,965 | |
SLM Corp., MTN, 5.00%, 10/1/13 | 100,000 | 101,125 | |
Springleaf Finance Corp., Series 1, MTN, 5.40%, 12/1/15 | 50,000 | 51,750 | |
Springleaf Finance Corp., Series J, MTN, 6.90%, 12/15/17 | 175,000 | 182,219 | |
TransUnion Holding Co., Inc., PIK, 9.625%, 6/15/18 | 90,000 | 97,425 | |
2,015,537 | |||
CONTAINERS AND PACKAGING — 0.1% | |||
AEP Industries, Inc., 8.25%, 4/15/19 | 125,000 | 136,250 | |
Ardagh Packaging Finance plc, 7.375%, 10/15/17(2) | 145,000 | 158,412 | |
Ardagh Packaging Finance plc, 9.125%, 10/15/20(2) | 120,000 | 132,000 | |
Ball Corp., 5.00%, 3/15/22 | 115,000 | 119,600 | |
BWAY Holding Co., 10.00%, 6/15/18 | 95,000 | 105,687 | |
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23(2) | $ 105,000 | $ 103,163 | |
Packaging Dynamics Corp., 8.75%, 2/1/16(2) | 75,000 | 78,563 | |
833,675 | |||
DIVERSIFIED CONSUMER SERVICES† | |||
Catholic Health Initiatives, 1.60%, 11/1/17 | 20,000 | 19,932 | |
Catholic Health Initiatives, 2.95%, 11/1/22 | 40,000 | 39,490 | |
Johns Hopkins University, 4.08%, 7/1/53 | 20,000 | 19,788 | |
Laureate Education, Inc., 9.25%, 9/1/19(2) | 125,000 | 140,625 | |
219,835 | |||
DIVERSIFIED FINANCIAL SERVICES — 0.7% | |||
Ally Financial, Inc., 8.30%, 2/12/15 | 325,000 | 358,312 | |
Ally Financial, Inc., 4.625%, 6/26/15 | 125,000 | 130,676 | |
Ally Financial, Inc., 5.50%, 2/15/17 | 250,000 | 268,782 | |
Ally Financial, Inc., 6.25%, 12/1/17 | 225,000 | 248,643 | |
Ally Financial, Inc., 8.00%, 3/15/20 | 100,000 | 119,500 | |
Ally Financial, Inc., 8.00%, 11/1/31 | 70,000 | 90,650 | |
Bank of America Corp., 4.50%, 4/1/15 | 130,000 | 137,613 | |
Bank of America Corp., 3.75%, 7/12/16 | 100,000 | 106,250 | |
Bank of America Corp., 6.50%, 8/1/16 | 10,000 | 11,444 | |
Bank of America Corp., 5.75%, 12/1/17 | 120,000 | 137,655 | |
Bank of America Corp., 5.70%, 1/24/22 | 170,000 | 195,798 | |
Citigroup, Inc., 4.75%, 5/19/15 | 50,000 | 53,502 | |
Citigroup, Inc., 5.50%, 2/15/17 | 60,000 | 66,777 | |
Citigroup, Inc., 6.125%, 11/21/17 | 240,000 | 281,232 | |
Citigroup, Inc., 1.75%, 5/1/18 | 40,000 | 39,511 | |
Citigroup, Inc., 4.50%, 1/14/22 | 200,000 | 217,289 | |
Citigroup, Inc., 4.05%, 7/30/22 | 30,000 | 30,099 |
Shares/ Principal Amount | Value |
Credit Suisse Group Guernsey I Ltd., VRN, 7.875%, 8/24/16 | $ 210,000 | $ 226,275 | |
Deutsche Bank AG (London), 3.875%, 8/18/14 | 130,000 | 135,048 | |
General Electric Capital Corp., 2.25%, 11/9/15 | 130,000 | 134,335 | |
General Electric Capital Corp., 5.625%, 9/15/17 | 415,000 | 480,748 | |
General Electric Capital Corp., 4.375%, 9/16/20 | 190,000 | 208,320 | |
General Electric Capital Corp., MTN, 5.00%, 1/8/16 | 100,000 | 110,088 | |
Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18 | 300,000 | 346,537 | |
Goldman Sachs Group, Inc. (The), 2.375%, 1/22/18 | 150,000 | 151,062 | |
Goldman Sachs Group, Inc. (The), 5.375%, 3/15/20 | 80,000 | 91,171 | |
Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22 | 60,000 | 68,894 | |
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | 60,000 | 65,778 | |
HSBC Holdings plc, 5.10%, 4/5/21 | 70,000 | 80,002 | |
HSBC Holdings plc, 4.00%, 3/30/22 | 150,000 | 159,556 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 7.75%, 1/15/16 | 125,000 | 129,531 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 8.00%, 1/15/18 | 90,000 | 95,625 | |
JPMorgan Chase & Co., 6.00%, 1/15/18 | 480,000 | 561,091 | |
JPMorgan Chase & Co., 4.625%, 5/10/21 | 30,000 | 33,114 | |
JPMorgan Chase & Co., 3.25%, 9/23/22 | 40,000 | 39,286 | |
Morgan Stanley, 4.20%, 11/20/14 | 125,000 | 130,277 | |
Morgan Stanley, 4.75%, 3/22/17 | 50,000 | 54,766 | |
Morgan Stanley, 6.625%, 4/1/18 | 210,000 | 247,617 | |
Morgan Stanley, 5.625%, 9/23/19 | 140,000 | 158,942 | |
Morgan Stanley, 5.75%, 1/25/21 | 50,000 | 57,136 | |
Morgan Stanley, 3.75%, 2/25/23 | 40,000 | 39,818 | |
Morgan Stanley, MTN, 4.10%, 5/22/23 | 40,000 | 38,458 | |
Serta Simmons Holdings LLC, 8.125%, 10/1/20(2) | 230,000 | 244,375 | |
Societe Generale SA, VRN, 5.92%, 4/5/17(2) | 100,000 | 98,560 | |
UBS AG, 7.625%, 8/17/22 | 160,000 | 182,954 | |
UBS AG (Stamford Branch), 5.875%, 12/20/17 | 200,000 | 234,881 | |
UPCB Finance III Ltd., 6.625%, 7/1/20(2) | 150,000 | 160,500 | |
7,258,478 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4% | |||
AT&T, Inc., 2.625%, 12/1/22 | 100,000 | 95,358 | |
AT&T, Inc., 6.55%, 2/15/39 | 110,000 | 136,129 | |
AT&T, Inc., 4.30%, 12/15/42(2) | 60,000 | 56,444 | |
British Telecommunications plc, 5.95%, 1/15/18 | 170,000 | 199,902 | |
CenturyLink, Inc., 7.65%, 3/15/42 | 100,000 | 100,000 | |
Cincinnati Bell, Inc., 8.75%, 3/15/18 | 200,000 | 206,000 | |
Deutsche Telekom International Finance BV, 2.25%, 3/6/17(2) | 20,000 | 20,440 | |
France Telecom SA, 4.375%, 7/8/14 | 190,000 | 197,009 | |
Frontier Communications Corp., 7.125%, 3/15/19 | 165,000 | 180,675 | |
Frontier Communications Corp., 8.50%, 4/15/20 | 50,000 | 57,500 | |
Hughes Satellite Systems Corp., 6.50%, 6/15/19 | 100,000 | 109,750 | |
Intelsat Jackson Holdings SA, 7.25%, 4/1/19 | 280,000 | 303,100 | |
Intelsat Jackson Holdings SA, 7.25%, 10/15/20 | 125,000 | 136,094 | |
Intelsat Luxembourg SA, 11.25%, 2/4/17 | 180,000 | 190,665 | |
Level 3 Financing, Inc., 10.00%, 2/1/18 | 125,000 | 136,250 | |
Level 3 Financing, Inc., 7.00%, 6/1/20 | 125,000 | 132,031 | |
Level 3 Financing, Inc., 8.625%, 7/15/20 | 350,000 | 386,312 | |
Sprint Capital Corp., 6.90%, 5/1/19 | 260,000 | 282,750 | |
Sprint Capital Corp., 8.75%, 3/15/32 | 100,000 | 117,000 | |
Telecom Italia Capital SA, 4.95%, 9/30/14 | 125,000 | 130,358 | |
Telecom Italia Capital SA, 7.00%, 6/4/18 | 40,000 | 46,649 |
Shares/ Principal Amount | Value |
Telefonica Emisiones SAU, 5.88%, 7/15/19 | $ 110,000 | $ 123,146 | |
Telefonica Emisiones SAU, 5.46%, 2/16/21 | 10,000 | 10,819 | |
Virgin Media Finance plc, 8.375%, 10/15/19 | 85,000 | 95,412 | |
Windstream Corp., 7.875%, 11/1/17 | 200,000 | 231,000 | |
Windstream Corp., 7.75%, 10/15/20 | 115,000 | 123,337 | |
Windstream Corp., 6.375%, 8/1/23 | 95,000 | 94,288 | |
3,898,418 | |||
ELECTRIC UTILITIES† | |||
AES Corp. (The), 8.00%, 10/15/17 | 21,000 | 24,728 | |
Edison Mission Energy, 7.00%, 5/15/17(1)(3) | 375,000 | 216,562 | |
241,290 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS | |||
Jabil Circuit, Inc., 5.625%, 12/15/20 | 95,000 | 102,837 | |
Sanmina Corp., 7.00%, 5/15/19(2) | 265,000 | 284,875 | |
Viasystems, Inc., 7.875%, 5/1/19(2) | 50,000 | 53,750 | |
441,462 | |||
ENERGY EQUIPMENT AND SERVICES — 0.1% | |||
Basic Energy Services, Inc., 7.75%, 2/15/19 | 270,000 | 284,175 | |
Ensco plc, 3.25%, 3/15/16 | 60,000 | 63,478 | |
Ensco plc, 4.70%, 3/15/21 | 60,000 | 66,386 | |
Hornbeck Offshore Services, Inc., 5.00%, 3/1/21(2) | 140,000 | 139,650 | |
Petroleum Geo-Services ASA, 7.375%, 12/15/18(2) | 100,000 | 111,500 | |
Pioneer Drilling Co., 9.875%, 3/15/18 | 125,000 | 136,875 | |
Transocean, Inc., 2.50%, 10/15/17 | 40,000 | 40,441 | |
Transocean, Inc., 6.50%, 11/15/20 | 70,000 | 81,482 | |
Transocean, Inc., 6.375%, 12/15/21 | 20,000 | 23,410 | |
Weatherford International Ltd., 9.625%, 3/1/19 | 70,000 | 91,164 | |
1,038,561 | |||
FOOD AND STAPLES RETAILING — 0.1% | |||
BI-LO LLC/BI-LO Finance Corp., 9.25%, 2/15/19(2) | 250,000 | 276,875 | |
CVS Caremark Corp., 2.75%, 12/1/22 | 100,000 | 97,415 | |
Ingles Markets, Inc., 8.875%, 5/15/17 | 125,000 | 131,406 | |
Kroger Co. (The), 6.40%, 8/15/17 | 120,000 | 141,228 | |
Rite Aid Corp., 7.50%, 3/1/17 | 75,000 | 77,250 | |
Rite Aid Corp., 9.25%, 3/15/20 | 160,000 | 181,400 | |
Safeway, Inc., 4.75%, 12/1/21 | 20,000 | 21,269 | |
SUPERVALU, Inc., 8.00%, 5/1/16 | 175,000 | 194,250 | |
Wal-Mart Stores, Inc., 5.875%, 4/5/27 | 213,000 | 271,433 | |
Walgreen Co., 1.80%, 9/15/17 | 40,000 | 40,291 | |
Walgreen Co., 3.10%, 9/15/22 | 30,000 | 29,722 | |
1,462,539 | |||
FOOD PRODUCTS — 0.1% | |||
ARAMARK Corp., 5.75%, 3/15/20(2) | 65,000 | 67,600 | |
Del Monte Corp., 7.625%, 2/15/19 | 190,000 | 197,837 | |
General Mills, Inc., 4.15%, 2/15/43 | 40,000 | 39,379 | |
JBS USA LLC/JBS USA Finance, Inc., 8.25%, 2/1/20(2) | 65,000 | 71,663 | |
Kellogg Co., 4.45%, 5/30/16 | 170,000 | 186,190 | |
Kraft Foods Group, Inc., 6.125%, 8/23/18 | 51,000 | 61,110 | |
Kraft Foods Group, Inc., 5.00%, 6/4/42 | 30,000 | 31,653 | |
Mead Johnson Nutrition Co., 3.50%, 11/1/14 | 70,000 | 72,317 | |
Michael Foods Group, Inc., 9.75%, 7/15/18 | 75,000 | 84,000 | |
Mondelez International, Inc., 6.125%, 2/1/18 | 19,000 | 22,409 | |
Mondelez International, Inc., 6.50%, 2/9/40 | 30,000 | 38,149 | |
Post Holdings, Inc., 7.375%, 2/15/22 | 250,000 | 279,687 | |
Smithfield Foods, Inc., 7.75%, 7/1/17 | 130,000 | 151,775 | |
Smithfield Foods, Inc., 6.625%, 8/15/22 | 75,000 | 85,500 | |
1,389,269 |
Shares/ Principal Amount | Value |
GAS UTILITIES — 0.3% | |||
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp., 5.875%, 8/1/23(2) | $ 150,000 | $ 153,750 | |
Chesapeake Midstream Partners LP / CHKM Finance Corp., 6.125%, 7/15/22 | 50,000 | 53,750 | |
El Paso Corp., 6.875%, 6/15/14 | 125,000 | 132,471 | |
El Paso Corp., 7.25%, 6/1/18 | 70,000 | 81,686 | |
Enbridge Energy Partners LP, 6.50%, 4/15/18 | 90,000 | 106,410 | |
Energy Transfer Equity LP, 7.50%, 10/15/20 | 125,000 | 144,063 | |
Energy Transfer Partners LP, 5.20%, 2/1/22 | 30,000 | 33,143 | |
Energy Transfer Partners LP, 3.60%, 2/1/23 | 40,000 | 39,179 | |
Energy Transfer Partners LP, 6.50%, 2/1/42 | 40,000 | 45,302 | |
Enterprise Products Operating LLC, 6.30%, 9/15/17 | 120,000 | 142,607 | |
Enterprise Products Operating LLC, 4.85%, 3/15/44 | 60,000 | 60,072 | |
Kinder Morgan Energy Partners LP, 6.85%, 2/15/20 | 130,000 | 161,338 | |
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 | 70,000 | 82,920 | |
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18(2) | 300,000 | 332,926 | |
Magellan Midstream Partners LP, 6.55%, 7/15/19 | 86,000 | 104,629 | |
NGPL PipeCo LLC, 7.12%, 12/15/17(2) | 100,000 | 105,500 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.95%, 9/15/15 | 30,000 | 32,094 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 6/1/22 | 50,000 | 51,759 | |
Rockies Express Pipeline LLC, 3.90%, 4/15/15(2) | 250,000 | 254,375 | |
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21(2) | 100,000 | 100,625 | |
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23 | 90,000 | 87,368 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.375%, 8/1/22 | 53,000 | 57,770 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23(2) | 275,000 | 263,313 | |
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 60,000 | 57,538 | |
Williams Cos., Inc. (The), 3.70%, 1/15/23 | 50,000 | 48,554 | |
Williams Partners LP, 4.125%, 11/15/20 | 80,000 | 85,216 | |
2,818,358 | |||
HEALTH CARE EQUIPMENT AND SUPPLIES — 0.1% | |||
Biomet, Inc., 6.50%, 8/1/20(2) | 285,000 | 301,031 | |
DJO Finance LLC / DJO Finance Corp., 9.75%, 10/15/17 | 50,000 | 52,750 | |
Kinetic Concepts, Inc. / KCI USA, Inc., 10.50%, 11/1/18 | 150,000 | 163,125 | |
Kinetic Concepts, Inc. / KCI USA, Inc., 12.50%, 11/1/19 | 50,000 | 52,000 | |
Medtronic, Inc., 2.75%, 4/1/23 | 50,000 | 49,001 | |
617,907 | |||
HEALTH CARE PROVIDERS AND SERVICES — 0.3% | |||
Aetna, Inc., 2.75%, 11/15/22 | 60,000 | 57,643 | |
Capella Healthcare, Inc., 9.25%, 7/1/17 | 75,000 | 80,531 | |
CHS/Community Health Systems, Inc., 8.00%, 11/15/19 | 150,000 | 165,750 | |
CHS/Community Health Systems, Inc., 7.125%, 7/15/20 | 55,000 | 60,431 | |
DaVita HealthCare Partners, Inc., 6.375%, 11/1/18 | 60,000 | 63,900 | |
DaVita HealthCare Partners, Inc., 6.625%, 11/1/20 | 60,000 | 64,350 | |
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22 | 110,000 | 117,700 | |
Express Scripts, Inc., 7.25%, 6/15/19 | 140,000 | 177,327 | |
Fresenius Medical Care US Finance II, Inc., 5.875%, 1/31/22(2) | 140,000 | 157,500 | |
Gentiva Health Services, Inc., 11.50%, 9/1/18 | 140,000 | 144,900 | |
HCA Holdings, Inc., 7.75%, 5/15/21 | 140,000 | 155,050 | |
HCA, Inc., 5.75%, 3/15/14 | 125,000 | 128,750 | |
HCA, Inc., 6.50%, 2/15/16 | 200,000 | 221,000 | |
HCA, Inc., 8.50%, 4/15/19 | 125,000 | 136,563 | |
HCA, Inc., 7.25%, 9/15/20 | 100,000 | 110,250 |
Shares/ Principal Amount | Value |
HCA, Inc., 7.50%, 2/15/22 | $ 165,000 | $ 192,637 | |
Health Management Associates, Inc., 7.375%, 1/15/20 | 100,000 | 109,625 | |
Healthsouth Corp., 8.125%, 2/15/20 | 70,000 | 77,875 | |
IASIS Healthcare LLC / IASIS Capital Corp., 8.375%, 5/15/19 | 270,000 | 283,500 | |
NYU Hospitals Center, 4.43%, 7/1/42 | 30,000 | 28,476 | |
Radiation Therapy Services, Inc., 8.875%, 1/15/17 | 120,000 | 114,300 | |
Tenet Healthcare Corp., 8.00%, 8/1/20 | 165,000 | 181,500 | |
UnitedHealth Group, Inc., 4.25%, 3/15/43 | 60,000 | 58,006 | |
Universal Health Services, Inc., 7.00%, 10/1/18 | 125,000 | 135,313 | |
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 2/1/19 | 75,000 | 80,625 | |
WellPoint, Inc., 5.80%, 8/15/40 | 40,000 | 46,089 | |
3,149,591 | |||
HOTELS, RESTAURANTS AND LEISURE — 0.3% | |||
American Casino & Entertainment Properties LLC, 11.00%, 6/15/14 | 140,000 | 140,437 | |
Ameristar Casinos, Inc., 7.50%, 4/15/21 | 350,000 | 383,250 | |
Boyd Gaming Corp., 9.125%, 12/1/18 | 230,000 | 250,700 | |
Caesars Entertainment Operating Co., Inc., 11.25%, 6/1/17 | 220,000 | 230,450 | |
Caesars Entertainment Operating Co., Inc., 10.00%, 12/15/18 | 275,000 | 171,875 | |
Caesars Entertainment Operating Co., Inc., 8.50%, 2/15/20 | 175,000 | 167,234 | |
Chester Downs & Marina LLC, 9.25%, 2/1/20(2) | 200,000 | 195,000 | |
CityCenter Holdings LLC/CityCenter Finance Corp., 7.625%, 1/15/16 | 150,000 | 160,125 | |
Dave & Buster’s, Inc., 11.00%, 6/1/18 | 75,000 | 84,563 | |
DineEquity, Inc., 9.50%, 10/30/18 | 75,000 | 84,750 | |
Marina District Finance Co., Inc., 9.50%, 10/15/15 | 130,000 | 136,825 | |
MCE Finance Ltd., 5.00%, 2/15/21(2) | 175,000 | 175,437 | |
MGM Resorts International, 7.625%, 1/15/17 | 395,000 | 452,769 | |
MGM Resorts International, 8.625%, 2/1/19 | 75,000 | 89,063 | |
Royal Caribbean Cruises Ltd., 7.25%, 6/15/16 | 95,000 | 108,063 | |
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22 | 80,000 | 83,600 | |
Station Casinos LLC, 7.50%, 3/1/21(2) | 150,000 | 157,875 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75%, 8/15/20 | 105,000 | 118,913 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.375%, 3/15/22 | 175,000 | 185,062 | |
3,375,991 | |||
HOUSEHOLD DURABLES — 0.1% | |||
Beazer Homes USA, Inc., 8.125%, 6/15/16 | 125,000 | 139,375 | |
Beazer Homes USA, Inc., 7.25%, 2/1/23(2) | 20,000 | 21,275 | |
Lennar Corp., Series B, 5.60%, 5/31/15 | 50,000 | 53,375 | |
Meritage Homes Corp., 7.00%, 4/1/22 | 125,000 | 140,938 | |
Mohawk Industries, Inc., 3.85%, 2/1/23 | 40,000 | 40,584 | |
Standard Pacific Corp., 8.375%, 5/15/18 | 210,000 | 248,587 | |
Taylor Morrison, Inc., 7.75%, 4/15/20(2) | 180,000 | 201,600 | |
Toll Brothers Finance Corp., 6.75%, 11/1/19 | 150,000 | 174,750 | |
William Lyon Homes, Inc., 8.50%, 11/15/20(2) | 125,000 | 139,844 | |
1,160,328 | |||
HOUSEHOLD PRODUCTS — 0.1% | |||
Central Garden and Pet Co., 8.25%, 3/1/18 | 255,000 | 267,112 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 8.50%, 5/15/18 | 125,000 | 131,875 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.125%, 4/15/19 | 40,000 | 42,800 |
Shares/ Principal Amount | Value |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 9.00%, 4/15/19 | $ 100,000 | $ 105,500 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.875%, 8/15/19 | 95,000 | 104,500 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 9.875%, 8/15/19 | 125,000 | 136,719 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20 | 150,000 | 152,625 | |
Spectrum Brands Escrow Corp., 6.375%, 11/15/20(2) | 50,000 | 53,813 | |
994,944 | |||
INDUSTRIAL CONGLOMERATES — 0.1% | |||
Bombardier, Inc., 7.50%, 3/15/18(2) | 80,000 | 92,000 | |
Bombardier, Inc., 5.75%, 3/15/22(2) | 100,000 | 104,500 | |
General Electric Co., 5.25%, 12/6/17 | 190,000 | 219,896 | |
General Electric Co., 4.125%, 10/9/42 | 40,000 | 38,437 | |
Harland Clarke Holdings Corp., 9.50%, 5/15/15 | 261,000 | 262,631 | |
HD Supply, Inc., 8.125%, 4/15/19 | 100,000 | 111,500 | |
HD Supply, Inc., 7.50%, 7/15/20(2) | 110,000 | 116,875 | |
HD Supply, Inc., 10.50%, 1/15/21 | 110,000 | 114,538 | |
Schaeffler Finance BV, 7.75%, 2/15/17(2) | 125,000 | 141,250 | |
SPX Corp., 7.625%, 12/15/14 | 65,000 | 70,688 | |
1,272,315 | |||
INSURANCE — 0.3% | |||
Aircastle Ltd., 6.75%, 4/15/17 | 120,000 | 132,600 | |
Allstate Corp. (The), 7.45%, 5/16/19 | 20,000 | 26,092 | |
American International Group, Inc., 3.65%, 1/15/14 | 40,000 | 40,735 | |
American International Group, Inc., 5.85%, 1/16/18 | 120,000 | 138,555 | |
American International Group, Inc., 6.40%, 12/15/20 | 90,000 | 109,090 | |
American International Group, Inc., 4.875%, 6/1/22 | 50,000 | 55,360 | |
American International Group, Inc., 6.82%, 11/15/37 | 105,000 | 132,099 | |
American International Group, Inc., VRN, 8.18%, 5/15/38 | 100,000 | 131,500 | |
AXA SA, VRN, 6.46%, 12/14/18(2) | 120,000 | 122,700 | |
Berkshire Hathaway Finance Corp., 4.25%, 1/15/21 | 70,000 | 78,256 | |
Berkshire Hathaway, Inc., 3.00%, 5/15/22 | 40,000 | 39,856 | |
Berkshire Hathaway, Inc., 4.50%, 2/11/43 | 50,000 | 49,576 | |
Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.375%, 2/15/18(2) | 125,000 | 136,250 | |
Genworth Financial, Inc., VRN, 6.15%, 11/15/16 | 135,000 | 127,406 | |
Genworth Holdings, Inc., 7.20%, 2/15/21 | 40,000 | 47,502 | |
Hartford Financial Services Group, Inc., 5.125%, 4/15/22 | 30,000 | 34,310 | |
Hartford Financial Services Group, Inc., 5.95%, 10/15/36 | 20,000 | 23,202 | |
Hub International Ltd., 8.125%, 10/15/18(2) | 125,000 | 135,000 | |
ING U.S., Inc., 5.75%, 7/15/22(2) | 60,000 | 67,173 | |
International Lease Finance Corp., 6.625%, 11/15/13 | 95,000 | 97,078 | |
International Lease Finance Corp., 5.75%, 5/15/16 | 215,000 | 231,569 | |
International Lease Finance Corp., 8.75%, 3/15/17 | 205,000 | 243,694 | |
International Lease Finance Corp., 6.25%, 5/15/19 | 125,000 | 137,188 | |
Liberty Mutual Group, Inc., 6.50%, 5/1/42(2) | 30,000 | 35,283 | |
Liberty Mutual Group, Inc., VRN, 7.00%, 3/15/17(2) | 300,000 | 315,000 | |
Lincoln National Corp., 6.25%, 2/15/20 | 100,000 | 119,132 | |
Markel Corp., 4.90%, 7/1/22 | 70,000 | 77,182 | |
MetLife, Inc., 6.75%, 6/1/16 | 120,000 | 139,866 | |
MetLife, Inc., 1.76%, 12/15/17 | 40,000 | 40,354 | |
MetLife, Inc., 4.125%, 8/13/42 | 30,000 | 28,264 | |
Principal Financial Group, Inc., 3.30%, 9/15/22 | 30,000 | 30,368 | |
Prudential Financial, Inc., 5.375%, 6/21/20 | 60,000 | 70,376 | |
Prudential Financial, Inc., 5.625%, 5/12/41 | 40,000 | 45,571 | |
3,238,187 |
Shares/ Principal Amount | Value |
INTERNET SOFTWARE AND SERVICES† | |||
Equinix, Inc., 7.00%, 7/15/21 | $ 75,000 | $ 83,719 | |
IT SERVICES — 0.1% | |||
Fidelity National Information Services, Inc., 5.00%, 3/15/22 | 50,000 | 53,563 | |
Fidelity National Information Services, Inc., 3.50%, 4/15/23 | 40,000 | 38,648 | |
First Data Corp., 11.25%, 3/31/16 | 123,000 | 124,230 | |
First Data Corp., 7.375%, 6/15/19(2) | 175,000 | 185,500 | |
First Data Corp., 8.875%, 8/15/20(2) | 100,000 | 111,000 | |
First Data Corp., 8.25%, 1/15/21(2) | 320,000 | 340,800 | |
First Data Corp., 12.625%, 1/15/21 | 175,000 | 192,063 | |
International Business Machines Corp., 1.95%, 7/22/16 | 230,000 | 237,697 | |
SunGard Data Systems, Inc., 7.375%, 11/15/18 | 125,000 | 133,750 | |
1,417,251 | |||
LIFE SCIENCES TOOLS AND SERVICES† | |||
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21 | 55,000 | 56,071 | |
MACHINERY — 0.1% | |||
Case New Holand, Inc., 7.875%, 12/1/17 | 150,000 | 177,000 | |
Caterpillar Financial Services Corp., MTN, 2.85%, 6/1/22 | 90,000 | 90,099 | |
Deere & Co., 5.375%, 10/16/29 | 120,000 | 144,470 | |
Huntington Ingalls Industries, Inc., 7.125%, 3/15/21 | 120,000 | 132,300 | |
Navistar International Corp., 8.25%, 11/1/21 | 50,000 | 51,187 | |
595,056 | |||
MEDIA — 0.7% | |||
AMC Entertainment, Inc., 9.75%, 12/1/20 | 90,000 | 104,400 | |
Cablevision Systems Corp., 8.625%, 9/15/17 | 140,000 | 163,800 | |
Cablevision Systems Corp., 5.875%, 9/15/22 | 150,000 | 149,250 | |
CBS Corp., 4.85%, 7/1/42 | 50,000 | 48,840 | |
CC Holdings GS V LLC, 3.85%, 4/15/23(2) | 30,000 | 30,006 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, 1/15/19 | $ 310,000 | $ 332,862 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 9/30/22 | 215,000 | 216,075 | |
Cengage Learning Acquisitions, Inc., 10.50%, 1/15/15(2)(3) | 200,000 | 22,000 | |
Cinemark USA, Inc., 5.125%, 12/15/22 | 55,000 | 56,100 | |
Clear Channel Communications, Inc., 10.75%, 8/1/16 | 275,000 | 259,187 | |
Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/20 | 220,000 | 234,850 | |
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22(2) | 100,000 | 106,000 | |
Clearwire Communications LLC/Clearwire Finance, Inc., 12.00%, 12/1/15(2) | 170,000 | 182,121 | |
Comcast Corp., 5.90%, 3/15/16 | 243,000 | 275,937 | |
Comcast Corp., 6.50%, 11/15/35 | 10,000 | 12,721 | |
Comcast Corp., 6.40%, 5/15/38 | 60,000 | 76,114 | |
CSC Holdings LLC, 6.75%, 11/15/21 | 120,000 | 135,000 | |
Cumulus Media Holdings, Inc., 7.75%, 5/1/19 | 125,000 | 128,750 | |
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14 | 80,000 | 84,050 | |
Discovery Communications LLC, 5.625%, 8/15/19 | 50,000 | 59,124 | |
DISH DBS Corp., 7.125%, 2/1/16 | 185,000 | 203,500 | |
DISH DBS Corp., 4.625%, 7/15/17 | 130,000 | 130,650 | |
DISH DBS Corp., 6.75%, 6/1/21 | 205,000 | 217,813 | |
DISH DBS Corp., 5.00%, 3/15/23 | 95,000 | 90,250 | |
DISH DBS Corp., 6.25%, 5/15/23(2) | 125,000 | 125,625 | |
Lamar Media Corp., 5.875%, 2/1/22 | 115,000 | 124,775 | |
Lamar Media Corp., 5.00%, 5/1/23 | 140,000 | 142,450 |
Shares/ Principal Amount | Value |
McClatchy Co. (The), 9.00%, 12/15/22(2) | $ 50,000 | $ 54,250 | |
Mediacom LLC / Mediacom Capital Corp., 9.125%, 8/15/19 | 250,000 | 277,500 | |
Nara Cable Funding Ltd., 8.875%, 12/1/18(2) | 95,000 | 100,700 | |
NBCUniversal Media LLC, 5.15%, 4/30/20 | 60,000 | 71,041 | |
NBCUniversal Media LLC, 4.375%, 4/1/21 | 50,000 | 55,958 | |
NBCUniversal Media LLC, 2.875%, 1/15/23 | 150,000 | 148,615 | |
News America, Inc., 6.90%, 8/15/39 | 100,000 | 125,305 | |
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875%, 4/15/17 | 110,000 | 120,175 | |
Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/1/20(2) | 108,000 | 108,810 | |
Omnicom Group, Inc., 3.625%, 5/1/22 | 10,000 | 10,082 | |
Qwest Corp., 7.50%, 10/1/14 | 90,000 | 97,552 | |
RR Donnelley & Sons Co., 7.25%, 5/15/18 | 100,000 | 109,250 | |
RR Donnelley & Sons Co., 8.25%, 3/15/19 | 95,000 | 104,500 | |
Sable International Finance Ltd., 8.75%, 2/1/20(2) | 125,000 | 142,500 | |
Sinclair Television Group, Inc., 9.25%, 11/1/17(2) | 95,000 | 101,888 | |
Sinclair Television Group, Inc., 8.375%, 10/15/18 | 90,000 | 99,900 | |
Sinclair Television Group, Inc., 5.375%, 4/1/21(2) | 100,000 | 100,000 | |
Sirius XM Radio, Inc., 8.75%, 4/1/15(2) | 90,000 | 100,575 | |
Time Warner Cable, Inc., 6.75%, 7/1/18 | 65,000 | 78,900 | |
Time Warner Cable, Inc., 4.50%, 9/15/42 | 20,000 | 17,955 | |
Time Warner, Inc., 3.15%, 7/15/15 | 90,000 | 94,304 | |
Time Warner, Inc., 7.70%, 5/1/32 | 130,000 | 177,052 | |
Univision Communications, Inc., 6.875%, 5/15/19(2) | 225,000 | 240,187 | |
Univision Communications, Inc., 8.50%, 5/15/21(2) | 110,000 | 119,625 | |
UPCB Finance VI Ltd., 6.875%, 1/15/22(2) | 250,000 | 271,250 | |
Valassis Communications, Inc., 6.625%, 2/1/21 | 75,000 | 77,625 | |
Viacom, Inc., 4.375%, 9/15/14 | 80,000 | 83,660 | |
Viacom, Inc., 4.50%, 3/1/21 | 30,000 | 32,943 | |
Viacom, Inc., 3.125%, 6/15/22 | 10,000 | 9,852 | |
Videotron Ltee, 5.00%, 7/15/22 | 175,000 | 180,250 | |
Visant Corp., 10.00%, 10/1/17 | 125,000 | 120,313 | |
Walt Disney Co. (The), MTN, 2.35%, 12/1/22 | 60,000 | 57,637 | |
Wind Acquisition Finance SA, 11.75%, 7/15/17(2) | 250,000 | 264,375 | |
Wind Acquisition Finance SA, 7.25%, 2/15/18(2) | 115,000 | 120,463 | |
7,587,242 | |||
METALS AND MINING — 0.2% | |||
AK Steel Corp., 7.625%, 5/15/20 | 40,000 | 36,000 | |
Alcoa, Inc., 5.40%, 4/15/21 | 40,000 | 40,673 | |
AngloGold Ashanti Holdings plc, 5.375%, 4/15/20 | 30,000 | 30,951 | |
ArcelorMittal, 4.25%, 8/5/15 | 225,000 | 232,875 | |
ArcelorMittal, 5.00%, 2/25/17 | 230,000 | 239,775 | |
ArcelorMittal, 6.125%, 6/1/18 | 200,000 | 212,750 | |
ArcelorMittal, 5.75%, 8/5/20 | 80,000 | 82,800 | |
ArcelorMittal, 7.25%, 3/1/41 | 240,000 | 235,200 | |
Barrick North America Finance LLC, 4.40%, 5/30/21 | 70,000 | 70,534 | |
FMG Resources Pty Ltd., 7.00%, 11/1/15(2) | 125,000 | 129,375 | |
FMG Resources Pty Ltd., 6.875%, 2/1/18(2) | 100,000 | 102,125 | |
FMG Resources Pty Ltd., 8.25%, 11/1/19(2) | 110,000 | 116,600 | |
Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23(2) | 20,000 | 19,535 | |
Inmet Mining Corp., 8.75%, 6/1/20(2) | 25,000 | 27,063 | |
Newmont Mining Corp., 6.25%, 10/1/39 | 70,000 | 74,100 | |
Novelis, Inc., 8.375%, 12/15/17 | 100,000 | 108,500 | |
Rio Tinto Finance USA Ltd., 3.50%, 11/2/20 | 50,000 | 51,797 | |
Southern Copper Corp., 5.25%, 11/8/42 | 20,000 | 17,478 | |
Steel Dynamics, Inc., 5.25%, 4/15/23(2) | 95,000 | 99,038 | |
Teck Resources Ltd., 3.15%, 1/15/17 | 60,000 | 62,406 |
Shares/ Principal Amount | Value |
Vale Overseas Ltd., 5.625%, 9/15/19 | $ 170,000 | $ 192,286 | |
Vale Overseas Ltd., 4.625%, 9/15/20 | 50,000 | 52,072 | |
Xstrata Canada Financial Corp., 4.95%, 11/15/21(2) | 50,000 | 52,693 | |
2,286,626 | |||
MULTI-UTILITIES — 0.3% | |||
Calpine Construction Finance Co. LP/CCFC Finance Corp., 8.00%, 6/1/16(2) | 55,000 | 57,200 | |
Calpine Corp., 7.25%, 10/15/17(2) | 100,000 | 105,000 | |
Calpine Corp., 7.50%, 2/15/21(2) | 90,000 | 98,100 | |
CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42 | 30,000 | 27,293 | |
Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17 | 59,000 | 65,970 | |
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43 | 40,000 | 38,361 | |
Constellation Energy Group, Inc., 5.15%, 12/1/20 | 50,000 | 56,746 | |
Consumers Energy Co., 2.85%, 5/15/22 | 20,000 | 20,259 | |
Dominion Resources, Inc., 6.40%, 6/15/18 | 120,000 | 145,885 | |
Dominion Resources, Inc., 2.75%, 9/15/22 | 50,000 | 48,810 | |
Dominion Resources, Inc., 4.90%, 8/1/41 | 30,000 | 32,396 | |
Duke Energy Corp., 3.95%, 9/15/14 | 80,000 | 83,281 | |
Duke Energy Corp., 3.55%, 9/15/21 | 40,000 | 41,852 | |
Duke Energy Florida, Inc., 6.35%, 9/15/37 | 40,000 | 51,904 | |
Edison International, 3.75%, 9/15/17 | 90,000 | 96,912 | |
EDP Finance BV, 6.00%, 2/2/18(2) | 120,000 | 129,900 | |
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.00%, 12/1/20 | 364,000 | 416,325 | |
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., PIK, 11.25%, 12/1/18(2) | 34,000 | 30,855 | |
Exelon Generation Co. LLC, 4.00%, 10/1/20 | 20,000 | 20,948 | |
Exelon Generation Co. LLC, 5.60%, 6/15/42 | $ 30,000 | $ 31,918 | |
FirstEnergy Corp., 4.25%, 3/15/23 | 30,000 | 29,676 | |
Florida Power Corp., 3.85%, 11/15/42 | 40,000 | 37,313 | |
GenOn Energy, Inc., 9.50%, 10/15/18 | 250,000 | 293,125 | |
Georgia Power Co., 4.30%, 3/15/42 | 30,000 | 29,647 | |
Ipalco Enterprises, Inc., 5.00%, 5/1/18 | 95,000 | 102,600 | |
Nisource Finance Corp., 4.45%, 12/1/21 | 40,000 | 43,158 | |
Northern States Power Co., 3.40%, 8/15/42 | 30,000 | 26,668 | |
NRG Energy, Inc., 7.625%, 1/15/18 | 250,000 | 283,125 | |
NRG Energy, Inc., 7.625%, 5/15/19 | 275,000 | 293,563 | |
PacifiCorp, 6.00%, 1/15/39 | 30,000 | 38,023 | |
Progress Energy, Inc., 3.15%, 4/1/22 | 40,000 | 40,042 | |
Public Service Company of Colorado, 4.75%, 8/15/41 | 30,000 | 33,229 | |
Sempra Energy, 6.50%, 6/1/16 | 40,000 | 46,175 | |
Southern Power Co., 5.15%, 9/15/41 | 20,000 | 21,789 | |
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/1/20(2) | 125,000 | 98,750 | |
3,016,798 | |||
MULTILINE RETAIL† | |||
J.C. Penney Corp., Inc., 7.65%, 8/15/16 | 125,000 | 126,875 | |
Target Corp., 4.00%, 7/1/42 | 30,000 | 28,696 | |
155,571 | |||
OFFICE ELECTRONICS† | |||
CDW LLC / CDW Finance Corp., 8.00%, 12/15/18 | 100,000 | 110,625 | |
Xerox Corp., 2.95%, 3/15/17 | 30,000 | 30,818 | |
141,443 | |||
OIL, GAS AND CONSUMABLE FUELS — 0.7% | |||
Alpha Natural Resources, Inc., 6.00%, 6/1/19 | 155,000 | 140,662 | |
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 5/20/20 | 120,000 | 131,400 |
Shares/ Principal Amount | Value |
AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 8/20/19 | $ 175,000 | $ 188,125 | |
Anadarko Petroleum Corp., 5.95%, 9/15/16 | 50,000 | 57,048 | |
Anadarko Petroleum Corp., 6.45%, 9/15/36 | 30,000 | 36,737 | |
Antero Resources Finance Corp., 7.25%, 8/1/19 | 100,000 | 108,500 | |
Apache Corp., 2.625%, 1/15/23 | 60,000 | 57,616 | |
Apache Corp., 4.75%, 4/15/43 | 30,000 | 30,131 | |
Arch Coal, Inc., 8.75%, 8/1/16 | 70,000 | 72,538 | |
Bill Barrett Corp., 9.875%, 7/15/16 | 325,000 | 343,687 | |
BP Capital Markets plc, 3.20%, 3/11/16 | 70,000 | 74,203 | |
BP Capital Markets plc, 2.25%, 11/1/16 | 100,000 | 103,575 | |
BP Capital Markets plc, 4.50%, 10/1/20 | 70,000 | 78,833 | |
Chesapeake Energy Corp., 9.50%, 2/15/15 | 125,000 | 140,000 | |
Chesapeake Energy Corp., 6.625%, 8/15/20 | 210,000 | 234,675 | |
Chesapeake Energy Corp., 5.375%, 6/15/21 | 100,000 | 102,000 | |
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19(2) | 125,000 | 131,875 | |
Concho Resources, Inc., 5.50%, 10/1/22 | 150,000 | 155,625 | |
ConocoPhillips, 5.75%, 2/1/19 | 160,000 | 192,565 | |
ConocoPhillips Holding Co., 6.95%, 4/15/29 | 30,000 | 39,930 | |
Consol Energy, Inc., 8.00%, 4/1/17 | 170,000 | 182,750 | |
Continental Resources, Inc., 5.00%, 9/15/22 | 140,000 | 145,600 | |
Denbury Resources, Inc., 8.25%, 2/15/20 | 105,000 | 118,125 | |
Devon Energy Corp., 1.875%, 5/15/17 | 20,000 | 20,083 | |
Devon Energy Corp., 5.60%, 7/15/41 | 70,000 | 77,233 | |
Energy XXI Gulf Coast, Inc., 7.75%, 6/15/19 | 100,000 | 107,500 | |
EOG Resources, Inc., 5.625%, 6/1/19 | 120,000 | 144,640 | |
EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20 | 250,000 | 284,687 | |
Forest Oil Corp., 7.50%, 9/15/20(2) | 95,000 | 95,950 | |
Halcon Resources Corp., 8.875%, 5/15/21 | 100,000 | 102,250 | |
Hess Corp., 6.00%, 1/15/40 | 20,000 | 22,535 | |
Linn Energy LLC/Linn Energy Finance Corp., 6.50%, 5/15/19 | 200,000 | 204,500 | |
Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 4/15/20 | 150,000 | 165,000 | |
Marathon Petroleum Corp., 3.50%, 3/1/16 | 30,000 | 31,842 | |
Newfield Exploration Co., 5.625%, 7/1/24 | 88,000 | 92,840 | |
Noble Energy, Inc., 4.15%, 12/15/21 | 50,000 | 54,318 | |
Occidental Petroleum Corp., 2.70%, 2/15/23 | 20,000 | 19,390 | |
Peabody Energy Corp., 7.375%, 11/1/16 | 45,000 | 51,525 | |
Peabody Energy Corp., 6.00%, 11/15/18 | 300,000 | 322,125 | |
Peabody Energy Corp., 6.50%, 9/15/20 | 50,000 | 54,125 | |
Pemex Project Funding Master Trust, 6.625%, 6/15/35 | 30,000 | 34,500 | |
Petrobras International Finance Co. - Pifco, 5.75%, 1/20/20 | 140,000 | 153,120 | |
Petrobras International Finance Co. - Pifco, 5.375%, 1/27/21 | 130,000 | 138,267 | |
Petroleos Mexicanos, 6.00%, 3/5/20 | 80,000 | 92,000 | |
Petroleos Mexicanos, 3.50%, 1/30/23(2) | 30,000 | 28,575 | |
Petroleos Mexicanos, 5.50%, 6/27/44(2) | 30,000 | 29,475 | |
Phillips 66, 4.30%, 4/1/22 | 80,000 | 86,548 | |
Pioneer Natural Resources Co., 3.95%, 7/15/22 | 70,000 | 72,458 | |
Plains Exploration & Production Co., 6.50%, 11/15/20 | 150,000 | 166,875 | |
Plains Exploration & Production Co., 6.625%, 5/1/21 | 100,000 | 111,000 | |
Plains Exploration & Production Co., 6.75%, 2/1/22 | 80,000 | 89,800 |
Shares/ Principal Amount | Value |
QEP Resources, Inc., 5.25%, 5/1/23 | $ 100,000 | $ 101,500 | |
Quicksilver Resources, Inc., 8.25%, 8/1/15 | 125,000 | 128,125 | |
Range Resources Corp., 5.75%, 6/1/21 | 100,000 | 106,250 | |
Range Resources Corp., 5.00%, 8/15/22 | 155,000 | 158,100 | |
Sabine Pass LNG LP, 7.50%, 11/30/16 | 225,000 | 252,000 | |
Samson Investment Co., 9.75%, 2/15/20(2) | 115,000 | 120,462 | |
SandRidge Energy, Inc., 7.50%, 3/15/21 | 260,000 | 269,100 | |
Shell International Finance BV, 2.375%, 8/21/22 | 80,000 | 77,217 | |
Shell International Finance BV, 3.625%, 8/21/42 | 30,000 | 27,914 | |
Statoil ASA, 2.45%, 1/17/23 | 80,000 | 76,631 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, 10/1/18 | 100,000 | 107,875 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 3/15/20 | 50,000 | 53,750 | |
Talisman Energy, Inc., 7.75%, 6/1/19 | 70,000 | 87,480 | |
Tesoro Corp., 4.25%, 10/1/17 | 100,000 | 104,500 | |
Venoco, Inc., 8.875%, 2/15/19 | 140,000 | 140,700 | |
WPX Energy, Inc., 5.25%, 1/15/17 | 125,000 | 133,437 | |
7,664,402 | |||
PAPER AND FOREST PRODUCTS† | |||
Domtar Corp., 4.40%, 4/1/22 | 60,000 | 59,280 | |
International Paper Co., 6.00%, 11/15/41 | 60,000 | 69,762 | |
129,042 | |||
PERSONAL PRODUCTS† | |||
Elizabeth Arden, Inc., 7.375%, 3/15/21 | 145,000 | 162,219 | |
PHARMACEUTICALS — 0.2% | |||
AbbVie, Inc., 1.75%, 11/6/17(2) | 60,000 | 59,916 | |
AbbVie, Inc., 4.40%, 11/6/42(2) | 20,000 | 19,669 | |
Actavis, Inc., 4.625%, 10/1/42 | 30,000 | 29,445 | |
Bristol-Myers Squibb Co., 3.25%, 8/1/42 | 30,000 | 25,675 | |
Endo Pharmaceuticals Holdings, Inc., 7.00%, 7/15/19 | 90,000 | 97,200 | |
Endo Pharmaceuticals Holdings, Inc., 7.00%, 12/15/20 | 35,000 | 37,887 | |
GlaxoSmithKline Capital plc, 2.85%, 5/8/22 | 50,000 | 50,054 | |
Merck & Co., Inc., 2.40%, 9/15/22 | 60,000 | 57,783 | |
Merck & Co., Inc., 2.80%, 5/18/23 | 140,000 | 137,653 | |
Merck & Co., Inc., 3.60%, 9/15/42 | 10,000 | 9,022 | |
Mylan, Inc., 6.00%, 11/15/18(2) | 95,000 | 103,363 | |
Mylan, Inc., 3.125%, 1/15/23(2) | 50,000 | 47,824 | |
Roche Holdings, Inc., 6.00%, 3/1/19(2) | 50,000 | 61,177 | |
Roche Holdings, Inc., 7.00%, 3/1/39(2) | 70,000 | 99,495 | |
Sanofi, 4.00%, 3/29/21 | 55,000 | 60,716 | |
Teva Pharmaceutical Finance IV LLC, 2.25%, 3/18/20 | 10,000 | 9,884 | |
Valeant Pharmaceuticals International, 6.50%, 7/15/16(2) | 70,000 | 72,800 | |
Valeant Pharmaceuticals International, 6.875%, 12/1/18(2) | 100,000 | 107,250 | |
Valeant Pharmaceuticals International, 6.375%, 10/15/20(2) | 225,000 | 237,375 | |
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 9/15/18 | 75,000 | 83,109 | |
Watson Pharmaceuticals, Inc., 5.00%, 8/15/14 | 160,000 | 167,443 | |
1,574,740 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.1% | |||
American Tower Corp., 4.50%, 1/15/18 | 40,000 | 43,749 | |
American Tower Corp., 4.70%, 3/15/22 | 10,000 | 10,654 | |
BRE Properties, Inc., 3.375%, 1/15/23 | 60,000 | 58,500 | |
DDR Corp., 3.375%, 5/15/23 | 30,000 | 29,034 | |
Essex Portfolio LP, 3.625%, 8/15/22 | 20,000 | 20,120 | |
Essex Portfolio LP, 3.25%, 5/1/23 | 20,000 | 19,427 |
Shares/ Principal Amount | Value |
Felcor Lodging LP, 6.75%, 6/1/19 | $ 20,000 | $ 21,450 | |
HCP, Inc., 3.75%, 2/1/16 | 60,000 | 63,947 | |
Health Care REIT, Inc., 2.25%, 3/15/18 | 50,000 | 50,466 | |
Health Care REIT, Inc., 3.75%, 3/15/23 | 70,000 | 70,293 | |
Host Hotels & Resorts LP, 6.75%, 6/1/16 | 42,000 | 42,521 | |
Host Hotels & Resorts LP, 5.875%, 6/15/19 | 55,000 | 60,541 | |
Host Hotels & Resorts LP, 3.75%, 10/15/23 | 30,000 | 29,452 | |
Kilroy Realty LP, 3.80%, 1/15/23 | 90,000 | 89,739 | |
MPT Operating Partnership LP/MPT Finance Corp., 6.875%, 5/1/21 | 125,000 | 138,750 | |
Omega Healthcare Investors, Inc., 5.875%, 3/15/24 | 50,000 | 54,250 | |
Sabra Health Care LP/Sabra Capital Corp., 8.125%, 11/1/18 | 94,000 | 102,695 | |
Simon Property Group LP, 5.10%, 6/15/15 | 120,000 | 130,564 | |
UDR, Inc., 4.25%, 6/1/18 | 70,000 | 76,700 | |
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/1/21 | 40,000 | 43,831 | |
WEA Finance LLC, 4.625%, 5/10/21(2) | 50,000 | 55,080 | |
1,211,763 | |||
REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.1% | |||
CB Richard Ellis Services, Inc., 11.625%, 6/15/17 | 125,000 | 132,781 | |
CBRE Services, Inc., 5.00%, 3/15/23 | 125,000 | 125,313 | |
Country Garden Holdings Co. Ltd., 7.50%, 1/10/23(2) | 200,000 | 204,500 | |
ProLogis LP, 6.625%, 12/1/19 | 110,000 | 132,468 | |
Realogy Corp., 7.875%, 2/15/19(2) | 50,000 | 55,125 | |
650,187 | |||
ROAD AND RAIL† | |||
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20 | 103,000 | 109,641 | |
Burlington Northern Santa Fe LLC, 5.05%, 3/1/41 | 40,000 | 42,920 | |
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 40,000 | 39,788 | |
CSX Corp., 4.25%, 6/1/21 | 10,000 | 11,042 | |
Union Pacific Corp., 4.75%, 9/15/41 | 80,000 | 85,099 | |
288,490 | |||
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 0.1% | |||
Advanced Micro Devices, Inc., 8.125%, 12/15/17 | 230,000 | 239,200 | |
Freescale Semiconductor, Inc., 9.25%, 4/15/18(2) | 105,000 | 114,713 | |
Freescale Semiconductor, Inc., 8.05%, 2/1/20 | 200,000 | 215,000 | |
Intel Corp., 1.35%, 12/15/17 | 60,000 | 59,730 | |
MEMC Electronic Materials, Inc., 7.75%, 4/1/19 | 100,000 | 98,000 | |
726,643 | |||
SOFTWARE — 0.1% | |||
Infor US, Inc., 9.375%, 4/1/19 | 125,000 | 141,563 | |
Intuit, Inc., 5.75%, 3/15/17 | 303,000 | 342,447 | |
Nuance Communications, Inc., 5.375%, 8/15/20(2) | 50,000 | 50,875 | |
Oracle Corp., 2.50%, 10/15/22 | 100,000 | 96,213 | |
Sabre, Inc., 8.50%, 5/15/19(2) | 125,000 | 138,281 | |
769,379 | |||
SPECIALTY RETAIL — 0.2% | |||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 1/15/19 | 125,000 | 136,719 | |
Hertz Corp. (The), 6.75%, 4/15/19 | 125,000 | 136,406 | |
Hertz Corp. (The), 7.375%, 1/15/21 | 200,000 | 222,000 | |
Home Depot, Inc. (The), 5.95%, 4/1/41 | 50,000 | 62,625 | |
Party City Holdings, Inc., 8.875%, 8/1/20(2) | 50,000 | 56,375 | |
Petco Animal Supplies, Inc., 9.25%, 12/1/18(2) | 225,000 | 246,375 | |
Rent-A-Center, Inc., 6.625%, 11/15/20 | 70,000 | 75,425 | |
Sally Holdings LLC / Sally Capital, Inc., 6.875%, 11/15/19 | 135,000 | 150,356 | |
Sonic Automotive, Inc., 7.00%, 7/15/22 | 80,000 | 88,900 | |
Sonic Automotive, Inc., 5.00%, 5/15/23(2) | 125,000 | 124,687 | |
Staples, Inc., 4.375%, 1/12/23 | 50,000 | 50,225 |
Shares/ Principal Amount | Value |
Stewart Enterprises, Inc., 6.50%, 4/15/19 | $ 65,000 | $ 70,200 | |
Toys “R” Us Property Co. I LLC, 10.75%, 7/15/17 | 100,000 | 106,500 | |
Toys “R” Us Property Co. II LLC, 8.50%, 12/1/17 | 85,000 | 90,419 | |
United Rentals North America, Inc., 5.75%, 7/15/18 | 95,000 | 101,888 | |
United Rentals North America, Inc., 8.375%, 9/15/20 | 300,000 | 328,500 | |
2,047,600 | |||
TEXTILES, APPAREL AND LUXURY GOODS — 0.1% | |||
Burlington Coat Factory Warehouse Corp., 10.00%, 2/15/19 | 125,000 | 140,156 | |
Gap, Inc. (The), 5.95%, 4/12/21 | 60,000 | 69,853 | |
Gymboree Corp., 9.125%, 12/1/18 | 250,000 | 243,437 | |
Hanesbrands, Inc., 6.375%, 12/15/20 | 145,000 | 160,587 | |
L Brands, Inc., 6.90%, 7/15/17 | 100,000 | 115,250 | |
L Brands, Inc., 6.625%, 4/1/21 | 75,000 | 86,063 | |
L Brands, Inc., 5.625%, 2/15/22 | 140,000 | 150,325 | |
Phillips-Van Heusen Corp., 7.375%, 5/15/20 | 20,000 | 22,250 | |
Polymer Group, Inc., 7.75%, 2/1/19 | 125,000 | 135,313 | |
1,123,234 | |||
TOBACCO† | |||
Altria Group, Inc., 2.85%, 8/9/22 | 140,000 | 133,798 | |
Philip Morris International, Inc., 4.125%, 5/17/21 | 110,000 | 120,520 | |
254,318 | |||
TRANSPORTATION INFRASTRUCTURE† | |||
CEVA Group plc, 8.375%, 12/1/17(2) | 70,000 | 72,800 | |
WIRELESS TELECOMMUNICATION SERVICES — 0.1% | |||
Alltel Corp., 7.875%, 7/1/32 | 40,000 | 56,822 | |
America Movil SAB de CV, 5.00%, 3/30/20 | 20,000 | 22,133 | |
Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18 | 20,000 | 26,622 | |
Cricket Communications, Inc., 7.75%, 10/15/20 | 275,000 | 275,688 | |
MetroPCS Wireless, Inc., 7.875%, 9/1/18 | $ 90,000 | $ 98,550 | |
MetroPCS Wireless, Inc., 6.625%, 11/15/20 | 125,000 | 134,219 | |
Sprint Nextel Corp., 6.00%, 12/1/16 | 325,000 | 351,812 | |
Sprint Nextel Corp., 9.00%, 11/15/18(2) | 100,000 | 121,500 | |
Sprint Nextel Corp., 7.00%, 3/1/20(2) | 100,000 | 112,750 | |
Sprint Nextel Corp., 6.00%, 11/15/22 | 95,000 | 98,325 | |
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 2/2/21(2) | 120,000 | 132,930 | |
Vodafone Group plc, 5.625%, 2/27/17 | 30,000 | 34,290 | |
1,465,641 | |||
TOTAL CORPORATE BONDS (Cost $79,431,996) | 82,963,103 | ||
U.S. Treasury Securities — 6.6% | |||
U.S. Treasury Bonds, 5.50%, 8/15/28 | 50,000 | 67,359 | |
U.S. Treasury Bonds, 5.375%, 2/15/31 | 620,000 | 836,807 | |
U.S. Treasury Bonds, 4.375%, 11/15/39 | 1,400,000 | 1,702,532 | |
U.S. Treasury Bonds, 4.375%, 5/15/41 | 200,000 | 243,563 | |
U.S. Treasury Bonds, 2.75%, 11/15/42 | 1,450,000 | 1,302,507 | |
U.S. Treasury Bonds, 3.125%, 2/15/43 | 400,000 | 388,562 | |
U.S. Treasury Bonds, 2.875%, 5/15/43 | 550,000 | 506,860 | |
U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/29 | 6,130,586 | 8,045,915 | |
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40 | 818,429 | 1,070,735 | |
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/41 | 850,288 | 1,115,804 | |
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42 | 679,853 | 649,843 | |
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/15 | 2,148,080 | 2,210,845 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/16 | 1,054,490 | 1,091,644 |
Shares/ Principal Amount | Value |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/17 | $ 4,816,419 | $ 5,024,503 | |
U.S. Treasury Inflation Indexed Notes, 2.625%, 7/15/17 | 1,123,040 | 1,301,147 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/18 | 1,510,365 | 1,585,883 | |
U.S. Treasury Inflation Indexed Notes, 1.375%, 7/15/18 | 429,593 | 482,957 | |
U.S. Treasury Inflation Indexed Notes, 2.125%, 1/15/19 | 1,626,150 | 1,899,420 | |
U.S. Treasury Inflation Indexed Notes, 1.375%, 1/15/20 | 807,263 | 916,432 | |
U.S. Treasury Inflation Indexed Notes, 1.125%, 1/15/21 | 5,479,703 | 6,151,394 | |
U.S. Treasury Inflation Indexed Notes, 0.625%, 7/15/21 | 619,626 | 673,359 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/22 | 1,336,881 | 1,382,209 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22 | 2,176,123 | 2,249,567 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23 | 1,260,475 | 1,287,555 | |
U.S. Treasury Notes, 1.25%, 4/15/14 | 400,000 | 403,844 | |
U.S. Treasury Notes, 0.50%, 10/15/14 | 700,000 | 702,899 | |
U.S. Treasury Notes, 2.25%, 1/31/15 | 2,200,000 | 2,272,875 | |
U.S. Treasury Notes, 0.375%, 11/15/15 | 1,000,000 | 999,766 | |
U.S. Treasury Notes, 1.375%, 11/30/15 | 500,000 | 512,109 | |
U.S. Treasury Notes, 2.125%, 12/31/15 | 3,000,000 | 3,131,718 | |
U.S. Treasury Notes, 0.375%, 1/15/16 | 2,750,000 | 2,746,777 | |
U.S. Treasury Notes, 0.875%, 2/28/17 | 600,000 | 603,516 | |
U.S. Treasury Notes, 0.75%, 6/30/17 | 1,350,000 | 1,346,836 | |
U.S. Treasury Notes, 2.375%, 7/31/17 | $ 700,000 | $ 744,734 | |
U.S. Treasury Notes, 1.875%, 10/31/17 | 650,000 | 677,879 | |
U.S. Treasury Notes, 0.875%, 1/31/18 | 2,200,000 | 2,191,235 | |
U.S. Treasury Notes, 0.625%, 4/30/18 | 4,450,000 | 4,367,257 | |
U.S. Treasury Notes, 2.625%, 4/30/18 | 100,000 | 107,797 | |
U.S. Treasury Notes, 1.00%, 5/31/18 | 1,250,000 | 1,248,047 | |
U.S. Treasury Notes, 1.625%, 8/15/22 | 550,000 | 531,610 | |
U.S. Treasury Notes, 1.625%, 11/15/22 | 1,400,000 | 1,346,734 | |
U.S. Treasury Notes, 2.00%, 2/15/23 | 2,150,000 | 2,131,860 | |
U.S. Treasury Notes, 1.75%, 5/15/23 | 200,000 | 193,063 | |
TOTAL U.S. TREASURY SECURITIES (Cost $66,083,239) | 68,447,958 | ||
U.S. Government Agency Mortgage-Backed Securities(4) — 3.0% | |||
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.3% | |||
FHLMC, VRN, 1.97%, 6/15/13 | 195,051 | 200,949 | |
FHLMC, VRN, 2.08%, 6/15/13 | 390,277 | 401,345 | |
FHLMC, VRN, 2.37%, 6/15/13 | 272,035 | 277,467 | |
FHLMC, VRN, 2.37%, 6/15/13 | 347,831 | 354,184 | |
FHLMC, VRN, 2.58%, 6/15/13 | 95,142 | 99,900 | |
FHLMC, VRN, 2.90%, 6/15/13 | 45,561 | 47,615 | |
FHLMC, VRN, 3.23%, 6/15/13 | 75,721 | 79,919 | |
FHLMC, VRN, 3.28%, 6/15/13 | 234,576 | 244,095 | |
FHLMC, VRN, 3.81%, 6/15/13 | 152,085 | 160,943 | |
FHLMC, VRN, 4.03%, 6/15/13 | 155,193 | 165,383 | |
FHLMC, VRN, 5.21%, 6/15/13 | 85,235 | 91,141 | |
FHLMC, VRN, 5.44%, 6/15/13 | 205,144 | 219,162 | |
FHLMC, VRN, 6.15%, 6/15/13 | 55,490 | 60,024 | |
FNMA, VRN, 2.71%, 6/25/13 | 198,817 | 205,337 | |
FNMA, VRN, 3.33%, 6/25/13 | 139,133 | 146,256 | |
FNMA, VRN, 3.36%, 6/25/13 | 118,371 | 126,076 | |
FNMA, VRN, 3.83%, 6/25/13 | 111,818 | 118,634 | |
FNMA, VRN, 3.93%, 6/25/13 | 121,287 | 128,886 | |
FNMA, VRN, 3.95%, 6/25/13 | 71,427 | 76,160 | |
FNMA, VRN, 5.42%, 6/25/13 | 258,307 | 278,639 | |
3,482,115 |
Shares/ Principal Amount | Value |
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 2.7% | |||
FHLMC, 7.00%, 6/1/14 | $ 1,865 | $ 1,903 | |
FHLMC, 4.50%, 1/1/19 | 165,570 | 175,206 | |
FHLMC, 5.00%, 1/1/21 | 191,450 | 206,473 | |
FHLMC, 5.00%, 4/1/21 | 278,766 | 299,508 | |
FHLMC, 7.00%, 8/1/29 | 1,773 | 2,090 | |
FHLMC, 8.00%, 7/1/30 | 13,312 | 16,306 | |
FHLMC, 5.50%, 12/1/33 | 124,983 | 138,439 | |
FHLMC, 6.00%, 11/1/38 | 989,006 | 1,075,074 | |
FHLMC, 6.50%, 7/1/47 | 16,735 | 18,502 | |
FNMA, 6.00%, 4/1/14 | 2,416 | 2,433 | |
FNMA, 7.50%, 6/1/15 | 895 | 899 | |
FNMA, 5.50%, 12/1/16 | 31,231 | 33,283 | |
FNMA, 4.50%, 5/1/19 | 96,809 | 103,373 | |
FNMA, 4.50%, 5/1/19 | 118,266 | 126,285 | |
FNMA, 5.00%, 9/1/20 | 84,554 | 91,040 | |
FNMA, 7.00%, 6/1/26 | 671 | 787 | |
FNMA, 7.50%, 3/1/27 | 2,616 | 2,693 | |
FNMA, 7.00%, 1/1/29 | 4,787 | 5,656 | |
FNMA, 6.50%, 4/1/29 | 16,676 | 18,766 | |
FNMA, 6.50%, 8/1/29 | 12,953 | 14,660 | |
FNMA, 6.50%, 12/1/29 | 26,213 | 29,598 | |
FNMA, 7.00%, 3/1/30 | 6,835 | 8,080 | |
FNMA, 8.00%, 7/1/30 | 12,018 | 13,377 | |
FNMA, 7.50%, 9/1/30 | 3,940 | 4,760 | |
FNMA, 5.00%, 7/1/31 | 15,809 | 17,524 | |
FNMA, 7.00%, 9/1/31 | 16,260 | 19,211 | |
FNMA, 6.50%, 1/1/32 | 11,338 | 13,230 | |
FNMA, 6.50%, 8/1/32 | 12,504 | 13,993 | |
FNMA, 6.50%, 11/1/32 | 110,608 | 127,532 | |
FNMA, 5.50%, 6/1/33 | 47,140 | 51,941 | |
FNMA, 5.50%, 8/1/33 | 85,030 | 93,034 | |
FNMA, 5.00%, 11/1/33 | 557,841 | 607,236 | |
FNMA, 4.50%, 9/1/35 | 361,621 | 386,715 | |
FNMA, 5.00%, 1/1/36 | 2,148,953 | 2,335,605 | |
FNMA, 5.00%, 2/1/36 | 493,366 | 536,243 | |
FNMA, 5.50%, 1/1/37 | 380,522 | 414,913 | |
FNMA, 5.50%, 2/1/37 | 208,286 | 226,069 | |
FNMA, 6.50%, 8/1/37 | 175,719 | 194,628 | |
FNMA, 4.50%, 2/1/39 | 563,447 | 602,196 | |
FNMA, 3.50%, 1/1/41 | 738,891 | 768,294 | |
FNMA, 4.00%, 1/1/41 | 1,899,091 | 2,057,584 | |
FNMA, 4.50%, 1/1/41 | 944,598 | 1,028,155 | |
FNMA, 4.50%, 2/1/41 | 927,553 | 992,501 | |
FNMA, 4.00%, 5/1/41 | 757,270 | 799,645 | |
FNMA, 4.50%, 7/1/41 | 1,088,276 | 1,185,222 | |
FNMA, 4.00%, 12/1/41 | $ 633,799 | $ 682,734 | |
FNMA, 4.00%, 1/1/42 | 374,753 | 396,074 | |
FNMA, 3.50%, 5/1/42 | 1,853,614 | 1,925,638 | |
FNMA, 3.50%, 6/1/42 | 241,143 | 251,041 | |
FNMA, 3.50%, 9/1/42 | 2,064,214 | 2,141,195 | |
FNMA, 3.00%, 11/1/42 | 783,154 | 788,651 | |
FNMA, 6.50%, 6/1/47 | 24,213 | 26,675 | |
FNMA, 6.50%, 8/1/47 | 55,126 | 60,731 | |
FNMA, 6.50%, 8/1/47 | 32,116 | 35,381 | |
FNMA, 6.50%, 9/1/47 | 37,608 | 41,432 | |
FNMA, 6.50%, 9/1/47 | 24,336 | 26,810 | |
FNMA, 6.50%, 9/1/47 | 148,433 | 163,525 | |
FNMA, 6.50%, 9/1/47 | 4,603 | 5,071 | |
FNMA, 6.50%, 9/1/47 | 31,946 | 35,194 | |
GNMA, 7.50%, 10/15/25 | 2,566 | 2,925 | |
GNMA, 6.00%, 3/15/26 | 29,535 | 33,291 | |
GNMA, 7.00%, 12/15/27 | 5,033 | 5,932 | |
GNMA, 6.50%, 2/15/28 | 2,520 | 2,798 | |
GNMA, 7.00%, 8/15/29 | 1,903 | 1,971 | |
GNMA, 7.50%, 5/15/30 | 3,421 | 3,611 | |
GNMA, 7.00%, 5/15/31 | 25,923 | 31,662 | |
GNMA, 5.50%, 11/15/32 | 71,647 | 78,597 | |
GNMA, 6.50%, 10/15/38 | 1,044,712 | 1,197,183 | |
GNMA, 4.00%, 1/20/41 | 1,749,460 | 1,883,142 | |
GNMA, 4.50%, 5/20/41 | 930,948 | 1,014,814 | |
GNMA, 4.50%, 6/15/41 | 778,321 | 848,534 | |
GNMA, 4.00%, 6/20/42 | 1,617,676 | 1,729,139 | |
28,274,413 | |||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $30,597,026) | 31,756,528 | ||
Municipal Securities — 0.6% | |||
Alameda County Industrial Development Authority Rev., Series 1997 A, (Plyproperties Project), VRDN, 0.15%, 6/6/13 (LOC: Wells Fargo Bank N.A.) | 450,000 | 450,000 | |
American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 5.94%, 2/15/47 | 30,000 | 33,744 | |
American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 7.50%, 2/15/50 | 50,000 | 66,479 | |
Appling County Development Authority Rev., (Georgia Power Co. Plant Hatch), VRDN, 0.11%, 6/3/13 | 500,000 | 500,000 |
Shares/ Principal Amount | Value |
Bay Area Toll Authority Toll Bridge Rev., Series 2010 S1, (Building Bonds), 6.92%, 4/1/40 | $ 95,000 | $ 126,066 | |
Big Bear Lake Rev., Series 1993 A, (Southwest Gas Corp.), VRDN, 0.13%, 6/5/13 (LOC: Wells Fargo Bank N.A.) | 500,000 | 500,000 | |
California GO, (Building Bonds), 6.65%, 3/1/22 | 60,000 | 74,186 | |
California GO, (Building Bonds), 7.55%, 4/1/39 | 20,000 | 28,902 | |
California GO, (Building Bonds), 7.30%, 10/1/39 | 45,000 | 62,824 | |
California GO, (Building Bonds), 7.60%, 11/1/40 | 20,000 | 29,542 | |
City of Lowell Rev., (Little Rock Newspapers), VRDN, 0.21%, 6/5/13 (LOC: JPMorgan Chase Bank N.A.) | 450,000 | 450,000 | |
Illinois GO, (Taxable Pension), 5.10%, 6/1/33 | 85,000 | 85,970 | |
Kansas State Department of Transportation Highway Rev., Series 2010A, (Building Bonds), 4.60%, 9/1/35 | 50,000 | 55,385 | |
Long Island Power Authority Electric System Rev., Series 1998 2B, VRDN, 0.11%, 6/3/13 (LOC: Bayerische Landesbank) | 500,000 | 500,000 | |
Los Angeles Community College District GO, Series 2010 D, (Election of 2008), 6.68%, 8/1/36 | 50,000 | 66,127 | |
Los Angeles Department of Water & Power Rev., (Building Bonds), 5.72%, 7/1/39 | 35,000 | 42,958 | |
Medford Hospital Facilities Authority Rev., (Rogue Valley Manor Project), VRDN, 0.09%, 6/3/13 (LOC: Bank of America N.A.) | 375,000 | 375,000 | |
Metropolitan Transportation Authority Rev., Series 2010 C1, (Building Bonds), 6.69%, 11/15/40 | 75,000 | 95,702 | |
Metropolitan Transportation Authority Rev., Series 2010 E, (Building Bonds), 6.81%, 11/15/40 | 40,000 | 52,441 | |
New Jersey State Turnpike Authority Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40 | 70,000 | 101,864 | |
New Jersey State Turnpike Authority Rev., Series 2010 A, (Building Bonds), 7.10%, 1/1/41 | $ 30,000 | $ 42,384 | |
New York GO, Series 2010 F1, (Building Bonds), 6.27%, 12/1/37 | 30,000 | 38,691 | |
Ohio Water Development Authority Pollution Control Rev., Series 2010 B2, (Building Bonds), 4.88%, 12/1/34 | 80,000 | 89,460 | |
Orange County Housing Finance Authority Multifamily Rev., Series 2002 B, (Millenia), VRDN, 0.21%, 6/5/13 (LOC: FNMA) | 255,000 | 255,000 | |
Oregon State Department of Transportation Highway User Tax Rev., Series 2010 A, (Building Bonds), 5.83%, 11/15/34 | 50,000 | 62,873 | |
Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62 | 45,000 | 44,595 | |
Rutgers State University Rev., Series 2010 H, (Building Bonds), 5.67%, 5/1/40 | 90,000 | 108,595 | |
Sacramento Municipal Utility District Electric Rev., Series 2010 W, (Building Bonds), 6.16%, 5/15/36 | 140,000 | 167,993 | |
Salt River Agricultural Improvement & Power District Electric Rev., Series 2010 A, (Building Bonds), 4.84%, 1/1/41 | 45,000 | 50,542 | |
San Francisco City & County Public Utilities Water Commission Rev., Series 2010 B, (Building Bonds), 6.00%, 11/1/40 | 50,000 | 60,815 | |
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 A, (Building Bonds), 5.88%, 4/1/32 | 55,000 | 66,284 | |
Tempe Industrial Development Authority Rev., Series 2004 B, (ASUF Brickyard LLC), VRDN, 0.20%, 6/6/13 (LOC: Bank of America N.A.) | 500,000 | 500,000 |
Shares/ Principal Amount | Value |
Utah Housing Corp. Multifamily Housing Rev., Series 2004 B, (Tanglewood), VRDN, 0.21%, 6/5/13 (LOC: Citibank N.A.) | $ 400,000 | $ 400,000 | |
Washington GO, Series 2010 F, (Building Bonds), 5.14%, 8/1/40 | 20,000 | 23,703 | |
Wisconsin Health & Educational Facilities Authority Rev., (Benevolent Corporation Cedar Community), VRDN, 0.15%, 6/6/13 (LOC: JPMorgan Chase Bank N.A.) | 435,000 | 435,000 | |
Wisconsin Health & Educational Facilities Authority Rev., (Milwaukee Institute of Art & Design), VRDN, 0.22%, 6/5/13 (LOC: Citibank N.A.) | 425,000 | 425,000 | |
TOTAL MUNICIPAL SECURITIES (Cost $6,168,191) | 6,468,125 | ||
Commercial Mortgage-Backed Securities(4) — 0.6% | |||
Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A3 SEQ, 4.51%, 12/10/42 | 27,219 | 27,340 | |
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4, VRN, 5.12%, 6/1/13 | 200,000 | 217,122 | |
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class AM, VRN, 5.18%, 6/1/13 | 175,000 | 189,470 | |
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36(2) | 175,000 | 172,844 | |
CenterPoint Energy Transition Bond Co. LLC, Series 2012-1, Class A2 SEQ, 2.16%, 10/15/21 | 130,000 | 133,131 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AM, VRN, 5.22%, 6/1/13 | 100,000 | 108,487 | |
Commercial Mortgage Pass-Through Certificates, Series 2004-LB2A, Class A4 SEQ, 4.72%, 3/10/39 | 235,023 | 238,798 | |
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C2, Class A2, VRN, 5.42%, 6/1/13 | 300,000 | 308,447 | |
GE Capital Commercial Mortgage Corp., Series 2005-C3, Class A5, VRN, 4.98%, 6/1/13 | $ 43,105 | $ 43,201 | |
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4, VRN, 4.80%, 6/1/13 | 250,000 | 262,633 | |
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VRN, 4.86%, 6/1/13 | 100,000 | 104,673 | |
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6 SEQ, VRN, 5.40%, 6/1/13 | 375,000 | 387,554 | |
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4 SEQ, 4.76%, 7/10/39 | 340,000 | 361,194 | |
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A SEQ, 4.75%, 7/10/39 | 600,000 | 634,265 | |
GS Mortgage Securities Corp. II, Series 2012-ALOH, Class A SEQ, 3.55%, 4/10/34(2) | 225,000 | 233,728 | |
Irvine Core Office Trust, Series 2013-IRV, Class A2, VRN, 3.31%, 6/10/13(2) | 175,000 | 173,875 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A4 SEQ, 4.57%, 1/15/31 | 194,363 | 198,290 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4 SEQ, 4.37%, 3/15/36 | 400,000 | 408,576 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A4, VRN, 5.53%, 6/11/13 | 200,000 | 206,671 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C8, Class AJ, VRN, 4.86%, 6/11/13 | 75,000 | 78,411 | |
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class AM, VRN, 5.02%, 6/11/13 | 250,000 | 268,605 | |
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AM SEQ, VRN, 5.26%, 6/11/13 | 325,000 | 352,883 |
Shares/ Principal Amount | Value |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, 2/15/46 | $ 75,000 | $ 73,963 | |
Morgan Stanley Capital I, Series 2005-HQ6, Class A2A SEQ, 4.88%, 8/13/42 | 22,949 | 22,960 | |
Morgan Stanley Capital I, Series 2005-T17, Class A5 SEQ, 4.78%, 12/13/41 | 295,801 | 309,750 | |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A3 SEQ, 4.50%, 10/15/41 | 26,600 | 26,924 | |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A4 SEQ, 4.80%, 10/15/41 | 450,000 | 470,570 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,994,487) | 6,014,365 | ||
Commercial Paper(5) — 0.5% | |||
Bank of Nova Scotia, 0.18%, 8/30/13 | 500,000 | 499,784 | |
BNP Paribas Finance, Inc., 0.20%, 6/3/13 | 500,000 | 499,994 | |
Catholic Health Initiatives, 0.21%, 6/4/13 | 500,000 | 499,995 | |
Crown Point Capital Co., 0.17%, 6/26/13(2) | 500,000 | 499,940 | |
Govco LLC, 0.24%, 7/22/13(2) | 500,000 | 499,809 | |
Legacy Capital LLC, 0.17%, 7/1/13(2) | 500,000 | 499,926 | |
Lexington Parker Capital, 0.17%, 6/5/13(2) | 500,000 | 499,990 | |
San Francisco City and Country Public Utilities Commission Water Rev., 0.17%, 6/17/13 | 500,000 | 500,000 | |
Societe Generale SA, 0.20%, 6/5/13 | 500,000 | 499,990 | |
Toyota Motor Credit Corp., 0.22%, 8/9/13 | 500,000 | 499,896 | |
TOTAL COMMERCIAL PAPER (Cost $4,999,230) | 4,999,324 | ||
Collateralized Mortgage Obligations(4) — 0.5% | |||
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4% | |||
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 59,819 | 61,908 | |
Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37 | $ 301,422 | $ 236,592 | |
Banc of America Mortgage Securities, Inc., Series 2004-7, Class 7A1, 5.00%, 8/25/19 | 84,367 | 86,442 | |
Banc of America Mortgage Securities, Inc., Series 2005-1, Class 1A15, 5.50%, 2/25/35 | 125,000 | 132,364 | |
Chase Mortgage Finance Corp., Series 2006-S4, Class A3, 6.00%, 12/25/36 | 70,341 | 72,587 | |
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 2.43%, 6/1/13 | 26,706 | 27,416 | |
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 5.31%, 6/1/13 | 143,510 | 144,839 | |
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 5.40%, 6/1/13 | 95,811 | 96,508 | |
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.92%, 6/1/13 | 82,039 | 83,141 | |
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 2.66%, 6/1/13 | 213,226 | 221,069 | |
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 2.87%, 6/1/13 | 79,113 | 79,389 | |
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 2.90%, 6/1/13 | 215,432 | 214,222 | |
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2, VRN, 2.50%, 6/1/13(2) | 236,463 | 239,506 | |
MASTR Asset Securitization Trust, Series 2003-10, Class 3A1, 5.50%, 11/25/33 | 93,023 | 98,252 | |
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.52%, 6/1/13 | 142,712 | 142,689 | |
PHHMC Mortgage Pass-Through Certificates, Series 2007-6, Class A1, VRN, 5.85%, 6/1/13 | 119,668 | 127,853 | |
Sequoia Mortgage Trust, Series 2012-1, Class 1A1, VRN, 2.87%, 6/1/13 | 110,088 | 110,755 |
Shares/ Principal Amount | Value |
Wamu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33 | $ 141,124 | $ 149,735 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-1, Class A10, 5.50%, 2/25/34 | 152,504 | 160,280 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 2.62%, 6/1/13 | 285,013 | 296,426 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36 | 184,781 | 195,938 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-5, Class 1A1, 5.00%, 5/25/20 | 49,554 | 51,951 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR14, Class A1, VRN, 5.33%, 6/1/13 | 109,903 | 111,213 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 1A1, VRN, 2.72%, 6/1/13 | 70,685 | 72,985 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 2.68%, 6/1/13 | 136,858 | 141,719 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36 | 241,481 | 255,281 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37 | 109,537 | 114,344 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22 | 166,265 | 176,616 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37 | 99,886 | 107,265 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 6.06%, 6/1/13 | 162,254 | 163,447 | |
4,172,732 | |||
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1% | |||
FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25 | $ 501,581 | $ 556,950 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,650,950) | 4,729,682 | ||
Exchange-Traded Funds — 0.4% | |||
iShares MSCI EAFE Index Fund | 10,576 | 635,406 | |
iShares MSCI Emerging Markets Index Fund | 17,110 | 705,103 | |
iShares Russell 2000 Value Index Fund | 1,596 | 137,767 | |
iShares Russell Midcap Growth Index Fund | 4,920 | 357,832 | |
iShares Russell Midcap Value Index Fund | 30,091 | 1,767,545 | |
iShares S&P SmallCap 600 Index Fund | 237 | 21,491 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $3,305,476) | 3,625,144 | ||
Sovereign Governments and Agencies — 0.2% | |||
BRAZIL — 0.1% | |||
Brazilian Government International Bond, 5.875%, 1/15/19 | $ 390,000 | 457,470 | |
Brazilian Government International Bond, 5.625%, 1/7/41 | 80,000 | 89,400 | |
546,870 | |||
CANADA† | |||
Hydro-Quebec, 8.40%, 1/15/22 | 37,000 | 52,041 | |
Province of Ontario Canada, 5.45%, 4/27/16 | 100,000 | 113,482 | |
Province of Ontario Canada, 1.60%, 9/21/16 | 60,000 | 61,510 | |
227,033 | |||
COLOMBIA† | |||
Colombia Government International Bond, 4.375%, 7/12/21 | 100,000 | 108,750 | |
ITALY† | |||
Italy Government International Bond, 6.875%, 9/27/23 | 40,000 | 48,280 |
Shares/ Principal Amount | Value |
MEXICO — 0.1% | |||
Mexico Government International Bond, 5.625%, 1/15/17 | $ 70,000 | $ 79,450 | |
Mexico Government International Bond, 5.95%, 3/19/19 | 200,000 | 238,000 | |
Mexico Government International Bond, 5.125%, 1/15/20 | 70,000 | 80,150 | |
Mexico Government International Bond, 6.05%, 1/11/40 | 110,000 | 130,900 | |
Mexico Government International Bond, MTN, 4.75%, 3/8/44 | 30,000 | 29,850 | |
558,350 | |||
PERU† | |||
Peruvian Government International Bond, 6.55%, 3/14/37 | 40,000 | 51,500 | |
Peruvian Government International Bond, 5.625%, 11/18/50 | 60,000 | 68,250 | |
119,750 | |||
POLAND† | |||
Poland Government International Bond, 5.125%, 4/21/21 | 70,000 | 79,800 | |
SOUTH KOREA† | |||
Export-Import Bank of Korea, 3.75%, 10/20/16 | 100,000 | 107,135 | |
Korea Development Bank (The), 3.25%, 3/9/16 | 80,000 | 83,853 | |
Korea Development Bank (The), 4.00%, 9/9/16 | 70,000 | 75,203 | |
266,191 | |||
URUGUAY† | |||
Uruguay Government International Bond, 4.125%, 11/20/45 | 30,000 | 26,400 | |
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,806,971) | 1,981,424 | ||
U.S. Government Agency Securities† | |||
FHLMC, 2.375%, 1/13/22 | 80,000 | 81,622 | |
FNMA, 6.625%, 11/15/30 | 100,000 | 144,931 | |
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $230,045) | 226,553 | ||
Asset-Backed Securities(4)† | |||
American Airlines Pass-Through Trust, 7.00%, 7/31/19(2) | $ 64,213 | $ 68,387 | |
UAL 2007-1 Pass Through Trust, Series 071A, 6.64%, 1/2/24 | 95,882 | 104,990 | |
TOTAL ASSET-BACKED SECURITIES (Cost $167,788) | 173,377 | ||
Preferred Stocks† | |||
CONSUMER FINANCE† | |||
Ally Financial, Inc., 7.00%(2) | 131 | 128,437 | |
REAL ESTATE INVESTMENT TRUSTS (REITs)† | |||
DuPont Fabros Technology, Inc., Series A, 7.875% | 652 | 16,952 | |
Inland Real Estate Corp., Series A, 8.125% | 450 | 12,033 | |
PS Business Parks, Inc., 6.45% | 386 | 10,036 | |
39,021 | |||
TOTAL PREFERRED STOCKS (Cost $163,801) | 167,458 | ||
Convertible Preferred Stocks† | |||
HOUSEHOLD DURABLES† | |||
Beazer Homes USA, Inc., 7.50%, 7/15/15 | 1,483 | 49,265 | |
LEISURE EQUIPMENT AND PRODUCTS† | |||
Callaway Golf Co., Series B, 7.50% | 228 | 23,114 | |
TOBACCO† | |||
Universal Corp., 6.75% | 22 | 28,619 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $91,116) | 100,998 | ||
Temporary Cash Investments — 1.8% | |||
SSgA U.S. Government Money Market Fund (Cost $19,085,084) | 19,085,084 | 19,085,084 | |
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $822,720,642) | 1,045,504,021 | ||
OTHER ASSETS AND LIABILITIES — 0.1% | 1,300,085 | ||
TOTAL NET ASSETS — 100.0% | $1,046,804,106 |
Forward Foreign Currency Exchange Contracts | ||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Gain (Loss) | ||||||||
USD | 1,272,629 | CAD | 1,321,340 | UBS AG | 6/28/2013 | $ (1,126 | ) | |||||
USD | 274,900 | CHF | 267,698 | Credit Suisse AG | 6/28/2013 | (5,113 | ) | |||||
EUR | 12,763 | USD | 16,559 | UBS AG | 6/28/2013 | 31 | ||||||
USD | 1,332,974 | EUR | 1,036,301 | UBS AG | 6/28/2013 | (14,127 | ) | |||||
USD | 599,306 | EUR | 465,922 | UBS AG | 6/28/2013 | (6,352 | ) | |||||
USD | 502,491 | EUR | 390,655 | UBS AG | 6/28/2013 | (5,325 | ) | |||||
USD | 19,798 | EUR | 15,299 | UBS AG | 6/28/2013 | (89 | ) | |||||
USD | 916,473 | GBP | 606,538 | Credit Suisse AG | 6/28/2013 | (4,950 | ) | |||||
$(37,051 | ) |
Notes to Schedule of Investments
ADR = American Depositary Receipt
CAD = Canadian Dollar
CHF = Swiss Franc
EUR = Euro
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GBP = British Pound
GDR = Global Depositary Receipt
GNMA = Government National Mortgage Association
GO = General Obligation
LOC = Letter of Credit
MTN = Medium Term Note
NVDR = Non-Voting Depositary Receipt
OJSC = Open Joint Stock Company
PIK = Payment in Kind
SEQ = Sequential Payer
USD = United States Dollar
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN = Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
† | Category is less than 0.05% of total net assets. |
(1) | Non-income producing. |
(2) | Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $19,259,297, which represented 1.8% of total net assets. |
(3) | Security is in default. |
(4) | Final maturity date indicated, unless otherwise noted. |
(5) | The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown. |
See Notes to Financial Statements.
Statement of Assets and Liabilities |
MAY 31, 2013 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $822,720,642) | $1,045,504,021 | ||
Foreign currency holdings, at value (cost of $429,609) | 429,114 | ||
Receivable for investments sold | 5,395,436 | ||
Receivable for capital shares sold | 1,037,355 | ||
Unrealized gain on forward foreign currency exchange contracts | 31 | ||
Dividends and interest receivable | 3,621,024 | ||
Other assets | 24,915 | ||
1,056,011,896 | |||
Liabilities | |||
Payable for investments purchased | 6,652,523 | ||
Payable for capital shares redeemed | 1,306,005 | ||
Unrealized loss on forward foreign currency exchange contracts | 37,082 | ||
Accrued management fees | 1,057,825 | ||
Distribution and service fees payable | 154,355 | ||
9,207,790 | |||
Net Assets | $1,046,804,106 | ||
Net Assets Consist of: | |||
Capital (par value and paid-in surplus) | $779,843,550 | ||
Undistributed net investment income | 3,315,291 | ||
Undistributed net realized gain | 40,902,869 | ||
Net unrealized appreciation | 222,742,396 | ||
$1,046,804,106 |
Net assets | Shares outstanding | Net asset value per share | |||||||
Investor Class, $0.01 Par Value | $491,056,545 | 56,269,261 | $8.73 | ||||||
Institutional Class, $0.01 Par Value | $87,491,718 | 10,060,707 | $8.70 | ||||||
A Class, $0.01 Par Value | $367,607,131 | 41,947,021 | $8.76 | * | |||||
B Class, $0.01 Par Value | $9,491,930 | 1,092,573 | $8.69 | ||||||
C Class, $0.01 Par Value | $65,263,602 | 7,530,668 | $8.67 | ||||||
R Class, $0.01 Par Value | $25,893,180 | 2,953,260 | $8.77 | ||||||
*Maximum offering price $9.29 (net asset value divided by 0.9425). |
See Notes to Financial Statements.
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $318,107) | $ 9,061,965 | ||
Interest | 3,883,813 | ||
12,945,778 | |||
Expenses: | |||
Management fees | 6,152,983 | ||
Distribution and service fees: | |||
A Class | 449,078 | ||
B Class | 49,830 | ||
C Class | 308,493 | ||
R Class | 60,750 | ||
Directors’ fees and expenses | 27,755 | ||
Other expenses | 6,549 | ||
7,055,438 | |||
Net investment income (loss) | 5,890,340 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 61,529,485 | ||
Futures contract transactions | 226,797 | ||
Foreign currency transactions | 84,795 | ||
61,841,077 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 36,552,496 | ||
Translation of assets and liabilities in foreign currencies | (59,395 | ) | |
36,493,101 | |||
Net realized and unrealized gain (loss) | 98,334,178 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $104,224,518 |
See Notes to Financial Statements.
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2012 | ||||||
Increase (Decrease) in Net Assets | May 31, 2013 | November 30, 2012 | ||||
Operations | ||||||
Net investment income (loss) | $ 5,890,340 | $ 12,281,138 | ||||
Net realized gain (loss) | 61,841,077 | 56,413,808 | ||||
Change in net unrealized appreciation (depreciation) | 36,493,101 | 55,950,998 | ||||
Net increase (decrease) in net assets resulting from operations | 104,224,518 | 124,645,944 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (6,115,350 | ) | (6,055,286 | ) | ||
Institutional Class | (2,352,342 | ) | (2,324,310 | ) | ||
A Class | (4,475,326 | ) | (2,831,283 | ) | ||
B Class | (111,468 | ) | — | |||
C Class | (629,373 | ) | — | |||
R Class | (268,082 | ) | (81,750 | ) | ||
From net realized gains: | ||||||
Investor Class | (16,334,696 | ) | — | |||
Institutional Class | (5,657,353 | ) | — | |||
A Class | (12,563,232 | ) | — | |||
B Class | (370,091 | ) | — | |||
C Class | (2,119,675 | ) | — | |||
R Class | (804,957 | ) | — | |||
Decrease in net assets from distributions | (51,801,945 | ) | (11,292,629 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions | (53,228,586 | ) | (54,767,789 | ) | ||
Net increase (decrease) in net assets | (806,013 | ) | 58,585,526 | |||
Net Assets | ||||||
Beginning of period | 1,047,610,119 | 989,024,593 | ||||
End of period | $1,046,804,106 | $1,047,610,119 | ||||
Undistributed net investment income | $3,315,291 | $11,376,892 |
See Notes to Financial Statements.
Notes to Financial Statements |
MAY 31, 2013 (UNAUDITED)
1. Organization
American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Strategic Allocation: Aggressive Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund is an asset allocation fund and its investment objective is to seek the highest level of total return consistent with its asset mix.
The fund offers the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are typically valued at the closing price on the exchange where primarily traded or as of the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices is used. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. In its determination of fair value, the fund may review several factors including: market information specific to a security; news developments in U.S. and foreign markets; the performance of particular U.S. and foreign securities, indices, comparable securities, American Depositary Receipts, Exchange-Traded Funds, and other relevant market indicators.
Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
Investments in open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation. Forward foreign currency exchange contracts are valued at the mean of the latest bid and asked prices of the forward currency rates as provided by an independent pricing service.
The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.
If the fund determines that the market price for a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investments, including, but not limited to, futures contracts, forward commitments, when-issued securities, swap agreements and certain forward foreign currency exchange contracts. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for margin requirements on futures contracts and swap agreements.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund’s tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 1.00% to 1.20% for the Investor Class, A Class, B Class, C Class and R Class. The Institutional Class is 0.20% less at each point within the range. The effective annual management fee for each class for the six months ended May 31, 2013 was 1.19% for the Investor Class, A Class, B Class, C Class and R Class and 0.99% for the Institutional Class.
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended May 31, 2013 are detailed in the Statement of Operations.
Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, ACIS, and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC.
4. Investment Transactions
Purchases of investment securities, excluding short-term investments, for the six months ended May 31, 2013 totaled $368,255,687, of which $42,963,513 represented U.S. Treasury and Government Agency obligations.
Sales of investment securities, excluding short-term investments, for the six months ended May 31, 2013 totaled $474,321,379, of which $38,046,407 represented U.S. Treasury and Government Agency obligations.
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2013 | Year ended November 30, 2012 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Investor Class/Shares Authorized | 350,000,000 | 350,000,000 | ||||||||||
Sold | 8,092,961 | $ 68,013,005 | 8,432,750 | $ 66,851,951 | ||||||||
Issued in reinvestment of distributions | 2,722,259 | 22,078,259 | 797,341 | 5,958,858 | ||||||||
Redeemed | (7,871,063 | ) | (66,313,874 | ) | (15,596,079 | ) | (124,298,407 | ) | ||||
2,944,157 | 23,777,390 | (6,365,988 | ) | (51,487,598 | ) | |||||||
Institutional Class/Shares Authorized | 75,000,000 | 75,000,000 | ||||||||||
Sold | 2,416,598 | 20,199,521 | 8,600,333 | 68,740,407 | ||||||||
Issued in reinvestment of distributions | 991,318 | 7,984,724 | 310,080 | 2,316,870 | ||||||||
Redeemed | (13,149,564 | ) | (109,825,175 | ) | (6,305,544 | ) | (50,901,061 | ) | ||||
(9,741,648 | ) | (81,640,930 | ) | 2,604,869 | 20,156,216 | |||||||
A Class/Shares Authorized | 225,000,000 | 225,000,000 | ||||||||||
Sold | 3,758,100 | 31,808,167 | 8,060,947 | 64,247,394 | ||||||||
Issued in reinvestment of distributions | 2,050,698 | 16,712,932 | 371,458 | 2,763,599 | ||||||||
Redeemed | (5,983,311 | ) | (50,531,832 | ) | (10,796,210 | ) | (86,364,529 | ) | ||||
(174,513 | ) | (2,010,733 | ) | (2,363,805 | ) | (19,353,536 | ) | |||||
B Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||
Sold | 7,778 | 64,372 | 13,977 | 114,215 | ||||||||
Issued in reinvestment of distributions | 57,561 | 466,659 | — | — | ||||||||
Redeemed | (213,961 | ) | (1,801,719 | ) | (254,420 | ) | (2,033,063 | ) | ||||
(148,622 | ) | (1,270,688 | ) | (240,443 | ) | (1,918,848 | ) | |||||
C Class/Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Sold | 835,928 | 7,025,073 | 1,030,958 | 8,173,756 | ||||||||
Issued in reinvestment of distributions | 316,737 | 2,562,606 | — | — | ||||||||
Redeemed | (578,035 | ) | (4,867,342 | ) | (1,440,864 | ) | (11,455,214 | ) | ||||
574,630 | 4,720,337 | (409,906 | ) | (3,281,458 | ) | |||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||
Sold | 582,257 | 4,925,426 | 1,084,426 | 8,749,458 | ||||||||
Issued in reinvestment of distributions | 131,446 | 1,072,988 | 11,108 | 81,750 | ||||||||
Redeemed | (329,373 | ) | (2,802,376 | ) | (967,679 | ) | (7,713,773 | ) | ||||
384,330 | 3,196,038 | 127,855 | 1,117,435 | |||||||||
Net increase (decrease) | (6,161,666 | ) | $ (53,228,586 | ) | (6,647,418 | ) | $ (54,767,789 | ) |
6. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities; |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||
Investment Securities | |||||||||
Domestic Common Stocks | $609,465,106 | — | — | ||||||
Foreign Common Stocks | 20,583,630 | $184,716,162 | — | ||||||
Corporate Bonds | — | 82,963,103 | — | ||||||
U.S. Treasury Securities | — | 68,447,958 | — | ||||||
U.S. Government Agency Mortgage-Backed Securities | — | 31,756,528 | — | ||||||
Municipal Securities | — | 6,468,125 | — | ||||||
Commercial Mortgage-Backed Securities | — | 6,014,365 | — | ||||||
Commercial Paper | — | 4,999,324 | — | ||||||
Collateralized Mortgage Obligations | — | 4,729,682 | — | ||||||
Exchange-Traded Funds | 3,625,144 | — | — | ||||||
Sovereign Governments and Agencies | — | 1,981,424 | — | ||||||
U.S. Government Agency Securities | — | 226,553 | — | ||||||
Asset-Backed Securities | — | 173,377 | — | ||||||
Preferred Stocks | — | 167,458 | — | ||||||
Convertible Preferred Stocks | — | 100,998 | — | ||||||
Temporary Cash Investments | 19,085,084 | — | — | ||||||
Total Value of Investment Securities | $652,758,964 | $392,745,057 | — | ||||||
Other Financial Instruments | |||||||||
Total Unrealized Gain (Loss) on Forward | — | $(37,051 | ) | — |
7. Derivative Instruments
Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund infrequently purchased equity price risk derivative instruments for temporary investment purposes.
Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund
may enter into forward foreign currency exchange contracts to reduce a fund’s exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The foreign currency risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during the period.
Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund regularly purchased and sold interest rate risk derivative instruments though none were held at period end.
Value of Derivative Instruments as of May 31, 2013
| |||||
Asset Derivatives | Liability Derivatives | ||||
Type of | Location on Statement | Value | Location on Statement | Value | |
Foreign Currency Risk | Unrealized gain on forward foreign currency exchange contracts | $31 | Unrealized loss on forward foreign currency exchange contracts | $37,082 | |
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended May 31, 2013
| |||||
Net Realized Gain (Loss) | Change in Net Unrealized | ||||
Type of | Location on Statement | Value | Location on Statement | Value | |
Equity Price Risk | Net realized gain (loss) on | $145,499 | Change in net unrealized appreciation (depreciation) | — | |
Foreign Currency Risk | Net realized gain (loss) on | 146,466 | Change in net unrealized appreciation (depreciation) | $(33,034) | |
Interest Rate Risk | Net realized gain (loss) on | 81,298 | Change in net unrealized appreciation (depreciation) | — | |
$373,263 | $(33,034) |
8. Risk Factors
There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets may accentuate these risks.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of May 31, 2013, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 839,987,883 | ||
Gross tax appreciation of investments | $ | 212,523,988 | ||
Gross tax depreciation of investments | (7,007,850 | ) | ||
Net tax appreciation (depreciation) of investments | $ | 205,516,138 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||
Investor Class | |||||||||||||||||||||||
2013(3) | $8.31 | 0.05 | 0.78 | 0.83 | (0.11 | ) | (0.30 | ) | (0.41 | ) | $8.73 | 10.47 | % | 1.20 | %(4) | 1.26 | %(4) | 36 | % | $491,057 | |||
2012 | $7.46 | 0.10 | 0.85 | 0.95 | (0.10 | ) | — | (0.10 | ) | $8.31 | 12.92 | % | 1.20 | % | 1.30 | % | 80 | % | $442,983 | ||||
2011 | $7.30 | 0.09 | 0.15 | 0.24 | (0.08 | ) | — | (0.08 | ) | $7.46 | 3.32 | % | 1.20 | % | 1.19 | % | 91 | % | $445,035 | ||||
2010 | $6.59 | 0.08 | 0.72 | 0.80 | (0.09 | ) | — | (0.09 | ) | $7.30 | 12.18 | % | 1.21 | % | 1.11 | % | 98 | % | $478,255 | ||||
2009 | $5.29 | 0.08 | 1.32 | 1.40 | (0.10 | ) | — | (0.10 | ) | $6.59 | 26.83 | % | 1.21 | % | 1.43 | % | 134 | % | $429,634 | ||||
2008 | $9.47 | 0.11 | (3.03 | ) | (2.92 | ) | (0.13 | ) | (1.13 | ) | (1.26 | ) | $5.29 | (35.37 | )% | 1.19 | % | 1.57 | % | 146 | % | $350,838 | |
Institutional Class | |||||||||||||||||||||||
2013(3) | $8.28 | 0.06 | 0.78 | 0.84 | (0.12 | ) | (0.30 | ) | (0.42 | ) | $8.70 | 10.71 | % | 1.00 | %(4) | 1.46 | %(4) | 36 | % | $87,492 | |||
2012 | $7.44 | 0.12 | 0.85 | 0.97 | (0.13 | ) | — | (0.13 | ) | $8.28 | 13.13 | % | 1.00 | % | 1.50 | % | 80 | % | $163,871 | ||||
2011 | $7.30 | 0.11 | 0.15 | 0.26 | (0.12 | ) | — | (0.12 | ) | $7.44 | 3.46 | % | 1.00 | % | 1.39 | % | 91 | % | $127,983 | ||||
2010 | $6.60 | 0.09 | 0.72 | 0.81 | (0.11 | ) | — | (0.11 | ) | $7.30 | 12.46 | % | 1.01 | % | 1.31 | % | 98 | % | $122,223 | ||||
2009 | $5.31 | 0.09 | 1.31 | 1.40 | (0.11 | ) | — | (0.11 | ) | $6.60 | 26.78 | % | 1.01 | % | 1.63 | % | 134 | % | $126,801 | ||||
2008 | $9.49 | 0.13 | (3.03 | ) | (2.90 | ) | (0.15 | ) | (1.13 | ) | (1.28 | ) | $5.31 | (35.14 | )% | 0.99 | % | 1.77 | % | 146 | % | $80,646 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||
A Class(5) | |||||||||||||||||||||||
2013(3) | $8.34 | 0.04 | 0.79 | 0.83 | (0.11 | ) | (0.30 | ) | (0.41 | ) | $8.76 | 10.35 | % | 1.45 | %(4) | 1.01 | %(4) | 36 | % | $367,607 | |||
2012 | $7.47 | 0.08 | 0.85 | 0.93 | (0.06 | ) | — | (0.06 | ) | $8.34 | 12.61 | % | 1.45 | % | 1.05 | % | 80 | % | $351,492 | ||||
2011 | $7.30 | 0.07 | 0.15 | 0.22 | (0.05 | ) | — | (0.05 | ) | $7.47 | 2.94 | % | 1.45 | % | 0.94 | % | 91 | % | $332,329 | ||||
2010 | $6.57 | 0.06 | 0.72 | 0.78 | (0.05 | ) | — | (0.05 | ) | $7.30 | 11.96 | % | 1.46 | % | 0.86 | % | 98 | % | $352,882 | ||||
2009 | $5.28 | 0.07 | 1.30 | 1.37 | (0.08 | ) | — | (0.08 | ) | $6.57 | 26.38 | % | 1.46 | % | 1.18 | % | 134 | % | $351,285 | ||||
2008 | $9.44 | 0.10 | (3.03 | ) | (2.93 | ) | (0.10 | ) | (1.13 | ) | (1.23 | ) | $5.28 | (35.44 | )% | 1.44 | % | 1.32 | % | 146 | % | $273,892 | |
B Class | |||||||||||||||||||||||
2013(3) | $8.29 | 0.01 | 0.78 | 0.79 | (0.09 | ) | (0.30 | ) | (0.39 | ) | $8.69 | 9.92 | % | 2.20 | %(4) | 0.26 | %(4) | 36 | % | $9,492 | |||
2012 | $7.41 | 0.02 | 0.86 | 0.88 | — | — | — | $8.29 | 11.88 | % | 2.20 | % | 0.30 | % | 80 | % | $10,287 | ||||||
2011 | $7.25 | 0.01 | 0.15 | 0.16 | — | — | — | $7.41 | 2.21 | % | 2.20 | % | 0.19 | % | 91 | % | $10,982 | ||||||
2010 | $6.52 | 0.01 | 0.72 | 0.73 | — | — | — | $7.25 | 11.20 | % | 2.21 | % | 0.11 | % | 98 | % | $12,471 | ||||||
2009 | $5.25 | 0.02 | 1.29 | 1.31 | (0.04 | ) | — | (0.04 | ) | $6.52 | 25.22 | % | 2.21 | % | 0.43 | % | 134 | % | $13,183 | ||||
2008 | $9.38 | 0.04 | (3.00 | ) | (2.96 | ) | (0.04 | ) | (1.13 | ) | (1.17 | ) | $5.25 | (35.89 | )% | 2.19 | % | 0.57 | % | 146 | % | $9,768 | |
C Class | |||||||||||||||||||||||
2013(3) | $8.27 | 0.01 | 0.78 | 0.79 | (0.09 | ) | (0.30 | ) | (0.39 | ) | $8.67 | 9.95 | % | 2.20 | %(4) | 0.26 | %(4) | 36 | % | $65,264 | |||
2012 | $7.39 | 0.02 | 0.86 | 0.88 | — | — | — | $8.27 | 11.91 | % | 2.20 | % | 0.30 | % | 80 | % | $57,519 | ||||||
2011 | $7.24 | 0.01 | 0.14 | 0.15 | — | — | — | $7.39 | 2.07 | % | 2.20 | % | 0.19 | % | 91 | % | $54,470 | ||||||
2010 | $6.51 | 0.01 | 0.72 | 0.73 | — | — | — | $7.24 | 11.21 | % | 2.21 | % | 0.11 | % | 98 | % | $55,588 | ||||||
2009 | $5.23 | 0.02 | 1.30 | 1.32 | (0.04 | ) | — | (0.04 | ) | $6.51 | 25.51 | % | 2.21 | % | 0.43 | % | 134 | % | $49,193 | ||||
2008 | $9.36 | 0.04 | (3.00 | ) | (2.96 | ) | (0.04 | ) | (1.13 | ) | (1.17 | ) | $5.23 | (35.98 | )% | 2.19 | % | 0.57 | % | 146 | % | $27,826 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||
R Class | |||||||||||||||||||||||
2013(3) | $8.35 | 0.03 | 0.79 | 0.82 | (0.10 | ) | (0.30 | ) | (0.40 | ) | $8.77 | 10.26 | % | 1.70 | %(4) | 0.76 | %(4) | 36 | % | $25,893 | |||
2012 | $7.47 | 0.06 | 0.85 | 0.91 | (0.03 | ) | — | (0.03 | ) | $8.35 | 12.30 | % | 1.70 | % | 0.80 | % | 80 | % | $21,458 | ||||
2011 | $7.28 | 0.05 | 0.15 | 0.20 | (0.01 | ) | — | (0.01 | ) | $7.47 | 2.78 | % | 1.70 | % | 0.69 | % | 91 | % | $18,226 | ||||
2010 | $6.53 | 0.04 | 0.73 | 0.77 | (0.02 | ) | — | (0.02 | ) | $7.28 | 11.78 | % | 1.71 | % | 0.61 | % | 98 | % | $17,624 | ||||
2009 | $5.25 | 0.05 | 1.30 | 1.35 | (0.07 | ) | — | (0.07 | ) | $6.53 | 26.02 | % | 1.71 | % | 0.93 | % | 134 | % | $9,947 | ||||
2008 | $9.40 | 0.08 | (3.02 | ) | (2.94 | ) | (0.08 | ) | (1.13 | ) | (1.21 | ) | $5.25 | (35.68 | )% | 1.69 | % | 1.07 | % | 146 | % | $4,160 |
Notes to Financial Highlights
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended May 31, 2013 (unaudited). |
(4) | Annualized. |
(5) | Prior to December 3, 2007, the A Class was referred to as the Advisor Class. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain IRAs are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
Distributions you receive from 403(b), 457 and qualified plans are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Guidelines
American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
Contact Us | americancentury.com |
Automated Information Line | 1-800-345-8765 |
Investor Services Representative | 1-800-345-2021 |
Investors Using Advisors | 1-800-378-9878 |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
Telecommunications Device for the Deaf | 1-800-634-4113 |
American Century Strategic Asset Allocations, Inc.
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2013 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-78948 1307
SEMIANNUAL REPORT MAY 31, 2013
Strategic Allocation: Conservative Fund
Table of Contents |
President’s Letter | 2 |
Independent Chairman’s Letter | 3 |
Performance | 4 |
Fund Characteristics | 5 |
Shareholder Fee Example | 6 |
Schedule of Investments | 8 |
Statement of Assets and Liabilities | 41 |
Statement of Operations | 42 |
Statement of Changes in Net Assets | 43 |
Notes to Financial Statements | 44 |
Financial Highlights | 51 |
Additional Information | 54 |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing our semiannual report for the six months ended May 31, 2013. This report offers a macroeconomic and financial market overview of the period (below), followed by fund performance, a schedule of fund investments, and other financial information.
For additional, updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. Also, the next annual report will provide additional perspective from our portfolio management team.
“Risk-On” Rally Since November Elections, Further Aggressive Monetary Intervention
During the six-month period ended May 31, 2013, the U.S. capital markets benefited from improved investor confidence after uncertainties relating to the U.S. presidential election and federal fiscal policy deadlines were largely resolved. In addition, continued aggressive monetary intervention by central banks encouraged investors world-wide to take more risk and reach for yield, boosting the performance of stocks and high-yield bonds over government bonds.
In this environment, U.S. small-cap, mid-cap, and value stock indices achieved performance leadership for the reporting period, outpacing the S&P 500 Index’s 16.43% return. Broad non-U.S. equity index returns were also generally favorable in dollar terms, but not quite as strong as the U.S. indices—the MSCI EAFE Index advanced 11.39%.
In the global bond markets, rising interest rates and improvements in the relative value of the U.S. dollar in currency exchanges had a generally negative impact on unhedged non-U.S. fixed income returns. In the U.S. bond market, high-yield corporate bond indices achieved performance leadership while Treasury securities and benchmarks lagged. For example, the 10-year U.S. Treasury note returned –3.36%, according to Barclays, as its yield rose over half a percentage point, from 1.62% to 2.13%.
Under the influence of aggressive monetary intervention, the U.S. and global economies are showing signs of improvement this year, but we still expect the U.S. recovery to be subpar, hampered by high unemployment and lingering fiscal and overseas concerns. Under these conditions, we continue to believe in a disciplined, diversified, long-term investment approach, using professionally managed stock and bond portfolios for meeting financial goals. We appreciate your continued trust in us in this challenging environment.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
Independent Chairman’s Letter |
Don Pratt
Dear Fellow Shareholders,
In 2012, identity theft impacted 12.6 million Americans and roughly 16.5% or 2.1 million of those attacks took place in retirement or investment accounts. At a recent meeting, the board discussed the programs in place at American Century Investments to help protect shareholder accounts from identity theft and similar threats. As a part of that effort, American Century Investments’ personnel investigate possible identity theft events on an almost daily basis. In order to protect financial accounts from theft, there are several steps that every investor should take.
If you travel, take steps to ensure your mail is secure. Request a vacation hold or ask a trusted relative or friend to collect mail for you. If you are expecting financial paperwork, be mindful of when it is to arrive or have it delivered to a place other than your home. Consider using a post office box as a secure alternative.
When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.
Be creative with electronic passwords and keep them private. For example, think of a phrase and use the first letter of each word as your password or substitute numbers for similarly appearing letters (4 for A, 8 for G, etc.).
Finally, be alert to impersonators. Do not give personal information over the phone unless you initiated the contact. If you receive an email asking you for information regarding an account, do not respond to the email or click any links. Rather, contact the company through their official website or call the customer service number listed on your account statement.
These few precautions could prevent a major identity theft problem. If you would like to know more about protecting your American Century Investments accounts, please visit our website at www.americancentury.com/security/protect_yourself_online.jsp.
If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.
Best regards,
Don Pratt
Performance |
Total Returns as of May 31, 2013 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | TWSCX | 5.20% | 11.09% | 4.74% | 5.90% | 6.15% | 2/15/96 |
S&P 500 Index | — | 16.43% | 27.28% | 5.42% | 7.57% | 7.52%(2) | — |
Barclays U.S. Aggregate Bond Index | — | -1.05% | 0.92% | 5.50% | 4.66% | 5.96%(2) | — |
Barclays U.S. 1–3 Month Treasury Bill Index | — | 0.04% | 0.08% | 0.26% | 1.64% | 2.80%(2) | — |
Institutional Class | ACCIX | 5.29% | 11.11% | 4.95% | 6.11% | 5.27% | 8/1/00 |
A Class(3) No sales charge* With sales charge* | ACCAX | 5.08% -0.93% | 10.64% 4.22% | 4.45% 3.24% | 5.64% 5.02% | 5.90% 5.53% | 10/2/96 |
B Class No sales charge* With sales charge* | ACVBX | 4.83% -0.17% | 9.96% 5.96% | 3.71% 3.53% | — — | 4.59% 4.59% | 9/30/04 |
C Class No sales charge* With sales charge* | AACCX | 4.65% 3.65% | 9.96% 9.96% | 3.71% 3.71% | — — | 4.58% 4.58% | 9/30/04 |
R Class | AACRX | 4.96% | 10.38% | 4.23% | — | 4.91% | 3/31/05 |
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year to 0.00% after the sixth year. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
(1) | Total returns for periods less than one year are not annualized. |
(2) | Since 2/29/96, the date nearest the Investor Class’s inception for which data are available. |
(3) | Prior to December 3, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge. |
Total Annual Fund Operating Expenses | |||||
Investor Class | Institutional Class | A Class | B Class | C Class | R Class |
1.00% | 0.80% | 1.25% | 2.00% | 2.00% | 1.50% |
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.
Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. As interest rates rise, bond values will decline. International investing involves special risks, such as political instability and currency fluctuations.
Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.
Fund Characteristics |
MAY 31, 2013 | |
Top Ten Common Stocks | % of net assets |
Exxon Mobil Corp. | 0.9% |
Apple, Inc. | 0.6% |
Johnson & Johnson | 0.6% |
Microsoft Corp. | 0.6% |
Pfizer, Inc. | 0.5% |
Cisco Systems, Inc. | 0.5% |
General Electric Co. | 0.5% |
JPMorgan Chase & Co. | 0.5% |
Wells Fargo & Co. | 0.4% |
Chevron Corp. | 0.4% |
Geographic Composition of Common Stocks | % of net assets |
United States | 38.1% |
United Kingdom | 1.2% |
Japan | 1.0% |
France | 0.8% |
Other Countries | 3.7% |
Key Fixed-Income Portfolio Statistics | |
Weighted Average Life | 6.7 years |
Average Duration (effective) | 5.0 years |
Types of Investments in Portfolio | % of net assets |
Domestic Common Stocks | 38.1% |
Foreign Common Stocks | 6.7% |
U.S. Treasury Securities | 19.3% |
U.S. Government Agency Mortgage-Backed Securities | 8.9% |
Corporate Bonds | 8.2% |
Sovereign Governments and Agencies | 6.8% |
Municipal Securities | 4.2% |
Commercial Paper | 3.6% |
Commercial Mortgage-Backed Securities | 1.5% |
Exchange-Traded Funds | 0.4% |
Collateralized Mortgage Obligations | 0.2% |
U.S. Government Agency Securities | 0.1% |
Convertible Preferred Stocks | —* |
Preferred Stocks | —* |
Temporary Cash Investments | 2.0% |
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets. |
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2012 to May 31, 2013.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning 12/1/12 | Ending 5/31/13 | Expenses Paid During Period(1) 12/1/12 – 5/31/13 | Annualized | |
Actual | ||||
Investor Class | $1,000 | $1,052.00 | $5.12 | 1.00% |
Institutional Class | $1,000 | $1,052.90 | $4.09 | 0.80% |
A Class | $1,000 | $1,050.80 | $6.39 | 1.25% |
B Class | $1,000 | $1,048.30 | $10.21 | 2.00% |
C Class | $1,000 | $1,046.50 | $10.20 | 2.00% |
R Class | $1,000 | $1,049.60 | $7.66 | 1.50% |
Hypothetical | ||||
Investor Class | $1,000 | $1,019.95 | $5.04 | 1.00% |
Institutional Class | $1,000 | $1,020.94 | $4.03 | 0.80% |
A Class | $1,000 | $1,018.70 | $6.29 | 1.25% |
B Class | $1,000 | $1,014.96 | $10.05 | 2.00% |
C Class | $1,000 | $1,014.96 | $10.05 | 2.00% |
R Class | $1,000 | $1,017.45 | $7.54 | 1.50% |
(1) | Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
Schedule of Investments |
MAY 31, 2013 (UNAUDITED)
Shares/ Principal Amount | Value | ||
Common Stocks — 44.8% | |||
AEROSPACE AND DEFENSE — 1.4% | |||
AAR Corp. | 504 | $ 10,110 | |
Aerovironment, Inc.(1) | 700 | 14,049 | |
American Science & Engineering, Inc. | 790 | 47,432 | |
B/E Aerospace, Inc.(1) | 2,947 | 186,958 | |
Boeing Co. (The) | 8,568 | 848,403 | |
Erickson Air-Crane, Inc.(1) | 565 | 14,052 | |
European Aeronautic Defence and Space Co. NV | 6,809 | 387,645 | |
General Dynamics Corp. | 14,139 | 1,090,117 | |
Honeywell International, Inc. | 18,892 | 1,482,266 | |
KEYW Holding Corp. (The)(1) | 1,288 | 18,998 | |
Moog, Inc., Class A(1) | 146 | 7,310 | |
Northrop Grumman Corp. | 16,255 | 1,339,249 | |
Orbital Sciences Corp.(1) | 326 | 5,927 | |
Precision Castparts Corp. | 1,973 | 422,064 | |
Raytheon Co. | 13,489 | 898,907 | |
Rolls-Royce Holdings plc | 10,043 | 181,637 | |
Rolls-Royce Holdings plc Preference Shares(1) | 1,256,997 | 1,910 | |
Teledyne Technologies, Inc.(1) | 90 | 6,950 | |
Textron, Inc. | 16,966 | 457,403 | |
TransDigm Group, Inc. | 1,750 | 255,675 | |
Triumph Group, Inc. | 560 | 43,484 | |
United Technologies Corp. | 5,127 | 486,552 | |
8,207,098 | |||
AIR FREIGHT AND LOGISTICS — 0.1% | |||
United Parcel Service, Inc., Class B | 6,373 | 547,441 | |
UTi Worldwide, Inc. | 544 | 8,611 | |
556,052 | |||
AIRLINES — 0.2% | |||
Alaska Air Group, Inc.(1) | 1,718 | 97,617 | |
JetBlue Airways Corp.(1) | 951 | 5,906 | |
Ryanair Holdings plc ADR | 6,403 | 312,722 | |
Southwest Airlines Co. | 36,121 | 511,835 | |
928,080 | |||
AUTO COMPONENTS — 0.3% | |||
American Axle & Manufacturing Holdings, Inc.(1) | 2,584 | 45,969 | |
Autoliv, Inc. | 4,272 | 335,181 | |
BorgWarner, Inc.(1) | 5,298 | 429,509 | |
Continental AG | 1,960 | 258,562 | |
Cooper Tire & Rubber Co. | 4,098 | 105,892 | |
Dana Holding Corp. | 829 | 15,685 | |
Delphi Automotive plc | 6,769 | 330,395 | |
Superior Industries International, Inc. | 195 | 3,551 | |
1,524,744 | |||
AUTOMOBILES — 0.5% | |||
Daimler AG | 5,081 | 325,792 | |
Ford Motor Co. | 55,460 | 869,613 | |
Fuji Heavy Industries Ltd. | 13,000 | 291,942 | |
Harley-Davidson, Inc. | 9,317 | 508,149 | |
Isuzu Motors Ltd. | 25,000 | 186,627 | |
Tesla Motors, Inc.(1) | 712 | 69,605 | |
Thor Industries, Inc. | 3,475 | 148,417 | |
Toyota Motor Corp. | 11,600 | 684,255 | |
Winnebago Industries, Inc.(1) | 755 | 15,674 | |
3,100,074 | |||
BEVERAGES — 0.6% | |||
Anheuser-Busch InBev NV | 3,708 | 341,803 | |
Beam, Inc. | 3,164 | 205,154 | |
Boston Beer Co., Inc., Class A(1) | 47 | 7,183 | |
Brown-Forman Corp., Class B | 1,344 | 92,494 | |
Coca-Cola Amatil Ltd. | 11,532 | 141,797 | |
Coca-Cola Co. (The) | 22,629 | 904,934 | |
Constellation Brands, Inc., Class A(1) | 2,840 | 150,548 | |
Dr Pepper Snapple Group, Inc. | 8,070 | 371,059 | |
Monster Beverage Corp.(1) | 2,038 | 111,254 | |
PepsiCo, Inc. | 12,811 | 1,034,744 | |
Pernod-Ricard SA | 891 | 106,997 | |
Treasury Wine Estates Ltd. | 63,498 | 366,981 | |
3,834,948 | |||
BIOTECHNOLOGY — 0.7% | |||
Acorda Therapeutics, Inc.(1) | 352 | 11,774 | |
Aegerion Pharmaceuticals, Inc.(1) | 244 | 17,770 | |
Alexion Pharmaceuticals, Inc.(1) | 5,529 | 539,299 | |
Alkermes plc(1) | 915 | 28,594 |
Shares/ Principal Amount | Value |
Alnylam Pharmaceuticals, Inc.(1) | 403 | $ 12,344 | |
Amgen, Inc. | 12,096 | 1,216,011 | |
Arena Pharmaceuticals, Inc.(1) | 1,546 | 13,667 | |
Celgene Corp.(1) | 1,765 | 218,242 | |
Cepheid, Inc.(1) | 507 | 17,623 | |
CSL Ltd. | 3,665 | 207,767 | |
Cubist Pharmaceuticals, Inc.(1) | 479 | 26,321 | |
Dendreon Corp.(1) | 1,450 | 5,800 | |
Exact Sciences Corp.(1) | 580 | 6,519 | |
Exelixis, Inc.(1) | 1,652 | 7,996 | |
Gilead Sciences, Inc.(1) | 11,925 | 649,674 | |
Grifols SA(1) | 11,344 | 415,132 | |
Halozyme Therapeutics, Inc.(1) | 906 | 6,405 | |
ImmunoGen, Inc.(1) | 605 | 11,114 | |
Infinity Pharmaceuticals, Inc.(1) | 222 | 5,983 | |
Ironwood Pharmaceuticals, Inc.(1) | 655 | 8,744 | |
Isis Pharmaceuticals, Inc.(1) | 891 | 19,290 | |
Keryx Biopharmaceuticals, Inc.(1) | 664 | 5,319 | |
Neurocrine Biosciences, Inc.(1) | 687 | 8,883 | |
Onyx Pharmaceuticals, Inc.(1) | 979 | 93,446 | |
Opko Health, Inc.(1) | 1,144 | 7,562 | |
PDL BioPharma, Inc. | 993 | 8,192 | |
Pharmacyclics, Inc.(1) | 386 | 35,373 | |
Regeneron Pharmaceuticals, Inc.(1) | 1,937 | 468,502 | |
Seattle Genetics, Inc.(1) | 690 | 23,681 | |
Theravance, Inc.(1) | 496 | 17,380 | |
United Therapeutics Corp.(1) | 1,041 | 69,195 | |
4,183,602 | |||
BUILDING PRODUCTS — 0.2% | |||
American Woodmark Corp.(1) | 533 | 19,359 | |
AO Smith Corp. | 291 | 11,407 | |
Apogee Enterprises, Inc. | 1,133 | 30,229 | |
Builders FirstSource, Inc.(1) | 5,266 | 35,493 | |
Daikin Industries Ltd. | 8,100 | 351,156 | |
Fortune Brands Home & Security, Inc. | 9,126 | 385,847 | |
Lennox International, Inc. | 3,828 | 244,954 | |
Ply Gem Holdings, Inc.(1) | 122 | 2,818 | |
Quanex Building Products Corp. | 738 | 13,660 | |
1,094,923 | |||
CAPITAL MARKETS — 1.2% | |||
Affiliated Managers Group, Inc.(1) | 2,865 | 469,860 | |
Ameriprise Financial, Inc. | 7,840 | 639,117 | |
Bank of New York Mellon Corp. (The) | 12,340 | 370,940 | |
BlackRock, Inc. | 1,890 | 527,688 | |
Calamos Asset Management, Inc., Class A | 474 | 4,986 | |
Charles Schwab Corp. (The) | 16,985 | 337,322 | |
Evercore Partners, Inc. Class A | 171 | 6,792 | |
Federated Investors, Inc. Class B | 4,193 | 116,020 | |
Fifth Street Finance Corp. | 858 | 9,009 | |
Franklin Resources, Inc. | 2,457 | 380,368 | |
Goldman Sachs Group, Inc. (The) | 9,446 | 1,531,008 | |
Hercules Technology Growth Capital, Inc. | 440 | 5,896 | |
HFF, Inc., Class A | 860 | 16,177 | |
Janus Capital Group, Inc. | 10,147 | 88,989 | |
KKR & Co. LP | 5,937 | 115,653 | |
Manning & Napier, Inc. | 325 | 6,464 | |
Morgan Stanley | 8,320 | 215,488 | |
Northern Trust Corp. | 18,320 | 1,065,308 | |
PennantPark Investment Corp. | 1,799 | 20,041 | |
Schroders plc | 3,956 | 140,417 | |
Solar Capital Ltd. | 786 | 18,078 | |
State Street Corp. | 2,436 | 161,215 | |
Stifel Financial Corp.(1) | 385 | 13,856 | |
Triangle Capital Corp. | 841 | 23,901 | |
UBS AG | 24,771 | 430,842 | |
Waddell & Reed Financial, Inc. | 7,476 | 344,195 | |
Walter Investment Management Corp.(1) | 641 | 23,339 | |
7,082,969 | |||
CHEMICALS — 1.1% | |||
Agrium, Inc. | 1,706 | 157,600 | |
Airgas, Inc. | 1,229 | 126,452 | |
Akzo Nobel NV | 4,147 | 264,768 | |
BASF SE | 2,583 | 252,394 |
Shares/ Principal Amount | Value |
Celanese Corp. | 4,106 | $ 202,631 | |
CF Industries Holdings, Inc. | 1,129 | 215,594 | |
Chemtura Corp.(1) | 385 | 8,828 | |
Christian Hansen Holding A/S | 9,593 | 341,856 | |
Cytec Industries, Inc. | 1,777 | 127,002 | |
E.I. du Pont de Nemours & Co. | 2,730 | 152,307 | |
Eastman Chemical Co. | 4,614 | 330,916 | |
Flotek Industries, Inc.(1) | 825 | 14,347 | |
FMC Corp. | 3,836 | 240,555 | |
H.B. Fuller Co. | 564 | 23,445 | |
Hawkins, Inc. | 355 | 14,157 | |
Huntsman Corp. | 5,025 | 97,736 | |
Innophos Holdings, Inc. | 547 | 27,667 | |
Intrepid Potash, Inc. | 1,614 | 30,311 | |
Koninklijke DSM NV | 2,750 | 179,033 | |
Kraton Performance Polymers, Inc.(1) | 547 | 11,345 | |
Kronos Worldwide, Inc. | 979 | 16,555 | |
LyondellBasell Industries NV, Class A | 13,846 | 922,836 | |
Minerals Technologies, Inc. | 247 | 10,522 | |
Monsanto Co. | 11,537 | 1,161,084 | |
NewMarket Corp. | 553 | 151,655 | |
OM Group, Inc.(1) | 202 | 5,927 | |
PPG Industries, Inc. | 3,149 | 483,718 | |
Sensient Technologies Corp. | 270 | 11,143 | |
Sherwin-Williams Co. (The) | 960 | 180,989 | |
Shin-Etsu Chemical Co. Ltd. | 4,200 | 264,125 | |
Syngenta AG | 581 | 227,987 | |
Tronox Ltd. Class A | 2,333 | 53,846 | |
Umicore SA | 1,660 | 78,791 | |
W.R. Grace & Co.(1) | 1,431 | 120,934 | |
Westlake Chemical Corp. | 1,342 | 125,343 | |
6,634,399 | |||
COMMERCIAL BANKS — 2.1% | |||
American National Bankshares, Inc. | 737 | 15,985 | |
Banco Bilbao Vizcaya Argentaria SA | 25,071 | 235,050 | |
Bank of Ireland(1) | 1,290,381 | 307,310 | |
Bank of Nova Scotia | 3,434 | 195,557 | |
Bank of the Ozarks, Inc. | 440 | 19,206 | |
BankUnited, Inc. | 2,355 | 57,886 | |
BNP Paribas SA | 7,447 | 434,076 | |
BOC Hong Kong Holdings Ltd. | 30,500 | 100,734 | |
BOK Financial Corp. | 133 | 8,658 | |
Boston Private Financial Holdings, Inc. | 1,034 | 10,185 | |
Cathay General Bancorp. | 1,715 | 34,797 | |
Central Pacific Financial Corp.(1) | 620 | 11,371 | |
CIT Group, Inc.(1) | 3,062 | 141,097 | |
Comerica, Inc. | 10,400 | 410,696 | |
Commerce Bancshares, Inc. | 13,713 | 596,790 | |
Commonwealth Bank of Australia | 7,155 | 453,246 | |
Cullen/Frost Bankers, Inc. | 4,330 | 278,635 | |
CVB Financial Corp. | 891 | 10,220 | |
DBS Group Holdings Ltd. | 14,000 | 189,478 | |
DNB ASA | 12,901 | 207,747 | |
Erste Group Bank AG | 7,348 | 233,145 | |
F.N.B. Corp. | 396 | 4,554 | |
First Financial Bankshares, Inc. | 430 | 23,650 | |
First Horizon National Corp. | 1,012 | 11,618 | |
First Interstate Bancsystem, Inc. | 877 | 17,356 | |
First Niagara Financial Group, Inc. | 1,451 | 14,176 | |
FirstMerit Corp. | 941 | 17,757 | |
Fulton Financial Corp. | 556 | 6,388 | |
Heritage Financial Corp. | 921 | 12,719 | |
Home Bancshares, Inc. | 848 | 35,701 | |
HSBC Holdings plc (Hong Kong) | 60,038 | 658,182 | |
KeyCorp | 39,106 | 421,563 | |
Lakeland Financial Corp. | 678 | 18,699 | |
Lloyds Banking Group plc(1) | 446,095 | 409,350 | |
MB Financial, Inc. | 507 | 12,934 | |
National Bankshares, Inc. | 462 | 15,426 | |
OFG Bancorp | 1,265 | 22,492 | |
Pacific Continental Corp. | 922 | 10,326 | |
Park Sterling Corp.(1) | 2,003 | 11,718 | |
Pinnacle Financial Partners, Inc.(1) | 1,089 | 27,334 | |
PNC Financial Services Group, Inc. (The) | 19,711 | 1,412,096 | |
Popular, Inc.(1) | 605 | 18,150 |
Shares/ Principal Amount | Value |
Prosperity Bancshares, Inc. | 320 | $ 16,029 | |
Signature Bank(1) | 491 | 37,895 | |
Standard Chartered plc | 11,129 | 255,913 | |
Sumitomo Mitsui Financial Group, Inc. | 6,100 | 238,772 | |
SunTrust Banks, Inc. | 16,279 | 522,393 | |
Susquehanna Bancshares, Inc. | 1,128 | 13,547 | |
Swedbank AB A Shares | 11,334 | 268,426 | |
TCF Financial Corp. | 359 | 5,170 | |
Texas Capital Bancshares, Inc.(1) | 901 | 39,788 | |
U.S. Bancorp | 27,580 | 966,955 | |
UniCredit SpA | 23,690 | 133,946 | |
ViewPoint Financial Group, Inc. | 1,219 | 23,076 | |
Washington Banking Co. | 638 | 8,702 | |
Wells Fargo & Co. | 65,335 | 2,649,334 | |
Westamerica Bancorp. | 6,995 | 314,985 | |
12,628,989 | |||
COMMERCIAL SERVICES AND SUPPLIES — 0.7% | |||
ADT Corp. (The) | 20,440 | 829,660 | |
Avery Dennison Corp. | 2,460 | 107,010 | |
Deluxe Corp. | 3,286 | 122,896 | |
G&K Services, Inc., Class A | 775 | 37,440 | |
Mobile Mini, Inc.(1) | 606 | 20,392 | |
Multi-Color Corp. | 704 | 20,690 | |
Republic Services, Inc. | 39,637 | 1,351,622 | |
Stericycle, Inc.(1) | 2,560 | 280,986 | |
Tyco International Ltd. | 31,070 | 1,050,477 | |
US Ecology, Inc. | 717 | 19,631 | |
Waste Management, Inc. | 4,959 | 207,931 | |
4,048,735 | |||
COMMUNICATIONS EQUIPMENT — 0.8% | |||
Bel Fuse, Inc., Class B | 515 | 8,199 | |
Brocade Communications Systems, Inc.(1) | 7,774 | 42,213 | |
Cisco Systems, Inc. | 117,588 | 2,831,519 | |
F5 Networks, Inc.(1) | 1,169 | 97,272 | |
Harris Corp. | 1,640 | 82,213 | |
InterDigital, Inc. | 350 | 16,097 | |
Procera Networks, Inc.(1) | 1,170 | 17,269 | |
QUALCOMM, Inc. | 16,713 | 1,060,941 | |
Riverbed Technology, Inc.(1) | 12,589 | 194,626 | |
Telefonaktiebolaget LM Ericsson B Shares | 23,040 | 269,471 | |
4,619,820 | |||
COMPUTERS AND PERIPHERALS — 1.3% | |||
Apple, Inc. | 8,500 | 3,822,280 | |
Electronics for Imaging, Inc.(1) | 392 | 10,933 | |
EMC Corp.(1) | 43,409 | 1,074,807 | |
Hewlett-Packard Co. | 13,100 | 319,902 | |
NetApp, Inc.(1) | 27,300 | 1,024,569 | |
SanDisk Corp.(1) | 3,581 | 211,351 | |
Seagate Technology plc | 3,853 | 165,987 | |
Toshiba Corp. | 40,000 | 188,960 | |
Western Digital Corp. | 8,938 | 565,954 | |
7,384,743 | |||
CONSTRUCTION AND ENGINEERING — 0.1% | |||
Chicago Bridge & Iron Co. NV New York Shares | 2,549 | 161,352 | |
EMCOR Group, Inc. | 176 | 6,996 | |
Great Lakes Dredge & Dock Corp. | 1,595 | 13,238 | |
MasTec, Inc.(1) | 5,921 | 188,288 | |
Quanta Services, Inc.(1) | 12,117 | 343,759 | |
713,633 | |||
CONSTRUCTION MATERIALS — 0.2% | |||
Eagle Materials, Inc. | 2,325 | 171,469 | |
Headwaters, Inc.(1) | 3,605 | 38,249 | |
HeidelbergCement AG | 2,208 | 167,562 | |
James Hardie Industries SE | 22,577 | 213,300 | |
Martin Marietta Materials, Inc. | 1,335 | 145,555 | |
Texas Industries, Inc.(1) | 2,188 | 156,245 | |
892,380 | |||
CONSUMER FINANCE — 0.2% | |||
Capital One Financial Corp. | 6,710 | 408,840 | |
Cash America International, Inc. | 7,311 | 348,808 | |
Discover Financial Services | 5,389 | 255,493 | |
1,013,141 | |||
CONTAINERS AND PACKAGING — 0.2% | |||
Bemis Co., Inc. | 7,603 | 297,657 | |
Berry Plastics Group, Inc.(1) | 1,067 | 22,418 | |
Graphic Packaging Holding Co.(1) | 2,686 | 20,655 | |
Owens-Illinois, Inc.(1) | 9,976 | 273,841 | |
Packaging Corp. of America | 7,579 | 371,371 | |
Sealed Air Corp. | 589 | 14,148 |
Shares/ Principal Amount | Value |
Silgan Holdings, Inc. | 352 | $ 16,463 | |
Sonoco Products Co. | 7,803 | 273,261 | |
1,289,814 | |||
DISTRIBUTORS† | |||
Core-Mark Holding Co., Inc. | 121 | 7,162 | |
Pool Corp. | 649 | 33,391 | |
40,553 | |||
DIVERSIFIED CONSUMER SERVICES† | |||
Coinstar, Inc.(1) | 2,286 | 133,137 | |
Grand Canyon Education, Inc.(1) | 761 | 24,443 | |
Sotheby’s | 701 | 26,112 | |
Steiner Leisure, Ltd.(1) | 581 | 29,509 | |
213,201 | |||
DIVERSIFIED FINANCIAL SERVICES — 1.0% | |||
Bank of America Corp. | 45,870 | 626,584 | |
Citigroup, Inc. | 31,857 | 1,656,245 | |
Compass Diversified Holdings | 386 | 6,659 | |
JPMorgan Chase & Co. | 48,742 | 2,660,826 | |
MarketAxess Holdings, Inc. | 481 | 20,856 | |
Moody’s Corp. | 7,807 | 518,697 | |
MSCI, Inc., Class A(1) | 1,338 | 47,151 | |
ORIX Corp. | 40,100 | 527,162 | |
PHH Corp.(1) | 905 | 18,245 | |
6,082,425 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9% | |||
AT&T, Inc. | 64,409 | 2,253,671 | |
CenturyLink, Inc. | 29,565 | 1,009,645 | |
Iliad SA | 661 | 137,622 | |
Telenor ASA | 17,874 | 374,057 | |
tw telecom, inc., Class A(1) | 14,574 | 415,796 | |
Verizon Communications, Inc. | 25,106 | 1,217,139 | |
5,407,930 | |||
ELECTRIC UTILITIES — 0.9% | |||
American Electric Power Co., Inc. | 7,700 | 352,814 | |
Edison International | 8,744 | 401,699 | |
El Paso Electric Co. | 880 | 31,495 | |
Empire District Electric Co. (The) | 13,664 | 296,919 | |
Exelon Corp. | 3,320 | 104,049 | |
Great Plains Energy, Inc. | 29,275 | 660,737 | |
IDACORP, Inc. | 4,232 | 199,877 | |
Northeast Utilities | 4,469 | 186,223 | |
NV Energy, Inc. | 20,168 | 472,738 | |
Pinnacle West Capital Corp. | 5,400 | 304,992 | |
Portland General Electric Co. | 13,897 | 423,025 | |
PPL Corp. | 12,390 | 367,983 | |
UNS Energy Corp. | 143 | 6,704 | |
Westar Energy, Inc. | 13,570 | 430,440 | |
Xcel Energy, Inc. | 28,647 | 822,742 | |
5,062,437 | |||
ELECTRICAL EQUIPMENT — 0.5% | |||
ABB Ltd. ADR | 11,959 | 260,587 | |
Acuity Brands, Inc. | 286 | 21,470 | |
AMETEK, Inc. | 3,278 | 141,446 | |
Belden, Inc. | 477 | 25,496 | |
Brady Corp., Class A | 3,854 | 125,409 | |
Eaton Corp. plc | 10,428 | 688,874 | |
Emerson Electric Co. | 9,400 | 540,124 | |
Encore Wire Corp. | 260 | 8,998 | |
Franklin Electric Co., Inc. | 508 | 17,175 | |
Generac Holdings, Inc. | 635 | 25,717 | |
GrafTech International Ltd.(1) | 1,948 | 16,344 | |
Regal-Beloit Corp. | 2,219 | 149,805 | |
Rockwell Automation, Inc. | 8,091 | 712,170 | |
Schneider Electric SA | 3,620 | 283,293 | |
3,016,908 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.3% | |||
Audience, Inc.(1) | 905 | 12,670 | |
Avnet, Inc.(1) | 2,887 | 98,620 | |
Cognex Corp. | 447 | 20,084 | |
FARO Technologies, Inc.(1) | 686 | 25,670 | |
FEI Co. | 230 | 16,562 | |
FLIR Systems, Inc. | 1,472 | 35,858 | |
Ingram Micro, Inc. Class A(1) | 1,446 | 27,633 | |
Jabil Circuit, Inc. | 355 | 7,121 | |
Littelfuse, Inc. | 448 | 32,923 | |
Molex, Inc., Class A | 8,427 | 206,967 | |
Murata Manufacturing Co. Ltd. | 4,600 | 348,906 | |
OSI Systems, Inc.(1) | 133 | 7,693 | |
RealD, Inc.(1) | 1,210 | 18,259 | |
TE Connectivity Ltd. | 14,246 | 632,380 | |
Trimble Navigation Ltd.(1) | 17,328 | 483,451 | |
TTM Technologies, Inc.(1) | 1,970 | 15,918 |
Shares/ Principal Amount | Value |
Vishay Intertechnology, Inc.(1) | 1,762 | $ 25,655 | |
2,016,370 | |||
ENERGY EQUIPMENT AND SERVICES — 0.7% | |||
Atwood Oceanics, Inc.(1) | 3,683 | 193,394 | |
Baker Hughes, Inc. | 9,770 | 444,340 | |
Bristow Group, Inc. | 362 | 22,752 | |
Cal Dive International, Inc.(1) | 5,302 | 10,975 | |
Cameron International Corp.(1) | 5,949 | 362,116 | |
Core Laboratories NV | 695 | 95,743 | |
Dril-Quip, Inc.(1) | 507 | 45,858 | |
Geospace Technologies Corp.(1) | 147 | 12,768 | |
Gulfmark Offshore, Inc. Class A | 297 | 13,620 | |
Helmerich & Payne, Inc. | 4,524 | 279,312 | |
Hornbeck Offshore Services, Inc.(1) | 843 | 43,853 | |
Key Energy Services, Inc.(1) | 1,750 | 11,340 | |
Matrix Service Co.(1) | 662 | 10,916 | |
McDermott International, Inc.(1) | 1,453 | 13,876 | |
National Oilwell Varco, Inc. | 10,430 | 733,229 | |
Nuverra Environmental Solutions, Inc.(1) | 1,395 | 5,301 | |
Oceaneering International, Inc. | 7,515 | 544,687 | |
Petroleum Geo-Services ASA | 9,734 | 143,875 | |
RPC, Inc. | 6,603 | 83,132 | |
Schlumberger Ltd. | 9,597 | 700,869 | |
Technip SA | 2,381 | 263,001 | |
Tetra Technologies, Inc.(1) | 1,000 | 10,410 | |
4,045,367 | |||
FOOD AND STAPLES RETAILING — 1.1% | |||
Carrefour SA | 11,878 | 345,924 | |
Casey’s General Stores, Inc. | 270 | 16,405 | |
Costco Wholesale Corp. | 4,950 | 542,866 | |
CVS Caremark Corp. | 23,723 | 1,365,970 | |
Distribuidora Internacional de Alimentacion SA | 25,060 | 194,950 | |
Jeronimo Martins SGPS SA | 11,640 | 247,530 | |
Kroger Co. (The) | 12,910 | 434,680 | |
Rite Aid Corp.(1) | 10,232 | 30,082 | |
Safeway, Inc. | 14,068 | 323,705 | |
Sysco Corp. | 18,427 | 622,833 | |
United Natural Foods, Inc.(1) | 345 | 18,257 | |
Village Super Market, Inc., Class A | 419 | 15,671 | |
Wal-Mart Stores, Inc. | 18,614 | 1,393,072 | |
Weis Markets, Inc. | 481 | 19,678 | |
Wesfarmers Ltd. | 4,808 | 179,900 | |
Whole Foods Market, Inc. | 12,620 | 654,473 | |
6,405,996 | |||
FOOD PRODUCTS — 0.8% | |||
Annie’s, Inc.(1) | 1,478 | 57,509 | |
Archer-Daniels-Midland Co. | 14,100 | 454,443 | |
Associated British Foods plc | 9,379 | 256,048 | |
ConAgra Foods, Inc. | 10,814 | 364,324 | |
Dole Food Co., Inc.(1) | 1,103 | 10,445 | |
General Mills, Inc. | 14,309 | 673,668 | |
Hain Celestial Group, Inc. (The)(1) | 2,776 | 184,937 | |
Hershey Co. (The) | 3,386 | 301,726 | |
Ingredion, Inc. | 1,864 | 126,976 | |
J&J Snack Foods Corp. | 478 | 36,280 | |
Kellogg Co. | 4,121 | 255,708 | |
Kraft Foods Group, Inc. | 4,375 | 241,194 | |
Mead Johnson Nutrition Co. | 5,880 | 476,692 | |
Mondelez International, Inc. Class A | 18,100 | 533,226 | |
Nestle SA | 5,559 | 366,821 | |
Pinnacle Foods, Inc.(1) | 3,450 | 84,732 | |
Post Holdings, Inc.(1) | 709 | 29,913 | |
Snyders-Lance, Inc. | 410 | 10,627 | |
TreeHouse Foods, Inc.(1) | 685 | 44,854 | |
Unilever plc | 7,737 | 325,220 | |
4,835,343 | |||
GAS UTILITIES — 0.1% | |||
AGL Resources, Inc. | 12,051 | 510,119 | |
Laclede Group, Inc. (The) | 7,149 | 338,362 | |
848,481 | |||
HEALTH CARE EQUIPMENT AND SUPPLIES — 1.5% | |||
Abaxis, Inc. | 215 | 9,462 | |
Abbott Laboratories | 25,125 | 921,334 | |
Align Technology, Inc.(1) | 570 | 20,377 | |
Analogic Corp. | 103 | 8,187 | |
Arthrocare Corp.(1) | 221 | 7,499 | |
Becton Dickinson and Co. | 7,989 | 787,875 |
Shares/ Principal Amount | Value |
Boston Scientific Corp.(1) | 27,157 | $ 250,931 | |
CareFusion Corp.(1) | 19,809 | 727,981 | |
Cie Generale d’Optique Essilor International SA | 2,694 | 293,597 | |
Coloplast A/S B Shares | 4,591 | 261,083 | |
Conceptus, Inc.(1) | 266 | 8,241 | |
Cooper Cos., Inc. (The) | 2,359 | 266,591 | |
Covidien plc | 1,937 | 123,193 | |
Cyberonics, Inc.(1) | 234 | 11,164 | |
DENTSPLY International, Inc. | 1,869 | 78,049 | |
DexCom, Inc.(1) | 597 | 12,436 | |
Endologix, Inc.(1) | 500 | 6,720 | |
Haemonetics Corp.(1) | 607 | 25,057 | |
HeartWare International, Inc.(1) | 129 | 11,774 | |
ICU Medical, Inc.(1) | 111 | 7,924 | |
IDEXX Laboratories, Inc.(1) | 1,487 | 122,588 | |
Insulet Corp.(1) | 425 | 12,690 | |
Integra LifeSciences Holdings Corp.(1) | 264 | 10,003 | |
Intuitive Surgical, Inc.(1) | 543 | 270,159 | |
Masimo Corp. | 469 | 10,154 | |
Medtronic, Inc. | 38,871 | 1,982,810 | |
Meridian Bioscience, Inc. | 420 | 9,076 | |
Mettler-Toledo International, Inc.(1) | 638 | 139,250 | |
Neogen Corp.(1) | 216 | 11,766 | |
NxStage Medical, Inc.(1) | 575 | 8,021 | |
Orthofix International NV(1) | 810 | 22,388 | |
ResMed, Inc. | 1,839 | 88,272 | |
St. Jude Medical, Inc. | 10,601 | 458,281 | |
STERIS Corp. | 6,817 | 309,083 | |
Stryker Corp. | 10,564 | 701,344 | |
Sysmex Corp. | 3,900 | 254,854 | |
Utah Medical Products, Inc. | 359 | 16,611 | |
Volcano Corp.(1) | 477 | 9,111 | |
West Pharmaceutical Services, Inc. | 197 | 13,504 | |
Zimmer Holdings, Inc. | 8,085 | 634,753 | |
8,924,193 | |||
HEALTH CARE PROVIDERS AND SERVICES — 0.9% | |||
Acadia Healthcare Co., Inc.(1) | 235 | 7,847 | |
Accretive Health, Inc.(1) | 394 | 4,484 | |
Aetna, Inc. | 8,440 | 509,607 | |
Air Methods Corp. | 847 | 31,712 | |
AmerisourceBergen Corp. | 8,659 | 468,279 | |
Bio-Reference Labs, Inc.(1) | 258 | 7,959 | |
Brookdale Senior Living, Inc.(1) | 2,800 | 79,380 | |
Cardinal Health, Inc. | 4,436 | 208,314 | |
Catamaran Corp.(1) | 10,369 | 510,362 | |
Centene Corp.(1) | 422 | 20,889 | |
Chemed Corp. | 167 | 11,693 | |
CIGNA Corp. | 2,644 | 179,528 | |
Emeritus Corp.(1) | 311 | 7,906 | |
Express Scripts Holding Co.(1) | 6,222 | 386,511 | |
Health Management Associates, Inc., Class A(1) | 484 | 6,674 | |
HealthSouth Corp.(1) | 1,079 | 31,604 | |
Humana, Inc. | 4,197 | 339,034 | |
IPC The Hospitalist Co., Inc.(1) | 158 | 7,704 | |
Landauer, Inc. | 111 | 5,903 | |
LifePoint Hospitals, Inc.(1) | 11,292 | 561,551 | |
MWI Veterinary Supply, Inc.(1) | 150 | 18,226 | |
National Healthcare Corp. | 209 | 9,925 | |
Owens & Minor, Inc. | 563 | 19,243 | |
Patterson Cos., Inc. | 8,265 | 322,996 | |
Quest Diagnostics, Inc. | 10,366 | 641,033 | |
Team Health Holdings, Inc.(1) | 3,727 | 145,614 | |
VCA Antech, Inc.(1) | 264 | 6,748 | |
WellCare Health Plans, Inc.(1) | 377 | 19,657 | |
WellPoint, Inc. | 7,010 | 539,560 | |
5,109,943 | |||
HEALTH CARE TECHNOLOGY — 0.1% | |||
Allscripts Healthcare Solutions, Inc.(1) | 468 | 6,482 | |
athenahealth, Inc.(1) | 290 | 24,519 | |
Cerner Corp.(1) | 3,034 | 298,182 | |
Computer Programs & Systems, Inc. | 121 | 6,060 | |
HMS Holdings Corp.(1) | 951 | 23,680 | |
Medidata Solutions, Inc.(1) | 195 | 13,459 | |
Quality Systems, Inc. | 414 | 7,402 | |
379,784 | |||
HOTELS, RESTAURANTS AND LEISURE — 0.9% | |||
AFC Enterprises, Inc.(1) | 653 | 23,808 | |
Bally Technologies, Inc.(1) | 2,718 | 154,790 | |
Bloomin’ Brands, Inc.(1) | 620 | 14,421 |
Shares/ Principal Amount | Value |
Bob Evans Farms, Inc. | 135 | $ 6,232 | |
Carnival Corp. | 20,662 | 683,912 | |
CEC Entertainment, Inc. | 6,911 | 276,786 | |
Cedar Fair LP | 768 | 31,419 | |
Cracker Barrel Old Country Store, Inc. | 1,486 | 132,938 | |
Domino’s Pizza, Inc. | 520 | 30,820 | |
Dunkin’ Brands Group, Inc. | 3,072 | 121,651 | |
InterContinental Hotels Group plc | 6,671 | 192,241 | |
International Game Technology | 29,520 | 527,818 | |
International Speedway Corp., Class A | 2,657 | 92,092 | |
Las Vegas Sands Corp. | 1,900 | 110,010 | |
Life Time Fitness, Inc.(1) | 187 | 9,320 | |
Marriott International, Inc. Class A | 7,485 | 314,445 | |
McDonald’s Corp. | 5,801 | 560,203 | |
Norwegian Cruise Line Holdings Ltd.(1) | 4,006 | 123,184 | |
Orient-Express Hotels Ltd. Class A(1) | 1,436 | 17,002 | |
Panera Bread Co., Class A(1) | 652 | 125,073 | |
Papa John’s International, Inc.(1) | 754 | 48,580 | |
Red Robin Gourmet Burgers, Inc.(1) | 444 | 23,314 | |
Sands China Ltd. | 50,000 | 265,257 | |
Six Flags Entertainment Corp. | 544 | 40,566 | |
Starbucks Corp. | 3,867 | 243,892 | |
Starwood Hotels & Resorts Worldwide, Inc. | 2,300 | 157,090 | |
Whitbread plc | 8,650 | 374,943 | |
Wyndham Worldwide Corp. | 6,738 | 391,613 | |
5,093,420 | |||
HOUSEHOLD DURABLES — 0.3% | |||
Cavco Industries, Inc.(1) | 565 | 27,069 | |
CSS Industries, Inc. | 467 | 12,912 | |
Garmin Ltd. | 9,049 | 316,082 | |
Helen of Troy Ltd.(1) | 207 | 8,212 | |
La-Z-Boy, Inc. | 980 | 18,101 | |
Lennar Corp., Class A | 2,799 | 110,057 | |
M.D.C. Holdings, Inc. | 1,408 | 52,251 | |
M/I Homes, Inc.(1) | 2,102 | 52,235 | |
Mohawk Industries, Inc.(1) | 3,026 | 336,400 | |
Newell Rubbermaid, Inc. | 16,700 | 451,568 | |
PulteGroup, Inc.(1) | 2,535 | 54,731 | |
Standard Pacific Corp.(1) | 6,917 | 61,215 | |
Toll Brothers, Inc.(1) | 4,802 | 164,084 | |
TRI Pointe Homes, Inc.(1) | 682 | 11,485 | |
William Lyon Homes Class A(1) | 204 | 5,314 | |
1,681,716 | |||
HOUSEHOLD PRODUCTS — 0.6% | |||
Central Garden and Pet Co.(1) | 1,143 | 8,675 | |
Church & Dwight Co., Inc. | 4,336 | 263,672 | |
Clorox Co. | 1,702 | 141,402 | |
Energizer Holdings, Inc. | 4,425 | 423,517 | |
Kimberly-Clark Corp. | 2,348 | 227,357 | |
Procter & Gamble Co. (The) | 26,627 | 2,043,889 | |
Svenska Cellulosa AB B Shares | 16,668 | 414,087 | |
Unicharm Corp. | 5,200 | 290,820 | |
3,813,419 | |||
INDUSTRIAL CONGLOMERATES — 0.7% | |||
Carlisle Cos., Inc. | 756 | 49,450 | |
Danaher Corp. | 13,272 | 820,475 | |
General Electric Co. | 116,860 | 2,725,175 | |
Koninklijke Philips Electronics NV | 16,617 | 469,594 | |
4,064,694 | |||
INSURANCE — 2.3% | |||
ACE Ltd. | 3,592 | 322,131 | |
Aflac, Inc. | 9,698 | 540,082 | |
AIA Group Ltd. | 69,400 | 306,266 | |
Allied World Assurance Co. Holdings AG | 1,729 | 154,590 | |
Allstate Corp. (The) | 18,001 | 868,368 | |
American Equity Investment Life Holding Co. | 423 | 6,853 | |
American International Group, Inc.(1) | 21,617 | 961,092 | |
AMERISAFE, Inc. | 476 | 16,151 | |
Amtrust Financial Services, Inc. | 634 | 20,941 | |
Aon plc | 4,042 | 257,354 | |
Argo Group International Holdings Ltd. | 349 | 13,804 | |
Aspen Insurance Holdings Ltd. | 505 | 18,572 | |
Axis Capital Holdings Ltd. | 5,396 | 235,050 | |
Baldwin & Lyons, Inc., Class B | 728 | 17,246 |
Shares/ Principal Amount | Value |
Berkshire Hathaway, Inc., Class B(1) | 11,096 | $ 1,265,721 | |
Chubb Corp. (The) | 7,968 | 694,013 | |
Cincinnati Financial Corp. | 2,455 | 116,220 | |
CNO Financial Group, Inc. | 1,026 | 12,661 | |
Endurance Specialty Holdings Ltd. | 458 | 23,051 | |
First American Financial Corp. | 4,195 | 100,177 | |
Hanover Insurance Group, Inc. (The) | 265 | 13,311 | |
HCC Insurance Holdings, Inc. | 9,866 | 422,758 | |
Hiscox Ltd. | 29,140 | 245,041 | |
Infinity Property & Casualty Corp. | 382 | 22,060 | |
Loews Corp. | 8,670 | 397,259 | |
Marsh & McLennan Cos., Inc. | 9,656 | 386,433 | |
MetLife, Inc. | 33,391 | 1,476,216 | |
Muenchener Rueckversicherungs AG | 1,941 | 363,349 | |
National Financial Partners Corp.(1) | 264 | 6,655 | |
Platinum Underwriters Holdings Ltd. | 212 | 12,105 | |
Primerica, Inc. | 202 | 7,114 | |
Principal Financial Group, Inc. | 8,510 | 322,103 | |
ProAssurance Corp. | 514 | 25,803 | |
Prudential Financial, Inc. | 9,090 | 626,937 | |
Reinsurance Group of America, Inc. | 8,788 | 579,041 | |
RenaissanceRe Holdings Ltd. | 1,161 | 99,800 | |
Symetra Financial Corp. | 16,890 | 235,784 | |
Torchmark Corp. | 1,457 | 93,991 | |
Travelers Cos., Inc. (The) | 18,317 | 1,533,499 | |
United Fire Group, Inc. | 676 | 18,151 | |
Unum Group | 8,462 | 240,998 | |
Validus Holdings Ltd. | 286 | 10,327 | |
Zurich Financial Services AG | 1,141 | 301,674 | |
13,390,752 | |||
INTERNET AND CATALOG RETAIL — 0.3% | |||
Amazon.com, Inc.(1) | 1,171 | 315,034 | |
Expedia, Inc. | 12,559 | 721,640 | |
priceline.com, Inc.(1) | 296 | 237,963 | |
Rakuten, Inc. | 30,800 | 341,391 | |
Shutterfly, Inc.(1) | 418 | 20,373 | |
1,636,401 | |||
INTERNET SOFTWARE AND SERVICES — 0.6% | |||
Angie’s List, Inc.(1) | 274 | 6,428 | |
CoStar Group, Inc.(1) | 327 | 36,562 | |
eBay, Inc.(1) | 8,058 | 435,938 | |
Equinix, Inc.(1) | 629 | 127,460 | |
Google, Inc. Class A(1) | 2,281 | 1,985,405 | |
LinkedIn Corp., Class A(1) | 1,544 | 258,666 | |
Market Leader, Inc.(1) | 1,538 | 16,457 | |
NIC, Inc. | 503 | 8,410 | |
OpenTable, Inc.(1) | 210 | 14,007 | |
Telecity Group plc | 29,054 | 427,158 | |
Trulia, Inc.(1) | 300 | 9,222 | |
ValueClick, Inc.(1) | 943 | 24,839 | |
Web.com Group, Inc.(1) | 2,000 | 41,980 | |
Yahoo Japan Corp. | 540 | 245,521 | |
3,638,053 | |||
IT SERVICES — 0.6% | |||
Accenture plc, Class A | 3,209 | 263,491 | |
Alliance Data Systems Corp.(1) | 3,386 | 599,627 | |
Computer Task Group, Inc. | 671 | 14,977 | |
DST Systems, Inc. | 386 | 26,317 | |
EVERTEC, Inc.(1) | 627 | 12,553 | |
FleetCor Technologies, Inc.(1) | 288 | 25,079 | |
Global Payments, Inc. | 429 | 20,575 | |
Heartland Payment Systems, Inc. | 857 | 27,475 | |
International Business Machines Corp. | 7,246 | 1,507,313 | |
MasterCard, Inc., Class A | 1,191 | 679,168 | |
MAXIMUS, Inc. | 292 | 21,792 | |
MoneyGram International, Inc.(1) | 550 | 10,824 | |
SYKES Enterprises, Inc.(1) | 1,225 | 19,367 | |
Teradata Corp.(1) | 2,394 | 133,465 | |
VeriFone Systems, Inc.(1) | 1,072 | 25,010 | |
WEX, Inc.(1) | 258 | 19,058 | |
3,406,091 | |||
LEISURE EQUIPMENT AND PRODUCTS — 0.2% | |||
Brunswick Corp. | 1,742 | 58,479 | |
Hasbro, Inc. | 9,526 | 423,716 |
Shares/ Principal Amount | Value |
Mattel, Inc. | 9,712 | $ 434,612 | |
Polaris Industries, Inc. | 147 | 14,040 | |
930,847 | |||
LIFE SCIENCES TOOLS AND SERVICES — 0.2% | |||
Agilent Technologies, Inc. | 8,846 | 402,051 | |
Covance, Inc.(1) | 2,400 | 178,992 | |
Luminex Corp.(1) | 397 | 7,650 | |
PAREXEL International Corp.(1) | 400 | 18,276 | |
Thermo Fisher Scientific, Inc. | 1,560 | 137,748 | |
Waters Corp.(1) | 1,899 | 183,652 | |
928,369 | |||
MACHINERY — 0.7% | |||
Altra Holdings, Inc. | 816 | 23,509 | |
Barnes Group, Inc. | 385 | 11,635 | |
Briggs & Stratton Corp. | 736 | 17,222 | |
Caterpillar, Inc. | 1,738 | 149,120 | |
Chart Industries, Inc.(1) | 203 | 19,748 | |
CLARCOR, Inc. | 241 | 13,072 | |
Crane Co. | 2,243 | 134,019 | |
Dover Corp. | 3,548 | 277,631 | |
Dynamic Materials Corp. | 1,233 | 19,851 | |
FANUC Corp. | 1,100 | 162,560 | |
Flowserve Corp. | 736 | 123,744 | |
FreightCar America, Inc. | 638 | 11,573 | |
Global Brass & Copper Holdings, Inc.(1) | 572 | 7,550 | |
Graham Corp. | 440 | 12,320 | |
Ingersoll-Rand plc | 2,380 | 136,921 | |
ITT Corp. | 7,192 | 216,839 | |
Kadant, Inc. | 231 | 6,912 | |
Kaydon Corp. | 10,960 | 296,358 | |
Kennametal, Inc. | 786 | 34,065 | |
Kone Oyj | 1,492 | 131,162 | |
Kubota Corp. | 29,000 | 431,935 | |
Lincoln Electric Holdings, Inc. | 1,696 | 101,421 | |
Lindsay Corp. | 38 | 3,088 | |
Middleby Corp.(1) | 403 | 65,886 | |
Mitsubishi Heavy Industries Ltd. | 41,000 | 251,308 | |
Mueller Industries, Inc., Class A | 132 | 7,187 | |
Mueller Water Products, Inc. Class A | 4,170 | 31,734 | |
PACCAR, Inc. | 6,580 | 352,688 | |
Parker-Hannifin Corp. | 3,175 | 316,738 | |
SKF AB B Shares | 5,552 | 133,973 | |
Standex International Corp. | 89 | 4,643 | |
Trinity Industries, Inc. | 3,443 | 140,922 | |
Valmont Industries, Inc. | 823 | 125,368 | |
Volvo AB B Shares | 21,488 | 313,489 | |
Woodward, Inc. | 8,645 | 338,452 | |
4,424,643 | |||
MEDIA — 1.3% | |||
Belo Corp. Class A | 1,440 | 16,157 | |
CBS Corp., Class B | 16,631 | 823,234 | |
Comcast Corp., Class A | 49,647 | 1,993,327 | |
DIRECTV(1) | 359 | 21,946 | |
Discovery Communications, Inc. Class A(1) | 3,419 | 269,622 | |
Discovery Communications, Inc. Class C(1) | 2,497 | 174,715 | |
E.W. Scripps Co. (The), Class A(1) | 1,672 | 22,823 | |
Entercom Communications Corp., Class A(1) | 2,842 | 26,374 | |
Entravision Communications Corp., Class A | 11,411 | 52,833 | |
Kabel Deutschland Holding AG | 3,757 | 355,616 | |
Liberty Global, Inc. Class A(1) | 5,567 | 410,288 | |
LIN TV Corp., Class A(1) | 2,354 | 28,554 | |
Nexstar Broadcasting Group, Inc. Class A | 583 | 16,324 | |
Publicis Groupe SA | 3,776 | 268,480 | |
Regal Entertainment Group Class A | 1,285 | 22,745 | |
Scripps Networks Interactive, Inc. Class A | 4,753 | 320,162 | |
SES SA | 2,457 | 72,428 | |
Sinclair Broadcast Group, Inc., Class A | 1,948 | 52,654 | |
Sirius XM Radio, Inc. | 49,926 | 173,742 | |
Sky Deutschland AG(1) | 37,562 | 251,342 | |
Time Warner Cable, Inc. | 11,887 | 1,135,327 | |
Time Warner, Inc. | 16,221 | 946,820 | |
Viacom, Inc., Class B | 6,571 | 432,963 | |
7,888,476 |
Shares/ Principal Amount | Value |
METALS AND MINING — 0.5% | |||
BHP Billiton Ltd. | 15,351 | $ 500,272 | |
Century Aluminum Co.(1) | 1,345 | 13,329 | |
Coeur Mining, Inc.(1) | 2,465 | 34,978 | |
Compass Minerals International, Inc. | 309 | 26,963 | |
Freeport-McMoRan Copper & Gold, Inc. | 17,360 | 539,028 | |
Haynes International, Inc. | 405 | 19,821 | |
Iluka Resources Ltd. | 21,240 | 224,579 | |
Lonmin plc(1) | 23,441 | 104,584 | |
Newmont Mining Corp. | 12,052 | 413,143 | |
Nucor Corp. | 15,021 | 668,585 | |
Rio Tinto Ltd. | 5,649 | 293,172 | |
Schnitzer Steel Industries, Inc. Class A | 716 | 17,685 | |
Worthington Industries, Inc. | 2,685 | 92,310 | |
2,948,449 | |||
MULTI-UTILITIES — 0.2% | |||
Avista Corp. | 1,045 | 27,912 | |
DTE Energy Co. | 1,932 | 128,691 | |
PG&E Corp. | 19,773 | 888,005 | |
1,044,608 | |||
MULTILINE RETAIL — 0.3% | |||
Dillard’s, Inc., Class A | 1,969 | 181,680 | |
Macy’s, Inc. | 9,880 | 477,599 | |
Target Corp. | 17,748 | 1,233,486 | |
1,892,765 | |||
OIL, GAS AND CONSUMABLE FUELS — 3.2% | |||
Alliance Resource Partners LP | 288 | 20,817 | |
Alon USA Partners LP | 1,254 | 30,836 | |
Apache Corp. | 14,403 | 1,182,918 | |
BG Group plc | 30,039 | 546,705 | |
Bill Barrett Corp.(1) | 198 | 4,469 | |
Cabot Oil & Gas Corp. | 5,245 | 369,038 | |
Chevron Corp. | 20,491 | 2,515,270 | |
ConocoPhillips | 2,947 | 180,769 | |
Delek US Holdings, Inc. | 3,847 | 138,607 | |
Devon Energy Corp. | 7,324 | 416,369 | |
Energy XXI Bermuda Ltd. | 550 | 14,041 | |
ENI SpA | 15,132 | 342,172 | |
EOG Resources, Inc. | 2,416 | 311,906 | |
EQT Midstream Partners LP | 396 | 19,349 | |
Exxon Mobil Corp. | 59,033 | 5,340,716 | |
Global Partners LP | 322 | 10,597 | |
Gulfport Energy Corp.(1) | 1,149 | 54,796 | |
Hugoton Royalty Trust | 1,586 | 14,195 | |
Imperial Oil Ltd. | 25,776 | 1,006,675 | |
Kodiak Oil & Gas Corp.(1) | 1,786 | 15,681 | |
Marathon Petroleum Corp. | 9,431 | 778,057 | |
Murphy Oil Corp. | 5,889 | 372,891 | |
Noble Energy, Inc. | 4,784 | 275,798 | |
Oasis Petroleum, Inc.(1) | 3,680 | 136,749 | |
Occidental Petroleum Corp. | 13,555 | 1,248,009 | |
Pacific Coast Oil Trust | 1,339 | 24,517 | |
PBF Energy, Inc. | 550 | 16,043 | |
Peabody Energy Corp. | 4,490 | 88,318 | |
Rosetta Resources, Inc.(1) | 763 | 35,754 | |
Royal Dutch Shell plc, Class A | 16,650 | 554,473 | |
Scorpio Tankers, Inc.(1) | 748 | 7,099 | |
Southwestern Energy Co.(1) | 10,920 | 411,575 | |
Spectra Energy Partners LP | 1,726 | 61,463 | |
Statoil ASA | 9,864 | 223,207 | |
Swift Energy Co.(1) | 720 | 9,763 | |
Tesoro Corp. | 4,272 | 263,369 | |
Total SA ADR | 11,990 | 597,701 | |
Vaalco Energy, Inc.(1) | 1,288 | 7,883 | |
Valero Energy Corp. | 12,180 | 494,873 | |
W&T Offshore, Inc. | 852 | 12,558 | |
Western Refining, Inc. | 11,718 | 391,030 | |
Williams Partners LP | 5,472 | 272,998 | |
18,820,054 | |||
PAPER AND FOREST PRODUCTS — 0.1% | |||
Boise Cascade Co.(1) | 627 | 18,848 | |
Clearwater Paper Corp.(1) | 483 | 23,102 | |
International Paper Co. | 9,780 | 451,347 | |
KapStone Paper and Packaging Corp. | 1,315 | 38,148 | |
Neenah Paper, Inc. | 433 | 13,600 | |
P.H. Glatfelter Co. | 352 | 8,705 | |
Wausau Paper Corp. | 441 | 5,151 | |
West Fraser Timber Co. Ltd. | 1,227 | 91,142 | |
650,043 | |||
PERSONAL PRODUCTS — 0.1% | |||
Estee Lauder Cos., Inc. (The), Class A | 2,645 | 179,278 | |
L’Oreal SA | 1,840 | 308,456 |
Shares/ Principal Amount | Value |
Nu Skin Enterprises, Inc., Class A | 809 | $ 47,569 | |
Prestige Brands Holdings, Inc.(1) | 943 | 27,715 | |
563,018 | |||
PHARMACEUTICALS — 2.5% | |||
AbbVie, Inc. | 16,555 | 706,733 | |
Actavis, Inc.(1) | 2,594 | 319,814 | |
Akorn, Inc.(1) | 527 | 7,657 | |
Allergan, Inc. | 2,836 | 282,154 | |
Auxilium Pharmaceuticals, Inc.(1) | 400 | 5,968 | |
Bayer AG | 1,870 | 201,155 | |
Bristol-Myers Squibb Co. | 15,584 | 717,020 | |
Eli Lilly & Co. | 15,473 | 822,545 | |
GlaxoSmithKline plc | 5,993 | 155,340 | |
Hospira, Inc.(1) | 11,937 | 413,975 | |
Impax Laboratories, Inc.(1) | 999 | 18,931 | |
Jazz Pharmaceuticals plc(1) | 603 | 40,986 | |
Johnson & Johnson | 38,684 | 3,256,419 | |
Medicines Co. (The)(1) | 448 | 14,430 | |
Merck & Co., Inc. | 50,088 | 2,339,110 | |
Nektar Therapeutics(1) | 759 | 7,188 | |
Novartis AG | 6,657 | 477,012 | |
Novo Nordisk A/S B Shares | 2,172 | 348,694 | |
Optimer Pharmaceuticals, Inc.(1) | 504 | 7,499 | |
Perrigo Co. | 3,057 | 354,337 | |
Pfizer, Inc. | 107,657 | 2,931,500 | |
Questcor Pharmaceuticals, Inc. | 429 | 14,659 | |
Roche Holding AG | 2,931 | 725,248 | |
Sanofi | 7,248 | 762,231 | |
Santarus, Inc.(1) | 511 | 11,380 | |
VIVUS, Inc.(1) | 805 | 11,833 | |
Zoetis, Inc. | 2,361 | 75,552 | |
15,029,370 | |||
PROFESSIONAL SERVICES — 0.2% | |||
Adecco SA | 2,963 | 164,671 | |
Barrett Business Services, Inc. | 486 | 28,348 | |
Capita Group plc (The) | 17,715 | 258,089 | |
CDI Corp. | 1,443 | 19,697 | |
Dun & Bradstreet Corp. | 3,531 | 346,532 | |
Experian plc | 11,383 | 209,019 | |
Huron Consulting Group, Inc.(1) | 645 | 28,838 | |
Kforce, Inc. | 1,575 | 23,452 | |
On Assignment, Inc.(1) | 1,443 | 37,576 | |
WageWorks, Inc.(1) | 792 | 22,944 | |
1,139,166 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.2% | |||
Acadia Realty Trust | 1,700 | 44,064 | |
American Campus Communities, Inc. | 3,266 | 133,351 | |
American Tower Corp. | 2,798 | 217,796 | |
Annaly Capital Management, Inc. | 24,521 | 332,995 | |
Apartment Investment & Management Co., Class A | 7,288 | 220,535 | |
Apollo Commercial Real Estate Finance, Inc. | 900 | 15,003 | |
Armada Hoffler Properties, Inc.(1) | 593 | 6,802 | |
Associated Estates Realty Corp. | 827 | 13,588 | |
AvalonBay Communities, Inc. | 2,800 | 371,448 | |
BioMed Realty Trust, Inc. | 544 | 11,386 | |
Boston Properties, Inc. | 2,833 | 301,941 | |
Brandywine Realty Trust | 810 | 11,470 | |
Camden Property Trust | 3,439 | 238,151 | |
Campus Crest Communities, Inc. | 1,693 | 21,416 | |
Capstead Mortgage Corp. | 521 | 6,398 | |
CBL & Associates Properties, Inc. | 7,364 | 169,298 | |
Chatham Lodging Trust | 593 | 11,000 | |
Chimera Investment Corp. | 2,103 | 6,414 | |
Colony Financial, Inc. | 582 | 12,891 | |
Corporate Office Properties Trust | 4,472 | 119,089 | |
Corrections Corp. of America | 9,322 | 327,668 | |
CYS Investments, Inc. | 306 | 3,146 | |
DCT Industrial Trust, Inc. | 21,418 | 158,065 | |
DDR Corp. | 15,748 | 274,960 | |
DiamondRock Hospitality Co. | 2,513 | 23,899 | |
Digital Realty Trust, Inc. | 1,286 | 78,330 | |
Douglas Emmett, Inc. | 6,700 | 170,783 | |
Duke Realty Corp. | 10,677 | 176,918 | |
Equity Lifestyle Properties, Inc. | 87 | 6,714 | |
Equity One, Inc. | 4,400 | 102,652 | |
Equity Residential | 8,457 | 478,243 | |
Essex Property Trust, Inc. | 1,102 | 173,168 |
Shares/ Principal Amount | Value |
Excel Trust, Inc. | 768 | $ 10,260 | |
Extra Space Storage, Inc. | 5,466 | 228,971 | |
First Industrial Realty Trust, Inc. | 5,965 | 100,749 | |
General Growth Properties, Inc. | 12,174 | 249,932 | |
Geo Group, Inc. (The) | 376 | 13,092 | |
Hatteras Financial Corp. | 263 | 6,791 | |
HCP, Inc. | 11,095 | 525,681 | |
Health Care REIT, Inc. | 6,758 | 459,747 | |
Healthcare Realty Trust, Inc. | 315 | 8,382 | |
Hersha Hospitality Trust | 4,803 | 27,473 | |
Highwoods Properties, Inc. | 348 | 12,674 | |
Host Hotels & Resorts, Inc. | 22,546 | 401,093 | |
Hudson Pacific Properties, Inc. | 2,856 | 61,661 | |
Kilroy Realty Corp. | 5,314 | 281,164 | |
Kimco Realty Corp. | 3,850 | 85,278 | |
LaSalle Hotel Properties | 948 | 25,027 | |
Lexington Realty Trust | 733 | 9,228 | |
Liberty Property Trust | 2,799 | 113,583 | |
Macerich Co. (The) | 4,764 | 309,231 | |
Mack-Cali Realty Corp. | 775 | 20,538 | |
MFA Financial, Inc. | 734 | 6,445 | |
National Retail Properties, Inc. | 670 | 24,033 | |
New Residential Investment Corp.(1) | 9,490 | 64,912 | |
Newcastle Investment Corp. | 915 | 4,630 | |
Omega Healthcare Investors, Inc. | 923 | 29,914 | |
Parkway Properties, Inc. | 6,218 | 106,825 | |
Pebblebrook Hotel Trust | 2,743 | 71,976 | |
Pennsylvania Real Estate Investment Trust | 324 | 6,444 | |
Piedmont Office Realty Trust, Inc., Class A | 24,539 | 465,996 | |
Post Properties, Inc. | 2,500 | 119,500 | |
ProLogis, Inc. | 13,774 | 555,092 | |
PS Business Parks, Inc. | 139 | 10,607 | |
Public Storage | 2,500 | 379,500 | |
Regency Centers Corp. | 1,400 | 72,240 | |
RLJ Lodging Trust | 5,698 | 131,966 | |
Rouse Properties, Inc. | 841 | 16,913 | |
Sabra Health Care REIT, Inc. | 247 | 6,681 | |
Simon Property Group, Inc. | 9,901 | 1,647,922 | |
SL Green Realty Corp. | 2,598 | 225,974 | |
Sovran Self Storage, Inc. | 262 | 16,996 | |
Summit Hotel Properties, Inc. | 1,314 | 12,969 | |
Sun Communities, Inc. | 1,841 | 91,995 | |
Sunstone Hotel Investors, Inc.(1) | 9,466 | 114,160 | |
Taubman Centers, Inc. | 3,060 | 246,575 | |
UDR, Inc. | 10,613 | 258,639 | |
Urstadt Biddle Properties, Inc., Class A | 975 | 20,534 | |
Ventas, Inc. | 8,975 | 640,546 | |
Vornado Realty Trust | 3,109 | 248,565 | |
Washington Real Estate Investment Trust | 602 | 16,748 | |
Weingarten Realty Investors | 5,058 | 161,249 | |
12,966,683 | |||
REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.2% | |||
CBRE Group, Inc.(1) | 21,888 | 507,364 | |
Daito Trust Construction Co. Ltd. | 1,900 | 177,100 | |
Forest City Enterprises, Inc. Class A(1) | 6,000 | 112,560 | |
Mitsubishi Estate Co. Ltd. | 13,000 | 319,218 | |
Realogy Holdings Corp.(1) | 1,816 | 93,778 | |
1,210,020 | |||
ROAD AND RAIL — 0.5% | |||
Arkansas Best Corp. | 900 | 17,181 | |
Avis Budget Group, Inc.(1) | 725 | 24,041 | |
Canadian National Railway Co. | 2,400 | 243,554 | |
Canadian Pacific Railway Ltd. New York Shares | 3,677 | 485,327 | |
Celadon Group, Inc. | 1,122 | 21,890 | |
Genesee & Wyoming, Inc. Class A(1) | 2,299 | 204,726 | |
Heartland Express, Inc. | 30,101 | 431,949 | |
Hertz Global Holdings, Inc.(1) | 4,910 | 126,825 | |
Kansas City Southern | 4,332 | 479,552 | |
Marten Transport Ltd. | 1,254 | 30,084 | |
Saia, Inc.(1) | 294 | 14,049 | |
Swift Transportation Co.(1) | 1,929 | 32,484 | |
Union Pacific Corp. | 3,952 | 611,058 | |
Werner Enterprises, Inc. | 282 | 7,059 | |
2,729,779 |
Shares/ Principal Amount | Value |
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.1% | |||
Altera Corp. | 4,080 | $ 135,415 | |
Analog Devices, Inc. | 4,045 | 185,787 | |
Applied Materials, Inc. | 66,429 | 1,009,721 | |
ARM Holdings plc | 26,854 | 392,027 | |
ASML Holding NV | 5,082 | 419,042 | |
Avago Technologies Ltd. | 7,653 | 288,595 | |
Broadcom Corp., Class A | 13,293 | 477,352 | |
Cavium Networks, Inc.(1) | 626 | 20,508 | |
Cirrus Logic, Inc.(1) | 423 | 7,720 | |
Cypress Semiconductor Corp. | 2,778 | 31,225 | |
Diodes, Inc.(1) | 1,799 | 42,456 | |
First Solar, Inc.(1) | 326 | 17,728 | |
Freescale Semiconductor Ltd.(1) | 7,554 | 120,260 | |
Infineon Technologies AG | 23,251 | 197,451 | |
Intel Corp. | 27,506 | 667,846 | |
Intersil Corp., Class A | 2,456 | 20,139 | |
KLA-Tencor Corp. | 10,454 | 588,456 | |
Linear Technology Corp. | 7,893 | 295,987 | |
M/A-COM Technology Solutions Holdings, Inc.(1) | 253 | 3,524 | |
Microchip Technology, Inc. | 5,940 | 216,691 | |
MKS Instruments, Inc. | 825 | 23,224 | |
Nanometrics, Inc.(1) | 2,073 | 29,955 | |
NXP Semiconductor NV(1) | 4,642 | 143,206 | |
ON Semiconductor Corp.(1) | 1,176 | 10,066 | |
Photronics, Inc.(1) | 2,643 | 20,166 | |
Power Integrations, Inc. | 456 | 19,467 | |
Semtech Corp.(1) | 1,074 | 39,244 | |
Skyworks Solutions, Inc.(1) | 925 | 22,070 | |
Spansion, Inc., Class A(1) | 1,699 | 23,276 | |
SunEdison, Inc.(1) | 800 | 6,456 | |
Teradyne, Inc.(1) | 33,630 | 603,322 | |
Texas Instruments, Inc. | 9,620 | 345,262 | |
Ultratech, Inc.(1) | 769 | 28,038 | |
Xilinx, Inc. | 6,125 | 248,981 | |
6,700,663 | |||
SOFTWARE — 1.4% | |||
Activision Blizzard, Inc. | 6,881 | 99,293 | |
Aspen Technology, Inc.(1) | 1,338 | 40,970 | |
Bottomline Technologies (de), Inc.(1) | 800 | 22,104 | |
CA, Inc. | 10,949 | 299,017 | |
Cadence Design Systems, Inc.(1) | 12,552 | 189,912 | |
Citrix Systems, Inc.(1) | 1,984 | 127,670 | |
CommVault Systems, Inc.(1) | 3,738 | 261,660 | |
Compuware Corp.(1) | 1,320 | 14,824 | |
Dassault Systemes SA | 1,458 | 183,356 | |
Electronic Arts, Inc.(1) | 10,218 | 234,912 | |
Informatica Corp.(1) | 724 | 26,325 | |
Interactive Intelligence, Inc.(1) | 374 | 18,775 | |
Mentor Graphics Corp. | 373 | 7,083 | |
Microsoft Corp. | 93,190 | 3,250,467 | |
Monotype Imaging Holdings, Inc. | 944 | 21,485 | |
NetSuite, Inc.(1) | 3,961 | 346,984 | |
Oracle Corp. | 63,377 | 2,139,607 | |
PROS Holdings, Inc.(1) | 584 | 16,895 | |
PTC, Inc.(1) | 535 | 13,434 | |
QLIK Technologies, Inc.(1) | 881 | 27,100 | |
SAP AG | 4,987 | 379,840 | |
Splunk, Inc.(1) | 4,417 | 206,539 | |
Symantec Corp.(1) | 16,891 | 378,189 | |
Synchronoss Technologies, Inc.(1) | 336 | 10,534 | |
Tangoe, Inc.(1) | 741 | 11,048 | |
Tyler Technologies, Inc.(1) | 231 | 15,941 | |
Ultimate Software Group, Inc.(1) | 156 | 17,363 | |
Websense, Inc.(1) | 3,081 | 76,563 | |
8,437,890 | |||
SPECIALTY RETAIL — 1.3% | |||
Aeropostale, Inc.(1) | 473 | 6,911 | |
American Eagle Outfitters, Inc. | 12,790 | 253,114 | |
ANN, Inc.(1) | 449 | 13,775 | |
Asbury Automotive Group, Inc.(1) | 660 | 27,192 | |
Barnes & Noble, Inc.(1) | 605 | 13,612 | |
Bed Bath & Beyond, Inc.(1) | 1,505 | 102,716 | |
Buckle, Inc. (The) | 2,180 | 116,586 | |
Cabela’s, Inc.(1) | 387 | 25,952 | |
Chico’s FAS, Inc. | 5,805 | 104,838 | |
Conn’s, Inc.(1) | 404 | 19,889 | |
Destination Maternity Corp. | 646 | 16,092 | |
DSW, Inc., Class A | 3,075 | 227,519 | |
Fast Retailing Co. Ltd. | 100 | 33,623 |
Shares/ Principal Amount | Value |
Foot Locker, Inc. | 2,772 | $ 95,135 | |
GameStop Corp., Class A | 1,778 | 58,958 | |
Gap, Inc. (The) | 11,452 | 464,379 | |
Genesco, Inc.(1) | 395 | 26,694 | |
GNC Holdings, Inc. Class A | 11,087 | 499,248 | |
Home Depot, Inc. (The) | 14,932 | 1,174,551 | |
Inditex SA | 2,288 | 283,587 | |
Lithia Motors, Inc., Class A | 997 | 51,934 | |
Lowe’s Cos., Inc. | 35,506 | 1,495,158 | |
Lumber Liquidators Holdings, Inc.(1) | 1,671 | 137,206 | |
O’Reilly Automotive, Inc.(1) | 1,971 | 214,662 | |
Office Depot, Inc.(1) | 1,640 | 7,232 | |
OfficeMax, Inc. | 384 | 5,004 | |
Penske Automotive Group, Inc. | 597 | 19,170 | |
PetSmart, Inc. | 9,182 | 619,785 | |
Ross Stores, Inc. | 3,487 | 224,214 | |
Rue21, Inc.(1) | 592 | 24,858 | |
Signet Jewelers Ltd. | 2,599 | 178,057 | |
Stage Stores, Inc. | 595 | 13,691 | |
TJX Cos., Inc. (The) | 10,942 | 553,775 | |
Tractor Supply Co. | 3,651 | 408,839 | |
Urban Outfitters, Inc.(1) | 7,417 | 310,995 | |
7,828,951 | |||
TEXTILES, APPAREL AND LUXURY GOODS — 0.5% | |||
adidas AG | 2,397 | 260,272 | |
Burberry Group plc | 11,599 | 252,805 | |
Cie Financiere Richemont SA | 3,427 | 301,218 | |
Coach, Inc. | 6,493 | 378,282 | |
Crocs, Inc.(1) | 616 | 10,866 | |
Culp, Inc. | 1,067 | 18,406 | |
Fifth & Pacific Cos., Inc.(1) | 880 | 18,911 | |
G-III Apparel Group Ltd.(1) | 207 | 8,717 | |
Hanesbrands, Inc. | 7,570 | 377,440 | |
Iconix Brand Group, Inc.(1) | 1,050 | 31,595 | |
Luxottica Group SpA | 5,578 | 285,989 | |
Michael Kors Holdings Ltd.(1) | 2,512 | 157,804 | |
Movado Group, Inc. | 737 | 26,606 | |
Prada SpA | 29,700 | 284,817 | |
PVH Corp. | 3,523 | 405,814 | |
True Religion Apparel, Inc. | 363 | 11,558 | |
Under Armour, Inc. Class A(1) | 2,004 | 124,248 | |
Vera Bradley, Inc.(1) | 1,429 | 33,581 | |
2,988,929 | |||
THRIFTS AND MORTGAGE FINANCE — 0.2% | |||
Brookline Bancorp., Inc. | 910 | 7,717 | |
Capitol Federal Financial, Inc. | 23,154 | 274,838 | |
Flushing Financial Corp. | 620 | 9,691 | |
MGIC Investment Corp.(1) | 1,965 | 12,144 | |
Ocwen Financial Corp.(1) | 9,868 | 422,153 | |
Oritani Financial Corp. | 1,007 | 15,437 | |
People’s United Financial, Inc. | 29,897 | 411,383 | |
Provident Financial Services, Inc. | 573 | 8,721 | |
Radian Group, Inc. | 1,087 | 13,990 | |
Rockville Financial, Inc. | 639 | 8,332 | |
Simplicity Bancorp, Inc. | 495 | 6,955 | |
Washington Federal, Inc. | 411 | 7,188 | |
1,198,549 | |||
TOBACCO — 0.4% | |||
Altria Group, Inc. | 10,750 | 388,075 | |
British American Tobacco plc | 5,450 | 299,321 | |
Japan Tobacco, Inc. | 9,200 | 311,601 | |
Lorillard, Inc. | 4,628 | 196,412 | |
Philip Morris International, Inc. | 10,876 | 988,737 | |
Universal Corp. | 6,499 | 381,036 | |
2,565,182 | |||
TRADING COMPANIES AND DISTRIBUTORS — 0.3% | |||
Applied Industrial Technologies, Inc. | 411 | 19,757 | |
Ashtead Group plc | 30,803 | 289,030 | |
Beacon Roofing Supply, Inc.(1) | 710 | 29,266 | |
Brenntag AG | 660 | 100,609 | |
DXP Enterprises, Inc.(1) | 311 | 18,371 | |
Edgen Group, Inc.(1) | 904 | 5,957 | |
Fastenal Co. | 3,814 | 199,015 | |
H&E Equipment Services, Inc. | 1,326 | 29,676 | |
Kaman Corp. | 450 | 15,259 | |
United Rentals, Inc.(1) | 6,203 | 352,579 | |
W.W. Grainger, Inc. | 471 | 121,254 | |
Watsco, Inc. | 224 | 19,544 | |
Wolseley plc | 7,834 | 396,945 | |
1,597,262 | |||
WATER UTILITIES† | |||
Artesian Resources Corp., Class A | 574 | 12,691 |
Shares/ Principal Amount | Value |
WIRELESS TELECOMMUNICATION SERVICES — 0.2% | |||
KDDI Corp. | 3,800 | $ 171,739 | |
Rogers Communications, Inc., Class B | 4,901 | 222,182 | |
SBA Communications Corp., Class A(1) | 8,047 | 605,698 | |
999,619 | |||
TOTAL COMMON STOCKS (Cost $192,357,459) | 264,347,647 | ||
U.S. Treasury Securities — 19.3% | |||
U.S. Treasury Bonds, 5.50%, 8/15/28 | $ 1,100,000 | 1,481,907 | |
U.S. Treasury Bonds, 5.375%, 2/15/31 | 550,000 | 742,328 | |
U.S. Treasury Bonds, 4.375%, 11/15/39 | 3,420,000 | 4,159,041 | |
U.S. Treasury Bonds, 4.375%, 5/15/41 | 150,000 | 182,672 | |
U.S. Treasury Bonds, 3.125%, 11/15/41 | 850,000 | 829,149 | |
U.S. Treasury Bonds, 2.75%, 11/15/42 | 850,000 | 763,539 | |
U.S. Treasury Bonds, 3.125%, 2/15/43 | 450,000 | 437,133 | |
U.S. Treasury Bonds, 2.875%, 5/15/43 | 900,000 | 829,407 | |
U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/29 | 7,859,725 | 10,315,276 | |
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40 | 743,047 | 972,114 | |
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/41 | 1,328,575 | 1,743,444 | |
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42 | 865,267 | 827,073 | |
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/15 | 7,464,578 | 7,682,685 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/16 | 790,868 | 818,733 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/17 | 2,971,833 | 3,100,225 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/18 | 2,013,820 | 2,114,511 | |
U.S. Treasury Inflation Indexed Notes, 1.375%, 7/15/18 | 4,965,148 | 5,581,914 | |
U.S. Treasury Inflation Indexed Notes, 2.125%, 1/15/19 | 1,084,100 | 1,266,280 | |
U.S. Treasury Inflation Indexed Notes, 1.375%, 1/15/20 | 1,291,620 | 1,466,291 | |
U.S. Treasury Inflation Indexed Notes, 1.125%, 1/15/21 | 4,894,492 | 5,494,449 | |
U.S. Treasury Inflation Indexed Notes, 0.625%, 7/15/21 | 3,253,037 | 3,535,136 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/22 | 1,593,974 | 1,648,019 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22 | 1,214,580 | 1,255,572 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23 | 1,815,084 | 1,854,079 | |
U.S. Treasury Notes, 0.75%, 9/15/13 | 3,600,000 | 3,607,456 | |
U.S. Treasury Notes, 0.75%, 12/15/13 | 2,000,000 | 2,007,188 | |
U.S. Treasury Notes, 1.25%, 2/15/14 | 1,800,000 | 1,814,485 | |
U.S. Treasury Notes, 1.25%, 3/15/14 | 3,260,000 | 3,288,779 | |
U.S. Treasury Notes, 1.25%, 4/15/14 | 1,400,000 | 1,413,454 | |
U.S. Treasury Notes, 0.25%, 5/31/15 | 5,000,000 | 4,995,705 | |
U.S. Treasury Notes, 0.375%, 11/15/15 | 1,700,000 | 1,699,602 | |
U.S. Treasury Notes, 1.375%, 11/30/15 | 1,500,000 | 1,536,328 | |
U.S. Treasury Notes, 2.125%, 12/31/15 | 1,500,000 | 1,565,859 | |
U.S. Treasury Notes, 0.375%, 1/15/16 | 6,000,000 | 5,992,968 | |
U.S. Treasury Notes, 0.25%, 5/15/16 | 700,000 | 695,024 | |
U.S. Treasury Notes, 0.75%, 6/30/17 | 500,000 | 498,828 | |
U.S. Treasury Notes, 1.875%, 10/31/17 | 4,300,000 | 4,484,431 | |
U.S. Treasury Notes, 0.875%, 1/31/18 | 750,000 | 747,012 | |
U.S. Treasury Notes, 0.625%, 4/30/18 | 8,850,000 | 8,685,443 | |
U.S. Treasury Notes, 2.625%, 4/30/18 | 300,000 | 323,391 |
Shares/ Principal Amount | Value |
U.S. Treasury Notes, 1.375%, 11/30/18 | $ 1,450,000 | $ 1,467,332 | |
U.S. Treasury Notes, 2.625%, 8/15/20 | 2,230,000 | 2,390,455 | |
U.S. Treasury Notes, 2.125%, 8/15/21 | 2,300,000 | 2,355,345 | |
U.S. Treasury Notes, 1.625%, 11/15/22 | 3,000,000 | 2,885,859 | |
U.S. Treasury Notes, 2.00%, 2/15/23 | 1,550,000 | 1,536,923 | |
U.S. Treasury Notes, 1.75%, 5/15/23 | 750,000 | 723,985 | |
TOTAL U.S. TREASURY SECURITIES (Cost $109,413,997) | 113,816,829 | ||
U.S. Government Agency Mortgage-Backed Securities(2) — 8.9% | |||
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.0% | |||
FHLMC, VRN, 1.97%, 6/15/13 | 351,092 | 361,708 | |
FHLMC, VRN, 2.08%, 6/15/13 | 634,200 | 652,185 | |
FHLMC, VRN, 2.37%, 6/15/13 | 445,149 | 454,038 | |
FHLMC, VRN, 2.37%, 6/15/13 | 546,592 | 556,575 | |
FHLMC, VRN, 2.58%, 6/15/13 | 138,748 | 145,688 | |
FHLMC, VRN, 2.90%, 6/15/13 | 113,903 | 119,038 | |
FHLMC, VRN, 3.23%, 6/15/13 | 151,441 | 159,837 | |
FHLMC, VRN, 3.28%, 6/15/13 | 469,153 | 488,189 | |
FHLMC, VRN, 3.81%, 6/15/13 | 152,085 | 160,943 | |
FHLMC, VRN, 4.03%, 6/15/13 | 246,483 | 262,667 | |
FHLMC, VRN, 5.44%, 6/15/13 | 331,386 | 354,031 | |
FHLMC, VRN, 6.15%, 6/15/13 | 172,636 | 186,742 | |
FNMA, VRN, 2.71%, 6/25/13 | 375,543 | 387,858 | |
FNMA, VRN, 3.33%, 6/25/13 | 208,699 | 219,385 | |
FNMA, VRN, 3.36%, 6/25/13 | 194,965 | 207,655 | |
FNMA, VRN, 3.83%, 6/25/13 | 298,181 | 316,357 | |
FNMA, VRN, 3.93%, 6/25/13 | 220,523 | 234,338 | |
FNMA, VRN, 3.95%, 6/25/13 | 111,108 | 118,471 | |
FNMA, VRN, 5.42%, 6/25/13 | 425,447 | 458,935 | |
5,844,640 | |||
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 7.9% | |||
FHLMC, 7.00%, 6/1/14 | 4,476 | 4,567 | |
FHLMC, 6.50%, 6/1/16 | 17,821 | 18,956 | |
FHLMC, 4.50%, 1/1/19 | 449,560 | 475,724 | |
FHLMC, 5.00%, 1/1/21 | 680,710 | 734,127 | |
FHLMC, 5.00%, 4/1/21 | 165,932 | 178,279 | |
FHLMC, 8.00%, 7/1/30 | 6,085 | 7,454 | |
FHLMC, 6.50%, 5/1/31 | 15,509 | 17,840 | |
FHLMC, 5.50%, 12/1/33 | 274,963 | 304,565 | |
FHLMC, 5.50%, 1/1/38 | 842,500 | 909,692 | |
FHLMC, 6.00%, 2/1/38 | 749,399 | 815,083 | |
FHLMC, 6.00%, 11/1/38 | 693,011 | 753,320 | |
FHLMC, 4.00%, 4/1/41 | 981,476 | 1,064,263 | |
FHLMC, 6.50%, 7/1/47 | 26,872 | 29,709 | |
FNMA, 6.00%, 4/1/14 | 2,416 | 2,433 | |
FNMA, 7.50%, 6/1/15 | 597 | 599 | |
FNMA, 4.50%, 5/1/19 | 213,999 | 228,509 | |
FNMA, 4.50%, 5/1/19 | 283,216 | 302,419 | |
FNMA, 5.00%, 9/1/20 | 469,742 | 505,778 | |
FNMA, 7.00%, 6/1/26 | 671 | 787 | |
FNMA, 7.50%, 3/1/27 | 2,616 | 2,693 | |
FNMA, 6.50%, 6/1/29 | 13,237 | 15,400 | |
FNMA, 7.00%, 7/1/29 | 9,761 | 11,539 | |
FNMA, 7.00%, 3/1/30 | 13,669 | 16,159 | |
FNMA, 7.50%, 9/1/30 | 7,880 | 9,521 | |
FNMA, 6.50%, 9/1/31 | 49,924 | 58,178 | |
FNMA, 7.00%, 9/1/31 | 16,260 | 19,211 | |
FNMA, 6.50%, 1/1/32 | 22,676 | 26,460 | |
FNMA, 5.50%, 6/1/33 | 232,072 | 255,708 | |
FNMA, 5.50%, 8/1/33 | 1,190,423 | 1,302,475 | |
FNMA, 5.50%, 9/1/33 | 282,643 | 316,313 | |
FNMA, 5.00%, 11/1/33 | 1,035,315 | 1,126,989 | |
FNMA, 5.50%, 1/1/34 | 846,313 | 926,526 | |
FNMA, 4.50%, 9/1/35 | 650,917 | 696,088 | |
FNMA, 5.00%, 2/1/36 | 1,077,180 | 1,170,795 | |
FNMA, 5.50%, 4/1/36 | 206,149 | 223,846 | |
FNMA, 5.00%, 10/1/36 | 174,106 | 187,782 | |
FNMA, 5.50%, 12/1/36 | 506,179 | 549,395 | |
FNMA, 5.50%, 1/1/37 | 1,369,878 | 1,493,685 | |
FNMA, 5.50%, 2/1/37 | 313,031 | 339,757 | |
FNMA, 6.50%, 8/1/37 | 282,158 | 312,521 | |
FNMA, 4.50%, 8/1/40 | 2,075,966 | 2,221,974 |
Shares/ Principal Amount | Value |
FNMA, 4.00%, 1/1/41 | $ 1,428,557 | $ 1,547,781 | |
FNMA, 4.50%, 1/1/41 | 1,511,357 | 1,645,048 | |
FNMA, 4.50%, 2/1/41 | 1,298,575 | 1,389,501 | |
FNMA, 4.50%, 7/1/41 | 938,169 | 1,021,744 | |
FNMA, 4.50%, 9/1/41 | 764,416 | 830,363 | |
FNMA, 4.00%, 12/1/41 | 1,478,865 | 1,593,045 | |
FNMA, 4.00%, 1/1/42 | 1,124,258 | 1,188,222 | |
FNMA, 4.00%, 1/1/42 | 939,686 | 1,001,959 | |
FNMA, 3.50%, 5/1/42 | 2,317,018 | 2,407,048 | |
FNMA, 3.50%, 6/1/42 | 964,573 | 1,004,163 | |
FNMA, 3.50%, 9/1/42 | 1,834,857 | 1,903,285 | |
FNMA, 3.00%, 11/1/42 | 1,713,149 | 1,725,175 | |
FNMA, 6.50%, 6/1/47 | 38,880 | 42,833 | |
FNMA, 6.50%, 8/1/47 | 88,518 | 97,518 | |
FNMA, 6.50%, 8/1/47 | 51,569 | 56,812 | |
FNMA, 6.50%, 9/1/47 | 238,344 | 262,577 | |
FNMA, 6.50%, 9/1/47 | 7,391 | 8,142 | |
FNMA, 6.50%, 9/1/47 | 51,296 | 56,512 | |
FNMA, 6.50%, 9/1/47 | 60,389 | 66,529 | |
FNMA, 6.50%, 9/1/47 | 39,077 | 43,050 | |
GNMA, 7.00%, 1/15/24 | 3,513 | 4,086 | |
GNMA, 8.00%, 7/15/24 | 5,785 | 6,367 | |
GNMA, 8.00%, 9/15/24 | 4,647 | 5,336 | |
GNMA, 9.00%, 4/20/25 | 1,921 | 2,272 | |
GNMA, 7.00%, 9/15/25 | 9,598 | 11,220 | |
GNMA, 7.50%, 10/15/25 | 9,408 | 10,723 | |
GNMA, 7.50%, 2/15/26 | 15,412 | 17,677 | |
GNMA, 6.00%, 4/15/26 | 2,827 | 3,173 | |
GNMA, 8.25%, 7/15/26 | 35,780 | 37,764 | |
GNMA, 7.00%, 12/15/27 | 23,487 | 27,684 | |
GNMA, 6.50%, 2/15/28 | 10,398 | 11,615 | |
GNMA, 6.50%, 2/15/28 | 1,408 | 1,488 | |
GNMA, 6.50%, 3/15/28 | 11,282 | 11,446 | |
GNMA, 6.50%, 4/15/28 | 2,164 | 2,418 | |
GNMA, 6.00%, 10/15/28 | 30,011 | 33,718 | |
GNMA, 7.00%, 5/15/31 | 14,813 | 18,093 | |
GNMA, 5.50%, 11/15/32 | 143,293 | 157,194 | |
GNMA, 6.50%, 10/15/38 | 1,732,362 | 1,985,192 | |
GNMA, 4.00%, 1/20/41 | 2,102,851 | 2,263,537 | |
GNMA, 4.50%, 5/20/41 | 1,427,454 | 1,556,048 | |
GNMA, 4.50%, 6/15/41 | 536,177 | 584,546 | |
GNMA, 4.00%, 12/15/41 | 2,694,381 | 2,866,716 | |
GNMA, 3.50%, 6/20/42 | 911,992 | 958,532 | |
GNMA, 3.50%, 7/20/42 | 689,901 | 725,107 | |
46,830,378 | |||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $50,767,804) | 52,675,018 | ||
Corporate Bonds — 8.2% | |||
AEROSPACE AND DEFENSE — 0.1% | |||
L-3 Communications Corp., 5.20%, 10/15/19 | 100,000 | 112,078 | |
Lockheed Martin Corp., 4.25%, 11/15/19 | 120,000 | 134,375 | |
Raytheon Co., 2.50%, 12/15/22 | 160,000 | 152,822 | |
United Technologies Corp., 3.10%, 6/1/22 | 50,000 | 51,281 | |
United Technologies Corp., 6.05%, 6/1/36 | 41,000 | 51,189 | |
United Technologies Corp., 5.70%, 4/15/40 | 150,000 | 182,651 | |
United Technologies Corp., 4.50%, 6/1/42 | 90,000 | 93,545 | |
777,941 | |||
AUTOMOBILES — 0.2% | |||
American Honda Finance Corp., 2.50%, 9/21/15(3) | 210,000 | 218,397 | |
American Honda Finance Corp., 1.50%, 9/11/17(3) | 40,000 | 40,028 | |
Daimler Finance North America LLC, 1.30%, 7/31/15(3) | 140,000 | 140,925 | |
Daimler Finance North America LLC, 2.625%, 9/15/16(3) | 170,000 | 176,237 | |
Ford Motor Co., 4.75%, 1/15/43 | 30,000 | 28,133 | |
Ford Motor Credit Co. LLC, 5.875%, 8/2/21 | 240,000 | 274,169 | |
877,889 | |||
BEVERAGES — 0.3% | |||
Anheuser-Busch InBev Finance, Inc., 4.00%, 1/17/43 | 30,000 | 28,587 | |
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 | 370,000 | 480,483 | |
Anheuser-Busch InBev Worldwide, Inc., 2.50%, 7/15/22 | 160,000 | 154,456 | |
Brown-Forman Corp., 3.75%, 1/15/43 | 30,000 | 28,100 | |
Coca-Cola Co. (The), 1.80%, 9/1/16 | 140,000 | 144,358 | |
Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16 | 50,000 | 52,397 | |
PepsiCo, Inc., 2.75%, 3/1/23 | 80,000 | 78,015 |
Shares/ Principal Amount | Value |
PepsiCo, Inc., 4.875%, 11/1/40 | $ 50,000 | $ 53,742 | |
Pernod-Ricard SA, 2.95%, 1/15/17(3) | 170,000 | 177,149 | |
SABMiller Holdings, Inc., 2.45%, 1/15/17(3) | 300,000 | 310,054 | |
SABMiller Holdings, Inc., 3.75%, 1/15/22(3) | 150,000 | 158,175 | |
1,665,516 | |||
BIOTECHNOLOGY — 0.1% | |||
Amgen, Inc., 2.125%, 5/15/17 | 100,000 | 102,219 | |
Amgen, Inc., 4.10%, 6/15/21 | 70,000 | 75,986 | |
Amgen, Inc., 3.625%, 5/15/22 | 110,000 | 115,091 | |
Amgen, Inc., 6.40%, 2/1/39 | 30,000 | 36,720 | |
Amgen, Inc., 5.375%, 5/15/43 | 50,000 | 55,163 | |
Celgene Corp., 3.25%, 8/15/22 | 80,000 | 80,086 | |
Gilead Sciences, Inc., 4.40%, 12/1/21 | 110,000 | 122,137 | |
587,402 | |||
CAPITAL MARKETS — 0.1% | |||
Bear Stearns Cos. LLC (The), 6.40%, 10/2/17 | 290,000 | 343,359 | |
Jefferies Group, Inc., 5.125%, 4/13/18 | 90,000 | 98,828 | |
442,187 | |||
CHEMICALS — 0.1% | |||
Dow Chemical Co. (The), 5.90%, 2/15/15 | 180,000 | 195,452 | |
Dow Chemical Co. (The), 2.50%, 2/15/16 | 100,000 | 103,926 | |
Dow Chemical Co. (The), 4.25%, 11/15/20 | 60,000 | 66,059 | |
Eastman Chemical Co., 2.40%, 6/1/17 | 80,000 | 82,204 | |
Eastman Chemical Co., 3.60%, 8/15/22 | 170,000 | 174,372 | |
Ecolab, Inc., 4.35%, 12/8/21 | 160,000 | 176,038 | |
EI du Pont de Nemours & Co., 4.15%, 2/15/43 | 30,000 | 30,090 | |
828,141 | |||
COMMERCIAL BANKS — 0.8% | |||
Abbey National Treasury Services plc, MTN, 5.125%, 4/14/22 (Secured) | GBP | 100,000 | 179,700 |
Bank of America N.A., 5.30%, 3/15/17 | 810,000 | 899,804 | |
Bank of Montreal, MTN, 1.45%, 4/9/18 | 70,000 | 69,179 | |
Bank of Nova Scotia, 2.55%, 1/12/17 | 140,000 | 145,521 | |
Barclays Bank plc, 5.14%, 10/14/20 | 100,000 | 105,529 | |
BB&T Corp., 5.70%, 4/30/14 | 80,000 | 83,773 | |
BB&T Corp., 3.20%, 3/15/16 | 160,000 | 169,326 | |
Capital One Financial Corp., 2.15%, 3/23/15 | 100,000 | 102,012 | |
Capital One Financial Corp., 1.00%, 11/6/15 | 60,000 | 59,673 | |
Capital One Financial Corp., 4.75%, 7/15/21 | 70,000 | 78,353 | |
Co-Operative Bank plc, 4.75%, 11/11/21 (Secured) | GBP | 100,000 | 168,165 |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.875%, 2/8/22 | $ 170,000 | 177,107 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, MTN, 4.375%, 6/7/21 | EUR | 140,000 | 211,469 |
HSBC Bank plc, 3.50%, 6/28/15(3) | $ 120,000 | 126,494 | |
JPMorgan Chase Bank N.A., 5.875%, 6/13/16 | 250,000 | 283,119 | |
KFW, 2.00%, 6/1/16 | 230,000 | 239,292 | |
KFW, MTN, 4.625%, 1/4/23 | EUR | 140,000 | 229,901 |
Royal Bank of Scotland plc (The), 4.375%, 3/16/16 | $ 120,000 | 130,098 | |
SunTrust Banks, Inc., 3.60%, 4/15/16 | 40,000 | 42,675 | |
Toronto-Dominion Bank (The), 2.375%, 10/19/16 | 170,000 | 177,593 | |
U.S. Bancorp., 3.44%, 2/1/16 | 100,000 | 105,642 | |
U.S. Bancorp., MTN, 3.00%, 3/15/22 | 70,000 | 71,094 | |
U.S. Bancorp., MTN, 2.95%, 7/15/22 | 40,000 | 39,072 | |
Wachovia Bank N.A., 4.80%, 11/1/14 | 299,000 | 315,642 | |
Wells Fargo & Co., 3.68%, 6/15/16 | 120,000 | 129,017 |
Shares/ Principal Amount | Value |
Wells Fargo & Co., 2.10%, 5/8/17 | $ 240,000 | $ 245,810 | |
Wells Fargo & Co., 4.60%, 4/1/21 | 70,000 | 78,710 | |
4,663,770 | |||
COMMERCIAL SERVICES AND SUPPLIES — 0.1% | |||
Republic Services, Inc., 3.80%, 5/15/18 | 50,000 | 53,964 | |
Republic Services, Inc., 3.55%, 6/1/22 | 70,000 | 71,538 | |
Waste Management, Inc., 6.125%, 11/30/39 | 150,000 | 183,707 | |
309,209 | |||
COMMUNICATIONS EQUIPMENT — 0.1% | |||
Apple, Inc., 1.00%, 5/3/18 | 100,000 | 98,328 | |
Apple, Inc., 2.40%, 5/3/23 | 220,000 | 210,654 | |
Apple, Inc., 3.85%, 5/4/43 | 20,000 | 18,487 | |
Cisco Systems, Inc., 5.90%, 2/15/39 | 220,000 | 271,957 | |
599,426 | |||
COMPUTERS AND PERIPHERALS† | |||
Hewlett-Packard Co., 4.30%, 6/1/21 | 150,000 | 151,353 | |
CONSTRUCTION MATERIALS† | |||
Owens Corning, 4.20%, 12/15/22 | 90,000 | 92,823 | |
CONSUMER FINANCE — 0.2% | |||
American Express Centurion Bank, 6.00%, 9/13/17 | 250,000 | 294,642 | |
American Express Co., 1.55%, 5/22/18 | 60,000 | 59,423 | |
American Express Credit Corp., MTN, 2.75%, 9/15/15 | 200,000 | 208,742 | |
Equifax, Inc., 3.30%, 12/15/22 | 100,000 | 97,629 | |
PNC Bank N.A., 6.00%, 12/7/17 | 340,000 | 399,713 | |
1,060,149 | |||
DIVERSIFIED CONSUMER SERVICES† | |||
Catholic Health Initiatives, 1.60%, 11/1/17 | 35,000 | 34,880 | |
Catholic Health Initiatives, 2.95%, 11/1/22 | 70,000 | 69,108 | |
Johns Hopkins University, 4.08%, 7/1/53 | 30,000 | 29,682 | |
133,670 | |||
DIVERSIFIED FINANCIAL SERVICES — 1.8% | |||
Bank of America Corp., 4.50%, 4/1/15 | 60,000 | 63,514 | |
Bank of America Corp., 3.75%, 7/12/16 | 110,000 | 116,875 | |
Bank of America Corp., 6.50%, 8/1/16 | 230,000 | 263,208 | |
Bank of America Corp., 5.75%, 12/1/17 | 210,000 | 240,895 | |
Bank of America Corp., 5.70%, 1/24/22 | 160,000 | 184,281 | |
Citigroup, Inc., 4.75%, 5/19/15 | 70,000 | 74,903 | |
Citigroup, Inc., 4.45%, 1/10/17 | 50,000 | 54,754 | |
Citigroup, Inc., 5.50%, 2/15/17 | 100,000 | 111,294 | |
Citigroup, Inc., 6.125%, 11/21/17 | 390,000 | 457,001 | |
Citigroup, Inc., 1.75%, 5/1/18 | 140,000 | 138,287 | |
Citigroup, Inc., 4.50%, 1/14/22 | 190,000 | 206,425 | |
Citigroup, Inc., 4.05%, 7/30/22 | 50,000 | 50,165 | |
Deutsche Bank AG (London), 3.875%, 8/18/14 | 220,000 | 228,542 | |
GE Capital European Funding, MTN, 5.375%, 1/23/20 | EUR | 150,000 | 236,910 |
General Electric Capital Corp., 2.25%, 11/9/15 | $ 170,000 | 175,669 | |
General Electric Capital Corp., 5.625%, 9/15/17 | 375,000 | 434,411 | |
General Electric Capital Corp., 4.375%, 9/16/20 | 350,000 | 383,747 | |
General Electric Capital Corp., 5.30%, 2/11/21 | 40,000 | 45,255 | |
General Electric Capital Corp., MTN, 5.00%, 1/8/16 | 250,000 | 275,221 | |
General Electric Capital Corp., MTN, 2.30%, 4/27/17 | 270,000 | 278,315 | |
Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18 | 80,000 | 92,410 | |
Goldman Sachs Group, Inc. (The), 2.375%, 1/22/18 | 90,000 | 90,637 | |
Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22 | 560,000 | 643,015 | |
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | 90,000 | 98,667 |
Shares/ Principal Amount | Value |
Gulf Gate Apartments, VRN, 0.20%, 6/6/13(3) | $ 3,000,000 | $ 3,000,000 | |
HSBC Holdings plc, 5.10%, 4/5/21 | 90,000 | 102,860 | |
HSBC Holdings plc, 4.00%, 3/30/22 | 280,000 | 297,837 | |
JPMorgan Chase & Co., 6.00%, 1/15/18 | 830,000 | 970,220 | |
JPMorgan Chase & Co., 3.25%, 9/23/22 | 70,000 | 68,750 | |
Morgan Stanley, 4.75%, 3/22/17 | 90,000 | 98,579 | |
Morgan Stanley, 6.625%, 4/1/18 | 330,000 | 389,113 | |
Morgan Stanley, 5.625%, 9/23/19 | 200,000 | 227,060 | |
Morgan Stanley, 5.75%, 1/25/21 | 70,000 | 79,990 | |
Morgan Stanley, 3.75%, 2/25/23 | 100,000 | 99,544 | |
Morgan Stanley, MTN, 4.10%, 5/22/23 | 60,000 | 57,688 | |
UBS AG (Stamford Branch), 5.875%, 12/20/17 | 186,000 | 218,440 | |
10,554,482 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3% | |||
AT&T, Inc., 2.625%, 12/1/22 | 60,000 | 57,215 | |
AT&T, Inc., 6.55%, 2/15/39 | 245,000 | 303,196 | |
AT&T, Inc., 4.30%, 12/15/42(3) | 130,000 | 122,294 | |
British Telecommunications plc, 5.95%, 1/15/18 | 230,000 | 270,455 | |
Deutsche Telekom International Finance BV, 2.25%, 3/6/17(3) | 30,000 | 30,660 | |
Deutsche Telekom International Finance BV, 6.75%, 8/20/18 | 150,000 | 184,544 | |
France Telecom SA, 4.375%, 7/8/14 | 360,000 | 373,280 | |
Telefonica Emisiones SAU, 5.88%, 7/15/19 | 130,000 | 145,536 | |
1,487,180 | |||
ENERGY EQUIPMENT AND SERVICES — 0.1% | |||
Ensco plc, 3.25%, 3/15/16 | 90,000 | 95,217 | |
Ensco plc, 4.70%, 3/15/21 | 90,000 | 99,579 | |
Transocean, Inc., 2.50%, 10/15/17 | 70,000 | 70,772 | |
Transocean, Inc., 6.50%, 11/15/20 | 80,000 | 93,123 | |
Weatherford International Ltd., 9.625%, 3/1/19 | 100,000 | 130,234 | |
488,925 | |||
FOOD AND STAPLES RETAILING — 0.1% | |||
CVS Caremark Corp., 2.75%, 12/1/22 | 130,000 | 126,640 | |
Kroger Co. (The), 6.40%, 8/15/17 | 180,000 | 211,841 | |
Safeway, Inc., 4.75%, 12/1/21 | 50,000 | 53,172 | |
Wal-Mart Stores, Inc., 5.875%, 4/5/27 | 57,000 | 72,637 | |
Wal-Mart Stores, Inc., 5.625%, 4/1/40 | 220,000 | 266,439 | |
Walgreen Co., 1.80%, 9/15/17 | 60,000 | 60,437 | |
Walgreen Co., 3.10%, 9/15/22 | 70,000 | 69,351 | |
860,517 | |||
FOOD PRODUCTS — 0.1% | |||
General Mills, Inc., 4.15%, 2/15/43 | 60,000 | 59,069 | |
Kellogg Co., 4.45%, 5/30/16 | 290,000 | 317,618 | |
Kraft Foods Group, Inc., 6.125%, 8/23/18 | 73,000 | 87,471 | |
Kraft Foods Group, Inc., 5.00%, 6/4/42 | 90,000 | 94,958 | |
Mead Johnson Nutrition Co., 3.50%, 11/1/14 | 150,000 | 154,966 | |
Mondelez International, Inc., 6.125%, 2/1/18 | 27,000 | 31,844 | |
Mondelez International, Inc., 6.50%, 2/9/40 | 100,000 | 127,163 | |
873,089 | |||
GAS UTILITIES — 0.4% | |||
Enbridge Energy Partners LP, 6.50%, 4/15/18 | 130,000 | 153,704 | |
Energy Transfer Partners LP, 5.20%, 2/1/22 | 50,000 | 55,238 | |
Energy Transfer Partners LP, 3.60%, 2/1/23 | 70,000 | 68,564 | |
Energy Transfer Partners LP, 6.50%, 2/1/42 | 80,000 | 90,605 | |
Enterprise Products Operating LLC, 6.30%, 9/15/17 | 230,000 | 273,331 | |
Enterprise Products Operating LLC, 4.85%, 3/15/44 | 130,000 | 130,157 |
Shares/ Principal Amount | Value |
Kinder Morgan Energy Partners LP, 6.85%, 2/15/20 | $ 290,000 | $ 359,907 | |
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 | 160,000 | 189,531 | |
Magellan Midstream Partners LP, 6.55%, 7/15/19 | 100,000 | 121,661 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.95%, 9/15/15 | 40,000 | 42,792 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 6/1/22 | 90,000 | 93,166 | |
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23 | 130,000 | 126,198 | |
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 150,000 | 143,845 | |
Williams Cos., Inc. (The), 3.70%, 1/15/23 | 80,000 | 77,686 | |
Williams Partners LP, 4.125%, 11/15/20 | 160,000 | 170,431 | |
2,096,816 | |||
HEALTH CARE EQUIPMENT AND SUPPLIES† | |||
Medtronic, Inc., 2.75%, 4/1/23 | 150,000 | 147,002 | |
HEALTH CARE PROVIDERS AND SERVICES — 0.1% | |||
Aetna, Inc., 2.75%, 11/15/22 | 90,000 | 86,464 | |
Express Scripts Holding Co., 2.65%, 2/15/17 | 260,000 | 270,009 | |
Express Scripts, Inc., 7.25%, 6/15/19 | 210,000 | 265,990 | |
NYU Hospitals Center, 4.43%, 7/1/42 | 70,000 | 66,444 | |
UnitedHealth Group, Inc., 4.25%, 3/15/43 | 80,000 | 77,342 | |
WellPoint, Inc., 3.30%, 1/15/23 | 40,000 | 39,847 | |
WellPoint, Inc., 5.80%, 8/15/40 | 60,000 | 69,134 | |
875,230 | |||
INDUSTRIAL CONGLOMERATES — 0.1% | |||
General Electric Co., 5.25%, 12/6/17 | 320,000 | 370,352 | |
General Electric Co., 2.70%, 10/9/22 | 190,000 | 187,426 | |
General Electric Co., 4.125%, 10/9/42 | 60,000 | 57,656 | |
615,434 | |||
INSURANCE — 0.4% | |||
Allianz Finance II BV, MTN, 4.75%, 7/22/19 | EUR | 150,000 | $ 231,011 |
Allstate Corp. (The), 7.45%, 5/16/19 | $ 70,000 | 91,322 | |
American International Group, Inc., 3.65%, 1/15/14 | 60,000 | 61,103 | |
American International Group, Inc., 5.85%, 1/16/18 | 170,000 | 196,286 | |
American International Group, Inc., 6.40%, 12/15/20 | 150,000 | 181,817 | |
American International Group, Inc., 4.875%, 6/1/22 | 90,000 | 99,649 | |
Berkshire Hathaway Finance Corp., 4.25%, 1/15/21 | 120,000 | 134,152 | |
Berkshire Hathaway, Inc., 3.00%, 5/15/22 | 70,000 | 69,749 | |
Berkshire Hathaway, Inc., 4.50%, 2/11/43 | 140,000 | 138,813 | |
Genworth Holdings, Inc., 7.20%, 2/15/21 | 50,000 | 59,377 | |
Hartford Financial Services Group, Inc., 5.125%, 4/15/22 | 50,000 | 57,182 | |
Hartford Financial Services Group, Inc., 5.95%, 10/15/36 | 30,000 | 34,803 | |
Liberty Mutual Group, Inc., 6.50%, 5/1/42(3) | 50,000 | 58,805 | |
Lincoln National Corp., 6.25%, 2/15/20 | 180,000 | 214,438 | |
Markel Corp., 4.90%, 7/1/22 | 120,000 | 132,312 | |
MetLife, Inc., 6.75%, 6/1/16 | 190,000 | 221,454 | |
MetLife, Inc., 4.125%, 8/13/42 | 70,000 | 65,950 | |
Metropolitan Life Global Funding I, 3.00%, 1/10/23(3) | 100,000 | 98,879 | |
Principal Financial Group, Inc., 3.30%, 9/15/22 | 50,000 | 50,614 | |
Prudential Financial, Inc., 7.375%, 6/15/19 | 90,000 | 114,912 | |
Prudential Financial, Inc., 5.375%, 6/21/20 | 100,000 | 117,292 | |
Prudential Financial, Inc., 5.625%, 5/12/41 | 60,000 | 68,357 | |
2,498,277 |
Shares/ Principal Amount | Value |
IT SERVICES — 0.1% | |||
Fidelity National Information Services, Inc., 3.50%, 4/15/23 | $ 70,000 | $ 67,634 | |
International Business Machines Corp., 1.95%, 7/22/16 | 320,000 | 330,710 | |
398,344 | |||
LIFE SCIENCES TOOLS AND SERVICES† | |||
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21 | 150,000 | 152,922 | |
MACHINERY — 0.1% | |||
Caterpillar Financial Services Corp., MTN, 2.85%, 6/1/22 | 160,000 | 160,176 | |
Deere & Co., 5.375%, 10/16/29 | 250,000 | 300,979 | |
461,155 | |||
MEDIA — 0.6% | |||
CBS Corp., 4.85%, 7/1/42 | 80,000 | 78,144 | |
CC Holdings GS V LLC, 3.85%, 4/15/23(3) | 40,000 | 40,008 | |
Comcast Corp., 5.90%, 3/15/16 | 422,000 | 479,200 | |
Comcast Corp., 6.50%, 11/15/35 | 55,000 | 69,964 | |
Comcast Corp., 6.40%, 5/15/38 | 30,000 | 38,057 | |
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14 | 170,000 | 178,607 | |
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 5.00%, 3/1/21 | 200,000 | 221,805 | |
Discovery Communications LLC, 5.625%, 8/15/19 | 130,000 | 153,723 | |
NBCUniversal Media LLC, 5.15%, 4/30/20 | 80,000 | 94,721 | |
NBCUniversal Media LLC, 4.375%, 4/1/21 | 440,000 | 492,432 | |
NBCUniversal Media LLC, 2.875%, 1/15/23 | 60,000 | 59,446 | |
News America, Inc., 6.90%, 8/15/39 | 170,000 | 213,018 | |
Omnicom Group, Inc., 3.625%, 5/1/22 | 30,000 | 30,247 | |
Qwest Corp., 7.50%, 10/1/14 | 130,000 | 140,908 | |
Time Warner Cable, Inc., 6.75%, 7/1/18 | 240,000 | 291,324 | |
Time Warner Cable, Inc., 4.50%, 9/15/42 | 30,000 | 26,932 | |
Time Warner, Inc., 3.15%, 7/15/15 | 170,000 | 178,130 | |
Time Warner, Inc., 7.70%, 5/1/32 | 220,000 | 299,626 | |
Viacom, Inc., 4.375%, 9/15/14 | 120,000 | 125,490 | |
Viacom, Inc., 4.50%, 3/1/21 | 90,000 | 98,828 | |
Viacom, Inc., 3.125%, 6/15/22 | 30,000 | 29,556 | |
Walt Disney Co. (The), MTN, 2.35%, 12/1/22 | 100,000 | 96,062 | |
3,436,228 | |||
METALS AND MINING — 0.1% | |||
Barrick North America Finance LLC, 4.40%, 5/30/21 | 110,000 | 110,840 | |
BHP Billiton Finance USA Ltd., 3.25%, 11/21/21 | 200,000 | 207,256 | |
Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23(3) | 40,000 | 39,070 | |
Newmont Mining Corp., 6.25%, 10/1/39 | 150,000 | 158,787 | |
Rio Tinto Finance USA Ltd., 3.50%, 11/2/20 | 70,000 | 72,515 | |
Teck Resources Ltd., 3.15%, 1/15/17 | 90,000 | 93,610 | |
Xstrata Canada Financial Corp., 4.95%, 11/15/21(3) | 70,000 | 73,770 | |
755,848 | |||
MULTI-UTILITIES — 0.4% | |||
CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42 | 50,000 | 45,488 | |
Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17 | 127,000 | 142,002 | |
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43 | 60,000 | 57,542 | |
Constellation Energy Group, Inc., 5.15%, 12/1/20 | 80,000 | 90,794 | |
Consumers Energy Co., 2.85%, 5/15/22 | 30,000 | 30,389 | |
Dominion Resources, Inc., 6.40%, 6/15/18 | 190,000 | 230,985 | |
Dominion Resources, Inc., 2.75%, 9/15/22 | 80,000 | 78,097 | |
Dominion Resources, Inc., 4.90%, 8/1/41 | 100,000 | 107,987 |
Shares/ Principal Amount | Value |
Duke Energy Corp., 6.30%, 2/1/14 | $ 100,000 | $ 103,693 | |
Duke Energy Corp., 3.95%, 9/15/14 | 160,000 | 166,562 | |
Duke Energy Florida, Inc., 6.35%, 9/15/37 | 170,000 | 220,591 | |
Edison International, 3.75%, 9/15/17 | 110,000 | 118,447 | |
Exelon Generation Co. LLC, 4.00%, 10/1/20 | 30,000 | 31,423 | |
Exelon Generation Co. LLC, 5.60%, 6/15/42 | 40,000 | 42,557 | |
FirstEnergy Corp., 4.25%, 3/15/23 | 60,000 | 59,352 | |
Florida Power Corp., 3.85%, 11/15/42 | 80,000 | 74,626 | |
Georgia Power Co., 4.30%, 3/15/42 | 50,000 | 49,411 | |
Nisource Finance Corp., 4.45%, 12/1/21 | 50,000 | 53,948 | |
Nisource Finance Corp., 5.25%, 2/15/43 | 50,000 | 52,204 | |
Northern States Power Co., 3.40%, 8/15/42 | 50,000 | 44,447 | |
Pacific Gas & Electric Co., 5.80%, 3/1/37 | 55,000 | 66,067 | |
Pacific Gas & Electric Co., 4.45%, 4/15/42 | 40,000 | 40,441 | |
PacifiCorp, 6.00%, 1/15/39 | 70,000 | 88,720 | |
Progress Energy, Inc., 3.15%, 4/1/22 | 60,000 | 60,063 | |
Public Service Company of Colorado, 4.75%, 8/15/41 | 40,000 | 44,305 | |
Sempra Energy, 6.50%, 6/1/16 | 150,000 | 173,157 | |
Southern Power Co., 5.15%, 9/15/41 | 40,000 | 43,578 | |
2,316,876 | |||
MULTILINE RETAIL† | |||
Target Corp., 4.00%, 7/1/42 | 50,000 | 47,827 | |
OFFICE ELECTRONICS† | |||
Xerox Corp., 2.95%, 3/15/17 | 50,000 | 51,364 | |
OIL, GAS AND CONSUMABLE FUELS — 0.4% | |||
Anadarko Petroleum Corp., 6.45%, 9/15/36 | 50,000 | 61,228 | |
Apache Corp., 2.625%, 1/15/23 | 100,000 | 96,027 | |
Apache Corp., 4.75%, 4/15/43 | 50,000 | 50,218 | |
BP Capital Markets plc, 3.20%, 3/11/16 | 100,000 | 106,004 | |
BP Capital Markets plc, 2.25%, 11/1/16 | 150,000 | 155,362 | |
BP Capital Markets plc, 4.50%, 10/1/20 | 90,000 | 101,357 | |
ConocoPhillips, 5.75%, 2/1/19 | 230,000 | 276,812 | |
ConocoPhillips Holding Co., 6.95%, 4/15/29 | 40,000 | 53,240 | |
Devon Energy Corp., 1.875%, 5/15/17 | 40,000 | 40,167 | |
Devon Energy Corp., 5.60%, 7/15/41 | 150,000 | 165,499 | |
EOG Resources, Inc., 5.625%, 6/1/19 | 210,000 | 253,120 | |
Hess Corp., 6.00%, 1/15/40 | 40,000 | 45,069 | |
Marathon Petroleum Corp., 3.50%, 3/1/16 | 40,000 | 42,455 | |
Noble Energy, Inc., 4.15%, 12/15/21 | 80,000 | 86,909 | |
Occidental Petroleum Corp., 2.70%, 2/15/23 | 50,000 | 48,474 | |
Phillips 66, 4.30%, 4/1/22 | 160,000 | 173,096 | |
Pioneer Natural Resources Co., 3.95%, 7/15/22 | 80,000 | 82,809 | |
Shell International Finance BV, 2.375%, 8/21/22 | 100,000 | 96,521 | |
Shell International Finance BV, 3.625%, 8/21/42 | 70,000 | 65,133 | |
Talisman Energy, Inc., 7.75%, 6/1/19 | 140,000 | 174,960 | |
2,174,460 | |||
PAPER AND FOREST PRODUCTS† | |||
Domtar Corp., 4.40%, 4/1/22 | 40,000 | 39,520 | |
International Paper Co., 6.00%, 11/15/41 | 90,000 | 104,643 | |
144,163 | |||
PHARMACEUTICALS — 0.2% | |||
AbbVie, Inc., 1.75%, 11/6/17(3) | 110,000 | 109,846 | |
AbbVie, Inc., 4.40%, 11/6/42(3) | 60,000 | 59,006 | |
Actavis, Inc., 4.625%, 10/1/42 | 40,000 | 39,260 | |
Bristol-Myers Squibb Co., 3.25%, 8/1/42 | 70,000 | 59,909 | |
GlaxoSmithKline Capital plc, 2.85%, 5/8/22 | 170,000 | 170,184 |
Shares/ Principal Amount | Value |
Merck & Co., Inc., 2.40%, 9/15/22 | $ 110,000 | $ 105,935 | |
Merck & Co., Inc., 2.80%, 5/18/23 | 220,000 | 216,311 | |
Merck & Co., Inc., 3.60%, 9/15/42 | 20,000 | 18,044 | |
Mylan, Inc., 3.125%, 1/15/23(3) | 80,000 | 76,518 | |
Roche Holdings, Inc., 6.00%, 3/1/19(3) | 70,000 | 85,647 | |
Roche Holdings, Inc., 7.00%, 3/1/39(3) | 120,000 | 170,562 | |
Sanofi, 4.00%, 3/29/21 | 78,000 | 86,107 | |
Watson Pharmaceuticals, Inc., 5.00%, 8/15/14 | 250,000 | 261,629 | |
1,458,958 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.2% | |||
BRE Properties, Inc., 3.375%, 1/15/23 | 120,000 | 116,999 | |
DDR Corp., 3.375%, 5/15/23 | 60,000 | 58,069 | |
Essex Portfolio LP, 3.625%, 8/15/22 | 90,000 | 90,540 | |
Essex Portfolio LP, 3.25%, 5/1/23 | 30,000 | 29,140 | |
HCP, Inc., 3.75%, 2/1/16 | 130,000 | 138,553 | |
Health Care REIT, Inc., 2.25%, 3/15/18 | 80,000 | 80,746 | |
Health Care REIT, Inc., 3.75%, 3/15/23 | 120,000 | 120,502 | |
Kilroy Realty LP, 3.80%, 1/15/23 | 140,000 | 139,594 | |
Simon Property Group LP, 5.10%, 6/15/15 | 170,000 | 184,966 | |
UDR, Inc., 4.25%, 6/1/18 | 90,000 | 98,614 | |
Ventas Realty LP/Ventas Capital Corp., 3.125%, 11/30/15 | 100,000 | 105,410 | |
Ventas Realty LP/Ventas Capital Corp., 4.00%, 4/30/19 | 70,000 | 75,799 | |
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/1/21 | 40,000 | 43,831 | |
WEA Finance LLC, 4.625%, 5/10/21(3) | 90,000 | 99,144 | |
1,381,907 | |||
REAL ESTATE MANAGEMENT AND DEVELOPMENT† | |||
ProLogis LP, 6.625%, 12/1/19 | 160,000 | 192,681 | |
ROAD AND RAIL — 0.1% | |||
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20 | 142,000 | 151,156 | |
Burlington Northern Santa Fe LLC, 5.05%, 3/1/41 | 50,000 | 53,650 | |
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 20,000 | 21,084 | |
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 90,000 | 89,523 | |
CSX Corp., 4.25%, 6/1/21 | 80,000 | 88,336 | |
Norfolk Southern Corp., 5.75%, 4/1/18 | 100,000 | 118,301 | |
Norfolk Southern Corp., 3.25%, 12/1/21 | 90,000 | 92,789 | |
Union Pacific Corp., 4.75%, 9/15/41 | 120,000 | 127,648 | |
742,487 | |||
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT† | |||
Intel Corp., 1.35%, 12/15/17 | 100,000 | 99,550 | |
SOFTWARE — 0.1% | |||
Intuit, Inc., 5.75%, 3/15/17 | 302,000 | 341,317 | |
Oracle Corp., 2.50%, 10/15/22 | 200,000 | 192,427 | |
533,744 | |||
SPECIALTY RETAIL — 0.1% | |||
Home Depot, Inc. (The), 5.95%, 4/1/41 | 180,000 | 225,451 | |
Staples, Inc., 4.375%, 1/12/23 | 90,000 | 90,405 | |
315,856 | |||
THRIFTS AND MORTGAGE FINANCE — 0.1% | |||
Cie de Financement Foncier, 4.375%, 4/25/19 (Secured) | EUR | 200,000 | 306,062 |
Cie de Financement Foncier, MTN, 4.50%, 5/16/18 (Secured) | EUR | 165,000 | 250,321 |
556,383 | |||
TOBACCO — 0.1% | |||
Altria Group, Inc., 2.85%, 8/9/22 | $ 260,000 | 248,482 | |
Philip Morris International, Inc., 4.125%, 5/17/21 | 150,000 | 164,345 | |
412,827 |
Shares/ Principal Amount | Value |
WIRELESS TELECOMMUNICATION SERVICES — 0.1% | |||
Alltel Corp., 7.875%, 7/1/32 | $ 70,000 | $ 99,439 | |
Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18 | 150,000 | 199,663 | |
Vodafone Group plc, 5.625%, 2/27/17 | 70,000 | 80,010 | |
379,112 | |||
TOTAL CORPORATE BONDS (Cost $45,916,214) | 48,699,120 | ||
Sovereign Governments and Agencies — 6.8% | |||
AUSTRALIA — 0.1% | |||
Australia Government Bond, 5.75%, 7/15/22 | AUD | 445,000 | 507,218 |
New South Wales Treasury Corp., 5.50%, 3/1/17 | AUD | 285,000 | 296,277 |
803,495 | |||
AUSTRIA — 0.5% | |||
Austria Government Bond, 3.40%, 10/20/14(3) | EUR | 450,000 | 612,150 |
Austria Government Bond, 4.30%, 9/15/17(3) | EUR | 190,000 | 285,328 |
Austria Government Bond, 4.35%, 3/15/19(3) | EUR | 655,000 | 1,012,287 |
Austria Government Bond, 3.90%, 7/15/20(3) | EUR | 285,000 | 436,159 |
Austria Government Bond, 3.40%, 11/22/22(3) | EUR | 75,000 | 111,567 |
Austria Government Bond, 4.15%, 3/15/37(3) | EUR | 235,000 | 390,174 |
2,847,665 | |||
BELGIUM — 0.3% | |||
Belgium Government Bond, 4.00%, 3/28/18 | EUR | 540,000 | 803,403 |
Belgium Government Bond, 3.75%, 9/28/20 | EUR | 260,000 | 388,428 |
Belgium Government Bond, 2.25%, 6/22/23 | EUR | 120,000 | 156,025 |
Belgium Government Bond, 5.00%, 3/28/35 | EUR | 320,000 | 543,107 |
1,890,963 | |||
CANADA — 0.4% | |||
Canadian Government Bond, 5.00%, 6/1/14 | CAD | 490,000 | 490,841 |
Canadian Government Bond, 1.50%, 3/1/17 | CAD | 300,000 | 290,361 |
Canadian Government Bond, 3.75%, 6/1/19 | CAD | 280,000 | 301,714 |
Canadian Government Bond, 5.75%, 6/1/33 | CAD | 345,000 | 494,471 |
Hydro-Quebec, 8.40%, 1/15/22 | $ | 77,000 | 108,302 |
Province of British Columbia, 3.25%, 12/18/21 | CAD | 315,000 | 318,190 |
Province of Ontario Canada, 5.45%, 4/27/16 | $ | 130,000 | 147,526 |
Province of Ontario Canada, 1.60%, 9/21/16 | $ | 90,000 | 92,266 |
2,243,671 | |||
DENMARK — 0.3% | |||
Denmark Government Bond, 4.00%, 11/15/17 | DKK | 2,220,000 | 448,874 |
Denmark Government Bond, 4.00%, 11/15/19 | DKK | 290,000 | 60,830 |
Denmark Government Bond, 7.00%, 11/10/24 | DKK | 1,830,000 | 501,785 |
Denmark Government Bond, 4.50%, 11/15/39 | DKK | 2,435,000 | 615,079 |
1,626,568 | |||
FINLAND — 0.4% | |||
Finland Government Bond, 3.125%, 9/15/14 | EUR | 460,000 | 621,414 |
Finland Government Bond, 3.875%, 9/15/17 | EUR | 455,000 | 673,273 |
Finland Government Bond, 4.375%, 7/4/19 | EUR | 104,000 | 162,223 |
Finland Government Bond, 1.625%, 9/15/22 | EUR | 295,000 | 382,851 |
Finland Government Bond, 4.00%, 7/4/25 | EUR | 435,000 | 687,746 |
2,527,507 | |||
FRANCE — 0.3% | |||
France Government Bond OAT, 4.00%, 4/25/14 | EUR | 210,000 | 282,592 |
France Government Bond OAT, 3.25%, 10/25/21 | EUR | 120,000 | 174,719 |
France Government Bond OAT, 5.50%, 4/25/29 | EUR | 145,000 | 257,429 |
France Government Bond OAT, 4.75%, 4/25/35 | EUR | 185,000 | 309,709 |
French Treasury Note BTAN, 2.25%, 2/25/16 | EUR | 645,000 | 881,622 |
1,906,071 | |||
GERMANY — 0.4% | |||
Bundesobligation, 2.00%, 2/26/16 | EUR | 510,000 | 696,527 |
Bundesrepublik Deutschland, 4.00%, 1/4/18 | EUR | 450,000 | 679,270 |
Shares/ Principal Amount | Value |
Bundesrepublik Deutschland, 4.75%, 7/4/34 | EUR | 230,000 | $ 422,946 |
Bundesrepublik Deutschland, 4.25%, 7/4/39 | EUR | 275,000 | 491,764 |
2,290,507 | |||
JAPAN — 1.7% | |||
Japan Government Ten Year Bond, 1.20%, 6/20/15 | JPY | 210,000,000 | 2,135,890 |
Japan Government Ten Year Bond, 1.50%, 9/20/18 | JPY | 262,500,000 | 2,765,086 |
Japan Government Ten Year Bond, 1.00%, 12/20/21 | JPY | 175,850,000 | 1,781,738 |
Japan Government Thirty Year Bond, 2.40%, 3/20/37 | JPY | 78,600,000 | 892,393 |
Japan Government Thirty Year Bond, 2.00%, 9/20/41 | JPY | 60,900,000 | 641,662 |
Japan Government Twenty Year Bond, 2.10%, 12/20/26 | JPY | 147,200,000 | 1,635,772 |
9,852,541 | |||
MULTI-NATIONAL — 0.2% | |||
European Investment Bank, 2.50%, 7/15/15 | EUR | 200,000 | 272,705 |
European Investment Bank, MTN, 3.625%, 1/15/21 | EUR | 150,000 | 225,452 |
International Bank for Reconstruction & Development, MTN, 3.875%, 5/20/19 | EUR | 280,000 | 425,432 |
923,589 | |||
NETHERLANDS — 0.3% | |||
Netherlands Government Bond, 4.00%, 7/15/16(3) | EUR | 440,000 | 635,920 |
Netherlands Government Bond, 3.50%, 7/15/20(3) | EUR | 615,000 | 921,433 |
Netherlands Government Bond, 4.00%, 1/15/37(3) | EUR | 270,000 | 445,084 |
2,002,437 | |||
NEW ZEALAND† | |||
New Zealand Government Bond, 5.00%, 3/15/19 | NZD | 175,000 | 152,839 |
NORWAY — 0.1% | |||
Norway Government Bond, 4.25%, 5/19/17 | NOK | 930,000 | 176,023 |
Norway Government Bond, 3.75%, 5/25/21 | NOK | 3,100,000 | 598,354 |
774,377 | |||
SINGAPORE — 0.1% | |||
Singapore Government Bond, 2.375%, 4/1/17 | SGD | 270,000 | 226,659 |
Singapore Government Bond, 3.125%, 9/1/22 | SGD | 120,000 | 105,743 |
332,402 | |||
SWEDEN — 0.2% | |||
Sweden Government Bond, 6.75%, 5/5/14 | SEK | 2,400,000 | 381,732 |
Sweden Government Bond, 4.25%, 3/12/19 | SEK | 1,505,000 | 262,733 |
Sweden Government Bond, 3.50%, 6/1/22 | SEK | 3,210,000 | 552,117 |
1,196,582 | |||
SWITZERLAND — 0.1% | |||
Switzerland Government Bond, 2.00%, 4/28/21 | CHF | 150,000 | 174,687 |
Switzerland Government Bond, 2.50%, 3/8/36 | CHF | 95,000 | 125,399 |
300,086 | |||
UNITED KINGDOM — 1.4% | |||
United Kingdom Gilt, 5.00%, 9/7/14 | GBP | 635,000 | 1,021,454 |
United Kingdom Gilt, 4.00%, 9/7/16 | GBP | 810,000 | 1,367,903 |
United Kingdom Gilt, 4.50%, 3/7/19 | GBP | 535,000 | 964,486 |
United Kingdom Gilt, 8.00%, 6/7/21 | GBP | 69,000 | 154,710 |
United Kingdom Gilt, 3.75%, 9/7/21 | GBP | 710,000 | 1,243,013 |
United Kingdom Gilt, 4.25%, 6/7/32 | GBP | 180,000 | 326,408 |
United Kingdom Gilt, 4.25%, 3/7/36 | GBP | 905,000 | 1,628,193 |
United Kingdom Gilt, 4.50%, 12/7/42 | GBP | 470,000 | 881,005 |
United Kingdom Gilt, 4.25%, 12/7/55 | GBP | 400,000 | 727,222 |
8,314,394 | |||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $40,565,049) | 39,985,694 |
Shares/ Principal Amount | Value |
Municipal Securities — 4.2% | |||
Alameda County Industrial Development Authority (Pacific Paper Tube), VRDN, 0.15%, 6/6/13 (LOC: Wells Fargo Bank N.A.) | $ 1,875,000 | $ 1,875,000 | |
American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 7.50%, 2/15/50 | 65,000 | 86,423 | |
Bay Area Toll Authority Toll Bridge Rev., Series 2010 S1, (Building Bonds), 6.92%, 4/1/40 | 130,000 | 172,511 | |
California GO, (Building Bonds), 7.55%, 4/1/39 | 30,000 | 43,353 | |
California GO, (Building Bonds), 7.30%, 10/1/39 | 80,000 | 111,686 | |
California GO, (Building Bonds), 7.60%, 11/1/40 | 25,000 | 36,928 | |
California Infrastructure & Economic Development Bank Rev., Series 1999 A, VRDN, 0.22%, 6/6/13 (LOC: Comercia Bank) | 655,000 | 655,000 | |
City of Lowell Rev., (Little Rock Newspapers), VRDN, 0.21%, 6/5/13 (LOC: JPMorgan Chase Bank N.A.) | 2,200,000 | 2,200,000 | |
City of New York GO, Series 1995 F-5, VRDN, 0.15%, 6/5/13 (LOC: Bayerische Landesbank) | 1,360,000 | 1,360,000 | |
City of Russell Rev., Series 2002 B, (Bon Secours Health System), VRDN, 0.15%, 6/6/13 (AGM) (LOC: JPMorgan Chase Bank N.A.) | 1,385,000 | 1,385,000 | |
City of Venice Health Care Rev., Series 2002 B, (Bon Secours Health System), VRDN, 0.15%, 6/6/13 (AGM) (LOC: JPMorgan Chase Bank N.A.) | 1,000,000 | 1,000,000 | |
County of Montgomery Rev., Series 2008 D2, (Catholic Health Initiatives), VRN, 5.25%, 11/12/13 | 500,000 | 511,150 | |
Florida Housing Finance Corp. Rev., Series 2003 E1, (St. Andrews Pointe Apartments), VRDN, 0.16%, 6/6/13 (LIQ FAC: FNMA) | 715,000 | 715,000 | |
Illinois GO, (Taxable Pension), 5.10%, 6/1/33 | 130,000 | 131,483 | |
Los Angeles Community College District GO, Series 2010 D, (Election of 2008), 6.68%, 8/1/36 | 65,000 | 85,965 | |
Los Angeles Department of Water & Power Rev., (Building Bonds), 5.72%, 7/1/39 | 80,000 | 98,190 | |
Metropolitan Transportation Authority Rev., Series 2010 E, (Building Bonds), 6.81%, 11/15/40 | 55,000 | 72,106 | |
Missouri State Health & Educational Facilities Authority Rev., (Kansas City Art Institute), VRDN, 0.15%, 6/3/13 (LOC: Commerce Bank) | 1,500,000 | 1,500,000 | |
Nevada Housing Division Multifamily Rev., (Golden Apartments), VRDN, 0.16%, 6/6/13 (LIQ FAC: FHLMC) | 1,600,000 | 1,600,000 | |
New Jersey State Turnpike Authority Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40 | 100,000 | 145,520 | |
New Jersey State Turnpike Authority Rev., Series 2010 A, (Building Bonds), 7.10%, 1/1/41 | 75,000 | 105,959 | |
New York City Municipal Water Finance Authority Water & Sewer System Rev., Series 2005 B, (Second Generation Resolution), VRDN, 0.07%, 6/3/13 (SBBPA: California State Teacher’s Retirement System) | 300,000 | 300,000 | |
New York City Transitional Finance Authority Rev., Series 2002 2F, (Future Tax Secured Bonds), VRDN, 0.10%, 6/3/13 (LIQ FAC: Bayerische Landesbank) | 1,800,000 | 1,800,000 |
Shares/ Principal Amount | Value |
New York GO, Series 2010 F1, (Building Bonds), 6.27%, 12/1/37 | $ 40,000 | $ 51,588 | |
Ohio State University (The) Rev., Series 2011 A, 4.80%, 6/1/11 | 70,000 | 71,776 | |
Ohio Water Development Authority Pollution Control Rev., Series 2010 B2, (Building Bonds), 4.88%, 12/1/34 | 110,000 | 123,007 | |
Orange County Housing Finance Authority Multifamily Rev., Series 2002 B, (Millenia), VRDN, 0.21%, 6/5/13 (LOC: FNMA) | 795,000 | 795,000 | |
Oregon Health & Science University Rev., Series 2012 B2, VRDN, 0.12%, 6/5/13 (LOC: Union Bank N.A.) | 2,000,000 | 2,000,000 | |
Oregon State Department of Transportation Highway User Tax Rev., Series 2010 A, (Building Bonds), 5.83%, 11/15/34 | 70,000 | 88,022 | |
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51 | 50,000 | 54,828 | |
Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62 | 120,000 | 118,919 | |
Rutgers State University Rev., Series 2010 H, (Building Bonds), 5.67%, 5/1/40 | 150,000 | 180,991 | |
Sacramento Municipal Utility District Electric Rev., Series 2010 W, (Building Bonds), 6.16%, 5/15/36 | 180,000 | 215,991 | |
Salt River Agricultural Improvement & Power District Electric Rev., Series 2010 A, (Building Bonds), 4.84%, 1/1/41 | 95,000 | 106,699 | |
San Francisco City & County Public Utilities Water Commission Rev., Series 2010 B, (Building Bonds), 6.00%, 11/1/40 | 75,000 | 91,223 | |
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 A, (Building Bonds), 5.88%, 4/1/32 | 105,000 | 126,542 | |
Texas GO, (Building Bonds), 5.52%, 4/1/39 | 125,000 | 155,125 | |
Vermont Student Assistance Corp. Rev., Series 2008 B-1, (Guaranteed Student Loans), VRDN, 0.15%, 6/6/13 (LOC: Mellon Bank N.A.) | 2,205,000 | 2,205,000 | |
Washington GO, Series 2010 F, (Building Bonds), 5.14%, 8/1/40 | 50,000 | 59,259 | |
Wisconsin Health & Educational Facilities Authority Rev., (Milwaukee Institute of Art & Design), VRDN, 0.22%, 6/5/13 (LOC: Citibank N.A.) | 2,170,000 | 2,170,000 | |
TOTAL MUNICIPAL SECURITIES (Cost $24,176,359) | 24,605,244 | ||
Commercial Paper(4) — 3.6% | |||
Bank of Nova Scotia, 0.18%, 8/30/13 | 2,400,000 | 2,398,965 | |
BNP Paribas Finance, Inc., 0.20%, 6/3/13 | 2,300,000 | 2,299,973 | |
Catholic Health Initiatives, 0.21%, 6/4/13 | 2,400,000 | 2,399,976 | |
Crown Point Capital Co., 0.17%, 6/26/13(3) | 2,300,000 | 2,299,724 | |
Legacy Capital LLC, 0.17%, 7/1/13(3) | 2,400,000 | 2,399,647 | |
Lexington Parker Capital, 0.17%, 6/5/13(3) | 2,400,000 | 2,399,950 | |
San Francisco City and Country Public Utilities Commission Water Rev., 0.17%, 6/17/13 | 2,400,000 | 2,400,000 | |
Societe Generale SA, 0.20%, 6/5/13 | 2,300,000 | 2,299,956 | |
Toyota Motor Credit Corp., 0.22%, 8/9/13 | 2,300,000 | 2,299,521 | |
TOTAL COMMERCIAL PAPER (Cost $21,197,176) | 21,197,712 |
Shares/ Principal Amount | Value |
Commercial Mortgage-Backed Securities(2) — 1.5% | |||
Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A4 SEQ, 4.76%, 11/10/39 | $ 342,852 | $ 347,657 | |
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4, VRN, 5.12%, 6/1/13 | 250,000 | 271,403 | |
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class AM, VRN, 5.18%, 6/1/13 | 200,000 | 216,537 | |
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-PARK, Class A SEQ, 2.96%, 12/10/30(3) | 350,000 | 347,303 | |
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36(3) | 325,000 | 320,996 | |
CenterPoint Energy Transition Bond Co. LLC, Series 2012-1, Class A2 SEQ, 2.16%, 10/15/21 | 200,000 | 204,817 | |
Commercial Mortgage Pass-Through Certificates, Series 2004-LB2A, Class A4 SEQ, 4.72%, 3/10/39 | 423,042 | 429,837 | |
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C2, Class A2, VRN, 5.42%, 6/1/13 | 475,000 | 488,374 | |
GE Capital Commercial Mortgage Corp., Series 2005-C3, Class A5, VRN, 4.98%, 6/1/13 | 43,105 | 43,201 | |
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4, VRN, 4.80%, 6/1/13 | 300,000 | 315,160 | |
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6 SEQ, VRN, 5.40%, 6/1/13 | 452,000 | 467,131 | |
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4 SEQ, 4.76%, 7/10/39 | 300,000 | 318,701 | |
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A SEQ, 4.75%, 7/10/39 | 1,025,000 | 1,083,536 | |
GS Mortgage Securities Corp. II, Series 2012-ALOH, Class A SEQ, 3.55%, 4/10/34(3) | 375,000 | 389,547 | |
Irvine Core Office Trust, Series 2013-IRV, Class A2, VRN, 3.31%, 6/10/13(3) | 275,000 | 273,232 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A4 SEQ, 4.57%, 1/15/31 | 345,534 | 352,516 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4 SEQ, 4.37%, 3/15/36 | 600,000 | 612,864 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A4, VRN, 5.53%, 6/11/13 | 250,000 | 258,339 | |
LB-UBS Commercial Mortgage Trust, Series 2005-C2, Class A4 SEQ, 5.00%, 4/15/30 | 399,351 | 406,540 | |
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AM SEQ, VRN, 5.26%, 6/11/13 | 100,000 | 108,579 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, 2/15/46 | 125,000 | 123,272 | |
Morgan Stanley Capital I, Series 2005-HQ6, Class A2A SEQ, 4.88%, 8/13/42 | 45,898 | 45,919 | |
Morgan Stanley Capital I, Series 2005-T17, Class A5 SEQ, 4.78%, 12/13/41 | 468,352 | 490,437 | |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A3 SEQ, 4.50%, 10/15/41 | 53,200 | 53,848 | |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A4 SEQ, 4.80%, 10/15/41 | 875,000 | 914,998 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $8,926,509) | 8,884,744 |
Shares/ Principal Amount | Value |
Exchange-Traded Funds — 0.4% | |||
iShares MSCI EAFE Index Fund | 11,484 | $ 689,959 | |
iShares Russell 1000 Growth Index Fund | 1,542 | 114,555 | |
iShares Russell 2000 Value Index Fund | 687 | 59,302 | |
iShares Russell Midcap Growth Index Fund | 840 | 61,093 | |
iShares Russell Midcap Value Index Fund | 24,429 | 1,434,960 | |
iShares S&P SmallCap 600 Index Fund | 102 | 9,249 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,094,881) | 2,369,118 | ||
Collateralized Mortgage Obligations(2) — 0.2% | |||
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATION — 0.1% | |||
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2, VRN, 2.50%, 6/1/13(3) | $ 614,803 | 622,715 | |
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1% | |||
FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25 | 780,237 | 866,367 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,382,676) | 1,489,082 | ||
U.S. Government Agency Securities — 0.1% | |||
FHLMC, 2.375%, 1/13/22 | 380,000 | 387,706 | |
FNMA, 6.625%, 11/15/30 | 100,000 | 144,931 | |
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $528,517) | 532,637 |
Shares | Value | |||||
Convertible Preferred Stocks† | ||||||
HOUSEHOLD DURABLES† | ||||||
Beazer Homes USA, Inc., 7.50%, 7/15/15 | 638 | $ 21,194 | ||||
LEISURE EQUIPMENT AND PRODUCTS† | ||||||
Callaway Golf Co., Series B, 7.50% | 97 | 9,834 | ||||
TOBACCO† | ||||||
Universal Corp., 6.75% | 9 | 11,708 | ||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $38,684) | 42,736 | |||||
Preferred Stocks† | ||||||
REAL ESTATE INVESTMENT TRUSTS (REITs)† | ||||||
DuPont Fabros Technology, Inc., Series A, 7.875% | 278 | 7,228 | ||||
Inland Real Estate Corp., Series A, 8.125% | 191 | 5,107 | ||||
PS Business Parks, Inc., 6.45% | 164 | 4,264 | ||||
TOTAL PREFERRED STOCKS (Cost $16,009) | 16,599 | |||||
Temporary Cash Investments — 2.0% | ||||||
SSgA U.S. Government Money Market Fund (Cost $11,779,052) | 11,779,052 | 11,779,052 | ||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $509,160,386) | 590,441,232 | |||||
OTHER ASSETS AND LIABILITIES† | (267,143 | ) | ||||
TOTAL NET ASSETS — 100.0% | $590,174,089 |
Forward Foreign Currency Exchange Contracts | ||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Gain (Loss) | ||||||||
AUD | 52,000 | USD | 53,382 | Barclays Bank plc | 6/19/2013 | $ (3,669 | ) | |||||
USD | 213,841 | AUD | 209,693 | Westpac Group | 6/19/2013 | 13,371 | ||||||
CAD | 274,278 | USD | 266,519 | Barclays Bank plc | 6/19/2013 | (2,062 | ) | |||||
USD | 1,032,811 | CAD | 1,072,343 | UBS AG | 6/28/2013 | (914 | ) | |||||
CHF | 158,962 | USD | 170,158 | UBS AG | 6/19/2013 | (3,898 | ) | |||||
USD | 223,156 | CHF | 217,309 | Credit Suisse AG | 6/28/2013 | (4,151 | ) | |||||
CZK | 4,789,000 | USD | 241,090 | Deutsche Bank | 6/19/2013 | 869 | ||||||
DKK | 3,709,416 | USD | 649,951 | UBS AG | 6/19/2013 | (3,142 | ) | |||||
EUR | 117,000 | USD | 152,292 | Barclays Bank plc | 6/19/2013 | (209 | ) | |||||
EUR | 57,000 | USD | 73,138 | Barclays Bank plc | 6/19/2013 | 954 | ||||||
EUR | 50,000 | USD | 65,245 | Barclays Bank plc | 6/19/2013 | (253 | ) | |||||
EUR | 60,764 | USD | 79,328 | HSBC Holdings plc | 6/19/2013 | (343 | ) | |||||
EUR | 50,000 | USD | 64,806 | HSBC Holdings plc | 6/19/2013 | 187 | ||||||
EUR | 2,379 | USD | 3,086 | UBS AG | 6/28/2013 | 6 | ||||||
USD | 498,491 | EUR | 378,000 | HSBC Holdings plc | 6/19/2013 | 7,148 | ||||||
USD | 129,659 | EUR | 100,000 | HSBC Holdings plc | 6/19/2013 | (326 | ) | |||||
USD | 991,657 | EUR | 770,950 | UBS AG | 6/28/2013 | (10,510 | ) | |||||
USD | 407,690 | EUR | 316,953 | UBS AG | 6/28/2013 | (4,321 | ) | |||||
USD | 111,704 | EUR | 86,843 | UBS AG | 6/28/2013 | (1,184 | ) | |||||
USD | 3,690 | EUR | 2,852 | UBS AG | 6/28/2013 | (17 | ) | |||||
GBP | 49,000 | USD | 75,603 | Barclays Bank plc | 6/19/2013 | (1,160 | ) | |||||
GBP | 34,000 | USD | 51,558 | HSBC Holdings plc | 6/19/2013 | 96 | ||||||
USD | 980,277 | GBP | 643,120 | Barclays Bank plc | 6/19/2013 | 3,221 | ||||||
USD | 143,143 | GBP | 92,000 | HSBC Holdings plc | 6/19/2013 | 3,373 | ||||||
USD | 155,536 | GBP | 102,936 | Credit Suisse AG | 6/28/2013 | (840 | ) | |||||
HKD | 129,000 | USD | 16,624 | Westpac Group | 6/19/2013 | (4 | ) | |||||
JPY | 63,084,000 | USD | 647,826 | HSBC Holdings plc | 6/19/2013 | (19,806 | ) | |||||
JPY | 8,600,000 | USD | 85,271 | HSBC Holdings plc | 6/19/2013 | 345 | ||||||
JPY | 5,859,000 | USD | 58,985 | HSBC Holdings plc | 6/19/2013 | (657 | ) | |||||
JPY | 5,500,000 | USD | 54,535 | HSBC Holdings plc | 6/19/2013 | 219 | ||||||
JPY | 5,500,000 | USD | 54,472 | HSBC Holdings plc | 6/19/2013 | 282 | ||||||
JPY | 92,434,919 | USD | 930,853 | UBS AG | 6/19/2013 | (10,637 | ) | |||||
JPY | 6,659,000 | USD | 64,508 | Westpac Group | 6/19/2013 | 1,784 | ||||||
USD | 138,090 | JPY | 13,862,000 | Barclays Bank plc | 6/19/2013 | 89 | ||||||
USD | 137,939 | JPY | 13,862,000 | Barclays Bank plc | 6/19/2013 | (62 | ) | |||||
USD | 442,893 | JPY | 43,363,392 | HSBC Holdings plc | 6/19/2013 | 11,197 | ||||||
KRW | 1,757,249,999 | USD | 1,572,765 | HSBC Holdings plc | 6/19/2013 | (19,791 | ) | |||||
KRW | 138,999,999 | USD | 122,927 | HSBC Holdings plc | 6/19/2013 | (86 | ) | |||||
USD | 276,538 | NOK | 1,622,006 | Deutsche Bank | 6/19/2013 | 306 | ||||||
NZD | 152,347 | USD | 127,521 | Westpac Group | 6/19/2013 | (6,554 | ) | |||||
USD | 924,381 | SEK | 6,044,342 | Deutsche Bank | 6/19/2013 | 12,123 | ||||||
USD | 26,100 | SGD | 32,376 | HSBC Holdings plc | 6/19/2013 | 484 | ||||||
$(38,542 | ) |
Notes to Schedule of Investments
ADR = American Depositary Receipt
AGM = Assured Guaranty Municipal Corporation
AUD = Australian Dollar
CAD = Canadian Dollar
CHF = Swiss Franc
CZK = Czech Koruna
DKK = Danish Krone
EUR = Euro
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GBP = British Pound
GNMA = Government National Mortgage Association
GO = General Obligation
HKD = Hong Kong Dollar
JPY = Japanese Yen
KRW = South Korea Won
LIQ FAC = Liquidity Facilities
LOC = Letter of Credit
MTN = Medium Term Note
NOK = Norwegian Krone
NZD = New Zealand Dollar
SBBPA = Standby Bond Purchase Agreement
SEK = Swedish Krona
SEQ = Sequential Payer
SGD = Singapore Dollar
USD = United States Dollar
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN = Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
† | Category is less than 0.05% of total net assets. |
(1) | Non-income producing. |
(2) | Final maturity date indicated, unless otherwise noted. |
(3) | Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $19,314,884, which represented 3.3% of total net assets. |
(4) | The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate |
See Notes to Financial Statements.
Statement of Assets and Liabilities |
MAY 31, 2013 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $509,160,386) | $590,441,232 | ||
Foreign currency holdings, at value (cost of $2,098,059) | 2,110,880 | ||
Receivable for investments sold | 3,394,049 | ||
Receivable for capital shares sold | 358,140 | ||
Unrealized gain on forward foreign currency exchange contracts | 56,054 | ||
Dividends and interest receivable | 2,342,269 | ||
598,702,624 | |||
Liabilities | |||
Payable for investments purchased | 7,186,898 | ||
Payable for capital shares redeemed | 659,333 | ||
Unrealized loss on forward foreign currency exchange contracts | 94,596 | ||
Accrued management fees | 495,545 | ||
Distribution and service fees payable | 92,163 | ||
8,528,535 | |||
Net Assets | $590,174,089 | ||
Net Assets Consist of: | |||
Capital (par value and paid-in surplus) | $497,620,176 | ||
Undistributed net investment income | 2,001,126 | ||
Undistributed net realized gain | 9,290,300 | ||
Net unrealized appreciation | 81,262,487 | ||
$590,174,089 |
Net assets | Shares outstanding | Net asset value per share | |||||||
Investor Class, $0.01 Par Value | $269,148,784 | 44,813,621 | $6.01 | ||||||
Institutional Class, $0.01 Par Value | $28,664,170 | 4,769,146 | $6.01 | ||||||
A Class, $0.01 Par Value | $234,394,309 | 39,053,214 | $6.00 | * | |||||
B Class, $0.01 Par Value | $2,977,596 | 497,455 | $5.99 | ||||||
C Class, $0.01 Par Value | $37,946,439 | 6,338,296 | $5.99 | ||||||
R Class, $0.01 Par Value | $17,042,791 | 2,841,615 | $6.00 | ||||||
*Maximum offering price $6.37 (net asset value divided by 0.9425). |
See Notes to Financial Statements.
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ 3,407,040 | ||
Dividends (net of foreign taxes withheld of $76,864) | 3,389,434 | ||
6,796,474 | |||
Expenses: | |||
Management fees | 2,894,681 | ||
Distribution and service fees: | |||
A Class | 287,289 | ||
B Class | 16,548 | ||
C Class | 184,182 | ||
R Class | 39,558 | ||
Directors’ fees and expenses | 16,293 | ||
Other expenses | 2,307 | ||
3,440,858 | |||
Net investment income (loss) | 3,355,616 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 19,759,074 | ||
Futures contract transactions | 194,432 | ||
Foreign currency transactions | (186,991 | ) | |
19,766,515 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 6,546,501 | ||
Futures contracts | (701 | ) | |
Translation of assets and liabilities in foreign currencies | (83,434 | ) | |
6,462,366 | |||
Net realized and unrealized gain (loss) | 26,228,881 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $29,584,497 |
See Notes to Financial Statements.
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2012 | ||||||
Increase (Decrease) in Net Assets | May 31, 2013 | November 30, 2012 | ||||
Operations | ||||||
Net investment income (loss) | $ 3,355,616 | $ 7,673,427 | ||||
Net realized gain (loss) | 19,766,515 | 23,792,880 | ||||
Change in net unrealized appreciation (depreciation) | 6,462,366 | 21,985,559 | ||||
Net increase (decrease) in net assets resulting from operations | 29,584,497 | 53,451,866 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (1,511,970 | ) | (3,499,823 | ) | ||
Institutional Class | (369,048 | ) | (1,112,240 | ) | ||
A Class | (1,086,265 | ) | (2,699,604 | ) | ||
B Class | (7,589 | ) | (19,678 | ) | ||
C Class | (79,756 | ) | (165,011 | ) | ||
R Class | (51,407 | ) | (120,092 | ) | ||
From net realized gains: | ||||||
Investor Class | (8,930,149 | ) | (4,089,562 | ) | ||
Institutional Class | (2,008,595 | ) | (1,143,489 | ) | ||
A Class | (7,993,001 | ) | (3,827,936 | ) | ||
B Class | (117,940 | ) | (71,617 | ) | ||
C Class | (1,244,516 | ) | (568,435 | ) | ||
R Class | (498,056 | ) | (201,878 | ) | ||
Decrease in net assets from distributions | (23,898,292 | ) | (17,519,365 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions | (18,933,940 | ) | 12,676,511 | |||
Net increase (decrease) in net assets | (13,247,735 | ) | 48,609,012 | |||
Net Assets | ||||||
Beginning of period | 603,421,824 | 554,812,812 | ||||
End of period | $590,174,089 | $603,421,824 | ||||
Undistributed net investment income | $2,001,126 | $1,751,545 |
See Notes to Financial Statements.
Notes to Financial Statements |
MAY 31, 2013 (UNAUDITED)
1. Organization
American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Strategic Allocation: Conservative Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund is an asset allocation fund and its investment objective is to seek the highest level of total return consistent with its asset mix.
The fund offers the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are typically valued at the closing price on the exchange where primarily traded or as of the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices is used. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. In its determination of fair value, the fund may review several factors including: market information specific to a security; news developments in U.S. and foreign markets; the performance of particular U.S. and foreign securities, indices, comparable securities, American Depositary Receipts, Exchange-Traded Funds, and other relevant market indicators.
Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
Investments in open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation. Forward foreign currency exchange contracts are valued at the mean of the latest bid and asked prices of the forward currency rates as provided by an independent pricing service.
The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.
If the fund determines that the market price for a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investments, including, but not limited to, futures contracts, forward commitments, when-issued securities, swap agreements and certain forward foreign currency exchange contracts. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for margin requirements on futures contracts and swap agreements.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund’s tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 0.80% to 1.00% for the Investor Class, A Class, B Class, C Class and R Class. The Institutional Class is 0.20% less at each point within the range. The effective annual management fee for each class for the six months ended May 31, 2013 was 0.99% for the Investor Class, A Class, B Class, C Class and R Class and 0.79% for the Institutional Class.
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended May 31, 2013 are detailed in the Statement of Operations.
Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, ACIS, and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC.
4. Investment Transactions
Purchases of investment securities, excluding short-term investments, for the six months ended May 31, 2013 totaled $178,768,591, of which $58,985,119 represented U.S. Treasury and Government Agency obligations.
Sales of investment securities, excluding short-term investments, for the six months ended May 31, 2013 totaled $211,920,131, of which $55,849,105 represented U.S. Treasury and Government Agency obligations.
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2013 | Year ended November 30, 2012 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Investor Class/Shares Authorized | 325,000,000 | 325,000,000 | ||||||||||
Sold | 6,524,812 | $ 38,623,908 | 8,918,863 | $ 51,447,061 | ||||||||
Issued in reinvestment of distributions | 1,761,058 | 10,222,219 | 1,326,550 | 7,410,867 | ||||||||
Redeemed | (6,148,722 | ) | (36,398,462 | ) | (8,645,780 | ) | (49,826,673 | ) | ||||
2,137,148 | 12,447,665 | 1,599,633 | 9,031,255 | |||||||||
Institutional Class/Shares Authorized | 50,000,000 | 100,000,000 | ||||||||||
Sold | 1,987,639 | 11,810,900 | 3,722,359 | 21,498,848 | ||||||||
Issued in reinvestment of distributions | 405,787 | 2,355,962 | 399,808 | 2,239,689 | ||||||||
Redeemed | (7,723,083 | ) | (45,534,322 | ) | (5,464,107 | ) | (31,930,425 | ) | ||||
(5,329,657 | ) | (31,367,460 | ) | (1,341,940 | ) | (8,191,888 | ) | |||||
A Class/Shares Authorized | 200,000,000 | 200,000,000 | ||||||||||
Sold | 5,160,831 | 30,609,538 | 10,587,669 | 61,004,128 | ||||||||
Issued in reinvestment of distributions | 1,517,801 | 8,808,757 | 1,130,227 | 6,299,774 | ||||||||
Redeemed | (7,377,347 | ) | (43,464,859 | ) | (10,041,740 | ) | (57,980,455 | ) | ||||
(698,715 | ) | (4,046,564 | ) | 1,676,156 | 9,323,447 | |||||||
B Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||
Sold | 4,111 | 24,068 | 24,315 | 139,505 | ||||||||
Issued in reinvestment of distributions | 20,260 | 117,419 | 15,420 | 85,054 | ||||||||
Redeemed | (122,344 | ) | (727,353 | ) | (188,764 | ) | (1,090,491 | ) | ||||
(97,973 | ) | (585,866 | ) | (149,029 | ) | (865,932 | ) | |||||
C Class/Shares Authorized | 50,000,000 | 25,000,000 | ||||||||||
Sold | 684,762 | 4,058,062 | 1,376,160 | 7,958,375 | ||||||||
Issued in reinvestment of distributions | 210,393 | 1,219,444 | 119,319 | 658,529 | ||||||||
Redeemed | (621,800 | ) | (3,678,631 | ) | (1,190,570 | ) | (6,881,195 | ) | ||||
273,355 | 1,598,875 | 304,909 | 1,735,709 | |||||||||
R Class/Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||
Sold | 738,766 | 4,357,233 | 1,236,841 | 7,146,424 | ||||||||
Issued in reinvestment of distributions | 94,308 | 547,309 | 57,826 | 321,716 | ||||||||
Redeemed | (319,135 | ) | (1,885,132 | ) | (999,423 | ) | (5,824,220 | ) | ||||
513,939 | 3,019,410 | 295,244 | 1,643,920 | |||||||||
Net increase (decrease) | (3,201,903 | ) | $(18,933,940 | ) | 2,384,973 | $ 12,676,511 |
6. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities; |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||
Investment Securities | |||||||||
Domestic Common Stocks | $225,077,468 | — | — | ||||||
Foreign Common Stocks | 2,964,038 | $ 36,306,141 | — | ||||||
U.S. Treasury Securities | — | 113,816,829 | — | ||||||
U.S. Government Agency Mortgage-Backed Securities | — | 52,675,018 | — | ||||||
Corporate Bonds | — | 48,699,120 | — | ||||||
Sovereign Governments and Agencies | — | 39,985,694 | — | ||||||
Municipal Securities | — | 24,605,244 | — | ||||||
Commercial Paper | — | 21,197,712 | — | ||||||
Commercial Mortgage-Backed Securities | — | 8,884,744 | — | ||||||
Exchange-Traded Funds | 2,369,118 | — | — | ||||||
Collateralized Mortgage Obligations | — | 1,489,082 | — | ||||||
U.S. Government Agency Securities | — | 532,637 | — | ||||||
Convertible Preferred Stocks | — | 42,736 | — | ||||||
Preferred Stocks | — | 16,599 | — | ||||||
Temporary Cash Investments | 11,779,052 | — | — | ||||||
Total Value of Investment Securities | $242,189,676 | $348,251,556 | — | ||||||
Other Financial Instruments | |||||||||
Total Unrealized Gain (Loss) on Forward | — | $(38,542 | ) | — |
7. Derivative Instruments
Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund infrequently purchased equity price risk derivative instruments for temporary investment purposes.
Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund’s exposure
to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The foreign currency risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during the period.
Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund regularly purchased and sold interest rate risk derivative instruments though none were held at period end.
Value of Derivative Instruments as of May 31, 2013
| ||||||||||
Asset Derivatives | Liability Derivatives | |||||||||
Type of | Location on Statement | Value | Location on Statement | Value | ||||||
Foreign Currency Risk | Unrealized gain on forward foreign currency exchange contracts | $ | 56,054 | Unrealized loss on forward foreign currency exchange contracts | $ | 94,596 | ||||
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended May 31, 2013
| ||||||||||
Net Realized Gain (Loss) | Change in Net Unrealized | |||||||||
Type of | Location on Statement | Value | Location on Statement | Value | ||||||
Equity Price Risk | Net realized gain (loss) on | $ | 54,188 | Change in net unrealized appreciation (depreciation) | $ | (701 | ) | |||
Foreign Currency Risk | Net realized gain (loss) on | (236,304 | ) | Change in net unrealized appreciation (depreciation) | (20,229 | ) | ||||
Interest Rate Risk | Net realized gain (loss) on | 140,244 | Change in net unrealized appreciation (depreciation) | — | ||||||
$ | (41,872 | ) | $ | (20,930 | ) |
8. Risk Factors
There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of May 31, 2013, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $518,097,287 | ||
Gross tax appreciation of investments | $77,343,676 | ||
Gross tax depreciation of investments | (4,999,731 | ) | |
Net tax appreciation (depreciation) of investments | $72,343,945 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $5.95 | 0.04 | 0.26 | 0.30 | (0.03 | ) | (0.21 | ) | (0.24 | ) | $6.01 | 5.20 | % | 1.00 | %(4) | 1.29% | %(4) | 32 | % | $269,149 | |||||||||||||||||||
2012 | $5.60 | 0.08 | 0.45 | 0.53 | (0.08 | ) | (0.10 | ) | (0.18 | ) | $5.95 | 9.75 | % | 1.00 | % | 1.44 | % | 76 | % | $253,750 | |||||||||||||||||||
2011 | $5.39 | 0.10 | 0.21 | 0.31 | (0.10 | ) | — | (0.10 | ) | $5.60 | 5.71 | % | 1.00 | % | 1.73 | % | 78 | % | $229,957 | ||||||||||||||||||||
2010 | $5.13 | 0.09 | 0.26 | 0.35 | (0.09 | ) | — | (0.09 | ) | $5.39 | 6.85 | % | 1.00 | % | 1.68 | % | 74 | % | $230,058 | ||||||||||||||||||||
2009 | $4.47 | 0.10 | 0.66 | 0.76 | (0.10 | ) | — | (0.10 | ) | $5.13 | 17.18 | % | 1.00 | % | 2.19 | % | 128 | % | $224,600 | ||||||||||||||||||||
2008 | $5.98 | 0.14 | (1.13 | ) | (0.99 | ) | (0.15 | ) | (0.37 | ) | (0.52 | ) | $4.47 | (17.93 | )% | 0.99 | % | 2.58 | % | 168 | % | $190,824 | |||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $5.95 | 0.04 | 0.27 | 0.31 | (0.04 | ) | (0.21 | ) | (0.25 | ) | $6.01 | 5.29 | % | 0.80 | %(4) | 1.49 | %(4) | 32 | % | $28,664 | |||||||||||||||||||
2012 | $5.60 | 0.09 | 0.45 | 0.54 | (0.09 | ) | (0.10 | ) | (0.19 | ) | $5.95 | 9.97 | % | 0.80 | % | 1.64 | % | 76 | % | $60,090 | |||||||||||||||||||
2011 | $5.39 | 0.11 | 0.21 | 0.32 | (0.11 | ) | — | (0.11 | ) | $5.60 | 5.92 | % | 0.80 | % | 1.93 | % | 78 | % | $64,086 | ||||||||||||||||||||
2010 | $5.13 | 0.10 | 0.26 | 0.36 | (0.10 | ) | — | (0.10 | ) | $5.39 | 7.06 | % | 0.80 | % | 1.88 | % | 74 | % | $57,330 | ||||||||||||||||||||
2009 | $4.47 | 0.11 | 0.66 | 0.77 | (0.11 | ) | — | (0.11 | ) | $5.13 | 17.41 | % | 0.80 | % | 2.39 | % | 128 | % | $126,394 | ||||||||||||||||||||
2008 | $5.98 | 0.15 | (1.13 | ) | (0.98 | ) | (0.16 | ) | (0.37 | ) | (0.53 | ) | $4.47 | (17.76 | )% | 0.79 | % | 2.78 | % | 168 | % | $120,336 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||||||||||||||||||
A Class(5) | |||||||||||||||||||||||||||||||||||||||
2013(3) | $5.94 | 0.03 | 0.27 | 0.30 | (0.03 | ) | (0.21 | ) | (0.24 | ) | $6.00 | 5.08 | % | 1.25 | %(4) | 1.04 | %(4) | 32 | % | $234,394 | |||||||||||||||||||
2012 | $5.60 | 0.07 | 0.44 | 0.51 | (0.07 | ) | (0.10 | ) | (0.17 | ) | $5.94 | 9.30 | % | 1.25 | % | 1.19 | % | 76 | % | $236,226 | |||||||||||||||||||
2011 | $5.38 | 0.08 | 0.22 | 0.30 | (0.08 | ) | — | (0.08 | ) | $5.60 | 5.64 | % | 1.25 | % | 1.48 | % | 78 | % | $213,039 | ||||||||||||||||||||
2010 | $5.13 | 0.07 | 0.25 | 0.32 | (0.07 | ) | — | (0.07 | ) | $5.38 | 6.38 | % | 1.25 | % | 1.43 | % | 74 | % | $212,820 | ||||||||||||||||||||
2009 | $4.47 | 0.09 | 0.65 | 0.74 | (0.08 | ) | — | (0.08 | ) | $5.13 | 16.89 | % | 1.25 | % | 1.94 | % | 128 | % | $214,683 | ||||||||||||||||||||
2008 | $5.98 | 0.12 | (1.12 | ) | (1.00 | ) | (0.14 | ) | (0.37 | ) | (0.51 | ) | $4.47 | (18.13 | )% | 1.24 | % | 2.33 | % | 168 | % | $186,277 | |||||||||||||||||
B Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $5.93 | 0.01 | 0.27 | 0.28 | (0.01 | ) | (0.21 | ) | (0.22 | ) | $5.99 | 4.83 | % | 2.00 | %(4) | 0.29 | %(4) | 32 | % | $2,978 | |||||||||||||||||||
2012 | $5.59 | 0.03 | 0.44 | 0.47 | (0.03 | ) | (0.10 | ) | (0.13 | ) | $5.93 | 8.54 | % | 2.00 | % | 0.44 | % | 76 | % | $3,533 | |||||||||||||||||||
2011 | $5.38 | 0.04 | 0.21 | 0.25 | (0.04 | ) | — | (0.04 | ) | $5.59 | 4.67 | % | 2.00 | % | 0.73 | % | 78 | % | $4,162 | ||||||||||||||||||||
2010 | $5.12 | 0.04 | 0.25 | 0.29 | (0.03 | ) | — | (0.03 | ) | $5.38 | 5.78 | % | 2.00 | % | 0.68 | % | 74 | % | $4,752 | ||||||||||||||||||||
2009 | $4.46 | 0.05 | 0.66 | 0.71 | (0.05 | ) | — | (0.05 | ) | $5.12 | 16.05 | % | 2.00 | % | 1.19 | % | 128 | % | $5,381 | ||||||||||||||||||||
2008 | $5.97 | 0.08 | (1.12 | ) | (1.04 | ) | (0.10 | ) | (0.37 | ) | (0.47 | ) | $4.46 | (18.79 | )% | 1.99 | % | 1.58 | % | 168 | % | $3,970 | |||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $5.94 | 0.01 | 0.26 | 0.27 | (0.01 | ) | (0.21 | ) | (0.22 | ) | $5.99 | 4.65 | % | 2.00 | %(4) | 0.29 | %(4) | 32 | % | $37,946 | |||||||||||||||||||
2012 | $5.59 | 0.03 | 0.45 | 0.48 | (0.03 | ) | (0.10 | ) | (0.13 | ) | $5.94 | 8.73 | % | 2.00 | % | 0.44 | % | 76 | % | $35,998 | |||||||||||||||||||
2011 | $5.38 | 0.04 | 0.21 | 0.25 | (0.04 | ) | — | (0.04 | ) | $5.59 | 4.66 | % | 2.00 | % | 0.73 | % | 78 | % | $32,205 | ||||||||||||||||||||
2010 | $5.12 | 0.04 | 0.25 | 0.29 | (0.03 | ) | — | (0.03 | ) | $5.38 | 5.78 | % | 2.00 | % | 0.68 | % | 74 | % | $29,329 | ||||||||||||||||||||
2009 | $4.46 | 0.05 | 0.66 | 0.71 | (0.05 | ) | — | (0.05 | ) | $5.12 | 16.05 | % | 2.00 | % | 1.19 | % | 128 | % | $29,468 | ||||||||||||||||||||
2008 | $5.97 | 0.08 | (1.12 | ) | (1.04 | ) | (0.10 | ) | (0.37 | ) | (0.47 | ) | $4.46 | (18.79 | )% | 1.99 | % | 1.58 | % | 168 | % | $18,626 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $5.94 | 0.02 | 0.27 | 0.29 | (0.02 | ) | (0.21 | ) | (0.23 | ) | $6.00 | 4.96 | % | 1.50 | %(4) | 0.79 | %(4) | 32 | % | $17,043 | |||||||||||||||||||
2012 | $5.59 | 0.05 | 0.45 | 0.50 | (0.05 | ) | (0.10 | ) | (0.15 | ) | $5.94 | 9.22 | % | 1.50 | % | 0.94 | % | 76 | % | $13,824 | |||||||||||||||||||
2011 | $5.38 | 0.07 | 0.21 | 0.28 | (0.07 | ) | — | (0.07 | ) | $5.59 | 5.19 | % | 1.50 | % | 1.23 | % | 78 | % | $11,364 | ||||||||||||||||||||
2010 | $5.12 | 0.06 | 0.26 | 0.32 | (0.06 | ) | — | (0.06 | ) | $5.38 | 6.32 | % | 1.50 | % | 1.18 | % | 74 | % | $11,677 | ||||||||||||||||||||
2009 | $4.46 | 0.08 | 0.65 | 0.73 | (0.07 | ) | — | (0.07 | ) | $5.12 | 16.63 | % | 1.50 | % | 1.69 | % | 128 | % | $7,718 | ||||||||||||||||||||
2008 | $5.97 | 0.11 | (1.13 | ) | (1.02 | ) | (0.12 | ) | (0.37 | ) | (0.49 | ) | $4.46 | (18.38 | )% | 1.49 | % | 2.08 | % | 168 | % | $2,052 |
Notes to Financial Highlights
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended May 31, 2013 (unaudited). |
(4) | Annualized. |
(5) | Prior to December 3, 2007, the A Class was referred to as the Advisor Class. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain IRAs are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
Distributions you receive from 403(b), 457 and qualified plans are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Guidelines
American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
Notes |
Notes |
Contact Us | americancentury.com |
Automated Information Line | 1-800-345-8765 |
Investor Services Representative | 1-800-345-2021 |
Investors Using Advisors | 1-800-378-9878 |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
Telecommunications Device for the Deaf | 1-800-634-4113 |
American Century Strategic Asset Allocations, Inc.
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2013 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-78950 1307
SEMIANNUAL REPORT MAY 31, 2013
Strategic Allocation: Moderate Fund
Table of Contents |
President’s Letter | 2 |
Independent Chairman’s Letter | 3 |
Performance | 4 |
Fund Characteristics | 5 |
Shareholder Fee Example | 6 |
Schedule of Investments | 8 |
Statement of Assets and Liabilities | 55 |
Statement of Operations | 56 |
Statement of Changes in Net Assets | 57 |
Notes to Financial Statements | 58 |
Financial Highlights | 65 |
Additional Information | 68 |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing our semiannual report for the six months ended May 31, 2013. This report offers a macroeconomic and financial market overview of the period (below), followed by fund performance, a schedule of fund investments, and other financial information.
For additional, updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. Also, the next annual report will provide additional perspective from our portfolio management team.
“Risk-On” Rally Since November Elections, Further Aggressive Monetary Intervention
During the six-month period ended May 31, 2013, the U.S. capital markets benefited from improved investor confidence after uncertainties relating to the U.S. presidential election and federal fiscal policy deadlines were largely resolved. In addition, continued aggressive monetary intervention by central banks encouraged investors world-wide to take more risk and reach for yield, boosting the performance of stocks and high-yield bonds over government bonds.
In this environment, U.S. small-cap, mid-cap, and value stock indices achieved performance leadership for the reporting period, outpacing the S&P 500 Index’s 16.43% return. Broad non-U.S. equity index returns were also generally favorable in dollar terms, but not quite as strong as the U.S. indices—the MSCI EAFE Index advanced 11.39%.
In the global bond markets, rising interest rates and improvements in the relative value of the U.S. dollar in currency exchanges had a generally negative impact on unhedged non-U.S. fixed income returns. In the U.S. bond market, high-yield corporate bond indices achieved performance leadership while Treasury securities and benchmarks lagged. For example, the 10-year U.S. Treasury note returned –3.36%, according to Barclays, as its yield rose over half a percentage point, from 1.62% to 2.13%.
Under the influence of aggressive monetary intervention, the U.S. and global economies are showing signs of improvement this year, but we still expect the U.S. recovery to be subpar, hampered by high unemployment and lingering fiscal and overseas concerns. Under these conditions, we continue to believe in a disciplined, diversified, long-term investment approach, using professionally managed stock and bond portfolios for meeting financial goals. We appreciate your continued trust in us in this challenging environment.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
Independent Chairman’s Letter |
Don Pratt
Dear Fellow Shareholders,
In 2012, identity theft impacted 12.6 million Americans and roughly 16.5% or 2.1 million of those attacks took place in retirement or investment accounts. At a recent meeting, the board discussed the programs in place at American Century Investments to help protect shareholder accounts from identity theft and similar threats. As a part of that effort, American Century Investments’ personnel investigate possible identity theft events on an almost daily basis. In order to protect financial accounts from theft, there are several steps that every investor should take.
If you travel, take steps to ensure your mail is secure. Request a vacation hold or ask a trusted relative or friend to collect mail for you. If you are expecting financial paperwork, be mindful of when it is to arrive or have it delivered to a place other than your home. Consider using a post office box as a secure alternative.
When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.
Be creative with electronic passwords and keep them private. For example, think of a phrase and use the first letter of each word as your password or substitute numbers for similarly appearing letters (4 for A, 8 for G, etc.).
Finally, be alert to impersonators. Do not give personal information over the phone unless you initiated the contact. If you receive an email asking you for information regarding an account, do not respond to the email or click any links. Rather, contact the company through their official website or call the customer service number listed on your account statement.
These few precautions could prevent a major identity theft problem. If you would like to know more about protecting your American Century Investments accounts, please visit our website at www.americancentury.com/security/protect_yourself_online.jsp.
If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.
Best regards,
Don Pratt
Performance |
Total Returns as of May 31, 2013 | |||||||
Average Annual Returns | |||||||
Ticker Symbol | 6 months(1) | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
Investor Class | TWSMX | 8.29% | 16.45% | 4.50% | 7.34% | 7.17% | 2/15/96 |
S&P 500 Index | — | 16.43% | 27.28% | 5.42% | 7.57% | 7.52%(2) | — |
Barclays U.S. Aggregate Bond Index | — | -1.05% | 0.92% | 5.50% | 4.66% | 5.96%(2) | — |
Barclays U.S. 1–3 Month Treasury Bill Index | — | 0.04% | 0.08% | 0.26% | 1.64% | 2.80%(2) | — |
Institutional Class | ASAMX | 8.49% | 16.61% | 4.73% | 7.55% | 5.30% | 8/1/00 |
A Class(3) No sales charge* With sales charge* | ACOAX | 8.23% 2.02% | 16.24% 9.63% | 4.26% 3.03% | 7.07% 6.45% | 6.79% 6.41% | 10/2/96 |
B Class No sales charge* With sales charge* | ASTBX | 7.87% 2.87% | 15.42% 11.42% | 3.49% 3.32% | — — | 5.65% 5.65% | 9/30/04 |
C Class No sales charge* With sales charge* | ASTCX | 7.86% 6.86% | 15.40% 15.40% | 3.49% 3.49% | 6.31% 6.31% | 5.54% 5.54% | 10/2/01 |
R Class | ASMRX | 8.02% | 15.88% | 3.97% | — | 6.57% | 8/29/03 |
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year to 0.00% after the sixth year. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
(1) | Total returns for periods less than one year are not annualized. |
(2) | Since 2/29/96, the date nearest the Investor Class’s inception for which data are available. |
(3) | Prior to December 3, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge. |
Total Annual Fund Operating Expenses | |||||
Investor Class | Institutional Class | A Class | B Class | C Class | R Class |
1.07% | 0.87% | 1.32% | 2.07% | 2.07% | 1.57% |
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.
Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. As interest rates rise, bond values will decline. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.
Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.
Fund Characteristics |
MAY 31, 2013 | |
Top Ten Common Stocks | % of net assets |
Apple, Inc. | 1.1% |
Exxon Mobil Corp. | 1.1% |
Microsoft Corp. | 0.8% |
Johnson & Johnson | 0.7% |
Pfizer, Inc. | 0.6% |
Cisco Systems, Inc. | 0.6% |
Google, Inc. Class A | 0.6% |
Oracle Corp. | 0.5% |
Wells Fargo & Co. | 0.5% |
AT&T, Inc. | 0.5% |
Geographic Composition of Common Stocks | % of net assets |
United States | 48.8% |
United Kingdom | 2.1% |
Japan | 1.7% |
France | 1.2% |
Other Countries | 9.4% |
Key Fixed-Income Portfolio Statistics | |
Weighted Average Life | 6.4 years |
Average Duration (effective) | 4.7 years |
Types of Investments in Portfolio | % of net assets |
Domestic Common Stocks | 48.8% |
Foreign Common Stocks | 14.4% |
U.S. Treasury Securities | 11.3% |
Corporate Bonds | 8.1% |
U.S. Government Agency Mortgage-Backed Securities | 5.5% |
Municipal Securities | 2.9% |
Sovereign Governments and Agencies | 2.8% |
Commercial Paper | 2.2% |
Commercial Mortgage-Backed Securities | 1.0% |
Collateralized Mortgage Obligations | 0.8% |
Exchange-Traded Funds | 0.4% |
U.S. Government Agency Securities | —* |
Asset-Backed Securities | —* |
Convertible Preferred Stocks | —* |
Preferred Stocks | —* |
Temporary Cash Investments | 1.4% |
Other Assets and Liabilities | 0.4% |
*Category is less than 0.05% of total net assets. |
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2012 to May 31, 2013.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning 12/1/12 | Ending 5/31/13 | Expenses Paid During Period(1) 12/1/12 – 5/31/13 | Annualized | |
Actual | ||||
Investor Class | $1,000 | $1,082.90 | $5.50 | 1.06% |
Institutional Class | $1,000 | $1,084.90 | $4.47 | 0.86% |
A Class | $1,000 | $1,082.30 | $6.80 | 1.31% |
B Class | $1,000 | $1,078.70 | $10.68 | 2.06% |
C Class | $1,000 | $1,078.60 | $10.68 | 2.06% |
R Class | $1,000 | $1,080.20 | $8.09 | 1.56% |
Hypothetical | ||||
Investor Class | $1,000 | $1,019.65 | $5.34 | 1.06% |
Institutional Class | $1,000 | $1,020.64 | $4.33 | 0.86% |
A Class | $1,000 | $1,018.40 | $6.59 | 1.31% |
B Class | $1,000 | $1,014.66 | $10.35 | 2.06% |
C Class | $1,000 | $1,014.66 | $10.35 | 2.06% |
R Class | $1,000 | $1,017.15 | $7.85 | 1.56% |
(1) | Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. |
Schedule of Investments |
MAY 31, 2013 (UNAUDITED)
Shares/ Principal Amount | Value | ||
Common Stocks — 63.2% | |||
AEROSPACE AND DEFENSE — 2.0% | |||
AAR Corp. | 1,930 | $ 38,716 | |
Aerovironment, Inc.(1) | 2,699 | 54,169 | |
American Science & Engineering, Inc. | 3,046 | 182,882 | |
B/E Aerospace, Inc.(1) | 14,955 | 948,745 | |
Boeing Co. (The) | 42,984 | 4,256,276 | |
Erickson Air-Crane, Inc.(1) | 2,177 | 54,142 | |
European Aeronautic Defence and Space Co. NV | 39,853 | 2,268,881 | |
General Dynamics Corp. | 51,988 | 4,008,275 | |
Honeywell International, Inc. | 82,768 | 6,493,977 | |
KEYW Holding Corp. (The)(1) | 4,963 | 73,204 | |
Moog, Inc., Class A(1) | 560 | 28,039 | |
Northrop Grumman Corp. | 57,567 | 4,742,945 | |
Orbital Sciences Corp.(1) | 1,249 | 22,707 | |
Precision Castparts Corp. | 8,902 | 1,904,316 | |
Raytheon Co. | 39,308 | 2,619,485 | |
Rolls-Royce Holdings plc | 88,027 | 1,592,051 | |
Rolls-Royce Holdings plc Preference Shares | 10,475,213 | 15,916 | |
Teledyne Technologies, Inc.(1) | 344 | 26,564 | |
Textron, Inc. | 68,592 | 1,849,240 | |
TransDigm Group, Inc. | 8,700 | 1,271,070 | |
Triumph Group, Inc. | 2,153 | 167,180 | |
United Technologies Corp. | 23,060 | 2,188,394 | |
34,807,174 | |||
AIR FREIGHT AND LOGISTICS — 0.1% | |||
United Parcel Service, Inc., Class B | 28,855 | 2,478,644 | |
UTi Worldwide, Inc. | 2,096 | 33,180 | |
2,511,824 | |||
AIRLINES — 0.3% | |||
Alaska Air Group, Inc.(1) | 7,640 | 434,105 | |
Copa Holdings SA Class A | 5,030 | 660,539 | |
JetBlue Airways Corp.(1) | 3,667 | 22,772 | |
Pegasus Hava Tasimaciligi AS(1) | 35,855 | 401,155 | |
Ryanair Holdings plc ADR | 33,269 | 1,624,858 | |
Southwest Airlines Co. | 86,687 | 1,228,355 | |
4,371,784 | |||
AUTO COMPONENTS — 0.4% | |||
American Axle & Manufacturing Holdings, Inc.(1) | 9,845 | 175,143 | |
Autoliv, Inc. | 10,231 | 802,724 | |
BorgWarner, Inc.(1) | 26,964 | 2,185,972 | |
Continental AG | 7,378 | 973,302 | |
Cooper Tire & Rubber Co. | 20,685 | 534,500 | |
Dana Holding Corp. | 3,195 | 60,449 | |
Delphi Automotive plc | 34,262 | 1,672,328 | |
Superior Industries International, Inc. | 755 | 13,749 | |
Xinyi Glass Holdings Ltd. | 914,000 | 786,540 | |
7,204,707 | |||
AUTOMOBILES — 0.8% | |||
Brilliance China Automotive Holdings Ltd.(1) | 390,000 | 443,597 | |
Daimler AG | 13,550 | 868,821 | |
Ford Motor Co. | 136,170 | 2,135,145 | |
Fuji Heavy Industries Ltd. | 69,000 | 1,549,537 | |
Harley-Davidson, Inc. | 44,200 | 2,410,668 | |
Tata Motors Ltd. | 146,603 | 806,770 | |
Tata Motors Ltd. ADR | 28,935 | 793,687 | |
Tesla Motors, Inc.(1) | 3,605 | 352,425 | |
Thor Industries, Inc. | 8,174 | 349,111 | |
Tofas Turk Otomobil Fabrikasi | 51,559 | 386,152 | |
Toyota Motor Corp. | 59,900 | 3,533,351 | |
Winnebago Industries, Inc.(1) | 2,984 | 61,948 | |
13,691,212 | |||
BEVERAGES — 1.0% | |||
Anheuser-Busch InBev NV | 20,713 | 1,909,319 | |
Beam, Inc. | 15,314 | 992,960 | |
Boston Beer Co., Inc., Class A(1) | 202 | 30,874 | |
Brown-Forman Corp., Class B | 6,063 | 417,256 | |
Cia de Bebidas das Americas Preference Shares ADR | 8,545 | 325,308 | |
Coca-Cola Co. (The) | 104,276 | 4,169,997 | |
Constellation Brands, Inc., Class A(1) | 14,340 | 760,163 | |
Dr Pepper Snapple Group, Inc. | 19,006 | 873,896 |
Shares/ Principal Amount | Value |
Fomento Economico Mexicano SAB de CV ADR | 4,273 | $ 464,005 | |
Monster Beverage Corp.(1) | 9,436 | 515,111 | |
PepsiCo, Inc. | 51,280 | 4,141,886 | |
Pernod-Ricard SA | 8,598 | 1,032,500 | |
Thai Beverage PCL | 1,027,000 | 530,068 | |
Treasury Wine Estates Ltd. | 130,972 | 756,942 | |
16,920,285 | |||
BIOTECHNOLOGY — 1.1% | |||
Acorda Therapeutics, Inc.(1) | 1,354 | 45,291 | |
Aegerion Pharmaceuticals, Inc.(1) | 940 | 68,460 | |
Alexion Pharmaceuticals, Inc.(1) | 26,578 | 2,592,418 | |
Alkermes plc(1) | 3,533 | 110,406 | |
Alnylam Pharmaceuticals, Inc.(1) | 1,557 | 47,691 | |
Amgen, Inc. | 57,022 | 5,732,422 | |
Arena Pharmaceuticals, Inc.(1) | 5,977 | 52,837 | |
Celgene Corp.(1) | 9,040 | 1,117,796 | |
Cepheid, Inc.(1) | 1,941 | 67,469 | |
CSL Ltd. | 15,512 | 879,369 | |
Cubist Pharmaceuticals, Inc.(1) | 1,868 | 102,646 | |
Dendreon Corp.(1) | 5,371 | 21,484 | |
Exact Sciences Corp.(1) | 2,172 | 24,413 | |
Exelixis, Inc.(1) | 6,354 | 30,753 | |
Gilead Sciences, Inc.(1) | 47,276 | 2,575,596 | |
Grifols SA(1) | 51,956 | 1,901,321 | |
Halozyme Therapeutics, Inc.(1) | 3,266 | 23,091 | |
ImmunoGen, Inc.(1) | 2,200 | 40,414 | |
Infinity Pharmaceuticals, Inc.(1) | 827 | 22,288 | |
Ironwood Pharmaceuticals, Inc.(1) | 2,424 | 32,360 | |
Isis Pharmaceuticals, Inc.(1) | 3,379 | 73,155 | |
Keryx Biopharmaceuticals, Inc.(1) | 2,570 | 20,586 | |
Neurocrine Biosciences, Inc.(1) | 2,617 | 33,838 | |
Onyx Pharmaceuticals, Inc.(1) | 4,964 | 473,814 | |
Opko Health, Inc.(1) | 4,410 | 29,150 | |
PDL BioPharma, Inc. | 3,863 | 31,870 | |
Pharmacyclics, Inc.(1) | 1,485 | 136,085 | |
Regeneron Pharmaceuticals, Inc.(1) | 9,279 | 2,244,312 | |
Seattle Genetics, Inc.(1) | 2,749 | 94,346 | |
Theravance, Inc.(1) | 1,895 | 66,401 | |
United Therapeutics Corp.(1) | 5,317 | 353,421 | |
19,045,503 | |||
BUILDING PRODUCTS — 0.3% | |||
American Woodmark Corp.(1) | 2,076 | 75,400 | |
AO Smith Corp. | 1,123 | 44,022 | |
Apogee Enterprises, Inc. | 4,355 | 116,191 | |
Builders FirstSource, Inc.(1) | 20,299 | 136,815 | |
China Liansu Group Holdings Ltd. | 633,000 | 360,455 | |
Daikin Industries Ltd. | 31,600 | 1,369,943 | |
Fortune Brands Home & Security, Inc. | 40,505 | 1,712,551 | |
Lennox International, Inc. | 18,609 | 1,190,790 | |
Nortek, Inc.(1) | 200 | 14,130 | |
Ply Gem Holdings, Inc.(1) | 473 | 10,926 | |
Quanex Building Products Corp. | 2,845 | 52,661 | |
5,083,884 | |||
CAPITAL MARKETS — 1.4% | |||
Affiliated Managers Group, Inc.(1) | 14,370 | 2,356,680 | |
Ameriprise Financial, Inc. | 19,240 | 1,568,445 | |
Bank of New York Mellon Corp. (The) | 30,350 | 912,321 | |
BlackRock, Inc. | 4,640 | 1,295,488 | |
Calamos Asset Management, Inc., Class A | 1,824 | 19,188 | |
Charles Schwab Corp. (The) | 39,981 | 794,023 | |
Evercore Partners, Inc. Class A | 660 | 26,215 | |
Federated Investors, Inc. Class B | 21,539 | 595,984 | |
Fifth Street Finance Corp. | 3,307 | 34,724 | |
Franklin Resources, Inc. | 9,798 | 1,516,828 | |
Goldman Sachs Group, Inc. (The) | 34,558 | 5,601,161 | |
Hercules Technology Growth Capital, Inc. | 1,696 | 22,726 | |
HFF, Inc., Class A | 3,320 | 62,449 | |
Janus Capital Group, Inc. | 50,253 | 440,719 | |
KKR & Co. LP | 30,786 | 599,711 | |
Manning & Napier, Inc. | 1,253 | 24,922 |
Shares/ Principal Amount | Value |
Morgan Stanley | 20,380 | $ 527,842 | |
Northern Trust Corp. | 43,135 | 2,508,300 | |
PennantPark Investment Corp. | 6,932 | 77,223 | |
Schroders plc | 44,826 | 1,591,085 | |
Solar Capital Ltd. | 3,028 | 69,644 | |
State Street Corp. | 5,735 | 379,542 | |
Stifel Financial Corp.(1) | 1,484 | 53,409 | |
Triangle Capital Corp. | 3,310 | 94,070 | |
UBS AG | 78,733 | 1,369,403 | |
Waddell & Reed Financial, Inc. | 38,441 | 1,769,824 | |
Walter Investment Management Corp.(1) | 2,470 | 89,933 | |
24,401,859 | |||
CHEMICALS — 1.8% | |||
Agrium, Inc. | 7,674 | 708,924 | |
Airgas, Inc. | 6,220 | 639,976 | |
Akzo Nobel NV | 11,696 | 746,739 | |
BASF SE | 15,083 | 1,473,812 | |
Celanese Corp. | 20,835 | 1,028,207 | |
CF Industries Holdings, Inc. | 5,859 | 1,118,835 | |
Chemtura Corp.(1) | 1,484 | 34,028 | |
Christian Hansen Holding A/S | 31,771 | 1,132,192 | |
Cytec Industries, Inc. | 8,938 | 638,799 | |
E.I. du Pont de Nemours & Co. | 6,730 | 375,467 | |
Eastman Chemical Co. | 23,010 | 1,650,277 | |
Flotek Industries, Inc.(1) | 3,177 | 55,248 | |
FMC Corp. | 19,410 | 1,217,201 | |
H.B. Fuller Co. | 2,175 | 90,415 | |
Hawkins, Inc. | 1,369 | 54,596 | |
Huntsman Corp. | 22,262 | 432,996 | |
Innophos Holdings, Inc. | 2,106 | 106,521 | |
Intrepid Potash, Inc. | 6,219 | 116,793 | |
Kraton Performance Polymers, Inc.(1) | 2,107 | 43,699 | |
Kronos Worldwide, Inc. | 3,774 | 63,818 | |
LyondellBasell Industries NV, Class A | 55,199 | 3,679,013 | |
Minerals Technologies, Inc. | 947 | 40,342 | |
Monsanto Co. | 55,318 | 5,567,204 | |
NewMarket Corp. | 2,861 | 784,601 | |
OM Group, Inc.(1) | 775 | 22,738 | |
PPG Industries, Inc. | 15,996 | 2,457,146 | |
Sensient Technologies Corp. | 1,033 | $ 42,632 | |
Sherwin-Williams Co. (The) | 4,815 | 907,772 | |
Shin-Etsu Chemical Co. Ltd. | 18,000 | 1,131,966 | |
Syngenta AG | 4,896 | 1,921,212 | |
Tronox Ltd. Class A | 9,009 | 207,928 | |
Umicore SA | 12,813 | 608,164 | |
W.R. Grace & Co.(1) | 6,632 | 560,470 | |
Westlake Chemical Corp. | 6,780 | 633,252 | |
30,292,983 | |||
COMMERCIAL BANKS — 2.9% | |||
American National Bankshares, Inc. | 2,841 | 61,621 | |
Banco Bilbao Vizcaya Argentaria SA | 68,381 | 641,097 | |
Bank of Ireland(1) | 4,947,184 | 1,178,194 | |
Bank of the Ozarks, Inc. | 1,706 | 74,467 | |
BankUnited, Inc. | 9,074 | 223,039 | |
BNP Paribas SA | 24,744 | 1,442,297 | |
BOC Hong Kong Holdings Ltd. | 294,500 | 972,659 | |
BOK Financial Corp. | 512 | 33,331 | |
Boston Private Financial Holdings, Inc. | 3,989 | 39,292 | |
Cathay General Bancorp. | 6,707 | 136,085 | |
Central Pacific Financial Corp.(1) | 2,390 | 43,833 | |
CIT Group, Inc.(1) | 15,480 | 713,318 | |
Comerica, Inc. | 24,417 | 964,227 | |
Commerce Bancshares, Inc. | 32,827 | 1,428,631 | |
Commonwealth Bank of Australia | 24,624 | 1,559,850 | |
Credicorp Ltd. | 7,023 | 966,505 | |
Cullen/Frost Bankers, Inc. | 10,354 | 666,280 | |
CVB Financial Corp. | 3,434 | 39,388 | |
DNB ASA | 46,741 | 752,679 | |
Erste Group Bank AG | 22,913 | 727,007 | |
F.N.B. Corp. | 1,527 | 17,561 | |
First Financial Bankshares, Inc. | 1,657 | 91,135 | |
First Horizon National Corp. | 3,901 | 44,783 | |
First Interstate Bancsystem, Inc. | 3,380 | 66,890 | |
First Niagara Financial Group, Inc. | 5,514 | 53,872 | |
FirstMerit Corp. | 3,610 | 68,121 |
Shares/ Principal Amount | Value |
Fulton Financial Corp. | 2,141 | $ 24,600 | |
Grupo Financiero Banorte SAB de CV | 76,875 | 491,454 | |
HDFC Bank Ltd. | 82,662 | 1,025,098 | |
Heritage Financial Corp. | 3,547 | 48,984 | |
Home Bancshares, Inc. | 3,296 | 138,762 | |
HSBC Holdings plc (Hong Kong) | 199,368 | 2,185,623 | |
ICICI Bank Ltd. ADR | 16,966 | 762,961 | |
Industrial & Commercial Bank of China Ltd. H Shares | 1,189,105 | 831,766 | |
Itau Unibanco Holding SA ADR | 91,965 | 1,383,152 | |
Kasikornbank PCL NVDR | 250,600 | 1,604,266 | |
KeyCorp | 94,011 | 1,013,439 | |
Lakeland Financial Corp. | 2,612 | 72,039 | |
Lloyds Banking Group plc(1) | 1,688,037 | 1,548,994 | |
MB Financial, Inc. | 1,955 | 49,872 | |
Mitsubishi UFJ Financial Group, Inc. | 116,200 | 686,207 | |
National Bankshares, Inc. | 1,781 | 59,468 | |
OFG Bancorp | 4,880 | 86,766 | |
Pacific Continental Corp. | 3,551 | 39,771 | |
Park Sterling Corp.(1) | 7,820 | 45,747 | |
Pinnacle Financial Partners, Inc.(1) | 4,173 | 104,742 | |
PNC Financial Services Group, Inc. (The) | 47,191 | 3,380,763 | |
Popular, Inc.(1) | 2,330 | 69,900 | |
Prosperity Bancshares, Inc. | 1,232 | 61,711 | |
PT Bank Mandiri (Persero) Tbk | 1,424,301 | 1,413,297 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 714,000 | 647,174 | |
Sberbank of Russia | 433,292 | 1,334,203 | |
Signature Bank(1) | 1,884 | 145,407 | |
Standard Chartered plc | 42,424 | 975,548 | |
SunTrust Banks, Inc. | 55,966 | 1,795,949 | |
Susquehanna Bancshares, Inc. | 4,348 | 52,219 | |
TCF Financial Corp. | 1,384 | 19,930 | |
Texas Capital Bancshares, Inc.(1) | 3,534 | 156,061 | |
Turkiye Garanti Bankasi AS | 308,217 | 1,581,907 | |
Turkiye Halk Bankasi AS | 49,270 | 524,021 | |
U.S. Bancorp | 67,880 | 2,379,873 | |
ViewPoint Financial Group, Inc. | 4,670 | 88,403 | |
Washington Banking Co. | 2,459 | 33,541 | |
Wells Fargo & Co. | 217,070 | 8,802,188 | |
Westamerica Bancorp. | 16,511 | 743,490 | |
49,415,458 | |||
COMMERCIAL SERVICES AND SUPPLIES — 0.7% | |||
ADT Corp. (The) | 48,657 | 1,974,988 | |
Avery Dennison Corp. | 6,060 | 263,610 | |
Deluxe Corp. | 15,492 | 579,401 | |
G&K Services, Inc., Class A | 2,927 | 141,403 | |
Mobile Mini, Inc.(1) | 2,267 | 76,285 | |
Multi-Color Corp. | 2,714 | 79,764 | |
Republic Services, Inc. | 93,315 | 3,182,041 | |
Stericycle, Inc.(1) | 12,757 | 1,400,208 | |
Tyco International Ltd. | 85,371 | 2,886,394 | |
US Ecology, Inc. | 2,752 | 75,350 | |
Waste Management, Inc. | 11,641 | 488,107 | |
11,147,551 | |||
COMMUNICATIONS EQUIPMENT — 1.1% | |||
AAC Technologies Holdings, Inc. | 144,000 | 812,393 | |
Bel Fuse, Inc., Class B | 1,958 | 31,171 | |
Brocade Communications Systems, Inc.(1) | 39,148 | 212,574 | |
Cisco Systems, Inc. | 416,598 | 10,031,680 | |
F5 Networks, Inc.(1) | 5,259 | 437,601 | |
Harris Corp. | 3,860 | 193,502 | |
HTC Corp. | 54,000 | 494,707 | |
InterDigital, Inc. | 1,329 | 61,121 | |
Procera Networks, Inc.(1) | 4,480 | 66,125 | |
QUALCOMM, Inc. | 64,925 | 4,121,439 | |
Riverbed Technology, Inc.(1) | 55,307 | 855,046 | |
Telefonaktiebolaget LM Ericsson B Shares | 114,486 | 1,339,004 | |
18,656,363 | |||
COMPUTERS AND PERIPHERALS — 2.0% | |||
Apple, Inc. | 40,793 | 18,343,796 | |
Electronics for Imaging, Inc.(1) | 1,543 | 43,034 | |
EMC Corp.(1) | 212,296 | 5,256,449 | |
Hewlett-Packard Co. | 67,179 | 1,640,511 | |
NetApp, Inc.(1) | 105,123 | 3,945,266 | |
Pegatron Corp.(1) | 251,000 | 451,807 | |
SanDisk Corp.(1) | 8,407 | 496,181 | |
Seagate Technology plc | 19,292 | 831,100 |
Shares/ Principal Amount | Value |
Toshiba Corp. | 222,000 | $ 1,048,728 | |
Western Digital Corp. | 36,297 | 2,298,326 | |
34,355,198 | |||
CONSTRUCTION AND ENGINEERING — 0.3% | |||
Chicago Bridge & Iron Co. NV New York Shares | 12,839 | 812,709 | |
China Communications Construction Co. Ltd. H Shares | 388,000 | 359,523 | |
China Railway Construction Corp. Ltd. H Shares | 655,000 | 641,802 | |
EMCOR Group, Inc. | 678 | 26,951 | |
Great Lakes Dredge & Dock Corp. | 6,148 | 51,028 | |
MasTec, Inc.(1) | 28,208 | 897,015 | |
Promotora y Operadora de Infraestructura SAB de CV(1) | 78,997 | 720,838 | |
Quanta Services, Inc.(1) | 60,660 | 1,720,924 | |
5,230,790 | |||
CONSTRUCTION MATERIALS — 0.4% | |||
Cemex SAB de CV ADR(1) | 153,416 | 1,764,284 | |
Eagle Materials, Inc. | 10,929 | 806,014 | |
Headwaters, Inc.(1) | 13,864 | 147,097 | |
Holcim Ltd. | 12,409 | 963,076 | |
James Hardie Industries SE | 58,005 | 548,012 | |
Martin Marietta Materials, Inc. | 6,722 | 732,900 | |
PT Semen Gresik (Persero) Tbk | 555,500 | 1,017,739 | |
Siam Cement PCL NVDR | 56,600 | 869,546 | |
Texas Industries, Inc.(1) | 11,011 | 786,295 | |
7,634,963 | |||
CONSUMER FINANCE — 0.2% | |||
Capital One Financial Corp. | 16,350 | 996,205 | |
Cash America International, Inc. | 37,412 | 1,784,927 | |
Discover Financial Services | 27,300 | 1,294,293 | |
4,075,425 | |||
CONTAINERS AND PACKAGING — 0.3% | |||
Bemis Co., Inc. | 18,001 | 704,739 | |
Berry Plastics Group, Inc.(1) | 4,113 | 86,414 | |
Graphic Packaging Holding Co.(1) | 10,351 | 79,599 | |
Klabin SA Preference Shares | 71,300 | 422,780 | |
Owens-Illinois, Inc.(1) | 50,151 | 1,376,645 | |
Packaging Corp. of America | 38,032 | 1,863,568 | |
Sealed Air Corp. | 2,271 | 54,550 | |
Silgan Holdings, Inc. | 1,357 | 63,467 | |
Sonoco Products Co. | 18,398 | 644,298 | |
5,296,060 | |||
DISTRIBUTORS† | |||
Core-Mark Holding Co., Inc. | 466 | 27,583 | |
Pool Corp. | 2,518 | 129,551 | |
157,134 | |||
DIVERSIFIED CONSUMER SERVICES — 0.1% | |||
Anhanguera Educacional Participacoes SA | 157,900 | 966,509 | |
Coinstar, Inc.(1) | 11,300 | 658,112 | |
Grand Canyon Education, Inc.(1) | 2,936 | 94,304 | |
Sotheby’s | 2,702 | 100,650 | |
Steiner Leisure, Ltd.(1) | 2,238 | 113,668 | |
1,933,243 | |||
DIVERSIFIED FINANCIAL SERVICES — 1.2% | |||
Bank of America Corp. | 125,360 | 1,712,418 | |
Chailease Holding Co. Ltd. | 315,379 | 944,919 | |
Citigroup, Inc. | 85,447 | 4,442,390 | |
Compass Diversified Holdings | 1,488 | 25,668 | |
Grupo BTG Pactual | 22,200 | 340,701 | |
JPMorgan Chase & Co. | 141,203 | 7,708,272 | |
MarketAxess Holdings, Inc. | 1,776 | 77,007 | |
Moody’s Corp. | 39,948 | 2,654,145 | |
MSCI, Inc., Class A(1) | 7,000 | 246,680 | |
ORIX Corp. | 173,100 | 2,275,603 | |
PHH Corp.(1) | 3,489 | 70,338 | |
20,498,141 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1% | |||
AT&T, Inc. | 242,248 | 8,476,258 | |
CenturyLink, Inc. | 86,503 | 2,954,078 | |
Telenor ASA | 53,590 | 1,121,502 | |
tw telecom, inc., Class A(1) | 46,313 | 1,321,310 | |
Verizon Communications, Inc. | 117,082 | 5,676,135 | |
19,549,283 | |||
ELECTRIC UTILITIES — 0.8% | |||
American Electric Power Co., Inc. | 18,950 | 868,289 | |
Edison International | 44,612 | 2,049,475 | |
El Paso Electric Co. | 3,392 | 121,400 |
Shares/ Principal Amount | Value |
Empire District Electric Co. (The) | 32,076 | $ 697,011 | |
Exelon Corp. | 8,210 | 257,301 | |
Great Plains Energy, Inc. | 69,829 | 1,576,041 | |
IDACORP, Inc. | 10,493 | 495,584 | |
Northeast Utilities | 10,532 | 438,868 | |
NV Energy, Inc. | 48,232 | 1,130,558 | |
Pinnacle West Capital Corp. | 13,170 | 743,842 | |
Portland General Electric Co. | 50,024 | 1,522,731 | |
PPL Corp. | 30,660 | 910,602 | |
UNS Energy Corp. | 551 | 25,831 | |
Westar Energy, Inc. | 31,857 | 1,010,504 | |
Xcel Energy, Inc. | 70,494 | 2,024,588 | |
13,872,625 | |||
ELECTRICAL EQUIPMENT — 0.7% | |||
ABB Ltd. ADR | 28,155 | 613,497 | |
Acuity Brands, Inc. | 1,125 | 84,454 | |
AMETEK, Inc. | 16,351 | 705,546 | |
Belden, Inc. | 1,849 | 98,829 | |
Brady Corp., Class A | 9,067 | 295,040 | |
Eaton Corp. plc | 33,313 | 2,200,657 | |
Emerson Electric Co. | 47,995 | 2,757,793 | |
Encore Wire Corp. | 1,001 | 34,645 | |
Franklin Electric Co., Inc. | 2,033 | 68,736 | |
Generac Holdings, Inc. | 2,445 | 99,022 | |
GrafTech International Ltd.(1) | 7,505 | 62,967 | |
Regal-Beloit Corp. | 7,257 | 489,920 | |
Rockwell Automation, Inc. | 39,757 | 3,499,411 | |
Schneider Electric SA | 21,361 | 1,671,665 | |
12,682,182 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.5% | |||
Audience, Inc.(1) | 3,480 | 48,720 | |
Avnet, Inc.(1) | 12,994 | 443,875 | |
Cognex Corp. | 1,684 | 75,662 | |
FARO Technologies, Inc.(1) | 2,643 | 98,901 | |
FEI Co. | 880 | 63,369 | |
FLIR Systems, Inc. | 5,673 | 138,194 | |
Hon Hai Precision Industry Co. Ltd. | 9 | 23 | |
Ingram Micro, Inc. Class A(1) | 5,571 | 106,462 | |
Jabil Circuit, Inc. | 1,367 | 27,422 | |
Littelfuse, Inc. | 1,700 | 124,933 | |
Molex, Inc., Class A | 19,851 | 487,541 | |
Murata Manufacturing Co. Ltd. | 13,900 | 1,054,302 | |
OSI Systems, Inc.(1) | 522 | 30,193 | |
RealD, Inc.(1) | 4,650 | 70,169 | |
TE Connectivity Ltd. | 52,921 | 2,349,163 | |
TPK Holding Co. Ltd. | 49,000 | 966,822 | |
Trimble Navigation Ltd.(1) | 83,887 | 2,340,447 | |
TTM Technologies, Inc.(1) | 7,590 | 61,327 | |
Vishay Intertechnology, Inc.(1) | 6,784 | 98,775 | |
8,586,300 | |||
ENERGY EQUIPMENT AND SERVICES — 1.0% | |||
Atwood Oceanics, Inc.(1) | 18,579 | 975,583 | |
Baker Hughes, Inc. | 23,990 | 1,091,065 | |
Bristow Group, Inc. | 1,383 | 86,922 | |
Cal Dive International, Inc.(1) | 20,431 | 42,292 | |
Cameron International Corp.(1) | 27,830 | 1,694,012 | |
Core Laboratories NV | 3,177 | 437,664 | |
Dril-Quip, Inc.(1) | 1,936 | 175,111 | |
Eurasia Drilling Co. Ltd. GDR | 17,800 | 730,643 | |
Geospace Technologies Corp.(1) | 548 | 47,599 | |
Gulfmark Offshore, Inc. Class A | 1,145 | 52,510 | |
Helmerich & Payne, Inc. | 10,645 | 657,222 | |
Hornbeck Offshore Services, Inc.(1) | 3,258 | 169,481 | |
Key Energy Services, Inc.(1) | 6,742 | 43,688 | |
Matrix Service Co.(1) | 2,634 | 43,435 | |
McDermott International, Inc.(1) | 5,600 | 53,480 | |
National Oilwell Varco, Inc. | 25,680 | 1,805,304 | |
Nuverra Environmental Solutions, Inc.(1) | 5,375 | 20,425 | |
Oceaneering International, Inc. | 35,918 | 2,603,337 | |
Petrofac Ltd. | 22,829 | 466,776 | |
Petroleum Geo-Services ASA | 87,311 | 1,290,513 | |
RPC, Inc. | 34,045 | 428,627 | |
Schlumberger Ltd. | 30,791 | 2,248,667 | |
Technip SA | 11,181 | 1,235,031 | |
Tetra Technologies, Inc.(1) | 3,859 | 40,172 | |
16,439,559 |
Shares/ Principal Amount | Value |
FOOD AND STAPLES RETAILING — 1.7% | |||
BIM Birlesik Magazalar AS | 9,000 | $ 424,020 | |
Brazil Pharma SA | 29,700 | 173,336 | |
Carrefour SA | 48,198 | 1,403,677 | |
Casey’s General Stores, Inc. | 1,050 | 63,798 | |
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 12,350 | 607,126 | |
Clicks Group Ltd. | 66,358 | 392,047 | |
Costco Wholesale Corp. | 23,090 | 2,532,280 | |
CVS Caremark Corp. | 89,081 | 5,129,284 | |
Eurocash SA | 32,888 | 652,293 | |
GSretail Co. Ltd. | 8,080 | 207,975 | |
Jeronimo Martins SGPS SA | 47,240 | 1,004,580 | |
Kroger Co. (The) | 31,700 | 1,067,339 | |
Magnit OJSC GDR | 45,401 | 2,443,038 | |
Rite Aid Corp.(1) | 39,430 | 115,924 | |
Safeway, Inc. | 72,494 | 1,668,087 | |
Sysco Corp. | 43,369 | 1,465,872 | |
United Natural Foods, Inc.(1) | 1,321 | 69,907 | |
Village Super Market, Inc., Class A | 1,616 | 60,438 | |
Wal-Mart Stores, Inc. | 74,904 | 5,605,815 | |
Weis Markets, Inc. | 1,855 | 75,888 | |
Whole Foods Market, Inc. | 60,424 | 3,133,589 | |
28,296,313 | |||
FOOD PRODUCTS — 1.4% | |||
Annie’s, Inc.(1) | 6,572 | 255,717 | |
Archer-Daniels-Midland Co. | 72,068 | 2,322,752 | |
Associated British Foods plc | 36,553 | 997,904 | |
ConAgra Foods, Inc. | 36,502 | 1,229,752 | |
Danone SA | 16,320 | 1,198,832 | |
Dole Food Co., Inc.(1) | 4,252 | 40,266 | |
General Mills, Inc. | 61,217 | 2,882,096 | |
Hain Celestial Group, Inc. (The)(1) | 13,631 | 908,097 | |
Hershey Co. (The) | 16,513 | 1,471,473 | |
Ingredion, Inc. | 9,575 | 652,249 | |
J&J Snack Foods Corp. | 1,811 | 137,455 | |
Kellogg Co. | 9,708 | 602,381 | |
Kraft Foods Group, Inc. | 10,523 | 580,133 | |
Mead Johnson Nutrition Co. | 28,118 | 2,279,526 | |
Mondelez International, Inc. Class A | 43,720 | 1,287,991 | |
Nestle SA | 38,152 | 2,517,531 | |
Orion Corp. | 363 | 347,596 | |
Pinnacle Foods, Inc.(1) | 15,563 | 382,227 | |
Post Holdings, Inc.(1) | 2,763 | 116,571 | |
Snyders-Lance, Inc. | 1,581 | 40,980 | |
Tata Global Beverages Ltd. | 137,809 | 355,944 | |
TreeHouse Foods, Inc.(1) | 2,617 | 171,361 | |
Unilever plc | 70,953 | 2,982,466 | |
23,761,300 | |||
GAS UTILITIES — 0.2% | |||
AGL Resources, Inc. | 28,291 | 1,197,558 | |
ENN Energy Holdings Ltd. | 100,000 | 561,471 | |
Laclede Group, Inc. (The) | 17,035 | 806,267 | |
2,565,296 | |||
HEALTH CARE EQUIPMENT AND SUPPLIES — 1.9% | |||
Abaxis, Inc. | 841 | 37,012 | |
Abbott Laboratories | 108,743 | 3,987,606 | |
Align Technology, Inc.(1) | 2,206 | 78,865 | |
Analogic Corp. | 384 | 30,524 | |
Arthrocare Corp.(1) | 817 | 27,721 | |
Becton Dickinson and Co. | 31,055 | 3,062,644 | |
Boston Scientific Corp.(1) | 63,752 | 589,069 | |
CareFusion Corp.(1) | 51,878 | 1,906,517 | |
Cie Generale d’Optique Essilor International SA | 11,132 | 1,213,185 | |
Coloplast A/S B Shares | 11,257 | 640,167 | |
Conceptus, Inc.(1) | 979 | 30,329 | |
Cooper Cos., Inc. (The) | 11,401 | 1,288,427 | |
Covidien plc | 8,764 | 557,390 | |
Cyberonics, Inc.(1) | 884 | 42,176 | |
DENTSPLY International, Inc. | 7,916 | 330,572 | |
DexCom, Inc.(1) | 2,266 | 47,201 | |
Endologix, Inc.(1) | 1,962 | 26,369 | |
Ginko International Co. Ltd. | 25,000 | 422,353 | |
Haemonetics Corp.(1) | 2,315 | 95,563 | |
HeartWare International, Inc.(1) | 490 | 44,722 | |
ICU Medical, Inc.(1) | 459 | 32,768 | |
IDEXX Laboratories, Inc.(1) | 6,690 | 551,524 | |
Insulet Corp.(1) | 1,632 | 48,732 | |
Integra LifeSciences Holdings Corp.(1) | 1,016 | 38,496 | |
Intuitive Surgical, Inc.(1) | 2,443 | 1,215,466 |
Shares/ Principal Amount | Value |
Masimo Corp. | 1,762 | $ 38,147 | |
Medtronic, Inc. | 127,522 | 6,504,897 | |
Meridian Bioscience, Inc. | 1,584 | 34,230 | |
Mettler-Toledo International, Inc.(1) | 3,208 | 700,178 | |
Neogen Corp.(1) | 835 | 45,482 | |
NxStage Medical, Inc.(1) | 2,093 | 29,197 | |
Orthofix International NV(1) | 3,086 | 85,297 | |
ResMed, Inc. | 8,274 | 397,152 | |
St. Jude Medical, Inc. | 54,096 | 2,338,570 | |
STERIS Corp. | 16,931 | 767,652 | |
Stryker Corp. | 31,153 | 2,068,248 | |
Sysmex Corp. | 17,500 | 1,143,577 | |
Utah Medical Products, Inc. | 1,383 | 63,991 | |
Volcano Corp.(1) | 1,852 | 35,373 | |
West Pharmaceutical Services, Inc. | 741 | 50,796 | |
Zimmer Holdings, Inc. | 24,468 | 1,920,983 | |
32,569,168 | |||
HEALTH CARE PROVIDERS AND SERVICES — 1.0% | |||
Acadia Healthcare Co., Inc.(1) | 905 | 30,218 | |
Accretive Health, Inc.(1) | 1,516 | 17,252 | |
Aetna, Inc. | 20,810 | 1,256,508 | |
Air Methods Corp. | 3,258 | 121,979 | |
AmerisourceBergen Corp. | 43,718 | 2,364,269 | |
Bio-Reference Labs, Inc.(1) | 1,014 | 31,282 | |
Brookdale Senior Living, Inc.(1) | 8,000 | 226,800 | |
Cardinal Health, Inc. | 19,954 | 937,040 | |
Catamaran Corp.(1) | 52,290 | 2,573,714 | |
Centene Corp.(1) | 1,590 | 78,705 | |
Chemed Corp. | 630 | 44,113 | |
CIGNA Corp. | 6,228 | 422,881 | |
Emeritus Corp.(1) | 1,178 | 29,945 | |
Express Scripts Holding Co.(1) | 27,985 | 1,738,428 | |
Health Management Associates, Inc., Class A(1) | 1,866 | 25,732 | |
HealthSouth Corp.(1) | 4,160 | 121,846 | |
Humana, Inc. | 9,873 | 797,541 | |
IPC The Hospitalist Co., Inc.(1) | 622 | 30,329 | |
Landauer, Inc. | 387 | 20,581 | |
LifePoint Hospitals, Inc.(1) | 26,834 | 1,334,455 | |
MWI Veterinary Supply, Inc.(1) | 577 | 70,111 | |
National Healthcare Corp. | 806 | 38,277 | |
Owens & Minor, Inc. | 2,218 | 75,811 | |
Patterson Cos., Inc. | 19,732 | 771,127 | |
Quest Diagnostics, Inc. | 24,882 | 1,538,703 | |
Team Health Holdings, Inc.(1) | 18,478 | 721,935 | |
VCA Antech, Inc.(1) | 1,017 | 25,995 | |
WellCare Health Plans, Inc.(1) | 1,424 | 74,247 | |
WellPoint, Inc. | 17,250 | 1,327,732 | |
16,847,556 | |||
HEALTH CARE TECHNOLOGY — 0.1% | |||
Allscripts Healthcare Solutions, Inc.(1) | 1,803 | 24,972 | |
athenahealth, Inc.(1) | 1,098 | 92,836 | |
Cerner Corp.(1) | 15,125 | 1,486,485 | |
Computer Programs & Systems, Inc. | 490 | 24,539 | |
HMS Holdings Corp.(1) | 3,646 | 90,785 | |
Medidata Solutions, Inc.(1) | 724 | 49,970 | |
Quality Systems, Inc. | 1,477 | 26,409 | |
1,795,996 | |||
HOTELS, RESTAURANTS AND LEISURE — 1.4% | |||
AFC Enterprises, Inc.(1) | 2,488 | 90,712 | |
Alsea SAB de CV | 228,297 | 639,962 | |
Bally Technologies, Inc.(1) | 13,438 | 765,294 | |
Bloomberry Resorts Corp.(1) | 1,002,600 | 286,391 | |
Bloomin’ Brands, Inc.(1) | 2,400 | 55,824 | |
Bob Evans Farms, Inc. | 517 | 23,865 | |
Carnival Corp. | 49,699 | 1,645,037 | |
CEC Entertainment, Inc. | 16,613 | 665,351 | |
Cedar Fair LP | 2,943 | 120,398 | |
Compass Group plc | 65,683 | 862,063 | |
Cracker Barrel Old Country Store, Inc. | 7,391 | 661,199 | |
Domino’s Pizza, Inc. | 2,000 | 118,540 | |
Dunkin’ Brands Group, Inc. | 15,504 | 613,958 | |
InterContinental Hotels Group plc | 27,543 | 793,719 | |
International Game Technology | 103,310 | 1,847,183 | |
International Speedway Corp., Class A | 6,521 | 226,018 | |
Las Vegas Sands Corp. | 5,300 | 306,870 | |
Life Time Fitness, Inc.(1) | 721 | 35,935 | |
Marriott International, Inc. Class A | 33,780 | 1,419,098 |
Shares/ Principal Amount | Value |
McDonald’s Corp. | 26,092 | $ 2,519,704 | |
Minor International PCL | 830,300 | 736,676 | |
Norwegian Cruise Line Holdings Ltd.(1) | 20,029 | 615,892 | |
Orient-Express Hotels Ltd. Class A(1) | 5,534 | 65,522 | |
Panera Bread Co., Class A(1) | 3,292 | 631,504 | |
Papa John’s International, Inc.(1) | 2,913 | 187,685 | |
Paradise Co. Ltd. | 34,373 | 732,172 | |
Red Robin Gourmet Burgers, Inc.(1) | 1,713 | 89,950 | |
Sands China Ltd. | 234,000 | 1,241,401 | |
Six Flags Entertainment Corp. | 2,086 | 155,553 | |
Starbucks Corp. | 17,395 | 1,097,103 | |
Starwood Hotels & Resorts Worldwide, Inc. | 6,500 | 443,950 | |
Whitbread plc | 42,300 | 1,833,537 | |
Wyndham Worldwide Corp. | 27,067 | 1,573,134 | |
23,101,200 | |||
HOUSEHOLD DURABLES — 0.5% | |||
Cavco Industries, Inc.(1) | 2,179 | 104,396 | |
CSS Industries, Inc. | 1,791 | 49,521 | |
Garmin Ltd. | 45,961 | 1,605,418 | |
Haier Electronics Group Co. Ltd.(1) | 654,000 | 1,160,136 | |
Helen of Troy Ltd.(1) | 799 | 31,696 | |
La-Z-Boy, Inc. | 3,790 | 70,001 | |
Lennar Corp., Class A | 14,136 | 555,828 | |
M.D.C. Holdings, Inc. | 5,402 | 200,468 | |
M/I Homes, Inc.(1) | 8,079 | 200,763 | |
Mohawk Industries, Inc.(1) | 14,330 | 1,593,066 | |
Newell Rubbermaid, Inc. | 85,121 | 2,301,672 | |
PulteGroup, Inc.(1) | 7,302 | 157,650 | |
Standard Pacific Corp.(1) | 26,616 | 235,552 | |
Toll Brothers, Inc.(1) | 24,280 | 829,648 | |
TRI Pointe Homes, Inc.(1) | 2,629 | 44,272 | |
William Lyon Homes Class A(1) | 789 | 20,553 | |
9,160,640 | |||
HOUSEHOLD PRODUCTS — 0.9% | |||
Central Garden and Pet Co.(1) | 4,404 | 33,426 | |
Church & Dwight Co., Inc. | 21,670 | 1,317,753 | |
Clorox Co. | 4,006 | 332,819 | |
Energizer Holdings, Inc. | 22,454 | 2,149,072 | |
Henkel AG & Co. KGaA Preference Shares | 10,780 | 1,043,722 | |
Kimberly-Clark Corp. | 11,939 | 1,156,053 | |
LG Household & Health Care Ltd. | 1,198 | 659,515 | |
Procter & Gamble Co. (The) | 81,592 | 6,263,002 | |
Svenska Cellulosa AB B Shares | 59,211 | 1,470,991 | |
Unicharm Corp. | 25,700 | 1,437,323 | |
15,863,676 | |||
INDUSTRIAL CONGLOMERATES — 0.8% | |||
Alfa SAB de CV, Series A | 153,092 | 362,415 | |
Carlisle Cos., Inc. | 3,645 | 238,419 | |
Danaher Corp. | 65,034 | 4,020,402 | |
General Electric Co. | 342,007 | 7,975,603 | |
Koninklijke Philips Electronics NV | 39,127 | 1,105,723 | |
13,702,562 | |||
INSURANCE — 2.8% | |||
ACE Ltd. | 8,433 | 756,271 | |
Aflac, Inc. | 49,975 | 2,783,108 | |
AIA Group Ltd. | 310,000 | 1,368,047 | |
Allied World Assurance Co. Holdings AG | 8,564 | 765,707 | |
Allstate Corp. (The) | 48,055 | 2,318,173 | |
American Equity Investment Life Holding Co. | 1,609 | 26,066 | |
American International Group, Inc.(1) | 91,134 | 4,051,818 | |
AMERISAFE, Inc. | 1,836 | 62,295 | |
Amtrust Financial Services, Inc. | 2,729 | 90,139 | |
Aon plc | 9,503 | 605,056 | |
Argo Group International Holdings Ltd. | 1,340 | 53,077 | |
Aspen Insurance Holdings Ltd. | 1,947 | 71,550 | |
Axis Capital Holdings Ltd. | 27,774 | 1,209,835 | |
Baldwin & Lyons, Inc., Class B | 2,806 | 66,474 | |
Berkshire Hathaway, Inc., Class B(1) | 32,956 | 3,759,291 | |
Chubb Corp. (The) | 19,131 | 1,666,310 | |
Cincinnati Financial Corp. | 12,400 | 587,016 | |
CNO Financial Group, Inc. | 3,958 | 48,842 | |
Discovery Holdings Ltd. | 96,264 | 773,164 | |
Endurance Specialty Holdings Ltd. | 1,764 | 88,782 |
Shares/ Principal Amount | Value |
First American Financial Corp. | 21,300 | $ 508,644 | |
Hanover Insurance Group, Inc. (The) | 1,021 | 51,285 | |
HCC Insurance Holdings, Inc. | 27,410 | 1,174,519 | |
Infinity Property & Casualty Corp. | 1,473 | 85,066 | |
Loews Corp. | 21,390 | 980,090 | |
Marsh & McLennan Cos., Inc. | 22,671 | 907,293 | |
MetLife, Inc. | 119,802 | 5,296,446 | |
Muenchener Rueckversicherungs AG | 12,793 | 2,394,806 | |
National Financial Partners Corp.(1) | 1,016 | 25,613 | |
Ping An Insurance Group Co. H Shares | 178,000 | 1,304,713 | |
Platinum Underwriters Holdings Ltd. | 816 | 46,594 | |
Powszechny Zaklad Ubezpieczen SA | 3,611 | 502,496 | |
Primerica, Inc. | 775 | 27,296 | |
Principal Financial Group, Inc. | 20,950 | 792,958 | |
ProAssurance Corp. | 2,012 | 101,002 | |
Prudential Financial, Inc. | 22,400 | 1,544,928 | |
Reinsurance Group of America, Inc. | 27,313 | 1,799,654 | |
RenaissanceRe Holdings Ltd. | 5,863 | 503,984 | |
Sampo A Shares | 28,134 | 1,137,868 | |
Symetra Financial Corp. | 40,766 | 569,093 | |
Torchmark Corp. | 7,329 | 472,794 | |
Travelers Cos., Inc. (The) | 67,285 | 5,633,100 | |
United Fire Group, Inc. | 2,605 | 69,944 | |
Unum Group | 19,867 | 565,812 | |
Validus Holdings Ltd. | 1,102 | 39,793 | |
47,686,812 | |||
INTERNET AND CATALOG RETAIL — 0.4% | |||
Amazon.com, Inc.(1) | 5,265 | 1,416,443 | |
Expedia, Inc. | 61,995 | 3,562,233 | |
priceline.com, Inc.(1) | 1,510 | 1,213,934 | |
Rakuten, Inc. | 116,192 | 1,287,885 | |
Shutterfly, Inc.(1) | 1,610 | 78,471 | |
7,558,966 | |||
INTERNET SOFTWARE AND SERVICES — 1.1% | |||
Angie’s List, Inc.(1) | 984 | 23,085 | |
CoStar Group, Inc.(1) | 1,247 | 139,427 | |
eBay, Inc.(1) | 36,247 | 1,960,963 | |
Equinix, Inc.(1) | 3,192 | 646,827 | |
Google, Inc. Class A(1) | 10,941 | 9,523,156 | |
LinkedIn Corp., Class A(1) | 7,820 | 1,310,085 | |
Mail.ru Group Ltd. GDR | 16,584 | 461,939 | |
Market Leader, Inc.(1) | 6,023 | 64,446 | |
NIC, Inc. | 2,041 | 34,125 | |
OpenTable, Inc.(1) | 795 | 53,026 | |
Telecity Group plc | 75,598 | 1,111,457 | |
Tencent Holdings Ltd. | 55,400 | 2,187,928 | |
Trulia, Inc.(1) | 1,140 | 35,044 | |
ValueClick, Inc.(1) | 3,488 | 91,874 | |
Web.com Group, Inc.(1) | 7,678 | 161,161 | |
Yahoo Japan Corp. | 3,232 | 1,469,488 | |
19,274,031 | |||
IT SERVICES — 1.0% | |||
Accenture plc, Class A | 16,649 | 1,367,049 | |
Alliance Data Systems Corp.(1) | 17,090 | 3,026,468 | |
Computer Task Group, Inc. | 2,509 | 56,001 | |
DST Systems, Inc. | 1,486 | 101,315 | |
EVERTEC, Inc.(1) | 2,418 | 48,408 | |
FleetCor Technologies, Inc.(1) | 1,095 | 95,353 | |
Global Payments, Inc. | 1,654 | 79,326 | |
Heartland Payment Systems, Inc. | 3,353 | 107,497 | |
International Business Machines Corp. | 35,485 | 7,381,590 | |
MasterCard, Inc., Class A | 5,351 | 3,051,408 | |
MAXIMUS, Inc. | 1,113 | 83,063 | |
MoneyGram International, Inc.(1) | 2,120 | 41,722 | |
SYKES Enterprises, Inc.(1) | 4,668 | 73,801 | |
Teradata Corp.(1) | 12,064 | 672,568 | |
VeriFone Systems, Inc.(1) | 4,133 | 96,423 | |
WEX, Inc.(1) | 1,039 | 76,751 | |
16,358,743 | |||
LEISURE EQUIPMENT AND PRODUCTS — 0.3% | |||
Brunswick Corp. | 6,725 | 225,758 | |
Hasbro, Inc. | 39,591 | 1,761,008 | |
Mattel, Inc. | 49,463 | 2,213,469 | |
Merida Industry Co. Ltd. | 127,000 | 812,490 | |
Polaris Industries, Inc. | 605 | 57,784 | |
5,070,509 |
Shares/ Principal Amount | Value |
LIFE SCIENCES TOOLS AND SERVICES — 0.2% | |||
Agilent Technologies, Inc. | 20,824 | $ 946,451 | |
Covance, Inc.(1) | 12,098 | 902,269 | |
Luminex Corp.(1) | 1,591 | 30,658 | |
PAREXEL International Corp.(1) | 1,539 | 70,317 | |
Thermo Fisher Scientific, Inc. | 7,871 | 695,009 | |
Waters Corp.(1) | 8,572 | 828,998 | |
3,473,702 | |||
MACHINERY — 1.1% | |||
Altra Holdings, Inc. | 3,102 | 89,369 | |
Barnes Group, Inc. | 1,484 | 44,846 | |
Briggs & Stratton Corp. | 2,874 | 67,252 | |
Caterpillar, Inc. | 7,816 | 670,613 | |
Chart Industries, Inc.(1) | 795 | 77,338 | |
CLARCOR, Inc. | 896 | 48,599 | |
Crane Co. | 11,398 | 681,030 | |
Dover Corp. | 9,999 | 782,422 | |
Dynamic Materials Corp. | 4,725 | 76,072 | |
FANUC Corp. | 5,100 | 753,686 | |
Flowserve Corp. | 3,330 | 559,873 | |
FreightCar America, Inc. | 2,458 | 44,588 | |
Global Brass & Copper Holdings, Inc.(1) | 2,224 | 29,357 | |
Graham Corp. | 1,750 | 49,000 | |
Ingersoll-Rand plc | 5,860 | 337,126 | |
ITT Corp. | 18,523 | 558,468 | |
Kadant, Inc. | 890 | 26,629 | |
Kaydon Corp. | 27,410 | 741,166 | |
Kennametal, Inc. | 3,030 | 131,320 | |
Kone Oyj | 16,839 | 1,480,322 | |
Kubota Corp. | 115,000 | 1,712,844 | |
Lincoln Electric Holdings, Inc. | 7,658 | 457,948 | |
Lindsay Corp. | 148 | 12,025 | |
Marcopolo SA Preference Shares | 100,000 | 622,374 | |
Middleby Corp.(1) | 1,557 | 254,554 | |
Mitsubishi Heavy Industries Ltd. | 252,000 | 1,544,627 | |
Mueller Industries, Inc., Class A | 507 | 27,606 | |
Mueller Water Products, Inc. Class A | 16,042 | 122,080 | |
PACCAR, Inc. | 16,200 | 868,320 | |
Parker-Hannifin Corp. | 14,327 | 1,429,262 | |
Standex International Corp. | 396 | 20,659 | |
Trinity Industries, Inc. | 17,617 | 721,064 | |
Valmont Industries, Inc. | 4,130 | 629,123 | |
Volvo AB B Shares | 106,424 | 1,552,620 | |
Woodward, Inc. | 20,416 | 799,286 | |
18,023,468 | |||
MEDIA — 1.9% | |||
Belo Corp. Class A | 5,548 | 62,249 | |
CBS Corp., Class B | 58,986 | 2,919,807 | |
Charter Communications, Inc., Class A(1) | 4,293 | 480,473 | |
Comcast Corp., Class A | 200,766 | 8,060,755 | |
DIRECTV(1) | 2,045 | 125,011 | |
Discovery Communications, Inc. Class A(1) | 17,244 | 1,359,862 | |
Discovery Communications, Inc. Class C(1) | 11,249 | 787,092 | |
E.W. Scripps Co. (The), Class A(1) | 6,445 | 87,974 | |
Entercom Communications Corp., Class A(1) | 10,925 | 101,384 | |
Entravision Communications Corp., Class A | 43,950 | 203,488 | |
Kabel Deutschland Holding AG | 13,976 | 1,322,887 | |
Liberty Global, Inc. Class A(1) | 28,084 | 2,069,791 | |
LIN TV Corp., Class A(1) | 9,074 | 110,068 | |
Naspers Ltd. N Shares | 17,728 | 1,302,583 | |
Nexstar Broadcasting Group, Inc. Class A | 2,247 | 62,916 | |
Publicis Groupe SA | 15,928 | 1,132,507 | |
Regal Entertainment Group Class A | 5,046 | 89,314 | |
Scripps Networks Interactive, Inc. Class A | 22,286 | 1,501,185 | |
SES SA | 14,183 | 418,088 | |
Sinclair Broadcast Group, Inc., Class A | 7,552 | 204,131 | |
Sirius XM Radio, Inc. | 252,257 | 877,854 | |
Sky Deutschland AG(1) | 123,525 | 826,553 | |
Time Warner Cable, Inc. | 42,667 | 4,075,125 | |
Time Warner, Inc. | 50,347 | 2,938,754 | |
Viacom, Inc., Class B | 29,670 | 1,954,956 | |
33,074,807 |
Shares/ Principal Amount | Value |
METALS AND MINING — 0.6% | |||
BHP Billiton Ltd. | 63,059 | $ 2,055,021 | |
Century Aluminum Co.(1) | 5,182 | 51,354 | |
Coeur Mining, Inc.(1) | 13,034 | 184,953 | |
Compass Minerals International, Inc. | 1,192 | 104,014 | |
Freeport-McMoRan Copper & Gold, Inc. | 42,640 | 1,323,972 | |
Grupo Mexico SAB de CV | 113,154 | 374,575 | |
Haynes International, Inc. | 1,561 | 76,395 | |
Iluka Resources Ltd. | 56,370 | 596,023 | |
Newmont Mining Corp. | 28,387 | 973,106 | |
Nucor Corp. | 44,952 | 2,000,814 | |
Rio Tinto plc | 30,362 | 1,310,018 | |
Schnitzer Steel Industries, Inc. Class A | 2,762 | 68,221 | |
Southern Copper Corp. | 18,002 | 560,762 | |
Worthington Industries, Inc. | 14,191 | 487,887 | |
10,167,115 | |||
MULTI-UTILITIES — 0.2% | |||
Avista Corp. | 4,028 | 107,588 | |
DTE Energy Co. | 8,713 | 580,373 | |
National Grid plc | 83,860 | 992,172 | |
PG&E Corp. | 47,149 | 2,117,461 | |
3,797,594 | |||
MULTILINE RETAIL — 0.4% | |||
Dillard’s, Inc., Class A | 9,993 | 922,054 | |
Macy’s, Inc. | 24,050 | 1,162,577 | |
PT Matahari Department Store Tbk(1) | 524,500 | 696,113 | |
SACI Falabella | 42,818 | 486,199 | |
Target Corp. | 43,203 | 3,002,609 | |
6,269,552 | |||
OIL, GAS AND CONSUMABLE FUELS — 3.7% | |||
Alliance Resource Partners LP | 1,108 | 80,086 | |
Alon USA Partners LP | 4,834 | 118,868 | |
Apache Corp. | 34,810 | 2,858,945 | |
BG Group plc | 116,809 | 2,125,907 | |
Bill Barrett Corp.(1) | 763 | 17,221 | |
Cabot Oil & Gas Corp. | 26,493 | 1,864,047 | |
Chevron Corp. | 60,895 | 7,474,861 | |
CNOOC Ltd. | 420,000 | 738,503 | |
ConocoPhillips | 15,052 | 923,290 | |
Delek US Holdings, Inc. | 19,168 | 690,623 | |
Devon Energy Corp. | 17,241 | 980,151 | |
Dragon Oil plc | 48,779 | 461,812 | |
Energy XXI Bermuda Ltd. | 2,120 | 54,124 | |
ENI SpA | 39,281 | 888,240 | |
EOG Resources, Inc. | 10,928 | 1,410,805 | |
EQT Midstream Partners LP | 1,527 | 74,609 | |
Exxon Mobil Corp. | 200,646 | 18,152,444 | |
Global Partners LP | 1,223 | 40,249 | |
Gulfport Energy Corp.(1) | 4,431 | 211,314 | |
Hugoton Royalty Trust | 6,114 | 54,720 | |
Imperial Oil Ltd. | 60,696 | 2,370,466 | |
Kodiak Oil & Gas Corp.(1) | 6,886 | 60,459 | |
Kunlun Energy Co. Ltd. | 396,000 | 754,435 | |
Marathon Petroleum Corp. | 39,961 | 3,296,783 | |
Murphy Oil Corp. | 13,868 | 878,122 | |
Noble Energy, Inc. | 21,642 | 1,247,661 | |
NovaTek OAO GDR | 4,826 | 536,317 | |
Oasis Petroleum, Inc.(1) | 18,594 | 690,953 | |
Occidental Petroleum Corp. | 39,279 | 3,616,418 | |
Pacific Coast Oil Trust | 5,161 | 94,498 | |
PBF Energy, Inc. | 2,120 | 61,840 | |
Peabody Energy Corp. | 10,540 | 207,322 | |
Rosetta Resources, Inc.(1) | 2,886 | 135,238 | |
Royal Dutch Shell plc, Class A | 41,243 | 1,373,460 | |
Scorpio Tankers, Inc.(1) | 2,882 | 27,350 | |
Southwestern Energy Co.(1) | 25,873 | 975,153 | |
Spectra Energy Partners LP | 4,064 | 144,719 | |
Swift Energy Co.(1) | 2,774 | 37,615 | |
Tesoro Corp. | 21,534 | 1,327,571 | |
Total SA ADR | 29,630 | 1,477,056 | |
Vaalco Energy, Inc.(1) | 4,964 | 30,380 | |
Valero Energy Corp. | 62,196 | 2,527,024 | |
W&T Offshore, Inc. | 3,283 | 48,391 | |
Western Refining, Inc. | 59,958 | 2,000,798 | |
Williams Partners LP | 12,882 | 642,683 | |
63,783,531 | |||
PAPER AND FOREST PRODUCTS — 0.1% | |||
Boise Cascade Co.(1) | 2,417 | 72,655 | |
Clearwater Paper Corp.(1) | 1,868 | 89,346 | |
International Paper Co. | 24,020 | 1,108,523 | |
KapStone Paper and Packaging Corp. | 5,022 | 145,688 | |
Neenah Paper, Inc. | 1,774 | 55,721 |
Shares/ Principal Amount | Value |
P.H. Glatfelter Co. | 1,342 | $ 33,188 | |
Wausau Paper Corp. | 1,810 | 21,141 | |
1,526,262 | |||
PERSONAL PRODUCTS — 0.3% | |||
Estee Lauder Cos., Inc. (The), Class A | 11,898 | 806,446 | |
Hengan International Group Co. Ltd. | 73,000 | 806,999 | |
Hypermarcas SA | 79,400 | 626,510 | |
L’Oreal SA | 10,147 | 1,701,037 | |
Nu Skin Enterprises, Inc., Class A | 3,529 | 207,505 | |
Prestige Brands Holdings, Inc.(1) | 3,602 | 105,863 | |
4,254,360 | |||
PHARMACEUTICALS — 3.6% | |||
AbbVie, Inc. | 78,684 | 3,359,020 | |
Actavis, Inc.(1) | 13,086 | 1,613,373 | |
Akorn, Inc.(1) | 2,003 | 29,104 | |
Allergan, Inc. | 12,756 | 1,269,094 | |
Aspen Pharmacare Holdings Ltd. | 33,757 | 695,532 | |
Auxilium Pharmaceuticals, Inc.(1) | 1,464 | 21,843 | |
Bayer AG | 8,140 | 875,615 | |
Bristol-Myers Squibb Co. | 71,155 | 3,273,842 | |
Eli Lilly & Co. | 76,275 | 4,054,779 | |
Hospira, Inc.(1) | 27,965 | 969,826 | |
Impax Laboratories, Inc.(1) | 3,824 | 72,465 | |
Jazz Pharmaceuticals plc(1) | 2,309 | 156,943 | |
Johnson & Johnson | 141,787 | 11,935,630 | |
Medicines Co. (The)(1) | 1,705 | 54,918 | |
Merck & Co., Inc. | 173,986 | 8,125,146 | |
Nektar Therapeutics(1) | 2,789 | 26,412 | |
Novartis AG | 37,548 | 2,690,529 | |
Novo Nordisk A/S B Shares | 14,271 | 2,291,073 | |
Optimer Pharmaceuticals, Inc.(1) | 1,893 | 28,168 | |
Perrigo Co. | 15,290 | 1,772,264 | |
Pfizer, Inc. | 373,531 | 10,171,249 | |
Questcor Pharmaceuticals, Inc. | 1,658 | 56,654 | |
Roche Holding AG | 16,484 | 4,078,806 | |
Sanofi | 29,915 | 3,145,990 | |
Santarus, Inc.(1) | 1,993 | 44,384 | |
VIVUS, Inc.(1) | 3,104 | 45,629 | |
Zoetis, Inc. | 10,621 | 339,872 | |
61,198,160 | |||
PROFESSIONAL SERVICES — 0.4% | |||
Adecco SA | 21,125 | 1,174,041 | |
Barrett Business Services, Inc. | 1,907 | 111,235 | |
Capita Group plc (The) | 139,894 | 2,038,105 | |
CDI Corp. | 5,561 | 75,908 | |
Dun & Bradstreet Corp. | 17,943 | 1,760,926 | |
Experian plc | 64,803 | 1,189,939 | |
Huron Consulting Group, Inc.(1) | 2,458 | 109,897 | |
Kforce, Inc. | 6,065 | 90,308 | |
On Assignment, Inc.(1) | 5,553 | 144,600 | |
WageWorks, Inc.(1) | 3,042 | 88,127 | |
6,783,086 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.3% | |||
Acadia Realty Trust | 4,800 | 124,416 | |
American Campus Communities, Inc. | 14,621 | 596,975 | |
American Tower Corp. | 6,587 | 512,732 | |
Annaly Capital Management, Inc. | 57,738 | 784,082 | |
Apartment Investment & Management Co., Class A | 20,965 | 634,401 | |
Apollo Commercial Real Estate Finance, Inc. | 3,469 | 57,828 | |
Armada Hoffler Properties, Inc.(1) | 2,285 | 26,209 | |
Associated Estates Realty Corp. | 3,168 | 52,050 | |
AvalonBay Communities, Inc. | 7,911 | 1,049,473 | |
BioMed Realty Trust, Inc. | 2,097 | 43,890 | |
Boston Properties, Inc. | 8,119 | 865,323 | |
Brandywine Realty Trust | 3,126 | 44,264 | |
Camden Property Trust | 9,847 | 681,905 | |
Campus Crest Communities, Inc. | 6,526 | 82,554 | |
Capstead Mortgage Corp. | 2,009 | 24,671 | |
CBL & Associates Properties, Inc. | 21,953 | 504,699 | |
Chatham Lodging Trust | 2,287 | 42,424 | |
Chimera Investment Corp. | 8,104 | 24,717 | |
Colony Financial, Inc. | 2,245 | 49,727 | |
Corporate Office Properties Trust | 12,884 | 343,101 |
Shares/ Principal Amount | Value |
Corrections Corp. of America | 22,712 | $ 798,327 | |
CYS Investments, Inc. | 1,161 | 11,935 | |
DCT Industrial Trust, Inc. | 61,455 | 453,538 | |
DDR Corp. | 45,142 | 788,179 | |
DiamondRock Hospitality Co. | 9,685 | 92,104 | |
Digital Realty Trust, Inc. | 3,621 | 220,555 | |
Douglas Emmett, Inc. | 19,200 | 489,408 | |
Duke Realty Corp. | 30,489 | 505,203 | |
Equity Lifestyle Properties, Inc. | 335 | 25,852 | |
Equity One, Inc. | 12,700 | 296,291 | |
Equity Residential | 24,139 | 1,365,060 | |
Essex Property Trust, Inc. | 3,209 | 504,262 | |
Excel Trust, Inc. | 2,920 | 39,011 | |
Extra Space Storage, Inc. | 15,520 | 650,133 | |
First Industrial Realty Trust, Inc. | 17,572 | 296,791 | |
General Growth Properties, Inc. | 34,838 | 715,224 | |
Geo Group, Inc. (The) | 1,451 | 50,524 | |
Hatteras Financial Corp. | 1,013 | 26,156 | |
HCP, Inc. | 31,416 | 1,488,490 | |
Health Care REIT, Inc. | 19,498 | 1,326,449 | |
Healthcare Realty Trust, Inc. | 1,206 | 32,092 | |
Hersha Hospitality Trust | 18,743 | 107,210 | |
Highwoods Properties, Inc. | 1,321 | 48,111 | |
Host Hotels & Resorts, Inc. | 64,636 | 1,149,874 | |
Hudson Pacific Properties, Inc. | 8,252 | 178,161 | |
Kilroy Realty Corp. | 15,342 | 811,745 | |
Kimco Realty Corp. | 11,124 | 246,397 | |
LaSalle Hotel Properties | 3,652 | 96,413 | |
Lexington Realty Trust | 2,820 | 35,504 | |
Liberty Property Trust | 7,999 | 324,599 | |
Link Real Estate Investment Trust (The) | 93,344 | 481,052 | |
Macerich Co. (The) | 13,568 | 880,699 | |
Mack-Cali Realty Corp. | 2,986 | 79,129 | |
MFA Financial, Inc. | 2,827 | 24,821 | |
National Retail Properties, Inc. | 2,631 | 94,374 | |
New Residential Investment Corp.(1) | 28,007 | 191,568 | |
Newcastle Investment Corp. | 3,527 | 17,847 | |
Omega Healthcare Investors, Inc. | 3,503 | 113,532 | |
Parkway Properties, Inc. | 17,732 | 304,636 | |
Pebblebrook Hotel Trust | 7,884 | 206,876 | |
Pennsylvania Real Estate Investment Trust | 1,248 | 24,823 | |
Piedmont Office Realty Trust, Inc., Class A | 57,780 | 1,097,242 | |
Post Properties, Inc. | 7,000 | 334,600 | |
ProLogis, Inc. | 39,492 | 1,591,528 | |
PS Business Parks, Inc. | 525 | 40,063 | |
Public Storage | 7,000 | 1,062,600 | |
Regency Centers Corp. | 4,000 | 206,400 | |
RLJ Lodging Trust | 17,120 | 396,499 | |
Rouse Properties, Inc. | 3,242 | 65,197 | |
Sabra Health Care REIT, Inc. | 953 | 25,779 | |
Simon Property Group, Inc. | 32,150 | 5,351,046 | |
SL Green Realty Corp. | 7,439 | 647,044 | |
Sovran Self Storage, Inc. | 1,054 | 68,373 | |
Summit Hotel Properties, Inc. | 5,064 | 49,982 | |
Sun Communities, Inc. | 5,402 | 269,938 | |
Sunstone Hotel Investors, Inc.(1) | 28,207 | 340,176 | |
Taubman Centers, Inc. | 8,723 | 702,899 | |
UDR, Inc. | 30,354 | 739,727 | |
Urstadt Biddle Properties, Inc., Class A | 3,756 | 79,101 | |
Ventas, Inc. | 30,796 | 2,197,911 | |
Vornado Realty Trust | 8,939 | 714,673 | |
Washington Real Estate Investment Trust | 2,307 | 64,181 | |
Weingarten Realty Investors | 14,700 | 468,636 | |
38,651,991 | |||
REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.5% | |||
BR Malls Participacoes SA | 70,900 | 723,632 | |
BR Properties SA | 30,600 | 295,028 | |
CBRE Group, Inc.(1) | 95,718 | 2,218,743 | |
China Overseas Land & Investment Ltd. | 402,000 | 1,178,665 | |
Daito Trust Construction Co. Ltd. | 10,400 | 969,392 | |
Forest City Enterprises, Inc. Class A(1) | 17,300 | 324,548 | |
Mitsubishi Estate Co. Ltd. | 72,000 | 1,767,975 | |
Realogy Holdings Corp.(1) | 9,163 | 473,177 | |
7,951,160 |
Shares/ Principal Amount | Value |
ROAD AND RAIL — 0.7% | |||
Arkansas Best Corp. | 3,450 | $ 65,860 | |
Avis Budget Group, Inc.(1) | 2,856 | 94,705 | |
Canadian Pacific Railway Ltd. | 14,069 | 1,870,529 | |
Canadian Pacific Railway Ltd. New York Shares | 18,419 | 2,431,124 | |
Celadon Group, Inc. | 4,325 | 84,381 | |
Genesee & Wyoming, Inc. Class A(1) | 11,623 | 1,035,028 | |
Heartland Express, Inc. | 72,427 | 1,039,327 | |
Hertz Global Holdings, Inc.(1) | 24,840 | 641,617 | |
Kansas City Southern | 21,898 | 2,424,109 | |
Marten Transport Ltd. | 4,843 | 116,183 | |
Saia, Inc.(1) | 1,146 | 54,762 | |
Swift Transportation Co.(1) | 7,439 | 125,273 | |
Union Pacific Corp. | 17,808 | 2,753,473 | |
Werner Enterprises, Inc. | 1,086 | 27,183 | |
12,763,554 | |||
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.2% | |||
Altera Corp. | 18,350 | 609,037 | |
Analog Devices, Inc. | 9,497 | 436,197 | |
Applied Materials, Inc. | 158,922 | 2,415,614 | |
ARM Holdings plc | 135,529 | 1,978,517 | |
ASML Holding NV | 30,413 | 2,507,739 | |
Avago Technologies Ltd. | 27,198 | 1,025,637 | |
Broadcom Corp., Class A | 67,468 | 2,422,776 | |
Cavium Networks, Inc.(1) | 2,399 | 78,591 | |
Cirrus Logic, Inc.(1) | 1,639 | 29,912 | |
Cypress Semiconductor Corp. | 10,705 | 120,324 | |
Diodes, Inc.(1) | 6,890 | 162,604 | |
First Solar, Inc.(1) | 1,256 | 68,301 | |
Freescale Semiconductor Ltd.(1) | 34,086 | 542,649 | |
Intel Corp. | 68,705 | 1,668,157 | |
Intersil Corp., Class A | 9,463 | 77,597 | |
KLA-Tencor Corp. | 42,764 | 2,407,186 | |
Linear Technology Corp. | 35,460 | 1,329,750 | |
M/A-COM Technology Solutions Holdings, Inc.(1) | 975 | 13,582 | |
MediaTek, Inc. | 68,000 | 838,715 | |
Microchip Technology, Inc. | 14,304 | 521,810 | |
MKS Instruments, Inc. | 3,180 | 89,517 | |
Nanometrics, Inc.(1) | 7,988 | 115,427 | |
NXP Semiconductor NV(1) | 23,512 | 725,345 | |
ON Semiconductor Corp.(1) | 4,532 | 38,794 | |
Photronics, Inc.(1) | 10,149 | 77,437 | |
Power Integrations, Inc. | 1,772 | 75,647 | |
Samsung Electronics Co. Ltd. | 5,256 | 7,088,106 | |
Semtech Corp.(1) | 4,116 | 150,399 | |
Skyworks Solutions, Inc.(1) | 3,511 | 83,772 | |
Spansion, Inc., Class A(1) | 6,546 | 89,680 | |
SunEdison, Inc. | 3,084 | 24,888 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,039,500 | 3,781,144 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 92,638 | 1,728,625 | |
Teradyne, Inc.(1) | 101,341 | 1,818,058 | |
Texas Instruments, Inc. | 49,074 | 1,761,266 | |
Ultratech, Inc.(1) | 3,056 | 111,422 | |
Viatron Technologies, Inc.(1) | 12,800 | 219,032 | |
Xilinx, Inc. | 31,000 | 1,260,150 | |
38,493,404 | |||
SOFTWARE — 2.1% | |||
Activision Blizzard, Inc. | 35,474 | 511,890 | |
Aspen Technology, Inc.(1) | 5,145 | 157,540 | |
Bottomline Technologies (de), Inc.(1) | 3,068 | 84,769 | |
CA, Inc. | 54,971 | 1,501,258 | |
Cadence Design Systems, Inc.(1) | 56,456 | 854,179 | |
Citrix Systems, Inc.(1) | 10,090 | 649,292 | |
CommVault Systems, Inc.(1) | 18,037 | 1,262,590 | |
Compuware Corp.(1) | 5,088 | 57,138 | |
Dassault Systemes SA | 9,267 | 1,165,406 | |
Electronic Arts, Inc.(1) | 45,985 | 1,057,195 | |
Informatica Corp.(1) | 2,771 | 100,754 | |
Interactive Intelligence, Inc.(1) | 1,449 | 72,740 | |
Mentor Graphics Corp. | 1,417 | 26,909 | |
Microsoft Corp. | 390,256 | 13,612,129 | |
Monotype Imaging Holdings, Inc. | 3,590 | 81,708 | |
NetSuite, Inc.(1) | 19,520 | 1,709,952 | |
Oracle Corp. | 263,287 | 8,888,569 | |
PROS Holdings, Inc.(1) | 2,240 | 64,803 | |
PTC, Inc.(1) | 2,031 | 50,999 | |
QLIK Technologies, Inc.(1) | 3,318 | 102,062 | |
SAP AG | 17,389 | 1,324,451 |
Shares/ Principal Amount | Value |
Splunk, Inc.(1) | 21,296 | $ 995,801 | |
Symantec Corp.(1) | 81,925 | 1,834,301 | |
Synchronoss Technologies, Inc.(1) | 1,281 | 40,159 | |
Tangoe, Inc.(1) | 2,858 | 42,613 | |
Tyler Technologies, Inc.(1) | 892 | 61,557 | |
Ultimate Software Group, Inc.(1) | 591 | 65,778 | |
Websense, Inc.(1) | 11,873 | 295,044 | |
36,671,586 | |||
SPECIALTY RETAIL — 2.2% | |||
Aeropostale, Inc.(1) | 1,824 | 26,649 | |
American Eagle Outfitters, Inc. | 65,603 | 1,298,283 | |
ANN, Inc.(1) | 1,722 | 52,831 | |
Asbury Automotive Group, Inc.(1) | 2,544 | 104,813 | |
Barnes & Noble, Inc.(1) | 2,333 | 52,492 | |
Bed Bath & Beyond, Inc.(1) | 3,536 | 241,332 | |
Buckle, Inc. (The) | 11,139 | 595,714 | |
Cabela’s, Inc.(1) | 1,469 | 98,511 | |
Chico’s FAS, Inc. | 25,863 | 467,086 | |
Conn’s, Inc.(1) | 1,542 | 75,913 | |
Destination Maternity Corp. | 2,461 | 61,304 | |
DSW, Inc., Class A | 15,322 | 1,133,675 | |
Fast Retailing Co. Ltd. | 2,000 | 672,451 | |
Foot Locker, Inc. | 12,518 | 429,618 | |
GameStop Corp., Class A | 8,859 | 293,764 | |
Gap, Inc. (The) | 58,283 | 2,363,376 | |
Genesco, Inc.(1) | 1,507 | 101,843 | |
GNC Holdings, Inc. Class A | 52,961 | 2,384,834 | |
Home Depot, Inc. (The) | 73,814 | 5,806,209 | |
Inditex SA | 9,409 | 1,166,204 | |
Kingfisher plc | 172,960 | 905,091 | |
Lithia Motors, Inc., Class A | 3,819 | 198,932 | |
Lowe’s Cos., Inc. | 104,130 | 4,384,914 | |
Lumber Liquidators Holdings, Inc.(1) | 8,418 | 691,202 | |
Mr Price Group Ltd. | 35,770 | 453,436 | |
O’Reilly Automotive, Inc.(1) | 9,951 | 1,083,763 | |
Office Depot, Inc.(1) | 6,318 | 27,862 | |
OfficeMax, Inc. | 1,463 | 19,063 | |
Penske Automotive Group, Inc. | 2,246 | 72,119 | |
PetSmart, Inc. | 47,039 | 3,175,132 | |
Ross Stores, Inc. | 17,600 | 1,131,680 | |
Rue21, Inc.(1) | 2,249 | 94,436 | |
Signet Jewelers Ltd. | 13,126 | 899,262 | |
Stage Stores, Inc. | 2,291 | 52,716 | |
TJX Cos., Inc. (The) | 56,138 | 2,841,144 | |
Tractor Supply Co. | 18,302 | 2,049,458 | |
Urban Outfitters, Inc.(1) | 34,963 | 1,465,999 | |
36,973,111 | |||
TEXTILES, APPAREL AND LUXURY GOODS — 0.7% | |||
adidas AG | 10,688 | 1,160,529 | |
Burberry Group plc | 49,087 | 1,069,871 | |
Cie Financiere Richemont SA | 12,840 | 1,128,578 | |
Coach, Inc. | 23,620 | 1,376,101 | |
Crocs, Inc.(1) | 2,375 | 41,895 | |
Culp, Inc. | 4,113 | 70,949 | |
Fifth & Pacific Cos., Inc.(1) | 3,380 | 72,636 | |
G-III Apparel Group Ltd.(1) | 799 | 33,646 | |
Hanesbrands, Inc. | 38,084 | 1,898,868 | |
Iconix Brand Group, Inc.(1) | 4,036 | 121,443 | |
Luxottica Group SpA | 20,097 | 1,030,390 | |
Michael Kors Holdings Ltd.(1) | 12,648 | 794,547 | |
Movado Group, Inc. | 2,841 | 102,560 | |
Prada SpA | 116,000 | 1,112,417 | |
PVH Corp. | 16,913 | 1,948,209 | |
True Religion Apparel, Inc. | 1,400 | 44,576 | |
Under Armour, Inc. Class A(1) | 10,130 | 628,060 | |
Vera Bradley, Inc.(1) | 5,505 | 129,368 | |
12,764,643 | |||
THRIFTS AND MORTGAGE FINANCE — 0.2% | |||
Brookline Bancorp., Inc. | 3,488 | 29,578 | |
Capitol Federal Financial, Inc. | 56,286 | 668,115 | |
Flushing Financial Corp. | 2,356 | 36,824 | |
MGIC Investment Corp.(1) | 7,572 | 46,795 | |
Ocwen Financial Corp.(1) | 50,349 | 2,153,930 | |
Oritani Financial Corp. | 3,815 | 58,484 | |
People’s United Financial, Inc. | 70,385 | 968,498 | |
Provident Financial Services, Inc. | 2,196 | 33,423 | |
Radian Group, Inc. | 4,190 | 53,925 | |
Rockville Financial, Inc. | 2,463 | 32,118 | |
Simplicity Bancorp, Inc. | 1,908 | 26,808 | |
Washington Federal, Inc. | 1,584 | 27,704 | |
4,136,202 |
Shares/ Principal Amount | Value |
TOBACCO — 0.8% | |||
Altria Group, Inc. | 26,180 | $ 945,098 | |
British American Tobacco plc | 39,853 | 2,188,775 | |
ITC Ltd. | 232,953 | 1,399,122 | |
Japan Tobacco, Inc. | 46,100 | 1,561,390 | |
Lorillard, Inc. | 23,421 | 993,987 | |
Philip Morris International, Inc. | 49,788 | 4,526,227 | |
Universal Corp. | 33,214 | 1,947,337 | |
13,561,936 | |||
TRADING COMPANIES AND DISTRIBUTORS — 0.5% | |||
Applied Industrial Technologies, Inc. | 1,595 | 76,672 | |
Ashtead Group plc | 133,412 | 1,251,828 | |
Beacon Roofing Supply, Inc.(1) | 2,746 | 113,190 | |
Brenntag AG | 2,090 | 318,597 | |
DXP Enterprises, Inc.(1) | 1,138 | 67,222 | |
Edgen Group, Inc.(1) | 3,483 | 22,953 | |
Fastenal Co. | 19,230 | 1,003,421 | |
H&E Equipment Services, Inc. | 5,118 | 114,541 | |
Kaman Corp. | 1,733 | 58,766 | |
Mitsubishi Corp. | 66,100 | 1,150,863 | |
PT AKR Corporindo Tbk | 988,500 | 538,738 | |
United Rentals, Inc.(1) | 30,176 | 1,715,204 | |
W.W. Grainger, Inc. | 2,380 | 612,707 | |
Watsco, Inc. | 869 | 75,820 | |
Wolseley plc | 31,884 | 1,615,545 | |
8,736,067 | |||
TRANSPORTATION INFRASTRUCTURE — 0.1% | |||
CCR SA | 70,600 | 638,162 | |
TAV Havalimanlari Holding AS(1) | 97,792 | 613,913 | |
1,252,075 | |||
WATER UTILITIES† | |||
Artesian Resources Corp., Class A | 2,214 | 48,951 | |
WIRELESS TELECOMMUNICATION SERVICES — 0.4% | |||
Axiata Group Bhd | 343,200 | 750,597 | |
Idea Cellular Ltd.(1) | 169,540 | 394,586 | |
KDDI Corp. | 36,900 | 1,667,678 | |
Mobile Telesystems OJSC ADR | 24,902 | 479,861 | |
Rogers Communications, Inc., Class B | 11,551 | 523,653 | |
SBA Communications Corp., Class A(1) | 39,321 | 2,959,692 | |
6,776,067 | |||
TOTAL COMMON STOCKS (Cost $802,494,710) | 1,082,606,642 | ||
U.S. Treasury Securities — 11.3% | |||
U.S. Treasury Bonds, 5.50%, 8/15/28 | $ 150,000 | 202,078 | |
U.S. Treasury Bonds, 5.375%, 2/15/31 | 2,100,000 | 2,834,345 | |
U.S. Treasury Bonds, 4.375%, 11/15/39 | 5,400,000 | 6,566,908 | |
U.S. Treasury Bonds, 4.375%, 5/15/41 | 270,000 | 328,810 | |
U.S. Treasury Bonds, 3.125%, 11/15/41 | 500,000 | 487,735 | |
U.S. Treasury Bonds, 2.75%, 11/15/42 | 3,050,000 | 2,739,757 | |
U.S. Treasury Bonds, 3.125%, 2/15/43 | 1,000,000 | 971,406 | |
U.S. Treasury Bonds, 2.875%, 5/15/43 | 1,650,000 | 1,520,579 | |
U.S. Treasury Inflation Indexed Bonds, 2.50%, 1/15/29 | 15,134,036 | 19,862,242 | |
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/40 | 969,192 | 1,267,975 | |
U.S. Treasury Inflation Indexed Bonds, 2.125%, 2/15/41 | 2,604,007 | 3,417,150 | |
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42 | 2,008,656 | 1,919,992 | |
U.S. Treasury Inflation Indexed Notes, 0.50%, 4/15/15 | 10,557,813 | 10,866,302 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/16 | 3,743,440 | 3,875,336 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/17 | 8,300,637 | 8,659,249 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/18 | 3,624,876 | 3,806,120 | |
U.S. Treasury Inflation Indexed Notes, 1.375%, 7/15/18 | 6,881,048 | 7,735,804 | |
U.S. Treasury Inflation Indexed Notes, 2.125%, 1/15/19 | 3,252,300 | 3,798,839 |
Shares/ Principal Amount | Value |
U.S. Treasury Inflation Indexed Notes, 1.375%, 1/15/20 | $ 2,367,970 | $ 2,688,200 | |
U.S. Treasury Inflation Indexed Notes, 1.125%, 1/15/21 | 10,640,200 | 11,944,454 | |
U.S. Treasury Inflation Indexed Notes, 0.625%, 7/15/21 | 5,576,634 | 6,060,234 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/22 | 2,056,740 | 2,126,476 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22 | 2,530,375 | 2,615,775 | |
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23 | 4,638,548 | 4,738,203 | |
U.S. Treasury Notes, 1.25%, 4/15/14 | 1,100,000 | 1,110,571 | |
U.S. Treasury Notes, 0.50%, 10/15/14 | 10,000,000 | 10,041,410 | |
U.S. Treasury Notes, 2.25%, 1/31/15 | 6,300,000 | 6,508,687 | |
U.S. Treasury Notes, 0.25%, 5/31/15 | 10,000,000 | 9,991,410 | |
U.S. Treasury Notes, 1.375%, 11/30/15 | 500,000 | 512,109 | |
U.S. Treasury Notes, 2.125%, 12/31/15 | 500,000 | 521,953 | |
U.S. Treasury Notes, 0.375%, 1/15/16 | 8,000,000 | 7,990,624 | |
U.S. Treasury Notes, 1.50%, 6/30/16 | 3,250,000 | 3,345,469 | |
U.S. Treasury Notes, 0.75%, 6/30/17 | 3,000,000 | 2,992,968 | |
U.S. Treasury Notes, 2.375%, 7/31/17 | 1,800,000 | 1,915,031 | |
U.S. Treasury Notes, 0.875%, 1/31/18 | 3,750,000 | 3,735,060 | |
U.S. Treasury Notes, 0.625%, 4/30/18 | 15,450,000 | 15,162,723 | |
U.S. Treasury Notes, 2.625%, 4/30/18 | 300,000 | 323,391 | |
U.S. Treasury Notes, 1.375%, 11/30/18 | 2,000,000 | 2,023,906 | |
U.S. Treasury Notes, 2.625%, 8/15/20 | 1,000,000 | 1,071,953 | |
U.S. Treasury Notes, 2.125%, 8/15/21 | 7,150,000 | 7,322,050 | |
U.S. Treasury Notes, 1.625%, 8/15/22 | 1,100,000 | 1,063,219 | |
U.S. Treasury Notes, 2.00%, 2/15/23 | 5,850,000 | 5,800,644 | |
U.S. Treasury Notes, 1.75%, 5/15/23 | 300,000 | 289,594 | |
TOTAL U.S. TREASURY SECURITIES (Cost $185,258,231) | 192,756,741 | ||
Corporate Bonds — 8.1% | |||
AEROSPACE AND DEFENSE — 0.1% | |||
B/E Aerospace, Inc., 5.25%, 4/1/22 | 200,000 | 210,000 | |
L-3 Communications Corp., 4.75%, 7/15/20 | 130,000 | 140,692 | |
Lockheed Martin Corp., 4.25%, 11/15/19 | 220,000 | 246,354 | |
Raytheon Co., 2.50%, 12/15/22 | 80,000 | 76,411 | |
Triumph Group, Inc., 8.00%, 11/15/17 | 125,000 | 132,812 | |
United Technologies Corp., 3.10%, 6/1/22 | 70,000 | 71,793 | |
United Technologies Corp., 6.05%, 6/1/36 | 72,000 | 89,893 | |
United Technologies Corp., 4.50%, 6/1/42 | 160,000 | 166,303 | |
1,134,258 | |||
AUTO COMPONENTS — 0.1% | |||
Allison Transmission, Inc., 7.125%, 5/15/19(2) | 150,000 | 162,000 | |
Delphi Corp., 5.875%, 5/15/19 | 150,000 | 160,875 | |
Goodyear Tire & Rubber Co. (The), 8.25%, 8/15/20 | 55,000 | 61,531 | |
Goodyear Tire & Rubber Co. (The), 7.00%, 5/15/22 | 150,000 | 162,375 | |
Tomkins LLC/Tomkins, Inc., 9.00%, 10/1/18 | 82,000 | 91,020 | |
TRW Automotive, Inc., 8.875%, 12/1/17(2) | 225,000 | 241,313 | |
UCI International, Inc., 8.625%, 2/15/19 | 200,000 | 208,000 | |
Visteon Corp., 6.75%, 4/15/19 | 70,000 | 75,075 | |
1,162,189 | |||
AUTOMOBILES — 0.1% | |||
American Honda Finance Corp., 2.50%, 9/21/15(2) | 390,000 | 405,595 | |
American Honda Finance Corp., 1.50%, 9/11/17(2) | 70,000 | 70,049 | |
Chrysler Group LLC/CG Co-Issuer, Inc., 8.00%, 6/15/19 | 225,000 | 250,312 |
Shares/ Principal Amount | Value |
Daimler Finance North America LLC, 1.30%, 7/31/15(2) | $ 230,000 | $ 231,519 | |
Daimler Finance North America LLC, 2.625%, 9/15/16(2) | 310,000 | 321,373 | |
Ford Motor Co., 4.75%, 1/15/43 | 60,000 | 56,265 | |
Ford Motor Credit Co. LLC, 5.00%, 5/15/18 | 60,000 | 66,298 | |
Ford Motor Credit Co. LLC, 8.125%, 1/15/20 | 105,000 | 132,830 | |
Ford Motor Credit Co. LLC, 5.75%, 2/1/21 | 105,000 | 119,187 | |
Ford Motor Credit Co. LLC, 5.875%, 8/2/21 | 500,000 | 571,186 | |
General Motors Financial Co., Inc., 3.25%, 5/15/18(2) | 125,000 | 124,219 | |
2,348,833 | |||
BEVERAGES — 0.1% | |||
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 | 610,000 | 792,149 | |
Anheuser-Busch InBev Worldwide, Inc., 2.50%, 7/15/22 | 260,000 | 250,991 | |
Brown-Forman Corp., 3.75%, 1/15/43 | 50,000 | 46,833 | |
Coca-Cola Co. (The), 1.80%, 9/1/16 | 260,000 | 268,093 | |
Constellation Brands, Inc., 7.25%, 9/1/16 | 125,000 | 144,688 | |
Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16 | 90,000 | 94,315 | |
PepsiCo, Inc., 2.75%, 3/1/23 | 130,000 | 126,775 | |
PepsiCo, Inc., 4.875%, 11/1/40 | 80,000 | 85,986 | |
Pernod-Ricard SA, 2.95%, 1/15/17(2) | 230,000 | 239,672 | |
SABMiller Holdings, Inc., 2.45%, 1/15/17(2) | 310,000 | 320,389 | |
2,369,891 | |||
BIOTECHNOLOGY — 0.1% | |||
Amgen, Inc., 2.125%, 5/15/17 | 290,000 | 296,434 | |
Amgen, Inc., 4.10%, 6/15/21 | 120,000 | 130,261 | |
Amgen, Inc., 3.625%, 5/15/22 | 30,000 | 31,388 | |
Amgen, Inc., 6.40%, 2/1/39 | 60,000 | 73,441 | |
Amgen, Inc., 5.375%, 5/15/43 | 80,000 | 88,261 | |
Celgene Corp., 3.25%, 8/15/22 | 130,000 | 130,140 | |
Gilead Sciences, Inc., 4.40%, 12/1/21 | 100,000 | 111,034 | |
860,959 | |||
BUILDING PRODUCTS† | |||
Masco Corp., 6.125%, 10/3/16 | 110,000 | 123,238 | |
Masco Corp., 5.95%, 3/15/22 | 120,000 | 134,192 | |
USG Corp., 8.375%, 10/15/18(2) | 100,000 | 110,500 | |
367,930 | |||
CAPITAL MARKETS — 0.1% | |||
Bear Stearns Cos. LLC (The), 6.40%, 10/2/17 | 500,000 | 591,998 | |
Dresdner Funding Trust I, 8.15%, 6/30/31(2) | 210,000 | 224,700 | |
E*TRADE Financial Corp., 6.75%, 6/1/16 | 130,000 | 139,750 | |
E*TRADE Financial Corp., 6.00%, 11/15/17 | 70,000 | 73,325 | |
HBOS Capital Funding No. 2 LP, VRN, 6.07%, 6/30/14(2) | 100,000 | 91,750 | |
Jefferies Group, Inc., 5.125%, 4/13/18 | 180,000 | 197,656 | |
Merrill Lynch & Co., Inc., MTN, 5.45%, 7/15/14 | 125,000 | 130,889 | |
1,450,068 | |||
CHEMICALS — 0.2% | |||
Ashland, Inc., 4.75%, 8/15/22(2) | 120,000 | 122,850 | |
Dow Chemical Co. (The), 5.90%, 2/15/15 | 320,000 | 347,470 | |
Dow Chemical Co. (The), 2.50%, 2/15/16 | 200,000 | 207,851 | |
Dow Chemical Co. (The), 4.25%, 11/15/20 | 100,000 | 110,098 | |
Eastman Chemical Co., 2.40%, 6/1/17 | 130,000 | 133,581 | |
Eastman Chemical Co., 3.60%, 8/15/22 | 250,000 | 256,430 | |
Ecolab, Inc., 4.35%, 12/8/21 | 60,000 | 66,014 | |
EI du Pont de Nemours & Co., 4.15%, 2/15/43 | 50,000 | 50,151 | |
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 2/1/18 | 125,000 | 131,094 |
Shares/ Principal Amount | Value |
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 | $ 100,000 | $ 102,250 | |
Huntsman International LLC, 8.625%, 3/15/21 | 50,000 | 56,125 | |
Ineos Finance plc, 8.375%, 2/15/19(2) | 250,000 | 279,687 | |
Ineos Finance plc, 7.50%, 5/1/20(2) | 125,000 | 137,812 | |
LyondellBasell Industries NV, 5.00%, 4/15/19 | 125,000 | 141,404 | |
LyondellBasell Industries NV, 6.00%, 11/15/21 | 100,000 | 118,573 | |
Momentive Performance Materials, Inc., 10.00%, 10/15/20 | 125,000 | 135,313 | |
Momentive Performance Materials, Inc., 9.00%, 1/15/21 | 225,000 | 211,781 | |
2,608,484 | |||
COMMERCIAL BANKS — 0.6% | |||
Abbey National Treasury Services plc, MTN, 5.125%, 4/14/22 (Secured) | GBP | 100,000 | 179,700 |
Bank of America N.A., 5.30%, 3/15/17 | $ 1,470,000 | 1,632,977 | |
Bank of Montreal, MTN, 1.45%, 4/9/18 | 130,000 | 128,476 | |
Bank of Nova Scotia, 2.55%, 1/12/17 | 210,000 | 218,282 | |
Barclays Bank plc, 5.14%, 10/14/20 | 120,000 | 126,635 | |
BB&T Corp., 5.70%, 4/30/14 | 140,000 | 146,603 | |
BB&T Corp., 3.20%, 3/15/16 | 260,000 | 275,155 | |
Capital One Financial Corp., 1.00%, 11/6/15 | 110,000 | 109,401 | |
Capital One Financial Corp., 4.75%, 7/15/21 | 140,000 | 156,706 | |
Co-Operative Bank plc, 4.75%, 11/11/21 (Secured) | GBP | 100,000 | 168,164 |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.875%, 2/8/22 | $ 280,000 | 291,706 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, MTN, 4.375%, 6/7/21 | EUR | 140,000 | 211,468 |
HSBC Bank plc, 3.50%, 6/28/15(2) | 230,000 | 242,447 | |
Intesa Sanpaolo SpA, 3.875%, 1/16/18 | 50,000 | 49,399 | |
KBC Bank NV, VRN, 8.00%, 1/25/18 | 200,000 | 205,020 | |
KFW, 4.125%, 10/15/14 | 400,000 | 420,325 | |
KFW, 2.00%, 6/1/16 | 420,000 | 436,967 | |
KFW, 2.00%, 10/4/22 | 250,000 | 243,616 | |
KFW, MTN, 4.625%, 1/4/23 | EUR | 140,000 | 229,901 |
LBG Capital No.1 plc, 7.875%, 11/1/20(2) | $ 250,000 | 277,500 | |
LBG Capital No.1 plc, VRN, 8.00%, 6/15/20(2) | 100,000 | 106,043 | |
Lloyds Banking Group plc, VRN, 6.66%, 5/21/37(2) | 265,000 | 255,062 | |
Northern Trust Co. (The), 6.50%, 8/15/18 | 250,000 | 307,411 | |
Regions Bank, 6.45%, 6/26/37 | 250,000 | 276,509 | |
Regions Financial Corp., 5.75%, 6/15/15 | 75,000 | 81,227 | |
Royal Bank of Scotland Group plc, VRN, 7.64%, 9/29/17 | 300,000 | 294,750 | |
Royal Bank of Scotland Group plc, VRN, 7.65%, 9/30/31 | 125,000 | 131,875 | |
Royal Bank of Scotland plc (The), 4.375%, 3/16/16 | 210,000 | 227,671 | |
SunTrust Banks, Inc., 3.60%, 4/15/16 | 74,000 | 78,949 | |
Toronto-Dominion Bank (The), 2.375%, 10/19/16 | 300,000 | 313,399 | |
U.S. Bancorp., 3.44%, 2/1/16 | 180,000 | 190,156 | |
U.S. Bancorp., MTN, 3.00%, 3/15/22 | 130,000 | 132,033 | |
U.S. Bancorp., MTN, 2.95%, 7/15/22 | 60,000 | 58,608 | |
Wachovia Bank N.A., 4.80%, 11/1/14 | 564,000 | 595,392 | |
Wells Fargo & Co., 3.68%, 6/15/16 | 220,000 | 236,531 | |
Wells Fargo & Co., 2.10%, 5/8/17 | 380,000 | 389,199 | |
Wells Fargo & Co., 4.60%, 4/1/21 | 130,000 | 146,176 | |
9,571,439 |
Shares/ Principal Amount | Value |
COMMERCIAL SERVICES AND SUPPLIES — 0.1% | |||
Brickman Group Holdings, Inc., 9.125%, 11/1/18(2) | $ 110,000 | $ 119,625 | |
Ceridian Corp., 8.875%, 7/15/19(2) | 180,000 | 206,100 | |
Clean Harbors, Inc., 5.25%, 8/1/20 | 115,000 | 120,462 | |
Emergency Medical Services Corp., 8.125%, 6/1/19 | 250,000 | 273,750 | |
Iron Mountain, Inc., 8.375%, 8/15/21 | 225,000 | 245,531 | |
Iron Mountain, Inc., 5.75%, 8/15/24 | 160,000 | 162,800 | |
Republic Services, Inc., 3.80%, 5/15/18 | 100,000 | 107,929 | |
Republic Services, Inc., 3.55%, 6/1/22 | 110,000 | 112,416 | |
ServiceMaster Co., 8.00%, 2/15/20 | 80,000 | 82,700 | |
Waste Management, Inc., 6.125%, 11/30/39 | 240,000 | 293,932 | |
1,725,245 | |||
COMMUNICATIONS EQUIPMENT — 0.1% | |||
Alcatel-Lucent USA, Inc., 6.45%, 3/15/29 | 150,000 | 121,125 | |
Apple, Inc., 1.00%, 5/3/18 | 170,000 | 167,157 | |
Apple, Inc., 2.40%, 5/3/23 | 380,000 | 363,857 | |
Apple, Inc., 3.85%, 5/4/43 | 30,000 | 27,729 | |
Avaya, Inc., 7.00%, 4/1/19(2) | 145,000 | 135,938 | |
Cisco Systems, Inc., 5.90%, 2/15/39 | 150,000 | 185,425 | |
CommScope, Inc., 8.25%, 1/15/19(2) | 225,000 | 247,500 | |
Crown Castle International Corp., 5.25%, 1/15/23 | 275,000 | 279,469 | |
SBA Communications Corp., 5.625%, 10/1/19(2) | 125,000 | 129,219 | |
1,657,419 | |||
COMPUTERS AND PERIPHERALS† | |||
Dell, Inc., 2.30%, 9/10/15 | 100,000 | 100,728 | |
Dell, Inc., 3.10%, 4/1/16 | 40,000 | 40,689 | |
Dell, Inc., 5.875%, 6/15/19 | 125,000 | 131,140 | |
Hewlett-Packard Co., 4.30%, 6/1/21 | 250,000 | 252,255 | |
Seagate Technology HDD Holdings, 6.80%, 10/1/16 | 70,000 | 80,412 | |
605,224 | |||
CONSTRUCTION MATERIALS — 0.1% | |||
Associated Materials LLC, 9.125%, 11/1/17 | 100,000 | 106,250 | |
Building Materials Corp. of America, 6.75%, 5/1/21(2) | 115,000 | 124,775 | |
Covanta Holding Corp., 7.25%, 12/1/20 | 80,000 | 87,839 | |
Louisiana-Pacific Corp., 7.50%, 6/1/20 | 50,000 | 56,625 | |
Nortek, Inc., 8.50%, 4/15/21 | 125,000 | 137,500 | |
Owens Corning, 4.20%, 12/15/22 | 140,000 | 144,391 | |
Summit Materials LLC/Summit Materials Finance Corp., 10.50%, 1/31/20(2) | 100,000 | 112,750 | |
Vulcan Materials Co., 7.00%, 6/15/18 | 100,000 | 114,000 | |
884,130 | |||
CONSUMER FINANCE — 0.2% | |||
American Express Centurion Bank, 6.00%, 9/13/17 | 250,000 | 294,641 | |
American Express Co., 1.55%, 5/22/18 | 120,000 | 118,846 | |
American Express Credit Corp., MTN, 2.75%, 9/15/15 | 320,000 | 333,988 | |
American Express Credit Corp., MTN, 2.375%, 3/24/17 | 130,000 | 134,809 | |
CIT Group, Inc., 4.75%, 2/15/15(2) | 130,000 | 135,850 | |
CIT Group, Inc., 4.25%, 8/15/17 | 380,000 | 392,825 | |
CIT Group, Inc., 5.50%, 2/15/19(2) | 130,000 | 141,375 | |
Equifax, Inc., 3.30%, 12/15/22 | 170,000 | 165,970 | |
PNC Bank N.A., 6.00%, 12/7/17 | 640,000 | 752,400 | |
SLM Corp., 6.25%, 1/25/16 | 120,000 | 127,979 | |
SLM Corp., 5.50%, 1/25/23 | 250,000 | 236,965 | |
SLM Corp., MTN, 5.00%, 10/1/13 | 270,000 | 273,038 | |
Springleaf Finance Corp., Series 1, MTN, 5.40%, 12/1/15 | 50,000 | 51,750 | |
Springleaf Finance Corp., Series J, MTN, 6.90%, 12/15/17 | 180,000 | 187,425 |
Shares/ Principal Amount | Value |
TransUnion Holding Co., Inc., PIK, 9.625%, 6/15/18 | $ 95,000 | $ 102,838 | |
3,450,699 | |||
CONTAINERS AND PACKAGING — 0.1% | |||
AEP Industries, Inc., 8.25%, 4/15/19 | 125,000 | 136,250 | |
Ardagh Packaging Finance plc, 7.375%, 10/15/17(2) | 140,000 | 152,950 | |
Ardagh Packaging Finance plc, 9.125%, 10/15/20(2) | 130,000 | 143,000 | |
Ball Corp., 5.00%, 3/15/22 | 125,000 | 130,000 | |
BWAY Holding Co., 10.00%, 6/15/18 | 100,000 | 111,250 | |
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23(2) | 105,000 | 103,163 | |
Packaging Dynamics Corp., 8.75%, 2/1/16(2) | 225,000 | 235,687 | |
1,012,300 | |||
DIVERSIFIED CONSUMER SERVICES† | |||
Catholic Health Initiatives, 1.60%, 11/1/17 | 55,000 | 54,812 | |
Catholic Health Initiatives, 2.95%, 11/1/22 | 130,000 | 128,343 | |
Johns Hopkins University, 4.08%, 7/1/53 | 50,000 | 49,470 | |
Laureate Education, Inc., 9.25%, 9/1/19(2) | 125,000 | 140,625 | |
373,250 | |||
DIVERSIFIED FINANCIAL SERVICES — 0.9% | |||
Ally Financial, Inc., 8.30%, 2/12/15 | 355,000 | 391,387 | |
Ally Financial, Inc., 4.625%, 6/26/15 | 125,000 | 130,676 | |
Ally Financial, Inc., 5.50%, 2/15/17 | 250,000 | 268,782 | |
Ally Financial, Inc., 6.25%, 12/1/17 | 275,000 | 303,897 | |
Ally Financial, Inc., 8.00%, 3/15/20 | 105,000 | 125,475 | |
Ally Financial, Inc., 8.00%, 11/1/31 | 75,000 | 97,125 | |
Bank of America Corp., 3.75%, 7/12/16 | 170,000 | 180,625 | |
Bank of America Corp., 6.50%, 8/1/16 | 210,000 | 240,320 | |
Bank of America Corp., 5.75%, 12/1/17 | 500,000 | 573,560 | |
Bank of America Corp., 5.70%, 1/24/22 | 310,000 | 357,044 | |
Citigroup, Inc., 4.75%, 5/19/15 | 130,000 | 139,105 | |
Citigroup, Inc., 4.45%, 1/10/17 | 50,000 | 54,754 | |
Citigroup, Inc., 5.50%, 2/15/17 | 170,000 | 189,200 | |
Citigroup, Inc., 6.125%, 11/21/17 | 670,000 | 785,105 | |
Citigroup, Inc., 1.75%, 5/1/18 | 240,000 | 237,064 | |
Citigroup, Inc., 4.50%, 1/14/22 | 450,000 | 488,900 | |
Citigroup, Inc., 4.05%, 7/30/22 | 80,000 | 80,265 | |
Credit Suisse Group Guernsey I Ltd., VRN, 7.875%, 8/24/16 | 225,000 | 242,437 | |
Deutsche Bank AG (London), 3.875%, 8/18/14 | 370,000 | 384,366 | |
GE Capital European Funding, MTN, 5.375%, 1/23/20 | EUR | 150,000 | 236,910 |
General Electric Capital Corp., 2.25%, 11/9/15 | $ 330,000 | 341,005 | |
General Electric Capital Corp., 5.625%, 9/15/17 | 670,000 | 776,148 | |
General Electric Capital Corp., 4.375%, 9/16/20 | 600,000 | 657,853 | |
General Electric Capital Corp., MTN, 5.00%, 1/8/16 | 400,000 | 440,353 | |
General Electric Capital Corp., MTN, 6.00%, 8/7/19 | 120,000 | 144,313 | |
Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18 | 600,000 | 693,075 | |
Goldman Sachs Group, Inc. (The), 2.375%, 1/22/18 | 410,000 | 412,903 | |
Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22 | 530,000 | 608,568 | |
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37 | 150,000 | 164,444 | |
HSBC Holdings plc, 5.10%, 4/5/21 | 170,000 | 194,291 | |
HSBC Holdings plc, 4.00%, 3/30/22 | 580,000 | 616,949 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 8.00%, 1/15/18 | 95,000 | 100,937 |
Shares/ Principal Amount | Value |
JPMorgan Chase & Co., 6.00%, 1/15/18 | $ 1,300,000 | $ 1,519,622 | |
JPMorgan Chase & Co., 4.625%, 5/10/21 | 80,000 | 88,305 | |
JPMorgan Chase & Co., 3.25%, 9/23/22 | 130,000 | 127,678 | |
Morgan Stanley, 4.20%, 11/20/14 | 125,000 | 130,277 | |
Morgan Stanley, 6.00%, 4/28/15 | 190,000 | 206,233 | |
Morgan Stanley, 4.75%, 3/22/17 | 160,000 | 175,252 | |
Morgan Stanley, 6.625%, 4/1/18 | 560,000 | 660,313 | |
Morgan Stanley, 5.625%, 9/23/19 | 300,000 | 340,591 | |
Morgan Stanley, 5.75%, 1/25/21 | 230,000 | 262,824 | |
Morgan Stanley, 3.75%, 2/25/23 | 50,000 | 49,772 | |
Morgan Stanley, MTN, 4.10%, 5/22/23 | 100,000 | 96,146 | |
Serta Simmons Holdings LLC, 8.125%, 10/1/20(2) | 240,000 | 255,000 | |
Societe Generale SA, VRN, 5.92%, 4/5/17(2) | 105,000 | 103,487 | |
UBS AG, 7.625%, 8/17/22 | 175,000 | 200,106 | |
UBS AG, MTN, VRN, 7.25%, 2/22/17 | 200,000 | 214,079 | |
UBS AG (Stamford Branch), 5.875%, 12/20/17 | 297,000 | 348,799 | |
UPCB Finance III Ltd., 6.625%, 7/1/20(2) | 160,000 | 171,200 | |
15,607,520 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3% | |||
AT&T, Inc., 3.875%, 8/15/21 | 100,000 | 107,395 | |
AT&T, Inc., 2.625%, 12/1/22 | 120,000 | 114,429 | |
AT&T, Inc., 6.55%, 2/15/39 | 415,000 | 513,577 | |
AT&T, Inc., 4.30%, 12/15/42(2) | 210,000 | 197,552 | |
British Telecommunications plc, 5.95%, 1/15/18 | 420,000 | 493,875 | |
CenturyLink, Inc., 7.65%, 3/15/42 | 100,000 | 100,000 | |
Cincinnati Bell, Inc., 8.75%, 3/15/18 | 200,000 | 206,000 | |
Deutsche Telekom International Finance BV, 2.25%, 3/6/17(2) | 50,000 | 51,100 | |
Deutsche Telekom International Finance BV, 6.75%, 8/20/18 | 240,000 | 295,270 | |
France Telecom SA, 4.375%, 7/8/14 | 610,000 | 632,502 | |
Frontier Communications Corp., 7.125%, 3/15/19 | 200,000 | 219,000 | |
Frontier Communications Corp., 8.50%, 4/15/20 | 50,000 | 57,500 | |
Hughes Satellite Systems Corp., 6.50%, 6/15/19 | 105,000 | 115,238 | |
Intelsat Jackson Holdings SA, 7.25%, 4/1/19 | 305,000 | 330,162 | |
Intelsat Jackson Holdings SA, 7.25%, 10/15/20 | 125,000 | 136,094 | |
Intelsat Luxembourg SA, 11.25%, 2/4/17 | 150,000 | 158,887 | |
Level 3 Financing, Inc., 10.00%, 2/1/18 | 130,000 | 141,700 | |
Level 3 Financing, Inc., 7.00%, 6/1/20 | 125,000 | 132,031 | |
Level 3 Financing, Inc., 8.625%, 7/15/20 | 350,000 | 386,312 | |
Sprint Capital Corp., 6.90%, 5/1/19 | 275,000 | 299,062 | |
Sprint Capital Corp., 8.75%, 3/15/32 | 105,000 | 122,850 | |
Telecom Italia Capital SA, 4.95%, 9/30/14 | 125,000 | 130,358 | |
Telecom Italia Capital SA, 7.00%, 6/4/18 | 50,000 | 58,312 | |
Telefonica Emisiones SAU, 5.88%, 7/15/19 | 370,000 | 414,219 | |
Virgin Media Finance plc, 8.375%, 10/15/19 | 90,000 | 101,025 | |
Windstream Corp., 7.875%, 11/1/17 | 210,000 | 242,550 | |
Windstream Corp., 7.75%, 10/15/20 | 120,000 | 128,700 | |
Windstream Corp., 6.375%, 8/1/23 | 100,000 | 99,250 | |
5,984,950 | |||
ELECTRIC UTILITIES† | |||
AES Corp. (The), 8.00%, 10/15/17 | 22,000 | 25,905 | |
Edison Mission Energy, 7.00%, 5/15/17(1)(3) | 325,000 | 187,687 | |
213,592 |
Shares/ Principal Amount | Value |
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS† | |||
Jabil Circuit, Inc., 5.625%, 12/15/20 | $ 100,000 | $ 108,250 | |
Sanmina Corp., 7.00%, 5/15/19(2) | 270,000 | 290,250 | |
398,500 | |||
ENERGY EQUIPMENT AND SERVICES — 0.1% | |||
Basic Energy Services, Inc., 7.75%, 2/15/19 | 270,000 | 284,175 | |
Ensco plc, 3.25%, 3/15/16 | 170,000 | 179,855 | |
Ensco plc, 4.70%, 3/15/21 | 150,000 | 165,965 | |
Hornbeck Offshore Services, Inc., 5.00%, 3/1/21(2) | 150,000 | 149,625 | |
Petroleum Geo-Services ASA, 7.375%, 12/15/18(2) | 100,000 | 111,500 | |
Pioneer Drilling Co., 9.875%, 3/15/18 | 100,000 | 109,500 | |
Transocean, Inc., 2.50%, 10/15/17 | 110,000 | 111,212 | |
Transocean, Inc., 6.50%, 11/15/20 | 150,000 | 174,606 | |
Transocean, Inc., 6.375%, 12/15/21 | 60,000 | 70,229 | |
Weatherford International Ltd., 9.625%, 3/1/19 | 180,000 | 234,422 | |
1,591,089 | |||
FOOD AND STAPLES RETAILING — 0.1% | |||
BI-LO LLC/BI-LO Finance Corp., 9.25%, 2/15/19(2) | 250,000 | 276,875 | |
CVS Caremark Corp., 2.75%, 12/1/22 | 320,000 | 311,728 | |
Kroger Co. (The), 6.40%, 8/15/17 | 320,000 | 376,607 | |
Rite Aid Corp., 7.50%, 3/1/17 | 225,000 | 231,750 | |
Rite Aid Corp., 9.25%, 3/15/20 | 170,000 | 192,738 | |
Safeway, Inc., 4.75%, 12/1/21 | 100,000 | 106,345 | |
SUPERVALU, Inc., 8.00%, 5/1/16 | 175,000 | 194,250 | |
Wal-Mart Stores, Inc., 5.875%, 4/5/27 | 104,000 | 132,531 | |
Wal-Mart Stores, Inc., 5.625%, 4/1/40 | 340,000 | 411,769 | |
Walgreen Co., 1.80%, 9/15/17 | 110,000 | 110,800 | |
Walgreen Co., 3.10%, 9/15/22 | 120,000 | 118,887 | |
2,464,280 | |||
FOOD PRODUCTS — 0.1% | |||
ARAMARK Corp., 5.75%, 3/15/20(2) | 70,000 | 72,800 | |
Del Monte Corp., 7.625%, 2/15/19 | 210,000 | 218,663 | |
General Mills, Inc., 4.15%, 2/15/43 | 100,000 | 98,448 | |
JBS USA LLC/JBS USA Finance, Inc., 8.25%, 2/1/20(2) | 70,000 | 77,175 | |
Kellogg Co., 4.45%, 5/30/16 | 500,000 | 547,617 | |
Kraft Foods Group, Inc., 6.125%, 8/23/18 | 125,000 | 149,780 | |
Kraft Foods Group, Inc., 5.00%, 6/4/42 | 90,000 | 94,958 | |
Mead Johnson Nutrition Co., 3.50%, 11/1/14 | 220,000 | 227,283 | |
Michael Foods Group, Inc., 9.75%, 7/15/18 | 225,000 | 252,000 | |
Mondelez International, Inc., 6.125%, 2/1/18 | 45,000 | 53,073 | |
Mondelez International, Inc., 6.50%, 2/9/40 | 110,000 | 139,880 | |
Post Holdings, Inc., 7.375%, 2/15/22 | 250,000 | 279,687 | |
Smithfield Foods, Inc., 6.625%, 8/15/22 | 80,000 | 91,200 | |
2,302,564 | |||
GAS UTILITIES — 0.3% | |||
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp., 5.875%, 8/1/23(2) | 160,000 | 164,000 | |
El Paso Corp., 6.875%, 6/15/14 | 100,000 | 105,977 | |
El Paso Corp., 7.25%, 6/1/18 | 70,000 | 81,686 | |
Enbridge Energy Partners LP, 6.50%, 4/15/18 | 240,000 | 283,761 | |
Energy Transfer Equity LP, 7.50%, 10/15/20 | 130,000 | 149,825 | |
Energy Transfer Partners LP, 5.20%, 2/1/22 | 80,000 | 88,382 | |
Energy Transfer Partners LP, 3.60%, 2/1/23 | 130,000 | 127,333 | |
Energy Transfer Partners LP, 6.50%, 2/1/42 | 100,000 | 113,256 | |
Enterprise Products Operating LLC, 6.30%, 9/15/17 | 340,000 | 404,054 | |
Enterprise Products Operating LLC, 4.85%, 3/15/44 | 130,000 | 130,157 |
Shares/ Principal Amount | Value |
Kinder Morgan Energy Partners LP, 6.85%, 2/15/20 | $ 460,000 | $ 570,888 | |
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39 | 260,000 | 307,988 | |
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18(2) | 310,000 | 344,024 | |
Magellan Midstream Partners LP, 6.55%, 7/15/19 | 200,000 | 243,322 | |
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 6.25%, 6/15/22 | 163,000 | 176,855 | |
NGPL PipeCo LLC, 7.12%, 12/15/17(2) | 150,000 | 158,250 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.95%, 9/15/15 | 70,000 | 74,886 | |
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 6/1/22 | 140,000 | 144,924 | |
Rockies Express Pipeline LLC, 3.90%, 4/15/15(2) | 250,000 | 254,375 | |
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21(2) | 100,000 | 100,625 | |
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23 | 220,000 | 213,566 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.375%, 8/1/22 | 56,000 | 61,040 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23(2) | 289,000 | 276,717 | |
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 180,000 | 172,614 | |
Williams Cos., Inc. (The), 3.70%, 1/15/23 | 130,000 | 126,240 | |
Williams Partners LP, 4.125%, 11/15/20 | 220,000 | 234,343 | |
5,109,088 | |||
HEALTH CARE EQUIPMENT AND SUPPLIES† | |||
Biomet, Inc., 6.50%, 8/1/20(2) | 280,000 | 295,750 | |
DJO Finance LLC / DJO Finance Corp., 9.75%, 10/15/17 | 50,000 | 52,750 | |
Kinetic Concepts, Inc. / KCI USA, Inc., 10.50%, 11/1/18 | 150,000 | 163,125 | |
Kinetic Concepts, Inc. / KCI USA, Inc., 12.50%, 11/1/19 | 50,000 | 52,000 | |
Medtronic, Inc., 2.75%, 4/1/23 | 150,000 | 147,002 | |
710,627 | |||
HEALTH CARE PROVIDERS AND SERVICES — 0.2% | |||
Aetna, Inc., 2.75%, 11/15/22 | 160,000 | 153,714 | |
Capella Healthcare, Inc., 9.25%, 7/1/17 | 225,000 | 241,594 | |
CHS/Community Health Systems, Inc., 8.00%, 11/15/19 | 155,000 | 171,275 | |
CHS/Community Health Systems, Inc., 7.125%, 7/15/20 | 60,000 | 65,925 | |
DaVita HealthCare Partners, Inc., 6.375%, 11/1/18 | 65,000 | 69,225 | |
DaVita HealthCare Partners, Inc., 6.625%, 11/1/20 | 70,000 | 75,075 | |
DaVita HealthCare Partners, Inc., 5.75%, 8/15/22 | 120,000 | 128,400 | |
Express Scripts, Inc., 7.25%, 6/15/19 | 330,000 | 417,985 | |
Fresenius Medical Care US Finance II, Inc., 5.875%, 1/31/22(2) | 145,000 | 163,125 | |
Gentiva Health Services, Inc., 11.50%, 9/1/18 | 150,000 | 155,250 | |
HCA Holdings, Inc., 7.75%, 5/15/21 | 150,000 | 166,125 | |
HCA, Inc., 5.75%, 3/15/14 | 75,000 | 77,250 | |
HCA, Inc., 6.50%, 2/15/16 | 200,000 | 221,000 | |
HCA, Inc., 8.50%, 4/15/19 | 125,000 | 136,562 | |
HCA, Inc., 7.25%, 9/15/20 | 110,000 | 121,275 | |
HCA, Inc., 7.50%, 2/15/22 | 125,000 | 145,937 | |
Health Management Associates, Inc., 7.375%, 1/15/20 | 200,000 | 219,250 | |
Healthsouth Corp., 8.125%, 2/15/20 | 80,000 | 89,000 | |
IASIS Healthcare LLC / IASIS Capital Corp., 8.375%, 5/15/19 | 280,000 | 294,000 | |
NYU Hospitals Center, 4.43%, 7/1/42 | 110,000 | 104,411 | |
Radiation Therapy Services, Inc., 8.875%, 1/15/17 | 120,000 | 114,300 |
Shares/ Principal Amount | Value |
Tenet Healthcare Corp., 8.00%, 8/1/20 | $ 170,000 | $ 187,000 | |
UnitedHealth Group, Inc., 4.25%, 3/15/43 | 140,000 | 135,348 | |
Universal Health Services, Inc., 7.00%, 10/1/18 | 125,000 | 135,312 | |
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., 7.75%, 2/1/19 | 75,000 | 80,625 | |
WellPoint, Inc., 3.30%, 1/15/23 | 60,000 | 59,771 | |
WellPoint, Inc., 5.80%, 8/15/40 | 100,000 | 115,224 | |
4,043,958 | |||
HOTELS, RESTAURANTS AND LEISURE — 0.2% | |||
American Casino & Entertainment Properties LLC, 11.00%, 6/15/14 | 150,000 | 150,469 | |
Ameristar Casinos, Inc., 7.50%, 4/15/21 | 200,000 | 219,000 | |
Boyd Gaming Corp., 9.125%, 12/1/18 | 195,000 | 212,550 | |
Caesars Entertainment Operating Co., Inc., 11.25%, 6/1/17 | 230,000 | 240,925 | |
Caesars Entertainment Operating Co., Inc., 10.00%, 12/15/18 | 225,000 | 140,625 | |
Caesars Entertainment Operating Co., Inc., 8.50%, 2/15/20 | 175,000 | 167,234 | |
Chester Downs & Marina LLC, 9.25%, 2/1/20(2) | 300,000 | 292,500 | |
CityCenter Holdings LLC/CityCenter Finance Corp., 7.625%, 1/15/16 | 300,000 | 320,250 | |
Dave & Buster’s, Inc., 11.00%, 6/1/18 | 75,000 | 84,563 | |
DineEquity, Inc., 9.50%, 10/30/18 | 225,000 | 254,250 | |
Marina District Finance Co., Inc., 9.50%, 10/15/15 | 225,000 | 236,812 | |
MCE Finance Ltd., 5.00%, 2/15/21(2) | 185,000 | 185,462 | |
MGM Resorts International, 7.625%, 1/15/17 | 435,000 | 498,619 | |
MGM Resorts International, 8.625%, 2/1/19 | 80,000 | 95,000 | |
Royal Caribbean Cruises Ltd., 7.25%, 6/15/16 | 100,000 | 113,750 | |
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22 | 85,000 | 88,825 | |
Station Casinos LLC, 7.50%, 3/1/21(2) | 150,000 | 157,875 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.75%, 8/15/20 | 105,000 | 118,913 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.375%, 3/15/22 | 125,000 | 132,187 | |
3,709,809 | |||
HOUSEHOLD DURABLES — 0.1% | |||
Beazer Homes USA, Inc., 8.125%, 6/15/16 | 125,000 | 139,375 | |
Beazer Homes USA, Inc., 7.25%, 2/1/23(2) | 21,000 | 22,339 | |
D.R. Horton, Inc., 5.625%, 9/15/14 | 70,000 | 73,587 | |
Lennar Corp., Series B, 5.60%, 5/31/15 | 50,000 | 53,375 | |
Meritage Homes Corp., 7.00%, 4/1/22 | 125,000 | 140,937 | |
Mohawk Industries, Inc., 3.85%, 2/1/23 | 110,000 | 111,606 | |
Standard Pacific Corp., 8.375%, 5/15/18 | 225,000 | 266,344 | |
Taylor Morrison, Inc., 7.75%, 4/15/20(2) | 180,000 | 201,600 | |
Toll Brothers Finance Corp., 6.75%, 11/1/19 | 170,000 | 198,050 | |
William Lyon Homes, Inc., 8.50%, 11/15/20(2) | 125,000 | 139,844 | |
1,347,057 | |||
HOUSEHOLD PRODUCTS — 0.1% | |||
Central Garden and Pet Co., 8.25%, 3/1/18 | 275,000 | 288,062 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 8.50%, 5/15/18 | 125,000 | 131,875 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.125%, 4/15/19 | 40,000 | 42,800 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 9.00%, 4/15/19 | 100,000 | 105,500 |
Shares/ Principal Amount | Value |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.875%, 8/15/19 | $ 105,000 | $ 115,500 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 9.875%, 8/15/19 | 125,000 | 136,719 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.75%, 10/15/20 | 160,000 | 162,800 | |
Spectrum Brands, Inc., 6.75%, 3/15/20 | 125,000 | 135,000 | |
1,118,256 | |||
INDUSTRIAL CONGLOMERATES — 0.1% | |||
Bombardier, Inc., 7.50%, 3/15/18(2) | 85,000 | 97,750 | |
Bombardier, Inc., 5.75%, 3/15/22(2) | 100,000 | 104,500 | |
General Electric Co., 5.25%, 12/6/17 | 550,000 | 636,542 | |
General Electric Co., 4.125%, 10/9/42 | 110,000 | 105,703 | |
Harland Clarke Holdings Corp., 9.50%, 5/15/15 | 220,000 | 221,375 | |
HD Supply, Inc., 8.125%, 4/15/19 | 50,000 | 55,750 | |
HD Supply, Inc., 7.50%, 7/15/20(2) | 120,000 | 127,500 | |
HD Supply, Inc., 10.50%, 1/15/21 | 120,000 | 124,950 | |
Schaeffler Finance BV, 7.75%, 2/15/17(2) | 125,000 | 141,250 | |
SPX Corp., 7.625%, 12/15/14 | 65,000 | 70,687 | |
1,686,007 | |||
INSURANCE — 0.4% | |||
Aircastle Ltd., 6.75%, 4/15/17 | 130,000 | 143,650 | |
Allianz Finance II BV, MTN, 4.75%, 7/22/19 | EUR | 150,000 | 231,011 |
Allstate Corp. (The), 7.45%, 5/16/19 | $ 60,000 | 78,276 | |
American International Group, Inc., 3.65%, 1/15/14 | 110,000 | 112,022 | |
American International Group, Inc., 5.85%, 1/16/18 | 310,000 | 357,934 | |
American International Group, Inc., 6.40%, 12/15/20 | 260,000 | 315,149 | |
American International Group, Inc., 4.875%, 6/1/22 | 280,000 | 310,018 | |
American International Group, Inc., 6.82%, 11/15/37 | 110,000 | 138,390 | |
American International Group, Inc., VRN, 8.18%, 5/15/38 | 105,000 | 138,075 | |
AXA SA, VRN, 6.46%, 12/14/18(2) | 200,000 | 204,500 | |
Berkshire Hathaway Finance Corp., 4.25%, 1/15/21 | 180,000 | 201,229 | |
Berkshire Hathaway, Inc., 3.00%, 5/15/22 | 110,000 | 109,605 | |
Berkshire Hathaway, Inc., 4.50%, 2/11/43 | 170,000 | 168,559 | |
Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp., 8.375%, 2/15/18(2) | 125,000 | 136,250 | |
Genworth Financial, Inc., VRN, 6.15%, 11/15/16 | 140,000 | 132,125 | |
Genworth Holdings, Inc., 7.20%, 2/15/21 | 110,000 | 130,629 | |
Hartford Financial Services Group, Inc., 5.125%, 4/15/22 | 170,000 | 194,420 | |
Hartford Financial Services Group, Inc., 5.95%, 10/15/36 | 60,000 | 69,606 | |
Hub International Ltd., 8.125%, 10/15/18(2) | 125,000 | 135,000 | |
ING U.S., Inc., 5.75%, 7/15/22(2) | 160,000 | 179,127 | |
International Lease Finance Corp., 6.625%, 11/15/13 | 100,000 | 102,188 | |
International Lease Finance Corp., 5.75%, 5/15/16 | 220,000 | 236,954 | |
International Lease Finance Corp., 8.75%, 3/15/17 | 215,000 | 255,581 | |
International Lease Finance Corp., 6.25%, 5/15/19 | 135,000 | 148,163 | |
Liberty Mutual Group, Inc., 6.50%, 5/1/42(2) | 80,000 | 94,088 | |
Liberty Mutual Group, Inc., VRN, 7.00%, 3/15/17(2) | 300,000 | 315,000 |
Shares/ Principal Amount | Value |
Lincoln National Corp., 6.25%, 2/15/20 | $ 300,000 | $ 357,397 | |
Markel Corp., 4.90%, 7/1/22 | 200,000 | 220,520 | |
MetLife, Inc., 6.75%, 6/1/16 | 360,000 | 419,597 | |
MetLife, Inc., 4.125%, 8/13/42 | 90,000 | 84,792 | |
Metropolitan Life Global Funding I, 3.00%, 1/10/23(2) | 140,000 | 138,430 | |
Principal Financial Group, Inc., 3.30%, 9/15/22 | 80,000 | 80,982 | |
Prudential Financial, Inc., 5.375%, 6/21/20 | 160,000 | 187,668 | |
Prudential Financial, Inc., 5.625%, 5/12/41 | 100,000 | 113,928 | |
Swiss Re Capital I LP, VRN, 6.85%, 5/25/16(2) | 200,000 | 215,604 | |
6,456,467 | |||
INTERNET SOFTWARE AND SERVICES† | |||
Equinix, Inc., 7.00%, 7/15/21 | 75,000 | 83,719 | |
IT SERVICES — 0.1% | |||
Fidelity National Information Services, Inc., 5.00%, 3/15/22 | 50,000 | 53,563 | |
Fidelity National Information Services, Inc., 3.50%, 4/15/23 | 120,000 | 115,945 | |
First Data Corp., 11.25%, 3/31/16 | 127,000 | 128,270 | |
First Data Corp., 7.375%, 6/15/19(2) | 180,000 | 190,800 | |
First Data Corp., 8.875%, 8/15/20(2) | 110,000 | 122,100 | |
First Data Corp., 8.25%, 1/15/21(2) | 340,000 | 362,100 | |
First Data Corp., 12.625%, 1/15/21 | 185,000 | 203,037 | |
International Business Machines Corp., 1.95%, 7/22/16 | 610,000 | 630,415 | |
SunGard Data Systems, Inc., 7.375%, 11/15/18 | 135,000 | 144,450 | |
1,950,680 | |||
LIFE SCIENCES TOOLS AND SERVICES† | |||
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21 | 190,000 | 193,701 | |
MACHINERY — 0.1% | |||
Case New Holand, Inc., 7.875%, 12/1/17 | 100,000 | 118,000 | |
Caterpillar Financial Services Corp., MTN, 2.85%, 6/1/22 | 250,000 | 250,275 | |
Deere & Co., 5.375%, 10/16/29 | 410,000 | 493,605 | |
Huntington Ingalls Industries, Inc., 7.125%, 3/15/21 | 130,000 | 143,325 | |
Navistar International Corp., 8.25%, 11/1/21 | 100,000 | 102,375 | |
1,107,580 | |||
MEDIA — 0.7% | |||
AMC Entertainment, Inc., 9.75%, 12/1/20 | 100,000 | 116,000 | |
Cablevision Systems Corp., 8.625%, 9/15/17 | 150,000 | 175,500 | |
Cablevision Systems Corp., 5.875%, 9/15/22 | 155,000 | 154,225 | |
CBS Corp., 4.85%, 7/1/42 | 130,000 | 126,984 | |
CC Holdings GS V LLC, 3.85%, 4/15/23(2) | 70,000 | 70,015 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, 1/15/19 | 320,000 | 343,600 | |
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 9/30/22 | 230,000 | 231,150 | |
Cengage Learning Acquisitions, Inc., 10.50%, 1/15/15(2)(3) | 200,000 | 22,000 | |
Cinemark USA, Inc., 5.125%, 12/15/22 | 60,000 | 61,200 | |
Clear Channel Communications, Inc., 10.75%, 8/1/16 | 225,000 | 212,062 | |
Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/20 | 275,000 | 293,562 | |
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22(2) | 110,000 | 116,600 | |
Clearwire Communications LLC/Clearwire Finance, Inc., 12.00%, 12/1/15(2) | 175,000 | 187,478 | |
Comcast Corp., 5.90%, 3/15/16 | 720,000 | 817,592 | |
Comcast Corp., 6.50%, 11/15/35 | 60,000 | 76,325 |
Shares/ Principal Amount | Value |
Comcast Corp., 6.40%, 5/15/38 | $ 120,000 | $ 152,229 | |
CSC Holdings LLC, 6.75%, 11/15/21 | 125,000 | 140,625 | |
Cumulus Media Holdings, Inc., 7.75%, 5/1/19 | 225,000 | 231,750 | |
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14 | 240,000 | 252,151 | |
Discovery Communications LLC, 5.625%, 8/15/19 | 130,000 | 153,723 | |
DISH DBS Corp., 7.125%, 2/1/16 | 195,000 | 214,500 | |
DISH DBS Corp., 4.625%, 7/15/17 | 130,000 | 130,650 | |
DISH DBS Corp., 6.75%, 6/1/21 | 220,000 | 233,750 | |
DISH DBS Corp., 5.00%, 3/15/23 | 100,000 | 95,000 | |
DISH DBS Corp., 6.25%, 5/15/23(2) | 125,000 | 125,625 | |
Lamar Media Corp., 5.875%, 2/1/22 | 120,000 | 130,200 | |
Lamar Media Corp., 5.00%, 5/1/23 | 150,000 | 152,625 | |
McClatchy Co. (The), 9.00%, 12/15/22(2) | 50,000 | 54,250 | |
Mediacom LLC / Mediacom Capital Corp., 7.25%, 2/15/22 | 250,000 | 273,125 | |
Nara Cable Funding Ltd., 8.875%, 12/1/18(2) | 100,000 | 106,000 | |
NBCUniversal Media LLC, 5.15%, 4/30/20 | 150,000 | 177,601 | |
NBCUniversal Media LLC, 4.375%, 4/1/21 | 260,000 | 290,982 | |
NBCUniversal Media LLC, 2.875%, 1/15/23 | 350,000 | 346,768 | |
News America, Inc., 6.90%, 8/15/39 | 260,000 | 325,792 | |
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc., 8.875%, 4/15/17 | 120,000 | 131,100 | |
Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/1/20(2) | 114,000 | 114,855 | |
Omnicom Group, Inc., 3.625%, 5/1/22 | 30,000 | 30,247 | |
Qwest Corp., 7.50%, 10/1/14 | 270,000 | 292,656 | |
RR Donnelley & Sons Co., 7.25%, 5/15/18 | 107,000 | 116,898 | |
RR Donnelley & Sons Co., 8.25%, 3/15/19 | 105,000 | 115,500 | |
Sable International Finance Ltd., 8.75%, 2/1/20(2) | 125,000 | 142,500 | |
Sinclair Television Group, Inc., 9.25%, 11/1/17(2) | 105,000 | 112,613 | |
Sinclair Television Group, Inc., 8.375%, 10/15/18 | 100,000 | 111,000 | |
Sinclair Television Group, Inc., 5.375%, 4/1/21(2) | 100,000 | 100,000 | |
Sirius XM Radio, Inc., 8.75%, 4/1/15(2) | 100,000 | 111,750 | |
Time Warner Cable, Inc., 6.75%, 7/1/18 | 430,000 | 521,956 | |
Time Warner Cable, Inc., 4.50%, 9/15/42 | 50,000 | 44,887 | |
Time Warner, Inc., 3.15%, 7/15/15 | 310,000 | 324,825 | |
Time Warner, Inc., 7.70%, 5/1/32 | 390,000 | 531,155 | |
Univision Communications, Inc., 6.875%, 5/15/19(2) | 225,000 | 240,187 | |
Univision Communications, Inc., 8.50%, 5/15/21(2) | 120,000 | 130,500 | |
UPCB Finance VI Ltd., 6.875%, 1/15/22(2) | 250,000 | 271,250 | |
Valassis Communications, Inc., 6.625%, 2/1/21 | 225,000 | 232,875 | |
Viacom, Inc., 4.375%, 9/15/14 | 220,000 | 230,066 | |
Viacom, Inc., 4.50%, 3/1/21 | 40,000 | 43,923 | |
Viacom, Inc., 3.125%, 6/15/22 | 30,000 | 29,556 | |
Videotron Ltee, 5.00%, 7/15/22 | 125,000 | 128,750 | |
Visant Corp., 10.00%, 10/1/17 | 225,000 | 216,562 | |
Walt Disney Co. (The), MTN, 2.35%, 12/1/22 | 160,000 | 153,700 | |
Wind Acquisition Finance SA, 11.75%, 7/15/17(2) | 250,000 | 264,375 | |
Wind Acquisition Finance SA, 7.25%, 2/15/18(2) | 120,000 | 125,700 | |
11,461,025 | |||
METALS AND MINING — 0.2% | |||
AK Steel Corp., 7.625%, 5/15/20 | 50,000 | 45,000 | |
Alcoa, Inc., 5.40%, 4/15/21 | 100,000 | 101,683 |
Shares/ Principal Amount | Value |
Aleris International, Inc., 7.625%, 2/15/18 | $ 200,000 | $ 215,750 | |
AngloGold Ashanti Holdings plc, 5.375%, 4/15/20 | 85,000 | 87,694 | |
ArcelorMittal, 4.25%, 8/5/15 | 235,000 | 243,225 | |
ArcelorMittal, 5.00%, 2/25/17 | 240,000 | 250,200 | |
ArcelorMittal, 6.125%, 6/1/18 | 210,000 | 223,388 | |
ArcelorMittal, 5.75%, 8/5/20 | 190,000 | 196,650 | |
ArcelorMittal, 7.25%, 3/1/41 | 255,000 | 249,900 | |
Barrick North America Finance LLC, 4.40%, 5/30/21 | 200,000 | 201,527 | |
BHP Billiton Finance USA Ltd., 3.25%, 11/21/21 | 200,000 | 207,256 | |
FMG Resources Pty Ltd., 7.00%, 11/1/15(2) | 130,000 | 134,550 | |
FMG Resources Pty Ltd., 6.875%, 2/1/18(2) | 100,000 | 102,125 | |
FMG Resources Pty Ltd., 8.25%, 11/1/19(2) | 120,000 | 127,200 | |
Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23(2) | 60,000 | 58,606 | |
Inmet Mining Corp., 8.75%, 6/1/20(2) | 25,000 | 27,063 | |
Newmont Mining Corp., 6.25%, 10/1/39 | 190,000 | 201,130 | |
Novelis, Inc., 8.375%, 12/15/17 | 110,000 | 119,350 | |
Rio Tinto Finance USA Ltd., 3.50%, 11/2/20 | 120,000 | 124,312 | |
Southern Copper Corp., 5.25%, 11/8/42 | 60,000 | 52,432 | |
Steel Dynamics, Inc., 5.25%, 4/15/23(2) | 100,000 | 104,250 | |
Teck Resources Ltd., 3.15%, 1/15/17 | 160,000 | 166,417 | |
Vale Overseas Ltd., 5.625%, 9/15/19 | 440,000 | 497,682 | |
Vale Overseas Ltd., 4.625%, 9/15/20 | 120,000 | 124,974 | |
Xstrata Canada Financial Corp., 4.95%, 11/15/21(2) | 130,000 | 137,001 | |
3,999,365 | |||
MULTI-UTILITIES — 0.3% | |||
Calpine Construction Finance Co. LP/CCFC Finance Corp., 8.00%, 6/1/16(2) | 60,000 | 62,400 | |
Calpine Corp., 7.25%, 10/15/17(2) | 110,000 | 115,500 | |
Calpine Corp., 7.50%, 2/15/21(2) | 95,000 | 103,550 | |
CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42 | 80,000 | 72,780 | |
Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17 | 202,000 | 225,862 | |
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43 | 100,000 | 95,903 | |
Constellation Energy Group, Inc., 5.15%, 12/1/20 | 130,000 | 147,540 | |
Consumers Energy Co., 2.85%, 5/15/22 | 50,000 | 50,648 | |
Dominion Resources, Inc., 6.40%, 6/15/18 | 360,000 | 437,656 | |
Dominion Resources, Inc., 2.75%, 9/15/22 | 140,000 | 136,669 | |
Dominion Resources, Inc., 4.90%, 8/1/41 | 70,000 | 75,591 | |
Duke Energy Corp., 3.95%, 9/15/14 | 270,000 | 281,074 | |
Duke Energy Corp., 3.55%, 9/15/21 | 120,000 | 125,556 | |
Duke Energy Florida, Inc., 6.35%, 9/15/37 | 270,000 | 350,350 | |
Edison International, 3.75%, 9/15/17 | 200,000 | 215,359 | |
EDP Finance BV, 6.00%, 2/2/18(2) | 120,000 | 129,900 | |
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.00%, 12/1/20 | 364,000 | 416,325 | |
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., PIK, 11.25%, 12/1/18(2) | 34,000 | 30,855 | |
Exelon Generation Co. LLC, 4.00%, 10/1/20 | 70,000 | 73,320 | |
Exelon Generation Co. LLC, 5.60%, 6/15/42 | 80,000 | 85,115 |
Shares/ Principal Amount | Value |
FirstEnergy Corp., 4.25%, 3/15/23 | $ 100,000 | $ 98,921 | |
Florida Power Corp., 3.85%, 11/15/42 | 130,000 | 121,267 | |
GenOn Energy, Inc., 9.50%, 10/15/18 | 250,000 | 293,125 | |
Georgia Power Co., 4.30%, 3/15/42 | 60,000 | 59,293 | |
Ipalco Enterprises, Inc., 5.00%, 5/1/18 | 100,000 | 108,000 | |
Nisource Finance Corp., 4.45%, 12/1/21 | 100,000 | 107,896 | |
Nisource Finance Corp., 5.25%, 2/15/43 | 60,000 | 62,645 | |
Northern States Power Co., 3.40%, 8/15/42 | 80,000 | 71,115 | |
NRG Energy, Inc., 7.625%, 1/15/18 | 270,000 | 305,775 | |
NRG Energy, Inc., 7.625%, 5/15/19 | 290,000 | 309,575 | |
Pacific Gas & Electric Co., 5.80%, 3/1/37 | 136,000 | 163,365 | |
PacifiCorp, 6.00%, 1/15/39 | 110,000 | 139,417 | |
Progress Energy, Inc., 3.15%, 4/1/22 | 110,000 | 110,115 | |
Public Service Company of Colorado, 4.75%, 8/15/41 | 70,000 | 77,534 | |
Sempra Energy, 6.50%, 6/1/16 | 170,000 | 196,244 | |
Southern Power Co., 5.15%, 9/15/41 | 60,000 | 65,368 | |
Teco Finance, Inc., 6.75%, 5/1/15 | 40,000 | 43,835 | |
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/1/20(2) | 125,000 | 98,750 | |
5,664,193 | |||
MULTILINE RETAIL† | |||
J.C. Penney Corp., Inc., 7.65%, 8/15/16 | 125,000 | 126,875 | |
J.C. Penney Corp., Inc., Series A, 6.875%, 10/15/15 | 25,000 | 25,563 | |
Target Corp., 4.00%, 7/1/42 | 80,000 | 76,523 | |
228,961 | |||
OFFICE ELECTRONICS† | |||
CDW LLC / CDW Finance Corp., 8.00%, 12/15/18 | 110,000 | 121,688 | |
Xerox Corp., 2.95%, 3/15/17 | 90,000 | 92,455 | |
214,143 | |||
OIL, GAS AND CONSUMABLE FUELS — 0.7% | |||
Alpha Natural Resources, Inc., 6.00%, 6/1/19 | 125,000 | 113,438 | |
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 5/20/20 | 120,000 | 131,400 | |
AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 8/20/19 | 125,000 | 134,375 | |
Anadarko Petroleum Corp., 5.95%, 9/15/16 | 30,000 | 34,229 | |
Anadarko Petroleum Corp., 6.45%, 9/15/36 | 120,000 | 146,947 | |
Antero Resources Finance Corp., 7.25%, 8/1/19 | 105,000 | 113,925 | |
Apache Corp., 2.625%, 1/15/23 | 170,000 | 163,246 | |
Apache Corp., 4.75%, 4/15/43 | 70,000 | 70,306 | |
Arch Coal, Inc., 8.75%, 8/1/16 | 75,000 | 77,719 | |
Bill Barrett Corp., 9.875%, 7/15/16 | 275,000 | 290,812 | |
BP Capital Markets plc, 3.20%, 3/11/16 | 190,000 | 201,408 | |
BP Capital Markets plc, 2.25%, 11/1/16 | 260,000 | 269,294 | |
BP Capital Markets plc, 4.50%, 10/1/20 | 150,000 | 168,929 | |
Chesapeake Energy Corp., 9.50%, 2/15/15 | 125,000 | 140,000 | |
Chesapeake Energy Corp., 6.625%, 8/15/20 | 200,000 | 223,500 | |
Chesapeake Energy Corp., 5.375%, 6/15/21 | 100,000 | 102,000 | |
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19(2) | 275,000 | 290,125 | |
Concho Resources, Inc., 5.50%, 10/1/22 | 155,000 | 160,813 | |
ConocoPhillips, 5.75%, 2/1/19 | 420,000 | 505,483 |
Shares/ Principal Amount | Value |
ConocoPhillips Holding Co., 6.95%, 4/15/29 | $ 80,000 | $ 106,480 | |
Consol Energy, Inc., 8.00%, 4/1/17 | 170,000 | 182,750 | |
Continental Resources, Inc., 5.00%, 9/15/22 | 50,000 | 52,000 | |
Denbury Resources, Inc., 8.25%, 2/15/20 | 120,000 | 135,000 | |
Devon Energy Corp., 1.875%, 5/15/17 | 80,000 | 80,333 | |
Devon Energy Corp., 5.60%, 7/15/41 | 210,000 | 231,698 | |
Energy XXI Gulf Coast, Inc., 7.75%, 6/15/19 | 200,000 | 215,000 | |
EOG Resources, Inc., 5.625%, 6/1/19 | 380,000 | 458,026 | |
EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20 | 265,000 | 301,769 | |
Forest Oil Corp., 7.50%, 9/15/20(2) | 100,000 | 101,000 | |
Halcon Resources Corp., 8.875%, 5/15/21 | 110,000 | 112,475 | |
Hess Corp., 6.00%, 1/15/40 | 70,000 | 78,871 | |
Linn Energy LLC/Linn Energy Finance Corp., 6.50%, 5/15/19 | 210,000 | 214,725 | |
Linn Energy LLC/Linn Energy Finance Corp., 6.25%, 11/1/19(2) | 200,000 | 202,500 | |
Linn Energy LLC/Linn Energy Finance Corp., 8.625%, 4/15/20 | 155,000 | 170,500 | |
Marathon Petroleum Corp., 3.50%, 3/1/16 | 70,000 | 74,297 | |
Newfield Exploration Co., 5.625%, 7/1/24 | 90,000 | 94,950 | |
Noble Energy, Inc., 4.15%, 12/15/21 | 260,000 | 282,454 | |
Occidental Petroleum Corp., 2.70%, 2/15/23 | 70,000 | 67,864 | |
Peabody Energy Corp., 7.375%, 11/1/16 | 50,000 | 57,250 | |
Peabody Energy Corp., 6.00%, 11/15/18 | 250,000 | 268,437 | |
Peabody Energy Corp., 6.50%, 9/15/20 | 50,000 | 54,125 | |
Pemex Project Funding Master Trust, 6.625%, 6/15/35 | 70,000 | 80,500 | |
Petrobras International Finance Co. - Pifco, 5.75%, 1/20/20 | 390,000 | 426,549 | |
Petrobras International Finance Co. - Pifco, 5.375%, 1/27/21 | 310,000 | 329,714 | |
Petroleos Mexicanos, 6.00%, 3/5/20 | 190,000 | 218,500 | |
Petroleos Mexicanos, 3.50%, 1/30/23(2) | 70,000 | 66,675 | |
Petroleos Mexicanos, 5.50%, 6/27/44(2) | 80,000 | 78,600 | |
Phillips 66, 4.30%, 4/1/22 | 260,000 | 281,282 | |
Pioneer Natural Resources Co., 3.95%, 7/15/22 | 210,000 | 217,374 | |
Plains Exploration & Production Co., 6.50%, 11/15/20 | 155,000 | 172,437 | |
Plains Exploration & Production Co., 6.625%, 5/1/21 | 105,000 | 116,550 | |
Plains Exploration & Production Co., 6.75%, 2/1/22 | 100,000 | 112,250 | |
QEP Resources, Inc., 5.25%, 5/1/23 | 125,000 | 126,875 | |
Quicksilver Resources, Inc., 8.25%, 8/1/15 | 125,000 | 128,125 | |
Range Resources Corp., 5.75%, 6/1/21 | 110,000 | 116,875 | |
Range Resources Corp., 5.00%, 8/15/22 | 160,000 | 163,200 | |
Sabine Pass LNG LP, 7.50%, 11/30/16 | 235,000 | 263,200 | |
Samson Investment Co., 9.75%, 2/15/20(2) | 125,000 | 130,938 | |
SandRidge Energy, Inc., 7.50%, 3/15/21 | 270,000 | 279,450 | |
Shell International Finance BV, 2.375%, 8/21/22 | 280,000 | 270,259 | |
Shell International Finance BV, 3.625%, 8/21/42 | 65,000 | 60,480 | |
Statoil ASA, 2.45%, 1/17/23 | 230,000 | 220,313 | |
Statoil ASA, 3.95%, 5/15/43 | 50,000 | 47,212 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, 10/1/18 | 100,000 | 107,875 | |
Talisman Energy, Inc., 7.75%, 6/1/19 | 220,000 | 274,936 |
Shares/ Principal Amount | Value |
Tesoro Corp., 4.25%, 10/1/17 | $ 100,000 | $ 104,500 | |
Venoco, Inc., 8.875%, 2/15/19 | 160,000 | 160,800 | |
WPX Energy, Inc., 5.25%, 1/15/17 | 135,000 | 144,113 | |
11,580,035 | |||
PAPER AND FOREST PRODUCTS† | |||
Domtar Corp., 4.40%, 4/1/22 | 150,000 | 148,200 | |
International Paper Co., 6.00%, 11/15/41 | 150,000 | 174,405 | |
Sappi Papier Holding GmbH, 6.625%, 4/15/21(2) | 200,000 | 205,000 | |
527,605 | |||
PERSONAL PRODUCTS† | |||
Elizabeth Arden, Inc., 7.375%, 3/15/21 | 160,000 | 179,000 | |
PHARMACEUTICALS — 0.2% | |||
AbbVie, Inc., 1.75%, 11/6/17(2) | 170,000 | 169,762 | |
AbbVie, Inc., 4.40%, 11/6/42(2) | 110,000 | 108,177 | |
Actavis, Inc., 4.625%, 10/1/42 | 70,000 | 68,706 | |
Bristol-Myers Squibb Co., 3.25%, 8/1/42 | 100,000 | 85,584 | |
Endo Pharmaceuticals Holdings, Inc., 7.00%, 7/15/19 | 95,000 | 102,600 | |
Endo Pharmaceuticals Holdings, Inc., 7.00%, 12/15/20 | 35,000 | 37,887 | |
GlaxoSmithKline Capital plc, 2.85%, 5/8/22 | 280,000 | 280,303 | |
Merck & Co., Inc., 2.40%, 9/15/22 | 180,000 | 173,348 | |
Merck & Co., Inc., 2.80%, 5/18/23 | 420,000 | 412,958 | |
Merck & Co., Inc., 3.60%, 9/15/42 | 40,000 | 36,088 | |
Mylan, Inc., 6.00%, 11/15/18(2) | 100,000 | 108,804 | |
Mylan, Inc., 3.125%, 1/15/23(2) | 140,000 | 133,906 | |
Roche Holdings, Inc., 6.00%, 3/1/19(2) | 200,000 | 244,707 | |
Roche Holdings, Inc., 7.00%, 3/1/39(2) | 230,000 | 326,911 | |
Sanofi, 4.00%, 3/29/21 | 143,000 | 157,863 | |
Teva Pharmaceutical Finance IV LLC, 2.25%, 3/18/20 | 30,000 | 29,652 | |
Valeant Pharmaceuticals International, 6.50%, 7/15/16(2) | 70,000 | 72,800 | |
Valeant Pharmaceuticals International, 6.875%, 12/1/18(2) | 110,000 | 117,975 | |
Valeant Pharmaceuticals International, 6.375%, 10/15/20(2) | 225,000 | 237,375 | |
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, 7.75%, 9/15/18 | 225,000 | 249,328 | |
Watson Pharmaceuticals, Inc., 5.00%, 8/15/14 | 438,000 | 458,374 | |
3,613,108 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.2% | |||
American Tower Corp., 4.50%, 1/15/18 | 130,000 | 142,186 | |
American Tower Corp., 4.70%, 3/15/22 | 40,000 | 42,614 | |
BRE Properties, Inc., 3.375%, 1/15/23 | 200,000 | 194,999 | |
DDR Corp., 3.375%, 5/15/23 | 100,000 | 96,781 | |
Essex Portfolio LP, 3.625%, 8/15/22 | 100,000 | 100,600 | |
Essex Portfolio LP, 3.25%, 5/1/23 | 50,000 | 48,567 | |
Felcor Lodging LP, 6.75%, 6/1/19 | 20,000 | 21,450 | |
HCP, Inc., 3.75%, 2/1/16 | 210,000 | 223,816 | |
Health Care REIT, Inc., 2.25%, 3/15/18 | 130,000 | 131,213 | |
Health Care REIT, Inc., 3.75%, 3/15/23 | 210,000 | 210,879 | |
Host Hotels & Resorts LP, 6.75%, 6/1/16 | 46,000 | 46,570 | |
Host Hotels & Resorts LP, 5.875%, 6/15/19 | 60,000 | 66,044 | |
Host Hotels & Resorts LP, 3.75%, 10/15/23 | 100,000 | 98,173 | |
Kilroy Realty LP, 3.80%, 1/15/23 | 220,000 | 219,361 | |
MPT Operating Partnership LP/MPT Finance Corp., 6.875%, 5/1/21 | 125,000 | 138,750 | |
Omega Healthcare Investors, Inc., 5.875%, 3/15/24 | 50,000 | 54,250 | |
Sabra Health Care LP/Sabra Capital Corp., 8.125%, 11/1/18 | 97,000 | 105,973 |
Shares/ Principal Amount | Value |
Simon Property Group LP, 5.10%, 6/15/15 | $ 300,000 | $ 326,410 | |
UDR, Inc., 4.25%, 6/1/18 | 170,000 | 186,271 | |
Ventas Realty LP/Ventas Capital Corp., 3.125%, 11/30/15 | 200,000 | 210,820 | |
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/1/21 | 90,000 | 98,620 | |
WEA Finance LLC, 4.625%, 5/10/21(2) | 140,000 | 154,224 | |
2,918,571 | |||
REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.1% | |||
CBRE Services, Inc., 5.00%, 3/15/23 | 125,000 | 125,313 | |
Country Garden Holdings Co. Ltd., 7.50%, 1/10/23(2) | 200,000 | 204,500 | |
ProLogis LP, 6.625%, 12/1/19 | 260,000 | 313,106 | |
Realogy Corp., 7.875%, 2/15/19(2) | 200,000 | 220,500 | |
863,419 | |||
ROAD AND RAIL — 0.1% | |||
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20 | 265,000 | 282,088 | |
Burlington Northern Santa Fe LLC, 5.05%, 3/1/41 | 100,000 | 107,300 | |
Burlington Northern Santa Fe LLC, 4.95%, 9/15/41 | 50,000 | 52,709 | |
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 120,000 | 119,364 | |
CSX Corp., 4.25%, 6/1/21 | 60,000 | 66,252 | |
Norfolk Southern Corp., 3.25%, 12/1/21 | 70,000 | 72,169 | |
Union Pacific Corp., 4.75%, 9/15/41 | 220,000 | 234,021 | |
933,903 | |||
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 0.1% | |||
Advanced Micro Devices, Inc., 8.125%, 12/15/17 | 235,000 | 244,400 | |
Freescale Semiconductor, Inc., 9.25%, 4/15/18(2) | 115,000 | 125,638 | |
Freescale Semiconductor, Inc., 8.05%, 2/1/20 | 300,000 | 322,500 | |
Intel Corp., 1.35%, 12/15/17 | 170,000 | 169,235 | |
MEMC Electronic Materials, Inc., 7.75%, 4/1/19 | 100,000 | 98,000 | |
959,773 | |||
SOFTWARE — 0.1% | |||
Infor US, Inc., 9.375%, 4/1/19 | 125,000 | 141,563 | |
Intuit, Inc., 5.75%, 3/15/17 | 571,000 | 645,337 | |
Oracle Corp., 2.50%, 10/15/22 | 310,000 | 298,262 | |
Sabre, Inc., 8.50%, 5/15/19(2) | 125,000 | 138,281 | |
1,223,443 | |||
SPECIALTY RETAIL — 0.1% | |||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 1/15/19 | 125,000 | 136,719 | |
Hertz Corp. (The), 6.75%, 4/15/19 | 125,000 | 136,406 | |
Hertz Corp. (The), 7.375%, 1/15/21 | 200,000 | 222,000 | |
Home Depot, Inc. (The), 5.95%, 4/1/41 | 210,000 | 263,026 | |
Petco Animal Supplies, Inc., 9.25%, 12/1/18(2) | 275,000 | 301,125 | |
Rent-A-Center, Inc., 6.625%, 11/15/20 | 70,000 | 75,425 | |
Sally Holdings LLC / Sally Capital, Inc., 6.875%, 11/15/19 | 145,000 | 161,494 | |
Sonic Automotive, Inc., 7.00%, 7/15/22 | 80,000 | 88,900 | |
Sonic Automotive, Inc., 5.00%, 5/15/23(2) | 125,000 | 124,687 | |
Staples, Inc., 4.375%, 1/12/23 | 150,000 | 150,676 | |
Stewart Enterprises, Inc., 6.50%, 4/15/19 | 60,000 | 64,800 | |
Toys “R” Us Property Co. I LLC, 10.75%, 7/15/17 | 100,000 | 106,500 | |
Toys “R” Us Property Co. II LLC, 8.50%, 12/1/17 | 90,000 | 95,738 | |
United Rentals North America, Inc., 5.75%, 7/15/18 | 100,000 | 107,250 | |
United Rentals North America, Inc., 8.375%, 9/15/20 | 250,000 | 273,750 | |
2,308,496 |
Shares/ Principal Amount | Value |
TEXTILES, APPAREL AND LUXURY GOODS — 0.1% | |||
Burlington Coat Factory Warehouse Corp., 10.00%, 2/15/19 | $ 225,000 | $ 252,281 | |
Gap, Inc. (The), 5.95%, 4/12/21 | 160,000 | 186,274 | |
Gymboree Corp., 9.125%, 12/1/18 | 250,000 | 243,437 | |
Hanesbrands, Inc., 6.375%, 12/15/20 | 150,000 | 166,125 | |
L Brands, Inc., 6.90%, 7/15/17 | 105,000 | 121,013 | |
L Brands, Inc., 6.625%, 4/1/21 | 80,000 | 91,800 | |
L Brands, Inc., 5.625%, 2/15/22 | 275,000 | 295,281 | |
Phillips-Van Heusen Corp., 7.375%, 5/15/20 | 25,000 | 27,813 | |
Polymer Group, Inc., 7.75%, 2/1/19 | 135,000 | 146,138 | |
1,530,162 | |||
THRIFTS AND MORTGAGE FINANCE† | |||
Cie de Financement Foncier, 4.375%, 4/25/19 (Secured) | EUR | 200,000 | 306,062 |
Cie de Financement Foncier, MTN, 4.50%, 5/16/18 (Secured) | EUR | 165,000 | 250,321 |
556,383 | |||
TOBACCO† | |||
Altria Group, Inc., 9.25%, 8/6/19 | $ 48,000 | 65,843 | |
Altria Group, Inc., 2.85%, 8/9/22 | 400,000 | 382,281 | |
Philip Morris International, Inc., 4.125%, 5/17/21 | 280,000 | 306,776 | |
754,900 | |||
TRANSPORTATION INFRASTRUCTURE† | |||
CEVA Group plc, 8.375%, 12/1/17(2) | 200,000 | 208,000 | |
WIRELESS TELECOMMUNICATION SERVICES — 0.1% | |||
Alltel Corp., 7.875%, 7/1/32 | 130,000 | 184,673 | |
America Movil SAB de CV, 5.00%, 3/30/20 | 200,000 | 221,332 | |
Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18 | 30,000 | 39,933 | |
Cricket Communications, Inc., 7.75%, 10/15/20 | 295,000 | 295,737 | |
MetroPCS Wireless, Inc., 7.875%, 9/1/18 | 95,000 | 104,025 | |
MetroPCS Wireless, Inc., 6.625%, 11/15/20 | 135,000 | 144,956 | |
Sprint Nextel Corp., 6.00%, 12/1/16 | 335,000 | 362,637 | |
Sprint Nextel Corp., 9.00%, 11/15/18(2) | 110,000 | 133,650 | |
Sprint Nextel Corp., 7.00%, 3/1/20(2) | 110,000 | 124,025 | |
Sprint Nextel Corp., 6.00%, 11/15/22 | 100,000 | 103,500 | |
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 2/2/21(2) | 130,000 | 144,008 | |
Vodafone Group plc, 5.625%, 2/27/17 | 230,000 | 262,889 | |
2,121,365 | |||
TOTAL CORPORATE BONDS (Cost $132,643,448) | 139,507,612 | ||
U.S. Government Agency Mortgage-Backed Securities(4) — 5.5% | |||
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 0.6% | |||
FHLMC, VRN, 1.97%, 6/15/13 | 633,917 | 653,083 | |
FHLMC, VRN, 2.08%, 6/15/13 | 1,219,615 | 1,254,202 | |
FHLMC, VRN, 2.37%, 6/15/13 | 791,375 | 807,178 | |
FHLMC, VRN, 2.37%, 6/15/13 | 993,803 | 1,011,954 | |
FHLMC, VRN, 2.58%, 6/15/13 | 267,586 | 280,970 | |
FHLMC, VRN, 2.90%, 6/15/13 | 136,684 | 142,845 | |
FHLMC, VRN, 3.23%, 6/15/13 | 220,278 | 232,491 | |
FHLMC, VRN, 3.28%, 6/15/13 | 733,051 | 762,795 | |
FHLMC, VRN, 3.81%, 6/15/13 | 456,256 | 482,829 | |
FHLMC, VRN, 4.03%, 6/15/13 | 419,933 | 447,507 | |
FHLMC, VRN, 5.44%, 6/15/13 | 631,211 | 674,345 | |
FHLMC, VRN, 6.15%, 6/15/13 | 221,961 | 240,097 | |
FNMA, VRN, 2.71%, 6/25/13 | 574,360 | 593,195 | |
FNMA, VRN, 3.33%, 6/25/13 | 364,395 | 383,052 |
Shares/ Principal Amount | Value |
FNMA, VRN, 3.36%, 6/25/13 | $ 334,225 | $ 355,980 | |
FNMA, VRN, 3.83%, 6/25/13 | 447,272 | 474,536 | |
FNMA, VRN, 3.93%, 6/25/13 | 352,836 | 374,941 | |
FNMA, VRN, 3.95%, 6/25/13 | 190,471 | 203,093 | |
FNMA, VRN, 5.42%, 6/25/13 | 729,337 | 786,746 | |
10,161,839 | |||
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 4.9% | |||
FHLMC, 7.00%, 6/1/14 | 2,984 | 3,045 | |
FHLMC, 6.50%, 6/1/16 | 35,642 | 37,911 | |
FHLMC, 6.50%, 6/1/16 | 34,781 | 36,820 | |
FHLMC, 4.50%, 1/1/19 | 600,876 | 635,846 | |
FHLMC, 5.00%, 10/1/19 | 19,492 | 20,705 | |
FHLMC, 5.00%, 11/1/19 | 75,807 | 80,524 | |
FHLMC, 5.50%, 11/1/19 | 3,412 | 3,681 | |
FHLMC, 5.50%, 11/1/19 | 3,017 | 3,229 | |
FHLMC, 5.50%, 11/1/19 | 4,742 | 5,116 | |
FHLMC, 5.50%, 11/1/19 | 4,083 | 4,405 | |
FHLMC, 5.50%, 11/1/19 | 2,912 | 3,142 | |
FHLMC, 5.50%, 12/1/19 | 3,521 | 3,798 | |
FHLMC, 5.00%, 2/1/20 | 7,427 | 8,010 | |
FHLMC, 5.00%, 2/1/20 | 2,131 | 2,299 | |
FHLMC, 5.50%, 3/1/20 | 7,871 | 8,492 | |
FHLMC, 5.50%, 3/1/20 | 5,942 | 6,411 | |
FHLMC, 5.50%, 3/1/20 | 11,921 | 12,862 | |
FHLMC, 5.00%, 5/1/20 | 4,294 | 4,631 | |
FHLMC, 5.00%, 5/1/20 | 12,269 | 13,232 | |
FHLMC, 5.00%, 5/1/20 | 16,109 | 17,373 | |
FHLMC, 4.50%, 7/1/20 | 55,219 | 58,639 | |
FHLMC, 4.00%, 10/1/20 | 19,059 | 20,218 | |
FHLMC, 5.00%, 4/1/21 | 2,123,928 | 2,281,969 | |
FHLMC, 8.00%, 6/1/26 | 5,223 | 5,473 | |
FHLMC, 8.00%, 6/1/26 | 917 | 1,099 | |
FHLMC, 8.00%, 7/1/26 | 1,200 | 1,206 | |
FHLMC, 7.00%, 8/1/29 | 2,955 | 3,483 | |
FHLMC, 8.00%, 7/1/30 | 20,158 | 24,693 | |
FHLMC, 6.50%, 6/1/31 | 90,367 | 96,359 | |
FHLMC, 5.50%, 12/1/33 | 499,932 | 553,755 | |
FHLMC, 6.50%, 5/1/34 | 16,882 | 19,174 | |
FHLMC, 5.50%, 6/1/35 | 42,836 | 46,367 | |
FHLMC, 5.00%, 9/1/35 | 18,831 | 20,200 | |
FHLMC, 5.00%, 9/1/35 | 13,584 | 14,571 | |
FHLMC, 5.50%, 10/1/35 | 106,655 | 116,877 | |
FHLMC, 5.50%, 10/1/35 | 48,886 | 53,572 | |
FHLMC, 5.00%, 11/1/35 | 191,338 | 210,096 | |
FHLMC, 5.00%, 11/1/35 | 212,950 | 238,218 | |
FHLMC, 6.50%, 3/1/36 | 10,285 | 11,721 | |
FHLMC, 6.50%, 3/1/36 | 3,035 | 3,434 | |
FHLMC, 5.50%, 1/1/38 | 670,170 | 723,618 | |
FHLMC, 6.00%, 2/1/38 | 287,970 | 313,210 | |
FHLMC, 6.00%, 11/1/38 | 1,589,770 | 1,728,119 | |
FHLMC, 4.00%, 4/1/41 | 1,821,553 | 1,975,201 | |
FHLMC, 6.50%, 7/1/47 | 50,360 | 55,677 | |
FNMA, 6.00%, 12/1/13 | 1,317 | 1,326 | |
FNMA, 5.32%, 4/1/14 | 56,354 | 57,276 | |
FNMA, 6.00%, 4/1/14 | 6,040 | 6,083 | |
FNMA, 7.50%, 6/1/15 | 1,791 | 1,798 | |
FNMA, 5.17%, 1/1/16 | 157,139 | 169,615 | |
FNMA, 4.50%, 5/1/19 | 837,199 | 893,963 | |
FNMA, 4.00%, 6/1/19 | 6,264 | 6,673 | |
FNMA, 4.50%, 6/1/19 | 114,649 | 125,360 | |
FNMA, 4.50%, 12/1/19 | 9,600 | 10,497 | |
FNMA, 5.00%, 3/1/20 | 19,635 | 21,326 | |
FNMA, 5.00%, 3/1/20 | 19,914 | 21,629 | |
FNMA, 5.00%, 4/1/20 | 10,540 | 11,447 | |
FNMA, 5.00%, 5/1/20 | 4,965 | 5,392 | |
FNMA, 5.00%, 5/1/20 | 21,751 | 23,624 | |
FNMA, 5.00%, 7/1/20 | 25,723 | 27,696 | |
FNMA, 7.00%, 5/1/26 | 3,380 | 3,965 | |
FNMA, 7.00%, 6/1/26 | 2,683 | 3,148 | |
FNMA, 7.50%, 3/1/27 | 2,616 | 2,693 | |
FNMA, 6.50%, 4/1/29 | 16,676 | 18,766 | |
FNMA, 6.50%, 6/1/29 | 13,237 | 15,400 | |
FNMA, 6.50%, 6/1/29 | 33,593 | 39,084 | |
FNMA, 7.00%, 7/1/29 | 19,522 | 23,078 | |
FNMA, 6.50%, 8/1/29 | 36,323 | 41,111 | |
FNMA, 7.00%, 3/1/30 | 20,504 | 24,239 | |
FNMA, 8.00%, 7/1/30 | 36,053 | 40,130 | |
FNMA, 7.50%, 9/1/30 | 13,133 | 15,868 | |
FNMA, 6.50%, 9/1/31 | 82,879 | 96,581 | |
FNMA, 7.00%, 9/1/31 | 48,779 | 57,632 | |
FNMA, 6.50%, 1/1/32 | 37,793 | 44,099 | |
FNMA, 6.50%, 10/1/32 | 337,395 | 394,106 | |
FNMA, 5.50%, 6/1/33 | 174,054 | 191,781 | |
FNMA, 5.50%, 8/1/33 | 1,275,453 | 1,395,509 | |
FNMA, 5.00%, 11/1/33 | 1,026,933 | 1,117,865 | |
FNMA, 5.50%, 1/1/34 | 961,341 | 1,052,456 | |
FNMA, 5.50%, 9/1/34 | 63,089 | 69,638 | |
FNMA, 5.50%, 10/1/34 | 56,600 | 62,069 | |
FNMA, 6.00%, 10/1/34 | 74,128 | 80,840 |
Shares/ Principal Amount | Value |
FNMA, 5.00%, 11/1/34 | $ 361,388 | $ 404,569 | |
FNMA, 5.50%, 3/1/35 | 6,106 | 6,833 | |
FNMA, 5.50%, 3/1/35 | 11,371 | 12,726 | |
FNMA, 5.50%, 3/1/35 | 18,785 | 21,023 | |
FNMA, 5.50%, 3/1/35 | 44,909 | 50,000 | |
FNMA, 5.50%, 3/1/35 | 29,117 | 32,586 | |
FNMA, 5.00%, 4/1/35 | 53,411 | 60,110 | |
FNMA, 6.00%, 5/1/35 | 27,667 | 30,367 | |
FNMA, 6.00%, 5/1/35 | 2,908 | 3,271 | |
FNMA, 6.00%, 6/1/35 | 36,201 | 39,416 | |
FNMA, 6.00%, 6/1/35 | 14,498 | 15,913 | |
FNMA, 6.00%, 6/1/35 | 830 | 911 | |
FNMA, 5.00%, 7/1/35 | 197,833 | 222,646 | |
FNMA, 5.50%, 7/1/35 | 34,225 | 37,778 | |
FNMA, 6.00%, 7/1/35 | 85,401 | 93,734 | |
FNMA, 6.00%, 7/1/35 | 3,495 | 3,812 | |
FNMA, 6.00%, 7/1/35 | 71,367 | 78,331 | |
FNMA, 5.50%, 8/1/35 | 17,389 | 19,194 | |
FNMA, 6.00%, 8/1/35 | 2,637 | 2,876 | |
FNMA, 4.50%, 9/1/35 | 1,272,905 | 1,361,238 | |
FNMA, 5.50%, 9/1/35 | 83,557 | 92,067 | |
FNMA, 5.50%, 9/1/35 | 2,953 | 3,260 | |
FNMA, 5.50%, 9/1/35 | 1,094 | 1,208 | |
FNMA, 5.50%, 9/1/35 | 21,130 | 23,282 | |
FNMA, 5.50%, 9/1/35 | 169,483 | 186,745 | |
FNMA, 5.00%, 10/1/35 | 31,805 | 35,794 | |
FNMA, 5.50%, 10/1/35 | 391,934 | 432,622 | |
FNMA, 6.00%, 10/1/35 | 43,627 | 47,884 | |
FNMA, 5.50%, 11/1/35 | 218,385 | 241,056 | |
FNMA, 6.00%, 11/1/35 | 51,787 | 56,936 | |
FNMA, 6.50%, 11/1/35 | 5,833 | 6,640 | |
FNMA, 6.50%, 11/1/35 | 11,292 | 12,980 | |
FNMA, 6.50%, 12/1/35 | 38,920 | 43,707 | |
FNMA, 6.50%, 4/1/36 | 16,965 | 19,450 | |
FNMA, 6.00%, 8/1/36 | 48,059 | 52,448 | |
FNMA, 5.00%, 10/1/36 | 644,844 | 695,495 | |
FNMA, 5.00%, 11/1/36 | 607,805 | 655,547 | |
FNMA, 5.50%, 1/1/37 | 1,826,504 | 1,991,580 | |
FNMA, 5.50%, 2/1/37 | 589,942 | 640,310 | |
FNMA, 6.00%, 5/1/37 | 47,844 | 52,153 | |
FNMA, 6.00%, 7/1/37 | 11,785 | 12,846 | |
FNMA, 6.50%, 8/1/37 | 18,403 | 20,383 | |
FNMA, 6.50%, 8/1/37 | 1,391,506 | 1,541,248 | |
FNMA, 6.50%, 8/1/37 | 417,000 | 461,874 | |
FNMA, 4.50%, 8/1/40 | 3,529,142 | 3,777,356 | |
FNMA, 3.50%, 1/1/41 | 2,216,673 | 2,304,882 | |
FNMA, 4.00%, 1/1/41 | 7,121,590 | 7,715,942 | |
FNMA, 4.50%, 1/1/41 | 906,814 | 987,029 | |
FNMA, 4.50%, 2/1/41 | 2,658,986 | 2,845,169 | |
FNMA, 4.00%, 5/1/41 | 1,817,447 | 1,919,147 | |
FNMA, 4.50%, 7/1/41 | 1,876,338 | 2,043,487 | |
FNMA, 4.50%, 9/1/41 | 55,038 | 59,786 | |
FNMA, 4.00%, 12/1/41 | 3,380,263 | 3,641,246 | |
FNMA, 4.00%, 1/1/42 | 67,657 | 72,141 | |
FNMA, 4.00%, 1/1/42 | 1,499,010 | 1,584,297 | |
FNMA, 3.50%, 5/1/42 | 3,320,022 | 3,449,024 | |
FNMA, 3.50%, 6/1/42 | 1,205,717 | 1,255,204 | |
FNMA, 3.50%, 9/1/42 | 4,587,142 | 4,758,212 | |
FNMA, 3.00%, 11/1/42 | 1,713,149 | 1,725,175 | |
FNMA, 6.50%, 6/1/47 | 72,863 | 80,271 | |
FNMA, 6.50%, 8/1/47 | 165,889 | 182,756 | |
FNMA, 6.50%, 8/1/47 | 96,643 | 106,469 | |
FNMA, 6.50%, 9/1/47 | 446,671 | 492,086 | |
FNMA, 6.50%, 9/1/47 | 13,851 | 15,259 | |
FNMA, 6.50%, 9/1/47 | 96,133 | 105,907 | |
FNMA, 6.50%, 9/1/47 | 113,173 | 124,679 | |
FNMA, 6.50%, 9/1/47 | 73,232 | 80,678 | |
GNMA, 9.00%, 4/20/25 | 1,921 | 2,272 | |
GNMA, 7.50%, 10/15/25 | 5,132 | 5,849 | |
GNMA, 6.00%, 4/15/26 | 1,550 | 1,739 | |
GNMA, 6.00%, 4/15/26 | 398 | 446 | |
GNMA, 7.50%, 6/15/26 | 4,399 | 5,026 | |
GNMA, 7.00%, 12/15/27 | 16,776 | 19,774 | |
GNMA, 7.50%, 12/15/27 | 21,320 | 24,557 | |
GNMA, 6.00%, 5/15/28 | 25,823 | 29,027 | |
GNMA, 6.00%, 5/15/28 | 54,719 | 62,156 | |
GNMA, 6.50%, 5/15/28 | 6,926 | 7,054 | |
GNMA, 7.00%, 5/15/31 | 48,883 | 59,706 | |
GNMA, 5.50%, 11/15/32 | 214,940 | 235,790 | |
GNMA, 6.50%, 10/15/38 | 3,212,243 | 3,681,055 | |
GNMA, 4.00%, 1/20/41 | 3,009,071 | 3,239,004 | |
GNMA, 4.50%, 5/20/41 | 3,723,794 | 4,059,255 | |
GNMA, 4.50%, 6/15/41 | 994,522 | 1,084,239 | |
GNMA, 4.00%, 12/15/41 | 1,683,988 | 1,791,698 | |
GNMA, 4.00%, 6/20/42 | 2,830,933 | 3,025,994 | |
GNMA, 3.50%, 7/20/42 | 1,149,834 | 1,208,512 | |
83,356,448 | |||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $89,776,030) | 93,518,287 |
Shares/ Principal Amount | Value |
Municipal Securities — 2.9% | |||
Alameda County Industrial Development Authority, Series 1997 A, (Plyproperties), VRDN, 0.15%, 6/6/13 (LOC: Wells Fargo Bank N.A.) | $ 3,600,000 | $ 3,600,000 | |
American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 7.50%, 2/15/50 | 120,000 | 159,551 | |
Appling County Development Authority Rev., (Georgia Power Co. Plant Hatch), VRDN, 0.11%, 6/3/13 | 600,000 | 600,000 | |
Bay Area Toll Authority Toll Bridge Rev., Series 2010 S1, (Building Bonds), 6.92%, 4/1/40 | 120,000 | 159,241 | |
Big Bear Lake Rev., Series 1993 A, (Southwest Gas Corp.), VRDN, 0.13%, 6/5/13 (LOC: Wells Fargo Bank N.A.) | 4,100,000 | 4,100,000 | |
California GO, (Building Bonds), 7.55%, 4/1/39 | 60,000 | 86,707 | |
California GO, (Building Bonds), 7.30%, 10/1/39 | 160,000 | 223,373 | |
California GO, (Building Bonds), 7.60%, 11/1/40 | 45,000 | 66,470 | |
City of Lowell Rev., (Little Rock Newspapers), VRDN, 0.21%, 6/5/13 (LOC: JPMorgan Chase Bank N.A.) | 3,850,000 | 3,850,000 | |
Harrison County Industrial Development Rev., (Fox Grocery Company), VRDN, 0.15%, 6/6/13 (LOC: U.S. Bank N.A.) | 2,240,000 | 2,240,000 | |
Idaho Housing & Finance Association Multifamily Housing Rev., Series 2011 A, (Traditions At Boise Apartments), VRDN, 0.14%, 6/5/13 (LOC: East West Bank and FHLMC)(SBBPA: FHLB) | 500,000 | 500,000 | |
Illinois GO, (Taxable Pension), 5.10%, 6/1/33 | 230,000 | 232,624 | |
Los Angeles Community College District GO, Series 2010 D, (Election of 2008), 6.68%, 8/1/36 | 120,000 | 158,705 | |
Los Angeles Department of Water & Power Rev., (Building Bonds), 5.72%, 7/1/39 | 130,000 | 159,558 | |
Maryland Economic Development Corp. Rev., (Associated Catholic Charities, Inc.), VRDN, 0.13%, 6/7/13 (LOC: PNC Bank N.A.) | 1,510,000 | 1,510,000 | |
Medford Hospital Facilities Authority Rev., (Rogue Valley Manor Project), VRDN, 0.09%, 6/3/13 (LOC: Bank of America N.A.) | 100,000 | 100,000 | |
Metropolitan Transportation Authority Rev., Series 2010 C1, (Building Bonds), 6.69%, 11/15/40 | 185,000 | 236,066 | |
Metropolitan Transportation Authority Rev., Series 2010 E, (Building Bonds), 6.81%, 11/15/40 | 100,000 | 131,102 | |
Missouri State Health & Educational Facilities Authority Rev., (Kansas City Art Institute), VRDN, 0.15%, 6/3/13 (LOC: Commerce Bank) | 3,000,000 | 3,000,000 | |
New Jersey State Turnpike Authority Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40 | 180,000 | 261,936 | |
New Jersey State Turnpike Authority Rev., Series 2010 A, (Building Bonds), 7.10%, 1/1/41 | 140,000 | 197,791 | |
New York GO, Series 2010 F1, (Building Bonds), 6.27%, 12/1/37 | 75,000 | 96,728 | |
New York State Housing Finance Agency Rev., Series 2012 A, (Riverside Center 2 Housing), VRDN, 0.12%, 6/5/13 (LOC: Bank of America N.A.) | 3,000,000 | 3,000,000 | |
Ohio Water Development Authority Pollution Control Rev., Series 2010 B2, (Building Bonds), 4.88%, 12/1/34 | 200,000 | 223,650 |
Shares/ Principal Amount | Value |
Orange County Housing Finance Authority Multifamily Rev., Series 2002 B, (Millenia), VRDN, 0.21%, 6/5/13 (LOC: FNMA) | $ 1,605,000 | $ 1,605,000 | |
Oregon Health & Science University Rev., Series 2012 B2, VRDN, 0.12%, 6/5/13 (LOC: Union Bank N.A.) | 4,000,000 | 4,000,000 | |
Oregon State Department of Transportation Highway User Tax Rev., Series 2010 A, (Building Bonds), 5.83%, 11/15/34 | 130,000 | 163,468 | |
Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62 | 330,000 | 327,027 | |
Riverside County Industrial Development Authority (Cal-Mold, Inc.), VRDN, 0.25%, 6/5/13 (LOC: Bank of the West) | 1,820,000 | 1,820,000 | |
Rutgers State University Rev., Series 2010 H, (Building Bonds), 5.67%, 5/1/40 | 280,000 | 337,851 | |
Sacramento Municipal Utility District Electric Rev., Series 2010 W, (Building Bonds), 6.16%, 5/15/36 | 170,000 | 203,991 | |
Salt River Agricultural Improvement & Power District Electric Rev., Series 2010 A, (Building Bonds), 4.84%, 1/1/41 | 170,000 | 190,935 | |
San Francisco City & County Public Utilities Water Commission Rev., Series 2010 B, (Building Bonds), 6.00%, 11/1/40 | 135,000 | 164,200 | |
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 A, (Building Bonds), 5.88%, 4/1/32 | 195,000 | 235,006 | |
South Carolina Jobs-Economic Development Authority Rev., (Southeastern Fly Ash Company Inc.), VRDN, 0.18%, 6/6/13 (LOC: Wells Fargo Bank N.A.) | 1,000,000 | 1,000,000 | |
Tempe Industrial Development Authority Rev., Series 2004 B, (ASUF Brickyard LLC), VRDN, 0.20%, 6/6/13 (LOC: Bank of America N.A.) | 4,200,000 | 4,200,000 | |
Washington Finance Commission Nonprofit Housing Rev., (Heatherwood), Series 2002 A, VRDN, 0.15%, 6/6/13 (LIQ FAC: FHLMC) | 3,400,000 | 3,400,000 | |
Wisconsin Health & Educational Facilities Authority Rev., (Benevolent Corporation Cedar Community), VRDN, 0.15%, 6/6/13 (LOC: JPMorgan Chase Bank N.A.) | 3,885,000 | 3,885,000 | |
Wisconsin Health & Educational Facilities Authority Rev., (Milwaukee Institute of Art & Design), VRDN, 0.22%, 6/5/13 (LOC: Citibank N.A.) | 3,780,000 | 3,780,000 | |
TOTAL MUNICIPAL SECURITIES (Cost $49,514,213) | 50,205,980 | ||
Sovereign Governments and Agencies — 2.8% | |||
AUSTRALIA — 0.1% | |||
Australia Government Bond, 5.75%, 7/15/22 | AUD | 445,000 | 507,218 |
New South Wales Treasury Corp., 5.50%, 3/1/17 | AUD | 295,000 | 306,672 |
813,890 | |||
AUSTRIA — 0.2% | |||
Austria Government Bond, 3.40%, 10/20/14(2) | EUR | 465,000 | 632,554 |
Austria Government Bond, 4.35%, 3/15/19(2) | EUR | 680,000 | 1,050,924 |
Austria Government Bond, 3.90%, 7/15/20(2) | EUR | 455,000 | 696,325 |
Austria Government Bond, 3.40%, 11/22/22(2) | EUR | 75,000 | 111,567 |
Austria Government Bond, 4.15%, 3/15/37(2) | EUR | 275,000 | 456,586 |
2,947,956 |
Shares/ Principal Amount | Value |
BELGIUM — 0.1% | |||
Belgium Government Bond, 4.00%, 3/28/18 | EUR | 560,000 | $ 833,159 |
Belgium Government Bond, 3.75%, 9/28/20 | EUR | 310,000 | 463,126 |
Belgium Government Bond, 2.25%, 6/22/23 | EUR | 120,000 | 156,025 |
Belgium Government Bond, 5.00%, 3/28/35 | EUR | 330,000 | 560,079 |
2,012,389 | |||
BRAZIL — 0.1% | |||
Brazilian Government International Bond, 5.875%, 1/15/19 | $ | 1,000,000 | 1,173,000 |
Brazilian Government International Bond, 5.625%, 1/7/41 | $ | 200,000 | 223,500 |
1,396,500 | |||
CANADA — 0.2% | |||
Canadian Government Bond, 5.00%, 6/1/14 | CAD | 485,000 | 485,833 |
Canadian Government Bond, 1.50%, 3/1/17 | CAD | 300,000 | 290,361 |
Canadian Government Bond, 3.75%, 6/1/19 | CAD | 320,000 | 344,816 |
Canadian Government Bond, 5.75%, 6/1/33 | CAD | 345,000 | 494,471 |
Hydro-Quebec, 8.40%, 1/15/22 | $ | 130,000 | 182,846 |
Province of British Columbia, 3.25%, 12/18/21 | CAD | 265,000 | 267,684 |
Province of Ontario Canada, 5.45%, 4/27/16 | $ | 240,000 | 272,356 |
Province of Ontario Canada, 1.60%, 9/21/16 | $ | 160,000 | 164,029 |
2,502,396 | |||
CHILE† | |||
Chile Government International Bond, 3.25%, 9/14/21 | $ | 230,000 | 237,475 |
COLOMBIA† | |||
Colombia Government International Bond, 4.375%, 7/12/21 | $ | 290,000 | 315,375 |
DENMARK — 0.1% | |||
Denmark Government Bond, 4.00%, 11/15/17 | DKK | 2,300,000 | 465,049 |
Denmark Government Bond, 4.00%, 11/15/19 | DKK | 530,000 | 111,171 |
Denmark Government Bond, 7.00%, 11/10/24 | DKK | 2,350,000 | 644,369 |
Denmark Government Bond, 4.50%, 11/15/39 | DKK | 2,395,000 | 604,976 |
1,825,565 | |||
FINLAND — 0.2% | |||
Finland Government Bond, 3.125%, 9/15/14 | EUR | 480,000 | 648,432 |
Finland Government Bond, 3.875%, 9/15/17 | EUR | 460,000 | 680,672 |
Finland Government Bond, 4.375%, 7/4/19 | EUR | 111,000 | 173,142 |
Finland Government Bond, 1.625%, 9/15/22 | EUR | 305,000 | 395,829 |
Finland Government Bond, 4.00%, 7/4/25 | EUR | 460,000 | 727,271 |
2,625,346 | |||
FRANCE — 0.1% | |||
France Government Bond OAT, 4.00%, 4/25/14 | EUR | 240,000 | 322,962 |
France Government Bond OAT, 3.25%, 10/25/21 | EUR | 85,000 | 123,759 |
France Government Bond OAT, 5.50%, 4/25/29 | EUR | 160,000 | 284,060 |
France Government Bond OAT, 4.75%, 4/25/35 | EUR | 235,000 | 393,414 |
French Treasury Note BTAN, 2.25%, 2/25/16 | EUR | 915,000 | 1,250,674 |
2,374,869 | |||
GERMANY — 0.2% | |||
Bundesobligation, 2.00%, 2/26/16 | EUR | 830,000 | 1,133,564 |
Bundesrepublik Deutschland, 4.00%, 1/4/18 | EUR | 460,000 | 694,365 |
Bundesrepublik Deutschland, 3.00%, 7/4/20 | EUR | 35,000 | 52,059 |
Bundesrepublik Deutschland, 4.75%, 7/4/34 | EUR | 250,000 | 459,723 |
Bundesrepublik Deutschland, 4.25%, 7/4/39 | EUR | 210,000 | 375,529 |
2,715,240 | |||
ITALY† | |||
Italy Government International Bond, 6.875%, 9/27/23 | $ | 110,000 | 132,770 |
Shares/ Principal Amount | Value |
JAPAN — 0.6% | |||
Japan Government Ten Year Bond, 1.20%, 6/20/15 | JPY | 212,050,000 | $ 2,156,740 |
Japan Government Ten Year Bond, 1.50%, 9/20/18 | JPY | 275,000,000 | 2,896,757 |
Japan Government Ten Year Bond, 1.00%, 12/20/21 | JPY | 195,000,000 | 1,975,769 |
Japan Government Thirty Year Bond, 2.40%, 3/20/37 | JPY | 86,500,000 | 982,086 |
Japan Government Thirty Year Bond, 2.00%, 9/20/41 | JPY | 69,900,000 | 736,489 |
Japan Government Twenty Year Bond, 2.10%, 12/20/26 | JPY | 144,700,000 | 1,607,990 |
10,355,831 | |||
MEXICO — 0.1% | |||
Mexico Government International Bond, 5.625%, 1/15/17 | $ | 160,000 | 181,600 |
Mexico Government International Bond, 5.95%, 3/19/19 | $ | 710,000 | 844,900 |
Mexico Government International Bond, 5.125%, 1/15/20 | $ | 350,000 | 400,750 |
Mexico Government International Bond, 6.05%, 1/11/40 | $ | 220,000 | 261,800 |
Mexico Government International Bond, MTN, 4.75%, 3/8/44 | $ | 80,000 | 79,600 |
1,768,650 | |||
MULTI-NATIONAL — 0.1% | |||
European Investment Bank, 2.50%, 7/15/15 | EUR | 200,000 | 272,705 |
European Investment Bank, MTN, 3.625%, 1/15/21 | EUR | 150,000 | 225,452 |
International Bank for Reconstruction & Development, MTN, 3.875%, 5/20/19 | EUR | 280,000 | 425,432 |
923,589 | |||
NETHERLANDS — 0.1% | |||
Netherlands Government Bond, 4.00%, 7/15/16(2) | EUR | 550,000 | 794,900 |
Netherlands Government Bond, 3.50%, 7/15/20(2) | EUR | 625,000 | 936,415 |
Netherlands Government Bond, 4.00%, 1/15/37(2) | EUR | 280,000 | 461,569 |
2,192,884 | |||
NEW ZEALAND† | |||
New Zealand Government Bond, 5.00%, 3/15/19 | NZD | 175,000 | 152,839 |
NORWAY† | |||
Norway Government Bond, 4.25%, 5/19/17 | NOK | 1,000,000 | 189,272 |
Norway Government Bond, 3.75%, 5/25/21 | NOK | 3,100,000 | 598,354 |
787,626 | |||
PERU† | |||
Peruvian Government International Bond, 6.55%, 3/14/37 | $ | 100,000 | 128,750 |
Peruvian Government International Bond, 5.625%, 11/18/50 | $ | 150,000 | 170,625 |
299,375 | |||
POLAND† | |||
Poland Government International Bond, 5.125%, 4/21/21 | $ | 250,000 | 285,000 |
SINGAPORE† | |||
Singapore Government Bond, 2.375%, 4/1/17 | SGD | 280,000 | 235,054 |
Singapore Government Bond, 3.125%, 9/1/22 | SGD | 120,000 | 105,743 |
340,797 | |||
SOUTH KOREA† | |||
Export-Import Bank of Korea, 3.75%, 10/20/16 | $ | 240,000 | 257,125 |
Korea Development Bank (The), 3.25%, 3/9/16 | $ | 160,000 | 167,706 |
Korea Development Bank (The), 4.00%, 9/9/16 | $ | 160,000 | 171,891 |
596,722 | |||
SWEDEN — 0.1% | |||
Sweden Government Bond, 6.75%, 5/5/14 | SEK | 2,540,000 | 404,000 |
Sweden Government Bond, 4.25%, 3/12/19 | SEK | 1,590,000 | 277,572 |
Sweden Government Bond, 3.50%, 6/1/22 | SEK | 3,225,000 | 554,697 |
1,236,269 |
Shares/ Principal Amount | Value |
SWITZERLAND† | |||
Switzerland Government Bond, 2.00%, 4/28/21 | CHF | 160,000 | $ 186,333 |
Switzerland Government Bond, 2.50%, 3/8/36 | CHF | 100,000 | 131,999 |
318,332 | |||
UNITED KINGDOM — 0.5% | |||
United Kingdom Gilt, 5.00%, 9/7/14 | GBP | 665,000 | 1,069,712 |
United Kingdom Gilt, 4.00%, 9/7/16 | GBP | 1,145,000 | 1,933,641 |
United Kingdom Gilt, 4.50%, 3/7/19 | GBP | 635,000 | 1,144,764 |
United Kingdom Gilt, 8.00%, 6/7/21 | GBP | 71,000 | 159,194 |
United Kingdom Gilt, 3.75%, 9/7/21 | GBP | 725,000 | 1,269,274 |
United Kingdom Gilt, 4.25%, 6/7/32 | GBP | 180,000 | 326,408 |
United Kingdom Gilt, 4.25%, 3/7/36 | GBP | 920,000 | 1,655,179 |
United Kingdom Gilt, 4.50%, 12/7/42 | GBP | 525,000 | 984,101 |
United Kingdom Gilt, 4.25%, 12/7/55 | GBP | 435,000 | 790,854 |
9,333,127 | |||
URUGUAY† | |||
Uruguay Government International Bond, 4.125%, 11/20/45 | $ | 80,000 | 70,400 |
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $48,604,157) | 48,561,212 | ||
Commercial Paper(5) — 2.2% | |||
Bank of Nova Scotia, 0.18%, 8/30/13 | 4,200,000 | 4,198,188 | |
BNP Paribas Finance, Inc., 0.20%, 6/3/13 | 4,100,000 | 4,099,952 | |
Catholic Health Initiatives, 0.21%, 6/4/13 | 4,100,000 | 4,099,959 | |
Crown Point Capital Co., 0.17%, 6/26/13(2) | 4,200,000 | 4,199,496 | |
Legacy Capital LLC, 0.17%, 7/1/13(2) | 4,200,000 | 4,199,382 | |
Lexington Parker Capital, 0.17%, 6/5/13(2) | 4,200,000 | 4,199,913 | |
San Francisco City and Country Public Utilities Commission Water Rev., 0.17%, 6/17/13 | 4,200,000 | 4,200,000 | |
Societe Generale SA, 0.20%, 6/5/13 | 4,200,000 | 4,199,919 | |
Toyota Motor Credit Corp., 0.22%, 8/9/13 | 4,200,000 | 4,199,126 | |
TOTAL COMMERCIAL PAPER (Cost $37,594,961) | 37,595,935 | ||
Commercial Mortgage-Backed Securities(4) — 1.0% | |||
Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A3 SEQ, 4.51%, 12/10/42 | 63,511 | 63,794 | |
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4, VRN, 5.12%, 6/1/13 | 500,000 | 542,806 | |
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class AM, VRN, 5.18%, 6/1/13 | 425,000 | 460,141 | |
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-PARK, Class A SEQ, 2.96%, 12/10/30(2) | 600,000 | 595,377 | |
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36(2) | 550,000 | 543,225 | |
CenterPoint Energy Transition Bond Co. LLC, Series 2012-1, Class A2 SEQ, 2.16%, 10/15/21 | 350,000 | 358,429 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AM, VRN, 5.22%, 6/1/13 | 325,000 | 352,583 | |
Commercial Mortgage Pass-Through Certificates, Series 2004-LB2A, Class A4 SEQ, 4.72%, 3/10/39 | 705,070 | 716,395 | |
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C2, Class A2, VRN, 5.42%, 6/1/13 | 925,000 | 951,045 | |
GE Capital Commercial Mortgage Corp., Series 2005-C3, Class A5, VRN, 4.98%, 6/1/13 | 86,209 | 86,403 |
Shares/ Principal Amount | Value |
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4, VRN, 4.80%, 6/1/13 | $ 600,000 | $ 630,320 | |
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VRN, 4.86%, 6/1/13 | 250,000 | 261,682 | |
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6 SEQ, VRN, 5.40%, 6/1/13 | 1,000,000 | 1,033,476 | |
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4 SEQ, 4.76%, 7/10/39 | 740,000 | 786,129 | |
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A SEQ, 4.75%, 7/10/39 | 1,100,000 | 1,162,819 | |
GS Mortgage Securities Corp. II, Series 2012-ALOH, Class A SEQ, 3.55%, 4/10/34(2) | 625,000 | 649,244 | |
Irvine Core Office Trust, Series 2013-IRV, Class A2, VRN, 3.31%, 6/10/13(2) | 475,000 | 471,946 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A4 SEQ, 4.57%, 1/15/31 | 604,684 | 616,903 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4 SEQ, 4.37%, 3/15/36 | 1,000,000 | 1,021,440 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A4, VRN, 5.53%, 6/11/13 | 450,000 | 465,009 | |
LB-UBS Commercial Mortgage Trust, Series 2004-C8, Class AJ, VRN, 4.86%, 6/11/13 | 200,000 | 209,096 | |
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class AM, VRN, 5.02%, 6/11/13 | 600,000 | 644,651 | |
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AM SEQ, VRN, 5.26%, 6/11/13 | 725,000 | 787,200 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, 2/15/46 | 200,000 | 197,236 | |
Morgan Stanley Capital I, Series 2005-HQ6, Class A2A SEQ, 4.88%, 8/13/42 | 68,847 | 68,879 | |
Morgan Stanley Capital I, Series 2005-T17, Class A5 SEQ, 4.78%, 12/13/41 | 788,803 | 825,999 | |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A3 SEQ, 4.50%, 10/15/41 | 106,400 | 107,695 | |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A4 SEQ, 4.80%, 10/15/41 | 1,500,000 | 1,568,567 | |
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $16,184,582) | 16,178,489 | ||
Collateralized Mortgage Obligations(4) — 0.8% | |||
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7% | |||
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33 | 149,547 | 154,770 | |
Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37 | 1,048,423 | 822,927 | |
Banc of America Mortgage Securities, Inc., Series 2004-7, Class 7A1, 5.00%, 8/25/19 | 188,585 | 193,222 | |
Banc of America Mortgage Securities, Inc., Series 2005-1, Class 1A15, 5.50%, 2/25/35 | 325,000 | 344,147 | |
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 2.43%, 6/1/13 | 106,825 | 109,663 | |
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 5.31%, 6/1/13 | 495,762 | 500,351 |
Shares/ Principal Amount | Value |
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 5.40%, 6/1/13 | $ 263,480 | $ 265,398 | |
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.92%, 6/1/13 | 256,373 | 259,817 | |
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 2.66%, 6/1/13 | 609,217 | 631,625 | |
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 2.87%, 6/1/13 | 287,684 | 288,686 | |
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 2.90%, 6/1/13 | 653,725 | 650,054 | |
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2, VRN, 2.50%, 6/1/13(2) | 733,034 | 742,467 | |
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.63%, 6/1/13 | 285,719 | 298,229 | |
MASTR Asset Securitization Trust, Series 2003-10, Class 3A1, 5.50%, 11/25/33 | 232,557 | 245,630 | |
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.52%, 6/1/13 | 456,677 | 456,606 | |
PHHMC Mortgage Pass-Through Certificates, Series 2007-6, Class A1, VRN, 5.85%, 6/1/13 | 299,171 | 319,631 | |
Sequoia Mortgage Trust, Series 2012-1, Class 1A1, VRN, 2.87%, 6/1/13 | 302,743 | 304,577 | |
Wamu Mortgage Pass-Through Certificates, Series 2003-S11, Class 3A5, 5.95%, 11/25/33 | 359,225 | 381,144 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-1, Class A10, 5.50%, 2/25/34 | 435,724 | 457,944 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-Z, Class 2A2, VRN, 2.62%, 6/1/13 | 798,038 | 829,994 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36 | 443,475 | 470,252 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-5, Class 1A1, 5.00%, 5/25/20 | 123,885 | 129,877 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR14, Class A1, VRN, 5.33%, 6/1/13 | 195,382 | 197,712 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 2.68%, 6/1/13 | 629,547 | 651,907 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36 | 563,456 | 595,654 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37 | 273,843 | 285,861 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22 | 457,230 | 485,695 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37 | 299,658 | 321,796 | |
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 6.06%, 6/1/13 | 235,268 | 236,997 | |
11,632,633 | |||
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1% | |||
FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25 | 1,476,877 | 1,639,909 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $13,082,372) | 13,272,542 |
Shares/ Principal Amount | Value |
Exchange-Traded Funds — 0.4% | |||
iShares MSCI EAFE Index Fund | 22,192 | $ 1,333,295 | |
iShares MSCI Emerging Markets Index Fund | 16,950 | 698,510 | |
iShares Russell 1000 Growth Index Fund | 3,541 | 263,061 | |
iShares Russell 2000 Value Index Fund | 2,646 | 228,403 | |
iShares Russell Midcap Growth Index Fund | 4,210 | 306,193 | |
iShares Russell Midcap Value Index Fund | 57,497 | 3,377,374 | |
iShares S&P SmallCap 600 Index Fund | 393 | 35,637 | |
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,617,746) | 6,242,473 | ||
U.S. Government Agency Securities† | |||
FHLMC, 2.375%, 1/13/22 | $ 210,000 | 214,259 | |
FNMA, 6.625%, 11/15/30 | 200,000 | 289,861 | |
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $509,836) | 504,120 | ||
Asset-Backed Securities(4)† | |||
American Airlines Pass-Through Trust, 7.00%, 7/31/19(2) | 21,404 | 22,795 | |
CenterPoint Energy Transition Bond Co. LLC, Series 2005-A, Class A4 SEQ, 5.17%, 8/1/19 | 130,000 | 144,097 | |
UAL 2007-1 Pass Through Trust, Series 071A, 6.64%, 1/2/24 | 99,569 | 109,029 | |
TOTAL ASSET-BACKED SECURITIES (Cost $259,143) | 275,921 |
Shares | Value | ||
Convertible Preferred Stocks† | |||
HOUSEHOLD DURABLES† | |||
Beazer Homes USA, Inc., 7.50%, 7/15/15 | 2,459 | $ 81,688 | |
LEISURE EQUIPMENT AND PRODUCTS† | |||
Callaway Golf Co., Series B, 7.50% | 373 | 37,813 | |
TOBACCO† | |||
Universal Corp., 6.75% | 36 | 46,831 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $147,860) | 166,332 | ||
Preferred Stocks† | |||
CONSUMER FINANCE† | |||
Ally Financial, Inc., 7.00%(2) | 77 | 75,494 | |
REAL ESTATE INVESTMENT TRUSTS (REITs)† | |||
DuPont Fabros Technology, Inc., Series A, 7.875% | 1,063 | 27,638 | |
Inland Real Estate Corp., Series A, 8.125% | 732 | 19,573 | |
PS Business Parks, Inc., 6.45% | 630 | 16,380 | |
63,591 | |||
TOTAL PREFERRED STOCKS (Cost $132,302) | 139,085 | ||
Temporary Cash Investments — 1.4% | |||
SSgA U.S. Government Money Market Fund (Cost $24,045,288) | 24,045,288 | 24,045,288 | |
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $1,405,864,879) | 1,705,576,659 | ||
OTHER ASSETS AND LIABILITIES — 0.4% | 7,470,217 | ||
TOTAL NET ASSETS — 100.0% | $1,713,046,876 |
Forward Foreign Currency Exchange Contracts | |||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Gain (Loss) | |||||||||||
AUD | 100,000 | USD | 96,589 | Barclays Bank plc | 6/19/2013 | $(988 | ) | ||||||||
USD | 142,129 | AUD | 139,372 | Westpac Group | 6/19/2013 | 8,887 | |||||||||
CAD | 454,579 | USD | 441,719 | Barclays Bank plc | 6/19/2013 | (3,418 | ) | ||||||||
CAD | 50,000 | USD | 48,499 | HSBC Holdings plc | 6/19/2013 | (289 | ) | ||||||||
USD | 2,431,923 | CAD | 2,525,007 | UBS AG | 6/28/2013 | (2,151 | ) | ||||||||
CHF | 191,086 | USD | 204,545 | UBS AG | 6/19/2013 | (4,686 | ) | ||||||||
USD | 525,374 | CHF | 511,610 | Credit Suisse AG | 6/28/2013 | (9,772 | ) | ||||||||
CZK | 4,805,000 | USD | 241,896 | Deutsche Bank | 6/19/2013 | 871 | |||||||||
DKK | 3,709,307 | USD | 649,932 | UBS AG | 6/19/2013 | (3,142 | ) | ||||||||
EUR | 300,000 | USD | 391,471 | Barclays Bank plc | 6/19/2013 | (1,516 | ) | ||||||||
EUR | 52,000 | USD | 67,685 | Barclays Bank plc | 6/19/2013 | (93 | ) | ||||||||
EUR | 606,209 | USD | 791,403 | HSBC Holdings plc | 6/19/2013 | (3,421 | ) | ||||||||
EUR | 10,926 | USD | 14,176 | UBS AG | 6/28/2013 | 27 | |||||||||
USD | 494,535 | EUR | 375,000 | HSBC Holdings plc | 6/19/2013 | 7,091 | |||||||||
USD | 2,453,388 | EUR | 1,907,351 | UBS AG | 6/28/2013 | (26,001 | ) | ||||||||
USD | 959,962 | EUR | 746,308 | UBS AG | 6/28/2013 | (10,174 | ) | ||||||||
USD | 513,069 | EUR | 398,878 | UBS AG | 6/28/2013 | (5,438 | ) | ||||||||
USD | 16,949 | EUR | 13,097 | UBS AG | 6/28/2013 | (76 | ) | ||||||||
GBP | 150,000 | USD | 228,261 | HSBC Holdings plc | 6/19/2013 | (374 | ) | ||||||||
USD | 1,390,853 | GBP | 912,482 | Barclays Bank plc | 6/19/2013 | 4,570 | |||||||||
USD | 105,802 | GBP | 68,000 | HSBC Holdings plc | 6/19/2013 | 2,493 | |||||||||
USD | 75,796 | GBP | 50,000 | HSBC Holdings plc | 6/19/2013 | (167 | ) | ||||||||
USD | 785,013 | GBP | 519,536 | Credit Suisse AG | 6/28/2013 | (4,240 | ) | ||||||||
HKD | 129,000 | USD | 16,624 | Westpac Group | 6/19/2013 | (4 | ) | ||||||||
JPY | 67,773,000 | USD | 695,979 | HSBC Holdings plc | 6/19/2013 | (21,279 | ) | ||||||||
JPY | 25,500,000 | USD | 252,846 | HSBC Holdings plc | 6/19/2013 | 1,014 | |||||||||
JPY | 16,200,000 | USD | 160,445 | HSBC Holdings plc | 6/19/2013 | 830 | |||||||||
JPY | 127,934,591 | USD | 1,288,348 | UBS AG | 6/19/2013 | (14,721 | ) | ||||||||
USD | 138,877 | JPY | 13,941,000 | Barclays Bank plc | 6/19/2013 | 90 | |||||||||
USD | 138,725 | JPY | 13,941,000 | Barclays Bank plc | 6/19/2013 | (62 | ) | ||||||||
USD | 442,893 | JPY | 43,363,393 | HSBC Holdings plc | 6/19/2013 | 11,197 | |||||||||
KRW | 1,917,944,990 | USD | 1,716,589 | HSBC Holdings plc | 6/19/2013 | (21,601 | ) | ||||||||
KRW | 147,000,002 | USD | 129,647 | HSBC Holdings plc | 6/19/2013 | 265 | |||||||||
USD | 251,829 | NOK | 1,477,080 | Deutsche Bank | 6/19/2013 | 278 | |||||||||
NZD | 170,047 | USD | 142,337 | Westpac Group | 6/19/2013 | (7,315 | ) | ||||||||
USD | 941,774 | SEK | 6,158,072 | Deutsche Bank | 6/19/2013 | 12,351 | |||||||||
USD | 27,622 | SGD | 34,264 | HSBC Holdings plc | 6/19/2013 | 513 | |||||||||
$(90,451 | ) |
Notes to Schedule of Investments
ADR = American Depositary Receipt
AUD = Australian Dollar
CAD = Canadian Dollar
CHF = Swiss Franc
CZK = Czech Koruna
DKK = Danish Krone
EUR = Euro
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GBP = British Pound
GDR = Global Depositary Receipt
GNMA = Government National Mortgage Association
GO = General Obligation
HKD = Hong Kong Dollar
JPY = Japanese Yen
KRW = South Korea Won
LIQ FAC = Liquidity Facilities
LOC = Letter of Credit
MTN = Medium Term Note
NOK = Norwegian Krone
NVDR = Non-Voting Depositary Receipt
NZD = New Zealand Dollar
OJSC = Open Joint Stock Company
PIK = Payment in Kind
SBBPA = Standby Bond Purchase Agreement
SEK = Swedish Krona
SEQ = Sequential Payer
SGD = Singapore Dollar
USD = United States Dollar
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown is effective at the period end.
VRN = Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.
† | Category is less than 0.05% of total net assets. |
(1) | Non-income producing. |
(2) | Security was purchased under Rule 144A or Section 4(2) of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $42,011,606, which represented 2.5% of total net assets. |
(3) | Security is in default. |
(4) | Final maturity date indicated, unless otherwise noted. |
(5) | The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown. |
See Notes to Financial Statements.
Statement of Assets and Liabilities |
MAY 31, 2013 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $1,405,864,879) | $1,705,576,659 | ||
Foreign currency holdings, at value (cost of $1,849,979) | 1,833,800 | ||
Receivable for investments sold | 17,322,400 | ||
Receivable for capital shares sold | 2,659,674 | ||
Unrealized gain on forward foreign currency exchange contracts | 50,477 | ||
Dividends and interest receivable | 6,581,346 | ||
Other assets | 14,825 | ||
1,734,039,181 | |||
Liabilities | |||
Payable for investments purchased | 17,599,543 | ||
Payable for capital shares redeemed | 1,467,188 | ||
Unrealized loss on forward foreign currency exchange contracts | 140,928 | ||
Accrued management fees | 1,511,527 | ||
Distribution and service fees payable | 273,119 | ||
20,992,305 | |||
Net Assets | $1,713,046,876 | ||
Net Assets Consist of: | |||
Capital (par value and paid-in surplus) | $1,366,440,958 | ||
Undistributed net investment income | 4,956,295 | ||
Undistributed net realized gain | 42,044,887 | ||
Net unrealized appreciation | 299,604,736 | ||
$1,713,046,876 |
Net assets | Shares outstanding | Net asset value per share | |||||||
Investor Class, $0.01 Par Value | $647,973,522 | 88,461,265 | $7.32 | ||||||
Institutional Class, $0.01 Par Value | $226,907,053 | 30,957,900 | $7.33 | ||||||
A Class, $0.01 Par Value | $653,789,390 | 89,450,500 | $7.31 | * | |||||
B Class, $0.01 Par Value | $17,226,234 | 2,364,116 | $7.29 | ||||||
C Class, $0.01 Par Value | $109,154,410 | 14,955,711 | $7.30 | ||||||
R Class, $0.01 Par Value | $57,996,267 | 7,954,822 | $7.29 | ||||||
*Maximum offering price $7.76 (net asset value divided by 0.9425). |
See Notes to Financial Statements.
Statement of Operations |
FOR THE SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $405,233) | $ 12,752,163 | ||
Interest | 8,024,759 | ||
20,776,922 | |||
Expenses: | |||
Management fees | 8,682,318 | ||
Distribution and service fees: | |||
A Class | 784,959 | ||
B Class | 91,491 | ||
C Class | 520,563 | ||
R Class | 135,455 | ||
Directors’ fees and expenses | 46,103 | ||
Other expenses | 6,206 | ||
10,267,095 | |||
Net investment income (loss) | 10,509,827 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 75,678,333 | ||
Futures contract transactions | 319,545 | ||
Foreign currency transactions | (269,517 | ) | |
75,728,361 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 47,352,415 | ||
Futures contracts | (2,772 | ) | |
Translation of assets and liabilities in foreign currencies | (114,941 | ) | |
47,234,702 | |||
Net realized and unrealized gain (loss) | 122,963,063 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $133,472,890 |
See Notes to Financial Statements.
Statement of Changes in Net Assets |
SIX MONTHS ENDED MAY 31, 2013 (UNAUDITED) AND YEAR ENDED NOVEMBER 30, 2012 | ||||||
Increase (Decrease) in Net Assets | May 31, 2013 | November 30, 2012 | ||||
Operations | ||||||
Net investment income (loss) | $ 10,509,827 | $ 22,054,003 | ||||
Net realized gain (loss) | 75,728,361 | 77,001,282 | ||||
Change in net unrealized appreciation (depreciation) | 47,234,702 | 79,724,817 | ||||
Net increase (decrease) in net assets resulting from operations | 133,472,890 | 178,780,102 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (4,265,848 | ) | (8,621,120 | ) | ||
Institutional Class | (1,746,971 | ) | (4,266,938 | ) | ||
A Class | (3,613,543 | ) | (7,072,120 | ) | ||
B Class | (74,258 | ) | (125,787 | ) | ||
C Class | (393,125 | ) | (570,497 | ) | ||
R Class | (264,170 | ) | (434,376 | ) | ||
From net realized gains: | ||||||
Investor Class | (25,260,223 | ) | (5,005,011 | ) | ||
Institutional Class | (9,340,447 | ) | (2,027,271 | ) | ||
A Class | (23,873,135 | ) | (4,840,237 | ) | ||
B Class | (743,680 | ) | (181,620 | ) | ||
C Class | (3,959,279 | ) | (775,696 | ) | ||
R Class | (1,973,224 | ) | (342,746 | ) | ||
Decrease in net assets from distributions | (75,507,903 | ) | (34,263,419 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions | (2,134,735 | ) | (24,835,758 | ) | ||
Net increase (decrease) in net assets | 55,830,252 | 119,680,925 | ||||
Net Assets | ||||||
Beginning of period | 1,657,216,624 | 1,537,535,699 | ||||
End of period | $1,713,046,876 | $1,657,216,624 | ||||
Undistributed net investment income | $4,956,295 | $4,804,383 |
See Notes to Financial Statements.
Notes to Financial Statements |
MAY 31, 2013 (UNAUDITED)
1. Organization
American Century Strategic Asset Allocations, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Strategic Allocation: Moderate Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund is an asset allocation fund and its investment objective is to seek the highest level of total return consistent with its asset mix.
The fund offers the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are typically valued at the closing price on the exchange where primarily traded or as of the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices is used. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. In its determination of fair value, the fund may review several factors including: market information specific to a security; news developments in U.S. and foreign markets; the performance of particular U.S. and foreign securities, indices, comparable securities, American Depositary Receipts, Exchange-Traded Funds, and other relevant market indicators.
Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.
Investments in open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation. Forward foreign currency exchange contracts are valued at the mean of the latest bid and asked prices of the forward currency rates as provided by an independent pricing service.
The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.
If the fund determines that the market price for a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investments, including, but not limited to, futures contracts, forward commitments, when-issued securities, swap agreements and certain forward foreign currency exchange contracts. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for margin requirements on futures contracts and swap agreements.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund’s tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. The fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code, in all events in a manner consistent with provisions of the 1940 Act.
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 0.90% to 1.10% for the Investor Class, A Class, B Class, C Class and R Class. The Institutional Class is 0.20% less at each point within the range. The effective annual management fee for each class for the six months ended May 31, 2013 was 1.06% for the Investor Class, A Class, B Class, C Class and R Class and 0.86% for the Institutional Class.
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended May 31, 2013 are detailed in the Statement of Operations.
Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, ACIS, and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC.
4. Investment Transactions
Purchases of investment securities, excluding short-term investments, for the six months ended May 31, 2013 totaled $560,704,042, of which $110,988,299 represented U.S. Treasury and Government Agency obligations.
Sales of investment securities, excluding short-term investments, for the six months ended May 31, 2013 totaled $652,294,708, of which $94,187,079 represented U.S. Treasury and Government Agency obligations.
5. Capital Share Transactions
Transactions in shares of the fund were as follows:
Six months ended May 31, 2013 | Year ended November 30, 2012 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Investor Class/Shares Authorized | 430,000,000 | 400,000,000 | ||||||||||
Sold | 12,295,140 | $ 87,652,316 | 13,816,203 | $ 94,354,117 | ||||||||
Issued in reinvestment of distributions | 4,179,296 | 28,972,529 | 2,041,881 | 13,388,309 | ||||||||
Redeemed | (16,661,251 | ) | (118,639,405 | ) | (17,780,049 | ) | (120,743,196 | ) | ||||
(186,815 | ) | (2,014,560 | ) | (1,921,965 | ) | (13,000,770 | ) | |||||
Institutional Class/Shares Authorized | 225,000,000 | 225,000,000 | ||||||||||
Sold | 9,709,783 | 69,142,537 | 10,058,311 | 68,174,363 | ||||||||
Issued in reinvestment of distributions | 1,599,295 | 11,081,311 | 955,443 | 6,294,209 | ||||||||
Redeemed | (14,290,702 | ) | (101,632,508 | ) | (13,453,941 | ) | (93,441,692 | ) | ||||
(2,981,624 | ) | (21,408,660 | ) | (2,440,187 | ) | (18,973,120 | ) | |||||
A Class/Shares Authorized | 375,000,000 | 350,000,000 | ||||||||||
Sold | 11,319,009 | 80,845,910 | 19,760,299 | 134,608,234 | ||||||||
Issued in reinvestment of distributions | 3,762,725 | 26,054,828 | 1,744,475 | 11,388,992 | ||||||||
Redeemed | (13,465,465 | ) | (95,943,122 | ) | (20,570,869 | ) | (140,171,817 | ) | ||||
1,616,269 | 10,957,616 | 933,905 | 5,825,409 | |||||||||
B Class/Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Sold | 22,137 | 158,206 | 31,078 | 208,696 | ||||||||
Issued in reinvestment of distributions | 114,009 | 788,944 | 45,433 | 293,029 | ||||||||
Redeemed | (463,237 | ) | (3,299,660 | ) | (710,002 | ) | (4,836,171 | ) | ||||
(327,091 | ) | (2,352,510 | ) | (633,491 | ) | (4,334,446 | ) | |||||
C Class/Shares Authorized | 75,000,000 | 75,000,000 | ||||||||||
Sold | 1,557,643 | 11,122,898 | 2,539,718 | 17,352,750 | ||||||||
Issued in reinvestment of distributions | 570,677 | 3,955,589 | 184,896 | 1,195,439 | ||||||||
Redeemed | (1,375,414 | ) | (9,795,466 | ) | (2,574,673 | ) | (17,556,104 | ) | ||||
752,906 | 5,283,021 | 149,941 | 992,085 | |||||||||
R Class/Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Sold | 1,698,157 | 12,063,306 | 3,366,466 | 22,911,548 | ||||||||
Issued in reinvestment of distributions | 322,943 | 2,233,852 | 118,348 | 770,201 | ||||||||
Redeemed | (964,071 | ) | (6,896,800 | ) | (2,771,804 | ) | (19,026,665 | ) | ||||
1,057,029 | 7,400,358 | 713,010 | 4,655,084 | |||||||||
Net increase (decrease) | (69,326 | ) | $ (2,134,735 | ) | (3,198,787 | ) | $ (24,835,758 | ) |
6. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical securities; |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||
Investment Securities | |||||||||
Domestic Common Stocks | $835,616,664 | — | — | ||||||
Foreign Common Stocks | 22,266,766 | $224,723,212 | — | ||||||
U.S. Treasury Securities | — | 192,756,741 | — | ||||||
Corporate Bonds | — | 139,507,612 | — | ||||||
U.S. Government Agency Mortgage-Backed Securities | — | 93,518,287 | — | ||||||
Municipal Securities | — | 50,205,980 | — | ||||||
Sovereign Governments and Agencies | — | 48,561,212 | — | ||||||
Commercial Paper | — | 37,595,935 | — | ||||||
Commercial Mortgage-Backed Securities | — | 16,178,489 | — | ||||||
Collateralized Mortgage Obligations | — | 13,272,542 | — | ||||||
Exchange-Traded Funds | 6,242,473 | — | — | ||||||
U.S. Government Agency Securities | — | 504,120 | — | ||||||
Asset-Backed Securities | — | 275,921 | — | ||||||
Convertible Preferred Stocks | — | 166,332 | — | ||||||
Preferred Stocks | — | 139,085 | — | ||||||
Temporary Cash Investments | 24,045,288 | — | — | ||||||
Total Value of Investment Securities | $888,171,191 | $817,405,468 | — | ||||||
Other Financial Instruments | |||||||||
Total Unrealized Gain (Loss) on Forward | — | $(90,451 | ) | — |
7. Derivative Instruments
Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund infrequently purchased equity price risk derivative instruments for temporary investment purposes.
Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund
may enter into forward foreign currency exchange contracts to reduce a fund’s exposure to foreign currency exchange rate fluctuations or to gain exposure to the fluctuations in the value of foreign currencies. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The foreign currency risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during the period.
Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund regularly purchased and sold interest rate risk derivative instruments though none were held at period end.
Value of Derivative Instruments as of May 31, 2013 | ||||||||
Asset Derivatives | Liability Derivatives | |||||||
Type of | Location on Statement | Value | Location on Statement | Value | ||||
Foreign Currency Risk | Unrealized gain on forward foreign currency exchange contracts | $50,477 | Unrealized loss on forward foreign currency exchange contracts | $140,928 | ||||
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended May 31, 2013 | ||||||||
Net Realized Gain (Loss) | Change in Net Unrealized | |||||||
Type of | Location on Statement | Value | Location on Statement | Value | ||||
Equity Price Risk | Net realized gain (loss) on | $ 83,760 | Change in net unrealized appreciation (depreciation) | $ (2,772 | ) | |||
Foreign Currency Risk | Net realized gain (loss) on | (200,988 | ) | Change in net unrealized appreciation (depreciation) | (61,061 | ) | ||
Interest Rate Risk | Net realized gain (loss) on | 235,785 | Change in net unrealized appreciation (depreciation) | — | ||||
$ 118,557 | $(63,833 | ) |
8. Risk Factors
There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets may accentuate these risks.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of May 31, 2013, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Federal tax cost of investments | $ | 1,433,974,700 | ||
Gross tax appreciation of investments | $ | 284,592,033 | ||
Gross tax depreciation of investments | (12,990,074 | ) | ||
Net tax appreciation (depreciation) of investments | $ | 271,601,959 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
Financial Highlights |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $7.08 | 0.05 | 0.52 | 0.57 | (0.05 | ) | (0.28 | ) | (0.33 | ) | $7.32 | 8.29 | % | 1.06 | %(4) | 1.41 | %(4) | 35 | % | $647,974 | |||||||||||||||||||
2012 | $6.48 | 0.10 | 0.66 | 0.76 | (0.10 | ) | (0.06 | ) | (0.16 | ) | $7.08 | 11.81 | % | 1.07 | % | 1.48 | % | 78 | % | $627,729 | |||||||||||||||||||
2011 | $6.30 | 0.10 | 0.18 | 0.28 | (0.10 | ) | — | (0.10 | ) | $6.48 | 4.42 | % | 1.07 | % | 1.51 | % | 86 | % | $586,861 | ||||||||||||||||||||
2010 | $5.83 | 0.09 | 0.47 | 0.56 | (0.09 | ) | — | (0.09 | ) | $6.30 | 9.65 | % | 1.07 | % | 1.44 | % | 87 | % | $614,299 | ||||||||||||||||||||
2009 | $4.84 | 0.09 | 1.00 | 1.09 | (0.10 | ) | — | (0.10 | ) | $5.83 | 22.86 | % | 1.08 | % | 1.83 | % | 135 | % | $561,341 | ||||||||||||||||||||
2008 | $7.64 | 0.13 | (2.01 | ) | (1.88 | ) | (0.15 | ) | (0.77 | ) | (0.92 | ) | $4.84 | (27.85 | )% | 1.06 | % | 2.09 | % | 163 | % | $457,057 | |||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $7.08 | 0.06 | 0.52 | 0.58 | (0.05 | ) | (0.28 | ) | (0.33 | ) | $7.33 | 8.49 | % | 0.86 | %(4) | 1.61 | %(4) | 35 | % | $226,907 | |||||||||||||||||||
2012 | $6.48 | 0.12 | 0.65 | 0.77 | (0.11 | ) | (0.06 | ) | (0.17 | ) | $7.08 | 12.03 | % | 0.87 | % | 1.68 | % | 78 | % | $240,396 | |||||||||||||||||||
2011 | $6.30 | 0.11 | 0.18 | 0.29 | (0.11 | ) | — | (0.11 | ) | $6.48 | 4.63 | % | 0.87 | % | 1.71 | % | 86 | % | $235,783 | ||||||||||||||||||||
2010 | $5.83 | 0.10 | 0.47 | 0.57 | (0.10 | ) | — | (0.10 | ) | $6.30 | 9.87 | % | 0.87 | % | 1.64 | % | 87 | % | $225,389 | ||||||||||||||||||||
2009 | $4.84 | 0.11 | 0.99 | 1.10 | (0.11 | ) | — | (0.11 | ) | $5.83 | 23.11 | % | 0.88 | % | 2.03 | % | 135 | % | $367,093 | ||||||||||||||||||||
2008 | $7.64 | 0.14 | (2.01 | ) | (1.87 | ) | (0.16 | ) | (0.77 | ) | (0.93 | ) | $4.84 | (27.70 | )% | 0.86 | % | 2.29 | % | 163 | % | $308,684 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||||||||||||||||||
A Class(5) | |||||||||||||||||||||||||||||||||||||||
2013(3) | $7.07 | 0.04 | 0.52 | 0.56 | (0.04 | ) | (0.28 | ) | (0.32 | ) | $7.31 | 8.23 | % | 1.31 | %(4) | 1.16 | %(4) | 35 | % | $653,789 | |||||||||||||||||||
2012 | $6.47 | 0.08 | 0.66 | 0.74 | (0.08 | ) | (0.06 | ) | (0.14 | ) | $7.07 | 11.57 | % | 1.32 | % | 1.23 | % | 78 | % | $620,975 | |||||||||||||||||||
2011 | $6.29 | 0.08 | 0.18 | 0.26 | (0.08 | ) | — | (0.08 | ) | $6.47 | 4.17 | % | 1.32 | % | 1.26 | % | 86 | % | $562,309 | ||||||||||||||||||||
2010 | $5.82 | 0.07 | 0.47 | 0.54 | (0.07 | ) | — | (0.07 | ) | $6.29 | 9.39 | % | 1.32 | % | 1.19 | % | 87 | % | $573,518 | ||||||||||||||||||||
2009 | $4.83 | 0.08 | 1.00 | 1.08 | (0.09 | ) | — | (0.09 | ) | $5.82 | 22.60 | % | 1.33 | % | 1.58 | % | 135 | % | $558,588 | ||||||||||||||||||||
2008 | $7.63 | 0.12 | (2.02 | ) | (1.90 | ) | (0.13 | ) | (0.77 | ) | (0.90 | ) | $4.83 | (28.07 | )% | 1.31 | % | 1.84 | % | 163 | % | $469,970 | |||||||||||||||||
B Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $7.06 | 0.01 | 0.53 | 0.54 | (0.03 | ) | (0.28 | ) | (0.31 | ) | $7.29 | 7.87 | % | 2.06 | %(4) | 0.41 | %(4) | 35 | % | $17,226 | |||||||||||||||||||
2012 | $6.47 | 0.03 | 0.66 | 0.69 | (0.04 | ) | (0.06 | ) | (0.10 | ) | $7.06 | 10.75 | % | 2.07 | % | 0.48 | % | 78 | % | $19,002 | |||||||||||||||||||
2011 | $6.29 | 0.03 | 0.18 | 0.21 | (0.03 | ) | — | (0.03 | ) | $6.47 | 3.39 | % | 2.07 | % | 0.51 | % | 86 | % | $21,518 | ||||||||||||||||||||
2010 | $5.82 | 0.03 | 0.47 | 0.50 | (0.03 | ) | — | (0.03 | ) | $6.29 | 8.56 | % | 2.07 | % | 0.44 | % | 87 | % | $25,713 | ||||||||||||||||||||
2009 | $4.83 | 0.04 | 1.00 | 1.04 | (0.05 | ) | — | (0.05 | ) | $5.82 | 21.69 | % | 2.08 | % | 0.83 | % | 135 | % | $29,134 | ||||||||||||||||||||
2008 | $7.63 | 0.07 | (2.02 | ) | (1.95 | ) | (0.08 | ) | (0.77 | ) | (0.85 | ) | $4.83 | (28.61 | )% | 2.06 | % | 1.09 | % | 163 | % | $25,620 | |||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $7.07 | 0.01 | 0.53 | 0.54 | (0.03 | ) | (0.28 | ) | (0.31 | ) | $7.30 | 7.86 | % | 2.06 | %(4) | 0.41 | %(4) | 35 | % | $109,154 | |||||||||||||||||||
2012 | $6.48 | 0.03 | 0.66 | 0.69 | (0.04 | ) | (0.06 | ) | (0.10 | ) | $7.07 | 10.73 | % | 2.07 | % | 0.48 | % | 78 | % | $100,437 | |||||||||||||||||||
2011 | $6.30 | 0.03 | 0.18 | 0.21 | (0.03 | ) | — | (0.03 | ) | $6.48 | 3.38 | % | 2.07 | % | 0.51 | % | 86 | % | $91,094 | ||||||||||||||||||||
2010 | $5.83 | 0.03 | 0.47 | 0.50 | (0.03 | ) | — | (0.03 | ) | $6.30 | 8.54 | % | 2.07 | % | 0.44 | % | 87 | % | $89,474 | ||||||||||||||||||||
2009 | $4.84 | 0.04 | 1.00 | 1.04 | (0.05 | ) | — | (0.05 | ) | $5.83 | 21.64 | % | 2.08 | % | 0.83 | % | 135 | % | $81,248 | ||||||||||||||||||||
2008 | $7.64 | 0.07 | (2.02 | ) | (1.95 | ) | (0.08 | ) | (0.77 | ) | (0.85 | ) | $4.84 | (28.56 | )% | 2.06 | % | 1.09 | % | 163 | % | $51,619 |
For a Share Outstanding Throughout the Years Ended November 30 (except as noted) | |||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning | Net | Net | Total From Investment Operations | Net | Net | Total Distributions | Net Asset Value, | Total | Operating Expenses | Net | Portfolio Turnover | Net Assets, | |||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||
2013(3) | $7.06 | 0.03 | 0.52 | 0.55 | (0.04 | ) | (0.28 | ) | (0.32 | ) | $7.29 | 8.02 | % | 1.56 | %(4) | 0.91 | %(4) | 35 | % | $57,996 | |||||||||||||||||||
2012 | $6.46 | 0.07 | 0.66 | 0.73 | (0.07 | ) | (0.06 | ) | (0.13 | ) | $7.06 | 11.36 | % | 1.57 | % | 0.98 | % | 78 | % | $48,677 | |||||||||||||||||||
2011 | $6.28 | 0.07 | 0.18 | 0.25 | (0.07 | ) | — | (0.07 | ) | $6.46 | 3.91 | % | 1.57 | % | 1.01 | % | 86 | % | $39,971 | ||||||||||||||||||||
2010 | $5.82 | 0.06 | 0.46 | 0.52 | (0.06 | ) | — | (0.06 | ) | $6.28 | 8.94 | % | 1.57 | % | 0.94 | % | 87 | % | $33,741 | ||||||||||||||||||||
2009 | $4.83 | 0.07 | 0.99 | 1.06 | (0.07 | ) | — | (0.07 | ) | $5.82 | 22.30 | % | 1.58 | % | 1.33 | % | 135 | % | $21,186 | ||||||||||||||||||||
2008 | $7.63 | 0.10 | (2.02 | ) | (1.92 | ) | (0.11 | ) | (0.77 | ) | (0.88 | ) | $4.83 | (28.24 | )% | 1.56 | % | 1.59 | % | 163 | % | $8,458 |
Notes to Financial Highlights
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended May 31, 2013 (unaudited). |
(4) | Annualized. |
(5) | Prior to December 3, 2007, the A Class was referred to as the Advisor Class. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain IRAs are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
Distributions you receive from 403(b), 457 and qualified plans are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Guidelines
American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
Contact Us | americancentury.com |
Automated Information Line | 1-800-345-8765 |
Investor Services Representative | 1-800-345-2021 |
Investors Using Advisors | 1-800-378-9878 |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
Telecommunications Device for the Deaf | 1-800-634-4113 |
American Century Strategic Asset Allocations, Inc.
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
©2013 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-78949 1307
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) | The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form. |
(b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. |
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 12. EXHIBITS.
(a)(1) | Not applicable for semiannual report filings. |
(a)(2) | Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT. |
(a)(3) | Not applicable. |
(b) | A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | American Century Strategic Asset Allocations, Inc. | |||
By: | /s/ Jonathan S. Thomas | |||
Name: | Jonathan S. Thomas | |||
Title: | President | |||
Date: | July 30, 2013 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan S. Thomas | ||
Name: | Jonathan S. Thomas | ||
Title: | President | ||
(principal executive officer) | |||
Date: | July 30, 2013 |
By: | /s/ C. Jean Wade | ||
Name: | C. Jean Wade | ||
Title: | Vice President, Treasurer, and | ||
Chief Financial Officer | |||
(principal financial officer) | |||
Date: | July 30, 2013 |