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: 811-02444
The Bond Fund of America, Inc.
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (213) 486-9200
Date of fiscal year end: December 31
Date of reporting period: June 30, 2008
Kimberly S. Verdick
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
Copies to:
Michael Glazer
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street, 25th Floor
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
[logo - American Funds®]
The right choice for the long term®
The Bond Fund of America
[photo – pile of open books next to stack of books]
Semi-annual report for the six months ended June 30, 2008
The Bond Fund of AmericaSM seeks as high a level of current income as is consistent with preservation of capital through a diversified portfolio of bonds and other fixed-income obligations.
This fund is one of the 30 American Funds. American Funds is one of the nation’s largest mutual fund families. For more than 75 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 3.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For current information and month-end results, visit americanfunds.com.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended June 30, 2008:
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 3.75% maximum sales charge | –3.01 | % | 2.98 | % | 4.65 | % |
The total annual fund operating expense ratio for Class A shares as of the most recent fiscal year-end was 0.63%. This figure does not reflect a fee waiver currently in effect; therefore, the actual expense ratio is lower.
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect actual expenses, with the waiver applied. Fund results would have been lower without the waiver. Please see the Financial Highlights table on pages 26 to 29 for details.
The fund’s 30-day yield for Class A shares as of July 31, 2008, calculated in accordance with the Securities and Exchange Commission formula, was 6.07% (6.05% without the fee waiver). The fund’s distribution rate for Class A shares as of that date was 5.65%. Both reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.
Results for other share classes can be found on page 4.
The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in bonds of issuers outside the U.S. may be subject to additional risks. They include currency fluctuations; political and social instability; differing securities regulations and accounting standards; higher transaction costs; possible changes in taxation; and illiquidity. For more complete information, please read the prospectus.
[photo – pile of open books]
Fellow shareholders:
The U.S. financial markets endured momentous difficulties during the first half of 2008, many of them spawned by a depressed housing market and problems with mortgage-related loans. As a result, most bond sectors — excepting U.S. government debt — posted weak results for the period.
The Bond Fund of America, with significant holdings in corporate bonds and mortgage-related investments, was particularly vulnerable to the negative sentiment that governed market conditions. As a result, the fund recorded a –1.3% total return for the six months ended June 30, 2008. This fell short of the fund’s peer group reference, as measured by the Lipper Corporate Debt A-Rated Bond Funds Average, which returned –0.7%. In comparison, the unmanaged Lehman Brothers U.S. Aggregate Index gained 1.1%. Index results were bolstered by a much larger weighting of government securities than is typically held in The Bond Fund of America.
The fund’s total return was the net result of income paid to shareholders and a decline in the fund’s share price. For the six-month period, shareholders earned monthly dividends totaling approximately 32.5 cents a share, providing an income return of 2.5% (5.0% annualized).
[Begin Sidebar]
Results at a glance
For periods ended June 30, 2008, with all distributions reinvested
Total returns | Average annual total returns | |||||||||||||||||||
6 months | 1 year | 5 years | 10 years | Lifetime | ||||||||||||||||
(since 5/28/74) | ||||||||||||||||||||
The Bond Fund of America | ||||||||||||||||||||
(Class A shares) | –1.27 | % | 0.74 | % | 3.77 | % | 5.05 | % | 8.78 | % | ||||||||||
Lehman Brothers U.S. Aggregate | ||||||||||||||||||||
Index | 1.13 | 7.12 | 3.85 | 5.68 | 8.51 | * | ||||||||||||||
Lipper Corporate Debt A-Rated | ||||||||||||||||||||
Bond Funds Average† | –0.72 | 3.06 | 2.91 | 4.66 | 8.35 |
*The unmanaged Lehman Brothers U.S. Aggregate Index began on January 1, 1976. From May 28, 1974, through December 31, 1975, the Lehman Brothers Government/Credit Bond Index was used. |
† | Source: Lipper. Lipper averages do not reflect the effect of sales charges. |
[End Sidebar]
Bond market overview
Weakness in the bond market was precipitated by rising defaults and foreclosures on mortgages originated mainly during the final years of the recent housing boom. These problem loans imperiled a host of debt instruments, many of them securitized bonds that were backed by, or composed of, mortgage obligations. Mortgage-related securities have been the largest and fastest growing segment of the bond market, which has made problems more widespread.
Troubles in the mortgage market fostered an aversion to risk throughout the financial markets that served to depress the values of other credit-sensitive sectors — areas of the market, such as corporate debt, where credit quality and access to credit play an important role in determining a bond’s value. Additionally, weakening economic fundamentals and spiking commodity prices — especially oil — exacerbated market concerns.
The Federal Reserve responded to deteriorating market conditions by slashing short-term interest rates through April and expanding its lending facilities. Additionally, Congress authorized rebates to low- and middle-income taxpayers in an effort to stimulate economic growth. Nonetheless, the balance sheets of many financial institutions continued to weaken severely under mounting losses from problem loans, and the stock market plunged into bear market territory.
In this environment, investors sought refuge in U.S. government bonds, which produced solid results for the period. Some bonds of issuers outside the U.S. also provided healthy returns, aided by stronger currencies in overseas markets earlier in the year.
How we manage the portfolio
The portfolio counselors of The Bond Fund of America typically take a long-term view of the bonds they purchase, even as they manage the fund through near-term market gyrations. This often means that the benefits they expect from holdings may not be fully realized over short time periods. This was certainly the case during the recent reporting period when dislocations in the market impaired prices for many classes of bonds, yet portfolio managers made only minor changes to the mix of securities in the portfolio.
The fund’s portfolio represents a broad cross-section of the bond market, yet it does not endeavor to replicate any index. Instead, bonds are selected based on the fundamental research of our investment analysts and with an eye to providing shareholders a high level of current income while striving to preserve capital. Over time, the income generated by the portfolio has generally exceeded its peer group average.
The fund’s broad diversification and focus on income means that a large portion of the portfolio includes bonds that were particularly sensitive to the market’s recent dislocations. These include corporate bonds and notes (44.3% of net assets at period end), asset-backed obligations (7.5%), preferred securities (4.5%) and privately originated mortgage-backed obligations (12.2%). The financials segment of our corporate and preferred holdings experienced some of the largest pricing pressures during the reporting period, though many of these same issuers have been solid contributors to the fund’s long-term results. The summary portfolio beginning on page 5 provides a detailed listing of portfolio holdings and sector exposure.
While we are disappointed with the fund’s results for this reporting period, we are nonetheless mindful that the market periodically moves to extremes of optimism and pessimism. At such times, we rely on our pragmatic, research-driven investment approach to sell securities that we believe are overvalued or, as has recently been the case, purchase bonds that the market undervalues. Additionally, the fund’s recent decline was substantially less than that of most equities over the same period, as measured by the S&P 500 — a reminder of the relative stability that the fund can provide as part of a diversified investment portfolio.
Looking ahead
The near-term outlook for the bond market will be shaped by the extent of inflationary pressures, the perceived health of the economy and the facility with which financial institutions repair their balance sheets. We are encouraged by gradual improvements in the capital markets during recent months and the supportive actions of the Treasury and the Federal Reserve. At the same time, we acknowledge that significant pressures remain with respect to the housing market and problem loans.
In this unsettled environment, we affirm our commitment to the long-term needs of our shareholders. We diligently strive to preserve principal even as we comb the market for undervalued securities. Our extensive experience in fixed-income markets has taught us that today’s dislocations often lead to tomorrow’s rewards for those who have the necessary analytical skills and patience to endure.
We look forward to reporting to you again at the end of the year.
Cordially,
/s/ Paul G. Haaga, Jr. | /s/ Abner D. Goldstine |
Paul G. Haaga, Jr. | Abner D. Goldstine |
Vice Chairman of the Board | President |
August 6, 2008
For current information about the fund, visit americanfunds.com.
Other share class results
Class B, Class C, Class F and Class 529
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
Average annual total returns for periods ended June 30, 2008:
1 year | 5 years | Life of class | |
Class B shares — first sold 3/15/00 | |||
Reflecting applicable contingent deferred sales charge (CDSC), maximum of 5%, payable only if shares are sold within six years of purchase | –4.77% | 2.67% | 4.76% |
Not reflecting CDSC | –0.01 | 3.01 | 4.76 |
Class C shares — first sold 3/15/01 | |||
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase | –1.00 | 2.94 | 4.25 |
Not reflecting CDSC | –0.05 | 2.94 | 4.25 |
Class F shares* — first sold 3/15/01 | |||
Not reflecting annual asset-based fee charged by sponsoring firm | 0.75 | 3.76 | 5.05 |
Class 529-A shares†— first sold 2/15/02 | |||
Reflecting 3.75% maximum sales charge | –3.05 | 2.94 | 4.49 |
Not reflecting maximum sales charge | 0.70 | 3.73 | 5.13 |
Class 529-B shares†— first sold 2/15/02 | |||
Reflecting applicable CDSC, maximum of 5%, payable only if shares are sold within six years of purchase | –4.89 | 2.51 | 4.23 |
Not reflecting CDSC | –0.12 | 2.85 | 4.23 |
Class 529-C shares†— first sold 2/19/02 | |||
Reflecting CDSC, maximum of 1%, payable only if shares are sold within one year of purchase | –1.06 | 2.86 | 4.28 |
Not reflecting CDSC | –0.11 | 2.86 | 4.28 |
Class 529-E shares*†— first sold 3/7/02 | 0.40 | 3.39 | 4.84 |
Class 529-F shares*†— first sold 9/26/02 | |||
Not reflecting annual asset-based fee charged by sponsoring firm | 0.91 | 3.81 | 5.65 |
*These shares are sold without any initial or contingent deferred sales charge.
† | Results shown do not reflect the $10 initial account setup fee and an annual $10 account maintenance fee. |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 26 to 29 for details.
For information regarding the differences among the various share classes, please refer to the fund’s prospectus.
Summary investment portfolio, June 30, 2008 | unaudited |
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.
[begin pie chart]
Industry sector diversification | (percent of net assets) | |||
Corporate bonds & notes | 44.28 | % | ||
Mortgage-backed obligations | 22.19 | |||
Bonds & notes of U.S. government & government agencies | 9.20 | |||
Asset-backed obligations | 7.45 | |||
Bonds & notes of governments & government agencies outside the U.S. | 6.61 | |||
Preferred securities | 4.47 | |||
Convertible securities | 0.43 | |||
Common stocks & warrants | 0.23 | |||
Municipals | 0.15 | |||
Short-term securities & other assets less liabilities | 4.99 |
[end pie chart]
Bonds & notes - 89.88% | Principal amount (000) | Market value (000) | Percent of net assets |
CORPORATE BONDS & NOTES - 44.28% | |||
Financials - 17.70% | |||
JPMorgan Chase & Co.: | |||
Series I, 7.90% (undated) (1) | $ 94,850 | $89,200 | |
4.891% 2015 (1) | 55,000 | 53,983 | |
JPMorgan Chase Bank NA 6.00% 2017 | 36,750 | 35,763 | |
Bear Stearns Companies Inc. 7.25% 2018 | 29,000 | 30,316 | |
JPMorgan Chase Capital XXV, Series Y, 6.80% 2037 | 33,390 | 30,059 | |
JPMorgan Chase Capital XXII, Series V, 6.45% 2087 (1) | 5,075 | 4,363 | |
JPMorgan Chase Capital XX, Series T, 6.55% 2066 | 4,875 | 4,228 | .66% |
Citigroup Capital XXI 8.30% 2077 (1) | 103,350 | 97,854 | |
Citigroup Inc.: | |||
4.125%-8.40% 2010-2013 (1) | 129,300 | 124,910 | |
6.50% 2030 | £ 35 | 66 | .60 |
Bank of America Corp. 4.90%-8.125% 2011-2037 (1) | $ 143,150 | 134,608 | |
MBNA Global Capital Funding, Series B, 3.673% 2027 (1) | 33,000 | 26,408 | |
MBNA Capital A, Series A, 8.278% 2026 | 7,500 | 7,492 | |
MBNA Corp., Series F, 7.50% 2012 | 1,800 | 1,941 | .46 |
MetLife Capital Trust X 9.25% 2068 (1) (2) | 121,250 | 130,910 | .35 |
Merrill Lynch & Co., Inc. 6.875% 2018 | 137,160 | 130,766 | .35 |
Royal Bank of Scotland Group PLC 6.99% (undated) (1) (2) | 108,970 | 98,439 | .26 |
Resona Bank, Ltd. 5.85% (undated) (1) (2) | 102,333 | 88,157 | .24 |
Countrywide Financial Corp., Series B, 5.80% 2012 | 88,255 | 83,544 | .22 |
Lincoln National Corp. 7.00% 2066 (1) | 90,738 | 82,771 | .22 |
Other securities | 5,355,018 | 14.34 | |
6,610,796 | 17.70 | ||
Consumer discretionary - 5.36% | |||
Other securities | 1,999,987 | 5.36 | |
Industrials - 3.98% | |||
Other securities | 1,485,790 | 3.98 | |
Energy - 3.86% | |||
Williams Companies, Inc. 7.875% 2021 | 79,592 | 84,766 | .23 |
Gaz Capital SA 6.51% 2022 (2) | 92,010 | 82,809 | .22 |
Other securities | 1,273,221 | 3.41 | |
1,440,796 | 3.86 | ||
Telecommunication services - 3.71% | |||
Sprint Capital Corp. 8.75% 2032 | 97,955 | 93,527 | .25 |
Other securities | 1,290,839 | 3.46 | |
1,384,366 | 3.71 | ||
Utilities - 2.90% | |||
Other securities | 1,082,323 | 2.90 | |
Health care - 2.72% | |||
GlaxoSmithKline Capital Inc. 6.375% 2038 | 96,000 | 95,609 | .26 |
Other securities | 919,382 | 2.46 | |
1,014,991 | 2.72 | ||
Other corporate bonds & notes - 4.05% | |||
Other securities | 1,512,682 | 4.05 | |
Total corporate bonds & notes | 16,531,731 | 44.28 | |
Mortgage-backed obligations (3) - 22.19% | |||
Fannie Mae: | |||
7.00% 2037 | 81,889 | 85,958 | |
0%-12.056% 2009-2047 (1) (4) | 1,893,994 | 1,926,272 | 5.39 |
Freddie Mac: | |||
6.00% 2027 | 194,713 | 198,165 | |
4.50% 2038 | 119,000 | 110,326 | |
6.00% 2038 | 332,520 | 335,885 | |
0%-11.00% 2009-2047 (1) | 1,183,868 | 1,177,610 | 4.88 |
CS First Boston Mortgage Securities Corp. 0%-8.155% 2018-2041 (1) (2) | 435,401 | 408,147 | 1.09 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A-2, 4.625% 2046 | 91,455 | 91,050 | .24 |
Bank of America 5.50% 2012 (2) | 34,750 | 36,091 | .10 |
Other securities | 3,915,767 | 10.49 | |
8,285,271 | 22.19 | ||
Bonds & notes of U.S. government & government agencies - 9.20% | |||
U.S. Treasury: | |||
5.50% 2009 | 155,630 | 159,904 | |
4.625% 2011 | 360,000 | 378,281 | |
4.875% 2011 | 90,030 | 95,147 | |
4.25% 2012 | 312,450 | 325,242 | |
4.875% 2012 | 322,450 | 342,049 | |
4.25% 2013 | 447,356 | 466,789 | |
Principal Strip 0% 2014 | 155,072 | 127,525 | |
11.25% 2015 | 140,000 | 202,590 | |
4.50% 2016 | 85,301 | 89,723 | |
4.50% 2017 | 172,500 | 179,724 | |
6.875% 2025 | 89,700 | 114,325 | |
6.00% 2026 | 78,000 | 91,364 | |
0%-8.875% 2008-2037 (4) (5) | 718,530 | 738,398 | 8.87 |
Freddie Mac 5.25%-5.50% 2011-2016 | 40,000 | 41,971 | .11 |
Fannie Mae 5.121% 2009 (1) | 575 | 582 | .00 |
Other securities | 82,206 | .22 | |
3,435,820 | 9.20 | ||
Asset-backed obligations (3) - 7.45% | |||
AmeriCredit Automobile Receivables Trust, Series 2007-A-X, Class A-4, XLCA insured, 2.49% 2013 (1) | 125,000 | 111,002 | .30 |
Capital One Auto Finance Trust, Series 2005-C, Class A-4-B, FGIC insured, 2.511% 2012 (1) | 106,750 | 91,271 | .25 |
CS First Boston Mortgage Securities Corp. 5.837%-5.846% 2037 (1) | 23,186 | 19,635 | .05 |
Other securities | 2,557,250 | 6.85 | |
2,779,158 | 7.45 | ||
Bonds & notes of governments & government agencies outside the U.S. - 6.61% | |||
Israeli Government: | |||
6.00% 2010 (4) | ILS 405,580 | 123,798 | |
5.50% 2017 (4) | 318,800 | 91,175 | .58 |
German Government, Series 6, 4.00% 2016 | € 72,120 | 108,809 | .29 |
Canadian Government 4.25% 2026 (4) (5) | C$ 67,670 | 96,637 | .26 |
Japanese Government 0.90% 2008 | ¥ 9,998,250 | 94,358 | .25 |
United Kingdom 4.00% 2016 | £ 48,080 | 88,720 | .24 |
Belgium (Kingdom of), Series 49, 4.00% 2017 | € 57,070 | 84,059 | .22 |
Other securities | 1,779,759 | 4.77 | |
2,467,315 | 6.61 | ||
Municipals - 0.15% | |||
Other securities | 55,729 | .15 | |
Total bonds & notes (cost: $35,071,617,000) | 33,555,024 | 89.88 | |
Convertible securities - 0.43% | Shares | Market value (000) | Percent of net assets |
Other - 0.43% | |||
Bank of America Corp., Series L, 7.25% convertible preferred | 60,000 | 53,100 | .14 |
Fannie Mae, Series 2004-1, 5.375% convertible preferred | 400 | 24,000 | .06 |
Citigroup Inc., Series J, 7.00% noncumulative convertible preferred depositary shares (4) (6) | 50,000 | 2,284 | .01 |
Other securities | 80,827 | .22 | |
Total convertible securities (cost: $169,002,000) | 160,211 | .43 | |
Preferred securities - 4.47% | Shares | Market value (000) | Percent of net assets |
Financials - 4.43% | |||
Fannie Mae: | |||
Series O, 7.00% (1) (2) | 2,826,220 | $ 133,981 | |
Series S, 8.25% noncumulative | 1,828,900 | 41,978 | |
Series R, 7.625% | 790,100 | 19,086 | |
Series E, 5.10% | 150,000 | 5,128 | .54 |
SMFG Preferred Capital USD 1 Ltd. 6.078% (1) (2) | 125,114,000 | 106,413 | .29 |
Freddie Mac: | |||
Series Z, 8.375% | 3,202,660 | 77,965 | |
Series V, 5.57% | 693,000 | 12,296 | |
Series U, 5.90% | 496,600 | 9,803 | .27 |
Washington Mutual Preferred Funding Trust IV 9.75% (1) (2) | 120,000,000 | 94,633 | .25 |
Barclays Bank PLC 7.434% (1) (2) | 95,860,000 | 90,063 | .24 |
Bank of America Corp.: | |||
Series K, 8.00% noncumulative (1) | 62,900,000 | 59,025 | |
Series E, 0% depositary shares | 1,384,800 | 23,671 | .22 |
Other securities | 978,895 | 2.62 | |
1,652,937 | 4.43 | ||
U.S. government agency securities - 0.01% | |||
Other securities | 3,458 | .01 | |
Miscellaneous - 0.03% | |||
Other preferred securities in initial period of acquisition | 13,491 | .03 | |
Total preferred securities (cost: $1,880,983,000) | 1,669,886 | 4.47 | |
Common stocks - 0.23% | Shares | Market value (000) | Percent of net assets |
Other - 0.22% | |||
Other securities | 81,977 | .22 | |
Miscellaneous - 0.01% | |||
Other common stocks in initial period of acquisition | 5,016 | .01 | |
Total common stocks (cost: $67,671,000) | 86,993 | .23 | |
Warrants - 0.00% | Shares | Market value (000) | Percent of net assets |
Telecommunication services - 0.00% | |||
Other securities | 1 | .00 | |
Total warrants (cost: $143,000) | 1 | .00 | |
Short-term securities - 4.79% | Principal amount (000) | Market value (000) | Percent of net assets |
Park Avenue Receivables Co., LLC 2.40%-2.55% due 7/7-8/14/2008 (2) | 100,000 | 99,715 | |
Jupiter Securitization Co., LLC 2.47%-2.70% due 7/14-7/22/2008 (2) | 92,996 | 92,877 | .52 |
Ciesco LLC 2.55%-2.60% due 7/14-7/23/2008 (2) | 109,500 | 109,366 | |
CAFCO, LLC 2.75% due 7/15/2008 (2) | 75,000 | 74,911 | .49 |
Freddie Mac 1.93%-2.05% due 8/25-9/2/2008 | 160,000 | 159,474 | .43 |
Abbott Laboratories 1.97%-2.00% due 7/9-7/21/2008 (2) | 134,800 | 134,675 | .36 |
Procter & Gamble International Funding S.C.A. 2.00%-2.10% due 7/2-7/29/2008 (2) | 125,600 | 125,443 | .34 |
Bank of America Corp. 2.52%-2.615% due 7/9-8/19/2008 | 125,000 | 124,841 | .33 |
Coca-Cola Co. 1.98%-2.06% due 7/10-8/4/2008 (2) | 100,000 | 99,847 | .27 |
Wells Fargo & Co. 2.14%-2.35% due 7/25-8/8/2008 | 96,100 | 95,877 | .26 |
Other securities | 670,424 | 1.79 | |
Total short-term securities (cost: $1,787,713,000) | 1,787,450 | 4.79 | |
Total investment securities (cost: $38,977,129,000) | 37,259,565 | 99.80 | |
Other assets less liabilities | 75,672 | .20 | |
Net assets | $37,335,237 | 100.00% |
"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed. | |||
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. | |||
Investments in affiliates | ||||||
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund's holdings in that company represent 5% or more of the outstanding voting shares of that company. The market value of the fund's holdings in affiliated companies is included in "Other securities" under their respective industry sectors in the preceding summary investment portfolio. Further details on these holdings and related transactions during the six months ended June 30, 2008, appear below. | ||||||
Beginning shares | Additions | Reductions | Ending shares | Dividend income (000) | Market value of affiliates at 6/30/08 (000) | |
ZiLOG, Inc. (7) | 879,000 | - | - | 879,000 | - | $2,778 |
Clarent Hospital Corp. (4) (7) | 331,291 | - | - | 331,291 | - | 16 |
- | $2,794 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. | |||
(1) Coupon rate may change periodically. | |||
(2) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $7,774,518,000, which represented 20.82% of the net assets of the fund. | |||
(3) Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. | |||
(4) Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in "Other securities," was $1,158,194,000, which represented 3.10% of the net assets of the fund. | |||
(5) Index-linked bond whose principal amount moves with a government retail price index. | |||
(6) Purchased in a transaction exempt from registration under the Securities Act of 1933. This security (acquired 1/15/2008 at a cost of $2,500,000) may be subject to legal or contractual restrictions on resale. The total value of all such securities, including those in "Other securities," was $18,220,000, which represented .05% of the net assets of the fund. | |||
(7) Security did not produce income during the last 12 months. | |||
Key to abbreviations | |||
C$ = Canadian Dollars | |||
€ = Euros | |||
£ = British Pounds | |||
ILS = Israeli Shekels | |||
¥ = Japanese Yen | |||
See Notes to Financial Statements |
Financial statements | ||||
Statement of assets and liabilities | unaudited | |||
at June 30, 2008 | (dollars in thousands) | |||
Assets: | ||||
Investment securities at market: | ||||
Unaffiliated issuers (cost: $38,961,254) | $37,256,771 | |||
Affiliated issuers (cost: $15,875) | 2,794 | $37,259,565 | ||
Cash | 137,787 | |||
Unrealized gain on forward currency contracts | 2,611 | |||
Receivables for: | ||||
Sales of investments | 234,774 | |||
Sales of fund's shares | 103,924 | |||
Dividends and interest | 415,865 | 754,563 | ||
38,154,526 | ||||
Liabilities: | ||||
Unrealized loss on forward currency contracts | 5,901 | |||
Payables for: | ||||
Purchases of investments | 692,239 | |||
Repurchases of fund's shares | 70,882 | |||
Dividends on fund's shares | 27,032 | |||
Investment advisory services | 6,939 | |||
Services provided by affiliates | 15,303 | |||
Directors' deferred compensation | 453 | |||
Other | 540 | 813,388 | ||
Net assets at June 30, 2008 | $37,335,237 | |||
Net assets consist of: | ||||
Capital paid in on shares of capital stock | $39,485,239 | |||
Undistributed net investment income | 100,599 | |||
Accumulated net realized loss | (531,367) | |||
Net unrealized depreciation | (1,719,234) | |||
Net assets at June 30, 2008 | $37,335,237 | |||
(dollars and shares in thousands, except per-share amounts) | ||||
Total authorized capital stock - 5,000,000 shares, $.001 par value (2,969,314 total shares outstanding) | ||||
Net assets | Shares outstanding | Net asset value per share* | ||
Class A | $25,659,288 | 2,040,713 | $12.57 | |
Class B | 1,500,167 | 119,310 | 12.57 | |
Class C | 2,686,688 | 213,675 | 12.57 | |
Class F | 3,084,635 | 245,325 | 12.57 | |
Class 529-A | 584,763 | 46,507 | 12.57 | |
Class 529-B | 79,984 | 6,361 | 12.57 | |
Class 529-C | 278,582 | 22,156 | 12.57 | |
Class 529-E | 30,312 | 2,411 | 12.57 | |
Class 529-F | 26,626 | 2,117 | 12.57 | |
Class R-1 | 89,245 | 7,098 | 12.57 | |
Class R-2 | 694,993 | 55,273 | 12.57 | |
Class R-3 | 1,066,850 | 84,848 | 12.57 | |
Class R-4 | 790,873 | 62,899 | 12.57 | |
Class R-5 | 762,231 | 60,621 | 12.57 | |
* Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Class A and 529-A, for which the maximum offering prices per share were $13.06 each. | ||||
See Notes to Financial Statements | ||||
Statement of operations | unaudited | |||
for the six months ended June 30, 2008 | (dollars in thousands) | |||
Investment income: | ||||
Income: | ||||
Interest (net of non-U.S. taxes of $425) | $1,101,913 | |||
Dividends | 23,814 | $1,125,727 | ||
Fees and expenses*: | ||||
Investment advisory services | 45,375 | |||
Distribution services | 65,257 | |||
Transfer agent services | 16,899 | |||
Administrative services | 8,564 | |||
Reports to shareholders | 828 | |||
Registration statement and prospectus | 1,045 | |||
Postage, stationery and supplies | 1,477 | |||
Directors' compensation | 109 | |||
Auditing and legal | 77 | |||
Custodian | 684 | |||
State and local taxes | 261 | |||
Other | 7 | |||
Total fees and expenses before waiver | 140,583 | |||
Less investment advisory services waiver | 4,537 | |||
Total fees and expenses after waiver | 136,046 | |||
Net investment income | 989,681 | |||
Net realized loss and unrealized depreciation on investments and currency: | ||||
Net realized loss on: | ||||
Investments | (32,062) | |||
Currency transactions | (12,209) | (44,271) | ||
Net unrealized depreciation on: | ||||
Investments | (1,446,953) | |||
Currency translations | (5,628) | (1,452,581) | ||
Net realized loss and unrealized depreciation on investments and currency | (1,496,852) | |||
Net decrease in net assets resulting from operations | $(507,171) | |||
* Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. | ||||
See Notes to Financial Statements | ||||
Statements of changes in net assets | (dollars in thousands) | |||
Six months | Year ended | |||
ended June | December | |||
30, 2008* | 31, 2007 | |||
Operations: | ||||
Net investment income | $989,681 | $1,643,458 | ||
Net realized (loss) gain on investments and currency transactions | (44,271) | 114,344 | ||
Net unrealized depreciation on investments and currency translations | (1,452,581) | (731,832) | ||
Net (decrease) increase in net assets resulting from operations | (507,171) | 1,025,970 | ||
Dividends paid or accrued to shareholders from net investment income and currency gain | (916,985) | (1,685,415) | ||
Net capital share transactions | 2,941,150 | 8,469,888 | ||
Total increase in net assets | 1,516,994 | 7,810,443 | ||
Net assets: | ||||
Beginning of period | 35,818,243 | 28,007,800 | ||
End of period (including undistributed net investment income: $100,599 and $27,903, respectively) | $37,335,237 | $35,818,243 | ||
*Unaudited. | ||||
See Notes to Financial Statements |
Notes to financial statements | unaudited |
1. Organization and significant accounting policies
Organization – The Bond Fund of America, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks as high a level of current income as is consistent with preservation of capital through a diversified portfolio of bonds and other fixed-income obligations.
The fund offers 14 share classes consisting of four retail share classes, five 529 college savings plan share classes and five retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F) can be utilized to save for college education. The five retirement plan share classes (R-1, R-2, R-3, R-4 and R-5) are sold without any sales charges and do not carry any conversion rights. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature | |||
Class A and 529-A | Up to 3.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None | |||
Class B and 529-B | None | Declines from 5% to 0% for redemptions within six years of purchase | Class B and 529-B convert to Class A and 529-A, respectively, after eight years | |||
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F after 10 years | |||
Class 529-C | None | 1% for redemptions within one year of purchase | None | |||
Class 529-E | None | None | None | |||
Class F and 529-F | None | None | None | |||
Class R-1, R-2, R-3, R-4 and R-5 | None | None | None |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation – Equity securities are valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity. The ability of the issuers of debt securities held by the fund to meet their obligations may be affected by economic developments in a specific industry, state or region. Forward currency contracts are valued at the mean of representative quoted bid and asked prices.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of directors. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions.
Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders – Dividends paid to shareholders are declared daily from net investment income and are paid to shareholders monthly. Distributions paid to shareholders are recorded on the ex-dividend date.
Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
Forward currency contracts – The fund may enter into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund enters into these contracts to manage its exposure to changes in exchange rates arising from investments denominated in currencies other than U.S. dollars. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates. Due to these risks, the fund could incur losses up to the entire contract amount, which may exceed the net unrealized value shown on the accompanying financial statements. On a daily basis, the fund values forward currency contracts based on the applicable exchange rates and records unrealized gains or losses. The fund records realized gains or losses at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their expiration date are included in the respective receivables for sales or payables for purchases of investment securities in the statement of assets and liabilities.
Mortgage dollar rolls – The fund may enter into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the accompanying financial statements.
Loan transactions – The fund may enter into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal. Risks may arise due to the delayed settlement date of the loan transaction and the ability of the agent and/or borrower to meet the obligations of the loan.
2. Investments outside the U.S.
Investment risk – The risks of investing in securities of issuers outside the U.S. may include, but are not limited to, investment and repatriation restrictions; revaluation of currencies; adverse political, social and economic developments; government involvement in the private sector; limited and less reliable investor information; lack of liquidity; certain local tax law considerations; and limited regulation of the securities markets.
Taxation – Dividend and interest income is recorded net of non-U.S. taxes paid. Realized and unrealized gains on securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on realized and unrealized gains to provide for potential non-U.S. taxes payable on these securities. For the six months ended June 30, 2008, non-U.S. taxes paid on realized gains were $32,000.
3. Federal income taxation and distributions
The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended June 30, 2008, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004, by state tax authorities for tax years before 2003 and by tax authorities outside the U.S. for tax years before 2004.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold; paydowns on fixed-income securities; net capital losses; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of December 31, 2007, the components of distributable earnings on a tax basis were as follows:
(dollars in thousands) | ||||
Undistributed ordinary income | $38,741 | |||
Capital loss carryforwards*: | ||||
Expiring 2010 | $(125,255) | |||
Expiring 2011 | (243,982) | |||
Expiring 2014 | (69,196) | (438,433) | ||
*The capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from capital gains while capital loss carryforwards remain. |
As of June 30, 2008, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
(dollars in thousands) | ||||
Gross unrealized appreciation on investment securities | $569,970 | |||
Gross unrealized depreciation on investment securities | (2,347,096) | |||
Net unrealized depreciation on investment securities | (1,777,126) | |||
Cost of investment securities | 39,036,691 |
Ordinary income distributions paid or accrued to shareholders from net investment income and currency gains were as follows (dollars in thousands):
Share class | Six months ended June 30, 2008 | Year ended December 31, 2007 | ||||||
Class A | $ | 647,364 | $ | 1,227,002 | ||||
Class B | 33,170 | 68,347 | ||||||
Class C | 56,913 | 101,185 | ||||||
Class F | 76,998 | 127,436 | ||||||
Class 529-A | 14,128 | 24,467 | ||||||
Class 529-B | 1,664 | 3,260 | ||||||
Class 529-C | 5,600 | 9,501 | ||||||
Class 529-E | 693 | 1,231 | ||||||
Class 529-F | 651 | 1,020 | ||||||
Class R-1 | 1,779 | 2,340 | ||||||
Class R-2 | 14,429 | 26,648 | ||||||
Class R-3 | 24,724 | 39,139 | ||||||
Class R-4 | 19,466 | 26,924 | ||||||
Class R-5 | 19,406 | 26,915 | ||||||
Total | $ | 916,985 | $ | 1,685,415 |
4. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company® ("AFS"), the fund’s transfer agent, and American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.30% on the first $60 million of daily net assets and decreasing to 0.11% on such assets in excess of $36 billion. The agreement also provides for monthly fees, accrued daily, based on a declining series of rates beginning with 2.25% on the first $8,333,333 of the fund's monthly gross income and decreasing to 1.75% on such income in excess of $41,666,667. CRMC is currently waiving 10% of investment advisory services fees. During the six months ended June 30, 2008, total investment advisory services fees waived by CRMC were $4,537,000. As a result, the fee shown on the accompanying financial statements of $45,375,000, which was equivalent to an annualized rate of 0.246%, was reduced to $40,838,000, or 0.222% of average daily net assets.
Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described on the following page:
Distribution services – The fund has adopted plans of distribution for all share classes, except Class R-5. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of June 30, 2008, unreimbursed expenses subject to reimbursement totaled $6,613,000 for Class A. There were no unreimbursed expenses subject to reimbursement for Class 529-A.
Share class | Currently approved limits | Plan limits |
Class A | 0.25% | 0.25% |
Class 529-A | 0.25 | 0.50 |
Class B and 529-B | 1.00 | 1.00 |
Class C, 529-C and R-1 | 1.00 | 1.00 |
Class R-2 | 0.75 | 1.00 |
Class 529-E and R-3 | 0.50 | 0.75 |
Class F, 529-F and R-4 | 0.25 | 0.50 |
Transfer agent services – The fund has a transfer agent agreement with AFS for Class A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.
Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Class A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. Each 529 share class is subject to an additional annual administrative services fee of 0.10% of its respective average daily net assets; this fee is payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.
Expenses under the agreements described above for the six months ended June 30, 2008, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | ||
CRMC administrative services | Transfer agent services | Commonwealth of Virginia administrative services | |||
Class A | $31,797 | $15,992 | Not applicable | Not applicable | Not applicable |
Class B | 7,621 | 907 | Not applicable | Not applicable | Not applicable |
Class C | 13,198 | Included in administrative services | $1,787 | $284 | Not applicable |
Class F | 3,779 | 1,612 | 178 | Not applicable | |
Class 529-A | 582 | 257 | 48 | $279 | |
Class 529-B | 392 | 37 | 14 | 39 | |
Class 529-C | 1,313 | 120 | 34 | 132 | |
Class 529-E | 73 | 14 | 3 | 15 | |
Class 529-F | - | 11 | 2 | 12 | |
Class R-1 | 409 | 41 | 25 | Not applicable | |
Class R-2 | 2,558 | 497 | 1,213 | Not applicable | |
Class R-3 | 2,581 | 732 | 295 | Not applicable | |
Class R-4 | 954 | 529 | 18 | Not applicable | |
Class R-5 | Not applicable | 326 | 10 | Not applicable | |
Total | $65,257 | $16,899 | $5,963 | $2,124 | $477 |
Directors’ deferred compensation – Since the adoption of the deferred compensation plan in 1993, directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $109,000, shown on the accompanying financial statements, includes $124,000 in current fees (either paid in cash or deferred) and a net decrease of $15,000 in the value of the deferred amounts.
Affiliated officers and directors – Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.
5. Disclosure of fair value measurements
The fund adopted the Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, on January 1, 2008. FAS 157 requires the fund to classify its assets and liabilities based on valuation method using three levels. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of June 30, 2008 (dollars in thousands):
Investment securities | Forward currency contracts | |
Level 1 – Quoted prices | $615,256 | |
Level 2 – Other significant observable inputs | 36,498,717 | $(3,290) * |
Level 3 – Significant unobservable inputs | 145,592 | |
Total | $37,259,565 |
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions during the six months ended June 30, 2008 (dollars in thousands):
Beginning value at 1/1/2008 | $529,372 |
Net purchases | 7,433 |
Net realized loss (†) | (73) |
Net unrealized depreciation (†) | (25,081) |
Net transfers out of Level 3 | (366,059) |
Ending value at 6/30/2008 | $145,592 |
Net unrealized depreciation during the period on Level 3 investment securities held at 6/30/2008 (†) | $(4,529) |
* Net unrealized depreciation on forward currency contracts is not included in the summary investment portfolio.
† Net realized loss and net unrealized depreciation are included in the related amounts on investments in the statement of operations.
6. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Share class | Sales* | Reinvestments of dividends | Repurchases* | Net increase | ||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended June 30, 2008 | ||||||||||||||||||||||||||||||||
Class A | $ | 3,636,808 | 281,967 | $ | 570,256 | 44,627 | $ | (2,464,045 | ) | (191,884 | ) | $ | 1,743,019 | 134,710 | ||||||||||||||||||
Class B | 161,021 | 12,462 | 28,254 | 2,211 | (154,125 | ) | (11,998 | ) | 35,150 | 2,675 | ||||||||||||||||||||||
Class C | 509,362 | 39,476 | 48,659 | 3,809 | (300,702 | ) | (23,410 | ) | 257,319 | 19,875 | ||||||||||||||||||||||
Class F | 746,083 | 57,904 | 63,769 | 4,990 | (571,275 | ) | (44,420 | ) | 238,577 | 18,474 | ||||||||||||||||||||||
Class 529-A | 85,282 | 6,619 | 13,665 | 1,070 | (24,060 | ) | (1,869 | ) | 74,887 | 5,820 | ||||||||||||||||||||||
Class 529-B | 7,105 | 552 | 1,611 | 126 | (2,810 | ) | (219 | ) | 5,906 | 459 | ||||||||||||||||||||||
Class 529-C | 50,003 | 3,885 | 5,412 | 423 | (13,682 | ) | (1,063 | ) | 41,733 | 3,245 | ||||||||||||||||||||||
Class 529-E | 4,351 | 338 | 670 | 52 | (1,355 | ) | (105 | ) | 3,666 | 285 | ||||||||||||||||||||||
Class 529-F | 5,684 | 441 | 629 | 49 | (1,035 | ) | (81 | ) | 5,278 | 409 | ||||||||||||||||||||||
Class R-1 | 31,223 | 2,421 | 1,674 | 131 | (11,791 | ) | (916 | ) | 21,106 | 1,636 | ||||||||||||||||||||||
Class R-2 | 165,885 | 12,854 | 13,902 | 1,088 | (106,600 | ) | (8,294 | ) | 73,187 | 5,648 | ||||||||||||||||||||||
Class R-3 | 307,157 | 23,778 | 23,876 | 1,869 | (172,614 | ) | (13,427 | ) | 158,419 | 12,220 | ||||||||||||||||||||||
Class R-4 | 216,734 | 16,776 | 18,845 | 1,475 | (107,393 | ) | (8,349 | ) | 128,186 | 9,902 | ||||||||||||||||||||||
Class R-5 | 220,764 | 17,140 | 17,214 | 1,348 | (83,261 | ) | (6,483 | ) | 154,717 | 12,005 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 6,147,462 | 476,613 | $ | 808,436 | 63,268 | $ | (4,014,748 | ) | (312,518 | ) | $ | 2,941,150 | 227,363 | ||||||||||||||||||
Year ended December 31, 2007 | ||||||||||||||||||||||||||||||||
Class A | $ | 7,454,214 | 561,931 | $ | 1,094,271 | 82,834 | $ | (3,855,437 | ) | (291,100 | ) | $ | 4,693,048 | 353,665 | ||||||||||||||||||
Class B | 264,610 | 19,942 | 58,649 | 4,439 | (228,934 | ) | (17,270 | ) | 94,325 | 7,111 | ||||||||||||||||||||||
Class C | 1,036,755 | 78,152 | 88,010 | 6,667 | (393,914 | ) | (29,739 | ) | 730,851 | 55,080 | ||||||||||||||||||||||
Class F | 1,824,172 | 137,537 | 106,373 | 8,060 | (525,612 | ) | (39,715 | ) | 1,404,933 | 105,882 | ||||||||||||||||||||||
Class 529-A | 168,258 | 12,695 | 24,423 | 1,849 | (39,488 | ) | (2,987 | ) | 153,193 | 11,557 | ||||||||||||||||||||||
Class 529-B | 12,825 | 967 | 3,252 | 246 | (6,116 | ) | (462 | ) | 9,961 | 751 | ||||||||||||||||||||||
Class 529-C | 95,996 | 7,242 | 9,482 | 719 | (23,745 | ) | (1,797 | ) | 81,733 | 6,164 | ||||||||||||||||||||||
Class 529-E | 8,587 | 648 | 1,228 | 93 | (2,540 | ) | (192 | ) | 7,275 | 549 | ||||||||||||||||||||||
Class 529-F | 9,475 | 715 | 1,016 | 77 | (2,310 | ) | (175 | ) | 8,181 | 617 | ||||||||||||||||||||||
Class R-1 | 54,425 | 4,109 | 2,280 | 173 | (13,406 | ) | (1,012 | ) | 43,299 | 3,270 | ||||||||||||||||||||||
Class R-2 | 305,834 | 23,063 | 26,477 | 2,005 | (171,711 | ) | (12,960 | ) | 160,600 | 12,108 | ||||||||||||||||||||||
Class R-3 | 597,983 | 45,096 | 38,966 | 2,952 | (241,796 | ) | (18,240 | ) | 395,153 | 29,808 | ||||||||||||||||||||||
Class R-4 | 462,027 | 34,956 | 26,857 | 2,036 | (111,187 | ) | (8,393 | ) | 377,697 | 28,599 | ||||||||||||||||||||||
Class R-5 | 368,202 | 27,804 | 23,822 | 1,805 | (82,385 | ) | (6,223 | ) | 309,639 | 23,386 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 12,663,363 | 954,857 | $ | 1,505,106 | 113,955 | $ | (5,698,581 | ) | (430,265 | ) | $ | 8,469,888 | 638,547 | ||||||||||||||||||
* Includes exchanges between share classes of the fund. |
7. Forward currency contracts
As of June 30, 2008, the fund had open forward currency contracts to purchase or sell currencies as follows (amounts in thousands):
Contract amount | U.S. valuation at June 30, 2008 | |||||||||||||||
Receive | Deliver | Amount | Unrealized appreciation (depreciation) | |||||||||||||
Purchases: | ||||||||||||||||
Euros expiring 9/15/2008 | € | 7,498 | $ | 11,611 | $ | 11,767 | $ | 156 | ||||||||
Sales: | ||||||||||||||||
British pounds expiring 7/16 to 9/22/2008 | $ | 251,667 | £ | 128,820 | 255,702 | (4,035 | ) | |||||||||
Euros expiring 7/9 to 9/16/2008 | 460,717 | € | 293,790 | 462,317 | (1,600 | ) | ||||||||||
Israeli shekels expiring 8/4 to 9/5/2008 | 95,374 | ILS 316,495 | 94,368 | 1,006 | ||||||||||||
South Korean won expiring 7/15/2008 | 41,906 | KRW 42,664,110 | 40,723 | 1,183 | ||||||||||||
(3,446 | ) | |||||||||||||||
Forward currency contracts - net | $ | (3,290 | ) |
8. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, of $9,992,311,000 and $7,000,408,000, respectively, during the six months ended June 30, 2008.
Financial highlights(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from investment operations(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Net asset value, end of period | Total return (3) (4) | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reim-bursements/ waivers | Ratio of expenses to average net assets after reim-bursements/ waivers (4) | Ratio of net income to average net assets (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | $ | 13.06 | $ | .36 | $ | (.52 | ) | $ | (.16 | ) | $ | (.33 | ) | $ | 12.57 | (1.27 | )% | $ | 25,659 | .65 | % | (6 | ) | .62 | % | (6 | ) | 5.49 | % | (6 | ) | |||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .69 | (.25 | ) | .44 | (.70 | ) | 13.06 | 3.37 | 24,898 | .63 | .61 | 5.22 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .67 | .09 | .76 | (.66 | ) | 13.32 | 5.88 | 20,670 | .65 | .62 | 5.07 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .62 | (.36 | ) | .26 | (.69 | ) | 13.22 | 1.94 | 17,738 | .65 | .62 | 4.60 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .61 | .16 | .77 | (.63 | ) | 13.65 | 5.85 | 15,822 | .65 | .65 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .68 | .84 | 1.52 | (.71 | ) | 13.51 | 12.22 | 13,991 | .67 | .67 | 5.15 | ||||||||||||||||||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .31 | (.52 | ) | (.21 | ) | (.28 | ) | 12.57 | (1.64 | ) | 1,500 | 1.39 | (6 | ) | 1.37 | (6 | ) | 4.75 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .59 | (.25 | ) | .34 | (.60 | ) | 13.06 | 2.61 | 1,524 | 1.38 | 1.35 | 4.48 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .57 | .09 | .66 | (.56 | ) | 13.32 | 5.09 | 1,458 | 1.40 | 1.37 | 4.33 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .52 | (.36 | ) | .16 | (.59 | ) | 13.22 | 1.19 | 1,415 | 1.38 | 1.36 | 3.87 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .51 | .16 | .67 | (.53 | ) | 13.65 | 5.07 | 1,394 | 1.39 | 1.38 | 3.80 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .58 | .84 | 1.42 | (.61 | ) | 13.51 | 11.38 | 1,274 | 1.41 | 1.41 | 4.37 | ||||||||||||||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .31 | (.52 | ) | (.21 | ) | (.28 | ) | 12.57 | (1.66 | ) | 2,687 | 1.43 | (6 | ) | 1.40 | (6 | ) | 4.70 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .59 | (.25 | ) | .34 | (.60 | ) | 13.06 | 2.56 | 2,532 | 1.42 | 1.40 | 4.43 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .56 | .09 | .65 | (.55 | ) | 13.32 | 5.04 | 1,847 | 1.45 | 1.42 | 4.27 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .51 | (.36 | ) | .15 | (.58 | ) | 13.22 | 1.12 | 1,429 | 1.44 | 1.42 | 3.81 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .50 | .16 | .66 | (.52 | ) | 13.65 | 4.99 | 1,123 | 1.46 | 1.45 | 3.71 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .57 | .84 | 1.41 | (.60 | ) | 13.51 | 11.29 | 848 | 1.49 | 1.49 | 4.26 | ||||||||||||||||||||||||||||||||||||||||||||
Class F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .36 | (.52 | ) | (.16 | ) | (.33 | ) | 12.57 | (1.27 | ) | 3,085 | .63 | (6 | ) | .61 | (6 | ) | 5.49 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .69 | (.25 | ) | .44 | (.70 | ) | 13.06 | 3.38 | 2,963 | .62 | .60 | 5.22 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .67 | .09 | .76 | (.66 | ) | 13.32 | 5.90 | 1,611 | .63 | .60 | 5.07 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .62 | (.36 | ) | .26 | (.69 | ) | 13.22 | 1.92 | 803 | .65 | .63 | 4.60 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .60 | .16 | .76 | (.62 | ) | 13.65 | 5.80 | 487 | .70 | .69 | 4.46 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .67 | .84 | 1.51 | (.70 | ) | 13.51 | 12.15 | 292 | .72 | .72 | 5.02 | ||||||||||||||||||||||||||||||||||||||||||||
Class 529-A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .35 | (.52 | ) | (.17 | ) | (.32 | ) | 12.57 | (1.29 | ) | 585 | .69 | (6 | ) | .66 | (6 | ) | 5.45 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .68 | (.25 | ) | .43 | (.69 | ) | 13.06 | 3.31 | 532 | .69 | .67 | 5.17 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .66 | .09 | .75 | (.65 | ) | 13.32 | 5.85 | 388 | .68 | .66 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .61 | (.36 | ) | .25 | (.68 | ) | 13.22 | 1.88 | 273 | .69 | .67 | 4.57 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .60 | .16 | .76 | (.62 | ) | 13.65 | 5.80 | 187 | .70 | .70 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .67 | .84 | 1.51 | (.70 | ) | 13.51 | 12.21 | 110 | .68 | .68 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||
Class 529-B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .30 | (.52 | ) | (.22 | ) | (.27 | ) | 12.57 | (1.69 | ) | 80 | 1.50 | (6 | ) | 1.48 | (6 | ) | 4.64 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .58 | (.25 | ) | .33 | (.59 | ) | 13.06 | 2.49 | 77 | 1.50 | 1.47 | 4.36 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .55 | .09 | .64 | (.54 | ) | 13.32 | 4.97 | 69 | 1.53 | 1.50 | 4.20 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .50 | (.36 | ) | .14 | (.57 | ) | 13.22 | 1.02 | 58 | 1.54 | 1.52 | 3.71 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .48 | .16 | .64 | (.50 | ) | 13.65 | 4.86 | 49 | 1.59 | 1.58 | 3.60 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .55 | .84 | 1.39 | (.58 | ) | 13.51 | 11.18 | 35 | 1.61 | 1.61 | 4.13 | ||||||||||||||||||||||||||||||||||||||||||||
Class 529-C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .30 | (.52 | ) | (.22 | ) | (.27 | ) | 12.57 | (1.69 | ) | 278 | 1.49 | (6 | ) | 1.46 | (6 | ) | 4.65 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .58 | (.25 | ) | .33 | (.59 | ) | 13.06 | 2.50 | 247 | 1.49 | 1.46 | 4.37 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .55 | .09 | .64 | (.54 | ) | 13.32 | 4.99 | 170 | 1.51 | 1.49 | 4.22 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .50 | (.36 | ) | .14 | (.57 | ) | 13.22 | 1.03 | 121 | 1.53 | 1.51 | 3.74 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .48 | .16 | .64 | (.50 | ) | 13.65 | 4.88 | 86 | 1.57 | 1.57 | 3.61 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .55 | .84 | 1.39 | (.58 | ) | 13.51 | 11.19 | 56 | 1.59 | 1.59 | 4.15 | ||||||||||||||||||||||||||||||||||||||||||||
Class 529-E: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .33 | (.52 | ) | (.19 | ) | (.30 | ) | 12.57 | (1.44 | ) | 30 | .98 | (6 | ) | .96 | (6 | ) | 5.16 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .65 | (.25 | ) | .40 | (.66 | ) | 13.06 | 3.02 | 28 | .98 | .96 | 4.88 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .62 | .09 | .71 | (.61 | ) | 13.32 | 5.53 | 21 | .99 | .97 | 4.74 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .57 | (.36 | ) | .21 | (.64 | ) | 13.22 | 1.56 | 15 | 1.01 | .99 | 4.25 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .55 | .16 | .71 | (.57 | ) | 13.65 | 5.43 | 11 | 1.05 | 1.05 | 4.13 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .62 | .84 | 1.46 | (.65 | ) | 13.51 | 11.77 | 7 | 1.06 | 1.06 | 4.68 | ||||||||||||||||||||||||||||||||||||||||||||
Class 529-F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | $ | 13.06 | $ | .37 | $ | (.52 | ) | $ | (.15 | ) | $ | (.34 | ) | $ | 12.57 | (1.19 | )% | $ | 27 | .48 | % | (6 | ) | .45 | % | (6 | ) | 5.66 | % | (6 | ) | |||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .71 | (.25 | ) | .46 | (.72 | ) | 13.06 | 3.53 | 22 | .48 | .46 | 5.38 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .69 | .09 | .78 | (.68 | ) | 13.32 | 6.05 | 14 | .49 | .46 | 5.25 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .62 | (.36 | ) | .26 | (.69 | ) | 13.22 | 1.98 | 7 | .58 | .56 | 4.69 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .59 | .16 | .75 | (.61 | ) | 13.65 | 5.69 | 4 | .80 | .80 | 4.36 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .64 | .84 | 1.48 | (.67 | ) | 13.51 | 11.96 | 2 | .82 | .82 | 4.72 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .31 | (.52 | ) | (.21 | ) | (.28 | ) | 12.57 | (1.65 | ) | 89 | 1.42 | (6 | ) | 1.40 | (6 | ) | 4.72 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .58 | (.25 | ) | .33 | (.59 | ) | 13.06 | 2.54 | 71 | 1.44 | 1.42 | 4.44 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .56 | .09 | .65 | (.55 | ) | 13.32 | 5.05 | 29 | 1.49 | 1.42 | 4.28 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .51 | (.36 | ) | .15 | (.58 | ) | 13.22 | 1.11 | 18 | 1.51 | 1.43 | 3.82 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .50 | .16 | .66 | (.52 | ) | 13.65 | 4.98 | 11 | 1.55 | 1.47 | 3.70 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .57 | .84 | 1.41 | (.60 | ) | 13.51 | 11.29 | 5 | 1.65 | 1.49 | 4.13 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .30 | (.52 | ) | (.22 | ) | (.27 | ) | 12.57 | (1.70 | ) | 695 | 1.52 | (6 | ) | 1.49 | (6 | ) | 4.62 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .59 | (.25 | ) | .34 | (.60 | ) | 13.06 | 2.56 | 648 | 1.51 | 1.40 | 4.44 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .56 | .09 | .65 | (.55 | ) | 13.32 | 5.06 | 500 | 1.67 | 1.41 | 4.30 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .51 | (.36 | ) | .15 | (.58 | ) | 13.22 | 1.14 | 352 | 1.74 | 1.41 | 3.84 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .50 | .16 | .66 | (.52 | ) | 13.65 | 5.02 | 238 | 1.85 | 1.43 | 3.73 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .57 | .84 | 1.41 | (.60 | ) | 13.51 | 11.33 | 111 | 1.94 | 1.46 | 4.20 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .34 | (.52 | ) | (.18 | ) | (.31 | ) | 12.57 | (1.43 | ) | 1,067 | .96 | (6 | ) | .94 | (6 | ) | 5.17 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .65 | (.25 | ) | .40 | (.66 | ) | 13.06 | 3.02 | 949 | .98 | .95 | 4.89 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .62 | .09 | .71 | (.61 | ) | 13.32 | 5.49 | 570 | 1.02 | .99 | 4.71 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .56 | (.36 | ) | .20 | (.63 | ) | 13.22 | 1.53 | 361 | 1.05 | 1.02 | 4.23 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .55 | .16 | .71 | (.57 | ) | 13.65 | 5.42 | 213 | 1.06 | 1.05 | 4.12 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .62 | .84 | 1.46 | (.65 | ) | 13.51 | 11.76 | 95 | 1.12 | 1.07 | 4.59 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .35 | (.52 | ) | (.17 | ) | (.32 | ) | 12.57 | (1.28 | ) | 791 | .66 | (6 | ) | .63 | (6 | ) | 5.48 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .69 | (.25 | ) | .44 | (.70 | ) | 13.06 | 3.35 | 692 | .66 | .64 | 5.22 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .66 | .09 | .75 | (.65 | ) | 13.32 | 5.86 | 325 | .67 | .65 | 5.06 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .61 | (.36 | ) | .25 | (.68 | ) | 13.22 | 1.91 | 182 | .67 | .65 | 4.61 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .60 | .16 | .76 | (.62 | ) | 13.65 | 5.81 | 77 | .68 | .68 | 4.48 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .67 | .84 | 1.51 | (.70 | ) | 13.51 | 12.15 | 18 | .72 | .72 | 5.05 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2008(5) | 13.06 | .37 | (.52 | ) | (.15 | ) | (.34 | ) | 12.57 | (1.13 | ) | 762 | .36 | (6 | ) | .33 | (6 | ) | 5.78 | (6 | ) | |||||||||||||||||||||||||||||||||||
Year ended 12/31/2007 | 13.32 | .73 | (.25 | ) | .48 | (.74 | ) | 13.06 | 3.65 | 635 | .36 | .34 | 5.50 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2006 | 13.22 | .70 | .09 | .79 | (.69 | ) | 13.32 | 6.17 | 336 | .37 | .35 | 5.36 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2005 | 13.65 | .66 | (.36 | ) | .30 | (.73 | ) | 13.22 | 2.21 | 204 | .37 | .35 | 4.91 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2004 | 13.51 | .65 | .16 | .81 | (.67 | ) | 13.65 | 6.14 | 127 | .37 | .37 | 4.81 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 12/31/2003 | 12.70 | .71 | .84 | 1.55 | (.74 | ) | 13.51 | 12.52 | 106 | .40 | .40 | 5.39 |
Year ended December 31 | |||||||||||||
Six months ended June 30, | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||
Portfolio turnover rate for all classes of shares | 29% | 58% | 53% | 50% | 45% | 60% | |||||||
(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||||
(2) Based on average shares outstanding. | |||||||||||||
(3) Total returns exclude any applicable sales charges, including contingent deferred sales charges. | |||||||||||||
(4) This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. In addition, during some of the periods shown, CRMC paid a portion of the fund's transfer agent fees for certain retirement plan share classes. | |||||||||||||
(5) Unaudited. | |||||||||||||
(6) Annualized. | |||||||||||||
See Notes to Financial Statements |
Expense example | unaudited |
As a shareholder of the fund, you incur two types of costs: (1) transaction costs such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2008, through June 30, 2008).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. 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 in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the 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 the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F and 529-F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
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). Therefore, the second line of each share class in 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 value 1/1/2008 | Ending account value 6/30/2008 | Expenses paid during period* | Annualized expense ratio | |||||
Class A -- actual return | $1,000.00 | $987.26 | $3.06 | .62% | ||||
Class A -- assumed 5% return | 1,000.00 | 1,021.78 | 3.12 | .62 | ||||
Class B -- actual return | 1,000.00 | 983.63 | 6.76 | 1.37 | ||||
Class B -- assumed 5% return | 1,000.00 | 1,018.05 | 6.87 | 1.37 | ||||
Class C -- actual return | 1,000.00 | 983.42 | 6.90 | 1.40 | ||||
Class C -- assumed 5% return | 1,000.00 | 1,017.90 | 7.02 | 1.40 | ||||
Class F -- actual return | 1,000.00 | 987.31 | 3.01 | .61 | ||||
Class F -- assumed 5% return | 1,000.00 | 1,021.83 | 3.07 | .61 | ||||
Class 529-A -- actual return | 1,000.00 | 987.06 | 3.26 | .66 | ||||
Class 529-A -- assumed 5% return | 1,000.00 | 1,021.58 | 3.32 | .66 | ||||
Class 529-B -- actual return | 1,000.00 | 983.09 | 7.30 | 1.48 | ||||
Class 529-B -- assumed 5% return | 1,000.00 | 1,017.50 | 7.42 | 1.48 | ||||
Class 529-C -- actual return | 1,000.00 | 983.14 | 7.20 | 1.46 | ||||
Class 529-C -- assumed 5% return | 1,000.00 | 1,017.60 | 7.32 | 1.46 | ||||
Class 529-E -- actual return | 1,000.00 | 985.63 | 4.74 | .96 | ||||
Class 529-E -- assumed 5% return | 1,000.00 | 1,020.09 | 4.82 | .96 | ||||
Class 529-F -- actual return | 1,000.00 | 988.08 | 2.22 | .45 | ||||
Class 529-F -- assumed 5% return | 1,000.00 | 1,022.63 | 2.26 | .45 | ||||
Class R-1 -- actual return | 1,000.00 | 983.48 | 6.90 | 1.40 | ||||
Class R-1 -- assumed 5% return | 1,000.00 | 1,017.90 | 7.02 | 1.40 | ||||
Class R-2 -- actual return | 1,000.00 | 983.01 | 7.35 | 1.49 | ||||
Class R-2 -- assumed 5% return | 1,000.00 | 1,017.45 | 7.47 | 1.49 | ||||
Class R-3 -- actual return | 1,000.00 | 985.71 | 4.64 | .94 | ||||
Class R-3 -- assumed 5% return | 1,000.00 | 1,020.19 | 4.72 | .94 | ||||
Class R-4 -- actual return | 1,000.00 | 987.20 | 3.11 | .63 | ||||
Class R-4 -- assumed 5% return | 1,000.00 | 1,021.73 | 3.17 | .63 | ||||
Class R-5 -- actual return | 1,000.00 | 988.66 | 1.63 | .33 | ||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,023.22 | 1.66 | .33 |
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period (182), and divided by 366 (to reflect the one-half year period).
Offices of the fund and of the investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Please write to the address nearest you.)
P.O. Box 25065
Santa Ana, CA 92799-5065
P.O. Box 659522
San Antonio, TX 78265-9522
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071-2228
Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete June 30, 2008, portfolio of The Bond Fund of America’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
The Bond Fund of America files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.
This report is for the information of shareholders of The Bond Fund of America, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after September 30, 2008, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
[logo - American Funds®]
The right choice for the long term®
What makes American Funds different?
For more than 75 years, we have followed a consistent philosophy to benefit our investors. Our 30 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.
Our unique combination of strengths includes these five factors:
• | A long-term, value-oriented approach |
We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term.
• | An extensive global research effort |
Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets. |
• | The multiple portfolio counselor system |
Our unique method of portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives. |
• | Experienced investment professionals |
American Funds portfolio counselors have an average of 26 years of investment experience, providing a wealth of knowledge and experience that few organizations have. |
• | A commitment to low operating expenses |
The American Funds provide exceptional value for shareholders, with operating expenses that are among the lowest in the mutual fund industry. |
American Funds span a range of investment objectives
• | Growth funds |
AMCAP Fund® |
EuroPacific Growth Fund® |
The Growth Fund of America® |
The New Economy Fund® |
New Perspective Fund® |
�� | New World FundSM |
SMALLCAP World Fund® |
• | Growth-and-income funds |
American Mutual Fund® |
Capital World Growth and Income FundSM |
Fundamental InvestorsSM |
The Investment Company of America® |
Washington Mutual Investors FundSM |
• | Equity-income funds |
Capital Income Builder® |
The Income Fund of America® |
• | Balanced fund |
American Balanced Fund® |
• | Bond funds |
American High-Income TrustSM |
> | The Bond Fund of AmericaSM |
Capital World Bond Fund® |
Intermediate Bond Fund of America® |
Short-Term Bond Fund of AmericaSM |
U.S. Government Securities FundSM |
• | Tax-exempt bond funds |
American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
State-specific tax-exempt funds |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
• | Money market funds |
The Cash Management Trust of America® |
The Tax-Exempt Money Fund of AmericaSM |
The U.S. Treasury Money Fund of AmericaSM |
• | American Funds Target Date Retirement Series® |
The Capital Group Companies |
American Funds | Capital Research and Management | Capital International | Capital Guardian | Capital Bank and Trust |
Lit. No. MFGESR-908-0808P
Litho in USA BG/CVB/6370-S16781
Printed on paper containing 10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
[Logo – American Funds®]
Bond Fund of AmericaSM
Investment portfolio
June 30, 2008 | ||
unaudited | ||
Principal amount | Market value | |
Bonds & notes — 89.88% | (000) | (000) |
CORPORATE BONDS & NOTES — 44.28% | ||
FINANCIALS — 17.70% | ||
International Lease Finance Corp. 4.35% 2008 | $20,500 | $20,468 |
American General Finance Corp., Series J, 2.999% 20111 | 30,000 | 27,660 |
International Lease Finance Corp. 5.00% 2012 | 13,500 | 11,723 |
International Lease Finance Corp., Series R, 5.40% 2012 | 10,000 | 8,983 |
International Lease Finance Corp., Series R, 5.625% 2013 | 20,000 | 17,505 |
American General Finance Corp., Series I, 5.85% 2013 | 27,500 | 24,278 |
International Lease Finance Corp., Series R, 6.375% 2013 | 2,000 | 1,827 |
International Lease Finance Corp., Series R, 6.625% 2013 | 25,500 | 22,936 |
International Lease Finance Corp., Series R, 5.65% 2014 | 11,500 | 10,002 |
American General Finance Corp., Series I, 5.40% 2015 | 20,000 | 16,998 |
American General Finance Corp., Series J, 6.50% 2017 | 1,750 | 1,540 |
American General Finance Corp., Series J, 6.90% 2017 | 61,625 | 53,799 |
American International Group, Inc., Series G, 5.85% 2018 | 14,580 | 13,684 |
American International Group, Inc. 5.00% 2023 | £400 | 605 |
American International Group, Inc. 8.175% 20581,2 | $ 34,905 | 32,937 |
ILFC E-Capital Trust I 5.90% 20651,2 | 13,699 | 11,095 |
American International Group, Inc., Series A-1, 6.25% 20871 | 18,735 | 14,707 |
JPMorgan Chase & Co. 4.891% 20151 | 55,000 | 53,983 |
JPMorgan Chase Bank NA 6.00% 2017 | 36,750 | 35,763 |
Bear Stearns Companies Inc. 7.25% 2018 | 29,000 | 30,316 |
JPMorgan Chase Capital XXV, Series Y, 6.80% 2037 | 33,390 | 30,059 |
JPMorgan Chase & Co., Series I, 7.90% (undated)1 | 94,850 | 89,200 |
JPMorgan Chase Capital XX, Series T, 6.55% 2066 | 4,875 | 4,228 |
JPMorgan Chase Capital XXII, Series V, 6.45% 20871 | 5,075 | 4,363 |
General Motors Acceptance Corp. 3.951% 20081 | 500 | 492 |
General Motors Acceptance Corp. 5.85% 2009 | 7,790 | 7,398 |
Residential Capital Corp. 8.375% 20101 | 154,680 | 65,739 |
Residential Capital Corp. 8.50% 20102 | 10,326 | 8,596 |
General Motors Acceptance Corp. 6.875% 2011 | 2,500 | 1,798 |
General Motors Acceptance Corp. 7.25% 2011 | 48,540 | 35,697 |
General Motors Acceptance Corp. 6.625% 2012 | 3,000 | 2,060 |
General Motors Acceptance Corp. 6.875% 2012 | 13,040 | 8,937 |
General Motors Acceptance Corp. 7.00% 2012 | 55,415 | 38,547 |
General Motors Acceptance Corp. 4.882% 20141 | 65,000 | 42,002 |
General Motors Acceptance Corp. 6.75% 2014 | 45,820 | 30,297 |
Citigroup Inc. 4.125% 2010 | 26,000 | 25,769 |
Citigroup Inc. 5.125% 2011 | 10,000 | 9,968 |
Citigroup Inc. 5.50% 2013 | 14,500 | 14,166 |
Citigroup Inc. 6.50% 2030 | £35 | 66 |
Citigroup Inc., Series E, 8.40% (undated)1 | $ 78,800 | 75,007 |
Citigroup Capital XXI 8.30% 20771 | 103,350 | 97,854 |
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 4.375% 20102 | 47,950 | 47,082 |
Westfield Group 5.40% 20122 | 50,000 | 49,048 |
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 5.125% 20142 | 41,600 | 38,585 |
Westfield Group 5.70% 20162 | 21,195 | 19,824 |
WT Finance (Australia) Pty Ltd., Westfield Europe Finance PLC, and WEA Finance LLC 5.50% 2017 | £3,780 | 6,126 |
Westfield Group 7.125% 20182 | $51,000 | 52,372 |
Countrywide Home Loans, Inc. 5.875% 2008 | £6,150 | 11,886 |
Countrywide Home Loans, Inc., Series M, 4.125% 2009 | $33,854 | 32,343 |
Countrywide Home Loans, Inc., Series K, 5.625% 2009 | 10,406 | 10,150 |
Countrywide Home Loans, Inc., Series H, 6.25% 2009 | 2,075 | 2,044 |
Countrywide Financial Corp., Series A, 4.50% 2010 | 15,730 | 14,646 |
Countrywide Financial Corp. 6.25% 2010 | A$7,700 | 6,518 |
Countrywide Home Loans, Inc., Series L, 4.00% 2011 | $ 12,500 | 11,387 |
Countrywide Financial Corp., Series B, 3.21% 20121 | 30,000 | 27,188 |
Countrywide Financial Corp., Series B, 5.80% 2012 | 88,255 | 83,544 |
Countrywide Financial Corp. 6.25% 2016 | 1,875 | 1,672 |
Washington Mutual Bank, FA, Series 11, 6.875% 2011 | 11,875 | 10,219 |
Washington Mutual, Inc. 5.00% 2012 | 14,000 | 12,120 |
Washington Mutual Bank 3.115% 20131 | 47,000 | 37,961 |
Washington Mutual Bank, FA 5.50% 2013 | 19,959 | 15,982 |
Washington Mutual, Inc. 5.95% 2013 | 3,500 | 2,908 |
Washington Mutual Bank, FA 5.65% 2014 | 18,810 | 14,690 |
Washington Mutual Bank, FA, Series 16, 5.125% 2015 | 29,530 | 22,768 |
Washington Mutual, Inc. 6.75% 2036 | 5,750 | 4,208 |
Washington Mutual Preferred Funding II Ltd. 6.665% (undated)1,2 | 70,800 | 38,284 |
Washington Mutual Preferred Funding Trust III 6.895% (undated)1,2 | 61,600 | 31,440 |
Bank of America Corp. 7.125% 2011 | 1,750 | 1,822 |
MBNA Corp., Series F, 7.50% 2012 | 1,800 | 1,941 |
Bank of America Corp. 4.90% 2013 | 25,750 | 24,876 |
Bank of America Corp. 5.30% 2017 | 9,790 | 9,002 |
MBNA Capital A, Series A, 8.278% 2026 | 7,500 | 7,492 |
MBNA Global Capital Funding, Series B, 3.673% 20271 | 33,000 | 26,408 |
Bank of America Corp. 6.50% 2037 | 37,500 | 34,205 |
Bank of America Corp., Series M, 8.125% noncumulative preferred (undated)1 | 68,360 | 64,703 |
Metropolitan Life Global Funding I, 5.125% 20132 | 18,310 | 18,048 |
MetLife, Inc. 5.50% 2014 | 5,224 | 5,242 |
MetLife, Inc. 5.00% 2015 | 2,000 | 1,946 |
MetLife Capital Trust IV 7.875% 20671,2 | 14,500 | 14,250 |
MetLife Capital Trust X 9.25% 20681,2 | 121,250 | 130,910 |
Liberty Mutual Group Inc. 6.50% 20352 | 37,810 | 29,855 |
Liberty Mutual Group Inc. 7.50% 20362 | 37,485 | 32,869 |
Liberty Mutual Group Inc., Series A, 7.80% 20872 | 40,798 | 32,651 |
Liberty Mutual Group Inc., Series C, 10.75% 20881,2 | 78,175 | 75,014 |
Bayerische Hypo- und Vereinsbank AG 6.00% 2014 | €3,030 | 4,669 |
UniCredito Italiano SpA 5.584% 20171,2 | $ 60,690 | 58,608 |
UniCredito Italiano SpA 6.00% 20172,3 | 78,900 | 73,479 |
HVB Funding Trust I 8.741% 20312 | 3,250 | 3,056 |
HVB Funding Trust III 9.00% 20312 | 8,506 | 8,210 |
Merrill Lynch & Co., Inc., Series C, 5.45% 2013 | 12,000 | 11,330 |
Merrill Lynch & Co., Inc. 6.875% 2018 | 137,160 | 130,766 |
CIT Group Inc. 5.50% 2008 | £165 | 316 |
CIT Group Inc. 2.787% 20091 | $ 1,732 | 1,602 |
CIT Group Inc. 6.875% 2009 | 15,000 | 13,964 |
CIT Group Inc. 4.25% 2010 | 28,953 | 24,508 |
CIT Group Inc. 4.75% 2010 | 390 | 318 |
CIT Group Inc. 3.187% 20111 | 32,500 | 26,532 |
CIT Group Inc. 2.935% 20121 | 6,080 | 4,847 |
CIT Group Inc. 7.625% 2012 | 18,275 | 15,203 |
CIT Group Inc. 7.75% 2012 | 2,455 | 2,110 |
CIT Group Inc. 5.40% 2013 | 21,140 | 16,088 |
CIT Group Inc. 5.125% 2014 | 2,650 | 1,900 |
CIT Group Inc. 5.85% 20163 | 250 | 186 |
CIT Group Inc. 5.65% 20173 | 13,800 | 10,281 |
CIT Group Inc. 5.80% 2036 | 5,205 | 4,013 |
CIT Group Inc. 6.10% 20671 | 36,265 | 16,695 |
Ford Motor Credit Co. 5.625% 2008 | 635 | 624 |
Ford Motor Credit Co. 4.503% 20091,2 | 1,000 | 966 |
Ford Motor Credit Co. 7.375% 2009 | 725 | 661 |
Ford Motor Credit Co. 7.875% 2010 | 12,000 | 10,362 |
Ford Motor Credit Co. 9.75% 20101 | 5,000 | 4,361 |
Ford Motor Credit Co. 7.25% 2011 | 24,000 | 18,612 |
Ford Motor Credit Co. 7.375% 2011 | 2,450 | 1,989 |
Ford Motor Credit Co. 8.026% 20111 | 60,275 | 49,080 |
Ford Motor Credit Co. 5.46% 20121,3 | 11,500 | 8,395 |
Ford Motor Credit Co. 7.80% 2012 | 400 | 310 |
Ford Motor Credit Co. 8.00% 2016 | 49,850 | 36,279 |
Household Finance Corp. 6.75% 2011 | 23,750 | 24,698 |
HSBC Finance Corp. 3.126% 20121 | 20,000 | 18,946 |
HSBC Finance Corp. 3.168% 20121 | 15,000 | 14,098 |
HSBC Finance Corp. 5.00% 2015 | 27,195 | 25,743 |
HSBC Holdings PLC 6.50% 2037 | 40,990 | 37,481 |
Midland Bank 3.438% Eurodollar note (undated)1 | 15,000 | 9,973 |
Santander Issuances, SA Unipersonal 3.163% 20161,2 | 21,500 | 20,056 |
Santander Issuances, SA Unipersonal 5.805% 20161,2 | 76,100 | 73,581 |
Santander Perpetual, SA Unipersonal 6.671% (undated)1,2 | 20,100 | 19,451 |
Abbey National PLC 7.50% (undated)1 | £3,270 | 6,391 |
Sovereign Bancorp, Inc. 2.962% 20091 | $20,700 | 19,908 |
Independence Community Bank Corp. 4.90% 2010 | 12,000 | 10,961 |
Sovereign Bancorp, Inc. 8.75% 2018 | 78,850 | 79,639 |
Simon Property Group, LP 5.60% 2011 | 8,810 | 8,719 |
Simon Property Group, LP 5.00% 2012 | 16,000 | 15,603 |
Simon Property Group, LP 5.75% 2012 | 4,000 | 4,003 |
Simon Property Group, LP 5.75% 2015 | 8,250 | 8,019 |
Simon Property Group, LP 5.25% 2016 | 1,000 | 920 |
Simon Property Group, LP 6.10% 2016 | 4,750 | 4,655 |
Simon Property Group, LP 5.875% 2017 | 19,250 | 18,516 |
Simon Property Group, LP 6.125% 2018 | 49,750 | 48,485 |
TuranAlem Finance BV 7.75% 20132 | 11,000 | 9,323 |
TuranAlem Finance BV 8.00% 2014 | 12,460 | 10,529 |
TuranAlem Finance BV 8.00% 20142 | 5,000 | 4,225 |
TuranAlem Finance BV 8.50% 20152 | 23,335 | 20,185 |
TuranAlem Finance BV 8.50% 2015 | 11,310 | 9,783 |
TuranAlem Finance BV 8.25% 20372 | 59,045 | 49,524 |
TuranAlem Finance BV, Series 8, 8.25% 2037 | 6,000 | 5,033 |
Lehman Brothers Holdings Inc. 5.00% 2010 | £235 | 442 |
Lehman Brothers Holdings Inc., Series I, 2.94% 20121 | $ 3,300 | 2,904 |
Lehman Brothers Holdings Inc., Series I, 6.20% 2014 | 15,090 | 14,421 |
Lehman Brothers Holdings Inc. 6.50% 2017 | 11,000 | 10,193 |
Lehman Brothers Holdings Inc., Series I, 6.875% 2018 | 41,810 | 40,547 |
Lehman Brothers Holdings Inc., Series I, 7.00% 2027 | 18,046 | 16,728 |
Lehman Brothers Holdings Inc. 7.50% 2038 | 13,170 | 12,251 |
Lehman Brothers Holdings Capital Trust VII 5.857% (undated)1 | 13,331 | 8,705 |
Lehman Brothers Holdings E-Capital Trust I 3.499% 20651 | 3,084 | 2,292 |
Prudential Financial, Inc., Series D, 5.10% 2011 | 4,375 | 4,353 |
Prudential Financial, Inc., Series D, 5.15% 2013 | 1,300 | 1,268 |
Prudential Financial, Inc., Series B, 4.75% 2014 | 4,000 | 3,832 |
Prudential Financial, Inc., Series D, 6.00% 2017 | 10,000 | 9,907 |
Prudential Holdings, LLC, Series C, 8.695% 20232,4 | 57,035 | 66,481 |
Prudential Financial, Inc. 8.875% 20681 | 20,000 | 19,872 |
Lincoln National Corp. 5.65% 2012 | 20,745 | 20,590 |
Lincoln National Corp. 7.00% 20661 | 90,738 | 82,771 |
Resona Bank, Ltd. 3.75% 20151 | €9,740 | 14,314 |
Resona Bank, Ltd. 5.85% (undated)1,2 | $102,333 | 88,157 |
Royal Bank of Scotland PLC 9.625% 2015 | £200 | 455 |
Royal Bank of Scotland PLC 5.00% (undated)1 | 200 | 368 |
Royal Bank of Scotland Group PLC 6.99% (undated)1,2 | $108,970 | 98,439 |
Hartford Financial Services Group, Inc. 5.25% 2011 | 5,625 | 5,564 |
Hartford Financial Services Group, Inc. 4.625% 2013 | 2,000 | 1,914 |
Hartford Financial Services Group, Inc. 6.30% 2018 | 43,000 | 43,031 |
Glen Meadow Pass-Through Trust 6.505% 20671,2 | 21,201 | 18,006 |
Hartford Financial Services Group, Inc. 8.125% 20681 | 31,250 | 30,465 |
Kimco Realty Corp., Series C, 3.95% 2008 | 5,000 | 4,998 |
Kimco Realty Corp., Series C, 4.82% 2011 | 7,500 | 7,154 |
Kimco Realty Corp. 6.00% 2012 | 17,500 | 17,054 |
Kimco Realty Corp., Series C, 4.82% 2014 | 12,000 | 10,933 |
Kimco Realty Corp., Series C, 4.904% 2015 | 3,000 | 2,698 |
Kimco Realty Corp., Series C, 5.783% 2016 | 19,500 | 18,014 |
Kimco Realty Corp. 5.70% 2017 | 33,450 | 30,725 |
Hospitality Properties Trust 6.85% 2012 | 6,000 | 5,764 |
Hospitality Properties Trust 6.75% 2013 | 17,845 | 16,968 |
Hospitality Properties Trust 5.125% 2015 | 12,970 | 10,511 |
Hospitality Properties Trust 6.30% 2016 | 24,175 | 21,432 |
Hospitality Properties Trust 5.625% 2017 | 6,800 | 5,528 |
Hospitality Properties Trust 6.70% 2018 | 33,515 | 28,835 |
Capital One Financial Corp. 2.976% 20091 | 30,000 | 27,996 |
Capital One Financial Corp. 5.70% 2011 | 12,000 | 11,422 |
Capital One Financial Corp. 6.15% 2016 | 10,000 | 8,829 |
Capital One Capital III 7.686% 20361 | 46,825 | 37,559 |
SLM Corp., Series A, 3.95% 2008 | 17,500 | 17,383 |
SLM Corp., Series A, 4.50% 2010 | 38,000 | 35,179 |
SLM Corp., Series A, 5.40% 2011 | 13,700 | 12,520 |
SLM Corp., Series A, 5.125% 2012 | 10,000 | 8,709 |
SLM Corp., Series A, 5.375% 2013 | 3,000 | 2,645 |
SLM Corp., Series A, 3.22% 20141 | 6,900 | 5,810 |
ZFS Finance (USA) Trust II 6.45% 20651,2 | 29,500 | 26,206 |
ZFS Finance (USA) Trust V 6.50% 20671,2 | 60,175 | 52,606 |
Fifth Third Bancorp 8.25% 2038 | 30,250 | 24,564 |
Fifth Third Capital Trust IV 6.50% 20671 | 86,920 | 50,472 |
ProLogis 5.25% 2010 | 10,884 | 10,872 |
PLD International Finance LLC 4.375% 2011 | €4,150 | 5,925 |
ProLogis 5.625% 2015 | $13,035 | 12,264 |
ProLogis 6.625% 2018 | 43,935 | 43,356 |
American Express Centurion Bank 5.55% 2012 | 9,000 | 8,912 |
American Express Bank 5.50% 2013 | 12,800 | 12,529 |
American Express Co. 6.15% 2017 | 24,865 | 24,329 |
American Express Co. 8.15% 2038 | 7,100 | 7,915 |
American Express Co. 6.80% 20661 | 17,585 | 16,283 |
Catlin Insurance Ltd. 7.249% (undated)1,2 | 88,800 | 64,911 |
HBOS PLC 6.75% 20182 | 54,090 | 51,821 |
HBOS PLC 6.657% (undated)1,2 | 18,500 | 12,996 |
Wachovia Corp. 5.30% 2011 | 5,000 | 4,893 |
Wachovia Corp. 5.50% 2013 | 28,750 | 27,545 |
Wachovia Bank NA 6.60% 2038 | 37,000 | 32,337 |
ORIX Corp. 5.48% 2011 | 68,155 | 63,074 |
Allstate Financial Global Funding LLC 4.25% 20082 | 7,500 | 7,511 |
Allstate Life Global Funding Trust, Series 2008-4, 5.375% 2013 | 17,500 | 17,450 |
Allstate Corp., Series B, 6.125% 20671 | 31,815 | 28,914 |
Allstate Corp., Series A, 6.50% 20671 | 7,710 | 6,757 |
Standard Chartered Bank 6.40% 20172 | 46,240 | 45,281 |
Standard Chartered Bank 3.463% (undated)1 | 5,000 | 3,225 |
Standard Chartered Bank 3.875% Eurodollar note (undated)1 | 15,000 | 9,450 |
Standard Chartered Bank 5.375% (undated)1 | £150 | 236 |
Chubb Corp. 5.75% 2018 | $18,800 | 18,255 |
Chubb Corp. 6.50% 2038 | 19,850 | 19,029 |
Chubb Corp. 6.375% 20671 | 22,595 | 20,702 |
CNA Financial Corp. 5.85% 2014 | 11,500 | 11,049 |
CNA Financial Corp. 6.50% 2016 | 24,625 | 23,772 |
CNA Financial Corp. 7.25% 2023 | 24,145 | 22,450 |
Nationwide Financial Services, Inc. 6.75% 20671 | 69,985 | 55,583 |
PNC Funding Corp. 3.099% 20141 | 30,000 | 27,145 |
PNC Bank NA 6.875% 2018 | 7,700 | 7,652 |
PNC Funding Corp., Series II, 6.113% (undated)1,2 | 23,300 | 18,045 |
ACE INA Holdings Inc. 5.875% 2014 | 18,775 | 18,844 |
ACE INA Holdings Inc. 5.70% 2017 | 4,000 | 3,846 |
ACE INA Holdings Inc. 5.80% 2018 | 7,000 | 6,739 |
ACE Capital Trust II 9.70% 2030 | 12,423 | 13,549 |
ACE INA Holdings Inc. 6.70% 2036 | 5,980 | 5,807 |
ERP Operating LP 4.75% 2009 | 2,225 | 2,207 |
ERP Operating LP 6.625% 2012 | 5,000 | 5,082 |
ERP Operating LP 6.584% 2015 | 13,040 | 12,837 |
ERP Operating LP 5.375% 2016 | 6,000 | 5,458 |
ERP Operating LP 5.75% 2017 | 7,865 | 7,272 |
ERP Operating LP 7.125% 2017 | 12,375 | 12,396 |
HSBK (Europe) BV 7.75% 2013 | 10,855 | 10,326 |
HSBK (Europe) BV 7.75% 20132 | 305 | 290 |
HSBK (Europe) BV 7.25% 20172 | 39,245 | 33,965 |
Monumental Global Funding 5.50% 20132 | 18,760 | 18,789 |
Monumental Global Funding III 5.25% 20142 | 23,000 | 22,191 |
AEGON NV 6.125% 2031 | £1,730 | 3,288 |
Sumitomo Mitsui Banking Corp. 8.00% 2012 | $ 3,500 | 3,797 |
Sumitomo Mitsui Banking Corp. 5.625% (undated)1,2 | 11,510 | 10,344 |
SMFG Preferred Capital USD 2 Ltd. 8.75% noncumulative preferred (undated)2 | 29,000 | 29,734 |
Capmark Financial Group Inc. 3.366% 20101 | 18,395 | 14,187 |
Capmark Financial Group Inc. 5.875% 2012 | 30,050 | 21,214 |
Capmark Financial Group Inc. 6.30% 2017 | 12,787 | 8,278 |
Wells Fargo Bank, National Assn. 4.75% 2015 | 37,500 | 35,819 |
Wells Fargo Bank, National Assn. 5.75% 2016 | 7,590 | 7,542 |
Charles Schwab Corp., Series A, 6.375% 2017 | 16,650 | 16,614 |
Schwab Capital Trust I 7.50% 20371 | 28,820 | 26,163 |
Developers Diversified Realty Corp. 3.875% 2009 | 19,500 | 19,271 |
Developers Diversified Realty Corp. 5.375% 2012 | 5,047 | 4,739 |
Developers Diversified Realty Corp. 5.50% 2015 | 19,500 | 17,429 |
North Front Pass Through Trust 5.81% 20241,2 | 19,085 | 17,736 |
Nationwide Mutual Insurance Co. 8.25% 20312 | 15,675 | 15,746 |
Nationwide Mutual Insurance Co. 7.875% 20332 | 5,480 | 5,289 |
Nationwide Mutual Insurance Co. 6.60% 20342 | 2,000 | 1,658 |
New York Life Global Funding 5.25% 20122 | 30,300 | 30,492 |
New York Life Global Funding 4.65% 20132 | 9,170 | 9,106 |
Banco Bilbao Vizcaya Argentaria, SA, 5.919% (undated)1 | 48,005 | 39,272 |
Kazkommerts International BV 7.00% 20092 | 5,500 | 5,335 |
Kazkommerts International BV 8.50% 2013 | 5,000 | 4,500 |
Kazkommerts International BV 7.875% 20142 | 9,200 | 7,912 |
Kazkommerts International BV 8.00% 20152 | 15,500 | 12,865 |
Kazkommerts International BV 8.00% 2015 | 600 | 498 |
Kazkommerts International BV, Series 4, 7.50% 2016 | 10,000 | 7,846 |
SunTrust Banks, Inc. 6.00% 2017 | 5,750 | 5,494 |
SunTrust Banks, Inc. 7.25% 2018 | 32,970 | 32,958 |
Brandywine Operating Partnership, LP 5.625% 2010 | 6,105 | 5,923 |
Brandywine Operating Partnership, LP 5.75% 2012 | 27,110 | 25,518 |
Brandywine Operating Partnership, LP 5.40% 2014 | 3,000 | 2,665 |
Brandywine Operating Partnership, LP 5.70% 2017 | 5,000 | 4,256 |
Société Générale 5.75% 20162 | 35,710 | 34,933 |
National City Preferred Capital Trust I 12.00% (undated)1,3 | 39,500 | 34,235 |
Development Bank of Singapore Ltd. 7.875% 20092 | 20,000 | 20,718 |
DBS Bank Ltd. 3.323% 20211,2 | 12,500 | 11,038 |
iStar Financial, Inc. 5.375% 2010 | 7,000 | 6,303 |
iStar Financial, Inc. 6.00% 2010 | 3,805 | 3,246 |
iStar Financial, Inc., Series B, 5.125% 2011 | 4,320 | 3,696 |
iStar Financial, Inc. 6.50% 2013 | 10,120 | 8,713 |
iStar Financial, Inc. 8.625% 2013 | 6,300 | 5,739 |
iStar Financial, Inc. 6.05% 2015 | 4,152 | 3,326 |
Goldman Sachs Group, Inc. 6.15% 2018 | 31,060 | 30,187 |
Rouse Co. 3.625% 2009 | 5,200 | 5,029 |
Rouse Co. 7.20% 2012 | 17,475 | 16,116 |
Rouse Co. 5.375% 2013 | 4,475 | 3,596 |
Rouse Co. 6.75% 20132 | 3,750 | 3,398 |
AXA SA 6.463% (undated)1,2 | 35,000 | 28,048 |
Lazard Group LLC 7.125% 2015 | 26,060 | 24,398 |
Lazard Group LLC 6.85% 2017 | 2,870 | 2,535 |
ReliaStar Financial Corp. 6.50% 2008 | 6,016 | 6,078 |
ING Bank NV 5.50% 2012 | €3,750 | 5,833 |
ING Groep NV 5.775% (undated)1 | $15,500 | 12,883 |
Plum Creek Timberlands, LP 5.875% 2015 | 27,100 | 24,741 |
Northern Rock PLC 5.60% (undated)1,2 | 13,815 | 8,013 |
Northern Rock PLC 6.594% (undated)1,2 | 27,465 | 15,930 |
XL Capital Finance (Europe) PLC 6.50% 2012 | 6,455 | 6,321 |
Mangrove Bay Pass Through Trust 6.102% 20331,2,3 | 37,568 | 16,530 |
Twin Reefs Asset Trust (XLFA), Series B, 3.449% 20791,2 | 5,500 | 202 |
Principal Life Insurance Co. 5.30% 2013 | 23,000 | 23,024 |
American Honda Finance Corp. 5.125% 20102 | 21,850 | 22,524 |
Genworth Global Funding Trust, Series 2007-C, 5.25% 2012 | 10,000 | 9,761 |
Genworth Financial, Inc. 6.15% 20661 | 15,135 | 11,915 |
United Overseas Bank Ltd. 5.375% 20191,2 | 22,250 | 20,938 |
Morgan Stanley, Series F, 5.95% 2017 | 15,000 | 13,641 |
Morgan Stanley 10.09% 2017 | BRL3,000 | 1,444 |
Morgan Stanley, Series F, 6.625% 2018 | $ 6,000 | 5,695 |
E*TRADE Financial Corp. 8.00% 2011 | 11,450 | 10,591 |
E*TRADE Financial Corp. 7.375% 2013 | 1,150 | 995 |
E*TRADE Financial Corp. 7.875% 2015 | 9,720 | 8,408 |
UnionBanCal Corp. 5.25% 2013 | 2,000 | 1,887 |
Union Bank of California, NA 5.95% 2016 | 17,415 | 16,545 |
Assurant, Inc. 5.625% 2014 | 19,420 | 18,429 |
John Hancock Global Funding II, Series 2004-A, 3.50% 20092 | 18,000 | 17,967 |
Silicon Valley Bank 5.70% 2012 | 18,000 | 16,762 |
Principal Life Global Funding I 4.40% 20102 | 16,600 | 16,543 |
Realogy Corp., Term Loan, Letter of Credit, 5.313% 20131,4,5 | 244 | 208 |
Realogy Corp., Term Loan B, 5.475% 20131,4,5 | 870 | 744 |
Realogy Corp. 10.50% 2014 | 9,985 | 6,990 |
Realogy Corp. 11.00% 20146 | 10,475 | 6,233 |
Realogy Corp. 12.375% 2015 | 2,700 | 1,337 |
Protective Life Insurance Co., Series 2005-C, 4.85% 2010 | 15,000 | 15,018 |
Canadian Imperial Bank of Commerce 3.188% Eurodollar note 20851,3 | 25,000 | 15,000 |
Berkshire Hathaway Finance Corp. 4.75% 2012 | 10,000 | 10,146 |
Berkshire Hathaway Finance Corp. 5.40% 20182 | 4,750 | 4,756 |
Korea Development Bank 5.30% 2013 | 13,350 | 13,264 |
Skandinaviska Enskilda Banken AB 5.00% (undated)1 | £265 | 492 |
Skandinaviska Enskilda Banken AB 7.50% (undated)1 | $12,500 | 12,528 |
AB Spintab 6.00% 2009 | SKr73,000 | 12,210 |
Banco Santander-Chile 5.375% 20142 | $11,200 | 10,958 |
Credit Agricole SA 6.637% (undated)1,2 | 12,220 | 10,335 |
United Energy Distribution Pty Ltd., AMBAC insured, 4.70% 20112 | 10,000 | 10,113 |
MassMutual Global Funding II, Series 2002-1, 3.50% 20102 | 10,000 | 9,921 |
Jackson National Life Global 5.375% 20132 | 10,000 | 9,911 |
Shinsei Bank, Ltd. 3.75% 20161 | €6,865 | 9,477 |
Shinsei Bank, Ltd. 5.625% (undated)1 | £195 | 283 |
Post Apartment Homes, LP 7.70% 2010 | $ 1,400 | 1,426 |
Post Apartment Homes, LP 5.125% 2011 | 7,720 | 7,294 |
Banco Mercantil del Norte, SA 6.135% 20162 | 8,600 | 8,416 |
Downey Financial Corp. 6.50% 2014 | 10,720 | 8,090 |
Advanta Capital Trust I, Series B, 8.99% 2026 | 12,500 | 7,875 |
Zions Bancorporation 5.50% 2015 | 9,625 | 7,677 |
Chohung Bank 4.50% 20141,2 | 8,000 | 7,637 |
Loews Corp. 6.00% 2035 | 8,000 | 7,132 |
Assured Guaranty US Holdings Inc., Series A, 6.40% 20661 | 10,625 | 7,020 |
BCI U.S. Funding Trust I 8.01% noncumulative preferred (undated)1,2 | 6,500 | 6,509 |
Bank of Nova Scotia 3.188% 20851,3 | 10,000 | 6,200 |
Host Marriott, LP, Series M, 7.00% 2012 | 4,380 | 4,161 |
Host Hotels & Resorts, LP, Series S, 6.875% 2014 | 1,500 | 1,388 |
Weingarten Realty Investors, Series A, 4.857% 2014 | 6,080 | 5,507 |
Lloyds Bank, Series 2, 2.813% (undated)1 | 8,000 | 5,240 |
Industrial Bank of Korea 4.00% 20141,2 | 5,000 | 4,946 |
Allied Irish Banks, PLC 5.625% 20301 | £250 | 390 |
Allied Irish Banks Ltd. 3.438% (undated)1 | $ 7,000 | 4,523 |
Northern Trust Co. 5.85% 20172 | 3,750 | 3,810 |
Ambac Financial Group, Inc. 6.15% 20871 | 22,000 | 3,534 |
Bergen Bank 3.188% (undated)1 | 5,000 | 3,525 |
Bank of New York Mellon Corp., Series G, 4.95% 2012 | 3,500 | 3,493 |
KeyBank NA 5.50% 2012 | 3,750 | 3,485 |
Federal Realty Investment Trust 4.50% 2011 | 3,500 | 3,366 |
National Bank of Canada 3.188% 20871,3 | 5,000 | 3,150 |
Christiana Bank Og Kreditkasse 3.188% (undated)1 | 4,000 | 2,633 |
UnumProvident Corp. 5.859% 2009 | 1,000 | 1,010 |
UnumProvident Finance Co. PLC 6.85% 20152 | 1,425 | 1,416 |
Agile Property Holdings Ltd. 9.00% 2013 | 2,805 | 2,415 |
AmeriCredit Corp. 8.50% 2015 | 3,000 | 2,415 |
BNP Paribas 5.75% 2022 | £415 | 754 |
Barclays Bank PLC 6.375% (undated)1 | 240 | 427 |
Norinchukin Finance (Cayman) Ltd. 5.625% 20161 | £205 | $ 372 |
STB Finance Cayman Ltd., Series 108, 5.834% (undated)1 | 150 | 268 |
Commerzbank AG 6.625% 2019 | 70 | 127 |
6,610,796 | ||
CONSUMER DISCRETIONARY — 5.36% | ||
Tele-Communications, Inc. 9.80% 2012 | $17,500 | 19,741 |
Comcast Cable Communications, Inc. 7.125% 2013 | 14,625 | 15,434 |
Tele-Communications, Inc. 7.875% 2013 | 7,500 | 8,058 |
Comcast Corp. 5.85% 2015 | 29,025 | 28,457 |
Comcast Corp. 6.50% 2015 | 5,000 | 5,084 |
Comcast Corp. 6.30% 2017 | 36,090 | 35,828 |
Comcast Corp. 5.70% 2018 | 25,495 | 24,232 |
Comcast Corp. 5.65% 2035 | 4,745 | 4,045 |
Comcast Corp. 6.45% 2037 | 18,750 | 17,505 |
Comcast Corp. 6.95% 2037 | 15,520 | 15,312 |
Comcast Corp. 6.40% 2038 | 39,400 | 36,460 |
Time Warner Inc. 2.915% 20091 | 23,500 | 22,844 |
Time Warner Inc. 5.50% 2011 | 1,000 | 986 |
AOL Time Warner Inc. 6.75% 2011 | 3,000 | 3,069 |
AOL Time Warner Inc. 6.875% 2012 | 17,500 | 17,918 |
Time Warner Inc. 5.875% 2016 | 37,140 | 35,078 |
Time Warner Companies, Inc. 7.25% 2017 | 1,600 | 1,632 |
Time Warner Companies, Inc. 7.57% 2024 | 12,340 | 12,579 |
AOL Time Warner Inc. 7.625% 2031 | 31,935 | 32,510 |
Time Warner Inc. 6.50% 2036 | 83,985 | 74,989 |
Federated Retail Holdings, Inc. 5.35% 2012 | 10,365 | 9,639 |
Macy’s Retail Holdings, Inc. 7.875% 2015 | 53,250 | 53,711 |
Federated Retail Holdings, Inc. 5.90% 2016 | 81,165 | 70,619 |
Federated Retail Holdings, Inc. 6.375% 2037 | 27,850 | 21,510 |
Target Corp. 6.00% 2018 | 25,000 | 25,134 |
Target Corp. 6.50% 2037 | 37,000 | 35,707 |
Target Corp. 7.00% 2038 | 47,500 | 48,855 |
Time Warner Cable Inc. 5.40% 2012 | 8,000 | 7,926 |
Time Warner Cable Inc. 6.20% 2013 | 4,500 | 4,581 |
Time Warner Cable Inc. 6.75% 2018 | 70,500 | 71,095 |
CCH II, LLC and CCH II Capital Corp. 10.25% 2010 | 10,000 | 9,725 |
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.00% 20122 | 10,150 | 9,642 |
CCO Holdings, LLC and CCO Holdings Capital Corp. 8.75% 2013 | 13,325 | 12,326 |
Charter Communications Operating, LLC, Term Loan B, 4.90% 20141,4,5 | 12,139 | 10,695 |
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.375% 20142 | 1,575 | 1,500 |
Charter Communications Operating, LLC, Term Loan B, 8.50% 20141,4,5 | 1,995 | 1,987 |
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 10.875% 20142 | 15,375 | 15,875 |
CCH I, LLC and CCH I Capital Corp. 11.00% 2015 | 18,650 | 13,918 |
Thomson Reuters Corp. 6.50% 2018 | 70,200 | 70,080 |
News America Holdings Inc. 8.00% 2016 | 1,000 | 1,113 |
News America Inc. 7.25% 2018 | 2,250 | 2,399 |
News America Holdings Inc. 8.25% 2018 | 15,290 | 17,230 |
News America Inc. 6.65% 2037 | 34,400 | 33,696 |
Cox Enterprises Inc. 7.375% 20092 | 7,700 | 7,824 |
Cox Communications, Inc. 7.875% 2009 | 1,000 | 1,026 |
Cox Communications, Inc. 4.625% 2010 | 900 | 895 |
Cox Communications, Inc. 7.125% 2012 | 7,000 | 7,313 |
Cox Communications, Inc. 5.45% 2014 | 12,750 | 12,269 |
Cox Communications, Inc. 6.25% 20182 | 22,475 | 21,980 |
Ford Capital BV 9.50% 20103 | 6,266 | 5,357 |
Ford Motor Co., Term Loan B, 5.48% 20131,4,5 | 47,447 | 38,426 |
FCE Bank PLC 7.125% 2013 | €1,000 | 1,255 |
Ford Motor Co. 6.50% 2018 | $ 8,020 | 4,692 |
Ford Motor Co. 8.875% 2022 | 1,495 | 957 |
D.R. Horton, Inc. 9.75% 2010 | 1,150 | 1,185 |
D.R. Horton, Inc. 6.875% 2013 | 5,385 | 4,793 |
D.R. Horton, Inc. 5.625% 2014 | 5,750 | 4,686 |
D.R. Horton, Inc. 5.25% 2015 | 22,695 | 18,156 |
D.R. Horton, Inc. 6.50% 2016 | 23,440 | 19,426 |
Univision Communications, Inc., Second Lien Term Loan B, 4.983% 20091,4,5 | 1,726 | 1,665 |
Univision Communications Inc. 7.85% 2011 | 5,690 | 5,349 |
Univision Communications, Inc., First Lien Term Loan B, 5.149% 20141,4,5 | 8,625 | 7,129 |
Univision Communications Inc. 9.75% 20152,6 | 37,170 | 27,506 |
DaimlerChrysler North America Holding Corp. 7.20% 2009 | 5,000 | 5,144 |
DaimlerChrysler North America Holding Corp. 7.75% 2011 | 14,000 | 14,874 |
DaimlerChrysler North America Holding Corp. 6.50% 2013 | 16,610 | 17,244 |
Harrah’s Operating Co., Inc. 5.50% 2010 | 17,320 | 15,566 |
Harrah’s Operating Co., Inc. 5.625% 2015 | 24,650 | 13,373 |
Harrah’s Operating Co., Inc. 6.50% 2016 | 12,500 | 6,875 |
General Motors Nova Scotia Finance Co. 6.85% 2008 | 300 | 291 |
General Motors Corp. 7.20% 2011 | 13,225 | 10,216 |
General Motors Corp. 7.125% 2013 | 4,700 | 2,996 |
General Motors Corp. 7.25% 2013 | €700 | 755 |
General Motors Corp. 8.80% 2021 | $26,530 | 15,719 |
General Motors Corp. 8.375% 2033 | 1,070 | 639 |
Marriott International, Inc., Series J, 5.625% 2013 | 13,250 | 12,477 |
Marriott International, Inc., Series I, 6.375% 2017 | 15,750 | 14,997 |
Chancellor Media Corp. of Los Angeles 8.00% 2008 | 12,500 | 12,687 |
Clear Channel Communications, Inc. 5.75% 2013 | 8,000 | 5,395 |
Clear Channel Communications, Inc. 5.50% 2014 | 2,200 | 1,322 |
Clear Channel Communications, Inc. 6.875% 2018 | 13,000 | 7,682 |
Michaels Stores, Inc., Term Loan B, 4.75% 20131,4,5 | 6,338 | 5,347 |
Michaels Stores, Inc. 10.00% 2014 | 15,225 | 13,265 |
Michaels Stores, Inc. 0%/13.00% 20167 | 5,875 | 2,864 |
Michaels Stores, Inc. 11.375% 2016 | 3,475 | 2,780 |
Viacom Inc. 5.75% 2011 | 2,500 | 2,507 |
Viacom Inc. 6.25% 2016 | 21,500 | 20,798 |
Toys “R” Us, Inc. 7.625% 2011 | 16,730 | 15,057 |
Toys “R” Us-Delaware, Inc., Term Loan B, 6.969% 20121,4,5 | 7,970 | 7,716 |
Seminole Tribe of Florida 5.798% 20132,4 | 11,585 | 11,566 |
Seminole Tribe of Florida 7.804% 20202,4 | 11,000 | 10,930 |
American Media Operations, Inc., Series B, 10.25% 2009 | 18,940 | 15,294 |
American Media Operations, Inc., Series B, 10.25% 20092 | 662 | 535 |
American Media Operations, Inc. 8.875% 2011 | 7,060 | 5,683 |
American Media Operations, Inc. 8.875% 20112 | 257 | 207 |
Allison Transmission Holdings, Inc., Term Loan B, 5.24% 20141,4,5 | 5,955 | 5,322 |
Allison Transmission Holdings, Inc. 11.00% 20152 | 750 | 675 |
Allison Transmission Holdings, Inc. 11.25% 20152,6 | 17,825 | 15,508 |
Ryland Group, Inc. 5.375% 2012 | 22,500 | 20,377 |
CanWest Media Inc., Series B, 8.00% 2012 | 19,561 | 17,507 |
CanWest MediaWorks Inc. 9.25% 20152 | 3,325 | 2,726 |
K. Hovnanian Enterprises, Inc. 8.875% 2012 | 7,060 | 5,189 |
K. Hovnanian Enterprises, Inc. 7.75% 2013 | 2,125 | 1,371 |
K. Hovnanian Enterprises, Inc. 6.375% 2014 | 2,290 | 1,500 |
K. Hovnanian Enterprises, Inc. 6.50% 2014 | 6,875 | 4,503 |
K. Hovnanian Enterprises, Inc. 6.25% 2015 | 2,775 | 1,748 |
K. Hovnanian Enterprises, Inc. 6.25% 2016 | 915 | 572 |
K. Hovnanian Enterprises, Inc. 7.50% 2016 | 2,330 | 1,561 |
K. Hovnanian Enterprises, Inc. 8.625% 2017 | 5,070 | 3,726 |
Centex Corp. 5.80% 2009 | 2,500 | 2,388 |
Centex Corp. 5.25% 2015 | 2,500 | 1,988 |
Centex Corp. 6.50% 2016 | 17,500 | 14,700 |
McGraw-Hill Companies, Inc. 5.90% 2017 | 19,000 | 18,790 |
Mohegan Tribal Gaming Authority 6.375% 2009 | 14,410 | 14,338 |
Mohegan Tribal Gaming Authority 7.125% 2014 | 5,250 | 4,384 |
Toll Brothers, Inc. 4.95% 2014 | 21,103 | 18,641 |
J.C. Penney Co., Inc. 8.00% 2010 | 5,185 | 5,381 |
J.C. Penney Co., Inc. 9.00% 2012 | 995 | 1,057 |
J.C. Penney Corp., Inc. 5.75% 2018 | 10,000 | 8,938 |
TL Acquisitions, Inc., Term Loan B, 4.98% 20141,4,5 | 5,642 | 5,127 |
Thomson Learning 0%/13.25% 20152,7 | 1,840 | 1,352 |
Thomson Learning 10.50% 20152 | 9,450 | 8,221 |
MGM MIRAGE 6.00% 2009 | 1,975 | 1,953 |
MGM MIRAGE 8.50% 2010 | 6,850 | 6,799 |
MGM MIRAGE 6.75% 2012 | 1,050 | 948 |
MGM MIRAGE 6.75% 2013 | 3,350 | 2,906 |
MGM MIRAGE 5.875% 2014 | 500 | 408 |
MGM MIRAGE 6.625% 2015 | 2,025 | 1,635 |
Quebecor Media Inc. 7.75% 2016 | 8,950 | 8,368 |
Quebecor Media Inc. 7.75% 2016 | 5,670 | 5,301 |
Wyndham Worldwide Corp. 6.00% 2016 | 15,371 | 13,595 |
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. 6.625% 2014 | 14,415 | 13,262 |
AMC Entertainment Inc., Series B, 8.625% 2012 | 3,000 | 3,098 |
AMC Entertainment Inc. 8.00% 2014 | 8,125 | 7,252 |
AMC Entertainment Inc., Series B, 11.00% 2016 | 2,500 | 2,488 |
Radio One, Inc., Series B, 8.875% 2011 | 8,460 | 7,212 |
Radio One, Inc. 6.375% 2013 | 7,380 | 5,424 |
Local T.V. Finance LLC 9.25% 20152,6 | 16,065 | 12,611 |
Tenneco Automotive Inc., Series B, 10.25% 2013 | 2,572 | 2,704 |
Tenneco Automotive Inc. 8.625% 2014 | 7,410 | 6,576 |
Tenneco Automotive Inc. 8.125% 20152 | 3,250 | 2,957 |
Standard Pacific Corp. 5.125% 2009 | 1,000 | 980 |
Standard Pacific Corp. 6.875% 2011 | 605 | 548 |
Standard Pacific Corp. 7.75% 2013 | 6,890 | 6,029 |
Standard Pacific Corp. 6.25% 2014 | 775 | 643 |
Standard Pacific Corp. 7.00% 2015 | 4,340 | 3,602 |
Circus and Eldorado Joint Venture and Silver Legacy Resort Casino 10.125% 2012 | 12,025 | 11,634 |
Cinemark USA, Inc., Term Loan B, 4.44% 20131,4,5 | 3,365 | 3,214 |
Cinemark, Inc. 0%/9.75% 20147 | 8,750 | 8,356 |
Meritage Corp. 7.00% 2014 | 2,000 | 1,630 |
Meritage Homes Corp. 6.25% 2015 | 8,775 | 7,064 |
Meritage Corp. 7.731% 20172,3 | 4,500 | 2,874 |
NTL Cable PLC 8.75% 2014 | 9,725 | 9,190 |
NTL Cable PLC 8.75% 2014 | €1,000 | 1,445 |
Boyd Gaming Corp. 7.75% 2012 | $ 2,550 | 2,212 |
Boyd Gaming Corp. 6.75% 2014 | 6,925 | 5,367 |
Boyd Gaming Corp. 7.125% 2016 | 3,500 | 2,599 |
Lowe’s Companies, Inc. 8.25% 2010 | 8,450 | 9,056 |
LBI Media, Inc. 8.50% 20172 | 11,390 | 8,827 |
Visteon Corp. 8.25% 2010 | 2,912 | 2,606 |
Visteon Corp. 12.25% 20162 | 7,517 | 6,051 |
Beazer Homes USA, Inc. 8.625% 2011 | 4,625 | 4,001 |
Beazer Homes USA, Inc. 8.125% 2016 | 5,940 | 4,544 |
ERAC USA Finance Co. 7.00% 20372 | 10,000 | 8,341 |
Bon-Ton Department Stores, Inc. 10.25% 2014 | 12,350 | 8,166 |
Morris Publishing Group, LLC and Morris Publishing Finance Co., Series B, 7.00% 2013 | 13,145 | 8,084 |
Hanesbrands Inc., Series B, 6.508% 20141 | 8,605 | 8,046 |
Edcon Pty Ltd. 8.208% 20141,3 | €6,500 | 7,066 |
Edcon Pty Ltd. 10.458% 20151,3 | 750 | 638 |
Kabel Deutschland GmbH 10.625% 2014 | $ 7,150 | 7,347 |
iesy Repository GmbH 10.375% 20152 | 7,375 | 7,292 |
Education Management LLC and Education Management Finance Corp. 8.75% 2014 | 2,850 | 2,665 |
Education Management LLC and Education Management Finance Corp. 10.25% 2016 | 4,515 | 4,176 |
Young Broadcasting Inc. 10.00% 20113 | 12,317 | 6,651 |
CSC Holdings, Inc., Series B, 8.125% 2009 | 3,000 | 3,030 |
Cablevision Systems Corp., Series B, 8.00% 2012 | 3,635 | 3,453 |
Regal Cinemas Corp., Series B, 9.375% 20123 | 6,125 | 6,302 |
KB Home 7.75% 2010 | 1,000 | 1,021 |
KB Home 5.875% 2015 | 2,570 | 2,146 |
KB Home 6.25% 2015 | 3,170 | 2,679 |
Liberty Media Corp. 7.875% 2009 | 2,500 | 2,537 |
Liberty Media Corp. 8.25% 2030 | 3,550 | 3,110 |
Pinnacle Entertainment, Inc. 7.50% 2015 | 7,250 | 5,583 |
Marks and Spencer Group PLC 6.25% 20172 | 6,000 | 5,576 |
Neiman Marcus Group, Inc. 9.00% 20156 | 5,120 | 5,082 |
William Lyon Homes, Inc. 7.625% 2012 | 5,750 | 3,019 |
William Lyon Homes, Inc. 10.75% 2013 | 2,000 | 1,090 |
William Lyon Homes, Inc. 7.50% 2014 | 1,500 | 773 |
Sally Holdings LLC and Sally Capital Inc. 9.25% 2014 | 5,000 | 4,825 |
Sealy Mattress Co. 8.25% 2014 | 5,825 | 4,806 |
Dollar General Corp. 10.625% 2015 | 2,150 | 2,139 |
Dollar General Corp. 11.875% 20171,6 | 2,375 | 2,256 |
Warner Music Group 7.375% 2014 | 5,050 | 4,223 |
Atlantic Broadband Finance, LLC and Atlantic Broadband Finance, Inc. 9.375% 2014 | 4,300 | 3,892 |
Dex Media West LLC, Dex Media West Finance Co., Series B, 8.50% 2010 | 3,000 | 2,978 |
Dex Media, Inc., Series B, 8.00% 2013 | 525 | 386 |
Seneca Gaming Corp. 7.25% 2012 | 2,500 | 2,356 |
Seneca Gaming Corp., Series B, 7.25% 2012 | 1,000 | 943 |
Limited Brands, Inc. 6.90% 2017 | 3,600 | 3,276 |
Delphi Automotive Systems Corp. 6.55% 20068 | 500 | 110 |
Delphi Automotive Systems Corp. 6.50% 20098 | 6,000 | 1,305 |
Delphi Corp. 6.50% 20138 | 7,020 | 1,501 |
Delphi Automotive Systems Corp. 7.125% 20298 | 1,350 | 290 |
Gaylord Entertainment Co. 8.00% 2013 | 2,300 | 2,220 |
Gaylord Entertainment Co. 6.75% 2014 | 950 | 869 |
Mediacom Broadband LLC and Mediacom Broadband Corp. 8.50% 2015 | 2,970 | 2,669 |
WDAC Intermediate Corp. 8.375% 20142 | 2,600 | 1,989 |
WDAC Intermediate Corp. 8.50% 2014 | €500 | 557 |
TRW Automotive Inc. 7.00% 20142 | $2,900 | 2,530 |
Royal Caribbean Cruises Ltd. 8.75% 2011 | 2,325 | 2,351 |
Burlington Coat Factory Warehouse Corp. 11.125% 2014 | 2,700 | 2,201 |
Walt Disney Co. 5.625% 2016 | 2,000 | 2,036 |
Cooper-Standard Automotive Inc. 7.00% 2012 | 425 | 357 |
Cooper-Standard Automotive Inc. 8.375% 2014 | 2,200 | 1,628 |
Vidéotron Ltée 6.875% 2014 | 1,000 | 970 |
Vidéotron Ltée 6.375% 2015 | 1,000 | 932 |
Idearc Inc. 8.00% 2016 | 2,975 | 1,885 |
Kohl’s Corp. 6.30% 2011 | 600 | 608 |
Kohl’s Corp. 7.375% 2011 | 875 | 908 |
Dillard’s, Inc. 7.13% 2018 | 2,000 | 1,510 |
Goodyear Tire & Rubber Co. 6.678% 20091 | 1,150 | 1,147 |
Claire’s Stores, Inc. 9.25% 2015 | 2,000 | 1,050 |
Warnaco, Inc. 8.875% 2013 | 925 | 964 |
Carmike Cinemas, Inc., Delayed Draw, Term Loan, 6.47% 20121,4,5 | 490 | 474 |
1,999,987 | ||
INDUSTRIALS — 3.98% | ||
Continental Airlines, Inc., Series 2001-1, Class A-2, 6.503% 20114 | 14,050 | 12,996 |
Continental Airlines, Inc., Series 1999-2, Class A-2, 7.056% 20114 | 10,000 | 9,725 |
Continental Airlines, Inc. 8.75% 2011 | 6,300 | 4,253 |
Continental Airlines, Inc., Series 2000-2, Class A-2, 7.487% 20124 | 12,500 | 12,110 |
Continental Airlines, Inc., Series 2006-1, Class G, FGIC insured, 3.032% 20151,4 | 1,100 | 911 |
Continental Airlines, Inc., Series 1997-1, Class A, 7.461% 20164 | 29,519 | 26,124 |
Continental Airlines, Inc., Series 2001-1, Class B, 7.373% 20174 | 172 | 161 |
Continental Airlines, Inc., Series 1998-1, Class B, 6.748% 20184 | 2,039 | 1,682 |
Continental Airlines, Inc., Series 1997-4B, Class B, 6.90% 20184 | 1,871 | 1,544 |
Continental Airlines, Inc., Series 1998-1, Class A, 6.648% 20194 | 18,425 | 16,767 |
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 20194 | 38,161 | 35,204 |
Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 20194 | 3,498 | 2,912 |
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 20204 | 22,192 | 20,306 |
Continental Airlines, Inc., Series 1999-1, Class B, 6.795% 20204 | 13,325 | 10,421 |
Continental Airlines, Inc., Series 2003-ERJ3, Class A, 7.875% 20204 | 9,224 | 7,105 |
Continental Airlines, Inc., Series 1999-2, Class A-1, 7.256% 20214 | 294 | 277 |
Continental Airlines, Inc., Series 1999-2, Class B, 7.566% 20214 | 9,359 | 7,954 |
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 20224 | 15,285 | 13,317 |
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 20224 | 10,130 | 7,749 |
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 20224 | 13,977 | 13,316 |
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 20224 | 13,991 | 13,158 |
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 20224 | 1,472 | 1,280 |
General Electric Capital Corp., Series A, 4.80% 2013 | 32,350 | 31,726 |
General Electric Capital Corp. 6.25% 2017 | £400 | 765 |
General Electric Capital Corp., Series A, 3.04% 20181 | $ 9,000 | 8,268 |
General Electric Capital Corp., Series A, 5.625% 2018 | 30,000 | 29,066 |
General Electric Capital Corp., Series A, 3.164% 20261 | 77,000 | 65,636 |
General Electric Capital Corp. 5.625% 2031 | £85 | 151 |
General Electric Capital Corp., Series A, 3.156% 20361 | $12,000 | 10,314 |
Delta Air Lines, Inc., Series 2000-1, Class A-2, 7.57% 20124 | 400 | 378 |
Delta Air Lines, Inc., Series 2002-1, Class C, 7.779% 20134 | 2,618 | 2,330 |
Delta Air Lines, Inc., Second Lien Term Loan B, 6.149% 20141,4,5 | 4,950 | 3,242 |
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 20144 | 53,658 | 51,512 |
Delta Air Lines, Inc., Series 1992-A2, 9.20% 20144,8 | 5,043 | 4,810 |
Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 20244 | 40,693 | 36,420 |
CSX Corp. 5.75% 2013 | 8,335 | 8,178 |
CSX Corp. 6.25% 2015 | 15,000 | 15,071 |
CSX Corp. 6.25% 2018 | 15,000 | 14,465 |
CSX Corp. 6.15% 2037 | 26,585 | 22,356 |
CSX Corp. 7.45% 2038 | 35,550 | 35,735 |
American Airlines, Inc., Series 1999-1, Class A-1, 6.855% 20104 | 2,696 | 2,655 |
AMR Corp., Series B, 10.45% 2011 | 150 | 114 |
American Airlines, Inc., Series 2001-1, Class A-2, 6.817% 20124 | 3,750 | 3,263 |
American Airlines, Inc., Series 2001-2, Class A-1, 6.978% 20124 | 16,834 | 16,245 |
American Airlines, Inc., Series 2001-2, Class B, 8.608% 20124 | 18,165 | 16,621 |
AMR Corp. 9.00% 2012 | 5,800 | 2,987 |
American Airlines, Inc., Series 2001-2, Class A-2, 7.858% 20134 | 38,010 | 36,490 |
American Airlines, Inc., Series 1991-C2, 9.73% 20144 | 6,410 | 3,237 |
American Airlines, Inc., Series 2001-1, Class B, 7.377% 20194 | 8,969 | 4,798 |
Hutchison Whampoa International Ltd. 7.00% 20112 | 24,300 | 25,554 |
Hutchison Whampoa International Ltd. 6.50% 20132 | 59,200 | 60,061 |
BAE Systems Holding Inc. 4.75% 20102,4 | 10,350 | 10,479 |
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class B, 7.156% 20112,4 | 37,128 | 38,424 |
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class G, MBIA insured, 6.664% 20132,4 | 35,471 | 36,445 |
Koninklijke Philips Electronics NV 5.75% 2018 | 20,000 | 19,630 |
Koninklijke Philips Electronics NV 6.875% 2038 | 49,775 | 51,554 |
Northwest Airlines, Inc., Term Loan B, 6.31% 20131,3,4,5 | 3,223 | 2,562 |
Northwest Airlines, Inc., Term Loan A, 4.56% 20181,3,4,5 | 69,985 | 52,839 |
Nielsen Finance LLC, Term Loan B, 4.734% 20131,4,5 | 5,311 | 4,957 |
Nielsen Finance LLC and Nielsen Finance Co. 10.00% 2014 | 20,825 | 21,085 |
Nielsen Finance LLC and Nielsen Finance Co. 10.00% 20142 | 3,000 | 3,038 |
Nielsen Finance LLC and Nielsen Finance Co. 0%/12.50% 20167 | 28,250 | 19,563 |
Union Pacific Corp. 5.75% 2017 | 20,750 | 20,446 |
Union Pacific Corp. 5.70% 2018 | 4,000 | 3,911 |
Union Pacific Railroad Co. Pass Through Trust, Series 2001-1, 6.63% 20224 | 7,327 | 7,664 |
Union Pacific Corp. 6.15% 2037 | 13,930 | 13,376 |
United Air Lines, Inc., Series 2001-1, Class A-2, 6.201% 20104 | 5,067 | 4,991 |
United Air Lines, Inc., Series 2000-2, Class B, 7.811% 20114,8 | 7,335 | 8,362 |
United Air Lines, Inc., Series 2000-2, Class A-2, 7.186% 20124 | 419 | 415 |
United Air Lines, Inc., Term Loan B, 4.938% 20141,4,5 | 4,735 | 3,489 |
United Air Lines, Inc., Series 2001-1, Class A-1, 6.071% 20144 | 854 | 842 |
United Air Lines, Inc., Series 2001-1, Class A-3, 6.602% 20154 | 2,621 | 2,572 |
United Air Lines, Inc., Series 2007-1, Class B, 7.336% 20212,4 | 926 | 699 |
United Air Lines, Inc., Series 2007-1, Class A, 6.636% 20244 | 28,382 | 23,502 |
Canadian National Railway Co. 5.85% 2017 | 11,000 | 11,147 |
Canadian National Railway Co. 5.55% 2018 | 16,500 | 16,310 |
Canadian National Railway Co. 6.375% 2037 | 8,000 | 7,912 |
Norfolk Southern Corp. 5.75% 20182 | 21,050 | 20,755 |
Norfolk Southern Corp. 7.05% 2037 | 12,690 | 13,753 |
Burlington Northern and Santa Fe Railway Co. Pass Through Trust, Series 1996-B, 6.96% 20094 | 481 | 488 |
Burlington Northern Santa Fe Corp. 6.15% 2037 | 14,090 | 13,319 |
BNSF Funding Trust I 6.613% 20551 | 15,000 | 13,601 |
John Deere Capital Corp. 5.40% 2011 | 3,500 | 3,572 |
John Deere Capital Corp., Series D, 4.50% 2013 | 19,000 | 18,783 |
John Deere Capital Corp. 5.10% 2013 | 1,100 | 1,113 |
John Deere Capital Corp., Series D, 5.50% 2017 | 3,650 | 3,662 |
Caterpillar Inc. 4.50% 2009 | 1,190 | 1,198 |
Caterpillar Financial Services Corp. 4.30% 2010 | 2,400 | 2,415 |
Caterpillar Financial Services Corp., Series F, 5.125% 2011 | 500 | 514 |
Caterpillar Financial Services Corp., Series F, 4.85% 2012 | 210 | 210 |
Caterpillar Financial Services Corp., Series F, 5.50% 2016 | 4,050 | 4,064 |
Caterpillar Financial Services Corp., Series F, 5.85% 2017 | 2,000 | 2,052 |
Caterpillar Financial Services Corp. 5.45% 2018 | 12,850 | 12,763 |
Caterpillar Inc. 6.05% 2036 | 2,000 | 1,993 |
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B1, 6.55% 20141,4,5 | 2,460 | 2,383 |
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B2, 6.65% 20141,4,5 | 2,438 | 2,361 |
DAE Aviation Holdings, Inc. 11.25% 20152 | 17,285 | 17,242 |
Ashtead Group PLC 8.625% 20152 | 4,675 | 4,091 |
Ashtead Capital, Inc. 9.00% 20162 | 13,925 | 12,324 |
US Investigations Services, Inc., Term Loan B, 5.551% 20151,4,5 | 5,463 | 5,067 |
US Investigations Services, Inc. 10.50% 20152 | 7,005 | 6,480 |
US Investigations Services, Inc. 11.75% 20162 | 5,445 | 4,710 |
NTK Holdings Inc. 0%/10.75% 20144,7 | 15,118 | 6,954 |
THL Buildco, Inc. 8.50% 2014 | 11,450 | 7,385 |
Hawker Beechcraft Acquisition Co., LLC 8.50% 2015 | 1,325 | 1,342 |
Hawker Beechcraft Acquisition Co., LLC 8.875% 20156 | 11,125 | 11,236 |
Hawker Beechcraft Acquisition Co., LLC 9.75% 2017 | 570 | 573 |
ARAMARK Corp., Term Loan B, 4.676% 20141,4,5 | 4,158 | 3,910 |
ARAMARK Corp., Term Loan B, Letter of Credit, 4.676% 20141,4,5 | 264 | 248 |
ARAMARK Corp. 6.373% 20151 | 2,650 | 2,491 |
ARAMARK Corp. 8.50% 2015 | 6,525 | 6,427 |
Allied Waste North America, Inc., Series B, 6.50% 2010 | 500 | 503 |
Allied Waste North America, Inc., Series B, 5.75% 2011 | 2,500 | 2,469 |
Allied Waste North America, Inc., Series B, 6.125% 2014 | 3,500 | 3,378 |
Allied Waste North America, Inc., Series B, 7.375% 2014 | 4,750 | 4,845 |
Allied Waste North America, Inc. 6.875% 2017 | 1,000 | 983 |
Northrop Grumman Systems Corp. 7.125% 2011 | 8,000 | 8,533 |
Northrop Grumman Systems Corp. 7.75% 2031 | 3,000 | 3,542 |
Lockheed Martin Corp. 4.121% 2013 | 6,000 | 5,832 |
Lockheed Martin Corp., Series B, 6.15% 2036 | 6,000 | 5,956 |
Embraer Overseas Ltd 6.375% 2017 | 10,825 | 10,581 |
Raytheon Co. 6.40% 2018 | 9,500 | 10,023 |
Navios Maritime Holdings Inc. 9.50% 2014 | 8,750 | 8,991 |
USG Corp. 6.30% 2016 | 9,000 | 7,290 |
Tyco International Group SA 6.125% 2008 | 5,000 | 5,016 |
Tyco International Group SA 6.125% 2009 | 500 | 505 |
Tyco International Group SA 7.00% 20192 | 600 | 619 |
Tyco International Group SA 6.875% 20212 | 1,000 | 1,023 |
United Rentals (North America), Inc., Series B, 6.50% 2012 | 6,250 | 5,656 |
United Rentals (North America), Inc. 7.75% 2013 | 900 | 720 |
DynCorp International and DIV Capital Corp., Series A, 9.50% 2013 | 6,198 | 6,198 |
Kansas City Southern Railway Co. 7.50% 2009 | 4,000 | 4,060 |
Kansas City Southern Railway Co. 8.00% 2015 | 2,000 | 2,030 |
Waste Management, Inc. 6.50% 2008 | 5,220 | 5,275 |
Waste Management, Inc. 5.00% 2014 | 765 | 733 |
Southern Capital Corp. Pass Through Trust, Series 2002-1, Class G, MBIA insured, 5.70% 20232,4 | 5,303 | 5,571 |
DRS Technologies, Inc. 6.875% 2013 | 2,135 | 2,146 |
DRS Technologies, Inc. 6.625% 2016 | 475 | 485 |
DRS Technologies, Inc. 7.625% 2018 | 2,500 | 2,656 |
Atrium Companies, Inc., Term Loan B, 6.49% 20121,4,5 | 5,233 | 4,501 |
ACIH, Inc. 11.50% 20122,8 | 3,340 | 484 |
TFM, SA de CV 9.375% 2012 | 4,450 | 4,650 |
AIR 2 US, Series A, 8.027% 20202,4 | 5,151 | 4,562 |
Atlas Copco AB 5.60% 20172 | 4,525 | 4,410 |
B/E Aerospace 8.50% 2018 | 4,370 | 4,408 |
RBS Global, Inc. and Rexnord LLC 9.50% 2014 | 2,625 | 2,546 |
RBS Global, Inc. and Rexnord LLC 8.875% 2016 | 850 | 799 |
Alion Science and Technology Corp. 10.25% 2015 | 3,690 | 2,602 |
RSC Holdings III, LLC, Second Lien Term Loan B, 6.23% 20131,4,5 | 2,838 | 2,431 |
FTI Consulting, Inc. 7.625% 2013 | 2,300 | 2,346 |
H&E Equipment Services, Inc. 8.375% 2016 | 1,750 | 1,540 |
Esco Corp. 6.651% 20131,2 | 325 | 307 |
Esco Corp. 8.625% 20132 | 1,100 | 1,117 |
TransDigm Inc. 7.75% 2014 | 1,325 | 1,315 |
Accuride Corp. 8.50% 2015 | 1,655 | 1,225 |
Sequa Corp., Term Loan B, 5.92% 20141,4,5 | 1,092 | 1,047 |
Esterline Technologies Corp. 6.625% 2017 | 1,050 | 1,037 |
Hertz Corp. 10.50% 2016 | 1,000 | 915 |
CEVA Group PLC 10.00% 20142 | 500 | 516 |
1,485,790 | ||
ENERGY — 3.86% | ||
Enterprise Products Operating LP, Series B, 4.625% 2009 | $ 8,000 | $ 7,974 |
Enterprise Products Operating LP 4.95% 2010 | 8,000 | 8,002 |
Enterprise Products Operating LP 7.50% 2011 | 7,500 | 7,861 |
Enterprise Products Operating LLC 5.65% 2013 | 24,095 | 24,028 |
Enterprise Products Operating LP, Series B 6.375% 2013 | 17,000 | 17,445 |
Enterprise Products Partners LP 5.60% 2014 | 1,855 | 1,820 |
Enterprise Products Operating LLC 6.30% 2017 | 30,000 | 29,842 |
Enterprise Products Operating LLC 6.50% 2019 | 31,350 | 31,576 |
Enterprise Products Operating LP 8.375% 20661 | 9,605 | 9,616 |
Enterprise Products Operating LP 7.034% 20681 | 29,115 | 25,496 |
Enbridge Energy Partners, LP 6.50% 20182 | 45,455 | 45,733 |
Enbridge Energy Partners, LP 7.50% 20382 | 28,700 | 30,080 |
Enbridge Energy Partners, LP 8.05% 20671 | 67,100 | 62,534 |
Williams Companies, Inc. 4.698% 20101,2 | 7,500 | 7,313 |
Williams Companies, Inc. 6.375% 20102 | 1,500 | 1,523 |
Williams Companies, Inc. 7.125% 2011 | 500 | 520 |
Transcontinental Gas Pipe Line Corp. 6.40% 2016 | 10,000 | 10,038 |
Williams Companies, Inc. 7.875% 2021 | 79,592 | 84,766 |
Transcontinental Gas Pipe Line Corp. 7.25% 2026 | 1,750 | 1,798 |
Williams Companies, Inc. 8.75% 2032 | 27,196 | 31,003 |
Gaz Capital SA 5.875% 2015 | €5,125 | 7,210 |
Gaz Capital SA 6.605% 2018 | 8,200 | 11,639 |
Gaz Capital SA 6.51% 20222 | $92,010 | 82,809 |
Gaz Capital SA 7.288% 20372 | 33,770 | 31,204 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 20092,4 | 15,982 | 16,014 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 20094 | 882 | 884 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20142,4 | 15,570 | 17,281 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20144 | 1,000 | 1,110 |
Ras Laffan Liquefied Natural Gas II 5.298% 20202,4 | 45,970 | 42,998 |
Ras Laffan Liquefied Natural Gas III 5.838% 20272,4 | 15,000 | 12,738 |
Marathon Oil Corp. 6.00% 2017 | 33,000 | 32,869 |
Marathon Oil Corp. 5.90% 2018 | 45,000 | 44,554 |
Marathon Oil Corp. 6.60% 2037 | 12,000 | 11,868 |
TransCanada PipeLines Ltd. 6.20% 2037 | 4,000 | 3,678 |
TransCanada PipeLines Ltd. 6.35% 20671 | 88,815 | 76,813 |
Kinder Morgan Energy Partners LP 6.75% 2011 | 3,500 | 3,610 |
Kinder Morgan Energy Partners LP 5.85% 2012 | 4,000 | 4,037 |
Kinder Morgan Energy Partners LP 5.00% 2013 | 14,279 | 13,701 |
Kinder Morgan Energy Partners LP 5.125% 2014 | 30,302 | 28,543 |
Kinder Morgan Energy Partners LP 6.00% 2017 | 30,250 | 29,939 |
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 20142,4 | 55,741 | 53,651 |
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 20144 | 6,152 | 5,922 |
Rockies Express Pipeline LLC 5.10% 20091,2 | 15,000 | 15,015 |
Rockies Express Pipeline LLC 6.25% 20132 | 5,965 | 6,037 |
Rockies Express Pipeline LLC 6.85% 20182 | 37,675 | 38,204 |
Enbridge Inc. 5.80% 2014 | 9,200 | 9,153 |
Enbridge Inc. 4.90% 2015 | 3,250 | 3,038 |
Enbridge Inc. 5.60% 2017 | 40,980 | 39,541 |
Pemex Finance Ltd. 8.875% 20104 | 16,000 | 16,799 |
Pemex Finance Ltd., Series 1999-2, Class A-3, 10.61% 20174 | 11,700 | 14,845 |
Pemex Project Funding Master Trust 5.75% 20182 | 15,900 | 15,781 |
Pemex Project Funding Master Trust 6.625% 20352 | 3,500 | 3,471 |
Polar Tankers, Inc. 5.951% 20372,4 | 34,965 | 33,562 |
XTO Energy Inc. 5.90% 2012 | 10,000 | 10,215 |
XTO Energy Inc. 5.65% 2016 | 1,250 | 1,241 |
XTO Energy Inc. 6.25% 2017 | 16,500 | 16,698 |
Qatar Petroleum 5.579% 20112,4 | 25,601 | 26,180 |
EOG Resources, Inc. 5.875% 2017 | 24,110 | 24,315 |
Husky Energy Inc. 6.20% 2017 | 22,000 | 22,254 |
Canadian Natural Resources Ltd. 5.70% 2017 | 18,500 | 18,155 |
Petroleum Export Ltd., Class A-1, MBIA insured, 4.623% 20102,4 | 15,333 | 15,234 |
Petroleum Export Ltd., Class A-2, XLCA insured, 4.633% 20102,4 | 2,889 | 2,870 |
Devon Financing Corp., ULC 6.875% 2011 | 4,500 | 4,780 |
Devon Financing Corp. ULC 7.875% 2031 | 10,195 | 12,076 |
Southern Natural Gas Co. 5.90% 20172 | 11,840 | 11,370 |
El Paso Natural Gas Co. 5.95% 2017 | 3,000 | 2,910 |
Sunoco, Inc. 4.875% 2014 | 14,830 | 14,020 |
Nakilat Inc., Series A, 6.067% 20332,4 | 14,000 | 12,312 |
Delek & Avner-Yam Tethys Ltd. 5.326% 20132,4 | 11,562 | 11,616 |
Petroplus Finance Ltd. 6.75% 20142 | 4,750 | 4,323 |
Petroplus Finance Ltd. 7.00% 20172 | 7,500 | 6,656 |
Gulfstream Natural Gas 5.56% 20152 | 3,500 | 3,399 |
Gulfstream Natural Gas 6.19% 20252 | 7,235 | 6,818 |
Transocean Inc. 5.25% 2013 | 7,000 | 7,080 |
Transocean Inc. 6.00% 2018 | 1,975 | 1,982 |
Transocean Inc. 6.80% 2038 | 1,100 | 1,129 |
Williams Partners L.P. and Williams Partners Finance Corp. 7.50% 2011 | 5,725 | 5,925 |
Williams Partners L.P. and Williams Partners Finance Corp. 7.25% 2017 | 3,475 | 3,492 |
Drummond Co., Inc. 7.375% 20162 | 9,800 | 9,163 |
Apache Corp. 5.625% 2017 | 7,200 | 7,297 |
TEPPCO Partners LP 7.00% 20671 | 4,275 | 3,715 |
Energy Transfer Partners, LP 5.95% 2015 | 3,465 | 3,417 |
PETRONAS Capital Ltd. 7.00% 20122 | 2,250 | 2,410 |
Petrozuata Finance, Inc., Series B, 8.22% 20172,4 | 248 | 258 |
1,440,796 | ||
TELECOMMUNICATION SERVICES — 3.71% | ||
Sprint Nextel Corp. 3.201% 20101 | 1,865 | 1,731 |
US Unwired Inc., Series B, 10.00% 2012 | 4,560 | 4,663 |
Nextel Communications, Inc., Series E, 6.875% 2013 | 82,327 | 69,615 |
Nextel Communications, Inc., Series F, 5.95% 2014 | 44,263 | 35,562 |
Nextel Communications, Inc., Series D, 7.375% 2015 | 41,695 | 34,629 |
Sprint Nextel Corp. 6.00% 2016 | 16,715 | 14,398 |
Sprint Capital Corp. 6.90% 2019 | 34,730 | 30,531 |
Sprint Capital Corp. 8.75% 2032 | 97,955 | 93,527 |
AT&T Corp. 7.30% 20111 | 4,734 | 5,046 |
AT&T Wireless Services, Inc. 7.875% 2011 | 15,355 | 16,358 |
SBC Communications Inc. 5.875% 2012 | 20,337 | 20,936 |
AT&T Wireless Services, Inc. 8.125% 2012 | 12,630 | 13,845 |
AT&T Inc. 4.95% 2013 | 17,000 | 16,958 |
SBC Communications Inc. 5.10% 2014 | 10,245 | 10,056 |
SBC Communications Inc. 5.625% 2016 | 45,200 | 44,833 |
AT&T Inc. 5.50% 2018 | 37,500 | 36,404 |
AT&T Inc. 5.60% 2018 | 34,415 | 33,641 |
SBC Communications Inc. 6.45% 2034 | 11,175 | 10,822 |
AT&T Inc. 6.30% 2038 | 15,300 | 14,501 |
AT&T Inc. 6.40% 2038 | 4,860 | 4,667 |
Telecom Italia Capital SA 4.00% 2010 | 1,140 | 1,125 |
Telecom Italia Capital SA 4.875% 2010 | 1,260 | 1,250 |
Olivetti Finance NV 7.25% 2012 | €8,830 | 14,248 |
Telecom Italia Capital SA, Series B, 5.25% 2013 | $10,100 | 9,552 |
Telecom Italia Capital SA 5.25% 2015 | 69,000 | 63,238 |
Telecom Italia Capital SA 6.999% 2018 | $21,400 | $21,621 |
Telecom Italia SpA 7.75% 2033 | €8,270 | 13,100 |
Telecom Italia Capital SA 7.20% 2036 | $ 5,290 | 5,130 |
Telecom Italia Capital SA 7.721% 2038 | 64,000 | 65,224 |
Verizon Global Funding Corp. 7.375% 2012 | 11,835 | 12,781 |
Verizon Communications Inc. 5.25% 2013 | 14,500 | 14,432 |
Verizon Communications Inc. 5.50% 2017 | 34,495 | 33,211 |
Verizon Communications Inc. 5.50% 2018 | 14,040 | 13,381 |
Verizon Communications Inc. 6.10% 2018 | 42,580 | 42,349 |
Verizon Global Funding Corp. 7.75% 2030 | 9,501 | 10,235 |
Verizon Communications Inc. 6.40% 2038 | 32,095 | 29,971 |
Verizon Communications Inc. 6.90% 2038 | 35,865 | 35,555 |
British Telecommunications PLC 5.15% 2013 | 50,500 | 49,283 |
British Telecommunications PLC 5.95% 2018 | 59,000 | 56,505 |
British Telecommunications PLC 9.125% 20301 | 3,600 | 4,339 |
France Télécom 7.75% 20111 | 32,000 | 33,910 |
France Télécom 7.25% 2013 | €4,800 | 7,879 |
Vodafone Group PLC 7.75% 2010 | $20,000 | 20,907 |
Vodafone Group PLC 5.625% 2017 | 14,500 | 13,991 |
Vodafone Group PLC 6.15% 2037 | 6,000 | 5,505 |
American Tower Corp. 7.125% 2012 | 15,275 | 15,504 |
American Tower Corp. 7.00% 20172 | 12,925 | 12,860 |
U S WEST Capital Funding, Inc. 6.375% 2008 | 500 | 500 |
Qwest Capital Funding, Inc. 7.90% 2010 | 950 | 952 |
Qwest Capital Funding, Inc. 7.25% 2011 | 14,600 | 14,235 |
Qwest Communications International Inc. 7.25% 2011 | 6,000 | 5,827 |
Qwest Capital Funding, Inc. 7.625% 2021 | 500 | 434 |
U S WEST Capital Funding, Inc. 6.875% 2028 | 3,250 | 2,616 |
Embarq Corp. 6.738% 2013 | 20,000 | 19,317 |
Embarq Corp. 7.995% 2036 | 5,000 | 4,743 |
Windstream Corp. 8.125% 2013 | 16,875 | 16,917 |
Valor Telecommunications Enterprises, LLC and Valor Telecommunications Enterprises Finance Corp. 7.75% 2015 | 2,850 | 2,919 |
Windstream Corp. 8.625% 2016 | 3,300 | 3,308 |
PCCW-HKT Capital Ltd. 8.00% 20111,2 | 15,000 | 16,018 |
PCCW-HKT Capital No. 3 Ltd. 5.25% 20152 | 6,800 | 6,090 |
Singapore Telecommunications Ltd. 6.375% 20112 | 12,050 | 12,569 |
Singapore Telecommunications Ltd. 6.375% 2011 | 3,475 | 3,625 |
Singapore Telecommunications Ltd. 7.375% 20312 | 3,800 | 4,087 |
Centennial Communications Corp. 8.448% 20131 | 7,500 | 7,275 |
Centennial Communications Corp. 10.00% 2013 | 2,750 | 2,805 |
Centennial Communications Corp. and Centennial Cellular Operating Co. LLC 10.125% 2013 | 900 | 932 |
Centennial Communications Corp., Centennial Cellular Operating Co. LLC and Centennial Puerto Rico Operations Corp. 8.125% 20141 | 9,300 | 9,254 |
Koninklijke KPN NV 8.00% 2010 | 6,550 | 6,934 |
Koninklijke KPN NV 4.75% 2017 | €3,500 | 4,881 |
Koninklijke KPN NV 8.375% 2030 | $ 4,800 | 5,533 |
Rural Cellular Corp. 8.623% 20121 | 3,260 | 3,301 |
Rural Cellular Corp. 5.682% 20131 | 12,050 | 12,140 |
ALLTEL Corp. 7.00% 2012 | 11,500 | 11,788 |
ALLTEL Corp., Term Loan B3, 5.232% 20151,4,5 | 1,191 | 1,187 |
MetroPCS Wireless, Inc. 9.25% 2014 | 11,950 | 11,562 |
Cricket Communications, Inc. 9.375% 2014 | 8,835 | 8,548 |
Cricket Communications, Inc. 10.875% 2014 | 2,500 | 2,419 |
Rogers Wireless Inc. 7.25% 2012 | 1,275 | 1,351 |
Rogers Wireless Inc. 7.50% 2015 | 6,300 | 6,678 |
Deutsche Telekom International Finance BV 8.125% 20121 | €4,420 | 7,391 |
Hawaiian Telcom Communications, Inc. 8.486% 20131 | 3,605 | 1,388 |
Hawaiian Telcom Communications, Inc. 9.75% 2013 | 7,715 | 3,125 |
Hawaiian Telcom Communications, Inc., Term Loan C, 5.31% 20141,4,5 | 2,114 | 1,751 |
Hawaiian Telcom Communications, Inc., Series B, 12.50% 2015 | 3,050 | 778 |
Cincinnati Bell Inc. 7.25% 2013 | 6,800 | 6,664 |
SK Telecom Co., Ltd. 4.25% 20112 | 6,000 | 5,828 |
Digicel Group Ltd. 8.875% 20152 | 5,400 | 5,110 |
NTELOS Inc., Term Loan B, 5.27% 20111,4,5 | 4,838 | 4,736 |
Level 3 Financing, Inc. 9.25% 2014 | 4,975 | 4,552 |
Orascom Telecom 7.875% 20142 | 3,275 | 3,054 |
Millicom International Cellular SA 10.00% 2013 | 2,430 | 2,588 |
Intelsat, Ltd. 6.50% 2013 | 3,500 | 2,481 |
América Móvil, SAB de CV 8.46% 2036 | MXN27,000 | 2,146 |
Citizens Communications Co. 7.875% 2027 | $ 1,125 | 990 |
Nordic Telephone Co. Holding ApS 8.875% 20162 | 1,000 | 985 |
Trilogy International Partners LLC, Term Loan B, 6.301% 20121,4,5 | 275 | 245 |
1,384,366 | ||
UTILITIES — 2.90% | ||
MidAmerican Energy Holdings Co. 5.875% 2012 | 15,000 | 15,442 |
MidAmerican Energy Co. 5.125% 2013 | 7,500 | 7,549 |
PacifiCorp, First Mortgage Bonds, 5.45% 2013 | 2,875 | 2,939 |
MidAmerican Energy Co. 4.65% 2014 | 5,000 | 4,867 |
MidAmerican Energy Co. 5.95% 2017 | 3,000 | 3,073 |
MidAmerican Energy Co. 5.30% 2018 | 10,000 | 9,738 |
MidAmerican Energy Holdings Co. 5.75% 20182 | 47,700 | 47,334 |
MidAmerican Energy Holdings Co. 6.125% 2036 | 13,750 | 13,247 |
Abu Dhabi National Energy Co. PJSC (TAQA) 5.62% 20122 | 3,060 | 3,086 |
Abu Dhabi National Energy Co. PJSC (TAQA) 5.875% 20162 | 56,985 | 55,924 |
Abu Dhabi National Energy Co. PJSC (TAQA) 6.165% 20172 | 12,000 | 11,875 |
Abu Dhabi National Energy Co. PJSC (TAQA) 6.50% 20362 | 14,500 | 13,496 |
E.ON International Finance BV 5.80% 20182 | 75,500 | 74,203 |
National Rural Utilities Cooperative Finance Corp. 5.50% 2013 | 56,600 | 57,311 |
National Rural Utilities Cooperative Finance Corp. 5.45% 2017 | 2,000 | 1,956 |
National Rural Utilities Cooperative Finance Corp. 5.45% 2018 | 3,500 | 3,410 |
National Rural Utilities Cooperative Finance Corp. 8.00% 2032 | 8,000 | 9,216 |
Edison Mission Energy 7.50% 2013 | 625 | 623 |
Southern California Edison Co., First and Refunding Mortgage Bonds, Series 2005-A, 5.00% 2016 | 4,000 | 3,947 |
Edison Mission Energy 7.75% 2016 | 7,125 | 7,125 |
Midwest Generation, LLC, Series B, 8.56% 20164 | 15,540 | 16,045 |
Edison Mission Energy 7.00% 2017 | 7,175 | 6,744 |
Edison Mission Energy 7.20% 2019 | 11,525 | 10,805 |
Homer City Funding LLC 8.734% 20264 | 13,721 | 14,784 |
Edison Mission Energy 7.625% 2027 | 1,900 | 1,715 |
Southern California Edison Co., First and Refunding Mortgage Bonds, Series 2006-E, 5.55% 2037 | 3,500 | 3,282 |
Israel Electric Corp. Ltd. 7.95% 20112 | 10,000 | 10,483 |
Israel Electric Corp. Ltd. 7.25% 20192 | 39,800 | 40,701 |
Israel Electric Corp. Ltd. 8.10% 20962 | 6,250 | 6,954 |
PSEG Power LLC 3.75% 2009 | 6,825 | 6,817 |
PSEG Power LLC 7.75% 2011 | 16,410 | 17,497 |
PSEG Power LLC 5.00% 2014 | 11,690 | 11,126 |
Public Service Electric and Gas Co., Series E, 5.30% 2018 | 12,690 | 12,543 |
PSEG Power LLC 8.625% 2031 | 7,350 | 8,884 |
NGG Finance PLC 6.125% 2011 | €3,480 | 5,504 |
National Grid PLC 6.30% 2016 | $37,605 | 37,713 |
National Grid Co. PLC 5.875% 2024 | £170 | 314 |
Veolia Environnement 5.25% 2013 | 18,235 | 18,238 |
Veolia Environnement 6.00% 2018 | 4,945 | 4,943 |
Veolia Environnement 6.125% 2033 | €13,640 | 19,780 |
Commonwealth Edison Co., First Mortgage Bonds, Series 105, 5.40% 2011 | $ 9,000 | 9,036 |
Exelon Generation Co., LLC 6.95% 2011 | 14,265 | 14,754 |
PECO Energy Co., First and Refunding Mortgage Bonds, 4.75% 2012 | 3,900 | 3,869 |
Commonwealth Edison Co., First Mortgage Bonds, Series 106, 6.15% 2017 | 5,000 | 4,995 |
Exelon Generation Co., LLC 6.20% 2017 | 10,000 | 9,757 |
Consolidated Edison Co. of New York, Inc., Series 2003-A, 3.625% 2008 | 6,000 | 6,000 |
Consolidated Edison Co. of New York, Inc., Series B, 3.85% 2013 | 5,000 | 4,717 |
Consolidated Edison Co. of New York, Inc., Series 2006-C, 5.50% 2016 | 25,000 | 24,830 |
Consolidated Edison Co. of New York, Inc., Series 2003-C, 5.10% 2033 | 2,000 | 1,665 |
Texas Competitive Electric Holdings Co. LLC, Term Loan B2, 6.234% 20141,4,5 | 4,552 | 4,225 |
Texas Competitive Electric Holdings Co. LLC 10.25% 20152 | 12,215 | 12,032 |
Texas Competitive Electric Holdings Co. LLC, Series B, 10.25% 20152 | 10,925 | 10,761 |
Texas Competitive Electric Holdings Co. LLC 10.50% 20162,6 | 5,250 | 5,106 |
Scottish Power PLC 5.375% 2015 | 31,415 | 30,003 |
Ohio Power Co., Series J, 5.30% 2010 | 8,000 | 8,105 |
Ohio Power Co., Series H, 4.85% 2014 | 5,965 | 5,686 |
Appalachian Power Co., Series I, 4.95% 2015 | 1,000 | 933 |
Ohio Power Co., Series K, 6.00% 2016 | 15,000 | 14,903 |
Cilcorp Inc. 8.70% 2009 | 1,000 | 1,027 |
AmerenEnergy Generating Co., Series D, 8.35% 2010 | 1,500 | 1,584 |
Union Electric Co. 4.65% 2013 | 3,000 | 2,857 |
Union Electric Co. 5.40% 2016 | 5,750 | 5,441 |
Cilcorp Inc. 9.375% 2029 | 12,265 | 13,191 |
Intergen Power 9.00% 20172 | 22,075 | 22,958 |
Southern California Gas Co., First Mortgage Bonds, Series II, 4.375% 2011 | 5,000 | 5,003 |
San Diego Gas & Electric Co., Series CCC, 5.30% 2015 | 10,000 | 10,076 |
San Diego Gas & Electric Co., Series DDD, 6.00% 2026 | 5,000 | 4,984 |
Ohio Edison Co. 6.40% 2016 | 7,000 | 6,994 |
Jersey Central Power & Light 5.65% 2017 | 3,000 | 2,878 |
Cleveland Electric Illuminating Co. 5.70% 2017 | 4,305 | 4,101 |
Pennsylvania Electric Co. 6.05% 2017 | 2,900 | 2,818 |
Ohio Edison Co. 6.875% 2036 | 2,315 | 2,263 |
SP PowerAssets Ltd. 3.80% 20082 | 10,000 | 10,013 |
SP PowerAssets Ltd. 5.00% 20132 | 8,000 | 7,999 |
Virginia Electric and Power Co., Series 2003-A, 4.75% 2013 | 6,000 | 5,911 |
Virginia Electric and Power Co., Series B, 5.95% 2017 | 10,000 | 10,067 |
Virginia Electric and Power Co., Series A, 6.00% 2037 | 1,250 | 1,168 |
Consumers Energy Co. 5.65% 2018 | 17,400 | 17,130 |
AES Corp. 9.50% 2009 | 927 | 957 |
AES Corp. 9.375% 2010 | 4,803 | 5,079 |
AES Corp. 8.75% 20132 | 624 | 651 |
AES Corp. 7.75% 2015 | 10,500 | 10,395 |
Carolina Power & Light Co. d/b/a Progress Energy Carolinas, Inc., First Mortgage Bonds, 5.125% 2013 | 5,000 | 5,037 |
Carolina Power & Light Co. d/b/a Progress Energy Carolinas, Inc. 5.25% 2015 | 6,000 | 6,028 |
Progress Energy Florida, Inc., First Mortgage Bonds, 5.65% 2018 | 3,150 | 3,185 |
Empresa Nacional de Electricidad SA, Series B, 8.50% 2009 | 4,455 | 4,578 |
Empresa Nacional de Electricidad SA 8.35% 2013 | 5,000 | 5,537 |
Empresa Nacional de Electricidad SA 8.625% 2015 | 3,000 | 3,415 |
Northern States Power Co., First Mortgage Bonds, 5.25% 2018 | 13,500 | 13,345 |
Old Dominion Electric Cooperative, Series 2003-A, 5.676% 20284 | 11,812 | 11,228 |
Anglian Water Services Financing PLC 4.625% 2013 | €6,120 | 8,984 |
Anglian Water Services Financing PLC, Class A, 5.25% 2015 | £395 | 722 |
Duke Energy Corp., First and Refunding Mortgage Bonds, 4.50% 2010 | $4,500 | 4,534 |
Duke Energy Corp., First and Refunding Mortgage Bonds, 5.30% 2015 | 5,000 | 5,044 |
Florida Power & Light Co. 4.85% 2013 | 5,000 | 5,018 |
FPL Energy National Wind, LLC 5.608% 20242,4 | 4,189 | 4,088 |
ENEL SpA 5.625% 2027 | €5,760 | 8,655 |
Kern River Funding Corp. 4.893% 20182,4 | $8,316 | 8,038 |
NRG Energy, Inc. 7.25% 2014 | 4,200 | 4,021 |
NRG Energy, Inc. 7.375% 2016 | 3,700 | 3,492 |
Energy East Corp. 6.75% 2012 | 7,155 | 7,453 |
Pacific Gas and Electric Co., First Mortgage Bonds, 4.20% 2011 | 2,000 | 1,984 |
Pacific Gas and Electric Co., First Mortgage Bonds, 6.05% 2034 | 4,000 | 3,869 |
Nevada Power Co., General and Refunding Mortgage Notes, Series I, 6.50% 2012 | 700 | 726 |
Sierra Pacific Resources 8.625% 2014 | 900 | 948 |
Nevada Power Co., General and Refunding Mortgage Notes, Series L, 5.875% 2015 | 2,550 | 2,558 |
Nevada Power Co., General and Refunding Mortgage Notes, Series M, 5.95% 2016 | 1,000 | 997 |
Korea East-West Power Co., Ltd. 4.875% 20112 | 5,000 | 4,971 |
Niagara Mohawk Power Corp., Series G, 7.75% 2008 | 4,460 | 4,498 |
Constellation Energy Group, Inc. 6.125% 2009 | 1,760 | 1,785 |
Baltimore Gas and Electric Co. 5.20% 2033 | 3,000 | 2,350 |
Alabama Power Co., Series R, 4.70% 2010 | 2,250 | 2,283 |
Alabama Power Co., Series 2007-D, 4.85% 2012 | 1,550 | 1,559 |
Enersis SA 7.375% 2014 | 3,000 | 3,190 |
Tri-State Generation and Transmission Assn. Inc., Pass Through Trust, Series 2003-A, 6.04% 20182,4 | 2,905 | 2,889 |
Connecticut Light & Power 5.65% 2018 | 2,500 | 2,481 |
Wisconsin Gas Co. 5.20% 2015 | 2,025 | 2,004 |
Mirant Americas Generation, Inc. 8.30% 2011 | 1,700 | 1,764 |
RWE Aktiengesellschaft and RWE Finance BV 6.375% 2013 | £290 | 574 |
Kelda Group PLC 6.625% 2031 | 165 | 336 |
1,082,323 | ||
HEALTH CARE — 2.72% | ||
GlaxoSmithKline Capital Inc. 4.85% 2013 | $20,000 | 19,994 |
GlaxoSmithKline Capital Inc. 5.65% 2018 | 48,165 | 48,071 |
GlaxoSmithKline Capital Inc. 6.375% 2038 | 96,000 | 95,609 |
Schering-Plough Corp. 5.55% 20131 | 52,269 | 52,676 |
Schering-Plough Corp. 5.375% 2014 | €6,120 | 8,893 |
Schering-Plough Corp. 6.00% 2017 | $74,891 | 74,087 |
UnitedHealth Group Inc. 2.981% 20101 | 8,250 | 7,956 |
UnitedHealth Group Inc. 5.25% 2011 | 3,165 | 3,152 |
UnitedHealth Group Inc. 4.875% 2013 | 7,100 | 6,829 |
UnitedHealth Group Inc. 4.875% 2013 | 1,300 | 1,259 |
UnitedHealth Group Inc. 5.375% 2016 | 24,250 | 22,818 |
UnitedHealth Group 6.00% 2017 | 24,920 | 24,306 |
UnitedHealth Group Inc. 6.875% 2038 | 18,750 | 17,798 |
Coventry Health Care, Inc. 5.875% 2012 | 1,000 | 966 |
Coventry Health Care, Inc. 6.30% 2014 | 62,750 | 59,228 |
Coventry Health Care, Inc. 5.95% 2017 | 14,930 | 13,006 |
Hospira, Inc. 4.95% 2009 | 7,391 | 7,440 |
Hospira, Inc. 3.281% 20101 | 26,500 | 25,703 |
Hospira, Inc. 5.90% 2014 | 4,510 | 4,529 |
Hospira, Inc. 6.05% 2017 | 30,675 | 29,653 |
Biogen Idec Inc. 6.00% 2013 | 36,450 | 36,206 |
Biogen Idec Inc. 6.875% 2018 | 30,000 | 30,784 |
Cardinal Health, Inc. 6.25% 2008 | 3,000 | 3,003 |
Cardinal Health, Inc. 2.958% 20091 | 3,500 | 3,438 |
Cardinal Health, Inc. 6.75% 2011 | 13,625 | 14,115 |
Cardinal Health, Inc. 5.80% 2016 | 10,000 | 9,803 |
Cardinal Health, Inc. 5.85% 2017 | 12,000 | 11,757 |
Allegiance Corp. 7.00% 2026 | 9,260 | 9,427 |
Tenet Healthcare Corp. 7.375% 2013 | 5,895 | 5,571 |
Tenet Healthcare Corp. 9.875% 2014 | 28,095 | 28,376 |
Tenet Healthcare Corp. 9.25% 2015 | 8,115 | 7,993 |
Humana Inc. 6.45% 2016 | 27,425 | 26,644 |
Humana Inc. 6.30% 2018 | 13,000 | 12,078 |
Humana Inc. 7.20% 2018 | 2,000 | 1,985 |
WellPoint, Inc. 5.00% 2011 | 14,000 | 13,844 |
WellPoint, Inc. 5.25% 2016 | 6,455 | 6,076 |
WellPoint, Inc. 5.875% 2017 | 8,300 | 8,036 |
WellPoint, Inc. 6.375% 2037 | 7,500 | 6,789 |
Amgen Inc. 4.00% 2009 | 9,000 | 9,013 |
Amgen Inc. 6.15% 2018 | 19,565 | 19,700 |
HealthSouth Corp. 9.133% 20141 | 12,600 | 12,852 |
HealthSouth Corp. 10.75% 2016 | 13,105 | 14,153 |
AstraZeneca PLC 5.40% 2012 | 15,520 | 15,886 |
AstraZeneca PLC 5.40% 2014 | 6,000 | 6,151 |
Aetna Inc. 5.75% 2011 | 17,500 | 18,113 |
Boston Scientific Corp. 5.45% 2014 | 1,100 | 1,020 |
Boston Scientific Corp. 6.40% 2016 | 15,890 | 15,016 |
Boston Scientific Corp. 5.125% 2017 | 630 | 545 |
Boston Scientific Corp. 7.00% 2035 | 645 | 571 |
HCA Inc., Term Loan B, 5.051% 20131,4,5 | 14,083 | 13,249 |
HCA Inc. 9.125% 2014 | 295 | 302 |
HCA Inc. 9.25% 2016 | 530 | 547 |
HCA Inc. 9.625% 20166 | 1,530 | 1,580 |
Wyeth 5.50% 2016 | 15,000 | 15,099 |
Elan Finance PLC and Elan Finance Corp. 6.807% 20131 | 4,895 | 4,528 |
Elan Finance PLC and Elan Finance Corp. 8.875% 2013 | 10,350 | 10,428 |
VWR Funding, Inc. 10.25% 20151,6 | 15,675 | 14,539 |
Bausch & Lomb Inc. 9.875% 20152 | 13,625 | 13,727 |
PTS Acquisition Corp. 9.50% 20156 | 15,215 | 13,694 |
Bristol-Myers Squibb Co. 4.00% 2008 | 10,000 | 10,002 |
Surgical Care Affiliates, Inc. 8.875% 20152,6 | 3,325 | 2,926 |
Surgical Care Affiliates, Inc. 10.00% 20172 | 7,845 | 6,158 |
Universal Health Services, Inc. 7.125% 2016 | 7,440 | 7,659 |
Warner Chilcott Corp. 8.75% 2015 | 5,150 | 5,253 |
Abbott Laboratories 5.60% 2017 | 5,180 | 5,234 |
Mylan Inc., Term Loan B, 5.75% 20141,4,5 | 4,204 | 4,161 |
Team Finance LLC and Health Finance Corp. 11.25% 2013 | 3,525 | 3,692 |
Symbion Inc. 11.00% 20152,6 | 3,650 | 2,774 |
Viant Holdings Inc. 10.125% 20172 | 2,929 | 2,504 |
CHS/Community Health Systems, Inc. 8.875% 2015 | 2,325 | 2,351 |
Universal Hospital Services, Inc. 6.303% 20151 | 1,290 | 1,213 |
AMR HoldCo, Inc. and EmCare HoldCo, Inc. 10.00% 2015 | 425 | 453 |
1,014,991 | ||
MATERIALS — 1.68% | ||
International Paper Co. 5.85% 2012 | 1,737 | 1,675 |
International Paper Co. 7.40% 2014 | 41,750 | 41,719 |
International Paper Co. 7.95% 2018 | 37,555 | 37,409 |
ArcelorMittal 5.375% 20132 | 25,000 | 24,690 |
ArcelorMittal 6.125% 20182 | 52,900 | 51,641 |
C5 Capital (SPV) Ltd. 6.196% (undated)1,2 | 15,000 | 14,528 |
C8 Capital (SPV) Ltd. 6.64% (undated)1,2 | 45,475 | 42,292 |
C10 Capital (SPV) Ltd. 6.722% (undated)1,2 | 18,695 | 17,223 |
Stora Enso Oyj 6.404% 20162 | 23,270 | 20,334 |
Stora Enso Oyj 7.25% 20362 | 36,290 | 28,752 |
UPM-Kymmene Corp. 5.625% 20142 | 37,780 | 33,600 |
UPM-Kymmene Corp. 6.625% 20173 | £235 | 357 |
Rio Tinto Finance (USA) Ltd. 5.875% 2013 | $31,500 | 31,709 |
Bayer AG 5.00% (undated)1 | €23,085 | 30,907 |
Rohm and Haas Co. 5.60% 2013 | $ 2,450 | 2,457 |
Rohm and Haas Co. 6.00% 2017 | 26,850 | 26,191 |
Dow Chemical Co. 5.70% 2018 | 23,760 | 23,052 |
Freeport-McMoRan Copper & Gold Inc. 6.875% 2014 | 800 | 829 |
Freeport-McMoRan Copper & Gold Inc. 8.25% 2015 | 15,630 | 16,452 |
Freeport-McMoRan Copper & Gold Inc. 8.375% 2017 | 2,380 | 2,515 |
Alcoa Inc. 5.55% 2017 | 20,000 | 18,758 |
Jefferson Smurfit Corp. (U.S.) 8.25% 2012 | 10,775 | 9,455 |
Stone Container Corp. 8.375% 2012 | 1,675 | 1,478 |
Jefferson Smurfit Corp. (U.S.) 7.50% 2013 | 1,250 | 1,037 |
Smurfit-Stone Container Enterprises, Inc. 8.00% 2017 | 5,965 | 4,802 |
Georgia Gulf Corp. 9.50% 2014 | 15,380 | 11,573 |
Georgia Gulf Corp. 10.75% 2016 | 1,110 | 671 |
BHP Finance (USA) Ltd. 8.50% 2012 | 10,000 | 11,218 |
Nalco Co. 7.75% 2011 | 4,760 | 4,784 |
Nalco Co. 8.875% 2013 | 3,750 | 3,862 |
Nalco Finance Holdings LLC and Nalco Finance Holdings Inc. 0%/9.00% 20147 | 2,254 | 2,085 |
E.I. du Pont de Nemours and Co. 4.125% 2010 | 2,000 | 2,021 |
E.I. du Pont de Nemours and Co. 5.00% 2013 | 6,355 | 6,415 |
E.I. du Pont de Nemours and Co. 5.25% 2016 | 2,000 | 2,013 |
Building Materials Corp. of America 7.75% 2014 | 11,650 | 9,611 |
Weyerhaeuser Co. 5.95% 2008 | 3,000 | 3,022 |
Weyerhaeuser Co. 7.375% 2032 | 2,500 | 2,487 |
Weyerhaeuser Co. 6.875% 2033 | 2,500 | 2,328 |
Plastipak Holdings, Inc. 8.50% 20152 | 7,690 | 7,152 |
Commercial Metals Co. 6.50% 2017 | 7,000 | 7,141 |
Georgia-Pacific Corp. 8.125% 2011 | 4,025 | 3,995 |
Georgia-Pacific Corp. 9.50% 2011 | 2,265 | 2,313 |
Abitibi-Consolidated Inc. 7.75% 2011 | 505 | 257 |
Abitibi-Consolidated Co. of Canada 6.00% 2013 | 975 | 444 |
Abitibi-Consolidated Co. of Canada 8.375% 2015 | 8,495 | 3,865 |
NewPage Corp., Series B, 10.00% 2012 | 3,500 | 3,561 |
NewPage Corp., Series A, 12.00% 2013 | 980 | 995 |
Metals USA Holdings Corp. 8.698% 20121,6 | 3,175 | 2,937 |
Metals USA, Inc. 11.125% 2015 | 1,200 | 1,254 |
Boise Cascade, LLC and Boise Cascade Finance Corp. 7.125% 2014 | 5,019 | 4,040 |
Associated Materials Inc. 9.75% 2012 | 3,450 | 3,433 |
AMH Holdings, Inc. 0%/11.25% 20147 | 750 | 499 |
AEP Industries Inc. 7.875% 20133 | 4,020 | 3,538 |
Arbermarle Corp. 5.10% 2015 | 3,656 | 3,456 |
Rockwood Specialties Group, Inc. 7.50% 2014 | 2,320 | 2,291 |
Rockwood Specialties Group, Inc. 7.625% 2014 | €500 | 727 |
Ryerson Inc. 10.248% 20141,2 | $3,000 | 2,835 |
Domtar Corp. 5.375% 2013 | 725 | 645 |
Domtar Corp. 7.125% 2015 | 2,100 | 2,011 |
Praxair, Inc. 4.625% 2015 | 2,500 | 2,404 |
Algoma Steel Inc. 9.875% 20152 | 2,500 | 2,387 |
FMG Finance Pty Ltd. 10.625% 20162 | 2,000 | 2,340 |
Graphic Packaging International, Inc. 8.50% 2011 | 2,375 | 2,310 |
Owens-Illinois, Inc. 7.50% 2010 | 2,250 | 2,301 |
ICI Wilmington, Inc. 4.375% 2008 | 200 | 200 |
ICI Wilmington, Inc. 5.625% 2013 | 2,000 | 2,025 |
Momentive Performance Materials Inc. 9.75% 2014 | 2,000 | 1,720 |
Packaging Corp. of America 4.375% 2008 | 1,500 | 1,500 |
Potash Corp. of Saskatchewan Inc. 5.875% 2036 | 1,600 | 1,497 |
Vale Overseas Ltd. 6.25% 2017 | 1,500 | 1,459 |
Berry Plastics Holding Corp. 10.25% 20163 | 1,750 | 1,242 |
Neenah Paper, Inc. 7.375% 2014 | 1,140 | 1,012 |
Airgas, Inc. 6.25% 2014 | 550 | 544 |
Airgas, Inc. 7.125% 20182 | 250 | 251 |
Ainsworth Lumber Co. Ltd. 6.75% 20148 | 875 | 407 |
626,940 | ||
INFORMATION TECHNOLOGY — 1.27% | ||
NXP BV and NXP Funding LLC 5.463% 20131 | 8,570 | 7,574 |
NXP BV and NXP Funding LLC 7.497% 20131 | €5,400 | 7,189 |
NXP BV and NXP Funding LLC 7.875% 2014 | $21,895 | 20,253 |
NXP BV and NXP Funding LLC 8.625% 2015 | €5,450 | 6,611 |
NXP BV and NXP Funding LLC 9.50% 2015 | $31,070 | 27,109 |
KLA-Tencor Corp. 6.90% 2018 | 56,300 | 55,292 |
Freescale Semiconductor, Inc., Term Loan B, 4.209% 20131,4,5 | 2,599 | 2,362 |
Freescale Semiconductor, Inc. 6.651% 20141 | 2,500 | 1,987 |
Freescale Semiconductor, Inc. 8.875% 2014 | 7,300 | 5,968 |
Freescale Semiconductor, Inc. 9.125% 20146 | 32,950 | 25,783 |
Freescale Semiconductor, Inc. 10.125% 2016 | 16,700 | 12,817 |
Oracle Corp. 5.75% 2018 | 18,000 | 18,018 |
Oracle Corp. 6.50% 2038 | 30,000 | 30,173 |
Electronic Data Systems Corp., Series B, 6.50% 20131 | 31,625 | 32,516 |
Electronic Data Systems Corp. 7.45% 2029 | 13,190 | 14,533 |
Jabil Circuit, Inc. 5.875% 2010 | 4,750 | 4,661 |
Jabil Circuit, Inc. 8.25% 20182 | 38,525 | 38,621 |
National Semiconductor Corp. 6.15% 2012 | 3,700 | 3,738 |
National Semiconductor Corp. 6.60% 2017 | 24,500 | 24,247 |
Hewlett-Packard Co. 5.50% 2018 | 24,000 | 23,549 |
Sanmina-SCI Corp. 5.526% 20101,2 | 866 | 862 |
Sanmina-SCI Corp. 6.75% 2013 | 4,850 | 4,377 |
Sanmina-SCI Corp. 5.526% 20141,2 | 3,750 | 3,487 |
Sanmina-SCI Corp. 8.125% 2016 | 10,350 | 9,367 |
Hughes Communications, Inc. 9.50% 2014 | 15,425 | 15,676 |
First Data Corp., Term Loan B2, 5.552% 20141,4,5 | 14,641 | 13,526 |
SunGard Data Systems Inc. 9.125% 2013 | 12,975 | 13,170 |
Ceridian Corp. 11.25% 20152 | 11,800 | 10,738 |
Serena Software, Inc. 10.375% 2016 | 11,262 | 10,530 |
Cisco Systems, Inc. 5.25% 2011 | 10,000 | 10,302 |
Sensata Technologies BV 8.00% 20141 | 8,575 | 7,932 |
Celestica Inc. 7.875% 2011 | 5,700 | 5,728 |
Nortel Networks Ltd. 6.963% 20111 | 2,500 | 2,375 |
Nortel Networks Ltd. 10.125% 2013 | 750 | 737 |
MagnaChip Semiconductor SA and MagnaChip Semiconductor Finance Co. 8.00% 2014 | 3,070 | 1,197 |
Exodus Communications, Inc. 11.625% 20103,8 | 1,128 | 0 |
473,005 | ||
CONSUMER STAPLES — 1.10% | ||
Tesco PLC 5.50% 20172 | 33,080 | 32,245 |
Tesco PLC 5.50% 2033 | £265 | 476 |
Tesco PLC 6.15% 20372 | 52,000 | 48,355 |
CVS Caremark Corp. 2.982% 20101 | 5,000 | 4,882 |
CVS Corp. 7.77% 20122,3,4 | 725 | 743 |
CVS Corp. 5.789% 20262,4 | 14,865 | 13,704 |
CVS Corp. 6.036% 20282,4 | 32,417 | 30,186 |
CVS Caremark Corp. 6.943% 20302,4 | 23,347 | 22,501 |
Kroger Co. 5.00% 2013 | 8,750 | 8,616 |
Kroger Co. 6.40% 2017 | 58,325 | 59,591 |
Kroger Co. 6.90% 2038 | 3,000 | 3,090 |
Tyson Foods, Inc. 6.85% 20161 | 38,380 | 35,069 |
Safeway Inc. 6.35% 2017 | 29,710 | 30,629 |
Safeway Inc. 7.25% 2031 | 2,000 | 2,150 |
Delhaize Group 6.50% 2017 | 26,205 | 26,478 |
Delhaize America, Inc. 9.00% 2031 | 3,625 | 4,279 |
Stater Bros. Holdings Inc. 8.125% 2012 | 9,160 | 9,252 |
Stater Bros. Holdings Inc. 7.75% 2015 | 8,400 | 8,379 |
SUPERVALU INC., Term Loan B, 3.733% 20121,4,5 | 2,251 | 2,173 |
SUPERVALU INC. 7.50% 2012 | 365 | 371 |
Albertson’s, Inc. 7.25% 2013 | 3,525 | 3,597 |
SUPERVALU INC. 7.50% 2014 | 830 | 835 |
Albertson’s, Inc. 8.00% 20313 | 4,475 | 4,472 |
Dole Food Co., Inc. 8.625% 2009 | 500 | 479 |
Dole Food Co., Inc. 7.25% 2010 | 2,175 | 1,979 |
Dole Food Co., Inc. 8.875% 2011 | 7,915 | 7,084 |
Constellation Brands, Inc. 8.375% 2014 | 2,075 | 2,111 |
Constellation Brands, Inc. 7.25% 2017 | 7,695 | 7,233 |
Duane Reade Inc. 7.276% 20101 | 2,250 | 2,104 |
Duane Reade Inc. 9.75% 2011 | 7,695 | 6,925 |
Vitamin Shoppe Industries Inc. 10.176% 20121,3 | 7,490 | 7,659 |
JBS SA 10.50% 2016 | 6,650 | 6,716 |
Yankee Candle Co., Inc., Series B, 8.50% 2015 | 4,260 | 3,344 |
Yankee Candle Co., Inc., Series B, 9.75% 2017 | 2,065 | 1,497 |
Smithfield Foods, Inc., Series B, 8.00% 2009 | 1,000 | 1,000 |
Smithfield Foods, Inc., Series B, 7.75% 2013 | 150 | 133 |
Smithfield Foods, Inc. 7.75% 2017 | 3,100 | 2,589 |
Costco Wholesale Corp. 5.30% 2012 | 3,000 | 3,105 |
Elizabeth Arden, Inc. 7.75% 2014 | 3,105 | 2,926 |
Diageo Capital PLC 4.375% 2010 | 2,395 | 2,399 |
Pilgrim’s Pride Corp. 7.625% 2015 | 800 | 662 |
Pilgrim’s Pride Corp. 8.375% 2017 | 600 | 444 |
Cott Beverages Inc. 8.00% 2011 | 325 | 275 |
412,737 | ||
Total corporate bonds & notes | 16,531,731 | |
MORTGAGE-BACKED OBLIGATIONS4 — 22.19% | ||
Fannie Mae 7.00% 2009 | 6 | 6 |
Fannie Mae 7.50% 2009 | 48 | 49 |
Fannie Mae 7.50% 2009 | 25 | 25 |
Fannie Mae 7.50% 2009 | 9 | 9 |
Fannie Mae 7.50% 2009 | 4 | 4 |
Fannie Mae 7.50% 2009 | 2 | 2 |
Fannie Mae 7.50% 2009 | 1 | 1 |
Fannie Mae 8.50% 2009 | 11 | 11 |
Fannie Mae 9.50% 2009 | 7 | 7 |
Fannie Mae 7.00% 2010 | 8 | 8 |
Fannie Mae, Series 2000-T5, Class B, 7.30% 2010 | 57,100 | 60,311 |
Fannie Mae, Series 2001-T6B, 6.088% 2011 | 48,000 | 50,103 |
Fannie Mae, Series 2003-T1, Class B, 4.491% 2012 | 46,225 | 45,815 |
Fannie Mae 4.89% 2012 | 25,000 | 24,914 |
Fannie Mae 7.00% 2016 | 165 | 172 |
Fannie Mae 11.50% 2016 | 324 | 363 |
Fannie Mae, Series 2002-15, Class PG, 6.00% 2017 | 8,462 | 8,622 |
Fannie Mae 5.50% 2018 | 466 | 473 |
Fannie Mae 9.00% 2018 | 28 | 30 |
Fannie Mae 10.00% 2018 | 242 | 271 |
Fannie Mae 4.50% 2019 | 21,119 | 20,758 |
Fannie Mae 4.50% 2019 | 20,848 | 20,491 |
Fannie Mae 5.50% 2019 | 4,813 | 4,879 |
Fannie Mae 5.50% 2019 | 1,946 | 1,976 |
Fannie Mae 12.00% 2019 | 334 | 378 |
Fannie Mae 4.50% 2020 | 5,432 | 5,319 |
Fannie Mae 5.50% 2020 | 17,619 | 17,961 |
Fannie Mae 5.50% 2020 | 1,951 | 1,982 |
Fannie Mae 11.00% 2020 | 140 | 157 |
Fannie Mae 11.239% 20201 | 311 | 356 |
Fannie Mae, Series 2003-48, Class TJ, 4.50% 2022 | 27,797 | 27,562 |
Fannie Mae 9.00% 2022 | 52 | 56 |
Fannie Mae 7.50% 2023 | 111 | 118 |
Fannie Mae 6.00% 2024 | 13,837 | 14,083 |
Fannie Mae, Series 2001-4, Class GA, 10.198% 20251 | 578 | 647 |
Fannie Mae, Series 2001-4, Class NA, 11.887% 20251 | 2,607 | 2,936 |
Fannie Mae 6.00% 2026 | 31,638 | 32,199 |
Fannie Mae 6.392% 20261 | 511 | 514 |
Fannie Mae 5.50% 2027 | 26,933 | 26,802 |
Fannie Mae 6.00% 2027 | 17,584 | 17,896 |
Fannie Mae 6.50% 2027 | 30,634 | 31,597 |
Fannie Mae 6.50% 2027 | 26,237 | 27,061 |
Fannie Mae 6.50% 2027 | 21,637 | 22,317 |
Fannie Mae 8.50% 2027 | 10 | 11 |
Fannie Mae, Series 1998-W5, Class B3, 6.50% 2028 | 2,112 | 1,798 |
Fannie Mae, Series 2002-W3, Class A-5, 7.50% 2028 | 4,018 | 4,274 |
Fannie Mae 6.50% 2029 | 207 | 213 |
Fannie Mae, Series 2002-W7, Class A-5, 7.50% 2029 | 710 | 760 |
Fannie Mae 7.50% 2029 | 69 | 74 |
Fannie Mae 7.50% 2029 | 49 | 52 |
Fannie Mae 7.50% 2030 | 154 | 165 |
Fannie Mae, Series 2001-25, Class ZA, 6.50% 2031 | 5,860 | 6,058 |
Fannie Mae 7.50% 2031 | 388 | 414 |
Fannie Mae 7.50% 2031 | 42 | 45 |
Fannie Mae, Series 2001-20, Class E, 9.619% 20311 | 97 | 108 |
Fannie Mae, Series 2001-20, Class C, 12.056% 20311 | 101 | 115 |
Fannie Mae 6.50% 2032 | 599 | 616 |
Fannie Mae 5.50% 2033 | 34,196 | 33,875 |
Fannie Mae 6.50% 2034 | 888 | 914 |
Fannie Mae 4.50% 2035 | 4,127 | 3,829 |
Fannie Mae 4.553% 20351 | 13,435 | 13,493 |
Fannie Mae 5.50% 2035 | 43,685 | 43,248 |
Fannie Mae, Series 2005-68, Class PG, 5.50% 2035 | 6,859 | 6,910 |
Fannie Mae 6.50% 2035 | 11,201 | 11,626 |
Fannie Mae, Series 2006-51, Class PO, principal only, 0% 2036 | 9,711 | 7,194 |
Fannie Mae, Series 2006-32, Class OA, principal only, 0% 2036 | 8,728 | 6,113 |
Fannie Mae, Series 2006-96, Class OP, principal only, 0% 2036 | 2,041 | 1,630 |
Fannie Mae, Series 2006-101, Class PC, 5.50% 2036 | 8,896 | 8,905 |
Fannie Mae 6.00% 2036 | 42,175 | 42,653 |
Fannie Mae 6.00% 2036 | 32,704 | 33,064 |
Fannie Mae, Series 2006-106, Class HG, 6.00% 2036 | 22,765 | 23,083 |
Fannie Mae, Series 2006-43, Class PX, 6.00% 2036 | 20,401 | 20,695 |
Fannie Mae 6.00% 2036 | 12,799 | 12,946 |
Fannie Mae 6.50% 2036 | 9,823 | 10,200 |
Fannie Mae 6.50% 2036 | 5,341 | 5,472 |
Fannie Mae 7.00% 2036 | 4,420 | 4,603 |
Fannie Mae 7.00% 2036 | 2,189 | 2,301 |
Fannie Mae 7.00% 2036 | 1,931 | 2,029 |
Fannie Mae 7.00% 2036 | 1,183 | 1,233 |
Fannie Mae 7.50% 2036 | 2,109 | 2,211 |
Fannie Mae 7.50% 2036 | 1,054 | 1,105 |
Fannie Mae 8.00% 2036 | 3,394 | 3,559 |
Fannie Mae, Series 2007-40, Class PT, 5.50% 2037 | 32,359 | 32,699 |
Fannie Mae 5.504% 20371 | 48,339 | 49,242 |
Fannie Mae 5.636% 20371 | 12,609 | 12,841 |
Fannie Mae 5.772% 20371 | 21,313 | 21,792 |
Fannie Mae 5.783% 20371 | 23,873 | 24,227 |
Fannie Mae 6.00% 2037 | 79,536 | 80,338 |
Fannie Mae 6.00% 2037 | 24,024 | 24,266 |
Fannie Mae 6.00% 2037 | 14,066 | 14,119 |
Fannie Mae 6.00% 2037 | 8,974 | 9,008 |
Fannie Mae 6.00% 20373 | 5,122 | 5,106 |
Fannie Mae, Series 2007-24, Class P, 6.00% 2037 | 4,613 | 4,697 |
Fannie Mae 6.00% 2037 | 4,310 | 4,359 |
Fannie Mae 6.005% 20371 | 39,308 | 40,448 |
Fannie Mae 6.02% 20371 | 39,243 | 39,955 |
Fannie Mae 6.177% 20371 | 22,754 | 23,369 |
Fannie Mae 6.50% 2037 | 29,702 | 30,607 |
Fannie Mae 6.50% 2037 | 29,038 | 29,750 |
Fannie Mae 6.50% 20373 | 28,864 | 29,337 |
Fannie Mae 6.50% 2037 | 22,783 | 23,342 |
Fannie Mae 6.50% 2037 | 16,631 | 17,039 |
Fannie Mae 6.50% 2037 | 15,769 | 16,245 |
Fannie Mae 6.50% 2037 | 14,167 | 14,594 |
Fannie Mae 6.50% 2037 | 13,931 | 14,352 |
Fannie Mae 6.50% 2037 | 12,531 | 12,908 |
Fannie Mae 6.50% 20373 | 10,997 | 11,177 |
Fannie Mae 6.50% 2037 | 10,734 | 10,998 |
Fannie Mae 6.50% 2037 | 9,787 | 10,082 |
Fannie Mae 6.50% 2037 | 8,770 | 9,035 |
Fannie Mae 6.50% 2037 | 1,458 | 1,502 |
Fannie Mae 6.50% 2037 | 1,394 | 1,436 |
Fannie Mae 6.517% 20371 | 14,224 | 14,677 |
Fannie Mae 6.756% 20371 | 17,340 | 17,893 |
Fannie Mae 6.792% 20371 | 1,668 | 1,722 |
Fannie Mae 7.00% 2037 | 81,889 | 85,958 |
Fannie Mae 7.00% 2037 | 41,119 | 42,828 |
Fannie Mae 7.00% 2037 | 25,926 | 27,214 |
Fannie Mae 7.00% 2037 | 16,075 | 16,743 |
Fannie Mae 7.00% 2037 | 15,878 | 16,538 |
Fannie Mae 7.00% 2037 | 13,802 | 14,376 |
Fannie Mae 7.00% 2037 | 13,259 | 13,810 |
Fannie Mae 7.00% 20373 | 12,618 | 13,056 |
Fannie Mae 7.00% 2037 | 11,112 | 11,668 |
Fannie Mae 7.00% 2037 | 9,829 | 10,238 |
Fannie Mae 7.00% 2037 | 7,793 | 8,117 |
Fannie Mae 7.00% 2037 | 7,113 | 7,409 |
Fannie Mae 7.00% 2037 | 6,763 | 7,045 |
Fannie Mae 7.00% 2037 | 6,081 | 6,333 |
Fannie Mae 7.00% 2037 | 5,502 | 5,731 |
Fannie Mae 7.00% 2037 | 4,364 | 4,545 |
Fannie Mae 7.00% 2037 | 2,626 | 2,735 |
Fannie Mae 7.00% 2037 | 2,209 | 2,301 |
Fannie Mae 7.00% 2037 | 1,988 | 2,091 |
Fannie Mae 7.00% 2037 | 1,783 | 1,876 |
Fannie Mae 7.00% 2037 | 1,593 | 1,672 |
Fannie Mae 7.00% 2037 | 1,605 | 1,671 |
Fannie Mae 7.00% 2037 | 1,095 | 1,141 |
Fannie Mae 7.00% 2037 | 833 | 874 |
Fannie Mae 7.50% 2037 | 8,790 | 9,288 |
Fannie Mae 7.50% 20373 | 4,827 | 5,041 |
Fannie Mae 7.50% 2037 | 4,766 | 4,997 |
Fannie Mae 7.50% 2037 | 3,904 | 4,094 |
Fannie Mae 7.50% 2037 | 3,578 | 3,752 |
Fannie Mae 7.50% 2037 | 2,752 | 2,885 |
Fannie Mae 7.50% 2037 | 2,388 | 2,503 |
Fannie Mae 7.50% 2037 | 2,295 | 2,406 |
Fannie Mae 7.50% 2037 | 2,142 | 2,246 |
Fannie Mae 7.50% 2037 | 1,998 | 2,095 |
Fannie Mae 7.50% 2037 | 1,969 | 2,065 |
Fannie Mae 7.50% 2037 | 1,773 | 1,859 |
Fannie Mae 7.50% 2037 | 1,677 | 1,758 |
Fannie Mae 7.50% 2037 | 1,336 | 1,401 |
Fannie Mae 7.50% 2037 | 1,238 | 1,298 |
Fannie Mae 7.50% 2037 | 1,072 | 1,124 |
Fannie Mae 7.50% 2037 | 1,070 | 1,122 |
Fannie Mae 7.50% 2037 | 877 | 919 |
Fannie Mae 7.50% 2037 | 860 | 901 |
Fannie Mae 7.50% 2037 | 676 | 714 |
Fannie Mae 8.00% 2037 | 3,783 | 3,994 |
Fannie Mae 8.00% 2037 | 3,771 | 3,954 |
Fannie Mae 8.00% 2037 | 2,886 | 3,027 |
Fannie Mae 8.00% 2037 | 2,447 | 2,588 |
Fannie Mae 8.00% 2037 | 1,221 | 1,281 |
Fannie Mae 5.00% 2038 | 69,420 | 66,595 |
Fannie Mae 5.322% 20381 | 14,378 | 14,573 |
Fannie Mae 5.745% 20381 | 31,507 | 32,216 |
Fannie Mae 7.00% 2038 | 29,435 | 30,658 |
Fannie Mae 7.00% 2038 | 22,146 | 23,247 |
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041 | 6,575 | 6,888 |
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041 | 2,083 | 2,125 |
Fannie Mae, Series 2002-W1, Class 2A, 7.50% 2042 | 4,502 | 4,736 |
Fannie Mae 6.00% 2047 | 1,106 | 1,104 |
Fannie Mae 6.50% 2047 | 1,539 | 1,560 |
Fannie Mae 6.50% 2047 | 1,350 | 1,369 |
Fannie Mae 6.50% 2047 | 1,088 | 1,109 |
Fannie Mae 7.00% 2047 | 7,631 | 7,906 |
Fannie Mae 7.00% 2047 | 544 | 564 |
Fannie Mae 7.50% 2047 | 1,747 | 1,822 |
Fannie Mae 7.50% 2047 | 1,281 | 1,336 |
Fannie Mae 7.50% 2047 | 1,096 | 1,143 |
Freddie Mac 8.00% 2009 | — | — |
Freddie Mac 8.50% 2009 | 22 | 22 |
Freddie Mac 8.50% 2010 | 25 | 26 |
Freddie Mac 6.00% 2017 | 462 | 477 |
Freddie Mac, Series 2310, Class A, 10.552% 20171 | 434 | 479 |
Freddie Mac 11.00% 2018 | 62 | 69 |
Freddie Mac, Series 2890, Class KT, 4.50% 2019 | 2,500 | 2,326 |
Freddie Mac 5.50% 2019 | 10,165 | 10,353 |
Freddie Mac 8.50% 2020 | 144 | 154 |
Freddie Mac 8.50% 2020 | 50 | 54 |
Freddie Mac, Series 41, Class F, 10.00% 2020 | 100 | 100 |
Freddie Mac, Series 178, Class Z, 9.25% 2021 | 76 | 76 |
Freddie Mac, Series 2626, Class NG, 3.50% 2023 | 1,945 | 1,819 |
Freddie Mac, Series 2922, Class EL, 4.50% 2023 | 42,739 | 42,400 |
Freddie Mac 5.00% 2023 | 46,376 | 45,871 |
Freddie Mac 5.00% 2023 | 45,450 | 44,955 |
Freddie Mac 5.00% 2023 | 15,017 | 14,853 |
Freddie Mac 5.00% 2023 | 4,935 | 4,881 |
Freddie Mac 5.00% 2023 | 2,737 | 2,707 |
Freddie Mac 5.00% 2023 | 270 | 267 |
Freddie Mac 5.50% 2023 | 11,161 | 11,242 |
Freddie Mac 5.50% 2023 | 9,662 | 9,732 |
Freddie Mac, Series 1617, Class PM, 6.50% 2023 | 2,203 | 2,285 |
Freddie Mac 6.00% 2026 | 34,444 | 35,054 |
Freddie Mac 6.00% 2026 | 26,106 | 26,569 |
Freddie Mac 8.00% 2026 | 94 | 100 |
Freddie Mac 5.50% 2027 | 16,800 | 16,718 |
Freddie Mac 6.00% 2027 | 194,713 | 198,165 |
Freddie Mac 8.50% 2027 | 22 | 24 |
Freddie Mac, Series 2153, Class GG, 6.00% 2029 | 3,835 | 3,905 |
Freddie Mac, Series 2122, Class QM, 6.25% 2029 | 6,689 | 6,825 |
Freddie Mac 4.50% 2033 | 7,005 | 6,514 |
Freddie Mac 4.636% 20351 | 16,103 | 16,158 |
Freddie Mac, Series 3061, Class PN, 5.50% 2035 | 49,918 | 50,557 |
Freddie Mac 6.50% 20353 | 417 | 424 |
Freddie Mac, Series 3136, Class OP, principal only, 0% 2036 | 8,607 | 6,492 |
Freddie Mac, Series 3149, Class MO, principal only, 0% 2036 | 6,240 | 4,971 |
Freddie Mac, Series 3147, Class OD, principal only, 0% 2036 | 6,168 | 4,928 |
Freddie Mac, Series 3149, Class AO, principal only, 0% 2036 | 5,467 | 4,359 |
Freddie Mac, Series 3257, Class PA, 5.50% 2036 | 53,075 | 53,164 |
Freddie Mac, Series 3233, Class PA, 6.00% 2036 | 43,262 | 44,203 |
Freddie Mac, Series 3156, Class NG, 6.00% 2036 | 14,062 | 14,517 |
Freddie Mac, Series 3286, Class JN, 5.50% 2037 | 68,258 | 68,175 |
Freddie Mac, Series 3318, Class JT, 5.50% 2037 | 37,803 | 37,736 |
Freddie Mac 5.50% 2037 | 36,517 | 36,032 |
Freddie Mac, Series 3312, Class PA, 5.50% 2037 | 28,888 | 28,814 |
Freddie Mac 5.63% 20371 | 17,456 | 17,742 |
Freddie Mac 5.684% 20371 | 8,980 | 9,116 |
Freddie Mac 5.998% 20371 | 31,988 | 32,705 |
Freddie Mac, Series 3271, Class OA, 6.00% 2037 | 18,355 | 18,929 |
Freddie Mac 6.00% 2037 | 3,486 | 3,526 |
Freddie Mac 6.00% 2037 | 1,833 | 1,854 |
Freddie Mac 6.074% 20371 | 14,441 | 14,767 |
Freddie Mac 6.103% 20371 | 24,643 | 25,093 |
Freddie Mac 6.224% 20371 | 20,648 | 20,754 |
Freddie Mac 6.287% 20371 | 3,905 | 3,983 |
Freddie Mac 6.333% 20371 | 37,544 | 38,562 |
Freddie Mac 7.00% 2037 | 28,620 | 29,832 |
Freddie Mac 7.00% 2037 | 2,690 | 2,804 |
Freddie Mac 7.00% 2037 | 2,364 | 2,465 |
Freddie Mac 7.00% 2037 | 1,936 | 2,018 |
Freddie Mac 7.00% 20373 | 1,215 | 1,259 |
Freddie Mac 7.00% 20373 | 1,014 | 1,050 |
Freddie Mac 7.00% 20373 | 945 | 979 |
Freddie Mac 7.50% 2037 | 31,730 | 33,188 |
Freddie Mac 4.50% 2038 | 119,000 | 110,326 |
Freddie Mac 5.00% 2038 | 54,777 | 52,556 |
Freddie Mac 5.00% 2038 | 46,079 | 44,210 |
Freddie Mac 5.00% 2038 | 40,404 | 38,766 |
Freddie Mac 5.00% 2038 | 33,857 | 32,477 |
Freddie Mac 5.00% 2038 | 22,811 | 21,886 |
Freddie Mac 5.00% 2038 | 22,798 | 21,873 |
Freddie Mac 5.615% 20381 | 37,068 | 37,710 |
Freddie Mac 6.00% 2038 | 332,520 | 335,885 |
Freddie Mac 6.50% 2047 | 2,739 | 2,795 |
Freddie Mac 6.50% 2047 | 1,306 | 1,333 |
Freddie Mac 7.00% 2047 | 1,214 | 1,258 |
Freddie Mac 7.00% 2047 | 707 | 733 |
CS First Boston Mortgage Securities Corp., Series 2003-23, Class II-A-8, 4.50% 2018 | 11,683 | 10,811 |
CS First Boston Mortgage Securities Corp., Series 2003-27, Class VI-A-1, 5.00% 2018 | 8,590 | 8,309 |
CS First Boston Mortgage Securities Corp., Series 2003-23, Class VII-A-1, 5.00% 2018 | 4,173 | 3,922 |
CS First Boston Mortgage Securities Corp., Series 2004-6, Class II-A-1, 4.75% 2019 | 17,686 | 16,729 |
CS First Boston Mortgage Securities Corp., Series 2002-30, Class I-A-1, 7.50% 2032 | 521 | 497 |
CS First Boston Mortgage Securities Corp., Series 2002-34, Class I-A-1, 7.50% 2032 | 55 | 54 |
CS First Boston Mortgage Securities Corp., Series 2003-21, Class V-A-1, 6.50% 2033 | 3,713 | 3,171 |
CS First Boston Mortgage Securities Corp., Series 2003-29, Class V-A-1, 7.00% 2033 | 1,065 | 1,011 |
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IV-A-1, 6.00% 2034 | 7,421 | 6,494 |
CS First Boston Mortgage Securities Corp., Series 2001-CF2, Class A-4, 6.505% 2034 | 453 | 467 |
CS First Boston Mortgage Securities Corp., Series 2002-CP5, Class A-1, 4.106% 2035 | 652 | 634 |
CS First Boston Mortgage Securities Corp., Series 2005-10, Class III-A-3, 5.50% 2035 | 11,000 | 7,198 |
CS First Boston Mortgage Securities Corp., Series 2005-5, Class IV-A-1, 6.25% 2035 | 5,542 | 5,013 |
CS First Boston Mortgage Securities Corp., Series 2001-CK1, Class A-3, 6.38% 2035 | 45,612 | 46,853 |
CS First Boston Mortgage Securities Corp., Series 2002-CKP1, Class F, 7.067% 20351,2 | 1,500 | 1,448 |
CS First Boston Mortgage Securities Corp., Series 2006-2R, Class A-PO, principal only, 0% 20362 | 29,095 | 18,055 |
CS First Boston Mortgage Securities Corp., Series 2006-7, Class 6-A-3, 5.50% 2036 | 28,090 | 25,900 |
CS First Boston Mortgage Securities Corp., Series 2006-2, Class 5-A-6, 6.00% 2036 | 25,077 | 24,504 |
CS First Boston Mortgage Securities Corp., Series 2002-CKS4, Class G, 6.006% 20361,2 | 500 | 455 |
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A-3, 6.387% 2036 | 26,650 | 27,464 |
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-1A, 3.883% 2037 | 78 | 78 |
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-2, 4.183% 2037 | 16,000 | 15,899 |
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-3, 4.499% 2037 | 12,900 | 12,506 |
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A-2, 4.512% 2037 | 1,690 | 1,668 |
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A-AB, 4.614% 2037 | 20,000 | 19,090 |
CS First Boston Mortgage Securities Corp., Series 2005-C2, Class A-MFX, 4.877% 2037 | 10,000 | 9,201 |
CS First Boston Mortgage Securities Corp., Series 2004-C1, Class E, 5.015% 20372 | 8,240 | 6,702 |
CS First Boston Mortgage Securities Corp., Series 2003-C3, Class F, 4.518% 20382 | 2,000 | 1,673 |
CS First Boston Mortgage Securities Corp., Series 2005-C1, Class A-3, 4.813% 2038 | 20,710 | 20,197 |
CS First Boston Mortgage Securities Corp., Series 2005-C4, Class A-2, 5.017% 2038 | 12,200 | 12,132 |
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A-AB, 5.10% 20381 | 12,000 | 11,814 |
CS First Boston Mortgage Securities Corp., Series 2004-C4, Class A-4, 4.283% 2039 | 20,600 | 19,898 |
CS First Boston Mortgage Securities Corp., Series 2006-C1, Class A-3, 5.711% 20391 | 14,750 | 14,556 |
CS First Boston Mortgage Securities Corp., Series 2006-C2, Class A-3, 5.847% 20391 | 7,305 | 7,107 |
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-3, 5.23% 20401 | 42,000 | 41,099 |
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-M, 5.23% 20401 | 5,000 | 4,655 |
CS First Boston Mortgage Securities Corp., Series 1999-C1, Class D, 8.155% 20411 | 850 | 883 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C2, Class F, 6.192% 20341,2 | 2,500 | 2,252 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C3, Class A-1, 4.20% 2035 | 738 | 728 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC11, Class A-2, 5.016% 2037 | 11,232 | 11,219 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-3B, 5.494% 20371 | 61,300 | 60,586 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C1, Class E, 6.135% 20372 | 400 | 390 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A-1, 3.972% 2039 | 6,424 | 6,191 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A-3, 4.545% 2042 | 21,050 | 20,417 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A-2, 4.575% 2042 | 20,058 | 19,801 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A-2, 4.79% 2042 | 9,932 | 9,866 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A-3A1, 4.871% 2042 | 25,000 | 24,507 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A-4A, 4.936% 20421 | 1,655 | 1,556 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A-2, 5.198% 2044 | 10,080 | 10,054 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CIBC14, Class A-4, 5.481% 20441 | 21,259 | 20,763 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A-4, 6.065% 20451 | 29,000 | 28,514 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A-2, 4.625% 2046 | 91,455 | 91,050 |
Countrywide Alternative Loan Trust, Series 2004-5CB, Class 2-A-1, 5.00% 2019 | 7,284 | 6,774 |
Countrywide Alternative Loan Trust, Series 2006-J3, Class 2-A-1, 4.75% 2020 | 11,467 | 10,179 |
Countrywide Alternative Loan Trust, Series 2005-J8, Class 2-A-1, 5.00% 2020 | 13,695 | 13,078 |
Countrywide Alternative Loan Trust, Series 2004-14T2, Class A-2, 5.50% 2034 | 17,556 | 14,872 |
Countrywide Alternative Loan Trust, Series 2005-46CB, Class A-8, 5.50% 2035 | 46,107 | 41,677 |
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 1-A-7, 5.50% 2035 | 36,691 | 35,946 |
Countrywide Alternative Loan Trust, Series 2005-49CB, Class A-1, 5.50% 2035 | 23,650 | 21,387 |
Countrywide Alternative Loan Trust, Series 2005-40CB, Class A-1, 5.50% 2035 | 17,386 | 14,932 |
Countrywide Alternative Loan Trust, Series 2005-21CB, Class A-9, 5.50% 2035 | 9,892 | 9,297 |
Countrywide Alternative Loan Trust, Series 2005-J13, Class 2-A-4, 5.50% 2035 | 8,060 | 5,283 |
Countrywide Alternative Loan Trust, Series 2005-J11, Class 1-A-12, 5.50% 2035 | 8,000 | 5,243 |
Countrywide Alternative Loan Trust, Series 2005-J11, Class 1-A-16, 5.50% 2035 | 4,618 | 3,147 |
Countrywide Alternative Loan Trust, Series 2004-28CB, Class 5-A-1, 5.75% 2035 | 2,442 | 2,047 |
Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1-A-1, 6.00% 2035 | 11,960 | 10,528 |
Countrywide Alternative Loan Trust, Series 2005-9CB, Class 2-A-1, 6.00% 2035 | 5,994 | 5,037 |
Countrywide Alternative Loan Trust, Series 2004-28CB, Class 6-A-1, 6.00% 2035 | 1,001 | 836 |
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A-1, 6.00% 2036 | 17,124 | 15,909 |
Countrywide Alternative Loan Trust, Series 2007-14T2, Class A-4, 2.833% 20371 | 24,717 | 16,333 |
Countrywide Alternative Loan Trust, Series 2007-24, Class A-10, 7.00% 2037 | 13,464 | 12,974 |
Countrywide Alternative Loan Trust, Series 2007-HY4, Class 4-A-1, 5.951% 20471 | 43,870 | 33,393 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S12, Class A-3, 5.00% 2018 | 17,416 | 16,482 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR7, Class A-7, 3.842% 20331 | 13,964 | 13,463 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR6, Class A-1, 3.952% 20331 | 6,348 | 6,057 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR8, Class A, 4.03% 20331 | 4,243 | 4,184 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR11, Class A, 4.553% 20341 | 25,754 | 25,259 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR12, Class 1-A4, 6.069% 20361 | 2,635 | 2,559 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY5, Class 3-A1, 5.826% 20371 | 49,993 | 47,223 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 4-A2, 5.874% 20371 | 42,720 | 40,399 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2-A1, 5.878% 20371 | 35,700 | 32,270 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22, Class 5-A-1, 6.002% 20351 | 3,474 | 2,839 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-8, Class 3-AF, 2.863% 20361 | 16,033 | 13,714 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6-A, 5.919% 20361 | 69,506 | 62,102 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-2, Class 5-A-1, 6.00% 20361 | 6,756 | 5,517 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7, Class 1-A1, 2.783% 20371 | 9,172 | 6,737 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-6, Class 3-A-1, 5.89% 20371 | 37,463 | 33,329 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12, Class 2-A1, 5.961% 20371 | 22,478 | 17,244 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-8, Class 2-A3, 5.992% 20371 | 43,950 | 39,120 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2-A1, 5.996% 20371 | 9,153 | 7,159 |
Residential Accredit Loans, Inc., Series 2003-QS16, Class A-1, 5.00% 2018 | 14,013 | 13,250 |
Residential Accredit Loans, Inc., Series 2004-QS16, Class 1-A-1, 5.50% 2034 | 8,427 | 7,643 |
Residential Accredit Loans, Inc., Series 2005-QR1, Class A, 6.00% 2034 | 31,991 | 26,715 |
Residential Accredit Loans, Inc., Series 2004-QS12, Class M-1, 6.00% 2034 | 2,363 | 1,348 |
Residential Accredit Loans, Inc., Series 2005-QS4, Class A-3, 5.50% 2035 | 27,650 | 25,173 |
Residential Accredit Loans, Inc., Series 2005-QS9, Class A-6, 5.50% 2035 | 1,000 | 687 |
Residential Accredit Loans, Inc., Series 2005-QS5, Class A-5, 5.75% 2035 | 3,000 | 2,078 |
Residential Accredit Loans, Inc., Series 2006-QA1, Class A-II-1, 5.959% 20361 | 15,110 | 11,379 |
Residential Accredit Loans, Inc., Series 2007-QS9, Class A-33, 6.50% 2037 | 51,132 | 43,999 |
Residential Accredit Loans, Inc., Series 2007-QS7, Class II-A-1, 6.75% 2037 | 12,200 | 9,029 |
Residential Accredit Loans, Inc., Series 2007-QS11, Class A-1, 7.00% 2037 | 30,296 | 25,714 |
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1-A-2, 6.00% 2037 | 10,069 | 6,426 |
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 2-A-1, 6.50% 2037 | 60,292 | 43,344 |
IndyMac IMSC Mortgage Loan Trust, Series 2007-F3, Class 2-A-1, 6.50% 2037 | 49,460 | 41,076 |
IndyMac IMSC Mortgage Loan Trust, Series 2007-F3, Class 3-A-1, 7.00% 2037 | 66,504 | 56,458 |
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-WF2, Class X, interest only, 0.412% 20311 | 185,266 | 2,069 |
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-C1, Class X, interest only, 1.23% 20311,2 | 130,162 | 1,462 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2000-WF2, Class A-2, 7.32% 2032 | 16,480 | 17,105 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-PBW1, Class A-1, 3.97% 2035 | 10,957 | 10,831 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOP2, Class D, 6.94% 20352 | 3,000 | 3,107 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2004-PWR6, Class A-1, 3.688% 2041 | 676 | 675 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2004-PWR6, Class A-4, 4.521% 2041 | 10,000 | 9,673 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-2, 4.735% 2042 | 64,000 | 63,434 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-3, 4.868% 2042 | 38,825 | 37,578 |
Nykredit 4.00% 2035 | DKr296,562 | 53,621 |
Nykredit 5.00% 2038 | 172,380 | 32,991 |
Nykredit 6.00% 2038 | 164,600 | 33,145 |
Nykredit 6.00% 2038 | 87,000 | 17,744 |
SBA CMBS Trust, Series 2005-1, Class A, 5.369% 20352,3 | $33,000 | 32,772 |
SBA CMBS Trust, Series 2005-1, Class B, 5.565% 20352,3 | 3,300 | 3,219 |
SBA CMBS Trust, Series 2005-1, Class E, 6.706% 20352,3 | 7,460 | 6,998 |
SBA CMBS Trust, Series 2006-1A, Class A, 5.314% 20362 | 48,500 | 47,264 |
SBA CMBS Trust, Series 2006-1A, Class B, 5.451% 20362,3 | 14,180 | 13,535 |
SBA CMBS Trust, Series 2006-1A, Class D, 5.852% 20362 | 12,329 | 11,100 |
SBA CMBS Trust, Series 2006-1A, Class E, 6.174% 20362 | 4,025 | 3,557 |
SBA CMBS Trust, Series 2006-1A, Class F, 6.709% 20362,3 | 375 | 338 |
SBA CMBS Trust, Series 2006-1A, Class G, 6.904% 20362,3 | 3,375 | 3,020 |
SBA CMBS Trust, Series 2006-1A, Class H, 7.389% 20362,3 | 5,040 | 4,548 |
SBA CMBS Trust, Series 2006-1A, Class J, 7.825% 20362,3 | 2,375 | 2,142 |
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A-2, 3.958% 2035 | 4,200 | 4,189 |
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A-3, 4.608% 2035 | 2,624 | 2,591 |
Wachovia Bank Commercial Mortgage Trust, Series 2004-C14, Class A-2, 4.368% 2041 | 1,530 | 1,521 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-2, 4.782% 2042 | 22,919 | 22,873 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C18, Class A-PB, 4.807% 2042 | 3,000 | 2,933 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-4, 5.083% 20421 | 35,000 | 33,560 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A-7, 5.118% 20421 | 4,650 | 4,422 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-2, 5.242% 2044 | 17,000 | 16,928 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-4, 5.44% 20441 | 5,350 | 5,173 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-PB, 5.445% 20441 | 8,038 | 7,963 |
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A-PB, 5.446% 2045 | 16,750 | 16,544 |
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class II-A-4, 6.00% 2037 | 2,500 | 1,965 |
Wells Fargo Alternative Loan Trust, Series 2007-PA4, Class III-A-1, 6.085% 20371 | 27,706 | 23,401 |
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class III-A-1, 6.25% 2037 | 77,369 | 67,562 |
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class IV-A-1, 6.50% 2037 | 26,758 | 24,116 |
Crown Castle Towers LLC, Series 2005-1, Class A-FX, 4.643% 20352 | 36,000 | 35,464 |
Crown Castle Towers LLC, Series 2005-1, Class C, 5.074% 20352 | 43,000 | 41,542 |
Crown Castle Towers LLC, Series 2006-1, Class E, 6.065% 20362 | 31,000 | 27,600 |
Crown Castle Towers LLC, Series 2006-1, Class F, 6.65% 20362,3 | 10,350 | 9,041 |
Crown Castle Towers LLC, Series 2006-1, Class G, 6.795% 20362,3 | 1,400 | 1,194 |
Wells Fargo Mortgage-backed Securities Trust, Series 2003-16, Class II-A-1, 4.50% 2018 | 15,084 | 13,959 |
Wells Fargo Mortgage-backed Securities Trust, Series 2003-11, Class II-A-1, 4.75% 2018 | 9,861 | 9,229 |
Wells Fargo Mortgage-backed Securities Trust, Series 2004-7, Class II-A-1, 4.50% 2019 | 18,707 | 17,311 |
Wells Fargo Mortgage-backed Securities Trust, Series 2004-2, Class A-1, 5.00% 2019 | 5,362 | 5,074 |
Wells Fargo Mortgage-backed Securities Trust, Series 2005-1, Class I-A-1, 4.75% 2020 | 33,004 | 30,888 |
Wells Fargo Mortgage-backed Securities Trust, Series 2006-AR19, Class A-6, 5.634% 20361 | 10,000 | 8,219 |
Wells Fargo Mortgage-backed Securities Trust, Series 2006-AR15, Class A-1, 5.652% 20361 | 28,224 | 27,080 |
Bear Stearns ARM Trust, Series 2003-6, Class I-A-2, 3.968% 20331 | 11,277 | 10,927 |
Bear Stearns ARM Trust, Series 2003-3, Class III-A-1, 5.124% 20331 | 3,954 | 3,891 |
Bear Stearns ARM Trust, Series 2003-3, Class II-A-2, 6.383% 20331 | 1,887 | 1,814 |
Bear Stearns ARM Trust, Series 2004-3, Class II-A, 4.211% 20341 | 10,763 | 10,388 |
Bear Stearns ARM Trust, Series 2003-9, Class III-A-2, 4.957% 20341 | 1,896 | 1,845 |
Bear Stearns ARM Trust, Series 2005-10, Class A-3, 4.65% 20351 | 51,800 | 46,529 |
Bear Stearns ARM Trust, Series 2005-6, Class I-A-1, 4.949% 20351 | 35,931 | 31,260 |
American Tower Trust I, Series 2007-1A, Class A-FX, 5.42% 20372 | 33,100 | 31,918 |
American Tower Trust I, Series 2007-1A, Class B, 5.537% 20372,3 | 10,000 | 9,173 |
American Tower Trust I, Series 2007-1A, Class C, 5.615% 20372 | 10,000 | 8,684 |
American Tower Trust I, Series 2007-1A, Class D, 5.957% 20372,3 | 36,415 | 30,385 |
American Tower Trust I, Series 2007-1A, Class E, 6.249% 20372,3 | 11,375 | 9,213 |
American Tower Trust I, Series 2007-1A, Class F, 6.639% 20372,3 | 13,470 | 10,652 |
Lehman Mortgage Trust, Series 2005-1, Class 6-A1, 5.00% 2020 | 31,437 | 29,751 |
Lehman Mortgage Trust, Series 2007-7, Class 6-A4, 7.00% 2037 | 26,469 | 23,328 |
Lehman Mortgage Trust, Series 2007-8, Class 3-A1, 7.25% 2037 | 31,136 | 25,071 |
Banc of America Commercial Mortgage Inc., Series 2001-1, Class A-2, 6.503% 2036 | 47,646 | 48,869 |
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-3, 4.561% 2041 | 9,975 | 9,700 |
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-AB, 4.673% 2041 | 2,000 | 1,949 |
Banc of America Commercial Mortgage Inc., Series 2004-4, Class B, 4.985% 2042 | 1,000 | 891 |
Banc of America Commercial Mortgage Inc., Series 2005-1, Class A-4, 5.144% 20421 | 15,360 | 15,180 |
Banc of America Commercial Mortgage Inc., Series 2005-3, Class A-2, 4.501% 2043 | 1,260 | 1,243 |
CHL Mortgage Pass-Through Trust, Series 2003-27, Class A-1, 4.596% 20331 | 3,107 | 2,802 |
CHL Mortgage Pass-Through Trust, Series 2003-HYB3, Class 4-A-1, 4.733% 20331 | 1,681 | 1,498 |
CHL Mortgage Pass-Through Trust, Series 2004-22, Class A-2, 4.632% 20341 | 7,565 | 7,263 |
CHL Mortgage Pass-Through Trust, Series 2004-HYB6, Class A-3, 5.087% 20341 | 3,150 | 2,940 |
CHL Mortgage Pass-Through Trust, Series 2005-HYB8, Class 4-A-1, 5.611% 20351 | 25,355 | 19,624 |
CHL Mortgage Pass-Through Trust, Series 2007-HY5, Class 1-A-1, 5.932% 20471 | 8,951 | 8,450 |
CHL Mortgage Pass-Through Trust, Series 2007-HY4, Class 1-A-1, 6.094% 20471 | 18,097 | 17,705 |
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP6, Class A-4, 5.475% 20431 | 51,820 | 49,627 |
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP7, Class A-M, 6.065% 20451 | 7,645 | 7,216 |
GE Commercial Mortgage Corp., Series 2004-C3, Class B, 5.282% 20391 | 8,000 | 7,335 |
GE Commercial Mortgage Corp., Series 2004-C2, Class B, 4.983% 2040 | 19,193 | 17,363 |
GE Commercial Mortgage Corp., Series 2006-C1, Class A-4, 5.518% 20441 | 33,700 | 32,122 |
GMAC Commercial Mortgage Securities, Inc., Series 1997-C1, Class F, 7.222% 2029 | 1,800 | 1,853 |
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class A-2, 6.465% 2034 | 29,890 | 30,812 |
GMAC Commercial Mortgage Securities, Inc., Series 1998-C2, Class C, 6.50% 2035 | 9,000 | 8,990 |
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class F, 4.718% 20361,2 | 1,000 | 881 |
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class G, 4.817% 20361,2 | 1,000 | 849 |
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class A-3, 4.207% 2041 | 8,000 | 7,939 |
Structured Products Asset Return Certificates Trust, Series 2001-CF1, Class A, 6.36% 20333 | 47,672 | 48,147 |
Tower Ventures, LLC, Series 2006-1, Class A-2, 5.45% 20362,3 | 22,500 | 22,210 |
Tower Ventures, LLC, Series 2006-1, Class C, 5.707% 20362 | 3,670 | 3,519 |
Tower Ventures, LLC, Series 2006-1, Class D, 6.052% 20362,3 | 10,000 | 9,280 |
Tower Ventures, LLC, Series 2006-1, Class E, 6.495% 20362,3 | 4,730 | 4,336 |
Tower Ventures, LLC, Series 2006-1, Class F, 7.036% 20362,3 | 8,730 | 7,928 |
GSR Mortgage Loan Trust, Series 2004-2F, Class XIIIA-1, 5.00% 2019 | 5,124 | 4,913 |
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A-1, 5.50% 2020 | 33,472 | 32,237 |
GSR Mortgage Loan Trust, Series 2005-AR1, Class 2-A-1, 4.916% 20351 | 10,426 | 9,922 |
Deutsche Genossenschaftsbank-Hypothekenbank AG 5.25% 2009 | €29,447 | 46,468 |
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class AM, 5.416% 20371 | $ 4,620 | 4,396 |
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class A-3-A, 4.949% 20381 | 8,500 | 8,229 |
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A-3, 5.841% 20391 | 3,050 | 3,011 |
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A-5, 4.855% 20411 | 6,805 | 6,475 |
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class A-4, 4.747% 20431 | 5,065 | 4,763 |
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class AM, 4.805% 20431 | 6,300 | 5,834 |
Merrill Lynch Mortgage Trust, Series 2006-C2, Class A-4, 5.742% 20431 | 10,250 | 9,952 |
MASTR Alternative Loan Trust, Series 2004-5, Class 4-A-1, 5.50% 2019 | 17,748 | 16,182 |
MASTR Alternative Loan Trust, Series 2004-10, Class 2-A-1, 5.50% 2019 | 4,584 | 4,263 |
MASTR Alternative Loan Trust, Series 2003-2, Class 6-A-1, 6.00% 2033 | 576 | 545 |
MASTR Alternative Loan Trust, Series 2004-2, Class 2-A-1, 6.00% 2034 | 1,108 | 1,047 |
MASTR Alternative Loan Trust, Series 2005-1, Class 1-A-1, 5.50% 2035 | 14,014 | 12,329 |
MASTR Alternative Loan Trust, Series 2005-3, Class 1-A-1, 5.50% 2035 | 3,460 | 3,193 |
MASTR Alternative Loan Trust, Series 2005-3, Class 2-A-1, 6.00% 2035 | 4,429 | 4,098 |
MASTR Alternative Loan Trust, Series 2005-3, Class 3-A-1, 6.50% 2035 | 430 | 407 |
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20262 | 42,375 | 41,963 |
Commercial Mortgage Trust, Series 2004-LB3A, Class A-4, 5.234% 2037 | 10,956 | 10,915 |
Commercial Mortgage Trust, Series 2003-LNB1, Class A-2, 4.084% 2038 | 20,000 | 18,814 |
Commercial Mortgage Trust, Series 2004-LNB2, Class A-3, 4.221% 2039 | 9,955 | 9,813 |
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A-3, 5.172% 20491 | 41,210 | 38,315 |
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2-A-1, 5.836% 20361 | 26,055 | 21,438 |
IndyMac INDX Mortgage Loan Trust, Series 2006-AR25, Class 3-A-1, 6.365% 20361 | 21,160 | 16,727 |
Bank of America 5.50% 20122 | 34,750 | 36,091 |
LB-UBS Commercial Mortgage Trust, Series 2000-C3, Class A-2, 7.95% 2025 | 14,144 | 14,706 |
LB-UBS Commercial Mortgage Trust, Series 2002-C1, Class A-3, 6.226% 2026 | 8,300 | 8,373 |
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class A-2, 5.103% 2030 | 3,468 | 3,450 |
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A-M, 5.017% 20401 | 10,000 | 9,242 |
Nationwide Building Society, Series 2007-2, 5.50% 20122 | 34,750 | 35,300 |
GS Mortgage Securities Corp. II, Series 1998-C1, Class E, 7.37% 20301 | 31,076 | 31,172 |
GS Mortgage Securities Corp. II, Series 1998-C1, Class D, 7.37% 20301 | 3,750 | 3,755 |
Residential Asset Securitization Trust, Series 2004-A6, Class A-1, 5.00% 2019 | 9,605 | 9,124 |
Residential Asset Securitization Trust, Series 2005-A7, Class A-5, 5.50% 2035 | 5,338 | 3,504 |
Residential Asset Securitization Trust, Series 2005-A8CB, Class A-11, 6.00% 2035 | 15,214 | 13,617 |
Residential Asset Securitization Trust, Series 2006-A8, Class 3-A-11, 6.00% 2036 | 3,853 | 2,509 |
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class IA-3, 5.75% 2036 | 10,000 | 6,648 |
CitiMortgage Alternative Loan Trust, Series 2006-A7, Class IA-1, 6.00% 2036 | 15,000 | 11,607 |
CitiMortgage Alternative Loan Trust, Series 2007-A3, Class IA-1, 6.00% 2037 | 15,000 | 10,243 |
Chase Manhattan Bank - First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class A-2, 7.439% 2031 | 4,605 | 4,711 |
Chase Manhattan Bank - First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class B, 7.619% 2031 | 17,125 | 17,607 |
Chase Manhattan Bank - First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class C, 7.625% 2031 | 5,000 | 5,149 |
American Home Mortgage Assets Trust, Series 2007-3, Class II-2A-1, 6.25% 20371 | 33,465 | 26,701 |
Chase Commercial Mortgage Securities Corp., Series 1998-2, Class A-2, 6.39% 2030 | 18,940 | 18,989 |
Chase Commercial Mortgage Securities Corp., Series 2000-2, Class A-1, 7.543% 2032 | 2,049 | 2,070 |
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A-2, 7.757% 2032 | 5,258 | 5,454 |
Banc of America Funding Trust, Series 2005-H, Class 9-A-1, 5.89% 20351 | 24,629 | 17,669 |
Banc of America Funding Trust, Series 2007-1, Class T-A-5, 6.09% 20371 | 13,249 | 8,708 |
Salomon Brothers Commercial Mortgage Trust, Series 2000-C3, Class A-2, 6.592% 2033 | 17,232 | 17,655 |
Salomon Brothers Commercial Mortgage Trust, Series 2001-C1, Class A-3, 6.428% 2035 | 7,488 | 7,669 |
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4-A, 5.681% 20341 | 5,560 | 5,210 |
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3-A, 6.00% 2034 | 2,414 | 2,209 |
Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 3-A-1, 5.57% 20351 | 22,450 | 17,461 |
J.P. Morgan Alternative Loan Trust, Series 2006-A1, Class 2-A-1, 5.771% 20361 | 18,925 | 14,286 |
J.P. Morgan Alternative Loan Trust, Series 2006-A2, Class 5-A-1, 6.298% 20361 | 13,543 | 10,291 |
TBW Mortgage-Backed Trust, Series 2006-1, Class 6-A-1, 6.50% 2036 | 16,945 | 10,657 |
TBW Mortgage-backed Trust, Series 2007-2, Class A-4-B, 2.663% 20371 | 22,000 | 13,851 |
Bear Stearns Asset-backed Securities I Trust, Series 2005-AC8, Class A-4, 5.50% 2035 | 11,274 | 10,219 |
Bear Stearns Asset-backed Securities I Trust, Series 2006-AC2, Class II-1A-1, 6.00% 2036 | 15,189 | 13,497 |
Thornburg Mortgage Securities Trust, Series 2006-5, Class A-1, 2.603% 20461 | 25,066 | 23,479 |
GE Capital Commercial Mortgage Corp., Series 2001-1, Class A-1, 6.079% 2033 | 99 | 99 |
GE Capital Commercial Mortgage Corp., Series 2001-1, Class A-2, 6.531% 2033 | 18,090 | 18,609 |
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A-1, 5.56% 2038 | 1,374 | 1,387 |
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A-2, 6.07% 2038 | 2,500 | 2,544 |
Northern Rock PLC 5.625% 20172 | 20,000 | 20,146 |
Bear Stearns ALT-A Trust, Series 2006-2, Class II-4-A-1, 5.922% 20361 | 25,408 | 19,146 |
Citigroup Mortgage Loan Trust, Inc., Series 2003-UST1, Class A-3, 5.00% 2018 | 13,195 | 12,652 |
Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5, Class 1-A2A, 5.61% 20371 | 7,484 | 6,121 |
Prudential Securities Secured Financing Corp., Series 1999-NRF1, Class C, 6.746% 2031 | 18,000 | 18,179 |
CSAB Mortgage-backed Trust, Series 2007-1, Class 4-A-8, 7.00% 2037 | 22,041 | 17,688 |
Government National Mortgage Assn. 6.50% 2008 | 4 | 5 |
Government National Mortgage Assn. 6.50% 2008 | 3 | 3 |
Government National Mortgage Assn. 7.50% 2008 | 1 | 1 |
Government National Mortgage Assn. 7.50% 2008 | — | — |
Government National Mortgage Assn. 6.50% 2009 | 8 | 9 |
Government National Mortgage Assn. 7.50% 2009 | 12 | 12 |
Government National Mortgage Assn. 7.50% 2009 | 9 | 9 |
Government National Mortgage Assn. 7.50% 2009 | 8 | 8 |
Government National Mortgage Assn. 7.50% 2009 | 5 | 5 |
Government National Mortgage Assn. 7.50% 2009 | 4 | 5 |
Government National Mortgage Assn. 7.50% 2009 | 3 | 4 |
Government National Mortgage Assn. 7.50% 2009 | 3 | 3 |
Government National Mortgage Assn. 9.00% 2009 | 41 | 41 |
Government National Mortgage Assn. 9.50% 2009 | 116 | 117 |
Government National Mortgage Assn. 9.50% 2009 | 8 | 8 |
Government National Mortgage Assn. 9.00% 2016 | 79 | 87 |
Government National Mortgage Assn. 9.00% 2017 | 23 | 25 |
Government National Mortgage Assn. 9.50% 2019 | 167 | 186 |
Government National Mortgage Assn. 8.50% 2020 | 28 | 30 |
Government National Mortgage Assn. 8.50% 2020 | 9 | 10 |
Government National Mortgage Assn. 9.50% 2020 | 68 | 76 |
Government National Mortgage Assn. 10.00% 2020 | 532 | 604 |
Government National Mortgage Assn. 8.50% 2021 | 179 | 195 |
Government National Mortgage Assn. 8.50% 2021 | 113 | 123 |
Government National Mortgage Assn. 8.50% 2021 | 40 | 44 |
Government National Mortgage Assn. 8.50% 2021 | 35 | 38 |
Government National Mortgage Assn. 10.00% 2021 | 1,021 | 1,144 |
Government National Mortgage Assn. 9.00% 2022 | 24 | 27 |
Government National Mortgage Assn. 8.50% 2023 | 25 | 27 |
Government National Mortgage Assn. 8.50% 2024 | 16 | 17 |
Government National Mortgage Assn. 8.50% 2024 | 15 | 16 |
Government National Mortgage Assn. 8.50% 2027 | 29 | 32 |
Government National Mortgage Assn. 8.50% 2028 | 24 | 26 |
Government National Mortgage Assn. 8.50% 2029 | 28 | 30 |
Government National Mortgage Assn., Series 2005-58, Class NO, principal only, 0% 2035 | 5,310 | 3,983 |
Government National Mortgage Assn., Series 2003, Class A, 5.612% 20581,3 | 10,287 | 10,381 |
Morgan Stanley Dean Witter Capital I Trust, Series 2001-TOP5, Class A-3, 6.16% 2035 | 12,941 | 13,073 |
Morgan Stanley Dean Witter Capital I Trust, Series 2003-TOP9, Class A-1, 3.98% 2036 | 3,898 | 3,857 |
Adjustable Rate Mortgage Trust, Series 2006-1, Class 3-A-3, 5.887% 20361 | 20,367 | 16,500 |
Banc of America Mortgage Securities Trust, Series 2003-F, Class 2-A-1, 3.658% 20331 | 9,897 | 9,337 |
Banc of America Mortgage Securities Trust, Series 2003-I, Class 3-A-1, 4.541% 20331 | 7,187 | 6,973 |
Washington Mutual Mortgage, WMALT Series 2005-4, Class 3-CB, 5.50% 2020 | 7,903 | 7,098 |
Washington Mutual Mortgage, WMALT Series 2005-1, Class 6-A-1, 6.50% 2035 | 1,158 | 1,078 |
Washington Mutual Mortgage, WMALT Series 2006-2, Class 1-A-3, 6.00% 2036 | 12,000 | 7,953 |
Dexia Municipal Agency 3.50% 2009 | €10,076 | 15,562 |
Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A-3, 5.915% 20491 | $15,800 | 15,441 |
Structured Asset Securities Corp., Series 2003-20, Class 2-A-4, 4.50% 2018 | 4,697 | 4,445 |
Structured Asset Securities Corp., Series 1998-RF2, Class A, 8.582% 20271,2 | 4,851 | 4,842 |
Structured Asset Securities Corp., Series 1998-RF1, Class A, 8.712% 20271,2 | 1,764 | 1,762 |
Structured Asset Securities Corp., Series 1999-RF1, Class A, 7.81% 20281,2 | 1,170 | 1,164 |
Structured Asset Securities Corp., Series 2003-17A, Class 3-A-1, 6.545% 20331 | 569 | 554 |
Structured Asset Securities Corp., Series 2005-6, Class 5-A-9, 5.00% 2035 | 2,303 | 2,136 |
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-4-1, 5.243% 20371 | 15,000 | 14,769 |
BCAP LLC Trust, Series 2006-AA2, Class A-1, 2.653% 20371 | 22,970 | 14,708 |
COBALT CMBS Commerical Mortgage Trust, Series 2006-C1, Class A-2, 5.174% 2048 | 14,000 | 13,699 |
Banc of America Alternative Loan Trust, Series 2005-6, Class 2-CB-2, 6.00% 2035 | 13,104 | 11,670 |
SunTrust Alternative Loan Trust, Series 2005-1F, Class 3-A-1, 6.50% 2035 | 14,252 | 11,315 |
GMAC Mortgage Loan Trust, Series 2006-AR1, Class 2-A-1, 5.641% 20361 | 10,524 | 10,154 |
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A-5, 5.617% 2048 | 10,000 | 9,592 |
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class I-A-14, 5.50% 2035 | 10,196 | 9,522 |
First Horizon Mortgage Pass-Through Trust, Series 2003-5, Class II-A-2, 5.00% 2018 | 9,073 | 8,564 |
DLJ Commercial Mortgage Corp., Series 1999-CG1, Class A-1B, 6.46% 2032 | 7,946 | 8,003 |
Rheinische Hypothekenbank Eurobond 4.25% 2008 | €5,000 | 7,860 |
Morgan Stanley Capital I Trust, Series 2005-HQ7, Class A-2, 5.379% 20421 | $7,875 | 7,769 |
Morgan Stanley Capital I, Inc., Series 1998-HF2, Class A-2, 6.48% 2030 | 1,567 | 1,565 |
Morgan Stanley Capital I, Inc., Series 1999-FNV1, Class A-2, 6.53% 2031 | 6,083 | 6,115 |
American General Mortgage Loan Trust, Series 2006-1, Class A-5, 5.75% 20351,2 | 8,500 | 7,675 |
Sequoia Mortgage Trust, Series 2007-1, Class 4-A1, 5.759% 20461 | 6,045 | 5,789 |
Hilton Hotel Pool Trust, Series 2000-HLTA, Class F, 7.75% 20152 | 5,000 | 5,393 |
Bank of America, NA and First Union National Bank Commercial Mortgage Trust, Series 2001-3, Class A-1, 4.89% 2037 | 4,279 | 4,285 |
Banc of America Mortgage Securities, Inc., Series 2003-G, Class 2-A-1, 4.088% 20331 | 4,293 | 4,050 |
Merrill Lynch Mortgage Investors, Inc., Series 2003-A4, Class II-A, 4.744% 20331 | 4,064 | 3,946 |
J.P. Morgan Mortgage Trust, Series 2006-A3, Class 3-A-3, 5.738% 20361 | 4,000 | 3,204 |
Ocwen Residential MBS Corp., Series 1998-R1, Class AWAC, 5.904% 20401,2 | 1,542 | 1,318 |
First Union National Bank Commercial Mortgage Trust, Series 2001-C4, Class A-1, 5.673% 2033 | 1,099 | 1,108 |
American Home Mortgage Investment Trust, Series 2004-1, Class III-A, 3.28% 2044 | 1,064 | 1,043 |
GS Mortgage Securities Corp., Series 1998-2, Class M, 7.75% 20272 | 433 | 317 |
Financial Asset Securitization, Inc., Series 1997-NAM1, Class B-1, 7.75% 2027 | 309 | 304 |
8,285,271 | ||
BONDS & NOTES OF U.S. GOVERNMENT & GOVERNMENT AGENCIES — 9.20% | ||
U.S. Treasury 4.875% 2008 | 39,490 | 39,692 |
U.S. Treasury 3.875% 2009 | 55,925 | 56,661 |
U.S. Treasury 3.875% 20093,9 | 4,420 | 4,564 |
U.S. Treasury 5.50% 2009 | 155,630 | 159,904 |
U.S. Treasury 5.75% 2010 | 39,950 | 42,516 |
U.S. Treasury 2.375% 20113,9 | 1,109 | 1,175 |
U.S. Treasury 4.50% 2011 | 79,000 | 82,388 |
U.S. Treasury 4.625% 2011 | 360,000 | 378,281 |
U.S. Treasury 4.875% 2011 | 90,030 | 95,147 |
U.S. Treasury 3.875% 2012 | 14,000 | 14,357 |
U.S. Treasury 4.125% 2012 | 71,000 | 73,476 |
U.S. Treasury 4.25% 2012 | 312,450 | 325,242 |
U.S. Treasury 4.625% 2012 | 5,525 | 5,812 |
U.S. Treasury 4.875% 2012 | 322,450 | 342,049 |
U.S. Treasury 3.625% 2013 | 10,000 | 10,146 |
U.S. Treasury 4.25% 2013 | 447,356 | 466,789 |
U.S. Treasury 2.00% 20143,9 | 5,899 | 6,267 |
U.S. Treasury 4.00% 2014 | 43,815 | 45,207 |
U.S. Treasury 4.25% 2014 | 5,625 | 5,872 |
U.S. Treasury Principal Strip 0% 2014 | 155,072 | 127,525 |
U.S. Treasury Principal Strip 0% 2014 | 48,505 | 39,466 |
U.S. Treasury Principal Strip 0% 2014 | 29,695 | 23,898 |
U.S. Treasury 1.875% 20153,9 | 2,595 | 2,719 |
U.S. Treasury 11.25% 2015 | 140,000 | 202,590 |
U.S. Treasury 4.50% 2016 | 85,301 | 89,723 |
U.S. Treasury 2.375% 20173,9 | 4,660 | 5,050 |
U.S. Treasury 4.50% 2017 | 172,500 | 179,724 |
U.S. Treasury 4.625% 2017 | 53,630 | 56,458 |
U.S. Treasury 8.875% 2017 | 43,500 | 59,248 |
U.S. Treasury 3.875% 2018 | 42,040 | 41,685 |
U.S. Treasury 8.125% 2019 | 10,000 | 13,369 |
U.S. Treasury 7.125% 2023 | 35,000 | 44,808 |
U.S. Treasury 2.375% 20253,9 | 4,102 | 4,301 |
U.S. Treasury 6.875% 2025 | 89,700 | 114,325 |
U.S. Treasury 6.00% 2026 | 78,000 | 91,364 |
U.S. Treasury 3.375% 20323,9 | 4,235 | 5,316 |
U.S. Treasury 4.50% 2036 | 50,310 | 49,980 |
U.S. Treasury Principal Strip 0% 2037 | 14,500 | 3,967 |
CoBank ACB 7.875% 20182 | 22,115 | 21,997 |
CoBank ACB 3.376% 20221,2 | 46,470 | 36,965 |
Freddie Mac 5.25% 2011 | 20,000 | 20,895 |
Freddie Mac 5.50% 2016 | 20,000 | 21,076 |
Federal Agricultural Mortgage Corp. 4.875% 20112 | 10,000 | 10,309 |
United States Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., | ||
Series 2000-044-A, 3.74% 20154 | 7,810 | 7,885 |
United States Agency for International Development, Republic of Egypt 4.45% 2015 | 5,000 | 5,050 |
Fannie Mae 5.121% 20091 | 575 | 582 |
3,435,820 | ||
ASSET-BACKED OBLIGATIONS4 — 7.45% | ||
AmeriCredit Automobile Receivables Trust, Series 2005-C-F, Class A-4, FSA insured, 4.63% 2012 | 16,627 | 16,596 |
AmeriCredit Automobile Receivables Trust, Series 2007-D-F, Class A-3-A, FSA insured, 5.49% 2012 | 12,000 | 11,906 |
AmeriCredit Automobile Receivables Trust, Series 2007-A-X, Class A-4, XLCA insured, 2.49% 20131 | 125,000 | 111,002 |
AmeriCredit Automobile Receivables Trust, Series 2006-B-G, Class A-4, FGIC insured, 5.21% 2013 | 28,269 | 25,694 |
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-4-B, MBIA insured, 2.53% 20141 | 10,000 | 8,449 |
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-4-A, MBIA insured, 5.55% 2014 | 4,572 | 4,078 |
Drive Auto Receivables Trust, Series 2006-2, Class A-2, MBIA insured, 5.30% 20112 | 1,056 | 1,042 |
Drive Auto Receivables Trust, Series 2005-1, Class A-4, MBIA insured, 4.01% 2012 | 13,710 | 13,673 |
Drive Auto Receivables Trust, Series 2005-2, Class A-3, MBIA insured, 4.26% 20122 | 51,346 | 50,891 |
Drive Auto Receivables Trust, Series 2005-3, Class A-4, FSA insured, 5.09% 20132 | 17,500 | 17,276 |
Drive Auto Receivables Trust, Series 2006-1, Class A-4, FSA insured, 5.54% 20132 | 67,000 | 64,446 |
Drive Auto Receivables Trust, Series 2006-2, Class A-3, MBIA insured, 5.33% 20142 | 20,000 | 19,025 |
CSAB Mortgage-backed Trust, Series 2006-3, Class A-2, 2.643% 20361 | 36,600 | 30,796 |
CSAB Mortgage-backed Trust, Series 2006-4, Class A-2-B, 2.643% 20361 | 15,500 | 10,719 |
CSAB Mortgage-backed Trust, Series 2006-2, Class A-2, 2.653% 20361 | 40,500 | 34,589 |
CSAB Mortgage-backed Trust, Series 2006-4, Class A-3, 2.703% 20361 | 26,000 | 15,297 |
CSAB Mortgage-backed Trust, Series 2006-3, Class A-3-B, 2.713% 20361 | 27,626 | 17,425 |
CSAB Mortgage-backed Trust, Series 2006-1, Class A-3, 2.723% 20361 | 11,589 | 7,971 |
CSAB Mortgage-backed Trust, Series 2006-2, Class A-6-A, 5.72% 20361 | 25,000 | 20,476 |
CSAB Mortgage-backed Trust, Series 2006-4, Class A-4, 5.873% 20361 | 18,000 | 11,779 |
CSAB Mortgage-backed Trust, Series 2007-1, Class 1-A-3B, 5.908% 20371 | 5,757 | 3,683 |
CSAB Mortgage-backed Trust, Series 2007-1, Class 1-A-4, 5.95% 20371 | 13,334 | 8,469 |
CPS Auto Receivables Trust, Series 2004-A, Class A-2, FSA insured, 3.87% 20102 | 1,820 | 1,781 |
CPS Auto Receivables Trust, Series 2004-D, Class A-2, XLCA insured, 3.86% 20112,3 | 5,003 | 4,631 |
CPS Auto Receivables Trust, Series 2006-C, Class A-3, XLCA insured, 5.14% 20112 | 16,300 | 16,029 |
CPS Auto Receivables Trust, Series 2005-B, Class A-2, FSA insured, 4.36% 20122 | 12,503 | 12,446 |
CPS Auto Receivables Trust, Series 2005-D, Class A-2, FSA insured, 5.06% 20122 | 6,515 | 6,538 |
CPS Auto Receivables Trust, Series 2006-A, Class 1-A-4, FSA insured, 5.33% 20122 | 10,000 | 9,966 |
CPS Auto Receivables Trust, Series 2006-B, Class A-4, MBIA insured, 5.81% 20122 | 23,000 | 22,005 |
CPS Auto Receivables Trust, Series 2007-A, Class A-4, MBIA insured, 5.05% 20132,3 | 15,100 | 9,815 |
CPS Auto Receivables Trust, Series 2006-C, Class A-4, XLCA insured, 5.14% 20132,3 | 26,200 | 17,030 |
CPS Auto Receivables Trust, Series 2007-TFC, Class A-2, XLCA insured, 5.25% 20132 | 319 | 294 |
CPS Auto Receivables Trust, Series 2007-B, Class A-4, FSA insured, 5.60% 20142,3 | 20,000 | 17,032 |
CPS Auto Receivables Trust, Series 2007-C, Class A-4, FSA insured, 5.92% 20142 | 18,950 | 16,027 |
Capital One Auto Finance Trust, Series 2006-A, Class A-4, AMBAC insured, 2.481% 20121 | 4,000 | 3,722 |
Capital One Auto Finance Trust, Series 2005-C, Class A-4-B, FGIC insured, 2.511% 20121 | 106,750 | 91,271 |
Capital One Auto Finance Trust, Series 2006-C, Class A-4, FGIC insured, 2.501% 20131 | 25,000 | 22,004 |
Chase Issuance Trust, Series 2007-A9, Class A, 2.501% 20141 | 77,310 | 75,390 |
Chase Issuance Trust, Series 2006-4, Class C, 2.761% 20141 | 8,000 | 6,964 |
Chase Issuance Trust, Series 2008-4, Class A, 4.65% 2015 | 18,000 | 17,747 |
Washington Mutual Master Note Trust, Series 2006-A3A, Class A-3, 2.501% 20131,2 | 12,000 | 11,310 |
Washington Mutual Master Note Trust, Series 2007-B1, Class B-1, 4.95% 20142 | 4,000 | 3,642 |
Washington Mutual Master Note Trust, Series 2007-A4A, Class A-4, 5.20% 20142 | 35,055 | 33,100 |
Washington Mutual Master Note Trust, Series 2006-A2A, Class A, 2.521% 20151,2 | 42,000 | 36,914 |
ARG Funding Corp., Series 2005-1, Class A-3, MBIA insured, 4.29% 20112 | 55,200 | 51,155 |
ARG Funding Corp., Series 2005-2, Class A-4, AMBAC insured, 4.84% 20112 | 30,000 | 27,098 |
GS Auto Loan Trust, Series 2006-1, Class A-4, 5.38% 2014 | 57,000 | 58,207 |
GS Auto Loan Trust, Series 2006-1, Class A-4, 5.60% 2014 | 12,731 | 12,303 |
Santander Drive Auto Receivables Trust, Series 2007-1, Class A-2, FGIC insured, 5.20% 2010 | 1,442 | 1,441 |
Santander Drive Auto Receivables Trust, Series 2007-1, Class A-4, FGIC insured, 2.521% 20141 | 71,000 | 63,995 |
Honda Auto Receivables Owner Trust, Series 2006-3, Class A-4, 5.11% 2012 | 35,160 | 35,445 |
Honda Auto Receivables Owner Trust, Series 2006-2, Class A-4, 5.28% 2012 | 24,250 | 24,735 |
Residential Funding Mortgage Securities II, Inc., Series 2005-HI1, Class A-4, FGIC insured, 4.70% 2034 | 9,780 | 4,132 |
Residential Funding Mortgage Securities II, Inc., Series 2005-HS1, Class A-1-2, FGIC insured, 4.66% 20351 | 12,500 | 10,028 |
Residential Funding Mortgage Securities II, Inc., Series 2007-HSA2, Class A-1F, MBIA insured, 8.47% 20371 | 45,766 | 44,745 |
Triad Automobile Receivables Trust, Series 2006-C, Class A-3, AMBAC insured, 5.26% 2011 | 19,088 | 18,679 |
Triad Automobile Receivables Trust, Series 2005-A, Class A-4, AMBAC insured, 4.22% 2012 | 18,776 | 17,887 |
Triad Automobile Receivables Trust, Series 2007-A, Class A-3, FSA insured, 5.28% 2012 | 7,630 | 7,640 |
Triad Automobile Receivables Trust, Series 2006-C, Class A-4, AMBAC insured, 5.31% 2013 | 10,000 | 9,302 |
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-3, FSA insured, 5.17% 2011 | 8,446 | 8,364 |
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-4, FSA insured, 5.18% 2013 | 27,800 | 27,399 |
Long Beach Acceptance Auto Receivables Trust, Series 2007-A, Class A-4, FSA insured, 5.025% 20143 | 15,500 | 14,350 |
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB4, Class AF-4, 5.028% 20351 | 3,490 | 3,193 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class A-3, 5.825% 20361,2 | 8,387 | 6,013 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class M-3, 6.282% 20361,2,3 | 3,935 | 1,866 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class M-5, 6.831% 20361,2,3 | 4,725 | 999 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class M-6, 7.00% 20361,2,3 | 1,816 | 315 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class M-2, 2.853% 20371,3 | 2,054 | 182 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class B-2, 4.483% 20371,3 | 1,194 | 61 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class B-3, 4.983% 20371,3 | 1,000 | 50 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB3, Class A-2, 5.588% 20371 | 8,000 | 6,783 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB1, Class AF-2, 5.721% 20371 | 11,305 | 10,151 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class A-2B, 5.723% 20371 | 3,061 | 2,753 |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A-2A, 5.891% 20371 | 16,354 | 15,928 |
Prestige Auto Receivables Trust, Series 2005-1A, Class A-2, FSA insured, 4.37% 20122 | 4,572 | 4,581 |
Prestige Auto Receivables Trust, Series 2006-1A, Class A-2, FSA insured, 5.25% 20132 | 11,161 | 10,910 |
Prestige Auto Receivables Trust, Series 2007-1, Class A-3, FSA insured, 5.58% 20142,3 | 30,000 | 27,600 |
CWHEQ Home Equity Loan Trust, Series 2006-S2, Class A-5, FGIC insured, 5.753% 2027 | 15,750 | 7,243 |
CWHEQ Home Equity Loan Trust, Series 2006-S6, Class A-6, AMBAC insured, 5.657% 2034 | 15,050 | 8,023 |
CWHEQ Home Equity Loan Trust, Series 2006-S4, Class A-6, AMBAC insured, 5.834% 20341 | 9,650 | 6,414 |
CWHEQ Home Equity Loan Trust, Series 2007-S1, Class A-6, MBIA insured, 5.693% 20361 | 35,499 | 19,195 |
ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP2, Class A-2C, 2.703% 20371 | 5,307 | 2,980 |
ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE4, Class A-2B, 2.723% 20371 | 48,413 | 37,698 |
Nissan Auto Lease Trust, Series 2008-A, Class A-3a, 5.14% 2011 | 40,250 | 40,470 |
Vega ContainerVessel PLC, Series 2006-1, Class A, XLCA insured, 5.562% 20212 | 43,538 | 38,680 |
Drivetime Auto Owner Trust, Series 2006-A, Class A-3, XLCA insured, 5.501% 20111,2 | 21,200 | 20,577 |
Drivetime Auto Owner Trust, Series 2007-A, XLCA insured, 5.603% 20131,2 | 20,000 | 17,999 |
Morgan Stanley Structured Trust I, Series 2007-1, Class A-3, 2.713% 20371 | 47,595 | 36,504 |
J.P. Morgan Alternative Loan Trust, Series 2006-S3, Class A-6, 6.12% 20361 | 44,663 | 35,767 |
Susquehanna Auto Lease Trust, Series 2007-1, Class A-3, 5.25% 20102 | 35,000 | 35,545 |
GMAC Mortgage Loan Trust, Series 2006-HE3, Class A-5, FGIC insured, 5.809% 20361 | 5,000 | 2,167 |
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-2, FGIC insured, 6.054% 20371 | 17,500 | 11,370 |
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-3, FGIC insured, 6.193% 20371 | 35,000 | 17,342 |
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-6, FGIC insured, 6.249% 20371 | 7,500 | 2,545 |
Capital One Master Trust, Series 2002-1A, Class B, 3.071% 20111 | 1,000 | 988 |
Capital One Multi-asset Execution Trust, Series 2005-1, Class C, 2.871% 20131 | 14,000 | 12,799 |
Capital One Multi-asset Execution Trust, Series 2008-5, Class A, 4.85% 2014 | 19,500 | 19,600 |
Vanderbilt Mortgage and Finance, Inc., Series 2002-B, Class A-3, 4.70% 2018 | 390 | 372 |
Vanderbilt Mortgage and Finance, Inc., Series 2002-C, Class A-4, 6.57% 2024 | 7,660 | 7,527 |
Vanderbilt Mortgage and Finance, Inc., Series 1999-B, Class I-A-6, 6.925% 2024 | 9,543 | 9,509 |
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-4, 7.905% 2026 | 2,104 | 2,169 |
Vanderbilt Mortgage and Finance, Inc., Series 1997-C, Class II-A-1, 2.658% 20271 | 688 | 673 |
Vanderbilt Mortgage and Finance, Inc., Series 2000-D, Class A-4, 7.715% 2027 | 2,346 | 2,360 |
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-5, 8.195% 2030 | 6,889 | 7,058 |
Vanderbilt Mortgage and Finance, Inc., Series 2001-C, Class M-1, 6.76% 2032 | 1,058 | 1,028 |
Vanderbilt Mortgage and Finance, Inc., Series 2002-C, Class M-1, 7.82% 2032 | 2,659 | 2,601 |
MBNA Credit Card Master Note Trust, Series 2003-1, Class C, 4.171% 20121 | 5,540 | 5,463 |
MBNA Credit Card Master Note Trust, Series 2001-C, Class C, 7.10% 20132 | 15,000 | 14,857 |
MBNA Credit Card Master Note Trust, Series 2002-1, Class C, 6.80% 2014 | 3,435 | 3,392 |
MBNA Credit Card Master Note Trust, Series 2006-1, Class C, 2.891% 20151 | 10,000 | 8,642 |
WFS Financial Owner Trust, Series 2005-1, Class A-4, 3.87% 2012 | 32,439 | 31,939 |
CarMax Auto Owner Trust, Series 2007-2, Class A-3, 5.23% 2011 | 16,000 | 16,015 |
CarMax Auto Owner Trust, Series 2007-2, Class A-4, 5.27% 2012 | 12,000 | 11,779 |
USAA Auto Owner Trust, Series 2007-1, Class A-4, 5.55% 2013 | 26,000 | 26,297 |
RAMP Trust, Series 2004-RS9, Class A-I-4, AMBAC insured, 4.767% 2032 | 6,540 | 5,569 |
RAMP Trust, Series 2004-RS10, Class A-I-6, 4.55% 2034 | 25,131 | 20,105 |
Structured Asset Securities Corp., Series 2005-S7, Class A2, 2.783% 20351,2 | 13,614 | 11,049 |
Structured Asset Securities Corp., Series 2006-S2, Class A-1, 2.553% 20361 | 2,542 | 2,387 |
Structured Asset Securities Corp., Series 2007-BC3, Class 1-A2, 2.623% 20471 | 15,000 | 12,234 |
Citibank Credit Card Issuance Trust, Class 2004-A7, 2.728% 20131 | 19,200 | 18,744 |
Citibank Credit Card Issuance Trust, Series 2008, Class C6, 6.30% 2014 | 7,000 | 6,468 |
Hyundai Auto Receivables Trust, Series 2006-A, Class A-4, 5.26% 2012 | 25,000 | 25,191 |
MASTR Asset-backed Securities Trust, Series 2006-WMC2, Class A-3, 2.573% 20361 | 16,000 | 15,472 |
MASTR Asset-backed Securities Trust, Series 2006-AB1, Class A-4, 5.719% 20361 | 11,500 | 9,425 |
UPFC Auto Receivables Trust, Series 2006-B, Class A-2, AMBAC insured, 5.15% 2009 | 20 | 20 |
UPFC Auto Receivables Trust, Series 2005-A, Class A-3, AMBAC insured, 4.34% 2010 | 2,920 | 2,905 |
UPFC Auto Receivables Trust, Series 2005-B, Class A-3, XLCA insured, 4.98% 2011 | 8,571 | 8,159 |
UPFC Auto Receivables Trust, Series 2007-A, Class A-3, MBIA insured, 5.53% 2013 | 13,275 | 12,493 |
Merrill Lynch Mortgage Investors, Inc., Series 2006-RM1, Class A-2B, 5.45% 20371 | 26,225 | 23,418 |
Morgan Stanley ABS Capital I Inc., Series 2004-NC3, Class M-1, 3.013% 20341 | 18,822 | 15,249 |
Morgan Stanley ABS Capital I Inc., Series 2004-HE9, Class M-5, 3.533% 20341 | 10,880 | 8,123 |
Morgan Stanley ABS Capital I Inc. Trust, Series 2006-NC4, Class A-2b, 2.573% 20361 | 15,000 | 14,642 |
Morgan Stanley ABS Capital I Inc. Trust, Series 2006-HE4, Class A-3, 2.633% 20361 | 10,000 | 8,600 |
PECO Energy Transition Trust, Series 1999-A, Class A-7, 6.13% 2009 | 4,067 | 4,088 |
PECO Energy Transition Trust, Series 2000-A, Class A-4, 7.65% 2010 | 17,994 | 18,793 |
Advanta Business Card Master Trust, Series 2006-A5, Class A, 5.10% 2012 | 20,000 | 19,875 |
Advanta Business Card Master Trust, Series 2005-A2, Class A-2, 2.612% 20131 | 2,000 | 1,910 |
J.P. Morgan Mortgage Acquisition Trust, Series 2006-CW1, Class A-4, 2.633% 20361 | 10,000 | 7,958 |
J.P. Morgan Mortgage Acquisition Trust, Series 2007-CH1, Class AF-3, 5.532% 20361 | 15,000 | 13,538 |
CS First Boston Mortgage Securities Corp., Series 2007-3, Class 1-A-1A, 5.837% 20371 | 14,709 | 13,711 |
CS First Boston Mortgage Securities Corp., Series 2007-3, Class 1-A-3B, 5.846% 20371 | 8,477 | 5,924 |
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class B-1, 7.30% 2021 | 8,245 | 8,025 |
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A-4, 6.57% 2027 | 8,290 | 8,199 |
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A-5, 7.12% 2032 | 3,000 | 2,885 |
Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC2, Class A-3B, 2.663% 20371 | 25,000 | 17,672 |
Citigroup Mortgage Loan Trust, Inc., Series 2007-AHL3, Class M-6, 3.163% 20371,3 | 4,175 | 358 |
Citigroup Mortgage Loan Trust, Inc., Series 2007-AHL3, Class M-7, 3.683% 20371,3 | 3,887 | 290 |
Spirit Master Funding LLC, Net-Lease Mortgage Notes, Series 2005-1, Class A-1, AMBAC insured, 5.05% 20232,3 | 26,017 | 18,090 |
Capital Auto Receivables Asset Trust, Series 2004-2, Class A-4, 3.75% 2009 | 13,936 | 13,938 |
Capital Auto Receivables Asset Trust, Series 2006-SN1, Class C, 5.77% 20102 | 3,700 | 3,646 |
Long Beach Mortgage Loan Trust, Series 2006-3, Class II-A3, 2.663% 20461 | 25,564 | 17,147 |
GSAA Home Equity Trust, Series 2006-6, Class AF-6, 6.004% 20361 | 20,000 | 17,027 |
CWABS, Inc., Series 2005-11, Class AF-2, 4.657% 20361 | 16,874 | 16,634 |
AEP Texas Central Transitioning Funding II LLC, Senior Secured Transition Bonds, Series A, Class A-3, 5.09% 2015 | 16,720 | 16,589 |
GE-WMC Mortgage Securities LLC, Series 2005-2, Class A-2-C, 2.733% 20351 | 17,990 | 16,416 |
Option One Mortgage Loan Trust, Series 2002-1, Class M-1, 3.608% 20321,3 | 394 | 177 |
Option One Mortgage Loan Trust, Series 2006-3, Class II-A-2, 2.583% 20371 | 16,275 | 14,552 |
Wachovia Auto Loan Owner Trust, Series 2006-1, Class A-4, 5.08% 20122 | 10,000 | 9,941 |
Wachovia Auto Loan Owner Trust, Series 2006-1, Class B, 5.15% 20122 | 5,000 | 4,651 |
Citicorp Residential Mortgage Trust, Series 2006-2, Class A-4, 5.775% 20361 | 10,000 | 8,345 |
Carrington Mortgage Loan Trust, Series 2006-NC5, Class A-5, 2.543% 20371 | 6,400 | 5,625 |
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2005-2, Class A-6, AMBAC insured, 5.08% 20112 | 14,500 | 13,606 |
Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A-1, 2.633% 20361 | 23,916 | 12,901 |
Franklin Auto Trust, Series 2006-1, Class A-4, 5.03% 2014 | 10,950 | 10,712 |
Franklin Auto Trust, Series 2006-1, Class B, 5.14% 2014 | 2,000 | 1,775 |
Bear Stearns Asset-backed Securities I Trust, Series 2005-CL1, Class A-1, 2.983% 20341 | 14,434 | 12,272 |
Residential Asset Securities Corp. Trust, Series 2001-KS3, Class A-I-6, 5.96% 2031 | 13,146 | 12,058 |
Securitized Asset-backed Receivables LLC Trust, Series 2006-HE2, Class A-2C, 2.633% 20361 | 18,000 | 11,919 |
Home Equity Mortgage Trust, Series 2006-2, Class 1A-1, 5.367% 20361,3 | 1,893 | 757 |
Home Equity Mortgage Trust, Series 2006-4, Class A-1, 5.671% 20361 | 18,677 | 5,971 |
Home Equity Mortgage Trust, Series 2006-5, Class A-1, 5.50% 20371 | 15,653 | 5,031 |
CNL Funding, Series 2000-AA, Class A-2, MBIA insured, 8.044% 20172 | 12,472 | 11,637 |
CWABS Asset-backed Certificates Trust, Series 2007-2, Class 2-A-3, 2.623% 20371 | 20,000 | 11,512 |
SACO I Trust, Series 2005-5, Class I-A, 2.723% 20351 | 7,405 | 5,052 |
SACO I Trust, Series 2006-10, Class A, 2.633% 20361 | 14,145 | 3,306 |
SACO I Trust, Series 2006-5, Class II-A-3, 2.663% 20361 | 7,500 | 713 |
SACO I Trust, Series 2006-4, Class A-3, 2.693% 20361 | 5,742 | 1,618 |
Providian Master Note Trust, Series 2005-A1, Class A, 2.531% 20121,2 | 10,000 | 9,995 |
Green Tree Financial Corp., Series 1996-10, Class A-6, 7.30% 2028 | 2,169 | 2,205 |
Green Tree Financial Corp., Series 1997-6, Class A-7, 7.14% 2029 | 5,656 | 5,576 |
Green Tree Recreational, Equipment & Consumer Trust, Series 1997-D, 7.25% 20293 | 2,272 | 1,068 |
Conseco Finance Home Equity Loan Trust, Series 2002-B, Class M-1, 4.221% 20331 | 980 | 918 |
CWHEQ Revolving Home Equity Loan Trust, Series 2007-C, Class A, FGIC insured, 2.621% 20371 | 20,086 | 9,683 |
Conseco Finance Securitizations Corp., Series 2002-2, Class A-2, 6.03% 2033 | 9,841 | 9,427 |
Merrill Lynch Mortgage Investors Trust, Series 2007-SL1, Class A-1, 2.783% 20371 | 24,201 | 9,095 |
AmeriCredit Prime Automobile Receivables Trust, Series 2007-2-M, Class A-4-A, MBIA insured, 5.35% 2016 | 10,000 | $ 8,573 |
Discover Card Execution Note Trust, Series 2008-3, Class A, 5.10% 2013 | 8,000 | 8,019 |
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-3, 4.35% 20143 | 2,700 | 2,376 |
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-4, 5.27% 2018 | 1,385 | 1,002 |
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-5, 5.873% 20223 | 4,546 | 4,000 |
Ford Credit Auto Owner Trust, Series 2006-B, Class B, 5.43% 2012 | 7,333 | 6,697 |
Discover Card Master Trust I, Series 1996-4, Class B, 3.021% 20131 | 7,000 | 6,505 |
New Century Home Equity Loan Trust, Series 2004-A, Class A-II-5, FGIC insured, 5.25% 2034 | 11,000 | 5,900 |
Cendant Timeshare Receivables Funding, LLC, Series 2005-1, Class A-1, FGIC insured, 4.67% 20172 | 7,666 | 5,611 |
Bear Stearns Mortgage Funding Trust, Series 2007-SL1, Class I-A, 2.643% 20371 | 15,353 | 5,483 |
UCFC Manufactured Housing Contract, Series 1996-2, Class A, MBIA insured, 7.135% 2028 | 6,078 | 5,466 |
American Express Credit Account Master Trust, Series 2006-3, Class C, 2.751% 20141,2 | 6,000 | 5,373 |
Home Equity Asset Trust, Series 2004-7, Class M-1, 3.103% 20351 | 6,500 | 5,059 |
First Investors Auto Owner Trust, Series 2005-A, Class A-2, MBIA insured, 4.23% 20122 | 2,784 | 2,667 |
First Investors Auto Owner Trust, Series 2006-A, Class A-4, MBIA insured, 5.00% 20132 | 2,500 | 2,318 |
CWABS Revolving Home Equity Loan Trust, Series 2004-P, Class 2-A, MBIA insured, 2.791% 20341 | 6,476 | 4,782 |
Consumer Funding LLC, Series 2001-1, Class A-5, 5.43% 2015 | 4,140 | 4,234 |
Origen Manufactured Housing Contract Trust, Series 2004-B, Class M-1, 5.73% 2035 | 2,500 | 2,167 |
Origen Manufactured Housing Contract Trust, Series 2004-B, Class M-2, 6.51% 2035 | 2,000 | 1,664 |
RAAC Mortgage Loan Asset-backed Trust, Series 2004-SP3, Class A-I-5, 4.89% 2032 | 4,855 | 3,786 |
MBNA Master Credit Card Trust II, Series 1999-B, Class B, 6.20% 2011 | 3,750 | 3,768 |
ACLC Business Loan Receivables Trust, Series 2002-1, Class A-2, 7.462% 20222,3 | 3,580 | 3,491 |
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A-2, 3.87% 2011 | 2,892 | 2,901 |
Countryplace Manufactured Housing Contract, Series 2005-1, Class A-2, AMBAC insured, 4.42% 20351,2 | 2,661 | 2,619 |
SLM Student Loan Trust, Series 2003-10, Class A-4, 5.15% 20392 | £1,160 | 2,064 |
Chase Auto Owner Trust, Series 2006-B, Class B, 5.24% 2014 | $1,342 | 1,305 |
Irwin Home Equity, Series 2006-2, Class 2-A3, FGIC insured, 6.40% 20361,2 | 2,000 | 894 |
IndyMac Home Equity Mortgage Loan Asset-backed Trust, Series SPMD 2001-A, Class AF-6, 6.537% 2030 | 636 | 553 |
2,779,158 | ||
BONDS & NOTES OF GOVERNMENTS & GOVERNMENT AGENCIES OUTSIDE THE U.S. — 6.61% | ||
Japanese Government 0.90% 2008 | ¥9,998,250 | 94,358 |
Japanese Government 1.80% 2010 | 487,350 | 4,680 |
Japanese Government 1.30% 2011 | 7,643,050 | 72,947 |
Japanese Government 1.50% 2014 | 3,150,950 | 30,153 |
Japanese Government 1.70% 2016 | 3,754,600 | 36,142 |
Japanese Government 1.70% 2017 | 6,774,850 | 64,870 |
Japanese Government 2.30% 2035 | 3,629,700 | 33,508 |
Israeli Government 6.00% 20103 | ILS405,580 | 123,798 |
Israeli Government 7.50% 20143 | 232,880 | 75,463 |
Israeli Government 6.50% 20163 | 27,375 | 8,416 |
Israeli Government 5.50% 20173 | 318,800 | 91,175 |
German Government 4.50% 2009 | € 4,040 | 6,352 |
German Government 3.75% 2013 | 11,490 | 17,391 |
German Government, Series 6, 4.00% 2016 | 72,120 | 108,809 |
German Government 3.75% 2017 | 45,760 | 67,702 |
German Government 6.25% 2030 | 11,120 | 20,438 |
United Kingdom 5.25% 2012 | £13,030 | 25,991 |
United Kingdom 4.75% 2015 | 21,303 | 41,400 |
United Kingdom 4.00% 2016 | 48,080 | 88,720 |
United Kingdom 4.75% 2038 | 23,305 | 46,830 |
Polish Government 6.00% 2009 | PLN168,790 | 78,651 |
Polish Government 4.25% 2011 | 155,010 | 67,867 |
Polish Government 5.25% 2017 | 110,040 | 46,894 |
Singapore (Republic of) 4.375% 2009 | S$65,430 | 49,049 |
Singapore (Republic of) 2.625% 2010 | 62,325 | 46,904 |
Singapore (Republic of) 3.125% 2011 | S$46,070 | $35,158 |
Singapore (Republic of) 3.625% 2011 | 11,395 | 8,820 |
Singapore (Republic of) 3.75% 2016 | 60,635 | 45,913 |
Swedish Government 5.00% 2009 | SKr422,380 | 70,447 |
Swedish Government 5.25% 2011 | 311,885 | 52,521 |
Canadian Government 4.25% 20263,9 | C$67,670 | 96,637 |
Spanish Government 2.90% 2008 | €28,790 | 45,102 |
Spanish Government 4.20% 2013 | 27,800 | 42,550 |
United Mexican States Government Global 10.375% 2009 | $9,700 | 10,112 |
United Mexican States Government Global 6.375% 2013 | 5,150 | 5,433 |
United Mexican States Government, Series MI10, 9.50% 2014 | MXN255,000 | 25,328 |
United Mexican States Government, Series M20, 10.00% 2024 | 334,800 | 34,433 |
United Mexican States Government Global 6.75% 2034 | $8,570 | 9,114 |
Belgium (Kingdom of), Series 49, 4.00% 2017 | €57,070 | 84,059 |
Netherlands Government Eurobond 5.00% 2012 | 9,560 | 15,164 |
Netherlands Government Eurobond 4.25% 2013 | 26,810 | 41,241 |
Netherlands Government Eurobond 4.50% 2017 | 14,970 | 23,078 |
Queensland Treasury Corp. 6.00% 2015 | A$53,290 | 48,227 |
Queensland Treasury Corp. 6.00% 2017 | 33,210 | 29,708 |
Russian Federation 7.50% 20304 | $65,399 | 73,567 |
Russian Federation 7.50% 20302,4 | 143 | 161 |
Malaysian Government 3.869% 2010 | MYR89,980 | 27,482 |
Malaysian Government 3.718% 2012 | 60,000 | 18,024 |
Malaysian Government 4.262% 2016 | 41,970 | 12,477 |
South Korean Government 5.00% 2011 | KRW44,064,520 | 41,218 |
French Government O.A.T. Eurobond 4.00% 2009 | €13,840 | 21,681 |
French Government O.A.T. Eurobond Strip Principal 0% 2019 | 14,000 | 12,927 |
French Government O.A.T. Eurobond 4.75% 2035 | 2,890 | 4,381 |
Aries Vermögensverwaltungs GmbH, Series C, 9.60% 2014 | $24,750 | 31,454 |
Ireland Government 4.50% 2018 | €14,940 | 22,603 |
Italian Government 3.75% 2011 | 14,335 | 21,940 |
Export-Import Bank of China 4.875% 20152 | $20,000 | 19,444 |
Brazilian Treasury Bill 6.00% 20103,9 | BRL9,135 | 5,515 |
Brazil (Federal Republic of) Global 8.00% 20184 | $ 644 | 717 |
Brazil (Federal Republic of) Global 8.875% 2024 | 1,375 | 1,753 |
Brazil (Federal Republic of) Global 12.25% 2030 | 425 | 722 |
Brazil (Federal Republic of) Global 7.125% 2037 | 1,500 | 1,659 |
Brazil (Federal Republic of) Global 11.00% 2040 | 2,610 | 3,455 |
Banque Centrale de Tunisie 4.75% 2011 | €3,000 | 4,562 |
Banque Centrale de Tunisie 7.375% 2012 | $4,500 | 4,781 |
Argentina (Republic of) 1.933% 20121,3,4 | 4,265 | 2,263 |
Argentina (Republic of) 5.83% 20333,4,6,9 | ARS25,079 | 4,873 |
Argentina (Republic of) GDP-Linked 2035 | 32,811 | 991 |
Argentina (Republic of) 0.63% 20383,4,9 | 13,748 | 960 |
Corporación Andina de Fomento 6.875% 2012 | $5,895 | 6,200 |
Corporación Andina de Fomento 5.125% 2015 | 2,000 | 1,897 |
State of Qatar 9.75% 2030 | 5,220 | 7,882 |
Turkey (Republic of) Treasury Bill 0% 2008 | TRY2,325 | 1,890 |
Turkey (Republic of) 12.375% 2009 | $500 | 539 |
Turkey (Republic of) 15.00% 2010 | TRY5,250 | 3,925 |
Turkey (Republic of) 8.00% 2034 | $1,250 | 1,200 |
Panama (Republic of) Global 7.125% 2026 | 690 | 731 |
Panama (Republic of) Global 8.875% 2027 | 250 | 315 |
Panama (Republic of) Global 9.375% 2029 | 340 | 446 |
Panama (Republic of) Global 6.70% 20364 | 5,748 | 5,863 |
Colombia (Republic of) Global 8.25% 2014 | 2,500 | 2,856 |
Colombia (Republic of) Global 12.00% 2015 | COP2,330,000 | $1,176 |
Colombia (Republic of) Global 7.375% 2037 | $1,000 | 1,072 |
El Salvador (Republic of) 7.65% 20352 | 4,450 | 4,628 |
Peru (Republic of) 8.375% 2016 | 2,920 | 3,399 |
Peru (Republic of) 6.55% 2037 | 316 | 321 |
Indonesia (Republic of) 11.00% 2020 | IDR10,000,000 | 922 |
Indonesia (Republic of) 12.80% 2021 | 11,890,000 | 1,232 |
Indonesia (Republic of) 12.90% 2022 | 2,562,000 | 266 |
European Investment Bank 4.75% 2012 | £790 | 1,516 |
European Investment Bank 5.00% 2039 | 395 | 797 |
Dominican Republic 9.50% 20112 | $1,641 | 1,682 |
Uruguay (Republic of) 7.625% 20364 | 1,250 | 1,286 |
Guatemala (Republic of) 10.25% 20112 | 1,000 | 1,145 |
Egypt (Arab Republic of) Treasury Bill 0% 20093 | EGP6,125 | 1,062 |
Venezuela (Republic of) Global 8.50% 2014 | $245 | 231 |
Venezuela (Republic of) 7.65% 2025 | 525 | 416 |
Venezuela (Republic of) Global 9.25% 2027 | 380 | 358 |
KfW International Finance Inc. 5.50% 2015 | £275 | 540 |
LCR Finance PLC 5.10% 2051 | 165 | 359 |
2,467,315 | ||
MUNICIPALS — 0.15% | ||
State of South Dakota, Educational Enhancement Funding Corp., Tobacco Settlement Asset-backed Bonds, | ||
Series 2002-A, Class A, 6.72% 2025 | $23,332 | 21,599 |
State of Louisiana, Tobacco Settlement Financing Corp., Tobacco Settlement Asset-backed Bonds, | ||
Series 2001-A, Class A, 6.36% 2025 | 9,145 | 8,948 |
State of Wisconsin, Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 8,230 | 8,129 |
State of Louisiana, Citizens Property Insurance Corp., Assessment Revenue Bonds, | ||
Series 2006-C-3, CIFG insured, 8.25% 20251 | 7,325 | 7,325 |
State of California, Los Angeles County Metropolitan Transportation Authority, General Revenue Refunding Bonds | ||
(Workers’ Compensation Funding Program), Series 2003, AMBAC insured, 3.83% 2008 | 5,000 | 5,000 |
California Maritime Infrastructure Authority, Taxable Lease Revenue Bonds (San Diego Unified Port District-South | ||
Bay Plant Acquisition), Series 1999, 6.63% 20092 | 4,715 | 4,728 |
55,729 | ||
Total bonds & notes (cost: $35,071,617,000) | 33,555,024 | |
Shares or | ||
Convertible securities — 0.43% | principal amount | |
FINANCIALS — 0.38% | ||
Countrywide Financial Corp., Series A, 0% convertible debentures 20371 | $23,778,000 | 23,035 |
Countrywide Financial Corp., Series A, 0% convertible debentures 20371,2 | $40,000,000 | 38,750 |
Bank of America Corp., Series L, 7.25% convertible preferred | 60,000 | 53,100 |
Fannie Mae, Series 2004-1, 5.375% convertible preferred | 400 | 24,000 |
Citigroup Inc., Series J, 7.00% noncumulative convertible preferred depositary shares3,10 | 50,000 | 2,284 |
141,169 | ||
CONSUMER DISCRETIONARY — 0.04% | ||
Amazon.com, Inc. 6.875% PEACS convertible notes 2010 | ¤9,005,000 | 14,186 |
INFORMATION TECHNOLOGY — 0.01% | ||
Advanced Micro Devices, Inc. 6.00% convertible debentures 2015 | $770,000 | $ 489 |
Advanced Micro Devices, Inc. 5.75% convertible debentures 2012 | $5,891,000 | 4,367 |
4,856 | ||
Total convertible securities (cost: $169,002,000) | 160,211 | |
Preferred securities — 4.47% | Shares | |
FINANCIALS — 4.43% | ||
Fannie Mae, Series O, 7.00%1,2 | 2,826,220 | 133,981 |
Fannie Mae, Series S, 8.25% noncumulative | 1,828,900 | 41,978 |
Fannie Mae, Series R, 7.625% | 790,100 | 19,086 |
Fannie Mae, Series E, 5.10% | 150,000 | 5,128 |
Washington Mutual Preferred Funding Trust IV 9.75%1,2 | 120,000,000 | 94,633 |
Washington Mutual Preferred Funding Trust I, Series A-1, 6.534%1,2 | 127,500,000 | 56,710 |
HSBC Capital Funding LP, Series 1, 9.547% noncumulative step-up1,2 | 71,250,000 | 74,375 |
HSBC Capital Funding LP, Series 2, 10.176% noncumulative step-up1,2 | 28,000,000 | 34,435 |
HSBC Capital Funding LP 8.03% noncumulative1 | 20,000,000 | 31,616 |
HSBC Bank Capital Funding (Sterling 1) LP 5.844% noncumulative1 | 185,000 | 299 |
SMFG Preferred Capital USD 1 Ltd. 6.078%1,2 | 125,114,000 | 106,413 |
Freddie Mac, Series Z, 8.375% | 3,202,660 | 77,965 |
Freddie Mac, Series V, 5.57% | 693,000 | 12,296 |
Freddie Mac, Series U, 5.90% | 496,600 | 9,803 |
Standard Chartered PLC 6.409%1,2 | 90,200,000 | 72,495 |
Standard Chartered Capital Trust I 8.16%1 | 10,000,000 | 15,623 |
Standard Chartered PLC 7.014% noncumulative redeemable preference shares1,2 | 5,000,000 | 4,318 |
Barclays Bank PLC 7.434%1,2 | 95,860,000 | 90,063 |
Bank of America Corp., Series K, 8.00% noncumulative1 | 62,900,000 | 59,025 |
Bank of America Corp., Series E, 0% depositary shares | 1,384,800 | 23,671 |
BNP Paribas 7.195%1,2 | 61,700,000 | 55,952 |
BNP Paribas Capital Trust 9.003% noncumulative trust1,2 | 15,000,000 | 15,662 |
Santander Finance Preferred S.A., Unipersonal, Series 4, 6.80% | 1,600,000 | 35,136 |
Santander Finance Preferred S.A., Unipersonal, 6.50% | 910,000 | 19,258 |
MUFG Capital Finance 1 Ltd. 6.346% noncumulative1 | 51,902,000 | 45,056 |
MUFG Capital Finance 2 Ltd. 4.85% noncumulative1 | 4,650,000 | 5,639 |
Swire Pacific Capital Ltd. 8.84% cumulative guaranteed perpetual capital securities2 | 1,670,000 | 49,109 |
AXA SA, Series B, 6.379%1,2 | 56,870,000 | 45,743 |
PNC Preferred Funding Trust I 6.517%1,2 | 46,000,000 | 36,706 |
ILFC E-Capital Trust II 6.25%1,2 | 42,460,000 | 35,490 |
Société Générale 5.922%1,2 | 39,622,000 | 33,726 |
Resona Preferred Global Securities (Cayman) Ltd. 7.191%1,2 | 32,800,000 | 30,328 |
QBE Capital Funding II LP 6.797%1,2 | 36,055,000 | 30,273 |
XL Capital Ltd., Series E, 6.50%1 | 44,200,000 | 29,879 |
National Bank of Canada, Series A, 8.35% exchangeable depositary shares | 1,200,000 | 28,392 |
RBS Capital Trust IV 3.601% noncumulative trust1 | 24,685,000 | 19,562 |
Royal Bank of Scotland Group PLC 6.625%1 | 4,700,000 | 7,255 |
Aspen Insurance Holdings Ltd. 7.401% noncumulative1 | 1,035,500 | 22,813 |
Shinsei Finance II (Cayman) Ltd. 7.16% noncumulative1,2 | 30,645,000 | 21,643 |
Commerzbank Capital Funding Trust I, Class B, 5.012% noncumulative1 | 15,500,000 | 19,118 |
Commerzbank Capital Funding Trust II, Class B, 5.905% noncumulative1 | 300,000 | 455 |
Lloyds TSB Group PLC 6.267%1,2 | 23,640,000 | 18,886 |
Chuo Mitsui Trust and Banking Co., Ltd. 5.506%1,2 | 20,220,000 | 17,474 |
Weingarten Realty Investors, Series D, 6.75% 2008 | 495,420 | 10,528 |
Weingarten Realty Investors, Series E, 6.95% cumulative redeemable depositary shares | 250,000 | 5,500 |
ING Capital Funding Trust III 8.439% noncumulative1 | 14,880,000 | 15,043 |
DBS Capital Funding Corp., Series A, 7.657% noncumulative guaranteed preference shares1,2 | 11,250,000 | 11,381 |
Mizuho Capital Investment (EUR) 1 Ltd. 5.02%1 | 4,650,000 | 6,382 |
Zions Bancorporation, Series A, depositary shares | 400,000 | 5,500 |
HBOS Capital Funding LP, Series A, 6.461% noncumulative1 | 3,200,000 | 5,111 |
CBG Florida REIT Corp., Series A, Class A, 7.114%1,2 | 18,000,000 | 4,891 |
IndyMac Bancorp, Inc., Series A, 8.50% noncumulative2 | 434,000 | 461 |
BOI Capital Funding (No. 4) LP 6.43%1 | 240,000 | 357 |
UniCredito Italiano Capital Trust IV 5.396%1 | 190,000 | 315 |
1,652,937 | ||
U.S. GOVERNMENT AGENCY SECURITIES — 0.01% | ||
US AgBank 6.11%1,2 | 5,000,000 | 3,458 |
MISCELLANEOUS — 0.03% | ||
Other preferred securities in initial period of acquisition | 13,491 | |
Total preferred securities (cost: $1,880,983,000) | 1,669,886 | |
Common stocks — 0.23% | ||
UTILITIES — 0.15% | ||
Drax Group PLC | 3,835,176 | 56,471 |
INDUSTRIALS — 0.05% | ||
DigitalGlobe Inc.3,10,11 | 3,984,039 | 15,936 |
Northwest Airlines Corp.11 | 296,393 | 1,974 |
Delta Air Lines, Inc.11 | 185,732 | 1,059 |
UAL Corp.11 | 10,069 | 53 |
19,022 | ||
CONSUMER DISCRETIONARY — 0.01% | ||
Time Warner Cable Inc., Class A11 | 108,650 | 2,877 |
Adelphia Recovery Trust, Series Arahova11 | 1,943,006 | 641 |
Adelphia Recovery Trust, Series ACC-13,11 | 3,366,231 | 169 |
Adelphia Recovery Trust, Series ACC-6B3,11 | 5,056,500 | — |
3,687 | ||
INFORMATION TECHNOLOGY — 0.01% | ||
ZiLOG, Inc.11,12 | 879,000 | 2,778 |
HEALTH CARE — 0.00% | ||
Clarent Hospital Corp.3,11,12 | 331,291 | 16 |
TELECOMMUNICATION SERVICES — 0.00% | ||
XO Holdings, Inc.11 | 7,614 | 3 |
MISCELLANEOUS — 0.01% | ||
Other common stocks in initial period of acquisition | $ 5,016 | |
Total common stocks (cost: $67,671,000) | 86,993 | |
Warrants — 0.00 | Shares | |
TELECOMMUNICATION SERVICES — 0.00% | ||
XO Holdings, Inc., Series A, warrants, expire 201011 | 15,233 | 1 |
XO Holdings, Inc., Series B, warrants, expire 201011 | 11,424 | — |
XO Holdings, Inc., Series C, warrants, expire 201011 | 11,424 | — |
GT Group Telecom Inc., warrants, expire 20102,3,11 | 2,750 | 0 |
Total warrants (cost: $143,000) | 1 | |
Principal amount | ||
Short-term securities — 4.79% | (000) | |
Park Avenue Receivables Co., LLC 2.40%–2.55% due 7/7–8/14/20082 | $100,000 | 99,715 |
Jupiter Securitization Co., LLC 2.47%–2.70% due 7/14–7/22/20082 | 92,996 | 92,877 |
Ciesco LLC 2.55%–2.60% due 7/14–7/23/20082 | 109,500 | 109,366 |
CAFCO, LLC 2.75% due 7/15/20082 | 75,000 | 74,911 |
Freddie Mac 1.93%–2.05% due 8/25–9/2/2008 | 160,000 | 159,474 |
Abbott Laboratories 1.97%–2.00% due 7/9–7/21/20082 | 134,800 | 134,675 |
Procter & Gamble International Funding S.C.A. 2.00%–2.10% due 7/2–7/29/20082 | 125,600 | 125,443 |
Bank of America Corp. 2.52%–2.615% due 7/9–8/19/2008 | 125,000 | 124,841 |
Coca-Cola Co. 1.98%–2.06% due 7/10–8/4/20082 | 100,000 | 99,847 |
Wells Fargo & Co. 2.14%–2.35% due 7/25–8/8/2008 | 96,100 | 95,877 |
United Parcel Service Inc. 2.04%–2.13% due 9/2–9/3/20082 | 81,500 | 81,108 |
Johnson & Johnson 2.07%–2.10% due 8/1–8/5/20082 | 73,500 | 73,357 |
Wal-Mart Stores Inc. 2.10%–2.15% due 7/14–7/22/20082 | 73,000 | 72,928 |
John Deere Capital Corp. 2.00%–2.19% due 7/24–8/22/20082 | 65,100 | 64,908 |
Pfizer Inc 2.11% due 7/2/20082 | 50,000 | 49,994 |
HSBC Finance Corp. 2.50% due 8/11/2008 | 50,000 | 49,854 |
Chevron Corp. 2.20% due 7/23/2008 | 47,500 | 47,433 |
Eaton Corp. 2.18% due 8/1/20082 | 44,180 | 44,094 |
Federal Home Loan Bank 2.27%–2.33% due 8/13–9/10/2008 | 42,450 | 42,325 |
IBM Capital Inc. 2.20% due 9/10/20082 | 20,000 | 19,890 |
IBM Corp. 2.15% due 8/5/20082 | 6,100 | 6,087 |
Harley-Davidson Funding Corp. 2.10% due 7/11/20082 | 25,000 | 24,980 |
Yale University 2.35% due 8/12/2008 | 17,395 | 17,346 |
NetJets Inc. 2.20% due 8/12/20082 | 17,100 | 17,055 |
Genentech, Inc. 2.15% due 7/14/20082 | 15,000 | 14,987 |
Honeywell International Inc. 2.20% due 7/23/20082 | 15,000 | 14,976 |
Paccar Financial Corp. 1.98% due 8/13/2008 | 13,900 | 13,855 |
Edison Asset Securitization LLC 2.40% due 8/20/20082 | 11,800 | 11,750 |
E.I. duPont de Nemours and Co. 2.17% due 7/14/20082 | 3,500 | 3,497 |
Total short-term securities (cost: $1,787,713,000) | 1,787,450 | |
Total investment securities (cost: $38,977,129,000) | $37,259,565 | |
Other assets less liabilities | 75,672 | |
Net assets | $37,335,237 |
“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.
1Coupon rate may change periodically.
2Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,774,518,000, which represented 20.82% of the net assets of the fund.
3Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $1,158,194,000, which represented 3.10% of the net assets of the fund.
4Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
5Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $224,706,000, which represented .60% of the net assets of the fund.
6Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
7Step bond; coupon rate will increase at a later date.
8Scheduled interest and/or principal payment was not received.
9Index-linked bond whose principal amount moves with a government retail price index.
10Purchased in a transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
Acquisition | Cost | Market value | Percent of | |
date(s) | (000) | (000) | net assets | |
DigitalGlobe Inc. | 4/14/1999–7/31/2003 | $3,250 | $15,936 | .04% |
Citigroup Inc., Series J, 7.00%, noncumulative convertible preferred depositary shares | 1/15/2008 | 2,500 | 2,284 | .01 |
Total restricted securities | $5,750 | $18,220 | .05% |
11Security did not produce income during the last 12 months.
12Represents an affiliated company as defined under the Investment Company Act of 1940.
Key to abbreviations | ||
ARS = Argentine Pesos | € = Euros | MYR = Malaysian Ringgit |
A$ = Australian Dollars | £ = British Pounds | PLN = Polish Zloty |
BRL = Brazilian Reais | IDR = Indonesian Rupiah | SKr = Swedish Kronor |
C$ = Canadian Dollars | ILS = Israeli Shekels | S$ = Singapore Dollars |
COP = Colombian Pesos | ¥ = Japanese Yen | TRY = New Turkish Lira |
DKr = Danish Kroner | KRW = South Korean Won | |
EGP = Egyptian Pounds | MXN = Mexican Pesos |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.
MFGEFP-908-0808O-S15869
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of directors. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls 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 has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
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.
THE BOND FUND OF AMERICA, INC. | |
By /s/ Abner D. Goldstine | |
Abner D. Goldstine, President and Principal Executive Officer | |
Date: September 5, 2008 |
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/ Abner D. Goldstine |
Abner D. Goldstine, President and Principal Executive Officer |
Date: September 5, 2008 |
By /s/ Ari M. Vinocor |
Ari M. Vinocor, Treasurer and Principal Financial Officer |
Date: September 5, 2008 |