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, 2009
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
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
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 of an outside view looking in of windows of an office building]
Semi-annual report for the six months ended June 30, 2009
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 nearly 80 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, so they may lose value. 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, 2009:
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 3.75% maximum sales charge | –8.41 | % | 1.26 | % | 3.91 | % |
The total annual fund operating expense ratio was 0.67% for Class A shares for the 12 months ended June 30, 2009.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 28 to 33 for details.
The fund’s 30-day yield for Class A shares as of July 31, 2009, calculated in accordance with the Securities and Exchange Commission formula, was 4.63%. The fund’s distribution rate for Class A shares as of that date was 5.89%. 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 for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in bonds issued 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. See the prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
[photo of an outside night view into windows of an office building]
Fellow shareholders:
The first half of the current fiscal year delivered significant improvements to a bond market beleaguered by bad mortgages and worrisome debt levels. Nearly every sector of the market, save Treasuries, recorded gains, reversing trends that hampered returns during the last half of 2008.
The Bond Fund of America produced a total return of 7.1% for the six months ended June 30, 2009. This was well in excess of the Barclays Capital U.S. Aggregate Index, which recorded a 1.9% return. Fund results also topped its peer group measure, the Lipper Corporate Debt A-Rated Bond Funds Average, which tallied a 6.6% return. Results for longer time periods are shown in the table below.
A portion of the fund’s return comes from income generated by portfolio holdings. For the six-month period, shareholders received monthly dividends totaling about 29 cents a share. This amounts to an income return of approximately 2.8% for those who reinvested dividends, or about 5.6% if annualized.
[Begin Sidebar]
Results at a glance | ||||||||||||||||
For periods ended June 30, 2009, with all distributions reinvested | ||||||||||||||||
Total returns | Average annual total returns | |||||||||||||||
1 year | 5 years | 10 years | Lifetime | |||||||||||||
(since 5/28/74) | ||||||||||||||||
The Bond Fund of America | ||||||||||||||||
(Class A shares) | –4.84 | % | 2.04 | % | 4.31 | % | 8.36 | % | ||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Index* | 6.05 | 5.01 | 5.98 | 8.44 | ||||||||||||
Lipper Corporate Debt A-Rated | ||||||||||||||||
Bond Funds Average† | 0.42 | 2.83 | 4.61 | 8.12 | ||||||||||||
*The unmanaged Lehman Brothers U.S. Aggregate Index began on January 1, 1976, and was renamed the Barclays Capital U.S. Aggregate Index in 2008. From May 28, 1974, through December 31, 1975, the Barclays Capital U.S. Government/Credit Index was used. | ||||||||||||||||
† Source: Lipper. Lipper averages do not include the effect of sales charges. |
[End Sidebar]
Shareholder income during the second half of the year, however, will be meaningfully lower because of the impact of short-term rates remaining at virtually zero, lower yields on corporate bonds and securitized assets, and the fund’s increased exposure to higher quality (lower yielding) securities. As a result, the fund’s dividend has been reduced over the past six months. Effective with the July payment, the accrued monthly dividend will be 3.85 cents a share.
Bond market overview
What a difference six months make. Investor worries stemming from the global financial crisis nearly paralyzed the bond market last autumn. In 2009, however, these concerns abated somewhat as the federal government aggressively bolstered troubled financial institutions, intervened to stem the rise of problem mortgages and provided stimuli to blunt the impact of the ongoing recession. As a result, conditions in the bond market improved steadily, and prices for many securities improved significantly.
In general, sectors of the market that were most impaired by the downturn last autumn recorded some of the best returns for the first half of 2009. These included high-yield debt, investment-grade corporate bonds, commercial mortgage-backed securities and portions of the asset-backed sector. Within the corporate sector, bonds of financial companies generally produced good results, but industrial and utility issuers recorded stronger gains overall.
Federal agency mortgage-backed obligations, which had held up well during the market downturn, posted modestly positive results during the first half but lagged the sectors previously mentioned.
In contrast to most other sectors, Treasury bonds recorded negative results for the reporting period. Treasuries had soared in value during the last half of 2008 but began to weaken in 2009 as yields rose on intermediate and longer dated maturities. (Remember: A bond’s price and its yield move in opposite directions.) Yields on seven-year and longer Treasuries rose more than a percentage point during the first half of 2009.
How the fund responded
The portfolio counselors of The Bond Fund of America took advantage of improvements in the bond market to bolster the credit quality of the portfolio and to reduce exposure to higher risk securities. Although portfolio counselors do not expect a repeat of conditions that mired the bond market last year, they remain concerned about the extent of problem loans and mortgages and have sought to buffer the portfolio against additional volatility and shocks to the market.
The portfolio counselors of The Bond Fund of America took advantage of improvements in the bond market to bolster the credit quality of the portfolio and to reduce exposure to higher risk securities. Although portfolio counselors do not expect a repeat of conditions that mired the bond market last year, they remain concerned about the extent of problem loans and mortgages and have sought to buffer the portfolio against additional volatility and shocks to the market.
With this in mind, the portfolio counselors have increased the fund’s weighting in U.S. government bonds (Treasuries and federal agencies) to 27.5% from 14.1% at the start of the period. At the same time, they trimmed exposure to credit-sensitive sectors, including corporate bonds (mainly financial issuers), asset-backed obligations and bonds of governments and government agencies outside the United States. They also modestly reduced the fund’s exposure to mortgage-backed obligations. The pie chart atop the summary investment portfolio on page 5 provides a breakdown of the portfolio’s exposure to various sectors of the bond market as of June 30.
Overall, the fund maintained a broad exposure to the market, with more than 2,100 individual debt holdings. These holdings reflect the ongoing recommendations of our investment analysts, while the mix of securities reflects the investment convictions of the fund’s portfolio counselors.
Looking ahead
While the bond market has rebounded impressively from the 2008 decline, challenges remain for some issuers and investors alike. Though many issuers have taken advantage of ready access to the credit markets in recent months in order to strengthen their balance sheets, some parts of the bond market still labor under the weight of the recession. Problem loans and difficulties in parts of the mortgage and asset-backed sectors still impact lenders and investors. Additionally, investors have growing concerns about when and how the government will begin to reduce and exit the various programs that it put in place to support the credit markets.
In the midst of this tentative recovery, we relied heavily on our research capabilities and the ability of the fund to access every segment of the bond market. Even in this unsettled environment, we continued to find attractive investment opportunities. Additionally, we have taken steps to help preserve shareholder principal by increasing our exposure to asset classes that have been less volatile over time.
Finally, we take this opportunity to welcome the many new shareholders who have joined the fund this year, and we thank those who have stood with us through last year’s difficult market. We appreciate your confidence in our efforts and look forward to reporting to you again at the end of the year.
Cordially,
/s/ Paul G. Haaga, Jr.
Paul G. Haaga, Jr.
Vice Chairman of the Board
/s/ Abner D. Goldstine
Abner D. Goldstine
President
August 7, 2009
For current information about the fund, visit americanfunds.com.
Other share class results
Classes B, C, F and 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, 2009: | ||||||||||||
Life | ||||||||||||
1 year | 5 years | of class | ||||||||||
Class B shares1 — 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 | –10.00 | % | 0.97 | % | 3.68 | % | ||||||
Not reflecting CDSC | –5.54 | 1.29 | 3.68 | |||||||||
Class C shares — first sold 3/15/01 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only if | ||||||||||||
shares are sold within one year of purchase | –6.47 | 1.24 | 3.01 | |||||||||
Not reflecting CDSC | –5.58 | 1.24 | 3.01 | |||||||||
Class F-1 shares2 first sold 3/15/01 | ||||||||||||
Not reflecting annual asset-based fee charged by | ||||||||||||
sponsoring firm | –4.83 | 2.05 | 3.81 | |||||||||
Class F-2 shares2 — first sold 8/4/08 | ||||||||||||
Not reflecting annual asset-based fee charged by | ||||||||||||
sponsoring firm | — | — | –3.11 | 3 | ||||||||
Class 529-A shares4 — first sold 2/15/02 | ||||||||||||
Reflecting 3.75% maximum sales charge | –8.45 | 1.21 | 3.17 | |||||||||
Not reflecting maximum sales charge | –4.88 | 2.00 | 3.71 | |||||||||
Class 529-B shares1,4 — first sold 2/15/02 | ||||||||||||
Reflecting applicable CDSC, maximum of 5%, payable | ||||||||||||
only if shares are sold within six years of purchase | –10.10 | 0.83 | 2.84 | |||||||||
Not reflecting CDSC | –5.64 | 1.15 | 2.84 | |||||||||
Class 529-C shares4 — first sold 2/19/02 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only if | ||||||||||||
shares are sold within one year of purchase | –6.53 | 1.17 | 2.88 | |||||||||
Not reflecting CDSC | –5.63 | 1.17 | 2.88 | |||||||||
Class 529-E shares2,4 — first sold 3/7/02 | –5.15 | 1.69 | 3.42 | |||||||||
Class 529-F-1 shares2,4 — first sold 9/26/02 | ||||||||||||
Not reflecting annual asset-based fee charged by | ||||||||||||
sponsoring firm | –4.68 | 2.15 | 4.05 |
1These shares are no longer available for purchase. |
2These shares are sold without any initial or contingent deferred sales charge. |
3Results are cumulative total returns; they are not annualized. |
4Results shown do not reflect the $10 account setup fee and an annual $10 account maintenance fee. |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 28 to 33 for details.
For information regarding the differences among the various share classes, please refer to the fund’s prospectus.
Summary investment portfolio, June 30, 2009
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 | 33.74 | % | ||
Bonds & notes of U.S. government & government agencies | 27.52 | |||
Mortgage-backed obligations | 23.93 | |||
Bonds & notes of governments & government agencies outside the U.S. | 4.04 | |||
Asset-backed obligations | 3.93 | |||
Preferred securities | 1.84 | |||
Municipals | 0.66 | |||
Convertible securities | 0.11 | |||
Common stocks & warrants | 0.04 | |||
Short-term securities & other assets less liabilities | 4.19 |
[end pie chart]
Portfolio quality summary (percent of net assets)* | |||
U.S. government obligations† | 25.6 | % | |
Federal agencies | 18.8 | ||
AAA | 9.8 | ||
AA | 4.5 | ||
A | 12.9 | ||
BBB | 17.0 | ||
BB | 2.8 | ||
B | 2.4 | ||
CCC or less | 2.0 | ||
Short-term securities & other assets less liabilities | 4.2 | ||
Bond ratings are generally issued by independent rating agencies and are designed to provide an indication of an issuer's creditworthiness. Please see the fund's most recent statement of additional information for details. | |||
* Bond ratings reflect those of a credit rating agency; if ratings are not available, they are assigned by the fund's investment analysts. | |||
† These securities are guaranteed by the full faith and credit of the United States government. |
Principal | Percent | |||||||||||||
amount | Value | of net | ||||||||||||
Bonds & notes - 93.82% | (000 | ) | (000 | ) | assets | |||||||||
Corporate bonds & notes - 33.74% | ||||||||||||||
Financials - 9.92% | ||||||||||||||
Other securities | $ | 3,759,941 | 9.92 | % | ||||||||||
Consumer discretionary - 4.48% | ||||||||||||||
Other securities | 1,697,666 | 4.48 | ||||||||||||
Telecommunication services - 3.49% | ||||||||||||||
Verizon Communications Inc. 3.75% 2011 (1) | $ | 111,950 | 114,293 | .30 | ||||||||||
Other securities | 1,208,791 | 3.19 | ||||||||||||
1,323,084 | 3.49 | |||||||||||||
Energy - 3.39% | ||||||||||||||
Other securities | 1,282,476 | 3.39 | ||||||||||||
Utilities - 3.25% | ||||||||||||||
Other securities | 1,231,952 | 3.25 | ||||||||||||
Industrials - 3.12% | ||||||||||||||
Other securities | 1,180,998 | 3.12 | ||||||||||||
Health care - 2.88% | ||||||||||||||
Other securities | 1,090,199 | 2.88 | ||||||||||||
Other corporate bonds & notes - 3.21% | ||||||||||||||
Other securities | 1,218,926 | 3.21 | ||||||||||||
Total corporate bonds & notes | 12,785,242 | 33.74 | ||||||||||||
Bonds & notes of U.S. government & government agencies - 27.52% | ||||||||||||||
U.S. Treasury: | ||||||||||||||
2.00% 2010 | 124,125 | 125,439 | ||||||||||||
1.125% 2011 | 112,705 | 112,160 | ||||||||||||
1.75% 2011 | 652,130 | 659,134 | ||||||||||||
4.625% 2011 | 290,400 | 313,972 | ||||||||||||
2.00% 2013 | 249,840 | 246,220 | ||||||||||||
2.75% 2013 | 132,160 | 134,633 | ||||||||||||
3.375% 2013 | 142,760 | 149,630 | ||||||||||||
4.25% 2013 | 604,036 | 653,301 | ||||||||||||
1.75% 2014 | 550,090 | 534,682 | ||||||||||||
1.875% 2014 | 185,975 | 181,188 | ||||||||||||
1.875% 2014 | 100,000 | 97,051 | ||||||||||||
2.25% 2014 | 282,500 | 278,748 | ||||||||||||
4.25% 2014 | 161,875 | 174,364 | ||||||||||||
4.25% 2015 | 134,000 | 143,684 | ||||||||||||
11.25% 2015 | 133,500 | 192,631 | ||||||||||||
2.375% 2016 | 267,400 | 254,864 | ||||||||||||
2.625% 2016 | 349,000 | 337,507 | ||||||||||||
3.25% 2016 | 209,280 | 210,163 | ||||||||||||
4.50% 2017 | 228,250 | 246,384 | ||||||||||||
4.625% 2017 | 180,925 | 196,912 | ||||||||||||
3.50% 2018 | 658,870 | 662,270 | ||||||||||||
3.75% 2018 | 605,075 | 615,615 | ||||||||||||
3.875% 2018 | 171,505 | 176,763 | ||||||||||||
2.75% 2019 | 717,085 | 671,708 | ||||||||||||
3.125% 2019 | 363,090 | 351,148 | ||||||||||||
6.875% 2025 | 93,610 | 122,702 | ||||||||||||
4.50% 2036 | 260,960 | 269,115 | ||||||||||||
4.375% 2038 | 106,895 | 108,047 | ||||||||||||
0%-8.875% 2010-2039 (2) (3) | 1,122,830 | 1,255,479 | 25.01 | |||||||||||
Fannie Mae: | ||||||||||||||
1.75% 2011 | 143,210 | 144,530 | ||||||||||||
2.50%-6.125% 2012-2017 | 126,500 | 128,589 | .72 | |||||||||||
Freddie Mac 1.75%-5.50% 2010-2016 | 230,990 | 236,264 | .62 | |||||||||||
Federal Home Loan Bank 3.625%-5.375% 2012-2016 | 133,000 | 141,551 | .37 | |||||||||||
Other securities | 301,738 | .80 | ||||||||||||
10,428,186 | 27.52 | |||||||||||||
Mortgage-backed obligations - 23.93% | ||||||||||||||
Federal agency mortgage-backed obligations (4) - 16.86% | ||||||||||||||
Fannie Mae: | ||||||||||||||
4.00% 2024 | 210,420 | 210,836 | ||||||||||||
4.00% 2024 | 165,832 | 166,117 | ||||||||||||
4.00% 2024 | 138,853 | 139,092 | ||||||||||||
5.00% 2036 | 118,249 | 120,781 | ||||||||||||
6.00% 2037 | 120,194 | 125,812 | ||||||||||||
5.00% 2039 | 97,774 | 99,710 | ||||||||||||
0%-12.01% 2009-2047 (5) | 3,637,533 | 3,773,844 | 12.24 | |||||||||||
Freddie Mac: | ||||||||||||||
6.00% 2027 | 148,398 | 155,951 | ||||||||||||
6.00% 2038 | 126,842 | 132,625 | ||||||||||||
0%-11.00% 2009-2047 (3) (5) | 1,203,321 | 1,248,173 | 4.05 | |||||||||||
Government National Mortgage Assn. 6.00% 2038 | 142,725 | 148,958 | .39 | |||||||||||
Other securities | 66,577 | .18 | ||||||||||||
6,388,476 | 16.86 | |||||||||||||
Commercial mortgage-backed securities (4) - 4.19% | ||||||||||||||
Fannie Mae 4.491%-7.30% 2010-2012 | 151,325 | 158,598 | .42 | |||||||||||
Other securities | 1,428,406 | 3.77 | ||||||||||||
1,587,004 | 4.19 | |||||||||||||
Collateralized mortgage-backed obligations (privately originated) - 2.30% | ||||||||||||||
Other securities | 872,093 | 2.30 | ||||||||||||
Other mortgage-backed securities - 0.58% | ||||||||||||||
Other securities | 218,035 | .58 | ||||||||||||
Total mortgage-backed obligations | 9,065,608 | 23.93 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. - 4.04% | ||||||||||||||
German Government, Series 8, 4.25% 2018 | € | 127,690 | 192,684 | .51 | ||||||||||
United Kingdom 4.50% 2019 | £ | 58,910 | 103,185 | .27 | ||||||||||
Other securities | 1,233,824 | 3.26 | ||||||||||||
1,529,693 | 4.04 | |||||||||||||
Asset-backed obligations (4) - 3.93% | ||||||||||||||
AmeriCredit Automobile Receivables Trust, Series 2007-A-X, Class A-4, XLCA insured, 0.358% 2013 (5) | $ | 125,000 | 105,064 | .28 | ||||||||||
Other securities | 1,384,205 | 3.65 | ||||||||||||
1,489,269 | 3.93 | |||||||||||||
Municipals - 0.66% | ||||||||||||||
Other securities | 250,004 | .66 | ||||||||||||
Total bonds & notes (cost: $37,343,711,000) | 35,548,002 | 93.82 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Convertible securities - 0.11% | Shares | (000 | ) | assets | ||||||||||
Other - 0.11% | ||||||||||||||
Fannie Mae, Series 2004-1, 5.375% convertible preferred | 400 | 400 | .00 | |||||||||||
Other securities | 42,827 | .11 | ||||||||||||
Total convertible securities (cost: $77,535,000) | 43,227 | .11 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Preferred securities - 1.84% | Shares | (000 | ) | assets | ||||||||||
Financials - 1.84% | ||||||||||||||
JPMorgan Chase & Co., Series I, 7.90% (5) | 114,250,000 | 100,258 | .26 | |||||||||||
Fannie Mae, Series O, 7.00% (1) (5) | 4,825,230 | 8,686 | ||||||||||||
Fannie Mae, Series R, 7.625% | 382,800 | 445 | .02 | |||||||||||
Freddie Mac, Series Z, 8.375% (6) | 2,663,885 | 3,097 | ||||||||||||
Freddie Mac, Series V, 5.57% (6) | 3,356,231 | 3,096 | ||||||||||||
Freddie Mac, Series W, 5.66% (6) | 1,548,000 | 1,537 | ||||||||||||
Freddie Mac, Series F, 5.00% (6) | 294,375 | 412 | ||||||||||||
Freddie Mac, Series U, 5.90% (6) | 496,600 | 397 | ||||||||||||
Freddie Mac, Series Y, 6.55% (6) | 374,269 | 307 | .02 | |||||||||||
Other securities | 577,151 | 1.54 | ||||||||||||
695,386 | 1.84 | |||||||||||||
U.S. government agency securities - 0.00% | ||||||||||||||
Other securities | 1,844 | .00 | ||||||||||||
Total preferred securities (cost: $1,211,882,000) | 697,230 | 1.84 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Common stocks - 0.04% | (000 | ) | assets | |||||||||||
Other - 0.04% | ||||||||||||||
Other securities | 12,819 | .04 | ||||||||||||
Total common stocks (cost: $49,539,000) | 12,819 | .04 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Warrants - 0.00% | (000 | ) | assets | |||||||||||
Other - 0.00% | ||||||||||||||
Other securities | - | .00 | ||||||||||||
Total warrants (cost: $143,000) | - | .00 | ||||||||||||
Principal | Percent | |||||||||||||
amount | Value | of net | ||||||||||||
Short-term securities - 4.43% | (000 | ) | (000 | ) | assets | |||||||||
Federal Home Loan Bank 0.16%-0.44% due 7/1-12/2/2009 | $ | 512,450 | 512,236 | 1.35 | ||||||||||
U.S. Treasury Bills 0.19%-0.355% due 7/2-9/24/2009 | 216,600 | 216,559 | .57 | |||||||||||
Abbott Laboratories 0.20%-0.23% due 7/1-9/29/2009 (1) | 141,526 | 141,477 | .37 | |||||||||||
Park Avenue Receivables Co., LLC 0.26% due 7/13/2009 (1) | 60,100 | 60,094 | ||||||||||||
Jupiter Securitization Co., LLC 0.25% due 7/14/2009 (1) | 50,000 | 49,995 | .29 | |||||||||||
Merck & Co. Inc. 0.20%-0.25% due 7/17-7/28/2009 | 104,400 | 104,388 | .28 | |||||||||||
Procter & Gamble International Funding S.C.A. 0.18%-0.20% due 7/13-8/24/2009 (1) | 95,900 | 95,886 | .25 | |||||||||||
NetJets Inc. 0.21% due 8/5/2009 (1) | 95,000 | 94,980 | .25 | |||||||||||
Freddie Mac 0.17%-0.20% due 8/10-9/28/2009 | 10,100 | 10,096 | .03 | |||||||||||
Fannie Mae 0.17% due 7/23/2009 | 250 | 250 | .00 | |||||||||||
Other securities | 393,954 | 1.04 | ||||||||||||
Total short-term securities (cost: $1,679,870,000) | 1,679,915 | 4.43 | ||||||||||||
Total investment securities (cost: $40,362,680,000) | 37,981,193 | 100.24 | ||||||||||||
Other assets less liabilities | (90,587 | ) | (.24 | ) | ||||||||||
Net assets | $ | 37,890,606 | 100.00 | % |
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. One of these securities (with aggregate value of $3,905,000, which represented .01% of the net assets of the fund) may be subject to legal or contractual restrictions on resale. |
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 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, 2009, appear below. |
Beginning shares | Additions | Reductions | Ending shares | Dividend income (000 | ) | Value of affiliates at 6/30/09 | ) | |||||||||||||||||
ZiLOG, Inc. (6) | 879,000 | - | - | 879,000 | - | $ | 2,092 | |||||||||||||||||
Clarent Hospital Corp. (3) (6) | 331,291 | - | - | 331,291 | - | 17 | ||||||||||||||||||
- | $ | 2,109 |
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) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $5,422,332,000, which represented 14.31% of the net assets of the fund. |
(2) Index-linked bond whose principal amount moves with a government retail price index. |
(3) 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 $479,894,000, which represented 1.27% of the net assets of the fund. |
(4) Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
(5) Coupon rate may change periodically. |
(6) Security did not produce income during the last 12 months. |
Key to symbols |
€ = Euros |
£ = British pounds |
See Notes to Financial Statements |
Financial statements
Statement of assets and liabilities | unaudited | |||||||
at June 30, 2009 | (dollars in thousands) | |||||||
Assets: | ||||||||
Investment securities, at value: | ||||||||
Unaffiliated issuers (cost: $40,346,836) | $ | 37,979,084 | ||||||
Affiliated issuers (cost: $15,844) | 2,109 | $ | 37,981,193 | |||||
Cash | 8,849 | |||||||
Unrealized appreciation on open forward currency contracts | 447 | |||||||
Receivables for: | ||||||||
Sales of investments | 142,024 | |||||||
Sales of fund's shares | 112,372 | |||||||
Closed forward currency contracts | 757 | |||||||
Dividends and interest | 392,426 | 647,579 | ||||||
38,638,068 | ||||||||
Liabilities: | ||||||||
Unrealized depreciation on open forward currency contracts | 66,417 | |||||||
Payables for: | ||||||||
Purchases of investments | 535,568 | |||||||
Repurchases of fund's shares | 81,440 | |||||||
Dividends on fund's shares | 21,790 | |||||||
Closed forward currency contracts | 17,776 | |||||||
Investment advisory services | 7,157 | |||||||
Services provided by affiliates | 15,952 | |||||||
Directors' deferred compensation | 307 | |||||||
Other | 1,055 | 681,045 | ||||||
Net assets at June 30, 2009 | $ | 37,890,606 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of capital stock | $ | 43,960,472 | ||||||
Distributions in excess of net investment income | (57,012 | ) | ||||||
Accumulated net realized loss | (3,566,648 | ) | ||||||
Net unrealized depreciation | (2,446,206 | ) | ||||||
Net assets at June 30, 2009 | $ | 37,890,606 |
(dollars and shares in thousands, except per-share amounts) | ||||||||||||
Total authorized capital stock - 5,000,000 shares, $.001 par value (3,380,732 total shares outstanding) | ||||||||||||
Net assets | Shares outstanding | Net asset value per share* | ||||||||||
Class A | $ | 25,722,349 | 2,295,038 | $ | 11.21 | |||||||
Class B | 1,282,761 | 114,452 | 11.21 | |||||||||
Class C | 2,901,289 | 258,863 | 11.21 | |||||||||
Class F-1 | 3,099,181 | 276,520 | 11.21 | |||||||||
Class F-2 | 607,844 | 54,234 | 11.21 | |||||||||
Class 529-A | 653,404 | 58,299 | 11.21 | |||||||||
Class 529-B | 80,861 | 7,215 | 11.21 | |||||||||
Class 529-C | 317,600 | 28,337 | 11.21 | |||||||||
Class 529-E | 35,578 | 3,174 | 11.21 | |||||||||
Class 529-F-1 | 32,391 | 2,890 | 11.21 | |||||||||
Class R-1 | 98,092 | 8,752 | 11.21 | |||||||||
Class R-2 | 705,616 | 62,958 | 11.21 | |||||||||
Class R-3 | 1,027,649 | 91,690 | 11.21 | |||||||||
Class R-4 | 758,933 | 67,715 | 11.21 | |||||||||
Class R-5 | 443,758 | 39,594 | 11.21 | |||||||||
Class R-6 | 123,300 | 11,001 | 11.21 | |||||||||
(*) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Classes A and 529-A, for which the maximum offering prices per share were $11.65 each. | ||||||||||||
See Notes to Financial Statements |
Statement of operations | unaudited | |||||||
for the six months ended June 30, 2009 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 1,033,379 | ||||||
Dividends | 7,070 | $ | 1,040,449 | |||||
Fees and expenses*: | ||||||||
Investment advisory services | 42,374 | |||||||
Distribution services | 60,125 | |||||||
Transfer agent services | 17,724 | |||||||
Administrative services | 9,161 | |||||||
Reports to shareholders | 1,432 | |||||||
Registration statement and prospectus | 1,432 | |||||||
Directors' compensation | 258 | |||||||
Auditing and legal | 111 | |||||||
Custodian | 303 | |||||||
State and local taxes | 264 | |||||||
Other | 1,658 | 134,842 | ||||||
Net investment income | 905,607 | |||||||
Net realized loss and unrealized appreciation on investments, | ||||||||
forward currency contracts and currency: | ||||||||
Net realized (loss) gain on: | ||||||||
Investments (net of non-U.S. taxes of $55) | (1,805,862 | ) | ||||||
Forward currency contracts | 15,993 | |||||||
Currency transactions | (8,477 | ) | (1,798,346 | ) | ||||
Net unrealized appreciation (depreciation) on: | ||||||||
Investments | 3,372,524 | |||||||
Forward currency contracts | (28,126 | ) | ||||||
Currency translations | 2,675 | 3,347,073 | ||||||
Net realized loss and unrealized appreciation | ||||||||
on investments, forward currency contracts and currency | 1,548,727 | |||||||
Net increase in net assets resulting from operations | $ | 2,454,334 | ||||||
(*) 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 30, 2009* | December 31, 2008 | |||||||
Operations: | ||||||||
Net investment income | $ | 905,607 | $ | 2,017,552 | ||||
Net realized loss on investments, forward currency contracts and currency transactions | (1,798,346 | ) | (1,215,405 | ) | ||||
Net unrealized appreciation (depreciation) on investments, forward currency contracts and currency translations | 3,347,073 | (5,526,626 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 2,454,334 | (4,724,479 | ) | |||||
Dividends paid or accrued to shareholders from net investment income | (920,031 | ) | (2,153,748 | ) | ||||
Net capital share transactions | 4,168,292 | 3,247,995 | ||||||
Total increase (decrease) in net assets | 5,702,595 | (3,630,232 | ) | |||||
Net assets: | ||||||||
Beginning of period | 32,188,011 | 35,818,243 | ||||||
End of period (including distributions in excess of net investment income: $(57,012) and $(42,588), respectively) | $ | 37,890,606 | $ | 32,188,011 | ||||
*Unaudited. | ||||||||
See Notes to Financial Statements |
Notes to financial statements
& #160; 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 has 16 share classes consisting of five retail share classes, five 529 college savings plan share classes and six retirement plan share classes. The 529 college savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F-1) can be used to save for college education. The six retirement plan share classes (R-1, R-2, R-3, R-4, R-5 and R-6) are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
Classes 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 |
Classes B and 529-B* | None | Declines from 5% to 0% for redemptions within six years of purchase | Classes B and 529-B convert to Classes 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-1 after 10 years |
Class 529-C | None | 1% for redemptions within one year of purchase | None |
Class 529-E | None | None | None |
Classes F-1, F-2 and 529-F-1 | None | None | None |
Classes R-1, R-2, R-3, R-4, R-5 and R-6 | None | None | None |
*Effective April 21, 2009, Class B and 529-B shares of the fund are no longer available for purchase.
On May 1, 2009, the fund made an additional retirement plan share class (Class R-6) available for sale pursuant to an amendment to its registration statement filed with the Securities and Exchange Commission (“SEC”). Refer to the fund’s retirement plan prospectus for more details.
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:
Net asset value – The fund generally determines its net asset value as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
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 one or more independent pricing vendors when such prices are available. However, where the investment adviser deems it appropriate to do so, such securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Vendors base bond prices on, among other things, valuation matrices that incorporate dealer-supplied valuations, proprietary pricing models and evaluations of the yield curve as of approximately 3:00 p.m. New York time. 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. 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 guidelines 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. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
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.
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. Risk factors
Investing in the fund may involve certain risks including, but not limited to, those described below.
The values of, and the income generated by, most debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the fund's portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality or longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality or shorter maturity debt securities. The fund's investment adviser attempts to reduce these risks through diversification of the portfolio and ongoing credit analysis, as well as by monitoring economic and legislative developments, but there can be no assurance that it will be successful at doing so.
Many types of debt securities, including mortgage-related securities, are subject to prepayment risk. For example, when interest rates fall, homeowners are more likely to refinance their home mortgages and "prepay" their principal earlier than expected. The fund must then reinvest the prepaid principal in new securities when interest rates on new mortgage investments are falling, thus reducing the fund’s income.
A security backed by the U.S. Treasury or the full faith and credit of the U.S. government is guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market prices for these securities will fluctuate with changes in interest rates.
The fund may also invest in debt securities and mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government. These securities are neither issued nor guaranteed by the U.S. Treasury.
Although all securities in the fund's portfolio may be adversely affected by currency fluctuations or global economic, political or social instability, securities issued by entities based outside the U.S. may be affected to a greater extent.
3. Taxation and distributions
Federal income taxation – 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, 2009, 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 2005, by state tax authorities for tax years before 2004 and by tax authorities outside the U.S. for tax years before 2004.
Non-U.S. 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.
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; cost of investments sold; paydowns on fixed-income securities; and net capital losses. 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, 2008, the components of distributable earnings on a tax basis were as follows:
(dollars in thousands) | ||||||||
Undistributed ordinary income | $ | 39,042 | ||||||
Post-October currency loss deferrals (realized during the period November 1, 2008, through December 31, 2008)* | (113,391 | ) | ||||||
Capital loss carryforwards†: | ||||||||
Expiring 2010 | $ | (125,233 | ) | |||||
Expiring 2011 | (243,982 | ) | ||||||
Expiring 2014 | (69,196 | ) | ||||||
Expiring 2016 | (959,389 | ) | (1,397,800 | ) | ||||
Post-October capital loss deferrals (realized during the period November 1, 2008, through December 31, 2008)* | (330,710 | ) | ||||||
*These deferrals are considered incurred in the subsequent year. | ||||||||
†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, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
(dollars in thousands) | ||||
Gross unrealized appreciation on investment securities | $ | 679,628 | ||
Gross unrealized depreciation on investment securities | (3,184,460 | ) | ||
Net unrealized depreciation on investment securities | (2,504,832 | ) | ||
Cost of investment securities | 40,486,025 |
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, 2009 | Year ended December 31, 2008 | ||||||
Class A | $ | 643,265 | $ | 1,505,354 | ||||
Class B | 29,338 | 77,235 | ||||||
Class C | 59,371 | 136,921 | ||||||
Class F-1 | 75,701 | 183,086 | ||||||
Class F-2* | 6,284 | 1,971 | ||||||
Class 529-A | 15,910 | 34,549 | ||||||
Class 529-B | 1,726 | 4,096 | ||||||
Class 529-C | 6,447 | 14,236 | ||||||
Class 529-E | 805 | 1,715 | ||||||
Class 529-F-1 | 809 | 1,624 | ||||||
Class R-1 | 2,153 | 4,662 | ||||||
Class R-2 | 14,810 | 35,404 | ||||||
Class R-3 | 24,857 | 59,775 | ||||||
Class R-4 | 19,518 | 47,010 | ||||||
Class R-5 | 18,040 | 46,110 | ||||||
Class R-6† | 997 | - | ||||||
Total | $ | 920,031 | $ | 2,153,748 | ||||
*Class F-2 was offered beginning August 1, 2008. | ||||||||
†Class R-6 was offered beginning May 1, 2009. |
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. For the six months ended June 30, 2009, the investment advisory services fee was $42,374,000, which was equivalent to an annualized rate of 0.248% 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 below:
Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2, R-5 and R-6. 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 on the following page. 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 with a plan 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 Classes 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, 2009, unreimbursed expenses subject to reimbursement totaled $4,772,000 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 |
Classes B and 529-B | 1.00 | 1.00 |
Classes C, 529-C and R-1 | 1.00 | 1.00 |
Class R-2 | 0.75 | 1.00 |
Classes 529-E and R-3 | 0.50 | 0.75 |
Classes F-1, 529-F-1 and R-4 | 0.25 | 0.50 |
Transfer agent services – The fund has a transfer agent agreement with AFS for Classes 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 Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) 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 administrative services fee payable to the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a declining series of annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. 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 on the previous page for the six months ended June 30, 2009, 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 | $29,253 | $16,859 | Not applicable | Not applicable | Not applicable |
Class B | 6,182 | 865 | Not applicable | Not applicable | Not applicable |
Class C | 12,683 | Included in administrative services | $1,904 | $339 | Not applicable |
Class F-1 | 3,406 | 1,862 | 172 | Not applicable | |
Class F-2 | Not applicable | 149 | 14 | Not applicable | |
Class 529-A | 629 | 309 | 61 | $292 | |
Class 529-B | 372 | 39 | 14 | 37 | |
Class 529-C | 1,390 | 147 | 43 | 139 | |
Class 529-E | 78 | 16 | 3 | 14 | |
Class 529-F-1 | - | 15 | 3 | 16 | |
Class R-1 | 452 | 60 | 24 | Not applicable | |
Class R-2 | 2,409 | 482 | 1,130 | Not applicable | |
Class R-3 | 2,384 | 696 | 339 | Not applicable | |
Class R-4 | 887 | 513 | 13 | Not applicable | |
Class R-5 | Not applicable | 299 | 7 | Not applicable | |
Class R-6* | Not applicable | 10 | - † | Not applicable | |
Total | $60,125 | $17,724 | $6,501 | $2,162 | $498 |
*Class R-6 was offered beginning May 1, 2009.
†Amount less than one thousand.
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 $258,000, shown on the accompanying financial statements, includes $232,000 in current fees (either paid in cash or deferred) and a net increase of $26,000 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 classifies its assets and liabilities into three levels based on the method used to value the assets or liabilities. 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, 2009 (dollars in thousands):
Investment securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bonds & notes: | ||||||||||||||||
Corporate bonds & notes | $ | - | $ | 12,688,020 | $ | 97,222 | $ | 12,785,242 | ||||||||
Bonds & notes of U.S. government & government agencies | - | 10,428,186 | - | 10,428,186 | ||||||||||||
Mortgage-backed obligations | - | 8,835,426 | 230,182 | 9,065,608 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | - | 1,529,693 | - | 1,529,693 | ||||||||||||
Asset-backed obligations | - | 1,472,100 | 17,169 | 1,489,269 | ||||||||||||
Municipals | - | 250,004 | - | 250,004 | ||||||||||||
Convertible securities | - | 43,227 | - | 43,227 | ||||||||||||
Preferred securities | 44,399 | 652,831 | - | 697,230 | ||||||||||||
Common stocks | 12,774 | - | 45 | 12,819 | ||||||||||||
Short-term securities | - | 1,679,915 | - | 1,679,915 | ||||||||||||
Total | $ | 57,173 | $ | 37,579,402 | $ | 344,618 | $ | 37,981,193 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Forward currency contracts (*) | - | $ | (65,970 | ) | - | $ | (65,970 | ) |
The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the six months ended June 30, 2009 (dollars in thousands): | ||||||||||||||||||||||||
Beginning value | Net purchases | Net realized | Net unrealized appreciation(†) | Net transfers out of | Ending value | |||||||||||||||||||
Investment securities | $ | 523,921 | $ | (64,756 | ) | $ | 2,059 | $ | 4,975 | $ | (121,581 | ) | $ | 344,618 | ||||||||||
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2009 (dollars in thousands) (†): | $ | 2,488 | ||||||||||||||||||||||
(*) Forward currency contracts are not included in the investment portfolio. | ||||||||||||||||||||||||
(†) Net realized gain and unrealized appreciation 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(1) | Reinvestments of dividends | Repurchases(1) | Net increase (decrease) | ||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended June 30, 2009 | ||||||||||||||||||||||||||||||||
Class A | $ | 5,363,352 | 499,765 | $ | 570,629 | 53,013 | $ | (3,248,390 | ) | (301,990 | ) | $ | 2,685,591 | 250,788 | ||||||||||||||||||
Class B | 190,542 | 17,822 | 25,731 | 2,390 | (213,544 | ) | (19,862 | ) | 2,729 | 350 | ||||||||||||||||||||||
Class C | 817,462 | 76,102 | 50,965 | 4,735 | (359,360 | ) | (33,406 | ) | 509,067 | 47,431 | ||||||||||||||||||||||
Class F-1 | 1,039,716 | 96,272 | 64,611 | 6,003 | (780,768 | ) | (72,418 | ) | 323,559 | 29,857 | ||||||||||||||||||||||
Class F-2 | 537,510 | 49,095 | 4,542 | 420 | (47,851 | ) | (4,452 | ) | 494,201 | 45,063 | ||||||||||||||||||||||
Class 529-A | 107,272 | 9,982 | 15,456 | 1,435 | (42,933 | ) | (3,995 | ) | 79,795 | 7,422 | ||||||||||||||||||||||
Class 529-B | 9,080 | 849 | 1,681 | 156 | (4,654 | ) | (433 | ) | 6,107 | 572 | ||||||||||||||||||||||
Class 529-C | 63,485 | 5,901 | 6,266 | 582 | (23,112 | ) | (2,152 | ) | 46,639 | 4,331 | ||||||||||||||||||||||
Class 529-E | 6,610 | 616 | 782 | 73 | (1,960 | ) | (183 | ) | 5,432 | 506 | ||||||||||||||||||||||
Class 529-F-1 | 7,498 | 695 | 783 | 73 | (3,057 | ) | (285 | ) | 5,224 | 483 | ||||||||||||||||||||||
Class R-1 | 25,852 | 2,404 | 2,054 | 191 | (21,283 | ) | (1,979 | ) | 6,623 | 616 | ||||||||||||||||||||||
Class R-2 | 160,181 | 14,906 | 14,354 | 1,334 | (113,224 | ) | (10,543 | ) | 61,311 | 5,697 | ||||||||||||||||||||||
Class R-3 | 211,005 | 19,623 | 24,093 | 2,239 | (188,555 | ) | (17,508 | ) | 46,543 | 4,354 | ||||||||||||||||||||||
Class R-4 | 151,371 | 14,055 | 18,957 | 1,762 | (148,342 | ) | (13,801 | ) | 21,986 | 2,016 | ||||||||||||||||||||||
Class R-5 | 182,922 | 16,955 | 15,706 | 1,464 | (443,942 | ) | (40,873 | ) | (245,314 | ) | (22,454 | ) | ||||||||||||||||||||
Class R-6(2) | 117,956 | 10,925 | 918 | 83 | (75 | ) | (7 | ) | 118,799 | 11,001 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 8,991,814 | 835,967 | $ | 817,528 | 75,953 | $ | (5,641,050 | ) | (523,887 | ) | $ | 4,168,292 | 388,033 | ||||||||||||||||||
Year ended December 31, 2008 | ||||||||||||||||||||||||||||||||
Class A | $ | 6,852,721 | 563,129 | $ | 1,370,285 | 116,136 | $ | (6,431,432 | ) | (541,018 | ) | $ | 1,791,574 | 138,247 | ||||||||||||||||||
Class B | 304,429 | 24,965 | 68,497 | 5,813 | (397,075 | ) | (33,311 | ) | (24,149 | ) | (2,533 | ) | ||||||||||||||||||||
Class C | 922,097 | 75,445 | 120,888 | 10,276 | (809,514 | ) | (68,089 | ) | 233,471 | 17,632 | ||||||||||||||||||||||
Class F-1 | 1,692,529 | 139,793 | 157,443 | 13,367 | (1,572,023 | ) | (133,348 | ) | 277,949 | 19,812 | ||||||||||||||||||||||
Class F-2(3) | 125,467 | 11,218 | 1,582 | 147 | (23,803 | ) | (2,194 | ) | 103,246 | 9,171 | ||||||||||||||||||||||
Class 529-A | 160,968 | 13,215 | 34,433 | 2,929 | (70,702 | ) | (5,954 | ) | 124,699 | 10,190 | ||||||||||||||||||||||
Class 529-B | 13,620 | 1,118 | 4,082 | 348 | (8,590 | ) | (725 | ) | 9,112 | 741 | ||||||||||||||||||||||
Class 529-C | 92,811 | 7,615 | 14,184 | 1,211 | (44,239 | ) | (3,731 | ) | 62,756 | 5,095 | ||||||||||||||||||||||
Class 529-E | 8,810 | 727 | 1,709 | 146 | (3,943 | ) | (331 | ) | 6,576 | 542 | ||||||||||||||||||||||
Class 529-F-1 | 11,194 | 927 | 1,615 | 138 | (4,241 | ) | (366 | ) | 8,568 | 699 | ||||||||||||||||||||||
Class R-1 | 54,856 | 4,492 | 4,534 | 388 | (26,516 | ) | (2,206 | ) | 32,874 | 2,674 | ||||||||||||||||||||||
Class R-2 | 295,996 | 24,167 | 35,134 | 2,992 | (235,150 | ) | (19,523 | ) | 95,980 | 7,636 | ||||||||||||||||||||||
Class R-3 | 512,079 | 41,561 | 59,475 | 5,056 | (382,379 | ) | (31,909 | ) | 189,175 | 14,708 | ||||||||||||||||||||||
Class R-4 | 382,804 | 31,033 | 46,848 | 3,980 | (265,125 | ) | (22,311 | ) | 164,527 | 12,702 | ||||||||||||||||||||||
Class R-5 | 371,353 | 30,448 | 42,060 | 3,567 | (241,776 | ) | (20,583 | ) | 171,637 | 13,432 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 11,801,734 | 969,853 | $ | 1,962,769 | 166,494 | $ | (10,516,508 | ) | (885,599 | ) | $ | 3,247,995 | 250,748 | ||||||||||||||||||
(1) Includes exchanges between share classes of the fund. | ||||||||||||||||||||||||||||||||
(2)Class R-6 was offered beginning May 1, 2009. | ||||||||||||||||||||||||||||||||
(3)Class F-2 was offered beginning August 1, 2008. |
7. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $10,617,555,000 and $12,182,724,000, respectively, during the six months ended June 30, 2009.
8. 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. 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.
On a daily basis, the fund values forward currency contracts based on the applicable exchange rate and records unrealized appreciation or depreciation for open forward currency contracts in the statement of assets and liabilities. 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 or payables for closed forward currency contracts in the statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the statement of operations. As of June 30, 2009, the fund had open forward currency contracts to purchase or sell currencies as follows (amounts in thousands):
Contract amount | Unrealized (depreciation) appreciation at June 30, 2009 | ||||||||||||
Settlement date | Receive | Deliver | |||||||||||
Purchases: | |||||||||||||
Euros | 7/27/2009 | € | 3,876 | $ | 5,461 | $ | (25 | ) | |||||
$ | (25 | ) | |||||||||||
Sales: | |||||||||||||
Australian dollars | 7/20/2009 | $ | 20,073 | $ | A25,100 | $ | (128 | ) | |||||
Australian dollars | 7/30/2009 | $ | 36,588 | $ | A52,440 | (5,582 | ) | ||||||
Australian dollars | 8/28/2009 | $ | 26,139 | $ | A37,540 | (3,987 | ) | ||||||
British pounds | 7/23/2009 | $ | 53,088 | £ | 36,290 | (6,593 | ) | ||||||
British pounds | 7/23/2009 | $ | 29,804 | £ | 20,380 | (3,712 | ) | ||||||
British pounds | 7/28/2009 | $ | 44,810 | £ | 30,650 | (5,596 | ) | ||||||
British pounds | 8/3/2009 | $ | 50,885 | £ | 30,720 | 364 | |||||||
Danish kroner | 7/24/2009 | $ | 50,551 | DKr291,110 | (4,258 | ) | |||||||
Euros | 7/8/2009 | $ | 2,297 | € | 1,650 | (18 | ) | ||||||
Euros | 7/16/2009 | $ | 56 | € | 40 | - | |||||||
Euros | 7/23/2009 | $ | 83,826 | € | 75,845 | (8,127 | ) | ||||||
Euros | 7/23/2009 | $ | 43,237 | € | 35,050 | (3,731 | ) | ||||||
Euros | 7/27/2009 | $ | 594 | € | 425 | (2 | ) | ||||||
Euros | 7/28/2009 | $ | 158,222 | € | 122,085 | (13,018 | ) | ||||||
Euros | 7/30/2009 | $ | 116,055 | € | 89,540 | (9,536 | ) | ||||||
Euros | 7/31/2009 | $ | 352 | € | 250 | 1 | |||||||
Japanese yen | 7/16/2009 | $ | 62,286 | ¥ | 6,115,250 | (1,195 | ) | ||||||
Polish zloty | 7/17/2009 | $ | 20,741 | PLN68,000 | (637 | ) | |||||||
South Korean won | 7/17/2009 | $ | 12,340 | KRW15,610,000 | 82 | ||||||||
Swedish kronor | 7/17/2009 | $ | 21,098 | SKr165,000 | (272 | ) | |||||||
$ | (65,945 | ) | |||||||||||
Forward currency contracts - net | $ | (65,970.00 | ) | ||||||||||
(*)Amount less than one thousand. |
9. Subsequent events
As of August 7, 2009, the date the financial statements were available to be issued, no subsequent events or transactions had occurred that would have materially impacted the financial statements as presented.
Financial highlights(1)
Income (loss) from investment operations(2) | |||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net gains (losses) 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 reimbursements/ waivers | Ratio of expenses to average net assets after reimbursements/ waivers(4) | Ratio of net income to average net assets(4) | |||||||||||||||||||||||||||||||||||
Class A: | Six months ended 6/30/2009(5) | $ | 10.76 | $ | .29 | $ | .45 | $ | .74 | $ | (.29 | ) | $ | 11.21 | 7.06 | % | $ | 25,722 | .67 | %(6) | .67 | %(6) | 5.41 | %(6) | |||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .70 | (2.25 | ) | (1.55 | ) | (.75 | ) | 10.76 | (12.24 | ) | 21,987 | .65 | .63 | 5.76 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class B: | Six months ended 6/30/2009(5) | 10.76 | .25 | .45 | .70 | (.25 | ) | 11.21 | 6.66 | 1,283 | 1.42 | (6) | 1.42 | (6) | 4.69 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .61 | (2.25 | ) | (1.64 | ) | (.66 | ) | 10.76 | (12.88 | ) | 1,227 | 1.40 | 1.37 | 5.02 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class C: | Six months ended 6/30/2009(5) | 10.76 | .25 | .45 | .70 | (.25 | ) | 11.21 | 6.63 | 2,901 | 1.46 | (6) | 1.46 | (6) | 4.61 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .60 | (2.25 | ) | (1.65 | ) | (.65 | ) | 10.76 | (12.92 | ) | 2,274 | 1.44 | 1.41 | 4.98 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class F-1: | Six months ended 6/30/2009(5) | 10.76 | .29 | .45 | .74 | (.29 | ) | 11.21 | 7.07 | 3,099 | .67 | (6) | .67 | (6) | 5.40 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .70 | (2.25 | ) | (1.55 | ) | (.75 | ) | 10.76 | (12.23 | ) | 2,653 | .64 | .62 | 5.78 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class F-2: | Six months ended 6/30/2009(5) | 10.76 | .30 | .45 | .75 | (.30 | ) | 11.21 | 7.20 | 608 | .42 | (6) | .42 | (6) | 5.51 | (6) | |||||||||||||||||||||||||||||
Period from 8/4/2008 to 12/31/2008 | 12.31 | .29 | (1.47 | ) | (1.18 | ) | (.37 | ) | 10.76 | (9.62 | ) | 99 | .18 | .17 | 2.69 | ||||||||||||||||||||||||||||||
Class 529-A: | Six months ended 6/30/2009(5) | 10.76 | .29 | .45 | .74 | (.29 | ) | 11.21 | 7.04 | 653 | .72 | (6) | .72 | (6) | 5.36 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .69 | (2.25 | ) | (1.56 | ) | (.74 | ) | 10.76 | (12.28 | ) | 547 | .69 | .67 | 5.74 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-B: | Six months ended 6/30/2009(5) | 10.76 | .25 | .45 | .70 | (.25 | ) | 11.21 | 6.60 | 81 | 1.52 | (6) | 1.52 | (6) | 4.57 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .60 | (2.25 | ) | (1.65 | ) | (.65 | ) | 10.76 | (12.98 | ) | 71 | 1.51 | 1.48 | 4.92 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-C: | Six months ended 6/30/2009(5) | 10.76 | .25 | .45 | .70 | (.25 | ) | 11.21 | 6.60 | 318 | 1.52 | (6) | 1.52 | (6) | 4.56 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .60 | (2.25 | ) | (1.65 | ) | (.65 | ) | 10.76 | (12.97 | ) | 258 | 1.50 | 1.47 | 4.94 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-E: | Six months ended 6/30/2009(5) | $ | 10.76 | $ | .28 | $ | .45 | $ | .73 | $ | (.28 | ) | $ | 11.21 | 6.88 | % | $ | 36 | 1.01 | %(6) | 1.01 | %(6) | 5.07 | %(6) | |||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .66 | (2.25 | ) | (1.59 | ) | (.71 | ) | 10.76 | (12.53 | ) | 29 | .99 | .96 | 5.45 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-F-1: | Six months ended 6/30/2009(5) | 10.76 | .30 | .45 | .75 | (.30 | ) | 11.21 | 7.15 | 32 | .51 | (6) | .51 | (6) | 5.57 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .72 | (2.25 | ) | (1.53 | ) | (.77 | ) | 10.76 | (12.10 | ) | 26 | .49 | .46 | 5.96 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-1: | Six months ended 6/30/2009(5) | 10.76 | .25 | .45 | .70 | (.25 | ) | 11.21 | 6.64 | 98 | 1.44 | (6) | 1.44 | (6) | 4.64 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .60 | (2.25 | ) | (1.65 | ) | (.65 | ) | 10.76 | (12.92 | ) | 88 | 1.44 | 1.42 | 5.01 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-2: | Six months ended 6/30/2009(5) | 10.76 | .25 | .45 | .70 | (.25 | ) | 11.21 | 6.59 | 706 | 1.53 | (6) | 1.53 | (6) | 4.57 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .59 | (2.25 | ) | (1.66 | ) | (.64 | ) | 10.76 | (12.99 | ) | 616 | 1.53 | 1.50 | 4.90 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-3: | Six months ended 6/30/2009(5) | 10.76 | .28 | .45 | .73 | (.28 | ) | 11.21 | 6.89 | 1,028 | .99 | (6) | .99 | (6) | 5.11 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .66 | (2.25 | ) | (1.59 | ) | (.71 | ) | 10.76 | (12.52 | ) | 939 | .98 | .95 | 5.45 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-4: | Six months ended 6/30/2009(5) | 10.76 | .29 | .45 | .74 | (.29 | ) | 11.21 | 7.06 | 759 | .67 | (6) | .67 | (6) | 5.43 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .70 | (2.25 | ) | (1.55 | ) | (.75 | ) | 10.76 | (12.25 | ) | 707 | .67 | .64 | 5.77 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-5: | Six months ended 6/30/2009(5) | 10.76 | .31 | .45 | .76 | (.31 | ) | 11.21 | 7.23 | 444 | .37 | (6) | .37 | (6) | 5.77 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2008 | 13.06 | .73 | (2.25 | ) | (1.52 | ) | (.78 | ) | 10.76 | (12.00 | ) | 667 | .37 | .34 | 6.06 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-6: | Period from 5/1/2009 to 6/30/2009(5) | 10.78 | .09 | .43 | .52 | (.09 | ) | 11.21 | 4.88 | 123 | .05 | .05 | .86 |
Six months ended June 30, | Year ended December 31 | |||||||||||||||||||||||
2009(5) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Portfolio turnover rate for all classes of shares | 47 | % | 57 | % | 58 | % | 53 | % | 50 | % | 45 | % |
(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, 2009, through June 30, 2009).
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-1, F-2 and 529-F-1 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 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 1/1/2009 | Ending account value 6/30/2009 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Class A -- actual return | $ | 1,000.00 | $ | 1,070.62 | $ | 3.44 | .67 | % | ||||||||
Class A -- assumed 5% return | 1,000.00 | 1,021.47 | 3.36 | .67 | ||||||||||||
Class B -- actual return | 1,000.00 | 1,066.57 | 7.28 | 1.42 | ||||||||||||
Class B -- assumed 5% return | 1,000.00 | 1,017.75 | 7.10 | 1.42 | ||||||||||||
Class C -- actual return | 1,000.00 | 1,066.32 | 7.48 | 1.46 | ||||||||||||
Class C -- assumed 5% return | 1,000.00 | 1,017.55 | 7.30 | 1.46 | ||||||||||||
Class F-1 -- actual return | 1,000.00 | 1,070.66 | 3.44 | .67 | ||||||||||||
Class F-1 -- assumed 5% return | 1,000.00 | 1,021.47 | 3.36 | .67 | ||||||||||||
Class F-2 -- actual return | 1,000.00 | 1,072.00 | 2.16 | .42 | ||||||||||||
Class F-2 -- assumed 5% return | 1,000.00 | 1,022.71 | 2.11 | .42 | ||||||||||||
Class 529-A -- actual return | 1,000.00 | 1,070.35 | 3.70 | .72 | ||||||||||||
Class 529-A -- assumed 5% return | 1,000.00 | 1,021.22 | 3.61 | .72 | ||||||||||||
Class 529-B -- actual return | 1,000.00 | 1,065.98 | 7.79 | 1.52 | ||||||||||||
Class 529-B -- assumed 5% return | 1,000.00 | 1,017.26 | 7.60 | 1.52 | ||||||||||||
Class 529-C -- actual return | 1,000.00 | 1,066.02 | 7.79 | 1.52 | ||||||||||||
Class 529-C -- assumed 5% return | 1,000.00 | 1,017.26 | 7.60 | 1.52 | ||||||||||||
Class 529-E -- actual return | 1,000.00 | 1,068.81 | 5.18 | 1.01 | ||||||||||||
Class 529-E -- assumed 5% return | 1,000.00 | 1,019.79 | 5.06 | 1.01 | ||||||||||||
Class 529-F-1 -- actual return | 1,000.00 | 1,071.53 | 2.62 | .51 | ||||||||||||
Class 529-F-1 -- assumed 5% return | 1,000.00 | 1,022.27 | 2.56 | .51 | ||||||||||||
Class R-1 -- actual return | 1,000.00 | 1,066.41 | 7.38 | 1.44 | ||||||||||||
Class R-1 -- assumed 5% return | 1,000.00 | 1,017.65 | 7.20 | 1.44 | ||||||||||||
Class R-2 -- actual return | 1,000.00 | 1,065.92 | 7.84 | 1.53 | ||||||||||||
Class R-2 -- assumed 5% return | 1,000.00 | 1,017.21 | 7.65 | 1.53 | ||||||||||||
Class R-3 -- actual return | 1,000.00 | 1,068.92 | 5.08 | .99 | ||||||||||||
Class R-3 -- assumed 5% return | 1,000.00 | 1,019.89 | 4.96 | .99 | ||||||||||||
Class R-4 -- actual return | 1,000.00 | 1,070.62 | 3.44 | .67 | ||||||||||||
Class R-4 -- assumed 5% return | 1,000.00 | 1,021.47 | 3.36 | .67 | ||||||||||||
Class R-5 -- actual return | 1,000.00 | 1,072.25 | 1.90 | .37 | ||||||||||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,022.96 | 1.86 | .37 | ||||||||||||
Class R-6 -- actual return † | 1,000.00 | 1,048.79 | .54 | .32 | ||||||||||||
Class R-6 -- assumed 5% return † | 1,000.00 | 1,023.21 | 1.61 | .32 |
*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, and divided by 365 (to reflect the one-half year period).
† The period for the “annualized expense ratio” and “actual return” line is based on the number of days from May 1, 2009 (the initial sale of the share class), through June 30, 2009, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 181 days.
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 near you.)
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 Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.
A complete June 30, 2009, 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. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings 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, 2009, 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 nearly 80 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 approach to 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 25 years of investment experience, providing a depth of knowledge and broad perspective that few organizations have. |
• | A commitment to low management fees |
The American Funds provide exceptional value for shareholders, with management fees 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 Fund®
SMALLCAP World Fund®
• Growth-and-income funds
American Mutual Fund®
Capital World Growth and Income FundSM
Fundamental InvestorsSM
International Growth and Income FundSM
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 Funds Short-Term Tax-Exempt Bond FundSM
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 fund
American Funds Money Market FundSM
• 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-908-0809P
Litho in USA BG/ALD/6370-S20693
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, 2009
unaudited
Bonds & notes — 93.82% | Principal amount (000) | Value (000) | ||||||
CORPORATE BONDS & NOTES — 33.74% | ||||||||
FINANCIALS — 9.92% | ||||||||
Diversified financials — 2.84% | ||||||||
Countrywide Home Loans, Inc., Series M, 4.125% 2009 | $ | 23,575 | $ | 23,653 | ||||
Countrywide Financial Corp., Series A, 4.50% 2010 | 15,540 | 15,388 | ||||||
Countrywide Financial Corp. 6.25% 2010 | $ | A7,700 | 6,086 | |||||
Countrywide Financial Corp., Series B, 1.426% 20121 | $ | 30,000 | 27,000 | |||||
Countrywide Financial Corp., Series B, 5.80% 2012 | 88,973 | 89,587 | ||||||
Bank of America Corp., Series L, 7.375% 2014 | 2,000 | 2,068 | ||||||
Bank of America Corp. 5.75% 2017 | 10,000 | 8,919 | ||||||
Bank of America Corp. 6.10% 2017 | 14,443 | 12,746 | ||||||
Bank of America Corp. 5.65% 2018 | 23,810 | 21,075 | ||||||
Merrill Lynch & Co., Inc. 6.875% 2018 | 10,000 | 9,270 | ||||||
Bank of America Corp. 7.625% 2019 | 17,520 | 17,628 | ||||||
Fleet Capital Trust II 7.92% 2026 | 6,340 | 5,209 | ||||||
BankAmerica Capital II, Series 2, 8.00% 2026 | 4,425 | 3,680 | ||||||
MBNA Capital A, Series A, 8.278% 2026 | 7,500 | 6,332 | ||||||
NB Capital Trust IV 8.25% 2027 | 7,612 | 6,405 | ||||||
CIT Group Inc. 6.875% 2009 | 15,000 | 14,351 | ||||||
CIT Group Inc. 4.25% 2010 | 33,000 | 29,631 | ||||||
CIT Group Inc. 1.353% 20111 | 32,500 | 22,118 | ||||||
CIT Group Inc. 1.17% 20121 | 6,080 | 3,590 | ||||||
CIT Group Inc. 5.40% 2012 | 10,550 | 7,179 | ||||||
CIT Group Inc. 7.625% 20122 | 18,275 | 12,975 | ||||||
CIT Group Inc. 7.75% 2012 | 2,455 | 1,712 | ||||||
CIT Group Inc. 5.40% 2013 | 9,330 | 5,787 | ||||||
CIT Group Inc. 5.00% 2014 | 1,260 | 749 | ||||||
CIT Group Inc. 5.125% 2014 | 3,095 | 1,826 | ||||||
CIT Group Inc. 5.65% 2017 | 4,089 | 2,310 | ||||||
CIT Group Inc. 12.00% 20183 | 19,999 | 9,404 | ||||||
CIT Group Inc. 5.80% 2036 | 1,574 | 847 | ||||||
CIT Group Inc. 6.10% 20671 | 22,375 | 8,497 | ||||||
JPMorgan Chase & Co. 4.891% 20151 | 49,025 | 42,663 | ||||||
JPMorgan Chase Bank NA 5.875% 2016 | 25,730 | 24,833 | ||||||
JPMorgan Chase Bank NA 6.00% 2017 | 22,580 | 22,013 | ||||||
JPMorgan Chase Capital XXV, Series Y, 6.80% 2037 | 14,878 | 12,832 | ||||||
JPMorgan Chase Capital XX, Series T, 6.55% 20661 | 15,962 | 12,722 | ||||||
Capital One Financial Corp. 0.93% 20091 | 30,000 | 29,892 | ||||||
Capital One Financial Corp. 5.70% 2011 | 12,000 | 12,059 | ||||||
Capital One Financial Corp. 7.375% 2014 | 21,000 | 21,677 | ||||||
Capital One Financial Corp. 6.15% 2016 | 10,000 | 8,863 | ||||||
Capital One Capital III 7.686% 20361 | 50,065 | 35,797 | ||||||
International Lease Finance Corp., Series O, 4.55% 2009 | 8,125 | 7,882 | ||||||
International Lease Finance Corp. 5.00% 2012 | 13,500 | 10,448 | ||||||
International Lease Finance Corp., Series R, 5.40% 2012 | 10,000 | 7,806 | ||||||
International Lease Finance Corp., Series R, 5.625% 2013 | 20,000 | 15,122 | ||||||
International Lease Finance Corp., Series R, 6.375% 2013 | 2,000 | 1,523 | ||||||
International Lease Finance Corp., Series R, 6.625% 2013 | 25,500 | 19,645 | ||||||
International Lease Finance Corp., Series R, 5.65% 2014 | 16,135 | 11,704 | ||||||
Goldman Sachs Group, Inc. 6.25% 2017 | 4,555 | 4,514 | ||||||
Goldman Sachs Group, Inc. 5.95% 2018 | 3,540 | 3,439 | ||||||
Goldman Sachs Group, Inc. 6.15% 2018 | 13,750 | 13,409 | ||||||
Goldman Sachs Group, Inc. 7.50% 2019 | 42,280 | 45,286 | ||||||
Citigroup Inc. 6.125% 2017 | 25,825 | 22,678 | ||||||
Citigroup Inc. 6.125% 2018 | 2,875 | 2,519 | ||||||
Citigroup Capital XXI 8.30% 20771 | 41,325 | 32,299 | ||||||
SLM Corp., Series A, 4.50% 2010 | 38,000 | 35,919 | ||||||
SLM Corp., Series A, 1.322% 20111 | 8,700 | 7,053 | ||||||
SLM Corp., Series A, 5.40% 2011 | 5,000 | 4,499 | ||||||
SLM Corp., Series A, 5.375% 2013 | 3,000 | 2,508 | ||||||
SLM Corp., Series A, 1.392% 20141 | 6,900 | 4,802 | ||||||
General Motors Acceptance Corp. 7.25% 20113 | 7,179 | 6,641 | ||||||
General Motors Acceptance Corp. 6.625% 20123 | 1,899 | 1,605 | ||||||
General Motors Acceptance Corp. 6.875% 20123 | 7,782 | 6,576 | ||||||
General Motors Acceptance Corp. 7.00% 20123 | 16,383 | 14,057 | ||||||
General Motors Acceptance Corp. 7.50% 20133 | 10,426 | 8,184 | ||||||
General Motors Acceptance Corp. 2.868% 20141,3 | 3,070 | 2,153 | ||||||
General Motors Acceptance Corp. 6.75% 20143 | 1,535 | 1,220 | ||||||
General Motors Acceptance Corp. 8.00% 20183 | 9,577 | 6,177 | ||||||
Morgan Stanley 6.00% 2014 | 28,400 | 28,784 | ||||||
Morgan Stanley, Series F, 5.95% 2017 | 10,400 | 9,996 | ||||||
Morgan Stanley 10.09% 2017 | BRL3,000 | 1,281 | ||||||
American Express Co. 6.15% 2017 | $ | 19,185 | 17,722 | |||||
American Express Co. 8.15% 2038 | 4,600 | 4,877 | ||||||
American Express Co. 6.80% 20661 | 6,321 | 4,557 | ||||||
Lehman Brothers Holdings Inc., Series I, 3.018% 20121,4 | 3,300 | 503 | ||||||
Lehman Brothers Holdings Inc., Series G, 4.80% 20144 | 10,395 | 1,585 | ||||||
Lehman Brothers Holdings Inc., Series I, 6.20% 20144 | 42,650 | 6,504 | ||||||
Lehman Brothers Holdings Inc., Series H, 5.50% 20164 | 765 | 117 | ||||||
Lehman Brothers Holdings Inc., Series I, 6.875% 20184 | 81,508 | 13,449 | ||||||
Lazard Group LLC 7.125% 2015 | 19,385 | 17,830 | ||||||
Lazard Group LLC 6.85% 2017 | 1,775 | 1,633 | ||||||
Northern Trust Corp. 5.50% 2013 | 5,450 | 5,783 | ||||||
Northern Trust Corp. 4.625% 2014 | 8,475 | 8,718 | ||||||
Northern Trust Corp. 5.85% 20175 | 3,750 | 3,905 | ||||||
Charles Schwab Corp., Series A, 6.375% 2017 | 12,490 | 12,997 | ||||||
Schwab Capital Trust I 7.50% 20371 | 4,485 | 3,749 | ||||||
ING Bank NV 5.50% 2012 | €3,750 | 5,370 | ||||||
ING Groep NV 5.775% (undated)1 | $ | 15,500 | 9,078 | |||||
iStar Financial, Inc. 6.00% 2010 | 3,805 | 2,626 | ||||||
iStar Financial, Inc. 8.625% 2013 | 5,000 | 2,602 | ||||||
Capmark Financial Group Inc. 7.875% 2012 | 9,410 | 2,446 | ||||||
Capmark Financial Group Inc. 8.30% 2017 | 6,090 | 1,437 | ||||||
Bank of New York Mellon Corp., Series G, 4.95% 2012 | 3,500 | 3,704 | ||||||
Credit Suisse Group AG 5.50% 2014 | 3,000 | 3,120 | ||||||
E*TRADE Financial Corp. 7.875% 2015 | 2,770 | 2,202 | ||||||
Advanta Capital Trust I, Series B, 8.99% 2026 | 12,500 | 2,094 | ||||||
1,077,710 | ||||||||
Banks — 2.79% | ||||||||
Independence Community Bank Corp. 4.90% 2010 | 12,000 | 11,724 | ||||||
Sovereign Bancorp, Inc. 2.738% 20131 | 3,000 | 2,266 | ||||||
Santander Issuances, SA Unipersonal 0.969% 20161,3 | 21,500 | 17,976 | ||||||
Santander Issuances, SA Unipersonal 5.805% 20161,3 | 76,100 | 61,239 | ||||||
Sovereign Bancorp, Inc. 8.75% 2018 | 70,920 | 69,963 | ||||||
Santander Perpetual, SA Unipersonal 6.671% (undated)1,3 | 21,800 | 16,156 | ||||||
Abbey National PLC 7.50% (undated)1 | £ | 3,270 | 3,997 | |||||
Bayerische Hypo- und Vereinsbank AG 6.00% 2014 | €2,155 | 3,018 | ||||||
UniCredito Italiano SpA 5.584% 20171,3 | $ | 60,690 | 52,908 | |||||
UniCredito Italiano SpA 6.00% 20173 | 67,825 | 60,845 | ||||||
HVB Funding Trust I 8.741% 20313 | 5,555 | 3,111 | ||||||
HVB Funding Trust III 9.00% 20313 | 16,038 | 8,981 | ||||||
PNC Funding Corp. 1.239% 20141 | 28,000 | 25,300 | ||||||
PNC Funding Corp. 5.40% 2014 | 10,000 | 10,114 | ||||||
PNC Bank NA 6.875% 2018 | 5,200 | 5,149 | ||||||
PNC Funding Corp. 6.70% 2019 | 15,000 | 15,499 | ||||||
PNC Funding Corp., Series II, 6.113% (undated)1,3 | 18,300 | 9,513 | ||||||
National City Preferred Capital Trust I 12.00% (undated)1 | 55,000 | 57,475 | ||||||
Resona Bank, Ltd. 3.75% 20151 | €9,740 | 12,976 | ||||||
Resona Bank, Ltd 4.125% (undated)1 | 5,735 | 5,954 | ||||||
Resona Bank, Ltd. 5.85% (undated)1,3 | $ | 90,833 | 68,669 | |||||
Scotland International Finance No. 2 BV 4.25% 20133 | 7,744 | 6,442 | ||||||
HBOS PLC 6.75% 20183 | 63,135 | 47,733 | ||||||
HBOS PLC 6.00% 20333 | 5,465 | 3,273 | ||||||
HBOS Capital Funding LP 6.071% (undated)1,3 | 15,075 | 5,499 | ||||||
Lloyds Banking Group PLC 6.657% preference shares (undated)1,3 | 15,991 | 5,765 | ||||||
Fifth Third Bancorp 8.25% 2038 | 30,250 | 23,209 | ||||||
Fifth Third Capital Trust IV 6.50% 20671 | 67,680 | 41,268 | ||||||
Standard Chartered PLC 5.50% 20143 | 4,000 | 4,087 | ||||||
Standard Chartered Bank 6.40% 20173 | 52,710 | 47,703 | ||||||
Standard Chartered Bank 5.375% (undated)1 | £ | 150 | 180 | |||||
HSBC Finance Corp. 5.70% 2011 | $ | 15,000 | 15,144 | |||||
HSBC Finance Corp. 0.979% 20121 | 20,000 | 17,608 | ||||||
HSBC Finance Corp. 1.457% 20121 | 15,000 | 13,268 | ||||||
Royal Bank of Scotland Group PLC 5.00% 2013 | 2,605 | 2,148 | ||||||
Royal Bank of Scotland Group PLC 5.00% 2014 | 11,352 | 9,085 | ||||||
Royal Bank of Scotland Group PLC 5.05% 2015 | 10,638 | 8,348 | ||||||
Royal Bank of Scotland PLC 9.625% 2015 | £ | 200 | 327 | |||||
Royal Bank of Scotland PLC 6.934% 2018 | €12,780 | 15,092 | ||||||
Royal Bank of Scotland PLC 5.00% (undated)1 | £ | 200 | 199 | |||||
Wells Fargo Bank, National Assn. 4.75% 2015 | $ | 19,035 | 18,071 | |||||
Wells Fargo & Co. 5.625% 2017 | 8,500 | 8,381 | ||||||
Wells Fargo Bank, National Assn. 5.95% 2036 | 7,000 | 6,284 | ||||||
Wells Fargo Capital XIII 7.70% (undated)1 | 600 | 498 | ||||||
Wells Fargo & Co. 7.98% (undated)1 | 1,625 | 1,351 | ||||||
Société Générale 5.75% 20163 | 36,515 | 33,621 | ||||||
Paribas, New York Branch 6.95% 2013 | 11,550 | 12,038 | ||||||
BNP Paribas 4.80% 20153 | 305 | 244 | ||||||
BNP Paribas 5.125% 20153 | 12,070 | 11,301 | ||||||
BNP Paribas 5.75% 2022 | £ | 415 | 663 | |||||
SunTrust Banks, Inc. 5.25% 2012 | $ | 1,885 | 1,922 | |||||
SunTrust Banks, Inc. 6.00% 2017 | 940 | 852 | ||||||
SunTrust Banks, Inc. 7.25% 2018 | 21,200 | 20,868 | ||||||
Korea Development Bank 5.30% 2013 | 13,635 | 13,439 | ||||||
Korea Development Bank 8.00% 2014 | 9,115 | 9,879 | ||||||
United Overseas Bank Ltd. 5.375% 20191,3 | 22,250 | 21,252 | ||||||
UnionBanCal Corp. 5.25% 2013 | 2,040 | 1,886 | ||||||
Union Bank of California, NA 5.95% 2016 | 17,415 | 16,133 | ||||||
Silicon Valley Bank 5.70% 2012 | 18,000 | 16,759 | ||||||
HSBK (Europe) BV 7.75% 2013 | 9,700 | 7,178 | ||||||
HSBK (Europe) BV 7.75% 20133 | 305 | 226 | ||||||
HSBK (Europe) BV 7.25% 20173 | 10,460 | 6,067 | ||||||
Zions Bancorporation 5.50% 2015 | 9,063 | 6,532 | ||||||
Zions Bancorporation 6.00% 2015 | 8,442 | 6,043 | ||||||
DBS Bank Ltd. 1.704% 20211,3 | 12,500 | 9,719 | ||||||
Banco Santander-Chile 5.375% 20143 | 9,035 | 8,605 | ||||||
Northern Rock PLC 5.60% (undated)1,3 | 13,815 | 2,832 | ||||||
Northern Rock PLC 6.594% (undated)1,3 | 27,465 | 5,630 | ||||||
Barclays Bank PLC 6.05% 20173 | 4,600 | 3,995 | ||||||
Barclays Bank PLC 6.375% (undated)1 | £ | 240 | 294 | |||||
Barclays Bank PLC 7.70% (undated)1,3 | $ | 2,000 | 1,666 | |||||
Sumitomo Mitsui Banking Corp. 8.00% 2012 | 3,500 | 3,794 | ||||||
Bergen Bank 1.938% (undated)1 | 5,000 | 2,824 | ||||||
Credit Agricole SA 6.637% (undated)1,3 | 4,535 | 2,744 | ||||||
Allied Irish Banks, PLC 5.625% 20301 | £ | 250 | 222 | |||||
Allied Irish Banks Ltd. 1.563% (undated)1 | $ | 7,000 | 2,095 | |||||
Christiana Bank Og Kreditkasse 1.625% (undated)1 | 4,000 | 1,880 | ||||||
Norinchukin Finance (Cayman) Ltd. 5.625% 20161 | £ | 205 | 319 | |||||
Skandinaviska Enskilda Banken AB 5.00% (undated)1 | 78 | 93 | ||||||
Commerzbank AG 6.625% 2019 | 70 | 87 | ||||||
1,057,498 | ||||||||
Insurance — 2.41% | ||||||||
Liberty Mutual Group Inc. 6.50% 20353 | $ | 37,810 | 23,036 | |||||
Liberty Mutual Group Inc. 7.50% 20363 | 37,485 | 25,890 | ||||||
Liberty Mutual Group Inc., Series A, 7.80% 20871,3 | 20,488 | 11,494 | ||||||
Liberty Mutual Group Inc., Series C, 10.75% 20881,3 | 88,940 | 64,144 | ||||||
ZFS Finance (USA) Trust II 6.45% 20651,3 | 29,500 | 22,715 | ||||||
ZFS Finance (USA) Trust V 6.50% 20671,3 | 87,675 | 64,880 | ||||||
Prudential Financial, Inc., Series D, 5.10% 2011 | 3,375 | 3,351 | ||||||
Prudential Holdings, LLC, Series C, 8.695% 20233,6 | 57,035 | 54,683 | ||||||
Prudential Financial, Inc. 8.875% 20681 | 15,000 | 12,672 | ||||||
Metropolitan Life Global Funding I, 5.125% 20133 | 18,310 | 18,639 | ||||||
MetLife Capital Trust IV 7.875% 20671,3 | 5,000 | 4,060 | ||||||
MetLife Capital Trust X 9.25% 20681,3 | 35,550 | 31,712 | ||||||
Lincoln National Corp. 5.65% 2012 | 19,250 | 18,698 | ||||||
Lincoln National Corp. 7.00% 20661 | 53,178 | 34,034 | ||||||
ACE INA Holdings Inc. 5.875% 2014 | 18,775 | 19,409 | ||||||
ACE INA Holdings Inc. 5.70% 2017 | 4,000 | 3,989 | ||||||
ACE INA Holdings Inc. 5.80% 2018 | 7,000 | 6,986 | ||||||
ACE Capital Trust II 9.70% 2030 | 12,423 | 11,336 | ||||||
ACE INA Holdings Inc. 6.70% 2036 | 5,980 | 5,939 | ||||||
CNA Financial Corp. 5.85% 2014 | 11,500 | 9,244 | ||||||
CNA Financial Corp. 6.50% 2016 | 24,625 | 19,981 | ||||||
CNA Financial Corp. 7.25% 2023 | 24,145 | 17,335 | ||||||
Catlin Insurance Ltd. 7.249% (undated)1,3 | 70,755 | 39,671 | ||||||
Allstate Life Global Funding Trust, Series 2008-4, 5.375% 2013 | 17,500 | 18,110 | ||||||
Allstate Corp., Series B, 6.125% 20671 | 28,300 | 21,084 | ||||||
Monumental Global Funding 5.50% 20133 | 16,270 | 15,711 | ||||||
Monumental Global Funding III 5.25% 20143 | 21,500 | 20,299 | ||||||
AEGON NV 6.125% 2031 | £ | 1,730 | 2,115 | |||||
American General Finance Corp., Series I, 5.85% 2013 | $ | 27,500 | 15,787 | |||||
American General Finance Corp., Series I, 5.40% 2015 | 20,000 | 10,784 | ||||||
American General Finance Corp., Series J, 6.90% 2017 | 20,000 | 10,844 | ||||||
Chubb Corp. 5.75% 2018 | 6,500 | 6,754 | ||||||
Chubb Corp. 6.50% 2038 | 19,850 | 21,592 | ||||||
Chubb Corp. 6.375% 20671 | 7,150 | 5,728 | ||||||
Hartford Financial Services Group, Inc. 5.25% 2011 | 5,625 | 5,439 | ||||||
Hartford Financial Services Group, Inc. 6.30% 2018 | 24,000 | 19,547 | ||||||
Hartford Financial Services Group, Inc. 8.125% 20681 | 10,000 | 7,010 | ||||||
New York Life Global Funding 5.25% 20123 | 15,300 | 16,213 | ||||||
New York Life Global Funding 4.65% 20133 | 9,170 | 9,309 | ||||||
Nationwide Mutual Insurance 5.81% 20241,3 | 19,085 | 11,219 | ||||||
Nationwide Mutual Insurance Co. 8.25% 20313 | 15,675 | 12,602 | ||||||
Nationwide Mutual Insurance Co. 6.60% 20343 | 2,000 | 1,205 | ||||||
Nationwide Financial Services, Inc. 6.75% 20671 | 40,430 | 23,937 | ||||||
Principal Life Insurance Co. 5.30% 2013 | 18,000 | 17,974 | ||||||
Principal Life Global Funding I 4.40% 20103 | 16,600 | 16,484 | ||||||
AXA SA 6.463% (undated)1,3 | 25,000 | 15,774 | ||||||
Protective Life Insurance Co., Series 2005-C, 4.85% 2010 | 15,000 | 14,770 | ||||||
Assurant, Inc. 5.625% 2014 | 16,000 | 14,285 | ||||||
MassMutual Global Funding II, Series 2002-1, 3.50% 20103 | 10,000 | 9,856 | ||||||
Jackson National Life Global 5.375% 20133 | 10,000 | 9,634 | ||||||
United Energy Distribution Pty Ltd., AMBAC insured, 4.70% 20113 | 10,000 | 9,606 | ||||||
Genworth Global Funding Trust, Series 2007-C, 5.25% 2012 | 10,000 | 9,409 | ||||||
Loews Corp. 6.00% 2035 | 8,000 | 6,815 | ||||||
Assured Guaranty US Holdings Inc., Series A, 6.40% 20661 | 7,425 | 3,791 | ||||||
TIAA Global Markets 4.95% 20133 | 3,275 | 3,372 | ||||||
UnumProvident Finance Co. PLC 6.85% 20153 | 2,839 | 2,343 | ||||||
913,300 | ||||||||
Real estate — 1.58% | ||||||||
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 4.375% 20103 | 44,950 | 44,010 | ||||||
Westfield Group 5.40% 20123 | 30,035 | 28,843 | ||||||
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 5.125% 20143 | 35,860 | 32,297 | ||||||
Westfield Group 7.50% 20143 | 12,500 | 12,407 | ||||||
Westfield Group 5.70% 20163 | 19,240 | 16,683 | ||||||
WT Finance (Australia) Pty Ltd., Westfield Europe Finance PLC, and WEA Finance LLC 5.50% 2017 | £ | 3,780 | 5,130 | |||||
Westfield Group 7.125% 20183 | $ | 38,060 | 35,380 | |||||
Kimco Realty Corp., Series C, 4.82% 2011 | 7,500 | 7,280 | ||||||
Kimco Realty Corp. 6.00% 2012 | 20,570 | 19,498 | ||||||
Kimco Realty Corp., Series C, 4.82% 2014 | 12,000 | 10,203 | ||||||
Kimco Realty Corp., Series C, 4.904% 2015 | 6,335 | 5,387 | ||||||
Kimco Realty Corp., Series C, 5.783% 2016 | 19,500 | 16,530 | ||||||
Kimco Realty Corp. 5.70% 2017 | 28,450 | 23,623 | ||||||
PLD International Finance LLC 4.375% 2011 | €7,700 | 10,062 | ||||||
ProLogis 5.625% 2015 | $ | 13,035 | 10,348 | |||||
ProLogis 5.625% 2016 | 745 | 573 | ||||||
ProLogis 5.75% 2016 | 27,620 | 21,799 | ||||||
ProLogis 6.625% 2018 | 48,130 | 37,957 | ||||||
Simon Property Group, LP 5.60% 2011 | 8,810 | 8,915 | ||||||
Simon Property Group, LP 5.00% 2012 | 10,000 | 9,975 | ||||||
Simon Property Group, LP 5.75% 2012 | 4,000 | 4,067 | ||||||
Simon Property Group, LP 5.75% 2015 | 3,250 | 2,997 | ||||||
Simon Property Group, LP 5.25% 2016 | 3,610 | 3,211 | ||||||
Simon Property Group, LP 6.10% 2016 | 4,750 | 4,439 | ||||||
Simon Property Group, LP 5.875% 2017 | 17,000 | 15,632 | ||||||
Simon Property Group, LP 6.125% 2018 | 23,950 | 22,315 | ||||||
Simon Property Group, LP 10.35% 2019 | 4,495 | 5,115 | ||||||
Hospitality Properties Trust 6.85% 2012 | 2,000 | 1,799 | ||||||
Hospitality Properties Trust 6.75% 2013 | 17,845 | 15,710 | ||||||
Hospitality Properties Trust 5.125% 2015 | 6,665 | 5,295 | ||||||
Hospitality Properties Trust 6.30% 2016 | 26,223 | 21,030 | ||||||
Hospitality Properties Trust 5.625% 2017 | 8,100 | 6,055 | ||||||
Hospitality Properties Trust 6.70% 2018 | 33,515 | 25,705 | ||||||
Brandywine Operating Partnership, LP 5.75% 2012 | 27,110 | 24,526 | ||||||
Brandywine Operating Partnership, LP 5.40% 2014 | 3,000 | 2,332 | ||||||
Rouse Co. 3.625% 20094 | 5,200 | 3,302 | ||||||
Rouse Co. 7.20% 20124 | 17,475 | 11,184 | ||||||
Rouse Co. 5.375% 20134 | 7,250 | 4,604 | ||||||
Rouse Co. 6.75% 20133,4 | 3,750 | 2,381 | ||||||
ERP Operating LP 5.25% 2014 | 2,000 | 1,901 | ||||||
ERP Operating LP 6.584% 2015 | 13,040 | 12,939 | ||||||
ERP Operating LP 5.75% 2017 | 1,530 | 1,429 | ||||||
ERP Operating LP 7.125% 2017 | 5,000 | 5,054 | ||||||
Developers Diversified Realty Corp. 5.375% 2012 | 5,782 | 3,911 | ||||||
Developers Diversified Realty Corp. 5.50% 2015 | 17,500 | 11,173 | ||||||
Realogy Corp., Letter of Credit, 3.37% 20131,6,7 | 241 | 175 | ||||||
Realogy Corp., Term Loan B, 4.177% 20131,6,7 | 861 | 626 | ||||||
Realogy Corp. 10.50% 2014 | 17,985 | 7,868 | ||||||
Realogy Corp. 11.75% 20141,8 | 2,774 | 888 | ||||||
Realogy Corp. 12.375% 2015 | 2,000 | 570 | ||||||
Weingarten Realty Investors, Series A, 4.857% 2014 | 6,080 | 4,853 | ||||||
Host Marriott, LP, Series M, 7.00% 2012 | 2,675 | 2,595 | ||||||
Host Hotels & Resorts, LP, Series S, 6.875% 2014 | 300 | 271 | ||||||
Host Hotels & Resorts LP 9.00% 20173 | 1,800 | 1,723 | ||||||
Federal Realty Investment Trust 4.50% 2011 | 3,500 | 3,313 | ||||||
Plum Creek Timberlands, LP 5.875% 2015 | 1,500 | 1,270 | ||||||
599,158 | ||||||||
Automobiles & components — 0.30% | ||||||||
Ford Motor Credit Co. 7.375% 2009 | 26,725 | 26,498 | ||||||
Ford Motor Credit Co. 7.875% 2010 | 10,000 | 9,501 | ||||||
Ford Motor Credit Co. 8.625% 2010 | 425 | 399 | ||||||
Ford Motor Credit Co. 9.75% 20101 | 5,000 | 4,791 | ||||||
Ford Motor Credit Co. 5.879% 20111 | 20,275 | 17,614 | ||||||
Ford Motor Credit Co. 7.25% 2011 | 24,000 | 20,769 | ||||||
Ford Motor Credit Co. 7.375% 2011 | 2,200 | 1,992 | ||||||
Ford Motor Credit Co. 3.889% 20121 | 8,825 | 6,839 | ||||||
Ford Motor Credit Co. 7.80% 2012 | 900 | 775 | ||||||
Ford Motor Credit Co. 8.00% 2016 | 2,000 | 1,531 | ||||||
American Honda Finance Corp. 5.125% 20103 | 21,850 | 21,566 | ||||||
112,275 | ||||||||
CONSUMER DISCRETIONARY — 4.48% | ||||||||
Media — 2.89% | ||||||||
Comcast Cable Communications, Inc. 6.75% 2011 | 520 | 550 | ||||||
Tele-Communications, Inc. 9.80% 2012 | 17,500 | 19,711 | ||||||
Comcast Cable Communications, Inc. 7.125% 2013 | 14,625 | 16,101 | ||||||
Tele-Communications, Inc. 7.875% 2013 | 7,500 | 8,541 | ||||||
Comcast Corp. 5.85% 2015 | 29,025 | 30,119 | ||||||
Comcast Corp. 6.50% 2015 | 9,000 | 9,557 | ||||||
Comcast Corp. 6.30% 2017 | 24,500 | 25,972 | ||||||
Comcast Corp. 5.875% 2018 | 45,765 | 46,469 | ||||||
Comcast Corp. 5.65% 2035 | 4,745 | 4,360 | ||||||
Comcast Corp. 6.45% 2037 | 7,250 | 7,168 | ||||||
Comcast Corp. 6.95% 2037 | 15,520 | 16,233 | ||||||
Comcast Corp. 6.40% 2038 | 11,800 | 11,589 | ||||||
Time Warner Inc. 1.15% 20091 | 8,510 | 8,490 | ||||||
Time Warner Inc. 5.50% 2011 | 1,675 | 1,731 | ||||||
AOL Time Warner Inc. 6.75% 2011 | 3,815 | 3,994 | ||||||
AOL Time Warner Inc. 6.875% 2012 | 22,500 | 24,085 | ||||||
Time Warner Inc. 5.875% 2016 | 56,140 | 55,408 | ||||||
Time Warner Companies, Inc. 7.25% 2017 | 1,600 | 1,650 | ||||||
Time Warner Companies, Inc. 7.57% 2024 | 12,340 | 12,107 | ||||||
AOL Time Warner Inc. 7.625% 2031 | 31,935 | 31,127 | ||||||
Time Warner Inc. 6.50% 2036 | 45,485 | 39,949 | ||||||
Time Warner Cable Inc. 5.40% 2012 | 8,000 | 8,274 | ||||||
Time Warner Cable Inc. 6.20% 2013 | 4,500 | 4,746 | ||||||
Time Warner Cable Inc. 7.50% 2014 | 22,860 | 25,208 | ||||||
Time Warner Cable Inc. 8.25% 2014 | 40,000 | 44,879 | ||||||
Time Warner Cable Inc. 6.75% 2018 | 60,500 | 63,121 | ||||||
Time Warner Cable Inc. 8.25% 2019 | 21,560 | 24,504 | ||||||
Time Warner Cable Inc. 8.75% 2019 | 3,950 | 4,609 | ||||||
News America Holdings Inc. 8.00% 2016 | 1,000 | 1,066 | ||||||
News America Inc. 7.25% 2018 | 2,250 | 2,274 | ||||||
News America Holdings Inc. 8.25% 2018 | 15,290 | 16,682 | ||||||
News America Inc. 6.90% 20193 | 54,975 | 57,386 | ||||||
News America Inc. 6.65% 2037 | 38,900 | 35,096 | ||||||
News America Inc. 7.85% 20393 | 3,500 | 3,741 | ||||||
Thomson Reuters Corp. 6.50% 2018 | 74,120 | 77,270 | ||||||
Cox Communications, Inc. 7.875% 2009 | 1,000 | 1,006 | ||||||
Cox Communications, Inc. 4.625% 2010 | 900 | 904 | ||||||
Cox Communications, Inc. 7.125% 2012 | 7,000 | 7,530 | ||||||
Cox Communications, Inc. 5.45% 2014 | 17,045 | 16,940 | ||||||
Cox Communications, Inc. 9.375% 20193 | 26,205 | 31,606 | ||||||
Cox Communications, Inc. 8.375% 20393 | 6,555 | 7,330 | ||||||
CCH II, LLC and CCH II Capital Corp. 10.25% 2010 | 10,000 | 10,600 | ||||||
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.00% 20123 | 10,150 | 9,820 | ||||||
CCO Holdings, LLC and CCO Holdings Capital Corp. 8.75% 2013 | 13,325 | 12,725 | ||||||
Charter Communications Operating, LLC, Term Loan B, 4.25% 20141,6,7 | 12,017 | 10,860 | ||||||
Charter Communications Operating, LLC, Term Loan B, 7.25% 20141,6,7 | 1,975 | 1,947 | ||||||
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.375% 20143 | 1,575 | 1,516 | ||||||
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 10.875% 20143 | 15,375 | 15,990 | ||||||
CCH I, LLC and CCH I Capital Corp. 11.00% 20154 | 950 | 119 | ||||||
Univision Communications Inc. 7.85% 2011 | 7,055 | 6,984 | ||||||
Univision Communications, Inc., First Lien Term Loan B, 2.56% 20141,6,7 | 11,205 | 8,428 | ||||||
Univision Communications Inc. 12.00% 20143 | 4,555 | 4,498 | ||||||
Univision Communications Inc. 10.50% 20151,3,8 | 35,720 | 20,986 | ||||||
NTL Cable PLC 8.75% 2014 | 10,725 | 10,511 | ||||||
NTL Cable PLC 8.75% 2014 | €1,000 | 1,318 | ||||||
NTL Cable PLC 9.50% 2016 | $ | 15,200 | 15,048 | |||||
Warner Music Group 0%/9.50% 20149 | 125 | 99 | ||||||
Warner Music Group 7.375% 2014 | 4,725 | 4,022 | ||||||
Warner Music Group 9.50% 20163 | 13,175 | 13,175 | ||||||
AMC Entertainment Inc. 8.00% 2014 | 8,125 | 6,967 | ||||||
AMC Entertainment Inc., Series B, 11.00% 2016 | 2,500 | 2,431 | ||||||
AMC Entertainment Inc. 8.75% 20193 | 5,000 | 4,725 | ||||||
Quebecor Media Inc. 7.75% 2016 | 8,950 | 8,156 | ||||||
Quebecor Media Inc. 7.75% 2016 | 5,670 | 5,167 | ||||||
TL Acquisitions, Inc., Term Loan B, 2.81% 20141,6,7 | 5,586 | 4,700 | ||||||
Thomson Learning 10.50% 20153 | 9,450 | 7,702 | ||||||
CBS Corp. 8.875% 2019 | 12,400 | 12,105 | ||||||
Viacom Inc. 5.75% 2011 | 2,500 | 2,561 | ||||||
Viacom Inc. 6.25% 2016 | 7,500 | 7,399 | ||||||
CSC Holdings, Inc. 8.50% 20143 | 3,825 | 3,811 | ||||||
CSC Holdings, Inc. 8.625% 20193 | 3,700 | 3,645 | ||||||
Kabel Deutschland GmbH 10.625% 2014 | 7,150 | 7,409 | ||||||
American Media Operation 9.00% 20133,8 | 1,149 | 577 | ||||||
American Media Operation 14.00% 20131,3,8 | 16,136 | 6,495 | ||||||
LBI Media, Inc. 8.50% 20173 | 11,390 | 6,051 | ||||||
Regal Cinemas Corp., Series B, 9.375% 2012 | 6,125 | 5,964 | ||||||
Cinemark USA, Inc., Term Loan B, 2.21% 20131,6,7 | 3,331 | 3,153 | ||||||
Cinemark USA, Inc. 8.625% 20193 | 2,000 | 1,985 | ||||||
WPP Finance (UK) 8.00% 2014 | 5,000 | 5,083 | ||||||
UPC Holding BV 9.875% 20183 | 5,000 | 4,781 | ||||||
Atlantic Broadband Finance, LLC and Atlantic Broadband Finance, Inc. 9.375% 2014 | 4,300 | 3,698 | ||||||
Mediacom LLC and Mediacom Capital Corp. 9.50% 2013 | 450 | 431 | ||||||
Mediacom Broadband LLC and Mediacom Broadband Corp. 8.50% 2015 | 3,520 | 3,186 | ||||||
Local T.V. Finance LLC, Term Loan B, 2.31% 20131,6,7 | 994 | 631 | ||||||
Local T.V. Finance LLC 10.00% 20151,3,8 | 16,868 | 2,952 | ||||||
Fox Acquisition LLC, Term Loan B, 7.25% 20151,6,7 | 847 | 617 | ||||||
Fox Acquisition LLC 13.375% 20163 | 6,165 | 2,820 | ||||||
Liberty Media Corp. 8.25% 2030 | 3,550 | 2,463 | ||||||
Radio One, Inc. 6.375% 2013 | 7,380 | 2,260 | ||||||
Dex Media West LLC, Dex Media West Finance Co., Series B, 8.50% 20104 | 3,000 | 2,175 | ||||||
Dex Media, Inc., Series B, 8.00% 20134 | 525 | 81 | ||||||
Walt Disney Co. 5.625% 2016 | 2,000 | 2,152 | ||||||
Vidéotron Ltée 6.875% 2014 | 1,000 | 930 | ||||||
Vidéotron Ltée 6.375% 2015 | 1,000 | 901 | ||||||
WDAC Intermediate Corp. 8.375% 20143 | 2,425 | 534 | ||||||
WDAC Intermediate Corp. 8.50% 2014 | €500 | 193 | ||||||
Carmike Cinemas, Inc., Delayed Draw, Term Loan, 5.19% 20121,6,7 | $ | 412 | 382 | |||||
Young Broadcasting Inc. 10.00% 20114 | 13,317 | 33 | ||||||
1,095,035 | ||||||||
Retailing — 0.78% | ||||||||
Macy’s Retail Holdings, Inc. 8.875% 2015 | 25,770 | 24,966 | ||||||
Federated Retail Holdings, Inc. 5.90% 2016 | 71,875 | 58,639 | ||||||
Federated Retail Holdings, Inc. 6.375% 2037 | 7,700 | 5,248 | ||||||
Staples, Inc. 7.75% 2011 | 16,265 | 17,207 | ||||||
Staples, Inc. 9.75% 2014 | 27,970 | 31,269 | ||||||
Nordstrom, Inc. 6.75% 2014 | 29,360 | 30,552 | ||||||
Michaels Stores, Inc., Term Loan B, 2.625% 20131,6,7 | 8,258 | 6,586 | ||||||
Michaels Stores, Inc. 10.00% 2014 | 16,125 | 13,626 | ||||||
Michaels Stores, Inc. 0%/13.00% 2016 (9) | 1,110 | 461 | ||||||
Toys "R" Us, Inc. 7.625% 2011 | 13,115 | 12,197 | ||||||
Toys "R" Us-Delaware, Inc., Term Loan B, 4.565% 20121,6,7 | 7,970 | 7,376 | ||||||
Dollar General Corp., Term Loan B2, 3.06% 20141,6,7 | 1,000 | 943 | ||||||
Dollar General Corp. 10.625% 2015 | 6,550 | 7,107 | ||||||
Dollar General Corp. 11.875% 20171,8 | 9,000 | 9,765 | ||||||
J.C. Penney Co., Inc. 9.00% 2012 | 3,495 | 3,562 | ||||||
J.C. Penney Corp., Inc. 5.75% 2018 | 11,500 | 10,110 | ||||||
Lowe’s Companies, Inc. 8.25% 2010 | 8,450 | 8,979 | ||||||
Lowe’s Companies, Inc. 6.50% 2029 | 700 | 717 | ||||||
Sally Holdings LLC and Sally Capital Inc. 9.25% 2014 | 7,200 | 7,200 | ||||||
Sally Holdings LLC and Sally Capital Inc. 10.50% 2016 | 1,050 | 1,045 | ||||||
Kohl’s Corp. 7.25% 2029 | 3,452 | 3,549 | ||||||
Kohl’s Corp. 6.00% 2033 | 3,713 | 3,333 | ||||||
Edcon (Proprietary) Ltd. 4.527% 20141 | €6,500 | 5,333 | ||||||
Edcon (Proprietary) Ltd. 4.527% 20141 | 500 | 410 | ||||||
Target Corp. 6.50% 2037 | $ | 5,390 | 5,470 | |||||
Neiman Marcus Group, Inc. 9.75% 20151,8 | 9,120 | 5,426 | ||||||
Marks and Spencer Group PLC 6.25% 20173 | 6,000 | 4,991 | ||||||
Home Depot, Inc. 5.875% 2036 | 5,000 | 4,425 | ||||||
Bon-Ton Department Stores, Inc. 10.25% 2014 | 10,000 | 4,400 | ||||||
Burlington Coat Factory Warehouse Corp. 11.125% 2014 | 2,700 | 2,160 | ||||||
297,052 | ||||||||
Consumer services — 0.39% | ||||||||
MGM MIRAGE 8.50% 2010 | 6,850 | 6,251 | ||||||
MGM MIRAGE 6.75% 2012 | 1,050 | 751 | ||||||
MGM MIRAGE 6.75% 2013 | 3,350 | 2,253 | ||||||
MGM MIRAGE 13.00% 20133 | 5,150 | 5,665 | ||||||
MGM MIRAGE 5.875% 2014 | 6,575 | 4,257 | ||||||
MGM MIRAGE 10.375% 20143 | 3,025 | 3,154 | ||||||
MGM MIRAGE 6.625% 2015 | 3,600 | 2,367 | ||||||
MGM MIRAGE 11.125% 20173 | 4,375 | 4,659 | ||||||
Marriott International, Inc., Series J, 5.625% 2013 | 8,305 | 8,206 | ||||||
Marriott International, Inc., Series I, 6.375% 2017 | 13,750 | 13,085 | ||||||
Mohegan Tribal Gaming Authority 6.375% 2009 | 12,700 | 12,414 | ||||||
Mohegan Tribal Gaming Authority 8.00% 2012 | 3,675 | 2,811 | ||||||
Mohegan Tribal Gaming Authority 7.125% 2014 | 5,250 | 3,596 | ||||||
Seminole Tribe of Florida 5.798% 20133,6 | 9,865 | 8,928 | ||||||
Seminole Tribe of Florida 7.804% 20203,6 | 9,370 | 7,353 | ||||||
Boyd Gaming Corp. 7.75% 2012 | 2,550 | 2,384 | ||||||
Boyd Gaming Corp. 6.75% 2014 | 8,925 | 7,274 | ||||||
Boyd Gaming Corp. 7.125% 2016 | 4,000 | 2,985 | ||||||
Circus and Eldorado Joint Venture and Silver Legacy Resort Casino 10.125% 20122 | 12,025 | 10,952 | ||||||
Royal Caribbean Cruises Ltd. 8.75% 2011 | 2,465 | 2,367 | ||||||
Royal Caribbean Cruises Ltd. 11.875% 2015 | 6,025 | 5,935 | ||||||
ERAC USA Finance Co. 7.00% 20373 | 10,000 | 7,974 | ||||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. 6.625% 2014 | 8,415 | 7,447 | ||||||
Education Management LLC and Education Management Finance Corp. 8.75% 2014 | 4,800 | 4,680 | ||||||
Pinnacle Entertainment, Inc. 7.50% 2015 | 4,755 | 4,089 | ||||||
Seneca Gaming Corp. 7.25% 2012 | 3,025 | 2,632 | ||||||
Seneca Gaming Corp., Series B, 7.25% 2012 | 1,175 | 1,022 | ||||||
Wendy’s/Arby’s Group Inc. 10.00% 20163 | 1,100 | 1,058 | ||||||
146,549 | ||||||||
Automobiles & components — 0.26% | ||||||||
DaimlerChrysler North America Holding Corp. 7.20% 2009 | 5,000 | 5,023 | ||||||
DaimlerChrysler North America Holding Corp., Series E, 5.75% 2011 | 14,925 | 15,237 | ||||||
DaimlerChrysler North America Holding Corp. 5.875% 2011 | 9,400 | 9,560 | ||||||
DaimlerChrysler North America Holding Corp. 7.75% 2011 | 14,930 | 15,565 | ||||||
DaimlerChrysler North America Holding Corp. 7.30% 2012 | 1,455 | 1,508 | ||||||
DaimlerChrysler North America Holding Corp. 6.50% 2013 | 18,775 | 19,103 | ||||||
Allison Transmission Holdings, Inc., Term Loan B, 3.07% 20141,6,7 | 5,772 | 4,630 | ||||||
Allison Transmission Holdings, Inc. 11.00% 20153 | 750 | 596 | ||||||
Allison Transmission Holdings, Inc. 12.00% 20151,3,8 | 11,700 | 8,248 | ||||||
Tenneco Automotive Inc., Series B, 10.25% 2013 | 2,572 | 2,450 | ||||||
Tenneco Automotive Inc. 8.625% 2014 | 3,025 | 2,193 | ||||||
Tenneco Inc. 8.125% 2015 | 3,250 | 2,584 | ||||||
Ford Motor Co. 9.50% 2011 | 2,000 | 1,570 | ||||||
FCE Bank PLC 7.125% 2013 | €4,500 | 5,175 | ||||||
General Motors Corp. 7.20% 20114 | $ | 3,975 | 517 | |||||
General Motors Corp. 7.125% 20134 | 3,595 | 458 | ||||||
General Motors Corp. 8.80% 20214 | 10,542 | 1,318 | ||||||
Goodyear Tire & Rubber Co. 5.01% 20091 | 1,150 | 1,144 | ||||||
TRW Automotive Inc. 7.00% 20143 | 1,500 | 1,088 | ||||||
Visteon Corp. 8.25% 20104 | 2,912 | 102 | ||||||
Visteon Corp. 12.25% 20163,4 | 7,517 | 301 | ||||||
Cooper-Standard Automotive Inc. 7.00% 20124 | 425 | 85 | ||||||
Cooper-Standard Automotive Inc. 8.375% 20144 | 2,200 | 143 | ||||||
Delphi Automotive Systems Corp. 6.55% 20064 | 500 | 3 | ||||||
Delphi Automotive Systems Corp. 6.50% 20094 | 6,000 | 38 | ||||||
Delphi Corp. 6.50% 20134 | 7,020 | 105 | ||||||
Delphi Automotive Systems Corp. 7.125% 20294 | 1,350 | 8 | ||||||
98,752 | ||||||||
Consumer durables & apparel — 0.16% | ||||||||
Fortune Brands, Inc. 6.375% 2014 | 20,000 | 19,907 | ||||||
Hanesbrands Inc., Series B, 4.593% 20141 | 11,105 | 8,995 | ||||||
Standard Pacific Corp. 7.75% 2013 | 6,890 | 4,995 | ||||||
Standard Pacific Corp. 6.25% 2014 | 775 | 550 | ||||||
Standard Pacific Corp. 7.00% 2015 | 4,340 | 3,125 | ||||||
Meritage Corp. 7.00% 2014 | 1,850 | 1,526 | ||||||
Meritage Homes Corp. 6.25% 2015 | 5,275 | 4,167 | ||||||
Meritage Corp. 7.731% 20172,3 | 4,000 | 2,665 | ||||||
Beazer Homes USA, Inc. 8.625% 2011 | 4,625 | 3,168 | ||||||
Beazer Homes USA, Inc. 8.125% 2016 | 4,490 | 2,178 | ||||||
Sealy Mattress Co. 8.25% 2014 | 4,200 | 3,476 | ||||||
Sealy Mattress Co. 10.875% 20163 | 500 | 526 | ||||||
KB Home 6.25% 2015 | 3,170 | 2,726 | ||||||
Jarden Corp. 8.00% 2016 | 2,375 | 2,274 | ||||||
60,278 | ||||||||
TELECOMMUNICATION SERVICES — 3.49% | ||||||||
Verizon Communications Inc. 3.75% 20113 | 111,950 | 114,293 | ||||||
ALLTEL Corp. 7.00% 2012 | 18,299 | 19,778 | ||||||
Verizon Global Funding Corp. 7.375% 2012 | 11,835 | 13,249 | ||||||
Verizon Communications Inc. 5.25% 2013 | 14,500 | 15,230 | ||||||
Verizon Communications Inc. 5.55% 20143 | 14,710 | 15,632 | ||||||
Verizon Communications Inc. 5.50% 2017 | 11,495 | 11,533 | ||||||
Verizon Communications Inc. 5.50% 2018 | 8,540 | 8,496 | ||||||
Verizon Communications Inc. 6.10% 2018 | 24,000 | 24,660 | ||||||
Verizon Communications Inc. 8.50% 20183 | 16,000 | 19,154 | ||||||
Verizon Communications Inc. 8.75% 2018 | 34,000 | 40,339 | ||||||
Verizon Communications Inc. 6.35% 2019 | 14,500 | 15,112 | ||||||
Verizon Global Funding Corp. 7.75% 2030 | 9,501 | 10,640 | ||||||
Telecom Italia Capital SA 4.875% 2010 | 1,260 | 1,273 | ||||||
Olivetti Finance NV 7.25% 2012 | €8,830 | 13,314 | ||||||
Telecom Italia Capital SA, Series B, 5.25% 2013 | $ | 5,480 | 5,379 | |||||
Telecom Italia Capital SA 4.95% 2014 | 9,867 | 9,457 | ||||||
Telecom Italia Capital SA 5.25% 2015 | 77,500 | 74,911 | ||||||
Telecom Italia Capital SA 6.999% 2018 | 9,900 | 10,032 | ||||||
Telecom Italia Capital SA 7.175% 2019 | 41,500 | 42,143 | ||||||
Telecom Italia SpA 7.75% 2033 | €8,270 | 11,981 | ||||||
Telicom Italia Capital SA 6.00% 2034 | $ | 3,000 | 2,541 | |||||
Telecom Italia Capital SA 7.20% 2036 | 2,000 | 1,945 | ||||||
Telecom Italia Capital SA 7.721% 2038 | 32,500 | 33,193 | ||||||
AT&T Corp. 7.30% 20111 | 4,734 | 5,194 | ||||||
AT&T Wireless Services, Inc. 7.875% 2011 | 15,355 | 16,566 | ||||||
SBC Communications Inc. 5.875% 2012 | 20,337 | 21,842 | ||||||
AT&T Wireless Services, Inc. 8.125% 2012 | 12,630 | 14,149 | ||||||
AT&T Inc. 4.95% 2013 | 17,000 | 17,694 | ||||||
SBC Communications Inc. 5.10% 2014 | 4,745 | 4,935 | ||||||
SBC Communications Inc. 5.625% 2016 | 45,200 | 46,582 | ||||||
AT&T Inc. 5.50% 2018 | 5,910 | 5,911 | ||||||
AT&T Inc. 5.60% 2018 | 17,580 | 17,706 | ||||||
AT&T Inc. 5.80% 2019 | 11,550 | 11,748 | ||||||
SBC Communications Inc. 6.45% 2034 | 11,175 | 11,054 | ||||||
AT&T Inc. 6.55% 2039 | 13,425 | 13,445 | ||||||
Sprint Nextel Corp. 1.001% 20101 | 1,865 | 1,759 | ||||||
Nextel Communications, Inc., Series E, 6.875% 2013 | 66,830 | 55,636 | ||||||
Nextel Communications, Inc., Series F, 5.95% 2014 | 51,963 | 41,181 | ||||||
Nextel Communications, Inc., Series D, 7.375% 2015 | 48,155 | 38,644 | ||||||
France Télécom 7.75% 20111 | 32,000 | 34,623 | ||||||
France Télécom 7.25% 2013 | €4,800 | 7,623 | ||||||
France Télécom 4.375% 2014 | $ | 19,010 | 19,179 | |||||
France Télécom 5.375% 2019 | 12,690 | 12,806 | ||||||
Vodafone Group PLC 7.75% 2010 | 20,000 | 20,679 | ||||||
Vodafone Group PLC 5.625% 2017 | 16,080 | 16,357 | ||||||
Vodafone Group PLC 5.45% 2019 | 25,000 | 24,630 | ||||||
Vodafone Group PLC 6.15% 2037 | 6,000 | 5,922 | ||||||
American Tower Corp. 7.125% 2012 | 14,850 | 15,017 | ||||||
American Tower Corp. 7.00% 2017 | 16,550 | 16,095 | ||||||
American Tower Corp. 7.25% 20193 | 4,875 | 4,741 | ||||||
Telefónica Emisiones, SAU 4.949% 2015 | 13,150 | 13,382 | ||||||
Telefónica Emisiones, SAU 6.421% 2016 | 5,750 | 6,157 | ||||||
Telefónica Emisiones, SAU 5.877% 2019 | 12,010 | 12,406 | ||||||
Deutsche Telekom International Finance BV 5.875% 2013 | 4,000 | 4,200 | ||||||
Deutsche Telekom International Finance BV 4.875% 2014 | 16,250 | 16,373 | ||||||
Deutsche Telekom International Finance BV 6.75% 2018 | 10,000 | 10,631 | ||||||
Qwest Capital Funding, Inc. 7.90% 2010 | 1,400 | 1,407 | ||||||
Qwest Capital Funding, Inc. 7.25% 2011 | 16,450 | 16,039 | ||||||
Qwest Communications International Inc. 7.25% 2011 | 6,000 | 5,850 | ||||||
Qwest Corp. 7.875% 2011 | 1,000 | 1,005 | ||||||
MetroPCS Wireless, Inc. 9.25% 2014 | 11,950 | 11,935 | ||||||
MetroPCS Wireless, Inc. 9.25% 20143 | 10,925 | 10,870 | ||||||
Cricket Communications, Inc. 9.375% 2014 | 12,185 | 12,063 | ||||||
Cricket Communications, Inc. 7.75% 20163 | 10,050 | 9,723 | ||||||
British Telecommunications PLC 5.15% 2013 | 5,000 | 4,987 | ||||||
British Telecommunications PLC 5.95% 2018 | 17,472 | 15,772 | ||||||
Centennial Communications Corp. 6.958% 20131 | 6,500 | 6,500 | ||||||
Centennial Communications Corp. 10.00% 2013 | 2,750 | 2,915 | ||||||
Centennial Communications Corp. and Centennial Cellular Operating Co. LLC 10.125% 2013 | 900 | 933 | ||||||
Centennial Communications Corp., Centennial Cellular Operating Co. LLC and Centennial | ||||||||
Puerto Rico Operations Corp. 8.125% 20141 | 9,300 | 9,556 | ||||||
PCCW-HKT Capital Ltd. 8.00% 20111,3 | 15,000 | 15,804 | ||||||
PCCW-HKT Capital No. 3 Ltd. 5.25% 20153 | 2,750 | 2,471 | ||||||
Crown Castle International Corp. 9.00% 2015 | 8,275 | 8,461 | ||||||
Crown Castle International Corp. 7.75% 20173 | 9,675 | 9,481 | ||||||
Koninklijke KPN NV 8.00% 2010 | 6,550 | 6,875 | ||||||
Koninklijke KPN NV 4.75% 2017 | €3,500 | 4,890 | ||||||
Koninklijke KPN NV 8.375% 2030 | $ | 5,200 | 5,960 | |||||
Digicel Group Ltd. 12.00% 20143 | 12,025 | 12,205 | ||||||
Digicel Group Ltd. 8.875% 20153 | 5,500 | 4,593 | ||||||
Digicel Group Ltd. 8.875% 2015 | 400 | 334 | ||||||
Windstream Corp. 8.125% 2013 | 10,650 | 10,357 | ||||||
Valor Telecommunications Enterprises, LLC and Valor Telecommunications Enterprises Finance Corp. 7.75% 2015 | 2,850 | 2,795 | ||||||
Windstream Corp. 8.625% 2016 | 3,300 | 3,176 | ||||||
Singapore Telecommunications Ltd. 6.375% 2011 | 3,475 | 3,773 | ||||||
Singapore Telecommunications Ltd. 6.375% 20113 | 2,050 | 2,226 | ||||||
Singapore Telecommunications Ltd. 7.375% 20313 | 3,800 | 4,506 | ||||||
Rogers Wireless Inc. 7.25% 2012 | 713 | 767 | ||||||
Rogers Wireless Inc. 7.50% 2015 | 6,300 | 6,861 | ||||||
SK Telecom Co., Ltd. 4.25% 20113 | 6,000 | 5,979 | ||||||
Intelsat Jackson Holding Co., Series B, 8.875% 20153 | 1,950 | 1,891 | ||||||
Intelsat, Ltd. 8.875% 2015 | 775 | 752 | ||||||
Intelsat Jackson Holding Co. 9.50% 20163 | 2,100 | 2,121 | ||||||
NTELOS Inc., Term Loan B, 2.56% 20111,6,7 | 4,788 | 4,682 | ||||||
Orascom Telecom 7.875% 20143 | 3,275 | 2,784 | ||||||
Cincinnati Bell Inc. 7.25% 2013 | 2,800 | 2,576 | ||||||
Millicom International Cellular SA 10.00% 2013 | 2,430 | 2,476 | ||||||
América Móvil, SAB de CV 8.46% 2036 | MXN27,000 | 1,519 | ||||||
Hawaiian Telcom Communications, Inc. 9.75% 20134 | $ | 7,715 | 116 | |||||
Hawaiian Telcom Communications, Inc. 8.765% 20131,4 | 3,605 | 54 | ||||||
Hawaiian Telcom Communications, Inc., Term Loan C, 4.75% 20141,6,7,8 | 2,130 | 1,286 | ||||||
Hawaiian Telcom Communications, Inc., Series B, 12.50% 20154 | 3,050 | — | ||||||
Nordic Telephone Co. Holding ApS 8.875% 20163 | 1,000 | 970 | ||||||
Level 3 Financing, Inc. 9.25% 2014 | 1,000 | 825 | ||||||
Citizens Communications Co. 7.875% 2027 | 775 | 624 | ||||||
Trilogy International Partners LLC, Term Loan B, 4.098% 20121,6,7 | 275 | 187 | ||||||
1,323,084 | ||||||||
ENERGY — 3.39% | ||||||||
Enbridge Energy Partners, LP, Series B, 6.50% 2018 | 45,455 | 44,865 | ||||||
Enbridge Energy Partners, LP 9.875% 2019 | 28,255 | 32,810 | ||||||
Enbridge Energy Partners, LP, Series B, 7.50% 2038 | 30,700 | 30,919 | ||||||
Enbridge Energy Partners, LP 8.05% 20771 | 67,100 | 49,049 | ||||||
Kinder Morgan Energy Partners LP 6.75% 2011 | 5,500 | 5,767 | ||||||
Kinder Morgan Energy Partners LP 5.85% 2012 | 6,500 | 6,781 | ||||||
Kinder Morgan Energy Partners LP 5.00% 2013 | 14,279 | 14,064 | ||||||
Kinder Morgan Energy Partners LP 5.125% 2014 | 34,052 | 33,907 | ||||||
Kinder Morgan Energy Partners LP 5.625% 2015 | 14,100 | 14,268 | ||||||
Kinder Morgan Energy Partners LP 6.00% 2017 | 22,375 | 22,231 | ||||||
Kinder Morgan Energy Partners LP 9.00% 2019 | 9,865 | 11,239 | ||||||
Kinder Morgan Energy Partners LP 6.85% 2020 | 44,045 | 45,231 | ||||||
TransCanada PipeLines Ltd. 6.50% 2018 | 35,000 | 38,144 | ||||||
TransCanada PipeLines Ltd. 7.125% 2019 | 9,400 | 10,628 | ||||||
TransCanada PipeLines Ltd. 6.20% 2037 | 1,250 | 1,284 | ||||||
TransCanada PipeLines Ltd. 7.25% 2038 | 2,145 | 2,447 | ||||||
TransCanada PipeLines Ltd. 7.625% 2039 | 2,175 | 2,547 | ||||||
TransCanada PipeLines Ltd. 6.35% 20671 | 85,555 | 59,544 | ||||||
Gaz Capital SA, Series 13, 6.605% 2018 | €8,200 | 9,430 | ||||||
Gaz Capital SA 6.51% 20223 | $ | 82,475 | 62,062 | |||||
Gaz Capital SA 7.288% 20373 | 16,150 | 12,193 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 20093,6 | 5,436 | 5,408 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 20096 | 300 | 298 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20143,6 | 15,570 | 16,370 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20146 | 1,000 | 1,051 | ||||||
Ras Laffan Liquefied Natural Gas III 5.832% 20166 | 2,000 | 1,957 | ||||||
Ras Laffan Liquefied Natural Gas II 5.298% 20203,6 | 45,970 | 42,126 | ||||||
Ras Laffan Liquefied Natural Gas II 5.298% 20206 | 2,000 | 1,833 | ||||||
Ras Laffan Liquefied Natural Gas III 5.838% 20273,6 | 15,000 | 12,601 | ||||||
Ras Laffan Liquefied Natural Gas III 6.332% 20276 | 2,000 | 1,726 | ||||||
Williams Companies, Inc. 3.208% 20101,3 | 7,500 | 7,099 | ||||||
Williams Companies, Inc. 6.375% 20103 | 1,500 | 1,500 | ||||||
Williams Companies, Inc. 7.125% 2011 | 500 | 510 | ||||||
Transcontinental Gas Pipe Line Corp. 6.40% 2016 | 10,000 | 10,277 | ||||||
Williams Companies, Inc. 8.75% 20203 | 3,000 | 3,133 | ||||||
Williams Companies, Inc. 7.875% 2021 | 37,370 | 36,880 | ||||||
Transcontinental Gas Pipe Line Corp. 7.25% 2026 | 1,750 | 1,778 | ||||||
Williams Companies, Inc. 8.75% 2032 | 18,916 | 19,057 | ||||||
Rockies Express Pipeline LLC 4.50% 20091,3 | 20,000 | 20,003 | ||||||
Rockies Express Pipeline LLC 6.25% 20133 | 6,940 | 6,992 | ||||||
Rockies Express Pipeline LLC 6.85% 20183 | 32,150 | 34,044 | ||||||
Enbridge Inc. 5.80% 2014 | 9,200 | 9,587 | ||||||
Enbridge Inc. 4.90% 2015 | 3,250 | 3,111 | ||||||
Enbridge Inc. 5.60% 2017 | 42,080 | 41,311 | ||||||
Enterprise Products Operating LP, Series B, 4.625% 2009 | 9,500 | 9,529 | ||||||
Enterprise Products Operating LP 4.95% 2010 | 8,750 | 8,881 | ||||||
Enterprise Products Operating LP 7.50% 2011 | 5,000 | 5,243 | ||||||
Enterprise Products Operating LLC 5.65% 2013 | 17,850 | 18,303 | ||||||
Enterprise Products Operating LP 7.034% 20681 | 9,345 | 6,902 | ||||||
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 20143,6 | 36,030 | 32,607 | ||||||
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 20146 | 4,657 | 4,214 | ||||||
Husky Energy Inc. 5.90% 2014 | 555 | 581 | ||||||
Husky Energy Inc. 6.20% 2017 | 16,415 | 16,681 | ||||||
Husky Energy Inc. 7.25% 2019 | 15,830 | 17,328 | ||||||
Chevron Corp. 3.95% 2014 | 4,400 | 4,535 | ||||||
Chevron Corp. 4.95% 2019 | 27,830 | 28,812 | ||||||
Shell International Finance B.V. 4.00% 2014 | 18,830 | 19,356 | ||||||
Shell International Finance B.V. 6.375% 2038 | 11,250 | 12,296 | ||||||
Phillips Petroleum Co. 8.75% 2010 | 4,000 | 4,271 | ||||||
Polar Tankers, Inc. 5.951% 20373,6 | 27,355 | 25,428 | ||||||
Pemex Finance Ltd. 8.875% 20106 | 9,600 | 9,909 | ||||||
Pemex Finance Ltd., Series 1999-2, Class A-3, 10.61% 20172,6 | 11,700 | 13,209 | ||||||
Pemex Project Funding Master Trust 5.75% 2018 | 3,150 | 2,914 | ||||||
Pemex Project Funding Master Trust 6.625% 2035 | 3,500 | 3,170 | ||||||
Energy Transfer Partners, LP 5.95% 2015 | 3,465 | 3,495 | ||||||
Energy Transfer Partners, LP 9.00% 2019 | 16,340 | 18,691 | ||||||
Energy Transfer Partners, LP 9.70% 2019 | 4,030 | 4,634 | ||||||
Devon Energy Corp. 6.30% 2019 | 10,080 | 10,791 | ||||||
Devon Financing Corp. ULC 7.875% 2031 | 10,195 | 12,039 | ||||||
StatoilHydro ASA 3.875% 2014 | 7,000 | 7,107 | ||||||
StatoilHydro ASA 5.25% 2019 | 15,230 | 15,703 | ||||||
Apache Corp. 6.00% 2013 | 2,420 | 2,636 | ||||||
Apache Corp. 5.625% 2017 | 7,200 | 7,565 | ||||||
Apache Corp. 6.90% 2018 | 7,145 | 8,195 | ||||||
Qatar Petroleum 5.579% 20113,6 | 17,069 | 17,355 | ||||||
XTO Energy Inc. 6.25% 2017 | 15,750 | 16,600 | ||||||
BP Capital Markets PLC 3.625% 20143 | 16,000 | 15,975 | ||||||
Canadian Natural Resources Ltd. 5.70% 2017 | 14,000 | 14,179 | ||||||
Petroplus Finance Ltd. 6.75% 20143 | 6,200 | 5,363 | ||||||
Petroplus Finance Ltd. 7.00% 20173 | 10,175 | 8,496 | ||||||
Sunoco, Inc. 4.875% 2014 | 14,830 | 13,830 | ||||||
Marathon Oil Corp. 5.90% 2018 | 10,000 | 10,043 | ||||||
Gulfstream Natural Gas 5.56% 20153 | 3,500 | 3,332 | ||||||
Gulfstream Natural Gas 6.19% 20253 | 7,235 | 6,420 | ||||||
Delek & Avner-Yam Tethys Ltd. 5.326% 20133,6 | 9,092 | 9,043 | ||||||
Petroleum Export Ltd., Class A-1, MBIA insured, 4.623% 20103,6 | 7,667 | 7,522 | ||||||
Petroleum Export Ltd., Class A-2, XLCA insured, 4.633% 20103,6 | 1,444 | 1,417 | ||||||
Williams Partners L.P. and Williams Partners Finance Corp. 7.50% 2011 | 5,725 | 5,742 | ||||||
Williams Partners L.P. and Williams Partners Finance Corp. 7.25% 2017 | 3,475 | 3,175 | ||||||
Nakilat Inc., Series A, 6.067% 20333,6 | 10,800 | 8,817 | ||||||
Drummond Co., Inc. 7.375% 20163 | 8,900 | 6,541 | ||||||
TEPPCO Partners LP 7.00% 20671 | 4,055 | 3,052 | ||||||
PETRONAS Capital Ltd. 7.00% 20123 | 2,250 | 2,487 | ||||||
1,282,476 | ||||||||
UTILITIES — 3.25% | ||||||||
National Rural Utilities Cooperative Finance Corp. 5.50% 2013 | 46,600 | 49,270 | ||||||
National Rural Utilities Cooperative Finance Corp. 5.45% 2017 | 2,880 | 2,954 | ||||||
National Rural Utilities Cooperative Finance Corp. 5.45% 2018 | 5,500 | 5,614 | ||||||
National Rural Utilities Cooperative Finance Corp., Collateral Trust Bonds, 10.375% 2018 | 57,125 | 71,738 | ||||||
MidAmerican Energy Holdings Co. 5.875% 2012 | 15,000 | 15,987 | ||||||
MidAmerican Energy Co. 5.125% 2013 | 7,500 | 7,792 | ||||||
PacifiCorp, First Mortgage Bonds, 5.45% 2013 | 2,875 | 3,059 | ||||||
MidAmerican Energy Co. 4.65% 2014 | 5,000 | 5,204 | ||||||
MidAmerican Energy Co. 5.95% 2017 | 3,000 | 3,239 | ||||||
MidAmerican Energy Co. 5.30% 2018 | 5,000 | 5,195 | ||||||
PacifiCorp., First Mortgage Bonds, 5.65% 2018 | 3,800 | 4,050 | ||||||
MidAmerican Energy Holdings Co. 5.75% 2018 | 47,700 | 49,703 | ||||||
MidAmerican Energy Holdings Co. 6.125% 2036 | 13,750 | 13,636 | ||||||
E.ON International Finance BV 5.80% 20183 | 74,575 | 77,722 | ||||||
Ohio Edison Co. 6.40% 2016 | 13,750 | 14,064 | ||||||
Jersey Central Power & Light Co. 5.65% 2017 | 3,000 | 2,944 | ||||||
Cleveland Electric Illuminating Co. 5.70% 2017 | 8,640 | 8,431 | ||||||
Pennsylvania Electric Co. 6.05% 2017 | 5,165 | 5,036 | ||||||
Cleveland Electric Illuminating Co. 8.875% 2018 | 24,600 | 29,712 | ||||||
Jersey Central Power & Light Co. 7.35% 2019 | 1,700 | 1,872 | ||||||
Toledo Edison Co. 7.25% 2020 | 10,000 | 11,155 | ||||||
Ohio Edison Co. 6.875% 2036 | 2,315 | 2,340 | ||||||
Edison Mission Energy 7.50% 2013 | 5,625 | 5,062 | ||||||
Southern California Edison Co., First and Refunding Mortgage Bonds, Series 2009-B, 4.15% 2014 | 3,500 | 3,560 | ||||||
Southern California Edison Co., First and Refunding Mortgage Bonds, Series 2005-A, 5.00% 2016 | 4,000 | 4,101 | ||||||
Edison Mission Energy 7.75% 2016 | 7,125 | 5,842 | ||||||
Midwest Generation, LLC, Series B, 8.56% 20166 | 17,347 | 17,000 | ||||||
Edison Mission Energy 7.00% 2017 | 7,175 | 5,543 | ||||||
Southern California Edison Co., First and Refunding Mortgage Bonds, Series 2008-B, 5.50% 2018 | 1,000 | 1,063 | ||||||
Edison Mission Energy 7.20% 2019 | 15,450 | 11,587 | ||||||
Homer City Funding LLC 8.734% 20266 | 13,609 | 12,180 | ||||||
Edison Mission Energy 7.625% 2027 | 1,900 | 1,226 | ||||||
Southern California Edison Co., First and Refunding Mortgage Bonds, Series 2006-E, 5.55% 2037 | 3,500 | 3,516 | ||||||
Consumers Energy Co., First Mortgage Bonds, Series P, 5.50% 2016 | 2,500 | 2,530 | ||||||
Consumers Energy Co. First Mortgage Bonds 5.15% 2017 | 5,000 | 4,924 | ||||||
Consumers Energy Co. 5.65% 2018 | 18,325 | 18,591 | ||||||
Consumers Energy Co., First Mortgage Bonds, 6.125% 2019 | 30,575 | 32,049 | ||||||
Consumers Energy Co., First Mortgage Bonds, 6.70% 2019 | 2,380 | 2,595 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 5.62% 20123 | 3,060 | 3,101 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 5.875% 20163 | 34,975 | 32,805 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 6.165% 20173 | 12,000 | 11,397 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 6.50% 20363 | 14,500 | 12,362 | ||||||
Carolina Power & Light Co. d/b/a Progress Energy Carolinas, Inc., First Mortgage Bonds, 5.125% 2013 | 5,000 | 5,297 | ||||||
Progress Energy, Inc. 6.05% 2014 | 2,100 | 2,210 | ||||||
Carolina Power & Light Co. d/b/a Progress Energy Carolinas, Inc. 5.25% 2015 | 6,000 | 6,302 | ||||||
Progress Energy Florida, Inc., First Mortgage Bonds, 5.65% 2018 | 3,150 | 3,367 | ||||||
Progress Energy, Inc. 7.05% 2019 | 32,900 | 36,568 | ||||||
Israel Electric Corp. Ltd. 7.25% 20193 | 39,800 | 39,380 | ||||||
Israel Electric Corp. Ltd. 8.10% 20963 | 6,250 | 5,540 | ||||||
NGG Finance PLC 6.125% 2011 | €3,480 | 5,150 | ||||||
National Grid PLC 6.30% 2016 | $ | 37,605 | 38,690 | |||||
National Grid Co. PLC 5.875% 2024 | £ | 170 | 272 | |||||
Cilcorp Inc. 8.70% 2009 | $ | 1,000 | 985 | |||||
AmerenEnergy Generating Co., Series D, 8.35% 2010 | 1,500 | 1,549 | ||||||
Union Electric Co. 4.65% 2013 | 3,000 | 2,962 | ||||||
Ameren Corp. 8.875% 2014 | 15,000 | 15,497 | ||||||
Union Electric Co. 5.40% 2016 | 5,750 | 5,566 | ||||||
Cilcorp Inc. 9.375% 2029 | 12,265 | 15,147 | ||||||
Veolia Environnement 5.25% 2013 | 18,235 | 18,866 | ||||||
Veolia Environnement 6.00% 2018 | 4,945 | 5,049 | ||||||
Veolia Environnement 6.125% 2033 | €13,640 | 17,443 | ||||||
PSEG Power LLC 7.75% 2011 | $ | 16,410 | 17,571 | |||||
Public Service Electric and Gas Co., Series E, 5.30% 2018 | 12,690 | 13,284 | ||||||
PSEG Power LLC 8.625% 2031 | 7,350 | 8,685 | ||||||
Energy East Corp. 6.75% 2012 | 7,155 | 7,676 | ||||||
Scottish Power PLC 5.375% 2015 | 31,415 | 30,263 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series I, 6.50% 2012 | 700 | 731 | ||||||
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series Q, 5.45% 2013 | 4,275 | 4,389 | ||||||
Sierra Pacific Resources 8.625% 2014 | 900 | 891 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series L, 5.875% 2015 | 2,550 | 2,615 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series M, 5.95% 2016 | 5,975 | 6,041 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series S, 6.50% 2018 | 10,025 | 10,392 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series V, 7.125% 2019 | 2,500 | 2,676 | ||||||
Oncor Electric Delivery Co. LLC 6.80% 2018 | 25,000 | 26,761 | ||||||
Northern States Power Co., First Mortgage Bonds, 5.25% 2018 | 13,500 | 14,075 | ||||||
Public Service Co. of Colorado 5.80% 2018 | 6,300 | 6,809 | ||||||
Public Service Co. of Colorado 5.125% 2019 | 4,350 | 4,479 | ||||||
Intergen Power 9.00% 20173 | 23,450 | 22,336 | ||||||
Ohio Power Co., Series H, 4.85% 2014 | 5,965 | 5,921 | ||||||
Ohio Power Co., Series K, 6.00% 2016 | 15,000 | 15,299 | ||||||
Southern California Gas Co., First Mortgage Bonds, Series II, 4.375% 2011 | 5,000 | 5,151 | ||||||
San Diego Gas & Electric Co., Series CCC, 5.30% 2015 | 10,000 | 10,384 | ||||||
San Diego Gas & Electric Co., Series DDD, 6.00% 2026 | 5,000 | 5,251 | ||||||
Texas Competitive Electric Holdings Co. LLC, Term Loan B2, 3.821% 20141,6,7 | 4,506 | 3,233 | ||||||
Texas Competitive Electric Holdings Co. LLC, Series A, 10.25% 2015 | 12,215 | 7,665 | ||||||
Texas Competitive Electric Holdings Co. LLC, Series B, 10.25% 2015 | 10,925 | 6,855 | ||||||
Texas Competitive Electric Holdings Co. LLC 11.25% 20161,8 | 5,545 | 2,579 | ||||||
Virginia Electric and Power Co., Series 2003-A, 4.75% 2013 | 6,000 | 6,144 | ||||||
Virginia Electric and Power Co., Series B, 5.95% 2017 | 10,000 | 10,752 | ||||||
Virginia Electric and Power Co., Series A, 6.00% 2037 | 1,250 | 1,295 | ||||||
Pacific Gas and Electric Co., First Mortgage Bonds, 4.20% 2011 | 2,000 | 2,065 | ||||||
Pacific Gas and Electric Co. 6.25% 2013 | 1,550 | 1,704 | ||||||
PG&E Corp. 5.75% 2014 | 2,000 | 2,133 | ||||||
Pacific Gas and Electric Co. 8.25% 2018 | 4,000 | 4,890 | ||||||
Pacific Gas and Electric Co., First Mortgage Bonds, 6.05% 2034 | 4,000 | 4,163 | ||||||
Commonwealth Edison Co., First Mortgage Bonds, Series 105, 5.40% 2011 | 9,000 | 9,419 | ||||||
Commonwealth Edison Co., First Mortgage Bonds, Series 106, 6.15% 2017 | 5,000 | 5,203 | ||||||
Electricité de France SA 5.50% 20143 | 2,000 | 2,155 | ||||||
Electricité de France SA 6.50% 20193 | 11,000 | 12,069 | ||||||
AES Corp. 9.375% 2010 | 129 | 131 | ||||||
AES Corp. 8.75% 20133 | 624 | 636 | ||||||
AES Corp. 7.75% 2015 | 10,500 | 9,818 | ||||||
AES Corp. 8.00% 2020 | 1,925 | 1,737 | ||||||
CenterPoint Energy Houston Electric, LLC, General Mortgage Bonds, Series U, 7.00% 2014 | 9,900 | 10,698 | ||||||
Old Dominion Electric Cooperative, Series 2003-A, 5.676% 20286 | 11,250 | 10,457 | ||||||
Duke Energy Corp., First and Refunding Mortgage Bonds, 4.50% 2010 | 4,500 | 4,560 | ||||||
Duke Energy Corp., First and Refunding Mortgage Bonds, 5.30% 2015 | 5,000 | 5,244 | ||||||
Anglian Water Services Financing PLC 4.625% 2013 | €6,120 | 8,673 | ||||||
Anglian Water Services Financing PLC, Class A, 5.25% 2015 | £ | 395 | 658 | |||||
Empresa Nacional de Electricidad SA 8.35% 2013 | $ | 5,000 | 5,608 | |||||
Empresa Nacional de Electricidad SA 8.625% 2015 | 3,000 | 3,477 | ||||||
Alabama Power Co., Series R, 4.70% 2010 | 2,250 | 2,332 | ||||||
Alabama Power Co., Series 2007-D, 4.85% 2012 | 1,550 | 1,643 | ||||||
Alabama Power Co., Series 2008-B, 5.80% 2013 | 4,000 | 4,338 | ||||||
SP PowerAssets Ltd. 5.00% 20133 | 8,000 | 8,294 | ||||||
ENEL SpA 5.625% 2027 | €5,760 | 7,793 | ||||||
NRG Energy, Inc. 7.25% 2014 | $ | 4,200 | 4,085 | |||||
NRG Energy, Inc. 7.375% 2016 | 3,700 | 3,510 | ||||||
Kern River Funding Corp. 4.893% 20183,6 | 7,686 | 7,317 | ||||||
Florida Power & Light Co. 4.85% 2013 | 5,000 | 5,202 | ||||||
Korea East-West Power Co., Ltd. 4.875% 20113 | 5,000 | 5,015 | ||||||
Enersis SA 7.375% 2014 | 3,000 | 3,215 | ||||||
Connecticut Light & Power Co., First and Refunding Mortgage Bonds, Series 2008A, 5.65% 2018 | 2,500 | 2,646 | ||||||
Tri-State Generation and Transmission Assn. Inc., Pass Through Trust, Series 2003-A, 6.04% 20183,6 | 2,667 | 2,492 | ||||||
RWE Aktiengesellschaft and RWE Finance BV 6.375% 2013 | £ | 290 | 510 | |||||
Kelda Group PLC 6.625% 2031 | 165 | 268 | ||||||
1,231,952 | ||||||||
INDUSTRIALS — 3.12% | ||||||||
Transportation — 1.86% | ||||||||
Continental Airlines, Inc., Series 2001-1, Class A-2, 6.503% 20116 | $ | 14,050 | 13,225 | |||||
Continental Airlines, Inc., Series 1999-2, Class A-2, 7.056% 20116 | 10,000 | 9,938 | ||||||
Continental Airlines, Inc. 8.75% 2011 | 6,300 | 3,969 | ||||||
Continental Airlines, Inc., Series 2000-2, Class A-2, 7.487% 20126 | 12,500 | 11,984 | ||||||
Continental Airlines, Inc., Series 2006-1, Class G, FGIC insured, 1.006% 20151,6 | 1,100 | 746 | ||||||
Continental Airlines, Inc., Series 1997-1, Class A, 7.461% 20162,6 | 27,654 | 24,335 | ||||||
Continental Airlines, Inc., Series 2001-1, Class B, 7.373% 20176 | 158 | 119 | ||||||
Continental Airlines, Inc., Series 1998-1, Class B, 6.748% 20186 | 1,473 | 1,079 | ||||||
Continental Airlines, Inc., Series 1997-4B, Class B, 6.90% 20186 | 1,499 | 1,132 | ||||||
Continental Airlines, Inc., Series 1998-1, Class A, 6.648% 20192,6 | 17,234 | 14,132 | ||||||
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 20196 | 36,415 | 31,613 | ||||||
Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 20196 | 3,351 | 2,580 | ||||||
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 20202,6 | 21,436 | 19,828 | ||||||
Continental Airlines, Inc., Series 1999-1, Class B, 6.795% 20206 | 12,448 | 9,149 | ||||||
Continental Airlines, Inc., Series 2003-ERJ3, Class A, 7.875% 20206 | 8,547 | 5,214 | ||||||
Continental Airlines, Inc., Series 1999-2, Class A-1, 7.256% 20212,6 | 281 | 247 | ||||||
Continental Airlines, Inc., Series 1999-2, Class B, 7.566% 20216 | 9,006 | 7,340 | ||||||
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 20222,6 | 14,115 | 11,856 | ||||||
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 20226 | 10,130 | 6,730 | ||||||
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 20226 | 13,303 | 10,967 | ||||||
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 20222,6 | 13,264 | 11,142 | ||||||
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 20226 | 1,403 | 1,024 | ||||||
Delta Air Lines, Inc., Series 2000-1, Class A-2, 7.57% 20126 | 400 | 387 | ||||||
Northwest Airlines, Inc., Term Loan B, 4.10% 20131,6,7 | 2,759 | 2,193 | ||||||
Delta Air Lines, Inc., Series 2001-1, Class A-2, 7.111% 20136 | 1,000 | 944 | ||||||
Delta Air Lines, Inc., Series 2002-1, Class C, 7.779% 20132,6 | 2,244 | 2,065 | ||||||
Delta Air Lines, Inc., Second Lien Term Loan B, 3.568% 20141,6,7 | 4,900 | 3,376 | ||||||
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 20146 | 53,658 | 47,300 | ||||||
Delta Air Lines, Inc., Series 1992-A2, 9.20% 20144,6 | 4,760 | 4,522 | ||||||
Northwest Airlines, Inc., Term Loan A, 2.35% 20181,6,7 | 66,221 | 49,997 | ||||||
Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 20246 | 37,194 | 29,198 | ||||||
CSX Corp. 5.75% 2013 | 8,335 | 8,553 | ||||||
CSX Corp. 6.25% 2015 | 15,000 | 15,526 | ||||||
CSX Corp. 6.25% 2018 | 10,000 | 10,102 | ||||||
CSX Corp. 7.375% 2019 | 15,000 | 16,319 | ||||||
CSX Corp. 6.15% 2037 | 26,585 | 24,796 | ||||||
CSX Corp. 7.45% 2038 | 13,050 | 14,174 | ||||||
AMR Corp., Series B, 10.45% 2011 | 150 | 74 | ||||||
American Airlines, Inc., Series 2001-1, Class A-2, 6.817% 20126 | 3,750 | 3,113 | ||||||
American Airlines, Inc., Series 2001-2, Class A-1, 6.978% 20126 | 11,848 | 11,273 | ||||||
American Airlines, Inc., Series 2001-2, Class B, 8.608% 20126 | 18,165 | 14,714 | ||||||
AMR Corp. 9.00% 2012 | 5,800 | 2,900 | ||||||
American Airlines, Inc., Series 2001-2, Class A-2, 7.858% 20136 | 38,010 | 35,872 | ||||||
American Airlines, Inc., Series 1991-C2, 9.73% 20146 | 6,410 | 3,013 | ||||||
American Airlines, Inc., Series 2001-1, Class B, 7.377% 20196 | 8,058 | 4,271 | ||||||
Union Pacific Corp. 5.125% 2014 | 8,430 | 8,578 | ||||||
Union Pacific Corp. 5.75% 2017 | 20,750 | 20,951 | ||||||
Union Pacific Corp. 5.70% 2018 | 4,000 | 4,015 | ||||||
Union Pacific Railroad Co. Pass Through Trust, Series 2001-1, 6.63% 20226 | 7,015 | 7,182 | ||||||
Union Pacific Corp. 6.15% 2037 | 10,930 | 10,130 | ||||||
Norfolk Southern Corp. 5.75% 20163 | 3,390 | 3,516 | ||||||
Norfolk Southern Corp. 5.75% 2018 | 21,050 | 21,559 | ||||||
Norfolk Southern Corp. 5.90% 2019 | 14,000 | 14,536 | ||||||
Norfolk Southern Corp. 7.05% 2037 | 8,690 | 9,615 | ||||||
United Air Lines, Inc., Series 2001-1, Class A-2, 6.201% 20106 | 394 | 389 | ||||||
United Air Lines, Inc., Series 2000-2, Class B, 7.811% 20114,6 | 7,335 | 8,728 | ||||||
United Air Lines, Inc., Series 2000-2, Class A-2, 7.186% 20126 | 174 | 170 | ||||||
United Air Lines, Inc., Term Loan B, 2.313% 20141,6,7 | 8,418 | 4,938 | ||||||
United Air Lines, Inc., Series 2001-1, Class A-1, 6.071% 20146 | 66 | 65 | ||||||
United Air Lines, Inc., Series 2001-1, Class A-3, 6.602% 20156 | 205 | 203 | ||||||
United Air Lines, Inc., Series 2007-1, Class B, 7.336% 20213,6 | 894 | 469 | ||||||
United Air Lines, Inc., Series 2007-1, Class A, 6.636% 20246 | 27,163 | 21,034 | ||||||
Canadian National Railway Co. 5.55% 2018 | 16,500 | 17,267 | ||||||
Canadian National Railway Co. 6.375% 2037 | 8,000 | 8,793 | ||||||
Burlington Northern Santa Fe Corp. 6.15% 2037 | 10,890 | 10,911 | ||||||
BNSF Funding Trust I 6.613% 20551 | 15,000 | 11,896 | ||||||
TFM, SA de CV 9.375% 2012 | 3,800 | 3,629 | ||||||
Kansas City Southern Railway Co. 13.00% 2013 | 1,375 | 1,482 | ||||||
Kansas City Southern Railway Co. 8.00% 2015 | 2,000 | 1,870 | ||||||
RailAmerica Inc. 9.25% 20173 | 4,000 | 3,880 | ||||||
Southern Capital Corp. Pass Through Trust, Series 2002-1, Class G, MBIA insured, 5.70% 20233,6 | 4,263 | 2,186 | ||||||
Navios Maritime Holdings Inc. 9.50% 2014 | 1,980 | 1,661 | ||||||
CEVA Group PLC 10.00% 20143 | 500 | 342 | ||||||
703,026 | ||||||||
Capital goods — 0.99% | ||||||||
BAE Systems Holdings Inc. 4.75% 20103,6 | 10,350 | 10,393 | ||||||
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class B, 7.156% 20113,6 | 30,410 | 29,984 | ||||||
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class G, MBIA insured, 6.664% 20133,6 | 29,189 | 29,254 | ||||||
BAE Systems Holdings Inc. 4.95% 20143 | 16,125 | 16,225 | ||||||
General Electric Capital Corp. 6.25% 2017 | £ | 400 | 645 | |||||
General Electric Capital Corp., Series A, 1.256% 20181 | $ | 9,000 | 6,704 | |||||
General Electric Capital Corp., Series A, 1.396% 20261 | 36,200 | 23,964 | ||||||
General Electric Capital Corp. 5.625% 2031 | £ | 85 | 113 | |||||
General Electric Capital Corp. 5.875% 2038 | $ | 4,500 | 3,572 | |||||
Hutchison Whampoa International Ltd. 7.00% 20113 | 24,300 | 25,864 | ||||||
Hutchison Whampoa International Ltd. 6.50% 20133 | 7,200 | 7,736 | ||||||
Northrop Grumman Systems Corp. 7.125% 2011 | 8,000 | 8,590 | ||||||
Northrop Grumman Corp. 7.75% 2016 | 13,420 | 15,391 | ||||||
Northrop Grumman Systems Corp. 7.75% 2031 | 3,000 | 3,765 | ||||||
Koninklijke Philips Electronics NV 5.75% 2018 | 20,000 | 20,194 | ||||||
Caterpillar Financial Services Corp. 4.30% 2010 | 2,400 | 2,462 | ||||||
Caterpillar Financial Services Corp., Series F, 5.125% 2011 | 500 | 525 | ||||||
Caterpillar Financial Services Corp., Series F, 4.85% 2012 | 210 | 220 | ||||||
Caterpillar Financial Services Corp., Series F, 4.90% 2013 | 10,500 | 10,470 | ||||||
Caterpillar Financial Services Corp., Series F, 5.50% 2016 | 4,050 | 4,012 | ||||||
Caterpillar Financial Services Corp., Series F, 7.15% 2019 | 1,850 | 1,984 | ||||||
Ashtead Group PLC 8.625% 20153 | 4,675 | 4,009 | ||||||
Ashtead Capital, Inc. 9.00% 20163 | 14,125 | 12,042 | ||||||
Raytheon Co. 6.40% 2018 | 9,500 | 10,532 | ||||||
Raytheon Co. 6.75% 2018 | 4,030 | 4,521 | ||||||
DynCorp International and DIV Capital Corp., Series B, 9.50% 2013 | 15,493 | 14,951 | ||||||
US Investigations Services, Inc., Term Loan B, 3.359% 20151,6,7 | 5,408 | 4,820 | ||||||
US Investigations Services, Inc. 10.50% 20153 | 7,005 | 5,744 | ||||||
US Investigations Services, Inc. 11.75% 20163 | 5,445 | 4,220 | ||||||
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B1, 4.26% 20141,6,7 | 2,460 | 1,944 | ||||||
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B2, 4.79% 20141,6,7 | 2,413 | 1,906 | ||||||
DAE Aviation Holdings, Inc. 11.25% 20153 | 17,285 | 10,112 | ||||||
John Deere Capital Corp. 5.40% 2011 | 3,500 | 3,645 | ||||||
John Deere Capital Corp., Series D, 4.50% 2013 | 3,000 | 3,063 | ||||||
John Deere Capital Corp. 5.10% 2013 | 1,100 | 1,144 | ||||||
John Deere Capital Corp., Series D, 5.50% 2017 | 3,650 | 3,690 | ||||||
John Deere Capital Corp., Series D, 5.75% 2018 | 2,000 | 2,044 | ||||||
Lockheed Martin Corp. 4.121% 2013 | 6,000 | 6,125 | ||||||
Lockheed Martin Corp., Series B, 6.15% 2036 | 6,000 | 6,427 | ||||||
Honeywell International Inc. 5.00% 2019 | 8,725 | 8,909 | ||||||
Hawker Beechcraft Acquisition Co., LLC, Term Loan B, 2.31% 20141,6,7 | 3,437 | 2,363 | ||||||
Hawker Beechcraft Acquisition Co., LLC, Letter of Credit, 2.598% 20141,6,7 | 196 | 135 | ||||||
Hawker Beechcraft Acquisition Co., LLC 8.50% 2015 | 1,325 | 689 | ||||||
Hawker Beechcraft Acquisition Co., LLC 9.625% 20151,8 | 11,125 | 4,728 | ||||||
Hawker Beechcraft Acquisition Co., LLC 9.75% 2017 | 570 | 242 | ||||||
B/E Aerospace 8.50% 2018 | 6,920 | 6,539 | ||||||
NTK Holdings Inc. 0%/10.75% 20146,9 | 15,118 | 1,285 | ||||||
THL Buildco, Inc. 8.50% 2014 | 11,450 | 3,320 | ||||||
Atlas Copco AB 5.60% 20173 | 4,525 | 4,358 | ||||||
United Rentals (North America), Inc., Series B, 6.50% 2012 | 3,000 | 2,925 | ||||||
RBS Global, Inc. and Rexnord LLC 9.50% 2014 | 2,625 | 2,257 | ||||||
RBS Global, Inc. and Rexnord LLC 8.875% 2016 | 850 | 608 | ||||||
RSC Holdings III, LLC, Second Lien Term Loan B, 4.67% 20131,6,7 | 2,838 | 2,182 | ||||||
Atrium Companies, Inc., Term Loan B, 11.75% 20121,6,7,8 | 4,802 | 1,945 | ||||||
Atrium Companies, Inc. 15.00% 20123,8 | 4,040 | 101 | ||||||
Alion Science and Technology Corp. 10.25% 2015 | 3,690 | 1,494 | ||||||
H&E Equipment Services, Inc. 8.375% 2016 | 1,750 | 1,413 | ||||||
TransDigm Inc. 7.75% 2014 | 1,325 | 1,265 | ||||||
Esco Corp. 4.504% 20131,3 | 325 | 255 | ||||||
Esco Corp. 8.625% 20133 | 1,100 | 957 | ||||||
Esterline Technologies Corp. 6.625% 2017 | 1,050 | 965 | ||||||
Tyco International Ltd. 6.875% 2021 | 1,000 | 947 | ||||||
Sequa Corp., Term Loan B, 4.08% 20141,6,7 | 874 | 679 | ||||||
RSC Equipment Rental, Inc. and RSC Holdings III, LLC 9.50% 2014 | 400 | 323 | ||||||
373,890 | ||||||||
Commercial & professional services — 0.27% | ||||||||
Nielsen Finance LLC, Term Loan B, 2.321% 20131,6,7 | 3,798 | 3,439 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 10.00% 2014 | 25,325 | 24,090 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 11.625% 20143 | 1,650 | 1,646 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 0%/12.50% 20169 | 35,125 | 22,743 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 11.50% 20163 | 19,480 | 19,042 | ||||||
ARAMARK Corp., Term Loan B, 2.473% 20141,6,7 | 4,158 | 3,847 | ||||||
ARAMARK Corp., Letter of Credit, 4.721% 20141,6,7 | 264 | 244 | ||||||
ARAMARK Corp. 4.528% 20151 | 3,450 | 2,820 | ||||||
ARAMARK Corp. 8.50% 2015 | 9,450 | 9,214 | ||||||
Allied Waste North America, Inc., Series B, 6.50% 2010 | 500 | 509 | ||||||
Allied Waste North America, Inc., Series B, 5.75% 2011 | 2,500 | 2,520 | ||||||
Allied Waste North America, Inc., Series B, 6.125% 2014 | 3,500 | 3,539 | ||||||
Allied Waste North America, Inc., Series B, 7.375% 2014 | 4,750 | 4,850 | ||||||
Allied Waste North America, Inc. 6.875% 2017 | 1,000 | 991 | ||||||
Iron Mountain Inc. 7.75% 2015 | 2,425 | 2,340 | ||||||
FTI Consulting, Inc. 7.625% 2013 | 2,300 | 2,248 | ||||||
104,082 | ||||||||
HEALTH CARE — 2.88% | ||||||||
Pharmaceuticals, biotechnology & life sciences — 1.72% | ||||||||
Roche Holdings Inc. 5.00% 20143 | 36,900 | 38,853 | ||||||
Roche Holdings Inc. 6.00% 20193 | 78,000 | 83,444 | ||||||
Roche Holdings Inc. 7.00% 20393 | 26,060 | 30,122 | ||||||
Pfizer Inc. 4.45% 2012 | 6,000 | 6,299 | ||||||
Pfizer Inc. 5.35% 2015 | 5,000 | 5,380 | ||||||
Pfizer Inc. 6.20% 2019 | 67,770 | 74,251 | ||||||
Pfizer Inc. 7.20% 2039 | 8,000 | 9,531 | ||||||
GlaxoSmithKline Capital Inc. 4.85% 2013 | 20,000 | 20,939 | ||||||
GlaxoSmithKline Capital Inc. 5.65% 2018 | 24,400 | 25,890 | ||||||
GlaxoSmithKline Capital Inc. 6.375% 2038 | 33,650 | 36,718 | ||||||
Schering-Plough Corp. 5.55% 20131 | 14,559 | 15,654 | ||||||
Schering-Plough Corp. 5.375% 2014 | €11,630 | 17,128 | ||||||
Schering-Plough Corp. 6.00% 2017 | $ | 47,240 | 50,393 | |||||
Biogen Idec Inc. 6.00% 2013 | 36,525 | 37,408 | ||||||
Biogen Idec Inc. 6.875% 2018 | 27,000 | 27,400 | ||||||
Abbott Laboratories 5.125% 2019 | 35,560 | 36,684 | ||||||
Abbott Laboratories 6.00% 2039 | 6,040 | 6,401 | ||||||
Bayer AG 5.00% (undated)1 | €23,085 | 27,390 | ||||||
Novartis Capital Corp. 4.125% 2014 | $ | 13,375 | 13,782 | |||||
Novartis Securities Investment Ltd. 5.125% 2019 | 12,530 | 12,843 | ||||||
Merck & Co., Inc. 4.00% 2015 | 5,000 | 5,095 | ||||||
Merck & Co., Inc. 5.00% 2019 | 15,380 | 15,603 | ||||||
Elan Finance PLC and Elan Finance Corp. 4.883% 20111 | 430 | 378 | ||||||
Elan Finance PLC and Elan Finance Corp. 7.75% 2011 | 3,125 | 2,906 | ||||||
Elan Finance PLC and Elan Finance Corp. 4.793% 20131 | 5,135 | 4,031 | ||||||
Elan Finance PLC and Elan Finance Corp. 8.875% 2013 | 10,910 | 10,037 | ||||||
Wyeth 5.50% 2016 | 15,000 | 15,723 | ||||||
AstraZeneca PLC 5.40% 2012 | 12,000 | 13,027 | ||||||
Warner Chilcott Corp. 8.75% 2015 | 5,150 | 5,150 | ||||||
Amgen Inc. 4.00% 2009 | 4,000 | 4,055 | ||||||
652,515 | ||||||||
Health care equipment & services — 1.16% | ||||||||
Cardinal Health, Inc. 6.75% 2011 | 13,625 | 14,349 | ||||||
Cardinal Health, Inc. 5.50% 2013 | 7,587 | 7,542 | ||||||
Cardinal Health, Inc. 4.00% 2015 | 5,500 | 4,796 | ||||||
Cardinal Health, Inc. 5.80% 2016 | 12,500 | 12,117 | ||||||
Cardinal Health, Inc. 5.85% 2017 | 23,365 | 21,892 | ||||||
Allegiance Corp. 7.00% 2026 | 9,635 | 8,411 | ||||||
Coventry Health Care, Inc. 5.875% 2012 | 1,000 | 957 | ||||||
Coventry Health Care, Inc. 6.30% 2014 | 54,670 | 48,264 | ||||||
Coventry Health Care, Inc. 6.125% 2015 | 3,110 | 2,702 | ||||||
Coventry Health Care, Inc. 5.95% 2017 | 12,430 | 9,759 | ||||||
Express Scripts Inc. 5.25% 2012 | 17,105 | 17,684 | ||||||
Express Scripts Inc. 6.25% 2014 | 23,133 | 24,503 | ||||||
Express Scripts Inc. 7.25% 2019 | 4,493 | 4,963 | ||||||
Hospira, Inc. 1.078% 20101 | 12,000 | 11,895 | ||||||
Hospira, Inc. 5.90% 2014 | 4,510 | 4,679 | ||||||
Hospira, Inc. 6.05% 2017 | 30,675 | 30,003 | ||||||
Tenet Healthcare Corp. 7.375% 2013 | 5,895 | 5,335 | ||||||
Tenet Healthcare Corp. 9.25% 2015 | 7,170 | 6,596 | ||||||
Tenet Healthcare Corp. 8.875% 20193 | 30,080 | 30,381 | ||||||
UnitedHealth Group Inc. 0.789% 20101 | 6,255 | 6,198 | ||||||
UnitedHealth Group Inc. 5.25% 2011 | 2,463 | 2,543 | ||||||
UnitedHealth Group 6.00% 2017 | 24,920 | 24,061 | ||||||
HealthSouth Corp. 7.218% 20141 | 12,600 | 11,560 | ||||||
HealthSouth Corp. 10.75% 2016 | 10,980 | 11,090 | ||||||
Humana Inc. 6.45% 2016 | 22,962 | 20,232 | ||||||
Aetna Inc. 5.75% 2011 | 17,500 | 18,304 | ||||||
HCA Inc., Term Loan B, 2.848% 20131,6,7 | 10,348 | 9,372 | ||||||
HCA Inc. 9.125% 2014 | 295 | 293 | ||||||
HCA Inc. 9.25% 2016 | 530 | 523 | ||||||
HCA Inc. 9.625% 20161,8 | 557 | 553 | ||||||
HCA Inc. 8.50% 20193 | 2,870 | 2,827 | ||||||
Bausch & Lomb Inc. 9.875% 2015 | 13,625 | 13,080 | ||||||
VWR Funding, Inc. 10.25% 20151,8 | 16,179 | 12,862 | ||||||
PTS Acquisition Corp. 9.50% 20151,8 | 16,365 | 8,612 | ||||||
Surgical Care Affiliates, Inc. 9.625% 20151,3,8 | 3,575 | 2,770 | ||||||
Surgical Care Affiliates, Inc. 10.00% 20173 | 7,845 | 5,491 | ||||||
WellPoint, Inc. 5.00% 2011 | 1,000 | 1,026 | ||||||
WellPoint, Inc. 5.25% 2016 | 6,455 | 6,124 | ||||||
Team Finance LLC and Health Finance Corp. 11.25% 2013 | 3,525 | 3,622 | ||||||
Symbion Inc. 11.75% 20151,8 | 5,215 | 3,468 | ||||||
Boston Scientific Corp. 5.45% 2014 | 1,565 | 1,448 | ||||||
Boston Scientific Corp. 5.125% 2017 | 1,190 | 1,017 | ||||||
Boston Scientific Corp. 7.00% 2035 | 920 | 750 | ||||||
Viant Holdings Inc. 10.125% 20173 | 2,929 | 2,314 | ||||||
United Surgical Partners International Inc. 9.25% 20171,8 | 820 | 672 | ||||||
CHS/Community Health Systems, Inc. 8.875% 2015 | 45 | 44 | ||||||
437,684 | ||||||||
CONSUMER STAPLES — 1.42% | ||||||||
Food & staples retailing — 0.94% | ||||||||
Kroger Co. 5.00% 2013 | 8,750 | 8,959 | ||||||
Kroger Co. 7.50% 2014 | 8,455 | 9,470 | ||||||
Kroger Co. 6.40% 2017 | 58,325 | 61,933 | ||||||
CVS Caremark Corp. 0.968% 20101 | 5,000 | 4,966 | ||||||
CVS Caremark Corp. 6.60% 2019 | 10,880 | 11,646 | ||||||
CVS Corp. 5.789% 20263,6 | 14,347 | 12,255 | ||||||
CVS Corp. 6.036% 20283,6 | 34,086 | 29,202 | ||||||
CVS Caremark Corp. 6.943% 20303,6 | 24,009 | 21,781 | ||||||
Tesco PLC 5.50% 20173 | 21,325 | 21,759 | ||||||
Tesco PLC 5.50% 2033 | £ | 265 | 413 | |||||
Tesco PLC 6.15% 20373 | $ | 20,000 | 20,300 | |||||
Delhaize Group 5.875% 2014 | 6,850 | 7,040 | ||||||
Delhaize Group 6.50% 2017 | 26,205 | 26,801 | ||||||
SUPERVALU INC. 7.50% 2012 | 365 | 363 | ||||||
Albertson’s, Inc. 7.25% 2013 | 3,950 | 3,812 | ||||||
SUPERVALU INC. 7.50% 2014 | 830 | 801 | ||||||
SUPERVALU INC. 8.00% 2016 | 18,525 | 18,062 | ||||||
Albertson’s, Inc. 8.00% 2031 | 4,700 | 4,054 | ||||||
Safeway Inc. 6.25% 2014 | 3,725 | 4,002 | ||||||
Safeway Inc. 6.35% 2017 | 20,000 | 21,169 | ||||||
Stater Bros. Holdings Inc. 8.125% 2012 | 9,160 | 9,068 | ||||||
Stater Bros. Holdings Inc. 7.75% 2015 | 12,025 | 11,604 | ||||||
Wal-Mart Stores, Inc. 5.375% 2017 | 4,500 | 4,794 | ||||||
Wal-Mart Stores, Inc. 5.80% 2018 | 12,800 | 13,967 | ||||||
Duane Reade Inc. 5.129% 20101 | 4,992 | 4,655 | ||||||
Duane Reade Inc. 9.75% 2011 | 7,695 | 6,579 | ||||||
Vitamin Shoppe Industries Inc. 8.383% 20121 | 7,490 | 7,209 | ||||||
Walgreen Co. 4.875% 2013 | 5,000 | 5,310 | ||||||
Costco Wholesale Corp. 5.30% 2012 | 3,000 | 3,226 | ||||||
Ingles Markets Inc. 8.875% 20173 | 2,550 | 2,518 | ||||||
357,718 | ||||||||
Food, beverage & tobacco — 0.47% | ||||||||
Anheuser-Busch InBev NV 7.20% 20143 | 25,000 | 26,904 | ||||||
Anheuser-Busch InBev NV 8.625% 2017 | €2,500 | 4,107 | ||||||
Anheuser-Busch InBev NV 6.875% 20193 | $ | 7,740 | 8,041 | |||||
Anheuser-Busch InBev NV 7.75% 20193 | 16,367 | 17,930 | ||||||
Altria Group, Inc. 9.70% 2018 | 7,925 | 9,100 | ||||||
Altria Group, Inc. 9.25% 2019 | 27,800 | 31,269 | ||||||
Tyson Foods, Inc. 10.50% 20143 | 4,750 | 5,177 | ||||||
Tyson Foods, Inc. 7.85% 20161 | 20,430 | 19,802 | ||||||
H.J. Heinz Co. 15.59% 20111,3 | 10,000 | 12,514 | ||||||
Constellation Brands, Inc. 8.375% 2014 | 2,075 | 2,091 | ||||||
Constellation Brands, Inc. 7.25% 2017 | 9,945 | 9,249 | ||||||
Coca-Cola Co. 4.875% 2019 | 7,500 | 7,721 | ||||||
British American Tobacco International Finance PLC 9.50% 20183 | 6,000 | 7,063 | ||||||
Smithfield Foods, Inc., Series B, 8.00% 2009 | 500 | 502 | ||||||
Smithfield Foods, Inc., Series B, 7.75% 2013 | 150 | 124 | ||||||
Smithfield Foods, Inc. 10.00% 20143 | 2,175 | 2,159 | ||||||
Smithfield Foods, Inc. 7.75% 2017 | 3,825 | 2,802 | ||||||
Dole Food Co., Inc. 8.875% 2011 | 4,920 | 4,822 | ||||||
Cott Beverages Inc. 8.00% 2011 | 4,950 | 4,628 | ||||||
Diageo Capital PLC 5.75% 2017 | 1,437 | 1,502 | ||||||
Pilgrim’s Pride Corp. 7.625% 20154 | 700 | 613 | ||||||
178,120 | ||||||||
Household & personal products — 0.01% | ||||||||
Elizabeth Arden, Inc. 7.75% 2014 | 2,625 | 2,284 | ||||||
MATERIALS — 0.93% | ||||||||
Rohm and Haas Co. 5.60% 2013 | 460 | 455 | ||||||
Dow Chemical Co. 7.60% 2014 | 27,250 | 28,096 | ||||||
Dow Chemical Co. 5.70% 2018 | 1,700 | 1,505 | ||||||
Dow Chemical Co. 8.55% 2019 | 40,300 | 40,438 | ||||||
Dow Chemical Co. 9.40% 2039 | 1,350 | 1,393 | ||||||
International Paper Co. 7.40% 2014 | 33,610 | 33,491 | ||||||
International Paper Co. 7.95% 2018 | 26,750 | 25,847 | ||||||
International Paper Co. 9.375% 2019 | 4,150 | 4,237 | ||||||
Rio Tinto Finance (USA) Ltd. 5.875% 2013 | 35,500 | 35,754 | ||||||
Rio Tinto Finance (USA) Ltd. 8.95% 2014 | 7,465 | 8,304 | ||||||
Rio Tinto Finance (USA) Ltd. 9.00% 2019 | 11,000 | 12,247 | ||||||
BHP Billiton Finance (USA) Ltd. 5.50% 2014 | 16,295 | 17,499 | ||||||
BHP Billiton Finance (USA) Ltd. 6.50% 2019 | 7,500 | 8,344 | ||||||
ArcelorMittal 6.125% 2018 | 29,425 | 25,789 | ||||||
Freeport-McMoRan Copper & Gold Inc. 6.875% 2014 | 800 | 821 | ||||||
Freeport-McMoRan Copper & Gold Inc. 8.25% 2015 | 6,690 | 6,765 | ||||||
Freeport-McMoRan Copper & Gold Inc. 8.375% 2017 | 10,230 | 10,321 | ||||||
Nalco Co. 7.75% 2011 | 1,336 | 1,343 | ||||||
Nalco Co. 8.875% 2013 | 5,335 | 5,468 | ||||||
Nalco Co. 9.00% 2013 | €315 | 444 | ||||||
Nalco Finance Holdings LLC and Nalco Finance Holdings Inc. 9.00% 2014 | $ | 2,254 | 2,220 | |||||
Nalco Co., Term Loan B, 6.50% 20161,6,7 | 740 | 743 | ||||||
Nalco Co. 8.25% 20173 | 1,135 | 1,146 | ||||||
UPM-Kymmene Corp. 5.625% 20143 | 11,220 | 8,874 | ||||||
Stora Enso Oyj 6.404% 20163 | 4,500 | 3,334 | ||||||
Stora Enso Oyj 7.25% 20363 | 5,690 | 3,392 | ||||||
Plastipak Holdings, Inc. 8.50% 20153 | 7,165 | 6,457 | ||||||
Commercial Metals Co. 6.50% 2017 | 7,000 | 6,071 | ||||||
Georgia Gulf Corp. 9.50% 20144 | 15,380 | 4,691 | ||||||
Praxair, Inc. 4.375% 2014 | 1,850 | 1,918 | ||||||
Praxair, Inc. 4.625% 2015 | 2,500 | 2,586 | ||||||
Weyerhaeuser Co. 7.375% 2032 | 2,500 | 2,000 | ||||||
Weyerhaeuser Co. 6.875% 2033 | 2,500 | 1,708 | ||||||
Lubrizol Corp. 8.875% 2019 | 3,000 | 3,491 | ||||||
Arbermarle Corp. 5.10% 2015 | 3,656 | 3,206 | ||||||
Rockwood Specialties Group, Inc. 7.50% 2014 | 2,320 | 2,192 | ||||||
Rockwood Specialties Group, Inc. 7.625% 2014 | €500 | 659 | ||||||
Graphic Packaging International, Inc. 8.50% 2011 | $ | 1,035 | 1,030 | |||||
Graphic Packaging International, Inc. 9.50% 20173 | 1,820 | 1,802 | ||||||
Metals USA Holdings Corp. 8.208% 20121,8 | 2,570 | 1,551 | ||||||
Metals USA, Inc. 11.125% 2015 | 1,200 | 992 | ||||||
Jefferson Smurfit Corp. (U.S.) 8.25% 20124 | 3,140 | 1,193 | ||||||
Stone Container Corp. 8.375% 20124 | 620 | 240 | ||||||
Jefferson Smurfit Corp. (U.S.) 7.50% 20134 | 1,005 | 379 | ||||||
Smurfit-Stone Container Enterprises, Inc. 8.00% 20174 | 815 | 306 | ||||||
E.I. du Pont de Nemours and Co. 5.25% 2016 | 2,000 | 2,085 | ||||||
Owens-Brockway Glass Container Inc. 7.375% 20163 | 2,030 | 1,979 | ||||||
ICI Wilmington, Inc. 5.625% 2013 | 2,000 | 1,942 | ||||||
FMG Finance Pty Ltd. 10.625% 20163 | 2,000 | 1,930 | ||||||
Georgia-Pacific Corp. 8.125% 2011 | 1,500 | 1,508 | ||||||
Georgia-Pacific LLC 8.25% 20163 | 300 | 293 | ||||||
Yara International ASA 7.875% 20193 | 1,675 | 1,749 | ||||||
Boise Cascade, LLC and Boise Cascade Finance Corp. 7.125% 2014 | 3,195 | 1,701 | ||||||
Domtar Corp. 5.375% 2013 | 725 | 605 | ||||||
Domtar Corp. 7.125% 2015 | 1,270 | 1,067 | ||||||
Potash Corp. of Saskatchewan Inc. 5.875% 2036 | 1,600 | 1,518 | ||||||
C10 Capital (SPV) Ltd. 6.722% (undated)1,3 | 2,700 | 1,384 | ||||||
Associated Materials Inc. 9.75% 2012 | 1,425 | 1,254 | ||||||
AEP Industries Inc. 7.875% 2013 | 1,270 | 1,154 | ||||||
Airgas, Inc. 6.25% 2014 | 550 | 521 | ||||||
Airgas, Inc. 7.125% 20183 | 250 | 235 | ||||||
Smurfit Capital Funding PLC 7.50% 2025 | 800 | 576 | ||||||
Rock-Tenn Co. 9.25% 20163 | 515 | 527 | ||||||
Neenah Paper, Inc. 7.375% 2014 | 620 | 402 | ||||||
353,172 | ||||||||
INFORMATION TECHNOLOGY — 0.86% | ||||||||
Semiconductors & semiconductor equipment — 0.34% | ||||||||
KLA-Tencor Corp. 6.90% 2018 | 56,300 | 50,698 | ||||||
NXP BV and NXP Funding LLC 3.881% 20131 | 10,045 | 4,056 | ||||||
NXP BV and NXP Funding LLC 4.185% 20131 | €6,075 | 3,280 | ||||||
NXP BV and NXP Funding LLC 7.875% 2014 | $ | 25,085 | 11,539 | |||||
NXP BV and NXP Funding LLC 8.625% 2015 | €10,050 | 5,003 | ||||||
NXP BV and NXP Funding LLC 9.50% 2015 | $ | 33,170 | 11,858 | |||||
National Semiconductor Corp. 6.15% 2012 | 3,700 | 3,614 | ||||||
National Semiconductor Corp. 6.60% 2017 | 27,500 | 24,088 | ||||||
Freescale Semiconductor, Inc., Term Loan B, 2.07% 20131,6,7 | 2,930 | 2,150 | ||||||
Freescale Semiconductor, Inc. 8.875% 2014 | 1,350 | 689 | ||||||
Freescale Semiconductor, Inc., Term Loan B, 12.50% 20146,7 | 16,681 | 14,554 | ||||||
Freescale Semiconductor, Inc. 10.125% 2016 | 1,642 | 567 | ||||||
132,096 | ||||||||
Technology hardware & equipment — 0.33% | ||||||||
Electronic Data Systems Corp., Series B, 6.00% 20131 | 31,625 | 34,555 | ||||||
Electronic Data Systems Corp. 7.45% 2029 | 4,520 | 5,472 | ||||||
Jabil Circuit, Inc. 5.875% 2010 | 4,750 | 4,679 | ||||||
Jabil Circuit, Inc. 8.25% 2018 | 35,725 | 32,331 | ||||||
Sanmina-SCI Corp. 3.379% 20101,3 | 1,601 | 1,545 | ||||||
Sanmina-SCI Corp. 6.75% 2013 | 15,675 | 12,226 | ||||||
Sanmina-SCI Corp. 3.379% 20141,3 | 4,371 | 3,606 | ||||||
Sanmina-SCI Corp. 8.125% 2016 | 12,490 | 9,165 | ||||||
Hughes Communications, Inc. 9.50% 2014 | 12,425 | 12,177 | ||||||
Celestica Inc. 7.875% 2011 | 5,700 | 5,729 | ||||||
Sensata Technologies BV 8.00% 20141 | 4,975 | 2,469 | ||||||
123,954 | ||||||||
Software & services — 0.19% | ||||||||
First Data Corp., Term Loan B2, 3.065% 20141,6,7 | 15,491 | 11,717 | ||||||
First Data Corp. 9.875% 20153 | 9,975 | 7,132 | ||||||
First Data Corp. 9.875% 2015 | 1,975 | 1,412 | ||||||
Oracle Corp. 3.75% 2014 | 16,500 | 16,500 | ||||||
SunGard Data Systems Inc. 9.125% 2013 | 15,613 | 14,833 | ||||||
Ceridian Corp. 11.25% 2015 | 13,050 | 10,978 | ||||||
Serena Software, Inc. 10.375% 2016 | 11,262 | 9,010 | ||||||
71,582 | ||||||||
Total corporate bonds & notes | 12,785,242 | |||||||
BONDS & NOTES OF U.S. GOVERNMENT & GOVERNMENT AGENCIES — 27.52% | ||||||||
U.S. Treasury 2.00% 2010 | 124,125 | 125,439 | ||||||
U.S. Treasury 2.00% 2010 | 30,000 | 30,523 | ||||||
U.S. Treasury 0.875% 2011 | 20,000 | 19,929 | ||||||
U.S. Treasury 1.125% 2011 | 112,705 | 112,160 | ||||||
U.S. Treasury 1.75% 2011 | 652,130 | 659,134 | ||||||
U.S. Treasury 2.375% 20112,10 | 25,511 | 26,298 | ||||||
U.S. Treasury 4.50% 2011 | 44,225 | 46,890 | ||||||
U.S. Treasury 4.625% 2011 | 290,400 | 313,972 | ||||||
U.S. Treasury 4.875% 2011 | 20,000 | 21,385 | ||||||
U.S. Treasury 5.125% 2011 | 20,000 | 21,577 | ||||||
U.S. Treasury 4.25% 2012 | 50,050 | 54,015 | ||||||
U.S. Treasury 4.875% 2012 | 83,825 | 91,451 | ||||||
U.S. Treasury 2.00% 2013 | 249,840 | 246,220 | ||||||
U.S. Treasury 1.875% 20132,10 | 11,609 | 11,921 | ||||||
U.S. Treasury 2.75% 2013 | 132,160 | 134,633 | ||||||
U.S. Treasury 2.75% 2013 | 50,000 | 51,441 | ||||||
U.S. Treasury 3.125% 2013 | 50,000 | 51,808 | ||||||
U.S. Treasury 3.375% 2013 | 142,760 | 149,630 | ||||||
U.S. Treasury 3.50% 2013 | 50,805 | 53,536 | ||||||
U.S. Treasury 3.625% 2013 | 45,000 | 47,615 | ||||||
U.S. Treasury 4.25% 2013 | 604,036 | 653,301 | ||||||
U.S. Treasury 1.75% 2014 | 550,090 | 534,682 | ||||||
U.S. Treasury 1.75% 2014 | 20,000 | 19,347 | ||||||
U.S. Treasury 1.875% 2014 | 185,975 | 181,188 | ||||||
U.S. Treasury 1.875% 2014 | 100,000 | 97,051 | ||||||
U.S. Treasury 2.25% 2014 | 282,500 | 278,748 | ||||||
U.S. Treasury 2.00% 20142,10 | 11,312 | 11,581 | ||||||
U.S. Treasury 4.00% 2014 | 66,000 | 70,654 | ||||||
U.S. Treasury 4.25% 2014 | 161,875 | 174,364 | ||||||
U.S. Treasury 4.25% 2015 | 134,000 | 143,684 | ||||||
U.S. Treasury 11.25% 2015 | 133,500 | 192,631 | ||||||
U.S. Treasury 2.375% 2016 | 267,400 | 254,864 | ||||||
U.S. Treasury 2.625% 2016 | 349,000 | 337,507 | ||||||
U.S. Treasury 2.625% 2016 | 50,000 | 48,535 | ||||||
U.S. Treasury 3.25% 2016 | 209,280 | 210,163 | ||||||
U.S. Treasury 5.125% 2016 | 56,500 | 63,382 | ||||||
U.S. Treasury 7.50% 2016 | 15,250 | 19,471 | ||||||
U.S. Treasury 2.375% 20172,10 | 10,573 | 11,047 | ||||||
U.S. Treasury 4.50% 2017 | 228,250 | 246,384 | ||||||
U.S. Treasury 4.625% 2017 | 180,925 | 196,912 | ||||||
U.S. Treasury 8.875% 2017 | 63,425 | 87,769 | ||||||
U.S. Treasury 3.50% 2018 | 658,870 | 662,270 | ||||||
U.S. Treasury 3.75% 2018 | 605,075 | 615,615 | ||||||
U.S. Treasury 3.875% 2018 | 171,505 | 176,763 | ||||||
U.S. Treasury 4.00% 2018 | 22,000 | 22,824 | ||||||
U.S. Treasury 2.75% 2019 | 717,085 | 671,708 | ||||||
U.S. Treasury 3.125% 2019 | 363,090 | 351,148 | ||||||
U.S. Treasury 8.125% 2019 | 10,000 | 13,722 | ||||||
U.S. Treasury 8.50% 2020 | 31,900 | 44,889 | ||||||
U.S. Treasury 7.875% 2021 | 13,750 | 18,681 | ||||||
U.S. Treasury 8.00% 2021 | 47,550 | 65,656 | ||||||
U.S. Treasury 8.125% 2021 | 19,750 | 27,360 | ||||||
U.S. Treasury 7.125% 2023 | 25,000 | 32,695 | ||||||
U.S. Treasury 7.50% 2024 | 18,575 | 25,558 | ||||||
U.S. Treasury 6.875% 2025 | 93,610 | 122,702 | ||||||
U.S. Treasury 6.00% 2026 | 78,000 | 94,124 | ||||||
U.S. Treasury 6.125% 2027 | 18,475 | 22,785 | ||||||
U.S. Treasury 4.50% 2036 | 260,960 | 269,115 | ||||||
U.S. Treasury 4.375% 2038 | 106,895 | 108,047 | ||||||
U.S. Treasury 4.50% 2038 | 3,000 | 3,099 | ||||||
U.S. Treasury 3.50% 2039 | 6,500 | 5,624 | ||||||
U.S. Treasury 4.25% 2039 | 10,500 | 10,397 | ||||||
U.S. Treasury Principal Strip 0% 2039 | 29,000 | 7,890 | ||||||
Fannie Mae 1.75% 2011 | 143,210 | 144,530 | ||||||
Fannie Mae 6.125% 2012 | 10,000 | 11,165 | ||||||
Fannie Mae 4.625% 2013 | 6,250 | 6,341 | ||||||
Fannie Mae 2.50% 2014 | 49,910 | 48,989 | ||||||
Fannie Mae 2.75% 2014 | 43,340 | 43,209 | ||||||
Fannie Mae 5.375% 2017 | 17,000 | 18,885 | ||||||
Freddie Mac 3.125% 2010 | 73,990 | 75,205 | ||||||
Freddie Mac 5.25% 2011 | 20,000 | 21,604 | ||||||
Freddie Mac 1.75% 2012 | 60,000 | 59,717 | ||||||
Freddie Mac 2.50% 2014 | 47,000 | 46,216 | ||||||
Freddie Mac 5.50% 2016 | 30,000 | 33,522 | ||||||
Federal Home Loan Bank 4.50% 2012 | 50,000 | 53,874 | ||||||
Federal Home Loan Bank 3.625% 2013 | 58,000 | 60,025 | ||||||
Federal Home Loan Bank 5.375% 2016 | 25,000 | 27,652 | ||||||
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 1.625% 2011 | 8,250 | 8,322 | ||||||
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 1.80% 2011 | 9,665 | 9,758 | ||||||
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 2.125% 2012 | 40,000 | 39,769 | ||||||
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 2.25% 2012 | 29,250 | 29,517 | ||||||
CoBank ACB 7.875% 20183 | 22,115 | 21,215 | ||||||
CoBank ACB 1.229% 20221,3 | 46,470 | 19,743 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 1.875% 2012 | 20,000 | 19,921 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 1.875% 2012 | 10,000 | 9,959 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 2.125% 2012 | 11,000 | 11,054 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Goldman Sachs Group, Inc. 3.25% 2012 | 25,000 | 25,867 | ||||||
United States Government Agency-Guaranteed (FDIC insured), State Street Corp. 2.15% 2012 | 20,000 | 20,081 | ||||||
United States Government Agency-Guaranteed (FDIC insured), GMAC LLC 2.20% 2012 | 20,000 | 19,927 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Bank of America Corp. 2.375% 2012 | 17,500 | 17,673 | ||||||
Federal Agricultural Mortgage Corp. 4.875% 20113 | 10,000 | 10,623 | ||||||
United States Government Agency-Guaranteed (FDIC insured), John Deere Capital Corp. 2.875% 2012 | 10,000 | 10,241 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Sovereign Bancorp, Inc. 2.75% 2012 | 7,500 | 7,551 | ||||||
United States Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp., | ||||||||
Series 2000-044-A, 3.74% 20156 | 6,490 | 6,799 | ||||||
United States Agency for International Development, Republic of Egypt 4.45% 2015 | 5,000 | 5,130 | ||||||
Federal Farm Credit Banks, Consolidated Systemwide Designated Bonds, 2.625% 2014 | 5,000 | 4,904 | ||||||
Private Export Funding Corp., Series W, 5.00% 2016 | 3,400 | 3,684 | ||||||
10,428,186 | ||||||||
MORTGAGE-BACKED OBLIGATIONS — 23.93% | ||||||||
FEDERAL AGENCY MORTGAGE-BACKED OBLIGATIONS6 — 16.86% | ||||||||
Fannie Mae 7.00% 2009 | — | — | ||||||
Fannie Mae 7.50% 2009 | 12 | 12 | ||||||
Fannie Mae 8.50% 2009 | — | — | ||||||
Fannie Mae 9.50% 2009 | 1 | 1 | ||||||
Fannie Mae 7.00% 2010 | — | 1 | ||||||
Fannie Mae 4.89% 2012 | 25,000 | 26,252 | ||||||
Fannie Mae 7.00% 2016 | 129 | 137 | ||||||
Fannie Mae 11.50% 2016 | 233 | 264 | ||||||
Fannie Mae, Series 2002-15, Class PG, 6.00% 2017 | 6,467 | 6,905 | ||||||
Fannie Mae 5.50% 2018 | 17 | 18 | ||||||
Fannie Mae 9.00% 2018 | 22 | 24 | ||||||
Fannie Mae 10.00% 2018 | 211 | 241 | ||||||
Fannie Mae 4.00% 2019 | 27,761 | 28,399 | ||||||
Fannie Mae 4.50% 2019 | 18,249 | 18,943 | ||||||
Fannie Mae 4.50% 2019 | 17,760 | 18,435 | ||||||
Fannie Mae 5.50% 2019 | 176 | 186 | ||||||
Fannie Mae 5.50% 2019 | 74 | 78 | ||||||
Fannie Mae 12.00% 2019 | 258 | 289 | ||||||
Fannie Mae 4.50% 2020 | 4,497 | 4,652 | ||||||
Fannie Mae 5.50% 2020 | 14,590 | 15,433 | ||||||
Fannie Mae 5.50% 2020 | 1,633 | 1,726 | ||||||
Fannie Mae 11.00% 2020 | 106 | 121 | ||||||
Fannie Mae 11.235% 20201 | 242 | 277 | ||||||
Fannie Mae 4.50% 2021 | 74,794 | 77,380 | ||||||
Fannie Mae, Series 2003-48, Class TJ, 4.50% 2022 | 21,595 | 22,248 | ||||||
Fannie Mae 5.00% 2022 | 18,781 | 19,479 | ||||||
Fannie Mae 5.50% 2022 | 17,114 | 17,954 | ||||||
Fannie Mae 5.50% 2022 | 16,819 | 17,644 | ||||||
Fannie Mae 9.00% 2022 | 32 | 35 | ||||||
Fannie Mae 4.50% 2023 | 25,000 | 25,556 | ||||||
Fannie Mae 4.50% 2023 | 18,758 | 19,172 | ||||||
Fannie Mae 4.50% 2023 | 18,246 | 18,649 | ||||||
Fannie Mae 5.00% 2023 | 17,655 | 18,299 | ||||||
Fannie Mae 5.00% 2023 | 14,414 | 14,939 | ||||||
Fannie Mae 5.00% 2023 | 12,479 | 12,934 | ||||||
Fannie Mae 5.00% 2023 | 11,902 | 12,336 | ||||||
Fannie Mae 5.00% 2023 | 10,902 | 11,299 | ||||||
Fannie Mae 5.00% 2023 | 10,138 | 10,507 | ||||||
Fannie Mae 5.00% 2023 | 7,449 | 7,730 | ||||||
Fannie Mae 5.50% 2023 | 44,646 | 46,823 | ||||||
Fannie Mae 5.50% 2023 | 37,147 | 39,022 | ||||||
Fannie Mae 5.50% 2023 | 15,744 | 16,507 | ||||||
Fannie Mae 5.50% 2023 | 10,556 | 11,067 | ||||||
Fannie Mae 6.00% 2023 | 4,351 | 4,618 | ||||||
Fannie Mae 7.50% 2023 | 62 | 68 | ||||||
Fannie Mae 4.00% 2024 | 210,420 | 210,836 | ||||||
Fannie Mae 4.00% 2024 | 165,832 | 166,117 | ||||||
Fannie Mae 4.00% 2024 | 138,853 | 139,092 | ||||||
Fannie Mae 4.00% 2024 | 79,334 | 79,491 | ||||||
Fannie Mae 4.00% 2024 | 50,567 | 50,667 | ||||||
Fannie Mae 4.00% 2024 | 50,000 | 50,099 | ||||||
Fannie Mae 4.00% 2024 | 48,776 | 48,872 | ||||||
Fannie Mae 4.00% 2024 | 46,038 | 46,129 | ||||||
Fannie Mae 4.00% 2024 | 45,484 | 45,574 | ||||||
Fannie Mae 4.00% 2024 | 42,455 | 42,539 | ||||||
Fannie Mae 4.00% 2024 | 37,733 | 37,807 | ||||||
Fannie Mae 4.00% 2024 | 34,785 | 34,854 | ||||||
Fannie Mae 4.00% 2024 | 33,849 | 33,920 | ||||||
Fannie Mae 4.00% 2024 | 33,166 | 33,232 | ||||||
Fannie Mae 4.00% 2024 | 29,630 | 29,689 | ||||||
Fannie Mae 4.00% 2024 | 24,894 | 24,943 | ||||||
Fannie Mae 4.00% 2024 | 24,885 | 24,934 | ||||||
Fannie Mae 4.00% 2024 | 24,225 | 24,273 | ||||||
Fannie Mae 4.00% 2024 | 21,237 | 21,279 | ||||||
Fannie Mae 4.00% 2024 | 15,513 | 15,540 | ||||||
Fannie Mae 4.00% 2024 | 11,903 | 11,927 | ||||||
Fannie Mae 4.00% 2024 | 8,418 | 8,435 | ||||||
Fannie Mae 4.00% 2024 | 8,048 | 8,064 | ||||||
Fannie Mae 4.50% 2024 | 55,912 | 57,129 | ||||||
Fannie Mae 4.50% 2024 | 50,000 | 51,088 | ||||||
Fannie Mae 4.50% 2024 | 48,246 | 49,314 | ||||||
Fannie Mae 4.50% 2024 | 43,678 | 44,628 | ||||||
Fannie Mae 4.50% 2024 | 25,000 | 25,556 | ||||||
Fannie Mae 4.50% 2024 | 14,834 | 15,163 | ||||||
Fannie Mae 5.50% 2024 | 44,322 | 46,496 | ||||||
Fannie Mae 5.50% 2024 | 29,388 | 30,824 | ||||||
Fannie Mae 6.00% 2024 | 11,682 | 12,285 | ||||||
Fannie Mae, Series 2001-4, Class GA, 10.095% 20251 | 454 | 514 | ||||||
Fannie Mae, Series 2001-4, Class NA, 11.844% 20251 | 1,869 | 2,100 | ||||||
Fannie Mae 5.393% 20261 | 494 | 516 | ||||||
Fannie Mae 6.00% 2026 | 27,408 | 28,823 | ||||||
Fannie Mae 5.50% 2027 | 21,567 | 22,377 | ||||||
Fannie Mae 8.50% 2027 | 8 | 9 | ||||||
Fannie Mae 6.00% 2028 | 8,755 | 9,180 | ||||||
Fannie Mae 6.00% 2028 | 8,201 | 8,599 | ||||||
Fannie Mae, Series 1998-W5, Class B3, 6.50% 2028 | 1,931 | 1,468 | ||||||
Fannie Mae 6.50% 2029 | 178 | 189 | ||||||
Fannie Mae, Series 2002-W7, Class A-5, 7.50% 2029 | 631 | 682 | ||||||
Fannie Mae 7.50% 2029 | 46 | 50 | ||||||
Fannie Mae 7.50% 2029 | 42 | 46 | ||||||
Fannie Mae 7.50% 2030 | 137 | 150 | ||||||
Fannie Mae, Series 2001-25, Class ZA, 6.50% 2031 | 5,230 | 5,568 | ||||||
Fannie Mae 7.50% 2031 | 351 | 384 | ||||||
Fannie Mae 7.50% 2031 | 35 | 38 | ||||||
Fannie Mae, Series 2001-20, Class E, 9.626% 20311 | 76 | 86 | ||||||
Fannie Mae, Series 2001-20, Class C, 12.01% 20311 | 75 | 86 | ||||||
Fannie Mae 6.50% 2032 | 587 | 626 | ||||||
Fannie Mae 5.50% 2033 | 29,081 | 30,169 | ||||||
Fannie Mae 6.50% 2034 | 876 | 932 | ||||||
Fannie Mae 4.567% 20351 | 10,560 | 10,941 | ||||||
Fannie Mae 5.50% 2035 | 37,478 | 38,861 | ||||||
Fannie Mae, Series 2005-68, Class PG, 5.50% 2035 | 6,023 | 6,285 | ||||||
Fannie Mae 6.50% 2035 | 9,669 | 10,374 | ||||||
Fannie Mae, Series 2006-51, Class PO, principal only, 0% 2036 | 8,533 | 7,390 | ||||||
Fannie Mae, Series 2006-32, Class OA, principal only, 0% 2036 | 7,799 | 5,865 | ||||||
Fannie Mae, Series 2006-96, Class OP, principal only, 0% 2036 | 1,797 | 1,429 | ||||||
Fannie Mae 5.00% 2036 | 118,249 | 120,781 | ||||||
Fannie Mae, Series 2006-101, Class PC, 5.50% 2036 | 7,500 | 7,755 | ||||||
Fannie Mae 6.00% 2036 | 32,399 | 34,015 | ||||||
Fannie Mae 6.00% 2036 | 23,327 | 24,454 | ||||||
Fannie Mae, Series 2006-106, Class HG, 6.00% 2036 | 19,944 | 20,978 | ||||||
Fannie Mae, Series 2006-43, Class PX, 6.00% 2036 | 17,821 | 18,727 | ||||||
Fannie Mae 6.00% 2036 | 10,963 | 11,495 | ||||||
Fannie Mae 6.00% 2036 | 7,359 | 7,722 | ||||||
Fannie Mae 6.50% 2036 | 24,489 | 26,128 | ||||||
Fannie Mae 6.50% 2036 | 8,375 | 8,991 | ||||||
Fannie Mae 6.50% 2036 | 5,230 | 5,580 | ||||||
Fannie Mae 6.50% 2036 | 4,702 | 4,998 | ||||||
Fannie Mae 7.00% 2036 | 3,863 | 4,182 | ||||||
Fannie Mae 7.00% 2036 | 1,731 | 1,881 | ||||||
Fannie Mae 7.00% 2036 | 1,694 | 1,842 | ||||||
Fannie Mae 7.00% 2036 | 1,183 | 1,281 | ||||||
Fannie Mae 7.50% 2036 | 1,716 | 1,858 | ||||||
Fannie Mae 7.50% 2036 | 911 | 986 | ||||||
Fannie Mae 8.00% 2036 | 2,295 | 2,402 | ||||||
Fannie Mae 5.274% 20371 | 1,771 | 1,843 | ||||||
Fannie Mae 5.46% 20371 | 17,010 | 17,844 | ||||||
Fannie Mae, Series 2007-40, Class PT, 5.50% 2037 | 29,136 | 30,882 | ||||||
Fannie Mae 5.51% 20371 | 25,152 | 26,433 | ||||||
Fannie Mae 5.603% 20371 | 38,373 | 40,326 | ||||||
Fannie Mae 5.617% 20371 | 11,634 | 12,225 | ||||||
Fannie Mae 5.715% 20371 | 18,905 | 19,868 | ||||||
Fannie Mae 5.771% 20371 | 21,362 | 22,450 | ||||||
Fannie Mae 5.971% 20371 | 31,597 | 32,999 | ||||||
Fannie Mae 6.00% 2037 | 120,194 | 125,812 | ||||||
Fannie Mae 6.00% 2037 | 84,188 | 88,176 | ||||||
Fannie Mae 6.00% 2037 | 49,332 | 51,669 | ||||||
Fannie Mae 6.00% 2037 | 45,551 | 47,709 | ||||||
Fannie Mae 6.00% 2037 | 40,748 | 42,666 | ||||||
Fannie Mae 6.00% 2037 | 36,167 | 37,881 | ||||||
Fannie Mae 6.00% 2037 | 22,561 | 23,623 | ||||||
Fannie Mae 6.00% 2037 | 12,724 | 13,327 | ||||||
Fannie Mae 6.00% 2037 | 12,309 | 12,848 | ||||||
Fannie Mae 6.00% 2037 | 12,115 | 12,689 | ||||||
Fannie Mae 6.00% 2037 | 8,935 | 9,353 | ||||||
Fannie Mae 6.00% 2037 | 8,174 | 8,532 | ||||||
Fannie Mae 6.00% 2037 | 7,184 | 7,522 | ||||||
Fannie Mae 6.00% 2037 | 4,403 | 4,587 | ||||||
Fannie Mae, Series 2007-24, Class P, 6.00% 2037 | 4,086 | 4,299 | ||||||
Fannie Mae 6.00% 2037 | 3,695 | 3,880 | ||||||
Fannie Mae 6.089% 20371 | 20,143 | 21,169 | ||||||
Fannie Mae 6.405% 20371 | 10,933 | 11,490 | ||||||
Fannie Mae 6.50% 2037 | 35,475 | 37,837 | ||||||
Fannie Mae 6.50% 2037 | 32,380 | 34,536 | ||||||
Fannie Mae 6.50% 2037 | 26,942 | 28,736 | ||||||
Fannie Mae 6.50% 2037 | 26,124 | 27,766 | ||||||
Fannie Mae 6.50% 2037 | 24,586 | 26,085 | ||||||
Fannie Mae 6.50% 2037 | 19,705 | 20,943 | ||||||
Fannie Mae 6.50% 2037 | 14,417 | 15,323 | ||||||
Fannie Mae 6.50% 2037 | 9,341 | 9,928 | ||||||
Fannie Mae 6.50% 2037 | 9,066 | 9,618 | ||||||
Fannie Mae 6.50% 2037 | 1,456 | 1,553 | ||||||
Fannie Mae 6.666% 20371 | 13,648 | 14,343 | ||||||
Fannie Mae 6.815% 20371 | 1,280 | 1,345 | ||||||
Fannie Mae 7.00% 2037 | 43,323 | 47,115 | ||||||
Fannie Mae 7.00% 2037 | 34,388 | 37,226 | ||||||
Fannie Mae 7.00% 2037 | 13,209 | 14,299 | ||||||
Fannie Mae 7.00% 2037 | 12,705 | 13,754 | ||||||
Fannie Mae 7.00% 2037 | 10,901 | 11,801 | ||||||
Fannie Mae 7.00% 2037 | 10,889 | 11,670 | ||||||
Fannie Mae 7.00% 2037 | 8,069 | 8,735 | ||||||
Fannie Mae 7.00% 2037 | 7,149 | 7,739 | ||||||
Fannie Mae 7.00% 2037 | 6,464 | 6,998 | ||||||
Fannie Mae 7.00% 2037 | 4,988 | 5,400 | ||||||
Fannie Mae 7.00% 2037 | 4,219 | 4,567 | ||||||
Fannie Mae 7.00% 2037 | 3,744 | 4,053 | ||||||
Fannie Mae 7.00% 2037 | 2,325 | 2,517 | ||||||
Fannie Mae 7.00% 2037 | 1,787 | 1,943 | ||||||
Fannie Mae 7.00% 2037 | 1,676 | 1,814 | ||||||
Fannie Mae 7.00% 2037 | 1,657 | 1,803 | ||||||
Fannie Mae 7.00% 2037 | 1,603 | 1,735 | ||||||
Fannie Mae 7.00% 2037 | 1,095 | 1,186 | ||||||
Fannie Mae 7.00% 2037 | 826 | 898 | ||||||
Fannie Mae 7.00% 2037 | 748 | 814 | ||||||
Fannie Mae 7.50% 2037 | 7,091 | 7,718 | ||||||
Fannie Mae 7.50% 2037 | 4,051 | 4,386 | ||||||
Fannie Mae 7.50% 2037 | 3,893 | 4,216 | ||||||
Fannie Mae 7.50% 2037 | 3,205 | 3,435 | ||||||
Fannie Mae 7.50% 2037 | 3,004 | 3,253 | ||||||
Fannie Mae 7.50% 2037 | 2,085 | 2,257 | ||||||
Fannie Mae 7.50% 2037 | 2,076 | 2,248 | ||||||
Fannie Mae 7.50% 2037 | 2,034 | 2,202 | ||||||
Fannie Mae 7.50% 2037 | 1,781 | 1,928 | ||||||
Fannie Mae 7.50% 2037 | 1,528 | 1,654 | ||||||
Fannie Mae 7.50% 2037 | 1,375 | 1,489 | ||||||
Fannie Mae 7.50% 2037 | 1,327 | 1,437 | ||||||
Fannie Mae 7.50% 2037 | 1,244 | 1,347 | ||||||
Fannie Mae 7.50% 2037 | 1,070 | 1,158 | ||||||
Fannie Mae 7.50% 2037 | 1,003 | 1,086 | ||||||
Fannie Mae 7.50% 2037 | 941 | 1,019 | ||||||
Fannie Mae 7.50% 2037 | 859 | 931 | ||||||
Fannie Mae 7.50% 2037 | 587 | 640 | ||||||
Fannie Mae 7.50% 2037 | 571 | 618 | ||||||
Fannie Mae 7.50% 2037 | 494 | 535 | ||||||
Fannie Mae 8.00% 2037 | 2,885 | 3,131 | ||||||
Fannie Mae 8.00% 2037 | 2,140 | 2,239 | ||||||
Fannie Mae 8.00% 2037 | 1,770 | 1,965 | ||||||
Fannie Mae 8.00% 2037 | 1,758 | 1,839 | ||||||
Fannie Mae 8.00% 2037 | 1,147 | 1,201 | ||||||
Fannie Mae 4.999% 20381 | 15,938 | 16,664 | ||||||
Fannie Mae 5.00% 2038 | 17,894 | 18,244 | ||||||
Fannie Mae 5.00% 2038 | 8,973 | 9,149 | ||||||
Fannie Mae 5.32% 20381 | 13,114 | 13,723 | ||||||
Fannie Mae 5.50% 2038 | 53,882 | 55,753 | ||||||
Fannie Mae 5.50% 2038 | 44,382 | 45,930 | ||||||
Fannie Mae 5.50% 2038 | 44,153 | 45,645 | ||||||
Fannie Mae 5.50% 2038 | 37,359 | 38,657 | ||||||
Fannie Mae 5.50% 2038 | 22,595 | 23,415 | ||||||
Fannie Mae 5.50% 2038 | 18,905 | 19,594 | ||||||
Fannie Mae 5.50% 2038 | 13,329 | 13,792 | ||||||
Fannie Mae 5.50% 2038 | 3,394 | 3,518 | ||||||
Fannie Mae 5.554% 20381 | 2,617 | 2,740 | ||||||
Fannie Mae 5.677% 20381 | 19,209 | 20,188 | ||||||
Fannie Mae 5.737% 20381 | 29,045 | 30,525 | ||||||
Fannie Mae 6.00% 2038 | 40,720 | 42,650 | ||||||
Fannie Mae 6.00% 2038 | 26,844 | 28,103 | ||||||
Fannie Mae 6.00% 2038 | 26,696 | 27,948 | ||||||
Fannie Mae 6.00% 2038 | 22,583 | 23,710 | ||||||
Fannie Mae 6.00% 2038 | 19,152 | 20,050 | ||||||
Fannie Mae 6.00% 2038 | 18,457 | 19,323 | ||||||
Fannie Mae 6.00% 2038 | 11,191 | 11,716 | ||||||
Fannie Mae 7.00% 2038 | 23,784 | 25,747 | ||||||
Fannie Mae 4.50% 2034 | 25,000 | 24,953 | ||||||
Fannie Mae 5.00% 2039 | 97,774 | 99,710 | ||||||
Fannie Mae 5.00% 2039 | 50,000 | 50,914 | ||||||
Fannie Mae 5.125% 20391 | 27,589 | 28,761 | ||||||
Fannie Mae 6.00% 2039 | 10,380 | 10,867 | ||||||
Fannie Mae 6.50% 2039 | 60,170 | 64,090 | ||||||
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041 | 5,837 | 6,249 | ||||||
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041 | 1,845 | 1,984 | ||||||
Fannie Mae, Series 2002-W3, Class A-5, 7.50% 2041 | 3,490 | 3,774 | ||||||
Fannie Mae, Series 2002-W1, Class 2A, 7.50% 2042 | 4,024 | 4,355 | ||||||
Fannie Mae 6.00% 2047 | 1,099 | 1,148 | ||||||
Fannie Mae 6.50% 2047 | 1,382 | 1,451 | ||||||
Fannie Mae 6.50% 2047 | 1,350 | 1,418 | ||||||
Fannie Mae 6.50% 2047 | 852 | 907 | ||||||
Fannie Mae 7.00% 2047 | 7,039 | 7,620 | ||||||
Fannie Mae 7.00% 2047 | 497 | 538 | ||||||
Fannie Mae 7.50% 2047 | 1,740 | 1,884 | ||||||
Fannie Mae 7.50% 2047 | 706 | 764 | ||||||
Fannie Mae 7.50% 2047 | 608 | 658 | ||||||
Freddie Mac 8.50% 2009 | 1 | 1 | ||||||
Freddie Mac 8.50% 2010 | 7 | 7 | ||||||
Freddie Mac 6.00% 2017 | 356 | 380 | ||||||
Freddie Mac, Series 2310, Class A, 10.428% 20171 | 271 | 304 | ||||||
Freddie Mac 11.00% 2018 | 42 | 48 | ||||||
Freddie Mac, Series 2890, Class KT, 4.50% 2019 | 2,500 | 2,485 | ||||||
Freddie Mac 5.50% 2019 | 8,036 | 8,496 | ||||||
Freddie Mac 8.50% 2020 | 116 | 127 | ||||||
Freddie Mac 8.50% 2020 | 40 | 44 | ||||||
Freddie Mac, Series 41, Class F, 10.00% 2020 | 85 | 85 | ||||||
Freddie Mac, Series 178, Class Z, 9.25% 2021 | 67 | 71 | ||||||
Freddie Mac, Series 2626, Class NG, 3.50% 2023 | 1,665 | 1,677 | ||||||
Freddie Mac, Series 2922, Class EL, 4.50% 2023 | 34,250 | 35,310 | ||||||
Freddie Mac 5.00% 2023 | 37,211 | 38,535 | ||||||
Freddie Mac 5.00% 2023 | 36,483 | 37,793 | ||||||
Freddie Mac 5.00% 2023 | 13,061 | 13,530 | ||||||
Freddie Mac 5.00% 2023 | 3,909 | 4,049 | ||||||
Freddie Mac 5.00% 2023 | 2,224 | 2,304 | ||||||
Freddie Mac 5.00% 2023 | 221 | 229 | ||||||
Freddie Mac, Series 1617, Class PM, 6.50% 2023 | 1,804 | 1,949 | ||||||
Freddie Mac 4.00% 2024 | 53,828 | 53,895 | ||||||
Freddie Mac 4.00% 2024 | 18,923 | 18,948 | ||||||
Freddie Mac 4.50% 2024 | 7,379 | 7,538 | ||||||
Freddie Mac 6.00% 2026 | 26,095 | 27,424 | ||||||
Freddie Mac 6.00% 2026 | 20,127 | 21,152 | ||||||
Freddie Mac 8.00% 2026 | 87 | 96 | ||||||
Freddie Mac 5.50% 2027 | 13,117 | 13,608 | ||||||
Freddie Mac 6.00% 2027 | 148,398 | 155,951 | ||||||
Freddie Mac 8.50% 2027 | 19 | 21 | ||||||
Freddie Mac, Series 2153, Class GG, 6.00% 2029 | 3,144 | 3,316 | ||||||
Freddie Mac, Series 2122, Class QM, 6.25% 2029 | 5,629 | 5,904 | ||||||
Freddie Mac 4.629% 20351 | 13,314 | 13,828 | ||||||
Freddie Mac, Series 3061, Class PN, 5.50% 2035 | 43,560 | 45,973 | ||||||
Freddie Mac 6.50% 20352 | 333 | 347 | ||||||
Freddie Mac, Series 3136, Class OP, principal only, 0% 2036 | 7,589 | 6,459 | ||||||
Freddie Mac, Series 3147, Class OD, principal only, 0% 2036 | 5,289 | 4,609 | ||||||
Freddie Mac, Series 3149, Class MO, principal only, 0% 2036 | 5,360 | 4,446 | ||||||
Freddie Mac, Series 3149, Class AO, principal only, 0% 2036 | 4,697 | 3,896 | ||||||
Freddie Mac, Series 3257, Class PA, 5.50% 2036 | 48,091 | 50,281 | ||||||
Freddie Mac 5.588% 20361 | 4,596 | 4,799 | ||||||
Freddie Mac 5.866% 20361 | 19,510 | 20,428 | ||||||
Freddie Mac, Series 3233, Class PA, 6.00% 2036 | 38,735 | 40,843 | ||||||
Freddie Mac, Series 3156, Class NG, 6.00% 2036 | 12,281 | 13,061 | ||||||
Freddie Mac, Series 3286, Class JN, 5.50% 2037 | 61,901 | 64,378 | ||||||
Freddie Mac, Series 3318, Class JT, 5.50% 2037 | 34,541 | 35,915 | ||||||
Freddie Mac 5.50% 2037 | 29,285 | 30,282 | ||||||
Freddie Mac, Series 3312, Class PA, 5.50% 2037 | 26,206 | 27,255 | ||||||
Freddie Mac 5.50% 2037 | 24,966 | 25,816 | ||||||
Freddie Mac 5.52% 20371 | 31,634 | 32,805 | ||||||
Freddie Mac 5.606% 20371 | 15,509 | 16,253 | ||||||
Freddie Mac 5.89% 20371 | 5,668 | 5,963 | ||||||
Freddie Mac 5.941% 20371 | 33,026 | 34,500 | ||||||
Freddie Mac 5.95% 20371 | 9,710 | 10,183 | ||||||
Freddie Mac 5.973% 20371 | 27,172 | 28,527 | ||||||
Freddie Mac, Series 3271, Class OA, 6.00% 2037 | 16,186 | 17,238 | ||||||
Freddie Mac 6.00% 2037 | 2,737 | 2,862 | ||||||
Freddie Mac 6.011% 20371 | 2,212 | 2,334 | ||||||
Freddie Mac 6.222% 20371 | 16,284 | 17,078 | ||||||
Freddie Mac 6.247% 20371 | 14,956 | 15,712 | ||||||
Freddie Mac 6.265% 20371 | 3,331 | 3,501 | ||||||
Freddie Mac 6.50% 2037 | 36,082 | 38,404 | ||||||
Freddie Mac 6.50% 2037 | 1,000 | 1,064 | ||||||
Freddie Mac 7.00% 2037 | 2,214 | 2,389 | ||||||
Freddie Mac 7.00% 2037 | 2,183 | 2,355 | ||||||
Freddie Mac 7.00% 2037 | 1,936 | 2,088 | ||||||
Freddie Mac 7.00% 20372 | 936 | 984 | ||||||
Freddie Mac 7.00% 20372 | 902 | 947 | ||||||
Freddie Mac 7.00% 20372 | 367 | 386 | ||||||
Freddie Mac 7.50% 2037 | 21,928 | 23,598 | ||||||
Freddie Mac 4.745% 20381 | 4,627 | 4,790 | ||||||
Freddie Mac 4.811% 20381 | 13,787 | 14,219 | ||||||
Freddie Mac 4.933% 20381 | 19,065 | 19,772 | ||||||
Freddie Mac 5.00% 2038 | 8,780 | 8,942 | ||||||
Freddie Mac 5.044% 20381 | 14,883 | 15,318 | ||||||
Freddie Mac 5.058% 20381 | 9,638 | 9,973 | ||||||
Freddie Mac 5.142% 20381 | 1,958 | 2,036 | ||||||
Freddie Mac 5.179% 20381 | 39,913 | 41,566 | ||||||
Freddie Mac 5.311% 20381 | 15,946 | 16,600 | ||||||
Freddie Mac 5.50% 2038 | 23,659 | 24,456 | ||||||
Freddie Mac 5.585% 20381 | 32,428 | 33,967 | ||||||
Freddie Mac 6.00% 2038 | 126,842 | 132,625 | ||||||
Freddie Mac 6.50% 2038 | 18,220 | 19,392 | ||||||
Freddie Mac 6.50% 2038 | 18,000 | 19,153 | ||||||
Freddie Mac 5.00% 2039 | 60,125 | 61,149 | ||||||
Freddie Mac 6.50% 2047 | 2,725 | 2,894 | ||||||
Freddie Mac 6.50% 2047 | 1,094 | 1,161 | ||||||
Freddie Mac 7.00% 2047 | 846 | 913 | ||||||
Freddie Mac 7.00% 2047 | 703 | 759 | ||||||
Government National Mortgage Assn. 7.50% 2009 | 1 | 1 | ||||||
Government National Mortgage Assn. 9.50% 2009 | 5 | 5 | ||||||
Government National Mortgage Assn. 9.50% 2009 | — | — | ||||||
Government National Mortgage Assn. 9.00% 2016 | 72 | 80 | ||||||
Government National Mortgage Assn. 9.00% 2017 | 18 | 20 | ||||||
Government National Mortgage Assn. 9.50% 2019 | 157 | 178 | ||||||
Government National Mortgage Assn. 8.50% 2020 | 26 | 29 | ||||||
Government National Mortgage Assn. 8.50% 2020 | 8 | 9 | ||||||
Government National Mortgage Assn. 9.50% 2020 | 58 | 66 | ||||||
Government National Mortgage Assn. 8.50% 2021 | 151 | 168 | ||||||
Government National Mortgage Assn. 8.50% 2021 | 99 | 110 | ||||||
Government National Mortgage Assn. 8.50% 2021 | 31 | 35 | ||||||
Government National Mortgage Assn. 8.50% 2021 | 31 | 34 | ||||||
Government National Mortgage Assn. 10.00% 2021 | 832 | 945 | ||||||
Government National Mortgage Assn. 9.00% 2022 | 4 | 4 | ||||||
Government National Mortgage Assn. 8.50% 2023 | 23 | 26 | ||||||
Government National Mortgage Assn. 8.50% 2024 | 11 | 12 | ||||||
Government National Mortgage Assn. 8.50% 2024 | 7 | 8 | ||||||
Government National Mortgage Assn. 8.50% 2027 | 28 | 32 | ||||||
Government National Mortgage Assn. 8.50% 2028 | 23 | 26 | ||||||
Government National Mortgage Assn. 8.50% 2029 | 27 | 31 | ||||||
Government National Mortgage Assn., Series 2005-58, Class NO, principal only, 0% 2035 | 4,699 | 3,693 | ||||||
Government National Mortgage Assn. 6.00% 2038 | 142,725 | 148,958 | ||||||
Government National Mortgage Assn. 6.50% 2038 | 23,913 | 25,401 | ||||||
Government National Mortgage Assn. 4.50% 2039 | 25,000 | 24,944 | ||||||
Government National Mortgage Assn., Series 2003, Class A, 5.612% 20582 | 10,364 | 10,720 | ||||||
6,388,476 | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES6 — 4.19% | ||||||||
CS First Boston Mortgage Securities Corp., Series 2001-CKN5, Class A-4, 5.435% 2034 | 1,203 | 1,222 | ||||||
CS First Boston Mortgage Securities Corp., Series 2001-CF2, Class A-4, 6.505% 2034 | 438 | 448 | ||||||
CS First Boston Mortgage Securities Corp., Series 2001-CK3, Class A-4, 6.53% 2034 | 2,475 | 2,540 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CP5, Class A-1, 4.106% 2035 | 539 | 536 | ||||||
CS First Boston Mortgage Securities Corp., Series 2001-CK1, Class A-3, 6.38% 2035 | 42,754 | 43,852 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CKP1, Class F, 7.067% 20351,3 | 1,500 | 957 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CKS4, Class G, 6.006% 20361,3 | 500 | 304 | ||||||
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A-3, 6.387% 2036 | 29,505 | 30,226 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-2, 4.183% 2037 | 14,601 | 14,424 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-3, 4.499% 2037 | 12,900 | 11,905 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A-2, 4.512% 2037 | 1,690 | 1,674 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A-AB, 4.614% 2037 | 20,000 | 19,160 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C2, Class A-MFX, 4.877% 2037 | 10,000 | 5,587 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C1, Class E, 5.015% 20373 | 8,240 | 2,762 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A-3, 6.133% 2037 | 2,500 | 2,464 | ||||||
CS First Boston Mortgage Securities Corp., Series 2003-C3, Class F, 4.518% 20383 | 2,000 | 771 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C4, Class A-2, 5.017% 2038 | 12,200 | 12,184 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A-AB, 5.10% 20381 | 12,000 | 11,306 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C4, Class A-4, 4.283% 2039 | 20,600 | 19,703 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-C1, Class A-3, 5.711% 20391 | 10,000 | 8,624 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-C2, Class A-3, 5.658% 20391 | 7,305 | 5,242 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-3, 5.23% 20401 | 42,000 | 33,731 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-M, 5.23% 20401 | 5,000 | 3,109 | ||||||
CS First Boston Mortgage Securities Corp., Series 1999-C1, Class D, 8.267% 20411 | 850 | 845 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC1, Class A-3, 6.26% 2033 | 3,655 | 3,728 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C2, Class F, 6.192% 20341,3 | 2,500 | 1,460 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C3, Class A-1, 4.20% 2035 | 621 | 621 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A-5, 4.654% 2037 | 2,500 | 2,315 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-3B, 5.316% 20371 | 61,300 | 57,003 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C1, Class E, 6.135% 20373 | 400 | 284 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A-1, 3.972% 2039 | 5,713 | 5,387 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A-3, 4.545% 2042 | 21,050 | 19,416 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A-2, 4.575% 2042 | 20,058 | 19,881 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A-3A1, 4.871% 2042 | 25,000 | 23,748 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A-4A, 4.936% 20421 | 1,655 | 1,409 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A-2, 5.198% 2044 | 10,080 | 9,764 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CIBC14, Class A-4, 5.481% 20441 | 21,259 | 17,513 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A-4, 5.875% 20451 | 29,000 | 24,321 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A-2, 4.625% 2046 | 26,339 | 25,793 | ||||||
Fannie Mae, Series 2000-T5, Class B, 7.30% 2010 | 57,100 | 59,650 | ||||||
Fannie Mae, Series 2001-T6B, 6.088% 2011 | 48,000 | 51,072 | ||||||
Fannie Mae, Series 2003-T1, Class B, 4.491% 2012 | 46,225 | 47,876 | ||||||
SBA CMBS Trust, Series 2005-1, Class A, 5.369% 20352,3 | 33,000 | 31,680 | ||||||
SBA CMBS Trust, Series 2005-1, Class B, 5.565% 20352,3 | 3,300 | 3,118 | ||||||
SBA CMBS Trust, Series 2005-1, Class E, 6.706% 20352,3 | 7,460 | 6,938 | ||||||
SBA CMBS Trust, Series 2006-1A, Class A, 5.314% 20362,3 | 48,500 | 45,347 | ||||||
SBA CMBS Trust, Series 2006-1A, Class B, 5.451% 20362,3 | 14,180 | 12,904 | ||||||
SBA CMBS Trust, Series 2006-1A, Class D, 5.852% 20362,3 | 12,329 | 11,971 | ||||||
SBA CMBS Trust, Series 2006-1A, Class E, 6.174% 20362,3 | 4,025 | 3,582 | ||||||
SBA CMBS Trust, Series 2006-1A, Class F, 6.709% 20362,3 | 375 | 334 | ||||||
SBA CMBS Trust, Series 2006-1A, Class G, 6.904% 20362,3 | 1,375 | 1,210 | ||||||
SBA CMBS Trust, Series 2006-1A, Class H, 7.389% 20362,3 | 4,040 | 3,555 | ||||||
SBA CMBS Trust, Series 2006-1A, Class J, 7.825% 20362,3 | 2,375 | 2,090 | ||||||
American Tower Trust I, Series 2007-1A, Class A-FX, 5.42% 20373 | 18,500 | 17,193 | ||||||
American Tower Trust I, Series 2007-1A, Class B, 5.537% 20373 | 10,000 | 8,794 | ||||||
American Tower Trust I, Series 2007-1A, Class C, 5.615% 20373 | 10,000 | 8,494 | ||||||
American Tower Trust I, Series 2007-1A, Class D, 5.957% 20373 | 36,415 | 30,205 | ||||||
American Tower Trust I, Series 2007-1A, Class E, 6.249% 20373 | 11,375 | 8,753 | ||||||
American Tower Trust I, Series 2007-1A, Class F, 6.639% 20372,3 | 13,470 | 11,382 | ||||||
Crown Castle Towers LLC, Series 2005-1, Class C, 5.074% 20353 | 43,000 | 42,140 | ||||||
Crown Castle Towers LLC, Series 2006-1, Class E, 6.065% 20362,3 | 31,000 | 30,380 | ||||||
Crown Castle Towers LLC, Series 2006-1, Class F, 6.650% 20362,3 | 10,350 | 10,143 | ||||||
Crown Castle Towers LLC, Series 2006-1, Class G, 6.795% 20362,3 | 1,400 | 1,372 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A-3, 4.608% 2035 | 2,296 | 2,273 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2004-C14, Class A-2, 4.368% 2041 | 1,211 | 1,198 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C18, Class A-PB, 4.807% 2042 | 3,000 | 2,801 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A-7, 5.118% 20421 | 4,650 | 3,929 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-2, 5.242% 2044 | 17,000 | 16,254 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-4, 5.44% 20441 | 15,350 | 13,171 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-PB, 5.445% 20441 | 8,038 | 7,199 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A-PB, 5.446% 2045 | 16,750 | 15,076 | ||||||
Banc of America Commercial Mortgage Inc., Series 2001-1, Class A-2, 6.503% 2036 | 44,880 | 45,686 | ||||||
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-3, 4.561% 2041 | 9,975 | 9,241 | ||||||
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-AB, 4.673% 2041 | 2,000 | 1,928 | ||||||
Banc of America Commercial Mortgage Inc., Series 2004-4, Class B, 4.985% 2042 | 1,000 | 381 | ||||||
Banc of America Commercial Mortgage Inc., Series 2005-3, Class A-2, 4.501% 2043 | 1,260 | 1,214 | ||||||
Banc of America Commercial Mortgage Inc., Series 2005-5, Class A-4, 5.115% 20451 | 2,500 | 2,141 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-WF2, Class X, interest only, 0.564% 20311 | 56,024 | 1,554 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-C1, Class X, interest only, 0.888% 20311,3 | 35,752 | 783 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2000-WF2, Class A-2, 7.32% 2032 | 15,633 | 16,017 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-PBW1, Class A-1, 3.97% 2035 | 7,814 | 7,760 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOP2, Class D, 6.94% 20353 | 3,000 | 2,574 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2004-PWR6, Class A-4, 4.521% 2041 | 10,000 | 9,609 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-3, 4.868% 2042 | 20,825 | 17,560 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP6, Class A-4, 5.475% 20431 | 51,820 | 41,471 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP7, Class A-M, 6.065% 20451 | 7,645 | 4,590 | ||||||
Structured Products Asset Return Certificates Trust, Series 2001-CF1, Class A, 6.36% 20332 | 42,936 | 43,456 | ||||||
Commercial Mortgage Trust, Series 2000-C1, Class A-2, 7.416% 2033 | 2,215 | 2,235 | ||||||
Commercial Mortgage Trust, Series 2004-LB3A, Class A-4, 5.234% 2037 | 10,956 | 10,545 | ||||||
Commercial Mortgage Trust, Series 2003-LNB1, Class A-2, 4.084% 2038 | 20,000 | 18,529 | ||||||
Commercial Mortgage Trust, Series 2004-LNB2, Class A-3, 4.221% 2039 | 8,729 | 8,696 | ||||||
GMAC Commercial Mortgage Securities, Inc., Series 1997-C1, Class F, 7.222% 2029 | 1,299 | 1,309 | ||||||
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class A-2, 6.465% 2034 | 28,569 | 29,450 | ||||||
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class F, 4.718% 20361,3 | 1,000 | 396 | ||||||
GMAC Commercial Mortgage Securities, Inc., Series 2003-C1, Class G, 4.817% 20361,3 | 1,000 | 394 | ||||||
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class A-3, 4.207% 2041 | 7,743 | 7,722 | ||||||
GE Commercial Mortgage Corp., Series 2004-C3, Class B, 5.31% 20391 | 8,000 | 3,217 | ||||||
GE Commercial Mortgage Corp., Series 2004-C2, Class B, 4.983% 2040 | 19,193 | 7,917 | ||||||
GE Commercial Mortgage Corp., Series 2006-C1, Class A-4, 5.336% 20441 | 33,700 | 27,716 | ||||||
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20263 | 40,324 | 37,854 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2003-C1, Class A-2, 3.285% 2035 | 1,974 | 1,921 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-2, 5.117% 2037 | 13,045 | 12,751 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-5, 5.224% 20371 | 11,000 | 8,919 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-4-1, 5.243% 20371 | 15,000 | 12,732 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class AM, 5.415% 20371 | 4,620 | 2,910 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class A-3-A, 4.949% 20381 | 8,500 | 7,745 | ||||||
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A-3, 5.66% 20391 | 3,050 | 2,676 | ||||||
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A-5, 4.855% 20411 | 6,805 | 5,875 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class A-4, 4.747% 20431 | 5,065 | 4,309 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class AM, 4.805% 20431 | 6,300 | 3,934 | ||||||
Merrill Lynch Mortgage Trust, Series 2006-C2, Class A-4, 5.742% 20431 | 10,250 | 8,430 | ||||||
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A-3, 5.172% (undated)1 | 41,210 | 29,327 | ||||||
Salomon Brothers Commercial Mortgage Trust, Series 2000-C3, Class A-2, 6.592% 2033 | 18,011 | 18,414 | ||||||
Salomon Brothers Commercial Mortgage Trust, Series 2001-C1, Class A-3, 6.428% 2035 | 7,233 | 7,371 | ||||||
Salomon Brothers Commercial Mortgage Trust, Series 2001-C2, Class A-3, 6.499% 2036 | 2,287 | 2,366 | ||||||
GE Capital Commercial Mortgage Corp., Series 2001-1, Class A-1, 6.079% 2033 | 45 | 45 | ||||||
GE Capital Commercial Mortgage Corp., Series 2001-1, Class A-2, 6.531% 2033 | 18,090 | 18,628 | ||||||
GE Capital Commercial Mortgage Corp., Series 2002-3, Class A-2, 4.996% 2037 | 2,500 | 2,454 | ||||||
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A-1, 5.56% 2038 | 910 | 935 | ||||||
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A-2, 6.07% 2038 | 2,500 | 2,516 | ||||||
LB-UBS Commercial Mortgage Trust, Series 2000-C3, Class A-2, 7.95% 2025 | 12,433 | 12,636 | ||||||
LB-UBS Commercial Mortgage Trust, Series 2002-C1, Class A-3, 6.226% 2026 | 1,840 | 1,855 | ||||||
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class A-2, 5.103% 2030 | 3,468 | 3,377 | ||||||
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A-M, 5.017% 20401 | 10,000 | 6,620 | ||||||
Chase Manhattan Bank - First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class A-2, 7.439% 2031 | 1,016 | 1,014 | ||||||
Chase Manhattan Bank - First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class B, 7.619% 2031 | 17,125 | 17,095 | ||||||
Chase Manhattan Bank - First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class C, 7.625% 2031 | 5,000 | 4,998 | ||||||
Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A-3, 5.725% (undated)1 | 15,800 | 13,374 | ||||||
COBALT CMBS Commerical Mortgage Trust, Series 2006-C1, Class A-2, 5.174% 2048 | 14,000 | 12,598 | ||||||
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A-5, 5.617% 2048 | 10,000 | 8,199 | ||||||
Morgan Stanley Dean Witter Capital I Trust, Series 2000-LIFE2, Class A-2, 7.20% 2033 | 4,046 | 4,160 | ||||||
Morgan Stanley Dean Witter Capital I Trust, Series 2001-TOP5, Class A-3, 6.16% 2035 | 260 | 260 | ||||||
Morgan Stanley Dean Witter Capital I Trust, Series 2003-TOP9, Class A-1, 3.98% 2036 | 3,289 | 3,243 | ||||||
Morgan Stanley Capital I Trust, Series 2005-HQ7, Class A-2, 5.378% 20421 | 7,875 | 7,226 | ||||||
Hilton Hotel Pool Trust, Series 2000-HLTA, Class F, 7.75% 20153 | 5,000 | 5,381 | ||||||
GS Mortgage Securities Corp. II, Series 1998-C1, Class E, 7.45% 20301 | 5,004 | 4,991 | ||||||
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A-2, 7.757% 2032 | 3,953 | 4,065 | ||||||
Bank of America, NA and First Union National Bank Commercial Mortgage Trust, Series 2001-3, Class A-1, 4.89% 2037 | 934 | 935 | ||||||
First Union National Bank Commercial Mortgage Trust, Series 2001-C4, Class A-1, 5.673% 2033 | 467 | 471 | ||||||
1,587,004 | ||||||||
COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED)6 — 2.30% | ||||||||
Countrywide Alternative Loan Trust, Series 2004-14T2, Class A-2, 5.50% 2034 | 13,679 | 10,694 | ||||||
Countrywide Alternative Loan Trust, Series 2005-46CB, Class A-8, 5.50% 2035 | 34,945 | 28,235 | ||||||
Countrywide Alternative Loan Trust, Series 2005-49CB, Class A-1, 5.50% 2035 | 17,224 | 15,028 | ||||||
Countrywide Alternative Loan Trust, Series 2005-40CB, Class A-1, 5.50% 2035 | 15,705 | 10,201 | ||||||
Countrywide Alternative Loan Trust, Series 2005-J13, Class 2-A-4, 5.50% 2035 | 8,060 | 4,143 | ||||||
Countrywide Alternative Loan Trust, Series 2005-J11, Class 1-A-12, 5.50% 2035 | 8,000 | 3,673 | ||||||
Countrywide Alternative Loan Trust, Series 2005-J11, Class 1-A-16, 5.50% 2035 | 4,618 | 1,962 | ||||||
Countrywide Alternative Loan Trust, Series 2004-28CB, Class 5-A-1, 5.75% 2035 | 2,306 | 1,717 | ||||||
Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1-A-1, 6.00% 2035 | 10,853 | 7,774 | ||||||
Countrywide Alternative Loan Trust, Series 2005-9CB, Class 2-A-1, 6.00% 2035 | 5,633 | 3,922 | ||||||
Countrywide Alternative Loan Trust, Series 2004-28CB, Class 6-A-1, 6.00% 2035 | 921 | 628 | ||||||
Countrywide Alternative Loan Trust, Series 2007-14T2, Class A-4, 0.664% 20371 | 23,003 | 8,003 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR11, Class A, 4.435% 20341 | 20,931 | 17,653 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR12, Class 1-A4, 6.052% 20361 | 2,358 | 1,505 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY3, Class 4-A1, 5.33% 20371 | 6,953 | 4,691 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2-A1, 5.805% 20371 | 31,834 | 16,289 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY5, Class 3-A1, 5.809% 20371 | 45,396 | 30,657 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 4-A2, 5.855% 20371 | 40,297 | 21,086 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22, Class 5-A-1, 5.998% 20351 | 3,197 | 1,854 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-8, Class 3-AF, 0.694% 20361 | 14,078 | 8,342 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6-A, 5.902% 20361 | 55,125 | 30,526 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-2, Class 5-A-1, 6.00% 20361 | 6,286 | 3,091 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-6, Class 3-A-1, 5.838% 20371 | 19,668 | 9,782 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12, Class 2-A1, 5.883% 20371 | 20,290 | 10,217 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-8, Class 2-A3, 5.951% 20371 | 31,899 | 18,337 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 2-A1, 5.949% 20471 | 10,402 | 5,430 | ||||||
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A-1, 0.634% 20371 | 54,069 | 21,572 | ||||||
Wells Fargo Alternative Loan Trust, Series 2007-PA4, Class III-A-1, 6.064% 20371 | 25,353 | 11,508 | ||||||
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class III-A-1, 6.25% 2037 | 72,730 | 37,556 | ||||||
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class IV-A-1, 6.50% 2037 | 24,451 | 12,623 | ||||||
Bear Stearns ARM Trust, Series 2004-3, Class II-A, 3.914% 20341 | 8,458 | 6,490 | ||||||
Bear Stearns ARM Trust, Series 2005-6, Class I-A-1, 4.575% 20351 | 30,193 | 18,057 | ||||||
Bear Stearns ARM Trust, Series 2005-10, Class A-3, 4.65% 20351 | 51,800 | 28,090 | ||||||
Bear Stearns ARM Trust, Series 2007-2, Class I-A-1, 5.00% 20461 | 809 | 391 | ||||||
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 2-A-1, 6.50% 2037 | 40,223 | 19,946 | ||||||
IndyMac IMSC Mortgage Loan Trust, Series 2007-F3, Class 2-A-1, 6.50% 2037 | 23,895 | 13,198 | ||||||
IndyMac IMSC Mortgage Loan Trust, Series 2007-F3, Class 3-A-1, 7.00% 2037 | 36,439 | 19,558 | ||||||
Residential Accredit Loans, Inc., Series 2004-QS16, Class 1-A-1, 5.50% 2034 | 6,317 | 4,567 | ||||||
Residential Accredit Loans, Inc., Series 2005-QR1, Class A, 6.00% 2034 | 27,843 | 22,745 | ||||||
Residential Accredit Loans, Inc., Series 2005-QA12, Class CB-I, 5.485% 20351 | 4,207 | 1,772 | ||||||
Residential Accredit Loans, Inc., Series 2005-QS15, Class II-A, 6.00% 2035 | 13,771 | 8,702 | ||||||
Residential Accredit Loans, Inc., Series 2006-QA1, Class A-II-1, 5.939% 20361 | 13,475 | 6,064 | ||||||
Residential Accredit Loans, Inc., Series 2007-QS11, Class A-1, 7.00% 2037 | 6,821 | 3,480 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-30, Class I-A-1, 7.50% 2032 | 377 | 340 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-34, Class I-A-1, 7.50% 2032 | 46 | 39 | ||||||
CS First Boston Mortgage Securities Corp., Series 2003-21, Class V-A-1, 6.50% 2033 | 2,900 | 2,715 | ||||||
CS First Boston Mortgage Securities Corp., Series 2003-29, Class V-A-1, 7.00% 2033 | 47 | 39 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IV-A-1, 6.00% 2034 | 6,748 | 5,580 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-5, Class IV-A-1, 6.25% 2035 | 4,938 | 3,363 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-7, Class 8-A-6, 0.944% 20361 | 12,929 | 4,794 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-7, Class 6-A-3, 5.50% 2036 | 25,112 | 16,826 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-2, Class 5-A-6, 6.00% 2036 | 5,170 | 3,274 | ||||||
CHL Mortgage Pass-Through Trust, Series 2004-HYB6, Class A-3, 5.055% 20341 | 2,747 | 1,482 | ||||||
CHL Mortgage Pass-Through Trust, Series 2005-HYB8, Class 4-A-1, 5.519% 20351 | 23,245 | 14,359 | ||||||
CHL Mortgage Pass-Through Trust, Series 2007-HY5, Class 1-A-1, 5.921% 20471 | 8,055 | 5,048 | ||||||
CHL Mortgage Pass-Through Trust, Series 2007-HY4, Class 1-A-1, 6.069% 20471 | 2,449 | 1,278 | ||||||
Wells Fargo Mortgage-backed Securities Trust, Series 2006-AR19, Class A-6, 5.627% 20361 | 10,000 | 5,153 | ||||||
Wells Fargo Mortgage-backed Securities Trust, Series 2006-AR15, Class A-1, 5.659% 20361 | 24,616 | 16,491 | ||||||
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2-A-1, 5.645% 20361 | 20,770 | 11,566 | ||||||
IndyMac INDX Mortgage Loan Trust, Series 2006-AR25, Class 3-A-1, 6.106% 20361 | 19,567 | 9,772 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2005-8, Class I-A4A, 5.557% 20351 | 28,160 | 16,927 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5, Class 1-A2A, 5.604% 20371 | 6,706 | 3,634 | ||||||
Thornburg Mortgage Securities Trust, Series 2006-5, Class A-1, 0.434% 20461 | 21,239 | 19,057 | ||||||
Residential Asset Securitization Trust, Series 2005-A7, Class A-5, 5.50% 2035 | 5,338 | 3,029 | ||||||
Residential Asset Securitization Trust, Series 2005-A8CB, Class A-11, 6.00% 2035 | 13,849 | 9,305 | ||||||
Residential Asset Securitization Trust, Series 2006-A8, Class 1-A-2, 0.614% 20361 | 10,032 | 4,760 | ||||||
Residential Asset Securitization Trust, Series 2006-A8, Class 3-A-11, 6.00% 2036 | 3,853 | 1,689 | ||||||
MASTR Alternative Loan Trust, Series 2003-2, Class 6-A-1, 6.00% 2033 | 540 | 468 | ||||||
MASTR Alternative Loan Trust, Series 2004-2, Class 2-A-1, 6.00% 2034 | 1,036 | 930 | ||||||
MASTR Alternative Loan Trust, Series 2005-1, Class 1-A-1, 5.50% 2035 | 12,622 | 9,214 | ||||||
MASTR Alternative Loan Trust, Series 2005-3, Class 1-A-1, 5.50% 2035 | 3,268 | 2,492 | ||||||
MASTR Alternative Loan Trust, Series 2005-3, Class 2-A-1, 6.00% 2035 | 3,929 | 3,128 | ||||||
MASTR Alternative Loan Trust, Series 2005-3, Class 3-A-1, 6.50% 2035 | 396 | 284 | ||||||
American Home Mortgage Assets Trust, Series 2007-3, Class II-2A-1, 6.25% 20371 | 31,651 | 15,757 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4-A, 5.675% 20341 | 5,192 | 4,331 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3-A, 6.00% 2034 | 2,150 | 2,046 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2005-6AR, Class 3-A-1, 5.354% 20351 | 18,372 | 8,478 | ||||||
J.P. Morgan Alternative Loan Trust, Series 2006-A1, Class 2-A-1, 5.80% 20361 | 17,184 | 8,770 | ||||||
J.P. Morgan Alternative Loan Trust, Series 2006-A2, Class 5-A-1, 6.259% 20361 | 12,495 | 5,957 | ||||||
Lehman Mortgage Trust, Series 2005-2, Class 5-A1, 1.214% 20351 | 29,952 | 14,700 | ||||||
GSR Mortgage Loan Trust, Series 2005-AR1, Class 2-A-1, 4.916% 20351 | 8,895 | 6,147 | ||||||
GSR Mortgage Loan Trust, Series 2006-2F, Class 3A-4, 6.00% 2036 | 11,543 | 7,594 | ||||||
J.P. Morgan Mortgage Trust, Series 2006-A3, Class 3-A-3, 5.731% 20361 | 4,000 | 2,355 | ||||||
J.P. Morgan Mortgage Trust, Series 2006-A7, Class 2-A-4, 5.791% 20371 | 21,750 | 11,373 | ||||||
Banc of America Funding Trust, Series 2005-H, Class 9-A-1, 5.897% 20351 | 22,294 | 10,692 | ||||||
Bear Stearns ALT-A Trust, Series 2006-2, Class II-4-A-1, 5.874% 20361 | 23,350 | 9,803 | ||||||
Adjustable Rate Mortgage Trust, Series 2006-1, Class 3-A-3, 5.866% 20361 | 17,548 | 7,945 | ||||||
BCAP LLC Trust, Series 2006-AA2, Class A-1, 0.484% 20371 | 20,558 | 7,855 | ||||||
Banc of America Alternative Loan Trust, Series 2005-6, Class 2-CB-2, 6.00% 2035 | 12,342 | 7,799 | ||||||
GSAA Home Equity Trust, Series 2007-10, Class A-1A, 6.00% 2037 | 13,323 | 7,620 | ||||||
Washington Mutual Mortgage, WMALT Series 2005-1, Class 6-A-1, 6.50% 2035 | 1,139 | 782 | ||||||
Washington Mutual Mortgage, WMALT Series 2006-2, Class 1-A-3, 6.00% 2036 | 12,000 | 5,780 | ||||||
GMAC Mortgage Loan Trust, Series 2006-AR1, Class 2-A-1, 5.632% 20361 | 9,170 | 6,374 | ||||||
American General Mortgage Loan Trust, Series 2006-1, Class A-5, 5.75% 20351,3 | 8,142 | 6,170 | ||||||
Structured Asset Securities Corp., Series 1998-RF2, Class A, 8.346% 20271,3 | 4,204 | 3,017 | ||||||
Structured Asset Securities Corp., Series 1998-RF1, Class A, 8.56% 20271,3 | 1,594 | 1,400 | ||||||
Structured Asset Securities Corp., Series 1999-RF1, Class A, 7.735% 20281,3 | 1,022 | 971 | ||||||
TBW Mortgage-backed Trust, Series 2007-2, Class A-4-B, 0.734% 20371 | 22,000 | 4,950 | ||||||
Banc of America Mortgage Securities Trust, Series 2003-I, Class 3-A-1, 4.527% 20331 | 5,483 | 4,589 | ||||||
CitiMortgage Alternative Loan Trust, Series 2006-A1, Class IA-3, 5.75% 2036 | 10,000 | 4,177 | ||||||
Sequoia Mortgage Trust, Series 2007-1, Class 4-A1, 5.751% 20461 | 5,410 | 3,047 | ||||||
Harborview Mortgage Loan Trust, Series 2006-6, Class 1A, 4.957% 20361 | 3,097 | 1,375 | ||||||
Ocwen Residential MBS Corp., Series 1998-R1, Class AWAC, 1.121% 20401,3 | 1,513 | 946 | ||||||
Financial Asset Securitization, Inc., Series 1997-NAM1, Class B-1, 7.75% 2027 | 265 | 249 | ||||||
GS Mortgage Securities Corp., Series 1998-2, Class M, 7.75% 20273 | 376 | 249 | ||||||
872,093 | ||||||||
OTHER MORTGAGE-BACKED SECURITIES6 — 0.58% | ||||||||
Nykredit 4.00% 2035 | DKr290,062 | 50,622 | ||||||
Nykredit 5.00% 2038 | 169,620 | 31,469 | ||||||
Bank of America 5.50% 20123 | $ | 34,750 | 34,209 | |||||
Nationwide Building Society, Series 2007-2, 5.50% 20123 | 34,750 | 32,865 | ||||||
Deutsche Genossenschaftsbank-Hypothekenbank AG 5.25% 2009 | €19,447 | 27,388 | ||||||
Northern Rock PLC 5.625% 20173 | $ | 20,000 | 16,148 | |||||
Dexia Municipal Agency 3.50% 2009 | €10,076 | 14,189 | ||||||
Swedish Government 4.00% 2012 | SKr42,000 | 5,614 | ||||||
Stadshypotek AB 6.00% 2012 | 39,000 | 5,531 | ||||||
218,035 | ||||||||
Total mortgage-backed obligations | 9,065,608 | |||||||
BONDS & NOTES OF GOVERNMENTS & GOVERNMENT AGENCIES OUTSIDE THE U.S. — 4.04% | ||||||||
German Government 3.75% 2013 | €35,000 | 51,740 | ||||||
German Government 3.75% 2017 | 20,360 | 29,701 | ||||||
German Government, Series 8, 4.25% 2018 | 127,690 | 192,684 | ||||||
United Kingdom 4.75% 2015 | £ | 21,408 | 38,761 | |||||
United Kingdom 4.50% 2019 | 58,910 | 103,185 | ||||||
United Kingdom 4.75% 2038 | 28,630 | 49,786 | ||||||
United Mexican States Government Global 6.375% 2013 | $ | 5,150 | 5,588 | |||||
United Mexican States Government Global 5.875% 2014 | 3,000 | 3,152 | ||||||
United Mexican States Government, Series MI10, 9.50% 2014 | MXN295,000 | 24,448 | ||||||
United Mexican States Government, Series M10, 8.00% 2015 | 132,500 | 10,173 | ||||||
United Mexican States Government, Series M10, 7.25% 2016 | 435,000 | 31,730 | ||||||
United Mexican States Government, Series M10, 7.75% 2017 | 5,630 | 41,798 | ||||||
United Mexican States Government Global 5.95% 2019 | $ | 9,990 | 10,140 | |||||
United Mexican States Government, Series M20, 10.00% 2024 | MXN334,800 | 28,831 | ||||||
United Mexican States Government Global 6.75% 2034 | $ | 2,495 | 2,529 | |||||
United Mexican States Government, Series M30, 10.00% 2036 | MXN138,000 | 11,570 | ||||||
United Mexican States Government Global 6.05% 2040 | $ | 11,280 | 10,304 | |||||
Japanese Government 1.30% 2011 | ¥ | 50 | 1 | |||||
Japanese Government 1.50% 2018 | 4,989,850 | 52,867 | ||||||
Japanese Government 2.40% 2038 | 2,680,350 | 29,192 | ||||||
Belgium (Kingdom of), Series 49, 4.00% 2017 | €42,000 | 60,196 | ||||||
Netherlands Government Eurobond 4.00% 2018 | 41,200 | 59,113 | ||||||
French Government O.A.T. Eurobond 4.00% 2018 | 37,745 | 54,529 | ||||||
French Government O.A.T. Eurobond 4.75% 2035 | 2,890 | 4,282 | ||||||
Aries Vermögensverwaltungs GmbH, Series C, 9.60% 2014 | $ | 44,750 | 57,280 | |||||
New South Wales Treasury Corp., Series 14, 5.50% 2014 | $ | A35,400 | 28,178 | |||||
New South Wales Treasury Corp., Series 19, 6.00% 2019 | 33,350 | 26,215 | ||||||
Israeli Government 7.50% 20142 | ILS72,880 | 21,424 | ||||||
Israeli Government 6.50% 20162 | 27,375 | 7,707 | ||||||
Israeli Government 5.125% 2019 | $ | 25,150 | 25,070 | |||||
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 2.50% 20123 | 7,250 | 7,210 | ||||||
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 3.625% 20143 | 45,000 | 45,260 | ||||||
Sweden Government Agency-Guaranteed, Swedbank AB 2.80% 20123 | 9,000 | 9,001 | ||||||
Sweden Government Agency-Guaranteed, Swedbank AB 2.90% 20133 | 35,000 | 34,741 | ||||||
France Government Agency-Guaranteed, Société Finance 2.25% 20123 | 21,815 | 21,686 | ||||||
France Government Agency-Guaranteed, Société Finance 3.375% 20143 | 16,450 | 16,484 | ||||||
South Korean Government 4.00% 2010 | KRW6,200,000 | 4,923 | ||||||
South Korean Government 5.25% 2010 | 2,900,000 | 2,329 | ||||||
South Korean Government 4.25% 2014 | 4,630,000 | 3,570 | ||||||
South Korean Government 5.75% 2014 | $ | 21,000 | 21,563 | |||||
South Korean Government 5.25% 2015 | KRW2,600,000 | 2,068 | ||||||
Finland (Republic of) 3.875% 2017 | €23,230 | 33,325 | ||||||
United Kingdom Government Agency-Guaranteed, Lloyds TSB Group PLC 2.80% 20123 | $ | 23,000 | 23,248 | |||||
European Investment Bank 4.75% 2012 | £ | 790 | 1,366 | |||||
European Investment Bank 3.125% 2014 | $ | 11,500 | 11,537 | |||||
European Investment Bank 4.875% 2017 | 9,000 | 9,486 | ||||||
European Investment Bank 5.00% 2039 | £ | 395 | 700 | |||||
Polish Government 5.25% 2013 | PLN70,000 | 21,879 | ||||||
Italian Government 4.25% 2013 | €14,100 | 20,701 | ||||||
Queensland Treasury Corp., Series 15, 6.00% 2015 | $ | A18,380 | 14,803 | |||||
KfW 6.25% 2012 | 9,750 | 8,065 | ||||||
KfW 5.00% 2015 | NKr35,000 | 5,618 | ||||||
KfW International Finance Inc. 5.50% 2015 | £ | 275 | 494 | |||||
Brazilian Treasury Bill 6.00% 20102,10 | BRL 1,508 | 788 | ||||||
Brazil (Federal Republic of) 10.00% 20172 | 15,000 | 6,640 | ||||||
Brazil (Federal Republic of) Global 8.00% 20186 | $ | 644 | 725 | |||||
Brazil (Federal Republic of) Global 8.875% 2024 | 1,375 | 1,715 | ||||||
Brazil (Federal Republic of) Global 12.25% 2030 | 425 | 698 | ||||||
Brazil (Federal Republic of) Global 7.125% 2037 | 750 | 818 | ||||||
Brazil (Federal Republic of) Global 11.00% 2040 | 2,110 | 2,756 | ||||||
Swedish Government 5.50% 2012 | SKr78,000 | 11,193 | ||||||
Nordic Investment Bank, Series C, 5.00% 2017 | $ | 9,000 | 9,555 | |||||
Banque Centrale de Tunisie 4.75% 2011 | €3,000 | 4,312 | ||||||
Banque Centrale de Tunisie 7.375% 2012 | $ | 4,500 | 4,838 | |||||
New Zealand Government Agency-Guaranteed, Westpac Securities Co. 2.50% 20123 | 8,250 | 8,223 | ||||||
Corporación Andina de Fomento 6.875% 2012 | 5,895 | 6,223 | ||||||
Corporación Andina de Fomento 5.125% 2015 | 2,000 | 1,943 | ||||||
Russian Federation 7.50% 20306 | 8,054 | 7,964 | ||||||
Russian Federation 7.50% 20303,6 | 139 | 138 | ||||||
Netherlands Government Agency-Guaranteed, ING Bank NV 3.90% 20143 | 7,000 | 7,164 | ||||||
Panama (Republic of) Global 7.125% 2026 | 690 | 718 | ||||||
Panama (Republic of) Global 8.875% 2027 | 250 | 303 | ||||||
Panama (Republic of) Global 9.375% 2029 | 340 | 428 | ||||||
Panama (Republic of) Global 6.70% 20366 | 5,748 | 5,604 | ||||||
Australia Government Agency-Guaranteed, National Australia Bank 5.75% 2013 | $ | A8,750 | 7,042 | |||||
Colombia (Republic of) Global 8.25% 2014 | $ | 3,250 | 3,770 | |||||
Colombia (Republic of) Global 12.00% 2015 | COP2,765,000 | 1,483 | ||||||
Colombia (Republic of) Global 9.85% 2027 | 840,000 | 399 | ||||||
Colombia (Republic of) Global 7.375% 2037 | $ | 1,000 | 1,025 | |||||
South Africa (Republic of) 6.875% 2019 | 6,365 | 6,572 | ||||||
Asian Development Bank 2.75% 2014 | 6,150 | 6,049 | ||||||
Australia Government Agency-Guaranteed, Macquarie Bank Ltd. 5.00% 2014 | $ | A7,250 | 5,575 | |||||
State of Qatar 9.75% 2030 | $ | 4,220 | 5,528 | |||||
Turkey (Republic of) 15.00% 2010 | TRY5,250 | 3,517 | ||||||
Turkey (Republic of) 8.00% 2034 | $ | 1,250 | 1,314 | |||||
Peru (Republic of) 8.375% 2016 | 2,920 | 3,380 | ||||||
El Salvador (Republic of) 7.65% 20353 | 3,450 | 2,915 | ||||||
Uruguay (Republic of) 7.625% 20366 | 1,250 | 1,209 | ||||||
Dominican Republic 9.50% 20113,6 | 1,172 | 1,166 | ||||||
Guatemala (Republic of) 10.25% 20113 | 1,000 | 1,093 | ||||||
Argentina (Republic of) 5.83% 20332,6,8,10 | ARS 4,574 | 466 | ||||||
Argentina (Republic of) GDP-Linked 2035 | 18,225 | 207 | ||||||
Argentina (Republic of) 0.63% 20382,6,10 | 16,477 | 293 | ||||||
Ireland Government Agency-Guaranteed, Anglo Irish Bank Corp. plc 1.535% 20161 | €1,400 | 706 | ||||||
Venezuela (Republic of) Global 8.50% 2014 | $ | 245 | 175 | |||||
Venezuela (Republic of) 7.65% 2025 | 985 | 529 | ||||||
LCR Finance PLC 5.10% 2051 | £ | 165 | 303 | |||||
1,529,693 | ||||||||
ASSET-BACKED OBLIGATIONS6 — 3.93% | ||||||||
AmeriCredit Automobile Receivables Trust, Series 2005-C-F, Class A-4, FSA insured, 4.63% 2012 | $ | 9,326 | 9,473 | |||||
AmeriCredit Automobile Receivables Trust, Series 2007-D-F, Class A-3-A, FSA insured, 5.49% 2012 | 9,222 | 9,357 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2007-A-X, Class A-4, XLCA insured, 0.358% 20131 | 125,000 | 105,064 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2006-B-G, Class A-4, FGIC insured, 5.21% 2013 | 28,269 | 27,297 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-4-A, MBIA insured, 5.55% 2014 | 4,572 | 4,107 | ||||||
CPS Auto Receivables Trust, Series 2005-B, Class A-2, FSA insured, 4.36% 20123 | 6,451 | 6,357 | ||||||
CPS Auto Receivables Trust, Series 2005-D, Class A-2, FSA insured, 5.06% 20123 | 3,678 | 3,731 | ||||||
CPS Auto Receivables Trust, Series 2006-A, Class 1-A-4, FSA insured, 5.33% 20123 | 6,823 | 6,616 | ||||||
CPS Auto Receivables Trust, Series 2006-B, Class A-4, MBIA insured, 5.81% 20123 | 25,069 | 25,185 | ||||||
CPS Auto Receivables Trust, Series 2007-A, Class A-4, MBIA insured, 5.05% 20133 | 15,100 | 14,329 | ||||||
CPS Auto Receivables Trust, Series 2006-C, Class A-4, XLCA insured, 5.14% 20133 | 26,009 | 22,347 | ||||||
CPS Auto Receivables Trust, Series 2007-B, Class A-4, FSA insured, 5.60% 20143 | 20,000 | 19,631 | ||||||
CPS Auto Receivables Trust, Series 2007-C, Class A-4, FSA insured, 5.92% 20143 | 18,950 | 17,678 | ||||||
Drive Auto Receivables Trust, Series 2005-3, Class A-4, FSA insured, 5.09% 20133 | 11,652 | 11,944 | ||||||
Drive Auto Receivables Trust, Series 2006-1, Class A-4, FSA insured, 5.54% 20133 | 55,132 | 55,197 | ||||||
Drive Auto Receivables Trust, Series 2006-2, Class A-3, MBIA insured, 5.33% 20143 | 15,886 | 15,877 | ||||||
ARG Funding Corp., Series 2005-1, Class A-3, MBIA insured, 4.29% 20113 | 50,200 | 45,148 | ||||||
ARG Funding Corp., Series 2005-2, Class A-4, AMBAC insured, 4.84% 20113 | 30,000 | 28,561 | ||||||
Washington Mutual Master Note Trust, Series 2007-B1, Class B-1, 4.95% 20143 | 4,000 | 4,027 | ||||||
Washington Mutual Master Note Trust, Series 2007-A4A, Class A-4, 5.20% 20143 | 30,055 | 31,206 | ||||||
Washington Mutual Master Note Trust, Series 2006-A2A, Class A, 0.369% 20151,3 | 31,000 | 30,267 | ||||||
GS Auto Loan Trust, Series 2006-1, Class A-4, 5.38% 2014 | 57,000 | 58,562 | ||||||
GS Auto Loan Trust, Series 2006-1, Class A-4, 5.60% 2014 | 6,859 | 6,623 | ||||||
Honda Auto Receivables Owner Trust, Series 2006-3, Class A-4, 5.11% 2012 | 35,160 | 35,992 | ||||||
Honda Auto Receivables Owner Trust, Series 2006-2, Class A-4, 5.28% 2012 | 23,798 | 24,322 | ||||||
Green Tree Financial Corp., Series 1996-10, Class A-6, 7.30% 2028 | 1,584 | 1,510 | ||||||
Green Tree Financial Corp., Series 1997-6, Class A-7, 7.14% 2029 | 4,724 | 4,285 | ||||||
Green Tree Recreational, Equipment & Consumer Trust, Series 1997-D, 7.25% 2029 | 1,658 | 735 | ||||||
Conseco Finance Home Equity Loan Trust, Series 2002-B, Class M-1, 2.069% 20331 | 838 | 321 | ||||||
Green Tree Financial Corp., Series 2008-MH1, Class A-3, 8.97% 20383 | 43,139 | 40,204 | ||||||
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-3, FSA insured, 5.17% 2011 | 2,241 | 2,251 | ||||||
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-4, FSA insured, 5.18% 2013 | 27,800 | 26,530 | ||||||
Long Beach Acceptance Auto Receivables Trust, Series 2007-A, Class A-4, FSA insured, 5.025% 2014 | 15,500 | 15,283 | ||||||
Nissan Auto Lease Trust, Series 2008-A, Class A-3a, 5.14% 2011 | 40,250 | 41,303 | ||||||
CarMax Auto Owner Trust, Series 2007-2, Class A-3, 5.23% 2011 | 9,828 | 9,997 | ||||||
CarMax Auto Owner Trust, Series 2008-2, Class A-3a, 4.99% 2012 | 8,200 | 8,420 | ||||||
CarMax Auto Owner Trust, Series 2007-2, Class A-4, 5.27% 2012 | 20,000 | 20,582 | ||||||
Prestige Auto Receivables Trust, Series 2005-1A, Class A-2, FSA insured, 4.37% 20123 | 2,351 | 2,371 | ||||||
Prestige Auto Receivables Trust, Series 2006-1A, Class A-2, FSA insured, 5.25% 20133 | 6,836 | 6,935 | ||||||
Prestige Auto Receivables Trust, Series 2007-1, Class A-3, FSA insured, 5.58% 20143 | 30,000 | 29,389 | ||||||
Capital One Auto Finance Trust, Series 2006-A, Class A-4, AMBAC insured, 0.329% 20121 | 3,236 | 3,172 | ||||||
Capital One Auto Finance Trust, Series 2006-C, Class A-4, FGIC insured, 0.349% 20131 | 25,000 | 22,610 | ||||||
Capital One Auto Finance Trust, Series 2007-B, Class A-4, MBIA insured, 0.349% 20141 | 12,425 | 10,996 | ||||||
Santander Drive Auto Receivables Trust, Series 2007-1, Class A-4, FGIC insured, 0.369% 20141 | 39,261 | 35,997 | ||||||
Triad Automobile Receivables Trust, Series 2006-C, Class A-3, AMBAC insured, 5.26% 2011 | 6,020 | 6,026 | ||||||
Triad Automobile Receivables Trust, Series 2005-A, Class A-4, AMBAC insured, 4.22% 2012 | 9,343 | 9,292 | ||||||
Triad Automobile Receivables Trust, Series 2007-A, Class A-3, FSA insured, 5.28% 2012 | 5,854 | 5,902 | ||||||
Triad Automobile Receivables Trust, Series 2006-C, Class A-4, AMBAC insured, 5.31% 2013 | 10,000 | 9,528 | ||||||
USAA Auto Owner Trust, Series 2007-1, Class A-4, 5.55% 2013 | 26,000 | 27,198 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2002-C, Class A-4, 6.57% 2024 | 7,660 | 6,926 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 1999-B, Class I-A-6, 6.925% 2024 | 6,711 | 6,583 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-4, 7.905% 2026 | 1,611 | 1,627 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 1997-C, Class II-A-1, 0.528% 20271 | 544 | 450 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2000-D, Class A-4, 7.715% 2027 | 1,808 | 1,740 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-5, 8.195% 2030 | 6,889 | 6,882 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2001-C, Class M-1, 6.76% 2032 | 910 | 618 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2002-C, Class M-1, 7.82% 2032 | 2,299 | 1,749 | ||||||
MBNA Credit Card Master Note Trust, Series 2001-C, Class C, 7.10% 20133 | 15,000 | 14,871 | ||||||
MBNA Credit Card Master Note Trust, Series 2002-1, Class C, 6.80% 2014 | 3,435 | 3,344 | ||||||
MBNA Credit Card Master Note Trust, Series 2006-1, Class C, 0.739% 20151 | 10,000 | 7,889 | ||||||
PECO Energy Transition Trust, Series 2001-A, Class A-1, 6.52% 2010 | 5,000 | 5,215 | ||||||
PECO Energy Transition Trust, Series 2000-A, Class A-4, 7.65% 2010 | 17,994 | 18,200 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S2, Class A-5, FGIC insured, 5.753% 20272 | 15,140 | 6,207 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S6, Class A-6, AMBAC insured, 5.657% 20341 | 14,652 | 4,885 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S4, Class A-6, AMBAC insured, 5.834% 20341 | 9,119 | 3,535 | ||||||
CWHEQ Home Equity Loan Trust, Series 2007-S1, Class A-6, MBIA insured, 5.693% 20361 | 31,535 | 8,692 | ||||||
RAMP Trust, Series 2004-RS9, Class A-I-4, AMBAC insured, 4.767% 2032 | 4,747 | 3,431 | ||||||
RAMP Trust, Series 2004-RS10, Class A-I-6, 4.55% 2034 | 23,006 | 17,848 | ||||||
Hyundai Auto Receivables Trust, Series 2006-A, Class A-4, 5.26% 2012 | 19,917 | 20,219 | ||||||
Vega ContainerVessel PLC, Series 2006-1, Class A, XLCA insured, 5.562% 20213 | 39,492 | 19,580 | ||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 2-A, FSA insured, 0.459% 20371 | 22,109 | 13,174 | ||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2007-C, Class A, FGIC insured, 0.469% 20371 | 14,598 | 3,532 | ||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B, Class A, FSA insured, 0.469% 20371 | 4,810 | 2,214 | ||||||
Chase Issuance Trust, Series 2008-4, Class A, 4.65% 2015 | 18,000 | 18,570 | ||||||
AEP Texas Central Transitioning Funding II LLC, Secured Transition Bonds, Series A, Class A-3, 5.09% 2017 | 16,720 | 17,484 | ||||||
Susquehanna Auto Lease Trust, Series 2007-1, Class A-3, 5.25% 20103 | 16,680 | 16,689 | ||||||
Spirit Master Funding LLC, Net-Lease Mortgage Notes, Series 2005-1, Class A-1, AMBAC insured, 5.05% 20232,3 | 24,484 | 15,914 | ||||||
UPFC Auto Receivables Trust, Series 2005-A, Class A-3, AMBAC insured, 4.34% 2010 | 794 | 794 | ||||||
UPFC Auto Receivables Trust, Series 2005-B, Class A-3, XLCA insured, 4.98% 2011 | 3,178 | 3,173 | ||||||
UPFC Auto Receivables Trust, Series 2007-A, Class A-3, MBIA insured, 5.53% 2013 | 11,373 | 11,582 | ||||||
Advanta Business Card Master Trust, Series 2006-A5, Class A, 5.10% 2012 | 17,669 | 15,536 | ||||||
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class B-1, 7.30% 2021 | 6,197 | 5,511 | ||||||
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A-4, 6.57% 2027 | 8,290 | 7,390 | ||||||
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A-5, 7.12% 2032 | 3,000 | 2,526 | ||||||
Wachovia Auto Loan Owner Trust, Series 2006-1, Class A-4, 5.08% 20123 | 10,000 | 10,186 | ||||||
Wachovia Auto Loan Owner Trust, Series 2006-1, Class B, 5.15% 20123 | 5,000 | 4,700 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class A-3, 5.825% 20361,3 | 8,387 | 3,533 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class M-3, 6.282% 20361,3 | 3,935 | 1,020 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class M-5, 6.831% 20361,3 | 4,725 | 967 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1, Class M-6, 7.00% 20361,3 | 1,816 | 325 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class A-2B, 5.723% 20371 | 3,061 | 1,141 | ||||||
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB2, Class A-2A, 5.891% 20371 | 9,847 | 7,859 | ||||||
Drivetime Auto Owner Trust, Series 2007-A, XLCA insured, 5.603% 20131,3 | 15,372 | 14,360 | ||||||
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2005-2, Class A-6, AMBAC insured, 5.08% 20113 | 14,500 | 14,157 | ||||||
Residential Funding Mortgage Securities II, Inc., Series 2005-HI1, Class A-4, FGIC insured, 4.70% 2034 | 3,903 | 3,541 | ||||||
Residential Funding Mortgage Securities II, Inc., Series 2005-HS1, Class A-1-2, FGIC insured, 4.66% 20351 | 9,870 | 8,333 | ||||||
Residential Funding Mortgage Securities II, Inc., Series 2006-HSA3, Class A, FSA insured, 0.444% 20361 | 2,481 | 1,639 | ||||||
Franklin Auto Trust, Series 2006-1, Class A-4, 5.03% 2014 | 10,950 | 11,161 | ||||||
Franklin Auto Trust, Series 2006-1, Class B, 5.14% 2014 | 2,000 | 1,749 | ||||||
Morgan Stanley ABS Capital I Inc., Series 2004-NC3, Class M-1, 1.109% 20341 | 18,822 | 9,478 | ||||||
Morgan Stanley ABS Capital I Inc., Series 2004-HE9, Class M-5, 1.364% 20341 | 2,794 | 970 | ||||||
GMAC Mortgage Loan Trust, Series 2006-HE3, Class A-5, FGIC insured, 5.809% 20361 | 5,000 | 1,454 | ||||||
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-2, FGIC insured, 6.054% 20371 | 10,000 | 3,703 | ||||||
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-3, FGIC insured, 6.193% 20371 | 20,000 | 4,248 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-3, 4.35% 2014 | 2,309 | 1,492 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-4, 5.27% 2018 | 1,184 | 795 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-5, 5.873% 2022 | 3,888 | 2,677 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2002-A, Class A, 0.794% 20331 | 4,937 | 3,663 | ||||||
Capital One Multi-asset Execution Trust, Series 2005-1, Class C, 0.719% 20131 | 9,000 | 8,491 | ||||||
Residential Asset Securities Corp. Trust, Series 2001-KS3, Class A-I-6, 5.96% 2031 | 10,950 | 8,216 | ||||||
AmeriCredit Prime Automobile Receivables Trust, Series 2007-2-M, Class A-4-A, MBIA insured, 5.35% 2016 | 10,073 | 7,926 | ||||||
J.P. Morgan Mortgage Acquisition Trust, Series 2007-CH1, Class AF-3, 5.532% 20361 | 15,000 | 7,817 | ||||||
New Century Home Equity Loan Trust, Series 2004-A, Class A-II-5, FGIC insured, 5.25% 2034 | 9,913 | 7,720 | ||||||
Ford Credit Auto Owner Trust, Series 2006-B, Class B, 5.43% 2012 | 7,333 | 6,909 | ||||||
Conseco Finance Securitizations Corp., Series 2002-2, Class A-2, 6.03% 2033 | 8,265 | 6,905 | ||||||
Citibank Credit Card Issuance Trust, Series 2008, Class C6, 6.30% 2014 | 7,000 | 6,627 | ||||||
CNL Funding, Series 2000-AA, Class A-2, MBIA insured, 8.044% 20173 | 10,589 | 6,491 | ||||||
First Horizon ABS Trust, Series 2006-HE2, Class A, FSA insured, 0.444% 20261 | 741 | 317 | ||||||
First Horizon ABS Trust, Series 2007-HE1, Class A, FSA insured, 0.444% 20291 | 11,432 | 5,738 | ||||||
SACO I Trust, Series 2005-5, Class I-A, 0.554% 20351 | 4,549 | 3,116 | ||||||
SACO I Trust, Series 2006-10, Class A, 0.464% 20361 | 10,234 | 1,118 | ||||||
SACO I Trust, Series 2006-5, Class II-A-3, 0.494% 20361 | 6,705 | 148 | ||||||
SACO I Trust, Series 2006-4, Class A-3, 0.524% 20361 | 5,187 | 662 | ||||||
UCFC Manufactured Housing Contract, Series 1996-2, Class A, MBIA insured, 7.135% 2028 | 5,108 | 4,764 | ||||||
Consumers Funding LLC, Series 2001-1, Class A-5, 5.43% 2015 | 4,140 | 4,378 | ||||||
Cendant Timeshare Receivables Funding, LLC, Series 2005-1, Class A-1, FGIC insured, 4.67% 20173 | 5,149 | 4,010 | ||||||
Capital Auto Receivables Asset Trust, Series 2006-SN1, Class C, 5.77% 20103 | 3,700 | 3,692 | ||||||
Structured Asset Securities Corp., Series 2005-S7, Class A2, 0.614% 20351,3 | 9,792 | 2,373 | ||||||
Structured Asset Securities Corp., Series 2006-S2, Class A-1, 0.384% 20361 | 609 | 567 | ||||||
Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A-1, 0.464% 20361 | 20,692 | 2,925 | ||||||
Origen Manufactured Housing Contract Trust, Series 2004-B, Class M-1, 5.73% 2035 | 2,328 | 1,610 | ||||||
Origen Manufactured Housing Contract Trust, Series 2004-B, Class M-2, 6.51% 2035 | 1,864 | 1,276 | ||||||
Home Equity Asset Trust, Series 2004-7, Class M-1, 0.934% 20351 | 6,500 | 2,749 | ||||||
First Investors Auto Owner Trust, Series 2006-A, Class A-4, MBIA insured, 5.00% 20133 | 2,500 | 2,480 | ||||||
SLM Student Loan Trust, Series 2003-10, Class A-4, 5.15% 20393 | £ | 1,160 | 1,765 | |||||
CWABS Revolving Home Equity Loan Trust, Series 2004-P, Class 2-A, MBIA insured, 0.639% 20341 | $ | 5,668 | 1,742 | |||||
CS First Boston Mortgage Securities Corp., Series 2007-3, Class 1-A-3B, 5.846% 20371 | 8,477 | 1,712 | ||||||
ACLC Business Loan Receivables Trust, Series 2002-1, Class A-2, 7.462% 20223 | 1,725 | 1,428 | ||||||
CSAB Mortgage-backed Trust, Series 2007-1, Class 1-A-3B, 5.908% 20371 | 5,757 | 1,417 | ||||||
Countryplace Manufactured Housing Contract, Series 2005-1, Class A-2, AMBAC insured, 4.42% 20351,2,3 | 1,379 | 1,255 | ||||||
IndyMac Home Equity Mortgage Loan Asset-backed Trust, Series 2007-H1, Class A-1, FSA insured, 0.474% 20371 | 2,124 | 1,235 | ||||||
Chase Auto Owner Trust, Series 2006-B, Class B, 5.24% 2014 | 676 | 666 | ||||||
Home Equity Mortgage Trust, Series 2006-2, Class 1A-1, 5.367% 20361 | 1,681 | 285 | ||||||
Home Equity Mortgage Trust, Series 2006-5, Class A-1, 5.50% 20371 | 2,166 | 280 | ||||||
IndyMac Home Equity Mortgage Loan Asset-backed Trust, Series SPMD 2001-A, Class AF-6, 6.537% 2030 | 636 | 362 | ||||||
Irwin Home Equity, Series 2006-2, Class 2-A3, FGIC insured, 6.40% 20361,3 | 2,000 | 345 | ||||||
Merrill Lynch Mortgage Investors Trust, Series 2007-SL1, Class A-1, 0.614% 20371 | 7,250 | 205 | ||||||
Option One Mortgage Loan Trust, Series 2002-1, Class M-1, 1.439% 20321 | 202 | 81 | ||||||
1,489,269 | ||||||||
MUNICIPALS — 0.66% | ||||||||
California Various Purpose General Obligation Bonds 7.50% 2034 | 25,000 | 23,054 | ||||||
California Various Purpose General Obligation Bonds 6.00% 2038 | 20,000 | 19,808 | ||||||
State of California, Los Angeles Unified School District (County of Los Angeles), General Obligation Bonds, Election of 2002, | ||||||||
Series 2009-D, 5.20% 2029 | 8,665 | 8,703 | ||||||
State of California, Los Angeles Unified School District (County of Los Angeles), General Obligation Bonds, Election of 2002, | ||||||||
Series 2009-D, 5.00% 2034 | 4,530 | 4,345 | ||||||
State of California, Los Angeles Unified School District (County of Los Angeles), General Obligation Bonds, Election of 2004, | ||||||||
Series 2009-I, 5.00% 2029 | 20,000 | 19,616 | ||||||
State of New York, Long Island Power Authority, Electric System General Revenue Bonds, Series 2009-A, 5.75% 2039 | 24,330 | 25,465 | ||||||
State of New York, Metropolitan Transportation Authority, Dedicated Tax Fund Bonds (Federally Taxable-Issuer | ||||||||
Subsidy-Build America Bonds), Series 2009-C, 7.336% 2039 | 19,500 | 23,275 | ||||||
State of Arizona, Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System | ||||||||
Revenue Bonds, Series 2009-A, 5.00% 2034 | 10,000 | 10,053 | ||||||
State of Arizona, Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System | ||||||||
Revenue Bonds, Series 2009-A, 5.00% 2039 | 7,445 | 7,451 | ||||||
State of South Dakota, Educational Enhancement Funding Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
Series 2002-A, Class A, 6.72% 2025 | 19,910 | 16,103 | ||||||
State of Illinois, City of Chicago, General Obligation Bonds, Project and Refunding, Series 2008-C, 5.00% 2034 | 15,750 | 15,274 | ||||||
State of Illinois, Regional Transportation Authority of Cook, DuPage, Kane, Lake, McHenry and Will Counties, | ||||||||
General Obligation Bonds, Series 2003-A, FGIC-National insured, 6.00% 2033 | 12,120 | 13,628 | ||||||
State of Indiana, Health and Educational Facility Financing Authority, Hospital Revenue Refunding Bonds | ||||||||
(Clarian Health Obligated Group), Series 2006-B, 5.00% 2033 | 13,860 | 11,795 | ||||||
District of Columbia, Income Tax Secured Revenue Refunding Bonds, Series 2009-B, 5.25% 2034 | 10,000 | 10,291 | ||||||
State of California, Regents of the University of California, General Revenue Bonds, 5.25% 2039 | 10,000 | 10,192 | ||||||
State of Texas, City of San Antonio, Electric and Gas Systems Revenue Refunding Bonds, New Series 2009-A, 5.00% 2034 | 10,000 | 9,972 | ||||||
State of Wisconsin, General Fund Annual Appropriation Bonds, Series 2009-A, 5.75% 2033 | 6,000 | 6,237 | ||||||
State of Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue Bonds, Series 2007, 5.50% 2023 | 6,000 | 5,167 | ||||||
State of California, City of Los Angeles, Department of Water and Power, Power System Revenue Bonds, | ||||||||
Series 2007-A, Subseries A-1, AMBAC insured, 5.00% 2037 | 5,300 | 5,152 | ||||||
California Maritime Infrastructure Authority, Taxable Lease Revenue Bonds (San Diego Unified Port District-South Bay | ||||||||
Plant Acquisition), Series 1999, 6.63% 20093 | 2,433 | 2,438 | ||||||
State of Louisiana, Tobacco Settlement Financing Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
Series 2001-A, Class A, 6.36% 2025 | 2,317 | 1,985 | ||||||
250,004 | ||||||||
Total bonds & notes (cost: $37,343,711,000) | 35,548,002 | |||||||
Shares or | ||||||||
Convertible securities — 0.11% | principal amount | |||||||
FINANCIALS — 0.07% | ||||||||
PNC Financial Services Group, Inc. 4.00% convertible notes 2011 | $ | 25,000,000 | 24,688 | |||||
Citigroup Inc., Series J-1, 7.00% noncumulative convertible preferred2 | 50,000 | 2,056 | ||||||
Equity Residential 3.85% convertible notes 2026 | $ | 1,000,000 | 954 | |||||
Boston Properties, Inc. 2.875% convertible notes 2037 | 1,000,000 | 881 | ||||||
Fannie Mae, Series 2004-1, 5.375% convertible preferred | 400 | 400 | ||||||
28,979 | ||||||||
INFORMATION TECHNOLOGY — 0.04% | ||||||||
Linear Technology Corp., Series A, 3.00% convertible notes 2027 | $ | 11,500,000 | 9,574 | |||||
Advanced Micro Devices, Inc. 6.00% convertible notes 2015 | $ | 770,000 | 365 | |||||
Advanced Micro Devices, Inc. 5.75% convertible notes 2012 | $ | 6,950,000 | 4,309 | |||||
14,248 | ||||||||
Total convertible securities (cost: $77,535,000) | 43,227 | |||||||
Preferred securities — 1.84% | Shares | |||||||
FINANCIALS — 1.84% | ||||||||
JPMorgan Chase & Co., Series I, 7.90%1 | 114,250,000 | 100,258 | ||||||
BNP Paribas 7.195%1,3 | 78,000,000 | 57,078 | ||||||
BNP Paribas Capital Trust 9.003% noncumulative trust1,3 | 17,180,000 | 14,534 | ||||||
SMFG Preferred Capital USD 1 Ltd. 6.078%1,3 | 63,147,000 | 50,787 | ||||||
SMFG Preferred Capital USD 3 Ltd. 9.50%1,3 | 8,998,000 | 8,818 | ||||||
HSBC Capital Funding LP, Series 2, 10.176% noncumulative step-up1,3 | 29,550,000 | 31,096 | ||||||
HSBC Capital Funding LP, Series 1, 9.547% noncumulative step-up1,3 | 30,000,000 | 27,983 | ||||||
HSBC Bank Capital Funding (Sterling 1) LP 5.844% noncumulative1 | 185,000 | 218 | ||||||
Barclays Bank PLC 7.434%1,3 | 75,945,000 | 50,953 | ||||||
Barclays Bank PLC 6.86%1,3 | 625,000 | 376 | ||||||
Santander Finance Preferred S.A., Unipersonal, Series 4, 6.80% | 1,597,900 | 30,919 | ||||||
Santander Finance Preferred S.A., Unipersonal, 6.50% | 910,000 | 16,437 | ||||||
AXA SA, Series B, 6.379%1,3 | 48,770,000 | 31,289 | ||||||
QBE Capital Funding II LP 6.797%1,3 | 36,055,000 | 26,709 | ||||||
Banco Bilbao Vizcaya Argentaria, SA, 5.919%1 | 43,685,000 | 25,809 | ||||||
PNC Preferred Funding Trust I 6.517%1,3 | 45,000,000 | 24,293 | ||||||
PNC Preferred Funding Trust III 8.70%1,3 | 1,500,000 | 1,233 | ||||||
Standard Chartered PLC 6.409%1,3 | 38,200,000 | 25,437 | ||||||
Citigroup Inc., Series E, 8.40%1 | 32,250,000 | 24,230 | ||||||
Resona Preferred Global Securities (Cayman) Ltd. 7.191%1,3 | 32,800,000 | 23,970 | ||||||
Société Générale 5.922%1,3 | 21,685,000 | 13,463 | ||||||
Weingarten Realty Investors, Series D, 6.75% | 495,420 | 8,199 | ||||||
Weingarten Realty Investors, Series E, 6.95% cumulative redeemable depositary shares | 250,000 | 4,165 | ||||||
ILFC E-Capital Trust II 6.25%1,3 | 19,460,000 | 7,492 | ||||||
ILFC E-Capital Trust I 5.90%1,3 | 11,750,000 | 4,524 | ||||||
Commerzbank Capital Funding Trust I, Class B, 5.012% noncumulative1 | 21,850,000 | 10,265 | ||||||
Commerzbank Capital Funding Trust II, Class B, 5.905% noncumulative1 | 300,000 | 141 | ||||||
Royal Bank of Scotland Group PLC 6.625%1 | 4,700,000 | 5,636 | ||||||
Royal Bank of Scotland Group PLC, Series U, 7.64%1 | 9,800,000 | 3,973 | ||||||
ING Capital Funding Trust III 8.439% noncumulative1 | 14,880,000 | 9,377 | ||||||
Fannie Mae, Series O, 7.00%1,3 | 4,825,230 | 8,686 | ||||||
Fannie Mae, Series R, 7.625% | 382,800 | 445 | ||||||
Freddie Mac, Series Z, 8.375%11 | 2,663,885 | 3,097 | ||||||
Freddie Mac, Series V, 5.57%11 | 3,356,231 | 3,096 | ||||||
Freddie Mac, Series W, 5.66%11 | 1,548,000 | 1,537 | ||||||
Freddie Mac, Series F, 5.00%11 | 294,375 | 412 | ||||||
Freddie Mac, Series U, 5.90%11 | 496,600 | 397 | ||||||
Freddie Mac, Series Y, 6.55%11 | 374,269 | 307 | ||||||
Shinsei Finance II (Cayman) Ltd. 7.16% noncumulative1,3 | 19,650,000 | 8,050 | ||||||
XL Capital Ltd., Series E, 6.50%1 | 16,250,000 | 7,972 | ||||||
Swire Pacific Capital Ltd. 8.84% cumulative guaranteed perpetual capital securities3 | 300,000 | 6,685 | ||||||
General Motors Corp. 9.00%3 | 9,155 | 3,938 | ||||||
Lloyds TSB Group PLC 6.267%1,3 | 5,765,000 | 1,962 | ||||||
HBOS Capital Funding LP, Series A, 6.461% noncumulative1 | 3,200,000 | 1,894 | ||||||
BAC Capital Trust XIII 1.029%1 | 8,075,000 | 3,614 | ||||||
CBG Florida REIT Corp., Series A, Class A, 7.114%1,3 | 18,000,000 | 2,829 | ||||||
Wells Fargo Capital XV 9.75%1 | 825,000 | 799 | ||||||
IndyMac Bancorp, Inc., Series A, 8.50% noncumulative3,11 | 434,000 | 4 | ||||||
695,386 | ||||||||
U.S. GOVERNMENT AGENCY SECURITIES — 0.00% | ||||||||
US AgBank 6.11%1,3 | 5,000,000 | 1,844 | ||||||
Total preferred securities (cost: $1,211,882,000) | 697,230 | |||||||
Common stocks — 0.04% | ||||||||
CONSUMER DISCRETIONARY — 0.02% | ||||||||
Ford Motor Co.11 | 875,023 | 5,311 | ||||||
Time Warner Cable Inc.11 | 36,558 | 1,158 | ||||||
Adelphia Recovery Trust, Series Arahova11 | 1,943,006 | 486 | ||||||
Adelphia Recovery Trust, Series ACC-111 | 3,366,231 | 67 | ||||||
Adelphia Recovery Trust, Series ACC-6B2,11 | 5,056,500 | 25 | ||||||
American Media Operations, Inc.2,3,11 | 295,801 | 3 | ||||||
7,050 | ||||||||
INDUSTRIALS — 0.01% | ||||||||
Delta Air Lines, Inc.11 | 626,265 | 3,626 | ||||||
UAL Corp.11 | 10,069 | 32 | ||||||
3,658 | ||||||||
INFORMATION TECHNOLOGY — 0.01% | ||||||||
ZiLOG, Inc.11,12 | 879,000 | 2,092 | ||||||
HEALTH CARE — 0.00% | ||||||||
Clarent Hospital Corp.2,11,12 | 331,291 | 17 | ||||||
TELECOMMUNICATION SERVICES — 0.00% | ||||||||
XO Holdings, Inc.11 | 7,614 | 2 | ||||||
Total common stocks (cost: $49,539,000) | 12,819 | |||||||
Value | ||||||||
Warrants — 0.00% | Shares | (000 | ) | |||||
TELECOMMUNICATION SERVICES — 0.00% | ||||||||
XO Holdings, Inc., Series A, warrants, expire 201011 | 15,233 | $ | — | |||||
XO Holdings, Inc., Series C, warrants, expire 20102,11 | 11,424 | — | ||||||
XO Holdings, Inc., Series B, warrants, expire 201011 | 11,424 | — | ||||||
GT Group Telecom Inc., warrants, expire 20102,3,11 | 2,750 | — | ||||||
— | ||||||||
INDUSTRIALS — 0.00% | ||||||||
Atrium Corp., warrants, expire 20182,3,11 | 1,885 | — | ||||||
Total warrants (cost: $143,000) | — | |||||||
Principal amount | ||||||||
Short-term securities — 4.43% | (000 | ) | ||||||
Federal Home Loan Bank 0.16%–0.44% due 7/1–12/2/2009 | $ | 512,450 | 512,236 | |||||
U.S. Treasury Bills 0.19%–0.355% due 7/2–9/24/2009 | 216,600 | 216,559 | ||||||
Abbott Laboratories 0.20%–0.23% due 7/1–9/29/20093 | 141,526 | 141,477 | ||||||
Park Avenue Receivables Co., LLC 0.26% due 7/13/20093 | 60,100 | 60,094 | ||||||
Jupiter Securitization Co., LLC 0.25% due 7/14/20093 | 50,000 | 49,995 | ||||||
Merck & Co. Inc. 0.20%–0.25% due 7/17–7/28/2009 | 104,400 | 104,388 | ||||||
Procter & Gamble International Funding S.C.A. 0.18%–0.20% due 7/13–8/24/20093 | 95,900 | 95,886 | ||||||
NetJets Inc. 0.21% due 8/5/20093 | 95,000 | 94,980 | ||||||
Pfizer Inc 0.22%–0.25% due 7/9–9/3/20093 | 75,400 | 75,384 | ||||||
General Electric Capital Corp., FDIC insured, 0.24%–0.50% due 7/21–8/25/2009 | 70,000 | 69,987 | ||||||
Private Export Funding Corp. 0.22%–0.26% due 8/13–9/25/20093 | 69,300 | 69,277 | ||||||
Coca-Cola Co. 0.30% due 7/10-7/22/20093 | 49,950 | 49,947 | ||||||
E.I. duPont de Nemours and Co. 0.22% due 7/28/20093 | 35,000 | 34,994 | ||||||
United Technologies Corp. 0.19% due 7/23/20093 | 25,000 | 24,997 | ||||||
Federal Farm Credit Banks 0.17% due 7/31/2009 | 25,000 | 24,995 | ||||||
Yale University 0.40% due 7/17/2009 | 25,000 | 24,993 | ||||||
Campbell Soup Co. 0.20% due 7/30/20093 | 13,432 | 13,430 | ||||||
Freddie Mac 0.17%–0.20% due 8/10–9/28/2009 | 10,100 | 10,096 | ||||||
Medtronic Inc. 0.20% due 7/7/20093 | 5,950 | 5,950 | ||||||
Fannie Mae 0.17% due 7/23/2009 | 250 | 250 | ||||||
Total short-term securities (cost: $1,679,870,000) | 1,679,915 | |||||||
Total investment securities (cost: $40,362,680,000) | 37,981,193 | |||||||
Other assets less liabilities | (90,587 | ) | ||||||
Net assets | $ | 37,890,606 |
1 Coupon rate may change periodically.
2 Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $479,894,000, which represented 1.27% of the net assets of the fund.
3 Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,422,332,000, which represented 14.31% of the net assets of the fund.
4 Scheduled interest and/or principal payment was not received.
5 Purchased in a transaction exempt from registration under the Securities Act of 1933. This security (acquired 11/6/2007 at a cost of $3,749,000) may be subject to legal or contractual restrictions on resale.
6 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
7 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $182,986,000, which represented .48% of the net assets of the fund.
8 Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
9 Step bond; coupon rate will increase at a later date.
10Index-linked bond whose principal amount moves with a government retail price index.
11Security did not produce income during the last 12 months.
12Represents an affiliated company as defined under the Investment Company Act of 1940.
Key to abbreviations and symbols | ||
ARS = Argentine pesos | € = Euros | MXN = Mexican pesos |
A$ = Australian dollars | £ = British pounds | NKr = Norwegian kroner |
BRL = Brazilian reais | ILS = Israeli shekels | PLN = Polish zloty |
COP = Colombian pesos | ¥ = Japanese yen | SKr = Swedish kronor |
DKr = Danish kroner | KRW = South Korean won | TRY = New Turkish liras |
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-908-0809O-S21436
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 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 4, 2009 |
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 4, 2009 |
By /s/ Ari M. Vinocor |
Ari M. Vinocor, Treasurer and Principal Financial Officer |
Date: September 4, 2009 |