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
(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, 2011
Courtney R. Taylor
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
![]() | ![]() |
The Bond Fund of AmericaSM
[photo of the underside of a highway overpass]
Semi-annual report for the six months ended June 30, 2011
The Bond Fund of America 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 33 American Funds. American Funds is one of the nation’s largest mutual fund families. For 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, 2011: | ||||||||||||
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 3.75% maximum sales charge | 0.87 | % | 3.10 | % | 4.47 | % |
The total annual fund operating expense ratio was 0.59% for Class A shares as of the most recent fiscal year-end.
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. Applicable fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 26 to 31 for details.
Results for other share classes can be found on page 36.
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. Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. 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, illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. 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.
Fellow shareholders:
[photo of the underside of a highway overpass]
Buoyed by a second-quarter rally in the bond market, The Bond Fund of America produced a total return of 2.8% for the first half of the fiscal year ended June 30.
Buoyed by a second-quarter rally in the bond market, The Bond Fund of America produced a total return of 2.8% for the first half of the fiscal year ended June 30.
The fund’s results surpassed that of its benchmark, the unmanaged Barclays Capital U.S. Aggregate Index, which returned 2.7% for the period. The fund’s peer group, the Lipper Corporate Debt A-Rated Bond Funds Average, gained 2.9%.
A significant portion of the fund’s total return came from dividend reinvestment. For the six-month period, the fund paid monthly dividends totaling roughly 20 cents a share. This amounted to an income return of 1.7% (3.4% if annualized) for the fund’s investors, whether they reinvested dividends or took income in cash. The fund’s gain in share price also added to the fund’s favorable results.
Bond market overview
The first half of 2011 encapsulated two very different market environments. In the first quarter, Treasuries remained flat as investors embraced equities and generally took on more risk. Yet by April, Treasury prices began to rally in the face of weaker-than-expected economic news, which brought investors back to fixed-income investments.
[Begin Sidebar]
Results at a glance | ||||||||||||||||
For periods ended June 30, 2011, 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) | 4.76 | % | 3.90 | % | 4.87 | % | 8.39 | % | ||||||||
Barclays Capital U.S. Aggregate | ||||||||||||||||
Index1 | 3.90 | 6.52 | 5.74 | 8.34 | ||||||||||||
Lipper Corporate Debt A-Rated | ||||||||||||||||
Bond Funds Average2 | 5.09 | 5.69 | 5.21 | 8.31 | ||||||||||||
1 The unmanaged Barclays Capital U.S. Aggregate Index began on January 1, 1976. From May 28, 1974, through December 31, 1975, the Barclays Capital U.S. Government/Credit Index was used. Results do not reflect the effect of sales charges, commissions, account fees, expenses or taxes. | ||||||||||||||||
2 Source: Lipper. Results of the Lipper average do not reflect the effect of sales charges, account fees or taxes. |
[End Sidebar]
Through the first quarter, lower quality bonds saw the most gains, particularly among high-yield issues. With interest rates still at historically low levels, issuance across most bond market sectors was robust. By the mid-point of the second quarter, bond prices improved, led by Treasuries, which along with other U.S. government debt constituted 23% of the fund’s total portfolio as of June 30, 2011. The gains from the first quarter were sustained through the six-month period as well.
Corporate bonds, which accounted for roughly 30% of the portfolio at the end of the period, saw steady returns through the period, with lower quality bonds predominating early on, and higher quality issues gaining favor as the six-month period ended. Overall, lower quality corporate bonds saw the best results during the period.
Mortgage-backed securities, which made up about 35% of the fund as of June 30, saw strong returns. Despite low interest rates, the prepayment risk inherent in mortgage securities is currently low, as many homeowners are finding it difficult to refinance. Commercial mortgage-backed securities were among the best returning asset classes during the first six months of 2011.
Inside the portfolio
During the period, The Bond Fund of America’s portfolio counselors focused on generating income for investors, with an eye toward preserving capital should economic conditions improve.
To that end, the fund reduced its exposure to U.S. Treasuries, from 27% at the start of the period to 20% as of June 30, 2011. In turn, the fund’s exposure to mortgages and agencies increased, to 35% and 3% respectively. Many of these mortgage and agency securities are backed, explicitly or implicitly, by the full faith and credit of the U.S. government, and provide a better yield than Treasuries.
The fund’s overall exposure to investment-grade (BBB and above) corporate debt remained roughly unchanged during the period, with corporates making up 30% of the portfolio. However, the quality of the fund’s corporate bonds increased slightly — the percentage of BBB-rated issues fell from 14% to 13% of the portfolio.
Yet during the quarter, it was the fund’s holdings in high-yield bonds — making up 6.2% of the portfolio — that saw the best returns during the period, as our intensive research continued to identify attractive securities in that market.
Changes to other classes of holdings were relatively minor. A summary of the fund’s portfolio as of June 30, 2011, can be found beginning on page 4.
Looking ahead
In early August, the White House and Congress agreed to raise the nation’s debt ceiling while implementing a number of budget cuts, averting a crisis that was most of the summer in the making. Shortly thereafter, Standard & Poor’s reduced the nation’s credit rating from AAA to AA+. The other two national rating agencies, Fitch and Moody’s, reaffirmed the nation’s AAA rating. The S&P downgrade reflects serious issues in the United States with regard to high debt levels and an inability within the political system to make tough decisions. We are hopeful that the debt-ceiling agreement now in place will result in meaningful decisions about the nation’s debt and budget in the future. Despite the downgrade, we feel there is only a very remote possibility that the United States will ever miss a payment on its debt.
There are other issues facing the bond markets as well, such as weaker domestic economic growth and a deepening debt crisis in Europe. All of our portfolio counselors and investment analysts are working hard to assess the impact of these events on The Bond Fund of America, today and in the future.
An update on your dividends
We would like to note a slight change in the way your fund now pays dividends. Beginning with the April dividend payment, The Bond Fund of America began paying monthly dividends based on current earnings rather than a fixed monthly amount per share. As a result, monthly dividends will vary from month to month. This policy change, which applies to all share classes, simply aligns the fund with current industry practices.
We thank you for the opportunity to discuss the fund’s results, and look forward to reporting to you again at the end of this year.
Cordially,
/s/ Paul G. Haaga, Jr.
Paul G. Haaga, Jr.
Vice Chairman of the Board
/s/ John H. Smet
John H. Smet
President
August 11, 2011
For current information about the fund, visit americanfunds.com.
The fund’s 30-day yield for Class A shares as of July 31, 2011, calculated in accordance with the U.S. Securities and Exchange Commission formula, was 2.64%. The fund’s distribution rate for Class A shares as of that date was 3.33%. 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.
Summary investment portfolio
June 30, 2011
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
[begin pie chart]
Portfolio by type of security | (percent of net assets) | |||
Mortgage-backed obligations | 34.65 | % | ||
Corporate bonds & notes | 29.58 | |||
Bonds & notes of U.S. government & government agencies | 23.18 | |||
Bonds & notes of governments & government agencies outside the U.S. | 6.20 | |||
Other bonds & notes | 1.44 | |||
Other securities | 0.32 | |||
Short-term securities & other assets less liabilities | 4.63 |
[end pie chart]
Portfolio quality summary | (percent of net assets)* | |||||
U.S. government obligations† | 22.0 | % | ||||
Federal agencies | 30.1 | |||||
Aaa/AAA | 6.6 | |||||
Aa/AA | 6.3 | |||||
A | 10.7 | |||||
Baa/BBB | 12.9 | |||||
Ba/BB | 2.1 | |||||
B | 2.4 | |||||
Caa/CCC or less | 1.7 | |||||
Unrated | 0.6 | |||||
Short-term securities & other assets less liabilities | 4.6 | |||||
*Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's, Standard & Poor's and/or Fitch as an indication of an issuer's creditworthiness. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with fund's investment policies. Securities in the "unrated" category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund's investment policites. | ||||||
†These securities are guaranteed by the full faith and credit of the United States government. |
Principal | Percent | |||||||||||||
amount | Value | of net | ||||||||||||
Bonds & notes - 95.05% | (000 | ) | (000 | ) | assets | |||||||||
Mortgage-backed obligations - 34.65% | ||||||||||||||
Federal agency mortgage-backed obligations (1) - 29.18% | ||||||||||||||
Fannie Mae: | ||||||||||||||
3.50% 2025 | $ | 89,095 | $ | 90,882 | ||||||||||
4.50% 2026 | 123,315 | 130,752 | ||||||||||||
6.00% 2038 | 82,712 | 91,015 | ||||||||||||
6.50% 2038 | 115,248 | 130,598 | ||||||||||||
4.00% 2040 | 175,614 | 175,917 | ||||||||||||
4.50% 2040 | 87,395 | 90,575 | ||||||||||||
4.00% 2041 | 172,637 | 173,097 | ||||||||||||
4.00% 2041 | 163,250 | 163,301 | ||||||||||||
4.00% 2041 | 112,766 | 112,961 | ||||||||||||
4.50% 2041 | 201,680 | 208,707 | ||||||||||||
4.50% 2041 | 159,675 | 165,499 | ||||||||||||
4.50% 2041 | 119,000 | 123,340 | ||||||||||||
5.00% 2041 | 693,975 | 737,457 | ||||||||||||
5.50% 2041 | 328,107 | 354,817 | ||||||||||||
6.00% 2041 | 139,426 | 153,173 | ||||||||||||
0%-11.614% 2012-2047 (2) | 5,069,984 | 5,261,116 | 24.60 | % | ||||||||||
Freddie Mac: | ||||||||||||||
4.50% 2041 | 84,687 | 87,889 | ||||||||||||
0%-7.50% 2017-2047 (2) | 930,293 | 999,128 | 3.28 | |||||||||||
Government National Mortgage Assn.: | ||||||||||||||
4.00% 2040 | 125,230 | 127,859 | ||||||||||||
0%-10.00% 2021-2041 | 254,949 | 264,578 | 1.18 | |||||||||||
Other securities | 38,821 | .12 | ||||||||||||
9,681,482 | 29.18 | |||||||||||||
Other mortgage-backed securities - 5.47% | ||||||||||||||
Other securities | 1,818,151 | 5.47 | ||||||||||||
Total mortgage-backed obligations | 11,499,633 | 34.65 | ||||||||||||
Corporate bonds & notes - 29.58% | ||||||||||||||
Financials - 10.02% | ||||||||||||||
JPMorgan Chase & Co. 2.05%-4.625% 2014-2021 | 215,862 | 216,917 | .66 | |||||||||||
Citigroup Inc. 1.111%-8.50% 2013-2020 (2) | 169,460 | 178,367 | .54 | |||||||||||
Other securities | 2,923,076 | 8.82 | ||||||||||||
3,318,360 | 10.02 | |||||||||||||
Consumer discretionary - 3.36% | ||||||||||||||
Other securities | 1,115,701 | 3.36 | ||||||||||||
Energy - 2.81% | ||||||||||||||
Other securities | 931,054 | 2.81 | ||||||||||||
Industrials - 2.67% | ||||||||||||||
Other securities | 884,642 | 2.67 | ||||||||||||
Health care - 2.50% | ||||||||||||||
Other securities | 830,227 | 2.50 | ||||||||||||
Utilities - 2.44% | ||||||||||||||
Other securities | 811,108 | 2.44 | ||||||||||||
Telecommunication services - 2.31% | ||||||||||||||
Other securities | 767,375 | 2.31 | ||||||||||||
Consumer staples - 1.52% | ||||||||||||||
Coca-Cola Co. 1.50%-3.15% 2015-2020 | 35,945 | 35,065 | .10 | |||||||||||
Other securities | 470,002 | 1.42 | ||||||||||||
505,067 | 1.52 | |||||||||||||
Information technology - 1.00% | ||||||||||||||
Other securities | 332,027 | 1.00 | ||||||||||||
Materials - 0.95% | ||||||||||||||
Other securities | 313,752 | .95 | ||||||||||||
Total corporate bonds & notes | 9,809,313 | 29.58 | ||||||||||||
Bonds & notes of U.S. government & government agencies - 23.18% | ||||||||||||||
U.S. Treasury: | ||||||||||||||
1.125% 2011 | 100,000 | 100,467 | ||||||||||||
1.00% 2012 | 155,250 | 156,290 | ||||||||||||
4.875% 2012 | 161,775 | 166,552 | ||||||||||||
1.125% 2013 (3) | 135,410 | 137,172 | ||||||||||||
1.375% 2013 | 128,900 | 130,962 | ||||||||||||
4.25% 2013 | 134,112 | 144,777 | ||||||||||||
1.25% 2014 | 185,108 | 187,842 | ||||||||||||
1.875% 2014 | 157,360 | 162,277 | ||||||||||||
2.00% 2016 | 271,740 | 277,058 | ||||||||||||
2.125% 2016 | 87,000 | 89,073 | ||||||||||||
2.375% 2016 | 150,000 | 155,210 | ||||||||||||
7.50% 2016 | 115,500 | 149,059 | ||||||||||||
4.625% 2017 | 128,000 | 146,054 | ||||||||||||
3.75% 2018 | 102,600 | 111,165 | ||||||||||||
3.50% 2020 | 98,700 | 103,053 | ||||||||||||
8.00% 2021 | 75,840 | 108,066 | ||||||||||||
7.125% 2023 | 103,050 | 139,729 | ||||||||||||
6.875% 2025 | 122,850 | 165,356 | ||||||||||||
4.50% 2036 | 220,457 | 228,056 | ||||||||||||
4.25% 2039 | 162,305 | 159,273 | ||||||||||||
4.375% 2039 | 153,700 | 153,786 | ||||||||||||
3.875% 2040 | 172,750 | 158,179 | ||||||||||||
4.625% 2040 | 483,790 | 504,395 | ||||||||||||
0.375%-9.875% 2011-2041 (4) | 2,545,664 | 2,734,187 | 19.79 | |||||||||||
Fannie Mae 0.625%-5.375% 2012-2016 | 247,270 | 252,424 | .76 | |||||||||||
Freddie Mac 1.125%-5.50% 2011-2016 | 211,680 | 220,133 | .66 | |||||||||||
Federal Home Loan Bank 1.75%-4.50% 2012-2013 | 180,500 | 188,687 | .57 | |||||||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 0.247%-2.25% 2012-2012 (2) | 117,070 | 118,369 | .36 | |||||||||||
Other securities | 343,760 | 1.04 | ||||||||||||
7,691,411 | 23.18 | |||||||||||||
Bonds & notes of governments & government agencies outside the U.S. - 6.20% | ||||||||||||||
Other securities | 2,057,640 | 6.20 | ||||||||||||
Asset-backed obligations - 1.04% | ||||||||||||||
Other securities | 343,882 | 1.04 | ||||||||||||
Municipals - 0.40% | ||||||||||||||
Other securities | 132,988 | .40 | ||||||||||||
Total bonds & notes (cost: $30,408,743,000) | 31,534,867 | 95.05 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Convertible securities - 0.05% | (000 | ) | assets | |||||||||||
Information technology - 0.05% | ||||||||||||||
Other securities | 15,251 | .05 | ||||||||||||
Total convertible securities (cost: $12,011,000) | 15,251 | .05 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Preferred securities - 0.25% | (000 | ) | assets | |||||||||||
Other - 0.25% | ||||||||||||||
Other securities | 83,332 | .25 | ||||||||||||
Total preferred securities (cost: $71,404,000) | 83,332 | .25 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Common stocks - 0.02% | (000 | ) | assets | |||||||||||
Other - 0.02% | ||||||||||||||
Other securities | 8,153 | .02 | ||||||||||||
Total common stocks (cost: $8,663,000) | 8,153 | .02 | ||||||||||||
Percent | ||||||||||||||
Value | of net | |||||||||||||
Warrants - 0.00% | (000 | ) | assets | |||||||||||
Telecommunication services - 0.00% | ||||||||||||||
Other securities | 622 | .00 | ||||||||||||
Total warrants (cost: $11,276,000) | 622 | .00 | ||||||||||||
Principal | Percent | |||||||||||||
amount | Value | of net | ||||||||||||
Short-term securities - 11.48% | (000) | (000 | ) | assets | ||||||||||
Freddie Mac 0.08%-0.20% due 7/27/2011-4/17/2012 | $ | 1,042,306 | $ | 1,041,483 | 3.14 | |||||||||
Fannie Mae 0.12%-0.23% due 8/22/2011-6/1/2012 | 782,520 | 782,058 | 2.36 | |||||||||||
Coca-Cola Co. 0.13%-0.24% due 7/1-11/3/2011 (5) | 473,150 | 473,051 | 1.43 | |||||||||||
CAFCO, LLC 0.12%-0.20% due 7/5-9/28/2011 | 159,600 | 159,574 | ||||||||||||
Ciesco LLC 0.18%-0.20% due 8/25-9/15/2011 | 81,800 | 81,782 | .73 | |||||||||||
Procter & Gamble International Funding S.C.A. 0.08% due 7/15/2011 (5) | 219,000 | 218,993 | .66 | |||||||||||
Falcon Asset Securitization Co., LLC 0.09%-0.13% due 7/7-7/18/2011 (5) | 107,600 | 107,593 | ||||||||||||
Jupiter Securitization Co., LLC 0.19%-0.28% due 7/5-8/1/2011 (5) | 68,500 | 68,496 | .53 | |||||||||||
Wal-Mart Stores, Inc. 0.07%-0.08% due 7/26-8/9/2011 (5) | 163,000 | 162,989 | .49 | |||||||||||
Federal Home Loan Bank 0.13%-0.21% due 7/8/2011-2/23/2012 | 162,850 | 162,737 | .49 | |||||||||||
Straight-A Funding LLC 0.16%-0.23% due 7/1-9/8/2011 (5) | 136,827 | 136,802 | .41 | |||||||||||
Federal Farm Credit Banks 0.18% due 4/18/2012 | 100,000 | 99,841 | .30 | |||||||||||
U.S. Treasury Bills 0.151%-0.291% due 7/14/2011-2/9/2012 | 76,925 | 76,900 | .23 | |||||||||||
Other securities | 235,763 | .71 | ||||||||||||
Total short-term securities (cost: $3,807,856,000) | 3,808,062 | 11.48 | ||||||||||||
Total investment securities (cost: $34,319,953,000) | 35,450,287 | 106.85 | ||||||||||||
Other assets less liabilities | (2,271,406 | ) | (6.85 | ) | ||||||||||
Net assets | $ | 33,178,881 | 100.00 | % |
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio, including securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $68,532,000, which represented .21% of the net assets of the fund. Some of these securities (with an aggregate value of $15,169,000, which represented .05% of the net assets of the fund) may be subject to legal or contractual restrictions on resale. | ||
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) Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. | ||
(2) Coupon rate may change periodically. | ||
(3) A portion of this security was pledged as collateral for losses on unsettled forward currency contracts with certain counterparties. The total value of pledged collateral was $3,324,000, which represented .01% of the net assets of the fund. | ||
(4) Index-linked bond whose principal amount moves with a government price index. | ||
(5) Acquired 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 $4,920,004,000, which represented 14.83% of the net assets of the fund. | ||
See Notes to Financial Statements |
Financial statements
Statement of assets and liabilities | unaudited | |||||||
at June 30, 2011 | (dollars in thousands) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $34,319,953) | $ | 35,450,287 | ||||||
Cash | 77 | |||||||
Unrealized appreciation on open forward currency contracts | 296 | |||||||
Receivables for: | ||||||||
Sales of investments | $ | 944,611 | ||||||
Sales of fund's shares | 32,926 | |||||||
Closed forward currency contracts | 634 | |||||||
Interest | 280,384 | 1,258,555 | ||||||
36,709,215 | ||||||||
Liabilities: | ||||||||
Unrealized depreciation on open forward currency contracts | 5,231 | |||||||
Payables for: | ||||||||
Purchases of investments | 3,394,228 | |||||||
Repurchases of fund's shares | 90,406 | |||||||
Dividends on fund's shares | 17,027 | |||||||
Closed forward currency contracts | 2,308 | |||||||
Investment advisory services | 5,864 | |||||||
Services provided by related parties | 14,241 | |||||||
Trustees' deferred compensation | 527 | |||||||
Other | 502 | 3,525,103 | ||||||
Net assets at June 30, 2011 | $ | 33,178,881 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 35,597,051 | ||||||
Undistributed net investment income | 23,972 | |||||||
Accumulated net realized loss | (3,568,015 | ) | ||||||
Net unrealized appreciation | 1,125,873 | |||||||
Net assets at June 30, 2011 | $ | 33,178,881 |
(dollars and shares in thousands, except per-share amounts) | ||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) - unlimited shares authorized (2,693,042 total shares outstanding) | ||||||||||||
Net assets | Shares outstanding | Net asset value per share | ||||||||||
Class A | $ | 23,363,373 | 1,896,343 | $ | 12.32 | |||||||
Class B | 703,318 | 57,086 | 12.32 | |||||||||
Class C | 2,545,509 | 206,612 | 12.32 | |||||||||
Class F-1 | 1,650,051 | 133,930 | 12.32 | |||||||||
Class F-2 | 331,745 | 26,927 | 12.32 | |||||||||
Class 529-A | 921,753 | 74,816 | 12.32 | |||||||||
Class 529-B | 61,225 | 4,970 | 12.32 | |||||||||
Class 529-C | 428,922 | 34,814 | 12.32 | |||||||||
Class 529-E | 49,355 | 4,006 | 12.32 | |||||||||
Class 529-F-1 | 55,831 | 4,532 | 12.32 | |||||||||
Class R-1 | 93,184 | 7,564 | 12.32 | |||||||||
Class R-2 | 787,074 | 63,885 | 12.32 | |||||||||
Class R-3 | 977,039 | 79,304 | 12.32 | |||||||||
Class R-4 | 710,495 | 57,669 | 12.32 | |||||||||
Class R-5 | 266,633 | 21,642 | 12.32 | |||||||||
Class R-6 | 233,374 | 18,942 | 12.32 | |||||||||
See Notes to Financial Statements |
Statement of operations | unaudited | |||||||
for the six months ended June 30, 2011 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest (net of non-U.S. taxes of $206) | $ | 688,884 | ||||||
Fees and expenses*: | ||||||||
Investment advisory services | $ | 36,181 | ||||||
Distribution services | 58,291 | |||||||
Transfer agent services | 16,958 | |||||||
Administrative services | 9,281 | |||||||
Reports to shareholders | 765 | |||||||
Registration statement and prospectus | 384 | |||||||
Trustees' compensation | 220 | |||||||
Auditing and legal | 88 | |||||||
Custodian | 380 | |||||||
State and local taxes | 266 | |||||||
Other | 873 | 123,687 | ||||||
Net investment income | 565,197 | |||||||
Net realized gain and unrealized appreciation | ||||||||
on investments, forward currency contracts and currency: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | 298,970 | |||||||
Forward currency contracts | (37,113 | ) | ||||||
Currency transactions | 2,110 | 263,967 | ||||||
Net unrealized appreciation (depreciation) on: | ||||||||
Investments | 75,947 | |||||||
Forward currency contracts | (5,076 | ) | ||||||
Currency translations | 209 | 71,080 | ||||||
Net realized gain and unrealized appreciation | ||||||||
on investments, forward currency contracts and currency | 335,047 | |||||||
Net increase in net assets resulting | ||||||||
from operations | $ | 900,244 | ||||||
*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, | December 31, | |||||||
2011* | 2010 | |||||||
Operations: | ||||||||
Net investment income | $ | 565,197 | $ | 1,372,476 | ||||
Net realized gain on investments, forward currency contracts and currency transactions | 263,967 | 677,271 | ||||||
Net unrealized appreciation on investments, forward currency contracts and currency translations | 71,080 | 709,970 | ||||||
Net increase in net assets resulting from operations | 900,244 | 2,759,717 | ||||||
Dividends paid or accrued to shareholders from net investment income | (553,389 | ) | (1,450,072 | ) | ||||
Net capital share transactions | (3,788,714 | ) | (4,283,059 | ) | ||||
Total decrease in net assets | (3,441,859 | ) | (2,973,414 | ) | ||||
Net assets: | ||||||||
Beginning of period | 36,620,740 | 39,594,154 | ||||||
End of period (including undistributed | ||||||||
net investment income: $23,972 and $12,164, respectively) | $ | 33,178,881 | $ | 36,620,740 | ||||
*Unaudited. | ||||||||
See Notes to Financial Statements |
Notes to financial statements
unaudited
1. | Organization |
The Bond Fund of America (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. Effective March 1, 2011, the fund reorganized from a Maryland corporation to a Delaware statutory trust in accordance with a proposal approved by shareholders on November 24, 2009.
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 |
*Class B and 529-B shares of the fund are not available for purchase.
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.
2. | 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 fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
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. 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 after the determination of the fund’s 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.
Mortgage dollar rolls – The fund may enter into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the fund’s portfolio turnover rate.
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.
3. | Valuation |
The fund’s investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The fund generally determines the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs – The fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally 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 on which the security trades.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained as of approximately 3:00 p.m. New York time, or relevant local time for securities trading outside U.S. time zones, from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
Where the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income 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.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described on the previous page 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 fair 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. Forward currency contracts are valued at the mean of representative quoted bid and asked prices, generally based on prices supplied by one or more pricing vendors.
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 trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs 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.
Classifications - The fund classifies its assets and liabilities into three levels based on the inputs 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 reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of June 30, 2011 (dollars in thousands):
Investment securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bonds & notes: | ||||||||||||||||
Mortgage-backed obligations | $ | - | $ | 11,454,581 | $ | 45,052 | $ | 11,499,633 | ||||||||
Corporate bonds & notes | - | 9,797,660 | 11,653 | 9,809,313 | ||||||||||||
Bonds & notes of U.S. government & government agencies | - | 7,691,411 | - | 7,691,411 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | - | 2,057,640 | - | 2,057,640 | ||||||||||||
Asset-backed obligations | - | 343,882 | - | 343,882 | ||||||||||||
Municipals | - | 132,988 | - | 132,988 | ||||||||||||
Convertible securities | - | 15,251 | - | 15,251 | ||||||||||||
Preferred securities | 83,332 | - | - | 83,332 | ||||||||||||
Common stocks | 804 | - | 7,349 | 8,153 | ||||||||||||
Warrants | - | 622 | - | 622 | ||||||||||||
Short-term securities | - | 3,808,062 | - | 3,808,062 | ||||||||||||
Total | $ | 84,136 | $ | 35,302,097 | $ | 64,054 | $ | 35,450,287 | ||||||||
Forward currency contracts(1): | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Unrealized appreciation on open forward currency contracts | $ | - | $ | 296 | $ | - | $ | 296 | ||||||||
Unrealized depreciation on open forward currency contracts | - | (5,231 | ) | - | (5,231 | ) | ||||||||||
Total | $ | - | $ | (4,935 | ) | $ | - | $ | (4,935 | ) | ||||||
(1)Forward currency contracts are not included in the investment portfolio. |
The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the six months ended June 30, 2011 (dollars in thousands): | ||||||||||||||||||||||||||||||||
Beginning value at 1/1/2011 | Transfers into Level 3(2) | Purchases | Sales | Net realized loss(3) | Unrealized appreciation(3) | Transfers out of Level 3(2) | Ending value at 6/30/2011 | |||||||||||||||||||||||||
Investment securities | $ | 74,518 | $ | 42,575 | $ | 5,494 | $ | (57,222 | ) | $ | (3,857 | ) | $ | 2,738 | $ | (192 | ) | $ | 64,054 | |||||||||||||
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2011 (dollars in thousands)(3): | $ | 620 | ||||||||||||||||||||||||||||||
(2)Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. | ||||||||||||||||||||||||||||||||
(3)Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations. |
4. | Risk factors |
Investing in the fund may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.
Investing in bonds — Rising interest rates will generally cause the prices of bonds and other debt securities to 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. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are 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 debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities.
Investing in mortgage-backed and asset-backed securities — Many types of bonds and other debt securities, including mortgage-backed securities, are subject to prepayment risk, as well as the risks associated with investing in debt securities in general. If interest rates fall and the loans underlying these securities are prepaid faster than expected, the fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the fund’s income. Conversely, if interest rates increase and the loans underlying the securities are prepaid more slowly than expected, the expected duration of the securities may be extended. This reduces the potential for the fund to invest the principal in higher yielding securities.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued by government sponsored entities and federal agencies and instrumentalities are neither issued nor guaranteed by the U.S. government.
Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value or sell.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of political, social or economic developments in the country or region in which the issuer operates. These securities may also lose value due to changes in the exchange rate of the country’s currency against the U.S. dollar. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards than those in the U.S. These risks may be heightened in connection with investments in developing countries.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.
5. | 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, 2011, 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 2007 and by state tax authorities and tax authorities outside the U.S. for tax years before 2006.
Non-U.S. taxation – Interest income is recorded net of non-U.S. taxes paid.
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 different 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, 2010, the components of distributable earnings on a tax basis were as follows:
(dollars in thousands) | ||||||||
Undistributed ordinary income | $ | 25,126 | ||||||
Capital loss carryforwards*: | ||||||||
Expiring 2014 | $ | (265 | ) | |||||
Expiring 2015 | (218 | ) | ||||||
Expiring 2016 | (841,762 | ) | ||||||
Expiring 2017 | (2,938,200 | ) | (3,780,445 | ) | ||||
*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. |
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 31, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of June 30, 2011, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
(dollars in thousands) | ||||
Gross unrealized appreciation on investment securities | $ | 1,253,207 | ||
Gross unrealized depreciation on investment securities | (177,507 | ) | ||
Net unrealized appreciation on investment securities | 1,075,700 | |||
Cost of investment securities | 34,374,587 |
Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):
Share class | Six months ended June 30, 2011 | Year ended December 31, 2010 | ||||||
Class A | $ | 404,062 | $ | 1,039,685 | ||||
Class B | 9,992 | 32,389 | ||||||
Class C | 33,761 | 95,182 | ||||||
Class F-1 | 28,580 | 83,521 | ||||||
Class F-2 | 6,460 | 21,639 | ||||||
Class 529-A | 14,703 | 31,721 | ||||||
Class 529-B | 800 | 2,435 | ||||||
Class 529-C | 5,191 | 12,078 | ||||||
Class 529-E | 720 | 1,574 | ||||||
Class 529-F-1 | 948 | 2,000 | ||||||
Class R-1 | 1,221 | 3,106 | ||||||
Class R-2 | 10,052 | 25,249 | ||||||
Class R-3 | 14,926 | 38,239 | ||||||
Class R-4 | 12,142 | 30,505 | ||||||
Class R-5 | 5,517 | 18,226 | ||||||
Class R-6 | 4,314 | 12,523 | ||||||
Total | $ | 553,389 | $ | 1,450,072 |
6. | Fees and transactions with related parties |
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares, and American Funds Service Company® ("AFS"), the fund’s transfer agent.
Investment advisory services – The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing 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 series of decreasing 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, 2011, the investment advisory services fee was $36,181,000, which was equivalent to an annualized rate of 0.212% 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 plans of distribution for all share classes, except Classes F-2, R-5 and R-6. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted below. In some cases, the board of trustees 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, distribution-related expenses include 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, 2011, there were no unreimbursed expenses subject to reimbursement for Classes A or 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 as described below.
Administrative services – The fund has an administrative services agreement with CRMC for all share classes, except Classes A and B, to provide certain services, including transfer agent and recordkeeping services; coordinating, monitoring, assisting and overseeing third-party service providers; and educating advisers and shareholders about the impact of market-related events, tax laws affecting investments, retirement plan restrictions, exchange limitations and other related matters. 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 series of decreasing 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 above for the six months ended June 30, 2011, were as follows (dollars in thousands):
Administrative services | ||||||||||||||||||||
Share class | Distribution services | Transfer agent services | CRMC administrative services | Transfer agent services | Commonwealth of Virginia administrative services | |||||||||||||||
Class A | $ | 28,530 | $ | 16,423 | Not applicable | Not applicable | Not applicable | |||||||||||||
Class B | 3,896 | 535 | Not applicable | Not applicable | Not applicable | |||||||||||||||
Class C | 13,352 | Included in administrative services | $ | 1,987 | $ | 374 | Not applicable | |||||||||||||
Class F-1 | 2,133 | 1,286 | 83 | Not applicable | ||||||||||||||||
Class F-2 | Not applicable | 239 | 14 | Not applicable | ||||||||||||||||
Class 529-A | 1,001 | 459 | 97 | $ | 446 | |||||||||||||||
Class 529-B | 325 | 34 | 13 | 33 | ||||||||||||||||
Class 529-C | 2,095 | 215 | 63 | 210 | ||||||||||||||||
Class 529-E | 120 | 23 | 5 | 24 | ||||||||||||||||
Class 529-F-1 | - | 28 | 6 | 27 | ||||||||||||||||
Class R-1 | 479 | 61 | 17 | Not applicable | ||||||||||||||||
Class R-2 | 2,985 | 582 | 1,124 | Not applicable | ||||||||||||||||
Class R-3 | 2,467 | 715 | 361 | Not applicable | ||||||||||||||||
Class R-4 | 908 | 529 | 14 | Not applicable | ||||||||||||||||
Class R-5 | Not applicable | 149 | 4 | Not applicable | ||||||||||||||||
Class R-6 | Not applicable | 58 | 1 | Not applicable | ||||||||||||||||
Total | $ | 58,291 | $ | 16,958 | $ | 6,365 | $ | 2,176 | $ | 740 |
Trustees’ deferred compensation – Trustees 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. Trustees’ compensation of $220,000, shown on the accompanying financial statements, includes $158,000 in current fees (either paid in cash or deferred) and a net increase of $62,000 in the value of the deferred amounts.
Affiliated officers and trustees – Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or trustees received any compensation directly from the fund.
7. | Capital share transactions |
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Sales* | Reinvestments of dividends and distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended June 30, 2011 | ||||||||||||||||||||||||||||||||
Class A | $ | 1,359,906 | 111,014 | $ | 367,052 | 29,919 | $ | (4,235,131 | ) | (346,371 | ) | $ | (2,508,173 | ) | (205,438 | ) | ||||||||||||||||
Class B | 13,811 | 1,127 | 9,943 | 810 | (219,175 | ) | (17,927 | ) | (195,421 | ) | (15,990 | ) | ||||||||||||||||||||
Class C | 139,125 | 11,356 | 30,004 | 2,445 | (581,980 | ) | (47,611 | ) | (412,851 | ) | (33,810 | ) | ||||||||||||||||||||
Class F-1 | 219,466 | 17,932 | 26,244 | 2,139 | (478,914 | ) | (39,174 | ) | (233,204 | ) | (19,103 | ) | ||||||||||||||||||||
Class F-2 | 61,376 | 5,011 | 4,812 | 392 | (139,769 | ) | (11,419 | ) | (73,581 | ) | (6,016 | ) | ||||||||||||||||||||
Class 529-A | 84,342 | 6,885 | 14,169 | 1,155 | (84,171 | ) | (6,883 | ) | 14,340 | 1,157 | ||||||||||||||||||||||
Class 529-B | 2,301 | 188 | 769 | 63 | (15,136 | ) | (1,239 | ) | (12,066 | ) | (988 | ) | ||||||||||||||||||||
Class 529-C | 38,964 | 3,182 | 5,006 | 408 | (47,038 | ) | (3,849 | ) | (3,068 | ) | (259 | ) | ||||||||||||||||||||
Class 529-E | 4,561 | 372 | 694 | 57 | (4,919 | ) | (402 | ) | 336 | 27 | ||||||||||||||||||||||
Class 529-F-1 | 7,571 | 618 | 911 | 74 | (7,062 | ) | (577 | ) | 1,420 | 115 | ||||||||||||||||||||||
Class R-1 | 9,176 | 749 | 1,172 | 96 | (17,480 | ) | (1,426 | ) | (7,132 | ) | (581 | ) | ||||||||||||||||||||
Class R-2 | 109,355 | 8,928 | 9,630 | 785 | (171,929 | ) | (14,055 | ) | (52,944 | ) | (4,342 | ) | ||||||||||||||||||||
Class R-3 | 139,151 | 11,362 | 14,321 | 1,167 | (239,912 | ) | (19,615 | ) | (86,440 | ) | (7,086 | ) | ||||||||||||||||||||
Class R-4 | 119,354 | 9,753 | 11,662 | 951 | (196,274 | ) | (16,035 | ) | (65,258 | ) | (5,331 | ) | ||||||||||||||||||||
Class R-5 | 49,629 | 4,055 | 5,183 | 423 | (160,184 | ) | (13,140 | ) | (105,372 | ) | (8,662 | ) | ||||||||||||||||||||
Class R-6 | 32,955 | 2,695 | 4,163 | 339 | (86,418 | ) | (7,073 | ) | (49,300 | ) | (4,039 | ) | ||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 2,391,043 | 195,227 | $ | 505,735 | 41,223 | $ | (6,685,492 | ) | (546,796 | ) | $ | (3,788,714 | ) | (310,346 | ) | ||||||||||||||||
Year ended December 31, 2010 | ||||||||||||||||||||||||||||||||
Class A | $ | 4,624,435 | 380,821 | $ | 964,456 | 79,244 | $ | (8,217,301 | ) | (675,397 | ) | $ | (2,628,410 | ) | (215,332 | ) | ||||||||||||||||
Class B | 89,940 | 7,395 | 30,081 | 2,474 | (478,979 | ) | (39,446 | ) | (358,958 | ) | (29,577 | ) | ||||||||||||||||||||
Class C | 560,234 | 46,123 | 85,538 | 7,029 | (1,008,776 | ) | (82,905 | ) | (363,004 | ) | (29,753 | ) | ||||||||||||||||||||
Class F-1 | 598,525 | 49,211 | 77,018 | 6,331 | (1,217,084 | ) | (99,820 | ) | (541,541 | ) | (44,278 | ) | ||||||||||||||||||||
Class F-2 | 178,617 | 14,696 | 16,299 | 1,342 | (550,601 | ) | (45,543 | ) | (355,685 | ) | (29,505 | ) | ||||||||||||||||||||
Class 529-A | 213,708 | 17,574 | 31,601 | 2,595 | (131,217 | ) | (10,771 | ) | 114,092 | 9,398 | ||||||||||||||||||||||
Class 529-B | 9,746 | 802 | 2,412 | 198 | (28,978 | ) | (2,378 | ) | (16,820 | ) | (1,378 | ) | ||||||||||||||||||||
Class 529-C | 112,286 | 9,237 | 12,025 | 987 | (78,819 | ) | (6,469 | ) | 45,492 | 3,755 | ||||||||||||||||||||||
Class 529-E | 12,886 | 1,059 | 1,567 | 129 | (7,601 | ) | (625 | ) | 6,852 | 563 | ||||||||||||||||||||||
Class 529-F-1 | 17,020 | 1,400 | 1,989 | 163 | (11,236 | ) | (923 | ) | 7,773 | 640 | ||||||||||||||||||||||
Class R-1 | 31,352 | 2,580 | 3,071 | 252 | (41,182 | ) | (3,393 | ) | (6,759 | ) | (561 | ) | ||||||||||||||||||||
Class R-2 | 290,256 | 23,876 | 25,004 | 2,054 | (304,919 | ) | (25,034 | ) | 10,341 | 896 | ||||||||||||||||||||||
Class R-3 | 357,644 | 29,422 | 37,864 | 3,111 | (469,110 | ) | (38,562 | ) | (73,602 | ) | (6,029 | ) | ||||||||||||||||||||
Class R-4 | 304,919 | 25,093 | 30,205 | 2,481 | (380,651 | ) | (31,331 | ) | (45,527 | ) | (3,757 | ) | ||||||||||||||||||||
Class R-5 | 171,239 | 14,109 | 18,013 | 1,480 | (286,498 | ) | (23,505 | ) | (97,246 | ) | (7,916 | ) | ||||||||||||||||||||
Class R-6 | 105,738 | 8,701 | 12,522 | 1,028 | (98,317 | ) | (8,078 | ) | 19,943 | 1,651 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 7,678,545 | 632,099 | $ | 1,349,665 | 110,898 | $ | (13,311,269 | ) | (1,094,180 | ) | $ | (4,283,059 | ) | (351,183 | ) | ||||||||||||||||
*Includes exchanges between share classes of the fund. |
8. | Investment transactions |
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $13,097,939,000 and $14,213,264,000, respectively, during the six months ended June 30, 2011.
9. | Forward currency contracts |
The fund has entered 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. To reduce these risks, the fund has entered into a collateral program with certain counterparties. The program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. The purpose of the collateral is to cover potential losses that could occur in the event that either party can not meet their contractual obligations.
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 settlement 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, 2011, the fund had open forward currency contracts to sell currencies, as shown on the following table. The open forward currency contracts shown are generally indicative of the level of activity over the prior 12-month period.
(amounts in thousands) | |||||||||||||||
Settlement | Contract amount | Unrealized (depreciation) appreciation at 6/30/2011 | |||||||||||||
date | Counterparty | Receive | Deliver | ||||||||||||
Sales: | |||||||||||||||
Australian dollars | 8/10/2011 | UBS AG | $ | 11,586 | $ | A10,920 | $ | (63 | ) | ||||||
Brazilian reais | 7/15/2011 | JPMorgan Chase | $ | 37,505 | BRL60,000 | (805 | ) | ||||||||
British pounds | 8/16/2011 | UBS AG | $ | 18,445 | £ | 11,330 | 272 | ||||||||
Danish kroner | 7/28/2011 | Citibank | $ | 18,903 | DKr99,500 | (429 | ) | ||||||||
Danish kroner | 8/10/2011 | UBS AG | $ | 49,272 | DKr256,085 | (466 | ) | ||||||||
Euros | 7/8/2011 | JPMorgan Chase | $ | 1,459 | € | 1,000 | 9 | ||||||||
Euros | 7/12/2011 | Barclays Bank PLC | $ | 40,651 | € | 28,230 | (274 | ) | |||||||
Euros | 7/12/2011 | HSBC Bank | $ | 7,232 | € | 4,960 | (62 | ) | |||||||
Euros | 7/14/2011 | Barclays Bank PLC | $ | 2,738 | € | 1,895 | (9 | ) | |||||||
Euros | 7/15/2011 | Bank of New York Mellon | $ | 2,162 | € | 1,500 | (13 | ) | |||||||
Euros | 7/27/2011 | Barclays Bank PLC | $ | 5,471 | € | 3,850 | (108 | ) | |||||||
Euros | 7/29/2011 | Bank of New York Mellon | $ | 2,980 | € | 2,100 | (63 | ) | |||||||
Euros | 8/11/2011 | Barclays Bank PLC | $ | 3,146 | € | 2,200 | (41 | ) | |||||||
Euros | 8/24/2011 | UBS AG | $ | 163 | € | 115 | (3 | ) | |||||||
Euros | 8/25/2011 | HSBC Bank | $ | 350 | € | 250 | (11 | ) | |||||||
Euros | 9/15/2011 | UBS AG | $ | 23,152 | € | 16,120 | (172 | ) | |||||||
Euros | 9/16/2011 | UBS AG | $ | 5,234 | € | 3,625 | (10 | ) | |||||||
Euros | 9/26/2011 | UBS AG | $ | 35,156 | € | 24,480 | (254 | ) | |||||||
Euros | 9/28/2011 | UBS AG | $ | 38,613 | € | 27,250 | (801 | ) | |||||||
Malaysian ringgits | 7/29/2011 | JPMorgan Chase | $ | 21,175 | MYR65,000 | (303 | ) | ||||||||
Polish zloty | 9/15/2011 | UBS AG | $ | 4,175 | PLN11,500 | 15 | |||||||||
South Korean won | 7/29/2011 | JPMorgan Chase | $ | 75,773 | KRW82,486,000 | (1,344 | ) | ||||||||
$ | (4,935 | ) |
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 6/30/2011(5) | $ | 12.19 | $ | .20 | $ | .13 | $ | .33 | $ | (.20 | ) | $ | 12.32 | 2.76 | % | $ | 23,363 | .61 | %(6) | .61 | %(6) | 3.43 | %(6) | |||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .44 | .41 | .85 | (.46 | ) | 12.19 | 7.30 | 25,627 | .59 | .59 | 3.61 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .53 | 1.03 | 1.56 | (.52 | ) | 11.80 | 14.91 | 27,349 | .65 | .65 | 4.74 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Class B: | Six months ended 6/30/2011(5) | 12.19 | .16 | .13 | .29 | (.16 | ) | 12.32 | 2.36 | 703 | 1.37 | (6) | 1.37 | (6) | 2.67 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .35 | .41 | .76 | (.37 | ) | 12.19 | 6.50 | 891 | 1.35 | 1.35 | 2.88 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .45 | 1.03 | 1.48 | (.44 | ) | 11.80 | 14.06 | 1,212 | 1.40 | 1.40 | 4.05 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class C: | Six months ended 6/30/2011(5) | 12.19 | .15 | .13 | .28 | (.15 | ) | 12.32 | 2.34 | 2,546 | 1.41 | (6) | 1.41 | (6) | 2.63 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .35 | .41 | .76 | (.37 | ) | 12.19 | 6.45 | 2,931 | 1.39 | 1.39 | 2.81 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .44 | 1.03 | 1.47 | (.43 | ) | 11.80 | 14.00 | 3,189 | 1.44 | 1.44 | 3.91 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class F-1: | Six months ended 6/30/2011(5) | 12.19 | .20 | .13 | .33 | (.20 | ) | 12.32 | 2.75 | 1,650 | .63 | (6) | .63 | (6) | 3.40 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .44 | .41 | .85 | (.46 | ) | 12.19 | 7.27 | 1,866 | .62 | .62 | 3.59 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .53 | 1.03 | 1.56 | (.52 | ) | 11.80 | 14.91 | 2,329 | .65 | .65 | 4.80 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class F-2: | Six months ended 6/30/2011(5) | 12.19 | .22 | .13 | .35 | (.22 | ) | 12.32 | 2.89 | 332 | .37 | (6) | .37 | (6) | 3.67 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .47 | .41 | .88 | (.49 | ) | 12.19 | 7.55 | 402 | .36 | .36 | 3.89 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .56 | 1.03 | 1.59 | (.55 | ) | 11.80 | 15.19 | 737 | .39 | .39 | 4.66 | |||||||||||||||||||||||||||||||||
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 6/30/2011(5) | 12.19 | .20 | .13 | .33 | (.20 | ) | 12.32 | 2.72 | 922 | .68 | (6) | .68 | (6) | 3.35 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .44 | .41 | .85 | (.46 | ) | 12.19 | 7.24 | 898 | .65 | .65 | 3.53 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .53 | 1.03 | 1.56 | (.52 | ) | 11.80 | 14.86 | 758 | .70 | .70 | 4.67 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-B: | Six months ended 6/30/2011(5) | 12.19 | .15 | .13 | .28 | (.15 | ) | 12.32 | 2.30 | 61 | 1.47 | (6) | 1.47 | (6) | 2.56 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .34 | .41 | .75 | (.36 | ) | 12.19 | 6.39 | 73 | 1.45 | 1.45 | 2.76 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .44 | 1.03 | 1.47 | (.43 | ) | 11.80 | 13.94 | 86 | 1.50 | 1.50 | 3.89 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-C: | Six months ended 6/30/2011(5) | 12.19 | .15 | .13 | .28 | (.15 | ) | 12.32 | 2.31 | 429 | 1.46 | (6) | 1.46 | (6) | 2.57 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .34 | .41 | .75 | (.36 | ) | 12.19 | 6.40 | 428 | 1.44 | 1.44 | 2.74 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .44 | 1.03 | 1.47 | (.43 | ) | 11.80 | 13.95 | 370 | 1.49 | 1.49 | 3.87 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-E: | Six months ended 6/30/2011(5) | $ | 12.19 | $ | .18 | $ | .13 | $ | .31 | $ | (.18 | ) | $ | 12.32 | 2.58 | % | $ | 49 | .95 | %(6) | .95 | %(6) | 3.08 | %(6) | |||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .40 | .41 | .81 | (.42 | ) | 12.19 | 6.93 | 49 | .93 | .93 | 3.24 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .49 | 1.03 | 1.52 | (.48 | ) | 11.80 | 14.52 | 40 | .99 | .99 | 4.38 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class 529-F-1: | Six months ended 6/30/2011(5) | 12.19 | .21 | .13 | .34 | (.21 | ) | 12.32 | 2.84 | 56 | .45 | (6) | .45 | (6) | 3.58 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .46 | .41 | .87 | (.48 | ) | 12.19 | 7.47 | 54 | .44 | .44 | 3.74 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .55 | 1.03 | 1.58 | (.54 | ) | 11.80 | 15.09 | 44 | .49 | .49 | 4.84 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-1: | Six months ended 6/30/2011(5) | 12.19 | .15 | .13 | .28 | (.15 | ) | 12.32 | 2.35 | 93 | 1.39 | (6) | 1.39 | (6) | 2.65 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .35 | .41 | .76 | (.37 | ) | 12.19 | 6.47 | 99 | 1.38 | 1.38 | 2.82 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .44 | 1.03 | 1.47 | (.43 | ) | 11.80 | 14.02 | 103 | 1.43 | 1.43 | 3.96 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-2: | Six months ended 6/30/2011(5) | 12.19 | .15 | .13 | .28 | (.15 | ) | 12.32 | 2.34 | 787 | 1.40 | (6) | 1.40 | (6) | 2.63 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .34 | .41 | .75 | (.36 | ) | 12.19 | 6.44 | 832 | 1.39 | 1.39 | 2.79 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .44 | 1.03 | 1.47 | (.43 | ) | 11.80 | 13.95 | 795 | 1.49 | 1.49 | 3.89 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-3: | Six months ended 6/30/2011(5) | 12.19 | .18 | .13 | .31 | (.18 | ) | 12.32 | 2.58 | 977 | .94 | (6) | .94 | (6) | 3.09 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .40 | .41 | .81 | (.42 | ) | 12.19 | 6.94 | 1,053 | .93 | .93 | 3.26 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .50 | 1.03 | 1.53 | (.49 | ) | 11.80 | 14.54 | 1,091 | .97 | .97 | 4.43 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-4: | Six months ended 6/30/2011(5) | 12.19 | .20 | .13 | .33 | (.20 | ) | 12.32 | 2.75 | 711 | .62 | (6) | .62 | (6) | 3.41 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .44 | .41 | .85 | (.46 | ) | 12.19 | 7.27 | 768 | .62 | .62 | 3.57 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .53 | 1.03 | 1.56 | (.52 | ) | 11.80 | 14.90 | 788 | .66 | .66 | 4.75 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-5: | Six months ended 6/30/2011(5) | 12.19 | .22 | .13 | .35 | (.22 | ) | 12.32 | 2.91 | 267 | .33 | (6) | .33 | (6) | 3.71 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .48 | .41 | .89 | (.50 | ) | 12.19 | 7.59 | 370 | .32 | .32 | 3.88 | |||||||||||||||||||||||||||||||||
Year ended 12/31/2009 | 10.76 | .56 | 1.03 | 1.59 | (.55 | ) | 11.80 | 15.24 | 451 | .37 | .37 | 5.20 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class R-6: | Six months ended 6/30/2011(5) | 12.19 | .23 | .13 | .36 | (.23 | ) | 12.32 | 2.93 | 233 | .28 | (6) | .28 | (6) | 3.75 | (6) | |||||||||||||||||||||||||||||
Year ended 12/31/2010 | 11.80 | .48 | .41 | .89 | (.50 | ) | 12.19 | 7.64 | 280 | .27 | .27 | 3.90 | |||||||||||||||||||||||||||||||||
Period from 5/1/2009 to 12/31/2009 | 10.78 | .35 | 1.01 | 1.36 | (.34 | ) | 11.80 | 12.75 | 252 | .31 | (6) | .31 | (6) | 4.59 | (6) |
Six months ended June 30, | Year ended December 31 | |||||||||||||||||||||||
2011(5) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Portfolio turnover rate for all share classes | 61 | % | 99 | % | 84 | % | 57 | % | 58 | % | 53 | % |
(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 six-month period (January 1, 2011, through June 30, 2011).
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.
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 1/1/2011 | Ending account value 6/30/2011 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Class A -- actual return | $ | 1,000.00 | $ | 1,027.62 | $ | 3.07 | .61 | % | ||||||||
Class A -- assumed 5% return | 1,000.00 | 1,021.77 | 3.06 | .61 | ||||||||||||
Class B -- actual return | 1,000.00 | 1,023.58 | 6.87 | 1.37 | ||||||||||||
Class B -- assumed 5% return | 1,000.00 | 1,018.00 | 6.85 | 1.37 | ||||||||||||
Class C -- actual return | 1,000.00 | 1,023.36 | 7.07 | 1.41 | ||||||||||||
Class C -- assumed 5% return | 1,000.00 | 1,017.80 | 7.05 | 1.41 | ||||||||||||
Class F-1 -- actual return | 1,000.00 | 1,027.45 | 3.17 | .63 | ||||||||||||
Class F-1 -- assumed 5% return | 1,000.00 | 1,021.67 | 3.16 | .63 | ||||||||||||
Class F-2 -- actual return | 1,000.00 | 1,028.88 | 1.86 | .37 | ||||||||||||
Class F-2 -- assumed 5% return | 1,000.00 | 1,022.96 | 1.86 | .37 | ||||||||||||
Class 529-A -- actual return | 1,000.00 | 1,027.22 | 3.42 | .68 | ||||||||||||
Class 529-A -- assumed 5% return | 1,000.00 | 1,021.42 | 3.41 | .68 | ||||||||||||
Class 529-B -- actual return | 1,000.00 | 1,023.03 | 7.37 | 1.47 | ||||||||||||
Class 529-B -- assumed 5% return | 1,000.00 | 1,017.50 | 7.35 | 1.47 | ||||||||||||
Class 529-C -- actual return | 1,000.00 | 1,023.08 | 7.32 | 1.46 | ||||||||||||
Class 529-C -- assumed 5% return | 1,000.00 | 1,017.55 | 7.30 | 1.46 | ||||||||||||
Class 529-E -- actual return | 1,000.00 | 1,025.81 | 4.77 | .95 | ||||||||||||
Class 529-E -- assumed 5% return | 1,000.00 | 1,020.08 | 4.76 | .95 | ||||||||||||
Class 529-F-1 -- actual return | 1,000.00 | 1,028.39 | 2.26 | .45 | ||||||||||||
Class 529-F-1 -- assumed 5% return | 1,000.00 | 1,022.56 | 2.26 | .45 | ||||||||||||
Class R-1 -- actual return | 1,000.00 | 1,023.49 | 6.97 | 1.39 | ||||||||||||
Class R-1 -- assumed 5% return | 1,000.00 | 1,017.90 | 6.95 | 1.39 | ||||||||||||
Class R-2 -- actual return | 1,000.00 | 1,023.38 | 7.02 | 1.40 | ||||||||||||
Class R-2 -- assumed 5% return | 1,000.00 | 1,017.85 | 7.00 | 1.40 | ||||||||||||
Class R-3 -- actual return | 1,000.00 | 1,025.82 | 4.72 | .94 | ||||||||||||
Class R-3 -- assumed 5% return | 1,000.00 | 1,020.13 | 4.71 | .94 | ||||||||||||
Class R-4 -- actual return | 1,000.00 | 1,027.50 | 3.12 | .62 | ||||||||||||
Class R-4 -- assumed 5% return | 1,000.00 | 1,021.72 | 3.11 | .62 | ||||||||||||
Class R-5 -- actual return | 1,000.00 | 1,029.07 | 1.66 | .33 | ||||||||||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,023.16 | 1.66 | .33 | ||||||||||||
Class R-6 -- actual return | 1,000.00 | 1,029.35 | 1.41 | .28 | ||||||||||||
Class R-6 -- assumed 5% return | 1,000.00 | 1,023.41 | 1.40 | .28 | ||||||||||||
*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). |
Approval of Investment Advisory and Service Agreement
The fund’s board has approved the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through March 31, 2012. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all of the fund’s independent board members. The board and the committee determined that the fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the fund and its shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year, as well as information prepared specifically in connection with their review of the agreement and were advised by their independent counsel. They considered the factors discussed below, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the fund under the agreement and other agreements as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.
2. Investment results
The board and the committee considered the investment results of the fund in light of its objective of providing as high a level of current income as is consistent with the preservation of capital. They compared the fund’s total returns with those of other relevant funds (including the other funds that are the basis of the Lipper index for the category in which the fund is included) and market data such as relevant market indices, in each case as available at the time of the related board and committee meetings. This report, including the letter to shareholders and related disclosures, contains certain information about the fund’s investment results. The board and the committee concluded that the fund’s long-term results have been satisfactory and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses remain significantly below those of most other relevant funds. The board and the committee also noted the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the advisory fees paid by clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, and that the shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.
4. Ancillary benefits
The board and the committee considered a variety of other benefits received by CRMC and its affiliates as a result of CRMC’s relationship with the fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC’s institutional management affiliates. The board and the committee reviewed CRMC’s portfolio trading practices, noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability to the reported results of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.
Other share class results
unaudited
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, 2011: | ||||||||||||
10 years1/ | ||||||||||||
1 year | 5 years | Life of class | ||||||||||
Class B shares2 | ||||||||||||
Reflecting applicable contingent deferred sales charge | ||||||||||||
(CDSC), maximum of 5%, payable only if shares are | ||||||||||||
sold within six years of purchase | –1.03 | % | 2.79 | % | 4.24 | % | ||||||
Not reflecting CDSC | 3.97 | 3.13 | 4.24 | |||||||||
Class C shares | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
if shares are sold within one year of purchase | 2.93 | 3.08 | 4.02 | |||||||||
Not reflecting CDSC | 3.93 | 3.08 | 4.02 | |||||||||
Class F-1 shares3 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | 4.72 | 3.90 | 4.84 | |||||||||
Class F-2 shares3 — first sold 8/4/08 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | 5.00 | — | 4.99 | |||||||||
Class 529-A shares4 — first sold 2/15/02 | ||||||||||||
Reflecting 3.75% maximum sales charge | 0.80 | 3.05 | 4.33 | |||||||||
Not reflecting maximum sales charge | 4.69 | 3.85 | 4.76 | |||||||||
Class 529-B shares2,4 — first sold 2/15/02 | ||||||||||||
Reflecting applicable CDSC, maximum of 5%, payable | ||||||||||||
only if shares are sold within six years of purchase | –1.14 | 2.67 | 4.01 | |||||||||
Not reflecting CDSC | 3.86 | 3.01 | 4.01 | |||||||||
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 | 2.87 | 3.02 | 3.92 | |||||||||
Not reflecting CDSC | 3.87 | 3.02 | 3.92 | |||||||||
Class 529-E shares3,4 — first sold 3/7/02 | 4.40 | 3.55 | 4.47 | |||||||||
Class 529-F-1 shares3,4 — first sold 9/26/02 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | 4.92 | 4.06 | 5.15 |
1Applicable to Classes B, C and F-1 shares only. All other share classes reflect results for the life of the class. |
2These shares are not available for purchase. |
3These shares are sold without any initial or contingent deferred sales charge. |
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. Applicable fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 26 to 31 for details that include expense ratios for all share classes.
For information regarding the differences among the various share classes, refer to the fund’s prospectus.
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
(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
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
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 and summary 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, 2011, 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 or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after September 30, 2011, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
![]() | ![]() |
What makes American Funds different?
For 80 years, we have followed a consistent philosophy to benefit our investors. Our 33 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 more than 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 27 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 funds |
American Balanced Fund® |
American Funds Global Balanced FundSM |
•Bond funds |
American Funds Mortgage FundSM |
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 |
American Funds Tax-Exempt Fund of New YorkSM |
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 Fund® |
•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-908-0811P
Litho in USA BG/RRD/6370-S28718
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
![](https://capedge.com/proxy/N-CSRS/0000051931-11-000550/aflogoletterhead.jpg)
Bond Fund of AmericaSM
Investment portfolio
June 30, 2011
unaudited
Bonds & notes — 95.05% | Principal amount (000) | Value (000) | ||||||
MORTGAGE-BACKED OBLIGATIONS — 34.65% | ||||||||
FEDERAL AGENCY MORTGAGE-BACKED OBLIGATIONS1 — 29.18% | ||||||||
Fannie Mae, Series 2003-T1, Class B, 4.491% 2012 | $ | 46,225 | $ | 48,482 | ||||
Fannie Mae 4.89% 2012 | 25,000 | 25,157 | ||||||
Fannie Mae 3.309% 2017 | 4,129 | 4,201 | ||||||
Fannie Mae, Series 2002-15, Class PG, 6.00% 2017 | 3,427 | 3,722 | ||||||
Fannie Mae 4.00% 2019 | 17,640 | 18,614 | ||||||
Fannie Mae 4.50% 2019 | 11,960 | 12,788 | ||||||
Fannie Mae 4.50% 2019 | 11,282 | 12,063 | ||||||
Fannie Mae 5.50% 2019 | 96 | 104 | ||||||
Fannie Mae 5.50% 2020 | 8,386 | 9,088 | ||||||
Fannie Mae 5.50% 2020 | 998 | 1,084 | ||||||
Fannie Mae 11.148% 20202 | 88 | 101 | ||||||
Fannie Mae, Series 2003-48, Class TJ, 4.50% 2022 | 8,000 | 8,282 | ||||||
Fannie Mae 5.00% 2023 | 4,805 | 5,172 | ||||||
Fannie Mae 5.50% 2023 | 27,444 | 29,775 | ||||||
Fannie Mae 5.50% 2023 | 25,103 | 27,242 | ||||||
Fannie Mae 6.00% 2023 | 2,733 | 2,989 | ||||||
Fannie Mae 4.00% 2024 | 28,478 | 29,743 | ||||||
Fannie Mae 4.50% 2024 | 20,552 | 21,844 | ||||||
Fannie Mae 6.00% 2024 | 6,952 | 7,682 | ||||||
Fannie Mae 3.00% 2025 | 42,444 | 42,232 | ||||||
Fannie Mae 3.00% 2025 | 18,744 | 18,651 | ||||||
Fannie Mae 3.00% 2025 | 14,389 | 14,317 | ||||||
Fannie Mae 3.00% 2025 | 10,579 | 10,526 | ||||||
Fannie Mae 3.50% 2025 | 89,095 | 90,882 | ||||||
Fannie Mae 3.50% 2025 | 79,961 | 81,565 | ||||||
Fannie Mae 3.50% 2025 | 75,248 | 76,757 | ||||||
Fannie Mae 3.50% 2025 | 32,308 | 32,956 | ||||||
Fannie Mae 3.50% 2025 | 20,426 | 20,835 | ||||||
Fannie Mae 3.50% 2025 | 14,246 | 14,531 | ||||||
Fannie Mae 3.50% 2025 | 11,428 | 11,657 | ||||||
Fannie Mae 3.50% 2025 | 8,689 | 8,864 | ||||||
Fannie Mae 4.00% 2025 | 39,599 | 41,346 | ||||||
Fannie Mae 4.00% 2025 | 29,365 | 30,661 | ||||||
Fannie Mae 4.50% 2025 | 29,171 | 30,986 | ||||||
Fannie Mae 4.50% 2025 | 14,262 | 15,150 | ||||||
Fannie Mae 4.50% 2025 | 13,770 | 14,627 | ||||||
Fannie Mae, Series 2001-4, Class GA, 9.863% 20252 | 268 | 312 | ||||||
Fannie Mae, Series 2001-4, Class NA, 11.614% 20252 | 835 | 936 | ||||||
Fannie Mae 3.00% 2026 | 12,282 | 12,221 | ||||||
Fannie Mae 3.00% 2026 | 9,714 | 9,661 | ||||||
Fannie Mae 3.00% 2026 | 6,732 | 6,705 | ||||||
Fannie Mae 3.00% 2026 | 5,000 | 4,969 | ||||||
Fannie Mae 3.00% 2026 | 3,782 | 3,763 | ||||||
Fannie Mae 3.00% 2026 | 3,643 | 3,628 | ||||||
Fannie Mae 3.234% 20262 | 372 | 390 | ||||||
Fannie Mae 3.50% 2026 | 58,459 | 59,650 | ||||||
Fannie Mae 3.50% 2026 | 37,696 | 38,464 | ||||||
Fannie Mae 3.50% 2026 | 34,936 | 35,637 | ||||||
Fannie Mae 3.50% 2026 | 31,252 | 31,888 | ||||||
Fannie Mae 3.50% 2026 | 29,750 | 30,299 | ||||||
Fannie Mae 3.50% 2026 | 28,935 | 29,505 | ||||||
Fannie Mae 3.50% 2026 | 10,779 | 10,998 | ||||||
Fannie Mae 3.50% 2026 | 1,953 | 1,992 | ||||||
Fannie Mae 4.00% 2026 | 18,000 | 18,754 | ||||||
Fannie Mae 4.50% 2026 | 123,315 | 130,752 | ||||||
Fannie Mae 5.00% 2026 | 9,000 | 9,657 | ||||||
Fannie Mae 5.50% 2026 | 6,000 | 6,503 | ||||||
Fannie Mae 6.00% 2026 | 16,821 | 18,588 | ||||||
Fannie Mae 5.50% 2027 | 9,545 | 10,383 | ||||||
Fannie Mae 6.00% 2028 | 4,227 | 4,658 | ||||||
Fannie Mae 6.00% 2028 | 3,542 | 3,899 | ||||||
Fannie Mae, Series 1998-W5, Class B3, 6.50% 2028 | 1,493 | 1,184 | ||||||
Fannie Mae, Series 2002-W7, Class A-5, 7.50% 2029 | 501 | 587 | ||||||
Fannie Mae, Series 2001-25, Class ZA, 6.50% 2031 | 3,364 | 3,793 | ||||||
Fannie Mae, Series 2001-20, Class E, 9.617% 20312 | 47 | 54 | ||||||
Fannie Mae 6.50% 2032 | 135 | 152 | ||||||
Fannie Mae 6.50% 2034 | 849 | 962 | ||||||
Fannie Mae, Series 2005-68, Class PG, 5.50% 2035 | 4,299 | 4,777 | ||||||
Fannie Mae, Series 2006-51, Class PO, principal only, 0% 2036 | 6,382 | 5,423 | ||||||
Fannie Mae, Series 2006-32, Class OA, principal only, 0% 2036 | 6,097 | 5,207 | ||||||
Fannie Mae, Series 2006-96, Class OP, principal only, 0% 2036 | 1,336 | 1,183 | ||||||
Fannie Mae, Series 2006-101, Class PC, 5.50% 2036 | 4,947 | 5,440 | ||||||
Fannie Mae 5.50% 2036 | 2,196 | 2,389 | ||||||
Fannie Mae, Series 2006-106, Class HG, 6.00% 2036 | 14,925 | 16,682 | ||||||
Fannie Mae, Series 2006-43, Class PX, 6.00% 2036 | 13,114 | 14,558 | ||||||
Fannie Mae 6.00% 2036 | 13,105 | 14,452 | ||||||
Fannie Mae 6.00% 2036 | 10,954 | 12,074 | ||||||
Fannie Mae 6.00% 2036 | 5,785 | 6,377 | ||||||
Fannie Mae 6.00% 2036 | 5,718 | 6,305 | ||||||
Fannie Mae 6.00% 2036 | 3,747 | 4,137 | ||||||
Fannie Mae 6.50% 2036 | 12,131 | 13,730 | ||||||
Fannie Mae 6.50% 2036 | 7,346 | 8,327 | ||||||
Fannie Mae 7.00% 2036 | 983 | 1,129 | ||||||
Fannie Mae 7.00% 2036 | 710 | 817 | ||||||
Fannie Mae 7.50% 2036 | 359 | 402 | ||||||
Fannie Mae 7.50% 2036 | 112 | 125 | ||||||
Fannie Mae 8.00% 2036 | 1,199 | 1,351 | ||||||
Fannie Mae 5.497% 20372 | 4,970 | 5,252 | ||||||
Fannie Mae, Series 2007-40, Class PT, 5.50% 2037 | 22,347 | 24,536 | ||||||
Fannie Mae 5.50% 2037 | 21,493 | 23,310 | ||||||
Fannie Mae 5.508% 20372 | 10,382 | 11,070 | ||||||
Fannie Mae 5.61% 20372 | 16,850 | 17,916 | ||||||
Fannie Mae 5.701% 20372 | 7,449 | 7,943 | ||||||
Fannie Mae 5.765% 20372 | 9,333 | 10,065 | ||||||
Fannie Mae 5.772% 20372 | 5,530 | 5,872 | ||||||
Fannie Mae 6.00% 2037 | 64,707 | 71,202 | ||||||
Fannie Mae 6.00% 2037 | 37,503 | 41,242 | ||||||
Fannie Mae 6.00% 2037 | 25,605 | 28,158 | ||||||
Fannie Mae 6.00% 2037 | 17,365 | 19,108 | ||||||
Fannie Mae 6.00% 2037 | 12,439 | 13,687 | ||||||
Fannie Mae 6.00% 2037 | 11,018 | 12,111 | ||||||
Fannie Mae 6.00% 2037 | 8,523 | 9,378 | ||||||
Fannie Mae 6.00% 2037 | 6,246 | 6,873 | ||||||
Fannie Mae 6.00% 2037 | 6,265 | 6,831 | ||||||
Fannie Mae 6.00% 2037 | 5,557 | 6,110 | ||||||
Fannie Mae 6.00% 2037 | 3,104 | 3,384 | ||||||
Fannie Mae 6.00% 2037 | 2,312 | 2,548 | ||||||
Fannie Mae 6.00% 2037 | 1,840 | 2,029 | ||||||
Fannie Mae 6.00% 2037 | 1,468 | 1,615 | ||||||
Fannie Mae 6.00% 2037 | 1,464 | 1,611 | ||||||
Fannie Mae 6.00% 2037 | 1,462 | 1,609 | ||||||
Fannie Mae 6.00% 2037 | 1,344 | 1,482 | ||||||
Fannie Mae 6.00% 2037 | 86 | 94 | ||||||
Fannie Mae 6.50% 2037 | 14,495 | 16,387 | ||||||
Fannie Mae 6.50% 2037 | 12,082 | 13,659 | ||||||
Fannie Mae 6.50% 2037 | 8,886 | 9,995 | ||||||
Fannie Mae 6.50% 2037 | 7,402 | 8,276 | ||||||
Fannie Mae 6.50% 2037 | 1,290 | 1,458 | ||||||
Fannie Mae 7.00% 2037 | 4,210 | 4,689 | ||||||
Fannie Mae 7.00% 2037 | 3,705 | 4,126 | ||||||
Fannie Mae 7.00% 2037 | 1,030 | 1,183 | ||||||
Fannie Mae 7.00% 2037 | 685 | 786 | ||||||
Fannie Mae 7.00% 2037 | 536 | 608 | ||||||
Fannie Mae 7.00% 2037 | 250 | 284 | ||||||
Fannie Mae 7.50% 2037 | 709 | 793 | ||||||
Fannie Mae 7.50% 2037 | 624 | 698 | ||||||
Fannie Mae 7.50% 2037 | 587 | 657 | ||||||
Fannie Mae 7.50% 2037 | 581 | 650 | ||||||
Fannie Mae 7.50% 2037 | 581 | 650 | ||||||
Fannie Mae 7.50% 2037 | 567 | 633 | ||||||
Fannie Mae 7.50% 2037 | 563 | 630 | ||||||
Fannie Mae 7.50% 2037 | 550 | 614 | ||||||
Fannie Mae 7.50% 2037 | 457 | 511 | ||||||
Fannie Mae 7.50% 2037 | 426 | 476 | ||||||
Fannie Mae 7.50% 2037 | 255 | 285 | ||||||
Fannie Mae 7.50% 2037 | 234 | 262 | ||||||
Fannie Mae 7.50% 2037 | 192 | 219 | ||||||
Fannie Mae 7.50% 2037 | 170 | 190 | ||||||
Fannie Mae 7.50% 2037 | 129 | 149 | ||||||
Fannie Mae 7.50% 2037 | 108 | 121 | ||||||
Fannie Mae 7.50% 2037 | 91 | 102 | ||||||
Fannie Mae 7.50% 2037 | 68 | 76 | ||||||
Fannie Mae 8.00% 2037 | 483 | 545 | ||||||
Fannie Mae 8.00% 2037 | 339 | 391 | ||||||
Fannie Mae 8.00% 2037 | 101 | 114 | ||||||
Fannie Mae 4.935% 20382 | 10,071 | 10,540 | ||||||
Fannie Mae 5.354% 20382 | 5,012 | 5,325 | ||||||
Fannie Mae 5.48% 20382 | 1,205 | 1,295 | ||||||
Fannie Mae 5.50% 2038 | 25,436 | 27,525 | ||||||
Fannie Mae 5.50% 2038 | 8,477 | 9,176 | ||||||
Fannie Mae 5.50% 2038 | 236 | 256 | ||||||
Fannie Mae 5.626% 20382 | 9,836 | 10,529 | ||||||
Fannie Mae 6.00% 2038 | 82,712 | 91,015 | ||||||
Fannie Mae 6.00% 2038 | 25,612 | 28,183 | ||||||
Fannie Mae 6.00% 2038 | 18,069 | 19,866 | ||||||
Fannie Mae 6.00% 2038 | 17,797 | 19,571 | ||||||
Fannie Mae 6.00% 2038 | 13,481 | 14,812 | ||||||
Fannie Mae 6.00% 2038 | 10,060 | 11,070 | ||||||
Fannie Mae 6.00% 2038 | 7,827 | 8,606 | ||||||
Fannie Mae 6.00% 2038 | 7,184 | 7,894 | ||||||
Fannie Mae 6.00% 2038 | 6,818 | 7,502 | ||||||
Fannie Mae 6.00% 2038 | 6,369 | 7,001 | ||||||
Fannie Mae 6.00% 2038 | 5,495 | 6,041 | ||||||
Fannie Mae 6.00% 2038 | 4,629 | 5,094 | ||||||
Fannie Mae 6.00% 2038 | 4,064 | 4,472 | ||||||
Fannie Mae 6.00% 2038 | 4,035 | 4,440 | ||||||
Fannie Mae 6.00% 2038 | 3,027 | 3,328 | ||||||
Fannie Mae 6.50% 2038 | 115,248 | 130,598 | ||||||
Fannie Mae 6.50% 2038 | 27,353 | 30,996 | ||||||
Fannie Mae 3.553% 20392 | 19,426 | 20,360 | ||||||
Fannie Mae 3.601% 20392 | 27,225 | 28,585 | ||||||
Fannie Mae 3.61% 20392 | 6,661 | 6,948 | ||||||
Fannie Mae 3.676% 20392 | 995 | 1,044 | ||||||
Fannie Mae 3.757% 20392 | 24,603 | 25,778 | ||||||
Fannie Mae 3.759% 20392 | 4,892 | 5,147 | ||||||
Fannie Mae 3.817% 20392 | 7,771 | 8,139 | ||||||
Fannie Mae 3.827% 20392 | 2,092 | 2,204 | ||||||
Fannie Mae 3.847% 20392 | 2,577 | 2,717 | ||||||
Fannie Mae 3.903% 20392 | 2,887 | 3,030 | ||||||
Fannie Mae 3.942% 20392 | 11,609 | 12,240 | ||||||
Fannie Mae 3.959% 20392 | 2,280 | 2,403 | ||||||
Fannie Mae 5.00% 2039 | 34,117 | 36,473 | ||||||
Fannie Mae 5.00% 2039 | 11,385 | 12,118 | ||||||
Fannie Mae 5.106% 20392 | 12,810 | 13,571 | ||||||
Fannie Mae 5.50% 2039 | 27,111 | 29,349 | ||||||
Fannie Mae 5.50% 2039 | 22,003 | 23,820 | ||||||
Fannie Mae 5.50% 2039 | 4,139 | 4,481 | ||||||
Fannie Mae 6.00% 2039 | 11,604 | 12,769 | ||||||
Fannie Mae 6.00% 2039 | 10,925 | 12,014 | ||||||
Fannie Mae 6.00% 2039 | 5,896 | 6,500 | ||||||
Fannie Mae 6.00% 2039 | 5,300 | 5,828 | ||||||
Fannie Mae 6.00% 2039 | 5,189 | 5,697 | ||||||
Fannie Mae 6.00% 2039 | 573 | 630 | ||||||
Fannie Mae 3.204% 20402 | 45,189 | 46,917 | ||||||
Fannie Mae 3.50% 2040 | 54,255 | 51,967 | ||||||
Fannie Mae 3.50% 2040 | 32,334 | 30,970 | ||||||
Fannie Mae 3.50% 2040 | 24,639 | 23,600 | ||||||
Fannie Mae 3.50% 2040 | 9,833 | 9,419 | ||||||
Fannie Mae 3.629% 20402 | 11,607 | 12,142 | ||||||
Fannie Mae 4.00% 2040 | 175,614 | 175,917 | ||||||
Fannie Mae 4.00% 2040 | 44,652 | 44,729 | ||||||
Fannie Mae 4.00% 2040 | 34,317 | 34,376 | ||||||
Fannie Mae 4.00% 2040 | 33,808 | 33,925 | ||||||
Fannie Mae 4.00% 2040 | 32,438 | 32,494 | ||||||
Fannie Mae 4.00% 2040 | 29,541 | 29,592 | ||||||
Fannie Mae 4.00% 2040 | 29,112 | 29,162 | ||||||
Fannie Mae 4.00% 2040 | 28,583 | 28,633 | ||||||
Fannie Mae 4.00% 2040 | 26,813 | 26,860 | ||||||
Fannie Mae 4.00% 2040 | 25,227 | 25,267 | ||||||
Fannie Mae 4.00% 2040 | 22,800 | 22,840 | ||||||
Fannie Mae 4.00% 2040 | 21,701 | 21,759 | ||||||
Fannie Mae 4.00% 2040 | 19,762 | 19,796 | ||||||
Fannie Mae 4.00% 2040 | 16,886 | 16,915 | ||||||
Fannie Mae 4.00% 2040 | 8,887 | 8,903 | ||||||
Fannie Mae 4.00% 2040 | 5,939 | 5,950 | ||||||
Fannie Mae 4.00% 2040 | 3,208 | 3,217 | ||||||
Fannie Mae 4.50% 2040 | 87,395 | 90,575 | ||||||
Fannie Mae 4.50% 2040 | 58,818 | 60,959 | ||||||
Fannie Mae 4.50% 2040 | 44,624 | 46,248 | ||||||
Fannie Mae 4.50% 2040 | 11,752 | 12,180 | ||||||
Fannie Mae 4.50% 2040 | 11,366 | 11,779 | ||||||
Fannie Mae 4.50% 2040 | 11,251 | 11,661 | ||||||
Fannie Mae 4.50% 2040 | 10,542 | 10,926 | ||||||
Fannie Mae 4.50% 2040 | 7,862 | 8,149 | ||||||
Fannie Mae 4.50% 2040 | 6,061 | 6,294 | ||||||
Fannie Mae 4.50% 2040 | 1,801 | 1,871 | ||||||
Fannie Mae 4.50% 2040 | 1,678 | 1,743 | ||||||
Fannie Mae 4.50% 2040 | 1,457 | 1,513 | ||||||
Fannie Mae 4.50% 2040 | 528 | 548 | ||||||
Fannie Mae 4.50% 2040 | 508 | 527 | ||||||
Fannie Mae 4.50% 2040 | 159 | 165 | ||||||
Fannie Mae 4.50% 2040 | 109 | 113 | ||||||
Fannie Mae 5.00% 2040 | 57,775 | 61,512 | ||||||
Fannie Mae 5.00% 2040 | 48,243 | 51,364 | ||||||
Fannie Mae 5.00% 2040 | 24,408 | 26,115 | ||||||
Fannie Mae 5.00% 2040 | 21,576 | 22,972 | ||||||
Fannie Mae 5.00% 2040 | 14,216 | 15,136 | ||||||
Fannie Mae 5.50% 2040 | 52,078 | 56,354 | ||||||
Fannie Mae 5.50% 2040 | 19,562 | 21,177 | ||||||
Fannie Mae 5.50% 2040 | 2,349 | 2,543 | ||||||
Fannie Mae 3.50% 2041 | 40,393 | 38,690 | ||||||
Fannie Mae 4.00% 2041 | 172,637 | 173,097 | ||||||
Fannie Mae 4.00% 2041 | 163,250 | 163,301 | ||||||
Fannie Mae 4.00% 2041 | 112,766 | 112,961 | ||||||
Fannie Mae 4.00% 2041 | 84,466 | 84,612 | ||||||
Fannie Mae 4.00% 2041 | 62,093 | 62,200 | ||||||
Fannie Mae 4.00% 2041 | 59,750 | 59,853 | ||||||
Fannie Mae 4.00% 2041 | 56,615 | 56,713 | ||||||
Fannie Mae 4.00% 2041 | 44,579 | 44,656 | ||||||
Fannie Mae 4.00% 2041 | 41,590 | 41,661 | ||||||
Fannie Mae 4.00% 2041 | 41,502 | 41,573 | ||||||
Fannie Mae 4.00% 2041 | 39,289 | 39,357 | ||||||
Fannie Mae 4.00% 2041 | 39,278 | 39,346 | ||||||
Fannie Mae 4.00% 2041 | 35,664 | 35,725 | ||||||
Fannie Mae 4.00% 2041 | 35,202 | 35,263 | ||||||
Fannie Mae 4.00% 2041 | 34,000 | 34,059 | ||||||
Fannie Mae 4.00% 2041 | 28,206 | 28,255 | ||||||
Fannie Mae 4.00% 2041 | 27,910 | 27,967 | ||||||
Fannie Mae 4.00% 2041 | 23,298 | 23,338 | ||||||
Fannie Mae 4.00% 2041 | 21,021 | 21,064 | ||||||
Fannie Mae 4.00% 2041 | 20,084 | 20,119 | ||||||
Fannie Mae 4.00% 2041 | 19,715 | 19,749 | ||||||
Fannie Mae 4.00% 2041 | 19,358 | 19,391 | ||||||
Fannie Mae 4.00% 2041 | 18,575 | 18,607 | ||||||
Fannie Mae 4.00% 2041 | 17,153 | 17,182 | ||||||
Fannie Mae 4.00% 2041 | 16,924 | 16,953 | ||||||
Fannie Mae 4.00% 2041 | 16,243 | 16,271 | ||||||
Fannie Mae 4.00% 2041 | 15,925 | 15,953 | ||||||
Fannie Mae 4.00% 2041 | 14,946 | 14,972 | ||||||
Fannie Mae 4.00% 2041 | 14,801 | 14,826 | ||||||
Fannie Mae 4.00% 2041 | 13,098 | 13,121 | ||||||
Fannie Mae 4.00% 2041 | 12,141 | 12,162 | ||||||
Fannie Mae 4.00% 2041 | 11,984 | 12,016 | ||||||
Fannie Mae 4.00% 2041 | 11,954 | 11,974 | ||||||
Fannie Mae 4.00% 2041 | 11,946 | 11,966 | ||||||
Fannie Mae 4.00% 2041 | 10,735 | 10,753 | ||||||
Fannie Mae 4.00% 2041 | 10,612 | 10,631 | ||||||
Fannie Mae 4.00% 2041 | 9,456 | 9,472 | ||||||
Fannie Mae 4.00% 2041 | 9,238 | 9,254 | ||||||
Fannie Mae 4.00% 2041 | 8,943 | 8,958 | ||||||
Fannie Mae 4.00% 2041 | 7,925 | 7,938 | ||||||
Fannie Mae 4.00% 2041 | 7,869 | 7,883 | ||||||
Fannie Mae 4.00% 2041 | 7,696 | 7,716 | ||||||
Fannie Mae 4.00% 2041 | 7,594 | 7,605 | ||||||
Fannie Mae 4.00% 2041 | 2,986 | 2,991 | ||||||
Fannie Mae 4.00% 2041 | 1,043 | 1,045 | ||||||
Fannie Mae 4.00% 2041 | 993 | 994 | ||||||
Fannie Mae 4.00% 2041 | 658 | 659 | ||||||
Fannie Mae 4.00% 2041 | 639 | 640 | ||||||
Fannie Mae 4.00% 2041 | 522 | 523 | ||||||
Fannie Mae 4.50% 2041 | 201,680 | 208,707 | ||||||
Fannie Mae 4.50% 2041 | 159,675 | 165,499 | ||||||
Fannie Mae 4.50% 2041 | 119,000 | 123,340 | ||||||
Fannie Mae 4.50% 2041 | 64,273 | 66,612 | ||||||
Fannie Mae 4.50% 2041 | 59,237 | 61,559 | ||||||
Fannie Mae 4.50% 2041 | 52,638 | 54,557 | ||||||
Fannie Mae 4.50% 2041 | 40,766 | 42,364 | ||||||
Fannie Mae 4.50% 2041 | 38,809 | 40,224 | ||||||
Fannie Mae 4.50% 2041 | 35,263 | 36,618 | ||||||
Fannie Mae 4.50% 2041 | 34,852 | 36,123 | ||||||
Fannie Mae 4.50% 2041 | 33,669 | 34,897 | ||||||
Fannie Mae 4.50% 2041 | 30,714 | 31,894 | ||||||
Fannie Mae 4.50% 2041 | 28,974 | 30,031 | ||||||
Fannie Mae 4.50% 2041 | 27,768 | 28,835 | ||||||
Fannie Mae 4.50% 2041 | 27,440 | 28,441 | ||||||
Fannie Mae 4.50% 2041 | 25,268 | 26,239 | ||||||
Fannie Mae 4.50% 2041 | 25,112 | 26,076 | ||||||
Fannie Mae 4.50% 2041 | 24,871 | 25,778 | ||||||
Fannie Mae 4.50% 2041 | 20,051 | 20,782 | ||||||
Fannie Mae 4.50% 2041 | 19,075 | 19,771 | ||||||
Fannie Mae 4.50% 2041 | 15,932 | 16,544 | ||||||
Fannie Mae 4.50% 2041 | 12,951 | 13,448 | ||||||
Fannie Mae 4.50% 2041 | 11,967 | 12,403 | ||||||
Fannie Mae 4.50% 2041 | 11,872 | 12,305 | ||||||
Fannie Mae 4.50% 2041 | 11,174 | 11,612 | ||||||
Fannie Mae 4.50% 2041 | 11,118 | 11,554 | ||||||
Fannie Mae 4.50% 2041 | 11,000 | 11,401 | ||||||
Fannie Mae 4.50% 2041 | 10,820 | 11,215 | ||||||
Fannie Mae 4.50% 2041 | 10,146 | 10,560 | ||||||
Fannie Mae 4.50% 2041 | 9,022 | 9,368 | ||||||
Fannie Mae 4.50% 2041 | 8,971 | 9,294 | ||||||
Fannie Mae 4.50% 2041 | 8,893 | 9,217 | ||||||
Fannie Mae 4.50% 2041 | 8,000 | 8,313 | ||||||
Fannie Mae 4.50% 2041 | 5,555 | 5,768 | ||||||
Fannie Mae 4.50% 2041 | 4,615 | 4,792 | ||||||
Fannie Mae 4.50% 2041 | 4,372 | 4,531 | ||||||
Fannie Mae 4.50% 2041 | 2,229 | 2,310 | ||||||
Fannie Mae 4.50% 2041 | 2,018 | 2,096 | ||||||
Fannie Mae 4.50% 2041 | 1,464 | 1,521 | ||||||
Fannie Mae 4.50% 2041 | 387 | 402 | ||||||
Fannie Mae 4.50% 2041 | 258 | 268 | ||||||
Fannie Mae 5.00% 2041 | 693,975 | 737,457 | ||||||
Fannie Mae 5.00% 2041 | 23,519 | 25,161 | ||||||
Fannie Mae 5.00% 2041 | 20,217 | 21,551 | ||||||
Fannie Mae 5.00% 2041 | 19,128 | 20,365 | ||||||
Fannie Mae 5.00% 2041 | 16,692 | 17,793 | ||||||
Fannie Mae 5.00% 2041 | 16,241 | 17,369 | ||||||
Fannie Mae 5.00% 2041 | 14,850 | 15,829 | ||||||
Fannie Mae 5.00% 2041 | 14,236 | 15,174 | ||||||
Fannie Mae 5.00% 2041 | 13,985 | 14,958 | ||||||
Fannie Mae 5.00% 2041 | 13,872 | 14,786 | ||||||
Fannie Mae 5.00% 2041 | 12,226 | 13,078 | ||||||
Fannie Mae 5.00% 2041 | 11,437 | 12,237 | ||||||
Fannie Mae 5.00% 2041 | 10,708 | 11,414 | ||||||
Fannie Mae 5.00% 2041 | 10,634 | 11,335 | ||||||
Fannie Mae 5.00% 2041 | 10,202 | 10,916 | ||||||
Fannie Mae 5.00% 2041 | 8,954 | 9,578 | ||||||
Fannie Mae 5.00% 2041 | 8,728 | 9,338 | ||||||
Fannie Mae 5.00% 2041 | 8,380 | 8,964 | ||||||
Fannie Mae 5.00% 2041 | 8,326 | 8,909 | ||||||
Fannie Mae 5.00% 2041 | 5,097 | 5,453 | ||||||
Fannie Mae 5.00% 2041 | 4,231 | 4,527 | ||||||
Fannie Mae 5.00% 2041 | 3,721 | 3,980 | ||||||
Fannie Mae 5.00% 2041 | 1,714 | 1,833 | ||||||
Fannie Mae 5.50% 2041 | 328,107 | 354,817 | ||||||
Fannie Mae 6.00% 2041 | 139,426 | 153,173 | ||||||
Fannie Mae 6.50% 2041 | 10,000 | 11,323 | ||||||
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041 | 4,851 | 5,395 | ||||||
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041 | 1,274 | 1,414 | ||||||
Fannie Mae, Series 2002-W3, Class A-5, 7.50% 2041 | 2,808 | 3,292 | ||||||
Fannie Mae, Series 2002-W1, Class 2A, 7.172% 20422 | 3,217 | 3,728 | ||||||
Fannie Mae 6.00% 2047 | 450 | 487 | ||||||
Fannie Mae 6.50% 2047 | 655 | 737 | ||||||
Fannie Mae 6.50% 2047 | 316 | 352 | ||||||
Fannie Mae 6.50% 2047 | 119 | 134 | ||||||
Fannie Mae 7.00% 2047 | 2,023 | 2,254 | ||||||
Fannie Mae 7.00% 2047 | 100 | 111 | ||||||
Fannie Mae 7.50% 2047 | 168 | 189 | ||||||
Freddie Mac, Series K702, Class A1, 2.084% 20172 | 2,470 | 2,477 | ||||||
Freddie Mac, Series K701, Class A2, 3.882% 20172 | 3,300 | 3,435 | ||||||
Freddie Mac, Series K702, Class A2, 3.154% 20182 | 15,455 | 15,408 | ||||||
Freddie Mac, Series 2890, Class KT, 4.50% 2019 | 2,500 | 2,725 | ||||||
Freddie Mac 5.50% 2019 | 4,545 | 4,918 | ||||||
Freddie Mac, Series K009, Class A1, 2.757% 2020 | 3,919 | 3,952 | ||||||
Freddie Mac, Series K013, Class A1, 2.902% 2020 | 4,188 | 4,252 | ||||||
Freddie Mac, Series K010, Class A1, 3.32% 20202 | 3,656 | 3,752 | ||||||
Freddie Mac, Series K011, Class A2, 4.084% 2020 | 4,150 | 4,307 | ||||||
Freddie Mac, Series 2626, Class NG, 3.50% 2023 | 906 | 940 | ||||||
Freddie Mac, Series 2922, Class EL, 4.50% 2023 | 12,560 | 12,962 | ||||||
Freddie Mac 5.00% 2023 | 6,570 | 7,043 | ||||||
Freddie Mac 5.00% 2023 | 249 | 267 | ||||||
Freddie Mac 5.00% 2023 | 39 | 42 | ||||||
Freddie Mac, Series 1617, Class PM, 6.50% 2023 | 1,132 | 1,258 | ||||||
Freddie Mac 5.00% 2024 | 17,016 | 18,287 | ||||||
Freddie Mac 4.00% 2025 | 14,547 | 15,178 | ||||||
Freddie Mac 4.50% 2025 | 50,293 | 53,329 | ||||||
Freddie Mac 4.50% 2025 | 42,252 | 44,803 | ||||||
Freddie Mac 6.00% 2026 | 11,840 | 13,042 | ||||||
Freddie Mac 6.00% 2026 | 10,270 | 11,313 | ||||||
Freddie Mac 5.50% 2027 | 6,885 | 7,486 | ||||||
Freddie Mac 6.00% 2027 | 71,055 | 78,271 | ||||||
Freddie Mac, Series 2153, Class GG, 6.00% 2029 | 1,866 | 2,093 | ||||||
Freddie Mac, Series 2122, Class QM, 6.25% 2029 | 3,189 | 3,573 | ||||||
Freddie Mac 2.694% 20352 | 7,027 | 7,343 | ||||||
Freddie Mac, Series 3061, Class PN, 5.50% 2035 | 31,975 | 35,327 | ||||||
Freddie Mac, Series 3136, Class OP, principal only, 0% 2036 | 5,727 | 5,165 | ||||||
Freddie Mac, Series 3149, Class MO, principal only, 0% 2036 | 3,770 | 3,440 | ||||||
Freddie Mac, Series 3147, Class OD, principal only, 0% 2036 | 3,681 | 3,191 | ||||||
Freddie Mac, Series 3149, Class AO, principal only, 0% 2036 | 3,282 | 2,988 | ||||||
Freddie Mac, Series 3156, Class PO, principal only, 0% 2036 | 73 | 62 | ||||||
Freddie Mac, Series 3257, Class PA, 5.50% 2036 | 38,060 | 41,903 | ||||||
Freddie Mac, Series 3233, Class PA, 6.00% 2036 | 28,413 | 31,632 | ||||||
Freddie Mac, Series 3156, Class NG, 6.00% 2036 | 9,032 | 10,117 | ||||||
Freddie Mac, Series 3286, Class JN, 5.50% 2037 | 45,285 | 49,447 | ||||||
Freddie Mac, Series 3318, Class JT, 5.50% 2037 | 25,652 | 28,010 | ||||||
Freddie Mac, Series 3312, Class PA, 5.50% 2037 | 20,165 | 22,058 | ||||||
Freddie Mac 5.50% 2037 | 13,926 | 15,060 | ||||||
Freddie Mac 5.50% 2037 | 13,595 | 14,702 | ||||||
Freddie Mac 5.509% 20372 | 18,462 | 19,979 | ||||||
Freddie Mac 5.683% 20372 | 6,090 | 6,563 | ||||||
Freddie Mac 5.704% 20372 | 3,498 | 3,701 | ||||||
Freddie Mac 5.916% 20372 | 7,135 | 7,556 | ||||||
Freddie Mac, Series 3271, Class OA, 6.00% 2037 | 11,638 | 13,021 | ||||||
Freddie Mac 6.00% 2037 | 1,771 | 1,952 | ||||||
Freddie Mac 7.00% 2037 | 635 | 725 | ||||||
Freddie Mac 7.00% 2037 | 359 | 409 | ||||||
Freddie Mac 7.00% 2037 | 166 | 189 | ||||||
Freddie Mac 7.50% 2037 | 3,213 | 3,620 | ||||||
Freddie Mac 5.044% 20382 | 6,191 | 6,592 | ||||||
Freddie Mac 5.258% 20382 | 11,087 | 11,795 | ||||||
Freddie Mac 5.50% 2038 | 10,436 | 11,291 | ||||||
Freddie Mac 5.559% 20382 | 16,051 | 17,032 | ||||||
Freddie Mac 6.00% 2038 | 34,904 | 38,332 | ||||||
Freddie Mac 6.50% 2038 | 8,761 | 9,846 | ||||||
Freddie Mac 3.716% 20392 | 6,020 | 6,311 | ||||||
Freddie Mac 3.938% 20392 | 5,486 | 5,787 | ||||||
Freddie Mac 5.00% 2039 | 44,748 | 47,593 | ||||||
Freddie Mac 5.50% 2039 | 36,877 | 39,880 | ||||||
Freddie Mac 3.155% 20402 | 6,482 | 6,716 | ||||||
Freddie Mac 4.50% 2041 | 84,687 | 87,889 | ||||||
Freddie Mac 4.50% 2041 | 10,927 | 11,308 | ||||||
Freddie Mac 4.50% 2041 | 7,137 | 7,386 | ||||||
Freddie Mac 4.50% 2041 | 4,037 | 4,178 | ||||||
Freddie Mac 5.00% 2041 | 27,353 | 29,100 | ||||||
Freddie Mac 5.00% 2041 | 20,784 | 22,144 | ||||||
Freddie Mac 5.00% 2041 | 16,052 | 17,103 | ||||||
Freddie Mac 5.00% 2041 | 15,825 | 16,861 | ||||||
Freddie Mac 5.00% 2041 | 14,191 | 15,120 | ||||||
Freddie Mac 5.00% 2041 | 13,246 | 14,113 | ||||||
Freddie Mac 5.00% 2041 | 11,293 | 12,032 | ||||||
Freddie Mac 5.00% 2041 | 2,922 | 3,114 | ||||||
Freddie Mac 6.50% 2047 | 1,353 | 1,501 | ||||||
Freddie Mac 6.50% 2047 | 368 | 408 | ||||||
Freddie Mac 7.00% 2047 | 280 | 312 | ||||||
Government National Mortgage Assn. 10.00% 2021 | 499 | 571 | ||||||
Government National Mortgage Assn. 3.50% 2025 | 6,283 | 6,511 | ||||||
Government National Mortgage Assn. 3.50% 2025 | 2,418 | 2,505 | ||||||
Government National Mortgage Assn. 3.50% 2025 | 1,928 | 1,998 | ||||||
Government National Mortgage Assn., Series 2005-58, Class NO, principal only, 0% 2035 | 3,453 | 3,370 | ||||||
Government National Mortgage Assn. 6.00% 2038 | 42,196 | 46,691 | ||||||
Government National Mortgage Assn. 3.50% 2039 | 12,013 | 11,683 | ||||||
Government National Mortgage Assn. 3.50% 2039 | 11,990 | 11,661 | ||||||
Government National Mortgage Assn. 3.50% 2039 | 6,161 | 5,992 | ||||||
Government National Mortgage Assn. 4.50% 2039 | 7,607 | 8,025 | ||||||
Government National Mortgage Assn. 3.50% 2040 | 9,851 | 9,580 | ||||||
Government National Mortgage Assn. 4.00% 2040 | 125,230 | 127,859 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 21,714 | 22,908 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 18,112 | 19,129 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 16,962 | 17,894 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 8,643 | 9,118 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 7,371 | 7,776 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 6,942 | 7,323 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 2,279 | 2,408 | ||||||
Government National Mortgage Assn. 4.50% 2040 | 997 | 1,052 | ||||||
Government National Mortgage Assn. 5.00% 2040 | 6,806 | 7,399 | ||||||
Government National Mortgage Assn. 3.50% 2041 | 19,056 | 18,526 | ||||||
Government National Mortgage Assn. 4.00% 2041 | 40,865 | 41,638 | ||||||
Government National Mortgage Assn. 4.00% 2041 | 803 | 820 | ||||||
FDIC Structured Sale Guaranteed Notes, Series 2010-L1A, Class A-1, 0% 20113 | 1,850 | 1,849 | ||||||
FDIC Structured Sale Guaranteed Notes, Series 2010-L2A, Class A, 3.00% 20193 | 24,066 | 24,264 | ||||||
FDIC Structured Sale Guaranteed Notes, Series 2010-S1, Class 1-A, 0.741% 20482,3 | 701 | 703 | ||||||
National Credit Union Administration, Series 2011-M1, Class A1, 0.206% 20132,4 | 2,486 | 2,486 | ||||||
National Credit Union Administration, Series 2011-M1, Class A2, 1.40% 20154 | 1,368 | 1,370 | ||||||
National Credit Union Administration, Series 2010-R2, Class 1A, 0.56% 20172,4 | 2,941 | 2,942 | ||||||
National Credit Union Administration, Series 2011-R3, Class 1A, 0.59% 20202 | 2,549 | 2,551 | ||||||
National Credit Union Administration, Series 2011-R1, Class 1A, 0.64% 20202 | 2,651 | 2,656 | ||||||
9,681,482 | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES1 — 4.04% | ||||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C3, Class A-1, 4.20% 2035 | 4 | 4 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A-5, 4.654% 2037 | 2,500 | 2,554 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-3B, 5.476% 20372 | 42,864 | 43,953 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A-1, 3.972% 2039 | 3,897 | 3,950 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A-3, 4.545% 2042 | 21,050 | 21,182 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A-3A1, 4.871% 2042 | 18,204 | 18,470 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A-4A, 4.936% 20422 | 1,655 | 1,773 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP5, Class A-2, 5.198% 2044 | 10,080 | 10,267 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CIBC14, Class A-4, 5.481% 20442 | 15,130 | 16,375 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A-4, 6.067% 20452 | 66,235 | 73,432 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C4, Class A-2, 3.341% 20463 | 2,625 | 2,628 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2011-C3A, Class A-2, 3.673% 20463 | 43,400 | 44,146 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A-2, 4.625% 2046 | 10,384 | 10,503 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class A-4, 5.932% 20492 | 26,753 | 29,075 | ||||||
CS First Boston Mortgage Securities Corp., Series 2001-CKN5, Class A-4, 5.435% 2034 | 269 | 269 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CP5, Class A-1, 4.106% 2035 | 191 | 193 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CKP1, Class F, 7.067% 20352,3 | 1,500 | 1,527 | ||||||
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A-3, 6.387% 2036 | 15,035 | 15,153 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-2, 4.183% 2037 | 3,899 | 3,898 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-3, 4.499% 2037 | 12,900 | 12,963 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A-AB, 4.614% 2037 | 15,326 | 15,970 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C1, Class E, 5.015% 20373 | 8,240 | 7,696 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A-3, 6.133% 2037 | 2,386 | 2,432 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A-AB, 5.10% 20382 | 10,678 | 11,186 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-C4, Class A-4, 4.283% 2039 | 2,505 | 2,524 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-C5, Class A-3, 5.311% 2039 | 57,676 | 61,849 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-C1, Class A-3, 5.711% 20392 | 7,076 | 7,473 | ||||||
CS First Boston Mortgage Securities Corp., Series 2006-C2, Class A-3, 5.85% 20392 | 7,305 | 7,968 | ||||||
CS First Boston Mortgage Securities Corp., Series 2007-C4, Class A-4, 5.995% 20392 | 28,645 | 30,366 | ||||||
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-3, 5.23% 20402 | 30,427 | 31,718 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-2, 5.117% 2037 | 8,831 | 8,997 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-5, 5.224% 20372 | 11,000 | 11,777 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-4-1, 5.243% 20372 | 15,000 | 15,810 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A-4, 6.078% 20382 | 27,715 | 30,805 | ||||||
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A-4, 5.444% 2039 | 64,195 | 68,952 | ||||||
American Tower Trust I, Series 2007-1A, Class A-FX, 5.42% 20373 | 18,500 | 19,812 | ||||||
American Tower Trust I, Series 2007-1A, Class B, 5.537% 20373 | 10,000 | 10,832 | ||||||
American Tower Trust I, Series 2007-1A, Class C, 5.615% 20373 | 10,000 | 10,784 | ||||||
American Tower Trust I, Series 2007-1A, Class D, 5.957% 20373 | 35,515 | 38,225 | ||||||
American Tower Trust I, Series 2007-1A, Class E, 6.249% 20373 | 8,250 | 8,860 | ||||||
American Tower Trust I, Series 2007-1A, Class F, 6.639% 20373 | 5,000 | 5,358 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP6, Class A-4, 5.475% 20432 | 51,820 | 56,511 | ||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP8, Class A-4, 5.399% 2045 | 14,040 | 15,192 | ||||||
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A-4, 5.394% 20442 | 17,005 | 18,509 | ||||||
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A-5, 5.617% 2048 | 44,734 | 48,489 | ||||||
DBUBS Mortgage Trust, Series 2011-LC1A, Class A1, 3.742% 20463 | 59,971 | 61,481 | ||||||
GE Commercial Mortgage Corp., Series 2004-C2, Class B, 4.983% 2040 | 19,193 | 19,314 | ||||||
GE Commercial Mortgage Corp., Series 2006-C1, Class A-4, 5.512% 20442 | 33,700 | 36,705 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class AM, 5.392% 20372 | 4,620 | 4,793 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class A-3-A, 4.949% 20382 | 8,500 | 8,789 | ||||||
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A-3, 5.863% 20392 | 3,050 | 3,238 | ||||||
Merrill Lynch Mortgage Trust, Series 2004-BPC1, Class A-5, 4.855% 20412 | 6,805 | 7,209 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class A-4, 4.747% 20432 | 12,080 | 12,896 | ||||||
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class AM, 4.805% 20432 | 6,300 | 6,477 | ||||||
Merrill Lynch Mortgage Trust, Series 2006-C2, Class A-4, 5.742% 20432 | 10,250 | 11,232 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A-3, 4.608% 2035 | 478 | 489 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C18, Class A-PB, 4.807% 2042 | 2,345 | 2,429 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class A-7, 5.118% 20422 | 9,605 | 10,441 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-2, 5.242% 2044 | 2,534 | 2,532 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-4, 5.44% 20442 | 15,350 | 16,654 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-PB, 5.445% 20442 | 7,372 | 7,690 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A-PB, 5.446% 2045 | 5,276 | 5,390 | ||||||
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A-3, 5.172% (undated)2 | 41,210 | 43,983 | ||||||
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20263,4 | 39,852 | 42,110 | ||||||
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-3, 4.561% 2041 | 7,530 | 7,570 | ||||||
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-AB, 4.673% 2041 | 1,084 | 1,127 | ||||||
Banc of America Commercial Mortgage Inc., Series 2005-3, Class A-2, 4.501% 2043 | 520 | 521 | ||||||
Banc of America Commercial Mortgage Inc., Series 2005-5, Class A-4, 5.115% 20452 | 2,500 | 2,709 | ||||||
Banc of America Commercial Mortgage Inc., Series 2006-4, Class A-4, 5.634% 2046 | 15,990 | 17,516 | ||||||
Banc of America Commercial Mortgage Inc., Series 2007-3, Class A-4, 5.802% (undated)2 | 7,966 | 8,584 | ||||||
Crown Castle Towers LLC, Series 2010-1, Class C, 4.523% 20353 | 2,000 | 2,093 | ||||||
Crown Castle Towers LLC, Series 2010-5, Class C, 4.174% 20373 | 20,000 | 20,348 | ||||||
Crown Castle Towers LLC, Series 2010-2, Class C, 5.495% 20373 | 10,000 | 10,711 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-PBW1, Class A-1, 3.97% 2035 | 421 | 421 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2004-PWR6, Class A-4, 4.521% 2041 | 10,000 | 10,108 | ||||||
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-3, 4.868% 2042 | 20,825 | 21,578 | ||||||
Commercial Mortgage Trust, Series 2003-LNB1, Class A-2, 4.084% 2038 | 20,000 | 20,798 | ||||||
Commercial Mortgage Trust, Series 2004-LNB2, Class A-3, 4.221% 2039 | 1,391 | 1,398 | ||||||
Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A-3, 5.92% (undated)2 | 15,800 | 17,428 | ||||||
COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A-2, 5.174% 2048 | 8,943 | 9,111 | ||||||
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class A-2, 5.103% 2030 | 2,161 | 2,161 | ||||||
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class A-4, 5.197% 20302 | 5,000 | 5,429 | ||||||
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PWR13, Class A-4, 5.54% 2041 | 6,000 | 6,546 | ||||||
Morgan Stanley Capital I Trust, Series 2005-HQ7, Class A-2, 5.374% 20422 | 6,182 | 6,356 | ||||||
GE Capital Commercial Mortgage Corp., Series 2002-3, Class A-2, 4.996% 2037 | 2,469 | 2,548 | ||||||
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A-2, 6.07% 2038 | 1,942 | 1,953 | ||||||
Salomon Brothers Commercial Mortgage Trust, Series 2001-C2, Class A-3, 6.499% 2036 | 883 | 888 | ||||||
1,342,164 | ||||||||
OTHER MORTGAGE-BACKED SECURITIES1 — 0.81% | ||||||||
Nykredit 4.00% 2035 | DKr273,904 | $ | 50,511 | |||||
Nationwide Building Society, Series 2007-2, 5.50% 20123 | $ | 35,000 | 36,515 | |||||
Bank of America 5.50% 20123 | 35,000 | 36,326 | ||||||
HBOS Treasury Services PLC 5.00% 20113 | 5,250 | 5,327 | ||||||
HBOS Treasury Services PLC 5.25% 20173 | 14,000 | 14,988 | ||||||
HBOS Treasury Services PLC 5.25% 2017 | 7,000 | 7,494 | ||||||
Barclays Bank PLC 2.50% 20153 | 3,600 | 3,574 | ||||||
Barclays Bank PLC 4.00% 2019 | € | 14,150 | 20,646 | |||||
Compagnie de Financement Foncier 2.125% 20133 | $ | 16,700 | 16,956 | |||||
Compagnie de Financement Foncier 2.25% 20143 | 6,500 | 6,578 | ||||||
Bank of Montreal 2.85% 20153 | 17,000 | 17,630 | ||||||
Bank of Montreal 2.625% 20163 | 4,250 | 4,329 | ||||||
Royal Bank of Canada 3.125% 20153 | 18,160 | 19,000 | ||||||
HSBC Bank PLC 1.625% 20143 | 4,400 | 4,392 | ||||||
Credit Suisse Group AG 2.60% 20163 | 4,300 | 4,295 | ||||||
Canadian Imperial Bank 2.75% 20163 | 4,150 | 4,251 | ||||||
Northern Rock PLC 5.625% 20173 | 4,000 | 4,219 | ||||||
DEPFA ACS Bank 5.125% 20373 | 5,000 | 3,525 | ||||||
Sparebank 1 Boligkreditt AS 2.625% 20163 | 3,400 | 3,408 | ||||||
Swedbank Hypotek AB 2.95% 20163 | 3,000 | 3,053 | ||||||
DnB NOR ASA 2.90% 20163 | 2,000 | 2,038 | ||||||
269,055 | ||||||||
COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED)1 — 0.62% | ||||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-8, Class 3-AF, 0.566% 20362 | 10,911 | 7,262 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-2, Class 5-A-1, 5.759% 20362 | 4,573 | 3,392 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-6, Class 3-A-1, 5.244% 20372 | 16,107 | 10,557 | ||||||
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12, Class 2-A1, 5.381% 20372 | 15,738 | 11,512 | ||||||
Residential Accredit Loans, Inc., Series 2005-QR1, Class A, 6.00% 2034 | 21,369 | 21,792 | ||||||
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 2-A-1, 6.50% 2037 | 33,387 | 21,354 | ||||||
American General Mortgage Loan Trust, Series 2006-1, Class A-5, 5.743% 20352,3 | 6,570 | 6,842 | ||||||
American General Mortgage Loan Trust, Series 2010-1A, Class A-1, 5.15% 20582,3 | 13,621 | 14,050 | ||||||
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2-A1, 5.509% 20372 | 25,163 | 16,966 | ||||||
J.P. Morgan Alternative Loan Trust, Series 2006-A1, Class 2-A-1, 2.711% 20362 | 13,898 | 8,842 | ||||||
J.P. Morgan Alternative Loan Trust, Series 2006-A2, Class 5-A-1, 5.836% 20362 | 10,457 | 6,724 | ||||||
Countrywide Alternative Loan Trust, Series 2004-14T2, Class A-2, 5.50% 2034 | 7,103 | 7,051 | ||||||
Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1-A-1, 6.00% 2035 | 6,726 | 6,521 | ||||||
TBW Mortgage-backed Trust, Series 2007-2, Class A-4-B, 0.606% 20372 | 19,893 | 13,529 | ||||||
Thornburg Mortgage Securities Trust, Series 2006-5, Class A-1, 0.306% 20462 | 12,474 | 12,400 | ||||||
Bear Stearns ALT-A Trust, Series 2006-2, Class II-4-A-1, 5.585% 20362 | 18,378 | 11,257 | ||||||
IndyMac INDX Mortgage Loan Trust, Series 2006-AR25, Class 3-A-1, 5.132% 20362 | 14,807 | 7,261 | ||||||
CHL Mortgage Pass-Through Trust, Series 2007-HY5, Class 1-A-1, 5.682% 20472 | 5,984 | 4,383 | ||||||
CHL Mortgage Pass-Through Trust, Series 2007-HY4, Class 1-A-1, 5.684% 20472 | 1,812 | 1,265 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-30, Class I-A-1, 7.50% 2032 | 264 | 267 | ||||||
CS First Boston Mortgage Securities Corp., Series 2002-34, Class I-A-1, 7.50% 2032 | 34 | 35 | ||||||
CS First Boston Mortgage Securities Corp., Series 2003-21, Class V-A-1, 6.50% 2033 | 2,052 | 2,078 | ||||||
CS First Boston Mortgage Securities Corp., Series 2003-29, Class V-A-1, 7.00% 2033 | 36 | 38 | ||||||
CS First Boston Mortgage Securities Corp., Series 2007-1, Class 1-A-6A, 5.863% 20372 | 4,555 | 2,358 | ||||||
J.P. Morgan Mortgage Trust, Series 2006-A3, Class 3-A-3, 5.679% 20362 | 3,684 | 2,968 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5, Class 1-A2A, 5.271% 20372 | 4,452 | 2,953 | ||||||
Washington Mutual Mortgage, WMALT Series 2007-2, Class 3-A-1, 5.50% 2022 | 1,905 | 1,794 | ||||||
Harborview Mortgage Loan Trust, Series 2006-6, Class 1A, 2.877% 20362 | 2,324 | 1,481 | ||||||
206,932 | ||||||||
Total mortgage-backed obligations | 11,499,633 | |||||||
CORPORATE BONDS & NOTES — 29.58% | ||||||||
FINANCIALS — 10.02% | ||||||||
Banks — 3.14% | ||||||||
Société Générale 3.10% 20153 | $ | 17,000 | $ | 16,820 | ||||
Société Générale 3.50% 20163 | 16,000 | 15,840 | ||||||
Société Générale 5.75% 20163 | 53,300 | 53,312 | ||||||
Société Générale 5.20% 20213 | 53,300 | 52,443 | ||||||
Royal Bank of Scotland PLC 3.40% 2013 | 16,500 | 16,892 | ||||||
Royal Bank of Scotland Group PLC 5.00% 2014 | 6,665 | 6,583 | ||||||
Royal Bank of Scotland PLC 3.95% 2015 | 17,000 | 17,096 | ||||||
Royal Bank of Scotland PLC 4.875% 2015 | 20,000 | 20,774 | ||||||
Royal Bank of Scotland Group PLC 5.05% 2015 | 8,240 | 8,200 | ||||||
Royal Bank of Scotland Group PLC 4.375% 2016 | 23,810 | 24,043 | ||||||
Royal Bank of Scotland Group PLC 4.70% 2018 | 3,485 | 3,019 | ||||||
Royal Bank of Scotland PLC 6.934% 2018 | € | 5,750 | 8,182 | |||||
Royal Bank of Scotland PLC 6.125% 2021 | $ | 6,000 | 6,162 | |||||
HBOS PLC 6.75% 20183 | 88,651 | 85,427 | ||||||
HBOS PLC 4.375% 20192 | € | 2,870 | 3,821 | |||||
HBOS PLC 6.00% 20333 | $ | 19,520 | 14,918 | |||||
Wells Fargo & Co. 3.676% 2016 | 42,440 | 43,649 | ||||||
Wells Fargo & Co. 4.60% 2021 | 49,785 | 50,159 | ||||||
HSBC Bank PLC 2.00% 20143 | 21,000 | 21,126 | ||||||
HSBC Bank PLC 3.50% 20153 | 9,000 | 9,244 | ||||||
HSBC Finance Corp. 0.684% 20162 | 11,250 | 10,678 | ||||||
HSBC Bank USA, NA 4.875% 2020 | 22,125 | 21,822 | ||||||
HSBC Bank PLC 4.75% 20213 | 12,550 | 12,595 | ||||||
HSBC Holdings PLC 5.10% 2021 | 5,000 | 5,134 | ||||||
Standard Chartered PLC 3.85% 20153 | 21,327 | 22,097 | ||||||
Standard Chartered PLC 3.20% 20163 | 33,245 | 32,961 | ||||||
Standard Chartered Bank 6.40% 20173 | 11,000 | 12,266 | ||||||
CIT Group Inc., Series A, 7.00% 20141 | 10,793 | 10,941 | ||||||
CIT Group Inc., Series A, 7.00% 2015 | 34,139 | 34,267 | ||||||
CIT Group Inc., Series A, 7.00% 2016 | 15,725 | 15,686 | ||||||
BNP Paribas 1.19% 20142 | 12,000 | 11,920 | ||||||
BNP Paribas 3.60% 2016 | 14,000 | 14,171 | ||||||
BNP Paribas 5.00% 2021 | 32,650 | 32,888 | ||||||
Sovereign Bancorp, Inc. 8.75% 2018 | 3,000 | 3,468 | ||||||
Santander Issuances, SA Unipersonal 6.50% 20192,3 | 31,500 | 31,659 | ||||||
Bank of Tokyo-Mitsubishi, Ltd. 2.45% 20153 | 17,000 | 17,019 | ||||||
Union Bank of California, NA 5.95% 2016 | 12,455 | 13,634 | ||||||
Korea Development Bank 5.30% 2013 | 13,635 | 14,369 | ||||||
Korea Development Bank 8.00% 2014 | 11,365 | 12,960 | ||||||
Intesa Sanpaolo SpA 6.50% 20213 | 25,935 | 27,097 | ||||||
BBVA Bancomer SA 4.50% 20163 | 17,605 | 18,001 | ||||||
BBVA Bancomer SA 7.25% 20203 | 3,785 | 3,984 | ||||||
BBVA Bancomer SA 6.50% 20213 | 3,475 | 3,562 | ||||||
UniCredito Italiano SpA 6.00% 20173 | 17,000 | 16,358 | ||||||
HVB Funding Trust I 8.741% 20313 | 8,264 | 8,099 | ||||||
Nordea Bank 2.125% 20143 | 15,000 | 15,114 | ||||||
Nordea Bank, Series 2, 3.70% 20143 | 8,000 | 8,376 | ||||||
Barclays Bank PLC 5.125% 2020 | 10,000 | 10,167 | ||||||
Barclays Bank PLC 5.14% 2020 | 10,850 | 10,309 | ||||||
ANZ National (International) Ltd. 3.125% 20153 | 16,500 | 16,636 | ||||||
Westpac Banking Corp. 3.00% 2015 | 16,000 | 16,117 | ||||||
Development Bank of Kazakhstan 5.50% 20153 | 12,635 | 13,077 | ||||||
VEB Finance Ltd. 6.902% 20203 | 9,100 | 9,729 | ||||||
VEB Finance Ltd. 6.80% 20253 | 1,500 | 1,528 | ||||||
PNC Funding Corp. 5.40% 2014 | 10,000 | 11,042 | ||||||
Banco del Estado de Chile 4.125% 20203 | 10,000 | 9,679 | ||||||
Commerzbank AG, Series 151, 6.625% 2019 | £ | 1,350 | 2,103 | |||||
Commerzbank AG, Series 774, 7.75% 2021 | € | 3,400 | 4,972 | |||||
Regions Financial Corp. 6.375% 2012 | $ | 6,792 | 6,941 | |||||
HSBK (Europe) BV 7.25% 20213 | 6,710 | 6,820 | ||||||
Banco de Crédito del Perú 5.375% 20203 | 7,000 | 6,702 | ||||||
Bergen Bank 0.625% (undated)2 | 5,000 | 3,104 | ||||||
SunTrust Banks, Inc. 6.00% 2017 | 2,000 | 2,224 | ||||||
Norinchukin Finance (Cayman) Ltd. 5.625% 20162 | £ | 205 | 330 | |||||
Banco Santander-Chile 5.375% 20143 | $ | 300 | 317 | |||||
1,040,633 | ||||||||
Diversified financials — 3.08% | ||||||||
JPMorgan Chase & Co. 2.05% 2014 | 12,520 | 12,621 | ||||||
JPMorgan Chase & Co. 3.40% 2015 | 20,000 | 20,552 | ||||||
JPMorgan Chase & Co. 2.60% 2016 | 16,000 | 15,796 | ||||||
JPMorgan Chase & Co. 3.15% 2016 | 44,315 | 44,637 | ||||||
JPMorgan Chase & Co. 3.45% 2016 | 42,857 | 43,702 | ||||||
JPMorgan Chase & Co. 4.25% 2020 | 5,000 | 4,901 | ||||||
JPMorgan Chase & Co. 4.625% 2021 | 75,170 | 74,708 | ||||||
Citigroup Inc. 1.111% 20132 | 14,500 | 14,450 | ||||||
Citigroup Inc. 4.587% 2015 | 35,215 | 37,070 | ||||||
Citigroup Inc. 4.75% 2015 | 38,000 | 40,223 | ||||||
Citigroup Inc. 3.953% 2016 | 53,245 | 54,568 | ||||||
Citigroup Inc. 6.125% 2017 | 21,000 | 23,224 | ||||||
Citigroup Inc. 8.50% 2019 | 5,000 | 6,218 | ||||||
Citigroup Inc. 5.375% 2020 | 2,500 | 2,614 | ||||||
Countrywide Financial Corp., Series B, 5.80% 2012 | 18,000 | 18,780 | ||||||
Bank of America Corp., Series L, 3.625% 2016 | 17,500 | 17,569 | ||||||
Bank of America Corp. 5.75% 2017 | 1,000 | 1,065 | ||||||
Bank of America Corp. 5.65% 2018 | 2,000 | 2,112 | ||||||
Bank of America Corp. 5.625% 2020 | 26,250 | 27,151 | ||||||
Bank of America Corp. 5.00% 2021 | 50,425 | 49,908 | ||||||
Bank of America Corp. 5.875% 2021 | 28,510 | 29,975 | ||||||
Morgan Stanley, Series F, 2.875% 2014 | 20,750 | 21,010 | ||||||
Morgan Stanley 3.80% 2016 | 25,140 | 24,875 | ||||||
Morgan Stanley, Series F, 5.625% 2019 | 44,400 | 45,636 | ||||||
Morgan Stanley, Series F, 5.75% 2021 | 49,200 | 49,873 | ||||||
Goldman Sachs Group, Inc. 3.625% 2016 | 46,105 | 46,655 | ||||||
Goldman Sachs Group, Inc. 6.15% 2018 | 1,000 | 1,090 | ||||||
Goldman Sachs Group, Inc. 7.50% 2019 | 20,250 | 23,597 | ||||||
Goldman Sachs Group, Inc. 5.375% 2020 | 29,960 | 30,992 | ||||||
Goldman Sachs Group, Inc. 6.25% 2041 | 15,870 | 16,054 | ||||||
UBS AG 1.273% 20142 | 5,000 | 5,025 | ||||||
UBS AG 2.25% 2014 | 22,400 | 22,648 | ||||||
UBS AG 3.875% 2015 | 3,000 | 3,134 | ||||||
UBS AG 5.875% 2017 | 2,000 | 2,197 | ||||||
UBS AG 5.75% 2018 | 18,220 | 19,782 | ||||||
UBS AG 4.875% 2020 | 11,195 | 11,344 | ||||||
UBS AG 7.75% 2026 | 3,000 | 3,630 | ||||||
Lazard Group LLC 7.125% 2015 | 21,175 | 23,847 | ||||||
SLM Corp., Series A, 0.504% 20112 | 8,700 | 8,657 | ||||||
SLM Corp., Series A, 5.40% 2011 | 5,000 | 5,050 | ||||||
SLM Corp. 6.25% 2016 | 4,000 | 4,154 | ||||||
SLM Corp., Series A, 5.00% 2018 | 3,250 | 3,081 | ||||||
Bank of New York Mellon Corp., Series G, 2.50% 2016 | 16,000 | 16,163 | ||||||
Credit Suisse Group AG 2.20% 2014 | 15,000 | 15,205 | ||||||
Export-Import Bank of Korea 5.875% 2015 | 12,400 | 13,659 | ||||||
Northern Trust Corp. 4.625% 2014 | 8,475 | 9,261 | ||||||
Northern Trust Corp. 5.85% 20173 | 3,750 | 4,259 | ||||||
Springleaf Finance Corp., Term Loan B, 5.50% 20171,2,5 | 13,030 | 12,791 | ||||||
Capital One Financial Corp. 5.50% 2015 | 1,500 | 1,642 | ||||||
Capital One Financial Corp. 6.15% 2016 | 10,000 | 11,044 | ||||||
NASDAQ OMX Group, Inc. 5.25% 2018 | 8,100 | 8,303 | ||||||
Jefferies Group, Inc. 5.125% 2018 | 6,000 | 6,021 | ||||||
ING Bank NV 5.50% 2012 | € | 3,750 | 5,509 | |||||
ACE Cash Express, Inc. 11.00% 20193 | $ | 1,375 | 1,385 | |||||
Community Choice Financial 10.75% 20193 | 675 | 689 | ||||||
International Lease Finance Corp. 5.00% 2012 | 390 | 397 | ||||||
American Express Co. 6.15% 2017 | 150 | 171 | ||||||
1,020,674 | ||||||||
Real estate — 2.30% | ||||||||
Prologis, Inc. 7.625% 2014 | 26,250 | 29,923 | ||||||
Prologis, Inc. 5.75% 2016 | 10,000 | 10,816 | ||||||
Prologis, Inc. 6.25% 2017 | 6,000 | 6,638 | ||||||
Prologis, Inc. 6.625% 2018 | 39,170 | 43,368 | ||||||
Prologis, Inc. 7.375% 2019 | 21,097 | 24,095 | ||||||
Prologis, Inc. 6.875% 2020 | 25,675 | 28,398 | ||||||
Kimco Realty Corp., Series C, 4.82% 2011 | 7,500 | 7,532 | ||||||
Kimco Realty Corp. 6.00% 2012 | 12,250 | 12,966 | ||||||
Pan Pacific Retail Properties, Inc. 6.125% 2013 | 1,605 | 1,704 | ||||||
Kimco Realty Corp., Series C, 4.82% 2014 | 29,280 | 31,294 | ||||||
Kimco Realty Corp., Series C, 4.904% 2015 | 1,770 | 1,903 | ||||||
Kimco Realty Corp., Series C, 5.783% 2016 | 11,000 | 12,162 | ||||||
Kimco Realty Corp. 5.70% 2017 | 28,450 | 31,573 | ||||||
Kimco Realty Corp. 4.30% 2018 | 24,420 | 25,007 | ||||||
Kimco Realty Corp. 6.875% 2019 | 4,000 | 4,655 | ||||||
Westfield Group 5.40% 20123 | 18,400 | 19,340 | ||||||
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 5.125% 20143 | 5,000 | 5,451 | ||||||
Westfield Group 7.50% 20143 | 12,500 | 14,417 | ||||||
Westfield Group 5.75% 20153 | 32,000 | 35,582 | ||||||
Westfield Group 5.70% 20163 | 14,195 | 15,725 | ||||||
Westfield Group 7.125% 20183 | 12,135 | 14,182 | ||||||
WEA Finance LLC 4.625% 20213 | 17,720 | 17,230 | ||||||
Hospitality Properties Trust 6.75% 2013 | 14,745 | 15,734 | ||||||
Hospitality Properties Trust 7.875% 2014 | 950 | 1,073 | ||||||
Hospitality Properties Trust 5.125% 2015 | 6,665 | 7,019 | ||||||
Hospitality Properties Trust 6.30% 2016 | 26,868 | 29,374 | ||||||
Hospitality Properties Trust 5.625% 2017 | 1,195 | 1,237 | ||||||
Hospitality Properties Trust 6.70% 2018 | 41,890 | 44,958 | ||||||
Simon Property Group, LP 6.75% 2014 | 9,100 | 10,319 | ||||||
Simon Property Group, LP 4.20% 2015 | 2,430 | 2,587 | ||||||
Simon Property Group, LP 5.875% 2017 | 15,000 | 17,008 | ||||||
Simon Property Group, LP 6.125% 2018 | 27,075 | 30,404 | ||||||
Simon Property Group, LP 10.35% 2019 | 8,995 | 12,469 | ||||||
Realogy Corp., Letter of Credit, 3.223% 20161,2,5 | 1,457 | 1,311 | ||||||
Realogy Corp., Term Loan B, 4.518% 20161,2,5 | 27,779 | 25,001 | ||||||
Realogy Corp., Second Lien Term Loan A, 13.50% 20171,5 | 20,325 | 21,692 | ||||||
Realogy Corp. 7.875% 20193 | 14,175 | 14,104 | ||||||
Developers Diversified Realty Corp. 5.375% 2012 | 4,635 | 4,773 | ||||||
Developers Diversified Realty Corp. 5.50% 2015 | 11,643 | 12,415 | ||||||
Developers Diversified Realty Corp. 9.625% 2016 | 3,585 | 4,330 | ||||||
Developers Diversified Realty Corp. 7.50% 2017 | 7,655 | 8,679 | ||||||
Developers Diversified Realty Corp. 4.75% 2018 | 2,000 | 1,974 | ||||||
Brandywine Operating Partnership, LP 5.75% 2012 | 27,110 | 28,017 | ||||||
Brandywine Operating Partnership, LP 5.40% 2014 | 3,000 | 3,214 | ||||||
ERP Operating LP 6.584% 2015 | 10,000 | 11,457 | ||||||
ERP Operating LP 7.125% 2017 | 5,000 | 5,868 | ||||||
UDR, Inc., Series A, 5.25% 2015 | 13,030 | 13,968 | ||||||
Rouse Co. 7.20% 2012 | 1,025 | 1,072 | ||||||
Rouse Co. 5.375% 2013 | 7,250 | 7,313 | ||||||
Rouse Co. 6.75% 20133 | 3,750 | 3,895 | ||||||
Boston Properties, Inc. 5.875% 2019 | 10,000 | 10,975 | ||||||
Host Marriott, LP, Series O, 6.375% 2015 | 2,000 | 2,050 | ||||||
Host Hotels & Resorts LP 9.00% 2017 | 1,800 | 2,034 | ||||||
Host Hotels & Resorts LP 5.875% 20193 | 5,325 | 5,358 | ||||||
Weingarten Realty Investors, Series A, 4.857% 2014 | 6,080 | 6,439 | ||||||
762,082 | ||||||||
Insurance — 1.44% | ||||||||
ACE INA Holdings Inc. 5.875% 2014 | 17,445 | 19,518 | ||||||
ACE INA Holdings Inc. 2.60% 2015 | 26,265 | 26,403 | ||||||
ACE INA Holdings Inc. 5.70% 2017 | 3,500 | 3,906 | ||||||
ACE INA Holdings Inc. 5.80% 2018 | 1,000 | 1,114 | ||||||
ACE Capital Trust II 9.70% 2030 | 10,000 | 12,981 | ||||||
Liberty Mutual Group Inc. 5.75% 20143 | 10,435 | 11,079 | ||||||
Liberty Mutual Group Inc. 6.70% 20163 | 6,250 | 6,941 | ||||||
Liberty Mutual Group Inc. 6.50% 20353 | 40,675 | 37,917 | ||||||
CNA Financial Corp. 5.85% 2014 | 6,500 | 7,047 | ||||||
CNA Financial Corp. 6.50% 2016 | 10,000 | 11,173 | ||||||
CNA Financial Corp. 7.35% 2019 | 4,270 | 4,875 | ||||||
CNA Financial Corp. 5.875% 2020 | 3,250 | 3,385 | ||||||
CNA Financial Corp. 5.75% 2021 | 5,000 | 5,173 | ||||||
CNA Financial Corp. 7.25% 2023 | 17,145 | 19,006 | ||||||
PRICOA Global Funding I 5.30% 20133 | 2,500 | 2,714 | ||||||
Prudential Holdings, LLC, Series C, 8.695% 20231,3 | 35,310 | 42,887 | ||||||
Monumental Global Funding 5.50% 20133 | 16,370 | 17,558 | ||||||
Monumental Global Funding III 5.25% 20143 | 21,500 | 22,898 | ||||||
AEGON NV 6.125% 2031 | £ | 1,730 | 2,650 | |||||
MetLife Global Funding I 5.125% 20133 | $ | 18,310 | 19,491 | |||||
MetLife Global Funding I 2.50% 20153 | 19,500 | 19,498 | ||||||
AXA SA 8.60% 2030 | 2,315 | 2,765 | ||||||
AXA SA 6.463% (undated)2,3 | 30,000 | 26,250 | ||||||
New York Life Global Funding 5.25% 20123 | 15,300 | 16,165 | ||||||
New York Life Global Funding 4.65% 20133 | 9,370 | 10,028 | ||||||
Principal Life Insurance Co. 5.30% 2013 | 18,150 | 19,527 | ||||||
Allstate Life Global Funding Trust, Series 2008-4, 5.375% 2013 | 15,000 | 16,173 | ||||||
UnumProvident Finance Co. PLC 6.85% 20153 | 2,839 | 3,181 | ||||||
Unum Group 7.125% 2016 | 8,661 | 9,952 | ||||||
Unum Group 5.625% 2020 | 825 | 865 | ||||||
RSA Insurance Group PLC 9.375% 20392 | £ | 3,765 | 7,226 | |||||
RSA Insurance Group PLC 8.50% (undated)2 | 2,429 | 4,113 | ||||||
Jackson National Life Global 5.375% 20133 | $ | 10,000 | 10,711 | |||||
Lincoln National Corp. 5.65% 2012 | 10,000 | 10,482 | ||||||
Standard Life PLC 6.375% 20222 | € | 6,510 | 9,482 | |||||
Assicurazioni Generali SpA. 6.90% 20222 | 6,420 | 9,450 | ||||||
Nationwide Financial Services, Inc. 6.75% 20672 | $ | 7,085 | 6,676 | |||||
Munich Re Finance BV 6.75% 20232 | € | 3,550 | 5,351 | |||||
Berkshire Hathaway Inc. 3.20% 2015 | $ | 5,000 | 5,216 | |||||
TIAA Global Markets 4.95% 20133 | 3,000 | 3,231 | ||||||
Chubb Corp. 6.375% 20672 | 1,000 | 1,040 | ||||||
Loews Corp. 6.00% 2035 | 225 | 221 | ||||||
476,319 | ||||||||
Automobiles & components — 0.06% | ||||||||
Toyota Motor Credit Corp. 1.375% 2013 | 16,500 | 16,622 | ||||||
Ford Motor Credit Co. 7.25% 2011 | 2,000 | 2,030 | ||||||
18,652 | ||||||||
CONSUMER DISCRETIONARY — 3.36% | ||||||||
Media — 1.90% | ||||||||
Tele-Communications, Inc. 9.80% 2012 | 17,500 | 18,406 | ||||||
Comcast Corp. 6.30% 2017 | 13,410 | 15,565 | ||||||
Comcast Corp. 5.875% 2018 | 29,400 | 33,020 | ||||||
Comcast Corp. 6.45% 2037 | 8,500 | 9,121 | ||||||
Comcast Corp. 6.95% 2037 | 15,520 | 17,576 | ||||||
Comcast Corp. 6.55% 2039 | 1,000 | 1,086 | ||||||
Comcast Corp. 6.40% 2040 | 20,100 | 21,585 | ||||||
Time Warner Cable Inc. 6.20% 2013 | 9,700 | 10,645 | ||||||
Time Warner Cable Inc. 7.50% 2014 | 15,675 | 18,070 | ||||||
Time Warner Cable Inc. 8.25% 2014 | 3,250 | 3,782 | ||||||
Time Warner Cable Inc. 6.75% 2018 | 25,400 | 29,498 | ||||||
Time Warner Cable Inc. 8.25% 2019 | 7,215 | 9,012 | ||||||
Time Warner Cable Inc. 4.125% 2021 | 15,000 | 14,527 | ||||||
Time Warner Cable Inc. 6.75% 2039 | 6,800 | 7,463 | ||||||
Time Warner Inc. 5.875% 2016 | 30,670 | 35,098 | ||||||
Time Warner Companies, Inc. 7.25% 2017 | 1,600 | 1,928 | ||||||
Time Warner Inc. 4.75% 2021 | 14,840 | 15,125 | ||||||
Time Warner Companies, Inc. 7.57% 2024 | 12,340 | 15,203 | ||||||
Time Warner Inc. 6.50% 2036 | 3,660 | 3,914 | ||||||
Time Warner Inc. 6.20% 2040 | 9,450 | 9,714 | ||||||
Time Warner Inc. 6.25% 2041 | 9,700 | 10,111 | ||||||
NBC Universal, Inc. 2.10% 20143 | 16,000 | 16,223 | ||||||
NBC Universal, Inc. 2.875% 20163 | 17,000 | 17,046 | ||||||
NBC Universal, Inc. 5.15% 20203 | 14,000 | 14,809 | ||||||
NBC Universal, Inc. 4.375% 20213 | 22,390 | 22,200 | ||||||
NBC Universal, Inc. 6.40% 20403 | 6,600 | 7,118 | ||||||
NBC Universal, Inc. 5.95% 20413 | 5,100 | 5,204 | ||||||
News America Holdings Inc. 8.00% 2016 | 1,000 | 1,230 | ||||||
News America Inc. 6.90% 2019 | 12,750 | 14,862 | ||||||
News America Inc. 4.50% 20213 | 5,250 | 5,191 | ||||||
News America Inc. 6.15% 2037 | 300 | 305 | ||||||
News America Inc. 6.65% 2037 | 36,900 | 39,673 | ||||||
News America Inc. 6.15% 20413 | 12,000 | 11,928 | ||||||
Thomson Reuters Corp. 6.50% 2018 | 42,225 | 49,471 | ||||||
Cox Communications, Inc. 7.125% 2012 | 7,000 | 7,510 | ||||||
Cox Communications, Inc. 5.45% 2014 | 17,045 | 19,012 | ||||||
Cox Communications, Inc. 9.375% 20193 | 7,225 | 9,616 | ||||||
Virgin Media Finance PLC 8.375% 20193 | 8,050 | 9,016 | ||||||
Virgin Media Secured Finance PLC 5.25% 20213 | 2,650 | 2,827 | ||||||
Virgin Media Secured Finance PLC 5.50% 2021 | £ | 3,000 | 4,775 | |||||
Mediacom LLC and Mediacom Capital Corp. 9.125% 2019 | $ | 9,000 | 9,540 | |||||
Charter Communications, Inc. 13.50% 2016 | 7,334 | 8,672 | ||||||
Clear Channel Worldwide Holdings, Inc., Series B, 9.25% 2017 | 6,500 | 7,118 | ||||||
Nara Cable Funding Ltd. 8.875% 2018 | € | 4,900 | 7,088 | |||||
Univision Communications Inc., Term Loan, 4.436% 20171,2,5 | $ | 6,391 | 6,079 | |||||
Univision Communications Inc. 8.50% 20213 | 495 | 496 | ||||||
Regal Entertainment Group 9.125% 2018 | 4,000 | 4,160 | ||||||
Regal Cinemas Corp. 8.625% 2019 | 2,000 | 2,110 | ||||||
Radio One, Inc., Term Loan B, 7.50% 20161,2,5 | 6,185 | 6,253 | ||||||
AMC Entertainment Inc. 8.75% 2019 | 5,775 | 6,122 | ||||||
Grupo Televisa, SAB 6.625% 2040 | 5,200 | 5,499 | ||||||
DISH DBS Corp 6.75% 20213 | 4,775 | 4,918 | ||||||
Cinemark USA, Inc. 8.625% 2019 | 2,000 | 2,200 | ||||||
UPC Germany GmbH 9.625% 2019 | € | 1,250 | 1,976 | |||||
Cequel Communications Holdings I, LLC and Cequel Capital Corp. 8.625% 20173 | $ | 1,375 | 1,437 | |||||
632,133 | ||||||||
Retailing — 0.56% | ||||||||
Staples, Inc. 9.75% 2014 | 29,627 | 35,291 | ||||||
Macy’s Retail Holdings, Inc. 8.125% 20152 | 22,270 | 26,529 | ||||||
Nordstrom, Inc. 6.75% 2014 | 18,975 | 21,729 | ||||||
Michaels Stores, Inc., Term Loan B1, 2.563% 20131,2,5 | 1,913 | 1,884 | ||||||
Michaels Stores, Inc. 0%/13.00% 20166 | 7,235 | 7,524 | ||||||
Michaels Stores, Inc., Term Loan B2, 4.813% 20161,2,5 | 648 | 646 | ||||||
Michaels Stores, Inc. 11.375% 2016 | 3,000 | 3,210 | ||||||
Michaels Stores, Inc. 7.75% 20183 | 8,000 | 8,060 | ||||||
Marks and Spencer Group PLC 6.25% 20173 | 6,135 | 6,561 | ||||||
Marks and Spencer Group PLC 7.125% 20373 | 5,856 | 5,808 | ||||||
Neiman Marcus Group, Inc., Term Loan B, 4.75% 20181,2,5 | 12,335 | 12,184 | ||||||
Toys “R” Us-Delaware, Inc., Term Loan B, 6.00% 20161,2,5 | 4,317 | 4,323 | ||||||
Toys “R” Us Property Co. II, LLC 8.50% 2017 | 6,275 | 6,589 | ||||||
Toys “R” Us Property Co. I, LLC 10.75% 2017 | 650 | 726 | ||||||
Sally Holdings LLC and Sally Capital Inc. 9.25% 2014 | 6,550 | 6,845 | ||||||
Sally Holdings LLC and Sally Capital Inc. 10.50% 2016 | 1,050 | 1,126 | ||||||
Dollar General Corp., Term Loan B2, 2.936% 20141,2,5 | 854 | 853 | ||||||
Dollar General Corp. 10.625% 2015 | 3,042 | 3,213 | ||||||
Dollar General Corp. 11.875% 20172,7 | 3,244 | 3,714 | ||||||
J.C. Penney Co., Inc. 5.75% 2018 | 4,523 | 4,614 | ||||||
J.C. Penney Co., Inc. 5.65% 2020 | 3,000 | 2,985 | ||||||
Home Depot, Inc. 4.40% 2021 | 7,500 | 7,551 | ||||||
Limited Brands, Inc. 7.00% 2020 | 1,770 | 1,872 | ||||||
Limited Brands, Inc. 6.625% 2021 | 4,230 | 4,346 | ||||||
Lowe’s Companies, Inc. 3.75% 2021 | 4,000 | 3,925 | ||||||
Lowe’s Companies, Inc. 5.80% 2040 | 1,790 | 1,869 | ||||||
PETCO Animal Supplies, Inc. 9.25% 20183 | 2,050 | 2,188 | ||||||
186,165 | ||||||||
Consumer services — 0.48% | ||||||||
MGM Resorts International 6.75% 2012 | 9,235 | 9,327 | ||||||
MGM Resorts International 6.75% 2013 | 16,825 | 16,951 | ||||||
MGM Resorts International 13.00% 2013 | 3,825 | 4,561 | ||||||
MGM Resorts International 5.875% 2014 | 19,490 | 18,832 | ||||||
MGM Resorts International 10.375% 2014 | 925 | 1,055 | ||||||
MGM Resorts International 6.625% 2015 | 2,600 | 2,451 | ||||||
Revel Entertainment, Term Loan B, 9.00% 20181,2,5 | 17,500 | 16,395 | ||||||
Boyd Gaming Corp. 6.75% 2014 | 6,450 | 6,426 | ||||||
Boyd Gaming Corp. 7.125% 2016 | 7,870 | 7,299 | ||||||
Boyd Gaming Corp. 9.125% 20183 | 1,500 | 1,534 | ||||||
Marriott International, Inc., Series I, 6.375% 2017 | 12,750 | 14,656 | ||||||
Seminole Tribe of Florida 5.798% 20131,3 | 6,390 | 6,419 | ||||||
Seminole Tribe of Florida 7.804% 20201,3 | 8,325 | 8,190 | ||||||
Mohegan Tribal Gaming Authority 8.00% 2012 | 6,375 | 5,196 | ||||||
Mohegan Tribal Gaming Authority 7.125% 2014 | 6,750 | 4,691 | ||||||
Circus and Eldorado Joint Venture and Silver Legacy Resort Casino 10.125% 2012 | 7,525 | 7,111 | ||||||
NCL Corp. Ltd. 11.75% 2016 | 2,550 | 2,952 | ||||||
NCL Corp. Ltd. 9.50% 20183 | 2,525 | 2,702 | ||||||
Royal Caribbean Cruises Ltd. 11.875% 2015 | 3,900 | 4,826 | ||||||
Burger King Corp 0%/11.00% 20193,6 | 8,075 | 4,704 | ||||||
CityCenter Holdings, LLC 7.625% 20163 | 3,270 | 3,393 | ||||||
Wynn Las Vegas, LLC and Wynn Capital Corp. 7.75% 2020 | 3,000 | 3,274 | ||||||
Seneca Gaming Corp. 8.25% 20183 | 2,775 | 2,879 | ||||||
Education Management LLC and Education Management Finance Corp. 8.75% 2014 | 1,850 | 1,903 | ||||||
157,727 | ||||||||
Automobiles & components — 0.30% | ||||||||
DaimlerChrysler North America Holding Corp., Series E, 5.75% 2011 | 7,505 | 7,574 | ||||||
DaimlerChrysler North America Holding Corp. 6.50% 2013 | 18,775 | 20,898 | ||||||
Daimler Finance NA LLC 3.00% 20163 | 4,000 | 4,054 | ||||||
DaimlerChrysler North America Holding Corp. 8.50% 2031 | 10,750 | 14,575 | ||||||
Volkswagen International Finance NV 0.917% 20142,3 | 13,000 | 13,055 | ||||||
Volkswagen International Finance NV 2.875% 20163 | 3,000 | 3,024 | ||||||
Volkswagen International Finance NV 4.00% 20203 | 13,650 | 13,667 | ||||||
Allison Transmission Holdings, Inc. 11.00% 20153 | 16,670 | 17,837 | ||||||
Tower Automotive Holdings 10.625% 20173 | 2,764 | 2,992 | ||||||
Peugeot SA 4.375% 20163 | 2,000 | 2,043 | ||||||
99,719 | ||||||||
Consumer durables & apparel — 0.12% | ||||||||
Fortune Brands, Inc. 6.375% 2014 | 20,000 | 22,249 | ||||||
Hanesbrands Inc., Series B, 3.77% 20142 | 11,105 | 11,091 | ||||||
Hanesbrands Inc. 8.00% 2016 | 3,100 | 3,325 | ||||||
Jarden Corp. 8.00% 2016 | 3,020 | 3,292 | ||||||
39,957 | ||||||||
ENERGY — 2.81% | ||||||||
Kinder Morgan Energy Partners LP 5.00% 2013 | 6,571 | 7,129 | ||||||
Kinder Morgan Energy Partners LP 5.125% 2014 | 22,802 | 25,048 | ||||||
Kinder Morgan Energy Partners LP 5.625% 2015 | 14,100 | 15,745 | ||||||
Kinder Morgan Energy Partners LP 3.50% 2016 | 1,700 | 1,752 | ||||||
Kinder Morgan Energy Partners LP 6.00% 2017 | 17,000 | 19,194 | ||||||
Kinder Morgan Energy Partners LP 9.00% 2019 | 4,395 | 5,644 | ||||||
Kinder Morgan Energy Partners LP 6.85% 2020 | 45,435 | 52,621 | ||||||
Kinder Morgan Energy Partners LP 6.55% 2040 | 3,250 | 3,414 | ||||||
Kinder Morgan Energy Partners LP 6.375% 2041 | 2,750 | 2,825 | ||||||
Enbridge Energy Partners, LP, Series B, 6.50% 2018 | 28,120 | 32,284 | ||||||
Enbridge Energy Partners, LP 9.875% 2019 | 27,505 | 36,286 | ||||||
Enbridge Energy Partners, LP 5.20% 2020 | 10,940 | 11,620 | ||||||
Enbridge Energy Partners, LP, Series B, 7.50% 2038 | 23,950 | 28,726 | ||||||
Enbridge Energy Partners, LP 8.05% 20772 | 3,880 | 4,215 | ||||||
Anadarko Petroleum Corp. 5.95% 2016 | 15,500 | 17,466 | ||||||
Anadarko Petroleum Corp. 6.375% 2017 | 28,750 | 33,000 | ||||||
Anadarko Petroleum Corp. 8.70% 2019 | 15,950 | 20,355 | ||||||
Anadarko Petroleum Corp. 6.20% 2040 | 8,250 | 8,389 | ||||||
Williams Partners L.P. and Williams Partners Finance Corp. 3.80% 2015 | 17,500 | 18,347 | ||||||
Transcontinental Gas Pipe Line Corp. 6.40% 2016 | 5,000 | 5,801 | ||||||
Williams Partners L.P. and Williams Partners Finance Corp. 7.25% 2017 | 1,300 | 1,534 | ||||||
Williams Partners L.P. 4.125% 2020 | 10,000 | 9,617 | ||||||
Williams Partners L.P. and Williams Partners Finance Corp. 5.25% 2020 | 17,730 | 18,699 | ||||||
Williams Partners L.P. and Williams Partners Finance Corp. 6.30% 2040 | 4,000 | 4,161 | ||||||
Shell International Finance BV 1.30% 2011 | 15,125 | 15,161 | ||||||
Shell International Finance BV 1.875% 2013 | 16,500 | 16,862 | ||||||
Shell International Finance BV 3.10% 2015 | 10,000 | 10,461 | ||||||
Shell International Finance BV 4.30% 2019 | 8,625 | 9,074 | ||||||
StatoilHydro ASA 2.90% 2014 | 15,360 | 16,128 | ||||||
StatoilHydro ASA 3.875% 2014 | 3,000 | 3,216 | ||||||
Statoil ASA 3.125% 2017 | 26,500 | 26,769 | ||||||
StatoilHydro ASA 5.25% 2019 | 2,600 | 2,890 | ||||||
Husky Energy Inc. 5.90% 2014 | 3,250 | 3,620 | ||||||
Husky Energy Inc. 6.20% 2017 | 17,415 | 19,760 | ||||||
Husky Energy Inc. 7.25% 2019 | 16,410 | 19,699 | ||||||
Husky Energy Inc. 6.80% 2037 | 4,750 | 5,375 | ||||||
Gazprom OJSC 5.092% 20153 | 13,725 | 14,381 | ||||||
Gazprom OJSC, Series 13, 6.605% 2018 | € | 3,200 | 5,073 | |||||
Gazprom OJSC 6.51% 20223 | $ | 14,500 | 15,406 | |||||
Gazprom OJSC, Series 9, 6.51% 2022 | 3,500 | 3,719 | ||||||
Gazprom OJSC 7.288% 20373 | 4,500 | 4,928 | ||||||
Enbridge Inc. 5.80% 2014 | 9,200 | 10,217 | ||||||
Enbridge Inc. 4.90% 2015 | 3,250 | 3,539 | ||||||
Enbridge Inc. 5.60% 2017 | 22,980 | 25,818 | ||||||
Pemex Finance Ltd., Series 1999-2, Class A-3, 10.61% 20171 | 11,700 | 14,356 | ||||||
Pemex Project Funding Master Trust 5.75% 2018 | 3,150 | 3,470 | ||||||
Pemex Project Funding Master Trust, Series 13, 6.625% 2035 | 11,750 | 12,444 | ||||||
Pemex Project Funding Master Trust 6.50% 20413 | 4,000 | 4,079 | ||||||
Ras Laffan Liquefied Natural Gas III 5.50% 2014 | 5,000 | 5,494 | ||||||
Ras Laffan Liquefied Natural Gas III 5.50% 20143 | 330 | 363 | ||||||
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20141 | 600 | 659 | ||||||
Ras Laffan Liquefied Natural Gas III 5.832% 20161 | 1,681 | 1,836 | ||||||
Ras Laffan Liquefied Natural Gas II 5.298% 20201,3 | 19,789 | 21,174 | ||||||
Ras Laffan Liquefied Natural Gas III 6.332% 20271 | 2,000 | 2,110 | ||||||
Enterprise Products Operating LLC 5.65% 2013 | 17,850 | 19,155 | ||||||
Enterprise Products Operating LLC 5.20% 2020 | 5,500 | 5,810 | ||||||
Enterprise Products Operating LLC 5.25% 2020 | 2,000 | 2,131 | ||||||
Enterprise Products Operating LLC 7.00% 20672 | 1,770 | 1,772 | ||||||
Total Capital SA 3.00% 2015 | 17,000 | 17,703 | ||||||
Total Capital SA 3.125% 2015 | 2,600 | 2,713 | ||||||
Total Capital SA 4.45% 2020 | 3,500 | 3,660 | ||||||
Petrobras International 5.75% 2020 | 4,600 | 4,930 | ||||||
Petrobras International 5.375% 2021 | 4,000 | 4,127 | ||||||
Petrobras International 6.875% 2040 | 14,010 | 14,987 | ||||||
Petroplus Finance Ltd. 6.75% 20143 | 7,100 | 6,994 | ||||||
Petroplus Finance Ltd. 7.00% 20173 | 11,675 | 11,033 | ||||||
Petroplus Finance Ltd. 9.375% 20193 | 3,650 | 3,687 | ||||||
Woodside Finance Ltd. 4.60% 20213 | 21,685 | 21,325 | ||||||
Reliance Holdings Ltd. 4.50% 20203 | 6,250 | 5,850 | ||||||
Reliance Holdings Ltd. 6.25% 20403 | 13,000 | 12,032 | ||||||
TransCanada PipeLines Ltd. 6.50% 2018 | 7,500 | 8,836 | ||||||
TransCanada PipeLines Ltd. 7.125% 2019 | 3,040 | 3,731 | ||||||
TransCanada PipeLines Ltd. 6.35% 20672 | 4,145 | 4,172 | ||||||
Chevron Corp. 4.95% 2019 | 14,500 | 16,229 | ||||||
Devon Energy Corp. 5.625% 2014 | 2,500 | 2,772 | ||||||
Devon Energy Corp. 6.30% 2019 | 8,990 | 10,589 | ||||||
Rockies Express Pipeline LLC 6.85% 20183 | 10,120 | 11,363 | ||||||
Odebrecht Drilling Norbe VIII/IX Ltd 6.35% 20211,3 | 10,155 | 10,764 | ||||||
Spectra Energy Partners, LP 2.95% 2016 | 6,375 | 6,363 | ||||||
Spectra Energy Partners 4.60% 2021 | 2,185 | 2,162 | ||||||
BG Energy Capital PLC 2.50% 20153 | 7,200 | 7,211 | ||||||
Cenovus Energy Inc. 4.50% 2014 | 6,000 | 6,517 | ||||||
PTT Exploration & Production Ltd 5.692% 20213 | 4,500 | 4,578 | ||||||
Laredo Petroleum, Inc. 9.50% 20193 | 3,750 | 3,966 | ||||||
Apache Corp. 6.00% 2013 | 2,420 | 2,681 | ||||||
PETRONAS Capital Ltd. 7.00% 20123 | 2,250 | 2,376 | ||||||
Energy Transfer Partners, LP 7.50% 2020 | 2,200 | 2,343 | ||||||
General Maritime Corp. 12.00% 2017 | 2,650 | 2,160 | ||||||
Overseas Shipholding Group, Inc. 8.125% 2018 | 1,650 | 1,627 | ||||||
Teekay Corp. 8.50% 2020 | 725 | 752 | ||||||
931,054 | ||||||||
INDUSTRIALS — 2.67% | ||||||||
Transportation — 1.33% | ||||||||
Continental Airlines, Inc. 8.75% 2011 | 300 | 307 | ||||||
Continental Airlines, Inc., Series 2006-1, Class G, FGIC insured, 0.603% 20151,2 | 1,044 | 998 | ||||||
Continental Airlines, Inc., Series 1997-1, Class A, 7.461% 20161 | 10,975 | 11,078 | ||||||
Continental Airlines, Inc., Series 2001-1, Class B, 7.373% 20171 | 60 | 60 | ||||||
Continental Airlines, Inc., Series 1998-1, Class B, 6.748% 20181 | 794 | 783 | ||||||
Continental Airlines, Inc., Series 1997-4B, Class B, 6.90% 20181 | 146 | 145 | ||||||
Continental Airlines, Inc., Series 1998-1, Class A, 6.648% 20191 | 14,569 | 15,407 | ||||||
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 20191 | 31,904 | 33,839 | ||||||
Continental Airlines, Inc., Series 2000-2, Class B, 8.307% 20191 | 346 | 349 | ||||||
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 20201 | 12,002 | 12,617 | ||||||
Continental Airlines, Inc., Series 1999-1, Class B, 6.795% 20201 | 8,044 | 7,843 | ||||||
Continental Airlines, Inc., Series 1999-2, Class A-1, 7.256% 20211 | 274 | 290 | ||||||
United Air Lines, Inc., Series 2007-1, Class B, 7.336% 20211,3 | 834 | 800 | ||||||
Continental Airlines, Inc., Series 1999-2, Class B, 7.566% 20211 | 2,073 | 2,060 | ||||||
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 20221 | 10,899 | 11,443 | ||||||
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 20221 | 3,892 | 3,902 | ||||||
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 20221 | 12,661 | 13,507 | ||||||
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 20221 | 10,375 | 11,192 | ||||||
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 20221 | 996 | 1,011 | ||||||
Northwest Airlines, Inc., Term Loan B, 3.75% 20131,2,5 | 1,829 | 1,756 | ||||||
Delta Air Lines, Inc., Series 2001-1, Class A-2, 7.111% 20131 | 10,000 | 10,075 | ||||||
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 20141 | 8,040 | 8,221 | ||||||
Northwest Airlines, Inc., Term Loan A, 2.00% 20181,2,5 | 57,831 | 52,627 | ||||||
Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 20241 | 4,019 | 4,069 | ||||||
Union Pacific Corp. 5.125% 2014 | 8,430 | 9,210 | ||||||
Union Pacific Corp. 5.75% 2017 | 12,250 | 14,093 | ||||||
Union Pacific Corp. 4.00% 2021 | 13,500 | 13,689 | ||||||
Union Pacific Corp. 4.163% 20223 | 7,437 | 7,378 | ||||||
Union Pacific Railroad Co. Pass Through Trust, Series 2001-1, 6.63% 20221 | 6,391 | 7,351 | ||||||
Union Pacific Corp. 6.15% 2037 | 10,930 | 12,006 | ||||||
Burlington Northern Santa Fe LLC 7.00% 2014 | 5,125 | 5,838 | ||||||
Burlington Northern Santa Fe LLC 5.65% 2017 | 12,500 | 14,220 | ||||||
Burlington Northern Santa Fe LLC 5.75% 2018 | 9,035 | 10,259 | ||||||
Burlington Northern Santa Fe, LLC 3.60% 2020 | 7,500 | 7,269 | ||||||
Burlington Northern Santa Fe LLC 6.15% 2037 | 2,500 | 2,718 | ||||||
Burlington Northern Santa Fe, LLC 5.05% 2041 | 1,000 | 935 | ||||||
AMR Corp. 9.00% 2012 | 1,300 | 1,319 | ||||||
American Airlines, Inc., Series 2001-2, Class A-2, 7.858% 20131 | 34,650 | 35,191 | ||||||
American Airlines, Inc., Series 2001-1, Class B, 7.377% 20191 | 235 | 201 | ||||||
Norfolk Southern Corp. 5.75% 2016 | 6,740 | 7,673 | ||||||
Norfolk Southern Corp. 5.75% 2018 | 5,000 | 5,669 | ||||||
Norfolk Southern Corp. 5.90% 2019 | 11,250 | 12,919 | ||||||
Norfolk Southern Corp. 7.05% 2037 | 1,400 | 1,705 | ||||||
CEVA Group PLC, Bridge Loan, 9.75% 20151,2,4,5 | 1,500 | 1,346 | ||||||
CEVA Group PLC 11.625% 20163 | 4,890 | 5,342 | ||||||
CEVA Group PLC 8.375% 20173 | 15,975 | 16,235 | ||||||
CEVA Group PLC 11.50% 20183 | 3,980 | 4,209 | ||||||
CSX Corp. 5.75% 2013 | 8,385 | 9,025 | ||||||
CSX Corp. 7.375% 2019 | 7,500 | 9,156 | ||||||
Kansas City Southern Railway Co. 13.00% 2013 | 2,190 | 2,560 | ||||||
Kansas City Southern Railway Co. 8.00% 2015 | 4,250 | 4,579 | ||||||
Navios Maritime Acquisition Corporation and Navios Acquisition Finance (US) Inc. 8.625% 2017 | 2,950 | 2,920 | ||||||
Navios Maritime Holdings Inc. 8.125% 20193 | 3,650 | 3,522 | ||||||
Navios South American Logistics Inc. 9.25% 20193 | 375 | 380 | ||||||
RailAmerica, Inc. 9.25% 2017 | 3,200 | 3,528 | ||||||
Canadian National Railway Co. 5.55% 2018 | 2,750 | 3,139 | ||||||
CMA CGM 8.50% 20173 | 2,025 | 1,711 | ||||||
441,674 | ||||||||
Capital goods — 1.25% | ||||||||
Volvo Treasury AB 5.95% 20153 | $ | 60,603 | 67,095 | |||||
Volvo Treasury AB 5.00% 2017 | € | 3,115 | 4,762 | |||||
General Electric Capital Corp., Series A, 2.25% 2015 | $ | 21,500 | 21,156 | |||||
General Electric Capital Corp., Series A, 6.00% 2019 | 10,000 | 11,091 | ||||||
General Electric Capital Corp. 4.375% 2020 | 19,000 | 18,817 | ||||||
Hawker Beechcraft Acquisition Co., LLC, Letter of Credit, 2.146% 20141,2,5 | 4,110 | 3,468 | ||||||
Hawker Beechcraft Acquisition Co., LLC, Term Loan B, 2.186% 20141,2,5 | 39,740 | 33,540 | ||||||
Hawker Beechcraft Acquisition Co., LLC, Term Loan B, 10.50% 20141,2,5 | 1,194 | 1,207 | ||||||
Hawker Beechcraft Acquisition Co., LLC 8.875% 20152,7 | 1,568 | 1,239 | ||||||
Hawker Beechcraft Acquisition Co., LLC 9.75% 2017 | 170 | 120 | ||||||
Northrop Grumman Corp. 3.70% 2014 | 9,500 | 10,088 | ||||||
Northrop Grumman Corp. 5.05% 2019 | 17,180 | 18,543 | ||||||
Ply Gem Industries, Inc. 13.125% 2014 | 3,855 | 4,067 | ||||||
Ply Gem Industries, Inc. 8.25% 20183 | 19,425 | 18,502 | ||||||
US Investigations Services, Inc., Term Loan B, 2.997% 20151,2,5 | 617 | 607 | ||||||
US Investigations Services, Inc., Term Loan B, 7.75% 20151,2,5 | 5,831 | 5,867 | ||||||
US Investigations Services, Inc. 10.50% 20153 | 7,200 | 7,488 | ||||||
US Investigations Services, Inc. 11.75% 20163 | 6,155 | 6,494 | ||||||
Associated Materials, LLC 9.125% 20173 | 19,455 | 19,455 | ||||||
Nortek Inc. 10.00% 20183 | 8,000 | 8,040 | ||||||
Nortek Inc. 8.50% 20213 | 9,455 | 8,793 | ||||||
BAE Systems Holdings Inc. 4.95% 20143 | 14,290 | 15,364 | ||||||
United Technologies Corp. 4.50% 2020 | 14,430 | 15,306 | ||||||
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B1, 5.28% 20141,2,5 | 302 | 300 | ||||||
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B2, 5.28% 20141,2,5 | 290 | 289 | ||||||
DAE Aviation Holdings, Inc. 11.25% 20153 | 13,285 | 13,883 | ||||||
Raytheon Co. 6.75% 2018 | 4,030 | 4,849 | ||||||
Raytheon Co. 4.40% 2020 | 7,895 | 8,185 | ||||||
Odebrecht Finance Ltd 7.00% 2020 | 6,800 | 7,514 | ||||||
Odebrecht Finance Ltd 6.00% 20233 | 5,200 | 5,194 | ||||||
Honeywell International Inc. 5.00% 2019 | 8,725 | 9,609 | ||||||
Ashtead Capital, Inc. 9.00% 20163 | 7,450 | 7,804 | ||||||
Hutchison Whampoa International Ltd. 6.50% 20133 | 7,200 | 7,793 | ||||||
Lockheed Martin Corp. 4.121% 2013 | 6,000 | 6,335 | ||||||
Esterline Technologies Corp. 6.625% 2017 | 2,495 | 2,595 | ||||||
Esterline Technologies Corp. 7.00% 2020 | 3,415 | 3,594 | ||||||
Danaher Corp. 2.30% 2016 | 1,065 | 1,065 | ||||||
Danaher Corp. 3.90% 2021 | 5,000 | 4,991 | ||||||
Atlas Copco AB 5.60% 20173 | 4,525 | 5,040 | ||||||
Euramax International, Inc. 9.50% 20163 | 5,030 | 4,904 | ||||||
Sequa Corp., Term Loan B, 3.50% 20141,2,5 | 3,374 | 3,330 | ||||||
TransDigm Inc. 7.75% 20183 | 3,125 | 3,297 | ||||||
H&E Equipment Services, Inc. 8.375% 2016 | 2,350 | 2,415 | ||||||
Manitowoc Company, Inc. 8.50% 2020 | 2,000 | 2,145 | ||||||
John Deere Capital Corp., Series D, 4.50% 2013 | 2,000 | 2,128 | ||||||
Eaton Corp. 0.575% 20142 | 2,000 | 2,004 | ||||||
RBS Global, Inc. and Rexnord LLC 11.75% 2016 | 200 | 213 | ||||||
RBS Global, Inc. and Rexnord LLC 8.50% 2018 | 1,650 | 1,751 | ||||||
RSC Equipment Rental, Inc. and RSC Holdings III, LLC 9.50% 2014 | 325 | 335 | ||||||
RSC Equipment Rental, Inc. and RSC Holdings III, LLC 8.25% 2021 | 600 | 600 | ||||||
413,271 | ||||||||
Commercial & professional services — 0.09% | ||||||||
ARAMARK Corp. 3.773% 20152 | 3,450 | 3,372 | ||||||
ARAMARK Corp. 8.50% 2015 | 9,450 | 9,863 | ||||||
Republic Services, Inc. 3.80% 2018 | 2,000 | 2,012 | ||||||
Republic Services, Inc. 5.00% 2020 | 5,000 | 5,294 | ||||||
Republic Services, Inc. 5.70% 2041 | 2,000 | 1,959 | ||||||
Waste Management, Inc. 4.60% 2021 | 5,455 | 5,577 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 11.625% 2014 | 1,073 | 1,258 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 11.50% 2016 | 308 | 362 | ||||||
29,697 | ||||||||
HEALTH CARE — 2.50% | ||||||||
Pharmaceuticals, biotechnology & life sciences — 1.42% | ||||||||
Roche Holdings Inc. 5.00% 20143 | 6,685 | 7,328 | ||||||
Roche Holdings Inc. 6.00% 20193 | 33,270 | 38,391 | ||||||
Roche Holdings Inc. 7.00% 20393 | 30,560 | 37,337 | ||||||
Pfizer Inc 4.45% 2012 | 11,040 | 11,357 | ||||||
Pfizer Inc 5.35% 2015 | 125 | 141 | ||||||
Pfizer Inc 6.20% 2019 | 28,140 | 32,968 | ||||||
Pfizer Inc 7.20% 2039 | 15,000 | 18,896 | ||||||
Biogen Idec Inc. 6.00% 2013 | 30,050 | 32,162 | ||||||
Biogen Idec Inc. 6.875% 2018 | 20,000 | 23,388 | ||||||
Elan Finance PLC and Elan Finance Corp. 8.875% 2013 | 14,165 | 14,802 | ||||||
Elan Finance PLC and Elan Finance Corp. 8.75% 2016 | 33,045 | 34,904 | ||||||
Elan Finance PLC and Elan Finance Corp. 8.75% 20163 | 1,750 | 1,844 | ||||||
GlaxoSmithKline Capital Inc. 4.85% 2013 | 20,000 | 21,515 | ||||||
GlaxoSmithKline Capital Inc. 5.65% 2018 | 18,000 | 20,561 | ||||||
GlaxoSmithKline Capital Inc. 6.375% 2038 | 7,100 | 8,215 | ||||||
Novartis Capital Corp. 1.90% 2013 | 15,000 | 15,357 | ||||||
Novartis Capital Corp. 4.125% 2014 | 11,025 | 11,889 | ||||||
Novartis Securities Investment Ltd. 5.125% 2019 | 12,530 | 13,936 | ||||||
Abbott Laboratories 2.70% 2015 | 11,500 | 11,966 | ||||||
Abbott Laboratories 5.125% 2019 | 10,000 | 11,019 | ||||||
Schering-Plough Corp. 5.30% 20132 | 6,000 | 6,638 | ||||||
Schering-Plough Corp. 5.375% 2014 | € | 6,395 | 10,010 | |||||
Schering-Plough Corp. 6.00% 2017 | $ | 5,300 | 6,244 | |||||
Quintiles Transnational 9.50% 20142,3,7 | 1,980 | 2,034 | ||||||
Quintiles, Term Loan B, 5.00% 20181,2,5 | 20,550 | 20,457 | ||||||
Sanofi-aventis SA 0.556% 20142 | 21,000 | 21,123 | ||||||
Johnson & Johnson 0.348% 20142 | 13,000 | 13,041 | ||||||
AstraZeneca PLC 5.40% 2012 | 12,000 | 12,701 | ||||||
Grifols Inc 8.25% 20183 | 5,065 | 5,306 | ||||||
Endo Pharmaceuticals Holdings Inc. 7.00% 20193 | 1,785 | 1,839 | ||||||
Endo Pharmaceuticals Holdings Inc. 7.00% 20203 | 1,100 | 1,136 | ||||||
Patheon Inc. 8.625% 20173 | 2,565 | 2,610 | ||||||
471,115 | ||||||||
Health care equipment & services — 1.08% | ||||||||
Express Scripts Inc. 5.25% 2012 | 6,320 | 6,577 | ||||||
Express Scripts Inc. 6.25% 2014 | 24,133 | 27,195 | ||||||
Express Scripts Inc. 3.125% 2016 | 18,427 | 18,561 | ||||||
Cardinal Health, Inc. 5.50% 2013 | 9,535 | 10,296 | ||||||
Cardinal Health, Inc. 4.00% 2015 | 12,490 | 13,217 | ||||||
Cardinal Health, Inc. 4.625% 2020 | 6,020 | 6,122 | ||||||
Allegiance Corp. 7.00% 2026 | 9,635 | 10,599 | ||||||
UnitedHealth Group Inc. 6.00% 2017 | 21,892 | 24,828 | ||||||
UnitedHealth Group Inc. 3.875% 2020 | 2,900 | 2,843 | ||||||
UnitedHealth Group Inc. 4.70% 2021 | 8,920 | 9,317 | ||||||
UnitedHealth Group Inc. 5.70% 2040 | 1,250 | 1,241 | ||||||
Boston Scientific Corp. 5.125% 2017 | 23,410 | 24,771 | ||||||
Boston Scientific Corp. 6.00% 2020 | 5,770 | 6,257 | ||||||
VWR Funding, Inc., Series B, 10.25% 20152,7 | 25,784 | 27,073 | ||||||
PTS Acquisition Corp. 9.50% 20152,7 | 22,716 | 22,830 | ||||||
Coventry Health Care, Inc. 6.30% 2014 | 13,395 | 14,431 | ||||||
Coventry Health Care, Inc. 5.95% 2017 | 7,640 | 8,176 | ||||||
Tenet Healthcare Corp. 7.375% 2013 | 8,195 | 8,523 | ||||||
Tenet Healthcare Corp. 9.25% 2015 | 11,600 | 12,745 | ||||||
Medco Health Solutions, Inc. 2.75% 2015 | 13,625 | 13,758 | ||||||
Symbion Inc 8.00% 20163 | 11,850 | 11,643 | ||||||
Surgical Care Affiliates, Inc. 8.875% 20152,3,7 | 3,927 | 4,075 | ||||||
Surgical Care Affiliates, Inc. 10.00% 20173 | 6,845 | 7,102 | ||||||
inVentiv Health Inc. 10.00% 20183 | 10,950 | 10,403 | ||||||
Bausch & Lomb Inc. 9.875% 2015 | 9,625 | 10,251 | ||||||
Multiplan Inc. 9.875% 20183 | 9,500 | 10,141 | ||||||
Merge Healthcare Inc. 11.75% 20153 | 4,025 | 4,327 | ||||||
Merge Healthcare Inc 11.75% 2015 | 1,225 | 1,317 | ||||||
McKesson Corp. 3.25% 2016 | 1,580 | 1,631 | ||||||
McKesson Corp. 4.75% 2021 | 1,000 | 1,040 | ||||||
McKesson Corp. 6.00% 2041 | 2,545 | 2,728 | ||||||
Centene Corp. 5.75% 2017 | 5,260 | 5,175 | ||||||
Vanguard Health Systems Inc. 0% 2016 | 7,770 | 5,157 | ||||||
Rotech Healthcare Inc. 10.50% 20183 | 5,165 | 5,010 | ||||||
Aetna Inc. 3.95% 2020 | 5,000 | 4,919 | ||||||
HealthSouth Corp. 10.75% 2016 | 1,521 | 1,612 | ||||||
HCA Inc. 9.25% 2016 | 530 | 565 | ||||||
HCA Inc. 9.625% 20162,7 | 557 | 594 | ||||||
ConvaTec Healthcare 10.50% 20183 | 1,010 | 1,050 | ||||||
WellPoint, Inc. 4.35% 2020 | 1,000 | 1,012 | ||||||
359,112 | ||||||||
UTILITIES — 2.44% | ||||||||
National Rural Utilities Cooperative Finance Corp. 5.50% 2013 | 21,750 | 23,706 | ||||||
National Rural Utilities Cooperative Finance Corp. 10.375% 2018 | 41,425 | 57,450 | ||||||
MidAmerican Energy Holdings Co. 5.875% 2012 | 15,000 | 15,911 | ||||||
MidAmerican Energy Co. 4.65% 2014 | 5,000 | 5,485 | ||||||
MidAmerican Energy Holdings Co., Series D, 5.00% 2014 | 225 | 244 | ||||||
MidAmerican Energy Co. 5.95% 2017 | 3,000 | 3,477 | ||||||
MidAmerican Energy Co. 5.30% 2018 | 5,000 | 5,541 | ||||||
MidAmerican Energy Holdings Co. 5.75% 2018 | 37,700 | 42,453 | ||||||
Consumers Energy Co., First Mortgage Bonds, 5.15% 2017 | 11,574 | 12,854 | ||||||
Consumers Energy Co. 5.65% 2018 | 6,925 | 7,778 | ||||||
Consumers Energy Co., First Mortgage Bonds, 6.125% 2019 | 35,427 | 41,097 | ||||||
Consumers Energy Co., First Mortgage Bonds, 6.70% 2019 | 4,278 | 5,140 | ||||||
Niagara Mohawk Power 3.553% 20143 | 15,690 | 16,442 | ||||||
National Grid PLC 6.30% 2016 | 37,605 | 43,243 | ||||||
National Grid Co. PLC 5.875% 2024 | £ | 170 | 292 | |||||
Veolia Environnement 5.25% 2013 | $ | 18,235 | 19,560 | |||||
Veolia Environnement 6.00% 2018 | 11,445 | 12,936 | ||||||
Veolia Environnement 6.125% 2033 | € | 12,275 | 19,135 | |||||
Energy East Corp. 6.75% 2012 | $ | 7,155 | 7,542 | |||||
Iberdrola Finance Ireland 3.80% 20143 | 17,515 | 17,902 | ||||||
Scottish Power PLC 5.375% 2015 | 23,250 | 25,130 | ||||||
Israel Electric Corp. Ltd. 7.25% 20193 | 24,800 | 27,273 | ||||||
Israel Electric Corp. 7.25% 2019 | 8,125 | 8,935 | ||||||
Israel Electric Corp. Ltd. 8.10% 20963 | 6,250 | 6,133 | ||||||
CenterPoint Energy Houston Electric, LLC, General Mortgage Bonds, Series U, 7.00% 2014 | 1,700 | 1,945 | ||||||
CenterPoint Energy Resources Corp. 4.50% 20213 | 36,850 | 37,182 | ||||||
Northern States Power Co., First Mortgage Bonds, 5.25% 2018 | 6,500 | 7,246 | ||||||
Public Service Co. of Colorado 5.80% 2018 | 9,606 | 11,022 | ||||||
Public Service Co. of Colorado 5.125% 2019 | 4,950 | 5,453 | ||||||
Public Service Co. of Colorado 3.20% 2020 | 14,945 | 14,206 | ||||||
Ohio Edison Co. 6.40% 2016 | 6,260 | 7,154 | ||||||
Cleveland Electric Illuminating Co. 8.875% 2018 | 15,350 | 19,701 | ||||||
Toledo Edison Co. 7.25% 2020 | 8,025 | 9,686 | ||||||
E.ON International Finance BV 5.80% 20183 | 24,250 | 26,963 | ||||||
Enel Finance International SA 3.875% 20143 | 17,490 | 18,062 | ||||||
ENEL SpA 5.625% 2027 | € | 5,760 | 8,392 | |||||
Carolina Power & Light Co. d/b/a Progress Energy Carolinas, Inc., First Mortgage Bonds, 5.125% 2013 | $ | 5,000 | 5,444 | |||||
Progress Energy, Inc. 6.05% 2014 | 2,100 | 2,343 | ||||||
Progress Energy, Inc. 7.05% 2019 | 15,175 | 18,231 | ||||||
Teco Finance, Inc. 6.75% 2015 | 15,546 | 17,760 | ||||||
Teco Finance, Inc. 4.00% 2016 | 2,000 | 2,096 | ||||||
Teco Finance, Inc. 5.15% 2020 | 1,700 | 1,806 | ||||||
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series Q, 5.45% 2013 | 4,275 | 4,639 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series L, 5.875% 2015 | 2,550 | 2,859 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series M, 5.95% 2016 | 1,000 | 1,141 | ||||||
Nevada Power Co., General and Refunding Mortgage Notes, Series S, 6.50% 2018 | 10,025 | 11,736 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 6.165% 20173 | 12,000 | 13,005 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 6.165% 2017 | 2,700 | 2,926 | ||||||
Abu Dhabi National Energy Co. PJSC (TAQA) 6.50% 20363 | 2,000 | 1,995 | ||||||
Edison Mission Energy 7.75% 2016 | 2,025 | 1,833 | ||||||
Midwest Generation, LLC, Series B, 8.56% 20161 | 11,848 | 12,263 | ||||||
AES Corp. 7.75% 2015 | 6,575 | 7,052 | ||||||
AES Corp. 8.00% 2020 | 3,350 | 3,584 | ||||||
AES Corp. 7.375% 20213 | 2,600 | 2,642 | ||||||
TXU, Term Loan, 4.768% 20171,2,5 | 14,373 | 11,270 | ||||||
Texas Competitive Electric Holdings Co. LLC, 11.50% 20203 | 1,345 | 1,328 | ||||||
Virginia Electric and Power Co., Series B, 5.95% 2017 | 10,000 | 11,691 | ||||||
Empresa Nacional de Electricidad SA 8.35% 2013 | 5,000 | 5,606 | ||||||
Empresa Nacional de Electricidad SA 8.625% 2015 | 3,000 | 3,597 | ||||||
SP PowerAssets Ltd. 5.00% 20133 | 8,000 | 8,683 | ||||||
Intergen Power 9.00% 20173 | 8,000 | 8,500 | ||||||
Ohio Power Co., Series H, 4.85% 2014 | 5,965 | 6,456 | ||||||
Ohio Power Co., Series G, 6.60% 2033 | 1,500 | 1,688 | ||||||
Ameren Corp. 8.875% 2014 | 7,000 | 8,115 | ||||||
PG&E Corp. 5.75% 2014 | 2,000 | 2,209 | ||||||
Pacific Gas and Electric Co. 8.25% 2018 | 4,000 | 5,141 | ||||||
Old Dominion Electric Cooperative, Series 2003-A, 5.676% 20281 | 6,750 | 7,245 | ||||||
Commonwealth Edison Co., First Mortgage Bonds, Series 105, 5.40% 2011 | 6,000 | 6,130 | ||||||
Colbun SA 6.00% 20203 | 5,400 | 5,688 | ||||||
Eskom Holdings Ltd. 5.75% 20213 | 4,265 | 4,436 | ||||||
EDP Finance BV. 6.00% 20183 | 2,750 | 2,548 | ||||||
Public Service Electric and Gas Co., Series E, 5.30% 2018 | 2,190 | 2,454 | ||||||
Tri-State Generation and Transmission Assn. Inc., Pass Through Trust, Series 2003-A, 6.04% 20181,3 | 2,144 | 2,297 | ||||||
811,108 | ||||||||
TELECOMMUNICATION SERVICES — 2.31% | ||||||||
ALLTEL Corp. 7.00% 2012 | 12,485 | 13,248 | ||||||
Verizon Global Funding Corp. 7.375% 2012 | 7,500 | 8,068 | ||||||
Verizon Communications Inc. 5.55% 2014 | 4,710 | 5,195 | ||||||
Verizon Communications Inc. 3.00% 2016 | 24,000 | 24,541 | ||||||
Verizon Communications Inc. 8.50% 2018 | 8,000 | 10,403 | ||||||
Verizon Communications Inc. 8.75% 2018 | 26,000 | 33,877 | ||||||
Verizon Communications Inc. 4.60% 2021 | 20,400 | 21,090 | ||||||
Verizon Communications Inc. 6.00% 2041 | 16,145 | 16,919 | ||||||
Telecom Italia Capital SA 5.25% 2015 | 32,100 | 33,404 | ||||||
Telecom Italia Capital SA 6.999% 2018 | 22,989 | 25,177 | ||||||
Telecom Italia Capital SA 7.175% 2019 | 18,916 | 20,917 | ||||||
Telecom Italia Capital SA 6.375% 2033 | 8,616 | 7,705 | ||||||
Telecom Italia SpA 7.75% 2033 | € | 4,935 | 7,584 | |||||
Telecom Italia Capital SA 7.20% 2036 | $ | 5,862 | 5,542 | |||||
SBC Communications Inc. 5.875% 2012 | 12,587 | 13,295 | ||||||
AT&T Wireless Services, Inc. 8.125% 2012 | 12,630 | 13,394 | ||||||
AT&T Inc. 4.95% 2013 | 17,200 | 18,239 | ||||||
SBC Communications Inc. 5.625% 2016 | 22,575 | 25,619 | ||||||
AT&T Inc. 4.45% 2021 | 2,000 | 2,039 | ||||||
AT&T Inc. 6.55% 2039 | 8,500 | 9,354 | ||||||
AT&T Inc. 5.35% 2040 | 2,105 | 2,002 | ||||||
Sprint Capital Corp. 8.375% 2012 | 900 | 940 | ||||||
Nextel Communications, Inc., Series E, 6.875% 2013 | 13,515 | 13,667 | ||||||
Nextel Communications, Inc., Series F, 5.95% 2014 | 26,570 | 26,670 | ||||||
Nextel Communications, Inc., Series D, 7.375% 2015 | 19,100 | 19,195 | ||||||
France Télécom 4.375% 2014 | 13,930 | 15,096 | ||||||
France Télécom 2.125% 2015 | 34,035 | 34,011 | ||||||
Vodafone Group PLC, Term Loan, 6.875% 20151,4,5,7 | 4,763 | 4,929 | ||||||
Vodafone Group PLC, Term Loan B, 6.25% 20161,4,5,7 | 5,325 | 5,378 | ||||||
Vodafone Group PLC 5.625% 2017 | 5,580 | 6,260 | ||||||
Vodafone Group PLC 5.45% 2019 | 25,000 | 27,831 | ||||||
Deutsche Telekom International Finance BV 4.875% 2014 | 16,250 | 17,748 | ||||||
Deutsche Telekom International Finance BV 3.125% 20163 | 16,070 | 16,307 | ||||||
Deutsche Telekom International Finance BV 8.75% 2030 | 1,287 | 1,703 | ||||||
Deutsche Telekom International Finance BV 9.25% 2032 | 4,750 | 6,799 | ||||||
Clearwire Communications and Clearwire Finance, Inc., Series A, 12.00% 20153 | 13,360 | 14,379 | ||||||
Clearwire Communications and Clearwire Finance, Inc., Series B, 12.00% 20153 | 6,550 | 7,049 | ||||||
Clearwire Communications and Clearwire Finance, Inc. 12.00% 20173 | 16,200 | 17,010 | ||||||
Telefónica Emisiones, SAU 3.992% 2016 | 14,500 | 14,682 | ||||||
Telefónica Emisiones, SAU 4.375% 2016 | € | 5,665 | 8,336 | |||||
Telefónica Emisiones, SAU 5.134% 2020 | $ | 4,125 | 4,096 | |||||
Telefónica Emisiones, SAU 5.462% 2021 | 1,500 | 1,526 | ||||||
Cricket Communications, Inc. 10.00% 2015 | 12,760 | 13,813 | ||||||
Cricket Communications, Inc. 7.75% 2016 | 13,540 | 14,420 | ||||||
Wind Acquisition SA 11.75% 20173 | 20,850 | 23,717 | ||||||
Wind Acquisition SA 7.25% 20183 | 3,675 | 3,831 | ||||||
Koninklijke KPN NV 8.375% 2030 | 18,925 | 24,412 | ||||||
Digicel Group Ltd. 12.00% 20143 | 5,000 | 5,831 | ||||||
Digicel Group Ltd. 8.875% 20153 | 13,040 | 13,399 | ||||||
LightSquared, Term Loan B, 12.00% 20141,5,7 | 17,582 | 16,966 | ||||||
PCCW-HKT Capital Ltd. 8.00% 20112,3 | 15,000 | 15,339 | ||||||
American Tower Corp. 4.625% 2015 | 10,000 | 10,537 | ||||||
Frontier Communications Corp. 8.25% 2017 | 9,000 | 9,833 | ||||||
América Móvil, SAB de CV 5.00% 2020 | 6,700 | 7,023 | ||||||
América Móvil, SAB de CV 8.46% 2036 | MXN27,000 | 2,127 | ||||||
Trilogy International Partners, LLC, 10.25% 20163 | $ | 8,600 | 8,772 | |||||
Singapore Telecommunications Ltd. 6.375% 2011 | 3,475 | 3,558 | ||||||
Singapore Telecommunications Ltd. 6.375% 20113 | 2,050 | 2,099 | ||||||
Level 3 Escrow Inc. 8.125% 20193 | 3,300 | 3,325 | ||||||
Crown Castle International Corp. 9.00% 2015 | 2,550 | 2,780 | ||||||
Crown Castle International Corp. 7.75% 20173 | 300 | 326 | ||||||
Intelsat Jackson Holding Co. 8.50% 2019 | 1,175 | 1,248 | ||||||
Hawaiian Telcom, Inc., Term Loan, 9.00% 20151,2,5,7 | 1,076 | 1,107 | ||||||
SBA Telecommunications, Inc. 8.00% 2016 | 725 | 775 | ||||||
Syniverse Holdings, Inc. 9.125% 20193 | 500 | 523 | ||||||
Sorenson Communications 10.50% 20153 | 575 | 390 | ||||||
767,375 | ||||||||
CONSUMER STAPLES — 1.52% | ||||||||
Food, beverage & tobacco — 0.77% | ||||||||
Anheuser-Busch InBev NV 2.50% 2013 | 4,000 | 4,101 | ||||||
Anheuser-Busch InBev NV 3.625% 2015 | 29,250 | 30,973 | ||||||
Anheuser-Busch InBev NV 4.125% 2015 | 37,375 | 40,229 | ||||||
Anheuser-Busch InBev NV 8.625% 2017 | € | 2,500 | 4,581 | |||||
Anheuser-Busch InBev NV 6.875% 2019 | $ | 6,740 | 8,210 | |||||
Anheuser-Busch InBev NV 7.75% 2019 | 7,250 | 9,134 | ||||||
Anheuser-Busch InBev NV 5.00% 2020 | 2,000 | 2,152 | ||||||
Anheuser-Busch InBev NV 5.375% 2020 | 5,000 | 5,518 | ||||||
PepsiCo, Inc. 3.10% 2015 | 19,500 | 20,486 | ||||||
PepsiCo, Inc. 2.50% 2016 | 17,500 | 17,705 | ||||||
PepsiCo, Inc. 4.875% 2040 | 2,000 | 1,919 | ||||||
Coca-Cola Co. 1.50% 2015 | 23,380 | 22,978 | ||||||
Coca-Cola Co. 3.15% 2020 | 12,565 | 12,087 | ||||||
Altria Group, Inc. 9.25% 2019 | 13,000 | 16,977 | ||||||
Altria Group, Inc. 9.95% 2038 | 4,100 | 5,778 | ||||||
Altria Group, Inc. 10.20% 2039 | 4,000 | 5,754 | ||||||
British American Tobacco International Finance PLC 9.50% 20183 | 13,000 | 17,416 | ||||||
General Mills, Inc. 0.611% 20142 | 12,000 | 12,060 | ||||||
Kraft Foods Inc. 2.625% 2013 | 3,830 | 3,942 | ||||||
BFF International Ltd. 7.25% 20203 | 3,000 | 3,232 | ||||||
CEDC Finance Corp. 9.125% 20163 | 3,500 | 3,211 | ||||||
Smithfield Foods, Inc., Series B, 7.75% 2013 | 81 | 88 | ||||||
Smithfield Foods, Inc. 10.00% 2014 | 1,321 | 1,539 | ||||||
Smithfield Foods, Inc. 7.75% 2017 | 725 | 756 | ||||||
Constellation Brands, Inc. 8.375% 2014 | 550 | 628 | ||||||
Constellation Brands, Inc. 7.25% 2017 | 750 | 819 | ||||||
Tyson Foods, Inc. 10.50% 2014 | 700 | 835 | ||||||
Tyson Foods, Inc. 6.85% 20162 | 500 | 555 | ||||||
TreeHouse Foods, Inc. 7.75% 2018 | 1,200 | 1,278 | ||||||
Cott Beverages Inc. 8.375% 2017 | 1,000 | 1,053 | ||||||
255,994 | ||||||||
Food & staples retailing — 0.75% | ||||||||
Kroger Co. 5.00% 2013 | 18,000 | 19,193 | ||||||
Kroger Co. 7.50% 2014 | 11,343 | 12,973 | ||||||
Kroger Co. 3.90% 2015 | 10,000 | 10,587 | ||||||
Kroger Co. 6.40% 2017 | 29,450 | 34,543 | ||||||
Wal-Mart Stores, Inc. 2.875% 2015 | 11,550 | 12,044 | ||||||
Wal-Mart Stores, Inc. 2.80% 2016 | 11,500 | 11,784 | ||||||
Wal-Mart Stores, Inc. 5.80% 2018 | 12,800 | 14,773 | ||||||
Wal-Mart Stores, Inc. 3.25% 2020 | 3,570 | 3,403 | ||||||
Delhaize Group 5.875% 2014 | 6,850 | 7,519 | ||||||
Delhaize Group 6.50% 2017 | 19,205 | 22,169 | ||||||
Delhaize Group 5.70% 2040 | 2,465 | 2,301 | ||||||
Rite Aid Corp. 9.75% 2016 | 21,650 | 24,004 | ||||||
Rite Aid Corp. 10.375% 2016 | 2,675 | 2,856 | ||||||
Rite Aid Corp. 10.25% 2019 | 2,390 | 2,641 | ||||||
Safeway Inc. 6.25% 2014 | 100 | 111 | ||||||
Safeway Inc. 5.00% 2019 | 19,000 | 19,918 | ||||||
Safeway Inc. 3.95% 2020 | 5,360 | 5,222 | ||||||
Tesco PLC 5.50% 20173 | 13,559 | 15,355 | ||||||
SUPERVALU INC. 7.50% 2012 | 365 | 378 | ||||||
Albertson’s, Inc. 7.25% 2013 | 2,025 | 2,081 | ||||||
SUPERVALU INC. 7.50% 2014 | 1,830 | 1,839 | ||||||
SUPERVALU INC. 8.00% 2016 | 4,200 | 4,305 | ||||||
Tops Holding Corp. and Tops Markets, LLC. 10.125% 2015 | 7,625 | 8,130 | ||||||
Stater Bros. Holdings Inc. 7.75% 2015 | 5,150 | 5,356 | ||||||
Stater Bros. Holdings Inc. 7.375% 20183 | 1,100 | 1,147 | ||||||
Ingles Markets, Inc. 8.875% 2017 | 2,550 | 2,741 | ||||||
247,373 | ||||||||
Household & personal products — 0.00% | ||||||||
Spectrum Brands Inc. 9.50% 20183 | 1,400 | 1,540 | ||||||
Procter & Gamble Co. 3.50% 2015 | 150 | 160 | ||||||
1,700 | ||||||||
INFORMATION TECHNOLOGY — 1.00% | ||||||||
Software & services — 0.34% | ||||||||
First Data Corp., Term Loan B2, 2.936% 20141,2,5 | 4,239 | 3,934 | ||||||
First Data Corp. 9.875% 2015 | 4,022 | 4,102 | ||||||
First Data Corp. 9.875% 2015 | 224 | 231 | ||||||
First Data Corp. 10.55% 20157 | 1,675 | 1,699 | ||||||
First Data Corp. 11.25% 2016 | 31,350 | 31,036 | ||||||
First Data Corp. 7.375% 20193 | 900 | 911 | ||||||
First Data Corp. 8.25% 20213 | 10,552 | 10,394 | ||||||
First Data Corp. 12.625% 20213 | 6,795 | 7,305 | ||||||
First Data Corp. 8.75% 20222,3,7 | 17,162 | 16,862 | ||||||
International Business Machines Corp. 2.00% 2016 | 33,500 | 33,340 | ||||||
International Business Machines Corp. 5.60% 2039 | 2,750 | 2,915 | ||||||
SunGard Data Systems Inc. 7.375% 2018 | 765 | 769 | ||||||
SunGard Data Systems Inc. 7.625% 2020 | 636 | 645 | ||||||
114,143 | ||||||||
Technology hardware & equipment — 0.33% | ||||||||
Hewlett-Packard Co. 0.654% 20142 | 7,000 | 7,038 | ||||||
Hewlett-Packard Co. 2.65% 2016 | 38,950 | 39,158 | ||||||
Cisco Systems, Inc. 0.499% 20142 | 14,000 | 14,051 | ||||||
Cisco Systems, Inc. 2.90% 2014 | 10,125 | 10,659 | ||||||
Cisco Systems, Inc. 4.95% 2019 | 2,500 | 2,719 | ||||||
Cisco Systems, Inc. 4.45% 2020 | 16,500 | 17,198 | ||||||
Sanmina-SCI Corp. 2.997% 20142,3 | 7,871 | 7,851 | ||||||
Sanmina-SCI Corp. 8.125% 2016 | 2,564 | 2,676 | ||||||
Jabil Circuit, Inc. 8.25% 2018 | 5,850 | 6,713 | ||||||
EH Holding Corp. 7.625% 20213 | 1,350 | 1,384 | ||||||
109,447 | ||||||||
Semiconductors & semiconductor equipment — 0.33% | ||||||||
Freescale Semiconductor, Inc. 8.875% 2014 | 2,300 | 2,409 | ||||||
Freescale Semiconductor, Inc. 9.125% 20142,7 | 19,834 | 20,851 | ||||||
Freescale Semiconductor, Inc. 10.125% 2016 | 18,000 | 19,463 | ||||||
Freescale Semiconductor, Inc. 9.25% 20183 | 7,500 | 8,119 | ||||||
Freescale Semiconductor, Inc. 10.125% 20183 | 3,925 | 4,376 | ||||||
NXP BV and NXP Funding LLC 3.028% 20132 | 2,821 | 2,817 | ||||||
NXP BV and NXP Funding LLC 10.00% 20138 | 6,882 | 7,820 | ||||||
NXP BV and NXP Funding LLC 8.625% 2015 | € | 3,875 | 5,886 | |||||
NXP BV and NXP Funding LLC 9.50% 2015 | $ | 11,120 | 11,815 | |||||
National Semiconductor Corp. 6.15% 2012 | 3,850 | 4,014 | ||||||
National Semiconductor Corp. 6.60% 2017 | 7,000 | 8,249 | ||||||
KLA-Tencor Corp. 6.90% 2018 | 8,300 | 9,389 | ||||||
Advanced Micro Devices, Inc. 8.125% 2017 | 3,075 | 3,229 | ||||||
108,437 | ||||||||
MATERIALS — 0.95% | ||||||||
ArcelorMittal 5.375% 2013 | 7,500 | 7,989 | ||||||
ArcelorMittal 3.75% 2015 | 16,500 | 16,887 | ||||||
ArcelorMittal 3.75% 2016 | 7,955 | 8,052 | ||||||
ArcelorMittal 9.85% 2019 | 4,750 | 6,030 | ||||||
ArcelorMittal 5.50% 2021 | 10,175 | 10,210 | ||||||
ArcelorMittal 7.00% 2039 | 4,750 | 4,818 | ||||||
ArcelorMittal 6.75% 2041 | 6,000 | 5,966 | ||||||
International Paper Co. 7.40% 2014 | 26,750 | 30,459 | ||||||
International Paper Co. 7.95% 2018 | 6,970 | 8,311 | ||||||
International Paper Co. 7.50% 2021 | 2,000 | 2,342 | ||||||
Rio Tinto Finance (USA) Ltd. 8.95% 2014 | 5,750 | 6,909 | ||||||
Rio Tinto Finance (USA) Ltd. 2.50% 2016 | 5,000 | 5,015 | ||||||
Rio Tinto Finance (USA) Ltd. 9.00% 2019 | 15,170 | 20,131 | ||||||
Dow Chemical Co. 7.60% 2014 | 21,250 | 24,658 | ||||||
Dow Chemical Co. 5.70% 2018 | 1,700 | 1,886 | ||||||
POSCO 4.25% 20203 | 24,820 | 23,423 | ||||||
Georgia Gulf Corp. 9.00% 20173 | 15,425 | 16,505 | ||||||
Cliffs Natural Resources Inc. 4.875% 2021 | 12,000 | 12,056 | ||||||
Cliffs Natural Resources Inc. 6.25% 2040 | 3,000 | 2,970 | ||||||
CEMEX Finance LLC 9.50% 2016 | 5,925 | 6,155 | ||||||
CEMEX Finance LLC 9.50% 20163 | 5,200 | 5,401 | ||||||
CEMEX SA 9.25% 20203 | 1,126 | 1,120 | ||||||
Reynolds Group 8.50% 20163 | 6,530 | 6,840 | ||||||
Reynolds Group 7.125% 20193 | 2,465 | 2,459 | ||||||
Reynolds Group 9.00% 20193 | 1,100 | 1,092 | ||||||
BHP Billiton Finance (USA) Ltd. 5.50% 2014 | 8,795 | 9,793 | ||||||
Teck Resources Ltd. 3.15% 2017 | 4,345 | 4,353 | ||||||
Teck Resources Ltd. 6.25% 2041 | 3,000 | 3,039 | ||||||
E.I. du Pont de Nemours and Co. 0.667% 20142 | 3,500 | 3,525 | ||||||
E.I. du Pont de Nemours and Co. 5.25% 2016 | 2,000 | 2,263 | ||||||
Anglo American Capital PLC 2.15% 20133 | 5,130 | 5,200 | ||||||
Ball Corp. 7.125% 2016 | 1,270 | 1,391 | ||||||
Ball Corp. 6.75% 2020 | 690 | 736 | ||||||
Ball Corp. 5.75% 2021 | 1,850 | 1,859 | ||||||
Sappi Papier Holding GmbH 6.625% 2018 | € | 1,150 | 1,664 | |||||
Sappi Papier Holding GmbH 6.625% 20213 | $ | 2,005 | 1,960 | |||||
MacDermid 9.50% 20173 | 3,370 | 3,522 | ||||||
Packaging Dynamics Corp. 8.75% 20163 | 3,415 | 3,483 | ||||||
Airgas, Inc. 7.125% 2018 | 3,000 | 3,278 | ||||||
Yara International ASA 7.875% 20193 | 2,675 | 3,275 | ||||||
Ardagh Packaging Finance 7.375% 2017 | € | 1,100 | 1,609 | |||||
Ardagh Packaging Finance 7.375% 20173 | $ | 200 | 207 | |||||
Ardagh Packaging Finance 11.125% 20183,7 | 1,100 | 1,114 | ||||||
Ardagh Packaging Finance 9.125% 20203 | 300 | 317 | ||||||
Smurfit Capital Funding PLC 7.50% 2025 | 3,345 | 3,245 | ||||||
Newpage Corp. 11.375% 2014 | 3,175 | 2,977 | ||||||
Praxair, Inc. 4.375% 2014 | 1,850 | 2,000 | ||||||
Praxair, Inc. 4.625% 2015 | 500 | 552 | ||||||
Arbermarle Corp. 5.10% 2015 | 2,156 | 2,340 | ||||||
ICI Wilmington, Inc. 5.625% 2013 | 2,000 | 2,170 | ||||||
Graphic Packaging International, Inc. 9.50% 2017 | 1,195 | 1,315 | ||||||
Graphic Packaging International, Inc. 7.875% 2018 | 700 | 746 | ||||||
OMNOVA Solutions Inc. 7.875% 20183 | 1,500 | 1,449 | ||||||
Potash Corp. of Saskatchewan Inc. 5.875% 2036 | 1,250 | 1,296 | ||||||
Fibria Overseas Finance Ltd. 6.75% 20213 | 1,000 | 1,053 | ||||||
Consolidated Minerals Ltd. 8.875% 20163 | 1,055 | 1,042 | ||||||
LBI Escrow Corp 8.00% 20173 | 729 | 813 | ||||||
Owens-Brockway Glass Container Inc. 7.375% 2016 | 685 | 748 | ||||||
Rockwood Specialties Group, Inc. 7.625% 2014 | € | 500 | 740 | |||||
Solutia Inc. 8.75% 2017 | $ | 610 | 665 | |||||
Nalco Co. 8.25% 2017 | 300 | 329 | ||||||
313,752 | ||||||||
Total corporate bonds & notes | $ | 9,809,313 | ||||||
BONDS & NOTES OF U.S. GOVERNMENT & GOVERNMENT AGENCIES — 23.18% | ||||||||
U.S. Treasury 1.125% 2011 | $ | 100,000 | 100,467 | |||||
U.S. Treasury 4.625% 2011 | 64,500 | 64,994 | ||||||
U.S. Treasury 4.625% 2011 | 25,000 | 25,561 | ||||||
U.S. Treasury 5.00% 2011 | 11,300 | 11,370 | ||||||
U.S. Treasury 0.375% 2012 | 17,600 | 17,618 | ||||||
U.S. Treasury 0.625% 2012 | 28,250 | 28,367 | ||||||
U.S. Treasury 1.00% 2012 | 155,250 | 156,290 | ||||||
U.S. Treasury 1.00% 2012 | 21,830 | 21,965 | ||||||
U.S. Treasury 1.125% 2012 | 1,000 | 1,011 | ||||||
U.S. Treasury 1.875% 2012 | 400 | 406 | ||||||
U.S. Treasury 4.50% 2012 | 15,000 | 15,485 | ||||||
U.S. Treasury 4.875% 2012 | 161,775 | 166,552 | ||||||
U.S. Treasury 0.625% 2013 | 42,000 | 42,166 | ||||||
U.S. Treasury 0.625% 2013 | 29,100 | 29,205 | ||||||
U.S. Treasury 0.625% 2013 | 9,600 | 9,639 | ||||||
U.S. Treasury 0.75% 2013 | 81,900 | 82,385 | ||||||
U.S. Treasury 0.75% 2013 | 3,400 | 3,417 | ||||||
U.S. Treasury 1.00% 2013 | 20,300 | 20,518 | ||||||
U.S. Treasury 1.125% 20139 | 135,410 | 137,172 | ||||||
U.S. Treasury 1.375% 2013 | 128,900 | 130,962 | ||||||
U.S. Treasury 1.375% 2013 | 80,900 | 82,317 | ||||||
U.S. Treasury 1.375% 2013 | 6,700 | 6,811 | ||||||
U.S. Treasury 2.00% 2013 | 32,010 | 33,080 | ||||||
U.S. Treasury 1.875% 201310 | 30,607 | 32,577 | ||||||
U.S. Treasury 2.75% 2013 | 50,000 | 51,957 | ||||||
U.S. Treasury 3.125% 2013 | 50,000 | 52,824 | ||||||
U.S. Treasury 3.375% 2013 | 71,550 | 75,717 | ||||||
U.S. Treasury 3.875% 2013 | 25,000 | 26,411 | ||||||
U.S. Treasury 4.25% 2013 | 134,112 | 144,777 | ||||||
U.S. Treasury 1.25% 2014 | 185,108 | 187,842 | ||||||
U.S. Treasury 1.875% 2014 | 157,360 | 162,277 | ||||||
U.S. Treasury 2.00% 201410 | 32,340 | 34,904 | ||||||
U.S. Treasury 1.25% 2015 | 15,600 | 15,470 | ||||||
U.S. Treasury 1.25% 2015 | 15,000 | 14,904 | ||||||
U.S. Treasury 1.75% 2015 | 35,300 | 35,903 | ||||||
U.S. Treasury 1.625% 201510 | 61,883 | 67,219 | ||||||
U.S. Treasury 1.875% 2015 | 40,055 | 40,998 | ||||||
U.S. Treasury 1.875% 201510 | 46,241 | 51,008 | ||||||
U.S. Treasury 2.125% 2015 | 83,500 | 85,724 | ||||||
U.S. Treasury 4.25% 2015 | 51,900 | 57,947 | ||||||
U.S. Treasury 4.50% 2015 | 24,300 | 27,437 | ||||||
U.S. Treasury 9.875% 2015 | 1,000 | 1,358 | ||||||
U.S. Treasury 1.75% 2016 | 87,560 | 87,700 | ||||||
U.S. Treasury 2.00% 2016 | 271,740 | 277,058 | ||||||
U.S. Treasury 2.00% 2016 | 4,873 | 4,947 | ||||||
U.S. Treasury 2.125% 2016 | 87,000 | 89,073 | ||||||
U.S. Treasury 2.375% 2016 | 150,000 | 155,210 | ||||||
U.S. Treasury 2.625% 2016 | 56,780 | 59,433 | ||||||
U.S. Treasury 3.00% 2016 | 69,500 | 73,502 | ||||||
U.S. Treasury 3.00% 2016 | 3,560 | 3,770 | ||||||
U.S. Treasury 4.50% 2016 | 76,600 | 86,648 | ||||||
U.S. Treasury 5.125% 2016 | 66,500 | 77,293 | ||||||
U.S. Treasury 7.50% 2016 | 115,500 | 149,059 | ||||||
U.S. Treasury 9.25% 2016 | 36,700 | 49,356 | ||||||
U.S. Treasury 1.875% 2017 | 21,500 | 21,025 | ||||||
U.S. Treasury 2.50% 2017 | 62,000 | 63,192 | ||||||
U.S. Treasury 4.625% 2017 | 128,000 | 146,054 | ||||||
U.S. Treasury 8.75% 2017 | 25,000 | 34,329 | ||||||
U.S. Treasury 2.375% 2018 | 8,200 | 8,156 | ||||||
U.S. Treasury 2.625% 2018 | 600 | 608 | ||||||
U.S. Treasury 3.50% 2018 | 51,645 | 55,418 | ||||||
U.S. Treasury 3.75% 2018 | 102,600 | 111,165 | ||||||
U.S. Treasury 2.125% 201910 | 7,855 | 8,936 | ||||||
U.S. Treasury 8.125% 2019 | 25,000 | 35,001 | ||||||
U.S. Treasury 2.625% 2020 | 45,000 | 43,340 | ||||||
U.S. Treasury 3.50% 2020 | 98,700 | 103,053 | ||||||
U.S. Treasury 3.625% 2020 | 60,600 | 64,115 | ||||||
U.S. Treasury 8.75% 2020 | 23,025 | 33,757 | ||||||
U.S. Treasury 1.125% 202110 | 20,558 | 21,378 | ||||||
U.S. Treasury 3.125% 2021 | 47,395 | 47,266 | ||||||
U.S. Treasury 3.625% 2021 | 42,705 | 44,534 | ||||||
U.S. Treasury 8.00% 2021 | 75,840 | 108,066 | ||||||
U.S. Treasury 8.125% 2021 | 9,000 | 12,863 | ||||||
U.S. Treasury 6.25% 2023 | 14,900 | 18,935 | ||||||
U.S. Treasury 7.125% 2023 | 103,050 | 139,729 | ||||||
U.S. Treasury 7.50% 2024 | 18,550 | 26,166 | ||||||
U.S. Treasury 6.875% 2025 | 122,850 | 165,356 | ||||||
U.S. Treasury 7.625% 2025 | 1,300 | 1,854 | ||||||
U.S. Treasury 6.00% 2026 | 39,300 | 48,951 | ||||||
U.S. Treasury 6.75% 2026 | 34,322 | 45,835 | ||||||
U.S. Treasury 6.125% 2027 | 40,000 | 50,595 | ||||||
U.S. Treasury 5.25% 2028 | 76,000 | 87,706 | ||||||
U.S. Treasury 6.25% 2030 | 5,545 | 7,155 | ||||||
U.S. Treasury 4.50% 2036 | 220,457 | 228,056 | ||||||
U.S. Treasury 4.75% 2037 | 52,200 | 55,933 | ||||||
U.S. Treasury 4.375% 2038 | 65 | 65 | ||||||
U.S. Treasury 4.50% 2038 | 16,800 | 17,258 | ||||||
U.S. Treasury 3.50% 2039 | 45,000 | 38,668 | ||||||
U.S. Treasury 4.25% 2039 | 162,305 | 159,273 | ||||||
U.S. Treasury 4.375% 2039 | 153,700 | 153,786 | ||||||
U.S. Treasury 4.50% 2039 | 61,460 | 62,842 | ||||||
U.S. Treasury 3.875% 2040 | 172,750 | 158,179 | ||||||
U.S. Treasury 4.25% 2040 | 12,300 | 12,023 | ||||||
U.S. Treasury 4.375% 2040 | 82,300 | 82,260 | ||||||
U.S. Treasury 4.625% 2040 | 483,790 | 504,395 | ||||||
U.S. Treasury 4.75% 2041 | 68,400 | 72,701 | ||||||
Fannie Mae 0.625% 2012 | 83,000 | 83,291 | ||||||
Fannie Mae, Series 2, 1.25% 2012 | 62,100 | 62,714 | ||||||
Fannie Mae 1.75% 2013 | 75,000 | 76,692 | ||||||
Fannie Mae 2.50% 2014 | 7,250 | 7,572 | ||||||
Fannie Mae 3.00% 2014 | 9,500 | 10,059 | ||||||
Fannie Mae 5.375% 2016 | 10,420 | 12,096 | ||||||
Freddie Mac 5.25% 2011 | 20,000 | 20,052 | ||||||
Freddie Mac 1.125% 2012 | 23,950 | 24,165 | ||||||
Freddie Mac 1.75% 2012 | 50,000 | 50,705 | ||||||
Freddie Mac 2.125% 2012 | 20,000 | 20,398 | ||||||
Freddie Mac 2.50% 2014 | 37,000 | 38,612 | ||||||
Freddie Mac 5.00% 2014 | 25,000 | 27,963 | ||||||
Freddie Mac 1.75% 2015 | 21,150 | 21,245 | ||||||
Freddie Mac 5.50% 2016 | 14,580 | 16,993 | ||||||
Federal Home Loan Bank 1.75% 2012 | 69,000 | 70,128 | ||||||
Federal Home Loan Bank, Series 363, 4.50% 2012 | 36,500 | 38,563 | ||||||
Federal Home Loan Bank 3.625% 2013 | 75,000 | 79,996 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 0.247% 20122 | 11,020 | 11,030 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 0.261% 20122 | 50,000 | 50,053 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 1.875% 2012 | 20,000 | 20,382 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 2.125% 2012 | 11,000 | 11,196 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Citigroup Inc. 2.25% 2012 | 25,050 | 25,708 | ||||||
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 2.125% 2012 | 52,500 | 53,822 | ||||||
United States Government Agency-Guaranteed (FDIC insured), General Electric Capital Corp., Series G, 2.25% 2012 | 29,250 | 29,655 | ||||||
Federal Farm Credit Banks, Consolidated Systemwide Designated Bonds, 1.875% 2012 | 13,500 | 13,797 | ||||||
Federal Farm Credit Banks, Consolidated Systemwide Designated Bonds, 1.625% 2014 | 33,700 | 34,195 | ||||||
Federal Farm Credit Banks, Consolidated Systemwide Designated Bonds, 2.625% 2014 | 5,000 | 5,234 | ||||||
Federal Farm Credit Banks, Consolidated Systemwide Designated Bonds, 3.00% 2014 | 10,000 | 10,593 | ||||||
CoBank ACB 7.875% 20183 | 23,615 | 26,933 | ||||||
CoBank ACB 0.847% 20222,3 | 31,865 | 28,569 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Ally Financial Inc. 2.20% 2012 | 32,500 | 33,317 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Goldman Sachs Group, Inc. 3.25% 2012 | 25,000 | 25,658 | ||||||
United States Government Agency-Guaranteed (FDIC insured), State Street Corp. 2.15% 2012 | 20,000 | 20,309 | ||||||
Tennessee Valley Authority, Series A, 3.875% 2021 | 4,125 | 4,221 | ||||||
Tennessee Valley Authority 5.25% 2039 | 13,750 | 14,553 | ||||||
United States Government Agency-Guaranteed (FDIC insured), Bank of America Corp. 2.375% 2012 | 17,500 | 17,847 | ||||||
United States Government Agency-Guaranteed (FDIC insured), John Deere Capital Corp. 2.875% 2012 | 10,000 | 10,243 | ||||||
Federal Agricultural Mortgage Corp. 5.125% 20173 | 5,000 | 5,501 | ||||||
United States Agency for International Development, Republic of Egypt 4.45% 2015 | 5,000 | 5,478 | ||||||
Private Export Funding Corp., Series W, 5.00% 2016 | 3,400 | 3,835 | ||||||
7,691,411 | ||||||||
BONDS & NOTES OF GOVERNMENTS & GOVERNMENT AGENCIES OUTSIDE THE U.S. — 6.20% | ||||||||
South Korean Government, Series 1303, 5.25% 2013 | KRW20,178,750 | 19,369 | ||||||
South Korean Government 4.25% 2014 | 29,650,000 | 28,021 | ||||||
South Korean Government 4.75% 2014 | 33,310,000 | 31,894 | ||||||
South Korean Government 5.00% 2014 | 11,870,000 | 11,472 | ||||||
South Korean Government 5.75% 2014 | $ | 21,100 | 23,335 | |||||
South Korean Government 5.25% 2015 | KRW28,330,000 | 27,799 | ||||||
South Korean Government 5.50% 2017 | 10,100,000 | 10,167 | ||||||
United Mexican States Government, Series MI10, 9.50% 2014 | MXN100,300 | 9,553 | ||||||
United Mexican States Government, Series M10, 7.75% 2017 | 117,500 | 10,745 | ||||||
United Mexican States Government 3.50% 201710 | 177,678 | 16,127 | ||||||
United Mexican States Government Global 5.95% 2019 | $ | 5,170 | 5,958 | |||||
United Mexican States Government, Series M20, 10.00% 2024 | MXN549,800 | 57,987 | ||||||
United Mexican States Government Global, Series A, 6.75% 2034 | $ | 2,495 | 2,913 | |||||
United Mexican States Government, Series M30, 10.00% 2036 | MXN188,500 | 19,518 | ||||||
United Mexican States Government 4.00% 204010 | 134,853 | 11,600 | ||||||
Turkey (Republic of) 10.00% 201210 | TRY15,063 | 10,029 | ||||||
Turkey (Republic of) 16.00% 2012 | 9,555 | 6,178 | ||||||
Turkey (Republic of) 10.00% 2013 | 13,350 | 8,374 | ||||||
Turkey (Republic of) 16.00% 2013 | 21,045 | 14,756 | ||||||
Turkey (Republic of) 10.00% 2015 | 13,000 | 8,186 | ||||||
Turkey (Republic of) 7.50% 2017 | $ | 5,725 | 6,756 | |||||
Turkey (Republic of) 6.75% 2018 | 17,250 | 19,708 | ||||||
Turkey (Republic of) 4.00% 202010 | TRY14,633 | 10,064 | ||||||
Turkey (Republic of) 5.625% 2021 | $ | 8,000 | 8,400 | |||||
Turkey (Republic of) 8.00% 2034 | 1,250 | 1,556 | ||||||
Turkey (Republic of) 6.75% 2040 | 9,300 | 10,067 | ||||||
Brazil (Federal Republic of) Global 0% 2011 | BRL 9,450 | 6,056 | ||||||
Brazil (Federal Republic of) 6.00% 201510 | 8,173 | 5,147 | ||||||
Brazil (Federal Republic of) Global 12.50% 2016 | 30,400 | 23,034 | ||||||
Brazil (Federal Republic of) 10.00% 2017 | 28,515 | 16,544 | ||||||
Brazil (Federal Republic of) 6.00% 201710 | 69,338 | 43,759 | ||||||
Brazil (Federal Republic of) Global 8.00% 20181 | $ | 1,295 | 1,560 | |||||
Brazil (Federal Republic of) Global 4.875% 2021 | 5,250 | 5,641 | ||||||
Brazil (Federal Republic of) Global 12.25% 2030 | 425 | 776 | ||||||
Brazil (Federal Republic of) Global 7.125% 2037 | 750 | 930 | ||||||
Polish Government, Series 0414, 5.75% 2014 | PLN41,696 | 15,554 | ||||||
Polish Government 3.875% 2015 | $ | 7,805 | 8,080 | |||||
Polish Government, Series 1017, 5.25% 2017 | PLN115,825 | 41,885 | ||||||
Polish Government 6.375% 2019 | $ | 32,835 | 37,596 | |||||
Hungarian Government, Series 14/C, 5.50% 2014 | HUF4,427,730 | 23,606 | ||||||
Hungarian Government, Series 17/B, 6.75% 2017 | 738,000 | 3,930 | ||||||
Hungarian Government 6.00% 2019 | € | 8,105 | 11,680 | |||||
Hungarian Government, Series 19/A, 6.50% 2019 | HUF1,200,000 | 6,194 | ||||||
Hungarian Government 6.25% 2020 | $ | 38,735 | 41,098 | |||||
Hungarian Government 6.375% 2021 | 4,060 | 4,304 | ||||||
Hungarian Government 7.625% 2041 | 2,430 | 2,634 | ||||||
Malaysian Government, Series 0109, 2.509% 2012 | MYR22,045 | 7,268 | ||||||
Malaysian Government, Series 509, 3.21% 2013 | 61,000 | 20,238 | ||||||
Malaysian Government, Series 3/03, 3.702% 2013 | 38,870 | 13,009 | ||||||
Malaysian Government, Series 204, 5.094% 2014 | 80,850 | 28,109 | ||||||
Malaysian Government, Series 0409, 3.741% 2015 | 63,870 | 21,444 | ||||||
Russian Federation 7.85% 2018 | RUB450,000 | 16,919 | ||||||
Russian Federation 7.85% 2018 | 280,000 | 10,527 | ||||||
Russian Federation 5.00% 2020 | $ | 21,000 | 21,761 | |||||
Russian Federation 7.50% 20301 | 31,841 | 37,652 | ||||||
Russian Federation 7.50% 20301,3 | 125 | 148 | ||||||
Canadian Government 2.00% 2014 | $ | C83,205 | 86,470 | |||||
Australia Government Agency-Guaranteed, National Australia Bank 0.793% 20142,3 | $ | 25,000 | 25,038 | |||||
Australia Government Agency-Guaranteed, National Australia Bank 3.375% 20143 | 50,550 | 52,926 | ||||||
Croatian Government 6.75% 20193 | 22,450 | 24,285 | ||||||
Croatian Government 6.75% 2019 | 17,350 | 18,768 | ||||||
Croatian Government 6.625% 2020 | 9,785 | 10,384 | ||||||
Croatian Government 6.625% 20203 | 8,580 | 9,106 | ||||||
Croatian Government 6.375% 20213 | 10,995 | 11,456 | ||||||
Indonesia (Republic of), Series 23, 11.00% 2012 | IDR 4,090,000 | 511 | ||||||
Indonesia (Republic of), Series 33, 12.50% 2013 | 8,710,000 | 1,122 | ||||||
Indonesia (Republic of), Series 20, 14.275% 2013 | 2,110,000 | 290 | ||||||
Indonesia (Republic of), Series 51, 11.25% 2014 | 1,260,000 | 165 | ||||||
Indonesia (Republic of) 9.50% 2015 | 28,000,000 | 3,583 | ||||||
Indonesia (Republic of), Series 30, 10.75% 2016 | 176,767,000 | 23,954 | ||||||
Indonesia (Republic of) 11.50% 2019 | 107,388,000 | 15,623 | ||||||
Indonesia (Republic of) 5.875% 2020 | $ | 6,800 | 7,582 | |||||
Indonesia (Republic of) 5.875% 20203 | 6,200 | 6,913 | ||||||
Indonesia (Republic of) 7.75% 2038 | 10,500 | 13,217 | ||||||
Colombia (Republic of) Global 12.00% 2015 | COP47,913,000 | 34,495 | ||||||
Colombia (Republic of) Global 7.75% 2021 | 9,435,000 | 6,083 | ||||||
Colombia (Republic of) Global 9.85% 2027 | 12,551,000 | 9,118 | ||||||
Colombia (Republic of) Global 7.375% 2037 | $ | 13,600 | 17,204 | |||||
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 2.50% 20123 | 7,250 | 7,449 | ||||||
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 2.90% 20143 | 23,005 | 24,197 | ||||||
Australia Government Agency-Guaranteed, Commonwealth Bank of Australia 3.625% 20143 | 20,000 | 21,447 | ||||||
Argentina (Republic of) 0.117% 20121,2 | 24,755 | 6,060 | ||||||
Argentina (Republic of) 7.00% 2015 | 9,345 | 9,055 | ||||||
Argentina (Republic of) 8.28% 20331,7 | 40,506 | 35,949 | ||||||
Argentina (Republic of) GDP-Linked 2035 | ARS 9,238 | 377 | ||||||
Argentina (Republic of) 1.18% 20381,10 | 10,537 | 778 | ||||||
Japanese Government, Series 296, 1.50% 2018 | ¥ | 2,468,700 | 32,330 | |||||
Japanese Government 2.40% 2038 | 1,342,250 | 17,934 | ||||||
France Government Agency-Guaranteed, Société Finance 2.875% 20143 | $ | 33,200 | 34,757 | |||||
France Government Agency-Guaranteed, Société Finance 3.375% 20143 | 10,000 | 10,600 | ||||||
Sweden Government Agency-Guaranteed, Swedbank AB 2.80% 20123 | 9,000 | 9,114 | ||||||
Sweden Government Agency-Guaranteed, Swedbank AB 2.90% 20133 | 35,000 | 36,233 | ||||||
New Zealand Government Agency-Guaranteed, Westpac Securities Co. 2.50% 20123 | 8,250 | 8,399 | ||||||
New Zealand Government Agency-Guaranteed, Westpac Securities Co. 3.45% 20143 | 33,320 | 35,569 | ||||||
South Africa (Republic of), Series R-206, 7.50% 2014 | ZAR93,420 | 14,022 | ||||||
South Africa (Republic of), Series R-203, 8.25% 2017 | 67,720 | 10,080 | ||||||
South Africa (Republic of) 6.875% 2019 | $ | 3,515 | 4,209 | |||||
South Africa (Republic of) 5.50% 2020 | 12,000 | 13,170 | ||||||
South Africa (Republic of) 6.25% 2041 | 1,855 | 1,999 | ||||||
Denmark Government Agency-Guaranteed, Danish Finance Co. 2.45% 20123 | 42,220 | 42,925 | ||||||
German Government, Series 157, 2.25% 2015 | € | 27,750 | 40,565 | |||||
New South Wales Treasury Corp., Series 19, 6.00% 2019 | $ | A33,350 | 36,985 | |||||
Uruguay (Republic of) 5.00% 201810 | UYU535,969 | 33,842 | ||||||
Uruguay (Republic of) 7.625% 20361 | $ | 1,250 | 1,581 | |||||
Venezuela (Republic of) 8.50% 2014 | 245 | 225 | ||||||
Venezuela (Republic of) 7.65% 2025 | 985 | 643 | ||||||
Venezuela (Republic of) 9.25% 2027 | 31,745 | 24,079 | ||||||
Venezuela (Republic of) 9.25% 2028 | 11,160 | 8,007 | ||||||
Peru (Republic of) 8.75% 2033 | 8,226 | 11,257 | ||||||
Peru (Republic of) 6.55% 20371 | 14,200 | 15,911 | ||||||
Europe Government Agency-Guaranteed, Dexia Credit Local 0.535% 20122,3 | 25,000 | 24,981 | ||||||
Philippines (Republic of) 6.375% 2034 | 15,500 | 17,011 | ||||||
Philippines (Republic of) 6.25% 2036 | PHP326,000 | 7,328 | ||||||
Iraq (Republic of) 5.80% 20281 | $ | 25,300 | 23,023 | |||||
Australia Government Agency-Guaranteed, Australia and New Zealand Banking Group Ltd. 3.25% 20123 | 21,750 | 22,169 | ||||||
Kingdom of Denmark 4.00% 2015 | DKr95,000 | 19,693 | ||||||
Israeli Government, Series 2683, 6.50% 2016 | ILS59,300 | 18,823 | ||||||
Province of Ontario, Series 1, 1.875% 2012 | $ | 17,375 | 17,695 | |||||
United Kingdom Government Agency-Guaranteed, Lloyds TSB Bank PLC 2.80% 20123 | 15,000 | 15,257 | ||||||
Lithuania (Republic of) 6.75% 2015 | 3,890 | 4,308 | ||||||
Lithuania (Republic of) 6.125% 20213 | 7,250 | 7,721 | ||||||
Ireland Government Agency-Guaranteed, Irish Life & Permanent 3.60% 20133 | 11,200 | 10,144 | ||||||
Bermudan Government 5.603% 20203 | 5,110 | 5,634 | ||||||
Bermudan Government 5.603% 2020 | 3,940 | 4,344 | ||||||
Dominican Republic 9.50% 20111,3 | 234 | 240 | ||||||
Dominican Republic 9.04% 20181,3 | 4,481 | 5,064 | ||||||
Dominican Republic 7.50% 20211,3 | 3,500 | 3,658 | ||||||
Aries Vermögensverwaltungs GmbH, Series C, 9.60% 2014 | 7,000 | 8,750 | ||||||
United Kingdom Government Agency-Guaranteed, Network Rail Infrastructure Ltd 1.50% 20143 | 8,000 | 8,110 | ||||||
Netherlands Government Agency-Guaranteed, ING Bank NV 3.90% 20143 | 7,000 | 7,414 | ||||||
Gabonese Republic 8.20% 2017 | 5,300 | 6,241 | ||||||
Panama (Republic of) Global 7.25% 2015 | 2,275 | 2,691 | ||||||
Panama (Republic of) Global 7.125% 2026 | 300 | 371 | ||||||
Panama (Republic of) Global 8.875% 2027 | 250 | 356 | ||||||
Panama (Republic of) Global 9.375% 2029 | 340 | 507 | ||||||
Panama (Republic of) Global 6.70% 20361 | 1,504 | 1,782 | ||||||
El Salvador (Republic of) 7.375% 2019 | 4,800 | 5,304 | ||||||
Banque Centrale de Tunisie 7.375% 2012 | 4,500 | 4,691 | ||||||
Chilean Government 3.875% 2020 | 3,000 | 3,023 | ||||||
Kommunalbanken 1.00% 20143 | 2,924 | 2,907 | ||||||
Province of Buenos Aires 10.875% 20211,3 | 1,500 | 1,415 | ||||||
Guatemala (Republic of) 10.25% 20113 | 1,000 | 1,030 | ||||||
LCR Finance PLC 5.10% 2051 | £ | 165 | 299 | |||||
2,057,640 | ||||||||
ASSET-BACKED OBLIGATIONS1 — 1.04% | ||||||||
CPS Auto Receivables Trust, Series 2006-A, Class 1-A-4, FSA insured, 5.33% 20123 | $ | 973 | 975 | |||||
CPS Auto Receivables Trust, Series 2006-B, Class A-4, MBIA insured, 5.81% 20123 | 4,716 | 4,721 | ||||||
CPS Auto Receivables Trust, Series 2007-A, Class A-4, MBIA insured, 5.05% 20133 | 6,731 | 6,778 | ||||||
CPS Auto Receivables Trust, Series 2006-C, Class A-4, XLCA insured, 5.14% 20133 | 5,834 | 5,956 | ||||||
CPS Auto Receivables Trust, Series 2007-B, Class A-4, FSA insured, 5.60% 20143 | 9,758 | 9,877 | ||||||
CPS Auto Receivables Trust, Series 2007-C, Class A-4, FSA insured, 5.92% 20143 | 13,454 | 13,654 | ||||||
Aesop Funding II LLC, Series 2010-2A, Class A, 3.63% 20143 | 12,400 | 12,859 | ||||||
Aesop Funding II LLC, Series 2010-5A, Class A, 3.15% 20173 | 20,000 | 20,239 | ||||||
Vega ContainerVessel PLC, Series 2006-1, Class A, XLCA insured, 5.562% 20213 | 30,465 | 28,690 | ||||||
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2009-2A, Class A-1, 4.26% 20143 | 9,000 | 9,408 | ||||||
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2009-2A, Class A-2, 5.29% 20163 | 17,500 | 19,207 | ||||||
Chase Issuance Trust, Series 2008-4, Class A, 4.65% 2015 | 18,000 | 19,193 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2002-C, Class A-4, 6.57% 2024 | 5,616 | 5,858 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 1999-B, Class I-A-6, 6.925% 2024 | 1,231 | 1,232 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-4, 7.905% 2026 | 760 | 777 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 1997-C, Class II-A-1, 0.61% 20272 | 110 | 99 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2000-D, Class A-4, 7.715% 2027 | 844 | 890 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2000-C, Class A-5, 8.195% 2030 | 6,889 | 7,389 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2001-C, Class M-1, 6.76% 2032 | 675 | 643 | ||||||
Vanderbilt Mortgage and Finance, Inc., Series 2002-C, Class M-1, 7.82% 2032 | 1,761 | 1,794 | ||||||
AEP Texas Central Transitioning Funding II LLC, Secured Transition Bonds, Series A, Class A-3, 5.09% 2017 | 16,720 | 18,455 | ||||||
RAMP Trust, Series 2004-RS10, Class A-I-6, 4.55% 2034 | 16,752 | 16,115 | ||||||
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-4, FSA insured, 5.18% 2013 | 8,792 | 8,806 | ||||||
Long Beach Acceptance Auto Receivables Trust, Series 2007-A, Class A-4, FSA insured, 5.025% 2014 | 5,813 | 5,852 | ||||||
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class B-1, 7.30% 2021 | 2,824 | 2,867 | ||||||
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A-4, 6.57% 2027 | 6,642 | 7,118 | ||||||
Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A-5, 7.12% 2032 | 3,000 | 3,313 | ||||||
Prestige Auto Receivables Trust, Series 2007-1, Class A-3, FSA insured, 5.58% 20143 | 11,234 | 11,362 | ||||||
MBNA Credit Card Master Note Trust, Series 2006-1, Class C, 0.607% 20152 | 10,000 | 9,937 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-3, 4.35% 2014 | 1,675 | 1,696 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-4, 5.27% 2018 | 859 | 893 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class A-5, 5.873% 2022 | 2,820 | 2,983 | ||||||
Lehman ABS Manufactured Housing Contract Trust, Series 2002-A, Class A, 0.637% 20332 | 3,675 | 3,495 | ||||||
CarMax Auto Owner Trust, Series 2008-2, Class A-3a, 4.99% 2012 | 1,420 | 1,426 | ||||||
CarMax Auto Owner Trust, Series 2007-2, Class A-4, 5.27% 2012 | 6,497 | 6,528 | ||||||
First Horizon ABS Trust, Series 2006-HE2, Class A, FSA insured, 0.316% 20262 | 531 | 392 | ||||||
First Horizon ABS Trust, Series 2007-HE1, Class A, FSA insured, 0.316% 20292 | 8,894 | 6,946 | ||||||
AmeriCredit Prime Automobile Receivables Trust, Series 2007-2-M, Class A-4-A, MBIA insured, 5.35% 2016 | 6,963 | 7,167 | ||||||
CWHEQ Home Equity Loan Trust, Series 2006-S2, Class A-5, FGIC insured, 5.753% 2027 | 9,783 | 6,856 | ||||||
Capital One Auto Finance Trust, Series 2007-B, Class A-4, MBIA insured, 0.217% 20142 | 6,481 | 6,467 | ||||||
Conseco Finance Securitizations Corp., Series 2002-2, Class A-2, 6.03% 2033 | 5,545 | 5,869 | ||||||
Home Equity Asset Trust, Series 2004-7, Class M-1, 0.806% 20352 | 6,500 | 5,228 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A-2, 0.84% 2014 | 2,000 | 2,001 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-4-A, MBIA insured, 5.55% 2014 | 3,001 | 3,068 | ||||||
Green Tree Financial Corp., Series 1996-10, Class A-6, 7.30% 2028 | 629 | 651 | ||||||
Green Tree Financial Corp., Series 1997-6, Class A-7, 7.14% 2029 | 3,189 | 3,449 | ||||||
Conseco Finance Home Equity Loan Trust, Series 2002-B, Class M-1, 1.937% 20332 | 808 | 733 | ||||||
UCFC Manufactured Housing Contract, Series 1996-2, Class A, MBIA insured, 7.135% 2028 | 3,843 | 3,625 | ||||||
Origen Manufactured Housing Contract Trust, Series 2004-B, Class M-1, 5.73% 2035 | 1,811 | 1,889 | ||||||
Origen Manufactured Housing Contract Trust, Series 2004-B, Class M-2, 6.51% 2035 | 1,450 | 1,402 | ||||||
Consumers Funding LLC, Series 2001-1, Class A-5, 5.43% 2015 | 2,639 | 2,760 | ||||||
Hyundai Auto Receivables Trust, Series 2011-A, Class A3, 1.16% 2015 | 2,500 | 2,513 | ||||||
Ally Master Owner Trust, Series 2011-1, Class A2, 2.15% 2016 | 2,450 | 2,484 | ||||||
World Omni Auto Receivables Trust, Series 2010-A, Class A-4, 2.21% 2015 | 2,350 | 2,399 | ||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B, Class A, FSA insured, 0.337% 20372 | 2,801 | 2,187 | ||||||
SLM Student Loan Trust, Series 2003-10, Class A-4, 5.15% 20393 | £ | 1,160 | 1,825 | |||||
Residential Funding Mortgage Securities II, Inc., Series 2006-HSA3, Class A, FSA insured, 0.316% 20362 | $ | 1,470 | 1,115 | |||||
IndyMac Home Equity Mortgage Loan Asset-backed Trust, Series 2007-H1, Class A-1, FSA insured, 0.346% 20372 | 1,227 | 946 | ||||||
Franklin Auto Trust, Series 2006-1, Class B, 5.14% 2014 | 824 | 825 | ||||||
343,882 | ||||||||
MUNICIPALS — 0.40% | ||||||||
State of California, Various Purpose General Obligation Bonds (Federally Taxable), 7.60% 2040 | $ | 22,295 | $ | 25,847 | ||||
State of California, Various Purpose General Obligation Bonds (Federally Taxable), 7.625% 2040 | 2,410 | 2,799 | ||||||
State of New York, Long Island Power Authority, Electric System General Revenue Bonds, Series 2009-A, 5.75% 2039 | 24,330 | 26,045 | ||||||
State of Illinois, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020 | 17,000 | 17,406 | ||||||
State of South Dakota, Educational Enhancement Funding Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
Series 2002-A, Class A, 6.72% 2025 | 15,068 | 14,063 | ||||||
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 | 13,527 | ||||||
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 | 12,808 | ||||||
State of New York, Metropolitan Transportation Authority, Dedicated Tax Fund Bonds (Federally Taxable-Issuer | ||||||||
Subsidy-Build America Bonds), Series 2009-C, 7.336% 2039 | 5,500 | 6,686 | ||||||
State of Wisconsin, General Fund Annual Appropriation Bonds, Series 2009-A, 5.75% 2033 | 6,000 | 6,488 | ||||||
State of Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue Bonds, Series 2007, 5.50% 2023 | 6,000 | 6,140 | ||||||
State of Illinois, City of Chicago, O’Hare International Airport, General Airport Revenue Bonds | ||||||||
(Build America Bonds-Direct Payment), Taxable Series 2010-B, 6.395% 2040 | 1,000 | 1,046 | ||||||
State of Maryland, Howard Hughes Medical Institute, Taxable Bonds, 3.45% 2014 | 125 | 133 | ||||||
132,988 | ||||||||
Total bonds & notes (cost: $30,408,743,000) | 31,534,867 | |||||||
Convertible securities — 0.05% | ||||||||
INFORMATION TECHNOLOGY — 0.05% | ||||||||
Linear Technology Corp., Series A, 3.00% convertible notes 2027 | 11,500 | 12,233 | ||||||
Advanced Micro Devices, Inc. 6.00% convertible notes 2015 | 2,963 | 3,018 | ||||||
Total convertible securities (cost: $12,011,000) | 15,251 | |||||||
Preferred securities — 0.25% | ||||||||
FINANCIALS — 0.24% | ||||||||
BNP Paribas 7.195%2,3 | 24,600 | 23,985 | ||||||
QBE Capital Funding II LP 6.797%2,3 | 23,855 | 21,949 | ||||||
PNC Preferred Funding Trust I 6.517%2,3 | 10,700 | 9,382 | ||||||
AXA SA, Series B, 6.379%2,3 | 9,065 | 8,023 | ||||||
HVB Funding Trust III 9.00% 20313 | 7,180 | 7,036 | ||||||
Catlin Insurance Ltd. 7.249%2,3 | 6,375 | 6,120 | ||||||
XL Capital Ltd., Series E, 6.50%2 | 3,000 | 2,782 | ||||||
79,277 | ||||||||
U.S. GOVERNMENT AGENCY SECURITIES — 0.01% | ||||||||
US AgBank 6.11%2,3 | 6,250 | 4,055 | ||||||
Total preferred securities (cost: $71,404,000) | 83,332 | |||||||
Common stocks — 0.02% | Shares | |||||||
CONSUMER DISCRETIONARY — 0.02% | ||||||||
American Media, Inc.4,8,11 | 453,779 | 7,260 | ||||||
TELECOMMUNICATION SERVICES — 0.00% | ||||||||
Hawaiian Telcom Holdco, Inc.11 | 31,519 | 804 | ||||||
INDUSTRIALS— 0.00% | ||||||||
Atrium Corp.4,8,11 | 985 | 89 | ||||||
Total common stocks (cost: $8,663,000) | 8,153 | |||||||
Warrants — 0.00% | ||||||||
TELECOMMUNICATION SERVICES — 0.00% | ||||||||
Hawaiian Telcom Holdco, Inc., warrants, expire 20154,11 | 47,929 | 622 | ||||||
Total warrants (cost: $11,276,000) | 622 | |||||||
Principal amount | ||||||||
Short-term securities — 11.48% | (000 | ) | ||||||
Freddie Mac 0.08%–0.20% due 7/27/2011–4/17/2012 | $ | 1,042,306 | 1,041,483 | |||||
Fannie Mae 0.12%–0.23% due 8/22/2011–6/1/2012 | 782,520 | 782,058 | ||||||
Coca-Cola Co. 0.13%–0.24% due 7/1–11/3/20113 | 473,150 | 473,051 | ||||||
CAFCO, LLC 0.12%–0.20% due 7/5–9/28/2011 | 159,600 | 159,574 | ||||||
Ciesco LLC 0.18%–0.20% due 8/25–9/15/2011 | 81,800 | 81,782 | ||||||
Procter & Gamble International Funding S.C.A. 0.08% due 7/15/20113 | 219,000 | 218,993 | ||||||
Falcon Asset Securitization Co., LLC 0.09%–0.13% due 7/7–7/18/20113 | 107,600 | 107,593 | ||||||
Jupiter Securitization Co., LLC 0.19%–0.28% due 7/5–8/1/20113 | 68,500 | 68,496 | ||||||
Wal-Mart Stores, Inc. 0.07%–0.08% due 7/26–8/9/20113 | 163,000 | 162,989 | ||||||
Federal Home Loan Bank 0.13%–0.21% due 7/8/2011–2/23/2012 | 162,850 | 162,737 | ||||||
Straight-A Funding LLC 0.16%–0.23% due 7/1–9/8/20113 | 136,827 | 136,802 | ||||||
Federal Farm Credit Banks 0.18% due 4/18/2012 | 100,000 | 99,841 | ||||||
U.S. Treasury Bills 0.151%–0.291% due 7/14/2011–2/9/2012 | 76,925 | 76,900 | ||||||
PepsiCo Inc. 0.09% due 8/23/20113 | 45,000 | 44,994 | ||||||
Variable Funding Capital Company LLC 0.15% due 8/8/20113 | 40,200 | 40,193 | ||||||
Paccar Financial Corp. 0.16% due 8/11/2011 | 38,500 | 38,490 | ||||||
Johnson & Johnson 0.20% due 8/10/20113 | 38,000 | 37,996 | ||||||
Merck & Co. Inc. 0.10% due 9/8/20113 | 26,700 | 26,695 | ||||||
McDonald’s Corp. 0.08% due 7/14/20113 | 23,800 | 23,799 | ||||||
Medtronic Inc. 0.18% due 8/25/20113 | 23,600 | 23,596 | ||||||
Total short-term securities (cost: $3,807,856,000) | 3,808,062 | |||||||
Total investment securities (cost: $34,319,953,000) | 35,450,287 | |||||||
Other assets less liabilities | (2,271,406 | ) | ||||||
Net assets | $ | 33,178,881 |
1Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2Coupon rate may change periodically.
3Acquired 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 $4,920,004,000, which represented 14.83% of the net assets of the fund.
4Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $68,532,000, which represented .21% of the net assets of the fund.
5Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $277,790,000, which represented .84% of the net assets of the fund.
6Step bond; coupon rate will increase at a later date.
7Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
8Acquired in a transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
Acquisition | Cost | Value | Percent of | ||||||||||
date | (000 | ) | (000 | ) | net assets | ||||||||
NXP BV and NXP Funding LLC 10.00% 2013 | 7/17/2009 | $ | 5,983 | $ | 7,820 | .03 | % | ||||||
American Media, Inc. | 11/17/2010 | 7,602 | 7,260 | .02 | |||||||||
Atrium Corp. | 4/30/2010 | 89 | 89 | .00 | |||||||||
Total restricted securities | $ | 13,674 | $ | 15,169 | .05 | % |
9A portion of this security was pledged as collateral for losses on unsettled forward currency contracts with certain counterparties. The total value of pledged collateral was $3,324,000, which represented .01% of the net assets of the fund.
10Index-linked bond whose principal amount moves with a government price index.
11Security did not produce income during the last 12 months.
Key to abbreviations and symbols | |||
ARS = Argentine pesos | € = Euros | KRW = South Korean won | TRY = Turkish liras |
A$ = Australian dollars | £ = British pounds | MXN = Mexican pesos | UYU = Uruguayan pesos |
BRL = Brazilian reais | HUF = Hungarian forints | MYR = Malaysian ringgits | ZAR = South African rand |
C$ = Canadian dollars | IDR = Indonesian rupiah | PHP = Philippine pesos | |
COP = Colombian pesos | ILS = Israeli shekels | PLN = Polish zloty | |
DKr = Danish kroner | ¥ = Japanese yen | RUB = Russian ruble |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
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 and summary 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.
MFGEFP-908-0811O-S29473
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 trustees 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 trustees. 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 | |
By /s/ John H. Smet | |
John H. Smet, President and Principal Executive Officer | |
Date: August 31, 2011 |
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/ John H. Smet |
John H. Smet, President and Principal Executive Officer |
Date: August 31, 2011 |
By /s/ Brian C. Janssen |
Brian C. Janssen, Treasurer and Principal Financial Officer |
Date: August 31, 2011 |