Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22311
Schwab Strategic Trust – Fixed Income ETFs
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Marie Chandoha
Schwab Strategic Trust – Fixed Income ETFs
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 636-7000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2018
Item 1: Report(s) to Shareholders.
Table of Contents
Schwab U.S. TIPS ETF™ | SCHP |
Schwab Short-Term U.S. Treasury ETF™ | SCHO |
Schwab Intermediate-Term U.S. Treasury ETF™ | SCHR |
Schwab U.S. Aggregate Bond ETF™ | SCHZ |
Total Returns for the 6 Months Ended June 30, 2018 | |
Schwab U.S. TIPS ETF (Ticker Symbol: SCHP) | |
Market Price Return1 | -0.11% |
NAV Return1 | -0.06% |
Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L) | -0.02% |
ETF Category: Morningstar Inflation-Protected Bond2 | -0.06% |
Performance Details | page 7 |
Schwab Short-Term U.S. Treasury ETF (Ticker Symbol: SCHO) | |
Market Price Return1 | 0.05% |
NAV Return1 | 0.01% |
Bloomberg Barclays US Treasury 1-3 Year Index | 0.05% |
ETF Category: Morningstar Short Government2 | -0.08% |
Performance Details | page 8 |
Schwab Intermediate-Term U.S. Treasury ETF (Ticker Symbol: SCHR) | |
Market Price Return1 | -1.13% |
NAV Return1 | -1.22% |
Bloomberg Barclays US Treasury 3-10 Year Index | -1.18% |
ETF Category: Morningstar Intermediate Government2 | -1.13% |
Performance Details | page 9 |
Schwab U.S. Aggregate Bond ETF (Ticker Symbol: SCHZ) | |
Market Price Return1 | -1.59% |
NAV Return1 | -1.69% |
Bloomberg Barclays US Aggregate Bond Index | -1.62% |
ETF Category: Morningstar Intermediate-Term Bond2 | -1.55% |
Performance Details | page 10 |
1 | ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively. |
2 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date. |
President and CEO of
Charles Schwab Investment
Management, Inc. and the
funds covered in this report.
1 | The Conference Board is a global, independent business membership and research association working in the public interest. The Consumer Confidence Index® is based on the Consumer Confidence Survey® which reflects prevailing business conditions and likely developments for the months ahead. This monthly report details consumer attitudes and buying intentions, with data available by age, income, and region. |
Matthew Hastings, CFA, Vice President and Head of Taxable Bond Strategies, leads the portfolio management team for Schwab Fixed-Income ETFs and Schwab’s taxable bond funds. He also has overall responsibility for all aspects of the management of the funds. Prior to joining CSIM in 1999, Mr. Hastings was in fixed-income sales and trading at Lehman Brothers. He has worked in the fixed-income securities industry since 1996. |
Steven Hung, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab U.S. Aggregate Bond ETF. His primary focus is corporate bonds. Prior to joining CSIM in 1999, Mr. Hung was an associate in Schwab’s management training program for nine months. In that role, he worked as a clerk on the Options Trading Floor of the Pacific Coast Stock Exchange. |
Mark McKissick, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. His primary focus is taxable government securities. Prior to joining CSIM in 2016, Mr. McKissick worked for 17 years at Denver Investments, most recently as a director of fixed income and portfolio manager. He has worked in the fixed-income securities industry since 1992. |
Alfonso Portillo, Jr., Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab U.S. Aggregate Bond ETF. His primary focus is securitized products. Prior to joining CSIM in 2007, Mr. Portillo worked for ten years at Pacific Investment Management Company, most recently as a vice president and member of the mortgage- and asset-backed portfolio management team. He has worked in fixed-income asset management since 1996. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception* |
Fund: Schwab U.S. TIPS ETF (8/5/2010) | ||||
Market Price Return2 | -0.11% | 2.07% | 1.63% | 2.68% |
NAV Return2 | -0.06% | 2.05% | 1.61% | 2.68% |
Bloomberg Barclays US Treasury Inflation-Linked Bond Index (Series-L) | -0.02% | 2.11% | 1.68% | 2.77% |
ETF Category: Morningstar Inflation-Protected Bond3 | -0.06% | 1.94% | 1.25% | N/A |
Fund Expense Ratio4: 0.05% |
Weighted Average Maturity8 | 8.4 Yrs |
Weighted Average Duration8 | 7.7 Yrs |
* | Inception (8/5/10) represents the date that the shares began trading in the secondary market. |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. |
2 | ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date. |
4 | As stated in the prospectus. |
5 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
6 | Less than 0.05%. |
7 | Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended. |
8 | See Glossary for definitions of maturity and duration. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception* |
Fund: Schwab Short-Term U.S. Treasury ETF (8/5/2010) | ||||
Market Price Return2 | 0.05% | -0.03% | 0.49% | 0.55% |
NAV Return2 | 0.01% | -0.05% | 0.49% | 0.55% |
Bloomberg Barclays US Treasury 1-3 Year Index | 0.05% | 0.01% | 0.58% | 0.65% |
ETF Category: Morningstar Short Government3 | -0.08% | -0.06% | 0.49% | N/A |
Fund Expense Ratio4: 0.06% |
Weighted Average Maturity7 | 2.0 Yrs |
Weighted Average Duration7 | 1.9 Yrs |
* | Inception (8/5/10) represents the date that the shares began trading in the secondary market. |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. |
2 | ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date. |
4 | As stated in the prospectus. |
5 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
6 | Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended. |
7 | See Glossary for definitions of maturity and duration. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception* |
Fund: Schwab Intermediate-Term U.S. Treasury ETF (8/5/2010) | ||||
Market Price Return2 | -1.13% | -1.36% | 1.37% | 2.03% |
NAV Return2 | -1.22% | -1.34% | 1.36% | 2.02% |
Bloomberg Barclays US Treasury 3-10 Year Index | -1.18% | -1.28% | 1.45% | 2.13% |
ETF Category: Morningstar Intermediate Government3 | -1.13% | -0.75% | 1.38% | N/A |
Fund Expense Ratio4: 0.06% |
Weighted Average Maturity8 | 5.6 Yrs |
Weighted Average Duration8 | 5.1 Yrs |
* | Inception (8/5/10) represents the date that the shares began trading in the secondary market. |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. |
2 | ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date. |
4 | As stated in the prospectus. |
5 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
6 | Less than 0.05%. |
7 | Includes the fund’s position in money market mutual funds registered under the Investment Company Act of 1940, as amended. |
8 | See Glossary for definitions of maturity and duration. |
Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception* |
Fund: Schwab U.S. Aggregate Bond ETF (7/14/2011) | ||||
Market Price Return2 | -1.59% | -0.60% | 2.27% | 2.30% |
NAV Return2 | -1.69% | -0.53% | 2.21% | 2.30% |
Bloomberg Barclays US Aggregate Bond Index | -1.62% | -0.40% | 2.27% | 2.42% |
ETF Category: Morningstar Intermediate-Term Bond3 | -1.55% | -0.36% | 2.20% | N/A |
Fund Expense Ratio4: 0.04% |
Weighted Average Maturity7 | 8.4 Yrs |
Weighted Average Duration7 | 6.0 Yrs |
* | Inception (7/14/11) represents the date that the shares began trading in the secondary market. |
1 | Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. |
2 | ETF performance must be shown based on both a Market Price and a Net Asset Value (NAV) basis. The fund’s per share net asset value (NAV) is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively. |
3 | Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date. |
4 | As stated in the prospectus. |
5 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
6 | The fund may seek to obtain exposure to U.S. agency mortgage pass-through securities, in part or in full, through the use of “to-be-announced” or “TBA” transactions, which are standardized contracts for future delivery of mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. These transactions represented approximately 2.3% of total investments on June 30, 2018. |
7 | See Glossary for definitions of maturity and duration. |
Expense Ratio (Annualized)1 | Beginning Account Value at 1/1/18 | Ending Account Value (Net of Expenses) at 6/30/18 | Expenses Paid During Period 1/1/18-6/30/182 | |
Schwab U.S. TIPS ETF | ||||
Actual Return | 0.05% | $1,000.00 | $ 999.40 | $0.25 |
Hypothetical 5% Return | 0.05% | $1,000.00 | $1,024.55 | $0.25 |
Schwab Short-Term U.S. Treasury ETF | ||||
Actual Return | 0.06% | $1,000.00 | $1,000.10 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.50 | $0.30 |
Schwab Intermediate-Term U.S. Treasury ETF | ||||
Actual Return | 0.06% | $1,000.00 | $ 987.80 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.50 | $0.30 |
Schwab U.S. Aggregate Bond ETF | ||||
Actual Return | 0.04% | $1,000.00 | $ 983.10 | $0.20 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,024.60 | $0.20 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by the 181 days of the period, and divided by 365 days of the fiscal year. |
1/1/18– 6/30/18* | 1/1/17– 12/31/17 | 1/1/16– 12/31/16 | 1/1/15– 12/31/15 | 1/1/14– 12/31/14 | 1/1/13– 12/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $55.39 | $54.84 | $53.15 | $54.11 | $52.92 | $58.31 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.97 1 | 1.17 1 | 0.99 1 | 0.17 1 | 0.64 | 0.28 |
Net realized and unrealized gains (losses) | (1.01) | 0.43 | 1.46 | (0.98) | 1.26 | (5.32) |
Total from investment operations | (0.04) | 1.60 | 2.45 | (0.81) | 1.90 | (5.04) |
Less distributions: | ||||||
Distributions from net investment income | (0.45) | (1.05) | (0.76) | (0.15) | (0.71) | (0.35) |
Net asset value at end of period | $54.90 | $55.39 | $54.84 | $53.15 | $54.11 | $52.92 |
Total return | (0.06%) 2 | 2.95% | 4.60% | (1.50%) | 3.56% | (8.66%) |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.05% 3 | 0.05% 4 | 0.07% | 0.07% | 0.07% | 0.07% |
Net investment income (loss) | 3.59% 3 | 2.13% | 1.78% | 0.31% | 1.10% | 0.51% |
Portfolio turnover rate5 | 9% 2 | 19% | 16% | 19% | 20% | 20% |
Net assets, end of period (x 1,000) | $5,448,453 | $2,880,386 | $1,614,977 | $815,816 | $549,259 | $399,564 |
* | Unaudited. |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Treasuries 99.7% of net assets | ||
U.S. Treasury Inflation Protected Securities | ||
1.88%, 07/15/19 | 81,594,427 | 82,928,467 |
1.38%, 01/15/20 | 98,952,832 | 100,082,028 |
0.13%, 04/15/20 | 253,910,679 | 251,259,861 |
1.25%, 07/15/20 | 152,060,706 | 154,558,466 |
1.13%, 01/15/21 | 173,933,530 | 176,226,460 |
0.13%, 04/15/21 | 220,775,986 | 217,422,066 |
0.63%, 07/15/21 | 184,629,853 | 185,371,389 |
0.13%, 01/15/22 | 203,785,858 | 200,352,824 |
0.13%, 04/15/22 | 215,121,063 | 210,753,406 |
0.13%, 07/15/22 | 210,181,817 | 206,735,585 |
0.13%, 01/15/23 | 211,159,586 | 206,460,023 |
0.63%, 04/15/23 | 76,604,721 | 76,498,753 |
0.38%, 07/15/23 | 209,461,945 | 207,630,278 |
0.63%, 01/15/24 | 208,868,441 | 208,683,912 |
0.13%, 07/15/24 | 205,349,289 | 199,678,519 |
0.25%, 01/15/25 | 205,835,635 | 200,289,770 |
2.38%, 01/15/25 | 135,167,241 | 149,929,778 |
0.38%, 07/15/25 | 205,607,828 | 202,039,253 |
0.63%, 01/15/26 | 185,156,829 | 184,260,124 |
2.00%, 01/15/26 | 98,459,303 | 107,938,033 |
0.13%, 07/15/26 | 173,646,942 | 166,426,930 |
0.38%, 01/15/27 | 172,307,541 | 167,482,075 |
2.38%, 01/15/27 | 79,214,454 | 90,146,240 |
0.38%, 07/15/27 | 170,272,419 | 165,733,927 |
0.50%, 01/15/28 | 168,863,935 | 165,265,713 |
1.75%, 01/15/28 | 79,306,402 | 86,720,726 |
3.63%, 04/15/28 | 66,775,740 | 84,859,334 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
2.50%, 01/15/29 | 76,517,119 | 90,008,881 |
3.88%, 04/15/29 | 81,254,560 | 107,229,023 |
3.38%, 04/15/32 | 30,867,718 | 41,274,190 |
2.13%, 02/15/40 | 41,794,999 | 52,591,510 |
2.13%, 02/15/41 | 53,187,186 | 67,404,354 |
0.75%, 02/15/42 | 93,446,358 | 91,355,031 |
0.63%, 02/15/43 | 69,072,171 | 65,446,437 |
1.38%, 02/15/44 | 104,234,200 | 116,433,118 |
0.75%, 02/15/45 | 116,154,576 | 112,803,888 |
1.00%, 02/15/46 | 85,325,491 | 87,955,020 |
0.88%, 02/15/47 | 83,689,339 | 83,747,216 |
1.00%, 02/15/48 | 57,863,809 | 59,821,986 |
Total Treasuries | ||
(Cost $5,467,087,221) | 5,431,804,594 | |
Security | Number of Shares | Value ($) |
Other Investment Company 0.0% of net assets | ||
Money Market Fund 0.0% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.82% (a) | 1,028,539 | 1,028,539 |
Total Other Investment Company | ||
(Cost $1,028,539) | 1,028,539 |
(a) | The rate shown is the 7-day yield. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Treasuries | $— | $5,431,804,594 | $— | $5,431,804,594 | |
Other Investment Company1 | 1,028,539 | — | — | 1,028,539 | |
Total | $1,028,539 | $5,431,804,594 | $— | $5,432,833,133 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $5,468,115,760) | $5,432,833,133 | |
Receivables: | ||
Investments sold | 23,916,664 | |
Interest | 16,614,224 | |
Fund shares sold | 10,979,228 | |
Dividends | + | 1,715 |
Total assets | 5,484,344,964 | |
Liabilities | ||
Payables: | ||
Investments bought | 35,675,510 | |
Investment adviser fees | 214,804 | |
Other liabilities | + | 1,763 |
Total liabilities | 35,892,077 | |
Net Assets | ||
Total assets | 5,484,344,964 | |
Total liabilities | – | 35,892,077 |
Net assets | $5,448,452,887 | |
Net Assets by Source | ||
Capital received from investors | 5,474,804,420 | |
Net investment income not yet distributed | 32,966,152 | |
Net realized capital losses | (24,035,058) | |
Net unrealized capital depreciation | (35,282,627) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$5,448,452,887 | 99,250,000 | $54.90 | ||
Investment Income | ||
Dividends | $15,516 | |
Interest | + | 63,869,020 |
Total investment income | 63,884,536 | |
Expenses | ||
Investment adviser fees | 876,768 | |
Total expenses | – | 876,768 |
Net investment income | 63,007,768 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (5,240,037) | |
Net realized gains on in-kind redemptions | + | 1,192,011 |
Net realized losses | (4,048,026) | |
Net change in unrealized appreciation (depreciation) on investments | + | (44,683,963) |
Net realized and unrealized losses | (48,731,989) | |
Increase in net assets resulting from operations | $14,275,779 |
Operations | ||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||
Net investment income | $63,007,768 | $46,731,565 | ||
Net realized losses | (4,048,026) | (3,947,311) | ||
Net change in unrealized appreciation (depreciation) | + | (44,683,963) | 23,021,737 | |
Increase in net assets resulting from operations | 14,275,779 | 65,805,991 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($30,629,135) | ($46,465,385) |
Transactions in Fund Shares | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 49,050,000 | $2,683,123,245 | 24,750,000 | $1,367,959,304 | ||||
Shares redeemed | + | (1,800,000) | (98,702,504) | (2,200,000) | (121,891,683) | |||
Net transactions in fund shares | 47,250,000 | $2,584,420,741 | 22,550,000 | $1,246,067,621 | ||||
Shares Outstanding and Net Assets | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 52,000,000 | $2,880,385,502 | 29,450,000 | $1,614,977,275 | ||||
Total increase | + | 47,250,000 | 2,568,067,385 | 22,550,000 | 1,265,408,227 | |||
End of period | 99,250,000 | $5,448,452,887 | 52,000,000 | $2,880,385,502 | ||||
Net investment income not yet distributed | $32,966,152 | $587,519 |
1/1/18– 6/30/18* | 1/1/17– 12/31/17 | 1/1/16– 12/31/16 | 1/1/15– 12/31/15 | 1/1/14– 12/31/14 | 1/1/13– 12/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $50.03 | $50.41 | $50.43 | $50.55 | $50.51 | $50.53 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.39 1 | 0.57 1 | 0.42 1 | 0.35 1 | 0.24 | 0.15 |
Net realized and unrealized gains (losses) | (0.39) | (0.39) | (0.03) | (0.13) | 0.04 | (0.02) |
Total from investment operations | 0.00 2 | 0.18 | 0.39 | 0.22 | 0.28 | 0.13 |
Less distributions: | ||||||
Distributions from net investment income | (0.31) | (0.56) | (0.41) | (0.34) | (0.24) | (0.15) |
Net asset value at end of period | $49.72 | $50.03 | $50.41 | $50.43 | $50.55 | $50.51 |
Total return | 0.01% 3 | 0.35% | 0.78% | 0.44% | 0.55% | 0.25% |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.06% 4 | 0.06% | 0.08% 5 | 0.08% | 0.08% | 0.08% |
Net investment income (loss) | 1.60% 4 | 1.13% | 0.83% | 0.69% | 0.49% | 0.31% |
Portfolio turnover rate6 | 31% 3 | 65% | 66% | 89% | 109% | 101% |
Net assets, end of period (x 1,000) | $2,618,003 | $2,181,398 | $1,414,092 | $1,071,573 | $702,651 | $444,497 |
* | Unaudited. |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Treasuries 99.5% of net assets | ||
Bonds | ||
8.13%, 08/15/19 | 5,701,000 | 6,057,981 |
8.50%, 02/15/20 | 3,286,000 | 3,599,774 |
8.75%, 05/15/20 | 2,428,000 | 2,706,366 |
8.75%, 08/15/20 | 4,946,000 | 5,575,166 |
7.88%, 02/15/21 | 2,120,000 | 2,402,639 |
Notes | ||
0.75%, 07/15/19 | 24,366,000 | 23,964,818 |
0.88%, 07/31/19 | 17,383,000 | 17,104,940 |
1.38%, 07/31/19 | 27,755,000 | 27,457,393 |
1.63%, 07/31/19 | 35,313,000 | 35,026,772 |
0.75%, 08/15/19 | 23,262,000 | 22,839,468 |
3.63%, 08/15/19 | 26,881,000 | 27,241,163 |
1.00%, 08/31/19 | 22,118,000 | 21,761,606 |
1.25%, 08/31/19 | 6,839,000 | 6,748,437 |
1.63%, 08/31/19 | 40,735,000 | 40,370,613 |
0.88%, 09/15/19 | 26,009,000 | 25,532,518 |
1.00%, 09/30/19 | 19,017,000 | 18,686,060 |
1.38%, 09/30/19 | 25,226,000 | 24,900,821 |
1.75%, 09/30/19 | 37,260,000 | 36,949,985 |
1.00%, 10/15/19 | 23,717,000 | 23,287,129 |
1.25%, 10/31/19 | 14,096,000 | 13,877,127 |
1.50%, 10/31/19 | 63,068,000 | 62,293,199 |
1.00%, 11/15/19 | 24,095,000 | 23,624,865 |
3.38%, 11/15/19 | 37,429,000 | 37,884,435 |
1.00%, 11/30/19 | 22,698,000 | 22,240,937 |
1.50%, 11/30/19 | 36,368,000 | 35,882,857 |
1.75%, 11/30/19 | 25,243,000 | 24,992,049 |
1.38%, 12/15/19 | 24,762,000 | 24,377,512 |
1.13%, 12/31/19 | 22,434,000 | 21,991,892 |
1.63%, 12/31/19 | 35,910,000 | 35,469,542 |
1.88%, 12/31/19 | 24,462,000 | 24,246,524 |
1.38%, 01/15/20 | 24,590,000 | 24,179,366 |
1.25%, 01/31/20 | 36,524,000 | 35,829,901 |
1.38%, 01/31/20 | 20,393,000 | 20,045,283 |
2.00%, 01/31/20 | 22,038,000 | 21,874,867 |
1.38%, 02/15/20 | 25,088,000 | 24,643,570 |
3.63%, 02/15/20 | 44,019,000 | 44,802,229 |
1.25%, 02/29/20 | 21,571,000 | 21,131,575 |
1.38%, 02/29/20 | 35,462,000 | 34,812,325 |
2.25%, 02/29/20 | 25,563,000 | 25,461,147 |
1.63%, 03/15/20 | 25,557,000 | 25,181,132 |
1.13%, 03/31/20 | 18,458,000 | 18,022,507 |
1.38%, 03/31/20 | 33,570,000 | 32,921,548 |
2.25%, 03/31/20 | 26,414,000 | 26,297,407 |
1.50%, 04/15/20 | 25,679,000 | 25,225,605 |
1.13%, 04/30/20 | 25,688,000 | 25,052,322 |
1.38%, 04/30/20 | 33,992,000 | 33,301,537 |
2.38%, 04/30/20 | 46,534,000 | 46,419,483 |
1.50%, 05/15/20 | 24,681,000 | 24,224,016 |
3.50%, 05/15/20 | 33,493,000 | 34,086,978 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
1.38%, 05/31/20 | 25,545,000 | 24,996,181 |
1.50%, 05/31/20 | 36,655,000 | 35,953,401 |
1.50%, 06/15/20 | 24,804,000 | 24,321,000 |
1.63%, 06/30/20 | 36,748,000 | 36,102,039 |
1.88%, 06/30/20 | 16,900,000 | 16,685,119 |
2.50%, 06/30/20 | 22,000,000 | 21,988,398 |
1.50%, 07/15/20 | 25,471,000 | 24,947,650 |
1.63%, 07/31/20 | 41,655,000 | 40,877,223 |
2.00%, 07/31/20 | 24,121,000 | 23,854,821 |
1.50%, 08/15/20 | 24,713,000 | 24,180,126 |
2.63%, 08/15/20 | 36,478,000 | 36,530,010 |
1.38%, 08/31/20 | 36,366,000 | 35,468,214 |
2.13%, 08/31/20 | 27,328,000 | 27,083,009 |
1.38%, 09/15/20 | 24,301,000 | 23,689,203 |
1.38%, 09/30/20 | 37,176,000 | 36,215,378 |
2.00%, 09/30/20 | 21,576,000 | 21,311,357 |
1.63%, 10/15/20 | 24,503,000 | 23,991,883 |
1.38%, 10/31/20 | 35,973,000 | 35,000,605 |
1.75%, 10/31/20 | 29,421,000 | 28,876,252 |
1.75%, 11/15/20 | 23,474,000 | 23,029,278 |
2.63%, 11/15/20 | 55,905,000 | 55,966,146 |
1.63%, 11/30/20 | 34,091,000 | 33,331,277 |
2.00%, 11/30/20 | 22,309,000 | 22,007,480 |
1.88%, 12/15/20 | 24,610,000 | 24,199,513 |
1.75%, 12/31/20 | 35,310,000 | 34,599,662 |
2.38%, 12/31/20 | 21,659,000 | 21,550,282 |
2.00%, 01/15/21 | 24,234,000 | 23,882,796 |
1.38%, 01/31/21 | 34,914,000 | 33,853,624 |
2.13%, 01/31/21 | 26,017,000 | 25,711,605 |
2.25%, 02/15/21 | 27,085,000 | 26,849,064 |
3.63%, 02/15/21 | 46,826,000 | 48,031,404 |
1.13%, 02/28/21 | 35,934,000 | 34,579,457 |
2.00%, 02/28/21 | 27,444,000 | 27,021,084 |
2.38%, 03/15/21 | 28,109,000 | 27,942,103 |
1.25%, 03/31/21 | 34,676,000 | 33,437,281 |
2.25%, 03/31/21 | 25,212,000 | 24,973,668 |
2.38%, 04/15/21 | 55,803,000 | 55,452,052 |
1.38%, 04/30/21 | 47,263,000 | 45,677,105 |
2.63%, 05/15/21 | 31,476,000 | 31,481,533 |
3.13%, 05/15/21 | 38,632,000 | 39,173,754 |
1.38%, 05/31/21 | 44,729,000 | 43,172,221 |
2.63%, 06/15/21 | 28,500,000 | 28,506,123 |
1.13%, 06/30/21 | 60,000,000 | 57,417,187 |
Total Treasuries | ||
(Cost $2,634,445,678) | 2,606,524,954 |
Security | Number of Shares | Value ($) |
Other Investment Company 0.1% of net assets | ||
Money Market Fund 0.1% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.82% (a) | 1,357,014 | 1,357,014 |
Total Other Investment Company | ||
(Cost $1,357,014) | 1,357,014 |
(a) | The rate shown is the 7-day yield. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Treasuries | $— | $2,606,524,954 | $— | $2,606,524,954 | |
Other Investment Company1 | 1,357,014 | — | — | 1,357,014 | |
Total | $1,357,014 | $2,606,524,954 | $— | $2,607,881,968 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $2,635,802,692) | $2,607,881,968 | |
Receivables: | ||
Investments sold | 99,854,652 | |
Interest | 13,375,211 | |
Fund shares sold | 4,972,472 | |
Dividends | + | 1,622 |
Total assets | 2,726,085,925 | |
Liabilities | ||
Payables: | ||
Investments bought | 107,954,369 | |
Investment adviser fees | + | 129,032 |
Total liabilities | 108,083,401 | |
Net Assets | ||
Total assets | 2,726,085,925 | |
Total liabilities | – | 108,083,401 |
Net assets | $2,618,002,524 | |
Net Assets by Source | ||
Capital received from investors | 2,654,310,099 | |
Net investment income not yet distributed | 3,735,329 | |
Net realized capital losses | (12,122,180) | |
Net unrealized capital depreciation | (27,920,724) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$2,618,002,524 | 52,650,000 | $49.72 | ||
Investment Income | ||
Dividends | $13,189 | |
Interest | + | 19,611,730 |
Total investment income | 19,624,919 | |
Expenses | ||
Investment adviser fees | 709,640 | |
Total expenses | – | 709,640 |
Net investment income | 18,915,279 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (7,051,108) | |
Net realized gains on in-kind redemptions | + | 38,856 |
Net realized losses | (7,012,252) | |
Net change in unrealized appreciation (depreciation) on investments | + | (9,975,530) |
Net realized and unrealized losses | (16,987,782) | |
Increase in net assets resulting from operations | $1,927,497 |
Operations | ||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||
Net investment income | $18,915,279 | $20,456,466 | ||
Net realized losses | (7,012,252) | (4,201,781) | ||
Net change in unrealized appreciation (depreciation) | + | (9,975,530) | (11,926,446) | |
Increase in net assets resulting from operations | 1,927,497 | 4,328,239 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($15,152,875) | ($20,557,590) |
Transactions in Fund Shares | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 13,600,000 | $675,924,949 | 23,100,000 | $1,163,271,626 | ||||
Shares redeemed | + | (4,550,000) | (226,095,514) | (7,550,000) | (379,735,412) | |||
Net transactions in fund shares | 9,050,000 | $449,829,435 | 15,550,000 | $783,536,214 | ||||
Shares Outstanding and Net Assets | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 43,600,000 | $2,181,398,467 | 28,050,000 | $1,414,091,604 | ||||
Total increase | + | 9,050,000 | 436,604,057 | 15,550,000 | 767,306,863 | |||
End of period | 52,650,000 | $2,618,002,524 | 43,600,000 | $2,181,398,467 | ||||
Net investment income not yet distributed/Distributions in excess of net investment income | $3,735,329 | ($27,075) |
1/1/18– 6/30/18* | 1/1/17– 12/31/17 | 1/1/16– 12/31/16 | 1/1/15– 12/31/15 | 1/1/14– 12/31/14 | 1/1/13– 12/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $53.35 | $53.41 | $53.55 | $53.52 | $52.08 | $54.18 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.54 1 | 0.89 1 | 0.79 1 | 0.85 1 | 0.77 | 0.56 |
Net realized and unrealized gains (losses) | (1.19) | (0.07) | (0.15) | 0.02 2 | 1.44 | (2.10) |
Total from investment operations | (0.65) | 0.82 | 0.64 | 0.87 | 2.21 | (1.54) |
Less distributions: | ||||||
Distributions from net investment income | (0.39) | (0.88) | (0.78) | (0.84) | (0.77) | (0.56) |
Net asset value at end of period | $52.31 | $53.35 | $53.41 | $53.55 | $53.52 | $52.08 |
Total return | (1.22%) 3 | 1.54% | 1.16% | 1.62% | 4.27% | (2.86%) |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.06% 4 | 0.06% | 0.09% 5 | 0.10% 6 | 0.10% | 0.10% |
Net investment income (loss) | 2.08% 4 | 1.66% | 1.44% | 1.59% | 1.43% | 1.06% |
Portfolio turnover rate7 | 17% 3 | 30% | 30% | 32% | 49% | 54% |
Net assets, end of period (x 1,000) | $2,769,897 | $1,165,708 | $790,506 | $441,747 | $254,226 | $236,969 |
* | Unaudited. |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Treasuries 99.5% of net assets | ||
Bonds | ||
8.13%, 08/15/21 | 3,245,000 | 3,777,129 |
8.00%, 11/15/21 | 5,689,000 | 6,665,908 |
7.25%, 08/15/22 | 2,425,000 | 2,855,438 |
7.63%, 11/15/22 | 1,159,000 | 1,393,041 |
7.13%, 02/15/23 | 6,468,000 | 7,698,436 |
6.25%, 08/15/23 | 6,367,000 | 7,432,353 |
7.50%, 11/15/24 | 5,786,000 | 7,374,664 |
7.63%, 02/15/25 | 2,268,000 | 2,926,517 |
6.88%, 08/15/25 | 3,352,000 | 4,231,442 |
6.00%, 02/15/26 | 5,566,000 | 6,779,866 |
6.75%, 08/15/26 | 3,679,000 | 4,729,527 |
6.50%, 11/15/26 | 2,823,000 | 3,595,465 |
6.63%, 02/15/27 | 3,644,000 | 4,701,756 |
6.38%, 08/15/27 | 2,206,000 | 2,832,297 |
6.13%, 11/15/27 | 6,548,000 | 8,306,240 |
Notes | ||
1.13%, 07/31/21 | 40,550,000 | 38,753,762 |
2.25%, 07/31/21 | 20,127,000 | 19,902,537 |
2.13%, 08/15/21 | 29,194,000 | 28,747,537 |
1.13%, 08/31/21 | 24,812,000 | 23,675,106 |
2.00%, 08/31/21 | 24,611,000 | 24,134,162 |
1.13%, 09/30/21 | 27,718,000 | 26,410,069 |
2.13%, 09/30/21 | 19,160,000 | 18,852,018 |
1.25%, 10/31/21 | 37,042,000 | 35,395,368 |
2.00%, 10/31/21 | 19,438,000 | 19,034,434 |
2.00%, 11/15/21 | 26,327,000 | 25,777,835 |
1.75%, 11/30/21 | 23,653,000 | 22,958,193 |
1.88%, 11/30/21 | 19,131,000 | 18,647,120 |
2.00%, 12/31/21 | 24,322,000 | 23,785,681 |
2.13%, 12/31/21 | 30,509,000 | 29,964,367 |
1.50%, 01/31/22 | 26,616,000 | 25,554,479 |
1.88%, 01/31/22 | 22,311,000 | 21,707,906 |
2.00%, 02/15/22 | 19,435,000 | 18,988,982 |
1.75%, 02/28/22 | 19,284,000 | 18,662,543 |
1.88%, 02/28/22 | 21,278,000 | 20,687,868 |
1.75%, 03/31/22 | 20,360,000 | 19,688,756 |
1.88%, 03/31/22 | 20,434,000 | 19,850,114 |
1.75%, 04/30/22 | 21,499,000 | 20,767,530 |
1.88%, 04/30/22 | 20,127,000 | 19,533,018 |
1.75%, 05/15/22 | 18,240,000 | 17,613,356 |
1.75%, 05/31/22 | 25,402,000 | 24,515,907 |
1.88%, 05/31/22 | 21,511,000 | 20,864,410 |
1.75%, 06/30/22 | 23,447,000 | 22,609,869 |
2.13%, 06/30/22 | 20,172,000 | 19,739,405 |
1.88%, 07/31/22 | 20,714,000 | 20,056,169 |
2.00%, 07/31/22 | 20,696,000 | 20,138,178 |
1.63%, 08/15/22 | 22,348,000 | 21,411,305 |
1.63%, 08/31/22 | 30,544,000 | 29,256,022 |
1.88%, 08/31/22 | 18,329,000 | 17,734,381 |
1.75%, 09/30/22 | 27,757,000 | 26,702,559 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
1.88%, 09/30/22 | 20,262,000 | 19,591,217 |
1.88%, 10/31/22 | 17,036,000 | 16,458,706 |
2.00%, 10/31/22 | 20,268,000 | 19,682,128 |
1.63%, 11/15/22 | 26,365,000 | 25,189,904 |
2.00%, 11/30/22 | 45,486,000 | 44,151,625 |
2.13%, 12/31/22 | 39,095,000 | 38,118,389 |
1.75%, 01/31/23 | 17,174,000 | 16,459,870 |
2.38%, 01/31/23 | 34,946,000 | 34,429,318 |
2.00%, 02/15/23 | 40,267,000 | 39,018,094 |
1.50%, 02/28/23 | 18,330,000 | 17,355,503 |
2.63%, 02/28/23 | 26,223,000 | 26,120,566 |
1.50%, 03/31/23 | 19,302,000 | 18,257,732 |
2.50%, 03/31/23 | 25,520,000 | 25,267,791 |
1.63%, 04/30/23 | 17,174,000 | 16,319,325 |
2.75%, 04/30/23 | 30,074,000 | 30,106,893 |
1.75%, 05/15/23 | 33,045,000 | 31,576,692 |
1.63%, 05/31/23 | 31,706,000 | 30,106,457 |
2.75%, 05/31/23 | 27,617,000 | 27,654,758 |
1.38%, 06/30/23 | 21,012,000 | 19,683,155 |
2.63%, 06/30/23 | 52,000,000 | 51,751,172 |
1.25%, 07/31/23 | 19,275,000 | 17,914,456 |
2.50%, 08/15/23 | 30,157,000 | 29,807,721 |
1.38%, 08/31/23 | 18,616,000 | 17,387,788 |
1.38%, 09/30/23 | 19,157,000 | 17,868,401 |
1.63%, 10/31/23 | 18,996,000 | 17,934,895 |
2.75%, 11/15/23 | 31,210,000 | 31,203,904 |
2.13%, 11/30/23 | 18,457,000 | 17,868,683 |
2.25%, 12/31/23 | 25,573,000 | 24,902,708 |
2.25%, 01/31/24 | 19,029,000 | 18,517,596 |
2.75%, 02/15/24 | 40,060,000 | 40,014,620 |
2.13%, 02/29/24 | 21,409,000 | 20,683,101 |
2.13%, 03/31/24 | 20,181,000 | 19,483,337 |
2.00%, 04/30/24 | 20,724,000 | 19,854,564 |
2.50%, 05/15/24 | 45,492,000 | 44,785,630 |
2.00%, 05/31/24 | 19,133,000 | 18,315,363 |
2.00%, 06/30/24 | 23,398,000 | 22,380,278 |
2.13%, 07/31/24 | 20,274,000 | 19,517,685 |
2.38%, 08/15/24 | 46,428,000 | 45,331,683 |
1.88%, 08/31/24 | 22,167,000 | 21,030,075 |
2.13%, 09/30/24 | 20,241,000 | 19,461,010 |
2.25%, 10/31/24 | 18,244,000 | 17,662,829 |
2.25%, 11/15/24 | 46,620,000 | 45,116,687 |
2.13%, 11/30/24 | 20,291,000 | 19,486,494 |
2.25%, 12/31/24 | 18,061,000 | 17,469,079 |
2.50%, 01/31/25 | 25,703,000 | 25,237,635 |
2.00%, 02/15/25 | 47,035,000 | 44,742,044 |
2.75%, 02/28/25 | 27,681,000 | 27,586,387 |
2.63%, 03/31/25 | 18,378,000 | 18,170,889 |
2.88%, 04/30/25 | 26,975,000 | 27,084,059 |
2.13%, 05/15/25 | 47,570,000 | 45,529,693 |
2.88%, 05/31/25 | 32,509,000 | 32,637,893 |
2.75%, 06/30/25 | 17,100,000 | 17,029,195 |
2.00%, 08/15/25 | 48,783,000 | 46,219,034 |
2.25%, 11/15/25 | 47,763,000 | 45,944,834 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
1.63%, 02/15/26 | 48,449,000 | 44,456,689 |
1.63%, 05/15/26 | 46,534,000 | 42,574,065 |
1.50%, 08/15/26 | 46,736,000 | 42,210,296 |
2.00%, 11/15/26 | 47,540,000 | 44,560,393 |
2.25%, 02/15/27 | 45,573,000 | 43,496,402 |
2.38%, 05/15/27 | 44,922,000 | 43,267,256 |
2.25%, 08/15/27 | 45,920,000 | 43,712,790 |
2.25%, 11/15/27 | 47,023,000 | 44,707,668 |
2.75%, 02/15/28 | 51,820,000 | 51,385,805 |
2.88%, 05/15/28 | 36,591,000 | 36,668,899 |
Total Treasuries | ||
(Cost $2,799,724,634) | 2,755,940,833 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Other Investment Company 0.0% of net assets | ||
Money Market Fund 0.0% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.82% (a) | 987,828 | 987,828 |
Total Other Investment Company | ||
(Cost $987,828) | 987,828 |
(a) | The rate shown is the 7-day yield. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Treasuries | $— | $2,755,940,833 | $— | $2,755,940,833 | |
Other Investment Company1 | 987,828 | — | — | 987,828 | |
Total | $987,828 | $2,755,940,833 | $— | $2,756,928,661 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $2,800,712,462) | $2,756,928,661 | |
Receivables: | ||
Investments sold | 96,231,295 | |
Interest | 16,758,731 | |
Fund shares sold | 2,615,563 | |
Dividends | + | 1,018 |
Total assets | 2,872,535,268 | |
Liabilities | ||
Payables: | ||
Investments bought | 102,507,451 | |
Investment adviser fees | + | 130,615 |
Total liabilities | 102,638,066 | |
Net Assets | ||
Total assets | 2,872,535,268 | |
Total liabilities | – | 102,638,066 |
Net assets | $2,769,897,202 | |
Net Assets by Source | ||
Capital received from investors | 2,819,777,493 | |
Net investment income not yet distributed | 5,038,958 | |
Net realized capital losses | (11,135,448) | |
Net unrealized capital depreciation | (43,783,801) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$2,769,897,202 | 52,950,000 | $52.31 | ||
Investment Income | ||
Dividends | $8,293 | |
Interest | + | 16,040,068 |
Total investment income | 16,048,361 | |
Expenses | ||
Investment adviser fees | 449,049 | |
Total expenses | – | 449,049 |
Net investment income | 15,599,312 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (6,780,411) | |
Net realized gains on in-kind redemptions | + | 5,314 |
Net realized losses | (6,775,097) | |
Net change in unrealized appreciation (depreciation) on investments | + | (22,432,700) |
Net realized and unrealized losses | (29,207,797) | |
Decrease in net assets resulting from operations | ($13,608,485) |
Operations | ||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||
Net investment income | $15,599,312 | $16,436,695 | ||
Net realized losses | (6,775,097) | (1,961,408) | ||
Net change in unrealized appreciation (depreciation) | + | (22,432,700) | (2,252,440) | |
Increase (decrease) in net assets resulting from operations | (13,608,485) | 12,222,847 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($10,586,095) | ($16,446,695) |
Transactions in Fund Shares | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 31,450,000 | $1,646,704,222 | 8,450,000 | $454,993,243 | ||||
Shares redeemed | + | (350,000) | (18,320,026) | (1,400,000) | (75,567,594) | |||
Net transactions in fund shares | 31,100,000 | $1,628,384,196 | 7,050,000 | $379,425,649 | ||||
Shares Outstanding and Net Assets | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 21,850,000 | $1,165,707,586 | 14,800,000 | $790,505,785 | ||||
Total increase | + | 31,100,000 | 1,604,189,616 | 7,050,000 | 375,201,801 | |||
End of period | 52,950,000 | $2,769,897,202 | 21,850,000 | $1,165,707,586 | ||||
Net investment income not yet distributed | $5,038,958 | $25,741 |
1/1/18– 6/30/18* | 1/1/17– 12/31/17 | 1/1/16– 12/31/16 | 1/1/15– 12/31/15 | 1/1/14– 12/31/14 | 1/1/13– 12/31/13 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $52.07 | $51.55 | $51.41 | $52.20 | $50.28 | $52.43 |
Income (loss) from investment operations: | ||||||
Net investment income (loss) | 0.65 1 | 1.18 1 | 1.06 1 | 1.00 1 | 1.00 | 0.83 |
Net realized and unrealized gains (losses) | (1.53) | 0.59 | 0.23 2 | (0.71) | 1.98 | (1.97) |
Total from investment operations | (0.88) | 1.77 | 1.29 | 0.29 | 2.98 | (1.14) |
Less distributions: | ||||||
Distributions from net investment income | (0.57) | (1.25) | (1.15) | (1.08) | (1.06) | (1.01) |
Net asset value at end of period | $50.62 | $52.07 | $51.55 | $51.41 | $52.20 | $50.28 |
Total return | (1.69%) 3 | 3.46% | 2.49% | 0.56% | 5.97% | (2.19%) |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Total expenses | 0.04% 4 | 0.04% | 0.05% 5 | 0.05% | 0.05% | 0.06% 6 |
Net investment income (loss) | 2.58% 4 | 2.26% | 2.01% | 1.92% | 1.96% | 1.59% |
Portfolio turnover rate7,8 | 43% 3 | 101% | 119% | 104% 9 | 74% | 152% |
Net assets, end of period (x 1,000) | $5,173,391 | $4,925,693 | $3,309,447 | $2,102,482 | $1,226,778 | $497,801 |
* | Unaudited. |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Corporates 24.8% of net assets | ||
Financial Institutions 7.9% | ||
Banking 5.8% | ||
American Express Co. | ||
2.65%, 12/02/22 | 500,000 | 480,620 |
4.05%, 12/03/42 | 750,000 | 735,708 |
American Express Credit Corp. | ||
2.20%, 03/03/20 (a) | 500,000 | 493,560 |
2.38%, 05/26/20 (a) | 1,000,000 | 985,758 |
2.60%, 09/14/20 (a) | 500,000 | 493,910 |
2.25%, 05/05/21 (a) | 1,000,000 | 972,128 |
3.30%, 05/03/27 (a) | 750,000 | 723,541 |
Australia & New Zealand Banking Group Ltd. | ||
2.30%, 06/01/21 | 1,000,000 | 972,379 |
2.63%, 05/19/22 | 1,000,000 | 967,189 |
2.63%, 11/09/22 | 750,000 | 722,328 |
Banco Bilbao Vizcaya Argentaria S.A. | ||
3.00%, 10/20/20 | 250,000 | 248,193 |
Bank of America Corp. | ||
5.63%, 07/01/20 | 3,750,000 | 3,925,881 |
5.88%, 01/05/21 | 800,000 | 849,264 |
2.63%, 04/19/21 | 1,250,000 | 1,228,464 |
5.00%, 05/13/21 | 3,250,000 | 3,395,248 |
2.33%, 10/01/21 (a)(b) | 2,000,000 | 1,955,848 |
2.50%, 10/21/22 (a) | 2,250,000 | 2,156,461 |
3.30%, 01/11/23 | 2,900,000 | 2,859,240 |
3.12%, 01/20/23 (a)(b) | 3,000,000 | 2,951,922 |
3.00%, 12/20/23 (a)(b) | 500,000 | 485,069 |
4.20%, 08/26/24 | 500,000 | 503,015 |
3.95%, 04/21/25 | 500,000 | 490,100 |
3.88%, 08/01/25 | 2,500,000 | 2,489,775 |
3.25%, 10/21/27 (a) | 1,000,000 | 933,074 |
4.24%, 04/24/38 (a)(b) | 2,250,000 | 2,189,784 |
7.75%, 05/14/38 | 400,000 | 543,228 |
5.88%, 02/07/42 | 1,000,000 | 1,173,103 |
5.00%, 01/21/44 | 1,000,000 | 1,061,526 |
4.44%, 01/20/48 (a)(b) | 750,000 | 733,973 |
Bank of Montreal | ||
1.75%, 09/11/19 | 250,000 | 246,843 |
2.35%, 09/11/22 | 1,000,000 | 957,701 |
2.55%, 11/06/22 (a) | 250,000 | 241,657 |
Bank of New York Mellon Corp. | ||
2.30%, 09/11/19 (a) | 2,500,000 | 2,486,903 |
2.60%, 08/17/20 (a) | 2,100,000 | 2,079,695 |
4.15%, 02/01/21 | 500,000 | 513,567 |
2.20%, 08/16/23 (a) | 500,000 | 469,653 |
3.44%, 02/07/28 (a)(b) | 500,000 | 488,533 |
3.00%, 10/30/28 (a) | 500,000 | 457,372 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Bank of Nova Scotia | ||
1.85%, 04/14/20 | 500,000 | 491,135 |
2.15%, 07/14/20 | 1,000,000 | 980,799 |
2.50%, 01/08/21 | 500,000 | 491,856 |
2.45%, 03/22/21 | 500,000 | 489,264 |
1.88%, 04/26/21 | 500,000 | 484,063 |
2.70%, 03/07/22 | 500,000 | 488,970 |
Barclays Bank PLC | ||
5.14%, 10/14/20 | 1,000,000 | 1,024,592 |
Barclays PLC | ||
2.75%, 11/08/19 | 1,500,000 | 1,489,252 |
3.25%, 01/12/21 | 1,500,000 | 1,481,748 |
3.65%, 03/16/25 | 1,000,000 | 938,721 |
5.25%, 08/17/45 | 1,000,000 | 986,045 |
BB&T Corp. | ||
2.45%, 01/15/20 (a) | 250,000 | 247,613 |
3.20%, 09/03/21 (a) | 750,000 | 747,965 |
3.95%, 03/22/22 (a) | 100,000 | 101,599 |
BNP Paribas S.A. | ||
2.38%, 05/21/20 | 1,000,000 | 986,043 |
5.00%, 01/15/21 | 200,000 | 208,052 |
3.25%, 03/03/23 | 350,000 | 346,473 |
4.25%, 10/15/24 | 300,000 | 296,423 |
BPCE S.A. | ||
2.50%, 07/15/19 | 1,000,000 | 994,115 |
2.65%, 02/03/21 | 1,500,000 | 1,470,780 |
4.00%, 04/15/24 | 1,000,000 | 1,002,577 |
Branch Banking & Trust Co. | ||
3.63%, 09/16/25 (a) | 1,000,000 | 984,792 |
Capital One Financial Corp. | ||
4.75%, 07/15/21 | 1,050,000 | 1,085,971 |
3.05%, 03/09/22 (a) | 500,000 | 490,458 |
3.50%, 06/15/23 | 2,000,000 | 1,955,930 |
3.20%, 02/05/25 (a) | 500,000 | 470,077 |
4.20%, 10/29/25 (a) | 750,000 | 729,507 |
3.75%, 07/28/26 (a) | 1,300,000 | 1,210,012 |
3.80%, 01/31/28 (a) | 1,250,000 | 1,182,256 |
Capital One NA | ||
2.40%, 09/05/19 (a) | 750,000 | 744,145 |
2.35%, 01/31/20 (a) | 250,000 | 246,497 |
2.25%, 09/13/21 (a) | 1,250,000 | 1,198,958 |
Citigroup, Inc. | ||
2.40%, 02/18/20 | 1,000,000 | 987,641 |
2.65%, 10/26/20 | 2,750,000 | 2,714,222 |
2.90%, 12/08/21 (a) | 1,000,000 | 980,417 |
4.50%, 01/14/22 | 1,850,000 | 1,901,837 |
2.75%, 04/25/22 (a) | 2,000,000 | 1,937,627 |
3.14%, 01/24/23 (a)(b) | 2,750,000 | 2,696,468 |
2.88%, 07/24/23 (a)(b) | 1,500,000 | 1,447,795 |
5.50%, 09/13/25 | 1,000,000 | 1,063,280 |
3.70%, 01/12/26 | 750,000 | 728,117 |
3.20%, 10/21/26 (a) | 1,000,000 | 930,929 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.30%, 11/20/26 | 1,000,000 | 977,488 |
4.45%, 09/29/27 | 1,000,000 | 984,737 |
3.67%, 07/24/28 (a)(b) | 4,000,000 | 3,809,972 |
5.30%, 05/06/44 | 1,000,000 | 1,033,185 |
4.65%, 07/30/45 | 700,000 | 699,255 |
4.75%, 08/15/46 | 250,000 | 238,627 |
Citizens Bank NA | ||
2.20%, 05/26/20 (a) | 250,000 | 244,853 |
2.55%, 05/13/21 (a) | 250,000 | 243,979 |
Cooperatieve Rabobank UA | ||
1.38%, 08/09/19 | 500,000 | 491,692 |
2.50%, 01/19/21 | 750,000 | 735,899 |
3.88%, 02/08/22 | 1,000,000 | 1,014,649 |
4.63%, 12/01/23 | 450,000 | 453,811 |
4.38%, 08/04/25 | 250,000 | 245,477 |
5.25%, 05/24/41 | 1,500,000 | 1,683,893 |
5.25%, 08/04/45 | 1,000,000 | 1,047,328 |
Credit Suisse AG | ||
5.30%, 08/13/19 | 250,000 | 256,396 |
3.63%, 09/09/24 | 300,000 | 295,229 |
Credit Suisse Group Funding Guernsey Ltd. | ||
2.75%, 03/26/20 | 1,000,000 | 989,482 |
3.13%, 12/10/20 | 750,000 | 745,002 |
3.45%, 04/16/21 | 2,250,000 | 2,243,014 |
3.80%, 09/15/22 | 500,000 | 498,285 |
3.75%, 03/26/25 | 2,500,000 | 2,407,952 |
Deutsche Bank AG | ||
3.13%, 01/13/21 | 2,000,000 | 1,935,168 |
3.30%, 11/16/22 | 500,000 | 468,904 |
3.95%, 02/27/23 | 1,500,000 | 1,441,810 |
Discover Financial Services | ||
3.85%, 11/21/22 | 1,500,000 | 1,495,066 |
Fifth Third Bancorp | ||
8.25%, 03/01/38 | 600,000 | 821,172 |
Fifth Third Bank | ||
3.85%, 03/15/26 (a) | 1,000,000 | 985,164 |
First Tennessee Bank NA | ||
2.95%, 12/01/19 (a) | 250,000 | 248,930 |
Goldman Sachs Capital I | ||
6.35%, 02/15/34 | 350,000 | 400,268 |
Goldman Sachs Group, Inc. | ||
1.95%, 07/23/19 | 1,500,000 | 1,485,460 |
2.55%, 10/23/19 | 2,100,000 | 2,087,799 |
5.38%, 03/15/20 | 1,100,000 | 1,139,589 |
2.75%, 09/15/20 (a) | 2,500,000 | 2,471,497 |
2.63%, 04/25/21 (a) | 700,000 | 685,008 |
5.25%, 07/27/21 | 1,262,000 | 1,326,837 |
2.35%, 11/15/21 (a) | 1,500,000 | 1,443,690 |
5.75%, 01/24/22 | 1,100,000 | 1,177,750 |
3.85%, 07/08/24 (a) | 650,000 | 645,054 |
3.50%, 01/23/25 (a) | 1,000,000 | 966,518 |
4.25%, 10/21/25 | 1,000,000 | 986,257 |
5.95%, 01/15/27 | 265,000 | 287,547 |
3.85%, 01/26/27 (a) | 2,000,000 | 1,922,727 |
3.69%, 06/05/28 (a)(b) | 500,000 | 474,524 |
3.81%, 04/23/29 (a)(b) | 500,000 | 476,144 |
6.13%, 02/15/33 | 1,500,000 | 1,717,805 |
6.45%, 05/01/36 | 500,000 | 577,785 |
6.75%, 10/01/37 | 1,500,000 | 1,783,323 |
4.41%, 04/23/39 (a)(b) | 1,000,000 | 960,837 |
6.25%, 02/01/41 | 1,000,000 | 1,169,812 |
4.80%, 07/08/44 (a) | 500,000 | 497,188 |
4.75%, 10/21/45 (a) | 500,000 | 495,955 |
HSBC Bank USA NA | ||
4.88%, 08/24/20 | 500,000 | 515,485 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
HSBC Holdings PLC | ||
3.40%, 03/08/21 | 250,000 | 250,005 |
5.10%, 04/05/21 | 850,000 | 888,849 |
2.95%, 05/25/21 | 1,000,000 | 984,935 |
4.25%, 03/14/24 | 1,000,000 | 996,145 |
4.30%, 03/08/26 | 1,850,000 | 1,856,523 |
3.90%, 05/25/26 | 2,200,000 | 2,153,395 |
4.58%, 06/19/29 (a)(b) | 1,000,000 | 1,011,238 |
6.50%, 05/02/36 | 500,000 | 581,437 |
6.50%, 09/15/37 | 500,000 | 584,989 |
6.80%, 06/01/38 | 750,000 | 905,292 |
5.25%, 03/14/44 | 350,000 | 357,064 |
HSBC USA, Inc. | ||
2.75%, 08/07/20 | 2,500,000 | 2,477,747 |
5.00%, 09/27/20 | 400,000 | 411,979 |
ING Groep N.V. | ||
3.15%, 03/29/22 | 3,000,000 | 2,946,273 |
JPMorgan Chase & Co. | ||
4.95%, 03/25/20 | 1,000,000 | 1,030,090 |
4.25%, 10/15/20 | 500,000 | 511,315 |
2.55%, 10/29/20 (a) | 2,750,000 | 2,709,170 |
4.63%, 05/10/21 | 7,500,000 | 7,761,053 |
2.30%, 08/15/21 (a) | 2,000,000 | 1,933,085 |
4.35%, 08/15/21 | 2,250,000 | 2,314,874 |
3.20%, 01/25/23 | 1,291,000 | 1,268,698 |
3.38%, 05/01/23 | 2,000,000 | 1,954,697 |
3.88%, 02/01/24 | 500,000 | 503,675 |
3.13%, 01/23/25 (a) | 1,000,000 | 957,148 |
3.30%, 04/01/26 (a) | 3,500,000 | 3,352,167 |
2.95%, 10/01/26 (a) | 500,000 | 464,949 |
4.13%, 12/15/26 | 500,000 | 494,557 |
3.78%, 02/01/28 (a)(b) | 1,700,000 | 1,660,415 |
3.54%, 05/01/28 (a)(b) | 1,500,000 | 1,437,700 |
6.40%, 05/15/38 | 1,150,000 | 1,412,857 |
5.50%, 10/15/40 | 500,000 | 557,226 |
5.40%, 01/06/42 (d) | 600,000 | 666,722 |
4.85%, 02/01/44 | 500,000 | 518,072 |
4.26%, 02/22/48 (a)(b) | 500,000 | 471,787 |
4.03%, 07/24/48 (a)(b) | 500,000 | 455,632 |
3.96%, 11/15/48 (a)(b) | 1,000,000 | 901,374 |
KeyCorp | ||
2.90%, 09/15/20 | 400,000 | 396,999 |
4.10%, 04/30/28 | 1,000,000 | 994,035 |
Lloyds Bank PLC | ||
6.38%, 01/21/21 | 500,000 | 536,521 |
Lloyds Banking Group PLC | ||
3.10%, 07/06/21 | 1,250,000 | 1,233,700 |
4.50%, 11/04/24 | 1,000,000 | 989,948 |
4.65%, 03/24/26 | 1,500,000 | 1,478,247 |
4.38%, 03/22/28 | 1,500,000 | 1,482,677 |
4.34%, 01/09/48 | 1,000,000 | 861,485 |
Manufacturers & Traders Trust Co. | ||
2.94%, 12/01/21 | ||
(3 mo. USD-LIBOR + .64%) (a)(c) | 250,000 | 249,400 |
Mitsubishi UFJ Financial Group, Inc. | ||
2.95%, 03/01/21 | 1,150,000 | 1,138,020 |
2.19%, 09/13/21 | 2,500,000 | 2,401,619 |
3.85%, 03/01/26 | 750,000 | 747,031 |
3.29%, 07/25/27 | 1,100,000 | 1,050,246 |
Mizuho Financial Group, Inc. | ||
2.60%, 09/11/22 | 750,000 | 719,233 |
3.66%, 02/28/27 | 600,000 | 586,018 |
3.17%, 09/11/27 | 500,000 | 468,858 |
Morgan Stanley | ||
5.63%, 09/23/19 | 1,500,000 | 1,546,138 |
2.65%, 01/27/20 | 3,000,000 | 2,979,348 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
2.80%, 06/16/20 | 500,000 | 496,199 |
5.75%, 01/25/21 | 1,000,000 | 1,057,623 |
5.50%, 07/28/21 | 1,500,000 | 1,588,397 |
2.63%, 11/17/21 | 1,250,000 | 1,214,086 |
4.88%, 11/01/22 | 1,000,000 | 1,038,221 |
3.13%, 01/23/23 | 2,000,000 | 1,953,518 |
4.10%, 05/22/23 | 750,000 | 753,691 |
3.88%, 04/29/24 | 1,000,000 | 1,002,547 |
4.00%, 07/23/25 | 2,000,000 | 1,995,740 |
5.00%, 11/24/25 | 1,000,000 | 1,038,225 |
4.35%, 09/08/26 | 2,000,000 | 1,976,065 |
3.63%, 01/20/27 | 1,000,000 | 961,270 |
3.59%, 07/22/28 (a)(b) | 2,000,000 | 1,903,065 |
7.25%, 04/01/32 | 500,000 | 632,269 |
6.38%, 07/24/42 | 500,000 | 609,369 |
4.30%, 01/27/45 | 850,000 | 806,102 |
4.38%, 01/22/47 | 300,000 | 287,175 |
National Australia Bank Ltd. | ||
2.50%, 05/22/22 | 1,000,000 | 958,720 |
3.00%, 01/20/23 | 250,000 | 244,253 |
3.38%, 01/14/26 | 1,000,000 | 969,233 |
PNC Bank NA | ||
2.25%, 07/02/19 (a) | 1,500,000 | 1,492,890 |
2.40%, 10/18/19 (a) | 1,250,000 | 1,241,563 |
2.15%, 04/29/21 (a) | 500,000 | 484,805 |
2.55%, 12/09/21 (a) | 750,000 | 731,733 |
2.95%, 01/30/23 (a) | 1,000,000 | 970,381 |
3.10%, 10/25/27 (a) | 300,000 | 284,295 |
Regions Bank | ||
6.45%, 06/26/37 | 250,000 | 296,236 |
Regions Financial Corp. | ||
3.20%, 02/08/21 (a) | 800,000 | 796,349 |
2.75%, 08/14/22 (a) | 1,750,000 | 1,689,218 |
Royal Bank of Canada | ||
1.50%, 07/29/19 | 1,000,000 | 985,905 |
2.20%, 09/23/19 | 500,000 | 496,652 |
1.88%, 02/05/20 | 500,000 | 492,240 |
2.10%, 10/14/20 | 500,000 | 489,711 |
2.50%, 01/19/21 | 500,000 | 491,400 |
2.75%, 02/01/22 | 1,500,000 | 1,473,972 |
Royal Bank of Scotland Group PLC | ||
4.80%, 04/05/26 | 500,000 | 503,621 |
Santander Holdings USA, Inc. | ||
3.70%, 03/28/22 (a) | 1,500,000 | 1,479,203 |
4.50%, 07/17/25 (a) | 1,069,000 | 1,050,152 |
4.40%, 07/13/27 (a) | 1,000,000 | 960,756 |
Santander UK Group Holdings PLC | ||
3.37%, 01/05/24 (a)(b) | 4,000,000 | 3,850,081 |
State Street Corp. | ||
3.55%, 08/18/25 | 500,000 | 500,222 |
2.65%, 05/19/26 | 750,000 | 704,909 |
Sumitomo Mitsui Banking Corp. | ||
2.45%, 01/16/20 | 585,000 | 578,464 |
3.40%, 07/11/24 | 500,000 | 490,114 |
Sumitomo Mitsui Financial Group, Inc. | ||
2.93%, 03/09/21 | 3,000,000 | 2,966,997 |
2.85%, 01/11/22 | 500,000 | 488,597 |
3.10%, 01/17/23 | 1,000,000 | 977,704 |
2.63%, 07/14/26 | 1,000,000 | 912,117 |
3.01%, 10/19/26 | 1,000,000 | 936,971 |
SunTrust Banks, Inc. | ||
4.00%, 05/01/25 (a) | 500,000 | 502,820 |
Svenska Handelsbanken AB | ||
2.40%, 10/01/20 | 250,000 | 245,538 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Synchrony Financial | ||
3.00%, 08/15/19 (a) | 1,000,000 | 998,149 |
3.95%, 12/01/27 (a) | 2,000,000 | 1,848,565 |
Synovus Financial Corp. | ||
3.13%, 11/01/22 (a) | 750,000 | 717,187 |
Toronto-Dominion Bank | ||
2.13%, 07/02/19 | 750,000 | 745,664 |
2.50%, 12/14/20 | 1,500,000 | 1,476,350 |
UBS AG | ||
2.38%, 08/14/19 | 1,000,000 | 993,915 |
4.88%, 08/04/20 | 1,000,000 | 1,032,576 |
US Bancorp | ||
3.00%, 03/15/22 (a) | 600,000 | 593,816 |
2.95%, 07/15/22 (a) | 1,500,000 | 1,466,492 |
3.60%, 09/11/24 (a) | 1,000,000 | 988,695 |
3.15%, 04/27/27 (a) | 500,000 | 478,492 |
3.90%, 04/26/28 (a) | 1,500,000 | 1,523,813 |
US Bank NA | ||
2.80%, 01/27/25 (a) | 500,000 | 474,350 |
Wachovia Corp. | ||
5.50%, 08/01/35 | 750,000 | 802,045 |
Wells Fargo & Co. | ||
2.60%, 07/22/20 | 1,250,000 | 1,234,495 |
4.60%, 04/01/21 | 1,100,000 | 1,136,239 |
2.10%, 07/26/21 | 2,500,000 | 2,403,243 |
3.50%, 03/08/22 | 500,000 | 498,625 |
2.63%, 07/22/22 | 1,750,000 | 1,686,532 |
3.07%, 01/24/23 (a) | 1,000,000 | 973,049 |
3.45%, 02/13/23 | 500,000 | 490,533 |
3.00%, 04/22/26 | 1,000,000 | 927,998 |
4.10%, 06/03/26 | 2,000,000 | 1,961,768 |
3.00%, 10/23/26 | 1,000,000 | 924,336 |
4.30%, 07/22/27 | 1,000,000 | 987,315 |
5.38%, 02/07/35 | 1,700,000 | 1,883,541 |
5.38%, 11/02/43 | 400,000 | 418,568 |
5.61%, 01/15/44 | 500,000 | 539,050 |
4.65%, 11/04/44 | 1,250,000 | 1,193,435 |
3.90%, 05/01/45 | 1,500,000 | 1,369,483 |
4.40%, 06/14/46 | 500,000 | 458,814 |
4.75%, 12/07/46 | 1,000,000 | 969,902 |
Westpac Banking Corp. | ||
4.88%, 11/19/19 | 2,000,000 | 2,051,027 |
2.75%, 01/11/23 | 1,000,000 | 954,282 |
2.85%, 05/13/26 | 350,000 | 323,820 |
3.35%, 03/08/27 | 250,000 | 238,411 |
3.40%, 01/25/28 | 500,000 | 476,888 |
300,424,016 | ||
Brokerage/Asset Managers/Exchanges 0.2% | ||
Ameriprise Financial, Inc. | ||
3.70%, 10/15/24 | 475,000 | 474,431 |
2.88%, 09/15/26 (a) | 250,000 | 233,553 |
BlackRock, Inc. | ||
3.50%, 03/18/24 | 1,250,000 | 1,259,226 |
Brookfield Finance, Inc. | ||
3.90%, 01/25/28 (a) | 500,000 | 473,614 |
4.70%, 09/20/47 (a) | 250,000 | 237,489 |
CME Group, Inc. | ||
3.00%, 03/15/25 (a) | 1,300,000 | 1,255,706 |
5.30%, 09/15/43 (a) | 500,000 | 588,421 |
Intercontinental Exchange, Inc. | ||
2.75%, 12/01/20 (a) | 1,000,000 | 992,531 |
4.00%, 10/15/23 | 1,000,000 | 1,022,668 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Invesco Finance PLC | ||
3.75%, 01/15/26 | 650,000 | 639,597 |
Jefferies Group LLC | ||
5.13%, 01/20/23 | 700,000 | 728,352 |
6.25%, 01/15/36 | 150,000 | 154,189 |
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. | ||
4.85%, 01/15/27 | 700,000 | 680,596 |
Legg Mason, Inc. | ||
4.75%, 03/15/26 | 250,000 | 254,397 |
Nasdaq, Inc. | ||
3.85%, 06/30/26 (a) | 300,000 | 291,026 |
Nomura Holdings, Inc. | ||
6.70%, 03/04/20 (d) | 1,000,000 | 1,054,618 |
Raymond James Financial, Inc. | ||
3.63%, 09/15/26 | 200,000 | 192,399 |
4.95%, 07/15/46 | 250,000 | 255,713 |
TD Ameritrade Holding Corp. | ||
2.95%, 04/01/22 (a) | 300,000 | 294,912 |
3.30%, 04/01/27 (a) | 200,000 | 191,054 |
11,274,492 | ||
Finance Companies 0.2% | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||
3.95%, 02/01/22 (a) | 750,000 | 746,191 |
3.65%, 07/21/27 (a) | 1,700,000 | 1,550,617 |
Air Lease Corp. | ||
4.25%, 09/15/24 (a) | 1,000,000 | 994,196 |
3.63%, 04/01/27 (a) | 2,200,000 | 2,020,777 |
GATX Corp. | ||
4.55%, 11/07/28 (a) | 200,000 | 198,937 |
5.20%, 03/15/44 (a) | 500,000 | 520,963 |
GE Capital International Funding Co. | ||
2.34%, 11/15/20 | 1,200,000 | 1,173,378 |
3.37%, 11/15/25 | 1,000,000 | 960,749 |
4.42%, 11/15/35 | 1,250,000 | 1,213,145 |
International Lease Finance Corp. | ||
4.63%, 04/15/21 | 500,000 | 511,929 |
9,890,882 | ||
Financial Other 0.0% | ||
CME Group, Inc. | ||
3.00%, 09/15/22 | 200,000 | 197,989 |
ORIX Corp. | ||
2.90%, 07/18/22 | 500,000 | 486,716 |
684,705 | ||
Insurance 1.1% | ||
Aetna, Inc. | ||
2.75%, 11/15/22 (a) | 250,000 | 240,306 |
3.50%, 11/15/24 (a) | 2,000,000 | 1,945,541 |
4.75%, 03/15/44 (a) | 500,000 | 500,997 |
Aflac, Inc. | ||
3.63%, 06/15/23 | 750,000 | 753,232 |
Allied World Assurance Co. Holdings Ltd. | ||
4.35%, 10/29/25 (a) | 500,000 | 487,190 |
Allstate Corp. | ||
3.28%, 12/15/26 (a) | 250,000 | 240,601 |
4.50%, 06/15/43 | 300,000 | 311,642 |
American International Group, Inc. | ||
2.30%, 07/16/19 (a) | 2,000,000 | 1,988,405 |
3.30%, 03/01/21 (a) | 500,000 | 499,963 |
3.88%, 01/15/35 (a) | 250,000 | 223,061 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.50%, 07/16/44 (a) | 1,000,000 | 934,692 |
4.80%, 07/10/45 (a) | 500,000 | 490,370 |
4.38%, 01/15/55 (a) | 750,000 | 650,917 |
Anthem, Inc. | ||
2.25%, 08/15/19 | 500,000 | 495,946 |
3.30%, 01/15/23 | 750,000 | 737,557 |
4.63%, 05/15/42 | 750,000 | 729,588 |
4.65%, 01/15/43 | 500,000 | 485,313 |
4.65%, 08/15/44 (a) | 750,000 | 730,295 |
4.38%, 12/01/47 (a) | 250,000 | 231,625 |
Aon Corp. | ||
8.21%, 01/01/27 | 100,000 | 120,250 |
Aon PLC | ||
4.00%, 11/27/23 (a) | 500,000 | 506,599 |
3.50%, 06/14/24 (a) | 500,000 | 487,011 |
3.88%, 12/15/25 (a) | 1,500,000 | 1,483,187 |
4.75%, 05/15/45 (a) | 250,000 | 247,793 |
Assurant, Inc. | ||
6.75%, 02/15/34 | 151,000 | 174,775 |
AXA Equitable Holdings, Inc. | ||
5.00%, 04/20/48 (a)(e) | 500,000 | 463,019 |
Berkshire Hathaway Finance Corp. | ||
4.25%, 01/15/21 | 300,000 | 310,143 |
5.75%, 01/15/40 | 100,000 | 119,616 |
Berkshire Hathaway, Inc. | ||
2.75%, 03/15/23 (a) | 750,000 | 734,441 |
3.13%, 03/15/26 (a) | 2,000,000 | 1,928,962 |
Brighthouse Financial, Inc. | ||
4.70%, 06/22/47 (a) | 200,000 | 165,420 |
Chubb Corp. | ||
6.00%, 05/11/37 | 250,000 | 304,660 |
Chubb INA Holdings, Inc. | ||
2.88%, 11/03/22 (a) | 1,000,000 | 983,130 |
2.70%, 03/13/23 | 750,000 | 726,461 |
3.15%, 03/15/25 | 1,000,000 | 969,607 |
3.35%, 05/03/26 (a) | 750,000 | 727,921 |
4.35%, 11/03/45 (a) | 2,000,000 | 2,051,779 |
Cigna Corp. | ||
4.00%, 02/15/22 (a) | 400,000 | 405,907 |
3.05%, 10/15/27 (a) | 300,000 | 271,121 |
Hartford Financial Services Group, Inc. | ||
5.13%, 04/15/22 | 1,000,000 | 1,056,223 |
5.95%, 10/15/36 | 300,000 | 355,551 |
6.10%, 10/01/41 | 350,000 | 423,439 |
4.40%, 03/15/48 (a) | 1,000,000 | 966,475 |
Humana, Inc. | ||
3.85%, 10/01/24 (a) | 1,000,000 | 999,550 |
4.95%, 10/01/44 (a) | 750,000 | 785,203 |
4.80%, 03/15/47 (a) | 500,000 | 515,654 |
Lincoln National Corp. | ||
4.00%, 09/01/23 | 500,000 | 504,688 |
3.80%, 03/01/28 (a) | 750,000 | 718,073 |
Loews Corp. | ||
3.75%, 04/01/26 (a) | 250,000 | 245,597 |
Manulife Financial Corp. | ||
4.15%, 03/04/26 | 350,000 | 349,726 |
Marsh & McLennan Cos., Inc. | ||
3.50%, 06/03/24 (a) | 500,000 | 495,573 |
MetLife, Inc. | ||
4.75%, 02/08/21 | 579,000 | 601,541 |
3.60%, 04/10/24 | 1,315,000 | 1,305,208 |
5.70%, 06/15/35 | 500,000 | 571,308 |
6.40%, 12/15/36 (a) | 1,000,000 | 1,062,500 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
5.88%, 02/06/41 | 250,000 | 293,148 |
4.60%, 05/13/46 (a) | 250,000 | 253,932 |
Principal Financial Group, Inc. | ||
4.63%, 09/15/42 | 100,000 | 100,968 |
4.35%, 05/15/43 | 250,000 | 239,656 |
Prudential Financial, Inc. | ||
5.38%, 06/21/20 | 1,000,000 | 1,041,132 |
4.50%, 11/16/21 | 250,000 | 259,520 |
6.63%, 12/01/37 | 1,750,000 | 2,207,495 |
5.88%, 09/15/42 (a)(b) | 1,000,000 | 1,057,500 |
5.63%, 06/15/43 (a)(b) | 700,000 | 722,750 |
5.38%, 05/15/45 (a)(b) | 1,000,000 | 997,500 |
The Progressive Corp. | ||
3.70%, 01/26/45 | 300,000 | 273,857 |
Travelers Cos., Inc. | ||
6.25%, 06/15/37 | 750,000 | 926,283 |
UnitedHealth Group, Inc. | ||
2.70%, 07/15/20 | 1,000,000 | 994,321 |
2.88%, 03/15/22 (a) | 1,000,000 | 986,943 |
3.75%, 07/15/25 | 750,000 | 750,815 |
6.63%, 11/15/37 | 500,000 | 651,249 |
6.88%, 02/15/38 | 750,000 | 994,052 |
4.75%, 07/15/45 | 1,000,000 | 1,070,907 |
4.20%, 01/15/47 (a) | 1,250,000 | 1,227,618 |
4.25%, 04/15/47 (a) | 250,000 | 249,492 |
Unum Group | ||
5.63%, 09/15/20 | 350,000 | 366,164 |
Voya Financial, Inc. | ||
3.65%, 06/15/26 | 1,000,000 | 947,528 |
5.70%, 07/15/43 | 200,000 | 220,630 |
XLIT Ltd. | ||
5.75%, 10/01/21 | 850,000 | 907,606 |
6.25%, 05/15/27 | 685,000 | 784,393 |
5.25%, 12/15/43 | 250,000 | 275,905 |
5.50%, 03/31/45 | 750,000 | 781,380 |
56,398,096 | ||
REITs 0.6% | ||
Alexandria Real Estate Equities, Inc. | ||
4.30%, 01/15/26 (a) | 250,000 | 250,532 |
AvalonBay Communities, Inc. | ||
3.50%, 11/15/24 (a) | 700,000 | 690,066 |
3.35%, 05/15/27 (a) | 250,000 | 240,047 |
3.20%, 01/15/28 (a) | 500,000 | 471,722 |
Boston Properties LP | ||
3.85%, 02/01/23 (a) | 1,000,000 | 1,006,068 |
3.13%, 09/01/23 (a) | 500,000 | 486,843 |
3.80%, 02/01/24 (a) | 100,000 | 99,615 |
Digital Realty Trust LP | ||
5.88%, 02/01/20 (a) | 250,000 | 258,734 |
5.25%, 03/15/21 (a) | 1,000,000 | 1,041,673 |
Duke Realty LP | ||
3.75%, 12/01/24 (a) | 1,000,000 | 986,866 |
ERP Operating LP | ||
3.38%, 06/01/25 (a) | 250,000 | 244,299 |
2.85%, 11/01/26 (a) | 750,000 | 696,828 |
4.50%, 06/01/45 (a) | 250,000 | 253,210 |
Essex Portfolio LP | ||
3.88%, 05/01/24 (a) | 500,000 | 497,006 |
3.50%, 04/01/25 (a) | 500,000 | 483,417 |
Federal Realty Investment Trust | ||
4.50%, 12/01/44 (a) | 850,000 | 864,654 |
Government Properties Income Trust | ||
4.00%, 07/15/22 (a) | 175,000 | 173,089 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
HCP, Inc. | ||
2.63%, 02/01/20 (a) | 300,000 | 296,534 |
5.38%, 02/01/21 (a) | 78,000 | 81,128 |
4.25%, 11/15/23 (a) | 1,000,000 | 1,007,076 |
3.40%, 02/01/25 (a) | 300,000 | 284,064 |
Healthcare Trust of America Holdings LP | ||
2.95%, 07/01/22 (a) | 450,000 | 435,828 |
3.75%, 07/01/27 (a) | 1,000,000 | 950,617 |
Hospitality Properties Trust | ||
4.38%, 02/15/30 (a) | 1,500,000 | 1,390,976 |
Host Hotels & Resorts LP | ||
3.75%, 10/15/23 (a) | 250,000 | 245,318 |
Kilroy Realty LP | ||
3.80%, 01/15/23 (a) | 250,000 | 248,789 |
4.38%, 10/01/25 (a) | 1,000,000 | 1,002,932 |
4.25%, 08/15/29 (a) | 200,000 | 196,059 |
Kimco Realty Corp. | ||
3.20%, 05/01/21 (a) | 250,000 | 248,643 |
3.40%, 11/01/22 (a) | 600,000 | 591,488 |
2.80%, 10/01/26 (a) | 1,000,000 | 889,458 |
Life Storage LP | ||
3.88%, 12/15/27 (a) | 1,000,000 | 948,220 |
Mid-America Apartments LP | ||
4.20%, 06/15/28 (a) | 350,000 | 349,415 |
Omega Healthcare Investors, Inc. | ||
4.95%, 04/01/24 (a) | 1,100,000 | 1,117,208 |
Prologis LP | ||
4.25%, 08/15/23 (a) | 1,100,000 | 1,134,773 |
3.75%, 11/01/25 (a) | 1,000,000 | 1,000,185 |
Realty Income Corp. | ||
3.88%, 07/15/24 (a) | 1,150,000 | 1,140,722 |
3.00%, 01/15/27 (a) | 1,500,000 | 1,375,412 |
3.65%, 01/15/28 (a) | 1,000,000 | 959,690 |
Regency Centers LP | ||
3.60%, 02/01/27 (a) | 250,000 | 237,992 |
Senior Housing Properties Trust | ||
4.75%, 02/15/28 (a) | 750,000 | 725,966 |
Simon Property Group LP | ||
4.38%, 03/01/21 (a) | 1,000,000 | 1,030,119 |
3.38%, 03/15/22 (a) | 500,000 | 498,552 |
3.30%, 01/15/26 (a) | 250,000 | 240,097 |
3.38%, 06/15/27 (a) | 750,000 | 718,151 |
Ventas Realty LP | ||
4.00%, 03/01/28 (a) | 1,000,000 | 967,630 |
Ventas Realty LP/Ventas Capital Corp. | ||
2.70%, 04/01/20 (a) | 250,000 | 247,499 |
VEREIT Operating Partnership LP | ||
3.95%, 08/15/27 (a) | 750,000 | 699,980 |
Vornado Realty LP | ||
5.00%, 01/15/22 (a) | 500,000 | 520,925 |
Welltower, Inc. | ||
6.13%, 04/15/20 | 500,000 | 523,500 |
3.75%, 03/15/23 (a) | 750,000 | 742,406 |
4.50%, 01/15/24 (a) | 400,000 | 407,214 |
WP Carey, Inc. | ||
4.00%, 02/01/25 (a) | 400,000 | 388,655 |
32,587,890 | ||
411,260,081 | ||
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Industrial 15.1% | ||
Basic Industry 0.7% | ||
Air Products & Chemicals, Inc. | ||
4.38%, 08/21/19 | 125,000 | 127,154 |
Airgas, Inc. | ||
3.65%, 07/15/24 (a) | 800,000 | 798,389 |
ArcelorMittal | ||
6.25%, 02/25/22 | 1,000,000 | 1,068,740 |
Barrick North America Finance LLC | ||
5.70%, 05/30/41 | 550,000 | 612,143 |
Barrick PD Australia Finance Pty Ltd. | ||
5.95%, 10/15/39 | 500,000 | 559,854 |
BHP Billiton Finance USA Ltd. | ||
4.13%, 02/24/42 | 250,000 | 248,740 |
5.00%, 09/30/43 | 1,050,000 | 1,180,751 |
Dow Chemical Co. | ||
4.13%, 11/15/21 (a) | 1,000,000 | 1,020,135 |
3.00%, 11/15/22 (a) | 1,250,000 | 1,218,535 |
7.38%, 11/01/29 | 750,000 | 936,964 |
4.25%, 10/01/34 (a) | 500,000 | 482,000 |
5.25%, 11/15/41 (a) | 200,000 | 211,057 |
Eastman Chemical Co. | ||
2.70%, 01/15/20 (a) | 850,000 | 845,232 |
3.60%, 08/15/22 (a) | 549,000 | 548,441 |
4.65%, 10/15/44 (a) | 250,000 | 245,967 |
Ecolab, Inc. | ||
2.25%, 01/12/20 | 250,000 | 246,965 |
4.35%, 12/08/21 | 163,000 | 168,375 |
3.25%, 12/01/27 (a) | 1,000,000 | 959,390 |
EI du Pont de Nemours & Co. | ||
4.63%, 01/15/20 | 1,000,000 | 1,027,130 |
3.63%, 01/15/21 | 200,000 | 202,676 |
2.80%, 02/15/23 | 500,000 | 485,168 |
Fibria Overseas Finance Ltd. | ||
5.50%, 01/17/27 | 200,000 | 199,500 |
Georgia-Pacific LLC | ||
8.00%, 01/15/24 | 250,000 | 302,063 |
Goldcorp, Inc. | ||
3.70%, 03/15/23 (a) | 800,000 | 788,309 |
International Paper Co. | ||
4.75%, 02/15/22 (a) | 707,000 | 731,495 |
3.65%, 06/15/24 (a) | 200,000 | 197,972 |
3.00%, 02/15/27 (a) | 250,000 | 226,724 |
4.80%, 06/15/44 (a) | 600,000 | 583,737 |
4.35%, 08/15/48 (a) | 1,100,000 | 990,675 |
LYB International Finance BV | ||
4.00%, 07/15/23 | 150,000 | 150,497 |
5.25%, 07/15/43 | 500,000 | 520,825 |
LyondellBasell Industries NV | ||
6.00%, 11/15/21 (a) | 250,000 | 267,744 |
5.75%, 04/15/24 (a) | 250,000 | 270,384 |
4.63%, 02/26/55 (a) | 500,000 | 464,193 |
Monsanto Co. | ||
4.20%, 07/15/34 (a) | 250,000 | 232,530 |
Mosaic Co. | ||
3.25%, 11/15/22 (a) | 500,000 | 486,188 |
4.25%, 11/15/23 (a) | 250,000 | 251,761 |
4.05%, 11/15/27 (a) | 500,000 | 478,737 |
Newmont Mining Corp. | ||
3.50%, 03/15/22 (a) | 500,000 | 497,619 |
6.25%, 10/01/39 | 150,000 | 173,932 |
4.88%, 03/15/42 (a) | 500,000 | 501,187 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Nucor Corp. | ||
4.13%, 09/15/22 (a) | 500,000 | 513,952 |
5.20%, 08/01/43 (a) | 300,000 | 332,713 |
Nutrien Ltd. | ||
3.63%, 03/15/24 (a) | 350,000 | 340,528 |
4.13%, 03/15/35 (a) | 1,500,000 | 1,393,172 |
5.88%, 12/01/36 | 100,000 | 114,263 |
5.25%, 01/15/45 (a) | 750,000 | 779,040 |
Packaging Corp. of America | ||
3.90%, 06/15/22 (a) | 1,000,000 | 1,011,112 |
3.65%, 09/15/24 (a) | 500,000 | 491,872 |
Praxair, Inc. | ||
2.65%, 02/05/25 (a) | 500,000 | 474,231 |
3.20%, 01/30/26 (a) | 1,000,000 | 979,387 |
Rio Tinto Alcan, Inc. | ||
7.25%, 03/15/31 | 381,000 | 479,940 |
Rio Tinto Finance USA Ltd. | ||
5.20%, 11/02/40 | 500,000 | 566,470 |
Rio Tinto Finance USA PLC | ||
4.75%, 03/22/42 (a) | 500,000 | 538,724 |
RPM International, Inc. | ||
6.13%, 10/15/19 | 500,000 | 517,280 |
4.25%, 01/15/48 (a) | 750,000 | 681,503 |
Sherwin-Williams Co. | ||
4.20%, 01/15/22 (a) | 100,000 | 101,822 |
3.45%, 06/01/27 (a) | 300,000 | 283,966 |
4.50%, 06/01/47 (a) | 1,000,000 | 958,186 |
Southern Copper Corp. | ||
5.38%, 04/16/20 | 1,250,000 | 1,297,932 |
3.88%, 04/23/25 | 250,000 | 247,003 |
7.50%, 07/27/35 | 250,000 | 306,010 |
5.25%, 11/08/42 | 500,000 | 496,556 |
Vale Overseas Ltd. | ||
4.38%, 01/11/22 | 238,000 | 241,449 |
6.25%, 08/10/26 | 1,500,000 | 1,628,250 |
6.88%, 11/21/36 | 100,000 | 112,770 |
6.88%, 11/10/39 | 750,000 | 853,125 |
WestRock Co. | ||
3.75%, 03/15/25 (a)(e) | 1,000,000 | 981,813 |
WestRock RKT Co. | ||
4.90%, 03/01/22 | 200,000 | 208,504 |
Weyerhaeuser Co. | ||
7.38%, 03/15/32 | 600,000 | 764,420 |
Yamana Gold, Inc. | ||
4.95%, 07/15/24 (a) | 250,000 | 250,050 |
39,455,921 | ||
Capital Goods 1.3% | ||
3M Co. | ||
2.00%, 08/07/20 | 1,000,000 | 982,743 |
2.25%, 03/15/23 (a) | 300,000 | 288,138 |
2.88%, 10/15/27 (a) | 300,000 | 284,168 |
ABB Finance USA, Inc. | ||
2.88%, 05/08/22 | 100,000 | 98,270 |
3.80%, 04/03/28 (a) | 250,000 | 252,256 |
Allegion US Holding Co., Inc. | ||
3.20%, 10/01/24 (a) | 500,000 | 474,050 |
Bemis Co., Inc. | ||
3.10%, 09/15/26 (a) | 600,000 | 557,499 |
Boeing Co. | ||
4.88%, 02/15/20 | 1,000,000 | 1,033,002 |
1.88%, 06/15/23 (a) | 100,000 | 93,858 |
2.60%, 10/30/25 (a) | 500,000 | 471,079 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
5.88%, 02/15/40 | 350,000 | 442,105 |
3.65%, 03/01/47 (a) | 500,000 | 474,552 |
Caterpillar Financial Services Corp. | ||
1.85%, 09/04/20 | 400,000 | 389,647 |
2.55%, 11/29/22 | 1,500,000 | 1,449,499 |
Caterpillar, Inc. | ||
3.90%, 05/27/21 | 1,500,000 | 1,535,546 |
2.60%, 06/26/22 (a) | 500,000 | 486,625 |
3.40%, 05/15/24 (a) | 1,250,000 | 1,246,650 |
6.05%, 08/15/36 | 150,000 | 186,039 |
3.80%, 08/15/42 | 250,000 | 239,490 |
CNH Industrial NV | ||
4.50%, 08/15/23 | 200,000 | 201,580 |
Deere & Co. | ||
2.60%, 06/08/22 (a) | 750,000 | 731,415 |
5.38%, 10/16/29 | 150,000 | 171,224 |
Dover Corp. | ||
5.38%, 03/01/41 (a) | 350,000 | 399,825 |
Eagle Materials, Inc. | ||
4.50%, 08/01/26 (a) | 750,000 | 754,476 |
Eaton Corp. | ||
2.75%, 11/02/22 | 1,000,000 | 971,882 |
4.00%, 11/02/32 | 100,000 | 99,812 |
4.15%, 11/02/42 | 100,000 | 96,795 |
Embraer Netherlands Finance BV | ||
5.40%, 02/01/27 | 250,000 | 258,975 |
Embraer Overseas Ltd. | ||
5.70%, 09/16/23 (e) | 250,000 | 262,190 |
Emerson Electric Co. | ||
2.63%, 12/01/21 (a) | 500,000 | 491,100 |
Fortive Corp. | ||
3.15%, 06/15/26 (a) | 1,000,000 | 930,357 |
4.30%, 06/15/46 (a) | 500,000 | 472,319 |
General Dynamics Corp. | ||
3.88%, 07/15/21 (a) | 500,000 | 510,745 |
3.38%, 05/15/23 (a) | 1,000,000 | 1,002,679 |
3.75%, 05/15/28 (a) | 500,000 | 505,174 |
General Electric Co. | ||
5.55%, 05/04/20 | 1,000,000 | 1,042,695 |
4.38%, 09/16/20 | 2,500,000 | 2,561,386 |
4.63%, 01/07/21 | 300,000 | 309,411 |
4.65%, 10/17/21 | 350,000 | 364,204 |
3.15%, 09/07/22 | 500,000 | 490,171 |
2.70%, 10/09/22 | 900,000 | 871,027 |
3.38%, 03/11/24 | 600,000 | 587,607 |
3.45%, 05/15/24 (a) | 2,000,000 | 1,961,872 |
6.75%, 03/15/32 | 200,000 | 244,756 |
6.15%, 08/07/37 | 500,000 | 586,212 |
5.88%, 01/14/38 | 1,000,000 | 1,136,777 |
6.88%, 01/10/39 | 500,000 | 634,319 |
4.13%, 10/09/42 | 1,200,000 | 1,116,992 |
4.50%, 03/11/44 | 400,000 | 393,051 |
Harris Corp. | ||
4.40%, 06/15/28 (a) | 250,000 | 252,449 |
Honeywell International, Inc. | ||
2.50%, 11/01/26 (a) | 1,750,000 | 1,619,474 |
Huntington Ingalls Industries, Inc. | ||
3.48%, 12/01/27 (a) | 250,000 | 235,575 |
Illinois Tool Works, Inc. | ||
2.65%, 11/15/26 (a) | 500,000 | 462,632 |
3.90%, 09/01/42 (a) | 100,000 | 98,320 |
Ingersoll-Rand Global Holding Co., Ltd. | ||
3.75%, 08/21/28 (a) | 500,000 | 487,441 |
4.30%, 02/21/48 (a) | 500,000 | 481,075 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Ingersoll-Rand Luxembourg Finance S.A. | ||
2.63%, 05/01/20 (a) | 500,000 | 495,997 |
John Deere Capital Corp. | ||
1.70%, 01/15/20 | 750,000 | 737,498 |
2.35%, 01/08/21 | 500,000 | 491,413 |
3.90%, 07/12/21 | 500,000 | 509,798 |
2.15%, 09/08/22 | 500,000 | 476,124 |
2.70%, 01/06/23 | 500,000 | 488,244 |
2.65%, 06/24/24 | 500,000 | 476,714 |
3.05%, 01/06/28 | 250,000 | 238,118 |
Johnson Controls International plc | ||
3.63%, 07/02/24 (a) | 500,000 | 493,687 |
3.90%, 02/14/26 (a) | 500,000 | 494,329 |
6.00%, 01/15/36 | 500,000 | 576,538 |
4.63%, 07/02/44 (a) | 200,000 | 198,940 |
5.13%, 09/14/45 (a) | 500,000 | 519,897 |
L-3 Technologies, Inc. | ||
4.95%, 02/15/21 (a) | 500,000 | 512,849 |
3.85%, 12/15/26 (a) | 500,000 | 481,989 |
Lockheed Martin Corp. | ||
4.25%, 11/15/19 (d) | 250,000 | 254,662 |
2.50%, 11/23/20 (a) | 1,000,000 | 987,503 |
3.35%, 09/15/21 | 500,000 | 503,161 |
3.10%, 01/15/23 (a) | 500,000 | 494,043 |
3.55%, 01/15/26 (a) | 800,000 | 787,509 |
4.70%, 05/15/46 (a) | 250,000 | 266,826 |
4.09%, 09/15/52 (a) | 1,000,000 | 945,526 |
Masco Corp. | ||
3.50%, 04/01/21 (a) | 500,000 | 499,668 |
4.50%, 05/15/47 (a) | 500,000 | 439,329 |
Northrop Grumman Corp. | ||
2.08%, 10/15/20 | 1,000,000 | 977,550 |
3.50%, 03/15/21 | 500,000 | 505,506 |
3.20%, 02/01/27 (a) | 500,000 | 472,065 |
3.25%, 01/15/28 (a) | 250,000 | 235,340 |
4.75%, 06/01/43 | 1,000,000 | 1,044,778 |
3.85%, 04/15/45 (a) | 750,000 | 683,173 |
4.03%, 10/15/47 (a) | 200,000 | 188,297 |
Owens Corning | ||
4.20%, 12/15/22 (a) | 1,000,000 | 1,003,401 |
7.00%, 12/01/36 | 290,000 | 336,857 |
Parker-Hannifin Corp. | ||
4.45%, 11/21/44 (a) | 250,000 | 261,913 |
Precision Castparts Corp. | ||
3.90%, 01/15/43 (a) | 250,000 | 243,906 |
Raytheon Co. | ||
2.50%, 12/15/22 (a) | 2,000,000 | 1,941,931 |
Republic Services, Inc. | ||
3.55%, 06/01/22 (a) | 750,000 | 755,438 |
2.90%, 07/01/26 (a) | 1,000,000 | 930,272 |
3.38%, 11/15/27 (a) | 500,000 | 474,823 |
Rockwell Collins, Inc. | ||
2.80%, 03/15/22 (a) | 1,350,000 | 1,316,636 |
3.20%, 03/15/24 (a) | 250,000 | 241,154 |
Roper Technologies, Inc. | ||
2.80%, 12/15/21 (a) | 1,500,000 | 1,466,117 |
3.13%, 11/15/22 (a) | 250,000 | 244,766 |
3.85%, 12/15/25 (a) | 500,000 | 492,463 |
Stanley Black & Decker, Inc. | ||
2.90%, 11/01/22 | 250,000 | 245,341 |
Textron, Inc. | ||
3.88%, 03/01/25 (a) | 250,000 | 247,392 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
United Technologies Corp. | ||
1.95%, 11/01/21 (a) | 500,000 | 479,408 |
2.30%, 05/04/22 (a) | 1,000,000 | 958,770 |
2.80%, 05/04/24 (a) | 400,000 | 379,424 |
3.13%, 05/04/27 (a) | 250,000 | 232,703 |
6.13%, 07/15/38 | 400,000 | 468,930 |
5.70%, 04/15/40 | 1,000,000 | 1,141,478 |
4.50%, 06/01/42 | 500,000 | 495,181 |
4.05%, 05/04/47 (a) | 1,000,000 | 917,421 |
Waste Management, Inc. | ||
2.90%, 09/15/22 (a) | 450,000 | 440,730 |
3.15%, 11/15/27 (a) | 200,000 | 188,177 |
4.10%, 03/01/45 (a) | 500,000 | 494,454 |
67,659,367 | ||
Communications 2.2% | ||
21st Century Fox America, Inc. | ||
4.00%, 10/01/23 | 1,000,000 | 1,014,263 |
3.70%, 10/15/25 (a) | 500,000 | 490,640 |
6.20%, 12/15/34 | 1,250,000 | 1,480,501 |
6.15%, 03/01/37 | 200,000 | 235,269 |
6.65%, 11/15/37 | 500,000 | 622,461 |
6.15%, 02/15/41 | 350,000 | 419,610 |
Activision Blizzard, Inc. | ||
2.30%, 09/15/21 (a) | 500,000 | 484,166 |
America Movil S.A.B. de C.V. | ||
3.13%, 07/16/22 | 1,200,000 | 1,181,597 |
6.13%, 03/30/40 | 1,000,000 | 1,176,892 |
4.38%, 07/16/42 | 500,000 | 488,478 |
American Tower Corp. | ||
5.05%, 09/01/20 | 250,000 | 258,516 |
2.25%, 01/15/22 | 250,000 | 239,210 |
3.50%, 01/31/23 | 1,500,000 | 1,477,073 |
5.00%, 02/15/24 | 200,000 | 207,660 |
3.55%, 07/15/27 (a) | 500,000 | 465,913 |
AT&T, Inc. | ||
2.45%, 06/30/20 (a) | 2,000,000 | 1,970,700 |
3.20%, 03/01/22 (a) | 750,000 | 736,612 |
3.00%, 06/30/22 (a) | 1,750,000 | 1,700,473 |
3.95%, 01/15/25 (a) | 250,000 | 244,855 |
3.40%, 05/15/25 (a) | 1,000,000 | 939,152 |
4.25%, 03/01/27 (a) | 2,450,000 | 2,402,146 |
4.10%, 02/15/28 (a)(e) | 2,283,000 | 2,185,841 |
4.50%, 05/15/35 (a) | 1,000,000 | 927,603 |
6.35%, 03/15/40 | 300,000 | 326,132 |
6.00%, 08/15/40 (a) | 1,000,000 | 1,045,906 |
5.35%, 09/01/40 | 525,000 | 514,017 |
5.15%, 03/15/42 | 725,000 | 689,021 |
4.30%, 12/15/42 (a) | 750,000 | 639,650 |
4.35%, 06/15/45 (a) | 1,500,000 | 1,275,400 |
4.75%, 05/15/46 (a) | 2,000,000 | 1,793,097 |
5.65%, 02/15/47 (a) | 500,000 | 505,272 |
5.45%, 03/01/47 (a) | 500,000 | 492,551 |
4.55%, 03/09/49 (a) | 259,000 | 224,802 |
5.15%, 02/15/50 (a) | 1,000,000 | 935,378 |
5.30%, 08/15/58 (a) | 250,000 | 233,679 |
CBS Corp. | ||
3.38%, 02/15/28 (a) | 300,000 | 270,542 |
5.50%, 05/15/33 | 300,000 | 309,329 |
4.90%, 08/15/44 (a) | 400,000 | 386,880 |
4.60%, 01/15/45 (a) | 250,000 | 231,513 |
CC Holdings GS V LLC/Crown Castle GS III Corp. | ||
3.85%, 04/15/23 | 750,000 | 744,011 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.58%, 07/23/20 (a) | 500,000 | 499,610 |
4.46%, 07/23/22 (a) | 550,000 | 557,251 |
4.91%, 07/23/25 (a) | 1,500,000 | 1,517,001 |
3.75%, 02/15/28 (a) | 750,000 | 680,584 |
6.38%, 10/23/35 (a) | 500,000 | 523,862 |
6.48%, 10/23/45 (a) | 1,250,000 | 1,321,834 |
5.38%, 05/01/47 (a) | 500,000 | 455,629 |
Comcast Corp. | ||
2.85%, 01/15/23 | 1,600,000 | 1,548,048 |
2.75%, 03/01/23 (a) | 500,000 | 480,958 |
3.60%, 03/01/24 | 750,000 | 738,989 |
2.35%, 01/15/27 (a) | 500,000 | 438,410 |
3.30%, 02/01/27 (a) | 1,030,000 | 970,147 |
7.05%, 03/15/33 | 500,000 | 622,233 |
4.65%, 07/15/42 | 500,000 | 487,486 |
4.75%, 03/01/44 | 2,500,000 | 2,466,780 |
4.60%, 08/15/45 (a) | 1,072,000 | 1,035,242 |
3.97%, 11/01/47 (a) | 1,448,000 | 1,278,624 |
Crown Castle International Corp. | ||
4.88%, 04/15/22 | 750,000 | 773,851 |
4.45%, 02/15/26 (a) | 500,000 | 495,736 |
3.65%, 09/01/27 (a) | 300,000 | 279,580 |
3.80%, 02/15/28 (a) | 750,000 | 704,395 |
4.75%, 05/15/47 (a) | 750,000 | 709,699 |
Deutsche Telekom International Finance BV | ||
6.00%, 07/08/19 | 1,075,000 | 1,107,744 |
8.75%, 06/15/30 | 400,000 | 531,154 |
Discovery Communications LLC | ||
2.80%, 06/15/20 (a)(e) | 1,000,000 | 988,391 |
3.95%, 03/20/28 (a) | 500,000 | 474,448 |
6.35%, 06/01/40 | 1,000,000 | 1,090,476 |
4.88%, 04/01/43 | 1,000,000 | 930,357 |
Electronic Arts, Inc. | ||
3.70%, 03/01/21 (a) | 300,000 | 303,005 |
4.80%, 03/01/26 (a) | 500,000 | 525,221 |
Grupo Televisa S.A.B. | ||
6.63%, 03/18/25 | 1,250,000 | 1,393,700 |
6.63%, 01/15/40 | 500,000 | 544,203 |
6.13%, 01/31/46 (a) | 250,000 | 259,170 |
Interpublic Group of Cos., Inc. | ||
3.75%, 02/15/23 | 1,000,000 | 991,680 |
Koninklijke KPN N.V. | ||
8.38%, 10/01/30 | 250,000 | 328,102 |
Moody's Corp. | ||
2.75%, 12/15/21 (a) | 750,000 | 733,108 |
NBCUniversal Media LLC | ||
5.15%, 04/30/20 | 500,000 | 516,814 |
4.38%, 04/01/21 (d) | 750,000 | 769,743 |
5.95%, 04/01/41 | 1,000,000 | 1,128,448 |
Omnicom Group, Inc./Omnicom Capital, Inc. | ||
4.45%, 08/15/20 | 1,000,000 | 1,024,629 |
3.63%, 05/01/22 | 1,000,000 | 993,586 |
3.65%, 11/01/24 (a) | 250,000 | 243,160 |
3.60%, 04/15/26 (a) | 500,000 | 479,249 |
Orange S.A. | ||
9.00%, 03/01/31 | 500,000 | 687,560 |
5.38%, 01/13/42 | 250,000 | 272,332 |
5.50%, 02/06/44 (a) | 500,000 | 555,576 |
Rogers Communications, Inc. | ||
3.00%, 03/15/23 (a) | 250,000 | 244,326 |
3.63%, 12/15/25 (a) | 500,000 | 489,704 |
5.00%, 03/15/44 (a) | 500,000 | 521,170 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
TCI Communications, Inc. | ||
7.13%, 02/15/28 | 800,000 | 971,184 |
Telefonica Emisiones S.A.U. | ||
5.13%, 04/27/20 | 250,000 | 258,018 |
5.46%, 02/16/21 | 700,000 | 733,041 |
4.57%, 04/27/23 | 150,000 | 155,236 |
4.10%, 03/08/27 | 500,000 | 484,414 |
7.05%, 06/20/36 | 900,000 | 1,084,786 |
5.21%, 03/08/47 | 500,000 | 483,714 |
Telefonica Europe BV | ||
8.25%, 09/15/30 | 750,000 | 971,869 |
Telefonos de Mexico S.A.B. de C.V. | ||
5.50%, 11/15/19 | 600,000 | 618,492 |
TELUS Corp. | ||
3.70%, 09/15/27 (a) | 250,000 | 245,727 |
Time Warner Cable LLC | ||
5.00%, 02/01/20 | 1,180,000 | 1,205,091 |
4.13%, 02/15/21 (a) | 500,000 | 502,826 |
6.55%, 05/01/37 | 500,000 | 531,891 |
5.88%, 11/15/40 (a) | 1,000,000 | 981,311 |
5.50%, 09/01/41 (a) | 250,000 | 233,326 |
Verizon Communications, Inc. | ||
2.63%, 02/21/20 | 793,000 | 790,703 |
4.60%, 04/01/21 | 500,000 | 517,194 |
3.00%, 11/01/21 (a) | 1,250,000 | 1,230,577 |
3.50%, 11/01/21 | 250,000 | 251,308 |
2.45%, 11/01/22 (a) | 750,000 | 715,871 |
5.15%, 09/15/23 | 1,250,000 | 1,330,896 |
3.50%, 11/01/24 (a) | 1,000,000 | 968,586 |
2.63%, 08/15/26 | 500,000 | 444,565 |
4.13%, 03/16/27 | 2,000,000 | 1,982,868 |
4.50%, 08/10/33 | 3,500,000 | 3,398,492 |
4.40%, 11/01/34 (a) | 2,500,000 | 2,338,208 |
4.13%, 08/15/46 | 500,000 | 430,602 |
4.86%, 08/21/46 | 1,000,000 | 959,151 |
4.52%, 09/15/48 | 3,000,000 | 2,745,908 |
5.01%, 08/21/54 | 1,000,000 | 944,956 |
4.67%, 03/15/55 | 1,000,000 | 891,782 |
Viacom, Inc. | ||
4.50%, 03/01/21 | 1,000,000 | 1,018,020 |
3.88%, 12/15/21 | 100,000 | 99,895 |
3.88%, 04/01/24 (a) | 248,000 | 240,245 |
6.88%, 04/30/36 | 400,000 | 433,342 |
5.85%, 09/01/43 (a) | 500,000 | 501,414 |
Vodafone Group PLC | ||
2.50%, 09/26/22 | 500,000 | 478,724 |
2.95%, 02/19/23 | 1,100,000 | 1,062,536 |
4.38%, 05/30/28 | 1,500,000 | 1,485,120 |
4.38%, 02/19/43 | 500,000 | 450,934 |
5.25%, 05/30/48 | 1,000,000 | 1,000,980 |
Walt Disney Co. | ||
2.35%, 12/01/22 | 1,500,000 | 1,440,693 |
3.00%, 02/13/26 | 800,000 | 762,127 |
1.85%, 07/30/26 | 200,000 | 174,826 |
4.13%, 12/01/41 | 1,500,000 | 1,434,177 |
Warner Media LLC | ||
4.88%, 03/15/20 | 200,000 | 205,423 |
4.75%, 03/29/21 | 300,000 | 309,764 |
4.00%, 01/15/22 | 500,000 | 505,430 |
3.55%, 06/01/24 (a) | 400,000 | 386,205 |
3.88%, 01/15/26 (a) | 1,000,000 | 962,264 |
3.80%, 02/15/27 (a) | 250,000 | 236,520 |
4.85%, 07/15/45 (a) | 1,000,000 | 914,202 |
112,185,250 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Consumer Cyclical 1.7% | ||
Alibaba Group Holding Ltd. | ||
3.13%, 11/28/21 (a) | 250,000 | 247,723 |
3.40%, 12/06/27 (a) | 2,000,000 | 1,865,691 |
4.50%, 11/28/34 (a) | 500,000 | 502,937 |
4.00%, 12/06/37 (a) | 1,500,000 | 1,391,512 |
4.40%, 12/06/57 (a) | 750,000 | 695,012 |
Amazon.com, Inc. | ||
2.60%, 12/05/19 (a) | 1,100,000 | 1,100,677 |
3.30%, 12/05/21 (a) | 1,500,000 | 1,513,267 |
2.40%, 02/22/23 (a) | 1,600,000 | 1,540,393 |
2.80%, 08/22/24 (a) | 500,000 | 482,441 |
4.80%, 12/05/34 (a) | 500,000 | 549,373 |
4.95%, 12/05/44 (a) | 500,000 | 556,953 |
4.05%, 08/22/47 (a) | 750,000 | 737,813 |
4.25%, 08/22/57 (a) | 1,000,000 | 990,699 |
American Honda Finance Corp. | ||
2.00%, 02/14/20 | 650,000 | 641,454 |
2.45%, 09/24/20 | 200,000 | 197,541 |
2.60%, 11/16/22 | 1,000,000 | 974,038 |
2.90%, 02/16/24 | 500,000 | 485,432 |
Aptiv PLC | ||
4.40%, 10/01/46 (a) | 500,000 | 471,594 |
Automatic Data Processing, Inc. | ||
2.25%, 09/15/20 (a) | 350,000 | 345,319 |
AutoNation, Inc. | ||
3.80%, 11/15/27 (a) | 500,000 | 465,145 |
AutoZone, Inc. | ||
3.70%, 04/15/22 (a) | 500,000 | 503,008 |
3.25%, 04/15/25 (a) | 1,000,000 | 954,984 |
Bed Bath & Beyond, Inc. | ||
5.17%, 08/01/44 (a) | 250,000 | 192,119 |
Booking Holdings, Inc. | ||
2.75%, 03/15/23 (a) | 250,000 | 241,460 |
Carnival Corp. | ||
3.95%, 10/15/20 | 350,000 | 355,692 |
Costco Wholesale Corp. | ||
2.75%, 05/18/24 (a) | 500,000 | 484,614 |
3.00%, 05/18/27 (a) | 1,750,000 | 1,672,579 |
Daimler Finance North America LLC | ||
8.50%, 01/18/31 | 500,000 | 704,697 |
Darden Restaurants, Inc. | ||
3.85%, 05/01/27 (a) | 900,000 | 871,836 |
Delphi Corp. | ||
4.15%, 03/15/24 (a) | 540,000 | 542,077 |
Dollar Tree, Inc. | ||
3.70%, 05/15/23 (a) | 500,000 | 496,060 |
DR Horton, Inc. | ||
4.00%, 02/15/20 | 500,000 | 505,061 |
2.55%, 12/01/20 | 250,000 | 245,164 |
eBay, Inc. | ||
2.15%, 06/05/20 | 400,000 | 393,185 |
3.80%, 03/09/22 (a) | 500,000 | 505,233 |
3.60%, 06/05/27 (a) | 1,250,000 | 1,184,049 |
Ford Motor Co. | ||
7.45%, 07/16/31 | 1,000,000 | 1,177,598 |
4.75%, 01/15/43 | 600,000 | 520,351 |
7.40%, 11/01/46 | 250,000 | 297,025 |
5.29%, 12/08/46 (a) | 500,000 | 465,002 |
Ford Motor Credit Co. LLC | ||
3.16%, 08/04/20 | 300,000 | 298,079 |
5.88%, 08/02/21 | 1,750,000 | 1,856,516 |
4.14%, 02/15/23 (a) | 1,000,000 | 1,000,708 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.13%, 08/04/25 | 2,000,000 | 1,952,738 |
3.82%, 11/02/27 (a) | 500,000 | 464,880 |
General Motors Co. | ||
4.88%, 10/02/23 | 1,100,000 | 1,132,143 |
4.00%, 04/01/25 | 400,000 | 388,792 |
5.00%, 04/01/35 | 500,000 | 474,839 |
6.25%, 10/02/43 | 750,000 | 779,730 |
General Motors Financial Co., Inc. | ||
3.15%, 01/15/20 (a) | 1,500,000 | 1,497,923 |
2.65%, 04/13/20 | 600,000 | 593,032 |
3.20%, 07/06/21 (a) | 1,250,000 | 1,234,612 |
4.38%, 09/25/21 | 2,250,000 | 2,295,086 |
3.45%, 01/14/22 (a) | 750,000 | 739,838 |
3.15%, 06/30/22 (a) | 500,000 | 486,385 |
3.25%, 01/05/23 (a) | 500,000 | 485,037 |
4.35%, 01/17/27 (a) | 1,250,000 | 1,211,647 |
3.85%, 01/05/28 (a) | 1,000,000 | 925,831 |
Harley-Davidson, Inc. | ||
4.63%, 07/28/45 (a) | 500,000 | 486,970 |
Home Depot, Inc. | ||
2.00%, 04/01/21 (a) | 800,000 | 780,947 |
4.40%, 04/01/21 (a) | 500,000 | 518,140 |
2.63%, 06/01/22 (a) | 750,000 | 735,997 |
3.75%, 02/15/24 (a) | 500,000 | 511,183 |
2.13%, 09/15/26 (a) | 250,000 | 223,227 |
5.88%, 12/16/36 | 1,700,000 | 2,066,882 |
5.95%, 04/01/41 (a) | 500,000 | 618,656 |
4.20%, 04/01/43 (a) | 250,000 | 251,391 |
4.88%, 02/15/44 (a) | 1,500,000 | 1,647,946 |
Kohl's Corp. | ||
3.25%, 02/01/23 (a) | 1,000,000 | 972,823 |
4.75%, 12/15/23 (a) | 273,000 | 278,529 |
4.25%, 07/17/25 (a) | 750,000 | 747,440 |
Lear Corp. | ||
5.25%, 01/15/25 (a) | 1,000,000 | 1,029,484 |
Lowe's Cos., Inc. | ||
3.12%, 04/15/22 (a) | 750,000 | 748,435 |
3.38%, 09/15/25 (a) | 1,250,000 | 1,225,161 |
3.10%, 05/03/27 (a) | 500,000 | 473,091 |
6.50%, 03/15/29 | 251,000 | 302,338 |
4.05%, 05/03/47 (a) | 500,000 | 474,128 |
Macy's Retail Holdings, Inc. | ||
2.88%, 02/15/23 (a) | 200,000 | 188,333 |
Marriott International, Inc. | ||
3.13%, 10/15/21 (a) | 200,000 | 197,919 |
3.75%, 03/15/25 (a) | 1,250,000 | 1,234,885 |
Mastercard, Inc. | ||
2.95%, 11/21/26 (a) | 500,000 | 478,135 |
3.80%, 11/21/46 (a) | 500,000 | 488,276 |
McDonald's Corp. | ||
2.20%, 05/26/20 (a) | 500,000 | 493,183 |
2.75%, 12/09/20 (a) | 1,500,000 | 1,490,730 |
3.38%, 05/26/25 (a) | 750,000 | 738,113 |
4.88%, 12/09/45 (a) | 600,000 | 632,331 |
4.45%, 03/01/47 (a) | 250,000 | 247,699 |
NIKE, Inc. | ||
2.25%, 05/01/23 (a) | 100,000 | 95,733 |
3.63%, 05/01/43 (a) | 50,000 | 46,566 |
Nordstrom, Inc. | ||
4.00%, 10/15/21 (a) | 300,000 | 302,597 |
5.00%, 01/15/44 (a) | 500,000 | 462,633 |
O'Reilly Automotive, Inc. | ||
3.55%, 03/15/26 (a) | 500,000 | 476,433 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
QVC, Inc. | ||
5.13%, 07/02/22 | 200,000 | 205,060 |
4.38%, 03/15/23 | 250,000 | 247,282 |
5.45%, 08/15/34 (a) | 200,000 | 185,217 |
Royal Caribbean Cruises Ltd. | ||
3.70%, 03/15/28 (a) | 250,000 | 231,352 |
Starbucks Corp. | ||
2.70%, 06/15/22 (a) | 500,000 | 486,236 |
3.85%, 10/01/23 (a) | 300,000 | 303,462 |
3.75%, 12/01/47 (a) | 500,000 | 436,416 |
Target Corp. | ||
3.50%, 07/01/24 | 500,000 | 502,441 |
4.00%, 07/01/42 | 500,000 | 477,209 |
Toyota Motor Credit Corp. | ||
1.55%, 10/18/19 | 350,000 | 345,146 |
2.15%, 03/12/20 | 500,000 | 494,102 |
3.40%, 09/15/21 | 1,350,000 | 1,361,742 |
2.70%, 01/11/23 | 500,000 | 487,109 |
3.20%, 01/11/27 | 250,000 | 241,580 |
Visa, Inc. | ||
2.20%, 12/14/20 (a) | 1,000,000 | 984,106 |
2.15%, 09/15/22 (a) | 500,000 | 479,546 |
3.15%, 12/14/25 (a) | 250,000 | 242,083 |
4.15%, 12/14/35 (a) | 1,500,000 | 1,557,114 |
4.30%, 12/14/45 (a) | 750,000 | 781,203 |
Walgreens Boots Alliance, Inc. | ||
3.30%, 11/18/21 (a) | 1,000,000 | 994,427 |
3.80%, 11/18/24 (a) | 1,000,000 | 987,141 |
3.45%, 06/01/26 (a) | 500,000 | 466,820 |
4.80%, 11/18/44 (a) | 200,000 | 189,001 |
Walmart, Inc. | ||
2.35%, 12/15/22 (a) | 1,500,000 | 1,450,283 |
2.55%, 04/11/23 (a) | 2,450,000 | 2,366,128 |
2.65%, 12/15/24 (a) | 1,250,000 | 1,200,302 |
3.70%, 06/26/28 (a) | 3,000,000 | 3,028,960 |
3.95%, 06/28/38 (a) | 750,000 | 753,394 |
4.05%, 06/29/48 (a) | 750,000 | 757,191 |
Walt Disney Co. | ||
4.38%, 08/16/41 | 500,000 | 502,681 |
Western Union Co. | ||
4.25%, 06/09/23 (a) | 750,000 | 748,323 |
91,044,015 | ||
Consumer Non-Cyclical 4.1% | ||
Abbott Laboratories | ||
2.55%, 03/15/22 | 500,000 | 484,359 |
3.40%, 11/30/23 (a) | 2,500,000 | 2,469,582 |
3.75%, 11/30/26 (a) | 1,250,000 | 1,230,847 |
4.90%, 11/30/46 (a) | 1,000,000 | 1,080,741 |
AbbVie, Inc. | ||
2.50%, 05/14/20 (a) | 1,000,000 | 988,396 |
2.90%, 11/06/22 | 500,000 | 485,675 |
3.20%, 11/06/22 (a) | 300,000 | 295,350 |
2.85%, 05/14/23 (a) | 1,450,000 | 1,398,056 |
4.50%, 05/14/35 (a) | 1,500,000 | 1,464,168 |
4.30%, 05/14/36 (a) | 1,500,000 | 1,435,151 |
4.40%, 11/06/42 | 500,000 | 476,669 |
4.70%, 05/14/45 (a) | 250,000 | 248,229 |
Allergan Finance LLC | ||
3.25%, 10/01/22 (a) | 1,750,000 | 1,701,879 |
Allergan Funding SCS | ||
3.45%, 03/15/22 (a) | 1,000,000 | 984,834 |
3.85%, 06/15/24 (a) | 500,000 | 491,645 |
4.55%, 03/15/35 (a) | 750,000 | 711,647 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.85%, 06/15/44 (a) | 250,000 | 242,350 |
4.75%, 03/15/45 (a) | 168,000 | 162,321 |
Allergan, Inc. | ||
2.80%, 03/15/23 (a) | 1,150,000 | 1,087,001 |
Altria Group, Inc. | ||
9.25%, 08/06/19 | 250,000 | 267,088 |
4.75%, 05/05/21 | 500,000 | 519,491 |
2.85%, 08/09/22 | 600,000 | 586,167 |
2.95%, 05/02/23 | 800,000 | 778,707 |
4.25%, 08/09/42 | 200,000 | 187,002 |
3.88%, 09/16/46 (a) | 1,000,000 | 880,819 |
AmerisourceBergen Corp. | ||
3.45%, 12/15/27 (a) | 1,000,000 | 923,076 |
Amgen, Inc. | ||
3.45%, 10/01/20 | 500,000 | 504,133 |
4.10%, 06/15/21 (a) | 1,000,000 | 1,021,733 |
1.85%, 08/19/21 (a) | 1,500,000 | 1,437,780 |
3.88%, 11/15/21 (a) | 500,000 | 507,538 |
3.63%, 05/22/24 (a) | 650,000 | 648,141 |
4.95%, 10/01/41 | 500,000 | 514,281 |
5.15%, 11/15/41 (a) | 500,000 | 533,459 |
4.40%, 05/01/45 (a) | 500,000 | 478,372 |
4.66%, 06/15/51 (a) | 750,000 | 744,693 |
Anheuser-Busch InBev Finance, Inc. | ||
2.65%, 02/01/21 (a) | 3,750,000 | 3,700,599 |
3.30%, 02/01/23 (a) | 1,750,000 | 1,737,196 |
3.70%, 02/01/24 | 1,950,000 | 1,949,759 |
3.65%, 02/01/26 (a) | 1,900,000 | 1,861,821 |
4.70%, 02/01/36 (a) | 2,250,000 | 2,287,163 |
4.63%, 02/01/44 | 500,000 | 493,136 |
4.90%, 02/01/46 (a) | 2,500,000 | 2,580,668 |
Anheuser-Busch InBev Worldwide, Inc. | ||
6.88%, 11/15/19 | 850,000 | 893,489 |
3.50%, 01/12/24 (a) | 500,000 | 497,531 |
4.00%, 04/13/28 (a) | 750,000 | 749,761 |
4.44%, 10/06/48 (a) | 2,000,000 | 1,932,514 |
Archer-Daniels-Midland Co. | ||
2.50%, 08/11/26 (a) | 750,000 | 690,606 |
4.02%, 04/16/43 | 200,000 | 195,641 |
Ascension Health | ||
3.95%, 11/15/46 | 500,000 | 493,884 |
AstraZeneca PLC | ||
2.38%, 11/16/20 | 500,000 | 490,805 |
2.38%, 06/12/22 (a) | 500,000 | 481,397 |
6.45%, 09/15/37 | 1,650,000 | 2,048,236 |
BAT Capital Corp. | ||
2.76%, 08/15/22 (a)(e) | 2,000,000 | 1,919,634 |
3.22%, 08/15/24 (a)(e) | 1,000,000 | 948,529 |
Baxalta, Inc. | ||
3.60%, 06/23/22 (a) | 1,000,000 | 990,631 |
4.00%, 06/23/25 (a) | 1,750,000 | 1,715,780 |
5.25%, 06/23/45 (a) | 1,000,000 | 1,034,055 |
Baxter International, Inc. | ||
1.70%, 08/15/21 (a) | 500,000 | 475,282 |
Becton Dickinson & Co. | ||
2.68%, 12/15/19 | 950,000 | 943,207 |
3.25%, 11/12/20 | 650,000 | 647,064 |
2.89%, 06/06/22 (a) | 750,000 | 726,090 |
3.73%, 12/15/24 (a) | 1,000,000 | 977,635 |
4.69%, 12/15/44 (a) | 250,000 | 243,223 |
4.67%, 06/06/47 (a) | 500,000 | 485,094 |
Biogen, Inc. | ||
2.90%, 09/15/20 | 1,000,000 | 996,175 |
4.05%, 09/15/25 (a) | 1,000,000 | 1,006,679 |
5.20%, 09/15/45 (a) | 500,000 | 532,569 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Boston Scientific Corp. | ||
6.00%, 01/15/20 | 650,000 | 677,445 |
4.13%, 10/01/23 (a) | 100,000 | 102,051 |
3.85%, 05/15/25 | 250,000 | 247,795 |
Bristol-Myers Squibb Co. | ||
3.25%, 02/27/27 | 250,000 | 241,880 |
3.25%, 08/01/42 | 100,000 | 86,759 |
4.50%, 03/01/44 (a) | 600,000 | 644,652 |
Brown-Forman Corp. | ||
4.00%, 04/15/38 (a) | 750,000 | 749,035 |
Bunge Ltd. Finance Corp. | ||
3.75%, 09/25/27 (a) | 500,000 | 472,761 |
Campbell Soup Co. | ||
2.50%, 08/02/22 | 350,000 | 331,902 |
4.15%, 03/15/28 (a) | 1,000,000 | 954,070 |
Cardinal Health, Inc. | ||
2.62%, 06/15/22 (a) | 1,100,000 | 1,055,453 |
3.08%, 06/15/24 (a) | 1,000,000 | 943,396 |
3.75%, 09/15/25 (a) | 250,000 | 241,025 |
3.41%, 06/15/27 (a) | 250,000 | 230,163 |
4.90%, 09/15/45 (a) | 500,000 | 480,012 |
Catholic Health Initiatives | ||
4.35%, 11/01/42 | 250,000 | 237,417 |
Celgene Corp. | ||
2.88%, 08/15/20 | 1,000,000 | 992,848 |
3.55%, 08/15/22 | 1,000,000 | 993,335 |
3.63%, 05/15/24 (a) | 700,000 | 683,815 |
3.45%, 11/15/27 (a) | 500,000 | 460,644 |
3.90%, 02/20/28 (a) | 250,000 | 237,026 |
4.35%, 11/15/47 (a) | 750,000 | 663,078 |
Church & Dwight Co., Inc. | ||
3.15%, 08/01/27 (a) | 1,000,000 | 929,673 |
Clorox Co. | ||
3.90%, 05/15/28 (a) | 550,000 | 546,506 |
Coca-Cola Co. | ||
1.88%, 10/27/20 | 100,000 | 97,776 |
3.30%, 09/01/21 | 750,000 | 756,621 |
2.50%, 04/01/23 | 250,000 | 242,232 |
Coca-Cola Femsa S.A.B. de C.V. | ||
5.25%, 11/26/43 | 750,000 | 840,538 |
Colgate-Palmolive Co. | ||
2.10%, 05/01/23 | 500,000 | 477,977 |
3.25%, 03/15/24 | 400,000 | 401,676 |
Conagra Brands, Inc. | ||
3.20%, 01/25/23 (a) | 783,000 | 754,707 |
Constellation Brands, Inc. | ||
2.65%, 11/07/22 (a) | 250,000 | 239,845 |
3.20%, 02/15/23 (a) | 1,750,000 | 1,704,606 |
4.25%, 05/01/23 | 500,000 | 510,313 |
CVS Health Corp. | ||
2.25%, 08/12/19 (a) | 1,250,000 | 1,240,081 |
3.35%, 03/09/21 | 500,000 | 499,768 |
3.70%, 03/09/23 (a) | 3,000,000 | 2,987,969 |
3.38%, 08/12/24 (a) | 1,000,000 | 966,641 |
4.10%, 03/25/25 (a) | 500,000 | 498,075 |
3.88%, 07/20/25 (a) | 750,000 | 727,807 |
4.30%, 03/25/28 (a) | 2,000,000 | 1,976,701 |
4.88%, 07/20/35 (a) | 250,000 | 251,898 |
4.78%, 03/25/38 (a) | 750,000 | 740,010 |
5.30%, 12/05/43 (a) | 700,000 | 734,036 |
5.13%, 07/20/45 (a) | 1,000,000 | 1,016,964 |
5.05%, 03/25/48 (a) | 2,250,000 | 2,298,612 |
Dartmouth-Hitchcock Health | ||
4.18%, 08/01/48 (a) | 1,500,000 | 1,504,731 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Diageo Capital PLC | ||
3.88%, 05/18/28 (a) | 450,000 | 454,319 |
5.88%, 09/30/36 | 1,000,000 | 1,226,664 |
Dr Pepper Snapple Group, Inc. | ||
3.13%, 12/15/23 (a) | 250,000 | 239,482 |
4.42%, 12/15/46 (a) | 250,000 | 229,610 |
Eli Lilly & Co. | ||
2.35%, 05/15/22 | 600,000 | 584,062 |
3.10%, 05/15/27 (a) | 500,000 | 479,152 |
3.70%, 03/01/45 (a) | 500,000 | 474,741 |
Estee Lauder Cos., Inc. | ||
4.15%, 03/15/47 (a) | 600,000 | 613,289 |
Express Scripts Holding Co. | ||
3.05%, 11/30/22 (a) | 500,000 | 482,479 |
3.00%, 07/15/23 (a) | 500,000 | 474,830 |
3.40%, 03/01/27 (a) | 500,000 | 457,690 |
4.80%, 07/15/46 (a) | 1,000,000 | 954,499 |
General Mills, Inc. | ||
3.20%, 04/16/21 | 1,000,000 | 995,471 |
4.00%, 04/17/25 (a) | 1,000,000 | 986,281 |
4.55%, 04/17/38 (a) | 500,000 | 478,654 |
Genzyme Corp. | ||
5.00%, 06/15/20 | 250,000 | 259,393 |
Gilead Sciences, Inc. | ||
2.55%, 09/01/20 | 500,000 | 494,147 |
4.40%, 12/01/21 (a) | 350,000 | 362,047 |
2.50%, 09/01/23 (a) | 750,000 | 715,482 |
3.70%, 04/01/24 (a) | 400,000 | 401,061 |
3.50%, 02/01/25 (a) | 500,000 | 492,874 |
3.65%, 03/01/26 (a) | 400,000 | 395,307 |
4.60%, 09/01/35 (a) | 500,000 | 515,497 |
5.65%, 12/01/41 (a) | 200,000 | 235,024 |
4.80%, 04/01/44 (a) | 500,000 | 522,294 |
4.50%, 02/01/45 (a) | 250,000 | 250,464 |
4.75%, 03/01/46 (a) | 750,000 | 775,933 |
4.15%, 03/01/47 (a) | 750,000 | 718,673 |
GlaxoSmithKline Capital PLC | ||
2.85%, 05/08/22 | 150,000 | 147,541 |
GlaxoSmithKline Capital, Inc. | ||
3.63%, 05/15/25 | 1,000,000 | 999,182 |
3.88%, 05/15/28 | 1,500,000 | 1,513,671 |
Hasbro, Inc. | ||
6.35%, 03/15/40 | 450,000 | 494,578 |
5.10%, 05/15/44 (a) | 100,000 | 95,067 |
JM Smucker Co. | ||
3.50%, 10/15/21 | 250,000 | 251,182 |
3.50%, 03/15/25 | 750,000 | 718,367 |
4.38%, 03/15/45 | 1,000,000 | 931,043 |
Johnson & Johnson | ||
1.65%, 03/01/21 (a) | 250,000 | 242,949 |
2.45%, 12/05/21 | 100,000 | 99,227 |
2.05%, 03/01/23 (a) | 100,000 | 95,764 |
3.38%, 12/05/23 | 500,000 | 505,390 |
2.45%, 03/01/26 (a) | 450,000 | 422,639 |
2.95%, 03/03/27 (a) | 2,000,000 | 1,925,983 |
2.90%, 01/15/28 (a) | 100,000 | 95,565 |
3.40%, 01/15/38 (a) | 1,500,000 | 1,419,718 |
3.70%, 03/01/46 (a) | 1,000,000 | 968,971 |
Kaiser Foundation Hospitals | ||
3.15%, 05/01/27 (a) | 1,250,000 | 1,198,472 |
Kellogg Co. | ||
2.65%, 12/01/23 | 500,000 | 475,992 |
4.30%, 05/15/28 (a) | 1,000,000 | 986,172 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Kimberly-Clark Corp. | ||
6.63%, 08/01/37 | 100,000 | 134,097 |
5.30%, 03/01/41 | 1,000,000 | 1,181,248 |
Koninklijke Ahold Delhaize NV | ||
5.70%, 10/01/40 | 750,000 | 821,409 |
Koninklijke Philips N.V. | ||
5.00%, 03/15/42 | 100,000 | 110,857 |
Kraft Heinz Foods Co. | ||
5.38%, 02/10/20 | 1,000,000 | 1,034,573 |
3.50%, 06/06/22 | 1,000,000 | 990,996 |
3.00%, 06/01/26 (a) | 250,000 | 225,519 |
6.88%, 01/26/39 | 250,000 | 295,630 |
5.00%, 06/04/42 | 1,500,000 | 1,436,948 |
5.20%, 07/15/45 (a) | 500,000 | 488,151 |
4.38%, 06/01/46 (a) | 750,000 | 651,280 |
Kroger Co. | ||
2.80%, 08/01/22 (a) | 750,000 | 728,121 |
4.00%, 02/01/24 (a) | 1,000,000 | 1,003,476 |
Laboratory Corp. of America Holdings | ||
3.25%, 09/01/24 (a) | 1,250,000 | 1,210,166 |
Maple Escrow Subsidiary, Inc. | ||
3.55%, 05/25/21 (e) | 250,000 | 250,392 |
4.42%, 05/25/25 (a)(e) | 1,000,000 | 1,006,439 |
4.60%, 05/25/28 (a)(e) | 500,000 | 502,822 |
5.09%, 05/25/48 (a)(e) | 250,000 | 253,024 |
McKesson Corp. | ||
2.70%, 12/15/22 (a) | 750,000 | 720,973 |
3.80%, 03/15/24 (a) | 500,000 | 494,166 |
3.95%, 02/16/28 (a) | 1,000,000 | 968,580 |
Mead Johnson Nutrition Co. | ||
3.00%, 11/15/20 | 500,000 | 497,703 |
Medtronic Global Holdings SCA | ||
3.35%, 04/01/27 (a) | 500,000 | 487,680 |
Medtronic, Inc. | ||
2.50%, 03/15/20 | 1,850,000 | 1,837,616 |
4.13%, 03/15/21 (a) | 100,000 | 102,392 |
3.15%, 03/15/22 | 1,300,000 | 1,290,258 |
3.63%, 03/15/24 (a) | 200,000 | 200,882 |
3.50%, 03/15/25 | 1,350,000 | 1,337,033 |
4.38%, 03/15/35 | 1,250,000 | 1,295,053 |
4.63%, 03/15/45 | 750,000 | 796,897 |
Memorial Sloan-Kettering Cancer Center | ||
4.20%, 07/01/55 | 250,000 | 257,367 |
Merck & Co., Inc. | ||
1.85%, 02/10/20 | 100,000 | 98,536 |
3.88%, 01/15/21 (a) | 1,600,000 | 1,631,525 |
2.80%, 05/18/23 | 1,250,000 | 1,223,991 |
2.75%, 02/10/25 (a) | 2,100,000 | 2,009,384 |
3.70%, 02/10/45 (a) | 500,000 | 476,523 |
Molson Coors Brewing Co. | ||
2.10%, 07/15/21 (a) | 1,000,000 | 959,624 |
3.50%, 05/01/22 | 200,000 | 199,444 |
3.00%, 07/15/26 (a) | 750,000 | 682,474 |
5.00%, 05/01/42 | 750,000 | 763,233 |
4.20%, 07/15/46 (a) | 500,000 | 450,669 |
Mondelez International, Inc. | ||
3.63%, 05/07/23 (a) | 1,000,000 | 997,696 |
4.13%, 05/07/28 (a) | 300,000 | 298,033 |
Mylan N.V. | ||
3.95%, 06/15/26 (a) | 1,000,000 | 956,600 |
Mylan, Inc. | ||
4.55%, 04/15/28 (a)(e) | 500,000 | 489,581 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Newell Brands, Inc. | ||
2.88%, 12/01/19 (a) | 400,000 | 398,664 |
3.85%, 04/01/23 (a) | 500,000 | 493,036 |
3.90%, 11/01/25 (a) | 1,250,000 | 1,193,672 |
Novartis Capital Corp. | ||
4.40%, 04/24/20 (d) | 100,000 | 102,783 |
2.40%, 09/21/22 | 100,000 | 97,064 |
3.00%, 11/20/25 (a) | 1,000,000 | 965,867 |
3.10%, 05/17/27 (a) | 750,000 | 720,888 |
4.40%, 05/06/44 | 750,000 | 800,864 |
PepsiCo, Inc. | ||
1.35%, 10/04/19 | 1,500,000 | 1,475,393 |
2.15%, 10/14/20 (a) | 100,000 | 98,443 |
1.70%, 10/06/21 (a) | 1,000,000 | 956,749 |
2.75%, 03/05/22 | 1,350,000 | 1,333,893 |
3.60%, 03/01/24 (a) | 500,000 | 505,983 |
4.88%, 11/01/40 | 200,000 | 223,006 |
4.60%, 07/17/45 (a) | 1,300,000 | 1,411,632 |
3.45%, 10/06/46 (a) | 1,000,000 | 899,144 |
Perrigo Finance Unlimited Co. | ||
3.90%, 12/15/24 (a) | 500,000 | 487,313 |
Pfizer, Inc. | ||
1.95%, 06/03/21 | 250,000 | 243,366 |
3.00%, 06/15/23 | 500,000 | 494,440 |
2.75%, 06/03/26 | 1,000,000 | 945,557 |
7.20%, 03/15/39 | 500,000 | 694,338 |
4.40%, 05/15/44 | 1,000,000 | 1,041,996 |
4.13%, 12/15/46 | 1,500,000 | 1,516,788 |
Philip Morris International, Inc. | ||
1.88%, 11/01/19 | 100,000 | 98,727 |
4.50%, 03/26/20 | 250,000 | 255,943 |
4.13%, 05/17/21 | 500,000 | 511,123 |
2.90%, 11/15/21 | 500,000 | 492,425 |
2.38%, 08/17/22 (a) | 500,000 | 478,786 |
2.50%, 08/22/22 | 250,000 | 240,978 |
2.63%, 03/06/23 | 150,000 | 143,825 |
2.75%, 02/25/26 (a) | 250,000 | 232,459 |
3.13%, 03/02/28 (a) | 1,000,000 | 945,295 |
6.38%, 05/16/38 | 650,000 | 786,999 |
4.38%, 11/15/41 | 250,000 | 240,383 |
4.88%, 11/15/43 | 1,000,000 | 1,032,367 |
4.25%, 11/10/44 | 200,000 | 189,931 |
Procter & Gamble Co. | ||
1.85%, 02/02/21 | 1,500,000 | 1,462,832 |
2.30%, 02/06/22 | 500,000 | 487,513 |
3.50%, 10/25/47 | 750,000 | 689,481 |
Quest Diagnostics, Inc. | ||
2.50%, 03/30/20 (a) | 500,000 | 493,690 |
3.50%, 03/30/25 (a) | 500,000 | 482,001 |
4.70%, 03/30/45 (a) | 500,000 | 501,544 |
Reynolds American, Inc. | ||
4.45%, 06/12/25 (a) | 500,000 | 503,924 |
6.15%, 09/15/43 | 500,000 | 569,487 |
5.85%, 08/15/45 (a) | 1,500,000 | 1,643,280 |
Sanofi | ||
4.00%, 03/29/21 | 150,000 | 153,728 |
Shire Acquisitions Investments Ireland DAC | ||
2.40%, 09/23/21 (a) | 500,000 | 479,048 |
2.88%, 09/23/23 (a) | 1,500,000 | 1,412,878 |
Stryker Corp. | ||
3.50%, 03/15/26 (a) | 2,000,000 | 1,945,009 |
4.63%, 03/15/46 (a) | 500,000 | 511,381 |
Sysco Corp. | ||
3.55%, 03/15/25 (a) | 750,000 | 736,060 |
3.75%, 10/01/25 (a) | 750,000 | 741,197 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
The Coca-Cola Co. | ||
3.15%, 11/15/20 | 1,000,000 | 1,006,571 |
3.20%, 11/01/23 | 750,000 | 748,636 |
The Kroger Co. | ||
6.15%, 01/15/20 | 300,000 | 313,498 |
7.50%, 04/01/31 (d) | 100,000 | 123,990 |
Thermo Fisher Scientific, Inc. | ||
4.50%, 03/01/21 | 50,000 | 51,649 |
3.60%, 08/15/21 (a) | 550,000 | 553,376 |
3.30%, 02/15/22 | 750,000 | 746,253 |
4.15%, 02/01/24 (a) | 800,000 | 812,957 |
5.30%, 02/01/44 (a) | 200,000 | 222,695 |
Tyson Foods, Inc. | ||
4.88%, 08/15/34 (a) | 750,000 | 757,822 |
4.55%, 06/02/47 (a) | 500,000 | 480,712 |
Unilever Capital Corp. | ||
1.80%, 05/05/20 | 1,500,000 | 1,474,907 |
4.25%, 02/10/21 | 800,000 | 823,472 |
1.38%, 07/28/21 | 100,000 | 95,016 |
2.00%, 07/28/26 | 500,000 | 444,109 |
Wyeth LLC | ||
5.95%, 04/01/37 | 500,000 | 610,633 |
Zimmer Biomet Holdings, Inc. | ||
2.70%, 04/01/20 (a) | 500,000 | 495,362 |
3.70%, 03/19/23 (a) | 250,000 | 248,481 |
4.45%, 08/15/45 (a) | 2,099,000 | 1,998,001 |
Zoetis, Inc. | ||
3.25%, 02/01/23 (a) | 250,000 | 246,403 |
3.00%, 09/12/27 (a) | 500,000 | 463,396 |
4.70%, 02/01/43 (a) | 100,000 | 103,499 |
210,460,122 | ||
Energy 2.3% | ||
Anadarko Petroleum Corp. | ||
4.85%, 03/15/21 (a) | 750,000 | 772,302 |
3.45%, 07/15/24 (a) | 240,000 | 230,924 |
6.45%, 09/15/36 | 1,000,000 | 1,158,901 |
6.60%, 03/15/46 (a) | 1,000,000 | 1,206,020 |
Andeavor | ||
4.75%, 12/15/23 (a) | 500,000 | 519,464 |
5.13%, 12/15/26 (a) | 1,000,000 | 1,044,269 |
Apache Corp. | ||
3.25%, 04/15/22 (a) | 1,250,000 | 1,229,871 |
6.00%, 01/15/37 | 500,000 | 546,719 |
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. | ||
3.34%, 12/15/27 (a) | 750,000 | 698,731 |
4.08%, 12/15/47 (a) | 750,000 | 671,885 |
Boardwalk Pipelines LP | ||
4.95%, 12/15/24 (a) | 500,000 | 509,703 |
4.45%, 07/15/27 (a) | 2,000,000 | 1,945,599 |
BP Capital Markets PLC | ||
2.32%, 02/13/20 | 750,000 | 742,977 |
4.50%, 10/01/20 | 800,000 | 824,757 |
4.74%, 03/11/21 | 1,500,000 | 1,561,997 |
3.56%, 11/01/21 | 500,000 | 505,109 |
3.06%, 03/17/22 | 500,000 | 496,101 |
3.25%, 05/06/22 | 200,000 | 199,477 |
3.28%, 09/19/27 (a) | 750,000 | 721,912 |
Buckeye Partners LP | ||
4.88%, 02/01/21 (a) | 350,000 | 356,341 |
4.35%, 10/15/24 (a) | 300,000 | 296,546 |
4.13%, 12/01/27 (a) | 2,500,000 | 2,274,525 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Canadian Natural Resources Ltd. | ||
2.95%, 01/15/23 (a) | 2,600,000 | 2,511,120 |
3.80%, 04/15/24 (a) | 150,000 | 148,860 |
7.20%, 01/15/32 | 225,000 | 278,123 |
6.25%, 03/15/38 | 100,000 | 116,487 |
Cenovus Energy, Inc. | ||
3.00%, 08/15/22 (a) | 1,000,000 | 958,789 |
3.80%, 09/15/23 (a) | 500,000 | 488,042 |
4.25%, 04/15/27 (a) | 750,000 | 723,701 |
Chevron Corp. | ||
1.96%, 03/03/20 (a) | 500,000 | 493,773 |
2.42%, 11/17/20 (a) | 100,000 | 98,878 |
2.50%, 03/03/22 (a) | 300,000 | 294,429 |
2.36%, 12/05/22 (a) | 499,000 | 477,358 |
3.19%, 06/24/23 (a) | 1,150,000 | 1,145,035 |
2.90%, 03/03/24 (a) | 1,500,000 | 1,460,215 |
Concho Resources, Inc. | ||
4.30%, 08/15/28 (a) | 1,000,000 | 1,004,326 |
ConocoPhillips Canada Funding Co. I | ||
5.95%, 10/15/36 | 250,000 | 299,795 |
ConocoPhillips Co. | ||
4.95%, 03/15/26 (a) | 500,000 | 539,733 |
6.50%, 02/01/39 | 1,350,000 | 1,729,478 |
4.30%, 11/15/44 (a) | 500,000 | 510,656 |
ConocoPhillips Holding Co. | ||
6.95%, 04/15/29 | 200,000 | 246,960 |
Continental Resources, Inc. | ||
5.00%, 09/15/22 (a) | 500,000 | 507,178 |
4.90%, 06/01/44 (a) | 500,000 | 491,466 |
Devon Energy Corp. | ||
3.25%, 05/15/22 (a) | 1,000,000 | 983,903 |
5.00%, 06/15/45 (a) | 500,000 | 510,515 |
Dominion Energy Gas Holdings LLC | ||
4.80%, 11/01/43 (a) | 1,300,000 | 1,338,146 |
Enable Midstream Partners LP | ||
3.90%, 05/15/24 (a) | 100,000 | 95,849 |
Enbridge Energy Partners LP | ||
4.38%, 10/15/20 (a) | 1,000,000 | 1,018,741 |
Enbridge, Inc. | ||
4.25%, 12/01/26 (a) | 1,000,000 | 992,669 |
3.70%, 07/15/27 (a) | 500,000 | 474,700 |
4.50%, 06/10/44 (a) | 150,000 | 137,983 |
5.50%, 12/01/46 (a) | 500,000 | 535,721 |
Encana Corp. | ||
6.50%, 02/01/38 | 500,000 | 589,015 |
Energy Transfer Partners LP | ||
4.15%, 10/01/20 (a) | 2,250,000 | 2,276,810 |
5.20%, 02/01/22 (a) | 2,000,000 | 2,075,778 |
4.20%, 04/15/27 (a) | 250,000 | 236,001 |
4.90%, 03/15/35 (a) | 750,000 | 687,972 |
6.63%, 10/15/36 | 500,000 | 533,548 |
7.50%, 07/01/38 | 500,000 | 572,221 |
6.50%, 02/01/42 (a) | 800,000 | 826,727 |
6.13%, 12/15/45 (a) | 500,000 | 501,369 |
5.30%, 04/15/47 (a) | 250,000 | 229,995 |
EnLink Midstream Partners LP | ||
4.85%, 07/15/26 (a) | 500,000 | 474,553 |
Enterprise Products Operating LLC | ||
2.55%, 10/15/19 (a) | 1,000,000 | 993,561 |
2.85%, 04/15/21 (a) | 1,500,000 | 1,482,329 |
3.35%, 03/15/23 (a) | 500,000 | 493,186 |
3.90%, 02/15/24 (a) | 400,000 | 401,014 |
3.95%, 02/15/27 (a) | 350,000 | 347,049 |
6.65%, 10/15/34 | 250,000 | 303,168 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
6.13%, 10/15/39 | 250,000 | 286,288 |
5.10%, 02/15/45 (a) | 500,000 | 516,625 |
4.25%, 02/15/48 (a) | 1,000,000 | 934,225 |
EOG Resources, Inc. | ||
4.15%, 01/15/26 (a) | 250,000 | 256,098 |
EQT Corp. | ||
3.00%, 10/01/22 (a) | 1,000,000 | 964,200 |
Exxon Mobil Corp. | ||
2.22%, 03/01/21 (a) | 1,000,000 | 981,972 |
2.71%, 03/06/25 (a) | 750,000 | 720,982 |
3.57%, 03/06/45 (a) | 500,000 | 464,649 |
Halliburton Co. | ||
3.80%, 11/15/25 (a) | 500,000 | 497,215 |
4.85%, 11/15/35 (a) | 250,000 | 259,263 |
5.00%, 11/15/45 (a) | 500,000 | 534,735 |
Helmerich & Payne International Drilling Co. | ||
4.65%, 03/15/25 (a) | 2,000,000 | 2,067,891 |
Hess Corp. | ||
7.30%, 08/15/31 | 347,000 | 404,159 |
7.13%, 03/15/33 | 600,000 | 695,606 |
5.60%, 02/15/41 | 500,000 | 503,960 |
5.80%, 04/01/47 (a) | 250,000 | 259,245 |
Husky Energy, Inc. | ||
7.25%, 12/15/19 | 200,000 | 211,129 |
3.95%, 04/15/22 (a) | 500,000 | 504,146 |
6.80%, 09/15/37 | 500,000 | 614,588 |
Kerr-McGee Corp. | ||
6.95%, 07/01/24 | 250,000 | 284,012 |
Kinder Morgan Energy Partners LP | ||
6.85%, 02/15/20 (d) | 800,000 | 842,699 |
3.45%, 02/15/23 (a) | 1,500,000 | 1,449,025 |
4.30%, 05/01/24 (a) | 300,000 | 300,054 |
5.80%, 03/15/35 | 100,000 | 102,459 |
5.00%, 08/15/42 (a) | 1,100,000 | 1,024,590 |
4.70%, 11/01/42 (a) | 300,000 | 266,370 |
5.40%, 09/01/44 (a) | 400,000 | 388,337 |
Kinder Morgan, Inc. | ||
4.30%, 06/01/25 (a) | 750,000 | 749,250 |
4.30%, 03/01/28 (a) | 1,000,000 | 973,387 |
7.80%, 08/01/31 | 500,000 | 606,130 |
5.55%, 06/01/45 (a) | 1,200,000 | 1,212,145 |
Magellan Midstream Partners LP | ||
5.15%, 10/15/43 (a) | 750,000 | 786,808 |
Marathon Oil Corp. | ||
2.80%, 11/01/22 (a) | 550,000 | 527,890 |
6.60%, 10/01/37 | 1,000,000 | 1,187,360 |
Marathon Petroleum Corp. | ||
5.13%, 03/01/21 (d) | 250,000 | 260,254 |
3.63%, 09/15/24 (a) | 500,000 | 488,990 |
6.50%, 03/01/41 (a) | 500,000 | 584,113 |
4.75%, 09/15/44 (a) | 250,000 | 238,724 |
MPLX LP | ||
4.00%, 02/15/25 (a) | 250,000 | 244,774 |
4.70%, 04/15/48 (a) | 2,000,000 | 1,861,575 |
Nexen Energy ULC | ||
5.88%, 03/10/35 | 600,000 | 696,770 |
Noble Energy, Inc. | ||
3.85%, 01/15/28 (a) | 1,000,000 | 957,517 |
6.00%, 03/01/41 (a) | 250,000 | 275,840 |
5.25%, 11/15/43 (a) | 400,000 | 408,378 |
Occidental Petroleum Corp. | ||
3.40%, 04/15/26 (a) | 1,000,000 | 978,231 |
4.40%, 04/15/46 (a) | 1,500,000 | 1,517,348 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
ONEOK, Inc. | ||
5.20%, 07/15/48 (a) | 1,000,000 | 1,013,241 |
Petro-Canada | ||
5.95%, 05/15/35 | 500,000 | 579,352 |
6.80%, 05/15/38 | 750,000 | 958,755 |
Phillips 66 | ||
3.90%, 03/15/28 (a) | 500,000 | 488,965 |
4.88%, 11/15/44 (a) | 1,000,000 | 1,036,828 |
Phillips 66 Partners LP | ||
3.61%, 02/15/25 (a) | 500,000 | 477,475 |
Pioneer Natural Resources Co. | ||
7.50%, 01/15/20 | 250,000 | 265,958 |
Plains All American Pipeline LP | ||
5.75%, 01/15/20 | 100,000 | 103,259 |
5.00%, 02/01/21 (a) | 1,000,000 | 1,027,761 |
3.65%, 06/01/22 (a) | 200,000 | 196,225 |
3.85%, 10/15/23 (a) | 150,000 | 146,366 |
4.65%, 10/15/25 (a) | 500,000 | 499,027 |
4.50%, 12/15/26 (a) | 1,000,000 | 980,571 |
6.65%, 01/15/37 | 100,000 | 107,702 |
Sabine Pass Liquefaction LLC | ||
5.63%, 04/15/23 (a) | 1,000,000 | 1,062,034 |
5.75%, 05/15/24 (a) | 2,175,000 | 2,322,761 |
5.63%, 03/01/25 (a) | 1,000,000 | 1,065,099 |
Schlumberger Investment S.A. | ||
3.65%, 12/01/23 (a) | 1,000,000 | 1,009,044 |
Shell International Finance BV | ||
4.30%, 09/22/19 | 2,100,000 | 2,139,383 |
4.38%, 03/25/20 | 500,000 | 513,132 |
1.88%, 05/10/21 | 1,000,000 | 969,880 |
3.40%, 08/12/23 | 750,000 | 751,290 |
3.25%, 05/11/25 | 1,500,000 | 1,471,069 |
2.88%, 05/10/26 | 500,000 | 475,634 |
4.13%, 05/11/35 | 500,000 | 508,100 |
6.38%, 12/15/38 | 1,500,000 | 1,944,396 |
4.55%, 08/12/43 | 750,000 | 787,147 |
Spectra Energy Partners LP | ||
4.75%, 03/15/24 (a) | 100,000 | 102,178 |
5.95%, 09/25/43 (a) | 600,000 | 661,528 |
Suncor Energy, Inc. | ||
3.60%, 12/01/24 (a) | 750,000 | 741,867 |
5.95%, 12/01/34 | 250,000 | 291,489 |
6.50%, 06/15/38 | 400,000 | 497,246 |
4.00%, 11/15/47 (a) | 750,000 | 703,396 |
Total Capital International S.A. | ||
2.88%, 02/17/22 | 500,000 | 495,541 |
3.70%, 01/15/24 | 1,000,000 | 1,009,045 |
3.75%, 04/10/24 | 500,000 | 504,436 |
TransCanada PipeLines Ltd. | ||
2.50%, 08/01/22 | 395,000 | 379,852 |
4.25%, 05/15/28 (a) | 500,000 | 502,555 |
4.63%, 03/01/34 (a) | 600,000 | 601,143 |
7.63%, 01/15/39 | 500,000 | 655,101 |
Valero Energy Corp. | ||
6.63%, 06/15/37 | 700,000 | 839,425 |
4.90%, 03/15/45 | 500,000 | 507,783 |
Western Gas Partners LP | ||
3.95%, 06/01/25 (a) | 500,000 | 472,237 |
Williams Partners LP | ||
5.25%, 03/15/20 | 250,000 | 257,826 |
3.60%, 03/15/22 (a) | 1,850,000 | 1,842,539 |
3.90%, 01/15/25 (a) | 350,000 | 341,920 |
6.30%, 04/15/40 | 500,000 | 560,324 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
5.10%, 09/15/45 (a) | 250,000 | 247,838 |
4.85%, 03/01/48 (a) | 500,000 | 478,185 |
118,634,969 | ||
Industrial Other 0.1% | ||
Cintas Corp. No 2 | ||
3.70%, 04/01/27 (a) | 1,000,000 | 982,712 |
Fluor Corp. | ||
3.50%, 12/15/24 (a) | 300,000 | 294,034 |
Massachusetts Institute of Technology | ||
5.60%, 07/01/11 | 115,000 | 149,293 |
President & Fellows of Harvard College | ||
3.30%, 07/15/56 (a) | 1,500,000 | 1,370,112 |
Princeton University | ||
5.70%, 03/01/39 | 1,000,000 | 1,287,369 |
William Marsh Rice University | ||
3.57%, 05/15/45 | 300,000 | 294,277 |
4,377,797 | ||
Technology 2.1% | ||
Adobe Systems, Inc. | ||
3.25%, 02/01/25 (a) | 500,000 | 492,332 |
Alphabet, Inc. | ||
3.38%, 02/25/24 | 600,000 | 604,805 |
Analog Devices, Inc. | ||
2.50%, 12/05/21 (a) | 150,000 | 145,454 |
3.13%, 12/05/23 (a) | 750,000 | 729,099 |
3.90%, 12/15/25 (a) | 300,000 | 297,678 |
Apple, Inc. | ||
1.80%, 05/11/20 | 1,000,000 | 983,323 |
2.25%, 02/23/21 (a) | 2,250,000 | 2,211,702 |
2.85%, 05/06/21 | 1,750,000 | 1,746,514 |
2.15%, 02/09/22 | 250,000 | 242,364 |
2.50%, 02/09/22 (a) | 1,250,000 | 1,226,550 |
2.40%, 01/13/23 (a) | 1,000,000 | 965,439 |
2.40%, 05/03/23 | 1,750,000 | 1,687,137 |
3.45%, 05/06/24 | 1,000,000 | 1,000,688 |
3.25%, 02/23/26 (a) | 500,000 | 488,538 |
3.35%, 02/09/27 (a) | 1,500,000 | 1,466,371 |
3.85%, 05/04/43 | 1,000,000 | 957,062 |
4.45%, 05/06/44 | 500,000 | 523,860 |
3.45%, 02/09/45 | 500,000 | 447,983 |
4.38%, 05/13/45 | 1,100,000 | 1,135,083 |
4.25%, 02/09/47 (a) | 3,100,000 | 3,151,913 |
Applied Materials, Inc. | ||
2.63%, 10/01/20 (a) | 250,000 | 248,096 |
4.30%, 06/15/21 | 250,000 | 258,340 |
3.90%, 10/01/25 (a) | 1,000,000 | 1,021,224 |
Baidu, Inc. | ||
3.00%, 06/30/20 | 250,000 | 247,976 |
3.88%, 09/29/23 (a) | 750,000 | 745,843 |
4.38%, 03/29/28 (a) | 250,000 | 247,153 |
Broadcom Corp./Broadcom Cayman Finance Ltd. | ||
3.00%, 01/15/22 (a) | 1,500,000 | 1,460,200 |
3.63%, 01/15/24 (a) | 2,500,000 | 2,423,016 |
3.13%, 01/15/25 (a) | 500,000 | 464,505 |
Cisco Systems, Inc. | ||
4.45%, 01/15/20 | 1,000,000 | 1,025,563 |
2.20%, 02/28/21 | 1,500,000 | 1,472,214 |
2.20%, 09/20/23 (a) | 750,000 | 708,224 |
3.63%, 03/04/24 | 250,000 | 253,004 |
3.50%, 06/15/25 | 250,000 | 252,569 |
5.90%, 02/15/39 | 500,000 | 619,798 |
5.50%, 01/15/40 | 1,500,000 | 1,787,318 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Corning, Inc. | ||
2.90%, 05/15/22 (a) | 250,000 | 246,378 |
Dell International LLC/EMC Corp. | ||
4.42%, 06/15/21 (a)(e) | 2,000,000 | 2,030,602 |
5.45%, 06/15/23 (a)(e) | 500,000 | 523,868 |
6.02%, 06/15/26 (a)(e) | 2,000,000 | 2,104,018 |
8.35%, 07/15/46 (a)(e) | 450,000 | 543,575 |
Fidelity National Information Services, Inc. | ||
2.25%, 08/15/21 (a) | 250,000 | 240,894 |
3.50%, 04/15/23 (a) | 909,000 | 899,396 |
5.00%, 10/15/25 (a) | 139,000 | 146,363 |
3.00%, 08/15/26 (a) | 450,000 | 412,967 |
4.25%, 05/15/28 (a) | 1,250,000 | 1,247,359 |
Fiserv, Inc. | ||
4.63%, 10/01/20 | 750,000 | 771,782 |
3.85%, 06/01/25 (a) | 250,000 | 249,364 |
Flex Ltd. | ||
4.75%, 06/15/25 (a) | 500,000 | 505,522 |
Harris Corp. | ||
6.15%, 12/15/40 | 150,000 | 180,487 |
Hewlett Packard Enterprise Co. | ||
3.60%, 10/15/20 (a) | 1,000,000 | 1,005,279 |
4.40%, 10/15/22 (a) | 1,000,000 | 1,026,019 |
6.35%, 10/15/45 (a) | 1,000,000 | 991,046 |
HP, Inc. | ||
6.00%, 09/15/41 | 500,000 | 509,467 |
Intel Corp. | ||
2.45%, 07/29/20 | 750,000 | 745,417 |
1.70%, 05/19/21 (a) | 750,000 | 724,506 |
2.35%, 05/11/22 (a) | 2,000,000 | 1,945,527 |
3.15%, 05/11/27 (a) | 1,000,000 | 969,728 |
4.80%, 10/01/41 | 750,000 | 817,761 |
4.25%, 12/15/42 (d) | 250,000 | 259,875 |
4.10%, 05/19/46 (a) | 650,000 | 654,794 |
4.10%, 05/11/47 (a) | 1,000,000 | 999,657 |
International Business Machines Corp. | ||
2.25%, 02/19/21 | 1,500,000 | 1,468,239 |
2.88%, 11/09/22 | 250,000 | 245,647 |
3.38%, 08/01/23 | 150,000 | 149,930 |
3.63%, 02/12/24 | 1,000,000 | 1,010,272 |
3.45%, 02/19/26 | 250,000 | 246,741 |
3.30%, 01/27/27 | 1,000,000 | 971,813 |
4.00%, 06/20/42 | 500,000 | 488,727 |
Jabil, Inc. | ||
3.95%, 01/12/28 (a) | 250,000 | 236,467 |
Keysight Technologies, Inc. | ||
4.60%, 04/06/27 (a) | 1,000,000 | 1,006,178 |
KLA-Tencor Corp. | ||
4.65%, 11/01/24 (a) | 500,000 | 517,428 |
Lam Research Corp. | ||
2.80%, 06/15/21 (a) | 1,000,000 | 983,631 |
3.80%, 03/15/25 (a) | 500,000 | 499,046 |
Microsoft Corp. | ||
1.10%, 08/08/19 | 1,000,000 | 984,471 |
2.00%, 11/03/20 (a) | 1,000,000 | 984,567 |
1.55%, 08/08/21 (a) | 1,750,000 | 1,678,841 |
2.38%, 02/12/22 (a) | 1,000,000 | 978,273 |
2.00%, 08/08/23 (a) | 500,000 | 472,313 |
3.13%, 11/03/25 (a) | 1,000,000 | 983,362 |
2.40%, 08/08/26 (a) | 2,000,000 | 1,852,104 |
4.20%, 11/03/35 (a) | 350,000 | 368,702 |
4.50%, 10/01/40 (d) | 100,000 | 107,966 |
5.30%, 02/08/41 | 500,000 | 597,101 |
4.45%, 11/03/45 (a) | 2,600,000 | 2,805,931 |
3.70%, 08/08/46 (a) | 500,000 | 487,501 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.25%, 02/06/47 (a) | 3,250,000 | 3,456,111 |
4.50%, 02/06/57 (a) | 750,000 | 816,464 |
NVIDIA Corp. | ||
2.20%, 09/16/21 (a) | 700,000 | 680,300 |
3.20%, 09/16/26 (a) | 500,000 | 482,609 |
Oracle Corp. | ||
2.25%, 10/08/19 | 500,000 | 497,479 |
2.80%, 07/08/21 | 1,000,000 | 993,881 |
1.90%, 09/15/21 (a) | 2,750,000 | 2,620,357 |
2.50%, 05/15/22 (a) | 1,000,000 | 974,251 |
2.50%, 10/15/22 | 1,000,000 | 970,001 |
2.40%, 09/15/23 (a) | 250,000 | 235,997 |
3.40%, 07/08/24 (a) | 650,000 | 644,503 |
2.95%, 05/15/25 (a) | 500,000 | 477,768 |
2.65%, 07/15/26 (a) | 500,000 | 461,609 |
4.30%, 07/08/34 (a) | 400,000 | 408,438 |
3.90%, 05/15/35 (a) | 250,000 | 242,825 |
3.80%, 11/15/37 (a) | 3,000,000 | 2,843,448 |
6.50%, 04/15/38 | 500,000 | 638,798 |
6.13%, 07/08/39 | 750,000 | 921,775 |
4.00%, 07/15/46 (a) | 500,000 | 472,953 |
4.38%, 05/15/55 (a) | 250,000 | 244,884 |
QUALCOMM, Inc. | ||
3.00%, 05/20/22 | 1,000,000 | 985,462 |
3.45%, 05/20/25 (a) | 1,500,000 | 1,444,811 |
3.25%, 05/20/27 (a) | 250,000 | 232,891 |
4.80%, 05/20/45 (a) | 1,500,000 | 1,503,418 |
4.30%, 05/20/47 (a) | 250,000 | 233,139 |
Seagate HDD Cayman | ||
4.25%, 03/01/22 (a) | 100,000 | 98,729 |
4.75%, 06/01/23 | 750,000 | 744,272 |
4.88%, 03/01/24 (a) | 500,000 | 490,878 |
4.75%, 01/01/25 | 250,000 | 240,093 |
4.88%, 06/01/27 (a) | 500,000 | 465,552 |
Texas Instruments, Inc. | ||
1.65%, 08/03/19 | 500,000 | 493,957 |
1.85%, 05/15/22 (a) | 1,500,000 | 1,434,618 |
Total System Services, Inc. | ||
3.75%, 06/01/23 (a) | 500,000 | 496,061 |
4.45%, 06/01/28 (a) | 250,000 | 249,113 |
Verisk Analytics, Inc. | ||
4.00%, 06/15/25 (a) | 500,000 | 492,497 |
VMware, Inc. | ||
2.30%, 08/21/20 | 750,000 | 734,645 |
3.90%, 08/21/27 (a) | 1,250,000 | 1,156,395 |
Xerox Corp. | ||
2.75%, 09/01/20 | 415,000 | 406,634 |
4.07%, 03/17/22 | 192,000 | 188,757 |
3.63%, 03/15/23 (a) | 1,000,000 | 960,516 |
106,752,729 | ||
Transportation 0.6% | ||
American Airlines 2014-1 Class A Pass Through Trust | ||
3.70%, 10/01/26 | 201,001 | 196,730 |
American Airlines 2015-1 Class A Pass Through Trust | ||
3.38%, 11/01/28 | 640,015 | 615,080 |
American Airlines 2016-2 Class AA Pass Through Trust | ||
3.20%, 12/15/29 | 1,383,000 | 1,311,513 |
Burlington Northern Santa Fe LLC | ||
4.70%, 10/01/19 | 140,000 | 143,193 |
3.85%, 09/01/23 (a) | 400,000 | 408,169 |
3.40%, 09/01/24 (a) | 2,000,000 | 1,983,162 |
5.05%, 03/01/41 (a) | 500,000 | 555,110 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.55%, 09/01/44 (a) | 1,000,000 | 1,041,824 |
4.05%, 06/15/48 (a) | 1,500,000 | 1,454,100 |
Canadian National Railway Co. | ||
2.95%, 11/21/24 (a) | 150,000 | 146,064 |
3.20%, 08/02/46 (a) | 250,000 | 215,385 |
Canadian Pacific Railway Co. | ||
2.90%, 02/01/25 (a) | 350,000 | 333,705 |
7.13%, 10/15/31 | 500,000 | 635,316 |
Continental Airlines 2007-1 Class A Pass Through Trust | ||
5.98%, 04/19/22 | 350,677 | 371,758 |
Continental Airlines 2010-1 Class A Pass Through Trust | ||
4.75%, 07/12/22 | 288,475 | 294,389 |
Continental Airlines 2012-1 Class A Pass Through Trust | ||
4.15%, 10/11/25 | 75,391 | 75,795 |
CSX Corp. | ||
4.25%, 06/01/21 (a) | 150,000 | 154,006 |
2.60%, 11/01/26 (a) | 250,000 | 226,062 |
3.25%, 06/01/27 (a) | 1,000,000 | 941,499 |
6.15%, 05/01/37 | 500,000 | 601,984 |
5.50%, 04/15/41 (a) | 1,000,000 | 1,115,215 |
4.10%, 03/15/44 (a) | 850,000 | 797,496 |
3.80%, 11/01/46 (a) | 500,000 | 444,869 |
Delta Air Lines 2007-1 Class A Pass Through Trust | ||
6.82%, 08/10/22 | 349,723 | 381,687 |
Delta Air Lines, Inc. | ||
2.60%, 12/04/20 | 500,000 | 489,438 |
FedEx Corp. | ||
2.30%, 02/01/20 | 500,000 | 495,036 |
3.25%, 04/01/26 (a) | 750,000 | 719,356 |
3.30%, 03/15/27 (a) | 400,000 | 380,031 |
3.40%, 02/15/28 (a) | 750,000 | 715,185 |
3.90%, 02/01/35 | 300,000 | 281,387 |
3.88%, 08/01/42 | 200,000 | 179,675 |
4.55%, 04/01/46 (a) | 250,000 | 243,530 |
4.40%, 01/15/47 (a) | 1,000,000 | 950,585 |
Kansas City Southern | ||
4.70%, 05/01/48 (a) | 200,000 | 194,525 |
Norfolk Southern Corp. | ||
3.00%, 04/01/22 (a) | 750,000 | 742,242 |
2.90%, 06/15/26 (a) | 500,000 | 467,336 |
4.84%, 10/01/41 | 100,000 | 104,836 |
4.65%, 01/15/46 (a) | 500,000 | 513,281 |
Ryder System, Inc. | ||
3.40%, 03/01/23 (a) | 500,000 | 494,302 |
Southwest Airlines Co. | ||
3.45%, 11/16/27 (a) | 1,000,000 | 949,334 |
Union Pacific Corp. | ||
4.16%, 07/15/22 (a) | 250,000 | 258,185 |
3.65%, 02/15/24 (a) | 500,000 | 501,439 |
3.25%, 08/15/25 (a) | 500,000 | 486,716 |
2.75%, 03/01/26 (a) | 1,000,000 | 931,763 |
3.38%, 02/01/35 (a) | 750,000 | 672,720 |
4.15%, 01/15/45 (a) | 1,000,000 | 965,700 |
4.50%, 09/10/48 (a) | 200,000 | 204,145 |
United Airlines 2016-1 Class AA Pass Through Trust | ||
3.10%, 07/07/28 | 486,808 | 462,489 |
United Parcel Service, Inc. | ||
2.35%, 05/16/22 (a) | 250,000 | 242,688 |
2.45%, 10/01/22 | 500,000 | 484,777 |
3.05%, 11/15/27 (a) | 500,000 | 476,477 |
6.20%, 01/15/38 | 400,000 | 502,250 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.88%, 11/15/40 (a) | 650,000 | 718,439 |
3.75%, 11/15/47 (a) | 250,000 | 230,788 |
29,502,766 | ||
780,072,936 | ||
Utility 1.8% | ||
Electric 1.6% | ||
AEP Transmission Co. LLC | ||
3.75%, 12/01/47 (a) | 500,000 | 465,740 |
Alabama Power Co. | ||
3.55%, 12/01/23 | 350,000 | 352,160 |
4.30%, 01/02/46 (a) | 500,000 | 512,894 |
3.70%, 12/01/47 (a) | 1,000,000 | 929,267 |
Ameren Corp. | ||
3.65%, 02/15/26 (a) | 1,000,000 | 970,377 |
Appalachian Power Co. | ||
3.40%, 06/01/25 (a) | 500,000 | 492,994 |
3.30%, 06/01/27 (a) | 750,000 | 721,897 |
7.00%, 04/01/38 | 750,000 | 993,489 |
4.45%, 06/01/45 (a) | 500,000 | 516,124 |
Arizona Public Service Co. | ||
4.35%, 11/15/45 (a) | 1,000,000 | 1,029,250 |
Berkshire Hathaway Energy Co. | ||
2.40%, 02/01/20 (a) | 300,000 | 297,671 |
3.25%, 04/15/28 (a) | 1,500,000 | 1,428,341 |
6.13%, 04/01/36 | 487,000 | 602,350 |
5.95%, 05/15/37 | 250,000 | 307,056 |
6.50%, 09/15/37 | 500,000 | 659,259 |
5.15%, 11/15/43 (a) | 800,000 | 900,851 |
4.50%, 02/01/45 (a) | 850,000 | 872,966 |
CMS Energy Corp. | ||
6.25%, 02/01/20 | 1,000,000 | 1,045,782 |
3.00%, 05/15/26 (a) | 1,500,000 | 1,404,214 |
4.88%, 03/01/44 (a) | 500,000 | 529,527 |
Consolidated Edison Co. of New York, Inc. | ||
6.75%, 04/01/38 | 500,000 | 662,258 |
3.95%, 03/01/43 (a) | 1,000,000 | 974,128 |
4.45%, 03/15/44 (a) | 1,150,000 | 1,179,387 |
Consumers Energy Co. | ||
6.70%, 09/15/19 | 300,000 | 313,226 |
3.38%, 08/15/23 (a) | 500,000 | 499,471 |
3.95%, 05/15/43 (a) | 250,000 | 247,352 |
Delmarva Power & Light Co. | ||
3.50%, 11/15/23 (a) | 500,000 | 500,092 |
Dominion Energy, Inc. | ||
2.96%, 07/01/19 | 500,000 | 499,008 |
1.60%, 08/15/19 | 1,100,000 | 1,083,325 |
2.50%, 12/01/19 (a) | 1,000,000 | 991,650 |
2.85%, 08/15/26 (a) | 1,000,000 | 907,136 |
5.25%, 08/01/33 | 500,000 | 534,986 |
DTE Electric Co. | ||
3.70%, 06/01/46 (a) | 500,000 | 477,517 |
DTE Energy Co. | ||
1.50%, 10/01/19 | 750,000 | 735,633 |
3.30%, 06/15/22 (a) | 500,000 | 494,558 |
Duke Energy Carolinas LLC | ||
6.10%, 06/01/37 | 250,000 | 314,659 |
6.05%, 04/15/38 | 1,255,000 | 1,561,349 |
5.30%, 02/15/40 | 600,000 | 693,445 |
3.75%, 06/01/45 (a) | 750,000 | 705,729 |
3.88%, 03/15/46 (a) | 250,000 | 239,663 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Duke Energy Corp. | ||
3.05%, 08/15/22 (a) | 950,000 | 935,630 |
3.75%, 04/15/24 (a) | 1,000,000 | 999,153 |
2.65%, 09/01/26 (a) | 1,250,000 | 1,127,867 |
3.75%, 09/01/46 (a) | 200,000 | 176,891 |
3.95%, 08/15/47 (a) | 250,000 | 229,137 |
Duke Energy Florida LLC | ||
3.20%, 01/15/27 (a) | 1,750,000 | 1,685,473 |
Duke Energy Progress LLC | ||
4.15%, 12/01/44 (a) | 1,500,000 | 1,483,862 |
3.70%, 10/15/46 (a) | 500,000 | 461,337 |
Edison International | ||
2.95%, 03/15/23 (a) | 500,000 | 480,859 |
Entergy Corp. | ||
4.00%, 07/15/22 (a) | 500,000 | 507,415 |
Entergy Louisiana LLC | ||
2.40%, 10/01/26 (a) | 500,000 | 454,017 |
4.95%, 01/15/45 (a) | 500,000 | 505,883 |
Eversource Energy | ||
3.30%, 01/15/28 (a) | 250,000 | 238,128 |
Exelon Corp. | ||
3.95%, 06/15/25 (a) | 1,000,000 | 995,472 |
3.40%, 04/15/26 (a) | 750,000 | 713,529 |
4.95%, 06/15/35 (a)(e) | 250,000 | 263,922 |
4.45%, 04/15/46 (a) | 500,000 | 487,680 |
Exelon Generation Co. LLC | ||
5.20%, 10/01/19 | 300,000 | 307,141 |
2.95%, 01/15/20 (a) | 1,000,000 | 996,267 |
6.25%, 10/01/39 | 1,000,000 | 1,061,788 |
5.60%, 06/15/42 (a) | 750,000 | 759,956 |
FirstEnergy Corp. | ||
3.90%, 07/15/27 (a) | 1,500,000 | 1,457,901 |
Florida Power & Light Co. | ||
3.13%, 12/01/25 (a) | 1,750,000 | 1,709,166 |
5.95%, 02/01/38 | 150,000 | 187,823 |
5.96%, 04/01/39 | 500,000 | 628,293 |
4.05%, 06/01/42 (a) | 350,000 | 354,625 |
3.80%, 12/15/42 (a) | 275,000 | 269,932 |
3.70%, 12/01/47 (a) | 500,000 | 471,558 |
Georgia Power Co. | ||
2.85%, 05/15/22 | 1,000,000 | 980,602 |
Indiana Michigan Power Co. | ||
3.75%, 07/01/47 (a) | 1,000,000 | 939,364 |
LG&E & KU Energy LLC | ||
3.75%, 11/15/20 (a) | 1,000,000 | 1,009,388 |
N.V. Energy, Inc. | ||
6.25%, 11/15/20 | 350,000 | 373,801 |
National Rural Utilities Cooperative Finance Corp. | ||
1.50%, 11/01/19 | 800,000 | 786,122 |
5.25%, 04/20/46 (a)(b) | 800,000 | 823,224 |
Nevada Power Co. | ||
6.65%, 04/01/36 | 500,000 | 653,033 |
NextEra Energy Capital Holdings, Inc. | ||
4.80%, 12/01/77 (a)(b) | 1,000,000 | 934,339 |
Northern States Power Co. | ||
6.25%, 06/01/36 | 750,000 | 934,331 |
3.60%, 05/15/46 (a) | 500,000 | 458,723 |
NSTAR Electric Co. | ||
4.40%, 03/01/44 (a) | 250,000 | 258,985 |
Oncor Electric Delivery Co. LLC | ||
4.55%, 12/01/41 (a) | 1,200,000 | 1,278,109 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Pacific Gas & Electric Co. | ||
3.50%, 10/01/20 (a) | 250,000 | 248,107 |
3.25%, 06/15/23 (a) | 500,000 | 477,952 |
3.30%, 03/15/27 (a) | 500,000 | 452,586 |
6.05%, 03/01/34 | 1,000,000 | 1,082,651 |
5.40%, 01/15/40 | 500,000 | 510,121 |
4.30%, 03/15/45 (a) | 1,250,000 | 1,128,266 |
PPL Capital Funding, Inc. | ||
4.20%, 06/15/22 (a) | 1,100,000 | 1,117,842 |
3.40%, 06/01/23 (a) | 1,000,000 | 984,644 |
PPL Electric Utilities Corp. | ||
6.25%, 05/15/39 | 500,000 | 635,990 |
PSEG Power LLC | ||
5.13%, 04/15/20 | 400,000 | 412,735 |
3.00%, 06/15/21 (a) | 1,500,000 | 1,484,289 |
Public Service Co. of Colorado | ||
2.25%, 09/15/22 (a) | 1,000,000 | 958,945 |
Public Service Electric & Gas Co. | ||
3.95%, 05/01/42 (a) | 100,000 | 98,249 |
3.60%, 12/01/47 (a) | 500,000 | 461,500 |
Puget Energy, Inc. | ||
6.50%, 12/15/20 | 500,000 | 535,755 |
6.00%, 09/01/21 | 250,000 | 267,564 |
Puget Sound Energy, Inc. | ||
5.64%, 04/15/41 (a) | 250,000 | 300,724 |
San Diego Gas & Electric Co. | ||
3.75%, 06/01/47 (a) | 250,000 | 241,097 |
Sempra Energy | ||
3.55%, 06/15/24 (a) | 400,000 | 392,262 |
South Carolina Electric & Gas Co. | ||
4.35%, 02/01/42 (a) | 1,000,000 | 951,949 |
Southern California Edison Co. | ||
2.40%, 02/01/22 (a) | 500,000 | 483,461 |
3.50%, 10/01/23 (a) | 250,000 | 249,695 |
6.65%, 04/01/29 | 500,000 | 603,436 |
5.55%, 01/15/37 | 500,000 | 572,941 |
5.95%, 02/01/38 | 500,000 | 606,349 |
4.13%, 03/01/48 (a) | 250,000 | 237,124 |
Southern Co. | ||
2.35%, 07/01/21 (a) | 350,000 | 339,275 |
4.25%, 07/01/36 (a) | 250,000 | 246,357 |
4.40%, 07/01/46 (a) | 500,000 | 490,074 |
Southern Power Co. | ||
2.38%, 06/01/20 (a) | 1,500,000 | 1,477,761 |
5.15%, 09/15/41 | 1,000,000 | 1,019,850 |
Southwestern Electric Power Co. | ||
2.75%, 10/01/26 (a) | 500,000 | 459,758 |
Tampa Electric Co. | ||
4.30%, 06/15/48 (a) | 1,000,000 | 994,004 |
TransAlta Corp. | ||
6.50%, 03/15/40 | 500,000 | 494,225 |
Union Electric Co. | ||
3.90%, 09/15/42 (a) | 100,000 | 97,550 |
Virginia Electric & Power Co. | ||
3.50%, 03/15/27 (a) | 1,200,000 | 1,180,397 |
6.00%, 05/15/37 | 800,000 | 978,843 |
3.80%, 09/15/47 (a) | 500,000 | 458,019 |
Westar Energy, Inc. | ||
4.13%, 03/01/42 (a) | 100,000 | 99,954 |
4.10%, 04/01/43 (a) | 750,000 | 749,671 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Xcel Energy, Inc. | ||
4.70%, 05/15/20 (a) | 500,000 | 510,920 |
2.40%, 03/15/21 (a) | 250,000 | 244,437 |
83,364,836 | ||
Natural Gas 0.1% | ||
Atmos Energy Corp. | ||
3.00%, 06/15/27 (a) | 1,250,000 | 1,185,244 |
CenterPoint Energy Resources Corp. | ||
5.85%, 01/15/41 (a) | 250,000 | 299,307 |
4.10%, 09/01/47 (a) | 200,000 | 191,256 |
NiSource, Inc. | ||
3.49%, 05/15/27 (a) | 250,000 | 239,502 |
4.80%, 02/15/44 (a) | 875,000 | 911,826 |
ONE Gas, Inc. | ||
3.61%, 02/01/24 (a) | 100,000 | 99,468 |
4.66%, 02/01/44 (a) | 300,000 | 323,265 |
Sempra Energy | ||
2.40%, 02/01/20 | 250,000 | 247,073 |
3.75%, 11/15/25 (a) | 885,000 | 874,504 |
6.00%, 10/15/39 | 350,000 | 416,190 |
Southern California Gas Co. | ||
2.60%, 06/15/26 (a) | 1,000,000 | 926,948 |
Southern Co. Gas Capital Corp. | ||
3.95%, 10/01/46 (a) | 750,000 | 692,526 |
4.40%, 05/30/47 (a) | 250,000 | 248,330 |
6,655,439 | ||
Utility Other 0.1% | ||
American Water Capital Corp. | ||
3.40%, 03/01/25 (a) | 750,000 | 740,448 |
2.95%, 09/01/27 (a) | 350,000 | 330,102 |
6.59%, 10/15/37 | 450,000 | 591,684 |
1,662,234 | ||
91,682,509 | ||
Total Corporates | ||
(Cost $1,319,912,685) | 1,283,015,526 | |
Treasuries 37.6% of net assets | ||
Bonds | ||
8.13%, 08/15/19 | 1,500,000 | 1,593,926 |
8.50%, 02/15/20 | 3,000,000 | 3,286,465 |
8.75%, 05/15/20 | 2,750,000 | 3,065,283 |
8.75%, 08/15/20 | 1,750,000 | 1,972,612 |
7.88%, 02/15/21 | 750,000 | 849,990 |
8.13%, 05/15/21 | 750,000 | 863,613 |
8.13%, 08/15/21 | 1,000,000 | 1,163,984 |
8.00%, 11/15/21 (d) | 2,149,000 | 2,518,024 |
7.25%, 08/15/22 | 1,500,000 | 1,766,250 |
7.63%, 11/15/22 | 2,200,000 | 2,644,254 |
7.13%, 02/15/23 | 1,500,000 | 1,785,352 |
6.25%, 08/15/23 | 1,250,000 | 1,459,155 |
7.50%, 11/15/24 | 750,000 | 955,928 |
7.63%, 02/15/25 | 500,000 | 645,176 |
6.88%, 08/15/25 | 500,000 | 631,182 |
6.00%, 02/15/26 (d) | 1,891,000 | 2,303,401 |
6.75%, 08/15/26 | 1,209,000 | 1,554,226 |
6.50%, 11/15/26 | 1,250,000 | 1,592,041 |
6.63%, 02/15/27 | 1,000,000 | 1,290,273 |
6.38%, 08/15/27 | 500,000 | 641,953 |
6.13%, 11/15/27 | 2,438,000 | 3,092,641 |
5.50%, 08/15/28 | 750,000 | 923,423 |
5.25%, 11/15/28 | 750,000 | 910,181 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
5.25%, 02/15/29 | 2,778,000 | 3,383,354 |
6.13%, 08/15/29 | 4,250,000 | 5,564,512 |
6.25%, 05/15/30 (d) | 3,135,000 | 4,196,553 |
5.38%, 02/15/31 | 7,200,000 | 9,099,844 |
4.50%, 02/15/36 | 7,850,000 | 9,601,225 |
4.75%, 02/15/37 | 4,386,000 | 5,560,283 |
5.00%, 05/15/37 | 4,250,000 | 5,550,566 |
4.38%, 02/15/38 (d) | 2,300,000 | 2,804,023 |
4.50%, 05/15/38 | 1,000,000 | 1,239,902 |
3.50%, 02/15/39 (d) | 1,072,000 | 1,168,271 |
4.25%, 05/15/39 | 2,850,000 | 3,438,981 |
4.50%, 08/15/39 | 3,450,000 | 4,303,134 |
4.38%, 11/15/39 (d) | 3,031,000 | 3,723,749 |
4.63%, 02/15/40 | 4,915,000 | 6,240,034 |
4.38%, 05/15/40 | 5,000,000 | 6,154,102 |
3.88%, 08/15/40 | 3,500,000 | 4,028,965 |
4.25%, 11/15/40 (d) | 4,159,000 | 5,044,493 |
4.75%, 02/15/41 | 5,500,000 | 7,130,664 |
4.38%, 05/15/41 | 3,400,000 | 4,201,391 |
3.75%, 08/15/41 | 5,623,000 | 6,368,377 |
3.13%, 11/15/41 | 3,100,000 | 3,186,582 |
3.13%, 02/15/42 (d) | 4,790,000 | 4,923,315 |
3.00%, 05/15/42 | 4,000,000 | 4,025,547 |
2.75%, 08/15/42 | 5,399,000 | 5,197,170 |
2.75%, 11/15/42 | 6,270,000 | 6,033,405 |
3.13%, 02/15/43 | 7,500,000 | 7,701,709 |
2.88%, 05/15/43 | 9,999,000 | 9,827,533 |
3.63%, 08/15/43 | 7,983,000 | 8,900,421 |
3.75%, 11/15/43 | 10,768,000 | 12,244,183 |
3.63%, 02/15/44 | 11,295,000 | 12,603,411 |
3.38%, 05/15/44 | 13,112,000 | 14,055,193 |
3.13%, 08/15/44 (d) | 9,900,000 | 10,167,996 |
3.00%, 11/15/44 (d) | 9,500,000 | 9,541,006 |
2.50%, 02/15/45 (d) | 10,300,000 | 9,393,721 |
3.00%, 05/15/45 (d) | 9,250,000 | 9,288,120 |
2.88%, 08/15/45 | 9,350,000 | 9,165,557 |
3.00%, 11/15/45 | 9,650,000 | 9,686,376 |
2.50%, 02/15/46 (d) | 11,600,000 | 10,549,430 |
2.50%, 05/15/46 | 9,700,000 | 8,814,500 |
2.25%, 08/15/46 (d) | 17,300,000 | 14,900,308 |
2.88%, 11/15/46 | 8,785,000 | 8,603,638 |
3.00%, 02/15/47 | 8,650,000 | 8,683,113 |
3.00%, 05/15/47 | 9,200,000 | 9,229,109 |
2.75%, 08/15/47 | 13,850,000 | 13,219,717 |
2.75%, 11/15/47 (d) | 14,150,000 | 13,505,235 |
3.00%, 02/15/48 | 4,700,000 | 4,716,799 |
3.13%, 05/15/48 | 11,600,000 | 11,924,211 |
Notes | ||
0.75%, 07/15/19 | 5,000,000 | 4,917,676 |
0.88%, 07/31/19 (d) | 4,201,000 | 4,133,800 |
1.38%, 07/31/19 | 10,250,000 | 10,140,093 |
1.63%, 07/31/19 | 9,350,000 | 9,274,214 |
0.75%, 08/15/19 | 6,800,000 | 6,676,484 |
3.63%, 08/15/19 | 6,500,000 | 6,587,090 |
1.00%, 08/31/19 | 16,700,000 | 16,430,908 |
1.25%, 08/31/19 | 5,344,000 | 5,273,234 |
1.63%, 08/31/19 (d) | 7,250,000 | 7,185,147 |
0.88%, 09/15/19 | 5,550,000 | 5,448,325 |
1.00%, 09/30/19 | 4,500,000 | 4,421,689 |
1.38%, 09/30/19 | 10,000,000 | 9,871,094 |
1.75%, 09/30/19 (d) | 7,425,000 | 7,363,222 |
1.00%, 10/15/19 | 5,000,000 | 4,909,375 |
1.25%, 10/31/19 | 3,250,000 | 3,199,536 |
1.50%, 10/31/19 (d) | 18,208,000 | 17,984,312 |
1.00%, 11/15/19 | 6,000,000 | 5,882,930 |
3.38%, 11/15/19 (d) | 9,610,700 | 9,727,643 |
1.00%, 11/30/19 | 8,801,000 | 8,623,777 |
1.50%, 11/30/19 (d) | 8,175,000 | 8,065,947 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
1.75%, 11/30/19 | 7,000,000 | 6,930,410 |
1.38%, 12/15/19 | 7,400,000 | 7,285,098 |
1.13%, 12/31/19 | 5,900,000 | 5,783,729 |
1.63%, 12/31/19 (d) | 11,000,000 | 10,865,078 |
1.88%, 12/31/19 | 5,906,000 | 5,853,976 |
1.38%, 01/15/20 | 7,000,000 | 6,883,105 |
1.25%, 01/31/20 (d) | 8,400,000 | 8,240,367 |
1.38%, 01/31/20 (d) | 5,182,000 | 5,093,643 |
2.00%, 01/31/20 (d) | 8,000,000 | 7,940,781 |
1.38%, 02/15/20 | 7,900,000 | 7,760,053 |
3.63%, 02/15/20 | 12,650,000 | 12,875,081 |
1.25%, 02/29/20 | 4,450,000 | 4,359,349 |
1.38%, 02/29/20 (d) | 7,850,000 | 7,706,186 |
1.63%, 03/15/20 | 5,500,000 | 5,419,111 |
1.13%, 03/31/20 | 3,384,000 | 3,304,159 |
1.38%, 03/31/20 | 6,250,000 | 6,129,272 |
2.25%, 03/31/20 | 3,300,000 | 3,285,434 |
1.50%, 04/15/20 | 18,000,000 | 17,682,188 |
1.13%, 04/30/20 | 4,750,000 | 4,632,456 |
1.38%, 04/30/20 (d) | 9,550,000 | 9,356,016 |
1.50%, 05/15/20 (d) | 17,500,000 | 17,175,977 |
3.50%, 05/15/20 | 5,500,000 | 5,597,539 |
1.38%, 05/31/20 | 5,000,000 | 4,892,578 |
1.50%, 05/31/20 (d) | 9,000,000 | 8,827,734 |
2.50%, 05/31/20 | 4,100,000 | 4,098,479 |
1.50%, 06/15/20 | 9,000,000 | 8,824,746 |
1.63%, 06/30/20 (d) | 7,000,000 | 6,876,953 |
1.88%, 06/30/20 (d) | 5,346,000 | 5,278,026 |
2.50%, 06/30/20 | 5,000,000 | 4,997,363 |
1.50%, 07/15/20 | 5,000,000 | 4,897,266 |
1.63%, 07/31/20 (d) | 16,700,000 | 16,388,180 |
2.00%, 07/31/20 | 3,500,000 | 3,461,377 |
1.50%, 08/15/20 | 7,000,000 | 6,849,063 |
2.63%, 08/15/20 (d) | 8,276,000 | 8,287,800 |
1.38%, 08/31/20 | 7,500,000 | 7,314,844 |
2.13%, 08/31/20 | 7,000,000 | 6,937,246 |
1.38%, 09/15/20 | 5,000,000 | 4,874,121 |
1.38%, 09/30/20 (d) | 18,500,000 | 18,021,963 |
2.00%, 09/30/20 | 5,000,000 | 4,938,672 |
1.63%, 10/15/20 | 5,000,000 | 4,895,703 |
1.38%, 10/31/20 | 11,815,000 | 11,495,626 |
1.75%, 10/31/20 | 7,984,000 | 7,836,171 |
1.75%, 11/15/20 (d) | 18,000,000 | 17,658,984 |
2.63%, 11/15/20 (d) | 20,332,000 | 20,354,238 |
1.63%, 11/30/20 (d) | 8,600,000 | 8,408,348 |
2.00%, 11/30/20 | 5,944,000 | 5,863,663 |
1.88%, 12/15/20 | 6,000,000 | 5,899,922 |
1.75%, 12/31/20 (d) | 11,000,000 | 10,778,711 |
2.38%, 12/31/20 | 6,091,000 | 6,060,426 |
2.00%, 01/15/21 (d) | 19,000,000 | 18,724,648 |
1.38%, 01/31/21 | 8,000,000 | 7,757,031 |
2.13%, 01/31/21 | 3,506,000 | 3,464,846 |
2.25%, 02/15/21 | 1,500,000 | 1,486,934 |
3.63%, 02/15/21 (d) | 7,073,000 | 7,255,075 |
1.13%, 02/28/21 | 8,000,000 | 7,698,438 |
2.00%, 02/28/21 | 2,965,000 | 2,919,309 |
2.38%, 03/15/21 | 9,050,000 | 8,996,266 |
1.25%, 03/31/21 (d) | 9,000,000 | 8,678,496 |
2.25%, 03/31/21 | 5,076,000 | 5,028,016 |
2.38%, 04/15/21 | 7,100,000 | 7,055,348 |
1.38%, 04/30/21 (d) | 16,000,000 | 15,463,125 |
2.25%, 04/30/21 | 3,286,000 | 3,253,718 |
2.63%, 05/15/21 | 21,200,000 | 21,203,727 |
3.13%, 05/15/21 | 2,500,000 | 2,535,059 |
1.38%, 05/31/21 | 8,000,000 | 7,721,562 |
2.00%, 05/31/21 | 4,234,000 | 4,161,145 |
2.63%, 06/15/21 | 8,000,000 | 8,001,719 |
1.13%, 06/30/21 | 4,000,000 | 3,827,812 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
2.13%, 06/30/21 | 1,512,000 | 1,490,413 |
1.13%, 07/31/21 | 6,500,000 | 6,212,070 |
2.25%, 07/31/21 | 3,000,000 | 2,966,543 |
2.13%, 08/15/21 | 5,421,900 | 5,338,983 |
1.13%, 08/31/21 | 5,100,000 | 4,866,316 |
2.00%, 08/31/21 | 3,750,000 | 3,677,344 |
1.13%, 09/30/21 | 4,500,000 | 4,287,658 |
2.13%, 09/30/21 | 6,750,000 | 6,641,499 |
1.25%, 10/31/21 | 3,750,000 | 3,583,301 |
2.00%, 10/31/21 | 3,000,000 | 2,937,715 |
2.00%, 11/15/21 (d) | 9,300,000 | 9,106,008 |
1.75%, 11/30/21 | 8,100,000 | 7,862,063 |
1.88%, 11/30/21 (d) | 11,000,000 | 10,721,777 |
2.00%, 12/31/21 | 7,500,000 | 7,334,619 |
2.13%, 12/31/21 | 5,750,000 | 5,647,354 |
1.50%, 01/31/22 (d) | 6,300,000 | 6,048,738 |
1.88%, 01/31/22 | 8,500,000 | 8,270,234 |
2.00%, 02/15/22 | 8,600,000 | 8,402,637 |
1.75%, 02/28/22 | 7,500,000 | 7,258,301 |
1.88%, 02/28/22 | 8,600,000 | 8,361,484 |
1.75%, 03/31/22 (d) | 6,050,000 | 5,850,539 |
1.88%, 03/31/22 (d) | 8,500,000 | 8,257,119 |
1.75%, 04/30/22 | 6,000,000 | 5,795,859 |
1.88%, 04/30/22 | 9,724,000 | 9,437,028 |
1.75%, 05/15/22 | 5,000,000 | 4,828,223 |
1.75%, 05/31/22 | 8,000,000 | 7,720,938 |
1.88%, 05/31/22 (d) | 6,500,000 | 6,304,619 |
1.75%, 06/30/22 | 10,500,000 | 10,125,117 |
2.13%, 06/30/22 | 9,000,000 | 8,806,992 |
1.88%, 07/31/22 | 6,000,000 | 5,809,453 |
2.00%, 07/31/22 | 6,500,000 | 6,324,805 |
1.63%, 08/15/22 (d) | 8,911,000 | 8,537,504 |
1.63%, 08/31/22 | 8,500,000 | 8,141,572 |
1.88%, 08/31/22 | 9,000,000 | 8,708,027 |
1.75%, 09/30/22 | 6,250,000 | 6,012,573 |
1.88%, 09/30/22 | 8,500,000 | 8,218,604 |
1.88%, 10/31/22 | 8,000,000 | 7,728,906 |
2.00%, 10/31/22 | 9,000,000 | 8,739,844 |
1.63%, 11/15/22 (d) | 7,677,000 | 7,334,834 |
2.00%, 11/30/22 (d) | 17,000,000 | 16,501,289 |
2.13%, 12/31/22 (d) | 29,000,000 | 28,275,566 |
1.75%, 01/31/23 | 9,300,000 | 8,913,287 |
2.38%, 01/31/23 | 10,500,000 | 10,344,756 |
2.00%, 02/15/23 | 12,894,000 | 12,494,085 |
1.50%, 02/28/23 (d) | 7,500,000 | 7,101,270 |
2.63%, 02/28/23 | 7,500,000 | 7,470,703 |
1.50%, 03/31/23 (d) | 7,000,000 | 6,621,289 |
2.50%, 03/31/23 | 8,100,000 | 8,019,949 |
1.63%, 04/30/23 | 8,000,000 | 7,601,875 |
2.75%, 04/30/23 | 7,700,000 | 7,708,422 |
1.75%, 05/15/23 (d) | 10,500,000 | 10,033,447 |
1.63%, 05/31/23 (d) | 9,300,000 | 8,830,822 |
2.75%, 05/31/23 | 15,500,000 | 15,521,191 |
1.38%, 06/30/23 | 3,500,000 | 3,278,652 |
2.63%, 06/30/23 | 9,500,000 | 9,454,541 |
1.25%, 07/31/23 | 6,250,000 | 5,808,838 |
2.50%, 08/15/23 | 5,176,000 | 5,116,051 |
1.38%, 08/31/23 | 7,000,000 | 6,538,167 |
1.38%, 09/30/23 (d) | 6,750,000 | 6,295,960 |
1.63%, 10/31/23 | 4,850,000 | 4,579,082 |
2.75%, 11/15/23 (d) | 13,296,000 | 13,293,403 |
2.13%, 11/30/23 | 5,250,000 | 5,082,656 |
2.25%, 12/31/23 | 4,750,000 | 4,625,498 |
2.25%, 01/31/24 | 4,700,000 | 4,573,688 |
2.75%, 02/15/24 (d) | 10,119,000 | 10,107,537 |
2.13%, 02/29/24 | 6,250,000 | 6,038,086 |
2.13%, 03/31/24 | 7,250,000 | 6,999,365 |
2.00%, 04/30/24 (d) | 5,500,000 | 5,269,258 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
2.50%, 05/15/24 (d) | 15,730,000 | 15,485,755 |
2.00%, 05/31/24 (d) | 6,300,000 | 6,030,773 |
2.00%, 06/30/24 | 6,250,000 | 5,978,149 |
2.13%, 07/31/24 | 7,000,000 | 6,738,867 |
2.38%, 08/15/24 | 14,500,000 | 14,157,607 |
1.88%, 08/31/24 | 9,000,000 | 8,538,398 |
2.13%, 09/30/24 | 8,500,000 | 8,172,451 |
2.25%, 10/31/24 | 8,250,000 | 7,987,192 |
2.25%, 11/15/24 (d) | 18,200,000 | 17,613,121 |
2.13%, 11/30/24 | 7,000,000 | 6,722,461 |
2.25%, 12/31/24 | 9,500,000 | 9,188,652 |
2.50%, 01/31/25 | 7,000,000 | 6,873,262 |
2.00%, 02/15/25 (d) | 17,600,000 | 16,742,000 |
2.75%, 02/28/25 | 9,000,000 | 8,969,238 |
2.63%, 03/31/25 | 3,250,000 | 3,213,374 |
2.88%, 04/30/25 | 4,000,000 | 4,016,172 |
2.13%, 05/15/25 (d) | 15,612,400 | 14,942,775 |
2.88%, 05/31/25 | 7,300,000 | 7,328,943 |
2.75%, 06/30/25 | 7,200,000 | 7,170,188 |
2.00%, 08/15/25 (d) | 14,000,000 | 13,264,180 |
2.25%, 11/15/25 (d) | 14,000,000 | 13,467,070 |
1.63%, 02/15/26 (d) | 13,000,000 | 11,928,770 |
1.63%, 05/15/26 (d) | 12,911,000 | 11,812,304 |
1.50%, 08/15/26 (d) | 18,750,000 | 16,934,334 |
2.00%, 11/15/26 (d) | 11,000,000 | 10,310,566 |
2.25%, 02/15/27 (d) | 13,750,000 | 13,123,462 |
2.38%, 05/15/27 | 13,750,000 | 13,243,506 |
2.25%, 08/15/27 | 15,300,000 | 14,564,584 |
2.25%, 11/15/27 (d) | 21,000,000 | 19,965,996 |
2.75%, 02/15/28 | 18,350,000 | 18,196,247 |
2.88%, 05/15/28 | 10,800,000 | 10,822,992 |
Total Treasuries | ||
(Cost $1,984,222,175) | 1,942,624,777 | |
Government Related 6.4% of net assets | ||
Agency 3.1% | ||
Foreign 1.4% | ||
Austria 0.0% | ||
Oesterreichische Kontrollbank AG | ||
1.38%, 02/10/20 | 1,000,000 | 980,119 |
1.88%, 01/20/21 | 1,000,000 | 977,656 |
1,957,775 | ||
Canada 0.1% | ||
CNOOC Nexen Finance 2014 ULC | ||
4.25%, 04/30/24 | 500,000 | 506,451 |
4.88%, 04/30/44 | 750,000 | 788,246 |
Export Development Canada | ||
1.63%, 01/17/20 | 1,000,000 | 984,900 |
1.75%, 07/21/20 | 1,500,000 | 1,472,640 |
Nexen Energy ULC | ||
6.40%, 05/15/37 | 1,400,000 | 1,720,275 |
5,472,512 | ||
Colombia 0.1% | ||
Ecopetrol S.A. | ||
7.63%, 07/23/19 | 1,400,000 | 1,464,820 |
5.88%, 09/18/23 | 300,000 | 318,750 |
5.38%, 06/26/26 (a) | 2,500,000 | 2,571,250 |
5.88%, 05/28/45 | 250,000 | 238,050 |
4,592,870 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Germany 0.6% | ||
Kreditanstalt fuer Wiederaufbau | ||
1.00%, 07/15/19 (f) | 1,000,000 | 984,687 |
1.50%, 09/09/19 (f) | 2,000,000 | 1,975,456 |
1.25%, 09/30/19 (f) | 2,300,000 | 2,263,359 |
4.00%, 01/27/20 (f) | 1,000,000 | 1,020,659 |
1.75%, 03/31/20 (f) | 2,000,000 | 1,969,115 |
1.50%, 04/20/20 (f) | 2,200,000 | 2,154,768 |
1.63%, 05/29/20 (f) | 1,000,000 | 980,375 |
1.88%, 06/30/20 (f) | 1,000,000 | 984,286 |
2.75%, 09/08/20 (f) | 1,000,000 | 1,001,174 |
2.63%, 04/12/21 (f) | 1,000,000 | 995,577 |
1.50%, 06/15/21 (f) | 2,000,000 | 1,926,385 |
2.38%, 08/25/21 (f) | 1,500,000 | 1,480,339 |
2.63%, 01/25/22 (f) | 500,000 | 496,078 |
2.13%, 03/07/22 (f) | 1,000,000 | 974,368 |
2.13%, 06/15/22 (f) | 1,500,000 | 1,458,874 |
2.00%, 09/29/22 (f) | 3,000,000 | 2,895,745 |
2.50%, 11/20/24 (f) | 3,500,000 | 3,402,924 |
2.88%, 04/03/28 (f) | 1,000,000 | 989,261 |
Landwirtschaftliche Rentenbank | ||
2.25%, 10/01/21 (f) | 1,000,000 | 982,557 |
2.38%, 06/10/25 (f) | 500,000 | 481,864 |
2.50%, 11/15/27 (f) | 300,000 | 286,937 |
29,704,788 | ||
Japan 0.1% | ||
Japan Bank for International Cooperation | ||
1.75%, 05/28/20 | 1,000,000 | 978,403 |
2.13%, 11/16/20 | 500,000 | 490,362 |
2.38%, 07/21/22 | 1,500,000 | 1,457,018 |
2.38%, 11/16/22 | 2,050,000 | 1,983,820 |
2.25%, 11/04/26 | 1,000,000 | 927,118 |
2.75%, 11/16/27 | 1,200,000 | 1,152,082 |
6,988,803 | ||
Mexico 0.3% | ||
Petroleos Mexicanos | ||
5.50%, 01/21/21 | 400,000 | 412,296 |
4.88%, 01/24/22 | 350,000 | 353,955 |
3.50%, 01/30/23 | 1,500,000 | 1,423,755 |
4.63%, 09/21/23 | 1,500,000 | 1,482,750 |
4.88%, 01/18/24 | 1,750,000 | 1,731,922 |
4.50%, 01/23/26 | 500,000 | 470,350 |
6.88%, 08/04/26 | 1,500,000 | 1,580,250 |
6.50%, 03/13/27 | 500,000 | 513,335 |
6.63%, 06/15/35 | 500,000 | 490,625 |
6.50%, 06/02/41 | 250,000 | 235,725 |
6.38%, 01/23/45 | 1,000,000 | 923,500 |
6.75%, 09/21/47 | 2,250,000 | 2,127,150 |
6.35%, 02/12/48 (e) | 1,203,000 | 1,091,723 |
12,837,336 | ||
Norway 0.1% | ||
Equinor A.S.A. | ||
2.25%, 11/08/19 | 500,000 | 496,514 |
3.15%, 01/23/22 | 750,000 | 751,268 |
2.45%, 01/17/23 | 1,250,000 | 1,206,190 |
3.70%, 03/01/24 | 400,000 | 403,992 |
4.25%, 11/23/41 | 1,000,000 | 994,447 |
3,852,411 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Republic of Korea 0.1% | ||
Export-Import Bank of Korea | ||
5.13%, 06/29/20 | 1,000,000 | 1,034,999 |
4.38%, 09/15/21 | 1,100,000 | 1,126,052 |
2.75%, 01/25/22 | 200,000 | 194,802 |
5.00%, 04/11/22 | 500,000 | 524,406 |
2.88%, 01/21/25 | 1,250,000 | 1,179,726 |
3.25%, 11/10/25 | 2,250,000 | 2,158,169 |
Korea Development Bank | ||
2.25%, 05/18/20 | 500,000 | 490,230 |
6,708,384 | ||
Sweden 0.0% | ||
Svensk Exportkredit AB | ||
1.75%, 03/10/21 | 750,000 | 729,074 |
2.38%, 03/09/22 | 900,000 | 882,043 |
1,611,117 | ||
73,725,996 | ||
U.S. 1.7% | ||
CNOOC Finance 2015 USA LLC | ||
3.50%, 05/05/25 | 200,000 | 193,079 |
Fannie Mae | ||
1.25%, 07/26/19 (a) | 1,500,000 | 1,481,551 |
0.88%, 08/02/19 | 3,250,000 | 3,196,323 |
1.75%, 09/12/19 | 2,000,000 | 1,984,044 |
1.75%, 11/26/19 | 2,500,000 | 2,475,682 |
1.63%, 01/21/20 | 1,300,000 | 1,282,849 |
1.50%, 07/30/20 | 1,800,000 | 1,759,648 |
1.50%, 11/30/20 | 300,000 | 292,083 |
1.88%, 12/28/20 | 250,000 | 245,474 |
1.38%, 02/26/21 | 1,500,000 | 1,452,034 |
1.38%, 10/07/21 | 1,000,000 | 959,004 |
2.00%, 01/05/22 | 250,000 | 243,796 |
1.88%, 04/05/22 | 5,000,000 | 4,850,020 |
2.38%, 01/19/23 | 3,000,000 | 2,947,659 |
2.13%, 04/24/26 | 6,000,000 | 5,623,548 |
1.88%, 09/24/26 | 2,000,000 | 1,828,286 |
7.13%, 01/15/30 (d) | 527,000 | 726,628 |
7.25%, 05/15/30 | 1,000,000 | 1,398,859 |
6.63%, 11/15/30 | 1,200,000 | 1,611,773 |
5.63%, 07/15/37 | 1,000,000 | 1,335,732 |
Federal Farm Credit Bank | ||
1.15%, 07/01/19 | 1,000,000 | 988,215 |
1.95%, 11/02/21 | 1,250,000 | 1,219,201 |
1.92%, 04/19/22 (a) | 1,500,000 | 1,447,899 |
Federal Home Loan Bank | ||
0.88%, 08/05/19 | 1,000,000 | 983,289 |
1.38%, 11/15/19 | 1,000,000 | 985,251 |
1.88%, 03/13/20 | 1,000,000 | 988,915 |
2.63%, 05/28/20 | 1,800,000 | 1,800,886 |
1.75%, 06/12/20 | 1,000,000 | 983,913 |
1.75%, 07/13/20 (a) | 250,000 | 245,265 |
1.38%, 02/18/21 | 1,000,000 | 968,407 |
1.13%, 07/14/21 | 1,000,000 | 957,341 |
1.88%, 11/29/21 | 1,750,000 | 1,703,455 |
2.38%, 06/10/22 | 400,000 | 393,640 |
2.13%, 03/10/23 | 250,000 | 242,892 |
2.88%, 06/14/24 | 1,075,000 | 1,072,448 |
5.38%, 08/15/24 | 1,750,000 | 1,981,579 |
5.50%, 07/15/36 | 400,000 | 522,928 |
Freddie Mac | ||
0.88%, 07/19/19 | 750,000 | 738,228 |
1.25%, 08/01/19 | 1,300,000 | 1,283,851 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
1.25%, 10/02/19 | 1,000,000 | 984,927 |
0.00%, 11/29/19 (h) | 700,000 | 673,965 |
1.38%, 04/20/20 | 1,000,000 | 979,387 |
1.38%, 05/01/20 | 3,750,000 | 3,673,477 |
2.38%, 02/16/21 | 8,000,000 | 7,941,712 |
1.13%, 08/12/21 | 1,000,000 | 954,744 |
2.38%, 01/13/22 (d) | 5,351,000 | 5,283,428 |
6.75%, 09/15/29 | 500,000 | 667,816 |
6.75%, 03/15/31 (d) | 564,000 | 771,108 |
6.25%, 07/15/32 | 700,000 | 938,270 |
Private Export Funding Corp. | ||
2.30%, 09/15/20 | 2,000,000 | 1,976,438 |
Tennessee Valley Authority | ||
2.88%, 09/15/24 | 2,000,000 | 1,988,026 |
6.75%, 11/01/25 | 488,000 | 605,482 |
2.88%, 02/01/27 | 500,000 | 488,118 |
5.25%, 09/15/39 | 750,000 | 949,468 |
4.63%, 09/15/60 | 100,000 | 120,287 |
84,392,328 | ||
158,118,324 | ||
Local Authority 0.9% | ||
Foreign 0.3% | ||
Canada 0.3% | ||
Hydro-Quebec | ||
8.05%, 07/07/24 (d) | 1,160,000 | 1,435,075 |
Province of Alberta Canada | ||
1.90%, 12/06/19 | 500,000 | 494,397 |
3.30%, 03/15/28 | 1,500,000 | 1,499,100 |
Province of British Columbia | ||
2.00%, 10/23/22 | 450,000 | 432,718 |
2.25%, 06/02/26 | 300,000 | 280,495 |
Province of Manitoba | ||
2.13%, 06/22/26 | 750,000 | 686,895 |
Province of Ontario | ||
4.00%, 10/07/19 | 750,000 | 762,160 |
4.40%, 04/14/20 | 750,000 | 771,006 |
2.55%, 02/12/21 | 1,000,000 | 990,406 |
2.50%, 09/10/21 | 1,500,000 | 1,476,015 |
2.40%, 02/08/22 | 250,000 | 244,416 |
2.45%, 06/29/22 | 1,500,000 | 1,463,541 |
3.20%, 05/16/24 | 500,000 | 499,357 |
Province of Quebec | ||
2.75%, 08/25/21 | 500,000 | 496,723 |
2.38%, 01/31/22 | 750,000 | 734,085 |
2.63%, 02/13/23 | 250,000 | 245,123 |
7.13%, 02/09/24 | 1,000,000 | 1,197,364 |
2.88%, 10/16/24 | 1,000,000 | 986,291 |
7.50%, 09/15/29 | 168,000 | 230,681 |
14,925,848 | ||
14,925,848 | ||
U.S. 0.6% | ||
American Municipal Power, Inc. | ||
RB (Build America Bonds) Series 2010 | ||
6.27%, 02/15/50 | 300,000 | 383,586 |
RB (Build America Bonds) Series 2010 | ||
8.08%, 02/15/50 | 250,000 | 405,960 |
Bay Area Toll Authority | ||
RB (Build America Bonds) Series 2010S1 | ||
7.04%, 04/01/50 | 500,000 | 733,405 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
RB (Build America Bonds) Series 2010S3 | ||
6.91%, 10/01/50 | 1,100,000 | 1,613,436 |
California | ||
GO (Build America Bonds) Series 2009 | ||
6.20%, 10/01/19 | 250,000 | 261,328 |
GO (Build America Bonds) Series 2009 | ||
7.50%, 04/01/34 | 1,350,000 | 1,899,976 |
GO (Build America Bonds) Series 2010 | ||
7.95%, 03/01/36 (a) | 350,000 | 377,657 |
GO (Build America Bonds) Series 2009 | ||
7.55%, 04/01/39 | 1,400,000 | 2,069,578 |
GO (Build America Bonds) Series 2009 | ||
7.30%, 10/01/39 | 1,350,000 | 1,917,108 |
GO (Build America Bonds) Series 2009 | ||
7.35%, 11/01/39 | 1,465,000 | 2,090,218 |
City of Chicago IL | ||
GO Bonds Series 2012 | ||
5.43%, 01/01/42 | 350,000 | 326,260 |
City of New York NY | ||
GO Bonds Series 2010 | ||
6.25%, 06/01/35 (a) | 750,000 | 791,895 |
Commonwealth of Massachusetts | ||
Series D | ||
4.50%, 08/01/31 | 400,000 | 427,588 |
GO (Build America Bonds) Series 2009 | ||
5.46%, 12/01/39 (d) | 100,000 | 120,077 |
Connecticut | ||
GO Bonds Series 2008A | ||
5.85%, 03/15/32 | 700,000 | 809,123 |
Dallas County Hospital District | ||
GO (Build America Bonds) Series C | ||
5.62%, 08/15/44 | 150,000 | 185,814 |
Dallas Independent School District | ||
GO (Build America Bonds) Series 2010C | ||
6.45%, 02/15/35 (a) | 350,000 | 379,190 |
District of Columbia | ||
Series E | ||
5.59%, 12/01/34 | 350,000 | 418,583 |
Florida State Board of Administration Finance Corp. | ||
Series A | ||
2.64%, 07/01/21 | 100,000 | 99,123 |
Grand Parkway Transportation Corp. | ||
RB Series 2013E | ||
5.18%, 10/01/42 | 200,000 | 236,004 |
Illinois | ||
GO Bonds (Pension Funding) Series 2003 | ||
4.95%, 06/01/23 | 550,000 | 559,933 |
GO Bonds (Pension Funding) Series 2003 | ||
5.10%, 06/01/33 | 1,855,000 | 1,758,429 |
Los Angeles Department of Water & Power Power System Revenue | ||
RB (Build America Bonds) Series 2010 | ||
6.57%, 07/01/45 | 250,000 | 354,135 |
Los Angeles Unified School District | ||
GO (Build America Bonds) Series 2009 | ||
5.76%, 07/01/29 | 300,000 | 351,678 |
GO (Build America Bonds) Series 2010 | ||
6.76%, 07/01/34 (d) | 450,000 | 596,340 |
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | ||
RB (Vanderbilt Univ Medical Center) Series 2016 B | ||
4.05%, 07/01/26 (a) | 800,000 | 824,216 |
Metropolitan Transportation Authority | ||
RB (Build America Bonds) Series E | ||
6.81%, 11/15/40 | 650,000 | 874,386 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
New Jersey Transportation Trust Fund Authority | ||
RB (Build America Bonds) Series 2010C | ||
5.75%, 12/15/28 | 900,000 | 1,000,881 |
New Jersey Turnpike Authority | ||
RB (Build America Bonds) Series 2010A | ||
7.10%, 01/01/41 | 500,000 | 705,440 |
New York City Municipal Water Finance Authority | ||
Water System RB (Build America Bonds) Series 2009 | ||
5.75%, 06/15/41 (d) | 200,000 | 252,986 |
Water System RB (Build America Bonds) | ||
6.01%, 06/15/42 | 250,000 | 325,763 |
Water System RB (Build America Bonds) Series 2011CC | ||
5.88%, 06/15/44 | 250,000 | 326,315 |
New York City Transitional Finance Authority | ||
RB (Build America Bonds) Series 2011A1 | ||
5.51%, 08/01/37 | 200,000 | 237,346 |
Oregon | ||
GO Bonds (Pension Funding) Series 2003 | ||
5.89%, 06/01/27 | 500,000 | 584,040 |
Oregon School Boards Association | ||
Series B | ||
5.55%, 06/30/28 | 250,000 | 282,418 |
Port Authority of New York & New Jersey | ||
Consolidated Bonds 168th Series | ||
4.93%, 10/01/51 | 250,000 | 294,155 |
Consolidated Bonds 174th Series | ||
4.46%, 10/01/62 | 1,150,000 | 1,226,072 |
San Diego County Regional Transportation Commission | ||
RB (Build America Bonds) Series 2010A | ||
5.91%, 04/01/48 | 300,000 | 401,286 |
San Diego County Water Authority Financing Corp. | ||
RB (Build America Bonds) Series 2010B | ||
6.14%, 05/01/49 | 350,000 | 463,243 |
San Jose Redevelopment Agency Successor Agency | ||
Series A | ||
3.38%, 08/01/34 (a) | 1,500,000 | 1,438,350 |
Texas | ||
GO Mobility Fund Bonds (Build America Bonds) Series 2009A | ||
5.52%, 04/01/39 | 750,000 | 949,792 |
GO (Build America Bonds) Series 2010A | ||
4.68%, 04/01/40 | 500,000 | 569,840 |
Texas Transportation Commission | ||
RB (Build America Bonds) Series B | ||
5.18%, 04/01/30 | 1,130,000 | 1,291,759 |
University of California | ||
RB Series AD | ||
4.86%, 05/15/12 | 250,000 | 266,195 |
Utah | ||
GO (Build America Bonds) Series D | ||
4.55%, 07/01/24 | 850,000 | 894,514 |
GO (Build America Bonds) Series B | ||
3.54%, 07/01/25 | 525,000 | 532,980 |
Wisconsin | ||
RB Series A | ||
5.70%, 05/01/26 | 745,000 | 829,118 |
33,737,519 | ||
48,663,367 | ||
Sovereign 0.9% | ||
Chile 0.1% | ||
Chile Government International Bond | ||
2.25%, 10/30/22 | 300,000 | 286,350 |
3.13%, 03/27/25 | 1,400,000 | 1,354,500 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
3.24%, 02/06/28 (a) | 3,000,000 | 2,871,000 |
3.63%, 10/30/42 | 100,000 | 93,625 |
4,605,475 | ||
Colombia 0.1% | ||
Colombia Government International Bond | ||
4.38%, 07/12/21 | 1,000,000 | 1,022,250 |
4.50%, 01/28/26 (a) | 1,000,000 | 1,016,875 |
7.38%, 09/18/37 | 300,000 | 375,000 |
6.13%, 01/18/41 | 750,000 | 841,875 |
5.63%, 02/26/44 (a) | 1,500,000 | 1,597,500 |
5.00%, 06/15/45 (a) | 350,000 | 345,187 |
5,198,687 | ||
Hungary 0.1% | ||
Hungary Government International Bond | ||
6.38%, 03/29/21 | 2,000,000 | 2,140,096 |
5.38%, 02/21/23 | 1,000,000 | 1,060,330 |
5.75%, 11/22/23 | 1,000,000 | 1,078,061 |
4,278,487 | ||
Israel 0.0% | ||
Israel Government International Bond | ||
2.88%, 03/16/26 | 500,000 | 475,844 |
3.25%, 01/17/28 | 500,000 | 483,864 |
4.50%, 01/30/43 | 500,000 | 506,809 |
4.13%, 01/17/48 | 250,000 | 236,961 |
1,703,478 | ||
Italy 0.0% | ||
Italy Government International Bond | ||
6.88%, 09/27/23 | 1,000,000 | 1,111,950 |
5.38%, 06/15/33 | 500,000 | 548,458 |
1,660,408 | ||
Mexico 0.3% | ||
Mexico Government International Bond | ||
3.50%, 01/21/21 | 650,000 | 650,845 |
3.63%, 03/15/22 | 3,150,000 | 3,159,734 |
8.00%, 09/24/22 | 100,000 | 120,750 |
4.00%, 10/02/23 | 600,000 | 602,925 |
4.13%, 01/21/26 | 500,000 | 496,625 |
4.15%, 03/28/27 | 2,700,000 | 2,664,900 |
6.05%, 01/11/40 | 550,000 | 607,750 |
4.75%, 03/08/44 | 3,250,000 | 3,023,764 |
5.55%, 01/21/45 | 600,000 | 629,250 |
4.60%, 01/23/46 | 1,000,000 | 922,500 |
4.35%, 01/15/47 | 400,000 | 358,400 |
13,237,443 | ||
Panama 0.1% | ||
Panama Government International Bond | ||
5.20%, 01/30/20 | 600,000 | 621,750 |
4.00%, 09/22/24 (a) | 500,000 | 505,000 |
3.75%, 03/16/25 (a) | 750,000 | 742,500 |
6.70%, 01/26/36 | 500,000 | 615,000 |
4.50%, 04/16/50 (a) | 500,000 | 481,875 |
2,966,125 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Peru 0.0% | ||
Peruvian Government International Bond | ||
7.35%, 07/21/25 | 1,000,000 | 1,222,500 |
4.13%, 08/25/27 | 750,000 | 768,750 |
5.63%, 11/18/50 | 500,000 | 581,875 |
2,573,125 | ||
Philippines 0.1% | ||
Philippine Government International Bond | ||
4.00%, 01/15/21 | 800,000 | 810,982 |
4.20%, 01/21/24 | 1,300,000 | 1,329,194 |
9.50%, 10/21/24 | 500,000 | 660,632 |
5.50%, 03/30/26 | 600,000 | 661,979 |
9.50%, 02/02/30 | 250,000 | 365,311 |
6.38%, 01/15/32 | 350,000 | 420,760 |
3.95%, 01/20/40 | 1,500,000 | 1,437,490 |
5,686,348 | ||
Poland 0.1% | ||
Poland Government International Bond | ||
6.38%, 07/15/19 | 1,000,000 | 1,036,982 |
5.13%, 04/21/21 | 850,000 | 893,656 |
5.00%, 03/23/22 | 500,000 | 527,979 |
3.00%, 03/17/23 | 300,000 | 293,523 |
4.00%, 01/22/24 | 250,000 | 254,279 |
3,006,419 | ||
Republic of Korea 0.0% | ||
Korea International Bond | ||
3.88%, 09/11/23 | 600,000 | 614,010 |
614,010 | ||
Uruguay 0.0% | ||
Uruguay Government International Bond | ||
4.50%, 08/14/24 | 250,000 | 257,538 |
4.38%, 10/27/27 | 500,000 | 507,813 |
7.63%, 03/21/36 | 550,000 | 713,487 |
4.13%, 11/20/45 | 150,000 | 135,000 |
5.10%, 06/18/50 | 750,000 | 740,062 |
2,353,900 | ||
47,883,905 | ||
Supranational* 1.5% | ||
African Development Bank | ||
1.88%, 03/16/20 | 450,000 | 444,143 |
2.38%, 09/23/21 | 1,500,000 | 1,477,775 |
2.13%, 11/16/22 | 1,000,000 | 967,773 |
Asian Development Bank | ||
1.75%, 01/10/20 | 1,000,000 | 987,399 |
1.50%, 01/22/20 | 500,000 | 491,734 |
1.63%, 03/16/21 | 500,000 | 485,295 |
2.00%, 02/16/22 | 3,000,000 | 2,914,102 |
1.75%, 09/13/22 | 2,775,000 | 2,652,540 |
2.00%, 01/22/25 | 1,500,000 | 1,414,961 |
2.00%, 04/24/26 | 500,000 | 465,834 |
2.63%, 01/12/27 | 1,300,000 | 1,263,014 |
2.50%, 11/02/27 | 250,000 | 240,028 |
5.82%, 06/16/28 | 1,000,000 | 1,208,950 |
Corp. Andina de Fomento | ||
2.13%, 09/27/21 | 1,000,000 | 963,590 |
4.38%, 06/15/22 | 550,000 | 570,344 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Council of Europe Development Bank | ||
1.75%, 11/14/19 | 500,000 | 494,426 |
1.88%, 01/27/20 | 200,000 | 197,669 |
1.63%, 03/10/20 | 500,000 | 491,696 |
1.63%, 03/16/21 | 500,000 | 484,748 |
European Bank for Reconstruction & Development | ||
1.50%, 03/16/20 | 850,000 | 834,068 |
1.50%, 11/02/21 | 1,100,000 | 1,053,274 |
European Investment Bank | ||
1.13%, 08/15/19 | 1,000,000 | 984,706 |
1.25%, 12/16/19 | 2,750,000 | 2,697,169 |
1.63%, 03/16/20 | 2,650,000 | 2,605,324 |
1.38%, 06/15/20 | 750,000 | 731,578 |
2.88%, 09/15/20 | 1,350,000 | 1,354,636 |
2.00%, 03/15/21 | 1,500,000 | 1,469,120 |
2.50%, 04/15/21 | 1,000,000 | 991,233 |
2.25%, 03/15/22 | 1,500,000 | 1,466,668 |
2.38%, 06/15/22 | 1,650,000 | 1,618,839 |
2.50%, 03/15/23 | 1,600,000 | 1,570,466 |
3.25%, 01/29/24 | 1,100,000 | 1,114,483 |
2.50%, 10/15/24 | 500,000 | 485,591 |
1.88%, 02/10/25 | 1,000,000 | 932,728 |
2.13%, 04/13/26 | 1,100,000 | 1,032,435 |
4.88%, 02/15/36 | 1,850,000 | 2,288,989 |
Inter-American Development Bank | ||
1.25%, 10/15/19 | 500,000 | 491,921 |
1.75%, 10/15/19 | 500,000 | 495,079 |
3.88%, 02/14/20 | 700,000 | 714,106 |
1.63%, 05/12/20 | 1,700,000 | 1,671,661 |
2.13%, 11/09/20 | 650,000 | 641,477 |
1.88%, 03/15/21 | 4,600,000 | 4,497,788 |
2.13%, 01/18/22 | 750,000 | 734,587 |
2.50%, 01/18/23 | 350,000 | 344,831 |
2.38%, 07/07/27 | 1,100,000 | 1,045,925 |
4.38%, 01/24/44 | 2,000,000 | 2,396,804 |
International Bank for Reconstruction & Development | ||
1.88%, 10/07/19 | 1,800,000 | 1,785,103 |
1.63%, 09/04/20 | 1,000,000 | 978,240 |
2.13%, 11/01/20 | 1,000,000 | 987,629 |
1.38%, 05/24/21 | 1,800,000 | 1,732,347 |
2.25%, 06/24/21 | 3,250,000 | 3,202,004 |
2.00%, 01/26/22 | 3,450,000 | 3,355,197 |
1.88%, 10/07/22 | 2,500,000 | 2,402,630 |
2.50%, 11/25/24 | 1,000,000 | 974,435 |
2.50%, 07/29/25 | 2,750,000 | 2,669,705 |
1.88%, 10/27/26 | 1,000,000 | 917,108 |
4.75%, 02/15/35 | 350,000 | 427,963 |
International Finance Corp. | ||
1.75%, 09/16/19 | 1,100,000 | 1,090,050 |
1.63%, 07/16/20 | 1,000,000 | 979,515 |
1.13%, 07/20/21 | 1,000,000 | 951,360 |
Nordic Investment Bank | ||
2.25%, 09/30/21 | 1,450,000 | 1,424,707 |
78,359,500 | ||
Total Government Related | ||
(Cost $340,024,494) | 333,025,096 | |
Securitized 30.5% of net assets | ||
Asset-Backed Securities 0.6% | ||
Automobile 0.2% | ||
Ford Credit Auto Owner Trust | ||
Series 2016-A Class A4 | ||
1.60%, 06/15/21 (a) | 2,541,000 | 2,507,541 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Honda Auto Receivables Owner Trust | ||
Series 2016-2, Class A4, ABS | ||
1.62%, 08/15/22 (a) | 1,455,000 | 1,439,363 |
Series 2017-2, Class A4 | ||
1.87%, 09/15/23 (a) | 4,740,000 | 4,623,309 |
Nissan Auto Receivables Owner Trust | ||
Series 2017-C, Class A4, ABS | ||
2.28%, 02/15/24 (a) | 900,000 | 881,773 |
9,451,986 | ||
Credit Card 0.4% | ||
American Express Credit Account Master Trust | ||
Series 2017-3, Class A | ||
1.77%, 11/15/22 (a) | 955,000 | 936,591 |
Capital One Multi-Asset Execution Trust | ||
Series 2017-A4, Class A4, ABS | ||
1.99%, 07/17/23 (a) | 3,350,000 | 3,283,585 |
Series 2017-A6, Class A6, ABS | ||
2.29%, 07/15/25 (a) | 2,370,000 | 2,299,498 |
Chase Issuance Trust | ||
Series 2012-A4 Class A4 | ||
1.58%, 08/16/21 (a) | 1,080,000 | 1,066,600 |
Series 2015-A4 Class A4 | ||
1.84%, 04/15/22 (a) | 650,000 | 638,077 |
Citibank Credit Card Issuance Trust | ||
Series 2018-A1, Class A1, ABS | ||
2.49%, 01/20/23 (a) | 700,000 | 691,507 |
Series 2014-A1 Class A1 | ||
2.88%, 01/23/23 (a) | 325,000 | 324,229 |
Discover Card Execution Note Trust | ||
Series 2014-A4 Class A4 | ||
2.12%, 12/15/21 (a) | 2,650,000 | 2,636,157 |
Series 2012-A6 Class A6 | ||
1.67%, 01/18/22 (a) | 3,502,000 | 3,464,544 |
Series 2015-A4 Class A4 | ||
2.19%, 04/17/23 (a) | 3,300,000 | 3,249,120 |
World Financial Network Credit Card Master Trust | ||
Series 2015-B Class A | ||
2.55%, 06/17/24 (a) | 620,000 | 613,278 |
19,203,186 | ||
28,655,172 | ||
Commercial Mortgage-Backed Securities 1.9% | ||
Bank | ||
Series 2017-BNK7, Class A5 | ||
3.44%, 09/15/60 (a) | 1,000,000 | 985,280 |
CD Mortgage Trust | ||
Series 2017-CD3, Class A4 | ||
3.63%, 02/10/50 (a) | 1,715,000 | 1,712,242 |
CFCRE Commercial Mortgage Trust | ||
Series 2016-C3 Class A3 | ||
3.87%, 01/10/48 (a) | 4,725,000 | 4,785,000 |
Series 2016-C7, Class A3 | ||
3.84%, 12/10/54 (a) | 1,425,000 | 1,431,823 |
Series 2016-C4 Class A4 | ||
3.28%, 05/10/58 (a) | 1,000,000 | 970,136 |
Citigroup Commercial Mortgage Trust | ||
Series 2013-GC17 Class A4 | ||
4.13%, 11/10/46 (a) | 615,000 | 636,634 |
Series 2014-GC23 Class A4 | ||
3.62%, 07/10/47 (a) | 1,000,000 | 1,008,285 |
Series 2016-GC36 Class A5 | ||
3.62%, 02/10/49 (a) | 1,200,000 | 1,200,502 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Series 2017-P7, Class A4 | ||
3.71%, 04/14/50 (a) | 500,000 | 501,544 |
Series 2017-C4, Class A4 | ||
3.47%, 10/12/50 (a) | 1,300,000 | 1,276,846 |
COMM Mortgage Trust | ||
Series 2012-LC4 Class A4 | ||
3.29%, 12/10/44 (a) | 300,000 | 300,431 |
Series 2012-CR3 Class A3 | ||
2.82%, 10/15/45 (a) | 257,558 | 252,679 |
Series 2012-CR4 Class A3 | ||
2.85%, 10/15/45 (a) | 900,000 | 877,263 |
Series 2013-CR6, Class A4 | ||
3.10%, 03/10/46 (a) | 4,950,000 | 4,904,888 |
Series 2014-CR14 Class A3 | ||
3.96%, 02/10/47 (a) | 240,000 | 246,120 |
Series 2014-CR16 Class ASB | ||
3.65%, 04/10/47 (a) | 630,000 | 637,423 |
Series 2014-CR19 Class ASB | ||
3.50%, 08/10/47 (a) | 400,000 | 402,642 |
Series 2014-UBS4, Class A5 | ||
3.69%, 08/10/47 (a) | 1,100,000 | 1,109,863 |
Series 2014-CR20 Class A3 | ||
3.33%, 11/10/47 (a) | 1,550,000 | 1,534,067 |
Series 2015-CR24 Class A5 | ||
3.70%, 08/10/48 (a) | 400,000 | 401,658 |
Series 2015-LC23, Class A4 | ||
3.77%, 10/10/48 (a) | 440,000 | 443,760 |
Series 2016-DC2, Class A5 | ||
3.77%, 02/10/49 (a) | 100,000 | 100,238 |
Series 2015-PC1, Class ASB | ||
3.61%, 07/10/50 (a) | 1,975,000 | 1,988,704 |
Series 2015-PC1, Class A5 | ||
3.90%, 07/10/50 (a) | 497,400 | 503,498 |
Series 2013-CR11 Class A3 | ||
3.98%, 08/10/50 (a) | 450,000 | 462,605 |
Series 2013-CR11 Class A4 | ||
4.26%, 08/10/50 (a) | 340,000 | 353,720 |
Commercial Mortgage Pass Through Certificates | ||
Series 2016-CR28 Class A4 | ||
3.76%, 02/10/49 (a) | 2,100,000 | 2,108,570 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.72%, 08/15/48 (a) | 300,000 | 301,675 |
Series 2015-C1 Class A4 | ||
3.51%, 04/15/50 (a) | 308,000 | 306,921 |
CSMC Trust | ||
Series 2016-NXSR, Class A4 | ||
3.79%, 12/15/49 (a) | 100,000 | 100,258 |
Fannie Mae | ||
Series 2010-M3 Class A3 | ||
4.33%, 03/25/20 (a)(c)(j) | 146,493 | 148,907 |
Series 2014-M6 Class A2 | ||
2.68%, 05/25/21 (a) | 603,873 | 598,242 |
Series 2015-M4 Class AV2 | ||
2.51%, 07/25/22 (a) | 75,000 | 73,672 |
Series 2016-M3 Class ASQ2 | ||
2.26%, 02/25/23 (a)(c)(j) | 65,000 | 63,051 |
Series 2014-M9 Class A2 | ||
3.10%, 07/25/24 (a)(c)(j) | 492,000 | 490,270 |
Series 2015-M3 Class A2 | ||
2.72%, 10/25/24 (a) | 550,000 | 535,181 |
Series 2015-M13 Class A2 | ||
2.80%, 06/25/25 (a)(c)(j) | 150,000 | 145,223 |
Series 2016-M6 Class A2 | ||
2.49%, 05/25/26 (a) | 2,600,000 | 2,447,577 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Freddie Mac | ||
Series K704 Class A2 | ||
2.41%, 08/25/18 (a) | 25,892 | 25,849 |
Series K712 Class A2 | ||
1.87%, 11/25/19 (a) | 419,579 | 414,635 |
Series K008 Class A2 | ||
3.53%, 06/25/20 (a) | 140,600 | 142,204 |
Series K009 Class A2 | ||
3.81%, 08/25/20 (a) | 500,000 | 508,827 |
Series K714 Class A2 | ||
3.03%, 10/25/20 (a) | 765,000 | 765,614 |
Series K010 Class A2 | ||
4.33%, 10/25/20 (a) | 305,000 | 313,584 |
Series K012 Class A2 | ||
4.19%, 12/25/20 (a)(c)(i) | 1,021,000 | 1,049,564 |
Series K013 Class A2 | ||
3.97%, 01/25/21 (a)(c)(i) | 492,000 | 503,403 |
Series K014 Class A2 | ||
3.87%, 04/25/21 (a) | 713,405 | 728,765 |
Series K015 Class A2 | ||
3.23%, 07/25/21 (a) | 525,000 | 527,279 |
Series K016 Class A2 | ||
2.97%, 10/25/21 (a) | 500,000 | 498,326 |
Series K017 Class A2 | ||
2.87%, 12/25/21 (a) | 100,000 | 99,369 |
Series K021, Class A1 | ||
1.60%, 01/25/22 (a) | 128,049 | 125,156 |
Series K018, Class A2 | ||
2.79%, 01/25/22 (a) | 150,000 | 149,007 |
Series K025 Class A1 | ||
1.88%, 04/25/22 (a) | 275,331 | 269,940 |
Series K020 Class A2 | ||
2.37%, 05/25/22 (a) | 385,000 | 376,265 |
Series K022 Class A2 | ||
2.36%, 07/25/22 (a) | 1,200,000 | 1,169,528 |
Series K024 Class A2 | ||
2.57%, 09/25/22 (a) | 800,000 | 785,314 |
Series K025 Class A2 | ||
2.68%, 10/25/22 (a) | 511,000 | 503,602 |
Series K029 Class A1 | ||
2.84%, 10/25/22 (a) | 88,521 | 88,365 |
Series K026 Class A2 | ||
2.51%, 11/25/22 (a) | 550,000 | 538,622 |
Series K027 Class A2 | ||
2.64%, 01/25/23 (a) | 1,705,000 | 1,681,757 |
Series K033 Class A1 | ||
2.87%, 02/25/23 (a) | 101,597 | 101,353 |
Series K028 Class A2 | ||
3.11%, 02/25/23 (a) | 250,000 | 251,343 |
Series K030 Class A2 | ||
3.25%, 04/25/23 (a)(c)(i) | 250,000 | 252,005 |
Series K031 Class A2 | ||
3.30%, 04/25/23 (a) | 1,525,000 | 1,540,947 |
Series K033 Class A2 | ||
3.06%, 07/25/23 (a) | 1,540,000 | 1,538,594 |
Series K034, Class A2 | ||
3.53%, 07/25/23 (a) | 150,000 | 153,009 |
Series K035 Class A2 | ||
3.46%, 08/25/23 (a)(c)(i) | 450,000 | 457,579 |
Series K725, Class A2 | ||
3.00%, 01/25/24 (a) | 650,000 | 646,543 |
Series K037 Class A2 | ||
3.49%, 01/25/24 (a) | 600,000 | 611,469 |
Series K728, Class A2 | ||
3.06%, 08/25/24 (a)(c)(i) | 3,700,000 | 3,683,176 |
Series K040 Class A2 | ||
3.24%, 09/25/24 (a) | 400,000 | 402,476 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Series K045 Class A1 | ||
2.49%, 11/25/24 (a) | 439,056 | 431,044 |
Series K042, Class A2 | ||
2.67%, 12/25/24 (a) | 100,000 | 97,323 |
Series K043, Class A2 | ||
3.06%, 12/25/24 (a) | 300,000 | 298,492 |
Series K052, Class A1 | ||
2.60%, 01/25/25 (a) | 255,834 | 251,898 |
Series K044, Class A2 | ||
2.81%, 01/25/25 (a) | 1,015,000 | 994,420 |
Series K045 Class A2 | ||
3.02%, 01/25/25 (a) | 400,000 | 396,556 |
Series K053, Class A1 | ||
2.55%, 02/25/25 (a) | 573,601 | 562,325 |
Series K046 Class A2 | ||
3.21%, 03/25/25 (a) | 750,000 | 751,080 |
Series K048 Class A2 | ||
3.28%, 06/25/25 (a)(c)(i) | 838,000 | 842,706 |
Series K053, Class A2 | ||
3.00%, 12/25/25 (a) | 950,000 | 936,016 |
Series K054, Class A2 | ||
2.75%, 01/25/26 (a) | 300,000 | 290,219 |
Series K055, Class A2 | ||
2.67%, 03/25/26 (a) | 750,000 | 720,362 |
Series K062, Class A2 | ||
3.41%, 12/25/26 (a) | 3,000,000 | 3,016,529 |
Series K064, Class A2 | ||
3.22%, 03/25/27 (a) | 107,000 | 106,016 |
Series K071, Class A2 | ||
3.29%, 11/25/27 (a) | 1,000,000 | 989,087 |
Series K074, Class A2 | ||
3.60%, 01/25/28 (a) | 1,875,000 | 1,902,908 |
GS Mortgage Securities Trust | ||
Series 2011-GC5 Class A4 | ||
3.71%, 08/10/44 (a) | 233,000 | 235,887 |
Series 2012-GC6 Class A3 | ||
3.48%, 01/10/45 (a) | 597,743 | 603,159 |
Series 2012-GCJ7 Class A4 | ||
3.38%, 05/10/45 (a) | 398,425 | 399,787 |
Series 2013-GC12 Class AAB | ||
2.68%, 06/10/46 (a) | 270,462 | 267,623 |
Series 2013-GC13 Class A5 | ||
4.18%, 07/10/46 (a)(c)(k) | 649,000 | 672,673 |
Series 2013-GC14 Class A5 | ||
4.24%, 08/10/46 (a) | 700,000 | 727,683 |
Series 2016-GS4, Class A4 | ||
3.44%, 11/10/49 (a) | 365,000 | 358,803 |
JP Morgan Chase Commercial Mortgage Securities Trust | ||
Series 2012-C6 Class A3 | ||
3.51%, 05/15/45 (a) | 338,456 | 340,439 |
Series 2012-CBX Class A4 | ||
3.48%, 06/15/45 (a) | 423,741 | 425,599 |
Series 2011-C5 Class A3 | ||
4.17%, 08/15/46 (a) | 315,912 | 322,929 |
Series 2014-C20 Class A4A1 | ||
3.54%, 07/15/47 (a) | 800,000 | 800,492 |
Series 2014-C26 Class ASB | ||
3.29%, 01/15/48 (a) | 600,000 | 599,764 |
Series 2015-C29 Class A4 | ||
3.61%, 05/15/48 (a) | 1,000,000 | 1,002,566 |
Series 2015-C28 Class A4 | ||
3.23%, 10/15/48 (a) | 2,000,000 | 1,961,218 |
Series 2015-C32 Class A2 | ||
2.82%, 11/15/48 (a) | 600,000 | 596,074 |
Series 2015-C33 Class A4 | ||
3.77%, 12/15/48 (a) | 450,000 | 454,399 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Series 2015-JP1 Class A4 | ||
3.65%, 01/15/49 (a) | 600,000 | 601,734 |
JPMDB Commercial Mortgage Securities Trust | ||
Series 2017-C5, Class A1 | ||
2.10%, 03/15/50 (a) | 423,213 | 415,261 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2012-C5 Class A4 | ||
3.18%, 08/15/45 (a) | 430,000 | 427,138 |
Series 2013-C10 Class A4 | ||
4.22%, 07/15/46 (a)(c)(k) | 180,000 | 185,399 |
Series 2014-C16 Class A5 | ||
3.89%, 06/15/47 (a) | 270,000 | 275,106 |
Series 2015-C24 Class ASB | ||
3.48%, 05/15/48 (a) | 1,000,000 | 1,003,649 |
Series 2013-C8, Class AS | ||
3.38%, 12/15/48 (a) | 80,000 | 78,379 |
Morgan Stanley Capital I Trust | ||
Series 2012-C4 Class A4 | ||
3.24%, 03/15/45 (a) | 300,000 | 299,204 |
Series 2011-C3, Class A4 | ||
4.12%, 07/15/49 (a) | 100,000 | 102,360 |
UBS Commercial Mortgage Trust | ||
Series 2017-C3, Class A4 | ||
3.43%, 08/15/50 (a) | 500,000 | 487,848 |
Series 2017-C6, Class A5 | ||
3.58%, 12/15/50 (a) | 1,000,000 | 986,161 |
UBS-Barclays Commercial Mortgage Trust | ||
Series 2012-C4 Class A5 | ||
2.85%, 12/10/45 (a) | 500,000 | 490,031 |
Series 2013-C5 Class A4 | ||
3.18%, 03/10/46 (a) | 1,850,000 | 1,836,543 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2013-LC12 Class A4 | ||
4.22%, 07/15/46 (a)(c)(k) | 640,000 | 665,229 |
Series 2015-C28, Class A3 | ||
3.29%, 05/15/48 (a) | 1,210,000 | 1,192,867 |
Series 2015-C31 Class A3 | ||
3.43%, 11/15/48 (a) | 500,000 | 493,890 |
Series 2015-P2, Class A4 | ||
3.81%, 12/15/48 (a) | 1,500,000 | 1,519,487 |
Series 2014-LC16 Class A4 | ||
3.55%, 08/15/50 (a) | 875,000 | 879,641 |
Series 2017-C40, Class A4 | ||
3.58%, 10/15/50 (a) | 1,000,000 | 989,668 |
Series 2017-C41, Class A4 | ||
3.47%, 11/15/50 (a) | 500,000 | 490,061 |
Series 2015-C30 Class A4 | ||
3.66%, 09/15/58 (a) | 560,000 | 562,630 |
Series 2016-NXS5, Class A4 | ||
3.37%, 01/15/59 (a) | 575,000 | 568,371 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C7 Class A1 | ||
2.30%, 06/15/45 (a) | 148,735 | 147,668 |
Series 2013-C14 Class A5 | ||
3.34%, 06/15/46 (a) | 547,687 | 547,608 |
Series 2013-C15 Class A4 | ||
4.15%, 08/15/46 (a)(c)(k) | 520,000 | 538,717 |
Series 2014-C19 Class A4 | ||
3.83%, 03/15/47 (a) | 100,000 | 102,060 |
Series 2014-C20 Class ASB | ||
3.64%, 05/15/47 (a) | 1,780,000 | 1,801,388 |
Series 2013-C12 Class A4 | ||
3.20%, 03/15/48 (a) | 881,000 | 876,060 |
98,171,101 | ||
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
Mortgage-Backed Securities Pass-Through 28.0% | ||
Fannie Mae | ||
3.50%, 10/01/18 to 04/01/48 (a) | 166,105,039 | 166,242,091 |
6.00%, 10/01/18 to 07/01/41 (a) | 3,365,984 | 3,712,163 |
7.00%, 11/01/18 to 03/01/37 (a) | 19,278 | 21,880 |
6.50%, 05/01/19 to 05/01/40 (a) | 1,397,482 | 1,548,435 |
4.50%, 06/01/19 to 06/01/48 (a) | 31,094,787 | 32,604,202 |
5.00%, 06/01/19 to 09/01/39 (a)(d) | 3,190,406 | 3,421,148 |
4.00%, 09/01/20 to 05/01/48 (a) | 112,692,959 | 115,387,543 |
5.50%, 08/01/23 to 08/01/41 (a) | 7,777,222 | 8,454,509 |
5.00%, 03/01/24 to 06/01/48 (a) | 10,667,285 | 11,430,712 |
4.00%, 04/01/24 to 05/01/41 (a)(d) | 7,049,752 | 7,243,384 |
8.50%, 05/01/25 (a) | 1,766 | 1,900 |
3.00%, 12/01/25 to 04/01/47 (a) | 159,859,056 | 156,758,698 |
2.50%, 07/01/27 to 02/01/43 (a) | 38,365,549 | 37,363,042 |
2.00%, 02/01/28 to 01/01/32 (a) | 1,583,749 | 1,514,246 |
5.50%, 07/01/29 to 09/01/38 (a)(d) | 1,197,360 | 1,299,183 |
6.00%, 07/01/35 to 10/01/39 (a)(d) | 1,181,962 | 1,301,000 |
4.50%, 04/01/39 to 04/01/41 (a)(d) | 1,267,845 | 1,334,210 |
3.50%, 10/01/40 to 06/01/45 (a)(d) | 18,777,343 | 18,762,570 |
3.00%, 07/01/43 to 10/01/46 (a)(d) | 11,054,281 | 10,736,618 |
Fannie Mae TBA | ||
2.00%, 07/01/33 (a)(g) | 3,000,000 | 2,841,218 |
2.50%, 07/01/33 to 07/01/48 (a)(g) | 4,500,000 | 4,320,593 |
3.00%, 07/01/33 to 07/01/48 (a)(g) | 5,500,000 | 5,379,177 |
3.50%, 07/01/33 to 07/01/48 (a)(g) | 11,000,000 | 11,049,058 |
4.00%, 07/01/33 to 07/01/48 (a)(g) | 8,500,000 | 8,669,608 |
4.50%, 07/01/48 (a)(g) | 11,000,000 | 11,455,563 |
Freddie Mac | ||
5.50%, 11/01/18 to 06/01/41 (a) | 5,163,212 | 5,591,707 |
4.50%, 05/01/19 to 06/01/48 (a) | 20,878,468 | 21,867,951 |
5.00%, 03/01/21 to 12/01/44 (a) | 7,541,196 | 8,061,196 |
6.00%, 05/01/21 to 05/01/40 (a) | 3,241,946 | 3,588,247 |
6.50%, 09/01/22 to 09/01/39 (a) | 420,344 | 467,836 |
4.50%, 07/01/23 to 07/01/39 (a)(d) | 467,241 | 489,068 |
2.00%, 08/01/23 to 12/01/31 (a) | 1,336,988 | 1,282,926 |
5.00%, 01/01/24 to 08/01/39 (a)(d) | 1,185,396 | 1,263,643 |
4.00%, 03/01/24 to 06/01/48 (a) | 64,759,872 | 66,364,848 |
5.50%, 05/01/24 to 02/01/40 (a)(d) | 637,954 | 688,499 |
3.00%, 12/01/25 to 04/01/47 (a) | 100,962,768 | 98,846,512 |
3.50%, 12/01/25 to 02/01/48 (a) | 116,923,474 | 116,893,601 |
2.50%, 07/01/27 to 11/01/46 (a) | 26,063,901 | 25,365,101 |
6.00%, 09/01/32 to 10/01/37 (a)(d) | 291,741 | 321,109 |
6.50%, 12/01/33 (a)(d) | 197,042 | 219,527 |
3.00%, 01/01/43 to 10/01/46 (a)(d) | 10,815,588 | 10,504,889 |
4.00%, 05/01/44 (a)(d) | 1,275,418 | 1,305,827 |
Freddie Mac TBA | ||
2.00%, 07/01/33 (a)(g) | 1,500,000 | 1,419,672 |
2.50%, 07/01/33 (a)(g) | 4,000,000 | 3,883,160 |
3.00%, 07/01/33 to 07/01/48 (a)(g) | 8,500,000 | 8,340,328 |
3.50%, 07/01/33 to 07/01/48 (a)(g) | 11,500,000 | 11,539,234 |
4.00%, 07/01/48 (a)(g) | 8,500,000 | 8,664,466 |
4.50%, 07/01/48 (a)(g) | 5,000,000 | 5,203,350 |
Ginnie Mae | ||
5.00%, 12/15/19 to 02/20/48 (a) | 10,621,334 | 11,343,095 |
6.50%, 05/15/24 to 10/20/37 (a) | 185,032 | 210,210 |
4.00%, 12/15/24 to 04/20/48 (a) | 71,061,459 | 73,267,088 |
5.50%, 04/20/26 to 12/20/45 (a) | 3,540,787 | 3,853,092 |
3.50%, 05/20/26 to 03/20/48 (a) | 128,498,188 | 129,447,784 |
3.00%, 12/15/26 to 02/20/47 (a) | 77,167,589 | 76,018,702 |
2.50%, 03/20/27 to 01/20/47 (a) | 4,566,442 | 4,431,651 |
6.00%, 10/20/32 to 01/20/45 (a) | 1,870,967 | 2,051,755 |
5.50%, 04/15/33 (a)(d) | 179,038 | 196,094 |
5.00%, 05/15/33 to 07/20/39 (a)(d) | 534,882 | 574,500 |
4.50%, 09/15/33 to 11/20/47 (a) | 21,928,201 | 23,092,742 |
6.00%, 09/20/37 (a)(d) | 227,186 | 248,125 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
4.50%, 03/20/39 (a)(d) | 298,648 | 314,223 |
3.00%, 01/20/43 to 12/20/46 (a)(d) | 32,213,214 | 31,651,703 |
3.50%, 08/20/44 to 07/20/46 (a)(d) | 30,076,321 | 30,273,269 |
Ginnie Mae TBA | ||
2.50%, 07/01/48 (a)(g) | 2,000,000 | 1,897,560 |
3.00%, 07/01/48 (a)(g) | 7,500,000 | 7,338,202 |
3.50%, 07/01/48 (a)(g) | 11,500,000 | 11,543,753 |
4.00%, 07/01/48 (a)(g) | 8,000,000 | 8,200,000 |
4.50%, 07/01/48 (a)(g) | 9,500,000 | 9,875,629 |
1,450,854,625 | ||
Total Securitized | ||
(Cost $1,615,517,228) | 1,577,680,898 | |
Other Investment Company 0.4% of net assets | ||
Money Market Fund 0.4% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.82% (l) | 17,839,047 | 17,839,047 |
Total Other Investment Company | ||
(Cost $17,839,047) | 17,839,047 | |
Short-Term Investments 4.0% of net assets | ||
Government Related 4.0% | ||
Federal Home Loan Bank | ||
1.83%, 07/05/18 (m) | 80,000,000 | 79,987,600 |
1.84%, 07/11/18 (m) | 21,000,000 | 20,990,235 |
1.89%, 07/24/18 (m) | 60,000,000 | 59,931,780 |
Security Rate, Maturity Date | Face Amount ($) | Value ($) |
1.88%, 07/27/18 (m) | 18,000,000 | 17,976,744 |
1.87%, 08/03/18 (m) | 30,000,000 | 29,949,060 |
Total Short-Term Investments | ||
(Cost $208,824,895) | 208,835,419 |
* | Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. |
(a) | The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). |
(b) | Security converts to floating rate after the fixed-rate coupon period. |
(c) | Variable-rate security. |
(d) | All or a portion of this security is held as collateral for delayed-delivery securities. |
(e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $16,809,383 or 0.3% of net assets. |
(f) | Guaranteed by the Republic of Germany. |
(g) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) | Zero Coupon Bond. |
(i) | Variable rate is determined by formula set forth in the security’s offering documents and is affected by the current WAC (Weighted Average Coupon), which is the weighted average gross interest rate of the securitized asset pool and is determined by the different speeds at which the underlying mortgages are paid down. |
(j) | Variable rate is determined by formula set forth in the security’s offering documents and is affected by the MBS (Mortgage-Backed Securities) pass-through rate, which is the rate earned from a securitized asset pool once management fees and guarantee fees have been paid to the securitizing corporation. |
(k) | Security is a type of structured mortgage-backed security (MBS) that involves tranching (i.e. dividing) the underlying MBS pools’ cash flows into securities that have varying coupon and principal payback profiles. Tranches pay an investor an interest rate, which is determined by a formula set forth in the security’s offering documents. The floating interest rate may reset once a year and is generally tied to the London Interbank Offered Rate (LIBOR), the Constant Maturity Treasury (CMT), or the Cost of Funds Index (COFI). LIBOR is the interest rate banks charge each other for short-term loans. The CMT is an index published by the Federal Reserve Board to compute an index based on the monthly average yield of a range of Treasury securities maturing at different periods, adjusted to the equivalent of a one-year maturity. The COFI is a regional index of the average interest expenses paid by financial institutions on money market accounts, passbooks, CDs, and other liabilities. A variable interest rate can also be affected by the current WAC (Weighted Average Coupon), which is the weighted average gross interest rate of the securitized asset pool and is determined by the different speeds at which the underlying mortgages are paid down. |
(l) | The rate shown is the 7-day yield. |
(m) | The rate shown is the purchase yield. |
GO — | General obligation |
LIBOR — | London Interbank Offered Rate is the interest rate banks charge each other for short-term loans |
RB — | Revenue bond |
REIT — | Real Estate Investment Trust |
TBA — | To-be-announced |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |
Assets | |||||
Corporates 1 | $— | $1,283,015,526 | $— | $1,283,015,526 | |
Treasuries | — | 1,942,624,777 | — | 1,942,624,777 | |
Government Related1 | — | 333,025,096 | — | 333,025,096 | |
Securitized 1 | — | 1,577,680,898 | — | 1,577,680,898 | |
Other Investment Company1 | 17,839,047 | — | — | 17,839,047 | |
Short-Term Investments1 | — | 208,835,419 | — | 208,835,419 | |
Total | $17,839,047 | $5,345,181,716 | $— | $5,363,020,763 |
1 | As categorized in Portfolio Holdings. |
Assets | ||
Investments in unaffiliated issuers, at value (cost $5,486,340,524) | $5,363,020,763 | |
Cash | 934,742 | |
Receivables: | ||
Investments sold | 163,663,967 | |
Interest | 32,486,117 | |
Dividends | + | 23,175 |
Total assets | 5,560,128,764 | |
Liabilities | ||
Payables: | ||
Investments bought | 176,486,329 | |
Investments bought — Delayed delivery | 210,083,232 | |
Investment adviser fees | + | 168,313 |
Total liabilities | 386,737,874 | |
Net Assets | ||
Total assets | 5,560,128,764 | |
Total liabilities | – | 386,737,874 |
Net assets | $5,173,390,890 | |
Net Assets by Source | ||
Capital received from investors | 5,322,082,038 | |
Net investment income not yet distributed | 8,064,699 | |
Net realized capital losses | (33,436,086) | |
Net unrealized capital depreciation | (123,319,761) |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$5,173,390,890 | 102,200,000 | $50.62 | ||
Investment Income | ||
Dividends | $169,387 | |
Interest | + | 65,109,951 |
Total investment income | 65,279,338 | |
Expenses | ||
Investment adviser fees | 997,977 | |
Total expenses | – | 997,977 |
Net investment income | 64,281,361 | |
Realized and Unrealized Gains (Losses) | ||
Net realized losses on investments | (14,830,277) | |
Net change in unrealized appreciation (depreciation) on investments | + | (132,445,407) |
Net realized and unrealized losses | (147,275,684) | |
Decrease in net assets resulting from operations | ($82,994,323) |
Operations | ||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||
Net investment income | $64,281,361 | $88,885,573 | ||
Net realized losses | (14,830,277) | (906,970) | ||
Net change in unrealized appreciation (depreciation) | + | (132,445,407) | 39,801,062 | |
Increase (decrease) in net assets resulting from operations | (82,994,323) | 127,779,665 | ||
Distributions to Shareholders | ||||
Distributions from net investment income | ($56,618,000) | ($95,694,640) |
Transactions in Fund Shares | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | VALUE | SHARES | VALUE | |||||
Shares sold | 7,600,000 | $387,309,718 | 30,800,000 | $1,604,905,807 | ||||
Shares redeemed | + | — | — | (400,000) | (20,744,738) | |||
Net transactions in fund shares | 7,600,000 | $387,309,718 | 30,400,000 | $1,584,161,069 | ||||
Shares Outstanding and Net Assets | ||||||||
1/1/18-6/30/18 | 1/1/17-12/31/17 | |||||||
SHARES | NET ASSETS | SHARES | NET ASSETS | |||||
Beginning of period | 94,600,000 | $4,925,693,495 | 64,200,000 | $3,309,447,401 | ||||
Total increase | + | 7,600,000 | 247,697,395 | 30,400,000 | 1,616,246,094 | |||
End of period | 102,200,000 | $5,173,390,890 | 94,600,000 | $4,925,693,495 | ||||
Net investment income not yet distributed | $8,064,699 | $401,338 |
SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009) | |
Schwab U.S. TIPS ETF | Schwab U.S. Dividend Equity ETF™ |
Schwab Short-Term U.S. Treasury ETF | Schwab International Equity ETF™ |
Schwab Intermediate-Term U.S. Treasury ETF | Schwab International Small-Cap Equity ETF™ |
Schwab U.S. Aggregate Bond ETF | Schwab Emerging Markets Equity ETF™ |
Schwab U.S. Broad Market ETF™ | Schwab U.S. REIT ETF™ |
Schwab 1000 Index® ETF | Schwab Fundamental U.S. Broad Market Index ETF |
Schwab U.S. Large-Cap ETF™ | Schwab Fundamental U.S. Large Company Index ETF |
Schwab U.S. Large-Cap Growth ETF™ | Schwab Fundamental U.S. Small Company Index ETF |
Schwab U.S. Large-Cap Value ETF™ | Schwab Fundamental International Large Company Index ETF |
Schwab U.S. Mid-Cap ETF™ | Schwab Fundamental International Small Company Index ETF |
Schwab U.S. Small-Cap ETF™ | Schwab Fundamental Emerging Markets Large Company Index ETF |
2. Significant Accounting Policies:
3. Risk Factors:
4. Affiliates and Affiliated Transactions:
Schwab U.S. TIPS ETF | Schwab Short-Term U.S. Treasury ETF | Schwab Intermediate-Term U.S. Treasury ETF | Schwab U.S. Aggregate Bond ETF |
0.05% | 0.06% | 0.06% | 0.04% |
Underlying Funds | |||||
Schwab U.S. TIPS ETF | Schwab Short-Term U.S. Treasury ETF | Schwab U.S. Aggregate Bond ETF | |||
Schwab Target 2010 Index Fund | 0.0%* | 0.1% | 0.1% | ||
Schwab Target 2015 Index Fund | 0.0%* | 0.1% | 0.2% | ||
Schwab Target 2020 Index Fund | 0.1% | 0.2% | 0.6% | ||
Schwab Target 2025 Index Fund | 0.0%* | 0.1% | 0.6% | ||
Schwab Target 2030 Index Fund | -% | 0.1% | 0.7% | ||
Schwab Target 2035 Index Fund | -% | 0.0%* | 0.3% | ||
Schwab Target 2040 Index Fund | -% | 0.0%* | 0.2% | ||
Schwab Target 2045 Index Fund | -% | 0.0%* | 0.1% | ||
Schwab Target 2050 Index Fund | -% | 0.0%* | 0.1% | ||
Schwab Target 2055 Index Fund | -% | 0.0%* | 0.0%* | ||
Schwab Target 2060 Index Fund | -% | 0.0%* | 0.0%* | ||
Schwab VIT Balanced Portfolio | 0.0%* | -% | 0.4% | ||
Schwab VIT Balanced with Growth Portfolio | 0.1% | -% | 0.8% | ||
Schwab VIT Growth Portfolio | 0.0%* | -% | 0.4% |
5. Other Service Providers:
7. Borrowing from Banks:
8. Purchases and Sales/Maturities of Investment Securities:
Purchases of Long-Term U.S. Government Securities* | Purchases of Other Long-Term Securities | Total Purchases of Long-Term Securities | |
Schwab U.S. TIPS ETF | $447,234,479 | $— | $447,234,479 |
Schwab Short-Term U.S. Treasury ETF | 817,058,363 | — | 817,058,363 |
Schwab Intermediate-Term U.S. Treasury ETF | 380,862,629 | — | 380,862,629 |
Schwab U.S. Aggregate Bond ETF | 2,151,090,924 | 386,237,951 | 2,537,328,875 |
Sales/Maturities of Long-Term U.S. Government Securities | Sales/Maturities of Other Long-Term Securities | Total Sales/Maturities of Long-Term Securities | |
Schwab U.S. TIPS ETF | $334,465,581 | $— | $334,465,581 |
Schwab Short-Term U.S. Treasury ETF | 736,727,845 | — | 736,727,845 |
Schwab Intermediate-Term U.S. Treasury ETF | 275,836,896 | — | 275,836,896 |
Schwab U.S. Aggregate Bond ETF | 1,867,660,464 | 273,677,234 | 2,141,337,698 |
9. In-Kind Transactions:
In-Kind Purchases of Securities | In-Kind Sales of Securities | |
Schwab U.S. TIPS ETF | $2,543,457,760 | $97,740,657 |
Schwab Short-Term U.S. Treasury ETF | 533,860,226 | 160,380,409 |
Schwab Intermediate-Term U.S. Treasury ETF | 1,539,037,648 | 17,834,196 |
Schwab U.S. Aggregate Bond ETF | — | — |
10. Federal Income Taxes
Schwab U.S. TIPS ETF | Schwab Short-Term U.S. Treasury ETF | Schwab Intermediate-Term U.S. Treasury ETF | Schwab U.S. Aggregate Bond ETF | ||||
Tax cost | $5,478,726,200 | $2,636,556,196 | $2,800,834,002 | $5,490,178,869 | |||
Gross unrealized appreciation | $— | $— | $— | $3,302,048 | |||
Gross unrealized depreciation | (45,893,067) | (28,674,228) | (43,905,341) | (130,460,154) | |||
Net unrealized appreciation (depreciation) | ($45,893,067) | ($28,674,228) | ($43,905,341) | ($127,158,106) |
Expiration Date | Schwab U.S. TIPS ETF | Schwab Short-Term U.S. Treasury ETF | Schwab Intermediate-Term U.S. Treasury ETF | Schwab U.S. Aggregate Bond ETF | |||
December 31, 2018 | $39 | $366 | $2,072 | $— | |||
No expiration | 11,922,565 | 5,054,535 | 4,271,118 | 16,118,177 | |||
Total | $11,922,604 | $5,054,901 | $4,273,190 | $16,118,177 |
11. Subsequent Events:
1. | the nature, extent and quality of the services provided to the Funds under the Agreement, including the resources of CSIM and its affiliates dedicated to the Funds; |
2. | each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds; |
3. | each Fund’s expenses and how those expenses compared to those of certain other comparable exchange-traded funds; |
4. | the profitability of CSIM and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Funds, including both direct and indirect benefits accruing to CSIM and its affiliates; and |
5. | the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors. |
Independent Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | Retired/Private Investor (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 107 | Director, PS Business Parks, Inc. (2005 – 2012) |
John F. Cogan 1947 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Fellow, The Hoover Institution at Stanford University (public policy think tank) (Oct. 1979 – present); Senior Fellow, Stanford Institute for Economic Policy Research (2000 – present); Professor of Public Policy, Stanford University (1994 – 2015). | 107 | Director, Gilead Sciences, Inc. (2005 – present) |
Nancy F. Heller 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) | President and Chairman, TIAA Charitable (financial services) (2014 – 2016); Senior Managing Director, TIAA (financial services) (2003 – 2016). | 107 | None |
Stephen Timothy Kochis 1946 Trustee (Trustee of Schwab Strategic Trust since 2012; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) | CEO and Owner, Kochis Global (wealth management consulting) (May 2012 – present); Chairman and CEO, Aspiriant, LLC (wealth management) (Jan. 2008 – Apr. 2012). | 107 | None |
Independent Trustees (continued) | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Private Investor. | 107 | Director, Symantec Corporation (2003 – present) Director, Corcept Therapeutics Incorporated (2004 – present) Director, Adamas Pharmaceuticals, Inc. (2009 – present) |
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) | Retired. Executive Vice President and General Manager of Small Business Group, Intuit, Inc. (financial software and services firm for consumers and small businesses) (Dec. 2008 – Sept. 2013). | 107 | Director, KLA-Tencor Corporation (2008 – present) |
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Consultant, Patmore Management Consulting (management consulting) (2008 – present). | 107 | None |
Gerald B. Smith 1950 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2000; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Chairman, Chief Executive Officer and Founder of Smith Graham & Co. (investment advisors) (Mar. 1990 – present). | 107 | Director, Eaton (2012 – present) Director and Chairman of the Audit Committee, Oneok Partners LP (2003 – 2013) Director, Oneok, Inc. (2009 – 2013) Lead Independent Director, Board of Cooper Industries (2002 – 2012) |
Joseph H. Wender 1944 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Laudus Trust since 2010; Schwab Strategic Trust since 2016) | Senior Consultant, Goldman Sachs & Co., Inc. (investment banking and securities firm) (Jan. 2008 – present); Co-CEO, Colgin Cellars, LLC (vineyards) (Feb. 1998 – present). | 107 | Board Member and Chairman of the Audit Committee, Ionis Pharmaceuticals (1994 – present) Lead Independent Director and Chair of Audit Committee, OUTFRONT Media Inc. (2014 – present) |
Interested Trustees | |||
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) | Principal Occupations During the Past Five Years | Number of Portfolios in Fund Complex Overseen by the Trustee | Other Directorships |
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010) | Director, President and Chief Executive Officer, The Charles Schwab Corporation (Oct. 2008 – present); President and Chief Executive Officer (Oct. 2008 – present), Director (May 2008 – present), Charles Schwab & Co., Inc.; Director, Charles Schwab Bank (Apr. 2006 – present); Director (May 2008 – present), President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; and Director, Charles Schwab Investment Management, Inc. (July 2016 – present). | 107 | Director, The Charles Schwab Corporation (2008 – present) |
Marie A. Chandoha2 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). | 107 | None |
Joseph R. Martinetto2 1962 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) | Chief Operating Officer (Feb. 2018 – present), Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President, Charles Schwab & Co., Inc. (July 2015 – present); Chief Financial Officer (July 2015 – Aug. 2017), Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director, Charles Schwab & Co., Inc. (May 2007 – present); Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc. | 107 | None |
Officers of the Trust | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Marie A. Chandoha 1961 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2010) | Director, President and Chief Executive Officer (Dec. 2010 – present), Chief Investment Officer (Sept. 2010 – Oct. 2011), Charles Schwab Investment Management, Inc.; Trustee (Jan. 2016 – present), President, Chief Executive Officer (Dec. 2010 – present), and Chief Investment Officer (Sept. 2010 – Oct. 2011), Schwab Funds, Laudus Funds and Schwab ETFs; Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Jan. 2011 – present); Global Head of Fixed Income Business Division, BlackRock, Inc. (formerly Barclays Global Investors) (investment management firm) (Mar. 2007 – Aug. 2010). |
Officers of the Trust (continued) | |
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3) | Principal Occupations During the Past Five Years |
Mark Fischer 1970 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013) | Treasurer and Chief Financial Officer, Schwab Funds, Laudus Funds and Schwab ETFs (Jan. 2016 – present); Assistant Treasurer, Schwab Funds and Laudus Funds (Dec. 2013 – Dec. 2015), Schwab ETFs (Nov. 2013 – Dec. 2015); Vice President, Charles Schwab Investment Management, Inc. (Oct. 2013 – present); Executive Director, J.P. Morgan Investor Services (Apr. 2011 – Sept. 2013); Assistant Treasurer, Massachusetts Financial Service Investment Management (May 2005 – Mar. 2011). |
George Pereira 1964 Senior Vice President and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2004; Laudus Trust since 2006; Schwab Strategic Trust since 2009) | Senior Vice President and Chief Financial Officer (Nov. 2004 – present), Chief Operating Officer (Jan. 2011 – present), Charles Schwab Investment Management, Inc.; Senior Vice President and Chief Operating Officer (Jan. 2016 – present), Treasurer and Chief Financial Officer, Laudus Funds (June 2006 – Dec. 2015); Treasurer and Principal Financial Officer, Schwab Funds (Nov. 2004 – Dec. 2015) and Schwab ETFs (Oct. 2009 – Dec. 2015); Director, Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited (Apr. 2005 – present). |
Omar Aguilar 1970 Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Equities and Multi-Asset Strategies, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Equities, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Head of the Portfolio Management Group and Vice President of Portfolio Management, Financial Engines, Inc. (investment management firm) (May 2009 – Apr. 2011); Head of Quantitative Equity, ING Investment Management (July 2004 – Jan. 2009). |
Brett Wander 1961 Senior Vice President and Chief Investment Officer – Fixed Income (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President and Chief Investment Officer – Fixed Income, Charles Schwab Investment Management, Inc. (Apr. 2011 – present); Senior Vice President and Chief Investment Officer – Fixed Income, Schwab Funds, Laudus Funds and Schwab ETFs (June 2011 – present); Senior Managing Director, Global Head of Active Fixed-Income Strategies, State Street Global Advisors (Jan. 2008 – Oct. 2010); Director of Alpha Strategies Loomis, Sayles & Company (investment management firm) (Apr. 2006 – Jan. 2008). |
David Lekich 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Vice President and Assistant Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) | Senior Vice President (Sept. 2011 – present), Vice President (Mar. 2004 – Sept. 2011), Charles Schwab & Co., Inc.; Senior Vice President and Chief Counsel (Sept. 2011 – present), Vice President (Jan. 2011 – Sept. 2011), Charles Schwab Investment Management, Inc.; Secretary (Apr. 2011 – present) and Chief Legal Officer (Dec. 2011 – present), Schwab Funds; Vice President and Assistant Clerk, Laudus Funds (Apr. 2011 – present); Secretary (May 2011 – present) and Chief Legal Officer (Nov. 2011 – present), Schwab ETFs. |
Catherine MacGregor 1964 Vice President and Assistant Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Funds (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) | Vice President, Charles Schwab & Co., Inc., Charles Schwab Investment Management, Inc. (July 2005 – present); Vice President (Dec. 2005 – present), Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Funds; Vice President (Nov. 2005 – present) and Assistant Secretary (June 2007 – present), Schwab Funds; Vice President and Assistant Secretary, Schwab ETFs (Oct. 2009 – present). |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger, Ms. Chandoha and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc. (CSIM), the investment adviser for the trusts in the Fund Complex, is an employee and director of Charles Schwab & Co., Inc. (CS&Co), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios, and is a director of CSIM. Ms. Chandoha is an Interested Trustee because she owns stock of CSC and is an employee and director of CSIM. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of CS&Co. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
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* | FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC. |
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Table of Contents
Item 2: Code of Ethics.
Not applicable to this semi-annual report.
Item 3: Audit Committee Financial Expert.
Not applicable to this semi-annual report.
Item 4: Principal Accountant Fees and Services.
Not applicable to this semi-annual report.
Item 5: Audit Committee of Listed Registrants.
Not applicable to this semi-annual report.
Item 6: Schedule of Investments.
The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) | Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Marie Chandoha and Registrant’s Chief Financial Officer, Mark Fischer, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated |
Table of Contents
to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above. |
(b) | During the second fiscal quarter of the period covered by this report, there have been no changes in Registrant’s internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting. |
Item 12: Exhibits.
(a) | (1) Code of ethics – not applicable to this semi-annual report. |
(2) | Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
(3) | Not applicable. |
(b) | A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSRS with the Commission. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Schwab Strategic Trust
By: | /s/ Marie Chandoha | |
Marie Chandoha Chief Executive Officer | ||
Date: | August 13, 2018 |
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/ Marie Chandoha | |
Marie Chandoha Chief Executive Officer | ||
Date: | August 13, 2018 |
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By: | /s/ Mark Fischer | |
Mark Fischer Chief Financial Officer | ||
Date: | August 13, 2018 |