UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-01880
The Income Fund of America, Inc.
(Exact Name of Registrant as specified in charter)
P.O. Box 7650, One Market, Steuart Tower
San Francisco, California 94120
(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 421-9360
Date of fiscal year end: July 31
Date of reporting period: July 31, 2006
Patrick F. Quan
Capital Research and Management Company
P.O. Box 7650, One Market, Steuart Tower
San Francisco, California 94120
(name and address of agent for service)
Copies to:
Michael Glazer
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 - Reports to Stockholders
[logo - American Funds®]
The right choice for the long term®
The Income Fund of America
Paving the way with income
[photo - path of step stones in pond with lily pads]
Annual report for the year ended July 31, 2006
The Income Fund of America® seeks current income while secondarily striving for capital growth through investments in stocks and fixed-income securities.
This fund is one of the 29 American Funds. The organization ranks among the nation’s three largest mutual fund families. For nearly 75 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Contents | page |
Letter to shareholders, with results at a glance | 1 |
The value of a long-term perspective | 4 |
Paving the way with income | 6 |
About your fund | 12 |
The portfolio at a glance | 13 |
Summary investment portfolio | 14 |
Financial statements | 20 |
Directors and officers | 35 |
The American Funds family | back cover |
Figures shown are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For current information and month-end results, visit americanfunds.com. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended June 30, 2006 (the most recent calendar quarter):
Class A shares | 1 year | 5 years | 10 years |
Reflecting 5.75% maximum sales charge | +3.33% | +7.16% | +9.22% |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 29 to 30 for details.
The fund’s 30-day yield for Class A shares as of August 31, 2006, calculated in accordance with the Securities and Exchange Commission formula, was 3.86%, which reflects a fee waiver (3.84% without the fee waiver). The fund’s distribution rate for Class A shares as of that date was 3.54%. Both reflect the 5.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.
Results for other share classes can be found on page 34. Please see the inside back cover for important information about other share classes.
The return of principal for the bond holdings in The Income Fund of America is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing outside the United States is subject to additional risks, such as currency fluctuations and political instability, which are detailed in the fund’s prospectus.
[photo - close-up of lily pads with blooming flower]
Fellow shareholders:
Throughout its fiscal year ended July 31, 2006, The Income Fund of America generated solid results. The fund’s 12-month return of 9.8% exceeded the unmanaged Standard & Poor’s 500 Composite Index’s return of 5.4%. Also during this time frame, the fund outpaced the Lipper Income Funds Index’s return of 4.9% and the unmanaged Lehman Brothers Aggregate Bond Index’s return of 1.5%.
A strong, steady showing
During the first half of the fund’s fiscal year, the U.S. economy continued to show solid signs of strength. Fueled in part by the growth in the economy, the S&P 500 outpaced The Income Fund
of America over this time frame.
Later in the year, however, the effects of two years of Federal Reserve rate increases, higher energy prices and a softening housing market all took their toll, and the economy and the stock market (as measured by the S&P 500) slowed. The Income Fund of America’s consistent showing throughout the entire period helped the fund surpass the S&P 500 over the fiscal year ended July 31, 2006.
Meeting the income challenge
As the chart on page 3 illustrates, the fund has remained true to its mandate of generating high current income over its lifetime. The last 12 months have been no exception. During its fiscal year, the fund provided shareholders with a generous dividend yield of 3.8% — an amount significantly higher than the S&P 500’s dividend yield of 1.8% and Lipper Income Funds Average’s yield of 2.8%.
Part of our commitment to income includes increasing the fund’s regular dividend when we believe long-term economic, market and investment trends will sustain a higher dividend rate. In response to the Federal Reserve rate hikes, the yields on the fund’s cash and short-term bonds rose. This, coupled with the higher dividends from the fund’s stock holdings, gave us the confidence to raise the regular dividend twice during the fiscal year: once to 17.5 cents a share in December 2005 and then again to 18.5 cents a share in June 2006. At this time, we’re pleased to announce that we will, once again, be increasing the quarterly dividend to 19.5 cents a share beginning with the December 2006 payment.
[Begin Sidebar]
Results at a glance (with dividends reinvested or interest compounded)
Average annual total returns for periods ended July 31, 2006 | ||||
1 year | 5 years | 10 years | Lifetime1 | |
The Income Fund of America | +9.8% | +8.8% | +10.3% | +12.6% |
Standard & Poor’s 500 Composite Index | +5.4 | +2.8 | +8.9 | +11.8 |
Lipper Income Funds Index2 | +4.9 | +4.9 | +7.2 | —3 |
Lehman Brothers Aggregate Bond Index | +1.5 | +4.8 | +6.3 | +8.44 |
Consumer Price Index (inflation)5 | +4.1 | +2.8 | +2.6 | +4.7 |
1Since December 1, 1973, when Capital Research and Management Company became the fund’s investment adviser.
2Source: Lipper. Figures do not reflect the effect of sales charges.
3The inception date for the index was December 31, 1988.
4From December 1, 1973, through December 31, 1975, the Lehman Brothers Government/Credit Bond Index was used because the Aggregate Bond Index did not yet exist.
5Computed from data supplied by the U.S. Department of Labor, Bureau of Labor Statistics.
The market indexes are unmanaged and do not reflect sales charges, commissions or expenses. Fund returns do not include sales charges.
[End Sidebar]
During the course of the year, quite a few companies in the fund’s portfolio paid special dividends. These included Vodafone, a U.K. telecommunications giant, and E.ON, a leading German utility company that supplies electricity, gas and water to customers throughout Europe. Companies often opt to pay special one-time dividends instead of increasing their regular dividends when the excess capital is a result of short-term trends or isolated events, such as exceptionally strong returns or a sale of a division. Due in large part to these dividends, the fund will be paying a special dividend in December 2006.
A review of your fund’s portfolio
Once again, the fund’s substantial stock holdings in the financial, utility and telecommunication services sectors have been strong contributors to the fund’s above-stock-market returns. These are sectors where we have been finding value and continued success over the past few years.
Within the fund’s financial holdings, commercial banks were a source of higher income as well as solid returns. Although historically they have done poorly during prolonged periods of rising interest rates, commercial banks have expanded into non-lending sources of revenue over the past decade. These sources of revenue — which include investment banking, brokerage and basic transaction fees — have helped commercial banks be profitable in a rising rate environment. As the headwind of rising rates dissipates, we expect commercial bank profits to increase, translating into stronger returns.
In addition to providing a more stable stream of higher income, the fund’s bond holdings generated a modest, yet positive, return during its fiscal year. High-yield corporate bonds were buoyed by a combination of factors, including rising corporate profits, economic growth, low default rates and vigorous demand by investors. Mortgage- and asset-backed securities also contributed to the fund’s bond return. These securities, which have grown in importance and number in the fund’s holdings and the U.S. bond market, tend to be fairly stable sources of income.
As of July 31, 2006, bonds represented approximately 22% of the fund’s total net assets. In anticipation of Federal Reserve increases, we started lowering the fund’s bond holdings in 2004. Now that we believe we’re nearing the end of a rising interest rate cycle, we do not anticipate significantly reducing the fund’s bond holdings further.
[Begin Sidebar]
Striking a balance between return and volatility
The Income Fund of America takes a prudent path to yield. Looking back 10 years, as shown at right, the fund has provided higher returns than bonds and lower volatility than the broader stock market. It has grown faster than the average income fund, without sacrificing steadiness.
For the 10-year period ended July 31, 2006
[begin quadrant graph]
Average annual total return | Volatility | |||||||||
More return, less volatility quadrant | The Income Fund of America | 10.33 | % | 8.22 | % | |||||
Less return, less volatility quadrant | Bonds | 6.33 | 3.63 | |||||||
Less return, more volatility quadrant | Stocks | 8.87 | 15.50 | |||||||
Less return, less volatility quadrant | Income Funds Index | 7.23 | 6.56 |
[end quadrant graph]
Sources: Stocks — S&P 500; Bonds — Lehman Brothers Aggregate Bond Index; Income Funds Index — Lipper. Returns include reinvestment of all distributions. Volatility is calculated at net asset value by Lipper using annualized standard deviation (based on monthly returns), a measure of how returns over time have varied from the mean; a lower number signifies lower volatility.
[End Sidebar]
Reaping and planting the seeds of long-term opportunities
Our focus on finding good sources of high income and long-term growth opportunities often leads us to invest in companies that are in struggling areas of the market. Over time, the combination of high dividends, low valuations and a recovery in the market, sector or industry can translate into strong returns. This has been the case with the fund’s stock holdings in the utility and telecommunication services sectors, two of the largest sector exposures in its portfolio.
One other struggling area where we’ve recently been finding long-term value and high dividend yields is the pharmaceutical industry. Concerns about Medicare reforms, litigation and patent expirations forced the valuations of many pharmaceutical stocks to their lowest levels in more than a decade. Over the past few years, many of these companies have increased their dividends to a level where they are now appropriate investments for the fund. Like the fund’s holdings in the telecommunication services and utility sectors, we believe these holdings will be strong contributors to the fund’s total return.
Putting results in perspective
Since its inception, The Income Fund of America’s primary objective has been to provide income and, secondarily, growth of capital — all with an eye toward capital preservation. Over the past few years, we’ve been pleased to provide shareholders with higher dividends and stronger returns than the S&P 500. Although our intent is to continue to deliver solid returns, we would like to remind shareholders that the past few years have been exceptional and that the fund’s foremost focus is on income. As you will read in “Paving the way with income” on pages 6 to 11, The Income Fund of America typically outpaces the S&P 500 during declining and flat markets (as it has over the past few years) and lags the market when stock prices climb. For those long-term shareholders who have stayed the course, however, this disciplined income focus has translated into attractive long-term returns with far less volatility than the S&P 500.
Cordially,
/s/ Hilda L. Applbaum
Hilda L. Applbaum
Vice Chairman and Principal Executive Officer
/s/ David C. Barclay
David C. Barclay
President
September 13, 2006
For current information about the fund, visit americanfunds.com.
[Begin Sidebar]
[begin line chart]
A lifetime of high current income
The Income Fund of America’s 12-month dividend yield vs. benchmarks
Year ended July 31
Year-ended | The Income Fund of America | Lipper Income Funds Average | S&P 500 | |||||||
1/31/1975 | 7.30 | % | 7.28 | % | 4.71 | % | ||||
7/31/1975 | 7.24 | 7.07 | 4.18 | |||||||
1/31/1976 | 6.30 | 6.55 | 3.65 | |||||||
7/31/1976 | 7.06 | 6.53 | 3.66 | |||||||
1/31/1977 | 6.94 | 6.31 | 4.01 | |||||||
7/31/1977 | 6.15 | 6.29 | 4.47 | |||||||
1/31/1978 | 6.61 | 6.86 | 5.28 | |||||||
7/31/1978 | 6.70 | 6.73 | 4.92 | |||||||
1/31/1979 | 7.56 | 7.14 | 5.12 | |||||||
7/31/1979 | 7.38 | 7.12 | 5.19 | |||||||
1/31/1980 | 7.83 | 7.56 | 4.99 | |||||||
7/31/1980 | 7.63 | 7.54 | 4.95 | |||||||
1/31/1981 | 8.07 | 8.11 | 4.81 | |||||||
7/31/1981 | 8.16 | 8.56 | 4.91 | |||||||
1/31/1982 | 8.75 | 9.62 | 5.53 | |||||||
7/31/1982 | 9.81 | 10.44 | 6.37 | |||||||
1/31/1983 | 7.95 | 8.84 | 4.74 | |||||||
7/31/1983 | 7.95 | 8.55 | 4.28 | |||||||
1/31/1984 | 7.86 | 8.73 | 4.36 | |||||||
7/31/1984 | 8.60 | 9.64 | 4.87 | |||||||
1/31/1985 | 7.69 | 8.64 | 4.22 | |||||||
7/31/1985 | 7.45 | 8.40 | 4.07 | |||||||
1/31/1986 | 7.30 | 7.95 | 3.75 | |||||||
7/31/1986 | 7.27 | 7.55 | 3.45 | |||||||
1/31/1987 | 6.85 | 6.95 | 3.03 | |||||||
7/31/1987 | 7.02 | 7.09 | 2.69 | |||||||
1/31/1988 | 7.62 | 7.46 | 3.31 | |||||||
7/31/1988 | 6.96 | 7.26 | 3.27 | |||||||
1/31/1989 | 6.69 | 7.01 | 3.34 | |||||||
7/31/1989 | 6.67 | 6.76 | 3.04 | |||||||
1/31/1990 | 6.99 | 7.31 | 3.37 | |||||||
7/31/1990 | 7.07 | 7.40 | 3.31 | |||||||
1/31/1991 | 8.12 | 7.82 | 3.52 | |||||||
7/31/1991 | 7.09 | 7.10 | 3.11 | |||||||
1/31/1992 | 6.33 | 6.61 | 2.96 | |||||||
7/31/1992 | 6.05 | 6.42 | 2.89 | |||||||
1/31/1993 | 6.44 | 5.78 | 2.83 | |||||||
7/31/1993 | 6.19 | 5.05 | 2.79 | |||||||
1/31/1994 | 5.56 | 4.76 | 2.64 | |||||||
7/31/1994 | 6.06 | 4.52 | 2.80 | |||||||
1/31/1995 | 6.14 | 4.90 | 2.81 | |||||||
7/31/1995 | 5.55 | 4.56 | 2.41 | |||||||
1/31/1996 | 5.07 | 4.29 | 2.18 | |||||||
7/31/1996 | 5.19 | 4.50 | 2.28 | |||||||
1/31/1997 | 5.09 | 4.13 | 1.89 | |||||||
7/31/1997 | 4.74 | 3.94 | 1.61 | |||||||
1/31/1998 | 4.27 | 4.03 | 1.59 | |||||||
7/31/1998 | 4.32 | 3.93 | 1.43 | |||||||
1/31/1999 | 4.79 | 3.72 | 1.29 | |||||||
7/31/1999 | 4.86 | 3.89 | 1.24 | |||||||
1/31/2000 | 5.40 | 4.25 | 1.19 | |||||||
7/31/2000 | 5.49 | 4.34 | 1.15 | |||||||
1/31/2001 | 4.78 | 4.31 | 1.20 | |||||||
7/31/2001 | 4.80 | 4.18 | 1.30 | |||||||
1/31/2002 | 5.01 | 3.84 | 1.40 | |||||||
7/31/2002 | 5.49 | 3.67 | 1.75 | |||||||
1/31/2003 | 5.45 | 3.44 | 1.88 | |||||||
7/31/2003 | 4.69 | 3.05 | 1.66 | |||||||
1/31/2004 | 4.05 | 2.62 | 1.54 | |||||||
7/31/2004 | 3.98 | 2.58 | 1.69 | |||||||
1/31/2005 | 3.57 | 2.40 | 1.64 | |||||||
7/31/2005 | 3.44 | 2.33 | 1.70 | |||||||
1/31/2006 | 3.75 | 2.67 | 1.75 | |||||||
7/31/2006 | 3.84 | 2.78 | 1.83 |
All numbers calculated by Lipper.
[end line chart]
[End Sidebar]
The value of a long-term perspective
How a $10,000 investment has grown
There have always been reasons not to invest. If you look beyond the negative headlines, however, you will find that despite occasional stumbles, financial markets have tended to reward investors over the long term. Active management — bolstered by experience and careful research — can add even more value. As the chart below shows, over its lifetime, The Income Fund of America (IFA) has delivered higher returns than both the broader stock and bond markets. Dividends, particularly when reinvested, have accounted for a large portion of the fund’s overall results.
Figures shown are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com. Fund figures reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment.1 Thus, the net amount invested was $9,425.2
[begin sidebar]
Average annual total returns based on a $1,000 investment
(for periods ended July 31, 2006)*
1 year | 5 years | 10 years | |
Class A shares | 3.46% | 7.51% | 9.68% |
*Assumes reinvestment of all distributions and payment of the maximum 5.75% sales charge.
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 29 to 30 for details.
[end sidebar]
[begin sidebar]
Expense ratios and turnover rates*
Year ended July 31, 2006
The Income Fund of America | Industry average† | |
Expense ratio | 0.53%†† | 0.75% |
Portfolio turnover rate | 35% | 43% |
* The expense ratio is the annual percentage of net assets used to pay fund expenses. The portfolio turnover rate is a measure of how often securities are bought and sold by a fund.
† Front-end load income funds, as measured by Lipper.
†† Reflects the fee waiver, 0.56% without the fee waiver.
[end sidebar]
[begin mountain chart]
Year End July 31 | IFA 1, 7, 8 remaining amounts if dividends taken in cash | IFA 1, 7, 8 with dividends reinvested | Lehman Bros. Aggregate Bond Index 5, 6with interest compounded | Standard and Poor's 500 Composite Index 5 with dividends reinvested | |||
1974 3 | 8,767 | 9,088 | 9,378 | 8,481 | |||
1975 | 10,141 | 11,391 | 10,580 | 9,951 | |||
1976 | 12,155 | 14,750 | 11,871 | 12,066 | |||
1977 | 12,701 | 16,392 | 13,189 | 12,042 | |||
1978 | 12,584 | 17,403 | 13,474 | 12,926 | |||
1979 | 12,693 | 18,921 | 14,373 | 14,069 | |||
1980 | 12,490 | 20,161 | 14,602 | 17,412 | |||
1981 | 12,818 | 22,484 | 13,871 | 19,675 | |||
1982 | 12,256 | 23,663 | 16,720 | 17,063 | |||
1983 | 16,112 | 33,683 | 20,383 | 27,174 | |||
1984 | 15,738 | 35,721 | 22,154 | 26,367 | |||
1985 | 19,443 | 47,674 | 27,452 | 34,914 | |||
1986 | 21,668 | 57,146 | 33,353 | 44,833 | |||
1987 | 23,568 | 66,671 | 34,859 | 62,449 | |||
1988 | 22,341 | 67,812 | 37,497 | 55,109 | |||
1989 | 25,644 | 83,698 | 43,200 | 72,685 | |||
1990 | 24,351 | 84,639 | 46,253 | 77,386 | |||
1991 | 25,390 | 95,046 | 51,204 | 87,239 | |||
1992 | 28,370 | 113,237 | 58,770 | 98,377 | |||
1993 | 29,917 | 126,680 | 64,746 | 106,947 | |||
1994 | 28,788 | 129,171 | 64,807 | 112,457 | |||
1995 | 31,571 | 150,378 | 71,358 | 141,775 | |||
1996 | 34,007 | 170,618 | 75,311 | 165,244 | |||
1997 | 41,731 | 220,576 | 83,417 | 251,353 | |||
1998 | 44,436 | 245,542 | 89,980 | 299,807 | |||
1999 | 45,588 | 264,664 | 92,220 | 360,395 | |||
2000 | 42,276 | 259,165 | 97,721 | 392,724 | |||
2001 | 46,460 | 299,416 | 110,124 | 336,476 | |||
2002 | 41,359 | 280,397 | 118,420 | 257,015 | |||
2003 | 44,136 | 314,550 | 124,835 | 284,354 | |||
2004 | 49,057 | 364,136 | 130,876 | 321,781 | |||
2005 | 54,032 | 415,525 | 137,146 | 366,973 | |||
2006 | 56,985 | 456,119 | 139,146 | 386,700 |
Year ended July 31 | 1974 3 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | |||||||||||||||||||||||||||||||||||
Value of dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends in Cash 8 | $ | 343 | $ | 734 | $ | 859 | $ | 781 | $ | 843 | $ | 937 | $ | 952 | $ | 1,046 | $ | 1,202 | $ | 1,280 | $ | 1,344 | $ | 1,438 | $ | 1,550 | $ | 1,636 | $ | 1,542 | $ | 1,710 | $ | 1,577 | ||||||||||||||||||
Dividends Reinvested 8 | $ | 346 | $ | 785 | $ | 997 | $ | 970 | $ | 1,117 | $ | 1,333 | $ | 1,463 | $ | 1,743 | $ | 2,187 | $ | 2,548 | $ | 2,895 | $ | 3,365 | $ | 3,909 | $ | 4,431 | $ | 4,479 | $ | 5,337 | $ | 5,269 | ||||||||||||||||||
Value of investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends in Cash 8 | $ | 8,767 | $ | 10,141 | $ | 12,155 | $ | 12,701 | $ | 12,584 | $ | 12,693 | $ | 12,490 | $ | 12,818 | $ | 12,256 | $ | 16,112 | $ | 15,738 | $ | 19,443 | $ | 21,668 | $ | 23,568 | $ | 22,341 | $ | 25,644 | $ | 24,351 | ||||||||||||||||||
Dividends Reinvested 8 | $ | 9,088 | $ | 11,391 | $ | 14,750 | $ | 16,392 | $ | 17,403 | $ | 18,921 | $ | 20,161 | $ | 22,484 | $ | 23,663 | $ | 33,683 | $ | 35,721 | $ | 47,674 | $ | 57,146 | $ | 66,671 | $ | 67,812 | $ | 83,698 | $ | 84,639 | ||||||||||||||||||
IFA total return | -9.1 | % | 25.3 | % | 29.5 | % | 11.1 | % | 6.2 | % | 8.7 | % | 6.6 | % | 11.5 | % | 5.2 | % | 42.3 | % | 6.0 | % | 33.5 | % | 19.9 | % | 16.7 | % | 1.7 | % | 23.4 | % | 1.1 | % |
Year ended July 31 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | |||||||||||||||||||||||||||||||||
Value of dividends | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends in Cash 8 | $ | 1,764 | $ | 1,715 | $ | 1,713 | $ | 1,727 | $ | 1,752 | $ | 1,766 | $ | 1,968 | $ | 1,959 | $ | 2,210 | $ | 2,320 | $ | 2,226 | $ | 2,272 | $ | 2,071 | $ | 1,944 | $ | 1,850 | $ | 2,180 | |||||||||||||||||
Dividends Reinvested 8 | $ | 6,311 | $ | 6,579 | $ | 6,995 | $ | 7,471 | $ | 8,046 | $ | 8,581 | $ | 10,074 | $ | 10,530 | $ | 12,446 | $ | 13,740 | $ | 13,913 | $ | 14,927 | $ | 14,311 | $ | 14,072 | $ | 13,921 | $ | 17,020 | |||||||||||||||||
Value of investment | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends in Cash 8 | $ | 25,390 | $ | 28,370 | $ | 29,917 | $ | 28,788 | $ | 31,571 | $ | 34,007 | $ | 41,731 | $ | 44,436 | $ | 45,588 | $ | 42,276 | $ | 46,460 | $ | 41,359 | $ | 44,136 | $ | 49,057 | $ | 54,032 | $ | 56,985 | |||||||||||||||||
Dividends Reinvested 8 | $ | 95,046 | $ | 113,237 | $ | 126,680 | $ | 129,171 | $ | 150,378 | $ | 170,618 | $ | 220,576 | $ | 245,542 | $ | 264,664 | $ | 259,165 | $ | 299,416 | $ | 280,397 | $ | 314,550 | $ | 364,136 | $ | 415,525 | $ | 456,119 | |||||||||||||||||
IFA total return | 12.3 | % | 19.1 | % | 11.9 | % | 2.0 | % | 16.4 | % | 13.5 | % | 29.3 | % | 11.3 | % | 7.8 | % | -2.1 | % | 15.5 | % | -6.4 | % | 12.2 | % | 15.8 | % | 14.1 | % | 9.8 | % |
Average annual total return for fund's lifetime: 12.41%1
1As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2The maximum initial sales charge was 8.5% prior to July 1, 1988.
3For the period December 1, 1973 (when Capital Research and Management Company became the fund’s investment adviser), through July 31, 1974.
4Includes reinvested dividends of $222,114 and reinvested capital gain distributions of $98,706.
5The indexes are unmanaged and include reinvested distributions, but do not reflect sales charges, commissions or expenses.
6From December 1, 1973, through December 31, 1975, the Lehman Brothers Government/Credit Bond Index was used because the Lehman Brothers Aggregate Bond Index did not exist. From January 1, 1976, through July 31, 2006, the Lehman Brothers Aggregate Bond Index was used.
7Includes capital gain distributions of $20,157 but does not reflect income dividends of $51,210 taken in cash.
8From April 1990 to September 1994 and from September 2003 to the present, the fund accrued dividends daily but paid quarterly. Dividends reflect quarterly dividends actually paid during the period, while year-end values are adjusted for cumulative dividends accrued but not yet paid.
The results shown are before taxes on fund distributions and sale of fund shares.
[end mountain chart]
[photo - lily pads]
Paving the way with income
Through an ever-changing landscape of rising and falling markets, increasing and declining interest rates and economic booms and recession, your fund has stayed true to its primary objective: to provide shareholders with income.
[illustration - pond with lily pads]
Due in no small part to its unwavering commitment to income, The Income Fund of America has built a long-term track record of consistent results. Over its lifetime, this commitment has helped the fund generate attractive long-term returns with significantly less volatility than the broad stock market, as measured by Standard & Poor’s 500 Composite Index.
Over the next few pages, we’ll explain how The Income Fund of America’s disciplined management approach has helped shareholders.
Figures shown are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower.
The strength of reinvested income
As the table below shows, income dividends are a significant factor in The Income Fund of America’s total return. In fact, since its inception in 1973, income has accounted for approximately 60% of the fund’s lifetime total return.
For the fund’s shareholders, reinvesting dividend income can have an impressive impact on their account values. As the chart on pages 4 and 5 shows, a hypothetical $10,000 investment would have grown to $456,119 over the fund’s lifetime, with dividends reinvested. If dividends were taken in cash, the $10,000 investment would have grown to $56,985 after paying $51,210 in dividends.
“In addition to contributing to the fund’s long-term growth, the fund’s high income has also helped dampen volatility and variability of returns for the fund,” says Hilda Applbaum, the fund’s vice chairman and principal executive officer.
By generating more consistent returns, the fund was able to outpace the S&P 500 over the last full market cycle — even though it significantly lagged the market during the rapid rise of the 1990s. (See “Helping smooth the ups and downs of investing” on page 8.)
“Due to its commitment to income, The Income Fund of America hasn’t had to rely solely on a strong market to generate an attractive return,” says David Barclay, the fund’s president and one of the fund’s fixed-income portfolio counselors.
[Begin Sidebar]
A firm foundation
Each year, The Income Fund of America’s dividends — as measured by income return — have made up a significant part of its total return. Also, they were the only positive returns shareholders received during 2000 and 2002, years that witnessed significant stock market declines.
Fiscal year ended 7/31 | Income return | + | Capital return | = | Total return |
1997 | 5.90% | 23.38% | 29.28% | ||
1998 | 4.77 | 6.55 | 11.32 | ||
1999 | 5.07 | 2.72 | 7.79 | ||
2000 | 5.19 | -7.27 | -2.08 | ||
2001 | 5.37 | 10.16 | 15.53 | ||
2002 | 4.99 | -11.34 | -6.35 | ||
2003 | 5.10 | 7.08 | 12.18 | ||
2004 | 4.89 | 10.87 | 15.76 | ||
2005 | 3.88 | 10.24 | 14.12 | ||
2006 | 4.18 | 5.59 | 9.77 |
[End Sidebar]
[photo - close-up side of lily pad]
[Begin Sidebar]
Helping smooth the ups and downs of investing
In their search for income and growth opportunities, capital preservation is a key consideration for The Income Fund of America’s investment professionals. As a result, the fund’s returns have tended to vary from the S&P 500 during market climbs and declines. While capturing strong market returns is important, history has shown that what matters most to our shareholders and their long-term returns is protecting their investments as much as possible during market declines.
“Although the fund may not keep up with the market when it’s rising, we have been able to do better during market declines,” says Hilda. “The ability to recuperate losses after big market downturns is very challenging, and historically the market hasn’t done a particularly good job of recovering.”
To illustrate that point, the chart to the right shows the S&P 500’s returns from its low to high as well as its high to low over the most recent full market cycle. As you can see, despite falling behind during the extraordinary climb, the fund provided shareholders with a positive return during the market’s precipitous fall and was able to surpass the S&P 500 over the entire period ended July 31, 2006.
[End Sidebar]
[Begin Sidebar]
Cumulative total return over a period that includes the previous full market cycle
[begin bar chart]
The Income Fund of America | S&P 500* | |
Low to high 8/31/98 - 3/24/00 | 11.46% | 62.70% |
High to low 3/24/00 - 10/9/02 | 0.71% | -47.35% |
Entire period 8/31/98 - 7/31/06 | 100.25% | 50.76% |
*The index is unmanaged and includes reinvested distributions.
[end bar chart]
[End Sidebar]
While income can provide a strong footing during all market cycles, a strategy that emphasizes income has worked especially well during declining markets and periods of more modest returns like we’ve had and expect to have over the next few years.
“It’s not unusual for periods of extraordinary returns like the 1990s to be followed by periods when returns are volatile and below long-term averages,” says Hilda. “During times like these, income becomes increasingly important in providing a larger proportion of the total returns.”
The sources behind your fund’s income
To meet its dividend objective, The Income Fund of America invests in a wide variety of securities. These include high-dividend-paying stocks both inside and, to a limited extent, outside the United States, as well as cash, fixed-income and convertible securities.
“Having the flexibility to invest in different asset classes helps us find more income opportunities and deploy assets where our research indicates income and investments are the most attractive,” says Hilda.
Investments in stocks of companies paying dividends have helped minimize the impact of market volatility on the fund’s overall portfolio. In the chart on page 9, stocks from companies paying dividends historically have been more stable and not as affected by market fluctuations as non-dividend-paying companies.
“By declaring and paying a dividend, a company shows that it is willing to share its profits with shareholders,” says Mary Sheridan, an investment analyst for the fund. “It shows the company believes its growth is sustainable on an ongoing basis.”
Cash and bond holdings add ballast to the fund’s portfolio as well. These investments are generally a more significant and sustainable source of income for the fund than their equity counterparts. In fact, rising cash yields over the past few years have helped the fund meet its income objective and increase its quarterly dividend.
“The fund’s fixed-income holdings are the highest income-generating asset class in the portfolio,” says David. “In addition to being an important contributor to the fund’s income dividend, cash and bonds tend to be the most stable part of the portfolio, countering movements in stock prices.”
The fund’s bond holdings are widely diversified in a variety of fixed-income securities. These include the more traditional corporate, U.S. Treasury and agency bonds as well as mortgage- and asset-backed securities — two of the largest and fastest growing sectors in the fixed-income market. (See
“A changing terrain” on page 10.)
“That flexibility within the fund — to invest in an array of U.S. fixed-income securities — has been extremely helpful in generating income,” says David.
A disciplined investment approach for a demanding income mandate
The Income Fund of America employs a unique approach in managing the different types of investments in your fund. The fund’s assets are divided among nine managers, called portfolio counselors. As disclosed in the fund’s prospectus dated October 1, 2006, five of these portfolio counselors focus on stock investments while four are from our fixed-income investment area. Each portfolio counselor manages his or her slice independently and has the freedom to focus on his or her unique areas of investment expertise, subject to the fund’s objectives and overall guidelines.
Also, approximately 23% of the fund’s assets are assigned to a research portfolio, where the fund’s 18 fixed-income and 32 equity analysts can invest in their best investment ideas.
In an effort to meet the fund’s demanding income mandate, the portfolio counselors and the investment analysts each have a yield target that is based on what our extensive research shows is sustainable and attainable in the current economic and market environment. That target is also dependent upon the asset class and their investment area of expertise.
[Begin Sidebar]
How dividend and non-dividend-paying companies compare
The chart below traces the relative change in stock prices for companies paying dividends versus those not paying dividends. As you can see, dividend-paying companies were much less volatile than non-dividend-paying companies during the 20 years from 1985 to 2005. It’s also interesting to note that although many dividend-paying companies did not participate in the dramatic spike of the late 1990s, they still were a source of stable and steady returns.
[Begin line chart]
Dividends dampen volatility in equity total return
Price-indexed returns | |||||||
Dividend payers | Non-dividend payers | ||||||
28-Dec-1984 | 100 | 100 | |||||
04-Jan-1985 | 98.42768947 | 98.8434715 | |||||
11-Jan-1985 | 101.0274396 | 103.5787066 | |||||
18-Jan-1985 | 102.7643564 | 107.3254055 | |||||
25-Jan-1985 | 106.0362624 | 110.9951054 | |||||
01-Feb-1985 | 107.2492891 | 111.228218 | |||||
08-Feb-1985 | 109.3270491 | 113.5557024 | |||||
15-Feb-1985 | 109.35075 | 112.1772411 | |||||
22-Feb-1985 | 107.8884737 | 110.1865481 | |||||
01-Mar-1985 | 109.817228 | 112.5609267 | |||||
08-Mar-1985 | 107.1823865 | 107.9548202 | |||||
15-Mar-1985 | 105.9265882 | 106.014702 | |||||
22-Mar-1985 | 106.805462 | 107.2390573 | |||||
29-Mar-1985 | 107.7725892 | 109.8201637 | |||||
05-Apr-1985 | 107.1092737 | 107.5155112 | |||||
12-Apr-1985 | 108.4515854 | 108.5883684 | |||||
19-Apr-1985 | 109.5131563 | 107.7435555 | |||||
26-Apr-1985 | 110.0305062 | 108.4058405 | |||||
03-May-1985 | 107.8986541 | 106.2002119 | |||||
10-May-1985 | 110.753094 | 113.5674924 | |||||
17-May-1985 | 112.8763157 | 114.869811 | |||||
24-May-1985 | 112.8862161 | 114.0335305 | |||||
31-May-1985 | 113.4642484 | 113.8616411 | |||||
07-Jun-1985 | 113.8558635 | 113.858984 | |||||
14-Jun-1985 | 112.6021652 | 110.3625611 | |||||
21-Jun-1985 | 113.7012575 | 112.1454732 | |||||
28-Jun-1985 | 114.8589221 | 115.2740847 | |||||
05-Jul-1985 | 115.4562151 | 116.607374 | |||||
12-Jul-1985 | 116.4528434 | 116.4431609 | |||||
19-Jul-1985 | 117.1776713 | 118.1109093 | |||||
26-Jul-1985 | 114.9539457 | 117.7827881 | |||||
02-Aug-1985 | 114.1023729 | 119.4704161 | |||||
09-Aug-1985 | 112.2680823 | 115.9020724 | |||||
16-Aug-1985 | 111.0018436 | 115.0109559 | |||||
23-Aug-1985 | 111.4785219 | 114.9766883 | |||||
30-Aug-1985 | 112.1756788 | 113.4864979 | |||||
06-Sep-1985 | 111.6982204 | 113.5071943 | |||||
13-Sep-1985 | 107.7348678 | 109.3353777 | |||||
20-Sep-1985 | 107.1934369 | 108.9053983 | |||||
27-Sep-1985 | 106.337844 | 106.9079738 | |||||
04-Oct-1985 | 107.1872867 | 104.9287657 | |||||
11-Oct-1985 | 108.2839189 | 104.0631678 | |||||
18-Oct-1985 | 109.6794027 | 106.3299802 | |||||
25-Oct-1985 | 110.0077953 | 105.378605 | |||||
01-Nov-1985 | 112.3409451 | 109.0564732 | |||||
08-Nov-1985 | 113.9357865 | 110.9820065 | |||||
15-Nov-1985 | 116.4616338 | 113.5622469 | |||||
22-Nov-1985 | 118.388428 | 115.637123 | |||||
29-Nov-1985 | 118.9387191 | 116.5742775 | |||||
06-Dec-1985 | 119.4791299 | 118.0283107 | |||||
13-Dec-1985 | 123.3644495 | 123.8328305 | |||||
20-Dec-1985 | 124.1507098 | 122.5378438 | |||||
27-Dec-1985 | 123.1704021 | 120.7203983 | |||||
03-Jan-1986 | 124.104278 | 122.2972222 | |||||
10-Jan-1986 | 121.2365776 | 120.651361 | |||||
17-Jan-1986 | 122.6390716 | 124.1088416 | |||||
24-Jan-1986 | 121.1893958 | 124.1691004 | |||||
31-Jan-1986 | 124.9996025 | 125.4379878 | |||||
07-Feb-1986 | 126.5488321 | 126.8339273 | |||||
14-Feb-1986 | 129.4101823 | 130.131771 | |||||
21-Feb-1986 | 132.4396989 | 131.8943607 | |||||
28-Feb-1986 | 134.2370681 | 132.8512373 | |||||
07-Mar-1986 | 134.156465 | 132.6221302 | |||||
14-Mar-1986 | 140.5241102 | 136.4421571 | |||||
21-Mar-1986 | 139.0936551 | 132.9436478 | |||||
28-Mar-1986 | 142.0170677 | 138.3911424 | |||||
04-Apr-1986 | 136.4053516 | 131.815925 | |||||
11-Apr-1986 | 140.5874126 | 136.7172234 | |||||
18-Apr-1986 | 144.4107598 | 139.9110438 | |||||
25-Apr-1986 | 144.1493497 | 138.8045784 | |||||
02-May-1986 | 139.5557729 | 132.711293 | |||||
09-May-1986 | 140.7900204 | 133.7895137 | |||||
16-May-1986 | 138.571035 | 128.0775815 | |||||
23-May-1986 | 143.3054173 | 133.9990365 | |||||
30-May-1986 | 146.6368455 | 135.5037823 | |||||
06-Jun-1986 | 145.7263105 | 131.5200934 | |||||
13-Jun-1986 | 145.6129061 | 130.373672 | |||||
20-Jun-1986 | 146.5162409 | 128.0417589 | |||||
27-Jun-1986 | 147.9617965 | 129.319661 | |||||
04-Jul-1986 | 149.1024404 | 131.4313242 | |||||
11-Jul-1986 | 143.7569346 | 125.3762332 | |||||
18-Jul-1986 | 140.3920051 | 119.243789 | |||||
25-Jul-1986 | 142.5743891 | 121.2260873 | |||||
01-Aug-1986 | 139.7020785 | 116.7845581 | |||||
08-Aug-1986 | 139.8255833 | 119.0890433 | |||||
15-Aug-1986 | 145.7952131 | 124.4174179 | |||||
22-Aug-1986 | 147.4910784 | 126.2470863 | |||||
29-Aug-1986 | 149.1185411 | 128.1314138 | |||||
05-Sep-1986 | 147.0085598 | 127.1448163 | |||||
12-Sep-1986 | 135.091701 | 115.5403922 | |||||
19-Sep-1986 | 135.947834 | 118.8818725 | |||||
26-Sep-1986 | 136.2404453 | 117.8090843 | |||||
03-Oct-1986 | 136.9932742 | 118.0311647 | |||||
10-Oct-1986 | 137.4400914 | 118.1077109 | |||||
17-Oct-1986 | 139.403167 | 118.851384 | |||||
24-Oct-1986 | 138.7714427 | 119.3907108 | |||||
31-Oct-1986 | 141.1469342 | 122.7578181 | |||||
07-Nov-1986 | 142.052269 | 124.6367033 | |||||
14-Nov-1986 | 141.4358453 | 122.4677634 | |||||
21-Nov-1986 | 142.3727814 | 122.059435 | |||||
28-Nov-1986 | 143.8989401 | 124.633869 | |||||
05-Dec-1986 | 145.5916053 | 126.8508545 | |||||
12-Dec-1986 | 143.3912206 | 122.8439892 | |||||
19-Dec-1986 | 144.9259797 | 124.0489372 | |||||
26-Dec-1986 | 143.6866319 | 123.2146054 | |||||
02-Jan-1987 | 143.0586078 | 123.5741993 | |||||
09-Jan-1987 | 150.4818936 | 132.0314511 | |||||
16-Jan-1987 | 154.3971443 | 134.649256 | |||||
23-Jan-1987 | 156.6440308 | 136.9542037 | |||||
30-Jan-1987 | 159.0784245 | 136.7780431 | |||||
06-Feb-1987 | 162.6825633 | 142.2368552 | |||||
13-Feb-1987 | 162.2215455 | 143.0982705 | |||||
20-Feb-1987 | 165.3122645 | 148.2442255 | |||||
27-Feb-1987 | 164.7166416 | 145.5496578 | |||||
06-Mar-1987 | 167.7203572 | 145.0476495 | |||||
13-Mar-1987 | 167.1981371 | 142.5942939 | |||||
20-Mar-1987 | 171.6013067 | 147.9907117 | |||||
27-Mar-1987 | 170.5049644 | 145.0231444 | |||||
03-Apr-1987 | 172.5302424 | 147.644197 | |||||
10-Apr-1987 | 167.7601588 | 145.0277699 | |||||
17-Apr-1987 | 164.3968293 | 142.4968643 | |||||
24-Apr-1987 | 160.6824863 | 144.5003708 | |||||
01-May-1987 | 164.15632 | 149.0514148 | |||||
08-May-1987 | 167.5378502 | 152.2449399 | |||||
15-May-1987 | 163.8465081 | 149.7880415 | |||||
22-May-1987 | 160.8105912 | 146.9720313 | |||||
29-May-1987 | 165.7170801 | 151.9172223 | |||||
05-Jun-1987 | 167.4153455 | 153.0525229 | |||||
12-Jun-1987 | 172.1804289 | 156.5706165 | |||||
19-Jun-1987 | 174.8428314 | 157.1966262 | |||||
26-Jun-1987 | 175.168344 | 157.0726249 | |||||
03-Jul-1987 | 173.9527972 | 155.2900572 | |||||
10-Jul-1987 | 175.1465431 | 156.8069079 | |||||
17-Jul-1987 | 177.7312427 | 158.7818744 | |||||
24-Jul-1987 | 174.8001298 | 155.9952899 | |||||
31-Jul-1987 | 179.8553244 | 159.4794308 | |||||
07-Aug-1987 | 182.6258311 | 163.5376189 | |||||
14-Aug-1987 | 189.2825874 | 169.4850551 | |||||
21-Aug-1987 | 190.4213312 | 168.7916321 | |||||
28-Aug-1987 | 185.558544 | 165.333374 | |||||
04-Sep-1987 | 180.0485319 | 159.4503003 | |||||
11-Sep-1987 | 182.5639287 | 163.0149436 | |||||
18-Sep-1987 | 178.6266771 | 159.3330896 | |||||
25-Sep-1987 | 181.764998 | 162.0772577 | |||||
02-Oct-1987 | 185.4519399 | 170.1569256 | |||||
09-Oct-1987 | 176.337989 | 161.7872325 | |||||
16-Oct-1987 | 161.6939252 | 146.7937057 | |||||
23-Oct-1987 | 142.3927821 | 117.5433771 | |||||
30-Oct-1987 | 143.9012402 | 120.3226494 | |||||
06-Nov-1987 | 142.6902936 | 121.0629764 | |||||
13-Nov-1987 | 140.4606077 | 118.057697 | |||||
20-Nov-1987 | 138.1889203 | 114.1850089 | |||||
27-Nov-1987 | 137.7685041 | 113.3994411 | |||||
04-Dec-1987 | 128.000478 | 105.5013072 | |||||
11-Dec-1987 | 134.1857662 | 109.6330202 | |||||
18-Dec-1987 | 141.1790354 | 120.971432 | |||||
25-Dec-1987 | 143.3616194 | 120.3170201 | |||||
01-Jan-1988 | 140.2313989 | 118.6725564 | |||||
08-Jan-1988 | 138.4297295 | 116.4381713 | |||||
15-Jan-1988 | 143.5601271 | 119.3814403 | |||||
22-Jan-1988 | 141.1186331 | 115.3362723 | |||||
29-Jan-1988 | 147.2005672 | 121.3180746 | |||||
05-Feb-1988 | 143.9792432 | 118.7997758 | |||||
12-Feb-1988 | 147.3697737 | 122.4150923 | |||||
19-Feb-1988 | 149.273847 | 125.2351473 | |||||
26-Feb-1988 | 149.6200604 | 128.6926672 | |||||
04-Mar-1988 | 151.9458499 | 131.3736538 | |||||
11-Mar-1988 | 150.4974942 | 128.3904387 | |||||
18-Mar-1988 | 154.0469308 | 131.5640843 | |||||
25-Mar-1988 | 147.01356 | 127.4427146 | |||||
01-Apr-1988 | 146.8105522 | 127.6817615 | |||||
08-Apr-1988 | 152.8988866 | 133.0431441 | |||||
15-Apr-1988 | 147.7209873 | 126.3941164 | |||||
22-Apr-1988 | 147.5783818 | 128.4915096 | |||||
29-Apr-1988 | 148.5110177 | 130.3865642 | |||||
06-May-1988 | 146.3531346 | 129.3721156 | |||||
13-May-1988 | 146.3616349 | 129.3422962 | |||||
20-May-1988 | 144.6082674 | 127.4063015 | |||||
27-May-1988 | 145.4246989 | 127.3865204 | |||||
03-Jun-1988 | 152.882486 | 134.8729503 | |||||
10-Jun-1988 | 155.4271839 | 139.3001899 | |||||
17-Jun-1988 | 155.5020868 | 138.6828406 | |||||
24-Jun-1988 | 157.2004522 | 141.2934613 | |||||
01-Jul-1988 | 155.7779975 | 141.1933746 | |||||
08-Jul-1988 | 155.1608737 | 138.644164 | |||||
15-Jul-1988 | 156.0369074 | 137.6623888 | |||||
22-Jul-1988 | 151.3010251 | 132.3981406 | |||||
29-Jul-1988 | 155.8487002 | 137.3572078 | |||||
05-Aug-1988 | 156.1674124 | 136.9013555 | |||||
12-Aug-1988 | 151.2836244 | 131.3487551 | |||||
19-Aug-1988 | 150.5405958 | 130.1612952 | |||||
26-Aug-1988 | 149.8757702 | 130.345132 | |||||
02-Sep-1988 | 152.4878708 | 131.8554873 | |||||
09-Sep-1988 | 153.3171027 | 134.5361786 | |||||
16-Sep-1988 | 155.3941827 | 139.6562507 | |||||
23-Sep-1988 | 154.935165 | 141.6274775 | |||||
30-Sep-1988 | 156.2414153 | 142.1238763 | |||||
07-Oct-1988 | 159.5775437 | 142.2482712 | |||||
14-Oct-1988 | 158.000383 | 139.0199076 | |||||
21-Oct-1988 | 161.6862249 | 141.4146086 | |||||
28-Oct-1988 | 158.6770091 | 135.8107347 | |||||
04-Nov-1988 | 157.219953 | 123.2951865 | |||||
11-Nov-1988 | 152.6975789 | 118.9911413 | |||||
18-Nov-1988 | 152.128957 | 118.0796925 | |||||
25-Nov-1988 | 152.0992558 | 118.8156992 | |||||
02-Dec-1988 | 154.5778512 | 123.914573 | |||||
09-Dec-1988 | 157.3577583 | 122.3960985 | |||||
16-Dec-1988 | 156.5853285 | 121.9811764 | |||||
23-Dec-1988 | 157.2004522 | 122.5818642 | |||||
30-Dec-1988 | 157.0756474 | 124.5835205 | |||||
06-Jan-1989 | 158.0974868 | 126.6984117 | |||||
13-Jan-1989 | 160.0296611 | 127.0703171 | |||||
20-Jan-1989 | 161.2846095 | 127.8252487 | |||||
27-Jan-1989 | 165.4693706 | 132.0236764 | |||||
03-Feb-1989 | 167.1778363 | 134.8354547 | |||||
10-Feb-1989 | 164.6956408 | 132.2924442 | |||||
17-Feb-1989 | 167.4908484 | 134.9841579 | |||||
24-Feb-1989 | 162.1545429 | 129.9001052 | |||||
03-Mar-1989 | 164.5365347 | 130.2970077 | |||||
10-Mar-1989 | 165.5822749 | 130.3539892 | |||||
17-Mar-1989 | 165.7352808 | 130.2756519 | |||||
24-Mar-1989 | 163.7375039 | 127.1129302 | |||||
31-Mar-1989 | 167.2570394 | 130.9591352 | |||||
07-Apr-1989 | 167.53195 | 131.1123653 | |||||
14-Apr-1989 | 169.9240421 | 134.917827 | |||||
21-Apr-1989 | 174.3734134 | 135.4617596 | |||||
28-Apr-1989 | 174.9806368 | 134.2690838 | |||||
05-May-1989 | 174.3487124 | 133.3834587 | |||||
12-May-1989 | 178.2147613 | 135.1536263 | |||||
19-May-1989 | 182.59813 | 140.5448282 | |||||
26-May-1989 | 182.9584439 | 141.1527297 | |||||
02-Jun-1989 | 185.6072459 | 145.0395795 | |||||
09-Jun-1989 | 185.4709406 | 143.5344401 | |||||
16-Jun-1989 | 182.1740137 | 139.2146684 | |||||
23-Jun-1989 | 186.9829988 | 140.6675501 | |||||
30-Jun-1989 | 181.6477934 | 136.7615096 | |||||
07-Jul-1989 | 185.8839565 | 139.2882818 | |||||
14-Jul-1989 | 189.9639136 | 141.7057164 | |||||
21-Jul-1989 | 192.3207043 | 142.0240848 | |||||
28-Jul-1989 | 195.7644369 | 143.6472222 | |||||
04-Aug-1989 | 197.167591 | 144.1062238 | |||||
11-Aug-1989 | 197.4365013 | 147.693207 | |||||
18-Aug-1989 | 197.870818 | 148.0148231 | |||||
25-Aug-1989 | 200.4585177 | 151.2886538 | |||||
01-Sep-1989 | 201.9705759 | 154.6750699 | |||||
08-Sep-1989 | 198.9773606 | 151.6761086 | |||||
15-Sep-1989 | 196.7568751 | 149.2848521 | |||||
22-Sep-1989 | 198.1700295 | 150.9538504 | |||||
29-Sep-1989 | 199.6987884 | 152.6920335 | |||||
06-Oct-1989 | 205.0319937 | 157.7557145 | |||||
13-Oct-1989 | 190.5898377 | 145.6601764 | |||||
20-Oct-1989 | 198.9579599 | 144.9771852 | |||||
27-Oct-1989 | 191.8384858 | 136.8793108 | |||||
03-Nov-1989 | 193.2671408 | 137.5515749 | |||||
10-Nov-1989 | 194.3348819 | 136.3418735 | |||||
17-Nov-1989 | 196.2043539 | 137.4926251 | |||||
24-Nov-1989 | 197.3947997 | 137.0720049 | |||||
01-Dec-1989 | 201.4868572 | 138.7020313 | |||||
08-Dec-1989 | 200.1740067 | 136.1247728 | |||||
15-Dec-1989 | 201.0287396 | 133.6724998 | |||||
22-Dec-1989 | 199.3984768 | 133.7376497 | |||||
29-Dec-1989 | 202.6702028 | 136.1832306 | |||||
05-Jan-1990 | 202.103181 | 137.3225662 | |||||
12-Jan-1990 | 194.934005 | 130.6452938 | |||||
19-Jan-1990 | 194.8222007 | 128.8310369 | |||||
26-Jan-1990 | 187.1534054 | 122.4896604 | |||||
02-Feb-1990 | 190.7308431 | 123.6257189 | |||||
09-Feb-1990 | 191.8018844 | 126.1027134 | |||||
16-Feb-1990 | 191.7353818 | 124.9096341 | |||||
23-Feb-1990 | 186.5324815 | 122.1746676 | |||||
02-Mar-1990 | 192.9225275 | 128.0725624 | |||||
09-Mar-1990 | 193.4438476 | 129.9748012 | |||||
16-Mar-1990 | 195.5997306 | 132.1538777 | |||||
23-Mar-1990 | 191.7083808 | 131.2329221 | |||||
30-Mar-1990 | 193.1279354 | 128.7019181 | |||||
06-Apr-1990 | 192.9893301 | 128.169992 | |||||
13-Apr-1990 | 195.817439 | 130.1098248 | |||||
20-Apr-1990 | 190.3558287 | 125.0050757 | |||||
27-Apr-1990 | 186.9294968 | 121.1917803 | |||||
04-May-1990 | 192.9510286 | 125.0168952 | |||||
11-May-1990 | 200.7890304 | 129.7772848 | |||||
18-May-1990 | 202.6386016 | 130.2250673 | |||||
25-May-1990 | 202.3722913 | 130.1675936 | |||||
01-Jun-1990 | 207.6596949 | 133.8855655 | |||||
08-Jun-1990 | 205.3804071 | 133.1557294 | |||||
15-Jun-1990 | 207.2157778 | 133.8238601 | |||||
22-Jun-1990 | 202.7928075 | 130.0659323 | |||||
29-Jun-1990 | 204.6006771 | 130.728355 | |||||
06-Jul-1990 | 205.2362016 | 129.5104852 | |||||
13-Jul-1990 | 209.844279 | 132.2858505 | |||||
20-Jul-1990 | 206.6453558 | 126.6439889 | |||||
27-Jul-1990 | 201.8736721 | 122.4956735 | |||||
03-Aug-1990 | 197.8496172 | 114.5125593 | |||||
10-Aug-1990 | 192.8693255 | 112.4090251 | |||||
17-Aug-1990 | 188.416554 | 108.1110618 | |||||
24-Aug-1990 | 178.7870833 | 103.5223352 | |||||
31-Aug-1990 | 184.4898029 | 106.2318913 | |||||
07-Sep-1990 | 184.9780217 | 105.2510706 | |||||
14-Sep-1990 | 181.3604824 | 102.3808837 | |||||
21-Sep-1990 | 178.0444547 | 99.26269426 | |||||
28-Sep-1990 | 174.9256346 | 92.92619906 | |||||
05-Oct-1990 | 178.5259732 | 91.79598639 | |||||
12-Oct-1990 | 172.0744249 | 87.30457127 | |||||
19-Oct-1990 | 178.7207808 | 90.47853179 | |||||
26-Oct-1990 | 174.0547011 | 84.65716351 | |||||
02-Nov-1990 | 178.4265694 | 87.76715511 | |||||
09-Nov-1990 | 179.6262156 | 87.99126283 | |||||
16-Nov-1990 | 181.5926913 | 92.11347889 | |||||
23-Nov-1990 | 180.4839486 | 90.23853025 | |||||
30-Nov-1990 | 185.064425 | 92.96148038 | |||||
07-Dec-1990 | 188.8793719 | 96.86252145 | |||||
14-Dec-1990 | 188.0080383 | 96.38170154 | |||||
21-Dec-1990 | 190.8893492 | 99.50004847 | |||||
28-Dec-1990 | 189.0053767 | 97.28848555 | |||||
04-Jan-1991 | 184.3572978 | 97.94067326 | |||||
11-Jan-1991 | 181.0687711 | 96.38672064 | |||||
18-Jan-1991 | 190.9253506 | 105.6197875 | |||||
25-Jan-1991 | 195.0195083 | 108.5422616 | |||||
01-Feb-1991 | 198.6293472 | 113.9288479 | |||||
08-Feb-1991 | 208.8894422 | 119.2078089 | |||||
15-Feb-1991 | 214.6322633 | 124.0161556 | |||||
22-Feb-1991 | 212.4725802 | 124.9009343 | |||||
01-Mar-1991 | 215.3868924 | 125.7257692 | |||||
08-Mar-1991 | 218.4477102 | 130.7261899 | |||||
15-Mar-1991 | 217.6024777 | 126.7183896 | |||||
22-Mar-1991 | 214.2768497 | 123.9907845 | |||||
29-Mar-1991 | 219.8850656 | 128.4234073 | |||||
05-Apr-1991 | 220.181177 | 130.7993113 | |||||
12-Apr-1991 | 221.1084127 | 132.9759275 | |||||
19-Apr-1991 | 223.1360907 | 132.5874886 | |||||
26-Apr-1991 | 220.1018739 | 132.6303969 | |||||
03-May-1991 | 220.8278019 | 132.1243536 | |||||
10-May-1991 | 218.4005084 | 130.199086 | |||||
17-May-1991 | 216.5470371 | 124.9384988 | |||||
24-May-1991 | 220.0019701 | 127.5407347 | |||||
31-May-1991 | 227.0276406 | 132.2185355 | |||||
07-Jun-1991 | 221.7487373 | 130.6948943 | |||||
14-Jun-1991 | 223.1911929 | 129.0414455 | |||||
21-Jun-1991 | 220.7215978 | 125.5124082 | |||||
28-Jun-1991 | 217.193662 | 122.150015 | |||||
05-Jul-1991 | 218.987131 | 122.0581261 | |||||
12-Jul-1991 | 223.168692 | 127.2778716 | |||||
19-Jul-1991 | 225.9630996 | 129.4359861 | |||||
26-Jul-1991 | 223.6487105 | 127.8316456 | |||||
02-Aug-1991 | 227.4178556 | 128.7144167 | |||||
09-Aug-1991 | 227.9564763 | 129.0235342 | |||||
16-Aug-1991 | 226.8530338 | 129.0092642 | |||||
23-Aug-1991 | 232.1425375 | 134.3844247 | |||||
30-Aug-1991 | 233.0734733 | 135.1986998 | |||||
06-Sep-1991 | 229.5909393 | 132.2899839 | |||||
13-Sep-1991 | 226.0880044 | 131.0424916 | |||||
20-Sep-1991 | 228.6967048 | 135.3026246 | |||||
27-Sep-1991 | 227.2697499 | 132.6752736 | |||||
04-Oct-1991 | 224.4402409 | 129.639112 | |||||
11-Oct-1991 | 224.4193401 | 130.6305318 | |||||
18-Oct-1991 | 231.7315217 | 134.7838859 | |||||
25-Oct-1991 | 227.0156401 | 128.243015 | |||||
01-Nov-1991 | 231.4403105 | 133.1998187 | |||||
08-Nov-1991 | 232.544753 | 133.3858206 | |||||
15-Nov-1991 | 226.4263174 | 127.9939298 | |||||
22-Nov-1991 | 222.9261827 | 128.2211671 | |||||
29-Nov-1991 | 222.4057626 | 127.459937 | |||||
06-Dec-1991 | 224.3606379 | 130.3402113 | |||||
13-Dec-1991 | 228.2361871 | 131.8099218 | |||||
20-Dec-1991 | 230.3750694 | 129.5046788 | |||||
27-Dec-1991 | 242.0538191 | 141.5565212 | |||||
03-Jan-1992 | 248.9911862 | 150.3781301 | |||||
10-Jan-1992 | 246.49319 | 152.6557188 | |||||
17-Jan-1992 | 248.7949786 | 157.7613241 | |||||
24-Jan-1992 | 247.611133 | 155.9146891 | |||||
31-Jan-1992 | 244.2114021 | 152.3995479 | |||||
07-Feb-1992 | 245.3694467 | 154.4099433 | |||||
14-Feb-1992 | 245.7777624 | 156.6682429 | |||||
21-Feb-1992 | 245.7760624 | 158.5150748 | |||||
28-Feb-1992 | 246.8526038 | 157.897135 | |||||
06-Mar-1992 | 241.2779892 | 152.4622374 | |||||
13-Mar-1992 | 241.9015132 | 153.0978916 | |||||
20-Mar-1992 | 245.4744508 | 155.3451689 | |||||
27-Mar-1992 | 241.3990939 | 149.7223011 | |||||
03-Apr-1992 | 240.25905 | 145.9500048 | |||||
10-Apr-1992 | 242.4753353 | 145.5603849 | |||||
17-Apr-1992 | 249.2786972 | 151.2450566 | |||||
24-Apr-1992 | 245.4408495 | 145.7449107 | |||||
01-May-1992 | 247.7378379 | 146.8564936 | |||||
08-May-1992 | 249.454104 | 149.4892574 | |||||
15-May-1992 | 246.6261951 | 144.7876404 | |||||
22-May-1992 | 248.9555848 | 145.5663882 | |||||
29-May-1992 | 249.7470153 | 146.5499349 | |||||
05-Jun-1992 | 248.3426612 | 147.7262741 | |||||
12-Jun-1992 | 246.2477805 | 144.984271 | |||||
19-Jun-1992 | 245.7872628 | 141.6509984 | |||||
26-Jun-1992 | 246.4172871 | 139.2986153 | |||||
03-Jul-1992 | 251.5747856 | 145.8365338 | |||||
10-Jul-1992 | 253.2425498 | 146.4464036 | |||||
17-Jul-1992 | 253.5123602 | 146.6407707 | |||||
24-Jul-1992 | 250.8958595 | 145.9124108 | |||||
31-Jul-1992 | 258.8743667 | 149.1741367 | |||||
07-Aug-1992 | 255.948254 | 145.2744931 | |||||
14-Aug-1992 | 256.7720857 | 143.9865527 | |||||
21-Aug-1992 | 254.1579851 | 140.0495119 | |||||
28-Aug-1992 | 253.947977 | 142.1840071 | |||||
04-Sep-1992 | 255.2602275 | 143.6889497 | |||||
11-Sep-1992 | 256.0159566 | 146.5167695 | |||||
18-Sep-1992 | 258.3795476 | 149.1373299 | |||||
25-Sep-1992 | 253.1770473 | 145.1328757 | |||||
02-Oct-1992 | 251.5430844 | 142.2019184 | |||||
09-Oct-1992 | 246.4005864 | 141.232248 | |||||
16-Oct-1992 | 252.7048291 | 144.818936 | |||||
23-Oct-1992 | 254.6887055 | 150.2746973 | |||||
30-Oct-1992 | 257.8372267 | 152.9855032 | |||||
06-Nov-1992 | 256.3029677 | 156.0511889 | |||||
13-Nov-1992 | 259.0253725 | 159.1400019 | |||||
20-Nov-1992 | 262.0240879 | 159.9776995 | |||||
27-Nov-1992 | 263.948262 | 161.8387029 | |||||
04-Dec-1992 | 264.6640896 | 164.418028 | |||||
11-Dec-1992 | 265.9402387 | 159.7671925 | |||||
18-Dec-1992 | 271.3162457 | 163.9758552 | |||||
25-Dec-1992 | 270.233004 | 164.9622559 | |||||
01-Jan-1993 | 267.6299038 | 167.7746247 | |||||
08-Jan-1993 | 262.4261034 | 168.1265522 | |||||
15-Jan-1993 | 267.0464813 | 173.8390749 | |||||
22-Jan-1993 | 266.2273498 | 176.2143884 | |||||
29-Jan-1993 | 267.713307 | 175.4674283 | |||||
05-Feb-1993 | 274.5903717 | 175.1106785 | |||||
12-Feb-1993 | 271.818465 | 172.0865234 | |||||
19-Feb-1993 | 265.8236342 | 165.2839703 | |||||
26-Feb-1993 | 271.0522355 | 166.9417494 | |||||
05-Mar-1993 | 273.2322194 | 168.9142556 | |||||
12-Mar-1993 | 275.9698248 | 176.594659 | |||||
19-Mar-1993 | 275.0104879 | 174.9934678 | |||||
26-Mar-1993 | 274.3922641 | 175.6856115 | |||||
02-Apr-1993 | 270.9819328 | 171.8482638 | |||||
09-Apr-1993 | 271.1818405 | 175.4225516 | |||||
16-Apr-1993 | 275.2324965 | 176.67959 | |||||
23-Apr-1993 | 268.0814211 | 174.1340208 | |||||
30-Apr-1993 | 270.4001104 | 173.4619535 | |||||
07-May-1993 | 270.6098185 | 176.3116211 | |||||
14-May-1993 | 268.9018527 | 174.7275539 | |||||
21-May-1993 | 272.1998797 | 177.8195161 | |||||
28-May-1993 | 275.0106879 | 175.4171388 | |||||
04-Jun-1993 | 273.9821483 | 176.0617487 | |||||
11-Jun-1993 | 273.0297116 | 171.0113535 | |||||
18-Jun-1993 | 271.2186419 | 167.5109744 | |||||
25-Jun-1993 | 274.1476547 | 171.9417568 | |||||
02-Jul-1993 | 272.7111994 | 174.4197158 | |||||
09-Jul-1993 | 274.5910718 | 174.3195306 | |||||
16-Jul-1993 | 271.9447699 | 173.5344844 | |||||
23-Jul-1993 | 272.9199074 | 175.4142848 | |||||
30-Jul-1993 | 273.9463469 | 173.4952173 | |||||
06-Aug-1993 | 274.4008644 | 177.6789813 | |||||
13-Aug-1993 | 275.2237961 | 178.898721 | |||||
20-Aug-1993 | 278.9945413 | 179.4767047 | |||||
27-Aug-1993 | 281.532139 | 179.2987727 | |||||
03-Sep-1993 | 281.8365507 | 178.7724562 | |||||
10-Sep-1993 | 282.6976839 | 180.0352026 | |||||
17-Sep-1993 | 280.0697827 | 180.6608186 | |||||
24-Sep-1993 | 278.6513281 | 184.3529077 | |||||
01-Oct-1993 | 281.5681404 | 185.8133672 | |||||
08-Oct-1993 | 280.9064149 | 184.2081411 | |||||
15-Oct-1993 | 285.6437973 | 187.1400826 | |||||
22-Oct-1993 | 281.3128305 | 187.9308368 | |||||
29-Oct-1993 | 284.260844 | 188.7420611 | |||||
05-Nov-1993 | 279.0737443 | 184.4948202 | |||||
12-Nov-1993 | 281.9055534 | 191.1980738 | |||||
19-Nov-1993 | 280.8640133 | 184.5305444 | |||||
26-Nov-1993 | 280.9781177 | 187.4176093 | |||||
03-Dec-1993 | 282.8643903 | 191.1397145 | |||||
10-Dec-1993 | 281.9362545 | 186.5291302 | |||||
17-Dec-1993 | 283.8245272 | 189.3561627 | |||||
24-Dec-1993 | 285.273883 | 187.6999582 | |||||
31-Dec-1993 | 284.7119614 | 189.5670633 | |||||
07-Jan-1994 | 285.5791948 | 192.0991499 | |||||
14-Jan-1994 | 288.5170079 | 199.7172574 | |||||
21-Jan-1994 | 287.8340816 | 196.869066 | |||||
28-Jan-1994 | 290.9196004 | 199.5415889 | |||||
04-Feb-1994 | 285.3178847 | 195.0447709 | |||||
11-Feb-1994 | 286.0198118 | 197.5607176 | |||||
18-Feb-1994 | 284.5537553 | 198.4425045 | |||||
25-Feb-1994 | 284.3762485 | 197.9055592 | |||||
04-Mar-1994 | 283.2347045 | 195.9443707 | |||||
11-Mar-1994 | 284.5356546 | 197.3601504 | |||||
18-Mar-1994 | 286.7113384 | 199.4504578 | |||||
25-Mar-1994 | 281.3525321 | 191.2249408 | |||||
01-Apr-1994 | 272.8150034 | 185.299746 | |||||
08-Apr-1994 | 274.3188613 | 184.9555933 | |||||
15-Apr-1994 | 274.6579743 | 178.8621111 | |||||
22-Apr-1994 | 275.167894 | 177.3095362 | |||||
29-Apr-1994 | 276.7405545 | 180.9297833 | |||||
06-May-1994 | 273.6712363 | 179.6755004 | |||||
13-May-1994 | 271.5290539 | 177.0898768 | |||||
20-May-1994 | 278.3515165 | 183.6166746 | |||||
27-May-1994 | 280.0115804 | 183.9871039 | |||||
03-Jun-1994 | 281.8040495 | 187.6972026 | |||||
10-Jun-1994 | 281.6411432 | 186.2569179 | |||||
17-Jun-1994 | 281.0312197 | 183.8298387 | |||||
24-Jun-1994 | 271.1253383 | 175.724977 | |||||
01-Jul-1994 | 273.3357234 | 180.7826548 | |||||
08-Jul-1994 | 275.4700056 | 182.2390794 | |||||
15-Jul-1994 | 278.3843178 | 186.9227851 | |||||
22-Jul-1994 | 277.2096726 | 182.8660732 | |||||
29-Jul-1994 | 281.0081188 | 184.3790857 | |||||
05-Aug-1994 | 279.8913758 | 184.0167264 | |||||
12-Aug-1994 | 282.7032841 | 187.4973244 | |||||
19-Aug-1994 | 283.6425202 | 192.2255131 | |||||
26-Aug-1994 | 289.3444398 | 197.5734129 | |||||
02-Sep-1994 | 287.5643712 | 195.3426692 | |||||
09-Sep-1994 | 285.2921837 | 194.5795692 | |||||
16-Sep-1994 | 286.8724446 | 197.9049688 | |||||
23-Sep-1994 | 279.6279657 | 192.4035435 | |||||
30-Sep-1994 | 281.5805409 | 192.5838374 | |||||
07-Oct-1994 | 277.3886795 | 187.0657802 | |||||
14-Oct-1994 | 285.8561055 | 192.3678193 | |||||
21-Oct-1994 | 283.0414971 | 193.7784815 | |||||
28-Oct-1994 | 288.0173887 | 199.7411719 | |||||
04-Nov-1994 | 281.1399239 | 195.7674228 | |||||
11-Nov-1994 | 280.622604 | 194.355678 | |||||
18-Nov-1994 | 279.9890796 | 194.9643669 | |||||
25-Nov-1994 | 275.0563897 | 188.775817 | |||||
02-Dec-1994 | 275.8034184 | 188.4747694 | |||||
09-Dec-1994 | 272.4454892 | 183.0491227 | |||||
16-Dec-1994 | 279.3471549 | 188.133077 | |||||
23-Dec-1994 | 280.1497858 | 192.445763 | |||||
30-Dec-1994 | 279.4865602 | 191.7367905 | |||||
06-Jan-1995 | 280.3800946 | 193.6950267 | |||||
13-Jan-1995 | 283.7384239 | 194.933957 | |||||
20-Jan-1995 | 283.4512129 | 193.3494961 | |||||
27-Jan-1995 | 288.1610942 | 195.4804484 | |||||
03-Feb-1995 | 292.494661 | 200.1865924 | |||||
10-Feb-1995 | 293.4440976 | 203.9835905 | |||||
17-Feb-1995 | 294.5665408 | 203.6584316 | |||||
24-Feb-1995 | 298.0325743 | 205.1507772 | |||||
03-Mar-1995 | 296.1448016 | 205.3840177 | |||||
10-Mar-1995 | 298.0243739 | 204.0802328 | |||||
17-Mar-1995 | 302.7415555 | 205.8973437 | |||||
24-Mar-1995 | 305.6593679 | 208.0332166 | |||||
31-Mar-1995 | 305.7111699 | 207.5363257 | |||||
07-Apr-1995 | 310.025336 | 211.0523527 | |||||
14-Apr-1995 | 311.2047814 | 215.040667 | |||||
21-Apr-1995 | 311.1923809 | 214.1613404 | |||||
28-Apr-1995 | 314.8757227 | 218.0626571 | |||||
05-May-1995 | 318.7703727 | 221.0544341 | |||||
12-May-1995 | 321.4115743 | 225.4403399 | |||||
19-May-1995 | 316.8462986 | 224.7681742 | |||||
26-May-1995 | 319.870015 | 227.8497045 | |||||
02-Jun-1995 | 325.8313445 | 230.4389695 | |||||
09-Jun-1995 | 322.1878042 | 231.0781666 | |||||
16-Jun-1995 | 329.2524762 | 237.5037951 | |||||
23-Jun-1995 | 334.4759773 | 245.1519188 | |||||
30-Jun-1995 | 331.2132517 | 244.035612 | |||||
07-Jul-1995 | 337.610398 | 250.3994367 | |||||
14-Jul-1995 | 338.6648386 | 251.4369141 | |||||
21-Jul-1995 | 336.1691425 | 241.4186928 | |||||
28-Jul-1995 | 341.8941629 | 250.0927795 | |||||
04-Aug-1995 | 339.9181869 | 247.2467532 | |||||
11-Aug-1995 | 336.6938627 | 250.5396762 | |||||
18-Aug-1995 | 337.8880087 | 259.5477791 | |||||
25-Aug-1995 | 339.6265756 | 257.6294005 | |||||
01-Sep-1995 | 341.8076596 | 257.7431668 | |||||
08-Sep-1995 | 346.337334 | 267.6599235 | |||||
15-Sep-1995 | 354.4279455 | 264.4748619 | |||||
22-Sep-1995 | 353.3390036 | 261.9815504 | |||||
29-Sep-1995 | 355.4567851 | 263.7709086 | |||||
06-Oct-1995 | 355.7422961 | 260.5172527 | |||||
13-Oct-1995 | 357.714372 | 259.0041417 | |||||
20-Oct-1995 | 358.5801053 | 253.9513846 | |||||
27-Oct-1995 | 353.9881285 | 249.4182519 | |||||
03-Nov-1995 | 359.6964483 | 262.0005442 | |||||
10-Nov-1995 | 361.5105182 | 266.2618582 | |||||
17-Nov-1995 | 366.5237112 | 263.8279886 | |||||
24-Nov-1995 | 367.4333462 | 259.1457591 | |||||
01-Dec-1995 | 371.5090031 | 264.7538648 | |||||
08-Dec-1995 | 378.6708788 | 270.5635219 | |||||
15-Dec-1995 | 379.1192961 | 260.6678257 | |||||
22-Dec-1995 | 381.1326736 | 263.5800844 | |||||
29-Dec-1995 | 384.0545861 | 261.5149709 | |||||
05-Jan-1996 | 385.6494475 | 261.3636106 | |||||
12-Jan-1996 | 376.0847793 | 252.4602199 | |||||
19-Jan-1996 | 381.5704905 | 263.0871301 | |||||
26-Jan-1996 | 387.9450359 | 264.2320753 | |||||
02-Feb-1996 | 396.1475517 | 275.3078504 | |||||
09-Feb-1996 | 409.2539563 | 280.2008821 | |||||
16-Feb-1996 | 404.6668797 | 282.3000467 | |||||
23-Feb-1996 | 410.752814 | 290.1572996 | |||||
01-Mar-1996 | 402.9220125 | 281.4524093 | |||||
08-Mar-1996 | 396.3070578 | 275.280393 | |||||
15-Mar-1996 | 400.5109197 | 281.0116143 | |||||
22-Mar-1996 | 407.3835843 | 284.4016717 | |||||
29-Mar-1996 | 404.051756 | 279.9629177 | |||||
05-Apr-1996 | 410.3189973 | 283.7478109 | |||||
12-Apr-1996 | 397.2178929 | 276.2770287 | |||||
19-Apr-1996 | 402.260587 | 281.4716 | |||||
26-Apr-1996 | 407.6242935 | 289.4239205 | |||||
03-May-1996 | 400.3071118 | 284.2004156 | |||||
10-May-1996 | 406.9674682 | 289.7396317 | |||||
17-May-1996 | 417.0435562 | 299.7855073 | |||||
24-May-1996 | 423.9781232 | 302.4809606 | |||||
31-May-1996 | 418.0804961 | 299.6876841 | |||||
07-Jun-1996 | 421.4421255 | 300.869436 | |||||
14-Jun-1996 | 417.3460678 | 295.4090492 | |||||
21-Jun-1996 | 417.999493 | 294.5771581 | |||||
28-Jun-1996 | 421.6953353 | 295.9164704 | |||||
05-Jul-1996 | 414.2316479 | 286.9609204 | |||||
12-Jul-1996 | 408.0311092 | 277.732174 | |||||
19-Jul-1996 | 404.3511675 | 279.2239291 | |||||
26-Jul-1996 | 402.2993885 | 278.7308764 | |||||
02-Aug-1996 | 418.7560221 | 290.9803335 | |||||
09-Aug-1996 | 416.8539489 | 292.1411233 | |||||
16-Aug-1996 | 420.5642917 | 292.6721637 | |||||
23-Aug-1996 | 422.2130552 | 293.2056645 | |||||
30-Aug-1996 | 412.2674723 | 283.4010994 | |||||
06-Sep-1996 | 414.6631645 | 285.0387037 | |||||
13-Sep-1996 | 429.5211366 | 297.6491423 | |||||
20-Sep-1996 | 432.5259522 | 303.5361525 | |||||
27-Sep-1996 | 433.6670962 | 305.5229287 | |||||
04-Oct-1996 | 443.610579 | 311.6969133 | |||||
11-Oct-1996 | 441.7173061 | 314.7459671 | |||||
18-Oct-1996 | 449.7970172 | 313.4963097 | |||||
25-Oct-1996 | 443.9630926 | 308.4340065 | |||||
01-Nov-1996 | 446.0625734 | 312.241338 | |||||
08-Nov-1996 | 462.3300997 | 324.894685 | |||||
15-Nov-1996 | 465.7078298 | 328.9047488 | |||||
22-Nov-1996 | 472.4059876 | 336.65788 | |||||
29-Nov-1996 | 477.0999683 | 340.8256025 | |||||
06-Dec-1996 | 463.195833 | 331.2570335 | |||||
13-Dec-1996 | 455.9560543 | 325.2447426 | |||||
20-Dec-1996 | 470.7043221 | 328.7130389 | |||||
27-Dec-1996 | 475.5417084 | 330.7473489 | |||||
03-Jan-1997 | 469.5165764 | 329.0639822 | |||||
10-Jan-1997 | 477.9336004 | 319.5154896 | |||||
17-Jan-1997 | 489.0210273 | 333.895899 | |||||
24-Jan-1997 | 483.9596324 | 331.9717139 | |||||
31-Jan-1997 | 494.4285355 | 340.5088088 | |||||
07-Feb-1997 | 498.0075733 | 344.9548453 | |||||
14-Feb-1997 | 511.3823882 | 353.611316 | |||||
21-Feb-1997 | 508.078961 | 351.170951 | |||||
28-Feb-1997 | 501.6469134 | 340.5627395 | |||||
07-Mar-1997 | 511.5129933 | 351.6564259 | |||||
14-Mar-1997 | 502.5256472 | 349.9445193 | |||||
21-Mar-1997 | 498.4636909 | 343.7650235 | |||||
28-Mar-1997 | 490.8075961 | 338.3975393 | |||||
04-Apr-1997 | 480.5880026 | 336.8519518 | |||||
11-Apr-1997 | 468.2448274 | 321.6451624 | |||||
18-Apr-1997 | 486.959948 | 322.415053 | |||||
25-Apr-1997 | 488.3337008 | 320.6424251 | |||||
02-May-1997 | 517.5685264 | 345.9027663 | |||||
09-May-1997 | 525.921448 | 353.6224368 | |||||
16-May-1997 | 528.6206519 | 356.1486185 | |||||
23-May-1997 | 537.0731773 | 363.1739802 | |||||
30-May-1997 | 536.9204714 | 360.5188765 | |||||
06-Jun-1997 | 546.4879398 | 366.1440078 | |||||
13-Jun-1997 | 570.2569549 | 370.9359686 | |||||
20-Jun-1997 | 573.6136841 | 372.6322274 | |||||
27-Jun-1997 | 567.6821558 | 370.0137336 | |||||
04-Jul-1997 | 587.8744332 | 381.5365039 | |||||
11-Jul-1997 | 586.0613634 | 383.5453247 | |||||
18-Jul-1997 | 582.935943 | 389.1805926 | |||||
25-Jul-1997 | 597.1362897 | 393.4127762 | |||||
01-Aug-1997 | 601.4759568 | 401.1677772 | |||||
08-Aug-1997 | 588.9945763 | 405.1298151 | |||||
15-Aug-1997 | 568.8111992 | 395.0157388 | |||||
22-Aug-1997 | 581.8064996 | 411.5135193 | |||||
29-Aug-1997 | 566.8935254 | 396.585536 | |||||
05-Sep-1997 | 584.3204963 | 405.8893722 | |||||
12-Sep-1997 | 580.9430663 | 401.0062803 | |||||
19-Sep-1997 | 598.4743413 | 413.3513955 | |||||
26-Sep-1997 | 595.818539 | 408.2769874 | |||||
03-Oct-1997 | 603.9010502 | 413.1030977 | |||||
10-Oct-1997 | 604.3026657 | 415.1387855 | |||||
17-Oct-1997 | 593.0937341 | 403.0254345 | |||||
24-Oct-1997 | 590.5120347 | 397.8262378 | |||||
31-Oct-1997 | 574.9128341 | 383.8913473 | |||||
07-Nov-1997 | 582.4321236 | 390.6933099 | |||||
14-Nov-1997 | 584.9650212 | 374.9929757 | |||||
21-Nov-1997 | 606.1476367 | 391.7975118 | |||||
28-Nov-1997 | 600.9300358 | 382.9787569 | |||||
05-Dec-1997 | 618.6050163 | 403.8509288 | |||||
12-Dec-1997 | 602.7971077 | 366.8030845 | |||||
19-Dec-1997 | 597.6901111 | 365.8903957 | |||||
26-Dec-1997 | 591.0087538 | 358.300336 | |||||
02-Jan-1998 | 615.1234823 | 380.2539763 | |||||
09-Jan-1998 | 585.2085305 | 353.9713134 | |||||
16-Jan-1998 | 605.1642988 | 367.0617157 | |||||
23-Jan-1998 | 601.6861649 | 361.0573964 | |||||
30-Jan-1998 | 615.1139819 | 378.3801791 | |||||
06-Feb-1998 | 634.1239138 | 393.2330727 | |||||
13-Feb-1998 | 638.493182 | 397.5481206 | |||||
20-Feb-1998 | 648.3273606 | 396.7371916 | |||||
27-Feb-1998 | 656.8127873 | 401.9523313 | |||||
06-Mar-1998 | 661.0056487 | 404.0910583 | |||||
13-Mar-1998 | 669.4073722 | 418.2132301 | |||||
20-Mar-1998 | 691.5886262 | 424.4600408 | |||||
27-Mar-1998 | 685.6544977 | 427.3327373 | |||||
03-Apr-1998 | 702.4516444 | 428.6859259 | |||||
10-Apr-1998 | 694.8273509 | 440.2245407 | |||||
17-Apr-1998 | 703.5471866 | 443.190435 | |||||
24-Apr-1998 | 694.9966574 | 433.7847407 | |||||
01-May-1998 | 702.6326514 | 429.9840029 | |||||
08-May-1998 | 693.714408 | 423.3462928 | |||||
15-May-1998 | 691.6246275 | 426.4681728 | |||||
22-May-1998 | 695.9082925 | 426.4891349 | |||||
29-May-1998 | 683.4517129 | 416.0206708 | |||||
05-Jun-1998 | 700.0070503 | 430.8986599 | |||||
12-Jun-1998 | 691.1186081 | 419.5862983 | |||||
19-Jun-1998 | 689.2839374 | 416.1575643 | |||||
26-Jun-1998 | 705.1145469 | 423.8707395 | |||||
03-Jul-1998 | 710.8588681 | 429.5079757 | |||||
10-Jul-1998 | 720.4746383 | 446.3916364 | |||||
17-Jul-1998 | 728.701655 | 463.3124975 | |||||
24-Jul-1998 | 702.2111351 | 437.2275478 | |||||
31-Jul-1998 | 689.0216273 | 438.5243453 | |||||
07-Aug-1998 | 667.4211957 | 415.8570088 | |||||
14-Aug-1998 | 650.493344 | 396.6586574 | |||||
21-Aug-1998 | 661.1224532 | 393.3795123 | |||||
28-Aug-1998 | 633.1511763 | 358.8106112 | |||||
04-Sep-1998 | 598.5135428 | 332.1258298 | |||||
11-Sep-1998 | 617.0299557 | 357.5801444 | |||||
18-Sep-1998 | 620.8939044 | 364.4907558 | |||||
25-Sep-1998 | 635.7441762 | 374.8768475 | |||||
02-Oct-1998 | 619.2150398 | 346.4454195 | |||||
09-Oct-1998 | 612.3177742 | 334.0666468 | |||||
16-Oct-1998 | 654.9206144 | 363.488412 | |||||
23-Oct-1998 | 661.9373846 | 371.4153418 | |||||
30-Oct-1998 | 676.6891525 | 394.5692358 | |||||
06-Nov-1998 | 703.0979693 | 412.3199213 | |||||
13-Nov-1998 | 693.6037037 | 408.8816413 | |||||
20-Nov-1998 | 716.3233785 | 422.1678869 | |||||
27-Nov-1998 | 730.3509185 | 439.0523349 | |||||
04-Dec-1998 | 717.2296133 | 439.3389157 | |||||
11-Dec-1998 | 705.3090544 | 440.1532892 | |||||
18-Dec-1998 | 717.8031354 | 454.6537633 | |||||
25-Dec-1998 | 739.4378684 | 472.2061452 | |||||
01-Jan-1999 | 740.7595192 | 483.8095163 | |||||
08-Jan-1999 | 761.9659357 | 502.898038 | |||||
15-Jan-1999 | 736.4565536 | 503.3515284 | |||||
22-Jan-1999 | 723.0110359 | 500.0062493 | |||||
29-Jan-1999 | 750.0316762 | 537.0352966 | |||||
05-Feb-1999 | 732.8179135 | 516.8881385 | |||||
12-Feb-1999 | 729.1481722 | 514.0487059 | |||||
19-Feb-1999 | 737.1343797 | 509.7182071 | |||||
26-Feb-1999 | 738.5943359 | 517.497221 | |||||
05-Mar-1999 | 760.805491 | 534.9072967 | |||||
12-Mar-1999 | 771.0816866 | 526.2079177 | |||||
19-Mar-1999 | 770.3748594 | 536.6872072 | |||||
26-Mar-1999 | 755.5971905 | 530.1706445 | |||||
02-Apr-1999 | 757.9147797 | 536.0890487 | |||||
09-Apr-1999 | 789.2650867 | 556.7630153 | |||||
16-Apr-1999 | 782.8709405 | 514.3769157 | |||||
23-Apr-1999 | 801.7774684 | 545.2641596 | |||||
30-Apr-1999 | 790.8857491 | 531.7995883 | |||||
07-May-1999 | 799.4664795 | 532.5236181 | |||||
14-May-1999 | 789.5561979 | 543.3230475 | |||||
21-May-1999 | 785.7033496 | 541.4824157 | |||||
28-May-1999 | 767.8993641 | 538.1694163 | |||||
04-Jun-1999 | 786.5022803 | 544.1718658 | |||||
11-Jun-1999 | 765.4410695 | 516.4001049 | |||||
18-Jun-1999 | 787.7106269 | 561.5980813 | |||||
25-Jun-1999 | 771.6078069 | 558.9400252 | |||||
02-Jul-1999 | 814.3663531 | 594.700126 | |||||
09-Jul-1999 | 817.9546913 | 609.6561572 | |||||
16-Jul-1999 | 825.0227634 | 629.7738896 | |||||
23-Jul-1999 | 795.9650447 | 592.1910683 | |||||
30-Jul-1999 | 781.2048764 | 586.403948 | |||||
06-Aug-1999 | 767.2191379 | 579.4315328 | |||||
13-Aug-1999 | 783.4166615 | 604.5454344 | |||||
20-Aug-1999 | 793.0302317 | 594.7307327 | |||||
27-Aug-1999 | 796.4237623 | 600.3115778 | |||||
03-Sep-1999 | 798.6945497 | 636.118622 | |||||
10-Sep-1999 | 793.3002421 | 649.510564 | |||||
17-Sep-1999 | 779.8134228 | 640.2084009 | |||||
24-Sep-1999 | 748.4036135 | 617.6629005 | |||||
01-Oct-1999 | 753.0947941 | 637.1552137 | |||||
08-Oct-1999 | 783.1611517 | 651.1246474 | |||||
15-Oct-1999 | 731.1145479 | 609.9213822 | |||||
22-Oct-1999 | 771.1556895 | 603.5057919 | |||||
29-Oct-1999 | 801.0974423 | 648.1478292 | |||||
05-Nov-1999 | 797.7209123 | 692.9232171 | |||||
12-Nov-1999 | 805.3581063 | 742.9043955 | |||||
19-Nov-1999 | 818.3414061 | 795.7008951 | |||||
26-Nov-1999 | 808.4092238 | 803.2785546 | |||||
03-Dec-1999 | 822.934183 | 824.4389803 | |||||
10-Dec-1999 | 810.3838998 | 864.9615178 | |||||
17-Dec-1999 | 803.7565446 | 866.7643587 | |||||
24-Dec-1999 | 821.6717344 | 946.7156636 | |||||
31-Dec-1999 | 821.6153322 | 990.3404967 | |||||
07-Jan-2000 | 822.414463 | 962.8589579 | |||||
14-Jan-2000 | 831.8917278 | 1004.720414 | |||||
21-Jan-2000 | 813.6118241 | 1058.375573 | |||||
28-Jan-2000 | 778.5643747 | 911.2252164 | |||||
04-Feb-2000 | 802.7240049 | 1021.321824 | |||||
11-Feb-2000 | 775.3363504 | 1053.839685 | |||||
18-Feb-2000 | 753.791121 | 1052.731547 | |||||
25-Feb-2000 | 731.5252637 | 1116.587288 | |||||
03-Mar-2000 | 776.7936066 | 1142.926735 | |||||
10-Mar-2000 | 756.9242416 | 1145.073139 | |||||
17-Mar-2000 | 806.7666605 | 1156.239159 | |||||
24-Mar-2000 | 833.3535841 | 1200.332442 | |||||
31-Mar-2000 | 829.2959279 | 1145.471714 | |||||
07-Apr-2000 | 845.7482613 | 1218.631488 | |||||
14-Apr-2000 | 789.8210081 | 974.890527 | |||||
21-Apr-2000 | 820.0324713 | 1069.883089 | |||||
28-Apr-2000 | 827.219748 | 1142.788956 | |||||
05-May-2000 | 823.3641995 | 1129.659582 | |||||
12-May-2000 | 826.8152324 | 1091.212295 | |||||
19-May-2000 | 829.7182442 | 1045.943952 | |||||
26-May-2000 | 817.6468794 | 1006.897227 | |||||
02-Jun-2000 | 855.9381536 | 1163.88 | |||||
09-Jun-2000 | 840.77867 | 1168.035027 | |||||
16-Jun-2000 | 841.7762084 | 1174.633667 | |||||
23-Jun-2000 | 830.9903931 | 1145.85848 | |||||
30-Jun-2000 | 834.4952281 | 1178.105703 | |||||
07-Jul-2000 | 849.0727893 | 1147.737198 | |||||
14-Jul-2000 | 856.7188837 | 1165.369984 | |||||
21-Jul-2000 | 850.0427266 | 1192.348137 | |||||
28-Jul-2000 | 827.1638458 | 1133.058792 | |||||
04-Aug-2000 | 851.1354687 | 1206.37898 | |||||
11-Aug-2000 | 856.232965 | 1227.531041 | |||||
18-Aug-2000 | 862.2211955 | 1262.341941 | |||||
25-Aug-2000 | 870.3741094 | 1309.299063 | |||||
01-Sep-2000 | 872.6426967 | 1373.471696 | |||||
08-Sep-2000 | 865.0191032 | 1309.424048 | |||||
15-Sep-2000 | 850.3696392 | 1215.587552 | |||||
22-Sep-2000 | 851.349577 | 1245.840913 | |||||
29-Sep-2000 | 849.6948133 | 1226.339251 | |||||
06-Oct-2000 | 844.4488113 | 1112.355498 | |||||
13-Oct-2000 | 825.247272 | 1137.060294 | |||||
20-Oct-2000 | 829.1239213 | 1171.193124 | |||||
27-Oct-2000 | 828.1674844 | 1081.035332 | |||||
03-Nov-2000 | 850.2175334 | 1090.848164 | |||||
10-Nov-2000 | 835.5939704 | 966.4696588 | |||||
17-Nov-2000 | 828.8518108 | 1011.717629 | |||||
24-Nov-2000 | 820.6624955 | 950.3366979 | |||||
01-Dec-2000 | 822.1759538 | 933.1428372 | |||||
08-Dec-2000 | 847.4449266 | 986.9988589 | |||||
15-Dec-2000 | 824.0687266 | 884.5550002 | |||||
22-Dec-2000 | 827.5380602 | 941.1594219 | |||||
29-Dec-2000 | 846.4867897 | 885.2953666 | |||||
05-Jan-2001 | 824.0393255 | 883.6930929 | |||||
12-Jan-2001 | 820.9173053 | 924.7042545 | |||||
19-Jan-2001 | 825.3947777 | 954.4742075 | |||||
26-Jan-2001 | 833.6331949 | 949.0409829 | |||||
02-Feb-2001 | 844.1801009 | 912.1447941 | |||||
09-Feb-2001 | 834.0761119 | 843.2554864 | |||||
16-Feb-2001 | 825.1987702 | 836.5967158 | |||||
23-Feb-2001 | 795.9538442 | 785.1659034 | |||||
02-Mar-2001 | 797.1626908 | 731.7895501 | |||||
09-Mar-2001 | 801.323851 | 703.8712512 | |||||
16-Mar-2001 | 745.8456151 | 667.7242861 | |||||
23-Mar-2001 | 733.869154 | 675.2903328 | |||||
30-Mar-2001 | 759.1869287 | 660.216894 | |||||
06-Apr-2001 | 742.6436918 | 605.6867383 | |||||
13-Apr-2001 | 765.871286 | 658.5651181 | |||||
20-Apr-2001 | 790.1084192 | 744.0516042 | |||||
27-Apr-2001 | 809.7488753 | 704.6559038 | |||||
04-May-2001 | 811.9932617 | 733.4773454 | |||||
11-May-2001 | 801.583861 | 705.8026205 | |||||
18-May-2001 | 830.9300908 | 738.3342592 | |||||
25-May-2001 | 814.8722726 | 746.1369909 | |||||
01-Jun-2001 | 812.6472869 | 719.3081319 | |||||
08-Jun-2001 | 816.5151358 | 732.8680661 | |||||
15-Jun-2001 | 793.7834607 | 687.9793056 | |||||
22-Jun-2001 | 800.0307012 | 697.71567 | |||||
29-Jun-2001 | 788.1662444 | 720.4535691 | |||||
06-Jul-2001 | 775.2276463 | 673.5451623 | |||||
13-Jul-2001 | 786.0818642 | 701.3812857 | |||||
20-Jul-2001 | 792.6323163 | 701.6052754 | |||||
27-Jul-2001 | 785.7795525 | 710.0917856 | |||||
03-Aug-2001 | 789.3966918 | 711.3297317 | |||||
10-Aug-2001 | 782.9259426 | 663.8245441 | |||||
17-Aug-2001 | 770.7250729 | 637.2733102 | |||||
24-Aug-2001 | 783.2265542 | 666.5979411 | |||||
31-Aug-2001 | 755.3961828 | 603.6803778 | |||||
07-Sep-2001 | 731.6954703 | 574.5731428 | |||||
14-Sep-2001 | 734.7676886 | 577.4049975 | |||||
21-Sep-2001 | 656.5740781 | 494.7683759 | |||||
28-Sep-2001 | 710.9531717 | 532.6623814 | |||||
05-Oct-2001 | 724.5266943 | 568.2291977 | |||||
12-Oct-2001 | 734.3055708 | 588.5804658 | |||||
19-Oct-2001 | 726.1054551 | 566.7151026 | |||||
26-Oct-2001 | 741.973566 | 570.8843014 | |||||
02-Nov-2001 | 730.9991435 | 585.9479972 | |||||
09-Nov-2001 | 747.5427804 | 609.4419106 | |||||
16-Nov-2001 | 755.9780052 | 610.3729043 | |||||
23-Nov-2001 | 765.3906675 | 627.224679 | |||||
30-Nov-2001 | 755.7296956 | 638.7348523 | |||||
07-Dec-2001 | 761.8647318 | 664.2521517 | |||||
14-Dec-2001 | 742.1235718 | 605.9017723 | |||||
21-Dec-2001 | 761.1088027 | 607.5437068 | |||||
28-Dec-2001 | 769.0790095 | 618.4418451 | |||||
04-Jan-2002 | 772.7757519 | 641.9010184 | |||||
11-Jan-2002 | 753.351404 | 642.9749089 | |||||
18-Jan-2002 | 746.6046443 | 623.9849978 | |||||
25-Jan-2002 | 752.363166 | 628.9643383 | |||||
01-Feb-2002 | 748.2445074 | 620.375281 | |||||
08-Feb-2002 | 733.1387258 | 608.2977527 | |||||
15-Feb-2002 | 741.5388492 | 599.3624759 | |||||
22-Feb-2002 | 738.3668271 | 588.8891896 | |||||
01-Mar-2002 | 764.5506352 | 615.4342235 | |||||
08-Mar-2002 | 778.5235732 | 619.5445708 | |||||
15-Mar-2002 | 786.207269 | 596.9042981 | |||||
22-Mar-2002 | 773.4048761 | 596.3297588 | |||||
29-Mar-2002 | 772.7072492 | 591.6948663 | |||||
05-Apr-2002 | 759.5235417 | 571.2879945 | |||||
12-Apr-2002 | 752.6992789 | 560.512578 | |||||
19-Apr-2002 | 759.2335305 | 574.6132956 | |||||
26-Apr-2002 | 732.1990897 | 535.6159739 | |||||
03-May-2002 | 736.9065709 | 493.6480342 | |||||
10-May-2002 | 723.3013471 | 470.5333089 | |||||
17-May-2002 | 752.1719586 | 519.1657272 | |||||
24-May-2002 | 739.7042786 | 504.339799 | |||||
31-May-2002 | 729.2248752 | 484.7895201 | |||||
07-Jun-2002 | 700.6258741 | 464.1746017 | |||||
14-Jun-2002 | 689.6212504 | 453.2110182 | |||||
21-Jun-2002 | 680.4206962 | 442.2715461 | |||||
28-Jun-2002 | 679.4870603 | 456.1495534 | |||||
05-Jul-2002 | 680.0281811 | 446.35729 | |||||
12-Jul-2002 | 630.1066591 | 422.3112757 | |||||
19-Jul-2002 | 574.961036 | 405.8545337 | |||||
26-Jul-2002 | 587.0521015 | 414.5277347 | |||||
02-Aug-2002 | 599.1924689 | 413.6322683 | |||||
09-Aug-2002 | 630.2625651 | 441.8540751 | |||||
16-Aug-2002 | 637.8116557 | 450.5401683 | |||||
23-Aug-2002 | 645.5042519 | 457.5337424 | |||||
30-Aug-2002 | 631.0717963 | 428.406923 | |||||
06-Sep-2002 | 613.2741111 | 423.1435605 | |||||
13-Sep-2002 | 608.5770302 | 419.9918612 | |||||
20-Sep-2002 | 580.8198616 | 378.3385501 | |||||
27-Sep-2002 | 567.4754478 | 377.6672701 | |||||
04-Oct-2002 | 554.5213491 | 373.337657 | |||||
11-Oct-2002 | 574.9922372 | 395.879516 | |||||
18-Oct-2002 | 606.7356593 | 416.8597462 | |||||
25-Oct-2002 | 611.0947271 | 429.8638397 | |||||
01-Nov-2002 | 614.0715418 | 426.1272676 | |||||
08-Nov-2002 | 610.467503 | 409.4574599 | |||||
15-Nov-2002 | 615.271988 | 436.3304083 | |||||
22-Nov-2002 | 627.3143516 | 453.5858761 | |||||
29-Nov-2002 | 631.6125171 | 465.1012653 | |||||
06-Dec-2002 | 617.842987 | 452.1960775 | |||||
13-Dec-2002 | 605.6836188 | 443.4434566 | |||||
20-Dec-2002 | 611.0847268 | 446.0677569 | |||||
27-Dec-2002 | 596.1477517 | 440.8290962 | |||||
03-Jan-2003 | 618.9143282 | 457.2099612 | |||||
10-Jan-2003 | 626.9066359 | 480.7286749 | |||||
17-Jan-2003 | 613.2904117 | 457.8967906 | |||||
24-Jan-2003 | 583.3303582 | 451.8801695 | |||||
31-Jan-2003 | 581.9565053 | 446.1156843 | |||||
07-Feb-2003 | 565.6052758 | 435.9307502 | |||||
14-Feb-2003 | 566.4443081 | 442.0128164 | |||||
21-Feb-2003 | 573.2422698 | 457.6806741 | |||||
28-Feb-2003 | 568.4654859 | 450.8520414 | |||||
07-Mar-2003 | 561.4701166 | 439.3064392 | |||||
14-Mar-2003 | 562.8293689 | 453.2522536 | |||||
21-Mar-2003 | 605.819024 | 469.6687443 | |||||
28-Mar-2003 | 585.6045458 | 458.9629064 | |||||
04-Apr-2003 | 607.4239858 | 459.5882272 | |||||
11-Apr-2003 | 600.1141044 | 454.8973373 | |||||
18-Apr-2003 | 623.4916044 | 474.8482583 | |||||
25-Apr-2003 | 627.3387525 | 480.385211 | |||||
02-May-2003 | 647.9965479 | 494.1688396 | |||||
09-May-2003 | 652.6298262 | 495.892359 | |||||
16-May-2003 | 658.079136 | 508.2882557 | |||||
23-May-2003 | 652.6792282 | 498.2452342 | |||||
30-May-2003 | 670.9413312 | 523.6766184 | |||||
06-Jun-2003 | 689.6604519 | 530.3885324 | |||||
13-Jun-2003 | 689.8350586 | 538.355615 | |||||
20-Jun-2003 | 695.0110579 | 532.0324352 | |||||
27-Jun-2003 | 680.1591861 | 522.5251779 | |||||
04-Jul-2003 | 685.2840834 | 523.3718311 | |||||
11-Jul-2003 | 689.5232466 | 546.279986 | |||||
18-Jul-2003 | 688.622912 | 536.0285242 | |||||
25-Jul-2003 | 692.4477592 | 528.6671781 | |||||
01-Aug-2003 | 678.3666171 | 522.7609772 | |||||
08-Aug-2003 | 682.1142614 | 510.8644317 | |||||
15-Aug-2003 | 688.5673098 | 529.251854 | |||||
22-Aug-2003 | 684.7743638 | 536.4850655 | |||||
29-Aug-2003 | 694.0852223 | 545.480473 | |||||
05-Sep-2003 | 701.507208 | 556.5754388 | |||||
12-Sep-2003 | 702.2794378 | 551.7862336 | |||||
19-Sep-2003 | 712.5909348 | 552.4554469 | |||||
26-Sep-2003 | 688.6028112 | 523.1850419 | |||||
03-Oct-2003 | 709.2849075 | 536.2481837 | |||||
10-Oct-2003 | 713.7249784 | 548.928496 | |||||
17-Oct-2003 | 716.8980006 | 535.1926965 | |||||
24-Oct-2003 | 711.0203743 | 527.8532966 | |||||
31-Oct-2003 | 722.7673265 | 541.8114127 | |||||
07-Nov-2003 | 721.1527644 | 549.7724921 | |||||
14-Nov-2003 | 721.9361945 | 547.421782 | |||||
21-Nov-2003 | 712.5594335 | 537.3397886 | |||||
28-Nov-2003 | 725.6378371 | 544.048455 | |||||
05-Dec-2003 | 729.8559995 | 548.8184695 | |||||
12-Dec-2003 | 738.9519497 | 552.0652365 | |||||
19-Dec-2003 | 751.8996481 | 558.5469608 | |||||
26-Dec-2003 | 756.6463309 | 560.2084796 | |||||
02-Jan-2004 | 765.9449889 | 568.4708034 | |||||
09-Jan-2004 | 771.4882023 | 585.9312669 | |||||
16-Jan-2004 | 779.6407162 | 603.5687767 | |||||
23-Jan-2004 | 782.5487281 | 600.816145 | |||||
30-Jan-2004 | 778.5508742 | 589.8694886 | |||||
06-Feb-2004 | 790.0033151 | 588.9988225 | |||||
13-Feb-2004 | 793.9654677 | 594.9480302 | |||||
20-Feb-2004 | 793.3393436 | 586.952014 | |||||
27-Feb-2004 | 794.7733988 | 578.5944257 | |||||
05-Mar-2004 | 794.9069039 | 578.5310473 | |||||
12-Mar-2004 | 769.0927101 | 552.087478 | |||||
19-Mar-2004 | 761.999337 | 544.0695155 | |||||
26-Mar-2004 | 759.1728282 | 542.9043955 | |||||
02-Apr-2004 | 776.9767136 | 574.8043166 | |||||
09-Apr-2004 | 774.8723326 | 567.6715855 | |||||
16-Apr-2004 | 776.4899949 | 560.9889988 | |||||
23-Apr-2004 | 777.2629246 | 565.6782157 | |||||
30-Apr-2004 | 758.9969214 | 531.3462947 | |||||
07-May-2004 | 752.648477 | 531.3606632 | |||||
14-May-2004 | 749.6125601 | 531.1093145 | |||||
21-May-2004 | 747.8145909 | 520.5943992 | |||||
28-May-2004 | 764.0495159 | 536.1635479 | |||||
04-Jun-2004 | 767.1503353 | 534.770108 | |||||
11-Jun-2004 | 775.9027723 | 547.2848885 | |||||
18-Jun-2004 | 776.1881832 | 535.9663268 | |||||
25-Jun-2004 | 772.0600243 | 552.509476 | |||||
02-Jul-2004 | 773.0080608 | 550.9172405 | |||||
09-Jul-2004 | 769.0692092 | 531.9823426 | |||||
16-Jul-2004 | 764.0873174 | 517.2830728 | |||||
23-Jul-2004 | 751.9191489 | 510.5028597 | |||||
30-Jul-2004 | 763.0193762 | 522.1002275 | |||||
06-Aug-2004 | 740.986728 | 495.5558825 | |||||
13-Aug-2004 | 743.921741 | 492.2326481 | |||||
20-Aug-2004 | 764.856547 | 516.721032 | |||||
27-Aug-2004 | 769.7092338 | 525.0825568 | |||||
03-Sep-2004 | 776.4436931 | 524.1234167 | |||||
10-Sep-2004 | 779.7089188 | 529.0489249 | |||||
17-Sep-2004 | 782.4628248 | 543.3268856 | |||||
24-Sep-2004 | 767.7285575 | 532.5763678 | |||||
01-Oct-2004 | 779.8522243 | 550.2359223 | |||||
08-Oct-2004 | 773.9436968 | 546.0124976 | |||||
15-Oct-2004 | 763.2835864 | 541.3352872 | |||||
22-Oct-2004 | 753.481809 | 538.3806121 | |||||
29-Oct-2004 | 775.2828484 | 563.2001582 | |||||
05-Nov-2004 | 800.6044233 | 587.6972026 | |||||
12-Nov-2004 | 812.0130625 | 599.0193073 | |||||
19-Nov-2004 | 801.662564 | 589.887892 | |||||
26-Nov-2004 | 808.8808419 | 596.5498119 | |||||
03-Dec-2004 | 811.5014428 | 607.766417 | |||||
10-Dec-2004 | 809.7993773 | 613.7403265 | |||||
17-Dec-2004 | 815.0999813 | 622.1719219 | |||||
24-Dec-2004 | 827.0544416 | 623.7810846 | |||||
31-Dec-2004 | 826.9645381 | 624.9354775 | |||||
07-Jan-2005 | 812.1872692 | 599.4580357 | |||||
14-Jan-2005 | 811.6653491 | 597.4020747 | |||||
21-Jan-2005 | 802.8948115 | 586.0464109 | |||||
28-Jan-2005 | 807.2922808 | 591.5160486 | |||||
04-Feb-2005 | 829.9110516 | 606.8369979 | |||||
11-Feb-2005 | 832.7977627 | 607.2119541 | |||||
18-Feb-2005 | 833.2777812 | 597.1402942 | |||||
25-Feb-2005 | 841.4420955 | 602.4657557 | |||||
04-Mar-2005 | 849.5763087 | 606.7316952 | |||||
11-Mar-2005 | 833.8130018 | 593.1610339 | |||||
18-Mar-2005 | 826.8962355 | 580.070041 | |||||
25-Mar-2005 | 813.7450292 | 573.9684889 | |||||
01-Apr-2005 | 813.9507371 | 569.5186142 | |||||
08-Apr-2005 | 819.9428678 | 574.2103898 | |||||
15-Apr-2005 | 796.6566713 | 555.5305803 | |||||
22-Apr-2005 | 803.0493174 | 554.614447 | |||||
29-Apr-2005 | 804.4561716 | 549.2338738 | |||||
06-May-2005 | 813.3017121 | 554.5001887 | |||||
13-May-2005 | 796.5906687 | 564.0853896 | |||||
20-May-2005 | 820.4512874 | 577.8599642 | |||||
27-May-2005 | 827.1067436 | 585.0392449 | |||||
03-Jun-2005 | 824.6676497 | 580.3579012 | |||||
10-Jun-2005 | 826.856934 | 576.3915331 | |||||
17-Jun-2005 | 840.5297604 | 577.959362 | |||||
24-Jun-2005 | 820.390685 | 573.8410431 | |||||
01-Jul-2005 | 823.4612033 | 583.8940045 | |||||
08-Jul-2005 | 840.8089711 | 614.1259115 | |||||
15-Jul-2005 | 849.9953248 | 627.1874786 | |||||
22-Jul-2005 | 850.312937 | 654.634179 | |||||
29-Jul-2005 | 850.9691623 | 649.3173778 | |||||
05-Aug-2005 | 843.6947822 | 645.488789 | |||||
12-Aug-2005 | 844.1092982 | 644.0713362 | |||||
19-Aug-2005 | 836.0236869 | 638.745481 | |||||
26-Aug-2005 | 825.5983855 | 633.2280143 | |||||
02-Sep-2005 | 838.2937743 | 643.5125431 | |||||
09-Sep-2005 | 855.0864208 | 660.450725 | |||||
16-Sep-2005 | 853.038442 | 659.7805276 | |||||
23-Sep-2005 | 837.3575383 | 643.8096541 | |||||
30-Sep-2005 | 845.8123638 | 642.0956808 | |||||
07-Oct-2005 | 826.7451297 | 625.7552638 | |||||
14-Oct-2005 | 821.8254403 | 617.3576212 | |||||
21-Oct-2005 | 814.129744 | 610.7777784 | |||||
28-Oct-2005 | 827.6577648 | 625.3680058 | |||||
04-Nov-2005 | 839.663527 | 644.1307781 | |||||
11-Nov-2005 | 848.8755817 | 655.449143 | |||||
18-Nov-2005 | 857.116499 | 665.3013403 | |||||
25-Nov-2005 | 871.3811482 | 665.5236569 | |||||
02-Dec-2005 | 866.9948793 | 668.6106985 | |||||
09-Dec-2005 | 862.8536199 | 660.9948544 | |||||
16-Dec-2005 | 870.6944217 | 667.1029019 | |||||
23-Dec-2005 | 872.7123994 | 673.2894835 | |||||
30-Dec-2005 | 859.8372037 | 663.0920508 |
[End line chart]
S&P 500 companies* | |||||||
1985 - 2005 | Average annual total returns | Standard deviation | |||||
Dividend payers | 10.79 | % | 14.74 | ||||
Non-dividend payers | 9.43 | 23.49 |
* Reflects market-weighted, price-indexed returns of companies included in Standard & Poor’s 500 Composite Index.
Source: FactSet Research Systems. Volatility measured by standard deviation. Results calculated through 12/31/05 with dividends reinvested.
[End Sidebar]
[Begin Sidebar]
[photo - close-up of lily pad with blooming flower]
A changing terrain
Much has changed in the U.S. bond market since The Income Fund of America’s inception in 1973. “There has been a huge amount of growth and innovation in the fixed-income market, especially during the past decade,” says Abner Goldstine, a fixed-income portfolio counselor for the fund for more than 30 years.
Outstanding U.S. debt has more than doubled and the innovations of investment bankers have dramatically altered the types of securities available to investors. Although all of the sectors in the U.S. bond market have grown over the past decade, none has been more dramatic than structured debt products, which include mortgage- and asset-backed securities. These securities, which pool different types of loans and mortgages and then separate them into a wide variety of complex segments based on investor needs, have been an increasingly important source of income for your fund. As of July 31, 2006, mortgage- and asset-backed securities were the third largest bond category in the fund’s portfolio.
“Although their yields are typically not as high, mortgage- and asset-backed securities provide a fairly stable source of income with less volatility than lower quality, high-yield corporate bonds,” says David.
To properly manage these securities requires complex research and constant attention. Demographics must be monitored for payment patterns and irregularities, servicing agents need to be evaluated for reliability, and the risk/reward assumptions of the various segments, or tranches, require careful examination.
“Over the years, our fixed-income investment area has grown significantly to meet the increasing challenges of this rapidly changing and complicated market,” says Abner. “We have added a number of people who are focused on this area in both the investment research and trading areas. Also, due to the quantitative nature of these investments, we have made significant additions and enhancements to our technological resources.”
[End Sidebar]
[Begin Sidebar]
[Begin stacked bar chart]
U.S. bond market growth: 1996 vs. 2006 | |||||||
12/31/1996 | 6/30/2006 | ||||||
Asset-backed | 3.8 | % | 8.8 | % | |||
Federal agencies | 8.7 | % | 12.0 | % | |||
Corporates | 19.9 | % | 23.0 | % | |||
Mortgage-related | 23.2 | % | 27.4 | % | |||
Treasury | 32.3 | % | 18.7 | % | |||
Municipal | 12.1 | % | 10.1 | % | |||
Outstanding amount | $ | 10.7 trillion | $ | 22.7 trillion |
1 The Bond Market Association estimates.
2 Includes GNMA, FNMA and FHLMC mortgage-backed securities, and CMOs and private-label MBS/CMOs.
3 Interest-bearing marketable public debt.
Sources: U.S. Department of Treasury, Federal Reserve System, Federal Agencies, Thomson Financial and The Bond Market Association.
[End stacked bar chart]
[End Sidebar]
[photo - lily pads]
“A portfolio counselor who invests primarily in stocks will have a lower yield target than a portfolio counselor who invests in bonds,” says Hilda. “We want the target to be realistic without encouraging portfolio counselors to assume undue investment risk to meet their yield target.”
An in-depth, integrated research effort
The yield or dividend is just the first step in determining whether an investment is appropriate for the fund. Regardless of the type of the investment, the fund’s portfolio counselors and analysts rely on our extensive, hands-on research.
“Rather than merely pursuing the greatest possible yield at any given time, our goal is to find investments that we believe are a reliable source of income and have the potential for long-term capital appreciation,” says David.
In their continuing search for investments, the fund’s stock and bond investment professionals work closely together.
“There’s a lot of sharing of information and research between fixed-income and equity portfolio counselors and analysts,” says John Smet, a fixed-income portfolio counselor for the fund. “We often go on research trips together, and that’s a great advantage to shareholders because we have people who are looking at the same company from different vantage points. You have the equity side looking at the growth prospects, the management, the competitive landscape as well as product lines. On the fixed-income side, the analysts and portfolio counselors care about those things as well, but they dig a little deeper into the balance sheet to determine the cash flows and the ability to pay off the bond and service the debt.”
The fund also benefits from being part of a larger organization that manages 29 mutual funds — all with diverse investment objectives and differing disciplines.
“Our organization is consistently and persistently researching companies, industries and issuers because of the broad spectrum and different mandates of the funds we manage,” says Hilda. “Just because an investment may not be appropriate for The Income Fund of America at one point in time doesn’t mean we stop following it. That way, when the market or economy changes and an investment becomes appropriate for the fund, we have seasoned investment professionals who have been following and analyzing this company for years.”
[Begin Pull Quote]
“Rather than merely pursuing the greatest possible yield at any given time, our goal is to find investments that we believe are a reliable source of income and have the potential for long-term capital appreciation.”
— David Barclay
[End Pull Quote]
About your fund
Figures shown are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 5.75%) had been deducted, the results would have been lower.
Resilience during stock declines The Income Fund of America (IFA) vs. the S&P 500 during market declines*
Dates of decline | S&P 500 cumulative total return | IFA cumulative total return | IFA advantage (percentage points) |
September 21, 1976, through March 6, 1978 | -13.5% | +1.9% | +15.4 |
November 28, 1980, through August 12, 1982 | -20.2 | +19.0 | +39.2 |
August 25 through December 4, 1987 | -32.8 | -13.6 | +19.2 |
July 16 through October 11, 1990 | -19.2 | -10.2 | +9.0 |
July 17 through August 31, 1998 | -19.1 | -9.5 | +9.6 |
March 24, 2000, through October 9, 2002 | -47.4 | +0.7 | +48.1 |
*Periods show S&P 500 price declines of 15% or greater. S&P 500 total returns, which include reinvestment of all distributions, may be higher. There have been times when the index, which is unmanaged, has done better.
Withdrawing income: the dividend advantage
Most fund shareholders reinvest their dividends, but some — including many nonprofit organizations — use dividends to meet current expenses. As the charts below show, the fund’s income has allowed withdrawals to be made without invading principal.
Higher dividends...
[Begin bar chart]
Dividends produced | ||||
IFA | $ | 831,117 | ||
S&P 500 | 181,784 |
[End bar chart]
...have helped to keep principal intact, letting compounding do its work.
[Begin bar chart]
IFA | S&P 500 | ||||||
Amount withdrawn | $ | 545,338 | $ | 545,338 | |||
Ending value | 1,346,722 | 282,047 | |||||
Initial investment | 100,000 | 100,000 |
[End bar chart]
Charts show hypothetical $100,000 investments in the fund (at net asset value) and the S&P 500 from January 1, 1974, to July 31, 2006. It assumes a 6% withdrawal, increased 6% annually. The first withdrawal, on December 15, 1974, was $6,000. Total withdrawals over the fund’s lifetime come to $545,338.
[End bar chart]
[Begin bar chart]
Historical benefits of income
This chart shows one-year snapshots of the annual income produced by three hypothetical $10,000 investments made on July 31, 1974, in each of The Income Fund of America, the S&P 500, and three-month certificates of deposit (CDs). Over the past 32 years, income from the fund has been substantially higher.
Year ended July 31
The Income Fund of America | S&P 500 | CDs | ||||||||
1976 | $ | 1,097 | $ | 511 | $ | 652 | ||||
1981 | $ | 1,918 | $ | 1,110 | $ | 2,302 | ||||
1986 | $ | 4,301 | $ | 1,788 | $ | 2,217 | ||||
1991 | $ | 6,944 | $ | 3,140 | $ | 3,171 | ||||
1996 | $ | 9,442 | $ | 4,388 | $ | 3,049 | ||||
2001 | $ | 15,308 | $ | 5,130 | $ | 4,233 | ||||
2006 | $ | 18,727 | $ | 8,261 | $ | 3,532 |
All results are calculated at net asset value with dividends and capital gains (where applicable) reinvested. Source for CDs is the Federal Reserve. CD income assumes reinvestment of both principal and interest at prevailing rates at the time of purchase. CDs are guaranteed; the fund is not.
[End bar chart]
The portfolio at a glance
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.
[begin pie charts]
July 31, 2006 | July 1, 2005 | ||||||
Percent | Percent | ||||||
of net | of net | ||||||
Investment portfolio | assets | assets | |||||
U.S. common stocks | 49.5 | % | 47.7 | % | |||
Non-U.S. common stocks | 17.2 | 16.8 | |||||
U.S. and non-U.S. convertible securities & preferred stocks | 4.6 | 5.8 | |||||
U. S. Treasury & agency bonds & notes | 1.9 | 2.2 | |||||
Other fixed-income securities | 20.0 | 19.9 | |||||
Short-term securities & other assets less liabilities | 6.8 | 7.6 |
[end pie charts]
July 1, 2006 | Percent | July 1, 2005 | Percent | ||||||
of net | of net | ||||||||
Five largest sectors in common stock holdings | assets | Five largest sectors in common stock holdings | assets | ||||||
Financials | 17.9 | % | Financials | 17.2 | % | ||||
Utilities | 8.0 | Utilities | 9.3 | ||||||
Telecommunication services | 7.8 | Telecommunication services | 7.8 | ||||||
Consumer staples | 7.6 | Energy | 6.2 | ||||||
Energy | 5.6 | Consumer staples | 5.7 | ||||||
July 1, 2006 | Percent | July 1, 2005 | Percent | ||||||
of net | of net | ||||||||
Ten largest common stock holdings | assets | Ten largest common stock holdings | assets | ||||||
AT&T | 2.2 | % | Royal Dutch Shell | 1.9 | % | ||||
Chevron | 2.1 | BellSouth | 1.7 | ||||||
BellSouth | 1.9 | SBC Communications | 1.7 | ||||||
Royal Dutch Shell | 1.8 | Verizon Communications | 1.3 | ||||||
Citigroup | 1.7 | Bristol-Myers Squibb | 1.2 | ||||||
General Electric | 1.6 | Dow Chemical | 1.2 | ||||||
Bristol-Myers Squibb | 1.5 | Chevron | 1.2 | ||||||
Altria Group | 1.3 | General Electric | 1.1 | ||||||
Merck | 1.1 | Washington Mutual | 1.1 | ||||||
Washington Mutual | 1.1 | General Motors | 1.1 | ||||||
Summary investment portfolio, July 31, 2006 | ||||||||||
Shares | Market | Percent | ||||||||
value | of net | |||||||||
Common stocks - 66.67% | (000) | assets | ||||||||
Financials - 17.90% | ||||||||||
Citigroup Inc. | 24,485,000 | $ | 1,182,870 | 1.73 | % | |||||
Washington Mutual, Inc. | 16,251,200 | 726,429 | 1.06 | |||||||
Société Générale | 4,736,500 | 706,466 | 1.03 | |||||||
Wells Fargo & Co. | 9,731,800 | 703,998 | 1.03 | |||||||
HSBC Holdings PLC (United Kingdom) | 26,952,825 | 488,878 | ||||||||
HSBC Holdings PLC (Hong Kong) | 10,543,396 | 190,109 | .99 | |||||||
J.P. Morgan Chase & Co. | 12,275,000 | 559,986 | .82 | |||||||
Bank of America Corp. | 10,765,550 | 554,749 | .81 | |||||||
U.S. Bancorp | 13,109,953 | 419,518 | .61 | |||||||
Fifth Third Bancorp | 10,994,000 | 419,311 | .61 | |||||||
Lloyds TSB Group PLC | 40,349,900 | 406,264 | .59 | |||||||
Equity Residential | 8,337,700 | 387,786 | .57 | |||||||
Hang Lung Properties Ltd. | 156,970,000 | 309,904 | .45 | |||||||
Fannie Mae | 3,006,200 | 144,027 | .21 | |||||||
Other securities | 5,053,536 | 7.39 | ||||||||
12,253,831 | 17.90 | |||||||||
Utilities - 7.97% | ||||||||||
Duke Energy Corp. | 19,880,000 | 602,761 | .88 | |||||||
National Grid PLC | 40,045,175 | 455,933 | .67 | |||||||
E.ON AG | 3,650,000 | 439,910 | .64 | |||||||
Entergy Corp. | 4,373,292 | 337,181 | .49 | |||||||
Dominion Resources, Inc. | 4,158,498 | 326,359 | .48 | |||||||
Other securities | 3,293,258 | 4.81 | ||||||||
5,455,402 | 7.97 | |||||||||
Telecommunication services - 7.83% | ||||||||||
AT&T Inc. | 51,160,575 | 1,534,305 | 2.24 | |||||||
BellSouth Corp. | 33,610,000 | 1,316,504 | 1.92 | |||||||
Verizon Communications Inc. | 21,100,000 | 713,602 | 1.04 | |||||||
Koninklijke KPN NV | 46,015,000 | 522,387 | .76 | |||||||
Chunghwa Telecom Co., Ltd. (ADR) | 16,324,400 | 303,144 | ||||||||
Chunghwa Telecom Co., Ltd. | 42,803,000 | 78,933 | .56 | |||||||
Vodafone Group PLC | 163,143,750 | 354,275 | .52 | |||||||
Other securities | 540,236 | .79 | ||||||||
5,363,386 | 7.83 | |||||||||
Consumer staples - 7.57% | ||||||||||
Altria Group, Inc. | 10,780,000 | 862,077 | 1.26 | |||||||
Coca-Cola Co. | 15,225,000 | 677,512 | .99 | |||||||
H.J. Heinz Co. | 14,535,000 | 610,034 | .89 | |||||||
Reynolds American Inc. | 4,553,500 | 577,293 | .84 | |||||||
ConAgra Foods, Inc. (1) | 26,327,600 | 566,043 | .83 | |||||||
General Mills, Inc. | 8,700,000 | 451,530 | .66 | |||||||
Diageo PLC | 17,650,000 | 310,250 | .45 | |||||||
Other securities | 1,129,428 | 1.65 | ||||||||
5,184,167 | 7.57 | |||||||||
Energy - 5.55% | ||||||||||
Chevron Corp. | 21,874,200 | 1,438,885 | 2.10 | |||||||
Royal Dutch Shell PLC, Class A (ADR) | 10,196,000 | 721,877 | ||||||||
Royal Dutch Shell PLC, Class B | 6,314,144 | 232,476 | ||||||||
Royal Dutch Shell PLC, Class B (ADR) | 2,864,565 | 211,577 | ||||||||
Royal Dutch Shell PLC, Class A | 1,340,000 | 47,348 | 1.77 | |||||||
Marathon Oil Corp. | 4,345,000 | 393,831 | .57 | |||||||
Other securities | 756,192 | 1.11 | ||||||||
3,802,186 | 5.55 | |||||||||
Health care - 5.49% | ||||||||||
Bristol-Myers Squibb Co. | 43,284,000 | 1,037,517 | 1.51 | |||||||
Merck & Co., Inc. | 18,800,000 | 757,076 | 1.11 | |||||||
Eli Lilly and Co. | 12,335,000 | 700,258 | 1.02 | |||||||
Pfizer Inc | 20,210,000 | 525,258 | .77 | |||||||
Other securities | 740,750 | 1.08 | ||||||||
3,760,859 | 5.49 | |||||||||
Materials - 4.42% | ||||||||||
International Paper Co. | 16,348,820 | 561,255 | .82 | |||||||
E.I. du Pont de Nemours and Co. | 13,685,000 | 542,747 | .79 | |||||||
Weyerhaeuser Co. | 8,900,000 | 522,074 | .76 | |||||||
Other securities | 1,398,839 | 2.05 | ||||||||
3,024,915 | 4.42 | |||||||||
Industrials - 4.23% | ||||||||||
General Electric Co. | 33,670,000 | 1,100,672 | 1.61 | |||||||
Waste Management, Inc. | 11,872,400 | 408,173 | .60 | |||||||
Emerson Electric Co. | 4,685,000 | 369,740 | .54 | |||||||
R.R. Donnelley & Sons Co. | 10,745,000 | 313,646 | .46 | |||||||
Other securities | 703,182 | 1.02 | ||||||||
2,895,413 | 4.23 | |||||||||
Consumer discretionary - 2.75% | ||||||||||
General Motors Corp. | 13,775,000 | 443,968 | .65 | |||||||
Esprit Holdings Ltd. | 40,949,000 | 311,469 | .46 | |||||||
Other securities | 1,128,406 | 1.64 | ||||||||
1,883,843 | 2.75 | |||||||||
Information technology - 0.60% | ||||||||||
Other securities | 409,041 | .60 | ||||||||
Miscellaneous - 2.36% | ||||||||||
Other common stocks in initial period of acquisition | 1,609,862 | 2.36 | ||||||||
Total common stocks (cost: $36,872,330,000) | 45,642,905 | 66.67 | ||||||||
Shares | Market | Percent | ||||||||
value | of net | |||||||||
Preferred stocks - 1.27% | (000 | ) | assets | |||||||
Financials - 1.24% | ||||||||||
Fannie Mae, Series O, 7.625% preferred (2) (3) | 2,190,000 | 118,260 | .17 | |||||||
HSBC Capital Funding LP, Series 1, 9.547% noncumulative step-up perpetual preferred (2) (3) | 37,500,000 | 42,303 | ||||||||
HSBC Capital Funding LP, Series 2, 10.176% noncumulative step-up perpetual preferred (2) (3) | 10,000,000 | 14,075 | .08 | |||||||
Société Générale 7.85% preferred (2) (3) | 11,200,000 | 11,385 | .02 | |||||||
Other securities | 661,358 | .97 | ||||||||
847,381 | 1.24 | |||||||||
Other - 0.03% | ||||||||||
Other securities | 17,194 | .03 | ||||||||
Total preferred stocks (cost: $854,645,000) | 864,575 | 1.27 | ||||||||
Shares | Market | Percent | ||||||||
value | of net | |||||||||
Warrants - 0.00% | (000 | ) | assets | |||||||
Telecommunication services - 0.00% | ||||||||||
Other securities | 19 | .00 | ||||||||
Total warrants (cost: $816,000) | 19 | .00 | ||||||||
Shares | Market | Percent | ||||||||
value | of net | |||||||||
Convertible securities - 3.40% | (000 | ) | assets | |||||||
Other - 3.17% | ||||||||||
Fannie Mae 5.375% convertible preferred | 1,530 | 142,206 | .21 | |||||||
Other securities | 2,025,680 | 2.96 | ||||||||
2,167,886 | 3.17 | |||||||||
Miscellaneous - 0.23% | ||||||||||
Other convertible securities in initial period of acquisition | 160,558 | .23 | ||||||||
Total convertible securities (cost: $2,164,179,000) | 2,328,444 | 3.40 | ||||||||
Principal | Market | Percent | ||||||||
amount | value | of net | ||||||||
Bonds & notes - 21.89% | (000 | ) | (000 | ) | assets | |||||
Consumer discretionary - 3.74% | ||||||||||
General Motors Corp. 6.375%-9.40% 2008-2033 | 236,035 | 206,622 | ||||||||
General Motors Nova Scotia Finance Co. 6.85% 2008 | 20,700 | 19,613 | .33 | |||||||
Other securities | 2,335,369 | 3.41 | ||||||||
2,561,604 | 3.74 | |||||||||
Financials - 3.50% | ||||||||||
General Motors Acceptance Corp. 6.039%-7.75% 2006-2014 (3) | 505,945 | 494,725 | ||||||||
Residential Capital Corp. 6.00%-7.337% 2008-2011 (2) (3) | 96,900 | 96,654 | .86 | |||||||
Washington Mutual Preferred Funding I Ltd. 6.534% (undated) (2) (3) | 42,800 | 41,660 | ||||||||
Washington Mutual, Inc. 4.00%-5.737% 2009-2012 (3) | 32,000 | 31,391 | ||||||||
Providian Financial Corp., Series A, 9.525% 2027 (2) | 10,000 | 10,612 | ||||||||
Dime Capital Trust I, Dime Bancorp, Inc., Series A, 9.33% 2027 | 9,425 | 10,085 | .14 | |||||||
Household Finance Corp. 4.125%-6.375% 2009-2012 | 31,000 | 30,927 | ||||||||
HSBC Finance Corp. 4.625%-5.00% 2010-2015 | 21,720 | 20,915 | ||||||||
HSBC Bank USA 4.625% 2014 (2) | 5,000 | 4,644 | ||||||||
Midland Bank 5.875% Eurodollar note (undated) (3) | 5,000 | 4,300 | .09 | |||||||
MBNA Global Capital Funding, Series B, 5.949% 2027 (3) | 35,000 | 34,681 | ||||||||
MBNA Corp. 5.625% 2007 | 10,000 | 10,007 | ||||||||
Bank of America Corp. 4.50% 2010 | 10,000 | 9,678 | .08 | |||||||
SocGen Real Estate Co. LLC, Series A, 7.64% (undated) (2) (3) | 45,700 | 46,733 | ||||||||
Société Générale 5.75% 2016 (2) | 4,000 | 3,990 | .07 | |||||||
J.P. Morgan Chase & Co. 4.75%-4.891% 2015 | 22,500 | 21,539 | ||||||||
J.P. Morgan & Co. Inc. 6.70% 2007 | 5,000 | 5,058 | .04 | |||||||
Citigroup Inc. 5.125% 2011 | 12,500 | 12,336 | .02 | |||||||
Other securities | 1,507,442 | 2.20 | ||||||||
2,397,377 | 3.50 | |||||||||
Mortgage-backed obligations (4) - 2.98% | ||||||||||
Fannie Mae 3.753%-11.90% 2010-2042 (3) | 411,367 | 402,449 | .59 | |||||||
Other securities | 1,635,314 | 2.39 | ||||||||
2,037,763 | 2.98 | |||||||||
Telecommunication services - 2.96% | ||||||||||
SBC Communications Inc. 4.125%-6.25% 2009-2034 | 74,965 | 71,409 | ||||||||
AT&T Corp. 7.30% 2011 (3) | 14,789 | 15,845 | ||||||||
AT&T Inc. 6.80% 2036 | 11,235 | 11,341 | .14 | |||||||
Verizon Global Funding Corp. 6.125% 2007 | 7,000 | 7,035 | ||||||||
Verizon New York Inc., Series A, 6.875% 2012 | 6,500 | 6,671 | .02 | |||||||
BellSouth Corp. 6.55% 2034 | 10,000 | 9,682 | .01 | |||||||
Other securities | 1,903,699 | 2.79 | ||||||||
2,025,682 | 2.96 | |||||||||
Energy - 1.43% | ||||||||||
Other securities | 980,978 | 1.43 | ||||||||
Industrials - 1.25% | ||||||||||
General Electric Capital Corp., Series A, 5.375%-6.00% 2007-2012 | 16,000 | 16,184 | ||||||||
General Electric Co. 5.00% 2013 | 5,000 | 4,846 | .03 | |||||||
Other securities | 835,090 | 1.22 | ||||||||
856,120 | 1.25 | |||||||||
Utilities - 1.07% | ||||||||||
Other securities | 730,408 | 1.07 | ||||||||
Materials - 1.04% | ||||||||||
Other securities | 709,097 | 1.04 | ||||||||
U.S. government & government agency bonds & notes - 1.03% | ||||||||||
Fannie Mae 5.25% 2007 | 41,500 | 41,415 | .06 | |||||||
Other securities | 663,205 | .97 | ||||||||
704,620 | 1.03 | |||||||||
Other - 2.89% | ||||||||||
Other securities | 1,983,807 | 2.89 | ||||||||
Total bonds & notes (cost: $15,115,931,000) | 14,987,456 | 21.89 | ||||||||
Principal | Market | Percent | ||||||||
amount | value | of net | ||||||||
Short-term securities - 7.01% | (000 | ) | (000 | ) | assets | |||||
Federal Home Loan Bank 4.935%-5.285% due 8/4-10/4/2006 | $ | 467,132 | $ | 464,212 | .68 | % | ||||
Bank of America Corp. 5.15%-5.36% due 8/25-9/28/2006 | 350,000 | 347,971 | .51 | |||||||
Wells Fargo Bank, N.A. 5.25%-5.40% due 8/21-9/19/2006 | 300,000 | 299,996 | .44 | |||||||
International Lease Finance Corp. 5.08%-5.30% due 8/1-9/12/2006 | 100,000 | 99,598 | ||||||||
AIG Funding, Inc. 5.03%-5.225% due 8/3-9/8/2006 | 100,000 | 99,703 | ||||||||
American General Finance Corp. 5.30%-5.31% due 9/7-9/20/2006 | 100,000 | 99,358 | .44 | |||||||
Preferred Receivables Funding Corp. 5.23%-5.34% due 8/4-9/8/2006 (2) | 200,000 | 199,349 | ||||||||
Park Avenue Receivables Co., LLC 5.29%-5.34% due 8/10-9/20/2006 (2) | 75,000 | 74,585 | .40 | |||||||
CAFCO, LLC 5.11%-5.39% due 8/2-10/11/2006 (2) | 250,000 | 247,788 | .36 | |||||||
Fannie Mae 5.07%-5.28% due 8/28-10/18/2006 | 155,300 | 154,231 | .22 | |||||||
HSBC Finance Corp. 5.08%-5.32% due 8/30-10/5/2006 | 125,000 | 124,172 | .18 | |||||||
Atlantic Industries 5.05% due 8/1/2006 (2) | 67,500 | 67,490 | ||||||||
Coca-Cola Co. 5.29% due 9/18/2006 | 40,500 | 40,209 | .16 | |||||||
General Electric Capital Services, Inc. 5.15% due 8/17/2006 | 50,000 | 49,882 | ||||||||
Edison Asset Securitization LLC 5.30%-5.31% due 8/29/2006 (2) | 50,000 | 49,788 | .15 | |||||||
Other securities | 2,382,309 | 3.47 | ||||||||
Total short-term securities (cost: $4,800,632,000) | 4,800,641 | 7.01 | ||||||||
Total investment securities (cost: $59,808,533,000) | 68,624,040 | 100.24 | ||||||||
Other assets less liabilities | (165,985 | ) | (0.24 | ) | ||||||
Net assets | $ | 68,458,055 | 100.00 | % |
"Miscellaneous" securities include holdings in their initial period of acquisition that have not previously been publicly disclosed. |
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. |
Investments in affiliates |
A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund's holdings in that company represent 5% or more of the outstanding voting shares of that company. Some of the fund's affiliated holdings listed below are also among the fund's largest holdings and are shown in the preceding summary investment portfolio. Affiliated companies not among the fund's largest holdings are included in the market value of "Other securities" under their respective industry sectors. Further details on these holdings and related transactions during the year ended July 31, 2006, appear below. |
Dividend or | Market value | ||||||||||||||||||
Beginning | interest | of affiliates | |||||||||||||||||
Company | shares | Purchases | Sales | Ending shares | income | at 7/31/06 | |||||||||||||
or principal amount | or principal amount | (000) | (000) | ||||||||||||||||
iStar Financial, Inc. | 7,240,000 | - | - | 7,240,000 | $ | 14,339 | $ | 287,862 | |||||||||||
iStar Financial, Inc. 5.375% 2010 | $ | 10,925,000 | $ | - | $ | - | $ | 10,925,000 | 593 | 10,750 | |||||||||
iStar Financial, Inc., Series F, 7.80% cumulative redeemable preferred | 400,000 | - | - | 400,000 | 780 | 10,004 | |||||||||||||
iStar Financial, Inc., Series B, 5.125% 2011 | $ | 10,000,000 | $ | - | $ | - | $ | 10,000,000 | 545 | 9,670 | |||||||||
iStar Financial, Inc. 7.00% 2008 | $ | 6,525,000 | $ | - | $ | - | $ | 6,525,000 | 351 | 6,653 | |||||||||
iStar Financial, Inc. 5.80% 2011 | $ | - | $ | 5,000,000 | $ | - | $ | 5,000,000 | 183 | 4,969 | |||||||||
iStar Financial, Inc., Series B, 4.875% 2009 | $ | 5,000,000 | $ | - | $ | - | $ | 5,000,000 | 280 | 4,897 | |||||||||
iStar Financial, Inc. 6.05% 2015 | $ | 4,285,000 | $ | - | $ | - | $ | 4,285,000 | 260 | 4,240 | |||||||||
iStar Financial, Inc. 6.00% 2010 | $ | 3,750,000 | $ | - | $ | - | $ | 3,750,000 | 228 | 3,772 | |||||||||
iStar Financial, Inc. 8.75% 2008 | $ | 1,028,000 | $ | - | $ | - | $ | 1,028,000 | 61 | 1,085 | |||||||||
Packaging Corp. of America | - | 6,736,800 | - | 6,736,800 | 5,726 | 154,475 | |||||||||||||
Packaging Corp. of America 4.375% 2008 | $ | 9,500,000 | $ | - | $ | 7,000,000 | $ | 2,500,000 | 343 | 2,441 | |||||||||
Arthur J. Gallagher & Co. | 5,383,200 | 20,500 | - | 5,403,700 | 6,268 | 146,819 | |||||||||||||
Goodman Fielder Ltd. (5) | - | 67,000,000 | - | 67,000,000 | - | 103,089 | |||||||||||||
Sunstone Hotel Investors, Inc. | 2,438,400 | 1,155,000 | - | 3,593,400 | 4,120 | 101,909 | |||||||||||||
Premier Farnell PLC | - | 23,550,000 | 2,500,000 | 21,050,000 | 3,917 | 70,877 | |||||||||||||
Tupperware Brands Corp. | 3,125,500 | 739,500 | - | 3,865,000 | 3,239 | 66,710 | |||||||||||||
Montpelier Re Holdings Ltd. | 4,120,000 | 345,000 | - | 4,465,000 | 2,612 | 80,727 | |||||||||||||
MeadWestvaco Corp. | 3,180,000 | 7,385,696 | - | 10,565,696 | 5,200 | 275,976 | |||||||||||||
Beverly Hills Bancorp Inc. | 1,939,517 | - | 91,117 | 1,848,400 | 970 | 16,765 | |||||||||||||
Clarent Hospital Corp. (5) (6) | 484,684 | - | - | 484,684 | - | 121 | |||||||||||||
ConAgra Foods, Inc. | 18,485,000 | 7,842,600 | - | 26,327,600 | 19,421 | 566,043 | |||||||||||||
R.R. Donnelley & Sons Co. (7) | 13,474,000 | - | 2,729,000 | 10,745,000 | 12,810 | - | |||||||||||||
$ | 82,246 | $ | 1,929,854 |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
(1) Represents an affiliated company as defined under the Investment Company Act of 1940. |
(2) Purchased in a private placement transaction; resale may be limited to qualified institutional buyers; resale to the public may require registration. The total value of all such restricted securities, including those in "Other securities" in the summary investment portfolio, was $5,490,924,000, which represented 8.02% of the net assets of the fund. |
(3) Coupon rate may change periodically. |
(4) Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturities are shorter than the stated maturities. |
(5) Security did not produce income during the last 12 months. |
(6) Valued under fair value procedures adopted by authority of the board of directors. |
(7) Unaffiliated issuer at 7/31/2006. |
ADR = American Depositary Receipts |
See Notes to Financial Statements |
Financial statements | |||||||
Statement of assets and liabilities | |||||||
at July 31, 2006 (dollars and shares in thousands, except per-share amounts) | |||||||
Assets: | |||||||
Investment securities at market: | |||||||
Unaffiliated issuers (cost: $57,731,400) | $ | 66,694,186 | |||||
Affiliated issuers (cost: $2,077,133) | 1,929,854 | $ | 68,624,040 | ||||
Cash denominated in non-U.S. currencies (cost: $3,392) | 3,374 | ||||||
Cash | 79,711 | ||||||
Receivables for: | |||||||
Sales of investments | 130,914 | ||||||
Sales of fund's shares | 116,823 | ||||||
Dividends and interest | 391,106 | 638,843 | |||||
69,345,968 | |||||||
Liabilities: | |||||||
Payables for: | |||||||
Purchases of investments | 524,199 | ||||||
Repurchases of fund's shares | 51,217 | ||||||
Dividends on fund's shares | 262,170 | ||||||
Investment advisory services | 13,008 | ||||||
Services provided by affiliates | 34,410 | ||||||
Deferred directors' compensation | 2,258 | ||||||
Other fees and expenses | 651 | 887,913 | |||||
Net assets at July 31, 2006 | $ | 68,458,055 | |||||
Net assets consist of: | |||||||
Capital paid in on shares of capital stock | $ | 57,259,143 | |||||
Undistributed net investment income | 674,755 | ||||||
Undistributed net realized gain | 1,708,492 | ||||||
Net unrealized appreciation | 8,815,665 | ||||||
Net assets at July 31, 2006 | $ | 68,458,055 |
Total authorized capital stock - 5,500,000 shares, $.001 par value (3,546,374 total shares outstanding)
Net assets | Shares outstanding | Net asset value per share* | ||||||||
Class A | $ | 53,188,267 | 2,752,224 | $ | 19.33 | |||||
Class B | 4,442,194 | 231,113 | 19.22 | |||||||
Class C | 6,675,430 | 347,798 | 19.19 | |||||||
Class F | 1,957,407 | 101,414 | 19.30 | |||||||
Class 529-A | 451,644 | 23,392 | 19.31 | |||||||
Class 529-B | 91,781 | 4,764 | 19.26 | |||||||
Class 529-C | 200,885 | 10,422 | 19.27 | |||||||
Class 529-E | 23,392 | 1,214 | 19.28 | |||||||
Class 529-F | 9,830 | 509 | 19.30 | |||||||
Class R-1 | 36,656 | 1,902 | 19.27 | |||||||
Class R-2 | 378,995 | 19,723 | 19.22 | |||||||
Class R-3 | 579,106 | 30,025 | 19.29 | |||||||
Class R-4 | 254,657 | 13,189 | 19.31 | |||||||
Class R-5 | 167,811 | 8,685 | 19.32 | |||||||
* Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Class A and 529-A, for which the maximum offering prices per share were $20.51 and $20.49, respectively. |
See Notes to Financial Statements
Statement of operations | |||||||
for the year ended July 31, 2006 | (dollars in thousands) | ||||||
Investment income: | |||||||
Income: | |||||||
Dividends (net of non-U.S. taxes of $48,293; also includes $79,402 from affiliates) | $ | 1,822,844 | |||||
Interest (net of non-U.S. taxes of $2; also includes $2,844 from affiliates) | 1,274,118 | $ | 3,096,962 | ||||
Fees and expenses*: | |||||||
Investment advisory services | 157,792 | ||||||
Distribution services | 232,468 | ||||||
Transfer agent services | 32,255 | ||||||
Administrative services | 13,270 | ||||||
Reports to shareholders | 1,038 | ||||||
Registration statement and prospectus | 2,133 | ||||||
Postage, stationery and supplies | 3,323 | ||||||
Directors' compensation | 592 | ||||||
Auditing and legal | 155 | ||||||
Custodian | 2,594 | ||||||
State and local taxes | 1 | ||||||
Other | 158 | ||||||
Total fees and expenses before reimbursements/waivers | 445,779 | ||||||
Less reimbursements/waivers of fees and expenses: | |||||||
Investment advisory services | 15,779 | ||||||
Administrative services | 299 | ||||||
Total fees and expenses after reimbursements/waivers | 429,701 | ||||||
Net investment income | 2,667,261 | ||||||
Net realized gain and unrealized appreciation on investments and non-U.S. currency: | |||||||
Net realized gain on: | |||||||
Investments (including $5,638 net loss from affiliates) | 1,716,209 | ||||||
Non-U.S. currency transactions | 2,057 | 1,718,266 | |||||
Net unrealized appreciation on: | |||||||
Investments | 1,591,315 | ||||||
Non-U.S. currency translations | 1,302 | 1,592,617 | |||||
Net realized gain and unrealized appreciation on investments and non-U.S. currency | 3,310,883 | ||||||
Net increase in net assets resulting from operations | $ | 5,978,144 | |||||
* Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. | |||||||
See Notes to Financial Statements | |||||||
Statements of changes in net assets | (dollars in thousands | ) | |||||
Year ended July 31 | |||||||
2006 | 2005 | ||||||
Operations: | |||||||
Net investment income | $ | 2,667,261 | $ | 2,177,501 | |||
Net realized gain on investments and non-U.S. currency transactions | 1,718,266 | 1,203,405 | |||||
Net unrealized appreciation on investments and non-U.S. currency translations | 1,592,617 | 3,378,509 | |||||
Net increase in net assets resulting from operations | 5,978,144 | 6,759,415 | |||||
Dividends and distributions paid or accrued to shareholders: | |||||||
Dividends from net investment income and non-U.S. currency gains | (2,496,685 | ) | (1,825,496 | ) | |||
Distributions from net realized gain on investments | (1,211,543 | ) | (377,655 | ) | |||
Total dividends and distributions paid or accrued to shareholders | (3,708,228 | ) | (2,203,151 | ) | |||
Capital share transactions | 6,036,571 | 10,692,258 | |||||
Total increase in net assets | 8,306,487 | 15,248,522 | |||||
Net assets: | |||||||
Beginning of year | 60,151,568 | 44,903,046 | |||||
End of year (including undistributed net investment income: $674,755 and $501,690, respectively) | $ | 68,458,055 | $ | 60,151,568 | |||
See Notes to Financial Statements |
Notes to financial statements
1. | Organization and significant accounting policies |
Organization - The Income Fund of America, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks current income while secondarily striving for capital growth through investments in stocks and fixed-income securities.
The fund offers 14 share classes consisting of four retail share classes, five CollegeAmerica® savings plan share classes and five retirement plan share classes. The CollegeAmerica savings plan share classes (529-A, 529-B, 529-C, 529-E and 529-F) can be utilized to save for college education. The five retirement plan share classes (R-1, R-2, R-3, R-4 and R-5) are sold without any sales charges and do not carry any conversion rights. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature | |||
Class A and 529-A | Up to 5.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None | |||
Class B and 529-B | None | Declines from 5% to 0% for redemptions within six years of purchase | Class B and 529-B convert to Class A and 529-A, respectively, after eight years | |||
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F after 10 years | |||
Class 529-C | None | 1% for redemptions within one year of purchase | None | |||
Class 529-E | None | None | None | |||
Class F and 529-F | None | None | None | |||
Class R-1, R-2, R-3, R-4 and R-5 | None | None | None |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies - The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation - Equity securities are valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity. The ability of the issuers of the debt securities held by the fund to meet their obligations may be affected by economic developments in a specific industry, state or region. Securities and other assets for which representative market quotations are not readily available or are considered unreliable are fair valued as determined in good faith under procedures adopted by authority of the fund's board of directors. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions.
Security transactions and related investment income - Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations - Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders - Dividends paid to shareholders are declared daily from net investment income and are paid to shareholders quarterly. Distributions paid to shareholders are recorded on the ex-dividend date.
Non-U.S. currency translation - Assets and liabilities, including investment securities, denominated in non-U.S. currencies are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. In the accompanying financial statements, the effects of changes in non-U.S. exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in non-U.S. currencies are disclosed separately.
Mortgage dollar rolls - The fund may enter into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the accompanying financial statements.
Loan transactions - The fund may enter into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal. Risks may arise due to the delayed settlement date of the loan transaction and the ability of the agent and/or the borrower to meet the obligations of the loan.
2. | Non-U.S. investments |
Investment risk - The risks of investing in securities of non-U.S. issuers may include, but are not limited to, investment and repatriation restrictions; revaluation of currencies; adverse political, social and economic developments; government involvement in the private sector; limited and less reliable investor information; lack of liquidity; certain local tax law considerations; and limited regulation of the securities markets.
Taxation - Dividend and interest income is recorded net of non-U.S. taxes paid.
3. Federal income taxation and distributions
The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
Distributions - Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as non-U.S. currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in non-U.S. securities; paydowns on fixed-income securities; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
During the year ended July 31, 2006, the fund reclassified $89,000 from undistributed net investment income to capital paid in on shares of capital stock. In addition, the fund reclassified $2,578,000 from undistributed net realized gain to undistributed net investment income to align financial reporting with tax reporting.
As of July 31, 2006, the components of distributable earnings, unrealized appreciation (depreciation) and cost of investments on a tax basis were as follows:
(dollars in thousands) | |
Undistributed ordinary income | $924,041 |
Undistributed long-term capital gain | 1,727,884 |
Gross unrealized appreciation on investment securities | 9,908,898 |
Gross unrealized depreciation on investment securities | (1,097,562) |
Net unrealized appreciation on investment securities | 8,811,336 |
Cost of investment securities | 59,812,704 |
The tax character of distributions paid or accrued to shareholders was as follows (dollars in thousands):
Year ended July 31, 2006 | Year ended July 31, 2005 | ||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid or accrued | Ordinary income | Long-term capital gains | Total distributions paid or accrued | |||||||||||||
Class A | $ | 2,018,662 | $ | 945,614 | $ | 2,964,276 | $ | 1,507,294 | $ | 299,587 | $ | 1,806,881 | |||||||
Class B | 140,500 | 81,514 | 222,014 | 105,906 | 27,212 | 133,118 | |||||||||||||
Class C | 201,163 | 117,973 | 319,136 | 132,396 | 34,316 | 166,712 | |||||||||||||
Class F | 70,225 | 33,305 | 103,530 | 45,544 | 9,107 | 54,651 | |||||||||||||
Class 529-A | 15,421 | 7,171 | 22,592 | 9,019 | 1,789 | 10,808 | |||||||||||||
Class 529-B | 2,598 | 1,542 | 4,140 | 1,649 | 447 | 2,096 | |||||||||||||
Class 529-C | 5,562 | 3,248 | 8,810 | 3,247 | 856 | 4,103 | |||||||||||||
Class 529-E | 740 | 373 | 1,113 | 433 | 95 | 528 | |||||||||||||
Class 529-F | 313 | 134 | 447 | 136 | 25 | 161 | |||||||||||||
Class R-1 | 864 | 485 | 1,349 | 334 | 78 | 412 | |||||||||||||
Class R-2 | 10,343 | 5,960 | 16,303 | 5,613 | 1,403 | 7,016 | |||||||||||||
Class R-3 | 17,725 | 8,906 | 26,631 | 8,959 | 1,829 | 10,788 | |||||||||||||
Class R-4 | 7,679 | 3,433 | 11,112 | 2,450 | 430 | 2,880 | |||||||||||||
Class R-5 | 4,890 | 1,885 | 6,775 | 2,516 | 481 | 2,997 | |||||||||||||
Total | $ | 2,496,685 | $ | 1,211,543 | $ | 3,708,228 | $ | 1,825,496 | $ | 377,655 | $ | 2,203,151 |
4. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company SM ("AFS"), the fund’s transfer agent, and American Funds Distributors, Inc.SM ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.250% on the first $500 million of daily net assets and decreasing to 0.125% on such assets in excess of $71 billion. The agreement also provides for monthly fees, accrued daily, of 2.25% of the fund’s monthly gross income. CRMC is currently waiving 10% of investment advisory services fees. During the year ended July 31, 2006, total investment advisory services fees waived by CRMC were $15,779,000. As a result, the fee shown on the accompanying financial statements of $157,792,000, which was equivalent to an annualized rate of 0.249%, was reduced to $142,013,000, or 0.224% of average daily net assets.
Class-specific fees and expenses - Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services - The fund has adopted plans of distribution for all share classes, except Class R-5. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A and 529-A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of July 31, 2006, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A.
Share class | Currently approved limits | Plan limits |
Class A | 0.25% | 0.25% |
Class 529-A | 0.25 | 0.50 |
Class B and 529-B | 1.00 | 1.00 |
Class C, 529-C and R-1 | 1.00 | 1.00 |
Class R-2 | 0.75 | 1.00 |
Class 529-E and R-3 | 0.50 | 0.75 |
Class F, 529-F and R-4 | 0.25 | 0.50 |
Transfer agent services - The fund has a transfer agent agreement with AFS for Class A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.
Administrative services - The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Class A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services. CRMC has agreed to pay AFS on the fund's behalf for a portion of the transfer agent services fees for some of the retirement plan share classes. For the year ended July 31, 2006, the total administrative services fees paid by CRMC were $2,000 and $297,000 for Class R-1 and R-2, respectively. Administrative services fees are presented gross of any payments made by CRMC. Each 529 share class is subject to an additional annual administrative services fee of 0.10% of its respective average daily net assets; this fee is payable to the Commonwealth of Virginia for the maintenance of the CollegeAmerica plan. Although these amounts are included with administrative services fees on the accompanying financial statements, the Commonwealth of Virginia is not considered a related party.
Expenses under the agreements described above for the year ended July 31, 2006, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | ||
CRMC administrative services | Transfer agent services | Commonwealth of Virginia administrative services | |||
Class A | $115,724 | $29,419 | Not applicable | Not applicable | Not applicable |
Class B | 42,234 | 2,836 | Not applicable | Not applicable | Not applicable |
Class C | 61,234 | Included in administrative services | $6,466 | $951 | Not applicable |
Class F | 4,328 | 1,328 | 230 | Not applicable | |
Class 529-A | 736 | 258 | 42 | $385 | |
Class 529-B | 816 | 55 | 29 | 82 | |
Class 529-C | 1,739 | 117 | 47 | 174 | |
Class 529-E | 100 | 13 | 2 | 20 | |
Class 529-F | - | 5 | 1 | 8 | |
Class R-1 | 268 | 34 | 15 | Not applicable | |
Class R-2 | 2,400 | 473 | 1,151 | Not applicable | |
Class R-3 | 2,407 | 700 | 273 | Not applicable | |
Class R-4 | 482 | 282 | 12 | Not applicable | |
Class R-5 | Not applicable | 113 | 4 | Not applicable | |
Total | $232,468 | $32,255 | $9,844 | $2,757 | $669 |
Deferred directors’ compensation - Since the adoption of the deferred compensation plan in 1993, directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $592,000, shown on the accompanying financial statements, includes $332,000 in current fees (either paid in cash or deferred) and a net increase of $260,000 in the value of the deferred amounts.
Affiliated officers and directors - Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.
5. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Share class | Sales* | Reinvestments of dividends and distributions | Repurchases* | Net increase | |||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||
Year ended July 31, 2006 | |||||||||||||||||||||||||
Class A | $ | 7,526,901 | 404,213 | $ | 2,634,343 | 142,882 | $ | (5,936,400 | ) | (318,528 | ) | $ | 4,224,844 | 228,567 | |||||||||||
Class B | 417,059 | 22,507 | 194,060 | 10,594 | (449,190 | ) | (24,223 | ) | 161,929 | 8,878 | |||||||||||||||
Class C | 1,279,488 | 69,133 | 275,082 | 15,037 | (854,118 | ) | (46,137 | ) | 700,452 | 38,033 | |||||||||||||||
Class F | 579,266 | 31,091 | 80,258 | 4,359 | (369,396 | ) | (19,859 | ) | 290,128 | 15,591 | |||||||||||||||
Class 529-A | 115,828 | 6,225 | 21,870 | 1,187 | (29,602 | ) | (1,587 | ) | 108,096 | 5,825 | |||||||||||||||
Class 529-B | 15,280 | 823 | 4,043 | 220 | (4,608 | ) | (248 | ) | 14,715 | 795 | |||||||||||||||
Class 529-C | 51,850 | 2,790 | 8,560 | 465 | (19,447 | ) | (1,044 | ) | 40,963 | 2,211 | |||||||||||||||
Class 529-E | 6,516 | 351 | 1,079 | 59 | (2,291 | ) | (123 | ) | 5,304 | 287 | |||||||||||||||
Class 529-F | 4,653 | 250 | 424 | 23 | (938 | ) | (50 | ) | 4,139 | 223 | |||||||||||||||
Class R-1 | 21,603 | 1,163 | 1,257 | 69 | (6,100 | ) | (329 | ) | 16,760 | 903 | |||||||||||||||
Class R-2 | 164,063 | 8,842 | 15,707 | 857 | (83,808 | ) | (4,514 | ) | 95,962 | 5,185 | |||||||||||||||
Class R-3 | 275,744 | 14,822 | 25,650 | 1,394 | (135,565 | ) | (7,291 | ) | 165,829 | 8,925 | |||||||||||||||
Class R-4 | 163,310 | 8,773 | 10,477 | 568 | (48,034 | ) | (2,576 | ) | 125,753 | 6,765 | |||||||||||||||
Class R-5 | 96,681 | 5,189 | 5,091 | 276 | (20,075 | ) | (1,077 | ) | 81,697 | 4,388 | |||||||||||||||
Total net increase | |||||||||||||||||||||||||
(decrease) | $ | 10,718,242 | 576,172 | $ | 3,277,901 | 177,990 | $ | (7,959,572 | ) | (427,586 | ) | $ | 6,036,571 | 326,576 | |||||||||||
Year ended July 31, 2005 | |||||||||||||||||||||||||
Class A | $ | 9,640,392 | 532,521 | $ | 1,565,111 | 86,078 | $ | (3,709,618 | ) | (204,836 | ) | $ | 7,495,885 | 413,763 | |||||||||||
Class B | 755,566 | 42,102 | 111,888 | 6,179 | (287,281 | ) | (15,953 | ) | 580,173 | 32,328 | |||||||||||||||
Class C | 1,867,364 | 103,792 | 133,316 | 7,372 | (485,019 | ) | (26,922 | ) | 1,515,661 | 84,242 | |||||||||||||||
Class F | 660,579 | 36,521 | 41,363 | 2,276 | (208,234 | ) | (11,499 | ) | 493,708 | 27,298 | |||||||||||||||
Class 529-A | 114,656 | 6,328 | 10,343 | 569 | (13,713 | ) | (756 | ) | 111,286 | 6,141 | |||||||||||||||
Class 529-B | 17,625 | 977 | 2,028 | 112 | (2,180 | ) | (121 | ) | 17,473 | 968 | |||||||||||||||
Class 529-C | 52,313 | 2,889 | 3,934 | 216 | (8,587 | ) | (473 | ) | 47,660 | 2,632 | |||||||||||||||
Class 529-E | 5,928 | 328 | 504 | 27 | (618 | ) | (34 | ) | 5,814 | 321 | |||||||||||||||
Class 529-F | 2,757 | 152 | 149 | 8 | (763 | ) | (43 | ) | 2,143 | 117 | |||||||||||||||
Class R-1 | 13,146 | 724 | 374 | 20 | (3,977 | ) | (218 | ) | 9,543 | 526 | |||||||||||||||
Class R-2 | 143,180 | 7,950 | 6,558 | 362 | (34,869 | ) | (1,935 | ) | 114,869 | 6,377 | |||||||||||||||
Class R-3 | 241,450 | 13,332 | 9,950 | 547 | (56,185 | ) | (3,110 | ) | 195,215 | 10,769 | |||||||||||||||
Class R-4 | 97,347 | 5,337 | 2,546 | 140 | (14,255 | ) | (782 | ) | 85,638 | 4,695 | |||||||||||||||
Class R-5 | 24,245 | 1,332 | 1,947 | 107 | (9,002 | ) | (498 | ) | 17,190 | 941 | |||||||||||||||
Total net increase | |||||||||||||||||||||||||
(decrease) | $ | 13,636,548 | 754,285 | $ | 1,890,011 | 104,013 | $ | (4,834,301 | ) | (267,180 | ) | $ | 10,692,258 | 591,118 | |||||||||||
* Includes exchanges between share classes of the fund. |
6. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities, of $25,651,014,000 and $20,471,168,000, respectively, during the year ended July 31, 2006.
Financial highlights (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from investment operations(2) | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return (3) | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements/ waivers | Ratio of expenses to average net assets after reimbursements/ waivers (4) | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | $ | 18.70 | $ | .81 | $ | .94 | $ | 1.75 | $ | (.76 | ) | $ | (.36 | ) | $ | (1.12 | ) | $ | 19.33 | 9.77 | % | $ | 53,188 | .56 | % | .53 | % | 4.35 | % | |||||||||||||||||||||||
Year ended 7/31/2005 | 17.10 | .77 | 1.61 | 2.38 | (.65 | ) | (.13 | ) | (.78 | ) | 18.70 | 14.12 | 47,196 | .55 | .54 | 4.26 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.44 | .70 | 1.70 | 2.40 | (.74 | ) | - | (.74 | ) | 17.10 | 15.76 | 36,075 | .57 | .57 | 4.15 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.49 | .72 | .98 | 1.70 | (.73 | ) | (.02 | ) | (.75 | ) | 15.44 | 12.18 | 25,891 | .61 | .61 | 4.98 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 16.44 | .74 | (1.73 | ) | (.99 | ) | (.80 | ) | (.16 | ) | (.96 | ) | 14.49 | (6.35 | ) | 19,585 | .61 | .61 | 4.66 | |||||||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.61 | .66 | .93 | 1.59 | (.62 | ) | (.36 | ) | (.98 | ) | 19.22 | 8.87 | 4,442 | 1.33 | 1.31 | 3.58 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.01 | .63 | 1.61 | 2.24 | (.51 | ) | (.13 | ) | (.64 | ) | 18.61 | 13.32 | 4,135 | 1.34 | 1.32 | 3.48 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.36 | .56 | 1.69 | 2.25 | (.60 | ) | - | (.60 | ) | 17.01 | 14.84 | 3,231 | 1.35 | 1.35 | 3.37 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.42 | .61 | .97 | 1.58 | (.62 | ) | (.02 | ) | (.64 | ) | 15.36 | 11.37 | 2,015 | 1.39 | 1.39 | 4.17 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 16.39 | .61 | (1.73 | ) | (1.12 | ) | (.69 | ) | (.16 | ) | (.85 | ) | 14.42 | (7.14 | ) | 800 | 1.37 | 1.37 | 3.88 | |||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.58 | .65 | .93 | 1.58 | (.61 | ) | (.36 | ) | (.97 | ) | 19.19 | 8.83 | 6,675 | 1.38 | 1.36 | 3.52 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 16.99 | .61 | 1.60 | 2.21 | (.49 | ) | (.13 | ) | (.62 | ) | 18.58 | 13.17 | 5,756 | 1.43 | 1.41 | 3.38 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.34 | .55 | 1.69 | 2.24 | (.59 | ) | - | (.59 | ) | 16.99 | 14.75 | 3,833 | 1.44 | 1.44 | 3.26 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.41 | .59 | .97 | 1.56 | (.61 | ) | (.02 | ) | (.63 | ) | 15.34 | 11.23 | 1,850 | 1.48 | 1.48 | 4.07 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 16.37 | .59 | (1.71 | ) | (1.12 | ) | (.68 | ) | (.16 | ) | (.84 | ) | 14.41 | (7.17 | ) | 614 | 1.48 | 1.48 | 3.77 | |||||||||||||||||||||||||||||||||
Class F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.68 | .80 | .93 | 1.73 | (.75 | ) | (.36 | ) | (1.11 | ) | 19.30 | 9.68 | 1,957 | .60 | .57 | 4.30 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.08 | .75 | 1.61 | 2.36 | (.63 | ) | (.13 | ) | (.76 | ) | 18.68 | 14.01 | 1,603 | .67 | .65 | 4.14 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.42 | .67 | 1.71 | 2.38 | (.72 | ) | - | (.72 | ) | 17.08 | 15.65 | 1,000 | .69 | .69 | 4.02 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.47 | .71 | .97 | 1.68 | (.71 | ) | (.02 | ) | (.73 | ) | 15.42 | 12.11 | 471 | .72 | .72 | 4.83 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 16.44 | .71 | (1.73 | ) | (1.02 | ) | (.79 | ) | (.16 | ) | (.95 | ) | 14.47 | (6.56 | ) | 156 | .73 | .73 | 4.52 | |||||||||||||||||||||||||||||||||
Class 529-A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.68 | .80 | .94 | 1.74 | (.75 | ) | (.36 | ) | (1.11 | ) | 19.31 | 9.70 | 452 | .63 | .61 | 4.27 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.08 | .75 | 1.61 | 2.36 | (.63 | ) | (.13 | ) | (.76 | ) | 18.68 | 13.98 | 328 | .70 | .68 | 4.13 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.42 | .68 | 1.70 | 2.38 | (.72 | ) | - | (.72 | ) | 17.08 | 15.61 | 195 | .67 | .67 | 4.06 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.48 | .71 | .97 | 1.68 | (.72 | ) | (.02 | ) | (.74 | ) | 15.42 | 12.10 | 93 | .68 | .68 | 4.87 | ||||||||||||||||||||||||||||||||||||
Period from 2/15/2002 to 7/31/2002 | 15.76 | .31 | (1.20 | ) | (.89 | ) | (.39 | ) | - | (.39 | ) | 14.48 | (5.83 | ) | 24 | .37 | .37 | 2.02 | ||||||||||||||||||||||||||||||||||
Class 529-B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.65 | .64 | .92 | 1.56 | (.59 | ) | (.36 | ) | (.95 | ) | 19.26 | 8.71 | 92 | 1.47 | 1.44 | 3.44 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.05 | .59 | 1.61 | 2.20 | (.47 | ) | (.13 | ) | (.60 | ) | 18.65 | 13.05 | 74 | 1.55 | 1.53 | 3.28 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.36 | .53 | 1.70 | 2.23 | (.54 | ) | - | (.54 | ) | 17.05 | 14.67 | 51 | 1.57 | 1.57 | 3.16 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.46 | .58 | .97 | 1.55 | (.63 | ) | (.02 | ) | (.65 | ) | 15.36 | 11.10 | 28 | 1.60 | 1.60 | 3.95 | ||||||||||||||||||||||||||||||||||||
Period from 2/19/2002 to 7/31/2002 | 15.63 | .25 | (1.06 | ) | (.81 | ) | (.36 | ) | - | (.36 | ) | 14.46 | (5.40 | ) | 7 | .71 | .71 | 1.62 | ||||||||||||||||||||||||||||||||||
Class 529-C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.65 | .64 | .93 | 1.57 | (.59 | ) | (.36 | ) | (.95 | ) | 19.27 | 8.77 | 201 | 1.46 | 1.43 | 3.45 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.06 | .59 | 1.60 | 2.19 | (.47 | ) | (.13 | ) | (.60 | ) | 18.65 | 13.00 | 153 | 1.54 | 1.52 | 3.29 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.39 | .53 | 1.71 | 2.24 | (.57 | ) | - | (.57 | ) | 17.06 | 14.69 | 95 | 1.56 | 1.56 | 3.17 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.46 | .58 | .97 | 1.55 | (.60 | ) | (.02 | ) | (.62 | ) | 15.39 | 11.10 | 44 | 1.59 | 1.59 | 3.96 | ||||||||||||||||||||||||||||||||||||
Period from 2/19/2002 to 7/31/2002 | 15.63 | .25 | (1.06 | ) | (.81 | ) | (.36 | ) | - | (.36 | ) | 14.46 | (5.40 | ) | 12 | .70 | .70 | 1.63 | ||||||||||||||||||||||||||||||||||
Class 529-E: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.66 | .74 | .93 | 1.67 | (.69 | ) | (.36 | ) | (1.05 | ) | 19.28 | 9.32 | 23 | .94 | .92 | 3.96 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.06 | .69 | 1.61 | 2.30 | (.57 | ) | (.13 | ) | (.70 | ) | 18.66 | 13.63 | 17 | 1.02 | 1.01 | 3.80 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.40 | .62 | 1.70 | 2.32 | (.66 | ) | - | (.66 | ) | 17.06 | 15.24 | 10 | 1.04 | 1.04 | 3.69 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.47 | .66 | .96 | 1.62 | (.67 | ) | (.02 | ) | (.69 | ) | 15.40 | 11.66 | 5 | 1.06 | 1.06 | 4.48 | ||||||||||||||||||||||||||||||||||||
Period from 2/25/2002 to 7/31/2002 | 15.81 | .27 | (1.23 | ) | (.96 | ) | (.38 | ) | - | (.38 | ) | 14.47 | (6.24 | ) | 1 | .45 | .45 | 1.79 | ||||||||||||||||||||||||||||||||||
Class 529-F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.68 | .83 | .93 | 1.76 | (.78 | ) | (.36 | ) | (1.14 | ) | 19.30 | 9.85 | 10 | .44 | .42 | 4.46 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.08 | .75 | 1.60 | 2.35 | (.62 | ) | (.13 | ) | (.75 | ) | 18.68 | 13.96 | 5 | .70 | .68 | 4.14 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.42 | .67 | 1.69 | 2.36 | (.70 | ) | - | (.70 | ) | 17.08 | 15.53 | 3 | .79 | .79 | 3.95 | |||||||||||||||||||||||||||||||||||||
Period from 9/17/2002 to 7/31/2003 | 14.11 | .60 | 1.24 | 1.84 | (.51 | ) | (.02 | ) | (.53 | ) | 15.42 | 13.38 | 1 | .81 | (5 | ) | .81 | (5 | ) | 4.68 | (5 | ) | ||||||||||||||||||||||||||||||
Class R-1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | $ | 18.65 | $ | .64 | $ | .94 | $ | 1.58 | $ | (.60 | ) | $ | (.36 | ) | $ | (.96 | ) | $ | 19.27 | 8.79 | % | $ | 37 | 1.45 | % | 1.41 | % | 3.46 | % | |||||||||||||||||||||||
Year ended 7/31/2005 | 17.05 | .61 | 1.61 | 2.22 | (.49 | ) | (.13 | ) | (.62 | ) | 18.65 | 13.15 | 19 | 1.50 | 1.45 | 3.36 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.39 | .55 | 1.70 | 2.25 | (.59 | ) | - | (.59 | ) | 17.05 | 14.75 | 8 | 1.55 | 1.48 | 3.27 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.47 | .60 | .96 | 1.56 | (.62 | ) | (.02 | ) | (.64 | ) | 15.39 | 11.19 | 2 | 1.92 | 1.50 | 4.02 | ||||||||||||||||||||||||||||||||||||
Period from 6/17/2002 to 7/31/2002 | 15.65 | .06 | (1.24 | ) | (1.18 | ) | - | - | - | 14.47 | (7.54 | ) | - | (6 | ) | .32 | .18 | .42 | ||||||||||||||||||||||||||||||||||
Class R-2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.60 | .64 | .94 | 1.58 | (.60 | ) | (.36 | ) | (.96 | ) | 19.22 | 8.83 | 379 | 1.52 | 1.40 | 3.48 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.01 | .61 | 1.60 | 2.21 | (.49 | ) | (.13 | ) | (.62 | ) | 18.60 | 13.16 | 271 | 1.58 | 1.42 | 3.39 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.36 | .55 | 1.69 | 2.24 | (.59 | ) | - | (.59 | ) | 17.01 | 14.75 | 139 | 1.75 | 1.44 | 3.30 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.48 | .59 | .95 | 1.54 | (.64 | ) | (.02 | ) | (.66 | ) | 15.36 | 11.12 | 52 | 1.81 | 1.46 | 4.02 | ||||||||||||||||||||||||||||||||||||
Period from 5/31/2002 to 7/31/2002 | 16.26 | .09 | (1.69 | ) | (1.60 | ) | (.18 | ) | - | (.18 | ) | 14.48 | (9.95 | ) | 1 | .29 | .24 | .66 | ||||||||||||||||||||||||||||||||||
Class R-3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.67 | .73 | .93 | 1.66 | (.68 | ) | (.36 | ) | (1.04 | ) | 19.29 | 9.29 | 579 | .96 | .94 | 3.94 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.07 | .70 | 1.60 | 2.30 | (.57 | ) | (.13 | ) | (.70 | ) | 18.67 | 13.68 | 394 | .97 | .96 | 3.85 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.41 | .62 | 1.70 | 2.32 | (.66 | ) | - | (.66 | ) | 17.07 | 15.25 | 176 | 1.02 | 1.02 | 3.70 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.48 | .65 | .98 | 1.63 | (.68 | ) | (.02 | ) | (.70 | ) | 15.41 | 11.68 | 56 | 1.12 | 1.08 | 4.42 | ||||||||||||||||||||||||||||||||||||
Period from 6/4/2002 to 7/31/2002 | 16.09 | .09 | (1.51 | ) | (1.42 | ) | (.19 | ) | - | (.19 | ) | 14.48 | (8.90 | ) | 1 | .19 | .17 | .61 | ||||||||||||||||||||||||||||||||||
Class R-4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.69 | .79 | .93 | 1.72 | (.74 | ) | (.36 | ) | (1.10 | ) | 19.31 | 9.60 | 255 | .66 | .64 | 4.22 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.09 | .76 | 1.60 | 2.36 | (.63 | ) | (.13 | ) | (.76 | ) | 18.69 | 14.00 | 120 | .67 | .65 | 4.17 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.43 | .68 | 1.70 | 2.38 | (.72 | ) | - | (.72 | ) | 17.09 | 15.64 | 30 | .69 | .69 | 4.05 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.49 | .70 | .98 | 1.68 | (.72 | ) | (.02 | ) | (.74 | ) | 15.43 | 12.07 | 12 | .72 | .72 | 4.81 | ||||||||||||||||||||||||||||||||||||
Period from 6/27/2002 to 7/31/2002 | 15.25 | .08 | (.84 | ) | (.76 | ) | - | - | - | 14.49 | (4.98 | ) | - | (6 | ) | 5.11 | .03 | .52 | ||||||||||||||||||||||||||||||||||
Class R-5: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended 7/31/2006 | 18.70 | .85 | .93 | 1.78 | (.80 | ) | (.36 | ) | (1.16 | ) | 19.32 | 9.92 | 168 | .36 | .34 | 4.56 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2005 | 17.10 | .80 | 1.61 | 2.41 | (.68 | ) | (.13 | ) | (.81 | ) | 18.70 | 14.33 | 81 | .37 | .35 | 4.45 | ||||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 15.44 | .73 | 1.71 | 2.44 | (.78 | ) | - | (.78 | ) | 17.10 | 16.01 | 57 | .37 | .37 | 4.35 | |||||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 14.49 | .75 | .98 | 1.73 | (.76 | ) | (.02 | ) | (.78 | ) | 15.44 | 12.43 | 39 | .40 | .40 | 5.17 | ||||||||||||||||||||||||||||||||||||
Period from 5/15/2002 to 7/31/2002 | 16.31 | .15 | (1.77 | ) | (1.62 | ) | (.20 | ) | - | (.20 | ) | 14.49 | (9.99 | ) | 22 | .09 | .09 | .97 |
Year ended July 31 | ||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
Portfolio turnover rate for all classes of shares | 35 | % | 24 | % | 27 | % | 28 | % | 36 | % | ||||||||
(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
(2) Based on average shares outstanding. |
(3) Total returns exclude all sales charges, including contingent deferred sales charges. |
(4) The ratios in this column reflect the impact, if any, of certain reimbursements/waivers from CRMC. |
During some of the periods shown, CRMC reduced fees for investment advisory services for all share classes. |
In addition, during the start-up period for the retirement plan share classes (except Class R-5), |
CRMC agreed to pay a portion of the fees related to transfer agent services. |
(5) Annualized. |
(6) Amount less than $1 million. |
See Notes to Financial Statements |
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of The Income Fund of America, Inc.:
We have audited the accompanying statement of assets and liabilities of The Income Fund of America, Inc. (the “Fund”), including the summary investment portfolio, as of July 31, 2006, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2006, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Income Fund of America, Inc. as of July 31, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Costa Mesa, California
September 14, 2006
Expense example 160; unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2006, through July 31, 2006).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period. There are some account fees that are charged to certain types of accounts, such as Individual Retirement Accounts and CollegeAmerica accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F and Class 529-F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds. There are some account fees that are charged to certain types of accounts, such as Individual Retirement Accounts and CollegeAmerica accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F and Class 529-F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning account value 2/1/2006 | Ending account value 7/31/2006 | Expenses paid during period* | Annualized expense ratio | |||||
Class A -- actual return | $1,000.00 | $1,062.16 | $2.71 | .53% | ||||
Class A -- assumed 5% return | 1,000.00 | 1,022.17 | 2.66 | .53 | ||||
Class B -- actual return | 1,000.00 | 1,057.89 | 6.68 | 1.31 | ||||
Class B -- assumed 5% return | 1,000.00 | 1,018.30 | 6.56 | 1.31 | ||||
Class C -- actual return | 1,000.00 | 1,057.74 | 6.94 | 1.36 | ||||
Class C -- assumed 5% return | 1,000.00 | 1,018.05 | 6.80 | 1.36 | ||||
Class F -- actual return | 1,000.00 | 1,062.03 | 2.91 | .57 | ||||
Class F -- assumed 5% return | 1,000.00 | 1,021.97 | 2.86 | .57 | ||||
Class 529-A -- actual return | 1,000.00 | 1,061.79 | 3.12 | .61 | ||||
Class 529-A -- assumed 5% return | 1,000.00 | 1,021.77 | 3.06 | .61 | ||||
Class 529-B -- actual return | 1,000.00 | 1,057.09 | 7.34 | 1.44 | ||||
Class 529-B -- assumed 5% return | 1,000.00 | 1,017.65 | 7.20 | 1.44 | ||||
Class 529-C -- actual return | 1,000.00 | 1,057.09 | 7.29 | 1.43 | ||||
Class 529-C -- assumed 5% return | 1,000.00 | 1,017.70 | 7.15 | 1.43 | ||||
Class 529-E -- actual return | 1,000.00 | 1,060.32 | 4.65 | .91 | ||||
Class 529-E -- assumed 5% return | 1,000.00 | 1,020.28 | 4.56 | .91 | ||||
Class 529-F -- actual return | 1,000.00 | 1,062.28 | 2.15 | .42 | ||||
Class 529-F -- assumed 5% return | 1,000.00 | 1,022.71 | 2.11 | .42 | ||||
Class R-1 -- actual return | 1,000.00 | 1,057.78 | 7.19 | 1.41 | ||||
Class R-1 -- assumed 5% return | 1,000.00 | 1,017.80 | 7.05 | 1.41 | ||||
Class R-2 -- actual return | 1,000.00 | 1,058.02 | 7.14 | 1.40 | ||||
Class R-2 -- assumed 5% return | 1,000.00 | 1,017.85 | 7.00 | 1.40 | ||||
Class R-3 -- actual return | 1,000.00 | 1,060.20 | 4.75 | .93 | ||||
Class R-3 -- assumed 5% return | 1,000.00 | 1,020.18 | 4.66 | .93 | ||||
Class R-4 -- actual return | 1,000.00 | 1,061.66 | 3.22 | .63 | ||||
Class R-4 -- assumed 5% return | 1,000.00 | 1,021.67 | 3.16 | .63 | ||||
Class R-5 -- actual return | 1,000.00 | 1,063.21 | 1.74 | .34 | ||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,023.11 | 1.71 | .34 | ||||
* Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (181), and divided by 365 (to reflect the one-half year period). |
Tax information unaudited
We are required to advise you within 60 days of the fund’s fiscal year-end regarding the federal tax status of certain distributions received by shareholders during such fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended July 31, 2006:
Long-term capital gains | $1,211,543,000 |
Qualified dividend income | 1,857,970,000 |
Corporate dividends received deduction | 1,192,146,000 |
U.S. government income that may be exempt from state taxation | 54,632,000 |
Individual shareholders should refer to their Form 1099-DIV or other tax information, which will be mailed in January 2007, to determine the calendar year amounts to be included on their 2006 tax returns. Shareholders should consult their tax advisers.
Other share class results unaudited
Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
Class B, Class C, Class F and Class 529
Average annual total returns for periods ended June 30, 2006 (the most recent calendar quarter):
1 year | 5 years | Life of class | |
Class B shares — first sold 3/15/00 | |||
Reflecting applicable contingent deferred sales charge | |||
(CDSC), maximum of 5%, payable only if shares | |||
are sold within six years of purchase | +3.86% | +7.30% | +8.98% |
Not reflecting CDSC | +8.86% | +7.60% | +8.98% |
Class C shares — first sold 3/15/01 | |||
Reflecting CDSC, maximum of 1%, payable only if | |||
shares are sold within one year of purchase | +7.75% | +7.51% | +7.84% |
Not reflecting CDSC | +8.75% | +7.51% | +7.84% |
Class F shares* — first sold 3/15/01 | |||
Not reflecting annual asset-based fee charged by | |||
sponsoring firm | +9.60% | +8.32% | +8.66% |
Class 529-A shares†— first sold 2/15/02 | |||
Reflecting 5.75% maximum sales charge | +3.31% | — | +8.14% |
Not reflecting maximum sales charge | +9.61% | — | +9.61% |
Class 529-B shares†— first sold 2/19/02 | |||
Reflecting applicable CDSC, maximum of 5%, payable | |||
only if shares are sold within six years of purchase | +3.69% | — | +8.56% |
Not reflecting CDSC | +8.69% | — | +8.91% |
Class 529-C shares†— first sold 2/19/02 | |||
Reflecting CDSC, maximum of 1%, payable only if | |||
shares are sold within one year of purchase | +7.69% | — | +8.92% |
Not reflecting CDSC | +8.69% | — | +8.92% |
Class 529-E shares*†— first sold 2/25/02 | +9.30% | — | +9.23% |
Class 529-F shares*†— first sold 9/17/02 | |||
Not reflecting annual asset-based fee charged by | |||
sponsoring firm | +9.77% | — | +13.31% |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 29 to 30 for details.
*These shares are sold without any initial or contingent deferred sales charge.
† Results shown do not reflect the $10 initial account setup fee and an annual $10 account maintenance fee.
Board of directors
“Non-interested” directors | ||
Name and age | Year first elected a director of the fund1 | Principal occupation(s) during past five years |
Robert A. Fox, 69 | 1972 | Managing General Partner, Fox Investments LP; corporate director; retired President and CEO, Foster Farms (poultry producer) |
Leonade D. Jones, 58 Chairman of the Board (Independent and Non-Executive) | 1993 | Co-founder, VentureThink LLC (developed and managed e-commerce businesses) and Versura Inc.(education loan exchange); former Treasurer, The Washington Post Company |
John M. Lillie, 69 | 2003 | Business consultant; former President, Sequoia Associates LLC (investment firm specializing in medium-size buyouts); former Vice Chairman of the Board, Gap Inc. (specialty apparel retailing) |
John G. McDonald, 69 | 1976 | Professor of Finance, Graduate School of Business, Stanford University |
James K. Peterson, 65 | 1999 | Managing Director, Oak Glen Consultancy, LLC (consulting services to charitable organizations, pension funds and other financial management companies) |
Henry E. Riggs, 71 | 1989 | President Emeritus, Keck Graduate Institute of Applied Life Sciences |
Isaac Stein, 59 | 2004 | President, Waverly Associates (private investment fund); Managing Director, Technogen Associates L.P. (venture capital partnership); Chairman Emeritus, Stanford University Board of Trustees |
Patricia K. Woolf, Ph.D., 72 | 1985 | Private investor; corporate director; former Lecturer, Department of Molecular Biology, Princeton University |
“Non-interested” directors | ||
Name and age | Number of portfolios in fund complex2 overseen by director | Other directorships3 held by director |
Robert A. Fox, 69 | 7 | Chemtura Corporation |
Leonade D. Jones, 58 Chairman of the Board (Independent and Non-Executive) | 6 | None |
John M. Lillie, 69 | 2 | None |
John G. McDonald, 69 | 8 | iStar Financial, Inc.; Plum Creek Timber Co.; Scholastic Corporation; Varian, Inc. |
James K. Peterson, 65 | 2 | None |
Henry E. Riggs, 71 | 4 | None |
Isaac Stein, 59 | 2 | Alexza Pharmaceuticals, Inc.; Maxygen, Inc. |
Patricia K. Woolf, Ph.D., 72 | 6 | First Energy Corporation |
“Interested” director4 | ||
Name, age and position with fund | Year first elected a director or officer of the fund1 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund |
Hilda L. Applbaum, 45 Vice Chairman of the Board | 1998 | Senior Vice President, Capital Research Company5 |
“Interested” director4 | ||
Name, age and position with fund | Number of portfolios in fund complex2 overseen by director | Other directorships3 held by director |
Hilda L. Applbaum, 45 Vice Chairman of the Board | 1 | None |
Please see page 36 for footnotes.
Other officers | ||
Name, age and position with fund | Year first elected an officer of the fund1 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund |
David C. Barclay, 49 President | 1998 | Senior Vice President, Capital Research and Management Company; Director, The Capital Group Companies, Inc.5 |
Abner D. Goldstine, 76 Senior Vice President | 1993 | Senior Vice President and Director, Capital Research and Management Company |
Paul G. Haaga, Jr., 57 Senior Vice President | 1994 | Vice Chairman of the Board, Capital Research and Management Company; Director, The Capital Group Companies, Inc.5 |
Dina N. Perry, 60 Senior Vice President | 1994 | Senior Vice President, Capital Research and Management Company |
Joanna F. Jonsson, 43 Vice President | 2006 | Senior Vice President, Capital Research Company5; Director, The Capital Group Companies, Inc.5 |
Mary E. Sheridan, 56 Vice President | 2004 | Vice President, Capital Research Company5 |
John H. Smet, 50 Vice President | 1994 | Senior Vice President, Capital Research and Management Company; Director, American Funds Distributors, Inc.5 |
Andrew B. Suzman, 39 Vice President | 2004 | Executive Vice President and Director, Capital Research Company5; Director, Capital International Research, Inc.5 |
Steven T. Watson, 41 Vice President | 2006 | Senior Vice President and Director, Capital Research Company5 |
Patrick F. Quan, 48 Secretary | 1986 | Vice President — Fund Business Management Group, Capital Research and Management Company |
Jennifer M. Buchheim, 33 Treasurer | 2005 | Vice President — Fund Business Management Group, Capital Research and Management Company |
R. Marcia Gould, 52 Assistant Treasurer | 1999 | Vice President — Fund Business Management Group, Capital Research and Management Company |
The statement of additional information includes additional information about fund directors and is available without charge upon request by calling American Funds Service Company at 800/421-0180. The address for all directors and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Fund Secretary.
1 Directors and officers of the fund serve until their resignation, removal or retirement.
2 Capital Research and Management Company manages the American Funds, consisting of 29 funds. Capital Research and Management Company also manages American Funds Insurance Series,® which serves as the underlying investment vehicle for certain variable insurance contracts, and Endowments, whose shareholders are limited to certain nonprofit organizations.
3 This includes all directorships (other than those in the American Funds) that are held by each director as a director of a public company or a registered investment company.
4 “Interested persons” within the meaning of the 1940 Act, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
5 Company affiliated with Capital Research and Management Company.
Office of the fund
One Market
Steuart Tower, Suite 1800
Mailing address: P.O. Box 7650
San Francisco, CA 94120-7650
Investment adviser
Capital Research and
Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
135 South State College Boulevard
Brea, CA 92821-5823
Transfer agent for shareholder accounts
American Funds Service Company
(Please write to the address nearest you.)
P.O. Box 25065
Santa Ana, CA 92799-5065
P.O. Box 659522
San Antonio, TX 78265-9522
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071-2228
Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
There are several ways to invest in The Income Fund of America. Class A shares are subject to a 5.75% maximum up-front sales charge that declines for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. Other share classes, which are generally not available for certain employer-sponsored retirement plans, have no up-front sales charges but are subject to additional annual expenses and fees. Annual expenses for Class B shares were 0.78 percentage points higher than for Class A shares; Class B shares convert to Class A shares after eight years of ownership. If redeemed within six years, Class B shares may also be subject to a contingent deferred sales charge (“CDSC”) of up to 5% that declines over time. Class C shares were subject to annual expenses 0.83 percentage points higher than those for Class A shares and a 1% CDSC if redeemed within the first year after purchase. Class C shares convert to Class F shares after 10 years. Class F shares, which are available only through certain fee-based programs offered by broker-dealer firms and registered investment advisers, had higher annual expenses (by 0.04 percentage points) than did Class A shares, and an annual asset-based fee charged by the sponsoring firm. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial adviser and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete July 31, 2006, portfolio of The Income Fund of America’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
The Income Fund of America files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.
This report is for the information of shareholders of The Income Fund of America, but it may also be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after September 30, 2006, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
[logo - American Funds®]
The right choice for the long term®
What makes American Funds different?
For nearly 75 years, we have followed a consistent philosophy that we firmly believe is in our investors’ best interests. The range of opportunities offered by our family of just 29 carefully conceived, broadly diversified funds has attracted over 35 million shareholder accounts.
Our unique combination of strengths includes these five factors:
• A long-term, value-oriented approach
We buy stocks and bonds of well-managed companies at reasonable prices and hold them for the long term.
• An extensive global research effort
American Funds investment professionals search the world to gain a comprehensive understanding of companies and markets.
• The multiple portfolio counselor system
Our unique method of portfolio management, developed nearly 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives.
• Experienced investment professionals
American Funds portfolio counselors have an average of 23 years of investment experience, providing a wealth of knowledge and experience that few organizations have.
• A commitment to low operating expenses
The American Funds provide exceptional value for shareholders, with operating expenses that are among the lowest in the mutual fund industry.
29 mutual funds, consistent philosophy, consistent results
• Growth funds
Emphasis on long-term growth through stocks
AMCAP Fund®
EuroPacific Growth Fund®
The Growth Fund of America®
The New Economy Fund®
New Perspective Fund®
New World FundSM
SMALLCAP World Fund®
• Growth-and-income funds
Emphasis on long-term growth and dividends through stocks
American Mutual Fund®
Capital World Growth and Income FundSM
Fundamental InvestorsSM
The Investment Company of America®
Washington Mutual Investors FundSM
• Equity-income funds
Emphasis on above-average income and growth through stocks and/or bonds
Capital Income Builder®
> The Income Fund of America®
• Balanced fund
Emphasis on long-term growth and current income through stocks and bonds
American Balanced Fund®
• Bond funds
Emphasis on current income through bonds
American High-Income TrustSM
The Bond Fund of AmericaSM
Capital World Bond Fund®
Intermediate Bond Fund of America®
U.S. Government Securities FundSM
• Tax-exempt bond funds
Emphasis on tax-free current income through municipal bonds
American High-Income Municipal Bond Fund®
Limited Term Tax-Exempt Bond Fund of AmericaSM
The Tax-Exempt Bond Fund of America®
State-specific tax-exempt funds
The Tax-Exempt Fund of California®
The Tax-Exempt Fund of Maryland®
The Tax-Exempt Fund of Virginia®
• Money market funds
The Cash Management Trust of America®
The Tax-Exempt Money Fund of AmericaSM
The U.S. Treasury Money Fund of AmericaSM
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGEAR-906-0906P
Litho in USA BAG/LPT/8061-S7508
Printed on recycled paper
ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made to American Funds Service Company at 800/421-0180 or to the Secretary of the Registrant, One Market, Steuart Tower, San Francisco, California 94120.
ITEM 3 - Audit Committee Financial Expert
The Registrant’s Board has determined that Isaac Stein, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the Audit Committee and of the Board, nor will it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.
ITEM 4 - Principal Accountant Fees and Services
Registrant: | ||||
a) Audit Fees: | ||||
2005 | $90,000 | |||
2006 | $101,000 | |||
b) Audit-Related Fees: | ||||
2005 | $6,000 | |||
2006 | $18,000 | |||
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s investment adviser conducted in accordance with Statement on Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants. | ||||
c) Tax Fees: | ||||
2005 | $6,000 | |||
2006 | $6,000 | |||
The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. | ||||
d) All Other Fees: | ||||
2005 | None | |||
2006 | None | |||
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): | ||||
a) Not Applicable | ||||
b) Audit-Related Fees: | ||||
2005 | $349,000 | |||
2006 | $374,000 | |||
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants. | ||||
c) Tax Fees: | ||||
2005 | None | |||
2006 | None | |||
d) All Other Fees: | ||||
2005 | $15,000 | |||
2006 | $21,000 | |||
The other fees consist of consulting services related to the Registrant’s compliance program. |
The Registrant’s Audit Committee will pre-approve all audit and permissible non-audit services that the Committee considers compatible with maintaining the auditors’ independence. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The Committee will not delegate its responsibility to pre-approve these services to the investment adviser. The Committee may delegate to one or more Committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full Committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser, and affiliates.
Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant and the adviser and affiliates that provide ongoing services to the Registrant were $1,111,000 for fiscal year 2005 and $826,000 for fiscal year 2006. The non-audit services represented by these amounts were brought to the attention of the Committee and considered to be compatible with maintaining the auditors’ independence.
ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 - Schedule of Investments
[Logo - American Funds ®]
The Income Fund of America®
Investment portfolio
July 31, 2006
Market value | ||
Common stocks — 66.67% | Shares | (000) |
FINANCIALS — 17.90% | ||
Citigroup Inc. | 24,485,000 | $1,182,870 |
Washington Mutual, Inc. | 16,251,200 | 726,429 |
Société Générale | 4,736,500 | 706,466 |
Wells Fargo & Co. | 9,731,800 | 703,998 |
HSBC Holdings PLC (United Kingdom) | 26,952,825 | 488,878 |
HSBC Holdings PLC (Hong Kong) | 10,543,396 | 190,109 |
J.P. Morgan Chase & Co. | 12,275,000 | 559,986 |
Bank of America Corp. | 10,765,550 | 554,749 |
U.S. Bancorp | 13,109,953 | 419,518 |
Fifth Third Bancorp | 10,994,000 | 419,311 |
Lloyds TSB Group PLC | 40,349,900 | 406,264 |
Equity Residential | 8,337,700 | 387,786 |
Hang Lung Properties Ltd. | 156,970,000 | 309,904 |
Boston Properties, Inc. | 2,995,000 | 294,109 |
iStar Financial, Inc.1 | 7,240,000 | 287,862 |
SunTrust Banks, Inc. | 3,480,500 | 274,507 |
ING Groep NV | 6,376,076 | 258,761 |
Equity Office Properties Trust | 6,775,000 | 256,840 |
National City Corp. | 6,850,000 | 246,600 |
Developers Diversified Realty Corp. | 4,270,000 | 225,371 |
Wachovia Corp. | 4,200,000 | 225,246 |
BNP Paribas | 2,145,000 | 208,724 |
PNC Financial Services Group, Inc. | 2,795,100 | 198,005 |
CapitalSource Inc. | 8,378,441 | 197,647 |
Banco Itaú Holding Financeira SA, preferred nominative | 6,210,000 | 190,099 |
Kimco Realty Corp. | 4,842,000 | 190,000 |
Cathay Financial Holding Co., Ltd. | 87,116,000 | 186,493 |
Hospitality Properties Trust | 3,452,200 | 150,412 |
Arthur J. Gallagher & Co.1 | 5,403,700 | 146,819 |
Fannie Mae | 3,006,200 | 144,027 |
Unibail Holding | 595,000 | 110,401 |
Allied Capital Corp. | 3,848,020 | 108,322 |
Regions Financial Corp. | 2,950,000 | 107,056 |
Sunstone Hotel Investors, Inc.1 | 3,593,400 | 101,909 |
Crescent Real Estate Equities Co. | 5,045,000 | 98,478 |
DnB NOR ASA | 7,500,000 | 95,037 |
Compass Bancshares, Inc. | 1,550,000 | 91,357 |
St. George Bank Ltd. | 4,046,552 | 88,747 |
Montpelier Re Holdings Ltd.1 | 4,465,000 | 80,727 |
Banco Santander Central Hispano, SA | 5,030,828 | 76,193 |
XL Capital Ltd., Class A | 1,175,000 | 74,848 |
Archstone-Smith Trust | 1,400,000 | 73,458 |
Health Care Property Investors, Inc. | 2,442,300 | 66,968 |
Westpac Banking Corp. | 3,671,144 | 61,826 |
Hysan Development Co. Ltd. | 21,815,601 | 61,348 |
Camden Property Trust | 789,300 | 60,342 |
Unibanco-União de Bancos Brasileiros SA, units (GDR) | 697,000 | 48,351 |
American Financial Realty Trust | 3,000,000 | 34,740 |
Sky Financial Group, Inc. | 1,200,000 | 29,436 |
First Niagara Financial Group, Inc. | 1,300,000 | 19,019 |
Beverly Hills Bancorp Inc.1 | 1,848,400 | 16,765 |
First Midwest Bancorp, Inc. | 300,074 | 10,713 |
12,253,831 | ||
UTILITIES — 7.97% | ||
Duke Energy Corp. | 19,880,000 | 602,761 |
National Grid PLC | 40,045,175 | 455,933 |
E.ON AG | 3,650,000 | 439,910 |
Entergy Corp. | 4,373,292 | 337,181 |
Dominion Resources, Inc. | 4,158,498 | 326,359 |
Exelon Corp. | 5,050,000 | 292,395 |
Progress Energy, Inc. | 6,185,400 | 269,374 |
Ameren Corp. | 5,098,300 | 262,562 |
Public Service Enterprise Group Inc. | 3,305,500 | 222,890 |
DTE Energy Co. | 5,000,000 | 211,600 |
PPL Corp. | 6,000,000 | 204,120 |
Equitable Resources, Inc. | 5,470,000 | 196,975 |
NiSource Inc. | 7,745,000 | 176,199 |
Consolidated Edison, Inc. | 3,670,000 | 172,013 |
Hongkong Electric Holdings Ltd. | 33,080,000 | 157,526 |
RWE AG | 1,750,000 | 153,684 |
FirstEnergy Corp. | 2,440,000 | 136,640 |
Xcel Energy Inc. | 5,225,000 | 104,709 |
Edison International | 2,500,000 | 103,450 |
Endesa, SA | 3,000,000 | 102,517 |
Southern Co. | 3,000,000 | 101,340 |
American Electric Power Co., Inc. | 2,500,000 | 90,300 |
KeySpan Corp. | 2,160,000 | 86,983 |
MDU Resources Group, Inc. | 2,655,000 | 65,446 |
FPL Group, Inc. | 1,500,000 | 64,710 |
NSTAR | 2,065,250 | 64,374 |
Northeast Utilities | 2,386,200 | 53,451 |
5,455,402 | ||
TELECOMMUNICATION SERVICES — 7.83% | ||
AT&T Inc. | 51,160,575 | 1,534,305 |
BellSouth Corp. | 33,610,000 | 1,316,504 |
Verizon Communications Inc. | 21,100,000 | 713,602 |
Koninklijke KPN NV | 46,015,000 | 522,387 |
Chunghwa Telecom Co., Ltd. (ADR) | 16,324,400 | 303,144 |
Chunghwa Telecom Co., Ltd. | 42,803,000 | 78,933 |
Vodafone Group PLC | 163,143,750 | 354,275 |
Telecom Italia SpA, nonvoting | 99,445,000 | 239,886 |
SK Telecom Co., Ltd. (ADR) | 6,325,000 | 148,068 |
Deutsche Telekom AG | 3,750,000 | 57,944 |
Telefónica, SA | 1,900,000 | 32,124 |
KT Corp. | 738,480 | 30,322 |
Dobson Communications Corp., Class A2,3 | 2,290,483 | 15,369 |
Sprint Nextel Corp., Series 1 | 760,501 | 15,058 |
American Tower Corp., Class A3 | 42,271 | 1,429 |
XO Holdings, Inc.3 | 9,158 | 36 |
5,363,386 | ||
CONSUMER STAPLES — 7.57% | ||
Altria Group, Inc. | 10,780,000 | 862,077 |
Coca-Cola Co. | 15,225,000 | 677,512 |
H.J. Heinz Co. | 14,535,000 | 610,034 |
Reynolds American Inc. | 4,553,500 | 577,293 |
ConAgra Foods, Inc.1 | 26,327,600 | 566,043 |
General Mills, Inc. | 8,700,000 | 451,530 |
Diageo PLC | 17,650,000 | 310,250 |
UST Inc. | 4,650,000 | 235,057 |
Unilever NV (New York registered) | 5,751,750 | 136,201 |
Unilever NV | 2,355,000 | 55,967 |
Tesco PLC | 20,740,000 | 139,279 |
Sara Lee Corp. | 8,000,000 | 135,200 |
Kimberly-Clark Corp. | 2,000,000 | 122,100 |
Goodman Fielder Ltd.1,3 | 67,000,000 | 103,089 |
SABMiller PLC | 4,311,000 | 86,569 |
Kraft Foods Inc., Class A | 2,000,000 | 64,800 |
Woolworths Ltd. | 3,510,482 | 51,166 |
5,184,167 | ||
ENERGY — 5.55% | ||
Chevron Corp. | 21,874,200 | 1,438,885 |
Royal Dutch Shell PLC, Class A (ADR) | 10,196,000 | 721,877 |
Royal Dutch Shell PLC, Class B | 6,314,144 | 232,476 |
Royal Dutch Shell PLC, Class B (ADR) | 2,864,565 | 211,577 |
Royal Dutch Shell PLC, Class A | 1,340,000 | 47,348 |
Marathon Oil Corp. | 4,345,000 | 393,831 |
Kinder Morgan, Inc. | 2,020,000 | 206,040 |
Occidental Petroleum Corp. | 1,800,000 | 193,950 |
Enbridge Inc. | 3,150,389 | 100,780 |
Exxon Mobil Corp. | 1,385,000 | 93,820 |
TOTAL SA (ADR) | 1,290,000 | 88,016 |
ENI SpA | 2,400,000 | 73,586 |
3,802,186 | ||
HEALTH CARE — 5.49% | ||
Bristol-Myers Squibb Co. | 43,284,000 | 1,037,517 |
Merck & Co., Inc. | 18,800,000 | 757,076 |
Eli Lilly and Co. | 12,335,000 | 700,258 |
Pfizer Inc | 20,210,000 | 525,258 |
Brookdale Senior Living Inc. | 4,785,000 | 222,503 |
GlaxoSmithKline PLC | 7,183,055 | 198,720 |
Abbott Laboratories | 3,500,000 | 167,195 |
Baxter International Inc. | 1,972,048 | 82,826 |
Wyeth | 1,431,500 | 69,385 |
Clarent Hospital Corp.1,3,4 | 484,684 | 121 |
3,760,859 | ||
MATERIALS — 4.42% | ||
International Paper Co. | 16,348,820 | $ 561,255 |
E.I. du Pont de Nemours and Co. | 13,685,000 | 542,747 |
Weyerhaeuser Co. | 8,900,000 | 522,074 |
Dow Chemical Co. | 8,421,500 | 291,216 |
MeadWestvaco Corp.1 | 10,565,696 | 275,976 |
Packaging Corp. of America1 | 6,736,800 | 154,475 |
RPM International, Inc. | 5,385,000 | 100,915 |
Eastman Chemical Co. | 2,000,000 | 99,260 |
Alcoa Inc. | 3,200,000 | 95,840 |
UPM-Kymmene Corp. | 4,100,000 | 90,892 |
Akzo Nobel NV | 1,398,500 | 77,793 |
Sonoco Products Co. | 2,365,000 | 76,933 |
Worthington Industries, Inc. | 3,414,900 | 69,732 |
Lyondell Chemical Co. | 2,220,000 | 49,439 |
Freeport-McMoRan Copper & Gold Inc., Class B | 300,000 | 16,368 |
3,024,915 | ||
INDUSTRIALS — 4.23% | ||
General Electric Co. | 33,670,000 | 1,100,672 |
Waste Management, Inc. | 11,872,400 | 408,173 |
Emerson Electric Co. | 4,685,000 | 369,740 |
R.R. Donnelley & Sons Co. | 10,745,000 | 313,646 |
Cooper Industries, Ltd., Class A | 2,100,000 | 180,936 |
Hubbell Inc. | 3,213,100 | 151,016 |
Avery Dennison Corp. | 2,348,182 | 137,674 |
Bidvest Group Ltd. | 7,265,000 | 104,918 |
Sandvik AB | 7,500,000 | 77,978 |
Brambles Industries PLC | 5,103,000 | 41,633 |
Singapore Technologies Engineering Ltd. | 4,823,000 | 8,647 |
Delta Air Lines, Inc.2,3 | 542,911 | 380 |
2,895,413 | ||
CONSUMER DISCRETIONARY — 2.75% | ||
General Motors Corp. | 13,775,000 | 443,968 |
Esprit Holdings Ltd. | 40,949,000 | 311,469 |
DSG International PLC | 45,000,000 | 167,700 |
Leggett & Platt, Inc. | 6,500,000 | 148,330 |
ServiceMaster Co. | 13,973,750 | 143,790 |
Snap-on Inc. | 2,310,000 | 97,043 |
Kingfisher PLC | 20,678,565 | 94,444 |
Regal Entertainment Group, Class A | 4,022,000 | 79,073 |
KangwonLand Inc. | 4,410,395 | 77,841 |
Kesa Electricals PLC | 13,338,258 | 76,990 |
Tupperware Brands Corp.1 | 3,865,000 | 66,710 |
Publishing & Broadcasting Ltd. | 4,937,794 | 64,636 |
Marks and Spencer Group PLC | 3,195,000 | 35,601 |
Harrah’s Entertainment, Inc. | 585,300 | 35,182 |
SanomaWSOY OYJ, Class B | 1,400,000 | 33,486 |
Greek Organization of Football Prognostics SA | 208,856 | 7,580 |
TI Automotive Ltd., Class A3,4 | 7,000,000 | — |
1,883,843 | ||
INFORMATION TECHNOLOGY — 0.60% | ||
Microsoft Corp. | 9,200,000 | $ 221,076 |
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 12,710,081 | 110,196 |
Premier Farnell PLC1 | 21,050,000 | 70,877 |
Micron Technology, Inc.2,3 | 339,328 | 5,290 |
ZiLOG, Inc.3 | 455,000 | 1,602 |
409,041 | ||
MISCELLANEOUS — 2.36% | ||
Other common stocks in initial period of acquisition | 1,609,862 | |
Total common stocks (cost: $36,872,330,000) | 45,642,905 | |
Preferred stocks — 1.27% | ||
FINANCIALS — 1.24% | ||
SB Treasury Co. LLC, Series A, 9.40% noncumulative preferred2,5 | 124,434,000 | 132,447 |
Fannie Mae, Series O, 7.625% preferred2,5 | 2,190,000 | 118,260 |
Tokai Preferred Capital Co. LLC, Series A, 9.98% noncumulative preferred2,5 | 52,000,000 | 55,876 |
MUFG Capital Finance 1 Ltd. 6.346% noncumulative preferred5 | 48,430,000 | 47,228 |
Fuji JGB Investment LLC, Series A, 9.87% noncumulative preferred2,5 | 55,950,000 | 60,063 |
IBJ Preferred Capital Co. LLC, Series A, 8.79% noncumulative preferred2,5 | 24,300,000 | 25,619 |
Vornado Realty Trust, Series I, 6.625% preferred | 3,380,000 | 80,241 |
Shinsei Finance II (Cayman) Ltd. 7.16% noncumulative preferred2,5 | 60,950,000 | 58,131 |
HSBC Capital Funding LP, Series 1, 9.547% noncumulative step-up perpetual preferred2,5 | 37,500,000 | 42,303 |
HSBC Capital Funding LP, Series 2, 10.176% noncumulative step-up perpetual preferred2,5 | 10,000,000 | 14,075 |
Chuo Mitsui Trust and Banking Co., Ltd. 5.506%2,5 | 36,590,000 | 34,215 |
Public Storage, Inc., Series F, 6.45% preferred | 1,000,000 | 23,000 |
Public Storage, Inc., Series V, 7.50% cumulative preferred depositary shares | 400,000 | 10,296 |
BNP Paribas Capital Trust 9.003% noncumulative trust preferred2,5 | 8,000,000 | 8,933 |
BNP Paribas 5.186% noncumulative2,5 | 8,750,000 | 8,102 |
BNP U.S. Funding LLC, Series A, 7.738% noncumulative preferred2,5 | 4,200,000 | 4,305 |
Wachovia Capital Trust III 5.80%5 | 20,000,000 | 19,695 |
Duke Realty Corp., Series B, 7.99% preferred cumulative step-up premium rate | 300,000 | 14,822 |
National Bank of Canada, Series A, 8.35% exchangeable preferred depositary shares | 520,000 | 13,759 |
Société Générale 7.85%2,5 | 11,200,000 | 11,385 |
Simon Property Group, Inc., Series G, 7.89% preferred cumulative step-up premium rate | 200,000 | 10,306 |
Resona Preferred Global Securities (Cayman) Ltd. 7.191%2,5 | 9,825,000 | 10,026 |
iStar Financial, Inc., Series F, 7.80% cumulative redeemable preferred1 | 400,000 | 10,004 |
Deutsche Bank Capital Funding Trust VII 5.628% noncumulative trust preferred2,5 | 10,000,000 | 9,484 |
DBS Capital Funding Corp., Series A, 7.657% noncumulative guaranteed preference shares2,5 | 6,500,000 | 6,985 |
ACE Ltd., Series C, 7.80% preferred depositary shares | 256,550 | 6,668 |
New Plan Excel Realty Trust, Inc., Series D, 7.80% preferred cumulative step-up premium rate | 112,500 | 5,664 |
Nationwide Health Properties, Inc., Series A, 7.677% preferred cumulative step-up premium rate | 50,000 | 5,136 |
ING Capital Funding Trust III 8.439% noncumulative preferred5 | 320,000 | 353 |
847,381 | ||
CONSUMER DISCRETIONARY — 0.03% | ||
Delphi Corp., Series A, 8.25% cumulative trust preferred 20333 | 1,201,245 | 17,118 |
INFORMATION TECHNOLOGY — 0.00% | ||
ZiLOG, Inc. — MOD III Inc., units3,4 | 513 | 76 |
TELECOMMUNICATION SERVICES — 0.00% | ||
XO Holdings, Inc. 14.00% preferred 20093,4,6 | 12 | 0 |
Total preferred stocks (cost: $854,645,000) | 864,575 | |
Warrants — 0.00% | ||
TELECOMMUNICATION SERVICES — 0.00% | ||
XO Holdings, Inc., Series A, warrants, expire 20103 | 18,316 | 11 |
XO Holdings, Inc., Series B, warrants, expire 20103 | 13,738 | 5 |
XO Holdings, Inc., Series C, warrants, expire 20103 | 13,738 | 3 |
Allegiance Telecom, Inc., warrants, expire 20082,3,4 | 20,000 | 0 |
GT Group Telecom Inc., warrants, expire 20102,3,4 | 15,000 | 0 |
Total warrants (cost: $816,000) | 19 | |
Shares or | ||
Convertible securities — 3.40% | principal amount | |
FINANCIALS — 0.82% | ||
Metropolitan Life Insurance Co., Class B, 6.375% convertible preferred 2008 | 6,400,000 units | 175,744 |
Fannie Mae 5.375% convertible preferred | 1,530 | 142,206 |
XL Capital Ltd. 6.50% ACES convertible preferred 2007 | 1,340,000 units | 28,475 |
XL Capital Ltd. 7.00% convertible preferred | 2,810,000 units | 68,142 |
Genworth Financial, Inc. 6.00% convertible preferred 2007 | 2,400,000 units | 88,560 |
Chubb Corp. 7.00% convertible preferred 2006 | 1,600,000 units | 56,352 |
559,479 | ||
INFORMATION TECHNOLOGY — 0.66% | ||
Intel Corp. 2.95% convertible debentures 2035 | $5,175,000 | 4,334 |
Intel Corp. 2.95% convertible debentures 20352 | $154,825,000 | 129,666 |
Nortel Networks Corp. 4.25% convertible notes 20082 | $40,000,000 | 37,700 |
Nortel Networks Corp. 4.25% convertible notes 2008 | $80,000,000 | 75,400 |
ASM Lithography Holding NV 5.75% convertible notes 20062 | $57,500,000 | 62,376 |
SCI Systems, Inc. 3.00% convertible debentures 2007 | $57,500,000 | 56,062 |
International Rectifier Corp. 4.25% convertible notes 2007 | $52,000,000 | 51,350 |
Liberty Media Corp. 3.50% exchangeable debentures 2031 | $30,000,000 | 30,525 |
LSI Logic Corp. 4.00% convertible notes 2006 | $3,000,000 | 2,989 |
Fairchild Semiconductor Corp. 5.00% convertible notes 2008 | $2,500,000 | 2,472 |
452,874 | ||
TELECOMMUNICATION SERVICES — 0.31% | ||
Qwest Communications International Inc. 3.50% convertible debenture 2025 | $100,000,000 | 149,000 |
American Tower Corp. 5.00% convertible debentures 2010 | $38,100,000 | 38,100 |
Liberty Media Corp. 4.00% exchangeable debentures 2029 | $36,000,000 | 23,355 |
210,455 | ||
INDUSTRIALS — 0.30% | ||
UAL Corp. 4.50% convertible note 20212 | $72,600,000 | 71,649 |
Allied Waste Industries, Inc., Series D, 6.25% convertible preferred 2008 | 240,000 | 68,887 |
Tyco International Group SA, Series B, 3.125% convertible debentures 20232 | $50,000,000 | 62,813 |
203,349 | ||
HEALTH CARE — 0.28% | ||
Schering-Plough Corp. 6.00% convertible preferred 2007 | 2,499,900 | $ 132,645 |
Sepracor Inc. 5.00% convertible debentures 2007 | $46,000,000 | 45,885 |
Incyte Corp. 3.50% convertible notes 20112 | $15,000,000 | 11,700 |
190,230 | ||
UTILITIES — 0.22% | ||
PG&E Corp. 9.50% convertible notes 2010 | $28,000,000 | 85,050 |
NRG Energy, Inc. 5.75% convertible preferred | 200,000 | 50,150 |
AES Trust VII 6.00% convertible preferred 2008 | 325,000 | 15,990 |
151,190 | ||
CONSUMER DISCRETIONARY — 0.21% | ||
Ford Motor Co. Capital Trust II 6.50% cumulative convertible trust preferred 2032 | 2,132,900 | 61,001 |
Amazon.com, Inc. 4.75% convertible debentures 2009 | $59,137,000 | 57,806 |
Liberty Media Corp. 3.25% exchangeable debentures 2031 | $35,000,000 | 26,250 |
145,057 | ||
MATERIALS — 0.17% | ||
Freeport-McMoRan Copper & Gold Inc., 5.50% convertible preferred | 50,000 | 62,322 |
Inco Ltd. 0% convertible notes LYON 2021 | $26,000,000 | 53,820 |
116,142 | ||
ENERGY — 0.15% | ||
El Paso Corp. 4.99% convertible preferred2 | 75,000 | 101,625 |
CONSUMER STAPLES — 0.05% | ||
Albertson’s, Inc. 7.25% convertible preferred 2007 | 1,500,000 units | 37,485 |
MISCELLANEOUS — 0.23% | ||
Other convertible securities in initial period of acquisition | 160,558 | |
Total convertible securities (cost: $2,164,179,000) | 2,328,444 | |
Principal amount | ||
Bonds & notes — 21.89% | (000) | |
CONSUMER DISCRETIONARY — 3.74% | ||
General Motors Corp. 6.375% 2008 | $ 12,580 | 12,014 |
General Motors Nova Scotia Finance Co. 6.85% 2008 | 20,700 | 19,613 |
General Motors Corp. 7.20% 2011 | 103,395 | 92,280 |
General Motors Corp. 7.125% 2013 | 67,640 | 57,832 |
General Motors Corp. 7.70% 2016 | 20,145 | 17,174 |
General Motors Corp. 8.80% 2021 | 9,500 | 8,122 |
General Motors Corp. 9.40% 2021 | 5,775 | 5,140 |
General Motors Corp. 8.25% 2023 | 7,000 | 5,810 |
General Motors Corp. 8.375% 2033 | 10,000 | 8,250 |
Delphi Automotive Systems Corp. 6.55% 20067 | 17,105 | 14,026 |
Delphi Automotive Systems Corp. 6.50% 20097 | 54,466 | 44,934 |
Delphi Corp. 6.50% 20137 | 72,580 | 55,524 |
Delphi Automotive Systems Corp. 7.125% 20297 | 104,355 | 80,875 |
Clear Channel Communications, Inc. 4.625% 2008 | 14,000 | 13,770 |
Chancellor Media Corp. of Los Angeles 8.00% 2008 | 23,750 | 24,766 |
Clear Channel Communications, Inc. 4.25% 2009 | 25,000 | 23,899 |
Clear Channel Communications, Inc. 7.65% 2010 | 15,550 | 16,218 |
Clear Channel Communications, Inc. 5.75% 2013 | 6,580 | 6,193 |
Clear Channel Communications, Inc. 5.50% 2014 | 39,170 | 35,589 |
Clear Channel Communications, Inc. 6.875% 2018 | 1,000 | 950 |
Comcast Cable Communications, Inc. 6.20% 2008 | 49,000 | 49,702 |
Lenfest Communications, Inc. 7.625% 2008 | 2,000 | 2,054 |
Comcast Corp. 5.80% 20095 | 1,250 | 1,253 |
Comcast Cable Communications, Inc. 6.875% 2009 | 8,000 | 8,270 |
Comcast Cable Communications, Inc. 7.125% 2013 | 8,100 | 8,562 |
Comcast Corp. 5.85% 2015 | 19,200 | 18,710 |
Comcast Corp. 6.50% 2015 | 5,000 | 5,093 |
Comcast Corp. 5.90% 2016 | 8,475 | 8,272 |
Comcast Corp. 6.50% 2017 | 10,500 | 10,663 |
Comcast Corp. 5.65% 2035 | 2,650 | 2,289 |
CCH II, LLC and CCH II Capital Corp. 10.25% 2010 | 9,000 | 9,135 |
Charter Communications Holdings, LLC and Charter Communications Holdings Capital Corp. 13.50% 2011 | 4,375 | 3,347 |
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.00% 20122 | 36,730 | 36,822 |
Charter Communications, Series B, Loan 8.125% 20135,9 | 31,375 | 31,453 |
CCO Holdings, LLC and CCO Holdings Capital Corp. 8.75% 2013 | 13,350 | 13,317 |
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.375% 20142 | 10,000 | 10,125 |
R.H. Donnelley Inc. 10.875% 20122 | 1,000 | 1,104 |
R.H. Donnelley Corp., Series A-1, 6.875% 2013 | 20,650 | 18,843 |
R.H. Donnelley Corp., Series A-2, 6.875% 2013 | 39,025 | 35,610 |
R.H. Donnelley Corp., Series A-3, 8.875% 2016 | 35,175 | 35,219 |
Mirage Resorts, Inc. 7.25% 2006 | 4,960 | 4,985 |
MGM MIRAGE 6.00% 2009 | 35,100 | 34,310 |
Mandalay Resort Group 6.50% 2009 | 7,122 | 7,042 |
MGM MIRAGE 8.50% 2010 | 22,830 | 23,943 |
MGM MIRAGE 6.75% 2012 | 9,150 | 8,898 |
MGM MIRAGE 6.75% 20132 | 8,200 | 7,913 |
J.C. Penney Co., Inc. 8.00% 2010 | 35,705 | 38,216 |
J.C. Penney Co., Inc. 9.00% 2012 | 10,506 | 12,139 |
J.C. Penney Co., Inc. 6.875% 2015 | 5,000 | 5,210 |
J.C. Penney Co., Inc. 7.65% 2016 | 4,000 | 4,399 |
J.C. Penney Co., Inc. 7.625% 2097 | 23,285 | 23,498 |
DaimlerChrysler North America Holding Corp. 4.05% 2008 | 2,560 | 2,486 |
DaimlerChrysler North America Holding Corp. 4.75% 2008 | 1,440 | 1,420 |
DaimlerChrysler North America Holding Corp. 5.74% 20095 | 15,000 | 15,026 |
DaimlerChrysler North America Holding Corp. 7.20% 2009 | 14,000 | 14,539 |
DaimlerChrysler North America Holding Corp. 8.00% 2010 | 15,000 | 16,043 |
DaimlerChrysler North America Holding Corp. 7.75% 2011 | 26,500 | 28,210 |
DaimlerChrysler North America Holding Corp. 6.50% 2013 | 3,200 | 3,239 |
Royal Caribbean Cruises Ltd. 7.00% 2007 | 3,000 | 3,041 |
Royal Caribbean Cruises Ltd. 8.00% 2010 | 3,500 | 3,696 |
Royal Caribbean Cruises Ltd. 8.75% 2011 | 26,850 | 29,092 |
Royal Caribbean Cruises Ltd. 6.875% 2013 | 6,500 | 6,442 |
Royal Caribbean Cruises Ltd. 7.00% 2013 | 22,230 | 22,311 |
Royal Caribbean Cruises Ltd. 7.25% 2016 | 10,000 | 9,953 |
Liberty Media Corp. 7.75% 2009 | 10,950 | 11,442 |
Liberty Media Corp. 7.875% 2009 | 28,350 | 29,757 |
Liberty Media Corp. 5.70% 2013 | 6,875 | 6,406 |
Liberty Media Corp. 8.50% 2029 | 6,000 | 6,000 |
Liberty Media Corp. 8.25% 2030 | 18,310 | 18,067 |
Neiman Marcus Group, Inc. 9.00% 20156 | 52,810 | 55,913 |
Time Warner Inc. 8.18% 2007 | 20,000 | 20,514 |
AOL Time Warner Inc. 6.875% 2012 | 9,950 | 10,301 |
Time Warner Companies, Inc. 9.125% 2013 | 5,000 | 5,726 |
Time Warner Companies, Inc. 7.25% 2017 | 8,000 | 8,423 |
AOL Time Warner Inc. 7.625% 2031 | 9,750 | 10,514 |
NTL Cable PLC 8.75% 2014 | 16,319 | 16,645 |
NTL Cable PLC 9.125% 2016 | 31,500 | 32,051 |
NTL Inc., Loan 10.315% 20165,9 | 6,301 | 6,317 |
Cox Communications, Inc. 5.869% 20075 | 8,250 | 8,294 |
Cox Communications, Inc. 7.875% 2009 | 12,500 | 13,205 |
Cox Communications, Inc. 4.625% 2010 | 8,250 | 7,933 |
Cox Communications, Inc. 7.75% 2010 | 10,000 | 10,694 |
Cox Communications, Inc. 5.45% 2014 | 13,500 | 12,607 |
Harrah’s Operating Co., Inc. 7.125% 2007 | 4,150 | 4,192 |
Harrah’s Operating Co., Inc. 5.50% 2010 | 26,375 | 25,905 |
Harrah’s Operating Co., Inc. 5.625% 2015 | 3,800 | 3,551 |
Harrah’s Operating Co., Inc. 6.50% 2016 | 5,000 | 4,930 |
Harrah’s Operating Co., Inc. 5.75% 2017 | 10,000 | 9,213 |
News America Inc. 5.30% 2014 | 2,000 | 1,922 |
News America Holdings Inc. 8.00% 2016 | 6,000 | 6,795 |
News America Holdings Inc. 8.25% 2018 | 4,000 | 4,645 |
News America Inc. 6.40% 2035 | 10,500 | 9,903 |
News America Inc. 6.75% 2038 | 15,000 | 15,435 |
K. Hovnanian Enterprises, Inc. 10.50% 2007 | 16,275 | 17,007 |
K. Hovnanian Enterprises, Inc. 8.00% 2012 | 3,000 | 2,925 |
K. Hovnanian Enterprises, Inc. 7.75% 2013 | 2,500 | 2,256 |
K. Hovnanian Enterprises, Inc. 6.375% 2014 | 2,000 | 1,750 |
K. Hovnanian Enterprises, Inc. 6.25% 2016 | 7,000 | 6,020 |
K. Hovnanian Enterprises, Inc. 7.50% 2016 | 4,090 | 3,763 |
K. Hovnanian Enterprises, Inc. 8.625% 2017 | 5,000 | 4,900 |
Viacom Inc. 5.75% 20112 | 4,500 | 4,421 |
Viacom Inc. 6.25% 20162 | 20,750 | 20,153 |
Viacom Inc. 6.875% 20362 | 12,500 | 12,025 |
Starwood Hotels & Resorts Worldwide, Inc. 7.375% 2007 | 12,350 | 12,489 |
Starwood Hotels & Resorts Worldwide, Inc. 7.875% 2012 | 22,450 | 23,797 |
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. 6.625% 2014 | 36,535 | 34,617 |
Linens ’n Things, Inc. 11.132% 20142,5 | 36,500 | 34,036 |
Standard Pacific Corp. 6.50% 2008 | 5,000 | 4,887 |
Standard Pacific Corp. 5.125% 2009 | 17,750 | 16,419 |
Standard Pacific Corp. 6.875% 2011 | 6,500 | 5,980 |
Standard Pacific Corp. 6.25% 2014 | 3,500 | 2,953 |
Vidéotron Ltée 6.875% 2014 | 21,069 | 20,226 |
Vidéotron Ltée 6.375% 2015 | 10,435 | 9,548 |
CanWest Media Inc., Series B, 8.00% 2012 | 29,691 | 29,097 |
Mohegan Tribal Gaming Authority 6.375% 2009 | 19,780 | 19,483 |
Mohegan Tribal Gaming Authority 8.00% 2012 | 2,100 | 2,152 |
Mohegan Tribal Gaming Authority 6.125% 2013 | 750 | 716 |
Mohegan Tribal Gaming Authority 7.125% 2014 | 4,950 | 4,826 |
Emmis Operating Co. 6.875% 2012 | 27,185 | 26,811 |
Radio One, Inc., Series B, 8.875% 2011 | 16,750 | 17,252 |
Radio One, Inc. 6.375% 2013 | 10,200 | 9,358 |
KB Home 6.375% 2011 | 4,000 | 3,806 |
KB Home 6.25% 2015 | 24,800 | 21,931 |
Visteon Corp. 8.25% 2010 | 10,400 | 9,620 |
Visteon Corp. 7.00% 2014 | 18,000 | 14,760 |
Technical Olympic USA, Inc. 9.00% 2010 | 9,140 | 8,546 |
Technical Olympic USA, Inc. 9.00% 2010 | 2,325 | 2,174 |
Technical Olympic USA, Inc. 7.50% 2011 | 12,775 | 10,667 |
Technical Olympic USA, Inc. 10.375% 2012 | 2,500 | 2,187 |
Kabel Deutschland GmbH 10.625% 20142 | 19,675 | 20,954 |
American Media Operations, Inc., Series B, 10.25% 2009 | 13,730 | 12,889 |
American Media Operations, Inc. 8.875% 2011 | 8,930 | 7,903 |
Toys “R” Us, Inc. 7.625% 2011 | 5,915 | 4,902 |
Toys “R” Us-Delaware, Inc., Loan 4.25% 20125,9 | 12,000 | 12,135 |
Toys “R” Us, Inc. 7.875% 2013 | 3,110 | 2,476 |
Warner Music Group 7.375% 2014 | 20,000 | 19,400 |
CSC Holdings, Inc. 7.25% 2008 | 8,000 | 8,090 |
CSC Holdings, Inc., Series B, 8.125% 2009 | 8,000 | 8,230 |
Cablevision Systems Corp., Series B, 8.00% 2012 | 2,050 | 2,040 |
D.R. Horton, Inc. 8.00% 2009 | 16,650 | 17,323 |
D.R. Horton, Inc. 7.875% 2011 | 550 | 580 |
Tenneco Automotive Inc., Series B, 10.25% 2013 | 5,325 | 5,831 |
Tenneco Automotive Inc. 8.625% 2014 | 12,000 | 11,970 |
Hilton Hotels Corp. 7.625% 2008 | 2,450 | 2,518 |
Hilton Hotels Corp. 7.20% 2009 | 4,850 | 5,002 |
Hilton Hotels Corp. 8.25% 2011 | 9,618 | 10,251 |
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 8.375% 2013 | 16,536 | 17,404 |
Telenet Group Holding NV 0%/11.50% 20142,8 | 20,027 | 17,123 |
Quebecor Media Inc. 7.75% 2016 | 16,675 | 16,467 |
Bon-Ton Stores, Inc. 10.25% 20142 | 16,850 | 15,586 |
Young Broadcasting Inc. 10.00% 2011 | 16,890 | 15,581 |
Centex Corp. 5.25% 2015 | 5,000 | 4,550 |
Centex Corp. 6.50% 2016 | 10,000 | 9,854 |
Hyatt Equities, LLC 6.875% 20072 | 14,000 | 14,096 |
William Lyon Homes, Inc. 7.625% 2012 | 17,000 | 13,579 |
Toll Brothers, Inc. 4.95% 2014 | 5,000 | 4,376 |
Toll Brothers, Inc. 5.15% 2015 | 10,500 | 9,150 |
Boyd Gaming Corp. 7.75% 2012 | 12,950 | 12,950 |
Stoneridge, Inc. 11.50% 2012 | 12,985 | 12,693 |
MDC Holdings, Inc. 7.00% 2012 | 5,000 | 5,034 |
MDC Holdings, Inc. 5.50% 2013 | 8,250 | 7,569 |
Adelphia Communications Corp. 10.25% 20067 | 13,975 | 8,071 |
Adelphia Communications Corp. 10.25% 20117 | 6,100 | 3,782 |
YUM! Brands, Inc. 7.70% 2012 | 10,500 | 11,411 |
Ryland Group, Inc. 5.375% 2012 | 12,350 | 11,389 |
Cinemark USA, Inc. 9.00% 2013 | 10,575 | 11,130 |
LBI Media, Inc. 10.125% 2012 | 10,395 | 11,071 |
Pulte Homes, Inc. 7.875% 2011 | 5,000 | 5,314 |
Pulte Homes, Inc. 7.625% 2017 | 5,000 | 5,272 |
British Sky Broadcasting Group PLC 6.875% 2009 | 10,000 | 10,287 |
May Department Stores Co. 5.75% 2014 | 10,215 | 10,047 |
Staples, Inc. 7.375% 2012 | 9,000 | 9,735 |
NVR, Inc. 5.00% 2010 | 10,000 | 9,603 |
TRW Automotive Acquisition Corp. 9.375% 2013 | 8,988 | 9,595 |
Seminole Tribe of Florida 6.535% 20202 | 10,000 | 9,575 |
Omnicom Group Inc. 5.90% 2016 | 9,750 | 9,562 |
EchoStar DBS Corp. 5.75% 2008 | 9,300 | 9,207 |
Six Flags, Inc. 9.75% 2013 | 3,525 | 3,256 |
Six Flags, Inc. 9.625% 2014 | 6,050 | 5,521 |
AMC Entertainment Inc., Series B, 8.625% 2012 | 8,305 | 8,523 |
Regal Cinemas Corp., Series B, 9.375% 20124 | 7,250 | 7,679 |
Burlington Coat Factory Holdings, Inc. 11.125% 20142 | 7,625 | 7,330 |
WCI Communities, Inc. 9.125% 2012 | 8,045 | 7,281 |
Morris Publishing Group, LLC and Morris Publishing Finance Co., Series B, 7.00% 2013 | 6,700 | 6,365 |
Fisher Communications, Inc. 8.625% 2014 | 5,855 | 6,001 |
Aztar Corp. 7.875% 2014 | 5,500 | 5,871 |
Warnaco, Inc. 8.875% 2013 | 5,625 | 5,773 |
Gamestop Corp. 9.383% 20115 | 5,000 | 5,237 |
Seneca Gaming Corp. 7.25% 2012 | 3,275 | 3,209 |
Seneca Gaming Corp. 7.25% 2012 | 2,000 | 1,960 |
Viacom Inc. 5.625% 2007 | 5,000 | 5,001 |
Education Management LLC and Education Management Finance Corp. 10.25% 20162 | 4,860 | 4,933 |
Carnival Corp. 3.75% 2007 | 5,000 | 4,886 |
Reader’s Digest Assn., Inc. 6.50% 2011 | 3,550 | 3,457 |
Walt Disney Co., Series B, 5.375% 2007 | 3,000 | 2,997 |
Marriott International, Inc., Series G, 5.81% 2015 | 3,000 | 2,915 |
Payless ShoeSource, Inc. 8.25% 2013 | 2,775 | 2,855 |
Sealy Mattress Co. 8.25% 2014 | 2,825 | 2,839 |
XM Satellite Radio Holdings Inc. 9.75% 20142 | 2,525 | 2,342 |
Gray Communications Systems, Inc. 9.25% 2011 | 2,000 | 2,085 |
2,561,604 | ||
FINANCIALS — 3.50% | ||
General Motors Acceptance Corp. 6.125% 2006 | 10,000 | 9,996 |
General Motors Acceptance Corp. 6.039% 20075 | 25,000 | 24,908 |
General Motors Acceptance Corp. 6.125% 2007 | 45,020 | 44,772 |
General Motors Acceptance Corp. 6.125% 2007 | 12,500 | 12,415 |
General Motors Acceptance Corp. 6.407% 20075 | 4,000 | 3,993 |
General Motors Acceptance Corp. 6.125% 2008 | 50,000 | 49,166 |
Residential Capital Corp. 6.489% 20085 | 10,000 | 10,092 |
Residential Capital Corp. 6.607% 20095 | 10,000 | 10,036 |
Residential Capital Corp. 7.337% 20092,5 | 22,000 | 21,992 |
Residential Capital Corp. 6.375% 2010 | 39,900 | 39,800 |
General Motors Acceptance Corp. 7.75% 2010 | 5,710 | 5,709 |
Residential Capital Corp. 6.00% 2011 | 15,000 | 14,734 |
General Motors Acceptance Corp. 6.875% 2011 | 92,370 | 89,536 |
General Motors Acceptance Corp. 7.25% 2011 | 104,895 | 102,926 |
General Motors Acceptance Corp. 6.875% 2012 | 16,145 | 15,600 |
General Motors Acceptance Corp. 7.00% 2012 | 71,305 | 69,096 |
General Motors Acceptance Corp. 6.75% 2014 | 32,000 | 30,169 |
General Motors Acceptance Corp. 7.431% 20145 | 37,000 | 36,439 |
Ford Motor Credit Co. 5.80% 2009 | 6,000 | 5,581 |
Ford Motor Credit Co. 7.375% 2009 | 78,500 | 74,099 |
Ford Motor Credit Co. 7.077% 20105 | 5,055 | 4,645 |
Ford Motor Credit Co. 7.875% 2010 | 21,450 | 20,197 |
Ford Motor Credit Co. 9.75% 20102 | 7,550 | 7,479 |
ASIF Global Financing XVIII 3.85% 20072 | 8,500 | 8,326 |
International Lease Finance Corp. 4.75% 2009 | 10,000 | 9,792 |
International Lease Finance Corp. 5.125% 2010 | 15,000 | 14,782 |
International Lease Finance Corp. 5.00% 2012 | 5,000 | 4,824 |
American General Finance Corp., Series I, 5.40% 2015 | 17,250 | 16,658 |
ILFC E-Capital Trust I 5.90% 20652,5 | 34,000 | 33,672 |
ILFC E-Capital Trust II 6.25% 20652,5 | 10,000 | 9,660 |
Washington Mutual, Inc. 4.00% 2009 | 9,000 | 8,689 |
Washington Mutual, Inc. 5.00% 2012 | 7,000 | 6,731 |
Washington Mutual, Inc. 5.737% 20125 | 16,000 | 15,971 |
Dime Capital Trust I, Dime Bancorp, Inc., Series A, 9.33% 2027 | 9,425 | 10,085 |
Providian Financial Corp., Series A, 9.525% 20272 | $10,000 | $10,612 |
Washington Mutual Preferred Funding I Ltd. 6.534% (undated)2,5 | 42,800 | 41,660 |
Capital One Financial Corp. 8.75% 2007 | 3,500 | 3,552 |
Capital One Bank 4.875% 2008 | 20,000 | 19,793 |
Capital One Financial Corp. 7.125% 2008 | 8,848 | 9,085 |
Capital One Financial Corp. 6.25% 2013 | 30,000 | 30,462 |
Capital One Financial Corp. 5.50% 2015 | 5,000 | 4,793 |
Capital One Capital I 6.699% 20272,5 | 10,500 | 10,568 |
Rouse Co. 3.625% 2009 | 32,561 | 30,455 |
Rouse Co. 7.20% 2012 | 38,789 | 39,189 |
Household Finance Corp. 4.125% 2009 | 15,000 | 14,389 |
HSBC Finance Corp. 4.625% 2010 | 19,000 | 18,359 |
Household Finance Corp. 6.375% 2011 | 6,000 | 6,195 |
Household Finance Corp. 6.375% 2012 | 10,000 | 10,343 |
HSBC Bank USA 4.625% 20142 | 5,000 | 4,644 |
HSBC Finance Corp. 5.00% 2015 | 2,720 | 2,556 |
Midland Bank 5.875% Eurodollar note (undated)5 | 5,000 | 4,300 |
MBNA Corp. 5.625% 2007 | 10,000 | 10,007 |
Bank of America Corp. 4.50% 2010 | 10,000 | 9,678 |
MBNA Global Capital Funding, Series B, 5.949% 20275 | 35,000 | 34,681 |
Société Générale 5.75% 20162 | 4,000 | 3,990 |
SocGen Real Estate Co. LLC, Series A, 7.64% (undated)2,5 | 45,700 | 46,733 |
Sumitomo Mitsui Banking Corp. 5.625% (undated)2,5 | 51,900 | 49,329 |
Simon Property Group, LP 4.875% 2010 | 11,375 | 11,095 |
Simon Property Group, LP 5.375% 2011 | 32,700 | 32,266 |
Simon Property Group, LP 6.35% 2012 | 5,000 | 5,134 |
Santander Issuances, SA Unipersonal 5.774% 20162,5 | 17,200 | 17,222 |
Santander Issuances, SA Unipersonal 5.805% 20162,5 | 17,500 | 17,545 |
Abbey National PLC 6.70% (undated)5 | 3,635 | 3,697 |
Abbey National PLC 7.35% (undated)5 | 7,605 | 7,640 |
iStar Financial, Inc. 7.00% 20081 | 6,525 | 6,653 |
iStar Financial, Inc. 8.75% 20081 | 1,028 | 1,085 |
iStar Financial, Inc., Series B, 4.875% 20091 | 5,000 | 4,897 |
iStar Financial, Inc. 5.375% 20101 | 10,925 | 10,750 |
iStar Financial, Inc. 6.00% 20101 | 3,750 | 3,772 |
iStar Financial, Inc., Series B, 5.125% 20111 | 10,000 | 9,670 |
iStar Financial, Inc. 5.80% 20111 | 5,000 | 4,969 |
iStar Financial, Inc. 6.05% 20151 | 4,285 | 4,240 |
Mizuho Capital Investment (USD) 1 Ltd. and Mizuho Capital Investment (EUR) 1 Ltd. 6.686% noncumulative preferred (undated)2,5 | 42,150 | 41,406 |
Host Marriott, LP, Series G, 9.25% 2007 | 775 | 804 |
Host Marriott, LP, Series I, 9.50% 2007 | 750 | 764 |
Host Marriott, LP, Series M, 7.00% 2012 | 28,085 | 28,225 |
Host Marriott, LP, Series K, 7.125% 2013 | 10,000 | 10,062 |
CIT Group Inc. 3.65% 2007 | 7,110 | 6,936 |
CIT Group Inc. 6.875% 2009 | 16,500 | 17,100 |
CIT Group Inc. 4.75% 2010 | 10,000 | 9,688 |
CIT Group Inc. 7.75% 2012 | 4,000 | 4,383 |
E*TRADE Financial Corp. 8.00% 2011 | 1,750 | 1,807 |
E*TRADE Financial Corp. 7.375% 2013 | 8,750 | 8,816 |
E*TRADE Financial Corp. 7.875% 2015 | 24,475 | 25,393 |
Lazard Group LLC 7.125% 2015 | 34,930 | 35,701 |
PRICOA Global Funding I, Series 2004-4, 4.35% 20082 | 8,000 | 7,829 |
Prudential Holdings, LLC, Series C, 8.695% 20232,9 | 22,250 | 26,780 |
HBOS Treasury Services PLC 3.75% 20082 | 5,500 | 5,313 |
Scotland International Finance No. 2 BV 4.25% 20132 | 1,500 | 1,385 |
HBOS PLC 5.375% (undated)2,5 | 5,760 | 5,527 |
HBOS PLC, Series B, 5.92% (undated)2,5 | 23,600 | 22,182 |
CNA Financial Corp. 6.75% 2006 | 4,370 | 4,382 |
CNA Financial Corp. 6.45% 2008 | 2,406 | 2,421 |
CNA Financial Corp. 6.60% 2008 | 9,630 | 9,832 |
CNA Financial Corp. 5.85% 2014 | 8,975 | 8,603 |
CNA Financial Corp. 7.25% 2023 | 9,000 | 9,132 |
EOP Operating LP 7.75% 2007 | 5,000 | 5,128 |
EOP Operating LP 8.10% 2010 | 6,500 | 7,039 |
EOP Operating LP 7.00% 2011 | 15,000 | 15,713 |
EOP Operating LP 6.75% 2012 | 4,750 | 4,951 |
UnumProvident Finance Co. PLC 6.85% 20152 | 30,500 | 30,220 |
Hospitality Properties Trust 7.00% 2008 | 1,210 | 1,233 |
Hospitality Properties Trust 6.75% 2013 | 23,315 | 24,148 |
Hospitality Properties Trust 6.30% 2016 | 1,500 | 1,502 |
J.P. Morgan & Co. Inc. 6.70% 2007 | 5,000 | 5,058 |
J.P. Morgan Chase & Co. 4.75% 2015 | 7,500 | 6,966 |
J.P. Morgan Chase & Co. 4.891% 2015 | 15,000 | 14,573 |
Lincoln National Corp. 6.20% 2011 | 5,000 | 5,108 |
Lincoln National Corp. 7.00% 20665 | 18,725 | 19,048 |
Nationwide Life Insurance Co. 5.35% 20072 | 8,500 | 8,494 |
North Front Pass Through Trust 5.81% 20242,5 | 10,000 | 9,613 |
Nationwide Mutual Insurance Co. 7.875% 20332 | 5,000 | 5,640 |
Development Bank of Singapore Ltd. 7.875% 20102 | 10,000 | 10,695 |
Development Bank of Singapore Ltd. 7.125% 20112 | 5,000 | 5,271 |
DBS Bank Ltd. 5.98% 20212,5 | 7,250 | 7,280 |
Mangrove Bay Pass Through Trust 6.102% 20332,5 | 16,000 | 15,481 |
Twin Reefs Asset Trust (XLFA), Series B, 6.345% (undated)2,5 | 7,200 | 7,200 |
United Dominion Realty Trust, Inc., Series E, 4.50% 2008 | 20,000 | 19,637 |
United Dominion Realty Trust, Inc. 5.00% 2012 | 2,500 | 2,393 |
Liberty Mutual Group Inc. 6.50% 20352 | 23,150 | 20,747 |
Resona Bank, Ltd. 5.85% (undated)2,5 | 21,675 | 20,652 |
Skandinaviska Enskilda Banken AB 4.958% (undated)2,5 | 10,560 | 9,577 |
Skandinaviska Enskilda Banken 7.50% (undated)2,5 | 10,405 | 10,976 |
Downey Financial Corp. 6.50% 2014 | 20,000 | 19,874 |
USA Education, Inc. 5.625% 2007 | 7,895 | 7,894 |
SLM Corp., Series A, 4.50% 2010 | 5,000 | 4,811 |
SLM Corp., Series A, 5.375% 2013 | 7,000 | 6,856 |
Kimco Realty Corp. 6.00% 2012 | 3,250 | 3,300 |
Kimco Realty Corp., Series C, 5.783% 2016 | 15,000 | 14,718 |
ReliaStar Financial Corp. 8.00% 2006 | 8,000 | 8,045 |
ReliaStar Financial Corp. 6.50% 2008 | 3,000 | 3,060 |
ING Bank NV 5.125% 20152 | 3,500 | 3,350 |
ING Groep NV 5.775% (undated)5 | 3,600 | 3,459 |
American Express Co. 6.80% 20665 | 17,250 | 17,457 |
Allstate Financial Global Funding LLC 5.25% 20072 | 16,750 | 16,732 |
Monumental Global Funding II, Series 2002-A, 5.20% 20072 | 16,750 | 16,725 |
HVB Funding Trust I 8.741% 20312 | 2,100 | 2,526 |
HVB Funding Trust III 9.00% 20312 | 7,736 | 9,507 |
UniCredito Italiano Capital Trust II 9.20% (undated)2 | 4,000 | 4,468 |
TuranAlem Finance BV 8.00% 2014 | 2,390 | 2,384 |
TuranAlem Finance BV 8.50% 20152 | 10,000 | 10,125 |
TuranAlem Finance BV 8.50% 2015 | 2,610 | 2,643 |
Developers Diversified Realty Corp. 4.625% 2010 | 10,140 | 9,726 |
Developers Diversified Realty Corp. 5.50% 2015 | 5,000 | 4,768 |
Independence Community Bank Corp. 4.90% 2010 | 5,000 | 4,839 |
Independence Community Bank 3.75% 20145 | 10,000 | 9,524 |
Standard Chartered Bank 5.688% Eurodollar note (undated)5 | 15,000 | 12,412 |
Citigroup Inc. 5.125% 2011 | 12,500 | 12,336 |
Assurant, Inc. 5.625% 2014 | 12,500 | 12,174 |
New York Life Global Funding 4.625% 20102 | 12,500 | 12,122 |
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 5.125% 20142 | 12,500 | 11,860 |
Kazkommerts International BV 8.50% 20132 | 1,500 | 1,567 |
Kazkommerts International BV 7.875% 20142 | 10,000 | 10,050 |
ZFS Finance (USA) Trust I 6.15% 20652,5 | 11,250 | 10,934 |
Plum Creek Timberlands, LP 5.875% 2015 | 10,800 | 10,447 |
Federal Realty Investment Trust 6.125% 2007 | 10,000 | 10,037 |
Willis North America Inc. 5.125% 2010 | 4,900 | 4,767 |
Willis North America Inc. 5.625% 2015 | 5,500 | 5,154 |
Protective Life Insurance Co., Series 2005-C, 4.85% 2010 | 10,000 | 9,823 |
Popular North America, Inc., Series E, 3.875% 2008 | 10,000 | 9,637 |
United Overseas Bank Ltd. 5.375% 20192,5 | 10,000 | 9,580 |
Duke Realty LP 4.625% 2013 | 10,000 | 9,335 |
Zions Bancorporation 5.50% 2015 | 4,000 | 3,863 |
Zions Bancorporation 6.00% 2015 | 5,000 | 5,016 |
Bank of Nova Scotia 5.125% 20855 | 10,000 | 8,516 |
ACE INA Holdings Inc. 5.875% 2014 | 7,000 | 6,883 |
ACE Capital Trust II 9.70% 2030 | 1,250 | 1,590 |
Canadian Imperial Bank of Commerce 5.125% Eurodollar note 20855 | 10,000 | 8,400 |
Royal Bank of Scotland Group PLC 5.512% noncumulative trust preferred (undated)5 | 4,185 | 3,968 |
National Westminster Bank PLC 7.75% (undated)5 | 3,024 | 3,094 |
BOI Capital Funding (No. 2) LP 5.571% (undated)2,5 | 1,700 | 1,604 |
Bank of Ireland 6.107% (undated)2,5 | 5,000 | 4,766 |
BCI U.S. Funding Trust I 8.01% noncumulative preferred (undated)2,5 | 5,000 | 5,197 |
ProLogis 5.625% 2015 | 5,000 | 4,830 |
Jackson National Life Global Funding, Series 2002-1, 5.25% 20072 | 4,000 | 4,005 |
Brandywine Operating Partnership, LP 5.75% 2012 | 4,000 | 3,964 |
Principal Life Global Funding I 4.40% 20102 | 3,000 | 2,865 |
Marsh & McLennan Companies, Inc. 5.75% 2015 | 2,500 | 2,398 |
2,397,377 | ||
MORTGAGE-BACKED OBLIGATIONS9— 2.98% | ||
Fannie Mae, Series 2000-T5, Class B, 7.30% 2010 | 19,000 | 20,319 |
Fannie Mae 9.00% 2010 | 261 | 268 |
Fannie Mae 4.89% 2012 | 10,000 | 9,680 |
Fannie Mae 4.00% 2015 | 7,853 | 7,424 |
Fannie Mae 7.00% 2016 | 282 | 288 |
Fannie Mae 5.00% 2018 | 18,856 | 18,393 |
Fannie Mae 5.50% 2018 | 16,713 | 16,569 |
Fannie Mae 10.00% 2018 | 402 | 445 |
Fannie Mae 6.00% 2021 | 2,070 | 2,088 |
Fannie Mae 9.50% 2022 | 361 | 394 |
Fannie Mae 7.50% 2023 | 150 | 156 |
Fannie Mae 7.50% 2023 | 18 | 19 |
Fannie Mae 10.00% 2025 | 232 | 256 |
Fannie Mae, Series 2001-4, Class GA, 10.263% 20255 | 1,281 | 1,419 |
Fannie Mae, Series 2001-4, Class NA, 11.90% 20255 | 118 | 131 |
Fannie Mae, Series 2002-W3, Class A-5, 7.50% 2028 | 1,090 | 1,124 |
Fannie Mae 7.00% 2031 | 898 | 922 |
Fannie Mae 7.00% 2031 | 504 | 517 |
Fannie Mae 7.50% 2031 | 448 | 464 |
Fannie Mae, Series 2001-20, Class E, 9.616% 20315 | 1,126 | 1,221 |
Fannie Mae 3.753% 20335 | 5,130 | 5,009 |
Fannie Mae 6.00% 2034 | 6,262 | 6,237 |
Fannie Mae 6.00% 2034 | 2,393 | 2,384 |
Fannie Mae 6.00% 2034 | 2,121 | 2,113 |
Fannie Mae 6.00% 2034 | 1,615 | 1,608 |
Fannie Mae 6.00% 2034 | 1,064 | 1,059 |
Fannie Mae 6.00% 2034 | 1,057 | 1,053 |
Fannie Mae 6.00% 2034 | 802 | 799 |
Fannie Mae 6.00% 2034 | 435 | 433 |
Fannie Mae 6.00% 2034 | 399 | 397 |
Fannie Mae 4.482% 20355 | 2,804 | 2,735 |
Fannie Mae 4.578% 20355 | 8,208 | 8,017 |
Fannie Mae 5.00% 2035 | 51,638 | 48,873 |
Fannie Mae 5.00% 2035 | 27,418 | 25,950 |
Fannie Mae 5.00% 2035 | 7,307 | 6,915 |
Fannie Mae 5.50% 2035 | 58,532 | 57,011 |
Fannie Mae 5.50% 2035 | 19,318 | 18,786 |
Fannie Mae 5.50% 2035 | 8,949 | 8,717 |
Fannie Mae 6.00% 2035 | 230 | 229 |
Fannie Mae 5.50% 2036 | 37,817 | 36,728 |
Fannie Mae 5.50% 2036 | 23,624 | 22,944 |
Fannie Mae 5.50% 2036 | 8,899 | 8,642 |
Fannie Mae 5.50% 2036 | 4,260 | 4,137 |
Fannie Mae 5.50% 2036 | 54 | 52 |
Fannie Mae 6.00% 2036 | 25,000 | 24,844 |
Fannie Mae, Series 2006-43, Class PX, 6.00% 2036 | 10,000 | 10,050 |
Fannie Mae 6.50% 2036 | 8,484 | 8,585 |
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041 | 2,070 | 2,127 |
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041 | 1,435 | 1,468 |
Fannie Mae, Series 2002-W1, Class 2A, 7.50% 2042 | 2,379 | 2,450 |
Countrywide Alternative Loan Trust, Series 2006-J3, Class 2-A-1, 4.75% 2020 | 8,276 | 7,911 |
Countrywide Alternative Loan Trust, Series 2005-J11, Class PO-A, principal only, 0% 2035 | 100 | 61 |
Countrywide Alternative Loan Trust, Series 2005-62, Class 2-A-1, 5.143% 20355 | 9,840 | 9,840 |
Countrywide Alternative Loan Trust, Series 2005-49CB, Class A-1, 5.50% 2035 | 142,483 | 140,124 |
Countrywide Alternative Loan Trust, Series 2005-40CB, Class A-1, 5.50% 2035 | 33,704 | 32,545 |
Countrywide Alternative Loan Trust, Series 2005-46CB, Class A-8, 5.50% 2035 | 26,542 | 26,357 |
Countrywide Alternative Loan Trust, Series 2005-30CB, Class 2-A-1, 5.50% 2035 | 10,282 | 9,907 |
Countrywide Alternative Loan Trust, Series 2005-64CB, Class 1-A-7, 5.50% 2035 | 9,832 | 9,710 |
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 1-A-7, 5.50% 2035 | 9,500 | 9,451 |
Countrywide Alternative Loan Trust, Series 2005-23CB, Class A-15, 5.50% 2035 | 8,681 | 8,502 |
Countrywide Alternative Loan Trust, Series 2005-21CB, Class A-17, 6.00% 2035 | 11,457 | 11,339 |
Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1-A-1, 6.00% 2035 | 6,174 | 6,177 |
Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1-A-1, 5.50% 2036 | 9,702 | 9,546 |
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A-1, 6.00% 2036 | 19,804 | 19,692 |
Countrywide Alternative Loan Trust, Series 2006-16CB, Class A-2, 6.00% 2036 | 6,789 | 6,738 |
Freddie Mac 9.00% 2007 | 1 | 1 |
Freddie Mac 8.50% 2008 | 7 | 7 |
Freddie Mac, Series SF02, Class GC, 2.64% 2009 | 4,498 | 4,372 |
Freddie Mac 8.50% 2009 | 62 | 64 |
Freddie Mac 8.50% 2010 | 112 | 115 |
Freddie Mac 5.00% 2018 | 11,919 | 11,615 |
Freddie Mac 5.50% 2018 | 5,954 | 5,898 |
Freddie Mac 11.00% 2018 | 337 | 371 |
Freddie Mac, Series 178, Class Z, 9.25% 2021 | 118 | 123 |
Freddie Mac, Series 2289, Class NB, 11.527% 20225 | 280 | 314 |
Freddie Mac 4.647% 20355 | 12,188 | 11,880 |
Freddie Mac 4.789% 20355 | 8,858 | 8,663 |
Freddie Mac 5.00% 2035 | 18,943 | 17,910 |
Freddie Mac 5.00% 2035 | 15,118 | 14,297 |
Freddie Mac 5.50% 2035 | 9,393 | 9,126 |
Freddie Mac 5.50% 2035 | 9,390 | 9,123 |
Freddie Mac, Series 3061, Class PN, 5.50% 2035 | 7,021 | 6,951 |
Freddie Mac 6.00% 2036 | 19,406 | 19,296 |
CS First Boston Mortgage Securities Corp., Series 2005-7, Class III-A-1, 5.00% 2020 | 6,187 | 5,963 |
CS First Boston Mortgage Securities Corp., Series 2006-4, Class C-P, principal only, 0% 2021 | 271 | 188 |
CS First Boston Mortgage Securities Corp., Series 2003-AR26, Class VI-A-1, 4.134% 20335 | 34,336 | 33,815 |
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IV-A-1, 6.00% 2034 | 4,756 | 4,687 |
CS First Boston Mortgage Securities Corp., Series 2001-CF2, Class A-3, 6.238% 2034 | 4,654 | 4,683 |
CS First Boston Mortgage Securities Corp., Series 2005-8, Class A-P, principal only, 0% 2035 | 523 | 361 |
CS First Boston Mortgage Securities Corp., Series 2005-6, Class VI-A-1, 6.00% 2035 | 8,312 | 8,253 |
CS First Boston Mortgage Securities Corp., Series 2005-5, Class IV-A-1, 6.25% 2035 | 7,104 | 7,088 |
CS First Boston Mortgage Securities Corp., Series 2001-CK1, Class A-3, 6.38% 2035 | 10,100 | 10,368 |
CS First Boston Mortgage Securities Corp., Series 2006-2R, Class A-PO, principal only, 0% 2036 | 16,470 | 11,001 |
CS First Boston Mortgage Securities Corp., Series 2006-2, Class A-P, principal only, 0% 2036 | 399 | 251 |
CS First Boston Mortgage Securities Corp., Series 2006-4, Class D-P, principal only, 0% 2036 | 324 | 200 |
CS First Boston Mortgage Securities Corp., Series 2006-1, Class A-P, principal only, 0% 2036 | 256 | 158 |
CS First Boston Mortgage Securities Corp., Series 2006-3, Class A-P, principal only, 0% 2036 | 37 | 24 |
CS First Boston Mortgage Securities Corp., Series 2006-3, Class 1-A-4A, 5.896% 2036 | 5,000 | 4,968 |
CS First Boston Mortgage Securities Corp., Series 2005-C3, Class A-AB, 4.614% 2037 | 10,000 | 9,475 |
CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A-3, 6.133% 2037 | 6,910 | 7,098 |
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-3, 5.23% 2040 | 10,000 | 9,730 |
CHL Mortgage Pass-Through Trust, Series 2003-35, Class 1-A-1, 4.75% 2018 | 8,129 | 7,771 |
CHL Mortgage Pass-Through Trust, Series 2003-27, Class A-1, 3.701% 20335 | 2,841 | 2,768 |
CHL Mortgage Pass-Through Trust, Series 2003-56, Class 6-A-1, 4.845% 20335 | 17,443 | 17,226 |
CHL Mortgage Pass-Through Trust, Series 2003-58, Class 2-A-2, 4.537% 20345 | 34,262 | 33,758 |
CHL Mortgage Pass-Through Trust, Series 2004-22, Class A-2, 4.636% 20345 | 5,372 | 5,269 |
CHL Mortgage Pass-Through Trust, Series 2005-J4, Class PO, principal only, 0% 2035 | 174 | 108 |
CHL Mortgage Pass-Through Trust, Series 2005-HYB8, Class 4-A-1, 5.707% 20355 | 25,958 | 25,631 |
Government National Mortgage Assn. 9.50% 2009 | 326 | 337 |
Government National Mortgage Assn. 9.00% 2016 | 57 | 61 |
Government National Mortgage Assn. 8.50% 2017 | 36 | 39 |
Government National Mortgage Assn. 8.50% 2017 | 9 | 9 |
Government National Mortgage Assn. 8.50% 2017 | 4 | 5 |
Government National Mortgage Assn. 10.00% 2020 | 1,127 | 1,266 |
Government National Mortgage Assn. 8.50% 2021 | 262 | 281 |
Government National Mortgage Assn. 8.50% 2021 | 74 | 79 |
Government National Mortgage Assn. 8.50% 2021 | 7 | 7 |
Government National Mortgage Assn. 9.50% 2021 | 190 | 212 |
Government National Mortgage Assn. 10.00% 2021 | 1,669 | 1,875 |
Government National Mortgage Assn. 10.00% 2025 | 1,579 | 1,766 |
Government National Mortgage Assn. 4.00% 20355 | 5,270 | 5,155 |
Government National Mortgage Assn. 4.00% 20355 | 1,632 | 1,592 |
Government National Mortgage Assn. 4.00% 20355 | 1,502 | 1,465 |
Government National Mortgage Assn. 6.00% 2036 | 71,750 | 71,646 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR8, Class A, 4.03% 20335 | 4,389 | 4,299 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR5, Class A-7, 4.208% 20335 | 3,109 | 3,039 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR6, Class A-1, 4.339% 20335 | 1,508 | 1,481 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR1, Class A-6, 4.479% 20335 | 841 | 828 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR1, Class A, 4.229% 20345 | 4,284 | 4,184 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR11, Class A, 4.57% 20345 | 5,671 | 5,542 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR2, Class 2-A1, 5.844% 20375 | 12,651 | 12,490 |
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR15, Class A-1-A, 5.645% 20455 | 23,001 | 23,084 |
Merrill Lynch Mortgage Investors, Inc., Series 1999-C1, Class A-2, 7.56% 2031 | 11,106 | 11,599 |
Merrill Lynch Mortgage Investors, Inc., Series 2003-A6, Class II-A, 4.202% 20335 | 36,398 | 35,622 |
Merrill Lynch Mortgage Investors, Inc., Series 2004-A1, Class II-A-1, 4.593% 20345 | 4,610 | 4,518 |
Tower Ventures, LLC, Series 2006-1, Class A1-FX, 5.361% 20362 | 12,000 | 11,858 |
Tower Ventures, LLC, Series 2006-1, Class C, 5.707% 20362 | 8,000 | 7,924 |
Tower Ventures, LLC, Series 2006-1, Class D, 6.052% 20362 | 29,000 | 28,951 |
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2-A-1, 5.884% 20365 | 47,787 | 47,384 |
Crown Castle Towers LLC, Series 2005-1, Class A-FX, 4.643% 20352 | 10,000 | 9,693 |
Crown Castle Towers LLC, Series 2005-1, Class D, 5.612% 20352 | 37,750 | 37,238 |
Bear Stearns ARM Trust, Series 2003-8, Class II-A-1, 4.813% 20345 | 23,106 | 22,805 |
Bear Stearns ARM Trust, Series 2003-9, Class III-A-2, 4.978% 20345 | 2,520 | 2,471 |
Bear Stearns ARM Trust, Series 2005-10, Class A-3, 4.65% 20355 | 20,000 | 19,291 |
Banc of America Mortgage Securities Trust, Series 2003-G, Class 2-A-1, 4.088% 20335 | 3,170 | 3,103 |
Banc of America Mortgage Securities Trust, Series 2003-D, Class 2-A-1, 4.183% 20335 | 1,883 | 1,847 |
Banc of America Mortgage Securities Trust, Series 2003-J, Class 2-A-2, 4.40% 20335 | 37,397 | 36,816 |
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4-A, 5.694% 20345 | 10,711 | 10,327 |
Morgan Stanley Mortgage Loan Trust, Series 2005-10, Class 4-A-1, 5.50% 2035 | 14,703 | 14,184 |
Morgan Stanley Mortgage Loan Trust, Series 2005-10, Class 5-A-1, 6.00% 2035 | 14,519 | 14,463 |
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 3-A-1, 6.098% 20365 | 1,428 | 1,430 |
Residential Accredit Loans, Inc., Series 2004-QS6, Class A-1, 5.00% 2019 | 13,832 | 13,332 |
Residential Accredit Loans, Inc., Series 2005-QR1, Class A, 6.00% 2034 | 9,647 | 9,523 |
Residential Accredit Loans, Inc., Series 2005-QS13, Class I-A-5, 5.50% 2035 | 15,153 | 14,874 |
Residential Accredit Loans, Inc., Series 2005-QS9, Class A-6, 5.50% 2035 | 100 | 94 |
Residential Accredit Loans, Inc., Series 2005-QS14, Class 2-A-1, 6.00% 2035 | 2,146 | 2,115 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22, Class 5-A1, 6.03% 20355 | 10,207 | 10,169 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4-A-1, 5.986% 20365 | 24,334 | 24,182 |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 5-A-1, 5.988% 20365 | 3,876 | 3,866 |
Wachovia Bank Commercial Mortgage Trust, Series 2002-C1, Class A-2, 5.681% 2034 | 8,200 | 8,202 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A-PB, 4.692% 2041 | 15,000 | 14,351 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-2, 4.782% 2042 | 11,000 | 10,754 |
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-4, 5.083% 2042 | 5,000 | 4,790 |
Banc of America Commercial Mortgage Inc., Series 2001-1, Class A-2, 6.503% 2036 | 9,634 | 9,966 |
Banc of America Commercial Mortgage Inc., Series 2005-5, Class A-3B, 5.229% 20455 | 17,730 | 17,470 |
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20262 | 21,393 | 22,721 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C1, Class A-3, 4.719% 2038 | 7,000 | 6,599 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A-2, 4.223% 2042 | 5,687 | 5,461 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A-2, 4.625% 2046 | 10,000 | 9,742 |
GS Mortgage Securities Corp. II, Series 1998-C1, Class D, 7.20% 20305 | 20,000 | 20,665 |
J.P. Morgan Alternative Loan Trust, Series 2006-S1, Class 3-A-5, 5.73% 2036 | 19,462 | 19,152 |
Residential Funding Mortgage Securities I, Inc., Series 2004-S9, Class II-A-1, 4.75% 2019 | 19,998 | 19,109 |
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-C1, Class X, interest only, 1.008% 20312,5 | 75,506 | 2,227 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-PBW1, Class A-1, 3.97% 2035 | 8,497 | 8,244 |
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOP2, Class A-2, 6.48% 2035 | 7,665 | 7,949 |
GE Commercial Mortgage Corp., Series 2005-C4, Class A-3A, 5.333% 2045 | 17,000 | 16,804 |
GE Commercial Mortgage Corp., Series 2005-C4, Class A-M, 5.333% 2045 | 1,650 | 1,610 |
Morgan Stanley Capital I Trust, Series 2005-HQ7, Class A-2, 5.205% 20425 | 17,875 | 17,557 |
SBA CMBS Trust, Series 2005-1, Class A, 5.369% 20352 | 10,000 | 9,899 |
SBA CMBS Trust, Series 2005-1, Class B, 5.565% 20352 | 7,000 | 6,946 |
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA11, Class I-A-5, 5.75% 2036 | 1,828 | 1,808 |
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA3, Class A-6, 6.00% 2036 | 14,266 | 14,323 |
Washington Mutual Securities Corp., Series 2005-AR1, Class A-1-A, 5.645% 20355 | 15,620 | 15,646 |
Bear Stearns ALT-A Trust, Series 2006-2, Class II-4-A-1, 5.978% 20365 | 14,409 | 14,392 |
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC11, Class A-2, 5.016% 2037 | 14,040 | 13,818 |
J.P. Morgan Mortgage Trust, Series 2005-A1, Class 4-A-1, 4.78% 20355 | 14,301 | 13,665 |
Lehman Mortgage Trust, Series 2005-2, Class 3-A3, 5.50% 2035 | 13,500 | 13,433 |
Chase Commercial Mortgage Securities Corp., Series 1998-1, Class A-2, 6.56% 2030 | 5,689 | 5,762 |
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A-2, 7.757% 2032 | 7,041 | 7,425 |
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class A-2, 6.465% 2034 | 12,250 | 12,641 |
Bear Stearns Asset-backed Securities I Trust, Series 2005-AC8, Class A-4, 5.50% 2035 | 8,056 | 7,969 |
Bear Stearns Asset-backed Securities I Trust, Series 2006-AC-2, Class II-1A-1, 6.00% 2036 | 4,565 | 4,541 |
Host Marriott Pool Trust, Series 1999-HMTA, Class D, 7.97% 20152 | 10,990 | 11,703 |
GE Capital Commercial Mortgage Corp., Series 2001-1, Class A-1, 6.079% 2033 | 2,257 | 2,282 |
GE Capital Commerical Mortgage Corp., Series 2002-3, Class A-1, 4.229% 2037 | 8,670 | 8,406 |
American General Mortgage Loan Trust, Series 2006-1, Class A-5, 5.75% 20352 | 10,000 | 9,755 |
GMAC Mortgage Loan Trust, Series 2006-AR1, Class 2-A-1, 5.653% 20365 | 9,724 | 9,640 |
HarborView Mortgage Loan Trust, Series 2005-15, Class 2-A1A2, 6.178% 20455 | 8,125 | 8,205 |
Wells Fargo Mortgage-backed Securities Trust, Series 2003-6, Class I-A-1, 5.00% 2018 | 5,688 | 5,497 |
Wells Fargo Mortgage-backed Securities Trust, Series 2006-1, Class A-PO, principal only, 0% 2021 | 259 | 183 |
Wells Fargo Mortgage-backed Securities Trust, Series 2006-2, Class 1-A-5, principal only, 0% 2036 | 1,090 | 802 |
Wells Fargo Mortgage-backed Securities Trust, Series 2005-17, Class A-PO, principal only, 0% 2036 | 1,930 | 1,194 |
Residential Asset Mortgage Products Trust, Series 2004-RS3, Class A-I-2, 3.052% 2029 | 625 | 622 |
Residential Asset Mortgage Products Trust, Series 2003-RZ4, Class A-7, 4.79% 20335 | 7,000 | 6,705 |
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A-4-1, 5.243% 2037 | 7,000 | 6,847 |
Commercial Mortgage Trust, Series 2003-LNB1, Class A-2, 4.084% 2038 | 6,925 | 6,340 |
Salomon Brothers Commercial Mortgage Trust, Series 2000-C1, Class A-1, 7.46% 2008 | 1,221 | 1,237 |
Salomon Brothers Commercial Mortgage Trust, Series 2000-C3, Class A-1, 6.341% 20332 | 3,653 | 3,673 |
Metropolitan Asset Funding, Inc., Series 1998-A, Class B-1, 7.728% 20142 | 4,669 | 4,581 |
TBW Mortgage-backed Trust, Series 2006-1, Class D-P, principal only, 0% 2036 | 588 | 368 |
TBW Mortgage-backed Trust, Series 2006-2, Class A-P, principal only, 0% 2036 | 292 | 187 |
TBW Mortgage-backed Trust, Series 2006-1, Class A-P, principal only, 0% 2036 | 296 | 184 |
TBW Mortgage-backed Trust, Series 2006-2, Class C-P, principal only, 0% 2036 | 65 | 47 |
Structured Asset Securities Corp., Series 1998-RF2, Class A, 8.518% 20272,5 | 352 | 355 |
Structured Asset Securities Corp., Series 1998-RF1, Class A, 8.73% 20272,5 | 289 | 291 |
CS First Boston Mortgage Acceptance Corp., Series 2005-11, Class A-P, principal only, 0% 2035 | 667 | 435 |
Financial Asset Securitization, Inc., Series 1997-NAM1, Class B-1, 7.75% 2027 | 421 | 419 |
Citicorp Mortgage Securities Trust, Series 2006-1, Class A-PO2, principal only, 0% 2021 | 49 | 35 |
Citicorp Mortgage Securities Trust, Series 2006-1, Class A-PO1, principal only, 0% 2036 | 363 | 224 |
Residential Asset Securitization Trust, Series 2005-A13, Class PO, principal only, 0% 2035 | 280 | 167 |
2,037,763 | ||
TELECOMMUNICATION SERVICES — 2.96% | ||
Sprint Capital Corp. 4.78% 2006 | 7,500 | 7,498 |
Nextel Partners, Inc. 8.125% 2011 | 19,250 | 20,237 |
Nextel Communications, Inc., Series E, 6.875% 2013 | 125,730 | 127,257 |
Nextel Communications, Inc., Series D, 7.375% 2015 | 165,240 | 169,458 |
Sprint Capital Corp. 6.875% 2028 | 5,000 | 5,074 |
Qwest Capital Funding, Inc. 7.75% 2006 | 3,000 | 3,000 |
U S WEST Capital Funding, Inc. 6.375% 2008 | 7,100 | 7,082 |
Qwest Capital Funding, Inc. 7.90% 2010 | 29,635 | 30,005 |
Qwest Capital Funding, Inc. 7.25% 2011 | 34,645 | 33,952 |
Qwest Communications International Inc. 7.25% 2011 | 25,000 | 24,687 |
Qwest Corp. 8.875% 2012 | 12,400 | 13,423 |
U S WEST Capital Funding, Inc. 6.50% 2018 | 2,000 | 1,785 |
Qwest Capital Funding, Inc. 7.625% 2021 | 8,900 | 8,544 |
U S WEST Capital Funding, Inc. 6.875% 2028 | 37,925 | 33,469 |
Qwest Capital Funding, Inc. 7.75% 2031 | 54,620 | 52,162 |
Dobson Cellular Systems, Inc. 8.375% 20112 | 29,600 | 30,784 |
American Cellular Corp., Series B, 10.00% 2011 | 71,900 | 75,675 |
Dobson Communications Corp. 9.757% 20125 | 21,000 | 21,420 |
Dobson Cellular Systems, Inc. 9.875% 2012 | 3,850 | 4,119 |
Dobson Communications Corp. 8.875% 2013 | 62,250 | 61,939 |
American Tower Corp. 7.25% 2011 | 52,175 | 53,871 |
American Tower Corp. 7.125% 2012 | 59,975 | 60,575 |
American Tower Corp. 7.50% 2012 | 43,300 | 44,382 |
Triton PCS, Inc. 8.75% 2011 | 25,200 | 18,585 |
Triton PCS, Inc. 9.375% 2011 | 39,845 | 29,386 |
Triton PCS, Inc. 8.50% 2013 | 94,050 | 88,172 |
MetroPCS, Inc., Loan 12.00% 20075,9 | 77,765 | 81,653 |
MetroPCS, Inc., Loan 9.25% 20115,9 | 48,375 | 49,584 |
Centennial Cellular Corp. 10.75% 2008 | 3,858 | 3,945 |
Centennial Communications Corp. and Centennial Cellular Operating Co. LLC 10.125% 2013 | 16,000 | 16,960 |
Centennial Communications Corp. 11.258% 20135 | 44,800 | 46,368 |
Centennial Communications Corp., Centennial Cellular Operating Co. LLC and | ||
Centennial Puerto Rico Operations Corp. 8.125% 20145 | 44,500 | 43,499 |
SBC Communications Inc. 4.125% 2009 | 17,465 | 16,747 |
SBC Communications Inc. 6.25% 2011 | 5,500 | 5,614 |
AT&T Corp. 7.30% 20115 | 14,789 | 15,845 |
SBC Communications Inc. 5.10% 2014 | 38,500 | 36,193 |
SBC Communications Inc. 5.625% 2016 | 10,000 | 9,591 |
SBC Communications Inc. 6.15% 2034 | 3,500 | 3,264 |
AT&T Inc. 6.80% 2036 | 11,235 | 11,341 |
Intelsat (Bermuda), Ltd. 10.484% 20125 | 20,575 | 20,986 |
Intelsat (Bermuda), Ltd. 8.25% 2013 | 39,135 | 38,450 |
Intelsat (Bermuda), Ltd. 8.625% 2015 | 6,560 | 6,527 |
Intelsat PanAmSat Opco 9.00% 20162 | 10,000 | 10,262 |
Intelsat (Bermuda), Ltd. 9.25% 20162 | 21,500 | 22,091 |
Intelsat (Bermuda), Ltd. 11.25% 20162 | 6,800 | 6,902 |
Windstream Corp. 8.125% 20132 | 6,000 | 6,270 |
Valor Telecommunications Enterprises, LLC and Valor Telecommunications Enterprises Finance Corp. 7.75% 2015 | 10,000 | 10,500 |
Windstream Corp. 8.625% 20162 | 59,950 | 62,648 |
AT&T Wireless Services, Inc. 7.50% 2007 | 34,250 | 34,723 |
AT&T Wireless Services, Inc. 8.125% 2012 | 34,935 | 38,757 |
Telecom Italia Capital SA, Series A, 4.00% 2008 | 3,000 | 2,893 |
Telecom Italia Capital SA 6.20% 2011 | 3,000 | 3,025 |
Telecom Italia Capital SA, Series B, 5.25% 2013 | 10,300 | 9,667 |
Telecom Italia Capital SA 5.25% 2015 | 20,100 | 18,509 |
Telecom Italia Capital SA 7.20% 2036 | 10,500 | 10,741 |
Hawaiian Telcom Communications, Inc. 9.75% 2013 | 16,945 | 17,369 |
Hawaiian Telcom Communications, Inc. 10.789% 20135 | 15,920 | 16,199 |
Hawaiian Telcom Communications, Inc., Series B, 12.50% 2015 | 7,075 | 7,499 |
Deutsche Telekom International Finance BV 8.00% 20105 | 7,150 | 7,723 |
Deutsche Telekom International Finance BV 5.75% 2016 | 25,000 | 23,922 |
Deutsche Telekom International Finance BV 8.25% 20305 | 7,000 | 8,212 |
France Télécom 7.75% 20115 | 32,950 | 35,730 |
Rogers Wireless Inc. 7.25% 2012 | 11,825 | 12,032 |
Rogers Wireless Inc. 7.50% 2015 | 16,750 | 17,252 |
Cincinnati Bell Inc. 7.25% 2013 | 26,275 | 26,144 |
Koninklijke KPN NV 8.00% 2010 | 22,150 | 23,655 |
Koninklijke KPN NV 8.375% 2030 | 2,000 | 2,181 |
Telefónica Emisiones, SAU 6.421% 2016 | 5,000 | 5,071 |
Telefónica Emisiones, SAU 7.045% 2036 | 14,500 | 14,941 |
TELUS Corp. 7.50% 2007 | 19,000 | 19,292 |
Singapore Telecommunications Ltd. 6.375% 20112 | 12,000 | 12,346 |
Singapore Telecommunications Ltd. 6.375% 2011 | 4,825 | 4,964 |
Hughes Network Systems, LLC and HNS Finance Corp. 9.50% 20142 | 15,750 | 15,750 |
Verizon Global Funding Corp. 6.125% 2007 | 7,000 | 7,035 |
Verizon New York Inc., Series A, 6.875% 2012 | 6,500 | 6,671 |
Rural Cellular Corp. 8.25% 20122 | 4,000 | 4,150 |
Rural Cellular Corp. 10.899% 20125 | 8,750 | 9,100 |
Verizon Wireless Capital LLC and Cellco Partnership 5.375% 2006 | 11,000 | 10,999 |
BellSouth Corp. 6.55% 2034 | 10,000 | 9,682 |
PCCW-HKT Capital Ltd. 8.00% 20112,5 | 5,000 | 5,415 |
PCCW-HKT Capital No. 3 Ltd. 5.25% 20152 | 4,300 | 3,923 |
British Telecommunications PLC 8.375% 20105 | 2,000 | 2,216 |
British Telecommunications PLC 8.875% 2030 | 4,600 | 5,815 |
ALLTEL Corp. 4.656% 2007 | 6,435 | 6,411 |
NTELOS Inc., Series B, Loan 7.65% 20115,9 | 5,985 | 5,985 |
Nordic Telephone Co. Holding ApS 8.875% 20162 | 4,000 | 4,140 |
Millicom International Cellular SA 10.00% 2013 | 3,500 | 3,762 |
2,025,682 | ||
ENERGY — 1.43% | ||
Premcor Refining Group Inc. 9.25% 2010 | 13,875 | 14,750 |
Premcor Refining Group Inc. 6.125% 2011 | 37,500 | 37,864 |
Premcor Refining Group Inc. 6.75% 2011 | 15,650 | 16,178 |
Premcor Refining Group Inc. 9.50% 2013 | 57,215 | 62,346 |
Premcor Refining Group Inc. 6.75% 2014 | 46,000 | 47,084 |
Premcor Refining Group Inc. 7.50% 2015 | 22,000 | 22,885 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 20092,9 | 35,568 | 34,257 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 20099 | 684 | 659 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20142,9 | 13,329 | 14,766 |
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 20149 | 4,325 | 4,791 |
Ras Laffan Liquefied Natural Gas II 5.298% 20202,9 | 49,350 | 46,702 |
Ras Laffan Liquefied Natural Gas III 5.838% 20272,9 | 61,650 | 58,432 |
Williams Companies, Inc. and Credit Linked Certificate Trust 6.75% 20092 | 8,000 | 8,020 |
Williams Companies, Inc. 6.375% 20102 | 4,700 | 4,624 |
Williams Companies, Inc. 7.508% 20102,5 | 8,000 | 8,160 |
Northwest Pipeline Corp. 8.125% 2010 | 5,000 | 5,200 |
Transcontinental Gas Pipe Line Corp., Series B, 7.00% 2011 | 10,000 | 10,225 |
Williams Companies, Inc. 7.125% 2011 | 38,750 | 39,234 |
Williams Companies, Inc. 8.125% 2012 | 14,810 | 15,588 |
Williams Companies, Inc. 7.875% 2021 | 10,000 | 10,200 |
Williams Companies, Inc. 8.75% 2032 | 7,000 | 7,595 |
El Paso Corp. 7.625% 2007 | 5,000 | 5,081 |
El Paso Corp. 6.375% 20092 | 800 | 792 |
El Paso Energy Corp. 7.75% 20102 | 2,500 | 2,563 |
El Paso Corp. 7.00% 2011 | 7,800 | 7,771 |
El Paso Energy Corp. 7.375% 2012 | 525 | 526 |
El Paso Corp. 7.875% 2012 | 2,000 | 2,055 |
El Paso Natural Gas Co. 7.50% 2026 | 900 | 897 |
Tennessee Gas Pipeline Co. 7.00% 2028 | 71,500 | 67,789 |
Southern Natural Gas Co. 7.35% 2031 | 5,300 | 5,220 |
Southern Natural Gas Co. 8.00% 2032 | 3,975 | 4,182 |
Newfield Exploration Co., Series B, 7.45% 2007 | 6,000 | 6,083 |
Newfield Exploration Co. 7.625% 2011 | 1,500 | 1,545 |
Newfield Exploration Co. 6.625% 2014 | 32,075 | 31,233 |
Newfield Exploration Co. 6.625% 2016 | 44,400 | 43,068 |
Energy Transfer Partners, LP 5.65% 2012 | 19,125 | 18,675 |
Energy Transfer Partners, LP 5.95% 2015 | 43,635 | 42,740 |
Pogo Producing Co. 7.875% 20132 | 18,500 | 18,916 |
Pogo Producing Co. 6.625% 2015 | 2,400 | 2,280 |
Pogo Producing Co. 6.875% 2017 | 33,650 | 32,010 |
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 20142,9 | 28,500 | 28,108 |
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 20149 | 9,000 | 8,876 |
Drummond Co., Inc. 7.375% 20162 | 37,705 | 35,537 |
Devon Financing Corp., ULC 6.875% 2011 | 29,500 | 31,023 |
Qatar Petroleum 5.579% 20112 | 20,000 | 20,016 |
Overseas Shipholding Group, Inc. 8.25% 2013 | 16,110 | 16,754 |
Enterprise Products Operating LP, Series B, 5.00% 2015 | 7,000 | 6,428 |
Enterprise Products Operating LP 8.375% 20665 | 7,500 | 7,684 |
XTO Energy Inc. 5.65% 2016 | 10,000 | 9,678 |
Sunoco, Inc. 4.875% 2014 | 10,060 | 9,344 |
Petroleum Export Ltd., Class A-2, XLCA insured, 4.633% 20102,9 | 7,556 | 7,426 |
Massey Energy Co.6.875% 2013 | 7,500 | 6,956 |
Pemex Project Funding Master Trust 7.875% 2009 | 1,600 | 1,668 |
Pemex Project Funding Master Trust 7.375% 2014 | 3,500 | 3,745 |
Pemex Project Funding Master Trust 8.625% 2022 | 500 | 584 |
OXYMAR 7.50% 20162,9 | 5,500 | 5,802 |
PETRONAS Capital Ltd. 7.00% 20122 | 4,000 | 4,248 |
Reliance Industries Ltd., Series B, 10.25% 2097 | 3,125 | 4,213 |
Peabody Energy Corp., Series B, 6.875% 2013 | 4,300 | 4,203 |
Delek & Avner-Yam Tethys Ltd. 5.326% 20132,9 | 4,302 | 4,180 |
TNK-BP Finance SA 7.50% 20162 | 1,500 | 1,519 |
980,978 | ||
INDUSTRIALS — 1.25% | ||
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.487% 20129 | 11,700 | 12,075 |
Continental Airlines, Inc., Series 2001-1, Class B, 7.373% 20179 | 6,829 | 6,594 |
Continental Airlines, Inc., Series 1998-1, Class A, 6.648% 20199 | 26,757 | 26,852 |
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 20199 | 5,753 | 5,830 |
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 20209 | 17,182 | 17,187 |
Continental Airlines, Inc., Series 1999-1, Class B, 6.795% 20209 | 975 | 927 |
Continental Airlines, Inc., Series 2003-ERJ1, Class A, 7.875% 20209 | 25,029 | 24,544 |
Continental Airlines, Inc., Series 1999-2, Class A-1, 7.256% 20219 | 822 | 852 |
Continental Airlines, Inc., Series 1999-2, Class B, 7.566% 20219 | 2,687 | 2,638 |
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 20229 | 16,946 | 17,031 |
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 20229 | 687 | 725 |
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 20229 | 5,222 | 5,513 |
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 20229 | 5,917 | 5,823 |
Delta Air Lines, Inc. 8.00% 20072,7 | 24,410 | 6,347 |
Delta Air Lines, Inc., Series 2001-1, Class A-2, 7.111% 20139 | 5,000 | 5,003 |
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 20149 | 46,035 | 46,973 |
Delta Air Lines, Inc., Series 1992-A2, 9.20% 20147,9 | 5,000 | 4,053 |
Delta Air Lines, Inc. 10.375% 20227 | 3,000 | 795 |
Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 20249 | 23,219 | 23,836 |
United Air Lines, Inc., Series 2001-1, Class A-2, 6.201% 20109 | 4,149 | 4,120 |
United Air Lines, Inc., Series 2000-2, Class B, 7.811% 20119 | 5,302 | 5,569 |
United Air Lines, Inc., Series B, Loan 8.986% 20125,9 | 53,800 | 54,473 |
United Air Lines, Inc., Series 2001-1, Class A-1, 6.071% 20149 | 10,128 | 10,147 |
United Air Lines, Inc., Series 2001-1, Class A-3, 6.602% 20159 | 6,411 | 6,424 |
United Air Lines, Inc., Series 1996-A2, 7.87% 20197,9 | 4,492 | 2,842 |
American Airlines, Inc., Series 2003-1, Class G, AMBAC insured, 3.857% 20129 | 1,838 | 1,733 |
American Airlines, Inc., Series 2001-1, Class A-2, 6.817% 20129 | 17,745 | 17,401 |
American Airlines, Inc., Series 2001-2, Class A-1, 6.978% 20129 | 3,784 | 3,872 |
AMR Corp. 9.00% 2012 | 9,000 | 8,955 |
American Airlines, Inc., Series 2001-2, Class A-2, 7.858% 20139 | 17,838 | 18,741 |
American Airlines, Inc., Series 2001-1, Class B, 7.377% 20199 | 18,180 | 16,374 |
Allied Waste North America, Inc. 8.50% 2008 | 8,300 | 8,653 |
Allied Waste North America, Inc., Series B, 6.50% 2010 | 16,000 | 15,700 |
Allied Waste North America, Inc., Series B, 5.75% 2011 | 10,000 | 9,500 |
Allied Waste North America, Inc., Series B, 6.125% 2014 | 11,375 | 10,451 |
Allied Waste North America, Inc., Series B, 7.375% 2014 | 4,500 | 4,309 |
Allied Waste North America, Inc. 7.25% 2015 | 8,500 | 8,245 |
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class B, 7.156% 20112,9 | 36,345 | 37,450 |
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class G, MBIA insured, 6.664% 20132,9 | 12,194 | 12,664 |
Hutchison Whampoa International Ltd. 7.00% 20112 | 5,000 | 5,241 |
Hutchison Whampoa International Ltd. 6.50% 20132 | 31,000 | 31,845 |
NTK Holdings Inc. 0%/10.75% 20148 | 12,500 | 8,812 |
THL Buildco, Inc. 8.50% 2014 | 24,825 | 23,335 |
Waste Management, Inc. 7.00% 2006 | 7,000 | 7,018 |
Waste Management, Inc. 6.50% 2008 | 5,000 | 5,091 |
Waste Management, Inc. 5.00% 2014 | 7,000 | 6,618 |
WMX Technologies, Inc. 7.10% 2026 | 10,125 | 10,794 |
American Standard Inc. 7.375% 2008 | 5,935 | 6,056 |
American Standard Inc. 8.25% 2009 | 2,124 | 2,251 |
American Standard Inc. 7.625% 2010 | 19,501 | 20,487 |
Qantas Airways Ltd. 6.05% 20162 | 25,000 | 24,522 |
General Electric Capital Corp., Series A, 5.375% 2007 | 8,000 | 7,998 |
General Electric Capital Corp., Series A, 6.00% 2012 | 8,000 | 8,186 |
General Electric Co. 5.00% 2013 | 5,000 | 4,846 |
Tyco International Group SA 6.125% 2008 | 8,000 | 8,077 |
Tyco International Group SA 6.375% 2011 | 6,800 | 7,021 |
Tyco International Group SA 6.00% 2013 | 5,100 | 5,137 |
Bombardier Inc. 6.30% 20142 | 21,700 | 19,096 |
Horizon Lines, LLC and Horizon Lines Holding Corp. 9.00% 2012 | 11,100 | 11,350 |
H-Lines Finance Holding Corp. 0%/11.00% 20138 | 8,448 | 7,371 |
Northwest Airlines, Inc. 9.875% 20077 | 8,400 | 4,347 |
Northwest Airlines, Inc. 7.875% 20087 | 4,000 | 2,030 |
Northwest Airlines, Inc. 10.00% 20097 | 10,000 | 5,025 |
Northwest Airlines, Inc., Series 2001-1, Class A-1, 7.041% 20239 | 3,742 | 3,735 |
DynCorp International and DIV Capital Corp., Series A, 9.50% 2013 | 13,952 | 14,510 |
Jacuzzi Brands, Inc. 9.625% 2010 | 13,441 | 14,281 |
Southwest Airlines Co. 5.25% 2014 | 15,000 | 14,231 |
John Deere Capital Corp., Series D, 4.375% 2008 | 9,000 | 8,849 |
John Deere Capital Corp. 4.875% 2009 | 4,000 | 3,947 |
DRS Technologies, Inc. 6.625% 2016 | 10,000 | 9,675 |
Accuride Corp. 8.50% 2015 | 10,200 | 9,537 |
RBS Global, Inc. and Rexnord Corp. 9.50% 20142 | 2,100 | 2,110 |
RBS Global, Inc. and Rexnord Corp. 11.75% 20162 | 7,050 | 7,244 |
Goodman Global Holdings, Inc., Series B, 7.875% 2012 | 10,000 | 9,325 |
CCMG Acquisition Corp. 8.875% 20142 | 4,000 | 4,190 |
CCMG Acquisition Corp. 10.50% 20162 | 4,500 | 4,916 |
Caterpillar Financial Services Corp., Series F, 3.10% 2007 | 5,000 | 4,906 |
Caterpillar Financial Services Corp. 2.70% 2008 | 3,000 | 2,848 |
Caterpillar Financial Services Corp., Series F, 5.57% 20085 | 400 | 401 |
Quebecor World Inc. 8.75% 20162 | 7,625 | 7,034 |
Terex Corp., Class B, 10.375% 2011 | 1,333 | 1,402 |
Terex Corp. 7.375% 2014 | 3,500 | 3,491 |
BNSF Funding Trust I 6.613% 20555 | 5,000 | 4,776 |
Ashtead Group PLC 8.625% 20152 | 3,500 | 3,474 |
H&E Equipment Services, Inc. 8.375% 20162 | 2,550 | 2,588 |
Mobile Storage Group, Inc. 9.75% 20142 | 1,650 | 1,679 |
United Rentals (North America), Inc. 7.75% 2013 | 1,750 | 1,676 |
Standard Aero Holdings, Inc. 8.25% 2014 | 1,050 | 1,016 |
Williams Scotsman, Inc. 8.50% 2015 | 500 | 504 |
Jet Equipment Trust, Series 1995-A, Class B, 8.64% 20152,7,9 | 7,790 | — |
Jet Equipment Trust, Series 1995-B, Class C, 9.71% 20152,7,9 | 5,500 | — |
856,120 | ||
UTILITIES — 1.07% | ||
AES Corp. 9.50% 2009 | 39,815 | 42,204 |
AES Corp. 9.375% 2010 | 13,252 | 14,196 |
AES Corp. 8.75% 20132 | 68,100 | 73,208 |
AES Red Oak, LLC, Series A, 8.54% 20199 | 33,636 | 35,655 |
AES Red Oak, LLC, Series B, 9.20% 20299 | 7,000 | 7,630 |
Mission Energy Holding Co. 13.50% 2008 | 22,230 | 24,953 |
Edison Mission Energy 7.73% 2009 | 16,720 | 17,054 |
Edison Mission Energy 7.50% 20132 | 18,400 | 18,262 |
Edison Mission Energy 7.75% 20162 | 29,325 | 29,105 |
Midwest Generation, LLC, Series B, 8.56% 20169 | 9,183 | 9,659 |
Homer City Funding LLC 8.734% 20269 | 9,834 | 11,063 |
Midwest Generation, LLC and Midwest Finance Corp. 8.75% 2034 | 24,675 | 26,371 |
NRG Energy, Inc. 7.25% 2014 | 24,525 | 24,065 |
NRG Energy, Inc. 7.375% 2016 | 76,625 | 75,093 |
Nevada Power Co., General and Refunding Mortgage Bonds, Series A, 8.25% 2011 | 6,000 | 6,523 |
Nevada Power Co., General and Refunding Mortgage Notes, Series I, 6.50% 2012 | 4,250 | 4,299 |
Nevada Power Co., General and Refunding Mortgage Notes, Series G, 9.00% 2013 | 19,595 | 21,367 |
Sierra Pacific Resources 8.625% 2014 | 2,725 | 2,899 |
Nevada Power Co., General and Refunding Mortgage Notes, Series L, 5.875% 2015 | 5,675 | 5,497 |
Nevada Power Co., Series M, 5.95% 20162 | 13,700 | 13,255 |
Sierra Pacific Resources 6.75% 2017 | 3,000 | 2,872 |
Israel Electric Corp. Ltd. 7.95% 20112 | 5,000 | 5,395 |
Israel Electric Corp. Ltd. 7.70% 20182 | 22,500 | 24,302 |
Israel Electric Corp. Ltd. 8.10% 20962 | 9,155 | 9,749 |
Virginia Electric and Power Co., Series 2002-A, 5.375% 2007 | 8,000 | 7,990 |
Dominion Resources, Inc., Series 2002-D, 5.125% 2009 | 22,500 | 22,135 |
Dominion Resources, Inc., Series 2000-A, 8.125% 2010 | 5,000 | 5,402 |
PSEG Energy Holdings Inc. 8.625% 2008 | 8,800 | 9,097 |
PSEG Power LLC 7.75% 2011 | 7,500 | 8,077 |
PSEG Power LLC 5.00% 2014 | 10,000 | 9,355 |
Cilcorp Inc. 8.70% 2009 | 9,000 | 9,751 |
Union Electric Co. 5.40% 2016 | 8,000 | 7,704 |
Cilcorp Inc. 9.375% 2029 | 3,000 | 3,850 |
Alabama Power Co., Series X, 3.125% 2008 | 3,750 | 3,607 |
Alabama Power Co., Series R, 4.70% 2010 | 1,250 | 1,212 |
Southern Power Co., Series B, 6.25% 2012 | 9,000 | 9,149 |
Alabama Power Co., Series Q, 5.50% 2017 | 5,000 | 4,868 |
Constellation Energy Group, Inc. 6.125% 2009 | 12,000 | 12,148 |
Constellation Energy Group, Inc. 7.00% 2012 | 5,000 | 5,253 |
Exelon Corp. 6.75% 2011 | 1,000 | 1,040 |
Exelon Generation Co., LLC 6.95% 2011 | 11,300 | 11,852 |
Commonwealth Edison Co., First Mortgage Bonds, Series 103, 5.90% 2036 | 3,850 | 3,608 |
NiSource Finance Corp. 7.875% 2010 | 15,000 | 16,104 |
Appalachian Power Co., Series G, 3.60% 2008 | 6,770 | 6,547 |
Appalachian Power Co., Series M, 5.55% 2011 | 3,000 | 2,978 |
Ohio Power Co., Series K, 6.00% 2016 | 5,000 | 5,009 |
MidAmerican Energy Co. 4.65% 2014 | 3,200 | 2,970 |
MidAmerican Energy Holdings Co. 6.125% 20362 | 11,650 | 11,248 |
Duke Capital Corp. 6.25% 2013 | 4,500 | 4,535 |
Duke Capital Corp. 5.50% 2014 | 5,000 | 4,813 |
Duke Capital LLC 5.668% 2014 | 1,500 | 1,450 |
Mirant Americas Generation, Inc. 8.30% 2011 | 9,000 | 8,820 |
Oncor Electric Delivery Co. 6.375% 2015 | 5,000 | 5,068 |
National Grid PLC 6.30% 2016 | 5,000 | 5,043 |
Pacific Gas and Electric Co., First Mortgage Bonds, 6.05% 2034 | 4,000 | 3,872 |
Centerpoint Energy, Inc., Series B, 6.85% 2015 | 3,000 | 3,109 |
Enersis SA 7.375% 2014 | 3,000 | 3,096 |
Tri-State Generation and Transmission Assn. Inc., Pass Through Trust, Series 2003-A, 6.04% 20182,9 | 2,965 | 2,941 |
FPL Energy National Wind Portfolio, LLC 6.125% 20192,9 | 2,072 | 2,031 |
730,408 | ||
MATERIALS — 1.04% | ||
Abitibi-Consolidated Co. of Canada 5.25% 2008 | 25,650 | 24,368 |
Abitibi-Consolidated Finance LP 7.875% 2009 | 6,136 | 5,952 |
Abitibi-Consolidated Inc. 8.55% 2010 | 10,193 | 9,874 |
Abitibi-Consolidated Co. of Canada 8.829% 20115 | 11,850 | 11,583 |
Abitibi-Consolidated Co. of Canada 6.00% 2013 | 10,200 | 8,415 |
Abitibi-Consolidated Co. of Canada 8.375% 2015 | 22,145 | 20,346 |
Owens-Illinois, Inc. 8.10% 2007 | 750 | 761 |
Owens-Illinois, Inc. 7.35% 2008 | 9,800 | 9,898 |
Owens-Brockway Glass Container Inc. 8.875% 2009 | 18,436 | 19,104 |
Owens-Illinois, Inc. 7.50% 2010 | 750 | 743 |
Owens-Brockway Glass Container Inc. 7.75% 2011 | 13,500 | 13,838 |
Owens-Brockway Glass Container Inc. 8.75% 2012 | 6,000 | 6,360 |
Owens-Brockway Glass Container Inc. 8.25% 2013 | 14,000 | 14,245 |
Georgia-Pacific Corp., Loan 7.449% 20125,9 | 10,423 | 10,416 |
Georgia-Pacific Corp., Loan 8.30% 20135,9 | 51,675 | 52,192 |
Norske Skogindustrier ASA 7.625% 20112 | 38,991 | 39,754 |
Norske Skogindustrier ASA 6.125% 20152 | 11,250 | 10,189 |
Domtar Inc. 7.875% 2011 | 15,000 | 14,400 |
Domtar Inc. 7.125% 2015 | 35,750 | 31,639 |
Boise Cascade, LLC and Boise Cascade Finance Corp. 7.125% 2014 | 43,680 | 38,766 |
Graphic Packaging International, Inc. 8.50% 2011 | 23,750 | 23,988 |
Graphic Packaging International, Inc. 9.50% 2013 | 13,550 | 13,618 |
Lyondell Chemical Co. 9.50% 2008 | 18,314 | 18,909 |
Equistar Chemicals, LP 10.125% 2008 | 12,825 | 13,562 |
Equistar Chemicals, LP and Equistar Funding Corp. 8.75% 2009 | 625 | 645 |
JSG Funding PLC 9.625% 2012 | 8,200 | 8,528 |
JSG Funding PLC 7.75% 2015 | 22,350 | 20,506 |
Stone Container Corp. 9.75% 2011 | 752 | 773 |
Jefferson Smurfit Corp. (U.S.) 8.25% 2012 | 3,200 | 3,040 |
Stone Container Corp. 8.375% 2012 | 8,475 | 8,104 |
Jefferson Smurfit Corp. (U.S.) 7.50% 2013 | 14,975 | 13,627 |
United States Steel Corp. 10.75% 2008 | 10,500 | 11,393 |
United States Steel Corp. 9.75% 2010 | 13,205 | 14,129 |
Stora Enso Oyj 6.404% 20162 | 14,500 | 14,405 |
Stora Enso Oyj 7.25% 20362 | 10,000 | 10,029 |
Weyerhaeuser Co. 5.95% 2008 | 5,331 | 5,362 |
Weyerhaeuser Co. 6.75% 2012 | 3,390 | 3,500 |
Weyerhaeuser Co. 7.375% 2032 | 10,000 | 10,383 |
International Paper Co. 4.00% 2010 | 2,725 | 2,581 |
International Paper Co. 6.75% 2011 | 7,500 | 7,858 |
International Paper Co. 5.85% 2012 | 6,855 | 6,872 |
Crystal US Holdings 3 LLC and Crystal US Sub 3 Corp., Series B, 0%/10.50% 20148 | 13,000 | 10,205 |
BCP Caylux Holdings Luxembourg SCA 9.625% 2014 | 4,550 | 4,908 |
Cytec Industries Inc. 6.00% 2015 | 13,230 | 12,764 |
Rhodia 10.25% 2010 | 11,668 | 12,689 |
UPM-Kymmene Corp. 5.625% 20142 | 12,400 | 11,852 |
Allegheny Technologies, Inc. 8.375% 2011 | 10,500 | 11,130 |
NewPage Corp., Series A, 11.399% 20125 | 10,000 | 10,850 |
Ainsworth Lumber Co. Ltd. 7.25% 2012 | 4,150 | 3,278 |
Ainsworth Lumber Co. Ltd. 6.75% 2014 | 10,000 | 7,400 |
Teck Cominco Ltd. 5.375% 2015 | 7,950 | 7,483 |
AEP Industries Inc. 7.875% 2013 | 7,300 | 7,337 |
Lafarge 6.15% 2011 | 3,000 | 3,022 |
Lafarge 6.50% 2016 | 3,690 | 3,713 |
AMH Holdings, Inc. 0%/11.25% 20148 | 11,500 | 6,613 |
Building Materials Corp. of America, Series B, 8.00% 2007 | 3,500 | 3,483 |
Building Materials Corp. of America 8.00% 2008 | 3,000 | 3,015 |
Nalco Co. 8.875% 2013 | 1,275 | 1,294 |
Nalco Finance Holdings LLC and Nalco Finance Holdings Inc. 0%/9.00% 20148 | 5,000 | 3,850 |
Scotia Pacific Co. LLC, Series B, Class A-2, 7.11% 20289 | 5,780 | 4,541 |
Freeport-McMoRan Copper & Gold Inc. 6.875% 2014 | 3,800 | 3,724 |
Ispat Inland ULC 9.75% 2014 | 3,207 | 3,565 |
Covalence Specialty Materials Corp. 10.25% 20162 | 2,950 | 2,884 |
Rockwood Specialties Group, Inc. 10.625% 2011 | 1,500 | 1,620 |
Rockwood Specialties Group, Inc. 7.50% 2014 | 1,175 | 1,152 |
Packaging Corp. of America 4.375% 20081 | 2,500 | 2,441 |
Earle M. Jorgensen Co. 9.75% 2012 | 2,000 | 2,140 |
Chemtura Corp. 6.875% 2016 | 2,000 | 1,940 |
Airgas, Inc. 6.25% 2014 | 1,750 | 1,638 |
AK Steel Corp. 7.75% 2012 | 1,575 | 1,559 |
Corporación Nacional del Cobre de Chile 6.375% 20122 | 1,500 | 1,544 |
Arbermarle Corp. 5.10% 2015 | 870 | 808 |
709,097 | ||
U.S. GOVERNMENT & GOVERNMENT AGENCY BONDS & NOTES — 1.03% | ||
U.S. Treasury 3.25% 2007 | 35,000 | 34,349 |
U.S. Treasury 3.875% 2007 | 50,000 | 49,399 |
U.S. Treasury 3.50% 201110 | 11,633 | 12,192 |
U.S. Treasury 3.625% 2013 | 25,000 | 23,137 |
U.S. Treasury 4.25% 2013 | 165,750 | 159,069 |
U.S. Treasury 2.00% 201410 | 5,479 | 5,330 |
U.S. Treasury 4.25% 2014 | 10,000 | 9,536 |
U.S. Treasury 8.875% 2017 | 35,000 | 46,189 |
U.S. Treasury 6.875% 2025 | 66,750 | 80,371 |
U.S. Treasury 6.50% 2026 | 31,750 | 37,009 |
U.S. Treasury 4.50% 2036 | 75,100 | 68,587 |
Freddie Mac 4.125% 2010 | 40,375 | 38,768 |
Freddie Mac 5.50% 2011 | 30,000 | 30,299 |
Fannie Mae 5.25% 2007 | 41,500 | 41,415 |
Federal Home Loan Bank 3.70% 2007 | 10,000 | 9,825 |
Federal Home Loan Bank 5.823% 2009 | 17,000 | 17,207 |
Federal Home Loan Bank 5.625% 2016 | 10,000 | 9,977 |
Federal Agricultural Mortgage Corp. 4.25% 2008 | 20,000 | 19,597 |
Federal Agricultural Mortgage Corp. 5.50% 20112 | 3,000 | 3,011 |
United States Agency for International Development, Republic of Egypt 4.45% 2015 | 10,000 | 9,353 |
704,620 | ||
INFORMATION TECHNOLOGY — 0.90% | ||
Electronic Data Systems Corp. 6.334% 2006 | 10,000 | 10,002 |
Electronic Data Systems Corp. 7.125% 2009 | 15,515 | 16,085 |
Electronic Data Systems Corp., Series B, 6.50% 20135 | 137,150 | 136,200 |
Electronic Data Systems Corp. 7.45% 2029 | 10,555 | 11,088 |
Celestica Inc. 7.875% 2011 | 63,905 | 63,586 |
Celestica Inc. 7.625% 2013 | 36,195 | 35,471 |
Sanmina-SCI Corp. 6.75% 2013 | 3,000 | 2,880 |
Sanmina-SCI Corp. 8.125% 2016 | 66,950 | 65,611 |
Jabil Circuit, Inc. 5.875% 2010 | 53,450 | 53,428 |
Flextronics International Ltd. 6.50% 2013 | 46,000 | 44,850 |
Motorola, Inc. 4.608% 2007 | 10,000 | 9,893 |
Motorola, Inc. 8.00% 2011 | 23,985 | 26,530 |
Motorola, Inc. 5.22% 2097 | 7,500 | 5,632 |
SunGard Data Systems Inc. 9.125% 2013 | 21,050 | 21,603 |
SunGard Data Systems Inc. 10.25% 2015 | 12,500 | 12,735 |
Xerox Corp. 7.125% 2010 | 21,000 | 21,420 |
Freescale Semiconductor, Inc. 6.875% 2011 | 15,000 | 15,300 |
Nortel Networks Ltd. 9.73% 20112,5 | 6,500 | 6,565 |
Nortel Networks Ltd. 10.75% 20162 | 7,700 | 7,902 |
Cisco Systems, Inc. 5.25% 2011 | 9,500 | 9,403 |
Sabre Holdings Corp. 6.35% 2016 | 9,405 | 8,997 |
Amkor Technology, Inc. 7.125% 2011 | 8,795 | 7,905 |
Serena Software, Inc. 10.375% 20162 | 7,300 | 7,318 |
Sensata Technologies BV 8.00% 20142 | 7,000 | 6,755 |
Hyundai Semiconductor America, Inc. 8.625% 20072 | 4,860 | 4,898 |
MagnaChip Semiconductor SA and MagnaChip Semiconductor Finance Co. 8.579% 20115 | 4,150 | 3,517 |
615,574 | ||
HEALTH CARE — 0.67% | ||
Columbia/HCA Healthcare Corp. 7.00% 2007 | 6,250 | 6,289 |
Columbia/HCA Healthcare Corp. 8.85% 2007 | 12,500 | 12,675 |
HCA Inc. 5.50% 2009 | 11,500 | 11,328 |
Columbia/HCA Healthcare Corp. 8.70% 2010 | 9,500 | 9,545 |
HCA — The Healthcare Co. 8.75% 2010 | 7,750 | 7,828 |
HCA — The Healthcare Co. 7.875% 2011 | 28,300 | 26,920 |
Warner Chilcott Corp. 8.75% 2015 | 69,265 | 69,092 |
Tenet Healthcare Corp. 6.375% 2011 | 17,300 | 14,921 |
Tenet Healthcare Corp. 9.875% 2014 | 39,775 | 38,184 |
Tenet Healthcare Corp. 9.25% 20152 | 15,150 | 14,014 |
HealthSouth Corp. 11.418% 20142,5 | 19,450 | 18,964 |
HealthSouth Corp. 10.75% 20162 | 40,000 | 38,400 |
AMR HoldCo, Inc. and EmCare HoldCo, Inc. 10.00% 2015 | 29,470 | 30,649 |
Humana Inc. 7.25% 2006 | 13,375 | 13,375 |
Humana Inc. 6.45% 2016 | 14,250 | 14,346 |
Team Finance LLC and Health Finance Corp. 11.25% 2013 | 21,500 | 22,360 |
Cardinal Health, Inc. 4.00% 2015 | 25,000 | 21,513 |
Wyeth 5.50% 2016 | 18,000 | 17,474 |
Triad Hospitals, Inc. 7.00% 2012 | 15,000 | 14,981 |
Health Net, Inc. 8.375% 20115 | 10,000 | 11,307 |
Concentra Operating Corp. 9.50% 2010 | 4,975 | 5,186 |
Concentra Operating Corp. 9.125% 2012 | 4,755 | 4,957 |
Select Medical Corp. 7.625% 2015 | 8,500 | 7,267 |
Select Medical Holdings Corp. 10.82% 20152,5 | 1,750 | 1,575 |
Amgen Inc. 4.00% 2009 | 9,125 | 8,745 |
Accellent Inc. 10.50% 2013 | 5,800 | 6,003 |
Aetna Inc. 7.875% 2011 | 4,500 | 4,889 |
MedCath Holdings Corp. 9.875% 2012 | 3,875 | 4,011 |
Universal Health Services, Inc. 7.125% 2016 | 1,240 | 1,272 |
458,070 | ||
ASSET-BACKED OBLIGATIONS9— 0.54% | ||
ARG Funding Corp., Series 2005-1, Class A-1, MBIA insured, 4.02% 20092 | 10,000 | 9,787 |
ARG Funding Corp., Series 2005-2, Class A-4, AMBAC insured, 4.84% 20112 | 20,000 | 19,618 |
Drive Auto Receivables Trust, Series 2005-2, Class A-3, MBIA insured, 4.26% 20122 | 8,900 | 8,720 |
Drive Auto Receivables Trust, Series 2005-3, Class A-4, FSA insured, 5.09% 20132 | 20,000 | 19,888 |
Green Tree Financial Corp., Series 1995-3, Class B-2, 8.10% 20257 | 12,867 | 3,603 |
Green Tree Financial Corp., Series 1995-2, Class B-2, 8.80% 20267 | 9,283 | 4,456 |
Green Tree Financial Corp., Series 1996-2, Class B-2, 7.90% 20277 | 8,186 | 1 |
Green Tree Financial Corp., Series 1997-6, Class B-2, 7.75% 20297 | 6,530 | 1 |
Conseco Finance Home Loan Trust, Series 1999-G, Class B-2, 10.96% 20297 | 17,523 | 16,982 |
Green Tree Financial Corp., Series 1998-4, Class B-2, 8.11% 20307 | 3,999 | — |
CWABS, Inc., Series 2004-12, Class 2-AV-2, 5.665% 20335 | 3,830 | 3,835 |
CWABS, Inc., Series 2005-11, Class AF-2, 4.657% 2036 | 11,330 | 11,148 |
CWABS, Inc., Series 2006-5, Class 2-A-1, 5.455% 20365 | 4,479 | 4,479 |
CWABS, Inc., Series 2005-12, Class 1-A-1, 5.535% 20365 | 3,773 | 3,776 |
Residential Funding Mortgage Securities II, Inc., Series 2005-HS1, Class A-1-2, FGIC insured, 4.66% 2020 | 12,500 | 12,092 |
Residential Funding Mortgage Securities II, Inc., Series 2006-HSA2, Class A-I-5, FGIC insured, 5.63% 2036 | 10,000 | 9,850 |
Prestige Auto Receivables Trust, Series 2005-1A, Class A-2, FSA insured, 4.37% 20122 | 10,000 | 9,869 |
Prestige Auto Receivables Trust, Series 2006-1A, Class A-2, FSA insured, 5.25% 20132 | 10,000 | 9,986 |
Advanta Business Card Master Trust, Series 2005-A2, Class A-2, 5.508% 20135 | 18,000 | 17,983 |
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A-3, 4.14% 2012 | 10,000 | 9,666 |
PG&E Energy Recovery Funding LLC, Series 2005-2, Class A-3, 5.12% 2014 | 8,040 | 7,911 |
Drivetime Auto Owner Trust, Series 2005-C, Class A-3, MBIA insured, 5.006% 20112 | 6,709 | 6,670 |
Drivetime Auto Owner Trust, Series 2006-A, Class A-3, XLCA insured, 5.565% 20112 | 10,000 | 10,036 |
UPFC Auto Receivables Trust, Series 2004-A, Class A-3, AMBAC insured, 3.27% 2010 | 4,001 | 3,942 |
UPFC Auto Receivables Trust, Series 2005-B, Class A-3, XLCA insured, 4.98% 2011 | 10,000 | 9,942 |
Consumer Credit Reference Index Securities Program Trust, Series 2002-2A, Class FX, 10.421% 20072 | 5,000 | 5,076 |
Consumer Credit Reference Index Securities Program Trust, Series 2002-2A, Class FL, 10.557% 20072,5 | 5,000 | 5,112 |
Home Equity Asset Trust, Series 2004-7, Class M-1, 6.005% 20355 | 10,000 | 10,102 |
Providian Master Note Trust, Series 2005-A1A, Class A, 5.429% 20122,5 | 10,000 | 10,011 |
CWHEQ Home Equity Loan Trust, Series 2006-S2, Class A-5, FGIC insured, 5.753% 2027 | 10,000 | 9,922 |
First Investors Auto Owner Trust, Series 2006-A, Class A-4, MBIA insured, 5.00% 20132 | 10,000 | 9,916 |
Triad Automobile Receivables Trust, Series 2005-A, Class A-4, AMBAC insured, 4.22% 2012 | 10,000 | 9,750 |
AmeriCredit Automobile Receivables Trust, Series 2002-C, Class A-4, FSA insured, 3.55% 2009 | 2,617 | 2,594 |
AmeriCredit Automobile Receivables Trust, Series 2003-C-F, Class A-4, FSA insured, 3.48% 2010 | 7,179 | 7,111 |
CPS Auto Receivables Trust, Series 2002-C, Class A-2, XLCA insured, 3.52% 20092 | 1,636 | 1,617 |
CPS Auto Receivables Trust, Series 2006-A, Class 1-A-4, FSA insured, 5.33% 20122 | 7,500 | 7,504 |
First USA Credit Card Master Trust, Series 1997-4, Class C, 6.369% 20102,5 | 6,500 | 6,520 |
First USA Credit Card Master Trust, Series 1998-6, Class C, 6.16% 20112 | 2,000 | 2,025 |
Bear Stearns Asset-backed Securities I Trust, Series 2005-CL1, Class A-1, 5.885% 20345 | 7,926 | 7,944 |
Vanderbilt Mortgage and Finance, Inc., Series 1999-B, Class I-A-6, 6.925% 2024 | 7,706 | 7,907 |
Residential Asset Securities Corp. Trust, Series 2001-KS3, Class A-I-6, 5.96% 2031 | 7,179 | 7,164 |
Residential Asset Securities Corp. Trust, Series 2003-KS6, Class A-2, 5.685% 20335 | 191 | 191 |
Ameriquest Mortgage Securities Inc., Series 2003-12, Class M-1, 6.135% 20345 | 7,000 | 7,079 |
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2005-2, Class A-6, AMBAC insured, 5.08% 20112 | 6,375 | 6,262 |
Structured Asset Investment Loan Trust, Series 2004-BNC2, Class A-4, 5.705% 20345 | 5,793 | 5,800 |
MBNA Master Credit Card Trust II, Series 2000-H, Class B, 5.969% 20135 | 5,000 | 5,092 |
Centex Home Equity Loan Trust, Series 2005-A, Class AF-3, 4.14% 2028 | 5,000 | 4,928 |
Specialty Underwriting and Residential Finance Trust, Series 2004-BC4, Class A-2B, 5.695% 20355 | 4,670 | 4,681 |
WFS Financial Owner Trust, Series 2002-3, Class A-4, 3.50% 2010 | 2,928 | 2,926 |
Fremont Home Loan Trust, Series 2005-E, Class 2-A-1, 5.475% 20365 | 2,724 | 2,726 |
MMCA Auto Owner Trust, Series 2002-4, Class A-4, 3.05% 2009 | 902 | 898 |
MMCA Auto Owner Trust, Series 2002-4, Class B, 3.82% 2009 | 519 | 516 |
PECO Energy Transition Trust, Series 1999-A, Class A-7, 6.13% 2009 | 1,250 | 1,262 |
Nebhelp Trust, Student Loan Interest Margin Securities, Series 1, Class A, MBIA insured, 6.68% 20162 | 966 | 966 |
Financial Pacific Funding II, LLC, Series 2003-A, Class A, FSA insured, 2.29% 20092 | 657 | 652 |
Long Beach Mortgage Loan Trust, Series 2004-A, Class M-3, 6.335% 20245 | 458 | 460 |
SeaWest Securitization, LLC, Series 2002-A, Class A-3, XLCA insured, 3.58% 20082 | 139 | 138 |
SeaWest Securitization, LLC, Series 2003-A, Class A-2, XLCA insured, 2.84% 20092 | 184 | 181 |
California Infrastructure and Economic Development Bank, Special Purpose Trust, PG&E-1, Series 1997-1, Class A-7, 6.42% 2008 | 291 | 292 |
NPF XII, Inc., Series 1999-3, Class B, 2.389% 20032,5,7 | 3,000 | 0 |
NPF XII, Inc., Series 2001-1A, Class A, 1.989% 20042,5,7 | 5,000 | 137 |
NPF XII, Inc., Series 2001-3, Class A, 5.52% 20072,7 | 1,000 | 27 |
369,730 | ||
CONSUMER STAPLES — 0.52% | ||
Rayovac Corp. 8.50% 2013 | 11,000 | 8,828 |
Spectrum Brands, Inc. 7.375% 2015 | 57,300 | 43,405 |
Rite Aid Corp. 9.50% 2011 | 4,500 | 4,725 |
Rite Aid Corp. 6.875% 2013 | 12,715 | 11,221 |
Rite Aid Corp. 9.25% 2013 | 26,800 | 26,398 |
Rite Aid Corp. 7.50% 2015 | 2,500 | 2,469 |
Delhaize America, Inc. 8.125% 2011 | 27,845 | 29,764 |
Delhaize America, Inc. 9.00% 2031 | 7,125 | 8,030 |
SUPERVALU INC. 7.50% 2012 | 25,720 | 25,569 |
Albertson’s, Inc. 7.45% 2029 | 7,650 | 6,670 |
Albertson’s, Inc. 8.00% 2031 | 5,000 | 4,572 |
Jean Coutu Group (PJC) Inc. 7.625% 2012 | 2,500 | 2,444 |
Jean Coutu Group (PJC) Inc. 8.50% 2014 | 33,500 | 31,448 |
Ahold Finance U.S.A., Inc. 6.25% 2009 | 12,015 | 11,985 |
Ahold Finance U.S.A., Inc. 8.25% 2010 | 5,130 | 5,387 |
Ahold Lease Pass Through Trust, Series 2001-A-2, 8.62% 20259 | 8,375 | 8,605 |
Stater Bros. Holdings Inc. 8.829% 20105 | 6,525 | 6,655 |
Stater Bros. Holdings Inc. 8.125% 2012 | 13,100 | 13,067 |
Tyson Foods, Inc. 6.60% 2016 | 17,600 | 17,397 |
Vitamin Shoppe Industries, Inc. 12.67% 20122,5 | 11,650 | 12,116 |
Playtex Products, Inc. 8.00% 2011 | 10,000 | 10,412 |
Diageo Finance BV 5.30% 2015 | 10,000 | 9,594 |
Cadbury Schweppes US Finance LLC 5.125% 20132 | 10,000 | 9,520 |
Dole Food Co., Inc. 7.25% 2010 | 4,975 | 4,502 |
Dole Food Co., Inc. 8.875% 2011 | 4,200 | 3,948 |
Duane Reade Inc. 9.829% 20105 | 6,000 | 5,955 |
Kellogg Co. 7.45% 2031 | 5,000 | 5,780 |
Gold Kist Inc. 10.25% 2014 | 5,306 | 5,598 |
H.J. Heinz Co. 6.428% 20202 | 5,000 | 5,087 |
Molson Coors Capital Finance ULC 4.85% 2010 | 5,000 | 4,857 |
Winn-Dixie Pass Through Trust, Series 1999-1, Class A-1, 7.803% 20172,7,9 | 5,039 | 4,085 |
Smithfield Foods, Inc. 7.625% 2008 | 1,975 | 1,995 |
Smithfield Foods, Inc., Series A, 8.00% 2009 | 875 | 897 |
Smithfield Foods, Inc., Series B, 7.75% 2013 | 925 | 927 |
CVS Corp. 5.298% 20272,9 | 2,536 | 2,367 |
Pathmark Stores, Inc. 8.75% 2012 | 1,870 | 1,758 |
358,037 | ||
NON-U.S. GOVERNMENT BONDS & NOTES — 0.20% | ||
Russian Federation 8.25% 2010 | 22,445 | 23,457 |
Russian Federation 8.25% 20102 | 8,889 | 9,290 |
Russian Federation 5.00%/7.50% 20308 | 24,770 | 27,014 |
United Mexican States Government Eurobonds, Global 8.375% 2011 | 3,000 | 3,326 |
United Mexican States Government Eurobonds, Global 7.50% 2012 | 5,470 | 5,913 |
United Mexican States Government Global 6.375% 2013 | 1,475 | 1,520 |
United Mexican States Government Global 11.375% 2016 | 20,184 | 28,308 |
United Mexican States Government Global 5.625% 2017 | 4,000 | 3,850 |
United Mexican States Government Global 8.125% 2019 | 2,061 | 2,408 |
United Mexican States Government Global 8.30% 2031 | 1,965 | 2,368 |
United Mexican States Government Global 7.50% 2033 | 2,833 | 3,155 |
State of Qatar 9.75% 2030 | 9,000 | 12,758 |
El Salvador (Republic of) 7.75% 2023 | 3,000 | 3,247 |
El Salvador (Republic of) 7.75% 20232 | 1,250 | 1,353 |
El Salvador (Republic of) 7.65% 20352 | 750 | 761 |
Banque Centrale de Tunisie 7.375% 2012 | 3,500 | 3,710 |
Bulgaria (Republic of) 8.25% 2015 | 3,000 | 3,454 |
Aries Vermögensverwaltungs GmbH, Series C, 9.60% 2014 | 2,500 | 3,156 |
139,048 | ||
MUNICIPALS — 0.06% | ||
State of California, Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2003-A-1, 6.25% 2033 | 19,750 | 21,599 |
State of Wisconsin, Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 8,700 | 9,250 |
State of Washington, Tobacco Settlement Authority, Asset-backed Bonds, Series 2002, 6.50% 2026 | 3,840 | 4,187 |
State of Louisiana, Tobacco Settlement Financing Corp., Tobacco Settlement Asset-backed Bonds, Series 2001-A, Class A, 6.36% 2025 | 4,168 | 4,156 |
State of South Dakota, Educational Enhancement Funding Corp., Tobacco Settlement Asset-backed Bonds, Series 2002-A, Class A, 6.72% 2025 | 4,231 | 4,156 |
43,348 | ||
Total bonds & notes (cost: $15,115,931,000) | 14,987,456 | |
Principal amount | Market value | |
Short-term securities — 7.01% | (000) | (000) |
Federal Home Loan Bank 4.935%-5.285% due 8/4-10/4/2006 | $467,132 | $ 464,212 |
Bank of America Corp. 5.15%-5.36% due 8/25-9/28/2006 | 350,000 | 347,971 |
Wells Fargo Bank, N.A. 5.25%-5.40% due 8/21-9/19/2006 | 300,000 | 299,996 |
AIG Funding, Inc. 5.03%-5.225% due 8/3-9/8/2006 | 100,000 | 99,703 |
American General Finance Corp. 5.30%-5.31% due 9/7-9/20/2006 | 100,000 | 99,358 |
International Lease Finance Corp. 5.08%-5.30% due 8/1-9/12/2006 | 100,000 | 99,598 |
Preferred Receivables Funding Corp. 5.23%-5.34% due 8/4-9/8/20062 | 200,000 | 199,349 |
Park Avenue Receivables Co., LLC 5.29%-5.34% due 8/10-9/20/20062 | 75,000 | 74,585 |
Freddie Mac 4.96%-5.255% due 8/15-10/24/2006 | 272,900 | 271,307 |
Wal-Mart Stores Inc. 5.23%-5.26% due 8/22-9/12/20062 | 250,000 | 248,710 |
CAFCO, LLC 5.11%-5.39% due 8/2-10/11/20062 | 250,000 | 247,788 |
Variable Funding Capital Corp. 5.26%-5.35% due 8/7-9/25/20062 | 190,200 | 189,148 |
Variable Funding Capital Corp. 5.33% due 9/22/20062,11 | 45,000 | 44,658 |
Clipper Receivables Co., LLC 5.24%-5.38% due 8/7-10/23/20062 | 225,000 | 223,302 |
Fannie Mae 5.07%-5.28% due 8/28-10/18/2006 | 155,300 | 154,231 |
Tennessee Valley Authority 5.15%-5.185% due 8/17-9/14/2006 | 137,200 | 136,342 |
FCAR Owner Trust I 5.10%-5.30% due 8/3-8/23/2006 | 132,800 | 132,471 |
Three Pillars Funding, LLC 5.28%-5.39% due 8/1-10/20/20062 | 127,087 | 126,432 |
HSBC Finance Corp. 5.08%-5.32% due 8/30-10/5/2006 | 125,000 | 124,172 |
Gannett Co. 5.20%-5.24% due 8/23-8/28/20062 | 117,000 | 116,566 |
Atlantic Industries 5.05% due 8/1/20062 | 67,500 | 67,490 |
Coca-Cola Co. 5.29% due 9/18/2006 | 40,500 | 40,209 |
International Bank for Reconstruction and Development 5.19% due 9/15/2006 | 57,500 | 57,110 |
International Bank for Reconstruction and Development 5.19% due 9/21/200611 | 50,000 | 49,614 |
UnionBanCal Commercial Funding Corp. 5.01%-5.35% due 8/1-9/5/2006 | 100,000 | 99,993 |
General Electric Capital Services, Inc. 5.15% due 8/17/2006 | 50,000 | 49,882 |
Edison Asset Securitization LLC 5.30%-5.31% due 8/29/20062 | 50,000 | 49,788 |
IBM Capital Inc. 5.14%-5.15% due 9/8-9/11/20062 | 86,100 | 85,616 |
Hershey Co. 5.23%-5.24% due 9/11-9/22/20062 | 75,700 | 75,193 |
NetJets Inc. 5.24%-5.26% due 9/18-9/19/20062 | 75,000 | 74,456 |
E.I. duPont de Nemours and Co. 5.25% due 9/21/20062,11 | 50,000 | 49,621 |
E.I. duPont de Nemours and Co. 5.26% due 9/18/20062 | 20,000 | 19,857 |
Federal Farm Credit Banks 4.98%-5.06% due 8/14-9/1/2006 | 55,000 | 54,816 |
Triple-A One Funding Corp. 5.28% due 8/11/20062 | 50,691 | 50,609 |
3M Co. 5.16% due 8/22/2006 | 50,000 | 49,840 |
General Dynamics Corp. 5.10% due 8/8-8/9/20062 | 49,300 | 49,241 |
Scripps (E.W.) Co. 5.23%-5.30% due 8/10-9/19/20062 | 45,000 | 44,817 |
American Express Credit Corp. 5.14% due 8/21/2006 | 40,000 | 39,878 |
Harvard University 5.08% due 8/14/2006 | 30,000 | 29,937 |
Abbott Laboratories 5.22% due 8/1/20062 | 25,000 | 24,996 |
Becton, Dickinson and Co. 5.21% due 8/2/2006 | 24,115 | 24,108 |
USAA Capital Corp. 4.98% due 8/15/2006 | 7,800 | 7,783 |
Medtronic Inc. 5.18% due 8/14/20062 | 5,900 | 5,888 |
Total short-term securities (cost: $4,800,632,000) | 4,800,641 | |
Total investment securities (cost: $59,808,533,000) | 68,624,040 | |
Other assets less liabilities | (165,985) | |
Net assets | $68,458,055 |
“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.
1 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
2 | Purchased in a private placement transaction; resale may be limited to qualified institutional buyers; resale to the public may require registration. The total value of all such restricted securities was $5,490,924,000, which represented 8.02% of the net assets of the fund. |
3 | Security did not produce income during the last 12 months. |
4 | Valued under fair value procedures adopted by authority of the board of directors. |
5 | Coupon rate may change periodically. |
6 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. |
7 | Scheduled interest and/or principal payment was not received. |
8 | Step bond; coupon rate will increase at a later date. |
9 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
10 | Index-linked bond whose principal amount moves with a government retail price index. |
11 | This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future. |
ADR = American Depositary Receipts
GDR = Global Depositary Receipts
MFGEFP-906-0906-S6852
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INVESTMENT PORTFOLIO
To the Shareholders and
Board of Directors of
The Income Fund of America, Inc.:
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of The Income Fund of America, Inc. (the “Fund”) as of July 31, 2006, and for the year then ended and have issued our report thereon dated September 14, 2006, which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR. Our audit also included the Fund’s investment portfolio (the “Schedule”) as of July 31, 2006 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Fund’s management. Our responsibility is to express an opinion based on our audit. In our opinion, the Schedule referred to above, when considered in relation to the basic financial statements taken as a whole of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.
DELOITTE & TOUCHE LLP
September 14, 2006
Costa Mesa, California
ITEM 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a Nominating Committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the Board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full Board of Directors. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the Board. Such suggestions must be sent in writing to the Nominating Committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the Nominating Committee.
ITEM 11 - Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 - Exhibits
(a)(1) | The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE INCOME FUND OF AMERICA, INC. | |
By /s/ Hilda L. Applbaum | |
Hilda L. Applbaum, Vice Chairman and PEO | |
Date: October 9, 2006 |
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/ Hilda L. Applbaum |
Hilda L. Applbaum, Vice Chairman and PEO |
Date: October 9, 2006 |
By /s/ Jennifer M. Buchheim |
Jennifer M. Buchheim, Treasurer and PFO |
Date: October 9, 2006 |