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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 811-04041
GE INVESTMENTS FUNDS, INC.
(Exact name of registrant as specified in charter)
1600 SUMMER STREET, STAMFORD, CONNECTICUT 06905
(Address of principal executive offices) (Zip code)
GE ASSET MANAGEMENT, INC.
1600 SUMMER STREET, STAMFORD, CONNECTICUT 06905
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-242-0134
Date of fiscal year end: 12/31
Date of reporting period: 06/30/13
Table of Contents
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Table of Contents
GE Investments Funds, Inc.
U.S. Equity Fund
Semi-Annual Report
June 30, 2013
Table of Contents
GE Investments Funds, Inc.
U.S. Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
6 | ||||
Financial Statements | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
17 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
U.S. Equity Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments U.S. Equity Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek long-term growth of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities of U.S. companies, such as common and preferred stocks. A U.S. company is a company that generates at least 50% of its revenues or profits from business activities in the U.S., has at least 50% of its assets situated in the U.S., or has the principal trading market for its securities in the U.S.
Sector Allocation
as a % of Fair Value of $32,069 (in thousands) on June 30, 2013(a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value(a)(b)(c)
Cisco Systems Inc. | 2.76% | |||
Pfizer Inc. | 2.58% | |||
Johnson & Johnson | 2.49% | |||
Microsoft Corp. | 2.33% | |||
Chevron Corp. | 2.23% | |||
Express Scripts Holding Co. | 2.18% | |||
Apple Inc. | 2.18% | |||
Qualcomm Inc. | 2.14% | |||
EMC Corp. | 2.04% | |||
Lowe’s Companies Inc. | 1.96% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
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U.S. Equity Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses Paid During Period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 - June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,151.40 | 4.37 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,020.73 | 4.11 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.82% (for the period January 1, 2013 - June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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U.S. Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
U.S. Equity Fund
Number of Shares | Fair Value | |||||||||
Common Stock — 95.2%† | ||||||||||
Advertising — 0.9% | ||||||||||
Omnicom Group Inc. | 3,338 | $ | 209,860 | |||||||
The Interpublic Group of Companies Inc. | 5,621 | 81,786 | ||||||||
291,646 | ||||||||||
Aerospace & Defense — 2.1% | ||||||||||
Honeywell International Inc. | 6,429 | 510,077 | ||||||||
The Boeing Co. | 1,634 | 167,387 | ||||||||
677,464 | ||||||||||
Agricultural Products — 0.7% | ||||||||||
Archer-Daniels-Midland Co. | 6,939 | 235,302 | ||||||||
Air Freight & Logistics — 1.3% | ||||||||||
United Parcel Service Inc. | 4,778 | 413,201 | ||||||||
Application Software — 0.6% | ||||||||||
Intuit Inc. | 3,162 | 192,976 | ||||||||
Asset Management & Custody Banks — 3.8% |
| |||||||||
Ameriprise Financial Inc. | 5,920 | 478,809 | ||||||||
Invesco Ltd. | 13,807 | 439,062 | ||||||||
State Street Corp. | 4,567 | 297,814 | (c) | |||||||
1,215,685 | ||||||||||
Auto Parts & Equipment — 0.5% | ||||||||||
TRW Automotive Holdings Corp. | 2,302 | 152,945 | (a) | |||||||
Automobile Manufacturers — 1.4% | ||||||||||
Ford Motor Co. | 29,054 | 449,465 | ||||||||
Automotive Retail — 0.4% | ||||||||||
AutoZone Inc. | 335 | 141,936 | (a) | |||||||
Biotechnology — 2.1% | ||||||||||
Amgen Inc. | 3,109 | 306,734 | ||||||||
Gilead Sciences Inc. | 7,377 | 377,776 | (a) | |||||||
684,510 | ||||||||||
Broadcasting — 1.0% | ||||||||||
CBS Corp. | 1,757 | 85,864 | ||||||||
Discovery Communications Inc. | 3,513 | 244,715 | (a) | |||||||
330,579 | ||||||||||
Cable & Satellite — 3.2% | ||||||||||
Comcast Corp.†† | 11,347 | 475,212 | ||||||||
Comcast Corp.†† | 5,902 | 234,132 |
Number of Shares | Fair Value | |||||||||
Liberty Global PLC | 4,743 | $ | 322,002 | (a) | ||||||
1,031,346 | ||||||||||
Casinos & Gaming — 0.5% | ||||||||||
Las Vegas Sands Corp. | 2,986 | 158,049 | ||||||||
Commodity Chemicals — 1.3% | ||||||||||
LyondellBasell Industries N.V. | 6,183 | 409,686 | ||||||||
Communications Equipment — 4.9% | ||||||||||
Cisco Systems Inc. | 36,363 | 883,984 | ||||||||
Qualcomm Inc. | 11,225 | 685,623 | ||||||||
1,569,607 | ||||||||||
Computer Hardware — 2.2% | ||||||||||
Apple Inc. | 1,762 | 697,893 | ||||||||
Computer Storage & Peripherals — 2.1% | ||||||||||
EMC Corp. | 27,756 | 655,597 | ||||||||
Construction & Farm Machinery — 0.9% |
| |||||||||
Cummins Inc. | 790 | 85,683 | ||||||||
Deere & Co. | 2,459 | 199,794 | ||||||||
285,477 | ||||||||||
Consumer Finance — 1.4% |
| |||||||||
American Express Co. | 5,790 | 432,860 | ||||||||
Data Processing & Outsourced Services — 2.2% |
| |||||||||
Paychex Inc. | 4,744 | 173,250 | ||||||||
The Western Union Co. | 8,609 | 147,300 | ||||||||
Visa Inc. | 2,003 | 366,048 | ||||||||
686,598 | ||||||||||
Department Stores — 0.4% | ||||||||||
Macy’s Inc. | 2,459 | 118,032 | ||||||||
Diversified Chemicals — 0.2% | ||||||||||
PPG Industries Inc. | 422 | 61,785 | ||||||||
Diversified Financial Services — 5.4% |
| |||||||||
Citigroup Inc. | 12,929 | 620,204 | ||||||||
JPMorgan Chase & Co. | 10,347 | 546,218 | ||||||||
Wells Fargo & Co. | 13,806 | 569,774 | ||||||||
1,736,196 | ||||||||||
Drug Retail — 0.5% | ||||||||||
CVS Caremark Corp. | 2,775 | 158,675 | ||||||||
Electric Utilities — 0.4% | ||||||||||
NextEra Energy Inc. | 1,581 | 128,819 | ||||||||
Electrical Components & Equipment — 0.3% |
| |||||||||
Eaton Corp PLC | 1,405 | 92,463 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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U.S. Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Fertilizers & Agricultural Chemicals — 0.9% |
| |||||||||
Monsanto Co. | 2,987 | $ | 295,116 | |||||||
General Merchandise Stores — 0.7% |
| |||||||||
Dollar General Corp. | 527 | 26,577 | (a) | |||||||
Target Corp. | 2,845 | 195,907 | ||||||||
222,484 | ||||||||||
Healthcare Distributors — 0.5% | ||||||||||
Cardinal Health Inc. | 3,249 | 153,353 | ||||||||
Healthcare Equipment — 2.3% | ||||||||||
Covidien PLC | 9,909 | 622,682 | ||||||||
Medtronic Inc. | 1,880 | 96,763 | ||||||||
Stryker Corp. | 422 | 27,295 | ||||||||
746,740 | ||||||||||
Healthcare Services — 2.2% | ||||||||||
Express Scripts Holding Co. | 11,350 | 700,182 | (a) | |||||||
Healthcare Supplies — 0.5% | ||||||||||
Dentsply International Inc. | 3,865 | 158,310 | ||||||||
Home Building — 0.3% | ||||||||||
MDC Holdings Inc. | 3,162 | 102,797 | ||||||||
Home Improvement Retail — 2.0% | ||||||||||
Lowe’s Companies Inc. | 15,336 | 627,242 | ||||||||
Independent Power Producers & Energy Traders — 0.7% |
| |||||||||
AES Corp. | 4,392 | 52,660 | ||||||||
Calpine Corp. | 5,129 | 108,889 | (a) | |||||||
NRG Energy Inc. | 2,372 | 63,333 | ||||||||
224,882 | ||||||||||
Industrial Machinery — 1.3% | ||||||||||
Dover Corp. | 5,164 | 401,037 | ||||||||
Integrated Oil & Gas — 4.5% | ||||||||||
Chevron Corp. | 6,042 | 715,010 | ||||||||
Exxon Mobil Corp. | 1,511 | 136,519 | (d) | |||||||
Hess Corp. | 1,931 | 128,393 | ||||||||
Occidental Petroleum Corp. | 5,075 | 452,843 | ||||||||
1,432,765 | ||||||||||
Integrated Telecommunication Services — 0.1% |
| |||||||||
AT&T Inc. | 1,054 | 37,312 | ||||||||
Internet Retail — 0.4% | ||||||||||
Amazon.com Inc. | 492 | 136,624 | (a) |
Number of Shares | Fair Value | |||||||||
Internet Software & Services — 3.0% |
| |||||||||
Baidu Inc. ADR | 2,459 | $ | 232,450 | (a) | ||||||
eBay Inc. | 6,535 | 337,990 | (a) | |||||||
Google Inc. | 429 | 377,678 | (a) | |||||||
948,118 | ||||||||||
Investment Banking & Brokerage — 1.6% |
| |||||||||
The Charles Schwab Corp. | 3,689 | 78,318 | ||||||||
The Goldman Sachs Group Inc. | 2,898 | 438,323 | ||||||||
516,641 | ||||||||||
IT Consulting & Other Services — 0.3% | ||||||||||
International Business Machines Corp. | 562 | 107,404 | ||||||||
Life & Health Insurance — 0.4% | ||||||||||
Prudential Financial Inc. | 1,581 | 115,461 | ||||||||
Life Sciences Tools & Services — 0.3% | ||||||||||
PerkinElmer Inc. | 2,503 | 81,347 | ||||||||
Managed Healthcare — 1.9% | ||||||||||
UnitedHealth Group Inc. | 9,136 | 598,226 | ||||||||
Movies & Entertainment — 1.4% | ||||||||||
Time Warner Inc. | 7,905 | 457,067 | ||||||||
Multi-Line Insurance — 1.8% | ||||||||||
American International Group Inc. | 12,596 | 563,042 | (a) | |||||||
Oil & Gas Equipment & Services — 3.3% | ||||||||||
Halliburton Co. | 11,648 | 485,954 | ||||||||
Schlumberger Ltd. | 7,730 | 553,932 | ||||||||
1,039,886 | ||||||||||
Oil & Gas Exploration & Production — 2.6% |
| |||||||||
Anadarko Petroleum Corp. | 6,938 | 596,182 | ||||||||
Marathon Oil Corp. | 7,027 | 242,993 | ||||||||
839,175 | ||||||||||
Packaged Foods & Meats — 1.2% | ||||||||||
Kraft Foods Group Inc. | 2,374 | 132,635 | ||||||||
Mondelez International Inc. | 8,431 | 240,536 | ||||||||
373,171 | ||||||||||
Pharmaceuticals — 6.8% | ||||||||||
Actavis Inc. | 2,547 | 321,483 | (a) | |||||||
GlaxoSmithKline PLC ADR | 1,406 | 70,257 | ||||||||
Johnson & Johnson | 9,292 | 797,811 | ||||||||
Merck & Company Inc. | 3,444 | 159,973 | ||||||||
Pfizer Inc. | 29,513 | 826,659 | ||||||||
2,176,183 |
See Notes to Schedules of Investments and Notes to Financial Statements.
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U.S. Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Property & Casualty Insurance — 1.5% |
| |||||||||
ACE Ltd. | 5,428 | $ | 485,698 | |||||||
Railroads — 0.6% | ||||||||||
CSX Corp. | 8,432 | 195,538 | ||||||||
Regional Banks — 1.4% | ||||||||||
Regions Financial Corp. | 47,079 | 448,663 | ||||||||
Research & Consulting Services — 0.3% |
| |||||||||
Nielsen Holdings N.V. | 2,388 | 80,212 | ||||||||
Retail REITs — 0.1% | ||||||||||
Energizer Holdings Inc. | 225 | 22,615 | ||||||||
Semiconductor Equipment — 0.2% | ||||||||||
Applied Materials Inc. | 3,690 | 55,018 | ||||||||
Semiconductors — 0.3% | ||||||||||
Analog Devices Inc. | 2,179 | 98,186 | ||||||||
Soft Drinks — 2.9% | ||||||||||
Coca-Cola Enterprises Inc. | 10,013 | 352,058 | ||||||||
PepsiCo Inc. | 7,062 | 577,601 | ||||||||
929,659 | ||||||||||
Specialized Finance — 1.2% | ||||||||||
CME Group Inc. | 5,093 | 386,966 | ||||||||
Specialized REITs — 0.6% | ||||||||||
American Tower Corp. | 2,635 | 192,803 | ||||||||
Specialty Stores — 0.7% | ||||||||||
Dick’s Sporting Goods Inc. | 4,392 | 219,864 | ||||||||
Systems Software — 3.6% | ||||||||||
Microsoft Corp. | 21,642 | 747,299 | ||||||||
Oracle Corp. | 13,088 | 402,063 | ||||||||
1,149,362 | ||||||||||
Total Common Stock | 30,327,941 | |||||||||
Exchange Traded Funds — 1.4% | ||||||||||
Financial Select Sector SPDR Fund | 4,798 | 93,513 | (f) | |||||||
Industrial Select Sector SPDR Fund | 8,642 | 367,890 | (f) | |||||||
Total Exchange Traded Funds | 461,403 | |||||||||
Total Investments in Securities | 30,789,344 |
Number of Shares | Fair Value | |||||||
Short-Term Investments — 4.0% | ||||||||
GE Institutional Money Market Fund — Investment Class 0.00% | $ | 1,279,695 | (b,e) | |||||
Total Investments | 32,069,039 | |||||||
Liabilities in Excess of Other Assets, | (195,912 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 31,873,127 | ||||||
|
| |||||||
Other Information: | ||||||||||||||||
The Fund had the following long futures contracts open at June 30, 2013:
| ||||||||||||||||
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||||
S&P 500 Emini Index Futures | September 2013 | 8 | $ | 639,720 | $ | (6,215 | ) |
See Notes to Schedules of Investments and Notes to Financial Statements.
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Notes to Schedule of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Coupon amount represents effective yield. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s custodian and accounting agent. |
(d) | At June 30,2013 all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(e) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
(f) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s custodian and accounting agent. |
† | Percentages are based on net assets as of June 30,2013. |
†† | Security traded on different exchanges. |
Abbreviations:
ADR | American Depository Receipt | |
REIT | Real Estate Investment Trust | |
SPDR | Standard & Poors Depository Receipts |
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Selected data based on a share outstanding throughout the fiscal years indicated
CLASS 1 | ||||||||||||||||||||||||
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | |||||||||||||||||||
Inception date | — | — | — | — | — | 1/3/95 | ||||||||||||||||||
Net asset value, beginning of period | $ | 35.14 | $ | 30.74 | $ | 31.92 | $ | 29.23 | $ | 22.44 | $ | 36.41 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.18 | 0.45 | 0.24 | 0.28 | * | 0.30 | 0.37 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 5.14 | 4.40 | (1.17) | 2.72 | 6.80 | (13.52) | ||||||||||||||||||
Total income/(loss) from investment operations | 5.32 | 4.85 | (0.93) | 3.00 | 7.10 | (13.15) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.45 | 0.25 | 0.31 | 0.31 | 0.36 | ||||||||||||||||||
Net realized gains | — | — | — | — | — | 0.46 | ||||||||||||||||||
Total distributions | — | 0.45 | 0.25 | 0.31 | 0.31 | 0.82 | ||||||||||||||||||
Net asset value, end of period | $ | 40.46 | $ | 35.14 | $ | 30.74 | $ | 31.92 | $ | 29.23 | $ | 22.44 | ||||||||||||
TOTAL RETURN(a) | 15.14% | 15.80% | (2.91)% | 10.26% | 31.63% | (36.05)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 31,873 | $ | 29,924 | $ | 30,940 | $ | 38,305 | $ | 41,792 | $ | 37,917 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.89% | ** | 1.22% | 0.70% | 0.96% | 1.11% | 1.03% | |||||||||||||||||
Net Expenses | 0.82% | (b)** | 0.80% | (b) | 0.89% | (b) | 0.69% | (b) | 0.86% | (b) | 0.72% | (b) | ||||||||||||
Gross expenses | 0.82% | ** | 0.81% | 0.90% | 0.69% | 0.86% | 0.72% | |||||||||||||||||
Portfolio turnover rate | 20% | 66% | 39% | 42% | 46% | 56% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated Money Market Fund managed by GEAM. |
† | (Unaudited) |
* | Per share values have been calculated using the average share method. |
** | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
8
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For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income | ||||
Dividend | $ | 266,534 | ||
Interest | 3,851 | |||
Interest from affiliated investments | 147 | |||
Less: Foreign taxes withheld | (1,098 | ) | ||
Total income | 269,434 | |||
Expenses | ||||
Advisory and administration fees | 86,934 | |||
Directors’ fees | 652 | |||
Custody and accounting expenses | 22,366 | |||
Professional fees | 9,148 | |||
Other expenses | 10,292 | |||
Total expenses before waivers | 129,392 | |||
Less: Fees waived by the adviser | (539 | ) | ||
Net expenses | 128,853 | |||
Net investment income | 140,581 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Realized gain (loss) on: | ||||
Investments | 1,732,075 | |||
Futures | 25,344 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 2,526,146 | |||
Futures | (4,934 | ) | ||
Net realized and unrealized gain on Investments | 4,278,631 | |||
Net increase in net assets resulting from operations | $ | 4,419,212 |
The accompanying Notes are an integral part of these financial statements.
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† | (Unaudited) |
The accompanying Notes are an integral part of these financial statements.
10
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, (the “Fund”) S&P 500 Index Fund, Premier Growth Equity Fund, Core Value Equity Fund, Small-Cap Equity Fund, Total Return Fund, Income Fund and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company currently offers one share class (Class 1) as an investment option for variable life insurance contracts and variable annuity contracts.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Derivatives The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into derivative transactions (such as options, futures, and options on futures) to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in market conditions, gaining market exposure for accumulating and residual cash positions, or when the transactions were economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund, however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the
Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities † | ||||||||||||||||||||
Common Stock | $ | 30,327,941 | $ | — | $ | — | $ | 30,327,941 | ||||||||||||
Exchange Traded Funds | 461,403 | — | — | 461,403 | ||||||||||||||||
Short-Term Investments | 1,279,695 | — | — | 1,279,695 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 32,069,039 | $ | — | $ | — | $ | 32,069,039 | ||||||||||||
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Other Financial Instruments * | ||||||||||||||||||||
Futures Contracts — Unrealized Depreciation | $ | (6,215 | ) | $ | — | $ | — | $ | (6,215 | ) | ||||||||||
†See Schedule of Investments for industry classification * Other financial instruments include derivative instruments such as futures contracts. Amounts shown represent unrealized appreciation (depreciation), at period end. |
|
There were no transfers between fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2013.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset Derivatives June 30, 2013 | Liability Derivatives June 30, 2013 | |||||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Assets and Liabilities | Fair Value ($) | Location in the Statements of Assets and Liabilities | Fair Value ($) | ||||||||
Equity futures contracts | Assets, variation margin receivable | — | Liabilities, variation margin payable | 2,920 | ||||||||
Equity futures contracts | Unrealized gain, net assets | —* | Unrealized loss, net assets | 6,215* |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments and within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
Fair value of the collateral held with the counter party was $63,787 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on the Fund’s Statement of Operation, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount of Futures Contracts Purchased/(Sold) ($) | Realized Gain on Derivatives Recognized in Income ($) | Change in Unrealized Depreciation on Derivatives Recognized in Income ($) | ||||||||||
Equity Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures | 4,773,494/(3,766,524) | 25,344 | (4,934) |
5. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Funds generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i) 33.33% of its total assets or (ii) 20% of its net assets. The credit facilities were not utilized by the Fund during the six-month period ended June 30, 2013.
6. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective November 17, 1997 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.55%.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not such officers or employees also serve in a similar capacity
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms served by the Directors, including the Fund, and are based upon the relative net assets of each Fund within such platforms.
7. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
Non-U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$ | 6,159,087 | $ | 9,294,606 |
8. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2013, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation | ||||||||||||||||
Appreciation | Depreciation | |||||||||||||||||
$ | 26,524,866 | $ | 5,956,751 | $ | (412,578 | ) | $ | 5,544,173 |
As of December 31, 2012, the Fund had capital loss carryovers as indicated below. Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
Amount | ||||
Short-Term | Long-Term | Expires | ||
$4,462,687 | $— | 12/31/2017 | ||
412,664 | — | 12/31/2018 |
These amounts will be available to offset future taxable capital gains. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are
carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
During the year ended December 31, 2012, the Fund utilized $2,403,873 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund elected to defer qualified late-year losses for the year ended December 31, 2012 as follows:
Capital | Ordinary | |||||||
$31,645 | $— |
The tax composition of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Ordinary Income | Long-Term Capital Gains | Total | |||||||||||||
2012 | $ | 382,902 | $— | $ | 382,902 | ||||||||||
2011 | 249,303 | — | 249,303 |
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) futures investments organized as partnerships for tax purposes and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain | Capital Paid In | |||||||||||||||
$1,440 | $(1,715) | $— | $275 |
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Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer – Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel – Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
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Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified – Vice President and Secretary – 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
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Table of Contents
Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
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Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
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Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
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Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC–information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
Total Return Fund
Semi-Annual Report
June 30, 2013
Table of Contents
Total Return Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
8 | ||||
9 | ||||
11 | ||||
12 | ||||
13 | ||||
15 | ||||
24 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
Total Return Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments Total Return Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek the highest total return, composed of current income and capital appreciation, as is consistent with prudent investment risk. The Fund seeks to achieve its investment objective by investing primarily in a combination of U.S. and foreign (non-U.S.) equity and debt securities and cash. The investment adviser utilizes information from GE Asset Management’s Asset Allocation Committee to allocate the Fund’s assets across various asset classes in order to diversify the Fund’s holdings and to adjust the asset class weightings based on market and economic conditions. Based on GE Asset Management’s asset allocation decisions, the Fund’s assets are managed by a sub-adviser that employs an indexing investment approach designed to track the performance of three broad-based benchmarks. †
Sector Allocation
as a % of Fair Value of $2,884,064 (in thousands) on June 30, 2013 (a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value (a)(b)(c)
Exxon Mobil Corp. | 1.06% | |||
Apple Inc. | 0.98% | |||
U.S. Treasury Notes 1.50%, 07/31/16 | 0.71% | |||
U.S. Treasury Notes 0.23%, 10/31/14 | 0.69% | |||
U.S. Treasury Notes 0.25%, 12/31/14 | 0.69% | |||
Microsoft Corp. | 0.68% | |||
Government National Mortgage Assoc. 3.50%, 10/20/42 | 0.67% | |||
U.S. Treasury Notes 1.13%, 12/31/19 | 0.66% | |||
Johnson & Johnson | 0.63% | |||
General Electric Co. | 0.63% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
† | Prior to January 23, 2013, the Fund’s underlying strategies were actively managed. See note 7, “Sub-advisory fees” in Notes to Financial Statements for additional information. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
Total Return Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, distribution and services fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your class under the heading “Expenses Paid During Period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 – June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return |
| |||||||||||
Class 1 | 1,000.00 | 1,045.00 | 3.04 | |||||||||
Class 3 | 1,000.00 | 1,043.90 | 4.31 | |||||||||
Hypothetical 5% Return (2.5% for the period) |
| |||||||||||
Class 1 | 1,000.00 | 1,021.82 | 3.01 | |||||||||
Class 3 | 1,000.00 | 1,020.58 | 4.26 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.60% for Class 1 and 0.85% for Class 3 (for the period January 1, 2013 — June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
Total Return Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Total Return Fund
Number of Shares | Fair Value | |||||||||||
Equity Securities — 69.5%† |
| |||||||||||
Consumer Discretionary — 7.5% |
| |||||||||||
Comcast Corp. | 199,441 | $ | 8,352,589 | |||||||||
The Walt Disney Co. | 136,419 | 8,614,860 | ||||||||||
The Home Depot Inc. | 110,642 | 8,571,436 | ||||||||||
Other Securites | 9,412,383 | 186,387,628 | ||||||||||
211,926,513 | ||||||||||||
Consumer Staples — 6.5% |
| |||||||||||
PepsiCo Inc. | 117,138 | 9,580,717 | ||||||||||
Philip Morris International Inc. | 123,876 | 10,730,139 | ||||||||||
The Coca-Cola Co. | 290,129 | 11,637,074 | ||||||||||
The Procter & Gamble Co. | 207,604 | 15,983,432 | ||||||||||
Wal-Mart Stores Inc. | 124,089 | 9,243,390 | ||||||||||
Other Securites | 6,327,278 | 125,201,829 | ||||||||||
182,376,581 | ||||||||||||
Energy — 6.2% |
| |||||||||||
Chevron Corp. | 146,870 | 17,380,596 | ||||||||||
Exxon Mobil Corp. | 336,784 | 30,428,434 | ||||||||||
Other Securites | 9,805,352 | 128,536,696 | ||||||||||
176,345,726 | ||||||||||||
Financials — 13.0% |
| |||||||||||
Bank of America Corp. | 816,519 | 10,500,434 | ||||||||||
Berkshire Hathaway Inc. | 138,181 | 15,465,218 | (a) | |||||||||
Citigroup Inc. | 230,490 | 11,056,605 | ||||||||||
JPMorgan Chase & Co. | 286,281 | 15,112,774 | ||||||||||
Wells Fargo & Co. | 373,100 | 15,397,837 | ||||||||||
Other Securites | 52,043,875 | 299,123,118 | ||||||||||
366,655,986 | ||||||||||||
Healthcare — 7.0% |
| |||||||||||
Johnson & Johnson | 212,763 | 18,267,831 | ||||||||||
Merck & Company Inc. | 228,727 | 10,624,369 | ||||||||||
Pfizer Inc. | 505,767 | 14,166,534 | ||||||||||
Other Securites | 4,557,285 | 155,797,098 | ||||||||||
198,855,832 | ||||||||||||
Industrials — 6.8% |
| |||||||||||
General Electric Co. | 783,188 | 18,162,130 | (f) | |||||||||
Other Securites | 10,287,143 | 175,318,703 | (d) | |||||||||
193,480,833 | ||||||||||||
Information Technology — 8.9% |
| |||||||||||
Apple Inc. | 71,099 | 28,160,892 | ||||||||||
Cisco Systems Inc. | 404,820 | 9,841,174 | ||||||||||
Google Inc. | 20,356 | 17,920,812 | (a) | |||||||||
Intel Corp. | 376,541 | 9,119,823 | ||||||||||
International Business Machines Corp. | 78,944 | 15,086,988 | ||||||||||
Microsoft Corp. | 569,282 | 19,657,307 |
Number of Shares | Fair Value | |||||||||
Oracle Corp. | 278,296 | $ | 8,549,253 | |||||||
Other Securites | 9,379,706 | 143,881,525 | ||||||||
252,217,774 | ||||||||||
Materials — 3.3% | ||||||||||
Other Securites | 8,208,850 | 94,194,937 | ||||||||
Telecommunication Services — 2.3% | ||||||||||
AT&T Inc. | 407,493 | 14,425,252 | ||||||||
Verizon Communications Inc. | 216,722 | 10,909,785 | ||||||||
Other Securites | 9,152,178 | 39,830,679 | ||||||||
65,165,716 | ||||||||||
Utilities — 2.2% | ||||||||||
Other Securites | 6,782,457 | 62,131,952 | ||||||||
Total Equity Securities | 1,803,351,850 | |||||||||
Principal Amount | Fair Value | |||||||||||
Bonds and Notes — 32.5% |
| |||||||||||
U.S. Treasuries — 11.9% |
| |||||||||||
U.S. Treasury Bonds |
| |||||||||||
4.38% | 11/15/39 | $ | 11,000,000 | $ | 12,894,068 | |||||||
U.S. Treasury Bonds |
| |||||||||||
3.00% | 05/15/42 | 13,250,000 | 12,078,196 | (d) | ||||||||
U.S. Treasury Notes |
| |||||||||||
4.50% | 05/15/17 | 15,000,000 | 16,988,670 | |||||||||
U.S. Treasury Notes |
| |||||||||||
2.38% | 03/31/16 | 13,500,000 | 14,160,231 | |||||||||
U.S. Treasury Notes |
| |||||||||||
2.38% | 08/31/14 | 10,000,000 | 10,250,780 | |||||||||
U.S. Treasury Notes |
| |||||||||||
3.25% | 12/31/16 | 15,000,000 | 16,231,635 | |||||||||
U.S. Treasury Notes |
| |||||||||||
2.13% | 05/31/15 | 11,000,000 | 11,372,966 | |||||||||
U.S. Treasury Notes |
| |||||||||||
1.50% | 07/31/16 | 20,000,000 | 20,476,560 | |||||||||
U.S. Treasury Notes |
| |||||||||||
0.95% | 02/28/17 | 15,000,000 | 14,962,500 | (c,d) | ||||||||
U.S. Treasury Notes |
| |||||||||||
0.31% | 03/15/15 | 14,000,000 | 14,016,408 | (c) | ||||||||
U.S. Treasury Notes |
| |||||||||||
0.23% | 10/31/14 | 20,000,000 | 20,007,820 | (c) | ||||||||
U.S. Treasury Notes |
| |||||||||||
1.25% | 10/31/19 | 10,000,000 | 9,699,220 | |||||||||
U.S. Treasury Notes |
| |||||||||||
0.25% | 12/31/14 | 20,000,000 | 19,964,060 | (c) | ||||||||
U.S. Treasury Notes |
| |||||||||||
1.13% | 12/31/19 | 20,000,000 | 19,162,500 | |||||||||
U.S. Treasury Notes |
| |||||||||||
0.36% | 06/30/15 | 16,000,000 | 16,006,256 | (c) | ||||||||
Other Securites | 97,700,000 | 106,690,481 | ||||||||||
334,962,351 | ||||||||||||
U.S. Government Sponsored Agencies — 0.2% |
| |||||||||||
Other Securites | 6,000,000 | 5,834,086 |
See Notes to Schedules of Investments and Notes to Financial Statements.
3
Table of Contents
Total Return Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Agency Mortgage Backed — 10.9% |
| |||||||||||
Federal National Mortgage Assoc. |
| |||||||||||
3.00% | TBA | $ | 9,500,000 | $ | 9,281,796 | (b) | ||||||
Federal National Mortgage Assoc. |
| |||||||||||
0.27% | 08/28/14 | 10,000,000 | 10,070,310 | (c) | ||||||||
Federal National Mortgage Assoc. |
| |||||||||||
3.50% | 01/01/28 | 15,869,787 | 16,554,443 | |||||||||
Federal National Mortgage Assoc. |
| |||||||||||
3.50% | 10/01/42 | 15,575,810 | 15,832,858 | |||||||||
Federal National Mortgage Assoc. |
| |||||||||||
3.00% | 01/01/28 | 9,494,525 | 9,792,476 | |||||||||
Government National Mortgage Assoc. |
| |||||||||||
3.50% | 10/20/42 | 18,694,859 | 19,219,182 | |||||||||
Other Securites | 215,986,534 | 226,044,648 | (d) | |||||||||
306,795,713 | ||||||||||||
Asset Backed — 0.1% |
| |||||||||||
Other Securites | 3,000,000 | 3,175,200 | ||||||||||
Non-Agency Collateralized Mortgage Obligations — 0.6% |
| |||||||||||
Other Securites | 15,127,951 | 16,398,291 | (d) | |||||||||
Federal Agencies — 0.1% |
| |||||||||||
Other Securites | 2,400,000 | 2,291,150 | ||||||||||
Corporate Notes — 8.1% |
| |||||||||||
Other Securites | 224,399,275 | 230,010,104 | (d) | |||||||||
Sovereign Bonds — 0.4% |
| |||||||||||
Other Securites | 11,403,075 | 12,051,621 | (d) | |||||||||
Municipal Bonds and Notes — 0.3% |
| |||||||||||
Other Securites | 6,800,000 | 7,539,319 | (d) | |||||||||
FNMA — 0.0%* |
| |||||||||||
Lehman TBA | ||||||||||||
5.50% | TBA | 620,251 | — | ** | (b,g,h) | |||||||
Total Bonds and Notes |
| 919,057,835 | ||||||||||
Short-Term Investments — 5.7% |
| |||||||||||
GE Institutional Money Market Fund |
| 161,654,290 | (c, e) | |||||||||
Total Investments |
| 2,884,063,975 | ||||||||||
Liabilities in Excess of Other |
| (55,945,703 | ) | |||||||||
|
| |||||||||||
NET ASSETS — 100.0% |
| $ | 2,828,118,272 | |||||||||
|
|
Other Information: |
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration Date | Number of Contracts | Current Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
MSCI Eafe Mini Index Futures | September 2013 | 53 | $ | 4,345,205 | $ | (110,562 | ) | |||||||
MSCI Emerging Market Mini Futures | September 2013 | 29 | 1,353,865 | (13,610 | ) | |||||||||
Russell 2000 Mini Index Futures | September 2013 | 12 | 1,169,640 | 4,510 | ||||||||||
S&P 500 Emini Index Futures | September 2013 | 193 | 15,433,245 | (212,815 | ) | |||||||||
S&P Midcap 400 Emini Index Futures | September 2013 | 17 | 1,968,430 | (10,861 | ) | |||||||||
|
| |||||||||||||
$ | (343,338 | ) | ||||||||||||
|
|
The Fund had the following short futures contracts open at June 30, 2013:
Description | Expiration Date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||
S&P Midcap 400 Emini Index Futures | September 2013 | 1 | $ | (115,790 | ) | $ | 168 | |||||||
|
| |||||||||||||
$ | 168 | |||||||||||||
|
| |||||||||||||
$ | (343,170 | ) | ||||||||||||
|
|
The Fund held the following TBA sale commitments as of June 30, 2013:
| Principal Amount | |
| Fair Value |
| |||||
Agency Mortgage Backed | ||||||||||
Federal National Mortgage Assoc. | $ | (600,000 | ) | $ | (624,938 | ) |
The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 493-3042; and ii) on the SEC’s website at http://www.sec.gov.
See Notes to Schedules of Investments and Notes to Financial Statements.
4
Table of Contents
Total Return Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
The Fund was invested in the following Countries at June 30, 2013:
Country | Percentage (based on Fair Value) | |||
United States | 76.69% | |||
United Kingdom | 3.44% | |||
Japan | 3.36% | |||
Canada | 1.80% | |||
Switzerland | 1.59% | |||
France | 1.48% | |||
Germany | 1.45% | |||
Australia | 1.26% | |||
China | 0.85% | |||
South Korea | 0.72% | |||
Brazil | 0.72% | |||
Taiwan | 0.54% | |||
Sweden | 0.47% | |||
Netherlands | 0.46% | |||
Spain | 0.45% | |||
Hong Kong | 0.45% | |||
Supranational | 0.44% | |||
Mexico | 0.42% | |||
Italy | 0.37% | |||
South Africa | 0.33% | |||
India | 0.31% | |||
Russian Federation | 0.25% | |||
Singapore | 0.24% | |||
Belgium | 0.19% | |||
Malaysia | 0.18% | |||
Denmark | 0.16% | |||
Turkey | 0.16% | |||
Indonesia | 0.15% | |||
Norway | 0.15% | |||
Thailand | 0.13% | |||
Finland | 0.11% | |||
Chile | 0.10% | |||
Poland | 0.10% | |||
Philippines | 0.09% | |||
Colombia | 0.09% | |||
Israel | 0.07% | |||
Peru | 0.04% | |||
Ireland | 0.04% | |||
Austria | 0.04% | |||
Portugal | 0.03% | |||
New Zealand | 0.02% | |||
Uruguay | 0.02% | |||
Czech Republic | 0.01% | |||
Hungary | 0.01% | |||
Egypt | 0.01% | |||
Panama | 0.01% | |||
|
| |||
100.00% | ||||
|
|
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2013:
Industry | Domestic | Foreign | Total | |||||||||
Diversified Financial Services | 2.00% | 3.13% | 5.13% | |||||||||
Pharmaceuticals | 2.28% | 1.36% | 3.64% | |||||||||
Integrated Oil & Gas | 1.93% | 1.21% | 3.14% | |||||||||
Integrated Telecommunication Services | 0.96% | 0.51% | 1.47% | |||||||||
Packaged Foods & Meats | 0.65% | 0.69% | 1.34% | |||||||||
Oil & Gas Exploration & Production | 1.00% | 0.34% | 1.34% | |||||||||
Computer Hardware | 1.17% | 0.08% | 1.25% | |||||||||
Industrial Conglomerates | 0.92% | 0.29% | 1.21% | |||||||||
Semiconductors | 0.77% | 0.43% | 1.20% | |||||||||
Aerospace & Defense | 1.02% | 0.18% | 1.20% | |||||||||
Systems Software | 1.11% | 0.01% | 1.12% | |||||||||
Property & Casualty Insurance | 0.95% | 0.16% | 1.11% | |||||||||
Electric Utilities | 0.78% | 0.32% | 1.10% | |||||||||
Internet Software & Services | 0.97% | 0.09% | 1.06% | |||||||||
Household Products | 0.84% | 0.15% | 0.99% | |||||||||
Automobile Manufacturers | 0.23% | 0.72% | 0.95% | |||||||||
Healthcare Equipment | 0.88% | 0.07% | 0.95% | |||||||||
Biotechnology | 0.86% | 0.06% | 0.92% | |||||||||
Tobacco | 0.65% | 0.27% | 0.92% | |||||||||
Soft Drinks | 0.81% | 0.06% | 0.87% | |||||||||
Communications Equipment | 0.78% | 0.08% | 0.86% | |||||||||
Life & Health Insurance | 0.41% | 0.44% | 0.85% | |||||||||
IT Consulting & Other Services | 0.75% | 0.09% | 0.84% | |||||||||
Industrial Machinery | 0.46% | 0.30% | 0.76% | |||||||||
Data Processing & Outsourced Services | 0.72% | 0.03% | 0.75% | |||||||||
Wireless Telecommunication Services | 0.12% | 0.63% | 0.75% | |||||||||
Oil & Gas Equipment & Services | 0.65% | 0.07% | 0.72% | |||||||||
Regional Banks | 0.62% | 0.10% | 0.72% | |||||||||
Multi-Utilities | 0.49% | 0.22% | 0.71% | |||||||||
Movies & Entertainment | 0.70% | 0.00% | 0.70% | |||||||||
Electrical Components & Equipment | 0.41% | 0.24% | 0.65% | |||||||||
Restaurants | 0.58% | 0.07% | 0.65% | |||||||||
Asset Management & Custody Banks | 0.55% | 0.06% | 0.61% | |||||||||
Hypermarkets & Super Centers | 0.45% | 0.15% | 0.60% | |||||||||
Multi-Line Insurance | 0.29% | 0.31% | 0.60% | |||||||||
Cable & Satellite | 0.48% | 0.10% | 0.58% | |||||||||
Railroads | 0.35% | 0.23% | 0.58% | |||||||||
Diversified Metals & Mining | 0.09% | 0.49% | 0.58% | |||||||||
Diversified Chemicals | 0.34% | 0.17% | 0.51% | |||||||||
Specialized REITs | 0.49% | 0.00% | 0.49% | |||||||||
Application Software | 0.35% | 0.11% | 0.46% | |||||||||
Internet Retail | 0.45% | 0.01% | 0.46% | |||||||||
Investment Banking & Brokerage | 0.35% | 0.10% | 0.45% | |||||||||
Food Retail | 0.13% | 0.31% | 0.44% | |||||||||
Home Improvement Retail | 0.42% | 0.02% | 0.44% |
See Notes to Schedules of Investments and Notes to Financial Statements.
5
Table of Contents
Total Return Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Industry | Domestic | Foreign | Total | |||||||||
Apparel, Accessories & Luxury Goods | 0.20% | 0.22% | 0.42% | |||||||||
Managed Healthcare | 0.41% | 0.00% | 0.41% | |||||||||
Consumer Finance | 0.39% | 0.02% | 0.41% | |||||||||
Apparel Retail | 0.28% | 0.13% | 0.41% | |||||||||
Fertilizers & Agricultural Chemicals | 0.21% | 0.16% | 0.37% | |||||||||
Retail REITs | 0.24% | 0.13% | 0.37% | |||||||||
Construction & Farm Machinery | 0.34% | 0.02% | 0.36% | |||||||||
Oil & Gas Refining & Marketing | 0.25% | 0.11% | 0.36% | |||||||||
Specialty Chemicals | 0.22% | 0.14% | 0.36% | |||||||||
Air Freight & Logistics | 0.29% | 0.05% | 0.34% | |||||||||
Computer Storage & Peripherals | 0.29% | 0.02% | 0.31% | |||||||||
Oil & Gas Storage & Transportation | 0.20% | 0.11% | 0.31% | |||||||||
Steel | 0.09% | 0.22% | 0.31% | |||||||||
Healthcare Services | 0.24% | 0.06% | 0.30% | |||||||||
Trading Companies & Distributors | 0.11% | 0.19% | 0.30% | |||||||||
Drug Retail | 0.29% | 0.01% | 0.30% | |||||||||
Auto Parts & Equipment | 0.15% | 0.14% | 0.29% | |||||||||
Brewers | 0.02% | 0.27% | 0.29% | |||||||||
Specialized Finance | 0.22% | 0.07% | 0.29% | |||||||||
Industrial Gases | 0.16% | 0.10% | 0.26% | |||||||||
Construction & Engineering | 0.10% | 0.15% | 0.25% | |||||||||
Diversified REITs | 0.08% | 0.16% | 0.24% | |||||||||
Life Sciences Tools & Services | 0.22% | 0.01% | 0.23% | |||||||||
General Merchandise Stores | 0.21% | 0.02% | 0.23% | |||||||||
Commodity Chemicals | 0.08% | 0.14% | 0.22% | |||||||||
Department Stores | 0.11% | 0.11% | 0.22% | |||||||||
Distillers & Vintners | 0.07% | 0.14% | 0.21% | |||||||||
Gas Utilities | 0.09% | 0.11% | 0.20% | |||||||||
Diversified Real Estate Activities | 0.01% | 0.19% | 0.20% | |||||||||
Diversified Capital Markets | 0.00% | 0.20% | 0.20% | |||||||||
Healthcare Distributors | 0.18% | 0.02% | 0.20% | |||||||||
Personal Products | 0.07% | 0.12% | 0.19% | |||||||||
Construction Materials | 0.03% | 0.16% | 0.19% | |||||||||
Broadcasting | 0.15% | 0.04% | 0.19% | |||||||||
Semiconductor Equipment | 0.13% | 0.05% | 0.18% | |||||||||
Oil & Gas Drilling | 0.13% | 0.05% | 0.18% | |||||||||
Gold | 0.04% | 0.12% | 0.16% | |||||||||
Construction & Farm Machinery & Heavy Trucks | 0.04% | 0.12% | 0.16% | |||||||||
Residential REITs | 0.16% | 0.00% | 0.16% | |||||||||
Hotels, Resorts & Cruise Lines | 0.12% | 0.04% | 0.16% | |||||||||
Casinos & Gaming | 0.06% | 0.10% | 0.16% | |||||||||
Footwear | 0.13% | 0.01% | 0.14% | |||||||||
Automotive Retail | 0.13% | 0.01% | 0.14% | |||||||||
Electronic Equipment & Instruments | 0.04% | 0.10% | 0.14% | |||||||||
Building Products | 0.05% | 0.09% | 0.14% | |||||||||
Environmental & Facilities Services | 0.12% | 0.01% | 0.13% | |||||||||
Publishing | 0.04% | 0.09% | 0.13% | |||||||||
Advertising | 0.07% | 0.06% | 0.13% | |||||||||
Office REITs | 0.10% | 0.03% | 0.13% |
Industry | Domestic | Foreign | Total | |||||||||
Insurance Brokers | 0.13% | 0.00% | 0.13% | |||||||||
Reinsurance | 0.04% | 0.09% | 0.13% | |||||||||
Electronic Manufacturing Services | 0.04% | 0.08% | 0.12% | |||||||||
Specialty Stores | 0.12% | 0.00% | 0.12% | |||||||||
Research & Consulting Services | 0.05% | 0.06% | 0.11% | |||||||||
Multi-Sector Holdings | 0.02% | 0.09% | 0.11% | |||||||||
Thrifts & Mortgage Finance | 0.08% | 0.03% | 0.11% | |||||||||
Leisure Products | 0.08% | 0.03% | 0.11% | |||||||||
Independent Power Producers & Energy Traders | 0.05% | 0.06% | 0.11% | |||||||||
Agricultural Products | 0.07% | 0.03% | 0.10% | |||||||||
Home Building | 0.08% | 0.02% | 0.10% | |||||||||
Heavy Electrical Equipment | 0.00% | 0.10% | 0.10% | |||||||||
Office Electronics | 0.03% | 0.07% | 0.10% | |||||||||
Paper Products | 0.07% | 0.03% | 0.10% | |||||||||
Airlines | 0.05% | 0.05% | 0.10% | |||||||||
Security & Alarm Services | 0.07% | 0.03% | 0.10% | |||||||||
Tires & Rubber | 0.01% | 0.08% | 0.09% | |||||||||
Real Estate Development | 0.00% | 0.09% | 0.09% | |||||||||
Healthcare Supplies | 0.05% | 0.04% | 0.09% | |||||||||
Consumer Electronics | 0.02% | 0.07% | 0.09% | |||||||||
Paper Packaging | 0.07% | 0.02% | 0.09% | |||||||||
Diversified Support Services | 0.04% | 0.04% | 0.08% | |||||||||
Industrial REITs | 0.06% | 0.02% | 0.08% | |||||||||
Healthcare Facilities | 0.06% | 0.02% | 0.08% | |||||||||
Coal & Consumable Fuels | 0.04% | 0.04% | 0.08% | |||||||||
Home Furnishing Retail | 0.07% | 0.00% | 0.07% | |||||||||
Real Estate Operating Companies | 0.00% | 0.07% | 0.07% | |||||||||
Food Distributors | 0.06% | 0.01% | 0.07% | |||||||||
Distributors | 0.05% | 0.02% | 0.07% | |||||||||
Human Resource & Employment Services | 0.04% | 0.03% | 0.07% | |||||||||
Healthcare Technology | 0.06% | 0.00% | 0.06% | |||||||||
Marine | 0.01% | 0.05% | 0.06% | |||||||||
Trucking | 0.04% | 0.02% | 0.06% | |||||||||
Metal & Glass Containers | 0.04% | 0.01% | 0.05% | |||||||||
Specialized Consumer Services | 0.05% | 0.00% | 0.05% | |||||||||
Highways & Railtracks | 0.00% | 0.05% | 0.05% | |||||||||
Home Entertainment Software | 0.02% | 0.03% | 0.05% | |||||||||
Household Appliances | 0.03% | 0.02% | 0.05% | |||||||||
Computer & Electronics Retail | 0.04% | 0.01% | 0.05% | |||||||||
Office Services & Supplies | 0.04% | 0.00% | 0.04% | |||||||||
Motorcycle Manufacturers | 0.03% | 0.01% | 0.04% | |||||||||
Water Utilities | 0.01% | 0.03% | 0.04% | |||||||||
Precious Metals & Minerals | 0.01% | 0.03% | 0.04% | |||||||||
Aluminum | 0.02% | 0.01% | 0.03% | |||||||||
Alternative Carriers | 0.01% | 0.02% | 0.03% | |||||||||
Technology Distributors | 0.03% | 0.00% | 0.03% | |||||||||
Mortgage REITs | 0.03% | 0.00% | 0.03% | |||||||||
Real Estate Services | 0.03% | 0.00% | 0.03% | |||||||||
Housewares & Specialities | 0.03% | 0.00% | 0.03% | |||||||||
Marine Ports & Services | 0.00% | 0.03% | 0.03% | |||||||||
Education Services | 0.02% | 0.01% | 0.03% | |||||||||
Commercial Printing | 0.01% | 0.01% | 0.02% |
See Notes to Schedules of Investments and Notes to Financial Statements.
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Total Return Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Industry | Domestic | Foreign | Total | |||||||||
Airport Services | 0.00% | 0.02% | 0.02% | |||||||||
Leisure Facilities | 0.01% | 0.01% | 0.02% | |||||||||
Home Furnishings | 0.02% | 0.00% | 0.02% | |||||||||
Photographic Products | 0.00% | 0.01% | 0.01% | |||||||||
Forest Products | 0.01% | 0.00% | 0.01% | |||||||||
Housewares & Specialties | 0.01% | 0.00% | 0.01% | |||||||||
Homebuilding | 0.00% | 0.01% | 0.01% | |||||||||
Catalog Retail | 0.01% | 0.00% | 0.01% | |||||||||
|
| |||||||||||
62.53% | ||||||||||||
|
|
Sector | Percentage (based on Fair Value) | |||
U.S. Treasuries | 11.62% | |||
Agency Mortgage Backed | 10.62% | |||
Corporate Notes | 7.98% | |||
Non-Agency Collateralized Mortgage Obligations | 0.57% | |||
Sovereign Bonds | 0.42% | |||
Municipal Bonds and Notes | 0.26% | |||
U.S. Government Sponsored Agencies | 0.20% | |||
Asset Backed | 0.11% | |||
Federal Agencies | 0.08% | |||
|
| |||
31.86% | ||||
|
| |||
Short Term Investments | ||||
Short-Term Investments | 5.61% | |||
|
| |||
5.61% | ||||
|
| |||
100.00% | ||||
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
7
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Notes to Schedules of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future. |
(c) | Coupon amount represents effective yield. |
(d) | At June 30, 2013, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(e) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
(f) | General Electric Co. is the parent company of GE Asset Management Incorporated, the Fund’s investment Adviser. |
(g) | Securities in default. |
(h) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Board of Directors. |
* | Less than 0.05%. |
** | Amount is less than $ 0.50. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
REIT | Real Estate Investment Trust |
8
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Selected data based on a share outstanding throughout the fiscal years indicated
| CLASS 1 | |||||||||||||||||||||||
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08(d) | |||||||||||||||||||
Inception date | — | — | — | — | — | 7/1/85 | ||||||||||||||||||
Net asset value, beginning of period | $ | 17.35 | $ | 15.66 | $ | 16.42 | $ | 15.18 | $ | 12.75 | $ | 18.61 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.17 | $ | 0.28 | 0.31 | 0.23 | * | 0.20 | * | 0.35 | * | ||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.61 | 1.68 | (0.78) | 1.23 | 2.45 | (5.80) | ||||||||||||||||||
Total income/(loss) from investment operations | 0.78 | 1.96 | (0.47) | 1.46 | 2.65 | (5.45) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.27 | 0.29 | 0.22 | 0.19 | 0.34 | ||||||||||||||||||
Net realized gains | — | — | — | — | — | 0.07 | ||||||||||||||||||
Return of capital | — | — | — | — | 0.03 | — | ||||||||||||||||||
Total distributions | — | 0.27 | 0.29 | 0.22 | 0.22 | 0.41 | ||||||||||||||||||
Net asset value, end of period | $ | 18.13 | $ | 17.35 | $ | 15.66 | $ | 16.42 | $ | 15.18 | $ | 12.75 | ||||||||||||
TOTAL RETURN(a) | 4.50% | 12.55% | (2.85)% | 9.64% | 20.81% | (29.28)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,003,700 | $ | 1,015,136 | $ | 1,006,391 | $ | 1,152,587 | $ | 1,131,038 | $ | 989,975 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.65% | ** | 1.45% | 1.67% | 1.51% | 1.47% | 2.16% | |||||||||||||||||
Net Expenses | 0.60% | (b)** | 0.73% | (b) | 0.74% | (b)(c) | 0.69% | (b)(c) | 0.67% | (b)(c) | 0.51% | (b)(c) | ||||||||||||
Gross Expenses | 0.61% | ** | 0.74% | 0.76% | 0.73% | 0.70% | 0.55% | |||||||||||||||||
Portfolio turnover rate | 95% | 168% | 195% | 148% | 174% | 203% |
| CLASS 3 | |||||||||||||||||||||||
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08(d) | |||||||||||||||||||
Inception date | — | — | — | — | — | 5/1/06 | ||||||||||||||||||
Net asset value, beginning of period | $ | 17.30 | $ | 15.62 | $ | 16.38 | $ | 15.15 | $ | 12.73 | $ | 18.59 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.12 | $ | 0.20 | 0.24 | 0.19 | * | 0.17 | * | 0.34 | * | ||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.64 | 1.71 | (0.75) | 1.23 | 2.45 | (5.80) | ||||||||||||||||||
Total income/(loss) from investment operations | 0.76 | 1.91 | (0.51) | 1.42 | 2.62 | (5.46) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.23 | 0.25 | 0.19 | 0.17 | 0.33 | ||||||||||||||||||
Net realized gains | — | — | — | — | — | 0.07 | ||||||||||||||||||
Return of capital | — | — | — | — | 0.03 | — | ||||||||||||||||||
Total distributions | — | 0.23 | 0.25 | 0.19 | 0.20 | 0.40 | ||||||||||||||||||
Net asset value, end of period | $ | 18.06 | $ | 17.30 | $ | 15.62 | $ | 16.38 | $ | 15.15 | $ | 12.73 | ||||||||||||
TOTAL RETURN(a) | 4.39% | 12.25% | (3.10)% | 9.37% | 20.57% | (29.37)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,824,419 | $ | 1,769,140 | $ | 1,624,263 | $ | 1,691,910 | $ | 1,421,191 | $ | 1,110,117 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.40% | ** | 1.20% | 1.42% | 1.26% | 1.26% | 2.05% | |||||||||||||||||
Net Expenses | 0.85% | (b)** | 0.98% | (b) | 0.99% | (b)(c) | 0.94% | (b)(c) | 0.87% | (b)(c) | 0.61% | (b)(c) | ||||||||||||
Gross Expenses | 0.86% | ** | 0.99% | 1.01% | 0.98% | 0.91% | 0.65% | |||||||||||||||||
Portfolio turnover rate | 95% | 168% | 195% | 148% | 174% | 203% |
The accompanying Notes are an integral part of these financial statements.
9
Table of Contents
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s management fee in an amount equal to the management fee earned by GEAM with respect to the Fund’s investment in an affiliated money market fund managed by GEAM. |
(c) | Reflects GEAM’s contractual arrangement with the Fund to waive advisory and administrative fees or limit operating expenses. The most recent arrangement expired on April 30, 2011. |
(d) | Less than $0.01 per share of the distribution paid was from return of capital. |
† | Unaudited. |
* | Per share values have been calculated using the average share method. |
** | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
10
Table of Contents
The accompanying Notes are an integral part of these financial statements.
11
Table of Contents
The accompanying Notes are an integral part of these financial statements.
12
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Statements of Changes in Net Assets
Six Months Ended 2013† | Year Ended December 31, 2012 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
Operations: | ||||||||
Net investment income | $ | 21,180,565 | $ | 35,464,222 | ||||
Net realized gain (loss) on investments, futures and foreign currency transactions | 227,001,326 | 93,848,538 | ||||||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency transactions | (123,819,595 | ) | 189,304,056 | |||||
Net Increase from operations | 124,362,296 | 318,616,816 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Class 1 | — | (15,803,736 | ) | |||||
Class 3 | — | (23,490,058 | ) | |||||
Total Distributions | — | (39,293,794 | ) | |||||
Increase in assets from operations and distributions | 124,362,296 | 279,323,022 | ||||||
Share transactions: | ||||||||
Proceeds from sale of shares | ||||||||
Class 1 | 8,316,122 | 8,543,879 | ||||||
Class 3 | 87,411,025 | 174,037,895 | ||||||
Value of distributions reinvested | ||||||||
Class 1 | — | 15,803,736 | ||||||
Class 3 | — | 23,490,058 | ||||||
Cost of shares redeemed | ||||||||
Class 1 | (65,849,160 | ) | (121,127,522 | ) | ||||
Class 3 | (110,397,163 | ) | (226,450,122 | ) | ||||
Net decrease from share transactions | (80,519,176 | ) | (125,702,076 | ) | ||||
Total increase (decrease) in net assets | 43,843,120 | 153,620,946 | ||||||
NET ASSETS | ||||||||
Beginning of period | 2,784,275,152 | 2,630,654,206 | ||||||
End of period | 2,828,118,272 | 2,784,275,152 | ||||||
Undistributed (distributions in excess of) net investment income, end of period | $ | 21,022,365 | $ | (158,200 | ) |
† | (Unaudited) |
The accompanying Notes are an integral part of these financial statements.
13
Table of Contents
Statements of Changes in Net Assets (continued) Changes in Fund Shares | ||||||||
Six Months Ended 2013† | Year Ended December 31, 2012 | |||||||
CHANGES IN FUND SHARES | ||||||||
Class 1 | ||||||||
Shares sold | 456,647 | 507,656 | ||||||
Issued for distributions reinvested | — | 915,098 | ||||||
Shares redeemed | (3,624,813 | ) | (7,180,857 | ) | ||||
Net decrease in fund shares | (3,168,166 | ) | (5,758,103 | ) | ||||
Class 3 | ||||||||
Shares Sold | 4,850,007 | 10,337,487 | ||||||
Issued for Distributions reinvested | — | 1,363,323 | ||||||
Shares Redeemed | (6,102,287 | ) | (13,441,850 | ) | ||||
Net decrease in fund shares | (1,252,280 | ) | (1,741,040 | ) |
† | (Unaudited) |
The accompanying Notes are an integral part of these financial statements.
14
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund, Core Value Equity Fund, Small-Cap Equity Fund, Total Return Fund (the “Fund”), Income Fund, and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company currently offers two share classes of the Fund as investment options for variable life insurance and variable annuity contracts — Class 1 and Class 3. Class 3 shares were first offered on May 1, 2006, and Fund shares outstanding prior to May 1, 2006 were designated as Class 1 shares. Each class of shares has different fees and expenses, and as a result, each class of shares will have different share price and performance. Not all variable contracts offer every class of the Fund’s shares.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
The Fund’s income, expenses (other than distribution fees) and realized and unrealized gains and losses are allocated proportionally each day among the share classes based upon the relative net assets of each class.
Foreign Currency Accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions.
All assets and liabilities of the Fund initially expressed in foreign currency values will be converted into U.S. dollars at the WM/Reuter exchange rate computed at 11:00 a.m., Eastern Time.
The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the year. Such fluctuations are included in the net realized or unrealized gain or loss from investments. Net realized gains or losses on foreign currency transactions represent net gains or losses on sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income and withholding taxes accrued and the U.S. dollar amount actually received or paid, and gains or losses between the trade and settlement date on purchases and sales of foreign securities. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities (including foreign currencies and open foreign currency contracts) as a result of changes in foreign exchange rates are included as increases or decreases in unrealized appreciation/depreciation on foreign currency related transactions.
Derivatives The Fund is subject to equity price risk, interest rate risk, credit risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may enter into derivative transactions (such as options, futures, and options on futures) to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
15
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in interest rates and/or market conditions, gaining market exposure for accumulating and residual cash positions, for duration management, or when the transactions were economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.
When-Issued Securities and Forward Commitments The Fund may purchase or sell securities on a when issued or forward commitment basis. These transactions are arrangements in which the Fund purchases and sells securities with payment and delivery scheduled a month or more after entering into the transaction. The price of the underlying securities and the date when these securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the market value of the underlying securities or if the
counterparty does not perform under the commitments. In connection with such purchases, the Fund maintains cash or liquid assets in an amount equal to the purchase commitments for such underlying securities until settlement date and for sales commitments the Fund maintains equivalent deliverable securities as “cover” for the transaction. Unsettled commitments are valued at the current market value of the underlying security. Daily fluctuations in the value of such commitments are recorded as unrealized gains or losses. The Fund will not enter into such commitments for the purpose of investment leverage.
Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange contracts to facilitate transactions in foreign denominated securities and to manage the Fund’s currency exposure. Forward foreign currency exchange contracts are valued at the mean between the bid and the offered forward rates as last quoted by a recognized dealer. The aggregate principal amounts of the contracts are not recorded in the Fund’s financial statements. Such amounts appear under the caption Forward Foreign Currency Contracts in the Schedules of Investments. Fluctuations in the value of the contracts are recorded in the Statements of Assets and Liabilities as an asset (or liability) and in the Statements of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains or losses on foreign currency related transactions. The Fund’s risks in using these contracts include changes in the value of foreign currency or the possibility that the counterparties do not perform under the contracts’ terms. When the Fund enters into a forward foreign currency exchange contract, it is required to segregate cash or liquid securities with its custodian in an amount equal to the value of the Fund’s total assets committed to the consummation of the forward contract. If the value of the segregated securities declines, additional cash or securities are segregated so that the value of the account will equal the amount of the Fund’s commitment with respect to the contract.
Investments in Foreign Markets Investments in foreign markets involve special risks and considerations not typically associated with investing in the United States. These risks include revaluation of currencies, high rates of inflation, restrictions on repatriation of income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls, tariffs and taxes, subject to delays in settlements, and their prices may be more volatile.
16
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
The Fund may be subject to capital gains and repatriation taxes imposed by certain countries in which they invest. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as income and/or capital gains are earned.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Certain class specific expenses (such as distribution fees) are allocated to the class that incurs such expense. Expenses of the Fund are generally paid directly by the Fund, however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market
observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Debt securities (other than short-term securities described below) generally are valued at an evaluated bid price as reported by independent pricing services. The pricing services use various pricing models for each asset class. The inputs and assumptions to the model of the pricing services are derived from market observable sources,
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including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing service uses other available information as applicable such as benchmark curves, benchmarking of similar securities, sector groupings, and matrix pricing. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and are primarily comprised of corporate fixed income, government, mortgage and asset-backed securities. In the absence of a reliable bid price from such a pricing service, debt securities may be valued based on broker or dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified as Level 3.
The Fund may use non-binding broker or dealer quotes for valuation when there is limited or no relevant market activity for a specific investment or for other investments that share similar characteristics and a price is not provided by a pricing service or is deemed not to be reliable. The Fund has not adjusted the prices obtained. Investment securities priced using non-binding broker or dealer quotes are included in Level 3.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used
to value any investment of the Fund in the appropriate circumstances.
Foreign securities may be valued with the assistance of an independent fair value pricing service in circumstances where it is believed that they have been or would be materially affected by events occurring after the close of the portfolio security’s primary market and before the close of regular trading on the NYSE. In these circumstances the Fund classifies the investment securities in Level 2. This independent fair value pricing service uses a proprietary model to identify affected securities, taking into consideration various factors, and the fair value of such securities may be something other than the last available quotation or other market price.
All assets and liabilities of the Fund initially expressed in foreign currency values will be converted into U.S. dollars at the WM/Reuters exchange rate computed at 11:00 a.m. Eastern time.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest
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rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Domestic Equity | $ | 1,203,909,635 | $ | — | $ | — | $ | 1,203,909,635 | ||||||||||||
Foreign Equity | 587,935,008 | — | — | 587,935,008 | ||||||||||||||||
U.S. Treasuries | — | 334,962,351 | — | 334,962,351 | ||||||||||||||||
U.S. Government Sponsored Agencies | — | 5,834,086 | — | 5,834,086 | ||||||||||||||||
Agency Mortgage Backed | — | 306,795,713 | — | 306,795,713 | ||||||||||||||||
Asset Backed | — | 3,175,200 | — | 3,175,200 | ||||||||||||||||
Corporate Notes | — | 230,010,104 | — | 230,010,104 | ||||||||||||||||
Federal Agencies | — | 2,291,150 | — | 2,291,150 | ||||||||||||||||
Mutual Funds | 7,547 | — | — | 7,547 | ||||||||||||||||
Non-Agency CMOs | — | 16,398,291 | — | 16,398,291 | ||||||||||||||||
Sovereign Bonds | — | 12,051,621 | — | 12,051,621 | ||||||||||||||||
Municipal Notes and Bonds | — | 7,539,319 | — | 7,539,319 | ||||||||||||||||
Preferred Stock | 11,472,242 | — | — | 11,472,242 | ||||||||||||||||
Rights | 27,418 | — | — | 27,418 | ||||||||||||||||
Short-Term Investments | 161,654,290 | — | — | 161,654,290 | ||||||||||||||||
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Total Investments in Securities | $ | 1,965,006,140 | $ | 919,057,835 | $ | — | $ | 2,884,063,975 | ||||||||||||
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Other Financial Instruments* | ||||||||||||||||||||
Futures Contracts — Unrealized Appreciation | $ | 4,678 | $ | — | $ | — | $ | 4,678 | ||||||||||||
Futures Contracts — Unrealized Depreciation | (347,848 | ) | — | — | �� | (347,848 | ) | |||||||||||||
TBA sale commitments | — | 4,406 | — | 4,406 | ||||||||||||||||
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Total Other Financial Instruments | $ | (343,170 | ) | $ | 4,406 | $ | — | $ | (338,764 | ) | ||||||||||
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† | See Schedule of Investments for Industry Classification |
* | Other financial instruments include derivative instruments such as futures contracts and TBA sale commitments. Amounts shown represent unrealized appreciation (depreciation), at period end. |
The Fund utilized the fair value pricing service on December 31, 2012 due to events occurring after the close of foreign local markets and before the close of regular trading on the NYSE. This resulted in certain foreign securities being classified as Level 2 at the beginning of the period which were classified as Level 1 at June 30, 2013. The value of securities that were transferred to Level 1 from Level 2 as a result was $459,406,346.
There were no other transfers between fair value levels during the period. Transfers between fair value levels are considered to occur at the beginning of the period.
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4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2013.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset Derivatives June 30, 2013 | Liability Derivatives June 30, 2013 | |||||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the statement of assets and liabilities | Fair Value ($) | Location in the statement of assets and liabilities | Fair Value ($) | ||||||||
Equity Futures Contracts | Assets, variation margin receivable | 5,566 | Liabilities, variation margin payable | 76,818 | ||||||||
Equity Futures Contracts | Unrealized gain, net assets | 4,678* | Unrealized loss, net assets | 347,848* |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments and within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin for futures contracts is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
Fair value of the collateral held with the counter party was $1,239,100 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount of Derivatives Contracts Purchased/(Sold) ($) | Realized Gain or (Loss) on | Change in on Derivatives | ||||||||||
Equity Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures |
| 125,959,570/ (189,650,884) |
| 7,481,498 | (1,904,375) | ||||||||
Interest Rate Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures |
| 259,476,248/ (281,172,271) |
| (201,313) | (530,686) | ||||||||
Foreign Currency Forward Exchange Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Foreign Currency Forward Exchange | —/(96,115,247) | (813,683) | 59,847 |
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5. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Funds generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i) 33.33% of its total assets or (ii) 20% of its net assets. The credit facilities were not utilized by the Fund during the six-month period ended June 30, 2013.
6. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective May 1, 1997 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on average daily net assets of the Fund at an annualized rate of 0.35%. Prior to the Fund’s restructure on January 23, 2013 (see note 7), GEAM’s compensation for investment advisory and administrative services was an annualized rate of 0.50%.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
From May 1, 2010 through April 30, 2011, GEAM entered into a contractual arrangement with the Company to limit other expenses of each share class of the Fund (excluding applicable investor Service Plan fee of 0.20%) at or below 0.03% on an annualized basis. This arrangement was terminated on April 30, 2011. Expenses borne by GEAM pursuant to the expense limitation agreement may be recouped by GEAM for up to three years from the date the expense was incurred. A reimbursement will not be made if it would cause the total operating expenses of Class 1 Shares and Class 3 Shares to exceed 0.80% and 1.05% of average net assets, respectively, for the fiscal year in which the recoupment is made.
Investor Service Plan — Class 1 and Class 3 Shares The Company adopted an Investor Service Plan (the “Service Plan”) on December 9, 2005 for Class 1 shares and on May 1, 2009 for Class 3 shares of the Fund. The Service Plan was not adopted pursuant to Rule 12b-1 under the 1940 Act. Each Service Plan provides that during any fiscal year, the amount of compensation paid under the Service Plan by the Total Return Fund Class 1 or Class 3 shares may not exceed the annual rate of 0.20% of the average daily net assets of the Total Return Fund attributable to each such class shares.
Distribution and Shareholder Service (12b-1) Fees The Company has adopted a Distribution and Service (12b-1) Plan (12b-1 Plan) pursuant to Rule 12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Total Return Fund. Under the 12b-1 Plan for Class 1 shares that became effective May 1, 2009, payments made under the Class 1 Investor Service Plan are covered in the event that any portion of compensation paid pursuant to the Class 1 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under each 12b-1 Plan for Class 3 shares, the Company, on behalf of the Fund, may compensate GE Investment Distributors, Inc. (GEID), the distributor of the shares of the Fund, for certain sales services provided by GEID or other broker dealers and investor services provided by GEID or other service providers relating to the Fund’s Class 3 shares, including services to owners or prospective owners of variable contracts issued by insurance companies that offer Class 3 shares as an investment option under such variable contracts. The amount of compensation paid under the 12b-1 Plan may not exceed 0.25% for Class 3 shares, of the average daily net assets of the Fund attributable to such share class. The 12b-1 Plan continues in effect from year to year for so long as such continuance is approved annually by the Board of Directors, including by those directors who are not interested persons of the Company and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to it. In addition, the Class 3 12b-1 Plan covers payments made under the Class 3 Investor Service Plan in the event that any portion of compensation paid pursuant to the Class 3 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 3 shares to finance distribution of such shares.
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not
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such officers or employees also serve in a similar capacity for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
7. | Sub-Advisory Fees |
On September 19, 2012, the Board approved a restructuring of the Fund to change the investment management of the Fund’s underlying strategies from that of active management to passive management, employing an indexing investment approach designed to track the performance of various broad-based indices (the “Fund Restructure”).
In connection with the Fund Restructure, the Board approved the appointment of a new sub-adviser, BlackRock Investment Management, LLC (“BlackRock”), to manage the Fund’s assets using a passive indexation investment approach. GEAM continues to provide asset allocation services to the Fund, and to allocate the Fund’s assets across various asset classes in order to diversify the Fund’s holdings and to adjust the asset class weightings based on market and economic conditions. Based on the asset allocation decisions of GEAM, BlackRock manages the Fund’s assets using an indexing investment approach designed to track the performance of the desired broad-based indices representing the asset classes. The Fund’s investment objective was not changed. The Fund Restructure was completed on January 31, 2013, and BlackRock became sub-adviser to the Fund effective February 1, 2013. In connection therewith both Urdang Securities Management, Inc. and Palisade Capital Management, L.L.C. were terminated as sub-advisers to the Fund effective January 22, 2013.
For their services, GEAM pays BlackRock an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the Fund.
8. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013, were as follows:
U.S. Government Securities | ||
Purchases | Sales | |
$ 1,248,770,161 | $1,112,031,695 |
Non-U.S. Government Securities | ||
Purchases | Sales | |
$ 1,473,688,439 | $1,486,204,241 |
9. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2013, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | |||||
Appreciation | Depreciation | Net Tax Appreciation | ||||
$2,808,382,456 | $197,670,476 | $(121,988,957) | $75,681,519 |
As of December 31, 2012, the Fund had capital loss carryovers, as indicated below. Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the
gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
Amount | ||||
Short-Term | Long-Term | Expires | ||
$102,700,782 | $— | 12/31/2017 |
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
These amounts will be available to offset future taxable capital gains. [Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.]
During the year ended December 31, 2012, the Fund utilized $79,360,122 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund elected to defer qualified late-year losses for the year ended December 31, 2012 as follows:
Capital | Ordinary | |
$— | $271,663 |
The tax composition of distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:
Ordinary Income | Long-Term Capital Gains | Total | ||||||||||
2012 | $ | 39,293,794 | $ | — | $ | 39,293,794 | ||||||
2011 | 44,026,219 | — | 44,026,219 |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences include (but are not limited to) futures, treatment of realized and unrealized gains and losses on foreign currency transactions, paydown gains and losses on mortgage-backed securities, investments organized as partnerships for tax purposes, losses deferred due to offsetting positions, distributions from Real Estate Investment Trusts (REITs) and other equity investments, and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain | Capital Paid In | |||
$2,970,647 | $(2,296,919) | $— | $(673,728) |
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Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer – Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel – Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
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Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified – Vice President and Secretary – 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
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Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
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Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
27
Table of Contents
Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
28
Table of Contents
Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC – information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
S&P 500 Index Fund
Semi-Annual Report
June 30, 2013
Table of Contents
S&P 500 Index Fund | Contents |
1 | |||||
2 | |||||
3 | |||||
11 | |||||
12 | |||||
13 | |||||
14 | |||||
15 | |||||
16 | |||||
21 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
S&P 500 Index Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments S&P 500 Index Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek growth of capital and accumulation of income that corresponds to the investment return of the Standard & Poor’s 500® Composite Stock Index (S&P 500 Index). The Fund seeks to replicate the investment performance of the S&P 500 Index while holding transaction costs low and minimizing portfolio turnover.
Sector Allocation
as a % of Fair Value of $190,507 (in thousands) on June 30, 2013 (a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value (a)(b)(c)
| ||||
Exxon Mobil Corp. | 2.74% | |||
Apple Inc. | 2.53% | |||
Microsoft Corp. | 1.77% | |||
Johnson & Johnson | 1.64% | |||
General Electric Co. | 1.63% | |||
Google Inc. | 1.61% | |||
Chevron Corp. | 1.56% | |||
The Procter & Gamble Co. | 1.44% | |||
Berkshire Hathaway Inc. | 1.39% | |||
Wells Fargo & Co. | 1.38% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
S&P 500 Index Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses Paid During Period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 - June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,136.00 | 2.01 | |||||||||
Hypothetical 5% Return | 1,000.00 | 1,022.91 | 1.91 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.38% (for the period January 1, 2013 - June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
S&P 500 Index Fund
Number of Shares | Fair Value | |||||||||
Common Stock — 97.2%† | ||||||||||
Advertising — 0.1% | ||||||||||
Omnicom Group Inc. | 3,380 | $ | 212,500 | |||||||
The Interpublic Group of Companies Inc. | 5,530 | 80,461 | ||||||||
292,961 | ||||||||||
Aerospace & Defense — 2.5% | ||||||||||
General Dynamics Corp. | 4,267 | 334,234 | ||||||||
Honeywell International Inc. | 10,143 | 804,746 | ||||||||
L-3 Communications Holdings Inc. | 1,063 | 91,142 | ||||||||
Lockheed Martin Corp. | 3,452 | 374,403 | ||||||||
Northrop Grumman Corp. | 3,022 | 250,221 | ||||||||
Precision Castparts Corp. | 1,900 | 429,419 | ||||||||
Raytheon Co. | 4,169 | 275,654 | ||||||||
Rockwell Collins Inc. | 1,636 | 103,739 | ||||||||
Textron Inc. | 3,525 | 91,827 | ||||||||
The Boeing Co. | 8,886 | 910,282 | (d) | |||||||
United Technologies Corp. | 10,972 | 1,019,738 | (d) | |||||||
4,685,405 | ||||||||||
Agricultural Products — 0.1% | ||||||||||
Archer-Daniels-Midland Co. | 8,324 | 282,267 | ||||||||
Air Freight & Logistics — 0.7% | ||||||||||
CH Robinson Worldwide Inc. | 1,945 | 109,523 | ||||||||
Expeditors International of Washington Inc. | 2,800 | 106,428 | ||||||||
FedEx Corp. | 3,811 | 375,689 | ||||||||
United Parcel Service Inc. | 9,235 | 798,643 | ||||||||
1,390,283 | ||||||||||
Airlines — 0.1% | ||||||||||
Southwest Airlines Co. | 9,949 | 128,243 | ||||||||
Aluminum — 0.1% | ||||||||||
Alcoa Inc. | 13,140 | 102,755 | (d) | |||||||
Apparel Retail — 0.6% | ||||||||||
Abercrombie & Fitch Co. | 1,000 | 45,250 | ||||||||
L Brands Inc. | 3,288 | 161,934 | ||||||||
Ross Stores Inc. | 2,900 | 187,949 | ||||||||
The Gap Inc. | 3,636 | 151,730 | ||||||||
TJX Companies Inc. | 9,337 | 467,410 | ||||||||
Urban Outfitters Inc. | 1,200 | 48,264 | (a) | |||||||
1,062,537 | ||||||||||
Apparel, Accessories & Luxury Goods — 0.4% |
| |||||||||
Coach Inc. | 3,789 | 216,314 | ||||||||
Fossil Group Inc | 600 | 61,986 | (a) | |||||||
PVH Corp. | 969 | 121,173 | ||||||||
Ralph Lauren Corp. | 800 | 138,992 | ||||||||
VF Corp. | 1,102 | 212,753 | ||||||||
751,218 |
Number of Shares | Fair Value | |||||||||
Application Software — 0.5% |
| |||||||||
Adobe Systems Inc. | 6,484 | $ | 295,411 | (a,d) | ||||||
Autodesk Inc. | 3,048 | 103,449 | (a) | |||||||
Citrix Systems Inc. | 2,500 | 150,825 | (a) | |||||||
Intuit Inc. | 3,600 | 219,708 | ||||||||
Salesforce.com Inc. | 7,200 | 274,896 | (a) | |||||||
Verint Systems Inc. | 1 | 35 | (a) | |||||||
1,044,324 | ||||||||||
Asset Management & Custody Banks — 1.2% |
| |||||||||
Ameriprise Financial Inc. | 2,533 | 204,869 | ||||||||
BlackRock Inc. | 1,565 | 401,970 | ||||||||
Franklin Resources Inc. | 1,800 | 244,836 | ||||||||
Invesco Ltd. | 5,950 | 189,210 | ||||||||
Legg Mason Inc. | 1,300 | 40,313 | ||||||||
Northern Trust Corp. | 2,800 | 162,120 | ||||||||
State Street Corp. | 5,811 | 378,935 | (c) | |||||||
T Rowe Price Group Inc. | 3,400 | 248,710 | ||||||||
The Bank of New York Mellon Corp. | 14,903 | 418,029 | ||||||||
2,288,992 | ||||||||||
Auto Parts & Equipment — 0.3% | ||||||||||
BorgWarner Inc. | 1,500 | 129,225 | (a) | |||||||
Delphi Automotive PLC | 3,700 | 187,553 | ||||||||
Johnson Controls Inc. | 8,746 | 313,020 | ||||||||
629,798 | ||||||||||
Automobile Manufacturers — 0.6% |
| |||||||||
Ford Motor Co. | 51,027 | 789,388 | ||||||||
General Motors Co. | 10,000 | 333,100 | (a) | |||||||
1,122,488 | ||||||||||
Automotive Retail — 0.3% | ||||||||||
AutoNation Inc. | 486 | 21,087 | (a) | |||||||
AutoZone Inc. | 444 | 188,118 | (a) | |||||||
CarMax Inc. | 3,100 | 143,096 | (a) | |||||||
O’Reilly Automotive Inc. | 1,500 | 168,930 | (a) | |||||||
521,231 | ||||||||||
Biotechnology — 1.9% | ||||||||||
Alexion Pharmaceuticals Inc. | 2,500 | 230,600 | (a) | |||||||
Amgen Inc. | 9,700 | 957,002 | (d) | |||||||
Biogen Idec Inc. | 3,100 | 667,120 | (a) | |||||||
Celgene Corp. | 5,400 | 631,314 | (a) | |||||||
Gilead Sciences Inc. | 19,798 | 1,013,856 | (a) | |||||||
Regeneron Pharmaceuticals Inc. | 1,000 | 224,880 | (a) | |||||||
3,724,772 | ||||||||||
Brewers — 0.0%* | ||||||||||
Molson Coors Brewing Co. | 1,898 | 90,839 | ||||||||
Broadcasting — 0.4% | ||||||||||
CBS Corp. | 7,509 | 366,965 | ||||||||
Discovery Communications Inc. | 3,200 | 247,072 | (a) | |||||||
Scripps Networks Interactive Inc. | 1,000 | 66,760 | ||||||||
680,797 |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Building Products — 0.0%* | ||||||||||
Masco Corp. | 4,890 | $ | 95,306 | |||||||
Cable & Satellite — 1.2% | ||||||||||
Cablevision Systems Corp. | 2,800 | 47,096 | ||||||||
Comcast Corp. | 33,958 | 1,422,161 | ||||||||
DIRECTV | 7,200 | 443,664 | (a) | |||||||
Time Warner Cable Inc. | 3,696 | 415,726 | ||||||||
2,328,647 | ||||||||||
Casinos & Gaming — 0.1% | ||||||||||
International Game Technology | 3,400 | 56,814 | ||||||||
Wynn Resorts Ltd. | 1,100 | 140,800 | ||||||||
197,614 | ||||||||||
Coal & Consumable Fuels — 0.1% | ||||||||||
CONSOL Energy Inc. | 3,200 | 86,720 | ||||||||
Peabody Energy Corp. | 3,779 | 55,325 | ||||||||
142,045 | ||||||||||
Commodity Chemicals — 0.2% | ||||||||||
LyondellBasell Industries N.V. | 4,871 | 322,753 | ||||||||
Communications Equipment — 1.9% |
| |||||||||
Cisco Systems Inc. | 69,064 | 1,678,946 | (d) | |||||||
F5 Networks Inc. | 1,000 | 68,800 | (a) | |||||||
Harris Corp. | 1,400 | 68,950 | ||||||||
JDS Uniphase Corp. | 3,650 | 52,487 | (a) | |||||||
Juniper Networks Inc. | 6,400 | 123,584 | (a) | |||||||
Motorola Solutions Inc. | 3,435 | 198,302 | ||||||||
Qualcomm Inc. | 22,429 | 1,369,964 | ||||||||
3,561,033 | ||||||||||
Computer & Electronics Retail — 0.1% |
| |||||||||
Best Buy Company Inc. | 3,300 | 90,189 | ||||||||
GameStop Corp. | 1,500 | 63,045 | ||||||||
153,234 | ||||||||||
Computer Hardware — 3.0% | ||||||||||
Apple Inc. | 12,145 | 4,810,392 | ||||||||
Dell Inc. | 18,728 | 250,019 | (d) | |||||||
Hewlett-Packard Co. | 24,849 | 616,255 | ||||||||
5,676,666 | ||||||||||
Computer Storage & Peripherals — 0.7% |
| |||||||||
EMC Corp. | 27,314 | 645,157 | ||||||||
NetApp Inc. | 4,800 | 181,344 | (a) | |||||||
SanDisk Corp. | 3,100 | 189,410 | (a) | |||||||
Seagate Technology PLC | 4,312 | 193,307 | ||||||||
Western Digital Corp. | 2,900 | 180,061 | ||||||||
1,389,279 | ||||||||||
Construction & Engineering — 0.1% |
| |||||||||
Fluor Corp. | 2,078 | 123,246 | ||||||||
Jacobs Engineering Group Inc. | 1,600 | 88,208 | (a) | |||||||
Quanta Services Inc. | 2,500 | 66,150 | (a) | |||||||
277,604 |
Number of Shares | Fair Value | |||||||||
Construction & Farm Machinery — 0.9% |
| |||||||||
Caterpillar Inc. | 8,532 | $ | 703,804 | |||||||
Cummins Inc. | 2,256 | 244,686 | ||||||||
Deere & Co. | 4,982 | 404,788 | ||||||||
Joy Global Inc. | 1,400 | 67,942 | ||||||||
PACCAR Inc. | 4,703 | 252,363 | ||||||||
1,673,583 | ||||||||||
Construction Materials — 0.0%* | ||||||||||
Vulcan Materials Co. | 1,700 | 82,297 | ||||||||
Consumer Electronics — 0.1% | ||||||||||
Garmin Ltd. | 1,500 | 54,240 | ||||||||
Harman International Industries Inc. | 900 | 48,780 | ||||||||
103,020 | ||||||||||
Consumer Finance — 1.0% | ||||||||||
American Express Co. | 12,491 | 933,827 | (d) | |||||||
Capital One Financial Corp. | 7,625 | 478,926 | ||||||||
Discover Financial Services | 6,398 | 304,801 | ||||||||
SLM Corp. | 5,483 | 125,341 | ||||||||
1,842,895 | ||||||||||
Data Processing & Outsourced Services — 1.7% | ||||||||||
Automatic Data Processing Inc. | 6,380 | 439,327 | ||||||||
Computer Sciences Corp. | 1,982 | 86,752 | ||||||||
Fidelity National Information Services Inc. | 4,000 | 171,360 | ||||||||
Fiserv Inc. | 1,641 | 143,439 | (a) | |||||||
Mastercard Inc. | 1,380 | 792,810 | ||||||||
Paychex Inc. | 4,225 | 154,297 | ||||||||
The Western Union Co. | 7,324 | 125,314 | ||||||||
Total System Services Inc. | 2,302 | 56,353 | ||||||||
Visa Inc. | 6,600 | 1,206,150 | ||||||||
3,175,802 | ||||||||||
Department Stores — 0.3% | ||||||||||
JC Penney Company Inc. | 2,287 | 39,061 | (a) | |||||||
Kohl’s Corp. | 2,573 | 129,962 | ||||||||
Macy’s Inc. | 4,830 | 231,840 | ||||||||
Nordstrom Inc. | 1,792 | 107,413 | ||||||||
508,276 | ||||||||||
Distillers & Vintners — 0.2% | ||||||||||
Beam Inc. | 2,041 | 128,808 | ||||||||
Brown-Forman Corp. | 1,920 | 129,696 | ||||||||
Constellation Brands Inc. | 2,000 | 104,240 | (a) | |||||||
362,744 | ||||||||||
Distributors — 0.1% | ||||||||||
Genuine Parts Co. | 2,096 | 163,635 |
See Notes to Schedule of Investments and Notes to Financial Statements.
4
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Diversified Chemicals — 0.9% | ||||||||||
Eastman Chemical Co. | 2,018 | $ | 141,280 | |||||||
EI du Pont de Nemours & Co. | 11,828 | 620,970 | ||||||||
FMC Corp. | 1,900 | 116,014 | ||||||||
PPG Industries Inc. | 1,803 | 263,978 | ||||||||
The Dow Chemical Co. | 15,945 | 512,950 | ||||||||
1,655,192 | ||||||||||
Diversified Financial Services — 5.2% | ||||||||||
Bank of America Corp. | 139,309 | 1,791,514 | ||||||||
Citigroup Inc. | 39,553 | 1,897,358 | ||||||||
Comerica Inc. | 2,356 | 93,839 | ||||||||
JPMorgan Chase & Co. | 48,955 | 2,584,335 | (d) | |||||||
U.S. Bancorp | 24,209 | 875,155 | ||||||||
Wells Fargo & Co. | 63,844 | 2,634,842 | ||||||||
9,877,043 | ||||||||||
Diversified Metals & Mining — 0.2% | ||||||||||
Freeport-McMoRan Copper & Gold Inc. | 12,510 | 345,401 | ||||||||
Diversified REITs — 0.1% | ||||||||||
Vornado Realty Trust | 2,247 | 186,164 | ||||||||
Diversified Support Services — 0.1% | ||||||||||
Cintas Corp. | 1,500 | 68,310 | ||||||||
Iron Mountain Inc. | 2,359 | 62,773 | ||||||||
131,083 | ||||||||||
Drug Retail — 0.7% | ||||||||||
CVS Caremark Corp. | 15,727 | 899,270 | ||||||||
Walgreen Co. | 11,313 | 500,035 | ||||||||
1,399,305 | ||||||||||
Electric Utilities — 1.8% | ||||||||||
American Electric Power Company Inc. | 6,425 | 287,712 | (d) | |||||||
Duke Energy Corp. | 9,270 | 625,725 | ||||||||
Edison International | 4,242 | 204,295 | ||||||||
Entergy Corp. | 2,385 | 166,186 | ||||||||
Exelon Corp. | 10,925 | 337,364 | ||||||||
FirstEnergy Corp. | 5,554 | 207,387 | ||||||||
NextEra Energy Inc. | 5,462 | 445,044 | ||||||||
Northeast Utilities | 4,030 | 169,341 | ||||||||
Pepco Holdings Inc. | 3,300 | 66,528 | ||||||||
Pinnacle West Capital Corp. | 1,400 | 77,658 | ||||||||
PPL Corp. | 7,337 | 222,017 | ||||||||
The Southern Co. | 11,258 | 496,816 | ||||||||
Xcel Energy Inc. | 6,480 | 183,643 | ||||||||
3,489,716 | ||||||||||
Electrical Components & Equipment — 0.9% |
| |||||||||
Amphenol Corp. | 2,100 | 163,674 | ||||||||
Corning Inc. | 19,239 | 273,771 | ||||||||
Eaton Corp PLC | 6,204 | 408,285 | ||||||||
Emerson Electric Co. | 9,267 | 505,422 | ||||||||
Rockwell Automation Inc. | 1,719 | 142,917 | ||||||||
Roper Industries Inc. | 1,300 | 161,486 | ||||||||
1,655,555 |
Number of Shares | Fair Value | |||||||||
Electronic Equipment & Instruments — 0.0%* |
| |||||||||
FLIR Systems Inc. | 2,100 | $ | 56,637 | |||||||
Electronic Manufacturing Services — 0.2% |
| |||||||||
Jabil Circuit Inc. | 2,109 | 42,981 | ||||||||
Molex Inc. | 1,950 | 57,213 | ||||||||
TE Connectivity Ltd. | 5,300 | 241,362 | ||||||||
341,556 | ||||||||||
Environmental & Facilities Services — 0.3% |
| |||||||||
Republic Services Inc. | 3,715 | 126,087 | ||||||||
Stericycle Inc. | 1,200 | 132,516 | (a) | |||||||
Waste Management Inc. | 5,803 | 234,035 | ||||||||
492,638 | ||||||||||
Fertilizers & Agricultural Chemicals — 0.5% |
| |||||||||
CF Industries Holdings Inc. | 745 | 127,767 | ||||||||
Monsanto Co. | 6,923 | 683,993 | (d) | |||||||
The Mosaic Co. | 3,600 | 193,716 | ||||||||
1,005,476 | ||||||||||
Food Distributors — 0.1% | ||||||||||
Sysco Corp. | 7,744 | 264,535 | ||||||||
Food Retail — 0.3% | ||||||||||
Safeway Inc. | 3,100 | 73,346 | ||||||||
The Kroger Co. | 6,866 | 237,151 | ||||||||
Whole Foods Market Inc. | 4,388 | 225,894 | ||||||||
536,391 | ||||||||||
Footwear — 0.3% | ||||||||||
NIKE Inc. | 9,379 | 597,254 | ||||||||
Gas Utilities — 0.1% | ||||||||||
AGL Resources Inc. | 1,400 | 60,004 | ||||||||
ONEOK Inc. | 2,700 | 111,537 | ||||||||
171,541 | ||||||||||
General Merchandise Stores — 0.5% | ||||||||||
Dollar General Corp. | 3,800 | 191,634 | (a) | |||||||
Dollar Tree Inc. | 3,000 | 152,520 | (a) | |||||||
Family Dollar Stores Inc. | 1,300 | 81,003 | ||||||||
Target Corp. | 8,249 | 568,026 | ||||||||
993,183 | ||||||||||
Gold — 0.1% | ||||||||||
Newmont Mining Corp. | 6,219 | 186,259 | ||||||||
Healthcare Distributors — 0.4% | ||||||||||
AmerisourceBergen Corp. | 2,961 | 165,313 | ||||||||
Cardinal Health Inc. | 4,251 | 200,648 | ||||||||
McKesson Corp. | 3,002 | 343,729 | ||||||||
Patterson Companies Inc. | 1,200 | 45,120 | ||||||||
754,810 |
See Notes to Schedule of Investments and Notes to Financial Statements.
5
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||||
Healthcare Equipment — 2.0% | ||||||||||||
Abbott Laboratories | 20,404 | $ | 711,691 | (d | ) | |||||||
Baxter International Inc. | 7,002 | 485,029 | (d | ) | ||||||||
Becton Dickinson and Co. | 2,588 | 255,772 | ||||||||||
Boston Scientific Corp. | 16,943 | 157,061 | (a | ) | ||||||||
CareFusion Corp. | 2,975 | 109,629 | (a | ) | ||||||||
Covidien PLC | 6,200 | 389,608 | ||||||||||
CR Bard Inc. | 901 | 97,921 | ||||||||||
Edwards Lifesciences Corp. | 1,500 | 100,800 | (a | ) | ||||||||
Intuitive Surgical Inc. | 520 | 263,422 | (a | ) | ||||||||
Medtronic Inc. | 13,032 | 670,757 | ||||||||||
St Jude Medical Inc. | 3,692 | 168,466 | ||||||||||
Stryker Corp. | 3,637 | 235,241 | ||||||||||
Varian Medical Systems Inc. | 1,500 | 101,175 | (a | ) | ||||||||
Zimmer Holdings Inc. | 2,300 | 172,362 | ||||||||||
3,918,934 | ||||||||||||
Healthcare Facilities — 0.0%* | ||||||||||||
Tenet Healthcare Corp. | 1,273 | 58,686 | (a | ) | ||||||||
Healthcare Services — 0.5% | ||||||||||||
DaVita Healthcare Partners Inc. | 1,029 | 124,303 | (a) | |||||||||
Express Scripts Holding Co. | 10,651 | 657,060 | (a) | |||||||||
Laboratory Corporation of America Holdings | 1,200 | 120,120 | (a) | |||||||||
Quest Diagnostics Inc. | 2,000 | 121,260 | ||||||||||
1,022,743 | ||||||||||||
Healthcare Supplies — 0.0%* | ||||||||||||
DENTSPLY International Inc. | 1,800 | 73,728 | ||||||||||
Healthcare Technology — 0.1% | ||||||||||||
Cerner Corp. | 1,800 | 172,962 | (a | ) | ||||||||
Home Building — 0.1% | ||||||||||||
DR Horton Inc. | 4,000 | 85,120 | ||||||||||
Lennar Corp. | 2,200 | 79,288 | ||||||||||
PulteGroup Inc. | 4,635 | 87,926 | (a) | |||||||||
252,334 | ||||||||||||
Home Entertainment Software — 0.0%* | ||||||||||||
Electronic Arts Inc. | 4,300 | 98,771 | (a | ) | ||||||||
Home Furnishing Retail — 0.1% | ||||||||||||
Bed Bath & Beyond Inc. | 2,900 | 205,610 | (a) | |||||||||
Leggett & Platt Inc. | 1,900 | 59,071 | ||||||||||
264,681 | ||||||||||||
Home Improvement Retail — 1.1% | ||||||||||||
Lowe’s Companies Inc. | 13,802 | 564,502 | ||||||||||
The Home Depot Inc. | 18,933 | 1,466,739 | ||||||||||
2,031,241 | ||||||||||||
Hotels, Resorts & Cruise Lines — 0.3% | ||||||||||||
Carnival Corp. | 5,800 | 198,882 | ||||||||||
Marriott International Inc. | 3,014 | 121,675 | ||||||||||
Starwood Hotels & Resorts Worldwide Inc. | 2,600 | 164,294 | ||||||||||
Wyndham Worldwide Corp. | 1,642 | 93,971 | ||||||||||
578,822 |
Number of Shares | Fair Value | |||||||||||
Household Appliances — 0.1% | ||||||||||||
Whirlpool Corp. | 1,043 | $ | 119,277 | |||||||||
Household Products — 2.1% | ||||||||||||
Colgate-Palmolive Co. | 11,344 | 649,898 | ||||||||||
Kimberly-Clark Corp. | 4,936 | 479,483 | (d) | |||||||||
The Clorox Co. | 1,784 | 148,321 | ||||||||||
The Procter & Gamble Co. | 35,583 | 2,739,535 | ||||||||||
4,017,237 | ||||||||||||
Housewares & Specialities — 0.0%* | ||||||||||||
Newell Rubbermaid Inc. | 3,456 | 90,720 | ||||||||||
Human Resource & Employment Services — 0.0%* |
| |||||||||||
Robert Half International Inc. | 1,575 | 52,337 | ||||||||||
Hypermarkets & Super Centers — 1.1% |
| |||||||||||
Costco Wholesale Corp. | 5,606 | 619,855 | ||||||||||
Wal-Mart Stores Inc. | 21,158 | 1,576,060 | ||||||||||
2,195,915 | ||||||||||||
Independent Power Producers & Energy Traders — 0.1% |
| |||||||||||
AES Corp. | 8,300 | 99,517 | ||||||||||
NRG Energy Inc. | 4,400 | 117,480 | ||||||||||
216,997 | ||||||||||||
Industrial Conglomerates — 2.3% | ||||||||||||
3M Co. | 8,280 | 905,418 | ||||||||||
Danaher Corp. | 7,500 | 474,750 | ||||||||||
General Electric Co. | 133,989 | 3,107,205 | (f) | |||||||||
4,487,373 | ||||||||||||
Industrial Gases — 0.4% | ||||||||||||
Air Products & Chemicals Inc. | 2,732 | 250,169 | (d) | |||||||||
Airgas Inc. | 900 | 85,914 | ||||||||||
Praxair Inc. | 3,865 | 445,093 | ||||||||||
781,176 | ||||||||||||
Industrial Machinery — 0.8% | ||||||||||||
Dover Corp. | 2,258 | 175,356 | ||||||||||
Flowserve Corp. | 1,800 | 97,218 | ||||||||||
Illinois Tool Works Inc. | 5,427 | 375,386 | ||||||||||
Ingersoll-Rand PLC | 3,700 | 205,424 | ||||||||||
Pall Corp. | 1,578 | 104,826 | ||||||||||
Parker Hannifin Corp. | 1,844 | 175,917 | ||||||||||
Pentair Ltd. | 2,807 | 161,935 | ||||||||||
Snap-on Inc. | 809 | 72,308 | ||||||||||
Stanley Black & Decker Inc. | 2,092 | 161,711 | ||||||||||
Xylem Inc. | 2,426 | 65,356 | ||||||||||
1,595,437 |
See Notes to Schedule of Investments and Notes to Financial Statements.
6
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||||
Industrial REITs — 0.1% | ||||||||||||
Prologis Inc. | 6,629 | $ | 250,045 | |||||||||
Insurance Brokers — 0.3% | ||||||||||||
Aon PLC | 4,036 | 259,717 | ||||||||||
Marsh & McLennan Companies Inc. | 7,153 | 285,548 | ||||||||||
545,265 | ||||||||||||
Integrated Oil & Gas — 5.0% | ||||||||||||
Chevron Corp. | 25,112 | 2,971,754 | ||||||||||
Exxon Mobil Corp. | 57,721 | 5,215,092 | (d) | |||||||||
Hess Corp. | 3,749 | 249,271 | (d) | |||||||||
Murphy Oil Corp. | 2,300 | 140,047 | ||||||||||
Occidental Petroleum Corp. | 10,479 | 935,042 | ||||||||||
9,511,206 | ||||||||||||
Integrated Telecommunication Services — 2.5% |
| |||||||||||
AT&T Inc. | 69,723 | 2,468,194 | ||||||||||
CenturyLink Inc. | 8,099 | 286,300 | ||||||||||
Frontier Communications Corp. | 14,674 | 59,429 | ||||||||||
Verizon Communications Inc. | 37,067 | 1,865,953 | ||||||||||
Windstream Corp. | 7,543 | 58,157 | ||||||||||
4,738,033 | ||||||||||||
Internet Retail — 1.1% | ||||||||||||
Amazon.com Inc. | 4,717 | 1,309,863 | (a) | |||||||||
Expedia Inc. | 1,250 | 75,187 | ||||||||||
Netflix Inc. | 700 | 147,763 | (a) | |||||||||
priceline.com Inc. | 639 | 528,536 | (a) | |||||||||
TripAdvisor Inc. | 1,550 | 94,349 | (a) | |||||||||
2,155,698 | ||||||||||||
Internet Software & Services — 2.3% | ||||||||||||
Akamai Technologies Inc. | 2,500 | 106,375 | (a) | |||||||||
eBay Inc. | 15,100 | 780,972 | (a) | |||||||||
Google Inc. | 3,478 | 3,061,927 | (a) | |||||||||
VeriSign Inc. | 2,062 | 92,089 | (a) | |||||||||
Yahoo! Inc. | 12,189 | 306,066 | (a) | |||||||||
4,347,429 | �� | |||||||||||
Investment Banking & Brokerage — 0.8% |
| |||||||||||
E*TRADE Financial Corp. | 3,440 | 43,550 | (a) | |||||||||
Morgan Stanley | 17,596 | 429,870 | ||||||||||
The Charles Schwab Corp. | 13,911 | 295,330 | ||||||||||
The Goldman Sachs Group Inc. | 5,553 | 839,892 | ||||||||||
1,608,642 | ||||||||||||
IT Consulting & Other Services — 1.9% |
| |||||||||||
Accenture PLC | 8,300 | 597,268 | ||||||||||
Cognizant Technology Solutions Corp. | 3,807 | 238,356 | (a) | |||||||||
International Business Machines Corp. | 13,547 | 2,588,967 | ||||||||||
SAIC Inc. | 3,700 | 51,541 | ||||||||||
Teradata Corp. | 2,100 | 105,483 | (a) | |||||||||
3,581,615 |
Number of Shares | Fair Value | |||||||||||
Leisure Products — 0.1% |
| |||||||||||
Hasbro Inc. | 1,696 | $ | 76,032 | |||||||||
Mattel Inc. | 4,296 | 194,652 | ||||||||||
270,684 | ||||||||||||
Life & Health Insurance — 1.0% |
| |||||||||||
Aflac Inc. | 6,000 | 348,720 | ||||||||||
Lincoln National Corp. | 3,542 | 129,177 | ||||||||||
MetLife Inc. | 14,036 | 642,288 | ||||||||||
Principal Financial Group Inc. | 3,800 | 142,310 | ||||||||||
Prudential Financial Inc. | 6,100 | 445,483 | ||||||||||
Torchmark Corp. | 1,208 | 78,689 | ||||||||||
Unum Group | 3,389 | 99,535 | ||||||||||
1,886,202 | ||||||||||||
Life Sciences Tools & Services — 0.5% |
| |||||||||||
Agilent Technologies Inc. | 4,485 | 191,779 | ||||||||||
Life Technologies Corp. | 2,303 | 170,445 | (a) | |||||||||
PerkinElmer Inc. | 1,410 | 45,825 | ||||||||||
Thermo Fisher Scientific Inc. | 4,728 | 400,130 | ||||||||||
Waters Corp. | 1,200 | 120,060 | (a) | |||||||||
928,239 | ||||||||||||
Managed Healthcare — 1.0% |
| |||||||||||
Aetna Inc. | 4,768 | 302,959 | ||||||||||
Cigna Corp. | 3,789 | 274,665 | ||||||||||
Humana Inc. | 2,127 | 179,477 | ||||||||||
UnitedHealth Group Inc. | 13,240 | 866,955 | ||||||||||
WellPoint Inc. | 3,900 | 319,176 | ||||||||||
1,943,232 | ||||||||||||
Metal & Glass Containers — 0.1% |
| |||||||||||
Ball Corp. | 1,832 | 76,101 | ||||||||||
Owens-Illinois Inc. | 2,300 | 63,917 | (a) | |||||||||
140,018 | ||||||||||||
Motorcycle Manufacturers — 0.1% |
| |||||||||||
Harley-Davidson Inc. | 2,800 | 153,496 | ||||||||||
Movies & Entertainment — 1.8% |
| |||||||||||
The Walt Disney Co. | 23,478 | 1,482,636 | ||||||||||
Time Warner Inc. | 12,138 | 701,819 | ||||||||||
Twenty-First Century Fox Inc. | 26,000 | 847,600 | ||||||||||
Viacom Inc. | 5,814 | 395,642 | ||||||||||
3,427,697 | ||||||||||||
Multi-Line Insurance — 0.7% | ||||||||||||
American International Group Inc. | 19,225 | 859,357 | (a) | |||||||||
Assurant Inc. | 900 | 45,819 | ||||||||||
Genworth Financial Inc. | 6,100 | 69,601 | (a) | |||||||||
Hartford Financial Services Group Inc. | 6,004 | 185,644 | ||||||||||
Loews Corp. | 4,166 | 184,970 | ||||||||||
1,345,391 |
See Notes to Schedule of Investments and Notes to Financial Statements.
7
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||||
Multi-Sector Holdings — 0.1% | ||||||||||||
Leucadia National Corp. | 4,000 | $ | 104,880 | |||||||||
Multi-Utilities — 1.2% | ||||||||||||
Ameren Corp. | 3,042 | 104,766 | ||||||||||
CenterPoint Energy Inc. | 5,718 | 134,316 | ||||||||||
CMS Energy Corp. | 3,300 | 89,661 | ||||||||||
Consolidated Edison Inc. | 3,681 | 214,639 | ||||||||||
Dominion Resources Inc. | 7,382 | 419,445 | ||||||||||
DTE Energy Co. | 2,266 | 151,845 | ||||||||||
Integrys Energy Group Inc. | 1,031 | 60,344 | ||||||||||
NiSource Inc. | 4,115 | 117,854 | ||||||||||
PG&E Corp. | 5,654 | 258,557 | ||||||||||
Public Service Enterprise Group Inc. | 6,492 | 212,029 | ||||||||||
SCANA Corp. | 1,700 | 83,470 | ||||||||||
Sempra Energy | 2,875 | 235,060 | ||||||||||
TECO Energy Inc. | 2,700 | 46,413 | ||||||||||
Wisconsin Energy Corp. | 3,000 | 122,970 | ||||||||||
2,251,369 | ||||||||||||
Office Electronics — 0.1% | ||||||||||||
Xerox Corp. | 15,847 | 143,732 | ||||||||||
Office REITs — 0.1% | ||||||||||||
Boston Properties Inc. | 1,898 | 200,182 | ||||||||||
Office Services & Supplies — 0.0%* | ||||||||||||
Avery Dennison Corp. | 1,086 | 46,437 | ||||||||||
Pitney Bowes Inc. | 2,932 | 43,041 | ||||||||||
89,478 | ||||||||||||
Oil & Gas Drilling — 0.3% | ||||||||||||
Diamond Offshore Drilling Inc. | 900 | 61,911 | ||||||||||
Ensco PLC | 3,000 | 174,360 | ||||||||||
Helmerich & Payne Inc. | 1,400 | 87,430 | ||||||||||
Nabors Industries Ltd. | 3,300 | 50,523 | ||||||||||
Noble Corp. | 3,054 | 114,770 | ||||||||||
Rowan Companies PLC | 1,677 | 57,135 | (a) | |||||||||
546,129 | ||||||||||||
Oil & Gas Equipment & Services — 1.4% |
| |||||||||||
Baker Hughes Inc. | 5,564 | 256,668 | ||||||||||
Cameron International Corp. | 3,200 | 195,712 | (a) | |||||||||
FMC Technologies Inc. | 2,986 | 166,260 | (a) | |||||||||
Halliburton Co. | 11,945 | 498,345 | ||||||||||
National Oilwell Varco Inc. | 5,500 | 378,950 | ||||||||||
Schlumberger Ltd. | 17,346 | 1,243,015 | ||||||||||
2,738,950 | ||||||||||||
Oil & Gas Exploration & Production — 2.4% |
| |||||||||||
Anadarko Petroleum Corp. | 6,456 | 554,764 | ||||||||||
Apache Corp. | 5,148 | 431,557 | ||||||||||
Cabot Oil & Gas Corp. | 2,700 | 191,754 | ||||||||||
Chesapeake Energy Corp. | 6,315 | 128,700 |
Number of Shares | Fair Value | |||||||||||
ConocoPhillips | 15,919 | $ | 963,099 | |||||||||
Denbury Resources Inc. | 4,700 | 81,404 | (a) | |||||||||
Devon Energy Corp. | 4,892 | 253,797 | ||||||||||
EOG Resources Inc. | 3,500 | 460,880 | ||||||||||
EQT Corp. | 1,914 | 151,914 | ||||||||||
Marathon Oil Corp. | 9,242 | 319,589 | ||||||||||
Newfield Exploration Co. | 1,900 | 45,391 | (a) | |||||||||
Noble Energy Inc. | 4,600 | 276,184 | ||||||||||
Pioneer Natural Resources Co. | 1,700 | 246,075 | ||||||||||
QEP Resources Inc. | 2,400 | 66,672 | ||||||||||
Range Resources Corp. | 2,200 | 170,104 | ||||||||||
Southwestern Energy Co. | 4,500 | 164,385 | (a) | |||||||||
WPX Energy Inc. | 2,995 | 56,725 | (a) | |||||||||
4,562,994 | ||||||||||||
Oil & Gas Refining & Marketing — 0.6% |
| |||||||||||
Marathon Petroleum Corp. | 4,121 | 292,839 | ||||||||||
Phillips 66 | 7,969 | 469,454 | ||||||||||
Tesoro Corp. | 1,900 | 99,408 | ||||||||||
Valero Energy Corp. | 6,900 | 239,913 | ||||||||||
1,101,614 | ||||||||||||
Oil & Gas Storage & Transportation — 0.5% |
| |||||||||||
Kinder Morgan Inc. | 8,384 | 319,850 | ||||||||||
Spectra Energy Corp. | 8,877 | 305,902 | ||||||||||
The Williams Companies Inc. | 8,886 | 288,528 | ||||||||||
914,280 | ||||||||||||
Packaged Foods & Meats — 1.5% |
| |||||||||||
Campbell Soup Co. | 2,315 | 103,689 | ||||||||||
ConAgra Foods Inc. | 5,468 | 190,998 | ||||||||||
General Mills Inc. | 8,269 | 401,294 | ||||||||||
Hormel Foods Corp. | 1,700 | 65,586 | ||||||||||
Kellogg Co. | 3,390 | 217,739 | ||||||||||
Kraft Foods Group Inc. | 7,630 | 426,288 | ||||||||||
McCormick & Company Inc. | 1,800 | 126,648 | ||||||||||
Mead Johnson Nutrition Co. | 2,550 | 202,036 | ||||||||||
Mondelez International Inc. | 23,090 | 658,758 | ||||||||||
The Hershey Co. | 1,861 | 166,150 | ||||||||||
The JM Smucker Co. | 1,313 | 135,436 | ||||||||||
Tyson Foods Inc. | 3,800 | 97,584 | ||||||||||
2,792,206 | ||||||||||||
Paper Packaging — 0.1% |
| |||||||||||
Bemis Company Inc. | 1,362 | 53,309 | ||||||||||
MeadWestvaco Corp. | 2,500 | 85,275 | ||||||||||
Sealed Air Corp. | 2,814 | 67,395 | ||||||||||
205,979 | ||||||||||||
Paper Products — 0.1% |
| |||||||||||
International Paper Co. | 5,575 | 247,028 | ||||||||||
Personal Products — 0.2% |
| |||||||||||
Avon Products Inc. | 5,828 | 122,563 | ||||||||||
The Estee Lauder Companies Inc. | 3,200 | 210,464 | ||||||||||
333,027 |
See Notes to Schedule of Investments and Notes to Financial Statements.
8
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||||
Pharmaceuticals — 5.8% |
| |||||||||||
AbbVie Inc. | 20,604 | $ | 851,769 | |||||||||
Actavis Inc. | 1,677 | 211,671 | (a) | |||||||||
Allergan Inc. | 3,755 | 316,321 | ||||||||||
Bristol-Myers Squibb Co. | 21,318 | 952,702 | (d) | |||||||||
Eli Lilly & Co. | 12,943 | 635,760 | ||||||||||
Forest Laboratories Inc. | 2,918 | 119,638 | (a) | |||||||||
Hospira Inc. | 2,139 | 81,945 | (a) | |||||||||
Johnson & Johnson | 36,286 | 3,115,516 | ||||||||||
Merck & Company Inc. | 39,036 | 1,813,222 | ||||||||||
Mylan Inc. | 4,848 | 150,433 | (a) | |||||||||
Perrigo Co. | 1,200 | 145,200 | ||||||||||
Pfizer Inc. | 88,244 | 2,471,714 | ||||||||||
Zoetis Inc. | 5,547 | 171,343 | ||||||||||
11,037,234 | ||||||||||||
Property & Casualty Insurance — 2.3% |
| |||||||||||
ACE Ltd. | 4,500 | 402,660 | ||||||||||
Berkshire Hathaway Inc. | 23,669 | 2,649,035 | (a) | |||||||||
Cincinnati Financial Corp. | 1,992 | 91,433 | ||||||||||
The Allstate Corp. | 5,986 | 288,047 | (d) | |||||||||
The Chubb Corp. | 3,394 | 287,302 | ||||||||||
The Progressive Corp. | 7,373 | 187,422 | ||||||||||
The Travelers Companies Inc. | 4,799 | 383,536 | ||||||||||
XL Group PLC | 4,000 | 121,280 | ||||||||||
4,410,715 | ||||||||||||
Publishing — 0.0%* | ||||||||||||
Gannett Company Inc. | 2,570 | 62,862 | ||||||||||
The Washington Post Co. | 47 | 22,738 | ||||||||||
85,600 | ||||||||||||
Railroads — 0.9% | ||||||||||||
CSX Corp. | 13,517 | 313,459 | ||||||||||
Kansas City Southern | 1,400 | 148,344 | ||||||||||
Norfolk Southern Corp. | 4,018 | 291,908 | ||||||||||
Union Pacific Corp. | 6,071 | 936,633 | ||||||||||
1,690,344 | ||||||||||||
Real Estate Services — 0.1% | ||||||||||||
CBRE Group Inc. | 4,200 | 98,112 | (a | ) | ||||||||
Regional Banks — 1.0% | ||||||||||||
BB&T Corp. | 9,000 | 304,920 | ||||||||||
Fifth Third Bancorp | 11,216 | 202,449 | ||||||||||
Huntington Bancshares Inc. | 11,734 | 92,464 | ||||||||||
KeyCorp | 11,728 | 129,477 | ||||||||||
M&T Bank Corp. | 1,506 | 168,295 | ||||||||||
PNC Financial Services Group Inc. | 6,766 | 493,377 | ||||||||||
Regions Financial Corp. | 18,468 | 176,000 | ||||||||||
SunTrust Banks Inc. | 7,129 | 225,062 | ||||||||||
Zions Bancorporation | 2,500 | 72,200 | ||||||||||
1,864,244 | ||||||||||||
Research & Consulting Services — 0.1% |
| |||||||||||
Equifax Inc. | 1,500 | 88,395 | ||||||||||
The Dun & Bradstreet Corp. | 500 | 48,725 | ||||||||||
137,120 |
Number of Shares | Fair Value | |||||||||||
Residential REITs — 0.3% | ||||||||||||
Apartment Investment & Management Co. | 1,831 | $ | 55,003 | |||||||||
AvalonBay Communities Inc. | 1,501 | 202,500 | ||||||||||
Equity Residential | 4,100 | 238,046 | ||||||||||
495,549 | ||||||||||||
Restaurants — 1.3% | ||||||||||||
Chipotle Mexican Grill Inc. | 400 | 145,740 | (a) | |||||||||
Darden Restaurants Inc. | 1,829 | 92,328 | ||||||||||
McDonald’s Corp. | 12,890 | 1,276,110 | ||||||||||
Starbucks Corp. | 9,598 | 628,573 | ||||||||||
Yum! Brands Inc. | 5,829 | 404,183 | ||||||||||
2,546,934 | ||||||||||||
Retail REITs — 0.4% | ||||||||||||
Kimco Realty Corp. | 4,931 | 105,671 | ||||||||||
Simon Property Group Inc. | 4,037 | 637,523 | ||||||||||
The Macerich Co. | 1,800 | 109,746 | ||||||||||
852,940 | ||||||||||||
Security & Alarm Services — 0.2% | ||||||||||||
The ADT Corp. | 3,050 | 121,543 | ||||||||||
Tyco International Ltd. | 6,200 | 204,290 | ||||||||||
325,833 | ||||||||||||
Semiconductor Equipment — 0.3% | ||||||||||||
Applied Materials Inc. | 15,200 | 226,632 | (d) | |||||||||
KLA-Tencor Corp. | 2,200 | 122,606 | ||||||||||
Lam Research Corp. | 2,125 | 94,223 | (a) | |||||||||
Teradyne Inc. | 2,500 | 43,925 | (a) | |||||||||
487,386 | ||||||||||||
Semiconductors — 1.8% | ||||||||||||
Advanced Micro Devices Inc. | 10,074 | 41,102 | (a,d) | |||||||||
Altera Corp. | 4,400 | 145,156 | ||||||||||
Analog Devices Inc. | 4,000 | 180,240 | ||||||||||
Broadcom Corp. | 6,562 | 221,533 | ||||||||||
First Solar Inc. | 910 | 40,704 | (a) | |||||||||
Intel Corp. | 64,565 | 1,563,765 | (d) | |||||||||
Linear Technology Corp. | 3,000 | 110,520 | ||||||||||
LSI Corp. | 8,092 | 57,777 | (a) | |||||||||
Microchip Technology Inc. | 2,500 | 93,125 | ||||||||||
Micron Technology Inc. | 12,854 | 184,198 | (a) | |||||||||
NVIDIA Corp. | 8,100 | 113,643 | ||||||||||
Texas Instruments Inc. | 14,551 | 507,393 | ||||||||||
Xilinx Inc. | 3,287 | 130,198 | ||||||||||
3,389,354 | ||||||||||||
Soft Drinks — 2.1% | ||||||||||||
Coca-Cola Enterprises Inc. | 3,418 | 120,177 | ||||||||||
Dr Pepper Snapple Group Inc. | 2,600 | 119,418 | ||||||||||
Monster Beverage Corp. | 2,000 | 121,540 | (a) | |||||||||
PepsiCo Inc. | 20,069 | 1,641,444 | (d) | |||||||||
The Coca-Cola Co. | 49,492 | 1,985,125 | (d) | |||||||||
3,987,704 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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S&P 500 Index Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||||
Specialized Consumer Services — 0.1% |
| |||||||||||
H&R Block Inc. | 3,692 | $ | 102,453 | |||||||||
Specialized Finance — 0.5% | ||||||||||||
CME Group Inc. | 3,905 | 296,702 | ||||||||||
IntercontinentalExchange Inc. | 900 | 159,984 | (a) | |||||||||
Moody’s Corp. | 2,484 | 151,350 | ||||||||||
NYSE Euronext | 3,200 | 132,480 | ||||||||||
The McGraw-Hill Companies Inc. | 3,494 | 185,846 | ||||||||||
The NASDAQ OMX Group Inc. | 1,700 | 55,743 | ||||||||||
982,105 | ||||||||||||
Specialized REITs — 1.0% | ||||||||||||
American Tower Corp. | 5,200 | 380,484 | ||||||||||
HCP Inc. | 5,800 | 263,552 | ||||||||||
Healthcare REIT Inc. | 3,700 | 248,011 | ||||||||||
Host Hotels & Resorts Inc. | 9,917 | 167,300 | ||||||||||
Plum Creek Timber Company Inc. | 2,100 | 98,007 | ||||||||||
Public Storage | 1,900 | 291,327 | ||||||||||
Ventas Inc. | 3,800 | 263,948 | ||||||||||
Weyerhaeuser Co. | 7,067 | 201,339 | ||||||||||
1,913,968 | ||||||||||||
Specialty Chemicals — 0.4% | ||||||||||||
Ecolab Inc. | 3,552 | 302,595 | ||||||||||
International Flavors & Fragrances Inc. | 1,047 | 78,692 | ||||||||||
Sigma-Aldrich Corp. | 1,504 | 120,861 | ||||||||||
The Sherwin-Williams Co. | 1,063 | 187,726 | ||||||||||
689,874 | ||||||||||||
Specialty Stores — 0.2% | ||||||||||||
PetSmart Inc. | 1,300 | 87,087 | ||||||||||
Staples Inc. | 8,350 | 132,431 | ||||||||||
Tiffany & Co. | 1,429 | 104,088 | ||||||||||
323,606 | ||||||||||||
Steel — 0.1% | ||||||||||||
Allegheny Technologies Inc. | 1,351 | 35,545 | ||||||||||
Cliffs Natural Resources Inc. | 1,900 | 30,875 | ||||||||||
Nucor Corp. | 4,136 | 179,171 | ||||||||||
United States Steel Corp. | 2,065 | 36,200 | ||||||||||
281,791 | ||||||||||||
Systems Software — 2.8% | ||||||||||||
BMC Software Inc. | 1,600 | 72,224 | (a | ) | ||||||||
CA Inc. | 4,400 | 125,972 | ||||||||||
Microsoft Corp. | 97,441 | 3,364,638 | (d | ) | ||||||||
Oracle Corp. | 47,552 | 1,460,798 | (d | ) | ||||||||
Red Hat Inc. | 2,600 | 124,332 | (a | ) | ||||||||
Symantec Corp. | 9,085 | 204,140 | ||||||||||
5,352,104 | ||||||||||||
Thrifts & Mortgage Finance — 0.1% | ||||||||||||
Hudson City Bancorp Inc. | 5,300 | 48,548 | ||||||||||
People’s United Financial Inc. | 4,200 | 62,580 | ||||||||||
111,128 |
Number of Shares | Fair Value | |||||||||||
Tires & Rubber — 0.0%* | ||||||||||||
The Goodyear Tire & Rubber Co. | 3,419 | $ | 52,276 | (a | ) | |||||||
Tobacco — 1.7% | ||||||||||||
Altria Group Inc. | 26,153 | 915,093 | ||||||||||
Lorillard Inc. | 5,033 | 219,842 | ||||||||||
Philip Morris International Inc. | 21,179 | 1,834,525 | ||||||||||
Reynolds American Inc. | 4,200 | 203,154 | ||||||||||
3,172,614 | ||||||||||||
Trading Companies & Distributors — 0.2% |
| |||||||||||
Fastenal Co. | 3,500 | 160,475 | ||||||||||
WW Grainger Inc. | 782 | 197,205 | ||||||||||
357,680 | ||||||||||||
Trucking — 0.0%* | ||||||||||||
Ryder System Inc. | 631 | 38,359 | ||||||||||
Wireless Telecommunication Services — 0.3% |
| |||||||||||
Crown Castle International Corp. | 3,900 | 282,321 | (a) | |||||||||
Sprint Nextel Corp. | 38,075 | 267,287 | (a | ) | ||||||||
549,608 | ||||||||||||
Total Common Stock | 185,425,828 | |||||||||||
Short-Term Investments — 2.7% | ||||||||||||
GE Institutional Money Market Fund — Investment Class 0.00% | 5,081,546 | (b,e | ) | |||||||||
Total Investments | 190,507,374 | |||||||||||
Other Assets and Liabilities, | 262,516 | |||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 190,769,890 | ||||||||||
|
| |||||||||||
Other Information |
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||
S&P 500 Emini Index Futures | September 2013 | 65 | $ | 5,197,725 | $ | (72,292 | ) |
See Notes to Schedule of Investments and Notes to Financial Statements.
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Notes to Schedules of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Coupon amount represents effective yield. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s custodian and accounting agent. |
(d) | At June 30, 2013, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(e) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
(f) | General Electric Co. is the parent company of GEAM, the Fund’s investment adviser. |
* | Less than 0.05%. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
REIT | Real Estate Investment Trust |
11
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Selected data based on a share outstanding throughout the fiscal years indicated
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | |||||||||||||||||||
Inception date | — | — | — | — | — | 4/15/85 | ||||||||||||||||||
Net asset value, beginning of period | $ | 25.29 | $ | 22.31 | $ | 22.37 | $ | 19.82 | $ | 15.99 | $ | 26.52 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.25 | 0.52 | 0.44 | 0.40 | 0.38 | 0.52 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 3.20 | 2.98 | (0.06) | 2.54 | 3.84 | (10.46) | ||||||||||||||||||
Total income/(loss) from investment operations | 3.55 | 3.50 | 0.38 | 2.94 | 4.22 | (9.94) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.52 | 0.44 | 0.39 | 0.39 | 0.50 | ||||||||||||||||||
Net realized gains | — | — | — | — | — | 0.09 | ||||||||||||||||||
Total distributions | — | 0.52 | 0.44 | 0.39 | 0.39 | 0.59 | ||||||||||||||||||
Net asset value, end of period | $ | 28.74 | $ | 25.29 | $ | 22.31 | $ | 22.37 | $ | 19.82 | $ | 15.99 | ||||||||||||
TOTAL RETURN(a) | 14.04% | 15.70% | 1.71% | 14.84% | 26.30% | (37.40)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 190,770 | $ | 183,040 | $ | 179,556 | $ | 217,344 | $ | 224,165 | $ | 209,176 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.72% | * | 1.93% | 1.73% | 1.79% | 2.05% | 1.91% | |||||||||||||||||
Net Expenses | 0.38% | (b)(c)* | 0.38% | (b)(c) | 0.40% | (b)(c) | 0.33% | (b)(c) | 0.43% | (b) | 0.41% | (b) | ||||||||||||
Gross Expenses | 0.43% | * | 0.43% | 0.45% | 0.38% | 0.43% | 0.41% | |||||||||||||||||
Portfolio turnover rate | 1% | 6% | 3% | 4% | 5% | 4% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated money market fund managed by GEAM. |
(c) | Reflects GE Asset Management’s contractual arrangement with the Company to limit the advisory and administrative fee charged to the Fund to 0.30% of the average daily net assets of the Fund. |
† | (Unaudited) |
* | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
13
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For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income | ||||
Dividend | $ | 1,995,100 | ||
Interest | 3,756 | |||
Interest from affiliated investments | 721 | |||
Less: Foreign taxes withheld | (569 | ) | ||
Total income | 1,999,008 | |||
Expenses | ||||
Advisory and administration fees | 335,039 | |||
Directors’ fees | 3,735 | |||
Custody and accounting expenses | 23,012 | |||
Professional fees | 11,720 | |||
Other expenses | 35,843 | |||
Total expenses before waivers and reimbursement | 409,349 | |||
Less: Fees waived by the adviser | (50,215 | ) | ||
Net expenses | 359,134 | |||
Net investment income | 1,639,874 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Realized gain (loss) on: | ||||
Investments | 3,609,380 | |||
Futures | 849,292 | |||
Foreign currency related transactions | (21 | ) | ||
Increase (decrease) in unrealized appreciation (depreciation) on: | ||||
Investments | 18,272,253 | |||
Futures | (116,003 | ) | ||
Net realized and unrealized gain on Investments | 22,614,901 | |||
Net increase in net assets resulting from operations | $ | 24,254,775 |
The accompanying Notes are an integral part of these financial statements.
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* | (Unaudited) |
The accompanying Notes are an integral part of these financial statements.
15
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. Organization of the Company
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund (the “Fund”), Premier Growth Equity Fund, Core Value Equity Fund, Small-Cap Equity Fund, Total Return Fund, Income Fund and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Derivatives The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may enter into derivative transactions such as futures to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in market conditions, gaining market exposure for accumulating and residual cash positions, or when the transactions were economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
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Notes to Financial Statements | June 30, 2013 (unaudited) |
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund, however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not
approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will
materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures,
forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities † | ||||||||||||||||||||
Common Stock | $ | 185,425,828 | $ | — | $ | — | $ | 185,425,828 | ||||||||||||
Short-Term Investments | 5,081,546 | — | — | 5,081,546 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 190,507,374 | $ | — | $ | — | $ | 190,507,374 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments * | ||||||||||||||||||||
Futures Contracts — Unrealized Depreciation | $ | (72,292 | ) | $ | — | $ | — | $ | (72,292 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
† See Schedule of Investments for industry classification * Other financial instruments include derivative instruments such as futures contracts. Amounts shown represent unrealized appreciation (depreciation), at period end. |
|
There were no transfers between fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2013.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset Derivatives June 30, 2013 | Liability Derivatives June 30, 2013 | |||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Assets and Liabilities | Fair Value ($) | Location in the Statement of Assets and Liabilities | Fair Value ($) | ||||||
Equity futures contracts | Assets, variation margin receivable | — | Liabilities, variation margin payable | 71,012 | ||||||
Equity futures contracts | Unrealized gain, net assets | —* | Unrealized loss, net assets | 72,292* |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts reported in the Schedule of Investments and as within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
18
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Fair value of the collateral held with the counter party was $274,799 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount of Futures Contracts Purchased/(Sold) ($) | Realized Gain or (Loss) on Derivatives Recognized in Income ($) | Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income ($) | ||||||||||
Equity Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures |
| 16,346,988/ (18,129,053) |
| 849,292 | (116,003) |
5. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective May 1, 1997 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.35%.
GEAM has entered into a contractual arrangement with the Company to limit the management fee charged to the Fund to 0.30% of the average daily net assets of the Fund (the “Management Fee Limitation Agreement”). Unless terminated or amended, this Management Fee Limitation Agreement will continue in effect until April 30, 2014. The Management Fee Limitation Agreement can be amended or terminated only with the approval of the Company’s Board of Directors and GEAM.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not such officers or employees also serve in a similar capacity for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
6. | Sub-advisory Fees |
Pursuant to an investment sub-advisory agreement with GEAM, SSgA Funds Management, Inc. (“SSgA”) is the sub-adviser to the S&P 500 Index Fund. SSgA is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of GEAM and the Board.
For its services, GEAM pays SSgA monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.
7. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
Non-U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$ | 2,493,712 | $ | 15,811,210 |
8. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
19
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
At June 30, 2013, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation | ||||
Appreciation | Depreciation | |||||
$139,539,044 | $68,039,727 | $(17,071,397) | $50,968,330 |
As of December 31, 2012, the Fund had capital loss carryovers, as indicated below. Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
Amount | |||||||||||||
Short-Term | Long-Term | Expires | |||||||||||
$ | 12,870,332 | $ | — | 12/31/2016 | |||||||||
20,177,021 | — | 12/31/2017 | |||||||||||
3,073,444 | — | 12/31/2018 |
These amounts will be available to offset future taxable capital gains. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
During the year ended December 31, 2012, the Fund utilized $8,147,237 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund incurred no such losses for the year ended December 31, 2012.
The tax character of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | |||||||||
2012 | $ | 3,686,341 | $ | — | $ | 3,686,341 | ||||||
2011 | 3,467,935 | — | 3,467,935 |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) futures, investments organized as partnerships for tax purposes, distributions from Real Estate Investment Trusts (REITs) and other equity investments, and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain (Loss) | Paid in Capital | |||||||||||||||
$ | (6,223 | ) | $ | 5,375 | $ | — | $ | 488 |
20
Table of Contents
Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer – Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel – Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
21
Table of Contents
Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified – Vice President and Secretary – 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
22
Table of Contents
Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
23
Table of Contents
Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
24
Table of Contents
Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
25
Table of Contents
Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC – information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
Small-Cap Equity Fund
Semi-Annual Report
June 30, 2013
Table of Contents
Small-Cap Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
10 | ||||
Financial Statements | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
15 | ||||
20 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
Small-Cap Equity Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments Small-Cap Equity Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek long-term growth of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities of small-cap companies, such as common and preferred stocks. The Fund uses a multi-sub-adviser investment strategy that combines growth, value and core investment management styles. This orientation will typically produce a portfolio that does not materially favor value or growth style investing, and allows the Fund the potential to benefit from both value and growth cycles in the marketplace.
Sector Allocation
as a % of Fair Value of $44,675 (in thousands) on June 30, 2013 (a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value (a)(b)(c)
Sensient Technologies Corp. | 1.21% | |||
LKQ Corp. | 1.00% | |||
Prosperity Bancshares Inc. | 0.89% | |||
IDEX Corp. | 0.89% | |||
UMB Financial Corp. | 0.88% | |||
Applied Industrial Technologies Inc. | 0.84% | |||
Wolverine World Wide Inc. | 0.82% | |||
Genesee & Wyoming Inc. | 0.82% | |||
Allied World Assurance Company Holdings AG | 0.80% | |||
Actuant Corp. | 0.80% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
Small-Cap Equity Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses Paid During Period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 – June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,157.10 | 6.79 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,018.50 | 6.36 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.27% (for the period January 1, 2013 – June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Small-Cap Equity Fund
Number of Shares | Fair Value | |||||||||
Common Stock — 94.7%† | ||||||||||
Aerospace & Defense — 1.1% |
| |||||||||
Astronics Corp. | 600 | $ | 24,522 | |||||||
Esterline Technologies Corp. | 2,652 | 191,713 | (a) | |||||||
GenCorp Inc. | 1,588 | 25,821 | (a) | |||||||
Moog Inc. | 540 | 27,826 | (a) | |||||||
Teledyne Technologies Inc. | 2,935 | 227,022 | (a) | |||||||
Triumph Group Inc. | 172 | 13,613 | ||||||||
510,517 | ||||||||||
Agricultural Products — 0.8% |
| |||||||||
Darling International Inc. | 17,554 | 327,557 | (a) | |||||||
Fresh Del Monte Produce Inc. | 1,459 | 40,676 | ||||||||
368,233 | ||||||||||
Air Freight & Logistics — 0.4% |
| |||||||||
Hub Group Inc. | 3,000 | 109,260 | (a) | |||||||
UTi Worldwide Inc. | 4,900 | 80,703 | ||||||||
189,963 | ||||||||||
Airlines — 0.0%* |
| |||||||||
Republic Airways Holdings Inc. | 1,900 | 21,527 | (a) | |||||||
Apparel Retail — 1.0% |
| |||||||||
Aeropostale Inc. | 9,188 | 126,795 | (a) | |||||||
American Eagle Outfitters Inc. | 3,815 | 69,662 | ||||||||
Express Inc. | 1,184 | 24,828 | (a) | |||||||
Jos A Bank Clothiers Inc. | 537 | 22,189 | (a) | |||||||
The Buckle Inc. | 3,625 | 188,573 | ||||||||
432,047 | ||||||||||
Apparel, Accessories & Luxury Goods — 1.4% |
| |||||||||
Columbia Sportswear Co. | 4,185 | 262,190 | ||||||||
Iconix Brand Group Inc. | 11,075 | 325,715 | (a) | |||||||
Oxford Industries Inc. | 403 | 25,148 | ||||||||
613,053 | ||||||||||
Application Software — 4.8% |
| |||||||||
ACI Worldwide Inc. | 4,554 | 211,670 | (a) | |||||||
Advent Software Inc. | 1,900 | 66,614 | (a) | |||||||
Aspen Technology Inc. | 900 | 25,911 | (a) | |||||||
Blackbaud Inc. | 8,000 | 260,560 | ||||||||
Bottomline Technologies Inc. | 7,900 | 199,791 | (a) | |||||||
Monotype Imaging Holdings Inc. | 1,700 | 43,197 | ||||||||
NICE Systems Ltd. ADR | 3,900 | 143,871 | ||||||||
Pegasystems Inc. | 700 | 23,184 | ||||||||
PROS Holdings Inc. | 3,000 | 89,850 | (a) | |||||||
PTC Inc. | 10,540 | 258,546 | (a) | |||||||
QLIK Technologies Inc. | 4,900 | 138,523 | (a) | |||||||
RealPage Inc. | 11,300 | 207,242 | (a) | |||||||
Seachange International Inc. | 804 | 9,415 | (a) |
Number of Shares | Fair Value | |||||||||
Solera Holdings Inc. | 1,705 | $ | 94,883 | |||||||
SS&C Technologies Holdings Inc. | 8,990 | 295,771 | (a) | |||||||
Tyler Technologies Inc. | 416 | 28,516 | (a) | |||||||
Verint Systems Inc. | 700 | 24,829 | (a) | |||||||
2,122,373 | ||||||||||
Asset Management & Custody Banks — 0.7% |
| |||||||||
Affiliated Managers Group Inc. | 1,650 | 270,501 | (a) | |||||||
Virtus Investment Partners Inc. | 180 | 31,728 | (a) | |||||||
302,229 | ||||||||||
Auto Parts & Equipment — 0.4% |
| |||||||||
Dana Holding Corp. | 2,592 | 49,922 | ||||||||
Drew Industries Inc. | 1,504 | 59,137 | ||||||||
Modine Manufacturing Co. | 2,647 | 28,799 | (a) | |||||||
Stoneridge Inc. | 1,816 | 21,138 | (a) | |||||||
Tenneco Inc. | 600 | 27,168 | (a) | |||||||
186,164 | ||||||||||
Automobile Manufacturers — 0.7% |
| |||||||||
Thor Industries Inc. | 5,882 | 289,277 | ||||||||
Winnebago Industries Inc. | 1,130 | 23,719 | (a) | |||||||
312,996 | ||||||||||
Automotive Retail — 0.5% |
| |||||||||
America's Car-Mart Inc. | 563 | 24,344 | (a) | |||||||
CST Brands Inc. | 6,423 | 197,893 | (a) | |||||||
222,237 | ||||||||||
Biotechnology — 1.3% |
| |||||||||
Alkermes PLC | 700 | 20,076 | (a) | |||||||
Cepheid Inc. | 4,500 | 154,890 | (a) | |||||||
Cubist Pharmaceuticals Inc. | 2,609 | 126,015 | (a) | |||||||
Emergent Biosolutions Inc. | 1,400 | 20,188 | (a) | |||||||
Genomic Health Inc. | 3,900 | 123,669 | (a) | |||||||
Isis Pharmaceuticals Inc. | 900 | 24,183 | (a) | |||||||
Ligand Pharmaceuticals Inc. | 700 | 26,194 | (a) | |||||||
Myriad Genetics Inc. | 900 | 24,183 | (a) | |||||||
PDL BioPharma Inc. | 2,220 | 17,138 | ||||||||
Pharmacyclics Inc. | 270 | 21,457 | (a) | |||||||
Repligen Corp. | 3,700 | 30,488 | (a) | |||||||
588,481 | ||||||||||
Broadcasting — 0.1% |
| |||||||||
Nexstar Broadcasting Group Inc. | 1,100 | 39,006 | ||||||||
Building Products — 0.5% |
| |||||||||
AAON Inc. | 892 | 29,507 | ||||||||
AO Smith Corp. | 680 | 24,670 | ||||||||
Apogee Enterprises Inc. | 1,060 | 25,440 | ||||||||
Patrick Industries Inc. | 1,600 | 33,264 | (a) | |||||||
PGT Inc. | 6,300 | 54,621 | (a) | |||||||
Simpson Manufacturing Company Inc. | 494 | 14,534 | ||||||||
Universal Forest Products Inc. | 1,384 | 55,249 | ||||||||
237,285 |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Casinos & Gaming — 0.1% |
| |||||||||
WMS Industries Inc. | 1,698 | $ | 43,316 | (a) | ||||||
Commercial Printing — 0.1% |
| |||||||||
Deluxe Corp. | 680 | 23,562 | ||||||||
Commodity Chemicals — 0.5% |
| |||||||||
Axiall Corp. | 412 | 17,543 | ||||||||
Koppers Holdings Inc. | 5,705 | 217,817 | ||||||||
235,360 | ||||||||||
Communications Equipment — 0.7% |
| |||||||||
ADTRAN Inc. | 3,619 | 89,063 | ||||||||
ARRIS Group Inc. | 3,880 | 55,678 | (a) | |||||||
Ciena Corp. | 1,300 | 25,246 | (a) | |||||||
InterDigital Inc. | 500 | 22,325 | ||||||||
NETGEAR Inc. | 1,032 | 31,517 | (a) | |||||||
Plantronics Inc. | 1,656 | 72,732 | ||||||||
296,561 | ||||||||||
Computer & Electronics Retail — 0.1% |
| |||||||||
Conn's Inc. | 700 | 36,232 | (a) | |||||||
Computer Hardware — 0.6% |
| |||||||||
Diebold Inc. | 8,475 | 285,522 | ||||||||
Computer Storage & Peripherals — 0.1% |
| |||||||||
Datalink Corp. | 3,503 | 37,272 | (a) | |||||||
Synaptics Inc. | 600 | 23,136 | (a) | |||||||
60,408 | ||||||||||
Construction & Engineering — 2.1% |
| |||||||||
Argan Inc. | 1,100 | 17,160 | ||||||||
Chicago Bridge & Iron Company N.V. | 5,325 | 317,690 | ||||||||
Dycom Industries Inc. | 1,000 | 23,140 | (a) | |||||||
Granite Construction Inc. | 852 | 25,355 | ||||||||
Primoris Services Corp. | 4,247 | 83,751 | ||||||||
Quanta Services Inc. | 5,915 | 156,511 | (a) | |||||||
URS Corp. | 7,025 | 331,721 | ||||||||
955,328 | ||||||||||
Construction & Farm Machinery — 1.8% |
| |||||||||
Accuride Corp. | 744 | 3,765 | (a) | |||||||
AGCO Corp. | 6,625 | 332,509 | ||||||||
Astec Industries Inc. | 1,749 | 59,973 | ||||||||
Greenbrier Companies Inc. | 2,254 | 54,930 | (a) | |||||||
Lindsay Corp. | 250 | 18,745 | ||||||||
Trinity Industries Inc. | 8,750 | 336,350 | ||||||||
806,272 | ||||||||||
Construction Materials — 0.0%* |
| |||||||||
Eagle Materials Inc. | 368 | 24,388 |
Number of Shares | Fair Value | |||||||||
Consumer Electronics — 0.0%* |
| |||||||||
Zagg Inc. | 2,900 | $ | 15,515 | (a) | ||||||
Data Processing & Outsourced Services — 2.4% |
| |||||||||
Broadridge Financial Solutions Inc. | 11,000 | 292,380 | ||||||||
Cardtronics Inc. | 8,900 | 245,640 | (a) | |||||||
Global Cash Access Holdings Inc. | 22,660 | 141,852 | (a) | |||||||
Jack Henry & Associates Inc. | 3,000 | 141,390 | ||||||||
MAXIMUS Inc. | 380 | 28,303 | ||||||||
WEX Inc. | 2,800 | 214,760 | (a) | |||||||
1,064,325 | ||||||||||
Distributors — 1.0% |
| |||||||||
LKQ Corp. | 17,337 | 446,428 | (a) | |||||||
Diversified Capital Markets — 0.1% |
| |||||||||
HFF Inc. REIT | 1,282 | 22,781 | ||||||||
Diversified Metals & Mining — 0.4% |
| |||||||||
Compass Minerals International Inc. | 2,155 | 182,162 | ||||||||
Diversified REITs—0.2% |
| |||||||||
Cousins Properties Inc. | 1,778 | 17,958 | ||||||||
PS Business Parks Inc. | 300 | 21,651 | ||||||||
Washington Real Estate Investment Trust | 1,791 | 48,196 | ||||||||
87,805 | ||||||||||
Diversified Support Services — 0.8% |
| |||||||||
Healthcare Services Group Inc. | 7,620 | 186,842 | ||||||||
Ritchie Bros Auctioneers Inc. | 5,900 | 113,398 | ||||||||
UniFirst Corp. | 531 | 48,454 | ||||||||
348,694 | ||||||||||
Education Services — 0.5% |
| |||||||||
American Public Education Inc. | 600 | 22,296 | (a) | |||||||
DeVry Inc. | 419 | 12,998 | ||||||||
Grand Canyon Education Inc. | 1,000 | 32,230 | (a) | |||||||
K12 Inc. | 3,000 | 78,810 | (a) | |||||||
Strayer Education Inc. | 1,200 | 58,596 | ||||||||
204,930 | ||||||||||
Electric Utilities — 0.7% |
| |||||||||
ALLETE Inc. | 901 | 44,915 | ||||||||
IDACORP Inc. | 5,432 | 259,433 | ||||||||
304,348 | ||||||||||
Electrical Components & Equipment — 1.0% |
| |||||||||
Audience Inc. | 1,600 | 21,136 | (a) | |||||||
Brady Corp. | 3,000 | 92,190 | ||||||||
Encore Wire Corp. | 706 | 24,074 | ||||||||
EnerSys Inc. | 773 | 37,908 | ||||||||
II-VI Inc. | 2,793 | 45,415 | (a) | |||||||
InvenSense Inc. | 1,586 | 24,393 | (a) |
See Notes to Schedule of Investments and Notes to Financial Statements.
4
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Littelfuse Inc. | 777 | $ | 57,972 | |||||||
Polypore International Inc. | 2,345 | 94,503 | (a) | |||||||
Power-One Inc. | 2,380 | 15,042 | (a) | |||||||
Regal-Beloit Corp. | 412 | 26,714 | ||||||||
439,347 | ||||||||||
Electronic Equipment & Instruments — 0.5% |
| |||||||||
MTS Systems Corp. | 542 | 30,677 | ||||||||
National Instruments Corp. | 6,900 | 192,786 | ||||||||
Rofin-Sinar Technologies Inc. | 807 | 20,127 | (a) | |||||||
243,590 | ||||||||||
Electronic Manufacturing Services — 0.7% |
| |||||||||
Measurement Specialties Inc. | 4,469 | 207,942 | (a) | |||||||
Methode Electronics Inc. | 2,927 | 49,789 | ||||||||
Multi-Fineline Electronix Inc. | 1,450 | 21,474 | (a) | |||||||
Plexus Corp. | 1,553 | 46,419 | (a) | |||||||
325,624 | ||||||||||
Environmental & Facilities Services — 0.3% |
| |||||||||
ABM Industries Inc. | 4,900 | 120,099 | ||||||||
Tetra Tech Inc. | 1,376 | 32,350 | (a) | |||||||
152,449 | ||||||||||
Fertilizers & Agricultural Chemicals — 0.5% |
| |||||||||
American Vanguard Corp. | 700 | 16,401 | ||||||||
Intrepid Potash Inc. | 10,870 | 207,074 | ||||||||
223,475 | ||||||||||
Food Distributors — 0.2% |
| |||||||||
Spartan Stores Inc. | 2,570 | 47,391 | ||||||||
United Natural Foods Inc. | 400 | 21,596 | (a) | |||||||
68,987 | ||||||||||
Food Retail — 2.0% |
| |||||||||
Casey's General Stores Inc. | 4,500 | 270,720 | ||||||||
Harris Teeter Supermarkets Inc. | 6,900 | 323,334 | ||||||||
Safeway Inc. | 10,405 | 246,182 | ||||||||
The Fresh Market Inc. | 1,100 | 54,692 | (a) | |||||||
894,928 | ||||||||||
Footwear — 1.2% |
| |||||||||
Deckers Outdoor Corp. | 2,965 | 149,762 | (a) | |||||||
Wolverine World Wide Inc. | 6,707 | 366,269 | ||||||||
516,031 | ||||||||||
Forest Products — 0.0%* |
| |||||||||
Boise Cascade Co. | 817 | 20,760 | (a) | |||||||
Gas Utilities — 0.1% |
| |||||||||
South Jersey Industries Inc. | 808 | 46,388 | ||||||||
Healthcare Distributors — 0.7% |
| |||||||||
Owens & Minor Inc. | 9,182 | 310,627 |
Number of Shares | Fair Value | |||||||||
Healthcare Equipment — 4.4% |
| |||||||||
Analogic Corp. | 1,480 | $ | 107,788 | |||||||
Cantel Medical Corp. | 508 | 17,206 | ||||||||
Cyberonics Inc. | 400 | 20,784 | (a) | |||||||
Cynosure Inc. | 800 | 20,784 | (a) | |||||||
Exactech Inc. | 578 | 11,416 | (a) | |||||||
Globus Medical Inc. | 1,679 | 28,308 | (a) | |||||||
Hill-Rom Holdings Inc. | 8,884 | 299,213 | ||||||||
Integra LifeSciences Holdings Corp. | 5,900 | 216,117 | (a) | |||||||
Masimo Corp. | 10,990 | 232,988 | ||||||||
Natus Medical Inc. | 1,070 | 14,605 | (a) | |||||||
NuVasive Inc. | 9,200 | 228,068 | (a) | |||||||
Orthofix International N.V. | 976 | 26,254 | (a) | |||||||
STERIS Corp. | 5,500 | 235,840 | ||||||||
Teleflex Inc. | 2,700 | 209,223 | ||||||||
Thoratec Corp. | 4,345 | 136,041 | (a) | |||||||
Volcano Corp. | 9,900 | 179,487 | (a) | |||||||
1,984,122 | ||||||||||
Healthcare Facilities — 0.3% |
| |||||||||
Emeritus Corp. | 783 | 18,150 | (a) | |||||||
VCA Antech Inc. | 4,900 | 127,841 | (a) | |||||||
145,991 | ||||||||||
Healthcare Services — 1.8% |
| |||||||||
Air Methods Corp. | 2,100 | 71,148 | ||||||||
Bio-Reference Labs Inc. | 11,740 | 337,525 | (a) | |||||||
Chemed Corp. | 301 | 21,801 | ||||||||
MEDNAX Inc. | 3,495 | 320,072 | (a) | |||||||
Team Health Holdings Inc. | 700 | 28,749 | (a) | |||||||
The Providence Service Corp. | 1,300 | 37,817 | (a) | |||||||
817,112 | ||||||||||
Healthcare Supplies — 0.8% |
| |||||||||
Endologix Inc. | 1,910 | 25,365 | (a) | |||||||
Haemonetics Corp. | 692 | 28,615 | (a) | |||||||
Merit Medical Systems Inc. | 1,614 | 17,996 | (a) | |||||||
West Pharmaceutical Services Inc. | 3,790 | 266,285 | ||||||||
338,261 | ||||||||||
Healthcare Technology — 0.9% |
| |||||||||
Computer Programs & Systems Inc. | 1,495 | 73,464 | ||||||||
HMS Holdings Corp. | 7,325 | 170,672 | (a) | |||||||
Medidata Solutions Inc. | 300 | 23,235 | (a) | |||||||
Omnicell Inc. | 1,400 | 28,770 | (a) | |||||||
Quality Systems Inc. | 6,500 | 121,615 | ||||||||
417,756 | ||||||||||
Heavy Electrical Equipment — 0.1% |
| |||||||||
AZZ Inc. | 600 | 23,136 | ||||||||
Home Building — 0.1% |
| |||||||||
Meritage Homes Corp. | 523 | 22,677 | (a) | |||||||
The Ryland Group Inc. | 600 | 24,060 | ||||||||
46,737 |
See Notes to Schedule of Investments and Notes to Financial Statements.
5
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Home Furnishing Retail — 0.5% |
| |||||||||
Aaron's Inc. | 7,743 | $ | 216,881 | |||||||
Home Furnishings — 0.2% |
| |||||||||
Ethan Allen Interiors Inc. | 1,188 | 34,214 | ||||||||
Hooker Furniture Corp. | 721 | 11,723 | ||||||||
La-Z-Boy Inc. | 1,463 | 29,655 | ||||||||
75,592 | ||||||||||
Home Improvement Retail — 0.1% |
| |||||||||
Lumber Liquidators Holdings Inc. | 370 | 28,812 | (a) | |||||||
Housewares & Specialties — 0.7% |
| |||||||||
Blyth Inc. | 1,284 | 17,924 | ||||||||
Jarden Corp. | 6,605 | 288,968 | ||||||||
306,892 | ||||||||||
Human Resource & Employment Services — 0.1% |
| |||||||||
WageWorks Inc. | 1,073 | 36,965 | (a) | |||||||
Industrial Conglomerates — 0.5% |
| |||||||||
Raven Industries Inc. | 7,900 | 236,842 | ||||||||
Industrial Machinery — 7.3% |
| |||||||||
Actuant Corp. | 10,820 | 356,736 | ||||||||
Altra Holdings Inc. | 1,217 | 33,321 | ||||||||
CLARCOR Inc. | 5,522 | 288,304 | ||||||||
Columbus McKinnon Corp. | 1,046 | 22,301 | (a) | |||||||
EnPro Industries Inc. | 3,900 | 197,964 | (a) | |||||||
ESCO Technologies Inc. | 2,810 | 90,988 | ||||||||
Harsco Corp. | 2,300 | 53,337 | ||||||||
IDEX Corp. | 7,350 | 395,503 | ||||||||
Kaydon Corp. | 3,100 | 85,405 | ||||||||
LB Foster Co. | 682 | 29,442 | ||||||||
Middleby Corp. | 1,000 | 170,090 | (a) | |||||||
Mueller Industries Inc. | 3,670 | 185,078 | ||||||||
Mueller Water Products Inc. | 3,091 | 21,359 | ||||||||
Nordson Corp. | 2,400 | 166,344 | ||||||||
Proto Labs Inc. | 2,994 | 194,521 | (a) | |||||||
RBC Bearings Inc. | 1,500 | 77,925 | (a) | |||||||
Standex International Corp. | 400 | 21,100 | ||||||||
Timken Co. | 3,925 | 220,899 | ||||||||
Trimas Corp. | 8,900 | 331,792 | (a) | |||||||
Woodward Inc. | 8,040 | 321,600 | ||||||||
3,264,009 | ||||||||||
Industrial REITs — 0.1% |
| |||||||||
STAG Industrial Inc. | 2,014 | 40,179 | ||||||||
Integrated Telecommunication Services — 0.1% |
| |||||||||
Consolidated Communications Holdings Inc. | 1,300 | 22,633 |
Number of Shares | Fair Value | |||||||||
Internet Software & Services — 1.1% |
| |||||||||
comScore Inc. | 1,500 | $ | 36,585 | (a) | ||||||
Demand Media Inc. | 2,635 | 15,810 | (a) | |||||||
Guidewire Software Inc. | 4,000 | 168,200 | (a) | |||||||
IntraLinks Holdings Inc. | 4,500 | 32,670 | (a) | |||||||
LogMeIn Inc. | 4,900 | 119,854 | (a) | |||||||
Monster Worldwide Inc. | 2,000 | 9,820 | (a) | |||||||
NIC Inc. | 1,945 | 32,151 | ||||||||
The Active Network Inc. | 2,680 | 20,287 | (a) | |||||||
VistaPrint N.V. | 500 | 24,685 | (a) | |||||||
XO Group Inc. | 2,000 | 22,400 | (a) | |||||||
482,462 | ||||||||||
Investment Banking & Brokerage — 0.9% |
| |||||||||
BGC Partners Inc. | 2,598 | 15,302 | ||||||||
Piper Jaffray Co. | 1,411 | 44,601 | (a) | |||||||
Raymond James Financial Inc. | 7,065 | 303,654 | ||||||||
Stifel Financial Corp. | 859 | 30,640 | (a) | |||||||
394,197 | ||||||||||
IT Consulting & Other Services — 0.0%* |
| |||||||||
Unisys Corp. | 900 | 19,863 | (a) | |||||||
Leisure Products — 0.5% |
| |||||||||
Arctic Cat Inc. | 982 | 44,171 | ||||||||
Brunswick Corp. | 722 | 23,068 | ||||||||
Polaris Industries Inc. | 1,475 | 140,125 | ||||||||
207,364 | ||||||||||
Life & Health Insurance — 0.2% |
| |||||||||
American Equity Investment Life Holding Co. | 3,262 | 51,214 | ||||||||
StanCorp Financial Group Inc. | 805 | 39,775 | ||||||||
90,989 | ||||||||||
Life Sciences Tools & Services — 2.3% |
| |||||||||
Bio-Rad Laboratories Inc. | 2,000 | 224,400 | (a) | |||||||
Bruker Corp. | 14,455 | 233,449 | (a) | |||||||
Cambrex Corp. | 2,100 | 29,337 | (a) | |||||||
Charles River Laboratories International Inc. | 598 | 24,536 | (a) | |||||||
ICON PLC | 6,085 | 215,592 | (a) | |||||||
Luminex Corp. | 6,900 | 142,209 | (a) | |||||||
PAREXEL International Corp. | 700 | 32,158 | (a) | |||||||
Techne Corp. | 2,000 | 138,160 | ||||||||
1,039,841 | ||||||||||
Managed Healthcare — 1.4% |
| |||||||||
Centene Corp. | 6,720 | 352,531 | (a) | |||||||
Molina Healthcare Inc. | 7,070 | 262,863 | (a) | |||||||
615,394 | ||||||||||
Marine — 0.1% |
| |||||||||
Matson Inc. | 944 | 23,600 |
See Notes to Schedule of Investments and Notes to Financial Statements.
6
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Metal & Glass Containers — 0.9% |
| |||||||||
AEP Industries Inc. | 394 | $ | 29,310 | (a) | ||||||
Aptargroup Inc. | 3,100 | 171,151 | ||||||||
Silgan Holdings Inc. | 4,000 | 187,840 | ||||||||
388,301 | ||||||||||
Movies & Entertainment — 0.1% |
| |||||||||
Cinemark Holdings Inc. | 900 | 25,128 | ||||||||
Multi-Line Insurance — 0.7% |
| |||||||||
HCC Insurance Holdings Inc. | 6,755 | 291,208 | ||||||||
Horace Mann Educators Corp. | 933 | 22,747 | ||||||||
313,955 | ||||||||||
Multi-Utilities — 0.2% |
| |||||||||
Avista Corp. | 1,152 | 31,127 | ||||||||
Black Hills Corp. | 876 | 42,705 | ||||||||
73,832 | ||||||||||
Office Electronics — 0.4% |
| |||||||||
Zebra Technologies Corp. | 4,600 | 199,824 | (a) | |||||||
Office REITs — 1.1% |
| |||||||||
BioMed Realty Trust Inc. | 14,713 | 297,644 | ||||||||
Coresite Realty Corp. | 5,614 | 178,581 | ||||||||
DuPont Fabros Technology Inc. | 873 | 21,083 | ||||||||
497,308 | ||||||||||
Office Services & Supplies — 0.7% |
| |||||||||
Herman Miller Inc. | 4,055 | 109,769 | ||||||||
West Corp. | 8,220 | 181,991 | ||||||||
291,760 | ||||||||||
Oil & Gas Drilling — 0.3% |
| |||||||||
Pioneer Energy Services Corp. | 19,970 | 132,202 | (a) | |||||||
Oil & Gas Equipment & Services — 2.9% |
| |||||||||
Basic Energy Services Inc. | 1,100 | 13,299 | (a) | |||||||
Cal Dive International Inc. | 4,019 | 7,556 | (a) | |||||||
CARBO Ceramics Inc. | 4,675 | 315,235 | ||||||||
Dril-Quip Inc. | 2,325 | 209,924 | (a) | |||||||
Forum Energy Technologies Inc. | 1,000 | 30,430 | (a) | |||||||
Hornbeck Offshore Services Inc. | 1,009 | 53,981 | (a) | |||||||
Key Energy Services Inc. | 9,900 | 58,905 | (a) | |||||||
Lufkin Industries Inc. | 3,900 | 345,033 | ||||||||
Mitcham Industries Inc. | 1,354 | 22,720 | (a) | |||||||
Natural Gas Services Group Inc. | 716 | 16,819 | (a) | |||||||
Oil States International Inc. | 1,320 | 122,285 | (a) | |||||||
TETRA Technologies Inc. | 9,800 | 100,548 | (a) | |||||||
1,296,735 | ||||||||||
Oil & Gas Exploration & Production — 2.6% |
| |||||||||
Approach Resources Inc. | 7,900 | 194,103 | (a) | |||||||
Bill Barrett Corp. | 2,315 | 46,810 | (a) |
Number of Shares | Fair Value | |||||||||
Carrizo Oil & Gas Inc. | 413 | $ | 11,700 | (a) | ||||||
Kodiak Oil & Gas Corp. | 4,973 | 44,210 | (a) | |||||||
Matador Resources Co. | 2,131 | 25,530 | (a) | |||||||
Midstates Petroleum Company Inc. | 3,263 | 17,653 | (a) | |||||||
Newfield Exploration Co. | 11,800 | 281,902 | (a) | |||||||
Northern Oil and Gas Inc. | 7,800 | 104,052 | (a) | |||||||
Oasis Petroleum Inc. | 530 | 20,601 | (a) | |||||||
Resolute Energy Corp. | 13,800 | 110,124 | (a) | |||||||
Rosetta Resources Inc. | 430 | 18,283 | (a) | |||||||
Sanchez Energy Corp. | 2,200 | 50,512 | (a) | |||||||
SM Energy Co. | 3,990 | 239,321 | ||||||||
W&T Offshore Inc. | 1,150 | 16,434 | ||||||||
1,181,235 | ||||||||||
Oil & Gas Refining & Marketing — 0.2% |
| |||||||||
Alon USA Energy Inc. | 1,870 | 27,040 | ||||||||
CVR Energy Inc. | 488 | 23,131 | ||||||||
Renewable Energy Group Inc. | 2,200 | 31,306 | (a) | |||||||
Western Refining Inc. | 1,058 | 29,698 | ||||||||
111,175 | ||||||||||
Oil & Gas Storage & Transportation — 0.0%* |
| |||||||||
Targa Resources Corp. | 298 | 19,170 | ||||||||
Packaged Foods & Meats — 2.3% |
| |||||||||
Lancaster Colony Corp. | 3,000 | 233,970 | ||||||||
Sanderson Farms Inc. | 4,279 | 284,211 | ||||||||
Snyders-Lance Inc. | 6,900 | 196,029 | ||||||||
TreeHouse Foods Inc. | 4,900 | 321,146 | (a) | |||||||
1,035,356 | ||||||||||
Paper Packaging — 0.7% |
| |||||||||
Packaging Corporation of America | 6,280 | 307,469 | ||||||||
Paper Products — 0.2% |
| |||||||||
Buckeye Technologies Inc. | 399 | 14,778 | ||||||||
Neenah Paper Inc. | 1,437 | 45,654 | ||||||||
PH Glatfelter Co. | 1,111 | 27,886 | ||||||||
88,318 | ||||||||||
Personal Products — 0.7% | ||||||||||
Elizabeth Arden Inc. | 4,441 | 200,156 | (a) | |||||||
Medifast Inc. | 1,009 | 25,992 | (a) | |||||||
Prestige Brands Holdings Inc. | 1,000 | 29,140 | (a) | |||||||
Revlon Inc. | 900 | 19,854 | (a) | |||||||
USANA Health Sciences Inc. | 635 | 45,961 | (a) | |||||||
321,103 | ||||||||||
Pharmaceuticals — 0.4% |
| |||||||||
Auxilium Pharmaceuticals Inc. | 900 | 14,967 | (a) | |||||||
Jazz Pharmaceuticals PLC | 400 | 27,492 | (a) | |||||||
Pozen Inc. | 3,300 | 16,533 | (a) | |||||||
Questcor Pharmaceuticals Inc. | 900 | 40,914 | ||||||||
Santarus Inc. | 1,900 | 39,995 | (a) | |||||||
Sciclone Pharmaceuticals Inc. | 4,800 | 23,808 | (a) | |||||||
163,709 |
See Notes to Schedule of Investments and Notes to Financial Statements.
7
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Property & Casualty Insurance — 2.5% |
| |||||||||
Allied World Assurance Company Holdings AG | 3,900 | $ | 356,889 | |||||||
American Safety Insurance Holdings Ltd. | 1,039 | 30,079 | (a) | |||||||
Amtrust Financial Services Inc. | 3,400 | 121,380 | ||||||||
Argo Group International Holdings Ltd. | 5,039 | 213,604 | ||||||||
Aspen Insurance Holdings Ltd. | 6,000 | 222,540 | ||||||||
First American Financial Corp. | 900 | 19,836 | ||||||||
The Navigators Group Inc. | 2,400 | 136,896 | (a) | |||||||
Tower Group International Ltd. | 1,100 | 22,561 | ||||||||
1,123,785 | ||||||||||
Publishing — 0.9% |
| |||||||||
John Wiley & Sons Inc. | 8,530 | 341,967 | ||||||||
Morningstar Inc. | 1,000 | 77,580 | ||||||||
419,547 | ||||||||||
Railroads — 0.8% |
| |||||||||
Genesee & Wyoming Inc. | 4,300 | 364,812 | (a) | |||||||
Regional Banks — 5.8% |
| |||||||||
Bank of the Ozarks Inc. | 1,127 | 48,833 | ||||||||
BankUnited Inc. | 765 | 19,898 | ||||||||
Banner Corp. | 959 | 32,404 | ||||||||
Bryn Mawr Bank Corp. | 3,400 | 81,362 | ||||||||
Camden National Corp. | 390 | 13,833 | ||||||||
Capital Bank Financial Corp. | 1,021 | 19,389 | (a) | |||||||
Cardinal Financial Corp. | 909 | 13,308 | ||||||||
CoBiz Financial Inc. | 1,121 | 9,304 | ||||||||
Columbia Banking System Inc. | 520 | 12,381 | ||||||||
Community Bank System Inc. | 3,900 | 120,315 | ||||||||
Cullen Frost Bankers Inc. | 2,905 | 193,967 | ||||||||
East West Bancorp Inc. | 1,786 | 49,115 | ||||||||
First Horizon National Corp. | 2,888 | 32,346 | ||||||||
Fulton Financial Corp. | 11,005 | 126,338 | ||||||||
Glacier Bancorp Inc. | 946 | 20,992 | ||||||||
Great Southern Bancorp Inc. | 635 | 17,120 | ||||||||
Hancock Holding Co. | 559 | 16,809 | ||||||||
Home BancShares Inc. | 2,132 | 55,368 | ||||||||
Iberiabank Corp. | 2,595 | 139,118 | ||||||||
Independent Bank Corp. | 2,100 | 72,450 | ||||||||
Lakeland Financial Corp. | 343 | 9,518 | ||||||||
Old National Bancorp | 1,166 | 16,125 | ||||||||
PacWest Bancorp | 1,227 | 37,607 | ||||||||
Prosperity Bancshares Inc. | 7,720 | 399,818 | ||||||||
Southwest Bancorp Inc. | 1,997 | 26,360 | (a) | |||||||
Sterling Financial Corp. | 1,560 | 37,097 | ||||||||
Susquehanna Bancshares Inc. | 3,204 | 41,172 | ||||||||
SVB Financial Group | 2,860 | 238,295 | (a) | |||||||
UMB Financial Corp. | 7,100 | 395,257 | ||||||||
Umpqua Holdings Corp. | 1,714 | 25,727 | ||||||||
Union First Market Bankshares Corp. | 328 | 6,754 | ||||||||
Washington Trust Bancorp Inc. | 3,600 | 102,672 |
Number of Shares | Fair Value | |||||||||
Westamerica Bancorporation | 2,685 | $ | 122,678 | |||||||
Wintrust Financial Corp. | 564 | 21,590 | ||||||||
2,575,320 | ||||||||||
Reinsurance — 0.8% |
| |||||||||
Endurance Specialty Holdings Ltd. | 5,431 | 279,425 | ||||||||
Maiden Holdings Ltd. | 2,397 | 26,894 | ||||||||
Platinum Underwriters Holdings Ltd. | 567 | 32,444 | ||||||||
338,763 | ||||||||||
Research & Consulting Services — 0.5% |
| |||||||||
ICF International Inc. | 526 | 16,575 | (a) | |||||||
Mistras Group Inc. | 4,200 | 73,836 | (a) | |||||||
Resources Connection Inc. | 4,960 | 57,536 | ||||||||
RPX Corp. | 1,400 | 23,520 | (a) | |||||||
The Corporate Executive Board Co. | 550 | 34,771 | ||||||||
206,238 | ||||||||||
Residential REITs — 0.4% |
| |||||||||
Associated Estates Realty Corp. | 2,580 | 41,486 | ||||||||
Colonial Properties Trust | 1,741 | 41,993 | ||||||||
Education Realty Trust Inc. | 7,815 | 79,947 | ||||||||
Mid-America Apartment Communities Inc. | 374 | 25,346 | ||||||||
188,772 | ||||||||||
Restaurants — 1.0% |
| |||||||||
Cracker Barrel Old Country Store Inc. | 3,335 | 315,691 | ||||||||
Texas Roadhouse Inc. | 4,380 | 109,588 | ||||||||
425,279 | ||||||||||
Retail REITs — 0.2% |
| |||||||||
Inland Real Estate Corp. | 4,502 | 46,010 | ||||||||
Ramco-Gershenson Properties Trust | 1,452 | 22,549 | ||||||||
68,559 | ||||||||||
Security & Alarm Services — 0.6% |
| |||||||||
The Brink's Co. | 9,975 | 254,462 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||||
Cabot Microelectronics Corp. | 600 | 19,806 | (a) | |||||||
MKS Instruments Inc. | 663 | 17,596 | ||||||||
Rudolph Technologies Inc. | 16,535 | 185,192 | (a) | |||||||
222,594 | ||||||||||
Semiconductors — 1.7% |
| |||||||||
Ambarella Inc. | 1,500 | 25,245 | (a) | |||||||
Diodes Inc. | 1,351 | 35,086 | (a) | |||||||
Fairchild Semiconductor International Inc. | 3,415 | 47,127 | (a) | |||||||
First Solar Inc. | 800 | 35,784 | (a) | |||||||
Microsemi Corp. | 12,375 | 281,531 | (a) | |||||||
RF Micro Devices Inc. | 9,295 | 49,728 | (a) | |||||||
Semtech Corp. | 6,420 | 224,892 | (a) |
See Notes to Schedule of Investments and Notes to Financial Statements.
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Small-Cap Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Silicon Image Inc. | 3,700 | $ | 21,645 | (a) | ||||||
TriQuint Semiconductor Inc. | 3,741 | 25,926 | (a) | |||||||
746,964 | ||||||||||
Specialized Consumer Services — 0.1% |
| |||||||||
Matthews International Corp. | 1,405 | 52,968 | ||||||||
Specialized Finance — 0.2% |
| |||||||||
MarketAxess Holdings Inc. | 1,400 | 65,450 | ||||||||
NewStar Financial Inc. | 1,495 | 19,914 | (a) | |||||||
85,364 | ||||||||||
Specialized REITs — 1.4% |
| |||||||||
Aviv REIT Inc. | 1,705 | 43,120 | ||||||||
FelCor Lodging Trust Inc. | 4,800 | 28,368 | (a) | |||||||
Hersha Hospitality Trust | 8,112 | 45,752 | ||||||||
Omega Healthcare Investors Inc. | 9,345 | 289,882 | ||||||||
Potlatch Corp. | 600 | 24,264 | ||||||||
Sabra Healthcare REIT Inc. | 5,345 | 139,558 | ||||||||
Summit Hotel Properties Inc. | 4,766 | 45,039 | ||||||||
615,983 | ||||||||||
Specialty Chemicals — 1.8% |
| |||||||||
Flotek Industries Inc. | 4,498 | 80,694 | (a) | |||||||
GSE Holding Inc. | 1,174 | 6,797 | (a) | |||||||
HB Fuller Co. | 1,698 | 64,201 | ||||||||
OM Group Inc. | 1,138 | 35,187 | (a) | |||||||
PolyOne Corp. | 3,015 | 74,712 | ||||||||
Sensient Technologies Corp. | 13,334 | 539,627 | ||||||||
Stepan Co. | 83 | 4,616 | ||||||||
805,834 | ||||||||||
Steel — 0.4% |
| |||||||||
Commercial Metals Co. | 11,295 | 166,827 | ||||||||
Schnitzer Steel Industries Inc. | 1,281 | 29,950 | ||||||||
196,777 | ||||||||||
Systems Software — 0.8% |
| |||||||||
AVG Technologies N.V. | 1,412 | 27,464 | (a) | |||||||
CommVault Systems Inc. | 310 | 23,526 | (a) | |||||||
FleetMatics Group PLC | 300 | 9,969 | (a) | |||||||
Infoblox Inc. | 1,103 | 32,274 | (a) | |||||||
MICROS Systems Inc. | 5,800 | 250,270 | (a) | |||||||
Progress Software Corp. | 184 | 4,234 | (a) | |||||||
347,737 | ||||||||||
Technology Distributors — 0.1% |
| |||||||||
Electro Rent Corp. | 86 | 1,444 | ||||||||
ScanSource Inc. | 855 | 27,360 | (a) | |||||||
Tech Data Corp. | 742 | 34,941 | (a) | |||||||
63,745 |
Number of Shares | Fair Value | |||||||||
Thrifts & Mortgage Finance — 0.2% |
| |||||||||
Nationstar Mortgage Holdings Inc. | 609 | $ | 22,801 | (a) | ||||||
Ocwen Financial Corp. | 580 | 23,907 | (a) | |||||||
Washington Federal Inc. | 1,248 | 23,562 | ||||||||
70,270 | ||||||||||
Tires & Rubber — 0.0%* |
| |||||||||
Cooper Tire & Rubber Co. | 555 | 18,410 | ||||||||
Trading Companies & Distributors — 0.8% |
| |||||||||
Applied Industrial Technologies Inc. | 7,804 | 377,167 | ||||||||
Trucking — 1.2% |
| |||||||||
Heartland Express Inc. | 1,900 | 26,353 | ||||||||
Landstar System Inc. | 2,000 | 103,000 | ||||||||
Marten Transport Ltd. | 2,109 | 33,048 | ||||||||
Old Dominion Freight Line Inc. | 8,017 | 333,668 | (a) | |||||||
Swift Transportation Co. | 1,636 | 27,059 | (a) | |||||||
523,128 | ||||||||||
Total Common Stock | 42,246,942 | |||||||||
Short-Term Investments — 5.4% | ||||||||||
GE Institutional Money Market Fund — Investment Class 0.00% | 2,427,960 | (b,c) | ||||||||
Total Investments | 44,674,902 | |||||||||
Liabilities in Excess of Other Assets, net — (0.1)% | (62,657 | ) | ||||||||
|
| |||||||||
NET ASSETS — 100.0% | $ | 44,612,245 | ||||||||
|
| |||||||||
Other Information |
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||
Russell 2000 Mini Index Futures | September 2013 | 11 | $ | 1,072,170 | $ | (4,816 | ) |
See Notes to Schedule of Investments and Notes to Financial Statements.
9
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Notes to Schedule of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Coupon amount represents effective yield. |
(c) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
ADR | American Depository Receipt | |
REIT | Real Estate Investment Trust |
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Selected data based on a share outstanding throughout the fiscal years indicated
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08(c) | |||||||||||||||||||
Inception date | — | — | — | — | — | 4/28/00 | ||||||||||||||||||
Net asset value, beginning of period | $ | 13.37 | $ | 12.85 | $ | 12.46 | $ | 9.79 | $ | 7.48 | $ | 12.17 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.01) | 0.00 | ** | (0.01) | 0.02 | * | 0.04 | 0.09 | ||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.11 | 1.86 | 0.40 | 2.67 | 2.27 | (4.67) | ||||||||||||||||||
Total income/(loss) from investment operations | 2.10 | 1.86 | 0.39 | 2.69 | 2.31 | (4.58) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.00 | ** | 0.00 | ** | 0.02 | — | 0.05 | ||||||||||||||||
Net realized gains | — | 1.34 | — | — | — | 0.06 | ||||||||||||||||||
Total distributions | — | 1.34 | 0.00 | 0.02 | 0.00 | 0.11 | ||||||||||||||||||
Net asset value, end of period | $ | 15.47 | $ | 13.37 | $ | 12.85 | $ | 12.46 | $ | 9.79 | $ | 7.48 | ||||||||||||
TOTAL RETURN(a) | 15.71% | 14.57% | 3.13% | 27.47% | 30.88% | (37.59)% | ||||||||||||||||||
RATIOS/ | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 44,612 | $ | 41,942 | $ | 46,855 | $ | 55,527 | $ | 54,114 | $ | 50,210 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.22)% | †† | 0.01% | (0.07)% | 0.18% | (0.04)% | 0.46% | |||||||||||||||||
Net Expenses | 1.27% | (b)*†† | 1.34% | (b)(d) | 1.28% | (b)(d) | 1.12% | (b) | 1.52% | (b) | 0.94% | (b) | ||||||||||||
Gross Expenses | 1.28% | *†† | 1.38% | 1.50% | 1.13% | 1.52% | 0.94% | |||||||||||||||||
Portfolio turnover rate | 20% | 36% | 44% | 47% | 40% | 85% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated Money Market Fund managed by GEAM. |
(c) | Less than $0.01 per share of the distribution paid was from return of capital. |
(d) | Reflects a voluntary reimbursement of other operating expenses by GEAM. |
* | Per share values have been calculated using the average share method. |
** | Rounds to less than $0.01. |
† | Unaudited |
†† | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
12
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For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income | ||||
Dividend | $ | 219,697 | ||
Interest | 9,887 | |||
Interest from affiliated investments | 441 | |||
Less: Foreign taxes withheld | (503 | ) | ||
Total Income | 229,522 | |||
Expenses | ||||
Advisory and administration fees | 208,205 | |||
Directors’ fees | 967 | |||
Custody and accounting expenses | 52,738 | |||
Professional fees | 11,289 | |||
Other expenses | 6,802 | |||
Total expenses before waivers | 280,001 | |||
Less: Fees waived by the adviser | (1,510 | ) | ||
Net expenses | 278,491 | |||
Net investment loss | (48,969 | ) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Realized gain (loss) on: | ||||
Investments | 2,686,553 | |||
Futures | 217,834 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 3,549,844 | |||
Futures | (11,365 | ) | ||
Net realized and unrealized gain on Investments | 6,442,866 | |||
Net increase in net assets resulting from operations | $ | 6,393,897 |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
14
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund, Core Value Equity Fund, Small-Cap Equity Fund (the “Fund”), Total Return Fund, Income Fund, and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company offers one share class (Class 1) of the Fund as investment options for variable life insurance and variable annuity contracts.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Derivatives The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The
Fund may enter into derivative transactions such as futures to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in market conditions, gaining market exposure for accumulating and residual cash positions, or when the transactions are economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument or to hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non- performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss upon the expiration or closing of a futures contract.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign corporate actions which are recorded as soon after ex-dividend date as such information becomes available. Interest income is recorded on the accrual basis.
15
Table of Contents
Notes to Financial Statements | June 30, 2012 (Unaudited) |
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made. The Fund is treated as a separate taxpayer for federal income tax purposes.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using
procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
16
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures,
forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities† | ||||||||||||||||
Common Stock | $ | 42,246,942 | $ | — | $ | — | $ | 42,246,942 | ||||||||
Short-Term Investments | 2,427,960 | — | — | 2,427,960 | ||||||||||||
Total Investments in Securities | $ | 44,674,902 | $ | — | $ | — | $ | 44,674,902 | ||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts — Unrealized Depreciation | $ | (4,816) | $ | — | $ | — | $ | (4,816) | ||||||||
†See Schedule of Investments for industry classification * Other financial instruments include derivative instruments such as futures contracts. Amounts shown represent unrealized appreciation (depreciation), at period end. |
|
There were no transfers between the fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they
appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2013.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset derivatives | Liability derivatives | |||||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the statement of assets and liabilities | Fair value ($) | Location in the statement of assets and liabilities | Fair value ($) | ||||||||
Equity futures contracts | Assets, variation margin receivable | — | Liabilities, variation margin payable | 1,753 | ||||||||
Equity futures contracts | Unrealized gain, net assets | — | * | Unrealized loss, net assets | 4,816 | * |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments and as within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
17
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
Fair value of the collateral held with the counter party was $100,000 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount of Futures Contracts Purchased/(Sold) ($) | Realized Gain or (Loss) on Derivatives Recognized in Income ($) | Change in Unrealized on Derivatives Recognized in | |||||||||||||
Equity Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures | 5,289,974/(6,032,809) | 217,834 | (11,365 | ) |
5. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Funds generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i) 33.33% of its total assets or (ii) 20% of its net assets. The credit facilities were not utilized by the Fund during the six-month period ended June 30, 2013.
6. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective March 16, 2000 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.95%.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its
affiliates. Directors who are not such officers or employees also serve in a similar capacity for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms and share classes served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
7. | Sub-advisory Fees |
Pursuant to investment sub-advisory agreements with GEAM, the assets of the Small-Cap Equity Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) GlobeFlex Capital, LP; (iv) Kennedy Capital Management, Inc. and (v) SouthernSun Asset Management, LLC. GEAM is responsible for allocating the Fund’s assets among the sub-advisers in its discretion (Allocated Assets), and for managing the Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of GEAM and the Board.
For their services, GEAM pays each sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.
8. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
Non-U.S. Government Securities | ||
Purchases | Sales | |
$ 8,216,970 | $ 11,055,278 |
18
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
9. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2013, information on the tax cost of investments was as follows:
Gross Tax | ||||||
Cost of Investments For Tax Purposes | Appreciation | Depreciation | Net Tax Appreciation | |||
$36,700,378 | $9,794,922 | $(1,820,398) | $7,974,524 |
As of December 31, 2012, the Fund had no capital loss carryovers. Capital loss carryovers are available to offset future realized capital gain to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
During the year ended December 31, 2012, the Fund utilized $666,958 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund did not defer any such losses for the year ended December 31, 2012.
The tax character of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Year | Ordinary Income | Long-Term Gains | Total | ||||||||||||
2012 | $ | 113,702 | $ | 3,708,420 | $ | 3,822,122 | |||||||||
2011 | 120 | — | 120 |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) futures, distributions from Real Estate Investment Trusts (REITS) and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain (Loss) | Paid in Capital | |||||||||||||||
$ | (1,934 | ) | $ | 47 | $ | — | $ | 1,887 |
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Table of Contents
Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer – Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel – Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
20
Table of Contents
Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified – Vice President and Secretary – 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
21
Table of Contents
Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified – 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
22
Table of Contents
Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified – 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified – 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
23
Table of Contents
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
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Table of Contents
Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC – information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
Real Estate Securities Fund
Semi-Annual Report
June 30, 2013
Table of Contents
Real Estate Securities Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
4 | ||||
Financial Statements | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
14 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
Real Estate Securities Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments Real Estate Securities Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek maximum total return through current income and capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks, and debt securities of U.S. issuers that are principally engaged in or related to the real estate industry, including those that own significant real estate assets. The Fund does not invest directly in real estate.
Sector Allocation
as a % of Fair Value of $83,154 (in thousands) on June 30, 2013 (a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value (a)(b)(c)
Simon Property Group Inc. | 7.43% | |||
Prologis Inc. | 6.16% | |||
AvalonBay Communities Inc. | 4.46% | |||
Ventas Inc. | 4.38% | |||
Public Storage | 3.85% | |||
HCP Inc. | 3.63% | |||
Camden Property Trust | 3.48% | |||
Tanger Factory Outlet Centers | 3.39% | |||
The Macerich Co. | 3.35% | |||
General Growth Properties Inc. | 3.05% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
Real Estate Securities Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading entitled “Expenses Paid During Period” to estimate the expenses paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 - June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,056.50 | 4.95 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,019.98 | 4.86 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.97% (for the period January 1, 2013 – June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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Table of Contents
Real Estate Securities Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Real Estate Securities Fund
Number of Shares | Fair Value | |||||||||
Common Stock (REITs) — 99.3%† |
| |||||||||
Diversified — 2.9% |
| |||||||||
Vornado Realty Trust | 28,810 | $ | 2,386,908 | |||||||
Freestanding — 2.3% | ||||||||||
National Retail Properties Inc. | 24,840 | 854,496 | ||||||||
Spirit Realty Capital Inc. | 58,210 | 1,031,481 | ||||||||
1,885,977 | ||||||||||
Healthcare — 11.7% | ||||||||||
Aviv REIT Inc. | 17,370 | 439,287 | ||||||||
HCP Inc. | 66,390 | 3,016,762 | ||||||||
Healthcare REIT Inc. | 31,530 | 2,113,456 | ||||||||
Omega Healthcare Investors Inc. | 17,520 | 543,470 | ||||||||
Ventas Inc. | 52,430 | 3,641,788 | ||||||||
9,754,763 | ||||||||||
Hotel — 7.3% | ||||||||||
Ashford Hospitality Trust Inc. | 33,340 | 381,743 | ||||||||
Hospitality Properties Trust | 12,620 | 331,654 | ||||||||
Host Hotels & Resorts Inc. | 133,210 | 2,247,253 | ||||||||
LaSalle Hotel Properties | 53,180 | 1,313,546 | ||||||||
RLJ Lodging Trust | 31,710 | 713,158 | ||||||||
Sunstone Hotel Investors Inc. | 88,980 | 1,074,878 | (a) | |||||||
6,062,232 | ||||||||||
Industrial — 7.2% | ||||||||||
EastGroup Properties Inc. | 8,880 | 499,678 | ||||||||
First Industrial Realty Trust Inc. | 27,280 | 413,838 | ||||||||
Prologis Inc. | 135,750 | 5,120,490 | ||||||||
6,034,006 | ||||||||||
Multifamily — 17.7% | ||||||||||
AvalonBay Communities Inc. | 27,460 | 3,704,629 | ||||||||
BRE Properties Inc. | 25,060 | 1,253,501 | ||||||||
Camden Property Trust | 41,850 | 2,893,509 | ||||||||
Campus Crest Communities Inc. | 14,700 | 169,638 | ||||||||
Equity Residential | 37,990 | 2,205,699 | ||||||||
Essex Property Trust Inc. | 12,970 | 2,061,192 | ||||||||
Mid-America Apartment Communities Inc. | 13,390 | 907,440 | ||||||||
UDR Inc. | 62,970 | 1,605,105 | ||||||||
14,800,713 | ||||||||||
Office — 11.2% | ||||||||||
Alexandria Real Estate Equities Inc. | 5,680 | 373,290 | ||||||||
Boston Properties Inc. | 22,280 | 2,349,872 | ||||||||
Brandywine Realty Trust | 33,660 | 455,083 | ||||||||
Brookfield Office Properties Inc. | 82,290 | 1,372,597 | ||||||||
Highwoods Properties Inc. | 37,480 | 1,334,663 | ||||||||
Hudson Pacific Properties Inc. | 7,580 | 161,302 |
Number of Shares | Fair Value | |||||||||
Kilroy Realty Corp. | 25,120 | 1,331,611 | ||||||||
Parkway Properties Inc. | 27,100 | 454,196 | ||||||||
SL Green Realty Corp. | 16,800 | 1,481,592 | ||||||||
9,314,206 | ||||||||||
Office/Industrial — 3.9% |
| |||||||||
Duke Realty Corp. | 115,000 | 1,792,850 | ||||||||
Liberty Property Trust | 39,320 | 1,453,267 | ||||||||
3,246,117 | ||||||||||
Regional Malls — 15.9% |
| |||||||||
CBL & Associates Properties Inc. | 43,890 | 940,124 | ||||||||
General Growth Properties Inc. | 127,740 | 2,538,194 | ||||||||
Simon Property Group Inc. | 39,110 | 6,176,251 | ||||||||
Taubman Centers Inc. | 10,420 | 783,063 | ||||||||
The Macerich Co. | 45,660 | 2,783,890 | ||||||||
13,221,522 | ||||||||||
Self Storage — 6.5% | ||||||||||
CubeSmart | 59,390 | 949,052 | ||||||||
Public Storage | 20,880 | 3,201,530 | ||||||||
Sovran Self Storage Inc. | 19,870 | 1,287,377 | ||||||||
5,437,959 | ||||||||||
Shopping Centers — 10.8% |
| |||||||||
DDR Corp. | 118,770 | 1,977,521 | ||||||||
Excel Trust Inc. | 24,350 | 311,924 | ||||||||
Kimco Realty Corp. | 118,180 | 2,532,597 | ||||||||
Regency Centers Corp. | 23,490 | 1,193,527 | ||||||||
Retail Opportunity Investments Corp. | 12,410 | 172,499 | ||||||||
Tanger Factory Outlet Centers | 84,360 | 2,822,686 | ||||||||
9,010,754 | ||||||||||
Specialty — 1.9% | ||||||||||
CyrusOne Inc. | 22,640 | 469,554 | ||||||||
Digital Realty Trust Inc. | 19,020 | 1,160,220 | ||||||||
1,629,774 | ||||||||||
Total Common Stock (REIT) | 82,784,931 | |||||||||
Short-Term Investments — 0.5% |
| |||||||||
GE Institutional Money Market Fund — | 369,267 | (b,c) | ||||||||
Total Investments | 83,154,198 | |||||||||
Other Assets and Liabilities, | 195,649 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $ | 83,349,847 | ||||||||
|
|
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Notes to Schedules of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Coupon amount represents effective yield. |
(c) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
REIT | Real Estate Investment Trust |
4
Table of Contents
Selected data based on a share outstanding throughout the fiscal years indicated
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | |||||||||||||||||||
Inception date | — | — | — | — | — | 5/1/95 | ||||||||||||||||||
Net asset value, beginning of period | $ | 13.27 | $ | 11.58 | $ | 10.68 | $ | 8.41 | $ | 6.46 | $ | 10.87 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.12 | 0.29 | 0.21 | 0.19 | * | 1.03 | 1.11 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.63 | 1.65 | 0.84 | 2.24 | 1.29 | (5.05) | ||||||||||||||||||
Total income/(loss) from investment operations | 0.75 | 1.94 | 1.05 | 2.43 | 2.32 | (3.94) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.25 | 0.15 | 0.16 | 0.22 | 0.28 | ||||||||||||||||||
Return of capital | — | — | — | — | 0.15 | 0.19 | ||||||||||||||||||
Total distributions | — | 0.25 | 0.15 | 0.16 | 0.37 | 0.47 | ||||||||||||||||||
Net asset value, end of period | $ | 14.02 | $ | 13.27 | $ | 11.58 | $ | 10.68 | $ | 8.41 | $ | 6.46 | ||||||||||||
TOTAL RETURN(a) | 5.65% | 16.79% | 9.85% | 28.94% | 35.77% | (36.03)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 83,350 | $ | 76,751 | $ | 75,012 | $ | 78,316 | $ | 70,574 | $ | 59,969 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.82% | ** | 2.13% | 1.73% | 1.97% | 4.75% | 4.67% | |||||||||||||||||
Net Expenses | 0.97% | (b)** | 0.98% | (b) | 1.04% | (b) | 0.92% | (b) | 1.04% | (b) | 0.95% | (b) | ||||||||||||
Gross Expenses | 0.98% | ** | 0.98% | 1.04% | 0.93% | 1.04% | 0.95% | |||||||||||||||||
Portfolio turnover rate | 39% | 49% | 69% | 113% | 105% | 121% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated money market fund managed by GEAM. |
† | (Unaudited) |
* | Per share values have been calculated using the average share method. |
** | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
5
Table of Contents
The accompanying Notes are an integral part of these financial statements.
6
Table of Contents
For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 1,147,484 | ||
Interest from affiliated investments | 202 | |||
Total income | 1,147,686 | |||
Expenses: | ||||
Advisory and administration fees | 348,858 | |||
Directors’ fees | 1,526 | |||
Custody and accounting expenses | 15,376 | |||
Professional fees | 9,877 | |||
Other expenses | 26,078 | |||
Total expenses before waivers | 401,715 | |||
Less: Fees waived by the adviser | (638 | ) | ||
Net expenses | 401,077 | |||
Net investment income | 746,609 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Realized gain on investments | 6,109,172 | |||
Decrease in unrealized appreciation/depreciation on investments | (2,874,239 | ) | ||
Net realized and unrealized gain on Investments | 3,234,933 | |||
Net increase in net assets resulting from operations | $ | 3,981,542 |
The accompanying Notes are an integral part of these financial statements.
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† | (Unaudited) |
* | Share Class 4 was closed effective June 29, 2012 |
The accompanying Notes are an integral part of these financial statements.
8
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund, Core Value Equity Fund, Small-Cap Equity Fund, Total Return Fund, Income Fund, and Real Estate Securities Fund (the “Fund”).
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company currently offers one share class (Class 1) of the Fund as investment options for variable life insurance and variable annuity contracts.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company.
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Derivatives The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into derivative transactions to gain market exposure for residual and accumulating cash positions.
Real Estate Investment Trusts Dividend income, attributable to real estate investment trusts (“REITs”), is recorded based on management’s estimate of the income included in the distributions received. Distributions received in excess of this amount are recorded as a reduction of the cost of the investments. The actual amounts of income and return of capital are determined by each REIT only after its fiscal year-end and may differ from the estimated amounts.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign corporate actions which are recorded as soon after ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund; however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made. The Fund is treated as a separate taxpayer for federal income tax purposes.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These t wo types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the-counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps,
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 82,784,931 | $ | — | $ | — | $ | 82,784,931 | ||||||||||||
Short-Term Investments | 369,267 | — | — | 369,267 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 83,154,198 | $ | — | $ | — | $ | 83,154,198 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
† | See Schedule of Investments for industry classifications |
There were no transfers between fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
4. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Funds generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i)33.33% of the Fund’s assets or (ii) 20% of its net assets. The credit facilities were not utilized by the Fund during the six-month period ended June 30, 2013.
5. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective May 1, 1997 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund. The advisory and administrative fee is stated in the following schedule:
Average Daily Net Assets of Fund | Advisory and Administration Fees | |
First $100 million | 0.85% | |
Next $100 million | 0.80% | |
Over $200 million | 0.75% |
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not such officers or employees also serve in a similar capacity for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
6. | Sub-advisory Fees |
Pursuant to an investment sub-advisory agreement with GEAM, Urdang Securities Management, Inc. (“Urdang”) is the Sub-Adviser to the Fund. Urdang is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of GEAM and the Board.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
For their services, GEAM pays Urdang monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.
Effective July 1, 2013, Urdang Securities Management, Inc., the sub-adviser to the Fund, changed its name to CenterSquare Investment Management, Inc.
7. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
Non-U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$34,742,303 | $31,268,617 |
8. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Funds’ net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2013, information on the tax cost of investments was as follows:
Gross Tax | Net Tax Appreciation | |||||||||||
Cost of Investments For Tax Purposes | Appreciation | Depreciation | ||||||||||
$75,546,217 | $ | 9,109,438 | $ | (1,501,457 | ) | $ | 7,607,981 |
Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
As of December 31, 2012, the Fund had capital loss carryovers as follows:
Amount | ||||
Short-Term | Long-Term | Expires | ||
$4,019,210 | $— | 12/31/2017 |
These amounts will be available to offset future taxable capital gains. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an
unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.
Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
During the year ended December 31, 2012, the Fund utilized $7,597,142 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund incurred no such losses for the year ended December 31, 2012.
The tax character of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Ordinary Income | Long-Term Capital Gains | Total | |||||||||||||
2012 | $ | 1,450,497 | $ | — | $ | 1,450,497 | |||||||||
2011 | 970,457 | — | 970,457 |
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) distributions from Real Estate Investment Trusts (REITS), investments organized as partnerships for tax purposes; and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or
available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain (Loss) | Paid in Capital | |||||||||||||||
$ | (6,223 | ) | $ | 5,375 | $ | — | $ | 488 |
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Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Funds is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer — Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel – Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
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Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — Vice President and Secretary — 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
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Table of Contents
Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel — Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
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Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
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Table of Contents
Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
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Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC – information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
Premier Growth Equity Fund
Semi-Annual Report
June 30, 2013
Table of Contents
GE Investments Funds, Inc.
Premier Growth Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
5 | ||||
Financial Statements | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
16 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
Premier Growth Equity Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments Premier Growth Equity Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek long-term growth of capital and future income rather than current income. The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks. The Fund invests primarily in a limited number of large-and medium-sized companies (meaning companies with a market capitalization of $2 billion or more) that the portfolio manager believes have above-average growth histories and/or growth potential.
Sector Allocation
as a % of Fair Value of $36,476 (in thousands) on June 30, 2013 (a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value (a)(b)(c)
Express Scripts Holding Co. | 4.40% | |||
Qualcomm Inc. | 4.36% | |||
CME Group Inc. | 4.25% | |||
Gilead Sciences Inc. | 4.15% | |||
Dover Corp. | 4.04% | |||
Visa Inc. | 4.02% | |||
Apple Inc. | 3.82% | |||
Covidien PLC | 3.80% | |||
Schlumberger Ltd. | 3.73% | |||
eBay Inc. | 3.71% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
Premier Growth Equity Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 – June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,112.90 | 4.56 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,020.48 | 4.36 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.87% (for the period January 1, 2013 – June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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Premier Growth Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Premier Growth Equity Fund
Number of Shares | Fair Value | |||||||||
Common Stock — 97.0%† |
| |||||||||
Air Freight & Logistics — 2.9% |
| |||||||||
United Parcel Service Inc. | 12,238 | $ | 1,058,342 | |||||||
Application Software — 2.1% |
| |||||||||
Intuit Inc. | 12,660 | 772,640 | ||||||||
Asset Management & Custody Banks — 3.3% |
| |||||||||
State Street Corp. | 18,286 | 1,192,430 | (c) | |||||||
Biotechnology — 5.5% |
| |||||||||
Amgen Inc. | 5,064 | 499,614 | ||||||||
Gilead Sciences Inc. | 29,540 | 1,512,743 | (a) | |||||||
2,012,357 | ||||||||||
Broadcasting — 2.7% |
| |||||||||
Discovery Communications Inc. | 14,067 | 979,907 | (a) | |||||||
Cable & Satellite — 6.1% |
| |||||||||
Comcast Corp. | 23,632 | 937,481 | ||||||||
Liberty Global PLC | 18,990 | 1,289,231 | (a) | |||||||
2,226,712 | ||||||||||
Casinos & Gaming — 1.7% |
| |||||||||
Las Vegas Sands Corp. | 11,957 | 632,884 | ||||||||
Communications Equipment — 5.9% |
| |||||||||
Cisco Systems Inc. | 22,507 | 547,145 | (d) | |||||||
Qualcomm Inc. | 26,023 | 1,589,485 | ||||||||
2,136,630 | ||||||||||
Computer Hardware — 3.8% |
| |||||||||
Apple Inc. | 3,517 | 1,393,014 | ||||||||
Computer Storage & Peripherals — 2.6% |
| |||||||||
EMC Corp. | 40,090 | 946,926 | ||||||||
Data Processing & Outsourced Services — 5.9% |
| |||||||||
Paychex Inc. | 18,989 | 693,478 | ||||||||
Visa Inc. | 8,018 | 1,465,290 | ||||||||
2,158,768 | ||||||||||
Fertilizers & Agricultural Chemicals — 3.3% |
| |||||||||
Monsanto Co. | 11,956 | 1,181,253 | ||||||||
Healthcare Equipment — 3.8% |
| |||||||||
Covidien PLC | 22,085 | 1,387,821 |
Number of Shares | Fair Value | |||||||||
Healthcare Services — 4.4% |
| |||||||||
Express Scripts Holding Co. | 26,023 | $ | 1,605,359 | (a) | ||||||
Healthcare Supplies — 1.7% |
| |||||||||
DENTSPLY International Inc. | 15,473 | 633,775 | ||||||||
Home Improvement Retail — 3.7% |
| |||||||||
Lowe’s Companies Inc. | 32,916 | 1,346,264 | ||||||||
Industrial Machinery — 4.1% |
| |||||||||
Dover Corp. | 18,990 | 1,474,764 | ||||||||
Internet Retail — 1.5% |
| |||||||||
Amazon.com Inc. | 1,969 | 546,771 | (a) | |||||||
Internet Software & Services — 8.0% |
| |||||||||
Baidu Inc. ADR | 9,847 | 930,837 | (a) | |||||||
eBay Inc. | 26,164 | 1,353,202 | (a) | |||||||
Google Inc. | 703 | 618,900 | (a) | |||||||
2,902,939 | ||||||||||
Investment Banking & Brokerage — 3.1% |
| |||||||||
The Charles Schwab Corp. | 14,770 | 313,567 | ||||||||
The Goldman Sachs Group Inc. | 5,345 | 808,431 | ||||||||
1,121,998 | ||||||||||
Oil & Gas Equipment & Services — 3.7% |
| |||||||||
Schlumberger Ltd. | 18,990 | 1,360,823 | ||||||||
Oil & Gas Exploration & Production — 1.4% |
| |||||||||
Anadarko Petroleum Corp. | 6,049 | 519,791 | ||||||||
Soft Drinks — 3.5% |
| |||||||||
PepsiCo Inc. | 15,614 | 1,277,069 | ||||||||
Specialized Finance — 4.3% |
| |||||||||
CME Group Inc. | 20,397 | 1,549,764 | ||||||||
Specialized REITs — 2.1% |
| |||||||||
American Tower Corp. | 10,550 | 771,944 | ||||||||
Specialty Stores — 2.4% |
| |||||||||
Dick’s Sporting Goods Inc. | 17,583 | 880,205 | ||||||||
Systems Software — 3.5% |
| |||||||||
Microsoft Corp. | 21,803 | 752,857 | (d) | |||||||
Oracle Corp. | 16,880 | 518,554 | ||||||||
1,271,411 | ||||||||||
Total Common Stock | 35,342,561 | |||||||||
See Notes to Schedule of Investments and Notes to Financial Statements.
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Premier Growth Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||
Short-Term Investments — 3.1% | ||||||||
GE Institutional Money Market Fund — Investment Class 0.00% | $ | 1,133,700 | (b,e) | |||||
Total Investments | 36,476,261 | |||||||
Liabilities in Excess of Other Assets, net — (0.1)% | (23,048 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 36,453,213 | ||||||
|
| |||||||
Other Information: |
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||
S&P 500 Emini Index Futures | September 2013 | 1 | $ | 79,965 | $ | (1,725 | ) |
See Notes to Schedule of Investments and Notes to Financial Statements.
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Notes to Schedule of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Coupon amount represents effective yield. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s custodian and accounting agent. |
(d) | At June 30, 2013, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(e) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
ADR | American Depository Receipt | |
REIT | Real Estate Investment Trust |
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Selected data based on a share outstanding throughout the fiscal years indicated
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | |||||||||||||||||||
Inception date | — | — | — | — | — | 12/12/97 | ||||||||||||||||||
Net asset value, beginning of period | $ | 85.99 | $ | 71.78 | $ | 71.60 | $ | 64.30 | $ | 46.49 | $ | 78.95 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.17 | 0.78 | 0.15 | 0.14 | * | 0.20 | 0.30 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 9.54 | 14.20 | 0.19 | 7.32 | 17.81 | (29.32) | ||||||||||||||||||
Total income/(loss) from investment operations | 9.71 | 14.98 | 0.34 | 7.46 | 18.01 | (29.02) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.77 | 0.16 | 0.16 | 0.20 | 0.26 | ||||||||||||||||||
Return of Capital | — | — | — | — | — | 0.01 | ||||||||||||||||||
Net realized gains | — | — | — | — | — | 3.17 | ||||||||||||||||||
Total distributions | — | 0.77 | 0.16 | 0.16 | 0.20 | 3.44 | ||||||||||||||||||
Net asset value, end of period | $ | 95.70 | $ | 85.99 | $ | 71.78 | $ | 71.60 | $ | 64.30 | $ | 46.49 | ||||||||||||
TOTAL RETURN(a) | 11.29% | 20.88% | 0.47% | 11.61% | 38.74% | (36.66)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 36,453 | $ | 35,397 | $ | 37,871 | $ | 45,280 | $ | 48,620 | $ | 43,308 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | 0.34% | ** | 0.84% | 0.19% | 0.22% | 0.33% | 0.36% | |||||||||||||||||
Net expenses | 0.87% | (b)** | 0.85% | (b) | 0.91% | (b) | 0.76% | (b) | 0.90% | (b) | 0.76% | (b) | ||||||||||||
Gross expenses | 0.87% | ** | 0.85% | 0.92% | 0.76% | 0.90% | 0.76% | |||||||||||||||||
Portfolio turnover rate | 9% | 17% | 21% | 19% | 18% | 23% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated Money Market Fund managed by GEAM. |
† | (Unaudited) |
* | Per share values have been calculated using the average share method. |
** | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
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For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income | ||||
Dividend | $220,047 | |||
Interest | 2,228 | |||
Interest from affiliated investments | 267 | |||
Total income | 222,542 | |||
Expenses | ||||
Advisory and administration fees | 120,008 | |||
Directors’ fees | 806 | |||
Custody and accounting expenses | 18,835 | |||
Professional fees | 9,277 | |||
Other expenses | 11,451 | |||
Total expenses before waivers | 160,377 | |||
Less: Fees waived by the adviser | (893 | ) | ||
Net expenses | 159,484 | |||
Net investment income | 63,058 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Realized gain (loss) on: | ||||
Investments | 1,434,155 | |||
Futures | 137,755 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 2,318,000 | |||
Futures | (6,429 | ) | ||
Net realized and unrealized gain on Investments | 3,883,481 | |||
Net increase in net assets resulting from operations | $3,946,539 |
The accompanying Notes are an integral part of these financial statements.
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† | (Unaudited) |
The accompanying Notes are an integral part of these financial statements.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund (the “Fund”), Core Value Equity Fund, Small-Cap Equity Fund, International Equity Fund, Total Return Fund, Income Fund and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company currently offers one share class (Class 1) as an investment option for variable life insurance and variable annuity contracts.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent Events Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Derivatives The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may enter into derivative transactions (such as options, futures, and options on futures) to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in market conditions, gaining market exposure for accumulating and residual cash positions, or when the transactions were economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund, however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value
established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 35,342,561 | $ | — | $ | — | $ | 35,342,561 | ||||||||||||
Short-Term Investments | 1,133,700 | — | — | 1,133,700 | ||||||||||||||||
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|
|
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|
| |||||||||||||
Total Investments in Securities | $ | 36,476,261 | $ | — | $ | — | $ | 36,476,261 | ||||||||||||
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| |||||||||||||
Other Financial Instruments* | ||||||||||||||||||||
Futures Contracts — Unrealized Depreciation | $ | (1,725 | ) | $ | — | $ | — | $ | (1,725 | ) | ||||||||||
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† | See Schedule of Investments for industry classification. |
* | Other financial instruments include derivative instruments such as futures contracts. Amounts shown represent unrealized appreciation (depreciation), at period end. |
There were no transfers between the fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2012.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset Derivatives June 30, 2013 | Liability Derivatives June 30, 2013 | |||||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Assets and Liabilities | Fair Value ($) | Location in the Statement of Assets and Liabilities | Fair Value ($) | ||||||||
Interest rate contracts | Assets, variation margin receivable | — | Liabilities, variation margin payable | 365 | ||||||||
Interest rate contracts | Unrealized gain, net assets | — | * | Unrealized loss, net assets | 1,725* |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments and within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
Fair value of the collateral held with the counter party was $43,803 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on each Fund’s Statement of Operations, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount of Futures Contracts Purchased/(Sold) ($) | Realized Gain or (Loss) on Derivatives Recognized in Income ($) | Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income ($) | ||||||||||
Equity Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures |
| 3,011,604/ (3,903,684) |
| 137,755 | (6,429) |
5. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Fund generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i) 33.33% of the Fund’s total assets or (ii) 20% of its net assets. The credit facilities were not
utilized by the Fund during the six-month period ended June 30, 2013.
6. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective November 15, 1997 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not such officers or employees also serve in a similar capacity for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms and share classes served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
7. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
Non-U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$ 3,145,529 | $4,837,306 |
8. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2013, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation | ||||||||||||||||
Appreciation | Depreciation | |||||||||||||||||
$ | 26,894,733 | $ | 10,732,161 | $ | (1,150,633 | ) | $ | 9,581,528 |
As of December 31, 2012, the Fund had capital loss carryovers as indicated below. Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
Amount | |||||||||||||
Short-Term | Long-Term | Expires | |||||||||||
$ | 277,048 | $ | — | 12/31/2018 |
These amounts will be available to offset future taxable capital gains. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax
years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
During the year ended December 31, 2012 the Fund utilized $3,351,777 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund elected to defer qualified late-year losses for the year ended December 31, 2012 as follows:
Capital | Ordinary | |
$494 | $— |
14
Table of Contents
Notes to Financial Statements | June 30, 2013 (Unaudited) |
The tax character of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2012 | $ | 318,846 | $ | — | $ | 318,846 | |||||||||
2011 | 82,406 | — | 82,406 |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) futures, investments organized as
partnerships for tax purposes, and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain (Loss) | Paid in Capital | |||||||||||||||
$ | 651 | $ | (826 | ) | $ | — | $ | 175 |
15
Table of Contents
Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer — Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel — Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
16
Table of Contents
Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — Vice President and Secretary — 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
17
Table of Contents
Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel – Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
18
Table of Contents
Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
19
Table of Contents
Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
20
Table of Contents
Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC – information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
Core Value Equity Fund
Semi–Annual Report
June 30, 2013
Table of Contents
GE Investments Funds, Inc.
Core Value Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
6 | ||||
Financial Statements | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
17 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
Core Value Equity Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments Core Value Equity Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek long-term growth of capital and future income. The Fund seeks to achieve its investment objectives by investing at least 80% of its net assets under normal circumstances in equity securities, such as common and preferred stocks. The Fund invests primarily in U.S. companies that the portfolio managers believe are undervalued by the market but have solid growth prospects.
Sector Allocation
as a % of Fair Value of $16,594 (in thousands) on June 30, 2013 (a)(b)
Top Ten Largest Holdings
as of June 30, 2013 as a % of Fair Value (a)(b)(c)
| ||||
Microsoft Corp. | 3.21% | |||
Johnson & Johnson | 2.97% | |||
Pfizer Inc. | 2.86% | |||
Wells Fargo & Co. | 2.84% | |||
Cisco Systems Inc. | 2.58% | |||
Chevron Corp. | 2.42% | |||
Qualcomm Inc. | 2.24% | |||
UnitedHealth Group Inc. | 2.23% | |||
American International Group Inc. | 2.14% | |||
PepsiCo Inc. | 2.00% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in GE Institutional Money Market Fund Investment Class. |
(c) | The figures presented do not include the Fund’s entire investment portfolio and may change at any time. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
Core Value Equity Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during period” to estimate the expenses paid during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 – June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,159.30 | 5.46 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,019.74 | 5.11 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.02% (for the period January 1, 2013 – June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
Core Value Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Core Value Equity Fund
Number of Shares | Fair Value | |||||||||
Common Stock — 95.8% † |
| |||||||||
Advertising — 2.3% |
| |||||||||
Omnicom Group Inc. | 4,293 | $ | 269,901 | |||||||
The Interpublic Group of Companies Inc. | 7,230 | 105,196 | ||||||||
375,097 | ||||||||||
Aerospace & Defense — 3.1% |
| |||||||||
Honeywell International Inc. | 3,751 | 297,605 | ||||||||
The Boeing Co. | 2,101 | 215,226 | ||||||||
512,831 | ||||||||||
Agricultural Products — 1.2% |
| |||||||||
Archer-Daniels-Midland Co. | 5,987 | 203,019 | ||||||||
Asset Management & Custody Banks — 2.8% |
| |||||||||
Ameriprise Financial Inc. | 3,231 | 261,323 | ||||||||
Invesco Ltd. | 6,461 | 205,460 | ||||||||
466,783 | ||||||||||
Auto Parts & Equipment — 1.1% |
| |||||||||
TRW Automotive Holdings Corp. | 2,824 | 187,626 | (a) | |||||||
Automobile Manufacturers — 1.4% |
| |||||||||
Ford Motor Co. | 15,364 | 237,681 | ||||||||
Automotive Retail — 1.1% |
| |||||||||
AutoZone Inc. | 431 | 182,611 | (a) | |||||||
Biotechnology — 1.4% |
| |||||||||
Amgen Inc. | 2,372 | 234,022 | ||||||||
Broadcasting — 0.7% |
| |||||||||
CBS Corp. | 2,259 | 110,397 | ||||||||
Cable & Satellite — 1.8% |
| |||||||||
Comcast Corp. | 6,914 | 289,559 | ||||||||
Commodity Chemicals — 1.5% |
| |||||||||
LyondellBasell Industries N.V. | 3,660 | 242,512 | ||||||||
Communications Equipment — 4.8% |
| |||||||||
Cisco Systems Inc. | 17,623 | 428,415 | ||||||||
Qualcomm Inc. | 6,077 | 371,183 | ||||||||
799,598 | ||||||||||
Computer Hardware — 1.8% |
| |||||||||
Apple Inc. | 768 | 304,189 |
Number of Shares | Fair Value | |||||||||
Computer Storage & Peripherals — 1.8% |
| |||||||||
EMC Corp. | 12,427 | $ | 293,526 | |||||||
Construction & Farm Machinery — 2.2% |
| |||||||||
Cummins Inc. | 1,017 | 110,303 | ||||||||
Deere & Co. | 3,163 | 256,994 | ||||||||
367,297 | ||||||||||
Consumer Finance — 1.4% |
| |||||||||
American Express Co. | 3,163 | 236,466 | ||||||||
Department Stores — 0.9% |
| |||||||||
Macy’s Inc. | 3,163 | 151,824 | ||||||||
Diversified Chemicals — 0.5% |
| |||||||||
PPG Industries Inc. | 543 | 79,501 | ||||||||
Diversified Financial Services — 6.4% |
| |||||||||
Citigroup Inc. | 5,694 | 273,141 | ||||||||
JPMorgan Chase & Co. | 5,762 | 304,176 | ||||||||
Wells Fargo & Co. | 11,433 | 471,840 | ||||||||
1,049,157 | ||||||||||
Drug Retail — 1.2% |
| |||||||||
CVS Caremark Corp. | 3,570 | 204,133 | ||||||||
Electric Utilities — 1.0% |
| |||||||||
NextEra Energy Inc. | 2,033 | 165,649 | ||||||||
Electrical Components & Equipment — 0.7% |
| |||||||||
Eaton Corp PLC | 1,808 | 118,985 | ||||||||
General Merchandise Stores — 0.9% |
| |||||||||
Dollar General Corp. | 678 | 34,191 | (a) | |||||||
Target Corp. | 1,627 | 112,035 | ||||||||
146,226 | ||||||||||
Healthcare Distributors — 1.2% |
| |||||||||
Cardinal Health Inc. | 4,180 | 197,296 | ||||||||
Healthcare Equipment — 1.9% |
| |||||||||
Covidien PLC | 2,395 | 150,502 | ||||||||
Medtronic Inc. | 2,418 | 124,454 | ||||||||
Stryker Corp. | 542 | 35,057 | ||||||||
310,013 | ||||||||||
Healthcare Services — 0.3% |
| |||||||||
Express Scripts Holding Co. | 904 | 55,768 | (a) | |||||||
Home Improvement Retail — 0.6% |
| |||||||||
Lowe’s Companies Inc. | 2,598 | 106,258 |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Core Value Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Independent Power Producers & Energy Traders — 1.8% |
| |||||||||
AES Corp. | 5,648 | $ | 67,719 | |||||||
Calpine Corp. | 6,597 | 140,054 | (a) | |||||||
NRG Energy Inc. | 3,050 | 81,435 | ||||||||
289,208 | ||||||||||
Industrial Machinery — 0.3% |
| |||||||||
Dover Corp. | 543 | 42,169 | ||||||||
Integrated Oil & Gas — 6.5% |
| |||||||||
Chevron Corp. | 3,389 | 401,054 | ||||||||
Exxon Mobil Corp. | 1,943 | 175,550 | (c) | |||||||
Hess Corp. | 2,486 | 165,294 | ||||||||
Occidental Petroleum Corp. | 3,616 | 322,656 | ||||||||
1,064,554 | ||||||||||
Integrated Telecommunication Services — 0.3% |
| |||||||||
AT&T Inc. | 1,356 | 48,003 | ||||||||
Internet Software & Services — 1.7% |
| |||||||||
Google Inc. | 325 | 286,120 | (a) | |||||||
IT Consulting & Other Services — 0.8% |
| |||||||||
International Business Machines Corp. | 723 | 138,172 | ||||||||
Life & Health Insurance — 0.9% |
| |||||||||
Prudential Financial Inc. | 2,033 | 148,470 | ||||||||
Life Sciences Tools & Services — 0.6% |
| |||||||||
PerkinElmer Inc. | 3,254 | 105,755 | ||||||||
Managed Healthcare — 2.2% |
| |||||||||
UnitedHealth Group Inc. | 5,648 | 369,831 | ||||||||
Movies & Entertainment — 1.7% |
| |||||||||
Time Warner Inc. | 4,745 | 274,356 | ||||||||
Multi-Line Insurance — 2.2% |
| |||||||||
American International Group Inc. | 7,952 | 355,454 | (a) | |||||||
Oil & Gas Equipment & Services — 3.5% |
| |||||||||
Halliburton Co. | 7,117 | 296,921 | ||||||||
Schlumberger Ltd. | 3,841 | 275,246 | ||||||||
572,167 | ||||||||||
Oil & Gas Exploration & Production — 3.7% |
| |||||||||
Anadarko Petroleum Corp. | 3,457 | 297,060 | ||||||||
Marathon Oil Corp. | 9,038 | 312,534 | ||||||||
609,594 | ||||||||||
Packaged Foods & Meats — 1.0% |
| |||||||||
Mondelez International Inc. | 5,648 | 161,137 |
Number of Shares | Fair Value | |||||||||
Pharmaceuticals — 8.0% |
| |||||||||
Actavis Inc. | 452 | $ | 57,051 | (a) | ||||||
GlaxoSmithKline PLC ADR | 1,808 | 90,346 | ||||||||
Johnson & Johnson | 5,739 | 492,751 | ||||||||
Merck & Company Inc. | 4,430 | 205,775 | ||||||||
Pfizer Inc. | 16,946 | 474,658 | ||||||||
1,320,581 | ||||||||||
Property & Casualty Insurance — 1.7% |
| |||||||||
ACE Ltd. | 3,140 | 280,967 | ||||||||
Railroads — 1.5% |
| |||||||||
CSX Corp. | 10,845 | 251,496 | ||||||||
Regional Banks — 1.7% |
| |||||||||
Regions Financial Corp. | 29,598 | 282,069 | ||||||||
Research & Consulting Services — 0.6% |
| |||||||||
Nielsen Holdings N.V. | 3,074 | 103,256 | ||||||||
Retail REITs — 0.2% |
| |||||||||
Energizer Holdings Inc. | 291 | 29,248 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||||
Applied Materials Inc. | 4,746 | 70,763 | ||||||||
Semiconductors — 0.8% |
| |||||||||
Analog Devices Inc. | 2,802 | 126,258 | ||||||||
Soft Drinks — 3.4% |
| |||||||||
Coca-Cola Enterprises Inc. | 6,326 | 222,422 | ||||||||
PepsiCo Inc. | 4,067 | 332,640 | ||||||||
555,062 | ||||||||||
Systems Software — 4.3% |
| |||||||||
Microsoft Corp. | 15,409 | 532,073 | (c) | |||||||
Oracle Corp. | 5,535 | 170,035 | ||||||||
702,108 | ||||||||||
Total Common Stock | 15,814,822 | |||||||||
Exchange Traded Funds — 1.5% | ||||||||||
Financial Select Sector SPDR Fund | 2,632 | 51,298 | (e) | |||||||
Industrial Select Sector SPDR Fund | 4,710 | 200,504 | (c,e) | |||||||
Total Exchange Traded Funds | 251,802 | |||||||||
Total Investments in Securities | 16,066,624 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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Core Value Equity Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Number of Shares | Fair Value | |||||||
Short-Term Investments — 3.2% | ||||||||
GE Institutional Money Market Fund —Investment Class 0.00% | 527,147 | (b,d) | ||||||
Total Investments | 16,593,771 | |||||||
Liabilities in Excess of Other Assets, | (77,626 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 16,516,145 | ||||||
|
|
Other Information: |
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||
S&P 500 Emini Index Futures | September 2013 | 4 | $ | 319,860 | $ | (6,901 | ) |
See Notes to Schedule of Investments and Notes to Financial Statements.
5
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Notes to Schedule of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Non-income producing security. |
(b) | Coupon amount represents effective yield. |
(c) | At June 30, 2013, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(d) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
(e) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s custodian and accounting agent. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
ADR | American Depository Receipt | |
REIT | Real Estate Investment Trust | |
SPDR | Standard & Poors Depository Receipts |
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Table of Contents
Selected data based on a share outstanding throughout the fiscal years indicated
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | |||||||||||||||||||
Inception date |
| — |
| — | — | — | — | 4/28/00 | ||||||||||||||||
Net asset value, beginning of period | $ | 9.67 | $ | 8.63 | $ | 8.85 | $ | 8.04 | $ | 6.48 | $ | 10.16 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.05 | 0.12 | 0.08 | 0.11 | * | 0.08 | 0.11 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments |
| 1.49 |
| 1.04 | (0.22) | 0.82 | 1.57 | (3.46) | ||||||||||||||||
Total income/(loss) from investment operations | 1.54 | 1.16 | (0.14) | 0.93 | 1.65 | (3.35) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.12 | 0.08 | 0.12 | 0.09 | 0.12 | ||||||||||||||||||
Net realized gains | — | — | — | — | — | 0.21 | ||||||||||||||||||
Total distributions | — | 0.12 | 0.08 | 0.12 | 0.09 | 0.33 | ||||||||||||||||||
Net asset value, end of period | $ | 11.21 | $ | 9.67 | $ | 8.63 | $ | 8.85 | $ | 8.04 | $ | 6.48 | ||||||||||||
TOTAL RETURN(a) | 15.93% | 13.41% | (1.60)% | 11.57% | 25.40% | (32.94)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 16,516 | $ | 15,523 | $ | 16,251 | $ | 19,756 | $ | 21,847 | $ | 20,361 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.94% | ** | 1.14% | 0.80% | 1.32% | 1.16% | 1.18% | |||||||||||||||||
Net expenses | 1.02% | (b)** | 1.08% | (b) | 1.28% | (b) | 0.97% | (b) | 1.24% | (b) | 0.95% | (b) | ||||||||||||
Gross expenses | 1.02% | ** | 1.08% | 1.28% | 0.97% | 1.24% | 0.95% | |||||||||||||||||
Portfolio turnover rate | 23% | 62% | 49% | 45% | 61% | 68% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions, and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated money market fund managed by GEAM. |
† | Unaudited |
* | Per share values have been calculated using the average share method. |
** | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
8
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For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income | ||||
Dividend | $ | 160,820 | ||
Interest | 1,148 | |||
Interest from affiliated investments | 87 | |||
Less: Foreign taxes withheld | (1,407 | ) | ||
Total income | 160,648 | |||
Expenses | ||||
Advisory and administration fees | 53,531 | |||
Directors’ fees | 338 | |||
Custody and accounting expenses | 12,067 | |||
Professional fees | 8,887 | |||
Other expenses | 9,137 | |||
Total expenses before waivers | 83,960 | |||
Less: Fees waived by the adviser | (303 | ) | ||
Net expenses | 83,657 | |||
Net investment income | 76,991 | |||
NET REALIZED AND UNREALIZED GAIN | ||||
Realized gain on: | ||||
Investments | 936,871 | |||
Futures | 45,060 | |||
Increase (decrease) in unrealized appreciation (depreciation) on: | ||||
Investments | 1,363,709 | |||
Futures | (7,685 | ) | ||
Net realized and unrealized gain on Investments | 2,337,955 | |||
Net increase in net assets resulting from operations | $ | 2,414,946 |
The accompanying Notes are an integral part of these financial statements.
9
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† | Unaudited |
* | Share Class 4 was closed effective June 29, 2012 |
The accompanying Notes are an integral part of these financial statements.
10
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund, Core Value Equity Fund (the “Fund”), Small-Cap Equity Fund, International Equity Fund, Total Return Fund, Income Fund and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Derivatives The Fund is subject to equity price risk, in the normal course of pursuing its investment objectives. The Fund may enter into derivative transactions (such as options, futures, and options on futures) to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in market conditions, gaining market exposure for accumulating and residual cash positions, or when the transactions were economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
applicable withholding taxes, except for certain foreign corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund, however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to
observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
The Fund’s portfolio securities are valued generally on the basis of market quotations. Equity securities generally are valued at the last reported sale price on the primary market in which they are traded. Portfolio securities listed on NASDAQ are valued using the NASDAQ Official Closing Price, Level 1 securities primarily include publicly-traded equity securities. If no sales occurred on the exchange or NASDAQ that day, the portfolio security generally is valued using the last reported bid price. In those circumstances the Fund classifies the investment securities in Level 2.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that
are designed to establish its “fair” value. These securities
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance
that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 15,814,822 | $ | — | $ | — | $ | 15,814,822 | ||||||||||||
Exchange Traded Funds | 251,802 | — | — | 251,802 | ||||||||||||||||
Short-Term Investments | 527,147 | — | — | 527,147 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 16,593,771 | $ | — | $ | — | $ | 16,593,771 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments * | ||||||||||||||||||||
Futures Contracts — Unrealized Depreciation | $ | (6,901 | ) | $ | — | $ | — | $ | (6,901 | ) | ||||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for industry classification |
* | Other financial instruments include derivative instruments such as futures contracts. Amounts shown represent unrealized appreciation (depreciation), at period end. |
There were no transfers between the fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2013.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset Derivatives June 30, 2013 | Liability Derivatives June 30, 2013 | |||||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Assets and Liabilities | Fair Value ($) | Location in the Statement of Assets and Liabilities | Fair Value ($) | ||||||||
Interest rate contracts | Assets, variation margin receivable | — | Liabilities, variation margin payable | 1,460 | ||||||||
Interest rate contracts | Unrealized gain, net assets | — | * | Unrealized loss, net assets | 6,901 | * |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts reported in the Schedule of Investments and as within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
Fair value of the collateral held with the counter party was $41,561 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount Contracts | Realized Gain in Income ($) | Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income ($) | ||||||||||
Equity Contracts | Realized gain (loss) on Futures, Increase (decrease) in unrealized appreciation (depreciation) on Futures |
| 2,645,473/ (2,505,141) |
| 45,060 | (7,685) |
5. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Fund generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i) 33.33% of its total assets or (ii) 20%
of its net assets. The credit facilities were not utilized by
the Fund during the six-month period ended June 30, 2013.
6. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective March 16, 2000 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
14
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not such officers or employees also serve in a similar capacity for other funds advised by GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
7. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
Non-U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$3,731,001 | $5,311,446 |
8. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011, and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2013, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | |||||
Appreciation | Depreciation | Net Tax Appreciation | ||||
$13,629,865 | $3,100,272 | $(136,366) | $2,963,906 |
As of December 31, 2012, the Fund had capital loss carryovers as indicated below. Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
Amount | ||||
Short-Term | Long-Term | Expires | ||
$525,733 | $— | 12/31/2017 |
These amounts will be available to offset future taxable capital gains. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment
capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
During the year ended December 31, 2012, the Fund utilized $1,058,665 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund incurred no such losses for the year ended December 31, 2012.
15
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
The tax character of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2012 | $ | 185,461 | $ | — | $ | 185,461 | |||||||||
2011 | 146,163 | — | 146,163 |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) futures, investments organized as
partnerships for tax purposes, and losses deferred due to
wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Unrealized Gain (Loss) | Paid in Capital | |||||||||||||||
$ | 2,026 | $ | (2,560 | ) | $ | — | $ | 534 |
16
Table of Contents
Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer — Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel — Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
17
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Additional Information | (Unaudited) |
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — Vice President and Secretary — 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
18
Table of Contents
Additional Information | (Unaudited) |
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel — Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
19
Table of Contents
Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
20
Table of Contents
Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
21
Table of Contents
Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC—information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
Table of Contents
GE Investments Funds, Inc.
Income Fund
Semi–Annual Report
June 30, 2013
Table of Contents
GE Investments Funds, Inc.
Income Fund | Contents |
1 | |||||
2 | |||||
3 | |||||
11 | |||||
Financial Statements | |||||
12 | |||||
13 | |||||
14 | |||||
15 | |||||
16 | |||||
22 |
This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.
Table of Contents
Income Fund | (Unaudited) |
Notes to Performance
Total return performance shown in this report for the GE Investments Income Fund (the “Fund”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.
The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call 800-493-3042 or visit the Fund’s website at http://www.geam.com for the most recent month-end performance data.
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. An investment in the Fund is subject to risk, including possible loss of principal invested.
Investment Profile
A mutual fund designed for investors who seek maximum income consistent with prudent investment management and the preservation of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets under normal circumstances in debt securities.
Sector Allocation
as a % of Fair Value of $37,966 (in thousands) on June 30, 2013(a)(b)
Quality Ratings
as of June 30, 2013 as a % of Fair Value (a)(b)
Moody’s / S&P Rating * | Percentage of Fair Value | |||
Aaa / AAA | 3.20% | |||
Aa / AA | 47.15% | |||
A / A | 10.35% | |||
Baa / BBB | 23.29% | |||
Ba / BB and lower | 12.01% | |||
NR / Other | 4.00% | |||
100.00% |
(a) | The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security. |
(b) | Fair value basis is inclusive of the short-term investment in the GE Institutional Money Market Fund. |
* | Moody’s Investors Services Inc and Standard & Poor’s are nationally recognized statistical rating organizations. |
GE Investment Distributors, Inc., Member of FINRA & SIPC, is the principal underwriter and distributor of the GE Investments Funds, Inc. and a wholly owned subsidiary of GE Asset Management Incorporated, the investment adviser of the Fund.
1
Table of Contents
Income Fund | (Unaudited) |
Understanding Your Fund’s Expenses
As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2013.
Actual Expenses
The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses Paid During Period” to estimate the expenses paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2013 – June 30, 2013
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 974.40 | 3.72 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,021.03 | 3.81 | |||||||||
* Expenses are equal to the Fund’s annualized expense ratio of 0.76% (for the period January 1, 2013 – June 30, 2013), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
|
2
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Income Fund
Principal Amount | Fair Value | |||||||||||
Bonds and Notes — 99.5%† | ||||||||||||
U.S. Treasuries — 11.7% | ||||||||||||
U.S. Treasury Bonds | ||||||||||||
2.88% | 05/15/43 | $ | 1,252,500 | $ | 1,108,463 | |||||||
3.13% | 02/15/43 | 1,234,200 | 1,152,049 | (f) | ||||||||
4.50% | 02/15/36 | 1,463,300 | 1,742,470 | |||||||||
U.S. Treasury Notes | ||||||||||||
0.34% | 05/31/15 | 22,400 | 22,361 | (c) | ||||||||
1.34% | 04/30/18 | 28,500 | 27,543 | (c) | ||||||||
1.36% | 05/31/18 | 91,800 | 90,222 | (c) | ||||||||
2.00% | 02/15/23 | 163,000 | 156,875 | |||||||||
4,299,983 | ||||||||||||
Agency Mortgage Backed — 31.5% | ||||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||
2.38% | 01/13/22 | 282,000 | 274,041 | |||||||||
4.50% | 06/01/33 - 02/01/35 | 14,387 | 15,187 | (f) | ||||||||
5.00% | 07/01/35 - 06/01/41 | 338,724 | 374,771 | (f) | ||||||||
5.50% | 05/01/20 - 01/01/38 | 151,892 | 165,539 | (f) | ||||||||
6.00% | 04/01/17 - 11/01/37 | 363,500 | 403,162 | (f) | ||||||||
6.50% | 02/01/29 | 185 | 213 | (f) | ||||||||
7.00% | 10/01/16 - 08/01/36 | 55,247 | 63,485 | (f) | ||||||||
7.50% | 01/01/30 - 09/01/33 | 5,675 | 6,399 | (f) | ||||||||
8.00% | 11/01/30 | 13,819 | 15,955 | (f) | ||||||||
8.25% | 06/01/26 | 60,000 | 84,469 | (f,h) | ||||||||
8.50% | 04/01/30 | 9,739 | 11,933 | (f) | ||||||||
Federal National Mortgage Assoc. | ||||||||||||
2.35% | 04/01/37 | 1,121 | 1,170 | (g) | ||||||||
3.00% | 01/01/43 - 06/01/43 | 1,876,813 | 1,836,371 | |||||||||
3.50% | 11/01/42 - 06/01/43 | 1,164,823 | 1,185,301 | |||||||||
4.00% | 05/01/19 - 03/01/41 | 471,204 | 492,055 | (f) | ||||||||
4.50% | 05/01/18 - 04/01/41 | 1,516,832 | 1,607,524 | (f) | ||||||||
5.00% | 03/01/34 - 06/01/41 | 512,937 | 568,175 | (f) | ||||||||
5.50% | 12/01/13 - 01/01/39 | 713,117 | 780,357 | (f) | ||||||||
6.00% | 06/01/14 - 07/01/35 | 737,850 | 822,457 | (f) | ||||||||
6.50% | 07/01/17 - 08/01/34 | 101,365 | 112,595 | (f) | ||||||||
7.00% | 03/01/15 - 02/01/34 | 42,950 | 48,291 | (f) | ||||||||
7.50% | 09/01/13 - 03/01/34 | 45,109 | 50,145 | (f) | ||||||||
8.00% | 07/01/15 - 01/01/33 | 23,197 | 26,772 | (f) | ||||||||
9.00% | 12/01/17 - 12/01/22 | 4,687 | 5,234 | (f) | ||||||||
5.00% | TBA | 240,000 | 258,281 | (b) | ||||||||
6.00% | TBA | 100,000 | 108,750 | (b) | ||||||||
Government National Mortgage Assoc. | ||||||||||||
1.63% | 02/20/23 - 2/20/26 | 9,059 | 9,439 | (f,g) | ||||||||
4.00% | 01/20/41 | 345,307 | 364,430 | |||||||||
4.50% | 08/15/33 - 03/20/41 | 364,615 | 391,885 | (f) | ||||||||
6.00% | 04/15/27 - 09/15/36 | 203,428 | 229,379 | (f) | ||||||||
6.50% | 04/15/19 - 08/15/36 | 103,362 | 115,986 | (f) | ||||||||
7.00% | 01/15/28 - 10/15/36 | 66,048 | 76,812 | (f) | ||||||||
7.50% | 11/15/31 | 503 | 505 | (f) | ||||||||
8.00% | 12/15/29 | 2,469 | 2,741 | (f) | ||||||||
8.50% | 10/15/17 | 5,081 | 5,403 | (f) | ||||||||
9.00% | 11/15/16 - 12/15/21 | 15,235 | 16,526 | (f) |
Principal Amount | Fair Value | |||||||||||
3.00% | TBA | $ | 160,000 | $ | 158,175 | (b) | ||||||
3.50% | TBA | 505,000 | 518,108 | (b) | ||||||||
4.00% | TBA | 95,000 | 99,572 | (b) | ||||||||
5.00% | TBA | 265,000 | 285,786 | (b) | ||||||||
11,593,379 | ||||||||||||
Agency Collateralized Mortgage Obligations — 1.6% | ||||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||
0.08% | 09/25/43 | 900,188 | 8,245 | (e,f,g) | ||||||||
Federal Home Loan Mortgage Corp. REMIC | ||||||||||||
3.50% | 09/15/29 - 10/15/42 | 606,112 | 78,092 | (e,k) | ||||||||
4.50% | 02/15/18 - 03/15/18 | 52,553 | 2,311 | (e,f,k) | ||||||||
5.00% | 05/15/18 - 10/15/18 | 42,393 | 1,802 | (e,f,k) | ||||||||
5.50% | 06/15/33 | 74,478 | 11,221 | (e,f,k) | ||||||||
6.41% | 08/15/25 | 117,209 | 14,653 | (e,g) | ||||||||
7.50% | 07/15/27 | 5,036 | 1,009 | (e,f,k) | ||||||||
Federal Home Loan Mortgage Corp. STRIPS | ||||||||||||
2.80% | 08/01/27 | 672 | 603 | (c,d,f) | ||||||||
8.00% | 02/01/23 - 07/01/24 | 2,379 | 415 | (e,f,k) | ||||||||
Federal National Mortgage Assoc. REMIC | ||||||||||||
0.61% | 12/25/22 | 148 | 146 | (c,d,f) | ||||||||
1.23% | 12/25/42 | 51,655 | 1,759 | (e,f,g) | ||||||||
3.50% | 08/25/42 | 362,159 | 51,796 | (e,k) | ||||||||
4.00% | 03/25/43 | 269,367 | 36,896 | (e,k) | ||||||||
5.00% | 08/25/17 - 09/25/40 | 213,320 | 20,160 | (e,f,k) | ||||||||
5.81% | 07/25/38 | 49,585 | 6,041 | (e,g) | ||||||||
5.86% | 11/25/40 | 428,150 | 82,477 | (e,g) | ||||||||
7.00% | 09/25/20 | 362 | 396 | (f) | ||||||||
7.31% | 05/25/18 | 142,759 | 14,500 | (e,f,g) | ||||||||
8.00% | 05/25/22 | 3 | 73 | (e,f,k) | ||||||||
Federal National Mortgage Assoc. STRIPS | ||||||||||||
1.83% | 12/01/34 | 71,790 | 66,812 | (c,d,f) | ||||||||
4.50% | 08/01/35 - 01/01/36 | 90,962 | 11,399 | (e,f,k) | ||||||||
5.00% | 03/25/38 - 05/25/38 | 55,428 | 6,319 | (e,f,k) | ||||||||
5.50% | 12/01/33 | 18,735 | 2,808 | (e,f,k) | ||||||||
6.00% | 01/01/35 | 31,854 | 5,313 | (e,f,k) | ||||||||
7.50% | 11/01/23 | 14,098 | 2,431 | (e,f,k) | ||||||||
8.00% | 08/01/23 - 07/01/24 | 4,802 | 886 | (e,f,k) | ||||||||
8.50% | 07/25/22 | 201 | 32 | (e,f,k) | ||||||||
9.00% | 05/25/22 | 141 | 18 | (e,f,k) | ||||||||
Government National Mortgage Assoc. | ||||||||||||
4.50% | 10/20/37 - 08/16/39 | 308,825 | 31,275 | (e,k) | ||||||||
5.00% | 12/20/35 - 09/20/38 | 279,403 | 24,763 | (e,k) | ||||||||
5.96% | 05/20/40 | 129,356 | 21,415 | (e,g) | ||||||||
5.98% | 05/20/40 | 230,915 | 38,384 | (e,g) | ||||||||
6.41% | 12/20/39 | 209,667 | 33,562 | (e,g) | ||||||||
578,012 | ||||||||||||
Asset Backed — 0.3% |
| |||||||||||
Bear Stearns Asset Backed Securities Trust |
| |||||||||||
3.26% | 02/25/36 | 107,054 | 105,837 | (c,f,g) | ||||||||
Ford Credit Auto Lease Trust | ||||||||||||
1.28% | 06/15/16 | 20,000 | 19,736 | |||||||||
125,573 | ||||||||||||
Corporate Notes — 44.2% |
| |||||||||||
AAR Corp. |
| |||||||||||
7.25% | 01/15/22 | 44,000 | 47,190 | (a) |
See Notes to Schedules of Investments and Notes to Financial Statements.
3
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
ABB Finance USA Inc. |
| |||||||||||
1.63% | 05/08/17 | $ | 41,000 | $ | 40,730 | |||||||
AbbVie Inc. |
| |||||||||||
1.20% | 11/06/15 | 67,000 | 67,074 | (a) | ||||||||
1.75% | 11/06/17 | 45,000 | 44,087 | (a) | ||||||||
2.00% | 11/06/18 | 54,000 | 52,360 | (a) | ||||||||
2.90% | 11/06/22 | 28,000 | 26,184 | (a) | ||||||||
AES Corp. |
| |||||||||||
8.00% | 10/15/17 | 6,000 | 6,750 | |||||||||
AES Panama S.A. |
| |||||||||||
6.35% | 12/21/16 | 50,000 | 54,000 | (a,f) | ||||||||
Agilent Technologies Inc. |
| |||||||||||
5.50% | 09/14/15 | 32,000 | 34,914 | (f) | ||||||||
Agrium Inc. |
| |||||||||||
3.50% | 06/01/23 | 46,000 | 44,248 | |||||||||
4.90% | 06/01/43 | 69,000 | 65,204 | |||||||||
Alliance One International Inc. |
| |||||||||||
10.00% | 07/15/16 | 95,000 | 97,137 | |||||||||
Altria Group Inc. |
| |||||||||||
2.95% | 05/02/23 | 23,000 | 21,304 | |||||||||
4.50% | 05/02/43 | 23,000 | 20,454 | |||||||||
Amazon.com Inc. |
| |||||||||||
1.20% | 11/29/17 | 44,000 | 42,554 | |||||||||
2.50% | 11/29/22 | 44,000 | 39,941 | |||||||||
America Movil SAB de C.V. |
| |||||||||||
2.38% | 09/08/16 | 200,000 | 202,642 | |||||||||
American Axle & Manufacturing Inc. |
| |||||||||||
6.25% | 03/15/21 | 33,000 | 33,536 | |||||||||
7.75% | 11/15/19 | 9,000 | 9,900 | |||||||||
American Express Co. |
| |||||||||||
1.55% | 05/22/18 | 69,000 | 66,987 | |||||||||
American International Group Inc. |
| |||||||||||
4.88% | 06/01/22 | 54,000 | 57,560 | |||||||||
American Tower Corp. (REIT) |
| |||||||||||
3.50% | 01/31/23 | 23,000 | 21,061 | |||||||||
American Tower Trust I (REIT) |
| |||||||||||
1.55% | 03/15/43 | 72,000 | 70,753 | (a ) | ||||||||
Amgen Inc. |
| |||||||||||
5.38% | 05/15/43 | 34,000 | 35,165 | |||||||||
5.65% | 06/15/42 | 31,000 | 33,073 | |||||||||
Amsted Industries Inc. |
| |||||||||||
8.13% | 03/15/18 | 44,000 | 46,420 | (a,f) | ||||||||
Anadarko Petroleum Corp. |
| |||||||||||
6.20% | 03/15/40 | 51,000 | 57,221 | |||||||||
Anheuser-Busch InBev Finance Inc. |
| |||||||||||
2.63% | 01/17/23 | 68,000 | 63,799 | |||||||||
Anheuser-Busch InBev Worldwide Inc. |
| |||||||||||
2.50% | 07/15/22 | 49,000 | 45,746 | |||||||||
5.38% | 11/15/14 | 29,000 | 30,782 | ( f) | ||||||||
Archer-Daniels-Midland Co. |
| |||||||||||
4.02% | 04/16/43 | 35,000 | 30,638 | |||||||||
Arizona Public Service Co. |
| |||||||||||
6.25% | 08/01/16 | 122,000 | 139,984 | (f) | ||||||||
Ascension Health Inc. |
| |||||||||||
4.85% | 11/15/53 | 36,000 | 36,000 | |||||||||
Ashland Inc. |
| |||||||||||
3.00% | 03/15/16 | 46,000 | 46,230 | (a) | ||||||||
3.88% | 04/15/18 | 44,000 | 43,560 | (a) |
Principal Amount | Fair Value | |||||||||||
AT&T Inc. |
| |||||||||||
0.84% | 02/13/15 | $ | 47,000 | $ | 47,025 | (c,f) | ||||||
2.95% | 05/15/16 | 48,000 | 50,160 | (f) | ||||||||
4.35% | 06/15/45 | 98,000 | 85,263 | |||||||||
Atlas Pipeline Finance Corp. |
| |||||||||||
4.75% | 11/15/21 | 18,000 | 16,200 | (a) | ||||||||
Autodesk Inc. |
| |||||||||||
1.95% | 12/15/17 | 40,000 | 39,025 | |||||||||
Ball Corp. |
| |||||||||||
4.00% | 11/15/23 | 44,000 | 40,700 | |||||||||
Banco del Estado de Chile |
| |||||||||||
2.00% | 11/09/17 | 150,000 | 142,962 | |||||||||
Bank of America Corp. |
| |||||||||||
2.00% | 01/11/18 | 56,000 | 54,242 | |||||||||
3.30% | 01/11/23 | 80,000 | 75,612 | |||||||||
3.88% | 03/22/17 | 47,000 | 49,225 | |||||||||
Barrick Gold Corp. |
| |||||||||||
2.50% | 05/01/18 | 47,000 | 42,177 | (a) | ||||||||
4.10% | 05/01/23 | 46,000 | 38,431 | (a) | ||||||||
Baxter International Inc. |
| |||||||||||
1.85% | 06/15/18 | 37,000 | 36,700 | |||||||||
3.20% | 06/15/23 | 13,000 | 12,751 | |||||||||
Berkshire Hathaway Finance Corp. |
| |||||||||||
3.00% | 05/15/22 | 27,000 | 26,122 | |||||||||
Berkshire Hathaway Inc. |
| |||||||||||
1.55% | 02/09/18 | 49,000 | 48,008 | |||||||||
4.50% | 02/11/43 | 49,000 | 46,561 | |||||||||
Bombardier Inc. |
| |||||||||||
4.25% | 01/15/16 | 19,000 | 19,427 | (a) | ||||||||
5.75% | 03/15/22 | 5,000 | 4,962 | (a) | ||||||||
7.75% | 03/15/20 | 52,000 | 57,720 | (a,f) | ||||||||
BP Capital Markets PLC |
| |||||||||||
1.38% | 05/10/18 | 69,000 | 66,509 | |||||||||
2.25% | 11/01/16 | 23,000 | 23,553 | (f) | ||||||||
2.50% | 11/06/22 | 99,000 | 90,215 | |||||||||
2.75% | 05/10/23 | 46,000 | 42,533 | |||||||||
Brocade Communications Systems Inc. |
| |||||||||||
4.63% | 01/15/23 | 44,000 | 41,360 | (a) | ||||||||
Caixa Economica Federal |
| |||||||||||
2.38% | 11/06/17 | 150,000 | 138,375 | |||||||||
Calpine Corp. |
| |||||||||||
7.25% | 10/15/17 | 14,000 | 14,595 | (a,f) | ||||||||
Cardinal Health Inc. |
| |||||||||||
3.20% | 03/15/23 | 33,000 | 30,796 | |||||||||
Cargill Inc. |
| |||||||||||
6.00% | 11/27/17 | 63,000 | 73,323 | (a,f) | ||||||||
Carnival Corp. |
| |||||||||||
1.20% | 02/05/16 | 49,000 | 48,647 | |||||||||
Case New Holland Inc. |
| |||||||||||
7.88% | 12/01/17 | 31,000 | 35,107 | (f) | ||||||||
Caterpillar Financial Services Corp. |
| |||||||||||
1.25% | 11/06/17 | 31,000 | 30,211 | |||||||||
Caterpillar Inc. |
| |||||||||||
1.50% | 06/26/17 | 60,000 | 59,397 | |||||||||
Catholic Health Initiatives |
| |||||||||||
2.95% | 11/01/22 | 25,000 | 23,364 | |||||||||
4.35% | 11/01/42 | 16,000 | 14,571 | |||||||||
CCO Holdings LLC |
| |||||||||||
8.13% | 04/30/20 | 60,000 | 65,550 | (f) |
See Notes to Schedules of Investments and Notes to Financial Statements.
4
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Cedar Fair LP |
| |||||||||||
5.25% | 03/15/21 | $ | 19,000 | $ | 18,240 | (a) | ||||||
Central American Bank for Economic Integration |
| |||||||||||
5.38% | 09/24/14 | 70,000 | 73,593 | (a,f) | ||||||||
Cequel Capital Corp. |
| |||||||||||
5.13% | 12/15/21 | 44,000 | 41,360 | (a) | ||||||||
CF Industries Inc. |
| |||||||||||
4.95% | 06/01/43 | 28,000 | 26,588 | |||||||||
Chesapeake Energy Corp. |
| |||||||||||
3.25% | 03/15/16 | 45,000 | 44,775 | |||||||||
Cigna Corp. |
| |||||||||||
2.75% | 11/15/16 | 47,000 | 48,773 | (f) | ||||||||
4.00% | 02/15/22 | 64,000 | 65,704 | |||||||||
5.38% | 02/15/42 | 24,000 | 25,587 | (f) | ||||||||
Cincinnati Bell Inc. |
| |||||||||||
8.25% | 10/15/17 | 72,000 | 75,060 | |||||||||
Citigroup Inc. |
| |||||||||||
1.25% | 01/15/16 | 47,000 | 46,438 | |||||||||
1.75% | 05/01/18 | 47,000 | 44,944 | |||||||||
3.50% | 05/15/23 | 56,000 | 50,295 | |||||||||
5.00% | 09/15/14 | 84,000 | 87,295 | (f) | ||||||||
CityCenter Holdings LLC |
| |||||||||||
7.63% | 01/15/16 | 95,000 | 100,225 | (f) | ||||||||
Cliffs Natural Resources Inc. |
| |||||||||||
4.88% | 04/01/21 | 45,000 | 40,784 | |||||||||
CNA Financial Corp. |
| |||||||||||
5.88% | 08/15/20 | 38,000 | 43,006 | (f) | ||||||||
CNH Capital LLC |
| |||||||||||
3.88% | 11/01/15 | 28,000 | 28,140 | |||||||||
Cogeco Cable Inc. |
| |||||||||||
4.88% | 05/01/20 | 45,000 | 43,762 | (a) | ||||||||
Comcast Corp. |
| |||||||||||
4.25% | 01/15/33 | 23,000 | 22,007 | |||||||||
4.50% | 01/15/43 | 30,000 | 28,646 | |||||||||
ConAgra Foods Inc. |
| |||||||||||
1.90% | 01/25/18 | 48,000 | 47,188 | |||||||||
Concho Resources Inc. |
| |||||||||||
5.50% | 04/01/23 | 26,000 | 25,610 | |||||||||
Constellation Brands Inc. |
| |||||||||||
3.75% | 05/01/21 | 18,000 | 16,852 | |||||||||
7.25% | 09/01/16 | 45,000 | 51,131 | |||||||||
Corp Andina de Fomento |
| |||||||||||
4.38% | 06/15/22 | 46,000 | 46,841 | |||||||||
Corp Lindley S.A. |
| |||||||||||
4.63% | 04/12/23 | 7,000 | 6,790 | (a) | ||||||||
Corp Nacional del Cobre de Chile |
| |||||||||||
4.25% | 07/17/42 | 29,000 | 24,038 | (a) | ||||||||
5.63% | 09/21/35 | 14,000 | 14,263 | (a,f) | ||||||||
Corporate Office Properties LP (REIT) |
| |||||||||||
3.60% | 05/15/23 | 68,000 | 62,762 | (a) | ||||||||
COX Communications Inc. |
| |||||||||||
2.95% | 06/30/23 | 59,000 | 53,667 | (a) | ||||||||
3.25% | 12/15/22 | 16,000 | 15,053 | (a) | ||||||||
4.70% | 12/15/42 | 11,000 | 9,757 | (a) | ||||||||
Crown Castle Towers LLC |
| |||||||||||
6.11% | 01/15/20 | 66,000 | 75,733 | (a,f) | ||||||||
CST Brands Inc. |
| |||||||||||
5.00% | 05/01/23 | 45,000 | 43,875 | (a) |
Principal Amount | Fair Value | |||||||||||
DaVita Healthcare Partners Inc. |
| |||||||||||
5.75% | 08/15/22 | $ | 17,000 | $ | 16,957 | |||||||
6.38% | 11/01/18 | 51,000 | 53,231 | (f) | ||||||||
DCP Midstream Operating LP |
| |||||||||||
2.50% | 12/01/17 | 33,000 | 32,574 | |||||||||
3.88% | 03/15/23 | 72,000 | 67,528 | |||||||||
DDR Corp. (REIT) |
| |||||||||||
4.63% | 07/15/22 | 59,000 | 59,625 | |||||||||
Delphi Corp. |
| |||||||||||
5.00% | 02/15/23 | 19,000 | 19,522 | |||||||||
Denbury Resources Inc. |
| |||||||||||
6.38% | 08/15/21 | 45,000 | 47,250 | (f) | ||||||||
8.25% | 02/15/20 | 40,000 | 43,200 | (f) | ||||||||
DENTSPLY International Inc. |
| |||||||||||
2.75% | 08/15/16 | 22,000 | 22,587 | |||||||||
4.13% | 08/15/21 | 53,000 | 53,808 | (f) | ||||||||
Diageo Capital PLC |
| |||||||||||
1.13% | 04/29/18 | 47,000 | 45,155 | |||||||||
1.50% | 05/11/17 | 72,000 | 71,351 | |||||||||
2.63% | 04/29/23 | 38,000 | 35,351 | |||||||||
Diageo Investment Corp. |
| |||||||||||
2.88% | 05/11/22 | 76,000 | 73,375 | |||||||||
DigitalGlobe Inc. |
| |||||||||||
5.25% | 02/01/21 | 47,000 | 45,120 | (a) | ||||||||
DIRECTV Financing company Inc. |
| |||||||||||
3.80% | 03/15/22 | 58,000 | 55,714 | |||||||||
DIRECTV Holdings LLC |
| |||||||||||
5.15% | 03/15/42 | 34,000 | 30,331 | |||||||||
Discovery Communications LLC |
| |||||||||||
3.25% | 04/01/23 | 24,000 | 22,506 | |||||||||
4.88% | 04/01/43 | 12,000 | 11,093 | |||||||||
4.95% | 05/15/42 | 14,000 | 13,108 | |||||||||
Dominion Resources Inc. |
| |||||||||||
1.95% | 08/15/16 | 40,000 | 40,798 | (f) | ||||||||
DPL Inc. |
| |||||||||||
7.25% | 10/15/21 | 55,000 | 56,925 | |||||||||
DR Horton Inc. |
| |||||||||||
4.38% | 09/15/22 | 8,000 | 7,600 | |||||||||
Duke Energy Corp. |
| |||||||||||
1.63% | 08/15/17 | 47,000 | 46,137 | |||||||||
3.05% | 08/15/22 | 68,000 | 64,715 | |||||||||
Eagle Spinco Inc. |
| |||||||||||
4.63% | 02/15/21 | 18,000 | 17,280 | (a) | ||||||||
Eastman Chemical Co. |
| |||||||||||
2.40% | 06/01/17 | 80,000 | 80,140 | |||||||||
eBay Inc. |
| |||||||||||
1.35% | 07/15/17 | 34,000 | 33,417 | |||||||||
2.60% | 07/15/22 | 25,000 | 23,292 | |||||||||
4.00% | 07/15/42 | 29,000 | 24,594 | |||||||||
Ecopetrol S.A. |
| |||||||||||
7.63% | 07/23/19 | 10,000 | 11,825 | |||||||||
EMC Corp. |
| |||||||||||
1.88% | 06/01/18 | 46,000 | 45,471 | |||||||||
Empresa de Energia de Bogota S.A. |
| |||||||||||
6.13% | 11/10/21 | 10,000 | 10,350 | (a) | ||||||||
Energy Transfer Equity LP |
| |||||||||||
7.50% | 10/15/20 | 39,000 | 42,607 | (f) | ||||||||
Energy Transfer Partners LP |
| |||||||||||
3.60% | 02/01/23 | 86,000 | 80,486 | |||||||||
6.50% | 02/01/42 | 42,000 | 44,790 |
See Notes to Schedules of Investments and Notes to Financial Statements.
5
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Enterprise Products Operating LLC |
| |||||||||||
4.45% | 02/15/43 | $ | 29,000 | $ | 25,742 | |||||||
Erickson Air-Crane Inc. |
| |||||||||||
8.25% | 05/01/20 | 45,000 | 43,762 | (a) | ||||||||
European Investment Bank |
| |||||||||||
0.41% | 12/15/14 | 100,000 | 100,678 | (c,f) | ||||||||
4.88% | 01/17/17 | 75,000 | 84,517 | (f) | ||||||||
Exelon Corp. |
| |||||||||||
4.90% | 06/15/15 | 70,000 | 74,917 | (f) | ||||||||
Express Scripts Holding Co. |
| |||||||||||
2.65% | 02/15/17 | 15,000 | 15,274 | |||||||||
3.13% | 05/15/16 | 84,000 | 87,348 | (f) | ||||||||
Flextronics International Ltd. |
| |||||||||||
4.63% | 02/15/20 | 19,000 | 18,430 | (a) | ||||||||
Florida Power & Light Co. |
| |||||||||||
4.13% | 02/01/42 | 31,000 | 29,202 | (f) | ||||||||
FMG Resources August 2006 Pty Ltd. |
| |||||||||||
7.00% | 11/01/15 | 17,000 | 17,170 | (a) | ||||||||
Ford Motor Co. |
| |||||||||||
4.75% | 01/15/43 | 20,000 | 17,592 | |||||||||
Forest Oil Corp. |
| |||||||||||
7.25% | 06/15/19 | 51,000 | 47,940 | (f) | ||||||||
Freeport-McMoRan Copper & Gold Inc. |
| |||||||||||
2.38% | 03/15/18 | 69,000 | 65,624 | (a) | ||||||||
5.45% | 03/15/43 | 60,000 | 52,911 | (a) | ||||||||
Fresenius Medical Care US Finance Inc. |
| |||||||||||
5.75% | 02/15/21 | 30,000 | 31,500 | (a,f) | ||||||||
Frontier Communications Corp. |
| |||||||||||
7.13% | 03/15/19 | 52,000 | 54,730 | (f) | ||||||||
General Motors Financial Company Inc. |
| |||||||||||
2.75% | 05/15/16 | 44,000 | 43,285 | (a) | ||||||||
Genworth Financial Inc. |
| |||||||||||
7.70% | 06/15/20 | 22,000 | 25,203 | |||||||||
Glencore Funding LLC |
| |||||||||||
2.50% | 01/15/19 | 67,000 | 60,615 | (a) | ||||||||
4.13% | 05/30/23 | 23,000 | 20,513 | (a) | ||||||||
Goldman Sachs Capital I |
| |||||||||||
6.35% | 02/15/34 | 33,000 | 31,708 | (f) | ||||||||
Great Plains Energy Inc. |
| |||||||||||
4.85% | 06/01/21 | 60,000 | 63,728 | (f) | ||||||||
GXS Worldwide Inc. |
| |||||||||||
9.75% | 06/15/15 | 32,000 | 32,600 | |||||||||
Hanesbrands Inc. |
| |||||||||||
6.38% | 12/15/20 | 59,000 | 62,909 | (f) | ||||||||
Hartford Financial Services Group Inc. |
| |||||||||||
6.63% | 03/30/40 | 32,000 | 38,037 | |||||||||
Hawk Acquisition Sub Inc. |
| |||||||||||
4.25% | 10/15/20 | 44,000 | 42,075 | (a) | ||||||||
HCA Inc. |
| |||||||||||
6.50% | 02/15/20 | 36,000 | 38,947 | (f) | ||||||||
Heineken N.V. |
| |||||||||||
1.40% | 10/01/17 | 46,000 | 44,694 | (a) | ||||||||
Hexion US Finance Corp. |
| |||||||||||
6.63% | 04/15/20 | 56,000 | 55,860 | (a) | ||||||||
Host Hotels & Resorts LP (REIT) |
| |||||||||||
3.75% | 10/15/23 | 59,000 | 54,112 | |||||||||
Hughes Satellite Systems Corp. |
| |||||||||||
6.50% | 06/15/19 | 28,000 | 29,680 | (f) | ||||||||
Huntsman International LLC |
| |||||||||||
4.88% | 11/15/20 | 46,000 | 45,425 |
Principal Amount | Fair Value | |||||||||||
Hyundai Capital America |
| |||||||||||
1.63% | 10/02/15 | $ | 46,000 | $ | 45,851 | (a) | ||||||
2.13% | 10/02/17 | 23,000 | 22,236 | (a) | ||||||||
iGATE Corp. |
| |||||||||||
9.00% | 05/01/16 | 46,000 | 47,840 | |||||||||
Industry & Construction Bank St Petersburg OJSC Via |
| |||||||||||
5.01% | 09/29/15 | 100,000 | 101,500 | (g) | ||||||||
Ingersoll-Rand Global Holding Company Ltd. |
| |||||||||||
2.88% | 01/15/19 | 24,000 | 23,675 | (a) | ||||||||
4.25% | 06/15/23 | 33,000 | 32,793 | (a) | ||||||||
5.75% | 06/15/43 | 19,000 | 19,308 | (a) | ||||||||
Ingles Markets Inc. |
| |||||||||||
5.75% | 06/15/23 | 88,000 | 86,900 | (a) | ||||||||
Intel Corp. |
| |||||||||||
1.35% | 12/15/17 | 44,000 | 43,059 | |||||||||
Invesco Finance PLC |
| |||||||||||
3.13% | 11/30/22 | 67,000 | 62,498 | |||||||||
JB Poindexter & Company Inc. |
| |||||||||||
9.00% | 04/01/22 | 13,000 | 13,650 | (a) | ||||||||
Jefferies Group Inc. |
| |||||||||||
5.13% | 01/20/23 | 15,000 | 14,884 | |||||||||
6.50% | 01/20/43 | 16,000 | 15,319 | |||||||||
John Deere Capital Corp. |
| |||||||||||
3.15% | 10/15/21 | 26,000 | 25,740 | |||||||||
JPMorgan Chase & Co. |
| |||||||||||
3.20% | 01/25/23 | 98,000 | 93,032 | |||||||||
3.38% | 05/01/23 | 47,000 | 43,765 | |||||||||
5.15% | 12/31/49 | 47,000 | 44,767 | (g) | ||||||||
KFW |
| |||||||||||
2.00% | 10/04/22 | 115,000 | 107,923 | |||||||||
4.50% | 07/16/18 | 85,000 | 96,534 | (f) | ||||||||
Kinder Morgan Energy Partners LP |
| |||||||||||
3.50% | 09/01/23 | 34,000 | 31,863 | |||||||||
5.00% | 08/15/42 | 13,000 | 12,264 | |||||||||
Kinross Gold Corp. |
| |||||||||||
6.88% | 09/01/41 | 33,000 | 31,153 | |||||||||
Korea National Oil Corp. |
| |||||||||||
2.88% | 11/09/15 | 100,000 | 102,247 | (a,f) | ||||||||
Kraft Foods Group Inc. |
| |||||||||||
1.63% | 06/04/15 | 25,000 | 25,267 | |||||||||
2.25% | 06/05/17 | 53,000 | 53,372 | |||||||||
5.00% | 06/04/42 | 45,000 | 45,571 | |||||||||
Kratos Defense & Security Solutions Inc. |
| |||||||||||
10.00% | 06/01/17 | 79,000 | 84,530 | |||||||||
Lear Corp. |
| |||||||||||
4.75% | 01/15/23 | 47,000 | 44,650 | (a) | ||||||||
Liberty Mutual Group Inc. |
| |||||||||||
4.25% | 06/15/23 | 48,000 | 46,379 | (a) | ||||||||
6.50% | 05/01/42 | 33,000 | 35,308 | (a) | ||||||||
Linn Energy LLC |
| |||||||||||
6.25% | 11/01/19 | 49,000 | 46,673 | (a) | ||||||||
8.63% | 04/15/20 | 42,000 | 44,100 | (f) | ||||||||
Majapahit Holding BV |
| |||||||||||
7.25% | 06/28/17 | 100,000 | 110,250 | (a) | ||||||||
Memorial Sloan-Kettering Cancer Center |
| |||||||||||
4.13% | 07/01/52 | 20,000 | 17,832 | |||||||||
Merck & Company Inc. |
| |||||||||||
1.30% | 05/18/18 | 32,000 | 31,033 | |||||||||
2.80% | 05/18/23 | 69,000 | 65,282 | |||||||||
4.15% | 05/18/43 | 27,000 | 25,723 |
See Notes to Schedules of Investments and Notes to Financial Statements.
6
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Microsoft Corp. |
| |||||||||||
2.38% | 05/01/23 | $ | 94,000 | $ | 86,989 | |||||||
MidAmerican Energy Holdings Co. |
| |||||||||||
6.13% | 04/01/36 | 115,000 | 130,463 | (f) | ||||||||
Morgan Stanley |
| |||||||||||
2.13% | 04/25/18 | 26,000 | 24,883 | |||||||||
3.75% | 02/25/23 | 9,000 | 8,607 | |||||||||
4.75% | 03/22/17 | 32,000 | 33,941 | |||||||||
4.88% | 11/01/22 | 67,000 | 66,189 | |||||||||
5.55% | 04/27/17 | 100,000 | 108,178 | |||||||||
Murphy Oil Corp. |
| |||||||||||
3.70% | 12/01/22 | 36,000 | 33,395 | |||||||||
Mylan Inc. |
| |||||||||||
2.60% | 06/24/18 | 111,000 | 109,403 | (a) | ||||||||
7.88% | 07/15/20 | 70,000 | 80,776 | (a,f) | ||||||||
National Agricultural Cooperative Federation |
| |||||||||||
4.25% | 01/28/16 | 100,000 | 105,190 | (a,f) | ||||||||
National Australia Bank Ltd. |
| |||||||||||
3.00% | 01/20/23 | 250,000 | 234,525 | |||||||||
Nationwide Financial Services Inc. |
| |||||||||||
5.38% | 03/25/21 | 46,000 | 50,076 | (a) | ||||||||
NCL Corp Ltd. |
| |||||||||||
5.00% | 02/15/18 | 26,000 | 25,480 | (a) | ||||||||
Newfield Exploration Co. |
| |||||||||||
5.63% | 07/01/24 | 10,000 | 9,700 | |||||||||
5.75% | 01/30/22 | 51,000 | 50,490 | (f) | ||||||||
News America Inc. |
| |||||||||||
6.65% | 11/15/37 | 30,000 | 34,522 | (f) | ||||||||
Nexen Inc. |
| |||||||||||
6.40% | 05/15/37 | 55,000 | 59,779 | |||||||||
NextEra Energy Capital Holdings Inc. |
| |||||||||||
2.60% | 09/01/15 | 78,000 | 80,335 | ( f) | ||||||||
Nisource Finance Corp. |
| |||||||||||
3.85% | 02/15/23 | 53,000 | 51,428 | |||||||||
4.80% | 02/15/44 | 24,000 | 21,732 | |||||||||
Noble Holding International Ltd. |
| |||||||||||
5.25% | 03/15/42 | 51,000 | 45,680 | |||||||||
Nomura Holdings Inc. |
| |||||||||||
2.00% | 09/13/16 | 58,000 | 57,353 | |||||||||
Northeast Utilities |
| |||||||||||
1.45% | 05/01/18 | 46,000 | 44,649 | |||||||||
Northrop Grumman Corp. |
| |||||||||||
1.75% | 06/01/18 | 69,000 | 66,925 | |||||||||
4.75% | 06/01/43 | 23,000 | 21,984 | |||||||||
Novartis Capital Corp. |
| |||||||||||
2.40% | 09/21/22 | 55,000 | 51,686 | |||||||||
NYSE Euronext |
| |||||||||||
2.00% | 10/05/17 | 69,000 | 68,629 | |||||||||
Oglethorpe Power Corp. |
| |||||||||||
5.38% | 11/01/40 | 11,000 | 11,464 | (f) | ||||||||
Omnicom Group Inc. |
| |||||||||||
3.63% | 05/01/22 | 71,000 | 68,478 | |||||||||
Oracle Corp. |
| |||||||||||
1.20% | 10/15/17 | 75,000 | 72,842 | |||||||||
Pacific Gas & Electric Co. |
| |||||||||||
6.05% | 03/01/34 | 24,000 | 27,982 | (f) | ||||||||
Pacific Rubiales Energy Corp. |
| |||||||||||
5.13% | 03/28/23 | 100,000 | 94,500 | (a) |
Principal Amount | Fair Value | |||||||||||
PacifiCorp |
| |||||||||||
6.25% | 10/15/37 | $ | 2,000 | $ | 2,434 | |||||||
Peabody Energy Corp. |
| |||||||||||
6.25% | 11/15/21 | 30,000 | 28,950 | |||||||||
Petrobras Global Finance BV |
| |||||||||||
4.38% | 05/20/23 | 151,000 | 138,519 | |||||||||
Petrobras International Finance Co. |
| |||||||||||
3.50% | 02/06/17 | 76,000 | 75,662 | (f) | ||||||||
3.88% | 01/27/16 | 25,000 | 25,721 | (f) | ||||||||
Petroleos Mexicanos |
| |||||||||||
3.50% | 01/30/23 | 47,000 | 43,358 | (a) | ||||||||
5.50% | 01/21/21 | 18,000 | 19,170 | |||||||||
Pfizer Inc. |
| |||||||||||
3.00% | 06/15/23 | 46,000 | 44,615 | |||||||||
Philip Morris International Inc. |
| |||||||||||
2.50% | 05/16/16 | 60,000 | 62,324 | (f) | ||||||||
4.13% | 03/04/43 | 24,000 | 21,321 | |||||||||
Plains Exploration & Production Co. |
| |||||||||||
6.50% | 11/15/20 | 25,000 | 26,505 | |||||||||
Power Sector Assets & Liabilities Management Corp. |
| |||||||||||
7.39% | 12/02/24 | 100,000 | 121,000 | (a,f) | ||||||||
Prudential Financial Inc. |
| |||||||||||
5.20% | 03/15/44 | 7,000 | 6,615 | (g) | ||||||||
5.63% | 05/12/41 | 28,000 | 29,077 | (f) | ||||||||
5.63% | 06/15/43 | 22,000 | 21,560 | (g) | ||||||||
Public Service Electric & Gas Co. |
| |||||||||||
2.38% | 05/15/23 | 69,000 | 63,891 | |||||||||
Range Resources Corp. |
| |||||||||||
5.75% | 06/01/21 | 51,000 | 52,530 | (f) | ||||||||
Revlon Consumer Products Corp. |
| |||||||||||
5.75% | 02/15/21 | 112,000 | 109,200 | (a) | ||||||||
Rockies Express Pipeline LLC |
| |||||||||||
3.90% | 04/15/15 | 38,000 | 37,620 | (a) | ||||||||
Roper Industries Inc. | ||||||||||||
2.05% | 10/01/18 | 69,000 | 67,674 | |||||||||
Rowan Companies Inc. | ||||||||||||
5.40% | 12/01/42 | 29,000 | 26,286 | |||||||||
Royal Bank of Canada | ||||||||||||
1.20% | 09/19/18 | 81,000 | 79,028 | |||||||||
RSI Home Products Inc. | ||||||||||||
6.88% | 03/01/18 | 46,000 | 47,035 | (a) | ||||||||
Russian Agricultural Bank OJSC Via RSHB Capital S.A. | ||||||||||||
7.75% | 05/29/18 | 100,000 | 112,000 | (a) | ||||||||
SCF Capital Ltd. | ||||||||||||
5.38% | 10/27/17 | 200,000 | 194,000 | (a) | ||||||||
Schlumberger Investment S.A. | ||||||||||||
2.40% | 08/01/22 | 70,000 | 64,944 | (a) | ||||||||
Seagate HDD Cayman | ||||||||||||
4.75% | 06/01/23 | 35,000 | 32,638 | (a) | ||||||||
7.00% | 11/01/21 | 5,000 | 5,350 | |||||||||
Service Corporation International | ||||||||||||
4.50% | 11/15/20 | 49,000 | 47,040 | |||||||||
Sinochem Overseas Capital Company Ltd. | ||||||||||||
4.50% | 11/12/20 | 100,000 | 98,591 | (a) | ||||||||
Talisman Energy Inc. | ||||||||||||
6.25% | 02/01/38 | 43,000 | 46,181 | |||||||||
Targa Resources Partners Finance Corp. | ||||||||||||
4.25% | 11/15/23 | 26,000 | 23,205 | (a) |
See Notes to Schedules of Investments and Notes to Financial Statements.
7
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Teck Resources Ltd. | ||||||||||||
5.40% | 02/01/43 | $ | 35,000 | $ | 30,640 | |||||||
Telefonica Emisiones SAU | ||||||||||||
3.19% | 04/27/18 | 150,000 | 145,291 | |||||||||
Texas Instruments Inc. | ||||||||||||
2.25% | 05/01/23 | 69,000 | 61,995 | |||||||||
Textron Inc. | ||||||||||||
6.20% | 03/15/15 | 40,000 | 43,057 | (f) | ||||||||
The Allstate Corp. | ||||||||||||
3.15% | 06/15/23 | 23,000 | 22,331 | |||||||||
4.50% | 06/15/43 | 16,000 | 15,774 | |||||||||
The Bank of New York Mellon Corp. | ||||||||||||
4.50% | 12/31/49 | 71,000 | 66,740 | (g) | ||||||||
The Coca-Cola Co. | ||||||||||||
3.30% | 09/01/21 | 63,000 | 64,412 | (f) | ||||||||
The Gap Inc. | ||||||||||||
5.95% | 04/12/21 | 28,000 | 30,969 | |||||||||
The Goldman Sachs Group Inc. | ||||||||||||
1.60% | 11/23/15 | 28,000 | 28,064 | |||||||||
2.38% | 01/22/18 | 58,000 | 56,946 | |||||||||
3.63% | 01/22/23 | 67,000 | 64,104 | |||||||||
6.75% | 10/01/37 | 49,000 | 50,194 | |||||||||
The Korea Development Bank | ||||||||||||
3.25% | 03/09/16 | 100,000 | 103,110 | (f) | ||||||||
The McClatchy Co. | ||||||||||||
9.00% | 12/15/22 | 28,000 | 29,400 | (a) | ||||||||
The Potomac Edison Co. | ||||||||||||
5.35% | 11/15/14 | 95,000 | 100,739 | (f) | ||||||||
The Williams Companies Inc. | ||||||||||||
3.70% | 01/15/23 | 83,000 | 77,114 | |||||||||
Time Warner Cable Inc. |
| |||||||||||
4.50% | 09/15/42 | 31,000 | 24,040 | |||||||||
TJX Companies Inc. |
| |||||||||||
2.50% | 05/15/23 | 46,000 | 42,633 | |||||||||
Tops Holding Corp. |
| |||||||||||
8.88% | 12/15/17 | 45,000 | 48,713 | (a) | ||||||||
Total Capital Canada Ltd. |
| |||||||||||
1.45% | 01/15/18 | 47,000 | 45,908 | |||||||||
Total Capital International S.A. |
| |||||||||||
1.55% | 06/28/17 | 125,000 | 123,886 | |||||||||
TransAlta Corp. |
| |||||||||||
4.50% | 11/15/22 | 45,000 | 42,916 | |||||||||
Transocean Inc. |
| |||||||||||
3.80% | 10/15/22 | 19,000 | 18,098 | |||||||||
6.50% | 11/15/20 | 12,000 | 13,507 | |||||||||
Transportadora de Gas del Peru S.A. |
| |||||||||||
4.25% | 04/30/28 | 14,000 | 12,390 | (a) | ||||||||
Turlock Corp. |
| |||||||||||
1.50% | 11/02/17 | 67,000 | 65,038 | (a) | ||||||||
2.75% | 11/02/22 | 73,000 | 68,293 | (a) | ||||||||
U.S. Bancorp |
| |||||||||||
3.44% | 02/01/16 | 76,000 | 79,670 | |||||||||
Unit Corp. |
| |||||||||||
6.63% | 05/15/21 | 47,000 | 47,940 | |||||||||
United Parcel Service Inc. |
| |||||||||||
2.45% | 10/01/22 | 46,000 | 43,369 | |||||||||
United Rentals North America Inc. |
| |||||||||||
5.75% | 07/15/18 | 46,000 | 48,300 | |||||||||
UnitedHealth Group Inc. |
| |||||||||||
2.88% | 03/15/23 | 84,000 | 78,927 |
Principal Amount | Fair Value | |||||||||||
Vail Resorts Inc. |
| |||||||||||
6.50% | 05/01/19 | $ | 80,000 | $ | 83,800 | (f) | ||||||
Vale Overseas Ltd. |
| |||||||||||
4.38% | 01/11/22 | 36,000 | 34,194 | |||||||||
Valeant Pharmaceuticals International |
| |||||||||||
6.38% | 10/15/20 | 27,000 | 26,696 | (a) | ||||||||
Ventas Realty LP (REIT) |
| |||||||||||
2.70% | 04/01/20 | 48,000 | 45,386 | |||||||||
Verizon Communications Inc. |
| |||||||||||
2.45% | 11/01/22 | 15,000 | 13,600 | |||||||||
3.85% | 11/01/42 | 15,000 | 12,446 | |||||||||
Viacom Inc. |
| |||||||||||
2.50% | 12/15/16 | 53,000 | 54,677 | (f) | ||||||||
Viasystems Inc. |
| |||||||||||
7.88% | 05/01/19 | 47,000 | 49,585 | (a) | ||||||||
Watson Pharmaceuticals Inc. |
| |||||||||||
3.25% | 10/01/22 | 61,000 | 56,870 | |||||||||
Weatherford International Ltd. |
| |||||||||||
4.50% | 04/15/22 | 55,000 | 54,375 | (f) | ||||||||
5.95% | 04/15/42 | 42,000 | 39,697 | (f) | ||||||||
6.75% | 09/15/40 | 12,000 | 12,415 | |||||||||
Wells Fargo & Co. |
| |||||||||||
3.45% | 02/13/23 | 83,000 | 79,268 | |||||||||
Windstream Corp. |
| |||||||||||
6.38% | 08/01/23 | 47,000 | 43,945 | |||||||||
Woodside Finance Ltd. |
| |||||||||||
4.50% | 11/10/14 | 95,000 | 99,138 | (a,f) | ||||||||
WPX Energy Inc. |
| |||||||||||
5.25% | 01/15/17 | 46,000 | 47,150 | |||||||||
Wynn Las Vegas LLC |
| |||||||||||
4.25% | 05/30/23 | 26,000 | 24,050 | (a) | ||||||||
5.38% | 03/15/22 | 24,000 | 24,240 | |||||||||
Xstrata Finance Canada Ltd. |
| |||||||||||
2.70% | 10/25/17 | 45,000 | 43,640 | (a) | ||||||||
5.80% | 11/15/16 | 58,873 | 64,222 | (a,f) | ||||||||
Zoetis Inc. |
| |||||||||||
1.15% | 02/01/16 | 25,000 | 24,915 | (a) | ||||||||
1.88% | 02/01/18 | 24,000 | 23,495 | (a) | ||||||||
3.25% | 02/01/23 | 40,000 | 38,005 | (a) | ||||||||
16,259,275 | ||||||||||||
Non-Agency Collateralized Mortgage Obligations — 6.7% |
| |||||||||||
Banc of America Commercial Mortgage Trust 2006-4 |
| |||||||||||
5.68% | 07/10/46 | 20,000 | 22,148 | |||||||||
Banc of America Commercial Mortgage Trust 2007-1 |
| |||||||||||
5.48% | 01/15/49 | 90,000 | 94,099 | (g) | ||||||||
Banc of America Commercial Mortgage Trust 2007-4 |
| |||||||||||
5.93% | 02/10/51 | 30,000 | 33,868 | (f,g) | ||||||||
Banc of America Commercial Mortgage Trust 2008-1 |
| |||||||||||
6.39% | 02/10/51 | 30,000 | 34,376 | (f,g) | ||||||||
Banc of America Merrill Lynch Commercial Mortgage Inc. |
| |||||||||||
5.36% | 09/10/47 | 55,000 | 59,294 | (f,g) | ||||||||
5.40% | 11/10/42 | 40,000 | 42,053 | (g) | ||||||||
Bear Stearns Commercial Mortgage Securities |
| |||||||||||
4.93% | 02/13/42 | 58,685 | 61,825 | (f,g) | ||||||||
5.77% | 04/12/38 | 60,000 | 65,003 | (f,g) | ||||||||
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22 |
| |||||||||||
5.77% | 04/12/38 | 25,000 | 26,744 | (g) |
See Notes to Schedules of Investments and Notes to Financial Statements.
8
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17 |
| |||||||||||
5.92% | 06/11/50 | $ | 60,000 | $ | 66,846 | (g) | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18 |
| |||||||||||
6.09% | 06/11/50 | 50,000 | 55,345 | (g) | ||||||||
Citigroup Commercial Mortgage Trust |
| |||||||||||
5.48% | 10/15/49 | 30,000 | 27,920 | (f) | ||||||||
COMM 2005-LP5 Mortgage Trust |
| |||||||||||
4.98% | 05/10/43 | 30,000 | 31,735 | (f,g) | ||||||||
COMM 2006-C8 Mortgage Trust |
| |||||||||||
5.35% | 12/10/46 | 60,000 | 65,004 | |||||||||
Commercial Mortgage Pass-Through Certificates Series 2006-C5 |
| |||||||||||
5.34% | 12/15/39 | 30,000 | 31,763 | |||||||||
Commercial Mortgage Trust 2007-GG9 |
| |||||||||||
5.48% | 03/10/39 | 125,000 | 132,480 | |||||||||
Credit Suisse First Boston Mortgage Securities Corp. |
| |||||||||||
5.28% | 10/25/35 | 48,557 | 700 | (g) | ||||||||
CSMC Mortgage-Backed Trust Series 2006-1 |
| |||||||||||
5.30% | 02/25/36 | 5,377 | — | **(g) | ||||||||
GS Mortgage Securities Corp. II |
| |||||||||||
2.79% | 11/08/29 | 30,000 | 29,939 | (a,g) | ||||||||
3.00% | 08/10/44 | 60,000 | 62,492 | (f) | ||||||||
5.47% | 08/10/44 | 20,000 | 21,404 | (a,g) | ||||||||
GS Mortgage Securities Trust 2006-GG8 |
| |||||||||||
5.59% | 11/10/39 | 90,000 | 97,642 | |||||||||
JP Morgan Chase Commercial Mortgage Securities Corp. |
| |||||||||||
4.27% | 06/15/45 | 30,000 | 30,262 | |||||||||
5.04% | 03/15/46 | 30,000 | 31,457 | (f,g) | ||||||||
5.34% | 08/12/37 | 79,197 | 83,715 | (f,g) | ||||||||
5.44% | 06/12/47 | 120,000 | 132,953 | (f) | ||||||||
5.53% | 01/15/46 | 25,000 | 22,539 | (c) | ||||||||
5.79% | 02/12/51 | 50,000 | 56,906 | (f,g) | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11 | ||||||||||||
6.00% | 06/15/49 | 90,000 | 100,719 | (g) | ||||||||
JPMBB Commercial Mortgage Securities Trust 2013-C12 |
| |||||||||||
4.03% | 07/15/45 | 15,000 | 14,783 | |||||||||
4.09% | 07/15/45 | 25,000 | 19,736 | |||||||||
LB Commercial Mortgage Trust 2007-C3 |
| |||||||||||
6.08% | 07/15/44 | 50,000 | 55,267 | (g) | ||||||||
LB-UBS Commercial Mortgage Trust |
| |||||||||||
5.16% | 02/15/31 | 70,000 | 75,612 | (f) | ||||||||
6.06% | 06/15/38 | 20,000 | 22,198 | (g) | ||||||||
MASTR Alternative Loans Trust |
| |||||||||||
5.00% | 08/25/18 | 41,305 | 3,451 | (e,f,k) | ||||||||
Merrill Lynch |
| |||||||||||
5.49% | 07/12/46 | 25,000 | 23,361 | (g) | ||||||||
ML-CFC Commercial Mortgage Trust 2006-3 |
| |||||||||||
5.46% | 07/12/46 | 75,000 | 80,209 | (g) | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust |
| |||||||||||
4.22% | 07/15/46 | 40,000 | 40,074 | |||||||||
4.31% | 12/15/48 | 30,000 | 24,439 | (a,g) | ||||||||
4.72% | 07/15/46 | 25,000 | 24,086 | (c) | ||||||||
Morgan Stanley Capital I Trust 2005-TOP17 |
| |||||||||||
4.84% | 12/13/41 | 75,000 | 77,282 | (g) | ||||||||
Morgan Stanley Capital I Trust 2006-IQ11 |
| |||||||||||
5.86% | 10/15/42 | 50,000 | 45,001 | (f,g) | ||||||||
Morgan Stanley Capital I Trust 2006-TOP21 |
| |||||||||||
5.27% | 10/12/52 | 40,000 | 42,461 | (g) |
Principal Amount | Fair Value | |||||||||||
Morgan Stanley Capital I Trust 2006-TOP23 |
| |||||||||||
5.99% | 08/12/41 | $ | 30,000 | $ | 33,397 | (g) | ||||||
Morgan Stanley Capital I Trust 2007-IQ16 |
| |||||||||||
6.29% | 12/12/49 | 50,000 | 56,212 | (g) | ||||||||
Morgan Stanley Capital I Trust 2008-TOP29 |
| |||||||||||
6.46% | 01/11/43 | 45,000 | 51,011 | (f,g) | ||||||||
Wachovia Bank Commercial Mortgage Trust |
| |||||||||||
5.47% | 01/15/45 | 70,000 | 75,351 | (f,g) | ||||||||
Wachovia Bank Commercial Mortgage Trust Series 2006-C28 |
| |||||||||||
5.60% | 10/15/48 | 85,000 | 92,003 | (g) | ||||||||
Wachovia Bank Commercial Mortgage Trust Series 2006-C29 |
| |||||||||||
5.34% | 11/15/48 | 50,000 | 54,583 | |||||||||
Wells Fargo Commercial Mortgage Trust |
| |||||||||||
4.69% | 10/15/45 | 10,000 | 9,674 | (g) | ||||||||
WFRBS Commercial Mortgage Trust 2011-C4 |
| |||||||||||
5.42% | 06/15/44 | 25,000 | 24,654 | (a,g) | ||||||||
2,466,076 | ||||||||||||
Sovereign Bonds — 2.8% |
| |||||||||||
Government of Chile |
| |||||||||||
3.63% | 10/30/42 | 18,000 | 14,850 | |||||||||
Government of Dominican Republic |
| |||||||||||
7.50% | 05/06/21 | 100,000 | 107,750 | (a,f) | ||||||||
Government of El Salvador |
| |||||||||||
7.65% | 06/15/35 | 20,000 | 19,550 | (a,f) | ||||||||
Government of Hungary |
| |||||||||||
4.13% | 02/19/18 | 18,000 | 17,505 | |||||||||
6.25% | 01/29/20 | 13,000 | 13,585 | |||||||||
7.63% | 03/29/41 | 2,000 | 2,088 | |||||||||
Government of Mexico |
| |||||||||||
4.75% | 03/08/44 | 32,000 | 28,480 | (f) | ||||||||
5.75% | 10/12/49 | 10,000 | 9,125 | |||||||||
6.05% | 01/11/40 | 18,000 | 19,620 | (f) | ||||||||
Government of Panama |
| |||||||||||
4.30% | 04/29/53 | 14,000 | 11,235 | |||||||||
6.70% | 01/26/36 | 21,000 | 24,413 | (f) | ||||||||
Government of Peru |
| |||||||||||
6.55% | 03/14/37 | 41,000 | 48,380 | (f) | ||||||||
Government of Philippines |
| |||||||||||
6.38% | 01/15/32 | 100,000 | 118,000 | |||||||||
Government of Poland |
| |||||||||||
3.00% | 03/17/23 | 8,000 | 7,220 | |||||||||
5.00% | 03/23/22 | 50,000 | 53,750 | |||||||||
6.38% | 07/15/19 | 7,000 | 8,164 | |||||||||
Government of Romania |
| |||||||||||
4.38% | 08/22/23 | 14,000 | 13,300 | (a) | ||||||||
6.75% | 02/07/22 | 20,000 | 22,297 | (a,f) | ||||||||
Government of Sri Lanka |
| |||||||||||
6.25% | 10/04/20 | 100,000 | 99,000 | (a) | ||||||||
Government of Turkey |
| |||||||||||
6.88% | 03/17/36 | 110,000 | 122,650 | |||||||||
Government of Uruguay |
| |||||||||||
6.88% | 09/28/25 | 27,038 | 32,392 | |||||||||
Republic of Latvia |
| |||||||||||
5.25% | 02/22/17 | 200,000 | 216,250 | (a) | ||||||||
Russian Foreign Bond — Eurobond |
| |||||||||||
7.50% | 03/31/30 | 7,579 | 8,877 | |||||||||
1,018,481 |
See Notes to Schedules of Investments and Notes to Financial Statements.
9
Table of Contents
Income Fund
Schedule of Investments | June 30, 2013 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Municipal Bonds and Notes — 0.7% |
| |||||||||||
American Municipal Power Inc. |
| |||||||||||
6.27% | 02/15/50 | $ | 25,000 | $ | 26,619 | (f) | ||||||
Denver City & County School District No 1 |
| |||||||||||
4.24% | 12/15/37 | 40,000 | 34,528 | |||||||||
Municipal Electric Authority of Georgia |
| |||||||||||
6.64% | 04/01/57 | 48,000 | 51,785 | (f) | ||||||||
New Jersey Transportation Trust Fund Authority |
| |||||||||||
6.88% | 12/15/39 | 15,000 | 16,661 | |||||||||
Port Authority of New York & New Jersey |
| |||||||||||
4.46% | 10/01/62 | 60,000 | 53,561 | |||||||||
South Carolina State Public Service Authority |
| |||||||||||
6.45% | 01/01/50 | 30,000 | 34,608 | (f) | ||||||||
State of California |
| |||||||||||
5.70% | 11/01/21 | 40,000 | 45,708 | (f) | ||||||||
263,470 | ||||||||||||
FNMA — 0.0%* |
| |||||||||||
Lehman TBA |
| |||||||||||
5.50% | TBA | 83,122 | — | **(c,j,l) | ||||||||
Total Bonds and Notes |
| 36,604,249 | ||||||||||
Short-Term Investments — 3.7% |
| |||||||||||
GE Institutional Money Market Fund—Investment Class 0.00% | 1,361,862 | (c,i) | ||||||||||
Total Investments | 37,966,111 | |||||||||||
Liabilities in Excess of Other Assets, | (1,166,524 | ) | ||||||||||
|
| |||||||||||
NET ASSETS — 100.0% |
| $ | 36,799,587 | |||||||||
|
|
Other Information: |
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||
2 Yr. U.S. Treasury Notes Futures | September 2013 | 3 | $ | 660,000 | $ | (991 | ) | |||||||
5 Yr. U.S. Treasury Notes Futures | September 2013 | 51 | 6,173,391 | (81,140 | ) | |||||||||
|
| |||||||||||||
$ | (82,131 | ) | ||||||||||||
|
|
The Fund had the following short futures contracts open at June 30, 2013:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||
Ultra Long-Term U.S. Treasury Bond Futures | September 2013 | 23 | $ | (3,388,188 | ) | $ | 117,499 | |||||||
10 Yr. U.S. Treasury Notes Futures | September 2013 | 48 | (6,075,000 | ) | 100,184 | |||||||||
30 Yr. U.S. Treasury Notes Futures | September 2013 | 9 | (1,222,594 | ) | 6,667 | |||||||||
|
| |||||||||||||
$ | 224,351 | |||||||||||||
|
| |||||||||||||
$ | 142,220 | |||||||||||||
|
|
See Notes to Schedules of Investments and Notes to Financial Statements.
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Notes to Schedule of Investments | June 30, 2013 (Unaudited) |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
(a) | Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities amounted to $5,033,234 or 13.68% of the net assets of the GE Investments Income Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future. |
(c) | Coupon amount represents effective yield. |
(d) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder. |
(e) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding. |
(f) | At June 30, 2013, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(g) | Variable or floating rate security. The stated rate represents the rate at June 30, 2013. |
(h) | Step coupon bond. Security becomes interest bearing at a future date. |
(i) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
(j) | Securities in default. |
(k) | Coupon amount represents the coupon of the underlying mortgage securities on which monthly interest payments are based. |
(l) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Board of Directors. |
* | Less than 0.05%. |
** | Amount is less than $ 0.50. |
† | Percentages are based on net assets as of June 30, 2013. |
Abbreviations:
REIT | Real Estate Investment Trust | |
REMIC | Real Estate Mortgage Investment Conduit | |
STRIPS | Separate Trading of Registered Interest and Principal of Security | |
TBA | To be Announced |
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Selected data based on a share outstanding throughout the fiscal years indicated
6/30/13† | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | 12/31/08 | |||||||||||||||||||
Inception date | — | — | — | — | — | 1/3/95 | ||||||||||||||||||
Net asset value, beginning of period | $ | 11.71 | $ | 11.35 | $ | 11.05 | $ | 10.62 | $ | 10.26 | $ | 11.50 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.13 | 0.28 | 0.48 | 0.34 | * | 0.37 | 0.56 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.43) | 0.37 | 0.32 | 0.46 | 0.45 | (1.16) | ||||||||||||||||||
Total income (loss) from investment operations | (0.30) | 0.65 | 0.80 | 0.80 | 0.82 | (0.60) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.29 | 0.50 | 0.37 | 0.46 | 0.64 | ||||||||||||||||||
Return of capital | — | — | — | — | — | 0.00 | (b) | |||||||||||||||||
Total distributions | — | 0.29 | 0.50 | 0.37 | 0.46 | 0.64 | ||||||||||||||||||
Net asset value, end of period | $ | 11.41 | $ | 11.71 | $ | 11.35 | $ | 11.05 | $ | 10.62 | $ | 10.26 | ||||||||||||
TOTAL RETURN (a) | (2.56)% | 5.69% | 7.20% | 7.56% | 7.88% | (5.21)% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 36,800 | $ | 42,893 | $ | 51,191 | $ | 54,884 | $ | 59,532 | $ | 68,731 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.04% | ** | 2.09% | 3.99% | 3.07% | 4.01% | 4.63% | |||||||||||||||||
Net expenses | 0.76% | (b)(c)** | 0.80% | (c) | 0.86% | (c) | 0.83% | (c) | 0.84% | (c) | 0.63% | (c) | ||||||||||||
Gross expenses | 0.78% | ** | 0.82% | 0.87% | 1.00% | 0.84% | 0.65% | |||||||||||||||||
Portfolio turnover rate | 168% | 327% | 359% | 320% | 251% | 385% |
Notes to Financial Highlights
(a) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(b) | Rounds to less than $0.01 per share. |
(c) | Reflects GE Asset Management’s waiver of a portion of the Fund’s advisory and administrative fee in an amount equal to the advisory and administrative fee earned by GEAM with respect to the Fund’s investment in an affiliated money market fund managed by GEAM. |
† | (Unaudited) |
* | Per share values have been calculated using the average share method. |
** | Annualized for periods less than one year. |
The accompanying Notes are an integral part of these financial statements.
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The accompanying Notes are an integral part of these financial statements.
13
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For the period ending June 30, 2013 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income | ||||
Interest | $ | 559,111 | ||
Interest from affiliated investments | 960 | |||
Total income | 560,071 | |||
Expenses | ||||
Advisory and administration fees | 100,493 | |||
Directors’ fees | 1,080 | |||
Custody and accounting expenses | 30,110 | |||
Professional fees | 11,385 | |||
Other expenses | 12,166 | |||
Total expenses before waivers | 155,234 | |||
Less: Fees waived by the adviser | (2,939 | ) | ||
Net expenses | 152,295 | |||
Net investment income | 407,776 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Realized gain (loss) on: | ||||
Investments | (181,993 | ) | ||
Futures | 335,671 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | (1,620,771 | ) | ||
Futures | 85,870 | |||
Net realized and unrealized loss on Investments | (1,381,223 | ) | ||
Net decrease in net assets resulting from operations | $ | (973,447 | ) |
The accompanying Notes are an integral part of these financial statements.
14
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† | (Unaudited) |
The accompanying Notes are an integral part of these financial statements.
15
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
1. | Organization of the Company |
GE Investments Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is composed of eleven investment portfolios (collectively the “Funds”), although only the following eight are currently being offered: U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Equity Fund, Core Value Equity Fund, Small-Cap Equity Fund, Total Return Fund, Income Fund (the “Fund”), and Real Estate Securities Fund.
Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts. GE Asset Management Incorporated (“GEAM”) is the investment adviser and administrator of each of the Funds.
The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.
2. | Summary of Significant Accounting Policies |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Subsequent events after the balance sheet date through the date the financial statements were issued have been evaluated in the preparation of the financial statements. There are no items to report.
The following summarizes the significant accounting policies of the Company:
Securities Valuation and Transactions. All investments in securities are recorded at their estimated fair value, as described in Note 3.
Securities transactions are accounted for as of the trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost for both financial statement and federal tax purposes.
Foreign Currency Accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of
exchange at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions.
All assets and liabilities of the Fund initially expressed in foreign currency values will be converted into U.S. dollars at the WM/Reuter exchange rate computed at 11:00 a.m., Eastern Time.
The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the year. Such fluctuations are included in the net realized or unrealized gain or loss from investments. Net realized gains or losses on foreign currency transactions represent net gains or losses on sales and maturities of foreign currency contracts, disposition of foreign currencies, the difference between the amount of net investment income and withholding taxes accrued and the U.S. dollar amount actually received or paid, and gains or losses between the trade and settlement date on purchases and sales of foreign securities. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities (including foreign currencies and open foreign currency contracts) as a result of changes in foreign exchange rates are included as increases or decreases in unrealized appreciation/depreciation on foreign currency related transactions.
Derivatives The Fund is subject to equity price risk, interest rate risk, credit risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may enter into derivative transactions (such as options, futures, and options on futures) to gain market exposure to a certain type of broad-based index as an alternative to investing directly in the securities representing such index.
Futures Contracts A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The Fund invested in futures for a variety of portfolio management purposes such as hedging against the effects of changes in the value of portfolio securities due to anticipated changes in interest rates and/or market conditions, gaining market exposure for accumulating and residual cash positions, for duration management, or when the transactions were economically appropriate to the reduction of risks inherent in the management of the Fund. Buying futures tends to increase a Fund’s exposure to the underlying
16
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
instrument while selling futures tends to decrease a Fund’s exposure to the underlying instrument, or hedge other Fund investments. The Fund will not enter into a transaction involving futures for speculative purposes. With futures contracts, there is minimal counterparty credit risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all traded futures, guarantees the futures against default. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they principally trade.
Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount, known as initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuation in the fair value of the underlying security. The Fund records an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. The Fund recognizes a realized gain or loss on the expiration or closing of a futures contract.
Investments in Foreign Markets Investments in foreign markets involve special risks and considerations not typically associated with investing in the United States. These risks include revaluation of currencies, high rates of inflation, restrictions on repatriation of income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls, tariffs and taxes, subject to delays in settlements, and their prices may be more volatile.
The Fund may be subject to capital gains and repatriation taxes imposed by certain countries in which they invest. Such taxes are generally based upon income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as income and/or capital gains are earned.
Investment Income Corporate actions (including cash dividends) are recorded on the ex-dividend date, net of applicable withholding taxes, except for certain foreign
corporate actions which are recorded as soon after the ex-dividend date as such information becomes available. Withholding taxes in foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums on taxable bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are allocated to the Fund that incurs such expenses. Such expenses may include custodial fees, legal and accounting fees, printing costs and registration fees. Expenses that are not fund specific are allocated pro rata across the Funds. Expenses of the Fund are generally paid directly by the Fund, however, expenses may be paid by GEAM and reimbursed by the Fund.
Federal Income Taxes The Fund intends to comply with all sections of the Internal Revenue Code applicable to regulated investment companies including the distribution of substantially all of its taxable net investment income and net realized capital gains to its shareholders. Therefore, no provision for federal income tax has been made.
3. | Securities Valuation |
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a framework for measuring fair value and providing related disclosures. Broadly, the framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Level 1 — Quoted prices for identical investments in active markets.
Level 2 — Quoted prices for similar investments in active markets; quoted prices for identical or similar investments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 — Significant inputs to the valuation model are unobservable.
Policies and procedures are maintained to value investments using the best and most relevant data available. In addition, pricing vendors are utilized to assist in valuing investments. GEAM performs periodic reviews of the methodologies used by independent pricing services including price validation of individual securities.
Fair Value Measurement The following section describes the valuation methodologies the Fund uses to measure different financial investments at fair value.
Debt securities (other than short-term securities described below) generally are valued at an evaluated bid price as reported by independent pricing services. The pricing services use various pricing models for each asset class. The inputs and assumptions to the model of the pricing services are derived from market observable sources, which may include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing service may also use other available information as applicable such as benchmark curves, benchmarking of similar securities, sector groupings and matrix pricing. Thus, certain securities may not be priced using market quotations, but rather determined from market observable information. These investments are included in Level 2 and are primarily comprised of corporate fixed income, government, mortgage and asset-backed securities. In the absence of a reliable bid price from such a pricing service, debt securities may be valued based on broker or dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified as Level 3.
The Fund may use non-binding broker or dealer quotes for valuation when there is limited or no relevant market activity for a specific investment or for other investments that share similar characteristics and a price is not provided by a pricing service or is deemed not to be reliable. The
Fund has not adjusted the prices obtained. Investment securities priced using non-binding broker or dealer quotes are included in Level 3.
Short-term investments of sufficient credit quality with remaining maturities of sixty days or less at the time of purchase are typically valued on the basis of amortized cost which approximates fair value and these are included in Level 2. If it is determined that amortized cost does not approximate fair value, securities may be valued based on dealer supplied valuations or quotations. In these infrequent circumstances, pricing services may provide the Fund with valuations that are based on significant unobservable inputs, and in those circumstances the investment securities are classified in Level 3.
If prices are not readily available for a portfolio security, or if it is believed that a price for a portfolio security does not represent its fair value, the security may be valued using procedures approved by the Fund’s Board of Directors that are designed to establish its “fair” value. These securities are typically classified in Level 3. Those procedures require that the fair value of a security be established by a valuation committee of GEAM. The valuation committee follows different protocols for different types of investments and circumstances. The fair value procedures may be used to value any investment of the Fund in the appropriate circumstances.
Fair value determinations generally are used for securities whose value is affected by a significant event that will materially affect the value of a security and which occurs subsequent to the time of the close of the principal market on which such security trades but prior to the calculation of the Fund’s NAV.
The value established for such a portfolio security may be different than what would be produced through the use of market quotations or another methodology. Portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time and it is possible that the Fund would incur a loss because a portfolio security is sold at a discount to its established value.
Other financial investments are derivative instruments that are not reflected in total investments, such as futures, forwards, swaps, and written options contracts, which are valued based on fair value as discussed above.
18
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
The Fund uses closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the counter markets. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative
assets and liabilities included in Level 3 primarily represent interest rate products that contain embedded optionality or prepayment features.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2013:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities† | ||||||||||||||||
U.S. Treasuries | $ | — | $ | 4,299,983 | $ | — | $ | 4,299,983 | ||||||||
Agency Mortgage Backed | — | 11,593,379 | — | 11,593,379 | ||||||||||||
Agency CMOs | — | 578,012 | — | 578,012 | ||||||||||||
Asset Backed | — | 125,573 | — | 125,573 | ||||||||||||
Corporate Notes | — | 16,259,275 | — | 16,259,275 | ||||||||||||
Non-Agency CMOs | — | 2,466,076 | — | 2,466,076 | ||||||||||||
Sovereign Bonds | — | 1,018,481 | — | 1,018,481 | ||||||||||||
Municipal Notes and Bonds | — | 263,470 | — | 263,470 | ||||||||||||
Short-Term Investments | 1,361,862 | — | — | 1,361,862 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,361,862 | $ | 36,604,249 | $ | — | $ | 37,966,111 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* | ||||||||||||||||
Futures Contracts — Unrealized Appreciation | $ | 224,351 | $ | — | $ | — | $ | 224,351 | ||||||||
Futures Contracts — Unrealized Depreciation | (82,131 | ) | — | — | (82,131 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Financial Instruments | $ | 142,220 | $ | — | $ | — | $ | 142,220 | ||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for industry classification |
* | Other financial instruments include derivative instruments such as futures contracts. Amounts shown represent unrealized appreciation (depreciation), at period end. |
There were no transfers between fair value levels. Transfers between fair value levels are considered to occur at the beginning of the period.
4. | Derivatives Transactions |
Shown below are the derivative contracts entered into by the Fund, summarized by primary risk exposure as they appear on the Statement of Assets and Liabilities, all of which are not accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2013.
The Fund invested in financial instrument and derivatives during the reporting period that are either offset in accordance with the current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for assets and liabilities, where the legal right to offset exists, is presented in the summary below.
Asset derivatives June 30, 2013 | Liability derivatives June 30, 2013 | |||||||||||
Derivatives not accounted for as hedging instruments under ASC 815 | Location in the statement of assets and liabilities | Fair value ($) | Location in the statement of assets and liabilities | Fair value ($) | ||||||||
Interest rate contracts | Assets, variation margin receivable | — | Liabilities, variation margin payable | 26,651 | ||||||||
Interest rate contracts | Unrealized gain, net assets | 224,351 | * | Unrealized loss, net assets | 82,131 | * |
* | Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments and as within the components of the net assets section of the Statement of Assets and Liabilities. Only the current day’s variation margin is reported within the Assets and/or Liabilities section on the Statement of Assets and Liabilities. |
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
Fair value of the collateral held with the counter party was $179,160 for the period ending June 30, 2013.
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure all of which are not accounted for as hedging instruments under ASC 815.
Derivatives not accounted for ashedging instruments under ASC 815 | Location in the Statement of Operations | Total Notional Amount of Futures Contracts Purchased/(Sold) ($) | Realized Gain or (Loss) onDerivatives Recognizedin Income ($) | Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income ($) | ||||||||||
Interest Rate Contracts | Realized gain/(loss) on Futures, Increase/(decrease) in unrealized appreciation/ (depreciation) on Futures |
| 61,101,626/ (64,899,823) |
| 335,671 | 85,870 |
5. | Line of Credit |
The Company shares a revolving credit facility of up to $150 million with a number of its affiliates. The credit facility is with its custodian bank, State Street Bank and Trust Company (“State Street”). The revolving credit facility requires the payment of a commitment fee equal to 0.100% per annum on the daily unused portion of the credit facility, payable quarterly. The portion borne by the Funds generally is borne proportionally based upon net assets. In addition, the Company has a $100 million uncommitted, unsecured line of credit with State Street. Generally, borrowings under the credit facilities would accrue interest at the Federal Funds Rate plus 50 basis points and would be borne by the borrowing Fund. The maximum amount allowed to be borrowed by any one Fund is the lesser of (i) 33.33% of its total assets or (ii) 20% of its net assets. The credit facilities were not utilized by the Fund during the six-month period ended June 30, 2013.
6. | Fees and Compensation Paid to Affiliates |
Advisory and Administration Fees GEAM, a registered investment adviser, was retained by the Company’s Board of Directors effective November 15, 1997 to act as investment adviser and administrator of the Fund. Compensation of GEAM for investment advisory and administrative services is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.50%.
GEAM has a contractual arrangement with the Fund to waive a portion of the Fund’s management fee in the amount equal to the management fee earned by GEAM with respect to the Fund’s investment in the GE Institutional Money Market Fund, if any.
Directors’ Compensation The Fund pays no compensation to its directors who are officers or employees of GEAM or its affiliates. Directors who are not such officers or employees also serve in a similar capacity for other funds advised by
GEAM. Compensation paid to non-interested Directors are reflected on the Statement of Operations. These fees are allocated pro rata across all of the mutual fund platforms served by the Directors, including the Fund, and are based upon the relative net assets of each fund within such platforms.
7. | Investment Transactions |
Purchases and Sales of Securities The cost of purchases and the proceeds from sales of investments, other than short-term securities, for the six-month period ended June 30, 2013 were as follows:
U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$ | 48,516,701 | $ | 54,838,877 | |||||
Non-U.S. Government Securities | ||||||||
Purchases | Sales | |||||||
$ | 15,944,791 | $ | 10,000,188 |
8. | Income Taxes |
The Fund is subject to ASC 740, Income Taxes. ASC 740 provides guidance for financial accounting and reporting for the effects of income taxes that result from an entity’s activities during the year. ASC 740 also provides guidance regarding how certain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. There are no adjustments to the Fund’s net assets required under ASC 740. The Fund’s 2009, 2010, 2011 and 2012 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
20
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Notes to Financial Statements | June 30, 2013 (Unaudited) |
At June 30, 2013, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation | ||||||||||||||||
Appreciation | Depreciation | |||||||||||||||||
$ | 38,582,218 | $ | 690,813 | $ | (1,306,920 | ) | $ | (616,107 | ) |
Capital loss carryovers are available to offset future realized capital gains to the extent provided in the Internal Revenue Code and regulations thereunder. To the extent that these carryover losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
As of December 31, 2012, the Fund had capital loss carryovers as follows:
Amount | |||||||||||||
Short-Term | Long-Term | Expires | |||||||||||
$ | 160,396 | $ | — | 12/31/2016 | |||||||||
7,409,447 | — | 12/31/2017 |
These amounts will be available to offset future taxable capital gains. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
During the year ended December 31, 2012, the Fund utilized $1,531,544 of prior year capital loss carryovers.
Any qualified late-year loss is deemed to arise on the first day of the Fund’s next tax year (if the Fund elects to defer such loss). Under this regime, generally, the Fund can elect to defer any post-October capital loss and/or any late-year ordinary loss as defined by the Internal Revenue Code.
The Fund elected to defer qualified late-year losses for the year ended December 31, 2012 as follows:
Capital | Ordinary | |||||||
$ | 61,576 | $ | — |
The tax character of distributions paid during the years ended December 31, 2012 and December 31, 2011 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2012 | $ | 1,025,340 | $ | — | $ | 1,025,340 | |||||||||
2011 | 2,140,730 | — | 2,140,730 |
Distributions to Shareholders The Fund declares and pays any dividends from net investment income annually. The Fund declares and pays any net realized capital gains in excess of capital loss carryforwards distributions annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include (but are not limited to) futures, treatment of realized and unrealized gains and losses on foreign currency contracts, paydown gains and losses on mortgage-backed securities, investments organized as partnerships for tax purposes, losses deferred due to offsetting positions, and losses deferred due to wash sale transactions. Reclassifications due to permanent book/tax differences are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. These reclassifications have no impact on net investment income, realized gains or losses, or the net asset value of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
The reclassifications for the year ended December 31, 2012 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized (Loss) | Unrealized Gain (Loss) | Paid in Capital | |||||||||||||||
$ | 54,512 | $ | (64,654 | ) | $ | — | $ | 10,142 |
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Additional Information | (Unaudited) |
Information about Directors and Executive Officers:
The business and affairs of the Fund are managed under the direction of the Fund’s Board of Directors. Information pertaining to the Directors and executive officers of the Fund is set forth below.
Interested Directors and Executive Officers
Michael J. Cosgrove
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 64
Position(s) Held with Fund Chairman of the Board and President
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years President of Mutual Funds and Global Investment Programs of GEAM since November 2011; President and Chief Executive Officer — Mutual Funds and Intermediary Business of GEAM from March 2007 to November 2011; Executive Vice President of GEAM from February 1997 to March 2007; and Executive Vice President-Mutual Funds of GEAM from March 1993 to March 2007. Also serves as Treasurer of GE Foundation since 1988.
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Chairman of the Board and President of GE Institutional Funds since 1997; Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since 1988; Director of GEAM since 1988; Trustee of Fordham University from 2002 to June 30, 2010 and since July 2011; Director of GE Investment Distributors, Inc. since June 2011; Director of Skin Cancer Foundation since August 2010; Member of the Board of Governors for the Investment Company Institute since October 2006; Director of GE Asset Management (Ireland) Limited, since February 1999, GE Asset Management Funds Plc since 1998, GE Asset Management Canada Company since 1998, GE Asset Management Limited since 1998; Trustee of General Electric Pension Trust since 1988; and Chairman of the Board and President of GE Funds from 1993 to February 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 52
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 5 years
Principal Occupation(s) During Past 5 years Executive Vice President, General Counsel and Secretary of GEAM since July 2007; Secretary of Elfun Funds and GE Savings & Security Funds since July 2007; Senior Vice President and General Counsel — Marketing and Client Services (formerly Asset Management Services) of GEAM and Senior Vice President and General Counsel of GE Asset Management Services from February 1997 to July 2007; Vice President and Associate General Counsel of GEAM from October 1992 to February 1997; Secretary of GE Institutional Funds and GE Investments Funds, Inc. from 1997 to July 2007 and Vice President from September 2003 to July 2007; Assistant Secretary of Elfun Funds and GE Savings & Security Funds from 1998 to July 2007 and Vice President from October 2003 to July 2007; and Secretary of GE Funds from 1993 to July 2007 and Vice President from September 2003 to July 2007.
22
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Additional Information | (Unaudited) |
Number of Portfolios in Fund Complex Overseen by Director 25
Other Directorships Held by Director Trustee of Elfun Funds, GE Savings & Security Funds and General Electric Pension Trust since July 2007; Trustee and Executive Vice President of GE Institutional Funds since July 2007; Director of GEAM since July 2007; Director of GE Investment Distributors, Inc. since June 2011; and Trustee and Executive Vice President of GE Funds from July 2007 to February 2011.
Joon Won Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 43
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — Vice President and Secretary – 2 years
Principal Occupation(s) During Past 5 years Senior Vice President and Deputy General Counsel at GEAM since March 2011; Vice President and Secretary of GE Institutional Funds since September 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds since September 2010; Senior Vice President and Associate General Counsel at GEAM from June 2010 to March 2011; Vice President and Associate General Counsel of GEAM from November 2005 to June 2010 and Vice President and Secretary of GE Funds from September 2010 to February 2011.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Robert Herlihy
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 45
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 7 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Savings & Security Funds since July 2005; Chief Compliance Officer of GE Funds from July 2005 to February 2011 and Manager of Fund Administration at GEAM from 2002 to 2005.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Arthur A. Jensen
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 46
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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Additional Information | (Unaudited) |
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Savings & Security Funds since June 2011; Mutual Funds Controller of GEAM since April 2011; Senior Vice President at Citigroup from 2008 to 2010 and Vice President at JPMorgan from 2005 to 2008.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 47
Position(s) Held with Fund Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 9 years
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Administrative Officer of GEAM since April 2010; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Savings & Security Funds since October 2003; Secretary of GE Funds from July 2007 to September 2010 and Vice President from July 2007 to February 2011; Senior Vice President and Deputy General Counsel of GEAM from October 2007 to April 2010; Vice President and Assistant Secretary of Elfun Funds and GE Savings & Security Funds from July 2003 to June 2010; and Vice President and Associate General Counsel — Marketing and Client Services (formerly Asset Management Services) at GEAM from May 1997 to October 2007.
Number of Portfolios in Fund Complex Overseen by Officer N/A
Other Directorships Held by Officer N/A
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 16 years
Principal Occupation(s) During Past 5 years Managing General Partner, NGN Capital LLC since 2006; Treasurer of NeuroScience Research Institute since 1986; and Vice President of Walden Capital Management from 1996 to 2008.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since 1997; Trustee of Fordham University from 1989 to 1995 and from 2001 to 2007 and Trustee Emeritus since 2007; Trustee of NeuroScience Research Institute since 1986; Trustee of GE Funds from 1993 to February 2011; Director of Artes Medical from 2006 to 2008; and Trustee of Gregorian University Foundation from 1992 to 2007.
24
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Additional Information | (Unaudited) |
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 66
Positions(s) Held with Fund Director
Term of office and Length of Time served Unit Successor is elected and qualified — 2 years
Principal Occupation(s) During Past 5 years Head of Global Institutional Equity Sales and Marketing at Morgan Stanley & Co., Inc. from 2002 to 2006 and Managing Director at Morgan Stanley & Co., Inc. from 1988 to 2006.
Number of Portfolios in Fund Complex Overseen by Director 17
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 50
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 1 year
Principal Occupation(s) During Past 5 Years Dean of the Gabelli School of Business since 2007 and Accounting professor since 1987 at Fordham University.
Number of Portfolios in Fund Complex Overseen by Officer 17
Other Directorships Held by Director Trustee of GE Institutional Funds since January 2012 and Trustee of Emmanuel College since 2010.
The Statement of Additional Information for the Funds includes additional information about the Directors and Officers and is available, without charge, upon request by calling 1-800-242-0134.
25
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Additional Information | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
Michael J. Cosgrove, Chairman
John R. Costantino
R. Sheldon Johnson
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
Joon Won Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Casey Yantosca
Robert Meyers
Distributor
GE Investment Distributors, Inc.
Member FINRA and SIPC
Custodian
State Street Bank & Trust Company
At GE Asset Management, we’re dedicated to providing the investment options you’ll need to tailor your financial portfolio to every stage of your life. Each member of the GE Family of Funds is managed according to the same principles of integrity and quality that have guided GE over the past century, and have made it the world-class company that it is today. Each fund draws strength from a heritage of investment management experience that spans more than 80 years. Whether you’re creating a new investment portfolio or adding to an established one, the GE Family of Funds offers an array of professionally managed investment options that will help you meet a lifetime of financial needs.
26
Table of Contents
Investment Adviser
GE Asset Management Incorporated
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
Distributor
GE Investment Distributors, Inc.
member FINRA and SIPC
1600 Summer Street
Stamford, CT 06905
or at:
PO Box 7900
Stamford, CT 06904-7900
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 1-800-493-3042; (ii) on the Fund’s website at http://www.geam.com; and (iii) on the Commission’s website at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC—information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at http://www.geam.com; and (ii) on the Commission’s website at http://www.sec.gov.
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ITEM 2. | CODE OF ETHICS. |
Applicable only to an annual filing.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Applicable only to an annual filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Applicable only to an annual filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Applicable only to an annual filing.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
The Schedule of Investments as of the close of the reporting period for the Total Return Fund is listed below. The Schedules of Investments as of the close of the reporting period for the U.S. Equity Fund, S&P 500 Index Fund, Premier Growth Fund, Core Value Equity Fund, Small-Cap Equity Fund, Income Fund, and the Real Estate Securities Fund and a Summary Schedule of Investments for the Total Return Fund are included as part of the report to shareholders filed under Item 1 of this form.
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GEI Total Return Fund
Schedule of Investments—June 30, 2013 (Unaudited)
Number of Shares | Fair Value | |||||||
Domestic Equity—42.6% † | ||||||||
Advertising—0.1% | ||||||||
Arbitron Inc. | 1,143 | $ | 53,092 | |||||
Digital Generation Inc. | 1,295 | 9,544 | (a) | |||||
Harte-Hanks Inc. | 2,175 | 18,705 | ||||||
Lamar Advertising Co. | 2,547 | 110,540 | (a) | |||||
MDC Partners Inc. | 1,226 | 22,117 | ||||||
National CineMedia Inc. | 2,604 | 43,982 | ||||||
Omnicom Group Inc. | 19,580 | 1,230,995 | ||||||
ReachLocal Inc. | 487 | 5,971 | (a) | |||||
The Interpublic Group of Companies Inc. | 32,476 | 472,526 | ||||||
1,967,472 | ||||||||
Aerospace & Defense—1.0% | ||||||||
AAR Corp. | 1,662 | 36,531 | ||||||
Aerovironment Inc. | 783 | 15,801 | (a) | |||||
Alliant Techsystems Inc. | 1,418 | 116,744 | ||||||
American Science & Engineering Inc. | 372 | 20,832 | ||||||
API Technologies Corp. | 1,521 | 4,259 | (a) | |||||
Astronics Corp. | 550 | 22,478 | ||||||
B/E Aerospace Inc. | 4,606 | 290,546 | (a) | |||||
Cubic Corp. | 824 | 39,634 | ||||||
Curtiss-Wright Corp. | 2,124 | 78,715 | ||||||
DigitalGlobe Inc. | 3,314 | 102,767 | (a) | |||||
Ducommun Inc. | 398 | 8,461 | (a) | |||||
Engility Holdings Inc. | 685 | 19,468 | (a) | |||||
Erickson Air-Crane Inc. | 278 | 5,229 | (a) | |||||
Esterline Technologies Corp. | 2,777 | 200,749 | (a) | |||||
Exelis Inc. | 8,042 | 110,899 | ||||||
GenCorp Inc. | 2,804 | 45,593 | (a) | |||||
General Dynamics Corp. | 25,108 | 1,966,710 | ||||||
HEICO Corp. | 2,320 | 116,858 | ||||||
Honeywell International Inc. | 59,600 | 4,728,664 | ||||||
Huntington Ingalls Industries Inc. | 2,250 | 127,080 | ||||||
Innovative Solutions & Support Inc. | 736 | 4,710 | ||||||
Kratos Defense & Security Solutions Inc. | 1,875 | 12,150 | (a) | |||||
L-3 Communications Holdings Inc. | 6,765 | 580,031 | ||||||
LMI Aerospace Inc. | 375 | 7,027 | (a) | |||||
Lockheed Martin Corp. | 20,139 | 2,184,276 | ||||||
Moog Inc. | 1,944 | 100,174 | (a) | |||||
National Presto Industries Inc. | 196 | 14,118 | ||||||
Northrop Grumman Corp. | 17,801 | 1,473,923 | ||||||
Orbital Sciences Corp. | 2,673 | 46,430 | (a) | |||||
Precision Castparts Corp. | 11,067 | 2,501,253 | ||||||
Raytheon Co. | 24,589 | 1,625,825 | ||||||
Rockwell Collins Inc. | 10,299 | 653,060 | ||||||
Sparton Corp. | 327 | 5,637 | (a) | |||||
Taser International Inc. | 2,463 | 20,985 | (a) | |||||
Teledyne Technologies Inc. | 1,668 | 129,020 | (a) | |||||
Textron Inc. | 21,061 | 548,639 | ||||||
The Boeing Co. | 51,724 | 5,298,607 |
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The KEYW Holding Corp. | 1,503 | 19,915 | (a) | |||||
Triumph Group Inc. | 2,238 | 177,138 | ||||||
United Technologies Corp. | 64,066 | 5,954,294 | ||||||
29,415,230 | ||||||||
Agricultural Products—0.1% | ||||||||
Alico Inc. | 152 | 6,097 | ||||||
Archer-Daniels-Midland Co. | 50,069 | 1,697,840 | ||||||
Darling International Inc. | 5,173 | 96,528 | (a) | |||||
Fresh Del Monte Produce Inc. | 1,708 | 47,619 | ||||||
Griffin Land & Nurseries Inc. | 124 | 3,536 | ||||||
Ingredion Inc. | 3,399 | 223,042 | ||||||
Limoneira Co. | 381 | 7,898 | ||||||
2,082,560 | ||||||||
Air Freight & Logistics—0.3% | ||||||||
Air Transport Services Group Inc. | 2,606 | 17,226 | (a) | |||||
Atlas Air Worldwide Holdings Inc. | 1,090 | 47,698 | (a) | |||||
CH Robinson Worldwide Inc. | 12,151 | 684,223 | ||||||
Echo Global Logistics Inc. | 863 | 16,820 | (a) | |||||
Expeditors International of Washington Inc. | 15,549 | 591,017 | ||||||
FedEx Corp. | 22,325 | 2,200,798 | ||||||
Forward Air Corp. | 1,319 | 50,491 | ||||||
Hub Group Inc. | 1,665 | 60,639 | (a) | |||||
Pacer International Inc. | 1,808 | 11,408 | (a) | |||||
Park-Ohio Holdings Corp. | 394 | 12,994 | (a) | |||||
United Parcel Service Inc. | 53,812 | 4,653,662 | ||||||
UTi Worldwide Inc. | 8,360 | 137,689 | ||||||
XPO Logistics Inc. | 826 | 14,942 | (a) | |||||
8,499,607 | ||||||||
Airlines—0.1% | ||||||||
Alaska Air Group Inc. | 3,131 | 162,812 | (a) | |||||
Allegiant Travel Co. | 681 | 72,179 | ||||||
Hawaiian Holdings Inc. | 2,371 | 14,487 | (a) | |||||
JetBlue Airways Corp. | 20,240 | 127,512 | (a) | |||||
Republic Airways Holdings Inc. | 2,184 | 24,745 | (a) | |||||
SkyWest Inc. | 2,240 | 30,330 | ||||||
Southwest Airlines Co. | 55,012 | 709,105 | ||||||
Spirit Airlines Inc. | 2,691 | 85,493 | (a) | |||||
US Airways Group Inc. | 7,127 | 117,025 | (a) | |||||
1,343,688 | ||||||||
Airport Services—0.0%* | ||||||||
Wesco Aircraft Holdings Inc. | 1,791 | 33,259 | (a) | |||||
Alternative Carriers—0.0%* | ||||||||
8x8 Inc. | 3,297 | 27,167 | (a) | |||||
Cogent Communications Group Inc. | 2,150 | 60,523 | ||||||
inContact Inc. | 2,563 | 21,068 | (a) | |||||
Inteliquent Inc. | 1,048 | 6,026 | ||||||
Iridium Communications Inc. | 2,715 | 21,068 | (a) | |||||
Lumos Networks Corp. | 866 | 14,809 | ||||||
magicJack VocalTec Ltd. | 685 | 9,720 | (a) | |||||
ORBCOMM Inc. | 1,704 | 7,651 | (a) | |||||
Premiere Global Services Inc. | 2,336 | 28,196 | (a) | |||||
Towerstream Corp. | 2,314 | 5,901 | (a) | |||||
tw telecom Inc. | 6,739 | 189,635 | (a) | |||||
391,764 |
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Aluminum—0.0%* | ||||||||
Alcoa Inc. | 80,673 | 630,863 | ||||||
Century Aluminum Co. | 2,484 | 23,052 | (a) | |||||
Kaiser Aluminum Corp. | 870 | 53,888 | ||||||
Noranda Aluminum Holding Corp. | 1,619 | 5,229 | ||||||
713,032 | ||||||||
Apparel Retail—0.3% | ||||||||
Abercrombie & Fitch Co. | 6,004 | 271,681 | ||||||
Aeropostale Inc. | 6,813 | 94,019 | (a) | |||||
American Eagle Outfitters Inc. | 8,002 | 146,117 | ||||||
ANN Inc. | 4,221 | 140,137 | (a) | |||||
Ascena Retail Group Inc. | 5,518 | 96,289 | (a) | |||||
bebe stores Inc. | 1,857 | 10,418 | ||||||
Body Central Corp. | 706 | 9,404 | (a) | |||||
Brown Shoe Company Inc. | 2,007 | 43,211 | ||||||
Chico’s FAS Inc. | 7,313 | 124,760 | ||||||
Christopher & Banks Corp. | 1,436 | 9,679 | (a) | |||||
Citi Trends Inc. | 652 | 9,474 | (a) | |||||
Destination Maternity Corp. | 610 | 15,006 | ||||||
Destination XL Group Inc. | 2,021 | 12,813 | (a) | |||||
Express Inc. | 3,750 | 78,637 | (a) | |||||
Foot Locker Inc. | 6,796 | 238,743 | ||||||
Francesca’s Holdings Corp. | 1,922 | 53,412 | (a) | |||||
Genesco Inc. | 1,045 | 70,005 | (a) | |||||
Guess? Inc. | 2,644 | 82,043 | ||||||
Jos A Bank Clothiers Inc. | 1,256 | 51,898 | (a) | |||||
L Brands Inc. | 18,284 | 900,487 | ||||||
New York & Company Inc. | 1,362 | 8,649 | (a) | |||||
Pacific Sunwear of California Inc. | 1,667 | 6,085 | (a) | |||||
Ross Stores Inc. | 16,642 | 1,078,568 | ||||||
rue21 Inc. | 687 | 28,586 | (a) | |||||
Shoe Carnival Inc. | 633 | 15,198 | ||||||
Stage Stores Inc. | 1,427 | 33,535 | ||||||
Stein Mart Inc. | 1,278 | 17,445 | ||||||
The Buckle Inc. | 1,277 | 66,430 | ||||||
The Cato Corp. | 1,222 | 30,501 | ||||||
The Children’s Place Retail Stores Inc. | 1,016 | 55,677 | (a) | |||||
The Finish Line Inc. | 2,118 | 46,299 | ||||||
The Gap Inc. | 21,952 | 916,057 | ||||||
The Men’s Wearhouse Inc. | 2,209 | 83,611 | ||||||
The Wet Seal Inc. | 4,012 | 18,897 | (a) | |||||
Tilly’s Inc. | 410 | 6,560 | (a) | |||||
TJX Companies Inc. | 54,510 | 2,728,771 | ||||||
Urban Outfitters Inc. | 8,328 | 334,952 | (a) | |||||
Zumiez Inc. | 1,025 | 29,469 | (a) | |||||
7,963,523 | ||||||||
Apparel, Accessories & Luxury Goods—0.2% | ||||||||
American Apparel Inc. | 2,539 | 4,875 | (a) | |||||
Carter’s Inc. | 2,278 | 168,731 | ||||||
Coach Inc. | 21,222 | 1,211,564 | ||||||
Columbia Sportswear Co. | 545 | 34,144 | ||||||
Fifth & Pacific Companies Inc. | 5,334 | 119,162 | (a) | |||||
Fossil Group Inc | 3,991 | 412,310 | (a) |
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G-III Apparel Group Ltd. | 767 | 36,908 | (a) | |||||
Hanesbrands Inc. | 4,427 | 227,636 | ||||||
Iconix Brand Group Inc. | 2,551 | 75,025 | (a) | |||||
Maidenform Brands Inc. | 1,030 | 17,850 | (a) | |||||
Movado Group Inc. | 832 | 28,147 | ||||||
Oxford Industries Inc. | 573 | 35,755 | ||||||
Perry Ellis International Inc. | 539 | 10,947 | ||||||
PVH Corp. | 6,142 | 768,057 | ||||||
Quiksilver Inc. | 6,164 | 39,696 | (a) | |||||
Ralph Lauren Corp. | 4,595 | 798,335 | ||||||
The Jones Group Inc. | 3,432 | 47,190 | ||||||
True Religion Apparel Inc. | 1,196 | 37,865 | ||||||
Tumi Holdings Inc. | 2,058 | 49,392 | (a) | |||||
Under Armour Inc. | 3,463 | 206,776 | (a) | |||||
Vera Bradley Inc. | 938 | 20,317 | (a) | |||||
VF Corp. | 6,612 | 1,276,513 | ||||||
5,627,195 | ||||||||
Application Software—0.4% | ||||||||
Accelrys Inc. | 2,489 | 20,908 | (a) | |||||
ACI Worldwide Inc. | 3,532 | 164,167 | (a) | |||||
Actuate Corp. | 2,283 | 15,159 | (a) | |||||
Adobe Systems Inc. | 38,028 | 1,732,556 | (a) | |||||
Advent Software Inc. | 2,776 | 97,327 | (a) | |||||
American Software Inc. | 1,036 | 9,003 | ||||||
ANSYS Inc. | 4,110 | 300,441 | (a) | |||||
Aspen Technology Inc. | 4,107 | 118,241 | (a) | |||||
Autodesk Inc. | 16,931 | 574,638 | (a) | |||||
Blackbaud Inc. | 2,080 | 67,746 | ||||||
Bottomline Technologies Inc. | 1,614 | 40,818 | (a) | |||||
BroadSoft Inc. | 1,278 | 35,273 | (a) | |||||
Cadence Design Systems Inc. | 12,598 | 182,419 | (a) | |||||
Callidus Software Inc. | 1,687 | 11,117 | (a) | |||||
Citrix Systems Inc. | 14,251 | 859,763 | (a) | |||||
Compuware Corp. | 9,679 | 100,178 | ||||||
Comverse Inc. | 1,008 | 29,998 | (a) | |||||
Concur Technologies Inc. | 2,041 | 166,097 | (a) | |||||
Digimarc Corp. | 295 | 6,127 | ||||||
Ebix Inc. | 1,304 | 12,075 | ||||||
Ellie Mae Inc. | 1,186 | 27,373 | (a) | |||||
EPIQ Systems Inc. | 1,377 | 18,548 | ||||||
ePlus Inc. | 167 | 10,002 | ||||||
FactSet Research Systems Inc. | 1,807 | 184,206 | ||||||
Fair Isaac Corp. | 3,165 | 145,052 | ||||||
Guidance Software Inc. | 654 | 5,716 | (a) | |||||
Informatica Corp. | 4,808 | 168,184 | (a) | |||||
Interactive Intelligence Group Inc. | 668 | 34,469 | (a) | |||||
Intuit Inc. | 21,228 | 1,295,545 | ||||||
Jive Software Inc. | 1,648 | 29,944 | (a) | |||||
Manhattan Associates Inc. | 856 | 66,049 | (a) | |||||
Mentor Graphics Corp. | 8,533 | 166,820 | ||||||
MicroStrategy Inc. | 390 | 33,914 | (a) | |||||
Mitek Systems Inc. | 951 | 5,497 | (a) | |||||
Model N Inc. | 315 | 7,358 | (a) | |||||
Monotype Imaging Holdings Inc. | 1,677 | 42,613 | ||||||
Netscout Systems Inc. | 1,684 | 39,305 | (a) | |||||
Pegasystems Inc. | 820 | 27,158 | ||||||
PROS Holdings Inc. | 1,010 | 30,249 | (a) |
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PTC Inc. | 10,706 | 262,618 | (a) | |||||
QAD Inc. | 234 | 2,686 | ||||||
QLIK Technologies Inc. | 3,767 | 106,493 | (a) | |||||
RealPage Inc. | 1,967 | 36,075 | (a) | |||||
Salesforce.com Inc. | 41,120 | 1,569,962 | (a) | |||||
Seachange International Inc. | 1,305 | 15,282 | (a) | |||||
Silver Spring Networks Inc. | 227 | 5,661 | (a) | |||||
SolarWinds Inc. | 2,761 | 107,154 | (a) | |||||
Solera Holdings Inc. | 3,112 | 173,183 | ||||||
SS&C Technologies Holdings Inc. | 2,538 | 83,500 | (a) | |||||
Synchronoss Technologies Inc. | 1,287 | 39,730 | (a) | |||||
Synopsys Inc. | 6,730 | 240,597 | (a) | |||||
Tangoe Inc. | 1,371 | 21,155 | (a) | |||||
Telenav Inc. | 688 | 3,598 | (a) | |||||
TIBCO Software Inc. | 6,966 | 149,072 | (a) | |||||
TiVo Inc. | 5,797 | 64,057 | (a) | |||||
Tyler Technologies Inc. | 1,370 | 93,914 | (a) | |||||
Ultimate Software Group Inc. | 1,220 | 143,094 | (a) | |||||
Verint Systems Inc. | 2,292 | 81,297 | (a) | |||||
VirnetX Holding Corp. | 1,953 | 39,040 | (a) | |||||
Vringo Inc. | 2,628 | 8,331 | (a) | |||||
10,128,552 | ||||||||
Asset Management & Custody Banks—0.6% | ||||||||
Affiliated Managers Group Inc. | 2,319 | 380,177 | (a) | |||||
Ameriprise Financial Inc. | 15,259 | 1,234,148 | ||||||
Apollo Investment Corp. | 19,867 | 153,770 | ||||||
Arlington Asset Investment Corp. | 587 | 15,696 | ||||||
BlackRock Inc. | 9,455 | 2,428,517 | ||||||
Calamos Asset Management Inc. | 1,022 | 10,731 | ||||||
Capital Southwest Corp. | 166 | 22,880 | ||||||
CIFC Corp. | 406 | 3,065 | (a) | |||||
Cohen & Steers Inc. | 893 | 30,344 | ||||||
Diamond Hill Investment Group Inc. | 115 | 9,781 | ||||||
Eaton Vance Corp. | 5,371 | 201,896 | ||||||
Federated Investors Inc. | 4,262 | 116,821 | ||||||
Fidus Investment Corp. | 510 | 9,542 | ||||||
Fifth Street Finance Corp. | 5,485 | 57,318 | ||||||
Financial Engines Inc. | 2,137 | 97,426 | ||||||
Franklin Resources Inc. | 10,440 | 1,420,049 | ||||||
GAMCO Investors Inc. | 292 | 16,180 | ||||||
Garrison Capital Inc. | 335 | 5,166 | ||||||
Gladstone Capital Corp. | 1,077 | 8,799 | ||||||
Gladstone Investment Corp. | 1,250 | 9,187 | ||||||
Golub Capital BDC Inc. | 1,494 | 26,145 | ||||||
GSV Capital Corp. | 983 | 7,726 | (a) | |||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 553 | 6,570 | (a) | |||||
Hercules Technology Growth Capital Inc. | 2,913 | 40,607 | ||||||
Horizon Technology Finance Corp. | 312 | 4,287 | ||||||
ICG Group Inc. | 1,686 | 19,220 | (a) | |||||
Invesco Ltd. | 33,691 | 1,071,374 | ||||||
Janus Capital Group Inc. | 15,058 | 128,144 | ||||||
KCAP Financial Inc. | 1,173 | 13,208 | ||||||
Legg Mason Inc. | 8,431 | 261,445 | ||||||
Main Street Capital Corp. | 1,627 | 45,052 | ||||||
Manning & Napier Inc. | 598 | 10,620 | ||||||
MCG Capital Corp. | 3,724 | 19,402 | ||||||
Medallion Financial Corp. | 927 | 12,895 |
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Medley Capital Corp. | 1,373 | 18,645 | ||||||
MVC Capital Inc. | 1,069 | 13,459 | ||||||
New Mountain Finance Corp. | 1,533 | 21,707 | ||||||
NGP Capital Resources Co. | 1,121 | 6,872 | ||||||
Northern Trust Corp. | 16,450 | 952,455 | ||||||
PennantPark Floating Rate Capital Ltd. | 353 | 4,991 | ||||||
PennantPark Investment Corp. | 3,167 | 34,995 | ||||||
Prospect Capital Corp. | 10,638 | 114,890 | ||||||
Pzena Investment Management Inc. | 618 | 4,029 | ||||||
Safeguard Scientifics Inc. | 972 | 15,601 | (a) | |||||
SEI Investments Co. | 5,896 | 167,623 | ||||||
Solar Capital Ltd. | 2,040 | 47,104 | ||||||
Solar Senior Capital Ltd. | 666 | 12,261 | ||||||
State Street Corp. | 34,526 | 2,251,440 | (e) | |||||
Stellus Capital Investment Corp. | 704 | 10,595 | ||||||
T Rowe Price Group Inc. | 19,708 | 1,441,640 | ||||||
TCP Capital Corp. | 1,041 | 17,458 | ||||||
The Bank of New York Mellon Corp. | 87,922 | 2,466,212 | ||||||
THL Credit Inc. | 1,048 | 15,919 | ||||||
TICC Capital Corp. | 2,543 | 24,464 | ||||||
Triangle Capital Corp. | 1,287 | 35,405 | ||||||
Virtus Investment Partners Inc. | 255 | 44,949 | (a) | |||||
Waddell & Reed Financial Inc. | 3,872 | 168,432 | ||||||
Walter Investment Management Corp. | 1,664 | 56,260 | (a) | |||||
Westwood Holdings Group Inc. | 272 | 11,674 | ||||||
WhiteHorse Finance Inc. | 332 | 5,229 | ||||||
WisdomTree Investments Inc. | 4,329 | 50,087 | (a) | |||||
15,912,584 | ||||||||
Auto Parts & Equipment—0.2% | ||||||||
American Axle & Manufacturing Holdings Inc. | 2,845 | 53,002 | (a) | |||||
BorgWarner Inc. | 8,726 | 751,745 | (a) | |||||
Dana Holding Corp. | 6,440 | 124,034 | ||||||
Delphi Automotive PLC | 21,970 | 1,113,659 | ||||||
Dorman Products Inc. | 1,099 | 50,147 | ||||||
Drew Industries Inc. | 1,013 | 39,831 | ||||||
Federal-Mogul Corp. | 892 | 9,107 | (a) | |||||
Fuel Systems Solutions Inc. | 645 | 11,539 | (a) | |||||
Gentex Corp. | 6,192 | 142,726 | ||||||
Gentherm Inc. | 1,609 | 29,879 | (a) | |||||
Johnson Controls Inc. | 51,982 | 1,860,436 | ||||||
Modine Manufacturing Co. | 2,186 | 23,784 | (a) | |||||
Remy International Inc. | 478 | 8,876 | (a) | |||||
Shiloh Industries Inc. | 213 | 2,224 | ||||||
Spartan Motors Inc. | 1,559 | 9,541 | ||||||
Standard Motor Products Inc. | 925 | 31,765 | ||||||
Stoneridge Inc. | 1,244 | 14,480 | (a) | |||||
Superior Industries International Inc. | 1,014 | 17,451 | ||||||
Tenneco Inc. | 2,685 | 121,577 | (a) | |||||
Tower International Inc. | 192 | 3,800 | (a) | |||||
4,419,603 | ||||||||
Automobile Manufacturers—0.2% | ||||||||
Ford Motor Co. | 297,793 | 4,606,858 | ||||||
General Motors Co. | 58,322 | 1,942,706 | (a) | |||||
Thor Industries Inc. | 2,002 | 98,458 | ||||||
Winnebago Industries Inc. | 1,124 | 23,593 | (a) | |||||
6,671,615 |
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Automotive Retail—0.1% | ||||||||
Advance Auto Parts Inc. | 3,245 | 263,397 | ||||||
America’s Car-Mart Inc. | 346 | 14,961 | (a) | |||||
Asbury Automotive Group Inc. | 1,414 | 56,701 | (a) | |||||
AutoNation Inc. | 3,002 | 130,257 | (a) | |||||
AutoZone Inc. | 2,747 | 1,163,876 | (a) | |||||
CarMax Inc. | 17,000 | 784,720 | (a) | |||||
CST Brands Inc. | 2,706 | 83,372 | (a) | |||||
Group 1 Automotive Inc. | 968 | 62,271 | ||||||
Lithia Motors Inc. | 1,007 | 53,683 | ||||||
Monro Muffler Brake Inc. | 1,421 | 68,279 | ||||||
O’Reilly Automotive Inc. | 8,324 | 937,449 | (a) | |||||
Penske Automotive Group Inc. | 1,789 | 54,636 | ||||||
Sonic Automotive Inc. | 1,796 | 37,967 | ||||||
The Pep Boys-Manny Moe & Jack | 2,470 | 28,603 | (a) | |||||
3,740,172 | ||||||||
Biotechnology—0.9% | ||||||||
Achillion Pharmaceuticals Inc. | 4,032 | 32,982 | (a) | |||||
ACADIA Pharmaceuticals Inc. | 3,055 | 55,448 | (a) | |||||
Acorda Therapeutics Inc. | 1,844 | 60,834 | (a) | |||||
Aegerion Pharmaceuticals Inc. | 1,267 | 80,252 | (a) | |||||
Alexion Pharmaceuticals Inc. | 14,753 | 1,360,817 | (a) | |||||
Alnylam Pharmaceuticals Inc. | 2,511 | 77,866 | (a) | |||||
AMAG Pharmaceuticals Inc. | 969 | 21,560 | (a) | |||||
Amgen Inc. | 56,811 | 5,604,973 | ||||||
Amicus Therapeutics Inc. | 1,682 | 3,919 | (a) | |||||
Anacor Pharmaceuticals Inc. | 802 | 4,483 | (a) | |||||
Arena Pharmaceuticals Inc. | 9,497 | 73,127 | (a) | |||||
Arqule Inc. | 3,216 | 7,461 | (a) | |||||
Array BioPharma Inc. | 5,607 | 25,456 | (a) | |||||
Astex Pharmaceuticals | 4,455 | 18,310 | (a) | |||||
AVEO Pharmaceuticals Inc. | 1,917 | 4,793 | (a) | |||||
Biogen Idec Inc. | 17,982 | 3,869,726 | (a) | |||||
Biotime Inc. | 1,543 | 6,110 | (a) | |||||
Celgene Corp. | 31,558 | 3,689,446 | (a) | |||||
CELL THERAPEUTICS Inc. | 4,386 | 4,605 | (a) | |||||
Celldex Therapeutics Inc. | 3,572 | 55,759 | (a) | |||||
Cepheid Inc. | 3,029 | 104,258 | (a) | |||||
Chelsea Therapeutics International Ltd. | 2,648 | 6,090 | (a) | |||||
ChemoCentryx Inc. | 915 | 12,938 | (a) | |||||
Chimerix Inc. | 285 | 6,908 | (a) | |||||
Clovis Oncology Inc. | 588 | 39,384 | (a) | |||||
Coronado Biosciences Inc. | 843 | 7,250 | (a) | |||||
Curis Inc. | 3,877 | 12,368 | (a) | |||||
Cytokinetics Inc. | 899 | 10,401 | (a) | |||||
Cytori Therapeutics Inc. | 3,179 | 7,312 | (a) | |||||
Dendreon Corp. | 7,555 | 31,127 | (a) | |||||
Durata Therapeutics Inc. | 514 | 3,701 | (a) | |||||
Dyax Corp. | 4,822 | 16,684 | (a) | |||||
Dynavax Technologies Corp. | 8,438 | 9,282 | (a) | |||||
Emergent Biosolutions Inc. | 1,149 | 16,569 | (a) | |||||
Enanta Pharmaceuticals Inc. | 278 | 4,923 | (a) | |||||
Enzon Pharmaceuticals Inc. | 1,783 | 3,566 | ||||||
Epizyme Inc. | 206 | 5,795 | (a) | |||||
Exact Sciences Corp. | 2,991 | 41,605 | (a) | |||||
Exelixis Inc. | 8,664 | 39,335 | (a) |
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Fibrocell Science Inc. | 816 | 4,994 | (a) | |||||
Genomic Health Inc. | 735 | 23,307 | (a) | |||||
Geron Corp. | 4,588 | 6,882 | (a) | |||||
Gilead Sciences Inc. | 115,545 | 5,917,059 | (a) | |||||
GTx Inc. | 1,449 | 9,563 | (a) | |||||
Halozyme Therapeutics Inc. | 4,285 | 34,023 | (a) | |||||
Hyperion Therapeutics Inc. | 426 | 9,372 | (a) | |||||
Idenix Pharmaceuticals Inc. | 4,395 | 15,866 | (a) | |||||
ImmunoGen Inc. | 3,594 | 59,624 | (a) | |||||
Immunomedics Inc. | 3,231 | 17,577 | (a) | |||||
Infinity Pharmaceuticals Inc. | 2,053 | 33,361 | (a) | |||||
Insmed Inc. | 1,155 | 13,814 | (a) | |||||
Intercept Pharmaceuticals Inc. | 238 | 10,672 | (a) | |||||
InterMune Inc. | 3,715 | 35,738 | (a) | |||||
Ironwood Pharmaceuticals Inc. | 3,970 | 39,502 | (a) | |||||
Isis Pharmaceuticals Inc. | 4,913 | 132,012 | (a) | |||||
Keryx Biopharmaceuticals Inc. | 3,614 | 26,997 | (a) | |||||
KYTHERA Biopharmaceuticals Inc. | 451 | 12,200 | (a) | |||||
Lexicon Pharmaceuticals Inc. | 10,439 | 22,653 | (a) | |||||
Ligand Pharmaceuticals Inc. | 833 | 31,171 | (a) | |||||
Manhattan Pharmaceuticals Inc. | 800 | 5,112 | (a) | |||||
MannKind Corp. | 6,483 | 42,139 | (a) | |||||
Marshall Edwards Inc. | 698 | 4,977 | (a) | |||||
Merrimack Pharmaceuticals Inc. | 3,623 | 24,383 | (a) | |||||
MiMedx Group Inc. | 3,602 | 25,430 | (a) | |||||
Momenta Pharmaceuticals Inc. | 2,205 | 33,207 | (a) | |||||
Nanosphere Inc. | 1,489 | 4,571 | (a) | |||||
Neurocrine Biosciences Inc. | 3,119 | 41,732 | (a) | |||||
NewLink Genetics Corp. | 632 | 12,463 | (a) | |||||
Novavax Inc. | 4,781 | 9,801 | (a) | |||||
NPS Pharmaceuticals Inc. | 4,383 | 66,183 | (a) | |||||
OncoGenex Pharmaceutical Inc. | 693 | 6,791 | (a) | |||||
Opko Health Inc. | 6,039 | 42,877 | (a) | |||||
Orexigen Therapeutics Inc. | 4,331 | 25,336 | (a) | |||||
Osiris Therapeutics Inc. | 811 | 8,167 | (a) | |||||
OvaScience Inc. | 352 | 4,833 | (a) | |||||
PDL BioPharma Inc. | 6,008 | 46,382 | ||||||
Peregrine Pharmaceuticals Inc. | 5,398 | 6,963 | (a) | |||||
Portola Pharmaceuticals Inc. | 352 | 8,649 | (a) | |||||
Progenics Pharmaceuticals Inc. | 2,247 | 10,022 | (a) | |||||
Puma Biotechnology Inc. | 957 | 42,462 | (a) | |||||
Raptor Pharmaceutical Corp. | 2,509 | 23,459 | (a) | |||||
Receptos Inc. | 264 | 5,251 | (a) | |||||
Regeneron Pharmaceuticals Inc. | 5,773 | 1,298,232 | (a) | |||||
Regulus Therapeutics Inc. | 206 | 2,021 | (a) | |||||
Repligen Corp. | 1,443 | 11,890 | (a) | |||||
Rigel Pharmaceuticals Inc. | 4,052 | 13,534 | (a) | |||||
RXi Pharmaceuticals Corp. | 3,077 | 6,831 | (a) | |||||
Sangamo Biosciences Inc. | 2,517 | 19,658 | (a) | |||||
Sarepta Therapeutics Inc. | 1,405 | 53,460 | (a) | |||||
SIGA Technologies Inc. | 1,586 | 4,504 | (a) | |||||
Spectrum Pharmaceuticals Inc. | 2,791 | 20,821 | ||||||
Stemline Therapeutics Inc. | 334 | 7,963 | (a) | |||||
Sunesis Pharmaceuticals Inc. | 1,624 | 8,461 | (a) | |||||
Synageva BioPharma Corp. | 699 | 29,358 | (a) | |||||
Synergy Pharmaceuticals Inc. | 3,085 | 13,327 | (a) | |||||
Synta Pharmaceuticals Corp. | 1,948 | 9,721 | (a) | |||||
Targacept Inc. | 1,463 | 6,247 | (a) |
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TESARO Inc. | 538 | 17,614 | (a) | |||||
Tetraphase Pharmaceuticals Inc. | 635 | 4,464 | (a) | |||||
Threshold Pharmaceuticals Inc. | 2,329 | 12,251 | (a) | |||||
Trius Therapeutics Inc. | 1,917 | 15,566 | (a) | |||||
United Therapeutics Corp. | 2,081 | 136,971 | (a) | |||||
Vanda Pharmaceuticals Inc. | 1,558 | 12,589 | (a) | |||||
Verastem Inc. | 766 | 10,632 | (a) | |||||
Vertex Pharmaceuticals Inc. | 9,788 | 781,768 | (a) | |||||
Vical Inc. | 3,722 | 11,650 | (a) | |||||
XOMA Corp. | 2,201 | 7,990 | (a) | |||||
ZIOPHARM Oncology Inc. | 3,260 | 6,846 | (a) | |||||
24,919,369 | ||||||||
Brewers—0.0%* | ||||||||
Craft Brew Alliance Inc. | 504 | 4,153 | (a) | |||||
Molson Coors Brewing Co. | 11,945 | 571,688 | ||||||
The Boston Beer Company Inc. | 368 | 62,796 | (a) | |||||
638,637 | ||||||||
Broadcasting—0.2% | ||||||||
Beasley Broadcasting Group Inc. | 203 | 1,701 | ||||||
Belo Corp. | 4,520 | 63,054 | ||||||
CBS Corp. | 43,214 | 2,111,868 | ||||||
Central European Media Enterprises Ltd. | 3,366 | 11,141 | (a) | |||||
Crown Media Holdings Inc. | 2,017 | 4,982 | (a) | |||||
Cumulus Media Inc. | 3,137 | 10,634 | (a) | |||||
Discovery Communications Inc. | 18,536 | 1,431,165 | (a) | |||||
Entercom Communications Corp. | 1,218 | 11,498 | (a) | |||||
Entravision Communications Corp. | 2,488 | 15,301 | ||||||
Fisher Communications Inc. | 390 | 16,021 | ||||||
Gray Television Inc. | 2,121 | 15,271 | (a) | |||||
Hemisphere Media Group Inc. | 363 | 4,973 | (a) | |||||
LIN TV Corp. | 1,180 | 18,054 | (a) | |||||
Media General Inc. | 739 | 8,151 | (a) | |||||
Nexstar Broadcasting Group Inc. | 1,292 | 45,814 | ||||||
Saga Communications Inc. | 219 | 10,054 | ||||||
Salem Communications Corp. | 529 | 3,962 | ||||||
Scripps Networks Interactive Inc. | 6,438 | 429,801 | ||||||
Sinclair Broadcast Group Inc. | 3,048 | 89,550 | ||||||
4,302,995 | ||||||||
Building Products—0.1% | ||||||||
AAON Inc. | 839 | 27,754 | ||||||
American Woodmark Corp. | 489 | 16,968 | (a) | |||||
Apogee Enterprises Inc. | 1,368 | 32,832 | ||||||
Builders FirstSource Inc. | 2,332 | 13,945 | ||||||
Fortune Brands Home & Security Inc. | 7,400 | 286,676 | ||||||
Gibraltar Industries Inc. | 1,432 | 20,850 | (a) | |||||
Griffon Corp. | 2,158 | 24,277 | ||||||
Insteel Industries Inc. | 826 | 14,472 | ||||||
Lennox International Inc. | 2,104 | 135,792 | ||||||
Masco Corp. | 27,276 | 531,609 | ||||||
NCI Building Systems Inc. | 927 | 14,174 | (a) | |||||
Nortek Inc. | 427 | 27,512 | (a) | |||||
Patrick Industries Inc. | 264 | 5,489 | (a) | |||||
PGT Inc. | 1,280 | 11,098 | (a) | |||||
Ply Gem Holdings Inc. | 673 | 13,500 | (a) | |||||
Quanex Building Products Corp. | 1,796 | 30,245 |
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Simpson Manufacturing Company Inc. | 1,862 | 54,780 | ||||||
Trex Company Inc. | 717 | 34,050 | (a) | |||||
Universal Forest Products Inc. | 898 | 35,848 | ||||||
USG Corp. | 2,921 | 67,329 | (a) | |||||
1,399,200 | ||||||||
Cable & Satellite—0.5% | ||||||||
AMC Networks Inc. | 2,624 | 171,636 | (a) | |||||
Cablevision Systems Corp. | 16,596 | 279,145 | ||||||
Comcast Corp. | 199,441 | 8,352,589 | ||||||
DIRECTV | 42,300 | 2,606,526 | (a) | |||||
Loral Space & Communications Inc. | 582 | 34,908 | ||||||
Time Warner Cable Inc. | 22,035 | 2,478,497 | ||||||
13,923,301 | ||||||||
Casinos & Gaming—0.1% | ||||||||
Ameristar Casinos Inc. | 1,371 | 36,044 | ||||||
Bally Technologies Inc. | 1,723 | 97,212 | (a) | |||||
Boyd Gaming Corp. | 2,650 | 29,945 | (a) | |||||
Caesars Entertainment Corp. | 1,797 | 24,619 | (a) | |||||
Churchill Downs Inc. | 577 | 45,496 | ||||||
International Game Technology | 19,629 | 328,001 | ||||||
Isle of Capri Casinos Inc. | 998 | 7,485 | (a) | |||||
Monarch Casino & Resort Inc. | 405 | 6,828 | (a) | |||||
Multimedia Games Holding Company Inc. | 1,275 | 33,239 | (a) | |||||
Pinnacle Entertainment Inc. | 2,498 | 49,136 | (a) | |||||
Scientific Games Corp. | 4,383 | 49,309 | (a) | |||||
SHFL Entertainment Inc. | 2,531 | 44,824 | (a) | |||||
WMS Industries Inc. | 4,703 | 119,973 | (a) | |||||
Wynn Resorts Ltd. | 6,030 | 771,840 | ||||||
1,643,951 | ||||||||
Catalog Retail—0.0%* | ||||||||
HSN Inc. | 3,136 | 168,465 | ||||||
Coal & Consumable Fuels—0.0%* | ||||||||
Alpha Natural Resources Inc. | 19,213 | 100,676 | (a) | |||||
Arch Coal Inc. | 19,534 | 73,838 | ||||||
Cloud Peak Energy Inc. | 2,824 | 46,540 | (a) | |||||
CONSOL Energy Inc. | 17,174 | 465,415 | ||||||
Hallador Energy Co. | 188 | 1,513 | ||||||
KiOR Inc. | 2,334 | 13,327 | (a) | |||||
L&L Energy Inc. | 1,397 | 5,001 | (a) | |||||
Peabody Energy Corp. | 20,643 | 302,214 | ||||||
Solazyme Inc. | 2,179 | 25,538 | (a) | |||||
Uranium Energy Corp. | 4,254 | 7,615 | (a) | |||||
Ur-Energy Inc. | 3,907 | 5,235 | (a) | |||||
Westmoreland Coal Co. | 549 | 6,165 | (a) | |||||
1,053,077 | ||||||||
Commercial Printing—0.0%* | ||||||||
Cenveo Inc. | 2,794 | 5,951 | (a) | |||||
Consolidated Graphics Inc. | 354 | 16,642 | (a) | |||||
Courier Corp. | 418 | 5,969 | ||||||
Deluxe Corp. | 4,562 | 158,073 | ||||||
Ennis Inc. | 1,147 | 19,832 | ||||||
InnerWorkings Inc. | 1,929 | 20,930 | (a) | |||||
Multi-Color Corp. | 580 | 17,597 |
Table of Contents
Quad/Graphics Inc. | 1,192 | 28,727 | ||||||
RR Donnelley & Sons Co. | 8,216 | 115,106 | ||||||
388,827 | ||||||||
Commodity Chemicals—0.1% | ||||||||
Arabian American Development Co. | 1,060 | 9,222 | (a) | |||||
Axiall Corp. | 3,053 | 129,997 | ||||||
Cabot Corp. | 2,661 | 99,575 | ||||||
Calgon Carbon Corp. | 2,279 | 38,014 | (a) | |||||
Hawkins Inc. | 385 | 15,165 | ||||||
Koppers Holdings Inc. | 945 | 36,080 | ||||||
LyondellBasell Industries N.V. | 28,841 | 1,911,005 | ||||||
Tredegar Corp. | 1,136 | 29,195 | ||||||
2,268,253 | ||||||||
Communications Equipment—0.8% | ||||||||
ADTRAN Inc. | 5,196 | 127,873 | ||||||
Alliance Fiber Optic Products Inc. | 243 | 4,862 | ||||||
Anaren Inc. | 572 | 13,122 | (a) | |||||
ARRIS Group Inc. | 5,224 | 74,964 | (a) | |||||
Aruba Networks Inc. | 5,182 | 79,596 | (a) | |||||
Aviat Networks Inc. | 2,985 | 7,821 | (a) | |||||
Bel Fuse Inc. | 494 | 6,644 | ||||||
Black Box Corp. | 765 | 19,370 | ||||||
CalAmp Corp. | 1,404 | 20,498 | (a) | |||||
Calix Inc. | 1,881 | 18,998 | (a) | |||||
Ciena Corp. | 9,021 | 175,188 | (a) | |||||
Cisco Systems Inc. | 404,820 | 9,841,174 | ||||||
Comtech Telecommunications Corp. | 807 | 21,700 | ||||||
Digi International Inc. | 1,109 | 10,391 | (a) | |||||
Emulex Corp. | 4,126 | 26,902 | (a) | |||||
Extreme Networks | 4,405 | 15,197 | (a) | |||||
F5 Networks Inc. | 6,021 | 414,245 | (a) | |||||
Finisar Corp. | 4,273 | 72,427 | (a) | |||||
Globecomm Systems Inc. | 1,024 | 12,943 | (a) | |||||
Harmonic Inc. | 5,049 | 32,061 | (a) | |||||
Harris Corp. | 8,292 | 408,381 | ||||||
Infinera Corp. | 5,128 | 54,716 | (a) | |||||
InterDigital Inc. | 3,620 | 161,633 | ||||||
Ixia | 2,373 | 43,663 | (a) | |||||
JDS Uniphase Corp. | 17,956 | 258,207 | (a) | |||||
Juniper Networks Inc. | 38,322 | 739,998 | (a) | |||||
KVH Industries Inc. | 705 | 9,384 | (a) | |||||
Motorola Solutions Inc. | 20,569 | 1,187,448 | ||||||
NETGEAR Inc. | 1,757 | 53,659 | (a) | |||||
Numerex Corp. | 468 | 5,223 | (a) | |||||
Oplink Communications Inc. | 866 | 15,042 | (a) | |||||
Parkervision Inc. | 3,846 | 17,499 | (a) | |||||
PC-Tel Inc. | 792 | 6,716 | ||||||
Plantronics Inc. | 3,723 | 163,514 | ||||||
Polycom Inc. | 7,696 | 81,116 | (a) | |||||
Procera Networks Inc. | 904 | 12,412 | (a) | |||||
Qualcomm Inc. | 130,881 | 7,994,211 | ||||||
Riverbed Technology Inc. | 7,172 | 111,596 | (a) | |||||
Ruckus Wireless Inc. | 1,766 | 22,622 | (a) | |||||
ShoreTel Inc. | 2,288 | 9,221 | (a) | |||||
Sonus Networks Inc. | 9,715 | 29,242 | (a) | |||||
Symmetricom Inc. | 1,858 | 8,342 | (a) |
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Tellabs Inc. | 13,551 | 26,831 | ||||||
Tessco Technologies Inc. | 239 | 6,310 | ||||||
Ubiquiti Networks Inc. | 558 | 9,787 | ||||||
ViaSat Inc. | 1,783 | 127,413 | (a) | |||||
Westell Technologies Inc. | 2,041 | 4,878 | (a) | |||||
22,565,040 | ||||||||
Computer & Electronics Retail—0.0%* | ||||||||
Best Buy Company Inc. | 20,350 | 556,166 | ||||||
Conn’s Inc. | 992 | 51,346 | (a) | |||||
GameStop Corp. | 8,910 | 374,487 | ||||||
hhgregg Inc. | 432 | 6,899 | (a) | |||||
RadioShack Corp. | 4,983 | 15,746 | ||||||
Rent-A-Center Inc. | 5,142 | 193,082 | ||||||
Systemax Inc. | 471 | 4,432 | ||||||
1,202,158 | ||||||||
Computer Hardware—1.2% | ||||||||
3D Systems Corp. | 4,074 | 178,849 | (a) | |||||
Apple Inc. | 71,099 | 28,160,892 | ||||||
Avid Technology Inc. | 1,449 | 8,520 | (a) | |||||
Cray Inc. | 1,736 | 34,095 | (a) | |||||
Dell Inc. | 111,197 | 1,484,480 | ||||||
Diebold Inc. | 2,869 | 96,657 | ||||||
Hewlett-Packard Co. | 146,059 | 3,622,263 | ||||||
NCR Corp. | 7,224 | 238,320 | (a) | |||||
Silicon Graphics International Corp. | 1,551 | 20,752 | (a) | |||||
Super Micro Computer Inc. | 1,410 | 15,002 | (a) | |||||
33,859,830 | ||||||||
Computer Storage & Peripherals—0.3% | ||||||||
Datalink Corp. | 673 | 7,161 | (a) | |||||
Electronics for Imaging Inc. | 2,114 | 59,805 | (a) | |||||
EMC Corp. | 159,020 | 3,756,052 | ||||||
Fusion-io Inc. | 3,223 | 45,896 | (a) | |||||
Hutchinson Technology Inc. | 1,009 | 4,773 | (a) | |||||
Imation Corp. | 1,463 | 6,188 | (a) | |||||
Immersion Corp. | 1,415 | 18,749 | (a) | |||||
Intermec Inc. | 2,878 | 28,291 | (a) | |||||
Lexmark International Inc. | 2,842 | 86,880 | ||||||
NetApp Inc. | 27,242 | 1,029,203 | (a) | |||||
QLogic Corp. | 3,966 | 37,915 | (a) | |||||
Quantum Corp. | 10,954 | 15,007 | (a) | |||||
SanDisk Corp. | 18,439 | 1,126,623 | (a) | |||||
Seagate Technology PLC | 24,141 | 1,082,241 | ||||||
STEC Inc. | 1,783 | 11,982 | (a) | |||||
Synaptics Inc. | 1,376 | 53,059 | (a) | |||||
Western Digital Corp. | 16,108 | 1,000,146 | ||||||
8,369,971 | ||||||||
Construction & Engineering—0.1% | ||||||||
AECOM Technology Corp. | 4,636 | 147,378 | (a) | |||||
Aegion Corp. | 1,844 | 41,508 | (a) | |||||
Ameresco Inc. | 976 | 8,794 | (a) | |||||
Argan Inc. | 510 | 7,956 | ||||||
Comfort Systems USA Inc. | 1,435 | 21,410 | ||||||
Dycom Industries Inc. | 1,363 | 31,540 | (a) | |||||
EMCOR Group Inc. | 2,909 | 118,251 |
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Fluor Corp. | 12,279 | 728,267 | ||||||
Furmanite Corp. | 1,925 | 12,878 | (a) | |||||
Granite Construction Inc. | 3,286 | 97,791 | ||||||
Great Lakes Dredge & Dock Corp. | 2,930 | 22,913 | ||||||
Jacobs Engineering Group Inc. | 9,977 | 550,032 | (a) | |||||
KBR Inc. | 6,616 | 215,020 | ||||||
Layne Christensen Co. | 931 | 18,164 | (a) | |||||
MasTec Inc. | 2,585 | 85,046 | (a) | |||||
Michael Baker Corp. | 412 | 11,169 | ||||||
MYR Group Inc. | 981 | 19,080 | (a) | |||||
Northwest Pipe Co. | 407 | 11,355 | (a) | |||||
Orion Marine Group Inc. | 1,370 | 16,563 | (a) | |||||
Pike Electric Corp. | 1,321 | 16,248 | ||||||
Primoris Services Corp. | 1,439 | 28,377 | ||||||
Quanta Services Inc. | 15,969 | 422,540 | (a) | |||||
Sterling Construction company Inc. | 843 | 7,638 | (a) | |||||
Tutor Perini Corp. | 1,700 | 30,753 | (a) | |||||
URS Corp. | 3,449 | 162,862 | ||||||
2,833,533 | ||||||||
Construction & Farm Machinery—0.4% | ||||||||
Accuride Corp. | 1,301 | 6,583 | (a) | |||||
AGCO Corp. | 4,297 | 215,666 | ||||||
Alamo Group Inc. | 306 | 12,491 | ||||||
American Railcar Industries Inc. | 465 | 15,582 | ||||||
Astec Industries Inc. | 923 | 31,650 | ||||||
Caterpillar Inc. | 49,806 | 4,108,497 | ||||||
Commercial Vehicle Group Inc. | 1,161 | 8,661 | (a) | |||||
Cummins Inc. | 13,343 | 1,447,182 | ||||||
Deere & Co. | 29,438 | 2,391,837 | ||||||
Douglas Dynamics Inc. | 1,031 | 13,382 | ||||||
Federal Signal Corp. | 2,989 | 26,154 | (a) | |||||
FreightCar America Inc. | 547 | 9,294 | ||||||
Greenbrier Companies Inc. | 1,114 | 27,148 | (a) | |||||
Lindsay Corp. | 587 | 44,013 | ||||||
Joy Global Inc. | 8,133 | 394,694 | ||||||
Manitex International Inc. | 476 | 5,212 | (a) | |||||
Meritor Inc. | 4,588 | 32,345 | (a) | |||||
Miller Industries Inc. | 362 | 5,568 | ||||||
Oshkosh Corp. | 3,953 | 150,095 | (a) | |||||
PACCAR Inc. | 26,714 | 1,433,473 | ||||||
Terex Corp. | 4,914 | 129,238 | (a) | |||||
Titan International Inc. | 2,231 | 37,637 | ||||||
Trinity Industries Inc. | 3,591 | 138,038 | ||||||
Twin Disc Inc. | 430 | 10,191 | ||||||
Wabash National Corp. | 3,221 | 32,790 | (a) | |||||
Wabtec Corp. | 4,234 | 226,223 | ||||||
10,953,644 | ||||||||
Construction Materials—0.0%* | ||||||||
Eagle Materials Inc. | 2,093 | 138,703 | ||||||
Headwaters Inc. | 3,011 | 26,617 | (a) | |||||
Martin Marietta Materials Inc. | 2,083 | 205,009 | ||||||
Texas Industries Inc. | 952 | 62,013 | (a) | |||||
United States Lime & Minerals Inc. | 54 | 2,822 | (a) | |||||
US Concrete Inc. | 487 | 7,997 | (a) | |||||
Vulcan Materials Co. | 9,939 | 481,147 | ||||||
924,308 |
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Consumer Electronics—0.0%* | ||||||||
Garmin Ltd. | 8,221 | 297,271 | ||||||
Harman International Industries Inc. | 5,203 | 282,003 | ||||||
Skullcandy Inc. | 747 | 4,079 | (a) | |||||
Universal Electronics Inc. | 662 | 18,622 | (a) | |||||
Zagg Inc. | 1,216 | 6,506 | (a) | |||||
608,481 | ||||||||
Consumer Finance—0.4% | ||||||||
American Express Co. | 72,392 | 5,412,026 | ||||||
Capital One Financial Corp. | 44,254 | 2,779,594 | ||||||
Cash America International Inc. | 1,251 | 56,870 | ||||||
Consumer Portfolio Services Inc. | 725 | 5,322 | (a) | |||||
Credit Acceptance Corp. | 313 | 32,881 | (a) | |||||
DFC Global Corp. | 1,676 | 23,146 | (a) | |||||
Discover Financial Services | 37,138 | 1,769,254 | ||||||
Encore Capital Group Inc. | 998 | 33,044 | (a) | |||||
Ezcorp Inc. | 2,253 | 38,031 | (a) | |||||
First Cash Financial Services Inc. | 1,331 | 65,499 | (a) | |||||
Green Dot Corp. | 1,151 | 22,962 | (a) | |||||
Imperial Holdings Inc. | 725 | 4,966 | (a) | |||||
Nelnet Inc. | 1,010 | 36,451 | ||||||
Netspend Holdings Inc. | 1,411 | 22,534 | (a) | |||||
Nicholas Financial Inc. | 513 | 7,757 | ||||||
Portfolio Recovery Associates Inc. | 752 | 115,530 | (a) | |||||
Regional Management Corp. | 253 | 6,325 | (a) | |||||
SLM Corp. | 33,627 | 768,713 | ||||||
The First Marblehead Corp. | 4,202 | 4,958 | (a) | |||||
World Acceptance Corp. | 409 | 35,558 | (a) | |||||
11,241,421 | ||||||||
Data Processing & Outsourced Services—0.7% | ||||||||
Alliance Data Systems Corp. | 2,212 | 400,438 | (a) | |||||
Automatic Data Processing Inc. | 36,796 | 2,533,773 | ||||||
Blackhawk Network Holdings Inc. | 439 | 10,185 | (a) | |||||
Broadridge Financial Solutions Inc. | 5,418 | 144,010 | ||||||
Cardtronics Inc. | 2,039 | 56,276 | (a) | |||||
Cass Information Systems Inc. | 446 | 20,561 | ||||||
Computer Sciences Corp. | 11,306 | 494,864 | ||||||
Convergys Corp. | 9,407 | 163,964 | ||||||
CoreLogic Inc. | 4,419 | 102,388 | (a) | |||||
CSG Systems International Inc. | 1,535 | 33,309 | (a) | |||||
DST Systems Inc. | 1,355 | 88,522 | ||||||
Euronet Worldwide Inc. | 2,149 | 68,467 | (a) | |||||
ExlService Holdings Inc. | 1,388 | 41,029 | (a) | |||||
Fidelity National Information Services Inc. | 22,162 | 949,420 | ||||||
First American Financial Corp. | 9,790 | 215,772 | ||||||
Fiserv Inc. | 10,092 | 882,142 | (a) | |||||
Global Cash Access Holdings Inc. | 2,705 | 16,933 | (a) | |||||
Global Payments Inc. | 3,454 | 159,989 | ||||||
Heartland Payment Systems Inc. | 1,593 | 59,339 | ||||||
Higher One Holdings Inc. | 1,531 | 17,821 | (a) | |||||
Jack Henry & Associates Inc. | 3,751 | 176,785 | ||||||
Lender Processing Services Inc. | 3,868 | 125,130 | ||||||
Mastercard Inc. | 7,919 | 4,549,466 | ||||||
MAXIMUS Inc. | 1,487 | 110,752 | ||||||
ModusLink Global Solutions Inc. | 1,966 | 6,252 | (a) |
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MoneyGram International Inc. | 860 | 19,479 | (a) | |||||
NeuStar Inc. | 2,943 | 143,265 | (a) | |||||
Paychex Inc. | 24,469 | 893,608 | ||||||
PRGX Global Inc. | 1,097 | 6,023 | (a) | |||||
Sykes Enterprises Inc. | 1,757 | 27,690 | (a) | |||||
Syntel Inc. | 699 | 43,946 | ||||||
TeleTech Holdings Inc. | 781 | 18,299 | (a) | |||||
The Western Union Co. | 42,172 | 721,563 | ||||||
Total System Services Inc. | 12,098 | 296,159 | ||||||
VeriFone Systems Inc. | 4,832 | 81,226 | (a) | |||||
Visa Inc. | 38,386 | 7,015,042 | ||||||
WEX Inc. | 3,455 | 264,999 | (a) | |||||
20,958,886 | ||||||||
Department Stores—0.1% | ||||||||
JC Penney Company Inc. | 10,657 | 182,022 | (a) | |||||
Kohl’s Corp. | 15,425 | 779,117 | ||||||
Macy’s Inc. | 29,051 | 1,394,448 | ||||||
Nordstrom Inc. | 11,291 | 676,783 | ||||||
Saks Inc. | 9,129 | 124,520 | (a) | |||||
The Bon-Ton Stores Inc. | 645 | 11,642 | ||||||
3,168,532 | ||||||||
Distillers & Vintners—0.1% | ||||||||
Beam Inc. | 12,117 | 764,704 | ||||||
Brown-Forman Corp. | 11,453 | 773,650 | ||||||
Constellation Brands Inc. | 11,681 | 608,814 | (a) | |||||
2,147,168 | ||||||||
Distributors—0.1% | ||||||||
Core-Mark Holding company Inc. | 496 | 31,496 | ||||||
Genuine Parts Co. | 11,706 | 913,887 | ||||||
LKQ Corp. | 13,228 | 340,621 | (a) | |||||
Pool Corp. | 2,049 | 107,388 | ||||||
VOXX International Corp. | 797 | 9,779 | (a) | |||||
Weyco Group Inc. | 182 | 4,586 | ||||||
1,407,757 | ||||||||
Diversified Capital Markets—0.0%* | ||||||||
HFF Inc. | 1,560 | 27,721 | ||||||
JMP Group Inc. | 860 | 5,710 | ||||||
33,431 | ||||||||
Diversified Chemicals—0.4% | ||||||||
Eastman Chemical Co. | 11,775 | 824,368 | ||||||
EI du Pont de Nemours & Co. | 69,712 | 3,659,880 | ||||||
FMC Corp. | 10,376 | 633,559 | ||||||
LSB Industries Inc. | 866 | 26,335 | (a) | |||||
Olin Corp. | 7,067 | 169,043 | ||||||
Penford Corp. | 371 | 4,968 | (a) | |||||
PPG Industries Inc. | 10,795 | 1,580,496 | ||||||
The Dow Chemical Co. | 91,631 | 2,947,769 | ||||||
9,846,418 | ||||||||
Diversified Financial Services—2.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. | 1,337 | 29,935 | ||||||
Bank of America Corp. | 816,519 | 10,500,434 | ||||||
Citigroup Inc. | 230,490 | 11,056,605 |
Table of Contents
Comerica Inc. | 14,108 | 561,922 | ||||||
JPMorgan Chase & Co. | 286,281 | 15,112,774 | ||||||
U.S. Bancorp | 140,087 | 5,064,145 | ||||||
Wells Fargo & Co. | 373,100 | 15,397,837 | ||||||
57,723,652 | ||||||||
Diversified Metals & Mining—0.1% | ||||||||
AMCOL International Corp. | 1,165 | 36,919 | ||||||
Compass Minerals International Inc. | 1,477 | 124,851 | ||||||
Freeport-McMoRan Copper & Gold Inc. | 78,779 | 2,175,088 | ||||||
General Moly Inc. | 3,296 | 6,164 | (a) | |||||
Globe Specialty Metals Inc. | 2,848 | 30,958 | ||||||
Horsehead Holding Corp. | 2,040 | 26,132 | (a) | |||||
Materion Corp. | 952 | 25,790 | ||||||
Molycorp Inc. | 5,157 | 31,973 | (a) | |||||
RTI International Metals Inc. | 1,404 | 38,905 | (a) | |||||
U.S. Silica Holdings Inc. | 890 | 18,494 | ||||||
Walter Energy Inc. | 2,619 | 27,238 | ||||||
2,542,512 | ||||||||
Diversified Real Estate Activities—0.0%* | ||||||||
Alexander & Baldwin Inc. | 3,873 | 153,952 | (a) | |||||
Consolidated-Tomoka Land Co. | 313 | 11,944 | ||||||
Tejon Ranch Co. | 627 | 17,863 | (a) | |||||
183,759 | ||||||||
Diversified REITs—0.1% | ||||||||
American Assets Trust Inc. | 1,533 | 47,308 | ||||||
American Realty Capital Properties Inc. | 7,015 | 107,049 | ||||||
Armada Hoffler Properties Inc. | 699 | 8,234 | ||||||
CapLease Inc. | 4,028 | 33,996 | ||||||
Chambers Street Properties | 10,951 | 109,510 | ||||||
Cousins Properties Inc. | 4,969 | 50,187 | ||||||
Duke Realty Corp. | 14,585 | 227,380 | ||||||
First Potomac Realty Trust | 2,464 | 32,180 | ||||||
Gladstone Commercial Corp. | 464 | 8,649 | ||||||
Investors Real Estate Trust | 4,426 | 38,064 | ||||||
Lexington Realty Trust | 7,410 | 86,549 | ||||||
Liberty Property Trust | 5,466 | 202,023 | ||||||
One Liberty Properties Inc. | 581 | 12,759 | ||||||
PS Business Parks Inc. | 827 | 59,685 | ||||||
RAIT Financial Trust | 2,604 | 19,582 | ||||||
Select Income | 808 | 22,656 | ||||||
Spirit Realty Capital Inc. | 2,544 | 45,080 | ||||||
Vornado Realty Trust | 12,923 | 1,070,671 | ||||||
Washington Real Estate Investment Trust | 2,951 | 79,411 | ||||||
Whitestone | 647 | 10,197 | ||||||
Winthrop Realty Trust | 1,382 | 16,625 | ||||||
2,287,795 | ||||||||
Diversified Support Services—0.0%* | ||||||||
Cintas Corp. | 7,938 | 361,497 | ||||||
Copart Inc. | 4,662 | 143,590 | (a) | |||||
EnerNOC Inc. | 1,175 | 15,581 | (a) | |||||
G&K Services Inc. | 856 | 40,746 | ||||||
Healthcare Services Group Inc. | 3,117 | 76,429 | ||||||
Intersections Inc. | 448 | 3,929 | ||||||
Iron Mountain Inc. | 12,872 | 342,524 |
Table of Contents
McGrath RentCorp. | 1,104 | 37,713 | ||||||
Mobile Mini Inc. | 1,761 | 58,377 | (a) | |||||
Performant Financial Corp. | 895 | 10,373 | (a) | |||||
Schawk Inc. | 561 | 7,366 | ||||||
TMS International Corp. | 535 | 7,934 | ||||||
UniFirst Corp. | 639 | 58,309 | ||||||
Viad Corp. | 952 | 23,343 | ||||||
1,187,711 | ||||||||
Drug Retail—0.3% | ||||||||
CVS Caremark Corp. | 92,734 | 5,302,530 | ||||||
Rite Aid Corp. | 32,132 | 91,898 | (a) | |||||
Walgreen Co. | 65,316 | 2,886,967 | ||||||
8,281,395 | ||||||||
Education Services—0.0%* | ||||||||
American Public Education Inc. | 820 | 30,471 | (a) | |||||
Apollo Group Inc. | 4,445 | 78,765 | (a) | |||||
Bridgepoint Education Inc. | 854 | 10,402 | (a) | |||||
Bright Horizons Family Solutions Inc. | 458 | 15,897 | (a) | |||||
Capella Education Co. | 442 | 18,409 | (a) | |||||
Career Education Corp. | 2,617 | 7,589 | (a) | |||||
Corinthian Colleges Inc. | 3,738 | 8,373 | (a) | |||||
DeVry Inc. | 2,505 | 77,705 | ||||||
Education Management Corp. | 1,465 | 8,233 | (a) | |||||
Grand Canyon Education Inc. | 1,983 | 63,912 | (a) | |||||
ITT Educational Services Inc. | 976 | 23,814 | (a) | |||||
K12 Inc. | 1,243 | 32,654 | (a) | |||||
Lincoln Educational Services Corp. | 1,225 | 6,456 | ||||||
Strayer Education Inc. | 937 | 45,754 | ||||||
Universal Technical Institute Inc. | 1,025 | 10,588 | ||||||
439,022 | ||||||||
Electric Utilities—0.8% | ||||||||
ALLETE Inc. | 1,752 | 87,337 | ||||||
American Electric Power Company Inc. | 36,922 | 1,653,367 | ||||||
Cleco Corp. | 5,361 | 248,912 | ||||||
Duke Energy Corp. | 53,462 | 3,608,685 | ||||||
Edison International | 24,626 | 1,185,988 | ||||||
El Paso Electric Co. | 1,709 | 60,345 | ||||||
Entergy Corp. | 13,462 | 938,032 | ||||||
Exelon Corp. | 64,937 | 2,005,255 | ||||||
FirstEnergy Corp. | 31,609 | 1,180,280 | ||||||
Great Plains Energy Inc. | 6,644 | 149,756 | ||||||
Hawaiian Electric Industries Inc. | 4,282 | 108,377 | ||||||
IDACORP Inc. | 4,391 | 209,714 | ||||||
MGE Energy Inc. | 1,043 | 57,115 | ||||||
NextEra Energy Inc. | 32,169 | 2,621,130 | ||||||
Northeast Utilities | 23,760 | 998,395 | ||||||
NV Energy Inc. | 10,661 | 250,107 | ||||||
OGE Energy Corp. | 4,337 | 295,783 | ||||||
Otter Tail Corp. | 1,660 | 47,144 | ||||||
Pepco Holdings Inc. | 19,022 | 383,484 | ||||||
Pinnacle West Capital Corp. | 8,403 | 466,114 | ||||||
PNM Resources Inc. | 7,232 | 160,478 | ||||||
Portland General Electric Co. | 3,341 | 102,201 | ||||||
PPL Corp. | 44,880 | 1,358,069 | ||||||
The Empire District Electric Co. | 1,943 | 43,348 |
Table of Contents
The Southern Co. | 65,937 | 2,909,800 | ||||||
UIL Holdings Corp. | 2,213 | 84,647 | ||||||
Unitil Corp. | 533 | 15,393 | ||||||
UNS Energy Corp. | 1,890 | 84,540 | ||||||
Westar Energy Inc. | 5,645 | 180,414 | ||||||
Xcel Energy Inc. | 37,677 | 1,067,766 | ||||||
22,561,976 | ||||||||
Electrical Components & Equipment—0.4% | ||||||||
Acuity Brands Inc. | 3,842 | 290,148 | ||||||
Aeroflex Holding Corp. | 1,034 | 8,158 | (a) | |||||
American Superconductor Corp. | 2,052 | 5,417 | (a) | |||||
AMETEK Inc. | 10,816 | 457,517 | ||||||
Amphenol Corp. | 12,071 | 940,814 | ||||||
Audience Inc. | 309 | 4,082 | (a) | |||||
Belden Inc. | 1,939 | 96,814 | ||||||
Brady Corp. | 1,978 | 60,784 | ||||||
Coleman Cable Inc. | 331 | 5,978 | ||||||
Corning Inc. | 111,934 | 1,592,821 | ||||||
DTS Inc. | 875 | 18,007 | (a) | |||||
Eaton Corp PLC | 35,841 | 2,358,696 | ||||||
Emerson Electric Co. | 54,389 | 2,966,376 | ||||||
Encore Wire Corp. | 863 | 29,428 | ||||||
EnerSys Inc. | 2,097 | 102,837 | ||||||
Enphase Energy Inc. | 543 | 4,197 | (a) | |||||
Franklin Electric Company Inc. | 2,124 | 71,473 | ||||||
FuelCell Energy Inc. | 5,264 | 6,685 | (a) | |||||
Generac Holdings Inc. | 2,327 | 86,122 | ||||||
General Cable Corp. | 4,403 | 135,392 | ||||||
GrafTech International Ltd. | 4,904 | 35,701 | (a) | |||||
Hubbell Inc. | 2,344 | 232,056 | ||||||
II-VI Inc. | 1,994 | 32,422 | (a) | |||||
InvenSense Inc. | 2,386 | 36,697 | (a) | |||||
Littelfuse Inc. | 993 | 74,088 | ||||||
LSI Industries Inc. | 890 | 7,200 | ||||||
Nexxus Lighting Inc. | 1,401 | 5,604 | (a) | |||||
Polypore International Inc. | 2,022 | 81,487 | (a) | |||||
Powell Industries Inc. | 373 | 19,265 | (a) | |||||
Power-One Inc. | 3,207 | 20,268 | (a) | |||||
Preformed Line Products Co. | 88 | 5,835 | ||||||
Regal-Beloit Corp. | 2,002 | 129,810 | ||||||
Rockwell Automation Inc. | 10,568 | 878,624 | ||||||
Rogers Corp. | 742 | 35,111 | (a) | |||||
Roper Industries Inc. | 7,475 | 928,545 | ||||||
Thermon Group Holdings Inc. | 1,171 | 23,888 | (a) | |||||
Universal Display Corp. | 1,852 | 52,060 | (a) | |||||
Vicor Corp. | 939 | 6,432 | (a) | |||||
Vishay Intertechnology Inc. | 5,864 | 81,451 | (a) | |||||
11,928,290 | ||||||||
Electronic Equipment & Instruments—0.0%* | ||||||||
Badger Meter Inc. | 678 | 30,205 | ||||||
Checkpoint Systems Inc. | 1,909 | 27,089 | (a) | |||||
Cognex Corp. | 1,976 | 89,355 | ||||||
Coherent Inc. | 1,082 | 59,586 | ||||||
Daktronics Inc. | 1,743 | 17,883 | ||||||
Electro Scientific Industries Inc. | 1,081 | 11,632 |
Table of Contents
FARO Technologies Inc. | 782 | 26,447 | (a) | |||||
FEI Co. | 1,669 | 121,820 | ||||||
FLIR Systems Inc. | 10,851 | 292,651 | ||||||
GSI Group Inc. | 1,378 | 11,079 | (a) | |||||
Itron Inc. | 3,396 | 144,092 | (a) | |||||
Mesa Laboratories Inc. | 80 | 4,330 | ||||||
MTS Systems Corp. | 731 | 41,375 | ||||||
National Instruments Corp. | 4,206 | 117,516 | ||||||
Newport Corp. | 1,769 | 24,642 | (a) | |||||
OSI Systems Inc. | 919 | 59,202 | (a) | |||||
RealD Inc. | 1,946 | 27,049 | (a) | |||||
Rofin-Sinar Technologies Inc. | 1,314 | 32,771 | (a) | |||||
Vishay Precision Group Inc. | 463 | 7,010 | (a) | |||||
1,145,734 | ||||||||
Electronic Manufacturing Services—0.0%* | ||||||||
Benchmark Electronics Inc. | 2,200 | 44,220 | (a) | |||||
CTS Corp. | 1,619 | 22,083 | ||||||
Jabil Circuit Inc. | 13,937 | 284,036 | ||||||
Kemet Corp. | 2,225 | 9,145 | (a) | |||||
Maxwell Technologies Inc. | 1,433 | 10,246 | (a) | |||||
Measurement Specialties Inc. | 691 | 32,152 | (a) | |||||
Mercury Systems Inc. | 1,508 | 13,904 | (a) | |||||
Methode Electronics Inc. | 1,758 | 29,904 | ||||||
Molex Inc. | 10,459 | 306,867 | ||||||
Multi-Fineline Electronix Inc. | 410 | 6,072 | (a) | |||||
Neonode Inc. | 1,169 | 6,956 | (a) | |||||
Park Electrochemical Corp. | 944 | 22,665 | ||||||
Plexus Corp. | 1,384 | 41,368 | (a) | |||||
Radisys Corp. | 1,236 | 5,945 | (a) | |||||
Sanmina Corp. | 3,820 | 54,817 | (a) | |||||
Trimble Navigation Ltd. | 11,246 | 292,508 | (a) | |||||
TTM Technologies Inc. | 2,434 | 20,446 | (a) | |||||
Uni-Pixel Inc. | 405 | 5,958 | (a) | |||||
Viasystems Group Inc. | 201 | 2,318 | (a) | |||||
Zygo Corp. | 736 | 11,636 | (a) | |||||
1,223,246 | ||||||||
Environmental & Facilities Services—0.1% | ||||||||
ABM Industries Inc. | 2,463 | 60,368 | ||||||
Acorn Energy Inc. | 821 | 6,929 | ||||||
Casella Waste Systems Inc. | 1,882 | 8,111 | (a) | |||||
Ceco Environmental Corp. | 332 | 4,084 | ||||||
Clean Harbors Inc. | 2,355 | 118,998 | (a) | |||||
Heritage-Crystal Clean Inc. | 322 | 4,704 | (a) | |||||
Republic Services Inc. | 22,466 | 762,496 | ||||||
Rollins Inc. | 2,817 | 72,960 | ||||||
Standard Parking Corp. | 649 | 13,928 | (a) | |||||
Stericycle Inc. | 6,498 | 717,574 | (a) | |||||
Swisher Hygiene Inc. | 3,876 | 3,333 | (a) | |||||
Team Inc. | 901 | 34,103 | (a) | |||||
Tetra Tech Inc. | 2,913 | 68,485 | (a) | |||||
TRC Companies Inc. | 815 | 5,705 | (a) | |||||
US Ecology Inc. | 865 | 23,736 | ||||||
Waste Connections Inc. | 5,399 | 222,115 | ||||||
Waste Management Inc. | 33,294 | 1,342,747 | ||||||
3,470,376 |
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Fertilizers & Agricultural Chemicals—0.2% | ||||||||
American Vanguard Corp. | 1,287 | 30,154 | ||||||
CF Industries Holdings Inc. | 4,482 | 768,663 | ||||||
Intrepid Potash Inc. | 4,567 | 87,001 | ||||||
Monsanto Co. | 40,393 | 3,990,828 | ||||||
The Mosaic Co. | 20,913 | 1,125,329 | ||||||
The Scotts Miracle-Gro Co. | 1,741 | 84,108 | ||||||
6,086,083 | ||||||||
Food Distributors—0.1% | ||||||||
Nash Finch Co. | 518 | 11,401 | ||||||
Spartan Stores Inc. | 943 | 17,389 | ||||||
Sysco Corp. | 44,965 | 1,536,004 | ||||||
The Andersons Inc. | 848 | 45,105 | ||||||
The Chefs’ Warehouse Inc. | 510 | 8,772 | (a) | |||||
United Natural Foods Inc. | 4,326 | 233,561 | (a) | |||||
1,852,232 | ||||||||
Food Retail—0.1% | ||||||||
Arden Group Inc. | 48 | 5,299 | ||||||
Casey’s General Stores Inc. | 1,678 | 100,948 | ||||||
Fairway Group Holdings Corp. | 674 | 16,291 | (a) | |||||
Harris Teeter Supermarkets Inc. | 4,328 | 202,810 | ||||||
Ingles Markets Inc. | 503 | 12,701 | ||||||
Natural Grocers by Vitamin Cottage Inc. | 329 | 10,199 | (a) | |||||
Roundy’s Inc. | 1,044 | 8,697 | ||||||
Safeway Inc. | 18,329 | 433,664 | ||||||
SUPERVALU Inc. | 17,832 | 110,915 | ||||||
Susser Holdings Corp. | 810 | 38,783 | (a) | |||||
The Kroger Co. | 39,465 | 1,363,121 | ||||||
The Pantry Inc. | 1,076 | 13,106 | (a) | |||||
Village Super Market Inc. | 234 | 7,743 | ||||||
Weis Markets Inc. | 487 | 21,949 | ||||||
Whole Foods Market Inc. | 26,046 | 1,340,848 | ||||||
3,687,074 | ||||||||
Footwear—0.1% | ||||||||
Crocs Inc. | 3,827 | 63,146 | (a) | |||||
Deckers Outdoor Corp. | 1,538 | 77,684 | (a) | |||||
NIKE Inc. | 54,825 | 3,491,256 | ||||||
RG Barry Corp. | 290 | 4,710 | ||||||
Skechers U.S.A. Inc. | 1,765 | 42,378 | (a) | |||||
Steven Madden Ltd. | 1,797 | 86,939 | (a) | |||||
Wolverine World Wide Inc. | 2,229 | 121,726 | ||||||
3,887,839 | ||||||||
Forest Products—0.0%* | ||||||||
Boise Cascade Co. | 574 | 14,585 | (a) | |||||
Deltic Timber Corp. | 481 | 27,811 | ||||||
Louisiana-Pacific Corp. | 12,209 | 180,571 | (a) | |||||
222,967 | ||||||||
Gas Utilities—0.1% | ||||||||
AGL Resources Inc. | 9,018 | 386,511 | ||||||
Atmos Energy Corp. | 4,121 | 169,208 | ||||||
Chesapeake Utilities Corp. | 423 | 21,780 | ||||||
Delta Natural Gas Co Inc. | 312 | 6,630 | ||||||
National Fuel Gas Co. | 3,675 | 212,966 |
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New Jersey Resources Corp. | 1,807 | 75,045 | ||||||
Northwest Natural Gas Co. | 1,217 | 51,698 | ||||||
ONEOK Inc. | 15,689 | 648,113 | ||||||
Piedmont Natural Gas Company Inc. | 3,349 | 112,995 | ||||||
Questar Corp. | 7,807 | 186,197 | ||||||
South Jersey Industries Inc. | 1,397 | 80,202 | ||||||
Southwest Gas Corp. | 2,014 | 94,235 | ||||||
The Laclede Group Inc. | 1,601 | 73,102 | ||||||
UGI Corp. | 5,127 | 200,517 | ||||||
WGL Holdings Inc. | 4,444 | 192,070 | ||||||
2,511,269 | ||||||||
General Merchandise Stores—0.2% | ||||||||
Big Lots Inc. | 2,583 | 81,442 | (a) | |||||
Dollar General Corp. | 22,857 | 1,152,679 | (a) | |||||
Dollar Tree Inc. | 16,946 | 861,535 | (a) | |||||
Family Dollar Stores Inc. | 7,195 | 448,320 | ||||||
Fred’s Inc. | 1,595 | 24,707 | ||||||
Gordmans Stores Inc. | 393 | 5,349 | (a) | |||||
Target Corp. | 48,599 | 3,346,527 | ||||||
Tuesday Morning Corp. | 1,986 | 20,595 | (a) | |||||
5,941,154 | ||||||||
Gold—0.1% | ||||||||
Allied Nevada Gold Corp. | 4,483 | 29,050 | (a) | |||||
Gold Resource Corp. | 1,642 | 14,302 | ||||||
Midway Gold Corp. | 4,001 | 3,773 | (a) | |||||
Newmont Mining Corp. | 37,543 | 1,124,413 | ||||||
Royal Gold Inc. | 2,895 | 121,822 | ||||||
1,293,360 | ||||||||
Healthcare Distributors—0.2% | ||||||||
AmerisourceBergen Corp. | 17,579 | 981,436 | ||||||
Cardinal Health Inc. | 25,969 | 1,225,737 | ||||||
Henry Schein Inc. | 3,871 | 370,648 | (a) | |||||
McKesson Corp. | 17,161 | 1,964,935 | ||||||
MWI Veterinary Supply Inc. | 567 | 69,877 | (a) | |||||
Owens & Minor Inc. | 5,520 | 186,741 | ||||||
Patterson Companies Inc. | 6,407 | 240,903 | ||||||
PharMerica Corp. | 1,338 | 18,545 | (a) | |||||
5,058,822 | ||||||||
Healthcare Equipment—0.9% | ||||||||
Abaxis Inc. | 994 | 47,225 | ||||||
Abbott Laboratories | 118,063 | 4,118,037 | ||||||
ABIOMED Inc. | 1,613 | 34,776 | (a) | |||||
Accuray Inc. | 3,372 | 19,355 | (a) | |||||
Alphatec Holdings Inc. | 2,440 | 5,002 | (a) | |||||
Analogic Corp. | 560 | 40,785 | ||||||
AngioDynamics Inc. | 1,076 | 12,137 | (a) | |||||
ArthroCare Corp. | 1,277 | 44,095 | (a) | |||||
AtriCure Inc. | 744 | 7,068 | (a) | |||||
Baxter International Inc. | 41,044 | 2,843,118 | ||||||
Becton Dickinson and Co. | 14,759 | 1,458,632 | ||||||
Biolase Inc. | 1,401 | 5,016 | (a) | |||||
Boston Scientific Corp. | 102,604 | 951,139 | (a) | |||||
Cantel Medical Corp. | 982 | 33,260 | ||||||
Cardiovascular Systems Inc. | 1,031 | 21,857 | (a) |
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CareFusion Corp. | 16,506 | 608,246 | (a) | |||||
CONMED Corp. | 1,259 | 39,331 | ||||||
Covidien PLC | 35,672 | 2,241,628 | ||||||
CR Bard Inc. | 5,636 | 612,520 | ||||||
CryoLife Inc. | 1,284 | 8,038 | ||||||
Cutera Inc. | 566 | 4,981 | (a) | |||||
Cyberonics Inc. | 1,265 | 65,729 | (a) | |||||
Cynosure Inc. | 840 | 21,838 | (a) | |||||
DexCom Inc. | 3,179 | 71,369 | (a) | |||||
Edwards Lifesciences Corp. | 8,583 | 576,778 | (a) | |||||
Exactech Inc. | 337 | 6,656 | (a) | |||||
GenMark Diagnostics Inc. | 1,212 | 12,532 | (a) | |||||
Globus Medical Inc. | 2,309 | 38,930 | (a) | |||||
Greatbatch Inc. | 1,045 | 34,266 | (a) | |||||
HeartWare International Inc. | 719 | 68,384 | (a) | |||||
Hill-Rom Holdings Inc. | 2,693 | 90,700 | ||||||
Hologic Inc. | 11,976 | 231,137 | (a) | |||||
IDEXX Laboratories Inc. | 2,414 | 216,729 | (a) | |||||
Insulet Corp. | 2,366 | 74,316 | (a) | |||||
Integra LifeSciences Holdings Corp. | 882 | 32,308 | (a) | |||||
Intuitive Surgical Inc. | 3,033 | 1,536,457 | (a) | |||||
Invacare Corp. | 1,456 | 20,908 | ||||||
MAKO Surgical Corp. | 1,884 | 22,702 | (a) | |||||
Masimo Corp. | 4,257 | 90,249 | ||||||
Medtronic Inc. | 76,613 | 3,943,271 | ||||||
Natus Medical Inc. | 1,335 | 18,223 | (a) | |||||
Navidea Biopharmaceuticals Inc. | 4,620 | 12,335 | (a) | |||||
NuVasive Inc. | 2,026 | 50,225 | (a) | |||||
NxStage Medical Inc. | 2,789 | 39,827 | (a) | |||||
Orthofix International N.V. | 844 | 22,704 | (a) | |||||
PhotoMedex Inc. | 544 | 8,671 | (a) | |||||
ResMed Inc. | 6,430 | 290,186 | ||||||
Rockwell Medical Technologies Inc. | 2,445 | 8,826 | (a) | |||||
Solta Medical Inc. | 3,403 | 7,759 | (a) | |||||
St Jude Medical Inc. | 21,382 | 975,661 | ||||||
STERIS Corp. | 5,270 | 225,978 | ||||||
Stryker Corp. | 21,708 | 1,404,073 | ||||||
SurModics Inc. | 597 | 11,946 | (a) | |||||
Symmetry Medical Inc. | 1,705 | 14,356 | (a) | |||||
Teleflex Inc. | 1,817 | 140,799 | ||||||
Thoratec Corp. | 5,103 | 159,775 | (a) | |||||
Tornier N.V. | 1,051 | 18,393 | (a) | |||||
Varian Medical Systems Inc. | 8,203 | 553,292 | (a) | |||||
Volcano Corp. | 2,449 | 44,400 | (a) | |||||
Wright Medical Group Inc. | 1,799 | 47,152 | (a) | |||||
Zeltiq Aesthetics Inc. | 945 | 6,039 | (a) | |||||
Zimmer Holdings Inc. | 12,801 | 959,307 | ||||||
25,331,432 | ||||||||
Healthcare Facilities—0.1% | ||||||||
Acadia Healthcare Company Inc. | 1,551 | 51,292 | (a) | |||||
Amsurg Corp. | 1,427 | 50,088 | (a) | |||||
Assisted Living Concepts Inc. | 992 | 11,864 | ||||||
Capital Senior Living Corp. | 1,323 | 31,620 | (a) | |||||
Chindex International Inc. | 481 | 7,802 | (a) | |||||
Community Health Systems Inc. | 4,187 | 196,287 |
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Emeritus Corp. | 1,731 | 40,125 | (a) | |||||
Five Star Quality Care Inc. | 1,758 | 9,862 | (a) | |||||
Hanger Inc. | 1,555 | 49,185 | (a) | |||||
Health Management Associates Inc. | 11,628 | 182,792 | (a) | |||||
HealthSouth Corp. | 3,801 | 109,469 | (a) | |||||
Kindred Healthcare Inc. | 2,443 | 32,077 | (a) | |||||
LifePoint Hospitals Inc. | 2,144 | 104,713 | (a) | |||||
National Healthcare Corp. | 461 | 22,036 | ||||||
Select Medical Holdings Corp. | 2,271 | 18,622 | ||||||
Skilled Healthcare Group Inc. | 923 | 6,166 | (a) | |||||
Tenet Healthcare Corp. | 7,748 | 357,183 | (a) | |||||
The Ensign Group Inc. | 922 | 32,473 | ||||||
U.S. Physical Therapy Inc. | 523 | 14,456 | ||||||
Universal Health Services Inc. | 3,935 | 263,488 | ||||||
Vanguard Health Systems Inc. | 1,492 | 30,944 | (a) | |||||
VCA Antech Inc. | 3,798 | 99,090 | (a) | |||||
1,721,634 | ||||||||
Healthcare Services—0.3% | ||||||||
Accretive Health Inc. | 2,646 | 28,603 | (a) | |||||
Addus Homecare Corp. | 264 | 5,211 | (a) | |||||
Air Methods Corp. | 1,777 | 60,205 | ||||||
Alliance Healthcare Services Inc. | 314 | 4,911 | (a) | |||||
Almost Family Inc. | 357 | 6,783 | ||||||
Amedisys Inc. | 1,415 | 16,442 | (a) | |||||
AMN Healthcare Services Inc. | 2,075 | 29,714 | (a) | |||||
Bio-Reference Labs Inc. | 1,136 | 32,660 | (a) | |||||
BioScrip Inc. | 2,492 | 41,118 | (a) | |||||
Chemed Corp. | 803 | 58,161 | ||||||
Corvel Corp. | 546 | 15,981 | (a) | |||||
Cross Country Healthcare Inc. | 1,256 | 6,481 | (a) | |||||
DaVita Healthcare Partners Inc. | 6,380 | 770,704 | (a) | |||||
ExamWorks Group Inc. | 1,366 | 29,000 | (a) | |||||
Express Scripts Holding Co. | 61,849 | 3,815,465 | (a) | |||||
Gentiva Health Services Inc. | 1,440 | 14,342 | (a) | |||||
Healthways Inc. | 1,572 | 27,321 | (a) | |||||
IPC The Hospitalist Company Inc. | 760 | 39,034 | (a) | |||||
Laboratory Corporation of America Holdings | 7,025 | 703,203 | (a) | |||||
Landauer Inc. | 427 | 20,628 | ||||||
LHC Group Inc. | 416 | 8,145 | (a) | |||||
MEDNAX Inc. | 2,205 | 201,934 | (a) | |||||
National Research Corp. | 433 | 7,794 | (a) | |||||
Omnicare Inc. | 4,660 | 222,329 | ||||||
Quest Diagnostics Inc. | 11,950 | 724,528 | ||||||
Team Health Holdings Inc. | 3,034 | 124,606 | (a) | |||||
The Providence Service Corp. | 401 | 11,665 | (a) | |||||
7,026,968 | ||||||||
Healthcare Supplies—0.1% | ||||||||
Align Technology Inc. | 3,170 | 117,417 | (a) | |||||
Anika Therapeutics Inc. | 596 | 10,132 | (a) | |||||
Antares Pharma Inc. | 5,026 | 20,908 | (a) | |||||
Atrion Corp. | 61 | 13,341 | ||||||
Cerus Corp. | 2,751 | 12,159 | (a) | |||||
DENTSPLY International Inc. | 10,939 | 448,061 | ||||||
Derma Sciences Inc. | 524 | 6,995 | (a) |
Table of Contents
Endologix Inc. | 2,954 | 39,229 | (a) | |||||
Haemonetics Corp. | 2,301 | 95,146 | (a) | |||||
ICU Medical Inc. | 550 | 39,633 | (a) | |||||
Medical Action Industries Inc. | 676 | 5,205 | (a) | |||||
Meridian Bioscience Inc. | 1,902 | 40,893 | ||||||
Merit Medical Systems Inc. | 1,886 | 21,029 | (a) | |||||
Neogen Corp. | 1,059 | 58,838 | (a) | |||||
OraSure Technologies Inc. | 2,591 | 10,053 | (a) | |||||
Quidel Corp. | 1,274 | 32,525 | (a) | |||||
Rochester Medical Corp. | 475 | 6,997 | (a) | |||||
RTI Biologics Inc. | 2,636 | 9,911 | (a) | |||||
Spectranetics Corp. | 1,882 | 35,156 | (a) | |||||
Staar Surgical Co. | 1,828 | 18,554 | (a) | |||||
TearLab Corp. | 1,001 | 10,631 | (a) | |||||
The Cooper Companies Inc. | 2,162 | 257,386 | ||||||
Utah Medical Products Inc. | 185 | 10,046 | ||||||
Vascular Solutions Inc. | 716 | 10,532 | (a) | |||||
West Pharmaceutical Services Inc. | 1,548 | 108,762 | ||||||
1,439,539 | ||||||||
Healthcare Technology—0.1% | ||||||||
Allscripts Healthcare Solutions Inc. | 7,593 | 98,253 | (a) | |||||
athenahealth Inc. | 1,596 | 135,213 | (a) | |||||
Cerner Corp. | 11,064 | 1,063,140 | (a) | |||||
Computer Programs & Systems Inc. | 487 | 23,931 | ||||||
Greenway Medical Technologies | 802 | 9,897 | (a) | |||||
HealthStream Inc. | 890 | 22,535 | (a) | |||||
HMS Holdings Corp. | 7,807 | 181,903 | (a) | |||||
MedAssets Inc. | 2,673 | 47,419 | (a) | |||||
Medidata Solutions Inc. | 1,174 | 90,926 | (a) | |||||
Merge Healthcare Inc. | 2,971 | 10,696 | (a) | |||||
Omnicell Inc. | 1,529 | 31,421 | (a) | |||||
Quality Systems Inc. | 1,870 | 34,988 | ||||||
Vocera Communications Inc. | 798 | 11,731 | (a) | |||||
1,762,053 | ||||||||
Heavy Electrical Equipment—0.0%* | ||||||||
AZZ Inc. | 1,169 | 45,077 | ||||||
Capstone Turbine Corp. | 13,924 | 16,291 | (a) | |||||
Global Power Equipment Group Inc. | 790 | 12,735 | ||||||
PowerSecure International Inc. | 774 | 11,633 | (a) | |||||
85,736 | ||||||||
Home Building—0.1% | ||||||||
Beazer Homes USA Inc. | 1,218 | 21,339 | (a) | |||||
Cavco Industries Inc. | 319 | 16,094 | (a) | |||||
DR Horton Inc. | 21,390 | 455,179 | ||||||
Hovnanian Enterprises Inc. | 4,811 | 26,990 | (a) | |||||
KB Home | 7,256 | 142,435 | ||||||
Lennar Corp. | 12,639 | 455,510 | ||||||
M/I Homes Inc. | 1,052 | 24,154 | (a) | |||||
MDC Holdings Inc. | 3,454 | 112,290 | ||||||
Meritage Homes Corp. | 1,599 | 69,333 | (a) | |||||
NVR Inc. | 208 | 191,776 | (a) | |||||
PulteGroup Inc. | 26,038 | 493,941 | (a) | |||||
Standard Pacific Corp. | 6,512 | 54,245 | (a) |
Table of Contents
The Ryland Group Inc. | 1,984 | 79,558 | ||||||
Toll Brothers Inc. | 6,742 | 219,991 | (a) | |||||
TRI Pointe Homes Inc. | 580 | 9,616 | (a) | |||||
William Lyon Homes | 554 | 13,966 | (a) | |||||
2,386,417 | ||||||||
Home Entertainment Software—0.0%* | ||||||||
Electronic Arts Inc. | 22,971 | 527,644 | (a) | |||||
Glu Mobile Inc. | 2,887 | 6,351 | (a) | |||||
Rosetta Stone Inc. | 489 | 7,208 | (a) | |||||
Take-Two Interactive Software Inc. | 3,640 | 54,491 | (a) | |||||
595,694 | ||||||||
Home Furnishing Retail—0.1% | ||||||||
Aaron’s Inc. | 3,099 | 86,803 | ||||||
Bed Bath & Beyond Inc. | 16,551 | 1,173,466 | (a) | |||||
Haverty Furniture Companies Inc. | 870 | 20,019 | ||||||
Kirkland’s Inc. | 636 | 10,971 | (a) | |||||
Mattress Firm Holding Corp. | 531 | 21,399 | (a) | |||||
Pier 1 Imports Inc. | 4,185 | 98,306 | ||||||
Restoration Hardware Holdings Inc. | 774 | 58,050 | (a) | |||||
Select Comfort Corp. | 2,405 | 60,269 | (a) | |||||
Williams-Sonoma Inc. | 3,881 | 216,909 | ||||||
1,746,192 | ||||||||
Home Furnishings—0.0%* | ||||||||
Bassett Furniture Industries Inc. | 529 | 8,215 | ||||||
Ethan Allen Interiors Inc. | 1,142 | 32,890 | ||||||
Flexsteel Industries Inc. | 169 | 4,120 | ||||||
Hooker Furniture Corp. | 463 | 7,528 | ||||||
La-Z-Boy Inc. | 2,426 | 49,175 | ||||||
Leggett & Platt Inc. | 10,852 | 337,389 | ||||||
Mohawk Industries Inc. | 2,669 | 300,236 | (a) | |||||
Tempur-Pedic International Inc. | 2,669 | 117,169 | (a) | |||||
856,722 | ||||||||
Home Improvement Retail—0.4% | ||||||||
Lowe’s Companies Inc. | 81,219 | 3,321,857 | ||||||
Lumber Liquidators Holdings Inc. | 1,209 | 94,145 | (a) | |||||
Sears Hometown and Outlet Stores Inc. | 379 | 16,570 | (a) | |||||
The Home Depot Inc. | 110,642 | 8,571,436 | ||||||
Tile Shop Holdings Inc. | 764 | 22,125 | (a) | |||||
12,026,133 | ||||||||
Hotels, Resorts & Cruise Lines—0.1% | ||||||||
Carnival Corp. | 33,577 | 1,151,355 | ||||||
Interval Leisure Group Inc. | 1,791 | 35,677 | ||||||
Marcus Corp. | 919 | 11,690 | ||||||
Marriott International Inc. | 18,135 | 732,110 | ||||||
Marriott Vacations Worldwide Corp. | 1,228 | 53,099 | (a) | |||||
Morgans Hotel Group Co. | 1,116 | 8,995 | (a) | |||||
Orient-Express Hotels Ltd. | 4,074 | 49,540 | (a) | |||||
Starwood Hotels & Resorts Worldwide Inc. | 14,792 | 934,706 | ||||||
Wyndham Worldwide Corp. | 10,286 | 588,668 | ||||||
3,565,840 |
Table of Contents
Household Appliances—0.0%* | ||||||||
Helen of Troy Ltd. | 1,434 | 55,023 | (a) | |||||
iRobot Corp. | 1,276 | 50,747 | (a) | |||||
NACCO Industries Inc. | 262 | 15,007 | ||||||
Whirlpool Corp. | 6,010 | 687,304 | ||||||
808,081 | ||||||||
Household Products—0.9% | ||||||||
Central Garden and Pet Co. | 1,814 | 12,517 | (a) | |||||
Church & Dwight Company Inc. | 6,168 | 380,627 | ||||||
Colgate-Palmolive Co. | 66,441 | 3,806,405 | ||||||
Energizer Holdings Inc. | 2,725 | 273,890 | ||||||
Harbinger Group Inc. | 1,300 | 9,802 | (a) | |||||
Kimberly-Clark Corp. | 29,127 | 2,829,397 | ||||||
Oil-Dri Corp of America | 199 | 5,467 | ||||||
Orchids Paper Products Co. | 206 | 5,407 | ||||||
Spectrum Brands Holdings Inc. | 947 | 53,856 | ||||||
The Clorox Co. | 10,017 | 832,813 | ||||||
The Procter & Gamble Co. | 207,604 | 15,983,432 | ||||||
WD-40 Co. | 696 | 37,918 | ||||||
24,231,531 | ||||||||
Housewares & Specialities—0.0%* | ||||||||
EveryWare Global Inc. | 432 | 5,244 | (a) | |||||
Housewares & Specialties—0.0%* | ||||||||
American Greetings Corp. | 1,485 | 27,057 | ||||||
Blyth Inc. | 555 | 7,748 | ||||||
CSS Industries Inc. | 362 | 9,025 | ||||||
Jarden Corp. | 4,512 | 197,400 | ||||||
Libbey Inc. | 961 | 23,035 | (a) | |||||
Lifetime Brands Inc. | 415 | 5,636 | ||||||
Newell Rubbermaid Inc. | 21,924 | 575,505 | ||||||
Tupperware Brands Corp. | 2,408 | 187,078 | ||||||
1,032,484 | ||||||||
Human Resource & Employment Services—0.0%* | ||||||||
Barrett Business Services Inc. | 326 | 17,020 | ||||||
CDI Corp. | 625 | 8,850 | ||||||
GP Strategies Corp. | 648 | 15,435 | (a) | |||||
Heidrick & Struggles International Inc. | 862 | 14,413 | ||||||
Insperity Inc. | 1,042 | 31,573 | ||||||
Kelly Services Inc. | 1,199 | 20,947 | ||||||
Kforce Inc. | 1,341 | 19,579 | ||||||
Korn/Ferry International | 2,203 | 41,284 | (a) | |||||
Manpower Inc. | 3,476 | 190,485 | ||||||
On Assignment Inc. | 1,996 | 53,333 | (a) | |||||
Robert Half International Inc. | 10,577 | 351,474 | ||||||
Towers Watson & Co. | 2,472 | 202,556 | ||||||
TrueBlue Inc. | 1,874 | 39,448 | (a) | |||||
WageWorks Inc. | 1,070 | 36,862 | (a) | |||||
1,043,259 | ||||||||
Hypermarkets & Super Centers—0.5% | ||||||||
Costco Wholesale Corp. | 33,080 | 3,657,656 | ||||||
Pricesmart Inc. | 834 | 73,083 | ||||||
Wal-Mart Stores Inc. | 124,089 | 9,243,390 | ||||||
12,974,129 |
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Independent Power Producers & Energy Traders—0.0%* | ||||||||
AES Corp. | 46,567 | 558,338 | ||||||
Atlantic Power Corp. | 5,334 | 21,016 | ||||||
Dynegy Inc. | 4,386 | 98,904 | (a) | |||||
Genie Energy Ltd. | 802 | 7,338 | ||||||
NRG Energy Inc. | 24,345 | 650,012 | ||||||
Ormat Technologies Inc. | 849 | 19,968 | ||||||
1,355,576 | ||||||||
Industrial Conglomerates—0.9% | ||||||||
3M Co. | 48,100 | 5,259,735 | ||||||
Carlisle Companies Inc. | 2,778 | 173,097 | ||||||
Danaher Corp. | 44,080 | 2,790,264 | ||||||
General Electric Co. | 783,188 | 18,162,130 | (i) | |||||
Raven Industries Inc. | 1,647 | 49,377 | ||||||
26,434,603 | ||||||||
Industrial Gases—0.2% | ||||||||
Air Products & Chemicals Inc. | 15,796 | 1,446,440 | ||||||
Airgas Inc. | 4,988 | 476,154 | ||||||
Praxair Inc. | 22,382 | 2,577,511 | ||||||
4,500,105 | ||||||||
Industrial Machinery—0.5% | ||||||||
Actuant Corp. | 3,190 | 105,174 | ||||||
Albany International Corp. | 1,262 | 41,621 | ||||||
Altra Holdings Inc. | 1,255 | 34,362 | ||||||
Ampco-Pittsburgh Corp. | 386 | 7,245 | ||||||
Barnes Group Inc. | 2,294 | 68,797 | ||||||
Blount International Inc. | 2,261 | 26,725 | (a) | |||||
Briggs & Stratton Corp. | 2,009 | 39,778 | ||||||
Chart Industries Inc. | 1,324 | 124,575 | (a) | |||||
CIRCOR International Inc. | 797 | 40,535 | ||||||
CLARCOR Inc. | 4,284 | 223,668 | ||||||
Columbus McKinnon Corp. | 880 | 18,762 | (a) | |||||
Crane Co. | 2,110 | 126,431 | ||||||
Donaldson Company Inc. | 5,892 | 210,109 | ||||||
Dover Corp. | 12,955 | 1,006,085 | ||||||
Dynamic Materials Corp. | 643 | 10,616 | ||||||
Energy Recovery Inc. | 2,110 | 8,714 | (a) | |||||
EnPro Industries Inc. | 932 | 47,308 | (a) | |||||
ESCO Technologies Inc. | 1,224 | 39,633 | ||||||
Flow International Corp. | 2,323 | 8,572 | (a) | |||||
Flowserve Corp. | 10,872 | 587,197 | ||||||
Gardner Denver Inc. | 2,183 | 164,118 | ||||||
Global Brass & Copper Holdings Inc. | 380 | 5,031 | (a) | |||||
Graco Inc. | 2,692 | 170,161 | ||||||
Graham Corp. | 470 | 14,114 | ||||||
Hardinge Inc. | 535 | 7,907 | ||||||
Harsco Corp. | 3,670 | 85,107 | ||||||
Hurco Companies Inc. | 266 | 7,653 | ||||||
Hyster-Yale Materials Handling Inc. | 502 | 31,521 | ||||||
IDEX Corp. | 3,648 | 196,299 | ||||||
Illinois Tool Works Inc. | 31,386 | 2,170,970 | ||||||
Ingersoll-Rand PLC | 21,062 | 1,169,362 | ||||||
ITT Corp. | 4,148 | 121,993 |
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John Bean Technologies Corp. | 1,337 | 28,090 | ||||||
Kadant Inc. | 527 | 15,900 | ||||||
Kaydon Corp. | 1,478 | 40,719 | ||||||
Kennametal Inc. | 3,533 | 137,186 | ||||||
LB Foster Co. | 415 | 17,916 | ||||||
Lincoln Electric Holdings Inc. | 3,674 | 210,410 | ||||||
Lydall Inc. | 781 | 11,403 | (a) | |||||
Met-Pro Corp. | 682 | 9,166 | ||||||
Middleby Corp. | 821 | 139,644 | (a) | |||||
Mueller Industries Inc. | 1,177 | 59,356 | ||||||
Mueller Water Products Inc. | 6,686 | 46,200 | ||||||
NN Inc. | 827 | 9,436 | ||||||
Nordson Corp. | 2,527 | 175,146 | ||||||
Omega Flex Inc. | 130 | 1,933 | ||||||
Pall Corp. | 8,500 | 564,655 | ||||||
Parker Hannifin Corp. | 11,274 | 1,075,540 | ||||||
Pentair Ltd. | 15,414 | 889,234 | ||||||
PMFG Inc. | 1,033 | 7,148 | (a) | |||||
Proto Labs Inc. | 762 | 49,507 | (a) | |||||
RBC Bearings Inc. | 997 | 51,794 | (a) | |||||
Rexnord Corp. | 1,348 | 22,714 | (a) | |||||
Snap-on Inc. | 4,461 | 398,724 | ||||||
SPX Corp. | 2,097 | 150,942 | ||||||
Standex International Corp. | 582 | 30,701 | ||||||
Stanley Black & Decker Inc. | 12,270 | 948,471 | ||||||
Sun Hydraulics Corp. | 971 | 30,373 | ||||||
Tecumseh Products Co. | 518 | 5,662 | (a) | |||||
Tennant Co. | 776 | 37,458 | ||||||
The ExOne Co. | 252 | 15,553 | (a) | |||||
The Gorman-Rupp Co. | 685 | 21,810 | ||||||
Timken Co. | 3,566 | 200,694 | ||||||
Trimas Corp. | 1,696 | 63,227 | (a) | |||||
Valmont Industries Inc. | 1,036 | 148,241 | ||||||
Watts Water Technologies Inc. | 1,301 | 58,987 | ||||||
Woodward Inc. | 5,600 | 224,000 | ||||||
Xerium Technologies Inc. | 518 | 5,273 | (a) | |||||
Xylem Inc. | 13,891 | 374,224 | ||||||
13,197,580 | ||||||||
Industrial REITs—0.1% | ||||||||
DCT Industrial Trust Inc. | 12,804 | 91,549 | ||||||
EastGroup Properties Inc. | 1,330 | 74,839 | ||||||
First Industrial Realty Trust Inc. | 4,673 | 70,889 | ||||||
Monmouth Real Estate Investment Corp. | 1,901 | 18,763 | ||||||
Prologis Inc. | 37,748 | 1,423,855 | ||||||
STAG Industrial Inc. | 1,914 | 38,184 | ||||||
Terreno Realty Corp. | 955 | 17,696 | ||||||
1,735,775 | ||||||||
Insurance Brokers—0.1% | ||||||||
Aon PLC | 23,395 | 1,505,468 | ||||||
Arthur J Gallagher & Co. | 5,600 | 244,664 | ||||||
Brown & Brown Inc. | 5,275 | 170,066 | ||||||
Crawford & Co. | 1,386 | 7,789 |
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eHealth Inc. | 930 | 21,130 | (a) | |||||
Marsh & McLennan Companies Inc. | 41,703 | 1,664,784 | ||||||
National Financial Partners Corp. | 1,730 | 43,786 | (a) | |||||
3,657,687 | ||||||||
Integrated Oil & Gas—2.0% | ||||||||
Chevron Corp. | 146,870 | 17,380,596 | ||||||
Exxon Mobil Corp. | 336,784 | 30,428,434 | ||||||
Hess Corp. | 22,629 | 1,504,602 | ||||||
Murphy Oil Corp. | 13,692 | 833,706 | ||||||
Occidental Petroleum Corp. | 61,028 | 5,445,528 | ||||||
55,592,866 | ||||||||
Integrated Telecommunication Services—1.0% | ||||||||
AT&T Inc. | 407,493 | 14,425,252 | ||||||
Atlantic Tele-Network Inc. | 395 | 19,616 | ||||||
Cbeyond Inc. | 1,428 | 11,196 | (a) | |||||
CenturyLink Inc. | 46,120 | 1,630,342 | ||||||
Cincinnati Bell Inc. | 9,050 | 27,693 | (a) | |||||
Consolidated Communications Holdings Inc. | 1,762 | 30,676 | ||||||
Fairpoint Communications Inc. | 1,146 | 9,569 | (a) | |||||
Frontier Communications Corp. | 75,608 | 306,212 | ||||||
General Communication Inc. | 1,228 | 9,615 | (a) | |||||
Hawaiian Telcom Holdco Inc. | 523 | 13,159 | (a) | |||||
HickoryTech Corp. | 768 | 8,164 | ||||||
IDT Corp. | 666 | 12,448 | ||||||
Primus Telecommunications Group Inc. | 480 | 5,731 | ||||||
Verizon Communications Inc. | 216,722 | 10,909,785 | ||||||
Windstream Corp. | 45,148 | 348,091 | ||||||
27,767,549 | ||||||||
Internet Retail—0.5% | ||||||||
1-800-Flowers.com Inc. | 1,180 | 7,304 | (a) | |||||
Amazon.com Inc. | 27,588 | 7,660,912 | (a) | |||||
Blue Nile Inc. | 568 | 21,459 | (a) | |||||
Expedia Inc. | 7,143 | 429,651 | ||||||
Netflix Inc. | 4,276 | 902,621 | (a) | |||||
Nutrisystem Inc. | 1,337 | 15,750 | ||||||
Orbitz Worldwide Inc. | 1,332 | 10,696 | (a) | |||||
Overstock.com Inc. | 558 | 15,736 | (a) | |||||
PetMed Express Inc. | 911 | 11,479 | ||||||
priceline.com Inc. | 3,907 | 3,231,597 | (a) | |||||
Shutterfly Inc. | 1,650 | 92,054 | (a) | |||||
TripAdvisor Inc. | 8,418 | 512,404 | (a) | |||||
Vitacost.com Inc. | 979 | 8,273 | (a) | |||||
12,919,936 | ||||||||
Internet Software & Services—1.0% | ||||||||
Akamai Technologies Inc. | 13,398 | 570,085 | (a) | |||||
Angie’s List Inc. | 1,884 | 50,020 | (a) | |||||
AOL Inc. | 3,321 | 121,150 | ||||||
Bankrate Inc. | 2,194 | 31,506 | (a) | |||||
Bazaarvoice Inc. | 1,837 | 17,305 | (a) | |||||
Blucora Inc. | 1,842 | 34,151 | (a) | |||||
Brightcove Inc. | 978 | 8,567 | (a) | |||||
Carbonite Inc. | 511 | 6,331 | (a) | |||||
ChannelAdvisor Corp. | 336 | 5,285 | (a) | |||||
comScore Inc. | 1,623 | 39,585 | (a) |
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Constant Contact Inc. | 1,439 | 23,125 | (a) | |||||
Cornerstone OnDemand Inc. | 1,780 | 77,056 | (a) | |||||
CoStar Group Inc. | 1,248 | 161,079 | (a) | |||||
Dealertrack Technologies Inc. | 1,938 | 68,663 | (a) | |||||
Demand Media Inc. | 1,391 | 8,346 | (a) | |||||
Demandware Inc. | 699 | 29,645 | (a) | |||||
Dice Holdings Inc. | 1,992 | 18,346 | (a) | |||||
Digital River Inc. | 1,661 | 31,177 | (a) | |||||
E2open Inc. | 552 | 9,660 | (a) | |||||
EarthLink Inc. | 4,779 | 29,678 | ||||||
eBay Inc. | 88,478 | 4,576,082 | (a) | |||||
eGain Corp. | 588 | 5,657 | (a) | |||||
Envestnet Inc. | 971 | 23,887 | (a) | |||||
Equinix Inc. | 2,192 | 404,906 | (a) | |||||
ExactTarget Inc. | 1,837 | 61,944 | (a) | |||||
Global Eagle Entertainment Inc. | 773 | 7,776 | (a) | |||||
Google Inc. | 20,356 | 17,920,812 | (a) | |||||
Guidewire Software Inc. | 1,844 | 77,540 | (a) | |||||
Internap Network Services Corp. | 2,437 | 20,154 | (a) | |||||
IntraLinks Holdings Inc. | 1,734 | 12,589 | (a) | |||||
j2 Global Inc. | 2,020 | 85,870 | ||||||
Keynote Systems Inc. | 718 | 14,188 | ||||||
Limelight Networks Inc. | 2,946 | 6,628 | (a) | |||||
Liquidity Services Inc. | 1,085 | 37,617 | (a) | |||||
LivePerson Inc. | 2,539 | 22,737 | (a) | |||||
LogMeIn Inc. | 1,029 | 25,169 | (a) | |||||
Marchex Inc. | 1,121 | 6,748 | ||||||
Marin Software Inc. | 492 | 5,038 | (a) | |||||
Market Leader Inc. | 1,039 | 11,117 | (a) | |||||
Marketo Inc. | 255 | 6,342 | (a) | |||||
Millennial Media Inc. | 1,368 | 11,915 | (a) | |||||
Monster Worldwide Inc. | 9,636 | 47,313 | (a) | |||||
Move Inc. | 1,771 | 22,704 | (a) | |||||
NIC Inc. | 2,985 | 49,342 | ||||||
OpenTable Inc. | 1,036 | 66,252 | (a) | |||||
Perficient Inc. | 1,445 | 19,276 | (a) | |||||
QuinStreet Inc. | 1,487 | 12,833 | (a) | |||||
Rackspace Hosting Inc. | 4,926 | 186,646 | (a) | |||||
RealNetworks Inc. | 992 | 7,500 | (a) | |||||
Reis Inc. | 271 | 5,011 | (a) | |||||
Responsys Inc. | 1,702 | 24,356 | (a) | |||||
SciQuest Inc. | 997 | 24,975 | (a) | |||||
Shutterstock Inc. | 348 | 19,411 | (a) | |||||
Spark Networks Inc. | 539 | 4,555 | (a) | |||||
SPS Commerce Inc. | 648 | 35,640 | (a) | |||||
Stamps.com Inc. | 614 | 24,185 | (a) | |||||
support.com Inc. | 2,323 | 10,616 | (a) | |||||
TechTarget Inc. | 776 | 3,469 | (a) | |||||
The Active Network Inc. | 2,596 | 19,652 | (a) | |||||
Travelzoo Inc. | 344 | 9,377 | (a) | |||||
Trulia Inc. | 1,050 | 32,645 | (a) | |||||
United Online Inc. | 4,199 | 31,828 | ||||||
Unwired Planet Inc. | 1,866 | 3,639 | (a) | |||||
ValueClick Inc. | 6,668 | 164,566 | (a) | |||||
VeriSign Inc. | 11,463 | 511,938 | (a) | |||||
VistaPrint N.V. | 1,424 | 70,303 | (a) |
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Vocus Inc. | 965 | 10,152 | (a) | |||||
Web.com Group Inc. | 1,829 | 46,822 | (a) | |||||
WebMD Health Corp. | 1,495 | 43,908 | (a) | |||||
XO Group Inc. | 1,158 | 12,970 | (a) | |||||
Xoom Corp. | 218 | 4,997 | (a) | |||||
Yahoo! Inc. | 72,146 | 1,811,586 | (a) | |||||
Yelp Inc. | 1,297 | 45,097 | (a) | |||||
Zillow Inc. | 914 | 51,458 | (a) | |||||
Zix Corp. | 2,687 | 11,366 | (a) | |||||
28,131,864 | ||||||||
Investment Banking & Brokerage—0.4% | ||||||||
BGC Partners Inc. | 5,793 | 34,121 | ||||||
Cowen Group Inc. | 4,247 | 12,316 | (a) | |||||
E*TRADE Financial Corp. | 21,434 | 271,354 | (a) | |||||
Evercore Partners Inc. | 1,356 | 53,264 | ||||||
FBR & Co. | 478 | 12,074 | (a) | |||||
FXCM Inc. | 1,563 | 25,649 | ||||||
GFI Group Inc. | 3,623 | 14,166 | ||||||
Greenhill & Company Inc. | 2,441 | 111,651 | ||||||
INTL. FCStone Inc. | 605 | 10,557 | (a) | |||||
Investment Technology Group Inc. | 1,495 | 20,900 | (a) | |||||
Knight Capital Group Inc. | 8,543 | 30,669 | (a) | |||||
Ladenburg Thalmann Financial Services Inc. | 5,955 | 9,826 | (a) | |||||
Morgan Stanley | 104,126 | 2,543,798 | ||||||
Oppenheimer Holdings Inc. | 481 | 9,158 | ||||||
Piper Jaffray Co. | 718 | 22,696 | (a) | |||||
Raymond James Financial Inc. | 4,964 | 213,353 | ||||||
Stifel Financial Corp. | 2,847 | 101,552 | (a) | |||||
SWS Group Inc. | 1,449 | 7,897 | (a) | |||||
The Charles Schwab Corp. | 83,549 | 1,773,745 | ||||||
The Goldman Sachs Group Inc. | 32,643 | 4,937,254 | ||||||
10,216,000 | ||||||||
IT Consulting & Other Services—0.8% | ||||||||
Accenture PLC | 49,245 | 3,543,670 | ||||||
Acxiom Corp. | 6,596 | 149,597 | (a) | |||||
CACI International Inc. | 1,032 | 65,522 | (a) | |||||
CIBER Inc. | 3,398 | 11,349 | (a) | |||||
Cognizant Technology Solutions Corp. | 22,808 | 1,428,009 | (a) | |||||
Computer Task Group Inc. | 692 | 15,895 | ||||||
EPAM Systems Inc. | 914 | 24,843 | (a) | |||||
Forrester Research Inc. | 613 | 22,491 | ||||||
Gartner Inc. | 4,174 | 237,876 | (a) | |||||
iGATE Corp. | 1,460 | 23,973 | (a) | |||||
International Business Machines Corp. | 78,944 | 15,086,988 | ||||||
Lionbridge Technologies Inc. | 2,652 | 7,691 | (a) | |||||
ManTech International Corp. | 1,972 | 51,509 | ||||||
SAIC Inc. | 21,523 | 299,815 | ||||||
Sapient Corp. | 4,754 | �� | 62,087 | (a) | ||||
ServiceSource International Inc. | 2,937 | 27,373 | (a) | |||||
Teradata Corp. | 12,329 | 619,286 | (a) | |||||
The Hackett Group Inc. | 1,197 | 6,212 | ||||||
Unisys Corp. | 2,069 | 45,663 | (a) | |||||
Virtusa Corp. | 837 | 18,548 | (a) | |||||
21,748,397 |
Table of Contents
Leisure Facilities—0.0%* | ||||||||
International Speedway Corp. | 2,282 | 71,815 | ||||||
Life Time Fitness Inc. | 3,655 | 183,152 | (a) | |||||
Speedway Motorsports Inc. | 512 | 8,909 | ||||||
Town Sports International Holdings Inc. | 1,073 | 11,556 | ||||||
Vail Resorts Inc. | 1,580 | 97,202 | ||||||
372,634 | ||||||||
Leisure Products—0.1% | ||||||||
Arctic Cat Inc. | 592 | 26,628 | ||||||
Black Diamond Inc. | 836 | 7,858 | (a) | |||||
Brunswick Corp. | 4,036 | 128,950 | ||||||
Callaway Golf Co. | 3,022 | 19,885 | ||||||
Hasbro Inc. | 8,730 | 391,366 | ||||||
JAKKS Pacific Inc. | 971 | 10,924 | ||||||
Johnson Outdoors Inc. | 212 | 5,279 | (a) | |||||
LeapFrog Enterprises Inc. | 2,917 | 28,703 | (a) | |||||
Marine Products Corp. | 446 | 3,577 | ||||||
Mattel Inc. | 26,261 | 1,189,886 | ||||||
Nautilus Inc. | 1,254 | 10,897 | (a) | |||||
Polaris Industries Inc. | 2,889 | 274,455 | ||||||
Smith & Wesson Holding Corp. | 3,075 | 30,688 | (a) | |||||
Steinway Musical Instruments Inc. | 263 | 8,003 | (a) | |||||
Sturm Ruger & Company Inc. | 895 | 42,996 | ||||||
2,180,095 | ||||||||
Life & Health Insurance—0.4% | ||||||||
Aflac Inc. | 35,348 | 2,054,426 | ||||||
American Equity Investment Life Holding Co. | 2,709 | 42,531 | ||||||
Citizens Inc. | 2,082 | 12,450 | (a) | |||||
CNO Financial Group Inc. | 9,737 | 126,192 | ||||||
FBL Financial Group Inc. | 388 | 16,882 | ||||||
Independence Holding Co. | 562 | 6,643 | ||||||
Kansas City Life Insurance Co. | 108 | 4,133 | ||||||
Lincoln National Corp. | 20,215 | 737,241 | ||||||
MetLife Inc. | 82,950 | 3,795,792 | ||||||
National Western Life Insurance Co. | 107 | 20,314 | ||||||
Primerica Inc. | 4,646 | 173,946 | ||||||
Principal Financial Group Inc. | 20,843 | 780,570 | ||||||
Protective Life Corp. | 3,540 | 135,971 | ||||||
Prudential Financial Inc. | 35,303 | 2,578,178 | ||||||
StanCorp Financial Group Inc. | 1,953 | 96,498 | ||||||
Symetra Financial Corp. | 3,411 | 54,542 | ||||||
The Phoenix Companies Inc. | 206 | 8,858 | (a) | |||||
Torchmark Corp. | 7,014 | 456,892 | ||||||
Unum Group | 20,301 | 596,240 | ||||||
11,698,299 | ||||||||
Life Sciences Tools & Services—0.2% | ||||||||
Accelr8 Technology Corp. | 654 | 5,310 | (a) | |||||
Affymetrix Inc. | 3,441 | 15,278 | (a) | |||||
Agilent Technologies Inc. | 26,000 | 1,111,760 | ||||||
Albany Molecular Research Inc. | 892 | 10,588 | (a) | |||||
Bio-Rad Laboratories Inc. | 867 | 97,277 | (a) | |||||
Cambrex Corp. | 1,409 | 19,684 | (a) | |||||
Charles River Laboratories International Inc. | 2,232 | 91,579 | (a) | |||||
Covance Inc. | 2,451 | 186,619 | (a) |
Table of Contents
Fluidigm Corp. | 1,099 | 19,189 | (a) | |||||
Furiex Pharmaceuticals Inc. | 318 | 10,834 | (a) | |||||
Harvard Bioscience Inc. | 1,121 | 5,302 | (a) | |||||
Life Technologies Corp. | 13,005 | 962,500 | (a) | |||||
Luminex Corp. | 1,490 | 30,709 | (a) | |||||
Mettler-Toledo International Inc. | 1,364 | 274,437 | (a) | |||||
NeoGenomics Inc. | 1,263 | 5,027 | (a) | |||||
Pacific Biosciences of California Inc. | 1,998 | 5,035 | (a) | |||||
PAREXEL International Corp. | 2,563 | 117,744 | (a) | |||||
PerkinElmer Inc. | 8,326 | 270,595 | ||||||
Sequenom Inc. | 5,457 | 22,974 | (a) | |||||
Techne Corp. | 1,528 | 105,554 | ||||||
Thermo Fisher Scientific Inc. | 27,192 | 2,301,259 | ||||||
Waters Corp. | 6,470 | 647,324 | (a) | |||||
6,316,578 | ||||||||
Managed Healthcare—0.4% | ||||||||
Aetna Inc. | 28,580 | 1,815,973 | ||||||
Centene Corp. | 2,388 | 125,274 | (a) | |||||
Cigna Corp. | 21,612 | 1,566,654 | ||||||
Health Net Inc. | 3,558 | 113,216 | (a) | |||||
Humana Inc. | 11,970 | 1,010,029 | ||||||
Magellan Health Services Inc. | 1,148 | 64,380 | (a) | |||||
Molina Healthcare Inc. | 1,237 | 45,992 | (a) | |||||
Triple-S Management Corp. | 1,085 | 23,295 | (a) | |||||
UnitedHealth Group Inc. | 77,253 | 5,058,526 | ||||||
Universal American Corp. | 1,794 | 15,949 | ||||||
WellCare Health Plans Inc. | 3,815 | 211,924 | (a) | |||||
WellPoint Inc. | 22,746 | 1,861,533 | ||||||
11,912,745 | ||||||||
Marine—0.0%* | ||||||||
International Shipholding Corp. | 162 | 3,779 | ||||||
Kirby Corp. | 2,469 | 196,384 | (a) | |||||
Matson Inc. | 3,749 | 93,725 | ||||||
Ultrapetrol Bahamas Ltd. | 1,743 | 4,968 | (a) | |||||
298,856 | ||||||||
Metal & Glass Containers—0.0%* | ||||||||
AEP Industries Inc. | 178 | 13,241 | (a) | |||||
Aptargroup Inc. | 2,887 | 159,391 | ||||||
Ball Corp. | 11,209 | 465,622 | ||||||
Berry Plastics Group Inc. | 2,370 | 52,306 | (a) | |||||
Greif Inc. | 1,338 | 70,472 | ||||||
Myers Industries Inc. | 1,070 | 16,061 | ||||||
Owens-Illinois Inc. | 12,496 | 347,264 | (a) | |||||
Silgan Holdings Inc. | 2,010 | 94,390 | ||||||
1,218,747 | ||||||||
Mortgage REITs—0.0%* | ||||||||
AG Mortgage Investment Trust Inc. | 1,552 | 29,193 | ||||||
American Capital Mortgage Investment Corp. | 2,716 | 48,807 | ||||||
Anworth Mortgage Asset Corp. | 6,787 | 38,007 | ||||||
Apollo Commercial Real Estate Finance Inc. | 1,759 | 27,933 | ||||||
Apollo Residential Mortgage Inc. | 1,198 | 19,743 | ||||||
Ares Commercial Real Estate Corp. | 342 | 4,381 | ||||||
ARMOUR Residential REIT Inc. | 16,662 | 78,478 | ||||||
Capstead Mortgage Corp. | 4,346 | 52,587 |
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Colony Financial Inc. | 2,969 | 59,053 | ||||||
CYS Investments Inc. | 7,693 | 70,853 | ||||||
Ellington Residential Mortgage REIT | 291 | 5,194 | ||||||
Gramercy Property Trust Inc. | 2,686 | 12,087 | (a) | |||||
Invesco Mortgage Capital Inc. | 6,190 | 102,506 | ||||||
iStar Financial Inc. | 3,601 | 40,655 | (a) | |||||
JAVELIN Mortgage Investment Corp. | 727 | 10,243 | ||||||
New Residential Investment Corp. | 11,062 | 74,558 | ||||||
New York Mortgage Trust Inc. | 2,660 | 18,008 | ||||||
NorthStar Realty Finance Corp. | 9,028 | 82,155 | ||||||
PennyMac Mortgage Investment Trust | 2,703 | 56,898 | ||||||
Redwood Trust Inc. | 3,794 | 64,498 | ||||||
Resource Capital Corp. | 5,835 | 35,885 | ||||||
Western Asset Mortgage Capital Corp. | 1,197 | 20,900 | ||||||
ZAIS Financial Corp. | 278 | 5,051 | ||||||
957,673 | ||||||||
Motorcycle Manufacturers—0.0%* | ||||||||
Harley-Davidson Inc. | 16,906 | 926,787 | ||||||
Movies & Entertainment—0.7% | ||||||||
Carmike Cinemas Inc. | 866 | 16,766 | (a) | |||||
Cinemark Holdings Inc. | 4,677 | 130,582 | ||||||
DreamWorks Animation SKG Inc. | 3,155 | 80,957 | (a) | |||||
Live Nation Entertainment Inc. | 6,114 | 94,767 | (a) | |||||
Reading International Inc. | 655 | 4,166 | (a) | |||||
Rentrak Corp. | 425 | 8,530 | (a) | |||||
The Walt Disney Co. | 136,419 | 8,614,860 | ||||||
Time Warner Inc. | 70,636 | 4,084,174 | ||||||
Twenty-First Century Fox Inc. | 150,756 | 4,914,646 | ||||||
Viacom Inc. | 33,785 | 2,299,069 | ||||||
World Wrestling Entertainment Inc. | 1,198 | 12,351 | ||||||
20,260,868 | ||||||||
Multi-Line Insurance—0.3% | ||||||||
American Financial Group Inc. | 3,416 | 167,077 | ||||||
American International Group Inc. | 111,834 | 4,998,980 | (a) | |||||
Assurant Inc. | 5,726 | 291,511 | ||||||
Eastern Insurance Holdings Inc. | 403 | 7,556 | ||||||
Fortegra Financial Corp. | 285 | 1,958 | (a) | |||||
Genworth Financial Inc. | 37,679 | 429,917 | (a) | |||||
Hartford Financial Services Group Inc. | 34,545 | 1,068,131 | ||||||
HCC Insurance Holdings Inc. | 4,569 | 196,970 | ||||||
Horace Mann Educators Corp. | 1,820 | 44,372 | ||||||
Kemper Corp. | 2,501 | 85,659 | ||||||
Loews Corp. | 23,178 | 1,029,103 | ||||||
8,321,234 | ||||||||
Multi-Sector Holdings—0.0%* | ||||||||
Leucadia National Corp. | 22,491 | 589,714 | ||||||
PICO Holdings Inc. | 1,093 | 22,909 | (a) | |||||
612,623 | ||||||||
Multi-Utilities—0.5% | ||||||||
Alliant Energy Corp. | 4,903 | 247,209 | ||||||
Ameren Corp. | 18,276 | 629,425 | ||||||
Avista Corp. | 2,729 | 73,738 | ||||||
Black Hills Corp. | 3,937 | 191,928 | ||||||
CenterPoint Energy Inc. | 32,301 | 758,750 |
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CMS Energy Corp. | 20,265 | 550,600 | ||||||
Consolidated Edison Inc. | 22,136 | 1,290,750 | ||||||
Dominion Resources Inc. | 43,763 | 2,486,614 | ||||||
DTE Energy Co. | 13,191 | 883,929 | ||||||
Integrys Energy Group Inc. | 5,978 | 349,892 | ||||||
MDU Resources Group Inc. | 8,370 | 216,867 | ||||||
NiSource Inc. | 23,811 | 681,947 | ||||||
NorthWestern Corp. | 1,688 | 67,351 | ||||||
PG&E Corp. | 33,501 | 1,532,001 | ||||||
Public Service Enterprise Group Inc. | 38,240 | 1,248,918 | ||||||
SCANA Corp. | 10,651 | 522,964 | ||||||
Sempra Energy | 17,100 | 1,398,096 | ||||||
TECO Energy Inc. | 15,295 | 262,921 | ||||||
Vectren Corp. | 3,606 | 121,991 | ||||||
Wisconsin Energy Corp. | 17,284 | 708,471 | ||||||
14,224,362 | ||||||||
Office Electronics—0.0%* | ||||||||
Xerox Corp. | 93,567 | 848,653 | ||||||
Zebra Technologies Corp. | 2,230 | 96,871 | (a) | |||||
945,524 | ||||||||
Office REITs—0.1% | ||||||||
Alexandria Real Estate Equities Inc. | 3,198 | 210,173 | ||||||
BioMed Realty Trust Inc. | 8,312 | 168,152 | ||||||
Boston Properties Inc. | 11,461 | 1,208,792 | ||||||
Coresite Realty Corp. | 955 | 30,379 | ||||||
Corporate Office Properties Trust | 3,911 | 99,731 | ||||||
CyrusOne Inc. | 752 | 15,596 | ||||||
DuPont Fabros Technology Inc. | 2,692 | 65,012 | ||||||
Franklin Street Properties Corp. | 3,901 | 51,493 | ||||||
Government Properties Income Trust | 2,413 | 60,856 | ||||||
Highwoods Properties Inc. | 7,278 | 259,169 | ||||||
Hudson Pacific Properties Inc. | 1,887 | 40,155 | ||||||
Kilroy Realty Corp. | 3,410 | 180,764 | ||||||
Mack-Cali Realty Corp. | 3,821 | 93,576 | ||||||
MPG Office Trust Inc. | 2,305 | 7,238 | (a) | |||||
Parkway Properties Inc. | 1,797 | 30,118 | ||||||
SL Green Realty Corp. | 4,024 | 354,877 | ||||||
2,876,081 | ||||||||
Office Services & Supplies—0.0%* | ||||||||
ACCO Brands Corp. | 5,316 | 33,810 | (a) | |||||
ARC Document Solutions Inc. | 1,991 | 7,964 | (a) | |||||
AT Cross Co. | 408 | 6,916 | (a) | |||||
Avery Dennison Corp. | 7,585 | 324,335 | ||||||
Herman Miller Inc. | 5,110 | 138,327 | ||||||
HNI Corp. | 3,994 | 144,064 | ||||||
Interface Inc. | 2,717 | 46,107 | ||||||
Kimball International Inc. | 1,512 | 14,682 | ||||||
Knoll Inc. | 2,192 | 31,148 | ||||||
Mine Safety Appliances Co. | 2,695 | 125,453 | ||||||
NL Industries Inc. | 305 | 3,446 | ||||||
Pitney Bowes Inc. | 15,361 | 225,499 | ||||||
Steelcase Inc. | 3,569 | 52,036 | ||||||
United Stationers Inc. | 1,846 | 61,933 | ||||||
West Corp. | 870 | 19,262 | ||||||
1,234,982 |
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Oil & Gas Drilling—0.1% | ||||||||
Atwood Oceanics Inc. | 2,583 | 134,445 | (a) | |||||
Diamond Offshore Drilling Inc. | 5,312 | 365,412 | ||||||
Ensco PLC | 17,570 | 1,021,168 | ||||||
Helmerich & Payne Inc. | 8,132 | 507,843 | ||||||
Hercules Offshore Inc. | 6,784 | 47,759 | (a) | |||||
Nabors Industries Ltd. | 22,204 | 339,943 | ||||||
Noble Corp. | 19,089 | 717,365 | ||||||
Parker Drilling Co. | 5,593 | 27,853 | (a) | |||||
Patterson-UTI Energy Inc. | 6,653 | 128,769 | ||||||
Pioneer Energy Services Corp. | 2,945 | 19,496 | (a) | |||||
Rowan Companies PLC | 9,424 | 321,076 | (a) | |||||
Unit Corp. | 1,895 | 80,689 | (a) | |||||
Vantage Drilling Co. | 8,521 | 17,383 | (a) | |||||
3,729,201 | ||||||||
Oil & Gas Equipment & Services—0.7% | ||||||||
Baker Hughes Inc. | 33,390 | 1,540,281 | ||||||
Basic Energy Services Inc. | 1,526 | 18,449 | (a) | |||||
Bolt Technology Corp. | 365 | 6,234 | ||||||
Bristow Group Inc. | 1,573 | 102,748 | ||||||
C&J Energy Services Inc. | 2,065 | 39,999 | (a) | |||||
Cal Dive International Inc. | 5,354 | 10,066 | (a) | |||||
Cameron International Corp. | 18,734 | 1,145,771 | (a) | |||||
CARBO Ceramics Inc. | 1,728 | 116,519 | ||||||
Dawson Geophysical Co. | 384 | 14,154 | (a) | |||||
Dresser-Rand Group Inc. | 3,407 | 204,352 | (a) | |||||
Dril-Quip Inc. | 1,636 | 147,714 | (a) | |||||
Era Group Inc. | 885 | 23,143 | (a) | |||||
Exterran Holdings Inc. | 2,491 | 70,047 | (a) | |||||
FMC Technologies Inc. | 17,969 | 1,000,514 | (a) | |||||
Forum Energy Technologies Inc. | 1,693 | 51,518 | (a) | |||||
Geospace Technologies Corp. | 592 | 40,895 | (a) | |||||
Global Geophysical Services Inc. | 1,033 | 4,876 | (a) | |||||
Gulf Island Fabrication Inc. | 691 | 13,233 | ||||||
Gulfmark Offshore Inc. | 1,135 | 51,177 | ||||||
Halliburton Co. | 70,641 | 2,947,143 | ||||||
Helix Energy Solutions Group Inc. | 9,250 | 213,120 | (a) | |||||
Hornbeck Offshore Services Inc. | 1,549 | 82,872 | (a) | |||||
ION Geophysical Corp. | 6,212 | 37,396 | (a) | |||||
Key Energy Services Inc. | 6,341 | 37,729 | (a) | |||||
Lufkin Industries Inc. | 1,517 | 134,209 | ||||||
Matrix Service Co. | 1,240 | 19,319 | (a) | |||||
Mitcham Industries Inc. | 594 | 9,967 | (a) | |||||
National Oilwell Varco Inc. | 32,381 | 2,231,051 | ||||||
Natural Gas Services Group Inc. | 546 | 12,826 | (a) | |||||
Newpark Resources Inc. | 3,673 | 40,366 | (a) | |||||
Nuverra Environmental Solutions Inc. | 6,821 | 19,781 | (a) | |||||
Oceaneering International Inc. | 4,815 | 347,643 | ||||||
Oil States International Inc. | 2,442 | 226,227 | (a) | |||||
PHI Inc. | 582 | 19,963 | (a) | |||||
RigNet Inc. | 515 | 13,122 | (a) | |||||
Schlumberger Ltd. | 100,704 | 7,216,449 | ||||||
SEACOR Holdings Inc. | 869 | 72,170 | ||||||
Superior Energy Services Inc. | 6,920 | 179,505 | (a) | |||||
Tesco Corp. | 1,453 | 19,252 | (a) |
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TETRA Technologies Inc. | 3,682 | 37,777 | (a) | |||||
TGC Industries Inc. | 715 | 5,877 | ||||||
Tidewater Inc. | 2,204 | 125,562 | ||||||
Willbros Group Inc. | 1,944 | 11,936 | (a) | |||||
18,662,952 | ||||||||
Oil & Gas Exploration & Production—1.0% | ||||||||
Abraxas Petroleum Corp. | 4,054 | 8,513 | (a) | |||||
Anadarko Petroleum Corp. | 37,989 | 3,264,395 | ||||||
Apache Corp. | 29,720 | 2,491,428 | ||||||
Apco Oil and Gas International Inc. | 434 | 5,004 | (a) | |||||
Approach Resources Inc. | 1,533 | 37,666 | (a) | |||||
Berry Petroleum Co. | 2,316 | 98,013 | ||||||
Bill Barrett Corp. | 4,374 | 88,442 | (a) | |||||
Bonanza Creek Energy Inc. | 1,298 | 46,027 | (a) | |||||
BPZ Resources Inc. | 4,828 | 8,642 | (a) | |||||
Cabot Oil & Gas Corp. | 15,905 | 1,129,573 | ||||||
Callon Petroleum Co. | 1,895 | 6,386 | (a) | |||||
Carrizo Oil & Gas Inc. | 1,818 | 51,504 | (a) | |||||
Chesapeake Energy Corp. | 39,360 | 802,157 | ||||||
Cimarex Energy Co. | 3,855 | 250,536 | ||||||
Clayton Williams Energy Inc. | 267 | 11,615 | (a) | |||||
Comstock Resources Inc. | 2,222 | 34,952 | ||||||
ConocoPhillips | 92,617 | 5,603,328 | ||||||
Contango Oil & Gas Co. | 563 | 19,001 | ||||||
Crimson Exploration Inc. | 1,036 | 2,922 | (a) | |||||
Denbury Resources Inc. | 28,047 | 485,774 | (a) | |||||
Devon Energy Corp. | 28,536 | 1,480,448 | ||||||
Diamondback Energy Inc. | 801 | 26,689 | (a) | |||||
Emerald Oil Inc. | 1,526 | 10,468 | (a) | |||||
Endeavour International Corp. | 2,300 | 8,832 | (a) | |||||
Energen Corp. | 3,154 | 164,828 | ||||||
Energy XXI Bermuda Ltd. | 3,423 | 75,922 | ||||||
EOG Resources Inc. | 20,612 | 2,714,188 | ||||||
EPL Oil & Gas Inc. | 1,292 | 37,933 | (a) | |||||
EQT Corp. | 11,380 | 903,231 | ||||||
Evolution Petroleum Corp. | 603 | 6,579 | (a) | |||||
EXCO Resources Inc. | 5,890 | 45,000 | ||||||
Forest Oil Corp. | 5,567 | 22,769 | (a) | |||||
FX Energy Inc. | 2,499 | 8,022 | (a) | |||||
Gastar Exploration Ltd. | 2,242 | 5,986 | (a) | |||||
Goodrich Petroleum Corp. | 1,266 | 16,205 | (a) | |||||
Halcon Resources Corp. | 8,900 | 50,463 | (a) | |||||
Isramco Inc. | 44 | 4,100 | (a) | |||||
Kodiak Oil & Gas Corp. | 11,637 | 103,453 | (a) | |||||
Magnum Hunter Resources Corp. | 6,940 | 25,331 | (a) | |||||
Marathon Oil Corp. | 53,761 | 1,859,055 | ||||||
Matador Resources Co. | 2,033 | 24,355 | (a) | |||||
Midstates Petroleum Company Inc. | 1,128 | 6,102 | (a) | |||||
Miller Energy Resources Inc. | 1,505 | 6,020 | (a) | |||||
Newfield Exploration Co. | 10,356 | 247,405 | (a) | |||||
Noble Energy Inc. | 27,136 | 1,629,245 | ||||||
Northern Oil and Gas Inc. | 2,930 | 39,086 | (a) | |||||
Panhandle Oil and Gas Inc. | 255 | 7,267 | ||||||
PDC Energy Inc. | 1,380 | 71,042 | (a) | |||||
Penn Virginia Corp. | 2,698 | 12,681 |
Table of Contents
PetroQuest Energy Inc. | 2,680 | 10,613 | (a) | |||||
Pioneer Natural Resources Co. | 10,348 | 1,497,873 | ||||||
QEP Resources Inc. | 13,670 | 379,753 | ||||||
Quicksilver Resources Inc. | 5,633 | 9,463 | (a) | |||||
Range Resources Corp. | 12,309 | 951,732 | ||||||
Resolute Energy Corp. | 2,818 | 22,488 | (a) | |||||
Rex Energy Corp. | 2,001 | 35,178 | (a) | |||||
Rosetta Resources Inc. | 5,356 | 227,737 | (a) | |||||
Sanchez Energy Corp. | 1,198 | 27,506 | (a) | |||||
SM Energy Co. | 2,967 | 177,961 | ||||||
Southwestern Energy Co. | 26,533 | 969,250 | (a) | |||||
Stone Energy Corp. | 2,296 | 50,581 | (a) | |||||
Swift Energy Co. | 1,998 | 23,956 | (a) | |||||
Synergy Resources Corp. | 1,861 | 13,623 | (a) | |||||
Triangle Petroleum Corp. | 2,103 | 14,742 | (a) | |||||
Vaalco Energy Inc. | 2,654 | 15,181 | (a) | |||||
W&T Offshore Inc. | 1,647 | 23,536 | ||||||
Warren Resources Inc. | 3,392 | 8,650 | (a) | |||||
WPX Energy Inc. | 15,326 | 290,274 | (a) | |||||
28,808,680 | ||||||||
Oil & Gas Refining & Marketing—0.3% | ||||||||
Adams Resources & Energy Inc. | 101 | 6,958 | ||||||
Alon USA Energy Inc. | 993 | 14,359 | ||||||
Amyris Inc. | 1,627 | 4,702 | (a) | |||||
Clean Energy Fuels Corp. | 3,146 | 41,527 | (a) | |||||
Delek US Holdings Inc. | 1,671 | 48,091 | ||||||
Green Plains Renewable Energy Inc. | 1,184 | 15,771 | (a) | |||||
HollyFrontier Corp. | 9,102 | 389,384 | ||||||
Marathon Petroleum Corp. | 24,595 | 1,747,721 | ||||||
Phillips 66 | 46,965 | 2,766,708 | ||||||
Renewable Energy Group Inc. | 830 | 11,811 | (a) | |||||
Rentech Inc. | 725 | 1,523 | ||||||
REX American Resources Corp. | 216 | 6,214 | (a) | |||||
Tesoro Corp. | 10,353 | 541,669 | ||||||
Valero Energy Corp. | 41,297 | 1,435,897 | ||||||
Western Refining Inc. | 2,486 | 69,782 | ||||||
World Fuel Services Corp. | 3,231 | 129,175 | ||||||
7,231,292 | ||||||||
Oil & Gas Storage & Transportation—0.2% | ||||||||
Crosstex Energy Inc. | 2,249 | 44,440 | ||||||
Frontline Ltd. | 2,607 | 4,614 | (a) | |||||
GasLog Ltd. | 1,190 | 15,232 | ||||||
Kinder Morgan Inc. | 47,744 | 1,821,434 | ||||||
Knightsbridge Tankers Ltd. | 1,214 | 8,935 | ||||||
Nordic American Tankers Ltd. | 3,196 | 24,194 | ||||||
Scorpio Tankers Inc. | 6,961 | 62,510 | ||||||
SemGroup Corp. | 1,876 | 101,041 | ||||||
Ship Finance International Ltd. | 2,315 | 34,355 | ||||||
Spectra Energy Corp. | 50,784 | 1,750,017 | ||||||
Targa Resources Corp. | 1,462 | 94,050 | ||||||
Teekay Tankers Ltd. | 3,247 | 8,540 | ||||||
The Williams Companies Inc. | 51,807 | 1,682,173 | ||||||
5,651,535 |
Table of Contents
Packaged Foods & Meats—0.7% | ||||||||
Annie’s Inc. | 610 | 26,071 | (a) | |||||
B&G Foods Inc. | 2,314 | 78,792 | ||||||
Boulder Brands Inc. | 2,787 | 33,583 | (a) | |||||
Calavo Growers Inc. | 532 | 14,465 | ||||||
Cal-Maine Foods Inc. | 669 | 31,115 | ||||||
Campbell Soup Co. | 13,486 | 604,038 | ||||||
Chiquita Brands International Inc. | 2,204 | 24,068 | (a) | |||||
ConAgra Foods Inc. | 31,583 | 1,103,194 | ||||||
Dean Foods Co. | 8,339 | 83,557 | (a) | |||||
Diamond Foods Inc. | 1,080 | 22,410 | (a) | |||||
Dole Food Company Inc. | 2,155 | 27,476 | (a) | |||||
Farmer Bros Co. | 380 | 5,343 | (a) | |||||
Flowers Foods Inc. | 7,604 | 167,657 | ||||||
General Mills Inc. | 48,863 | 2,371,321 | ||||||
Green Mountain Coffee Roasters Inc. | 5,487 | 411,854 | (a) | |||||
Hillshire Brands Co. | 5,503 | 182,039 | ||||||
Hormel Foods Corp. | 10,293 | 397,104 | ||||||
Inventure Foods Inc. | 575 | 4,807 | (a) | |||||
J&J Snack Foods Corp. | 665 | 51,737 | ||||||
John B Sanfilippo & Son Inc. | 357 | 7,197 | ||||||
Kellogg Co. | 19,228 | 1,235,014 | ||||||
Kraft Foods Group Inc. | 45,035 | 2,516,105 | ||||||
Lancaster Colony Corp. | 1,639 | 127,826 | ||||||
Lifeway Foods Inc. | 157 | 2,726 | ||||||
McCormick & Company Inc. | 10,011 | 704,374 | ||||||
Mead Johnson Nutrition Co. | 15,307 | 1,212,774 | ||||||
Mondelez International Inc. | 135,176 | 3,856,571 | ||||||
Omega Protein Corp. | 877 | 7,875 | (a) | |||||
Pilgrim’s Pride Corp. | 2,504 | 37,410 | (a) | |||||
Post Holdings Inc. | 2,949 | 128,753 | (a) | |||||
Sanderson Farms Inc. | 1,054 | 70,007 | ||||||
Seaboard Corp. | 13 | 35,204 | ||||||
Seneca Foods Corp. | 360 | 11,045 | (a) | |||||
Smithfield Foods Inc. | 5,555 | 181,926 | (a) | |||||
Snyders-Lance Inc. | 2,032 | 57,729 | ||||||
The Hain Celestial Group Inc. | 1,705 | 110,774 | (a) | |||||
The Hershey Co. | 11,348 | 1,013,149 | ||||||
The JM Smucker Co. | 8,108 | 836,340 | ||||||
Tootsie Roll Industries Inc. | 1,730 | 54,980 | ||||||
TreeHouse Foods Inc. | 1,635 | 107,158 | (a) | |||||
Tyson Foods Inc. | 21,695 | 557,128 | ||||||
WhiteWave Foods Co. | 6,207 | 100,864 | (a) | |||||
18,613,560 | ||||||||
Paper Packaging—0.1% | ||||||||
Bemis Company Inc. | 7,786 | 304,744 | ||||||
Boise Inc. | 4,677 | 39,942 | ||||||
Graphic Packaging Holding Co. | 9,111 | 70,519 | (a) | |||||
MeadWestvaco Corp. | 13,449 | 458,745 | ||||||
Packaging Corporation of America | 4,446 | 217,676 | ||||||
Rock Tenn Co. | 3,169 | 316,520 | ||||||
Sealed Air Corp. | 14,823 | 355,011 | ||||||
Sonoco Products Co. | 4,374 | 151,209 | ||||||
UFP Technologies Inc. | 197 | 3,857 | (a) | |||||
1,918,223 |
Table of Contents
Paper Products—0.1% | ||||||||
Buckeye Technologies Inc. | 1,831 | 67,820 | ||||||
Clearwater Paper Corp. | 953 | 44,848 | (a) | |||||
Domtar Corp. | 1,556 | 103,474 | ||||||
International Paper Co. | 33,704 | 1,493,424 | ||||||
KapStone Paper and Packaging Corp. | 1,856 | 74,574 | ||||||
Neenah Paper Inc. | 726 | 23,065 | ||||||
PH Glatfelter Co. | 1,926 | 48,343 | ||||||
Resolute Forest Products | 2,831 | 37,284 | (a) | |||||
Schweitzer-Mauduit International Inc. | 1,418 | 70,730 | ||||||
Wausau Paper Corp. | 2,045 | 23,313 | ||||||
1,986,875 | ||||||||
Personal Products—0.1% | ||||||||
Avon Products Inc. | 32,660 | 686,840 | ||||||
Elizabeth Arden Inc. | 1,161 | 52,326 | (a) | |||||
Inter Parfums Inc. | 762 | 21,732 | ||||||
Lifevantage Corp. | 4,684 | 10,867 | (a) | |||||
Medifast Inc. | 672 | 17,311 | (a) | |||||
Nature’s Sunshine Products Inc. | 511 | 8,355 | ||||||
Nutraceutical International Corp. | 300 | 6,132 | ||||||
Prestige Brands Holdings Inc. | 2,322 | 67,663 | (a) | |||||
Revlon Inc. | 545 | 12,023 | (a) | |||||
Star Scientific Inc. | 7,065 | 9,820 | (a) | |||||
Synutra International Inc. | 936 | 4,764 | (a) | |||||
The Estee Lauder Companies Inc. | 18,262 | 1,201,092 | ||||||
The Female Health Co. | 853 | 8,411 | ||||||
USANA Health Sciences Inc. | 285 | 20,628 | (a) | |||||
2,127,964 | ||||||||
Pharmaceuticals—2.3% | ||||||||
AbbVie Inc. | 119,968 | 4,959,477 | ||||||
AcelRx Pharmaceuticals Inc. | 746 | 6,915 | (a) | |||||
Actavis Inc. | 9,662 | 1,219,538 | (a) | |||||
Akorn Inc. | 2,626 | 35,504 | (a) | |||||
Alimera Sciences Inc. | 1,013 | 4,943 | (a) | |||||
Allergan Inc. | 22,447 | 1,890,935 | ||||||
Ampio Pharmaceuticals Inc. | 1,207 | 6,964 | (a) | |||||
Auxilium Pharmaceuticals Inc. | 2,212 | 36,786 | (a) | |||||
AVANIR Pharmaceuticals Inc. | 6,561 | 30,181 | (a) | |||||
BioDelivery Sciences International Inc. | 1,377 | 5,591 | (a) | |||||
Bristol-Myers Squibb Co. | 124,423 | 5,560,464 | ||||||
Cadence Pharmaceuticals Inc. | 2,888 | 19,696 | (a) | |||||
Cempra Inc. | 924 | 7,235 | (a) | |||||
Corcept Therapeutics Inc. | 2,736 | 4,733 | (a) | |||||
Cornerstone Therapeutics Inc. | 258 | 2,064 | (a) | |||||
Depomed Inc. | 2,561 | 14,367 | (a) | |||||
Eli Lilly & Co. | 75,083 | 3,688,077 | ||||||
Endo Health Solutions Inc. | 5,031 | 185,090 | (a) | |||||
Endocyte Inc. | 1,412 | 18,540 | (a) | |||||
Forest Laboratories Inc. | 17,686 | 725,126 | (a) | |||||
Hi-Tech Pharmacal Company Inc. | 499 | 16,567 | ||||||
Horizon Pharma Inc. | 2,128 | 5,235 | (a) | |||||
Hospira Inc. | 12,653 | 484,736 | (a) | |||||
Impax Laboratories Inc. | 3,059 | 61,027 | (a) | |||||
Johnson & Johnson | 212,763 | 18,267,831 | ||||||
Lannett Company Inc. | 720 | 8,575 | (a) |
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Mallinckrodt PLC | 2,608 | 118,481 | (a) | |||||
Merck & Company Inc. | 228,727 | 10,624,369 | ||||||
Mylan Inc. | 28,851 | 895,247 | (a) | |||||
Nektar Therapeutics | 5,342 | 61,700 | (a) | |||||
Omeros Corp. | 1,321 | 6,658 | (a) | |||||
Omthera Pharmaceuticals Inc. | 377 | 5,014 | (a) | |||||
Optimer Pharmaceuticals Inc. | 2,216 | 32,066 | (a) | |||||
Pacira Pharmaceuticals Inc. | 1,188 | 34,452 | (a) | |||||
Pernix Therapeutics Holdings | 433 | 1,563 | (a) | |||||
Perrigo Co. | 6,675 | 807,675 | ||||||
Pfizer Inc. | 505,767 | 14,166,534 | ||||||
Pozen Inc. | 1,268 | 6,353 | (a) | |||||
Questcor Pharmaceuticals Inc. | 2,266 | 103,012 | ||||||
Repros Therapeutics Inc. | 828 | 15,277 | (a) | |||||
Sagent Pharmaceuticals Inc. | 686 | 14,392 | (a) | |||||
Santarus Inc. | 2,341 | 49,278 | (a) | |||||
Sciclone Pharmaceuticals Inc. | 2,704 | 13,412 | (a) | |||||
Sucampo Pharmaceuticals Inc. | 578 | 3,803 | (a) | |||||
Supernus Pharmaceuticals Inc. | 1,048 | 6,739 | (a) | |||||
The Medicines Co. | 2,531 | 77,854 | (a) | |||||
TherapeuticsMD Inc. | 2,930 | 8,878 | (a) | |||||
ViroPharma Inc. | 2,825 | 80,936 | (a) | |||||
Vivus Inc. | 4,274 | 53,767 | (a) | |||||
XenoPort Inc. | 2,036 | 10,078 | (a) | |||||
Zoetis Inc. | 37,429 | 1,156,187 | ||||||
Zogenix Inc. | 2,794 | 4,778 | (a) | |||||
65,624,700 | ||||||||
Precious Metals & Minerals—0.0%* | ||||||||
Coeur d’Alene Mines Corp. | 4,273 | 56,831 | (a) | |||||
Hecla Mining Co. | 14,581 | 43,451 | ||||||
Paramount Gold and Silver Corp. | 7,375 | 8,776 | (a) | |||||
Stillwater Mining Co. | 5,398 | 57,975 | (a) | |||||
167,033 | ||||||||
Property & Casualty Insurance—1.0% | ||||||||
ACE Ltd. | 25,771 | 2,305,989 | ||||||
Ambac Financial Group Inc. | 1,974 | 47,040 | (a) | |||||
American Safety Insurance Holdings Ltd. | 481 | 13,925 | (a) | |||||
AMERISAFE Inc. | 909 | 29,443 | ||||||
Amtrust Financial Services Inc. | 1,336 | 47,695 | ||||||
Argo Group International Holdings Ltd. | 1,180 | 50,020 | ||||||
Aspen Insurance Holdings Ltd. | 3,149 | 116,796 | ||||||
Baldwin & Lyons Inc. | 542 | 13,160 | ||||||
Berkshire Hathaway Inc. | 138,181 | 15,465,218 | (a) | |||||
Cincinnati Financial Corp. | 11,245 | 516,146 | ||||||
Donegal Group Inc. | 510 | 7,125 | ||||||
EMC Insurance Group Inc. | 304 | 7,983 | ||||||
Fidelity National Financial Inc. | 9,691 | 230,743 | ||||||
Global Indemnity PLC | 520 | 12,246 | (a) | |||||
Hallmark Financial Services | 817 | 7,467 | (a) | |||||
HCI Group Inc. | 386 | 11,858 | ||||||
Hilltop Holdings Inc. | 2,732 | 44,805 | (a) | |||||
Infinity Property & Casualty Corp. | 499 | 29,820 | ||||||
Investors Title Co. | 69 | 4,895 | ||||||
Meadowbrook Insurance Group Inc. | 2,318 | 18,614 | ||||||
Mercury General Corp. | 1,414 | 62,159 |
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National Interstate Corp. | 380 | 11,115 | ||||||
Old Republic International Corp. | 10,806 | 139,073 | ||||||
OneBeacon Insurance Group Ltd. | 850 | 12,308 | ||||||
RLI Corp. | 973 | 74,347 | ||||||
Safety Insurance Group Inc. | 551 | 26,729 | ||||||
Selective Insurance Group Inc. | 2,515 | 57,895 | ||||||
State Auto Financial Corp. | 519 | 9,430 | ||||||
Stewart Information Services Corp. | 896 | 23,466 | ||||||
The Allstate Corp. | 35,488 | 1,707,683 | ||||||
The Chubb Corp. | 19,608 | 1,659,817 | ||||||
The Hanover Insurance Group Inc. | 2,049 | 100,258 | ||||||
The Navigators Group Inc. | 479 | 27,322 | (a) | |||||
The Progressive Corp. | 41,995 | 1,067,513 | ||||||
The Travelers Companies Inc. | 28,562 | 2,282,675 | ||||||
Tower Group International Ltd. | 2,494 | 51,152 | ||||||
United Fire Group Inc. | 1,032 | 25,625 | ||||||
Universal Insurance Holdings Inc. | 1,441 | 10,202 | ||||||
WR Berkley Corp. | 5,008 | 204,627 | ||||||
XL Group PLC | 21,929 | 664,887 | ||||||
27,199,271 | ||||||||
Publishing—0.0%* | ||||||||
AH Belo Corp. | 740 | 5,076 | ||||||
Daily Journal Corp. | 18 | 2,034 | (a) | |||||
Dex Media Inc. | 701 | 12,317 | (a) | |||||
EW Scripps Co. | 1,451 | 22,607 | (a) | |||||
Gannett Company Inc. | 17,151 | 419,513 | ||||||
Global Sources Ltd. | 829 | 5,563 | (a) | |||||
John Wiley & Sons Inc. | 2,024 | 81,142 | ||||||
Journal Communications Inc. | 2,013 | 15,077 | (a) | |||||
Martha Stewart Living Omnimedia | 1,507 | 3,632 | (a) | |||||
Meredith Corp. | 3,249 | 154,977 | ||||||
Scholastic Corp. | 2,331 | 68,275 | ||||||
The McClatchy Co. | 2,905 | 6,623 | (a) | |||||
The New York Times Co. | 11,186 | 123,717 | (a) | |||||
The Washington Post Co. | 331 | 160,128 | ||||||
Valassis Communications Inc. | 3,385 | 83,237 | ||||||
1,163,918 | ||||||||
Railroads—0.4% | ||||||||
CSX Corp. | 77,540 | 1,798,153 | ||||||
Genesee & Wyoming Inc. | 2,153 | 182,661 | (a) | |||||
Kansas City Southern | 8,327 | 882,329 | ||||||
Norfolk Southern Corp. | 23,899 | 1,736,262 | ||||||
Union Pacific Corp. | 35,353 | 5,454,261 | ||||||
10,053,666 | ||||||||
Real Estate Development—0.0%* | ||||||||
AV Homes Inc. | 533 | 9,450 | (a) | |||||
Forestar Group Inc. | 1,644 | 32,979 | (a) | |||||
42,429 | ||||||||
Real Estate Operating Companies—0.0%* | ||||||||
Altisource Residential Corp. | 1,034 | 17,257 | (a) | |||||
Thomas Properties Group Inc. | 1,720 | 9,116 | ||||||
26,373 |
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Real Estate Services—0.0%* | ||||||||
CBRE Group Inc. | 22,855 | 533,893 | (a) | |||||
Jones Lang LaSalle Inc. | 1,988 | 181,186 | ||||||
Kennedy-Wilson Holdings Inc. | 2,374 | 39,503 | ||||||
754,582 | ||||||||
Regional Banks—0.6% | ||||||||
1st Source Corp. | 694 | 16,489 | ||||||
1st United Bancorp Inc. | 1,357 | 9,119 | ||||||
Access National Corp. | 350 | 4,543 | ||||||
American National Bankshares Inc. | 307 | 7,135 | ||||||
Ameris Bancorp. | 1,128 | 19,007 | (a) | |||||
Ames National Corp. | 402 | 9,150 | ||||||
Arrow Financial Corp. | 438 | 10,841 | ||||||
Associated Banc-Corp. | 7,512 | 116,812 | ||||||
Bancfirst Corp. | 288 | 13,406 | ||||||
Bancorp Inc. | 1,406 | 21,076 | (a) | |||||
BancorpSouth Inc. | 7,903 | 139,883 | ||||||
Bank of Hawaii Corp. | 2,084 | 104,867 | ||||||
Bank of Kentucky Financial Corp. | 231 | 6,570 | ||||||
Bank of Marin Bancorp. | 230 | 9,200 | ||||||
Bank of the Ozarks Inc. | 1,377 | 59,665 | ||||||
Banner Corp. | 923 | 31,188 | ||||||
Bar Harbor Bankshares | 141 | 5,154 | ||||||
BB&T Corp. | 53,188 | 1,802,009 | ||||||
BBCN Bancorp Inc. | 3,660 | 52,045 | ||||||
BNC Bancorp | 617 | 7,046 | ||||||
Boston Private Financial Holdings Inc. | 3,715 | 39,528 | ||||||
Bridge Bancorp Inc. | 375 | 8,437 | ||||||
Bridge Capital Holdings | 421 | 6,677 | (a) | |||||
Bryn Mawr Bank Corp. | 516 | 12,348 | ||||||
C&F Financial Corp. | 146 | 8,137 | ||||||
California United Bank | 321 | 5,072 | (a) | |||||
Camden National Corp. | 348 | 12,344 | ||||||
Capital Bank Financial Corp. | 1,017 | 19,313 | (a) | |||||
Capital City Bank Group Inc. | 622 | 7,172 | (a) | |||||
Cardinal Financial Corp. | 1,405 | 20,569 | ||||||
Cascade Bancorp | 488 | 3,030 | (a) | |||||
Cathay General Bancorp. | 6,588 | 134,066 | ||||||
Center Bancorp Inc. | 501 | 6,358 | ||||||
Centerstate Banks Inc. | 1,386 | 12,030 | ||||||
Central Pacific Financial Corp. | 1,062 | 19,116 | (a) | |||||
Century Bancorp Inc. | 118 | 4,130 | ||||||
Chemical Financial Corp. | 1,308 | 33,995 | ||||||
Chemung Financial Corp. | 149 | 4,990 | ||||||
Citizens & Northern Corp. | 577 | 11,148 | ||||||
City Holding Co. | 675 | 26,291 | ||||||
City National Corp. | 2,193 | 138,970 | ||||||
CNB Financial Corp. | 570 | 9,656 | ||||||
CoBiz Financial Inc. | 1,671 | 13,869 | ||||||
Columbia Banking System Inc. | 2,310 | 55,001 | ||||||
Commerce Bancshares Inc. | 3,473 | 151,284 | ||||||
Community Bank System Inc. | 1,847 | 56,980 | ||||||
Community Trust Bancorp Inc. | 640 | 22,797 | ||||||
CommunityOne Bancorp | 554 | 4,493 | (a) | |||||
Crescent Financial Bancshares Inc. | 304 | 1,332 | (a) |
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Cullen Frost Bankers Inc. | 2,738 | 182,816 | ||||||
Customers Bancorp Inc. | 882 | 14,333 | (a) | |||||
CVB Financial Corp. | 4,232 | 49,768 | ||||||
Eagle Bancorp Inc. | 928 | 20,769 | (a) | |||||
East West Bancorp Inc. | 6,095 | 167,613 | ||||||
Enterprise Bancorp Inc. | 268 | 4,955 | ||||||
Enterprise Financial Services Corp. | 809 | 12,912 | ||||||
Farmers Capital Bank Corp. | 270 | 5,856 | (a) | |||||
Fidelity Southern Corp. | 480 | 5,938 | ||||||
Fifth Third Bancorp | 66,155 | 1,194,098 | ||||||
Financial Institutions Inc. | 691 | 12,721 | ||||||
First BanCorp†† | 2,841 | 20,114 | (a) | |||||
First BanCorp†† | 781 | 11,012 | ||||||
First Bancorp Inc. | 431 | 7,534 | ||||||
First Busey Corp. | 3,765 | 16,943 | ||||||
First Commonwealth Financial Corp. | 4,115 | 30,328 | ||||||
First Community Bancshares Inc. | 870 | 13,642 | ||||||
First Connecticut Bancorp Inc. | 642 | 8,937 | ||||||
First Financial Bancorp. | 2,483 | 36,997 | ||||||
First Financial Bankshares Inc. | 1,383 | 76,978 | ||||||
First Financial Corp. | 514 | 15,929 | ||||||
First Financial Holdings Inc. | 844 | 17,901 | ||||||
First Horizon National Corp. | 10,314 | 115,517 | ||||||
First Interstate Bancsystem Inc. | 695 | 14,407 | ||||||
First M&F Corp. | 327 | 5,170 | ||||||
First Merchants Corp. | 1,351 | 23,170 | ||||||
First Midwest Bancorp Inc. | 3,520 | 48,294 | ||||||
First NBC Bank Holding Co. | 199 | 4,856 | (a) | |||||
First Niagara Financial Group Inc. | 15,272 | 153,789 | ||||||
First Security Group Inc. | 2,440 | 5,295 | (a) | |||||
FirstMerit Corp. | 14,565 | 291,737 | ||||||
Flushing Financial Corp. | 1,486 | 24,445 | ||||||
FNB Corp. | 6,630 | 80,090 | ||||||
Fulton Financial Corp. | 8,910 | 102,287 | ||||||
German American Bancorp Inc. | 577 | 12,994 | ||||||
Glacier Bancorp Inc. | 3,153 | 69,965 | ||||||
Great Southern Bancorp Inc. | 488 | 13,156 | ||||||
Guaranty Bancorp | 822 | 9,330 | ||||||
Hancock Holding Co. | 7,473 | 224,714 | ||||||
Hanmi Financial Corp. | 1,527 | 26,982 | (a) | |||||
Heartland Financial USA Inc. | 712 | 19,573 | ||||||
Heritage Commerce Corp. | 1,056 | 7,392 | (a) | |||||
Heritage Financial Corp. | 677 | 9,918 | ||||||
Heritage Oaks Bancorp | 938 | 5,787 | (a) | |||||
Home BancShares Inc. | 2,056 | 53,394 | ||||||
Home Federal Bancorp Inc. | 719 | 9,160 | ||||||
HomeTrust Bancshares Inc. | 960 | 16,282 | (a) | |||||
Horizon Bancorp | 324 | 6,613 | ||||||
Hudson Valley Holding Corp. | 764 | 12,973 | ||||||
Huntington Bancshares Inc. | 63,161 | 497,709 | ||||||
Iberiabank Corp. | 1,273 | 68,246 | ||||||
Independent Bank Corp. | 1,040 | 35,880 | ||||||
Independent Bank Group Inc. | 165 | 5,016 | (a) | |||||
International Bancshares Corp. | 4,543 | 102,581 | ||||||
Intervest Bancshares Corp. | 759 | 5,070 | (a) | |||||
Investors Bancorp Inc. | 2,085 | 43,952 |
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KeyCorp | 69,782 | 770,393 | ||||||
Lakeland Bancorp Inc. | 1,470 | 15,332 | ||||||
Lakeland Financial Corp. | 751 | 20,840 | ||||||
LCNB Corp. | 236 | 5,277 | ||||||
M&T Bank Corp. | 9,244 | 1,033,017 | ||||||
Macatawa Bank Corp. | 964 | 4,859 | (a) | |||||
MainSource Financial Group Inc. | 936 | 12,570 | ||||||
MB Financial Inc. | 2,348 | 62,926 | ||||||
Mercantile Bank Corp. | 407 | 7,314 | ||||||
Merchants Bancshares Inc. | 189 | 5,589 | ||||||
Metro Bancorp Inc. | 628 | 12,579 | (a) | |||||
MetroCorp Bancshares Inc. | 820 | 8,003 | ||||||
Middleburg Financial Corp. | 228 | 4,355 | ||||||
MidSouth Bancorp Inc. | 424 | 6,585 | ||||||
MidWestOne Financial Group Inc. | 297 | 7,146 | ||||||
National Bank Holdings Corp. | 2,259 | 44,502 | ||||||
National Bankshares Inc. | 310 | 11,014 | ||||||
National Penn Bancshares Inc. | 5,019 | 50,993 | ||||||
NBT Bancorp Inc. | 2,033 | 43,039 | ||||||
NewBridge Bancorp | 807 | 4,834 | (a) | |||||
Northrim BanCorp Inc. | 274 | 6,628 | ||||||
OFG Bancorp | 1,939 | 35,115 | ||||||
Old National Bancorp | 4,405 | 60,921 | ||||||
OmniAmerican Bancorp Inc. | 455 | 10,024 | (a) | |||||
Pacific Continental Corp. | 831 | 9,806 | ||||||
Pacific Premier Bancorp Inc. | 517 | 6,318 | (a) | |||||
PacWest Bancorp | 1,774 | 54,373 | ||||||
Palmetto Bancshares Inc. | 365 | 4,745 | (a) | |||||
Park National Corp. | 529 | 36,390 | ||||||
Park Sterling Corp. | 2,028 | 11,985 | (a) | |||||
Peapack Gladstone Financial Corp. | 419 | 7,333 | ||||||
Penns Woods Bancorp Inc. | 142 | 5,944 | ||||||
Peoples Bancorp Inc. | 523 | 11,025 | ||||||
Pinnacle Financial Partners Inc. | 1,606 | 41,290 | (a) | |||||
PNC Financial Services Group Inc. | 39,932 | 2,911,841 | ||||||
Preferred Bank | 546 | 8,998 | (a) | |||||
PrivateBancorp Inc. | 2,855 | 60,555 | ||||||
Prosperity Bancshares Inc. | 4,794 | 248,282 | ||||||
Regions Financial Corp. | 106,834 | 1,018,128 | ||||||
Renasant Corp. | 1,206 | 29,354 | ||||||
Republic Bancorp Inc. | 472 | 10,346 | ||||||
S&T Bancorp Inc. | 1,378 | 27,009 | ||||||
Sandy Spring Bancorp Inc. | 1,142 | 24,690 | ||||||
SCBT Financial Corp. | 773 | 38,951 | ||||||
Seacoast Banking Corporation of Florida | 2,476 | 5,447 | (a) | |||||
Sierra BanCorp. | 626 | 9,265 | ||||||
Signature Bank | 2,163 | 179,572 | (a) | |||||
Simmons First National Corp. | 789 | 20,585 | ||||||
Southside Bancshares Inc. | 815 | 19,462 | ||||||
Southwest Bancorp Inc. | 960 | 12,672 | (a) | |||||
State Bank Financial Corp. | 1,396 | 20,982 | ||||||
StellarOne Corp. | 1,081 | 21,242 | ||||||
Sterling Bancorp | 1,530 | 17,779 | ||||||
Sterling Financial Corp. | 1,373 | 32,650 | ||||||
Suffolk BanCorp | 429 | 7,010 | (a) | |||||
Sun Bancorp Inc. | 2,128 | 7,214 | (a) |
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SunTrust Banks Inc. | 40,733 | 1,285,941 | ||||||
Susquehanna Bancshares Inc. | 8,114 | 104,265 | ||||||
SVB Financial Group | 1,990 | 165,807 | (a) | |||||
SY Bancorp Inc. | 526 | 12,903 | ||||||
Synovus Financial Corp. | 33,641 | 98,232 | ||||||
Taylor Capital Group Inc. | 795 | 13,428 | (a) | |||||
TCF Financial Corp. | 7,305 | 103,585 | ||||||
Texas Capital Bancshares Inc. | 1,865 | 82,731 | (a) | |||||
The First of Long Island Corp. | 331 | 10,986 | ||||||
Tompkins Financial Corp. | 634 | 28,650 | ||||||
TowneBank/Portsmouth VA | 1,253 | 18,444 | ||||||
Trico Bancshares | 770 | 16,424 | ||||||
Tristate Capital Holdings Inc. | 380 | 5,225 | (a) | |||||
Trustmark Corp. | 5,967 | 146,669 | ||||||
UMB Financial Corp. | 1,421 | 79,107 | ||||||
Umpqua Holdings Corp. | 4,829 | 72,483 | ||||||
Union First Market Bankshares Corp. | 954 | 19,643 | ||||||
United Community Banks Inc. | 1,719 | 21,350 | (a) | |||||
Univest Corp of Pennsylvania | 817 | 15,580 | ||||||
Valley National BanCorp | 8,354 | 79,112 | ||||||
ViewPoint Financial Group Inc. | 1,811 | 37,687 | ||||||
Virginia Commerce Bancorp Inc. | 1,240 | 17,310 | (a) | |||||
Washington Banking Co. | 708 | 10,054 | ||||||
Washington Trust Bancorp Inc. | 672 | 19,165 | ||||||
Webster Financial Corp. | 7,978 | 204,875 | ||||||
WesBanco Inc. | 1,195 | 31,584 | ||||||
West Bancorporation Inc. | 793 | 9,318 | ||||||
Westamerica Bancorporation | 2,474 | 113,037 | ||||||
Western Alliance BanCorp. | 3,148 | 49,833 | (a) | |||||
Wilshire Bancorp Inc. | 2,993 | 19,814 | ||||||
Wintrust Financial Corp. | 1,687 | 64,578 | ||||||
Yadkin Financial Corp. | 463 | 6,501 | ||||||
Zions Bancorporation | 14,089 | 406,890 | ||||||
17,884,485 | ||||||||
Reinsurance—0.0%* | ||||||||
Alleghany Corp. | 756 | 289,782 | (a) | |||||
Enstar Group Ltd. | 429 | 57,048 | (a) | |||||
Everest Re Group Ltd. | 2,256 | 289,355 | ||||||
Greenlight Capital Re Ltd. | 1,359 | 33,336 | (a) | |||||
Maiden Holdings Ltd. | 2,096 | 23,517 | ||||||
Montpelier Re Holdings Ltd. | 2,113 | 52,846 | ||||||
Platinum Underwriters Holdings Ltd. | 1,424 | 81,481 | ||||||
Reinsurance Group of America Inc. | 3,229 | 223,156 | ||||||
1,050,521 | ||||||||
Research & Consulting Services—0.1% | ||||||||
Acacia Research Corp. | 2,073 | 46,332 | ||||||
CBIZ Inc. | 1,556 | 10,441 | (a) | |||||
CRA International Inc. | 438 | 8,090 | (a) | |||||
Equifax Inc. | 9,220 | 543,335 | ||||||
Exponent Inc. | 578 | 34,166 | ||||||
Franklin Covey Co. | 194 | 2,611 | (a) | |||||
FTI Consulting Inc. | 3,547 | 116,660 | (a) | |||||
Huron Consulting Group Inc. | 1,038 | 47,997 | (a) | |||||
ICF International Inc. | 891 | 28,075 | (a) | |||||
Mistras Group Inc. | 747 | 13,132 | (a) |
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National Technical Systems Inc. | 359 | 5,022 | (a) | |||||
Navigant Consulting Inc. | 2,330 | 27,960 | (a) | |||||
Odyssey Marine Exploration Inc. | 3,468 | 10,265 | (a) | |||||
Pendrell Corp. | 7,154 | 18,743 | (a) | |||||
Resources Connection Inc. | 1,963 | 22,771 | ||||||
RPX Corp. | 1,309 | 21,991 | (a) | |||||
The Advisory Board Co. | 1,560 | 85,254 | (a) | |||||
The Corporate Executive Board Co. | 2,968 | 187,637 | ||||||
The Dun & Bradstreet Corp. | 2,976 | 290,011 | ||||||
VSE Corp. | 118 | 4,846 | ||||||
1,525,339 | ||||||||
Residential REITs—0.2% | ||||||||
American Campus Communities Inc. | 4,768 | 193,867 | ||||||
American Residential Properties Inc. | 510 | 8,772 | (a) | |||||
Apartment Investment & Management Co. | 11,092 | 333,204 | ||||||
Associated Estates Realty Corp. | 2,397 | 38,544 | ||||||
AvalonBay Communities Inc. | 9,215 | 1,243,196 | ||||||
BRE Properties Inc. | 3,519 | 176,020 | ||||||
Camden Property Trust | 3,840 | 265,498 | ||||||
Campus Crest Communities Inc. | 2,772 | 31,989 | ||||||
Colonial Properties Trust | 3,844 | 92,717 | ||||||
Education Realty Trust Inc. | 4,808 | 49,186 | ||||||
Equity Residential | 24,211 | 1,405,691 | ||||||
Essex Property Trust Inc. | 1,722 | 273,660 | ||||||
Home Properties Inc. | 2,395 | 156,561 | ||||||
Silver Bay Realty Trust Corp. | 628 | 10,400 | ||||||
Sun Communities Inc. | 1,630 | 81,109 | ||||||
UDR Inc. | 11,138 | 283,908 | ||||||
UMH Properties Inc. | 607 | 6,234 | ||||||
4,650,556 | ||||||||
Restaurants—0.6% | ||||||||
AFC Enterprises Inc. | 993 | 35,688 | (a) | |||||
Biglari Holdings Inc. | 55 | 22,572 | (a) | |||||
BJ’s Restaurants Inc. | 1,153 | 42,776 | (a) | |||||
Bloomin’ Brands Inc. | 2,452 | 61,006 | (a) | |||||
Bob Evans Farms Inc. | 2,480 | 116,510 | ||||||
Bravo Brio Restaurant Group Inc. | 923 | 16,448 | (a) | |||||
Brinker International Inc. | 3,247 | 128,029 | ||||||
Buffalo Wild Wings Inc. | 810 | 79,510 | (a) | |||||
Carrols Restaurant Group Inc. | 778 | 5,026 | (a) | |||||
CEC Entertainment Inc. | 741 | 30,411 | ||||||
Chipotle Mexican Grill Inc. | 2,346 | 854,765 | (a) | |||||
Chuy’s Holdings Inc. | 704 | 26,991 | (a) | |||||
Cracker Barrel Old Country Store Inc. | 847 | 80,177 | ||||||
Darden Restaurants Inc. | 9,900 | 499,752 | ||||||
Del Frisco’s Restaurant Group Inc. | 570 | 12,204 | (a) | |||||
Denny’s Corp. | 3,631 | 20,406 | (a) | |||||
DineEquity Inc. | 724 | 49,862 | ||||||
Diversified Restaurant Holdings Inc. | 613 | 4,879 | (a) | |||||
Domino’s Pizza Inc. | 2,537 | 147,527 | ||||||
Einstein Noah Restaurant Group Inc. | 358 | 5,084 | ||||||
Fiesta Restaurant Group Inc. | 933 | 32,086 | (a) | |||||
Ignite Restaurant Group Inc. | 352 | 6,642 | (a) | |||||
Jack in the Box Inc. | 1,924 | 75,594 | (a) |
Table of Contents
Jamba Inc. | 733 | 10,944 | (a) | |||||
Krispy Kreme Doughnuts Inc. | 2,906 | 50,710 | (a) | |||||
Luby’s Inc. | 972 | 8,213 | (a) | |||||
McDonald’s Corp. | 75,942 | 7,518,258 | ||||||
Nathan’s Famous Inc. | 114 | 5,956 | (a) | |||||
Panera Bread Co. | 1,254 | 233,169 | (a) | |||||
Papa John’s International Inc. | 723 | 47,263 | (a) | |||||
Red Robin Gourmet Burgers Inc. | 607 | 33,494 | (a) | |||||
Ruby Tuesday Inc. | 2,543 | 23,472 | (a) | |||||
Ruth’s Hospitality Group Inc. | 1,736 | 20,954 | ||||||
Sonic Corp. | 2,363 | 34,405 | (a) | |||||
Starbucks Corp. | 56,771 | 3,717,933 | ||||||
Texas Roadhouse Inc. | 2,764 | 69,155 | ||||||
The Cheesecake Factory Inc. | 4,562 | 191,102 | ||||||
The Wendy’s Co. | 12,810 | 74,682 | ||||||
Yum! Brands Inc. | 34,061 | 2,361,790 | ||||||
16,755,445 | ||||||||
Retail REITs—0.2% | ||||||||
Acadia Realty Trust | 2,391 | 59,034 | ||||||
Agree Realty Corp. | 530 | 15,646 | ||||||
Alexander’s Inc. | 98 | 28,784 | ||||||
AmREIT Inc. | 605 | 11,701 | ||||||
Cedar Realty Trust Inc. | 3,119 | 16,156 | ||||||
Equity One Inc. | 5,591 | 126,524 | ||||||
Excel Trust Inc. | 2,014 | 25,799 | ||||||
Federal Realty Investment Trust | 2,944 | 305,234 | ||||||
Getty Realty Corp. | 1,212 | 25,028 | ||||||
Glimcher Realty Trust | 6,239 | 68,130 | ||||||
Inland Real Estate Corp. | 4,034 | 41,227 | ||||||
Kimco Realty Corp. | 30,768 | 659,358 | ||||||
Kite Realty Group Trust | 4,300 | 25,929 | ||||||
National Retail Properties Inc. | 5,227 | 179,809 | ||||||
Pennsylvania Real Estate Investment Trust | 2,920 | 55,130 | ||||||
Ramco-Gershenson Properties Trust | 2,632 | 40,875 | ||||||
Realty Income Corp. | 8,650 | 362,608 | ||||||
Regency Centers Corp. | 4,161 | 211,420 | ||||||
Retail Opportunity Investments Corp. | 2,861 | 39,768 | ||||||
Rouse Properties Inc. | 1,067 | 20,935 | ||||||
Saul Centers Inc. | 336 | 14,939 | ||||||
Simon Property Group Inc. | 23,542 | 3,717,753 | ||||||
Taubman Centers Inc. | 1,244 | 93,487 | ||||||
The Macerich Co. | 10,357 | 631,466 | ||||||
Urstadt Biddle Properties Inc. | 1,135 | 22,893 | ||||||
Weingarten Realty Investors | 5,126 | 157,727 | ||||||
6,957,360 | ||||||||
Security & Alarm Services—0.1% | ||||||||
The ADT Corp. | 16,632 | 662,785 | ||||||
The Brink’s Co. | 4,265 | 108,800 | ||||||
Tyco International Ltd. | 35,222 | 1,160,565 | ||||||
1,932,150 | ||||||||
Semiconductor Equipment—0.1% | ||||||||
Advanced Energy Industries Inc. | 1,806 | 31,442 | (a) | |||||
Amkor Technology Inc. | 3,422 | 14,407 | (a) | |||||
Applied Materials Inc. | 91,324 | 1,361,641 | ||||||
ATMI Inc. | 1,439 | 34,032 | (a) |
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Axcelis Technologies Inc. | 3,265 | 5,942 | (a) | |||||
Brooks Automation Inc. | 3,112 | 30,280 | ||||||
Cabot Microelectronics Corp. | 1,074 | 35,453 | (a) | |||||
Cohu Inc. | 1,164 | 14,550 | ||||||
Entegris Inc. | 6,380 | 59,908 | (a) | |||||
FormFactor Inc. | 2,328 | 15,714 | (a) | |||||
GT Advanced Technologies Inc. | 5,688 | 23,605 | (a) | |||||
KLA-Tencor Corp. | 12,541 | 698,910 | ||||||
Lam Research Corp. | 12,429 | 551,102 | (a) | |||||
LTX-Credence Corp. | 2,348 | 14,065 | (a) | |||||
MKS Instruments Inc. | 2,425 | 64,359 | ||||||
Nanometrics Inc. | 1,077 | 15,800 | (a) | |||||
PDF Solutions Inc. | 1,130 | 20,826 | (a) | |||||
Photronics Inc. | 2,911 | 23,463 | (a) | |||||
Rubicon Technology Inc. | 808 | 6,472 | (a) | |||||
Rudolph Technologies Inc. | 1,513 | 16,946 | (a) | |||||
SunEdison Inc. | 20,249 | 165,434 | (a) | |||||
Teradyne Inc. | 14,371 | 252,498 | (a) | |||||
Tessera Technologies Inc. | 2,379 | 49,483 | ||||||
Ultra Clean Holdings | 1,292 | 7,817 | (a) | |||||
Ultratech Inc. | 1,205 | 44,248 | (a) | |||||
Veeco Instruments Inc. | 1,798 | 63,685 | (a) | |||||
3,622,082 | ||||||||
Semiconductors—0.8% | ||||||||
Advanced Micro Devices Inc. | 45,085 | 183,947 | (a) | |||||
Alpha & Omega Semiconductor Ltd. | 694 | 5,302 | (a) | |||||
Altera Corp. | 24,171 | 797,401 | ||||||
Ambarella Inc. | 701 | 11,798 | (a) | |||||
ANADIGICS Inc. | 3,653 | 8,037 | (a) | |||||
Analog Devices Inc. | 23,351 | 1,052,196 | ||||||
Applied Micro Circuits Corp. | 3,098 | 27,262 | (a) | |||||
Atmel Corp. | 19,085 | 140,275 | (a) | |||||
Broadcom Corp. | 39,852 | 1,345,404 | ||||||
Cavium Inc. | 2,298 | 81,280 | (a) | |||||
Ceva Inc. | 1,092 | 21,141 | (a) | |||||
Cirrus Logic Inc. | 2,708 | 47,011 | (a) | |||||
Cree Inc. | 5,237 | 334,435 | (a) | |||||
Cypress Semiconductor Corp. | 12,238 | 131,314 | ||||||
Diodes Inc. | 1,661 | 43,136 | (a) | |||||
DSP Group Inc. | 969 | 8,052 | (a) | |||||
Entropic Communications Inc. | 4,157 | 17,750 | (a) | |||||
Exar Corp. | 1,647 | 17,738 | (a) | |||||
Fairchild Semiconductor International Inc. | 5,735 | 79,143 | (a) | |||||
First Solar Inc. | 5,042 | 225,529 | (a) | |||||
GSI Technology Inc. | 955 | 6,036 | (a) | |||||
Hittite Microwave Corp. | 1,419 | 82,302 | (a) | |||||
Inphi Corp. | 1,118 | 12,298 | (a) | |||||
Integrated Device Technology Inc. | 12,211 | 96,956 | (a) | |||||
Integrated Silicon Solution Inc. | 1,229 | 13,470 | (a) | |||||
Intel Corp. | 376,541 | 9,119,823 | ||||||
Intermolecular Inc. | 679 | 4,936 | (a) | |||||
International Rectifier Corp. | 6,125 | 128,258 | (a) |
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Intersil Corp. | 10,888 | 85,145 | ||||||
IXYS Corp. | 1,138 | 12,586 | ||||||
Kopin Corp. | 3,109 | 11,534 | (a) | |||||
Lattice Semiconductor Corp. | 5,564 | 28,209 | (a) | |||||
Linear Technology Corp. | 17,802 | 655,826 | ||||||
LSI Corp. | 41,422 | 295,753 | (a) | |||||
M/A-COM Technology Solutions Holdings Inc. | 296 | 4,322 | (a) | |||||
MaxLinear Inc. | 953 | 6,671 | (a) | |||||
Micrel Inc. | 2,198 | 21,716 | ||||||
Microchip Technology Inc. | 14,946 | 556,738 | ||||||
Micron Technology Inc. | 78,054 | 1,118,514 | (a) | |||||
Microsemi Corp. | 4,070 | 92,593 | (a) | |||||
Mindspeed Technologies Inc. | 1,873 | 6,069 | (a) | |||||
Monolithic Power Systems Inc. | 1,614 | 38,914 | ||||||
MoSys Inc. | 1,573 | 6,323 | (a) | |||||
NeoPhotonics Corp. | 836 | 7,265 | (a) | |||||
NVE Corp. | 202 | 9,458 | (a) | |||||
NVIDIA Corp. | 43,535 | 610,796 | ||||||
OmniVision Technologies Inc. | 2,430 | 45,319 | (a) | |||||
Peregrine Semiconductor Corp. | 927 | 10,114 | (a) | |||||
Pericom Semiconductor Corp. | 1,027 | 7,312 | (a) | |||||
PLX Technology Inc. | 2,218 | 10,558 | (a) | |||||
PMC—Sierra Inc. | 8,506 | 54,013 | (a) | |||||
Power Integrations Inc. | 1,306 | 52,971 | ||||||
Rambus Inc. | 5,204 | 44,702 | (a) | |||||
RF Micro Devices Inc. | 24,581 | 131,508 | (a) | |||||
Semtech Corp. | 5,988 | 209,760 | (a) | |||||
Sigma Designs Inc. | 1,502 | 7,585 | (a) | |||||
Silicon Image Inc. | 2,904 | 16,988 | (a) | |||||
Silicon Laboratories Inc. | 1,640 | 67,912 | (a) | |||||
Skyworks Solutions Inc. | 8,634 | 188,998 | (a) | |||||
Spansion Inc. | 2,233 | 27,957 | (a) | |||||
SunPower Corp. | 1,951 | 40,386 | (a) | |||||
Supertex Inc. | 415 | 9,923 | ||||||
Texas Instruments Inc. | 84,024 | 2,929,917 | ||||||
TriQuint Semiconductor Inc. | 6,908 | 47,872 | (a) | |||||
Volterra Semiconductor Corp. | 1,166 | 16,464 | (a) | |||||
Xilinx Inc. | 20,021 | 793,032 | ||||||
22,323,953 | ||||||||
Soft Drinks—0.8% | ||||||||
Coca-Cola Bottling Company Consolidated | 186 | 11,374 | ||||||
Coca-Cola Enterprises Inc. | 19,500 | 685,620 | ||||||
Dr Pepper Snapple Group Inc. | 15,373 | 706,082 | ||||||
Monster Beverage Corp. | 11,006 | 668,835 | (a) | |||||
National Beverage Corp. | 508 | 8,875 | ||||||
PepsiCo Inc. | 117,138 | 9,580,717 | ||||||
The Coca-Cola Co. | 290,129 | 11,637,074 | ||||||
23,298,577 | ||||||||
Specialized Consumer Services—0.1% | ||||||||
Ascent Capital Group Inc. | 622 | 48,560 | (a) | |||||
Carriage Services Inc. | 762 | 12,916 | ||||||
H&R Block Inc. | 20,763 | 576,173 | ||||||
Hillenbrand Inc. | 2,336 | 55,387 | ||||||
JTH Holding Inc. | 314 | 5,103 | (a) |
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LifeLock Inc. | 2,513 | 29,427 | (a) | |||||
Mac-Gray Corp. | 492 | 6,986 | ||||||
Matthews International Corp. | 2,389 | 90,065 | ||||||
Outerwall Inc. | 1,256 | 73,690 | (a) | |||||
Regis Corp. | 4,633 | 76,073 | ||||||
Service Corp International | 9,511 | 171,483 | ||||||
Sotheby’s | 6,070 | 230,114 | ||||||
Steiner Leisure Ltd. | 660 | 34,888 | (a) | |||||
Stewart Enterprises Inc. | 3,079 | 40,304 | ||||||
1,451,169 | ||||||||
Specialized Finance—0.2% | ||||||||
California First National Bancorp | 100 | 1,650 | ||||||
CBOE Holdings Inc. | 3,810 | 177,698 | ||||||
CME Group Inc. | 23,324 | 1,772,158 | ||||||
Gain Capital Holdings Inc. | 758 | 4,783 | ||||||
IntercontinentalExchange Inc. | 5,492 | 976,258 | (a) | |||||
MarketAxess Holdings Inc. | 1,714 | 80,129 | ||||||
Marlin Business Services Corp. | 385 | 8,770 | ||||||
Moody’s Corp. | 14,647 | 892,442 | ||||||
MSCI Inc. | 5,381 | 179,026 | (a) | |||||
NewStar Financial Inc. | 1,294 | 17,236 | (a) | |||||
NYSE Euronext | 18,348 | 759,607 | ||||||
PHH Corp. | 2,403 | 48,973 | (a) | |||||
Resource America Inc. | 631 | 5,364 | ||||||
The McGraw-Hill Companies Inc. | 20,754 | 1,103,905 | ||||||
The NASDAQ OMX Group Inc. | 9,008 | 295,372 | ||||||
6,323,371 | ||||||||
Specialized REITs—0.5% | ||||||||
American Tower Corp. | 29,988 | 2,194,222 | ||||||
Ashford Hospitality Trust Inc. | 2,107 | 24,125 | ||||||
Aviv REIT Inc. | 498 | 12,594 | ||||||
Chatham Lodging Trust | 639 | 10,978 | ||||||
Chesapeake Lodging Trust | 2,113 | 43,929 | ||||||
Corrections Corp of America | 5,154 | 174,566 | ||||||
CubeSmart | 5,902 | 94,314 | ||||||
DiamondRock Hospitality Co. | 8,318 | 77,524 | ||||||
EPR Properties | 2,083 | 104,712 | ||||||
Extra Space Storage Inc. | 4,671 | 195,855 | ||||||
FelCor Lodging Trust Inc. | 5,194 | 30,697 | (a) | |||||
HCP Inc. | 34,482 | 1,566,862 | ||||||
Healthcare Realty Trust Inc. | 3,942 | 100,521 | ||||||
Healthcare REIT Inc. | 21,550 | 1,444,496 | ||||||
Hersha Hospitality Trust | 9,421 | 53,134 | ||||||
Hospitality Properties Trust | 6,185 | 162,542 | ||||||
Host Hotels & Resorts Inc. | 56,432 | 952,008 | ||||||
LaSalle Hotel Properties | 4,265 | 105,346 | ||||||
LTC Properties Inc. | 1,554 | 60,684 | ||||||
Medical Properties Trust Inc. | 6,560 | 93,939 | ||||||
National Health Investors Inc. | 1,116 | 66,804 | ||||||
Omega Healthcare Investors Inc. | 5,303 | 164,499 | ||||||
Pebblebrook Hotel Trust | 2,639 | 68,218 | ||||||
Plum Creek Timber Company Inc. | 12,429 | 580,061 | ||||||
Potlatch Corp. | 3,686 | 149,062 | ||||||
Public Storage | 10,968 | 1,681,723 | ||||||
Rayonier Inc. | 5,693 | 315,335 |
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RLJ Lodging Trust | 5,460 | 122,795 | ||||||
Ryman Hospitality Properties | 1,974 | 77,006 | ||||||
Sabra Healthcare REIT Inc. | 1,747 | 45,614 | ||||||
Senior Housing Properties Trust | 8,339 | 216,230 | ||||||
Sovran Self Storage Inc. | 1,359 | 88,050 | ||||||
Strategic Hotels & Resorts Inc. | 7,835 | 69,418 | (a) | |||||
Summit Hotel Properties Inc. | 2,827 | 26,715 | ||||||
Sunstone Hotel Investors Inc. | 7,341 | 88,679 | (a) | |||||
The Geo Group Inc. | 3,168 | 107,554 | ||||||
Universal Health Realty Income Trust | 522 | 22,514 | ||||||
Ventas Inc. | 22,206 | 1,542,429 | ||||||
Weyerhaeuser Co. | 43,691 | 1,244,757 | ||||||
14,180,511 | ||||||||
Specialty Chemicals—0.2% | ||||||||
A Schulman Inc. | 1,347 | 36,127 | ||||||
ADA-ES Inc. | 427 | 17,985 | (a) | |||||
Albemarle Corp. | 3,972 | 247,416 | ||||||
American Pacific Corp. | 219 | 6,209 | (a) | |||||
Ashland Inc. | 3,294 | 275,049 | ||||||
Balchem Corp. | 1,318 | 58,981 | ||||||
Chase Corp. | 268 | 5,992 | ||||||
Chemtura Corp. | 4,262 | 86,519 | (a) | |||||
Cytec Industries Inc. | 1,871 | 137,051 | ||||||
Ecolab Inc. | 20,184 | 1,719,475 | ||||||
Ferro Corp. | 3,437 | 23,887 | (a) | |||||
Flotek Industries Inc. | 2,049 | 36,759 | (a) | |||||
FutureFuel Corp. | 789 | 11,180 | ||||||
GSE Holding Inc. | 366 | 2,119 | (a) | |||||
HB Fuller Co. | 2,157 | 81,556 | ||||||
Innophos Holdings Inc. | 992 | 46,793 | ||||||
Innospec Inc. | 1,062 | 42,671 | ||||||
International Flavors & Fragrances Inc. | 6,119 | 459,904 | ||||||
KMG Chemicals Inc. | 329 | 6,942 | ||||||
Kraton Performance Polymers Inc. | 1,482 | 31,418 | (a) | |||||
Landec Corp. | 1,137 | 15,020 | (a) | |||||
Minerals Technologies Inc. | 3,161 | 130,675 | ||||||
NewMarket Corp. | 485 | 127,342 | ||||||
OM Group Inc. | 1,487 | 45,978 | (a) | |||||
OMNOVA Solutions Inc. | 2,155 | 17,262 | (a) | |||||
PolyOne Corp. | 4,343 | 107,620 | ||||||
Quaker Chemical Corp. | 597 | 37,020 | ||||||
RPM International Inc. | 5,950 | 190,043 | ||||||
Sensient Technologies Corp. | 4,283 | 173,333 | ||||||
Sigma-Aldrich Corp. | 9,099 | 731,196 | ||||||
Stepan Co. | 852 | 47,380 | ||||||
Taminco Corp. | 650 | 13,254 | (a) | |||||
The Sherwin-Williams Co. | 6,487 | 1,145,604 | ||||||
Valspar Corp. | 3,699 | 239,214 | ||||||
Zep Inc. | 995 | 15,751 | ||||||
Zoltek Companies Inc. | 1,256 | 16,215 | (a) | |||||
6,386,940 | ||||||||
Specialty Stores—0.1% | ||||||||
Barnes & Noble Inc. | 3,402 | 54,296 | (a) | |||||
Big 5 Sporting Goods Corp. | 813 | 17,845 | ||||||
Cabela’s Inc. | 2,089 | 135,284 | (a) |
Table of Contents
Dick’s Sporting Goods Inc. | 4,423 | 221,415 | ||||||
Five Below Inc. | 1,449 | 53,265 | (a) | |||||
Hibbett Sports Inc. | 1,103 | 61,216 | (a) | |||||
MarineMax Inc. | 965 | 10,933 | (a) | |||||
Office Depot Inc. | 23,044 | 89,181 | (a) | |||||
OfficeMax Inc. | 4,033 | 41,258 | ||||||
PetSmart Inc. | 7,819 | 523,795 | ||||||
Signet Jewelers Ltd. | 3,578 | 241,265 | ||||||
Staples Inc. | 50,260 | 797,124 | ||||||
Tiffany & Co. | 9,125 | 664,665 | ||||||
Tractor Supply Co. | 3,141 | 369,413 | ||||||
Vitamin Shoppe Inc. | 1,344 | 60,265 | (a) | |||||
West Marine Inc. | 577 | 6,347 | (a) | |||||
Winmark Corp. | 69 | 4,476 | ||||||
Zale Corp. | 1,362 | 12,394 | (a) | |||||
3,364,437 | ||||||||
Steel—0.1% | ||||||||
AK Steel Holding Corp. | 6,594 | 20,046 | ||||||
Allegheny Technologies Inc. | 8,232 | 216,584 | ||||||
AM Castle & Co. | 802 | 12,640 | ||||||
Carpenter Technology Corp. | 1,937 | 87,301 | ||||||
Cliffs Natural Resources Inc. | 11,594 | 188,403 | ||||||
Commercial Metals Co. | 10,200 | 150,654 | ||||||
Handy & Harman Ltd. | 179 | 3,201 | (a) | |||||
Haynes International Inc. | 567 | 27,142 | ||||||
Nucor Corp. | 24,011 | 1,040,157 | ||||||
Olympic Steel Inc. | 415 | 10,167 | ||||||
Reliance Steel & Aluminum Co. | 3,366 | 220,675 | ||||||
Schnitzer Steel Industries Inc. | 1,167 | 27,284 | ||||||
Steel Dynamics Inc. | 9,806 | 146,207 | ||||||
SunCoke Energy Inc. | 3,223 | 45,186 | (a) | |||||
United States Steel Corp. | 10,878 | 190,691 | ||||||
Universal Stainless & Alloy Products Inc. | 307 | 9,050 | (a) | |||||
Worthington Industries Inc. | 4,774 | 151,384 | ||||||
2,546,772 | ||||||||
Systems Software—1.1% | ||||||||
AVG Technologies N.V. | 1,044 | 20,306 | (a) | |||||
BMC Software Inc. | 10,065 | 454,334 | (a) | |||||
CA Inc. | 25,109 | 718,871 | ||||||
CommVault Systems Inc. | 3,994 | 303,105 | (a) | |||||
Cyan Inc. | 512 | 5,350 | (a) | |||||
FleetMatics Group PLC | 683 | 22,696 | (a) | |||||
Imperva Inc. | 867 | 39,050 | (a) | |||||
Infoblox Inc. | 2,178 | 63,728 | (a) | |||||
MICROS Systems Inc. | 3,524 | 152,061 | (a) | |||||
Microsoft Corp. | 569,282 | 19,657,307 | ||||||
Oracle Corp. | 278,296 | 8,549,253 | ||||||
Progress Software Corp. | 2,403 | 55,293 | (a) | |||||
Proofpoint Inc. | 907 | 21,977 | (a) | |||||
Qualys Inc. | 738 | 11,897 | (a) | |||||
Rally Software Development Corp. | 257 | 6,379 | (a) | |||||
Red Hat Inc. | 14,352 | 686,313 | (a) | |||||
Rovi Corp. | 4,580 | 104,607 | (a) |
Table of Contents
Sourcefire Inc. | 1,369 | 76,048 | (a) | |||||
Symantec Corp. | 52,784 | 1,186,056 | ||||||
TeleCommunication Systems Inc. | 2,146 | 5,000 | (a) | |||||
VASCO Data Security International Inc. | 1,340 | 11,135 | (a) | |||||
32,150,766 | ||||||||
Technology Distributors—0.0%* | ||||||||
Agilysys Inc. | 705 | 7,959 | (a) | |||||
Anixter International Inc. | 1,164 | 88,243 | (a) | |||||
Arrow Electronics Inc. | 4,670 | 186,099 | (a) | |||||
Avnet Inc. | 6,038 | 202,877 | (a) | |||||
Electro Rent Corp. | 836 | 14,036 | ||||||
Ingram Micro Inc. | 6,557 | 124,517 | (a) | |||||
Insight Enterprises Inc. | 2,028 | 35,977 | (a) | |||||
Navarre Corp. | 1,819 | 5,020 | (a) | |||||
PC Connection Inc. | 379 | 5,856 | ||||||
Richardson Electronics Ltd. | 493 | 5,788 | ||||||
ScanSource Inc. | 1,246 | 39,872 | (a) | |||||
SYNNEX Corp. | 1,170 | 49,468 | (a) | |||||
Tech Data Corp. | 1,615 | 76,050 | (a) | |||||
841,762 | ||||||||
Textiles—0.0%* | ||||||||
Culp Inc. | 374 | 6,504 | ||||||
Unifi Inc. | 627 | 12,960 | (a) | |||||
19,464 | ||||||||
Thrifts & Mortgage Finance—0.1% | ||||||||
Astoria Financial Corp. | 7,859 | 84,720 | ||||||
Bank Mutual Corp. | 2,339 | 13,192 | ||||||
BankAtlantic Bancorp Inc. | 391 | 5,048 | ||||||
BankFinancial Corp. | 1,086 | 9,231 | ||||||
Beneficial Mutual Bancorp Inc. | 1,474 | 12,382 | (a) | |||||
Berkshire Hills Bancorp Inc. | 1,142 | 31,702 | ||||||
BofI Holding Inc. | 519 | 23,781 | (a) | |||||
Brookline Bancorp Inc. | 3,319 | 28,809 | ||||||
Capitol Federal Financial Inc. | 6,487 | 78,752 | ||||||
Clifton Savings Bancorp Inc. | 423 | 5,013 | ||||||
Dime Community Bancshares Inc. | 1,477 | 22,628 | ||||||
ESB Financial Corp. | 597 | 7,242 | ||||||
ESSA Bancorp Inc. | 391 | 4,285 | ||||||
EverBank Financial Corp. | 3,697 | 61,222 | ||||||
Federal Agricultural Mortgage Corp. | 483 | 13,949 | ||||||
First Defiance Financial Corp. | 460 | 10,373 | ||||||
First Federal Bancshares of Arkansas Inc. | 222 | 1,754 | (a) | |||||
First Financial Northwest Inc. | 676 | 6,970 | ||||||
First Pactrust Bancorp Inc. | 518 | 7,034 | ||||||
Flagstar Bancorp Inc. | 745 | 10,400 | ||||||
Fox Chase Bancorp Inc. | 560 | 9,520 | ||||||
Franklin Financial Corp. | 521 | 9,383 | ||||||
Hingham Institution for Savings | 15 | 1,018 | ||||||
Home Bancorp Inc. | 213 | 3,941 | (a) | |||||
Home Loan Servicing Solutions Ltd. | 2,554 | 61,219 | ||||||
HomeStreet Inc. | 680 | 14,586 | ||||||
Hudson City Bancorp Inc. | 35,926 | 329,082 | ||||||
Kearny Financial Corp. | 734 | 7,700 | (a) | |||||
MD Charter Financial Corp. | 897 | 9,042 |
Table of Contents
Meridian Interstate Bancorp Inc. | 357 | 6,722 | (a) | |||||
Meta Financial Group Inc. | 187 | 4,914 | ||||||
MGIC Investment Corp. | 14,626 | 88,780 | (a) | |||||
NASB Financial Inc. | 217 | 5,679 | (a) | |||||
New York Community Bancorp Inc. | 19,936 | 279,104 | ||||||
Northfield Bancorp Inc. | 2,369 | 27,765 | ||||||
Northwest Bancshares Inc. | 4,045 | 54,648 | ||||||
OceanFirst Financial Corp. | 647 | 10,061 | ||||||
Oritani Financial Corp. | 2,161 | 33,884 | ||||||
PennyMac Financial Services Inc. | 456 | 9,699 | (a) | |||||
People’s United Financial Inc. | 25,820 | 384,718 | ||||||
Provident Financial Holdings Inc. | 504 | 8,004 | ||||||
Provident Financial Services Inc. | 2,541 | 40,097 | ||||||
Provident New York BanCorp. | 1,877 | 17,531 | ||||||
Radian Group Inc. | 7,643 | 88,812 | ||||||
Rockville Financial Inc. | 1,344 | 17,580 | ||||||
Roma Financial Corp. | 472 | 8,572 | ||||||
Territorial Bancorp Inc. | 397 | 8,976 | ||||||
Tree.com Inc. | 351 | 6,016 | ||||||
TrustCo Bank Corp NY | 4,584 | 24,937 | ||||||
United Community Financial Corp. | 1,244 | 5,785 | (a) | |||||
United Financial Bancorp Inc. | 943 | 14,286 | ||||||
Walker & Dunlop Inc. | 828 | 14,490 | (a) | |||||
Washington Federal Inc. | 4,728 | 89,265 | ||||||
Waterstone Financial Inc. | 518 | 5,263 | (a) | |||||
Westfield Financial Inc. | 1,127 | 7,889 | ||||||
WSFS Financial Corp. | 338 | 17,708 | ||||||
2,165,163 | ||||||||
Tires & Rubber—0.0%* | ||||||||
Cooper Tire & Rubber Co. | 2,730 | 90,554 | ||||||
The Goodyear Tire & Rubber Co. | 18,793 | 287,345 | (a) | |||||
377,899 | ||||||||
Tobacco—0.7% | ||||||||
Alliance One International Inc. | 3,958 | 15,040 | (a) | |||||
Altria Group Inc. | 152,156 | 5,323,938 | ||||||
Lorillard Inc. | 28,672 | 1,252,393 | ||||||
Philip Morris International Inc. | 123,876 | 10,730,139 | ||||||
Reynolds American Inc. | 24,105 | 1,165,959 | ||||||
Universal Corp. | 2,057 | 118,998 | ||||||
Vector Group Ltd. | 2,577 | 41,799 | ||||||
18,648,266 | ||||||||
Trading Companies & Distributors—0.1% | ||||||||
Aceto Corp. | 1,153 | 16,061 | ||||||
Aircastle Ltd. | 3,048 | 48,738 | ||||||
Applied Industrial Technologies Inc. | 1,803 | 87,139 | ||||||
Beacon Roofing Supply Inc. | 2,206 | 83,563 | (a) | |||||
BlueLinx Holdings Inc. | 2,106 | 4,528 | (a) | |||||
CAI International Inc. | 670 | 15,792 | (a) | |||||
DXP Enterprises Inc. | 400 | 26,640 | (a) | |||||
Edgen Group Inc. | 667 | 4,255 | (a) | |||||
Fastenal Co. | 20,403 | 935,478 | ||||||
GATX Corp. | 2,136 | 101,310 | ||||||
H&E Equipment Services Inc. | 1,357 | 28,592 | ||||||
Houston Wire & Cable Co. | 787 | 10,892 |
Table of Contents
Kaman Corp. | 1,207 | 41,714 | ||||||
MSC Industrial Direct Company Inc. | 2,052 | 158,948 | ||||||
Rush Enterprises Inc. | 1,486 | 36,778 | (a) | |||||
TAL International Group Inc. | 1,479 | 64,440 | ||||||
Textainer Group Holdings Ltd. | 891 | 34,250 | ||||||
Titan Machinery Inc. | 789 | 15,488 | (a) | |||||
United Rentals Inc. | 4,197 | 209,472 | (a) | |||||
Watsco Inc. | 2,460 | 206,542 | ||||||
WW Grainger Inc. | 4,520 | 1,139,854 | ||||||
3,270,474 | ||||||||
Trucking—0.0%* | ||||||||
Arkansas Best Corp. | 1,235 | 28,343 | ||||||
Celadon Group Inc. | 905 | 16,516 | ||||||
Con-way Inc. | 2,497 | 97,283 | ||||||
Heartland Express Inc. | 2,127 | 29,501 | ||||||
JB Hunt Transport Services Inc. | 4,086 | 295,173 | ||||||
Knight Transportation Inc. | 2,647 | 44,523 | ||||||
Landstar System Inc. | 2,006 | 103,309 | ||||||
Marten Transport Ltd. | 934 | 14,636 | ||||||
Patriot Transportation Holding Inc. | 275 | 8,261 | (a) | |||||
Quality Distribution Inc. | 1,097 | 9,697 | (a) | |||||
Roadrunner Transportation Systems Inc. | 817 | 22,745 | (a) | |||||
Ryder System Inc. | 3,923 | 238,479 | ||||||
Saia Inc. | 1,072 | 32,128 | (a) | |||||
Swift Transportation Co. | 3,691 | 61,049 | (a) | |||||
Universal Truckload Services Inc. | 261 | 6,293 | (a) | |||||
Werner Enterprises Inc. | 3,845 | 92,934 | ||||||
YRC Worldwide Inc. | 373 | 10,724 | (a) | |||||
1,111,594 | ||||||||
Water Utilities—0.0%* | ||||||||
American States Water Co. | 875 | 46,961 | ||||||
Aqua America Inc. | 6,401 | 200,287 | ||||||
Artesian Resources Corp. | 336 | 7,486 | ||||||
California Water Service Group | 2,245 | 43,800 | ||||||
Connecticut Water Service Inc. | 500 | 14,350 | ||||||
Consolidated Water Company Ltd. | 684 | 7,818 | ||||||
Middlesex Water Co. | 660 | 13,147 | ||||||
Pure Cycle Corp. | 855 | 4,779 | (a) | |||||
SJW Corp. | 676 | 17,711 | ||||||
York Water Co. | 498 | 9,477 | ||||||
365,816 | ||||||||
Wireless Telecommunication Services—0.1% | ||||||||
Boingo Wireless Inc. | 705 | 4,378 | (a) | |||||
Crown Castle International Corp. | 22,156 | 1,603,873 | (a) | |||||
Leap Wireless International Inc. | 1,991 | 13,399 | (a) | |||||
NII Holdings Inc. | 7,402 | 49,371 | (a) | |||||
NTELOS Holdings Corp. | 722 | 11,884 | ||||||
Shenandoah Telecommunications Co. | 951 | 15,863 | ||||||
Sprint Nextel Corp. | 228,905 | 1,606,913 | (a) | |||||
Telephone & Data Systems Inc. | 4,661 | 114,894 | ||||||
USA Mobility Inc. | 1,036 | 14,059 | ||||||
3,434,634 | ||||||||
Total Domestic Equity | ||||||||
(Cost $1,068,851,184) | 1,203,909,651 |
Table of Contents
Foreign Equity—20.8% | ||||||||
Advertising—0.1% | ||||||||
Cheil Worldwide Inc. | 3,970 | $ | 85,515 | |||||
Dentsu Inc. | 6,900 | 238,254 | ||||||
Hakuhodo DY Holdings Inc. | 860 | 60,170 | ||||||
JCDecaux S.A. | 2,567 | 69,921 | ||||||
Publicis Groupe S.A. | 6,917 | 491,811 | ||||||
WPP PLC | 49,018 | 834,158 | ||||||
1,779,829 | ||||||||
Aerospace & Defense—0.2% | ||||||||
AviChina Industry & Technology Company Ltd. | 76,000 | 39,194 | ||||||
BAE Systems PLC | 124,458 | 722,972 | ||||||
Bombardier Inc. | 51,880 | 230,152 | ||||||
CAE Inc. | 8,733 | 90,314 | ||||||
Cobham PLC | 39,356 | 156,451 | ||||||
Embraer S.A. | 20,700 | 192,190 | ||||||
European Aeronautic Defence and Space Company N.V. | 21,713 | 1,159,003 | (a) | |||||
Finmeccanica S.p.A. | 15,038 | 75,217 | ||||||
Korea Aerospace Industries Ltd. | 1,660 | 44,333 | ||||||
Meggitt PLC | 28,835 | 226,324 | ||||||
Rolls-Royce Holdings PLC | 71,205 | 1,224,682 | ||||||
Safran S.A. | 9,039 | 471,442 | ||||||
Singapore Technologies Engineering Ltd. | 63,000 | 208,129 | ||||||
Thales S.A. | 3,301 | 153,933 | ||||||
Zodiac Aerospace | 1,247 | 164,847 | ||||||
5,159,183 | ||||||||
Agricultural Products—0.0%* | ||||||||
Astra Agro Lestari Tbk PT | 15,000 | 29,773 | ||||||
Charoen Pokphand Indonesia Tbk PT | 289,500 | 150,219 | (a) | |||||
China Agri-Industries Holdings Ltd. | 83,000 | 36,383 | ||||||
Felda Global Ventures Holdings Bhd | 47,900 | 68,526 | ||||||
Genting Plantations Bhd | 8,500 | 24,831 | ||||||
Golden Agri-Resources Ltd. | 276,000 | 121,864 | ||||||
IOI Corp Bhd | 113,100 | 194,735 | ||||||
Kernel Holding S.A. | 1,837 | 26,469 | (a) | |||||
Kuala Lumpur Kepong Bhd | 18,200 | 125,116 | ||||||
Wilmar International Ltd. | 69,000 | 171,371 | ||||||
949,287 | ||||||||
Air Freight & Logistics—0.1% | ||||||||
Deutsche Post AG | 34,044 | 844,993 | ||||||
Hyundai Glovis Company Ltd. | 540 | 91,493 | ||||||
Li & Fung Ltd. | 224,000 | 307,279 | ||||||
TNT Express N.V. | 12,304 | 92,154 | ||||||
Toll Holdings Ltd. | 25,348 | 123,436 | ||||||
Yamato Holdings Company Ltd. | 13,900 | 292,595 | ||||||
1,751,950 | ||||||||
Airlines—0.1% | ||||||||
Air China Ltd. | 70,000 | 50,178 | ||||||
AirAsia BHD | 48,500 | 48,968 | (a) | |||||
All Nippon Airways Company Ltd. | 46,000 | 95,394 | ||||||
Cathay Pacific Airways Ltd. | 54,000 | 94,405 | ||||||
China Airlines Ltd. | 104,000 | 39,211 | (a) | |||||
China Southern Airlines Company Ltd. | 70,000 | 28,338 |
Table of Contents
Deutsche Lufthansa AG | 8,489 | 172,082 | ||||||
easyJet PLC | 3,867 | 76,011 | (a) | |||||
Eva Airways Corp. | 65,000 | 37,194 | (a) | |||||
International Consolidated Airlines Group S.A. | 33,764 | 135,439 | (a) | |||||
Japan Airlines Company Ltd. | 2,200 | 112,951 | (f) | |||||
Korean Air Lines Company Ltd. | 1,650 | 44,427 | ||||||
Latam Airlines Group S.A. | 10,069 | 171,530 | ||||||
Qantas Airways Ltd. | 41,362 | 51,112 | (a) | |||||
Singapore Airlines Ltd. | 21,000 | 165,576 | ||||||
Turk Hava Yollari | 20,176 | 78,426 | ||||||
1,401,242 | ||||||||
Airport Services—0.0%* | ||||||||
Aeroports de Paris | 1,084 | 105,269 | ||||||
Airports of Thailand PCL | 16,100 | 87,469 | ||||||
Auckland International Airport Ltd. | 35,641 | 81,751 | ||||||
Beijing Capital International Airport Company Ltd. | 64,000 | 41,917 | (a) | |||||
Fraport AG Frankfurt Airport Services Worldwide | 1,434 | 86,638 | ||||||
Grupo Aeroportuario del Pacifico SAB de C.V. | 10,700 | 54,166 | ||||||
Grupo Aeroportuario del Sureste SAB de C.V. | 7,500 | 83,258 | ||||||
Malaysia Airports Holdings Bhd | 22,300 | 44,536 | ||||||
Sydney Airport | 9,415 | 29,129 | ||||||
TAV Havalimanlari Holding AS | 6,264 | 36,686 | (a) | |||||
650,819 | ||||||||
Alternative Carriers—0.0%* | ||||||||
Iliad S.A. | 844 | 182,279 | ||||||
Inmarsat PLC | 16,632 | 169,896 | ||||||
Ziggo N.V. | 6,157 | 246,098 | ||||||
598,273 | ||||||||
Aluminum—0.0%* | ||||||||
Alumina Ltd. | 91,959 | 82,912 | ||||||
Aluminum Corp of China Ltd. | 152,000 | 49,384 | (a) | |||||
Hindalco Industries Ltd. | 39,321 | 65,607 | ||||||
Norsk Hydro ASA | 36,328 | 144,216 | ||||||
342,119 | ||||||||
Apparel Retail—0.1% | ||||||||
ABC-Mart Inc. | 1,000 | 38,959 | ||||||
Belle International Holdings Ltd. | 181,000 | 248,759 | ||||||
Cia Hering | 5,200 | 73,679 | ||||||
Fast Retailing Company Ltd. | 2,000 | 673,479 | ||||||
Hennes & Mauritz AB | 35,406 | 1,156,166 | ||||||
Inditex S.A. | 8,176 | 1,007,918 | ||||||
Mr Price Group Ltd. | 8,676 | 117,723 | ||||||
Shimamura Company Ltd. | 800 | 97,045 | ||||||
The Foschini Group Ltd. | 7,514 | 74,745 | ||||||
Truworths International Ltd. | 16,087 | 140,902 | ||||||
3,629,375 | ||||||||
Apparel, Accessories & Luxury Goods—0.2% | ||||||||
Adidas AG | 7,864 | 849,858 | ||||||
Bosideng International Holdings Ltd. | 108,000 | 22,557 | ||||||
Burberry Group PLC | 17,084 | 350,062 | ||||||
Christian Dior S.A. | 2,086 | 336,224 | ||||||
Cie Financiere Richemont S.A. | 19,613 | 1,731,931 | ||||||
Gildan Activewear Inc. | 4,285 | 173,236 |
Table of Contents
Hugo Boss AG | 1,140 | 125,363 | ||||||
Luxottica Group S.p.A. | 6,152 | 310,591 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 9,569 | 1,548,563 | ||||||
PPR | 2,889 | 586,385 | ||||||
The Swatch Group AG†† | 1,612 | 151,633 | ||||||
The Swatch Group AG†† | 1,164 | 636,039 | ||||||
Titan Industries Ltd. | 7,768 | 29,203 | ||||||
6,851,645 | ||||||||
Application Software—0.1% | ||||||||
Dassault Systemes S.A. | 2,306 | 281,701 | ||||||
Open Text Corp. | 2,179 | 148,509 | ||||||
NICE Systems Ltd. | 2,227 | 80,874 | (a) | |||||
SAP AG | 34,549 | 2,526,552 | ||||||
Sapiens International Corp N.V. | 604 | 3,467 | ||||||
The Sage Group PLC | 42,947 | 221,599 | (a) | |||||
3,262,702 | ||||||||
Asset Management & Custody Banks—0.1% | ||||||||
3i Group PLC | 38,166 | 195,424 | ||||||
Aberdeen Asset Management PLC | 35,051 | 203,504 | ||||||
CETIP SA—Mercados Organizados | 8,005 | 82,766 | ||||||
CI Financial Corp. | 6,077 | 174,369 | ||||||
Hargreaves Lansdown PLC | 9,137 | 123,060 | ||||||
IGM Financial Inc. | 4,272 | 182,591 | ||||||
Julius Baer Group Ltd. | 8,379 | 326,694 | ||||||
Mirae Asset Securities Company Ltd. | 1,260 | 46,062 | ||||||
Partners Group Holding AG | 704 | 190,295 | ||||||
Ratos AB | 7,949 | 61,301 | ||||||
SBI Holdings Inc. | 7,800 | 85,982 | ||||||
Schroders PLC | 4,533 | 150,086 | ||||||
1,822,134 | ||||||||
Auto Parts & Equipment—0.2% | ||||||||
Aisin Seiki Company Ltd. | 7,200 | 275,069 | ||||||
Continental AG | 4,104 | 547,328 | ||||||
Denso Corp. | 18,100 | 850,018 | ||||||
GKN PLC | 63,320 | 289,361 | ||||||
Halla Visteon Climate Control Corp. | 650 | 20,632 | (a) | |||||
Hyundai Mobis | 2,546 | 608,606 | ||||||
Hyundai Wia Corp. | 628 | 93,481 | ||||||
Koito Manufacturing Company Ltd. | 4,000 | 76,307 | ||||||
Magna International Inc. | 8,766 | 622,042 | ||||||
NGK Spark Plug Company Ltd. | 7,000 | 139,951 | ||||||
NHK Spring Company Ltd. | 6,000 | 69,462 | ||||||
NOK Corp. | 4,000 | 63,502 | ||||||
Stanley Electric Company Ltd. | 5,300 | 103,081 | ||||||
Toyoda Gosei Company Ltd. | 2,500 | 61,182 | ||||||
Toyota Boshoku Corp. | 2,700 | 38,868 | ||||||
Toyota Industries Corp. | 6,400 | 261,579 | ||||||
4,120,469 | ||||||||
Automobile Manufacturers—0.7% | ||||||||
Astra International Tbk PT | 781,500 | 551,184 | ||||||
Bayerische Motoren Werke AG | 12,564 | 1,097,137 | ||||||
Brilliance China Automotive Holdings Ltd. | 108,000 | 121,279 | (a) | |||||
Byd Company Ltd. | 19,500 | 64,486 | ||||||
China Motor Corp. | 19,000 | 16,768 |
Table of Contents
Daihatsu Motor Company Ltd. | 7,000 | 132,481 | ||||||
Daimler AG | 35,813 | 2,163,946 | ||||||
Dongfeng Motor Group Company Ltd. | 102,000 | 136,239 | ||||||
Fiat S.p.A. | 32,883 | 229,530 | ||||||
Ford Otomotiv Sanayi AS | 2,547 | 35,114 | ||||||
Fuji Heavy Industries Ltd. | 22,000 | 541,501 | ||||||
Geely Automobile Holdings Ltd. | 185,000 | 80,618 | ||||||
Great Wall Motor Company Ltd. | 38,000 | 163,144 | ||||||
Guangzhou Automobile Group Company Ltd. | 82,000 | 77,493 | (a) | |||||
Honda Motor Company Ltd. | 61,100 | 2,266,608 | ||||||
Hyundai Motor Co. | 5,769 | 1,139,100 | ||||||
Isuzu Motors Ltd. | 44,000 | 300,760 | ||||||
Kia Motors Corp. | 9,391 | 510,644 | ||||||
Mahindra & Mahindra Ltd. | 11,419 | 186,201 | ||||||
Mazda Motor Corp. | 103,000 | 405,426 | ||||||
Mitsubishi Motors Corp. | 159,000 | 217,688 | (a) | |||||
Nissan Motor Company Ltd. | 92,900 | 939,895 | ||||||
Renault S.A. | 7,339 | 493,197 | ||||||
Suzuki Motor Corp. | 13,700 | 315,417 | ||||||
Tata Motors Ltd. | 28,458 | 133,993 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,588 | 28,653 | ||||||
Toyota Motor Corp. | 103,500 | 6,241,154 | ||||||
UMW Holdings Bhd | 21,300 | 98,427 | ||||||
Volkswagen AG | 1,127 | 219,373 | ||||||
Yulon Motor Company Ltd. | 32,000 | 51,250 | ||||||
18,958,706 | ||||||||
Automotive Retail—0.0%* | ||||||||
Hotai Motor Company Ltd. | 9,000 | 96,994 | ||||||
USS Company Ltd. | 780 | 98,859 | ||||||
Zhongsheng Group Holdings Ltd. | 21,500 | 23,755 | ||||||
219,608 | ||||||||
Biotechnology—0.1% | ||||||||
Actelion Ltd. | 4,077 | 245,184 | ||||||
CSL Ltd. | 18,712 | 1,054,744 | ||||||
Elan Corp PLC | 19,048 | 266,289 | (a) | |||||
Grifols S.A. | 5,817 | 213,226 | ||||||
Novozymes A/S | 8,809 | 281,549 | ||||||
Prothena Corporation PLC | 429 | 5,538 | (a) | |||||
2,066,530 | ||||||||
Brewers—0.2% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 8,317 | 120,696 | ||||||
Anheuser-Busch InBev N.V. | 30,095 | 2,675,346 | ||||||
Asahi Group Holdings Ltd. | 14,600 | 361,711 | ||||||
Carlsberg A/S | 3,986 | 356,355 | ||||||
Cia Cervecerias Unidas S.A. | 3,906 | 56,010 | ||||||
Cia de Bebidas das Americas | 5,400 | 201,866 | ||||||
Heineken Holding N.V. | 3,678 | 206,078 | ||||||
Heineken N.V. | 8,575 | 545,607 | ||||||
Hite Jinro Company Ltd. | 540 | 14,752 | (a) | |||||
Kirin Holdings Company Ltd. | 32,000 | 500,609 | ||||||
SABMiller PLC | 36,037 | 1,723,072 | ||||||
Tsingtao Brewery Company Ltd. | 12,000 | 86,020 | (a) | |||||
United Breweries Ltd. | 2,416 | 29,557 | ||||||
6,877,679 |
Table of Contents
Broadcasting—0.1% | ||||||||
Astro Malaysia Holdings Bhd | 14,600 | 14,002 | (a) | |||||
BEC World PCL | 35,500 | 67,246 | ||||||
Global Mediacom Tbk PT | 224,500 | 48,632 | ||||||
Grupo Televisa SAB | 95,700 | 473,950 | ||||||
ITV PLC | 145,670 | 309,534 | ||||||
Media Nusantara Citra Tbk PT | 154,000 | 48,489 | (a) | |||||
Zee Entertainment Enterprises Ltd. | 11,076 | 44,136 | ||||||
1,005,989 | ||||||||
Building Products—0.1% | ||||||||
Asahi Glass Company Ltd. | 38,000 | 247,123 | ||||||
Assa Abloy AB | 12,857 | 500,607 | (a) | |||||
Cie de St-Gobain | 14,996 | 606,218 | ||||||
Daikin Industries Ltd. | 8,700 | 351,206 | ||||||
Geberit AG | 1,390 | 344,213 | ||||||
KCC Corp. | 194 | 55,717 | ||||||
LIXIL Group Corp. | 10,400 | 253,051 | ||||||
Taiwan Glass Industry Corp. | 34,000 | 30,743 | ||||||
TOTO Ltd. | 10,000 | 101,575 | ||||||
2,490,453 | ||||||||
Cable & Satellite—0.1% | ||||||||
British Sky Broadcasting Group PLC | 40,757 | 489,584 | ||||||
Cyfrowy Polsat S.A. | 6,693 | 37,269 | ||||||
Eutelsat Communications S.A. | 5,034 | 142,712 | ||||||
Kabel Deutschland Holding AG | 3,463 | 379,826 | ||||||
Naspers Ltd. | 15,102 | 1,110,531 | ||||||
SES S.A. | 11,469 | 327,975 | ||||||
Shaw Communications Inc. | 15,097 | 361,200 | ||||||
Telenet Group Holding N.V. | 1,897 | 86,945 | (a) | |||||
2,936,042 | ||||||||
Casinos & Gaming—0.1% | ||||||||
Berjaya Sports Toto Bhd | 25,300 | 34,993 | ||||||
Crown Ltd. | 15,009 | 166,373 | ||||||
Echo Entertainment Group Ltd. | 27,689 | 77,556 | ||||||
Galaxy Entertainment Group Ltd. | 83,000 | 405,029 | (a) | |||||
Genting Bhd | 78,200 | 258,398 | ||||||
Genting Malaysia Bhd | 109,600 | 134,940 | ||||||
Genting Singapore PLC | 236,000 | 245,620 | ||||||
Kangwon Land Inc. | 4,050 | 112,062 | ||||||
MGM China Holdings Ltd. | 39,200 | 104,616 | ||||||
OPAP S.A. | 8,369 | 69,948 | ||||||
Sands China Ltd. | 94,400 | 447,272 | ||||||
SJM Holdings Ltd. | 75,000 | 180,626 | ||||||
SKYCITY Entertainment Group Ltd. | 20,717 | 69,759 | ||||||
Tabcorp Holdings Ltd. | 27,993 | 78,151 | ||||||
Tatts Group Ltd. | 55,779 | 161,852 | ||||||
William Hill PLC | 25,027 | 167,359 | ||||||
Wynn Macau Ltd. | 60,800 | 165,005 | ||||||
2,879,559 | ||||||||
Coal & Consumable Fuels—0.1% | ||||||||
Adaro Energy Tbk PT | 538,500 | 46,661 | ||||||
Banpu PCL | 3,800 | 29,528 | ||||||
Bumi Resources Tbk PT | 557,500 | 30,894 | (a) |
Table of Contents
Cameco Corp. | 14,809 | 304,757 | ||||||
China Coal Energy Company Ltd. | 155,000 | 81,134 | ||||||
China Shenhua Energy Company Ltd. | 127,000 | 322,562 | ||||||
Coal India Ltd. | 18,723 | 95,214 | ||||||
Exxaro Resources Ltd. | 4,703 | 68,968 | ||||||
Indo Tambangraya Megah Tbk PT | 14,500 | 41,126 | ||||||
Inner Mongolia Yitai Coal Company Ltd. | 21,200 | 101,802 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 30,000 | 40,202 | ||||||
Whitehaven Coal Ltd. | 17,323 | 36,470 | ||||||
Yanzhou Coal Mining Company Ltd. | 76,000 | 54,381 | ||||||
1,253,699 | ||||||||
Commercial Printing—0.0%* | ||||||||
Dai Nippon Printing Company Ltd. | 21,000 | 191,745 | ||||||
Toppan Printing Company Ltd. | 21,000 | 145,659 | ||||||
337,404 | ||||||||
Commodity Chemicals—0.2% | ||||||||
Arkema S.A. | 2,425 | 222,320 | ||||||
Asahi Kasei Corp. | 49,000 | 323,592 | ||||||
China Petrochemical Development Corp. | 65,000 | 33,074 | (a) | |||||
Formosa Chemicals & Fibre Corp. | 118,000 | 289,380 | ||||||
Formosa Plastics Corp. | 149,000 | 360,432 | ||||||
Hanwha Chemical Corp. | 3,760 | 54,982 | ||||||
Hanwha Corp. | 2,100 | 54,061 | ||||||
Hyosung Corp. | 1,055 | 54,503 | ||||||
Indorama Ventures PCL | 55,500 | 32,031 | ||||||
Kaneka Corp. | 11,000 | 72,532 | ||||||
Kumho Petro chemical Company Ltd. | 572 | 41,421 | ||||||
Kuraray Company Ltd. | 12,900 | 180,770 | ||||||
LCY Chemical Corp. | 19,000 | 23,773 | ||||||
LG Chem Ltd. | 1,645 | 364,419 | ||||||
Lotte Chemical Corp. | 682 | 85,396 | ||||||
Mexichem SAB de C.V. | 37,800 | 155,920 | ||||||
Mitsui Chemicals Inc. | 34,000 | 76,670 | ||||||
Nan Ya Plastics Corp. | 176,000 | 371,132 | ||||||
Orica Ltd. | 14,256 | 269,467 | ||||||
Petronas Chemicals Group Bhd | 112,500 | 235,718 | (a) | |||||
PTT Global Chemical PCL | 62,900 | 139,936 | ||||||
Sinopec Shanghai Petrochemical Company Ltd. | 86,000 | 28,828 | ||||||
Synthos S.A. | 17,899 | 24,500 | (a) | |||||
Teijin Ltd. | 36,000 | 79,005 | ||||||
Toray Industries Inc. | 56,000 | 361,927 | ||||||
TSRC Corp. | 21,000 | 40,289 | ||||||
3,976,078 | ||||||||
Communications Equipment—0.1% | ||||||||
AAC Technologies Holdings Inc. | 26,500 | 148,962 | (a) | |||||
HTC Corp. | 27,000 | 215,308 | ||||||
Nokia OYJ | 140,291 | 518,988 | (a) | |||||
Research In Motion Ltd. | 17,699 | 185,890 | (a) | |||||
Telefonaktiebolaget LM Ericsson | 114,764 | 1,291,413 | ||||||
ZTE Corp. | 24,400 | 39,323 | ||||||
2,399,884 | ||||||||
Computer & Electronics Retail—0.0%* | ||||||||
GOME Electrical Appliances Holding Ltd. | 395,000 | 35,648 | ||||||
Yamada Denki Company Ltd. | 3,280 | 132,904 | ||||||
168,552 |
Table of Contents
Computer Storage & Peripherals—0.0%* | ||||||||
Gemalto N.V. | 2,939 | 265,737 | (a) | |||||
Computer Hardware—0.0%* | ||||||||
Acer Inc. | 94,000 | 67,432 | ||||||
Advantech Company Ltd. | 10,000 | 47,713 | ||||||
Asustek Computer Inc. | 26,000 | 223,816 | (a) | |||||
Clevo Co. | 19,000 | 32,331 | ||||||
Compal Electronics Inc. | 158,000 | 88,829 | ||||||
Foxconn Technology Company Ltd. | 28,000 | 68,012 | ||||||
Inventec Corp. | 80,000 | 44,576 | ||||||
Lenovo Group Ltd. | 232,000 | 211,471 | ||||||
NEC Corp. | 91,000 | 198,792 | ||||||
Pegatron Corp. | 59,000 | 97,444 | (a) | |||||
Quanta Computer Inc. | 93,000 | 201,695 | ||||||
Wistron Corp. | 79,000 | 79,735 | ||||||
1,361,846 | ||||||||
Computer Storage & Peripherals—0.0%* | ||||||||
Catcher Technology Company Ltd. | 24,000 | 124,921 | ||||||
Chicony Electronics Company Ltd. | 17,000 | 44,243 | ||||||
Lite-On Technology Corp. | 83,000 | 145,667 | ||||||
Simplo Technology Company Ltd. | 11,000 | 47,713 | ||||||
362,544 | ||||||||
Construction & Engineering—0.2% | ||||||||
ACS Actividades de Construccion y Servicios S.A. | 5,260 | 139,137 | ||||||
Bouygues S.A. | 7,087 | 180,648 | ||||||
China Communications Construction Company Ltd. | 166,000 | 129,909 | (a) | |||||
China Railway Construction Corp Ltd. | 73,500 | 63,869 | ||||||
China Railway Group Ltd. | 149,000 | 68,772 | ||||||
China State Construction International Holdings Ltd. | 66,000 | 103,131 | ||||||
Chiyoda Corp. | 6,000 | 70,489 | ||||||
CTCI Corp. | 20,000 | 36,435 | ||||||
Daelim Industrial Company Ltd. | 1,043 | 79,272 | ||||||
Daewoo Engineering & Construction Company Ltd. | 5,220 | 32,406 | ||||||
Doosan Heavy Industries & Construction Company Ltd. | 2,060 | 76,660 | ||||||
Ferrovial S.A. | 15,806 | 252,298 | ||||||
Gamuda Bhd | 63,600 | 95,415 | (a) | |||||
GS Engineering & Construction Corp. | 1,527 | 37,505 | ||||||
Hochtief AG | 1,172 | 76,522 | ||||||
Hyundai Development Co. | 2,530 | 55,383 | ||||||
Hyundai Engineering & Construction Company Ltd. | 2,684 | 131,374 | ||||||
JGC Corp. | 8,000 | 287,512 | ||||||
Kajima Corp. | 32,000 | 105,985 | ||||||
Kinden Corp. | 4,000 | 34,308 | ||||||
Koninklijke Boskalis Westminster N.V. | 2,811 | 102,363 | ||||||
Larsen & Toubro Ltd. | 7,821 | 185,269 | ||||||
Leighton Holdings Ltd. | 5,663 | 80,087 | ||||||
Obayashi Corp. | 24,000 | 124,427 | ||||||
Orascom Construction Industries | 3,490 | 119,327 | (a) | |||||
Samsung Engineering Company Ltd. | 1,192 | 77,341 | ||||||
Shimizu Corp. | 23,000 | 92,384 |
Table of Contents
Skanska AB | 14,043 | 231,572 | ||||||
SNC-Lavalin Group Inc. | 5,639 | 237,491 | ||||||
Taisei Corp. | 38,000 | 137,333 | ||||||
Vinci S.A. | 17,736 | 888,852 | ||||||
4,333,476 | ||||||||
Construction & Farm Machinery—0.1% | ||||||||
CSR Corp Ltd. | 72,000 | 42,144 | ||||||
Daewoo Shipbuilding & Marine Engineering Company Ltd. | 3,870 | 85,563 | ||||||
Fiat Industrial S.p.A. | 33,029 | 367,719 | ||||||
Hino Motors Ltd. | 10,000 | 146,575 | ||||||
Hitachi Construction Machinery Company Ltd. | 4,100 | 82,755 | ||||||
Hyundai Heavy Industries Company Ltd. | 1,459 | 234,426 | ||||||
Hyundai Mipo Dockyard | 499 | 55,054 | ||||||
Komatsu Ltd. | 35,000 | 807,923 | ||||||
Kubota Corp. | 41,000 | 597,654 | ||||||
MAN SE | 1,328 | 144,828 | ||||||
Samsung Heavy Industries Company Ltd. | 6,060 | 189,964 | ||||||
Scania AB | 12,441 | 247,550 | ||||||
SembCorp Marine Ltd. | 33,000 | 112,402 | ||||||
United Tractors Tbk PT | 63,000 | 115,526 | ||||||
Volvo AB | 56,155 | 747,130 | ||||||
Weichai Power Company Ltd. | 18,000 | 52,911 | (k) | |||||
Yangzijiang Shipbuilding Holdings Ltd. | 82,000 | 53,662 | ||||||
Zoomlion Heavy Industry Science and Technology Company Ltd. | 51,600 | 36,989 | (a) | |||||
4,120,775 | ||||||||
Construction Materials—0.2% | ||||||||
ACC Ltd. | 1,972 | 40,784 | ||||||
Ambuja Cements Ltd. | 22,724 | 71,260 | ||||||
Anhui Conch Cement Company Ltd. | 46,500 | 125,597 | ||||||
Asia Cement Corp. | 75,000 | 92,339 | ||||||
BBMG Corp. | 42,500 | 26,246 | ||||||
Boral Ltd. | 28,440 | 109,597 | ||||||
Cementos Argos S.A. | 13,625 | 56,299 | (a) | |||||
Cemex Latam Holdings S.A. | 3,034 | 20,109 | (a) | |||||
Cemex SAB de C.V. | 425,568 | 448,900 | (a) | |||||
China National Building Material Company Ltd. | 108,000 | 97,051 | ||||||
China Resources Cement Holdings Ltd. | 80,000 | 40,019 | ||||||
China Shanshui Cement Group Ltd. | 69,000 | 30,958 | (a) | |||||
CRH PLC | 27,276 | 551,320 | ||||||
Fletcher Building Ltd. | 25,315 | 164,813 | ||||||
Grupo Argos S.A. | 11,233 | 111,676 | ||||||
HeidelbergCement AG | 5,329 | 357,913 | ||||||
Holcim Ltd. | 8,649 | 601,952 | ||||||
Imerys S.A. | 1,254 | 76,733 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 55,500 | 136,723 | ||||||
James Hardie Industries PLC | 17,203 | 147,862 | ||||||
Lafarge Malayan Cement Bhd | 13,800 | 44,464 | ||||||
Lafarge S.A. | 7,165 | 439,966 | ||||||
PPC Ltd. | 18,434 | 55,318 | ||||||
Semen Indonesia Persero Tbk PT | 110,500 | 190,383 | ||||||
Siam Cement PCL†† | 8,400 | 120,793 | ||||||
Siam Cement PCL†† | 8,400 | 124,043 | ||||||
Taiheiyo Cement Corp. | 42,000 | 134,031 | ||||||
Taiwan Cement Corp. | 117,000 | 144,049 | (a) | |||||
Ultratech Cement Ltd. | 1,319 | 41,729 | ||||||
4,602,927 |
Table of Contents
Consumer Electronics—0.1% | ||||||||
Casio Computer Company Ltd. | 8,300 | 73,028 | ||||||
LG Electronics Inc. | 4,128 | 263,862 | ||||||
Panasonic Corp. | 82,700 | 663,531 | ||||||
Sharp Corp. | 38,000 | 153,018 | ||||||
Sony Corp. | 37,900 | 792,834 | ||||||
1,946,273 | ||||||||
Consumer Finance—0.0%* | ||||||||
Acom Company Ltd. | 1,600 | 50,818 | ||||||
Aeon Credit Service Company Ltd. | 2,900 | 82,006 | ||||||
Compartamos SAB de C.V. | 41,300 | 70,927 | ||||||
Credit Saison Company Ltd. | 6,100 | 152,845 | ||||||
Samsung Card Company Ltd. | 1,450 | 49,389 | ||||||
Shriram Transport Finance Company Ltd. | 4,730 | 56,752 | ||||||
462,737 | ||||||||
Data Processing & Outsourced Services—0.0%* | ||||||||
Amadeus IT Holding S.A. | 14,045 | 448,285 | (a) | |||||
Cielo S.A. | 13,680 | 346,792 | ||||||
Computershare Ltd. | 16,714 | 157,122 | ||||||
EVERTEC Inc. | 1,307 | 28,715 | (a) | |||||
Planet Payment Inc. | 1,799 | 4,965 | (a) | |||||
985,879 | ||||||||
Department Stores—0.1% | ||||||||
El Puerto de Liverpool SAB de C.V. | 6,900 | 81,211 | ||||||
Far Eastern Department Stores Company Ltd. | 37,000 | 35,246 | ||||||
Golden Eagle Retail Group Ltd. | 26,000 | 34,594 | ||||||
Hyundai Department Store Company Ltd. | 628 | 82,483 | ||||||
Intime Department Store Group Company Ltd. | 38,000 | 37,087 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 13,300 | 176,334 | ||||||
J Front Retailing Company Ltd. | 18,000 | 143,333 | ||||||
Lojas Renner S.A. | 4,600 | 133,166 | ||||||
Lotte Shopping Company Ltd. | 446 | 138,637 | ||||||
Marks & Spencer Group PLC | 62,599 | 408,923 | ||||||
Marui Group Company Ltd. | 8,400 | 83,632 | ||||||
Next PLC | 6,138 | 424,327 | ||||||
Parkson Holdings Bhd | 22,300 | 27,527 | ||||||
Parkson Retail Group Ltd. | 53,500 | 22,279 | ||||||
SACI Falabella | 25,123 | 273,106 | ||||||
Shinsegae Company Ltd. | 309 | 57,089 | ||||||
Takashimaya Company Ltd. | 10,000 | 101,173 | ||||||
Woolworths Holdings Ltd. | 29,405 | 190,787 | ||||||
2,450,934 | ||||||||
Distillers & Vintners—0.2% | ||||||||
Diageo PLC | 94,202 | 2,686,073 | ||||||
Pernod-Ricard S.A. | 8,083 | 895,064 | ||||||
Remy Cointreau S.A. | 819 | 86,784 | ||||||
Treasury Wine Estates Ltd. | 23,841 | 127,009 | ||||||
United Spirits Ltd. | 3,227 | 118,382 | ||||||
Vina Concha y Toro S.A. | 15,626 | 30,655 | ||||||
Yantai Changyu Pioneer Wine Company Ltd. | 5,800 | 26,621 | (a) | |||||
3,970,588 |
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Distributors—0.0%* | ||||||||
Dah Chong Hong Holdings Ltd. | 31,000 | 24,660 | ||||||
Imperial Holdings Ltd. | 6,577 | 139,037 | ||||||
Jardine Cycle & Carriage Ltd. | 4,000 | 134,069 | ||||||
297,766 | ||||||||
Diversified Capital Markets—0.2% | ||||||||
China Everbright Ltd. | 36,000 | 47,342 | ||||||
Credit Suisse Group AG | 55,988 | 1,482,322 | ||||||
Deutsche Bank AG | 38,305 | 1,601,021 | ||||||
Investec Ltd. | 9,627 | 62,055 | ||||||
Investec PLC | 21,588 | 135,456 | ||||||
UBS AG | 137,029 | 2,328,834 | ||||||
5,657,030 | ||||||||
Diversified Chemicals—0.2% | ||||||||
Akzo Nobel N.V. | 8,892 | 500,646 | ||||||
BASF SE | 34,462 | 3,074,309 | ||||||
Incitec Pivot Ltd. | 61,205 | 160,229 | ||||||
Lanxess AG | 3,108 | 186,968 | ||||||
Mitsubishi Chemical Holdings Corp. | 51,000 | 239,251 | ||||||
Mitsubishi Gas Chemical Company Inc. | 14,000 | 102,743 | ||||||
OCI Company Ltd. | 643 | 75,445 | ||||||
Showa Denko KK | 55,000 | 72,532 | ||||||
Solvay S.A. | 2,212 | 289,539 | ||||||
Sumitomo Chemical Company Ltd. | 56,000 | 175,890 | ||||||
Ube Industries Ltd. | 39,000 | 72,240 | ||||||
4,949,792 | ||||||||
Diversified Financial Services—3.1% | ||||||||
ABSA Group Ltd. | 11,533 | 172,521 | ||||||
African Bank Investments Ltd. | 28,688 | 47,162 | ||||||
Agricultural Bank of China Ltd. | 815,000 | 336,241 | ||||||
Akbank TAS | 68,251 | 278,034 | ||||||
Alliance Financial Group Bhd | 47,100 | 79,009 | ||||||
Alior Bank S.A. | 980 | 26,329 | (a) | |||||
AMMB Holdings Bhd | 71,600 | 166,338 | ||||||
Aozora Bank Ltd. | 41,000 | 127,951 | ||||||
Attijariwafa Bank | 565 | 21,645 | (a) | |||||
Australia & New Zealand Banking Group Ltd. | 102,989 | 2,694,265 | ||||||
Axis Bank Ltd. | 10,978 | 245,368 | (a) | |||||
Banca Monte dei Paschi di Siena S.p.A. | 249,632 | 63,274 | (a) | |||||
Banco Bilbao Vizcaya Argentaria S.A. | 207,429 | 1,737,742 | ||||||
Banco Bradesco S.A. | 17,540 | 242,966 | ||||||
Banco de Chile | 870,102 | 126,058 | ||||||
Banco de Credito e Inversiones | 1,044 | 61,700 | ||||||
Banco de Sabadell S.A. | 98,424 | 163,119 | ||||||
Banco do Brasil S.A. | 21,900 | 219,392 | ||||||
Banco Espirito Santo S.A. | 76,882 | 61,460 | (a) | |||||
Banco Popular Espanol S.A. | 47,346 | 144,933 | (a) | |||||
Banco Santander Brasil S.A. | 33,600 | 206,098 | ||||||
Banco Santander Chile | 2,798,504 | 172,851 | ||||||
Banco Santander S.A. | 404,920 | 2,580,094 | ||||||
Bancolombia S.A. | 9,289 | 126,980 | ||||||
Bangkok Bank PCL†† | 14,200 | 93,400 | ||||||
Bangkok Bank PCL†† | 39,400 | 264,233 | ||||||
Bank Central Asia Tbk PT | 477,500 | 481,108 |
Table of Contents
Bank Danamon Indonesia Tbk PT | 138,000 | 81,340 | ||||||
Bank Handlowy w Warszawie S.A. | 1,235 | 34,477 | ||||||
Bank Hapoalim BM | 40,030 | 181,107 | (a) | |||||
Bank Leumi Le-Israel BM | 47,822 | 158,953 | (a) | |||||
Bank Mandiri Persero Tbk PT | 356,000 | 322,821 | ||||||
Bank Millennium S.A. | 17,468 | 27,319 | ||||||
Bank Negara Indonesia Persero Tbk PT | 294,500 | 127,592 | ||||||
Bank of Ayudhya PCL | 90,400 | 103,473 | ||||||
Bank of Baroda | 1,952 | 18,953 | ||||||
Bank of China Ltd. | 2,836,000 | 1,166,379 | ||||||
Bank of Communications Company Ltd. | 328,000 | 211,440 | (a) | |||||
Bank of East Asia Ltd. | 52,000 | 187,382 | ||||||
Bank of India | 4,830 | 18,885 | ||||||
Bank of Ireland | 740,609 | 151,141 | (a) | |||||
Bank of Montreal | 24,268 | 1,403,240 | ||||||
Bank of Nova Scotia | 44,477 | 2,370,252 | ||||||
Bank of the Philippine Islands | 25,850 | 57,444 | ||||||
Bank Pekao S.A. | 5,118 | 230,447 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 435,000 | 339,673 | ||||||
Bank Zachodni WBK S.A. | 987 | 82,957 | ||||||
Bankia S.A. | 146,183 | 112,869 | (a) | |||||
Barclays PLC | 450,535 | 1,902,723 | ||||||
BDO Unibank Inc. | 56,200 | 110,579 | (a) | |||||
BNP Paribas S.A. | 37,234 | 2,031,531 | ||||||
BOC Hong Kong Holdings Ltd. | 149,500 | 459,698 | ||||||
BRE Bank S.A. | 587 | 67,486 | ||||||
CaixaBank | 42,833 | 131,452 | ||||||
Canadian Imperial Bank of Commerce | 14,896 | 1,053,924 | ||||||
Canara Bank | 3,570 | 21,862 | (a) | |||||
Chang Hwa Commercial Bank | 177,000 | 97,739 | ||||||
China CITIC Bank Corp Ltd. | 285,000 | 131,544 | ||||||
China Construction Bank Corp. | 2,717,000 | 1,923,112 | ||||||
China Development Financial Holding Corp. | 490,000 | 137,660 | ||||||
China Merchants Bank Company Ltd. | 147,500 | 246,076 | ||||||
China Minsheng Banking Corp Ltd. | 203,500 | 199,136 | (a) | |||||
Chinatrust Financial Holding Company Ltd. | 463,682 | 286,987 | ||||||
CIMB Group Holdings Bhd | 170,800 | 447,610 | ||||||
Commercial International Bank Egypt SAE | 21,548 | 88,226 | ||||||
Commerzbank AG | 35,805 | 311,732 | (a) | |||||
Commonwealth Bank of Australia | 60,389 | 3,824,069 | ||||||
Corpbanca S.A. | 5,524,790 | 63,881 | ||||||
Credicorp Ltd. | 2,557 | 327,194 | ||||||
Credit Agricole S.A. | 37,241 | 319,636 | ||||||
Danske Bank A/S | 24,507 | 418,547 | (a) | |||||
DBS Group Holdings Ltd. | 64,000 | 782,149 | ||||||
DNB ASA | 36,695 | 528,546 | ||||||
E.Sun Financial Holding Company Ltd. | 182,000 | 111,127 | ||||||
Erste Group Bank AG | 8,584 | 228,793 | ||||||
First Financial Holding Company Ltd. | 252,000 | 149,244 | ||||||
FirstRand Ltd. | 121,358 | 353,663 | ||||||
Fubon Financial Holding Company Ltd. | 222,000 | 302,583 | ||||||
Grupo Financiero Banorte SAB de C.V. | 69,100 | 410,594 | ||||||
Grupo Financiero Inbursa SAB de C.V. | 71,500 | 156,439 | ||||||
Grupo Financiero Santander Mexico SAB de C.V. | 63,400 | 180,283 | (a) | |||||
Hana Financial Group Inc. | 9,877 | 287,562 | (a) | |||||
Hang Seng Bank Ltd. | 31,300 | 462,861 |
Table of Contents
HDFC Bank Ltd. | 58,242 | 653,232 | ||||||
Hong Leong Bank Bhd | 22,500 | 98,987 | ||||||
Hong Leong Financial Group Bhd | 8,200 | 37,529 | ||||||
HSBC Holdings PLC | 693,936 | 7,178,002 | ||||||
Hua Nan Financial Holdings Company Ltd. | 202,000 | 113,229 | ||||||
ICICI Bank Ltd. | 16,187 | 290,712 | ||||||
Industrial & Commercial Bank of China Ltd. | 2,707,000 | 1,706,631 | ||||||
Industrial Bank of Korea | 6,050 | 58,008 | ||||||
ING Groep N.V. | 143,933 | 1,309,638 | (a) | |||||
Intesa Sanpaolo S.p.A. | 430,330 | 688,577 | ||||||
Itausa—Investimentos Itau S.A. | 2,833 | 10,773 | (a) | |||||
Kasikornbank PCL†† | 20,200 | 124,398 | ||||||
Kasikornbank PCL†† | 52,000 | 328,615 | ||||||
KB Financial Group Inc. | 14,430 | 432,123 | ||||||
KBC Groep N.V. | 8,633 | 320,994 | ||||||
Komercni Banka AS | 621 | 115,293 | ||||||
Kotak Mahindra Bank Ltd. | 11,259 | 137,192 | ||||||
Krung Thai Bank PCL | 138,400 | 90,586 | ||||||
Lloyds Banking Group PLC | 1,680,333 | 1,609,672 | (a) | |||||
Malayan Banking Bhd | 160,000 | 526,666 | ||||||
Mega Financial Holding Company Ltd. | 302,000 | 229,238 | ||||||
Metropolitan Bank & Trust | 11,560 | 29,703 | ||||||
Mitsubishi UFJ Financial Group Inc. | 477,100 | 2,939,399 | ||||||
Mizrahi Tefahot Bank Ltd. | 4,951 | 49,641 | (a) | |||||
Mizuho Financial Group Inc. | 855,800 | 1,774,750 | ||||||
National Australia Bank Ltd. | 87,935 | 2,388,982 | ||||||
National Bank of Canada | 5,935 | 422,164 | ||||||
National Societe Generale Bank SAE | 3,876 | 14,351 | ||||||
Natixis | 35,140 | 146,896 | (a) | |||||
Nedbank Group Ltd. | 7,989 | 141,259 | ||||||
Nordea Bank AB | 98,303 | 1,092,345 | ||||||
ORIX Corp. | 41,500 | 566,089 | ||||||
OTP Bank PLC | 8,571 | 179,862 | ||||||
Oversea-Chinese Banking Corp Ltd. | 97,000 | 764,803 | ||||||
Pohjola Bank PLC | 5,612 | 82,358 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 33,942 | 362,716 | (a) | |||||
Public Bank Bhd | 41,400 | 223,543 | ||||||
Raiffeisen Bank International AG | 1,884 | 54,856 | (a) | |||||
Reliance Capital Ltd. | 4,115 | 23,405 | ||||||
RHB Capital Bhd | 26,700 | 72,930 | ||||||
RMB Holdings Ltd. | 26,636 | 105,715 | ||||||
Royal Bank of Canada | 54,054 | 3,139,892 | ||||||
Royal Bank of Scotland Group PLC | 82,120 | 340,648 | (a) | |||||
Sberbank of Russia ADR | 104,579 | 1,200,567 | ||||||
Shinhan Financial Group Company Ltd. | 16,000 | 526,772 | (a) | |||||
Siam Commercial Bank PCL | 69,300 | 384,317 | ||||||
SinoPac Financial Holdings Company Ltd. | 234,000 | 111,258 | ||||||
Skandinaviska Enskilda Banken AB | 55,195 | 524,191 | ||||||
Societe Generale S.A. | 26,436 | 907,178 | ||||||
Standard Bank Group Ltd. | 46,721 | 524,665 | ||||||
Standard Chartered PLC | 90,650 | 1,961,966 | ||||||
State Bank of India | 5,167 | 170,118 | ||||||
Sumitomo Mitsui Financial Group Inc. | 47,700 | 2,184,879 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 117,000 | 545,336 | ||||||
Svenska Handelsbanken AB | 18,523 | 738,785 | ||||||
Swedbank AB | 33,250 | 757,669 |
Table of Contents
Taishin Financial Holding Company Ltd. | 262,000 | 115,392 | ||||||
Taiwan Business Bank | 134,000 | 39,971 | (a) | |||||
Taiwan Cooperative Financial Holding | 200,000 | 110,774 | (a) | |||||
The Toronto-Dominion Bank | 34,387 | 2,753,372 | ||||||
Turkiye Garanti Bankasi AS | 87,199 | 380,531 | ||||||
Turkiye Halk Bankasi AS | 23,707 | 200,891 | ||||||
Turkiye Is Bankasi | 60,618 | 179,078 | ||||||
Turkiye Vakiflar Bankasi Tao | 28,976 | 72,235 | ||||||
UniCredit S.p.A. | 161,809 | 756,758 | ||||||
Unione di Banche Italiane SCPA | 32,581 | 117,819 | ||||||
United Overseas Bank Ltd. | 47,000 | 735,962 | ||||||
VTB Bank OJSC GDR | 56,870 | 161,511 | ||||||
Westpac Banking Corp. | 116,531 | 3,080,534 | ||||||
Woori Finance Holdings Company Ltd. | 14,980 | 138,382 | ||||||
Yapi ve Kredi Bankasi AS | 34,531 | 78,567 | (a) | |||||
87,320,543 | ||||||||
Diversified Metals & Mining—0.5% | ||||||||
African Rainbow Minerals Ltd. | 3,913 | 59,031 | ||||||
Anglo American PLC | 52,387 | 1,005,905 | ||||||
Antofagasta PLC | 14,780 | 178,214 | ||||||
Assore Ltd. | 1,177 | 37,940 | ||||||
BHP Billiton Ltd. | 120,608 | 3,463,203 | ||||||
BHP Billiton PLC | 79,421 | 2,026,101 | ||||||
Boliden AB | 9,945 | 122,518 | ||||||
First Quantum Minerals Ltd. | 21,644 | 320,059 | ||||||
Glencore International PLC | 375,970 | 1,551,891 | ||||||
Grupo Mexico SAB de C.V. | 141,200 | 406,499 | ||||||
Iluka Resources Ltd. | 15,658 | 143,182 | ||||||
Jastrzebska Spolka Weglowa S.A. | 1,318 | 25,372 | ||||||
Jiangxi Copper Company Ltd. | 52,000 | 88,227 | ||||||
KGHM Polska Miedz S.A. | 5,401 | 196,173 | ||||||
Korea Zinc Company Ltd. | 341 | 82,708 | ||||||
Minera Frisco SAB de C.V. | 25,300 | 75,400 | (a) | |||||
Mitsubishi Materials Corp. | 42,000 | 147,561 | ||||||
MMC Norilsk Nickel OJSC ADR | 18,922 | 272,666 | ||||||
Rio Tinto Ltd. | 16,427 | 787,459 | ||||||
Rio Tinto PLC | 47,830 | 1,946,350 | ||||||
Shougang Fushan Resources Group Ltd. | 120,000 | 47,187 | ||||||
Southern Copper Corp. | 6,504 | 179,640 | ||||||
Sterlite Industries India Ltd. | 49,268 | 70,016 | ||||||
Sumitomo Metal Mining Company Ltd. | 20,000 | 222,681 | ||||||
Teck Resources Ltd. | 21,636 | 460,838 | ||||||
Turquoise Hill Resources Ltd. | 14,556 | 86,098 | (a) | |||||
Vedanta Resources PLC | 4,005 | 61,959 | ||||||
14,064,878 | ||||||||
Diversified Real Estate Activities—0.3% | ||||||||
Ayala Land Inc. | 206,700 | 145,456 | ||||||
Brookfield Asset Management Inc. | 20,750 | 743,495 | ||||||
CapitaLand Ltd. | 99,000 | 240,416 | ||||||
City Developments Ltd. | 16,000 | 134,984 | ||||||
Daito Trust Construction Company Ltd. | 2,700 | 254,140 | ||||||
Daiwa House Industry Company Ltd. | 19,000 | 354,044 | ||||||
DLF Ltd. | 15,616 | 47,748 | ||||||
Franshion Properties China Ltd. | 114,000 | 38,214 | (a) | |||||
Hang Lung Properties Ltd. | 87,000 | 303,409 |
Table of Contents
Henderson Land Development Company Ltd. | 41,800 | 250,325 | ||||||
Kerry Properties Ltd. | 29,500 | 115,431 | ||||||
Lend Lease Group | 20,037 | 153,146 | ||||||
Mitsubishi Estate Company Ltd. | 47,000 | 1,249,580 | ||||||
Mitsui Fudosan Company Ltd. | 32,000 | 939,689 | ||||||
New World Development Company Ltd. | 146,000 | 201,786 | ||||||
Nomura Real Estate Holdings Inc. | 5,000 | 110,434 | ||||||
Poly Property Group Company Ltd. | 74,000 | 40,166 | ||||||
Sumitomo Realty & Development Company Ltd. | 14,000 | 557,407 | ||||||
Sun Hung Kai Properties Ltd. | 61,000 | 787,239 | ||||||
Swire Pacific Ltd. | 28,000 | 337,891 | ||||||
Tokyu Land Corp. | 16,000 | 146,575 | ||||||
Tokyo Tatemono Company Ltd. | 15,000 | 124,729 | ||||||
UOL Group Ltd. | 18,000 | 95,372 | ||||||
Wharf Holdings Ltd. | 58,000 | 487,923 | ||||||
Wheelock & Company Ltd. | 38,000 | 190,089 | ||||||
Yuexiu Property Company Ltd. | 186,000 | 47,241 | ||||||
8,096,929 | ||||||||
Diversified REITs—0.1% | ||||||||
British Land Company PLC | 36,382 | 312,598 | ||||||
Dexus Property Group | 171,821 | 168,286 | ||||||
Fibra Uno Administracion S.A. de C.V. | 40,700 | 135,949 | (a) | |||||
Fonciere Des Regions | 950 | 71,177 | ||||||
Gecina S.A. | 794 | 87,706 | (a) | |||||
GPT Group | 57,322 | 201,484 | ||||||
H&R Real Estate Investment Trust | 5,097 | 106,486 | ||||||
ICADE | 849 | 70,011 | ||||||
Land Securities Group PLC | 29,954 | 401,612 | ||||||
Mirvac Group | 131,840 | 193,691 | ||||||
Stockland | 84,762 | 270,002 | ||||||
United Urban Investment Corp. | 74 | 99,898 | ||||||
2,118,900 | ||||||||
Diversified Support Services—0.0%* | ||||||||
Aggreko PLC | 10,043 | 250,113 | ||||||
Babcock International Group PLC | 14,013 | 234,426 | ||||||
Brambles Ltd. | 60,404 | 516,416 | ||||||
Edenred | 6,890 | 210,465 | (a) | |||||
Multiplus S.A. | 1,800 | 26,531 | (a) | |||||
1,237,951 | ||||||||
Drug Retail—0.0%* | ||||||||
Raia Drogasil S.A. | 7,400 | 72,524 | ||||||
Shoppers Drug Mart Corp. | 7,813 | 359,341 | ||||||
431,865 | ||||||||
Education Services—0.0%* | ||||||||
Anhanguera Educacional Participacoes S.A. | 13,800 | 80,587 | (a) | |||||
Benesse Holdings Inc. | 2,500 | 89,973 | ||||||
Kroton Educacional S.A. | 7,500 | 104,909 | ||||||
275,469 | ||||||||
Electric Utilities—0.3% | ||||||||
Acciona S.A. | 948 | 49,968 | ||||||
Centrais Eletricas Brasileiras S.A. | 11,000 | 23,155 | ||||||
CEZ AS | 6,598 | 158,156 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 22,000 | 147,208 | ||||||
Chubu Electric Power Company Inc. | 23,700 | 335,453 |
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CLP Holdings Ltd. | 69,000 | 558,220 | ||||||
Contact Energy Ltd. | 14,241 | 56,311 | ||||||
CPFL Energia S.A. | 9,200 | 86,251 | ||||||
E.CL S.A. | 20,143 | 34,239 | ||||||
EDP—Energias de Portugal S.A. | 75,575 | 243,134 | ||||||
EDP—Energias do Brasil S.A. | 9,400 | 48,212 | ||||||
Electricite de France S.A. | 9,161 | 212,378 | ||||||
Enea S.A. | 3,755 | 14,924 | (a) | |||||
Enel S.p.A. | 247,990 | 776,863 | ||||||
Enersis S.A. | 745,086 | 246,524 | ||||||
Federal Hydrogenerating Company JSC ADR | 52,229 | 76,254 | ||||||
Fortis Inc. | 7,183 | 219,177 | ||||||
Fortum OYJ | 16,820 | 314,834 | ||||||
Hokkaido Electric Power Company Inc. | 6,900 | 94,190 | ||||||
Hokuriku Electric Power Co. | 6,200 | 97,243 | ||||||
Iberdrola S.A. | 176,345 | 929,724 | ||||||
Interconexion Electrica S.A. ESP | 12,838 | 50,322 | ||||||
Isagen S.A. ESP | 25,432 | 33,909 | (a) | |||||
Joint Stock Company Russian Grids GDR | 3,694 | 29,552 | (a) | |||||
Korea Electric Power Corp. | 9,620 | 223,221 | (a) | |||||
Kyushu Electric Power Company Inc. | 16,000 | 240,962 | ||||||
PGE S.A. | 27,532 | 127,274 | ||||||
Power Assets Holdings Ltd. | 53,500 | 461,793 | ||||||
Power Grid Corporation of India Ltd. | 41,167 | 77,000 | ||||||
Red Electrica Corp S.A. | 4,028 | 221,212 | ||||||
Reliance Infrastructure Ltd. | 4,020 | 23,714 | ||||||
Shikoku Electric Power Company Inc. | 6,300 | 113,588 | ||||||
SP AusNet | 62,633 | 67,364 | ||||||
SSE PLC | 35,888 | 828,989 | ||||||
Tata Power Company Ltd. | 35,700 | 51,935 | ||||||
Tauron Polska Energia S.A. | 37,527 | 48,551 | ||||||
Tenaga Nasional Bhd | 104,800 | 274,978 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 51,977 | 215,659 | ||||||
The Chugoku Electric Power Company Inc. | 11,800 | 185,075 | ||||||
The Kansai Electric Power Company Inc. | 26,400 | 361,178 | ||||||
Tohoku Electric Power Company Inc. | 17,000 | 212,040 | ||||||
Tokyo Electric Power Company Inc. | 54,700 | 282,490 | ||||||
Transmissora Alianca de Energia Eletrica S.A. | 2,300 | 22,250 | (a) | |||||
Verbund AG | 2,691 | 51,034 | ||||||
8,926,508 | ||||||||
Electrical Components & Equipment—0.2% | ||||||||
AU Optronics Corp. | 320,000 | 116,379 | ||||||
Cheng Uei Precision Industry Company Ltd. | 14,000 | 27,700 | ||||||
Delta Electronics Inc. | 70,000 | 318,808 | ||||||
Fuji Electric Company Ltd. | 21,000 | 73,992 | ||||||
Furukawa Electric Company Ltd. | 25,000 | 57,885 | ||||||
Hamamatsu Photonics KK | 2,600 | 93,834 | ||||||
Hirose Electric Company Ltd. | 1,200 | 158,011 | ||||||
Hoya Corp. | 16,400 | 338,286 | ||||||
Ibiden Company Ltd. | 4,700 | 73,196 | ||||||
Innolux Corp. | 269,000 | 134,181 | ||||||
Kingboard Chemical Holdings Ltd. | 27,000 | 55,487 | ||||||
Kyocera Corp. | 6,100 | 620,224 | ||||||
Largan Precision Company Ltd. | 4,000 | 128,124 | ||||||
Legrand S.A. | 9,072 | 420,275 |
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LG Display Company Ltd. | 8,970 | 215,600 | ||||||
LG Innotek Company Ltd. | 512 | 40,886 | ||||||
LS Corp. | 809 | 49,232 | ||||||
LS Industrial Systems Company Ltd. | 738 | 37,028 | ||||||
Mabuchi Motor Company Ltd. | 900 | 48,019 | ||||||
Murata Manufacturing Company Ltd. | 7,600 | 577,641 | ||||||
Nidec Corp. | 3,800 | 264,720 | ||||||
Nippon Electric Glass Company Ltd. | 14,000 | 68,073 | ||||||
Omron Corp. | 8,000 | 237,741 | ||||||
Prysmian S.p.A. | 7,493 | 139,766 | ||||||
Samsung Electro-Mechanics Company Ltd. | 2,239 | 170,760 | ||||||
Samsung SDI Company Ltd. | 1,338 | 159,920 | ||||||
Schneider Electric S.A. | 19,908 | 1,442,147 | ||||||
Sumitomo Electric Industries Ltd. | 27,900 | 333,109 | ||||||
TDK Corp. | 4,600 | 158,605 | ||||||
Teco Electric and Machinery Company Ltd. | 64,000 | 64,062 | ||||||
Tripod Technology Corp. | 16,000 | 34,540 | ||||||
Unimicron Technology Corp. | 46,000 | 44,049 | ||||||
Walsin Lihwa Corp. | 120,000 | 34,073 | ||||||
Yaskawa Electric Corp. | 8,000 | 97,206 | ||||||
Zhen Ding Technology Holding Ltd. | 7,000 | 15,975 | (a) | |||||
Zhuzhou CSR Times Electric Company Ltd. | 17,000 | 42,827 | ||||||
6,892,361 | ||||||||
Electronic Equipment & Instruments—0.1% | ||||||||
Citizen Holdings Company Ltd. | 9,900 | 55,213 | ||||||
FUJIFILM Holdings Corp. | 17,400 | 382,735 | ||||||
Hexagon AB | 9,246 | 245,621 | ||||||
Hitachi High-Technologies Corp. | 2,400 | 57,768 | ||||||
Hitachi Ltd. | 181,000 | 1,160,689 | ||||||
Keyence Corp. | 1,800 | 573,514 | ||||||
Shimadzu Corp. | 9,000 | 72,301 | ||||||
TPK Holding Company Ltd. | 9,000 | 144,139 | (a) | |||||
Yokogawa Electric Corp. | 7,500 | 89,621 | ||||||
2,781,601 | ||||||||
Electronic Manufacturing Services—0.1% | ||||||||
Fabrinet | 1,398 | 19,572 | (a) | |||||
Hon Hai Precision Industry Company Ltd. | 378,000 | 933,302 | ||||||
TE Connectivity Ltd. | 31,457 | 1,432,552 | ||||||
2,385,426 | ||||||||
Environmental & Facilities Services—0.0%* | ||||||||
China Everbright International Ltd. | 71,000 | 55,014 | ||||||
Park24 Co Ltd. | 3,600 | 65,198 | ||||||
Serco Group PLC | 18,787 | 175,667 | ||||||
295,879 | ||||||||
Fertilizers & Agricultural Chemicals—0.2% | ||||||||
Agrium Inc. | 5,609 | 484,789 | ||||||
China BlueChemical Ltd. | 68,000 | 41,380 | ||||||
Grupa Azoty S.A. | 816 | 18,126 | (a) | |||||
Israel Chemicals Ltd. | 16,718 | 165,005 | ||||||
K+S AG | 6,521 | 240,770 |
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Potash Corporation of Saskatchewan Inc. | 32,446 | 1,233,929 | ||||||
Syngenta AG | 3,502 | 1,368,006 | ||||||
Taiwan Fertilizer Company Ltd. | 28,000 | 67,639 | ||||||
The rael Corp Ltd. | 88 | 52,940 | (a) | |||||
Uralkali OJSC GDR†† | 8,135 | 269,268 | ||||||
Uralkali OJSC GDR†† | 2,205 | 72,986 | ||||||
Yara International ASA | 7,044 | 279,404 | ||||||
4,294,242 | ||||||||
Food Distributors—0.0%* | ||||||||
Metcash Ltd. | 33,592 | 108,235 | ||||||
Olam International Ltd. | 62,000 | 80,170 | ||||||
The Spar Group Ltd. | 6,247 | 75,507 | ||||||
263,912 | ||||||||
Food Retail—0.3% | ||||||||
Alimentation Couche Tard Inc. | 5,298 | 313,375 | ||||||
BIM Birlesik Magazalar AS | 7,874 | 170,584 | (a) | |||||
Casino Guichard Perrachon S.A. | 2,125 | 198,794 | ||||||
China Resources Enterprise Ltd. | 48,000 | 150,380 | ||||||
Colruyt S.A. | 2,817 | 147,950 | ||||||
CP ALL PCL | 164,100 | 206,349 | ||||||
Delhaize Group S.A. | 3,869 | 238,833 | ||||||
Empire Company Ltd. | 1,102 | 84,007 | ||||||
Eurocash S.A. | 2,510 | 44,227 | ||||||
FamilyMart Company Ltd. | 2,200 | 93,683 | ||||||
George Weston Ltd. | 1,977 | 156,912 | ||||||
Grupo Comercial Chedraui S.A. de C.V. | 5,400 | 19,940 | (a) | |||||
J Sainsbury PLC | 45,733 | 246,448 | ||||||
Jeronimo Martins SGPS S.A. | 9,378 | 197,356 | (a) | |||||
Kesko OYJ | 2,385 | 66,219 | ||||||
Koninklijke Ahold N.V. | 37,538 | 557,956 | ||||||
Lawson Inc. | 2,400 | 182,896 | ||||||
Loblaw Companies Ltd. | 4,286 | 193,184 | ||||||
Magnit OJSC GDR | 9,606 | 549,463 | ||||||
Metro Inc. | 3,614 | 241,447 | ||||||
Pick n Pay Stores Ltd. | 9,438 | 37,668 | ||||||
President Chain Store Corp. | 21,000 | 137,683 | ||||||
Seven & I Holdings Company Ltd. | 28,200 | 1,029,093 | ||||||
Shoprite Holdings Ltd. | 16,646 | 311,048 | ||||||
Tesco PLC | 302,184 | 1,518,881 | ||||||
WM Morrison Supermarkets PLC | 85,822 | 340,775 | ||||||
Woolworths Ltd. | 46,663 | 1,401,413 | ||||||
8,836,564 | ||||||||
Footwear—0.0%* | ||||||||
Anta Sports Products Ltd. | 34,000 | 29,808 | ||||||
Asics Corp. | 5,400 | 85,402 | ||||||
Daphne International Holdings Ltd. | 34,000 | 29,063 | ||||||
Pou Chen Corp. | 80,000 | 75,940 | ||||||
Yue Yuen Industrial Holdings Ltd. | 31,000 | 80,134 | ||||||
300,347 | ||||||||
Forest Products—0.0%* | ||||||||
Duratex S.A. | 10,340 | 60,007 | ||||||
Gas Utilities—0.1% | ||||||||
APA Group | 30,726 | 168,469 | ||||||
China Gas Holdings Ltd. | 94,000 | 96,104 |
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China Resources Gas Group Ltd. | 34,000 | 86,793 | ||||||
Enagas S.A. | 7,111 | 175,483 | ||||||
ENN Energy Holdings Ltd. | 28,000 | 149,632 | ||||||
GAIL India Ltd. | 14,061 | 75,008 | ||||||
Gas Natural SDG S.A. | 13,209 | 265,959 | ||||||
Hong Kong & China Gas Company Ltd. | 227,700 | 556,601 | ||||||
Korea Gas Corp. | 980 | 45,308 | ||||||
Osaka Gas Company Ltd. | 70,000 | 295,264 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 408,500 | 236,662 | ||||||
Petronas Gas Bhd | 24,000 | 158,759 | ||||||
Snam S.p.A. | 70,331 | 319,969 | ||||||
Toho Gas Company Ltd. | 15,000 | 77,465 | ||||||
Tokyo Gas Company Ltd. | 91,000 | 502,018 | ||||||
3,209,494 | ||||||||
General Merchandise Stores—0.0%* | ||||||||
Canadian Tire Corp Ltd. | 2,926 | 219,613 | ||||||
Dollarama Inc. | 2,610 | 182,115 | ||||||
Don Quijote Company Ltd. | 2,000 | 97,146 | ||||||
Harvey Norman Holdings Ltd. | 20,526 | 47,911 | ||||||
Lojas Americanas S.A. | 3,900 | 23,922 | ||||||
570,707 | ||||||||
Gold—0.1% | ||||||||
Agnico-Eagle Mines Ltd. | 6,718 | 184,674 | ||||||
AngloGold Ashanti Ltd. | 14,863 | 209,578 | ||||||
Barrick Gold Corp. | 37,601 | 591,665 | ||||||
Cia de Minas Buenaventura S.A. ADR | 7,265 | 107,231 | ||||||
Eldorado Gold Corp. | 25,001 | 154,279 | ||||||
Franco-Nevada Corp. | 5,382 | 192,078 | ||||||
Gold Fields Ltd. | 27,228 | 139,250 | ||||||
Goldcorp Inc. | 30,450 | 753,926 | ||||||
Harmony Gold Mining Company Ltd. | 14,498 | 52,210 | ||||||
Kinross Gold Corp. | 42,336 | 216,305 | ||||||
Koza Altin Isletmeleri AS | 1,432 | 17,367 | ||||||
New Gold Inc. | 16,844 | 108,733 | (a) | |||||
Newcrest Mining Ltd. | 28,566 | 258,080 | ||||||
Randgold Resources Ltd. | 3,408 | 211,150 | ||||||
Yamana Gold Inc. | 28,763 | 273,466 | ||||||
Zhaojin Mining Industry Company Ltd. | 33,500 | 21,552 | ||||||
Zijin Mining Group Company Ltd. | 230,000 | 40,328 | ||||||
3,531,872 | ||||||||
Healthcare Distributors—0.0%* | ||||||||
Alfresa Holdings Corp. | 1,600 | 85,529 | ||||||
Celesio AG | 3,289 | 71,396 | ||||||
Medipal Holdings Corp. | 5,400 | 73,062 | ||||||
Shanghai Pharmaceuticals Holding Company Ltd. | 22,700 | 42,553 | (a) | |||||
Sinopharm Group Company Ltd. | 35,200 | 88,404 | ||||||
Suzuken Company Ltd. | 2,600 | 87,421 | ||||||
448,365 | ||||||||
Healthcare Equipment—0.1% | ||||||||
Cochlear Ltd. | 2,119 | 119,694 | ||||||
Elekta AB | 13,750 | 207,795 | ||||||
Getinge AB | 7,434 | 224,470 | ||||||
Olympus Corp. | 7,500 | 227,639 | ||||||
Smith & Nephew PLC | 35,298 | 393,493 | ||||||
Sonova Holding AG | 1,968 | 208,417 |
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Sysmex Corp. | 2,700 | 176,403 | ||||||
Terumo Corp. | 5,800 | 288,146 | ||||||
William Demant Holding A/S | 1,051 | 86,800 | (a) | |||||
1,932,857 | ||||||||
Healthcare Facilities—0.0%* | ||||||||
Apollo Hospitals Enterprise Ltd. | 1,581 | 28,334 | (a) | |||||
Bangkok Dusit Medical Services PCL | 10,900 | 55,352 | ||||||
IHH Healthcare Bhd | 74,900 | 93,640 | (a) | |||||
Life Healthcare Group Holdings Ltd. | 36,982 | 139,700 | ||||||
Netcare Ltd. | 33,031 | 76,662 | ||||||
Ramsay Healthcare Ltd. | 4,955 | 162,418 | ||||||
556,106 | ||||||||
Healthcare Services—0.1% | ||||||||
Catamaran Corp. | 7,881 | 382,415 | (a) | |||||
Fresenius Medical Care AG & Company KGaA | 7,829 | 554,926 | ||||||
Fresenius SE & Company KGaA | 4,633 | 570,363 | ||||||
Miraca Holdings Inc. | 2,100 | 96,401 | ||||||
Sonic Healthcare Ltd. | 14,023 | 190,101 | ||||||
1,794,206 | ||||||||
Healthcare Supplies—0.0%* | ||||||||
Coloplast A/S | 4,110 | 230,134 | ||||||
Essilor International S.A. | 7,723 | 820,566 | ||||||
Shandong Weigao Group Medical Polymer Company Ltd. | 60,000 | 65,443 | ||||||
Unilife Corp. | 4,035 | 12,791 | (a) | |||||
1,128,934 | ||||||||
Healthcare Technology—0.0%* | ||||||||
M3 Inc. | 24 | 53,830 | ||||||
Heavy Electrical Equipment—0.1% | ||||||||
ABB Ltd. | 82,435 | 1,786,970 | ||||||
Alstom S.A. | 8,361 | 273,440 | (a) | |||||
Bharat Heavy Electricals Ltd. | 22,240 | 65,457 | ||||||
Mitsubishi Electric Corp. | 72,000 | 673,358 | ||||||
Shanghai Electric Group Company Ltd. | 108,000 | 36,342 | ||||||
2,835,567 | ||||||||
Highways & Railtracks—0.2% | ||||||||
Abertis Infraestructuras S.A. | 14,041 | 244,566 | ||||||
Arteris S.A. | 4,600 | 42,043 | ||||||
Atlantia S.p.A. | 12,338 | 200,950 | ||||||
CCR S.A. | 34,100 | 273,226 | ||||||
EcoRodovias Infraestrutura e Logistica S.A. | 6,200 | 43,952 | (a) | |||||
Groupe Eurotunnel S.A. | 21,236 | 161,315 | ||||||
Jasa Marga Persero Tbk PT | 81,500 | 49,680 | ||||||
Jiangsu Expressway Company Ltd. | 44,000 | 45,382 | ||||||
OHL Mexico SAB de C.V. | 17,600 | 41,616 | (a) | |||||
Transurban Group | 49,162 | 304,203 | ||||||
Zhejiang Expressway Company Ltd. | 52,000 | 42,370 | ||||||
1,449,303 | ||||||||
Home Building—0.0%* | ||||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 11,000 | 76,386 | (a) | |||||
MRV Engenharia e Participacoes S.A. | 11,800 | 34,507 | ||||||
Sekisui Chemical Company Ltd. | 16,000 | 169,608 | ||||||
Sekisui House Ltd. | 21,000 | 303,156 | ||||||
583,657 |
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Home Entertainment Software—0.0%* | ||||||||
GungHo Online Entertainment Inc. | 130 | 141,340 | (a) | |||||
Konami Corp. | 3,800 | 80,525 | ||||||
NCSoft Corp. | 620 | 87,947 | ||||||
Nexon Company Ltd. | 4,000 | 44,053 | ||||||
Nintendo Company Ltd. | 3,900 | 459,355 | ||||||
813,220 | ||||||||
Home Furnishing Retail—0.0%* | ||||||||
Nitori Holdings Company Ltd. | 1,300 | 104,696 | ||||||
Home Furnishings—0.0%* | ||||||||
Steinhoff International Holdings Ltd. | 44,630 | 110,235 | ||||||
Home Improvement Retail—0.0%* | ||||||||
Home Product Center PCL | 67,100 | 24,880 | ||||||
Kingfisher PLC | 88,719 | 461,541 | ||||||
486,421 | ||||||||
Homebuilding—0.0%* | ||||||||
Persimmon PLC | 9,209 | 164,954 | ||||||
Hotels, Resorts & Cruise Lines—0.0%* | ||||||||
Accor S.A. | 5,559 | 195,351 | ||||||
Carnival PLC | 6,847 | 237,813 | ||||||
Flight Centre Ltd. | 2,032 | 73,153 | ||||||
Formosa International Hotels Corp. | 1,000 | 11,778 | ||||||
InterContinental Hotels Group PLC | 10,179 | 279,128 | ||||||
Minor International PCL | 44,400 | 35,503 | (a) | |||||
Shangri-La Asia Ltd. | 64,000 | 110,567 | ||||||
TUI Travel PLC | 16,273 | 88,087 | ||||||
1,031,380 | ||||||||
Household Appliances—0.0%* | ||||||||
Arcelik AS | 8,562 | 56,579 | ||||||
Coway Company Ltd. | 2,160 | 105,537 | ||||||
Electrolux AB | 8,912 | 223,676 | ||||||
Haier Electronics Group Company Ltd. | 31,000 | 49,479 | ||||||
Husqvarna AB | 14,820 | 77,707 | ||||||
Rinnai Corp. | 1,200 | 85,287 | ||||||
598,265 | ||||||||
Household Products—0.1% | ||||||||
Henkel AG & Company KGaA | 4,751 | 372,079 | ||||||
Hindustan Unilever Ltd. | 33,625 | 331,440 | ||||||
Kimberly-Clark de Mexico SAB de C.V. | 58,300 | 190,218 | ||||||
LG Household & Healthcare Ltd. | 311 | 151,953 | ||||||
Reckitt Benckiser Group PLC | 24,294 | 1,712,636 | ||||||
Svenska Cellulosa AB | 22,143 | 552,144 | ||||||
Unicharm Corp. | 4,300 | 242,845 | ||||||
Unilever Indonesia Tbk PT | 56,500 | 175,050 | ||||||
3,728,365 | ||||||||
Human Resource & Employment Services—0.0%* | ||||||||
Adecco S.A. | 5,019 | 285,656 | ||||||
Capita PLC | 25,481 | 373,330 | ||||||
Seek Ltd. | 11,009 | 91,399 | (a) | |||||
Randstad Holding N.V. | 4,571 | 187,161 | ||||||
937,546 |
Table of Contents
Hypermarkets & Super Centers—0.1% | ||||||||
Aeon Company Ltd. | 22,600 | 296,222 | ||||||
Almacenes Exito S.A. | 7,211 | 119,483 | ||||||
Carrefour S.A. | 22,685 | 623,062 | ||||||
Cencosud S.A. | 43,221 | 216,128 | ||||||
Controladora Comercial Mexicana SAB de C.V. | 13,600 | 51,431 | ||||||
Distribuidora Internacional de Alimentacion S.A. | 22,662 | 171,146 | (a) | |||||
E-Mart Company Ltd. | 840 | 147,839 | ||||||
Massmart Holdings Ltd. | 3,853 | 69,591 | ||||||
Metro AG | 4,945 | 156,323 | ||||||
Siam Makro PCL | 3,400 | 85,507 | ||||||
Sun Art Retail Group Ltd. | 88,500 | 128,020 | ||||||
Wal-Mart de Mexico SAB de C.V. | 196,300 | 547,344 | ||||||
Wesfarmers Ltd. | 37,861 | 1,372,381 | ||||||
Wumart Stores Inc. | 18,000 | 32,861 | (a) | |||||
4,017,338 | ||||||||
Independent Power Producers & Energy Traders—0.1% | ||||||||
Aboitiz Power Corp. | 66,300 | 53,408 | ||||||
AES Gener S.A. | 79,585 | 52,066 | ||||||
China Longyuan Power Group Corp. | 101,000 | 104,694 | ||||||
China Resources Power Holdings Company Ltd. | 74,000 | 176,691 | ||||||
Colbun S.A. | 260,471 | 68,677 | ||||||
Datang International Power Generation Company Ltd. | 112,000 | 45,774 | (a) | |||||
Electric Power Development Company Ltd. | 4,300 | 134,192 | ||||||
Empresa Nacional de Electricidad S.A. | 126,162 | 186,271 | ||||||
Enel Green Power S.p.A. | 65,696 | 136,205 | ||||||
Energy Development Corp. | 270,200 | 36,214 | ||||||
Glow Energy PCL | 17,700 | 40,947 | ||||||
Huaneng Power International Inc. | 126,000 | 125,247 | ||||||
MPX Energia S.A. | 5,600 | 19,139 | (a) | |||||
NTPC Ltd. | 44,321 | 107,437 | ||||||
Reliance Power Ltd. | 22,142 | 24,163 | (a) | |||||
Tractebel Energia S.A. | 6,100 | 95,737 | ||||||
TransAlta Corp. | 9,219 | 125,926 | ||||||
1,532,788 | ||||||||
Industrial Conglomerates—0.3% | ||||||||
Aboitiz Equity Ventures Inc. | 66,580 | 77,368 | ||||||
Aditya Birla Nuvo Ltd. | 1,222 | 21,775 | ||||||
Alfa SAB de C.V. | 103,100 | 246,632 | ||||||
Alliance Global Group Inc. | 117,400 | 63,592 | (a) | |||||
Beijing Enterprises Holdings Ltd. | 19,500 | 140,536 | ||||||
Bidvest Group Ltd. | 11,326 | 279,465 | ||||||
CITIC Pacific Ltd. | 50,000 | 53,569 | ||||||
CJ Corp. | 632 | 62,810 | ||||||
DMCI Holdings Inc. | 28,000 | 33,444 | ||||||
Doosan Corp. | 378 | 42,531 | ||||||
Enka Insaat ve Sanayi AS | 15,599 | 39,211 | ||||||
Far Eastern New Century Corp. | 113,000 | 122,158 | ||||||
Grupo Carso SAB de C.V. | 22,000 | 104,411 | ||||||
Hopewell Holdings Ltd. | 24,000 | 79,831 | ||||||
Hutchison Whampoa Ltd. | 82,000 | 862,145 | ||||||
Jaiprakash Associates Ltd. | 36,106 | 32,719 | ||||||
Keppel Corp Ltd. | 54,000 | 442,797 | ||||||
KOC Holding AS | 23,474 | 112,659 | ||||||
Koninklijke Philips Electronics N.V. | 35,937 | 978,397 |
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LG Corp. | 3,743 | 208,117 | ||||||
MMC Corporation Bhd | 22,700 | 19,399 | ||||||
NWS Holdings Ltd. | 60,000 | 91,589 | ||||||
Reunert Ltd. | 6,013 | 41,794 | ||||||
Samsung Techwin Company Ltd. | 1,650 | 94,199 | ||||||
SembCorp Industries Ltd. | 37,000 | 144,406 | ||||||
Shanghai Industrial Holdings Ltd. | 20,000 | 62,014 | ||||||
Siemens AG | 29,705 | 2,998,223 | ||||||
Siemens Ltd. | 2,575 | 24,496 | ||||||
Sime Darby Bhd | 106,300 | 322,315 | ||||||
SK Holdings Company Ltd. | 1,018 | 151,089 | ||||||
SM Investments Corp. | 8,155 | 201,987 | ||||||
Smiths Group PLC | 14,603 | 289,701 | ||||||
Toshiba Corp. | 150,000 | 720,290 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 17,010 | 23,803 | ||||||
9,189,472 | ||||||||
Industrial Gases—0.1% | ||||||||
Air Liquide S.A. | 11,860 | 1,462,536 | ||||||
Air Water Inc. | 6,000 | 84,381 | ||||||
Linde AG | 6,944 | 1,293,899 | ||||||
Taiyo Nippon Sanso Corp. | 9,000 | 62,063 | ||||||
Yingde Gases Group Company Ltd. | 34,000 | 31,386 | (a) | |||||
2,934,265 | ||||||||
Industrial Machinery—0.3% | ||||||||
Alfa Laval AB | 12,518 | 254,090 | ||||||
Amada Company Ltd. | 13,000 | 85,720 | ||||||
Andritz AG | 2,881 | 147,641 | ||||||
Atlas Copco AB†† | 28,563 | 685,568 | ||||||
Atlas Copco AB†† | 10,739 | 228,799 | ||||||
China International Marine Containers Group Company Ltd. | 23,400 | 40,366 | (a) | |||||
Doosan Infracore Company Ltd. | 4,510 | 42,255 | (a) | |||||
FANUC Corp. | 7,200 | 1,042,291 | ||||||
GEA Group AG | 7,004 | 247,906 | ||||||
Hiwin Technologies Corp. | 7,000 | 41,807 | (a) | |||||
IHI Corp. | 49,000 | 185,473 | ||||||
IMI PLC | 12,527 | 235,596 | ||||||
Invensys PLC | 24,221 | 151,573 | (a) | |||||
JTEKT Corp. | 8,400 | 94,372 | ||||||
Kawasaki Heavy Industries Ltd. | 54,000 | 165,803 | ||||||
Kone OYJ | 5,945 | 471,770 | ||||||
Kurita Water Industries Ltd. | 4,400 | 93,063 | ||||||
Makita Corp. | 4,200 | 226,627 | ||||||
Melrose Industries PLC | 44,346 | 167,678 | ||||||
Metso OYJ | 4,813 | 163,411 | ||||||
Mitsubishi Heavy Industries Ltd. | 113,000 | 626,798 | ||||||
Nabtesco Corp. | 3,800 | 78,919 | ||||||
NGK Insulators Ltd. | 10,000 | 123,823 | ||||||
NSK Ltd. | 17,000 | 162,410 | ||||||
Sandvik AB | 38,885 | 462,049 | ||||||
Schindler Holding AG†† | 1,798 | 250,084 | ||||||
Schindler Holding AG†† | 902 | 122,027 | ||||||
SKF AB | 14,793 | 344,321 | ||||||
SMC Corp. | 2,000 | 401,067 | ||||||
Sulzer AG | 879 | 140,376 | ||||||
Sumitomo Heavy Industries Ltd. | 21,000 | 88,368 | ||||||
The Japan Steel Works Ltd. | 12,000 | 65,959 |
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The Weir Group PLC | 8,231 | 268,530 | ||||||
THK Company Ltd. | 4,600 | 96,552 | ||||||
Vallourec S.A. | 3,864 | 195,254 | ||||||
Wartsila OYJ Abp | 6,507 | 282,755 | ||||||
WEG S.A. | 7,900 | 100,670 | ||||||
Zardoya Otis S.A. | 6,042 | 85,527 | ||||||
8,667,298 | ||||||||
Industrial REITs—0.0%* | ||||||||
Ascendas Real Estate Investment Trust | 84,000 | 147,694 | ||||||
Goodman Group | 65,499 | 292,578 | ||||||
Nippon Prologis REIT Inc. | 9 | 78,190 | (a) | |||||
Segro PLC | 27,782 | 117,646 | ||||||
636,108 | ||||||||
Integrated Oil & Gas—1.2% | ||||||||
BG Group PLC | 127,735 | 2,166,934 | ||||||
BP PLC | 718,983 | 4,964,418 | ||||||
Cenovus Energy Inc. | 28,383 | 807,138 | ||||||
China Petroleum & Chemical Corp. | 959,400 | 675,359 | ||||||
Ecopetrol S.A. | 189,928 | 401,246 | ||||||
Eni S.p.A. | 95,835 | 1,965,731 | ||||||
Galp Energia SGPS S.A. | 10,267 | 151,806 | ||||||
Gazprom OAO ADR | 206,282 | 1,355,273 | ||||||
Husky Energy Inc. | 13,244 | 351,767 | ||||||
Imperial Oil Ltd. | 11,214 | 426,790 | ||||||
Lukoil OAO ADR | 19,584 | 1,129,018 | ||||||
MOL Hungarian Oil and Gas PLC | 1,514 | 113,254 | ||||||
OMV AG | 5,467 | 246,588 | ||||||
Origin Energy Ltd. | 41,087 | 472,745 | ||||||
PetroChina Company Ltd. | 794,000 | 844,534 | ||||||
Petroleo Brasileiro S.A. | 111,700 | 748,864 | (a) | |||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 63,407 | 110,394 | ||||||
PTT PCL | 31,000 | 334,838 | ||||||
Repsol S.A. | 31,284 | 659,171 | ||||||
Rosneft OAO GDR | 45,830 | 313,936 | ||||||
Royal Dutch Shell PLC†† | 110,572 | 3,649,252 | ||||||
Royal Dutch Shell PLC†† | 128,304 | 4,086,573 | ||||||
Sasol Ltd. | 21,033 | 914,314 | ||||||
Statoil ASA | 41,321 | 847,933 | ||||||
Suncor Energy Inc. | 57,144 | 1,679,192 | ||||||
Surgutneftegas OAO ADR†† | 27,270 | 167,165 | ||||||
Surgutneftegas OAO ADR†† | 29,028 | 227,580 | ||||||
Total S.A. | 80,029 | 3,901,481 | ||||||
33,713,294 | ||||||||
Integrated Telecommunication Services—0.5% | ||||||||
BCE Inc. | 9,363 | 382,703 | ||||||
Belgacom S.A. | 5,928 | 132,804 | ||||||
Bell Aliant Inc. | 2,827 | 75,730 | ||||||
Bezeq The Israeli Telecommunication Corp Ltd. | 71,154 | 94,993 | ||||||
BT Group PLC | 296,602 | 1,390,956 | ||||||
China Communications Services Corp Ltd. | 84,000 | 53,066 | ||||||
China Telecom Corporation Ltd. | 518,000 | 247,101 | ||||||
China Unicom Hong Kong Ltd. | 176,000 | 234,172 | ||||||
Chunghwa Telecom Company Ltd. | 142,000 | 483,267 | ||||||
Deutsche Telekom AG | 104,651 | 1,219,378 | ||||||
Elisa OYJ | 5,366 | 104,695 |
Table of Contents
France Telecom S.A. | 69,693 | 658,411 | ||||||
HKT Trust | 96,000 | 90,971 | ||||||
Koninklijke KPN N.V. | 120,819 | 250,803 | ||||||
KT Corp. | 1,110 | 34,795 | ||||||
LG Uplus Corp. | 8,060 | 84,337 | ||||||
Magyar Telekom Telecommunications PLC | 17,882 | 26,832 | ||||||
Maroc Telecom S.A. | 2,200 | 25,446 | (a) | |||||
Nippon Telegraph & Telephone Corp. | 16,200 | 838,254 | ||||||
PCCW Ltd. | 173,000 | 81,411 | ||||||
Portugal Telecom SGPS S.A. | 23,867 | 92,760 | (a) | |||||
Rostelecom OJSC ADR | 7,764 | 123,059 | ||||||
Singapore Telecommunications Ltd. | 298,000 | 883,450 | ||||||
Swisscom AG | 851 | 372,006 | ||||||
TDC A/S | 26,689 | 215,999 | ||||||
Hellenic Telecommunications Organization S.A. | 8,741 | 68,172 | (a) | |||||
Telefonica Deutschland Holding AG | 9,195 | 66,454 | (a) | |||||
True Corp. PCL | 168,400 | 36,379 | (a) | |||||
Telecom Corp of New Zealand Ltd. | 68,211 | 118,529 | ||||||
Telecom Egypt Co. | 13,363 | 21,893 | ||||||
Telecom Italia S.p.A.†† | 396,149 | 274,975 | ||||||
Telecom Italia S.p.A.†† | 190,334 | 105,642 | ||||||
Telefonica Czech Republic AS | 3,979 | 54,758 | ||||||
Telefonica S.A. | 153,411 | 1,963,203 | ||||||
Telekom Austria AG | 8,813 | 55,720 | ||||||
Telekom Malaysia Bhd | 42,600 | 72,809 | (a) | |||||
Telekomunikacja Polska S.A. | 28,318 | 65,028 | (a) | |||||
Telekomunikasi Indonesia Persero Tbk PT | 345,000 | 391,058 | ||||||
Telenor ASA | 26,154 | 515,708 | ||||||
TeliaSonera AB | 84,188 | 545,458 | ||||||
Telstra Corp Ltd. | 162,558 | 709,764 | ||||||
TELUS Corp. | 11,130 | 323,893 | ||||||
Turk Telekomunikasyon AS | 16,769 | 65,183 | ||||||
Vivendi S.A. | 44,955 | 850,225 | ||||||
XL Axiata Tbk PT | 93,500 | 45,455 | ||||||
14,547,705 | ||||||||
Internet Retail—0.0%* | ||||||||
Rakuten Inc. | 27,300 | 322,373 | ||||||
Internet Software & Services—0.1% | ||||||||
Dena Company Ltd. | 3,900 | 76,481 | ||||||
Gree Inc. | 3,500 | 31,006 | ||||||
NHN Corp. | 1,533 | 389,945 | ||||||
Tencent Holdings Ltd. | 38,400 | 1,506,028 | ||||||
United Internet AG | 4,079 | 114,976 | ||||||
Yahoo Japan Corp. | 548 | 269,766 | ||||||
2,388,202 | ||||||||
Investment Banking & Brokerage—0.1% | ||||||||
CITIC Securities Company Ltd. | 42,500 | 75,725 | (a) | |||||
Daewoo Securities Company Ltd. | 7,490 | 65,912 | (a) | |||||
Daiwa Securities Group Inc. | 63,000 | 528,303 | ||||||
Haitong Securities Company Ltd. | 49,200 | 59,626 | (a) | |||||
Hyundai Securities Company Ltd. | 6,640 | 37,152 | ||||||
ICAP PLC | 21,687 | 119,565 | ||||||
Korea Investment Holdings Company Ltd. | 1,740 | 63,305 | ||||||
Macquarie Group Ltd. | 11,762 | 450,787 | ||||||
Mediobanca S.p.A. | 20,019 | 104,087 |
Table of Contents
Nomura Holdings Inc. | 136,400 | 1,003,759 | ||||||
Samsung Securities Company Ltd. | 2,292 | 92,519 | ||||||
Woori Investment & Securities Company Ltd. | 6,220 | 61,271 | ||||||
Yuanta Financial Holding Company Ltd. | 313,000 | 162,917 | ||||||
2,824,928 | ||||||||
IT Consulting & Other Services—0.1% | ||||||||
AtoS | 2,010 | 148,976 | (a) | |||||
Cap Gemini S.A. | 5,602 | 271,974 | ||||||
CGI Group Inc. | 7,985 | 233,128 | (a) | |||||
Fujitsu Ltd. | 70,000 | 288,921 | ||||||
HCL Technologies Ltd. | 7,684 | 99,960 | ||||||
Infosys Ltd. | 16,912 | 709,493 | ||||||
Itochu Techno-Solutions Corp. | 900 | 37,192 | ||||||
Nomura Research Institute Ltd. | 3,800 | 123,562 | ||||||
NTT Data Corp. | 48 | 170,091 | ||||||
Otsuka Corp. | 600 | 66,563 | ||||||
Satyam Computer Services Ltd. | 23,406 | 48,053 | (a) | |||||
SK C&C Co Ltd. | 921 | 80,483 | ||||||
Tata Consultancy Services Ltd. | 18,074 | 462,609 | ||||||
Wipro Ltd. | 20,759 | 121,917 | ||||||
2,862,922 | ||||||||
Leisure Facilities—0.0%* | ||||||||
Oriental Land Company Ltd. | 1,900 | 293,411 | ||||||
Leisure Products—0.0%* | ||||||||
Giant Manufacturing Company Ltd. | 10,000 | 68,733 | ||||||
Merida Industry Company Ltd. | 7,000 | 41,574 | ||||||
Namco Bandai Holdings Inc. | 6,600 | 106,971 | ||||||
Sankyo Company Ltd. | 1,900 | 89,611 | ||||||
Sega Sammy Holdings Inc. | 7,400 | 184,972 | ||||||
Shimano Inc. | 2,900 | 245,815 | ||||||
Yamaha Corp. | 6,100 | 69,821 | ||||||
807,497 | ||||||||
Life & Health Insurance—0.5% | ||||||||
Aegon N.V. | 66,141 | 441,817 | ||||||
AIA Group Ltd. | 456,600 | 1,933,810 | ||||||
AMP Ltd. | 110,978 | 431,731 | ||||||
Cathay Financial Holding Company Ltd. | 270,000 | 368,456 | ||||||
China Life Insurance Company Ltd.†† | 280,000 | 662,786 | ||||||
China Life Insurance Company Ltd.†† | 75,000 | 74,197 | ||||||
China Taiping Insurance Holdings Company Ltd. | 32,800 | 50,746 | (a) | |||||
CNP Assurances | 5,764 | 82,603 | ||||||
Discovery Holdings Ltd. | 10,317 | 87,361 | ||||||
Great-West Lifeco Inc. | 10,748 | 290,668 | ||||||
Hanwha Life Insurance Company Ltd. | 8,480 | 48,858 | ||||||
Industrial Alliance Insurance & Financial Services Inc. | 3,775 | 148,860 | ||||||
Legal & General Group PLC | 226,189 | 588,006 | ||||||
Liberty Holdings Ltd. | 4,059 | 49,041 | ||||||
Manulife Financial Corp. | 69,013 | 1,100,989 | ||||||
MMI Holdings Ltd. | 36,164 | 80,764 | ||||||
New China Life Insurance Company Ltd. | 23,300 | 71,795 | ||||||
Old Mutual PLC | 186,532 | 511,224 | ||||||
Ping An Insurance Group Company of China Ltd. | 70,500 | 474,463 | ||||||
Power Corp of Canada | 13,526 | 361,822 | ||||||
Power Financial Corp. | 9,419 | 273,030 | ||||||
Prudential PLC | 96,405 | 1,571,838 |
Table of Contents
Resolution Ltd. | 55,034 | 237,890 | ||||||
RMI Holdings | 22,171 | 56,281 | ||||||
Samsung Life Insurance Company Ltd. | 1,902 | 179,866 | ||||||
Sanlam Ltd. | 67,666 | 313,546 | ||||||
Shin Kong Financial Holding Company Ltd. | 236,000 | 79,530 | ||||||
Sony Financial Holdings Inc. | 6,500 | 102,537 | ||||||
Standard Life PLC | 89,970 | 471,734 | ||||||
Sun Life Financial Inc. | 22,803 | 673,315 | ||||||
Swiss Life Holding AG | 1,118 | 181,498 | ||||||
T&D Holdings Inc. | 22,500 | 302,159 | ||||||
The Dai-ichi Life Insurance Company Ltd. | 316 | 455,541 | ||||||
12,758,762 | ||||||||
Life Sciences Tools & Services—0.0%* | ||||||||
Divi’s Laboratories Ltd. | 1,428 | 23,862 | ||||||
Lonza Group AG | 1,992 | 149,797 | ||||||
QIAGEN N.V. | 8,835 | 173,354 | (a) | |||||
347,013 | ||||||||
Managed Healthcare—0.0%* | ||||||||
Odontoprev S.A. | 10,100 | 42,063 | ||||||
Qualicorp S.A. | 8,200 | 62,733 | (a) | |||||
104,796 | ||||||||
Marine—0.1% | ||||||||
AP Moeller—Maersk A/S†† | 19 | 127,944 | ||||||
AP Moeller—Maersk A/S†† | 50 | 357,607 | ||||||
China COSCO Holdings Company Ltd. | 102,500 | 45,063 | ||||||
China Shipping Container Lines Company Ltd. | 146,000 | 38,211 | (a) | |||||
Evergreen Marine Corp Taiwan Ltd. | 64,000 | 35,021 | ||||||
Hyundai Merchant Marine Company Ltd. | 2,480 | 31,270 | ||||||
Kuehne + Nagel International AG | 2,057 | 225,451 | ||||||
MISC Bhd | 40,400 | 65,213 | ||||||
Mitsui OSK Lines Ltd. | 42,000 | 163,628 | ||||||
Nippon Yusen KK | 62,000 | 164,152 | ||||||
Orient Overseas International Ltd. | 9,000 | 58,133 | ||||||
U-Ming Marine Transport Corp. | 17,000 | 26,659 | ||||||
Wan Hai Lines Ltd. | 36,000 | 18,558 | ||||||
Yang Ming Marine Transport Corp. | 59,000 | 24,509 | ||||||
1,381,419 | ||||||||
Marine Ports & Services—0.0%* | ||||||||
Adani Ports and Special Economic Zone | 14,192 | 36,301 | ||||||
China Merchants Holdings International Company Ltd. | 42,000 | 130,770 | ||||||
COSCO Pacific Ltd. | 62,000 | 79,855 | ||||||
Hutchison Port Holdings Trust | 201,000 | 147,735 | ||||||
International Container Terminal Services Inc. | 26,800 | 53,972 | ||||||
Kamigumi Company Ltd. | 8,000 | 64,348 | ||||||
Koninklijke Vopak N.V. | 2,589 | 152,533 | ||||||
Mitsubishi Logistics Corp. | 5,000 | 69,714 | ||||||
735,228 | ||||||||
Metal & Glass Containers—0.0%* | ||||||||
Nampak Ltd. | 13,509 | 44,703 | (a) | |||||
Rexam PLC | 29,876 | 216,369 | ||||||
Toyo Seikan Kaisha Ltd. | 5,800 | 89,159 | ||||||
350,231 | ||||||||
Motorcycle Manufacturers—0.0%* | ||||||||
Bajaj Auto Ltd. | 3,146 | 101,958 |
Table of Contents
Hero Motocorp Ltd. | 1,551 | 43,587 | ||||||
Yamaha Motor Company Ltd. | 10,600 | 137,122 | ||||||
282,667 | ||||||||
Movies & Entertainment—0.0%* | ||||||||
Toho Company Ltd. | 4,400 | 90,449 | ||||||
Multi-Line Insurance—0.3% | ||||||||
Ageas | 8,921 | 312,801 | ||||||
Allianz SE | 17,085 | 2,492,839 | ||||||
Assicurazioni Generali S.p.A. | 43,964 | 766,907 | ||||||
Aviva PLC | 110,890 | 571,163 | ||||||
AXA S.A. | 67,449 | 1,323,432 | ||||||
Baloise Holding AG | 1,917 | 186,098 | ||||||
BB Seguridade Participacoes S.A. | 20,000 | 159,345 | (a) | |||||
China Pacific Insurance Group Company Ltd. | 102,800 | 328,028 | ||||||
Gjensidige Forsikring ASA | 7,732 | 113,143 | ||||||
Mapfre S.A. | 28,420 | 92,428 | ||||||
Porto Seguro S.A. | 4,400 | 47,206 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 2,170 | 266,873 | ||||||
Sampo | 15,607 | 607,385 | ||||||
Sul America S.A. | 5,001 | 29,609 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,571 | 72,871 | ||||||
Zurich Insurance Group AG | 5,528 | 1,431,443 | ||||||
8,801,571 | ||||||||
Multi-Sector Holdings—0.1% | ||||||||
Ayala Corp. | 7,150 | 95,995 | ||||||
Corp Financiera Colombiana S.A.†† | 79 | 1,401 | (a) | |||||
Corp Financiera Colombiana S.A.†† | 2,956 | 55,102 | ||||||
Eurazeo | 1,312 | 70,203 | ||||||
Exor S.p.A. | 2,621 | 77,405 | ||||||
First Pacific Company Ltd. | 94,000 | 100,589 | ||||||
Groupe Bruxelles Lambert S.A. | 3,197 | 240,236 | ||||||
Grupo de Inversiones Suramericana S.A. | 8,633 | 167,184 | ||||||
Haci Omer Sabanci Holding AS | 31,426 | 165,319 | ||||||
Industrivarden AB | 4,939 | 81,957 | ||||||
Investment AB Kinnevik | 8,200 | 208,844 | ||||||
Investor AB | 17,841 | 476,592 | ||||||
Metro Pacific Investments Corp. | 129,200 | 15,791 | (a) | |||||
Onex Corp. | 3,866 | 174,876 | ||||||
Pargesa Holding S.A. | 1,294 | 86,230 | ||||||
Remgro Ltd. | 17,076 | 326,737 | ||||||
Wendel S.A. | 1,280 | 131,690 | (a) | |||||
2,476,151 | ||||||||
Multi-Utilities—0.2% | ||||||||
AGL Energy Ltd. | 21,259 | 281,773 | ||||||
Atco Ltd/Canada | 2,398 | 98,630 | (a) | |||||
Canadian Utilities Ltd. | 4,562 | 159,613 | ||||||
Centrica PLC | 194,902 | 1,064,780 | ||||||
E.ON SE | 67,327 | 1,103,564 | ||||||
GDF Suez | 49,860 | 975,074 | ||||||
National Grid PLC | 137,082 | 1,551,026 | ||||||
RWE AG | 18,500 | 589,638 | ||||||
Suez Environnement Co. | 10,531 | 135,847 | ||||||
Veolia Environnement S.A. | 12,822 | 145,683 | ||||||
YTL Corp Bhd | 200,400 | 105,290 | ||||||
YTL Power International Bhd | 82,900 | 41,981 | ||||||
6,252,899 |
Table of Contents
Office Electronics—0.1% | ||||||||
Brother Industries Ltd. | 8,800 | 98,954 | ||||||
Canon Inc. | 42,500 | 1,384,079 | ||||||
Konica Minolta Holdings Inc. | 18,000 | 135,723 | ||||||
Ricoh Company Ltd. | 26,000 | 308,854 | ||||||
1,927,610 | ||||||||
Office REITs—0.0%* | ||||||||
CapitaCommercial Trust | 81,000 | 93,562 | ||||||
Japan Prime Realty Investment Corp. | 29 | 88,604 | ||||||
Japan Real Estate Investment Corp. | 23 | 256,314 | ||||||
Nippon Building Fund Inc. | 26 | 300,478 | ||||||
Nomura Real Estate Office Fund Inc. | 10 | 43,791 | ||||||
782,749 | ||||||||
Office Services & Supplies—0.0%* | ||||||||
Societe BIC S.A. | 1,036 | 103,692 | ||||||
Oil & Gas Drilling—0.1% | ||||||||
China Oilfield Services Ltd. | 58,000 | 113,512 | ||||||
Seadrill Ltd. | 13,890 | 557,779 | ||||||
Transocean Ltd. | 13,557 | 651,378 | (a) | |||||
1,322,669 | ||||||||
Oil & Gas Equipment & Services—0.1% | ||||||||
Aker Solutions ASA | 6,194 | 83,840 | ||||||
AMEC PLC | 11,704 | 178,402 | ||||||
Bumi Armada Bhd | 42,800 | 52,560 | ||||||
Cie Generale de Geophysique—Veritas | 5,975 | 131,955 | ||||||
Fugro N.V. | 2,622 | 141,952 | ||||||
Petrofac Ltd. | 9,731 | 176,813 | ||||||
Saipem S.p.A. | 9,976 | 161,962 | ||||||
Sapurakencana Petroleum Bhd | 108,900 | 140,972 | (a) | |||||
Subsea 7 S.A. | 10,657 | 185,876 | (a) | |||||
Technip S.A. | 3,926 | 398,101 | ||||||
Tenaris S.A. | 18,196 | 364,478 | ||||||
TMK OAO GDR | 1,835 | 21,103 | ||||||
WorleyParsons Ltd. | 7,773 | 138,672 | ||||||
2,176,686 | ||||||||
Oil & Gas Exploration & Production—0.3% | ||||||||
ARC Resources Ltd. | 11,193 | 292,093 | ||||||
Athabasca Oil Corp. | 11,308 | 69,781 | (a) | |||||
Baytex Energy Corp. | 4,518 | 162,313 | ||||||
Bonavista Energy Corp. | 6,030 | 78,022 | ||||||
Cairn India Ltd. | 17,722 | 86,321 | ||||||
Canadian Natural Resources Ltd. | 41,197 | 1,157,866 | ||||||
Canadian Oil Sands Ltd. | 18,537 | 342,116 | ||||||
CNOOC Ltd. | 673,000 | 1,141,862 | ||||||
Crescent Point Energy Corp. | 14,338 | 484,797 | ||||||
Encana Corp. | 27,561 | 464,771 | ||||||
Enerplus Corp. | 7,209 | 106,193 | ||||||
Equal Energy Ltd. | 1,276 | 5,155 | ||||||
Inpex Corp. | 83 | 345,920 | ||||||
Japan Petroleum Exploration Co. | 1,100 | 44,571 | ||||||
Kunlun Energy Company Ltd. | 126,000 | 223,853 | ||||||
Lundin Petroleum AB | 8,309 | 163,731 | (a) | |||||
MEG Energy Corp. | 5,308 | 145,059 | (a) | |||||
NovaTek OAO GDR | 3,355 | 400,923 |
Table of Contents
OGX Petroleo e Gas Participacoes S.A. | 49,300 | 17,631 | (a) | |||||
Oil & Natural Gas Corp Ltd. | 28,871 | 160,861 | ||||||
Oil India Ltd. | 2,293 | 22,037 | ||||||
Pacific Rubiales Energy Corp. | 11,182 | 195,774 | ||||||
Pengrowth Energy Corp. | 16,966 | 83,145 | ||||||
Penn West Petroleum Ltd. | 17,358 | 182,638 | ||||||
Peyto Exploration & Development Corp. | 4,880 | 140,625 | (a) | |||||
PTT Exploration & Production PCL | 52,300 | 267,276 | ||||||
Santos Ltd. | 37,127 | 425,822 | ||||||
Talisman Energy Inc. | 39,373 | 447,866 | ||||||
Tatneft OAO ADR | 9,139 | 332,020 | ||||||
Tourmaline Oil Corp. | 5,704 | 227,792 | (a) | |||||
Tullow Oil PLC | 34,837 | 528,901 | ||||||
Vermilion Energy Inc. | 3,688 | 179,724 | ||||||
Woodside Petroleum Ltd. | 24,789 | 794,399 | ||||||
9,721,858 | ||||||||
Oil & Gas Refining & Marketing—0.1% | ||||||||
Bharat Petroleum Corp Ltd. | 6,480 | 40,074 | ||||||
Caltex Australia Ltd. | 4,925 | 81,371 | ||||||
Cosan S.A. Industria e Comercio | 4,600 | 90,082 | ||||||
Cosmo Oil Company Ltd. | 22,000 | 40,530 | ||||||
Delek Group Ltd. | 174 | 45,169 | ||||||
Empresas COPEC S.A. | 18,588 | 244,315 | (a) | |||||
Formosa Petrochemical Corp. | 43,000 | 109,756 | ||||||
Grupa Lotos S.A. | 2,254 | 24,290 | (a) | |||||
GS Holdings | 2,084 | 93,794 | ||||||
Idemitsu Kosan Company Ltd. | 800 | 61,449 | ||||||
IRPC PCL | 378,600 | 40,283 | ||||||
JX Holdings Inc. | 83,600 | 404,808 | ||||||
Keyera Corp. | 2,614 | 140,147 | (a) | |||||
Neste Oil OYJ | 4,796 | 70,071 | ||||||
Petronas Dagangan BHD | 8,900 | 71,268 | ||||||
Polski Koncern Naftowy Orlen S.A. | 11,887 | 166,279 | (a) | |||||
Reliance Industries Ltd. | 48,701 | 705,171 | ||||||
Showa Shell Sekiyu KK | 7,600 | 62,431 | ||||||
SK Innovation Company Ltd. | 2,237 | 265,412 | ||||||
S-Oil Corp. | 1,820 | 116,653 | ||||||
Thai Oil PCL | 30,500 | 61,954 | ||||||
TonenGeneral Sekiyu KK | 11,000 | 106,418 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 4,640 | 113,268 | ||||||
3,154,993 | ||||||||
Oil & Gas Storage & Transportation—0.1% | ||||||||
AltaGas Ltd. | 3,511 | 122,675 | (a) | |||||
Enbridge Inc. | 28,630 | 1,199,803 | ||||||
Pembina Pipeline Corp. | 11,200 | 341,643 | ||||||
TransCanada Corp. | 26,337 | 1,130,423 | ||||||
Ultrapar Participacoes S.A. | 12,600 | 302,986 | ||||||
3,097,530 | ||||||||
Packaged Foods & Meats—0.7% | ||||||||
Ajinomoto Company Inc. | 23,000 | 337,122 | ||||||
Aryzta AG | 3,492 | 195,979 | ||||||
Associated British Foods PLC | 13,349 | 351,276 | ||||||
Barry Callebaut AG | 70 | 63,996 | ||||||
BRF—Brasil Foods S.A. | 24,500 | 537,346 | ||||||
Calbee Inc. | 600 | 56,838 |
Table of Contents
Charoen Pokphand Foods PCL | 115,100 | 95,561 | ||||||
China Mengniu Dairy Company Ltd. | 47,000 | 168,153 | (k) | |||||
CJ CheilJedang Corp. | 320 | 72,711 | ||||||
Danone S.A. | 21,489 | 1,610,586 | ||||||
DE Master Blenders 1753 N.V. | 18,560 | 296,740 | (a) | |||||
GlaxoSmithKline Consumer Healthcare Ltd. | 162 | 14,288 | (a) | |||||
Grupo Bimbo SAB de C.V. | 62,200 | 187,662 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 32,000 | 39,335 | (a) | |||||
Indofood Sukses Makmur Tbk PT | 165,000 | 122,191 | ||||||
JBS S.A. | 25,900 | 75,857 | ||||||
Kerry Group PLC | 5,329 | 293,700 | ||||||
Kikkoman Corp. | 6,000 | 99,663 | ||||||
Lindt & Spruengli AG†† | 33 | 123,748 | ||||||
Lindt & Spruengli AG†† | 3 | 130,508 | ||||||
Lotte Confectionery Company Ltd. | 35 | 49,249 | ||||||
MEIJI Holdings Company Ltd. | 2,300 | 110,329 | ||||||
M Dias Branco S.A. | 1,000 | 37,799 | (a)�� | |||||
Nestle S.A. | 120,746 | 7,905,950 | ||||||
Nippon Meat Packers Inc. | 7,000 | 106,901 | ||||||
Nisshin Seifun Group Inc. | 7,000 | 83,717 | ||||||
Nissin Foods Holdings Company Ltd. | 2,300 | 92,963 | ||||||
Orion Corp. | 142 | 118,494 | ||||||
Orkla ASA | 29,038 | 236,639 | ||||||
PPB Group Bhd | 17,800 | 79,775 | ||||||
Saputo Inc. | 4,863 | 222,833 | ||||||
Standard Foods Corp. | 10,000 | 31,631 | ||||||
Suedzucker AG | 3,033 | 93,810 | ||||||
Tate & Lyle PLC | 17,313 | 216,502 | ||||||
Tiger Brands Ltd. | 5,952 | 177,411 | ||||||
Tingyi Cayman Islands Holding Corp. | 74,000 | 193,674 | ||||||
Toyo Suisan Kaisha Ltd. | 3,000 | 99,663 | ||||||
Unilever N.V. | 60,767 | 2,389,780 | ||||||
Unilever PLC | 48,215 | 1,946,660 | ||||||
Uni-President China Holdings Ltd. | 40,000 | 40,689 | (a) | |||||
Uni-President Enterprises Corp. | 162,000 | 315,665 | ||||||
Universal Robina Corp. | 30,200 | 87,384 | ||||||
Want Want China Holdings Ltd. | 230,000 | 324,405 | ||||||
Yakult Honsha Company Ltd. | 3,400 | 140,675 | ||||||
Yamazaki Baking Company Ltd. | 4,000 | 46,912 | ||||||
20,022,770 | ||||||||
Paper Packaging—0.0%* | ||||||||
Amcor Ltd. | 46,849 | 434,836 | ||||||
Paper Products—0.0%* | ||||||||
Empresas CMPC S.A. | 46,932 | 145,357 | ||||||
Fibria Celulose S.A. | 9,300 | 104,196 | (a) | |||||
Lee & Man Paper Manufacturing Ltd. | 71,000 | 42,382 | ||||||
Nine Dragons Paper Holdings Ltd. | 63,000 | 40,774 | ||||||
Oji Holdings Corp. | 31,000 | 124,830 | ||||||
Sappi Ltd. | 19,577 | 48,118 | (a) | |||||
Stora Enso OYJ | 21,049 | 140,907 | ||||||
UPM-Kymmene OYJ | 19,898 | 194,759 | ||||||
841,323 | ||||||||
Personal Products—0.1% | ||||||||
Amorepacific Corp. | 131 | 104,956 | ||||||
AMOREPACIFIC Group | 68 | 20,721 |
Table of Contents
Beiersdorf AG | 3,785 | 329,635 | ||||||
Dabur India Ltd. | 13,803 | 36,235 | ||||||
Godrej Consumer Products Ltd. | 4,709 | 64,385 | ||||||
Hengan International Group Company Ltd. | 27,500 | 297,821 | ||||||
Hypermarcas S.A. | 12,800 | 84,192 | ||||||
Kao Corp. | 19,600 | 665,928 | ||||||
L’Oreal S.A. | 9,097 | 1,492,872 | ||||||
Natura Cosmeticos S.A. | 6,400 | 138,195 | ||||||
Shiseido Company Ltd. | 13,600 | 202,217 | ||||||
3,437,157 | ||||||||
Pharmaceuticals—1.4% | ||||||||
Aspen Pharmacare Holdings Ltd. | 11,430 | 261,444 | ||||||
Astellas Pharma Inc. | 16,600 | 900,730 | ||||||
AstraZeneca PLC | 46,874 | 2,214,572 | ||||||
Bayer AG | 31,034 | 3,305,017 | ||||||
Celltrion Inc. | 2,414 | 88,354 | ||||||
Chugai Pharmaceutical Company Ltd. | 8,500 | 175,930 | ||||||
Cipla Ltd. | 12,861 | 84,633 | ||||||
Daiichi Sankyo Company Ltd. | 25,100 | 418,439 | ||||||
Dainippon Sumitomo Pharma Company Ltd. | 6,100 | 80,506 | ||||||
Dr Reddy’s Laboratories Ltd. | 3,837 | 143,130 | (a) | |||||
Eisai Company Ltd. | 9,600 | 390,920 | ||||||
Genomma Lab Internacional SAB de C.V. | 21,100 | 41,452 | (a) | |||||
GlaxoSmithKline PLC | 184,066 | 4,600,771 | ||||||
Hisamitsu Pharmaceutical Company Inc. | 2,400 | 121,770 | ||||||
Kalbe Farma Tbk PT | 854,500 | 123,978 | ||||||
Kyowa Hakko Kirin Company Ltd. | 8,000 | 90,361 | ||||||
Lupin Ltd. | 3,427 | 44,994 | ||||||
Merck KGaA | 2,380 | 362,111 | ||||||
Mitsubishi Tanabe Pharma Corp. | 8,600 | 111,250 | ||||||
Novartis AG | 86,193 | 6,112,720 | ||||||
Novo Nordisk A/S | 15,264 | 2,375,461 | ||||||
Ono Pharmaceutical Company Ltd. | 3,200 | 216,802 | ||||||
Orion OYJ | 3,566 | 83,527 | ||||||
Otsuka Holdings Company Ltd. | 13,700 | 451,679 | ||||||
Piramal Enterprises Ltd. | 2,159 | 20,636 | ||||||
Ranbaxy Laboratories Ltd. | 4,850 | 25,309 | (a) | |||||
Roche Holding AG | 26,334 | 6,540,707 | ||||||
Sanofi | 44,904 | 4,647,294 | ||||||
Santen Pharmaceutical Company Ltd. | 2,700 | 116,062 | ||||||
ScinoPharm Taiwan Ltd. | 10,000 | 23,056 | (a) | |||||
Shionogi & Company Ltd. | 11,100 | 231,308 | ||||||
Shire PLC | 21,079 | 666,585 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 74,000 | 48,562 | ||||||
Sino Biopharmaceutical | 100,000 | 64,850 | (a) | |||||
Sun Pharmaceutical Industries Ltd. | 11,507 | 195,285 | ||||||
Taisho Pharmaceutical Holdings Company Ltd. | 1,300 | 92,133 | ||||||
Takeda Pharmaceutical Company Ltd. | 29,500 | 1,330,447 | ||||||
Teva Pharmaceutical Industries Ltd. | 31,850 | 1,230,132 | ||||||
Tsumura & Co. | 2,200 | 64,759 | ||||||
UCB S.A. | 4,032 | 216,898 | ||||||
Valeant Pharmaceuticals International Inc. | 10,840 | 931,770 | (a) | |||||
Wockhardt Ltd. | 748 | 12,582 | (a) | |||||
Yuhan Corp. | 313 | 50,429 | ||||||
39,309,355 | ||||||||
Photographic Products—0.0%* | ||||||||
Nikon Corp. | 12,800 | 298,175 |
Table of Contents
Precious Metals & Minerals—0.0%* | ||||||||
Anglo American Platinum Ltd. | 2,617 | 77,768 | ||||||
Fresnillo PLC | 6,730 | 90,029 | ||||||
Impala Platinum Holdings Ltd. | 20,296 | 190,137 | ||||||
Industrias Penoles SAB de C.V. | 4,970 | 147,282 | ||||||
Northam Platinum Ltd. | 8,191 | 26,403 | ||||||
Silver Wheaton Corp. | 13,784 | 269,291 | ||||||
800,910 | ||||||||
Property & Casualty Insurance—0.2% | ||||||||
Admiral Group PLC | 7,285 | 146,622 | ||||||
Direct Line Insurance Group PLC | 5,139 | 18,161 | (a) | |||||
Dongbu Insurance Company Ltd. | 1,830 | 77,395 | ||||||
Hyundai Marine & Fire Insurance Company Ltd. | 2,720 | 72,165 | ||||||
Insurance Australia Group Ltd. | 79,474 | 395,741 | ||||||
Intact Financial Corp. | 5,125 | 287,839 | ||||||
MS&AD Insurance Group Holdings | 18,900 | 479,849 | ||||||
NKSJ Holdings Inc. | 12,600 | 299,985 | ||||||
People’s Insurance Company Group of China Ltd. | 165,000 | 75,306 | ||||||
PICC Property & Casualty Company Ltd. | 100,000 | 112,940 | ||||||
QBE Insurance Group Ltd. | 44,987 | 621,389 | ||||||
RSA Insurance Group PLC | 133,001 | 240,050 | ||||||
Samsung Fire & Marine Insurance Company Ltd. | 1,211 | 247,067 | ||||||
Suncorp Group Ltd. | 48,328 | 527,306 | ||||||
Tokio Marine Holdings Inc. | 25,900 | 820,008 | ||||||
Tryg A/S | 961 | 79,099 | ||||||
4,500,922 | ||||||||
Publishing—0.1% | ||||||||
Axel Springer AG | 1,610 | 68,590 | ||||||
Delta Lloyd N.V. | 7,100 | 142,079 | ||||||
Lagardere SCA | 4,450 | 123,785 | ||||||
Pearson PLC | 31,110 | 552,531 | ||||||
Reed Elsevier N.V. | 25,954 | 431,824 | ||||||
Reed Elsevier PLC | 45,826 | 519,197 | ||||||
Singapore Press Holdings Ltd. | 11,000 | 36,167 | ||||||
Thomson Reuters Corp. | 14,280 | 464,562 | ||||||
Wolters Kluwer N.V. | 11,537 | 243,766 | ||||||
2,582,501 | ||||||||
Railroads—0.2% | ||||||||
All America Latina Logistica S.A. | 17,200 | 73,657 | (a) | |||||
Asciano Ltd. | 36,444 | 167,462 | ||||||
Aurizon Holdings Ltd. | 73,905 | 281,420 | ||||||
Canadian National Railway Co. | 16,035 | 1,556,457 | ||||||
Canadian Pacific Railway Ltd. | 6,520 | 788,185 | ||||||
Central Japan Railway Co. | 5,300 | 647,194 | ||||||
East Japan Railway Co. | 12,600 | 977,963 | ||||||
Hankyu Hanshin Holdings Inc. | 44,000 | 250,264 | ||||||
Keikyu Corp. | 19,000 | 162,964 | ||||||
Keio Corp. | 23,000 | 157,910 | ||||||
Keisei Electric Railway Company Ltd. | 10,000 | 93,522 | ||||||
Kintetsu Corp. | 63,000 | 276,519 | ||||||
MTR Corp Ltd. | 63,500 | 232,506 | ||||||
Odakyu Electric Railway Company Ltd. | 24,000 | 233,875 | ||||||
Tobu Railway Company Ltd. | 40,000 | 205,768 | ||||||
Tokyu Corp. | 44,000 | 287,472 | ||||||
West Japan Railway Co. | 6,300 | 267,006 | ||||||
6,660,144 |
Table of Contents
Real Estate Development—0.1% | ||||||||
Agile Property Holdings Ltd. | 52,000 | 55,846 | ||||||
Bumi Serpong Damai PT | 185,500 | 33,642 | (a) | |||||
Cheung Kong Holdings Ltd. | 54,000 | 732,406 | ||||||
China Overseas Grand Oceans Group Ltd. | 20,000 | 25,527 | ||||||
China Overseas Land & Investment Ltd. | 152,000 | 396,836 | ||||||
China Resources Land Ltd. | 80,000 | 218,144 | ||||||
China Vanke Company Ltd. | 49,400 | 88,529 | ||||||
Country Garden Holdings Company Ltd. | 170,000 | 88,328 | ||||||
Douja Promotion Groupe Addoha S.A. | 1,559 | 8,725 | ||||||
Evergrande Real Estate Group Ltd. | 257,000 | 95,758 | ||||||
Farglory Land Development Company Ltd. | 13,000 | 23,856 | ||||||
Greentown China Holdings Ltd. | 26,000 | 42,572 | ||||||
Guangzhou R&F Properties Company Ltd. | 33,600 | 48,518 | ||||||
Highwealth Construction Corp. | 12,000 | 25,224 | ||||||
Keppel Land Ltd. | 31,000 | 81,881 | ||||||
Lippo Karawaci Tbk PT | 626,500 | 95,948 | (a) | |||||
Longfor Properties Company Ltd. | 50,000 | 74,133 | ||||||
LSR Group GDR | 6,440 | 26,919 | ||||||
Ruentex Development Company Ltd. | 22,000 | 39,859 | ||||||
Shimao Property Holdings Ltd. | 51,500 | 102,517 | ||||||
Shui On Land Ltd. | 136,666 | 39,997 | (a) | |||||
Sino Land Company Ltd. | 116,000 | 162,417 | ||||||
Sino-Ocean Land Holdings Ltd. | 104,500 | 56,451 | ||||||
SOHO China Ltd. | 76,000 | 60,162 | ||||||
Talaat Moustafa Group | 36,052 | 20,750 | (a) | |||||
UEM Land Holdings Bhd | 59,300 | 58,559 | (a) | |||||
Unitech Ltd. | 50,747 | 18,189 | (a) | |||||
2,721,693 | ||||||||
Real Estate Operating Companies—0.1% | ||||||||
Aeon Mall Company Ltd. | 2,700 | 66,783 | ||||||
BR Malls Participacoes S.A. | 15,100 | 136,574 | ||||||
BR Properties S.A. | 6,900 | 59,347 | (a) | |||||
Brookfield Office Properties Inc. | 10,283 | 170,482 | ||||||
CapitaMalls Asia Ltd. | 52,000 | 74,825 | ||||||
Central Pattana PCL | 44,200 | 64,130 | ||||||
First Capital Realty Inc. | 863 | 14,602 | (a) | |||||
Global Logistic Properties Ltd. | 109,000 | 236,340 | ||||||
Growthpoint Properties Ltd. | 65,849 | 175,050 | ||||||
Hulic Company Ltd. | 10,000 | 107,112 | ||||||
Hysan Development Company Ltd. | 26,000 | 112,295 | ||||||
IMMOFINANZ AG | 37,928 | 141,493 | (a) | |||||
Multiplan Empreendimentos Imobiliarios S.A. | 3,200 | 75,022 | ||||||
NTT Urban Development Corp. | 45 | 55,177 | ||||||
Redefine Properties Ltd. | 110,314 | 116,568 | ||||||
SM Prime Holdings Inc. | 245,000 | 92,442 | ||||||
Swire Properties Ltd. | 50,800 | 151,293 | ||||||
Swiss Prime Site AG | 1,980 | 145,337 | ||||||
1,994,872 | ||||||||
Regional Banks—0.1% | ||||||||
Banque Cantonale Vaudoise | 143 | 70,884 | ||||||
Bendigo and Adelaide Bank Ltd. | 15,355 | 141,536 | ||||||
BS Financial Group Inc. | 6,160 | 77,941 | ||||||
Chongqing Rural Commercial Bank | 92,000 | 39,142 |
Table of Contents
DGB Financial Group Inc. | 5,020 | 68,571 | (a) | |||||
Fukuoka Financial Group Inc. | 30,000 | 127,448 | ||||||
Hokuhoku Financial Group Inc. | 34,000 | 69,482 | ||||||
Resona Holdings Inc. | 69,700 | 338,905 | ||||||
Seven Bank Ltd. | 22,000 | 79,730 | ||||||
Shinsei Bank Ltd. | 57,000 | 129,109 | ||||||
Suruga Bank Ltd. | 7,000 | 126,984 | ||||||
The Bank of Kyoto Ltd. | 14,000 | 116,555 | ||||||
The Bank of Yokohama Ltd. | 44,000 | 226,788 | ||||||
The Chiba Bank Ltd. | 27,000 | 183,742 | ||||||
The Chugoku Bank Ltd. | 7,000 | 98,092 | ||||||
The Gunma Bank Ltd. | 14,000 | 77,234 | ||||||
The Hachijuni Bank Ltd. | 15,000 | 87,582 | ||||||
The Hiroshima Bank Ltd. | 19,000 | 80,908 | ||||||
The Iyo Bank Ltd. | 11,000 | 104,978 | ||||||
The Joyo Bank Ltd. | 25,000 | 136,659 | ||||||
The Nishi-Nippon City Bank Ltd. | 27,000 | 70,398 | ||||||
The Shizuoka Bank Ltd. | 21,000 | 225,993 | ||||||
Yamaguchi Financial Group Inc. | 8,000 | 78,683 | ||||||
2,757,344 | ||||||||
Reinsurance—0.1% | ||||||||
Hannover Rueckversicherung AG | 2,352 | 169,127 | ||||||
Muenchener Rueckversicherungs AG | 6,728 | 1,236,598 | ||||||
SCOR SE | 5,925 | 181,565 | ||||||
Swiss Re AG | 13,155 | 977,431 | ||||||
2,564,721 | ||||||||
Research & Consulting Services—0.1% | ||||||||
ALS Ltd. | 12,510 | 109,701 | ||||||
Bureau Veritas S.A. | 8,532 | 220,642 | ||||||
Experian PLC | 38,817 | 672,927 | ||||||
Intertek Group PLC | 6,214 | 275,486 | ||||||
SGS S.A. | 214 | 458,919 | ||||||
1,737,675 | ||||||||
Residential REITs—0.0%* | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 23,007 | 32,434 | ||||||
Restaurants—0.1% | ||||||||
Compass Group PLC | 70,497 | 898,152 | ||||||
Jollibee Foods Corp. | 15,290 | 52,382 | ||||||
McDonald’s Holdings Company Japan Ltd. | 2,600 | 71,979 | ||||||
Sodexo | 3,541 | 294,577 | ||||||
Tim Hortons Inc. | 5,863 | 316,117 | ||||||
Whitbread PLC | 6,974 | 323,247 | ||||||
1,956,454 | ||||||||
Retail REITs—0.1% | ||||||||
Capital Shopping Centres Group PLC | 28,013 | 132,815 | ||||||
CapitaMall Trust | 99,000 | 155,724 | ||||||
CFS Retail Property Trust Group | 73,622 | 134,780 | ||||||
Corio N.V. | 2,561 | 101,748 | ||||||
Federation Centres | 53,686 | 116,465 | ||||||
Hammerson PLC | 26,514 | 195,962 | ||||||
Japan Retail Fund Investment Corp. | 77 | 160,612 | ||||||
Klepierre | 3,685 | 145,040 | ||||||
RioCan Real Estate Investment Trust | 5,179 | 124,056 | ||||||
The Link REIT | 89,500 | 440,787 |
Table of Contents
Unibail-Rodamco SE†† | 94 | 21,871 | (a) | |||||
Unibail-Rodamco SE†† | 3,413 | 794,113 | ||||||
Westfield Group | 79,353 | 830,953 | ||||||
Westfield Retail Trust | 111,157 | 315,418 | ||||||
3,670,344 | ||||||||
Security & Alarm Services—0.0%* | ||||||||
G4S PLC | 52,927 | 184,952 | ||||||
S1 Corp. | 841 | 46,246 | ||||||
Secom Company Ltd. | 7,800 | 424,020 | ||||||
Securitas AB | 11,896 | 103,371 | ||||||
758,589 | ||||||||
Semiconductor Equipment—0.1% | ||||||||
Advantest Corp. | 5,600 | 92,004 | ||||||
ASM Pacific Technology Ltd. | 9,300 | 102,816 | ||||||
ASML Holding N.V. | 11,842 | 933,112 | ||||||
GCL-Poly Energy Holdings Ltd. | 300,000 | 64,592 | (a) | |||||
Hermes Microvision Inc. | 1,000 | 28,694 | (a) | |||||
Sumco Corp. | 4,500 | 49,424 | ||||||
Tokyo Electron Ltd. | 6,500 | 328,484 | ||||||
1,599,126 | ||||||||
Semiconductors—0.4% | ||||||||
Advanced Semiconductor Engineering Inc. | 225,000 | 188,808 | ||||||
ARM Holdings PLC | 52,746 | 635,999 | ||||||
Epistar Corp. | 31,000 | 54,613 | ||||||
Infineon Technologies AG | 40,893 | 341,785 | ||||||
Kinsus Interconnect Technology Corp. | 10,000 | 38,037 | ||||||
MediaTek Inc. | 44,000 | 511,628 | ||||||
Mellanox Technologies Ltd. | 1,327 | 65,469 | (a) | |||||
MStar Semiconductor Inc. | 8,000 | 57,656 | ||||||
Novatek Microelectronics Corp. | 18,000 | 87,384 | ||||||
Phison Electronics Corp. | 5,000 | 41,123 | ||||||
Powertech Technology Inc. | 27,000 | 50,719 | ||||||
Radiant Opto-Electronics Corp. | 15,000 | 49,198 | ||||||
Realtek Semiconductor Corp. | 16,000 | 37,903 | ||||||
Rohm Company Ltd. | 3,600 | 144,964 | ||||||
Samsung Electronics Company Ltd. | 4,147 | 4,873,056 | ||||||
Siliconware Precision Industries Co. | 108,000 | 135,851 | ||||||
SK Hynix Inc. | 19,570 | 534,639 | ||||||
STMicroelectronics N.V. | 24,193 | 217,646 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. | 929,000 | 3,440,626 | ||||||
Transcend Information Inc. | 6,000 | 18,618 | ||||||
United Microelectronics Corp. | 456,000 | 220,613 | ||||||
Vanguard International Semiconductor Corp. | 19,000 | 21,554 | ||||||
11,767,889 | ||||||||
Soft Drinks—0.1% | ||||||||
Arca Continental SAB de C.V. | 12,500 | 95,310 | ||||||
Coca-Cola Amatil Ltd. | 21,912 | 254,926 | ||||||
Coca-Cola Femsa SAB de C.V. | 15,400 | 215,598 | ||||||
Coca-Cola HBC AG ADR | 7,829 | 183,042 | ||||||
Coca-Cola Icecek AS | 2,227 | 64,059 | ||||||
Coca-Cola West Company Ltd. | 2,500 | 44,295 | ||||||
Fomento Economico Mexicano SAB de C.V. | 72,200 | 743,847 | ||||||
1,601,077 |
Table of Contents
Specialized Finance—0.1% | ||||||||
ASX Ltd. | 7,809 | 236,383 | (k) | |||||
BM&FBovespa S.A. | 69,600 | 389,424 | ||||||
Chailease Holding Company Ltd. | 26,000 | 61,419 | (a) | |||||
Deutsche Boerse AG | 7,347 | 482,943 | ||||||
Far East Horizon Ltd. | 53,000 | 33,482 | ||||||
IDFC Ltd. | 40,447 | 87,224 | (a) | |||||
Japan Exchange Group Inc. | 1,800 | 181,567 | ||||||
London Stock Exchange Group PLC | 6,875 | 139,413 | ||||||
Mitsubishi UFJ Lease & Finance Company Ltd. | 22,400 | 105,985 | ||||||
Power Finance Corp Ltd. | 10,821 | 26,231 | ||||||
Rural Electrification Corp Ltd. | 11,578 | 39,015 | ||||||
Singapore Exchange Ltd. | 38,000 | 210,628 | ||||||
1,993,714 | ||||||||
Specialty Chemicals—0.1% | ||||||||
Asian Paints Ltd. | 1,045 | 81,332 | ||||||
Croda International PLC | 5,046 | 189,572 | ||||||
Daicel Corp. | 11,000 | 96,230 | ||||||
EMS-Chemie Holding AG | 324 | 95,712 | ||||||
Givaudan S.A. | 317 | 408,416 | ||||||
Hitachi Chemical Company Ltd. | 4,000 | 62,536 | ||||||
Johnson Matthey PLC | 8,001 | 318,911 | ||||||
JSR Corp. | 6,700 | 135,302 | ||||||
Kansai Paint Company Ltd. | 8,000 | 101,958 | ||||||
Koninklijke DSM N.V. | 5,767 | 375,261 | ||||||
Nitto Denko Corp. | 6,100 | 391,785 | ||||||
Shin-Etsu Chemical Company Ltd. | 15,400 | 1,020,104 | ||||||
Sika AG | 85 | 219,743 | ||||||
Umicore S.A. | 4,293 | 178,177 | ||||||
3,675,039 | ||||||||
Specialty Stores—0.0%* | ||||||||
Sanrio Company Ltd. | 1,700 | 78,980 | ||||||
Steel—0.2% | ||||||||
ArcelorMittal | 37,297 | 415,672 | ||||||
CAP S.A. | 2,624 | 58,502 | ||||||
China Steel Corp. | 431,000 | 353,043 | ||||||
Cia Siderurgica Nacional S.A. | 27,400 | 74,049 | ||||||
Daido Steel Company Ltd. | 10,000 | 50,637 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 39,957 | 41,211 | ||||||
Feng Hsin Iron & Steel Co. | 12,000 | 21,221 | ||||||
Fortescue Metals Group Ltd. | 57,165 | 159,071 | ||||||
Fosun International Ltd. | 57,500 | 42,107 | ||||||
Hitachi Metals Ltd. | 6,000 | 67,408 | ||||||
Hyundai Hysco Company Ltd. | 1,390 | 41,686 | ||||||
Hyundai Steel Co. | 2,231 | 125,415 | ||||||
Industrias CH SAB de C.V. | 5,600 | 36,844 | (a) | |||||
JFE Holdings Inc. | 18,300 | 401,058 | ||||||
Jindal Steel & Power Ltd. | 13,806 | 50,217 | ||||||
JSW Steel Ltd. | 2,896 | 31,828 | ||||||
Kobe Steel Ltd. | 95,000 | 117,632 | ||||||
Kumba Iron Ore Ltd. | 2,996 | 139,008 | ||||||
Maruichi Steel Tube Ltd. | 1,600 | 40,799 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 284,000 | 766,215 | ||||||
POSCO | 2,498 | 652,907 |
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Sesa Goa Ltd. | 12,462 | 30,198 | ||||||
Severstal OAO GDR | 7,140 | 45,482 | ||||||
Tata Steel Ltd. | 11,358 | 52,351 | ||||||
ThyssenKrupp AG | 14,524 | 284,979 | ||||||
Tung Ho Steel Enterprise Corp. | 23,000 | 20,950 | ||||||
Vale S.A. | 39,000 | 513,750 | ||||||
Voestalpine AG | 4,459 | 157,246 | ||||||
Yamato Kogyo Company Ltd. | 1,400 | 42,774 | ||||||
4,834,260 | ||||||||
Systems Software—0.0%* | ||||||||
Oracle Corp Japan | 1,400 | 57,996 | ||||||
Totvs S.A. | 4,200 | 66,525 | ||||||
Trend Micro Inc. | 4,000 | 126,844 | ||||||
251,365 | ||||||||
Technology Distributors—0.0%* | ||||||||
Synnex Technology International Corp. | 48,000 | 62,701 | ||||||
WPG Holdings Ltd. | 51,000 | 60,408 | ||||||
123,109 | ||||||||
Textiles—0.0%* | ||||||||
Formosa Taffeta Company Ltd. | 25,000 | 23,773 | ||||||
Ruentex Industries Ltd. | 18,000 | 39,758 | ||||||
Shenzhou International Group Holdings Ltd. | 16,000 | 46,001 | ||||||
109,532 | ||||||||
Thrifts & Mortgage Finance—0.0%* | ||||||||
Doral Financial Corp. | 5,636 | 4,678 | (a) | |||||
Housing Development Finance Corp. | 55,106 | 803,987 | ||||||
LIC Housing Finance Ltd. | 11,981 | 51,291 | ||||||
859,956 | ||||||||
Tires & Rubber—0.1% | ||||||||
Bridgestone Corp. | 24,300 | 826,838 | ||||||
Cheng Shin Rubber Industry Company Ltd. | 57,000 | 179,914 | ||||||
Cie Generale des Etablissements Michelin | 6,947 | 620,365 | ||||||
Hankook Tire Company Ltd. | 3,030 | 140,085 | ||||||
Nan Kang Rubber Tire Company Ltd. | 23,000 | 26,667 | ||||||
Nokian Renkaat OYJ | 4,198 | 170,851 | ||||||
Pirelli & C. S.p.A. | 8,788 | 101,608 | ||||||
Sumitomo Rubber Industries Ltd. | 6,400 | 104,503 | ||||||
The Yokohama Rubber Company Ltd. | 7,000 | 70,257 | ||||||
2,241,088 | ||||||||
Tobacco—0.3% | ||||||||
British American Tobacco Malaysia Bhd | 4,300 | 81,114 | ||||||
British American Tobacco PLC | 72,368 | 3,696,187 | ||||||
Gudang Garam Tbk PT | 18,500 | 94,317 | ||||||
Imperial Tobacco Group PLC | 36,714 | 1,269,598 | ||||||
ITC Ltd. | 84,889 | 461,050 | ||||||
Japan Tobacco Inc. | 41,200 | 1,453,727 | ||||||
KT&G Corp. | 4,116 | 267,420 | ||||||
Souza Cruz S.A. | 14,800 | 183,505 | ||||||
Swedish Match AB | 7,762 | 273,820 | ||||||
7,780,738 |
Table of Contents
Trading Companies & Distributors—0.2% | ||||||||
Adani Enterprises Ltd. | 8,457 | 29,672 | ||||||
Barloworld Ltd. | 7,965 | 65,391 | ||||||
Brenntag AG | 1,986 | 301,261 | ||||||
Bunzl PLC | 12,822 | 248,923 | ||||||
Daewoo International Corp. | 2,030 | 62,835 | ||||||
Finning International Inc. | 6,330 | 129,906 | ||||||
ITOCHU Corp. | 56,200 | 647,798 | ||||||
Marubeni Corp. | 61,000 | 407,137 | ||||||
Mitsubishi Corp. | 52,300 | 894,526 | ||||||
Mitsui & Company Ltd. | 64,700 | 811,559 | ||||||
Noble Group Ltd. | 149,000 | 113,956 | (a) | |||||
Rexel S.A. | 5,942 | 133,466 | ||||||
Samsung C&T Corp. | 4,683 | 221,018 | ||||||
SK Networks Company Ltd. | 6,600 | 37,217 | ||||||
Sojitz Corp. | 49,600 | 82,388 | ||||||
Sumitomo Corp. | 41,600 | 518,037 | ||||||
Toyota Tsusho Corp. | 8,200 | 211,078 | ||||||
Travis Perkins PLC | 6,717 | 148,333 | ||||||
Wolseley PLC | 10,536 | 484,672 | ||||||
5,549,173 | ||||||||
Trucking—0.0%* | ||||||||
ComfortDelGro Corporation Ltd. | 84,000 | 121,533 | ||||||
DSV A/S | 7,129 | 173,561 | ||||||
Localiza Rent a Car S.A. | 5,145 | 73,598 | ||||||
Nippon Express Company Ltd. | 32,000 | 151,729 | ||||||
520,421 | ||||||||
Water Utilities—0.0%* | ||||||||
Aguas Andinas S.A. | 77,578 | 55,491 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 13,500 | 141,230 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 2,100 | 34,223 | ||||||
Guangdong Investment Ltd. | 92,000 | 79,945 | ||||||
Severn Trent PLC | 9,006 | 227,292 | ||||||
United Utilities Group PLC | 25,736 | 266,991 | ||||||
805,172 | ||||||||
Wireless Telecommunication Services—0.6% | ||||||||
Advanced Info Service PCL | 39,700 | 360,967 | ||||||
America Movil SAB de C.V. | 1,434,000 | 1,552,252 | ||||||
Axiata Group Bhd | 97,600 | 204,807 | (a) | |||||
Bharti Airtel Ltd. | 21,416 | 104,656 | ||||||
China Mobile Ltd. | 227,000 | 2,376,427 | ||||||
DiGi.Com Bhd | 116,400 | 175,364 | ||||||
ENTEL Chile S.A. | 4,152 | 69,755 | ||||||
Far EasTone Telecommunications Company Ltd. | 58,000 | 155,784 | ||||||
Globe Telecom Inc. | 1,235 | 46,027 | ||||||
Idea Cellular Ltd. | 24,304 | 58,342 | (a) | |||||
Indosat Tbk PT | 47,500 | 25,126 | (a) | |||||
KDDI Corp. | 20,100 | 1,044,103 | ||||||
Maxis Bhd | 88,900 | 193,304 | ||||||
MegaFon OAO GDR | 2,726 | 85,187 | ||||||
Millicom International Cellular S.A. | 2,361 | 168,991 | ||||||
Mobile Telesystems OJSC ADR | 19,781 | 374,652 | ||||||
MTN Group Ltd. | 64,024 | 1,186,681 | ||||||
NTT DOCOMO Inc. | 567 | 879,596 |
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Orascom Telecom Holding SAE | 98,792 | 53,201 | ||||||
Philippine Long Distance Telephone Co. | 1,645 | 111,951 | ||||||
Reliance Communications Ltd. | 20,483 | 40,673 | ||||||
Rogers Communications Inc. | 13,588 | 530,666 | ||||||
Sistema JSFC GDR | 3,809 | 75,228 | ||||||
SK Telecom Company Ltd. | 353 | 64,910 | ||||||
Softbank Corp. | 35,600 | 2,075,039 | ||||||
StarHub Ltd. | 26,000 | 85,690 | ||||||
Taiwan Mobile Company Ltd. | 62,000 | 245,137 | (a) | |||||
Tele2 AB | 11,746 | 137,048 | (a) | |||||
Tim Participacoes S.A. | 31,600 | 115,726 | ||||||
Turkcell Iletisim Hizmetleri AS | 29,086 | 168,837 | (a) | |||||
Vodacom Group Ltd. | 13,976 | 147,852 | ||||||
Vodafone Group PLC | 1,835,901 | 5,230,705 | ||||||
18,144,684 | ||||||||
Total Common Stock | ||||||||
(Cost $596,490,649) | 587,934,992 | |||||||
Preferred Stock—0.4% | ||||||||
Automobile Manufacturers—0.1% | ||||||||
Bayerische Motoren Werke AG | 1,658 | 113,210 | ||||||
Hyundai Motor Co.†† | 666 | 56,567 | ||||||
Hyundai Motor Co.†† | 1,448 | 126,790 | ||||||
Porsche Automobil Holding SE | 5,851 | 452,370 | ||||||
Volkswagen AG | 5,394 | 1,090,621 | ||||||
1,839,558 | ||||||||
Brewers—0.0%* | ||||||||
Cia de Bebidas das Americas | 25,900 | 979,230 | ||||||
Broadcasting—0.0%* | ||||||||
ProSiebenSat.1 Media AG | 4,188 | 179,753 | ||||||
Commodity Chemicals—0.0%* | ||||||||
Braskem S.A. | 6,100 | 45,480 | ||||||
Fuchs Petrolub AG | 1,223 | 97,211 | ||||||
LG Chem Ltd. | 274 | 27,591 | ||||||
170,282 | ||||||||
Construction & Farm Machinery—0.0%* | ||||||||
Marcopolo S.A. | 7,600 | 43,796 | ||||||
Construction Materials—0.0%* | ||||||||
Grupo Argos S.A. | 3,447 | 34,448 | ||||||
Diversified Financial Services—0.1% | ||||||||
Banco Bradesco S.A. | 86,620 | 1,129,289 | ||||||
Banco Davivienda S.A. | 2,995 | 35,917 | ||||||
Banco do Estado do Rio Grande do Sul S.A. | 6,900 | 47,259 | ||||||
Bancolombia S.A. | 12,485 | 174,548 | ||||||
Grupo Aval Acciones y Valores | 57,961 | 41,267 | ||||||
Itau Unibanco Holding S.A. | 94,670 | 1,232,953 | ||||||
Itausa—Investimentos Itau S.A. | 105,820 | 397,115 | ||||||
3,058,348 | ||||||||
Electric Utilities—0.0%* | ||||||||
Centrais Eletricas Brasileiras S.A. | 8,100 | 32,011 | ||||||
Cia Energetica de Minas Gerais | 20,201 | 182,070 | ||||||
Cia Paranaense de Energia | 3,900 | 48,868 | ||||||
262,949 |
Table of Contents
Fertilizers & Agricultural Chemicals—0.0%* | ||||||||
Sociedad Quimica y Minera de Chile S.A. | 3,310 | 134,770 | ||||||
General Merchandise Stores—0.0%* | ||||||||
Lojas Americanas S.A. | 15,700 | 111,155 | ||||||
Household Products—0.0%* | ||||||||
Henkel AG & Company KGaA | 6,758 | 634,672 | ||||||
Hypermarkets & Super Centers—0.0%* | ||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar | 4,800 | 216,419 | ||||||
Independent Power Producers & Energy Traders—0.0%* | ||||||||
AES Tiete S.A. | 3,800 | 36,262 | ||||||
Cia Energetica de Sao Paulo | 5,900 | 52,428 | ||||||
88,690 | ||||||||
Integrated Oil & Gas—0.1% | ||||||||
Petroleo Brasileiro S.A. | 158,100 | 1,157,990 | ||||||
Integrated Telecommunication Services—0.0%* | ||||||||
Oi S.A. | 31,700 | 56,252 | ||||||
Telefonica Brasil S.A. | 11,200 | 255,531 | ||||||
311,783 | ||||||||
Multi-Sector Holdings—0.0%* | ||||||||
Grupo de Inversiones Suramericana S.A. | 3,025 | 59,427 | ||||||
Multi-Utilities—0.0%* | ||||||||
RWE AG | 1,116 | 34,453 | ||||||
Paper Packaging—0.0%* | ||||||||
Klabin S.A. | 16,500 | 82,909 | ||||||
Paper Products—0.0%* | ||||||||
Suzano Papel e Celulose S.A. | 9,200 | 34,359 | ||||||
Semiconductors—0.0%* | ||||||||
Samsung Electronics Company Ltd. | 773 | 598,338 | ||||||
Soft Drinks—0.0%* | ||||||||
Embotelladora Andina S.A. | 7,865 | 45,827 | ||||||
Steel—0.1% | ||||||||
Bradespar S.A. | 8,400 | 76,811 | ||||||
Gerdau S.A. | 32,100 | 183,238 | ||||||
Metalurgica Gerdau S.A. | 10,200 | 73,832 | ||||||
Usinas Siderurgicas de Minas Gerais S.A. | 14,200 | 47,761 | ||||||
Vale S.A. | 82,600 | 1,011,444 | ||||||
1,393,086 | ||||||||
Total Preferred Stock | ||||||||
(Cost $14,454,953) | 11,472,242 | |||||||
Rights—0.0%* | ||||||||
Auto Parts & Equipment—0.0%* | ||||||||
Federal-Mogul Corp. | 892 | 152 | ||||||
Computer & Electronics Retail—0.0%* | ||||||||
Groupe Fnac | 2,889 | 7,522 | ||||||
Diversified Real Estate Activities—0.0%* | ||||||||
New Hotel RTS** | 1,825 | — | (k) |
Table of Contents
Integrated Oil & Gas—0.0%* | ||||||||
Repsol S.A. | 31,284 | 17,404 | ||||||
Specialized Finance—0.0%* | ||||||||
ASX Ltd. | 822 | 2,340 | ||||||
Total Rights | ||||||||
(Cost $28,380) | 27,418 | |||||||
Total Foreign Equity | ||||||||
(Cost $610,973,982) | 599,434,652 |
Principal Amount | Fair Value | |||||||||
Bonds and Notes—32.5% | ||||||||||
U.S. Treasuries—11.8% | ||||||||||
U.S. Treasury Bonds | ||||||||||
3.00% | 05/15/42 | $ | 13,250,000 | $ | 12,078,196 | (f) | ||||
4.38% | 11/15/39 | 11,000,000 | 12,894,068 | |||||||
4.50% | 02/15/36 | 6,700,000 | 7,978,233 | |||||||
5.50% | 08/15/28 | 4,500,000 | 5,855,625 | |||||||
6.38% | 08/15/27 | 2,000,000 | 2,800,000 | |||||||
7.63% | 02/15/25 | 2,000,000 | 3,003,124 | |||||||
7.88% | 02/15/21 | 5,000,000 | 7,085,940 | |||||||
8.75% | 05/15/20 | 5,000,000 | 7,245,310 | |||||||
9.00% | 11/15/18 | 3,000,000 | 4,173,984 | |||||||
U.S. Treasury Notes | ||||||||||
0.23% | 10/31/14 | 20,000,000 | 20,007,820 | (d) | ||||||
0.25% | 12/31/14 | 20,000,000 | 19,964,060 | (d) | ||||||
0.26% | 01/31/15 | 5,000,000 | 4,999,025 | (d) | ||||||
0.31% | 03/15/15 | 14,000,000 | 14,016,408 | (d) | ||||||
0.36% | 06/30/15 | 16,000,000 | 16,006,256 | (d) | ||||||
0.95% | 02/28/17 | 15,000,000 | 14,962,500 | (d,f) | ||||||
1.13% | 12/31/19 - 03/31/20 | 24,800,000 | 23,735,998 | |||||||
1.17% | 09/30/17 | 8,000,000 | 7,821,872 | (d) | ||||||
1.25% | 10/31/15 - 02/29/20 | 19,500,000 | 19,290,825 | |||||||
1.25% | 12/31/17 | 8,000,000 | 7,826,872 | (d) | ||||||
1.28% | 01/31/18 | 5,000,000 | 4,910,940 | (d) | ||||||
1.34% | 03/31/18 - 04/30/18 | 7,000,000 | 6,778,748 | (d) | ||||||
1.50% | 07/31/16 | 20,000,000 | 20,476,560 | |||||||
1.63% | 11/15/22 | 4,000,000 | 3,734,064 | |||||||
1.75% | 05/15/22 | 7,200,000 | 6,865,315 | |||||||
2.00% | 02/15/23 | 4,000,000 | 3,849,688 | |||||||
2.13% | 05/31/15 | 11,000,000 | 11,372,966 | |||||||
2.38% | 08/31/14 - 03/31/16 | 23,500,000 | 24,411,011 | |||||||
3.13% | 05/15/19 | 7,000,000 | 7,596,638 | |||||||
3.25% | 12/31/16 | 15,000,000 | 16,231,635 | |||||||
4.50% | 05/15/17 | 15,000,000 | 16,988,670 | |||||||
334,962,351 | ||||||||||
U.S. Government Sponsored Agencies—0.2% | ||||||||||
Federal Home Loan Banks | ||||||||||
0.53% | 11/20/15 | 5,000,000 | 4,994,535 | (d) | ||||||
Tennessee Valley Authority | ||||||||||
3.50% | 12/15/42 | 1,000,000 | 839,551 | |||||||
5,834,086 |
Table of Contents
Agency Mortgage Backed—10.9% | ||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||
0.29% | 11/25/14 | 2,000,000 | 2,013,018 | (d) | ||||||
1.25% | 10/02/19 | 1,500,000 | 1,421,125 | |||||||
1.78% | 06/01/43 | 600,000 | 600,882 | (g) | ||||||
2.38% | 01/13/22 | 1,500,000 | 1,457,665 | (f) | ||||||
3.00% | 05/01/33 - 03/01/43 | 3,440,955 | 3,376,875 | |||||||
5.00% | 12/01/22 - 06/01/41 | 7,097,963 | 7,705,114 | |||||||
5.50% | 01/01/38 - 04/01/39 | 1,391,723 | 1,519,937 | |||||||
6.00% | 06/01/37 - 11/01/37 | 1,348,733 | 1,489,796 | (f) | ||||||
2.50% | TBA | 5,400,000 | 5,388,837 | (c) | ||||||
3.00% | TBA | 6,800,000 | 6,680,571 | (c) | ||||||
3.50% | TBA | 4,500,000 | 4,557,656 | (c) | ||||||
4.00% | TBA | 4,867,000 | 5,076,891 | (c) | ||||||
4.50% | TBA | 1,000,000 | 1,052,969 | (c) | ||||||
Federal National Mortgage Assoc. | ||||||||||
0.27% | 08/28/14 | 10,000,000 | 10,070,310 | (d) | ||||||
0.51% | 09/28/15 | 8,000,000 | 7,996,400 | (d) | ||||||
0.72% | 03/28/16 | 4,600,000 | 4,581,163 | (d) | ||||||
1.46% | 12/20/17 | 6,000,000 | 5,845,050 | (d) | ||||||
1.93% | 04/01/43 | 962,442 | 971,246 | (g) | ||||||
2.50% | 02/01/28 | 6,759,847 | 6,808,643 | |||||||
3.00% | 01/01/28 - 07/01/43 | 17,942,126 | 18,074,541 | |||||||
3.50% | 01/01/28 - 10/01/42 | 31,445,597 | 32,387,301 | |||||||
4.00% | 01/01/41 - 12/01/41 | 15,906,470 | 16,603,822 | |||||||
4.50% | 10/01/39 - 04/01/41 | 29,062,696 | 30,790,139 | |||||||
5.00% | 07/01/35 - 06/01/41 | 18,821,563 | 20,640,425 | (f) | ||||||
5.50% | 11/01/35 - 01/01/39 | 10,365,905 | 11,319,847 | (f) | ||||||
6.00% | 03/01/34 - 08/01/37 | 8,829,970 | 9,661,429 | |||||||
6.63% | 11/15/30 | 1,200,000 | 1,628,431 | |||||||
2.50% | TBA | 2,334,000 | 2,311,665 | (c) | ||||||
3.00% | TBA | 9,500,000 | 9,281,796 | (c) | ||||||
4.00% | TBA | 6,467,000 | 6,804,925 | (c) | ||||||
4.50% | TBA | 4,600,000 | 4,876,539 | (c) | ||||||
5.00% | TBA | 1,000,000 | 1,076,172 | (c) | ||||||
6.00% | TBA | 333,000 | 362,138 | (c) | ||||||
6.50% | TBA | 4,708,000 | 5,222,753 | (c) | ||||||
Government National Mortgage Assoc. | ||||||||||
3.00% | 10/15/42 | 6,880,722 | 6,818,674 | |||||||
3.50% | 10/20/42 | 18,694,859 | 19,219,182 | |||||||
4.00% | 12/20/40 - 08/15/41 | 11,727,586 | 12,366,082 | |||||||
4.50% | 05/20/40 | 7,114,023 | 7,660,476 | |||||||
5.00% | 08/15/41 | 7,419,335 | 8,108,509 | |||||||
3.00% | TBA | 3,000,000 | 2,966,719 | (c) | ||||||
306,795,713 | ||||||||||
Asset Backed—0.1% | ||||||||||
AmeriCredit Automobile Receivables Trust 2012-2 | ||||||||||
3.38% | 04/09/18 | 1,000,000 | 1,020,941 | |||||||
Chase Issuance Trust | ||||||||||
0.70% | 10/16/17 | 1,000,000 | 992,641 | (d) | ||||||
Citibank Credit Card Issuance Trust | ||||||||||
5.65% | 09/20/19 | 1,000,000 | 1,161,618 | |||||||
3,175,200 |
Table of Contents
Corporate Notes—8.1% | ||||||||||||
ABB Finance USA Inc. | ||||||||||||
1.63% | 05/08/17 | 869,000 | 863,280 | (f) | ||||||||
AbbVie Inc. | ||||||||||||
1.75% | 11/06/17 | 875,000 | 857,252 | (b) | ||||||||
4.40% | 11/06/42 | 437,000 | 405,913 | (b) | ||||||||
ACE INA Holdings Inc. | ||||||||||||
2.70% | 03/13/23 | 250,000 | 233,313 | |||||||||
Aetna Inc. | ||||||||||||
1.50% | 11/15/17 | 713,000 | 692,245 | |||||||||
2.75% | 11/15/22 | 500,000 | 460,493 | |||||||||
Aflac Inc. | ||||||||||||
2.65% | 02/15/17 | 250,000 | 255,968 | |||||||||
Agilent Technologies Inc. | ||||||||||||
5.50% | 09/14/15 | 909,000 | 991,786 | (f) | ||||||||
Agrium Inc. | ||||||||||||
6.75% | 01/15/19 | 1,000,000 | 1,180,780 | |||||||||
Alcoa Inc. | ||||||||||||
5.55% | 02/01/17 | 750,000 | 797,039 | |||||||||
Altria Group Inc. | ||||||||||||
4.25% | 08/09/42 | 663,000 | 565,774 | |||||||||
Amazon.com Inc. | ||||||||||||
1.20% | 11/29/17 | 873,000 | 844,308 | |||||||||
America Movil SAB de C.V. | ||||||||||||
2.38% | 09/08/16 | 1,000,000 | 1,013,209 | (f) | ||||||||
3.13% | 07/16/22 | 750,000 | 691,046 | |||||||||
American Express Co. | ||||||||||||
7.00% | 03/19/18 | 1,000,000 | 1,203,080 | |||||||||
American Express Credit Corp. | ||||||||||||
1.75% | 06/12/15 | 610,000 | 618,277 | (f) | ||||||||
American International Group Inc. | ||||||||||||
4.88% | 06/01/22 | 1,000,000 | 1,065,924 | |||||||||
8.18% | 05/15/68 | 250,000 | 305,000 | (g) | ||||||||
American Tower Corp. (REIT) | ||||||||||||
3.50% | 01/31/23 | 500,000 | 457,838 | |||||||||
Amgen Inc. | ||||||||||||
5.38% | 05/15/43 | 817,000 | 844,996 | (f) | ||||||||
Anadarko Petroleum Corp. | ||||||||||||
6.20% | 03/15/40 | 442,000 | 495,913 | |||||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||||||
2.50% | 07/15/22 | 892,000 | 832,769 | |||||||||
5.38% | 11/15/14 | 594,000 | 630,504 | (f) | ||||||||
7.75% | 01/15/19 | 500,000 | 632,416 | |||||||||
Aon PLC | ||||||||||||
4.25% | 12/12/42 | 250,000 | 216,862 | |||||||||
Apache Corp. | ||||||||||||
5.10% | 09/01/40 | 750,000 | 754,679 | |||||||||
Apple Inc. | ||||||||||||
1.90% | 05/03/18 | 250,000 | 240,074 | (d) | ||||||||
Archer-Daniels-Midland Co. | ||||||||||||
4.02% | 04/16/43 | 620,000 | 542,726 | |||||||||
Arizona Public Service Co. | ||||||||||||
6.25% | 08/01/16 | 273,000 | 313,242 | (f) | ||||||||
Arrow Electronics Inc. | ||||||||||||
3.00% | 03/01/18 | 250,000 | 249,641 | |||||||||
Asian Development Bank | ||||||||||||
2.63% | 02/09/15 | 1,500,000 | 1,552,560 |
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AstraZeneca PLC | ||||||||||
6.45% | 09/15/37 | 250,000 | 307,120 | |||||||
AT&T Inc. | ||||||||||
0.84% | 02/13/15 | 899,000 | 899,470 | (d,f) | ||||||
2.95% | 05/15/16 | 844,000 | 881,977 | (f) | ||||||
4.35% | 06/15/45 | 750,000 | 652,522 | |||||||
5.55% | 08/15/41 | 954,000 | 993,310 | (f) | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||||
1.14% | 02/12/16 | 500,000 | 496,869 | (d) | ||||||
Autodesk Inc. | ||||||||||
1.95% | 12/15/17 | 888,000 | 866,351 | |||||||
Avon Products Inc. | ||||||||||
4.60% | 03/15/20 | 250,000 | 252,764 | |||||||
AXA S.A. | ||||||||||
8.60% | 12/15/30 | 100,000 | 121,000 | |||||||
Bank of America Corp. | ||||||||||
1.50% | 10/09/15 | 1,000,000 | 997,728 | |||||||
5.42% | 03/15/17 | 800,000 | 856,771 | |||||||
5.70% | 01/24/22 | 1,321,000 | 1,466,369 | (f) | ||||||
5.75% | 12/01/17 | 1,360,000 | 1,511,470 | (f) | ||||||
Bank of Montreal | ||||||||||
1.45% | 04/09/18 | 500,000 | 482,613 | |||||||
Bank of Nova Scotia | ||||||||||
0.94% | 10/09/15 | 500,000 | 497,838 | (d) | ||||||
Barclays Bank PLC | ||||||||||
5.00% | 09/22/16 | 1,000,000 | 1,104,781 | |||||||
Barrick Gold Corp. | ||||||||||
6.95% | 04/01/19 | 750,000 | 795,567 | |||||||
Baxter International Inc. | ||||||||||
1.85% | 06/15/18 | 500,000 | 495,951 | |||||||
BB&T Corp. | ||||||||||
2.05% | 06/19/18 | 350,000 | 344,904 | |||||||
2.15% | 03/22/17 | 500,000 | 500,822 | |||||||
Berkshire Hathaway Finance Corp. | ||||||||||
1.60% | 05/15/17 | 944,000 | 940,031 | (f) | ||||||
3.00% | 05/15/22 | 500,000 | 483,735 | (f) | ||||||
BNP Paribas S.A. | ||||||||||
2.38% | 09/14/17 | 750,000 | 742,500 | |||||||
Boston Properties LP (REIT) | ||||||||||
3.85% | 02/01/23 | 250,000 | 245,507 | |||||||
BP Capital Markets PLC | ||||||||||
2.25% | 11/01/16 | 1,425,000 | 1,459,260 | (f) | ||||||
2.50% | 11/06/22 | 500,000 | 455,629 | |||||||
Bristol-Myers Squibb Co. | ||||||||||
2.00% | 08/01/22 | 500,000 | 452,005 | |||||||
British Telecommunications PLC | ||||||||||
9.63% | 12/15/30 | 250,000 | 376,361 | |||||||
Buckeye Partners LP | ||||||||||
4.15% | 07/01/23 | 250,000 | 243,236 | |||||||
Burlington Northern Santa Fe LLC | ||||||||||
5.75% | 05/01/40 | 750,000 | 835,270 | |||||||
Capital One Financial Corp. | ||||||||||
1.54% | 11/06/15 | 1,000,000 | 986,438 | (d) | ||||||
Cardinal Health Inc. | ||||||||||
3.20% | 03/15/23 | 500,000 | 466,610 |
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CareFusion Corp. | ||||||||||
3.30% | 03/01/23 | 250,000 | 237,467 | (b) | ||||||
Caterpillar Financial Services Corp. | ||||||||||
1.25% | 11/06/17 | 611,000 | 595,453 | |||||||
Caterpillar Inc. | ||||||||||
1.50% | 06/26/17 | 1,073,000 | 1,062,211 | |||||||
Catholic Health Initiatives | ||||||||||
1.60% | 11/01/17 | 175,000 | 171,306 | |||||||
CBS Corp. | ||||||||||
3.38% | 03/01/22 | 250,000 | 240,989 | |||||||
CF Industries Inc. | ||||||||||
3.45% | 06/01/23 | 250,000 | 240,254 | |||||||
Chevron Corp. | ||||||||||
1.72% | 06/24/18 | 750,000 | 743,102 | |||||||
2.43% | 06/24/20 | 75,000 | 74,573 | |||||||
Cigna Corp. | ||||||||||
2.75% | 11/15/16 | 250,000 | 259,431 | (f) | ||||||
5.38% | 02/15/42 | 250,000 | 266,535 | (f) | ||||||
Cisco Systems Inc. | ||||||||||
5.90% | 02/15/39 | 750,000 | 889,838 | |||||||
Citigroup Inc. | ||||||||||
5.00% | 09/15/14 | 1,524,000 | 1,583,782 | (f) | ||||||
5.38% | 08/09/20 | 1,500,000 | 1,658,699 | |||||||
5.88% | 01/30/42 | 272,000 | 299,280 | |||||||
6.13% | 08/25/36 | 347,000 | 339,744 | |||||||
Cliffs Natural Resources Inc. | ||||||||||
3.95% | 01/15/18 | 250,000 | 238,852 | |||||||
CNA Financial Corp. | ||||||||||
5.88% | 08/15/20 | 781,000 | 883,879 | (f) | ||||||
Comcast Corp. | ||||||||||
4.25% | 01/15/33 | 1,000,000 | 956,808 | |||||||
5.15% | 03/01/20 | 500,000 | 571,643 | |||||||
ConAgra Foods Inc. | ||||||||||
1.30% | 01/25/16 | 750,000 | 751,237 | |||||||
ConocoPhillips | ||||||||||
6.50% | 02/01/39 | 750,000 | 943,502 | |||||||
Consolidated Edison Company of New York Inc. | ||||||||||
3.95% | 03/01/43 | 250,000 | 226,190 | |||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | ||||||||||
3.95% | 11/09/22 | 500,000 | 478,136 | |||||||
Corp Andina de Fomento | ||||||||||
4.38% | 06/15/22 | 250,000 | 254,572 | |||||||
Covidien International Finance S.A. | ||||||||||
1.35% | 05/29/15 | 708,000 | 714,109 | |||||||
COX Communications Inc. | ||||||||||
4.70% | 12/15/42 | 218,000 | 193,365 | (b) | ||||||
Credit Suisse | ||||||||||
5.30% | 08/13/19 | 1,000,000 | 1,124,986 | |||||||
Crown Castle Towers LLC | ||||||||||
6.11% | 01/15/20 | 326,000 | 374,077 | (b,f) | ||||||
CSX Corp. | ||||||||||
4.10% | 03/15/44 | 568,000 | 493,213 | |||||||
CVS Caremark Corp. | ||||||||||
2.75% | 12/01/22 | 500,000 | 467,148 | |||||||
DCP Midstream Operating LP | ||||||||||
2.50% | 12/01/17 | 873,000 | 861,740 |
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DDR Corp. (REIT) | ||||||||||
4.63% | 07/15/22 | 626,000 | 632,629 | |||||||
Deere & Co. | ||||||||||
3.90% | 06/09/42 | 471,000 | 427,854 | |||||||
Delhaize Group S.A. | ||||||||||
4.13% | 04/10/19 | 500,000 | 515,051 | |||||||
DENTSPLY International Inc. | ||||||||||
2.75% | 08/15/16 | 725,000 | 744,347 | (f) | ||||||
4.13% | 08/15/21 | 250,000 | 253,810 | (f) | ||||||
Deutsche Bank AG | ||||||||||
3.25% | 01/11/16 | 500,000 | 523,551 | |||||||
Deutsche Telekom International Finance BV | ||||||||||
8.75% | 06/15/30 | 250,000 | 346,818 | |||||||
Devon Energy Corp. | ||||||||||
3.25% | 05/15/22 | 500,000 | 484,279 | |||||||
Diageo Capital PLC | ||||||||||
1.50% | 05/11/17 | 1,259,000 | 1,247,648 | (f) | ||||||
Diageo Investment Corp. | ||||||||||
2.88% | 05/11/22 | 500,000 | 482,730 | (f) | ||||||
DIRECTV Holdings LLC | ||||||||||
4.75% | 10/01/14 | 1,026,000 | 1,073,684 | (f) | ||||||
5.15% | 03/15/42 | 500,000 | 446,037 | (f) | ||||||
Discovery Communications LLC | ||||||||||
3.25% | 04/01/23 | 325,000 | 304,765 | |||||||
Dominion Resources Inc. | ||||||||||
1.95% | 08/15/16 | 667,000 | 680,314 | (f) | ||||||
Duke Energy Corp. | ||||||||||
1.63% | 08/15/17 | 884,000 | 867,769 | |||||||
3.05% | 08/15/22 | 2,639,000 | 2,511,505 | |||||||
Eastman Chemical Co. | ||||||||||
2.40% | 06/01/17 | 1,000,000 | 1,001,749 | (f) | ||||||
eBay Inc. | ||||||||||
1.35% | 07/15/17 | 619,000 | 608,384 | |||||||
Ecolab Inc. | ||||||||||
1.45% | 12/08/17 | 750,000 | 728,461 | |||||||
Ecopetrol S.A. | ||||||||||
7.63% | 07/23/19 | 345,000 | 407,962 | (f) | ||||||
EMC Corp. | ||||||||||
1.88% | 06/01/18 | 500,000 | 494,252 | |||||||
Emerson Electric Co. | ||||||||||
2.63% | 02/15/23 | 500,000 | 473,237 | |||||||
Encana Corp. | ||||||||||
3.90% | 11/15/21 | 500,000 | 507,546 | |||||||
Energy Transfer Partners LP | ||||||||||
6.50% | 02/01/42 | 500,000 | 533,213 | (f) | ||||||
6.70% | 07/01/18 | 701,000 | 823,221 | (f) | ||||||
Enterprise Products Operating LLC | ||||||||||
4.45% | 02/15/43 | 442,000 | 392,346 | |||||||
ERP Operating LP (REIT) | ||||||||||
3.00% | 04/15/23 | 250,000 | 229,755 | |||||||
European Bank for Reconstruction & Development | ||||||||||
1.00% | 02/16/17 | 1,000,000 | 994,154 | (d) | ||||||
European Investment Bank | ||||||||||
0.41% | 12/15/14 | 1,420,000 | 1,429,628 | (d,f) | ||||||
0.54% | 07/15/15 | 2,000,000 | 2,016,000 | (d) | ||||||
4.88% | 01/17/17 | 2,040,000 | 2,298,876 | (f) |
Table of Contents
Exelon Corp. | ||||||||||
4.90% | 06/15/15 | 1,393,000 | 1,490,857 | (f) | ||||||
Express Scripts Holding Co. | ||||||||||
3.13% | 05/15/16 | 1,421,000 | 1,477,635 | (f) | ||||||
4.75% | 11/15/21 | 474,000 | 507,109 | |||||||
FedEx Corp. | ||||||||||
2.70% | 04/15/23 | 200,000 | 184,351 | |||||||
Fifth Third BanCorp | ||||||||||
4.50% | 06/01/18 | 500,000 | 538,436 | |||||||
FirstEnergy Corp. | ||||||||||
7.38% | 11/15/31 | 500,000 | 527,298 | |||||||
Florida Power & Light Co. | ||||||||||
4.13% | 02/01/42 | 847,000 | 797,863 | |||||||
Ford Motor Co. | ||||||||||
4.75% | 01/15/43 | 800,000 | 703,673 | |||||||
Ford Motor Credit Company LLC | ||||||||||
2.75% | 05/15/15 | 1,000,000 | 1,013,990 | |||||||
France Telecom S.A. | ||||||||||
8.50% | 03/01/31 | 250,000 | 339,647 | |||||||
Freeport-McMoRan Copper & Gold Inc. | ||||||||||
3.10% | 03/15/20 | 500,000 | 462,157 | (b) | ||||||
General Electric Capital Corp. | ||||||||||
2.15% | 01/09/15 | 1,000,000 | 1,019,668 | (i) | ||||||
5.00% | 01/08/16 | 750,000 | 817,939 | (i) | ||||||
5.50% | 01/08/20 | 1,000,000 | 1,127,486 | (i) | ||||||
6.75% | 03/15/32 | 1,250,000 | 1,498,781 | (i) | ||||||
General Electric Co. | ||||||||||
5.25% | 12/06/17 | 1,000,000 | 1,129,147 | (i) | ||||||
Genworth Financial Inc. | ||||||||||
6.52% | 05/22/18 | 250,000 | 276,326 | |||||||
Georgia Power Co. | ||||||||||
4.30% | 03/15/42 | 472,000 | 432,861 | |||||||
GlaxoSmithKline Capital PLC | ||||||||||
1.50% | 05/08/17 | 1,000,000 | 993,217 | |||||||
Goldman Sachs Capital I | ||||||||||
6.35% | 02/15/34 | 503,000 | 483,312 | |||||||
Great Plains Energy Inc. | ||||||||||
4.85% | 06/01/21 | 1,004,000 | 1,066,374 | (f) | ||||||
Hartford Financial Services Group Inc. | ||||||||||
4.00% | 10/15/17 | 500,000 | 530,215 | |||||||
HCP Inc. (REIT) | ||||||||||
2.63% | 02/01/20 | 500,000 | 468,402 | |||||||
Healthcare REIT Inc. (REIT) | ||||||||||
2.25% | 03/15/18 | 500,000 | 490,916 | |||||||
5.13% | 03/15/43 | 250,000 | 229,904 | |||||||
Hess Corp. | ||||||||||
8.13% | 02/15/19 | 500,000 | 626,741 | |||||||
Hewlett-Packard Co. | ||||||||||
2.13% | 09/13/15 | 750,000 | 759,064 | |||||||
6.00% | 09/15/41 | 262,000 | 252,766 | |||||||
HSBC Bank USA NA | ||||||||||
5.88% | 11/01/34 | 500,000 | 531,986 | |||||||
HSBC Finance Corp. | ||||||||||
6.68% | 01/15/21 | 250,000 | 276,387 | |||||||
HSBC Holdings PLC | ||||||||||
5.10% | 04/05/21 | 1,000,000 | 1,098,660 |
Table of Contents
Indiana Michigan Power Co. | ||||||||||
3.20% | 03/15/23 | 750,000 | 710,926 | |||||||
Ingersoll-Rand Global Holding Company Ltd. | ||||||||||
4.25% | 06/15/23 | 200,000 | 198,744 | (b) | ||||||
Intel Corp. | ||||||||||
1.35% | 12/15/17 | 872,000 | 853,358 | |||||||
4.25% | 12/15/42 | 186,000 | 168,947 | |||||||
Inter-American Development Bank | ||||||||||
1.38% | 10/18/16 | 1,500,000 | 1,522,722 | |||||||
International Bank for Reconstruction & Development | ||||||||||
2.38% | 05/26/15 | 1,500,000 | 1,556,815 | |||||||
International Business Machines Corp. | ||||||||||
4.00% | 06/20/42 | 750,000 | 703,820 | |||||||
International Finance Corp. | ||||||||||
2.75% | 04/20/15 | 1,000,000 | 1,041,447 | |||||||
International Paper Co. | ||||||||||
7.95% | 06/15/18 | 1,000,000 | 1,224,420 | |||||||
Invesco Finance PLC | ||||||||||
3.13% | 11/30/22 | 500,000 | 466,404 | |||||||
Jabil Circuit Inc. | ||||||||||
4.70% | 09/15/22 | 223,000 | 214,638 | |||||||
Jefferies Group Inc. | ||||||||||
5.13% | 01/20/23 | 250,000 | 248,072 | |||||||
JPMorgan Chase & Co. | ||||||||||
1.10% | 10/15/15 | 2,000,000 | 1,987,796 | |||||||
3.25% | 09/23/22 | 436,000 | 413,939 | |||||||
4.50% | 01/24/22 | 703,000 | 736,127 | |||||||
6.30% | 04/23/19 | 1,000,000 | 1,161,698 | |||||||
6.40% | 05/15/38 | 500,000 | 586,498 | |||||||
KFW | ||||||||||
2.00% | 10/04/22 | 2,187,000 | 2,052,423 | |||||||
4.50% | 07/16/18 | 1,567,000 | 1,779,642 | (f) | ||||||
Kinder Morgan Energy Partners LP | ||||||||||
3.50% | 09/01/23 | 300,000 | 281,146 | |||||||
5.00% | 08/15/42 | 442,000 | 416,974 | |||||||
Kinross Gold Corp. | ||||||||||
6.88% | 09/01/41 | 250,000 | 236,010 | |||||||
Koninklijke Philips Electronics N.V. | ||||||||||
3.75% | 03/15/22 | 500,000 | 501,521 | |||||||
Kraft Foods Group Inc. | ||||||||||
1.63% | 06/04/15 | 579,000 | 585,174 | |||||||
2.25% | 06/05/17 | 443,000 | 446,109 | |||||||
5.00% | 06/04/42 | 500,000 | 506,346 | |||||||
L-3 Communications Corp. | ||||||||||
5.20% | 10/15/19 | 500,000 | 538,405 | |||||||
Landwirtschaftliche Rentenbank | ||||||||||
1.33% | 09/12/17 | 500,000 | 489,904 | (d) | ||||||
Lincoln National Corp. | ||||||||||
4.20% | 03/15/22 | 317,000 | 322,112 | |||||||
Lockheed Martin Corp. | ||||||||||
4.25% | 11/15/19 | 1,000,000 | 1,088,700 | |||||||
Loews Corp. | ||||||||||
2.63% | 05/15/23 | 400,000 | 363,835 | |||||||
Lorillard Tobacco Co. | ||||||||||
3.75% | 05/20/23 | 500,000 | 461,352 |
Table of Contents
Lowe’s Companies Inc. | ||||||||||
3.12% | 04/15/22 | 750,000 | 738,166 | |||||||
LyondellBasell Industries N.V. | ||||||||||
6.00% | 11/15/21 | 250,000 | 280,926 | |||||||
Macy’s Retail Holdings Inc. | ||||||||||
3.88% | 01/15/22 | 500,000 | 501,305 | |||||||
McDonald’s Corp. | ||||||||||
1.88% | 05/29/19 | 944,000 | 930,047 | (f) | ||||||
3.70% | 02/15/42 | 250,000 | 222,149 | |||||||
Medtronic Inc. | ||||||||||
4.50% | 03/15/42 | 250,000 | 244,579 | |||||||
Memorial Sloan-Kettering Cancer Center | ||||||||||
4.13% | 07/01/52 | 395,000 | 352,187 | |||||||
Merck & Company Inc. | ||||||||||
2.40% | 09/15/22 | 878,000 | 813,186 | |||||||
Merrill Lynch & Company Inc. | ||||||||||
6.11% | 01/29/37 | 250,000 | 246,091 | |||||||
MetLife Inc. | ||||||||||
1.76% | 12/15/17 | 500,000 | 492,234 | |||||||
4.13% | 08/13/42 | 250,000 | 222,342 | |||||||
Microsoft Corp. | ||||||||||
1.59% | 11/15/17 | 1,000,000 | 971,080 | (d) | ||||||
3.75% | 05/01/43 | 300,000 | 269,284 | |||||||
MidAmerican Energy Holdings Co. | ||||||||||
6.13% | 04/01/36 | 1,000,000 | 1,134,465 | (f) | ||||||
Mondelez International Inc. | ||||||||||
5.38% | 02/10/20 | 1,000,000 | 1,121,654 | |||||||
Morgan Stanley | ||||||||||
4.10% | 05/22/23 | 250,000 | 230,980 | |||||||
4.75% | 03/22/17 | 639,000 | 677,759 | |||||||
4.88% | 11/01/22 | 250,000 | 246,975 | |||||||
5.50% | 07/28/21 | 898,000 | 958,910 | |||||||
5.75% | 01/25/21 | 473,000 | 513,419 | |||||||
6.63% | 04/01/18 | 433,000 | 490,786 | |||||||
Murphy Oil Corp. | ||||||||||
2.50% | 12/01/17 | 500,000 | 493,142 | |||||||
3.70% | 12/01/22 | 500,000 | 463,813 | |||||||
Mylan Inc. | ||||||||||
1.80% | 06/24/16 | 250,000 | 249,321 | (b) | ||||||
NBCUniversal Media LLC | ||||||||||
5.15% | 04/30/20 | 750,000 | 853,868 | |||||||
Newell Rubbermaid Inc. | ||||||||||
2.05% | 12/01/17 | 500,000 | 489,983 | |||||||
Newmont Mining Corp. | ||||||||||
3.50% | 03/15/22 | 250,000 | 213,934 | |||||||
News America Inc. | ||||||||||
6.65% | 11/15/37 | 579,000 | 666,282 | |||||||
Nexen Inc. | ||||||||||
6.40% | 05/15/37 | 500,000 | 543,442 | |||||||
NextEra Energy Capital Holdings Inc. | ||||||||||
2.60% | 09/01/15 | 1,706,000 | 1,757,078 | (f) | ||||||
Nisource Finance Corp. | ||||||||||
3.85% | 02/15/23 | 1,074,000 | 1,042,135 | |||||||
Nomura Holdings Inc. | ||||||||||
2.00% | 09/13/16 | 500,000 | 494,421 |
Table of Contents
Northeast Utilities | ||||||||||
1.45% | 05/01/18 | 250,000 | 242,658 | |||||||
Northrop Grumman Corp. | ||||||||||
1.75% | 06/01/18 | 750,000 | 727,447 | |||||||
Novartis Capital Corp. | ||||||||||
2.40% | 09/21/22 | 552,000 | 518,744 | |||||||
NYSE Euronext | ||||||||||
2.00% | 10/05/17 | 500,000 | 497,309 | |||||||
Occidental Petroleum Corp. | ||||||||||
1.50% | 02/15/18 | 500,000 | 488,750 | |||||||
Oglethorpe Power Corp. | ||||||||||
5.38% | 11/01/40 | 491,000 | 511,714 | |||||||
Omnicom Group Inc. | ||||||||||
3.63% | 05/01/22 | 500,000 | 482,241 | |||||||
ONEOK Partners LP | ||||||||||
3.38% | 10/01/22 | 233,000 | 214,204 | |||||||
6.13% | 02/01/41 | 562,000 | 580,099 | (f) | ||||||
Oracle Corp. | ||||||||||
1.20% | 10/15/17 | 2,185,000 | 2,122,118 | |||||||
Owens Corning | ||||||||||
4.20% | 12/15/22 | 250,000 | 242,247 | |||||||
Pacific Gas & Electric Co. | ||||||||||
6.05% | 03/01/34 | 1,111,000 | 1,295,343 | (f) | ||||||
PacifiCorp | ||||||||||
6.25% | 10/15/37 | 153,000 | 186,176 | |||||||
PepsiCo Inc. | ||||||||||
2.75% | 03/01/23 | 250,000 | 236,544 | |||||||
7.90% | 11/01/18 | 1,000,000 | 1,280,824 | |||||||
Petrobras Global Finance BV | ||||||||||
4.38% | 05/20/23 | 500,000 | 458,671 | |||||||
Petrobras International Finance Co - Pifco | ||||||||||
6.75% | 01/27/41 | 250,000 | 249,765 | |||||||
Petrobras International Finance Co. | ||||||||||
2.88% | 02/06/15 | 380,000 | 383,425 | |||||||
3.50% | 02/06/17 | 1,183,000 | 1,177,732 | (f) | ||||||
3.88% | 01/27/16 | 420,000 | 432,107 | |||||||
Petroleos Mexicanos | ||||||||||
5.50% | 01/21/21 - 06/27/44 | 1,179,000 | 1,226,100 | |||||||
6.50% | 06/02/41 | 167,000 | 172,428 | |||||||
Pfizer Inc. | ||||||||||
4.30% | 06/15/43 | 350,000 | 339,817 | |||||||
6.20% | 03/15/19 | 1,000,000 | 1,205,845 | |||||||
Philip Morris International Inc. | ||||||||||
2.50% | 05/16/16 | 1,004,000 | 1,042,886 | (f) | ||||||
3.88% | 08/21/42 | 442,000 | 374,692 | |||||||
Plains Exploration & Production Co. | ||||||||||
6.63% | 05/01/21 | 425,000 | 449,930 | |||||||
PNC Funding Corp. | ||||||||||
2.70% | 09/19/16 | 1,000,000 | 1,040,758 | |||||||
PPL Capital Funding Inc. | ||||||||||
3.40% | 06/01/23 | 500,000 | 473,736 | |||||||
Praxair Inc. | ||||||||||
1.01% | 02/21/16 | 500,000 | 497,349 | (d) | ||||||
Pride International Inc. | ||||||||||
6.88% | 08/15/20 | 950,000 | 1,127,470 | (f) |
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PrInc.ipal Financial Group Inc. | ||||||||||
1.85% | 11/15/17 | 250,000 | 245,526 | |||||||
Prudential Financial Inc. | ||||||||||
5.63% | 05/12/41 | 475,000 | 493,277 | (f) | ||||||
Public Service Company of Colorado | ||||||||||
3.95% | 03/15/43 | 250,000 | 230,002 | |||||||
Public Service Electric & Gas Co. | ||||||||||
2.38% | 05/15/23 | 500,000 | 462,981 | |||||||
Republic Services Inc. | ||||||||||
5.50% | 09/15/19 | 500,000 | 565,905 | |||||||
Reynolds American Inc. | ||||||||||
3.25% | 11/01/22 | 500,000 | 464,799 | |||||||
Rio Tinto Finance USA Ltd. | ||||||||||
5.20% | 11/02/40 | 750,000 | 732,090 | |||||||
Rogers Communications Inc. | ||||||||||
3.00% | 03/15/23 | 250,000 | 233,344 | |||||||
Rowan Companies Inc. | ||||||||||
5.40% | 12/01/42 | 250,000 | 226,606 | |||||||
Royal Bank of Canada | ||||||||||
0.94% | 10/30/15 | 500,000 | 499,285 | (d) | ||||||
1.20% | 09/19/18 | 500,000 | 487,830 | |||||||
Royal Bank of Scotland Group PLC | ||||||||||
6.40% | 10/21/19 | 500,000 | 555,546 | |||||||
Sanofi | ||||||||||
1.25% | 04/10/18 | 500,000 | 484,293 | |||||||
Santander Holdings USA Inc. | ||||||||||
3.00% | 09/24/15 | 438,000 | 449,095 | |||||||
Shell International Finance BV | ||||||||||
4.38% | 03/25/20 | 1,000,000 | 1,111,601 | |||||||
Simon Property Group LP (REIT) | ||||||||||
2.75% | 02/01/23 | 621,000 | 570,067 | |||||||
Spectra Energy Capital LLC | ||||||||||
3.30% | 03/15/23 | 250,000 | 225,546 | |||||||
Stanley Black & Decker Inc. | ||||||||||
2.90% | 11/01/22 | 250,000 | 234,748 | |||||||
Statoil ASA | ||||||||||
2.45% | 01/17/23 | 750,000 | 694,786 | |||||||
Suncor Energy Inc. | ||||||||||
6.85% | 06/01/39 | 250,000 | 294,480 | |||||||
Svensk Exportkredit AB | ||||||||||
0.97% | 05/31/16 | 500,000 | 495,140 | (d) | ||||||
Talisman Energy Inc. | ||||||||||
5.50% | 05/15/42 | 250,000 | 244,776 | |||||||
Target Corp. | ||||||||||
4.00% | 07/01/42 | 750,000 | 682,023 | |||||||
Teck Resources Ltd. | ||||||||||
2.50% | 02/01/18 | 1,000,000 | 971,952 | |||||||
Telecom Italia Capital S.A. | ||||||||||
7.18% | 06/18/19 | 1,000,000 | 1,112,885 | |||||||
Telefonica Emisiones SAU | ||||||||||
5.88% | 07/15/19 | 1,000,000 | 1,079,555 | |||||||
Textron Inc. | ||||||||||
6.20% | 03/15/15 | 798,000 | 858,987 | (f) | ||||||
The ADT Corp. | ||||||||||
2.25% | 07/15/17 | 446,000 | 437,662 | |||||||
3.50% | 07/15/22 | 250,000 | 229,887 | |||||||
4.88% | 07/15/42 | 42,000 | 35,656 |
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The Bank of New York Mellon Corp. | ||||||||||
1.20% | 02/20/15 | 1,000,000 | 1,008,111 | |||||||
The Boeing Co. | ||||||||||
1.97% | 05/15/18 | 325,000 | 310,965 | (d) | ||||||
The Chubb Corp. | ||||||||||
6.38% | 03/29/67 | 250,000 | 267,500 | (g) | ||||||
The Coca-Cola Co. | ||||||||||
1.15% | 04/01/18 | 250,000 | 242,499 | |||||||
3.30% | 09/01/21 | 326,000 | 333,304 | |||||||
The Dow Chemical Co. | ||||||||||
3.00% | 11/15/22 | 437,000 | 406,432 | |||||||
4.38% | 11/15/42 | 437,000 | 386,768 | |||||||
The Goldman Sachs Group Inc. | ||||||||||
1.60% | 11/23/15 | 2,000,000 | 2,004,564 | |||||||
5.75% | 01/24/22 | 1,000,000 | 1,103,013 | (f) | ||||||
6.75% | 10/01/37 | 887,000 | 908,611 | |||||||
The Home Depot Inc. | ||||||||||
4.20% | 04/01/43 | 250,000 | 237,480 | |||||||
4.40% | 04/01/21 | 500,000 | 548,823 | |||||||
The Korea Development Bank | ||||||||||
3.25% | 03/09/16 | 897,000 | 924,896 | (f) | ||||||
4.00% | 09/09/16 | 518,000 | 548,270 | (f) | ||||||
The Procter & Gamble Co. | ||||||||||
4.70% | 02/15/19 | 1,000,000 | 1,127,855 | |||||||
The Sherwin-Williams Co. | ||||||||||
1.35% | 12/15/17 | 436,000 | 424,123 | |||||||
The Travelers Companies Inc. | ||||||||||
5.35% | 11/01/40 | 250,000 | 273,333 | |||||||
The Western Union Co. | ||||||||||
2.88% | 12/10/17 | 500,000 | 501,286 | |||||||
Thomson Reuters Corp. | ||||||||||
4.50% | 05/23/43 | 150,000 | 133,592 | |||||||
Time Warner Cable Inc. | ||||||||||
4.50% | 09/15/42 | 500,000 | 387,742 | |||||||
6.75% | 07/01/18 | 1,288,000 | 1,474,316 | (f) | ||||||
Time Warner Inc. | ||||||||||
6.10% | 07/15/40 | 1,000,000 | 1,091,810 | |||||||
Total Capital International S.A. | ||||||||||
1.55% | 06/28/17 | 1,000,000 | 991,085 | |||||||
Toyota Motor Credit Corp. | ||||||||||
1.38% | 01/10/18 | 1,000,000 | 974,703 | |||||||
TransAlta Corp. | ||||||||||
4.50% | 11/15/22 | 873,000 | 832,561 | |||||||
TransCanada PipeLines Ltd. | ||||||||||
7.63% | 01/15/39 | 350,000 | 474,317 | |||||||
Transocean Inc. | ||||||||||
3.80% | 10/15/22 | 438,000 | 417,218 | |||||||
Turlock Corp. | ||||||||||
1.50% | 11/02/17 | 1,310,000 | 1,271,638 | (b) | ||||||
U.S. Bancorp | ||||||||||
3.44% | 02/01/16 | 1,525,000 | 1,598,638 | |||||||
UBS AG | ||||||||||
5.75% | 04/25/18 | 1,000,000 | 1,155,619 | |||||||
United Parcel Service Inc. | ||||||||||
2.45% | 10/01/22 | 875,000 | 824,957 | |||||||
United Technologies Corp. | ||||||||||
1.80% | 06/01/17 | 472,000 | 473,729 | (f) | ||||||
4.50% | 06/01/42 | 708,000 | 698,161 | (f) |
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UnitedHealth Group Inc. | ||||||||||
0.94% | 10/15/15 | 437,000 | 437,570 | (d) | ||||||
1.40% | 10/15/17 | 437,000 | 429,065 | |||||||
6.88% | 02/15/38 | 250,000 | 312,335 | |||||||
Vale Overseas Ltd. | ||||||||||
6.88% | 11/10/39 | 750,000 | 757,036 | |||||||
Valero Energy Corp. | ||||||||||
6.63% | 06/15/37 | 500,000 | 574,582 | |||||||
Ventas Realty LP (REIT) | ||||||||||
2.00% | 02/15/18 | 500,000 | 483,989 | |||||||
Verizon Communications Inc. | ||||||||||
2.00% | 11/01/16 | 1,350,000 | 1,375,604 | |||||||
2.45% | 11/01/22 | 436,000 | 395,320 | |||||||
3.85% | 11/01/42 | 686,000 | 569,203 | |||||||
Verizon New York Inc. | ||||||||||
7.38% | 04/01/32 | 250,000 | 301,494 | |||||||
Viacom Inc. | ||||||||||
2.50% | 12/15/16 | 1,159,000 | 1,195,675 | (f) | ||||||
3.25% | 03/15/23 | 200,000 | 188,366 | |||||||
Vodafone Group PLC | ||||||||||
2.50% | 09/26/22 | 376,000 | 333,398 | |||||||
4.38% | 02/19/43 | 250,000 | 223,948 | |||||||
Wachovia Bank NA | ||||||||||
6.60% | 01/15/38 | 500,000 | 610,969 | |||||||
Wal-Mart Stores Inc. | ||||||||||
6.50% | 08/15/37 | 1,250,000 | 1,579,480 | |||||||
Waste Management Inc. | ||||||||||
2.90% | 09/15/22 | 500,000 | 459,514 | |||||||
Watson Pharmaceuticals Inc. | ||||||||||
3.25% | 10/01/22 | 1,316,000 | 1,226,907 | |||||||
Weatherford International Ltd. | ||||||||||
4.50% | 04/15/22 | 250,000 | 247,159 | (f) | ||||||
5.95% | 04/15/42 | 250,000 | 236,292 | (f) | ||||||
WellPoint Inc. | ||||||||||
1.88% | 01/15/18 | 602,000 | 589,445 | |||||||
3.30% | 01/15/23 | 500,000 | 475,976 | |||||||
3.70% | 08/15/21 | 237,000 | 238,964 | |||||||
Wells Fargo & Co. | ||||||||||
1.50% | 07/01/15 | 1,500,000 | 1,517,090 | |||||||
1.50% | 01/16/18 | 1,000,000 | 975,326 | |||||||
Westpac Banking Corp. | ||||||||||
1.13% | 09/25/15 | 1,000,000 | 1,004,239 | |||||||
Weyerhaeuser Co. (REIT) | ||||||||||
7.38% | 03/15/32 | 100,000 | 120,047 | |||||||
WPP Finance 2010 | ||||||||||
5.13% | 09/07/42 | 441,000 | 406,928 | |||||||
Wyndham Worldwide Corp. | ||||||||||
4.25% | 03/01/22 | 250,000 | 243,476 | |||||||
Xerox Corp. | ||||||||||
4.25% | 02/15/15 | 500,000 | 522,348 | |||||||
Xstrata Finance Canada Ltd. | ||||||||||
5.80% | 11/15/16 | 751,275 | 819,532 | (b,f) | ||||||
Zoetis Inc. | ||||||||||
4.70% | 02/01/43 | 500,000 | 466,932 | (b) | ||||||
230,010,104 |
Table of Contents
Non-Agency Collateralized Mortgage Obligations—0.6% | ||||||||||
Banc of America Commercial Mortgage Trust 2006-4 | ||||||||||
5.63% | 07/10/46 | 400,000 | 438,928 | (f) | ||||||
5.68% | 07/10/46 | 440,000 | 487,266 | |||||||
Banc of America Commercial Mortgage Trust 2007-1 | ||||||||||
5.48% | 01/15/49 | 880,000 | 920,080 | (g) | ||||||
Banc of America Commercial Mortgage Trust 2007-4 | ||||||||||
5.93% | 02/10/51 | 277,000 | 312,717 | (f,g) | ||||||
Banc of America Commercial Mortgage Trust 2008-1 | ||||||||||
6.39% | 02/10/51 | 792,000 | 907,539 | (f,g) | ||||||
Banc of America Merrill Lynch Commercial Mortgage Inc. | ||||||||||
5.36% | 09/10/47 | 980,000 | 1,056,514 | (f,g) | ||||||
Bear Stearns Commercial Mortgage Securities | ||||||||||
4.93% | 02/13/42 | 987,863 | 1,040,723 | (f,g) | ||||||
5.77% | 04/12/38 | 1,050,000 | 1,137,553 | (f,g) | ||||||
COMM 2005-LP5 Mortgage Trust | ||||||||||
4.98% | 05/10/43 | 500,000 | 528,914 | (f,g) | ||||||
GS Mortgage Securities Corp. II | ||||||||||
3.00% | 08/10/44 | 950,000 | 989,459 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp. | ||||||||||
5.04% | 03/15/46 | 710,000 | 744,472 | (g) | ||||||
5.34% | 08/12/37 | 386,088 | 408,111 | (g) | ||||||
5.44% | 06/12/47 | 1,420,000 | 1,573,280 | |||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11 | ||||||||||
6.00% | 06/15/49 | 870,000 | 973,614 | (g) | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||||
4.95% | 09/15/30 | 630,000 | 669,832 | |||||||
5.16% | 02/15/31 | 860,000 | 928,942 | |||||||
6.06% | 06/15/38 | 440,000 | 488,357 | (g) | ||||||
Morgan Stanley Capital I Trust 2006-TOP23 | ||||||||||
5.99% | 08/12/41 | 1,055,000 | 1,174,458 | (g) | ||||||
Morgan Stanley Capital I Trust 2008-TOP29 | ||||||||||
6.46% | 01/11/43 | 470,000 | 532,782 | (g) | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||||
5.47% | 01/15/45 | 810,000 | 871,924 | (g) | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||||
4.69% | 10/15/45 | 220,000 | 212,826 | (g) | ||||||
16,398,291 | ||||||||||
Sovereign Bonds—0.4% | ||||||||||
Government of Brazil | ||||||||||
2.63% | 01/05/23 | 750,000 | 652,500 | |||||||
5.88% | 01/15/19 | 1,000,000 | 1,139,000 | |||||||
7.13% | 01/20/37 | 500,000 | 595,000 | |||||||
Government of Chile | ||||||||||
3.63% | 10/30/42 | 350,000 | 288,750 | |||||||
Government of Colombia | ||||||||||
4.38% | 07/12/21 | 300,000 | 312,450 | (f) | ||||||
6.13% | 01/18/41 | 250,000 | 278,125 | |||||||
Government of Italy | ||||||||||
3.13% | 01/26/15 | 1,000,000 | 1,025,200 | |||||||
5.38% | 06/15/33 | 250,000 | 250,828 | |||||||
Government of Mexico | ||||||||||
4.75% | 03/08/44 | 702,000 | 624,780 | (f) | ||||||
5.63% | 01/15/17 | 1,000,000 | 1,111,500 | |||||||
5.75% | 10/12/49 | 172,000 | 156,950 | (f) | ||||||
6.05% | 01/11/40 | 130,000 | 141,700 | (f) |
Table of Contents
Government of Panama | ||||||||||
6.70% | 01/26/36 | 250,000 | 290,625 | |||||||
Government of Peru | ||||||||||
6.55% | 03/14/37 | 447,000 | 527,460 | (f) | ||||||
7.35% | 07/21/25 | 100,000 | 128,000 | |||||||
Government of Philippine | ||||||||||
7.75% | 01/14/31 | 500,000 | 660,000 | |||||||
Government of Philippines | ||||||||||
4.00% | 01/15/21 | 500,000 | 528,750 | |||||||
Government of Poland | ||||||||||
3.00% | 03/17/23 | 147,000 | 132,668 | |||||||
5.00% | 03/23/22 | 500,000 | 537,500 | |||||||
6.38% | 07/15/19 | 74,000 | 86,307 | |||||||
Government of South Africa | ||||||||||
6.25% | 03/08/41 | 100,000 | 107,000 | (f) | ||||||
Government of Turkey | ||||||||||
3.25% | 03/23/23 | 500,000 | 436,250 | |||||||
4.88% | 04/16/43 | 500,000 | 430,000 | |||||||
6.75% | 04/03/18 | 500,000 | 561,250 | |||||||
7.38% | 02/05/25 | 500,000 | 592,500 | |||||||
Government of Uruguay | ||||||||||
6.88% | 09/28/25 | 381,075 | 456,528 | |||||||
12,051,621 | ||||||||||
Municipal Bonds and Notes—0.3% | ||||||||||
American Municipal Power Inc. | ||||||||||
6.27% | 02/15/50 | 300,000 | 319,428 | (f) | ||||||
Bay Area Toll Authority | ||||||||||
6.26% | 04/01/49 | 250,000 | 290,190 | |||||||
Chicago Transit Authority | ||||||||||
6.90% | 12/01/40 | 250,000 | 290,222 | |||||||
City of New York NY | ||||||||||
5.97% | 03/01/36 | 250,000 | 282,285 | |||||||
City Public Service Board of San Antonio TX | ||||||||||
5.72% | 02/01/41 | 200,000 | 234,950 | |||||||
Commonwealth of Massachusetts | ||||||||||
4.50% | 08/01/31 | 200,000 | 197,924 | |||||||
Dallas Area Rapid Transit | ||||||||||
5.02% | 12/01/48 | 250,000 | 260,952 | |||||||
East Bay Municipal Utility District | ||||||||||
5.87% | 06/01/40 | 100,000 | 117,566 | |||||||
Los Angeles Department of Water & Power | ||||||||||
6.57% | 07/01/45 | 250,000 | 317,892 | |||||||
Metropolitan Transportation Authority | ||||||||||
6.81% | 11/15/40 | 250,000 | 301,460 | |||||||
Municipal Electric Authority of Georgia | ||||||||||
6.64% | 04/01/57 | 250,000 | 269,715 | |||||||
New Jersey Transportation Trust Fund Authority | ||||||||||
6.88% | 12/15/39 | 620,000 | 688,646 | (f) | ||||||
New York City Municipal Water Finance Authority | ||||||||||
6.01% | 06/15/42 | 250,000 | 290,418 | |||||||
North Texas Tollway Authority | ||||||||||
6.72% | 01/01/49 | 100,000 | 117,824 | |||||||
Port Authority of New York & New Jersey | ||||||||||
4.46% | 10/01/62 | 500,000 | 446,340 | |||||||
San Diego County Water Authority | ||||||||||
6.14% | 05/01/49 | 200,000 | 233,994 |
Table of Contents
South Carolina State Public Service Authority | ||||||||||
6.45% | 01/01/50 | 150,000 | 173,040 | (f) | ||||||
State of California | ||||||||||
5.70% | 11/01/21 | 705,000 | 805,603 | |||||||
7.55% | 04/01/39 | 600,000 | 803,424 | |||||||
State of Illinois | ||||||||||
5.10% | 06/01/33 | 800,000 | 742,368 | |||||||
State of Texas | ||||||||||
5.52% | 04/01/39 | 200,000 | 226,580 | |||||||
University of Texas System | ||||||||||
4.79% | 08/15/46 | 125,000 | 128,498 | |||||||
7,539,319 | ||||||||||
Federal Agencies—0.1% | ||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||
1.38% | 05/01/20 | 1,500,000 | 1,421,334 | |||||||
Federal National Mortgage Assoc. | ||||||||||
1.60% | 05/21/18 | 900,000 | 869,816 | (d) | ||||||
2,291,150 | ||||||||||
FNMA—0.0%* | ||||||||||
Lehman TBA | ||||||||||
5.50%** | TBA | 620,251 | — | (c,j,k) | ||||||
Total Bonds and Notes | ||||||||||
(Cost $939,223,118) | 919,057,835 | |||||||||
Number of Shares | Fair Value | |||||||||
Mutual Funds—0.0%* | ||||||||||
Asset Management & Custody Banks—0.0%* | ||||||||||
Firsthand Technology Value Fund Inc. | 380 | $ | 7,547 | |||||||
Total Mutual Funds | ||||||||||
(Cost $6,735) | 7,547 | |||||||||
Total Investments in Securities | ||||||||||
(Cost $2,619,055,019) | 2,722,409,685 | |||||||||
Short-Term Investments—5.7% | ||||||||||
GE Institutional Money Market Fund - Investment Class 0.00% | 161,654,290 | (d,h) | ||||||||
Total Investments | ||||||||||
(Cost $2,780,709,309) | 2,884,063,975 | |||||||||
Liabilities in Excess of Other Assets, net—(2.0)% | (55,945,703 | ) | ||||||||
|
| |||||||||
NET ASSETS—100.0% | $ | 2,828,118,272 | ||||||||
|
|
Table of Contents
Other Information:
The Fund had the following long futures contracts open at June 30, 2013:
Description | Expiration Date | Number of Contracts | Current Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
MSCI Eafe Mini Index Futures | September 2013 | 53 | $ | 4,345,205 | $ | (110,562 | ) | |||||||
MSCI Emerging Market Mini Futures | September 2013 | 29 | 1,353,865 | (13,610 | ) | |||||||||
Russell 2000 Mini Index Futures | September 2013 | 12 | 1,169,640 | 4,510 | ||||||||||
S&P 500 Emini Index Futures | September 2013 | 193 | 15,433,245 | (212,815 | ) | |||||||||
S&P Midcap 400 Emini Index Futures | September 2013 | 17 | 1,968,430 | (10,861 | ) | |||||||||
|
| |||||||||||||
$ | (343,338 | ) | ||||||||||||
|
|
The Fund had the following short futures contracts open at June 30, 2013:
Description | Expiration Date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||
S&P Midcap 400 Emini Index Futures | September 2013 | 1 | $ | (115,790 | ) | $ | 168 | |||||||
|
| |||||||||||||
$ | 168 | |||||||||||||
|
| |||||||||||||
$ | (343,170 | ) | ||||||||||||
|
|
The Fund held the following short positions as of June 30, 2013:
Principal Amount | Fair Value | |||||||||
Agency Mortgage Backed | ||||||||||
Federal National Mortgage Assoc. | TBA | $ | (600,000 | ) | $ | (624,938 | ) (c) |
The Fund was invested in the following Countries at June 30, 2013:
Country | Percentage (based on Fair Value) | |||
United States | 76.70 | % | ||
United Kingdom | 3.44 | % | ||
Japan | 3.36 | % | ||
Canada | 1.80 | % | ||
Switzerland | 1.59 | % | ||
France | 1.48 | % | ||
Germany | 1.45 | % | ||
Australia | 1.26 | % | ||
China | 0.85 | % | ||
South Korea | 0.72 | % | ||
Brazil | 0.72 | % | ||
Taiwan | 0.54 | % | ||
Sweden | 0.47 | % | ||
Netherlands | 0.45 | % | ||
Spain | 0.45 | % | ||
Hong Kong | 0.45 | % | ||
Supranational | 0.44 | % | ||
Mexico | 0.42 | % | ||
Italy | 0.37 | % | ||
South Africa | 0.33 | % | ||
India | 0.31 | % | ||
Russian Federation | 0.25 | % |
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Singapore | 0.24 | % | ||
Belgium | 0.19 | % | ||
Malaysia | 0.18 | % | ||
Denmark | 0.16 | % | ||
Turkey | 0.16 | % | ||
Indonesia | 0.15 | % | ||
Norway | 0.15 | % | ||
Thailand | 0.13 | % | ||
Finland | 0.11 | % | ||
Chile | 0.10 | % | ||
Poland | 0.10 | % | ||
Philippines | 0.09 | % | ||
Colombia | 0.09 | % | ||
Israel | 0.07 | % | ||
Peru | 0.04 | % | ||
Ireland | 0.04 | % | ||
Austria | 0.04 | % | ||
Portugal | 0.03 | % | ||
New Zealand | 0.02 | % | ||
Uruguay | 0.02 | % | ||
Czech Republic | 0.01 | % | ||
Hungary | 0.01 | % | ||
Egypt | 0.01 | % | ||
Panama | 0.01 | % | ||
|
| |||
100.00 | % | |||
|
|
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2013:
Industry | Domestic | Foreign | Total | |||||||||
Diversified Financial Services | 2.00 | % | 3.13 | % | 5.13 | % | ||||||
Pharmaceuticals | 2.28 | % | 1.36 | % | 3.64 | % | ||||||
Integrated Oil & Gas | 1.93 | % | 1.21 | % | 3.14 | % | ||||||
Integrated Telecommunication Services | 0.96 | % | 0.51 | % | 1.47 | % | ||||||
Packaged Foods & Meats | 0.65 | % | 0.69 | % | 1.34 | % | ||||||
Oil & Gas Exploration & Production | 1.00 | % | 0.34 | % | 1.34 | % | ||||||
Computer Hardware | 1.17 | % | 0.08 | % | 1.25 | % | ||||||
Industrial Conglomerates | 0.92 | % | 0.29 | % | 1.21 | % | ||||||
Semiconductors | 0.77 | % | 0.43 | % | 1.20 | % | ||||||
Aerospace & Defense | 1.02 | % | 0.18 | % | 1.20 | % | ||||||
Systems Software | 1.11 | % | 0.01 | % | 1.12 | % | ||||||
Property & Casualty Insurance | 0.95 | % | 0.16 | % | 1.11 | % | ||||||
Electric Utilities | 0.78 | % | 0.32 | % | 1.10 | % | ||||||
Internet Software & Services | 0.97 | % | 0.09 | % | 1.06 | % | ||||||
Household Products | 0.84 | % | 0.15 | % | 0.99 | % | ||||||
Automobile Manufacturers | 0.23 | % | 0.72 | % | 0.95 | % | ||||||
Healthcare Equipment | 0.88 | % | 0.07 | % | 0.95 | % | ||||||
Biotechnology | 0.86 | % | 0.06 | % | 0.92 | % | ||||||
Tobacco | 0.65 | % | 0.27 | % | 0.92 | % | ||||||
Soft Drinks | 0.81 | % | 0.06 | % | 0.87 | % | ||||||
Communications Equipment | 0.78 | % | 0.08 | % | 0.86 | % | ||||||
Life & Health Insurance | 0.41 | % | 0.44 | % | 0.85 | % | ||||||
IT Consulting & Other Services | 0.75 | % | 0.09 | % | 0.84 | % | ||||||
Industrial Machinery | 0.46 | % | 0.30 | % | 0.76 | % | ||||||
Data Processing & Outsourced Services | 0.72 | % | 0.03 | % | 0.75 | % |
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Wireless Telecommunication Services | 0.12 | % | 0.63 | % | 0.75 | % | ||||||
Oil & Gas Equipment & Services | 0.65 | % | 0.07 | % | 0.72 | % | ||||||
Regional Banks | 0.62 | % | 0.10 | % | 0.72 | % | ||||||
Multi-Utilities | 0.49 | % | 0.22 | % | 0.71 | % | ||||||
Movies & Entertainment | 0.70 | % | 0.00 | % | 0.70 | % | ||||||
Electrical Components & Equipment | 0.41 | % | 0.24 | % | 0.65 | % | ||||||
Restaurants | 0.58 | % | 0.07 | % | 0.65 | % | ||||||
Asset Management & Custody Banks | 0.55 | % | 0.06 | % | 0.61 | % | ||||||
Hypermarkets & Super Centers | 0.45 | % | 0.15 | % | 0.60 | % | ||||||
Multi-Line Insurance | 0.29 | % | 0.31 | % | 0.60 | % | ||||||
Cable & Satellite | 0.48 | % | 0.10 | % | 0.58 | % | ||||||
Railroads | 0.35 | % | 0.23 | % | 0.58 | % | ||||||
Diversified Metals & Mining | 0.09 | % | 0.49 | % | 0.58 | % | ||||||
Diversified Chemicals | 0.34 | % | 0.17 | % | 0.51 | % | ||||||
Specialized REITs | 0.49 | % | 0.00 | % | 0.49 | % | ||||||
Application Software | 0.35 | % | 0.11 | % | 0.46 | % | ||||||
Internet Retail | 0.45 | % | 0.01 | % | 0.46 | % | ||||||
Investment Banking & Brokerage | 0.35 | % | 0.10 | % | 0.45 | % | ||||||
Food Retail | 0.13 | % | 0.31 | % | 0.44 | % | ||||||
Home Improvement Retail | 0.42 | % | 0.02 | % | 0.44 | % | ||||||
Apparel, Accessories & Luxury Goods | 0.20 | % | 0.22 | % | 0.42 | % | ||||||
Managed Healthcare | 0.41 | % | 0.00 | % | 0.41 | % | ||||||
Consumer Finance | 0.39 | % | 0.02 | % | 0.41 | % | ||||||
Apparel Retail | 0.28 | % | 0.13 | % | 0.41 | % | ||||||
Fertilizers & Agricultural Chemicals | 0.21 | % | 0.16 | % | 0.37 | % | ||||||
Retail REITs | 0.24 | % | 0.13 | % | 0.37 | % | ||||||
Construction & Farm Machinery | 0.34 | % | 0.02 | % | 0.36 | % | ||||||
Oil & Gas Refining & Marketing | 0.25 | % | 0.11 | % | 0.36 | % | ||||||
Specialty Chemicals | 0.22 | % | 0.14 | % | 0.36 | % | ||||||
Air Freight & Logistics | 0.29 | % | 0.05 | % | 0.34 | % | ||||||
Computer Storage & Peripherals | 0.29 | % | 0.02 | % | 0.31 | % | ||||||
Oil & Gas Storage & Transportation | 0.20 | % | 0.11 | % | 0.31 | % | ||||||
Steel | 0.09 | % | 0.22 | % | 0.31 | % | ||||||
Healthcare Services | 0.24 | % | 0.06 | % | 0.30 | % | ||||||
Trading Companies & Distributors | 0.11 | % | 0.19 | % | 0.30 | % | ||||||
Drug Retail | 0.29 | % | 0.01 | % | 0.30 | % | ||||||
Auto Parts & Equipment | 0.15 | % | 0.14 | % | 0.29 | % | ||||||
Brewers | 0.02 | % | 0.27 | % | 0.29 | % | ||||||
Specialized Finance | 0.22 | % | 0.07 | % | 0.29 | % | ||||||
Industrial Gases | 0.16 | % | 0.10 | % | 0.26 | % | ||||||
Construction & Engineering | 0.10 | % | 0.15 | % | 0.25 | % | ||||||
Diversified REITs | 0.08 | % | 0.16 | % | 0.24 | % | ||||||
Life Sciences Tools & Services | 0.22 | % | 0.01 | % | 0.23 | % | ||||||
General Merchandise Stores | 0.21 | % | 0.02 | % | 0.23 | % | ||||||
Commodity Chemicals | 0.08 | % | 0.14 | % | 0.22 | % | ||||||
Department Stores | 0.11 | % | 0.11 | % | 0.22 | % | ||||||
Distillers & Vintners | 0.07 | % | 0.14 | % | 0.21 | % | ||||||
Gas Utilities | 0.09 | % | 0.11 | % | 0.20 | % | ||||||
Diversified Real Estate Activities | 0.01 | % | 0.19 | % | 0.20 | % | ||||||
Diversified Capital Markets | 0.00 | % | 0.20 | % | 0.20 | % | ||||||
Healthcare Distributors | 0.18 | % | 0.02 | % | 0.20 | % | ||||||
Personal Products | 0.07 | % | 0.12 | % | 0.19 | % | ||||||
Construction Materials | 0.03 | % | 0.16 | % | 0.19 | % | ||||||
Broadcasting | 0.15 | % | 0.04 | % | 0.19 | % | ||||||
Semiconductor Equipment | 0.13 | % | 0.05 | % | 0.18 | % | ||||||
Oil & Gas Drilling | 0.13 | % | 0.05 | % | 0.18 | % |
Table of Contents
Gold | 0.04 | % | 0.12 | % | 0.16 | % | ||||||
Construction & Farm Machinery & Heavy Trucks | 0.04 | % | 0.12 | % | 0.16 | % | ||||||
Residential REITs | 0.16 | % | 0.00 | % | 0.16 | % | ||||||
Hotels, Resorts & Cruise Lines | 0.12 | % | 0.04 | % | 0.16 | % | ||||||
Casinos & Gaming | 0.06 | % | 0.10 | % | 0.16 | % | ||||||
Footwear | 0.13 | % | 0.01 | % | 0.14 | % | ||||||
Automotive Retail | 0.13 | % | 0.01 | % | 0.14 | % | ||||||
Electronic Equipment & Instruments | 0.04 | % | 0.10 | % | 0.14 | % | ||||||
Building Products | 0.05 | % | 0.09 | % | 0.14 | % | ||||||
Environmental & Facilities Services | 0.12 | % | 0.01 | % | 0.13 | % | ||||||
Publishing | 0.04 | % | 0.09 | % | 0.13 | % | ||||||
Advertising | 0.07 | % | 0.06 | % | 0.13 | % | ||||||
Office REITs | 0.10 | % | 0.03 | % | 0.13 | % | ||||||
Insurance Brokers | 0.13 | % | 0.00 | % | 0.13 | % | ||||||
Reinsurance | 0.04 | % | 0.09 | % | 0.13 | % | ||||||
Electronic Manufacturing Services | 0.04 | % | 0.08 | % | 0.12 | % | ||||||
Specialty Stores | 0.12 | % | 0.00 | % | 0.12 | % | ||||||
Research & Consulting Services | 0.05 | % | 0.06 | % | 0.11 | % | ||||||
Multi-Sector Holdings | 0.02 | % | 0.09 | % | 0.11 | % | ||||||
Thrifts & Mortgage Finance | 0.08 | % | 0.03 | % | 0.11 | % | ||||||
Leisure Products | 0.08 | % | 0.03 | % | 0.11 | % | ||||||
Independent Power Producers & Energy Traders | 0.05 | % | 0.06 | % | 0.11 | % | ||||||
Agricultural Products | 0.07 | % | 0.03 | % | 0.10 | % | ||||||
Home Building | 0.08 | % | 0.02 | % | 0.10 | % | ||||||
Heavy Electrical Equipment | 0.00 | % | 0.10 | % | 0.10 | % | ||||||
Office Electronics | 0.03 | % | 0.07 | % | 0.10 | % | ||||||
Paper Products | 0.07 | % | 0.03 | % | 0.10 | % | ||||||
Airlines | 0.05 | % | 0.05 | % | 0.10 | % | ||||||
Security & Alarm Services | 0.07 | % | 0.03 | % | 0.10 | % | ||||||
Tires & Rubber | 0.01 | % | 0.08 | % | 0.09 | % | ||||||
Real Estate Development | 0.00 | % | 0.09 | % | 0.09 | % | ||||||
Healthcare Supplies | 0.05 | % | 0.04 | % | 0.09 | % | ||||||
Consumer Electronics | 0.02 | % | 0.07 | % | 0.09 | % | ||||||
Paper Packaging | 0.07 | % | 0.02 | % | 0.09 | % | ||||||
Diversified Support Services | 0.04 | % | 0.04 | % | 0.08 | % | ||||||
Industrial REITs | 0.06 | % | 0.02 | % | 0.08 | % | ||||||
Healthcare Facilities | 0.06 | % | 0.02 | % | 0.08 | % | ||||||
Coal & Consumable Fuels | 0.04 | % | 0.04 | % | 0.08 | % | ||||||
Home Furnishing Retail | 0.07 | % | 0.00 | % | 0.07 | % | ||||||
Real Estate Operating Companies | 0.00 | % | 0.07 | % | 0.07 | % | ||||||
Food Distributors | 0.06 | % | 0.01 | % | 0.07 | % | ||||||
Distributors | 0.05 | % | 0.02 | % | 0.07 | % | ||||||
Human Resource & Employment Services | 0.04 | % | 0.03 | % | 0.07 | % | ||||||
Healthcare Technology | 0.06 | % | 0.00 | % | 0.06 | % | ||||||
Marine | 0.01 | % | 0.05 | % | 0.06 | % | ||||||
Trucking | 0.04 | % | 0.02 | % | 0.06 | % | ||||||
Metal & Glass Containers | 0.04 | % | 0.01 | % | 0.05 | % | ||||||
Specialized Consumer Services | 0.05 | % | 0.00 | % | 0.05 | % | ||||||
Highways & Railtracks | 0.00 | % | 0.05 | % | 0.05 | % | ||||||
Home Entertainment Software | 0.02 | % | 0.03 | % | 0.05 | % | ||||||
Household Appliances | 0.03 | % | 0.02 | % | 0.05 | % | ||||||
Computer & Electronics Retail | 0.04 | % | 0.01 | % | 0.05 | % | ||||||
Office Services & Supplies | 0.04 | % | 0.00 | % | 0.04 | % | ||||||
Motorcycle Manufacturers | 0.03 | % | 0.01 | % | 0.04 | % | ||||||
Water Utilities | 0.01 | % | 0.03 | % | 0.04 | % | ||||||
Precious Metals & Minerals | 0.01 | % | 0.03 | % | 0.04 | % |
Table of Contents
Aluminum | 0.02 | % | 0.01 | % | 0.03 | % | ||||||
Alternative Carriers | 0.01 | % | 0.02 | % | 0.03 | % | ||||||
Technology Distributors | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Mortgage REITs | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Real Estate Services | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Housewares & Specialities | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Marine Ports & Services | 0.00 | % | 0.03 | % | 0.03 | % | ||||||
Education Services | 0.02 | % | 0.01 | % | 0.03 | % | ||||||
Commercial Printing | 0.01 | % | 0.01 | % | 0.02 | % | ||||||
Airport Services | 0.00 | % | 0.02 | % | 0.02 | % | ||||||
Leisure Facilities | 0.01 | % | 0.01 | % | 0.02 | % | ||||||
Home Furnishings | 0.02 | % | 0.00 | % | 0.02 | % | ||||||
Photographic Products | 0.00 | % | 0.01 | % | 0.01 | % | ||||||
Forest Products | 0.01 | % | 0.00 | % | 0.01 | % | ||||||
Housewares & Specialties | 0.01 | % | 0.00 | % | 0.01 | % | ||||||
Homebuilding | 0.00 | % | 0.01 | % | 0.01 | % | ||||||
Catalog Retail | 0.01 | % | 0.00 | % | 0.01 | % | ||||||
|
| |||||||||||
62.53 | % | |||||||||||
|
|
Sector | Percentage (based on Fair Value) | |||
U.S. Treasuries | 11.62 | % | ||
Agency Mortgage Backed | 10.62 | % | ||
Corporate Notes | 7.98 | % | ||
Non-Agency Collateralized Mortgage Obligations | 0.57 | % | ||
Sovereign Bonds | 0.42 | % | ||
Municipal Bonds and Notes | 0.26 | % | ||
U.S. Government Sponsored Agencies | 0.20 | % | ||
Asset Backed | 0.11 | % | ||
Federal Agencies | 0.08 | % | ||
|
| |||
31.86 | % | |||
|
| |||
Short Term Investments | ||||
Short-Term Investments | 5.61 | % | ||
|
| |||
5.61 | % | |||
|
| |||
100.00 | % | |||
|
|
Table of Contents
Notes to Schedules of Investments June 30, 2013 (Unaudited)
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Funds’ future investments and should not be construed as a recommendation to purchase or sell a particular security. See each Fund’s summary prospectus and the Funds’ statutory prospectus complete descriptions of investment objectives, policies, risks and permissible investments
(a) | Non-income producing security. |
(b) | Pursuant to Rule 144A of the Securities Act of 1933, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities amounted to $5,536,398 or 0.20% of the net assets of GE Investments Total Return Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors. |
(c) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future. |
(d) | Coupon amount represents effective yield. |
(e) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s custodian and accounting agent. |
(f) | At June 30, 2013, all or a portion of this security was pledged to cover collateral requirements for futures, options, forward foreign currency contracts and/or TBA’s. |
(g) | Variable or floating rate security. The stated rate represents the rate at June 30, 2013. |
(h) | GE Asset Management Incorporated (“GEAM”), the investment adviser of the Fund, also serves as investment adviser of the GE Institutional Money Market Fund. |
(i) | General Electric Co. is the parent company of GEAM, the Fund’s investment adviser. |
(j) | Securities in default. |
(k) | Security is fair valued by the Valuation Committee, in accordance with the procedure approved by the Board of Directors. |
* | Less than 0.05% |
** | Amount is less than $ 0.50. |
† | Percentages are based on net assets as of June 30, 2013. |
†† | Security traded on different exchanges. |
Abbreviations:
ADR | American Depository Receipt | |
GDR | Global Depository Receipt | |
REIT | Real Estate Investment Trust | |
TBA | To Be Announced |
Table of Contents
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Applicable only to Closed-End Management Investment Companies.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Applicable only to Closed-End Management Investment Companies.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Applicable only to Closed-End Management Investment Companies.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
No material changes.
ITEM 11. | CONTROLS AND PROCEDURES. |
The officers providing the certifications in this report in accordance with Rule 30a-3 under the Investment Company Act of 1940 have concluded, based on their evaluation of the registrant’s disclosure controls and procedures (as such term is defined in such rule),
that such controls and procedures are adequate and reasonably designed to achieve the purpose described in paragraph (c) of such rule.
There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their last evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
ITEM 12. | EXHIBITS. |
(a) Not applicable.
(b) Attached hereto as Exhibit 1 and Exhibit 2 are the Certifications of Michael J. Cosgrove and Arthur A. Jensen as principal executive officer and principal financial officer, respectively, as required by Rule 30a-2 under the Investment Company Act of 1940.
Table of Contents
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.
GE INVESTMENTS FUNDS, INC
By: | /s/ Michael J. Cosgrove | |
Michael J. Cosgrove | ||
Chairman, GE Investments Funds, Inc. |
Date: August 14, 2013
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/ Michael J. Cosgrove | |
Michael J. Cosgrove | ||
Chairman, GE Investments Funds, Inc. |
Date: August 14, 2013
By: | /s/ Arthur A. Jensen | |
Arthur A. Jensen | ||
Treasurer, GE Investments Funds, Inc. |
Date: August 14, 2013
Table of Contents
EXHIBIT INDEX
(b)(1) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2 under the Investment Company Act of 1940.
(b)(2) Certification of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.