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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: 6/30/14
Table of Contents
Item 1. | Reports to Stockholders |
Table of Contents
GE Investments Funds, Inc.
U.S. Equity Fund
Semi-Annual Report
June 30, 2014
Table of Contents
GE Investments Funds, Inc.
U.S. Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
6 | ||||
Financial Statements | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
16 | ||||
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
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.
Sector Allocation
as a % of Fair Value of $34,341 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Holdings
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Amgen Inc. | 2.33% | |||
Schlumberger Ltd. | 2.27% | |||
QUALCOMM Inc. | 2.17% | |||
Exxon Mobil Corp. | 2.07% | |||
Apple Inc. | 2.04% | |||
EMC Corp. | 2.04% | |||
JPMorgan Chase & Co. | 2.01% | |||
PepsiCo Inc. | 1.83% | |||
Cisco Systems Inc. | 1.79% | |||
Johnson & Johnson | 1.76% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,071.20 | 3.95 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,020.98 | 3.86 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.77% (for the period January 1, 2014 - June 30, 2014), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
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U.S. Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
U.S. Equity Fund |
Number of Shares | Fair Value | |||||||||
Common Stock — 94.5%† | ||||||||||
Aerospace & Defense — 2.9% |
| |||||||||
General Dynamics Corp. | 3,028 | $ | 352,913 | |||||||
Honeywell International Inc. | 5,322 | 494,680 | ||||||||
The Boeing Co. | 1,274 | 162,091 | ||||||||
1,009,684 | ||||||||||
Agricultural Products — 1.0% |
| |||||||||
Archer-Daniels-Midland Co. | 8,095 | 357,070 | ||||||||
Air Freight & Logistics — 0.6% |
| |||||||||
United Parcel Service Inc. | 1,949 | 200,084 | ||||||||
Airlines — 0.4% |
| |||||||||
Delta Air Lines Inc. | 3,748 | 145,123 | ||||||||
Application Software — 0.7% |
| |||||||||
Intuit Inc. | 3,118 | 251,093 | ||||||||
Asset Management & Custody Banks — 3.9% |
| |||||||||
Ameriprise Financial Inc. | 4,168 | 500,160 | ||||||||
Invesco Ltd. | 13,567 | 512,154 | ||||||||
State Street Corp. | 4,587 | 308,522 | (a) | |||||||
1,320,836 | ||||||||||
Auto Parts & Equipment — 0.6% |
| |||||||||
TRW Automotive Holdings Corp. | 2,249 | 201,330 | (b) | |||||||
Automobile Manufacturers — 0.8% |
| |||||||||
Ford Motor Co. | 12,293 | 211,931 | ||||||||
General Motors Co. | 1,869 | 67,845 | ||||||||
279,776 | ||||||||||
Automotive Retail — 0.4% |
| |||||||||
AutoZone Inc. | 240 | 128,698 | (b) | |||||||
Biotechnology — 4.5% |
| |||||||||
Alexion Pharmaceuticals Inc. | 1,079 | 168,594 | (b) | |||||||
Amgen Inc. | 6,746 | 798,524 | ||||||||
Gilead Sciences Inc. | 6,896 | 571,747 | (b) | |||||||
1,538,865 | ||||||||||
Broadcasting — 0.8% |
| |||||||||
CBS Corp. | 1,799 | 111,790 | ||||||||
Discovery Communications Inc. | 2,459 | 178,499 | (b) | |||||||
290,289 |
Number of Shares | Fair Value | |||||||||
Cable & Satellite — 2.2% |
| |||||||||
Comcast Corp., Class A | 2,698 | $ | 144,829 | |||||||
Comcast Corp., Special Class A | 5,037 | 268,623 | ||||||||
Liberty Global PLC | 7,795 | 329,806 | (b) | |||||||
743,258 | ||||||||||
Casinos & Gaming — 0.6% |
| |||||||||
Las Vegas Sands Corp. | 2,698 | 205,642 | ||||||||
Commodity Chemicals — 1.5% |
| |||||||||
LyondellBasell Industries N.V. | 5,187 | 506,511 | ||||||||
Communications Equipment — 4.0% |
| |||||||||
Cisco Systems Inc. | 24,735 | 614,665 | ||||||||
QUALCOMM Inc. | 9,399 | 744,401 | ||||||||
1,359,066 | ||||||||||
Consumer Finance — 1.2% |
| |||||||||
American Express Co. | 4,347 | 412,400 | ||||||||
Data Processing & Outsourced Services — 0.8% |
| |||||||||
Visa Inc. | 1,349 | 284,248 | ||||||||
Department Stores — 0.4% |
| |||||||||
Macy’s Inc. | 2,219 | 128,746 | ||||||||
Diversified Banks — 5.4% |
| |||||||||
Bank of America Corp. | 18,589 | 285,713 | ||||||||
Citigroup Inc. | 7,692 | 362,293 | ||||||||
JPMorgan Chase & Co. | 11,964 | 689,366 | ||||||||
Wells Fargo & Co. | 9,519 | 500,318 | ||||||||
1,837,690 | ||||||||||
Drug Retail — 0.8% |
| |||||||||
CVS Caremark Corp. | 3,703 | 279,095 | ||||||||
Electric Utilities — 0.4% |
| |||||||||
NextEra Energy Inc. | 1,349 | 138,246 | ||||||||
Electrical Components & Equipment — 1.5% |
| |||||||||
Eaton Corp. PLC | 6,448 | 497,657 | ||||||||
Fertilizers & Agricultural Chemicals — 1.1% |
| |||||||||
Monsanto Co. | 3,148 | 392,682 | ||||||||
General Merchandise Stores — 0.6% |
| |||||||||
Dollar General Corp. | 3,448 | 197,777 | (b) | |||||||
Healthcare Distributors — 0.4% |
| |||||||||
Cardinal Health Inc. | 1,799 | 123,339 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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U.S. Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Healthcare Equipment — 3.5% |
| |||||||||
Abbott Laboratories | 5,397 | $ | 220,737 | |||||||
Boston Scientific Corp. | 26,742 | 341,495 | (b) | |||||||
Covidien PLC | 6,086 | 548,836 | ||||||||
Stryker Corp. | 974 | 82,128 | ||||||||
1,193,196 | ||||||||||
Healthcare Services — 0.9% |
| |||||||||
Express Scripts Holding Co. | 4,472 | 310,044 | (b) | |||||||
Healthcare Supplies — 0.8% |
| |||||||||
DENTSPLY International Inc. | 2,548 | 120,648 | ||||||||
The Cooper Companies Inc. | 1,050 | 142,306 | ||||||||
262,954 | ||||||||||
Home Improvement Retail — 1.5% |
| |||||||||
Lowe’s Companies Inc. | 10,944 | 525,203 | ||||||||
Household Products — 0.2% |
| |||||||||
Energizer Holdings Inc. | 600 | 73,218 | ||||||||
Independent Power Producers & Energy Traders — 1.4% |
| |||||||||
AES Corp. | 15,366 | 238,941 | ||||||||
Calpine Corp. | 5,397 | 128,502 | (b) | |||||||
NRG Energy Inc. | 2,998 | 111,526 | ||||||||
478,969 | ||||||||||
Industrial Machinery — 0.6% |
| |||||||||
Dover Corp. | 2,098 | 190,813 | ||||||||
Pentair PLC | 360 | 25,963 | ||||||||
216,776 | ||||||||||
Integrated Oil & Gas — 6.6% |
| |||||||||
Cenovus Energy Inc. | 2,699 | 87,367 | ||||||||
Chevron Corp. | 3,973 | 518,675 | ||||||||
Exxon Mobil Corp. | 7,046 | 709,391 | ||||||||
Hess Corp. | 4,932 | 487,726 | ||||||||
Occidental Petroleum Corp. | 4,632 | 475,382 | ||||||||
2,278,541 | ||||||||||
Integrated Telecommunication Services — 1.1% |
| |||||||||
Verizon Communications Inc. | 7,870 | 385,079 | ||||||||
Internet Retail — 0.7% |
| |||||||||
Amazon.com Inc. | 750 | 243,585 | (b) | |||||||
Internet Software & Services — 3.8% |
| |||||||||
Baidu Inc. ADR | 1,919 | �� | 358,489 | (b) | ||||||
eBay Inc. | 5,037 | 252,152 | (b) | |||||||
Facebook Inc., Class A | 1,617 | 108,808 | (b) | |||||||
Google Inc., Class A | 696 | 406,930 | (b) | |||||||
Google Inc., Class C | 300 | 172,584 | (b) | |||||||
1,298,963 |
Number of Shares | Fair Value | |||||||||
Investment Banking & Brokerage — 0.5% |
| |||||||||
The Charles Schwab Corp. | 5,997 | $ | 161,499 | |||||||
Life & Health Insurance — 0.5% |
| |||||||||
MetLife Inc. | 2,998 | 166,569 | ||||||||
Life Sciences Tools & Services — 0.2% |
| |||||||||
PerkinElmer Inc. | 1,724 | 80,752 | ||||||||
Movies & Entertainment — 2.3% |
| |||||||||
The Walt Disney Co. | 2,548 | 218,465 | ||||||||
Time Warner Inc. | 8,035 | 564,459 | ||||||||
782,924 | ||||||||||
Multi-Line Insurance — 3.4% |
| |||||||||
American International Group Inc. | 10,913 | 595,632 | ||||||||
Genworth Financial Inc. | 6,296 | 109,550 | (b) | |||||||
The Hartford Financial Services Group Inc. | 13,342 | 477,777 | ||||||||
1,182,959 | ||||||||||
Oil & Gas Equipment & Services — 4.4% |
| |||||||||
Cameron International Corp. | 2,474 | 167,514 | (b) | |||||||
Halliburton Co. | 8,170 | 580,152 | ||||||||
Schlumberger Ltd. | 6,596 | 777,998 | ||||||||
1,525,664 | ||||||||||
Oil & Gas Exploration & Production — 1.4% |
| |||||||||
Anadarko Petroleum Corp. | 2,368 | 259,225 | ||||||||
Marathon Oil Corp. | 5,547 | 221,436 | ||||||||
480,661 | ||||||||||
Packaged Foods & Meats — 0.8% | ||||||||||
Mondelez International Inc. | 7,720 | 290,349 | ||||||||
Pharmaceuticals — 6.6% | ||||||||||
Actavis PLC | 2,144 | 478,219 | (b) | |||||||
GlaxoSmithKline PLC ADR | 1,874 | 100,221 | ||||||||
Johnson & Johnson | 5,787 | 605,436 | ||||||||
Merck & Company Inc. | 9,055 | 523,832 | ||||||||
Pfizer Inc. | 18,738 | 556,144 | ||||||||
2,263,852 | ||||||||||
Publishing — 0.0%* | ||||||||||
Time Inc. | 468 | 11,338 | (b) | |||||||
Railroads — 0.2% | ||||||||||
CSX Corp. | 1,799 | 55,427 | ||||||||
Regional Banks — 1.1% | ||||||||||
Regions Financial Corp. | 34,030 | 361,399 | ||||||||
Research & Consulting Services — 0.3% |
| |||||||||
Nielsen N.V. | 2,099 | 101,613 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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U.S. Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Semiconductor Equipment — 0.4% |
| |||||||||
Applied Materials Inc. | 6,071 | $ | 136,901 | |||||||
Semiconductors — 0.3% | ||||||||||
Analog Devices Inc. | 1,724 | 93,217 | ||||||||
Soft Drinks — 2.9% | ||||||||||
Coca-Cola Enterprises Inc. | 7,900 | 377,462 | ||||||||
PepsiCo Inc. | 7,031 | 628,150 | ||||||||
1,005,612 | ||||||||||
Specialized Finance — 1.6% | ||||||||||
CME Group Inc. | 4,707 | 333,962 | ||||||||
McGraw Hill Financial Inc. | 2,399 | 199,189 | ||||||||
533,151 | ||||||||||
Specialized REITs — 1.6% | ||||||||||
American Tower Corp. | 5,996 | 539,520 | ||||||||
Specialty Chemicals — 0.2% | ||||||||||
PPG Industries Inc. | 270 | 56,740 | ||||||||
Rockwood Holdings Inc. | 332 | 25,229 | ||||||||
81,969 | ||||||||||
Specialty Stores — 0.6% | ||||||||||
Dick’s Sporting Goods Inc. | 4,647 | 216,364 | ||||||||
Systems Software — 1.3% | ||||||||||
Microsoft Corp. | 1,574 | 65,636 | ||||||||
Oracle Corp. | 9,789 | 396,748 | ||||||||
462,384 | ||||||||||
Technology Hardware, Storage & Peripherals — 5.3% |
| |||||||||
Apple Inc. | 7,553 | 701,900 | (c) | |||||||
EMC Corp. | 26,535 | 698,932 | ||||||||
Hewlett-Packard Co. | 12,143 | 408,976 | ||||||||
1,809,808 | ||||||||||
Total Common Stock | 32,439,665 | |||||||||
Exchange Traded Funds — 1.4% |
| |||||||||
Financial Select Sector SPDR Fund | 4,295 | 97,668 | (d) | |||||||
Industrial Select Sector SPDR Fund | 7,117 | 384,745 | (d) | |||||||
Total Exchange Traded Funds | 482,413 | |||||||||
Total Investments in Securities | 32,922,078 | |||||||||
Fair Value | ||||||||
Short-Term Investments — 4.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund — Premier Class 0.00% | $ | 1,419,282 | (d,e) | |||||
Total Investments | 34,341,360 | |||||||
Liabilities in Excess of Other Assets, | (15,336 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 34,326,024 | ||||||
|
| |||||||
Other Information: |
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||||||||
S&P 500 Emini | September 2014 | 7 | $ | 683,340 | $ | 8,293 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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Notes to Schedule of Investments | June 30, 2014 (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) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(b) | Non-income producing security. |
(c) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures. |
(d) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(e) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
* | Less than 0.05%. |
Abbreviations:
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust | |
SPDR | Standard and Poor’s Depositary Receipts |
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Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 1/3/95 | ||||||||||||||||||
Net asset value, beginning of period | $ | 46.63 | $ | 35.14 | $ | 30.74 | $ | 31.92 | $ | 29.23 | $ | 22.44 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.42 | 0.45 | 0.24 | 0.28 | * | 0.30 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 3.10 | 11.49 | 4.40 | (1.17) | 2.72 | 6.80 | ||||||||||||||||||
Total income/(loss) from investment operations | 3.32 | 11.91 | 4.85 | (0.93) | 3.00 | 7.10 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.42 | 0.45 | 0.25 | 0.31 | 0.31 | ||||||||||||||||||
Total distributions | — | 0.42 | 0.45 | 0.25 | 0.31 | 0.31 | ||||||||||||||||||
Net asset value, end of period | $ | 49.95 | $ | 46.63 | $ | 35.14 | $ | 30.74 | $ | 31.92 | $ | 29.23 | ||||||||||||
TOTAL RETURN(a) | 7.12% | 33.91% | 15.80% | (2.91)% | 10.26% | 31.63% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 34,326 | $ | 34,234 | $ | 29,924 | $ | 30,940 | $ | 38,305 | $ | 41,792 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.92% | ** | 0.95% | 1.22% | 0.70% | 0.96% | 1.11% | |||||||||||||||||
Net expenses | 0.77% | (b)** | 0.80% | (b) | 0.80% | (b) | 0.89% | (b) | 0.69% | (b) | 0.86% | (b) | ||||||||||||
Gross expenses | 0.77% | ** | 0.80% | 0.81% | 0.90% | 0.69% | 0.86% | |||||||||||||||||
Portfolio turnover rate | 19% | 40% | 66% | 39% | 42% | 46% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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. |
† | 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 ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 283,036 | ||
Less: Foreign taxes withheld | (219 | ) | ||
Total income | 282,817 | |||
Expenses: | ||||
Advisory and administration fees | 92,421 | |||
Directors’ fees | 643 | |||
Custody and accounting expenses | 17,951 | |||
Professional fees | 9,297 | |||
Other expenses | 9,143 | |||
Total expenses before waivers | 129,455 | |||
Less: Fees waived by the adviser | (305 | ) | ||
Net expenses | 129,150 | |||
Net investment income | 153,667 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 2,084,057 | |||
Futures | 68,893 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 31,653 | |||
Futures | (31,723 | ) | ||
Net realized and unrealized gain (loss) on investments | 2,152,880 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,306,547 |
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, 2014 (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) 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 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. During the six-month period ended June 30, 2014, the Fund invested in stock index futures contracts to gain equity exposure for accumulating and residual cash positions. 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. 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 on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 charged 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 of 1986, as amended (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.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 net asset value (“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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 32,439,665 | $ | — | $ | — | $ | 32,439,665 | ||||||||||||
Exchange Traded Funds | 482,413 | — | — | 482,413 | ||||||||||||||||
Short-Term Investments | — | 1,419,282 | — | 1,419,282 | ||||||||||||||||
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Total Investments in Securities | $ | 32,922,078 | $ | 1,419,282 | $ | — | $ | 34,341,360 | ||||||||||||
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Other Financial Instruments* | ||||||||||||||||||||
Long Futures Contracts — Unrealized Appreciation | $ | 8,293 | $ | — | $ | — | $ | 8,293 | ||||||||||||
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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 fair value levels during the period. 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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | 8,293 | * | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | — |
* | 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. |
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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) ($) | Realized Gain (Loss) on Derivatives Recognized in Income ($) | 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 |
| 3,109,753/ (3,568,243) |
| 68,893 | (31,723) |
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 0.10% 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, 2014.
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 (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.55%.
GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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, 2014, were as follows:
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 6,060,870 | $ | 7,718,819 |
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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investment for Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||
Appreciation | Depreciation | |||||
$26,214,495 | $8,320,332 | $(193,467) | $8,126,865 |
As of December 31, 2013, 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 gains offset will not be distributed to shareholders.
Amount | ||||||||||
Short-Term | Long-Term | Expires | ||||||||
$ | 417,001 | $ | — | 12/31/2017 | ||||||
412,664 | — | 12/31/2018 |
These amounts will be available to offset future taxable capital gains. Under the 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, 2013, the Fund utilized $4,045,524 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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 309,011 | $ | — | $ | 309,011 | |||||||||
2012 | 382,902 | — | 382,902 |
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) investments in futures 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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | — | $ | 42,881 | $ | (42,881 | ) |
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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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 Year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
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Table of Contents
Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified – 17 years
Principal Occupation(s) During Past 5 years General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
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Additional Information | (Unaudited) |
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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, 2014
Table of Contents
Total Return Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
8 | ||||
9 | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
22 | ||||
26 |
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 its 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 GEAM’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 indexes.
Sector Allocation
as a % of Fair Value of $3,039,357 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Equity Holdings
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Apple Inc. | 1.15% | |||
Exxon Mobil Corp. | 0.89% | |||
Microsoft Corp. | 0.64% | |||
Johnson & Johnson | 0.61% | |||
General Electric Co. | 0.54% | |||
Wells Fargo & Co. | 0.52% | |||
Chevron Corp. | 0.51% | |||
Berkshire Hathaway Inc. | 0.47% | |||
JPMorgan Chase & Co. | 0.45% | |||
The Procter & Gamble Co. | 0.44% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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.
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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 service 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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return |
| |||||||||||
Class 1 | 1,000.00 | 1,051.80 | 3.10 | |||||||||
Class 3 | 1,000.00 | 1,050.90 | 4.37 | |||||||||
Hypothetical 5% Return (2.5% for the period) |
| |||||||||||
Class 1 | 1,000.00 | 1,021.77 | 3.06 | |||||||||
Class 3 | 1,000.00 | 1,020.53 | 4.31 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.61% for Class 1 and 0.86% for Class 3 (for the period January 1, 2014 – June 30, 2014), 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
Summary Schedule of Investments | June 30, 2014 (Unaudited) |
Total Return Fund
Number of Shares | Fair Value | |||||||||
Equity Securities — 65.5%† | ||||||||||
Consumer Discretionary — 7.5% |
| |||||||||
Comcast Corp., Class A | 161,957 | $ | 8,693,852 | |||||||
The Walt Disney Co. | 100,342 | 8,603,323 | ||||||||
Other Securities | 9,985,209 | 205,895,462 | ||||||||
223,192,637 | ||||||||||
Consumer Staples — 6.1% | ||||||||||
Nestle S.A. | 125,509 | 9,723,126 | ||||||||
PepsiCo Inc. | 94,467 | 8,439,682 | ||||||||
Philip Morris International Inc. | 97,991 | 8,261,621 | ||||||||
The Coca-Cola Co. | 235,473 | 9,974,636 | ||||||||
The Procter & Gamble Co. | 168,578 | 13,248,545 | ||||||||
Other Securities | 6,284,248 | 131,309,519 | ||||||||
180,957,129 | ||||||||||
Energy — 6.6% | ||||||||||
Chevron Corp. | 118,597 | 15,482,838 | ||||||||
Exxon Mobil Corp. | 267,551 | 26,937,035 | ||||||||
Schlumberger Ltd. | 81,141 | 9,570,581 | ||||||||
Other Securities | 9,277,754 | 144,762,790 | ||||||||
196,753,244 | ||||||||||
Financials — 13.4% | ||||||||||
Bank of America Corp. | 655,096 | 10,068,825 | ||||||||
Berkshire Hathaway Inc. | 112,170 | 14,196,235 | (a) | |||||||
Citigroup Inc. | 189,243 | 8,913,345 | ||||||||
JPMorgan Chase & Co. | 235,783 | 13,585,816 | ||||||||
Wells Fargo & Co. | 298,603 | 15,694,574 | ||||||||
Other Securities | 55,786,545 | 334,182,805 | ||||||||
396,641,600 | ||||||||||
Healthcare — 7.4% | ||||||||||
Johnson & Johnson | 176,253 | 18,439,589 | ||||||||
Merck & Company Inc. | 182,068 | 10,532,634 | ||||||||
Pfizer Inc. | 397,382 | 11,794,298 | ||||||||
Roche Holding AG | 27,404 | 8,173,611 | ||||||||
Other Securities | 4,729,638 | 169,548,181 | ||||||||
218,488,313 | ||||||||||
Industrials — 7.1% | ||||||||||
General Electric Co. | 624,767 | 16,418,877 | (b) | |||||||
Other Securities | 10,219,049 | 195,992,511 | ||||||||
212,411,388 | ||||||||||
Information Technology — 9.3% | ||||||||||
Apple Inc. | 375,666 | 34,910,641 | ||||||||
Google Inc., Class A | 17,648 | 10,318,256 | (a) | |||||||
Google Inc., Class C | 17,648 | 10,152,541 | (a) | |||||||
Intel Corp. | 310,113 | 9,582,492 |
Number of Shares | Fair Value | |||||||||
International Business Machines Corp. | 59,277 | $ | 10,745,142 | |||||||
Microsoft Corp. | 468,310 | 19,528,527 | ||||||||
Oracle Corp. | 213,900 | 8,669,367 | ||||||||
QUALCOMM Inc. | 105,148 | 8,327,722 | ||||||||
Other Securities | 10,234,325 | 162,516,705 | ||||||||
274,751,393 | ||||||||||
Materials — 3.7% | ||||||||||
Other Securities | 8,132,483 | 108,760,389 | ||||||||
Telecommunication Services — 2.2% |
| |||||||||
AT&T Inc. | 323,326 | 11,432,807 | ||||||||
Verizon Communications Inc. | 257,988 | 12,623,353 | ||||||||
Other Securities | 9,819,195 | 41,179,614 | ||||||||
65,235,774 | ||||||||||
Utilities — 2.2% | ||||||||||
Other Securities | 7,109,912 | 65,260,323 | ||||||||
Total Equity Securities | 1,942,452,190 |
Principal Amount | Fair Value | |||||||||||
Bonds and Notes — 29.3% | ||||||||||||
U.S. Treasuries — 10.4% |
| |||||||||||
U.S. Treasury Bonds |
| |||||||||||
2.75% | 11/15/42 | $ | 650,000 | $ | 580,226 | |||||||
3.00% | 05/15/42 | 11,700,000 | 11,034,562 | (c) | ||||||||
3.38% | 05/15/44 | 900,000 | 906,047 | |||||||||
3.63% | 08/15/43 - 02/15/44 | 1,740,000 | 1,836,712 | |||||||||
3.75% | 11/15/43 | 600,000 | 648,000 | |||||||||
4.38% | 11/15/39 | 8,100,000 | 9,699,750 | |||||||||
4.50% | 02/15/36 | 5,700,000 | 6,922,827 | |||||||||
5.25% | 02/15/29 | 500,000 | 640,938 | |||||||||
5.38% | 02/15/31 | 1,550,000 | 2,035,102 | |||||||||
5.50% | 08/15/28 | 3,750,000 | 4,905,469 | |||||||||
6.38% | 08/15/27 | 2,000,000 | 2,797,812 | |||||||||
7.63% | 02/15/25 | 1,000,000 | 1,476,875 | |||||||||
7.88% | 02/15/21 | 2,000,000 | 2,734,376 | |||||||||
8.75% | 05/15/20 | 5,000,000 | 6,940,625 | |||||||||
9.00% | 11/15/18 | 3,000,000 | 3,972,423 | |||||||||
U.S. Treasury Notes |
| |||||||||||
0.25% | 07/31/15 - 05/15/16 | 34,250,000 | 34,230,172 | |||||||||
0.63% | 10/15/16 - 04/30/18 | 16,500,000 | 16,292,302 | |||||||||
0.75% | 12/31/17 - 03/31/18 | 10,000,000 | 9,863,752 | |||||||||
0.88% | 12/31/16 - 01/31/18 | 8,000,000 | 7,967,657 | |||||||||
0.88% | 02/28/17 | 12,750,000 | 12,796,818 | (c) | ||||||||
1.00% | 06/30/19 | 4,000,000 | 3,876,876 | |||||||||
1.13% | 12/31/19 - 03/31/20 | 23,800,000 | 22,970,145 | |||||||||
1.25% | 10/31/15 - 02/29/20 | 24,500,000 | 24,308,439 | |||||||||
1.38% | 07/31/18 - 02/28/19 | 5,000,000 | 4,971,874 | |||||||||
1.50% | 07/31/16 | 18,000,000 | 18,374,058 | |||||||||
1.63% | 04/30/19 - 11/15/22 | 5,500,000 | 5,283,124 | |||||||||
1.75% | 07/31/15 - 05/15/22 | 14,100,000 | 13,935,400 |
See Notes to Summary Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Total Return Fund
Summary Schedule of Investments | June 30, 2014 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
2.00% | 07/31/20 - 02/15/23 | $ | 7,600,000 | $ | 7,562,162 | |||||||
2.13% | 12/31/15 - 06/30/21 | 10,500,000 | 10,710,393 | |||||||||
2.25% | 03/31/21 | 800,000 | 808,625 | |||||||||
2.38% | 03/31/16 - 12/31/20 | 16,500,000 | 17,042,991 | |||||||||
2.50% | 08/15/23 - 05/15/24 | 2,500,000 | 2,500,157 | |||||||||
2.75% | 11/15/23 - 02/15/24 | 4,300,000 | 4,402,132 | |||||||||
3.13% | 05/15/19 | 5,300,000 | 5,683,837 | |||||||||
3.25% | 12/31/16 | 9,000,000 | 9,576,558 | |||||||||
3.63% | 02/15/21 | 700,000 | 770,438 | |||||||||
4.50% | 05/15/17 | 16,500,000 | 18,220,900 | |||||||||
309,280,554 | ||||||||||||
U.S. Government Sponsored Agencies — 0.1% |
| |||||||||||
Other Securities | 4,000,000 | 3,924,576 | ||||||||||
Agency Collateralized Mortgage Obligations — 0.0%* |
| |||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||||
2.60% | 10/25/23 | 150,000 | 153,423 | |||||||||
3.06% | 07/25/23 | 100,000 | 102,115 | (d) | ||||||||
3.30% | 04/25/23 | 100,000 | 103,968 | (d) | ||||||||
3.40% | 07/25/19 | 214,924 | 227,159 | |||||||||
3.49% | 01/25/24 | 300,000 | 315,319 | |||||||||
4.25% | 01/25/20 | 100,000 | 110,863 | |||||||||
Federal National Mortgage Assoc. |
| |||||||||||
2.68% | 05/25/21 | 100,000 | 101,331 | |||||||||
1,114,178 | ||||||||||||
Agency Mortgage Backed — 9.5% |
| |||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||
0.88% | 10/14/16 - 03/07/18 | 5,000,000 | 4,990,958 | |||||||||
1.25% | 10/02/19 | 1,500,000 | 1,456,837 | |||||||||
1.38% | 05/01/20 | 1,500,000 | 1,459,059 | |||||||||
1.76% | 06/01/43 | 469,986 | 476,883 | (d) | ||||||||
2.38% | 01/13/22 | 2,100,000 | 2,095,867 | (c) | ||||||||
2.47% | 05/01/43 | 1,059,354 | 1,063,038 | (d) | ||||||||
2.50% | 07/01/28 | 295,079 | 299,833 | |||||||||
2.51% | 11/25/22 | 300,000 | 296,275 | |||||||||
2.51% | 08/01/43 | 393,309 | 394,327 | (d) | ||||||||
3.00% | 05/01/33 - 06/01/43 | 10,311,892 | 10,211,752 | |||||||||
3.50% | 10/01/42 - 07/01/43 | 1,253,181 | 1,290,634 | |||||||||
5.00% | 12/01/22 - 06/01/41 | 5,712,482 | 6,328,504 | |||||||||
5.50% | 01/01/38 - 04/01/39 | 1,025,616 | 1,152,100 | |||||||||
6.00% | 06/01/37 - 11/01/37 | 977,135 | 1,110,078 | (c) | ||||||||
2.50% | TBA | 5,800,000 | 5,854,857 | (e) | ||||||||
3.00% | TBA | 4,350,000 | 4,494,021 | (e) | ||||||||
3.50% | TBA | 8,950,000 | 9,228,764 | (e) | ||||||||
4.00% | TBA | 12,617,000 | 13,368,556 | (e) | ||||||||
4.50% | TBA | 2,800,000 | 3,030,392 | (e) | ||||||||
Federal National Mortgage Assoc. |
| |||||||||||
0.50% | 09/28/15 | 6,000,000 | 6,020,022 | |||||||||
0.75% | 11/25/16 | 1,900,000 | 1,895,347 | |||||||||
0.88% | 12/20/17 - 05/21/18 | 6,900,000 | 6,839,780 | |||||||||
1.92% | 04/01/43 | 769,061 | 785,404 | (d) | ||||||||
2.50% | 02/01/28 - 09/01/28 | 6,450,597 | 6,561,076 | |||||||||
3.00% | 01/01/28 - 10/01/43 | 24,560,208 | 24,726,936 | |||||||||
3.50% | 10/01/42 | 14,403,485 | 14,849,770 | |||||||||
4.00% | 01/01/41 - 10/01/41 | 9,024,340 | 9,591,595 | |||||||||
4.50% | 10/01/39 - 04/01/41 | 16,136,804 | 17,489,736 | |||||||||
4.50% | 11/01/40 | 4,920,206 | 5,332,065 | (c) |
Principal Amount | Fair Value | |||||||||||
5.00% | 12/01/39 - 06/01/41 | $ | 12,908,497 | $ | 14,440,043 | |||||||
5.50% | 12/01/35 - 04/01/38 | 4,803,651 | 5,397,789 | |||||||||
5.50% | 08/01/37 | 2,192,482 | 2,460,668 | (c) | ||||||||
6.00% | 03/01/34 - 08/01/37 | 4,931,636 | 5,560,208 | |||||||||
6.00% | 03/01/35 - 06/01/35 | 513,965 | 584,616 | (c) | ||||||||
6.63% | 11/15/30 | 1,200,000 | 1,704,167 | |||||||||
2.50% | TBA | 2,434,000 | 2,440,742 | (e) | ||||||||
3.00% | TBA | 900,000 | 889,102 | (e) | ||||||||
3.50% | TBA | 11,050,000 | 11,606,157 | (e) | ||||||||
4.00% | TBA | 13,817,000 | 14,664,302 | (e) | ||||||||
4.50% | TBA | 2,600,000 | 2,759,656 | (e) | ||||||||
5.50% | TBA | 400,000 | 447,826 | (e) | ||||||||
Government National Mortgage Assoc. |
| |||||||||||
3.00% | 10/15/42 | 6,354,906 | 6,415,315 | |||||||||
3.50% | 10/20/42 | 16,609,939 | 17,334,197 | |||||||||
4.00% | 12/20/40 - 08/15/41 | 9,963,696 | 10,675,554 | |||||||||
4.50% | 05/20/40 | 5,811,919 | 6,366,999 | |||||||||
5.00% | 08/15/41 | 5,881,694 | 6,567,903 | |||||||||
3.00% | TBA | 5,400,000 | 5,450,625 | (e) | ||||||||
4.00% | TBA | 1,200,000 | 1,284,187 | (e) | ||||||||
4.50% | TBA | 1,000,000 | 1,091,914 | (e) | ||||||||
280,836,436 | ||||||||||||
Asset Backed — 0.2% |
| |||||||||||
Other Securities | 4,800,000 | 4,979,989 | ||||||||||
Corporate Notes — 7.9% |
| |||||||||||
Apple Inc. |
| |||||||||||
1.00% | 05/03/18 | 250,000 | 244,489 | |||||||||
General Electric Capital Corp. |
| |||||||||||
5.00% | 01/08/16 | 750,000 | 799,578 | (b) | ||||||||
5.50% | 01/08/20 | 1,000,000 | 1,159,208 | (b) | ||||||||
6.75% | 03/15/32 | 1,250,000 | 1,648,949 | (b) | ||||||||
General Electric Co. |
| |||||||||||
5.25% | 12/06/17 | 1,000,000 | 1,128,245 | (b) | ||||||||
Other Securities | 217,949,275 | 230,604,473 | ||||||||||
235,584,942 | ||||||||||||
Non-Agency Collateralized Mortgage Obligations — 0.5% |
| |||||||||||
Other Securities | 13,880,934 | 14,882,823 | ||||||||||
Sovereign Bonds — 0.4% |
| |||||||||||
Other Securities | 11,022,000 | 12,151,246 | ||||||||||
Municipal Bonds and Notes — 0.3% |
| |||||||||||
Other Securities | 7,150,000 | 8,714,950 | ||||||||||
FNMA — 0.0%* |
| |||||||||||
Lehman TBA |
| |||||||||||
5.50% | TBA | 620,251 | — | (**,f,g) | ||||||||
Total Bonds and Notes | 871,469,694 | |||||||||||
Total Investments in Securities | 2,813,921,884 |
See Notes to Summary Schedule of Investments and Notes to Financial Statements.
4
Table of Contents
Total Return Fund
Summary Schedule of Investments | June 30, 2014 (Unaudited) |
Fair Value | ||||||||||
Short-Term Investments — 7.6% |
| |||||||||
State Street Institutional U.S. Government Money Market Fund — Premier Class 0.00% | $ | 225,434,925 | (h,i) | |||||||
Total Investments | 3,039,356,809 | |||||||||
Liabilities in Excess of Other Assets, | (71,557,798 | ) | ||||||||
|
| |||||||||
NET ASSETS — 100.0% | $ | 2,967,799,011 | ||||||||
|
|
Other Information: |
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | |||||||||||||||||
MSCI EAFE Mini Index Futures | September 2014 | 51 | $ | 5,020,695 | $ | 19,308 | |||||||||||||||
MSCI Emerging Market Mini Futures | September 2014 | 30 | 1,561,050 | 2,955 | |||||||||||||||||
Russell 2000 Mini Index Futures | September 2014 | 15 | 1,785,450 | 35,109 | |||||||||||||||||
S&P 500 Emini Index Futures | September 2014 | 183 | 17,864,460 | 218,942 | |||||||||||||||||
S&P Mid 400 Emini Index Futures | September 2014 | 5 | 714,650 | 4,797 | |||||||||||||||||
|
| ||||||||||||||||||||
$ | 281,111 | ||||||||||||||||||||
|
|
The Fund held the following TBA sale commitments as of June 30, 2014:
Principal Amount | Fair Value | |||||||||
Agency Mortgage Backed | ||||||||||
Federal National Mortgage Assoc. | $ | (500,000 | ) | $ | (555,234 | ) | (e) | |||
Government National Mortgage Assoc. | (1,000,000 | ) | (1,041,641 | ) | (e) | |||||
|
| |||||||||
Total Agency Mortgage Backed | $ | (1,596,875 | ) | |||||||
|
|
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.
The Fund was invested in the following countries at June 30, 2014:
Country | Percentage (based on Fair Value) | |||
United States | 72.72% | |||
United Kingdom | 4.00% | |||
Japan | 3.62% | |||
Canada | 2.21% | |||
Switzerland | 1.89% | |||
France | 1.87% | |||
Germany | 1.78% | |||
Australia | 1.47% | |||
China | 0.97% | |||
South Korea | 0.85% | |||
Brazil | 0.76% | |||
Spain | 0.68% | |||
Taiwan | 0.64% | |||
Netherlands | 0.58% | |||
Sweden | 0.56% | |||
Hong Kong | 0.55% | |||
Mexico | 0.48% | |||
Italy | 0.46% | |||
South Africa | 0.40% | |||
India | 0.36% | |||
Russian Federation | 0.30% | |||
Singapore | 0.29% | |||
Denmark | 0.27% | |||
Belgium | 0.24% | |||
Supranational | 0.22% | |||
Malaysia | 0.20% | |||
Norway | 0.18% | |||
Turkey | 0.17% | |||
Finland | 0.15% | |||
Indonesia | 0.13% | |||
Thailand | 0.12% | |||
Poland | 0.11% | |||
Ireland | 0.11% | |||
Israel | 0.09% | |||
Philippines | 0.09% | |||
Chile | 0.09% | |||
Colombia | 0.08% | |||
Austria | 0.05% | |||
Luxembourg | 0.04% | |||
Peru | 0.04% |
See Notes to Summary Schedule of Investments and Notes to Financial Statements.
5
Table of Contents
Total Return Fund
Summary Schedule of Investments | June 30, 2014 (Unaudited) |
Country | Percentage (based on Fair Value) | |||
Greece | 0.04% | |||
Portugal | 0.04% | |||
New Zealand | 0.02% | |||
Uruguay | 0.02% | |||
Czech Republic | 0.01% | |||
Panama | 0.01% | |||
Egypt | 0.01% | |||
Hungary | 0.01% | |||
Bermuda | 0.01% | |||
Cayman Islands | 0.01% | |||
Puerto Rico | 0.00% | *** | ||
Virgin Islands | 0.00% | *** | ||
|
| |||
100.00% | ||||
|
|
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2014:
Industry | Domestic | Foreign | Total | |||||||||
Diversified Banks | 1.77% | 3.67% | 5.44% | |||||||||
Pharmaceuticals | 2.19% | 1.74% | 3.93% | |||||||||
Integrated Oil & Gas | 1.62% | 1.54% | 3.16% | |||||||||
Technology Hardware, Storage & Peripherals | 1.52% | 0.25% | 1.77% | |||||||||
Oil & Gas Exploration & Production | 1.06% | 0.47% | 1.53% | |||||||||
Integrated Telecommunication Services | 0.86% | 0.64% | 1.50% | |||||||||
Internet Software & Services | 1.14% | 0.22% | 1.36% | |||||||||
Packaged Foods & Meats | 0.54% | 0.81% | 1.35% | |||||||||
Semiconductors | 0.72% | 0.63% | 1.35% | |||||||||
Industrial Conglomerates | 0.86% | 0.36% | 1.22% | |||||||||
Aerospace & Defense | 0.96% | 0.25% | 1.21% | |||||||||
Electric Utilities | 0.66% | 0.42% | 1.08% | |||||||||
Automobile Manufacturers | 0.24% | 0.84% | 1.08% | |||||||||
Biotechnology | 0.90% | 0.17% | 1.07% | |||||||||
Systems Software | 1.00% | 0.03% | 1.03% | |||||||||
Life & Health Insurance | 0.38% | 0.53% | 0.91% | |||||||||
Healthcare Equipment | 0.78% | 0.12% | 0.90% | |||||||||
Household Products | 0.69% | 0.16% | 0.85% | |||||||||
Tobacco | 0.53% | 0.30% | 0.83% | |||||||||
Oil & Gas Equipment & Services | 0.67% | 0.12% | 0.79% | |||||||||
Industrial Machinery | 0.31% | 0.44% | 0.75% | |||||||||
Data Processing & Outsourced Services | 0.66% | 0.09% | 0.75% | |||||||||
Communications Equipment | 0.62% | 0.12% | 0.74% | |||||||||
Soft Drinks | 0.67% | 0.06% | 0.73% | |||||||||
Multi-Utilities | 0.47% | 0.25% | 0.72% | |||||||||
IT Consulting & Other Services | 0.53% | 0.17% | 0.70% | |||||||||
Diversified Metals & Mining | 0.09% | 0.60% | 0.69% | |||||||||
Regional Banks | 0.43% | 0.24% | 0.67% | |||||||||
Multi-Line Insurance | 0.25% | 0.39% | 0.64% | |||||||||
Movies & Entertainment | 0.62% | 0.01% | 0.63% | |||||||||
Railroads | 0.35% | 0.27% | 0.62% |
Industry | Domestic | Foreign | Total | |||||||||
Cable & Satellite | 0.46% | 0.15% | 0.61% | |||||||||
Multi-Sector Holdings | 0.49% | 0.11% | 0.60% | |||||||||
Wireless Telecommunication Services | 0.00% | 0.60% | 0.60% | |||||||||
Restaurants | 0.44% | 0.14% | 0.58% | |||||||||
Asset Management & Custody Banks | 0.48% | 0.09% | 0.57% | |||||||||
Property & Casualty Insurance | 0.31% | 0.21% | 0.52% | |||||||||
Hypermarkets & Super Centers | 0.35% | 0.16% | 0.51% | |||||||||
Diversified Chemicals | 0.30% | 0.20% | 0.50% | |||||||||
Internet Retail | 0.47% | 0.03% | 0.50% | |||||||||
Apparel, Accessories & Luxury Goods | 0.14% | 0.34% | 0.48% | |||||||||
Application Software | 0.26% | 0.22% | 0.48% | |||||||||
Specialty Chemicals | 0.26% | 0.20% | 0.46% | |||||||||
Food Retail | 0.10% | 0.35% | 0.45% | |||||||||
Investment Banking & Brokerage | 0.31% | 0.13% | 0.44% | |||||||||
Electrical Components & Equipment | 0.27% | 0.14% | 0.41% | |||||||||
Construction Machinery & Heavy Trucks | 0.27% | 0.13% | 0.40% | |||||||||
Managed Healthcare | 0.38% | 0.02% | 0.40% | |||||||||
Consumer Finance | 0.36% | 0.02% | 0.38% | |||||||||
Oil & Gas Storage & Transportation | 0.23% | 0.15% | 0.38% | |||||||||
Retail REITs | 0.20% | 0.17% | 0.37% | |||||||||
Air Freight & Logistics | 0.28% | 0.08% | 0.36% | |||||||||
Auto Parts & Equipment | 0.14% | 0.22% | 0.36% | |||||||||
Oil & Gas Refining & Marketing | 0.22% | 0.13% | 0.35% | |||||||||
Home Improvement Retail | 0.33% | 0.02% | 0.35% | |||||||||
Apparel Retail | 0.18% | 0.17% | 0.35% | |||||||||
Brewers | 0.02% | 0.33% | 0.35% | |||||||||
Fertilizers & Agricultural Chemicals | 0.19% | 0.15% | 0.34% | |||||||||
Trading Companies & Distributors | 0.08% | 0.25% | 0.33% | |||||||||
Steel | 0.06% | 0.27% | 0.33% | |||||||||
Drug Retail | 0.31% | 0.01% | 0.32% | |||||||||
Diversified Real Estate Activities | 0.00% | 0.30% | 0.30% | |||||||||
Specialized Finance | 0.18% | 0.11% | 0.29% | |||||||||
Construction & Engineering | 0.06% | 0.23% | 0.29% | |||||||||
Electronic Components | 0.10% | 0.19% | 0.29% | |||||||||
Industrial Gases | 0.16% | 0.11% | 0.27% | |||||||||
Healthcare Services | 0.20% | 0.07% | 0.27% | |||||||||
Specialized REITs | 0.26% | 0.00% | 0.26% | |||||||||
Commodity Chemicals | 0.08% | 0.17% | 0.25% | |||||||||
Construction Materials | 0.03% | 0.20% | 0.23% | |||||||||
Diversified Capital Markets | 0.00% | 0.22% | 0.22% | |||||||||
Distillers & Vintners | 0.06% | 0.15% | 0.21% | |||||||||
Healthcare Distributors | 0.19% | 0.02% | 0.21% | |||||||||
Life Sciences Tools & Services | 0.18% | 0.03% | 0.21% | |||||||||
Semiconductor Equipment | 0.11% | 0.09% | 0.20% | |||||||||
Oil & Gas Drilling | 0.10% | 0.10% | 0.20% | |||||||||
Broadcasting | 0.12% | 0.07% | 0.19% | |||||||||
Gas Utilities | 0.03% | 0.16% | 0.19% | |||||||||
Personal Products | 0.05% | 0.14% | 0.19% | |||||||||
General Merchandise Stores | 0.15% | 0.03% | 0.18% |
See Notes to Summary Schedule of Investments and Notes to Financial Statements.
6
Table of Contents
Total Return Fund
Summary Schedule of Investments | June 30, 2014 (Unaudited) |
Industry | Domestic | Foreign | Total | |||||||||
Department Stores | 0.08% | 0.10% | 0.18% | |||||||||
Casinos & Gaming | 0.03% | 0.15% | 0.18% | |||||||||
Diversified REITs | 0.06% | 0.11% | 0.17% | |||||||||
Building Products | 0.03% | 0.14% | 0.17% | |||||||||
Airlines | 0.13% | 0.04% | 0.17% | |||||||||
Gold | 0.03% | 0.14% | 0.17% | |||||||||
Hotels, Resorts & Cruise Lines | 0.11% | 0.06% | 0.17% | |||||||||
Publishing | 0.04% | 0.12% | 0.16% | |||||||||
Electronic Equipment & Instruments | 0.02% | 0.14% | 0.16% | |||||||||
Residential REITs | 0.14% | 0.01% | 0.15% | |||||||||
Footwear | 0.12% | 0.02% | 0.14% | |||||||||
Health Care REITs | 0.14% | 0.00% | 0.14% | |||||||||
Advertising | 0.06% | 0.08% | 0.14% | |||||||||
Research & Consulting Services | 0.06% | 0.08% | 0.14% | |||||||||
Reinsurance | 0.03% | 0.11% | 0.14% | |||||||||
Automotive Retail | 0.11% | 0.02% | 0.13% | |||||||||
Other Diversified Financial Services | 0.00% | 0.13% | 0.13% | |||||||||
Electronic Manufacturing Services | 0.02% | 0.11% | 0.13% | |||||||||
Heavy Electrical Equipment | 0.00% | 0.13% | 0.13% | |||||||||
Insurance Brokers | 0.12% | 0.00% | 0.12% | |||||||||
Consumer Electronics | 0.02% | 0.10% | 0.12% | |||||||||
Office REITs | 0.07% | 0.04% | 0.11% | |||||||||
Environmental & Facilities Services | 0.09% | 0.02% | 0.11% | |||||||||
Specialty Stores | 0.08% | 0.02% | 0.10% | |||||||||
Agricultural Products | 0.07% | 0.03% | 0.10% | |||||||||
Tires & Rubber | 0.02% | 0.08% | 0.10% | |||||||||
Thrifts & Mortgage Finance | 0.03% | 0.07% | 0.10% | |||||||||
Home Building | 0.05% | 0.05% | 0.10% | |||||||||
Agricultural & Farm Machinery | 0.07% | 0.02% | 0.09% | |||||||||
Paper Products | 0.04% | 0.05% | 0.09% | |||||||||
Leisure Products | 0.06% | 0.03% | 0.09% | |||||||||
Independent Power Producers & Energy Traders | 0.05% | 0.04% | 0.09% | |||||||||
Real Estate Development | 0.00% | 0.09% | 0.09% | |||||||||
Diversified Support Services | 0.03% | �� | 0.06% | 0.09% | ||||||||
Paper Packaging | 0.07% | 0.02% | 0.09% | |||||||||
Security & Alarm Services | 0.05% | 0.04% | 0.09% | |||||||||
Healthcare Supplies | 0.02% | 0.07% | 0.09% | |||||||||
Human Resource & Employment Services | 0.03% | 0.06% | 0.09% | |||||||||
Industrial REITs | 0.04% | 0.04% | 0.08% | |||||||||
Coal & Consumable Fuels | 0.03% | 0.05% | 0.08% | |||||||||
Healthcare Facilities | 0.02% | 0.05% | 0.07% | |||||||||
Hotel & Resort REITs | 0.07% | 0.00% | 0.07% | |||||||||
Highways & Railtracks | 0.00% | 0.07% | 0.07% | |||||||||
Marine | 0.01% | 0.06% | 0.07% | |||||||||
Trucking | 0.02% | 0.04% | 0.06% | |||||||||
Real Estate Operating Companies | 0.00% | 0.06% | 0.06% | |||||||||
Food Distributors | 0.05% | 0.01% | 0.06% |
Industry | Domestic | Foreign | Total | |||||||||
Aluminum | 0.04% | 0.02% | 0.06% | |||||||||
Home Entertainment Software | 0.02% | 0.04% | 0.06% | |||||||||
Household Appliances | 0.02% | 0.03% | 0.05% | |||||||||
Metal & Glass Containers | 0.03% | 0.02% | 0.05% | |||||||||
Distributors | 0.04% | 0.01% | 0.05% | |||||||||
Healthcare Technology | 0.03% | 0.02% | 0.05% | |||||||||
Education Services | 0.01% | 0.04% | 0.05% | |||||||||
Water Utilities | 0.00% | 0.05% | 0.05% | |||||||||
Motorcycle Manufacturers | 0.03% | 0.02% | 0.05% | |||||||||
Home Furnishings | 0.03% | 0.01% | 0.04% | |||||||||
Home Furnishing Retail | 0.03% | 0.01% | 0.04% | |||||||||
Computer & Electronics Retail | 0.03% | 0.01% | 0.04% | |||||||||
Alternative Carriers | 0.01% | 0.03% | 0.04% | |||||||||
Office Services & Supplies | 0.01% | 0.03% | 0.04% | |||||||||
Specialized Consumer Services | 0.03% | 0.00% | 0.03% | |||||||||
Technology Distributors | 0.02% | 0.01% | 0.03% | |||||||||
Airport Services | 0.00% | 0.03% | 0.03% | |||||||||
Real Estate Services | 0.03% | 0.00% | 0.03% | |||||||||
Housewares & Specialties | 0.03% | 0.00% | 0.03% | |||||||||
Mortgage REITs | 0.03% | 0.00% | 0.03% | |||||||||
Commercial Printing | 0.01% | 0.02% | 0.03% | |||||||||
Precious Metals & Minerals | 0.00% | 0.02% | 0.02% | |||||||||
Leisure Facilities | 0.00% | 0.02% | 0.02% | |||||||||
Marine Ports & Services | 0.00% | 0.02% | 0.02% | |||||||||
Renewable Electricity | 0.00% | 0.02% | 0.02% | |||||||||
Silver | 0.00% | 0.02% | 0.02% | |||||||||
Forest Products | 0.00% | 0.01% | 0.01% | |||||||||
Textiles | 0.00% | 0.01% | 0.01% | |||||||||
Catalog Retail | 0.00% | 0.00% | 0.00% | *** | ||||||||
|
| |||||||||||
63.91% | ||||||||||||
|
|
Sector | Percentage (based on Fair Value) | ||||
U.S. Treasuries | 10.17 | % | |||
Agency Mortgage Backed | 9.24 | % | |||
Corporate Notes | 7.75 | % | |||
Non-Agency Collateralized Mortgage Obligations | 0.49 | % | |||
Sovereign Bonds | 0.40 | % | |||
Municipal Bonds and Notes | 0.29 | % | |||
Asset Backed | 0.16 | % | |||
U.S. Government Sponsored Agencies | 0.13 | % | |||
Agency Collateralized Mortgage Obligations | 0.04 | % | |||
|
| ||||
28.67 | % | ||||
|
| ||||
Short-Term Investments | |||||
Short-Term Investments | 7.42 | % | |||
|
| ||||
7.42 | % | ||||
|
| ||||
100.00 | % | ||||
|
|
See Notes to Summary Schedule of Investments and Notes to Financial Statements.
7
Table of Contents
Notes to Summary Schedule of Investments | June 30, 2014 (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) | General Electric Co. is the parent company of GEAM, the Fund’s investment adviser. |
(c) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s. |
(d) | Variable or floating rate security. The stated rate represents the rate at June 30, 2014. |
(e) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future. |
(f) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors. |
(g) | Security is in default. |
(h) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(i) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
* | Less than 0.05%. |
** | Amount is less than $0.50. |
*** | Less than 0.005%. |
Abbreviations:
REIT | Real Estate Investment Trust | |
TBA | To Be Announced |
8
Table of Contents
Selected data based on a share outstanding throughout the periods indicated
CLASS 1 | ||||||||||||||||||||||||||||||
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||||||||
Inception date | — | — | — | — | — | 7/1/85 | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.71 | $ | 17.35 | $ | 15.66 | $ | 16.42 | $ | 15.18 | $ | 12.75 | ||||||||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income | 0.19 | 0.29 | 0.28 | 0.31 | 0.23 | * | 0.20 | * | ||||||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.78 | 2.29 | 1.68 | (0.78 | ) | 1.23 | 2.45 | |||||||||||||||||||||||
Total income/(loss) from investment operations | 0.97 | 2.58 | 1.96 | (0.47 | ) | 1.46 | 2.65 | |||||||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | — | 0.29 | 0.27 | 0.29 | 0.22 | 0.19 | ||||||||||||||||||||||||
Net realized gains | — | 0.93 | — | — | — | — | ||||||||||||||||||||||||
Return of capital | — | — | — | — | — | 0.03 | ||||||||||||||||||||||||
Total distributions | — | 1.22 | 0.27 | 0.29 | 0.22 | 0.22 | ||||||||||||||||||||||||
Net asset value, end of period | $ | 19.68 | $ | 18.71 | $ | 17.35 | $ | 15.66 | $ | 16.42 | $ | 15.18 | ||||||||||||||||||
TOTAL RETURN(a) | 5.18 | % | 14.93 | % | 12.55 | % | (2.85 | )% | 9.64 | % | 20.81 | % | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,014,834 | $ | 1,046,388 | $ | 1,015,136 | $ | 1,006,391 | $ | 1,152,587 | $ | 1,131,038 | ||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Net investment income | 1.98 | %** | 1.50 | % | 1.45 | % | 1.67 | % | 1.51 | % | 1.47 | % | ||||||||||||||||||
Net expenses | 0.61 | %(b)** | 0.60 | %(b) | 0.73 | %(b) | 0.74 | %(b)(c) | 0.69 | %(b)(c) | 0.67 | %(b)(c) | ||||||||||||||||||
Gross expenses | 0.61 | %** | 0.61 | % | 0.74 | % | 0.76 | % | 0.73 | % | 0.70 | % | ||||||||||||||||||
Portfolio turnover rate | 39 | % | 175 | % | 168 | % | 195 | % | 148 | % | 174 | % | ||||||||||||||||||
CLASS 3 | ||||||||||||||||||||||||
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 5/1/06 | ||||||||||||||||||
Net asset value, beginning of period | $ | 18.65 | $ | 17.30 | $ | 15.62 | $ | 16.38 | $ | 15.15 | $ | 12.73 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.17 | 0.24 | 0.20 | 0.24 | 0.19 | * | 0.17 | * | ||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.78 | 2.28 | 1.71 | (0.75) | 1.23 | 2.45 | ||||||||||||||||||
Total income/(loss) from investment operations | 0.95 | 2.52 | 1.91 | (0.51) | 1.42 | 2.62 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.24 | 0.23 | 0.25 | 0.19 | 0.17 | ||||||||||||||||||
Net realized gains | — | 0.93 | — | — | — | — | ||||||||||||||||||
Return of capital | — | — | — | — | — | 0.03 | ||||||||||||||||||
Total distributions | — | 1.17 | 0.23 | 0.25 | 0.19 | 0.20 | ||||||||||||||||||
Net asset value, end of period | $ | 19.60 | $ | 18.65 | $ | 17.30 | $ | 15.62 | $ | 16.38 | $ | 15.15 | ||||||||||||
TOTAL RETURN(a) | 5.09% | 14.64% | 12.25% | (3.10)% | 9.37% | 20.57% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,952,965 | $ | 1,937,910 | $ | 1,769,140 | $ | 1,624,263 | $ | 1,691,910 | $ | 1,421,191 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.74% | ** | 1.25% | 1.20% | 1.42% | 1.26% | 1.26% | |||||||||||||||||
Net expenses | 0.86% | (b)** | 0.85% | (b) | 0.98% | (b) | 0.99% | (b)(c) | 0.94% | (b)(c) | 0.87% | (b)(c) | ||||||||||||
Gross expenses | 0.86% | ** | 0.86% | 0.99% | 1.01% | 0.98% | 0.91% | |||||||||||||||||
Portfolio turnover rate | 39% | 175% | 168% | 195% | 148% | 174% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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 fee or limit operating expenses. The most recent arrangement expired on April 30, 2011. |
† | 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
For the period ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 29,692,294 | ||
Interest | 9,137,373 | |||
Income from affiliated investments | 349,061 | |||
Less: Foreign taxes withheld | (1,382,238 | ) | ||
Total income | 37,796,490 | |||
Expenses: | ||||
Advisory and administration fees | 5,143,450 | |||
Distribution and service: | ||||
Class 1 | 1,012,505 | |||
Class 3 | 4,285,539 | |||
Directors’ fees | 59,572 | |||
Custody and accounting expenses | 531,952 | |||
Professional fees | 59,654 | |||
Other expenses | 173,495 | |||
Total expenses before waivers | 11,266,167 | |||
Less: Fees waived by the adviser | (50,464 | ) | ||
Net expenses | 11,215,703 | |||
Net investment income | 26,580,787 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 33,013,104 | |||
Affiliated investments | 203,056 | |||
Futures | 1,693,137 | |||
Foreign currency transactions | 23,927 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 85,477,917 | |||
TBA sale commitments | (18,789 | ) | ||
Futures | (419,631 | ) | ||
Foreign currency translations | 3,525 | |||
Net realized and unrealized gain (loss) on investments | 119,976,246 | |||
Net increase (decrease) in net assets resulting from operations | $ | 146,557,033 |
The accompanying Notes are an integral part of these financial statements.
12
Table of Contents
* | (Unaudited). |
The accompanying Notes are an integral part of these financial statements.
13
Table of Contents
Notes to Financial Statements | June 30, 2014 (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 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.
14
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Notes to Financial Statements | June 30, 2014 (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. During the six-month period ended June 30, 2014, the Fund invested in futures contracts on various stock indices, bonds and notes to gain equity exposure and to manage duration of fixed income securities. 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. 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.
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.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 on 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 charged 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 of 1986, as amended (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.
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, 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
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 net asset value (“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.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Domestic Equity | $ | 1,182,626,943 | $ | — | $ | 5,017 | $ | 1,182,631,960 | ||||||||||||
Foreign Equity | 759,684,499 | 13,620 | 122,111 | 759,820,230 | ||||||||||||||||
U.S. Treasuries | — | 309,280,554 | — | 309,280,554 | ||||||||||||||||
U.S. Government Sponsored Agencies | — | 3,924,576 | — | 3,924,576 | ||||||||||||||||
Agency Collateralized Mortgage Obligations | — | 1,114,178 | — | 1,114,178 | ||||||||||||||||
Agency Mortgage Backed | — | 280,836,436 | — | 280,836,436 | ||||||||||||||||
Asset Backed | — | 4,979,989 | — | 4,979,989 | ||||||||||||||||
Corporate Notes | — | 235,327,442 | 257,500 | 235,584,942 | ||||||||||||||||
Non-Agency Collateralized Mortgage Obligations | — | 14,882,823 | — | 14,882,823 | ||||||||||||||||
Sovereign Bonds | — | 12,151,246 | — | 12,151,246 | ||||||||||||||||
Municipal Bonds and Notes | — | 8,714,950 | — | 8,714,950 | ||||||||||||||||
Short-Term Investments | — | 225,434,925 | — | 225,434,925 | ||||||||||||||||
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Total Investments in Securities | $ | 1,942,311,442 | $ | 1,096,660,739 | $ | 384,628 | $ | 3,039,356,809 | ||||||||||||
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Other Financial Instruments* | ||||||||||||||||||||
Long Futures Contracts — Unrealized Appreciation | $ | 281,111 | $ | — | $ | — | $ | 281,111 | ||||||||||||
TBA Sale Commitments | — | (1,596,875 | ) | — | (1,596,875 | ) | ||||||||||||||
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Total Investments in Securities | $ | 1,942,592,553 | $ | 1,095,063,864 | $ | 384,628 | $ | 3,038,041,045 | ||||||||||||
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† | See Summary 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. |
Transfers between fair value levels during the period were not significant in relation to net assets. Transfers between fair value levels are considered to occur at the beginning of the period.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and, accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2014 is not presented.
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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | 281,111* | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | — |
* | 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. |
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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 (Loss) on Derivatives | Change in Unrealized Recognized in | ||||||||||
Equity Contracts | Realized gain/(loss) on Futures, Increase/(decrease) in unrealized appreciation/ (depreciation) on Futures |
| 156,285,992/ (157,875,113) |
| 1,693,137 | (419,631) |
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 0.10% 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, 2014.
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 (“Management Fee”) is paid monthly based on average daily net assets of the Fund at an annualized rate of 0.35%.
GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the
cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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 Plans were 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 Fund’s Class 1 or Class 3 shares may not exceed the annual rate of 0.20% of the average daily net assets of the 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 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 the 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 for Class 3 shares may not exceed 0.25%, of the average daily net assets of the Fund attributable to
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 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 |
Pursuant to an investment sub-advisory agreement with GEAM, BlackRock Investment Management, LLC
(“BlackRock”) is the Sub-Adviser to the Fund. Based on the asset allocation decisions by GEAM, BlackRock manages the Fund’s assets using an indexing investment approach designed to track the performance of the desired broad-based indices representing asset classes. For its services, GEAM pays BlackRock monthly sub-advisory fees which are 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, 2014, were as follows:
U.S. Government Securities | ||||||
Purchases | Sales | |||||
$1,019,262,853 | $ | 1,070,777,457 | ||||
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ 78,316,991 | $112,672,244 |
Affiliated Investments Transactions with affiliated investments for the six-month period ended June 30, 2014 were as follows:
Security | Value, Beginning of period | Cost of purchases | Proceeds from sales | Dividend/ Interest income | Realized gain (loss) | Value, end of period | ||||||||||||||||||||||||
General Electric Co., Common Stock | $ | 18,810,737 | $ | 68,052 | $ | (1,275,128 | ) | $ | 284,534 | $ | 203,056 | $ | 16,418,877 | |||||||||||||||||
General Electric Capital Corp., Corporate Notes | 4,521,892 | — | — | 56,325 | — | 3,607,735 | ||||||||||||||||||||||||
General Electric Co., Corporate Notes | 1,131,942 | — | — | 8,202 | — | 1,128,245 |
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 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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investments for Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||||||||||
Appreciation | Depreciation | |||||||||||||
$ | 2,641,058,448 | $ | 447,181,393 | $ | (48,883,032 | ) | $ | 398,298,361 |
As of December 31, 2013, the Fund had no capital loss carryovers. 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 gains offset will not be distributed to shareholders.
During the year ended December 31, 2013, the Fund utilized $102,556,746 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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 38,921,816 | $ | 140,438,509 | $ | 179,360,325 | |||||||||
2012 | 39,293,794 | — | 39,293,794 |
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) investments in futures, losses deferred due to wash sale transactions, real estate investment trust basis adjustments, capital gain tax, distribution re-designations, partnership basis adjustments, foreign currency gains and losses and losses deferred due to offsetting positions. 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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | (1,060,466 | ) | $ | 9,946,431 | $ | (8,885,965 | ) |
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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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
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Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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
23
Table of Contents
Additional Information | (Unaudited) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified — 17 years
Principal Occupation(s) During Past 5 year General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
24
Table of Contents
Additional Information | (Unaudited) |
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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
Table of Contents
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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.
Table of Contents
GE Investments Funds, Inc.
S&P 500 Index Fund
Semi-Annual Report
June 30, 2014
Table of Contents
S&P 500 Index Fund | Contents |
1 | |||||
2 | |||||
3 | |||||
12 | |||||
13 | |||||
14 | |||||
15 | |||||
16 | |||||
17 | |||||
23 | |||||
26 |
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 return of the S&P 500 Index while holding transaction costs low and minimizing portfolio turnover.
Sector Allocation
as a % of Fair Value of $205,719 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Holdings
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Apple Inc. | 3.13% | |||
Exxon Mobil Corp. | 2.42% | |||
Microsoft Corp. | 1.75% | |||
Johnson & Johnson | 1.65% | |||
General Electric Co. | 1.48% | |||
Wells Fargo & Co. | 1.41% | |||
Chevron Corp. | 1.39% | |||
Berkshire Hathaway Inc. | 1.27% | |||
JPMorgan Chase & Co. | 1.22% | |||
The Procter & Gamble Co. | 1.19% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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 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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,069.80 | 1.90 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,022.96 | 1.86 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.37% (for the period January 1, 2014 – June 30, 2014), 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, 2014 (Unaudited) |
S&P 500 Index Fund |
Number of Shares | Fair Value | |||||||||
Common Stock — 97.0%† | ||||||||||
Advertising — 0.1% |
| |||||||||
Omnicom Group Inc. | 2,918 | $ | 207,820 | |||||||
The Interpublic Group of Companies Inc. | 4,620 | 90,136 | ||||||||
297,956 | ||||||||||
Aerospace & Defense — 2.6% |
| |||||||||
General Dynamics Corp. | 3,667 | 427,389 | ||||||||
Honeywell International Inc. | 9,053 | 841,476 | ||||||||
L-3 Communications Holdings Inc. | 963 | 116,282 | ||||||||
Lockheed Martin Corp. | 3,052 | 490,548 | ||||||||
Northrop Grumman Corp. | 2,471 | 295,606 | ||||||||
Precision Castparts Corp. | 1,700 | 429,080 | ||||||||
Raytheon Co. | 3,596 | 331,731 | ||||||||
Rockwell Collins Inc. | 1,636 | 127,837 | ||||||||
Textron Inc. | 3,125 | 119,656 | ||||||||
The Boeing Co. | 7,686 | 977,890 | (a) | |||||||
United Technologies Corp. | 9,672 | 1,116,633 | (a) | |||||||
5,274,128 | ||||||||||
Agricultural & Farm Machinery — 0.2% |
| |||||||||
Deere & Co. | 4,182 | 378,680 | ||||||||
Agricultural Products — 0.2% |
| |||||||||
Archer-Daniels-Midland Co. | 7,424 | 327,473 | ||||||||
Air Freight & Logistics — 0.7% |
| |||||||||
CH Robinson Worldwide Inc. | 1,645 | 104,935 | ||||||||
Expeditors International of Washington Inc. | 2,500 | 110,400 | ||||||||
FedEx Corp. | 3,188 | 482,599 | ||||||||
United Parcel Service Inc. | 8,205 | 842,325 | ||||||||
1,540,259 | ||||||||||
Airlines — 0.3% |
| |||||||||
Delta Air Lines Inc. | 9,730 | 376,746 | ||||||||
Southwest Airlines Co. | 8,149 | 218,882 | ||||||||
595,628 | ||||||||||
Aluminum — 0.1% |
| |||||||||
Alcoa Inc. | 13,140 | 195,655 | (a) | |||||||
Apparel Retail — 0.5% |
| |||||||||
L Brands Inc. | 2,888 | 169,410 | ||||||||
Ross Stores Inc. | 2,600 | 171,938 | ||||||||
The Gap Inc. | 3,236 | 134,520 | ||||||||
The TJX Companies Inc. | 8,237 | �� | 437,797 | |||||||
Urban Outfitters Inc. | 1,200 | 40,632 | (b) | |||||||
954,297 |
Number of Shares | Fair Value | |||||||||
Apparel, Accessories & Luxury Goods — 0.5% |
| |||||||||
Coach Inc. | 3,089 | $ | 105,613 | |||||||
Fossil Group Inc. | 600 | 62,712 | (b) | |||||||
Michael Kors Holdings Ltd. | 2,022 | 179,250 | (b) | |||||||
PVH Corp. | 969 | 112,986 | ||||||||
Ralph Lauren Corp. | 700 | 112,483 | ||||||||
Under Armour Inc. | 1,900 | 113,031 | (b) | |||||||
VF Corp. | 4,108 | 258,804 | ||||||||
944,879 | ||||||||||
Application Software — 0.6% |
| |||||||||
Adobe Systems Inc. | 5,284 | 382,350 | (a,b) | |||||||
Autodesk Inc. | 2,748 | 154,932 | (b) | |||||||
Citrix Systems Inc. | 1,807 | 113,028 | (b) | |||||||
Intuit Inc. | 3,200 | 257,696 | ||||||||
Salesforce.com Inc. | 6,409 | 372,235 | (b) | |||||||
Verint Systems Inc. | 1 | 49 | (b) | |||||||
1,280,290 | ||||||||||
Asset Management & Custody Banks — 1.3% |
| |||||||||
Affiliated Managers Group Inc. | 600 | 123,240 | (b) | |||||||
Ameriprise Financial Inc. | 2,167 | 260,040 | ||||||||
BlackRock Inc. | 1,465 | 468,214 | ||||||||
Franklin Resources Inc. | 4,800 | 277,632 | ||||||||
Invesco Ltd. | 4,950 | 186,863 | ||||||||
Legg Mason Inc. | 1,300 | 66,703 | ||||||||
Northern Trust Corp. | 2,500 | 160,525 | ||||||||
State Street Corp. | 4,911 | 330,314 | (c) | |||||||
T Rowe Price Group Inc. | 2,974 | 251,035 | ||||||||
The Bank of New York Mellon Corp. | 13,103 | 491,100 | ||||||||
2,615,666 | ||||||||||
Auto Parts & Equipment — 0.4% |
| |||||||||
BorgWarner Inc. | 2,600 | 169,494 | ||||||||
Delphi Automotive PLC | 3,156 | 216,943 | ||||||||
Johnson Controls Inc. | 7,546 | 376,772 | ||||||||
763,209 | ||||||||||
Automobile Manufacturers — 0.6% |
| |||||||||
Ford Motor Co. | 45,127 | 777,990 | ||||||||
General Motors Co. | 14,987 | 544,028 | ||||||||
1,322,018 | ||||||||||
Automotive Retail — 0.3% |
| |||||||||
AutoNation Inc. | 486 | 29,005 | (b) | |||||||
AutoZone Inc. | 406 | 217,713 | (b) | |||||||
CarMax Inc. | 2,400 | 124,824 | (b) | |||||||
O’Reilly Automotive Inc. | 1,200 | 180,720 | (b) | |||||||
552,262 | ||||||||||
Biotechnology — 2.4% |
| |||||||||
Alexion Pharmaceuticals Inc. | 2,300 | 359,375 | (b) | |||||||
Amgen Inc. | 8,727 | 1,033,015 | (a) | |||||||
Biogen Idec Inc. | 2,730 | 860,796 | (b) | |||||||
Celgene Corp. | 9,164 | 787,004 | (b) |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Gilead Sciences Inc. | 17,813 | $ | 1,476,876 | (b) | ||||||
Regeneron Pharmaceuticals Inc. | 900 | 254,223 | (b) | |||||||
Vertex Pharmaceuticals Inc. | 2,500 | 236,700 | (b) | |||||||
5,007,989 | ||||||||||
Brewers — 0.1% |
| |||||||||
Molson Coors Brewing Co. | 1,898 | 140,756 | ||||||||
Broadcasting — 0.3% |
| |||||||||
CBS Corp. | 6,009 | 373,399 | ||||||||
Discovery Communications Inc. | 2,600 | 193,128 | (b) | |||||||
Scripps Networks Interactive Inc. | 1,000 | 81,140 | ||||||||
647,667 | ||||||||||
Building Products — 0.1% |
| |||||||||
Allegion PLC | 1,133 | 64,218 | ||||||||
Masco Corp. | 4,290 | 95,238 | ||||||||
159,456 | ||||||||||
Cable & Satellite — 1.2% |
| |||||||||
Cablevision Systems Corp. | 2,800 | 49,420 | ||||||||
Comcast Corp., Class A | 29,792 | 1,599,235 | ||||||||
DIRECTV | 5,436 | 462,114 | (b) | |||||||
Time Warner Cable Inc. | 3,196 | 470,771 | ||||||||
2,581,540 | ||||||||||
Casinos & Gaming — 0.1% |
| |||||||||
Wynn Resorts Ltd. | 913 | 189,502 | ||||||||
Coal & Consumable Fuels — 0.1% |
| |||||||||
CONSOL Energy Inc. | 2,700 | 124,389 | ||||||||
Peabody Energy Corp. | 2,879 | 47,072 | ||||||||
171,461 | ||||||||||
Commodity Chemicals — 0.2% |
| |||||||||
LyondellBasell Industries N.V. | 4,771 | 465,888 | ||||||||
Communications Equipment — 1.7% |
| |||||||||
Cisco Systems Inc. | 58,651 | 1,457,477 | (a) | |||||||
F5 Networks Inc. | 800 | 89,152 | (b) | |||||||
Harris Corp. | 1,100 | 83,325 | ||||||||
Juniper Networks Inc. | 5,700 | 139,878 | (b) | |||||||
Motorola Solutions Inc. | 2,635 | 175,412 | ||||||||
QUALCOMM Inc. | 19,288 | 1,527,610 | ||||||||
3,472,854 | ||||||||||
Computer & Electronics Retail — 0.1% |
| |||||||||
Best Buy Company Inc. | 3,300 | 102,333 | ||||||||
GameStop Corp. | 1,500 | 60,705 | ||||||||
163,038 | ||||||||||
Construction & Engineering — 0.2% |
| |||||||||
Fluor Corp. | 1,878 | 144,418 | ||||||||
Jacobs Engineering Group Inc. | 1,600 | 85,248 | (b) | |||||||
Quanta Services Inc. | 2,500 | 86,450 | (b) | |||||||
316,116 |
Number of Shares | Fair Value | |||||||||
Construction Machinery & Heavy Trucks — 0.7% |
| |||||||||
Caterpillar Inc. | 7,159 | $ | 777,969 | |||||||
Cummins Inc. | 1,956 | 301,791 | ||||||||
Joy Global Inc. | 1,100 | 67,738 | ||||||||
PACCAR Inc. | 4,103 | 257,791 | ||||||||
1,405,289 | ||||||||||
Construction Materials — 0.0%* |
| |||||||||
Vulcan Materials Co. | 1,400 | 89,250 | ||||||||
Consumer Electronics — 0.1% |
| |||||||||
Garmin Ltd. | 1,500 | 91,350 | ||||||||
Harman International Industries Inc. | 800 | 85,944 | ||||||||
177,294 | ||||||||||
Consumer Finance — 1.0% |
| |||||||||
American Express Co. | 10,491 | 995,281 | (a) | |||||||
Capital One Financial Corp. | 6,584 | 543,839 | ||||||||
Discover Financial Services | 5,498 | 340,766 | ||||||||
Navient Corp. | 4,683 | 82,936 | ||||||||
1,962,822 | ||||||||||
Data Processing & Outsourced Services — 1.8% |
| |||||||||
Alliance Data Systems Corp. | 600 | 168,750 | (b) | |||||||
Automatic Data Processing Inc. | 5,526 | 438,101 | ||||||||
Computer Sciences Corp. | 1,682 | 106,302 | ||||||||
Fidelity National Information Services Inc. | 3,500 | 191,590 | ||||||||
Fiserv Inc. | 2,982 | 179,874 | (b) | |||||||
Mastercard Inc. | 11,486 | 843,877 | ||||||||
Paychex Inc. | 3,825 | 158,967 | ||||||||
The Western Union Co. | 6,324 | 109,658 | ||||||||
Total System Services Inc. | 1,902 | 59,742 | ||||||||
Visa Inc. | 5,765 | 1,214,743 | ||||||||
Xerox Corp. | 12,347 | 153,597 | ||||||||
3,625,201 | ||||||||||
Department Stores — 0.2% |
| |||||||||
Kohl’s Corp. | 2,173 | 114,474 | ||||||||
Macy’s Inc. | 4,230 | 245,425 | ||||||||
Nordstrom Inc. | 1,592 | 108,144 | ||||||||
468,043 | ||||||||||
Distillers & Vintners — 0.2% |
| |||||||||
Brown-Forman Corp. | 1,920 | 180,806 | ||||||||
Constellation Brands Inc. | 2,000 | 176,260 | (b) | |||||||
357,066 | ||||||||||
Distributors — 0.1% |
| |||||||||
Genuine Parts Co. | 1,696 | 148,909 | ||||||||
Diversified Banks — 4.8% |
| |||||||||
Bank of America Corp. | 121,481 | 1,867,163 | ||||||||
Citigroup Inc. | 34,880 | 1,642,848 | ||||||||
Comerica Inc. | 1,956 | 98,113 |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
JPMorgan Chase & Co. | 43,621 | $ | 2,513,442 | (a) | ||||||
U.S. Bancorp | 21,049 | 911,843 | ||||||||
Wells Fargo & Co. | 55,156 | 2,898,999 | ||||||||
9,932,408 | ||||||||||
Diversified Chemicals — 0.8% |
| |||||||||
Eastman Chemical Co. | 1,818 | 158,802 | ||||||||
EI du Pont de Nemours & Co. | 10,628 | 695,496 | ||||||||
FMC Corp. | 1,400 | 99,666 | ||||||||
The Dow Chemical Co. | 14,023 | 721,624 | ||||||||
1,675,588 | ||||||||||
Diversified Metals & Mining — 0.2% |
| |||||||||
Freeport-McMoRan Copper & Gold Inc. | 11,898 | 434,277 | ||||||||
Diversified REITs — 0.1% |
| |||||||||
Vornado Realty Trust | 1,969 | 210,151 | ||||||||
Diversified Support Services — 0.1% |
| |||||||||
Cintas Corp. | 1,200 | 76,248 | ||||||||
Iron Mountain Inc. | 1,759 | 62,357 | ||||||||
138,605 | ||||||||||
Drug Retail — 0.9% |
| |||||||||
CVS Caremark Corp. | 13,527 | 1,019,530 | ||||||||
Walgreen Co. | 10,013 | 742,264 | ||||||||
1,761,794 | ||||||||||
Education Services — 0.0%* |
| |||||||||
Graham Holdings Co. | 47 | 33,751 | ||||||||
Electric Utilities — 1.7% |
| |||||||||
American Electric Power Company Inc. | 5,725 | 319,283 | (a) | |||||||
Duke Energy Corp. | 8,129 | 603,090 | ||||||||
Edison International | 3,842 | 223,259 | ||||||||
Entergy Corp. | 2,085 | 171,158 | ||||||||
Exelon Corp. | 9,725 | 354,768 | ||||||||
FirstEnergy Corp. | 4,654 | 161,587 | ||||||||
NextEra Energy Inc. | 4,962 | 508,506 | ||||||||
Northeast Utilities | 3,630 | 171,590 | ||||||||
Pepco Holdings Inc. | 2,697 | 74,113 | ||||||||
Pinnacle West Capital Corp. | 1,400 | 80,976 | ||||||||
PPL Corp. | 7,337 | 260,684 | ||||||||
The Southern Co. | 10,158 | 460,970 | ||||||||
Xcel Energy Inc. | 5,880 | 189,512 | ||||||||
3,579,496 | ||||||||||
Electrical Components & Equipment — 0.6% |
| |||||||||
AMETEK Inc. | 2,700 | 141,156 | ||||||||
Eaton Corp. PLC | 5,445 | 420,245 | ||||||||
Emerson Electric Co. | 8,084 | 536,454 | ||||||||
Rockwell Automation Inc. | 1,519 | 190,118 | ||||||||
1,287,973 | ||||||||||
Electronic Components — 0.2% |
| |||||||||
Amphenol Corp. | 1,800 | 173,412 | ||||||||
Corning Inc. | 14,934 | 327,801 | ||||||||
501,213 |
Number of Shares | Fair Value | |||||||||
Electronic Equipment & Instruments — 0.0%* |
| |||||||||
FLIR Systems Inc. | 1,700 | $ | 59,041 | |||||||
Electronic Manufacturing Services — 0.2% |
| |||||||||
Jabil Circuit Inc. | 2,109 | 44,078 | ||||||||
TE Connectivity Ltd. | 4,671 | 288,855 | ||||||||
332,933 | ||||||||||
Environmental & Facilities Services — 0.2% |
| |||||||||
Republic Services Inc. | 3,115 | 118,277 | ||||||||
Stericycle Inc. | 1,000 | 118,420 | (b) | |||||||
Waste Management Inc. | 5,003 | 223,784 | ||||||||
460,481 | ||||||||||
Fertilizers & Agricultural Chemicals — 0.5% |
| |||||||||
CF Industries Holdings Inc. | 545 | 131,089 | ||||||||
Monsanto Co. | 6,023 | 751,309 | (a) | |||||||
The Mosaic Co. | 3,600 | 178,020 | ||||||||
1,060,418 | ||||||||||
Food Distributors — 0.1% |
| |||||||||
Sysco Corp. | 6,944 | 260,053 | ||||||||
Food Retail — 0.3% |
| |||||||||
Safeway Inc. | 2,600 | 89,284 | ||||||||
The Kroger Co. | 6,066 | 299,842 | ||||||||
Whole Foods Market Inc. | 4,388 | 169,509 | ||||||||
558,635 | ||||||||||
Footwear — 0.3% |
| |||||||||
NIKE Inc. | 8,479 | 657,546 | ||||||||
Gas Utilities — 0.0%* |
| |||||||||
AGL Resources Inc. | 1,400 | 77,042 | ||||||||
General Merchandise Stores — 0.4% |
| |||||||||
Dollar General Corp. | 3,500 | 200,760 | (b) | |||||||
Dollar Tree Inc. | 2,400 | 130,704 | (b) | |||||||
Family Dollar Stores Inc. | 1,000 | 66,140 | ||||||||
Target Corp. | 7,149 | 414,285 | ||||||||
811,889 | ||||||||||
Gold — 0.1% |
| |||||||||
Newmont Mining Corp. | 5,519 | 140,403 | ||||||||
Health Care REITs — 0.3% |
| |||||||||
HCP Inc. | 5,400 | 223,452 | ||||||||
Healthcare REIT Inc. | 3,500 | 219,345 | ||||||||
Ventas Inc. | 3,329 | 213,389 | ||||||||
656,186 | ||||||||||
Healthcare Distributors — 0.5% |
| |||||||||
AmerisourceBergen Corp. | 2,761 | 200,614 | ||||||||
Cardinal Health Inc. | 4,051 | 277,737 |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
McKesson Corp. | 2,602 | $ | 484,518 | |||||||
Patterson Companies Inc. | 700 | 27,657 | ||||||||
990,526 | ||||||||||
Healthcare Equipment — 2.0% |
| |||||||||
Abbott Laboratories | 17,091 | 699,022 | (a) | |||||||
Baxter International Inc. | 6,235 | 450,791 | (a) | |||||||
Becton Dickinson and Co. | 2,288 | 270,670 | ||||||||
Boston Scientific Corp. | 15,843 | 202,315 | (b) | |||||||
CareFusion Corp. | 2,284 | 101,295 | (b) | |||||||
Covidien PLC | 5,100 | 459,918 | ||||||||
CR Bard Inc. | 901 | 128,852 | ||||||||
Edwards Lifesciences Corp. | 1,200 | 103,008 | (b) | |||||||
Intuitive Surgical Inc. | 420 | 172,956 | (b) | |||||||
Medtronic Inc. | 11,538 | 735,663 | ||||||||
St Jude Medical Inc. | 3,207 | 222,085 | ||||||||
Stryker Corp. | 3,437 | 289,808 | ||||||||
Varian Medical Systems Inc. | 1,100 | 91,454 | (b) | |||||||
Zimmer Holdings Inc. | 2,000 | 207,720 | ||||||||
4,135,557 | ||||||||||
Healthcare Facilities — 0.0%* |
| |||||||||
Tenet Healthcare Corp. | 1,273 | 59,755 | (b) | |||||||
Healthcare Services — 0.5% |
| |||||||||
DaVita Healthcare Partners Inc. | 2,058 | 148,835 | (b) | |||||||
Express Scripts Holding Co. | 8,937 | 619,602 | (b) | |||||||
Laboratory Corporation of America Holdings | 1,000 | 102,400 | (b) | |||||||
Quest Diagnostics Inc. | 1,700 | 99,773 | ||||||||
970,610 | ||||||||||
Healthcare Supplies — 0.0%* |
| |||||||||
DENTSPLY International Inc. | 1,800 | 85,230 | ||||||||
Healthcare Technology — 0.1% |
| |||||||||
Cerner Corp. | 3,300 | 170,214 | (b) | |||||||
Home Building — 0.1% |
| |||||||||
DR Horton Inc. | 3,500 | 86,030 | ||||||||
Lennar Corp. | 2,200 | 92,356 | ||||||||
PulteGroup Inc. | 3,935 | 79,330 | ||||||||
257,716 | ||||||||||
Home Entertainment Software — 0.1% |
| |||||||||
Electronic Arts Inc. | 3,500 | 125,545 | (b) | |||||||
Home Furnishing Retail — 0.1% |
| |||||||||
Bed Bath & Beyond Inc. | 2,500 | 143,450 | (b) | |||||||
Home Furnishings — 0.1% |
| |||||||||
Leggett & Platt Inc. | 1,400 | 47,992 | ||||||||
Mohawk Industries Inc. | 700 | 96,838 | (b) | |||||||
144,830 |
Number of Shares | Fair Value | |||||||||
Home Improvement Retail — 0.9% |
| |||||||||
Lowe’s Companies Inc. | 11,333 | $ | 543,871 | |||||||
The Home Depot Inc. | 15,699 | 1,270,991 | ||||||||
1,814,862 | ||||||||||
Hotel & Resort REITs — 0.1% |
| |||||||||
Host Hotels & Resorts Inc. | 8,517 | 187,459 | ||||||||
Hotels, Resorts & Cruise Lines — 0.3% |
| |||||||||
Carnival Corp. | 5,100 | 192,015 | ||||||||
Marriott International Inc. | 2,614 | 167,558 | ||||||||
Starwood Hotels & Resorts Worldwide Inc. | 2,100 | 169,722 | ||||||||
Wyndham Worldwide Corp. | 1,410 | 106,765 | ||||||||
636,060 | ||||||||||
Household Appliances — 0.1% |
| |||||||||
Whirlpool Corp. | 943 | 131,284 | ||||||||
Household Products — 1.8% |
| |||||||||
Colgate-Palmolive Co. | 10,061 | 685,959 | ||||||||
Kimberly-Clark Corp. | 4,436 | 493,372 | (a) | |||||||
The Clorox Co. | 1,584 | 144,778 | ||||||||
The Procter & Gamble Co. | 31,250 | 2,455,937 | ||||||||
3,780,046 | ||||||||||
Housewares & Specialties — 0.1% |
| |||||||||
Newell Rubbermaid Inc. | 3,456 | 107,101 | ||||||||
Human Resource & Employment Services — 0.0%* |
| |||||||||
Robert Half International Inc. | 1,575 | 75,191 | ||||||||
Hypermarkets & Super Centers — 1.0% |
| |||||||||
Costco Wholesale Corp. | 5,106 | 588,007 | ||||||||
Wal-Mart Stores Inc. | 18,433 | 1,383,765 | ||||||||
1,971,772 | ||||||||||
Independent Power Producers & Energy Traders — 0.1% |
| |||||||||
AES Corp. | 7,200 | 111,960 | ||||||||
NRG Energy Inc. | 3,615 | 134,478 | ||||||||
246,438 | ||||||||||
Industrial Conglomerates — 2.3% |
| |||||||||
3M Co. | 7,180 | 1,028,463 | ||||||||
Danaher Corp. | 6,900 | 543,237 | ||||||||
General Electric Co. | 115,531 | 3,036,155 | (d) | |||||||
Roper Industries Inc. | 1,200 | 175,212 | ||||||||
4,783,067 | ||||||||||
Industrial Gases — 0.4% |
| |||||||||
Air Products & Chemicals Inc. | 2,432 | 312,804 | (a) | |||||||
Airgas Inc. | 800 | 87,128 | ||||||||
Praxair Inc. | 3,365 | 447,006 | ||||||||
846,938 |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Industrial Machinery — 0.8% |
| |||||||||
Dover Corp. | 1,958 | $ | 178,080 | |||||||
Flowserve Corp. | 1,600 | 118,960 | ||||||||
Illinois Tool Works Inc. | 4,427 | 387,628 | ||||||||
Ingersoll-Rand PLC | 3,000 | 187,530 | ||||||||
Pall Corp. | 1,178 | 100,589 | ||||||||
Parker Hannifin Corp. | 1,644 | 206,700 | ||||||||
Pentair PLC | 2,307 | 166,381 | ||||||||
Snap-on Inc. | 709 | 84,031 | ||||||||
Stanley Black & Decker Inc. | 1,892 | 166,156 | ||||||||
Xylem Inc. | 1,926 | 75,268 | ||||||||
1,671,323 | ||||||||||
Industrial REITs — 0.1% |
| |||||||||
Prologis Inc. | 5,629 | 231,296 | ||||||||
Insurance Brokers — 0.3% |
| |||||||||
Aon PLC | 3,434 | 309,369 | ||||||||
Marsh & McLennan Companies Inc. | 6,253 | 324,031 | ||||||||
633,400 | ||||||||||
Integrated Oil & Gas — 4.4% |
| |||||||||
Chevron Corp. | 21,948 | 2,865,311 | ||||||||
Exxon Mobil Corp. | 49,383 | 4,971,880 | (a) | |||||||
Hess Corp. | 3,149 | 311,405 | (a) | |||||||
Occidental Petroleum Corp. | 9,079 | 931,778 | ||||||||
9,080,374 | ||||||||||
Integrated Telecommunication Services — 2.3% |
| |||||||||
AT&T Inc. | 59,870 | 2,117,003 | ||||||||
CenturyLink Inc. | 6,562 | 237,545 | ||||||||
Frontier Communications Corp. | 11,474 | 67,008 | ||||||||
Verizon Communications Inc. | 47,627 | 2,330,389 | ||||||||
Windstream Holdings Inc. | 7,543 | 75,128 | ||||||||
4,827,073 | ||||||||||
Internet Retail — 1.3% |
| |||||||||
Amazon.com Inc. | 4,306 | 1,398,503 | (b) | |||||||
Expedia Inc. | 1,250 | 98,450 | ||||||||
Netflix Inc. | 700 | 308,420 | (b) | |||||||
The Priceline Group Inc. | 602 | 724,206 | (b) | |||||||
TripAdvisor Inc. | 1,350 | 146,691 | (b) | |||||||
2,676,270 | ||||||||||
Internet Software & Services — 3.1% |
| |||||||||
Akamai Technologies Inc. | 2,200 | 134,332 | (b) | |||||||
eBay Inc. | 13,029 | 652,232 | (b) | |||||||
Facebook Inc., Class A | 19,767 | 1,330,121 | (b) | |||||||
Google Inc., Class A | 3,271 | 1,912,455 | (b) | |||||||
Google Inc., Class C | 3,271 | 1,881,741 | (b) | |||||||
VeriSign Inc. | 1,462 | 71,360 | (b) | |||||||
Yahoo! Inc. | 10,689 | 375,505 | (b) | |||||||
6,357,746 | ||||||||||
Investment Banking & Brokerage — 0.9% |
| |||||||||
E*TRADE Financial Corp. | 3,440 | 73,135 | (b) |
Number of Shares | Fair Value | |||||||||
Morgan Stanley | 15,996 | $ | 517,151 | |||||||
The Charles Schwab Corp. | 13,211 | 355,772 | ||||||||
The Goldman Sachs Group Inc. | 4,853 | 812,586 | ||||||||
1,758,644 | ||||||||||
IT Consulting & Other Services — 1.4% |
| |||||||||
Accenture PLC | 7,333 | 592,800 | ||||||||
Cognizant Technology Solutions Corp. | 6,914 | 338,164 | (b) | |||||||
International Business Machines Corp. | 10,949 | 1,984,725 | ||||||||
Teradata Corp. | 1,700 | 68,340 | (b) | |||||||
2,984,029 | ||||||||||
Leisure Products — 0.1% |
| |||||||||
Hasbro Inc. | 1,396 | 74,058 | ||||||||
Mattel Inc. | 3,796 | 147,930 | ||||||||
221,988 | ||||||||||
Life & Health Insurance — 1.0% |
| |||||||||
Aflac Inc. | 5,202 | 323,825 | ||||||||
Lincoln National Corp. | 2,942 | 151,336 | ||||||||
MetLife Inc. | 12,951 | 719,558 | ||||||||
Principal Financial Group Inc. | 3,300 | 166,584 | ||||||||
Prudential Financial Inc. | 5,300 | 470,481 | ||||||||
Torchmark Corp. | 1,008 | 82,575 | ||||||||
Unum Group | 2,889 | 100,422 | ||||||||
2,014,781 | ||||||||||
Life Sciences Tools & Services — 0.4% |
| |||||||||
Agilent Technologies Inc. | 3,885 | 223,155 | ||||||||
PerkinElmer Inc. | 1,410 | 66,044 | ||||||||
Thermo Fisher Scientific Inc. | 4,428 | 522,504 | ||||||||
Waters Corp. | 1,000 | 104,440 | (b) | |||||||
916,143 | ||||||||||
Managed Healthcare — 1.0% |
| |||||||||
Aetna Inc. | 4,068 | 329,834 | ||||||||
Cigna Corp. | 3,189 | 293,292 | ||||||||
Humana Inc. | 1,827 | 233,344 | ||||||||
UnitedHealth Group Inc. | 11,226 | 917,726 | ||||||||
WellPoint Inc. | 3,300 | 355,113 | ||||||||
2,129,309 | ||||||||||
Metal & Glass Containers — 0.1% |
| |||||||||
Ball Corp. | 1,532 | 96,026 | ||||||||
Owens-Illinois Inc. | 1,800 | 62,352 | (b) | |||||||
158,378 | ||||||||||
Motorcycle Manufacturers — 0.1% |
| |||||||||
Harley-Davidson Inc. | 2,500 | 174,625 | ||||||||
Movies & Entertainment — 1.7% |
| |||||||||
The Walt Disney Co. | 18,474 | 1,583,961 | ||||||||
Time Warner Inc. | 10,294 | 723,154 | ||||||||
Twenty-First Century Fox Inc. | 21,900 | 769,785 | ||||||||
Viacom Inc. | 4,565 | 395,922 | ||||||||
3,472,822 |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Multi-Line Insurance — 0.7% |
| |||||||||
American International Group Inc. | 16,825 | $ | 918,308 | |||||||
Assurant Inc. | 900 | 58,995 | ||||||||
Genworth Financial Inc. | 6,100 | 106,140 | (b) | |||||||
Loews Corp. | 3,566 | 156,940 | ||||||||
The Hartford Financial Services Group Inc. | 5,104 | 182,774 | ||||||||
1,423,157 | ||||||||||
Multi-Sector Holdings — 1.3% |
| |||||||||
Berkshire Hathaway Inc. | 20,683 | 2,617,640 | (b) | |||||||
Leucadia National Corp. | 3,600 | 94,392 | ||||||||
2,712,032 | ||||||||||
Multi-Utilities — 1.2% |
| |||||||||
Ameren Corp. | 2,642 | 108,005 | ||||||||
CenterPoint Energy Inc. | 5,218 | 133,268 | ||||||||
CMS Energy Corp. | 3,300 | 102,795 | ||||||||
Consolidated Edison Inc. | 3,381 | 195,219 | ||||||||
Dominion Resources Inc. | 6,582 | 470,745 | ||||||||
DTE Energy Co. | 2,066 | 160,879 | ||||||||
Integrys Energy Group Inc. | 1,031 | 73,335 | ||||||||
NiSource Inc. | 3,615 | 142,214 | ||||||||
PG&E Corp. | 5,154 | 247,495 | ||||||||
Public Service Enterprise Group Inc. | 5,992 | 244,414 | ||||||||
SCANA Corp. | 1,700 | 91,477 | ||||||||
Sempra Energy | 2,675 | 280,099 | ||||||||
TECO Energy Inc. | 2,700 | 49,896 | ||||||||
Wisconsin Energy Corp. | 2,600 | 121,992 | ||||||||
2,421,833 | ||||||||||
Office REITs — 0.1% |
| |||||||||
Boston Properties Inc. | 1,698 | 200,670 | ||||||||
Office Services & Supplies — 0.0%* |
| |||||||||
Pitney Bowes Inc. | 2,032 | 56,124 | ||||||||
Oil & Gas Drilling — 0.4% | ||||||||||
Diamond Offshore Drilling Inc. | 900 | 44,667 | ||||||||
Ensco PLC | 2,700 | 150,039 | ||||||||
Helmerich & Payne Inc. | 1,200 | 139,332 | ||||||||
Nabors Industries Ltd. | 3,300 | 96,921 | ||||||||
Noble Corp. PLC | 3,054 | 102,492 | ||||||||
Rowan Companies PLC | 1,677 | 53,547 | ||||||||
Transocean Ltd. | 3,804 | 171,294 | ||||||||
758,292 | ||||||||||
Oil & Gas Equipment & Services — 1.7% |
| |||||||||
Baker Hughes Inc. | 4,998 | 372,101 | ||||||||
Cameron International Corp. | 2,280 | 154,379 | (b) | |||||||
FMC Technologies Inc. | 2,586 | 157,927 | (b) | |||||||
Halliburton Co. | 9,745 | 691,992 | ||||||||
National Oilwell Varco Inc. | 4,900 | 403,515 | ||||||||
Schlumberger Ltd. | 14,943 | 1,762,527 | ||||||||
3,542,441 |
Number of Shares | Fair Value | |||||||||
Oil & Gas Exploration & Production — 2.8% |
| |||||||||
Anadarko Petroleum Corp. | 5,856 | $ | 641,056 | |||||||
Apache Corp. | 4,548 | 457,620 | ||||||||
Cabot Oil & Gas Corp. | 5,000 | 170,700 | ||||||||
Chesapeake Energy Corp. | 5,615 | 174,514 | ||||||||
Cimarex Energy Co. | 1,000 | 143,460 | ||||||||
ConocoPhillips | 14,181 | 1,215,737 | ||||||||
Denbury Resources Inc. | 3,800 | 70,148 | ||||||||
Devon Energy Corp. | 4,392 | 348,725 | ||||||||
EOG Resources Inc. | 6,200 | 724,532 | ||||||||
EQT Corp. | 1,714 | 183,226 | ||||||||
Marathon Oil Corp. | 7,642 | 305,069 | ||||||||
Murphy Oil Corp. | 2,000 | 132,960 | ||||||||
Newfield Exploration Co. | 1,300 | 57,460 | (b) | |||||||
Noble Energy Inc. | 4,100 | 317,586 | ||||||||
Pioneer Natural Resources Co. | 1,600 | 367,696 | ||||||||
QEP Resources Inc. | 1,900 | 65,550 | ||||||||
Range Resources Corp. | 1,800 | 156,510 | ||||||||
Southwestern Energy Co. | 4,100 | 186,509 | (b) | |||||||
5,719,058 | ||||||||||
Oil & Gas Refining & Marketing — 0.6% |
| |||||||||
Marathon Petroleum Corp. | 3,421 | 267,078 | ||||||||
Phillips 66 | 6,461 | 519,658 | ||||||||
Tesoro Corp. | 1,400 | 82,138 | ||||||||
Valero Energy Corp. | 6,100 | 305,610 | ||||||||
1,174,484 | ||||||||||
Oil & Gas Storage & Transportation — 0.6% |
| |||||||||
Kinder Morgan Inc. | 7,584 | 274,996 | ||||||||
ONEOK Inc. | 2,400 | 163,392 | ||||||||
Spectra Energy Corp. | 7,577 | 321,871 | ||||||||
The Williams Companies Inc. | 8,486 | 493,970 | ||||||||
1,254,229 | ||||||||||
Packaged Foods & Meats — 1.4% |
| |||||||||
Campbell Soup Co. | 1,915 | 87,726 | ||||||||
ConAgra Foods Inc. | 5,068 | 150,418 | ||||||||
General Mills Inc. | 7,169 | 376,659 | ||||||||
Hormel Foods Corp. | 1,700 | 83,895 | ||||||||
Kellogg Co. | 2,890 | 189,873 | ||||||||
Keurig Green Mountain Inc. | 1,500 | 186,915 | ||||||||
Kraft Foods Group Inc. | 6,830 | 409,458 | ||||||||
McCormick & Company Inc. | 1,600 | 114,544 | ||||||||
Mead Johnson Nutrition Co. | 2,350 | 218,950 | ||||||||
Mondelez International Inc. | 19,305 | 726,061 | ||||||||
The Hershey Co. | 1,681 | 163,679 | ||||||||
The JM Smucker Co. | 1,147 | 122,236 | ||||||||
Tyson Foods Inc. | 3,200 | 120,128 | ||||||||
2,950,542 | ||||||||||
Paper Packaging — 0.1% |
| |||||||||
Avery Dennison Corp. | 1,086 | 55,658 | ||||||||
Bemis Company Inc. | 1,362 | 55,379 | ||||||||
MeadWestvaco Corp. | 2,100 | 92,946 | ||||||||
Sealed Air Corp. | 2,314 | 79,069 | ||||||||
283,052 |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Paper Products — 0.1% |
| |||||||||
International Paper Co. | 5,075 | $ | 256,135 | |||||||
Personal Products — 0.1% |
| |||||||||
Avon Products Inc. | 5,228 | 76,381 | ||||||||
The Estee Lauder Companies Inc. | 3,000 | 222,780 | ||||||||
299,161 | ||||||||||
Pharmaceuticals — 5.9% |
| |||||||||
AbbVie Inc. | 18,359 | 1,036,182 | ||||||||
Actavis PLC | 1,998 | 445,654 | (b) | |||||||
Allergan Inc. | 3,435 | 581,271 | ||||||||
Bristol-Myers Squibb Co. | 18,993 | 921,350 | (a) | |||||||
Eli Lilly & Co. | 11,356 | 706,003 | ||||||||
Forest Laboratories Inc. | 2,711 | 268,389 | (b) | |||||||
Hospira Inc. | 1,839 | 94,469 | (b) | |||||||
Johnson & Johnson | 32,533 | 3,403,602 | ||||||||
Merck & Company Inc. | 33,787 | 1,954,578 | ||||||||
Mylan Inc. | 4,204 | 216,758 | (b) | |||||||
Perrigo Co. PLC | 1,600 | 233,216 | ||||||||
Pfizer Inc. | 73,411 | 2,178,839 | ||||||||
Zoetis Inc. | 5,546 | 178,969 | ||||||||
12,219,280 | ||||||||||
Property & Casualty Insurance — 0.8% |
| |||||||||
ACE Ltd. | 3,900 | 404,430 | ||||||||
Cincinnati Financial Corp. | 1,692 | 81,284 | ||||||||
The Allstate Corp. | 4,886 | 286,906 | (a) | |||||||
The Chubb Corp. | 2,791 | 257,246 | ||||||||
The Progressive Corp. | 6,073 | 154,011 | ||||||||
The Travelers Companies Inc. | 4,099 | 385,593 | ||||||||
XL Group PLC | 3,000 | 98,190 | ||||||||
1,667,660 | ||||||||||
Publishing — 0.1% |
| |||||||||
Gannett Company Inc. | 2,570 | 80,467 | ||||||||
News Corp. | 5,300 | 95,082 | (b) | |||||||
Time Inc. | 1 | 18 | (b) | |||||||
175,567 | ||||||||||
Railroads — 0.9% |
| |||||||||
CSX Corp. | 11,509 | 354,592 | ||||||||
Kansas City Southern | 1,200 | 129,012 | ||||||||
Norfolk Southern Corp. | 3,618 | 372,763 | ||||||||
Union Pacific Corp. | 10,522 | 1,049,569 | ||||||||
1,905,936 | ||||||||||
Real Estate Services — 0.0%* |
| |||||||||
CBRE Group Inc. | 3,044 | 97,530 | (b) | |||||||
Regional Banks — 1.0% | ||||||||||
BB&T Corp. | 8,000 | 315,440 | ||||||||
Fifth Third Bancorp | 9,616 | 205,302 | ||||||||
Huntington Bancshares Inc. | 9,934 | 94,770 | ||||||||
KeyCorp | 10,428 | 149,433 | ||||||||
M&T Bank Corp. | 1,506 | 186,819 |
Number of Shares | Fair Value | |||||||||
PNC Financial Services Group Inc. | 6,139 | $ | 546,678 | |||||||
Regions Financial Corp. | 16,368 | 173,828 | ||||||||
SunTrust Banks Inc. | 6,229 | 249,534 | ||||||||
Zions Bancorporation | 1,900 | 55,993 | ||||||||
1,977,797 | ||||||||||
Research & Consulting Services — 0.1% |
| |||||||||
Equifax Inc. | 1,500 | 108,810 | ||||||||
Nielsen N.V. | 2,700 | 130,707 | ||||||||
The Dun & Bradstreet Corp. | 500 | 55,100 | ||||||||
294,617 | ||||||||||
Residential REITs — 0.3% |
| |||||||||
Apartment Investment & Management Co. | 1,831 | 59,086 | ||||||||
AvalonBay Communities Inc. | 1,372 | 195,085 | ||||||||
Equity Residential | 3,808 | 239,904 | ||||||||
Essex Property Trust Inc. | 700 | 129,437 | ||||||||
623,512 | ||||||||||
Restaurants — 1.2% |
| |||||||||
Chipotle Mexican Grill Inc. | 300 | 177,753 | (b) | |||||||
Darden Restaurants Inc. | 1,629 | 75,374 | ||||||||
McDonald’s Corp. | 11,390 | 1,147,428 | ||||||||
Starbucks Corp. | 8,798 | 680,789 | ||||||||
Yum! Brands Inc. | 5,074 | 412,009 | ||||||||
2,493,353 | ||||||||||
Retail REITs — 0.5% |
| |||||||||
General Growth Properties Inc. | 6,000 | 141,360 | ||||||||
Kimco Realty Corp. | 4,931 | 113,314 | ||||||||
Simon Property Group Inc. | 3,618 | 601,601 | ||||||||
The Macerich Co. | 1,544 | 103,062 | ||||||||
959,337 | ||||||||||
Security & Alarm Services — 0.1% |
| |||||||||
The ADT Corp. | 2,050 | 71,627 | ||||||||
Tyco International Ltd. | 5,200 | 237,120 | ||||||||
308,747 | ||||||||||
Semiconductor Equipment — 0.3% |
| |||||||||
Applied Materials Inc. | 14,300 | 322,465 | (a) | |||||||
KLA-Tencor Corp. | 1,900 | 138,016 | ||||||||
Lam Research Corp. | 1,825 | 123,333 | ||||||||
583,814 | ||||||||||
Semiconductors — 2.0% | ||||||||||
Altera Corp. | 3,500 | 121,660 | ||||||||
Analog Devices Inc. | 3,700 | 200,059 | ||||||||
Avago Technologies Ltd. | 2,900 | 209,003 | ||||||||
Broadcom Corp. | 6,562 | 243,581 | ||||||||
First Solar Inc. | 910 | 64,665 | (b) | |||||||
Intel Corp. | 57,593 | 1,779,624 | (a) | |||||||
Linear Technology Corp. | 2,600 | 122,382 | ||||||||
Microchip Technology Inc. | 2,200 | 107,382 | ||||||||
Micron Technology Inc. | 12,126 | 399,552 | (b) | |||||||
NVIDIA Corp. | 6,000 | 111,240 | ||||||||
Texas Instruments Inc. | 12,479 | 596,371 | ||||||||
Xilinx Inc. | 2,987 | 141,315 | ||||||||
4,096,834 |
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, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Soft Drinks — 1.8% |
| |||||||||
Coca-Cola Enterprises Inc. | 2,818 | $ | 134,644 | |||||||
Dr Pepper Snapple Group Inc. | 2,300 | 134,734 | ||||||||
Monster Beverage Corp. | 1,500 | 106,545 | (b) | |||||||
PepsiCo Inc. | 17,334 | 1,548,620 | (a) | |||||||
The Coca-Cola Co. | 43,509 | 1,843,041 | (a) | |||||||
3,767,584 | ||||||||||
Specialized Consumer Services — 0.1% |
| |||||||||
H&R Block Inc. | 3,092 | 103,644 | ||||||||
Specialized Finance — 0.5% |
| |||||||||
CME Group Inc. | 3,705 | 262,870 | ||||||||
Intercontinental Exchange Inc. | 1,347 | 254,448 | ||||||||
McGraw Hill Financial Inc. | 3,194 | 265,198 | ||||||||
Moody’s Corp. | 2,084 | 182,683 | ||||||||
The NASDAQ OMX Group Inc. | 1,200 | 46,344 | ||||||||
1,011,543 | ||||||||||
Specialized REITs — 0.6% |
| |||||||||
American Tower Corp. | 4,500 | 404,910 | ||||||||
Crown Castle International Corp. | 3,700 | 274,762 | ||||||||
Plum Creek Timber Company Inc. | 2,100 | 94,710 | ||||||||
Public Storage | 1,700 | 291,295 | ||||||||
Weyerhaeuser Co. | 6,567 | 217,302 | ||||||||
1,282,979 | ||||||||||
Specialty Chemicals — 0.5% |
| |||||||||
Ecolab Inc. | 3,152 | 350,944 | ||||||||
International Flavors & Fragrances Inc. | 847 | 88,325 | ||||||||
PPG Industries Inc. | 1,603 | 336,871 | ||||||||
Sigma-Aldrich Corp. | 1,328 | 134,765 | ||||||||
The Sherwin-Williams Co. | 963 | 199,254 | ||||||||
1,110,159 | ||||||||||
Specialty Stores — 0.2% |
| |||||||||
PetSmart Inc. | 1,300 | 77,740 | ||||||||
Staples Inc. | 7,050 | 76,422 | ||||||||
Tiffany & Co. | 1,229 | 123,207 | ||||||||
Tractor Supply Co. | 1,700 | 102,680 | ||||||||
380,049 | ||||||||||
Steel — 0.1% |
| |||||||||
Allegheny Technologies Inc. | 1,351 | 60,930 | ||||||||
Nucor Corp. | 3,583 | 176,463 | ||||||||
United States Steel Corp. | 1,465 | 38,148 | ||||||||
275,541 | ||||||||||
Systems Software — 2.7% |
| |||||||||
CA Inc. | 4,000 | 114,960 | ||||||||
Microsoft Corp. | 86,277 | 3,597,751 | (a) | |||||||
Oracle Corp. | 39,321 | 1,593,680 | (a) | |||||||
Red Hat Inc. | 2,300 | 127,121 | (b) | |||||||
Symantec Corp. | 7,764 | 177,796 | ||||||||
5,611,308 |
Number of Shares | Fair Value | |||||||||
Technology Hardware, Storage & Peripherals — 4.2% |
| |||||||||
Apple Inc. | 69,334 | $ | 6,443,208 | |||||||
EMC Corp. | 23,514 | 619,359 | ||||||||
Hewlett-Packard Co. | 21,857 | 736,144 | ||||||||
NetApp Inc. | 4,000 | 146,080 | ||||||||
SanDisk Corp. | 2,500 | 261,075 | ||||||||
Seagate Technology PLC | 3,912 | 222,280 | ||||||||
Western Digital Corp. | 2,400 | 221,520 | ||||||||
8,649,666 | ||||||||||
Thrifts & Mortgage Finance — 0.0%* |
| |||||||||
Hudson City Bancorp Inc. | 5,300 | 52,099 | ||||||||
People’s United Financial Inc. | 3,200 | 48,544 | ||||||||
100,643 | ||||||||||
Tires & Rubber — 0.0%* |
| |||||||||
The Goodyear Tire & Rubber Co. | 2,619 | 72,756 | ||||||||
Tobacco — 1.4% |
| |||||||||
Altria Group Inc. | 23,026 | 965,710 | ||||||||
Lorillard Inc. | 4,233 | 258,086 | ||||||||
Philip Morris International Inc. | 18,063 | 1,522,892 | ||||||||
Reynolds American Inc. | 3,700 | 223,295 | ||||||||
2,969,983 | ||||||||||
Trading Companies & Distributors — 0.2% |
| |||||||||
Fastenal Co. | 3,100 | 153,419 | ||||||||
WW Grainger Inc. | 682 | 173,412 | ||||||||
326,831 | ||||||||||
Trucking — 0.0%* |
| |||||||||
Ryder System Inc. | 631 | 55,585 | ||||||||
Total Common Stock | 200,367,741 | |||||||||
Short-Term Investments — 2.6% | ||||||||||
State Street Institutional U.S. Government Money Market Fund — Premier Class 0.00% |
| 5,351,109 | (e,f) | |||||||
Total Investments |
| 205,718,850 | ||||||||
Other Assets and Liabilities, |
| 890,141 | ||||||||
|
| |||||||||
NET ASSETS — 100.0% |
| $ | 206,608,991 | |||||||
|
|
See Notes to Schedule of Investments and Notes to Financial Statements.
10
Table of Contents
S&P 500 Index Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Other Information: |
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||||||||
S&P 500 Emini Index Futures | September 2014 | 62 | $ | 6,052,440 | $ | 74,054 |
See Notes to Schedule of Investments and Notes to Financial Statements.
11
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Notes to Schedule of Investments | June 30, 2014 (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) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures. |
(b) | Non-income producing security. |
(c) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | General Electric Co. is the parent company of GE Asset Management Incorporated (“GEAM”), the Fund’s investment adviser. |
(e) | Sponsored by SSgA Funds Management, Inc., the Fund’s sub-advisor and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(f) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
* | Less than 0.05%. |
Abbreviations:
REIT | Real Estate Investment Trust |
12
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Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 4/15/85 | ||||||||||||||||||
Net asset value, beginning of period | $ | 32.83 | $ | 25.29 | $ | 22.31 | $ | 22.37 | $ | 19.82 | $ | 15.99 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.28 | 0.55 | 0.52 | 0.44 | 0.40 | 0.38 | ||||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.01 | 7.53 | 2.98 | (0.06) | 2.54 | 3.84 | ||||||||||||||||||
Total income from investment operations | 2.29 | 8.08 | 3.50 | 0.38 | 2.94 | 4.22 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.54 | 0.52 | 0.44 | 0.39 | 0.39 | ||||||||||||||||||
Total distributions | — | 0.54 | 0.52 | 0.44 | 0.39 | 0.39 | ||||||||||||||||||
Net asset value, end of period | $ | 35.12 | $ | 32.83 | $ | 25.29 | $ | 22.31 | $ | 22.37 | $ | 19.82 | ||||||||||||
TOTAL RETURN(a) | 6.98% | 31.97% | 15.70% | 1.71% | 14.84% | 26.30% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 206,609 | $ | 206,556 | $ | 183,040 | $ | 179,556 | $ | 217,344 | $ | 224,165 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 1.67% | * | 1.75% | 1.93% | 1.73% | 1.79% | 2.05% | |||||||||||||||||
Net expenses | 0.37% | (b)(c)* | 0.35% | (b)(c) | 0.38% | (b)(c) | 0.40% | (b)(c) | 0.33% | (b)(c) | 0.43% | (b) | ||||||||||||
Gross expenses | 0.42% | * | 0.40% | 0.43% | 0.45% | 0.38% | 0.43% | |||||||||||||||||
Portfolio turnover rate | 1% | 3% | 6% | 3% | 4% | 5% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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 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.
13
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The accompanying Notes are an integral part of these financial statements.
14
Table of Contents
For the period ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 2,002,960 | ||
Income from affiliated investments | 52,606 | |||
Less: Foreign taxes withheld | (290 | ) | ||
Total income | 2,055,276 | |||
Expenses: | ||||
Advisory and administration fees | 354,915 | |||
Directors’ fees | 3,943 | |||
Custody and accounting expenses | 27,772 | |||
Professional fees | 11,750 | |||
Other expenses | 23,969 | |||
Total expenses before waivers | 422,349 | |||
Less: Fees waived by the adviser | (50,854 | ) | ||
Net expenses | 371,495 | |||
Net investment income | 1,683,781 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 8,162,012 | |||
Affiliated investments | (37,310 | ) | ||
Futures | 270,280 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 3,602,824 | |||
Futures | (49,451 | ) | ||
Net realized and unrealized gain (loss) on investments | 11,948,355 | |||
Net increase (decrease) in net assets resulting from operations | $ | 13,632,136 |
The accompanying Notes are an integral part of these financial statements.
15
Table of Contents
* | (Unaudited). |
The accompanying Notes are an integral part of these financial statements.
16
Table of Contents
Notes to Financial Statements | June 30, 2014 (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. During the six-month period ended June 30, 2014, the Fund invested in stock index futures contracts to gain equity exposure for accumulating and residual cash positions. 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. 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 on 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.
17
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
Expenses Fund specific expenses are charged 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 of 1986, as amended (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 net asset value (“NAV”).
18
Table of Contents
Notes to Financial Statements | June 30, 2014 (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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 200,367,741 | $ | — | $ | — | $ | 200,367,741 | ||||||||||||
Short-Term Investments | — | 5,351,109 | — | 5,351,109 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 200,367,741 | $ | 5,351,109 | $ | — | $ | 205,718,850 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments* | ||||||||||||||||||||
Long Futures Contracts — Unrealized Appreciation | $ | 74,054 | $ | — | $ | — | $ | 74,054 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
† | 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 during the period. 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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | 74,054* | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | — |
* | 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. |
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Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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) ($) | Realized Gain (Loss) on Derivatives Recognized in Income ($) | 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 |
| 13,643,640/ (10,941,899) |
| 270,280 | (49,451) |
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 (“Management Fee”) 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, 2015. The Management Fee Limitation Agreement can be amended or terminated only with the approval of the Company’s Board of Directors and GEAM.
GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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 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 their 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, 2014, were as follows:
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 2,021,781 | $ | 17,341,840 |
Affiliated Investments Transactions with affiliated investments for the six-month period ended ended June 30, 2014 were as follows:
Security | | Value, Beginning of period | | | Cost of purchases | | | Proceeds from sales | | | Dividend/Interest income | | | Realized gain (loss) | | | Value, end of period | | ||||||||||||
General Electric, Common Stock | $ | 3,520,260 | $ | — | $ | (265,589 | ) | $ | 52,606 | $ | (37,310 | ) | $ | 3,036,155 |
20
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation/ | ||||
Appreciation | Depreciation | |||||
$126,340,076 | $90,353,938 | $(10,975,164) | $79,378,774 |
As of December 31, 2013, 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 gains offset will not be distributed to shareholders.
Amount | ||||||||||
Short-Term | Long-Term | Expires | ||||||||
$ | 5,131,837 | $ | — | 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 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, 2013, the Fund utilized $7,738,220 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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 3,372,501 | $ | — | $ | 3,372,501 | |||||||||
2012 | 3,686,341 | — | 3,686,341 |
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 NAV of the Fund. The calculation of net investment income per share in the Financial Highlights table excludes these adjustments.
21
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
The reclassifications for the year ended December 31, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | (36,661 | ) | $ | 468,219 | $ | (431,558 | ) |
22
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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
23
Table of Contents
Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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
24
Table of Contents
Additional Information | (Unaudited) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified — 17 years
Principal Occupation(s) During Past 5 years General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
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 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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
Table of Contents
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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.
Table of Contents
GE Investments Funds, Inc.
Small-Cap Equity Fund
Semi-Annual Report
June 30, 2014
Table of Contents
Small-Cap Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
10 | ||||
Financial Statements | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
15 | ||||
20 | ||||
22 | ||||
26 |
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 $47,529 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Holdings
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Sensient Technologies Corp. | 1.17% | |||
John Wiley & Sons Inc. | 1.01% | |||
Blackbaud Inc. | 1.00% | |||
Woodward Inc. | 0.94% | |||
CLARCOR Inc. | 0.93% | |||
Prosperity Bancshares Inc. | 0.86% | |||
Centene Corp. | 0.84% | |||
UMB Financial Corp. | 0.84% | |||
Sanderson Farms Inc. | 0.83% | |||
Iconix Brand Group Inc. | 0.82% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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 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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,046.70 | 6.55 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,018.40 | 6.46 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.29% (for the period January 1, 2014 – June 30, 2014), 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, 2014 (Unaudited) |
Small-Cap Equity Fund |
Number of Shares | Fair Value | |||||||||
Common Stock — 94.9%† | ||||||||||
Aerospace & Defense — 1.3% |
| |||||||||
Esterline Technologies Corp. | 2,822 | $ | 324,869 | (a) | ||||||
Moog Inc. | 458 | 33,383 | (a) | |||||||
Teledyne Technologies Inc. | 2,802 | 272,270 | (a) | |||||||
Triumph Group Inc. | 146 | 10,194 | ||||||||
640,716 | ||||||||||
Agricultural & Farm Machinery — 0.8% |
| |||||||||
AGCO Corp. | 6,130 | 344,629 | ||||||||
Lindsay Corp. | 253 | 21,371 | ||||||||
366,000 | ||||||||||
Agricultural Products — 0.8% |
| |||||||||
Darling Ingredients Inc. | 18,510 | 386,859 | (a) | |||||||
Fresh Del Monte Produce Inc. | 563 | 17,256 | ||||||||
404,115 | ||||||||||
Airlines — 0.1% |
| |||||||||
Spirit Airlines Inc. | 600 | 37,944 | (a) | |||||||
Alternative Carriers — 0.0%* |
| |||||||||
Inteliquent Inc. | 1,500 | 20,805 | ||||||||
Apparel Retail — 1.0% |
| |||||||||
Citi Trends Inc. | 1,100 | 23,606 | (a) | |||||||
Express Inc. | 1,884 | 32,085 | (a) | |||||||
Genesco Inc. | 2,117 | 173,869 | (a) | |||||||
The Buckle Inc. | 5,059 | 224,417 | ||||||||
Zumiez Inc. | 800 | 22,072 | (a) | |||||||
476,049 | ||||||||||
Apparel, Accessories & Luxury Goods — 1.2% |
| |||||||||
Columbia Sportswear Co. | 2,080 | 171,912 | ||||||||
Iconix Brand Group Inc. | 9,055 | 388,822 | (a) | |||||||
560,734 | ||||||||||
Application Software — 6.2% |
| |||||||||
ACI Worldwide Inc. | 2,514 | 140,357 | (a) | |||||||
Advent Software Inc. | 700 | 22,799 | ||||||||
Blackbaud Inc. | 13,361 | 477,522 | ||||||||
Bottomline Technologies Inc. | 7,100 | 212,432 | (a) | |||||||
Fair Isaac Corp. | 394 | 25,121 | ||||||||
Guidewire Software Inc. | 4,500 | 182,970 | (a) | |||||||
Jive Software Inc. | 12,620 | 107,396 | (a) | |||||||
Monotype Imaging Holdings Inc. | 900 | 25,353 | ||||||||
NetScout Systems Inc. | 600 | 26,604 | (a) | |||||||
NICE Systems Ltd. ADR | 2,000 | 81,620 | ||||||||
Pegasystems Inc. | 1,200 | 25,344 | ||||||||
PROS Holdings Inc. | 5,800 | 153,352 | (a) |
Number of Shares | Fair Value | |||||||||
PTC Inc. | 8,121 | $ | 315,095 | (a) | ||||||
Qlik Technologies Inc. | 8,800 | 199,056 | (a) | |||||||
RealPage Inc. | 15,320 | 344,393 | (a) | |||||||
Solera Holdings Inc. | 3,619 | 243,016 | ||||||||
SS&C Technologies Holdings Inc. | 6,922 | 306,091 | (a) | |||||||
TIBCO Software Inc. | 1,400 | 28,238 | (a) | |||||||
Verint Systems Inc. | 600 | 29,430 | (a) | |||||||
2,946,189 | ||||||||||
Asset Management & Custody Banks — 0.2% |
| |||||||||
Artisan Partners Asset Management Inc. | 356 | 20,178 | ||||||||
Financial Engines Inc. | 1,100 | 49,808 | ||||||||
Virtus Investment Partners Inc. | 100 | 21,175 | (a) | |||||||
91,161 | ||||||||||
Auto Parts & Equipment — 0.4% |
| |||||||||
American Axle & Manufacturing Holdings Inc. | 1,108 | 20,930 | (a) | |||||||
Dana Holding Corp. | 2,199 | 53,700 | ||||||||
Drew Industries Inc. | 584 | 29,206 | ||||||||
Stoneridge Inc. | 1,500 | 16,080 | (a) | |||||||
Tenneco Inc. | 541 | 35,544 | (a) | |||||||
Tower International Inc. | 960 | 35,366 | (a) | |||||||
190,826 | ||||||||||
Automobile Manufacturers — 0.6% |
| |||||||||
Thor Industries Inc. | 4,055 | 230,608 | ||||||||
Winnebago Industries Inc. | 1,758 | 44,266 | (a) | |||||||
274,874 | ||||||||||
Automotive Retail — 0.9% |
| |||||||||
CST Brands Inc. | 8,800 | 303,600 | ||||||||
Group 1 Automotive Inc. | 1,745 | 147,121 | ||||||||
450,721 | ||||||||||
Biotechnology — 1.7% |
| |||||||||
Acorda Therapeutics Inc. | 700 | 23,597 | (a) | |||||||
Cepheid | 6,700 | 321,198 | (a) | |||||||
Cubist Pharmaceuticals Inc. | 3,227 | 225,309 | (a) | |||||||
Emergent Biosolutions Inc. | 1,144 | 25,694 | (a) | |||||||
Genomic Health Inc. | 4,900 | 134,260 | (a) | |||||||
Isis Pharmaceuticals Inc. | 900 | 31,005 | (a) | |||||||
MacroGenics Inc. | 1,100 | 23,903 | (a) | |||||||
Myriad Genetics Inc. | 600 | 23,352 | (a) | |||||||
808,318 | ||||||||||
Building Products — 0.5% |
| |||||||||
AO Smith Corp. | 600 | 29,748 | ||||||||
Builders FirstSource Inc. | 2,819 | 21,086 | (a) | |||||||
Patrick Industries Inc. | 1,400 | 65,226 | (a) | |||||||
Simpson Manufacturing Company Inc. | 1,858 | 67,557 | ||||||||
Universal Forest Products Inc. | 1,064 | 51,359 | ||||||||
234,976 | ||||||||||
Cable & Satellite — 0.1% |
| |||||||||
Starz | 900 | 26,811 | (a) |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Casinos & Gaming — 0.1% |
| |||||||||
Pinnacle Entertainment Inc. | 1,132 | $ | 28,504 | (a) | ||||||
Commercial Printing — 0.3% |
| |||||||||
Brady Corp. | 5,400 | 161,298 | ||||||||
Commodity Chemicals — 0.4% |
| |||||||||
Axiall Corp. | 362 | 17,112 | ||||||||
Koppers Holdings Inc. | 4,925 | 188,381 | ||||||||
205,493 | ||||||||||
Communications Equipment — 1.0% |
| |||||||||
ADTRAN Inc. | 5,417 | 122,207 | ||||||||
ARRIS Group Inc. | 2,312 | 75,209 | (a) | |||||||
Aruba Networks Inc. | 1,100 | 19,272 | (a) | |||||||
Bel Fuse Inc. | 833 | 21,383 | ||||||||
CalAmp Corp. | 472 | 10,224 | (a) | |||||||
EchoStar Corp. | 400 | 21,176 | (a) | |||||||
Finisar Corp. | 1,747 | 34,503 | (a) | |||||||
Ixia | 1,700 | 19,431 | (a) | |||||||
NETGEAR Inc. | 1,351 | 46,974 | (a) | |||||||
Plantronics Inc. | 1,213 | 58,285 | ||||||||
Riverbed Technology Inc. | 2,344 | 48,357 | (a) | |||||||
477,021 | ||||||||||
Construction & Engineering — 1.9% |
| |||||||||
AECOM Technology Corp. | 835 | 26,887 | (a) | |||||||
Chicago Bridge & Iron Company N.V. | 5,140 | 350,548 | ||||||||
Granite Construction Inc. | 723 | 26,014 | ||||||||
Quanta Services Inc. | 5,168 | 178,709 | (a) | |||||||
URS Corp. | 7,245 | 332,183 | ||||||||
914,341 | ||||||||||
Construction Machinery & Heavy Trucks — 1.1% |
| |||||||||
Astec Industries Inc. | 1,484 | 65,118 | ||||||||
Douglas Dynamics Inc. | 1,351 | 23,805 | ||||||||
FreightCar America Inc. | 686 | 17,177 | ||||||||
The Greenbrier Companies Inc. | 892 | 51,379 | (a) | |||||||
Trinity Industries Inc. | 7,510 | 328,337 | ||||||||
Wabash National Corp. | 2,092 | 29,811 | (a) | |||||||
515,627 | ||||||||||
Consumer Electronics — 0.0%* |
| |||||||||
ZAGG Inc. | 2,500 | 13,575 | (a) | |||||||
Data Processing & Outsourced Services — 2.1% |
| |||||||||
Broadridge Financial Solutions Inc. | 7,305 | 304,180 | ||||||||
Cardtronics Inc. | 7,100 | 241,968 | (a) | |||||||
CoreLogic Inc. | 2,635 | 79,999 | (a) | |||||||
Global Cash Access Holdings Inc. | 17,597 | 156,613 | (a) | |||||||
WEX Inc. | 2,200 | 230,934 | (a) | |||||||
1,013,694 | ||||||||||
Distributors — 0.7% |
| |||||||||
LKQ Corp. | 12,039 | 321,321 | (a) |
Number of Shares | Fair Value | |||||||||
Diversified Capital Markets — 0.1% |
| |||||||||
HFF Inc. REIT | 1,128 | $ | 41,950 | |||||||
Diversified Metals & Mining — 0.2% |
| |||||||||
Compass Minerals International Inc. | 340 | 32,552 | ||||||||
Globe Specialty Metals Inc. | 1,100 | 22,858 | ||||||||
Materion Corp. | 668 | 24,709 | ||||||||
80,119 | ||||||||||
Diversified REITs — 0.3% |
| |||||||||
Cousins Properties Inc. | 3,941 | 49,066 | ||||||||
Investors Real Estate Trust | 3,119 | 28,726 | ||||||||
PS Business Parks Inc. | 264 | 22,041 | ||||||||
Spirit Realty Capital Inc. | 2,133 | 24,231 | ||||||||
124,064 | ||||||||||
Diversified Support Services — 1.2% |
| |||||||||
Civeo Corp. | 3,106 | 77,743 | (a) | |||||||
Healthcare Services Group Inc. | 7,027 | 206,875 | ||||||||
Ritchie Bros Auctioneers Inc. | 10,347 | 255,054 | ||||||||
UniFirst Corp. | 450 | 47,700 | ||||||||
587,372 | ||||||||||
Education Services — 0.4% |
| |||||||||
Apollo Education Group Inc. | 1,300 | 40,625 | (a) | |||||||
DeVry Education Group Inc. | 736 | 31,162 | ||||||||
K12 Inc. | 5,000 | 120,350 | (a) | |||||||
192,137 | ||||||||||
Electric Utilities — 0.7% |
| |||||||||
ALLETE Inc. | 764 | 39,231 | ||||||||
IDACORP Inc. | 4,797 | 277,411 | ||||||||
316,642 | ||||||||||
Electrical Components & Equipment — 0.6% |
| |||||||||
Encore Wire Corp. | 691 | 33,887 | ||||||||
EnerSys | 1,094 | 75,256 | ||||||||
Polypore International Inc. | 3,112 | 148,536 | (a) | |||||||
Regal-Beloit Corp. | 350 | 27,496 | ||||||||
285,175 | ||||||||||
Electronic Components — 0.5% |
| |||||||||
II-VI Inc. | 1,201 | 17,366 | (a) | |||||||
Littelfuse Inc. | 1,666 | 154,855 | ||||||||
Rogers Corp. | 462 | 30,654 | (a) | |||||||
Universal Display Corp. | 700 | 22,470 | (a) | |||||||
225,345 | ||||||||||
Electronic Equipment & Instruments — 0.5% |
| |||||||||
Cognex Corp. | 600 | 23,040 | (a) | |||||||
Rofin-Sinar Technologies Inc. | 427 | 10,265 | (a) | |||||||
Zebra Technologies Corp. | 2,485 | 204,565 | (a) | |||||||
237,870 |
See Notes to Schedule of Investments and Notes to Financial Statements.
4
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Electronic Manufacturing Services — 0.8% |
| |||||||||
Celestica Inc. | 1,099 | $ | 13,804 | (a) | ||||||
Measurement Specialties Inc. | 2,900 | 249,603 | (a) | |||||||
Methode Electronics Inc. | 1,415 | 54,067 | ||||||||
Multi-Fineline Electronix Inc. | 1,080 | 11,923 | (a) | |||||||
Plexus Corp. | 1,621 | 70,173 | (a) | |||||||
399,570 | ||||||||||
Environmental & Facilities Services — 0.8% |
| |||||||||
Clean Harbors Inc. | 5,200 | 334,100 | (a) | |||||||
Covanta Holding Corp. | 1,162 | 23,949 | ||||||||
Tetra Tech Inc. | 1,167 | 32,092 | ||||||||
390,141 | ||||||||||
Fertilizers & Agricultural Chemicals — 0.6% |
| |||||||||
American Vanguard Corp. | 6,300 | 83,286 | ||||||||
Intrepid Potash Inc. | 12,360 | 207,154 | (a) | |||||||
290,440 | ||||||||||
Food Distributors — 0.4% |
| |||||||||
SpartanNash Co. | 7,857 | 165,076 | ||||||||
United Natural Foods Inc. | 350 | 22,785 | (a) | |||||||
187,861 | ||||||||||
Food Retail — 1.3% |
| |||||||||
Casey’s General Stores Inc. | 4,678 | 328,817 | ||||||||
The Fresh Market Inc. | 8,100 | 271,107 | (a) | |||||||
599,924 | ||||||||||
Footwear — 0.6% |
| |||||||||
Deckers Outdoor Corp. | 1,861 | 160,660 | (a) | |||||||
Wolverine World Wide Inc. | 5,200 | 135,512 | ||||||||
296,172 | ||||||||||
Forest Products — 0.1% |
| |||||||||
Boise Cascade Co. | 857 | 24,544 | (a) | |||||||
Gas Utilities — 0.1% |
| |||||||||
South Jersey Industries Inc. | 685 | 41,381 | ||||||||
Health Care REITs — 0.8% |
| |||||||||
Aviv REIT Inc. | 1,659 | 46,734 | ||||||||
Healthcare Realty Trust Inc. | 923 | 23,463 | ||||||||
Omega Healthcare Investors Inc. | 4,712 | 173,684 | ||||||||
Sabra Healthcare REIT Inc. | 4,922 | 141,311 | ||||||||
385,192 | ||||||||||
Healthcare Distributors — 0.5% |
| |||||||||
Owens & Minor Inc. | 6,854 | 232,899 | ||||||||
Healthcare Equipment — 4.3% |
| |||||||||
Cantel Medical Corp. | 3,314 | 121,359 | ||||||||
Cardiovascular Systems Inc. | 800 | 24,928 | (a) |
Number of Shares | Fair Value | |||||||||
Exactech Inc. | 490 | $ | 12,363 | (a) | ||||||
Globus Medical Inc. | 9,067 | 216,883 | (a) | |||||||
Hill-Rom Holdings Inc. | 8,295 | 344,325 | ||||||||
Integra LifeSciences Holdings Corp. | 5,400 | 254,124 | (a) | |||||||
Invacare Corp. | 713 | 13,098 | ||||||||
Masimo Corp. | 9,431 | 222,571 | (a) | |||||||
Natus Medical Inc. | 1,908 | 47,967 | (a) | |||||||
NuVasive Inc. | 7,100 | 252,547 | (a) | |||||||
Orthofix International N.V. | 442 | 16,022 | (a) | |||||||
STERIS Corp. | 4,600 | 246,008 | ||||||||
Thoratec Corp. | 3,858 | 134,490 | (a) | |||||||
Volcano Corp. | 8,800 | 154,968 | (a) | |||||||
2,061,653 | ||||||||||
Healthcare Facilities — 0.5% |
| |||||||||
Hanger Inc. | 3,515 | 110,547 | (a) | |||||||
VCA Inc. | 3,500 | 122,815 | (a) | |||||||
233,362 | ||||||||||
Healthcare Services — 1.9% |
| |||||||||
Air Methods Corp. | 2,657 | 137,234 | (a) | |||||||
Bio-Reference Labs Inc. | 8,071 | 243,906 | (a) | |||||||
IPC The Hospitalist Company Inc. | 3,590 | 158,750 | (a) | |||||||
MEDNAX Inc. | 5,539 | 322,093 | (a) | |||||||
Team Health Holdings Inc. | 641 | 32,011 | (a) | |||||||
893,994 | ||||||||||
Healthcare Supplies — 1.1% |
| |||||||||
Align Technology Inc. | 450 | 25,218 | (a) | |||||||
Endologix Inc. | 9,199 | 139,917 | (a) | |||||||
ICU Medical Inc. | 2,600 | 158,106 | (a) | |||||||
Vascular Solutions Inc. | 82 | 1,820 | (a) | |||||||
West Pharmaceutical Services Inc. | 4,681 | 197,444 | ||||||||
522,505 | ||||||||||
Healthcare Technology — 0.8% |
| |||||||||
HMS Holdings Corp. | 9,640 | 196,752 | (a) | |||||||
Medidata Solutions Inc. | 900 | 38,529 | (a) | |||||||
Omnicell Inc. | 4,700 | 134,937 | (a) | |||||||
370,218 | ||||||||||
Home Building — 0.1% |
| |||||||||
Meritage Homes Corp. | 1,133 | 47,824 | (a) | |||||||
Home Furnishing Retail — 0.0%* |
| |||||||||
Haverty Furniture Companies Inc. | 303 | 7,614 | ||||||||
Select Comfort Corp. | 638 | 13,181 | (a) | |||||||
20,795 | ||||||||||
Home Furnishings — 0.2% |
| |||||||||
Ethan Allen Interiors Inc. | 1,820 | 45,027 | ||||||||
Hooker Furniture Corp. | 710 | 11,459 | ||||||||
La-Z-Boy Inc. | 1,288 | 29,843 | ||||||||
86,329 |
See Notes to Schedule of Investments and Notes to Financial Statements.
5
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Hotel & Resort REITs — 0.2% |
| |||||||||
Hersha Hospitality Trust | 7,448 | $ | 49,976 | |||||||
Strategic Hotels & Resorts Inc. | 2,440 | 28,572 | (a) | |||||||
Summit Hotel Properties Inc. | 4,043 | 42,856 | ||||||||
121,404 | ||||||||||
Hotels, Resorts & Cruise Lines — 0.2% |
| |||||||||
Interval Leisure Group Inc. | 3,587 | 78,699 | ||||||||
Household Appliances — 0.1% |
| |||||||||
Helen of Troy Ltd. | 477 | 28,921 | (a) | |||||||
Housewares & Specialties — 0.7% |
| |||||||||
Jarden Corp. | 5,768 | 342,331 | (a) | |||||||
Industrial Conglomerates — 0.4% |
| |||||||||
Raven Industries Inc. | 6,200 | 205,468 | ||||||||
Industrial Machinery — 7.2% |
| |||||||||
Actuant Corp. | 10,365 | 358,318 | ||||||||
Altra Industrial Motion Corp. | 1,395 | 50,764 | ||||||||
Blount International Inc. | 1,757 | 24,791 | (a) | |||||||
CIRCOR International Inc. | 366 | 28,230 | ||||||||
CLARCOR Inc. | 7,117 | 440,187 | ||||||||
Columbus McKinnon Corp. | 785 | 21,234 | ||||||||
EnPro Industries Inc. | 2,500 | 182,900 | (a) | |||||||
ESCO Technologies Inc. | 2,882 | 99,833 | ||||||||
IDEX Corp. | 3,480 | 280,975 | ||||||||
John Bean Technologies Corp. | 764 | 23,676 | ||||||||
LB Foster Co. | 755 | 40,861 | ||||||||
Luxfer Holdings PLC ADR | 4,613 | 87,416 | ||||||||
Mueller Industries Inc. | 5,620 | 165,284 | ||||||||
Nordson Corp. | 2,375 | 190,451 | ||||||||
RBC Bearings Inc. | 1,800 | 115,290 | ||||||||
Rexnord Corp. | 789 | 22,210 | (a) | |||||||
Standex International Corp. | 2,158 | 160,728 | ||||||||
The Timken Co. | 4,740 | 321,562 | ||||||||
TriMas Corp. | 9,728 | 370,929 | (a) | |||||||
Woodward Inc. | 8,896 | 446,401 | ||||||||
3,432,040 | ||||||||||
Industrial REITs — 0.2% |
| |||||||||
Rexford Industrial Realty Inc. | 2,059 | 29,320 | ||||||||
STAG Industrial Inc. | 2,008 | 48,212 | ||||||||
77,532 | ||||||||||
Internet Retail — 0.1% |
| |||||||||
Nutrisystem Inc. | 1,400 | 23,954 | ||||||||
Orbitz Worldwide Inc. | 3,004 | 26,736 | (a) | |||||||
50,690 | ||||||||||
Internet Software & Services — 1.6% |
| |||||||||
comScore Inc. | 1,300 | 46,124 | (a) | |||||||
Constant Contact Inc. | 1,200 | 38,532 | (a) |
Number of Shares | Fair Value | |||||||||
Cornerstone OnDemand Inc. | 1,062 | $ | 48,873 | (a) | ||||||
E2open Inc. | 4,500 | 93,015 | (a) | |||||||
Envestnet Inc. | 571 | 27,934 | (a) | |||||||
IntraLinks Holdings Inc. | 3,925 | 34,893 | (a) | |||||||
LogMeIn Inc. | 5,900 | 275,058 | (a) | |||||||
Move Inc. | 2,000 | 29,580 | (a) | |||||||
NIC Inc. | 3,500 | 55,475 | ||||||||
SciQuest Inc. | 3,600 | 63,684 | (a) | |||||||
VistaPrint N.V. | 400 | 16,184 | (a) | |||||||
WebMD Health Corp. | 500 | 24,150 | (a) | |||||||
753,502 | ||||||||||
Investment Banking & Brokerage — 1.0% |
| |||||||||
Evercore Partners Inc. | 454 | 26,169 | ||||||||
Greenhill & Company Inc. | 800 | 39,400 | ||||||||
Piper Jaffray Cos. | 1,045 | 54,100 | (a) | |||||||
Raymond James Financial Inc. | 6,713 | 340,550 | ||||||||
Stifel Financial Corp. | 729 | 34,518 | (a) | |||||||
494,737 | ||||||||||
IT Consulting & Other Services — 0.0%* |
| |||||||||
Datalink Corp. | 1,008 | 10,080 | (a) | |||||||
Life & Health Insurance — 0.2% |
| |||||||||
American Equity Investment Life Holding Co. | 2,213 | 54,440 | ||||||||
StanCorp Financial Group Inc. | 558 | 35,712 | ||||||||
90,152 | ||||||||||
Life Sciences Tools & Services — 2.0% |
| |||||||||
Bio-Rad Laboratories Inc. | 1,800 | 215,478 | (a) | |||||||
Bruker Corp. | 9,565 | 232,143 | (a) | |||||||
Cambrex Corp. | 1,813 | 37,529 | (a) | |||||||
Charles River Laboratories International Inc. | 526 | 28,151 | (a) | |||||||
ICON PLC | 5,698 | 268,433 | (a) | |||||||
Luminex Corp. | 7,100 | 121,765 | (a) | |||||||
PAREXEL International Corp. | 600 | 31,704 | (a) | |||||||
935,203 | ||||||||||
Managed Healthcare — 1.3% |
| |||||||||
Centene Corp. | 5,283 | 399,448 | (a) | |||||||
Molina Healthcare Inc. | 4,556 | 203,334 | (a) | |||||||
602,782 | ||||||||||
Metal & Glass Containers — 0.0%* |
| |||||||||
AEP Industries Inc. | 334 | 11,647 | (a) | |||||||
Multi-Line Insurance — 0.6% |
| |||||||||
HCC Insurance Holdings Inc. | 6,068 | 296,968 | ||||||||
Horace Mann Educators Corp. | 386 | 12,070 | ||||||||
309,038 | ||||||||||
Multi-Utilities — 0.2% |
| |||||||||
Avista Corp. | 1,145 | 38,380 | ||||||||
Black Hills Corp. | 743 | 45,613 | ||||||||
83,993 |
See Notes to Schedule of Investments and Notes to Financial Statements.
6
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Office REITs — 0.8% |
| |||||||||
BioMed Realty Trust Inc. | 13,628 | $ | 297,499 | |||||||
Coresite Realty Corp. | 2,365 | 78,211 | ||||||||
DuPont Fabros Technology Inc. | 769 | 20,732 | ||||||||
396,442 | ||||||||||
Office Services & Supplies — 0.9% |
| |||||||||
Herman Miller Inc. | 4,763 | 144,033 | ||||||||
HNI Corp. | 605 | 23,661 | ||||||||
Steelcase Inc. | 1,189 | 17,990 | ||||||||
West Corp. | 8,506 | 227,961 | ||||||||
413,645 | ||||||||||
Oil & Gas Drilling — 0.2% |
| |||||||||
Pioneer Energy Services Corp. | 6,913 | 121,254 | (a) | |||||||
Oil & Gas Equipment & Services — 2.3% |
| |||||||||
CARBO Ceramics Inc. | 2,505 | 386,071 | ||||||||
Dawson Geophysical Co. | 308 | 8,824 | ||||||||
Dril-Quip Inc. | 1,032 | 112,736 | (a) | |||||||
Forum Energy Technologies Inc. | 8,670 | 315,848 | (a) | |||||||
Hornbeck Offshore Services Inc. | 1,368 | 64,186 | (a) | |||||||
ION Geophysical Corp. | 5,487 | 23,155 | (a) | |||||||
Matrix Service Co. | 800 | 26,232 | (a) | |||||||
Mitcham Industries Inc. | 1,296 | 18,118 | (a) | |||||||
Natural Gas Services Group Inc. | 1,000 | 33,060 | (a) | |||||||
Oil States International Inc. | 1,553 | 99,532 | (a) | |||||||
1,087,762 | ||||||||||
Oil & Gas Exploration & Production — 3.3% |
| |||||||||
Approach Resources Inc. | 10,800 | 245,484 | (a) | |||||||
Athlon Energy Inc. | 706 | 33,676 | (a) | |||||||
Bill Barrett Corp. | 1,164 | 31,172 | (a) | |||||||
Bonanza Creek Energy Inc. | 1,152 | 65,883 | (a) | |||||||
Carrizo Oil & Gas Inc. | 646 | 44,742 | (a) | |||||||
Clayton Williams Energy Inc. | 232 | 31,870 | (a) | |||||||
Diamondback Energy Inc. | 400 | 35,520 | (a) | |||||||
Matador Resources Co. | 1,876 | 54,929 | (a) | |||||||
Newfield Exploration Co. | 7,385 | 326,417 | (a) | |||||||
Northern Oil and Gas Inc. | 3,500 | 57,015 | (a) | |||||||
PetroQuest Energy Inc. | 4,456 | 33,509 | (a) | |||||||
Resolute Energy Corp. | 9,200 | 79,488 | (a) | |||||||
Sanchez Energy Corp. | 4,884 | 183,590 | (a) | |||||||
SM Energy Co. | 3,954 | 332,531 | ||||||||
Synergy Resources Corp. | 1,552 | 20,564 | (a) | |||||||
W&T Offshore Inc. | 1,014 | 16,599 | ||||||||
1,592,989 | ||||||||||
Oil & Gas Refining & Marketing — 0.2% |
| |||||||||
Alon USA Energy Inc. | 1,645 | 20,464 | ||||||||
Renewable Energy Group Inc. | 1,700 | 19,499 | (a) | |||||||
Western Refining Inc. | 1,520 | 57,076 | ||||||||
97,039 | ||||||||||
Packaged Foods & Meats — 3.1% |
| |||||||||
B&G Foods Inc. | 5,300 | 173,257 | ||||||||
Lancaster Colony Corp. | 2,600 | 247,416 |
Number of Shares | Fair Value | |||||||||
Post Holdings Inc. | 2,600 | $ | 132,366 | (a) | ||||||
Sanderson Farms Inc. | 4,082 | 396,770 | ||||||||
Snyder’s-Lance Inc. | 9,600 | 254,016 | ||||||||
TreeHouse Foods Inc. | 3,600 | 288,252 | (a) | |||||||
1,492,077 | ||||||||||
Paper Packaging — 0.7% |
| |||||||||
Packaging Corporation of America | 4,741 | 338,934 | ||||||||
Paper Products — 0.2% |
| |||||||||
KapStone Paper and Packaging Corp. | 864 | 28,624 | (a) | |||||||
Neenah Paper Inc. | 1,161 | 61,707 | ||||||||
90,331 | ||||||||||
Personal Products — 0.2% |
| |||||||||
Elizabeth Arden Inc. | 3,600 | 77,112 | (a) | |||||||
Inter Parfums Inc. | 325 | 9,604 | ||||||||
86,716 | ||||||||||
Pharmaceuticals — 0.6% | ||||||||||
Depomed Inc. | 2,200 | 30,580 | (a) | |||||||
Impax Laboratories Inc. | 900 | 26,991 | (a) | |||||||
Lannett Company Inc. | 1,869 | 92,740 | (a) | |||||||
Prestige Brands Holdings Inc. | 4,158 | 140,914 | (a) | |||||||
291,225 | ||||||||||
Property & Casualty Insurance — 1.6% | ||||||||||
Allied World Assurance Company Holdings AG | 7,900 | 300,358 | ||||||||
Argo Group International Holdings Ltd. | 4,755 | 243,028 | ||||||||
Erie Indemnity Co. | 300 | 22,578 | ||||||||
RLI Corp. | 1,327 | 60,750 | ||||||||
The Navigators Group Inc. | 1,800 | 120,690 | (a) | |||||||
747,404 | ||||||||||
Publishing — 1.0% |
| |||||||||
John Wiley & Sons Inc. | 7,947 | 481,509 | ||||||||
Railroads — 0.7% |
| |||||||||
Genesee & Wyoming Inc. | 3,170 | 332,850 | (a) | |||||||
Regional Banks — 6.8% | ||||||||||
Bank of the Ozarks Inc. | 1,424 | 47,633 | ||||||||
BankUnited Inc. | 1,530 | 51,224 | ||||||||
Banner Corp. | 814 | 32,259 | ||||||||
Bryn Mawr Bank Corp. | 3,800 | 110,656 | ||||||||
Camden National Corp. | 354 | 13,721 | ||||||||
Capital Bank Financial Corp. | 1,047 | 24,720 | (a) | |||||||
Cardinal Financial Corp. | 753 | 13,900 | ||||||||
CoBiz Financial Inc. | 951 | 10,242 | ||||||||
Columbia Banking System Inc. | 893 | 23,495 | ||||||||
Community Bank System Inc. | 3,500 | 126,700 | ||||||||
Cullen-Frost Bankers Inc. | 2,729 | 216,737 | ||||||||
CVB Financial Corp. | 13,100 | 209,993 | ||||||||
Enterprise Financial Services Corp. | 743 | 13,419 | ||||||||
Fidelity Southern Corp. | 859 | 11,158 | ||||||||
First Financial Bankshares Inc. | 1,000 | 31,370 |
See Notes to Schedule of Investments and Notes to Financial Statements.
7
Table of Contents
Small-Cap Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Fulton Financial Corp. | 11,133 | $ | 137,938 | |||||||
Glacier Bancorp Inc. | 443 | 12,572 | ||||||||
Great Southern Bancorp Inc. | 539 | 17,275 | ||||||||
Hancock Holding Co. | 474 | 16,742 | ||||||||
Home BancShares Inc. | 882 | 28,947 | ||||||||
Iberiabank Corp. | 3,103 | 214,697 | ||||||||
Independent Bank Corp. | 1,900 | 72,922 | ||||||||
Lakeland Financial Corp. | 291 | 11,105 | ||||||||
NBT Bancorp Inc. | 2,900 | 69,658 | ||||||||
Old National Bancorp | 3,253 | 46,453 | ||||||||
PacWest Bancorp | 1,511 | 65,230 | ||||||||
Prosperity Bancshares Inc. | 6,562 | 410,781 | ||||||||
Renasant Corp. | 4,940 | 143,606 | ||||||||
South State Corp. | 440 | 26,840 | ||||||||
Southwest Bancorp. Inc. | 1,300 | 22,178 | ||||||||
Susquehanna Bancshares Inc. | 2,286 | 24,140 | ||||||||
SVB Financial Group | 1,415 | 165,017 | (a) | |||||||
Tristate Capital Holdings Inc. | 954 | 13,480 | (a) | |||||||
UMB Financial Corp. | 6,300 | 399,357 | ||||||||
Umpqua Holdings Corp. | 3,387 | 60,695 | ||||||||
Union Bankshares Corp. | 909 | 23,316 | ||||||||
ViewPoint Financial Group Inc. | 641 | 17,249 | ||||||||
Washington Trust Bancorp Inc. | 3,500 | 128,695 | ||||||||
Westamerica Bancorporation | 2,685 | 140,372 | ||||||||
Wintrust Financial Corp. | 987 | 45,402 | ||||||||
3,251,894 | ||||||||||
Reinsurance — 0.9% | ||||||||||
Endurance Specialty Holdings Ltd. | 6,800 | 350,812 | ||||||||
Maiden Holdings Ltd. | 3,133 | 37,878 | ||||||||
Platinum Underwriters Holdings Ltd. | 338 | 21,919 | ||||||||
410,609 | ||||||||||
Research & Consulting Services — 0.4% |
| |||||||||
Mistras Group Inc. | 4,625 | 113,405 | (a) | |||||||
Resources Connection Inc. | 7,128 | 93,448 | ||||||||
206,853 | ||||||||||
Residential REITs — 0.5% | ||||||||||
Associated Estates Realty Corp. | 2,816 | 50,744 | ||||||||
Education Realty Trust Inc. | 13,948 | 149,802 | ||||||||
Sun Communities Inc. | 536 | 26,714 | ||||||||
227,260 | ||||||||||
Restaurants — 1.2% | ||||||||||
BJ’s Restaurants Inc. | 5,300 | 185,023 | (a) | |||||||
Cracker Barrel Old Country Store Inc. | 1,591 | 158,416 | ||||||||
DineEquity Inc. | 280 | 22,257 | ||||||||
Ruby Tuesday Inc. | 877 | 6,657 | (a) | |||||||
Texas Roadhouse Inc. | 8,498 | 220,948 | ||||||||
593,301 | ||||||||||
Retail REITs — 0.2% | ||||||||||
Glimcher Realty Trust | 4,358 | 47,197 | ||||||||
Inland Real Estate Corp. | 3,819 | 40,596 | ||||||||
Ramco-Gershenson Properties Trust | 1,232 | 20,476 | ||||||||
108,269 |
Number of Shares | Fair Value | |||||||||
Security & Alarm Services — 0.5% | ||||||||||
The Brink’s Co. | 8,755 | $ | 247,066 | |||||||
Semiconductor Equipment — 0.4% | ||||||||||
Advanced Energy Industries Inc. | 1,000 | 19,250 | (a) | |||||||
Entegris Inc. | 2,000 | 27,490 | (a) | |||||||
Rudolph Technologies Inc. | 14,444 | 142,707 | (a) | |||||||
189,447 | ||||||||||
Semiconductors — 1.8% | ||||||||||
Advanced Micro Devices Inc. | 5,421 | 22,714 | (a) | |||||||
Ambarella Inc. | 400 | 12,472 | (a) | |||||||
Diodes Inc. | 1,065 | 30,842 | (a) | |||||||
Exar Corp. | 1,889 | 21,346 | (a) | |||||||
Fairchild Semiconductor International Inc. | 1,980 | 30,888 | (a) | |||||||
Integrated Device Technology Inc. | 2,300 | 35,558 | (a) | |||||||
Lattice Semiconductor Corp. | 4,300 | 35,475 | (a) | |||||||
Microsemi Corp. | 12,097 | 323,716 | (a) | |||||||
RF Micro Devices Inc. | 6,714 | 64,387 | (a) | |||||||
Semtech Corp. | 8,207 | 214,613 | (a) | |||||||
Silicon Image Inc. | 3,300 | 16,632 | (a) | |||||||
Synaptics Inc. | 550 | 49,852 | (a) | |||||||
858,495 | ||||||||||
Specialized Finance — 0.0%* | ||||||||||
NewStar Financial Inc. | 1,313 | 18,461 | (a) | |||||||
Specialized REITs — 0.1% | ||||||||||
Potlatch Corp. | 500 | 20,700 | ||||||||
Sovran Self Storage Inc. | 462 | 35,690 | ||||||||
56,390 | ||||||||||
Specialty Chemicals — 2.3% | ||||||||||
Ferro Corp. | 1,766 | 22,181 | (a) | |||||||
Flotek Industries Inc. | 1,080 | 34,733 | (a) | |||||||
HB Fuller Co. | 3,146 | 151,322 | ||||||||
Innospec Inc. | 1,900 | 82,023 | ||||||||
OM Group Inc. | 965 | 31,295 | ||||||||
PolyOne Corp. | 5,364 | 226,039 | ||||||||
Sensient Technologies Corp. | 9,987 | 556,476 | ||||||||
Stepan Co. | 169 | 8,933 | ||||||||
1,113,002 | ||||||||||
Steel — 0.4% | ||||||||||
Commercial Metals Co. | 7,407 | 128,215 | ||||||||
Schnitzer Steel Industries Inc. | 1,087 | 28,338 | ||||||||
Worthington Industries Inc. | 597 | 25,695 | ||||||||
182,248 | ||||||||||
Systems Software — 1.3% | ||||||||||
FleetMatics Group PLC | 5,400 | 174,636 | (a) | |||||||
MICROS Systems Inc. | 3,445 | 233,915 | (a) | |||||||
Qualys Inc. | 7,700 | 197,659 | (a) | |||||||
606,210 |
See Notes to Schedule of Investments and Notes to Financial Statements.
8
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Small-Cap Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Technology Distributors — 0.2% | ||||||||||
Electro Rent Corp. | 250 | $ | 4,183 | |||||||
Insight Enterprises Inc. | 430 | 13,218 | (a) | |||||||
ScanSource Inc. | 853 | 32,482 | (a) | |||||||
Tech Data Corp. | 629 | 39,325 | (a) | |||||||
89,208 | ||||||||||
Technology Hardware, Storage & Peripherals — 0.9% |
| |||||||||
Diebold Inc. | 9,005 | 361,731 | ||||||||
Electronics for Imaging Inc. | 600 | 27,120 | (a) | |||||||
QLogic Corp. | 1,800 | 18,162 | (a) | |||||||
Super Micro Computer Inc. | 1,200 | 30,324 | (a) | |||||||
437,337 | ||||||||||
Thrifts & Mortgage Finance — 0.3% |
| |||||||||
Essent Group Ltd. | 1,256 | 25,233 | (a) | |||||||
MGIC Investment Corp. | 2,515 | 23,239 | (a) | |||||||
Oritani Financial Corp. | 1,200 | 18,468 | ||||||||
Radian Group Inc. | 1,793 | 26,554 | ||||||||
Washington Federal Inc. | 1,858 | 41,675 | ||||||||
135,169 | ||||||||||
Trading Companies & Distributors — 0.8% |
| |||||||||
Aceto Corp. | 3,700 | 67,118 | ||||||||
Applied Industrial Technologies Inc. | 6,678 | 338,775 | ||||||||
405,893 | ||||||||||
Trucking — 1.3% |
| |||||||||
Landstar System Inc. | 3,000 | 192,000 | ||||||||
Marten Transport Ltd. | 1,789 | 39,984 | ||||||||
Old Dominion Freight Line Inc. | 5,332 | 339,542 | (a) | |||||||
Saia Inc. | 800 | 35,144 | (a) | |||||||
606,670 | ||||||||||
Total Common Stock | 45,298,769 |
Fair Value | ||||||||
Short-Term Investments — 4.7% | ||||||||
State Street Institutional U.S. Government | $ | 2,230,332 | (b,c) | |||||
Total Investments | 47,529,101 | |||||||
Other Assets and Liabilities, | 172,314 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 47,701,415 | ||||||
|
| |||||||
Other Information: |
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||||||||
Russell 2000 Mini Index Futures | September 2014 | 5 | $ | 595,150 | $ | 10,546 |
See Notes to Schedule of Investments and Notes to Financial Statements.
9
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Notes to Schedule of Investments | June 30, 2014 (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) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
* | Less than 0.05%. |
Abbreviations:
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
10
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Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | 4/28/00 | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.26 | $ | 13.37 | $ | 12.85 | $ | 12.46 | $ | 9.79 | $ | 7.48 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.02) | * | (0.03) | 0.00 | †† | (0.01) | 0.02 | * | 0.04 | |||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.78 | 4.96 | 1.86 | 0.40 | 2.67 | 2.27 | ||||||||||||||||||
Total income from investment operations | 0.76 | 4.93 | 1.86 | 0.39 | 2.69 | 2.31 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | — | 0.00 | †† | 0.00 | †† | 0.02 | — | ||||||||||||||||
Net realized gains | — | 2.04 | 1.34 | — | — | — | ||||||||||||||||||
Total distributions | — | 2.04 | 1.34 | 0.00 | 0.02 | 0.00 | ||||||||||||||||||
Net asset value, end of period | $ | 17.02 | $ | 16.26 | $ | 13.37 | $ | 12.85 | $ | 12.46 | $ | 9.79 | ||||||||||||
TOTAL RETURN(a) | 4.67% | 36.89% | 14.57% | 3.13% | 27.47% | 30.88% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 47,701 | $ | 50,248 | $ | 41,942 | $ | 46,855 | $ | 55,527 | $ | 54,114 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income (loss) | (0.29)% | ** | (0.23)% | 0.01% | (0.07)% | 0.18% | (0.04)% | |||||||||||||||||
Net expenses | 1.29% | (b)** | 1.27% | (b)(c) | 1.34% | (b)(c) | 1.28% | (b)(c) | 1.12% | (b) | 1.52% | (b) | ||||||||||||
Gross expenses | 1.29% | ** | 1.28% | 1.38% | 1.50% | 1.13% | 1.52% | |||||||||||||||||
Portfolio turnover rate | 19% | 39% | 36% | 44% | 47% | 40% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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 a voluntary reimbursement of other operating expenses by GEAM. |
† | Unaudited. |
†† | Rounds to less than $0.01. |
* | 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.
11
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The accompanying Notes are an integral part of these financial statements.
12
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For the period ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 237,054 | ||
Less: Foreign taxes withheld | (704 | ) | ||
Total income | 236,350 | |||
Expenses: | ||||
Advisory and administration fees | 225,328 | |||
Directors’ fees | 888 | |||
Custody and accounting expenses | 57,265 | |||
Professional fees | 11,426 | |||
Other expenses | 11,601 | |||
Total expenses before waivers | 306,508 | |||
Less: Fees waived by the adviser | (586 | ) | ||
Net expenses | 305,922 | |||
Net investment loss | (69,572 | ) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 3,429,421 | |||
Futures | 32,828 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | (1,259,835 | ) | ||
Futures | (21,249 | ) | ||
Net realized and unrealized gain (loss) on investments | 2,181,165 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,111,593 |
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.
14
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Notes to Financial Statements | June 30, 2014 (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 Funds 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 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 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. During the six-month period ended June 30, 2014, the Fund invested in stock index futures contracts to gain equity exposure for accumulating and residual cash positions. 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. 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 the ex-dividend date as such information becomes available. Withholding taxes on 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
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are charged 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 of 1986, as amended (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.
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Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 net asset value (“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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 45,298,769 | $ | — | $ | — | $ | 45,298,769 | ||||||||||||
Short-Term Investments | — | 2,230,332 | — | 2,230,332 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 45,298,769 | $ | 2,230,332 | $ | — | $ | 47,529,101 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments* | ||||||||||||||||||||
Long Futures Contracts — Unrealized Appreciation | $ | 10,546 | $ | — | $ | — | $ | 10,546 | ||||||||||||
|
|
|
|
|
|
|
|
† | 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 during the period. 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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | 10,546 | * | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | — |
* | 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. |
17
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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) ($) | Realized Gain (Loss) on Derivatives Recognized in Income ($) | 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 | | 5,800,420/ (6,029,829) | | 32,828 | (21,249) |
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 0.10% 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, 2014.
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 (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.95%.
GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the cash sweep vehicle for the Fund’s cash holdings. As a
result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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. | Sub-Advisory Fees |
Pursuant to investment sub-advisory agreements with GEAM, the assets of the 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, L.P.; (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
18
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
short-term securities, for the six-month period ended June 30, 2014, were as follows:
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 8,756,511 | $ | 12,832,856 |
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 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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||
Appreciation | Depreciation | |||||
$36,035,251 | $12,333,908 | $(840,058) | $11,493,850 |
As of December 31, 2013, the Fund had no capital loss carryovers. 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 gains offset will not be distributed to shareholders.
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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 866,133 | $ | 4,724,506 | $ | 5,590,639 | |||||||||
2012 | 113,702 | 3,708,420 | 3,822,122 |
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) investments in 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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | 104,184 | $ | (95,758 | ) | $ | (8,426 | ) |
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Table of Contents
(Unaudited) |
Approval of a New Sub-Advisory Agreement with SouthernSun Asset Management, LLC by the Board and the Independent Board Members
At a meeting held on March 6, 2014 (the “Meeting”), the Board, including the independent Board members, considered the acquisition of SouthernSun Asset Management, LLC (“SouthernSun”) by Affiliated Managers Group, Inc. which was anticipated to close in April 2014 (the “Transaction”). At the Meeting, the Board was advised that the Transaction would result in a change of control of SouthernSun, and, consequently, the assignment and automatic termination of the previous sub-advisory agreement with SouthernSun pursuant to the terms of said agreement and provisions of the 1940 Act. At the Meeting, the Board discussed the Transaction with representatives of GEAM, as well as the terms of the new sub-advisory agreement and the implications, if any, that the closing of the Transaction would have for SouthernSun’s performance as an investment sub-adviser to the Small-Cap Equity Fund (the “Fund”). At the Meeting, representatives of GEAM confirmed that there would be no change in SouthernSun’s investment process or personnel who have been principally responsible for managing its allocated portion of the Fund as a result of the Transaction. In addition, representatives of GEAM confirmed that SouthernSun continued to effectively complement the Fund’s other sub-advisers and that the terms of the new sub-advisory agreement with SouthernSun were substantially the same in all material respects to the previous sub-advisory agreement with SouthernSun.
In order for SouthernSun to provide uninterrupted investment sub-advisory services to the Fund after consummation of the Transaction, the Board, including a majority of the independent Board members, approved the continuation of SouthernSun as a sub-adviser for the Fund and the new sub-advisory agreement with SouthernSun, effective upon consummation of the Transaction. In determining whether to approve the new sub-advisory agreement with SouthernSun, the Board considered the materials prepared by GEAM and SouthernSun received in advance of the annual contract renewal Board meetings held on December 11 and 13, 2013 and the Meeting and other information, which included: (i) a copy of a form of the new sub-advisory agreement with SouthernSun; (ii) information regarding the process by which GEAM initially recommended SouthernSun for Board approval, and more recently,
recommended that the Board approve the continuation of SouthernSun, and GEAM’s rationale for retaining SouthernSun following the closing of the Transaction; (iii) information regarding the nature, extent and quality of the services that SouthernSun provided to the Fund; (iv) information regarding SouthernSun’s reputation, investment management business, personnel, and operations, and the effect that the Transaction may have on SouthernSun’s business and operations; (v) information regarding SouthernSun’s brokerage and trading policies and practices; (vi) information regarding the level of sub-advisory fees charged by SouthernSun; (vii) information regarding SouthernSun’s compliance program; (viii) information regarding SouthernSun’s historical performance returns managing its allocated portion of the Fund and investment mandates similar to the Fund’s investment mandate, including information comparing that performance to a relevant index; and (ix) information regarding SouthernSun’s financial condition before and after the Transaction. The Board also considered the substance of its discussions with representatives of GEAM at the December 13, 2013 Board meeting and the Meeting. Additionally, the Board reviewed materials supplied by counsel that were prepared for use by the Board in fulfilling its duties under the 1940 Act. In particular, the Board members focused on the following:
The Nature, Extent and Quality of Services Expected to be Provided.
The Board reviewed the services expected to be provided to the Fund by SouthernSun. The Board noted that as a result of the Transaction, there would be no changes in the nature, extent or quality of the sub-advisory services currently provided by SouthernSun, or in the portfolio management of the Fund with respect to the assets it managed. The Board focused on its extensive past experiences with SouthernSun in connection with its services as a sub-adviser to the Fund. The Board considered SouthernSun’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, and its experienced professionals, including research analysts and portfolio managers with experience involving small-cap equity securities. The Board also considered the review process undertaken by GEAM and GEAM’s favorable assessment of the nature and quality of the investment sub-advisory services provided and expected to be provided to the Fund by SouthernSun after consummation of the Transaction.
20
Table of Contents
Sub-Advisory Agreement | (Unaudited) |
In light of the foregoing, the Board, including the independent Board members, concluded that the services expected to be provided by SouthernSun would be satisfactory and would have the potential to benefit the Fund.
Investment Performance Of SouthernSun.
The Board members considered the investment performance of SouthernSun for various periods focusing on SouthernSun’s investment performance with respect to the Fund and its history of sub-advising the Fund. The Board members reviewed detailed information provided by GEAM and SouthernSun comparing SouthernSun’s performance to that of relevant securities indices and peer groupings over these periods, at the Meeting as well as the annual contract renewal meetings held on December 11 and 13, 2013. On this basis, the Board, including the independent Board members, concluded that SouthernSun’s historical performance record in managing its allocated portion of the Fund’s investment portfolio, when viewed together with the other factors considered by the Board, supported a decision to approve the new sub-advisory agreement with SouthernSun.
Cost of the Services to be Provided and Profits to be Realized from the Relationship with the Fund.
The Board considered the proposed fee payable under the new sub-advisory agreement with SouthernSun, noting that the fee would be paid by GEAM, and not the Fund, and, thus, would not impact the fee paid by the Fund. The Board considered that the proposed fee to be paid to SouthernSun by GEAM under the new sub-advisory agreement with SouthernSun was the same as the fee paid under the previous sub-advisory agreement with SouthernSun and had been negotiated at arm’s-length. Given the arm’s-length nature of the arrangement, the Board concluded that the fee payable to SouthernSun by GEAM under the new sub-advisory agreement with SouthernSun with respect to the assets to be allocated to SouthernSun was reasonable and appropriate.
In addition, the Board recognized that, because the fee payable to SouthernSun was the same as the fee paid under the previous sub-advisory agreement and would continue to be paid by GEAM, the Transaction had no impact on the profitability of the Fund to GEAM and an analysis of profitability in general was more appropriate in the context of the Board’s consideration of the advisory agreement with GEAM. Accordingly, considerations of profitability with respect to approval of
the new sub-advisory agreement with SouthernSun were not relevant to the Board’s determination to approve the agreement.
The Extent to Which Economies of Scale Would be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.
The Board members considered the extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflect these economies of scale for the benefit of Fund investors. The Board recognized that this consideration is less relevant with respect to the proposed sub-advisory fee, because GEAM will pay SouthernSun out of its advisory fees received from the Fund, and noted that the Board considered economies of scale for the Fund in connection with the annual renewal of GEAM’s advisory agreement with the Fund.
Comparison of Services to be Rendered and Fees to be Paid.
The Board discussed the services expected to be provided to the Fund by SouthernSun, and the proposed fee to be charged to GEAM for those services. The Board members noted they had reviewed information regarding the proposed sub-advisory fee at the meetings held on December 11 and 13, 2013, and noted that it would be competitive with applicable peer group averages.
The Board, including the independent Board members, concluded that, based on this information, the proposed sub-advisory fee would be reasonable in relation to the services expected to be provided to the Fund.
Fall-Out Benefits.
The Board considered that there may be financial benefits that SouthernSun derives from its relationship with GEAM and the Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board did not view this consideration as having a material effect on its overall view of the reasonableness of the proposed fee to SouthernSun.
Conclusion.
No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Board members, including the independent Board members, concluded that the new sub-advisory agreement with SouthernSun was in the best interest of the Fund and its shareholders.
21
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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 Year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
22
Table of Contents
Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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
23
Table of Contents
Additional Information | (Unaudited) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified – 17 years
Principal Occupation(s) During Past 5 years General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
24
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Additional Information | (Unaudited) |
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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
Table of Contents
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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.
Table of Contents
GE Investments Funds, Inc.
Real Estate Securities Fund
Semi-Annual Report
June 30, 2014
Table of Contents
Real Estate Securities Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
4 | ||||
Financial Statements | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
13 | ||||
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
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 $107,028 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Holdings
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Simon Property Group Inc. | 7.39% | |||
Boston Properties Inc. | 4.84% | |||
Prologis Inc. | 4.39% | |||
Essex Property Trust Inc. | 3.91% | |||
General Growth Properties Inc. | 3.81% | |||
Ventas Inc. | 3.55% | |||
UDR Inc. | 3.35% | |||
Host Hotels & Resorts Inc. | 3.33% | |||
Healthcare REIT Inc. | 3.16% | |||
Regency Centers Corp. | 2.71% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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 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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,183.80 | 5.09 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,020.13 | 4.71 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.94% (for the period January 1, 2014 – June 30, 2014), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
Real Estate Securities Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Real Estate Securities Fund |
Number of Shares | Fair Value | |||||||||||
Common Stock (REITs) — 98.9%† |
| |||||||||||
Alternate Housing — 0.9% |
| |||||||||||
Education Realty Trust Inc. | 85,290 | $ | 916,015 | |||||||||
Healthcare — 10.0% | ||||||||||||
Aviv REIT Inc. | 24,920 | 701,996 | ||||||||||
HCP Inc. | 38,930 | 1,610,923 | ||||||||||
Healthcare REIT Inc. | 53,920 | 3,379,167 | ||||||||||
Omega Healthcare Investors Inc. | 14,480 | 533,733 | ||||||||||
Sabra Healthcare REIT Inc. | 24,520 | 703,969 | ||||||||||
Ventas Inc. | 59,200 | 3,794,720 | ||||||||||
10,724,508 | ||||||||||||
Hotel — 8.5% | ||||||||||||
Ashford Hospitality Prime Inc. | 14,070 | 241,441 | ||||||||||
Host Hotels & Resorts Inc. | 161,730 | 3,559,678 | ||||||||||
RLJ Lodging Trust | 9,490 | 274,166 | ||||||||||
Starwood Hotels & Resorts Worldwide Inc. | 10,610 | 857,500 | ||||||||||
Strategic Hotels & Resorts Inc. | 117,310 | 1,373,700 | (a) | |||||||||
Sunstone Hotel Investors Inc. | 186,810 | 2,789,073 | ||||||||||
9,095,558 | ||||||||||||
Industrial — 5.6% | ||||||||||||
First Industrial Realty Trust Inc. | 39,670 | 747,383 | ||||||||||
Prologis Inc. | 114,400 | 4,700,696 | ||||||||||
Rexford Industrial Realty Inc. | 40,270 | 573,445 | ||||||||||
6,021,524 | ||||||||||||
Multifamily — 15.5% | ||||||||||||
American Campus Communities Inc. | 26,140 | 999,594 | ||||||||||
AvalonBay Communities Inc. | 18,290 | 2,600,655 | ||||||||||
Camden Property Trust | 14,720 | 1,047,328 | ||||||||||
Equity Residential | 31,730 | 1,998,990 | ||||||||||
Essex Property Trust Inc. | 22,610 | 4,180,815 | ||||||||||
Mid-America Apartment Communities Inc. | 29,380 | 2,146,209 | ||||||||||
UDR Inc. | 125,240 | 3,585,621 | ||||||||||
16,559,212 | ||||||||||||
Net Lease — 3.2% | ||||||||||||
American Realty Capital Properties Inc. | 67,830 | 849,910 | ||||||||||
EPR Properties | 10,640 | 594,457 | ||||||||||
National Retail Properties Inc. | 18,830 | 700,287 | ||||||||||
Spirit Realty Capital Inc. | 114,700 | 1,302,992 | ||||||||||
3,447,646 | ||||||||||||
Office — 22.1% | ||||||||||||
American Assets Trust Inc. | 27,610 | 953,926 | ||||||||||
Boston Properties Inc. | 43,830 | 5,179,830 | ||||||||||
Brandywine Realty Trust | 75,390 | 1,176,084 | ||||||||||
Corporate Office Properties Trust | 19,700 | 547,857 | ||||||||||
Duke Realty Corp. | 129,640 | 2,354,262 |
Number of Shares | Fair Value | |||||||||||
Empire State Realty Trust Inc. | 22,690 | $ | 374,385 | |||||||||
Highwoods Properties Inc. | 50,960 | 2,137,772 | ||||||||||
Hudson Pacific Properties Inc. | 59,130 | 1,498,354 | ||||||||||
Kilroy Realty Corp. | 12,840 | 799,675 | ||||||||||
Liberty Property Trust | 71,410 | 2,708,581 | ||||||||||
PS Business Parks Inc. | 12,770 | 1,066,167 | ||||||||||
SL Green Realty Corp. | 23,860 | 2,610,523 | ||||||||||
Vornado Realty Trust | 20,180 | 2,153,811 | ||||||||||
23,561,227 | ||||||||||||
Regional Malls — 15.0% |
| |||||||||||
General Growth Properties Inc. | 172,910 | 4,073,760 | ||||||||||
Glimcher Realty Trust | 17,060 | 184,760 | ||||||||||
Simon Property Group Inc. | 47,580 | 7,911,602 | ||||||||||
Tanger Factory Outlet Centers Inc. | 39,890 | 1,394,953 | ||||||||||
The Macerich Co. | 36,450 | 2,433,038 | ||||||||||
15,998,113 | ||||||||||||
Self Storage — 4.7% | ||||||||||||
Extra Space Storage Inc. | 20,560 | 1,094,820 | ||||||||||
Public Storage | 16,860 | 2,888,961 | ||||||||||
Sovran Self Storage Inc. | 14,030 | 1,083,818 | ||||||||||
5,067,599 | ||||||||||||
Shopping Centers — 10.1% |
| |||||||||||
Acadia Realty Trust | 19,200 | 539,328 | ||||||||||
DDR Corp. | 79,140 | 1,395,238 | ||||||||||
Excel Trust Inc. | 25,850 | 344,581 | ||||||||||
Federal Realty Investment Trust | 8,950 | 1,082,234 | ||||||||||
Kimco Realty Corp. | 108,630 | 2,496,318 | ||||||||||
Regency Centers Corp. | 52,090 | 2,900,371 | ||||||||||
Retail Opportunity Investments Corp. | 50,410 | 792,949 | ||||||||||
Retail Properties of America Inc. | 53,540 | 823,445 | ||||||||||
Washington Prime Group Inc. | 22,660 | 424,648 | (a) | |||||||||
10,799,112 | ||||||||||||
Specialty — 3.3% | ||||||||||||
Alexandria Real Estate Equities Inc. | 19,960 | 1,549,694 | ||||||||||
Coresite Realty Corp. | 3,930 | 129,965 | ||||||||||
CyrusOne Inc. | 10,360 | 257,964 | ||||||||||
Digital Realty Trust Inc. | 26,490 | 1,544,897 | ||||||||||
3,482,520 | ||||||||||||
Total Common Stock (REITs) | 105,673,034 | |||||||||||
Short-Term Investments — 1.3% |
| |||||||||||
State Street Institutional U.S. Government Money Market Fund — Premier Class 0.00% |
| 1,354,854 | (b,c | ) | ||||||||
Total Investments |
| 107,027,888 | ||||||||||
Liabilities in Excess of Other Assets, |
| (253,453 | ) | |||||||||
|
| |||||||||||
NET ASSETS — 100.0% |
| $ | 106,774,435 | |||||||||
|
|
See Notes to Schedule of Investments and Notes to Financial Statements.
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Notes to Schedule of Investments | June 30, 2014 (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) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
Abbreviations:
REIT | Real Estate Investment Trust |
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Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 5/1/95 | ||||||||||||||||||
Net asset value, beginning of period | $ | 12.68 | $ | 13.27 | $ | 11.58 | $ | 10.68 | $ | 8.41 | $ | 6.46 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.19 | 0.19 | 0.29 | 0.21 | 0.19 | * | 1.03 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 2.14 | 0.16 | 1.65 | 0.84 | 2.24 | 1.29 | ||||||||||||||||||
Total income from investment operations | 2.33 | 0.35 | 1.94 | 1.05 | 2.43 | 2.32 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.20 | 0.25 | 0.15 | 0.16 | 0.22 | ||||||||||||||||||
Net realized gains | — | 0.74 | — | — | — | — | ||||||||||||||||||
Return of capital | — | — | — | — | — | 0.15 | ||||||||||||||||||
Total distributions | — | 0.94 | 0.25 | 0.15 | 0.16 | 0.37 | ||||||||||||||||||
Net asset value, end of period | $ | 15.01 | $ | 12.68 | $ | 13.27 | $ | 11.58 | $ | 10.68 | $ | 8.41 | ||||||||||||
TOTAL RETURN(a) | 18.38% | 2.60% | 16.79% | 9.85% | 28.94% | 35.77% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 106,774 | $ | 102,603 | $ | 76,751 | $ | 75,012 | $ | 78,316 | $ | 70,574 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.49% | ** | 1.50% | 2.13% | 1.73% | 1.97% | 4.75% | |||||||||||||||||
Net expenses | 0.94% | (b)** | 0.96% | (b) | 0.98% | (b) | 1.04% | (b) | 0.92% | (b) | 1.04% | (b) | ||||||||||||
Gross expenses | 0.94% | ** | 0.96% | 0.98% | 1.04% | 0.93% | 1.04% | |||||||||||||||||
Portfolio turnover rate | 25% | 82% | 49% | 69% | 113% | 105% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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. |
† | 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.
6
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For the period ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 1,790,924 | ||
Total income | 1,790,924 | |||
Expenses: | ||||
Advisory and administration fees | 443,804 | |||
Directors’ fees | 1,639 | |||
Custody and accounting expenses | 14,933 | |||
Professional fees | 10,245 | |||
Other expenses | 18,473 | |||
Total expenses before waivers | 489,094 | |||
Less: Fees waived by the adviser | (89 | ) | ||
Net expenses | 489,005 | |||
Net investment income | 1,301,919 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on investments | 3,819,246 | |||
Increase (decrease) in unrealized appreciation/depreciation on investments | 12,596,780 | |||
Net realized and unrealized gain (loss) on investments | 16,416,026 | |||
Net increase (decrease) in net assets resulting from operations | $ | 17,717,945 |
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.
8
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Notes to Financial Statements | June 30, 2014 (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 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 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 the ex-dividend date as such information becomes available. Withholding taxes on foreign dividends, if any, 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 charged 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 of 1986, as amended (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
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 net asset value (“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, 2014 (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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 105,673,034 | $ | — | $ | — | $ | 105,673,034 | ||||||||||||
Short-Term Investments | — | 1,354,854 | — | 1,354,854 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 105,673,034 | $ | 1,354,854 | $ | — | $ | 107,027,888 | ||||||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for Industry Classifications. |
There were no transfers between fair value levels during the period. 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 0.10% 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, 2014.
5. | Compensation and Fees Paid to Affiliates |
GEAM, a registered investment adviser, was retained by the Board effective May 1, 1997 to act as investment adviser and administrator of the Fund. GEAM’s compensation for investment advisory and administrative services (“Management Fee”) 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 had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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, CenterSquare Management, Inc. (“CenterSquare”) is the sub-adviser to the Fund. CenterSquare 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 their services, GEAM pays CenterSquare monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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, 2014, were as follows:
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 26,419,771 | $ | 38,405,529 |
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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investments For Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||
Appreciation | Depreciation | |||||
$96,004,971 | $11,506,966 | $(484,049) | $11,022,917 |
As of December 31, 2013, the Fund had no capital loss carryovers. 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 gains offset will not be distributed to shareholders.
During the year ended December 31, 2013, the Fund utilized $3,984,210 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, 2013 as follows:
Capital | Ordinary | |
$(197,947) | $— |
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 1,393,744 | $ | 5,670,912 | $ | 7,064,656 | |||||||||
2012 | 1,450,497 | — | 1,450,497 |
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 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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | 106,505 | $ | 514,945 | $ | (621,450 | ) |
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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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 year
Principal Occupation(s) During Past 5 years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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.
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Additional Information | (Unaudited) |
Number of Portfolios in Fund Complex Overseen by Director 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
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Additional Information | (Unaudited) |
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified — 17 years
Principal Occupation(s) During Past 5 years General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
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Additional Information | (Unaudited) |
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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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Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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, 2014
Table of Contents
GE Investments Funds, Inc.
Premier Growth Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
5 | ||||
Financial Statements | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
15 | ||||
18 |
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 Allocations |
as a % of Fair Value of $39,677 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Holdings |
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Gilead Sciences Inc. | 4.64% | |||
Schlumberger Ltd. | 4.50% | |||
QUALCOMM Inc. | 4.36% | |||
Monsanto Co. | 4.00% | |||
Covidien PLC | 3.94% | |||
Apple Inc. | 3.78% | |||
Lowe’s Companies Inc. | 3.67% | |||
Baidu Inc. ADR | 3.65% | |||
CME Group Inc. | 3.40% | |||
Liberty Global PLC | 3.36% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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 E xpenses
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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,042.70 | 4.15 | |||||||||
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, 2014 – June 30, 2014), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2
Table of Contents
Premier Growth Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Premier Growth Equity Fund |
Number of Shares | Fair Value | |||||||||
Common Stock — 98.8%† | ||||||||||
Air Freight & Logistics — 2.0% |
| |||||||||
United Parcel Service Inc. | 7,881 | $ | 809,064 | |||||||
Application Software — 2.6% | ||||||||||
Intuit Inc. | 12,608 | 1,015,322 | ||||||||
Asset Management & Custody Banks — 3.2% |
| |||||||||
State Street Corp. | 18,549 | 1,247,606 | (a) | |||||||
Biotechnology — 9.0% | ||||||||||
Alexion Pharmaceuticals Inc. | 4,364 | 681,875 | (b) | |||||||
Amgen Inc. | 8,850 | 1,047,575 | ||||||||
Gilead Sciences Inc. | 22,185 | 1,839,358 | (b) | |||||||
3,568,808 | ||||||||||
Broadcasting — 1.8% |
| |||||||||
Discovery Communications Inc. | 9,941 | 721,617 | (b) | |||||||
Cable & Satellite — 6.1% |
| |||||||||
Comcast Corp., Special Class A | 20,367 | 1,086,172 | ||||||||
Liberty Global PLC | 31,521 | 1,333,654 | (b) | |||||||
2,419,826 | ||||||||||
Casinos & Gaming — 2.1% |
| |||||||||
Las Vegas Sands Corp. | 10,911 | 831,636 | ||||||||
Communications Equipment — 4.4% |
| |||||||||
QUALCOMM Inc. | 21,822 | 1,728,302 | ||||||||
Data Processing & Outsourced Services — 2.9% |
| |||||||||
Visa Inc. | 5,455 | 1,149,423 | ||||||||
Fertilizers & Agricultural Chemicals — 4.0% |
| |||||||||
Monsanto Co. | 12,729 | 1,587,816 | ||||||||
Healthcare Equipment — 6.2% |
| |||||||||
Abbott Laboratories | 21,822 | 892,520 | ||||||||
Covidien PLC | 17,336 | 1,563,360 | ||||||||
2,455,880 | ||||||||||
Healthcare Services — 2.4% |
| |||||||||
Express Scripts Holding Co. | 13,944 | 966,738 | (b) | |||||||
Healthcare Supplies — 2.7% |
| |||||||||
DENTSPLY International Inc. | 10,306 | 487,989 | ||||||||
The Cooper Companies Inc. | 4,243 | 575,054 | ||||||||
1,063,043 |
Number of Shares | Fair Value | |||||||||
Home Improvement Retail — 3.7% |
| |||||||||
Lowe’s Companies Inc. | 30,309 | $ | 1,454,529 | |||||||
Industrial Machinery — 2.0% |
| |||||||||
Dover Corp. | 8,487 | 771,893 | ||||||||
Internet Retail — 2.5% |
| |||||||||
Amazon.com Inc. | 3,030 | 984,083 | (b) | |||||||
Internet Software & Services — 10.7% |
| |||||||||
Baidu Inc. ADR | 7,759 | 1,449,459 | (b) | |||||||
eBay Inc. | 20,367 | 1,019,572 | (b) | |||||||
Facebook Inc., Class A | 6,425 | 432,338 | (b) | |||||||
Google Inc., Class A | 1,091 | 637,875 | (b) | |||||||
Google Inc., Class C | 1,212 | 697,239 | (b) | |||||||
4,236,483 | ||||||||||
Investment Banking & Brokerage — 1.7% |
| |||||||||
The Charles Schwab Corp. | 24,730 | 665,979 | ||||||||
Movies & Entertainment — 2.2% |
| |||||||||
The Walt Disney Co. | 10,305 | 883,551 | ||||||||
Oil & Gas Equipment & Services — 4.5% |
| |||||||||
Schlumberger Ltd. | 15,154 | 1,787,414 | ||||||||
Oil & Gas Exploration & Production — 1.1% |
| |||||||||
Anadarko Petroleum Corp. | 4,122 | 451,235 | ||||||||
Soft Drinks — 3.3% |
| |||||||||
PepsiCo Inc. | 14,790 | 1,321,339 | ||||||||
Specialized Finance — 5.4% |
| |||||||||
CME Group Inc. | 19,034 | 1,350,462 | ||||||||
McGraw Hill Financial Inc. | 9,699 | 805,308 | ||||||||
2,155,770 | ||||||||||
Specialized REITs — 3.0% |
| |||||||||
American Tower Corp. | 13,336 | 1,199,973 | ||||||||
Specialty Stores — 2.2% |
| |||||||||
Dick’s Sporting Goods Inc. | 18,791 | 874,909 | ||||||||
Technology Hardware, Storage & Peripherals — 7.1% |
| |||||||||
Apple Inc. | 16,128 | 1,498,775 | (c) | |||||||
EMC Corp. | 49,099 | 1,293,268 | ||||||||
2,792,043 | ||||||||||
Total Common Stock | 39,144,282 |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Premier Growth Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Fair Value | ||||||||
Short-Term Investments — 1.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund — Premier Class 0.00% | $ | 532,875 | (d,e) | |||||
Total Investments | 39,677,157 | |||||||
Liabilities in Excess of Other Assets, | (65,286 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 39,611,871 | ||||||
|
| |||||||
Other Information: |
The Fund had the following short futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Depreciation | ||||||||||||||||
S&P 500 Emini Index Futures | September 2014 | 3 | $ | (292,860 | ) | $ | (1,393 | ) |
See Notes to Schedule of Investments and Notes to Financial Statements.
4
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Notes to Schedule of Investments | June 30, 2014 (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) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(b) | Non-income producing security. |
(c) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures. |
(d) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(e) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
Abbreviations:
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
5
Table of Contents
Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 12/12/97 | ||||||||||||||||||
Net asset value, beginning of period | $ | 107.84 | $ | 85.99 | $ | 71.78 | $ | 71.60 | $ | 64.30 | $ | 46.49 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.22 | 0.58 | 0.78 | 0.15 | 0.14 | * | 0.20 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 4.38 | 29.35 | 14.20 | 0.19 | 7.32 | 17.81 | ||||||||||||||||||
Total income from investment operations | 4.60 | 29.93 | 14.98 | 0.34 | 7.46 | 18.01 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.58 | 0.77 | 0.16 | 0.16 | 0.20 | ||||||||||||||||||
Net realized gains | — | 7.50 | — | — | — | — | ||||||||||||||||||
Total distributions | — | 8.08 | 0.77 | 0.16 | 0.16 | 0.20 | ||||||||||||||||||
Net asset value, end of period | $ | 112.44 | $ | 107.84 | $ | 85.99 | $ | 71.78 | $ | 71.60 | $ | 64.30 | ||||||||||||
TOTAL RETURN(a) | 4.27% | 34.88% | 20.88% | 0.47% | 11.61% | 38.74% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 39,612 | $ | 40,852 | $ | 35,397 | $ | 37,871 | $ | 45,280 | $ | 48,620 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.40% | ** | 0.54% | 0.84% | 0.19% | 0.22% | 0.33% | |||||||||||||||||
Net expenses | 0.82% | (b)** | 0.83% | (b) | 0.85% | (b) | 0.91% | (b) | 0.76% | (b) | 0.90% | (b) | ||||||||||||
Gross expenses | 0.82% | ** | 0.83% | 0.85% | 0.92% | 0.76% | 0.90% | |||||||||||||||||
Portfolio turnover rate | 10% | 21% | 17% | 21% | 19% | 18% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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. |
† | 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.
6
Table of Contents
The accompanying Notes are an integral part of these financial statements.
7
Table of Contents
For the period ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 237,871 | ||
Total income | 237,871 | |||
Expenses: | ||||
Advisory and administration fees | 127,330 | |||
Directors’ fees | 770 | |||
Custody and accounting expenses | 12,257 | |||
Professional fees | 9,380 | |||
Other expenses | 9,859 | |||
Total expenses before waivers | 159,596 | |||
Less: Fees waived by the adviser | (283 | ) | ||
Net expenses | 159,313 | |||
Net investment income | 78,558 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 1,838,445 | |||
Futures | 39,963 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | (327,837 | ) | ||
Futures | (31,765 | ) | ||
Net realized and unrealized gain (loss) on investments | 1,518,806 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,597,364 |
The accompanying Notes are an integral part of these financial statements.
8
Table of Contents
* | (Unaudited). |
The accompanying Notes are an integral part of these financial statements.
9
Table of Contents
Notes to Financial Statements | June 30, 2014 (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, 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. During the six-month period ended June 30, 2014, the Fund invested in stock index futures contracts to gain equity exposure for accumulating and residual cash positions. 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. 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 on foreign dividends, if any, 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
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are charged 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 of 1986, as amended (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.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 net asset value (“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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
Common Stock | $ | 39,144,282 | $ | — | $ | — | $ | 39,144,282 | ||||||||||||
Short-Term Investments | — | 532,875 | — | 532,875 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 39,144,282 | $ | 532,875 | $ | — | $ | 39,677,157 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments* | ||||||||||||||||||||
Short Futures Contracts — Unrealized Depreciation | $ | (1,393 | ) | $ | — | $ | — | $ | (1,393 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
† | 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 during the period. 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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | — | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | (1,393)* |
* | 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. |
12
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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) ($) | Realized Gain (Loss) on Derivatives Recognized in Income ($) | 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 |
| 1,845,976/ (3,067,584) |
| 39,963 | (31,765) |
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 0.10% 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, 2014.
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 (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.
Prior to June 30, 2014, GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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, 2014, were as follows:
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 3,712,852 | $ | 4,864,736 |
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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
13
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investment For Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||||||||
Appreciation | Depreciation | |||||||||||
$25,417,462 | $ | 14,259,695 | $ | — | $ | 14,259,695 |
As of December 31, 2013, the Fund had no capital loss carryovers. 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 gains offset will not be distributed to shareholders.
During the year ended December 31, 2013, the Fund utilized $276,981 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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 204,810 | $ | 2,644,728 | $ | 2,849,538 | |||||||||
2012 | 318,846 | — | 318,846 |
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 and future contracts. 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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | (67 | ) | $ | 128,877 | $ | (128,810 | ) |
14
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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
15
Table of Contents
Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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
16
Table of Contents
Additional Information | (Unaudited) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified — 17 years
Principal Occupation(s) During Past 5 years General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
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 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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.
17
Table of Contents
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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.
18
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, 2014
Table of Contents
Core Value Equity Fund | Contents |
1 | ||||
2 | ||||
3 | ||||
6 | ||||
Financial Statements | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
16 | ||||
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
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 $17,232 (in thousands) on June 30, 2014 (a)(b)
Top Ten Largest Holdings |
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Verizon Communications Inc. | 2.86% | |||
Johnson & Johnson | 2.80% | |||
Exxon Mobil Corp. | 2.69% | |||
Schlumberger Ltd. | 2.50% | |||
Apple Inc. | 2.46% | |||
QUALCOMM Inc. | 2.36% | |||
Cisco Systems Inc. | 2.30% | |||
PepsiCo Inc. | 2.24% | |||
Wells Fargo & Co. | 2.20% | |||
CVS Caremark Corp. | 2.07% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
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 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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,087.50 | 5.23 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,019.79 | 5.06 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 1.01% (for the period January 1, 2014 – June 30, 2014), 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, 2014 (Unaudited) |
Core Value Equity Fund |
Number of Shares | Fair Value | |||||||||
Common Stock — 94.0%† | ||||||||||
Aerospace & Defense — 3.3% |
| |||||||||
General Dynamics Corp. | 576 | $ | 67,132 | |||||||
Honeywell International Inc. | 3,474 | 322,908 | ||||||||
The Boeing Co. | 1,631 | 207,512 | ||||||||
597,552 | ||||||||||
Agricultural Products — 1.6% |
| |||||||||
Archer-Daniels-Midland Co. | 6,334 | 279,393 | ||||||||
Airlines — 1.0% |
| |||||||||
Delta Air Lines Inc. | 4,798 | 185,779 | (a) | |||||||
Asset Management & Custody Banks — 3.3% |
| |||||||||
Ameriprise Financial Inc. | 2,553 | 306,360 | ||||||||
Invesco Ltd. | 7,389 | 278,935 | ||||||||
585,295 | ||||||||||
Auto Parts & Equipment — 1.4% |
| |||||||||
TRW Automotive Holdings Corp. | 2,879 | 257,728 | (b) | |||||||
Automobile Manufacturers — 1.5% |
| |||||||||
Ford Motor Co. | 15,739 | 271,340 | ||||||||
Automotive Retail — 0.9% |
| |||||||||
AutoZone Inc. | 307 | 164,626 | (b) | |||||||
Biotechnology — 1.9% |
| |||||||||
Amgen Inc. | 2,917 | 345,285 | ||||||||
Broadcasting — 0.8% |
| |||||||||
CBS Corp. | 2,416 | 150,130 | ||||||||
Cable & Satellite — 1.0% |
| |||||||||
Comcast Corp., Class A | 3,455 | 185,464 | (a) | |||||||
Commodity Chemicals — 1.5% |
| |||||||||
LyondellBasell Industries N.V. | 2,802 | 273,615 | ||||||||
Communications Equipment — 4.5% |
| |||||||||
Cisco Systems Inc. | 15,930 | 395,860 | ||||||||
QUALCOMM Inc. | 5,125 | 405,900 | ||||||||
801,760 | ||||||||||
Consumer Finance — 1.3% |
| |||||||||
American Express Co. | 2,495 | 236,701 |
Number of Shares | Fair Value | |||||||||
Department Stores — 0.9% |
| |||||||||
Macy’s Inc. | 2,841 | $ | 164,835 | |||||||
Diversified Banks — 6.4% |
| |||||||||
Bank of America Corp. | 8,637 | 132,751 | ||||||||
Citigroup Inc. | 5,816 | 273,934 | ||||||||
JPMorgan Chase & Co. | 6,199 | 357,186 | ||||||||
Wells Fargo & Co. | 7,197 | 378,274 | ||||||||
1,142,145 | ||||||||||
Drug Retail — 2.0% |
| |||||||||
CVS Caremark Corp. | 4,741 | 357,329 | ||||||||
Electric Utilities — 1.0% |
| |||||||||
NextEra Energy Inc. | 1,727 | 176,983 | ||||||||
Electrical Components & Equipment — 1.7% |
| |||||||||
Eaton Corp. PLC | 4,031 | 311,113 | ||||||||
General Merchandise Stores — 1.4% |
| |||||||||
Dollar General Corp. | 4,414 | 253,187 | (a,b) | |||||||
Healthcare Distributors — 0.9% |
| |||||||||
Cardinal Health Inc. | 2,303 | 157,894 | ||||||||
Healthcare Equipment — 1.1% |
| |||||||||
Boston Scientific Corp. | 7,562 | 96,567 | (b) | |||||||
Stryker Corp. | 1,248 | 105,231 | ||||||||
201,798 | ||||||||||
Home Improvement Retail — 1.2% |
| |||||||||
Lowe’s Companies Inc. | 4,415 | 211,876 | ||||||||
Household Products — 0.5% | ||||||||||
Energizer Holdings Inc. | 768 | 93,719 | ||||||||
Independent Power Producers & Energy Traders — 2.6% |
| |||||||||
AES Corp. | 10,748 | 167,131 | ||||||||
Calpine Corp. | 6,910 | 164,527 | (b) | |||||||
NRG Energy Inc. | 3,839 | 142,811 | ||||||||
474,469 | ||||||||||
Industrial Machinery — 0.2% |
| |||||||||
Pentair PLC | 461 | 33,247 | ||||||||
Integrated Oil & Gas — 7.2% |
| |||||||||
Cenovus Energy Inc. | 3,455 | 111,838 | ||||||||
Chevron Corp. | 768 | 100,263 | ||||||||
Exxon Mobil Corp. | 4,606 | 463,732 | ||||||||
Hess Corp. | 2,783 | 275,211 | ||||||||
Occidental Petroleum Corp. | 3,359 | 344,734 | ||||||||
1,295,778 |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Core Value Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Number of Shares | Fair Value | |||||||||
Integrated Telecommunication Services — 2.7% |
| |||||||||
Verizon Communications Inc. | 10,076 | $ | 493,019 | |||||||
Internet Software & Services — 1.8% |
| |||||||||
Google Inc., Class A | 545 | 318,645 | (b) | |||||||
Life Sciences Tools & Services — 0.6% |
| |||||||||
PerkinElmer Inc. | 2,207 | 103,376 | ||||||||
Movies & Entertainment — 1.9% |
| |||||||||
Time Warner Inc. | 4,798 | 337,059 | ||||||||
Multi-Line Insurance — 4.0% |
| |||||||||
American International Group Inc. | 6,295 | 343,581 | ||||||||
Genworth Financial Inc. | 8,061 | 140,262 | (b) | |||||||
The Hartford Financial Services Group Inc. | 6,526 | 233,696 | ||||||||
717,539 | ||||||||||
Oil & Gas Equipment & Services — 5.4% |
| |||||||||
Cameron International Corp. | 3,167 | 214,437 | (b) | |||||||
Halliburton Co. | 4,702 | 333,889 | ||||||||
Schlumberger Ltd. | 3,647 | 430,164 | ||||||||
978,490 | ||||||||||
Oil & Gas Exploration & Production — 1.6% |
| |||||||||
Marathon Oil Corp. | 7,102 | 283,512 | ||||||||
Packaged Foods & Meats — 1.2% |
| |||||||||
Mondelez International Inc. | 5,854 | 220,169 | ||||||||
Pharmaceuticals — 8.2% |
| |||||||||
Actavis PLC | 965 | 215,243 | (b) | |||||||
GlaxoSmithKline PLC ADR | 2,399 | 128,299 | ||||||||
Johnson & Johnson | 4,606 | 481,880 | ||||||||
Merck & Company Inc. | 5,451 | 315,340 | ||||||||
Pfizer Inc. | 11,516 | 341,795 | ||||||||
1,482,557 | ||||||||||
Publishing — 0.1% |
| |||||||||
Time Inc. | 629 | 15,240 | (b) | |||||||
Railroads — 0.4% |
| |||||||||
CSX Corp. | 2,303 | 70,955 | ||||||||
Regional Banks — 1.2% |
| |||||||||
Regions Financial Corp. | 20,153 | 214,025 | ||||||||
Research & Consulting Services — 0.7% |
| |||||||||
Nielsen N.V. | 2,687 | 130,078 | ||||||||
Semiconductor Equipment — 1.0% |
| |||||||||
Applied Materials Inc. | 7,773 | 175,281 |
Number of Shares | Fair Value | |||||||||
Semiconductors — 0.7% |
| |||||||||
Analog Devices Inc. | 2,207 | $ | 119,332 | |||||||
Soft Drinks — 3.3% |
| |||||||||
Coca-Cola Enterprises Inc. | 4,357 | 208,178 | ||||||||
PepsiCo Inc. | 4,318 | 385,770 | ||||||||
593,948 | ||||||||||
Specialized REITs — 1.7% |
| |||||||||
American Tower Corp. | 3,455 | 310,881 | ||||||||
Specialty Chemicals — 0.6% |
| |||||||||
PPG Industries Inc. | 345 | 72,503 | ||||||||
Rockwood Holdings Inc. | 445 | 33,815 | ||||||||
106,318 | ||||||||||
Systems Software — 2.3% |
| |||||||||
Microsoft Corp. | 2,015 | 84,026 | ||||||||
Oracle Corp. | 8,119 | 329,063 | ||||||||
413,089 | ||||||||||
Technology Hardware, Storage & Peripherals — 3.5% |
| |||||||||
Apple Inc. | 4,568 | 424,504 | (a) | |||||||
EMC Corp. | 4,798 | 126,379 | (a) | |||||||
Hewlett-Packard Co. | 2,111 | 71,099 | ||||||||
621,982 | ||||||||||
Total Common Stock | 16,914,536 | |||||||||
Exchange Traded Funds — 1.4% |
| |||||||||
Financial Select Sector SPDR Fund | 2,183 | 49,641 | (c) | |||||||
Industrial Select Sector SPDR Fund | 3,660 | 197,860 | (a,c) | |||||||
Total Exchange Traded Funds | 247,501 | |||||||||
Total Investments in Securities | 17,162,037 | |||||||||
Short-Term Investments — 0.4% |
| |||||||||
State Street Institutional U.S. Government Money |
| 70,181 | (c,d) | |||||||
Total Investments |
| 17,232,218 | ||||||||
Other Assets and Liabilities, net — 4.2% |
| 759,986 | ||||||||
|
| |||||||||
NET ASSETS — 100.0% |
| $ | 17,992,204 | |||||||
|
|
See Notes to Schedule of Investments and Notes to Financial Statements.
4
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Core Value Equity Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Other Information: |
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||||||||
S&P 500 Emini Index Futures | September 2014 | 7 | $ | 683,340 | $ | 3,358 |
See Notes to Schedule of Investments and Notes to Financial Statements.
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Notes to Schedule of Investments | June 30, 2014 (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) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures. |
(b) | Non-income producing security. |
(c) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2014. |
Abbreviations:
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust | |
SPDR | Standard and Poor’s Depositary Receipts |
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Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 4/28/00 | ||||||||||||||||||
Net asset value, beginning of period | $ | 11.89 | $ | 9.67 | $ | 8.63 | $ | 8.85 | $ | 8.04 | $ | 6.48 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.06 | 0.11 | 0.12 | 0.08 | 0.11 | * | 0.08 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.98 | 3.09 | 1.04 | (0.22) | 0.82 | 1.57 | ||||||||||||||||||
Total income/(loss) from investment operations | 1.04 | 3.20 | 1.16 | (0.14) | 0.93 | 1.65 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.11 | 0.12 | 0.08 | 0.12 | 0.09 | ||||||||||||||||||
Net realized gains | — | 0.87 | — | — | — | — | ||||||||||||||||||
Total distributions | — | 0.98 | 0.12 | 0.08 | 0.12 | 0.09 | ||||||||||||||||||
Net asset value, end of period | $ | 12.93 | $ | 11.89 | $ | 9.67 | $ | 8.63 | $ | 8.85 | $ | 8.04 | ||||||||||||
TOTAL RETURN(a) | 8.75% | 33.08% | 13.41% | (1.60)% | 11.57% | 25.40% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 17,992 | $ | 17,993 | $ | 15,523 | $ | 16,251 | $ | 19,756 | $ | 21,847 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 0.90% | ** | 0.89% | 1.14% | 0.80% | 1.32% | 1.16% | |||||||||||||||||
Net expenses | 1.01% | (b)** | 1.02% | (b) | 1.08% | (b) | 1.28% | (b) | 0.97% | (b) | 1.24% | (b) | ||||||||||||
Gross expenses | 1.01% | ** | 1.02% | 1.08% | 1.28% | 0.97% | 1.24% | |||||||||||||||||
Portfolio turnover rate | 18% | 43% | 62% | 49% | 45% | 61% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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. |
† | 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 ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 167,613 | ||
Less: Foreign taxes withheld | (289 | ) | ||
Total income | 167,324 | |||
Expenses: | ||||
Advisory and administration fees | 57,154 | |||
Directors’ fees | 335 | |||
Custody and accounting expenses | 14,547 | |||
Professional fees | 9,061 | |||
Other expenses | 7,817 | |||
Total expenses before waivers | 88,914 | |||
Less: Fees waived by the adviser | (128 | ) | ||
Net expenses | 88,786 | |||
Net investment income | 78,538 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 1,360,935 | |||
Futures | 74,172 | |||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | (24,530 | ) | ||
Futures | (8,791 | ) | ||
Net realized and unrealized gain (loss) on investments | 1,401,786 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,480,324 |
The accompanying Notes are an integral part of these financial statements.
9
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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, 2014 (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, 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 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. During the six-month period ended June 30, 2014, the Fund invested in stock index futures contracts to gain equity exposure for accumulating and residual cash positions. 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. 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 on 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
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
bonds are to the call or maturity date, whichever is shorter, using the effective yield method.
Expenses Fund specific expenses are charged 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 of 1986, as amended (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.
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Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 net asset value (“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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† |
| |||||||||||||||||||
Common Stock | $ | 16,914,536 | $ | — | $ | — | $ | 16,914,536 | ||||||||||||
Exchange Traded Funds | 247,501 | — | — | 247,501 | ||||||||||||||||
Short-Term Investments | — | 70,181 | — | 70,181 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 17,162,037 | $ | 70,181 | $ | — | $ | 17,232,218 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments* |
| |||||||||||||||||||
Long Futures Contracts — Unrealized Appreciation | $ | 3,358 | $ | — | $ | — | $ | 3,358 | ||||||||||||
|
|
|
|
|
|
|
|
† | 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 during the period. 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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | 3,358 | * | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | — |
* | 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. |
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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 Purchased/(Sold) ($) | Realized Gain (Loss) on Derivatives Recognized in Income ($) | 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 |
| 2,204,365/ (1,954,626) |
| 74,172 | (8,791) |
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 0.10% 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, 2014.
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 (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.65%.
GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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, 2014, were as follows:
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 3,154,665 | $ | 4,855,108 |
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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
14
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investments for Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||||||||||
Appreciation | Depreciation | |||||||||||||
$ | 12,978,564 | $ | 4,320,177 | $ | (66,523 | ) | $ | 4,253,654 |
As of December 31, 2013, the Fund had no capital loss carryovers. 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 gains offset will not be distributed to shareholders.
During the year ended December 31, 2013, the Fund utilized $525,527 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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 150,163 | $ | 1,214,132 | $ | 1,364,295 | |||||||||
2012 | 185,461 | — | 185,461 |
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 and future contracts. 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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | (50 | ) | $ | 10,860 | $ | (10,810 | ) |
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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
16
Table of Contents
Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified — 17 years
Principal Occupation(s) During Past 5 year General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
Other Directorships Held by Director Trustee of GE Institutional Funds since April 2011 and Trustee of St. Lawrence University since 2003.
18
Table of Contents
Additional Information | (Unaudited) |
Donna M. Rapaccioli
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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
Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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.
Income Fund
Semi–Annual Report
June 30, 2014
Table of Contents
GE Investments Funds, Inc.
Income Fund | Contents |
1 | |||||
2 | |||||
3 | |||||
10 | |||||
Financial Statements | |||||
11 | |||||
12 | |||||
13 | |||||
14 | |||||
15 | |||||
21 | |||||
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
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 $34,441 (in thousands) on June 30, 2014 (a)(b)
Quality Ratings |
as of June 30, 2014 (as a % of Fair Value) (a)(b)
Moody’s / S&P Rating * | Percentage of Fair Value | |||
Aaa / AAA | 17.26% | |||
Aa / AA | 51.58% | |||
A / A | 8.61% | |||
Baa / BBB | 16.35% | |||
Ba / BB and lower | 6.09% | |||
NR / Other | 0.11% | |||
100.00% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund Premier Class. |
(b) | 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. |
* | Moody’s Investors Services, Inc. (“Moody’s”) and Standard & Poor’s Corporation (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subjec t to change periodically and are not absolute standards of quality. In formulating investment decisions for the Fund, GEAM develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings. |
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, 2014.
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 $1,000 = 8.6), then multiply the result by the number given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Additionally, the expenses shown do not reflect the fees or charges associated with variable contracts through which shares of the Fund are offered.
January 1, 2014 – June 30, 2014
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($)* | ||||||||||
Actual Fund Return | 1,000.00 | 1,038.20 | 4.35 | |||||||||
Hypothetical 5% Return (2.5% for the period) | 1,000.00 | 1,020.53 | 4.31 |
* | Expenses are equal to the Fund’s annualized net expense ratio of 0.86% (for the period January 1, 2014 – June 30, 2014), 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, 2014 (Unaudited) |
Income Fund |
Principal Amount | Fair Value | |||||||||||
Bonds and Notes — 87.5%† |
| |||||||||||
U.S. Treasuries — 18.8% |
| |||||||||||
U.S. Treasury Bonds |
| |||||||||||
3.38% | 05/15/44 | $ | 575,100 | $ | 578,964 | |||||||
4.50% | 02/15/36 | 1,381,000 | 1,677,267 | (a) | ||||||||
U.S. Treasury Notes |
| |||||||||||
0.38% | 04/30/16 | 810,200 | 809,947 | |||||||||
0.50% | 06/30/16 | 640,000 | 640,550 | |||||||||
0.75% | 01/15/17 | 548,800 | 549,701 | |||||||||
1.63% | 04/30/19 - 06/30/19 | 878,700 | 879,624 | |||||||||
2.50% | 05/15/24 | 1,223,800 | 1,222,079 | |||||||||
6,358,132 | ||||||||||||
Agency Mortgage Backed — 28.7% |
| |||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||
4.00% | 05/01/44 | 434,207 | 461,391 | |||||||||
4.50% | 06/01/33 - 02/01/35 | 10,380 | 11,242 | (a) | ||||||||
5.00% | 07/01/35 - 06/01/41 | 285,451 | 321,915 | (a) | ||||||||
5.50% | 05/01/20 - 01/01/38 | 120,042 | 134,109 | (a) | ||||||||
6.00% | 04/01/17 - 11/01/37 | 274,651 | 311,332 | (a) | ||||||||
6.00% | 07/01/19 | 2,384 | 2,521 | |||||||||
6.50% | 02/01/29 | 147 | 167 | (a) | ||||||||
7.00% | 10/01/16 - 08/01/36 | 50,840 | 57,222 | (a) | ||||||||
7.50% | 01/01/30 - 09/01/33 | 5,344 | 5,996 | (a) | ||||||||
8.00% | 11/01/30 | 12,540 | 14,284 | (a) | ||||||||
8.25% | 06/01/26 | 60,000 | 82,678 | (a,b) | ||||||||
8.50% | 04/01/30 | 7,677 | 9,123 | (a) | ||||||||
Federal National Mortgage Assoc. |
| |||||||||||
2.10% | 04/01/37 | 1,091 | 1,094 | (c) | ||||||||
3.00% | 02/01/43 - 05/01/43 | 1,003,554 | 992,564 | |||||||||
3.00% | 05/01/43 - 06/01/43 | 1,028,978 | 1,019,431 | (a) | ||||||||
3.50% | 11/01/42 | 84,590 | 87,211 | |||||||||
3.50% | 02/01/43 | 298,366 | 308,439 | (a) | ||||||||
4.00% | 05/01/19 - 03/01/41 | 395,055 | 419,876 | (a) | ||||||||
4.00% | 03/01/44 | 342,281 | 364,343 | |||||||||
4.50% | 05/01/18 - 04/01/41 | 1,224,792 | 1,325,419 | (a) | ||||||||
4.50% | 10/01/39 | 5,469 | 5,927 | |||||||||
5.00% | 03/01/34 - 06/01/41 | 423,129 | 476,234 | (a) | ||||||||
5.50% | 06/01/20 - 01/01/39 | 488,218 | 545,203 | (a) | ||||||||
5.50% | 05/01/37 | 15,134 | 16,931 | |||||||||
6.00% | 10/01/19 - 07/01/35 | 454,156 | 515,899 | (a) | ||||||||
6.50% | 07/01/17 - 08/01/34 | 73,916 | 82,078 | (a) | ||||||||
7.00% | 03/01/15 - 02/01/34 | 31,985 | 34,306 | (a) | ||||||||
7.50% | 02/01/15 - 12/01/33 | 35,656 | 38,862 | (a) | ||||||||
8.00% | 12/01/15 - 01/01/33 | 19,897 | 22,742 | (a) | ||||||||
9.00% | 12/01/17 - 12/01/22 | 3,240 | 3,546 | (a) | ||||||||
3.50% | TBA | 370,000 | 380,869 | (d) | ||||||||
5.00% | TBA | 25,000 | 27,762 | (d) | ||||||||
Government National Mortgage Assoc. |
| |||||||||||
1.63% | 02/20/23 - 02/20/26 | 8,058 | 8,207 | (a,c) | ||||||||
3.00% | 06/20/43 | 151,826 | 153,550 | |||||||||
3.50% | 05/20/43 | 96,869 | 101,064 |
Principal Amount | Fair Value | |||||||||||
4.00% | 01/20/41 | $ | 293,035 | $ | 314,382 | (a) | ||||||
4.00% | 04/20/43 | 77,908 | 83,516 | |||||||||
4.50% | 08/15/33 - 03/20/41 | 296,491 | 325,054 | (a) | ||||||||
6.00% | 04/15/27 - 09/15/36 | 179,646 | 205,643 | (a) | ||||||||
6.50% | 04/15/19 - 08/15/36 | 82,057 | 93,124 | (a) | ||||||||
7.00% | 01/15/28 - 10/15/36 | 56,866 | 63,268 | (a) | ||||||||
7.50% | 11/15/31 | 458 | 460 | (a) | ||||||||
8.00% | 12/15/29 | 818 | 830 | (a) | ||||||||
8.50% | 10/15/17 | 3,330 | 3,603 | (a) | ||||||||
9.00% | 11/15/16 - 12/15/21 | 10,015 | 10,721 | (a) | ||||||||
5.00% | TBA | 265,000 | 291,176 | (d) | ||||||||
9,735,314 | ||||||||||||
Agency Collateralized Mortgage Obligations — 0.7% |
| |||||||||||
Federal Home Loan Mortgage Corp. |
| |||||||||||
0.08% | 09/25/43 | 793,758 | 8,073 | (a,c,e) | ||||||||
Federal Home Loan Mortgage Corp. REMIC |
| |||||||||||
3.50% | 09/15/29 - 11/15/30 | 182,068 | 17,631 | (e) | ||||||||
4.50% | 02/15/18 | 208 | — | (a,e) | ||||||||
4.50% | 03/15/18 | 24,919 | 731 | (a,e) | ||||||||
5.00% | 05/15/18 - 10/15/18 | 17,656 | 496 | (a,e) | ||||||||
5.50% | 06/15/33 | 55,543 | 11,160 | (a,e) | ||||||||
5.95% | 07/15/39 | 102,699 | 16,102 | (c,e) | ||||||||
6.45% | 08/15/25 | 92,183 | 11,184 | (c,e) | ||||||||
7.50% | 07/15/27 | 4,099 | 807 | (a,e) | ||||||||
Federal Home Loan Mortgage Corp. STRIPS |
| |||||||||||
1.47% | 08/01/27 | 544 | 514 | (a,f,g) | ||||||||
8.00% | 02/01/23 - 07/01/24 | 1,902 | 433 | (a,e) | ||||||||
Federal National Mortgage Assoc. REMIC |
| |||||||||||
0.51% | 12/25/22 | 116 | 114 | (a,f,g) | ||||||||
1.25% | 12/25/42 | 45,354 | 1,637 | (a,c,e) | ||||||||
5.00% | 02/25/32 | 1,911 | 3 | (a,e) | ||||||||
5.00% | 09/25/40 | 135,469 | 17,499 | (e) | ||||||||
5.85% | 07/25/38 | 26,893 | 3,830 | (c,e) | ||||||||
7.00% | 09/25/20 | 277 | 301 | (a) | ||||||||
7.35% | 05/25/18 | 91,983 | 9,110 | (a,c,e) | ||||||||
8.00% | 05/25/22 | 3 | 61 | (a,e) | ||||||||
Federal National Mortgage Assoc. STRIPS |
| |||||||||||
1.87% | 12/01/34 | 50,162 | 46,524 | (a,f,g) | ||||||||
4.50% | 08/01/35 - 01/25/36 | 65,938 | 10,127 | (a,e) | ||||||||
5.00% | 03/25/38 - 05/25/38 | 39,513 | 6,209 | (a,e) | ||||||||
5.50% | 12/01/33 | 13,481 | 2,655 | (a,e) | ||||||||
6.00% | 01/01/35 | 22,881 | 4,222 | (a,e) | ||||||||
7.50% | 11/01/23 | 11,408 | 2,287 | (a,e) | ||||||||
8.00% | 08/01/23 - 07/01/24 | 3,847 | 830 | (a,e) | ||||||||
8.50% | 07/25/22 | 144 | 24 | (a,e) | ||||||||
9.00% | 05/25/22 | 107 | 22 | (a,e) | ||||||||
Government National Mortgage Assoc. |
| |||||||||||
4.50% | 10/20/37 - 08/16/39 | 230,613 | 26,576 | (e) | ||||||||
5.00% | 12/20/35 | 34,820 | 1,130 | (e) | ||||||||
5.00% | 10/20/37 - 09/20/38 | 152,646 | 16,960 | (a,e) | ||||||||
6.10% | 02/20/40 | 143,471 | 26,844 | (c,e) | ||||||||
244,096 | ||||||||||||
Asset Backed — 0.1% |
| |||||||||||
Ford Credit Auto Lease Trust 2013-A |
| |||||||||||
1.28% | 06/15/16 | 20,000 | 20,069 |
See Notes to Schedule of Investments and Notes to Financial Statements.
3
Table of Contents
Income Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Corporate Notes — 32.6% |
| |||||||||||
21st Century Fox America Inc. |
| |||||||||||
6.65% | 11/15/37 | $ | 30,000 | $ | 38,092 | (a) | ||||||
ABB Finance USA Inc. |
| |||||||||||
1.63% | 05/08/17 | 41,000 | 41,516 | |||||||||
AbbVie Inc. |
| |||||||||||
1.75% | 11/06/17 | 45,000 | 45,245 | |||||||||
2.00% | 11/06/18 | 31,000 | 30,962 | |||||||||
Actavis Funding SCS |
| |||||||||||
1.30% | 06/15/17 | 52,000 | 51,901 | (h) | ||||||||
2.45% | 06/15/19 | 22,000 | 22,062 | (h) | ||||||||
3.85% | 06/15/24 | 43,000 | 43,467 | (h) | ||||||||
4.85% | 06/15/44 | 22,000 | 22,208 | (h) | ||||||||
Agilent Technologies Inc. |
| |||||||||||
5.50% | 09/14/15 | 32,000 | 33,754 | (a) | ||||||||
Agrium Inc. |
| |||||||||||
4.90% | 06/01/43 | 45,000 | 45,984 | |||||||||
Altria Group Inc. |
| |||||||||||
2.95% | 05/02/23 | 23,000 | 22,018 | |||||||||
4.50% | 05/02/43 | 23,000 | 22,172 | |||||||||
5.38% | 01/31/44 | 23,000 | 25,193 | |||||||||
America Movil SAB de C.V. |
| |||||||||||
5.00% | 03/30/20 | 100,000 | 110,867 | |||||||||
American Axle & Manufacturing Inc. |
| |||||||||||
6.25% | 03/15/21 | 33,000 | 35,475 | |||||||||
7.75% | 11/15/19 | 9,000 | 10,373 | |||||||||
American Campus Communities Operating Partnership LP |
| |||||||||||
4.13% | 07/01/24 | 32,000 | 32,434 | |||||||||
American Express Credit Corp. |
| |||||||||||
1.13% | 06/05/17 | 86,000 | 85,910 | |||||||||
American International Group Inc. |
| |||||||||||
3.38% | 08/15/20 | 16,000 | 16,626 | |||||||||
American Seafoods Group LLC |
| |||||||||||
10.75% | 05/15/16 | 35,000 | 34,912 | (h) | ||||||||
American Tower Trust Corp. (REIT) |
| |||||||||||
3.40% | 02/15/19 | 44,000 | 46,031 | |||||||||
3.50% | 01/31/23 | 14,000 | 13,729 | |||||||||
Amgen Inc. |
| |||||||||||
2.20% | 05/22/19 | 65,000 | 64,924 | |||||||||
Anadarko Petroleum Corp. |
| |||||||||||
6.20% | 03/15/40 | 39,000 | 49,177 | |||||||||
Anheuser-Busch InBev Worldwide Inc. |
| |||||||||||
2.50% | 07/15/22 | 77,000 | 73,784 | |||||||||
Apple Inc. |
| |||||||||||
2.85% | 05/06/21 | 68,000 | 68,586 | |||||||||
3.45% | 05/06/24 | 45,000 | 45,501 | |||||||||
ARC Properties Operating Partnership LP/Clark Acquisition LLC |
| |||||||||||
2.00% | 02/06/17 | 2,000 | 2,005 | (h) | ||||||||
Archer-Daniels-Midland Co. |
| |||||||||||
4.02% | 04/16/43 | 35,000 | 33,591 | |||||||||
Arizona Public Service Co. |
| |||||||||||
6.25% | 08/01/16 | 122,000 | 135,572 | (a) | ||||||||
Ascension Health |
| |||||||||||
4.85% | 11/15/53 | 36,000 | 39,427 | |||||||||
AT&T Inc. |
| |||||||||||
2.38% | 11/27/18 | 47,000 | 47,788 | |||||||||
4.35% | 06/15/45 | 28,000 | 26,542 | |||||||||
4.80% | 06/15/44 | 26,000 | 26,542 |
Principal Amount | Fair Value | |||||||||||
AXIS Specialty Finance PLC |
| |||||||||||
5.15% | 04/01/45 | $ | 25,000 | $ | 25,864 | |||||||
Bank of America Corp. |
| |||||||||||
2.00% | 01/11/18 | 92,000 | 92,594 | |||||||||
2.60% | 01/15/19 | 38,000 | 38,447 | |||||||||
4.00% | 04/01/24 | 23,000 | 23,472 | |||||||||
4.10% | 07/24/23 | 40,000 | 41,515 | |||||||||
4.13% | 01/22/24 | 36,000 | 37,116 | |||||||||
Berkshire Hathaway Energy Co. |
| |||||||||||
6.13% | 04/01/36 | 115,000 | 142,581 | (a) | ||||||||
Berkshire Hathaway Finance Corp. |
| |||||||||||
2.90% | 10/15/20 | 55,000 | 56,644 | |||||||||
3.00% | 05/15/22 | 27,000 | 27,148 | |||||||||
Berkshire Hathaway Inc. |
| |||||||||||
4.50% | 02/11/43 | 63,000 | 64,958 | |||||||||
BHP Billiton Finance USA Ltd. |
| |||||||||||
5.00% | 09/30/43 | 23,000 | 25,419 | |||||||||
Bombardier Inc. |
| |||||||||||
7.75% | 03/15/20 | 52,000 | 58,768 | (a,h) | ||||||||
BP Capital Markets PLC |
| |||||||||||
1.38% | 05/10/18 | 23,000 | 22,786 | |||||||||
3.81% | 02/10/24 | 45,000 | 46,492 | |||||||||
Brocade Communications Systems Inc. |
| |||||||||||
4.63% | 01/15/23 | 14,000 | 13,580 | |||||||||
Cargill Inc. |
| |||||||||||
6.00% | 11/27/17 | 63,000 | 71,862 | (a,h) | ||||||||
Caterpillar Inc. |
| |||||||||||
3.40% | 05/15/24 | 11,000 | 11,125 | |||||||||
4.30% | 05/15/44 | 22,000 | 22,055 | |||||||||
Catholic Health Initiatives |
| |||||||||||
2.60% | 08/01/18 | 15,000 | 15,081 | |||||||||
2.95% | 11/01/22 | 25,000 | 24,038 | |||||||||
4.20% | 08/01/23 | 10,000 | 10,331 | |||||||||
4.35% | 11/01/42 | 16,000 | 15,333 | |||||||||
Celgene Corp. |
| |||||||||||
3.63% | 05/15/24 | 45,000 | 45,105 | |||||||||
Central American Bank for Economic Integration |
| |||||||||||
5.38% | 09/24/14 | 70,000 | 70,701 | (a,h) | ||||||||
Cequel Capital Corp. |
| |||||||||||
5.13% | 12/15/21 | 44,000 | 43,835 | (h) | ||||||||
CF Industries Inc. |
| |||||||||||
5.38% | 03/15/44 | 23,000 | 24,662 | |||||||||
Chesapeake Energy Corp. |
| |||||||||||
3.25% | 03/15/16 | 27,000 | 27,169 | |||||||||
Citigroup Inc. |
| |||||||||||
1.75% | 05/01/18 | 47,000 | 46,689 | |||||||||
3.75% | 06/16/24 | 45,000 | 45,126 | |||||||||
5.00% | 09/15/14 | 44,000 | 44,390 | (a) | ||||||||
5.30% | 05/06/44 | 21,000 | 21,904 | |||||||||
5.50% | 09/13/25 | 56,000 | 62,466 | |||||||||
CMS Energy Corp. |
| |||||||||||
4.88% | 03/01/44 | 23,000 | 24,210 | |||||||||
CNA Financial Corp. |
| |||||||||||
5.88% | 08/15/20 | 38,000 | 44,467 | (a) | ||||||||
CNH Industrial Capital LLC |
| |||||||||||
3.38% | 07/15/19 | 45,000 | 44,662 | (h) | ||||||||
3.88% | 11/01/15 | 28,000 | 28,560 | |||||||||
Cogeco Cable Inc. |
| |||||||||||
4.88% | 05/01/20 | 45,000 | 45,562 | (h) |
See Notes to Schedule of Investments and Notes to Financial Statements.
4
Table of Contents
Income Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Comcast Corp. |
| |||||||||||
4.75% | 03/01/44 | $ | 23,000 | $ | 24,326 | |||||||
Constellation Brands Inc. |
| |||||||||||
7.25% | 09/01/16 | 45,000 | 50,175 | |||||||||
Corp Andina de Fomento |
| |||||||||||
4.38% | 06/15/22 | 71,000 | 75,301 | |||||||||
Corporate Office Properties LP (REIT) |
| |||||||||||
3.60% | 05/15/23 | 48,000 | 45,898 | |||||||||
3.70% | 06/15/21 | 21,000 | 20,989 | |||||||||
COX Communications Inc. |
| |||||||||||
4.70% | 12/15/42 | 11,000 | 10,697 | (h) | ||||||||
Denbury Resources Inc. |
| |||||||||||
6.38% | 08/15/21 | 45,000 | 48,262 | (a) | ||||||||
Diageo Capital PLC |
| |||||||||||
1.13% | 04/29/18 | 47,000 | 46,088 | |||||||||
Diageo Investment Corp. |
| |||||||||||
2.88% | 05/11/22 | 51,000 | 50,747 | |||||||||
DigitalGlobe Inc. |
| |||||||||||
5.25% | 02/01/21 | 47,000 | 46,530 | |||||||||
DIRECTV Holdings LLC |
| |||||||||||
4.45% | 04/01/24 | 35,000 | 37,111 | |||||||||
5.15% | 03/15/42 | 34,000 | 35,705 | |||||||||
Dominion Resources Inc. |
| |||||||||||
1.95% | 08/15/16 | 40,000 | 40,897 | (a) | ||||||||
Duke Energy Corp. |
| |||||||||||
1.63% | 08/15/17 | 47,000 | 47,412 | |||||||||
3.75% | 04/15/24 | 32,000 | 32,867 | |||||||||
Eaton Corp. |
| |||||||||||
2.75% | 11/02/22 | 50,000 | 48,415 | |||||||||
eBay Inc. |
| |||||||||||
4.00% | 07/15/42 | 29,000 | 25,918 | |||||||||
Ecopetrol S.A. |
| |||||||||||
5.88% | 05/28/45 | 11,000 | 11,377 | |||||||||
El Paso Pipeline Partners Operating Company LLC |
| |||||||||||
4.30% | 05/01/24 | 45,000 | 45,321 | |||||||||
Electricite de France S.A. |
| |||||||||||
2.15% | 01/22/19 | 91,000 | 91,513 | (h) | ||||||||
EMC Corp. |
| |||||||||||
1.88% | 06/01/18 | 46,000 | 46,304 | |||||||||
Enbridge Inc. |
| |||||||||||
4.50% | 06/10/44 | 22,000 | 21,715 | |||||||||
Endo Finance LLC & Endo Finco Inc. |
| |||||||||||
5.38% | 01/15/23 | 41,000 | 40,949 | (h) | ||||||||
Energy Transfer Partners LP |
| |||||||||||
6.50% | 02/01/42 | 42,000 | 50,161 | |||||||||
ERP Operating LP |
| |||||||||||
4.50% | 07/01/44 | 26,000 | 26,085 | |||||||||
European Investment Bank |
| |||||||||||
0.88% | 12/15/14 | 100,000 | 100,317 | (a) | ||||||||
4.88% | 01/17/17 | 75,000 | 82,693 | (a) | ||||||||
Everest Reinsurance Holdings Inc. |
| |||||||||||
4.87% | 06/01/44 | 22,000 | 22,062 | |||||||||
Exelon Corp. |
| |||||||||||
4.90% | 06/15/15 | 70,000 | 72,768 | (a) | ||||||||
Express Scripts Holding Co. |
| |||||||||||
2.25% | 06/15/19 | 86,000 | 85,640 | |||||||||
Fidelity National Information Services Inc. |
| |||||||||||
1.45% | 06/05/17 | 13,000 | 12,985 | |||||||||
3.88% | 06/05/24 | 30,000 | 30,142 |
Principal Amount | Fair Value | |||||||||||
Florida Power & Light Co. |
| |||||||||||
4.13% | 02/01/42 | $ | 31,000 | $ | 31,128 | (a) | ||||||
Freeport-McMoRan Copper & Gold Inc. |
| |||||||||||
5.45% | 03/15/43 | 21,000 | 21,787 | |||||||||
Fresenius Medical Care US Finance Inc. |
| |||||||||||
5.75% | 02/15/21 | 30,000 | 32,775 | (a,h) | ||||||||
Frontier Communications Corp. |
| |||||||||||
7.13% | 03/15/19 | 52,000 | 59,020 | (a) | ||||||||
General Motors Co. |
| |||||||||||
4.88% | 10/02/23 | 16,000 | 16,840 | (h) | ||||||||
Genworth Holdings Inc. |
| |||||||||||
4.80% | 02/15/24 | 23,000 | 24,577 | |||||||||
7.70% | 06/15/20 | 22,000 | 27,113 | |||||||||
Gilead Sciences Inc. |
| |||||||||||
3.70% | 04/01/24 | 46,000 | 47,201 | |||||||||
4.80% | 04/01/44 | 34,000 | 35,877 | |||||||||
Glencore Funding LLC |
| |||||||||||
2.50% | 01/15/19 | 67,000 | 66,829 | (h) | ||||||||
3.13% | 04/29/19 | 3,000 | 3,059 | (h) | ||||||||
4.13% | 05/30/23 | 43,000 | 43,187 | (h) | ||||||||
4.63% | 04/29/24 | 24,000 | 24,742 | (h) | ||||||||
Great Plains Energy Inc. |
| |||||||||||
4.85% | 06/01/21 | 60,000 | 66,305 | (a) | ||||||||
HCA Inc. |
| |||||||||||
6.50% | 02/15/20 | 36,000 | 40,500 | (a) | ||||||||
Hewlett-Packard Co. |
| |||||||||||
2.75% | 01/14/19 | 114,000 | 116,891 | |||||||||
Hexion US Finance Corp. |
| |||||||||||
6.63% | 04/15/20 | 24,000 | 25,440 | |||||||||
Hughes Satellite Systems Corp. |
| |||||||||||
6.50% | 06/15/19 | 19,000 | 21,185 | (a) | ||||||||
Huntsman International LLC |
| |||||||||||
4.88% | 11/15/20 | 46,000 | 47,610 | |||||||||
Hyundai Capital America |
| |||||||||||
1.63% | 10/02/15 | 46,000 | 46,417 | (h) | ||||||||
2.13% | 10/02/17 | 23,000 | 23,350 | (h) | ||||||||
Illinois Tool Works Inc. |
| |||||||||||
3.50% | 03/01/24 | 45,000 | 46,122 | |||||||||
Ingles Markets Inc. |
| |||||||||||
5.75% | 06/15/23 | 54,000 | 54,810 | |||||||||
International Business Machines Corp. |
| |||||||||||
3.63% | 02/12/24 | 100,000 | 102,605 | |||||||||
Invesco Finance PLC |
| |||||||||||
3.13% | 11/30/22 | 67,000 | 66,455 | |||||||||
JB Poindexter & Company Inc. |
| |||||||||||
9.00% | 04/01/22 | 13,000 | 14,463 | (h) | ||||||||
JBS USA LLC/JBS USA Finance Inc. |
| |||||||||||
5.88% | 07/15/24 | 25,000 | 24,938 | (h) | ||||||||
Jefferies Group Inc. |
| |||||||||||
5.13% | 01/20/23 | 15,000 | 16,081 | |||||||||
6.50% | 01/20/43 | 16,000 | 17,649 | |||||||||
John Deere Capital Corp. |
| |||||||||||
3.35% | 06/12/24 | 43,000 | 43,286 | |||||||||
Johnson Controls Inc. |
| |||||||||||
3.63% | 07/02/24 | 9,000 | 9,040 | |||||||||
4.63% | 07/02/44 | 22,000 | 22,017 | |||||||||
JPMorgan Chase & Co. |
| |||||||||||
5.00% | 12/29/49 | 65,000 | 64,759 | (c) |
See Notes to Schedule of Investments and Notes to Financial Statements.
5
Table of Contents
Income Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Kerr-McGee Corp. |
| |||||||||||
6.95% | 07/01/24 | $ | 35,000 | $ | 44,953 | |||||||
KFW |
| |||||||||||
2.00% | 10/04/22 | 115,000 | 110,925 | |||||||||
4.50% | 07/16/18 | 85,000 | 95,260 | (a) | ||||||||
Kinder Morgan Energy Partners LP |
| |||||||||||
3.50% | 09/01/23 | 39,000 | 37,877 | |||||||||
5.50% | 03/01/44 | 23,000 | 24,279 | |||||||||
Kinder Morgan Inc. |
| |||||||||||
5.63% | 11/15/23 | 18,000 | 18,495 | (h) | ||||||||
Kinross Gold Corp. |
| |||||||||||
5.95% | 03/15/24 | 23,000 | 23,932 | (h) | ||||||||
6.88% | 09/01/41 | 9,000 | 9,239 | |||||||||
Korea National Oil Corp. |
| |||||||||||
2.88% | 11/09/15 | 100,000 | 102,463 | (a,h) | ||||||||
L-3 Communications Corp. |
| |||||||||||
1.50% | 05/28/17 | 30,000 | 30,041 | |||||||||
3.95% | 05/28/24 | 34,000 | 34,232 | |||||||||
Liberty Mutual Group Inc. |
| |||||||||||
4.25% | 06/15/23 | 48,000 | 49,750 | (h) | ||||||||
Linn Energy LLC |
| |||||||||||
6.25% | 11/01/19 | 42,000 | 43,912 | |||||||||
8.63% | 04/15/20 | 24,000 | 25,920 | (a) | ||||||||
LYB International Finance BV |
| |||||||||||
4.88% | 03/15/44 | 31,000 | 32,320 | |||||||||
Macquarie Bank Ltd. |
| |||||||||||
2.60% | 06/24/19 | 86,000 | 86,544 | (h) | ||||||||
Martin Marietta Materials Inc. |
| |||||||||||
4.25% | 07/02/24 | 6,000 | 6,045 | (h) | ||||||||
Mattel Inc. |
| |||||||||||
2.35% | 05/06/19 | 67,000 | 67,306 | |||||||||
Medtronic Inc. |
| |||||||||||
4.63% | 03/15/44 | 16,000 | 16,805 | |||||||||
Memorial Sloan-Kettering Cancer Center |
| |||||||||||
4.13% | 07/01/52 | 20,000 | 19,219 | |||||||||
Microsoft Corp. |
| |||||||||||
2.38% | 05/01/23 | 22,000 | 21,062 | |||||||||
Monsanto Co. |
| |||||||||||
3.38% | 07/15/24 | 21,000 | 21,139 | |||||||||
4.40% | 07/15/44 | 16,000 | 16,035 | |||||||||
4.70% | 07/15/64 | 32,000 | 32,124 | |||||||||
Morgan Stanley |
| |||||||||||
2.13% | 04/25/18 | 45,000 | 45,494 | |||||||||
4.10% | 05/22/23 | 52,000 | 52,749 | |||||||||
4.75% | 03/22/17 | 32,000 | 34,840 | |||||||||
4.88% | 11/01/22 | 49,000 | 52,597 | |||||||||
5.00% | 11/24/25 | 29,000 | 30,930 | |||||||||
Mylan Inc. |
| |||||||||||
5.40% | 11/29/43 | 22,000 | 23,691 | |||||||||
7.88% | 07/15/20 | 70,000 | 77,480 | (a,h) | ||||||||
National Agricultural Cooperative Federation |
| |||||||||||
4.25% | 01/28/16 | 100,000 | 104,738 | (a,h) | ||||||||
National Retail Properties Inc. |
| |||||||||||
3.90% | 06/15/24 | 36,000 | 36,213 | |||||||||
NCL Corporation Ltd. |
| |||||||||||
5.00% | 02/15/18 | 26,000 | 26,845 | |||||||||
Newfield Exploration Co. |
| |||||||||||
5.63% | 07/01/24 | 10,000 | 10,975 | |||||||||
5.75% | 01/30/22 | 51,000 | 56,355 | (a) |
Principal Amount | Fair Value | |||||||||||
Newmont Mining Corp. |
| |||||||||||
4.88% | 03/15/42 | $ | 17,000 | $ | 15,319 | |||||||
Nexen Energy ULC |
| |||||||||||
6.40% | 05/15/37 | 25,000 | 30,084 | |||||||||
NextEra Energy Capital Holdings Inc. |
| |||||||||||
2.60% | 09/01/15 | 78,000 | 79,692 | (a) | ||||||||
Northeast Utilities |
| |||||||||||
1.45% | 05/01/18 | 46,000 | 45,172 | |||||||||
Novartis Capital Corp. |
| |||||||||||
4.40% | 05/06/44 | 34,000 | 35,387 | |||||||||
Omnicom Group Inc. |
| |||||||||||
3.63% | 05/01/22 | 44,000 | 45,266 | |||||||||
Oracle Corp. |
| |||||||||||
1.20% | 10/15/17 | 75,000 | 74,900 | |||||||||
3.63% | 07/15/23 | 33,000 | 33,998 | |||||||||
4.50% | 07/08/44 | 21,000 | 21,000 | |||||||||
PacifiCorp |
| |||||||||||
6.25% | 10/15/37 | 12,000 | 15,610 | |||||||||
Petrobras Global Finance BV |
| |||||||||||
3.00% | 01/15/19 | 18,000 | 17,670 | |||||||||
6.25% | 03/17/24 | 11,000 | 11,708 | |||||||||
7.25% | 03/17/44 | 11,000 | 12,128 | |||||||||
Petrobras International Finance Co. |
| |||||||||||
3.50% | 02/06/17 | 50,000 | 51,325 | (a) | ||||||||
3.88% | 01/27/16 | 25,000 | 25,776 | (a) | ||||||||
Petroleos Mexicanos |
| |||||||||||
3.50% | 07/18/18 - 01/30/23 | 43,000 | 43,629 | |||||||||
Philip Morris International Inc. |
| |||||||||||
4.13% | 03/04/43 | 24,000 | 23,120 | |||||||||
Pitney Bowes Inc. |
| |||||||||||
4.63% | 03/15/24 | 43,000 | 44,477 | |||||||||
Plains Exploration & Production Co. |
| |||||||||||
6.50% | 11/15/20 | 25,000 | 27,906 | |||||||||
PPL Capital Funding Inc. |
| |||||||||||
5.00% | 03/15/44 | 28,000 | 30,136 | |||||||||
Prudential Financial Inc. |
| |||||||||||
5.63% | 06/15/43 | 16,000 | 17,115 | (c) | ||||||||
Public Service Electric & Gas Co. |
| |||||||||||
2.38% | 05/15/23 | 69,000 | 65,528 | |||||||||
Range Resources Corp. |
| |||||||||||
5.75% | 06/01/21 | 37,000 | 39,960 | (a) | ||||||||
Revlon Consumer Products Corp. |
| |||||||||||
5.75% | 02/15/21 | 50,000 | 51,375 | |||||||||
Rowan Companies Inc. |
| |||||||||||
4.75% | 01/15/24 | 32,000 | 33,857 | |||||||||
5.85% | 01/15/44 | 9,000 | 9,716 | |||||||||
Royal Bank of Canada |
| |||||||||||
1.20% | 09/19/18 | 81,000 | 80,792 | |||||||||
RSI Home Products Inc. |
| |||||||||||
6.88% | 03/01/18 | 46,000 | 48,990 | (h) | ||||||||
Ryder System Inc. |
| |||||||||||
2.45% | 09/03/19 | 54,000 | 54,206 | |||||||||
Seagate HDD Cayman |
| |||||||||||
4.75% | 01/01/25 | 50,000 | 49,625 | (h) | ||||||||
Shell International Finance BV |
| |||||||||||
3.40% | 08/12/23 | 69,000 | 70,432 | |||||||||
Sprint Corp. |
| |||||||||||
7.25% | 09/15/21 | 25,000 | 27,563 | (h) |
See Notes to Schedule of Investments and Notes to Financial Statements.
6
Table of Contents
Income Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Statoil ASA |
| |||||||||||
3.70% | 03/01/24 | $ | 69,000 | $ | 72,161 | |||||||
4.80% | 11/08/43 | 23,000 | 25,357 | |||||||||
Talisman Energy Inc. |
| |||||||||||
5.50% | 05/15/42 | 13,000 | 14,095 | |||||||||
6.25% | 02/01/38 | 33,000 | 38,372 | |||||||||
Tampa Electric Co. |
| |||||||||||
4.35% | 05/15/44 | 22,000 | 22,483 | |||||||||
Target Corp. |
| |||||||||||
3.50% | 07/01/24 | 50,000 | 50,564 | |||||||||
Teck Resources Ltd. |
| |||||||||||
3.75% | 02/01/23 | 42,000 | 40,779 | |||||||||
5.40% | 02/01/43 | 23,000 | 23,000 | |||||||||
Tenet Healthcare Corp. |
| |||||||||||
4.75% | 06/01/20 | 17,000 | 17,383 | |||||||||
Teva Pharmaceutical Finance Company LLC |
| |||||||||||
6.15% | 02/01/36 | 34,000 | 41,110 | |||||||||
Textron Inc. |
| |||||||||||
6.20% | 03/15/15 | 40,000 | 41,631 | (a) | ||||||||
The Allstate Corp. |
| |||||||||||
5.75% | 08/15/53 | 25,000 | 26,851 | (c) | ||||||||
The Goldman Sachs Group Inc. |
| |||||||||||
2.38% | 01/22/18 | 58,000 | 58,901 | |||||||||
2.63% | 01/31/19 | 68,000 | 68,924 | |||||||||
2.90% | 07/19/18 | 32,000 | 32,969 | |||||||||
4.00% | 03/03/24 | 55,000 | 55,988 | |||||||||
4.80% | 07/08/44 | 32,000 | 32,000 | |||||||||
The Home Depot Inc. |
| |||||||||||
4.88% | 02/15/44 | 23,000 | 25,063 | |||||||||
The Korea Development Bank |
| |||||||||||
3.25% | 03/09/16 | 100,000 | 103,762 | (a) | ||||||||
The McClatchy Co. |
| |||||||||||
9.00% | 12/15/22 | 17,000 | 19,401 | |||||||||
The Potomac Edison Co. |
| |||||||||||
5.35% | 11/15/14 | 95,000 | 96,757 | (a) | ||||||||
The Southern Co. |
| |||||||||||
2.45% | 09/01/18 | 55,000 | 56,361 | |||||||||
The Williams Companies Inc. |
| |||||||||||
4.55% | 06/24/24 | 43,000 | 43,426 | |||||||||
5.75% | 06/24/44 | 22,000 | 22,189 | |||||||||
Time Warner Cable Inc. |
| |||||||||||
5.88% | 11/15/40 | 42,000 | 48,991 | |||||||||
6.55% | 05/01/37 | 13,000 | 16,176 | |||||||||
Time Warner Inc. |
| |||||||||||
5.35% | 12/15/43 | 33,000 | 35,902 | |||||||||
Tops Holding Corp. |
| |||||||||||
8.88% | 12/15/17 | 29,000 | 31,537 | |||||||||
tw telecom holdings Inc. |
| |||||||||||
6.38% | 09/01/23 | 17,000 | 19,338 | |||||||||
U.S. Bancorp |
| |||||||||||
3.44% | 02/01/16 | 76,000 | 79,154 | |||||||||
Unit Corp. |
| |||||||||||
6.63% | 05/15/21 | 47,000 | 50,172 | |||||||||
United Rentals North America Inc. |
| |||||||||||
5.75% | 07/15/18 | 46,000 | 48,645 | |||||||||
Vail Resorts Inc. |
| |||||||||||
6.50% | 05/01/19 | 61,000 | 64,126 |
Principal Amount | Fair Value | |||||||||||
Valeant Pharmaceuticals International Inc. |
| |||||||||||
6.38% | 10/15/20 | $ | 27,000 | $ | 28,687 | (h) | ||||||
6.75% | 08/15/18 | 34,000 | 36,635 | (h) | ||||||||
Verizon Communications Inc. |
| |||||||||||
1.35% | 06/09/17 | 108,000 | 107,964 | |||||||||
3.45% | 03/15/21 | 34,000 | 35,136 | |||||||||
5.05% | 03/15/34 | 14,000 | 14,942 | |||||||||
5.15% | 09/15/23 | 52,000 | 58,193 | |||||||||
6.55% | 09/15/43 | 32,000 | 40,270 | |||||||||
Viasystems Inc. |
| |||||||||||
7.88% | 05/01/19 | 28,000 | 29,610 | (h) | ||||||||
Volkswagen Group of America Finance LLC |
| |||||||||||
2.13% | 05/23/19 | 200,000 | 200,140 | (h) | ||||||||
Voya Financial Inc. |
| |||||||||||
5.50% | 07/15/22 | 17,000 | 19,470 | |||||||||
Wal-Mart Stores Inc. |
| |||||||||||
3.30% | 04/22/24 | 36,000 | 36,380 | |||||||||
4.30% | 04/22/44 | 45,000 | 45,450 | |||||||||
Weatherford International Ltd. |
| |||||||||||
5.95% | 04/15/42 | 25,000 | 28,352 | (a) | ||||||||
6.75% | 09/15/40 | 12,000 | 14,724 | |||||||||
WellPoint Inc. |
| |||||||||||
3.30% | 01/15/23 | 45,000 | 44,946 | |||||||||
Wells Fargo & Co. |
| |||||||||||
4.10% | 06/03/26 | 50,000 | 50,630 | |||||||||
5.90% | 12/29/49 | 29,000 | 30,762 | (c) | ||||||||
Westpac Banking Corp. |
| |||||||||||
1.20% | 05/19/17 | 109,000 | 109,087 | |||||||||
Williams Partners LP |
| |||||||||||
5.25% | 03/15/20 | 69,000 | 77,832 | |||||||||
Windstream Corp. |
| |||||||||||
6.38% | 08/01/23 | 47,000 | 47,646 | |||||||||
WPX Energy Inc. |
| |||||||||||
5.25% | 01/15/17 | 46,000 | 48,990 | |||||||||
Xilinx Inc. |
| |||||||||||
2.13% | 03/15/19 | 23,000 | 23,041 | |||||||||
XLIT Ltd. |
| |||||||||||
5.25% | 12/15/43 | 22,000 | 24,193 | |||||||||
Yamana Gold Inc. |
| |||||||||||
4.95% | 07/15/24 | 34,000 | 34,224 | (h) | ||||||||
11,049,633 | ||||||||||||
Non-Agency Collateralized Mortgage Obligations — 5.5% |
| |||||||||||
American Tower Trust I (REIT) |
| |||||||||||
1.55% | 03/15/43 | 72,000 | 71,707 | (h) | ||||||||
Banc of America Commercial Mortgage Trust 2006-4 |
| |||||||||||
5.68% | 07/10/46 | 20,000 | 21,763 | |||||||||
Banc of America Commercial Mortgage Trust 2007-1 |
| |||||||||||
5.48% | 01/15/49 | 100,000 | 106,017 | (c) | ||||||||
Banc of America Commercial Mortgage Trust 2007-4 |
| |||||||||||
5.95% | 02/10/51 | 23,726 | 26,419 | (a,c) | ||||||||
Banc of America Commercial Mortgage Trust 2008-1 |
| |||||||||||
6.42% | 02/10/51 | 30,000 | 34,071 | (a,c) | ||||||||
Banc of America Merrill Lynch Commercial Mortgage Inc. 2005-1 |
| |||||||||||
5.47% | 11/10/42 | 40,000 | 41,221 | (c) | ||||||||
Banc of America Merrill Lynch Commercial Mortgage Inc. 2005-6 |
| |||||||||||
5.35% | 09/10/47 | 55,000 | 57,492 | (a,c) |
See Notes to Schedule of Investments and Notes to Financial Statements.
7
Table of Contents
Income Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Principal Amount | Fair Value | |||||||||||
Bear Stearns Commercial Mortgage Securities Trust 2005-T18 |
| |||||||||||
4.93% | 02/13/42 | $ | 52,077 | $ | 53,052 | (a,c) | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2006-T22 |
| |||||||||||
5.76% | 04/12/38 | 25,000 | 26,713 | (c) | ||||||||
Bear Stearns Commercial Mortgage Securities Trust 2007-PW18 |
| |||||||||||
6.09% | 06/11/50 | 50,000 | 56,657 | (c) | ||||||||
COMM 2005-LP5 Mortgage Trust |
| |||||||||||
4.98% | 05/10/43 | 30,000 | 30,706 | (a,c) | ||||||||
COMM 2014-CR14 Mortgage Trust |
| |||||||||||
4.53% | 02/10/47 | 25,000 | 27,010 | (c) | ||||||||
Credit Suisse Commercial Mortgage Trust 2006-C1 |
| |||||||||||
5.64% | 02/15/39 | 75,000 | 79,583 | (c) | ||||||||
Credit Suisse First Boston Mortgage Securities Corp. 2005-9 |
| |||||||||||
5.23% | 10/25/35 | 34,072 | — | (**,c) | ||||||||
GS Mortgage Securities Trust 2011-GC5 |
| |||||||||||
3.00% | 08/10/44 | 60,000 | 62,237 | (a) | ||||||||
5.47% | 08/10/44 | 20,000 | 22,592 | (c,h) | ||||||||
GS Mortgage Securities Trust 2014-GC20 |
| |||||||||||
4.26% | 04/10/47 | 25,000 | 26,403 | |||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2005-CB11 |
| |||||||||||
5.34% | 08/12/37 | 79,058 | 80,605 | (a,c) | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP1 |
| |||||||||||
5.04% | 03/15/46 | 24,531 | 24,717 | (a,c) | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-CB18 |
| |||||||||||
5.44% | 06/12/47 | 118,274 | 129,014 | (a) | ||||||||
JPMBB Commercial Mortgage Securities Trust 2013-C12 |
| |||||||||||
4.16% | 07/15/45 | 15,000 | 15,779 | (c) | ||||||||
JPMBB Commercial Mortgage Securities Trust 2013-C15 |
| |||||||||||
5.25% | 11/15/45 | 20,000 | 21,646 | (c) | ||||||||
JPMBB Commercial Mortgage Securities Trust 2014-C18 |
| |||||||||||
4.97% | 02/15/47 | 20,000 | 21,019 | (c) | ||||||||
LB-UBS Commercial Mortgage Trust 2006-C1 |
| |||||||||||
5.16% | 02/15/31 | 70,000 | 73,634 | (a) | ||||||||
LB-UBS Commercial Mortgage Trust 2006-C4 |
| |||||||||||
6.03% | 06/15/38 | 19,395 | 20,940 | (c) | ||||||||
LB-UBS Commercial Mortgage Trust 2007-C6 |
| |||||||||||
6.11% | 07/15/40 | 50,000 | 55,569 | (c) | ||||||||
6.11% | 07/15/40 | 60,000 | 66,682 | (h) | ||||||||
MASTR Alternative Loan Trust 2003-5 |
| |||||||||||
5.00% | 08/25/18 | 28,317 | 2,206 | (a,e) | ||||||||
ML-CFC Commercial Mortgage Trust 2006-3 |
| |||||||||||
5.46% | 07/12/46 | 75,000 | 81,159 | (c) | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 |
| |||||||||||
4.22% | 07/15/46 | 42,000 | 41,903 | (c) | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16 |
| |||||||||||
4.76% | 06/15/47 | 20,000 | 20,706 | |||||||||
Morgan Stanley Capital I Trust 2005-T17 |
| |||||||||||
4.84% | 12/13/41 | 75,000 | 76,318 | (c) | ||||||||
Morgan Stanley Capital I Trust 2006-IQ11 |
| |||||||||||
5.83% | 10/15/42 | 50,000 | 47,905 | (a,c) | ||||||||
Morgan Stanley Capital I Trust 2006-T21 |
| |||||||||||
5.27% | 10/12/52 | 40,000 | 42,257 | (c) | ||||||||
Morgan Stanley Capital I Trust 2006-T23 |
| |||||||||||
5.98% | 08/12/41 | 30,000 | 32,561 | (c) | ||||||||
Morgan Stanley Capital I Trust 2007-IQ16 |
| |||||||||||
6.29% | 12/12/49 | 50,000 | 55,934 | (c) |
Principal Amount | Fair Value | |||||||||||
Morgan Stanley Capital I Trust 2008-T29 |
| |||||||||||
6.45% | 01/11/43 | $ | 45,000 | $ | 51,723 | (a,c) | ||||||
WFRBS Commercial Mortgage Trust 2013-C17 |
| |||||||||||
4.26% | 12/15/46 | 25,000 | 26,523 | |||||||||
5.30% | 12/15/46 | 20,000 | 19,736 | (c,h) | ||||||||
WFRBS Commercial Mortgage Trust 2014-C19 |
| |||||||||||
4.23% | 03/15/47 | 20,000 | 18,046 | (h) | ||||||||
4.72% | 03/15/47 | 30,000 | 32,121 | (c) | ||||||||
WFRBS Commercial Mortgage Trust 2014-LC14 |
| |||||||||||
4.35% | 03/15/47 | 58,000 | 61,747 | (c) | ||||||||
1,864,093 | ||||||||||||
Sovereign Bonds — 0.2% |
| |||||||||||
Government of Chile |
| |||||||||||
3.63% | 10/30/42 | 18,000 | 15,795 | |||||||||
Government of Mexico |
| |||||||||||
4.75% | 03/08/44 | 42,000 | 42,840 | (a) | ||||||||
58,635 | ||||||||||||
Municipal Bonds and Notes — 0.9% |
| |||||||||||
American Municipal Power Inc. |
| |||||||||||
6.27% | 02/15/50 | 25,000 | 30,755 | (a) | ||||||||
Denver City & County School District No 1 |
| |||||||||||
4.24% | 12/15/37 | 40,000 | 39,279 | |||||||||
Municipal Electric Authority of Georgia |
| |||||||||||
6.64% | 04/01/57 | 48,000 | 58,745 | (a) | ||||||||
New Jersey Transportation Trust Fund Authority |
| |||||||||||
6.88% | 12/15/39 | 15,000 | 16,793 | |||||||||
Port Authority of New York & New Jersey |
| |||||||||||
4.46% | 10/01/62 | 60,000 | 61,414 | |||||||||
South Carolina State Public Service Authority |
| |||||||||||
6.45% | 01/01/50 | 30,000 | 38,992 | (a) | ||||||||
State of California |
| |||||||||||
5.70% | 11/01/21 | 40,000 | 47,877 | (a) | ||||||||
293,855 | ||||||||||||
FNMA — 0.0%* |
| |||||||||||
Lehman TBA |
| |||||||||||
5.50% | TBA | 83,122 | — | (**,i,j) | ||||||||
Total Bonds and Notes | 29,623,827 | |||||||||||
Number of Shares | Fair Value | |||||||||||
Domestic Equity — 0.1% | ||||||||||||
Preferred Stock — 0.1% |
| |||||||||||
Wells Fargo & Co. | 1,395 | $ | 36,186 | |||||||||
Total Investments in Securities | 29,660,013 |
See Notes to Schedule of Investments and Notes to Financial Statements.
8
Table of Contents
Income Fund
Schedule of Investments | June 30, 2014 (Unaudited) |
Fair Value | ||||||||||
Short-Term Investments — 14.1% |
| |||||||||
State Street Institutional U.S. Government | $ 4,781,363 | (g,k | ) | |||||||
Total Investments | 34,441,376 | |||||||||
Liabilities in Excess of Other Assets, | (589,993 | ) | ||||||||
NET ASSETS — 100.0% | $33,851,383 | |||||||||
Other Information: |
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||
2 Yr. U.S. Treasury Notes Futures | September 2014 | 18 | $ | 3,952,688 | $ | (2,619 | ) | ||||||||||||||
5 Yr. U.S. Treasury Notes Futures | September 2014 | 14 | 1,672,453 | 2,257 | |||||||||||||||||
|
| ||||||||||||||||||||
$ | (362 | ) | |||||||||||||||||||
|
|
The Fund had the following short futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||
U.S. Long Bond Futures | September 2014 | 5 | $ | (685,938 | ) | $ | 3,019 | ||||||||||||||
Ultra Long-Term U.S. Treasury Bond Futures | September 2014 | 4 | (599,750 | ) | 3,960 | ||||||||||||||||
10 Yr. U.S. Treasury Notes Futures | September 2014 | 22 | (2,753,781 | ) | (1,488 | ) | |||||||||||||||
|
| ||||||||||||||||||||
$ | 5,491 | ||||||||||||||||||||
|
| ||||||||||||||||||||
$ | 5,129 | ||||||||||||||||||||
|
|
See Notes to Schedule of Investments and Notes to Financial Statements.
9
Table of Contents
Notes to Schedule of Investments | June 30, 2014 (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) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s. |
(b) | Step coupon bond. |
(c) | Variable or floating rate security. The stated rate represents the rate at June 30, 2014. |
(d) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future. |
(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) | 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. |
(g) | Coupon amount represents effective yield. |
(h) | 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, 2014, these securities amounted to $2,075,388 or 6.13% 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 . |
(i) | Security is in default. |
(j) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors. |
(k) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
† | Percentages are based on net assets as of June 30, 2014. |
* | Less than 0.05%. |
** | Amount is less than $0.50. |
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 |
10
Table of Contents
Selected data based on a share outstanding throughout the periods indicated
6/30/14† | 12/31/13 | 12/31/12 | 12/31/11 | 12/31/10 | 12/31/09 | |||||||||||||||||||
Inception date | — | — | — | — | — | 1/3/95 | ||||||||||||||||||
Net asset value, beginning of period | $ | 11.25 | $ | 11.71 | $ | 11.35 | $ | 11.05 | $ | 10.62 | $ | 10.26 | ||||||||||||
Income/(loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.13 | 0.30 | 0.28 | 0.48 | 0.34 | * | 0.37 | |||||||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.30 | (0.46) | 0.37 | 0.32 | 0.46 | 0.45 | ||||||||||||||||||
Total income/(loss) from investment operations | 0.43 | (0.16) | 0.65 | 0.80 | 0.80 | 0.82 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | 0.30 | 0.29 | 0.50 | 0.37 | 0.46 | ||||||||||||||||||
Total distributions | — | 0.30 | 0.29 | 0.50 | 0.37 | 0.46 | ||||||||||||||||||
Net asset value, end of period | $ | 11.68 | $ | 11.25 | $ | 11.71 | $ | 11.35 | $ | 11.05 | $ | 10.62 | ||||||||||||
TOTAL RETURN(a) | 3.82% | (1.34)% | 5.69% | 7.20% | 7.56% | 7.88% | ||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 33,851 | $ | 34,788 | $ | 42,893 | $ | 51,191 | $ | 54,884 | $ | 59,532 | ||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Net investment income | 2.26% | ** | 2.41% | 2.09% | 3.99% | 3.07% | 4.01% | |||||||||||||||||
Net expenses | 0.86% | (b)** | 0.79% | (b) | 0.80% | (b) | 0.86% | (b) | 0.83% | (b) | 0.84% | (b) | ||||||||||||
Gross expenses | 0.86% | ** | 0.80% | 0.82% | 0.87% | 1.00% | 0.84% | |||||||||||||||||
Portfolio turnover rate | 160% | 256% | 327% | 359% | 320% | 251% |
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 GEAM’s waiver of a portion of the Fund’s advisory and administrative fee (“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. |
† | 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.
11
Table of Contents
The accompanying Notes are an integral part of these financial statements.
12
Table of Contents
For the period ended June 30, 2014 | (Unaudited) | |||
INVESTMENT INCOME | ||||
Income: | ||||
Dividend | $ | 1,020 | ||
Interest | 532,043 | |||
Total income | 533,063 | |||
Expenses: | ||||
Advisory and administration fees | 85,919 | |||
Directors’ fees | 928 | |||
Custody and accounting expenses | 38,567 | |||
Professional fees | 11,096 | |||
Other expenses | 10,630 | |||
Total expenses before waivers | 147,140 | |||
Less: Fees waived by the adviser | (806 | ) | ||
Net expenses | 146,334 | |||
Net investment income | 386,729 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Realized gain (loss) on: | ||||
Investments | 54,377 | |||
Futures | (178,431 | ) | ||
Increase (decrease) in unrealized appreciation/depreciation on: | ||||
Investments | 1,052,370 | |||
Futures | (19,352 | ) | ||
Net realized and unrealized gain (loss) on investments | 908,964 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,295,693 |
The accompanying Notes are an integral part of these financial statements.
13
Table of Contents
* | (Unaudited). |
The accompanying Notes are an integral part of these financial statements.
14
Table of Contents
Notes to Financial Statements | June 30, 2014 (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 objective. The Fund may enter into derivative transactions (such as options, futures, and options on futures) to gain market exposure to a 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. During the six-month period ended June 30, 2014, the Fund invested in futures contracts on bonds and notes to manage duration of fixed income securities. 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
15
Table of Contents
Notes to Financial Statements | June 30, 2014 (Unaudited) |
underlying instrument, or hedge other Fund investments. 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 on foreign dividends, if any, 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 charged 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 of 1986, as amended (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.
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 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.
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 net asset value (“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.
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Notes to Financial Statements | June 30, 2014 (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, 2014:
Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Investments in Securities† | ||||||||||||||||||||
U.S. Treasuries | $ | — | $ | 6,358,132 | $ | — | $ | 6,358,132 | ||||||||||||
Agency Mortgage Backed | — | 9,735,314 | — | 9,735,314 | ||||||||||||||||
Agency Collateralized Mortgage Obligations | — | 244,096 | — | 244,096 | ||||||||||||||||
Asset Backed | — | 20,069 | — | 20,069 | ||||||||||||||||
Corporate Notes | — | 11,049,633 | — | 11,049,633 | ||||||||||||||||
Non-Agency Collateralized Mortgage Obligations | — | 1,864,093 | — | 1,864,093 | ||||||||||||||||
Sovereign Bonds | — | 58,635 | — | 58,635 | ||||||||||||||||
Municipal Bonds and Notes | — | 293,855 | — | 293,855 | ||||||||||||||||
Preferred Stock | 36,186 | — | — | 36,186 | ||||||||||||||||
Short-Term Investments | — | 4,781,363 | — | 4,781,363 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 36,186 | $ | 34,405,190 | $ | — | $ | 34,441,376 | ||||||||||||
|
|
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|
|
|
|
| |||||||||||||
Other Financial Instruments* | ||||||||||||||||||||
Long Futures Contracts — Unrealized Appreciation | $ | 2,257 | $ | — | $ | — | $ | 2,257 | ||||||||||||
Long Futures Contracts — Unrealized Depreciation | (2,619 | ) | — | — | (2,619 | ) | ||||||||||||||
Short Futures Contracts — Unrealized Appreciation | 6,979 | — | — | 6,979 | ||||||||||||||||
Short Futures Contracts — Unrealized Depreciation | (1,488 | ) | — | — | (1,488 | ) | ||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Other Financial Instruments | $ | 5,129 | $ | — | $ | — | $ | 5,129 | ||||||||||||
|
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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 fair value levels during the period. 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, none of which are accounted for as hedging instruments under FASB Accounting Standards Codification (“ASC”) No. 815 Derivatives and Hedging as of June 30, 2014.
Asset Derivatives June 30, 2014 | Liability Derivatives June 30, 2014 | |||||||||||
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 Contracts | Assets, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | 9,236 | * | Liabilities, Net Assets — Net Unrealized Appreciation/ (Depreciation) on Futures | (4,107) | * |
* | 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. |
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
Shown below are the effects of derivative instruments on the Fund’s Statement of Operations, summarized by primary risk exposure, none of which are 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) ($) | Realized Gain (Loss) on Derivatives Recognized in Income ($) | 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 |
| 42,879,580/ (42,905,703) |
| (178,431) | (19,352) |
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 0.10% 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, 2014.
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 (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.50%.
GEAM had 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 (the “Fee Waiver Agreement”). Effective June 26, 2014, the State Street Institutional U.S. Government Money Market Fund replaced the GE Institutional Money Market Fund as the
cash sweep vehicle for the Fund’s cash holdings. As a result, the Fee Waiver Agreement was terminated effective June 26, 2014.
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, 2014, were as follows:
U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 44,160,175 | $ | 43,159,707 |
Non-U.S. Government Securities | ||||||
Purchases | Sales | |||||
$ | 7,172,997 | $ | 12,663,544 |
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
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Notes to Financial Statements | June 30, 2014 (Unaudited) |
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 2010, 2011, 2012, and 2013 fiscal years tax returns are still open to examination by the Federal and applicable state tax authorities.
At June 30, 2014, information on the tax cost of investments was as follows:
Cost of Investment For Tax Purposes | Gross Tax | Net Tax Appreciation/ (Depreciation) | ||||||||||||
Appreciation | Depreciation | |||||||||||||
$ | 33,770,538 | $ | 893,871 | $ | (223,033 | ) | $ | 670,838 |
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 offset will not be distributed to shareholders.
As of December 31, 2013, the Fund has capital loss carryovers as follows:
Amount | ||||||||||
Short-Term | Long-Term | Expires | ||||||||
$ | 160,389 | $ | — | 12/31/2016 | ||||||
7,409,447 | — | 12/31/2017 | ||||||||
68,706 | — | Unlimited Losses |
These amounts will be available to offset future taxable capital gains. Under the 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.
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, 2013.
The tax character of distributions paid during the years ended December 31, 2013 and December 31, 2012 were as follows:
Year | Ordinary Income | Long-Term Capital Gains | Total | ||||||||||||
2013 | $ | 911,299 | $ | — | $ | 911,299 | |||||||||
2012 | 1,025,340 | — | 1,025,340 |
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 NAV 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, 2013 were as follows:
Undistributed Net Investment Income | Accumulated Net Realized Gain (Loss) | Capital Paid In | ||||||||
$ | — | $ | 58,718 | $ | (58,718 | ) |
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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 officers of the Funds is set forth below.
Interested Directors and Executive Officers
Jeanne M. LaPorta
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 48
Position(s) Held with Fund Director and President
Term of Office and Length of Time Served Until successor is elected and qualified — Less than 1 year
Principal Occupation(s) During Past 5 Years Senior Vice President and Commercial Operations Leader at GEAM since March 2014; President of GE Institutional Funds and GE Investments Funds, Inc. since April 2014; President and Trustee of GEAM’s UCITs Funds since March 2014; Senior Vice President and Commercial Administrative Officer at GEAM from April 2010 to March 2014; Vice President of GE Institutional Funds since July 2003; Vice President of Elfun Funds and GE Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 Director 24
Other Directorships Held by Director Trustee and President of GE Institutional Funds since 2014; Trustee of Elfun Funds since 2014; and Director of GE Investment Distributors, Inc. since June 2011.
Matthew J. Simpson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 53
Position(s) Held with Fund Director and Executive Vice President
Term of Office and Length of Time Served Until successor is elected and qualified — 7 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 Retirement Savings Plan Funds (formerly 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 Retirement Savings Plan 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 24
Other Directorships Held by Director Trustee of Elfun Funds, GE Retirement Savings Plan 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; Trustee and Executive Vice President of GE Funds from July 2007 to February 2011; and Director of GE Investment Distributors, Inc. since June 2011.
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Additional Information | (Unaudited) |
JoonWon Choe
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 44
Position(s) Held with Fund Vice President & Secretary
Term of Office and Length of Time Served Until successor is elected and qualified — 3 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 Retirement Savings Plan Funds (formerly 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 46
Position(s) Held with Fund Chief Compliance Officer
Term of Office and Length of Time Served Until successor is elected and qualified — 8 years
Principal Occupation(s) During Past 5 years Chief Compliance Officer of GEAM, GE Institutional Funds, Elfun Funds, and GE Retirement Savings Plan Funds (formerly 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 2002-2005.
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 47
Position(s) Held with Fund Treasurer
Term of Office and Length of Time Served Until successor is elected and qualified — 3 years
Principal Occupation(s) During Past 5 Years Treasurer of GE Institutional Funds, Elfun Funds and GE Retirement Savings Plan Funds (formerly 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) |
Non-Interested Directors
John R. Costantino
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Position(s) Held with Fund Chairman of the Board
Term of Office and Length of Time Served Until successor is elected and qualified — 17 years
Principal Occupation(s) During Past 5 years General Partner, NGN Capital LLC since 2006; and Managing Director, Vice President of Walden Capital Management since 1996.
Number of Portfolios in Fund Complex Overseen by Director 16
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.
R. Sheldon Johnson
Address c/o GEAM 1600 Summer St. Stamford, CT 06905
Age 67
Positions(s) Held with Fund Director
Term of office and Length of Time served Until successor is elected and qualified — 3 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 16
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 51
Position(s) Held with Fund Director
Term of Office and Length of Time Served Until successor is elected and qualified — 2 years
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 16
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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Investment Team | (Unaudited) |
Investment Adviser and Administrator
GE Asset Management Incorporated
Board of Directors
John R. Costantino, Chairman
R. Sheldon Johnson
Jeanne M. LaPorta
Donna M. Rapaccioli
Matthew J. Simpson
Secretary
JoonWon Choe
Assistant Secretary
Michelle Matzelle
Treasurer
Arthur A. Jensen
Assistant Treasurer
Ryan Hunter
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
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 Closed-End Management Investment Companies.
Item 6. | Schedule of Investments. |
(a) 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.
(b) Not applicable.
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Total Return Fund
Schedule of Investments June 30, 2014 (Unaudited)
Number of Shares | Fair Value | |||||||
Domestic Equity—39.9% † | ||||||||
Common Stock—39.9% |
| |||||||
Advertising—0.1% | ||||||||
Harte-Hanks Inc. | 1,670 | $ | 12,007 | |||||
Lamar Advertising Co. | 1,861 | 98,633 | ||||||
MDC Partners Inc. | 1,478 | 31,762 | ||||||
National CineMedia Inc. | 2,102 | 36,806 | ||||||
Omnicom Group Inc. | 16,117 | 1,147,853 | ||||||
ReachLocal Inc. | 487 | 3,424 | (a) | |||||
Sizmek Inc. | 734 | 6,995 | (a) | |||||
The Interpublic Group of Companies Inc. | 26,449 | 516,020 | ||||||
1,853,500 | ||||||||
Aerospace & Defense—1.0% | ||||||||
AAR Corp. | 1,363 | 37,564 | ||||||
Aerovironment Inc. | 654 | 20,797 | (a) | |||||
Alliant Techsystems Inc. | 896 | 119,992 | ||||||
American Science & Engineering Inc. | 266 | 18,511 | ||||||
Astronics Corp. | 541 | 30,539 | (a) | |||||
B/E Aerospace Inc. | 2,790 | 258,047 | (a) | |||||
Cubic Corp. | 704 | 31,335 | ||||||
Curtiss-Wright Corp. | 1,666 | 109,223 | ||||||
DigitalGlobe Inc. | 2,602 | 72,336 | (a) | |||||
Ducommun Inc. | 398 | 10,400 | (a) | |||||
Engility Holdings Inc. | 603 | 23,071 | (a) | |||||
Erickson Inc. | 197 | 3,201 | (a) | |||||
Esterline Technologies Corp. | 2,001 | 230,355 | (a) | |||||
Exelis Inc. | 5,331 | 90,520 | ||||||
GenCorp Inc. | 2,065 | 39,442 | (a) | |||||
General Dynamics Corp. | 20,285 | 2,364,217 | ||||||
HEICO Corp. | 2,292 | 119,047 | ||||||
Honeywell International Inc. | 48,780 | 4,534,101 | ||||||
Huntington Ingalls Industries Inc. | 1,384 | 130,913 | ||||||
Kratos Defense & Security Solutions Inc. | 1,573 | 12,269 | (a) | |||||
L-3 Communications Holdings Inc. | 5,381 | 649,756 | ||||||
LMI Aerospace Inc. | 375 | 4,905 | (a) | |||||
Lockheed Martin Corp. | 16,607 | 2,669,243 | ||||||
Moog Inc. | 1,533 | 111,740 | (a) | |||||
National Presto Industries Inc. | 162 | 11,800 | ||||||
Northrop Grumman Corp. | 13,338 | 1,595,625 | ||||||
Orbital Sciences Corp. | 2,088 | 61,700 | (a) | |||||
Precision Castparts Corp. | 9,023 | 2,277,405 | ||||||
Raytheon Co. | 19,481 | 1,797,122 | ||||||
Rockwell Collins Inc. | 8,455 | 660,674 | ||||||
SIFCO Industries Inc. | 83 | 2,590 | ||||||
Sparton Corp. | 362 | 10,042 | (a) | |||||
Taser International Inc. | 1,884 | 25,057 | (a) | |||||
Teledyne Technologies Inc. | 1,292 | 125,544 | (a) |
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Textron Inc. | 17,364 | 664,868 | ||||||
The Boeing Co. | 41,796 | 5,317,705 | ||||||
The KEYW Holding Corp. | 1,108 | 13,928 | (a) | |||||
Triumph Group Inc. | 1,476 | 103,054 | ||||||
United Technologies Corp. | 52,538 | 6,065,512 | ||||||
30,424,150 | ||||||||
Agricultural & Farm Machinery—0.1% | ||||||||
AGCO Corp. | 2,470 | 138,863 | ||||||
Deere & Co. | 22,661 | 2,051,954 | ||||||
Lindsay Corp. | 443 | 37,420 | ||||||
Titan International Inc. | 1,522 | 25,600 | ||||||
2,253,837 | ||||||||
Agricultural Products—0.1% | ||||||||
Alico Inc. | 112 | 4,199 | ||||||
Archer-Daniels-Midland Co. | 40,752 | 1,797,571 | ||||||
Darling Ingredients Inc. | 5,678 | 118,670 | (a) | |||||
Fresh Del Monte Produce Inc. | 1,245 | 38,159 | ||||||
Ingredion Inc. | 2,108 | 158,184 | ||||||
Limoneira Co. | 381 | 8,371 | ||||||
2,125,154 | ||||||||
Air Freight & Logistics—0.3% | ||||||||
Air Transport Services Group Inc. | 1,842 | 15,418 | (a) | |||||
Atlas Air Worldwide Holdings Inc. | 872 | 32,133 | (a) | |||||
CH Robinson Worldwide Inc. | 9,264 | 590,951 | ||||||
Echo Global Logistics Inc. | 802 | 15,374 | (a) | |||||
Expeditors International of Washington Inc. | 12,288 | 542,638 | ||||||
FedEx Corp. | 17,300 | 2,618,874 | ||||||
Forward Air Corp. | 1,070 | 51,199 | ||||||
Hub Group Inc. | 1,270 | 64,008 | (a) | |||||
Park-Ohio Holdings Corp. | 307 | 17,840 | ||||||
United Parcel Service Inc. | 43,911 | 4,507,903 | ||||||
UTi Worldwide Inc. | 3,164 | 32,716 | ||||||
XPO Logistics Inc. | 1,807 | 51,716 | (a) | |||||
8,540,770 | ||||||||
Airlines—0.1% | ||||||||
Alaska Air Group Inc. | 1,943 | 184,682 | ||||||
Allegiant Travel Co. | 476 | 56,058 | ||||||
Delta Air Lines Inc. | 52,856 | 2,046,584 | ||||||
Hawaiian Holdings Inc. | 1,560 | 21,388 | (a) | |||||
JetBlue Airways Corp. | 14,980 | 162,533 | (a) | |||||
Republic Airways Holdings Inc. | 1,716 | 18,601 | (a) | |||||
SkyWest Inc. | 1,763 | 21,544 | ||||||
Southwest Airlines Co. | 43,089 | 1,157,371 | ||||||
3,668,761 | ||||||||
Airport Services—0.0% * | ||||||||
Wesco Aircraft Holdings Inc. | 1,800 | 35,928 | (a) | |||||
Alternative Carriers—0.0% * | ||||||||
8x8 Inc. | 3,068 | 24,790 | (a) | |||||
Cogent Communications Holdings Inc. | 1,610 | 55,626 | ||||||
Globalstar Inc. | 9,449 | 40,158 | (a) | |||||
inContact Inc. | 2,084 | 19,152 | (a) | |||||
Inteliquent Inc. | 1,097 | 15,216 | ||||||
Iridium Communications Inc. | 2,752 | 23,282 | (a) |
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Lumos Networks Corp. | 654 | 9,463 | ||||||
magicJack VocalTec Ltd. | 619 | 9,359 | (a) | |||||
ORBCOMM Inc. | 1,535 | 10,116 | (a) | |||||
Premiere Global Services Inc. | 1,672 | 22,321 | (a) | |||||
tw telecom Inc. | 3,888 | 156,725 | (a) | |||||
Vonage Holdings Corp. | 5,995 | 22,481 | (a) | |||||
408,689 | ||||||||
Aluminum—0.0% * | ||||||||
Alcoa Inc. | 72,964 | 1,086,434 | ||||||
Century Aluminum Co. | 1,776 | 27,848 | (a) | |||||
Kaiser Aluminum Corp. | 620 | 45,179 | ||||||
Noranda Aluminum Holding Corp. | 1,580 | 5,577 | ||||||
1,165,038 | ||||||||
Apparel Retail—0.2% | ||||||||
Abercrombie & Fitch Co. | 2,051 | 88,706 | ||||||
Aeropostale Inc. | 2,731 | 9,531 | (a) | |||||
American Eagle Outfitters Inc. | 11,528 | 129,344 | ||||||
ANN Inc. | 2,937 | 120,828 | (a) | |||||
Ascena Retail Group Inc. | 3,631 | 62,090 | (a) | |||||
bebe stores Inc. | 1,010 | 3,081 | ||||||
Brown Shoe Company Inc. | 1,493 | 42,715 | ||||||
Chico’s FAS Inc. | 4,321 | 73,284 | ||||||
Christopher & Banks Corp. | 1,286 | 11,265 | (a) | |||||
Citi Trends Inc. | 520 | 11,159 | (a) | |||||
Destination Maternity Corp. | 445 | 10,133 | ||||||
Destination XL Group Inc. | 1,280 | 7,053 | (a) | |||||
Express Inc. | 2,908 | 49,523 | (a) | |||||
Foot Locker Inc. | 4,106 | 208,256 | ||||||
Francesca’s Holdings Corp. | 1,462 | 21,550 | (a) | |||||
Genesco Inc. | 828 | 68,004 | (a) | |||||
Guess? Inc. | 3,813 | 102,951 | ||||||
L Brands Inc. | 15,270 | 895,738 | ||||||
New York & Company Inc. | 1,108 | 4,089 | (a) | |||||
Pacific Sunwear of California Inc. | 1,667 | 3,968 | (a) | |||||
Ross Stores Inc. | 13,218 | 874,106 | ||||||
Shoe Carnival Inc. | 516 | 10,655 | ||||||
Stage Stores Inc. | 1,097 | 20,503 | ||||||
Stein Mart Inc. | 917 | 12,737 | ||||||
The Buckle Inc. | 973 | 43,162 | ||||||
The Cato Corp. | 949 | 29,324 | ||||||
The Children’s Place Inc. | 761 | 37,768 | ||||||
The Finish Line Inc. | 1,666 | 49,547 | ||||||
The Gap Inc. | 16,191 | 673,060 | ||||||
The Men’s Wearhouse Inc. | 1,655 | 92,349 | ||||||
The TJX Companies Inc. | 43,624 | 2,318,616 | ||||||
Tilly’s Inc. | 410 | 3,296 | (a) | |||||
Urban Outfitters Inc. | 6,334 | 214,469 | (a) | |||||
Zumiez Inc. | 718 | 19,810 | (a) | |||||
6,322,670 | ||||||||
Apparel, Accessories & Luxury Goods—0.2% | ||||||||
Carter’s Inc. | 1,509 | 104,015 | ||||||
Coach Inc. | 17,056 | 583,145 | ||||||
Columbia Sportswear Co. | 468 | 38,680 | ||||||
Fossil Group Inc. | 2,958 | 309,170 | (a) |
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G-III Apparel Group Ltd. | 618 | 50,466 | (a) | |||||
Hanesbrands Inc. | 2,809 | 276,518 | ||||||
Iconix Brand Group Inc. | 1,576 | 67,673 | (a) | |||||
Kate Spade & Co. | 3,568 | 136,084 | (a) | |||||
Movado Group Inc. | 636 | 26,502 | ||||||
Oxford Industries Inc. | 499 | 33,268 | ||||||
Perry Ellis International Inc. | 400 | 6,976 | (a) | |||||
PVH Corp. | 5,135 | 598,741 | ||||||
Quiksilver Inc. | 4,713 | 16,873 | (a) | |||||
Ralph Lauren Corp. | 3,642 | 585,233 | ||||||
Sequential Brands Group Inc. | 576 | 7,955 | (a) | |||||
Tumi Holdings Inc. | 1,766 | 35,550 | (a) | |||||
Under Armour Inc. | 10,099 | 600,789 | (a) | |||||
Vera Bradley Inc. | 730 | 15,965 | (a) | |||||
VF Corp. | 21,442 | 1,350,846 | ||||||
Vince Holding Corp. | 381 | 13,952 | (a) | |||||
4,858,401 | ||||||||
Application Software—0.4% | ||||||||
ACI Worldwide Inc. | 2,373 | 132,485 | (a) | |||||
Actuate Corp. | 1,596 | 7,613 | (a) | |||||
Adobe Systems Inc. | 28,855 | 2,087,948 | (a) | |||||
Advent Software Inc. | 2,930 | 95,430 | ||||||
American Software Inc. | 890 | 8,793 | ||||||
ANSYS Inc. | 2,617 | 198,421 | (a) | |||||
Aspen Technology Inc. | 3,176 | 147,366 | (a) | |||||
Autodesk Inc. | 14,216 | 801,498 | (a) | |||||
Blackbaud Inc. | 1,593 | 56,934 | ||||||
Bottomline Technologies Inc. | 1,345 | 40,242 | (a) | |||||
BroadSoft Inc. | 969 | 25,572 | (a) | |||||
Cadence Design Systems Inc. | 8,192 | 143,278 | (a) | |||||
Callidus Software Inc. | 1,581 | 18,877 | (a) | |||||
Citrix Systems Inc. | 10,225 | 639,574 | (a) | |||||
Compuware Corp. | 13,792 | 137,782 | ||||||
Comverse Inc. | 782 | 20,864 | (a) | |||||
Concur Technologies Inc. | 1,349 | 125,916 | (a) | |||||
Digimarc Corp. | 217 | 7,074 | ||||||
Ebix Inc. | 1,056 | 15,111 | ||||||
Ellie Mae Inc. | 981 | 30,538 | (a) | |||||
EnerNOC Inc. | 946 | 17,927 | (a) | |||||
EPIQ Systems Inc. | 1,070 | 15,033 | ||||||
ePlus Inc. | 178 | 10,360 | (a) | |||||
FactSet Research Systems Inc. | 1,110 | 133,511 | ||||||
Fair Isaac Corp. | 2,147 | 136,893 | ||||||
Guidance Software Inc. | 654 | 5,964 | (a) | |||||
Guidewire Software Inc. | 2,342 | 95,226 | (a) | |||||
Informatica Corp. | 3,100 | 110,515 | (a) | |||||
Interactive Intelligence Group Inc. | 578 | 32,443 | (a) | |||||
Intuit Inc. | 17,679 | 1,423,690 | ||||||
Jive Software Inc. | 1,515 | 12,893 | (a) | |||||
Kofax Ltd. | 2,557 | 21,990 | (a) | |||||
Manhattan Associates Inc. | 2,616 | 90,069 | (a) | |||||
Mentor Graphics Corp. | 6,079 | 131,124 | ||||||
MicroStrategy Inc. | 314 | 44,155 | (a) | |||||
Model N Inc. | 658 | 7,271 | (a) | |||||
Monotype Imaging Holdings Inc. | 1,359 | 38,283 |
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NetScout Systems Inc. | 1,258 | 55,780 | (a) | |||||
Park City Group Inc. | 323 | 3,517 | (a) | |||||
Paycom Software Inc. | 221 | 3,224 | (a) | |||||
Pegasystems Inc. | 1,203 | 25,407 | ||||||
PROS Holdings Inc. | 809 | 21,390 | (a) | |||||
PTC Inc. | 3,339 | 129,553 | (a) | |||||
QAD Inc. | 234 | 4,989 | ||||||
Qlik Technologies Inc. | 3,103 | 70,190 | (a) | |||||
RealPage Inc. | 1,784 | 40,104 | (a) | |||||
Salesforce.com Inc. | 35,176 | 2,043,022 | (a) | |||||
Seachange International Inc. | 1,197 | 9,588 | (a) | |||||
Silver Spring Networks Inc. | 1,203 | 16,036 | (a) | |||||
SolarWinds Inc. | 1,839 | 71,096 | (a) | |||||
Solera Holdings Inc. | 1,940 | 130,271 | ||||||
SS&C Technologies Holdings Inc. | 2,347 | 103,784 | (a) | |||||
Synchronoss Technologies Inc. | 1,215 | 42,476 | (a) | |||||
Synopsys Inc. | 4,363 | 169,372 | (a) | |||||
Tangoe Inc. | 1,329 | 20,015 | (a) | |||||
Telenav Inc. | 919 | 5,229 | (a) | |||||
The Ultimate Software Group Inc. | 976 | 134,854 | (a) | |||||
TIBCO Software Inc. | 4,293 | 86,590 | (a) | |||||
TiVo Inc. | 3,955 | 51,059 | (a) | |||||
Tyler Technologies Inc. | 1,138 | 103,797 | (a) | |||||
Verint Systems Inc. | 1,855 | 90,988 | (a) | |||||
VirnetX Holding Corp. | 1,462 | 25,746 | (a) | |||||
Vringo Inc. | 2,628 | 8,988 | (a) | |||||
Zendesk Inc. | 391 | 6,795 | (a) | |||||
10,542,523 | ||||||||
Asset Management & Custody Banks—0.5% | ||||||||
Affiliated Managers Group Inc. | 3,444 | 707,398 | (a) | |||||
Ameriprise Financial Inc. | 11,821 | 1,418,520 | ||||||
Arlington Asset Investment Corp. | 587 | 16,043 | ||||||
BlackRock Inc. | 7,793 | 2,490,643 | ||||||
Calamos Asset Management Inc. | 604 | 8,088 | ||||||
CIFC Corp. | 282 | 2,541 | ||||||
Cohen & Steers Inc. | 663 | 28,761 | ||||||
CorEnergy Infrastructure Trust Inc. | 1,068 | 7,914 | ||||||
Diamond Hill Investment Group Inc. | 96 | 12,261 | ||||||
Eaton Vance Corp. | 3,403 | 128,599 | ||||||
Federated Investors Inc. | 2,653 | 82,031 | ||||||
Financial Engines Inc. | 1,774 | 80,327 | ||||||
Franklin Resources Inc. | 25,010 | 1,446,578 | ||||||
GAMCO Investors Inc. | 220 | 18,271 | ||||||
ICG Group Inc. | 1,416 | 29,566 | (a) | |||||
Invesco Ltd. | 26,986 | 1,018,721 | ||||||
Janus Capital Group Inc. | 9,376 | 117,012 | ||||||
Legg Mason Inc. | 6,383 | 327,512 | ||||||
Manning & Napier Inc. | 504 | 8,699 | ||||||
Northern Trust Corp. | 13,843 | 888,859 | ||||||
Pzena Investment Management Inc. | 399 | 4,453 | ||||||
Safeguard Scientifics Inc. | 742 | 15,426 | (a) | |||||
SEI Investments Co. | 4,005 | 131,244 | ||||||
Silvercrest Asset Management Group Inc. | 186 | 3,201 | ||||||
State Street Corp. | 26,855 | 1,806,267 | (b) | |||||
T Rowe Price Group Inc. | 16,357 | 1,380,694 | ||||||
The Bank of New York Mellon Corp. | 71,020 | 2,661,830 |
Table of Contents
Virtus Investment Partners Inc. | 242 | 51,244 | (a) | |||||
Waddell & Reed Financial Inc. | 2,404 | 150,466 | ||||||
Walter Investment Management Corp. | 1,304 | 38,833 | (a) | |||||
Westwood Holdings Group Inc. | 254 | 15,250 | ||||||
WisdomTree Investments Inc. | 3,705 | 45,794 | (a) | |||||
15,143,046 | ||||||||
Auto Parts & Equipment—0.2% | ||||||||
American Axle & Manufacturing Holdings Inc. | 2,324 | 43,900 | (a) | |||||
BorgWarner Inc. | 14,260 | 929,609 | ||||||
Cooper-Standard Holding Inc. | 469 | 31,029 | (a) | |||||
Dana Holding Corp. | 5,405 | 131,990 | ||||||
Delphi Automotive PLC | 17,201 | 1,182,397 | ||||||
Dorman Products Inc. | 930 | 45,868 | (a) | |||||
Drew Industries Inc. | 820 | 41,008 | ||||||
Federal-Mogul Holdings Corp. | 987 | 19,967 | (a) | |||||
Fox Factory Holding Corp. | 379 | 6,667 | (a) | |||||
Fuel Systems Solutions Inc. | 482 | 5,370 | (a) | |||||
Gentex Corp. | 4,132 | 120,200 | ||||||
Gentherm Inc. | 1,218 | 54,140 | (a) | |||||
Johnson Controls Inc. | 41,358 | 2,065,005 | ||||||
Modine Manufacturing Co. | 1,651 | 25,987 | (a) | |||||
Motorcar Parts of America Inc. | 519 | 12,638 | (a) | |||||
Remy International Inc. | 478 | 11,161 |
Table of Contents
Shiloh Industries Inc. | 282 | 5,206 | (a) | |||||
Spartan Motors Inc. | 1,287 | 5,843 | ||||||
Standard Motor Products Inc. | 684 | 30,554 | ||||||
Stoneridge Inc. | 952 | 10,205 | (a) | |||||
Strattec Security Corp. | 117 | 7,545 | ||||||
Superior Industries International Inc. | 829 | 17,094 | ||||||
Tenneco Inc. | 2,099 | 137,904 | (a) | |||||
Tower International Inc. | 707 | 26,046 | (a) | |||||
4,967,333 | ||||||||
Automobile Manufacturers—0.3% | ||||||||
Ford Motor Co. | 246,301 | 4,246,229 | ||||||
General Motors Co. | 81,903 | 2,973,079 | ||||||
Thor Industries Inc. | 1,260 | 71,656 | ||||||
Winnebago Industries Inc. | 943 | 23,745 | (a) | |||||
7,314,709 | ||||||||
Automotive Retail—0.1% | ||||||||
Advance Auto Parts Inc. | 2,059 | 277,800 | ||||||
America’s Car-Mart Inc. | 276 | 10,916 | (a) | |||||
Asbury Automotive Group Inc. | 1,058 | 72,727 | (a) | |||||
AutoNation Inc. | 3,961 | 236,392 | (a) | |||||
AutoZone Inc. | 2,069 | 1,109,481 | (a) | |||||
CarMax Inc. | 13,710 | 713,057 | (a) | |||||
CST Brands Inc. | 2,127 | 73,381 | ||||||
Group 1 Automotive Inc. | 835 | 70,399 | ||||||
Lithia Motors Inc. | 789 | 74,221 | ||||||
Monro Muffler Brake Inc. | 1,087 | 57,818 | ||||||
Murphy USA Inc. | 1,249 | 61,064 | (a) | |||||
O’Reilly Automotive Inc. | 6,616 | 996,370 | (a) | |||||
Sonic Automotive Inc. | 1,356 | 36,178 | ||||||
The Pep Boys-Manny Moe & Jack | 1,801 | 20,639 | (a) | |||||
3,810,443 | ||||||||
Biotechnology—1.0% | ||||||||
ACADIA Pharmaceuticals Inc. | 2,719 | 61,422 | (a) | |||||
Acceleron Pharma Inc. | 566 | 19,227 | (a) | |||||
Achillion Pharmaceuticals Inc. | 3,346 | 25,329 | (a) | |||||
Acorda Therapeutics Inc. | 1,448 | 48,812 | (a) | |||||
Actinium Pharmaceuticals Inc. | 669 | 4,830 | (a) | |||||
Adamas Pharmaceuticals Inc. | 96 | 1,755 | (a) | |||||
Aegerion Pharmaceuticals Inc. | 1,017 | 32,636 | (a) | |||||
Agenus Inc. | 2,138 | 6,884 | (a) | |||||
Agios Pharmaceuticals Inc. | 467 | 21,398 | (a) | |||||
Akebia Therapeutics Inc. | 268 | 7,448 | (a) | |||||
Alder Biopharmaceuticals Inc. | 273 | 5,479 | (a) | |||||
Alexion Pharmaceuticals Inc. | 12,322 | 1,925,312 | (a) | |||||
AMAG Pharmaceuticals Inc. | 744 | 15,416 | (a) | |||||
Amgen Inc. | 47,157 | 5,581,974 | ||||||
Anacor Pharmaceuticals Inc. | 1,133 | 20,088 | (a) | |||||
Applied Genetic Technologies Corp. | 166 | 3,835 | (a) | |||||
Arena Pharmaceuticals Inc. | 7,544 | 44,208 | (a) | |||||
ARIAD Pharmaceuticals Inc. | 5,675 | 36,150 | (a) | |||||
Array BioPharma Inc. | 4,283 | 19,530 | (a) | |||||
Arrowhead Research Corp. | 1,787 | 25,572 | (a) | |||||
Auspex Pharmaceuticals Inc. | 299 | 6,659 | (a) | |||||
BioCryst Pharmaceuticals Inc. | 2,413 | 30,766 | (a) |
Table of Contents
Biogen Idec Inc. | 14,775 | 4,658,705 | (a) | |||||
BioSpecifics Technologies Corp. | 121 | 3,262 | (a) | |||||
Biotime Inc. | 1,868 | 5,697 | (a) | |||||
Bluebird Bio Inc. | 655 | 25,263 | (a) | |||||
Cara Therapeutics Inc. | 205 | 3,489 | (a) | |||||
Celgene Corp. | 50,366 | 4,325,432 | (a) | |||||
Celldex Therapeutics Inc. | 3,083 | 50,315 | (a) | |||||
Cellular Dynamics International Inc. | 328 | 4,779 | (a) | |||||
Cepheid | 2,410 | 115,535 | (a) | |||||
ChemoCentryx Inc. | 915 | 5,353 | (a) | |||||
Chimerix Inc. | 926 | 20,316 | (a) | |||||
Clovis Oncology Inc. | 850 | 35,198 | (a) | |||||
CTI BioPharma Corp. | 4,732 | 13,297 | (a) | |||||
Cubist Pharmaceuticals Inc. | 2,123 | 148,228 | (a) | |||||
Cytokinetics Inc. | 1,148 | 5,487 | (a) | |||||
Cytori Therapeutics Inc. | 2,227 | 5,323 | (a) | |||||
CytRx Corp. | 1,918 | 8,017 | (a) | |||||
Dendreon Corp. | 5,323 | 12,243 | (a) | |||||
Dicerna Pharmaceuticals Inc. | 134 | 3,024 | (a) | |||||
Durata Therapeutics Inc. | 514 | 8,753 | (a) | |||||
Dyax Corp. | 4,691 | 45,034 | (a) | |||||
Dynavax Technologies Corp. | 9,108 | 14,573 | (a) | |||||
Eleven Biotherapeutics Inc. | 178 | 2,346 | (a) | |||||
Emergent Biosolutions Inc. | 1,012 | 22,730 | (a) | |||||
Enanta Pharmaceuticals Inc. | 355 | 15,290 | (a) | |||||
Epizyme Inc. | 439 | 13,662 | (a) | |||||
Esperion Therapeutics Inc. | 144 | 2,281 | (a) | |||||
Exact Sciences Corp. | 2,860 | 48,706 | (a) | |||||
Exelixis Inc. | 6,733 | 22,825 | (a) | |||||
Five Prime Therapeutics Inc. | 590 | 9,174 | (a) | |||||
Flexion Therapeutics Inc. | 178 | 2,399 | (a) | |||||
Foundation Medicine Inc. | 480 | 12,941 | (a) | |||||
Galectin Therapeutics Inc. | 617 | 8,521 | (a) | |||||
Galena Biopharma Inc. | 4,019 | 12,298 | (a) | |||||
Genocea Biosciences Inc. | 153 | 2,869 | (a) | |||||
Genomic Health Inc. | 594 | 16,276 | (a) | |||||
Geron Corp. | 5,377 | 17,260 | (a) | |||||
Gilead Sciences Inc. | 95,666 | 7,931,668 | (a) | |||||
Halozyme Therapeutics Inc. | 3,560 | 35,173 | (a) | |||||
Heron Therapeutics Inc. | 662 | 8,156 | (a) | |||||
Hyperion Therapeutics Inc. | 467 | 12,189 | (a) | |||||
Idenix Pharmaceuticals Inc. | 4,035 | 97,243 | (a) | |||||
Idera Pharmaceuticals Inc. | 2,066 | 5,991 | (a) | |||||
ImmunoGen Inc. | 2,916 | 34,555 | (a) | |||||
Immunomedics Inc. | 2,819 | 10,289 | (a) | |||||
Infinity Pharmaceuticals Inc. | 1,697 | 21,620 | (a) | |||||
Inovio Pharmaceuticals Inc. | 2,071 | 22,388 | (a) | |||||
Insmed Inc. | 1,351 | 26,993 | (a) | |||||
Insys Therapeutics Inc. | 344 | 10,743 | (a) | |||||
InterMune Inc. | 3,410 | 150,551 | (a) | |||||
Intrexon Corp. | 1,226 | 30,809 | (a) | |||||
Ironwood Pharmaceuticals Inc. | 4,116 | 63,098 | (a) | |||||
Isis Pharmaceuticals Inc. | 4,052 | 139,591 | (a) | |||||
Karyopharm Therapeutics Inc. | 426 | 19,830 | (a) | |||||
Keryx Biopharmaceuticals Inc. | 3,124 | 48,047 | (a) | |||||
Kindred Biosciences Inc. | 374 | 6,971 | (a) |
Table of Contents
KYTHERA Biopharmaceuticals Inc. | 599 | 22,984 | (a) | |||||
Lexicon Pharmaceuticals Inc. | 8,160 | 13,138 | (a) | |||||
Ligand Pharmaceuticals Inc. | 714 | 44,475 | (a) | |||||
MacroGenics Inc. | 686 | 14,907 | (a) | |||||
MannKind Corp. | 7,858 | 86,359 | (a) | |||||
Merrimack Pharmaceuticals Inc. | 3,336 | 24,319 | (a) | |||||
MiMedx Group Inc. | 3,219 | 22,823 | (a) | |||||
Mirati Therapeutics Inc. | 243 | 4,860 | (a) | |||||
Momenta Pharmaceuticals Inc. | 1,704 | 20,584 | (a) | |||||
NanoViricides Inc. | 1,370 | 5,754 | (a) | |||||
Navidea Biopharmaceuticals Inc. | 5,283 | 7,819 | (a) | |||||
NeoStem Inc. | 807 | 5,262 | (a) | |||||
Neuralstem Inc. | 2,358 | 9,951 | (a) | |||||
Neurocrine Biosciences Inc. | 2,621 | 38,896 | (a) | |||||
NewLink Genetics Corp. | 682 | 18,107 | (a) | |||||
Northwest Biotherapeutics Inc. | 1,221 | 8,193 | (a) | |||||
Novavax Inc. | 7,209 | 33,306 | (a) | |||||
NPS Pharmaceuticals Inc. | 3,665 | 121,128 | (a) | |||||
Ohr Pharmaceutical Inc. | 717 | 6,819 | (a) | |||||
OncoMed Pharmaceuticals Inc. | 433 | 10,089 | (a) | |||||
Oncothyreon Inc. | 2,407 | 7,799 | (a) | |||||
Ophthotech Corp. | 478 | 20,224 | (a) | |||||
Opko Health Inc. | 6,736 | 59,546 | (a) | |||||
Orexigen Therapeutics Inc. | 4,015 | 24,813 | (a) | |||||
Organovo Holdings Inc. | 2,145 | 17,911 | (a) | |||||
Osiris Therapeutics Inc. | 642 | 10,028 | (a) | |||||
OvaScience Inc. | 518 | 4,750 | (a) | |||||
PDL BioPharma Inc. | 5,547 | 53,695 | ||||||
Peregrine Pharmaceuticals Inc. | 6,133 | 11,530 | (a) | |||||
Portola Pharmaceuticals Inc. | 1,268 | 37,000 | (a) | |||||
Progenics Pharmaceuticals Inc. | 2,488 | 10,723 | (a) | |||||
PTC Therapeutics Inc. | 764 | 19,971 | (a) | |||||
Puma Biotechnology Inc. | 801 | 52,866 | (a) | |||||
Raptor Pharmaceutical Corp. | 2,200 | 25,410 | (a) | |||||
Receptos Inc. | 532 | 22,663 | (a) | |||||
Regado Biosciences Inc. | 523 | 3,551 | (a) | |||||
Regeneron Pharmaceuticals Inc. | 4,962 | 1,401,616 | (a) | |||||
Regulus Therapeutics Inc. | 463 | 3,723 | (a) | |||||
Repligen Corp. | 1,105 | 25,183 | (a) | |||||
Retrophin Inc. | 705 | 8,277 | (a) | |||||
Rigel Pharmaceuticals Inc. | 3,138 | 11,391 | (a) | |||||
Sangamo Biosciences Inc. | 2,328 | 35,549 | (a) | |||||
Sarepta Therapeutics Inc. | 1,404 | 41,825 | (a) | |||||
Spectrum Pharmaceuticals Inc. | 2,284 | 18,569 | (a) | |||||
Stemline Therapeutics Inc. | 401 | 5,883 | (a) | |||||
Sunesis Pharmaceuticals Inc. | 1,699 | 11,077 | (a) | |||||
Synageva BioPharma Corp. | 733 | 76,818 | (a) | |||||
Synergy Pharmaceuticals Inc. | 3,215 | 13,085 | (a) | |||||
Synta Pharmaceuticals Corp. | 1,985 | 8,119 | (a) | |||||
TESARO Inc. | 663 | 20,626 | (a) | |||||
TG Therapeutics Inc. | 807 | 7,578 | (a) | |||||
Threshold Pharmaceuticals Inc. | 1,683 | 6,665 | (a) | |||||
Ultragenyx Pharmaceutical Inc. | 223 | 10,010 | (a) | |||||
United Therapeutics Corp. | 1,244 | 110,082 | (a) | |||||
Vanda Pharmaceuticals Inc. | 1,156 | 18,704 | (a) |
Table of Contents
Verastem Inc. | 751 | 6,804 | (a) | |||||
Versartis Inc. | 237 | 6,645 | (a) | |||||
Vertex Pharmaceuticals Inc. | 14,732 | 1,394,826 | (a) | |||||
Vital Therapies Inc. | 177 | 4,821 | (a) | |||||
Xencor Inc. | 543 | 6,310 | (a) | |||||
XOMA Corp. | 2,995 | 13,747 | (a) | |||||
ZIOPHARM Oncology Inc. | 2,723 | 10,974 | (a) | |||||
30,528,696 | ||||||||
Brewers—0.0% * | ||||||||
Craft Brew Alliance Inc. | 340 | 3,761 | (a) | |||||
Molson Coors Brewing Co. | 9,914 | 735,222 | ||||||
The Boston Beer Company Inc. | 287 | 64,150 | (a) | |||||
803,133 | ||||||||
Broadcasting—0.1% | ||||||||
CBS Corp. | 32,922 | 2,045,773 | ||||||
Central European Media Enterprises Ltd. | 2,590 | 7,304 | (a) | |||||
Crown Media Holdings Inc. | 1,268 | 4,603 | (a) | |||||
Cumulus Media Inc. | 4,656 | 30,683 | (a) | |||||
Discovery Communications Inc. | 13,580 | 1,008,722 | (a) | |||||
Entercom Communications Corp. | 831 | 8,917 | (a) | |||||
Entravision Communications Corp. | 2,081 | 12,944 | ||||||
Gray Television Inc. | 1,712 | 22,478 | (a) | |||||
Hemisphere Media Group Inc. | 272 | 3,416 | (a) | |||||
Journal Communications Inc. | 1,586 | 14,068 | (a) | |||||
Media General Inc. | 1,870 | 38,391 | (a) | |||||
Nexstar Broadcasting Group Inc. | 1,065 | 54,965 | ||||||
Radio One Inc. | 784 | 3,865 | (a) | |||||
Saga Communications Inc. | 126 | 5,383 | ||||||
Salem Communications Corp. | 410 | 3,879 | ||||||
Scripps Networks Interactive Inc. | 6,673 | 541,447 | ||||||
Sinclair Broadcast Group Inc. | 2,366 | 82,218 | ||||||
3,889,056 | ||||||||
Building Products—0.0% * | ||||||||
AAON Inc. | 969 | 32,481 | ||||||
American Woodmark Corp. | 420 | 13,385 | (a) | |||||
AO Smith Corp. | 2,135 | 105,853 | ||||||
Apogee Enterprises Inc. | 1,000 | 34,860 | ||||||
Builders FirstSource Inc. | 1,505 | 11,257 | (a) | |||||
Continental Building Products Inc. | 411 | 6,329 | (a) | |||||
Fortune Brands Home & Security Inc. | 4,686 | 187,112 | ||||||
Gibraltar Industries Inc. | 1,080 | 16,751 | (a) | |||||
Griffon Corp. | 1,382 | 17,137 | ||||||
Insteel Industries Inc. | 629 | 12,360 | ||||||
Lennox International Inc. | 1,278 | 114,471 | ||||||
Masco Corp. | 22,263 | 494,239 | ||||||
Masonite International Corp. | 1,012 | 56,935 | (a) | |||||
NCI Building Systems Inc. | 963 | 18,711 | (a) | |||||
Norcraft Companies Inc. | 266 | 3,807 | (a) | |||||
Nortek Inc. | 319 | 28,633 | (a) | |||||
Patrick Industries Inc. | 280 | 13,045 | (a) | |||||
PGT Inc. | 1,618 | 13,705 | (a) | |||||
Ply Gem Holdings Inc. | 724 | 7,312 | (a) |
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Quanex Building Products Corp. | 1,307 | 23,356 | ||||||
Simpson Manufacturing Company Inc. | 1,422 | 51,704 | ||||||
Trex Company Inc. | 1,160 | 33,431 | (a) | |||||
Universal Forest Products Inc. | 691 | 33,355 | ||||||
1,330,229 | ||||||||
Cable & Satellite—0.5% | ||||||||
AMC Networks Inc. | 1,668 | 102,565 | (a) | |||||
Cablevision Systems Corp. | 13,536 | 238,910 | ||||||
Comcast Corp., Class A | 161,957 | 8,693,852 | ||||||
DIRECTV | 29,188 | 2,481,272 | (a) | |||||
Loral Space & Communications Inc. | 450 | 32,711 | (a) | |||||
Time Warner Cable Inc. | 17,351 | 2,555,802 | ||||||
14,105,112 | ||||||||
Casinos & Gaming—0.1% | ||||||||
Bally Technologies Inc. | 1,116 | 73,344 | (a) | |||||
Boyd Gaming Corp. | 2,671 | 32,399 | (a) | |||||
Caesars Acquisition Co. | 1,563 | 19,334 | (a) | |||||
Caesars Entertainment Corp. | 1,768 | 31,965 | (a) | |||||
Churchill Downs Inc. | 461 | 41,541 | ||||||
Empire Resorts Inc. | 503 | 3,602 | (a) | |||||
International Game Technology | 6,962 | 110,765 | ||||||
Isle of Capri Casinos Inc. | 807 | 6,908 | (a) | |||||
Monarch Casino & Resort Inc. | 329 | 4,981 | (a) | |||||
Multimedia Games Holding Company Inc. | 1,036 | 30,707 | (a) | |||||
Penn National Gaming Inc. | 2,696 | 32,730 | (a) | |||||
Pinnacle Entertainment Inc. | 2,044 | 51,468 | (a) | |||||
Scientific Games Corp. | 1,775 | 19,738 | (a) | |||||
Wynn Resorts Ltd. | 5,052 | 1,048,593 | ||||||
1,508,075 | ||||||||
Catalog Retail—0.0% * | ||||||||
Gaiam Inc. | 503 | 3,863 | (a) | |||||
HSN Inc. | 2,085 | 123,515 | ||||||
ValueVision Media Inc. | 1,249 | 6,233 | (a) | |||||
133,611 | ||||||||
Coal & Consumable Fuels—0.0% * | ||||||||
Alpha Natural Resources Inc. | 7,643 | 28,356 | (a) | |||||
Arch Coal Inc. | 7,245 | 26,444 | ||||||
Cloud Peak Energy Inc. | 2,102 | 38,719 | (a) | |||||
CONSOL Energy Inc. | 14,347 | 660,966 | ||||||
Hallador Energy Co. | 315 | 2,989 | ||||||
Peabody Energy Corp. | 16,916 | 276,577 | ||||||
Solazyme Inc. | 2,651 | 31,229 | (a) | |||||
Westmoreland Coal Co. | 468 | 16,979 | (a) | |||||
1,082,259 | ||||||||
Commercial Printing—0.0% * | ||||||||
Brady Corp. | 1,641 | 49,017 | ||||||
Cenveo Inc. | 1,972 | 7,316 | (a) | |||||
Deluxe Corp. | 3,143 | 184,117 | ||||||
Ennis Inc. | 893 | 13,627 | ||||||
InnerWorkings Inc. | 1,220 | 10,370 | (a) |
Table of Contents
Multi-Color Corp. | 430 | 17,204 | ||||||
Quad/Graphics Inc. | 939 | 21,005 | ||||||
RR Donnelley & Sons Co. | 5,629 | 95,468 | ||||||
398,124 | ||||||||
Commodity Chemicals—0.1% | ||||||||
Axiall Corp. | 2,411 | 113,968 | ||||||
Cabot Corp. | 1,684 | 97,655 | ||||||
Calgon Carbon Corp. | 1,841 | 41,110 | (a) | |||||
Hawkins Inc. | 371 | 13,779 | ||||||
Koppers Holdings Inc. | 707 | 27,043 | ||||||
Kronos Worldwide Inc. | 712 | 11,157 | ||||||
LyondellBasell Industries N.V. | 25,949 | 2,533,920 | ||||||
Trecora Resources | 745 | 8,821 | (a) | |||||
Tredegar Corp. | 847 | 19,828 | ||||||
Tronox Ltd. | 2,116 | 56,920 | ||||||
2,924,201 | ||||||||
Communications Equipment—0.7% | ||||||||
ADTRAN Inc. | 3,519 | 79,389 | ||||||
Alliance Fiber Optic Products Inc. | 426 | 7,711 | ||||||
Applied Optoelectronics Inc. | 508 | 11,786 | (a) | |||||
ARRIS Group Inc. | 3,363 | 109,398 | (a) | |||||
Aruba Networks Inc. | 3,688 | 64,614 | (a) | |||||
Bel Fuse Inc. | 358 | 9,190 | ||||||
Black Box Corp. | 544 | 12,751 | ||||||
CalAmp Corp. | 1,245 | 26,967 | (a) | |||||
Calix Inc. | 1,439 | 11,771 | (a) | |||||
Ciena Corp. | 6,574 | 142,393 | (a) | |||||
Cisco Systems Inc. | 319,119 | 7,930,107 | ||||||
Clearfield Inc. | 391 | 6,565 | (a) | |||||
Comtech Telecommunications Corp. | 524 | 19,561 | ||||||
Digi International Inc. | 849 | 7,998 | (a) | |||||
Emulex Corp. | 2,760 | 15,732 | (a) | |||||
Extreme Networks Inc. | 3,276 | 14,545 | (a) | |||||
F5 Networks Inc. | 4,709 | 524,771 | (a) | |||||
Finisar Corp. | 3,319 | 65,550 | (a) | |||||
Harmonic Inc. | 3,286 | 24,513 | (a) | |||||
Harris Corp. | 6,649 | 503,662 | ||||||
Infinera Corp. | 4,233 | 38,944 | (a) | |||||
InterDigital Inc. | 2,526 | 120,743 | ||||||
Ixia | 2,022 | 23,111 | (a) | |||||
JDS Uniphase Corp. | 6,654 | 82,975 | (a) | |||||
Juniper Networks Inc. | 29,559 | 725,378 | (a) | |||||
KVH Industries Inc. | 579 | 7,544 | (a) | |||||
Motorola Solutions Inc. | 14,112 | 939,436 | ||||||
NETGEAR Inc. | 1,262 | 43,880 | (a) | |||||
Numerex Corp. | 468 | 5,377 | (a) | |||||
Oclaro Inc. | 3,207 | 7,055 | (a) | |||||
Oplink Communications Inc. | 614 | 10,419 | (a) | |||||
Parkervision Inc. | 3,300 | 4,884 | (a) | |||||
Plantronics Inc. | 2,676 | 128,582 | ||||||
Polycom Inc. | 8,673 | 108,673 | (a) | |||||
Procera Networks Inc. | 770 | 7,769 | (a) | |||||
QUALCOMM Inc. | 105,148 | 8,327,722 | ||||||
Riverbed Technology Inc. | 4,549 | 93,846 | (a) | |||||
Ruckus Wireless Inc. | 2,231 | 26,571 | (a) |
Table of Contents
ShoreTel Inc. | 2,132 | 13,901 | (a) | |||||
Sonus Networks Inc. | 8,470 | 30,407 | (a) | |||||
Tessco Technologies Inc. | 206 | 6,536 | ||||||
Ubiquiti Networks Inc. | 1,025 | 46,320 | (a) | |||||
ViaSat Inc. | 1,428 | 82,767 | (a) | |||||
20,471,814 | ||||||||
Computer & Electronics Retail—0.0% * | ||||||||
Best Buy Company Inc. | 17,132 | 531,263 | ||||||
Conn’s Inc. | 955 | 47,168 | (a) | |||||
GameStop Corp. | 7,113 | 287,863 | ||||||
hhgregg Inc. | 432 | 4,394 | (a) | |||||
Rent-A-Center Inc. | 3,306 | 94,816 | ||||||
Systemax Inc. | 406 | 5,834 | (a) | |||||
971,338 | ||||||||
Construction & Engineering—0.1% | ||||||||
AECOM Technology Corp. | 2,787 | 89,741 | (a) | |||||
Aegion Corp. | 1,311 | 30,507 | (a) | |||||
Ameresco Inc. | 753 | 5,294 | (a) | |||||
Argan Inc. | 434 | 16,184 | ||||||
Comfort Systems USA Inc. | 1,278 | 20,192 | ||||||
Dycom Industries Inc. | 1,185 | 37,102 | (a) | |||||
EMCOR Group Inc. | 2,318 | 103,221 | ||||||
Fluor Corp. | 9,901 | 761,387 | ||||||
Furmanite Corp. | 1,276 | 14,853 | (a) | |||||
Granite Construction Inc. | 2,385 | 85,812 | ||||||
Great Lakes Dredge & Dock Corp. | 2,055 | 16,419 | (a) | |||||
Jacobs Engineering Group Inc. | 8,260 | 440,093 | (a) | |||||
KBR Inc. | 4,167 | 99,383 | ||||||
Layne Christensen Co. | 645 | 8,579 | (a) | |||||
MasTec Inc. | 2,152 | 66,325 | (a) | |||||
MYR Group Inc. | 749 | 18,972 | (a) | |||||
Northwest Pipe Co. | 323 | 13,027 | (a) | |||||
Orion Marine Group Inc. | 972 | 10,527 | (a) | |||||
Pike Corp. | 916 | 8,207 | (a) | |||||
Primoris Services Corp. | 1,305 | 37,636 | ||||||
Quanta Services Inc. | 13,605 | 470,461 | (a) | |||||
Sterling Construction Company Inc. | 645 | 6,050 | (a) | |||||
Tutor Perini Corp. | 1,285 | 40,786 | (a) | |||||
URS Corp. | 1,944 | 89,132 | ||||||
2,489,890 | ||||||||
Construction Machinery & Heavy Trucks—0.3% | ||||||||
Accuride Corp. | 1,301 | 6,362 | (a) | |||||
Alamo Group Inc. | 245 | 13,252 | ||||||
American Railcar Industries Inc. | 325 | 22,025 | ||||||
Astec Industries Inc. | 651 | 28,566 | ||||||
Caterpillar Inc. | 38,888 | 4,225,959 | ||||||
Commercial Vehicle Group Inc. | 916 | 9,197 | (a) | |||||
Cummins Inc. | 10,652 | 1,643,497 | ||||||
Douglas Dynamics Inc. | 794 | 13,990 | ||||||
Federal Signal Corp. | 2,169 | 31,776 | ||||||
FreightCar America Inc. | 427 | 10,692 | ||||||
Joy Global Inc. | 6,207 | 382,227 | ||||||
Manitex International Inc. | 476 | 7,730 | (a) | |||||
Meritor Inc. | 3,380 | 44,075 | (a) |
Table of Contents
Miller Industries Inc. | 362 | 7,450 | ||||||
Oshkosh Corp. | 2,395 | 132,994 | ||||||
PACCAR Inc. | 22,107 | 1,388,983 | ||||||
Terex Corp. | 3,114 | 127,986 | ||||||
The Greenbrier Companies Inc. | 951 | 54,778 | (a) | |||||
Trinity Industries Inc. | 4,358 | 190,532 | ||||||
Twin Disc Inc. | 280 | 9,254 | ||||||
Wabash National Corp. | 2,381 | 33,929 | (a) | |||||
Wabtec Corp. | 2,719 | 224,562 | ||||||
8,609,816 | ||||||||
Construction Materials—0.0% * | ||||||||
Eagle Materials Inc. | 1,406 | 132,558 | ||||||
Headwaters Inc. | 2,551 | 35,433 | (a) | |||||
Martin Marietta Materials Inc. | 1,306 | 172,457 | ||||||
Texas Industries Inc. | 765 | 70,656 | (a) | |||||
United States Lime & Minerals Inc. | 70 | 4,536 | ||||||
US Concrete Inc. | 487 | 12,053 | (a) | |||||
Vulcan Materials Co. | 8,166 | 520,583 | ||||||
948,276 | ||||||||
Consumer Electronics—0.0% * | ||||||||
Harman International Industries Inc. | 4,253 | 456,900 | ||||||
Skullcandy Inc. | 747 | 5,416 | (a) | |||||
Turtle Beach Corp. | 237 | 2,190 | (a) | |||||
Universal Electronics Inc. | 546 | 26,688 | (a) | |||||
491,194 | ||||||||
Consumer Finance—0.4% | ||||||||
American Express Co. | 56,732 | 5,382,165 | ||||||
Capital One Financial Corp. | 35,624 | 2,942,542 | ||||||
Cash America International Inc. | 970 | 43,097 | ||||||
Consumer Portfolio Services Inc. | 725 | 5,525 | (a) | |||||
Credit Acceptance Corp. | 242 | 29,790 | (a) | |||||
Discover Financial Services | 29,044 | 1,800,147 | ||||||
Encore Capital Group Inc. | 895 | 40,651 | (a) | |||||
Ezcorp Inc. | 1,753 | 20,247 | (a) | |||||
First Cash Financial Services Inc. | 999 | 57,532 | (a) | |||||
Green Dot Corp. | 1,068 | 20,271 | (a) | |||||
JGWPT Holdings Inc. | 451 | 5,078 | (a) | |||||
Navient N.V. | 26,274 | 465,313 | ||||||
Nelnet Inc. | 718 | 29,747 | ||||||
Nicholas Financial Inc. | 390 | 5,600 | ||||||
Portfolio Recovery Associates Inc. | 1,726 | 102,749 | (a) | |||||
Regional Management Corp. | 363 | 5,616 | (a) | |||||
SLM Corp. | 11,919 | 99,047 | ||||||
Springleaf Holdings Inc. | 857 | 22,239 | (a) | |||||
World Acceptance Corp. | 288 | 21,876 | (a) | |||||
11,099,232 | ||||||||
Data Processing & Outsourced Services—0.7% | ||||||||
Alliance Data Systems Corp. | 3,374 | 948,937 | (a) | |||||
Automatic Data Processing Inc. | 30,024 | 2,380,303 | ||||||
Blackhawk Network Holdings Inc. | 1,807 | 50,993 | (a) | |||||
Broadridge Financial Solutions Inc. | 3,402 | 141,659 | ||||||
Cardtronics Inc. | 1,534 | 52,279 | (a) | |||||
Cass Information Systems Inc. | 393 | 19,446 |
Table of Contents
Computer Sciences Corp. | 9,009 | 569,369 | ||||||
Convergys Corp. | 6,381 | 136,809 | ||||||
CoreLogic Inc. | 2,602 | 78,997 | (a) | |||||
CSG Systems International Inc. | 1,176 | 30,705 | ||||||
DST Systems Inc. | 986 | 90,880 | ||||||
Euronet Worldwide Inc. | 1,753 | 84,565 | (a) | |||||
ExlService Holdings Inc. | 1,129 | 33,249 | (a) | |||||
Fidelity National Information Services Inc. | 17,911 | 980,448 | ||||||
Fiserv Inc. | 15,521 | 936,227 | (a) | |||||
Global Cash Access Holdings Inc. | 2,309 | 20,550 | (a) | |||||
Global Payments Inc. | 2,023 | 147,375 | ||||||
Heartland Payment Systems Inc. | 1,236 | 50,936 | ||||||
Higher One Holdings Inc. | 1,069 | 4,073 | (a) | |||||
Information Services Group Inc. | 1,104 | 5,310 | (a) | |||||
Jack Henry & Associates Inc. | 2,384 | 141,681 | ||||||
Mastercard Inc. | 62,599 | 4,599,148 | ||||||
MAXIMUS Inc. | 2,335 | 100,452 | ||||||
ModusLink Global Solutions Inc. | 1,327 | 4,963 | (a) | |||||
MoneyGram International Inc. | 998 | 14,700 | (a) | |||||
NeuStar Inc. | 2,491 | 64,816 | (a) | |||||
Paychex Inc. | 20,195 | 839,304 | ||||||
PRGX Global Inc. | 1,097 | 7,010 | (a) | |||||
Sykes Enterprises Inc. | 1,361 | 29,574 | (a) | |||||
Syntel Inc. | 528 | 45,387 | (a) | |||||
TeleTech Holdings Inc. | 599 | 17,365 | (a) | |||||
The Western Union Co. | 33,511 | 581,081 | ||||||
Total System Services Inc. | 10,383 | 326,130 | ||||||
VeriFone Systems Inc. | 3,152 | 115,836 | (a) | |||||
Visa Inc. | 31,318 | 6,599,016 | ||||||
WEX Inc. | 2,430 | 255,077 | (a) | |||||
Xerox Corp. | 68,027 | 846,256 | ||||||
21,350,906 | ||||||||
Department Stores—0.1% | ||||||||
JC Penney Company Inc. | 8,569 | 77,550 | (a) | |||||
Kohl’s Corp. | 12,133 | 639,166 | ||||||
Macy’s Inc. | 22,449 | 1,302,491 | ||||||
Nordstrom Inc. | 8,743 | 593,912 | ||||||
The Bon-Ton Stores Inc. | 506 | 5,217 | ||||||
2,618,336 | ||||||||
Distillers & Vintners—0.1% | ||||||||
Brown-Forman Corp. | 10,110 | 952,059 | ||||||
Constellation Brands Inc. | 10,503 | 925,629 | (a) | |||||
1,877,688 | ||||||||
Distributors—0.0% * | ||||||||
Core-Mark Holding Company Inc. | 808 | 36,869 | ||||||
Genuine Parts Co. | 9,582 | 841,299 | ||||||
LKQ Corp. | 8,516 | 227,292 | (a) | |||||
Pool Corp. | 1,552 | 87,781 | ||||||
VOXX International Corp. | 682 | 6,418 | (a) | |||||
Weyco Group Inc. | 219 | 6,003 | ||||||
1,205,662 | ||||||||
Diversified Banks—1.8% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. | 1,037 | 30,768 | ||||||
Bank of America Corp. | 655,096 | 10,068,825 |
Table of Contents
Citigroup Inc. | 189,243 | 8,913,345 | ||||||
Comerica Inc. | 11,300 | 566,808 | ||||||
JPMorgan Chase & Co. | 235,783 | 13,585,816 | ||||||
Square 1 Financial Inc. | 194 | 3,688 | (a) | |||||
U.S. Bancorp | 113,115 | 4,900,142 | ||||||
Wells Fargo & Co. | 298,603 | 15,694,574 | ||||||
53,763,966 | ||||||||
Diversified Capital Markets—0.0% * | ||||||||
HFF Inc. REIT | 1,133 | 42,136 | ||||||
Diversified Chemicals—0.3% | ||||||||
Eastman Chemical Co. | 9,349 | 816,635 | ||||||
EI du Pont de Nemours & Co. | 57,210 | 3,743,823 | ||||||
FMC Corp. | 8,310 | 591,589 | ||||||
LSB Industries Inc. | 663 | 27,627 | (a) | |||||
Olin Corp. | 4,958 | 133,469 | ||||||
The Dow Chemical Co. | 75,009 | 3,859,963 | ||||||
9,173,106 | ||||||||
Diversified Metals & Mining—0.1% | ||||||||
Compass Minerals International Inc. | 942 | 90,187 | ||||||
Freeport-McMoRan Inc. | 64,685 | 2,361,003 | ||||||
Globe Specialty Metals Inc. | 2,203 | 45,778 | ||||||
Horsehead Holding Corp. | 1,781 | 32,521 | (a) | |||||
Materion Corp. | 711 | 26,300 | ||||||
Molycorp Inc. | 6,261 | 16,091 | (a) | |||||
RTI International Metals Inc. | 1,061 | 28,212 | (a) | |||||
Southern Copper Corp. | 9,992 | 303,457 | ||||||
U.S. Silica Holdings Inc. | 1,853 | 102,730 | ||||||
3,006,279 | ||||||||
Diversified Real Estate Activities—0.0% * | ||||||||
Alexander & Baldwin Inc. | 2,879 | 119,335 | ||||||
Consolidated-Tomoka Land Co. | 149 | 6,839 | ||||||
Tejon Ranch Co. | 477 | 15,355 | (a) | |||||
The St Joe Co. | 1,303 | 33,135 | (a) | |||||
174,664 | ||||||||
Diversified REITs—0.1% | ||||||||
American Assets Trust Inc. | 1,191 | 41,149 | ||||||
Armada Hoffler Properties Inc. | 699 | 6,766 | ||||||
Chambers Street Properties | 8,234 | 66,201 | ||||||
Cousins Properties Inc. | 6,822 | 84,934 | ||||||
Duke Realty Corp. | 9,290 | 168,706 | ||||||
Empire State Realty Trust Inc. | 3,157 | 52,090 | ||||||
First Potomac Realty Trust | 2,089 | 27,408 | ||||||
Gladstone Commercial Corp. | 535 | 9,560 | ||||||
Investors Real Estate Trust | 3,684 | 33,930 | ||||||
Lexington Realty Trust | 7,068 | 77,819 | ||||||
Liberty Property Trust | 4,164 | 157,941 | ||||||
One Liberty Properties Inc. | 415 | 8,856 | ||||||
PS Business Parks Inc. | 675 | 56,356 | ||||||
RAIT Financial Trust | 2,905 | 24,024 | ||||||
Select Income REIT | 1,264 | 37,465 | ||||||
Vornado Realty Trust | 10,869 | 1,160,048 |
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Washington Real Estate Investment Trust | 2,312 | 60,066 | ||||||
Whitestone REIT | 747 | 11,138 | ||||||
Winthrop Realty Trust | 1,248 | 19,157 | ||||||
2,103,614 | ||||||||
Diversified Support Services—0.1% | ||||||||
Cintas Corp. | 6,307 | 400,747 | ||||||
Civeo Corp. | 6,228 | 155,887 | (a) | |||||
Copart Inc. | 3,151 | 113,310 | (a) | |||||
G&K Services Inc. | 681 | 35,460 | ||||||
Healthcare Services Group Inc. | 2,424 | 71,362 | ||||||
Iron Mountain Inc. | 10,678 | 378,535 | ||||||
McGrath RentCorp. | 900 | 33,075 | ||||||
Mobile Mini Inc. | 1,608 | 77,007 | ||||||
Performant Financial Corp. | 1,011 | 10,211 | (a) | |||||
Schawk Inc. | 419 | 8,531 | ||||||
UniFirst Corp. | 509 | 53,954 | ||||||
Viad Corp. | 708 | 16,879 | ||||||
1,354,958 | ||||||||
Drug Retail—0.3% | ||||||||
CVS Caremark Corp. | 72,842 | 5,490,102 | ||||||
Liberator Medical Holdings Inc. | 1,082 | 4,057 | ||||||
Walgreen Co. | 54,688 | 4,054,021 | ||||||
9,548,180 | ||||||||
Education Services—0.0% * | ||||||||
2U Inc. | 352 | 5,917 | (a) | |||||
American Public Education Inc. | 604 | 20,766 | (a) | |||||
Apollo Education Group Inc. | 2,790 | 87,187 | (a) | |||||
Bridgepoint Education Inc. | 531 | 7,052 | (a) | |||||
Bright Horizons Family Solutions Inc. | 1,054 | 45,259 | (a) | |||||
Capella Education Co. | 378 | 20,559 | ||||||
Career Education Corp. | 2,359 | 11,040 | (a) | |||||
Chegg Inc. | 2,530 | 17,811 | (a) | |||||
DeVry Education Group Inc. | 1,604 | 67,913 | ||||||
Education Management Corp. | 888 | 1,501 | (a) | |||||
Graham Holdings Co. | 271 | 194,608 | ||||||
Grand Canyon Education Inc. | 1,618 | 74,379 | (a) | |||||
Houghton Mifflin Harcourt Co. | 3,750 | 71,850 | (a) | |||||
ITT Educational Services Inc. | 780 | 13,018 | (a) | |||||
K12 Inc. | 1,182 | 28,451 | (a) | |||||
Strayer Education Inc. | 370 | 19,429 | (a) | |||||
Universal Technical Institute Inc. | 772 | 9,372 | ||||||
696,112 | ||||||||
Electric Utilities—0.7% | ||||||||
ALLETE Inc. | 1,459 | 74,920 | ||||||
American Electric Power Company Inc. | 30,413 | 1,696,133 | ||||||
Cleco Corp. | 3,781 | 222,890 | ||||||
Duke Energy Corp. | 44,049 | 3,267,995 | ||||||
Edison International | 20,318 | 1,180,679 | ||||||
El Paso Electric Co. | 1,390 | 55,892 | ||||||
Entergy Corp. | 11,183 | 918,013 | ||||||
Exelon Corp. | 53,472 | 1,950,659 | ||||||
FirstEnergy Corp. | 26,193 | 909,421 |
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Great Plains Energy Inc. | 4,328 | 116,293 | ||||||
Hawaiian Electric Industries Inc. | 2,853 | 72,238 | ||||||
IDACORP Inc. | 3,146 | 181,933 | ||||||
MGE Energy Inc. | 1,195 | 47,214 | ||||||
NextEra Energy Inc. | 27,161 | 2,783,459 | ||||||
Northeast Utilities | 19,710 | 931,692 | ||||||
NRG Yield Inc. | 694 | 36,123 | ||||||
OGE Energy Corp. | 5,615 | 219,434 | ||||||
Otter Tail Corp. | 1,256 | 38,044 | ||||||
Pepco Holdings Inc. | 15,679 | 430,859 | ||||||
Pinnacle West Capital Corp. | 6,895 | 398,807 | ||||||
PNM Resources Inc. | 4,989 | 146,327 | ||||||
Portland General Electric Co. | 2,694 | 93,401 | ||||||
PPL Corp. | 39,368 | 1,398,745 | ||||||
The Empire District Electric Co. | 1,476 | 37,904 | ||||||
The Southern Co. | 55,477 | 2,517,546 | ||||||
UIL Holdings Corp. | 1,959 | 75,833 | ||||||
Unitil Corp. | 501 | 16,949 | ||||||
UNS Energy Corp. | 1,438 | 86,870 | ||||||
Westar Energy Inc. | 3,623 | 138,362 | ||||||
Xcel Energy Inc. | 31,240 | 1,006,865 | ||||||
21,051,500 | ||||||||
Electrical Components & Equipment—0.3% | ||||||||
Acuity Brands Inc. | 1,219 | 168,527 | ||||||
AMETEK Inc. | 15,303 | 800,041 | ||||||
Eaton Corp. PLC | 29,687 | 2,291,243 | ||||||
Emerson Electric Co. | 43,724 | 2,901,525 | ||||||
Encore Wire Corp. | 715 | 35,064 | ||||||
EnerSys | 1,616 | 111,165 | ||||||
Enphase Energy Inc. | 663 | 5,669 | (a) | |||||
Franklin Electric Company Inc. | 1,645 | 66,343 | ||||||
FuelCell Energy Inc. | 7,611 | 18,266 | (a) | |||||
Generac Holdings Inc. | 2,372 | 115,611 | (a) | |||||
General Cable Corp. | 1,678 | 43,057 | ||||||
GrafTech International Ltd. | 4,050 | 42,363 | (a) | |||||
Hubbell Inc. | 1,516 | 186,695 | ||||||
LSI Industries Inc. | 759 | 6,057 | ||||||
Plug Power Inc. | 5,759 | 26,952 | (a) | |||||
Polypore International Inc. | 1,556 | 74,268 | (a) | |||||
Powell Industries Inc. | 322 | 21,052 | ||||||
Preformed Line Products Co. | 88 | 4,737 | ||||||
Regal-Beloit Corp. | 1,268 | 99,614 | ||||||
Revolution Lighting Technologies Inc. | 969 | 2,229 | (a) | |||||
Rockwell Automation Inc. | 8,634 | 1,080,631 | ||||||
Thermon Group Holdings Inc. | 1,096 | 28,847 | (a) | |||||
Vicor Corp. | 533 | 4,466 | (a) | |||||
8,134,422 | ||||||||
Electronic Components—0.1% | ||||||||
Aeroflex Holding Corp. | 706 | 7,413 | (a) | |||||
Amphenol Corp. | 9,779 | 942,109 | ||||||
Belden Inc. | 2,742 | 214,315 | ||||||
Corning Inc. | 81,550 | 1,790,022 | ||||||
DTS Inc. | 574 | 10,567 | (a) | |||||
II-VI Inc. | 1,783 | 25,782 | (a) |
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InvenSense Inc. | 2,450 | 55,591 | (a) | |||||
Knowles Corp. | 2,391 | 73,499 | (a) | |||||
Littelfuse Inc. | 777 | 72,222 | ||||||
Rogers Corp. | 625 | 41,469 | (a) | |||||
Universal Display Corp. | 1,397 | 44,844 | (a) | |||||
Vishay Intertechnology Inc. | 3,815 | 59,094 | ||||||
3,336,927 | ||||||||
Electronic Equipment & Instruments—0.0% * | ||||||||
Badger Meter Inc. | 493 | 25,956 | ||||||
Checkpoint Systems Inc. | 1,419 | 19,852 | (a) | |||||
Cognex Corp. | 2,996 | 115,046 | (a) | |||||
Coherent Inc. | 855 | 56,575 | (a) | |||||
Control4 Corp. | 392 | 7,668 | (a) | |||||
CUI Global Inc. | 702 | 5,897 | (a) | |||||
Daktronics Inc. | 1,282 | 15,281 | ||||||
Electro Scientific Industries Inc. | 831 | 5,659 | ||||||
FARO Technologies Inc. | 596 | 29,276 | (a) | |||||
FEI Co. | 2,646 | 240,072 | ||||||
FLIR Systems Inc. | 8,853 | 307,465 | ||||||
GSI Group Inc. | 1,094 | 13,927 | (a) | |||||
Itron Inc. | 2,473 | 100,280 | (a) | |||||
Mesa Laboratories Inc. | 96 | 8,060 | ||||||
MTS Systems Corp. | 523 | 35,438 | ||||||
National Instruments Corp. | 2,765 | 89,558 | ||||||
Newport Corp. | 1,385 | 25,622 | (a) | |||||
OSI Systems Inc. | 688 | 45,924 | (a) | |||||
RealD Inc. | 1,426 | 18,196 | (a) | |||||
Rofin-Sinar Technologies Inc. | 971 | 23,343 | (a) | |||||
Vishay Precision Group Inc. | 463 | 7,621 | (a) | |||||
Zebra Technologies Corp. | 1,430 | 117,718 | (a) | |||||
1,314,434 | ||||||||
Electronic Manufacturing Services—0.0% * | ||||||||
Benchmark Electronics Inc. | 1,861 | 47,418 | (a) | |||||
CTS Corp. | 1,152 | 21,543 | ||||||
Jabil Circuit Inc. | 11,471 | 239,744 | ||||||
Kemet Corp. | 1,555 | 8,941 | (a) | |||||
Maxwell Technologies Inc. | 1,037 | 15,690 | (a) | |||||
Measurement Specialties Inc. | 553 | 47,597 | (a) | |||||
Mercury Systems Inc. | 1,152 | 13,064 | (a) | |||||
Methode Electronics Inc. | 1,316 | 50,284 | ||||||
Multi-Fineline Electronix Inc. | 310 | 3,422 | (a) | |||||
Park Electrochemical Corp. | 718 | 20,255 | ||||||
Plexus Corp. | 1,171 | 50,693 | (a) | |||||
Sanmina Corp. | 2,840 | 64,695 | (a) | |||||
Trimble Navigation Ltd. | 7,354 | 271,730 | (a) | |||||
TTM Technologies Inc. | 1,797 | 14,735 | (a) | |||||
Viasystems Group Inc. | 201 | 2,189 | (a) | |||||
872,000 | ||||||||
Environmental & Facilities Services—0.1% | ||||||||
ABM Industries Inc. | 1,913 | 51,613 | ||||||
Casella Waste Systems Inc. | 1,360 | 6,814 | (a) | |||||
Ceco Environmental Corp. | 709 | 11,053 | ||||||
Clean Harbors Inc. | 1,554 | 99,845 | (a) | |||||
Heritage-Crystal Clean Inc. | 322 | 6,321 | (a) |
Table of Contents
Quest Resource Holding Corp. | 407 | 2,120 | (a) | |||||
Republic Services Inc. | 16,623 | 631,175 | ||||||
Rollins Inc. | 1,807 | 54,210 | ||||||
SP Plus Corp. | 554 | 11,850 | (a) | |||||
Stericycle Inc. | 5,267 | 623,718 | (a) | |||||
Team Inc. | 707 | 29,001 | (a) | |||||
Tetra Tech Inc. | 2,239 | 61,573 | ||||||
US Ecology Inc. | 744 | 36,419 | ||||||
Waste Connections Inc. | 3,499 | 169,876 | ||||||
Waste Management Inc. | 26,978 | 1,206,726 | ||||||
3,002,314 | ||||||||
Fertilizers & Agricultural Chemicals—0.2% | ||||||||
American Vanguard Corp. | 1,014 | 13,405 | ||||||
CF Industries Holdings Inc. | 3,248 | 781,241 | ||||||
Intrepid Potash Inc. | 1,902 | 31,878 | (a) | |||||
Marrone Bio Innovations Inc. | 386 | 4,485 | (a) | |||||
Monsanto Co. | 32,649 | 4,072,636 | ||||||
Rentech Inc. | 1,798 | 4,657 | (a) | |||||
The Mosaic Co. | 20,146 | 996,220 | ||||||
The Scotts Miracle-Gro Co. | 1,221 | 69,426 | ||||||
5,973,948 | ||||||||
Food Distributors—0.1% | ||||||||
SpartanNash Co. | 1,306 | 27,439 | ||||||
Sysco Corp. | 36,449 | 1,365,015 | ||||||
The Andersons Inc. | 972 | 50,136 | ||||||
The Chefs’ Warehouse Inc. | 607 | 12,000 | (a) | |||||
United Natural Foods Inc. | 3,106 | 202,201 | (a) | |||||
1,656,791 | ||||||||
Food Retail—0.1% | ||||||||
Casey’s General Stores Inc. | 1,328 | 93,345 | ||||||
Fairway Group Holdings Corp. | 674 | 4,482 | (a) | |||||
Ingles Markets Inc. | 473 | 12,464 | ||||||
Natural Grocers by Vitamin Cottage Inc. | 329 | 7,044 | (a) | |||||
Roundy’s Inc. | 1,338 | 7,372 | ||||||
Safeway Inc. | 14,380 | 493,809 | ||||||
SUPERVALU Inc. | 12,521 | 102,923 | (a) | |||||
Susser Holdings Corp. | 632 | 51,015 | (a) | |||||
The Fresh Market Inc. | 1,475 | 49,368 | (a) | |||||
The Kroger Co. | 31,738 | 1,568,809 | ||||||
The Pantry Inc. | 802 | 12,992 | (a) | |||||
Village Super Market Inc. | 234 | 5,530 | ||||||
Weis Markets Inc. | 381 | 17,423 | ||||||
Whole Foods Market Inc. | 22,876 | 883,700 | ||||||
3,310,276 | ||||||||
Footwear—0.1% | ||||||||
Crocs Inc. | 3,020 | 45,391 | (a) | |||||
Deckers Outdoor Corp. | 974 | 84,085 | (a) | |||||
NIKE Inc. | 45,952 | 3,563,577 | ||||||
RG Barry Corp. | 344 | 6,519 | ||||||
Skechers U.S.A. Inc. | 1,346 | 61,512 | (a) | |||||
Steven Madden Ltd. | 2,009 | 68,909 | (a) | |||||
Wolverine World Wide Inc. | 3,497 | 91,132 | ||||||
3,921,125 |
Table of Contents
Forest Products—0.0% * | ||||||||
Boise Cascade Co. | 1,353 | 38,750 | (a) | |||||
Deltic Timber Corp. | 381 | 23,020 | ||||||
Louisiana-Pacific Corp. | 8,837 | 132,732 | (a) | |||||
194,502 | ||||||||
Gas Utilities—0.1% | ||||||||
AGL Resources Inc. | 7,450 | 409,973 | ||||||
Atmos Energy Corp. | 2,817 | 150,428 | ||||||
Chesapeake Utilities Corp. | 330 | 23,539 | ||||||
National Fuel Gas Co. | 2,370 | 185,571 | ||||||
New Jersey Resources Corp. | 1,453 | 83,053 | ||||||
Northwest Natural Gas Co. | 935 | 44,085 | ||||||
ONE Gas Inc. | 3,241 | 122,348 | ||||||
Piedmont Natural Gas Company Inc. | 2,688 | 100,558 | ||||||
Questar Corp. | 4,926 | 122,165 | ||||||
South Jersey Industries Inc. | 1,137 | 68,686 | ||||||
Southwest Gas Corp. | 1,602 | 84,570 | ||||||
The Laclede Group Inc. | 1,132 | 54,959 | ||||||
UGI Corp. | 3,249 | 164,074 | ||||||
WGL Holdings Inc. | 3,248 | 139,989 | ||||||
1,753,998 | ||||||||
General Merchandise Stores—0.2% | ||||||||
Big Lots Inc. | 1,564 | 71,475 | (a) | |||||
Burlington Stores Inc. | 987 | 31,446 | (a) | |||||
Dollar General Corp. | 18,880 | 1,082,957 | (a) | |||||
Dollar Tree Inc. | 12,865 | 700,628 | (a) | |||||
Family Dollar Stores Inc. | 5,964 | 394,459 | ||||||
Fred’s Inc. | 1,301 | 19,892 | ||||||
Target Corp. | 39,451 | 2,286,185 | ||||||
Tuesday Morning Corp. | 1,483 | 26,427 | (a) | |||||
4,613,469 | ||||||||
Gold—0.0% * | ||||||||
Allied Nevada Gold Corp. | 3,484 | 13,100 | (a) | |||||
Gold Resource Corp. | 1,315 | 6,654 | ||||||
Newmont Mining Corp. | 31,106 | 791,336 | ||||||
Royal Gold Inc. | 1,832 | 139,452 | ||||||
950,542 | ||||||||
Health Care REITs—0.1% | ||||||||
American Realty Capital Healthcare Trust Inc. | 5,827 | 63,456 | ||||||
Aviv REIT Inc. | 676 | 19,043 | ||||||
CareTrust REIT Inc. | 684 | 13,543 | (a) | |||||
HCP Inc. | 28,564 | 1,181,978 | ||||||
Healthcare Realty Trust Inc. | 3,326 | 84,547 | ||||||
Healthcare REIT Inc. | 19,014 | 1,191,607 | ||||||
LTC Properties Inc. | 1,209 | 47,199 | ||||||
Medical Properties Trust Inc. | 5,973 | 79,083 | ||||||
National Health Investors Inc. | 1,138 | 71,193 | ||||||
Omega Healthcare Investors Inc. | 3,554 | 131,001 | ||||||
Physicians Realty Trust | 1,171 | 16,851 | ||||||
Sabra Healthcare REIT Inc. | 1,629 | 46,769 | ||||||
Senior Housing Properties Trust | 5,742 | 139,473 | ||||||
Universal Health Realty Income Trust | 394 | 17,131 | ||||||
Ventas Inc. | 18,332 | 1,175,081 | ||||||
4,277,955 |
Table of Contents
Healthcare Distributors—0.2% | ||||||||
AmerisourceBergen Corp. | 14,065 | 1,021,963 | ||||||
Cardinal Health Inc. | 21,180 | 1,452,101 | ||||||
Henry Schein Inc. | 2,403 | 285,164 | (a) | |||||
McKesson Corp. | 14,360 | 2,673,976 | ||||||
MWI Veterinary Supply Inc. | 444 | 63,044 | (a) | |||||
Owens & Minor Inc. | 3,947 | 134,119 | ||||||
Patterson Companies Inc. | 5,087 | 200,987 | ||||||
PharMerica Corp. | 1,021 | 29,190 | (a) | |||||
5,860,544 | ||||||||
Healthcare Equipment—0.8% | ||||||||
Abaxis Inc. | 770 | 34,119 | ||||||
Abbott Laboratories | 93,566 | 3,826,849 | ||||||
ABIOMED Inc. | 1,367 | 34,366 | (a) | |||||
Accuray Inc. | 2,659 | 23,399 | (a) | |||||
Analogic Corp. | 425 | 33,252 | ||||||
AngioDynamics Inc. | 840 | 13,717 | (a) | |||||
AtriCure Inc. | 941 | 17,296 | (a) | |||||
Baxter International Inc. | 33,804 | 2,444,029 | ||||||
Becton Dickinson and Co. | 12,043 | 1,424,687 | ||||||
Boston Scientific Corp. | 82,492 | 1,053,423 | (a) | |||||
Cantel Medical Corp. | 1,172 | 42,919 | ||||||
Cardiovascular Systems Inc. | 939 | 29,259 | (a) | |||||
CareFusion Corp. | 12,932 | 573,534 | (a) | |||||
CONMED Corp. | 938 | 41,413 | ||||||
Covidien PLC | 28,080 | 2,532,254 | ||||||
CR Bard Inc. | 4,744 | 678,439 | ||||||
CryoLife Inc. | 1,009 | 9,031 | ||||||
Cyberonics Inc. | 925 | 57,776 | (a) | |||||
Cynosure Inc. | 764 | 16,235 | (a) | |||||
DexCom Inc. | 2,582 | 102,402 | (a) | |||||
Edwards Lifesciences Corp. | 6,560 | 563,110 | (a) | |||||
Exactech Inc. | 337 | 8,503 | (a) | |||||
GenMark Diagnostics Inc. | 1,426 | 19,294 | (a) | |||||
Globus Medical Inc. | 2,263 | 54,131 | (a) | |||||
Greatbatch Inc. | 851 | 41,750 | (a) | |||||
HeartWare International Inc. | 586 | 51,861 | (a) | |||||
Hill-Rom Holdings Inc. | 1,616 | 67,080 | ||||||
Hologic Inc. | 7,790 | 197,477 | (a) | |||||
IDEXX Laboratories Inc. | 1,443 | 192,742 | (a) | |||||
Inogen Inc. | 158 | 3,564 | (a) | |||||
Insulet Corp. | 1,900 | 75,373 | (a) | |||||
Integra LifeSciences Holdings Corp. | 857 | 40,330 | (a) | |||||
Intuitive Surgical Inc. | 2,391 | 984,614 | (a) | |||||
Invacare Corp. | 1,137 | 20,887 | ||||||
K2M Group Holdings Inc. | 296 | 4,404 | (a) | |||||
Masimo Corp. | 1,669 | 39,388 | (a) | |||||
Medtronic Inc. | 62,224 | 3,967,402 | ||||||
Natus Medical Inc. | 1,106 | 27,805 | (a) | |||||
NuVasive Inc. | 1,607 | 57,161 | (a) | |||||
NxStage Medical Inc. | 2,145 | 30,824 | (a) | |||||
Orthofix International N.V. | 631 | 22,874 | (a) | |||||
PhotoMedex Inc. | 459 | 5,623 | (a) | |||||
ResMed Inc. | 3,956 | 200,292 |
Table of Contents
Rockwell Medical Inc. | 1,433 | 17,182 | (a) | |||||
Sirona Dental Systems Inc. | 1,555 | 128,225 | (a) | |||||
St Jude Medical Inc. | 17,724 | 1,227,387 | ||||||
STERIS Corp. | 3,694 | 197,555 | ||||||
Stryker Corp. | 18,410 | 1,552,331 | ||||||
SurModics Inc. | 477 | 10,217 | (a) | |||||
Symmetry Medical Inc. | 1,264 | 11,199 | (a) | |||||
Tandem Diabetes Care Inc. | 318 | 5,171 | (a) | |||||
Teleflex Inc. | 1,169 | 123,446 | ||||||
Thoratec Corp. | 3,577 | 124,694 | (a) | |||||
Tornier N.V. | 1,221 | 28,547 | (a) | |||||
TransEnterix Inc. | 981 | 4,944 | (a) | |||||
TriVascular Technologies Inc. | 252 | 3,924 | (a) | |||||
Varian Medical Systems Inc. | 6,489 | 539,495 | (a) | |||||
Veracyte Inc. | 239 | 4,092 | (a) | |||||
Volcano Corp. | 1,761 | 31,011 | (a) | |||||
Wright Medical Group Inc. | 1,717 | 53,914 | (a) | |||||
Zeltiq Aesthetics Inc. | 998 | 15,160 | (a) | |||||
Zimmer Holdings Inc. | 10,445 | 1,084,818 | ||||||
24,828,200 | ||||||||
Healthcare Facilities—0.1% | ||||||||
Acadia Healthcare Company Inc. | 1,263 | 57,466 | (a) | |||||
Amsurg Corp. | 1,121 | 51,084 | (a) | |||||
Capital Senior Living Corp. | 988 | 23,554 | (a) | |||||
Chindex International Inc. | 481 | 11,395 | (a) | |||||
Community Health Systems Inc. | 3,250 | 147,452 | (a) | |||||
Emeritus Corp. | 1,296 | 41,018 | (a) | |||||
Five Star Quality Care Inc. | 1,566 | 7,846 | (a) |
Table of Contents
Hanger Inc. | 1,198 | 37,677 | (a) | |||||
HealthSouth Corp. | 3,042 | 109,117 | ||||||
Kindred Healthcare Inc. | 1,887 | 43,590 | ||||||
LifePoint Hospitals Inc. | 1,251 | 77,687 | (a) | |||||
National Healthcare Corp. | 356 | 20,039 | ||||||
Select Medical Holdings Corp. | 2,705 | 42,198 | ||||||
Skilled Healthcare Group Inc. | 761 | 4,787 | (a) | |||||
Surgical Care Affiliates Inc. | 434 | 12,621 | (a) | |||||
Tenet Healthcare Corp. | 6,102 | 286,428 | (a) | |||||
The Ensign Group Inc. | 702 | 21,818 | ||||||
Universal Health Services Inc. | 2,535 | 242,752 | ||||||
US Physical Therapy Inc. | 418 | 14,291 | ||||||
VCA Inc. | 2,482 | 87,093 | (a) | |||||
1,339,913 | ||||||||
Healthcare Services—0.2% | ||||||||
Addus HomeCare Corp. | 211 | 4,743 | (a) | |||||
Air Methods Corp. | 1,350 | 69,727 | (a) | |||||
Alliance HealthCare Services Inc. | 184 | 4,968 | (a) | |||||
Almost Family Inc. | 307 | 6,779 | (a) | |||||
Amedisys Inc. | 948 | 15,870 | (a) | |||||
AMN Healthcare Services Inc. | 1,622 | 19,951 | (a) | |||||
Bio-Reference Laboratories Inc. | 847 | 25,596 | (a) | |||||
BioScrip Inc. | 2,350 | 19,599 | (a) | |||||
BioTelemetry Inc. | 897 | 6,431 | (a) | |||||
Chemed Corp. | 605 | 56,701 | ||||||
Corvel Corp. | 381 | 17,214 | (a) | |||||
Cross Country Healthcare Inc. | 1,060 | 6,911 | (a) | |||||
DaVita Healthcare Partners Inc. | 11,092 | 802,173 | (a) | |||||
ExamWorks Group Inc. | 1,196 | 37,949 | (a) | |||||
Express Scripts Holding Co. | 48,174 | 3,339,903 | (a) | |||||
Gentiva Health Services Inc. | 1,107 | 16,671 | (a) | |||||
Healthways Inc. | 1,089 | 19,101 | (a) | |||||
IPC The Hospitalist Company Inc. | 603 | 26,665 | (a) | |||||
Laboratory Corporation of America Holdings | 5,290 | 541,696 | (a) | |||||
Landauer Inc. | 322 | 13,524 | ||||||
LHC Group Inc. | 416 | 8,890 | (a) | |||||
MEDNAX Inc. | 2,802 | 162,936 | (a) | |||||
National Research Corp. | 363 | 5,078 | (a) | |||||
Omnicare Inc. | 2,791 | 185,797 | ||||||
Quest Diagnostics Inc. | 9,020 | 529,384 | ||||||
RadNet Inc. | 1,119 | 7,419 | (a) | |||||
Team Health Holdings Inc. | 2,422 | 120,955 | (a) | |||||
The Providence Service Corp. | 401 | 14,673 | (a) | |||||
6,087,304 | ||||||||
Healthcare Supplies—0.0% * | ||||||||
Align Technology Inc. | 2,017 | 113,033 | (a) | |||||
Anika Therapeutics Inc. | 497 | 23,026 | (a) | |||||
Antares Pharma Inc. | 3,863 | 10,314 | (a) | |||||
Atrion Corp. | 53 | 17,278 | ||||||
Cerus Corp. | 2,493 | 10,346 | (a) | |||||
DENTSPLY International Inc. | 8,812 | 417,248 | ||||||
Derma Sciences Inc. | 784 | 9,063 | (a) | |||||
Endologix Inc. | 2,187 | 33,264 | (a) | |||||
Haemonetics Corp. | 1,792 | 63,222 | (a) | |||||
ICU Medical Inc. | 461 | 28,033 | (a) |
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LDR Holding Corp. | 569 | 14,231 | (a) | |||||
Meridian Bioscience Inc. | 1,436 | 29,639 | ||||||
Merit Medical Systems Inc. | 1,500 | 22,650 | (a) | |||||
Neogen Corp. | 1,251 | 50,628 | (a) | |||||
OraSure Technologies Inc. | 1,918 | 16,514 | (a) | |||||
Quidel Corp. | 966 | 21,358 | (a) | |||||
RTI Surgical Inc. | 1,996 | 8,683 | (a) | |||||
STAAR Surgical Co. | 1,340 | 22,512 | (a) | |||||
The Cooper Companies Inc. | 1,355 | 183,643 | ||||||
The Spectranetics Corp. | 1,448 | 33,130 | (a) | |||||
Unilife Corp. | 3,664 | 10,846 | (a) | |||||
Utah Medical Products Inc. | 125 | 6,430 | ||||||
Vascular Solutions Inc. | 615 | 13,647 | (a) | |||||
West Pharmaceutical Services Inc. | 2,435 | 102,708 | ||||||
1,261,446 | ||||||||
Healthcare Technology—0.1% | ||||||||
Allscripts Healthcare Solutions Inc. | 4,483 | 71,952 | (a) | |||||
Castlight Health Inc. | 446 | 6,779 | (a) | |||||
Cerner Corp. | 18,418 | 950,000 | (a) | |||||
Computer Programs & Systems Inc. | 393 | 24,995 | ||||||
HealthStream Inc. | 733 | 17,812 | (a) | |||||
HMS Holdings Corp. | 5,515 | 112,561 | (a) | |||||
MedAssets Inc. | 2,105 | 48,078 | (a) | |||||
Medidata Solutions Inc. | 1,867 | 79,926 | (a) | |||||
Merge Healthcare Inc. | 2,490 | 5,652 | (a) | |||||
Omnicell Inc. | 1,273 | 36,548 | (a) | |||||
Quality Systems Inc. | 1,712 | 27,478 | ||||||
Vocera Communications Inc. | 798 | 10,534 | (a) | |||||
1,392,315 | ||||||||
Heavy Electrical Equipment—0.0% * | ||||||||
AZZ Inc. | 883 | 40,689 | ||||||
Capstone Turbine Corp. | 11,602 | 17,519 | (a) | |||||
Global Power Equipment Group Inc. | 608 | 9,825 | ||||||
Power Solutions International Inc. | 153 | 11,011 | (a) | |||||
PowerSecure International Inc. | 774 | 7,539 | (a) | |||||
86,583 | ||||||||
Home Building—0.1% | ||||||||
Beazer Homes USA Inc. | 922 | 19,344 | (a) | |||||
Cavco Industries Inc. | 304 | 25,931 | (a) | |||||
DR Horton Inc. | 17,831 | 438,286 | ||||||
Hovnanian Enterprises Inc. | 4,062 | 20,919 | (a) | |||||
Installed Building Products Inc. | 306 | 3,749 | (a) | |||||
KB Home | 5,429 | 101,414 | ||||||
Lennar Corp. | 10,978 | 460,857 | ||||||
LGI Homes Inc. | 485 | 8,851 | (a) | |||||
M/I Homes Inc. | 857 | 20,799 | (a) | |||||
MDC Holdings Inc. | 2,462 | 74,574 | ||||||
Meritage Homes Corp. | 1,349 | 56,941 | (a) | |||||
NVR Inc. | 114 | 131,168 | (a) | |||||
PulteGroup Inc. | 21,178 | 426,949 | ||||||
Standard Pacific Corp. | 5,002 | 43,017 | (a) | |||||
The New Home Company Inc. | 326 | 4,606 | (a) | |||||
The Ryland Group Inc. | 1,614 | 63,656 | ||||||
Toll Brothers Inc. | 4,498 | 165,976 | (a) |
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TRI Pointe Homes Inc. | 580 | 9,118 | (a) | |||||
UCP Inc. | 260 | 3,554 | (a) | |||||
WCI Communities Inc. | 395 | 7,628 | (a) | |||||
William Lyon Homes | 600 | 18,264 | (a) | |||||
2,105,601 | ||||||||
Home Entertainment Software—0.0% * | ||||||||
Electronic Arts Inc. | 19,568 | 701,904 | (a) | |||||
Glu Mobile Inc. | 3,095 | 15,475 | (a) | |||||
Rosetta Stone Inc. | 725 | 7,047 | (a) | |||||
Take-Two Interactive Software Inc. | 3,410 | 75,839 | (a) | |||||
800,265 | ||||||||
Home Furnishing Retail—0.0% * | ||||||||
Aaron’s Inc. | 2,025 | 72,171 | ||||||
Bed Bath & Beyond Inc. | 12,704 | 728,955 | (a) | |||||
Haverty Furniture Companies Inc. | 678 | 17,038 | ||||||
Kirkland’s Inc. | 516 | 9,572 | (a) | |||||
Mattress Firm Holding Corp. | 517 | 24,687 | (a) | |||||
Pier 1 Imports Inc. | 3,255 | 50,160 | ||||||
Restoration Hardware Holdings Inc. | 1,075 | 100,029 | (a) | |||||
Select Comfort Corp. | 1,875 | 38,737 | (a) | |||||
Williams-Sonoma Inc. | 2,467 | 177,081 | ||||||
1,218,430 | ||||||||
Home Furnishings—0.0% * | ||||||||
Ethan Allen Interiors Inc. | 855 | 21,153 | ||||||
Flexsteel Industries Inc. | 169 | 5,636 | ||||||
La-Z-Boy Inc. | 1,809 | 41,914 | ||||||
Leggett & Platt Inc. | 8,671 | 297,242 | ||||||
Mohawk Industries Inc. | 3,819 | 528,320 | (a) | |||||
Tempur-Sealy International Inc. | 1,724 | 102,923 | (a) | |||||
The Dixie Group Inc. | 510 | 5,401 | (a) | |||||
1,002,589 | ||||||||
Home Improvement Retail—0.3% | ||||||||
Lowe’s Companies Inc. | 62,127 | 2,981,475 | ||||||
Lumber Liquidators Holdings Inc. | 947 | 71,924 | (a) | |||||
Sears Hometown and Outlet Stores Inc. | 396 | 8,502 | (a) | |||||
The Home Depot Inc. | 85,232 | 6,900,383 | ||||||
Tile Shop Holdings Inc. | 963 | 14,724 | (a) | |||||
9,977,008 | ||||||||
Hotel & Resort REITs—0.1% | ||||||||
Ashford Hospitality Prime Inc. | 617 | 10,588 | ||||||
Ashford Hospitality Trust Inc. | 2,414 | 27,858 | ||||||
Chatham Lodging Trust | 929 | 20,345 | ||||||
Chesapeake Lodging Trust | 1,730 | 52,298 | ||||||
DiamondRock Hospitality Co. | 6,776 | 86,868 | ||||||
FelCor Lodging Trust Inc. | 4,306 | 45,256 | ||||||
Hersha Hospitality Trust | 6,970 | 46,769 | ||||||
Hospitality Properties Trust | 4,208 | 127,923 | ||||||
Host Hotels & Resorts Inc. | 47,208 | 1,039,048 | ||||||
LaSalle Hotel Properties | 6,550 | 231,150 | ||||||
Pebblebrook Hotel Trust | 2,188 | 80,868 | ||||||
RLJ Lodging Trust | 4,512 | 130,352 | ||||||
Ryman Hospitality Properties | 1,503 | 72,369 |
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Strategic Hotels & Resorts Inc. | 8,521 | 99,781 | (a) | |||||
Summit Hotel Properties Inc. | 2,927 | 31,026 | ||||||
Sunstone Hotel Investors Inc. | 6,344 | 94,716 | ||||||
2,197,215 | ||||||||
Hotels, Resorts & Cruise Lines—0.1% | ||||||||
Carnival Corp. | 27,350 | 1,029,727 | ||||||
Diamond Resorts International Inc. | 1,217 | 28,320 | (a) | |||||
Interval Leisure Group Inc. | 1,367 | 29,992 | ||||||
La Quinta Holdings Inc. | 1,522 | 29,131 | (a) | |||||
Marcus Corp. | 640 | 11,680 | ||||||
Marriott International Inc. | 13,663 | 875,798 | ||||||
Marriott Vacations Worldwide Corp. | 979 | 57,399 | (a) | |||||
Morgans Hotel Group Co. | 985 | 7,811 | (a) | |||||
Starwood Hotels & Resorts Worldwide Inc. | 11,975 | 967,820 | ||||||
Wyndham Worldwide Corp. | 7,917 | 599,475 | ||||||
3,637,153 | ||||||||
Household Appliances—0.0% * | ||||||||
Helen of Troy Ltd. | 985 | 59,721 | (a) | |||||
iRobot Corp. | 1,008 | 41,278 | (a) | |||||
NACCO Industries Inc. | 177 | 8,956 | ||||||
Whirlpool Corp. | 4,851 | 675,356 | ||||||
785,311 | ||||||||
Household Products—0.7% | ||||||||
Central Garden and Pet Co. | 1,529 | 14,067 | (a) | |||||
Church & Dwight Company Inc. | 3,831 | 267,978 | ||||||
Colgate-Palmolive Co. | 54,196 | 3,695,083 | ||||||
Energizer Holdings Inc. | 1,738 | 212,088 | ||||||
Harbinger Group Inc. | 2,855 | 36,258 | (a) | |||||
Kimberly-Clark Corp. | 23,466 | 2,609,889 | ||||||
Oil-Dri Corporation of America | 166 | 5,075 | ||||||
Orchids Paper Products Co. | 272 | 8,715 | ||||||
The Clorox Co. | 8,000 | 731,200 | ||||||
The Procter & Gamble Co. | 168,578 | 13,248,545 | ||||||
WD-40 Co. | 517 | 38,889 | ||||||
20,867,787 | ||||||||
Housewares & Specialties—0.0% * | ||||||||
CSS Industries Inc. | 316 | 8,333 | ||||||
Jarden Corp. | 3,382 | 200,722 | (a) | |||||
Libbey Inc. | 749 | 19,953 | (a) | |||||
Lifetime Brands Inc. | 350 | 5,502 | ||||||
Newell Rubbermaid Inc. | 17,205 | 533,183 | ||||||
Tupperware Brands Corp. | 1,429 | 119,607 | ||||||
887,300 | ||||||||
Human Resource & Employment Services—0.0% * | ||||||||
Barrett Business Services Inc. | 252 | 11,844 | ||||||
CDI Corp. | 475 | 6,845 | ||||||
Corporate Resource Services Inc. | 575 | 1,714 | (a) | |||||
GP Strategies Corp. | 527 | 13,639 | (a) | |||||
Heidrick & Struggles International Inc. | 627 | 11,600 | ||||||
Insperity Inc. | 782 | 25,806 | ||||||
Kelly Services Inc. | 941 | 16,157 | ||||||
Kforce Inc. | 944 | 20,438 | ||||||
Korn/Ferry International | 1,704 | 50,046 | (a) |
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Manpowergroup Inc. | 2,250 | 190,912 | ||||||
On Assignment Inc. | 1,871 | 66,551 | (a) | |||||
Paylocity Holding Corp. | 288 | 6,229 | (a) | |||||
Robert Half International Inc. | 8,588 | 409,991 | ||||||
Towers Watson & Co. | 1,805 | 188,135 | ||||||
TriNet Group Inc. | 539 | 12,974 | (a) | |||||
TrueBlue Inc. | 1,408 | 38,819 | (a) | |||||
WageWorks Inc. | 1,210 | 58,334 | (a) | |||||
1,130,034 | ||||||||
Hypermarkets & Super Centers—0.4% | ||||||||
Costco Wholesale Corp. | 27,316 | 3,145,711 | ||||||
PriceSmart Inc. | 647 | 56,315 | ||||||
Wal-Mart Stores Inc. | 100,435 | 7,539,655 | ||||||
10,741,681 | ||||||||
Independent Power Producers & Energy Traders—0.1% | ||||||||
AES Corp. | 41,197 | 640,613 | ||||||
Atlantic Power Corp. | 4,145 | 16,994 | ||||||
Dynegy Inc. | 3,461 | 120,443 | (a) | |||||
NRG Energy Inc. | 20,983 | 780,568 | ||||||
1,558,618 | ||||||||
Industrial Conglomerates—0.9% | ||||||||
3M Co. | 38,723 | 5,546,683 | ||||||
Carlisle Companies Inc. | 1,806 | 156,436 | ||||||
Danaher Corp. | 37,469 | 2,949,934 | ||||||
General Electric Co. | 624,767 | 16,418,877 | (c) | |||||
Raven Industries Inc. | 1,258 | 41,690 | ||||||
Roper Industries Inc. | 6,224 | 908,766 | ||||||
26,022,386 | ||||||||
Industrial Gases—0.2% | ||||||||
Air Products & Chemicals Inc. | 13,217 | 1,699,970 | ||||||
Airgas Inc. | 4,175 | 454,699 | ||||||
Praxair Inc. | 18,259 | 2,425,526 | ||||||
4,580,195 | ||||||||
Industrial Machinery—0.4% | ||||||||
Actuant Corp. | 2,446 | 84,558 | ||||||
Albany International Corp. | 970 | 36,821 | ||||||
Altra Industrial Motion Corp. | 933 | 33,952 | ||||||
ARC Group Worldwide Inc. | 105 | 1,596 | (a) | |||||
Barnes Group Inc. | 1,867 | 71,954 | ||||||
Blount International Inc. | 1,753 | �� | 24,735 | (a) | ||||
Briggs & Stratton Corp. | 1,610 | 32,941 | ||||||
Chart Industries Inc. | 1,050 | 86,877 | (a) | |||||
CIRCOR International Inc. | 608 | 46,895 | ||||||
CLARCOR Inc. | 3,154 | 195,075 | ||||||
Columbus McKinnon Corp. | 689 | 18,637 | ||||||
Crane Co. | 1,393 | 103,583 | ||||||
Donaldson Company Inc. | 3,707 | 156,880 | ||||||
Dover Corp. | 10,368 | 942,970 | ||||||
Dynamic Materials Corp. | 481 | 10,645 | ||||||
Energy Recovery Inc. | 1,325 | 6,519 | (a) | |||||
EnPro Industries Inc. | 778 | 56,918 | (a) | |||||
ESCO Technologies Inc. | 917 | 31,765 | ||||||
Flowserve Corp. | 8,570 | 637,179 | ||||||
Global Brass & Copper Holdings Inc. | 728 | 12,303 |
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Graco Inc. | 1,712 | 133,673 | ||||||
Graham Corp. | 350 | 12,184 | ||||||
Harsco Corp. | 5,044 | 134,322 | ||||||
Hillenbrand Inc. | 2,157 | 70,361 | ||||||
Hurco Companies Inc. | 229 | 6,458 | ||||||
Hyster-Yale Materials Handling Inc. | 354 | 31,343 | ||||||
IDEX Corp. | 2,275 | 183,683 | ||||||
Illinois Tool Works Inc. | 23,644 | 2,070,269 | ||||||
Ingersoll-Rand PLC | 15,632 | 977,156 | ||||||
ITT Corp. | 2,593 | 124,723 | ||||||
John Bean Technologies Corp. | 999 | 30,959 | ||||||
Kadant Inc. | 376 | 14,457 | ||||||
Kennametal Inc. | 2,211 | 102,325 | ||||||
LB Foster Co. | 355 | 19,213 | ||||||
Lincoln Electric Holdings Inc. | 2,264 | 158,208 | ||||||
Lydall Inc. | 572 | 15,656 | (a) | |||||
Mueller Industries Inc. | 1,953 | 57,438 | ||||||
Mueller Water Products Inc. | 5,497 | 47,494 | ||||||
NN Inc. | 631 | 16,141 | ||||||
Nordson Corp. | 1,686 | 135,200 | ||||||
Omega Flex Inc. | 130 | 2,551 | ||||||
Pall Corp. | 6,846 | 584,580 | ||||||
Parker Hannifin Corp. | 9,287 | 1,167,655 | ||||||
Proto Labs Inc. | 779 | 63,816 | (a) | |||||
RBC Bearings Inc. | 798 | 51,112 | ||||||
Rexnord Corp. | 2,584 | 72,740 | (a) | |||||
Snap-on Inc. | 3,637 | 431,057 | ||||||
SPX Corp. | 1,235 | 133,639 | ||||||
Standex International Corp. | 441 | 32,846 | ||||||
Stanley Black & Decker Inc. | 9,735 | 854,928 | ||||||
Sun Hydraulics Corp. | 771 | 31,303 | ||||||
Tennant Co. | 635 | 48,463 | ||||||
The ExOne Co. | 342 | 13,550 | (a) | |||||
The Gorman-Rupp Co. | 648 | 22,920 | ||||||
The Timken Co. | 2,161 | 146,602 | ||||||
TriMas Corp. | 1,558 | 59,407 | (a) | |||||
Valmont Industries Inc. | 755 | 114,722 | ||||||
Watts Water Technologies Inc. | 980 | 60,495 | ||||||
Woodward Inc. | 3,947 | 198,060 | ||||||
Xerium Technologies Inc. | 408 | 5,696 | (a) | |||||
Xylem Inc. | 11,477 | 448,521 | ||||||
11,478,729 | ||||||||
Industrial REITs—0.1% | ||||||||
DCT Industrial Trust Inc. | 11,295 | 92,732 | ||||||
EastGroup Properties Inc. | 1,079 | 69,304 | ||||||
First Industrial Realty Trust Inc. | 3,810 | 71,781 | ||||||
Monmouth Real Estate Investment Corp. | 1,901 | 19,086 | ||||||
Prologis Inc. | 31,158 | 1,280,282 | ||||||
Rexford Industrial Realty Inc. | 972 | 13,841 | ||||||
STAG Industrial Inc. | 1,787 | 42,906 | ||||||
Terreno Realty Corp. | 1,128 | 21,804 | ||||||
1,611,736 | ||||||||
Insurance Brokers—0.1% | ||||||||
Aon PLC | 18,468 | 1,663,782 | ||||||
Arthur J Gallagher & Co. | 4,428 | 206,345 |
Table of Contents
Brown & Brown Inc. | 3,355 | 103,032 | ||||||
Crawford & Co. | 985 | 9,929 | ||||||
eHealth Inc. | 669 | 25,402 | (a) | |||||
Marsh & McLennan Companies Inc. | 34,222 | 1,773,384 | ||||||
3,781,874 | ||||||||
Integrated Oil & Gas—1.7% | ||||||||
Chevron Corp. | 118,597 | 15,482,838 | ||||||
Exxon Mobil Corp. | 267,551 | 26,937,035 | ||||||
Hess Corp. | 16,440 | 1,625,752 | ||||||
Occidental Petroleum Corp. | 48,943 | 5,023,020 | ||||||
49,068,645 | ||||||||
Integrated Telecommunication Services—0.9% | ||||||||
AT&T Inc. | 323,326 | 11,432,807 | ||||||
Atlantic Tele-Network Inc. | 323 | 18,734 | ||||||
Cbeyond Inc. | 952 | 9,472 | (a) | |||||
CenturyLink Inc. | 35,655 | 1,290,711 | ||||||
Cincinnati Bell Inc. | 7,252 | 28,500 | (a) | |||||
Consolidated Communications Holdings Inc. | 1,394 | 31,003 | ||||||
Enventis Corp. | 503 | 7,968 | ||||||
Fairpoint Communications Inc. | 718 | 10,030 | (a) | |||||
Frontier Communications Corp. | 62,536 | 365,210 | ||||||
General Communication Inc. | 1,229 | 13,617 | (a) | |||||
Hawaiian Telcom Holdco Inc. | 355 | 10,157 | (a) | |||||
IDT Corp. | 574 | 9,999 | ||||||
Verizon Communications Inc. | 257,988 | 12,623,353 | ||||||
Windstream Holdings Inc. | 37,655 | 375,044 | ||||||
26,226,605 | ||||||||
Internet Retail—0.5% | ||||||||
1-800-Flowers.com Inc. | 802 | 4,652 | (a) | |||||
Amazon.com Inc. | 23,220 | 7,541,391 | (a) | |||||
Blue Nile Inc. | 405 | 11,340 | (a) | |||||
Coupons.com Inc. | 416 | 10,945 | (a) | |||||
Expedia Inc. | 6,404 | 504,379 | ||||||
FTD Companies Inc. | 657 | 20,886 | (a) | |||||
Lands’ End Inc. | 566 | 19,006 | (a) | |||||
Netflix Inc. | 3,733 | 1,644,760 | (a) | |||||
Nutrisystem Inc. | 972 | 16,631 | ||||||
Orbitz Worldwide Inc. | 1,772 | 15,771 | (a) | |||||
Overstock.com Inc. | 411 | 6,481 | (a) | |||||
PetMed Express Inc. | 710 | 9,571 | ||||||
RetailMeNot Inc. | 1,061 | 28,233 | (a) | |||||
Shutterfly Inc. | �� | 1,330 | 57,270 | (a) | ||||
The Priceline Group Inc. | 3,266 | 3,928,998 | (a) | |||||
TripAdvisor Inc. | 6,942 | 754,318 | (a) | |||||
Vitacost.com Inc. | 821 | 5,139 | (a) | |||||
14,579,771 | ||||||||
Internet Software & Services—1.2% | ||||||||
Aerohive Networks Inc. | 322 | 2,647 | (a) | |||||
Akamai Technologies Inc. | 11,082 | 676,667 | (a) | |||||
Amber Road Inc. | 304 | 4,904 | (a) | |||||
Angie’s List Inc. | 1,503 | 17,946 | (a) | |||||
AOL Inc. | 2,263 | 90,045 | (a) | |||||
Bankrate Inc. | 2,308 | 40,482 | (a) | |||||
Bazaarvoice Inc. | 1,709 | 13,484 | (a) |
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Benefitfocus Inc. | 160 | 7,395 | (a) | |||||
Blucora Inc. | 1,466 | 27,663 | (a) | |||||
Borderfree Inc. | 203 | 3,364 | (a) | |||||
Brightcove Inc. | 1,103 | 11,626 | (a) | |||||
Carbonite Inc. | 602 | 7,206 | (a) | |||||
Care.com Inc. | 247 | 3,127 | (a) | |||||
ChannelAdvisor Corp. | 714 | 18,821 | (a) | |||||
comScore Inc. | 1,198 | 42,505 | (a) | |||||
Constant Contact Inc. | 1,091 | 35,032 | (a) | |||||
Conversant Inc. | 4,107 | 104,318 | (a) | |||||
Cornerstone OnDemand Inc. | 1,832 | 84,309 | (a) | |||||
Cvent Inc. | 618 | 17,978 | (a) | |||||
Dealertrack Technologies Inc. | 1,846 | 83,698 | (a) | |||||
Demand Media Inc. | 1,391 | 6,705 | (a) | |||||
Demandware Inc. | 1,036 | 71,867 | (a) | |||||
Dice Holdings Inc. | 1,396 | 10,624 | (a) | |||||
Digital River Inc. | 1,135 | 17,513 | (a) | |||||
E2open Inc. | 795 | 16,433 | (a) | |||||
EarthLink Holdings Corp. | 3,517 | 13,083 | ||||||
eBay Inc. | 71,056 | 3,557,063 | (a) | |||||
Endurance International Group Holdings Inc. | 1,038 | 15,871 | (a) | |||||
Envestnet Inc. | 1,173 | 57,383 | (a) | |||||
Equinix Inc. | 1,404 | 294,966 | (a) | |||||
Everyday Health Inc. | 259 | 4,786 | (a) | |||||
Facebook Inc. | 107,112 | 7,207,566 | (a) | |||||
Five9 Inc. | 410 | 2,952 | (a) | |||||
Global Eagle Entertainment Inc. | 1,311 | 16,256 | (a) | |||||
Gogo Inc. | 1,926 | 37,673 | (a) | |||||
Google Inc., Class A | 17,648 | 10,318,256 | (a) | |||||
Google Inc., Class C | 17,648 | 10,152,541 | (a) | |||||
GrubHub Inc. | 307 | 10,871 | (a) | |||||
GTT Communications Inc. | 480 | 4,901 | (a) | |||||
Internap Network Services Corp. | 1,844 | 13,000 | (a) | |||||
IntraLinks Holdings Inc. | 1,316 | 11,699 | (a) | |||||
j2 Global Inc. | 1,636 | 83,207 | ||||||
Limelight Networks Inc. | 2,099 | 6,423 | (a) | |||||
Liquidity Services Inc. | 908 | 14,310 | (a) | |||||
LivePerson Inc. | 1,883 | 19,112 | (a) | |||||
LogMeIn Inc. | 839 | 39,114 | (a) | |||||
Marchex Inc. | 1,123 | 13,498 | ||||||
Marin Software Inc. | 901 | 10,605 | (a) | |||||
Marketo Inc. | 883 | 25,678 | (a) | |||||
Millennial Media Inc. | 2,591 | 12,929 | (a) | |||||
Monster Worldwide Inc. | 3,080 | 20,143 | (a) | |||||
Move Inc. | 1,406 | 20,795 | (a) | |||||
NIC Inc. | 2,283 | 36,186 | ||||||
OpenTable Inc. | 813 | 84,227 | (a) | |||||
OPOWER Inc. | 265 | 4,995 | (a) | |||||
Perficient Inc. | 1,185 | 23,072 | (a) | |||||
Q2 Holdings Inc. | 338 | 4,820 | (a) | |||||
QuinStreet Inc. | 1,269 | 6,992 | (a) | |||||
Rackspace Hosting Inc. | 3,299 | 111,044 | (a) | |||||
RealNetworks Inc. | 847 | 6,463 | (a) | |||||
Reis Inc. | 271 | 5,713 | ||||||
Rocket Fuel Inc. | 632 | 19,649 | (a) | |||||
SciQuest Inc. | 947 | 16,752 | (a) |
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Shutterstock Inc. | 524 | 43,482 | (a) | |||||
SPS Commerce Inc. | 563 | 35,576 | (a) | |||||
Stamps.com Inc. | 485 | 16,340 | (a) | |||||
TechTarget Inc. | 584 | 5,151 | (a) | |||||
Textura Corp. | 642 | 15,177 | (a) | |||||
Travelzoo Inc. | 237 | 4,586 | (a) | |||||
Tremor Video Inc. | 1,210 | 5,711 | (a) | |||||
TrueCar Inc. | 265 | 3,917 | (a) | |||||
Trulia Inc. | 1,273 | 60,315 | (a) | |||||
Unwired Planet Inc. | 2,006 | 4,473 | (a) | |||||
VeriSign Inc. | 7,678 | 374,763 | (a) | |||||
VistaPrint N.V. | 1,159 | 46,893 | (a) | |||||
Web.com Group Inc. | 1,785 | 51,533 | (a) | |||||
WebMD Health Corp. | 1,335 | 64,480 | (a) | |||||
XO Group Inc. | 921 | 11,255 | (a) | |||||
Xoom Corp. | 1,065 | 28,073 | (a) | |||||
Yahoo! Inc. | 58,368 | 2,050,468 | (a) | |||||
YuMe Inc. | 615 | 3,628 | (a) | |||||
Zix Corp. | 1,922 | 6,573 | (a) | |||||
36,553,347 | ||||||||
Investment Banking & Brokerage—0.3% | ||||||||
BGC Partners Inc. | 5,990 | 44,565 | ||||||
Cowen Group Inc. | 3,958 | 16,703 | (a) | |||||
E*TRADE Financial Corp. | 17,918 | 380,937 | (a) | |||||
Evercore Partners Inc. | 1,146 | 66,055 | ||||||
FBR & Co. | 328 | 8,899 | (a) | |||||
FXCM Inc. | 1,565 | 23,412 | ||||||
GFI Group Inc. | 2,701 | 8,967 | ||||||
Greenhill & Company Inc. | 977 | 48,117 | ||||||
INTL. FCStone Inc. | 520 | 10,358 | (a) | |||||
Investment Technology Group Inc. | 1,251 | 21,117 | (a) | |||||
KCG Holdings Inc. | 1,835 | 21,800 | (a) | |||||
Ladenburg Thalmann Financial Services Inc. | 3,664 | 11,542 | (a) | |||||
Marcus & Millichap Inc. | 274 | 6,990 | (a) | |||||
Moelis & Co. | 252 | 8,470 | (a) | |||||
Morgan Stanley | 87,234 | 2,820,275 | ||||||
Oppenheimer Holdings Inc. | 333 | 7,989 | ||||||
Piper Jaffray Cos. | 561 | 29,043 | (a) | |||||
Raymond James Financial Inc. | 3,504 | 177,758 | ||||||
RCS Capital Corp. | 143 | 3,036 | ||||||
Stifel Financial Corp. | 2,262 | 107,106 | (a) | |||||
SWS Group Inc. | 992 | 7,222 | (a) | |||||
The Charles Schwab Corp. | 72,920 | 1,963,735 | ||||||
The Goldman Sachs Group Inc. | 25,908 | 4,338,035 | ||||||
10,132,131 | ||||||||
IT Consulting & Other Services—0.6% | ||||||||
Accenture PLC | 39,430 | 3,187,521 | ||||||
Acxiom Corp. | 4,819 | 104,524 | (a) | |||||
CACI International Inc. | 808 | 56,730 | (a) | |||||
CIBER Inc. | 2,753 | 13,600 | (a) | |||||
Cognizant Technology Solutions Corp. | 37,887 | 1,853,053 | (a) | |||||
Computer Task Group Inc. | 544 | 8,954 | ||||||
Datalink Corp. | 673 | 6,730 | (a) | |||||
EPAM Systems Inc. | 1,227 | 53,681 | (a) | |||||
Forrester Research Inc. | 378 | 14,319 |
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Gartner Inc. | 2,543 | 179,332 | (a) | |||||
iGATE Corp. | 1,270 | 46,215 | (a) | |||||
International Business Machines Corp. | 59,277 | 10,745,142 | ||||||
Leidos Holdings Inc. | 1,791 | 68,667 | ||||||
Lionbridge Technologies Inc. | 2,179 | 12,943 | (a) | |||||
ManTech International Corp. | 826 | 24,384 | ||||||
Sapient Corp. | 3,936 | 63,960 | (a) | |||||
Science Applications International Corp. | 2,584 | 114,110 | ||||||
ServiceSource International Inc. | 2,437 | 14,135 | (a) | |||||
Teradata Corp. | 9,801 | 394,000 | (a) | |||||
The Hackett Group Inc. | 933 | 5,570 | ||||||
Unisys Corp. | 1,764 | 43,641 | (a) | |||||
Virtusa Corp. | 894 | 32,005 | (a) | |||||
17,043,216 | ||||||||
Leisure Facilities—0.0% * | ||||||||
ClubCorp Holdings Inc. | 752 | 13,942 | ||||||
International Speedway Corp. | 1,745 | 58,074 | ||||||
Intrawest Resorts Holdings Inc. | 475 | 5,443 | (a) | |||||
Life Time Fitness Inc. | 2,466 | 120,193 | (a) | |||||
Speedway Motorsports Inc. | 377 | 6,880 | ||||||
Vail Resorts Inc. | 1,244 | 96,012 | ||||||
300,544 | ||||||||
Leisure Products—0.1% | ||||||||
Arctic Cat Inc. | 444 | 17,502 | ||||||
Black Diamond Inc. | 836 | 9,380 | (a) | |||||
Brunswick Corp. | 5,795 | 244,143 | ||||||
Callaway Golf Co. | 2,742 | 22,813 | ||||||
Escalade Inc. | 332 | 5,358 | ||||||
Hasbro Inc. | 7,178 | 380,793 | ||||||
JAKKS Pacific Inc. | 594 | 4,598 | ||||||
Johnson Outdoors Inc. | 172 | 4,438 | ||||||
LeapFrog Enterprises Inc. | 2,248 | 16,523 | (a) | |||||
Malibu Boats Inc. | 248 | 4,985 | (a) | |||||
Marine Products Corp. | 446 | 3,702 | ||||||
Mattel Inc. | 21,122 | 823,124 | ||||||
Nautilus Inc. | 1,041 | 11,545 | (a) | |||||
Polaris Industries Inc. | 1,857 | 241,856 | ||||||
Smith & Wesson Holding Corp. | 1,904 | 27,684 | (a) | |||||
Sturm Ruger & Company Inc. | 668 | 39,419 | ||||||
1,857,863 | ||||||||
Life & Health Insurance—0.4% | ||||||||
Aflac Inc. | 28,311 | 1,762,360 | ||||||
American Equity Investment Life Holding Co. | 2,557 | 62,902 | ||||||
Citizens Inc. | 1,530 | 11,322 | (a) | |||||
CNO Financial Group Inc. | 7,511 | 133,696 | ||||||
FBL Financial Group Inc. | 328 | 15,088 | ||||||
Fidelity & Guaranty Life | 383 | 9,169 | ||||||
Independence Holding Co. | 243 | 3,434 | ||||||
Kansas City Life Insurance Co. | 130 | 5,912 | ||||||
Lincoln National Corp. | 16,452 | 846,291 | ||||||
MetLife Inc. | 70,109 | 3,895,256 | ||||||
National Western Life Insurance Co. | 78 | 19,454 | ||||||
Primerica Inc. | 3,408 | 163,073 | ||||||
Principal Financial Group Inc. | 17,056 | 860,987 | ||||||
Protective Life Corp. | 2,226 | 154,329 |
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Prudential Financial Inc. | 28,720 | 2,549,474 | ||||||
StanCorp Financial Group Inc. | 1,230 | 78,720 | ||||||
Symetra Financial Corp. | 2,598 | 59,079 | ||||||
The Phoenix Companies Inc. | 206 | 9,968 | (a) | |||||
Torchmark Corp. | 5,458 | 447,119 | ||||||
Unum Group | 16,007 | 556,403 | ||||||
11,644,036 | ||||||||
Life Sciences Tools & Services—0.2% | ||||||||
Accelerate Diagnostics Inc. | 782 | 20,332 | (a) | |||||
Affymetrix Inc. | 2,566 | 22,863 | (a) | |||||
Agilent Technologies Inc. | 20,781 | 1,193,661 | ||||||
Albany Molecular Research Inc. | 834 | 16,780 | (a) | |||||
Bio-Rad Laboratories Inc. | 565 | 67,636 | (a) | |||||
Cambrex Corp. | 1,071 | 22,170 | (a) | |||||
Charles River Laboratories International Inc. | 1,364 | 73,001 | (a) | |||||
Covance Inc. | 1,618 | 138,468 | (a) | |||||
Enzo Biochem Inc. | 1,170 | 6,143 | (a) | |||||
Fluidigm Corp. | 966 | 28,400 | (a) | |||||
Furiex Pharmaceuticals Inc. | 244 | 25,908 | (a) | |||||
Luminex Corp. | 1,284 | 22,021 | (a) | |||||
Mettler-Toledo International Inc. | 822 | 208,114 | (a) | |||||
NanoString Technologies Inc. | 342 | 5,113 | (a) | |||||
Pacific Biosciences of California Inc. | 1,998 | 12,348 | (a) | |||||
PAREXEL International Corp. | 1,961 | 103,619 | (a) | |||||
PerkinElmer Inc. | 7,077 | 331,487 | ||||||
Sequenom Inc. | 4,098 | 15,859 | (a) | |||||
Techne Corp. | 934 | 86,460 | ||||||
Thermo Fisher Scientific Inc. | 24,847 | 2,931,946 | ||||||
Waters Corp. | 5,286 | 552,070 | (a) | |||||
5,884,399 | ||||||||
Managed Healthcare—0.4% | ||||||||
Aetna Inc. | 22,262 | 1,805,003 | ||||||
Cigna Corp. | 16,733 | 1,538,934 | ||||||
Health Net Inc. | 2,251 | 93,506 | (a) | |||||
Humana Inc. | 9,635 | 1,230,582 | ||||||
Magellan Health Inc. | 949 | 59,066 | (a) | |||||
Molina Healthcare Inc. | 1,039 | 46,371 | (a) | |||||
Triple-S Management Corp. | 847 | 15,187 | (a) | |||||
UnitedHealth Group Inc. | 61,044 | 4,990,347 | ||||||
Universal American Corp. | 1,459 | 12,153 | ||||||
WellCare Health Plans Inc. | 2,735 | 204,195 | (a) | |||||
WellPoint Inc. | 17,421 | 1,874,674 | ||||||
11,870,018 | ||||||||
Marine—0.0% * |
| |||||||
Baltic Trading Ltd. | 1,683 | 10,064 | ||||||
International Shipholding Corp. | 207 | 4,745 | ||||||
Kirby Corp. | 1,610 | 188,596 | (a) | |||||
Knightsbridge Tankers Ltd. | 1,175 | 16,673 | ||||||
Matson Inc. | 1,486 | 39,884 | ||||||
Scorpio Bulkers Inc. | 4,608 | 41,011 | (a) | |||||
Ultrapetrol Bahamas Ltd. | 807 | 2,397 | (a) | |||||
303,370 |
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Metal & Glass Containers—0.0% * | ||||||||
AEP Industries Inc. | 150 | 5,231 | (a) | |||||
AptarGroup Inc. | 1,843 | 123,500 | ||||||
Ball Corp. | 8,668 | 543,310 | ||||||
Berry Plastics Group Inc. | 3,095 | 79,851 | (a) | |||||
Greif Inc. | 853 | 46,540 | ||||||
Myers Industries Inc. | 958 | 19,246 | ||||||
Owens-Illinois Inc. | 10,316 | 357,346 | (a) | |||||
Silgan Holdings Inc. | 1,231 | 62,559 | ||||||
1,237,583 | ||||||||
Mortgage REITs—0.0% * | ||||||||
AG Mortgage Investment Trust Inc. | 1,010 | 19,119 | ||||||
Altisource Residential Corp. | 1,976 | 51,435 | ||||||
American Capital Mortgage Investment Corp. | 1,781 | 35,656 | ||||||
Anworth Mortgage Asset Corp. | 4,417 | 22,792 | ||||||
Apollo Commercial Real Estate Finance Inc. | 1,569 | 25,873 | ||||||
Apollo Residential Mortgage Inc. | 1,104 | 18,459 | ||||||
Ares Commercial Real Estate Corp. | 971 | 12,050 | ||||||
ARMOUR Residential REIT Inc. | 12,421 | 53,783 | ||||||
Capstead Mortgage Corp. | 3,338 | 43,895 | ||||||
Colony Financial Inc. | 3,202 | 74,350 | ||||||
CYS Investments Inc. | 5,635 | 50,828 | ||||||
Dynex Capital Inc. | 1,818 | 16,089 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 741 | 10,626 | ||||||
Hatteras Financial Corp. | 3,306 | 65,492 | ||||||
Invesco Mortgage Capital Inc. | 4,268 | 74,093 | ||||||
iStar Financial Inc. | 2,939 | 44,026 | (a) | |||||
New Residential Investment Corp. | 9,679 | 60,978 | ||||||
New York Mortgage Trust Inc. | 3,136 | 24,492 | ||||||
Owens Realty Mortgage Inc. | 361 | 7,022 | ||||||
PennyMac Mortgage Investment Trust | 2,516 | 55,201 | ||||||
Redwood Trust Inc. | 2,871 | 55,898 | ||||||
Resource Capital Corp. | 4,567 | 25,712 | ||||||
Western Asset Mortgage Capital Corp. | 1,449 | 20,532 | ||||||
868,401 | ||||||||
Motorcycle Manufacturers—0.0% * | ||||||||
Harley-Davidson Inc. | 13,589 | 949,192 | ||||||
Movies & Entertainment—0.6% | ||||||||
AMC Entertainment Holdings Inc. | 729 | 18,130 | ||||||
Carmike Cinemas Inc. | 797 | 27,999 | (a) | |||||
Cinedigm Corp. | 2,621 | 6,526 | (a) | |||||
Cinemark Holdings Inc. | 2,952 | 104,383 | ||||||
DreamWorks Animation SKG Inc. | 2,021 | 47,008 | (a) | |||||
Live Nation Entertainment Inc. | 4,011 | 99,032 | (a) | |||||
Reading International Inc. | 655 | 5,587 | (a) | |||||
Rentrak Corp. | 344 | 18,043 | (a) | |||||
SFX Entertainment Inc. | 1,515 | 12,271 | (a) | |||||
The Walt Disney Co. | 100,342 | 8,603,323 | ||||||
Time Warner Inc. | 54,952 | 3,860,378 | ||||||
Twenty-First Century Fox Inc. | 119,279 | 4,192,657 | ||||||
Viacom Inc. | 24,364 | 2,113,090 | ||||||
World Wrestling Entertainment Inc. | 1,004 | 11,978 | ||||||
19,120,405 |
Table of Contents
Multi-Line Insurance—0.3% | ||||||||
American Financial Group Inc. | 2,015 | 120,013 | ||||||
American International Group Inc. | 90,124 | 4,918,968 | ||||||
Assurant Inc. | 4,479 | 293,599 | ||||||
Genworth Financial Inc. | 30,746 | 534,980 | (a) | |||||
HCC Insurance Holdings Inc. | 2,807 | 137,375 | ||||||
Horace Mann Educators Corp. | 1,420 | 44,403 | ||||||
Kemper Corp. | 3,022 | 111,391 | ||||||
Loews Corp. | 19,048 | 838,303 | ||||||
National General Holdings Corp. | 1,223 | 21,280 | ||||||
The Hartford Financial Services Group Inc. | 27,988 | 1,002,250 | ||||||
8,022,562 | ||||||||
Multi-Sector Holdings—0.5% | ||||||||
Berkshire Hathaway Inc. | 112,170 | 14,196,235 | (a) | |||||
Leucadia National Corp. | 19,708 | 516,744 | ||||||
PICO Holdings Inc. | 787 | 18,699 | (a) | |||||
14,731,678 | ||||||||
Multi-Utilities—0.5% | ||||||||
Alliant Energy Corp. | 3,121 | 189,944 | ||||||
Ameren Corp. | 15,144 | 619,087 | ||||||
Avista Corp. | 2,074 | 69,520 | ||||||
Black Hills Corp. | 2,790 | 171,278 | ||||||
CenterPoint Energy Inc. | 26,818 | 684,932 | ||||||
CMS Energy Corp. | 16,755 | 521,918 | ||||||
Consolidated Edison Inc. | 18,267 | 1,054,737 | ||||||
Dominion Resources Inc. | 36,221 | 2,590,526 | ||||||
DTE Energy Co. | 11,043 | 859,918 | ||||||
Integrys Energy Group Inc. | 5,000 | 355,650 | ||||||
MDU Resources Group Inc. | 5,402 | 189,610 | ||||||
NiSource Inc. | 19,646 | 772,874 | ||||||
NorthWestern Corp. | 1,351 | 70,509 | ||||||
PG&E Corp. | 28,934 | 1,389,411 | ||||||
Public Service Enterprise Group Inc. | 31,549 | 1,286,884 | ||||||
SCANA Corp. | 8,842 | 475,788 | ||||||
Sempra Energy | 14,195 | 1,486,358 | ||||||
TECO Energy Inc. | 12,817 | 236,858 | ||||||
Vectren Corp. | 2,318 | 98,515 | ||||||
Wisconsin Energy Corp. | 14,074 | 660,352 | ||||||
13,784,669 | ||||||||
Office REITs—0.1% | ||||||||
Alexandria Real Estate Equities Inc. | 2,015 | 156,445 | ||||||
BioMed Realty Trust Inc. | 5,417 | 118,253 | ||||||
Boston Properties Inc. | 9,544 | 1,127,910 | ||||||
Coresite Realty Corp. | 722 | 23,877 | ||||||
Corporate Office Properties Trust | 2,459 | 68,385 | ||||||
CyrusOne Inc. | 676 | 16,832 | ||||||
DuPont Fabros Technology Inc. | 2,189 | 59,015 | ||||||
Franklin Street Properties Corp. | 3,136 | 39,451 | ||||||
Government Properties Income Trust | 1,883 | 47,809 | ||||||
Gramercy Property Trust Inc. | 4,046 | 24,478 | ||||||
Highwoods Properties Inc. | 5,670 | 237,857 | ||||||
Hudson Pacific Properties Inc. | 1,891 | 47,918 | ||||||
Kilroy Realty Corp. | 2,326 | 144,863 |
Table of Contents
Mack-Cali Realty Corp. | 5,533 | 118,849 | ||||||
New York REIT Inc. | 6,052 | 66,935 | ||||||
Parkway Properties Inc. | 2,448 | 50,551 | ||||||
QTS Realty Trust Inc. | 423 | 12,111 | ||||||
SL Green Realty Corp. | 2,673 | 292,453 | ||||||
2,653,992 | ||||||||
Office Services & Supplies—0.0% * | ||||||||
ACCO Brands Corp. | 3,923 | 25,147 | (a) | |||||
ARC Document Solutions Inc. | 1,419 | 8,315 | (a) | |||||
Herman Miller Inc. | 3,705 | 112,039 | ||||||
HNI Corp. | 2,823 | 110,408 | ||||||
Interface Inc. | 2,287 | 43,087 | ||||||
Kimball International Inc. | 1,171 | 19,579 | ||||||
Knoll Inc. | 1,672 | 28,976 | ||||||
MSA Safety Inc. | 1,915 | 110,074 | ||||||
NL Industries Inc. | 305 | 2,834 | ||||||
Pitney Bowes Inc. | 12,663 | 349,752 | ||||||
Steelcase Inc. | 2,857 | 43,226 | ||||||
United Stationers Inc. | 1,357 | 56,275 | ||||||
West Corp. | 1,323 | 35,456 | ||||||
945,168 | ||||||||
Oil & Gas Drilling—0.1% | ||||||||
Atwood Oceanics Inc. | 1,626 | 85,332 | (a) | |||||
Diamond Offshore Drilling Inc. | 4,250 | 210,927 | ||||||
Ensco PLC | 14,581 | 810,266 | ||||||
Helmerich & Payne Inc. | 6,745 | 783,162 | ||||||
Hercules Offshore Inc. | 5,483 | 22,042 | (a) | |||||
Nabors Industries Ltd. | 16,347 | 480,111 | ||||||
Parker Drilling Co. | 4,128 | 26,915 | (a) | |||||
Patterson-UTI Energy Inc. | 4,087 | 142,800 | ||||||
Pioneer Energy Services Corp. | 2,181 | 38,255 | (a) | |||||
Rowan Companies PLC | 7,781 | 248,447 | ||||||
Unit Corp. | 1,249 | 85,969 | (a) | |||||
Vantage Drilling Co. | 7,347 | 14,106 | (a) | |||||
2,948,332 | ||||||||
Oil & Gas Equipment & Services—0.7% | ||||||||
Baker Hughes Inc. | 27,178 | 2,023,402 | ||||||
Basic Energy Services Inc. | 1,093 | 31,937 | (a) | |||||
Bristow Group Inc. | 1,225 | 98,760 | ||||||
C&J Energy Services Inc. | 1,576 | 53,237 | (a) | |||||
Cameron International Corp. | 12,738 | 862,490 | (a) | |||||
CARBO Ceramics Inc. | 1,240 | 191,109 | ||||||
Dawson Geophysical Co. | 279 | 7,993 | ||||||
Dresser-Rand Group Inc. | 2,162 | 137,784 | (a) | |||||
Dril-Quip Inc. | 1,144 | 124,971 | (a) | |||||
Era Group Inc. | 715 | 20,506 | (a) | |||||
Exterran Holdings Inc. | 2,019 | 90,835 | ||||||
FMC Technologies Inc. | 14,646 | 894,431 | (a) | |||||
Forum Energy Technologies Inc. | 2,050 | 74,682 | (a) | |||||
Geospace Technologies Corp. | 445 | 24,511 | (a) | |||||
Glori Energy Inc. | 411 | 4,463 | (a) | |||||
Gulf Island Fabrication Inc. | 491 | 10,566 | ||||||
Gulfmark Offshore Inc. | 927 | 41,882 | ||||||
Halliburton Co. | 52,611 | 3,735,907 |
Table of Contents
Helix Energy Solutions Group Inc. | 6,405 | 168,516 | (a) | |||||
Hornbeck Offshore Services Inc. | 1,250 | 58,650 | (a) | |||||
ION Geophysical Corp. | 4,477 | 18,893 | (a) | |||||
Key Energy Services Inc. | 4,536 | 41,459 | (a) | |||||
Matrix Service Co. | 923 | 30,265 | (a) | |||||
McDermott International Inc. | 8,175 | 66,136 | (a) | |||||
Mitcham Industries Inc. | 430 | 6,011 | (a) | |||||
National Oilwell Varco Inc. | 26,718 | 2,200,227 | ||||||
Natural Gas Services Group Inc. | 442 | 14,613 | (a) | |||||
Newpark Resources Inc. | 2,931 | 36,520 | (a) | |||||
Nuverra Environmental Solutions Inc. | 520 | 10,457 | (a) | |||||
Oceaneering International Inc. | 3,043 | 237,750 | ||||||
Oil States International Inc. | 1,500 | 96,135 | (a) | |||||
PHI Inc. | 442 | 19,700 | (a) | |||||
Profire Energy Inc. | 449 | 2,025 | (a) | |||||
RigNet Inc. | 409 | 22,012 | (a) | |||||
Schlumberger Ltd. | 81,141 | 9,570,581 | ||||||
SEACOR Holdings Inc. | 715 | 58,809 | (a) | |||||
Superior Energy Services Inc. | 4,414 | 159,522 | ||||||
Tesco Corp. | 1,189 | 25,373 | ||||||
TETRA Technologies Inc. | 2,720 | 32,042 | (a) | |||||
Tidewater Inc. | 1,392 | 78,161 | ||||||
Willbros Group Inc. | 1,426 | 17,611 | (a) | |||||
21,400,934 | ||||||||
Oil & Gas Exploration & Production—1.1% | ||||||||
Abraxas Petroleum Corp. | 2,809 | 17,584 | (a) | |||||
American Eagle Energy Corp. | 1,036 | 6,206 | (a) | |||||
Anadarko Petroleum Corp. | 31,457 | 3,443,598 | ||||||
Apache Corp. | 24,027 | 2,417,597 | ||||||
Apco Oil and Gas International Inc. | 352 | 5,079 | (a) | |||||
Approach Resources Inc. | 1,352 | 30,731 | (a) | |||||
Bill Barrett Corp. | 3,104 | 83,125 | (a) | |||||
Bonanza Creek Energy Inc. | 1,131 | 64,682 | (a) | |||||
BPZ Resources Inc. | 4,022 | 12,388 | (a) | |||||
Cabot Oil & Gas Corp. | 25,968 | 886,548 | ||||||
Callon Petroleum Co. | 1,440 | 16,776 | (a) | |||||
Carrizo Oil & Gas Inc. | 1,569 | 108,669 | (a) | |||||
Chesapeake Energy Corp. | 31,580 | 981,506 | ||||||
Cimarex Energy Co. | 5,415 | 776,836 | ||||||
Clayton Williams Energy Inc. | 205 | 28,161 | (a) | |||||
Comstock Resources Inc. | 1,651 | 47,615 | ||||||
ConocoPhillips | 76,478 | 6,556,459 | ||||||
Contango Oil & Gas Co. | 596 | 25,217 | (a) | |||||
Denbury Resources Inc. | 21,851 | 403,369 | ||||||
Devon Energy Corp. | 23,876 | 1,895,754 | ||||||
Diamondback Energy Inc. | 1,313 | 116,594 | (a) | |||||
Emerald Oil Inc. | 2,032 | 15,545 | (a) | |||||
Energen Corp. | 2,057 | 182,826 | ||||||
Energy XXI Bermuda Ltd. | 3,238 | 76,514 | ||||||
EOG Resources Inc. | 34,040 | 3,977,914 | ||||||
EQT Corp. | 9,445 | 1,009,671 | ||||||
Evolution Petroleum Corp. | 693 | 7,588 | ||||||
EXCO Resources Inc. | 5,247 | 30,905 | ||||||
Forest Oil Corp. | 4,349 | 9,916 | (a) | |||||
FX Energy Inc. | 1,948 | 7,032 | (a) | |||||
Gastar Exploration Inc. | 1,892 | 16,479 | (a) |
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Goodrich Petroleum Corp. | 1,200 | 33,120 | (a) | |||||
Gulfport Energy Corp. | 2,413 | 151,536 | (a) | |||||
Halcon Resources Corp. | 8,985 | 65,501 | (a) | |||||
Harvest Natural Resources Inc. | 1,429 | 7,131 | (a) | |||||
Isramco Inc. | 36 | 4,576 | (a) | |||||
Jones Energy Inc. | 378 | 7,749 | (a) | |||||
Kodiak Oil & Gas Corp. | 9,194 | 133,773 | (a) | |||||
Magnum Hunter Resources Corp. | 6,851 | 56,178 | (a) | |||||
Marathon Oil Corp. | 42,111 | 1,681,071 | ||||||
Matador Resources Co. | 2,526 | 73,961 | (a) | |||||
Midstates Petroleum Company Inc. | 1,273 | 9,204 | (a) | |||||
Miller Energy Resources Inc. | 1,114 | 7,130 | (a) | |||||
Murphy Oil Corp. | 10,502 | 698,173 | ||||||
Newfield Exploration Co. | 8,469 | 374,330 | (a) | |||||
Noble Energy Inc. | 22,396 | 1,734,794 | ||||||
Northern Oil and Gas Inc. | 2,109 | 34,356 | (a) | |||||
Panhandle Oil and Gas Inc. | 237 | 13,279 | ||||||
Parsley Energy Inc. | 1,720 | 41,400 | (a) | |||||
PDC Energy Inc. | 1,234 | 77,927 | (a) | |||||
Penn Virginia Corp. | 2,260 | 38,307 | (a) | |||||
PetroQuest Energy Inc. | 2,084 | 15,672 | (a) | |||||
Pioneer Natural Resources Co. | 8,908 | 2,047,147 | ||||||
QEP Resources Inc. | 11,251 | 388,160 | ||||||
Quicksilver Resources Inc. | 4,291 | 11,457 | (a) | |||||
Range Resources Corp. | 10,496 | 912,627 | ||||||
Resolute Energy Corp. | 2,671 | 23,077 | (a) | |||||
Rex Energy Corp. | 1,681 | 29,771 | (a) | |||||
Ring Energy Inc. | 634 | 11,063 | (a) | |||||
Rosetta Resources Inc. | 3,844 | 210,843 | (a) | |||||
RSP Permian Inc. | 757 | 24,557 | (a) | |||||
Sanchez Energy Corp. | 1,573 | 59,129 | (a) | |||||
SM Energy Co. | 1,886 | 158,613 | ||||||
Southwestern Energy Co. | 22,020 | 1,001,690 | (a) | |||||
Stone Energy Corp. | 1,932 | 90,398 | (a) | |||||
Swift Energy Co. | 1,484 | 19,262 | (a) | |||||
Synergy Resources Corp. | 2,290 | 30,343 | (a) | |||||
TransAtlantic Petroleum Ltd. | 764 | 8,702 | (a) | |||||
Triangle Petroleum Corp. | 2,605 | 30,609 | (a) | |||||
Vaalco Energy Inc. | 1,729 | 12,501 | (a) | |||||
W&T Offshore Inc. | 1,206 | 19,742 | ||||||
Warren Resources Inc. | 2,614 | 16,207 | (a) | |||||
WPX Energy Inc. | 5,720 | 136,765 | (a) | |||||
33,760,715 | ||||||||
Oil & Gas Refining & Marketing—0.2% | ||||||||
Adams Resources & Energy Inc. | 80 | 6,250 | ||||||
Alon USA Energy Inc. | 931 | 11,582 | ||||||
Amyris Inc. | 965 | 3,599 | (a) | |||||
Clean Energy Fuels Corp. | 2,489 | 29,171 | (a) | |||||
Delek US Holdings Inc. | 2,061 | 58,182 | ||||||
Green Plains Inc. | 1,288 | 42,337 | ||||||
HollyFrontier Corp. | 5,596 | 244,489 | ||||||
Marathon Petroleum Corp. | 17,978 | 1,403,543 | ||||||
Pacific Ethanol Inc. | 698 | 10,672 | (a) | |||||
Phillips 66 | 35,249 | 2,835,077 | ||||||
Renewable Energy Group Inc. | 1,219 | 13,982 | (a) |
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REX American Resources Corp. | 216 | 15,835 | (a) | |||||
Tesoro Corp. | 8,039 | 471,648 | ||||||
Valero Energy Corp. | 33,227 | 1,664,673 | ||||||
Vertex Energy Inc. | 440 | 4,272 | (a) | |||||
Western Refining Inc. | 1,854 | 69,618 | ||||||
World Fuel Services Corp. | 2,022 | 99,543 | ||||||
6,984,473 | ||||||||
Oil & Gas Storage & Transportation—0.2% | ||||||||
Dorian LPG Ltd. | 252 | 5,794 | (a) | |||||
Frontline Ltd. | 2,280 | 6,658 | (a) | |||||
GasLog Ltd. | 1,474 | 47,006 | ||||||
Kinder Morgan Inc. | 41,658 | 1,510,519 | ||||||
Nordic American Tankers Ltd. | 3,076 | 29,314 | ||||||
ONEOK Inc. | 12,967 | 882,793 | ||||||
Scorpio Tankers Inc. | 6,872 | 69,888 | ||||||
SemGroup Corp. | 1,483 | 116,935 | ||||||
Ship Finance International Ltd. | 2,005 | 37,273 | ||||||
Spectra Energy Corp. | 41,769 | 1,774,347 | ||||||
Teekay Tankers Ltd. | 2,173 | 9,322 | ||||||
The Williams Companies Inc. | 46,004 | 2,677,893 | ||||||
7,167,742 | ||||||||
Other Diversified Financial Services—0.0% * | ||||||||
Tiptree Financial Inc. | 241 | 2,097 | ||||||
Packaged Foods & Meats—0.6% | ||||||||
Annie’s Inc. | 584 | 19,751 | (a) | |||||
B&G Foods Inc. | 1,852 | 60,542 | ||||||
Boulder Brands Inc. | 2,133 | 30,246 | (a) | |||||
Cal-Maine Foods Inc. | 532 | 39,538 | ||||||
Calavo Growers Inc. | 473 | 16,002 | ||||||
Campbell Soup Co. | 11,171 | 511,743 | ||||||
Chiquita Brands International Inc. | 1,668 | 18,098 | (a) | |||||
ConAgra Foods Inc. | 26,272 | 779,753 | ||||||
Dean Foods Co. | 5,877 | 103,376 | ||||||
Diamond Foods Inc. | 756 | 21,319 | (a) | |||||
Farmer Bros Co. | 252 | 5,446 | (a) | |||||
Flowers Foods Inc. | 4,978 | 104,936 | ||||||
General Mills Inc. | 38,277 | 2,011,074 | ||||||
Hormel Foods Corp. | 8,366 | 412,862 | ||||||
Inventure Foods Inc. | 493 | 5,556 | (a) | |||||
J&J Snack Foods Corp. | 514 | 48,378 | ||||||
John B Sanfilippo & Son Inc. | 305 | 8,073 | ||||||
Kellogg Co. | 15,866 | 1,042,396 | ||||||
Keurig Green Mountain Inc. | 7,905 | 985,042 | ||||||
Kraft Foods Group Inc. | 37,107 | 2,224,565 | ||||||
Lancaster Colony Corp. | 1,181 | 112,384 | ||||||
Lifeway Foods Inc. | 157 | 2,195 | ||||||
McCormick & Company Inc. | 8,142 | 582,886 | ||||||
Mead Johnson Nutrition Co. | 12,603 | 1,174,221 | ||||||
Mondelez International Inc. | 105,356 | 3,962,439 | ||||||
Omega Protein Corp. | 717 | 9,809 | (a) | |||||
Post Holdings Inc. | 2,755 | 140,257 | (a) | |||||
Sanderson Farms Inc. | 796 | 77,371 | ||||||
Seaboard Corp. | 10 | 30,203 | (a) | |||||
Seneca Foods Corp. | 273 | 8,354 | (a) | |||||
Snyder’s-Lance Inc. | 1,643 | 43,474 |
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The Hain Celestial Group Inc. | 1,415 | 125,567 | (a) | |||||
The Hershey Co. | 9,305 | 906,028 | ||||||
The Hillshire Brands Co. | 3,461 | 215,620 | ||||||
The JM Smucker Co. | 6,470 | 689,508 | ||||||
The WhiteWave Foods Co. | 4,912 | 159,001 | (a) | |||||
Tootsie Roll Industries Inc. | 1,218 | 35,858 | ||||||
TreeHouse Foods Inc. | 1,268 | 101,529 | (a) | |||||
Tyson Foods Inc. | 17,119 | 642,647 | ||||||
17,468,047 | ||||||||
Paper Packaging—0.1% | ||||||||
Avery Dennison Corp. | 5,910 | 302,887 | ||||||
Bemis Company Inc. | 6,302 | 256,239 | ||||||
Graphic Packaging Holding Co. | 11,251 | 131,637 | (a) | |||||
MeadWestvaco Corp. | 10,449 | 462,473 | ||||||
Packaging Corporation of America | 2,777 | 198,528 | ||||||
Rock-Tenn Co. | 2,027 | 214,031 | ||||||
Sealed Air Corp. | 12,139 | 414,790 | ||||||
Sonoco Products Co. | 2,877 | 126,386 | ||||||
UFP Technologies Inc. | 197 | 4,746 | (a) | |||||
2,111,717 | ||||||||
Paper Products—0.1% | ||||||||
Clearwater Paper Corp. | 704 | 43,451 | (a) | |||||
Domtar Corp. | 1,830 | 78,416 | ||||||
International Paper Co. | 26,981 | 1,361,731 | ||||||
KapStone Paper and Packaging Corp. | 2,908 | 96,342 | (a) | |||||
Neenah Paper Inc. | 566 | 30,083 | ||||||
PH Glatfelter Co. | 1,483 | 39,344 | ||||||
Resolute Forest Products Inc. | 2,248 | 37,721 | (a) | |||||
Schweitzer-Mauduit International Inc. | 1,049 | 45,799 | ||||||
Wausau Paper Corp. | 1,464 | 15,841 | ||||||
1,748,728 | ||||||||
Personal Products—0.1% | ||||||||
Avon Products Inc. | 27,141 | 396,530 | ||||||
Elizabeth Arden Inc. | 902 | 19,321 | (a) | |||||
IGI Laboratories Inc. | 974 | 5,172 | (a) | |||||
Inter Parfums Inc. | 579 | 17,109 | ||||||
Medifast Inc. | 456 | 13,867 | (a) | |||||
Nature’s Sunshine Products Inc. | 413 | 7,009 | ||||||
Nutraceutical International Corp. | 300 | 7,158 | (a) | |||||
Revlon Inc. | 390 | 11,895 | (a) | |||||
Synutra International Inc. | 640 | 4,294 | (a) | |||||
The Estee Lauder Companies Inc. | 15,727 | 1,167,887 | ||||||
The Female Health Co. | 853 | 4,700 | ||||||
USANA Health Sciences Inc. | 221 | 17,269 | (a) | |||||
1,672,211 | ||||||||
Pharmaceuticals—2.3% | ||||||||
AbbVie Inc. | 99,048 | 5,590,269 | ||||||
AcelRx Pharmaceuticals Inc. | 849 | 8,702 | (a) | |||||
Achaogen Inc. | 231 | 3,225 | (a) | |||||
Actavis PLC | 10,864 | 2,423,215 | (a) | |||||
Aerie Pharmaceuticals Inc. | 359 | 8,892 | (a) | |||||
Akorn Inc. | 2,147 | 71,388 | (a) | |||||
Alimera Sciences Inc. | 895 | 5,352 | (a) | |||||
Allergan Inc. | 18,545 | 3,138,185 | ||||||
Ampio Pharmaceuticals Inc. | 1,402 | 11,707 | (a) |
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ANI Pharmaceuticals Inc. | 236 | 8,128 | (a) | |||||
Aratana Therapeutics Inc. | 835 | 13,034 | (a) | |||||
Auxilium Pharmaceuticals Inc. | 1,717 | 34,443 | (a) | |||||
AVANIR Pharmaceuticals Inc. | 5,528 | 31,178 | (a) | |||||
Bio-Path Holdings Inc. | 2,492 | 7,601 | (a) | |||||
BioDelivery Sciences International Inc. | 1,462 | 17,646 | (a) | |||||
Bristol-Myers Squibb Co. | 103,226 | 5,007,493 | ||||||
Cempra Inc. | 756 | 8,112 | (a) | |||||
Corcept Therapeutics Inc. | 2,016 | 5,645 | (a) | |||||
Depomed Inc. | 2,033 | 28,259 | (a) | |||||
Egalet Corp. | 175 | 2,296 | (a) | |||||
Eli Lilly & Co. | 61,359 | 3,814,689 | ||||||
Endocyte Inc. | 1,309 | 8,626 | (a) | |||||
Forest Laboratories Inc. | 14,935 | 1,478,565 | (a) | |||||
Horizon Pharma Inc. | 2,244 | 35,500 | (a) | |||||
Hospira Inc. | 10,434 | 535,995 | (a) | |||||
Impax Laboratories Inc. | 2,411 | 72,306 | (a) | |||||
Intra-Cellular Therapies Inc. | 583 | 9,829 | (a) | |||||
Johnson & Johnson | 176,253 | 18,439,589 | ||||||
Lannett Company Inc. | 886 | 43,963 | (a) | |||||
Mallinckrodt PLC | 1,650 | 132,033 | (a) | |||||
Merck & Company Inc. | 182,068 | 10,532,634 | ||||||
Mylan Inc. | 23,264 | 1,199,492 | (a) | |||||
Nektar Therapeutics | 4,382 | 56,177 | (a) | |||||
Omeros Corp. | 1,169 | 20,341 | (a) | |||||
Pacira Pharmaceuticals Inc. | 1,229 | 112,896 | (a) | |||||
Pain Therapeutics Inc. | 1,283 | 7,377 | (a) | |||||
Pernix Therapeutics Holdings Inc. | 1,141 | 10,246 | (a) | |||||
Perrigo Co. PLC | 8,343 | 1,216,076 | ||||||
Pfizer Inc. | 397,382 | 11,794,298 | ||||||
Phibro Animal Health Corp. | 500 | 10,975 | (a) | |||||
Pozen Inc. | 999 | 8,322 | ||||||
Prestige Brands Holdings Inc. | 1,786 | 60,528 | (a) | |||||
Relypsa Inc. | 580 | 14,106 | (a) | |||||
Repros Therapeutics Inc. | 828 | 14,324 | (a) | |||||
Revance Therapeutics Inc. | 256 | 8,704 | (a) | |||||
Sagent Pharmaceuticals Inc. | 751 | 19,421 | (a) | |||||
Salix Pharmaceuticals Ltd. | 1,790 | 220,797 | (a) | |||||
Sciclone Pharmaceuticals Inc. | 1,782 | 9,373 | (a) | |||||
Sucampo Pharmaceuticals Inc. | 578 | 3,988 | (a) | |||||
Supernus Pharmaceuticals Inc. | 1,002 | 10,972 | (a) | |||||
Tetraphase Pharmaceuticals Inc. | 756 | 10,198 | (a) | |||||
The Medicines Co. | 2,256 | 65,559 | (a) | |||||
TherapeuticsMD Inc. | 3,460 | 15,293 | (a) | |||||
Theravance Inc. | 2,835 | 84,426 | (a) | |||||
Vivus Inc. | 3,112 | 16,556 | (a) | |||||
XenoPort Inc. | 2,036 | 9,834 | (a) | |||||
Zoetis Inc. | 31,248 | 1,008,373 | ||||||
Zogenix Inc. | 4,216 | 8,474 | (a) | |||||
67,545,625 | ||||||||
Precious Metals & Minerals—0.0% * |
| |||||||
Stillwater Mining Co. | 4,134 | 72,552 | (a) |
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Property & Casualty Insurance—0.4% | ||||||||
ACE Ltd. | 21,030 | 2,180,811 | ||||||
Ambac Financial Group Inc. | 1,553 | 42,412 | (a) | |||||
AMERISAFE Inc. | 636 | 25,866 | ||||||
Amtrust Financial Services Inc. | 1,038 | 43,399 | ||||||
Argo Group International Holdings Ltd. | 903 | 46,152 | ||||||
Aspen Insurance Holdings Ltd. | 1,854 | 84,209 | ||||||
Atlas Financial Holdings Inc. | 397 | 6,019 | (a) | |||||
Baldwin & Lyons Inc. | 306 | 7,938 | ||||||
Cincinnati Financial Corp. | 9,191 | 441,536 | ||||||
Donegal Group Inc. | 272 | 4,162 | ||||||
EMC Insurance Group Inc. | 166 | 5,109 | ||||||
Employers Holdings Inc. | 1,068 | 22,620 | ||||||
Federated National Holding Co. | 388 | 9,894 | ||||||
First American Financial Corp. | 6,707 | 186,388 | ||||||
Global Indemnity PLC | 281 | 7,303 | (a) | |||||
Hallmark Financial Services Inc. | 511 | 5,493 | (a) | |||||
HCI Group Inc. | 324 | 13,154 | ||||||
Heritage Insurance Holdings Inc. | 230 | 3,498 | (a) | |||||
Hilltop Holdings Inc. | 2,322 | 49,366 | (a) | |||||
Infinity Property & Casualty Corp. | 399 | 26,825 | ||||||
Meadowbrook Insurance Group Inc. | 1,730 | 12,439 | ||||||
Mercury General Corp. | 1,021 | 48,028 | ||||||
National Interstate Corp. | 225 | 6,304 | ||||||
Old Republic International Corp. | 6,814 | 112,704 | ||||||
OneBeacon Insurance Group Ltd. | 783 | 12,168 | ||||||
RLI Corp. | 1,485 | 67,983 | ||||||
Safety Insurance Group Inc. | 444 | 22,813 | ||||||
Selective Insurance Group Inc. | 1,941 | 47,981 | ||||||
State Auto Financial Corp. | 519 | 12,160 | ||||||
Stewart Information Services Corp. | 756 | 23,444 | ||||||
The Allstate Corp. | 27,032 | 1,587,319 | ||||||
The Chubb Corp. | 15,237 | 1,404,394 | ||||||
The Hanover Insurance Group Inc. | 1,250 | 78,937 | ||||||
The Navigators Group Inc. | 357 | 23,937 | (a) | |||||
The Progressive Corp. | 33,891 | 859,476 | ||||||
The Travelers Companies Inc. | 21,644 | 2,036,051 | ||||||
United Fire Group Inc. | 698 | 20,465 | ||||||
United Insurance Holdings Corp. | 569 | 9,821 | ||||||
Universal Insurance Holdings Inc. | 1,070 | 13,878 | ||||||
WR Berkley Corp. | 2,907 | 134,623 | ||||||
XL Group PLC | 16,883 | 552,581 | ||||||
10,299,660 | ||||||||
Publishing—0.1% | ||||||||
AH Belo Corp. | 652 | 7,726 | ||||||
Daily Journal Corp. | 37 | 7,648 | (a) | |||||
Dex Media Inc. | 515 | 5,737 | (a) | |||||
Gannett Company Inc. | 14,093 | 441,252 | ||||||
Global Sources Ltd. | 575 | 4,761 | (a) | |||||
John Wiley & Sons Inc. | 1,327 | 80,403 | ||||||
Lee Enterprises Inc. | 1,832 | 8,152 | (a) | |||||
Martha Stewart Living Omnimedia | 1,069 | 5,024 | (a) | |||||
Meredith Corp. | 2,274 | 109,971 | ||||||
New Media Investment Group Inc. | 1,021 | 14,406 | (a) | |||||
News Corp. | 31,087 | 557,701 | (a) |
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Scholastic Corp. | 915 | 31,192 | ||||||
The EW Scripps Co. | 1,066 | 22,557 | (a) | |||||
The McClatchy Co. | 2,117 | 11,749 | (a) | |||||
The New York Times Co. | 8,292 | 126,121 | ||||||
Time Inc. | 6,931 | 167,875 | (a) | |||||
1,602,275 | ||||||||
Railroads—0.4% | ||||||||
CSX Corp. | 62,610 | 1,929,014 | ||||||
Genesee & Wyoming Inc. | 1,442 | 151,410 | (a) | |||||
Kansas City Southern | 6,883 | 739,991 | ||||||
Norfolk Southern Corp. | 19,292 | 1,987,655 | ||||||
Union Pacific Corp. | 56,425 | 5,628,394 | ||||||
10,436,464 | ||||||||
Real Estate Development—0.0% * | ||||||||
AV Homes Inc. | 379 | 6,196 | (a) | |||||
Forestar Group Inc. | 1,197 | 22,851 | (a) | |||||
29,047 | ||||||||
Real Estate Services—0.0% * | ||||||||
CBRE Group Inc. | 17,412 | 557,881 | (a) | |||||
Jones Lang LaSalle Inc. | 1,261 | 159,378 | ||||||
Kennedy-Wilson Holdings Inc. | 2,471 | 66,272 | ||||||
RE/MAX Holdings Inc. | 370 | 10,948 | ||||||
794,479 | ||||||||
Regional Banks—0.6% | ||||||||
1st Source Corp. | 508 | 15,555 | ||||||
1st United Bancorp Inc. | 1,104 | 9,516 | ||||||
American National Bankshares Inc. | 261 | 5,672 | ||||||
Ameris Bancorp. | 867 | 18,693 | (a) | |||||
Ames National Corp. | 293 | 6,780 | ||||||
Arrow Financial Corp. | 392 | 10,168 | ||||||
Associated Banc-Corp. | 4,474 | 80,890 | ||||||
Banc of California Inc. | 1,011 | 11,020 | ||||||
Bancfirst Corp. | 241 | 14,918 | ||||||
Bancorp Inc. | 1,187 | 14,137 | (a) | |||||
BancorpSouth Inc. | 5,678 | 139,508 | ||||||
Bank of Hawaii Corp. | 1,253 | 73,539 | ||||||
Bank of Marin Bancorp. | 206 | 9,392 | ||||||
Bank of the Ozarks Inc. | 2,741 | 91,686 | ||||||
Banner Corp. | 668 | 26,473 | ||||||
BB&T Corp. | 44,738 | 1,764,019 | ||||||
BBCN Bancorp Inc. | 2,746 | 43,799 | ||||||
BNC Bancorp | 675 | 11,522 | ||||||
Boston Private Financial Holdings Inc. | 2,767 | 37,188 | ||||||
Bridge Bancorp Inc. | 375 | 8,996 | ||||||
Bridge Capital Holdings | 358 | 8,667 | (a) | |||||
Bryn Mawr Bank Corp. | 480 | 13,978 | ||||||
Camden National Corp. | 243 | 9,419 | ||||||
Capital Bank Financial Corp. | 832 | 19,644 | (a) | |||||
Capital City Bank Group Inc. | 345 | 5,013 | ||||||
Cardinal Financial Corp. | 1,101 | 20,324 | ||||||
Cascade Bancorp | 1,153 | 6,007 | (a) | |||||
Cathay General Bancorp. | 4,822 | 123,250 | ||||||
Centerstate Banks Inc. | 1,210 | 13,552 |
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Central Pacific Financial Corp. | 256 | 5,082 | ||||||
Century Bancorp Inc. | 118 | 4,170 | ||||||
Chemical Financial Corp. | 1,024 | 28,754 | ||||||
Citizens & Northern Corp. | 458 | 8,926 | ||||||
City Holding Co. | 539 | 24,320 | ||||||
City National Corp. | 1,352 | 102,428 | ||||||
CNB Financial Corp. | 508 | 8,534 | ||||||
CoBiz Financial Inc. | 1,263 | 13,603 | ||||||
Columbia Banking System Inc. | 1,807 | 47,542 | ||||||
Commerce Bancshares Inc. | 2,272 | 105,648 | ||||||
Community Bank System Inc. | 1,401 | 50,716 | ||||||
Community Trust Bancorp Inc. | 542 | 18,547 | ||||||
CommunityOne Bancorp | 379 | 3,676 | (a) | |||||
ConnectOne Bancorp Inc. | 141 | 7,034 | (a) | |||||
ConnectOne Bancorp Inc. | 438 | 8,423 | ||||||
CU Bancorp | 321 | 6,121 | (a) | |||||
Cullen-Frost Bankers Inc. | 1,500 | 119,130 | ||||||
Customers Bancorp Inc. | 876 | 17,525 | (a) | |||||
CVB Financial Corp. | 3,635 | 58,269 | ||||||
Eagle Bancorp Inc. | 802 | 27,068 | (a) | |||||
East West Bancorp Inc. | 4,057 | 141,954 | ||||||
Enterprise Bancorp Inc. | 268 | 5,529 | ||||||
Enterprise Financial Services Corp. | 705 | 12,732 | ||||||
Fidelity Southern Corp. | 562 | 7,300 | ||||||
Fifth Third Bancorp | 53,040 | 1,132,404 | ||||||
Financial Institutions Inc. | 450 | 10,539 | ||||||
First BanCorp | 719 | 13,194 | ||||||
First Bancorp Inc. | 362 | 6,321 | ||||||
First Busey Corp. | 2,474 | 14,374 | ||||||
First Business Financial Services Inc. | 132 | 6,208 | ||||||
First Citizens BancShares Inc. | 259 | 63,455 | ||||||
First Commonwealth Financial Corp. | 3,265 | 30,103 | ||||||
First Community Bancshares Inc. | 575 | 8,240 | ||||||
First Connecticut Bancorp Inc. | 570 | 9,149 | ||||||
First Financial Bancorp. | 1,998 | 34,386 | ||||||
First Financial Bankshares Inc. | 2,209 | 69,296 | ||||||
First Financial Corp. | 408 | 13,134 | ||||||
First Horizon National Corp. | 6,649 | 78,857 | ||||||
First Interstate Bancsystem Inc. | 636 | 17,286 | ||||||
First Merchants Corp. | 1,251 | 26,446 | ||||||
First Midwest Bancorp Inc. | 2,599 | 44,261 | ||||||
First NBC Bank Holding Co. | 509 | 17,057 | (a) | |||||
First Niagara Financial Group Inc. | 9,955 | 87,007 | ||||||
FirstMerit Corp. | 10,345 | 204,314 | ||||||
Flushing Financial Corp. | 1,041 | 21,393 | ||||||
FNB Corp. | 5,708 | 73,177 | ||||||
Fulton Financial Corp. | 5,303 | 65,704 | ||||||
German American Bancorp Inc. | 473 | 12,809 | ||||||
Glacier Bancorp Inc. | 2,568 | 72,880 | ||||||
Great Southern Bancorp Inc. | 368 | 11,794 | ||||||
Guaranty Bancorp | 560 | 7,784 | ||||||
Hampton Roads Bankshares Inc. | 1,498 | 2,592 | (a) | |||||
Hancock Holding Co. | 5,151 | 181,933 | ||||||
Hanmi Financial Corp. | 1,091 | 22,998 | ||||||
Heartland Financial USA Inc. | 525 | 12,983 | ||||||
Heritage Commerce Corp. | 680 | 5,556 |
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Heritage Financial Corp. | 1,050 | 16,895 | ||||||
Heritage Oaks Bancorp | 799 | 6,096 | (a) | |||||
Home BancShares Inc. | 1,860 | 61,045 | ||||||
HomeTrust Bancshares Inc. | 722 | 11,386 | (a) | |||||
Horizon Bancorp | 324 | 7,076 | ||||||
Hudson Valley Holding Corp. | 516 | 9,314 | ||||||
Huntington Bancshares Inc. | 51,686 | 493,084 | ||||||
Iberiabank Corp. | 1,083 | 74,933 | ||||||
Independent Bank Corp. | 663 | 8,533 | ||||||
Independent Bank Corp. | 827 | 31,740 | ||||||
Independent Bank Group Inc. | 313 | 17,425 | ||||||
International Bancshares Corp. | 3,513 | 94,851 | ||||||
Investors Bancorp Inc. | 12,323 | 136,169 | ||||||
KeyCorp | 54,957 | 787,534 | ||||||
Lakeland Bancorp Inc. | 1,342 | 14,493 | ||||||
Lakeland Financial Corp. | 571 | 21,789 | ||||||
M&T Bank Corp. | 8,196 | 1,016,714 | ||||||
Macatawa Bank Corp. | 964 | 4,887 | ||||||
MainSource Financial Group Inc. | 690 | 11,903 | ||||||
MB Financial Inc. | 1,901 | 51,422 | ||||||
Mercantile Bank Corp. | 570 | 13,042 | ||||||
Merchants Bancshares Inc. | 189 | 6,044 | ||||||
Metro Bancorp Inc. | 487 | 11,259 | (a) | |||||
MidSouth Bancorp Inc. | 277 | 5,510 | ||||||
MidWestOne Financial Group Inc. | 254 | 6,093 | ||||||
National Bank Holdings Corp. | 1,427 | 28,454 | ||||||
National Bankshares Inc. | 258 | 7,970 | ||||||
National Penn Bancshares Inc. | 4,065 | 43,008 | ||||||
NBT Bancorp Inc. | 1,508 | 36,222 | ||||||
NewBridge Bancorp | 1,135 | 9,148 | (a) | |||||
Northrim BanCorp Inc. | 232 | 5,932 | ||||||
OFG Bancorp | 1,557 | 28,664 | ||||||
Old Line Bancshares Inc. | 272 | 4,287 | ||||||
Old National Bancorp | 3,671 | 52,422 | ||||||
OmniAmerican Bancorp Inc. | 413 | 10,325 | ||||||
Opus Bank | 165 | 4,795 | (a) | |||||
Pacific Continental Corp. | 618 | 8,485 | ||||||
Pacific Premier Bancorp Inc. | 589 | 8,299 | (a) | |||||
PacWest Bancorp | 2,687 | 115,998 | ||||||
Palmetto Bancshares Inc. | 176 | 2,533 | (a) | |||||
Park National Corp. | 437 | 33,736 | ||||||
Park Sterling Corp. | 1,493 | 9,839 | ||||||
Peapack Gladstone Financial Corp. | 407 | 8,632 | ||||||
Penns Woods Bancorp Inc. | 165 | 7,772 | ||||||
Peoples Bancorp Inc. | 386 | 10,210 | ||||||
Peoples Financial Services Corp. | 254 | 13,053 | ||||||
Pinnacle Financial Partners Inc. | 1,227 | 48,442 | ||||||
PNC Financial Services Group Inc. | 33,278 | 2,963,406 | ||||||
Preferred Bank | 406 | 9,598 | (a) | |||||
PrivateBancorp Inc. | 2,466 | 71,662 | ||||||
Prosperity Bancshares Inc. | 4,086 | 255,784 | ||||||
Regions Financial Corp. | 85,878 | 912,024 | ||||||
Renasant Corp. | 1,097 | 31,890 | ||||||
Republic Bancorp Inc. | 326 | 7,733 | ||||||
Republic First Bancorp Inc. | 1,041 | 5,247 | (a) | |||||
S&T Bancorp Inc. | 1,023 | 25,422 |
Table of Contents
Sandy Spring Bancorp Inc. | 856 | 21,323 | ||||||
Seacoast Banking Corp. of Florida | 645 | 7,011 | (a) | |||||
ServisFirst Bancshares Inc. | 20 | 1,729 | (a) | |||||
Sierra Bancorp | 404 | 6,383 | ||||||
Signature Bank | 1,409 | 177,788 | (a) | |||||
Simmons First National Corp. | 557 | 21,940 | ||||||
South State Corp. | 832 | 50,752 | ||||||
Southside Bancshares Inc. | 639 | 18,505 | ||||||
Southwest Bancorp. Inc. | 691 | 11,788 | ||||||
State Bank Financial Corp. | 1,141 | 19,294 | ||||||
Sterling Bancorp | 2,894 | 34,728 | ||||||
Stock Yards Bancorp Inc. | 490 | 14,651 | ||||||
Stonegate Bank | 334 | 8,417 | ||||||
Suffolk Bancorp | 429 | 9,571 | (a) | |||||
Sun Bancorp Inc. | 1,423 | 5,706 | (a) | |||||
SunTrust Banks Inc. | 33,172 | 1,328,870 | ||||||
Susquehanna Bancshares Inc. | 6,473 | 68,355 | ||||||
SVB Financial Group | 1,409 | 164,318 | (a) | |||||
Synovus Financial Corp. | 3,908 | 95,277 | ||||||
Talmer Bancorp Inc. | 664 | 9,157 | (a) | |||||
Taylor Capital Group Inc. | 619 | 13,234 | (a) | |||||
TCF Financial Corp. | 4,717 | 77,217 | ||||||
Texas Capital Bancshares Inc. | 1,477 | 79,684 | (a) | |||||
The Bank of Kentucky Financial Corp. | 231 | 8,037 | ||||||
The First of Long Island Corp. | 290 | 11,333 | ||||||
Tompkins Financial Corp. | 524 | 25,246 | ||||||
TowneBank | 995 | 15,631 | ||||||
Trico Bancshares | 545 | 12,611 | ||||||
Tristate Capital Holdings Inc. | 736 | 10,400 | (a) | |||||
Trustmark Corp. | 4,212 | 103,994 | ||||||
UMB Financial Corp. | 1,296 | 82,153 | ||||||
Umpqua Holdings Corp. | 10,557 | 189,181 | ||||||
Union Bankshares Corp. | 1,588 | 40,732 | ||||||
United Bankshares Inc. | 2,371 | 76,654 | ||||||
United Community Banks Inc. | 1,716 | 28,091 | ||||||
Univest Corp of Pennsylvania | 557 | 11,530 | ||||||
Valley National Bancorp | 12,487 | 123,746 | ||||||
VantageSouth Bancshares Inc. | 698 | 4,153 | (a) | |||||
ViewPoint Financial Group Inc. | 1,378 | 37,082 | ||||||
Washington Trust Bancorp Inc. | 494 | 18,164 | ||||||
Webster Financial Corp. | 5,657 | 178,422 | ||||||
WesBanco Inc. | 898 | 27,874 | ||||||
West Bancorporation Inc. | 511 | 7,783 | ||||||
Westamerica Bancorporation | 1,642 | 85,844 | ||||||
Western Alliance Bancorp | 2,600 | 61,880 | (a) | |||||
Wilshire Bancorp Inc. | 2,398 | 24,627 | ||||||
Wintrust Financial Corp. | 1,600 | 73,600 | ||||||
Yadkin Financial Corp. | 463 | 8,723 | (a) | |||||
Zions Bancorporation | 11,530 | 339,789 | ||||||
17,377,197 | ||||||||
Reinsurance—0.0% * | ||||||||
Alleghany Corp. | 464 | 203,288 | (a) | |||||
Enstar Group Ltd. | 295 | 44,465 | (a) | |||||
Everest Re Group Ltd. | 1,299 | 208,477 |
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Greenlight Capital Re Ltd. | 979 | 32,248 | (a) | |||||
Maiden Holdings Ltd. | 1,726 | 20,867 | ||||||
Montpelier Re Holdings Ltd. | 1,354 | 43,260 | ||||||
Platinum Underwriters Holdings Ltd. | 929 | 60,246 | ||||||
Reinsurance Group of America Inc. | 1,947 | 153,618 | ||||||
766,469 | ||||||||
Renewable Electricity—0.0% * | ||||||||
Ormat Technologies Inc. | 607 | 17,500 | ||||||
Pattern Energy Group Inc. | 1,356 | 44,897 | ||||||
62,397 | ||||||||
Research & Consulting Services—0.1% | ||||||||
Acacia Research Corp. | 1,705 | 30,264 | ||||||
CBIZ Inc. | 1,403 | 12,669 | (a) | |||||
CRA International Inc. | 333 | 7,676 | (a) | |||||
Equifax Inc. | 7,617 | 552,537 | ||||||
Exponent Inc. | 453 | 33,572 | ||||||
Franklin Covey Co. | 372 | 7,488 | (a) | |||||
FTI Consulting Inc. | 2,568 | 97,122 | (a) | |||||
Hill International Inc. | 816 | 5,084 | (a) | |||||
Huron Consulting Group Inc. | 812 | 57,506 | (a) | |||||
ICF International Inc. | 695 | 24,575 | (a) | |||||
Mistras Group Inc. | 559 | 13,707 | (a) | |||||
Navigant Consulting Inc. | 1,699 | 29,648 | (a) | |||||
Nielsen N.V. | 18,864 | 913,206 | ||||||
Pendrell Corp. | 5,867 | 10,326 | (a) | |||||
Resources Connection Inc. | 1,334 | 17,489 | ||||||
RPX Corp. | 1,814 | 32,198 | (a) | |||||
The Advisory Board Co. | 1,263 | 65,423 | (a) | |||||
The Corporate Executive Board Co. | 2,127 | 145,104 | ||||||
The Dun & Bradstreet Corp. | 2,296 | 253,019 | ||||||
VSE Corp. | 141 | 9,915 | ||||||
2,318,528 | ||||||||
Residential REITs—0.2% | ||||||||
American Campus Communities Inc. | 2,947 | 112,693 | ||||||
American Residential Properties Inc. | 1,095 | 20,531 | (a) | |||||
Apartment Investment & Management Co. | 9,136 | 294,819 | ||||||
Associated Estates Realty Corp. | 2,032 | 36,617 | ||||||
AvalonBay Communities Inc. | 7,598 | 1,080,360 | ||||||
Camden Property Trust | 2,418 | 172,041 | ||||||
Campus Crest Communities Inc. | 2,233 | 19,338 | ||||||
Education Realty Trust Inc. | 3,983 | 42,777 | ||||||
Equity Residential | 20,834 | 1,312,542 | ||||||
Essex Property Trust Inc. | 3,889 | 719,115 | ||||||
Home Properties Inc. | 1,605 | 102,656 | ||||||
Mid-America Apartment Communities Inc. | 2,109 | 154,062 | ||||||
Silver Bay Realty Trust Corp. | 1,146 | 18,703 | ||||||
Starwood Waypoint Residential Trust | 1,344 | 35,226 | (a) | |||||
Sun Communities Inc. | 1,418 | 70,673 | ||||||
Trade Street Residential Inc. | 624 | 4,674 | ||||||
UDR Inc. | 7,072 | 202,471 | ||||||
UMH Properties Inc. | 607 | 6,088 | ||||||
4,405,386 |
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Restaurants—0.5% | ||||||||
Biglari Holdings Inc. | 50 | 21,149 | (a) | |||||
BJ’s Restaurants Inc. | 819 | 28,591 | (a) | |||||
Bloomin’ Brands Inc. | 2,658 | 59,619 | (a) | |||||
Bob Evans Farms Inc. | 852 | 42,643 | ||||||
Bravo Brio Restaurant Group Inc. | 626 | 9,772 | (a) | |||||
Brinker International Inc. | 1,831 | 89,078 | ||||||
Buffalo Wild Wings Inc. | 653 | 108,209 | (a) | |||||
Carrols Restaurant Group Inc. | 1,137 | 8,095 | (a) | |||||
Chipotle Mexican Grill Inc. | 1,938 | 1,148,284 | (a) | |||||
Chuy’s Holdings Inc. | 558 | 20,255 | (a) | |||||
Cracker Barrel Old Country Store Inc. | 659 | 65,617 | ||||||
Darden Restaurants Inc. | 8,228 | 380,710 | ||||||
Del Frisco’s Restaurant Group Inc. | 812 | 22,379 | (a) | |||||
Denny’s Corp. | 2,994 | 19,521 | (a) | |||||
DineEquity Inc. | 575 | 45,707 | ||||||
Domino’s Pizza Inc. | 1,568 | 114,605 | ||||||
Einstein Noah Restaurant Group Inc. | 374 | 6,006 | ||||||
Famous Dave’s of America Inc. | 160 | 4,592 | (a) | |||||
Fiesta Restaurant Group Inc. | 923 | 42,836 | (a) | |||||
Ignite Restaurant Group Inc. | 280 | 4,077 | (a) | |||||
Jack in the Box Inc. | 1,382 | 82,699 | ||||||
Jamba Inc. | 628 | 7,599 | (a) | |||||
Krispy Kreme Doughnuts Inc. | 2,254 | 36,019 | (a) | |||||
McDonald’s Corp. | 61,572 | 6,202,763 | ||||||
Nathan’s Famous Inc. | 114 | 6,178 | (a) | |||||
Noodles & Co. | 372 | 12,793 | (a) | |||||
Panera Bread Co. | 734 | 109,975 | (a) | |||||
Papa John’s International Inc. | 1,055 | 44,721 | ||||||
Papa Murphy’s Holdings Inc. | 196 | 1,878 | (a) | |||||
Popeyes Louisiana Kitchen Inc. | 818 | 35,755 | (a) | |||||
Potbelly Corp. | 513 | 8,187 | (a) | |||||
Red Robin Gourmet Burgers Inc. | 489 | 34,817 | (a) | |||||
Ruby Tuesday Inc. | 2,134 | 16,197 | (a) | |||||
Ruth’s Hospitality Group Inc. | 1,233 | 15,228 | ||||||
Sonic Corp. | 1,879 | 41,488 | (a) | |||||
Starbucks Corp. | 46,916 | 3,630,360 | ||||||
Texas Roadhouse Inc. | 2,398 | 62,348 | ||||||
The Cheesecake Factory Inc. | 3,020 | 140,188 | ||||||
The Wendy’s Co. | 7,417 | 63,267 | ||||||
Yum! Brands Inc. | 27,513 | 2,234,056 | ||||||
Zoe’s Kitchen Inc. | 200 | 6,876 | (a) | |||||
15,035,137 | ||||||||
Retail REITs—0.2% | ||||||||
Acadia Realty Trust | 1,966 | 55,225 | ||||||
Agree Realty Corp. | 530 | 16,022 | ||||||
Alexander’s Inc. | 73 | 26,971 | ||||||
AmREIT Inc. | 665 | 12,170 | ||||||
Cedar Realty Trust Inc. | 2,733 | 17,081 | ||||||
Equity One Inc. | 3,904 | 92,095 | ||||||
Excel Trust Inc. | 1,724 | 22,981 | ||||||
Federal Realty Investment Trust | 1,896 | 229,264 | ||||||
General Growth Properties Inc. | 32,530 | 766,407 | ||||||
Getty Realty Corp. | 873 | 16,657 | ||||||
Glimcher Realty Trust | 5,030 | 54,475 | ||||||
Inland Real Estate Corp. | 3,060 | 32,528 |
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Kimco Realty Corp. | 25,628 | 588,931 | ||||||
Kite Realty Group Trust | 4,583 | 28,140 | ||||||
National Retail Properties Inc. | 3,474 | 129,198 | ||||||
Pennsylvania Real Estate Investment Trust | 2,377 | 44,735 | ||||||
Ramco-Gershenson Properties Trust | 2,345 | 38,974 | ||||||
Realty Income Corp. | 6,243 | 277,314 | ||||||
Regency Centers Corp. | 2,597 | 144,601 | ||||||
Retail Opportunity Investments Corp. | 2,566 | 40,363 | ||||||
Rouse Properties Inc. | 1,271 | 21,747 | ||||||
Saul Centers Inc. | 334 | 16,232 | ||||||
Simon Property Group Inc. | 19,353 | 3,218,017 | ||||||
Taubman Centers Inc. | 1,776 | 134,639 | ||||||
The Macerich Co. | 8,782 | 586,198 | ||||||
Urstadt Biddle Properties Inc. | 803 | 16,767 | ||||||
Washington Prime Group Inc. | 4,378 | 82,044 | (a) | |||||
Weingarten Realty Investors | 3,156 | 103,643 | ||||||
6,813,419 | ||||||||
Security & Alarm Services—0.1% | ||||||||
The ADT Corp. | 10,844 | 378,889 | ||||||
The Brink’s Co. | 1,669 | 47,099 | ||||||
Tyco International Ltd. | 28,733 | 1,310,225 | ||||||
1,736,213 | ||||||||
Semiconductor Equipment—0.1% | ||||||||
Advanced Energy Industries Inc. | 1,408 | 27,104 | (a) | |||||
Amkor Technology Inc. | 2,942 | 32,892 | (a) | |||||
Applied Materials Inc. | 75,801 | 1,709,312 | ||||||
Axcelis Technologies Inc. | 3,815 | 7,630 | (a) | |||||
Brooks Automation Inc. | 2,293 | 24,696 | ||||||
Cabot Microelectronics Corp. | 835 | 37,283 | (a) | |||||
Cascade Microtech Inc. | 438 | 5,983 | (a) | |||||
Cohu Inc. | 860 | 9,202 | ||||||
Entegris Inc. | 4,812 | 66,141 | (a) | |||||
FormFactor Inc. | 1,935 | 16,099 | (a) | |||||
GT Advanced Technologies Inc. | 4,705 | 87,513 | (a) | |||||
KLA-Tencor Corp. | 10,339 | 751,025 | ||||||
Lam Research Corp. | 10,117 | 683,707 | ||||||
MKS Instruments Inc. | 1,847 | 57,700 | ||||||
Nanometrics Inc. | 820 | 14,965 | (a) | |||||
PDF Solutions Inc. | 1,050 | 22,281 | (a) | |||||
Photronics Inc. | 2,120 | 18,232 | (a) | |||||
Rubicon Technology Inc. | 928 | 8,120 | (a) | |||||
Rudolph Technologies Inc. | 1,110 | 10,967 | (a) | |||||
SunEdison Inc. | 6,959 | 157,273 | (a) | |||||
Teradyne Inc. | 5,456 | 106,938 | ||||||
Tessera Technologies Inc. | 1,842 | 40,671 | ||||||
Ultra Clean Holdings Inc. | 1,012 | 9,159 | (a) | |||||
Ultratech Inc. | 993 | 22,025 | (a) | |||||
Veeco Instruments Inc. | 1,371 | 51,083 | (a) | |||||
Xcerra Corp. | 1,681 | 15,297 | (a) | |||||
3,993,298 | ||||||||
Semiconductors—0.8% | ||||||||
Advanced Micro Devices Inc. | 18,269 | 76,547 | (a) | |||||
Alpha & Omega Semiconductor Ltd. | 694 | 6,433 | (a) | |||||
Altera Corp. | 19,486 | 677,333 | ||||||
Ambarella Inc. | 994 | 30,993 | (a) |
Table of Contents
Analog Devices Inc. | 19,554 | 1,057,285 | ||||||
Applied Micro Circuits Corp. | 2,717 | 29,371 | (a) | |||||
Atmel Corp. | 11,864 | 111,166 | (a) | |||||
Audience Inc. | 476 | 5,693 | (a) | |||||
Broadcom Corp. | 34,598 | 1,284,278 | ||||||
Cavium Inc. | 1,828 | 90,778 | (a) | |||||
Ceva Inc. | 699 | 10,324 | (a) | |||||
Cirrus Logic Inc. | 2,146 | 48,800 | (a) | |||||
Cree Inc. | 3,441 | 171,878 | (a) | |||||
Cypress Semiconductor Corp. | 9,552 | 104,212 | (a) | |||||
Diodes Inc. | 1,251 | 36,229 | (a) | |||||
DSP Group Inc. | 793 | 6,733 | (a) | |||||
Entropic Communications Inc. | 3,025 | 10,073 | (a) | |||||
Exar Corp. | 1,330 | 15,029 | (a) | |||||
Fairchild Semiconductor International Inc. | 7,806 | 121,774 | (a) | |||||
First Solar Inc. | 4,444 | 315,791 | (a) | |||||
Hittite Microwave Corp. | 1,084 | 84,498 | ||||||
Inphi Corp. | 1,079 | 15,840 | (a) | |||||
Integrated Device Technology Inc. | 8,434 | 130,390 | (a) | |||||
Integrated Silicon Solution Inc. | 1,001 | 14,785 | (a) | |||||
Intel Corp. | 310,113 | 9,582,492 | ||||||
International Rectifier Corp. | 4,459 | 124,406 | (a) | |||||
Intersil Corp. | 8,103 | 121,140 | ||||||
IXYS Corp. | 834 | 10,275 | ||||||
Kopin Corp. | 2,287 | 7,456 | (a) | |||||
Lattice Semiconductor Corp. | 4,077 | 33,635 | (a) | |||||
Linear Technology Corp. | 14,760 | 694,753 | ||||||
M/A-COM Technology Solutions Holdings Inc. | 413 | 9,284 | (a) | |||||
MaxLinear Inc. | 953 | 9,597 | (a) | |||||
Micrel Inc. | 1,530 | 17,258 | ||||||
Microchip Technology Inc. | 12,500 | 610,125 | ||||||
Micron Technology Inc. | 66,656 | 2,196,315 | (a) | |||||
Microsemi Corp. | 3,267 | 87,425 | (a) | |||||
Monolithic Power Systems Inc. | 1,336 | 56,580 | ||||||
NVE Corp. | 161 | 8,950 | (a) | |||||
NVIDIA Corp. | 34,809 | 645,359 | ||||||
OmniVision Technologies Inc. | 1,918 | 42,158 | (a) | |||||
Peregrine Semiconductor Corp. | 927 | 6,359 | (a) | |||||
Pericom Semiconductor Corp. | 740 | 6,690 | (a) | |||||
PLX Technology Inc. | 1,476 | 9,550 | (a) | |||||
PMC—Sierra Inc. | 6,008 | 45,721 | (a) | |||||
Power Integrations Inc. | 1,049 | 60,359 | ||||||
QuickLogic Corp. | 1,896 | 9,802 | (a) | |||||
Rambus Inc. | 3,919 | 56,042 | (a) | |||||
RF Micro Devices Inc. | 17,944 | 172,083 | (a) | |||||
Semtech Corp. | 4,212 | 110,144 | (a) | |||||
Silicon Image Inc. | 2,707 | 13,643 | (a) | |||||
Silicon Laboratories Inc. | 2,626 | 129,330 | (a) | |||||
Skyworks Solutions Inc. | 5,345 | 251,001 | ||||||
Spansion Inc. | 2,083 | 43,889 | (a) | |||||
Synaptics Inc. | 1,243 | 112,665 | (a) | |||||
Texas Instruments Inc. | 67,251 | 3,213,925 | ||||||
TriQuint Semiconductor Inc. | 5,909 | 93,421 | (a) | |||||
Vitesse Semiconductor Corp. | 1,649 | 5,689 | (a) | |||||
Xilinx Inc. | 16,730 | 791,496 | ||||||
23,845,250 |
Table of Contents
Silver—0.0% * | ||||||||
Coeur Mining Inc. | 3,513 | 32,250 | (a) | |||||
Hecla Mining Co. | 11,765 | 40,589 | ||||||
72,839 | ||||||||
Soft Drinks—0.7% | ||||||||
Coca-Cola Bottling Company Consolidated | 156 | 11,493 | ||||||
Coca-Cola Enterprises Inc. | 14,545 | 694,960 | ||||||
Dr Pepper Snapple Group Inc. | 12,244 | 717,253 | ||||||
Monster Beverage Corp. | 8,446 | 599,919 | (a) | |||||
National Beverage Corp. | 376 | 7,114 | (a) | |||||
PepsiCo Inc. | 94,467 | 8,439,682 | ||||||
The Coca-Cola Co. | 235,473 | 9,974,636 | ||||||
20,445,057 | ||||||||
Specialized Consumer Services—0.0% * | ||||||||
Ascent Capital Group Inc. | 478 | 31,553 | (a) | |||||
Carriage Services Inc. | 550 | 9,422 | ||||||
Collectors Universe Inc. | 231 | 4,525 | ||||||
H&R Block Inc. | 17,116 | 573,728 | ||||||
JTH Holding Inc. | 136 | 4,530 | (a) | |||||
LifeLock Inc. | 2,774 | 38,725 | (a) | |||||
Matthews International Corp. | 941 | 39,117 | ||||||
Regis Corp. | 1,490 | 20,979 | ||||||
Service Corporation International | 6,024 | 124,817 | ||||||
Sotheby’s | 4,048 | 169,976 | ||||||
Steiner Leisure Ltd. | 507 | 21,948 | (a) | |||||
Weight Watchers International Inc. | 953 | 19,222 | ||||||
1,058,542 | ||||||||
Specialized Finance—0.2% | ||||||||
CBOE Holdings Inc. | 2,413 | 118,744 | ||||||
CME Group Inc. | 19,680 | 1,396,296 | ||||||
Gain Capital Holdings Inc. | 784 | 6,170 | ||||||
Intercontinental Exchange Inc. | 7,174 | 1,355,169 | ||||||
MarketAxess Holdings Inc. | 1,303 | 70,440 | ||||||
Marlin Business Services Corp. | 311 | 5,657 | ||||||
McGraw Hill Financial Inc. | 16,947 | 1,407,110 | ||||||
Moody’s Corp. | 11,729 | 1,028,164 | ||||||
MSCI Inc. | 3,280 | 150,388 | (a) | |||||
NewStar Financial Inc. | 949 | 13,343 | (a) | |||||
PHH Corp. | 1,980 | 45,500 | (a) | |||||
Resource America Inc. | 475 | 4,441 | ||||||
The NASDAQ OMX Group Inc. | 7,365 | 284,436 | ||||||
5,885,858 | ||||||||
Specialized REITs—0.3% | ||||||||
American Tower Corp. | 24,645 | 2,217,557 | ||||||
CatchMark Timber Trust Inc. | 449 | 6,138 | ||||||
Corrections Corp of America | 3,293 | 108,175 | ||||||
Crown Castle International Corp. | 20,811 | 1,545,425 | ||||||
CubeSmart | 4,994 | 91,490 | ||||||
EPR Properties | 1,838 | 102,689 | ||||||
Extra Space Storage Inc. | 3,113 | 165,767 | ||||||
Plum Creek Timber Company Inc. | 11,058 | 498,716 | ||||||
Potlatch Corp. | 2,543 | 105,280 | ||||||
Public Storage | 9,024 | 1,546,262 |
Table of Contents
Rayonier Inc. | 3,556 | 126,416 | ||||||
Sovran Self Storage Inc. | 1,131 | 87,370 | ||||||
The Geo Group Inc. | 2,503 | 89,432 | ||||||
Weyerhaeuser Co. | 36,498 | 1,207,719 | ||||||
7,898,436 | ||||||||
Specialty Chemicals—0.3% | ||||||||
A Schulman Inc. | 1,008 | 39,010 | ||||||
Advanced Emissions Solutions Inc. | 750 | 17,197 | (a) | |||||
Albemarle Corp. | 2,236 | 159,874 | ||||||
Ashland Inc. | 2,045 | 222,373 | ||||||
Balchem Corp. | 1,057 | 56,613 | ||||||
Chase Corp. | 233 | 7,955 | ||||||
Chemtura Corp. | 3,315 | 86,621 | (a) | |||||
Cytec Industries Inc. | 1,014 | 106,896 | ||||||
Ecolab Inc. | 16,843 | 1,875,300 | ||||||
Ferro Corp. | 2,480 | 31,149 | (a) | |||||
Flotek Industries Inc. | 1,854 | 59,625 | (a) | |||||
FutureFuel Corp. | 728 | 12,078 | ||||||
HB Fuller Co. | 1,728 | 83,117 | ||||||
Innophos Holdings Inc. | 757 | 43,580 | ||||||
Innospec Inc. | 841 | 36,306 | ||||||
International Flavors & Fragrances Inc. | 5,075 | 529,221 | ||||||
KMG Chemicals Inc. | 329 | 5,915 | ||||||
Kraton Performance Polymers Inc. | 1,111 | 24,875 | (a) | |||||
Landec Corp. | 909 | 11,353 | (a) | |||||
Minerals Technologies Inc. | 2,159 | 141,587 | ||||||
NewMarket Corp. | 311 | 121,946 | ||||||
OM Group Inc. | 1,097 | 35,576 | ||||||
OMNOVA Solutions Inc. | 1,641 | 14,917 | (a) | |||||
PolyOne Corp. | 5,888 | 248,120 | ||||||
PPG Industries Inc. | 8,619 | 1,811,283 | ||||||
Quaker Chemical Corp. | 455 | 34,939 | ||||||
Rayonier Advanced Materials Inc. | 1,185 | 45,932 | (a) | |||||
RPM International Inc. | 3,746 | 172,990 | ||||||
Senomyx Inc. | 1,459 | 12,620 | (a) | |||||
Sensient Technologies Corp. | 3,099 | 172,676 | ||||||
Sigma-Aldrich Corp. | 7,414 | 752,373 | ||||||
Stepan Co. | 667 | 35,258 | ||||||
Taminco Corp. | 979 | 22,772 | (a) |
Table of Contents
The Sherwin-Williams Co. | 5,272 | 1,090,829 | ||||||
Valspar Corp. | 2,189 | 166,780 | ||||||
Zep Inc. | 782 | 13,810 | ||||||
8,303,466 | ||||||||
Specialty Stores—0.1% | ||||||||
Barnes & Noble Inc. | 1,438 | 32,772 | (a) | |||||
Big 5 Sporting Goods Corp. | 609 | 7,472 | ||||||
Build-A-Bear Workshop Inc. | 421 | 5,625 | (a) | |||||
Cabela’s Inc. | 1,329 | 82,930 | (a) | |||||
Dick’s Sporting Goods Inc. | 2,800 | 130,368 | ||||||
Five Below Inc. | 1,870 | 74,632 | (a) | |||||
Hibbett Sports Inc. | 894 | 48,428 | (a) | |||||
MarineMax Inc. | 832 | 13,928 | (a) | |||||
Office Depot Inc. | 32,230 | 183,389 | (a) | |||||
Outerwall Inc. | 704 | 41,782 | (a) | |||||
PetSmart Inc. | 6,174 | 369,205 | ||||||
Signet Jewelers Ltd. | 2,266 | 250,597 | ||||||
Sportsman’s Warehouse Holdings Inc. | 330 | 2,640 | (a) | |||||
Staples Inc. | 40,251 | 436,321 | ||||||
The Container Store Group Inc. | 593 | 16,473 | (a) | |||||
Tiffany & Co. | 6,916 | 693,329 | ||||||
Tractor Supply Co. | 8,612 | 520,165 | ||||||
Vitamin Shoppe Inc. | 1,061 | 45,644 | (a) | |||||
West Marine Inc. | 577 | 5,920 | (a) | |||||
Winmark Corp. | 84 | 5,849 | ||||||
2,967,469 | ||||||||
Steel—0.1% | ||||||||
AK Steel Holding Corp. | 4,721 | 37,579 | (a) | |||||
Allegheny Technologies Inc. | 6,790 | 306,229 | ||||||
AM Castle & Co. | 677 | 7,474 | (a) | |||||
Ampco-Pittsburgh Corp. | 272 | 6,240 | ||||||
Carpenter Technology Corp. | 1,493 | 94,432 | ||||||
Cliffs Natural Resources Inc. | 4,306 | 64,805 | ||||||
Commercial Metals Co. | 7,359 | 127,384 | ||||||
Handy & Harman Ltd. | 179 | 4,792 | (a) | |||||
Haynes International Inc. | 421 | 23,825 | ||||||
Nucor Corp. | 19,862 | 978,204 | ||||||
Olympic Steel Inc. | 331 | 8,192 | ||||||
Reliance Steel & Aluminum Co. | 2,196 | 161,867 | ||||||
Schnitzer Steel Industries Inc. | 891 | 23,229 | ||||||
Steel Dynamics Inc. | 6,273 | 112,600 | ||||||
SunCoke Energy Inc. | 2,408 | 51,772 | (a) | |||||
United States Steel Corp. | 9,058 | 235,870 | ||||||
Universal Stainless & Alloy Products Inc. | 258 | 8,380 | (a) | |||||
Walter Energy Inc. | 2,338 | 12,742 | ||||||
Worthington Industries Inc. | 3,231 | 139,062 | ||||||
2,404,678 | ||||||||
Systems Software—1.1% | ||||||||
A10 Networks Inc. | 435 | 5,786 | (a) | |||||
AVG Technologies N.V. | 1,200 | 24,156 | (a) | |||||
Barracuda Networks Inc. | 273 | 8,468 | (a) | |||||
CA Inc. | 19,833 | 570,000 | ||||||
CommVault Systems Inc. | 2,884 | 141,806 | (a) | |||||
Covisint Corp. | 223 | 1,084 | (a) |
Table of Contents
Cyan Inc. | 933 | 3,760 | (a) | |||||
FleetMatics Group PLC | 1,286 | 41,589 | (a) | |||||
Fortinet Inc. | 3,848 | 96,700 | (a) | |||||
Gigamon Inc. | 832 | 15,924 | (a) | |||||
Imperva Inc. | 762 | 19,949 | (a) | |||||
Infoblox Inc. | 1,873 | 24,630 | (a) | |||||
Mavenir Systems Inc. | 331 | 5,015 | (a) | |||||
MICROS Systems Inc. | 2,101 | 142,658 | (a) | |||||
Microsoft Corp. | 468,310 | 19,528,527 | ||||||
Oracle Corp. | 213,900 | 8,669,367 | ||||||
Progress Software Corp. | 1,772 | 42,599 | (a) | |||||
Proofpoint Inc. | 1,275 | 47,761 | (a) | |||||
Qualys Inc. | 692 | 17,764 | (a) | |||||
Rally Software Development Corp. | 852 | 9,278 | (a) | |||||
Red Hat Inc. | 11,817 | 653,126 | (a) | |||||
Rovi Corp. | 2,671 | 63,997 | (a) | |||||
Symantec Corp. | 43,144 | 987,998 | ||||||
TeleCommunication Systems Inc. | 1,802 | 5,929 | (a) | |||||
The Rubicon Project Inc. | 270 | 3,467 | (a) | |||||
Varonis Systems Inc. | 197 | 5,715 | (a) | |||||
VASCO Data Security International Inc. | 1,021 | 11,844 | (a) | |||||
31,148,897 | ||||||||
Technology Distributors—0.0% * | ||||||||
Agilysys Inc. | 521 | 7,336 | (a) | |||||
Anixter International Inc. | 937 | 93,765 | ||||||
Arrow Electronics Inc. | 2,812 | 169,873 | (a) | |||||
Avnet Inc. | 3,891 | 172,410 | ||||||
Electro Rent Corp. | 561 | 9,385 | ||||||
Ingram Micro Inc. | 4,383 | 128,027 | (a) | |||||
Insight Enterprises Inc. | 1,413 | 43,436 | (a) | |||||
PC Connection Inc. | 329 | 6,804 | ||||||
ScanSource Inc. | 972 | 37,014 | (a) | |||||
Speed Commerce Inc. | 1,819 | 6,803 | (a) | |||||
SYNNEX Corp. | 982 | 71,539 | (a) | |||||
Tech Data Corp. | 1,071 | 66,959 | (a) | |||||
813,351 | ||||||||
Technology Hardware, Storage & Peripherals—1.6% | ||||||||
3D Systems Corp. | 2,882 | 172,344 | (a) | |||||
Apple Inc. | 375,666 | 34,910,641 | ||||||
Cray Inc. | 1,415 | 37,639 | (a) | |||||
Diebold Inc. | 1,835 | 73,712 | ||||||
Dot Hill Systems Corp. | 2,056 | 9,663 | (a) | |||||
Eastman Kodak Co. | 608 | 14,878 | (a) | |||||
Electronics for Imaging Inc. | 1,608 | 72,682 | (a) | |||||
EMC Corp. | 127,514 | 3,358,719 | ||||||
Fusion-io Inc. | 3,722 | 42,059 | (a) | |||||
Hewlett-Packard Co. | 116,580 | 3,926,414 | ||||||
Immersion Corp. | 946 | 12,033 | (a) | |||||
Intevac Inc. | 809 | 6,480 | (a) | |||||
Lexmark International Inc. | 1,756 | 84,569 | ||||||
NCR Corp. | 4,734 | 166,116 | (a) | |||||
NetApp Inc. | 20,669 | 754,832 | ||||||
Nimble Storage Inc. | 320 | 9,830 | (a) | |||||
QLogic Corp. | 3,022 | 30,492 | (a) | |||||
Quantum Corp. | 7,630 | 9,309 | (a) |
Table of Contents
SanDisk Corp. | 14,084 | 1,470,792 | ||||||
Silicon Graphics International Corp. | 1,254 | 12,063 | (a) | |||||
Super Micro Computer Inc. | 1,190 | 30,071 | (a) | |||||
Violin Memory Inc. | 2,755 | 12,205 | (a) | |||||
Western Digital Corp. | 13,023 | 1,202,023 | ||||||
46,419,566 | ||||||||
Textiles—0.0% * | ||||||||
Culp Inc. | 310 | 5,397 | ||||||
Unifi Inc. | 491 | 13,517 | (a) | |||||
18,914 | ||||||||
Thrifts & Mortgage Finance—0.1% | ||||||||
Astoria Financial Corp. | 5,399 | 72,617 | ||||||
Bank Mutual Corp. | 1,593 | 9,239 | ||||||
BankFinancial Corp. | 670 | 7,477 | ||||||
BBX Capital Corp. | 311 | 5,598 | (a) | |||||
Beneficial Mutual Bancorp Inc. | 1,026 | 13,913 | (a) | |||||
Berkshire Hills Bancorp Inc. | 862 | 20,016 | ||||||
BofI Holding Inc. | 490 | 36,000 | (a) | |||||
Brookline Bancorp Inc. | 2,437 | 22,835 | ||||||
Capitol Federal Financial Inc. | 4,952 | 60,216 | ||||||
Charter Financial Corp. | 805 | 8,935 | ||||||
Clifton Bancorp Inc. | 886 | 11,226 | ||||||
Dime Community Bancshares Inc. | 1,120 | 17,685 | ||||||
ESB Financial Corp. | 486 | 6,289 | ||||||
EverBank Financial Corp. | 3,130 | 63,101 | ||||||
Federal Agricultural Mortgage Corp. | 356 | 11,064 | ||||||
First Defiance Financial Corp. | 329 | 9,442 | ||||||
First Financial Northwest Inc. | 570 | 6,196 | ||||||
Flagstar Bancorp Inc. | 688 | 12,453 | (a) | |||||
Fox Chase Bancorp Inc. | 455 | 7,671 | ||||||
Franklin Financial Corp. | 313 | 6,792 | (a) | |||||
Home Loan Servicing Solutions Ltd. | 2,452 | 55,734 | ||||||
HomeStreet Inc. | 502 | 9,222 | ||||||
Hudson City Bancorp Inc. | 29,550 | 290,476 | ||||||
Kearny Financial Corp. | 465 | 7,040 | (a) | |||||
Ladder Capital Corp. | 510 | 9,216 | (a) | |||||
Meridian Interstate Bancorp Inc. | 310 | 7,961 | (a) | |||||
Meta Financial Group Inc. | 212 | 8,480 | ||||||
MGIC Investment Corp. | 11,667 | 107,803 | (a) | |||||
NASB Financial Inc. | 120 | 2,838 | ||||||
New York Community Bancorp Inc. | 12,500 | 199,750 | ||||||
NMI Holdings Inc. | 1,726 | 18,123 | (a) | |||||
Northfield Bancorp Inc. | 1,850 | 24,253 | ||||||
Northwest Bancshares Inc. | 3,276 | 44,455 | ||||||
OceanFirst Financial Corp. | 463 | 7,667 | ||||||
Oritani Financial Corp. | 1,617 | 24,886 | ||||||
PennyMac Financial Services Inc. | 456 | 6,927 | (a) | |||||
People’s United Financial Inc. | 19,278 | 292,447 | ||||||
Provident Financial Services Inc. | 2,080 | 36,026 | ||||||
Radian Group Inc. | 6,591 | 97,613 | ||||||
Stonegate Mortgage Corp. | 484 | 6,752 | (a) | |||||
Territorial Bancorp Inc. | 314 | 6,556 | ||||||
Tree.com Inc. | 235 | 6,848 | (a) | |||||
TrustCo Bank Corp. | 3,382 | 22,592 |
Table of Contents
United Community Financial Corp. | 1,704 | 7,037 | (a) | |||||
United Financial Bancorp Inc. | 1,831 | 24,810 | ||||||
Walker & Dunlop Inc. | 628 | 8,861 | (a) | |||||
Washington Federal Inc. | 6,314 | 141,623 | ||||||
Waterstone Financial Inc. | 1,171 | 13,361 | ||||||
WSFS Financial Corp. | 304 | 22,396 | ||||||
1,920,518 | ||||||||
Tires & Rubber—0.0% * | ||||||||
Cooper Tire & Rubber Co. | 2,189 | 65,670 | ||||||
The Goodyear Tire & Rubber Co. | 17,158 | 476,649 | ||||||
542,319 | ||||||||
Tobacco—0.5% | ||||||||
22nd Century Group Inc. | 1,416 | 4,347 | (a) | |||||
Alliance One International Inc. | 3,110 | 7,775 | (a) | |||||
Altria Group Inc. | 123,789 | 5,191,711 | ||||||
Lorillard Inc. | 22,602 | 1,378,044 | ||||||
Philip Morris International Inc. | 97,991 | 8,261,621 | ||||||
Reynolds American Inc. | 19,404 | 1,171,031 | ||||||
Universal Corp. | 1,454 | 80,479 | ||||||
Vector Group Ltd. | 2,260 | 46,737 | ||||||
16,141,745 | ||||||||
Trading Companies & Distributors—0.1% | ||||||||
Aceto Corp. | 966 | 17,523 | ||||||
Aircastle Ltd. | 2,230 | 39,627 | ||||||
Applied Industrial Technologies Inc. | 1,437 | 72,899 | ||||||
Beacon Roofing Supply Inc. | 1,696 | 56,172 | (a) | |||||
CAI International Inc. | 577 | 12,700 | (a) | |||||
DXP Enterprises Inc. | 446 | 33,691 | (a) | |||||
Fastenal Co. | 17,032 | 842,914 | ||||||
GATX Corp. | 1,294 | 86,620 | ||||||
General Finance Corp. | 369 | 3,506 | (a) | |||||
H&E Equipment Services Inc. | 1,092 | 39,683 | (a) | |||||
Houston Wire & Cable Co. | 584 | 7,247 | ||||||
Kaman Corp. | 942 | 40,252 | ||||||
MSC Industrial Direct Co. Inc. | 1,339 | 128,062 | ||||||
NOW Inc. | 3,037 | 109,970 | (a) | |||||
Rush Enterprises Inc. | 1,187 | 41,153 | (a) | |||||
Stock Building Supply Holdings Inc. | 495 | 9,766 | (a) | |||||
TAL International Group Inc. | 1,173 | 52,034 | (a) | |||||
Textainer Group Holdings Ltd. | 738 | 28,502 | ||||||
Titan Machinery Inc. | 594 | 9,777 | (a) | |||||
United Rentals Inc. | 2,742 | 287,170 | (a) | |||||
Watsco Inc. | 1,663 | 170,890 | ||||||
WW Grainger Inc. | 3,790 | 963,683 | ||||||
3,053,841 | ||||||||
Trucking—0.0% * | ||||||||
ArcBest Corp. | 896 | 38,985 | ||||||
Celadon Group Inc. | 718 | 15,308 | ||||||
Con-way Inc. | 1,601 | 80,706 | ||||||
Heartland Express Inc. | 1,871 | 39,927 | ||||||
JB Hunt Transport Services Inc. | 2,586 | 190,795 | ||||||
Knight Transportation Inc. | 2,055 | 48,847 | ||||||
Landstar System Inc. | 1,264 | 80,896 | ||||||
Marten Transport Ltd. | 846 | 18,908 |
Table of Contents
Old Dominion Freight Line Inc. | 1,963 | 125,004 | (a) | |||||
PAM Transportation Services Inc. | 108 | 3,020 | (a) | |||||
Patriot Transportation Holding Inc. | 243 | 8,498 | (a) | |||||
Quality Distribution Inc. | 942 | 13,998 | (a) | |||||
Roadrunner Transportation Systems Inc. | 959 | 26,948 | (a) | |||||
Ryder System Inc. | 3,301 | 290,785 | ||||||
Saia Inc. | 845 | 37,121 | (a) | |||||
Swift Transportation Co. | 2,936 | 74,075 | (a) | |||||
Universal Truckload Services Inc. | 207 | 5,249 | ||||||
USA Truck Inc. | 213 | 3,960 | (a) | |||||
Werner Enterprises Inc. | 2,815 | 74,626 | ||||||
YRC Worldwide Inc. | 1,081 | 30,387 | (a) | |||||
1,208,043 | ||||||||
Water Utilities—0.0% * | ||||||||
American States Water Co. | 1,339 | 44,495 | ||||||
Aqua America Inc. | 5,013 | 131,441 | ||||||
Artesian Resources Corp. | 286 | 6,429 | ||||||
California Water Service Group | 1,653 | 40,003 | ||||||
Connecticut Water Service Inc. | 360 | 12,193 | ||||||
Middlesex Water Co. | 579 | 12,263 | ||||||
SJW Corp. | 537 | 14,607 | ||||||
York Water Co. | 449 | 9,348 | ||||||
270,779 | ||||||||
Wireless Telecommunication Services—0.0% * | ||||||||
Boingo Wireless Inc. | 859 | 5,867 | (a) | |||||
Leap Wireless International Inc. | 1,991 | 5,017 | (a,h) | |||||
NTELOS Holdings Corp. | 612 | 7,625 | ||||||
RingCentral Inc. | 961 | 14,540 | (a) | |||||
Shenandoah Telecommunications Co. | 823 | 25,069 | ||||||
Telephone & Data Systems Inc. | 2,784 | 72,690 | ||||||
USA Mobility Inc. | 767 | 11,812 | ||||||
142,620 | ||||||||
Total Common Stock | ||||||||
(Cost $878,726,750) |
| 1,182,631,960 | ||||||
Warrant—0.0% * | ||||||||
Oil & Gas Exploration & Production—0.0% * | ||||||||
Magnum Hunter Resources Corp. | 694 | — | (**,a,h) | |||||
Total Warrants | ||||||||
(Cost $0) |
| — | (**) | |||||
Total Domestic Equity | ||||||||
(Cost $878,726,750) |
| 1,182,631,960 | ||||||
Foreign Equity—25.6% | ||||||||
Common Stock—25.2% | ||||||||
Advertising—0.1% | ||||||||
Cheil Worldwide Inc. | 3,970 | 89,460 | (a) | |||||
Dentsu Inc. | 9,200 | 374,611 | ||||||
Hakuhodo DY Holdings Inc. | 8,600 | 85,401 | ||||||
JCDecaux S.A. | 2,567 | 95,773 | ||||||
Publicis Groupe S.A. | 7,217 | 612,039 | ||||||
REA Group Ltd. | 842 | 33,943 | ||||||
WPP PLC | 50,056 | 1,090,394 | ||||||
2,381,621 |
Table of Contents
Aerospace & Defense—0.2% | ||||||||
Airbus Group N.V. | 23,296 | 1,560,977 | ||||||
AviChina Industry & Technology Company Ltd. | 76,000 | 42,754 | ||||||
BAE Systems PLC | 127,350 | 942,636 | ||||||
Bombardier Inc. | 51,880 | 183,624 | ||||||
CAE Inc. | 8,733 | 114,456 | ||||||
Cobham PLC | 43,606 | 232,850 | ||||||
Embraer S.A. | 22,900 | 209,769 | ||||||
Finmeccanica S.p.A. | 15,038 | 142,992 | (a) | |||||
Korea Aerospace Industries Ltd. | 1,660 | 51,188 | ||||||
Meggitt PLC | 31,899 | 275,985 | ||||||
Rolls-Royce Holdings PLC | 74,623 | 1,363,980 | (a) | |||||
Safran S.A. | 9,971 | 652,761 | ||||||
Singapore Technologies Engineering Ltd. | 63,000 | 192,035 | ||||||
Thales S.A. | 3,301 | 199,652 | ||||||
Zodiac Aerospace | 6,235 | 211,026 | ||||||
6,376,685 | ||||||||
Agricultural & Farm Machinery—0.0% * | ||||||||
CNH Industrial N.V. | 35,038 | 359,792 | ||||||
Kubota Corp. | 41,000 | 581,176 | ||||||
940,968 | ||||||||
Agricultural Products—0.0% * | ||||||||
Astra Agro Lestari Tbk PT | 15,000 | 35,649 | ||||||
Charoen Pokphand Indonesia Tbk PT | 289,500 | 92,064 | ||||||
China Agri-Industries Holdings Ltd. | 83,000 | 31,592 | ||||||
Felda Global Ventures Holdings Bhd | 47,900 | 62,057 | ||||||
Genting Plantations Bhd | 8,500 | 30,707 | ||||||
Golden Agri-Resources Ltd. | 324,000 | 144,243 | ||||||
IOI Corp Bhd | 127,900 | 209,117 | ||||||
Kuala Lumpur Kepong Bhd | 18,200 | 137,166 | ||||||
Wilmar International Ltd. | 95,000 | 243,091 | ||||||
985,686 | ||||||||
Air Freight & Logistics—0.1% | ||||||||
Deutsche Post AG | 37,506 | 1,356,189 | ||||||
Hyundai Glovis Company Ltd. | 540 | 143,833 | ||||||
Royal Mail PLC | 25,195 | 214,967 | (a) | |||||
TNT Express N.V. | 14,146 | 128,023 | ||||||
Toll Holdings Ltd. | 25,348 | 122,016 | ||||||
Yamato Holdings Company Ltd. | 16,000 | 331,514 | ||||||
2,296,542 | ||||||||
Airlines—0.1% | ||||||||
Air China Ltd. | 70,000 | 41,095 | ||||||
AirAsia Bhd | 48,500 | 34,740 | ||||||
ANA Holdings Inc. | 46,000 | 108,524 | ||||||
Cathay Pacific Airways Ltd. | 54,000 | 100,888 | ||||||
China Airlines Ltd. | 104,000 | 35,702 | (a) | |||||
Deutsche Lufthansa AG | 12,521 | 268,804 | ||||||
easyJet PLC | 5,802 | 135,415 | ||||||
Eva Airways Corp. | 65,000 | 31,239 | (a) | |||||
International Consolidated Airlines Group S.A. | 37,196 | 235,843 | (a) | |||||
Japan Airlines Company Ltd. | 2,500 | 138,197 | (d) | |||||
Korean Air Lines Company Ltd. | 1,328 | 43,838 | (a) | |||||
Latam Airlines Group S.A. | 11,360 | 152,856 |
Table of Contents
Qantas Airways Ltd. | 41,362 | 49,190 | (a) | |||||
Singapore Airlines Ltd. | 19,000 | 158,048 | ||||||
Turk Hava Yollari | 23,896 | 73,143 | ||||||
1,607,522 | ||||||||
Airport Services—0.0% * | ||||||||
Aeroports de Paris | 1,084 | 142,806 | ||||||
Airports of Thailand PCL NVDR | 16,100 | 98,470 | ||||||
Auckland International Airport Ltd. | 32,076 | 109,528 | ||||||
Beijing Capital International Airport Company Ltd. | 64,000 | 43,766 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,434 | 101,310 | ||||||
Grupo Aeroportuario del Pacifico SAB de C.V. | 10,700 | 72,466 | ||||||
Grupo Aeroportuario del Sureste SAB de C.V. | 7,500 | 95,304 | ||||||
Malaysia Airports Holdings Bhd | 36,000 | 89,467 | ||||||
Sydney Airport | 21,887 | 87,177 | ||||||
TAV Havalimanlari Holding AS | 6,264 | 49,780 | ||||||
890,074 | ||||||||
Alternative Carriers—0.0% * | ||||||||
Iliad S.A. | 984 | 297,404 | ||||||
Inmarsat PLC | 16,632 | 212,576 | ||||||
Intelsat S.A. | 931 | 17,540 | (a) | |||||
Ziggo N.V. | 6,053 | 279,868 | ||||||
807,388 | ||||||||
Aluminum—0.0% * | ||||||||
Alumina Ltd. | 91,959 | 117,174 | (a) | |||||
Aluminum Corporation of China Ltd. | 152,000 | 54,521 | (a) | |||||
Hindalco Industries Ltd. | 39,321 | 107,611 | ||||||
Norsk Hydro ASA | 54,643 | 292,347 | ||||||
571,653 | ||||||||
Apparel Retail—0.2% | ||||||||
ABC-Mart Inc. | 1,000 | 53,502 | ||||||
Belle International Holdings Ltd. | 203,000 | 224,993 | ||||||
Fast Retailing Company Ltd. | 2,200 | 723,814 | ||||||
Hennes & Mauritz AB | 35,474 | 1,549,419 | ||||||
Inditex S.A. | 8,306 | 1,278,231 | ||||||
Mr Price Group Ltd. | 8,676 | 147,452 | ||||||
Shimamura Company Ltd. | 800 | 78,654 | ||||||
The Foschini Group Ltd. | 7,514 | 78,751 | ||||||
Truworths International Ltd. | 16,087 | 113,393 | ||||||
4,248,209 | ||||||||
Apparel, Accessories & Luxury Goods—0.3% | ||||||||
Adidas AG | 7,805 | 790,460 | ||||||
Burberry Group PLC | 18,509 | 469,334 | ||||||
Christian Dior S.A. | 2,086 | 414,984 | ||||||
Cie Financiere Richemont S.A. | 20,541 | 2,155,323 | ||||||
Gildan Activewear Inc. | 4,621 | 272,752 | ||||||
Hugo Boss AG | 1,300 | 194,276 | ||||||
Kering | 3,052 | 669,210 | ||||||
Li & Fung Ltd. | 228,000 | 338,307 | ||||||
Luxottica Group S.p.A. | 6,436 | 372,477 | ||||||
LVMH Moet Hennessy Louis Vuitton S.A. | 10,069 | 1,941,065 | ||||||
Michael Kors Holdings Ltd. | 11,212 | 993,944 | (a) | |||||
Pandora A/S | 4,000 | 306,692 |
Table of Contents
The Swatch Group AG | 1,211 | 731,270 | (††) | |||||
The Swatch Group AG | 1,612 | 179,050 | (††) | |||||
9,829,144 | ||||||||
Application Software—0.1% | ||||||||
Dassault Systemes S.A. | 2,512 | 323,157 | ||||||
Gemalto N.V. | 3,114 | 322,750 | ||||||
NICE Systems Ltd. | 2,227 | 91,061 | ||||||
Open Text Corp. | 4,812 | 231,305 | ||||||
SAP SE | 35,208 | 2,718,764 | ||||||
Sapiens International Corp. N.V. | 832 | 6,656 | (a) | |||||
The Sage Group PLC | 47,625 | 312,779 | ||||||
Xero Ltd. | 1,156 | 26,305 | (a) | |||||
4,032,777 | ||||||||
Asset Management & Custody Banks—0.1% | ||||||||
3i Group PLC | 38,166 | 262,272 | ||||||
Aberdeen Asset Management PLC | 38,224 | 296,657 | ||||||
CETIP SA—Mercados Organizados | 8,010 | 114,294 | ||||||
China Cinda Asset Management Company Ltd. | 158,000 | 78,487 | (a) | |||||
CI Financial Corp. | 6,077 | 199,971 | ||||||
Hargreaves Lansdown PLC | 9,137 | 193,411 | ||||||
IGM Financial Inc. | 4,620 | 221,555 | ||||||
Julius Baer Group Ltd. | 9,628 | 396,933 | ||||||
Mirae Asset Securities Company Ltd. | 1,260 | 55,852 | ||||||
Partners Group Holding AG | 704 | 192,433 | ||||||
SBI Holdings Inc. | 7,800 | 95,474 | ||||||
Schroders PLC | 3,622 | 155,198 | ||||||
2,262,537 | ||||||||
Auto Parts & Equipment—0.2% | ||||||||
Aisin Seiki Company Ltd. | 8,300 | 330,181 | ||||||
Continental AG | 4,296 | 994,918 | ||||||
Denso Corp. | 19,000 | 906,816 | ||||||
GKN PLC | 67,352 | 418,152 | ||||||
Halla Visteon Climate Control Corp. | 1,200 | 54,319 | ||||||
Hyundai Mobis | 2,478 | 695,545 | ||||||
Hyundai Wia Corp. | 628 | 121,653 | ||||||
Koito Manufacturing Company Ltd. | 4,000 | 102,463 | ||||||
Magna International Inc. | 8,676 | 935,573 | ||||||
NGK Spark Plug Company Ltd. | 7,000 | 197,483 | ||||||
NHK Spring Company Ltd. | 6,000 | 56,266 | ||||||
NOK Corp. | 4,000 | 80,351 | ||||||
Stanley Electric Company Ltd. | 5,300 | 138,170 | ||||||
Toyoda Gosei Company Ltd. | 2,500 | 51,922 | ||||||
Toyota Industries Corp. | 6,800 | 351,059 | ||||||
Valeo S.A. | 2,941 | 394,976 | ||||||
5,829,847 | ||||||||
Automobile Manufacturers—0.8% | ||||||||
Astra International Tbk PT | 847,000 | 519,774 | ||||||
Bayerische Motoren Werke AG | 13,347 | 1,692,542 | ||||||
Brilliance China Automotive Holdings Ltd. | 122,000 | 228,248 | ||||||
Byd Company Ltd. | 19,500 | 112,088 | (a) | |||||
China Motor Corp. | 19,000 | 18,963 | ||||||
Chongqing Changan Automobile Company Ltd. | 30,000 | 59,223 | ||||||
Daihatsu Motor Company Ltd. | 8,000 | 142,224 | ||||||
Daimler AG | 37,957 | 3,554,669 |
Table of Contents
Dongfeng Motor Group Company Ltd. | 114,000 | 204,161 | ||||||
Fiat S.p.A. | 34,881 | 344,330 | (a) | |||||
Ford Otomotiv Sanayi AS | 2,547 | 31,713 | (a) | |||||
Fuji Heavy Industries Ltd. | 23,600 | 653,452 | ||||||
Geely Automobile Holdings Ltd. | 185,000 | 65,165 | ||||||
Great Wall Motor Company Ltd. | 41,500 | 154,212 | ||||||
Guangzhou Automobile Group Company Ltd. | 82,000 | 95,221 | ||||||
Honda Motor Company Ltd. | 60,300 | 2,105,336 | ||||||
Hyundai Motor Co. | 6,206 | 1,407,667 | ||||||
Isuzu Motors Ltd. | 48,000 | 317,457 | ||||||
Kia Motors Corp. | 10,653 | 595,928 | ||||||
Mahindra & Mahindra Ltd. | 11,419 | 217,957 | ||||||
Mazda Motor Corp. | 108,000 | 506,392 | ||||||
Mitsubishi Motors Corp. | 21,900 | 241,688 | ||||||
Nissan Motor Company Ltd. | 98,400 | 933,443 | ||||||
Peugeot S.A. | 17,786 | 262,877 | (a) | |||||
Renault S.A. | 7,493 | 677,405 | ||||||
Suzuki Motor Corp. | 13,900 | 435,365 | ||||||
Tata Motors Ltd. | 31,933 | 228,620 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,588 | 28,455 | ||||||
Toyota Motor Corp. | 105,300 | 6,323,925 | ||||||
UMW Holdings Bhd | 21,300 | 72,437 | ||||||
Volkswagen AG | 1,289 | 333,201 | ||||||
Yulon Motor Company Ltd. | 32,000 | 52,087 | ||||||
22,616,225 | ||||||||
Automotive Retail—0.0% * | ||||||||
Hotai Motor Company Ltd. | 9,000 | 114,843 | ||||||
USS Company Ltd. | 7,800 | 133,125 | ||||||
Zhongsheng Group Holdings Ltd. | 21,500 | 27,741 | ||||||
275,709 | ||||||||
Biotechnology—0.1% | ||||||||
Actelion Ltd. | 4,381 | 554,294 | ||||||
CSL Ltd. | 19,649 | 1,234,217 | ||||||
Grifols S.A. | 5,817 | 317,897 | ||||||
Prothena Corp. PLC | 754 | 17,003 | (a) | |||||
2,123,411 | ||||||||
Brewers—0.3% | ||||||||
AMBEV S.A. | 171,600 | 1,226,993 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 8,317 | 101,790 | ||||||
Anheuser-Busch InBev N.V. | 30,650 | 3,520,818 | ||||||
Asahi Group Holdings Ltd. | 14,800 | 464,577 | ||||||
Carlsberg A/S | 4,527 | 487,601 | ||||||
Cia Cervecerias Unidas S.A. | 3,906 | 45,765 | ||||||
Heineken Holding N.V. | 4,684 | 307,925 | ||||||
Heineken N.V. | 9,912 | 711,529 | ||||||
Hite Jinro Company Ltd. | 540 | 11,715 | ||||||
Kirin Holdings Company Ltd. | 32,000 | 462,129 | ||||||
SABMiller PLC | 38,344 | 2,221,256 | ||||||
Tsingtao Brewery Company Ltd. | 14,000 | 109,556 | ||||||
United Breweries Ltd. | 2,416 | 28,133 | ||||||
9,699,787 |
Table of Contents
Broadcasting—0.1% | ||||||||
Astro Malaysia Holdings Bhd | 30,600 | 33,449 | ||||||
BEC World PCL NVDR | 35,500 | 53,324 | ||||||
Global Mediacom Tbk PT | 224,500 | 40,241 | ||||||
Grupo Televisa SAB | 108,800 | 746,412 | ||||||
ITV PLC | 153,123 | 466,558 | ||||||
Media Nusantara Citra Tbk PT | 154,000 | 35,853 | ||||||
ProSiebenSat.1 Media AG | 7,909 | 352,309 | ||||||
RTL Group S.A. | 1,661 | 184,753 | (a) | |||||
1,912,899 | ||||||||
Building Products—0.1% | ||||||||
Allegion PLC | 5,575 | 315,991 | ||||||
Asahi Glass Company Ltd. | 41,000 | 241,617 | ||||||
Assa Abloy AB | 13,672 | 695,324 | ||||||
Cie de St-Gobain | 16,223 | 915,234 | ||||||
Daikin Industries Ltd. | 9,400 | 593,108 | ||||||
Geberit AG | 1,743 | 611,858 | ||||||
KCC Corp. | 194 | 118,302 | ||||||
LIXIL Group Corp. | 10,400 | 280,673 | ||||||
Taiwan Glass Industry Corp. | 34,000 | 28,696 | ||||||
TOTO Ltd. | 12,000 | 161,690 | ||||||
3,962,493 | ||||||||
Cable & Satellite—0.2% | ||||||||
Altice S.A. | 3,623 | 252,387 | (a) | |||||
British Sky Broadcasting Group PLC | 40,134 | 620,353 | ||||||
Cyfrowy Polsat S.A. | 6,693 | 49,260 | ||||||
Eutelsat Communications S.A. | 5,802 | 201,574 | ||||||
Kabel Deutschland Holding AG | 1,061 | 155,363 | ||||||
Naspers Ltd. | 15,904 | 1,871,630 | ||||||
SES S.A. | 16,789 | 636,731 | ||||||
Shaw Communications Inc. | 15,097 | 387,789 | ||||||
Sky Deutschland AG | 15,602 | 143,720 | (a) | |||||
Telenet Group Holding N.V. | 1,897 | 108,099 | (a) | |||||
4,426,906 | ||||||||
Casinos & Gaming—0.1% | ||||||||
Berjaya Sports Toto Bhd | 25,888 | 31,282 | ||||||
Crown Resorts Ltd. | 19,891 | 283,865 | ||||||
Galaxy Entertainment Group Ltd. | 92,000 | 733,593 | ||||||
Genting Bhd | 88,600 | 275,650 | ||||||
Genting Malaysia Bhd | 109,600 | 143,357 | ||||||
Genting Singapore PLC | 269,000 | 286,985 | ||||||
Kangwon Land Inc. | 4,050 | 118,882 | ||||||
MGM China Holdings Ltd. | 39,200 | 136,309 | ||||||
OPAP S.A. | 10,054 | 178,951 | ||||||
Sands China Ltd. | 95,200 | 721,645 | ||||||
SJM Holdings Ltd. | 82,000 | 205,043 | ||||||
Tabcorp Holdings Ltd. | 27,993 | 88,775 | ||||||
Tatts Group Ltd. | 55,779 | 172,156 | ||||||
William Hill PLC | 36,414 | 204,221 | ||||||
Wynn Macau Ltd. | 66,400 | 261,304 | ||||||
3,842,018 | ||||||||
Coal & Consumable Fuels—0.0% * | ||||||||
Adaro Energy Tbk PT | 538,500 | 53,373 | ||||||
Banpu PCL NVDR | 38,000 | 34,540 | ||||||
Cameco Corp. | 14,809 | 290,994 | ||||||
China Coal Energy Company Ltd. | 196,000 | 101,663 |
Table of Contents
China Shenhua Energy Company Ltd. | 122,000 | 352,603 | ||||||
Coal India Ltd. | 18,723 | 119,834 | ||||||
Exxaro Resources Ltd. | 4,703 | 61,226 | ||||||
Indo Tambangraya Megah Tbk PT | 14,500 | 33,024 | ||||||
Inner Mongolia Yitai Coal Company Ltd. | 42,400 | 54,569 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 30,000 | 27,140 | ||||||
Yanzhou Coal Mining Company Ltd. | 102,000 | 76,990 | ||||||
1,205,956 | ||||||||
Commercial Printing—0.0% * | ||||||||
Dai Nippon Printing Company Ltd. | 23,000 | 240,205 | ||||||
Toppan Printing Company Ltd. | 21,000 | 162,519 | ||||||
402,724 | ||||||||
Commodity Chemicals—0.2% | ||||||||
Asahi Kasei Corp. | 54,000 | 413,109 | ||||||
Formosa Chemicals & Fibre Corp. | 128,540 | 325,461 | ||||||
Formosa Plastics Corp. | 165,960 | 443,553 | ||||||
Hanwha Chemical Corp. | 3,760 | 68,191 | ||||||
Hanwha Corp. | 2,100 | 53,652 | ||||||
Hyosung Corp. | 1,055 | 70,486 | ||||||
Indorama Ventures PCL NVDR | 55,500 | 47,454 | ||||||
Kaneka Corp. | 11,000 | 68,842 | ||||||
Kumho Petro chemical Company Ltd. | 572 | 50,145 | ||||||
Kuraray Company Ltd. | 14,900 | 188,852 | ||||||
LG Chem Ltd. | 1,683 | 492,358 | ||||||
Lotte Chemical Corp. | 682 | 124,362 | ||||||
Methanex Corp. | 3,627 | 224,638 | ||||||
Mexichem SAB de C.V. | 41,600 | 172,326 | ||||||
Mitsui Chemicals Inc. | 34,000 | 92,967 | ||||||
Nan Ya Plastics Corp. | 201,850 | 486,068 | ||||||
Orica Ltd. | 15,476 | 284,545 | ||||||
Petronas Chemicals Group Bhd | 112,500 | 237,192 | ||||||
PTT Global Chemical PCL NVDR | 62,900 | 130,820 | ||||||
Sinopec Shanghai Petrochemical Company Ltd. | 129,000 | 35,952 | ||||||
Synthos S.A. | 17,899 | 26,052 | ||||||
Teijin Ltd. | 36,000 | 90,262 | ||||||
Toray Industries Inc. | 61,000 | 401,027 | ||||||
TSRC Corp. | 21,000 | 29,680 | ||||||
4,557,994 | ||||||||
Communications Equipment—0.1% | ||||||||
Alcatel-Lucent | 113,301 | 404,569 | (a) | |||||
Telefonaktiebolaget LM Ericsson | 118,399 | 1,430,100 | ||||||
ZTE Corp. | 24,400 | 48,105 | ||||||
1,882,774 | ||||||||
Computer & Electronics Retail—0.0% * | ||||||||
GOME Electrical Appliances Holding Ltd. | 710,000 | 115,427 | ||||||
Yamada Denki Company Ltd. | 36,800 | 131,137 | ||||||
246,564 | ||||||||
Construction & Engineering—0.2% | ||||||||
ACS Actividades de Construccion y Servicios S.A. | 7,792 | 356,325 | ||||||
Bouygues S.A. | 7,841 | 326,252 | ||||||
China Communications Construction Company Ltd. | 166,000 | 111,804 | ||||||
China Railway Construction Corporation Ltd. | 73,500 | 64,867 | ||||||
China Railway Group Ltd. | 149,000 | 73,247 |
Table of Contents
China State Construction International Holdings Ltd. | 66,000 | 115,984 | ||||||
Chiyoda Corp. | 6,000 | 72,672 | ||||||
CTCI Corp. | 20,000 | 34,631 | ||||||
Daelim Industrial Company Ltd. | 1,043 | 86,899 | ||||||
Daewoo Engineering & Construction Company Ltd. | 5,220 | 45,245 | (a) | |||||
Doosan Heavy Industries & Construction Company Ltd. | 2,060 | 71,361 | ||||||
Ferrovial S.A. | 17,553 | 390,892 | ||||||
Gamuda Bhd | 63,600 | 93,291 | ||||||
GS Engineering & Construction Corp. | 2,019 | 67,247 | (a) | |||||
Hochtief AG | 1,172 | 101,429 | ||||||
Hyundai Development Co. | 2,420 | 76,896 | ||||||
Hyundai Engineering & Construction Company Ltd. | 2,684 | 152,795 | ||||||
IJM Corp. Bhd | 41,500 | 86,593 | ||||||
JGC Corp. | 8,000 | 243,068 | ||||||
Kajima Corp. | 37,000 | 163,625 | ||||||
Koninklijke Boskalis Westminster N.V. | 2,811 | 161,202 | ||||||
Larsen & Toubro Ltd. | 13,482 | 381,741 | ||||||
Leighton Holdings Ltd. | 4,164 | 77,543 | ||||||
Obayashi Corp. | 28,000 | 199,832 | ||||||
OCI N.V. | 3,493 | 136,300 | (a) | |||||
Promotora y Operadora de Infraestructura SAB de C.V. | 2,000 | 26,685 | (a) | |||||
Samsung Engineering Company Ltd. | 1,192 | 94,366 | (a) | |||||
Shimizu Corp. | 23,000 | 162,786 | ||||||
Skanska AB | 14,837 | 338,448 | ||||||
SNC-Lavalin Group Inc. | 6,167 | 324,923 | ||||||
Taisei Corp. | 43,000 | 238,122 | ||||||
Vinci S.A. | 18,711 | 1,398,752 | ||||||
6,275,823 | ||||||||
Construction Machinery & Heavy Trucks—0.1% | ||||||||
CSR Corporation Ltd. | 72,000 | 54,160 | ||||||
Daewoo Shipbuilding & Marine Engineering Company Ltd. | 3,870 | 98,299 | ||||||
Hino Motors Ltd. | 10,000 | 137,703 | ||||||
Hitachi Construction Machinery Company Ltd. | 4,100 | 81,672 | ||||||
Hyundai Heavy Industries Company Ltd. | 1,548 | 270,801 | ||||||
Hyundai Mipo Dockyard | 499 | 72,251 | ||||||
Komatsu Ltd. | 36,500 | 847,421 | ||||||
MAN SE | 1,514 | 187,079 | ||||||
Samsung Heavy Industries Company Ltd. | 6,570 | 175,646 | ||||||
SembCorp Marine Ltd. | 38,000 | 124,975 | ||||||
United Tractors Tbk PT | 63,000 | 122,758 | ||||||
Volvo AB | 59,028 | 812,751 | ||||||
Weichai Power Company Ltd. | 18,000 | 69,442 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 82,000 | 71,039 | ||||||
Zoomlion Heavy Industry Science and Technology Company Ltd. | 51,600 | 31,957 | ||||||
3,157,954 | ||||||||
Construction Materials—0.2% | ||||||||
ACC Ltd. | 1,972 | 48,012 | ||||||
Ambuja Cements Ltd. | 22,724 | 83,366 | ||||||
Anhui Conch Cement Company Ltd. | 52,000 | 179,476 | ||||||
Asia Cement Corp. | 76,500 | 104,791 | ||||||
BBMG Corp. | 42,500 | 27,199 | ||||||
Boral Ltd. | 33,016 | 163,601 | ||||||
Cementos Argos S.A. | 13,625 | 85,675 | ||||||
Cemex Latam Holdings S.A. | 3,034 | 29,698 | (a) |
Table of Contents
Cemex SAB de C.V. | 491,054 | 649,919 | (a) | |||||
China National Building Material Company Ltd. | 126,000 | 111,200 | ||||||
China Resources Cement Holdings Ltd. | 80,000 | 50,165 | ||||||
CRH PLC | 28,530 | 732,019 | ||||||
Fletcher Building Ltd. | 25,315 | 195,270 | ||||||
Grupo Argos S.A. | 11,233 | 135,053 | ||||||
HeidelbergCement AG | 5,711 | 487,372 | ||||||
Holcim Ltd. | 9,146 | 803,936 | ||||||
Imerys S.A. | 1,254 | 105,659 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 55,500 | 105,569 | ||||||
James Hardie Industries PLC | 17,203 | 224,721 | ||||||
Lafarge Malaysia Bhd | 13,800 | 42,333 | ||||||
Lafarge S.A. | 7,603 | 659,972 | ||||||
PPC Ltd. | 18,434 | 54,321 | ||||||
Semen Indonesia Persero Tbk PT | 110,500 | 140,513 | ||||||
Taiheiyo Cement Corp. | 47,000 | 189,290 | ||||||
Taiwan Cement Corp. | 134,000 | 202,854 | ||||||
The Siam Cement PCL | 12,300 | 172,818 | ||||||
The Siam Cement PCL NVDR | 8,400 | 116,987 | ||||||
Titan Cement Co. S.A. | 1,510 | 48,956 | ||||||
Ultratech Cement Ltd. | 1,319 | 56,714 | ||||||
6,007,459 | ||||||||
Consumer Electronics—0.1% | ||||||||
Casio Computer Company Ltd. | 8,300 | 120,438 | ||||||
Garmin Ltd. | 7,662 | 466,616 | ||||||
LG Electronics Inc. | 4,419 | 324,502 | ||||||
Nikon Corp. | 13,600 | 214,126 | ||||||
Panasonic Corp. | 90,500 | 1,102,384 | ||||||
Sharp Corp. | 50,000 | 160,407 | (a) | |||||
Sony Corp. | 40,500 | 672,435 | ||||||
3,060,908 | ||||||||
Consumer Finance—0.0% * | ||||||||
Acom Company Ltd. | 16,000 | 76,127 | (a) | |||||
AEON Financial Service Company Ltd. | 2,900 | 75,831 | ||||||
Compartamos SAB de C.V. | 41,300 | 79,779 | ||||||
Credit Saison Company Ltd. | 6,100 | 126,931 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 10,172 | 47,693 | ||||||
Samsung Card Company Ltd. | 1,450 | 61,838 | ||||||
Shriram Transport Finance Company Ltd. | 4,730 | 70,858 | ||||||
539,057 | ||||||||
Data Processing & Outsourced Services—0.1% | ||||||||
Amadeus IT Holding S.A. | 15,911 | 656,151 | ||||||
Cielo S.A. | 28,760 | 593,702 | ||||||
Computershare Ltd. | 18,369 | 216,373 | ||||||
EVERTEC Inc. | 2,258 | 54,734 | ||||||
1,520,960 | ||||||||
Department Stores—0.1% | ||||||||
El Puerto de Liverpool SAB de C.V. | 6,900 | 81,169 | ||||||
Far Eastern Department Stores Company Ltd. | 38,110 | 35,802 | ||||||
Golden Eagle Retail Group Ltd. | 26,000 | 31,065 | ||||||
Hyundai Department Store Company Ltd. | 628 | 86,274 | ||||||
Intime Retail Group Company Ltd. | 38,000 | 33,242 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 14,800 | 192,844 | ||||||
J Front Retailing Company Ltd. | 18,000 | 126,331 |
Table of Contents
Lojas Renner S.A. | 5,300 | 170,246 | ||||||
Lotte Shopping Company Ltd. | 446 | 135,986 | ||||||
Marks & Spencer Group PLC | 62,283 | 452,815 | ||||||
Marui Group Company Ltd. | 8,400 | 80,679 | ||||||
Matahari Department Store Tbk PT | 50,000 | 58,203 | ||||||
Next PLC | 6,076 | 672,691 | ||||||
SACI Falabella | 27,761 | 251,201 | ||||||
Shinsegae Company Ltd. | 309 | 66,729 | ||||||
Takashimaya Company Ltd. | 10,000 | 97,034 | ||||||
Woolworths Holdings Ltd. | 29,405 | 216,003 | ||||||
2,788,314 | ||||||||
Distillers & Vintners—0.2% | ||||||||
Diageo PLC | 98,804 | 3,152,419 | ||||||
Pernod-Ricard S.A. | 8,703 | 1,045,008 | ||||||
Remy Cointreau S.A. | 964 | 88,682 | ||||||
Treasury Wine Estates Ltd. | 23,841 | 112,737 | ||||||
United Spirits Ltd. | 3,577 | 142,372 | ||||||
Vina Concha y Toro S.A. | 15,626 | 31,609 | ||||||
4,572,827 | ||||||||
Distributors—0.0% * | ||||||||
Imperial Holdings Ltd. | 6,577 | 123,642 | ||||||
Jardine Cycle & Carriage Ltd. | 4,000 | 142,013 | ||||||
265,655 | ||||||||
Diversified Banks—3.6% | ||||||||
Agricultural Bank of China Ltd. | 875,000 | 386,112 | ||||||
Akbank TAS | 81,386 | 299,013 | ||||||
Alior Bank S.A. | 980 | 26,786 | (a) | |||||
Alliance Financial Group Bhd | 47,100 | 69,234 | ||||||
Alpha Bank AE | 148,487 | 138,245 | (a) | |||||
AMMB Holdings Bhd | 71,600 | 158,764 | ||||||
Aozora Bank Ltd. | 41,000 | 134,771 | ||||||
Australia & New Zealand Banking Group Ltd. | 106,983 | 3,366,538 | ||||||
Banca Monte dei Paschi di Siena S.p.A. | 152,643 | 295,723 | (a) | |||||
Banco Bilbao Vizcaya Argentaria S.A. | 231,416 | 2,949,494 | ||||||
Banco Bradesco S.A. | 18,640 | 272,653 | ||||||
Banco de Chile | 870,102 | 115,554 | ||||||
Banco de Credito e Inversiones | 1,057 | 61,071 | ||||||
Banco de Sabadell S.A. | 159,165 | 543,059 | ||||||
Banco do Brasil S.A. | 35,700 | 402,498 | ||||||
Banco Espirito Santo S.A. | 138,910 | 114,494 | (a) | |||||
Banco Popolare SC | 10,958 | 180,488 | (a) | |||||
Banco Popular Espanol S.A. | 69,373 | 463,512 | ||||||
Banco Santander Brasil S.A. | 36,800 | 252,446 | ||||||
Banco Santander Chile | 2,798,504 | 184,235 | ||||||
Banco Santander S.A. | 461,879 | 4,825,073 | ||||||
Bangkok Bank PCL | 22,700 | 135,340 | ||||||
Bangkok Bank PCL NVDR | 25,300 | 150,451 | ||||||
Bank Central Asia Tbk PT | 516,500 | 479,249 | ||||||
Bank Danamon Indonesia Tbk PT | 138,000 | 48,251 | ||||||
Bank Handlowy w Warszawie S.A. | 1,235 | 48,701 | ||||||
Bank Hapoalim BM | 44,492 | 257,447 | ||||||
Bank Leumi Le-Israel BM | 47,822 | 186,755 | (a) | |||||
Bank Mandiri Persero Tbk PT | 411,500 | 337,565 | ||||||
Bank Millennium S.A. | 17,468 | 44,695 |
Table of Contents
Bank Negara Indonesia Persero Tbk PT | 294,500 | 118,371 | ||||||
Bank of China Ltd. | 3,081,000 | 1,379,431 | ||||||
Bank of Communications Company Ltd. | 367,000 | 254,284 | ||||||
Bank of East Asia Ltd. | 52,000 | 215,706 | ||||||
Bank of Ireland | 888,173 | 300,362 | (a) | |||||
Bank of Montreal | 24,313 | 1,793,659 | ||||||
Bank of Nova Scotia | 46,075 | 3,077,290 | ||||||
Bank of the Philippine Islands | 28,542 | 59,503 | ||||||
Bank Pekao S.A. | 5,497 | 314,701 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 490,500 | 427,196 | ||||||
Bank Zachodni WBK S.A. | 987 | 119,934 | ||||||
Bankia S.A. | 187,778 | 364,048 | (a) | |||||
Barclays Africa Group Ltd. | 16,356 | 248,290 | ||||||
Barclays PLC | 601,538 | 2,188,731 | ||||||
BDO Unibank Inc. | 56,200 | 120,383 | ||||||
BNP Paribas S.A. | 38,479 | 2,610,206 | ||||||
BOC Hong Kong Holdings Ltd. | 156,500 | 453,325 | ||||||
CaixaBank S.A. | 68,334 | 421,673 | ||||||
CaixaBank S.A. | 1,001 | 6,177 | ||||||
Canadian Imperial Bank of Commerce | 15,433 | 1,406,886 | ||||||
Chang Hwa Commercial Bank | 189,390 | 117,346 | ||||||
China CITIC Bank Corp. Ltd. | 336,000 | 203,759 | ||||||
China Construction Bank Corp. | 2,953,000 | 2,232,748 | ||||||
China Development Financial Holding Corp. | 490,000 | 161,156 | ||||||
China Merchants Bank Company Ltd. | 203,731 | 402,186 | ||||||
China Minsheng Banking Corporation Ltd. | 244,200 | 221,188 | ||||||
CIMB Group Holdings Bhd | 185,400 | 422,650 | ||||||
Commercial International Bank Egypt SAE | 32,322 | 162,287 | ||||||
Commerzbank AG | 40,343 | 634,105 | (a) | |||||
Commonwealth Bank of Australia | 62,332 | 4,758,339 | ||||||
Corpbanca S.A. | 5,524,790 | 68,153 | ||||||
Credicorp Ltd. | 2,942 | 457,393 | ||||||
Credit Agricole S.A. | 40,637 | 573,073 | ||||||
CTBC Financial Holding Company Ltd. | 496,139 | 330,671 | ||||||
Danske Bank A/S | 27,927 | 789,313 | ||||||
DBS Group Holdings Ltd. | 67,000 | 900,213 | ||||||
DNB ASA | 39,500 | 722,243 | ||||||
E.Sun Financial Holding Company Ltd. | 218,436 | 140,098 | ||||||
Erste Group Bank AG | 9,534 | 308,323 | ||||||
Eurobank Ergasias S.A. | 217,318 | 109,793 | (a) | |||||
First Financial Holding Company Ltd. | 268,380 | 172,580 | ||||||
Getin Noble Bank S.A. | 28,925 | 29,909 | (a) | |||||
Grupo Financiero Banorte SAB de C.V. | 101,100 | 723,045 | ||||||
Grupo Financiero Inbursa SAB de C.V. | 94,700 | 282,282 | ||||||
Grupo Financiero Santander Mexico SAB de C.V. | 68,900 | 182,699 | ||||||
Hana Financial Group Inc. | 10,917 | 404,613 | ||||||
Hang Seng Bank Ltd. | 32,200 | 527,225 | ||||||
HDFC Bank Ltd. | 26,290 | 358,955 | ||||||
Hong Leong Bank Bhd | 22,500 | 96,699 | ||||||
Hong Leong Financial Group Bhd | 8,200 | 41,217 | ||||||
HSBC Holdings PLC | 727,506 | 7,375,233 | ||||||
Hua Nan Financial Holdings Company Ltd. | 212,100 | 132,838 | ||||||
ICICI Bank Ltd. | 9,437 | 222,121 | ||||||
Industrial & Commercial Bank of China Ltd. | 2,936,000 | 1,856,226 | ||||||
Industrial Bank of Korea | 6,050 | 80,722 | ||||||
Intesa Sanpaolo S.p.A. | 488,183 | 1,507,901 |
Table of Contents
Kasikornbank PCL | 43,300 | 273,502 | ||||||
Kasikornbank PCL NVDR | 25,000 | 157,141 | ||||||
KB Financial Group Inc. | 15,020 | 522,538 | ||||||
KBC Groep N.V. | 9,441 | 513,814 | (a) | |||||
Komercni Banka AS | 621 | 142,791 | ||||||
Kotak Mahindra Bank Ltd. | 11,259 | 164,921 | ||||||
Krung Thai Bank PCL NVDR | 138,400 | 89,125 | ||||||
Lloyds Banking Group PLC | 2,217,037 | 2,814,668 | (a) | |||||
Malayan Banking Bhd | 171,500 | 525,022 | ||||||
mBank | 587 | 97,617 | ||||||
Mega Financial Holding Company Ltd. | 355,192 | 295,617 | ||||||
Metropolitan Bank & Trust Co. | 15,028 | 30,090 | ||||||
Mitsubishi UFJ Financial Group Inc. | 488,800 | 2,996,346 | ||||||
Mizrahi Tefahot Bank Ltd. | 4,951 | 64,083 | ||||||
Mizuho Financial Group Inc. | 918,900 | 1,886,691 | ||||||
National Australia Bank Ltd. | 91,649 | 2,835,566 | ||||||
National Bank of Canada | 12,868 | 546,783 | ||||||
National Bank of Greece S.A. | 23,407 | 85,567 | (a) | |||||
Natixis | 35,140 | 225,260 | ||||||
Nedbank Group Ltd. | 9,395 | 202,378 | ||||||
Nordea Bank AB | 116,310 | 1,640,607 | ||||||
OTP Bank PLC | 8,571 | 164,853 | ||||||
Oversea-Chinese Banking Corporation Ltd. | 99,000 | 758,392 | ||||||
Piraeus Bank S.A. | 84,050 | 186,425 | (a) | |||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 35,676 | 442,910 | ||||||
Public Bank Bhd | 91,400 | 557,338 | ||||||
Raiffeisen Bank International AG | 5,172 | 165,099 | ||||||
RHB Capital Bhd | 26,700 | 71,095 | ||||||
Royal Bank of Canada | 56,366 | 4,036,613 | ||||||
Royal Bank of Scotland Group PLC | 82,627 | 463,962 | (a) | |||||
Sberbank of Russia ADR | 98,468 | 1,253,782 | ||||||
Shinhan Financial Group Company Ltd. | 16,590 | 768,177 | ||||||
SinoPac Financial Holdings Company Ltd. | 252,636 | 113,804 | ||||||
Skandinaviska Enskilda Banken AB | 64,357 | 859,653 | ||||||
Societe Generale S.A. | 28,437 | 1,489,440 | ||||||
Standard Bank Group Ltd. | 54,687 | 745,352 | ||||||
Standard Chartered PLC | 96,352 | 1,967,083 | ||||||
State Bank of India | 5,899 | 263,153 | ||||||
Sumitomo Mitsui Financial Group Inc. | 48,700 | 2,040,203 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 137,000 | 626,139 | ||||||
Svenska Handelsbanken AB | 19,695 | 963,635 | ||||||
Swedbank AB | 36,034 | 955,107 | ||||||
Taishin Financial Holding Company Ltd. | 299,167 | 153,301 | ||||||
Taiwan Business Bank | 139,360 | 43,454 | (a) | |||||
Taiwan Cooperative Financial Holding Company Ltd. | 212,000 | 121,415 | ||||||
The Siam Commercial Bank PCL NVDR | 74,000 | 384,193 | ||||||
The Toronto-Dominion Bank | 71,784 | 3,701,915 | ||||||
TMB Bank PCL NVDR | 250,000 | 18,641 | ||||||
Turkiye Garanti Bankasi AS | 100,134 | 391,506 | ||||||
Turkiye Halk Bankasi AS | 25,730 | 192,948 | ||||||
Turkiye Is Bankasi | 68,731 | 185,742 | ||||||
Turkiye Vakiflar Bankasi Tao | 28,976 | 67,920 | ||||||
UniCredit S.p.A. | 171,694 | 1,437,483 | ||||||
Unione di Banche Italiane SCPA | 43,708 | 378,207 | ||||||
United Overseas Bank Ltd. | 53,000 | 957,414 | ||||||
VTB Bank OJSC GDR | 29,129 | 71,075 |
Table of Contents
VTB Bank OJSC GDR | 56,870 | 138,763 | ||||||
Westpac Banking Corp. | 117,197 | 3,747,685 | ||||||
Woori Finance Holdings Company Ltd. | 12,568 | 149,678 | (a) | |||||
Yapi ve Kredi Bankasi AS | 34,531 | 75,241 | ||||||
107,736,598 | ||||||||
Diversified Capital Markets—0.2% | ||||||||
China Everbright Ltd. | 36,000 | 48,586 | ||||||
Credit Suisse Group AG | 60,682 | 1,735,335 | ||||||
Deutsche Bank AG | 51,497 | 1,811,681 | ||||||
Investec Ltd. | 9,627 | 88,210 | ||||||
Investec PLC | 22,387 | 206,321 | ||||||
UBS AG | 144,316 | 2,647,746 | ||||||
6,537,879 | ||||||||
Diversified Chemicals—0.2% | ||||||||
Arkema S.A. | 2,425 | 235,999 | ||||||
BASF SE | 35,320 | 4,111,914 | ||||||
Cheil Industries Inc. | 1,760 | 122,111 | (h) | |||||
Incitec Pivot Ltd. | 61,205 | 167,528 | ||||||
Lanxess AG | 3,347 | 225,897 | ||||||
Mitsubishi Chemical Holdings Corp. | 55,500 | 245,985 | ||||||
Mitsubishi Gas Chemical Company Inc. | 14,000 | 89,551 | ||||||
OCI Company Ltd. | 643 | 109,306 | (a) | |||||
Solvay S.A. | 2,467 | 424,576 | ||||||
Sumitomo Chemical Company Ltd. | 62,000 | 234,401 | ||||||
5,967,268 | ||||||||
Diversified Metals & Mining—0.6% | ||||||||
African Rainbow Minerals Ltd. | 3,913 | 68,791 | ||||||
Anglo American PLC | 54,811 | 1,340,175 | ||||||
Antofagasta PLC | 19,126 | 249,521 | ||||||
Assore Ltd. | 1,177 | 39,459 | ||||||
BHP Billiton Ltd. | 119,741 | 4,057,331 | ||||||
BHP Billiton PLC | 80,024 | 2,585,383 | ||||||
Boliden AB | 11,175 | 162,058 | ||||||
First Quantum Minerals Ltd. | 21,644 | 463,706 | ||||||
Glencore PLC | 413,345 | 2,300,849 | ||||||
Grupo Mexico SAB de C.V. | 162,400 | 541,918 | ||||||
Iluka Resources Ltd. | 17,117 | 131,347 | ||||||
Jiangxi Copper Company Ltd. | 61,000 | 96,651 | ||||||
KGHM Polska Miedz S.A. | 5,917 | 242,490 | (a) | |||||
Korea Zinc Company Ltd. | 341 | 133,798 | ||||||
Minera Frisco SAB de C.V. | 25,300 | 49,750 | (a) | |||||
Mitsubishi Materials Corp. | 47,000 | 164,701 | ||||||
MMC Norilsk Nickel OJSC ADR | 20,445 | 405,015 | ||||||
Rio Tinto Ltd. | 17,820 | 997,559 | ||||||
Rio Tinto PLC | 50,163 | 2,666,196 | ||||||
Sesa Sterlite Ltd. | 42,022 | 204,014 | ||||||
Sumitomo Metal Mining Company Ltd. | 22,000 | 357,238 | ||||||
Teck Resources Ltd. | 23,453 | 536,371 | ||||||
Turquoise Hill Resources Ltd. | 29,112 | 97,573 | (a) | |||||
17,891,894 | ||||||||
Diversified Real Estate Activities—0.3% | ||||||||
Ayala Land Inc. | 206,700 | 144,430 | ||||||
Brookfield Asset Management Inc. | 22,087 | 974,802 | ||||||
CapitaLand Ltd. | 75,000 | 192,516 |
Table of Contents
City Developments Ltd. | 16,000 | 131,296 | ||||||
Daito Trust Construction Company Ltd. | 2,900 | 340,941 | ||||||
Daiwa House Industry Company Ltd. | 24,000 | 497,508 | ||||||
DLF Ltd. | 15,616 | 55,680 | ||||||
Franshion Properties China Ltd. | 114,000 | 30,154 | ||||||
Hang Lung Properties Ltd. | 100,000 | 308,373 | ||||||
Henderson Land Development Company Ltd. | 49,280 | 288,672 | ||||||
Kerry Properties Ltd. | 29,500 | 103,150 | ||||||
Lend Lease Group | 22,555 | 279,093 | ||||||
Mitsubishi Estate Company Ltd. | 47,000 | 1,160,328 | ||||||
Mitsui Fudosan Company Ltd. | 36,000 | 1,213,918 | ||||||
New World Development Company Ltd. | 194,666 | 221,532 | ||||||
Nomura Real Estate Holdings Inc. | 5,000 | 94,615 | ||||||
Poly Property Group Company Ltd. | 74,000 | 30,935 | ||||||
Sumitomo Realty & Development Company Ltd. | 14,000 | 600,740 | ||||||
Sun Hung Kai Properties Ltd. | 63,000 | 864,890 | ||||||
Swire Pacific Ltd. | 31,500 | 387,534 | ||||||
Tokyo Tatemono Company Ltd. | 17,000 | 157,238 | ||||||
Tokyu Fudosan Holdings Corp. | 18,000 | 141,967 | ||||||
UOL Group Ltd. | 18,000 | 94,140 | ||||||
Wharf Holdings Ltd. | 58,000 | 419,078 | ||||||
Wheelock & Company Ltd. | 38,000 | 159,838 | ||||||
Yuexiu Property Company Ltd. | 186,000 | 35,518 | ||||||
8,928,886 | ||||||||
Diversified REITs—0.1% | ||||||||
British Land Co. PLC | 38,724 | 465,141 | ||||||
Dexus Property Group | 187,091 | 196,010 | ||||||
Fibra Uno Administracion S.A. de C.V. | 80,100 | 280,872 | ||||||
Fonciere Des Regions | 950 | 102,989 | ||||||
Gecina S.A. | 794 | 115,777 | ||||||
Growthpoint Properties Ltd. | 65,849 | 153,067 | ||||||
H&R Real Estate Investment Trust | 5,097 | 110,826 | ||||||
ICADE | 1,137 | 121,891 | ||||||
Land Securities Group PLC | 30,767 | 545,008 | ||||||
Mirvac Group | 147,961 | 249,281 | ||||||
Redefine Properties Ltd. | 110,314 | 99,439 | ||||||
Stockland | 93,768 | 343,392 |
Table of Contents
The GPT Group | 73,340 | 265,812 | ||||||
United Urban Investment Corp. | 89 | 143,641 | ||||||
3,193,146 | ||||||||
Diversified Support Services—0.1% | ||||||||
Aggreko PLC | 10,107 | 285,144 | ||||||
Babcock International Group PLC | 19,402 | 385,488 | ||||||
Brambles Ltd. | 62,973 | 546,227 | ||||||
Edenred | 7,377 | 223,669 | ||||||
1,440,528 | ||||||||
Drug Retail—0.0% * | ||||||||
Raia Drogasil S.A. | 7,400 | 61,239 | ||||||
Education Services—0.0% * | ||||||||
Anhanguera Educacional Participacoes S.A. | 16,400 | 136,908 | ||||||
Benesse Holdings Inc. | 3,000 | 130,152 | ||||||
Estacio Participacoes S.A. | 12,700 | 168,538 | ||||||
Kroton Educacional S.A. | 11,900 | 334,524 | ||||||
770,122 | ||||||||
Electric Utilities—0.4% | ||||||||
Centrais Eletricas Brasileiras S.A. | 11,000 | 31,891 | ||||||
CEZ AS | 6,598 | 199,102 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 30,000 | 207,668 | ||||||
Chubu Electric Power Company Inc. | 26,900 | 334,308 | (a) | |||||
CLP Holdings Ltd. | 66,500 | 543,988 | ||||||
Contact Energy Ltd. | 14,241 | 66,209 | ||||||
CPFL Energia S.A. | 9,200 | 84,858 | ||||||
EDP—Energias de Portugal S.A. | 89,065 | 446,801 | ||||||
EDP—Energias do Brasil S.A. | 9,400 | 46,273 | ||||||
Electricite de France S.A. | 9,161 | 288,484 | ||||||
Enea S.A. | 3,755 | 19,537 | ||||||
Enel S.p.A. | 263,321 | 1,533,678 | ||||||
Enersis S.A. | 967,550 | 325,738 | ||||||
Fortis Inc. | 8,347 | 254,450 | ||||||
Fortum Oyj | 19,317 | 518,643 | ||||||
Hokuriku Electric Power Co. | 6,200 | 82,193 | ||||||
Iberdrola S.A. | 189,066 | 1,445,214 | ||||||
Interconexion Electrica S.A. ESP | 12,838 | 62,628 | ||||||
Isagen S.A. ESP | 25,432 | 41,941 | ||||||
Korea Electric Power Corp. | 10,420 | 384,133 | ||||||
Kyushu Electric Power Company Inc. | 17,100 | 192,598 | (a) | |||||
PGE S.A. | 27,532 | 196,288 | ||||||
Power Assets Holdings Ltd. | 54,500 | 477,469 | ||||||
Power Grid Corporation of India Ltd. | 41,167 | 95,209 | ||||||
Public Power Corp. S.A. | 3,690 | 57,039 | ||||||
Red Electrica Corp S.A. | 4,028 | 368,398 | ||||||
Reliance Infrastructure Ltd. | 4,020 | 51,616 | ||||||
RusHydro JSC ADR | 52,229 | 100,019 | ||||||
Shikoku Electric Power Company Inc. | 6,300 | 87,935 | (a) | |||||
SP AusNet | 62,633 | 78,329 | ||||||
SSE PLC | 37,698 | 1,010,055 | ||||||
Tata Power Company Ltd. | 40,698 | 72,944 | ||||||
Tauron Polska Energia S.A. | 37,527 | 63,890 | ||||||
Tenaga Nasional Bhd | 119,100 | 451,771 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 57,316 | 302,283 | ||||||
The Chugoku Electric Power Company Inc. | 11,800 | 160,975 |
Table of Contents
The Kansai Electric Power Co. Inc. | 27,000 | 254,528 | (a) | |||||
Tohoku Electric Power Company Inc. | 17,000 | 199,526 | ||||||
Tokyo Electric Power Company Inc. | 57,700 | 240,357 | (a) | |||||
Transmissora Alianca de Energia Eletrica S.A. | 2,300 | 20,766 | ||||||
11,399,732 | ||||||||
Electrical Components & Equipment—0.2% | ||||||||
Fuji Electric Company Ltd. | 21,000 | 99,501 | ||||||
Legrand S.A. | 10,580 | 647,289 | ||||||
LS Corp. | 809 | 59,408 | ||||||
LS Industrial Systems Company Ltd. | 738 | 48,067 | ||||||
Mabuchi Motor Company Ltd. | 900 | 68,230 | ||||||
Nidec Corp. | 7,900 | 484,738 | ||||||
OSRAM Licht AG | 3,806 | 191,947 | (a) | |||||
Prysmian S.p.A. | 7,493 | 169,274 | ||||||
Schneider Electric SE | 21,371 | 2,011,633 | ||||||
Sumitomo Electric Industries Ltd. | 29,300 | 412,146 | ||||||
Teco Electric and Machinery Company Ltd. | 64,000 | 73,629 | ||||||
Walsin Lihwa Corp. | 120,000 | 42,803 | (a) | |||||
Zhuzhou CSR Times Electric Company Ltd. | 17,000 | 51,546 | ||||||
4,360,211 | ||||||||
Electronic Components—0.2% | ||||||||
AAC Technologies Holdings Inc. | 30,000 | 195,088 | ||||||
AU Optronics Corp. | 413,000 | 174,977 | (a) | |||||
Delta Electronics Inc. | 75,000 | 546,336 | ||||||
Hamamatsu Photonics KK | 2,600 | 127,555 | ||||||
Hirose Electric Company Ltd. | 1,200 | 178,274 | ||||||
Hoya Corp. | 18,200 | 604,720 | ||||||
Ibiden Company Ltd. | 4,700 | 94,645 | ||||||
Innolux Corp. | 269,000 | 126,130 | (a) | |||||
Kingboard Chemical Holdings Ltd. | 27,000 | 55,670 | ||||||
Kyocera Corp. | 12,500 | 593,258 | ||||||
Largan Precision Company Ltd. | 4,000 | 318,843 | ||||||
LG Display Company Ltd. | 8,970 | 281,919 | (a) | |||||
LG Innotek Company Ltd. | 512 | 73,374 | (a) | |||||
Murata Manufacturing Company Ltd. | 8,500 | 795,504 | ||||||
Nippon Electric Glass Company Ltd. | 14,000 | 81,536 | ||||||
Omron Corp. | 8,000 | 337,200 | ||||||
Samsung Electro-Mechanics Company Ltd. | 2,239 | 129,011 | ||||||
Samsung SDI Company Ltd. | 1,338 | 214,228 | ||||||
Simplo Technology Company Ltd. | 11,000 | 68,156 | ||||||
TDK Corp. | 5,100 | 239,129 | ||||||
Unimicron Technology Corp. | 46,000 | 44,524 | ||||||
Yaskawa Electric Corp. | 8,000 | 96,895 | ||||||
Zhen Ding Technology Holding Ltd. | 7,350 | 24,198 | ||||||
5,401,170 | ||||||||
Electronic Equipment & Instruments—0.1% | ||||||||
Citizen Holdings Company Ltd. | 9,900 | 77,691 | ||||||
FUJIFILM Holdings Corp. | 20,100 | 560,510 | ||||||
Hexagon AB | 9,951 | 320,618 | ||||||
Hitachi High-Technologies Corp. | 2,400 | 57,095 | ||||||
Hitachi Ltd. | 195,000 | 1,428,261 | ||||||
Keyence Corp. | 1,800 | 785,262 | ||||||
Shimadzu Corp. | 9,000 | 82,533 |
Table of Contents
TPK Holding Company Ltd. | 13,000 | 129,748 | ||||||
Yokogawa Electric Corp. | 9,000 | 113,805 | ||||||
3,555,523 | ||||||||
Electronic Manufacturing Services—0.1% | ||||||||
Fabrinet | 1,207 | 24,864 | (a) | |||||
Hon Hai Precision Industry Company Ltd. | 432,900 | 1,449,863 | ||||||
TE Connectivity Ltd. | 25,450 | 1,573,828 | ||||||
3,048,555 | ||||||||
Environmental & Facilities Services—0.0% * | ||||||||
China Everbright International Ltd. | 88,000 | 125,579 | ||||||
Park24 Company Ltd. | 3,600 | 65,458 | ||||||
191,037 | ||||||||
Fertilizers & Agricultural Chemicals—0.2% | ||||||||
Agrium Inc. | 6,486 | 595,228 | ||||||
China BlueChemical Ltd. | 68,000 | 37,025 | ||||||
Grupa Azoty S.A. | 816 | 19,479 | ||||||
Israel Chemicals Ltd. | 18,673 | 160,113 | ||||||
K+S AG | 6,950 | 228,517 | ||||||
Potash Corporation of Saskatchewan Inc. | 32,745 | 1,247,516 | ||||||
Syngenta AG | 3,403 | 1,267,491 | ||||||
Taiwan Fertilizer Company Ltd. | 28,000 | 55,516 | ||||||
The Israel Corp. Ltd. | 88 | 50,176 | (a) | |||||
Uralkali OJSC GDR | 8,135 | 187,512 | (††) | |||||
Uralkali OJSC GDR | 2,205 | 50,825 | (a,††) | |||||
Yara International ASA | 8,088 | 405,039 | ||||||
4,304,437 | ||||||||
Food Distributors—0.0% * | ||||||||
Metcash Ltd. | 33,592 | 83,703 | ||||||
The Spar Group Ltd. | 6,247 | 73,053 | ||||||
156,756 | ||||||||
Food Retail—0.4% | ||||||||
Alimentation Couche Tard Inc. | 18,972 | 520,632 | ||||||
BIM Birlesik Magazalar AS | 7,874 | 180,482 | ||||||
Casino Guichard Perrachon S.A. | 2,125 | 281,721 | ||||||
China Resources Enterprise Ltd. | 48,000 | 133,775 | ||||||
Colruyt S.A. | 2,817 | 143,091 | ||||||
CP ALL PCL NVDR | 164,800 | 243,734 | ||||||
Delhaize Group S.A. | 3,869 | 261,737 | ||||||
Empire Company Ltd. | 1,327 | 90,398 | ||||||
Eurocash S.A. | 2,510 | 33,236 | ||||||
FamilyMart Company Ltd. | 2,200 | 94,793 | ||||||
George Weston Ltd. | 2,454 | 181,340 | ||||||
Grupo Comercial Chedraui S.A. de C.V. | 5,400 | 19,043 | ||||||
J Sainsbury PLC | 48,231 | 260,186 | ||||||
Jeronimo Martins SGPS S.A. | 14,851 | 244,304 | ||||||
Koninklijke Ahold N.V. | 38,929 | 730,738 | ||||||
Lawson Inc. | 2,600 | 195,055 | ||||||
Loblaw Companies Ltd. | 11,207 | 501,035 | ||||||
Magnit OJSC GDR | 137 | 8,083 | ||||||
Magnit OJSC GDR | 11,929 | 703,811 | ||||||
Metro Inc. | 4,289 | 265,639 | ||||||
Pick n Pay Stores Ltd. | 9,438 | 51,658 | ||||||
President Chain Store Corp. | 21,000 | 168,096 |
Table of Contents
Seven & I Holdings Company Ltd. | 30,300 | 1,276,545 | ||||||
Shoprite Holdings Ltd. | 16,646 | 240,957 | ||||||
Tesco PLC | 319,314 | 1,551,671 | ||||||
WM Morrison Supermarkets PLC | 91,077 | 285,605 | ||||||
Woolworths Ltd. | 51,212 | 1,702,410 | ||||||
10,369,775 | ||||||||
Footwear—0.0% * | ||||||||
Anta Sports Products Ltd. | 34,000 | 53,783 | ||||||
Asics Corp. | 6,600 | 153,949 | ||||||
Pou Chen Corp. | 80,000 | 96,323 | ||||||
Yue Yuen Industrial Holdings Ltd. | 31,000 | 104,995 | ||||||
409,050 | ||||||||
Forest Products—0.0% * | ||||||||
Duratex S.A. | 11,374 | 46,547 | ||||||
Gas Utilities—0.1% | ||||||||
APA Group | 33,483 | 217,744 | ||||||
China Gas Holdings Ltd. | 94,000 | 194,056 | ||||||
China Resources Gas Group Ltd. | 34,000 | 106,821 | ||||||
Enagas S.A. | 7,111 | 228,796 | ||||||
ENN Energy Holdings Ltd. | 32,000 | 229,977 | ||||||
GAIL India Ltd. | 14,061 | 108,242 | ||||||
Gas Natural SDG S.A. | 13,678 | 431,944 | ||||||
Hong Kong & China Gas Company Ltd. | 228,470 | 500,548 | ||||||
Korea Gas Corp. | 1,143 | 62,358 | (a) | |||||
Osaka Gas Company Ltd. | 74,000 | 311,179 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 436,000 | 205,036 | ||||||
Petronas Gas Bhd | 24,000 | 183,120 | ||||||
Snam S.p.A. | 85,327 | 514,032 | ||||||
Toho Gas Company Ltd. | 15,000 | 82,474 | ||||||
Tokyo Gas Company Ltd. | 100,000 | 584,374 | ||||||
3,960,701 | ||||||||
General Merchandise Stores—0.0% * | ||||||||
Canadian Tire Corporation Ltd. | 3,488 | 335,227 | ||||||
Dollarama Inc. | 3,135 | 258,564 | ||||||
Don Quijote Holdings Company Ltd. | 2,000 | 111,544 | ||||||
Harvey Norman Holdings Ltd. | 20,526 | 60,058 | ||||||
Lojas Americanas S.A. | 4,875 | 26,807 | ||||||
792,200 | ||||||||
Gold—0.1% | ||||||||
Agnico-Eagle Mines Ltd. | 7,434 | 285,174 | ||||||
AngloGold Ashanti Ltd. | 14,863 | 248,468 | (a) | |||||
Barrick Gold Corp. | 42,773 | 784,664 | ||||||
Cia de Minas Buenaventura S.A. ADR | 8,589 | 101,436 | ||||||
Eldorado Gold Corp. | 25,001 | 191,530 | ||||||
Franco-Nevada Corp. | 6,022 | 346,287 | ||||||
Gold Fields Ltd. | 31,089 | 112,214 | ||||||
Goldcorp Inc. | 30,956 | 865,483 | ||||||
Harmony Gold Mining Company Ltd. | 14,498 | 42,450 | (a) | |||||
Kinross Gold Corp. | 42,336 | 175,680 | (a) | |||||
Koza Altin Isletmeleri AS | 2,504 | 28,579 | ||||||
New Gold Inc. | 16,844 | 107,059 | (a) | |||||
Newcrest Mining Ltd. | 33,547 | 333,098 | (a) | |||||
Randgold Resources Ltd. | 3,782 | 315,120 |
Table of Contents
Yamana Gold Inc. | 28,763 | 237,092 | ||||||
Zijin Mining Group Company Ltd. | 230,000 | 52,230 | ||||||
4,226,564 | ||||||||
Healthcare Distributors—0.0% * | ||||||||
Alfresa Holdings Corp. | 1,600 | 103,134 | ||||||
Celesio AG | 2,274 | 80,950 | ||||||
Medipal Holdings Corp. | 5,400 | 76,545 | ||||||
Shanghai Pharmaceuticals Holding Company Ltd. | 22,700 | 47,214 | ||||||
Sinopharm Group Company Ltd. | 41,600 | 115,401 | ||||||
Suzuken Company Ltd. | 2,600 | 96,757 | ||||||
520,001 | ||||||||
Healthcare Equipment—0.1% | ||||||||
Cochlear Ltd. | 2,383 | 138,775 | ||||||
Elekta AB | 14,831 | 188,567 | ||||||
Getinge AB | 7,959 | 209,054 | ||||||
Olympus Corp. | 8,700 | 299,719 | (a) | |||||
Oxford Immunotec Global PLC | 441 | 7,422 | (a) | |||||
Smith & Nephew PLC | 34,870 | 619,477 | ||||||
Sonova Holding AG | 1,968 | 300,260 | ||||||
Sysmex Corp. | 6,200 | 232,871 | ||||||
Terumo Corp. | 12,400 | 277,242 | ||||||
William Demant Holding A/S | 1,227 | 111,406 | (a) | |||||
2,384,793 | ||||||||
Healthcare Facilities—0.0% * | ||||||||
Apollo Hospitals Enterprise Ltd. | 2,610 | 43,308 | ||||||
Bangkok Dusit Medical Services PCL NVDR | 109,000 | 56,087 | ||||||
Bumrungrad Hospital PCL NVDR | 13,000 | 46,865 | ||||||
IHH Healthcare Bhd | 95,100 | 129,722 | ||||||
Life Healthcare Group Holdings Ltd. | 36,982 | 144,226 | ||||||
Mediclinic International Ltd. | 14,711 | 112,959 | ||||||
Netcare Ltd. | 33,031 | 89,107 | ||||||
Ramsay Healthcare Ltd. | 4,955 | 212,794 | ||||||
Ryman Healthcare Ltd. | 4,493 | 33,634 | ||||||
868,702 | ||||||||
Healthcare Services—0.1% | ||||||||
Catamaran Corp. | 7,568 | 334,793 | (a) | |||||
Fresenius Medical Care AG & Company KGaA | 9,016 | 605,980 | ||||||
Fresenius SE & Company KGaA | 4,939 | 736,407 | ||||||
Miraca Holdings Inc. | 2,100 | 101,782 | ||||||
Sonic Healthcare Ltd. | 15,192 | 248,494 | ||||||
2,027,456 | ||||||||
Healthcare Supplies—0.1% | ||||||||
Coloplast A/S | 4,684 | 423,566 | ||||||
Essilor International S.A. | 8,314 | 881,622 | ||||||
Shandong Weigao Group Medical Polymer Company Ltd. | 60,000 | 58,449 | ||||||
1,363,637 | ||||||||
Healthcare Technology—0.0% * | ||||||||
M3 Inc. | 4,800 | 76,379 | ||||||
Heavy Electrical Equipment—0.1% | ||||||||
ABB Ltd. | 84,506 | 1,945,887 | ||||||
Alstom S.A. | 9,100 | 331,728 | ||||||
Bharat Heavy Electricals Ltd. | 22,240 | 92,591 |
Table of Contents
Mitsubishi Electric Corp. | 77,000 | 950,101 | ||||||
Shanghai Electric Group Company Ltd. | 108,000 | 43,477 | ||||||
Vestas Wind Systems A/S | 8,000 | 403,585 | (a) | |||||
3,767,369 | ||||||||
Highways & Railtracks—0.1% | ||||||||
Abertis Infraestructuras S.A. | 17,665 | 406,451 | ||||||
Atlantia S.p.A. | 13,697 | 390,443 | ||||||
CCR S.A. | 36,100 | 294,814 | ||||||
EcoRodovias Infraestrutura e Logistica S.A. | 6,200 | 42,588 | ||||||
Groupe Eurotunnel S.A. | 21,236 | 287,176 | ||||||
Jasa Marga Persero Tbk PT | 81,500 | 41,077 | ||||||
Jiangsu Expressway Company Ltd. | 44,000 | 52,343 | ||||||
OHL Mexico SAB de C.V. | 24,300 | 74,176 | (a) | |||||
Transurban Group | 77,199 | 538,467 | ||||||
Zhejiang Expressway Company Ltd. | 52,000 | 52,467 | ||||||
2,180,002 | ||||||||
Home Building—0.0% * | ||||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 11,000 | 68,971 | ||||||
Iida Group Holdings Company Ltd. | 1,700 | 25,826 | ||||||
Persimmon PLC | 12,340 | 268,597 | ||||||
Sekisui Chemical Company Ltd. | 16,000 | 185,262 | ||||||
Sekisui House Ltd. | 23,000 | 315,355 | ||||||
864,011 | ||||||||
Home Entertainment Software—0.0% * | ||||||||
GungHo Online Entertainment Inc. | 14,400 | 92,963 | ||||||
Kingsoft Corporation Ltd. | 27,000 | 81,345 | ||||||
Konami Corp. | 3,800 | 83,986 | ||||||
NCSoft Corp. | 620 | 111,830 | ||||||
Nexon Company Ltd. | 4,000 | 38,182 | ||||||
Nintendo Company Ltd. | 4,100 | 490,721 | ||||||
899,027 | ||||||||
Home Furnishing Retail—0.0% * | ||||||||
Nitori Holdings Company Ltd. | 2,600 | 142,185 | ||||||
Home Furnishings—0.0% * | ||||||||
Steinhoff International Holdings Ltd. | 64,542 | 359,451 | ||||||
Home Improvement Retail—0.0% * | ||||||||
Home Product Center PCL NVDR | 89,466 | 26,602 | ||||||
Kingfisher PLC | 99,085 | 608,219 | ||||||
634,821 | ||||||||
Hotels, Resorts & Cruise Lines—0.1% | ||||||||
Accor S.A. | 6,094 | 316,974 | ||||||
Belmond Ltd. | 3,323 | 48,316 | (a) | |||||
Carnival PLC | 7,452 | 281,339 | ||||||
Flight Centre Travel Group Ltd. | 2,032 | 85,251 | ||||||
Formosa International Hotels Corp. | 1,100 | 13,373 | ||||||
InterContinental Hotels Group PLC | 10,767 | 445,705 | ||||||
Minor International PCL NVDR | 44,400 | 40,015 | ||||||
Shangri-La Asia Ltd. | 64,000 | 100,579 | ||||||
TUI Travel PLC | 16,273 | 110,741 | ||||||
1,442,293 |
Table of Contents
Household Appliances—0.0% * | ||||||||
Arcelik AS | 8,562 | 52,092 | ||||||
Coway Company Ltd. | 2,160 | 180,819 | ||||||
Electrolux AB | 9,443 | 238,711 | ||||||
Haier Electronics Group Company Ltd. | 31,000 | 81,196 | ||||||
Husqvarna AB | 25,105 | 195,084 | ||||||
Rinnai Corp. | 1,200 | 115,848 | ||||||
863,750 | ||||||||
Household Products—0.1% | ||||||||
Henkel AG & Company KGaA | 5,288 | 532,145 | ||||||
Hindustan Unilever Ltd. | 14,991 | 154,372 | ||||||
Kimberly-Clark de Mexico SAB de C.V. | 58,300 | 163,625 | ||||||
LG Household & Healthcare Ltd. | 359 | 161,617 | ||||||
Reckitt Benckiser Group PLC | 25,229 | 2,200,027 | ||||||
Svenska Cellulosa AB SCA | 23,136 | 602,508 | ||||||
Unicharm Corp. | 4,700 | 280,084 | ||||||
Unilever Indonesia Tbk PT | 56,500 | 139,522 | ||||||
4,233,900 | ||||||||
Human Resource & Employment Services—0.1% | ||||||||
Adecco S.A. | 6,072 | 499,838 | ||||||
Capita PLC | 26,009 | 509,198 | ||||||
Randstad Holding N.V. | 4,968 | 269,289 | ||||||
Seek Ltd. | 13,036 | 195,019 | ||||||
1,473,344 | ||||||||
Hypermarkets & Super Centers—0.2% | ||||||||
Aeon Company Ltd. | 24,500 | 301,338 | ||||||
Almacenes Exito S.A. | 7,211 | 121,222 | ||||||
Carrefour S.A. | 24,431 | 901,135 | ||||||
Cencosud S.A. | 43,221 | 141,762 | ||||||
Controladora Comercial Mexicana SAB de C.V. | 13,600 | 51,001 | ||||||
Distribuidora Internacional de Alimentacion S.A. | 22,662 | 208,630 | ||||||
E-Mart Company Ltd. | 836 | 191,690 | ||||||
Massmart Holdings Ltd. | 3,853 | 47,806 | ||||||
Metro AG | 6,109 | 266,231 | (a) | |||||
Sun Art Retail Group Ltd. | 88,500 | 100,828 | ||||||
Wal-Mart de Mexico SAB de C.V. | 206,800 | 554,421 | ||||||
Wesfarmers Ltd. | 43,914 | 1,734,195 | ||||||
4,620,259 | ||||||||
Independent Power Producers & Energy Traders—0.0% * | ||||||||
Aboitiz Power Corp. | 66,300 | 55,668 | ||||||
AES Gener S.A. | 82,891 | 42,900 | ||||||
China Resources Power Holdings Company Ltd. | 82,000 | 232,764 | ||||||
Colbun S.A. | 260,471 | 65,345 | ||||||
Datang International Power Generation Company Ltd. | 112,000 | 43,786 | ||||||
Electric Power Development Company Ltd. | 4,300 | 139,648 | ||||||
Empresa Nacional de Electricidad S.A. | 137,870 | 206,555 | ||||||
Glow Energy PCL | 17,700 | 45,402 | ||||||
Huaneng Power International Inc. | 126,000 | 141,764 | ||||||
NTPC Ltd. | 44,321 | 114,809 | ||||||
Reliance Power Ltd. | 22,142 | 39,943 | (a) | |||||
TransAlta Corp. | 9,219 | 113,209 | ||||||
1,241,793 | ||||||||
Industrial Conglomerates—0.4% | ||||||||
Aboitiz Equity Ventures Inc. | 66,580 | 85,418 | ||||||
Aditya Birla Nuvo Ltd. | 1,222 | 28,006 |
Table of Contents
Alfa SAB de C.V. | 119,800 | 331,521 | ||||||
Alliance Global Group Inc. | 117,400 | 78,267 | ||||||
Beijing Enterprises Holdings Ltd. | 19,500 | 184,298 | ||||||
Bidvest Group Ltd. | 11,326 | 300,834 | ||||||
CITIC Pacific Ltd. | 50,000 | 87,609 | ||||||
CJ Corp. | 632 | 87,448 | ||||||
DMCI Holdings Inc. | 28,000 | 47,469 | ||||||
Doosan Corp. | 378 | 46,699 | ||||||
Enka Insaat ve Sanayi AS | 17,548 | 47,588 | ||||||
Far Eastern New Century Corp. | 115,260 | 124,108 | ||||||
Grupo Carso SAB de C.V. | 22,000 | 114,299 | ||||||
Hutchison Whampoa Ltd. | 79,000 | 1,079,448 | ||||||
Jaiprakash Associates Ltd. | 36,106 | 46,164 | ||||||
Keppel Corp. Ltd. | 48,000 | 415,450 | ||||||
KOC Holding AS | 23,474 | 115,139 | ||||||
Koninklijke Philips N.V. | 37,360 | 1,185,435 | ||||||
LG Corp. | 3,743 | 231,209 | ||||||
MMC Corp Bhd | 22,700 | 17,956 | ||||||
NWS Holdings Ltd. | 61,395 | 113,912 | ||||||
Samsung Techwin Company Ltd. | 1,650 | 86,430 | ||||||
Sembcorp Industries Ltd. | 42,000 | 180,917 | ||||||
Shanghai Industrial Holdings Ltd. | 20,000 | 61,159 | ||||||
Siemens AG | 31,207 | 4,121,026 | ||||||
Siemens Ltd. | 2,575 | 40,897 | ||||||
Sime Darby Bhd | 118,700 | 357,468 | ||||||
SK Holdings Company Ltd. | 1,018 | 183,618 | ||||||
SM Investments Corp. | 10,194 | 190,568 | ||||||
Smiths Group PLC | 15,368 | 340,812 | ||||||
Toshiba Corp. | 163,000 | 761,058 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 17,815 | 25,038 | ||||||
11,117,268 | ||||||||
Industrial Gases—0.1% | ||||||||
Air Liquide S.A. | 13,688 | 1,847,856 | ||||||
Air Water Inc. | 6,000 | 95,948 | ||||||
Linde AG | 7,216 | 1,534,331 | ||||||
Taiyo Nippon Sanso Corp. | 9,000 | 79,690 | ||||||
Yingde Gases Group Company Ltd. | 34,000 | 37,069 | ||||||
3,594,894 | ||||||||
Industrial Machinery—0.4% | ||||||||
Alfa Laval AB | 12,518 | 322,436 | ||||||
Amada Company Ltd. | 13,000 | 132,175 | ||||||
Andritz AG | 3,315 | 191,557 | ||||||
Atlas Copco AB | 25,881 | 747,548 | ||||||
Atlas Copco AB | 10,739 | 286,733 | ||||||
China International Marine Containers Group Company Ltd. | 23,400 | 44,926 | ||||||
Doosan Infracore Company Ltd. | 4,510 | 57,723 | (a) | |||||
FANUC Corp. | 7,700 | 1,327,861 | ||||||
GEA Group AG | 7,004 | 331,606 | ||||||
Hiwin Technologies Corp. | 7,210 | 88,984 | ||||||
IHI Corp. | 53,000 | 246,938 | ||||||
IMI PLC | 10,961 | 278,688 | ||||||
JTEKT Corp. | 8,400 | 141,541 | ||||||
Kawasaki Heavy Industries Ltd. | 60,000 | 228,617 | ||||||
Kone Oyj | 12,697 | 529,867 | ||||||
Kurita Water Industries Ltd. | 4,400 | 101,938 |
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Makita Corp. | 4,600 | 284,251 | ||||||
Melrose Industries PLC | 41,199 | 183,295 | ||||||
Metso Oyj | 5,381 | 203,856 | ||||||
Mitsubishi Heavy Industries Ltd. | 125,000 | 779,823 | ||||||
Nabtesco Corp. | 4,600 | 101,713 | ||||||
NGK Insulators Ltd. | 10,000 | 227,037 | ||||||
NSK Ltd. | 19,000 | 247,007 | ||||||
Pentair PLC | 12,117 | 873,878 | ||||||
Sandvik AB | 37,401 | 510,775 | ||||||
Schindler Holding AG | 1,798 | 273,309 | (††) | |||||
Schindler Holding AG | 1,044 | 157,401 | (††) | |||||
SKF AB | 15,703 | 400,482 | ||||||
SMC Corp. | 2,100 | 561,976 | ||||||
Sulzer AG | 1,015 | 142,384 | ||||||
Sumitomo Heavy Industries Ltd. | 21,000 | 99,916 | ||||||
The Weir Group PLC | 8,910 | 398,998 | ||||||
THK Company Ltd. | 4,600 | 108,433 | ||||||
Vallourec S.A. | 4,128 | 184,844 | ||||||
Wartsila Oyj Abp | 7,288 | 361,417 | ||||||
WEG S.A. | 10,270 | 131,817 | ||||||
Zardoya Otis S.A. | 6,283 | 111,831 | ||||||
11,403,581 | ||||||||
Industrial REITs—0.0% * | ||||||||
Ascendas Real Estate Investment Trust | 84,000 | 154,975 | ||||||
Goodman Group | 70,089 | 334,075 | ||||||
Nippon Prologis REIT Inc. | 35 | 81,605 | ||||||
Segro PLC | 27,782 | 163,981 | ||||||
734,636 | ||||||||
Integrated Oil & Gas—1.5% | ||||||||
BG Group PLC | 134,711 | 2,844,643 | ||||||
BP PLC | 718,651 | 6,327,012 | ||||||
Cenovus Energy Inc. | 31,166 | 1,012,094 | ||||||
China Petroleum & Chemical Corp. | 987,400 | 942,765 | ||||||
Ecopetrol S.A. | 226,632 | 411,127 | ||||||
Eni S.p.A. | 100,222 | 2,741,635 | ||||||
Galp Energia SGPS S.A. | 14,825 | 271,583 | ||||||
Gazprom OAO ADR | 219,231 | 1,910,598 | ||||||
Husky Energy Inc. | 13,955 | 451,476 | ||||||
Imperial Oil Ltd. | 13,616 | 718,798 | ||||||
Lukoil OAO ADR | 20,528 | 1,227,985 | ||||||
MOL Hungarian Oil & Gas PLC | 1,514 | 81,038 | ||||||
OMV AG | 7,070 | 319,436 | ||||||
Origin Energy Ltd. | 48,049 | 663,033 | ||||||
PetroChina Company Ltd. | 812,000 | 1,024,645 | ||||||
Petroleo Brasileiro S.A. | 117,000 | 862,066 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 63,407 | 109,621 | ||||||
PTT PCL NVDR | 34,800 | 340,977 | ||||||
Repsol S.A. | 34,572 | 911,658 | ||||||
Rosneft OAO GDR | 45,830 | 335,246 | (a) | |||||
Royal Dutch Shell PLC | 151,714 | 6,273,783 | ||||||
Royal Dutch Shell PLC | 95,866 | 4,167,574 | ||||||
Sasol Ltd. | 22,325 | 1,326,983 | ||||||
Statoil ASA | 43,478 | 1,334,885 | ||||||
Suncor Energy Inc. | 56,774 | 2,425,214 | ||||||
Surgutneftegas OAO ADR | 27,270 | 225,250 |
Table of Contents
Surgutneftegas OAO ADR | 29,028 | 224,386 | ||||||
Total S.A. | 84,902 | 6,135,337 | ||||||
45,620,848 | ||||||||
Integrated Telecommunication Services—0.7% | ||||||||
BCE Inc. | 9,534 | 433,221 | ||||||
Belgacom S.A. | 6,788 | 225,235 | ||||||
Bell Aliant Inc. | 2,827 | 74,022 | ||||||
Bezeq The Israeli Telecommunication Corporation Ltd. | 71,154 | 133,436 | ||||||
BT Group PLC | 308,610 | 2,031,027 | ||||||
China Communications Services Corporation Ltd. | 84,000 | 40,643 | ||||||
China Telecom Corporation Ltd. | 564,000 | 276,529 | ||||||
China Unicom Hong Kong Ltd. | 208,000 | 322,050 | ||||||
Chunghwa Telecom Company Ltd. | 152,000 | 489,731 | ||||||
Citic 21CN Company Ltd. | 44,000 | 34,233 | (a) | |||||
Deutsche Telekom AG | 114,610 | 2,008,554 | ||||||
Elisa Oyj | 6,563 | 200,741 | ||||||
Hellenic Telecommunications Organization S.A. | 10,479 | 154,951 | (a) | |||||
HKT Trust | 96,000 | 112,594 | ||||||
Koninklijke KPN N.V. | 135,376 | 493,217 | (a) | |||||
KT Corp. | 1,110 | 33,515 | ||||||
LG Uplus Corp. | 8,060 | 73,447 | ||||||
Nippon Telegraph & Telephone Corp. | 14,600 | 910,545 | ||||||
O2 Czech Republic AS | 3,979 | 56,364 | ||||||
Orange Polska S.A. | 28,318 | 90,455 | ||||||
Orange S.A. | 72,346 | 1,141,581 | ||||||
PCCW Ltd. | 173,000 | 103,126 | ||||||
Rostelecom OJSC ADR | 7,764 | 117,236 | ||||||
Singapore Telecommunications Ltd. | 281,000 | 867,806 | ||||||
Swisscom AG | 909 | 528,405 | ||||||
TDC A/S | 28,766 | 297,687 | ||||||
Telecom Corp. of New Zealand Ltd. | 68,211 | 160,055 | ||||||
Telecom Egypt Co. | 13,363 | 25,212 | ||||||
Telecom Italia S.p.A. | 499,385 | 632,453 | (a) | |||||
Telecom Italia S.p.A. | 190,334 | 188,020 | ||||||
Telefonica Deutschland Holding AG | 9,195 | 76,027 | (a) | |||||
Telefonica S.A. | 148,097 | 2,538,644 | ||||||
Telekom Austria AG | 8,813 | 86,154 | ||||||
Telekom Malaysia Bhd | 42,600 | 84,245 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 1,797,500 | 373,753 | ||||||
Telenor ASA | 28,157 | 641,027 | ||||||
TeliaSonera AB | 85,425 | 623,691 | ||||||
Telstra Corporation Ltd. | 139,731 | 687,122 | ||||||
TELUS Corp. | 11,130 | 415,566 | ||||||
True Corp PCL | 168,400 | 49,552 | (a) | |||||
Turk Telekomunikasyon AS | 16,769 | 48,402 | ||||||
Vivendi S.A. | 47,597 | 1,164,542 | (a) | |||||
XL Axiata Tbk PT | 93,500 | 40,224 | ||||||
19,085,040 | ||||||||
Internet Retail—0.0% * | ||||||||
ASOS PLC | 2,102 | 106,385 | (a) | |||||
Rakuten Inc. | 30,300 | 391,518 | ||||||
497,903 | ||||||||
Internet Software & Services—0.2% | ||||||||
Dena Company Ltd. | 3,900 | 52,742 | ||||||
Gree Inc. | 3,500 | 30,680 | (a) |
Table of Contents
Kakaku.com Inc. | 3,100 | 54,316 | ||||||
NAVER Corp. | 1,084 | 894,584 | ||||||
Tencent Holdings Ltd. | 208,000 | 3,180,243 | ||||||
United Internet AG | 4,602 | 202,729 | ||||||
Wix.com Ltd. | 477 | 9,464 | (a) | |||||
Yahoo Japan Corp. | 64,300 | 297,047 | ||||||
4,721,805 | ||||||||
Investment Banking & Brokerage—0.1% | ||||||||
CITIC Securities Company Ltd. | 42,500 | 93,880 | ||||||
Daewoo Securities Company Ltd. | 7,490 | 64,551 | (a) | |||||
Daiwa Securities Group Inc. | 62,000 | 536,736 | ||||||
Haitong Securities Company Ltd. | 49,200 | 76,177 | ||||||
ICAP PLC | 21,687 | 140,910 | ||||||
Korea Investment Holdings Company Ltd. | 1,740 | 69,132 | ||||||
Macquarie Group Ltd. | 12,318 | 693,279 | ||||||
Mediobanca S.p.A. | 20,019 | 199,538 | (a) | |||||
Nomura Holdings Inc. | 140,000 | 990,869 | ||||||
Samsung Securities Company Ltd. | 2,292 | 100,351 | ||||||
Woori Investment & Securities Company Ltd. | 6,220 | 53,667 | ||||||
Yuanta Financial Holding Company Ltd. | 351,000 | 189,854 | ||||||
3,208,944 | ||||||||
IT Consulting & Other Services—0.2% | ||||||||
AtoS | 2,010 | 167,431 | ||||||
Cap Gemini S.A. | 5,602 | 399,606 | ||||||
CGI Group Inc. | 7,985 | 283,521 | (a) | |||||
Fujitsu Ltd. | 68,000 | 509,471 | ||||||
HCL Technologies Ltd. | 7,684 | 192,027 | ||||||
Infosys Ltd. | 18,855 | 1,020,418 | ||||||
Itochu Techno-Solutions Corp. | 900 | 39,134 | ||||||
Luxoft Holding Inc. | 270 | 9,736 | (a) | |||||
Nomura Research Institute Ltd. | 3,800 | 119,659 | ||||||
NTT Data Corp. | 5,300 | 203,514 | ||||||
Otsuka Corp. | 1,800 | 87,242 | ||||||
SK C&C Company Ltd. | 921 | 151,558 | ||||||
Tata Consultancy Services Ltd. | 18,636 | 747,965 | ||||||
Tech Mahindra Ltd. | 2,313 | 82,696 | ||||||
Wipro Ltd. | 25,134 | 227,750 | ||||||
4,241,728 | ||||||||
Leisure Facilities—0.0% * | ||||||||
Oriental Land Company Ltd. | 2,100 | 359,760 | ||||||
Leisure Products—0.0% * | ||||||||
Bandai Namco Holdings Inc. | 6,600 | 154,535 | ||||||
Giant Manufacturing Company Ltd. | 10,000 | 77,868 | ||||||
Merida Industry Company Ltd. | 7,000 | 46,420 | ||||||
Sankyo Company Ltd. | 1,900 | 73,052 | ||||||
Sega Sammy Holdings Inc. | 7,400 | 145,582 | ||||||
Shimano Inc. | 3,200 | 355,047 | ||||||
Yamaha Corp. | 6,100 | 96,403 | ||||||
948,907 | ||||||||
Life & Health Insurance—0.5% | ||||||||
Aegon N.V. | 81,726 | 713,220 | ||||||
AIA Group Ltd. | 459,600 | 2,312,721 | ||||||
AMP Ltd. | 120,452 | 602,550 |
Table of Contents
Cathay Financial Holding Company Ltd. | 310,874 | 485,708 | ||||||
China Life Insurance Company Ltd. | 264,000 | 691,478 | ||||||
China Life Insurance Company Ltd. | 85,500 | 78,891 | ||||||
China Taiping Insurance Holdings Company Ltd. | 32,800 | 58,656 | (a) | |||||
CNP Assurances | 5,764 | 119,639 | ||||||
Delta Lloyd N.V. | 7,100 | 180,227 | ||||||
Discovery Ltd. | 10,317 | 94,212 | ||||||
Friends Life Group Ltd. | 55,034 | 296,697 | ||||||
Great-West Lifeco Inc. | 5,456 | 154,590 | ||||||
Hanwha Life Insurance Company Ltd. | 8,480 | 54,142 | ||||||
Industrial Alliance Insurance & Financial Services Inc. | 3,775 | 165,722 | ||||||
Legal & General Group PLC | 230,848 | 889,688 | ||||||
Liberty Holdings Ltd. | 4,059 | 49,599 | ||||||
Manulife Financial Corp. | 70,176 | 1,397,393 | ||||||
MMI Holdings Ltd. | 36,164 | 89,231 | ||||||
New China Life Insurance Company Ltd. | 23,300 | 76,962 | ||||||
Old Mutual PLC | 188,458 | 637,058 | ||||||
Ping An Insurance Group Company of China Ltd. | 76,000 | 587,870 | ||||||
Power Corp of Canada | 13,526 | 376,516 | ||||||
Power Financial Corp. | 7,564 | 235,836 | ||||||
Prudential PLC | 99,931 | 2,291,325 | ||||||
Rand Merchant Insurance Holdings Ltd. | 22,171 | 68,313 | ||||||
Samsung Life Insurance Company Ltd. | 2,361 | 238,013 | ||||||
Sanlam Ltd. | 67,666 | 392,751 | ||||||
Shin Kong Financial Holding Company Ltd. | 242,192 | 74,707 | ||||||
Sony Financial Holdings Inc. | 6,500 | 110,873 | ||||||
Standard Life PLC | 92,638 | 592,563 | ||||||
Sun Life Financial Inc. | 24,295 | 894,569 | ||||||
Swiss Life Holding AG | 1,203 | 285,285 | ||||||
T&D Holdings Inc. | 22,500 | 305,834 | ||||||
The Dai-ichi Life Insurance Company Ltd. | 32,700 | 487,087 | ||||||
16,089,926 | ||||||||
Life Sciences Tools & Services—0.0% * | ||||||||
Divi’s Laboratories Ltd. | 1,428 | 34,783 | ||||||
Lonza Group AG | 1,992 | 216,766 | ||||||
QIAGEN N.V. | 9,834 | 238,317 | (a) | |||||
489,866 | ||||||||
Managed Healthcare—0.0% * | ||||||||
Odontoprev S.A. | 10,100 | 43,532 | ||||||
Qualicorp S.A. | 8,200 | 97,101 | (a) | |||||
140,633 | ||||||||
Marine—0.1% | ||||||||
AP Moeller—Maersk A/S | 249 | 618,705 | ||||||
AP Moeller—Maersk A/S | 91 | 214,080 | ||||||
China COSCO Holdings Company Ltd. | 102,500 | 40,072 | (a) | |||||
China Shipping Container Lines Company Ltd. | 146,000 | 37,864 | (a) | |||||
Evergreen Marine Corporation Taiwan Ltd. | 64,000 | 34,939 | (a) | |||||
Hyundai Merchant Marine Company Ltd. | 2,675 | 24,217 | (a) | |||||
Kuehne + Nagel International AG | 2,107 | 280,363 | ||||||
MISC Bhd | 62,200 | 125,911 | ||||||
Mitsui OSK Lines Ltd. | 42,000 | 156,300 | ||||||
Navios Maritime Holdings Inc. | 2,725 | 27,577 | ||||||
Nippon Yusen KK | 69,000 | 198,885 | ||||||
Safe Bulkers Inc. | 1,329 | 12,971 |
Table of Contents
U-Ming Marine Transport Corp. | 17,000 | 28,696 | ||||||
Yang Ming Marine Transport Corp. | 59,000 | 23,712 | (a) | |||||
1,824,292 | ||||||||
Marine Ports & Services—0.0% * | ||||||||
Adani Ports and Special Economic Zone | 14,192 | 57,563 | ||||||
China Merchants Holdings International Company Ltd. | 42,000 | 130,871 | ||||||
COSCO Pacific Ltd. | 62,000 | 86,076 | ||||||
Hutchison Port Holdings Trust | 201,000 | 144,720 | ||||||
International Container Terminal Services Inc. | 26,800 | 68,151 | ||||||
Kamigumi Company Ltd. | 8,000 | 73,600 | ||||||
Mitsubishi Logistics Corp. | 5,000 | 74,873 | ||||||
635,854 | ||||||||
Metal & Glass Containers—0.0% * | ||||||||
Nampak Ltd. | 13,509 | 46,716 | ||||||
Rexam PLC | 28,486 | 260,581 | ||||||
Toyo Seikan Group Holdings Ltd. | 5,800 | 89,085 | ||||||
396,382 | ||||||||
Motorcycle Manufacturers—0.0% * | ||||||||
Bajaj Auto Ltd. | 3,146 | 120,044 | ||||||
Hero Motocorp Ltd. | 3,073 | 134,347 | ||||||
Yamaha Motor Company Ltd. | 10,600 | 182,378 | ||||||
436,769 | ||||||||
Movies & Entertainment—0.0% * | ||||||||
Eros International PLC | 666 | 10,103 | (a) | |||||
Toho Company Ltd. | 4,400 | 103,198 | ||||||
113,301 | ||||||||
Multi-Line Insurance—0.4% | ||||||||
Ageas | 9,634 | 384,302 | ||||||
Allianz SE | 17,175 | 2,861,795 | ||||||
Assicurazioni Generali S.p.A. | 46,975 | 1,029,697 | ||||||
Aviva PLC | 118,353 | 1,033,077 | ||||||
AXA S.A. | 62,330 | 1,489,595 | ||||||
Baloise Holding AG | 1,917 | 225,898 | ||||||
BB Seguridade Participacoes S.A. | 23,900 | 351,761 | ||||||
China Pacific Insurance Group Company Ltd. | 107,400 | 379,694 | ||||||
Fairfax Financial Holdings Ltd. | 818 | 388,760 | ||||||
Gjensidige Forsikring ASA | 7,732 | 138,605 | ||||||
Mapfre S.A. | 49,475 | 197,187 | ||||||
Porto Seguro S.A. | 4,400 | 63,601 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 2,320 | 339,019 | ||||||
Sampo | 15,151 | 766,491 | ||||||
Sul America S.A. | 5,000 | 35,502 | ||||||
UnipolSai S.p.A. | 19,507 | 62,710 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,571 | 84,080 | ||||||
Zurich Insurance Group AG | 5,504 | 1,659,020 | ||||||
11,490,794 | ||||||||
Multi-Sector Holdings—0.1% | ||||||||
Ayala Corp. | 7,150 | 106,062 | ||||||
Corp. Financiera Colombiana S.A. | 2,956 | 60,292 | ||||||
Eurazeo S.A. | 1,377 | 114,533 | ||||||
Exor S.p.A. | 3,417 | 140,305 | ||||||
First Pacific Company Ltd. | 94,000 | 105,760 | ||||||
Groupe Bruxelles Lambert S.A. | 3,676 | 381,954 |
Table of Contents
Grupo de Inversiones Suramericana S.A. | 8,633 | 183,246 | ||||||
Haci Omer Sabanci Holding AS | 34,397 | 160,442 | ||||||
Industrivarden AB | 4,939 | 97,519 | ||||||
Investment AB Kinnevik | 12,717 | 541,752 | ||||||
Investor AB | 19,167 | 718,761 | ||||||
Metro Pacific Investments Corp. | 129,200 | 14,829 | ||||||
Onex Corp. | 3,866 | 239,622 | ||||||
Pargesa Holding S.A. | 1,294 | 116,224 | ||||||
Remgro Ltd. | 19,519 | 421,983 | ||||||
Wendel S.A. | 1,280 | 183,313 | ||||||
3,586,597 | ||||||||
Multi-Utilities—0.3% | ||||||||
AGL Energy Ltd. | 23,385 | 341,674 | ||||||
Atco Ltd. | 2,398 | 116,439 | ||||||
Canadian Utilities Ltd. | 4,562 | 171,319 | ||||||
Centrica PLC | 199,028 | 1,063,802 | ||||||
E.ON SE | 73,129 | 1,509,879 | ||||||
GDF Suez | 52,639 | 1,448,981 | ||||||
National Grid PLC | 140,808 | 2,022,387 | ||||||
RWE AG | 20,826 | 894,339 | ||||||
Suez Environnement Co. | 10,531 | 201,571 | ||||||
Veolia Environnement S.A. | 14,035 | 267,391 | ||||||
YTL Corp Bhd | 200,400 | 101,105 | ||||||
YTL Power International Bhd | 87,045 | 39,849 | (a) | |||||
8,178,736 | ||||||||
Office REITs—0.0% * | ||||||||
CapitaCommercial Trust | 95,000 | 129,547 | ||||||
Japan Prime Realty Investment Corp. | 29 | 104,057 | ||||||
Japan Real Estate Investment Corp. | 46 | 267,904 | ||||||
Nippon Building Fund Inc. | 56 | 327,250 | ||||||
828,758 | ||||||||
Office Services & Supplies—0.0% * | ||||||||
Societe BIC S.A. | 1,036 | 141,731 | ||||||
Oil & Gas Drilling—0.1% | ||||||||
China Oilfield Services Ltd. | 58,000 | 139,343 | ||||||
Noble Corp. PLC | 15,871 | 532,631 | ||||||
North Atlantic Drilling Ltd. | 2,464 | 26,168 | ||||||
Seadrill Ltd. | 15,726 | 623,525 | ||||||
Transocean Ltd. | 16,086 | 723,035 | ||||||
Transocean Ltd. | 21,223 | 955,672 | ||||||
3,000,374 | ||||||||
Oil & Gas Equipment & Services—0.1% | ||||||||
Aker Solutions ASA | 7,194 | 124,974 | ||||||
AMEC PLC | 12,623 | 262,239 | ||||||
Bumi Armada Bhd | 42,800 | 45,319 | (a) | |||||
CHC Group Ltd. | 1,169 | 9,866 | (a) | |||||
Fugro N.V. | 2,972 | 170,150 | ||||||
Petrofac Ltd. | 10,564 | 217,296 | ||||||
Saipem S.p.A. | 10,901 | 294,025 | (a) | |||||
Sapurakencana Petroleum Bhd | 127,700 | 174,191 | (a) | |||||
Subsea 7 S.A. | 11,444 | 213,352 | ||||||
Technip S.A. | 4,256 | 465,527 |
Table of Contents
Tenaris S.A. | 19,053 | 448,686 | ||||||
WorleyParsons Ltd. | 8,516 | 139,939 | ||||||
2,565,564 | ||||||||
Oil & Gas Exploration & Production—0.4% | ||||||||
ARC Resources Ltd. | 11,975 | 365,270 | ||||||
Athabasca Oil Corp. | 11,308 | 81,321 | (a) | |||||
Baytex Energy Corp. | 4,899 | 226,518 | ||||||
Cairn India Ltd. | 17,722 | 107,578 | ||||||
Canadian Natural Resources Ltd. | 42,635 | 1,962,535 | ||||||
Canadian Oil Sands Ltd. | 18,537 | 420,809 | ||||||
CNOOC Ltd. | 725,000 | 1,305,877 | ||||||
Crescent Point Energy Corp. | 13,560 | 602,030 | ||||||
Encana Corp. | 28,724 | 681,728 | ||||||
Enerplus Corp. | 7,283 | 183,861 | ||||||
Equal Energy Ltd. | 1,276 | 6,916 | ||||||
Inpex Corp. | 36,100 | 548,779 | ||||||
Kunlun Energy Company Ltd. | 138,000 | 227,556 | ||||||
Lundin Petroleum AB | 8,987 | 181,747 | (a) | |||||
MEG Energy Corp. | 5,897 | 215,307 | (a) | |||||
NOVATEK OAO GDR | 4,613 | 573,857 | ||||||
Oil & Natural Gas Corp. Ltd. | 28,871 | 203,770 | ||||||
Oil India Ltd. | 17,637 | 171,576 | ||||||
Pacific Rubiales Energy Corp. | 11,182 | 227,598 | ||||||
Pengrowth Energy Corp. | 16,966 | 121,851 | ||||||
Penn West Petroleum Ltd. | 17,358 | 169,807 | ||||||
Peyto Exploration & Development Corp. | 4,880 | 184,681 | ||||||
PTT Exploration & Production PCL NVDR | 52,000 | 268,372 | ||||||
Santos Ltd. | 41,825 | 562,936 | ||||||
Talisman Energy Inc. | 39,373 | 416,962 | ||||||
Tatneft OAO ADR | 9,139 | 411,447 | ||||||
Tourmaline Oil Corp. | 6,249 | 330,065 | (a) | |||||
Tullow Oil PLC | 36,519 | 532,942 | ||||||
Vermilion Energy Inc. | 4,105 | 286,153 | ||||||
Woodside Petroleum Ltd. | 26,433 | 1,024,647 | ||||||
12,604,496 | ||||||||
Oil & Gas Refining & Marketing—0.1% | ||||||||
Bharat Petroleum Corp. Ltd. | 6,480 | 64,644 | ||||||
Caltex Australia Ltd. | 4,925 | 100,267 | ||||||
Cosan S.A. Industria e Comercio | 5,500 | 100,064 | ||||||
Delek Group Ltd. | 174 | 72,061 | ||||||
Empresas COPEC S.A. | 18,588 | 241,724 | ||||||
Formosa Petrochemical Corp. | 43,000 | 112,044 | ||||||
Grupa Lotos S.A. | 2,254 | 27,463 | (a) | |||||
GS Holdings | 2,084 | 92,892 | ||||||
Idemitsu Kosan Company Ltd. | 3,200 | 69,525 | ||||||
IRPC PCL NVDR | 378,600 | 39,429 | ||||||
JX Holdings Inc. | 90,000 | 481,516 | ||||||
Keyera Corp. | 3,488 | 257,421 | ||||||
Neste Oil Oyj | 5,805 | 113,258 | ||||||
Petronas Dagangan Bhd | 8,900 | 66,632 | ||||||
Polski Koncern Naftowy Orlen S.A. | 13,345 | 180,178 | ||||||
Reliance Industries Ltd. | 51,727 | 871,735 | ||||||
S-Oil Corp. | 1,820 | 102,350 | ||||||
Showa Shell Sekiyu KK | 7,600 | 86,349 | ||||||
SK Innovation Company Ltd. | 2,421 | 270,382 |
Table of Contents
Thai Oil PCL NVDR | 30,500 | 48,868 | ||||||
TonenGeneral Sekiyu KK | 11,000 | 104,457 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 5,349 | 124,624 | ||||||
3,627,883 | ||||||||
Oil & Gas Storage & Transportation—0.2% | ||||||||
AltaGas Ltd. | 4,683 | 215,783 | ||||||
Ardmore Shipping Corp. | 611 | 8,450 | ||||||
DHT Holdings Inc. | 2,380 | 17,136 | ||||||
Enbridge Inc. | 29,890 | 1,420,768 | ||||||
Inter Pipeline Ltd. | 11,848 | 368,404 | ||||||
Koninklijke Vopak N.V. | 2,589 | 126,547 | ||||||
Navios Maritime Acq Corp. | 2,781 | 10,318 | ||||||
Pembina Pipeline Corp. | 12,074 | 520,413 | ||||||
TransCanada Corp. | 28,340 | 1,355,073 | ||||||
Ultrapar Participacoes S.A. | 13,300 | 317,399 | ||||||
4,360,291 | ||||||||
Other Diversified Financial Services—0.1% | ||||||||
African Bank Investments Ltd. | 52,786 | 33,690 | ||||||
FirstRand Ltd. | 131,475 | 503,594 | ||||||
Fubon Financial Holding Company Ltd. | 274,000 | 395,978 | ||||||
ING Groep N.V. | 142,841 | 2,006,556 | (a) | |||||
ORIX Corp. | 52,600 | 871,777 | ||||||
Reliance Capital Ltd. | 4,115 | 45,019 | ||||||
RMB Holdings Ltd. | 26,636 | 131,668 | ||||||
3,988,282 | ||||||||
Packaged Foods & Meats—0.8% | ||||||||
Ajinomoto Company Inc. | 25,000 | 391,886 | ||||||
Aryzta AG | 3,492 | 330,771 | ||||||
Associated British Foods PLC | 13,962 | 727,885 | ||||||
Barry Callebaut AG | 87 | 118,217 | ||||||
Biostime International Holdings Ltd. | 3,000 | 16,644 | ||||||
BRF S.A. | 27,600 | 668,681 | ||||||
Calbee Inc. | 2,400 | 66,192 | ||||||
Charoen Pokphand Foods PCL NVDR | 115,100 | 96,641 | ||||||
China Mengniu Dairy Company Ltd. | 53,000 | 244,815 | ||||||
CJ CheilJedang Corp. | 320 | 108,954 | ||||||
Danone S.A. | 22,315 | 1,657,172 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 162 | 12,137 | (a) | |||||
Gruma SAB de C.V. | 8,900 | 106,521 | (a) | |||||
Grupo Bimbo SAB de C.V. | 66,600 | 194,723 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 32,000 | 26,993 | ||||||
Indofood Sukses Makmur Tbk PT | 165,000 | 93,252 | ||||||
JBS S.A. | 25,900 | 89,306 | ||||||
Kerry Group PLC | 5,662 | 425,204 | ||||||
Kikkoman Corp. | 6,000 | 124,969 | ||||||
Lindt & Spruengli AG | 3 | 185,318 | ||||||
Lindt & Spruengli AG | 33 | 167,977 | ||||||
Lotte Confectionery Company Ltd. | 35 | 66,831 | ||||||
M Dias Branco S.A. | 1,000 | 44,336 | ||||||
MEIJI Holdings Company Ltd. | 2,300 | 152,342 | ||||||
Nestle S.A. | 125,509 | 9,723,126 | ||||||
NH Foods Ltd. | 7,000 | 136,746 | ||||||
Nisshin Seifun Group Inc. | 7,700 | 91,894 | ||||||
Nissin Foods Holdings Company Ltd. | 2,300 | 118,286 |
Table of Contents
Orion Corp. | 142 | 130,099 | ||||||
Orkla ASA | 24,379 | 217,120 | ||||||
PPB Group Bhd | 17,800 | 83,928 | ||||||
Saputo Inc. | 5,698 | 341,992 | ||||||
Standard Foods Corp. | 11,500 | 31,968 | ||||||
Tate & Lyle PLC | 19,062 | 223,100 | ||||||
Tiger Brands Ltd. | 6,889 | 198,561 | ||||||
Tingyi Cayman Islands Holding Corp. | 82,000 | 229,590 | ||||||
Toyo Suisan Kaisha Ltd. | 4,000 | 123,390 | ||||||
Ulker Biskuvi Sanayi AS | 3,012 | 25,215 | ||||||
Uni-President China Holdings Ltd. | 48,000 | 36,850 | ||||||
Uni-President Enterprises Corp. | 171,720 | 308,266 | ||||||
Unilever N.V. | 60,186 | 2,633,210 | ||||||
Unilever PLC | 49,889 | 2,261,373 | ||||||
Universal Robina Corp. | 30,200 | 106,755 | ||||||
Want Want China Holdings Ltd. | 242,000 | 347,840 | ||||||
Yakult Honsha Company Ltd. | 3,400 | 172,173 | ||||||
Yamazaki Baking Company Ltd. | 4,000 | 49,948 | ||||||
23,709,197 | ||||||||
Paper Packaging—0.0% * | ||||||||
Amcor Ltd. | 54,175 | 533,318 | ||||||
Klabin S.A. | 19,600 | 98,707 | ||||||
632,025 | ||||||||
Paper Products—0.0% * | ||||||||
Empresas CMPC S.A. | 46,932 | 102,151 | ||||||
Fibria Celulose S.A. | 9,300 | 90,422 | (a) | |||||
Lee & Man Paper Manufacturing Ltd. | 71,000 | 37,743 | ||||||
Nine Dragons Paper Holdings Ltd. | 63,000 | 42,919 | ||||||
Oji Holdings Corp. | 31,000 | 127,605 | ||||||
Sappi Ltd. | 19,577 | 70,423 | (a) | |||||
Stora Enso Oyj | 20,372 | 198,314 | ||||||
UPM-Kymmene Oyj | 21,948 | 375,025 | ||||||
1,044,602 | ||||||||
Personal Products—0.1% | ||||||||
AMOREPACIFIC Corp. | 131 | 197,316 | ||||||
AMOREPACIFIC Group | 68 | 50,204 | ||||||
Beiersdorf AG | 3,859 | 373,388 | ||||||
Dabur India Ltd. | 13,803 | 42,916 | ||||||
Godrej Consumer Products Ltd. | 4,709 | 64,201 | ||||||
Hengan International Group Company Ltd. | 29,500 | 311,163 | ||||||
Hypermarcas S.A. | 12,800 | 111,792 | ||||||
Kao Corp. | 21,400 | 842,227 | ||||||
L’Oreal S.A. | 9,486 | 1,634,510 | ||||||
Natura Cosmeticos S.A. | 7,200 | 121,682 | ||||||
Shiseido Company Ltd. | 15,000 | 273,481 | ||||||
4,022,880 | ||||||||
Pharmaceuticals—1.8% | ||||||||
Aspen Pharmacare Holdings Ltd. | 12,203 | 342,837 | ||||||
Astellas Pharma Inc. | 88,500 | 1,162,761 | ||||||
AstraZeneca PLC | 49,072 | 3,641,927 | ||||||
Aurobindo Pharma Ltd. | 4,457 | 54,741 | ||||||
Bayer AG | 32,612 | 4,605,723 | ||||||
Celltrion Inc. | 2,486 | 114,374 | (a) | |||||
Chugai Pharmaceutical Company Ltd. | 9,400 | 264,913 |
Table of Contents
Cipla Ltd. | 12,861 | 93,734 | ||||||
CSPC Pharmaceutical Group Ltd. | 42,000 | 33,490 | ||||||
Daiichi Sankyo Company Ltd. | 27,600 | 514,920 | ||||||
Dr Reddy’s Laboratories Ltd. | 3,837 | 167,528 | ||||||
Eisai Company Ltd. | 9,900 | 414,744 | ||||||
Endo International PLC | 3,948 | 276,439 | (a) | |||||
Genomma Lab Internacional SAB de C.V. | 29,900 | 81,013 | (a) | |||||
GlaxoSmithKline PLC | 186,261 | 4,980,999 | ||||||
Hisamitsu Pharmaceutical Company Inc. | 2,400 | 107,320 | ||||||
Kalbe Farma Tbk PT | 854,500 | 119,652 | ||||||
Kyowa Hakko Kirin Company Ltd. | 8,000 | 108,267 | ||||||
Merck KGaA | 5,152 | 447,144 | ||||||
Mitsubishi Tanabe Pharma Corp. | 8,600 | 128,781 | ||||||
Novartis AG | 88,494 | 8,013,158 | ||||||
Novo Nordisk A/S | 79,605 | 3,663,596 | ||||||
Ono Pharmaceutical Company Ltd. | 3,200 | 281,763 | ||||||
Orion Oyj | 4,156 | 154,944 | ||||||
Otsuka Holdings Company Ltd. | 14,600 | 452,534 | ||||||
Piramal Enterprises Ltd. | 2,159 | 24,805 | ||||||
Ranbaxy Laboratories Ltd. | 4,850 | 41,440 | (a) | |||||
Richter Gedeon Nyrt | 2,156 | 41,392 | ||||||
Roche Holding AG | 27,404 | 8,173,611 | ||||||
Sanofi | 46,759 | 4,966,679 | ||||||
Santen Pharmaceutical Company Ltd. | 2,700 | 151,918 | ||||||
ScinoPharm Taiwan Ltd. | 10,400 | 25,775 | ||||||
Shionogi & Company Ltd. | 11,900 | 248,325 | ||||||
Shire PLC | 22,951 | 1,793,393 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 228,000 | 138,853 | ||||||
Sino Biopharmaceutical Ltd. | 124,000 | 101,435 | ||||||
Sumitomo Dainippon Pharma Company Ltd. | 6,100 | 70,150 | ||||||
Sun Pharmaceutical Industries Ltd. | 23,014 | 263,066 | ||||||
Taisho Pharmaceutical Holdings Company Ltd. | 1,300 | 94,832 | ||||||
Takeda Pharmaceutical Company Ltd. | 31,700 | 1,470,394 | ||||||
Teva Pharmaceutical Industries Ltd. | 34,162 | 1,807,360 | ||||||
Theravance Biopharma Inc. | 810 | 25,823 | (a) | |||||
UCB S.A. | 5,208 | 440,881 | ||||||
Valeant Pharmaceuticals International Inc. | 13,668 | 1,731,549 | (a) | |||||
Yuhan Corp. | 313 | 55,992 | ||||||
51,894,975 | ||||||||
Precious Metals & Minerals—0.0% * | ||||||||
Anglo American Platinum Ltd. | 3,198 | 138,597 | (a) | |||||
Fresnillo PLC | 8,624 | �� | 128,583 | |||||
Impala Platinum Holdings Ltd. | 21,829 | 219,301 | ||||||
Industrias Penoles SAB de C.V. | 6,055 | 151,601 | ||||||
Northam Platinum Ltd. | 8,512 | 36,404 | (a) | |||||
674,486 | ||||||||
Property & Casualty Insurance—0.2% |
| |||||||
Admiral Group PLC | 8,319 | 220,333 | ||||||
Direct Line Insurance Group PLC | 30,088 | 138,801 | ||||||
Dongbu Insurance Company Ltd. | 1,830 | 94,050 | ||||||
Hyundai Marine & Fire Insurance Company Ltd. | 2,720 | 77,557 | ||||||
Insurance Australia Group Ltd. | 100,070 | 551,595 | ||||||
Intact Financial Corp. | 5,931 | 409,710 | ||||||
MS&AD Insurance Group Holdings Inc. | 19,300 | 466,187 | ||||||
NKSJ Holdings Inc. | 13,000 | 350,072 |
Table of Contents
People’s Insurance Company Group of China Ltd. | 224,000 | 88,440 | ||||||
PICC Property & Casualty Company Ltd. | 140,000 | 212,429 | ||||||
QBE Insurance Group Ltd. | 50,715 | 520,318 | ||||||
RSA Insurance Group PLC | 42,571 | 345,607 | ||||||
Samsung Fire & Marine Insurance Company Ltd. | 1,377 | 350,442 | ||||||
Suncorp Group Ltd. | 52,094 | 665,748 | ||||||
Tokio Marine Holdings Inc. | 27,400 | 901,207 | ||||||
Tryg A/S | 1,127 | 113,834 | ||||||
5,506,330 | ||||||||
Publishing—0.1% | ||||||||
Axel Springer SE | 1,610 | 99,085 | ||||||
Lagardere SCA | 4,450 | 144,915 | ||||||
Pearson PLC | 32,552 | 642,305 | ||||||
Reed Elsevier N.V. | 26,968 | 618,464 | ||||||
Reed Elsevier PLC | 48,272 | 775,856 | ||||||
Singapore Press Holdings Ltd. | 62,737 | 209,853 | ||||||
Thomson Reuters Corp. | 15,288 | 557,610 | ||||||
Wolters Kluwer N.V. | 11,537 | 341,507 | ||||||
3,389,595 | ||||||||
Railroads—0.3% | ||||||||
ALL America Latina Logistica S.A. | 25,900 | 97,884 | ||||||
Asciano Ltd. | 36,444 | 193,659 | ||||||
Aurizon Holdings Ltd. | 79,572 | 374,018 | ||||||
BTS Group Holdings PCL NVDR | 100,000 | 26,652 | ||||||
Canadian National Railway Co. | 34,697 | 2,260,688 | ||||||
Canadian Pacific Railway Ltd. | 6,873 | 1,247,355 | ||||||
Central Japan Railway Co. | 6,000 | 855,831 | ||||||
East Japan Railway Co. | 13,500 | 1,063,289 | ||||||
Hankyu Hanshin Holdings Inc. | 44,000 | 251,044 | ||||||
Keikyu Corp. | 19,000 | 170,673 | ||||||
Keio Corp. | 23,000 | 180,722 | ||||||
Keisei Electric Railway Company Ltd. | 10,000 | 99,600 | ||||||
Kintetsu Corp. | 74,000 | 269,542 | ||||||
MTR Corporation Ltd. | 63,500 | 244,976 | ||||||
Odakyu Electric Railway Company Ltd. | 24,000 | 230,986 | ||||||
Tobu Railway Company Ltd. | 40,000 | 209,269 | ||||||
Tokyu Corp. | 44,000 | 311,850 | ||||||
West Japan Railway Co. | 6,700 | 294,971 | ||||||
8,383,009 | ||||||||
Real Estate Development—0.1% | ||||||||
Agile Property Holdings Ltd. | 52,000 | 36,633 | ||||||
Bumi Serpong Damai PT | 185,500 | 23,236 | ||||||
Cheung Kong Holdings Ltd. | 56,000 | 992,781 | ||||||
China Overseas Land & Investment Ltd. | 172,000 | 417,220 | ||||||
China Resources Land Ltd. | 80,000 | 146,574 | ||||||
China Vanke Company Ltd. | 49,400 | 86,813 | (a) | |||||
Country Garden Holdings Company Ltd. | 170,000 | 67,120 | ||||||
Evergrande Real Estate Group Ltd. | 257,000 | 100,143 | ||||||
Farglory Land Development Company Ltd. | 13,862 | 18,872 | ||||||
Guangzhou R&F Properties Company Ltd. | 33,600 | 41,402 | ||||||
Highwealth Construction Corp. | 12,000 | 26,847 | ||||||
IOI Properties Group Bhd | 63,949 | 50,187 | (a) | |||||
Keppel Land Ltd. | 31,000 | 84,049 | ||||||
Lippo Karawaci Tbk PT | 744,500 | 60,289 |
Table of Contents
Longfor Properties Company Ltd. | 50,000 | 61,223 | ||||||
Ruentex Development Company Ltd. | 24,578 | 44,533 | ||||||
Shimao Property Holdings Ltd. | 51,500 | 94,889 | ||||||
Shui On Land Ltd. | 136,666 | 33,327 | ||||||
Sino Land Company Ltd. | 116,000 | 190,381 | ||||||
Sino-Ocean Land Holdings Ltd. | 104,500 | 52,989 | ||||||
SOHO China Ltd. | 76,000 | 59,522 | ||||||
Talaat Moustafa Group | 36,052 | 42,859 | ||||||
UEM Sunrise Bhd | 59,300 | 37,490 | ||||||
2,769,379 | ||||||||
Real Estate Operating Companies—0.1% | ||||||||
Aeon Mall Company Ltd. | 4,000 | 105,385 | ||||||
BR Malls Participacoes S.A. | 17,200 | 146,709 | ||||||
BR Properties S.A. | 11,700 | 70,653 | ||||||
Central Pattana PCL NVDR | 44,200 | 66,733 | ||||||
Deutsche Wohnen AG | 9,959 | 214,757 | ||||||
First Capital Realty Inc. | 863 | 15,086 | ||||||
Global Logistic Properties Ltd. | 142,000 | 307,544 | ||||||
Hulic Company Ltd. | 10,000 | 131,780 | ||||||
Hysan Development Company Ltd. | 26,000 | 122,111 | ||||||
IMMOFINANZ AG | 43,610 | 154,048 | ||||||
Multiplan Empreendimentos Imobiliarios S.A. | 3,200 | 74,479 | ||||||
NTT Urban Development Corp. | 4,500 | 50,639 | ||||||
SM Prime Holdings Inc. | 245,000 | 89,020 | ||||||
Swire Properties Ltd. | 50,800 | 148,460 | ||||||
Swiss Prime Site AG | 1,980 | 164,107 | ||||||
1,861,511 | ||||||||
Real Estate Services—0.0% * | ||||||||
Altisource Asset Management Corp. | 49 | 35,430 | (a) | |||||
Altisource Portfolio Solutions S.A. | 503 | 57,634 | (a) | |||||
93,064 | ||||||||
Regional Banks—0.1% | ||||||||
Bank of Queensland Ltd. | 4,889 | 56,251 | ||||||
Bendigo and Adelaide Bank Ltd. | 15,355 | 176,812 | ||||||
BS Financial Group Inc. | 6,160 | 90,714 | ||||||
Chongqing Rural Commercial Bank | 92,000 | 42,615 | ||||||
DGB Financial Group Inc. | 5,020 | 75,166 | ||||||
First BanCorp | 3,567 | 19,405 | (a) | |||||
Fukuoka Financial Group Inc. | 30,000 | 144,810 | ||||||
Hokuhoku Financial Group Inc. | 34,000 | 72,494 | ||||||
Resona Holdings Inc. | 90,600 | 527,654 | ||||||
Seven Bank Ltd. | 22,000 | 89,907 | ||||||
Shinsei Bank Ltd. | 64,000 | 144,040 | ||||||
Suruga Bank Ltd. | 7,000 | 135,847 | ||||||
The Bank of Kyoto Ltd. | 14,000 | 127,279 | ||||||
The Bank of Yokohama Ltd. | 47,000 | 270,480 | ||||||
The Chiba Bank Ltd. | 27,000 | 190,563 | ||||||
The Chugoku Bank Ltd. | 7,000 | 107,655 | ||||||
The Gunma Bank Ltd. | 14,000 | 82,780 | ||||||
The Hachijuni Bank Ltd. | 15,000 | 92,839 | ||||||
The Hiroshima Bank Ltd. | 19,000 | 90,775 | ||||||
The Iyo Bank Ltd. | 11,000 | 111,189 | ||||||
The Joyo Bank Ltd. | 25,000 | 133,261 | ||||||
The Shizuoka Bank Ltd. | 21,000 | 226,988 | ||||||
Yamaguchi Financial Group Inc. | 8,000 | 84,339 | ||||||
3,093,863 |
Table of Contents
Reinsurance—0.1% | ||||||||
Hannover Rueck SE | 2,353 | 212,014 | ||||||
Muenchener Rueckversicherungs AG | 7,212 | 1,598,651 | ||||||
RenaissanceRe Holdings Ltd. | 1,143 | 122,301 | ||||||
SCOR SE | 5,925 | 203,779 | ||||||
Swiss Re AG | 13,710 | 1,219,801 | ||||||
Third Point Reinsurance Ltd. | 1,947 | 29,711 | (a) | |||||
3,386,257 | ||||||||
Renewable Electricity—0.0% * | ||||||||
China Longyuan Power Group Corp. | 101,000 | 109,466 | ||||||
Enel Green Power S.p.A. | 65,696 | 186,012 | ||||||
Energy Development Corp. | 270,200 | 38,998 | ||||||
Tractebel Energia S.A. | 6,100 | 91,330 | ||||||
425,806 | ||||||||
Research & Consulting Services—0.1% | ||||||||
ALS Ltd/Queensland | 15,554 | 130,070 | ||||||
Bureau Veritas S.A. | 8,532 | 236,786 | ||||||
Experian PLC | 38,548 | 651,203 | ||||||
Intertek Group PLC | 6,828 | 320,942 | ||||||
SGS S.A. | 229 | 548,743 | ||||||
1,887,744 | ||||||||
Residential REITs—0.0% * | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 58,985 | 73,999 | ||||||
Restaurants—0.1% | ||||||||
Compass Group PLC | 69,956 | 1,216,476 | ||||||
Jollibee Foods Corp. | 15,290 | 61,651 | ||||||
McDonald’s Holdings Company Japan Ltd. | 2,600 | 73,017 | ||||||
Sodexo | 3,708 | 398,783 | ||||||
Tim Hortons Inc. | 6,144 | 336,690 | ||||||
Whitbread PLC | 7,512 | 566,309 | ||||||
2,652,926 | ||||||||
Retail REITs—0.2% | ||||||||
CapitaMall Trust | 109,000 | 172,683 | ||||||
CFS Retail Property Trust Group | 82,684 | 159,204 | ||||||
Corio N.V. | 2,712 | 138,500 | ||||||
Federation Centres Ltd. | 53,686 | 126,172 | ||||||
Hammerson PLC | 30,144 | 298,942 | ||||||
Intu Properties PLC | 36,016 | 191,889 | ||||||
Japan Retail Fund Investment Corp. | 77 | 173,147 | ||||||
Klepierre | 3,685 | 187,762 | ||||||
RioCan Real Estate Investment Trust | 5,179 | 132,787 | ||||||
Scentre Group | 211,988 | 640,272 | (a) | |||||
The Link REIT | 102,000 | 548,801 | ||||||
Unibail-Rodamco SE | 3,746 | 1,089,621 | ||||||
Westfield Corp. | 77,064 | 520,069 | ||||||
4,379,849 | ||||||||
Security & Alarm Services—0.0% * | ||||||||
G4S PLC | 64,223 | 280,239 | ||||||
S-1 Corp. | 841 | 67,659 | ||||||
Secom Company Ltd. | 8,100 | 494,931 | ||||||
Securitas AB | 11,896 | 141,019 | ||||||
983,848 |
Table of Contents
Semiconductor Equipment—0.1% | ||||||||
Advantest Corp. | 5,600 | 69,209 | ||||||
ASM Pacific Technology Ltd. | 9,300 | 101,575 | ||||||
ASML Holding N.V. | 14,036 | 1,306,975 | ||||||
GCL-Poly Energy Holdings Ltd. | 394,000 | 131,158 | (a) | |||||
Hanergy Solar Group Ltd. | 456,000 | 70,015 | (h) | |||||
Hermes Microvision Inc. | 1,000 | 39,688 | ||||||
Tokyo Electron Ltd. | 6,700 | 452,905 | ||||||
2,171,525 | ||||||||
Semiconductors—0.6% | ||||||||
Advanced Semiconductor Engineering Inc. | 263,000 | 342,205 | ||||||
ARM Holdings PLC | 50,928 | 767,168 | ||||||
Avago Technologies Ltd. | 15,668 | 1,129,193 | ||||||
Epistar Corp. | 31,000 | 76,830 | (a) | |||||
Infineon Technologies AG | 41,559 | 519,445 | ||||||
Inotera Memories Inc. | 84,000 | 152,763 | (a) | |||||
Kinsus Interconnect Technology Corp. | 10,000 | 44,879 | ||||||
MediaTek Inc. | 56,352 | 953,103 | ||||||
Novatek Microelectronics Corp. | 22,000 | 108,313 | ||||||
Phison Electronics Corp. | 5,000 | 40,274 | ||||||
Powertech Technology Inc. | 27,000 | 48,831 | (a) | |||||
Radiant Opto-Electronics Corp. | 15,450 | 66,233 | ||||||
Realtek Semiconductor Corp. | 16,160 | 51,200 | ||||||
Rohm Company Ltd. | 3,600 | 206,466 | ||||||
Samsung Electronics Company Ltd. | 4,357 | 5,692,779 | ||||||
Siliconware Precision Industries Co. | 108,000 | 177,420 | ||||||
SK Hynix Inc. | 21,170 | 1,015,817 | (a) | |||||
STMicroelectronics N.V. | 39,754 | 356,620 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. | 978,000 | 4,143,513 | ||||||
Transcend Information Inc. | 6,000 | 20,597 | ||||||
United Microelectronics Corp. | 501,000 | 250,852 | ||||||
Vanguard International Semiconductor Corp. | 19,000 | 30,513 | ||||||
16,195,014 | ||||||||
Silver—0.0% * | ||||||||
Silver Wheaton Corp. | 14,644 | 386,052 | ||||||
Soft Drinks—0.1% | ||||||||
Arca Continental SAB de C.V. | 14,500 | 98,179 | ||||||
Coca-Cola Amatil Ltd. | 23,185 | 207,015 | ||||||
Coca-Cola Femsa SAB de C.V. | 16,500 | 187,461 | ||||||
Coca-Cola HBC AG | 1,264 | 29,004 | (a) | |||||
Coca-Cola HBC AG ADR | 5,610 | 127,627 | (a) | |||||
Coca-Cola Icecek AS | 2,227 | 54,932 | ||||||
Fomento Economico Mexicano SAB de C.V. | 81,900 | 767,422 | ||||||
Suntory Beverage & Food Ltd. | 5,100 | 200,114 | ||||||
1,671,754 | ||||||||
Specialized Finance—0.1% | ||||||||
ASX Ltd. | 8,294 | 279,000 | ||||||
BM&FBovespa S.A. | 83,000 | 436,446 | ||||||
Chailease Holding Company Ltd. | 28,600 | 71,936 | ||||||
Deutsche Boerse AG | 7,728 | 599,719 | ||||||
Far East Horizon Ltd. | 53,000 | 38,569 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 32,800 | 611,110 | ||||||
Japan Exchange Group Inc. | 10,000 | 246,286 |
Table of Contents
London Stock Exchange Group PLC | 7,666 | 263,072 | ||||||
Mitsubishi UFJ Lease & Finance Company Ltd. | 22,400 | 128,689 | ||||||
Power Finance Corporation Ltd. | 10,821 | 55,144 | ||||||
Rural Electrification Corporation Ltd. | 11,578 | 69,483 | ||||||
Singapore Exchange Ltd. | 38,000 | 211,848 | ||||||
3,011,302 | ||||||||
Specialty Chemicals—0.2% | ||||||||
Akzo Nobel N.V. | 9,743 | 730,345 | ||||||
Asian Paints Ltd. | 10,450 | 103,032 | ||||||
Croda International PLC | 5,451 | 205,142 | ||||||
Daicel Corp. | 11,000 | 105,108 | ||||||
EMS-Chemie Holding AG | 324 | 129,337 | ||||||
Givaudan S.A. | 411 | 685,463 | ||||||
Hitachi Chemical Company Ltd. | 4,000 | 66,176 | ||||||
Johnson Matthey PLC | 8,428 | 446,729 | ||||||
JSR Corp. | 6,700 | 114,946 | ||||||
Kansai Paint Company Ltd. | 6,000 | 100,271 | ||||||
Koninklijke DSM N.V. | 6,720 | 489,385 | ||||||
Nippon Paint Company Ltd. | 2,000 | 42,328 | ||||||
Nitto Denko Corp. | 7,000 | 328,010 | ||||||
Novozymes A/S | 9,575 | 480,227 | ||||||
Shin-Etsu Chemical Company Ltd. | 16,400 | 996,902 | ||||||
Sika AG | 85 | 347,553 | ||||||
Umicore S.A. | 4,697 | 218,200 | ||||||
5,589,154 | ||||||||
Specialty Stores—0.0% * | ||||||||
Folli Follie S.A. | 1,860 | 74,107 | (a) | |||||
JUMBO S.A. | 4,127 | 67,580 | (a) | |||||
Sanrio Company Ltd. | 1,700 | 49,386 | ||||||
191,073 | ||||||||
Steel—0.2% | ||||||||
ArcelorMittal | 45,689 | 677,472 | ||||||
CAP S.A. | 2,624 | 37,194 | ||||||
China Steel Corp. | 462,310 | 388,639 | ||||||
Cia Siderurgica Nacional S.A. | 27,400 | 116,855 | ||||||
Daido Steel Company Ltd. | 10,000 | 51,133 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 89,602 | 160,162 | ||||||
Fortescue Metals Group Ltd. | 77,832 | 319,559 | ||||||
Fosun International Ltd. | 57,500 | 76,119 | ||||||
Hitachi Metals Ltd. | 8,000 | 121,139 | ||||||
Hyundai Steel Co. | 2,772 | 203,831 | ||||||
Jastrzebska Spolka Weglowa S.A. | 1,318 | 20,399 | ||||||
JFE Holdings Inc. | 20,300 | 419,005 | ||||||
Jindal Steel & Power Ltd. | 13,806 | 73,822 | ||||||
JSW Steel Ltd. | 2,896 | 59,610 | ||||||
Kobe Steel Ltd. | 95,000 | 142,540 | ||||||
Kumba Iron Ore Ltd. | 3,400 | 108,340 | ||||||
Maruichi Steel Tube Ltd. | 1,600 | 42,959 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 288,000 | 921,100 |
Table of Contents
POSCO | 2,541 | 763,455 | ||||||
Severstal OAO GDR | 7,140 | 91,910 | ||||||
Tata Steel Ltd. | 11,358 | 99,454 | ||||||
ThyssenKrupp AG | 18,141 | 528,796 | (a) | |||||
Vale S.A. | 45,500 | 603,611 | ||||||
Voestalpine AG | 4,459 | 212,181 | ||||||
Yamato Kogyo Company Ltd. | 1,400 | 41,044 | ||||||
6,280,329 | ||||||||
Systems Software—0.0% * | ||||||||
Oracle Corp Japan | 1,400 | 61,221 | ||||||
Totvs S.A. | 4,200 | 72,410 | ||||||
Trend Micro Inc. | 4,000 | 131,682 | ||||||
265,313 | ||||||||
Technology Distributors—0.0% * | ||||||||
Synnex Technology International Corp. | 48,000 | 80,863 | ||||||
WPG Holdings Ltd. | 51,000 | 70,202 | ||||||
151,065 | ||||||||
Technology Hardware, Storage & Peripherals—0.3% | ||||||||
Acer Inc. | 94,000 | 67,215 | (a) | |||||
Advantech Company Ltd. | 10,000 | 85,404 | ||||||
Asustek Computer Inc. | 26,000 | 289,973 | ||||||
BlackBerry Ltd. | 17,699 | 181,784 | (a) | |||||
Brother Industries Ltd. | 8,800 | 152,451 | ||||||
Canon Inc. | 40,500 | 1,317,684 | ||||||
Catcher Technology Company Ltd. | 28,000 | 261,170 | ||||||
Chicony Electronics Company Ltd. | 17,170 | 46,349 | ||||||
Clevo Co. | 19,000 | 33,790 | ||||||
Compal Electronics Inc. | 158,000 | 129,118 | (a) | |||||
Foxconn Technology Company Ltd. | 50,400 | 122,210 | ||||||
HTC Corp. | 30,000 | 138,656 | ||||||
Inventec Corp. | 80,000 | 76,629 | ||||||
Konica Minolta Inc. | 20,500 | 202,562 | ||||||
Lenovo Group Ltd. | 272,000 | 369,201 | ||||||
Lite-On Technology Corp. | 83,413 | 139,264 | ||||||
NEC Corp. | 98,000 | 312,462 | ||||||
Nokia Oyj | 148,403 | 1,123,619 | ||||||
Pegatron Corp. | 59,000 | 112,633 | ||||||
Quanta Computer Inc. | 112,000 | 326,345 | ||||||
Ricoh Company Ltd. | 28,000 | 333,606 | ||||||
Seagate Technology PLC | 20,327 | 1,154,980 | ||||||
Seiko Epson Corp. | 5,000 | 212,724 | ||||||
Wistron Corp. | 82,950 | 75,705 | ||||||
7,265,534 | ||||||||
Textiles—0.0% * | ||||||||
Eclat Textile Company Ltd. | 5,000 | 60,620 | ||||||
Formosa Taffeta Company Ltd. | 25,000 | 27,631 | ||||||
Ruentex Industries Ltd. | 19,711 | 50,964 | ||||||
Shenzhou International Group Holdings Ltd. | 16,000 | 54,811 | ||||||
194,026 | ||||||||
Thrifts & Mortgage Finance—0.0% * | ||||||||
Essent Group Ltd. | 1,431 | 28,749 | (a) | |||||
Housing Development Finance Corp. | 60,658 | 995,418 | ||||||
LIC Housing Finance Ltd. | 11,981 | 65,239 | ||||||
1,089,406 |
Table of Contents
Tires & Rubber—0.1% | ||||||||
Bridgestone Corp. | 25,400 | 888,831 | ||||||
Cheng Shin Rubber Industry Company Ltd. | 65,550 | 167,728 | ||||||
Cie Generale des Etablissements Michelin | 7,444 | 889,350 | ||||||
Hankook Tire Company Ltd. | 2,917 | 174,132 | ||||||
Nokian Renkaat Oyj | 3,864 | 150,776 | ||||||
Pirelli & C. S.p.A. | 8,788 | 141,016 | ||||||
Sumitomo Rubber Industries Ltd. | 6,400 | 92,363 | ||||||
The Yokohama Rubber Company Ltd. | 7,000 | 60,530 | ||||||
2,564,726 | ||||||||
Tobacco—0.3% | ||||||||
British American Tobacco Malaysia Bhd | 4,300 | 87,768 | ||||||
British American Tobacco PLC | 73,423 | 4,366,359 | ||||||
Gudang Garam Tbk PT | 18,500 | 83,488 | ||||||
Imperial Tobacco Group PLC | 37,731 | 1,696,726 | ||||||
ITC Ltd. | 88,390 | 479,094 | ||||||
Japan Tobacco Inc. | 42,400 | 1,545,661 | ||||||
KT&G Corp. | 4,116 | 364,086 | ||||||
Souza Cruz S.A. | 17,900 | 184,920 | ||||||
Swedish Match AB | 8,173 | 283,626 | ||||||
9,091,728 | ||||||||
Trading Companies & Distributors—0.2% | ||||||||
Adani Enterprises Ltd. | 8,457 | 63,964 | ||||||
Barloworld Ltd. | 7,965 | 75,804 | ||||||
Brenntag AG | 1,986 | 354,847 | ||||||
Bunzl PLC | 12,822 | 355,602 | ||||||
Daewoo International Corp. | 2,030 | 73,431 | ||||||
Finning International Inc. | 6,330 | 177,334 | ||||||
ITOCHU Corp. | 57,300 | 735,870 | ||||||
Marubeni Corp. | 64,000 | 468,131 | ||||||
Mitsubishi Corp. | 55,300 | 1,150,161 | ||||||
Mitsui & Company Ltd. | 68,300 | 1,094,903 | ||||||
Noble Group Ltd. | 208,000 | 228,581 | ||||||
Rexel S.A. | 8,008 | 187,268 | ||||||
Samsung C&T Corp. | 5,021 | 370,198 | ||||||
SK Networks Company Ltd. | 6,600 | 70,122 | (a) | |||||
Sumitomo Corp. | 43,200 | 583,363 | ||||||
Toyota Tsusho Corp. | 8,800 | 253,042 | ||||||
Travis Perkins PLC | 10,064 | 281,866 | ||||||
Wolseley PLC | 10,256 | 561,685 | ||||||
7,086,172 | ||||||||
Trucking—0.0% * | ||||||||
ComfortDelGro Corporation Ltd. | 84,000 | 168,452 | ||||||
DSV A/S | 7,775 | 253,446 | ||||||
Localiza Rent a Car S.A. | 5,145 | �� | 85,061 | |||||
Nippon Express Company Ltd. | 32,000 | 155,096 | ||||||
662,055 | ||||||||
Water Utilities—0.0% * | ||||||||
Aguas Andinas S.A. | 77,578 | 48,871 | ||||||
Beijing Enterprises Water Group Ltd. | 130,000 | 86,886 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 13,500 | 144,243 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 2,100 | 38,587 | ||||||
Guangdong Investment Ltd. | 92,000 | 105,766 |
Table of Contents
Severn Trent PLC | 9,568 | 316,072 | ||||||
United Utilities Group PLC | 27,581 | 415,945 | ||||||
1,156,370 | ||||||||
Wireless Telecommunication Services—0.6% | ||||||||
Advanced Info Service PCL NVDR | 43,600 | 295,548 | ||||||
America Movil SAB de C.V. | 1,355,400 | 1,408,371 | ||||||
Axiata Group Bhd | 97,600 | 211,857 | ||||||
Bharti Airtel Ltd. | 24,134 | 134,624 | ||||||
China Mobile Ltd. | 249,500 | 2,420,846 | ||||||
DiGi.Com Bhd | 145,400 | 259,465 | ||||||
ENTEL Chile S.A. | 4,152 | 51,069 | ||||||
Far EasTone Telecommunications Company Ltd. | 58,000 | 132,092 | ||||||
Global Telecom Holding | 98,792 | 71,157 | (a) | |||||
Globe Telecom Inc. | 1,235 | 45,269 | ||||||
Idea Cellular Ltd. | 24,304 | 53,582 | ||||||
KDDI Corp. | 21,700 | 1,323,570 | ||||||
Maxis Bhd | 88,900 | 186,881 | ||||||
MegaFon OAO GDR | 7,188 | 226,422 | ||||||
Millicom International Cellular S.A. | 2,635 | 241,217 | ||||||
Mobile Telesystems OJSC ADR | 26,406 | 521,254 | ||||||
MTN Group Ltd. | 66,819 | 1,406,818 | ||||||
NTT DOCOMO Inc. | 59,600 | 1,018,974 | ||||||
Philippine Long Distance Telephone Co. | 1,645 | 112,606 | ||||||
Reliance Communications Ltd. | 20,483 | 49,722 | ||||||
Rogers Communications Inc. | 14,390 | 580,112 | ||||||
Sistema JSFC GDR | 8,110 | 249,788 | ||||||
SK Telecom Company Ltd. | 353 | 82,511 | ||||||
SoftBank Corp. | 36,500 | 2,717,729 | ||||||
StarHub Ltd. | 26,000 | 86,969 | ||||||
Taiwan Mobile Company Ltd. | 62,000 | 191,868 | ||||||
Tele2 AB | 11,746 | 138,274 | ||||||
Tim Participacoes S.A. | 31,600 | 185,233 | ||||||
Turkcell Iletisim Hizmetleri AS | 31,681 | 197,978 | (a) | |||||
Vodacom Group Ltd. | 15,462 | 191,045 | ||||||
Vodafone Group PLC | 1,028,714 | 3,429,944 | ||||||
18,222,795 | ||||||||
Total Common Stock | ||||||||
(Cost $647,925,196) | 747,264,642 | |||||||
Preferred Stock—0.4% | ||||||||
Automobile Manufacturers—0.1% | ||||||||
Bayerische Motoren Werke AG | 1,658 | 158,927 | ||||||
Hyundai Motor Co. | 666 | 99,722 | ||||||
Hyundai Motor Co. | 1,448 | 228,978 | ||||||
Porsche Automobil Holding SE | 6,315 | 657,888 | ||||||
Volkswagen AG | 6,288 | 1,651,248 | ||||||
2,796,763 | ||||||||
Commodity Chemicals—0.0% * | ||||||||
Braskem S.A. | 6,100 | 38,995 | ||||||
Fuchs Petrolub AG | 2,446 | 110,582 | ||||||
LG Chem Ltd. | 274 | 52,265 | ||||||
201,842 | ||||||||
Construction Materials—0.0% * | ||||||||
Grupo Argos S.A. | 3,447 | 41,076 |
Table of Contents
Diversified Banks—0.1% | ||||||||
Banco Bradesco S.A. | 88,020 | 1,279,906 | ||||||
Banco Davivienda S.A. | 2,995 | 48,309 | ||||||
Banco do Estado do Rio Grande do Sul S.A. | 6,900 | 33,653 | ||||||
Bancolombia S.A. | 12,485 | 182,651 | ||||||
Grupo Aval Acciones y Valores | 57,961 | 41,626 | ||||||
Itau Unibanco Holding S.A. | 109,527 | 1,588,666 | ||||||
Itausa—Investimentos Itau S.A. | 140,224 | 552,854 | ||||||
3,727,665 | ||||||||
Electric Utilities—0.0% * | ||||||||
Centrais Eletricas Brasileiras S.A. | 8,100 | 38,587 | ||||||
Cia Energetica de Minas Gerais | 28,508 | 208,756 | ||||||
Cia Paranaense de Energia | 3,900 | 59,949 | ||||||
307,292 | ||||||||
Fertilizers & Agricultural Chemicals—0.0% * | ||||||||
Sociedad Quimica y Minera de Chile S.A. | 3,310 | 96,609 | ||||||
General Merchandise Stores—0.0% * | ||||||||
Lojas Americanas S.A. | 19,625 | 125,544 | ||||||
Household Products—0.0% * | ||||||||
Henkel AG & Company KGaA | 7,351 | 849,756 | ||||||
Hypermarkets & Super Centers—0.0% * | ||||||||
Cia Brasileira de Distribuicao | 4,800 | 224,288 | ||||||
Integrated Oil & Gas—0.1% | ||||||||
Petroleo Brasileiro S.A. | 169,700 | 1,331,207 | ||||||
Integrated Telecommunication Services—0.0% * | ||||||||
Oi S.A. | 107,000 | 94,665 | ||||||
Telefonica Brasil S.A. | 11,900 | 242,956 | ||||||
337,621 | ||||||||
Multi-Sector Holdings—0.0% * | ||||||||
Grupo de Inversiones Suramericana S.A. | 3,025 | 64,048 | ||||||
Paper Products—0.0% * | ||||||||
Suzano Papel e Celulose S.A. | 9,200 | 35,020 | ||||||
Renewable Electricity—0.0% * | ||||||||
AES Tiete S.A. | 3,800 | 33,516 | ||||||
Cia Energetica de Sao Paulo | 5,900 | 74,416 | ||||||
107,932 | ||||||||
Semiconductors—0.0% * | ||||||||
Samsung Electronics Company Ltd. | 846 | 886,302 | ||||||
Soft Drinks—0.0% * | ||||||||
Embotelladora Andina S.A. | 7,865 | 29,547 | ||||||
Steel—0.1% | ||||||||
Bradespar S.A. | 8,400 | 77,174 | ||||||
Gerdau S.A. | 34,600 | 203,132 | ||||||
Metalurgica Gerdau S.A. | 10,200 | 72,332 | ||||||
Usinas Siderurgicas de Minas Gerais S.A. | 14,200 | 48,834 | (a) | |||||
Vale S.A. | 79,000 | 944,445 | ||||||
1,345,917 | ||||||||
Total Preferred Stock | ||||||||
(Cost $13,364,047) | 12,508,429 |
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Rights—0.0% * | ||||||||
Computer & Electronics Retail—0.0% * | ||||||||
Groupe Fnac | 1 | — | (**,a,h) | |||||
Diversified Banks—0.0% * | ||||||||
Public Bank Bhd | 9,140 | 15,656 | (a) | |||||
Integrated Oil & Gas—0.0% * | ||||||||
Repsol S.A. | 34,572 | 23,525 | (a) | |||||
Integrated Telecommunication Services—0.0% * | ||||||||
HKT Trust and HKT Ltd. | 17,280 | 5,016 | (a) | |||||
Paper Products—0.0% * | ||||||||
Empresas CMPC S.A. | 2,470 | 535 | (a) | |||||
Regional Banks—0.0% * | ||||||||
BS Financial Group Inc. | 1,045 | 2,427 | (a) | |||||
Total Rights | ||||||||
(Cost $22,760) | 47,159 | |||||||
Total Foreign Equity | ||||||||
(Cost $661,312,003) | 759,820,230 |
Principal Amount | Fair Value | |||||||||
Bonds and Notes—29.3% | ||||||||||
U.S. Treasuries—10.4% | ||||||||||
U.S. Treasury Bonds | ||||||||||
2.75% | 11/15/42 | $ | 650,000 | 580,226 | ||||||
3.00% | 05/15/42 | 11,700,000 | 11,034,562 | (d) | ||||||
3.38% | 05/15/44 | 900,000 | 906,047 | |||||||
3.63% | 08/15/43 - 02/15/44 | 1,740,000 | 1,836,712 | |||||||
3.75% | 11/15/43 | 600,000 | 648,000 | |||||||
4.38% | 11/15/39 | 8,100,000 | 9,699,750 | |||||||
4.50% | 02/15/36 | 5,700,000 | 6,922,827 | |||||||
5.25% | 02/15/29 | 500,000 | 640,938 | |||||||
5.38% | 02/15/31 | 1,550,000 | 2,035,102 | |||||||
5.50% | 08/15/28 | 3,750,000 | 4,905,469 | |||||||
6.38% | 08/15/27 | 2,000,000 | 2,797,812 | |||||||
7.63% | 02/15/25 | 1,000,000 | 1,476,875 | |||||||
7.88% | 02/15/21 | 2,000,000 | 2,734,376 | |||||||
8.75% | 05/15/20 | 5,000,000 | 6,940,625 | |||||||
9.00% | 11/15/18 | 3,000,000 | 3,972,423 | |||||||
U.S. Treasury Notes | ||||||||||
0.25% | 07/31/15 - 05/15/16 | 34,250,000 | 34,230,172 | |||||||
0.63% | 10/15/16 - 04/30/18 | 16,500,000 | 16,292,302 | |||||||
0.75% | 12/31/17 - 03/31/18 | 10,000,000 | 9,863,752 | |||||||
0.88% | 12/31/16 - 01/31/18 | 8,000,000 | 7,967,657 | |||||||
0.88% | 02/28/17 | 12,750,000 | 12,796,818 | (d) | ||||||
1.00% | 06/30/19 | 4,000,000 | 3,876,876 | |||||||
1.13% | 12/31/19 - 03/31/20 | 23,800,000 | 22,970,145 | |||||||
1.25% | 10/31/15 - 02/29/20 | 24,500,000 | 24,308,439 | |||||||
1.38% | 07/31/18 - 02/28/19 | 5,000,000 | 4,971,874 | |||||||
1.50% | 07/31/16 | 18,000,000 | 18,374,058 | |||||||
1.63% | 04/30/19 - 11/15/22 | 5,500,000 | 5,283,124 | |||||||
1.75% | 07/31/15 - 05/15/22 | 14,100,000 | 13,935,400 | |||||||
2.00% | 07/31/20 - 02/15/23 | 7,600,000 | 7,562,162 | |||||||
2.13% | 12/31/15 - 06/30/21 | 10,500,000 | 10,710,393 |
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2.25% | 03/31/21 | 800,000 | 808,625 | |||||||
2.38% | 03/31/16 - 12/31/20 | 16,500,000 | 17,042,991 | |||||||
2.50% | 08/15/23 - 05/15/24 | 2,500,000 | 2,500,157 | |||||||
2.75% | 11/15/23 - 02/15/24 | 4,300,000 | 4,402,132 | |||||||
3.13% | 05/15/19 | 5,300,000 | 5,683,837 | |||||||
3.25% | 12/31/16 | 9,000,000 | 9,576,558 | |||||||
3.63% | 02/15/21 | 700,000 | 770,438 | |||||||
4.50% | 05/15/17 | 16,500,000 | 18,220,900 | |||||||
309,280,554 | ||||||||||
U.S. Government Sponsored Agencies—0.1% | ||||||||||
Federal Home Loan Banks | ||||||||||
0.50% | 11/20/15 | 3,000,000 | 3,006,750 | |||||||
Tennessee Valley Authority | ||||||||||
3.50% | 12/15/42 | 1,000,000 | 917,826 | |||||||
3,924,576 | ||||||||||
Agency Collateralized Mortgage Obligations—0.0% * | ||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||
2.60% | 10/25/23 | 150,000 | 153,423 | |||||||
3.06% | 07/25/23 | 100,000 | 102,115 | (e) | ||||||
3.30% | 04/25/23 | 100,000 | 103,968 | (e) | ||||||
3.40% | 07/25/19 | 214,924 | 227,159 | |||||||
3.49% | 01/25/24 | 300,000 | 315,319 | |||||||
4.25% | 01/25/20 | 100,000 | 110,863 | |||||||
Federal National Mortgage Assoc. | ||||||||||
2.68% | 05/25/21 | 100,000 | 101,331 | |||||||
1,114,178 | ||||||||||
Agency Mortgage Backed—9.5% | ||||||||||
Federal Home Loan Mortgage Corp. | ||||||||||
0.88% | 10/14/16 - 03/07/18 | 5,000,000 | 4,990,958 | |||||||
1.25% | 10/02/19 | 1,500,000 | 1,456,837 | |||||||
1.38% | 05/01/20 | 1,500,000 | 1,459,059 | |||||||
1.76% | 06/01/43 | 469,986 | 476,883 | (e) | ||||||
2.38% | 01/13/22 | 2,100,000 | 2,095,867 | (d) | ||||||
2.47% | 05/01/43 | 1,059,354 | 1,063,038 | (e) | ||||||
2.50% | 07/01/28 | 295,079 | 299,833 | |||||||
2.51% | 11/25/22 | 300,000 | 296,275 | |||||||
2.51% | 08/01/43 | 393,309 | 394,327 | (e) | ||||||
3.00% | 05/01/33 - 06/01/43 | 10,311,892 | 10,211,752 | |||||||
3.50% | 10/01/42 - 07/01/43 | 1,253,181 | 1,290,634 | |||||||
5.00% | 12/01/22 - 06/01/41 | 5,712,482 | 6,328,504 | |||||||
5.50% | 01/01/38 - 04/01/39 | 1,025,616 | 1,152,100 | |||||||
6.00% | 06/01/37 - 11/01/37 | 977,135 | 1,110,078 | (d) | ||||||
2.50% | TBA | 5,800,000 | 5,854,857 | (f) | ||||||
3.00% | TBA | 4,350,000 | 4,494,021 | (f) | ||||||
3.50% | TBA | 8,950,000 | 9,228,764 | (f) | ||||||
4.00% | TBA | 12,617,000 | 13,368,556 | (f) | ||||||
4.50% | TBA | 2,800,000 | 3,030,392 | (f) | ||||||
Federal National Mortgage Assoc. | ||||||||||
0.50% | 09/28/15 | 6,000,000 | 6,020,022 | |||||||
0.75% | 11/25/16 | 1,900,000 | 1,895,347 | |||||||
0.88% | 12/20/17 - 05/21/18 | 6,900,000 | 6,839,780 | |||||||
1.92% | 04/01/43 | 769,061 | 785,404 | (e) | ||||||
2.50% | 02/01/28 - 09/01/28 | 6,450,597 | 6,561,076 | |||||||
3.00% | 01/01/28 - 10/01/43 | 24,560,208 | 24,726,936 | |||||||
3.50% | 10/01/42 | 14,403,485 | 14,849,770 | |||||||
4.00% | 01/01/41 - 10/01/41 | 9,024,340 | 9,591,595 | |||||||
4.50% | 10/01/39 - 04/01/41 | 16,136,804 | 17,489,736 | |||||||
4.50% | 11/01/40 | 4,920,206 | 5,332,065 | (d) | ||||||
5.00% | 12/01/39 - 06/01/41 | 12,908,497 | 14,440,043 |
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5.50% | 12/01/35 - 04/01/38 | 4,803,651 | 5,397,789 | |||||||
5.50% | 08/01/37 | 2,192,482 | 2,460,668 | (d) | ||||||
6.00% | 03/01/34 - 08/01/37 | 4,931,636 | 5,560,208 | |||||||
6.00% | 03/01/35 - 06/01/35 | 513,965 | 584,616 | (d) | ||||||
6.63% | 11/15/30 | 1,200,000 | 1,704,167 | |||||||
2.50% | TBA | 2,434,000 | 2,440,742 | (f) | ||||||
3.00% | TBA | 900,000 | 889,102 | (f) | ||||||
3.50% | TBA | 11,050,000 | 11,606,157 | (f) | ||||||
4.00% | TBA | 13,817,000 | 14,664,302 | (f) | ||||||
4.50% | TBA | 2,600,000 | 2,759,656 | (f) | ||||||
5.50% | TBA | 400,000 | 447,826 | (f) | ||||||
Government National Mortgage Assoc. | ||||||||||
3.00% | 10/15/42 | 6,354,906 | 6,415,315 | |||||||
3.50% | 10/20/42 | 16,609,939 | 17,334,197 | |||||||
4.00% | 12/20/40 - 08/15/41 | 9,963,696 | 10,675,554 | |||||||
4.50% | 05/20/40 | 5,811,919 | 6,366,999 | |||||||
5.00% | 08/15/41 | 5,881,694 | 6,567,903 | |||||||
3.00% | TBA | 5,400,000 | 5,450,625 | (f) | ||||||
4.00% | TBA | 1,200,000 | 1,284,187 | (f) | ||||||
4.50% | TBA | 1,000,000 | 1,091,914 | (f) | ||||||
280,836,436 | ||||||||||
Asset Backed—0.2% | ||||||||||
AmeriCredit Automobile Receivables Trust 2012-2 | ||||||||||
3.38% | 04/09/18 | 1,000,000 | 1,038,275 | |||||||
Capital Auto Receivables Asset Trust 2013-4 | ||||||||||
1.09% | 03/20/18 | 400,000 | 401,310 | |||||||
Chase Issuance Trust 2012-A8 | ||||||||||
0.54% | 10/16/17 | 1,000,000 | 1,000,810 | |||||||
Chase Issuance Trust 2014-A1 | ||||||||||
1.15% | 01/15/19 | 1,000,000 | 1,002,931 | |||||||
Citibank Credit Card Issuance Trust 2007-A8 | ||||||||||
5.65% | 09/20/19 | 1,000,000 | 1,135,778 | |||||||
Discover Card Execution Note Trust 2014-A3 | ||||||||||
1.22% | 10/15/19 | 400,000 | 400,885 | |||||||
4,979,989 | ||||||||||
Corporate Notes—7.9% | ||||||||||
21st Century Fox America Inc. | ||||||||||
6.65% | 11/15/37 | 579,000 | 735,178 | |||||||
ABB Finance USA Inc. | ||||||||||
1.63% | 05/08/17 | 869,000 | 879,933 | (d) | ||||||
Abbey National Treasury Services PLC | ||||||||||
3.05% | 08/23/18 | 250,000 | 261,806 | |||||||
AbbVie Inc. | ||||||||||
1.75% | 11/06/17 | 875,000 | 879,772 | |||||||
4.40% | 11/06/42 | 250,000 | 242,701 | |||||||
ACE INA Holdings Inc. | ||||||||||
2.70% | 03/13/23 | 250,000 | 242,298 | |||||||
Actavis Inc. | ||||||||||
3.25% | 10/01/22 | 1,000,000 | 982,476 | |||||||
Aetna Inc. | ||||||||||
1.50% | 11/15/17 | 713,000 | 715,700 | |||||||
2.75% | 11/15/22 | 500,000 | 483,016 | |||||||
Aflac Inc. | ||||||||||
2.65% | 02/15/17 | 250,000 | 259,792 | |||||||
Agilent Technologies Inc. | ||||||||||
5.50% | 09/14/15 | 909,000 | 958,817 | (d) | ||||||
Agrium Inc. | ||||||||||
6.75% | 01/15/19 | 1,000,000 | 1,189,337 | |||||||
Air Lease Corp. | ||||||||||
3.88% | 04/01/21 | 200,000 | 204,000 |
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Altria Group Inc. | ||||||||||
4.25% | 08/09/42 | 663,000 | 617,707 | |||||||
5.38% | 01/31/44 | 70,000 | 76,673 | |||||||
Amazon.com Inc. | ||||||||||
1.20% | 11/29/17 | 373,000 | 370,753 | |||||||
America Movil SAB de C.V. | ||||||||||
2.38% | 09/08/16 | 1,000,000 | 1,028,230 | (d) | ||||||
3.13% | 07/16/22 | 750,000 | 738,000 | |||||||
American Express Co. | ||||||||||
7.00% | 03/19/18 | 1,000,000 | 1,189,152 | |||||||
American International Group Inc. | ||||||||||
4.88% | 06/01/22 | 1,000,000 | 1,113,563 | |||||||
8.18% | 05/15/68 | 250,000 | 344,375 | (e) | ||||||
American Tower Trust Corp. (REIT) | ||||||||||
3.50% | 01/31/23 | 500,000 | 490,320 |
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Amgen Inc. |
| |||||||||
5.38% | 05/15/43 | 817,000 | 901,543 | (d) | ||||||
Anadarko Petroleum Corp. | ||||||||||
6.20% | 03/15/40 | 442,000 | 557,337 | |||||||
Anheuser-Busch InBev Finance Inc. | ||||||||||
3.70% | 02/01/24 | 500,000 | 513,152 | |||||||
Anheuser-Busch InBev Worldwide Inc. | ||||||||||
2.50% | 07/15/22 | 892,000 | 854,747 | |||||||
7.75% | 01/15/19 | 500,000 | 617,717 | |||||||
Aon PLC | ||||||||||
4.25% | 12/12/42 | 250,000 | 237,448 | |||||||
Apache Corp. | ||||||||||
5.10% | 09/01/40 | 750,000 | 825,517 | |||||||
Apple Inc. | ||||||||||
1.00% | 05/03/18 | 250,000 | 244,489 | |||||||
Archer-Daniels-Midland Co. | ||||||||||
4.02% | 04/16/43 | 620,000 | 595,038 | |||||||
Arizona Public Service Co. | ||||||||||
6.25% | 08/01/16 | 273,000 | 303,369 | (d) | ||||||
Arrow Electronics Inc. | ||||||||||
3.00% | 03/01/18 | 250,000 | 258,475 | |||||||
AstraZeneca PLC | ||||||||||
6.45% | 09/15/37 | 250,000 | 324,468 | |||||||
AT&T Inc. | ||||||||||
2.95% | 05/15/16 | 844,000 | 877,202 | (d) | ||||||
4.35% | 06/15/45 | 750,000 | 710,938 | |||||||
5.55% | 08/15/41 | 954,000 | 1,069,674 | (d) | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||||
0.90% | 02/12/16 | 500,000 | 502,610 | |||||||
Autodesk Inc. | ||||||||||
1.95% | 12/15/17 | 888,000 | 897,296 | |||||||
Avon Products Inc. | ||||||||||
4.60% | 03/15/20 | 250,000 | 259,251 | |||||||
AXA S.A. | ||||||||||
8.60% | 12/15/30 | 100,000 | 134,375 | |||||||
Baidu Inc. | ||||||||||
3.25% | 08/06/18 | 205,000 | 211,799 | |||||||
Bank of America Corp. | ||||||||||
1.50% | 10/09/15 | 1,000,000 | 1,009,208 | |||||||
4.00% | 04/01/24 | 350,000 | 357,186 | |||||||
5.42% | 03/15/17 | 800,000 | 880,162 | |||||||
5.70% | 01/24/22 | 1,321,000 | 1,532,866 | (d) | ||||||
5.75% | 12/01/17 | 1,360,000 | 1,533,971 | (d) | ||||||
6.11% | 01/29/37 | 250,000 | 288,409 | |||||||
Bank of Montreal | ||||||||||
1.45% | 04/09/18 | 500,000 | 495,457 | |||||||
Bank of Nova Scotia | ||||||||||
0.75% | 10/09/15 | 500,000 | 501,552 | |||||||
2.05% | 10/30/18 | 250,000 | 251,137 | |||||||
Barclays Bank PLC | ||||||||||
5.00% | 09/22/16 | 1,000,000 | 1,086,951 | |||||||
Barrick Gold Corp. | ||||||||||
6.95% | 04/01/19 | 750,000 | 894,420 | |||||||
Baxter International Inc. | ||||||||||
1.85% | 06/15/18 | 500,000 | 500,765 | |||||||
BB&T Corp. | ||||||||||
2.05% | 06/19/18 | 350,000 | 353,852 | |||||||
2.15% | 03/22/17 | 500,000 | 511,742 | |||||||
Berkshire Hathaway Energy Co. | ||||||||||
6.13% | 04/01/36 | 1,000,000 | 1,239,838 | (d) |
Table of Contents
Berkshire Hathaway Finance Corp. | ||||||||||
1.60% | 05/15/17 | 944,000 | 958,847 | (d) | ||||||
3.00% | 05/15/22 | 500,000 | 502,748 | (d) | ||||||
BHP Billiton Finance USA Ltd. | ||||||||||
2.05% | 09/30/18 | 325,000 | 328,899 | |||||||
BNP Paribas S.A. | ||||||||||
2.38% | 09/14/17 | 750,000 | 768,001 | |||||||
2.40% | 12/12/18 | 250,000 | 252,156 | |||||||
Boeing Capital Corp. | ||||||||||
4.70% | 10/27/19 | 250,000 | 282,753 | |||||||
Boston Properties LP (REIT) | ||||||||||
3.85% | 02/01/23 | 250,000 | 257,809 | |||||||
Boston Scientific Corp. | ||||||||||
2.65% | 10/01/18 | 500,000 | 511,117 | |||||||
4.13% | 10/01/23 | 100,000 | 103,916 | |||||||
BP Capital Markets PLC | ||||||||||
2.25% | 11/01/16 | 500,000 | 515,527 | (d) | ||||||
2.50% | 11/06/22 | 500,000 | 477,163 | |||||||
BPCE S.A. | ||||||||||
4.00% | 04/15/24 | 250,000 | 255,213 | |||||||
Bristol-Myers Squibb Co. | ||||||||||
2.00% | 08/01/22 | 500,000 | 464,842 | |||||||
British Telecommunications PLC | ||||||||||
9.63% | 12/15/30 | 250,000 | 398,188 | |||||||
Buckeye Partners LP | ||||||||||
4.15% | 07/01/23 | 250,000 | 257,669 | |||||||
Burlington Northern Santa Fe LLC | ||||||||||
5.75% | 05/01/40 | 750,000 | 896,185 | |||||||
Canadian Natural Resources Ltd. | ||||||||||
3.80% | 04/15/24 | 250,000 | 257,703 | |||||||
Capital One Bank USA NA | ||||||||||
2.30% | 06/05/19 | 250,000 | 251,084 | |||||||
Capital One Financial Corp. | ||||||||||
1.00% | 11/06/15 | 1,000,000 | 1,002,742 | |||||||
Cardinal Health Inc. | ||||||||||
3.20% | 03/15/23 | 500,000 | 495,632 | |||||||
CareFusion Corp. | ||||||||||
3.30% | 03/01/23 | 250,000 | 241,270 | |||||||
Caterpillar Financial Services Corp. | ||||||||||
1.25% | 11/06/17 | 611,000 | 608,381 | |||||||
Caterpillar Inc. | ||||||||||
1.50% | 06/26/17 | 1,073,000 | 1,085,185 | |||||||
Catholic Health Initiatives | ||||||||||
1.60% | 11/01/17 | 175,000 | 172,226 | |||||||
CBS Corp. | ||||||||||
3.38% | 03/01/22 | 250,000 | 250,553 | |||||||
Celgene Corp. | ||||||||||
5.25% | 08/15/43 | 220,000 | 239,087 | |||||||
Cenovus Energy Inc. | ||||||||||
3.80% | 09/15/23 | 250,000 | 257,714 | |||||||
CenterPoint Energy Houston Electric LLC | ||||||||||
4.50% | 04/01/44 | 250,000 | 263,761 | |||||||
CF Industries Inc. | ||||||||||
3.45% | 06/01/23 | 250,000 | 247,797 | |||||||
5.38% | 03/15/44 | 200,000 | 214,449 | |||||||
Chevron Corp. | ||||||||||
1.72% | 06/24/18 | 750,000 | 755,890 | |||||||
2.43% | 06/24/20 | 75,000 | 76,105 | |||||||
Cigna Corp. | ||||||||||
2.75% | 11/15/16 | 250,000 | 259,628 | (d) | ||||||
5.38% | 02/15/42 | 250,000 | 285,179 | (d) |
Table of Contents
Cisco Systems Inc. | ||||||||||
2.90% | 03/04/21 | 125,000 | 126,919 | |||||||
5.90% | 02/15/39 | 500,000 | 610,344 | |||||||
Citigroup Inc. | ||||||||||
1.30% | 11/15/16 | 500,000 | 500,645 | |||||||
1.70% | 07/25/16 | 500,000 | 506,572 | |||||||
3.88% | 10/25/23 | 500,000 | 512,130 | |||||||
5.38% | 08/09/20 | 1,000,000 | 1,145,940 | |||||||
5.88% | 01/30/42 | 272,000 | 325,400 | |||||||
6.13% | 08/25/36 | 347,000 | 397,384 | |||||||
Cliffs Natural Resources Inc. | ||||||||||
3.95% | 01/15/18 | 250,000 | 253,332 | |||||||
CNA Financial Corp. | ||||||||||
5.88% | 08/15/20 | 781,000 | 913,922 | (d) | ||||||
Colgate-Palmolive Co. | ||||||||||
3.25% | 03/15/24 | 250,000 | 254,457 | |||||||
Comcast Corp. | ||||||||||
4.25% | 01/15/33 | 1,000,000 | 1,027,235 | |||||||
5.15% | 03/01/20 | 500,000 | 572,975 | |||||||
Commonwealth Edison Co. | ||||||||||
4.60% | 08/15/43 | 250,000 | 268,471 | |||||||
4.70% | 01/15/44 | 175,000 | 190,989 | |||||||
ConAgra Foods Inc. | ||||||||||
1.30% | 01/25/16 | 750,000 | 756,232 | |||||||
ConocoPhillips | ||||||||||
6.50% | 02/01/39 | 500,000 | 670,548 | |||||||
Consolidated Edison Company of New York Inc. | ||||||||||
3.95% | 03/01/43 | 250,000 | 238,437 | |||||||
Continental Resources Inc. | ||||||||||
4.50% | 04/15/23 | 250,000 | 267,047 |
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Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | ||||||||||
2.25% | 01/14/19 | 250,000 | 253,182 | |||||||
3.95% | 11/09/22 | 500,000 | 508,314 | |||||||
4.63% | 12/01/23 | 250,000 | 264,236 | |||||||
Corp Andina de Fomento | ||||||||||
4.38% | 06/15/22 | 250,000 | 265,143 | |||||||
COX Communications Inc. | ||||||||||
4.70% | 12/15/42 | 218,000 | 212,002 | (g) | ||||||
Credit Suisse | ||||||||||
5.30% | 08/13/19 | 500,000 | 571,975 | |||||||
Crown Castle Towers LLC | ||||||||||
6.11% | 01/15/40 | 326,000 | 383,710 | (d,g) | ||||||
CSX Corp. | ||||||||||
4.10% | 03/15/44 | 568,000 | 535,408 | |||||||
CVS Caremark Corp. | ||||||||||
2.75% | 12/01/22 | 500,000 | 482,940 | |||||||
DCP Midstream Operating LP | ||||||||||
2.50% | 12/01/17 | 873,000 | 898,049 | |||||||
DDR Corp. (REIT) | ||||||||||
4.63% | 07/15/22 | 626,000 | 669,849 | |||||||
Deere & Co. | ||||||||||
3.90% | 06/09/42 | 471,000 | 448,275 | |||||||
Delhaize Group S.A. | ||||||||||
4.13% | 04/10/19 | 500,000 | 525,054 | |||||||
Delphi Corp. | ||||||||||
4.15% | 03/15/24 | 150,000 | 155,751 | |||||||
DENTSPLY International Inc. | ||||||||||
2.75% | 08/15/16 | 725,000 | 750,848 | (d) | ||||||
4.13% | 08/15/21 | 250,000 | 259,372 | (d) | ||||||
Deutsche Bank AG | ||||||||||
3.25% | 01/11/16 | 500,000 | 518,806 | |||||||
Deutsche Telekom International Finance BV | ||||||||||
8.75% | 06/15/30 | 250,000 | 365,624 | |||||||
Devon Energy Corp. | ||||||||||
2.25% | 12/15/18 | 500,000 | 505,842 | |||||||
3.25% | 05/15/22 | 500,000 | 503,667 | |||||||
Diageo Capital PLC | ||||||||||
1.50% | 05/11/17 | 500,000 | 505,724 | (d) | ||||||
Diageo Investment Corp. | ||||||||||
2.88% | 05/11/22 | 500,000 | 497,516 | (d) | ||||||
DIRECTV Holdings LLC | ||||||||||
5.15% | 03/15/42 | 500,000 | 525,066 | (d) | ||||||
Discover Bank | ||||||||||
4.20% | 08/08/23 | 350,000 | 369,329 | |||||||
Discovery Communications LLC | ||||||||||
3.25% | 04/01/23 | 325,000 | 319,009 | |||||||
Dominion Resources Inc. | ||||||||||
1.95% | 08/15/16 | 667,000 | 681,959 | (d) | ||||||
DTE Energy Co. | ||||||||||
3.85% | 12/01/23 | 250,000 | 260,608 | |||||||
Duke Energy Corp. | ||||||||||
1.63% | 08/15/17 | 884,000 | 891,754 | |||||||
3.05% | 08/15/22 | 2,639,000 | 2,628,412 | |||||||
Eastman Chemical Co. | ||||||||||
2.40% | 06/01/17 | 500,000 | 514,767 | (d) | ||||||
Eaton Corp. | ||||||||||
1.50% | 11/02/17 | 500,000 | 500,620 | |||||||
eBay Inc. | ||||||||||
1.35% | 07/15/17 | 619,000 | 621,912 | |||||||
Ecolab Inc. | ||||||||||
1.45% | 12/08/17 | 750,000 | 750,960 |
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Ecopetrol S.A. | ||||||||||
7.63% | 07/23/19 | 345,000 | 421,331 | (d) | ||||||
Eli Lilly & Co. | ||||||||||
4.65% | 06/15/44 | 350,000 | 369,660 | |||||||
EMC Corp. | ||||||||||
1.88% | 06/01/18 | 500,000 | 503,304 | |||||||
Emerson Electric Co. | ||||||||||
2.63% | 02/15/23 | 500,000 | 487,483 | |||||||
Enbridge Inc. | ||||||||||
3.50% | 06/10/24 | 65,000 | 64,750 | |||||||
Encana Corp. | ||||||||||
3.90% | 11/15/21 | 500,000 | 528,310 | |||||||
Energy Transfer Partners LP | ||||||||||
6.50% | 02/01/42 | 250,000 | 298,579 | |||||||
6.70% | 07/01/18 | 701,000 | 820,792 | (d) | ||||||
EnLink Midstream Partners LP | ||||||||||
5.60% | 04/01/44 | 150,000 | 167,475 | |||||||
Entergy Louisiana LLC | ||||||||||
4.05% | 09/01/23 | 250,000 | 266,218 | |||||||
Enterprise Products Operating LLC | ||||||||||
3.90% | 02/15/24 | 175,000 | 181,030 | |||||||
4.45% | 02/15/43 | 442,000 | 433,579 | |||||||
EOG Resources Inc. | ||||||||||
2.45% | 04/01/20 | 175,000 | 176,354 | |||||||
ERP Operating LP (REIT) | ||||||||||
3.00% | 04/15/23 | 250,000 | 243,829 | |||||||
European Bank for Reconstruction & Development | ||||||||||
1.00% | 02/16/17 | 500,000 | 502,084 | |||||||
European Investment Bank | ||||||||||
1.00% | 07/15/15 | 2,000,000 | 2,016,000 | |||||||
4.88% | 01/17/17 | 2,040,000 | 2,249,245 | (d) | ||||||
Express Scripts Holding Co. | ||||||||||
3.13% | 05/15/16 | 500,000 | 520,912 | (d) | ||||||
4.75% | 11/15/21 | 474,000 | 524,614 | |||||||
Exxon Mobil Corp. | ||||||||||
3.18% | 03/15/24 | 250,000 | 254,919 | |||||||
FedEx Corp. | ||||||||||
2.70% | 04/15/23 | 200,000 | 189,572 | |||||||
Fifth Third BanCorp | ||||||||||
4.50% | 06/01/18 | 500,000 | 545,550 | |||||||
Florida Power & Light Co. | ||||||||||
4.13% | 02/01/42 | 500,000 | 502,063 | |||||||
Ford Motor Co. | ||||||||||
4.75% | 01/15/43 | 800,000 | 808,791 | |||||||
France Telecom S.A. | ||||||||||
9.00% | 03/01/31 | 250,000 | 376,262 | |||||||
Freeport-McMoRan Inc. | ||||||||||
3.10% | 03/15/20 | 500,000 | 504,943 | |||||||
General Electric Capital Corp. | ||||||||||
5.00% | 01/08/16 | 750,000 | 799,578 | (c) | ||||||
5.50% | 01/08/20 | 1,000,000 | 1,159,208 | (c) | ||||||
6.75% | 03/15/32 | 1,250,000 | 1,648,949 | (c) | ||||||
General Electric Co. | ||||||||||
5.25% | 12/06/17 | 1,000,000 | 1,128,245 | (c) | ||||||
General Mills Inc. | ||||||||||
3.65% | 02/15/24 | 250,000 | 255,662 | |||||||
Genworth Holdings Inc. | ||||||||||
6.52% | 05/22/18 | 250,000 | 289,082 | |||||||
Georgia Power Co. | ||||||||||
4.30% | 03/15/42 | 472,000 | 473,519 |
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Gilead Sciences Inc. | ||||||||||
3.70% | 04/01/24 | 500,000 | 513,050 | |||||||
4.80% | 04/01/44 | 250,000 | 263,799 | |||||||
GlaxoSmithKline Capital PLC | ||||||||||
1.50% | 05/08/17 | 1,000,000 | 1,011,415 | |||||||
Glencore Finance Canada Ltd. | ||||||||||
5.80% | 11/15/16 | 751,275 | 826,657 | (d,g) | ||||||
Google Inc. | ||||||||||
3.38% | 02/25/24 | 225,000 | 230,288 | |||||||
Great Plains Energy Inc. | ||||||||||
4.85% | 06/01/21 | 1,004,000 | 1,109,496 | (d) | ||||||
Halliburton Co. | ||||||||||
3.50% | 08/01/23 | 900,000 | 923,000 | |||||||
HCP Inc. (REIT) | ||||||||||
2.63% | 02/01/20 | 500,000 | 500,260 | |||||||
Healthcare REIT Inc. | ||||||||||
2.25% | 03/15/18 | 500,000 | 507,665 | |||||||
5.13% | 03/15/43 | 250,000 | 267,208 | |||||||
Hess Corp. | ||||||||||
8.13% | 02/15/19 | 500,000 | 628,982 | |||||||
Hewlett-Packard Co. | ||||||||||
2.13% | 09/13/15 | 750,000 | 763,219 | |||||||
6.00% | 09/15/41 | 262,000 | 301,572 | |||||||
Honeywell International Inc. | ||||||||||
3.35% | 12/01/23 | 450,000 | 458,523 | |||||||
HSBC Bank USA NA | ||||||||||
5.88% | 11/01/34 | 500,000 | 601,806 | |||||||
HSBC Finance Corp. | ||||||||||
6.68% | 01/15/21 | 250,000 | 298,975 | |||||||
HSBC Holdings PLC | ||||||||||
5.10% | 04/05/21 | 1,000,000 | 1,136,279 |
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HSBC USA Inc. |
| |||||||||
3.50% | 06/23/24 | 250,000 | 250,710 | |||||||
Husky Energy Inc. | ||||||||||
4.00% | 04/15/24 | 100,000 | 103,886 | |||||||
Illinois Tool Works Inc. | ||||||||||
3.50% | 03/01/24 | 250,000 | 256,236 | |||||||
Indiana Michigan Power Co. | ||||||||||
3.20% | 03/15/23 | 750,000 | 744,568 | |||||||
Ingersoll-Rand Global Holding Co. Ltd. | ||||||||||
4.25% | 06/15/23 | 200,000 | 210,400 | |||||||
Intel Corp. | ||||||||||
1.35% | 12/15/17 | 872,000 | 872,245 | |||||||
4.25% | 12/15/42 | 186,000 | 182,242 | |||||||
Inter-American Development Bank | ||||||||||
1.38% | 10/18/16 | 1,500,000 | 1,525,090 | |||||||
International Business Machines Corp. | ||||||||||
4.00% | 06/20/42 | 750,000 | 720,703 | |||||||
Intesa Sanpaolo S.p.A. | ||||||||||
3.88% | 01/15/19 | 200,000 | 209,745 | |||||||
Invesco Finance PLC | ||||||||||
3.13% | 11/30/22 | 500,000 | 495,934 | |||||||
Jabil Circuit Inc. | ||||||||||
4.70% | 09/15/22 | 223,000 | 225,788 | |||||||
Jefferies Group Inc. | ||||||||||
5.13% | 01/20/23 | 250,000 | 268,016 | |||||||
John Deere Capital Corp. | ||||||||||
1.95% | 12/13/18 | 500,000 | 501,377 | |||||||
Johnson & Johnson | ||||||||||
4.38% | 12/05/33 | 250,000 | 268,925 | |||||||
Johnson Controls Inc. | ||||||||||
3.63% | 07/02/24 | 80,000 | 80,352 | |||||||
JPMorgan Chase & Co. | ||||||||||
1.10% | 10/15/15 | 2,000,000 | 2,008,312 | |||||||
3.25% | 09/23/22 | 436,000 | 437,990 | |||||||
3.38% | 05/01/23 | 250,000 | 245,380 | |||||||
4.50% | 01/24/22 | 703,000 | 770,305 | |||||||
6.30% | 04/23/19 | 1,000,000 | 1,182,321 | |||||||
6.40% | 05/15/38 | 500,000 | 634,671 | |||||||
Kellogg Co. | ||||||||||
7.45% | 04/01/31 | 150,000 | 194,357 | |||||||
KeyCorp | ||||||||||
2.30% | 12/13/18 | 170,000 | 171,982 | |||||||
KFW | ||||||||||
2.00% | 10/04/22 | 1,500,000 | 1,446,841 | |||||||
4.50% | 07/16/18 | 1,567,000 | 1,756,145 | (d) | ||||||
Kimberly-Clark Corp. | ||||||||||
1.90% | 05/22/19 | 220,000 | 219,797 | |||||||
Kinder Morgan Energy Partners LP | ||||||||||
2.65% | 02/01/19 | 740,000 | 748,947 | |||||||
3.50% | 09/01/23 | 300,000 | 291,360 | |||||||
5.00% | 08/15/42 | 442,000 | 439,352 | |||||||
Kinross Gold Corp. | ||||||||||
6.88% | 09/01/41 | 250,000 | 256,642 | |||||||
Koninklijke Philips N.V. | ||||||||||
3.75% | 03/15/22 | 500,000 | 525,736 | |||||||
Kraft Foods Group Inc. | ||||||||||
5.00% | 06/04/42 | 500,000 | 534,548 | |||||||
L-3 Communications Corp. | ||||||||||
5.20% | 10/15/19 | 500,000 | 562,493 | |||||||
Laboratory Corp. of America Holdings | ||||||||||
4.00% | 11/01/23 | 200,000 | 202,646 |
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Landwirtschaftliche Rentenbank | ||||||||||
0.88% | 09/12/17 | 500,000 | 497,162 | |||||||
Lincoln National Corp. | ||||||||||
4.00% | 09/01/23 | 200,000 | 207,756 | |||||||
4.20% | 03/15/22 | 317,000 | 338,113 | |||||||
Lockheed Martin Corp. | ||||||||||
4.25% | 11/15/19 | 500,000 | 551,740 | |||||||
Loews Corp. | ||||||||||
2.63% | 05/15/23 | 400,000 | 377,608 | |||||||
Lorillard Tobacco Co. | ||||||||||
3.75% | 05/20/23 | 500,000 | 493,808 | |||||||
Lowe’s Companies Inc. | ||||||||||
3.12% | 04/15/22 | 750,000 | 761,293 | |||||||
LyondellBasell Industries N.V. | ||||||||||
6.00% | 11/15/21 | 250,000 | 298,939 | |||||||
Macy’s Retail Holdings Inc. | ||||||||||
3.88% | 01/15/22 | 500,000 | 521,915 | |||||||
Marsh & McLennan Companies Inc. | ||||||||||
4.05% | 10/15/23 | 250,000 | 263,122 | |||||||
McDonald’s Corp. | ||||||||||
1.88% | 05/29/19 | 500,000 | 503,040 | (d) | ||||||
3.70% | 02/15/42 | 250,000 | 230,453 | |||||||
Medtronic Inc. | ||||||||||
3.63% | 03/15/24 | 200,000 | 205,138 | |||||||
4.50% | 03/15/42 | 250,000 | 254,738 | |||||||
Memorial Sloan-Kettering Cancer Center | ||||||||||
4.13% | 07/01/52 | 395,000 | 379,571 | |||||||
Merck & Company Inc. | ||||||||||
2.40% | 09/15/22 | 878,000 | 846,709 | |||||||
MetLife Inc. | ||||||||||
1.76% | 12/15/17 | 500,000 | 505,112 | |||||||
4.13% | 08/13/42 | 250,000 | 243,302 | |||||||
6.50% | 12/15/32 | 250,000 | 324,079 | |||||||
Microsoft Corp. | ||||||||||
0.88% | 11/15/17 | 1,000,000 | 992,530 | |||||||
3.75% | 05/01/43 | 300,000 | 278,504 | |||||||
Mondelez International Inc. | ||||||||||
5.38% | 02/10/20 | 1,000,000 | 1,149,500 | |||||||
Monsanto Co. | ||||||||||
4.20% | 07/15/34 | 70,000 | 70,649 | (f) | ||||||
Moody’s Corp. | ||||||||||
4.88% | 02/15/24 | 250,000 | 267,599 | |||||||
Morgan Stanley | ||||||||||
4.10% | 05/22/23 | 250,000 | 253,603 | |||||||
4.75% | 03/22/17 | 639,000 | 695,704 | |||||||
4.88% | 11/01/22 | 250,000 | 268,355 | |||||||
5.50% | 07/28/21 | 898,000 | 1,031,647 | |||||||
5.75% | 01/25/21 | 473,000 | 549,449 | |||||||
6.63% | 04/01/18 | 433,000 | 506,165 | |||||||
Murphy Oil Corp. | ||||||||||
3.70% | 12/01/22 | 500,000 | 497,627 | |||||||
Mylan Inc. | ||||||||||
1.80% | 06/24/16 | 250,000 | 253,540 | |||||||
National Australia Bank Ltd. | ||||||||||
2.30% | 07/25/18 | 500,000 | 509,364 | |||||||
NBCUniversal Media LLC | ||||||||||
5.15% | 04/30/20 | 750,000 | 860,658 | |||||||
NetApp Inc. | ||||||||||
3.38% | 06/15/21 | 210,000 | 210,349 | |||||||
Newell Rubbermaid Inc. | ||||||||||
2.05% | 12/01/17 | 500,000 | 505,445 |
Table of Contents
Newmont Mining Corp. | ||||||||||
3.50% | 03/15/22 | 250,000 | 241,036 | |||||||
Nexen Energy ULC | ||||||||||
6.40% | 05/15/37 | 500,000 | 601,670 | |||||||
NextEra Energy Capital Holdings Inc. | ||||||||||
2.60% | 09/01/15 | 1,706,000 | 1,743,010 | (d) | ||||||
Nisource Finance Corp. | ||||||||||
3.85% | 02/15/23 | 1,074,000 | 1,101,375 | |||||||
Noble Energy Inc. | ||||||||||
8.25% | 03/01/19 | 500,000 | 630,333 | |||||||
Nomura Holdings Inc. | ||||||||||
2.00% | 09/13/16 | 500,000 | 508,160 | |||||||
Norfolk Southern Corp. | ||||||||||
2.90% | 02/15/23 | 500,000 | 486,821 | |||||||
4.80% | 08/15/43 | 250,000 | 265,975 | |||||||
Northeast Utilities | ||||||||||
1.45% | 05/01/18 | 250,000 | 245,500 | |||||||
Northrop Grumman Corp. | ||||||||||
1.75% | 06/01/18 | 750,000 | 746,343 | |||||||
Novartis Capital Corp. | ||||||||||
2.40% | 09/21/22 | 552,000 | 531,702 | |||||||
NYSE Euronext | ||||||||||
2.00% | 10/05/17 | 500,000 | 509,485 | |||||||
Occidental Petroleum Corp. | ||||||||||
1.50% | 02/15/18 | 500,000 | 498,952 | |||||||
Oglethorpe Power Corp. | ||||||||||
5.38% | 11/01/40 | 491,000 | 561,017 | |||||||
Omnicom Group Inc. | ||||||||||
3.63% | 05/01/22 | 500,000 | 514,385 |
Table of Contents
ONEOK Partners LP |
| |||||||||
6.13% | 02/01/41 | 562,000 | 663,692 | (d) | ||||||
Oracle Corp. | ||||||||||
1.20% | 10/15/17 | 1,000,000 | 998,662 | |||||||
3.63% | 07/15/23 | 125,000 | 128,781 | |||||||
4.30% | 07/08/34 | 500,000 | 499,800 | |||||||
Owens Corning | ||||||||||
4.20% | 12/15/22 | 250,000 | 256,710 | |||||||
Pacific Gas & Electric Co. | ||||||||||
6.05% | 03/01/34 | 611,000 | 755,631 | |||||||
PacifiCorp | ||||||||||
6.25% | 10/15/37 | 153,000 | 199,030 | |||||||
Pentair Finance S.A. | ||||||||||
3.15% | 09/15/22 | 500,000 | 488,790 | |||||||
PepsiCo Inc. | ||||||||||
2.75% | 03/01/23 | 250,000 | 244,398 | |||||||
7.90% | 11/01/18 | 1,000,000 | 1,244,736 | |||||||
Petrobras Global Finance BV | ||||||||||
4.38% | 05/20/23 | 500,000 | 481,525 | |||||||
Petrobras International Finance Co. | ||||||||||
3.50% | 02/06/17 | 1,183,000 | 1,214,349 | (d) | ||||||
3.88% | 01/27/16 | 420,000 | 433,041 | |||||||
Petrobras International Finance Co.—Pifco | ||||||||||
6.75% | 01/27/41 | 250,000 | 257,500 | |||||||
Petroleos Mexicanos | ||||||||||
3.50% | 07/18/18 | 500,000 | 525,500 | |||||||
5.50% | 01/21/21 - 06/27/44 | 1,179,000 | 1,308,839 | |||||||
6.50% | 06/02/41 | 167,000 | 194,138 | |||||||
Pfizer Inc. | ||||||||||
4.30% | 06/15/43 | 350,000 | 353,492 | |||||||
6.20% | 03/15/19 | 1,000,000 | 1,187,105 | |||||||
Philip Morris International Inc. | ||||||||||
2.50% | 05/16/16 | 1,004,000 | 1,039,755 | (d) | ||||||
3.88% | 08/21/42 | 442,000 | 410,832 | |||||||
Plains All American Pipeline LP | ||||||||||
3.85% | 10/15/23 | 500,000 | 513,604 | |||||||
Plains Exploration & Production Co. | ||||||||||
6.63% | 05/01/21 | 276,000 | 308,775 | |||||||
PNC Funding Corp. | ||||||||||
2.70% | 09/19/16 | 1,000,000 | 1,038,449 | |||||||
Potash Corporation of Saskatchewan Inc. | ||||||||||
3.63% | 03/15/24 | 250,000 | 254,687 | |||||||
PPL Capital Funding Inc. | ||||||||||
3.40% | 06/01/23 | 500,000 | 500,715 | |||||||
Praxair Inc. | ||||||||||
0.75% | 02/21/16 | 500,000 | 501,672 | |||||||
Pride International Inc. | ||||||||||
6.88% | 08/15/20 | 950,000 | 1,154,386 | (d) | ||||||
Principal Financial Group Inc. | ||||||||||
1.85% | 11/15/17 | 250,000 | 251,262 | |||||||
ProLogis LP (REIT) | ||||||||||
4.25% | 08/15/23 | 250,000 | 260,967 | |||||||
Prudential Financial Inc. | ||||||||||
5.63% | 05/12/41 | 475,000 | 554,106 | (d) | ||||||
7.38% | 06/15/19 | 350,000 | 433,440 | |||||||
Public Service Company of Colorado | ||||||||||
3.95% | 03/15/43 | 250,000 | 244,533 | |||||||
Public Service Electric & Gas Co. | ||||||||||
1.80% | 06/01/19 | 250,000 | 247,729 | |||||||
2.38% | 05/15/23 | 500,000 | 474,843 |
Table of Contents
Quest Diagnostics Inc. | ||||||||||
4.25% | 04/01/24 | 250,000 | 254,572 | |||||||
Qwest Corp. | ||||||||||
6.75% | 12/01/21 | 500,000 | 578,870 | |||||||
Realty Income Corp. (REIT) | ||||||||||
4.65% | 08/01/23 | 500,000 | 536,825 | |||||||
Republic Services Inc. | ||||||||||
5.50% | 09/15/19 | 500,000 | 573,795 | |||||||
Reynolds American Inc. | ||||||||||
3.25% | 11/01/22 | 500,000 | 482,381 | |||||||
Rio Tinto Finance USA Ltd. | ||||||||||
5.20% | 11/02/40 | 750,000 | 829,271 | |||||||
Rogers Communications Inc. | ||||||||||
3.00% | 03/15/23 | 250,000 | 240,577 | |||||||
Rowan Companies Inc. | ||||||||||
5.40% | 12/01/42 | 250,000 | 249,276 | |||||||
Royal Bank of Canada | ||||||||||
0.80% | 10/30/15 | 500,000 | 501,801 | |||||||
1.20% | 09/19/18 | 500,000 | 498,719 | |||||||
Royal Bank of Scotland Group PLC | ||||||||||
6.40% | 10/21/19 | 500,000 | 588,735 | |||||||
San Diego Gas & Electric Co. | ||||||||||
3.60% | 09/01/23 | 500,000 | 523,206 | |||||||
Sanofi | ||||||||||
1.25% | 04/10/18 | 500,000 | 493,441 | |||||||
Santander Holdings USA Inc. | ||||||||||
3.00% | 09/24/15 | 438,000 | 449,886 | |||||||
Seagate HDD Cayman | ||||||||||
3.75% | 11/15/18 | 125,000 | 127,813 | (g) | ||||||
4.75% | 06/01/23 | 250,000 | 251,875 | (g) | ||||||
Sempra Energy | ||||||||||
4.05% | 12/01/23 | 250,000 | 264,103 | |||||||
Shell International Finance BV | ||||||||||
2.00% | 11/15/18 | 225,000 | 228,118 | |||||||
4.38% | 03/25/20 | 1,000,000 | 1,112,504 | |||||||
Simon Property Group LP (REIT) | ||||||||||
2.75% | 02/01/23 | 621,000 | 599,901 | |||||||
Spectra Energy Capital LLC | ||||||||||
3.30% | 03/15/23 | 250,000 | 239,263 | |||||||
Stanley Black & Decker Inc. | ||||||||||
2.90% | 11/01/22 | 250,000 | 244,262 | |||||||
State Street Corp. | ||||||||||
3.70% | 11/20/23 | 275,000 | 285,245 | (b) | ||||||
Statoil ASA | ||||||||||
2.45% | 01/17/23 | 750,000 | 719,892 | |||||||
Sumitomo Mitsui Banking Corp. | ||||||||||
2.50% | 07/19/18 | 500,000 | 511,245 | |||||||
Suncor Energy Inc. | ||||||||||
6.85% | 06/01/39 | 250,000 | 332,443 | |||||||
SunTrust Banks Inc. | ||||||||||
2.35% | 11/01/18 | 350,000 | 354,475 | |||||||
Svensk Exportkredit AB | ||||||||||
0.63% | 05/31/16 | 500,000 | 500,535 | |||||||
Talisman Energy Inc. | ||||||||||
5.50% | 05/15/42 | 250,000 | 271,060 | |||||||
Target Corp. | ||||||||||
4.00% | 07/01/42 | 500,000 | 471,851 | |||||||
Teck Resources Ltd. | ||||||||||
2.50% | 02/01/18 | 1,000,000 | 1,018,575 | |||||||
Telefonica Emisiones SAU | ||||||||||
5.88% | 07/15/19 | 1,000,000 | 1,159,388 |
Table of Contents
The Allstate Corp. | ||||||||||
5.75% | 08/15/53 | 250,000 | 268,514 | (e) | ||||||
The Boeing Co. | ||||||||||
0.95% | 05/15/18 | 325,000 | 317,467 | |||||||
The Charles Schwab Corp. | ||||||||||
2.20% | 07/25/18 | 200,000 | 203,449 | |||||||
The Chubb Corp. | ||||||||||
6.38% | 03/29/67 | 250,000 | 277,813 | (e) | ||||||
The Coca-Cola Co. | ||||||||||
1.15% | 04/01/18 | 250,000 | 247,547 | |||||||
2.45% | 11/01/20 | 500,000 | 502,634 | |||||||
3.30% | 09/01/21 | 326,000 | 339,385 | |||||||
The Dow Chemical Co. | ||||||||||
3.00% | 11/15/22 | 437,000 | 429,798 | |||||||
4.38% | 11/15/42 | 437,000 | 417,175 | |||||||
The Goldman Sachs Group Inc. | ||||||||||
1.60% | 11/23/15 | 2,000,000 | 2,020,752 | |||||||
5.75% | 01/24/22 | 500,000 | 578,592 | |||||||
6.75% | 10/01/37 | 700,000 | 842,124 | |||||||
The Hartford Financial Services Group Inc. | ||||||||||
4.00% | 10/15/17 | 500,000 | 539,532 | |||||||
The Home Depot Inc. | ||||||||||
4.20% | 04/01/43 | 250,000 | 244,683 | |||||||
4.40% | 04/01/21 | 500,000 | 560,389 | |||||||
The Korea Development Bank | ||||||||||
3.25% | 03/09/16 | 897,000 | 930,742 | (d) | ||||||
The Kroger Co. | ||||||||||
3.85% | 08/01/23 | 500,000 | 513,732 |
Table of Contents
The Procter & Gamble Co. |
| |||||||||
4.70% | 02/15/19 | 1,000,000 | 1,129,413 | |||||||
The Progressive Corp. | ||||||||||
4.35% | 04/25/44 | 100,000 | 101,426 | |||||||
The Sherwin-Williams Co. | ||||||||||
1.35% | 12/15/17 | 436,000 | 436,562 | |||||||
The Toronto-Dominion Bank | ||||||||||
2.63% | 09/10/18 | 250,000 | 258,124 | |||||||
The Travelers Companies Inc. | ||||||||||
5.35% | 11/01/40 | 250,000 | 294,202 | |||||||
The Western Union Co. | ||||||||||
2.88% | 12/10/17 | 500,000 | 514,886 | |||||||
The Williams Companies Inc. | ||||||||||
4.55% | 06/24/24 | 45,000 | 45,446 | |||||||
Thermo Fisher Scientific Inc. | ||||||||||
4.15% | 02/01/24 | 25,000 | 26,144 | |||||||
Thomson Reuters Corp. | ||||||||||
4.50% | 05/23/43 | 150,000 | 142,556 | |||||||
Time Warner Cable Inc. | ||||||||||
4.50% | 09/15/42 | 500,000 | 486,741 | |||||||
6.75% | 07/01/18 | 1,288,000 | 1,524,103 | (d) | ||||||
Time Warner Inc. | ||||||||||
6.10% | 07/15/40 | 1,000,000 | 1,173,830 | |||||||
Total Capital International S.A. | ||||||||||
1.55% | 06/28/17 | 1,000,000 | 1,014,319 | |||||||
2.75% | 06/19/21 | 250,000 | 250,546 | |||||||
Toyota Motor Credit Corp. | ||||||||||
1.38% | 01/10/18 | 1,000,000 | 1,001,211 | |||||||
TransAlta Corp. | ||||||||||
4.50% | 11/15/22 | 873,000 | 884,752 | |||||||
TransCanada PipeLines Ltd. | ||||||||||
7.63% | 01/15/39 | 350,000 | 508,781 | |||||||
Transocean Inc. | ||||||||||
3.80% | 10/15/22 | 438,000 | 433,499 | |||||||
Tyco Electronics Group S.A. | ||||||||||
2.38% | 12/17/18 | 80,000 | 80,626 | |||||||
U.S. Bancorp | ||||||||||
3.44% | 02/01/16 | 1,525,000 | 1,588,286 | |||||||
UBS AG | ||||||||||
5.75% | 04/25/18 | 1,000,000 | 1,146,541 | |||||||
Unilever Capital Corp. | ||||||||||
2.20% | 03/06/19 | 400,000 | 405,788 | |||||||
Union Pacific Corp. | ||||||||||
4.75% | 12/15/43 | 250,000 | 271,592 | |||||||
United Airlines 2013-1 Class A Pass Through Trust | ||||||||||
4.30% | 02/15/27 | 250,000 | 257,500 | (h) | ||||||
United Parcel Service Inc. | ||||||||||
2.45% | 10/01/22 | 875,000 | 849,049 | |||||||
United Technologies Corp. | ||||||||||
1.80% | 06/01/17 | 472,000 | 482,100 | (d) | ||||||
4.50% | 06/01/42 | 708,000 | 741,534 | (d) | ||||||
UnitedHealth Group Inc. | ||||||||||
0.85% | 10/15/15 | 437,000 | 438,933 | |||||||
1.40% | 10/15/17 | 437,000 | 438,657 | |||||||
6.88% | 02/15/38 | 250,000 | 338,501 | |||||||
Vale Overseas Ltd. | ||||||||||
6.88% | 11/10/39 | 750,000 | 832,911 | |||||||
Valero Energy Corp. | ||||||||||
6.63% | 06/15/37 | 500,000 | 621,267 | |||||||
Ventas Realty LP (REIT) | ||||||||||
2.00% | 02/15/18 | 500,000 | 504,101 |
Table of Contents
Verizon Communications Inc. | ||||||||||
2.00% | 11/01/16 | 1,350,000 | 1,378,255 | |||||||
3.85% | 11/01/42 | 686,000 | 603,998 | |||||||
5.05% | 03/15/34 | 250,000 | 266,817 | |||||||
5.15% | 09/15/23 | 1,250,000 | 1,398,866 | |||||||
6.40% | 09/15/33 | 500,000 | 612,469 | |||||||
6.55% | 09/15/43 | 500,000 | 629,220 | |||||||
Verizon New York Inc. | ||||||||||
7.38% | 04/01/32 | 250,000 | 309,831 | |||||||
Viacom Inc. | ||||||||||
2.50% | 12/15/16 | 1,159,000 | 1,194,649 | (d) | ||||||
3.25% | 03/15/23 | 200,000 | 197,439 | |||||||
5.85% | 09/01/43 | 100,000 | 114,883 | |||||||
Virginia Electric and Power Co. | ||||||||||
4.65% | 08/15/43 | 500,000 | 537,164 | |||||||
Vodafone Group PLC | ||||||||||
2.50% | 09/26/22 | 376,000 | 353,010 | |||||||
4.38% | 02/19/43 | 250,000 | 238,419 | |||||||
Voya Financial Inc. | ||||||||||
2.90% | 02/15/18 | 250,000 | 259,060 | |||||||
Wal-Mart Stores Inc. | ||||||||||
6.50% | 08/15/37 | 1,250,000 | 1,661,430 | |||||||
Waste Management Inc. | ||||||||||
2.90% | 09/15/22 | 500,000 | 489,738 | |||||||
Weatherford International Ltd. | ||||||||||
4.50% | 04/15/22 | 250,000 | 265,814 | (d) | ||||||
5.95% | 04/15/42 | 250,000 | 283,523 | (d) | ||||||
WellPoint Inc. | ||||||||||
1.88% | 01/15/18 | 602,000 | 606,226 | |||||||
3.30% | 01/15/23 | 500,000 | 499,405 | |||||||
3.70% | 08/15/21 | 237,000 | 247,137 | |||||||
Wells Fargo & Co. | ||||||||||
1.50% | 07/01/15 - 01/16/18 | 2,000,000 | 2,016,064 | |||||||
4.13% | 08/15/23 | 250,000 | 259,701 | |||||||
5.38% | 11/02/43 | 150,000 | 165,006 | |||||||
5.61% | 01/15/44 | 569,000 | 651,878 | |||||||
Wells Fargo Bank NA | ||||||||||
0.75% | 07/20/15 | 500,000 | 502,075 | |||||||
Western Gas Partners LP | ||||||||||
5.45% | 04/01/44 | 150,000 | 165,231 | |||||||
Westpac Banking Corp. | ||||||||||
1.13% | 09/25/15 | 1,000,000 | 1,007,848 | |||||||
Weyerhaeuser Co. (REIT) | ||||||||||
7.38% | 03/15/32 | 100,000 | 135,117 | |||||||
Williams Partners LP | ||||||||||
5.80% | 11/15/43 | 250,000 | 282,290 | |||||||
WPP Finance 2010 | ||||||||||
5.13% | 09/07/42 | 441,000 | 456,061 | |||||||
Wyndham Worldwide Corp. | ||||||||||
4.25% | 03/01/22 | 250,000 | 256,945 | |||||||
Zoetis Inc. | ||||||||||
4.70% | 02/01/43 | 250,000 | 253,922 | |||||||
235,584,942 | ||||||||||
Non-Agency Collateralized Mortgage Obligations—0.5% | ||||||||||
Banc of America Commercial Mortgage Trust 2006-4 | ||||||||||
5.63% | 07/10/46 | 388,611 | 417,136 | (d) | ||||||
5.68% | 07/10/46 | 440,000 | 478,780 | |||||||
Banc of America Commercial Mortgage Trust 2007-4 | ||||||||||
5.95% | 02/10/51 | 219,068 | 243,937 | (d,e) |
Table of Contents
Banc of America Commercial Mortgage Trust 2008-1 | ||||||||||
6.42% | 02/10/51 | 792,000 | 899,469 | (d,e) | ||||||
Banc of America Merrill Lynch Commercial Mortgage Inc. 2005-6 | ||||||||||
5.35% | 09/10/47 | 980,000 | 1,024,409 | (d,e) | ||||||
Bear Stearns Commercial Mortgage Securities Trust 2006-T22 | ||||||||||
5.76% | 04/12/38 | 1,050,000 | 1,128,909 | (d,e) | ||||||
COMM 2013-CR11 Mortgage Trust | ||||||||||
4.72% | 10/10/46 | 1,000,000 | 1,099,160 | (e) | ||||||
GS Mortgage Securities Trust 2011-GC5 | ||||||||||
3.00% | 08/10/44 | 950,000 | 985,418 | |||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-CB18 | ||||||||||
5.44% | 06/12/47 | 1,399,573 | 1,526,669 | |||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LD11 | ||||||||||
5.99% | 06/15/49 | 870,000 | 956,711 | (e) | ||||||
JPMBB Commercial Mortgage Securities Trust 2013-C14 | ||||||||||
3.76% | 08/15/46 | 750,000 | 795,901 | (e) | ||||||
LB-UBS Commercial Mortgage Trust 2006-C1 | ||||||||||
5.16% | 02/15/31 | 860,000 | 904,641 | |||||||
LB-UBS Commercial Mortgage Trust 2006-C4 | ||||||||||
6.03% | 06/15/38 | 426,682 | 460,672 | (e) | ||||||
Morgan Stanley Capital I Trust 2006-T23 | ||||||||||
5.98% | 08/12/41 | 1,055,000 | 1,145,070 | (e) | ||||||
Morgan Stanley Capital I Trust 2008-T29 | ||||||||||
6.45% | 01/11/43 | 470,000 | 540,222 | (e) | ||||||
Wachovia Bank Commercial Mortgage Trust 2006-C23 | ||||||||||
5.47% | 01/15/45 | 810,000 | 862,843 | (e) | ||||||
Wells Fargo Commercial Mortgage Trust 2012-LC5 | ||||||||||
4.69% | 10/15/45 | 220,000 | 233,010 | (e) | ||||||
WF-RBS Commercial Mortgage Trust | ||||||||||
2.88% | 12/15/45 | 1,200,000 | 1,179,866 | |||||||
14,882,823 |
Table of Contents
Sovereign Bonds—0.4% | ||||||||||
Government of Brazil | ||||||||||
2.63% | 01/05/23 | 750,000 | 692,625 | |||||||
5.88% | 01/15/19 | 1,000,000 | 1,144,500 | |||||||
7.13% | 01/20/37 | 500,000 | 632,500 | |||||||
Government of Chile | ||||||||||
3.63% | 10/30/42 | 350,000 | 307,125 | |||||||
Government of Colombia | ||||||||||
4.38% | 07/12/21 | 300,000 | 321,900 | (d) | ||||||
6.13% | 01/18/41 | 250,000 | 299,375 | |||||||
Government of Italy | ||||||||||
5.38% | 06/15/33 | 250,000 | 295,098 | |||||||
Government of Mexico | ||||||||||
4.75% | 03/08/44 | 702,000 | 716,040 | (d) | ||||||
5.63% | 01/15/17 | 1,000,000 | 1,110,000 | |||||||
5.75% | 10/12/10 | 172,000 | 182,492 | (d) | ||||||
6.05% | 01/11/40 | 130,000 | 157,560 | (d) | ||||||
3.50% | 01/21/21 | 250,000 | 259,625 | |||||||
Government of Panama | ||||||||||
6.70% | 01/26/36 | 250,000 | 308,375 | |||||||
Government of Peru | ||||||||||
6.55% | 03/14/37 | 447,000 | 561,655 | (d) | ||||||
7.35% | 07/21/25 | 100,000 | 132,500 | |||||||
Government of Philippines | ||||||||||
4.00% | 01/15/21 | 500,000 | 530,625 | |||||||
7.75% | 01/14/31 | 500,000 | 690,625 | |||||||
Government of Poland | ||||||||||
3.00% | 03/17/23 | 147,000 | 142,811 | |||||||
5.00% | 03/23/22 | 500,000 | 555,750 | |||||||
6.38% | 07/15/19 | 74,000 | 87,690 | |||||||
Government of South Africa | ||||||||||
6.25% | 03/08/41 | 100,000 | 115,750 | (d) | ||||||
Government of Turkey | ||||||||||
3.25% | 03/23/23 | 500,000 | 461,000 | |||||||
4.88% | 04/16/43 | 500,000 | 470,000 | |||||||
5.75% | 03/22/24 | 250,000 | 273,125 | |||||||
6.75% | 04/03/18 | 500,000 | 564,500 | |||||||
7.38% | 02/05/25 | 500,000 | 607,500 | |||||||
Government of Uruguay | ||||||||||
4.50% | 08/14/24 | 500,000 | 530,500 | |||||||
12,151,246 | ||||||||||
Municipal Bonds and Notes—0.3% | ||||||||||
American Municipal Power Inc. | ||||||||||
6.27% | 02/15/50 | 300,000 | 369,054 | (d) | ||||||
Bay Area Toll Authority | ||||||||||
6.26% | 04/01/49 | 250,000 | 336,747 | |||||||
Chicago Transit Authority | ||||||||||
6.90% | 12/01/40 | 250,000 | 311,965 | |||||||
City of New York | ||||||||||
5.97% | 03/01/36 | 250,000 | 305,532 | |||||||
City Public Service Board of San Antonio | ||||||||||
5.72% | 02/01/41 | 200,000 | 249,338 | |||||||
Commonwealth of Massachusetts | ||||||||||
4.50% | 08/01/31 | 200,000 | 218,114 | |||||||
Dallas Area Rapid Transit | ||||||||||
5.02% | 12/01/48 | 150,000 | 172,068 | |||||||
East Bay Municipal Utility District | ||||||||||
5.87% | 06/01/40 | 100,000 | 126,248 |
Table of Contents
Los Angeles Department of Water & Power | ||||||||||
6.57% | 07/01/45 | 250,000 | 347,530 | |||||||
6.60% | 07/01/50 | 90,000 | 125,753 | |||||||
Los Angeles Unified School District | ||||||||||
5.76% | 07/01/29 | 160,000 | 194,018 | |||||||
Metropolitan Transportation Authority | ||||||||||
6.81% | 11/15/40 | 250,000 | 337,295 | |||||||
Municipal Electric Authority of Georgia | ||||||||||
6.64% | 04/01/57 | 250,000 | 305,965 | |||||||
New Jersey Transportation Trust Fund Authority | ||||||||||
6.88% | 12/15/39 | 620,000 | 694,115 | (d) | ||||||
New York City Water & Sewer System | ||||||||||
6.01% | 06/15/42 | 250,000 | 323,032 | |||||||
North Texas Tollway Authority | ||||||||||
6.72% | 01/01/49 | 100,000 | 137,406 | |||||||
Port Authority of New York & New Jersey | ||||||||||
4.46% | 10/01/62 | 300,000 | 307,068 | |||||||
San Diego County Water Authority | ||||||||||
6.14% | 05/01/49 | 200,000 | 262,764 | |||||||
South Carolina State Public Service Authority | ||||||||||
6.45% | 01/01/50 | 150,000 | 194,963 | (d) | ||||||
State Board of Administration Finance Corp. | ||||||||||
3.00% | 07/01/20 | 100,000 | 99,636 | |||||||
State of California | ||||||||||
5.70% | 11/01/21 | 705,000 | 843,829 | |||||||
7.55% | 04/01/39 | 600,000 | 901,992 | |||||||
State of Illinois | ||||||||||
5.10% | 06/01/33 | 800,000 | 803,776 | |||||||
State of Texas | ||||||||||
5.52% | 04/01/39 | 200,000 | 249,148 | |||||||
Texas Transportation Commission | ||||||||||
5.03% | 04/01/26 | 100,000 | 116,479 | |||||||
University of California | ||||||||||
4.60% | 05/15/31 | 100,000 | 108,675 | |||||||
6.58% | 05/15/49 | 100,000 | 130,834 | |||||||
University of Texas System | ||||||||||
4.79% | 08/15/46 | 125,000 | 141,606 | |||||||
8,714,950 | ||||||||||
FNMA—0.0% * | ||||||||||
Lehman TBA | ||||||||||
5.50% | TBA | 620,251 | — | (**,h,i) | ||||||
Total Bonds and Notes | ||||||||||
(Cost $870,073,160) | 871,469,694 | |||||||||
Total Investments in Securities | ||||||||||
(Cost $2,410,111,913) | 2,813,921,884 | |||||||||
Short-Term Investments—7.6% | ||||||||||
State Street Institutional U.S. Government Money Market Fund—Premier Class 0.00% | ||||||||||
(Cost $225,434,925) | 225,434,925 | (j,k) | ||||||||
Total Investments | ||||||||||
(Cost $2,635,546,838) | 3,039,356,809 | |||||||||
Liabilities in Excess of Other Assets, net—(2.4)% | (71,557,798 | ) | ||||||||
|
| |||||||||
NET ASSETS—100.0% | $ | 2,967,799,011 | ||||||||
|
|
Table of Contents
Other Information:
The Fund had the following long futures contracts open at June 30, 2014:
Description | Expiration date | Number of Contracts | Current Notional Value | Unrealized Appreciation | ||||||||||
MSCI EAFE Mini Index Futures | September 2014 | 51 | $ | 5,020,695 | $ | 19,308 | ||||||||
MSCI Emerging Market Mini Futures | September 2014 | 30 | 1,561,050 | 2,955 | ||||||||||
Russell 2000 Mini Index Futures | September 2014 | 15 | 1,785,450 | 35,109 | ||||||||||
S&P 500 Emini Index Futures | September 2014 | 183 | 17,864,460 | 218,942 | ||||||||||
S&P Mid 400 Emini Index Futures | September 2014 | 5 | 714,650 | 4,797 | ||||||||||
|
| |||||||||||||
$ | 281,111 | |||||||||||||
|
|
Table of Contents
The Fund held the following TBA sale commitments as of June 30, 2014:
Principal Amount | Fair Value | |||||||||
Agency Mortgage Backed | ||||||||||
Federal National Mortgage Assoc. TBA | TBA | $ | (500,000 | ) | $ | (555,234 | )(f) | |||
Government National Mortgage Assoc. TBA | TBA | (1,000,000 | ) | (1,041,641 | )(f) | |||||
|
| |||||||||
Total Agency Mortgage Backed | ||||||||||
(Cost $(1,580,156)) | $ | (1,596,875 | ) | |||||||
|
|
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) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | General Electric Co. is the parent company of GEAM, the Fund’s investment adviser. |
(d) | At June 30, 2014, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s. |
(e) | Variable or floating rate security. The stated rate represents the rate at June 30, 2014. |
(f) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future. |
(g) | 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, 2014, these securities amounted to $1,802,057 or 0.06% of the net assets of the GE Investment Total Return Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors. |
(h) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors. |
(i) | Security is in default. |
(j) | Coupon amount represents effective yield. |
(k) | Sponsored by SSgA Funds Management, Inc., an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
† | Percentages are based on net assets as of June 30, 2014. |
†† | Security traded on different exchanges. |
* | Less than 0.05%. |
** | Amount is less than $0.50. |
*** | Less than 0.005%. |
Abbreviations:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
REIT | Real Estate Investment Trust |
TBA | To Be Announced |
The Fund was invested in the following countries at June 30, 2014:
Country | Percentage (based on Fair Value) | |||
United States | 72.72 | % | ||
United Kingdom | 4.00 | % | ||
Japan | 3.62 | % | ||
Canada | 2.21 | % | ||
Switzerland | 1.89 | % | ||
France | 1.87 | % | ||
Germany | 1.78 | % | ||
Australia | 1.47 | % | ||
China | 0.97 | % | ||
South Korea | 0.85 | % | ||
Brazil | 0.76 | % |
Table of Contents
Country | Percentage (based on Fair Value) | |||
Spain | 0.68 | % | ||
Taiwan | 0.64 | % | ||
Netherlands | 0.58 | % | ||
Sweden | 0.56 | % | ||
Hong Kong | 0.55 | % | ||
Mexico | 0.48 | % | ||
Italy | 0.46 | % | ||
South Africa | 0.40 | % | ||
India | 0.36 | % | ||
Russian Federation | 0.30 | % | ||
Singapore | 0.29 | % | ||
Denmark | 0.27 | % | ||
Belgium | 0.24 | % | ||
Supranational | 0.22 | % | ||
Malaysia | 0.20 | % | ||
Norway | 0.18 | % | ||
Turkey | 0.17 | % | ||
Finland | 0.15 | % | ||
Indonesia | 0.13 | % | ||
Thailand | 0.12 | % | ||
Poland | 0.11 | % | ||
Ireland | 0.11 | % | ||
Israel | 0.09 | % | ||
Philippines | 0.09 | % | ||
Chile | 0.09 | % | ||
Colombia | 0.08 | % | ||
Austria | 0.05 | % | ||
Luxembourg | 0.04 | % | ||
Peru | 0.04 | % | ||
Greece | 0.04 | % | ||
Portugal | 0.04 | % | ||
New Zealand | 0.02 | % | ||
Uruguay | 0.02 | % | ||
Czech Republic | 0.01 | % | ||
Panama | 0.01 | % | ||
Egypt | 0.01 | % | ||
Hungary | 0.01 | % | ||
Bermuda | 0.01 | % | ||
Cayman Islands | 0.01 | % | ||
Puerto Rico | 0.00 | % | ||
Virgin Islands | 0.00 | %*** | ||
|
| |||
100.00 | % | |||
|
|
The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2014:
Industry | Domestic | Foreign | Total | |||||||||
Diversified Banks | 1.77 | % | 3.67 | % | 5.44 | % | ||||||
Pharmaceuticals | 2.19 | % | 1.74 | % | 3.93 | % | ||||||
Integrated Oil & Gas | 1.62 | % | 1.54 | % | 3.16 | % | ||||||
Technology Hardware, Storage & Peripherals | 1.52 | % | 0.25 | % | 1.77 | % | ||||||
Oil & Gas Exploration & Production | 1.06 | % | 0.47 | % | 1.53 | % | ||||||
Integrated Telecommunication Services | 0.86 | % | 0.64 | % | 1.50 | % | ||||||
Internet Software & Services | 1.14 | % | 0.22 | % | 1.36 | % | ||||||
Packaged Foods & Meats | 0.54 | % | 0.81 | % | 1.35 | % | ||||||
Semiconductors | 0.72 | % | 0.63 | % | 1.35 | % | ||||||
Industrial Conglomerates | 0.86 | % | 0.36 | % | 1.22 | % | ||||||
Aerospace & Defense | 0.96 | % | 0.25 | % | 1.21 | % |
Table of Contents
Electric Utilities | 0.66 | % | 0.42 | % | 1.08 | % | ||||||
Automobile Manufacturers | 0.24 | % | 0.84 | % | 1.08 | % | ||||||
Biotechnology | 0.90 | % | 0.17 | % | 1.07 | % | ||||||
Systems Software | 1.00 | % | 0.03 | % | 1.03 | % | ||||||
Life & Health Insurance | 0.38 | % | 0.53 | % | 0.91 | % | ||||||
Healthcare Equipment | 0.78 | % | 0.12 | % | 0.90 | % | ||||||
Household Products | 0.69 | % | 0.16 | % | 0.85 | % | ||||||
Tobacco | 0.53 | % | 0.30 | % | 0.83 | % | ||||||
Oil & Gas Equipment & Services | 0.67 | % | 0.12 | % | 0.79 | % | ||||||
Industrial Machinery | 0.31 | % | 0.44 | % | 0.75 | % | ||||||
Data Processing & Outsourced Services | 0.66 | % | 0.09 | % | 0.75 | % | ||||||
Communications Equipment | 0.62 | % | 0.12 | % | 0.74 | % | ||||||
Soft Drinks | 0.67 | % | 0.06 | % | 0.73 | % | ||||||
Multi-Utilities | 0.47 | % | 0.25 | % | 0.72 | % | ||||||
IT Consulting & Other Services | 0.53 | % | 0.17 | % | 0.70 | % |
Table of Contents
Diversified Metals & Mining | 0.09 | % | 0.60 | % | 0.69 | % | ||||||
Regional Banks | 0.43 | % | 0.24 | % | 0.67 | % | ||||||
Multi-Line Insurance | 0.25 | % | 0.39 | % | 0.64 | % | ||||||
Movies & Entertainment | 0.62 | % | 0.01 | % | 0.63 | % | ||||||
Railroads | 0.35 | % | 0.27 | % | 0.62 | % | ||||||
Cable & Satellite | 0.46 | % | 0.15 | % | 0.61 | % | ||||||
Multi-Sector Holdings | 0.49 | % | 0.11 | % | 0.60 | % | ||||||
Wireless Telecommunication Services | 0.00 | % | 0.60 | % | 0.60 | % | ||||||
Restaurants | 0.44 | % | 0.14 | % | 0.58 | % | ||||||
Asset Management & Custody Banks | 0.48 | % | 0.09 | % | 0.57 | % | ||||||
Property & Casualty Insurance | 0.31 | % | 0.21 | % | 0.52 | % | ||||||
Hypermarkets & Super Centers | 0.35 | % | 0.16 | % | 0.51 | % | ||||||
Diversified Chemicals | 0.30 | % | 0.20 | % | 0.50 | % | ||||||
Internet Retail | 0.47 | % | 0.03 | % | 0.50 | % | ||||||
Apparel, Accessories & Luxury Goods | 0.14 | % | 0.34 | % | 0.48 | % | ||||||
Application Software | 0.26 | % | 0.22 | % | 0.48 | % | ||||||
Specialty Chemicals | 0.26 | % | 0.20 | % | 0.46 | % | ||||||
Food Retail | 0.10 | % | �� | 0.35 | % | 0.45 | % | |||||
Investment Banking & Brokerage | 0.31 | % | 0.13 | % | 0.44 | % | ||||||
Electrical Components & Equipment | 0.27 | % | 0.14 | % | 0.41 | % | ||||||
Managed Healthcare | 0.38 | % | 0.02 | % | 0.40 | % | ||||||
Construction Machinery & Heavy Trucks | 0.27 | % | 0.12 | % | 0.39 | % | ||||||
Consumer Finance | 0.36 | % | 0.02 | % | 0.38 | % | ||||||
Oil & Gas Storage & Transportation | 0.23 | % | 0.15 | % | 0.38 | % | ||||||
Retail REITs | 0.20 | % | 0.17 | % | 0.37 | % | ||||||
Air Freight & Logistics | 0.28 | % | 0.08 | % | 0.36 | % | ||||||
Auto Parts & Equipment | 0.14 | % | 0.22 | % | 0.36 | % | ||||||
Oil & Gas Refining & Marketing | 0.22 | % | 0.13 | % | 0.35 | % | ||||||
Home Improvement Retail | 0.33 | % | 0.02 | % | 0.35 | % | ||||||
Apparel Retail | 0.18 | % | 0.17 | % | 0.35 | % | ||||||
Brewers | 0.02 | % | 0.33 | % | 0.35 | % | ||||||
Fertilizers & Agricultural Chemicals | 0.19 | % | 0.15 | % | 0.34 | % | ||||||
Trading Companies & Distributors | 0.08 | % | 0.25 | % | 0.33 | % | ||||||
Steel | 0.06 | % | 0.27 | % | 0.33 | % | ||||||
Drug Retail | 0.31 | % | 0.01 | % | 0.32 | % | ||||||
Diversified Real Estate Activities | 0.00 | % | 0.30 | % | 0.30 | % | ||||||
Specialized Finance | 0.18 | % | 0.11 | % | 0.29 | % | ||||||
Construction & Engineering | 0.06 | % | 0.23 | % | 0.29 | % | ||||||
Electronic Components | 0.10 | % | 0.19 | % | 0.29 | % | ||||||
Industrial Gases | 0.16 | % | 0.11 | % | 0.27 | % | ||||||
Healthcare Services | 0.20 | % | 0.07 | % | 0.27 | % | ||||||
Specialized REITs | 0.26 | % | 0.00 | % | 0.26 | % | ||||||
Commodity Chemicals | 0.08 | % | 0.17 | % | 0.25 | % | ||||||
Construction Materials | 0.03 | % | 0.20 | % | 0.23 | % | ||||||
Diversified Capital Markets | 0.00 | % | 0.22 | % | 0.22 | % | ||||||
Distillers & Vintners | 0.06 | % | 0.15 | % | 0.21 | % | ||||||
Healthcare Distributors | 0.19 | % | 0.02 | % | 0.21 | % | ||||||
Life Sciences Tools & Services | 0.18 | % | 0.03 | % | 0.21 | % | ||||||
Semiconductor Equipment | 0.11 | % | 0.09 | % | 0.20 | % | ||||||
Oil & Gas Drilling | 0.10 | % | 0.10 | % | 0.20 | % | ||||||
Broadcasting | 0.12 | % | 0.07 | % | 0.19 | % | ||||||
Gas Utilities | 0.03 | % | 0.16 | % | 0.19 | % | ||||||
Personal Products | 0.05 | % | 0.14 | % | 0.19 | % | ||||||
General Merchandise Stores | 0.15 | % | 0.03 | % | 0.18 | % | ||||||
Department Stores | 0.08 | % | 0.10 | % | 0.18 | % | ||||||
Casinos & Gaming | 0.03 | % | 0.15 | % | 0.18 | % | ||||||
Diversified REITs | 0.06 | % | 0.11 | % | 0.17 | % | ||||||
Building Products | 0.03 | % | 0.14 | % | 0.17 | % | ||||||
Airlines | 0.13 | % | 0.04 | % | 0.17 | % | ||||||
Gold | 0.03 | % | 0.14 | % | 0.17 | % | ||||||
Hotels, Resorts & Cruise Lines | 0.11 | % | 0.06 | % | 0.17 | % |
Table of Contents
Publishing | 0.04 | % | 0.12 | % | 0.16 | % | ||||||
Electronic Equipment & Instruments | 0.02 | % | 0.14 | % | 0.16 | % | ||||||
Residential REITs | 0.14 | % | 0.01 | % | 0.15 | % | ||||||
Footwear | 0.12 | % | 0.02 | % | 0.14 | % | ||||||
Health Care REITs | 0.14 | % | 0.00 | % | 0.14 | % | ||||||
Advertising | 0.06 | % | 0.08 | % | 0.14 | % | ||||||
Research & Consulting Services | 0.06 | % | 0.08 | % | 0.14 | % | ||||||
Reinsurance | 0.03 | % | 0.11 | % | 0.14 | % | ||||||
Automotive Retail | 0.11 | % | 0.02 | % | 0.13 | % | ||||||
Other Diversified Financial Services | 0.00 | % | 0.13 | % | 0.13 | % | ||||||
Electronic Manufacturing Services | 0.02 | % | 0.11 | % | 0.13 | % | ||||||
Heavy Electrical Equipment | 0.00 | % | 0.13 | % | 0.13 | % | ||||||
Insurance Brokers | 0.12 | % | 0.00 | % | 0.12 | % | ||||||
Consumer Electronics | 0.02 | % | 0.10 | % | 0.12 | % | ||||||
Office REITs | 0.07 | % | 0.04 | % | 0.11 | % | ||||||
Agricultural & Farm Machinery | 0.07 | % | 0.03 | % | 0.10 | % | ||||||
Environmental & Facilities Services | 0.09 | % | 0.02 | % | 0.11 | % | ||||||
Specialty Stores | 0.08 | % | 0.02 | % | 0.10 | % | ||||||
Agricultural Products | 0.07 | % | 0.03 | % | 0.10 | % | ||||||
Tires & Rubber | 0.02 | % | 0.08 | % | 0.10 | % | ||||||
Thrifts & Mortgage Finance | 0.03 | % | 0.07 | % | 0.10 | % | ||||||
Home Building | 0.05 | % | 0.05 | % | 0.10 | % | ||||||
Paper Products | 0.04 | % | 0.05 | % | 0.09 | % | ||||||
Leisure Products | 0.06 | % | 0.03 | % | 0.09 | % | ||||||
Independent Power Producers & Energy Traders | 0.05 | % | 0.04 | % | 0.09 | % | ||||||
Real Estate Development | 0.00 | % | 0.09 | % | 0.09 | % | ||||||
Diversified Support Services | 0.03 | % | 0.06 | % | 0.09 | % | ||||||
Paper Packaging | 0.07 | % | 0.02 | % | 0.09 | % | ||||||
Security & Alarm Services | 0.05 | % | 0.04 | % | 0.09 | % | ||||||
Healthcare Supplies | 0.02 | % | 0.07 | % | 0.09 | % | ||||||
Human Resource & Employment Services | 0.03 | % | 0.06 | % | 0.09 | % | ||||||
Industrial REITs | 0.04 | % | 0.04 | % | 0.08 | % | ||||||
Coal & Consumable Fuels | 0.03 | % | 0.05 | % | 0.08 | % | ||||||
Healthcare Facilities | 0.02 | % | 0.05 | % | 0.07 | % | ||||||
Hotel & Resort REITs | 0.07 | % | 0.00 | % | 0.07 | % | ||||||
Highways & Railtracks | 0.00 | % | 0.07 | % | 0.07 | % | ||||||
Marine | 0.01 | % | 0.06 | % | 0.07 | % | ||||||
Trucking | 0.02 | % | 0.04 | % | 0.06 | % | ||||||
Real Estate Operating Companies | 0.00 | % | 0.06 | % | 0.06 | % | ||||||
Food Distributors | 0.05 | % | 0.01 | % | 0.06 | % | ||||||
Aluminum | 0.04 | % | 0.02 | % | 0.06 | % | ||||||
Home Entertainment Software | 0.02 | % | 0.04 | % | 0.06 | % | ||||||
Household Appliances | 0.02 | % | 0.03 | % | 0.05 | % | ||||||
Metal & Glass Containers | 0.03 | % | 0.02 | % | 0.05 | % | ||||||
Distributors | 0.04 | % | 0.01 | % | 0.05 | % | ||||||
Healthcare Technology | 0.03 | % | 0.02 | % | 0.05 | % | ||||||
Education Services | 0.01 | % | 0.04 | % | 0.05 | % | ||||||
Water Utilities | 0.00 | % | 0.05 | % | 0.05 | % | ||||||
Motorcycle Manufacturers | 0.03 | % | 0.02 | % | 0.05 | % | ||||||
Home Furnishings | 0.03 | % | 0.01 | % | 0.04 | % | ||||||
Home Furnishing Retail | 0.03 | % | 0.01 | % | 0.04 | % | ||||||
Computer & Electronics Retail | 0.03 | % | 0.01 | % | 0.04 | % | ||||||
Alternative Carriers | 0.01 | % | 0.03 | % | 0.04 | % | ||||||
Office Services & Supplies | 0.01 | % | 0.03 | % | 0.04 | % | ||||||
Specialized Consumer Services | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Technology Distributors | 0.02 | % | 0.01 | % | 0.03 | % | ||||||
Airport Services | 0.00 | % | 0.03 | % | 0.03 | % | ||||||
Real Estate Services | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Housewares & Specialties | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Mortgage REITs | 0.03 | % | 0.00 | % | 0.03 | % | ||||||
Commercial Printing | 0.01 | % | 0.02 | % | 0.03 | % |
Table of Contents
Precious Metals & Minerals | 0.00 | % | 0.02 | % | 0.02 | % | ||||||
Leisure Facilities | 0.00 | % | 0.02 | % | 0.02 | % | ||||||
Marine Ports & Services | 0.00 | % | 0.02 | % | 0.02 | % | ||||||
Renewable Electricity | 0.00 | % | 0.02 | % | 0.02 | % | ||||||
Silver | 0.00 | % | 0.02 | % | 0.02 | % | ||||||
Forest Products | 0.00 | % | 0.01 | % | 0.01 | % | ||||||
Textiles | 0.00 | % | 0.01 | % | 0.01 | % | ||||||
Catalog Retail | 0.00 | % | 0.00 | % | 0.00 | %*** | ||||||
|
| |||||||||||
63.91 | % | |||||||||||
|
|
Sector | Percentage (based on Fair Value) | |||
U.S. Treasuries | 10.17 | % | ||
Agency Mortgage Backed | 9.24 | % | ||
Corporate Notes | 7.75 | % | ||
Non-Agency Collateralized Mortgage Obligations | 0.49 | % | ||
Sovereign Bonds | 0.40 | % | ||
Municipal Bonds and Notes | 0.29 | % | ||
Asset Backed | 0.16 | % | ||
U.S. Government Sponsored Agencies | 0.13 | % | ||
Agency Collateralized Mortgage Obligations | 0.04 | % | ||
|
| |||
28.67 | % | |||
|
| |||
Short-Term Investments | ||||
Short-Term Investments | 7.42 | % | ||
|
| |||
7.42 | % | |||
|
| |||
100.00 | % | |||
|
|
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. |
During the reporting period, there have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors.
Item 11. | Controls and Procedures. |
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report included in Item 1 of this Form N-CSR, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this Form N-CSR that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Exhibits. |
(a)(1) Applicable only to an annual filing.
(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) The certifications by the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
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/ Jeanne M. LaPorta | |
Jeanne M. LaPorta | ||
President, GE Investments Funds, Inc. | ||
Date: | August 18, 2014 |
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/ Jeanne M. LaPorta | |
Jeanne M. LaPorta | ||
President, GE Investments Funds, Inc. | ||
Date: | August 18, 2014 |
By: | /s/ Arthur A. Jensen | |
Arthur A. Jensen | ||
Treasurer, GE Investments Funds, Inc. | ||
Date: | August 18, 2014 |