N-Q 1 acmf1312015nqdoc.htm FORM N-Q ACMF 1/31/2015 N-Q Combined Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number
811-00816
 
 
AMERICAN CENTURY MUTUAL FUNDS, INC.
(Exact name of registrant as specified in charter)
 
 
4500 MAIN STREET, KANSAS CITY, MISSOURI
64111
(Address of principal executive offices)
(Zip Code)
 
 
CHARLES A. ETHERINGTON, 4500 MAIN STREET
KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code:
816-531-5575
 
 
Date of fiscal year end:
10-31
 
 
Date of reporting period:
1-31-2015



ITEM 1. SCHEDULE OF INVESTMENTS.






American Century Investments® 
Quarterly Portfolio Holdings
All Cap Growth Fund
January 31, 2015










    


All Cap Growth - Schedule of Investments
 
JANUARY 31, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
COMMON STOCKS — 99.2%
 
 
Aerospace and Defense — 1.0%
 
 
Esterline Technologies Corp.(1) 
99,301

11,130,649

Air Freight and Logistics — 1.7%
 
 
FedEx Corp.
105,980

17,922,278

Airlines — 0.8%
 
 
Spirit Airlines, Inc.(1) 
123,646

9,167,115

Banks — 1.7%
 
 
Bank of America Corp.
329,743

4,995,606

East West Bancorp, Inc.
121,527

4,396,847

SVB Financial Group(1) 
79,649

8,992,372

 
 
18,384,825

Beverages — 3.2%
 
 
Boston Beer Co., Inc. (The), Class A(1) 
10,112

3,180,426

Brown-Forman Corp., Class B
106,205

9,438,438

Constellation Brands, Inc., Class A(1) 
196,777

21,734,020

 
 
34,352,884

Biotechnology — 6.3%
 
 
Alexion Pharmaceuticals, Inc.(1) 
55,096

10,095,791

Biogen Idec, Inc.(1) 
41,431

16,123,288

Gilead Sciences, Inc.(1) 
263,278

27,599,433

Regeneron Pharmaceuticals, Inc.(1) 
21,175

8,822,775

Vertex Pharmaceuticals, Inc.(1) 
52,794

5,814,731

 
 
68,456,018

Capital Markets — 2.0%
 
 
Charles Schwab Corp. (The)
307,154

7,979,861

Morgan Stanley
402,950

13,623,739

 
 
21,603,600

Chemicals — 2.0%
 
 
Monsanto Co.
185,283

21,859,688

Communications Equipment — 1.8%
 
 
Cisco Systems, Inc.
372,938

9,832,510

Motorola Solutions, Inc.
83,602

5,217,601

Palo Alto Networks, Inc.(1) 
31,749

4,012,756

 
 
19,062,867

Consumer Finance — 0.8%
 
 
Discover Financial Services
150,497

8,184,027

Distributors — 0.4%
 
 
LKQ Corp.(1) 
150,505

3,884,534

Electrical Equipment — 0.7%
 
 
Acuity Brands, Inc.
47,989

7,193,071

Electronic Equipment, Instruments and Components — 0.2%
 
 
TE Connectivity Ltd.
34,239

2,273,127

 
 
 



Food and Staples Retailing — 2.9%
 
 
Costco Wholesale Corp.
141,259

20,198,625

United Natural Foods, Inc.(1) 
51,161

3,953,722

Whole Foods Market, Inc.
134,098

6,985,835

 
 
31,138,182

Food Products — 3.6%
 
 
Hain Celestial Group, Inc. (The)(1) 
89,448

4,720,171

Hershey Co. (The)
97,828

9,999,000

Mondelez International, Inc., Class A
680,478

23,980,045

 
 
38,699,216

Health Care Equipment and Supplies — 2.5%
 
 
Intuitive Surgical, Inc.(1) 
14,195

7,019,144

Teleflex, Inc.
187,066

20,494,951

 
 
27,514,095

Health Care Providers and Services — 4.0%
 
 
AmerisourceBergen Corp.
111,427

10,591,136

Catamaran Corp.(1) 
119,915

5,984,958

HCA Holdings, Inc.(1) 
66,075

4,678,110

McKesson Corp.
66,793

14,203,531

Team Health Holdings, Inc.(1) 
155,737

8,051,603

 
 
43,509,338

Hotels, Restaurants and Leisure — 3.0%
 
 
Chipotle Mexican Grill, Inc.(1) 
11,416

8,103,534

La Quinta Holdings, Inc.(1) 
79,379

1,613,775

Noodles & Co.(1) 
140,903

3,621,207

Panera Bread Co., Class A(1) 
36,283

6,235,596

Starbucks Corp.
140,698

12,315,296

 
 
31,889,408

Household Durables — 0.4%
 
 
Harman International Industries, Inc.
31,699

4,109,141

Household Products — 0.7%
 
 
Procter & Gamble Co. (The)
90,172

7,600,598

Internet and Catalog Retail — 1.4%
 
 
Priceline Group, Inc. (The)(1) 
9,743

9,835,364

TripAdvisor, Inc.(1) 
72,903

4,885,230

 
 
14,720,594

Internet Software and Services — 8.7%
 
 
Alibaba Group Holding Ltd. ADR(1) 
45,133

4,020,448

CoStar Group, Inc.(1) 
48,534

8,955,009

Facebook, Inc., Class A(1) 
363,634

27,603,457

Google, Inc., Class A(1) 
59,535

32,003,039

Google, Inc., Class C(1) 
30,379

16,238,183

LinkedIn Corp., Class A(1) 
23,653

5,315,775

 
 
94,135,911

IT Services — 3.6%
 
 
Alliance Data Systems Corp.(1) 
66,085

19,087,331

MasterCard, Inc., Class A
246,117

20,188,977

 
 
39,276,308

 
 
 



Leisure Products — 0.6%
 
 
Polaris Industries, Inc.
43,400

6,275,206

Machinery — 3.4%
 
 
Flowserve Corp.
183,565

10,002,457

Ingersoll-Rand plc
200,148

13,289,827

Middleby Corp.(1) 
141,000

13,397,820

 
 
36,690,104

Media — 6.5%
 
 
Comcast Corp., Class A
645,835

34,322,901

Time Warner, Inc.
144,508

11,261,508

Twenty-First Century Fox, Inc.
749,593

24,856,504

 
 
70,440,913

Multiline Retail — 1.3%
 
 
Dollar Tree, Inc.(1) 
104,392

7,422,271

Target Corp.
83,262

6,128,916

 
 
13,551,187

Oil, Gas and Consumable Fuels — 2.6%
 
 
Antero Resources Corp.(1) 
201,658

6,987,450

Concho Resources, Inc.(1) 
83,674

9,275,263

EOG Resources, Inc.
50,581

4,503,226

Pioneer Natural Resources Co.
51,458

7,745,973

 
 
28,511,912

Pharmaceuticals — 5.3%
 
 
Actavis plc(1) 
151,129

40,281,924

Pacira Pharmaceuticals, Inc.(1) 
37,109

3,983,651

Zoetis, Inc.
293,298

12,532,623

 
 
56,798,198

Professional Services — 1.2%
 
 
Nielsen NV
302,307

13,168,493

Real Estate Management and Development — 0.4%
 
 
Jones Lang LaSalle, Inc.
28,507

4,192,810

Road and Rail — 2.8%
 
 
Canadian Pacific Railway Ltd., New York Shares
122,691

21,430,437

Kansas City Southern
83,068

9,144,956

 
 
30,575,393

Semiconductors and Semiconductor Equipment — 1.3%
 
 
Avago Technologies Ltd.
77,183

7,940,587

NXP Semiconductors NV(1) 
82,037

6,508,816

 
 
14,449,403

Software — 7.7%
 
 
Adobe Systems, Inc.(1) 
120,609

8,458,309

Electronic Arts, Inc.(1) 
957,945

52,552,863

Intuit, Inc.
162,903

14,143,238

Salesforce.com, Inc.(1) 
147,940

8,351,213

 
 
83,505,623

Specialty Retail — 5.2%
 
 
AutoZone, Inc.(1) 
15,659

9,347,797

Home Depot, Inc. (The)
134,199

14,013,059

Lowe's Cos., Inc.
385,787

26,140,927




Signet Jewelers Ltd.
57,245

6,932,942

 
 
56,434,725

Technology Hardware, Storage and Peripherals — 5.7%
 
 
Apple, Inc.
521,123

61,054,771

Textiles, Apparel and Luxury Goods — 0.6%
 
 
Kate Spade & Co.(1) 
100,498

3,168,702

NIKE, Inc., Class B
35,928

3,314,358

 
 
6,483,060

Wireless Telecommunication Services — 1.2%
 
 
SBA Communications Corp., Class A(1) 
107,078

12,496,003

TOTAL COMMON STOCKS
(Cost $764,923,237)
 
1,070,695,275

TEMPORARY CASH INVESTMENTS — 0.6%
 
 
Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 0.25% - 1.50%, 12/31/15 - 1/31/19, valued at $999,878), in a joint trading account at 0.04%, dated 1/30/15, due 2/2/15 (Delivery value $978,719)
 
978,716

Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/23, valued at $4,026,919), at 0.00%, dated 1/30/15, due 2/2/15 (Delivery value $3,944,000)
 
3,944,000

State Street Institutional Liquid Reserves Fund, Premier Class
1,480,479

1,480,479

TOTAL TEMPORARY CASH INVESTMENTS
(Cost $6,403,195)
 
6,403,195

TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $771,326,432)
 
1,077,098,470

OTHER ASSETS AND LIABILITIES — 0.2%
 
2,448,479

TOTAL NET ASSETS — 100.0%
 
$
1,079,546,949


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized Appreciation
(Depreciation) ($)
USD
19,751,217
CAD
24,517,383
JPMorgan Chase Bank N.A.
2/27/15
464,008


NOTES TO SCHEDULE OF INVESTMENTS
ADR
-
American Depositary Receipt
CAD
-
Canadian Dollar
USD
-
United States Dollar
(1)
Non-income producing.







SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors: trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
 
Open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Directors, or its delegate, deems appropriate. If significant fluctuations in foreign markets are identified, the fund may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

2. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. There were no significant transfers between levels during the period.





The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
 
Level 1 ($)
Level 2 ($)
Level 3 ($)
Assets
 
 
 
Investment Securities
 
 
 
Common Stocks
1,070,695,275



Temporary Cash Investments
1,480,479

4,922,716


 
1,072,175,754

4,922,716


Other Financial Instruments
 
 
 
Forward Foreign Currency Exchange Contracts

464,008



3. Federal Tax Information

As of January 31, 2015, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments
$
771,389,164

Gross tax appreciation of investments
$
312,237,117

Gross tax depreciation of investments
(6,527,811
)
Net tax appreciation (depreciation) of investments
$
305,709,306



The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.




This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.
 



American Century Investments® 
Quarterly Portfolio Holdings
Balanced Fund
January 31, 2015









    


Balanced - Schedule of Investments
 
JANUARY 31, 2015 (UNAUDITED)                       
 
 
Shares/
Principal Amount ($)
Value ($)
COMMON STOCKS — 58.4%
 
 
Aerospace and Defense — 2.4%
 
 
Boeing Co. (The)
15,199

2,209,479

Honeywell International, Inc.
61,982

6,059,360

Lockheed Martin Corp.
31,771

5,984,703

Teledyne Technologies, Inc.(1) 
6,791

645,417

United Technologies Corp.
55,766

6,400,821

 
 
21,299,780

Air Freight and Logistics — 0.7%
 
 
United Parcel Service, Inc., Class B
58,894

5,821,083

Airlines — 0.7%
 
 
Southwest Airlines Co.
132,839

6,001,666

Auto Components — 0.4%
 
 
Magna International, Inc.
39,967

3,837,631

Banks — 1.8%
 
 
Bank of America Corp.
291,669

4,418,785

BB&T Corp.
36,901

1,302,236

Citigroup, Inc.
7,360

345,552

First Horizon National Corp.
28,201

366,331

JPMorgan Chase & Co.
110,817

6,026,229

Wells Fargo & Co.
59,091

3,068,005

 
 
15,527,138

Beverages — 0.6%
 
 
Coca-Cola Co. (The)
9,727

400,461

Dr Pepper Snapple Group, Inc.
59,433

4,592,388

 
 
4,992,849

Biotechnology — 3.4%
 
 
Amgen, Inc.
53,273

8,111,347

Biogen Idec, Inc.(1) 
19,500

7,588,620

Celgene Corp.(1) 
48,762

5,810,480

Gilead Sciences, Inc.(1) 
75,298

7,893,489

 
 
29,403,936

Capital Markets — 1.3%
 
 
Ameriprise Financial, Inc.
17,137

2,141,097

Franklin Resources, Inc.
84,491

4,353,822

Morgan Stanley
68,020

2,299,756

T. Rowe Price Group, Inc.
11,285

888,355

Waddell & Reed Financial, Inc., Class A
46,086

2,060,505

 
 
11,743,535

Chemicals — 2.5%
 
 
Albemarle Corp.
19,164

924,855

Cabot Corp.
54,813

2,324,619

Dow Chemical Co. (The)
119,869

5,413,284

E.I. du Pont de Nemours & Co.
81,325

5,791,153




Eastman Chemical Co.
34,916

2,475,195

LyondellBasell Industries NV, Class A
61,418

4,857,550

 
 
21,786,656

Commercial Services and Supplies — 0.1%
 
 
Cintas Corp.
8,839

695,629

Communications Equipment — 1.7%
 
 
Cisco Systems, Inc.
305,149

8,045,254

QUALCOMM, Inc.
103,981

6,494,653

 
 
14,539,907

Consumer Finance — 0.2%
 
 
Cash America International, Inc.
82,474

1,715,459

Containers and Packaging — 0.9%
 
 
Ball Corp.
64,605

4,091,435

Crown Holdings, Inc.(1) 
5,223

231,431

Sonoco Products Co.
70,451

3,113,934

 
 
7,436,800

Diversified Consumer Services — 0.5%
 
 
H&R Block, Inc.
132,923

4,556,600

Diversified Financial Services — 0.4%
 
 
Berkshire Hathaway, Inc., Class B(1) 
19,198

2,762,784

Voya Financial, Inc.
26,499

1,033,726

 
 
3,796,510

Diversified Telecommunication Services — 0.7%
 
 
AT&T, Inc.
118,682

3,907,012

Verizon Communications, Inc.
39,324

1,797,500

 
 
5,704,512

Electric Utilities — 0.5%
 
 
Entergy Corp.
53,428

4,675,484

Electrical Equipment — 0.5%
 
 
Emerson Electric Co.
71,342

4,062,214

Energy Equipment and Services — 1.1%
 
 
National Oilwell Varco, Inc.
50,339

2,739,952

Schlumberger Ltd.
84,230

6,939,709

 
 
9,679,661

Food and Staples Retailing — 0.9%
 
 
Wal-Mart Stores, Inc.
88,529

7,523,194

Food Products — 2.4%
 
 
Archer-Daniels-Midland Co.
112,732

5,256,693

Bunge Ltd.
43,735

3,915,595

ConAgra Foods, Inc.
51,443

1,822,626

Ingredion, Inc.
44,416

3,581,706

Pilgrim's Pride Corp.
89,003

2,416,431

Pinnacle Foods, Inc.
21,018

756,017

Sanderson Farms, Inc.
37,379

2,988,825

 
 
20,737,893

Health Care Equipment and Supplies — 1.8%
 
 
Becton Dickinson and Co.
26,781

3,697,921

C.R. Bard, Inc.
7,215

1,233,981




Medtronic plc
90,608

6,469,411

St. Jude Medical, Inc.
66,673

4,391,751

 
 
15,793,064

Health Care Providers and Services — 0.6%
 
 
Aetna, Inc.
55,905

5,133,197

Hotels, Restaurants and Leisure — 1.4%
 
 
Brinker International, Inc.
19,914

1,163,575

Chipotle Mexican Grill, Inc.(1) 
4,133

2,933,769

Las Vegas Sands Corp.
40,636

2,209,379

Royal Caribbean Cruises Ltd.
21,383

1,615,486

SeaWorld Entertainment, Inc.
37,439

655,557

Wyndham Worldwide Corp.
47,902

4,013,708

 
 
12,591,474

Household Products — 1.5%
 
 
Energizer Holdings, Inc.
37,340

4,779,894

Kimberly-Clark Corp.
47,295

5,105,968

Procter & Gamble Co. (The)
30,181

2,543,957

Spectrum Brands Holdings, Inc.
11,880

1,065,398

 
 
13,495,217

Industrial Conglomerates — 1.4%
 
 
3M Co.
42,590

6,912,357

Danaher Corp.
28,145

2,318,585

General Electric Co.
139,439

3,331,198

 
 
12,562,140

Insurance — 2.0%
 
 
American International Group, Inc.
114,433

5,592,341

Amtrust Financial Services, Inc.
76,749

3,885,034

Aspen Insurance Holdings Ltd.
63,540

2,752,553

Hanover Insurance Group, Inc. (The)
48,820

3,368,580

RenaissanceRe Holdings Ltd.
16,188

1,548,058

 
 
17,146,566

Internet and Catalog Retail — 0.7%
 
 
Expedia, Inc.
19,802

1,701,586

Priceline Group, Inc. (The)(1) 
4,318

4,358,935

 
 
6,060,521

Internet Software and Services — 1.3%
 
 
eBay, Inc.(1) 
106,196

5,628,388

Google, Inc., Class A(1) 
9,831

5,284,654

 
 
10,913,042

IT Services — 1.4%
 
 
Accenture plc, Class A
27,328

2,296,372

Amdocs Ltd.
53,897

2,596,757

International Business Machines Corp.
50,503

7,742,615

 
 
12,635,744

Life Sciences Tools and Services — 0.1%
 
 
Bio-Rad Laboratories, Inc., Class A(1) 
4,418

505,728

Machinery — 1.4%
 
 
Caterpillar, Inc.
63,409

5,070,818

Parker-Hannifin Corp.
37,159

4,327,537




Stanley Black & Decker, Inc.
32,884

3,079,587

 
 
12,477,942

Media — 0.7%
 
 
Cablevision Systems Corp., Class A
49,889

943,900

Comcast Corp., Class A
23,325

1,239,607

DIRECTV(1) 
7,427

633,375

Omnicom Group, Inc.
16,933

1,232,722

Viacom, Inc., Class B
34,210

2,203,808

Walt Disney Co. (The)
3,197

290,799

 
 
6,544,211

Multiline Retail — 1.5%
 
 
Big Lots, Inc.
20,211

927,887

Dillard's, Inc., Class A
29,907

3,397,435

Kohl's Corp.
58,796

3,511,297

Macy's, Inc.
78,245

4,998,291

 
 
12,834,910

Oil, Gas and Consumable Fuels — 2.7%
 
 
Chevron Corp.
16,241

1,665,190

ConocoPhillips
23,845

1,501,758

EOG Resources, Inc.
58,818

5,236,567

Exxon Mobil Corp.
78,973

6,903,820

Marathon Petroleum Corp.
22,460

2,079,571

Tesoro Corp.
9,096

743,416

Valero Energy Corp.
98,267

5,196,359

 
 
23,326,681

Pharmaceuticals — 4.4%
 
 
AbbVie, Inc.
116,304

7,018,946

Johnson & Johnson
118,393

11,855,875

Merck & Co., Inc.
150,052

9,045,135

Mylan, Inc.(1) 
11,229

596,821

Pfizer, Inc.
312,015

9,750,469

 
 
38,267,246

Professional Services — 0.3%
 
 
Manpowergroup, Inc.
35,442

2,583,013

Real Estate Investment Trusts (REITs) — 1.9%
 
 
Corrections Corp. of America
10,802

424,735

Crown Castle International Corp.
22,091

1,911,092

Equity Lifestyle Properties, Inc.
4,021

220,069

Geo Group, Inc. (The)
21,447

933,373

Hospitality Properties Trust
74,385

2,424,207

Host Hotels & Resorts, Inc.
192,213

4,399,756

LaSalle Hotel Properties
64,730

2,618,976

Post Properties, Inc.
7,392

449,064

Potlatch Corp.
20,230

806,368

Rayonier, Inc.
78,858

2,314,482

 
 
16,502,122

Semiconductors and Semiconductor Equipment — 2.1%
 
 
Broadcom Corp., Class A
116,623

4,948,897

Intel Corp.
276,400

9,132,256




Texas Instruments, Inc.
80,914

4,324,853

 
 
18,406,006

Software — 2.9%
 
 
Microsoft Corp.
319,953

12,926,101

Oracle Corp.
199,588

8,360,742

Symantec Corp.
45,056

1,116,037

Synopsys, Inc.(1) 
76,609

3,293,421

 
 
25,696,301

Specialty Retail — 1.1%
 
 
Bed Bath & Beyond, Inc.(1) 
34,742

2,597,659

Foot Locker, Inc.
73,807

3,928,009

Lowe's Cos., Inc.
50,088

3,393,963

 
 
9,919,631

Technology Hardware, Storage and Peripherals — 3.2%
 
 
Apple, Inc.
133,015

15,584,037

EMC Corp.
86,448

2,241,597

Hewlett-Packard Co.
169,554

6,125,986

Western Digital Corp.
44,995

4,374,864

 
 
28,326,484

Thrifts and Mortgage Finance — 0.3%
 
 
EverBank Financial Corp.
104,093

1,816,423

Nationstar Mortgage Holdings, Inc.(1) 
31,804

817,681

 
 
2,634,104

TOTAL COMMON STOCKS
(Cost $427,327,486)
 
509,893,481

CORPORATE BONDS — 11.8%
 
 
Aerospace and Defense — 0.1%
 
 
Lockheed Martin Corp., 4.25%, 11/15/19
250,000

276,478

Raytheon Co., 2.50%, 12/15/22
210,000

211,441

United Technologies Corp., 6.05%, 6/1/36
250,000

352,783

United Technologies Corp., 5.70%, 4/15/40
120,000

161,043

United Technologies Corp., 4.50%, 6/1/42
30,000

35,137

 
 
1,036,882

Auto Components  
 
 
Schaeffler Finance BV, 4.25%, 5/15/21(2)
200,000

199,000

Tenneco, Inc., 6.875%, 12/15/20
100,000

106,250

 
 
305,250

Automobiles — 0.3%
 
 
American Honda Finance Corp., 1.50%, 9/11/17(2)
70,000

70,707

American Honda Finance Corp., 2.125%, 10/10/18
150,000

153,393

Daimler Finance North America LLC, 1.30%, 7/31/15(2)
200,000

200,811

Daimler Finance North America LLC, 2.625%, 9/15/16(2)
210,000

215,637

Ford Motor Co., 4.75%, 1/15/43
70,000

78,796

Ford Motor Credit Co. LLC, 2.15%, 1/9/18
200,000

202,625

Ford Motor Credit Co. LLC, 5.00%, 5/15/18
250,000

273,743

Ford Motor Credit Co. LLC, 8.125%, 1/15/20
150,000

188,712

Ford Motor Credit Co. LLC, 5.875%, 8/2/21
440,000

521,839

General Motors Co., 5.00%, 4/1/35
90,000

97,683

General Motors Financial Co., Inc., 3.25%, 5/15/18
150,000

152,625




Jaguar Land Rover Automotive plc, 4.125%, 12/15/18(2)
150,000

154,219

 
 
2,310,790

Banks — 1.8%
 
 
Bank of America Corp., 4.50%, 4/1/15
260,000

261,652

Bank of America Corp., 3.75%, 7/12/16
400,000

414,623

Bank of America Corp., 6.50%, 8/1/16
480,000

517,016

Bank of America Corp., 5.75%, 12/1/17
360,000

399,883

Bank of America Corp., 5.625%, 7/1/20
110,000

127,828

Bank of America Corp., 5.70%, 1/24/22
220,000

259,480

Bank of America Corp., 4.10%, 7/24/23
70,000

75,936

Bank of America Corp., MTN, 4.00%, 4/1/24
220,000

237,663

Bank of America Corp., MTN, 4.20%, 8/26/24
380,000

395,770

Bank of America Corp., MTN, 4.00%, 1/22/25
300,000

306,665

Bank of America Corp., MTN, 5.00%, 1/21/44
110,000

131,338

Bank of America N.A., 5.30%, 3/15/17
870,000

936,351

Bank of Nova Scotia, 2.55%, 1/12/17
150,000

154,771

Barclays Bank plc, 5.14%, 10/14/20
200,000

224,690

Barclays Bank plc, 3.75%, 5/15/24
200,000

216,007

BB&T Corp., MTN, 3.20%, 3/15/16
170,000

174,235

BB&T Corp., MTN, 2.05%, 6/19/18
100,000

101,581

BPCE SA, 5.15%, 7/21/24(2)
200,000

215,004

Branch Banking & Trust Co., 3.80%, 10/30/26
130,000

139,949

Capital One Financial Corp., 1.00%, 11/6/15
90,000

90,204

Citigroup, Inc., 4.45%, 1/10/17
100,000

105,984

Citigroup, Inc., 5.50%, 2/15/17
90,000

97,032

Citigroup, Inc., 1.75%, 5/1/18
710,000

710,798

Citigroup, Inc., 4.50%, 1/14/22
560,000

628,841

Citigroup, Inc., 4.05%, 7/30/22
70,000

73,882

Citigroup, Inc., 3.75%, 6/16/24
680,000

717,892

Citigroup, Inc., 6.00%, 10/31/33
120,000

143,823

Citigroup, Inc., 5.30%, 5/6/44
80,000

91,574

Commerzbank AG, 8.125%, 9/19/23(2)
200,000

239,250

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.875%, 2/8/22
430,000

469,806

Fifth Third Bancorp, 4.30%, 1/16/24
110,000

119,624

Fifth Third Bank, 2.875%, 10/1/21
250,000

257,841

HBOS plc, MTN, 6.75%, 5/21/18(2)
200,000

225,617

HSBC Holdings plc, 5.10%, 4/5/21
230,000

266,262

HSBC Holdings plc, 4.00%, 3/30/22
90,000

98,417

Intesa Sanpaolo SpA, 5.02%, 6/26/24(2)
230,000

236,781

JPMorgan Chase & Co., 6.00%, 1/15/18
520,000

584,262

JPMorgan Chase & Co., 4.625%, 5/10/21
460,000

516,983

JPMorgan Chase & Co., 3.25%, 9/23/22
220,000

227,511

JPMorgan Chase & Co., 3.625%, 5/13/24
570,000

600,961

JPMorgan Chase & Co., 3.875%, 9/10/24
220,000

227,837

JPMorgan Chase Bank N.A., 5.875%, 6/13/16
250,000

266,311

KeyCorp, MTN, 2.30%, 12/13/18
220,000

224,217

KFW, 2.00%, 6/1/16
260,000

265,587

KFW, 2.00%, 10/4/22
300,000

308,314

Royal Bank of Scotland Group plc, 6.125%, 12/15/22
230,000

259,692




Royal Bank of Scotland plc (The), 4.375%, 3/16/16
250,000

259,472

Standard Chartered plc, 3.95%, 1/11/23(2)
200,000

200,254

SunTrust Banks, Inc., 3.60%, 4/15/16
50,000

51,595

U.S. Bancorp, 3.44%, 2/1/16
120,000

121,940

U.S. Bancorp, MTN, 3.00%, 3/15/22
110,000

115,111

U.S. Bancorp, MTN, 2.95%, 7/15/22
60,000

61,558

U.S. Bancorp, MTN, 3.60%, 9/11/24
270,000

285,717

US Bank N.A., 2.80%, 1/27/25
250,000

256,080

Wells Fargo & Co., 3.68%, 6/15/16
140,000

145,539

Wells Fargo & Co., 5.625%, 12/11/17
20,000

22,367

Wells Fargo & Co., 4.125%, 8/15/23
200,000

215,403

Wells Fargo & Co., MTN, 2.10%, 5/8/17
20,000

20,439

Wells Fargo & Co., MTN, 4.60%, 4/1/21
450,000

511,035

Wells Fargo & Co., MTN, 4.10%, 6/3/26
210,000

223,091

Wells Fargo & Co., MTN, 4.65%, 11/4/44
80,000

88,858

 
 
15,924,204

Beverages — 0.2%
 
 
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19
460,000

565,011

Anheuser-Busch InBev Worldwide, Inc., 2.50%, 7/15/22
460,000

461,838

Coca-Cola Co. (The), 1.80%, 9/1/16
180,000

183,710

Pernod-Ricard SA, 2.95%, 1/15/17(2)
180,000

185,604

 
 
1,396,163

Biotechnology — 0.2%
 
 
Amgen, Inc., 2.125%, 5/15/17
180,000

183,591

Amgen, Inc., 4.10%, 6/15/21
100,000

109,434

Amgen, Inc., 5.375%, 5/15/43
250,000

309,548

Celgene Corp., 3.25%, 8/15/22
190,000

196,803

Celgene Corp., 3.625%, 5/15/24
300,000

318,128

Gilead Sciences, Inc., 4.40%, 12/1/21
220,000

250,197

 
 
1,367,701

Capital Markets — 0.4%
 
 
Ameriprise Financial, Inc., 4.00%, 10/15/23
140,000

153,101

Bear Stearns Cos. LLC (The), 6.40%, 10/2/17
370,000

416,132

Jefferies Group, Inc., 5.125%, 4/13/18
110,000

116,546

Morgan Stanley, 2.65%, 1/27/20
90,000

91,516

Morgan Stanley, 3.70%, 10/23/24
150,000

158,649

Morgan Stanley, 5.00%, 11/24/25
610,000

674,292

Morgan Stanley, MTN, 6.625%, 4/1/18
690,000

789,485

Morgan Stanley, MTN, 5.625%, 9/23/19
870,000

998,137

 
 
3,397,858

Chemicals — 0.2%
 
 
Ashland, Inc., 4.75%, 8/15/22
210,000

214,620

Dow Chemical Co. (The), 2.50%, 2/15/16
110,000

111,945

Dow Chemical Co. (The), 4.25%, 11/15/20
100,000

110,981

Eastman Chemical Co., 2.70%, 1/15/20
210,000

215,200

Eastman Chemical Co., 3.60%, 8/15/22
198,000

208,093

Ecolab, Inc., 4.35%, 12/8/21
250,000

279,689

LyondellBasell Industries NV, 5.00%, 4/15/19
200,000

221,649

Mosaic Co. (The), 4.25%, 11/15/23
140,000

154,543




Mosaic Co. (The), 5.625%, 11/15/43
120,000

149,351

 
 
1,666,071

Commercial Services and Supplies — 0.1%
 
 
Clean Harbors, Inc., 5.25%, 8/1/20
180,000

182,700

Covanta Holding Corp., 5.875%, 3/1/24
150,000

155,063

Pitney Bowes, Inc., 4.625%, 3/15/24
160,000

170,340

Republic Services, Inc., 3.55%, 6/1/22
220,000

234,141

 
 
742,244

Communications Equipment — 0.1%
 
 
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/23
260,000

266,951

Cisco Systems, Inc., 5.90%, 2/15/39
130,000

174,157

 
 
441,108

Construction Materials  
 
 
Owens Corning, 4.20%, 12/15/22
160,000

167,747

Consumer Finance — 0.4%
 
 
American Express Centurion Bank, MTN, 6.00%, 9/13/17
250,000

279,522

American Express Co., 1.55%, 5/22/18
220,000

220,536

American Express Credit Corp., 1.30%, 7/29/16
180,000

181,287

Capital One Bank USA N.A., 2.30%, 6/5/19
250,000

252,530

Capital One Bank USA N.A., 3.375%, 2/15/23
250,000

255,194

CIT Group, Inc., 4.25%, 8/15/17
470,000

476,956

CIT Group, Inc., 5.00%, 8/15/22
90,000

94,838

Discover Bank, 2.00%, 2/21/18
250,000

251,965

Equifax, Inc., 3.30%, 12/15/22
140,000

143,600

GLP Capital LP / GLP Financing II, Inc., 4.875%, 11/1/20
420,000

435,488

John Deere Capital Corp., MTN, 3.15%, 10/15/21
100,000

105,723

PNC Bank N.A., 6.00%, 12/7/17
290,000

325,185

Synchrony Financial, 3.00%, 8/15/19
90,000

92,418

 
 
3,115,242

Containers and Packaging — 0.1%
 
 
Ball Corp., 6.75%, 9/15/20
120,000

125,280

Ball Corp., 4.00%, 11/15/23
180,000

178,875

Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23
210,000

211,050

Rock-Tenn Co., 3.50%, 3/1/20
140,000

145,478

Rock-Tenn Co., 4.00%, 3/1/23
240,000

254,380

 
 
915,063

Diversified Consumer Services  
 
 
Catholic Health Initiatives, 1.60%, 11/1/17
45,000

45,072

Catholic Health Initiatives, 2.95%, 11/1/22
110,000

111,669

Johns Hopkins University, 4.08%, 7/1/53
45,000

51,466

University of Notre Dame du Lac, 3.44%, 2/15/45
130,000

136,611

 
 
344,818

Diversified Financial Services — 0.8%
 
 
Ally Financial, Inc., 2.75%, 1/30/17
340,000

339,150

Berkshire Hathaway Finance Corp., 4.25%, 1/15/21
140,000

157,870

Berkshire Hathaway Finance Corp., 3.00%, 5/15/22
90,000

94,843

Berkshire Hathaway, Inc., 4.50%, 2/11/43
220,000

260,435

Deutsche Bank AG, VRN, 4.30%, 5/24/23
200,000

200,004

General Electric Capital Corp., 5.30%, 2/11/21
40,000

46,648




General Electric Capital Corp., MTN, 2.30%, 4/27/17
420,000

432,625

General Electric Capital Corp., MTN, 5.625%, 9/15/17
490,000

545,291

General Electric Capital Corp., MTN, 6.00%, 8/7/19
870,000

1,030,441

General Electric Capital Corp., MTN, 4.65%, 10/17/21
120,000

138,053

Goldman Sachs Group, Inc. (The), 2.375%, 1/22/18
330,000

336,668

Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18
530,000

547,946

Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22
460,000

545,698

Goldman Sachs Group, Inc. (The), 4.00%, 3/3/24
300,000

321,936

Goldman Sachs Group, Inc. (The), 3.50%, 1/23/25
90,000

92,691

Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37
260,000

343,037

Goldman Sachs Group, Inc. (The), MTN, 5.375%, 3/15/20
110,000

126,085

Goldman Sachs Group, Inc. (The), MTN, 4.80%, 7/8/44
160,000

182,745

Icahn Enterprises LP / Icahn Enterprises Finance Corp., 3.50%, 3/15/17
150,000

150,562

UBS AG (Stamford Branch), 5.875%, 12/20/17
321,000

359,971

Voya Financial, Inc., 5.50%, 7/15/22
180,000

209,219

Voya Financial, Inc., 5.70%, 7/15/43
160,000

203,736

 
 
6,665,654

Diversified Telecommunication Services — 0.6%
 
 
AT&T, Inc., 2.625%, 12/1/22
290,000

287,339

AT&T, Inc., 6.55%, 2/15/39
287,000

369,403

AT&T, Inc., 4.30%, 12/15/42
130,000

130,645

British Telecommunications plc, 5.95%, 1/15/18
480,000

539,813

CenturyLink, Inc., 6.00%, 4/1/17
60,000

64,425

CenturyLink, Inc., Series Q, 6.15%, 9/15/19
140,000

151,900

Deutsche Telekom International Finance BV, 2.25%, 3/6/17(2)
250,000

255,165

Deutsche Telekom International Finance BV, 6.75%, 8/20/18
210,000

246,384

Frontier Communications Corp., 8.25%, 4/15/17
160,000

177,600

Orange SA, 4.125%, 9/14/21
210,000

232,288

Telecom Italia Capital SA, 7.00%, 6/4/18
240,000

270,000

Telecom Italia Capital SA, 6.00%, 9/30/34
120,000

123,900

Telefonica Emisiones SAU, 5.46%, 2/16/21
100,000

115,945

Verizon Communications, Inc., 3.65%, 9/14/18
480,000

511,098

Verizon Communications, Inc., 3.50%, 11/1/21
130,000

135,876

Verizon Communications, Inc., 5.15%, 9/15/23
350,000

402,270

Verizon Communications, Inc., 5.05%, 3/15/34
570,000

647,845

Verizon Communications, Inc., 4.75%, 11/1/41
150,000

162,812

Verizon Communications, Inc., 6.55%, 9/15/43
140,000

191,157

Verizon Communications, Inc., 4.86%, 8/21/46(2)
250,000

276,716

Verizon Communications, Inc., 5.01%, 8/21/54(2)
139,000

153,219

Windstream Corp., 7.875%, 11/1/17
60,000

64,950

 
 
5,510,750

Electrical Equipment  
 
 
Belden, Inc., 5.25%, 7/15/24(2)
180,000

174,600

Electronic Equipment, Instruments and Components  
 
 
Jabil Circuit, Inc., 7.75%, 7/15/16
200,000

216,000

Jabil Circuit, Inc., 5.625%, 12/15/20
50,000

54,125

 
 
270,125

Energy Equipment and Services — 0.1%
 
 
Ensco plc, 4.70%, 3/15/21
270,000

272,700




Schlumberger Investment SA, 3.65%, 12/1/23
170,000

185,802

Transocean, Inc., 5.05%, 12/15/16
40,000

39,517

Transocean, Inc., 2.50%, 10/15/17
100,000

87,774

Transocean, Inc., 6.50%, 11/15/20
70,000

58,692

Weatherford International Ltd., 4.50%, 4/15/22
130,000

109,041

 
 
753,526

Food and Staples Retailing — 0.2%
 
 
CVS Health Corp., 2.75%, 12/1/22
170,000

173,496

Delhaize Group SA, 4.125%, 4/10/19
175,000

186,044

Delhaize Group SA, 5.70%, 10/1/40
90,000

100,315

Kroger Co. (The), 6.40%, 8/15/17
200,000

224,272

Kroger Co. (The), 3.30%, 1/15/21
270,000

283,486

Sysco Corp., 3.50%, 10/2/24
220,000

230,787

Target Corp., 3.50%, 7/1/24
210,000

227,214

Wal-Mart Stores, Inc., 2.55%, 4/11/23
50,000

51,118

Wal-Mart Stores, Inc., 5.625%, 4/15/41
110,000

149,658

Wal-Mart Stores, Inc., 4.30%, 4/22/44
390,000

452,508

 
 
2,078,898

Food Products — 0.1%
 
 
Kellogg Co., 4.45%, 5/30/16
200,000

209,215

Kraft Foods Group, Inc., 5.00%, 6/4/42
220,000

250,421

Mondelez International, Inc., 4.00%, 2/1/24
220,000

239,622

Mondelez International, Inc., 6.50%, 2/9/40
97,000

133,791

Tyson Foods, Inc., 4.50%, 6/15/22
180,000

201,947

 
 
1,034,996

Gas Utilities — 0.6%
 
 
Access Midstream Partners LP / ACMP Finance Corp., 5.875%, 4/15/21
330,000

347,325

El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20
210,000

241,139

Enbridge Energy Partners LP, 6.50%, 4/15/18
130,000

147,059

Enbridge Energy Partners LP, 5.20%, 3/15/20
100,000

111,156

Enbridge, Inc., 4.50%, 6/10/44
120,000

111,347

Energy Transfer Equity LP, 7.50%, 10/15/20
150,000

167,655

Energy Transfer Partners LP, 4.15%, 10/1/20
200,000

211,096

Energy Transfer Partners LP, 3.60%, 2/1/23
160,000

160,532

Energy Transfer Partners LP, 6.50%, 2/1/42
180,000

216,721

Enterprise Products Operating LLC, 3.70%, 6/1/15
150,000

151,307

Enterprise Products Operating LLC, 6.30%, 9/15/17
300,000

335,499

Enterprise Products Operating LLC, 4.85%, 3/15/44
390,000

433,421

Enterprise Products Operating LLC, VRN, 7.03%, 1/15/18
140,000

152,702

Kinder Morgan Energy Partners LP, 3.95%, 9/1/22
170,000

174,124

Kinder Morgan Energy Partners LP, 6.50%, 9/1/39
170,000

198,642

Kinder Morgan, Inc., 7.25%, 6/1/18
150,000

170,155

Kinder Morgan, Inc., 4.30%, 6/1/25
80,000

83,862

Magellan Midstream Partners LP, 6.55%, 7/15/19
150,000

176,869

Magellan Midstream Partners LP, 5.15%, 10/15/43
80,000

92,207

MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 6.75%, 11/1/20
60,000

63,300

MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 6.50%, 8/15/21
90,000

94,950

MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 4.875%, 12/1/24
130,000

131,300

Plains All American Pipeline LP / PAA Finance Corp., 3.65%, 6/1/22
310,000

320,539




Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23
330,000

327,256

Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.25%, 11/15/23
210,000

197,400

TransCanada PipeLines Ltd., 2.50%, 8/1/22
200,000

195,826

Williams Cos., Inc. (The), 3.70%, 1/15/23
50,000

45,149

Williams Cos., Inc. (The), 5.75%, 6/24/44
90,000

77,950

Williams Partners LP, 4.125%, 11/15/20
200,000

210,007

Williams Partners LP, 5.40%, 3/4/44
240,000

245,359

 
 
5,591,854

Health Care Equipment and Supplies — 0.1%
 
 
Baxter International, Inc., 3.20%, 6/15/23
80,000

82,186

Becton Dickinson and Co., 3.73%, 12/15/24
360,000

385,005

Medtronic, Inc., 2.50%, 3/15/20(2)
130,000

133,912

Medtronic, Inc., 2.75%, 4/1/23
200,000

203,482

Medtronic, Inc., 3.50%, 3/15/25(2)
180,000

191,508

Medtronic, Inc., 4.375%, 3/15/35(2)
150,000

167,245

 
 
1,163,338

Health Care Providers and Services — 0.2%
 
 
Aetna, Inc., 2.75%, 11/15/22
130,000

132,031

CHS / Community Health Systems, Inc., 5.125%, 8/15/18
240,000

249,120

Express Scripts Holding Co., 2.65%, 2/15/17
510,000

524,532

Express Scripts Holding Co., 7.25%, 6/15/19
170,000

207,191

HCA, Inc., 3.75%, 3/15/19
310,000

313,875

NYU Hospitals Center, 4.43%, 7/1/42
90,000

97,017

UnitedHealth Group, Inc., 2.875%, 3/15/23
130,000

135,200

Universal Health Services, Inc., 7.125%, 6/30/16
160,000

171,200

Universal Health Services, Inc., 4.75%, 8/1/22(2)
130,000

133,575

 
 
1,963,741

Hotels, Restaurants and Leisure — 0.1%
 
 
McDonald's Corp., MTN, 3.25%, 6/10/24
200,000

211,904

Royal Caribbean Cruises Ltd., 5.25%, 11/15/22
160,000

171,600

Wyndham Worldwide Corp., 2.95%, 3/1/17
110,000

112,758

 
 
496,262

Household Durables — 0.1%
 
 
D.R. Horton, Inc., 3.625%, 2/15/18
270,000

273,712

D.R. Horton, Inc., 5.75%, 8/15/23
110,000

118,525

Lennar Corp., 4.75%, 12/15/17
210,000

216,563

Lennar Corp., 4.50%, 6/15/19
160,000

161,800

MDC Holdings, Inc., 5.50%, 1/15/24
140,000

135,800

Toll Brothers Finance Corp., 6.75%, 11/1/19
100,000

112,750

TRI Pointe Holdings, Inc., 4.375%, 6/15/19(2)
100,000

95,625

 
 
1,114,775

Industrial Conglomerates — 0.1%
 
 
General Electric Co., 5.25%, 12/6/17
230,000

256,707

General Electric Co., 2.70%, 10/9/22
210,000

216,315

General Electric Co., 4.125%, 10/9/42
130,000

144,470

Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/1/24
170,000

175,104

 
 
792,596

Insurance — 0.4%
 
 
Allstate Corp. (The), VRN, 5.75%, 8/15/23
90,000

95,850




American International Group, Inc., 4.875%, 6/1/22
550,000

633,308

American International Group, Inc., 4.50%, 7/16/44
120,000

132,560

American International Group, Inc., MTN, 5.85%, 1/16/18
210,000

236,778

American International Group, Inc., VRN, 8.18%, 5/15/38
80,000

110,000

Hartford Financial Services Group, Inc. (The), 5.125%, 4/15/22
220,000

255,599

Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/36
50,000

66,193

Liberty Mutual Group, Inc., 4.95%, 5/1/22(2)
60,000

67,020

Liberty Mutual Group, Inc., 4.85%, 8/1/44(2)
210,000

231,103

Lincoln National Corp., 6.25%, 2/15/20
160,000

189,537

Markel Corp., 4.90%, 7/1/22
190,000

215,695

Markel Corp., 3.625%, 3/30/23
100,000

104,852

MetLife, Inc., 1.76%, 12/15/17
90,000

91,190

MetLife, Inc., 4.125%, 8/13/42
110,000

118,046

MetLife, Inc., 4.875%, 11/13/43
50,000

60,406

Metropolitan Life Global Funding I, 3.00%, 1/10/23(2)
200,000

206,267

Principal Financial Group, Inc., 3.30%, 9/15/22
70,000

72,234

Prudential Financial, Inc., MTN, 5.375%, 6/21/20
70,000

81,256

Prudential Financial, Inc., MTN, 5.625%, 5/12/41
220,000

279,507

Prudential Financial, Inc., MTN, 4.60%, 5/15/44
190,000

214,195

TIAA Asset Management Finance Co. LLC, 4.125%, 11/1/24(2)
120,000

129,109

Travelers Cos., Inc. (The), 4.60%, 8/1/43
100,000

121,599

WR Berkley Corp., 4.625%, 3/15/22
130,000

143,606

WR Berkley Corp., 4.75%, 8/1/44
90,000

101,305

 
 
3,957,215

Internet Software and Services — 0.1%
 
 
Alibaba Group Holding Ltd., 3.125%, 11/28/21(2)
200,000

202,944

Netflix, Inc., 5.375%, 2/1/21
200,000

208,000

Netflix, Inc., 5.75%, 3/1/24(2)
40,000

41,600

 
 
452,544

IT Services — 0.1%
 
 
Fidelity National Information Services, Inc., 1.45%, 6/5/17
150,000

149,948

Fidelity National Information Services, Inc., 5.00%, 3/15/22
100,000

106,207

Fidelity National Information Services, Inc., 3.50%, 4/15/23
110,000

112,759

Xerox Corp., 2.95%, 3/15/17
80,000

82,709

 
 
451,623

Life Sciences Tools and Services — 0.1%
 
 
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21
150,000

159,488

Thermo Fisher Scientific, Inc., 3.30%, 2/15/22
80,000

83,363

Thermo Fisher Scientific, Inc., 4.15%, 2/1/24
180,000

198,132

Thermo Fisher Scientific, Inc., 5.30%, 2/1/44
150,000

186,603

 
 
627,586

Machinery — 0.1%
 
 
Caterpillar Financial Services Corp., MTN, 2.85%, 6/1/22
220,000

226,149

Deere & Co., 5.375%, 10/16/29
200,000

254,996

Oshkosh Corp., 5.375%, 3/1/22
290,000

298,700

 
 
779,845

Media — 0.7%
 
 
21st Century Fox America, Inc., 3.00%, 9/15/22
240,000

247,412

21st Century Fox America, Inc., 6.90%, 8/15/39
150,000

218,068




21st Century Fox America, Inc., 4.75%, 9/15/44
190,000

225,783

CBS Corp., 3.50%, 1/15/25
170,000

174,784

CBS Corp., 4.85%, 7/1/42
60,000

65,542

Comcast Corp., 5.90%, 3/15/16
339,000

359,170

Comcast Corp., 6.40%, 5/15/38
310,000

439,288

Comcast Corp., 4.75%, 3/1/44
160,000

194,008

DirecTV Holdings LLC / DirecTV Financing Co., Inc., 5.00%, 3/1/21
250,000

280,894

DirecTV Holdings LLC / DirecTV Financing Co., Inc., 4.45%, 4/1/24
120,000

130,768

Discovery Communications LLC, 5.625%, 8/15/19
90,000

102,513

Discovery Communications LLC, 3.25%, 4/1/23
100,000

101,065

DISH DBS Corp., 7.125%, 2/1/16
50,000

52,625

Embarq Corp., 8.00%, 6/1/36
120,000

138,900

Gannett Co., Inc., 5.125%, 7/15/20
330,000

341,550

Interpublic Group of Cos., Inc. (The), 4.00%, 3/15/22
160,000

168,489

Lamar Media Corp., 5.375%, 1/15/24
180,000

187,650

NBCUniversal Media LLC, 5.15%, 4/30/20
90,000

104,322

NBCUniversal Media LLC, 4.375%, 4/1/21
380,000

427,112

NBCUniversal Media LLC, 2.875%, 1/15/23
120,000

123,654

Nielsen Finance LLC / Nielsen Finance Co., 5.00%, 4/15/22(2)
160,000

161,200

Omnicom Group, Inc., 3.625%, 5/1/22
50,000

52,985

Scripps Networks Interactive, Inc., 2.75%, 11/15/19
110,000

113,131

Time Warner Cable, Inc., 6.75%, 7/1/18
130,000

150,575

Time Warner Cable, Inc., 5.50%, 9/1/41
70,000

83,989

Time Warner Cable, Inc., 4.50%, 9/15/42
160,000

172,200

Time Warner, Inc., 4.70%, 1/15/21
140,000

157,662

Time Warner, Inc., 7.70%, 5/1/32
200,000

295,732

Time Warner, Inc., 5.375%, 10/15/41
100,000

120,400

Time Warner, Inc., 5.35%, 12/15/43
120,000

145,261

Viacom, Inc., 4.50%, 3/1/21
110,000

121,412

Viacom, Inc., 3.125%, 6/15/22
190,000

190,295

Walt Disney Co. (The), MTN, 2.35%, 12/1/22
130,000

131,666

Walt Disney Co. (The), MTN, 4.125%, 6/1/44
110,000

125,858

 
 
6,105,963

Metals and Mining — 0.2%
 
 
Barrick North America Finance LLC, 4.40%, 5/30/21
230,000

239,780

Barrick North America Finance LLC, 5.75%, 5/1/43
70,000

75,181

Glencore Finance Canada Ltd., 4.95%, 11/15/21(2)
110,000

117,424

Newmont Mining Corp., 6.25%, 10/1/39
80,000

84,748

Southern Copper Corp., 5.25%, 11/8/42
100,000

90,500

Steel Dynamics, Inc., 6.125%, 8/15/19
157,000

167,205

Steel Dynamics, Inc., 7.625%, 3/15/20
140,000

146,475

Teck Resources Ltd., 3.15%, 1/15/17
110,000

110,797

Vale Overseas Ltd., 5.625%, 9/15/19
310,000

330,094

Vale Overseas Ltd., 4.625%, 9/15/20
260,000

260,601

Vale SA, 5.625%, 9/11/42
40,000

35,442

 
 
1,658,247

Multi-Utilities — 0.6%
 
 
Berkshire Hathaway Energy Co., 3.50%, 2/1/25
160,000

168,535

CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42
70,000

73,941




CMS Energy Corp., 8.75%, 6/15/19
180,000

228,991

Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43
150,000

164,727

Constellation Energy Group, Inc., 5.15%, 12/1/20
220,000

251,796

Consumers Energy Co., 2.85%, 5/15/22
50,000

51,847

Consumers Energy Co., 3.375%, 8/15/23
50,000

53,577

Dominion Resources, Inc., 6.40%, 6/15/18
190,000

218,949

Dominion Resources, Inc., 2.75%, 9/15/22
210,000

212,292

Dominion Resources, Inc., 3.625%, 12/1/24
160,000

169,767

Dominion Resources, Inc., 4.90%, 8/1/41
130,000

155,234

Dominion Resources, Inc., VRN, 7.50%, 6/30/16
120,000

124,477

DPL, Inc., 6.50%, 10/15/16
44,000

46,310

Duke Energy Corp., 1.625%, 8/15/17
150,000

151,641

Duke Energy Corp., 3.55%, 9/15/21
90,000

97,150

Duke Energy Florida, Inc., 6.35%, 9/15/37
110,000

162,051

Duke Energy Florida, Inc., 3.85%, 11/15/42
220,000

242,351

Duke Energy Progress, Inc., 4.15%, 12/1/44
130,000

151,432

Edison International, 3.75%, 9/15/17
130,000

138,349

Exelon Generation Co. LLC, 4.25%, 6/15/22
120,000

128,604

Exelon Generation Co. LLC, 5.60%, 6/15/42
70,000

82,301

FirstEnergy Corp., 2.75%, 3/15/18
135,000

138,312

FirstEnergy Corp., 4.25%, 3/15/23
260,000

276,005

Georgia Power Co., 4.30%, 3/15/42
70,000

81,112

IPALCO Enterprises, Inc., 5.00%, 5/1/18
230,000

246,100

NextEra Energy Capital Holdings, Inc., VRN, 7.30%, 9/1/17
210,000

225,357

Nisource Finance Corp., 4.45%, 12/1/21
70,000

77,685

Nisource Finance Corp., 5.65%, 2/1/45
100,000

133,639

PacifiCorp, 6.00%, 1/15/39
110,000

155,934

Potomac Electric Power Co., 3.60%, 3/15/24
120,000

130,229

Progress Energy, Inc., 3.15%, 4/1/22
90,000

94,348

Public Service Company of Colorado, 4.75%, 8/15/41
50,000

63,119

Sempra Energy, 6.50%, 6/1/16
200,000

215,021

Sempra Energy, 2.875%, 10/1/22
200,000

204,060

Southern Power Co., 5.15%, 9/15/41
40,000

50,485

Virginia Electric and Power Co., 3.45%, 2/15/24
160,000

172,812

Virginia Electric and Power Co., 4.45%, 2/15/44
80,000

95,602

Xcel Energy, Inc., 4.80%, 9/15/41
50,000

60,809

 
 
5,494,951

Multiline Retail — 0.1%
 
 
Macy's Retail Holdings, Inc., 3.625%, 6/1/24
540,000

570,116

Target Corp., 4.00%, 7/1/42
220,000

238,503

 
 
808,619

Oil, Gas and Consumable Fuels — 0.9%
 
 
AmeriGas Partners LP / AmeriGas Finance Corp., 6.25%, 8/20/19
90,000

93,150

Anadarko Petroleum Corp., 5.95%, 9/15/16
80,000

85,601

Anadarko Petroleum Corp., 6.45%, 9/15/36
110,000

141,073

Apache Corp., 4.75%, 4/15/43
90,000

91,400

BP Capital Markets plc, 4.50%, 10/1/20
100,000

110,934

BP Capital Markets plc, 2.75%, 5/10/23
100,000

98,245

California Resources Corp., 5.50%, 9/15/21(2)
260,000

219,700




Chesapeake Energy Corp., 4.875%, 4/15/22
220,000

219,450

Chevron Corp., 2.43%, 6/24/20
80,000

82,959

Cimarex Energy Co., 4.375%, 6/1/24
220,000

209,482

CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24
140,000

151,312

Concho Resources, Inc., 7.00%, 1/15/21
330,000

348,975

ConocoPhillips Holding Co., 6.95%, 4/15/29
40,000

55,520

Continental Resources, Inc., 5.00%, 9/15/22
240,000

228,300

Continental Resources, Inc., 3.80%, 6/1/24
190,000

172,421

Devon Energy Corp., 5.60%, 7/15/41
140,000

166,832

Ecopetrol SA, 4.125%, 1/16/25
90,000

84,713

EOG Resources, Inc., 5.625%, 6/1/19
150,000

172,416

EOG Resources, Inc., 4.10%, 2/1/21
130,000

142,340

Hess Corp., 6.00%, 1/15/40
90,000

104,749

Marathon Petroleum Corp., 3.50%, 3/1/16
210,000

215,040

Newfield Exploration Co., 6.875%, 2/1/20
200,000

202,500

Newfield Exploration Co., 5.75%, 1/30/22
190,000

188,575

Noble Energy, Inc., 4.15%, 12/15/21
290,000

304,290

Peabody Energy Corp., 7.375%, 11/1/16
40,000

39,000

Pemex Project Funding Master Trust, 6.625%, 6/15/35
50,000

57,615

Petro-Canada, 6.80%, 5/15/38
200,000

265,610

Petrobras Global Finance BV, 5.625%, 5/20/43
130,000

102,050

Petrobras International Finance Co. SA, 5.75%, 1/20/20
200,000

185,978

Petrobras International Finance Co. SA, 5.375%, 1/27/21
310,000

280,066

Petroleos Mexicanos, 6.00%, 3/5/20
120,000

135,420

Petroleos Mexicanos, 4.875%, 1/24/22
120,000

125,460

Petroleos Mexicanos, 3.50%, 1/30/23
60,000

56,937

Petroleos Mexicanos, 5.50%, 6/27/44
140,000

141,400

Phillips 66, 4.30%, 4/1/22
250,000

274,149

Phillips 66, 4.65%, 11/15/34
180,000

196,907

Range Resources Corp., 6.75%, 8/1/20
190,000

198,550

Shell International Finance BV, 2.375%, 8/21/22
130,000

131,068

Shell International Finance BV, 3.625%, 8/21/42
140,000

146,912

Shell International Finance BV, 4.55%, 8/12/43
130,000

156,916

Statoil ASA, 2.45%, 1/17/23
190,000

190,534

Statoil ASA, 3.95%, 5/15/43
50,000

53,465

Statoil ASA, 4.80%, 11/8/43
100,000

124,725

Suburban Propane Partners LP / Suburban Energy Finance Corp., 7.375%, 3/15/20
110,000

114,950

Suburban Propane Partners LP / Suburban Energy Finance Corp., 7.375%, 8/1/21
150,000

159,375

Talisman Energy, Inc., 7.75%, 6/1/19
95,000

110,157

Tesoro Corp., 5.375%, 10/1/22
100,000

103,000

Total Capital Canada Ltd., 2.75%, 7/15/23
120,000

122,263

Total Capital SA, 2.125%, 8/10/18
140,000

143,044

Whiting Petroleum Corp., 5.00%, 3/15/19
190,000

181,925

 
 
7,687,453

Paper and Forest Products — 0.1%
 
 
Domtar Corp., 4.40%, 4/1/22
120,000

126,419

Georgia-Pacific LLC, 2.54%, 11/15/19(2)
250,000

255,218

Georgia-Pacific LLC, 5.40%, 11/1/20(2)
350,000

402,141

International Paper Co., 6.00%, 11/15/41
130,000

164,365

 
 
948,143

 
 
 



Pharmaceuticals — 0.3%
 
 
AbbVie, Inc., 1.75%, 11/6/17
300,000

302,381

AbbVie, Inc., 2.90%, 11/6/22
220,000

224,434

AbbVie, Inc., 4.40%, 11/6/42
240,000

263,936

Actavis Funding SCS, 3.85%, 6/15/24
220,000

226,122

Actavis, Inc., 1.875%, 10/1/17
220,000

220,910

Actavis, Inc., 3.25%, 10/1/22
200,000

199,176

Actavis, Inc., 4.625%, 10/1/42
60,000

61,174

Bristol-Myers Squibb Co., 3.25%, 8/1/42
80,000

77,048

Forest Laboratories, Inc., 4.875%, 2/15/21(2)
270,000

295,395

GlaxoSmithKline Capital plc, 2.85%, 5/8/22
250,000

258,787

Merck & Co., Inc., 2.40%, 9/15/22
100,000

101,279

Mylan, Inc., 5.40%, 11/29/43
50,000

58,190

Perrigo Finance plc, 3.90%, 12/15/24
200,000

209,798

Roche Holdings, Inc., 6.00%, 3/1/19(2)
266,000

311,759

Roche Holdings, Inc., 3.35%, 9/30/24(2)
110,000

118,359

Sanofi, 4.00%, 3/29/21
95,000

106,205

 
 
3,034,953

Real Estate Investment Trusts (REITs) — 0.3%
 
 
American Tower Corp., 5.05%, 9/1/20
130,000

144,713

DDR Corp., 4.75%, 4/15/18
230,000

249,385

DDR Corp., 3.625%, 2/1/25
150,000

152,147

Essex Portfolio LP, 3.625%, 8/15/22
150,000

157,387

Essex Portfolio LP, 3.375%, 1/15/23
60,000

61,119

Essex Portfolio LP, 3.25%, 5/1/23
50,000

50,383

HCP, Inc., 3.75%, 2/1/16
200,000

205,498

Health Care REIT, Inc., 2.25%, 3/15/18
50,000

50,756

Health Care REIT, Inc., 3.75%, 3/15/23
130,000

135,757

Hospitality Properties Trust, 4.65%, 3/15/24
350,000

371,030

Hospitality Properties Trust, 4.50%, 3/15/25
140,000

147,354

Host Hotels & Resorts LP, 3.75%, 10/15/23
100,000

103,063

Kilroy Realty LP, 3.80%, 1/15/23
190,000

198,507

Realty Income Corp., 4.125%, 10/15/26
80,000

85,688

Reckson Operating Partnership LP, 6.00%, 3/31/16
125,000

131,472

Senior Housing Properties Trust, 4.75%, 5/1/24
180,000

191,906

Ventas Realty LP / Ventas Capital Corp., 3.125%, 11/30/15
95,000

96,726

Ventas Realty LP / Ventas Capital Corp., 4.75%, 6/1/21
120,000

133,413

 
 
2,666,304

Road and Rail — 0.2%
 
 
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20
176,000

189,337

Burlington Northern Santa Fe LLC, 5.05%, 3/1/41
60,000

74,293

Burlington Northern Santa Fe LLC, 4.45%, 3/15/43
220,000

246,782

CSX Corp., 4.25%, 6/1/21
150,000

167,589

CSX Corp., 3.40%, 8/1/24
180,000

190,386

Norfolk Southern Corp., 5.75%, 4/1/18
40,000

45,182

Norfolk Southern Corp., 3.25%, 12/1/21
200,000

211,433

Penske Truck Leasing Co. LP / PTL Finance Corp., 2.875%, 7/17/18(2)
40,000

41,062

Penske Truck Leasing Co. LP / PTL Finance Corp., 3.375%, 2/1/22(2)(3)
110,000

111,384

Union Pacific Corp., 4.00%, 2/1/21
100,000

112,019




Union Pacific Corp., 4.75%, 9/15/41
150,000

181,944

 
 
1,571,411

Semiconductors and Semiconductor Equipment  
 
 
Intel Corp., 1.35%, 12/15/17
140,000

141,202

KLA-Tencor Corp., 4.65%, 11/1/24
80,000

85,501

 
 
226,703

Software — 0.1%
 
 
Activision Blizzard, Inc., 5.625%, 9/15/21(2)
210,000

225,488

Intuit, Inc., 5.75%, 3/15/17
254,000

276,709

Oracle Corp., 2.50%, 10/15/22
260,000

264,919

Oracle Corp., 3.625%, 7/15/23
280,000

305,391

Oracle Corp., 3.40%, 7/8/24
170,000

182,178

 
 
1,254,685

Specialty Retail — 0.1%
 
 
Home Depot, Inc. (The), 5.95%, 4/1/41
360,000

495,810

Sally Holdings LLC / Sally Capital, Inc., 6.875%, 11/15/19
227,000

242,039

United Rentals North America, Inc., 5.75%, 7/15/18
310,000

321,625

 
 
1,059,474

Technology Hardware, Storage and Peripherals — 0.2%
 
 
Apple, Inc., 1.00%, 5/3/18
160,000

159,420

Apple, Inc., 2.85%, 5/6/21
180,000

189,664

Apple, Inc., 3.45%, 5/6/24
240,000

262,448

Dell, Inc., 2.30%, 9/10/15
90,000

90,383

Dell, Inc., 3.10%, 4/1/16
40,000

40,420

Hewlett-Packard Co., 4.30%, 6/1/21
290,000

314,605

Seagate HDD Cayman, 4.75%, 6/1/23
310,000

331,842

 
 
1,388,782

Textiles, Apparel and Luxury Goods — 0.1%
 
 
Hanesbrands, Inc., 6.375%, 12/15/20
280,000

297,360

L Brands, Inc., 6.90%, 7/15/17
100,000

111,000

PVH Corp., 4.50%, 12/15/22
210,000

211,050

 
 
619,410

Tobacco — 0.1%
 
 
Altria Group, Inc., 2.85%, 8/9/22
270,000

271,622

Philip Morris International, Inc., 4.125%, 5/17/21
180,000

201,410

 
 
473,032

Wireless Telecommunication Services — 0.1%
 
 
America Movil SAB de CV, 3.125%, 7/16/22
310,000

313,720

Sprint Communications, 6.00%, 12/1/16
150,000

157,406

Sprint Communications, 9.00%, 11/15/18(2)
180,000

207,900

T-Mobile USA, Inc., 6.46%, 4/28/19
210,000

218,138

Vodafone Group plc, 5.625%, 2/27/17
110,000

119,504

 
 
1,016,668

TOTAL CORPORATE BONDS
(Cost $97,566,702)
 
103,025,867

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(4) — 11.3%
 
 
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 1.7%
 
 
FHLMC, VRN, 1.74%, 2/15/15
171,696

176,421

FHLMC, VRN, 1.83%, 2/15/15
480,258

495,503




FHLMC, VRN, 1.97%, 2/15/15
281,702

293,306

FHLMC, VRN, 1.99%, 2/15/15
377,996

391,654

FHLMC, VRN, 2.09%, 2/15/15
643,917

656,874

FHLMC, VRN, 2.26%, 2/15/15
403,609

430,080

FHLMC, VRN, 2.35%, 2/15/15
862,560

880,821

FHLMC, VRN, 2.375%, 2/15/15
1,121,742