N-Q 1 d623598dnq.htm PIMCO EQUITY SERIES PIMCO Equity Series

 

 

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: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive offices)

Trent W. Walker

Treasurer (Principal Financial & Accounting Officer)

PIMCO Funds

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan C. Fox

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (888) 877-4626

Date of fiscal year end: June 30

Date of reporting period: September 30, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Schedule of Investments

PIMCO Dividend and Income Builder Fund

PIMCO EqS® Long/Short Fund

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

PIMCO RealPath® Blend 2020 Fund

PIMCO RealPath® Blend 2025 Fund

PIMCO RealPath® Blend 2030 Fund

PIMCO RealPath® Blend 2035 Fund

PIMCO RealPath® Blend 2040 Fund

PIMCO RealPath® Blend 2045 Fund

PIMCO RealPath® Blend 2050 Fund

PIMCO RealPath® Blend 2055 Fund

PIMCO RealPath® Blend Income Fund

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF


Schedule of Investments

PIMCO Dividend and Income Fund

September 30, 2018 (Unaudited)

(Amounts in thousands*, except number of shares, contracts and units, if any)

 

                                         
    PRINCIPAL
AMOUNT
(000S)
    MARKET
VALUE
(000S)
 

INVESTMENTS IN SECURITIES 107.0% ¤

   

ASSET-BACKED SECURITIES 4.2%

   

CAYMAN ISLANDS 0.7%

   

Evans Grove CLO Ltd.

   

3.231% due 05/28/2028 •

  $ 800     $ 800  

Palmer Square CLO Ltd.

   

3.556% due 10/17/2027 •

    700       700  

TruPS Financials Note Securitization Ltd.

   

3.908% due 09/20/2039 •

    550       548  
   

 

 

 
Total Cayman Islands       2,048  
   

 

 

 

UNITED STATES 3.5%

   

Conseco Finance Corp.

   

6.280% due 09/01/2030

    406       435  

Credit Suisse First Boston Mortgage Securities Corp.

   

2.836% due 01/25/2032 •

    1,362       1,336  

EMC Mortgage Loan Trust

   

3.516% due 02/25/2041 •

    36       36  

Enterprise Fleet Financing LLC

   

2.550% due 08/20/2019

    76       76  

Legacy Mortgage Asset Trust

   

3.992% due 01/28/2070 •

    1,390       1,421  

LP Credit Card ABS Master Trust

   

3.625% due 08/20/2024 «•

    358       358  

Morgan Stanley Home Equity Loan Trust

   

2.316% due 12/25/2036 •

    1,868       1,141  

Navient Student Loan Trust

   

3.266% due 12/27/2066 •

    613       622  

Residential Asset Securities Corp. Trust

   

3.101% due 01/25/2034 •

    1,530       1,528  

SoFi Consumer Loan Program Trust

   

3.200% due 08/25/2027

    741       741  

Structured Asset Investment Loan Trust

   

2.366% due 09/25/2036 •

    2,951       2,861  
   

 

 

 
Total United States       10,555  
   

 

 

 

Total Asset-Backed Securities

(Cost $11,717)

        12,603  
   

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6%

   

CANADA 0.0%

   

Valeant Pharmaceuticals International, Inc.

   

5.104% due 06/02/2025

    5       5  
   

 

 

 
Total Canada       5  
   

 

 

 

UNITED ARAB EMIRATES 0.0%

   

Dubai World

   

1.750% - 2.000% due 09/30/2022

    100       94  
   

 

 

 
Total United Arab Emirates       94  
   

 

 

 

UNITED STATES 0.6%

   

Avolon Holdings Ltd.

   

4.165% due 01/15/2025

    39       39  

Beacon Roofing Supply, Inc.

   

4.383% due 01/02/2025

    10       10  

BWAY Holding Co.

   

5.581% due 04/03/2024

    10       10  

Caesars Resort Collection LLC

   

4.992% due 12/22/2024

    99       100  

Community Health Systems, Inc.

   

5.563% due 01/27/2021

    55       54  

Core & Main LP

   

5.313% - 5.321% due 08/01/2024

    10       10  

Diamond Resorts International

   

5.968% - 5.992% due 09/02/2023

    98       96  

Drillship Kithira Owners, Inc.

   

8.000% due 09/20/2024 «

    46       48  

Envision Healthcare Corp.

   

TBD% due 09/26/2025

    100       100  


                                         

Financial & Risk U.S. Holdings, Inc.

   

TBD% due 09/17/2025

    100       100  

Hilton Worldwide Finance LLC

   

3.966% due 10/25/2023

    252       253  

iHeartCommunications, Inc.

   

TBD% due 01/30/2019 ^(c)

    390       292  

TBD% due 07/30/2019 ^(c)

    30       22  

Las Vegas Sands LLC

   

3.992% due 03/27/2025

    393       393  

MH Sub LLC

   

5.915% due 09/13/2024

    20       20  

Multi Color Corp.

   

4.492% due 10/31/2024

    2       2  

Neiman Marcus Group Ltd.

   

5.370% due 10/25/2020

    41       38  

PetSmart, Inc.

   

5.120% due 03/11/2022

    20       18  

Post Holdings, Inc.

   

4.212% - 4.220% due 05/24/2024

    10       10  

Sprint Communications, Inc.

   

4.750% due 02/02/2024

    99       99  

TEX Operations Co. LLC

   

4.242% due 08/04/2023

    23       23  

West Corp.

   

6.242% due 10/10/2024

    9       9  
   

 

 

 
Total United States       1,746  
   

 

 

 

Total Loan Participations and Assignments

(Cost $1,916)

        1,845  
   

 

 

 
    SHARES        

COMMON STOCKS 73.0%

   

AUSTRALIA 2.4%

   

COMMUNICATION SERVICES 0.2%

   

Telstra Corp. Ltd.

    288,043       664  
   

 

 

 

CONSUMER DISCRETIONARY 0.0%

   

Crown Resorts Ltd.

    7,382       73  
   

 

 

 

CONSUMER STAPLES 0.5%

   

Coca-Cola Amatil Ltd.

    24,020       169  

Metcash Ltd.

    19,076       41  

Wesfarmers Ltd.

    7,487       270  

Woolworths Ltd.

    42,873       870  
   

 

 

 
      1,350  
   

 

 

 

ENERGY 0.2%

   

Woodside Petroleum Ltd.

    13,845       386  

WorleyParsons Ltd.

    19,118       282  
   

 

 

 
      668  
   

 

 

 

FINANCIALS 1.1%

   

AMP Ltd.

    79,176       183  

Australia & New Zealand Banking Group Ltd.

    58,314       1,187  

Genworth Mortgage Insurance Australia Ltd.

    47,832       85  

National Australia Bank Ltd.

    39,166       786  

Suncorp Group Ltd.

    57,396       600  

Westpac Banking Corp.

    15,664       315  
   

 

 

 
      3,156  
   

 

 

 

HEALTH CARE 0.1%

   

Primary Health Care Ltd.

    59,940       132  

Sonic Healthcare Ltd.

    3,674       66  
   

 

 

 
      198  
   

 

 

 

INDUSTRIALS 0.1%

   

Downer EDI Ltd.

    27,559       157  
   

 

 

 

MATERIALS 0.2%

   

BHP Billiton Ltd.

    29,525       735  
   

 

 

 
Total Australia       7,001  
   

 

 

 

 


                                         

AUSTRIA 0.2%

   

ENERGY 0.1%

   

OMV AG

    4,530       254  
   

 

 

 

FINANCIALS 0.1%

   

Raiffeisen Bank International AG

    7,431       214  
   

 

 

 

MATERIALS 0.0%

   

voestalpine AG

    2,519       115  
   

 

 

 
Total Austria       583  
   

 

 

 

BELGIUM 0.2%

   

COMMUNICATION SERVICES 0.1%

   

Proximus S.A.

    7,527       180  
   

 

 

 

FINANCIALS 0.1%

   

Ageas

    7,361       395  
   

 

 

 

INDUSTRIALS 0.0%

   

bpost S.A.

    6,460       105  
   

 

 

 
Total Belgium       680  
   

 

 

 

BRAZIL 0.0%

   

ENERGY 0.0%

   

Dommo Energia S.A. «(d)(k)

    347,361       92  

Dommo Energia S.A. SP - ADR «

    63       2  
   

 

 

 
      94  
   

 

 

 

UTILITIES 0.0%

   

Eneva S.A. (d)(k)

    239       1  
   

 

 

 
Total Brazil       95  
   

 

 

 

CANADA 1.3%

   

COMMUNICATION SERVICES 0.0%

   

Shaw Communications, Inc. ‘B’

    5,926       116  
   

 

 

 

CONSUMER DISCRETIONARY 0.0%

   

Hudson’s Bay Co.

    2,993       22  
   

 

 

 

ENERGY 0.3%

   

Crescent Point Energy Corp.

    60,514       385  

Husky Energy, Inc.

    20,876       367  

Obsidian Energy Ltd. (d)

    42,171       39  
   

 

 

 
      791  
   

 

 

 

FINANCIALS 0.8%

   

Bank of Montreal

    6,695       552  

Canadian Imperial Bank of Commerce

    9,055       849  

Home Capital Group, Inc.

    6,410       74  

IGM Financial, Inc.

    1,423       39  

National Bank of Canada

    6,095       304  

Power Corp. of Canada

    14,351       312  

Power Financial Corp.

    4,575       105  
   

 

 

 
        2,235  
   

 

 

 

INDUSTRIALS 0.1%

   

WestJet Airlines Ltd.

    9,950       158  
   

 

 

 

MATERIALS 0.0%

   

Nutrien Ltd.

    2,464       142  
   

 

 

 

UTILITIES 0.1%

   

Atco Ltd. ‘I’

    6,578       192  

Capital Power Corp.

    5,315       118  


                                         

TransAlta Corp.

    20,645       116  
   

 

 

 
      426  
   

 

 

 
Total Canada       3,890  
   

 

 

 

DENMARK 0.1%

   

INDUSTRIALS 0.1%

   

AP Moller - Maersk A/S ‘B’

    174       244  
   

 

 

 
Total Denmark       244  
   

 

 

 

FINLAND 0.2%

   

MATERIALS 0.1%

   

Stora Enso Oyj ‘R’

    15,212       290  
   

 

 

 

UTILITIES 0.1%

   

Fortum Oyj

    12,045       302  
   

 

 

 
Total Finland       592  
   

 

 

 

FRANCE 4.8%

   

COMMUNICATION SERVICES 0.8%

   

Eutelsat Communications S.A.

    1,116       26  

Lagardere S.C.A.

    15,288       471  

Orange S.A.

    85,402       1,359  

Television Francaise

    5,270       56  

Vivendi S.A.

    22,077       568  
   

 

 

 
      2,480  
   

 

 

 

CONSUMER DISCRETIONARY 0.1%

   

Cie Generale des Etablissements Michelin S.C.A.

    3,453       412  
   

 

 

 

CONSUMER STAPLES 0.5%

   

Carrefour S.A.

    41,846       802  

Casino Guichard Perrachon S.A.

    12,245       516  
   

 

 

 
      1,318  
   

 

 

 

ENERGY 0.3%

   

Total S.A.

    12,463       810  
   

 

 

 

FINANCIALS 1.0%

   

AXA S.A.

    9,057       243  

BNP Paribas S.A.

    17,832       1,092  

Eurazeo S.A.

    1,371       108  

SCOR SE

    1,903       88  

Societe Generale S.A.

    35,101       1,507  
   

 

 

 
      3,038  
   

 

 

 

HEALTH CARE 1.0%

   

Sanofi

    32,327       2,888  
   

 

 

 

INDUSTRIALS 0.4%

   

Alstom S.A.

    1,871       84  

Bouygues S.A.

    12,799       554  

Cie de Saint-Gobain

    10,776       464  

Rexel S.A.

    11,353       170  
   

 

 

 
      1,272  
   

 

 

 

UTILITIES 0.7%

   

Electricite de France S.A.

    74,526       1,311  

Engie S.A.

    41,370       609  
   

 

 

 
      1,920  
   

 

 

 
Total France         14,138  
   

 

 

 

GERMANY 3.0%

   

COMMUNICATION SERVICES 0.0%

   

ProSiebenSat.1 Media SE

    3,049       79  
   

 

 

 


                                         

CONSUMER DISCRETIONARY 0.8%

   

Bayerische Motoren Werke AG

    11,093       999  

Ceconomy AG

    13,993       99  

Daimler AG

    21,567       1,359  

Hugo Boss AG

    500       39  
   

 

 

 
        2,496  
   

 

 

 

CONSUMER STAPLES 0.0%

   

Suedzucker AG

    1,510       20  
   

 

 

 

FINANCIALS 0.5%

   

Aareal Bank AG

    2,124       89  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    5,962       1,317  

Talanx AG

    4,011       152  
   

 

 

 
      1,558  
   

 

 

 

HEALTH CARE 0.3%

   

Bayer AG

    8,401       745  
   

 

 

 

INDUSTRIALS 0.4%

   

Bilfinger SE

    1,372       69  

Deutsche Lufthansa AG

    33,519       823  

Deutsche Post AG

    5,007       178  
   

 

 

 
      1,070  
   

 

 

 

MATERIALS 0.6%

   

BASF SE

    14,384       1,276  

Evonik Industries AG

    5,379       193  

K+S AG

    9,199       193  
   

 

 

 
      1,662  
   

 

 

 

UTILITIES 0.4%

   

E.ON SE

    34,763       354  

Innogy SE

    3,024       135  

RWE AG

    27,070       668  
   

 

 

 
      1,157  
   

 

 

 
Total Germany       8,787  
   

 

 

 

HONG KONG 0.5%

   

CONSUMER DISCRETIONARY 0.1%

   

Li & Fung Ltd.

    516,000       115  

SJM Holdings Ltd.

    243,000       224  
   

 

 

 
      339  
   

 

 

 

INFORMATION TECHNOLOGY 0.0%

   

Kingboard Chemical Holdings Ltd.

    15,000       49  
   

 

 

 

REAL ESTATE 0.4%

   

China South City Holdings Ltd.

    278,000       45  

Kerry Properties Ltd.

    50,500       172  

New World Development Co. Ltd.

    53,000       72  

Shimao Property Holdings Ltd.

    105,000       261  

Swire Pacific Ltd. ‘A’

    49,000       537  

Wheelock & Co. Ltd.

    21,000       126  
   

 

 

 
      1,213  
   

 

 

 
Total Hong Kong       1,601  
   

 

 

 

ISRAEL 0.2%

   

COMMUNICATION SERVICES 0.1%

   

Bezeq The Israeli Telecommunication Corp. Ltd.

    172,980       199  
   

 

 

 

FINANCIALS 0.0%

   

Mizrahi Tefahot Bank Ltd.

    1,184       21  
   

 

 

 

MATERIALS 0.1%

   

Israel Chemicals Ltd.

    51,902       315  
   

 

 

 
Total Israel       535  
   

 

 

 


                                         

ITALY 1.4%

   

ENERGY 0.5%

   

Eni SpA

    77,194       1,455  

Snam SpA

    5,466       23  
   

 

 

 
        1,478  
   

 

 

 

FINANCIALS 0.4%

   

Assicurazioni Generali SpA

    9,983       172  

Poste Italiane SpA

    103,298       824  

Unipol Gruppo Finanziario SpA

    40,046       178  
   

 

 

 
      1,174  
   

 

 

 

INDUSTRIALS 0.0%

   

Societa Iniziative Autostradali e Servizi SpA

    4,100       61  
   

 

 

 

UTILITIES 0.5%

   

Enel SpA

    273,560       1,398  
   

 

 

 
Total Italy       4,111  
   

 

 

 

JAPAN 10.2%

   

COMMUNICATION SERVICES 0.6%

   

Fuji Media Holdings, Inc.

    6,400       114  

Gree, Inc.

    15,600       73  

GungHo Online Entertainment, Inc.

    6,900       14  

Nippon Telegraph & Telephone Corp.

    35,600       1,607  

NTT DOCOMO, Inc.

    3,600       97  
   

 

 

 
      1,905  
   

 

 

 

CONSUMER DISCRETIONARY 1.8%

   

Aisin Seiki Co. Ltd.

    2,200       107  

Aoyama Trading Co. Ltd.

    2,900       89  

Bridgestone Corp.

    9,200       348  

DCM Holdings Co. Ltd.

    4,500       41  

EDION Corp.

    3,600       40  

Geo Holdings Corp.

    2,200       33  

Honda Motor Co. Ltd.

    33,000       994  

Isuzu Motors Ltd.

    5,800       92  

Kohnan Shoji Co. Ltd.

    1,200       30  

Mazda Motor Corp.

    19,600       236  

Nikon Corp.

    3,000       56  

Nissan Motor Co. Ltd.

    106,800       1,000  

Showa Corp.

    2,100       32  

Skylark Co. Ltd.

    5,600       83  

Subaru Corp.

    6,100       187  

Sumitomo Rubber Industries Ltd.

    11,200       168  

Toyota Motor Corp.

    25,200       1,570  

Yokohama Rubber Co. Ltd.

    3,800       82  
   

 

 

 
      5,188  
   

 

 

 

CONSUMER STAPLES 0.3%

   

Japan Tobacco, Inc.

    11,800       308  

Kirin Holdings Co. Ltd.

    18,200       467  

Seven & i Holdings Co. Ltd.

    5,500       245  
   

 

 

 
      1,020  
   

 

 

 

ENERGY 0.3%

   

Cosmo Energy Holdings Co. Ltd.

    1,500       62  

Inpex Corp.

    49,300       616  

Japan Petroleum Exploration Co. Ltd.

    4,500       103  

JXTG Holdings, Inc.

    23,700       179  
   

 

 

 
      960  
   

 

 

 

FINANCIALS 2.3%

   

Chiba Bank Ltd.

    5,100       35  

Concordia Financial Group Ltd.

    14,600       72  

Daiwa Securities Group, Inc.

    52,300       318  

Fukuoka Financial Group, Inc.

    3,000       83  

Gunma Bank Ltd.

    11,300       58  

Hokuhoku Financial Group, Inc.

    10,200       143  

Mitsubishi UFJ Financial Group, Inc.

    288,000       1,789  

Mizuho Financial Group, Inc.

    805,400       1,404  


                                         

North Pacific Bank Ltd.

    12,100       41  

ORIX Corp.

    18,000       292  

Resona Holdings, Inc.

    47,400       266  

SBI Holdings, Inc.

    5,100       158  

Sumitomo Mitsui Financial Group, Inc.

    34,200       1,376  

Sumitomo Mitsui Trust Holdings, Inc.

    11,600       477  

T&D Holdings, Inc.

    9,000       149  

Yamaguchi Financial Group, Inc.

    6,000       65  
   

 

 

 
        6,726  
   

 

 

 

HEALTH CARE 0.4%

   

Astellas Pharma, Inc.

    10,700       187  

Daiichi Sankyo Co. Ltd.

    13,700       594  

Takeda Pharmaceutical Co. Ltd.

    6,300       269  
   

 

 

 
      1,050  
   

 

 

 

INDUSTRIALS 1.9%

   

Asahi Glass Co. Ltd.

    6,500       270  

Dai Nippon Printing Co. Ltd.

    11,900       277  

Hino Motors Ltd.

    2,000       22  

Hitachi Zosen Corp.

    19,700       82  

ITOCHU Corp.

    31,400       575  

Japan Airlines Co. Ltd.

    10,900       392  

Kanematsu Corp.

    6,600       99  

Kawasaki Heavy Industries Ltd.

    6,900       195  

Komatsu Ltd.

    3,500       106  

Marubeni Corp.

    60,100       550  

Mitsubishi Corp.

    20,100       619  

Mitsubishi Heavy Industries Ltd.

    17,800       687  

Mitsui & Co. Ltd.

    39,600       704  

Mitsui E&S Holdings Co. Ltd.

    6,300       113  

Nippon Yusen KK

    5,000       94  

Sumitomo Corp.

    31,200       520  

Toppan Printing Co. Ltd.

    8,000       128  

Toyota Tsusho Corp.

    3,500       132  
   

 

 

 
      5,565  
   

 

 

 

INFORMATION TECHNOLOGY 1.7%

   

Anritsu Corp.

    2,300       38  

Canon, Inc.

    25,300       802  

Fujitsu Ltd.

    11,800       841  

Hitachi Ltd.

    56,600       1,924  

Ibiden Co. Ltd.

    3,800       53  

Konica Minolta, Inc.

    34,800       371  

NEC Corp.

    2,000       55  

Nippon Electric Glass Co. Ltd.

    1,500       47  

Oki Electric Industry Co. Ltd.

    11,800       155  

Ricoh Co. Ltd.

    77,700       835  
   

 

 

 
      5,121  
   

 

 

 

MATERIALS 0.4%

   

Asahi Kasei Corp.

    4,200       64  

Denka Co. Ltd.

    1,800       63  

DIC Corp.

    1,100       39  

Kobe Steel Ltd.

    17,300       154  

Kuraray Co. Ltd.

    3,900       59  

Mitsubishi Materials Corp.

    6,200       185  

Nippon Paper Industries Co. Ltd.

    8,900       164  

Oji Holdings Corp.

    32,000       232  

Showa Denko KK

    1,200       66  

Ube Industries Ltd.

    1,200       33  
   

 

 

 
      1,059  
   

 

 

 

REAL ESTATE 0.0%

   

Nomura Real Estate Holdings, Inc.

    6,500       131  
   

 

 

 

UTILITIES 0.5%

   

Chubu Electric Power Co., Inc.

    11,700       177  

Chugoku Electric Power Co., Inc.

    26,800       344  

Electric Power Development Co. Ltd. ‘C’

    7,200       199  

Hokuriku Electric Power Co. (d)

    28,100       288  

Osaka Gas Co. Ltd.

    3,500       68  

Tohoku Electric Power Co., Inc.

    20,200       275  


                                         

Tokyo Gas Co. Ltd.

    7,500       185  
   

 

 

 
      1,536  
   

 

 

 
Total Japan         30,261  
   

 

 

 

LUXEMBOURG 0.0%

   

COMMUNICATION SERVICES 0.0%

   

RTL Group S.A.

    1,850       132  
   

 

 

 
Total Luxembourg       132  
   

 

 

 

MACAU 0.0%

   

CONSUMER DISCRETIONARY 0.0%

   

Wynn Macau Ltd.

    16,800       39  
   

 

 

 
Total Macau       39  
   

 

 

 

MEXICO 0.0%

   

CONSUMER DISCRETIONARY 0.0%

   

Desarrolladora Homex S.A.B. de C.V. (d)

    41,996       1  
   

 

 

 
Total Mexico       1  
   

 

 

 

NETHERLANDS 2.0%

   

COMMUNICATION SERVICES 0.2%

   

Koninklijke KPN NV

    81,684       216  

VEON Ltd. ADR

    106,585       309  
   

 

 

 
      525  
   

 

 

 

CONSUMER STAPLES 0.1%

   

Heineken Holding NV

    1,093       99  

Koninklijke Ahold Delhaize NV

    11,141       256  
   

 

 

 
      355  
   

 

 

 

ENERGY 1.1%

   

Fugro NV (d)

    4,514       59  

Royal Dutch Shell PLC ‘A’

    93,101       3,190  
   

 

 

 
      3,249  
   

 

 

 

FINANCIALS 0.2%

   

Aegon NV

    78,675       511  

ASR Nederland NV

    2,712       129  
   

 

 

 
      640  
   

 

 

 

HEALTH CARE 0.3%

   

Koninklijke Philips NV

    19,028       867  
   

 

 

 

INDUSTRIALS 0.1%

   

Arcadis NV

    1,299       22  

Boskalis Westminster

    2,974       93  

PostNL NV

    8,642       31  
   

 

 

 
      146  
   

 

 

 
Total Netherlands       5,782  
   

 

 

 

NEW ZEALAND 0.0%

   

MATERIALS 0.0%

   

Fletcher Building Ltd.

    8,935       39  
   

 

 

 

UTILITIES 0.0%

   

Contact Energy Ltd.

    5,878       22  
   

 

 

 
Total New Zealand       61  
   

 

 

 

NORWAY 0.6%

   

COMMUNICATION SERVICES 0.1%

   

Telenor ASA

    11,141       218  
   

 

 

 


                                         

ENERGY 0.4%

   

Equinor ASA

    39,329       1,106  
   

 

 

 

FINANCIALS 0.0%

   

DNB ASA

    7,043       148  
   

 

 

 

MATERIALS 0.1%

   

Yara International ASA

    7,087       348  
   

 

 

 
Total Norway       1,820  
   

 

 

 

PORTUGAL 0.2%

   

CONSUMER STAPLES 0.0%

   

Sonae SGPS S.A.

    59,893       62  
   

 

 

 

MATERIALS 0.0%

   

Navigator Co. S.A.

    8,072       40  
   

 

 

 

UTILITIES 0.2%

   

EDP - Energias de Portugal S.A.

    136,874       505  
   

 

 

 
Total Portugal       607  
   

 

 

 

SINGAPORE 0.1%

   

INDUSTRIALS 0.1%

   

Keppel Corp. Ltd.

    73,800       376  
   

 

 

 
Total Singapore       376  
   

 

 

 

SOUTH AFRICA 0.2%

   

FINANCIALS 0.2%

   

Old Mutual Ltd.

    204,208       431  
   

 

 

 
Total South Africa       431  
   

 

 

 

SPAIN 1.7%

   

COMMUNICATION SERVICES 0.4%

   

Telefonica S.A.

    145,982       1,152  
   

 

 

 

CONSUMER STAPLES 0.0%

   

Distribuidora Internacional de Alimentacion S.A.

    11,348       26  
   

 

 

 

FINANCIALS 0.8%

   

Banco Santander S.A.

    488,838       2,447  

Mapfre S.A.

    24,878       78  
   

 

 

 
        2,525  
   

 

 

 

INDUSTRIALS 0.3%

   

ACS Actividades de Construccion y Servicios S.A.

    15,811       671  

Obrascon Huarte Lain S.A.

    44,110       88  
   

 

 

 
      759  
   

 

 

 

UTILITIES 0.2%

   

Endesa S.A.

    27,278       589  
   

 

 

 
Total Spain       5,051  
   

 

 

 

SWEDEN 0.4%

   

COMMUNICATION SERVICES 0.3%

   

Tele2 AB ‘B’

    24,498       295  

Telia Co. AB

    95,161       436  
   

 

 

 
      731  
   

 

 

 

FINANCIALS 0.1%

   

Nordea Bank AB

    39,340       428  
   

 

 

 

HEALTH CARE 0.0%

   

Getinge AB ‘B’

    9,973       114  
   

 

 

 
Total Sweden       1,273  
   

 

 

 


                                         

SWITZERLAND 1.9%

   

COMMUNICATION SERVICES 0.1%

   

Swisscom AG

    391       178  
   

 

 

 

CONSUMER DISCRETIONARY 0.0%

   

Garmin Ltd.

    1,769       124  
   

 

 

 

FINANCIALS 1.1%

   

Baloise Holding AG

    532       81  

Swiss Life Holding AG

    1,611       611  

Swiss Re AG

    12,990       1,197  

Zurich Insurance Group AG

    4,565       1,439  
   

 

 

 
        3,328  
   

 

 

 

HEALTH CARE 0.6%

   

Roche Holding AG

    7,383       1,785  
   

 

 

 

INDUSTRIALS 0.0%

   

ABB Ltd.

    3,809       90  
   

 

 

 

INFORMATION TECHNOLOGY 0.1%

   

TE Connectivity Ltd.

    2,697       237  
   

 

 

 
Total Switzerland       5,742  
   

 

 

 

UNITED KINGDOM 5.7%

   

COMMUNICATION SERVICES 0.6%

   

BT Group PLC

    74,723       219  

Pearson PLC

    12,799       148  

Vodafone Group PLC

    661,244       1,417  
   

 

 

 
      1,784  
   

 

 

 

CONSUMER DISCRETIONARY 0.4%

   

Berkeley Group Holdings PLC

    1,979       95  

InterContinental Hotels Group PLC

    388       24  

Kingfisher PLC

    31,629       107  

Marks & Spencer Group PLC

    148,248       558  

Next PLC

    4,628       331  
   

 

 

 
      1,115  
   

 

 

 

CONSUMER STAPLES 0.3%

   

J Sainsbury PLC

    128,429       538  

Tate & Lyle PLC

    8,365       74  

WM Morrison Supermarkets PLC

    95,253       322  
   

 

 

 
      934  
   

 

 

 

ENERGY 1.0%

   

BP PLC

    371,571       2,848  

Petrofac Ltd.

    5,790       49  
   

 

 

 
      2,897  
   

 

 

 

FINANCIALS 1.9%

   

Barclays PLC

    209,109       464  

Direct Line Insurance Group PLC

    74,460       314  

HSBC Holdings PLC

    439,630       3,836  

Intermediate Capital Group PLC

    1,503       21  

Legal & General Group PLC

    17,437       60  

NEX Group PLC

    3,689       48  

Provident Financial PLC

    5,976       47  

Quilter PLC

    73,846       128  

Standard Chartered PLC

    84,943       704  
   

 

 

 
      5,622  
   

 

 

 

HEALTH CARE 0.7%

   

GlaxoSmithKline PLC

    104,848       2,103  
   

 

 

 

INDUSTRIALS 0.4%

   

Aggreko PLC

    5,168       59  

BAE Systems PLC

    16,570       136  


                                         

Capita PLC

    24,675       46  

easyJet PLC

    12,481       213  

Firstgroup PLC (d)

    50,184       59  

Rolls-Royce Holdings PLC

    17,023       219  

Royal Mail PLC

    87,713       545  

Stagecoach Group PLC

    15,006       31  
   

 

 

 
      1,308  
   

 

 

 

MATERIALS 0.1%

   

Rio Tinto PLC

    5,055       255  
   

 

 

 

UTILITIES 0.3%

   

Centrica PLC

    380,589       769  

National Grid PLC

    19,785       204  

Severn Trent PLC

    1,587       38  
   

 

 

 
      1,011  
   

 

 

 
Total United Kingdom         17,029  
   

 

 

 

UNITED STATES 35.7%

   

COMMUNICATION SERVICES 3.3%

   

AT&T, Inc.

    88,918       2,986  

CenturyLink, Inc.

    52,218       1,107  

Frontier Communications Corp.

    80,555       523  

Telephone & Data Systems, Inc.

    5,514       168  

Tribune Media Co. ‘A’

    1,359       52  

Verizon Communications, Inc.

    67,425       3,600  

Viacom, Inc. ‘B’

    41,669       1,406  

Windstream Holdings, Inc. (d)

    13,671       67  
   

 

 

 
      9,909  
   

 

 

 

CONSUMER DISCRETIONARY 3.7%

   

Abercrombie & Fitch Co. ‘A’

    27,568       582  

American Eagle Outfitters, Inc.

    8,824       219  

Bed Bath & Beyond, Inc.

    30,680       460  

Caesars Entertainment Corp. (d)

    18,339       188  

Dick’s Sporting Goods, Inc.

    1,384       49  

Dillard’s, Inc. ‘A’

    4,318       330  

Ford Motor Co.

    81,999       758  

GameStop Corp. ‘A’

    30,203       461  

Gap, Inc.

    17,579       507  

General Motors Co.

    24,149       813  

GNC Holdings, Inc. ‘A’ (d)

    67,710       280  

Goodyear Tire & Rubber Co.

    9,369       219  

H&R Block, Inc.

    1,149       30  

Kohl’s Corp.

    18,759       1,398  

L Brands, Inc.

    9,033       274  

Macy’s, Inc.

    28,496       990  

Mattel, Inc.

    15,852       249  

Nordstrom, Inc.

    9,191       550  

Tapestry, Inc.

    2,827       142  

Target Corp.

    20,635       1,820  

Tupperware Brands Corp.

    3,197       107  

Visteon Corp. (d)

    1,873       174  

Weight Watchers International, Inc. (d)

    2,334       168  

Wyndham Destinations, Inc.

    502       22  

Wynn Resorts Ltd.

    328       42  
   

 

 

 
      10,832  
   

 

 

 

CONSUMER STAPLES 3.2%

   

Altria Group, Inc.

    564       34  

Archer-Daniels-Midland Co.

    13,278       668  

Bunge Ltd.

    3,216       221  

General Mills, Inc.

    1,768       76  

Herbalife Nutrition Ltd. (d)

    7,833       427  

Kroger Co.

    43,926       1,279  

Nu Skin Enterprises, Inc. ‘A’

    756       62  

Philip Morris International, Inc.

    17,345       1,415  

Procter & Gamble Co.

    20,837       1,734  

Wal-Mart Stores, Inc.

    39,392       3,699  
   

 

 

 
      9,615  
   

 

 

 

ENERGY 5.5%

   

Andeavor

    2,039       313  

Chevron Corp.

    22,542       2,757  

ConocoPhillips

    18,424       1,426  

CVR Energy, Inc.

    804       32  

Diamond Offshore Drilling, Inc. (d)

    13,409       268  


                                         

Exxon Mobil Corp.

    62,904       5,348  

Helmerich & Payne, Inc.

    1,079       74  

Hess Corp.

    6,842       490  

HollyFrontier Corp.

    9,169       641  

Marathon Oil Corp.

    19,335       450  

Marathon Petroleum Corp.

    10,715       857  

Murphy Oil Corp.

    11,080       369  

National Oilwell Varco, Inc.

    7,474       322  

Occidental Petroleum Corp.

    2,540       209  

Oceaneering International, Inc.

    6,413       177  

Phillips 66

    1,517       171  

Rowan Cos. PLC ‘A’ (d)

    11,530       217  

Transocean Ltd.

    48,878       682  

Valero Energy Corp.

    12,596       1,433  

Williams Cos., Inc.

    3,923       107  
   

 

 

 
        16,343  
   

 

 

 

FINANCIALS 6.0%

   

Aflac, Inc.

    11,954       563  

Ally Financial, Inc.

    34,698       918  

American Express Co.

    13,803       1,470  

American International Group, Inc.

    66,096       3,519  

Assurant, Inc.

    2,066       223  

Capital One Financial Corp.

    15,628       1,484  

CNO Financial Group, Inc.

    5,389       114  

Discover Financial Services

    12,181       931  

Fifth Third Bancorp

    12,871       359  

Franklin Resources, Inc.

    7,376       224  

Goldman Sachs Group, Inc.

    686       154  

JPMorgan Chase & Co.

    20,362       2,298  

Loews Corp.

    2,143       108  

LPL Financial Holdings, Inc.

    1,412       91  

Navient Corp.

    41,600       561  

New York Community Bancorp, Inc.

    13,028       135  

PNC Financial Services Group, Inc.

    2,064       281  

Progressive Corp.

    444       32  

Santander Consumer USA Holdings, Inc.

    17,370       348  

T Rowe Price Group, Inc.

    1,816       198  

Travelers Cos., Inc.

    12,031       1,560  

U.S. Bancorp

    9,011       476  

Voya Financial, Inc.

    11,727       582  

Wells Fargo & Co.

    24,757       1,301  
   

 

 

 
      17,930  
   

 

 

 

HEALTH CARE 5.4%

   

Anthem, Inc.

    6,611       1,812  

Community Health Systems, Inc. (d)

    24,073       83  

CVS Health Corp.

    16,021       1,261  

Encompass Health Corp.

    588       46  

Gilead Sciences, Inc.

    21,198       1,637  

HCA Healthcare, Inc.

    14,830       2,063  

Merck & Co., Inc.

    41,946       2,976  

Pfizer, Inc.

    129,943       5,727  

Quest Diagnostics, Inc.

    2,895       312  
   

 

 

 
      15,917  
   

 

 

 

INDUSTRIALS 2.0%

   

AGCO Corp.

    1,456       89  

American Airlines Group, Inc.

    20,152       833  

Caterpillar, Inc.

    5,083       775  

CSX Corp.

    1,679       124  

Cummins, Inc.

    1,090       159  

Deere & Co.

    6,033       907  

Delta Air Lines, Inc.

    2,214       128  

Emerson Electric Co.

    11,013       843  

Fluor Corp.

    4,579       266  

ManpowerGroup, Inc.

    397       34  

Norfolk Southern Corp.

    2,856       516  

Pitney Bowes, Inc.

    30,777       218  

Ryder System, Inc.

    3,013       220  

Trinity Industries, Inc.

    3,985       146  

United Technologies Corp.

    2,856       399  

WW Grainger, Inc.

    685       245  
   

 

 

 
      5,902  
   

 

 

 

INFORMATION TECHNOLOGY 3.6%

   

Avnet, Inc.

    5,132       230  

Booz Allen Hamilton Holding Corp.

    6,983       347  

CA, Inc.

    10,943       483  

Corning, Inc.

    32,231       1,138  

Intel Corp.

    20,772       982  


                                         

International Business Machines Corp.

    32,486       4,912  

Jabil, Inc.

    7,167       194  

KLA-Tencor Corp.

    1,893       192  

Seagate Technology PLC

    25,405       1,203  

Symantec Corp.

    8,867       189  

Western Union Co.

    20,448       390  

Xerox Corp.

    15,345       414  
   

 

 

 
      10,674  
   

 

 

 

MATERIALS 1.1%

   

CF Industries Holdings, Inc.

    4,607       251  

Domtar Corp.

    7,519       392  

Eastman Chemical Co.

    431       41  

International Paper Co.

    5,998       295  

LyondellBasell Industries NV ‘A’

    14,015       1,437  

Mosaic Co.

    27,661       898  
   

 

 

 
      3,314  
   

 

 

 

UTILITIES 1.9%

   

American Electric Power Co., Inc.

    8,200       581  

CenterPoint Energy, Inc.

    11,747       325  

Consolidated Edison, Inc.

    8,500       648  

Entergy Corp.

    10,432       846  

Exelon Corp.

    27,510       1,201  

FirstEnergy Corp.

    9,335       347  

Pinnacle West Capital Corp.

    2,088       165  

PPL Corp.

    10,484       307  

Public Service Enterprise Group, Inc.

    12,070       637  

SCANA Corp.

    5,225       203  

Vistra Energy Corp. (d)

    12,569       313  
   

 

 

 
      5,573  
   

 

 

 

Total United States

      106,009  
   

 

 

 

Total Common Stocks

(Cost $193,232)

        216,871  
   

 

 

 
    PRINCIPAL
AMOUNT
(000S)
       

CONVERTIBLE BONDS & NOTES 0.0%

   

UNITED STATES 0.0%

   

INDUSTRIALS 0.0%

   

Caesars Entertainment Corp.

   

5.000% due 10/01/2024

  $ 9       14  
   

 

 

 
Total Convertible Bonds & Notes
(Cost $17)
      14  
   

 

 

 

CORPORATE BONDS & NOTES 10.3%

   

AUSTRALIA 0.1%

   

BANKING & FINANCE 0.1%

   

National Australia Bank Ltd.

   

1.375% due 07/12/2019

    400       396  
   

 

 

 

INDUSTRIALS 0.0%

   

Newcrest Finance Pty. Ltd.

   

4.450% due 11/15/2021

    4       4  
   

 

 

 
Total Australia       400  
   

 

 

 

BERMUDA 0.3%

   

BANKING & FINANCE 0.3%

   

Aircastle Ltd.

   

7.625% due 04/15/2020

    443       469  

5.500% due 02/15/2022

    380       395  

Athene Holding Ltd.

   

4.125% due 01/12/2028

    6       6  
   

 

 

 
      870  
   

 

 

 

INDUSTRIALS 0.0%

   

VOC Escrow Ltd.

   

5.000% due 02/15/2028

    7       7  
   

 

 

 
Total Bermuda       877  
   

 

 

 

 


                                         

BRAZIL 0.2%

   

UTILITIES 0.2%

   

Odebrecht Oil & Gas Finance Ltd.

   

0.000% due 10/29/2018 (f)(g)(i)

    46       1  

Petrobras Global Finance BV

   

6.250% due 12/14/2026

  GBP  100       132  

6.125% due 01/17/2022

  $ 23       24  

5.999% due 01/27/2028

    503       465  
   

 

 

 
      622  
   

 

 

 
Total Brazil       622  
   

 

 

 

CANADA 0.0%

   

BANKING & FINANCE 0.0%

   

Brookfield Finance, Inc.

   

4.700% due 09/20/2047

    28       27  

3.900% due 01/25/2028

    12       11  

Fairfax Financial Holdings Ltd.

   

4.850% due 04/17/2028

    8       8  
   

 

 

 
      46  
   

 

 

 

INDUSTRIALS 0.0%

   

Air Canada Pass-Through Trust

   

3.700% due 07/15/2027

    4       4  

Bausch Health Cos., Inc.

   

6.500% due 03/15/2022

    15       16  

7.000% due 03/15/2024

    25       26  

BC Unlimited Liability Co.

   

4.250% due 05/15/2024

    38       36  
   

 

 

 
      82  
   

 

 

 
Total Canada       128  
   

 

 

 

CAYMAN ISLANDS 0.4%

   

BANKING & FINANCE 0.4%

   

Ambac LSNI LLC

   

7.396% due 02/12/2023 •

    63       64  

Avolon Holdings Funding Ltd.

   

5.500% due 01/15/2023

    20       20  

5.125% due 10/01/2023

    32       32  

U.S. Capital Funding Ltd.

   

2.611% due 07/10/2043 •

    1,007       896  
   

 

 

 
        1,012  
   

 

 

 

INDUSTRIALS 0.0%

   

Park Aerospace Holdings Ltd.

   

5.250% due 08/15/2022

    27       27  

5.500% due 02/15/2024

    13       13  

4.500% due 03/15/2023

    23       23  

3.625% due 03/15/2021

    13       13  

Shelf Drilling Holdings Ltd.

   

8.250% due 02/15/2025

    6       6  
   

 

 

 
      82  
   

 

 

 

UTILITIES 0.0%

   

Odebrecht Drilling Norbe Ltd.

   

6.350% due 12/01/2021

    45       44  

Odebrecht Drilling Norbe Ltd. (6.350% Cash or 7.350% PIK)

   

7.350% due 12/01/2026 (b)

    86       51  

Odebrecht Offshore Drilling Finance Ltd.

   

6.720% due 12/01/2022

    2       2  

Transocean Phoenix Ltd.

   

7.750% due 10/15/2024

    4       5  
   

 

 

 
      102  
   

 

 

 
Total Cayman Islands       1,196  
   

 

 

 

CURACAO 0.0%

   

INDUSTRIALS 0.0%

   

Teva Pharmaceutical Finance BV

   

1.500% due 10/25/2018

  CHF  15       15  
   

 

 

 
Total Curacao       15  
   

 

 

 

 


                                         

FINLAND 0.0%

   

INDUSTRIALS 0.0%

   

Nokia Oyj

   

4.375% due 06/12/2027

  $ 6       6  
   

 

 

 

Total Finland

      6  
   

 

 

 

FRANCE 0.5%

   

BANKING & FINANCE 0.1%

   

Societe Generale S.A.

   

7.375% due 12/31/2099 (a)(j)

    200       199  
   

 

 

 

INDUSTRIALS 0.4%

   

Altice France S.A.

   

7.375% due 05/01/2026

    700       703  

Pernod Ricard S.A.

   

4.450% due 01/15/2022

    530       541  
   

 

 

 
      1,244  
   

 

 

 

Total France

        1,443  
   

 

 

 

GERMANY 0.5%

   

BANKING & FINANCE 0.5%

   

Deutsche Bank AG

   

2.700% due 07/13/2020

    26       25  

3.307% (US0003M + 0.970%) due 07/13/2020 ~

    28       28  

4.250% due 10/14/2021

    590       588  

Volkswagen Bank GmbH

   

0.625% due 09/08/2021

  EUR  700       815  
   

 

 

 
      1,456  
   

 

 

 

Total Germany

      1,456  
   

 

 

 

HONG KONG 0.1%

   

INDUSTRIALS 0.1%

   

Bao-trans Enterprises Ltd.

   

3.750% due 12/12/2018

  $ 200       200  
   

 

 

 

Total Hong Kong

      200  
   

 

 

 

IRELAND 0.2%

   

INDUSTRIALS 0.2%

   

Russian Railways via RZD Capital PLC

   

7.487% due 03/25/2031

  GBP  300       465  
   

 

 

 

Total Ireland

      465  
   

 

 

 

JAPAN 0.1%

   

UTILITIES 0.1%

   

Chugoku Electric Power Co., Inc.

   

2.701% due 03/16/2020

  $ 400       397  
   

 

 

 

Total Japan

      397  
   

 

 

 

JERSEY, CHANNEL ISLANDS 0.2%

   

INDUSTRIALS 0.2%

   

AA Bond Co. Ltd.

   

2.875% due 07/31/2043

  GBP  300       379  


                                         

Aptiv PLC

   

3.150% due 11/19/2020

  $ 204       203  
   

 

 

 
      582  
   

 

 

 

Total Jersey, Channel Islands

      582  
   

 

 

 

LUXEMBOURG 0.9%

   

BANKING & FINANCE 0.2%

   

Emerald Bay S.A.

   

0.000% due 10/08/2020 (f)

  EUR  4       4  

Sberbank of Russia Via SB Capital S.A.

   

3.352% due 11/15/2019

    200       235  

6.125% due 02/07/2022

  $ 400       413  
   

 

 

 
      652  
   

 

 

 

INDUSTRIALS 0.2%

   

Altice Financing S.A.

   

5.250% due 02/15/2023

  EUR  340       411  

Intelsat Connect Finance S.A.

   

9.500% due 02/15/2023

  $ 20       20  

Intelsat Jackson Holdings S.A.

   

9.750% due 07/15/2025

    18       19  

8.000% due 02/15/2024

    4       4  

8.500% due 10/15/2024

    36       36  

7.500% due 04/01/2021

    40       41  

5.500% due 08/01/2023

    28       26  

Intelsat Luxembourg S.A.

   

7.750% due 06/01/2021

    54       53  
   

 

 

 
      610  
   

 

 

 

UTILITIES 0.5%

   

Gazprom Neft OAO Via GPN Capital S.A.

   

4.375% due 09/19/2022

    300       294  

6.000% due 11/27/2023

    300       310  

Gazprom OAO Via Gaz Capital S.A.

   

9.250% due 04/23/2019

    600       617  

5.999% due 01/23/2021

    30       31  
   

 

 

 
      1,252  
   

 

 

 

Total Luxembourg

        2,514  
   

 

 

 

MEXICO 0.0%

   

INDUSTRIALS 0.0%

   

Corp. GEO S.A.B. de C.V.

   

8.875% due 03/27/2022 ^(c)

    300       0  

9.250% due 06/30/2020 ^(c)

    100       0  

Petroleos Mexicanos

   

6.750% due 09/21/2047

    10       10  

6.500% due 03/13/2027

    40       41  
   

 

 

 
      51  
   

 

 

 

Total Mexico

      51  
   

 

 

 

NETHERLANDS 0.4%

   

BANKING & FINANCE 0.4%

   

Cooperatieve Rabobank UA

   

6.625% due 06/29/2021 •(i)(j)

  EUR  800       1,033  

Stichting AK Rabobank Certificaten

   

6.500% (i)

    25       34  
   

 

 

 
      1,067  
   

 

 

 

INDUSTRIALS 0.0%

   

Teva Pharmaceutical Finance Netherlands BV

   

1.700% due 07/19/2019

  $ 2       2  

2.200% due 07/21/2021

    118       111  
   

 

 

 
      113  
   

 

 

 

Total Netherlands

      1,180  
   

 

 

 

NORWAY 0.0%

   

INDUSTRIALS 0.0%

   

Yara International ASA

   

4.750% due 06/01/2028

    16       16  
   

 

 

 

Total Norway

      16  
   

 

 

 


                                         

SPAIN 0.2%

   

BANKING & FINANCE 0.2%

   

Banco Bilbao Vizcaya Argentaria S.A.

   

6.750% due 02/18/2020 •(i)(j)

  EUR  400       484  

Banco Santander S.A.

   

6.250% due 09/11/2021 •(i)(j)

    100       121  
   

 

 

 
      605  
   

 

 

 

Total Spain

      605  
   

 

 

 

UNITED KINGDOM 2.0%

   

BANKING & FINANCE 1.6%

   

Barclays Bank PLC

   

7.625% due 11/21/2022 (j)

  $ 430       467  

14.000% due 06/15/2019 •(i)

  GBP  300       423  

Barclays PLC

   

7.750% due 09/15/2023 •(i)(j)

  $ 200       201  

6.500% due 09/15/2019 •(i)(j)

  EUR 225       270  

HSBC Holdings PLC

   

3.600% due 05/25/2023

  $ 200       198  

6.000% due 09/29/2023 •(i)(j)

  EUR 320       413  

Lloyds Banking Group PLC

   

7.875% due 06/27/2029 •(i)(j)

  GBP 200       298  

7.625% due 06/27/2023 •(i)(j)

    200       282  

Nationwide Building Society

   

10.250% ~(i)

    1       220  

Royal Bank of Scotland Group PLC

   

7.500% due 08/10/2020 •(i)(j)

  $ 360       369  

2.500% due 03/22/2023

  EUR 350       426  

Santander UK Group Holdings PLC

   

4.750% due 09/15/2025

  $ 460       449  

Tesco Property Finance PLC

   

6.052% due 10/13/2039

  GBP 403       614  

Unique Pub Finance Co. PLC

   

5.659% due 06/30/2027

    43       62  
   

 

 

 
        4,692  
   

 

 

 

INDUSTRIALS 0.4%

   

EI Group PLC

   

6.875% due 02/15/2021

    200       283  

Imperial Brands Finance PLC

   

3.750% due 07/21/2022

  $ 400       399  

Marston’s Issuer PLC

   

5.641% due 07/15/2035 •

  GBP 200       233  

Mitchells & Butlers Finance PLC

   

1.247% (BP0003M + 0.450%) due 12/15/2030 ~

    132       162  

Spirit Issuer PLC

   

3.500% (BP0003M + 2.700%) due 12/28/2031 ~

    22       28  

6.582% due 12/28/2027

    89       118  
   

 

 

 
      1,223  
   

 

 

 

Total United Kingdom

      5,915  
   

 

 

 

UNITED STATES 4.2%

   

BANKING & FINANCE 1.7%

   

Ally Financial, Inc.

   

3.750% due 11/18/2019

  $ 2       2  

American International Group, Inc.

   

5.750% due 04/01/2048 •

    16       15  

American Tower Corp.

   

3.000% due 06/15/2023

    16       15  

5.900% due 11/01/2021

    150       159  

Assurant, Inc.

   

4.200% due 09/27/2023

    8       8  

AXA Equitable Holdings, Inc.

   

3.900% due 04/20/2023

    2       2  

4.350% due 04/20/2028

    18       17  

5.000% due 04/20/2048

    10       9  

Bank of America Corp.

   

5.875% due 03/15/2028 •(i)

    347       344  

Boston Properties LP

   

3.200% due 01/15/2025

    8       8  

Brighthouse Financial, Inc.

   

3.700% due 06/22/2027

    12       11  


                                         

Brixmor Operating Partnership LP

   

3.363% (US0003M + 1.050%) due 02/01/2022 ~

    18       18  

Cantor Fitzgerald LP

   

7.875% due 10/15/2019

    280       291  

CIT Group, Inc.

   

4.125% due 03/09/2021

    8       8  

5.250% due 03/07/2025

    8       8  

Crown Castle International Corp.

   

4.000% due 03/01/2027

    8       8  

3.200% due 09/01/2024

    10       9  

3.650% due 09/01/2027

    44       41  

CTR Partnership LP

   

5.250% due 06/01/2025

    12       12  

Digital Realty Trust LP

   

3.700% due 08/15/2027

    2       2  

EPR Properties

   

4.950% due 04/15/2028

    2       2  

ERP Operating LP

   

3.250% due 08/01/2027

    4       4  

3.500% due 03/01/2028

    6       6  

Fortress Transportation & Infrastructure Investors LLC

   

6.750% due 03/15/2022

    56       57  

6.500% due 10/01/2025

    30       30  

Freedom Mortgage Corp.

   

8.250% due 04/15/2025

    12       12  

Howard Hughes Corp.

   

5.375% due 03/15/2025

    27       27  

Hudson Pacific Properties LP

   

3.950% due 11/01/2027

    5       5  

Hunt Cos., Inc.

   

6.250% due 02/15/2026

    2       2  

International Lease Finance Corp.

   

6.250% due 05/15/2019

    1,110         1,132  

iStar, Inc.

   

4.625% due 09/15/2020

    2       2  

5.250% due 09/15/2022

    7       7  

Kennedy-Wilson, Inc.

   

5.875% due 04/01/2024

    10       10  

Life Storage LP

   

3.875% due 12/15/2027

    4       4  

LoanCore Capital Markets LLC

   

6.875% due 06/01/2020

    370       375  

MetLife, Inc.

   

5.875% due 03/15/2028 •(i)

    2       2  

Navient Corp.

   

8.000% due 03/25/2020

    600       636  

6.500% due 06/15/2022

    66       69  

5.500% due 01/15/2019

    2       2  

Oppenheimer Holdings, Inc.

   

6.750% due 07/01/2022

    6       6  

Physicians Realty LP

   

3.950% due 01/15/2028

    8       7  

Provident Funding Associates LP

   

6.375% due 06/15/2025

    4       4  

Santander Holdings USA, Inc.

   

4.400% due 07/13/2027

    7       7  

3.400% due 01/18/2023

    8       8  

3.700% due 03/28/2022

    6       6  

SL Green Operating Partnership LP

   

3.250% due 10/15/2022

    2       2  

Springleaf Finance Corp.

   

8.250% due 12/15/2020

    980       1,069  

6.125% due 05/15/2022

    292       302  

5.625% due 03/15/2023

    200       200  

6.875% due 03/15/2025

    16       16  

Starwood Property Trust, Inc.

   

4.750% due 03/15/2025

    10       9  

STORE Capital Corp.

   

4.500% due 03/15/2028

    6       6  

UDR, Inc.

   

4.625% due 01/10/2022

    2       2  

3.500% due 01/15/2028

    6       6  

VEREIT Operating Partnership LP

   

3.950% due 08/15/2027

    8       7  

Vornado Realty LP

   

3.500% due 01/15/2025

    4       4  

Welltower, Inc.

   

3.950% due 09/01/2023

    10       10  

4.250% due 04/15/2028

    4       4  


                                         

WeWork Cos., Inc.

   

7.875% due 05/01/2025

    10       10  
   

 

 

 
        5,056  
   

 

 

 

INDUSTRIALS 2.0%

   

AbbVie, Inc.

   

3.750% due 11/14/2023

    20       20  

3.375% due 11/14/2021

    30       30  

4.250% due 11/14/2028

    20       20  

American Airlines Pass-Through Trust

   

3.350% due 04/15/2031

    10       10  

Andeavor Logistics LP

   

3.500% due 12/01/2022

    2       2  

4.250% due 12/01/2027

    2       2  

Anthem, Inc.

   

4.101% due 03/01/2028

    4       4  

Arrow Electronics, Inc.

   

3.250% due 09/08/2024

    6       6  

BMC Software Finance, Inc.

   

8.125% due 07/15/2021

    78       80  

Broadcom Corp.

   

3.000% due 01/15/2022

    68       66  

3.625% due 01/15/2024

    8       8  

3.875% due 01/15/2027

    20       19  

Campbell Soup Co.

   

2.834% (US0003M + 0.500%) due 03/16/2020 ~

    20       20  

2.964% (US0003M + 0.630%) due 03/15/2021 ~

    10       10  

3.950% due 03/15/2025

    14       13  

Centene Corp.

   

5.375% due 06/01/2026

    3       3  

Charles River Laboratories International, Inc.

   

5.500% due 04/01/2026

    4       4  

Charter Communications Operating LLC

   

4.200% due 03/15/2028

    19       18  

3.986% (US0003M + 1.650%) due 02/01/2024 ~

    78       79  

4.500% due 02/01/2024

    10       10  

Cheniere Energy Partners LP

   

5.250% due 10/01/2025

    2       2  

Clear Channel Worldwide Holdings, Inc.

   

7.625% due 03/15/2020

    10       10  

6.500% due 11/15/2022

    3       3  

Cleveland-Cliffs, Inc.

   

4.875% due 01/15/2024

    4       4  

Comcast Cable Communications Holdings, Inc.

   

9.455% due 11/15/2022

    400       488  

Community Health Systems, Inc.

   

6.250% due 03/31/2023

    164       156  

5.125% due 08/01/2021

    123       120  

8.625% due 01/15/2024

    67       70  

CVS Health Corp.

   

2.750% due 12/01/2022

    2       2  

3.700% due 03/09/2023

    28       28  

4.300% due 03/25/2028

    40       40  

CVS Pass-Through Trust

   

8.353% due 07/10/2031

    495       599  

DAE Funding LLC

   

4.500% due 08/01/2022

    10       10  

5.000% due 08/01/2024

    22       22  

4.000% due 08/01/2020

    10       10  

Diamond Resorts International, Inc.

   

7.750% due 09/01/2023

    103       106  

Discovery Communications LLC

   

2.950% due 03/20/2023

    5       5  

3.950% due 03/20/2028

    6       6  

DISH DBS Corp.

   

7.875% due 09/01/2019

    165       171  

EMC Corp.

   

2.650% due 06/01/2020

    370       363  

Energy Transfer Partners LP

   

4.200% due 09/15/2023

    8       8  

6.000% due 06/15/2048

    6       6  

4.950% due 06/15/2028

    12       12  

Envision Healthcare Corp.

   

5.625% due 07/15/2022

    14       14  

5.125% due 07/01/2022

    100       102  

EQT Corp.

   

3.107% (US0003M + 0.770%) due 10/01/2020 ~

    11       11  

Equifax, Inc.

   

3.600% due 08/15/2021

    4       4  

3.184% (US0003M + 0.870%) due 08/15/2021 ~

    12       12  

Exela Intermediate LLC

   

10.000% due 07/15/2023

    16       17  

Financial & Risk U.S. Holdings, Inc.

   

6.250% due 05/15/2026 (a)

    20       20  


                                         

General Electric Co.

   

5.000% due 01/21/2021 •(i)

    180       176  

General Mills, Inc.

   

2.879% (US0003M + 0.540%) due 04/16/2021 ~

    17       17  

3.200% due 04/16/2021

    3       3  

GLP Capital LP

   

5.250% due 06/01/2025

    7       7  

5.300% due 01/15/2029

    21       21  

Halfmoon Parent, Inc.

   

2.684% (US0003M + 0.350%) due 03/17/2020 ~

    40       40  

HCA, Inc.

   

5.875% due 03/15/2022

    360       382  

Hilton Domestic Operating Co., Inc.

   

5.125% due 05/01/2026

    16       16  

Hyundai Capital America

   

3.137% due 09/18/2020 •

    20       20  

iHeartCommunications, Inc.

   

9.000% due 03/01/2021 ^(c)

    19       14  

9.000% due 12/15/2019 ^(c)

    80       61  

9.000% due 09/15/2022 ^(c)

    403       306  

11.250% due 03/01/2021 ^(c)

    60       44  

10.625% due 03/15/2023 ^(c)

    4       3  

Kraft Heinz Foods Co.

   

3.500% due 07/15/2022

    10       10  

Live Nation Entertainment, Inc.

   

5.625% due 03/15/2026

    4       4  

Marriott Ownership Resorts, Inc.

   

6.500% due 09/15/2026

    12       12  

Molson Coors Brewing Co.

   

2.100% due 07/15/2021

    300         289  

NetApp, Inc.

   

3.300% due 09/29/2024

    7       7  

ONEOK Partners LP

   

3.375% due 10/01/2022

    3       3  

Penske Truck Leasing Co. LP

   

3.375% due 02/01/2022

    270       266  

PetSmart, Inc.

   

5.875% due 06/01/2025

    16       13  

Radiate Holdco LLC

   

6.875% due 02/15/2023

    10       10  

Sprint Spectrum Co. LLC

   

5.152% due 09/20/2029

    200       201  

Sunoco LP

   

4.875% due 01/15/2023

    8       8  

Tech Data Corp.

   

3.700% due 02/15/2022

    5       5  

4.950% due 02/15/2027

    6       6  

Tenet Healthcare Corp.

   

4.625% due 07/15/2024

    34       33  

Textron, Inc.

   

2.891% (US0003M + 0.550%) due 11/10/2020 ~

    40       40  

Time Warner Cable LLC

   

5.000% due 02/01/2020

    600       612  

Triumph Group, Inc.

   

4.875% due 04/01/2021

    2       2  

5.250% due 06/01/2022

    4       4  

United Technologies Corp.