Fund Facts  

Inception Date: Oct 30, 2007
Ticker Symbol: VPDAX
Registration Date: Oct 30, 2007
Morningstar Category:Allocation--30% to 50% Equity
As of Sep 30, 2016
Fund Net Assets ($millions) $915

Documents for Fund or Underlying Fund(s)  

Description

Objective  

Long-term capital growth

Principal Investment Strategies  

The Fund employs multiple investment strategies to seek long-term growth of capital, with lower volatility over time than that of stocks in general and a risk/return profile different from that of traditional asset classes, such as stocks and fixed income securities. In combination, the Fund’s investment strategies seek to provide investment exposure to U.S. and foreign convertible securities, stocks, fixed income securities, and real estate investment trusts (“REITS”) through direct investments or through the use of derivative instruments. The Fund currently uses the following investment strategies:

• Convertible Securities Strategy;
• Enhanced Equity Strategy;
• Low Duration-Plus Fixed Income Strategy; and
• Passive REIT Index Strategy.

Each of these investment strategies is described in more detail below.
• Convertible Securities Strategy—The Fund allocates a portion of its assets to a portfolio of convertible securities of U.S. or foreign companies (which may include issuers located in emerging market countries). Convertible securities, which include convertible bonds and convertible preferred stocks, possess investment characteristics of both stocks and bonds. The Fund’s subadvisers seek to invest in those convertible securities they believe represent an attractive risk/reward potential. The majority of these securities are rated below investment grade or are unrated. The Fund’s subadvisers also may invest in a combination of either convertible or non-convertible bonds, and common stocks or equity options, to seek to replicate the investment exposure of convertible securities or to seek to manage risk. The subadvisers implementing the Fund’s convertible securities strategy may also invest in other types of fixed income and equity securities, including “restricted” securities, such as Rule 144A securities.
• Enhanced Equity Strategy—Another portion of the Fund’s assets invests in a portfolio of Russell 2000® Index futures contracts and U.S. and foreign fixed income securities. This strategy’s subadviser utilizes Russell 2000 Index futures contracts or swap agreements to gain equity exposure, combined with purchasing U.S. and foreign fixed income securities seeking to generate returns in excess of the futures contracts’ or swap agreements’ implied financing costs. The Fund’s U.S. and foreign fixed income securities in this portion of the Fund’s portfolio (1) are held, in part, as collateral in conjunction with the Fund’s use of futures contracts; (2) may include government and agency securities, corporate bonds, mortgage-backed securities, asset-backed securities, and municipal securities; and (3) generally have a portfolio effective duration of no greater than three years. Effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates, and takes into account that expected cash flows will fluctuate as interest rates change. For example, the value of a fixed income security with an effective duration of two years would be expected to decline around 2% if interest rates rose by 1%. Conversely, the value of the same fixed income security would be expected to increase around 2% if interest rates fell by 1%. The fixed income securities in this portion of the Fund are generally investment grade securities.
• Low Duration-Plus Fixed Income Strategy—Another portion of the Fund’s portfolio invests in core short and intermediate maturity fixed income securities (including securities issued or guaranteed by the U.S. Government or foreign governments and their agencies or instrumentalities, and U.S. and foreign mortgage-backed and asset backed securities) that combined generally have a portfolio effective duration of no greater than three years.

The strategy’s core fixed income securities are generally investment grade securities (i.e., securities rated within the four highest grades by Standard & Poor’s, Moody’s Investors Service, Inc. (“Moody’s”), or Fitch Ratings (“Fitch”) or unrated securities that the subadviser determines are of comparable quality) that the subadviser to this portion of the Fund believes provide return opportunities because they are priced below fair market value relative to securities of similar credit quality and interest rate sensitivity. Plus, the strategy also incorporates investments in non-core sectors and securities which may include but are not limited to below investment grade and unrated securities, foreign securities, including securities of issuers located in emerging market countries, inflation-adjusted securities, floating rate loans, and currencies that the subadviser believes offer attractive investment opportunities. The subadviser may use futures and swaps as part of this fixed income strategy and may seek to reduce risk of loss due to currency fluctuations by hedging its non-U.S. dollar exposure, using a variety of techniques, including forward currency contracts.
• Passive REIT Index Strategy—Another portion of the Fund’s assets invests in a portfolio of REIT and REIT-like securities included in the Dow Jones U.S. Select REIT Index™, following an indexed or passively managed approach to investing. The subadviser to this portion of the Fund seeks to approximate the investment characteristics and performance of the Dow Jones U.S. Select REIT Index by investing in REITs and REIT-like securities included in that index. The Dow Jones U.S. Select REIT Index is an unmanaged index that intends to measure the performance of publicly traded REITs and REIT-like securities. The index is a subset of the Dow Jones U.S. Select Real Estate Securities Index, which represents equity REITs and real estate operating companies traded in the U.S.

Additional Information About the Fund’s Principal Investment Strategies

A significant portion of the Fund’s assets may be invested in “below investment grade” securities (commonly known as “high yield securities” or “junk bonds”). Below investment grade securities are those rated below the four highest categories by Standard & Poor’s (below BBB), Moody’s (below Baa), or Fitch (below BBB), or are unrated securities that the Fund’s subadvisers determine are of comparable quality. The Fund’s below investment grade securities or instruments (which include fixed income securities, convertible securities, preferred stock, and floating rate loans) generally will not exceed, in the aggregate, 55% of the Fund’s net assets, with additional limits as specified below.

The Fund limits its aggregate investments in (i) fixed income securities that are rated below investment grade, excluding convertible bonds; and (ii) floating rate loans so that, taken together, they generally will not be more than 15% of the Fund’s net assets.

The Fund limits its investments in convertible securities, which include convertible bonds and convertible preferred stocks, such that they generally will remain below 45% of the Fund’s net assets.

Under normal circumstances, the Fund invests at least 40% of its net assets in fixed income securities in addition to its investments in convertible bonds.

In addition to Russell 2000 Index futures contracts, the Fund’s subadvisers also may use other derivative instruments, including futures and options, swap agreements, swaptions, and forward currency contracts, to achieve desired investment exposure, enhance portfolio efficiency, or manage risk. Trading in derivative instruments is used as an alternative to, or in conjunction with, buying, selling and holding stocks and fixed income securities.

The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

The Fund is available for investment only by the Vantagepoint Model Portfolio Funds and Vantagepoint Milestone Funds.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund’s principal investment risks include Convertible Securities Risk, Interest Rate Risk, Credit Risk, High Yield Securities Risk, Small-Cap Securities Risk, Derivative Instruments Risk, Foreign Securities Risk, U.S. Government Agency Securities Risk, Asset-Backed Securities Risk, Mortgage-Backed Securities Risk, REITs Risk, Indexing Risk, Foreign Currency Risk, Municipal Securities Risk, Floating Rate Loans Risk, Call Risk, Stock Market Risk, Portfolio Turnover Risk, Multi-Manager Risk.
Please see the Risk Glossary for additional information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Sep 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
VP Diversifying Strategies T   5.19%7.90%8.96%4.02%4.13%N/A2.63%
S&P 500 Indexa,b3.85%7.84%15.43%11.16%16.37%7.24%N/A
Custom Benchmarkc2.45%6.54%10.84%7.74%9.76%N/AN/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total Expenses   0.49%

 

a. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S.

b. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2017 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

c. The custom benchmark is comprised of the S&P 500 Index and Bloomberg Barclays U.S. Intermediate Aggregate Bond Index. Prior to May 1, 2014, the weightings were 50% S&P 500 Index and 50% Bloomberg Barclays U.S. Intermediate Aggregate Bond Index. Beginning May 1, 2014, the weightings were 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Intermediate Aggregate Bond Index. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Bloomberg Barclays U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Sep 23, 2016Sep 23, 2016$0.679010000
Jul 29, 2016Jul 29, 2016$0.027007000
Dec 18, 2015Dec 18, 2015$0.264308000
Dec 19, 2014Dec 19, 2014$0.689129000
Dec 20, 2013Dec 20, 2013$0.318116000
Dec 31, 2012Dec 31, 2012$0.002435000
Dec 17, 2012Dec 17, 2012$0.200595000
Dec 16, 2011Dec 16, 2011$0.159169000
 

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2016
Period Stars Category Size
Overall 2 Stars481
3-Year 3 Stars481
5-Year 1 Stars421
10-Year N/A N/A

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

 

Characteristics

Top Ten Holdings As of Nov 30, 2016
Holding NamePercent
FIDELITY INSTITUTIONAL MONEY MARKET2.6%
RUSSELL 2000 MINI EQUITY INDEX DEC16 (RTAZ6)2.2%
UNITED STATES TREASURY NOTE/BOND 1% 08/15/20182.1%
UNITED STATES TREASURY NOTE/BOND 0.875% 05/31/20182.1%
UNITED STATES TREASURY NOTE/BOND 1.25% 12/15/20182.0%
UNITED STATES TREASURY NOTE/BOND 0.625% 06/30/20181.9%
UNITED STATES TREASURY NOTE/BOND 0.75% 04/15/20181.4%
UNITED STATES TREASURY NOTE/BOND 0.875% 01/15/20181.4%
UNITED STATES TREASURY NOTE/BOND 1% 05/15/20181.0%
PRICELINE GROUP INC/THE 0.9% 09/15/20210.9%
All Holdings As of Nov 30, 2016
Equity
Holding NameMarket Value
SIMON PROPERTY GROUP INC$3,724,504
AMERICAN TOWER CORP$2,798,950
PUBLIC STORAGE$2,060,977
PROLOGIS INC$1,771,575
AVALONBAY COMMUNITIES INC$1,492,253
WELLTOWER INC$1,484,308
EQUITY RESIDENTIAL$1,449,482
SOUTHWESTERN ENERGY CO$1,415,176
VENTAS INC$1,402,529
BOSTON PROPERTIES INC$1,258,373
WPX ENERGY INC$1,233,540
BELDEN INC$1,198,960
VORNADO REALTY TRUST$1,110,733
GENERAL GROWTH PROPERTIES INC$978,732
DIGITAL REALTY TRUST INC$961,802
ESSEX PROPERTY TRUST INC$935,797
HCP INC$912,979
HOST HOTELS & RESORTS INC$877,068
KIMCO REALTY CORP$710,242
SL GREEN REALTY CORP$700,117
FEDERAL REALTY INVESTMENT TRUST$659,553
UDR INC$602,610
DUKE REALTY CORP$591,324
EXTRA SPACE STORAGE INC$584,854
MANDATORY EXCHANGEABLE TRUST$577,925
ALEXANDRIA REAL ESTATE EQUITIES INC$566,799
MACERICH CO/THE$542,916
REGENCY CENTERS CORP$457,520
MID-AMERICA APARTMENT COMMUNITIES INC$453,294
CAMDEN PROPERTY TRUST$450,693
KILROY REALTY CORP$436,644
APARTMENT INVESTMENT & MANAGEMENT CO$431,820
BRIXMOR PROPERTY GROUP INC$412,976
AMERICAN CAMPUS COMMUNITIES INC$402,508
LIBERTY PROPERTY TRUST$378,555
EQUITY LIFESTYLE PROPERTIES INC$364,508
DOUGLAS EMMETT INC$344,629
SUN COMMUNITIES INC$316,032
HOSPITALITY PROPERTIES TRUST$311,638
HIGHWOODS PROPERTIES INC$310,227
DDR CORP$306,211
AMERICAN HOMES 4 RENT$297,951
CUBESMART$289,268
TAUBMAN CENTERS INC$287,192
SENIOR HOUSING PROPERTIES TRUST$280,761
WEINGARTEN REALTY INVESTORS$273,320
DCT INDUSTRIAL TRUST INC$271,059
FOREST CITY REALTY TRUST INC$261,837
LIFE STORAGE INC$246,614
HUDSON PACIFIC PROPERTIES INC$242,207
EQUITY COMMONWEALTH$238,805
POST PROPERTIES INC$227,505
HEALTHCARE REALTY TRUST INC$226,961
TANGER FACTORY OUTLET CENTERS INC$216,575
LASALLE HOTEL PROPERTIES$207,437
DUPONT FABROS TECHNOLOGY INC$206,959
SUNSTONE HOTEL INVESTORS INC$205,799
FIRST INDUSTRIAL REALTY TRUST INC$202,104
EDUCATION REALTY TRUST INC$193,906
APPLE HOSPITALITY REIT INC$188,457
PIEDMONT OFFICE REALTY TRUST INC$186,462
COUSINS PROPERTIES INC$185,347
EQUITY ONE INC$185,311
RLJ LODGING TRUST$185,146
CORPORATE OFFICE PROPERTIES TRUST$177,215
BRANDYWINE REALTY TRUST$175,650
ACADIA REALTY TRUST$172,077
COLUMBIA PROPERTY TRUST INC$169,954
URBAN EDGE PROPERTIES$161,890
MACK-CALI REALTY CORP$158,405
RETAIL OPPORTUNITY INVESTMENTS CORP$149,351
WASHINGTON REAL ESTATE INVESTMENT TRUST$149,336
EASTGROUP PROPERTIES INC$146,730
PS BUSINESS PARKS INC$142,232
DIAMONDROCK HOSPITALITY CO$138,803
PEBBLEBROOK HOTEL TRUST$135,258
CBL & ASSOCIATES PROPERTIES INC$135,038
CARE CAPITAL PROPERTIES INC$132,031
KITE REALTY GROUP TRUST$130,976
XENIA HOTELS & RESORTS INC$122,798
WASHINGTON PRIME GROUP INC$121,272
LTC PROPERTIES INC$116,378
MONOGRAM RESIDENTIAL TRUST INC$114,514
NEW YORK REIT INC$104,179
REXFORD INDUSTRIAL REALTY INC$101,194
COLONY STARWOOD HOMES$99,013
RAMCO-GERSHENSON PROPERTIES TRUST$93,335
QUALITY CARE PROPERTIES INC$92,745
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST$86,878
FRANKLIN STREET PROPERTIES CORP$86,086
SERITAGE GROWTH PROPERTIES$70,460
FELCOR LODGING TRUST INC$61,529
PARKWAY INC$57,408
HERSHA HOSPITALITY TRUST$55,407
TIER REIT INC$49,656
NATIONAL STORAGE AFFILIATES TRUST$49,063
SAUL CENTERS INC$48,379
UNIVERSAL HEALTH REALTY INCOME TRUST$47,982
SILVER BAY REALTY TRUST CORP$39,936
CEDAR REALTY TRUST INC$36,765
FIRST POTOMAC REALTY TRUST$36,764
ASHFORD HOSPITALITY TRUST INC$36,071
INDEPENDENCE REALTY TRUST INC$35,842
EASTERLY GOVERNMENT PROPERTIES INC$29,779
ASHFORD HOSPITALITY PRIME INC$24,858
NEXPOINT RESIDENTIAL TRUST INC$22,073
SOUTHWESTERN ENERGY CO$7
 
Fixed Income
Holding NameMarket Value
UNITED STATES TREASURY NOTE/BOND 1% 08/15/2018$19,809,810
UNITED STATES TREASURY NOTE/BOND 0.875% 05/31/2018$19,093,898
UNITED STATES TREASURY NOTE/BOND 1.25% 12/15/2018$18,079,111
UNITED STATES TREASURY NOTE/BOND 0.625% 06/30/2018$17,400,129
UNITED STATES TREASURY NOTE/BOND 0.75% 04/15/2018$12,956,073
UNITED STATES TREASURY NOTE/BOND 0.875% 01/15/2018$12,491,938
UNITED STATES TREASURY NOTE/BOND 1% 05/15/2018$8,998,065
PRICELINE GROUP INC/THE 0.9% 09/15/2021$8,358,682
UNITED STATES TREASURY NOTE/BOND 1% 12/31/2017$8,007,816
CITRIX SYSTEMS INC 0.5% 04/15/2019$7,672,600
DISH NETWORK CORP 3.375% 08/15/2026$6,463,355
UNITED STATES TREASURY NOTE/BOND 1% 03/15/2019$6,258,364
MEDIDATA SOLUTIONS INC 1% 08/01/2018$6,149,488
MICRON TECHNOLOGY INC 3% 11/15/2043$6,034,594
ELECTRONICS FOR IMAGING INC 0.75% 09/01/2019$6,026,100
NUVASIVE INC 2.25% 03/15/2021$5,951,794
ON SEMICONDUCTOR CORP 1% 12/01/2020$5,816,731
UNITED STATES TREASURY NOTE/BOND 0.75% 07/15/2019$5,475,797
MICROCHIP TECHNOLOGY INC 1.625% 02/15/2025$5,404,875
AKAMAI TECHNOLOGIES INC 0% 02/15/2019$5,313,232
INTERDIGITAL INC/PA 1.5% 03/01/2020$5,224,756
SHIRE ACQUISITIONS INVESTMENTS IRELAND DAC 1.9% 09/23/2019$5,214,095
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1% 02/26/2019$5,195,633
ROVI CORP 0.5% 03/01/2020$5,124,735
BLACKHAWK NETWORK HOLDINGS INC 1.5% 01/15/2022$5,084,000
INVITATION HOMES 2014-SFR1 TRUST 1.55% 06/17/2031$5,066,547
LIVE NATION ENTERTAINMENT INC 2.5% 05/15/2019$4,963,643
PROOFPOINT INC 0.75% 06/15/2020$4,927,369
STARWOOD PROPERTY TRUST INC 4.55% 03/01/2018$4,797,742
CAPITAL ONE MULTI-ASSET EXECUTION TRUST 1.34% 04/15/2022$4,772,252
WRIGHT MEDICAL GROUP INC 2% 02/15/2020$4,647,122
UNITED STATES TREASURY NOTE/BOND 0.875% 06/15/2019$4,556,519
LIBERTY MEDIA CORP 1.375% 10/15/2023$4,502,672
MACQUARIE INFRASTRUCTURE CORP 2% 10/01/2023$4,458,941
HURON CONSULTING GROUP INC 1.25% 10/01/2019$4,400,816
INTEGRATED DEVICE TECHNOLOGY INC 0.875% 11/15/2022$4,357,275
VERINT SYSTEMS INC 1.5% 06/01/2021$4,224,960
ARES CAPITAL CORP 4.375% 01/15/2019$4,159,794
VIPSHOP HOLDINGS LTD 1.5% 03/15/2019$4,069,245
ALLSCRIPTS HEALTHCARE SOLUTIONS INC 1.25% 07/01/2020$3,920,678
TWITTER INC 1% 09/15/2021$3,917,931
LIBERTY INTERACTIVE LLC 1.75% 09/30/2046$3,831,113
TOLL BROTHERS FINANCE CORP 0.5% 09/15/2032$3,745,375
HERBALIFE LTD 2% 08/15/2019$3,740,740
CARDTRONICS INC 1% 12/01/2020$3,675,700
COLONY AMERICAN HOMES 2015-1 1.75% 07/17/2032$3,474,215
BIOMARIN PHARMACEUTICAL INC 1.5% 10/15/2020$3,343,922
NUANCE COMMUNICATIONS INC 1% 12/15/2035$3,336,113
NEDERLANDSE WATERSCHAPSBANK NV 1.25% 09/18/2017$3,301,307
PORSCHE INNOVATIVE LEASE OWNER TRUST 2015-1 1.19% 07/23/2018$3,300,963
NXP SEMICONDUCTORS NV 1% 12/01/2019$3,257,525
CYPRESS SEMICONDUCTOR CORP 4.5% 01/15/2022$3,253,438
CREDIT SUISSE AG/NEW YORK NY 1.375% 05/26/2017$3,239,695
FDIC GUARANTEED NOTES TRUST 2010-S1 3.25% 04/25/2038$3,212,424
SPIRIT REALTY CAPITAL INC 2.875% 05/15/2019$3,211,684
LIBERTY MEDIA CORP 2.25% 09/30/2046$3,177,200
NATIONAL AUSTRALIA BANK LTD/NEW YORK 1.375% 07/12/2019$3,176,101
BANK OF MONTREAL 1.35% 08/28/2018$3,120,695
EXTRA SPACE STORAGE LP 3.125% 10/01/2035$3,092,250
INVITATION HOMES 2014-SFR2 TRUST 1.65% 09/17/2031$3,091,687
INTEL CORP 2.95% 12/15/2035$3,068,325
WEATHERFORD INTERNATIONAL LTD 5.875% 07/01/2021$3,010,875
CTRIP.COM INTERNATIONAL LTD 1% 07/01/2020$2,992,875
CARMAX AUTO OWNER TRUST 2015-2 1.37% 03/16/2020$2,986,886
DYCOM INDUSTRIES INC 0.75% 09/15/2021$2,963,474
J2 GLOBAL INC 3.25% 06/15/2029$2,932,385
GENERAL MOTORS FINANCIAL CO INC 2.4% 04/10/2018$2,902,355
STANDARD CHARTERED PLC 1.5% 09/08/2017$2,890,801
JAZZ INVESTMENTS I LTD 1.875% 08/15/2021$2,866,388
CTRIP.COM INTERNATIONAL LTD 1.99% 07/01/2025$2,852,700
WEB.COM GROUP INC 1% 08/15/2018$2,837,616
KOMMUNINVEST I SVERIGE AB 1.5% 04/23/2019$2,830,333
BECTON DICKINSON AND CO 1.45% 05/15/2017$2,814,080
CEMEX SAB DE CV 3.72% 03/15/2020$2,807,503
EURONET WORLDWIDE INC 1.5% 10/01/2044$2,791,429
WORKDAY INC 0.75% 07/15/2018$2,777,397
STMICROELECTRONICS NV 0% 07/03/2019$2,775,500
BIOMARIN PHARMACEUTICAL INC 0.75% 10/15/2018$2,765,109
HEWLETT PACKARD ENTERPRISE CO 3.1% 10/05/2018$2,761,203
CTRIP.COM INTERNATIONAL LTD 1.25% 09/15/2022$2,730,200
INPHI CORP 0.75% 09/01/2021$2,683,050
AMGEN INC 1.25% 05/22/2017$2,661,942
DIAMOND 1 FINANCE CORP / DIAMOND 2 FINANCE CORP 3.48% 06/01/2019$2,660,013
MMAF EQUIPMENT FINANCE LLC 2015-A 1.39% 10/16/2019$2,635,586
FINISAR CORP 0.5% 12/15/2033$2,632,225
ILLUMINA INC 0.5% 06/15/2021$2,597,075
CHASE ISSUANCE TRUST 1.15% 01/15/2019$2,550,283
HEALTHSOUTH CORP 2% 12/01/2043$2,542,549
WESTPAC BANKING CORP 1.6% 08/19/2019$2,542,241
AETNA INC 1.9% 06/07/2019$2,539,879
TUTOR PERINI CORP 2.875% 06/15/2021$2,533,650
MOLINA HEALTHCARE INC 1.625% 08/15/2044$2,477,606
OASIS PETROLEUM INC 2.625% 09/15/2023$2,460,594
SYNCHRONOSS TECHNOLOGIES INC 0.75% 08/15/2019$2,427,880
ROYAL BANK OF CANADA 1.625% 04/15/2019$2,420,309
DOMINION RESOURCES INC/VA 1.5% 09/30/2018$2,411,933
HORIZON PHARMA INVESTMENT LTD 2.5% 03/15/2022$2,408,214
SOUTHERN CALIFORNIA EDISON CO 1.845% 02/01/2022$2,397,586
PDC ENERGY INC 1.125% 09/15/2021$2,375,166
INTERNATIONAL LEASE FINANCE CORP 3.875% 04/15/2018$2,371,040
CSG SYSTEMS INTERNATIONAL INC 4.25% 03/15/2036$2,364,863
VOLKSWAGEN GROUP OF AMERICA FINANCE LLC 1.25% 05/23/2017$2,355,341
BANK NEDERLANDSE GEMEENTEN NV 1% 02/12/2018$2,311,583
CREDIT AGRICOLE SA/LONDON 1.68% 04/15/2019$2,306,734
TRADE MAPS 1 LTD 1.237% 12/10/2018$2,299,486
UNITED STATES TREASURY NOTE/BOND 1% 09/15/2018$2,286,063
LAM RESEARCH CORP 1.25% 05/15/2018$2,280,009
NRG YIELD INC 3.5% 02/01/2019$2,252,016
ENVESTNET INC 1.75% 12/15/2019$2,162,538
CAISSE D'AMORTISSEMENT DE LA DETTE SOCIALE 1.25% 03/12/2018$2,150,847
IRONWOOD PHARMACEUTICALS INC 2.25% 06/15/2022$2,140,775
VECTOR GROUP LTD 5.5% 04/15/2020$2,119,700
SVENSKA HANDELSBANKEN AB 1.5% 09/06/2019$2,101,799
INMARSAT PLC 3.875% 09/09/2023$2,078,100
MACQUARIE INFRASTRUCTURE CORP 2.875% 07/15/2019$2,059,238
SERVICENOW INC 0% 11/01/2018$2,050,547
RTI INTERNATIONAL METALS INC 1.625% 10/15/2019$2,043,466
INSULET CORP 1.25% 09/15/2021$2,037,956
CALATLANTIC GROUP INC 0.25% 06/01/2019$2,006,510
CHASE ISSUANCE TRUST 0.788% 04/15/2019$1,999,207
BP CAPITAL MARKETS PLC 1.674% 02/13/2018$1,980,624
GLENCORE FINANCE CANADA LTD 2.7% 10/25/2017$1,980,424
SYNCHRONY CREDIT CARD MASTER NOTE TRUST 2015-2 1.6% 04/15/2021$1,970,538
SM ENERGY CO 1.5% 07/01/2021$1,957,688
NAVISTAR INTERNATIONAL CORP 4.5% 10/15/2018$1,955,000
BB&T CORP 1.546% 02/01/2019$1,947,516
AT&T INC 2.3% 03/11/2019$1,945,545
BNZ INTERNATIONAL FUNDING LTD/LONDON 1.9% 02/26/2018$1,902,595
RED HAT INC 0.25% 10/01/2019$1,897,881
CITIZENS BANK NA/PROVIDENCE RI 1.6% 12/04/2017$1,897,338
FEDERAL HOME LOAN MORTGAGE CORP 2.776% 09/01/2035$1,886,142
KNOWLES CORP 3.25% 11/01/2021$1,884,631
CHART INDUSTRIES INC 2% 08/01/2018$1,882,579
CAPITAL AUTO RECEIVABLES ASSET TRUST 2015-2 1.39% 09/20/2018$1,881,217
NATIONAL HEALTH INVESTORS INC 3.25% 04/01/2021$1,877,794
ASIAN DEVELOPMENT BANK 0.75% 07/28/2017$1,876,483
APOLLO COMMERCIAL REAL ESTATE FINANCE INC 5.5% 03/15/2019$1,869,361
COLONY STARWOOD HOMES 3% 07/01/2019$1,863,991
TESLA MOTORS INC 1.25% 03/01/2021$1,852,031
SALESFORCE.COM INC 0.25% 04/01/2018$1,843,378
COLONY AMERICAN HOMES 2014-2 1.474% 07/17/2031$1,842,230
IMPAX LABORATORIES INC 2% 06/15/2022$1,833,354
TOTAL SA 0.5% 12/02/2022$1,824,840
DISCOVER BANK/GREENWOOD DE 2.6% 11/13/2018$1,818,257
WELLS FARGO & CO 0.25% 11/06/2023$1,800,654
MACQUARIE BANK LTD 1.6% 10/27/2017$1,800,538
WEBMD HEALTH CORP 2.625% 06/15/2023$1,799,447
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/NEW YORK NY 2% 11/16/2018$1,777,926
SPECTRANETICS CORP/THE 2.625% 06/01/2034$1,770,175
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.65% 08/16/2019$1,740,510
WESTPAC BANKING CORP 1.95% 11/23/2018$1,729,437
LIONS GATE ENTERTAINMENT CORP 5.25% 08/01/2018$1,727,325
AMTRUST FINANCIAL SERVICES INC 2.75% 12/15/2044$1,727,115
NEDERLANDSE WATERSCHAPSBANK NV 0.875% 07/13/2018$1,725,375
ACTAVIS FUNDING SCS 2.35% 03/12/2018$1,715,757
BANK OF AMERICA CORP 1.936% 03/22/2018$1,713,646
BRANCH BANKING & TRUST CO 1.45% 05/10/2019$1,711,916
MANUFACTURERS & TRADERS TRUST CO 1.4% 07/25/2017$1,702,586
CSMC TRUST 2013-IVR2 1.55% 04/25/2043$1,700,740
EUROPEAN INVESTMENT BANK 1.125% 08/15/2018$1,693,781
HSBC BANK PLC 1.546% 05/15/2018$1,691,354
PATTERN ENERGY GROUP INC 4% 07/15/2020$1,674,731
ASIAN DEVELOPMENT BANK 1% 08/16/2019$1,674,728
KRAFT HEINZ FOODS CO 2% 07/02/2018$1,673,998
FORD MOTOR CREDIT CO LLC 1.684% 09/08/2017$1,670,573
BLACKSTONE MORTGAGE TRUST INC 5.25% 12/01/2018$1,659,488
BANK OF TOKYO-MITSUBISHI UFJ LTD/THE 1.45% 09/08/2017$1,657,925
UBS AG/STAMFORD CT 1.8% 03/26/2018$1,650,744
NEWELL BRANDS INC 2.15% 10/15/2018$1,650,626
ANTHEM INC 2.375% 02/15/2017$1,648,550
MORGAN STANLEY 2.026% 01/27/2020$1,648,383
DAIMLER FINANCE NORTH AMERICA LLC 1.65% 03/02/2018$1,627,935
ABBVIE INC 1.75% 11/06/2017$1,624,173
SUNTORY HOLDINGS LTD 1.65% 09/29/2017$1,622,095
COLONY CAPITAL INC 5% 04/15/2023$1,610,475
ALLY FINANCIAL INC 3.25% 09/29/2017$1,593,703
ZIMMER BIOMET HOLDINGS INC 2% 04/01/2018$1,591,288
AIRCASTLE LTD 6.75% 04/15/2017$1,580,063
STILLWATER MINING CO 1.75% 10/15/2032$1,575,558
CITIGROUP INC 1.55% 08/14/2017$1,560,660
FEDERAL HOME LOAN MORTGAGE CORP 1.125% 04/15/2019$1,553,712
SANTANDER UK PLC 1.65% 09/29/2017$1,546,477
CISCO SYSTEMS INC 1.4% 09/20/2019$1,542,622
FEDERAL HOME LOAN MORTGAGE CORP 0.875% 07/19/2019$1,542,075
ENCORE CAPITAL GROUP INC 3% 07/01/2020$1,523,150
CAPITAL ONE NA/MCLEAN VA 1.5% 09/05/2017$1,518,708
EZCORP INC 2.125% 06/15/2019$1,506,758
L-3 COMMUNICATIONS CORP 1.5% 05/28/2017$1,502,046
TENET HEALTHCARE CORP 6.25% 11/01/2018$1,479,070
DAIMLER FINANCE NORTH AMERICA LLC 1.375% 08/01/2017$1,450,850
MIZUHO BANK LTD 1.497% 03/26/2018$1,450,407
PRA GROUP INC 3% 08/01/2020$1,448,663
EMPIRE STATE REALTY OP LP 2.625% 08/15/2019$1,448,597
AP MOELLER - MAERSK A/S 2.55% 09/22/2019$1,445,911
CALATLANTIC GROUP INC 1.625% 05/15/2018$1,442,169
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/NEW YORK NY 2.05% 09/23/2019$1,441,009
SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC / SPRINT SPECTRUM CO III LLC 3.36% 03/20/2023$1,427,100
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 1.4% 07/20/2018$1,426,543
DEPOMED INC 2.5% 09/01/2021$1,418,465
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.971% 07/01/2041$1,411,775
AT&T INC 1.847% 11/27/2018$1,410,835
HOLOGIC INC 0% 12/15/2043$1,396,500
BROOKDALE SENIOR LIVING INC 2.75% 06/15/2018$1,394,641
SKANDINAVISKA ENSKILDA BANKEN AB 1.5% 09/13/2019$1,392,261
SEACOR HOLDINGS INC 3% 11/15/2028$1,387,538
STANLEY BLACK & DECKER INC 1.622% 11/17/2018$1,383,564
THOMSON REUTERS CORP 1.65% 09/29/2017$1,381,961
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1% 08/28/2019$1,379,991
ING BANK NV 2% 11/26/2018$1,367,004
HELIX ENERGY SOLUTIONS GROUP INC 4.25% 05/01/2022$1,366,406
INVITATION HOMES 2015-SFR3 TRUST 1.85% 08/17/2032$1,361,387
VEREIT INC 3% 08/01/2018$1,356,694
ARRAY BIOPHARMA INC 3% 06/01/2020$1,349,156
HYUNDAI CAPITAL AMERICA 1.45% 02/06/2017$1,340,441
KFW 1% 07/15/2019$1,330,206
GENERAL CABLE CORP 4.5% 11/15/2029$1,320,703
MONDELEZ INTERNATIONAL HOLDINGS NETHERLANDS BV 1.625% 10/28/2019$1,304,331
MORGAN STANLEY 2.45% 02/01/2019$1,290,527
WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2016-2 2.3% 11/15/2019$1,282,799
MEDICINES CO/THE 2.75% 07/15/2023$1,281,313
AMERICAN EXPRESS CO 1.506% 05/22/2018$1,274,535
IMPERIAL TOBACCO FINANCE PLC 2.05% 07/20/2018$1,272,714
GREEN PLAINS INC 4.125% 09/01/2022$1,272,575
FANNIE MAE CONNECTICUT AVENUE SECURITIES 2.742% 09/25/2028$1,271,544
METROPOLITAN LIFE GLOBAL FUNDING I 1.95% 12/03/2018$1,264,867
MORGAN STANLEY 1.622% 07/23/2019$1,253,129
GOLDMAN SACHS GROUP INC/THE 2.006% 11/15/2018$1,252,623
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 1.7% 07/19/2019$1,247,059
SYNCHRONY FINANCIAL 1.875% 08/15/2017$1,246,975
SUMITOMO MITSUI TRUST BANK LTD 2.05% 10/18/2019$1,242,796
BANK OF AMERICA CORP 1.7% 08/25/2017$1,242,222
TEVA PHARMACEUTICAL FINANCE CO LLC 0.25% 02/01/2026$1,237,578
CNH INDUSTRIAL CAPITAL LLC 3.875% 07/16/2018$1,236,775
ACTAVIS FUNDING SCS 2.1% 03/12/2020$1,228,148
CIT GROUP INC 5.25% 03/15/2018$1,218,146
COMPASS BANK 1.85% 09/29/2017$1,217,442
CITIGROUP INC 2.05% 12/07/2018$1,211,082
TIAA ASSET MANAGEMENT FINANCE CO LLC 2.95% 11/01/2019$1,202,498
SUNTRUST BANK/ATLANTA GA 1.35% 02/15/2017$1,200,334
SANTANDER BANK NA 2% 01/12/2018$1,196,928
BANK OF NEW YORK MELLON CORP/THE 1.446% 08/01/2018$1,192,920
COMMONWEALTH BANK OF AUSTRALIA/NEW YORK NY 1.75% 11/02/2018$1,192,112
SHUTTERFLY INC 0.25% 05/15/2018$1,182,431
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2016-2 2.66% 11/15/2021$1,177,639
ECHO GLOBAL LOGISTICS INC 2.5% 05/01/2020$1,170,353
ARES CAPITAL CORP 3.625% 01/19/2022$1,166,351
PNC BANK NA 1.95% 03/04/2019$1,153,344
FMS WERTMANAGEMENT AOER 1% 08/16/2019$1,151,729
INVITATION HOMES 2013-SFR1 TRUST 1.7% 12/17/2030$1,149,950
ING BANK NV 2.3% 03/22/2019$1,144,039
NISSAN MOTOR ACCEPTANCE CORP 2% 03/08/2019$1,137,856
ASTORIA FINANCIAL CORP 5% 06/19/2017$1,136,776
SHELL INTERNATIONAL FINANCE BV 1.375% 05/10/2019$1,136,494
DISH DBS CORP 4.625% 07/15/2017$1,134,000
51JOB INC 3.25% 04/15/2019$1,133,220
HYUNDAI AUTO RECEIVABLES TRUST 2016-B 2.68% 09/15/2023$1,128,032
HEWLETT PACKARD ENTERPRISE CO 2.7% 10/05/2017$1,122,193
KEYW HOLDING CORP/THE 2.5% 07/15/2019$1,120,194
HSBC USA INC 1.7% 03/05/2018$1,118,182
AMERICAN HONDA FINANCE CORP 1.2% 07/12/2019$1,109,904
FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES 1.834% 10/25/2028$1,109,879
FORD MOTOR CREDIT CO LLC 2.021% 05/03/2019$1,107,406
ACTAVIS FUNDING SCS 1.3% 06/15/2017$1,101,114
CNPC GENERAL CAPITAL LTD 1.802% 05/14/2017$1,099,527
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.534% 05/25/2024$1,098,058
MYLAN NV 2.5% 06/07/2019$1,085,678
GLENCORE FUNDING LLC 2.24% 01/15/2019$1,084,550
NEVRO CORP 1.75% 06/01/2021$1,081,875
SHELL INTERNATIONAL FINANCE BV 1.25% 11/10/2017$1,080,914
ABBVIE INC 1.8% 05/14/2018$1,079,706
SILVER STANDARD RESOURCES INC 2.875% 02/01/2033$1,060,081
DEVON ENERGY CORP 1.39% 12/15/2016$1,060,005
SEQUOIA MORTGAGE TRUST 2013-4 1.55% 04/25/2043$1,059,854
CHENIERE ENERGY INC 4.25% 03/15/2045$1,057,641
SCORPIO TANKERS INC 2.375% 07/01/2019$1,056,053
DRIVE AUTO RECEIVABLES TRUST 2016-B 3.19% 07/15/2022$1,050,311
CANADIAN NATURAL RESOURCES LTD 1.75% 01/15/2018$1,046,105
STRUCTURED ASSET INVESTMENT LOAN TRUST 2003-BC1 1.272% 01/25/2033$1,041,058
SHELL INTERNATIONAL FINANCE BV 1.625% 11/10/2018$1,040,243
MITSUBISHI UFJ TRUST & BANKING CORP 1.6% 10/16/2017$1,039,227
BERKSHIRE HATHAWAY FINANCE CORP 1.7% 03/15/2019$1,029,879
MERITOR INC 7.875% 03/01/2026$1,029,600
HOLOGIC INC 2% 03/01/2042$1,026,875
STANLEY BLACK & DECKER INC 2.451% 11/17/2018$1,021,685
VOLKSWAGEN GROUP OF AMERICA FINANCE LLC 1.6% 11/20/2017$1,017,731
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.784% 07/25/2024$1,014,838
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.2% 07/15/2020$1,011,215
CIENA CORP 0.875% 06/15/2017$1,010,000
CALIFORNIA EARTHQUAKE AUTHORITY 1.824% 07/01/2017$1,003,780
STANDARD CHARTERED PLC 2.1% 08/19/2019$999,083
UNITED STATES TREASURY NOTE/BOND 0.75% 02/28/2018$997,363
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-2 3.02% 04/15/2021$994,365
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/NEW YORK NY 1.6% 07/15/2019$988,066
ROYAL GOLD INC 2.875% 06/15/2019$986,700
WHITING PETROLEUM CORP 1.25% 04/01/2020$974,025
ASHLAND INC 3.875% 04/15/2018$962,325
NRG YIELD INC 3.25% 06/01/2020$961,695
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.184% 10/25/2023$945,539
NATIONAL OILWELL VARCO INC 1.35% 12/01/2017$926,916
WELLS FARGO BANK NA 1.65% 01/22/2018$921,008
WESTERN DIGITAL CORP 10.5% 04/01/2024$910,600
ABBOTT LABORATORIES 2.35% 11/22/2019$906,385
BANK OF AMERICA CORP 1.434% 05/02/2017$900,856
HYUNDAI CAPITAL AMERICA 2% 03/19/2018$900,128
NCUA GUARANTEED NOTES TRUST 2010-A1 0.885% 12/07/2020$900,081
BANCO SANTANDER CHILE 1.776% 04/11/2017$898,875
SUNTRUST BANK/ATLANTA GA 5.2% 01/17/2017$898,786
BAXALTA INC 1.646% 06/22/2018$890,545
MIZUHO BANK LTD 1.7% 09/25/2017$890,511
HYUNDAI CAPITAL SERVICES INC 1.625% 08/30/2019$887,230
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD/NEW YORK 2.351% 11/13/2017$881,793
JPMORGAN CHASE & CO 1.426% 02/15/2017$880,905
FORD MOTOR CREDIT CO LLC 3% 06/12/2017$876,586
PALO ALTO NETWORKS INC 0% 07/01/2019$871,000
VERIZON COMMUNICATIONS INC 2.606% 09/14/2018$870,488
CITIGROUP INC 2.606% 05/15/2018$865,088
FIREEYE INC 1.625% 06/01/2035$863,678
EXPRESS SCRIPTS HOLDING CO 1.25% 06/02/2017$859,914
CVS HEALTH CORP 1.9% 07/20/2018$857,200
DAIMLER FINANCE NORTH AMERICA LLC 1.5% 07/05/2019$845,592
WANT WANT CHINA FINANCE LTD 1.875% 05/14/2018$843,861
FIFTH THIRD BANCORP 5.45% 01/15/2017$828,527
CIENA CORP 3.75% 10/15/2018$807,863
CHEVRON CORP 1.79% 11/16/2018$803,402
GENERAL MILLS INC 1.4% 10/20/2017$801,647
SANTANDER UK PLC 1.362% 03/13/2017$800,250
PRUDENTIAL FINANCIAL INC 1.686% 08/15/2018$798,810
KEYBANK NA/CLEVELAND OH 2.35% 03/08/2019$796,848
BMW US CAPITAL LLC 1.5% 04/11/2019$793,083
WEA FINANCE LLC / WESTFIELD UK & EUROPE FINANCE PLC 1.75% 09/15/2017$782,335
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2014-3 3.13% 10/08/2020$761,441
CHEVRON CORP 1.344% 11/09/2017$750,816
WALGREENS BOOTS ALLIANCE INC 1.75% 05/30/2018$741,621
GENERAL MOTORS FINANCIAL CO INC 3% 09/25/2017$737,426
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-1 3.24% 04/15/2021$731,076
REYNOLDS AMERICAN INC 2.3% 06/12/2018$725,885
CITIGROUP INC 1.85% 11/24/2017$722,217
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.584% 10/25/2023$715,847
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2015-4 2.97% 03/15/2021$708,718
ADVANCED MICRO DEVICES INC 2.125% 09/01/2026$702,338
THOMSON REUTERS CORP 1.3% 02/23/2017$700,227
ANHEUSER-BUSCH INBEV FINANCE INC 1.9% 02/01/2019$690,353
CISCO SYSTEMS INC 1.6% 02/28/2019$689,567
CELGENE CORP 2.125% 08/15/2018$683,335
HUNTINGTON NATIONAL BANK/THE 2.2% 11/06/2018$682,536
NCUA GUARANTEED NOTES TRUST 2010-R1 0.981% 10/07/2020$681,442
NORDEA BANK AB 1.875% 09/17/2018$681,216
SMBC AVIATION CAPITAL FINANCE DAC 2.65% 07/15/2021$677,382
FIFTH THIRD BANK/CINCINNATI OH 2.3% 03/15/2019$674,934
QIAGEN NV 0.375% 03/19/2019$672,150
WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2016-2 1.57% 06/17/2019$670,812
CAPITAL ONE NA/MCLEAN VA 1.65% 02/05/2018$668,970
MORGAN STANLEY 6.625% 04/01/2018$668,768
PRICELINE GROUP INC/THE 0.35% 06/15/2020$649,063
DANSKE BANK A/S 1.65% 09/06/2019$646,154
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-2 2.21% 05/10/2021$643,719
ENBRIDGE INC 1.289% 06/02/2017$639,432
JPMORGAN CHASE & CO 6.3% 04/23/2019$636,736
FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES 2.042% 11/25/2023$632,748
WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2016-2 4.1% 06/15/2021$624,470
DUKE ENERGY CORP 1.226% 04/03/2017$620,732
ELECTRICITE DE FRANCE SA 1.15% 01/20/2017$620,074
RYDER SYSTEM INC 2.5% 03/01/2017$619,611
CAMERON INTERNATIONAL CORP 1.4% 06/15/2017$619,362
GENERAL MOTORS FINANCIAL CO INC 2.4% 05/09/2019$604,686
CAPITAL AUTO RECEIVABLES ASSET TRUST 2016-2 2.42% 06/21/2021$604,529
GATX CORP 2.5% 07/30/2019$602,485
JB HUNT TRANSPORT SERVICES INC 2.4% 03/15/2019$602,210
BANK OF TOKYO-MITSUBISHI UFJ LTD/THE 1.2% 03/10/2017$600,020
VERIZON OWNER TRUST 2016-1 1.42% 01/20/2021$597,982
CITIGROUP INC 2.05% 06/07/2019$589,068
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 2.2% 07/21/2021$586,593
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.75% 05/11/2017$575,477
SHELL INTERNATIONAL FINANCE BV 1.462% 11/10/2018$574,129
AES CORP/VA 3.842% 06/01/2019$574,115
NBCUNIVERSAL ENTERPRISE INC 1.565% 04/15/2018$574,048
DRIVE AUTO RECEIVABLES TRUST 2016-B 1.67% 07/15/2019$570,594
EXXON MOBIL CORP 1.708% 03/01/2019$569,428
PACCAR FINANCIAL CORP 1.435% 12/06/2018$563,917
BAIDU INC 2.25% 11/28/2017$562,404
SEQUOIA MORTGAGE TRUST 2013-1 1.45% 02/25/2043$554,614
STRYKER CORP 2% 03/08/2019$551,435
JP MORGAN MORTGAGE TRUST 2013-1 2.5% 03/25/2043$549,229
SYNCHRONY FINANCIAL 2.111% 02/03/2020$543,703
CHESAPEAKE ENERGY CORP 5.5% 09/15/2026$541,875
JOHN DEERE CAPITAL CORP 1.4% 03/15/2017$533,799
HUTCHISON WHAMPOA INTERNATIONAL 12 II LTD 2% 11/08/2017$531,489
NEWELL BRANDS INC 2.6% 03/29/2019$526,817
VERIZON COMMUNICATIONS INC 2.625% 02/21/2020$524,330
NUANCE COMMUNICATIONS INC 1.5% 11/01/2035$521,300
VERIZON COMMUNICATIONS INC 1.35% 06/09/2017$520,960
COLONY AMERICAN HOMES 2014-1 1.7% 05/17/2031$512,879
AETNA INC 1.7% 06/07/2018$510,250
TSMC GLOBAL LTD 1.625% 04/03/2018$508,518
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.05% 06/01/2041$506,555
BANCO DE CREDITO DEL PERU/PANAMA 2.25% 10/25/2019$506,175
DRIVE AUTO RECEIVABLES TRUST 2016-B 2.56% 06/15/2020$503,500
CREDIT SUISSE AG/NEW YORK NY 1.75% 01/29/2018$499,401
FREEPORT-MCMORAN INC 2.15% 03/01/2017$499,375
ALIBABA GROUP HOLDING LTD 1.625% 11/28/2017$499,275
EBAY INC 2.5% 03/09/2018$494,005
WALGREENS BOOTS ALLIANCE INC 1.75% 11/17/2017$491,707
AUTODESK INC 1.95% 12/15/2017$491,310
FIREEYE INC 1% 06/01/2035$491,244
BAXALTA INC 2% 06/22/2018$490,169
AMERICAN HOMES 4 RENT 2014-SFR1 1.55% 06/17/2031$482,885
COMMONWEALTH BANK OF AUSTRALIA/NEW YORK NY 2.05% 03/15/2019$479,910
KINDER MORGAN INC/DE 3.05% 12/01/2019$474,999
FIDELITY NATIONAL INFORMATION SERVICES INC 2% 04/15/2018$471,594
BANK OF AMERICA CORP 2.151% 11/09/2020$469,561
AT&T INC 5.5% 02/01/2018$468,576
HYUNDAI CAPITAL AMERICA 2.125% 10/02/2017$466,729
QBE INSURANCE GROUP LTD 2.4% 05/01/2018$461,277
MACQUARIE BANK LTD 1.516% 10/27/2017$451,012
KINDER MORGAN INC/DE 2% 12/01/2017$450,828
QIAGEN NV 0.375% 03/19/2019$448,100
FORD MOTOR CREDIT CO LLC 1.897% 08/12/2019$442,908
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 2.5% 06/15/2019$441,682
BP CAPITAL MARKETS PLC 1.392% 05/10/2018$440,846
TECO FINANCE INC 1.476% 04/10/2018$439,184
SUNTRUST BANK/ATLANTA GA 1.346% 02/15/2017$430,104
GSAMP TRUST 2004-SEA2 1.242% 03/25/2034$425,515
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-2 2.87% 11/08/2021$424,572
FORD MOTOR CREDIT CO LLC 1.675% 03/12/2019$410,771
WHIRLPOOL CORP 1.65% 11/01/2017$410,670
IHO VERWALTUNGS GMBH 4.125% 09/15/2021$405,000
NOVELIS CORP 6.25% 08/15/2024$404,625
APPLE INC 1.7% 02/22/2019$401,138
NEXTERA ENERGY CAPITAL HOLDINGS INC 1.649% 09/01/2018$389,444
KUBOTA CREDIT OWNER TRUST 2015-1 0.94% 12/15/2017$387,436
NVIDIA CORP 2.2% 09/16/2021$386,377
SYNCHRONY FINANCIAL 3% 08/15/2019$385,597
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.534% 05/25/2024$384,908
THERMO FISHER SCIENTIFIC INC 2.15% 12/14/2018$381,519
AMPHENOL CORP 1.55% 09/15/2017$380,592
BANK OF AMERICA MORTGAGE 2002-K TRUST 3.027% 10/20/2032$374,837
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2014-3 2.65% 08/17/2020$374,154
FORTIVE CORP 1.8% 06/15/2019$367,150
SOUTHERN POWER CO 1.85% 12/01/2017$361,562
BECTON DICKINSON AND CO 1.8% 12/15/2017$360,777
BAT INTERNATIONAL FINANCE PLC 1.36% 06/15/2018$360,172
LA ARENA FUNDING LLC 7.656% 12/15/2026$359,399
DOMINION RESOURCES INC/VA 2.962% 07/01/2019$354,922
ELECTRICITE DE FRANCE SA 1.341% 01/20/2017$350,160
SPRINGLEAF MORTGAGE LOAN TRUST 2013-2 1.78% 12/25/2065$341,919
SEQUOIA MORTGAGE TRUST 2012-1 2.865% 01/25/2042$341,908
NATIONAL AUSTRALIA BANK LTD 1.3% 06/30/2017$340,301
MEDTRONIC INC 1.5% 03/15/2018$340,138
CARNIVAL CORP 1.875% 12/15/2017$321,531
PACCAR FINANCIAL CORP 1.1% 06/06/2017$319,922
PHILLIPS 66 2.95% 05/01/2017$312,249
WM WRIGLEY JR CO 2% 10/20/2017$301,715
MIZUHO BANK LTD 1.307% 09/25/2017$300,558
APPLE INC 1.3% 02/23/2018$300,102
JOHNSON CONTROLS INC 1.4% 11/02/2017$299,874
FIDELITY NATIONAL INFORMATION SERVICES INC 1.45% 06/05/2017$290,269
CAPITAL AUTO RECEIVABLES ASSET TRUST 2016-2 2.11% 03/22/2021$289,126
EXXON MOBIL CORP 1.439% 03/01/2018$280,066
OPTION ONE MORTGAGE LOAN TRUST 2005-4 ASSET-BACKED CERTIFICATES SERIES 2005-4 0.852% 11/25/2035$279,486
DIAMOND 1 FINANCE CORP / DIAMOND 2 FINANCE CORP 5.875% 06/15/2021$273,942
SANTANDER UK PLC 2.5% 03/14/2019$271,440
GREATAMERICA LEASING RECEIVABLES FUNDING LLC 1.83% 06/17/2019$270,063
CITIZENS BANK NA/PROVIDENCE RI 2.3% 12/03/2018$261,848
CENTERPOINT ENERGY TRANSITION BOND CO IV LLC 0.901% 04/15/2018$257,589
WEA FINANCE LLC / WESTFIELD UK & EUROPE FINANCE PLC 2.7% 09/17/2019$253,064
LOCKHEED MARTIN CORP 1.85% 11/23/2018$251,999
SYNCHRONY FINANCIAL 2.6% 01/15/2019$241,046
AMERICAN EXPRESS CREDIT CORP 1.125% 06/05/2017$229,969
VENTAS REALTY LP 1.25% 04/17/2017$229,926
TRANSALTA CORP 1.9% 06/03/2017$224,649
BERKSHIRE HATHAWAY INC 1.15% 08/15/2018$223,937
NCUA GUARANTEED NOTES TRUST 2011-R4 0.912% 03/06/2020$222,024
SAUDI GOVERNMENT INTERNATIONAL BOND 2.375% 10/26/2021$219,447
COCA-COLA CO/THE 0.875% 10/27/2017$201,725
ALIBABA GROUP HOLDING LTD 2.5% 11/28/2019$201,476
NOVELIS CORP 5.875% 09/30/2026$200,250
BRITISH TELECOMMUNICATIONS PLC 1.25% 02/14/2017$200,108
FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES 1.742% 05/25/2028$193,931
CAPITAL AUTO RECEIVABLES ASSET TRUST 2013-1 1.74% 10/22/2018$182,217
HERTZ CORP/THE 6.75% 04/15/2019$182,192
ZIMMER BIOMET HOLDINGS INC 2.7% 04/01/2020$180,049
NELNET STUDENT LOAN TRUST 2014-2 0.814% 06/25/2021$167,625
ARAMARK SERVICES INC 5.75% 03/15/2020$165,746
BOISE CASCADE CO 5.625% 09/01/2024$147,375
CEMEX SAB DE CV 3.72% 03/15/2020$136,906
HERTZ FLEET LEASE FUNDING LP 1.087% 12/10/2027$124,222
FEDERAL HOME LOAN MORTGAGE CORP 2.927% 12/01/2039$119,687
FIFTH THIRD AUTO TRUST 2014-1 0.68% 04/16/2018$109,718
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.852% 03/01/2036$82,206
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP 5% 04/25/2019$13,522
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$24,456,769
 
Other
Holding NameMarket Value
RUSSELL 2000 MINI EQUITY INDEX DEC16 (RTAZ6)$20,170,054
USD$87,383
EURO$14,066
SWISS FRANC$2,066
USD$-22,018,469
All Holdings As of Oct 31, 2016
Equity
Holding NameMarket Value
SIMON PROPERTY GROUP INC$3,855,323
AMERICAN TOWER CORP$3,018,125
PUBLIC STORAGE$2,104,501
PROLOGIS INC$1,815,429
WELLTOWER INC$1,620,255
MANDATORY EXCHANGEABLE TRUST$1,588,199
VENTAS INC$1,572,681
AVALONBAY COMMUNITIES INC$1,552,945
EQUITY RESIDENTIAL$1,491,510
SOUTHWESTERN ENERGY CO$1,298,626
BOSTON PROPERTIES INC$1,223,836
BELDEN INC$1,083,152
HCP INC$1,058,907
VORNADO REALTY TRUST$1,054,259
GENERAL GROWTH PROPERTIES INC$963,669
ESSEX PROPERTY TRUST INC$927,866
DIGITAL REALTY TRUST INC$907,859
WPX ENERGY INC$906,476
HOST HOTELS & RESORTS INC$761,043
KIMCO REALTY CORP$739,997
FEDERAL REALTY INVESTMENT TRUST$682,145
SL GREEN REALTY CORP$652,672
UDR INC$619,074
EXTRA SPACE STORAGE INC$609,778
DUKE REALTY CORP$608,066
MACERICH CO/THE$566,028
ALEXANDRIA REAL ESTATE EQUITIES INC$557,593
REGENCY CENTERS CORP$493,319
CAMDEN PROPERTY TRUST$466,325
MID-AMERICA APARTMENT COMMUNITIES INC$458,834
APARTMENT INVESTMENT & MANAGEMENT CO$452,026
AMERICAN CAMPUS COMMUNITIES INC$445,228
KILROY REALTY CORP$433,566
BRIXMOR PROPERTY GROUP INC$431,123
EQUITY LIFESTYLE PROPERTIES INC$398,160
LIBERTY PROPERTY TRUST$388,451
DOUGLAS EMMETT INC$342,845
SENIOR HOUSING PROPERTIES TRUST$330,663
HIGHWOODS PROPERTIES INC$320,362
SUN COMMUNITIES INC$314,567
DDR CORP$307,620
CUBESMART$305,931
FOREST CITY REALTY TRUST INC$305,736
KINDER MORGAN INC/DE$301,351
AMERICAN HOMES 4 RENT$298,517
HOSPITALITY PROPERTIES TRUST$294,065
TAUBMAN CENTERS INC$286,362
WEINGARTEN REALTY INVESTORS$278,708
DCT INDUSTRIAL TRUST INC$275,778
EQUITY COMMONWEALTH$248,085
HEALTHCARE REALTY TRUST INC$246,350
LIFE STORAGE INC$244,853
HUDSON PACIFIC PROPERTIES INC$233,525
POST PROPERTIES INC$230,199
TANGER FACTORY OUTLET CENTERS INC$218,648
DUPONT FABROS TECHNOLOGY INC$207,723
EDUCATION REALTY TRUST INC$203,410
FIRST INDUSTRIAL REALTY TRUST INC$201,799
PIEDMONT OFFICE REALTY TRUST INC$194,437
APPLE HOSPITALITY REIT INC$184,267
COUSINS PROPERTIES INC$182,067
SUNSTONE HOTEL INVESTORS INC$177,774
BRANDYWINE REALTY TRUST$177,367
EQUITY ONE INC$176,871
LASALLE HOTEL PROPERTIES$175,513
ACADIA REALTY TRUST$175,356
COLUMBIA PROPERTY TRUST INC$170,116
CORPORATE OFFICE PROPERTIES TRUST$165,264
RLJ LODGING TRUST$160,205
URBAN EDGE PROPERTIES$154,241
MACK-CALI REALTY CORP$150,382
EASTGROUP PROPERTIES INC$145,871
CARE CAPITAL PROPERTIES INC$145,683
RETAIL OPPORTUNITY INVESTMENTS CORP$145,516
WASHINGTON REAL ESTATE INVESTMENT TRUST$141,451
PS BUSINESS PARKS INC$139,763
KITE REALTY GROUP TRUST$135,769
LTC PROPERTIES INC$128,282
WASHINGTON PRIME GROUP INC$126,960
CBL & ASSOCIATES PROPERTIES INC$121,830
DIAMONDROCK HOSPITALITY CO$119,929
MONOGRAM RESIDENTIAL TRUST INC$114,623
PEBBLEBROOK HOTEL TRUST$114,189
XENIA HOTELS & RESORTS INC$109,535
NEW YORK REIT INC$101,802
REXFORD INDUSTRIAL REALTY INC$96,476
RAMCO-GERSHENSON PROPERTIES TRUST$95,370
COLONY STARWOOD HOMES$94,021
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST$88,419
FRANKLIN STREET PROPERTIES CORP$79,301
SERITAGE GROWTH PROPERTIES$67,368
FELCOR LODGING TRUST INC$54,155
PARKWAY INC$52,781
HERSHA HOSPITALITY TRUST$48,952
UNIVERSAL HEALTH REALTY INCOME TRUST$47,488
NATIONAL STORAGE AFFILIATES TRUST$46,679
SAUL CENTERS INC$46,086
TIER REIT INC$45,578
CEDAR REALTY TRUST INC$38,589
SILVER BAY REALTY TRUST CORP$38,291
INDEPENDENCE REALTY TRUST INC$34,919
FIRST POTOMAC REALTY TRUST$33,361
ASHFORD HOSPITALITY TRUST INC$29,811
EASTERLY GOVERNMENT PROPERTIES INC$29,119
ASHFORD HOSPITALITY PRIME INC$25,129
NEXPOINT RESIDENTIAL TRUST INC$20,970
SOUTHWESTERN ENERGY CO$7
 
Fixed Income
Holding NameMarket Value
UNITED STATES TREASURY NOTE/BOND 1% 08/15/2018$19,887,682
UNITED STATES TREASURY NOTE/BOND 1.25% 12/15/2018$18,169,311
UNITED STATES TREASURY NOTE/BOND 0.625% 06/30/2018$17,458,272
UNITED STATES TREASURY NOTE/BOND 1% 12/31/2017$14,463,087
UNITED STATES TREASURY NOTE/BOND 0.875% 05/31/2018$13,149,370
UNITED STATES TREASURY NOTE/BOND 1% 05/15/2018$9,027,243
CITRIX SYSTEMS INC 0.5% 04/15/2019$8,231,822
PRICELINE GROUP INC/THE 0.9% 09/15/2021$7,434,525
DISH NETWORK CORP 3.375% 08/15/2026$6,343,396
UNITED STATES TREASURY NOTE/BOND 1% 03/15/2019$6,295,804
PROOFPOINT INC 0.75% 06/15/2020$6,277,556
MEDIDATA SOLUTIONS INC 1% 08/01/2018$6,063,750
INTERDIGITAL INC/PA 1.5% 03/01/2020$5,828,843
ELECTRONICS FOR IMAGING INC 0.75% 09/01/2019$5,750,500
NUVASIVE INC 2.25% 03/15/2021$5,551,350
ON SEMICONDUCTOR CORP 1% 12/01/2020$5,542,266
MICROCHIP TECHNOLOGY INC 1.625% 02/15/2025$5,452,344
STARWOOD PROPERTY TRUST INC 4.55% 03/01/2018$5,290,773
SHIRE ACQUISITIONS INVESTMENTS IRELAND DAC 1.9% 09/23/2019$5,273,785
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1% 02/26/2019$5,223,821
MICRON TECHNOLOGY INC 3% 11/15/2043$5,175,803
INVITATION HOMES 2014-SFR1 TRUST 1.535% 06/17/2031$5,078,707
CAPITAL ONE MULTI-ASSET EXECUTION TRUST 1.34% 04/15/2022$4,803,067
LIVE NATION ENTERTAINMENT INC 2.5% 05/15/2019$4,793,820
WRIGHT MEDICAL GROUP INC 2% 02/15/2020$4,775,641
AKAMAI TECHNOLOGIES INC 0% 02/15/2019$4,765,413
CARDTRONICS INC 1% 12/01/2020$4,617,000
HURON CONSULTING GROUP INC 1.25% 10/01/2019$4,530,169
NXP SEMICONDUCTORS NV 1% 12/01/2019$4,507,428
HERBALIFE LTD 2% 08/15/2019$4,348,790
DYCOM INDUSTRIES INC 0.75% 09/15/2021$4,271,636
LIBERTY MEDIA CORP 1.375% 10/15/2023$4,256,438
VIPSHOP HOLDINGS LTD 1.5% 03/15/2019$4,215,558
ALLSCRIPTS HEALTHCARE SOLUTIONS INC 1.25% 07/01/2020$4,121,241
ARES CAPITAL CORP 4.375% 01/15/2019$4,092,113
BLACKHAWK NETWORK HOLDINGS INC 1.5% 01/15/2022$3,981,728
ROVI CORP 0.5% 03/01/2020$3,824,522
TWITTER INC 1% 09/15/2021$3,808,947
TOLL BROTHERS FINANCE CORP 0.5% 09/15/2032$3,609,675
MACQUARIE INFRASTRUCTURE CORP 2% 10/01/2023$3,491,428
COLONY AMERICAN HOMES 2015-1 1.735% 07/17/2032$3,486,699
EURONET WORLDWIDE INC 1.5% 10/01/2044$3,398,072
FDIC GUARANTEED NOTES TRUST 2010-S1 3.25% 04/25/2038$3,317,861
NEDERLANDSE WATERSCHAPSBANK NV 1.25% 09/18/2017$3,307,257
PORSCHE INNOVATIVE LEASE OWNER TRUST 201 1.19% 07/23/2018$3,301,945
BIOMARIN PHARMACEUTICAL INC 0.75% 10/15/2018$3,298,206
EXTRA SPACE STORAGE LP 3.125% 10/01/2035$3,296,644
CREDIT SUISSE AG/NEW YORK NY 1.375% 05/26/2017$3,239,235
VERINT SYSTEMS INC 1.5% 06/01/2021$3,222,448
IMPAX LABORATORIES INC 2% 06/15/2022$3,209,055
NATIONAL AUSTRALIA BANK LTD/NEW YORK 1.375% 07/12/2019$3,206,363
BANK OF MONTREAL 1.35% 08/28/2018$3,135,551
WORKDAY INC 0.75% 07/15/2018$3,105,375
INVITATION HOMES 2014-SFR2 TRUST 1.645% 09/17/2031$3,099,484
LIBERTY MEDIA CORP 2.25% 09/30/2046$3,058,050
CYPRESS SEMICONDUCTOR CORP 4.5% 01/15/2022$3,057,688
SYNCHRONOSS TECHNOLOGIES INC 0.75% 08/15/2019$3,053,023
SPIRIT REALTY CAPITAL INC 2.875% 05/15/2019$3,043,814
CARMAX AUTO OWNER TRUST 2015-2 1.37% 03/16/2020$2,989,660
LIBERTY INTERACTIVE LLC 1.75% 09/30/2046$2,969,400
CTRIP.COM INTERNATIONAL LTD 1% 07/01/2020$2,939,400
CEMEX SAB DE CV 3.72% 03/15/2020$2,933,363
GENERAL MOTORS FINANCIAL CO INC 2.4% 04/10/2018$2,916,959
STANDARD CHARTERED PLC 1.5% 09/08/2017$2,892,605
J2 GLOBAL INC 3.25% 06/15/2029$2,881,980
KOMMUNINVEST I SVERIGE AB 1.5% 04/23/2019$2,856,080
BECTON DICKINSON AND CO 1.45% 05/15/2017$2,816,449
HEWLETT PACKARD ENTERPRISE CO 3.1% 10/05/2018$2,782,291
BROOKDALE SENIOR LIVING INC 2.75% 06/15/2018$2,749,903
WEB.COM GROUP INC 1% 08/15/2018$2,749,766
CTRIP.COM INTERNATIONAL LTD 1.99% 07/01/2025$2,711,500
INTEL CORP 2.95% 12/15/2035$2,710,500
STMICROELECTRONICS NV 0% 07/03/2019$2,707,900
DIAMOND 1 FINANCE CORP / DIAMOND 2 FINANCE CORP 3.48% 06/01/2019$2,679,504
JAZZ INVESTMENTS I LTD 1.875% 08/15/2021$2,664,969
AMGEN INC 1.25% 05/22/2017$2,663,131
MMAF EQUIPMENT FINANCE LLC 2015-A 1.39% 10/16/2019$2,637,164
BIOMARIN PHARMACEUTICAL INC 1.5% 10/15/2020$2,632,500
AETNA INC 1.9% 06/07/2019$2,572,060
WESTPAC BANKING CORP 1.6% 08/19/2019$2,567,720
CHASE ISSUANCE TRUST 1.15% 01/15/2019$2,551,042
PRICELINE GROUP INC/THE 0.35% 06/15/2020$2,521,050
CTRIP.COM INTERNATIONAL LTD 1.25% 09/15/2022$2,488,500
HEALTHSOUTH CORP 2% 12/01/2043$2,487,943
INPHI CORP 0.75% 09/01/2021$2,478,450
LAM RESEARCH CORP 1.25% 05/15/2018$2,448,447
ROYAL BANK OF CANADA 1.625% 04/15/2019$2,440,547
TUTOR PERINI CORP 2.875% 06/15/2021$2,435,000
SOUTHERN CALIFORNIA EDISON CO 1.845% 02/01/2022$2,432,329
ILLUMINA INC 0.5% 06/15/2021$2,430,588
DOMINION RESOURCES INC/VA 1.5% 09/30/2018$2,422,098
HORIZON PHARMA INVESTMENT LTD 2.5% 03/15/2022$2,394,950
JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2015-COSMO 1.785% 01/15/2032$2,392,004
INTERNATIONAL LEASE FINANCE CORP 3.875% 04/15/2018$2,378,000
VOLKSWAGEN GROUP OF AMERICA FINANCE LLC 1.25% 05/23/2017$2,355,629
NATIONAL HEALTH INVESTORS INC 3.25% 04/01/2021$2,341,688
MOLINA HEALTHCARE INC 1.625% 08/15/2044$2,330,813
BANK NEDERLANDSE GEMEENTEN NV 1% 02/12/2018$2,318,650
CREDIT AGRICOLE SA/LONDON 1.68% 04/15/2019$2,308,229
TRADE MAPS 1 LTD 1.229% 12/10/2018$2,297,951
WEATHERFORD INTERNATIONAL LTD 5.875% 07/01/2021$2,296,350
UNITED STATES TREASURY NOTE/BOND 1% 09/15/2018$2,295,546
CAISSE D'AMORTISSEMENT DE LA DETTE SOCIALE 1.25% 03/12/2018$2,158,323
SVENSKA HANDELSBANKEN AB 1.5% 09/06/2019$2,122,461
INSULET CORP 1.25% 09/15/2021$2,112,653
PDC ENERGY INC 1.125% 09/15/2021$2,107,860
VECTOR GROUP LTD 5.5% 04/15/2020$2,106,775
SERVICENOW INC 0% 11/01/2018$2,049,172
MACQUARIE INFRASTRUCTURE CORP 2.875% 07/15/2019$2,030,600
ENVESTNET INC 1.75% 12/15/2019$2,025,581
CHASE ISSUANCE TRUST 0.785% 04/15/2019$1,999,234
BP CAPITAL MARKETS PLC 1.674% 02/13/2018$1,989,106
GLENCORE FINANCE CANADA LTD 2.7% 10/25/2017$1,983,590
FEDERAL HOME LOAN MORTGAGE CORP 2.776% 09/01/2035$1,979,787
TESLA MOTORS INC 1.25% 03/01/2021$1,977,188
SYNCHRONY CREDIT CARD MASTER NOTE TRUST 2015-2 1.6% 04/15/2021$1,974,994
AT&T INC 2.3% 03/11/2019$1,960,642
BB&T CORP 1.416% 02/01/2019$1,947,050
IRONWOOD PHARMACEUTICALS INC 2.25% 06/15/2022$1,928,063
FINISAR CORP 0.5% 12/15/2033$1,926,313
CSG SYSTEMS INTERNATIONAL INC 4.25% 03/15/2036$1,926,169
BNZ INTERNATIONAL FUNDING LTD/LONDON 1.9% 02/26/2018$1,908,542
NAVISTAR INTERNATIONAL CORP 4.5% 10/15/2018$1,906,250
CITIZENS BANK NA/PROVIDENCE RI 1.6% 12/04/2017$1,900,167
STILLWATER MINING CO 1.75% 10/15/2032$1,898,855
NRG YIELD INC 3.5% 02/01/2019$1,890,500
CAPITAL AUTO RECEIVABLES ASSET TRUST 2015-2 1.39% 09/20/2018$1,882,228
ASIAN DEVELOPMENT BANK 0.75% 07/28/2017$1,877,626
INTEGRATED DEVICE TECHNOLOGY INC 0.875% 11/15/2022$1,848,938
COLONY AMERICAN HOMES 2014-2 1.496% 07/17/2031$1,846,788
CHART INDUSTRIES INC 2% 08/01/2018$1,830,398
DISCOVER BANK/GREENWOOD DE 2.6% 11/13/2018$1,828,984
RTI INTERNATIONAL METALS INC 1.625% 10/15/2019$1,824,900
KNOWLES CORP 3.25% 11/01/2021$1,817,397
MACQUARIE BANK LTD 1.6% 10/27/2017$1,803,049
CALATLANTIC GROUP INC 0.25% 06/01/2019$1,798,060
AMTRUST FINANCIAL SERVICES INC 2.75% 12/15/2044$1,794,845
CSMC TRUST 2013-IVR2 1.55% 04/25/2043$1,788,723
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/NEW YORK NY 2% 11/16/2018$1,785,521
SHUTTERFLY INC 0.25% 05/15/2018$1,776,939
SPECTRANETICS CORP/THE 2.625% 06/01/2034$1,774,685
WESTPAC BANKING CORP 1.95% 11/23/2018$1,738,652
NEDERLANDSE WATERSCHAPSBANK NV 0.875% 07/13/2018$1,731,859
PATTERN ENERGY GROUP INC 4% 07/15/2020$1,730,306
BRANCH BANKING & TRUST CO 1.45% 05/10/2019$1,726,801
SALESFORCE.COM INC 0.25% 04/01/2018$1,726,375
ACTAVIS FUNDING SCS 2.35% 03/12/2018$1,722,301
BANK OF AMERICA CORP 1.936% 03/22/2018$1,714,737
OASIS PETROLEUM INC 2.625% 09/15/2023$1,714,403
LIONS GATE ENTERTAINMENT CORP 5.25% 08/01/2018$1,709,100
MANUFACTURERS & TRADERS TRUST CO 1.4% 07/25/2017$1,702,195
EUROPEAN INVESTMENT BANK 1.125% 08/15/2018$1,701,188
RED HAT INC 0.25% 10/01/2019$1,696,866
ASIAN DEVELOPMENT BANK 1% 08/16/2019$1,693,050
HSBC BANK PLC 1.457% 05/15/2018$1,690,801
KRAFT HEINZ FOODS CO 2% 07/02/2018$1,682,715
FORD MOTOR CREDIT CO LLC 1.684% 09/08/2017$1,671,703
BLACKSTONE MORTGAGE TRUST INC 5.25% 12/01/2018$1,665,075
NEWELL BRANDS INC 2.15% 10/15/2018$1,659,893
BANK OF TOKYO-MITSUBISHI UFJ LTD/THE 1.45% 09/08/2017$1,659,047
UBS AG/STAMFORD CT 1.8% 03/26/2018$1,654,099
ANTHEM INC 2.375% 02/15/2017$1,650,223
SM ENERGY CO 1.5% 07/01/2021$1,650,156
MORGAN STANLEY 2.026% 01/27/2020$1,647,007
DAIMLER FINANCE NORTH AMERICA LLC 1.65% 03/02/2018$1,633,676
COLONY STARWOOD HOMES 3% 07/01/2019$1,632,353
ABBVIE INC 1.75% 11/06/2017$1,626,188
SUNTORY HOLDINGS LTD 1.65% 09/29/2017$1,622,072
NUANCE COMMUNICATIONS INC 1% 12/15/2035$1,599,891
ZIMMER BIOMET HOLDINGS INC 2% 04/01/2018$1,598,373
AIRCASTLE LTD 6.75% 04/15/2017$1,587,874
ALLY FINANCIAL INC 3.25% 09/29/2017$1,585,828
DEPOMED INC 2.5% 09/01/2021$1,577,968
FEDERAL HOME LOAN MORTGAGE CORP 1.125% 04/15/2019$1,564,864
CITIGROUP INC 1.55% 08/14/2017$1,563,217
CISCO SYSTEMS INC 1.4% 09/20/2019$1,561,449
FEDERAL HOME LOAN MORTGAGE CORP 0.875% 07/19/2019$1,555,590
SANTANDER UK PLC 1.65% 09/29/2017$1,550,044
CAPITAL ONE NA/MCLEAN VA 1.5% 09/05/2017$1,521,125
PROVINCE OF BRITISH COLUMBIA CANADA 1.2% 04/25/2017$1,501,892
L-3 COMMUNICATIONS CORP 1.5% 05/28/2017$1,501,820
COLONY CAPITAL INC 5% 04/15/2023$1,500,675
TENET HEALTHCARE CORP 6.25% 11/01/2018$1,500,250
NEVRO CORP 1.75% 06/01/2021$1,473,694
AP MOELLER - MAERSK A/S 2.55% 09/22/2019$1,465,037
TOTAL SA 0.5% 12/02/2022$1,454,740
APOLLO COMMERCIAL REAL ESTATE FINANCE INC 5.5% 03/15/2019$1,452,342
DAIMLER FINANCE NORTH AMERICA LLC 1.375% 08/01/2017$1,450,596
MIZUHO BANK LTD 1.497% 03/26/2018$1,448,346
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.65% 08/16/2019$1,446,088
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.97% 07/01/2041$1,444,738
SEACOR HOLDINGS INC 3% 11/15/2028$1,440,688
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 1.4% 07/20/2018$1,434,417
EZCORP INC 2.125% 06/15/2019$1,430,668
SPRINT SPECTRUM CO LLC / SPRINT SPECTRUM CO II LLC / SPRINT SPECTRUM CO III LLC 3.36% 03/20/2023$1,430,650
CALATLANTIC GROUP INC 1.625% 05/15/2018$1,426,288
PRA GROUP INC 3% 08/01/2020$1,424,963
AT&T INC 1.739% 11/27/2018$1,414,091
SKANDINAVISKA ENSKILDA BANKEN AB 1.5% 09/13/2019$1,407,042
FEDERAL NATIONAL MORTGAGE ASSOCIATION 1% 08/28/2019$1,392,365
THOMSON REUTERS CORP 1.65% 09/29/2017$1,383,842
ING BANK NV 2% 11/26/2018$1,371,994
INVITATION HOMES 2015-SFR3 TRUST 1.835% 08/17/2032$1,368,810
BROCADE COMMUNICATIONS SYSTEMS INC 1.375% 01/01/2020$1,359,881
KFW 1% 07/15/2019$1,342,402
HYUNDAI CAPITAL AMERICA 1.45% 02/06/2017$1,341,434
EMPIRE STATE REALTY OP LP 2.625% 08/15/2019$1,330,570
MONDELEZ INTERNATIONAL HOLDINGS NETHERLANDS BV 1.625% 10/28/2019$1,321,295
MORGAN STANLEY 2.45% 02/01/2019$1,300,421
WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2016-2 2.3% 11/15/2019$1,285,786
FANNIE MAE CONNECTICUT AVENUE SECURITIES 2.684% 09/25/2028$1,279,804
IMPERIAL TOBACCO FINANCE PLC 2.05% 07/20/2018$1,277,577
HOLOGIC INC 0% 12/15/2043$1,275,891
FREDDIE MAC STRUCTURED AGENCY CREDIT RIS 1.784% 10/25/2028$1,274,812
AMERICAN EXPRESS CO 1.401% 05/22/2018$1,273,458
METROPOLITAN LIFE GLOBAL FUNDING I 1.95% 12/03/2018$1,273,255
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 1.7% 07/19/2019$1,260,978
SUMITOMO MITSUI TRUST BANK LTD 2.05% 10/18/2019$1,254,159
GREEN PLAINS INC 4.125% 09/01/2022$1,253,500
MORGAN STANLEY 1.622% 07/23/2019$1,252,468
GOLDMAN SACHS GROUP INC/THE 1.917% 11/15/2018$1,250,668
SYNCHRONY FINANCIAL 1.875% 08/15/2017$1,248,251
BANK OF AMERICA CORP 1.7% 08/25/2017$1,243,094
MEDICINES CO/THE 2.75% 07/15/2023$1,239,875
CNH INDUSTRIAL CAPITAL LLC 3.875% 07/16/2018$1,233,725
ACTAVIS FUNDING SCS 2.1% 03/12/2020$1,230,398
CIT GROUP INC 5.25% 03/15/2018$1,219,838
COMPASS BANK 1.85% 09/29/2017$1,219,236
ENCORE CAPITAL GROUP INC 3% 07/01/2020$1,219,219
CITIGROUP INC 2.05% 12/07/2018$1,217,337
TIAA ASSET MANAGEMENT FINANCE CO LLC 2.95% 11/01/2019$1,214,528
SUNTRUST BANK/ATLANTA GA 1.35% 02/15/2017$1,200,804
SANTANDER BANK NA 2% 01/12/2018$1,199,929
ARES CAPITAL CORP 3.625% 01/19/2022$1,195,462
COMMONWEALTH BANK OF AUSTRALIA/NEW YORK NY 1.75% 11/02/2018$1,194,148
BANK OF NEW YORK MELLON CORP/THE 1.316% 08/01/2018$1,192,421
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2 2.66% 11/15/2021$1,186,842
SEQUOIA MORTGAGE TRUST 2013-4 1.55% 04/25/2043$1,170,959
FMS WERTMANAGEMENT AOER 1% 08/16/2019$1,162,244
FANNIE MAE CONNECTICUT AVENUE SECURITIES 1.484% 05/25/2024$1,161,967
PNC BANK NA 1.95% 03/04/2019$1,160,646
ING BANK NV 2.3% 03/22/2019$1,153,433
INVITATION HOMES 2013-SFR1 TRUST 1.685% 12/17/2030$1,152,395
TEVA PHARMACEUTICAL FINANCE CO LLC 0.25% 02/01/2026$1,148,438
NISSAN MOTOR ACCEPTANCE CORP 2% 03/08/2019$1,147,433
HYUNDAI AUTO RECEIVABLES TRUST 2016-B 2.68% 09/15/2023$1,145,843
SHELL INTERNATIONAL FINANCE BV 1.375% 05/10/2019$1,144,520
FANNIE MAE CONNECTICUT AVENUE SECURITIES 1.734% 07/25/2024$1,143,962
DISH DBS CORP 4.625% 07/15/2017$1,143,800
ASTORIA FINANCIAL CORP 5% 06/19/2017$1,140,653
HEWLETT PACKARD ENTERPRISE CO 2.7% 10/05/2017$1,124,312
AMERICAN HONDA FINANCE CORP 1.2% 07/12/2019$1,122,513
ARRAY BIOPHARMA INC 3% 06/01/2020$1,122,375
HSBC USA INC 1.7% 03/05/2018$1,121,676
FORD MOTOR CREDIT CO LLC 2.021% 05/03/2019$1,120,467
51JOB INC 3.25% 04/15/2019$1,118,700
MYLAN NV 2.5% 06/07/2019$1,102,484
UNITED STATES TREASURY NOTE/BOND 0.875% 06/15/2019$1,100,652
CNPC GENERAL CAPITAL LTD 1.717% 05/14/2017$1,100,504
ACTAVIS FUNDING SCS 1.3% 06/15/2017$1,100,446
GLENCORE FUNDING LLC 2.24% 01/15/2019$1,094,088
ABBVIE INC 1.8% 05/14/2018$1,083,804
SHELL INTERNATIONAL FINANCE BV 1.25% 11/10/2017$1,081,741
CHENIERE ENERGY INC 4.25% 03/15/2045$1,067,344
DEVON ENERGY CORP 1.39% 12/15/2016$1,059,375
KEYW HOLDING CORP/THE 2.5% 07/15/2019$1,058,728
DRIVE AUTO RECEIVABLES TRUST 2016-B 3.19% 07/15/2022$1,057,056
STRUCTURED ASSET INVESTMENT LOAN TRUST 2003-BC1 1.214% 01/25/2033$1,052,162
CANADIAN NATURAL RESOURCES LTD 1.75% 01/15/2018$1,049,232
SHELL INTERNATIONAL FINANCE BV 1.625% 11/10/2018$1,042,625
MITSUBISHI UFJ TRUST & BANKING CORP 1.6% 10/16/2017$1,041,252
BERKSHIRE HATHAWAY FINANCE CORP 1.7% 03/15/2019$1,038,543
INTEGRA LIFESCIENCES HOLDINGS CORP 1.625% 12/15/2016$1,036,919
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.2% 07/15/2020$1,030,115
STANLEY BLACK & DECKER INC 2.451% 11/17/2018$1,027,504
INMARSAT PLC 3.875% 09/09/2023$1,022,500
VOLKSWAGEN GROUP OF AMERICA FINANCE LLC 1.6% 11/20/2017$1,020,487
STANDARD CHARTERED PLC 2.1% 08/19/2019$1,009,820
SCORPIO TANKERS INC 2.375% 07/01/2019$1,006,934
CALIFORNIA EARTHQUAKE AUTHORITY 1.824% 07/01/2017$1,004,800
FANNIE MAE CONNECTICUT AVENUE SECURITIES 2.134% 01/25/2024$1,001,921
UNITED STATES TREASURY NOTE/BOND 0.75% 02/28/2018$999,844
HELIX ENERGY SOLUTIONS GROUP INC 4.25% 05/01/2022$998,544
ECHO GLOBAL LOGISTICS INC 2.5% 05/01/2020$996,844
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/NEW YORK NY 1.6% 07/15/2019$996,695
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2 3.02% 04/15/2021$995,874
FIREEYE INC 1.625% 06/01/2035$975,375
ASHLAND INC 3.875% 04/15/2018$962,325
WHITING PETROLEUM CORP 1.25% 04/01/2020$957,656
NCUA GUARANTEED NOTES TRUST 2010-A1 0.879% 12/07/2020$939,981
NATIONAL OILWELL VARCO INC 1.35% 12/01/2017$928,670
WELLS FARGO BANK NA 1.65% 01/22/2018$923,295
CIENA CORP 3.75% 10/15/2018$918,225
NRG YIELD INC 3.25% 06/01/2020$916,971
CIENA CORP 0.875% 06/15/2017$909,431
WESTERN DIGITAL CORP 10.5% 04/01/2024$908,638
VEREIT INC 3% 08/01/2018$905,566
HYUNDAI CAPITAL AMERICA 2% 03/19/2018$903,468
SUNTRUST BANK/ATLANTA GA 5.2% 01/17/2017$901,596
HOLOGIC INC 2% 03/01/2042$901,519
BANK OF AMERICA CORP 1.309% 05/02/2017$900,649
BANCO SANTANDER CHILE 1.776% 04/11/2017$898,875
HYUNDAI CAPITAL SERVICES INC 1.625% 08/30/2019$895,622
BAXALTA INC 1.646% 06/22/2018$892,671
MIZUHO BANK LTD 1.7% 09/25/2017$891,586
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD/NEW YORK 2.351% 11/13/2017$884,857
JPMORGAN CHASE & CO 1.337% 02/15/2017$880,940
FORD MOTOR CREDIT CO LLC 3% 06/12/2017$878,550
ROYAL GOLD INC 2.875% 06/15/2019$877,144
PALO ALTO NETWORKS INC 0% 07/01/2019$875,781
VERIZON COMMUNICATIONS INC 2.606% 09/14/2018$873,019
MERITOR INC 7.875% 03/01/2026$865,690
CITIGROUP INC 2.517% 05/15/2018$864,993
WEBMD HEALTH CORP 2.625% 06/15/2023$863,300
CVS HEALTH CORP 1.9% 07/20/2018$861,955
EXPRESS SCRIPTS HOLDING CO 1.25% 06/02/2017$860,407
DAIMLER FINANCE NORTH AMERICA LLC 1.5% 07/05/2019$854,413
WANT WANT CHINA FINANCE LTD 1.875% 05/14/2018$846,553
SILVER STANDARD RESOURCES INC 2.875% 02/01/2033$835,806
FIFTH THIRD BANCORP 5.45% 01/15/2017$832,990
CHEVRON CORP 1.79% 11/16/2018$807,064
KEYBANK NA/CLEVELAND OH 2.35% 03/08/2019$803,927
GENERAL MILLS INC 1.4% 10/20/2017$802,687
BMW US CAPITAL LLC 1.5% 04/11/2019$800,678
SANTANDER UK PLC 1.362% 03/13/2017$799,931
PRUDENTIAL FINANCIAL INC 1.597% 08/15/2018$798,753
FANNIE MAE CONNECTICUT AVENUE SECURITIES 2.534% 10/25/2023$783,988
WEA FINANCE LLC / WESTFIELD UK & EUROPE FINANCE PLC 1.75% 09/15/2017$781,145
PANDORA MEDIA INC 1.75% 12/01/2020$759,894
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2014-3 3.13% 10/08/2020$757,943
CHEVRON CORP 1.344% 11/09/2017$751,658
WALGREENS BOOTS ALLIANCE INC 1.75% 05/30/2018$743,834
GENERAL MOTORS FINANCIAL CO INC 3% 09/25/2017$738,824
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2 3.24% 04/15/2021$735,083
REYNOLDS AMERICAN INC 2.3% 06/12/2018$729,786
CITIGROUP INC 1.85% 11/24/2017$722,638
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2 2.97% 03/15/2021$711,880
THOMSON REUTERS CORP 1.3% 02/23/2017$700,326
ANHEUSER-BUSCH INBEV FINANCE INC 1.9% 02/01/2019$695,592
CISCO SYSTEMS INC 1.6% 02/28/2019$694,786
SMBC AVIATION CAPITAL FINANCE DAC 2.65% 07/15/2021$694,581
FREDDIE MAC STRUCTURED AGENCY CREDIT RIS 1.984% 11/25/2023$693,616
HUNTINGTON NATIONAL BANK/THE 2.2% 11/06/2018$686,754
CELGENE CORP 2.125% 08/15/2018$686,752
NORDEA BANK AB 1.875% 09/17/2018$683,700
NCUA GUARANTEED NOTES TRUST 2010-R1 0.977% 10/07/2020$679,813
FIFTH THIRD BANK/CINCINNATI OH 2.3% 03/15/2019$678,695
MORGAN STANLEY 6.625% 04/01/2018$672,875
WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2016-2 1.57% 06/17/2019$671,308
CAPITAL ONE NA/MCLEAN VA 1.65% 02/05/2018$670,747
DANSKE BANK A/S 1.65% 09/06/2019$652,760
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-2 2.21% 05/10/2021$647,277
QIAGEN NV 0.375% 03/19/2019$645,900
JPMORGAN CHASE & CO 6.3% 04/23/2019$643,145
ENBRIDGE INC 1.289% 06/02/2017$639,298
WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2016-2 4.1% 06/15/2021$627,890
RYDER SYSTEM INC 2.5% 03/01/2017$622,065
DUKE ENERGY CORP 1.226% 04/03/2017$621,006
CAMERON INTERNATIONAL CORP 1.4% 06/15/2017$620,760
ELECTRICITE DE FRANCE SA 1.15% 01/20/2017$619,962
GENERAL MOTORS FINANCIAL CO INC 2.4% 05/09/2019$610,937
CAPITAL AUTO RECEIVABLES ASSET TRUST 2016-2 2.42% 06/21/2021$610,498
GATX CORP 2.5% 07/30/2019$608,380
JB HUNT TRANSPORT SERVICES INC 2.4% 03/15/2019$605,617
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 2.2% 07/21/2021$603,308
VERIZON OWNER TRUST 2016-1 1.42% 01/20/2021$601,459
BANK OF TOKYO-MITSUBISHI UFJ LTD/THE 1.2% 03/10/2017$600,092
CITIGROUP INC 2.05% 06/07/2019$593,059
SEQUOIA MORTGAGE TRUST 2013-1 1.45% 02/25/2043$590,866
AES CORP/VA 3.842% 06/01/2019$577,721
JP MORGAN MORTGAGE TRUST 2013-1 2.5% 03/25/2043$577,232
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.75% 05/11/2017$576,996
EXXON MOBIL CORP 1.708% 03/01/2019$574,512
SHELL INTERNATIONAL FINANCE BV 1.387% 11/10/2018$574,129
NBCUNIVERSAL ENTERPRISE INC 1.565% 04/15/2018$574,070
CAPITAL ONE BANK USA NA 1.15% 11/21/2016$570,091
DRIVE AUTO RECEIVABLES TRUST 2016-B 1.67% 07/15/2019$569,360
BAIDU INC 2.25% 11/28/2017$564,241
PACCAR FINANCIAL CORP 1.435% 12/06/2018$564,077
STRYKER CORP 2% 03/08/2019$555,377
KUBOTA CREDIT OWNER TRUST 2015-1 0.94% 12/15/2017$551,544
SYNCHRONY FINANCIAL 1.989% 02/03/2020$538,623
JOHN DEERE CAPITAL CORP 1.4% 03/15/2017$533,850
HUTCHISON WHAMPOA INTERNATIONAL 12 II LTD 2% 11/08/2017$532,783
NEWELL BRANDS INC 2.6% 03/29/2019$530,788
VERIZON COMMUNICATIONS INC 2.625% 02/21/2020$530,702
VERIZON COMMUNICATIONS INC 1.35% 06/09/2017$520,597
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.05% 06/01/2041$517,545
COLONY AMERICAN HOMES 2014-1 1.685% 05/17/2031$515,134
BANCO DE CREDITO DEL PERU/PANAMA 2.25% 10/25/2019$512,627
AETNA INC 1.7% 06/07/2018$511,744
TSMC GLOBAL LTD 1.625% 04/03/2018$510,504
DRIVE AUTO RECEIVABLES TRUST 2016-B 2.56% 06/15/2020$504,663
ALIBABA GROUP HOLDING LTD 1.625% 11/28/2017$500,853
CREDIT SUISSE AG/NEW YORK NY 1.75% 01/29/2018$500,369
FREEPORT-MCMORAN INC 2.15% 03/01/2017$499,375
EBAY INC 2.5% 03/09/2018$496,237
BAXALTA INC 2% 06/22/2018$492,591
WALGREENS BOOTS ALLIANCE INC 1.75% 11/17/2017$492,276
AUTODESK INC 1.95% 12/15/2017$492,008
COMMONWEALTH BANK OF AUSTRALIA/NEW YORK NY 2.05% 03/15/2019$484,164
AMERICAN HOMES 4 RENT 2014-SFR1 1.535% 06/17/2031$482,592
KINDER MORGAN INC/DE 3.05% 12/01/2019$481,920
FIDELITY NATIONAL INFORMATION SERVICES INC 2% 04/15/2018$474,033
AT&T INC 5.5% 02/01/2018$471,698
HYUNDAI CAPITAL AMERICA 2.125% 10/02/2017$467,040
QBE INSURANCE GROUP LTD 2.4% 05/01/2018$462,113
KINDER MORGAN INC/DE 2% 12/01/2017$451,736
MACQUARIE BANK LTD 1.516% 10/27/2017$450,063
FORD MOTOR CREDIT CO LLC 1.897% 08/12/2019$448,848
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 2.5% 06/15/2019$446,222
GSAMP TRUST 2004-SEA2 1.184% 03/25/2034$446,082
INTERCEPT PHARMACEUTICALS INC 3.25% 07/01/2023$442,969
SEQUOIA MORTGAGE TRUST 2012-1 2.865% 01/25/2042$442,043
BP CAPITAL MARKETS PLC 1.316% 05/10/2018$440,912
TECO FINANCE INC 1.476% 04/10/2018$439,372
FANNIE MAE CONNECTICUT AVENUE SECURITIES 1.484% 05/25/2024$433,623
QIAGEN NV 0.375% 03/19/2019$430,600
BROADSOFT INC 1% 09/01/2022$430,388
SUNTRUST BANK/ATLANTA GA 1.257% 02/15/2017$430,119
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-2 2.87% 11/08/2021$428,220
LLOYDS BANK PLC 2.3% 11/27/2018$426,452
CHESAPEAKE ENERGY CORP 5.5% 09/15/2026$424,688
HUNTINGTON NATIONAL BANK/THE 1.3% 11/20/2016$420,000
WHIRLPOOL CORP 1.65% 11/01/2017$411,210
IHO VERWALTUNGS GMBH 4.125% 09/15/2021$410,500
FORD MOTOR CREDIT CO LLC 1.675% 03/12/2019$410,371
NOVELIS CORP 6.25% 08/15/2024$406,575
APPLE INC 1.7% 02/22/2019$403,691
KROGER CO/THE 2.2% 01/15/2017$401,218
TTM TECHNOLOGIES INC 1.75% 12/15/2020$398,793
NVIDIA CORP 2.2% 09/16/2021$394,975
NEXTERA ENERGY CAPITAL HOLDINGS INC 1.649% 09/01/2018$391,047
SYNCHRONY FINANCIAL 3% 08/15/2019$388,582
THERMO FISHER SCIENTIFIC INC 2.15% 12/14/2018$385,149
AMPHENOL CORP 1.55% 09/15/2017$380,637
KEYBANK NA/CLEVELAND OH 1.315% 11/25/2016$380,145
BANK OF AMERICA MORTGAGE 2002-K TRUST 3.027% 10/20/2032$377,049
SPRINGLEAF MORTGAGE LOAN TRUST 2013-2 1.78% 12/25/2065$376,032
FIREEYE INC 1% 06/01/2035$375,406
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2 2.65% 08/17/2020$375,138
FORTIVE CORP 1.8% 06/15/2019$371,193
OPTION ONE MORTGAGE LOAN TRUST 2005-4 ASSET-BACKED CERTIFICATES SERIES 2005-4 0.794% 11/25/2035$363,316
SOUTHERN POWER CO 1.85% 12/01/2017$361,748
BECTON DICKINSON AND CO 1.8% 12/15/2017$361,666
BAT INTERNATIONAL FINANCE PLC 1.36% 06/15/2018$360,551
LA ARENA FUNDING LLC 7.656% 12/15/2026$360,271
DOMINION RESOURCES INC/VA 2.962% 07/01/2019$358,236
ELECTRICITE DE FRANCE SA 1.341% 01/20/2017$350,194
MEDTRONIC INC 1.5% 03/15/2018$341,515
NATIONAL AUSTRALIA BANK LTD 1.3% 06/30/2017$340,266
CARNIVAL CORP 1.875% 12/15/2017$322,104
PACCAR FINANCIAL CORP 1.1% 06/06/2017$320,017
FREDDIE MAC STRUCTURED AGENCY CREDIT RIS 1.684% 05/25/2028$315,788
PHILLIPS 66 2.95% 05/01/2017$313,202
WM WRIGLEY JR CO 2% 10/20/2017$302,136
APPLE INC 1.3% 02/23/2018$300,868
MIZUHO BANK LTD 1.307% 09/25/2017$300,576
JOHNSON CONTROLS INC 1.4% 11/02/2017$300,416
CAPITAL AUTO RECEIVABLES ASSET TRUST 2016-2 2.11% 03/22/2021$291,573
FIDELITY NATIONAL INFORMATION SERVICES INC 1.45% 06/05/2017$290,378
EXXON MOBIL CORP 1.439% 03/01/2018$281,055
DIAMOND 1 FINANCE CORP / DIAMOND 2 FINANCE CORP 5.875% 06/15/2021$274,134
SANTANDER UK PLC 2.5% 03/14/2019$273,837
GREATAMERICA LEASING RECEIVABLES FUNDING LLC 1.83% 06/17/2019$270,221
CITIZENS BANK NA/PROVIDENCE RI 2.3% 12/03/2018$262,936
CENTERPOINT ENERGY TRANSITION BOND CO IV LLC 0.901% 04/15/2018$257,590
WEA FINANCE LLC / WESTFIELD UK & EUROPE FINANCE PLC 2.7% 09/17/2019$255,654
LOCKHEED MARTIN CORP 1.85% 11/23/2018$253,526
CAPITAL AUTO RECEIVABLES ASSET TRUST 2013-1 1.74% 10/22/2018$251,158
SYNCHRONY FINANCIAL 2.6% 01/15/2019$242,988
NCUA GUARANTEED NOTES TRUST 2011-R4 0.907% 03/06/2020$242,544
AMERICAN EXPRESS CREDIT CORP 1.125% 06/05/2017$230,150
VENTAS REALTY LP 1.25% 04/17/2017$230,066
TRANSALTA CORP 1.9% 06/03/2017$224,777
BERKSHIRE HATHAWAY INC 1.15% 08/15/2018$224,732
SAUDI GOVERNMENT INTERNATIONAL BOND 2.375% 10/26/2021$224,511
ALIBABA GROUP HOLDING LTD 2.5% 11/28/2019$203,110
NOVELIS CORP 5.875% 09/30/2026$203,000
NELNET STUDENT LOAN TRUST 2014-2 0.814% 06/25/2021$202,460
COCA-COLA CO/THE 0.875% 10/27/2017$201,850
BRITISH TELECOMMUNICATIONS PLC 1.25% 02/14/2017$200,108
FIFTH THIRD AUTO TRUST 2014-1 0.68% 04/16/2018$184,816
HERTZ CORP/THE 6.75% 04/15/2019$183,750
ZIMMER BIOMET HOLDINGS INC 2.7% 04/01/2020$183,186
ARAMARK SERVICES INC 5.75% 03/15/2020$166,759
BOISE CASCADE CO 5.625% 09/01/2024$152,438
HERTZ FLEET LEASE FUNDING LP 1.079% 12/10/2027$148,574
CEMEX SAB DE CV 3.72% 03/15/2020$143,081
FEDERAL HOME LOAN MORTGAGE CORP 2.854% 12/01/2039$120,377
FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.834% 03/01/2036$85,329
SEQUOIA MORTGAGE TRUST 2012-2 3.5% 04/25/2042$37,985
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP 5% 04/25/2019$14,645
FREDDIE MAC STRUCTURED AGENCY CREDIT RIS 1.584% 03/25/2025$14,555
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$27,728,718
 
Other
Holding NameMarket Value
USD$10,683,477
USD$-1,611,956
RUSSELL 2000 MINI EQUITY INDEX DEC16 (RTAZ6)$-9,011,732
 

Statistics

Portfolio Statistics As of Sep 30, 2016
Statistic3-Year5-Year
Beta1.280.88
Alpha-1.63-1.54
Standard Deviation6.995.71
 
 

Footnotes

The source for this information is Morningstar, Inc. Copyright © 2017 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.