UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
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Investment Company Act file number
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811-5202
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The Dreyfus/Laurel Funds, Inc.
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(Exact name of Registrant as specified in charter)
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c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
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(Address of principal executive offices) (Zip code)
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John Pak, Esq.
200 Park Avenue
New York, New York 10166
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
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(212) 922-6000
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Date of fiscal year end:
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10/31
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Date of reporting period:
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1/31/14
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The following N-Q relates only to the Registrant’s series listed below and does not affect Dreyfus Core Equity Fund and Dreyfus Floating Rate Income Fund, a series of the Registrant with a different fiscal year end and, therefore, different N-Q reporting requirements. A separate N-Q will be filed for Dreyfus Core Equity Fund and Dreyfus Floating Rate Income Fund, as appropriate.
Dreyfus AMT-Free Municipal Reserves
Dreyfus BASIC S&P 500 Stock Index Fund
Dreyfus Bond Market Index Fund
Dreyfus Disciplined Stock Fund
Dreyfus Money Market Reserves
Dreyfus Opportunistic Emerging Markets Debt Fund
Dreyfus Opportunistic Fixed Income Fund
Dreyfus Tax Managed Growth Fund
Dreyfus U.S. Treasury Reserves
FORM N-Q
Item 1. Schedule of Investments.
STATEMENT OF INVESTMENTS
Dreyfus AMT-Free Municipal Reserves
January 31, 2014 (Unaudited)
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Coupon
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Maturity
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Principal
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Short-Term Investments--98.3%
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Rate (%)
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Date
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Amount ($)
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Value ($)
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Alabama--2.6%
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Chatom Industrial Development
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Board, Gulf Opportunity Zone
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Revenue (PowerSouth Energy
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Cooperative Projects) (LOC;
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National Rural Utilities
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Cooperative Finance
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Corporation)
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0.19
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2/7/14
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5,000,000
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a
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5,000,000
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Mobile County Industrial
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Development Authority, Gulf
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Opportunity Zone Revenue (SSAB
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Alabama Inc.) (LOC; Swedbank)
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0.07
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2/7/14
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2,000,000
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a
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2,000,000
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Arizona--3.3%
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Arizona Water Infrastructure
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Finance Authority, Water
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Quality Revenue
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5.00
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10/1/14
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575,000
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593,192
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Yavapai County Industrial
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Development Authority, Revenue
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(Skanon Investments, Inc. -
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Drake Cement Project) (LOC;
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Citibank NA)
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0.05
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2/7/14
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8,550,000
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a
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8,550,000
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Colorado--1.6%
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Colorado Educational and Cultural
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Facilities Authority, Revenue,
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Refunding (Boulder Country Day
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School Project) (LOC; Wells
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Fargo Bank)
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0.15
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2/7/14
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1,425,000
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a,b
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1,425,000
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Colorado Postsecondary Educational
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Facilities Authority, Revenue
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(Mullen High School Project)
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(LOC; Wells Fargo Bank)
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0.20
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2/7/14
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855,000
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a,b
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855,000
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Gateway Regional Metropolitan
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District, Limited Tax
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Improvement GO Notes,
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Refunding (LOC; Wells Fargo
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Bank)
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0.15
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2/7/14
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2,035,000
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a
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2,035,000
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Connecticut--6.6%
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Connecticut Health and Educational
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Facilities Authority, Revenue
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(Eagle Hill School Issue)
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(LOC; JPMorgan Chase Bank)
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0.12
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2/7/14
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5,000,000
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a,b
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5,000,000
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Connecticut Health and Educational
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Facilities Authority, Revenue
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(Taft School Issue) (LOC;
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Wells Fargo Bank)
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0.08
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2/7/14
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1,600,000
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a,b
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1,600,000
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Connecticut Health and Educational
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Facilities Authority, Revenue
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(The Children's School Issue)
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(LOC; JPMorgan Chase Bank)
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0.12
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2/7/14
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5,625,000
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a,b
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5,625,000
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Norwalk,
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GO Notes, Refunding
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5.00
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7/1/14
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500,000
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509,678
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Shelton Housing Authority,
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Revenue (Crosby Commons
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Project) (LOC; M&T Trust)
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0.09
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2/7/14
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5,485,000
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a
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5,485,000
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District of Columbia--2.0%
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District of Columbia,
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Revenue (American Geophysical
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Union Issue) (LOC; Bank of
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America)
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0.08
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2/7/14
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2,970,000
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a
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2,970,000
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District of Columbia Water and
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Sewer Authority, Public
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Utility Subordinated Lien Revenue
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(Eagle 2013-0012 Program)
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(Liquidity Facility; Citibank
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NA)
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0.07
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2/7/14
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2,500,000 a,c,d
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2,500,000
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Florida--6.4%
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Brevard County,
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Revenue (Holy Trinity
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Episcopal Academy Project)
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(LOC; Wells Fargo Bank)
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0.20
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2/7/14
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730,000
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a,b
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730,000
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Collier County Industrial
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Development Authority, Revenue
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(Redlands Christian Migrant
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Association, Inc. Project)
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(LOC; Bank of America)
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0.18
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2/7/14
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2,945,000
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a
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2,945,000
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Florida Water Pollution Control
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Financing Corporation, Water
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Pollution Control Revenue
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5.00
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7/15/14
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1,375,000
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1,404,816
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Hillsborough County,
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IDR (The Museum of Science &
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Industry and The Institute for
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Business & Home Safety
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Project) (LOC; Branch Banking
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and Trust Co.)
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0.08
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2/7/14
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990,000
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a
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990,000
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Hillsborough County Industrial
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Development Authority, Revenue
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(Independent Day School
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Project) (LOC; Bank of America)
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0.24
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2/7/14
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1,300,000
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a,b
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1,300,000
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Palm Beach County,
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IDR (Boca Raton Jewish
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Community Day School, Inc.
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Project) (LOC; Wells Fargo
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Bank)
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0.15
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2/7/14
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1,115,000
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a,b
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1,115,000
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Palm Beach County,
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IDR (Gulfstream Goodwill
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Industries, Inc. Project)
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(LOC; Wells Fargo Bank)
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0.15
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2/7/14
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440,000
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a
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440,000
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Palm Beach County,
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Public Improvement Revenue
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(Biomedical Research Park
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Project) (Deutsche Bank
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Spears/Lifers Trust (Series
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DB-184) (Liquidity Facility;
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Deutsche Bank AG and LOC;
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Deutsche Bank AG)
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0.12
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2/7/14
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3,925,000 a,c,d
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3,925,000
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Sarasota County Health Facilities
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Authority, Health Care
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Facilities Revenue (Bay
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Village of Sarasota, Inc.
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Project) (LOC; Bank of America)
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0.20
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2/7/14
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4,600,000
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a
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4,600,000
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Georgia--.7%
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Cobb County Development Authority,
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Revenue (Dominion Christian
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High School, Inc. Project)
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(LOC; Branch Banking and Trust
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Co.)
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0.09
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2/7/14
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1,950,000
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a,b
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1,950,000
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Idaho--2.2%
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Idaho Housing and Finance
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Association, MFHR (Traditions
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at Boise Apartments Project)
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(LOC; FHLB)
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0.06
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2/7/14
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6,000,000
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a
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6,000,000
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Illinois--8.1%
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Illinois Development Finance
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Authority, Revenue
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(Presbyterian Homes Two Arbor
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Lane Project) (LOC; Northern
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Trust Company)
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0.06
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2/7/14
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3,000,000
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a
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3,000,000
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Illinois Development Finance
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Authority, Revenue (Saint
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Ignatius College Preparatory
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School) (LOC; PNC Bank NA)
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0.06
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2/7/14
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9,200,000
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a,b
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9,200,000
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Illinois Educational Facilities
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Authority, Revenue (The
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Lincoln Park Society) (LOC;
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Citibank NA)
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0.10
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2/7/14
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2,900,000
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a
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2,900,000
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Illinois Finance Authority,
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Revenue (Cristo Rey Jesuit
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High School Project) (LOC;
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JPMorgan Chase Bank)
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0.12
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2/7/14
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1,765,000
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a,b
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1,765,000
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Illinois Finance Authority,
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Revenue (Holy Family
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Ministries Center) (LOC; PNC
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Bank NA)
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0.14
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2/7/14
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2,715,000
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a
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2,715,000
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Lake Villa,
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Revenue (The Allendale
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Association Project) (LOC;
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Wells Fargo Bank)
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0.09
|
2/7/14
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2,760,000
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a
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2,760,000
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Indiana--3.2%
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East Porter County School Building
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Corporation, First Mortgage
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Bonds, Refunding (Deutsche
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Bank Spears/Lifers Trust
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Series DB-144) (Liquidity
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Facility; Deutsche Bank AG and
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LOC; Deutsche Bank AG)
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0.12
|
2/7/14
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5,045,000 a,b,c,d
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5,045,000
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Indiana Bond Bank,
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Advance Funding Program Notes
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(Liquidity Facility; JPMorgan
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Chase Bank)
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1.25
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1/6/15
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1,700,000
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1,715,734
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Indiana Municipal Power Agency,
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Power Supply System Revenue,
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Refunding (LOC; Citibank NA)
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0.06
|
2/7/14
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2,100,000
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a
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2,100,000
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Iowa--.7%
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Des Moines,
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GO Notes, Refunding (Capital Loan)
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5.00
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6/1/14
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2,000,000
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2,031,303
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Kentucky--.2%
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Mason County,
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PCR (East Kentucky Power
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Cooperative, Inc. Project)
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(Liquidity Facility; National
|
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Rural Utilities Cooperative
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Finance Corporation)
|
0.30
|
2/7/14
|
450,000
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a
|
450,000
|
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Louisiana--1.3%
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Louisiana Local Government
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Environmental Facilities and
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Community Development
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Authority, Revenue (Kenner
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Theatres, L.L.C. Project)
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(LOC; FHLB)
|
0.09
|
2/7/14
|
3,650,000
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a
|
3,650,000
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Maryland--5.2%
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Baltimore County,
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GO Notes, Refunding (Pension
|
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Funding Bonds)
|
5.00
|
8/1/14
|
1,000,000
|
|
1,023,841
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Baltimore County,
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Revenue (Cross Creek
|
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Apartments Facility) (LOC; PNC
|
|
|
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Bank NA)
|
0.06
|
2/7/14
|
4,375,000
|
a
|
4,375,000
|
|
Baltimore County,
|
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Revenue, Refunding (Shade Tree
|
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Trace Apartments Facility)
|
|
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(LOC; M&T Trust)
|
0.09
|
2/7/14
|
3,055,000
|
a
|
3,055,000
|
|
Maryland Department of
|
|
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Transportation, Consolidated
|
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Transportation Revenue
|
5.50
|
2/1/14
|
170,000
|
|
170,046
|
|
Maryland Economic Development
|
|
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Corporation, EDR (Blind
|
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Industries and Services of
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Maryland Project) (LOC; Bank
|
|
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of America)
|
0.18
|
2/7/14
|
5,710,000
|
a
|
5,710,000
|
|
|
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Massachusetts--1.0%
|
|
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|
Springfield,
|
|
|
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GO Notes, BAN
|
1.00
|
2/14/14
|
2,837,644
|
|
2,838,262
|
|
|
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Minnesota--1.0%
|
|
|
|
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Minnesota Public Facilities
|
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Authority, State Revolving
|
|
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|
|
Fund Revenue
|
5.00
|
3/1/14
|
1,000,000
|
|
1,003,937
|
|
Saint Paul Housing and
|
|
|
|
|
|
|
Redevelopment Authority,
|
|
|
|
|
|
|
Revenue (Goodwill/Easter Seals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project) (LOC; U.S. Bank NA)
|
0.15
|
2/7/14
|
1,700,000
|
a
|
1,700,000
|
|
|
|
Missouri--2.9%
|
|
|
|
|
|
|
Independence Industrial
|
|
|
|
|
|
|
Development Authority,
|
|
|
|
|
|
|
Industrial Revenue (The Groves
|
|
|
|
|
|
|
and Graceland College Nursing
|
|
|
|
|
|
|
Arts Center Projects) (LOC;
|
|
|
|
|
|
|
Bank of America)
|
0.20
|
2/7/14
|
265,000
|
a
|
265,000
|
|
Kirkwood Industrial Development
|
|
|
|
|
|
|
Authority, Revenue (Concordia
|
|
|
|
|
|
|
Lutheran Church Community
|
|
|
|
|
|
|
Recreational Facilities
|
|
|
|
|
|
|
Project) (LOC; Bank of America)
|
0.23
|
2/7/14
|
1,740,000
|
a
|
1,740,000
|
|
Saint Louis Industrial Development
|
|
|
|
|
|
|
Authority, MFHR (Hamilton
|
|
|
|
|
|
|
Place Apartments) (LOC; FHLMC)
|
0.08
|
2/7/14
|
4,750,000
|
a
|
4,750,000
|
|
Saint Louis Parking Commission
|
|
|
|
|
|
|
Finance Corporation, Parking
|
|
|
|
|
|
|
Revenue (Cupples Garage
|
|
|
|
|
|
|
Project) (LOC; Bank of America)
|
0.20
|
2/7/14
|
1,165,000
|
a
|
1,165,000
|
|
|
|
Nevada--1.7%
|
|
|
|
|
|
|
Clark County,
|
|
|
|
|
|
|
Airport System Junior
|
|
|
|
|
|
|
Subordinate Lien Revenue
|
2.00
|
7/1/14
|
1,200,000
|
|
1,208,112
|
|
Deutsche Bank Spears/Lifers Trust
|
|
|
|
|
|
|
(Series DBE-668) (Clark County
|
|
|
|
|
|
|
School District, Limited Tax
|
|
|
|
|
|
|
Building Bonds GO) (Liquidity
|
|
|
|
|
|
|
Facility; Deutsche Bank AG and
|
|
|
|
|
|
|
LOC; Deutsche Bank AG)
|
0.17
|
2/7/14
|
3,400,000 a,b,c,d
|
|
3,400,000
|
|
|
|
New Jersey--3.7%
|
|
|
|
|
|
|
Monroe Township,
|
|
|
|
|
|
|
GO Notes, BAN
|
1.00
|
2/6/15
|
2,308,000
|
|
2,325,495
|
|
New Jersey Economic Development
|
|
|
|
|
|
|
Authority, Revenue (Oak Hill
|
|
|
|
|
|
|
Academy Project) (LOC; Wells
|
|
|
|
|
|
|
Fargo Bank)
|
0.15
|
2/7/14
|
1,310,000
|
a,b
|
1,310,000
|
|
North Wildwood,
|
|
|
|
|
|
|
GO Notes, BAN
|
1.00
|
8/27/14
|
4,000,000
|
|
4,006,964
|
|
Pompton Lakes Borough,
|
|
|
|
|
|
|
GO Notes, TAN
|
1.25
|
2/21/14
|
2,500,000
|
|
2,501,013
|
|
|
|
New Mexico--2.1%
|
|
|
|
|
|
|
Minnesota Rural Water Finance
|
|
|
|
|
|
|
Authority, Public Projects
|
|
|
|
|
|
|
Construction Notes
|
1.00
|
1/1/15
|
3,300,000
|
|
3,322,548
|
|
Santa Fe County,
|
|
|
|
|
|
|
Education Facility Revenue
|
|
|
|
|
|
|
(Archdiocese of Santa Fe
|
|
|
|
|
|
|
School Project) (LOC; U.S.
|
|
|
|
|
|
|
Bank NA)
|
0.19
|
2/7/14
|
2,400,000
|
a,b
|
2,400,000
|
|
|
|
New York--7.3%
|
|
|
|
|
|
|
Chappaqua Central School District,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GO Notes, TAN
|
1.00
|
6/27/14
|
4,000,000
|
b
|
4,007,937
|
|
East Rockaway Union Free School
|
|
|
|
|
|
|
District, GO Notes, TAN
|
1.25
|
6/20/14
|
1,000,000
|
b
|
1,002,463
|
|
Monroe County Industrial
|
|
|
|
|
|
|
Development Agency, Civic
|
|
|
|
|
|
|
Facility Revenue (YMCA of
|
|
|
|
|
|
|
Greater Rochester Project)
|
|
|
|
|
|
|
(LOC; M&T Trust)
|
0.09
|
2/7/14
|
8,105,000
|
a
|
8,105,000
|
|
New York City Industrial
|
|
|
|
|
|
|
Development Agency, Civic
|
|
|
|
|
|
|
Facility Revenue (Jewish
|
|
|
|
|
|
|
Community Center on the Upper
|
|
|
|
|
|
|
West Side, Inc. Project) (LOC;
|
|
|
|
|
|
|
M&T Trust)
|
0.09
|
2/7/14
|
4,200,000
|
a
|
4,200,000
|
|
Northern Adirondack Central School
|
|
|
|
|
|
|
District at Ellenburg, GO
|
|
|
|
|
|
|
Notes, BAN
|
2.00
|
6/26/14
|
2,750,866
|
b
|
2,766,870
|
|
|
|
Ohio--2.4%
|
|
|
|
|
|
|
Dayton City School District,
|
|
|
|
|
|
|
School Facilities Construction
|
|
|
|
|
|
|
and Improvement Unlimited Tax
|
|
|
|
|
|
|
Refunding Notes
|
1.25
|
10/15/14
|
2,500,000
|
b
|
2,516,605
|
|
Ohio Public Facilities Commission,
|
|
|
|
|
|
|
Common Schools GO Notes,
|
|
|
|
|
|
|
Refunding
|
5.00
|
9/15/14
|
750,000
|
|
772,049
|
|
Union Township,
|
|
|
|
|
|
|
GO Notes, BAN (Various Purpose)
|
1.50
|
9/10/14
|
3,300,000
|
|
3,320,877
|
|
|
|
Oklahoma--2.2%
|
|
|
|
|
|
|
Oklahoma Turnpike Authority,
|
|
|
|
|
|
|
Turnpike System Second Senior
|
|
|
|
|
|
|
Revenue, Refunding (Citigroup
|
|
|
|
|
|
|
ROCS, Series RR II R-11985)
|
|
|
|
|
|
|
(Liquidity Facility; Citibank
|
|
|
|
|
|
|
NA)
|
0.07
|
2/7/14
|
6,000,000 a,c,d
|
|
6,000,000
|
|
|
|
Pennsylvania--7.0%
|
|
|
|
|
|
|
Allegheny County Industrial
|
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
|
(Sewickley Academy) (LOC; PNC
|
|
|
|
|
|
|
Bank NA)
|
0.07
|
2/7/14
|
1,640,000
|
a,b
|
1,640,000
|
|
Butler County Industrial
|
|
|
|
|
|
|
Development Authority, IDR,
|
|
|
|
|
|
|
Refunding (Wetterau Finance
|
|
|
|
|
|
|
Company Project) (LOC; U.S.
|
|
|
|
|
|
|
Bank NA)
|
0.07
|
2/7/14
|
1,940,000
|
a
|
1,940,000
|
|
Deutsche Bank Spears/Lifers Trust
|
|
|
|
|
|
|
(Series DBE-1021)
|
|
|
|
|
|
|
(Pennsylvania Higher Education
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(Student Association, Inc.
|
|
|
|
|
|
|
Student Housing Project at
|
|
|
|
|
|
|
California University of
|
|
|
|
|
|
|
Pennsylvania)) (Liquidity
|
|
|
|
|
|
|
Facility; Deutsche Bank AG and
|
|
|
|
|
|
|
LOC; Deutsche Bank AG)
|
0.14
|
2/7/14
|
4,890,000 a,b,c,d
|
|
4,890,000
|
|
Erie County Hospital Authority,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (Mercy Terrace
|
|
|
|
|
|
|
Apartments Project) (LOC; PNC
|
|
|
|
|
|
|
Bank NA)
|
0.13
|
2/7/14
|
450,000
|
a
|
450,000
|
|
Montgomery County Industrial
|
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
|
(Big Little Associates
|
|
|
|
|
|
|
Project) (LOC; Wells Fargo
|
|
|
|
|
|
|
Bank)
|
0.25
|
2/7/14
|
435,000
|
a
|
435,000
|
|
Northampton County Industrial
|
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
|
(Moravian Academy) (LOC; Wells
|
|
|
|
|
|
|
Fargo Bank)
|
0.13
|
2/7/14
|
1,000,000
|
a,b
|
1,000,000
|
|
Pennsylvania Economic Development
|
|
|
|
|
|
|
Financing Authority, Recovery
|
|
|
|
|
|
|
Zone Facility Revenue (Hawley
|
|
|
|
|
|
|
Silk Mill, LLC Project) (LOC;
|
|
|
|
|
|
|
PNC Bank NA)
|
0.13
|
2/7/14
|
900,000
|
a
|
900,000
|
|
Philadelphia Authority for
|
|
|
|
|
|
|
Industrial Development,
|
|
|
|
|
|
|
Educational Facilities Revenue
|
|
|
|
|
|
|
(Chestnut Hill College
|
|
|
|
|
|
|
Project) (LOC; Wells Fargo
|
|
|
|
|
|
|
Bank)
|
0.15
|
2/7/14
|
500,000
|
a,b
|
500,000
|
|
Philadelphia Authority for
|
|
|
|
|
|
|
Industrial Development,
|
|
|
|
|
|
|
Revenue (Friends Select School
|
|
|
|
|
|
|
Project) (LOC; PNC Bank NA)
|
0.07
|
2/7/14
|
2,300,000
|
a,b
|
2,300,000
|
|
Philadelphia Authority for
|
|
|
|
|
|
|
Industrial Development,
|
|
|
|
|
|
|
Revenue (The Philadelphia
|
|
|
|
|
|
|
Protestant Home Project) (LOC;
|
|
|
|
|
|
|
Bank of America)
|
0.17
|
2/7/14
|
1,800,000
|
a
|
1,800,000
|
|
Philadelphia Hospitals and Higher
|
|
|
|
|
|
|
Education Facilities
|
|
|
|
|
|
|
Authority, HR (Thomas
|
|
|
|
|
|
|
Jefferson University Hospital
|
|
|
|
|
|
|
Project) (LOC; TD Bank)
|
0.14
|
2/7/14
|
585,000
|
a
|
585,000
|
|
York Redevelopment Authority,
|
|
|
|
|
|
|
Revenue (LOC; M&T Trust)
|
0.14
|
2/7/14
|
2,725,000
|
a
|
2,725,000
|
|
|
|
South Carolina--.4%
|
|
|
|
|
|
|
South Carolina Jobs-Economic
|
|
|
|
|
|
|
Development Authority, EDR
|
|
|
|
|
|
|
(Anderson Area YMCA, Inc.
|
|
|
|
|
|
|
Project) (LOC; Branch Banking
|
|
|
|
|
|
|
and Trust Co.)
|
0.10
|
2/7/14
|
1,230,000
|
a
|
1,230,000
|
|
|
|
Tennessee--.9%
|
|
|
|
|
|
|
Cleveland Health and Educational
|
|
|
|
|
|
|
Facilities Board, Revenue (Lee
|
|
|
|
|
|
|
University Project) (LOC;
|
|
|
|
|
|
|
Branch Banking and Trust
|
|
|
|
|
|
|
Co,)
|
0.07
|
2/7/14
|
2,600,000
|
a,b
|
2,600,000
|
|
|
|
Texas--12.6%
|
|
|
|
|
|
|
Atascosa County Industrial
|
|
|
|
|
|
|
Development Corporation, PCR,
|
|
|
|
|
|
|
Refunding (San Miguel Electric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cooperative, Inc. Project)
|
|
|
|
|
|
|
(LOC; National Rural Utilities
|
|
|
|
|
|
|
Cooperative Finance
|
|
|
|
|
|
|
Corporation)
|
0.10
|
2/7/14
|
8,000,000
|
a
|
8,000,000
|
|
Deutsche Bank Spears/Lifers Trust
|
|
|
|
|
|
|
(Series DBE-482) (Red River
|
|
|
|
|
|
|
Education Financing
|
|
|
|
|
|
|
Corporation, Higher Education
|
|
|
|
|
|
|
Revenue (Texas Christian
|
|
|
|
|
|
|
University Project))
|
|
|
|
|
|
|
(Liquidity Facility; Deutsche
|
|
|
|
|
|
|
Bank AG and LOC; Deutsche Bank AG)
|
0.14
|
2/7/14
|
3,000,000 a,b,c,d
|
|
3,000,000
|
|
Deutsche Bank Spears/Lifers Trust
|
|
|
|
|
|
|
(Series DBE-548) (Austin,
|
|
|
|
|
|
|
Revenue, Refunding (Town Lake
|
|
|
|
|
|
|
Park Community Events Center
|
|
|
|
|
|
|
Venue Project)) (Liquidity
|
|
|
|
|
|
|
Facility; Deutsche Bank AG and
|
|
|
|
|
|
|
LOC; Deutsche Bank AG)
|
0.12
|
2/7/14
|
5,065,000 a,c,d
|
|
5,065,000
|
|
Harris County Cultural Education
|
|
|
|
|
|
|
Facilities Finance
|
|
|
|
|
|
|
Corporation, HR (Texas
|
|
|
|
|
|
|
Children's Hospital Project)
|
|
|
|
|
|
|
(Citigroup ROCS, Series RR II
|
|
|
|
|
|
|
R-11821) (Liquidity Facility;
|
|
|
|
|
|
|
Citibank NA)
|
0.10
|
2/7/14
|
5,250,000 a,c,d
|
|
5,250,000
|
|
Jefferson County Industrial
|
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
|
Hurricane Ike Disaster Area
|
|
|
|
|
|
|
Revenue (Jefferson Refinery,
|
|
|
|
|
|
|
L.L.C. Project) (LOC; Branch
|
|
|
|
|
|
|
Banking and Trust Co.)
|
0.65
|
4/15/14
|
4,900,000
|
|
4,900,000
|
|
Lampasas Independent School
|
|
|
|
|
|
|
District, GO Notes, Refunding
|
|
|
|
|
|
|
(LOC; Permanent School Fund
|
|
|
|
|
|
|
Guarantee Program)
|
3.00
|
2/15/14
|
440,000
|
b
|
440,532
|
|
Splendora Higher Education
|
|
|
|
|
|
|
Facilities Corporation,
|
|
|
|
|
|
|
Revenue (Fellowship Christian
|
|
|
|
|
|
|
Academy Project) (LOC; Bank of
|
|
|
|
|
|
|
America)
|
0.18
|
2/7/14
|
3,700,000
|
a,b
|
3,700,000
|
|
Texas,
|
|
|
|
|
|
|
TRAN
|
2.00
|
8/28/14
|
4,000,000
|
|
4,041,044
|
|
|
|
Vermont--.5%
|
|
|
|
|
|
|
Vermont Educational and Health
|
|
|
|
|
|
|
Buildings Financing Agency,
|
|
|
|
|
|
|
Revenue (Capital Asset
|
|
|
|
|
|
|
Financing Program) (LOC; Wells
|
|
|
|
|
|
|
Fargo Bank)
|
0.11
|
2/7/14
|
1,250,000
|
a,b
|
1,250,000
|
|
|
|
Washington--2.2%
|
|
|
|
|
|
|
Squaxin Island Tribe,
|
|
|
|
|
|
|
Tribal Infrastructure Revenue
|
|
|
|
|
|
|
(LOC; Bank of America)
|
0.16
|
2/7/14
|
1,400,000
|
a
|
1,400,000
|
|
Washington Health Care Facilities
|
|
|
|
|
|
|
Authority, Revenue (Providence
|
|
|
|
|
|
|
Health and Services)
|
|
|
|
|
|
|
(Liquidity Facility; U.S. Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NA)
|
0.06
|
2/7/14
|
200,000
|
a
|
200,000
|
|
Washington Housing Finance
|
|
|
|
|
|
|
Commission, MFHR (Affinity at
|
|
|
|
|
|
|
Southridge Apartments Project)
|
|
|
|
|
|
|
(LOC; FHLB)
|
0.06
|
2/7/14
|
4,550,000
|
a
|
4,550,000
|
|
|
|
Wisconsin--6.3%
|
|
|
|
|
|
|
Sheboygan Falls,
|
|
|
|
|
|
|
Note Anticipation Notes
|
2.00
|
6/3/14
|
1,250,000
|
|
1,253,800
|
|
Wisconsin,
|
|
|
|
|
|
|
GO Notes
|
5.00
|
5/1/14
|
750,000
|
|
758,947
|
|
Wisconsin Health and Educational
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(16th Street Community Health
|
|
|
|
|
|
|
Center, Inc.) (LOC; JPMorgan
|
|
|
|
|
|
|
Chase Bank)
|
0.06
|
2/7/14
|
3,300,000
|
a
|
3,300,000
|
|
Wisconsin Health and Educational
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(Madison Family Medicine
|
|
|
|
|
|
|
Residency Corporation, Inc.
|
|
|
|
|
|
|
Project) (LOC; JPMorgan Chase
|
|
|
|
|
|
|
Bank)
|
0.14
|
2/7/14
|
3,025,000
|
a
|
3,025,000
|
|
Wisconsin Health and Educational
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(Mequon Jewish Campus, Inc.
|
|
|
|
|
|
|
Project) (LOC; JPMorgan Chase
|
|
|
|
|
|
|
Bank)
|
0.07
|
2/7/14
|
2,805,000
|
a
|
2,805,000
|
|
Wisconsin Health and Educational
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(Shady Lane, Inc. Project)
|
|
|
|
|
|
|
(LOC; U.S. Bank NA)
|
0.09
|
2/7/14
|
3,400,000
|
a
|
3,400,000
|
|
Wisconsin Health and Educational
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(Sinsinawa Nursing, Inc.
|
|
|
|
|
|
|
Project) (LOC; JPMorgan Chase
|
|
|
|
|
|
|
Bank)
|
0.14
|
2/7/14
|
665,000
|
a
|
665,000
|
|
Wisconsin School Districts,
|
|
|
|
|
|
|
Cash Flow Administration
|
|
|
|
|
|
|
Program Participation Notes
|
1.00
|
10/10/14
|
2,000,000
|
b
|
2,010,579
|
|
|
|
|
|
Total Investments
(cost $269,851,644)
|
|
|
98.3
|
%
|
269,851,644
|
|
Cash and Receivables (Net)
|
|
|
1.7
|
%
|
4,736,274
|
|
Net Assets
|
|
|
100.0
|
%
|
274,587,918
|
|
|
|
a Variable rate demand note - rate shown is the interest rate in effect at January 31, 2014. Maturity date represents the
|
|
next demand date, or the ultimate maturity date if earlier.
|
|
b At January 31, 2014, the fund had $76,344,986 or 27.8% of net assets invested in securities whose payment of principal
|
|
and interest is dependent upon revenues generated from education.
|
|
c Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
|
|
resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2014, these
|
|
securities amounted to $39,075,000 or 14.2% of net assets.
|
|
d The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity
|
|
that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in
|
|
underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g.,
|
|
enhanced liquidity, yields linked to short-term rates).
|
At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
|
|
Summary of Abbreviations
|
|
|
|
ABAG
|
Association of Bay Area Governments
|
ACA
|
American Capital Access
|
|
AGC
|
ACE Guaranty Corporation
|
AGIC
|
Asset Guaranty Insurance Company
|
|
AMBAC
|
American Municipal Bond Assurance Corporation
|
ARRN
|
Adjustable Rate Receipt Notes
|
|
BAN
|
Bond Anticipation Notes
|
BPA
|
Bond Purchase Agreement
|
|
CIFG
|
CDC Ixis Financial Guaranty
|
COP
|
Certificate of Participation
|
|
CP
|
Commercial Paper
|
DRIVERS
|
Derivative Inverse Tax-Exempt Receipts
|
|
EDR
|
Economic Development Revenue
|
EIR
|
Environmental Improvement Revenue
|
|
FGIC
|
Financial Guaranty Insurance Company
|
FHA
|
Federal Housing Administration
|
|
FHLB
|
Federal Home Loan Bank
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
GAN
|
Grant Anticipation Notes
|
|
GIC
|
Guaranteed Investment Contract
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General Obligation
|
HR
|
Hospital Revenue
|
|
IDB
|
Industrial Development Board
|
IDC
|
Industrial Development Corporation
|
|
IDR
|
Industrial Development Revenue
|
LIFERS
|
Long Inverse Floating Exempt Receipts
|
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipts Liquidity Option Tender
|
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
|
PCR
|
Pollution Control Revenue
|
P-FLOATS
|
Puttable Floating Option Tax-Exempt Receipts
|
|
PILOT
|
Payment in Lieu of Taxes
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
|
RAW
|
Revenue Anticipation Warrants
|
RIB
|
Residual Interest Bonds
|
|
ROCS
|
Reset Option Certificates
|
RRR
|
Resources Recovery Revenue
|
|
SAAN
|
State Aid Anticipation Notes
|
SBPA
|
Standby Bond Purchase Agreement
|
|
SFHR
|
Single Family Housing Revenue
|
SFMR
|
Single Family Mortgage Revenue
|
|
SONYMA
|
State of New York Mortgage Agency
|
SPEARS
|
Short Puttable Exempt Adjustable Receipts
|
|
SWDR
|
Solid Waste Disposal Revenue
|
TAN
|
Tax Anticipation Notes
|
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
|
XLCA
|
XL Capital Assurance
|
|
|
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
|
Level 1 - Unadjusted Quoted Prices
|
-
|
|
Level 2 - Other Significant Observable Inputs
|
269,851,644
|
|
Level 3 - Significant Unobservable Inputs
|
-
|
|
Total
|
269,851,644
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
|
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
|
Dreyfus BASIC S&P 500 Stock Index Fund
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
Common Stocks--97.7%
|
Shares
|
|
Value ($)
|
|
Automobiles & Components--1.1%
|
|
|
|
|
BorgWarner
|
26,846
|
|
1,441,630
|
|
Delphi Automotive
|
34,351
|
|
2,091,632
|
|
Ford Motor
|
466,632
|
|
6,980,815
|
|
General Motors
|
134,756
|
|
4,861,996
|
|
Goodyear Tire & Rubber
|
27,843
|
|
658,765
|
|
Harley-Davidson
|
27,082
|
|
1,670,689
|
|
Johnson Controls
|
80,994
|
|
3,735,443
|
|
|
|
|
21,440,970
|
|
Banks--2.9%
|
|
|
|
|
BB&T
|
82,871
|
|
3,100,204
|
|
Comerica
|
23,182
|
|
1,061,736
|
|
Fifth Third Bancorp
|
103,572
|
|
2,177,083
|
|
Hudson City Bancorp
|
52,548
|
|
475,034
|
|
Huntington Bancshares
|
101,805
|
|
923,371
|
|
KeyCorp
|
109,353
|
|
1,395,344
|
|
M&T Bank
|
15,392
|
|
1,716,362
|
|
People's United Financial
|
39,586
|
|
562,517
|
|
PNC Financial Services Group
|
62,701
|
|
5,008,556
|
|
Regions Financial
|
167,615
|
|
1,704,645
|
|
SunTrust Banks
|
64,075
|
|
2,372,057
|
|
U.S. Bancorp
|
217,892
|
|
8,656,849
|
|
Wells Fargo & Co.
|
568,185
|
|
25,761,508
|
|
Zions Bancorporation
|
21,781
|
|
626,204
|
|
|
|
|
55,541,470
|
|
Capital Goods--8.0%
|
|
|
|
|
3M
|
75,819
|
|
9,719,238
|
|
Allegion
|
10,764
|
a
|
531,203
|
|
AMETEK
|
28,647
|
|
1,415,735
|
|
Boeing
|
82,204
|
|
10,296,873
|
|
Caterpillar
|
75,386
|
|
7,079,499
|
|
Cummins
|
20,996
|
|
2,666,072
|
|
Danaher
|
70,842
|
|
5,269,936
|
|
Deere & Co.
|
45,700
|
|
3,928,372
|
|
Dover
|
20,297
|
|
1,756,908
|
|
Eaton
|
55,935
|
|
4,088,289
|
|
Emerson Electric
|
83,448
|
|
5,502,561
|
|
Fastenal
|
32,010
|
|
1,406,199
|
|
Flowserve
|
17,005
|
|
1,229,972
|
|
Fluor
|
19,250
|
|
1,462,230
|
|
General Dynamics
|
39,374
|
|
3,988,980
|
|
General Electric
|
1,199,215
|
|
30,136,273
|
|
Honeywell International
|
93,025
|
|
8,486,671
|
|
Illinois Tool Works
|
48,409
|
|
3,818,018
|
|
Ingersoll-Rand
|
32,294
|
|
1,898,564
|
|
Jacobs Engineering Group
|
15,135
|
a
|
918,846
|
|
Joy Global
|
12,055
|
b
|
636,383
|
|
|
|
|
|
|
L-3 Communications Holdings
|
10,641
|
|
1,181,896
|
|
Lockheed Martin
|
31,577
|
|
4,765,285
|
|
Masco
|
42,392
|
|
897,015
|
|
Northrop Grumman
|
26,321
|
|
3,041,392
|
|
PACCAR
|
41,565
|
|
2,327,640
|
|
Pall
|
13,722
|
|
1,099,132
|
|
Parker Hannifin
|
17,589
|
|
1,994,065
|
|
Pentair
|
23,917
|
|
1,777,751
|
|
Precision Castparts
|
17,300
|
|
4,407,175
|
|
Quanta Services
|
24,953
|
a
|
777,785
|
|
Raytheon
|
38,423
|
|
3,652,875
|
|
Rockwell Automation
|
16,465
|
|
1,890,841
|
|
Rockwell Collins
|
16,868
|
|
1,274,546
|
|
Roper Industries
|
11,668
|
|
1,601,316
|
|
Snap-on
|
6,619
|
|
662,893
|
|
Stanley Black & Decker
|
18,966
|
|
1,467,968
|
|
Textron
|
32,250
|
|
1,144,875
|
|
United Technologies
|
99,634
|
|
11,360,269
|
|
W.W. Grainger
|
7,192
|
|
1,686,380
|
|
Xylem
|
21,103
|
|
703,996
|
|
|
|
|
153,951,917
|
|
Commercial & Professional Services--.7%
|
|
|
|
|
ADT
|
23,724
|
b
|
712,669
|
|
Cintas
|
12,827
|
|
732,037
|
|
Dun & Bradstreet
|
4,530
|
|
498,300
|
|
Equifax
|
13,872
|
|
971,872
|
|
Iron Mountain
|
19,524
|
|
515,629
|
|
Nielsen Holdings
|
29,941
|
|
1,266,205
|
|
Pitney Bowes
|
21,944
|
|
552,550
|
|
Republic Services
|
32,030
|
|
1,025,921
|
|
Robert Half International
|
17,378
|
|
726,053
|
|
Stericycle
|
9,846
|
a
|
1,152,573
|
|
Tyco International
|
54,200
|
|
2,194,558
|
|
Waste Management
|
51,691
|
|
2,159,650
|
|
|
|
|
12,508,017
|
|
Consumer Durables & Apparel--1.3%
|
|
|
|
|
Coach
|
33,343
|
|
1,596,796
|
|
D.R. Horton
|
33,154
|
|
778,456
|
|
Fossil Group
|
6,038
|
a
|
675,230
|
|
Garmin
|
14,560
|
b
|
655,928
|
|
Harman International Industries
|
8,355
|
|
864,158
|
|
Hasbro
|
13,725
|
|
674,172
|
|
Leggett & Platt
|
16,890
|
|
507,038
|
|
Lennar, Cl. A
|
19,214
|
|
771,634
|
|
Mattel
|
40,829
|
|
1,544,969
|
|
Michael Kors Holdings
|
21,147
|
a
|
1,690,280
|
|
Mohawk Industries
|
7,158
|
a
|
1,017,724
|
|
Newell Rubbermaid
|
34,607
|
|
1,069,356
|
|
NIKE, Cl. B
|
88,559
|
|
6,451,523
|
|
PulteGroup
|
40,604
|
|
825,073
|
|
PVH
|
9,580
|
|
1,157,935
|
|
Ralph Lauren
|
7,019
|
|
1,101,211
|
|
VF
|
41,304
|
|
2,414,219
|
|
|
|
|
|
|
Whirlpool
|
9,104
|
|
1,213,563
|
|
|
|
|
25,009,265
|
|
Consumer Services--1.8%
|
|
|
|
|
Carnival
|
51,656
|
|
2,024,399
|
|
Chipotle Mexican Grill
|
3,692
|
a
|
2,037,836
|
|
Darden Restaurants
|
14,738
|
|
728,647
|
|
Graham Holdings
|
577
|
|
361,237
|
|
H&R Block
|
33,985
|
|
1,033,144
|
|
International Game Technology
|
29,327
|
|
423,189
|
|
Marriott International, Cl. A
|
26,963
|
|
1,329,276
|
|
McDonald's
|
118,534
|
|
11,162,347
|
|
Starbucks
|
89,309
|
|
6,351,656
|
|
Starwood Hotels & Resorts
|
|
|
|
|
Worldwide
|
23,203
|
c
|
1,733,496
|
|
Wyndham Worldwide
|
15,762
|
|
1,118,156
|
|
Wynn Resorts
|
9,435
|
|
2,051,358
|
|
Yum! Brands
|
52,694
|
|
3,538,402
|
|
|
|
|
33,893,143
|
|
Diversified Financials--8.1%
|
|
|
|
|
American Express
|
109,937
|
|
9,346,844
|
|
Ameriprise Financial
|
23,064
|
|
2,436,481
|
|
Bank of America
|
1,264,297
|
|
21,176,975
|
|
Bank of New York Mellon
|
136,298
|
|
4,356,084
|
|
Berkshire Hathaway, Cl. B
|
213,235
|
a
|
23,797,026
|
|
BlackRock
|
14,918
|
|
4,482,411
|
|
Capital One Financial
|
68,840
|
|
4,860,792
|
|
Charles Schwab
|
136,913
|
|
3,398,181
|
|
Citigroup
|
359,792
|
|
17,064,935
|
|
CME Group
|
37,352
|
|
2,792,436
|
|
Discover Financial Services
|
56,789
|
|
3,046,730
|
|
E*TRADE Financial
|
27,822
|
a
|
556,996
|
|
Franklin Resources
|
49,127
|
|
2,555,095
|
|
Goldman Sachs Group
|
49,953
|
|
8,198,286
|
|
IntercontinentalExchange Group
|
13,602
|
|
2,839,962
|
|
Invesco
|
52,665
|
|
1,751,111
|
|
JPMorgan Chase & Co.
|
445,567
|
|
24,666,589
|
|
Legg Mason
|
12,603
|
b
|
533,737
|
|
Leucadia National
|
37,099
|
|
1,013,916
|
|
McGraw-Hill Financial
|
32,377
|
|
2,461,947
|
|
Moody's
|
22,787
|
|
1,699,454
|
|
Morgan Stanley
|
164,174
|
|
4,844,775
|
|
NASDAQ OMX Group
|
15,347
|
|
585,488
|
|
Northern Trust
|
26,007
|
|
1,566,142
|
|
SLM
|
52,714
|
|
1,199,771
|
|
State Street
|
52,839
|
|
3,537,571
|
|
T. Rowe Price Group
|
30,517
|
|
2,393,753
|
|
|
|
|
157,163,488
|
|
Energy--9.7%
|
|
|
|
|
Anadarko Petroleum
|
59,196
|
|
4,776,525
|
|
Apache
|
47,820
|
|
3,838,033
|
|
Baker Hughes
|
52,120
|
|
2,952,077
|
|
Cabot Oil & Gas
|
50,061
|
|
2,001,439
|
|
Cameron International
|
29,100
|
a
|
1,745,127
|
|
|
|
|
|
|
Chesapeake Energy
|
61,850
|
|
1,664,384
|
|
Chevron
|
227,953
|
|
25,446,393
|
|
ConocoPhillips
|
145,191
|
|
9,430,155
|
|
CONSOL Energy
|
25,957
|
|
969,494
|
|
Denbury Resources
|
45,194
|
|
726,268
|
|
Devon Energy
|
44,672
|
|
2,645,476
|
|
Diamond Offshore Drilling
|
8,445
|
|
409,920
|
|
Ensco, Cl. A
|
27,255
|
|
1,372,834
|
|
EOG Resources
|
32,350
|
|
5,345,514
|
|
EQT
|
17,783
|
|
1,650,440
|
|
Exxon Mobil
|
517,807
|
|
47,721,093
|
|
FMC Technologies
|
27,454
|
a
|
1,357,326
|
|
Halliburton
|
100,184
|
|
4,910,018
|
|
Helmerich & Payne
|
12,589
|
|
1,108,336
|
|
Hess
|
34,179
|
|
2,580,173
|
|
Kinder Morgan
|
79,708
|
|
2,710,869
|
|
Marathon Oil
|
82,894
|
|
2,718,094
|
|
Marathon Petroleum
|
35,693
|
|
3,107,076
|
|
Murphy Oil
|
21,841
|
|
1,236,419
|
|
Nabors Industries
|
33,364
|
|
569,857
|
|
National Oilwell Varco
|
50,509
|
|
3,788,680
|
|
Newfield Exploration
|
15,685
|
a
|
388,517
|
|
Noble
|
30,218
|
|
937,665
|
|
Noble Energy
|
42,315
|
|
2,637,494
|
|
Occidental Petroleum
|
95,068
|
|
8,325,105
|
|
Peabody Energy
|
30,917
|
|
527,135
|
|
Phillips 66
|
71,079
|
|
5,195,164
|
|
Pioneer Natural Resources
|
16,882
|
|
2,858,460
|
|
QEP Resources
|
20,932
|
|
646,589
|
|
Range Resources
|
19,391
|
|
1,671,310
|
|
Rowan, Cl. A
|
14,825
|
a
|
465,060
|
|
Schlumberger
|
156,651
|
|
13,717,928
|
|
Southwestern Energy
|
41,363
|
a
|
1,683,060
|
|
Spectra Energy
|
79,116
|
|
2,844,220
|
|
Tesoro
|
15,735
|
|
810,667
|
|
Transocean
|
39,718
|
|
1,718,995
|
|
Valero Energy
|
64,829
|
|
3,312,762
|
|
Williams
|
79,780
|
|
3,230,292
|
|
WPX Energy
|
22,444
|
a
|
427,558
|
|
|
|
|
188,180,001
|
|
Food & Staples Retailing--2.3%
|
|
|
|
|
Costco Wholesale
|
51,631
|
|
5,801,259
|
|
CVS Caremark
|
141,111
|
|
9,556,037
|
|
Kroger
|
61,715
|
|
2,227,912
|
|
Safeway
|
28,419
|
|
887,810
|
|
Sysco
|
70,150
|
|
2,460,862
|
|
Wal-Mart Stores
|
191,768
|
|
14,321,234
|
|
Walgreen
|
102,970
|
|
5,905,330
|
|
Whole Foods Market
|
44,092
|
|
2,304,248
|
|
|
|
|
43,464,692
|
|
Food, Beverage & Tobacco--5.0%
|
|
|
|
|
Altria Group
|
237,137
|
|
8,351,965
|
|
Archer-Daniels-Midland
|
77,420
|
|
3,056,542
|
|
|
|
|
|
|
Beam
|
18,648
|
|
1,553,378
|
|
Brown-Forman, Cl. B
|
19,233
|
|
1,480,941
|
|
Campbell Soup
|
20,204
|
|
832,607
|
|
Coca-Cola
|
450,139
|
|
17,024,257
|
|
Coca-Cola Enterprises
|
28,643
|
|
1,239,955
|
|
ConAgra Foods
|
48,439
|
|
1,539,876
|
|
Constellation Brands, Cl. A
|
19,625
|
a
|
1,504,649
|
|
Dr. Pepper Snapple Group
|
25,248
|
|
1,208,874
|
|
General Mills
|
75,190
|
|
3,610,624
|
|
Hershey
|
17,514
|
|
1,740,892
|
|
Hormel Foods
|
15,995
|
b
|
726,813
|
|
J.M. Smucker
|
12,425
|
|
1,197,646
|
|
Kellogg
|
30,469
|
|
1,766,593
|
|
Kraft Foods Group
|
69,812
|
|
3,654,658
|
|
Lorillard
|
44,859
|
|
2,207,960
|
|
McCormick & Co.
|
15,589
|
|
1,000,502
|
|
Mead Johnson Nutrition
|
23,994
|
|
1,844,899
|
|
Molson Coors Brewing, Cl. B
|
18,440
|
|
970,682
|
|
Mondelez International, Cl. A
|
207,895
|
|
6,808,561
|
|
Monster Beverage
|
16,080
|
a
|
1,091,832
|
|
PepsiCo
|
181,778
|
|
14,607,680
|
|
Philip Morris International
|
189,912
|
|
14,839,724
|
|
Reynolds American
|
38,379
|
|
1,861,382
|
|
Tyson Foods, Cl. A
|
32,214
|
|
1,204,804
|
|
|
|
|
96,928,296
|
|
Health Care Equipment & Services--4.2%
|
|
|
|
|
Abbott Laboratories
|
183,279
|
|
6,719,008
|
|
Aetna
|
43,569
|
|
2,977,070
|
|
AmerisourceBergen
|
27,001
|
|
1,815,007
|
|
Baxter International
|
64,520
|
|
4,406,716
|
|
Becton Dickinson & Co.
|
22,782
|
|
2,463,190
|
|
Boston Scientific
|
156,472
|
a
|
2,117,066
|
|
C.R. Bard
|
9,230
|
|
1,196,116
|
|
Cardinal Health
|
40,402
|
|
2,748,144
|
|
CareFusion
|
25,858
|
a
|
1,054,231
|
|
Cerner
|
34,549
|
a
|
1,965,493
|
|
Cigna
|
32,772
|
|
2,828,551
|
|
Covidien
|
55,144
|
|
3,763,027
|
|
DaVita HealthCare Partners
|
20,220
|
a
|
1,312,885
|
|
DENTSPLY International
|
17,007
|
|
784,703
|
|
Edwards Lifesciences
|
13,653
|
a
|
889,083
|
|
Express Scripts Holding
|
96,079
|
a
|
7,176,141
|
|
Humana
|
19,095
|
|
1,857,944
|
|
Intuitive Surgical
|
4,513
|
a
|
1,839,409
|
|
Laboratory Corp. of America
|
|
|
|
|
Holdings
|
10,680
|
a
|
959,384
|
|
McKesson
|
27,222
|
|
4,747,789
|
|
Medtronic
|
118,170
|
|
6,683,695
|
|
Patterson
|
10,299
|
|
411,548
|
|
Quest Diagnostics
|
17,251
|
|
905,678
|
|
St. Jude Medical
|
34,576
|
|
2,099,800
|
|
Stryker
|
34,345
|
|
2,665,172
|
|
Tenet Healthcare
|
12,298
|
a
|
565,831
|
|
|
|
|
|
|
UnitedHealth Group
|
119,339
|
|
8,625,823
|
|
Varian Medical Systems
|
12,929
|
a
|
1,051,257
|
|
WellPoint
|
35,223
|
|
3,029,178
|
|
Zimmer Holdings
|
20,407
|
|
1,917,646
|
|
|
|
|
81,576,585
|
|
Household & Personal Products--2.1%
|
|
|
|
|
Avon Products
|
51,305
|
|
763,931
|
|
Clorox
|
15,558
|
|
1,373,305
|
|
Colgate-Palmolive
|
103,842
|
|
6,358,246
|
|
Estee Lauder, Cl. A
|
30,270
|
|
2,080,760
|
|
Kimberly-Clark
|
45,735
|
|
5,002,037
|
|
Procter & Gamble
|
322,192
|
|
24,686,351
|
|
|
|
|
40,264,630
|
|
Insurance--2.8%
|
|
|
|
|
ACE
|
40,000
|
|
3,752,400
|
|
Aflac
|
55,467
|
|
3,482,218
|
|
Allstate
|
54,912
|
|
2,811,494
|
|
American International Group
|
174,665
|
|
8,376,933
|
|
Aon
|
35,693
|
|
2,871,859
|
|
Assurant
|
9,250
|
|
604,487
|
|
Chubb
|
30,410
|
|
2,570,861
|
|
Cincinnati Financial
|
17,374
|
|
841,770
|
|
Genworth Financial, Cl. A
|
58,319
|
a
|
860,205
|
|
Hartford Financial Services Group
|
53,878
|
|
1,791,444
|
|
Lincoln National
|
32,081
|
|
1,540,850
|
|
Loews
|
36,952
|
|
1,647,690
|
|
Marsh & McLennan
|
64,107
|
|
2,930,331
|
|
MetLife
|
132,617
|
|
6,504,864
|
|
Principal Financial Group
|
32,278
|
|
1,406,352
|
|
Progressive
|
66,421
|
|
1,543,624
|
|
Prudential Financial
|
54,771
|
|
4,622,125
|
|
Torchmark
|
11,556
|
|
868,433
|
|
Travelers
|
43,163
|
|
3,508,289
|
|
Unum Group
|
31,247
|
|
1,006,153
|
|
XL Group
|
34,854
|
|
1,001,704
|
|
|
|
|
54,544,086
|
|
Materials--3.4%
|
|
|
|
|
Air Products & Chemicals
|
24,786
|
|
2,606,000
|
|
Airgas
|
7,861
|
|
811,570
|
|
Alcoa
|
126,325
|
b
|
1,454,001
|
|
Allegheny Technologies
|
12,571
|
|
395,232
|
|
Avery Dennison
|
11,634
|
|
573,207
|
|
Ball
|
17,913
|
|
916,966
|
|
Bemis
|
11,735
|
|
451,915
|
|
CF Industries Holdings
|
7,033
|
|
1,623,638
|
|
Cliffs Natural Resources
|
16,671
|
b
|
322,084
|
|
Dow Chemical
|
143,018
|
|
6,508,749
|
|
E.I. du Pont de Nemours & Co.
|
108,936
|
|
6,646,185
|
|
Eastman Chemical
|
18,345
|
|
1,430,176
|
|
Ecolab
|
32,121
|
|
3,229,445
|
|
FMC
|
16,578
|
|
1,170,904
|
|
Freeport-McMoRan Copper & Gold
|
122,430
|
|
3,967,956
|
|
International Flavors & Fragrances
|
9,383
|
|
813,318
|
|
|
|
|
|
|
International Paper
|
52,596
|
|
2,510,933
|
|
LyondellBasell Industries, Cl. A
|
51,789
|
|
4,078,902
|
|
MeadWestvaco
|
20,559
|
|
741,563
|
|
Monsanto
|
62,332
|
|
6,641,475
|
|
Mosaic
|
40,281
|
|
1,798,949
|
|
Newmont Mining
|
58,768
|
|
1,269,389
|
|
Nucor
|
37,445
|
|
1,810,466
|
|
Owens-Illinois
|
19,539
|
a
|
626,030
|
|
PPG Industries
|
16,891
|
|
3,080,243
|
|
Praxair
|
35,010
|
|
4,366,447
|
|
Sealed Air
|
22,804
|
|
711,257
|
|
Sherwin-Williams
|
10,240
|
|
1,876,582
|
|
Sigma-Aldrich
|
13,946
|
|
1,296,560
|
|
United States Steel
|
17,089
|
b
|
446,194
|
|
Vulcan Materials
|
15,256
|
|
941,753
|
|
|
|
|
65,118,089
|
|
Media--3.6%
|
|
|
|
|
Cablevision Systems (NY Group),
|
|
|
|
|
Cl. A
|
25,198
|
|
404,176
|
|
CBS, Cl. B
|
66,648
|
|
3,913,571
|
|
Comcast, Cl. A
|
309,834
|
|
16,870,461
|
|
DIRECTV
|
57,943
|
a
|
4,022,982
|
|
Discovery Communications, Cl. A
|
27,361
|
a
|
2,182,861
|
|
Gannett
|
26,545
|
|
730,784
|
|
Interpublic Group of Cos.
|
49,143
|
|
802,014
|
|
News Corp., Cl. A
|
58,962
|
a
|
941,034
|
|
Omnicom Group
|
30,865
|
|
2,240,182
|
|
Scripps Networks Interactive, Cl.
|
|
|
|
|
A
|
12,937
|
|
938,191
|
|
Time Warner
|
107,248
|
|
6,738,392
|
|
Time Warner Cable
|
33,420
|
|
4,453,883
|
|
Twenty-First Century Fox, Cl. A
|
232,616
|
|
7,401,841
|
|
Viacom, Cl. B
|
48,073
|
|
3,946,793
|
|
Walt Disney
|
193,732
|
|
14,066,881
|
|
|
|
|
69,654,046
|
|
Pharmaceuticals, Biotech & Life Sciences--8.9%
|
|
|
|
|
AbbVie
|
188,544
|
|
9,282,021
|
|
Actavis
|
20,522
|
a
|
3,878,248
|
|
Agilent Technologies
|
39,202
|
|
2,279,596
|
|
Alexion Pharmaceuticals
|
23,045
|
a
|
3,657,933
|
|
Allergan
|
35,112
|
|
4,023,835
|
|
Amgen
|
89,232
|
|
10,614,146
|
|
Biogen Idec
|
28,012
|
a
|
8,757,672
|
|
Bristol-Myers Squibb
|
194,228
|
|
9,705,573
|
|
Celgene
|
48,724
|
a
|
7,402,637
|
|
Eli Lilly & Co.
|
117,869
|
|
6,366,105
|
|
Forest Laboratories
|
27,779
|
a
|
1,841,748
|
|
Gilead Sciences
|
181,723
|
a
|
14,655,960
|
|
Hospira
|
19,197
|
a
|
844,860
|
|
Johnson & Johnson
|
334,400
|
|
29,584,368
|
|
Merck & Co.
|
346,751
|
|
18,367,400
|
|
Mylan
|
46,683
|
a
|
2,119,875
|
|
PerkinElmer
|
13,446
|
|
586,246
|
|
|
|
|
|
|
Perrigo Company
|
15,752
|
|
2,451,956
|
|
Pfizer
|
768,317
|
|
23,356,837
|
|
Regeneron Pharmaceuticals
|
9,306
|
a
|
2,685,619
|
|
Thermo Fisher Scientific
|
42,441
|
|
4,886,657
|
|
Vertex Pharmaceuticals
|
27,308
|
a
|
2,158,424
|
|
Waters
|
10,541
|
a
|
1,141,274
|
|
Zoetis
|
59,206
|
|
1,797,494
|
|
|
|
|
172,446,484
|
|
Real Estate--1.9%
|
|
|
|
|
American Tower
|
46,315
|
c
|
3,745,957
|
|
Apartment Investment & Management,
|
|
|
|
|
Cl. A
|
17,296
|
c
|
483,769
|
|
AvalonBay Communities
|
14,370
|
c
|
1,774,695
|
|
Boston Properties
|
17,823
|
c
|
1,926,488
|
|
CBRE Group, Cl. A
|
32,881
|
a
|
872,662
|
|
Equity Residential
|
39,680
|
c
|
2,197,478
|
|
General Growth Properties
|
65,582
|
c
|
1,320,821
|
|
HCP
|
53,558
|
c
|
2,096,796
|
|
Health Care
|
34,203
|
c
|
1,981,038
|
|
Host Hotels & Resorts
|
88,036
|
c
|
1,618,982
|
|
Kimco Realty
|
46,712
|
c
|
976,748
|
|
Macerich
|
16,207
|
c
|
917,316
|
|
Plum Creek Timber
|
20,946
|
c
|
902,144
|
|
Prologis
|
58,864
|
c
|
2,281,569
|
|
Public Storage
|
16,907
|
c
|
2,664,374
|
|
Simon Property Group
|
36,946
|
c
|
5,720,719
|
|
Ventas
|
34,373
|
c
|
2,144,531
|
|
Vornado Realty Trust
|
20,102
|
c
|
1,845,967
|
|
Weyerhaeuser
|
69,131
|
c
|
2,065,634
|
|
|
|
|
37,537,688
|
|
Retailing--4.3%
|
|
|
|
|
Amazon.com
|
43,830
|
a
|
15,721,383
|
|
AutoNation
|
7,596
|
a
|
375,166
|
|
AutoZone
|
4,036
|
a
|
1,998,062
|
|
Bed Bath & Beyond
|
25,945
|
a
|
1,656,588
|
|
Best Buy
|
31,613
|
|
744,170
|
|
CarMax
|
26,157
|
a
|
1,179,942
|
|
Dollar General
|
35,652
|
a
|
2,007,921
|
|
Dollar Tree
|
24,677
|
a
|
1,246,682
|
|
Expedia
|
12,708
|
|
825,766
|
|
Family Dollar Stores
|
11,526
|
|
712,537
|
|
GameStop, Cl. A
|
13,864
|
b
|
486,210
|
|
Gap
|
32,700
|
|
1,245,216
|
|
Genuine Parts
|
18,200
|
|
1,496,950
|
|
Home Depot
|
166,935
|
|
12,828,955
|
|
Kohl's
|
24,194
|
|
1,224,942
|
|
L Brands
|
28,996
|
|
1,518,231
|
|
Lowe's
|
124,615
|
|
5,768,428
|
|
Macy's
|
44,585
|
|
2,371,922
|
|
Netflix
|
6,976
|
a
|
2,855,486
|
|
Nordstrom
|
18,072
|
|
1,038,236
|
|
O'Reilly Automotive
|
13,149
|
a
|
1,722,256
|
|
PetSmart
|
12,770
|
|
804,510
|
|
|
|
|
|
|
priceline.com
|
6,115
|
a
|
7,001,002
|
|
Ross Stores
|
26,591
|
|
1,805,795
|
|
Staples
|
80,915
|
b
|
1,064,841
|
|
Target
|
74,772
|
|
4,235,086
|
|
The TJX Companies
|
85,033
|
|
4,877,493
|
|
Tiffany & Co.
|
13,049
|
|
1,085,546
|
|
Tractor Supply
|
16,543
|
|
1,100,275
|
|
TripAdvisor
|
12,972
|
a
|
1,001,309
|
|
Urban Outfitters
|
12,189
|
a
|
436,610
|
|
|
|
|
82,437,516
|
|
Semiconductors & Semiconductor Equipment--2.0%
|
|
|
|
|
Altera
|
38,073
|
|
1,272,780
|
|
Analog Devices
|
36,854
|
|
1,778,943
|
|
Applied Materials
|
139,712
|
|
2,349,956
|
|
Broadcom, Cl. A
|
65,116
|
|
1,937,852
|
|
First Solar
|
7,860
|
a
|
397,559
|
|
Intel
|
587,806
|
|
14,424,759
|
|
KLA-Tencor
|
19,075
|
|
1,172,540
|
|
Lam Research
|
19,271
|
a
|
975,305
|
|
Linear Technology
|
27,568
|
|
1,227,879
|
|
LSI
|
65,425
|
|
721,638
|
|
Microchip Technology
|
23,308
|
b
|
1,045,597
|
|
Micron Technology
|
124,625
|
a
|
2,871,360
|
|
NVIDIA
|
72,190
|
b
|
1,133,383
|
|
Texas Instruments
|
131,236
|
|
5,564,406
|
|
Xilinx
|
31,787
|
|
1,475,553
|
|
|
|
|
38,349,510
|
|
Software & Services--10.3%
|
|
|
|
|
Accenture, Cl. A
|
75,364
|
|
6,020,076
|
|
Adobe Systems
|
55,367
|
a
|
3,277,173
|
|
Akamai Technologies
|
21,702
|
a
|
1,034,751
|
|
Alliance Data Systems
|
5,716
|
a
|
1,369,897
|
|
Autodesk
|
26,652
|
a
|
1,365,915
|
|
Automatic Data Processing
|
57,568
|
|
4,409,709
|
|
CA
|
38,153
|
|
1,223,948
|
|
Citrix Systems
|
22,162
|
a
|
1,198,299
|
|
Cognizant Technology Solutions,
|
|
|
|
|
Cl. A
|
35,414
|
a
|
3,432,325
|
|
Computer Sciences
|
18,366
|
|
1,109,490
|
|
eBay
|
137,432
|
a
|
7,311,382
|
|
Electronic Arts
|
37,761
|
a
|
996,890
|
|
Facebook, Cl. A
|
195,009
|
a
|
12,201,713
|
|
Fidelity National Information
|
|
|
|
|
Services
|
34,295
|
|
1,738,757
|
|
Fiserv
|
31,598
|
a
|
1,771,068
|
|
Google, Cl. A
|
33,260
|
a
|
39,279,062
|
|
International Business Machines
|
120,987
|
|
21,375,983
|
|
Intuit
|
33,775
|
|
2,474,019
|
|
MasterCard, Cl. A
|
122,710
|
|
9,286,693
|
|
Microsoft
|
900,354
|
|
34,078,399
|
|
Oracle
|
415,992
|
|
15,350,105
|
|
Paychex
|
38,542
|
b
|
1,611,826
|
|
Red Hat
|
23,012
|
a
|
1,300,178
|
|
|
|
|
|
|
salesforce.com
|
64,936
|
a
|
3,930,576
|
|
Symantec
|
82,359
|
|
1,763,306
|
|
Teradata
|
20,080
|
a
|
825,690
|
|
Total System Services
|
19,647
|
|
587,052
|
|
VeriSign
|
16,017
|
a
|
940,999
|
|
Visa, Cl. A
|
60,365
|
|
13,004,432
|
|
Western Union
|
67,229
|
|
1,035,327
|
|
Yahoo!
|
111,846
|
a
|
4,028,693
|
|
|
|
|
199,333,733
|
|
Technology Hardware & Equipment--6.1%
|
|
|
|
|
Amphenol, Cl. A
|
18,906
|
|
1,642,553
|
|
Apple
|
106,650
|
|
53,388,990
|
|
Cisco Systems
|
635,075
|
|
13,914,493
|
|
Corning
|
171,578
|
|
2,952,857
|
|
EMC
|
243,944
|
|
5,913,203
|
|
F5 Networks
|
9,355
|
a
|
1,000,985
|
|
FLIR Systems
|
17,366
|
|
550,850
|
|
Harris
|
13,485
|
|
935,050
|
|
Hewlett-Packard
|
230,332
|
|
6,679,628
|
|
Jabil Circuit
|
21,618
|
|
388,475
|
|
Juniper Networks
|
60,670
|
a
|
1,614,429
|
|
Motorola Solutions
|
28,071
|
|
1,790,930
|
|
NetApp
|
41,859
|
b
|
1,772,310
|
|
QUALCOMM
|
200,267
|
|
14,863,817
|
|
SanDisk
|
26,786
|
|
1,862,966
|
|
Seagate Technology
|
37,774
|
|
1,996,734
|
|
TE Connectivity
|
48,834
|
|
2,759,609
|
|
Western Digital
|
25,243
|
|
2,175,189
|
|
Xerox
|
137,309
|
|
1,489,803
|
|
|
|
|
117,692,871
|
|
Telecommunication Services--2.2%
|
|
|
|
|
AT&T
|
624,428
|
|
20,805,941
|
|
CenturyLink
|
71,176
|
|
2,054,139
|
|
Crown Castle International
|
38,977
|
a
|
2,765,808
|
|
Frontier Communications
|
114,186
|
b
|
536,674
|
|
Verizon Communications
|
338,311
|
|
16,245,694
|
|
Windstream Holdings
|
66,812
|
b
|
499,754
|
|
|
|
|
42,908,010
|
|
Transportation--2.0%
|
|
|
|
|
C.H. Robinson Worldwide
|
18,709
|
|
1,095,225
|
|
CSX
|
121,787
|
|
3,277,288
|
|
Delta Air Lines
|
100,044
|
|
3,062,347
|
|
Expeditors International of
|
|
|
|
|
Washington
|
24,246
|
|
990,692
|
|
FedEx
|
35,272
|
|
4,702,463
|
|
Kansas City Southern
|
12,986
|
|
1,371,192
|
|
Norfolk Southern
|
36,625
|
|
3,391,109
|
|
Ryder System
|
6,138
|
|
436,964
|
|
Southwest Airlines
|
86,057
|
|
1,802,894
|
|
Union Pacific
|
54,593
|
|
9,512,284
|
|
United Parcel Service, Cl. B
|
84,732
|
|
8,069,028
|
|
|
|
|
37,711,486
|
|
Utilities--3.0%
|
|
|
|
|
|
|
|
|
|
|
AES
|
75,233
|
|
1,057,776
|
|
|
AGL Resources
|
13,307
|
|
635,808
|
|
|
Ameren
|
27,739
|
|
1,049,644
|
|
|
American Electric Power
|
57,477
|
|
2,805,452
|
|
|
CenterPoint Energy
|
51,142
|
|
1,196,723
|
|
|
CMS Energy
|
31,410
|
|
872,884
|
|
|
Consolidated Edison
|
34,123
|
|
1,856,632
|
|
|
Dominion Resources
|
68,787
|
|
4,671,325
|
|
|
DTE Energy
|
20,359
|
|
1,388,891
|
|
|
Duke Energy
|
83,405
|
|
5,890,061
|
|
|
Edison International
|
38,466
|
|
1,852,523
|
|
|
Entergy
|
20,595
|
|
1,298,103
|
|
|
Exelon
|
100,010
|
|
2,900,290
|
|
|
FirstEnergy
|
49,606
|
|
1,562,093
|
|
|
Integrys Energy Group
|
9,114
|
|
495,255
|
|
|
NextEra Energy
|
51,036
|
|
4,691,739
|
|
|
NiSource
|
36,590
|
|
1,257,598
|
|
|
Northeast Utilities
|
36,358
|
|
1,592,480
|
|
|
NRG Energy
|
38,114
|
|
1,061,475
|
|
|
ONEOK
|
24,650
|
|
1,688,279
|
|
|
Pepco Holdings
|
27,662
|
|
537,473
|
|
|
PG&E
|
53,237
|
|
2,243,940
|
|
|
Pinnacle West Capital
|
12,506
|
|
658,191
|
|
|
PPL
|
74,783
|
|
2,286,116
|
|
|
Public Service Enterprise Group
|
59,704
|
|
1,990,531
|
|
|
SCANA
|
16,492
|
|
779,577
|
|
|
Sempra Energy
|
26,683
|
|
2,473,781
|
|
|
Southern
|
104,489
|
|
4,309,126
|
|
|
TECO Energy
|
25,479
|
|
417,346
|
|
|
Wisconsin Energy
|
27,099
|
|
1,156,314
|
|
|
Xcel Energy
|
57,610
|
|
1,665,505
|
|
|
|
|
|
58,342,931
|
|
|
Total Common Stocks
|
|
|
|
|
|
(cost $1,223,559,670)
|
|
|
1,885,998,924
|
|
|
|
Principal
|
|
|
|
|
Short-Term Investments--.1%
|
Amount ($)
|
|
Value ($)
|
|
|
U.S. Treasury Bills;
|
|
|
|
|
|
0.06%, 6/26/14
|
|
|
|
|
|
(cost $2,144,460)
|
2,145,000
|
d
|
2,144,670
|
|
|
|
|
Other Investment--2.1%
|
Shares
|
|
Value ($)
|
|
|
Registered Investment Company;
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
(cost $40,897,022)
|
40,897,022
|
e
|
40,897,022
|
|
|
Investment of Cash Collateral for
|
|
|
|
|
|
Securities Loaned--.3%
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
|
|
Advantage Fund
|
|
|
|
|
|
(cost $5,999,695)
|
5,999,695
|
e
|
5,999,695
|
|
|
Total Investments
(cost $1,272,600,847)
|
100.2
|
%
|
1,935,040,311
|
|
|
Liabilities, Less Cash and Receivables
|
(.2
|
%)
|
(4,552,592
|
)
|
|
|
|
|
|
|
Net Assets
|
100.0
|
%
|
1,930,487,719
|
|
|
|
a Non-income producing security.
|
|
b Security, or portion thereof, on loan. At January 31, 2014 the value of the fund's securities on loan was $10,444,402 and the
|
|
value of the collateral held by the fund was $10,850,071, consisting of cash collateral of $5,999,695 and U.S. Government &
|
|
Agency securities valued at $4,850,376.
|
|
c Investment in real estate investment trust.
|
|
d Held by or on behalf of a counterparty for open financial futures contracts.
|
|
e Investment in affiliated money market mutual fund.
|
At January 31, 2014, net unrealized appreciation on investments was $662,439,464 of which $713,265,624 related to appreciated investment securities and $50,826,160 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
|
Software & Services
|
10.3
|
|
Energy
|
9.7
|
|
Pharmaceuticals, Biotech & Life Sciences
|
8.9
|
|
Diversified Financials
|
8.1
|
|
Capital Goods
|
8.0
|
|
Technology Hardware & Equipment
|
6.1
|
|
Food, Beverage & Tobacco
|
5.0
|
|
Retailing
|
4.3
|
|
Health Care Equipment & Services
|
4.2
|
|
Media
|
3.6
|
|
Materials
|
3.4
|
|
Utilities
|
3.0
|
|
Banks
|
2.9
|
|
Insurance
|
2.8
|
|
Short-Term/Money Market Investments
|
2.5
|
|
Food & Staples Retailing
|
2.3
|
|
Telecommunication Services
|
2.2
|
|
Household & Personal Products
|
2.1
|
|
Semiconductors & Semiconductor Equipment
|
2.0
|
|
Transportation
|
2.0
|
|
Real Estate
|
1.9
|
|
Consumer Services
|
1.8
|
|
Consumer Durables & Apparel
|
1.3
|
|
Automobiles & Components
|
1.1
|
|
Commercial & Professional Services
|
.7
|
|
|
100.2
|
|
|
|
|
|
|
|
|
STATEMENT OF FINANCIAL FUTURES
|
|
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value
|
|
Unrealized
|
|
|
|
|
Covered by
|
|
(Depreciation)
|
|
|
|
Contracts
|
Contracts ($)
|
Expiration
|
at 1/31/2014
|
($)
|
|
Financial Futures Long
|
|
|
|
|
|
|
Standard & Poor's 500 E-mini
|
499
|
44,326,170
|
March 2014
|
(798,858
|
)
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
|
|
Investments in Securities:
|
|
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
1,882,935,810
|
-
|
-
|
1,882,935,810
|
|
|
Equity Securities - Foreign Common Stocks+
|
3,063,114
|
-
|
-
|
3,063,114
|
|
|
Mutual Funds
|
46,896,717
|
-
|
-
|
46,896,717
|
|
|
U.S. Treasury
|
-
|
2,144,670
|
-
|
2,144,670
|
|
|
Liabilities ($)
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
Financial Futures++
|
(798,858
)
|
-
|
-
|
(798,858
|
)
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
|
++ Amount shown represents unrealized (depreciation) at period end.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except
for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally
categorized within Level 2 of the fair value hierarchy.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended January 31, 2014 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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|
STATEMENT OF INVESTMENTS
|
|
|
|
|
|
|
Dreyfus Bond Market Index Fund
|
|
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Coupon
|
Maturity
|
Principal
|
|
|
|
Bonds and Notes--101.0%
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
|
Asset-Backed Ctfs./Auto Receivables--.2%
|
|
|
|
|
|
|
Ally Auto Receivables Trust,
|
|
|
|
|
|
|
Ser. 2012-3, Cl. A4
|
1.06
|
2/15/17
|
500,000
|
|
503,120
|
|
Ally Auto Receivables Trust,
|
|
|
|
|
|
|
Ser. 2012-1, Cl. A4
|
1.21
|
7/15/16
|
1,000,000
|
|
1,009,214
|
|
Ford Credit Auto Owner Trust,
|
|
|
|
|
|
|
Ser. 2012-B, Cl. A4
|
1.00
|
9/15/17
|
400,000
|
|
402,640
|
|
Mercedes-Benz Auto Lease Trust,
|
|
|
|
|
|
|
Ser. 2013-A, Cl. A3
|
0.59
|
2/15/16
|
1,000,000
|
|
1,001,209
|
|
Nissan Auto Lease Trust,
|
|
|
|
|
|
|
Ser. 2013-A, Cl. A3
|
0.61
|
4/15/16
|
750,000
|
|
750,506
|
|
|
|
|
|
|
3,666,689
|
|
Asset-Backed Ctfs./Credit Cards--.2%
|
|
|
|
|
|
|
Capital One Multi-Asset Execution
|
|
|
|
|
|
|
Trust, Ser. 2007-A7, Cl. A7
|
5.75
|
7/15/20
|
565,000
|
|
651,724
|
|
Chase Issuance Trust,
|
|
|
|
|
|
|
Ser. 2012-A8, Cl. A8
|
0.54
|
10/16/17
|
1,250,000
|
|
1,249,581
|
|
Citibank Credit Card Issuance
|
|
|
|
|
|
|
Trust, Ser. 2007-A8, Cl. A8
|
5.65
|
9/20/19
|
3,000,000
|
|
3,449,976
|
|
|
|
|
|
|
5,351,281
|
|
Commercial Mortgage Pass-Through Ctfs.--1.6%
|
|
|
|
|
|
|
Banc of America Commercial
|
|
|
|
|
|
|
Mortgage, Ser. 2007-1, Cl. A4
|
5.45
|
1/15/49
|
1,000,000
|
|
1,086,571
|
|
Banc of America Commercial
|
|
|
|
|
|
|
Mortgage, Ser. 2007-4, Cl. A4
|
5.78
|
2/10/51
|
284,262
|
a
|
313,130
|
|
Banc of America Merrill Lynch
|
|
|
|
|
|
|
Commercial Mortgage,
|
|
|
|
|
|
|
Ser. 2005-3, Cl. A4
|
4.67
|
7/10/43
|
1,000,000
|
|
1,044,988
|
|
Banc of America Merrill Lynch
|
|
|
|
|
|
|
Commercial Mortgage,
|
|
|
|
|
|
|
Ser. 2005-4, Cl. A5B
|
5.00
|
7/10/45
|
1,800,000
|
a
|
1,899,379
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2005-PWR8,
|
|
|
|
|
|
|
Cl. A4
|
4.67
|
6/11/41
|
258,346
|
|
268,474
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2005-PWR9,
|
|
|
|
|
|
|
Cl. A4A
|
4.87
|
9/11/42
|
900,000
|
|
943,474
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2006-PW14,
|
|
|
|
|
|
|
Cl. A4
|
5.20
|
12/11/38
|
1,000,000
|
|
1,092,978
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2005-PW10,
|
|
|
|
|
|
|
Cl. A4
|
5.41
|
12/11/40
|
185,000
|
a
|
196,056
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2006-PW12,
|
|
|
|
|
|
|
Cl. A4
|
5.71
|
9/11/38
|
850,000
|
a
|
930,659
|
|
Citigroup Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2006-C4, Cl. A3
|
5.78
|
3/15/49
|
223,016
|
a
|
242,267
|
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2008-C7, Cl. A4
|
6.14
|
12/10/49
|
1,100,000
|
a
|
1,249,954
|
|
Citigroup/Deutsche Bank Commercial
|
|
|
|
|
|
|
Mortgage Trust, Ser. 2005-CD1,
|
|
|
|
|
|
|
Cl. A4
|
5.22
|
7/15/44
|
1,900,000
|
a
|
2,013,022
|
|
Citigroup/Deutsche Bank Commercial
|
|
|
|
|
|
|
Mortgage Trust, Ser. 2006-CD2,
|
|
|
|
|
|
|
Cl. A4
|
5.31
|
1/15/46
|
85,000
|
a
|
90,946
|
|
Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2012-CR4, Cl. A3
|
2.85
|
10/15/45
|
1,000,000
|
|
958,558
|
|
Credit Suisse Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2006-C3, Cl. A3
|
5.79
|
6/15/38
|
1,455,163
|
a
|
1,582,820
|
|
CWCapital Cobalt,
|
|
|
|
|
|
|
Ser. 2007-C3, Cl. A4
|
5.77
|
5/15/46
|
1,000,000
|
a
|
1,109,327
|
|
GS Mortgage Securities II,
|
|
|
|
|
|
|
Ser. 2007-GG10, Cl. A4
|
5.81
|
8/10/45
|
1,000,000
|
a,b
|
1,104,350
|
|
J.P. Morgan Chase Commercial
|
|
|
|
|
|
|
Mortgage Securities,
|
|
|
|
|
|
|
Ser. 2005-LDP3, Cl. A4A
|
4.94
|
8/15/42
|
597,319
|
a
|
626,141
|
|
J.P. Morgan Chase Commercial
|
|
|
|
|
|
|
Mortgage Securities,
|
|
|
|
|
|
|
Ser. 2007-LDPX, Cl. A3
|
5.42
|
1/15/49
|
1,200,000
|
|
1,320,524
|
|
J.P. Morgan Chase Commercial
|
|
|
|
|
|
|
Mortgage Securities,
|
|
|
|
|
|
|
Ser. 2007-CB18, Cl. A4
|
5.44
|
6/12/47
|
350,000
|
|
386,004
|
|
J.P. Morgan Chase Commercial
|
|
|
|
|
|
|
Mortgage Securities,
|
|
|
|
|
|
|
Ser. 2006-CB14, Cl. A4
|
5.48
|
12/12/44
|
500,000
|
a
|
532,877
|
|
J.P. Morgan Chase Commercial
|
|
|
|
|
|
|
Mortgage Securities,
|
|
|
|
|
|
|
Ser. 2007-CB20, Cl. A4
|
5.79
|
2/12/51
|
1,000,000
|
a
|
1,125,354
|
|
LB-UBS Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2005-C3, Cl. AJ
|
4.84
|
7/15/40
|
500,000
|
|
521,204
|
|
LB-UBS Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2007-C2, Cl. A3
|
5.43
|
2/15/40
|
994,140
|
|
1,100,883
|
|
Merrill Lynch Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2005-CKI1, Cl. A6
|
5.28
|
11/12/37
|
339,504
|
a
|
359,490
|
|
Merrill Lynch Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2006-C2, Cl. A4
|
5.74
|
8/12/43
|
937,640
|
a
|
1,028,536
|
|
Merrill Lynch Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2007-C1, Cl. A4
|
5.84
|
6/12/50
|
1,000,000
|
a
|
1,115,833
|
|
Merrill Lynch/Countrywide
|
|
|
|
|
|
|
Commercial Mortgage,
|
|
|
|
|
|
|
Ser. 2007-7, Cl. A4
|
5.75
|
6/12/50
|
1,200,000
|
a
|
1,331,353
|
|
Morgan Stanley Bank of America
|
|
|
|
|
|
|
Merrill Lynch Trust,
|
|
|
|
|
|
|
Ser. 2013-C9, Cl. A1
|
0.83
|
5/15/46
|
902,265
|
|
897,396
|
|
Morgan Stanley Bank of America
|
|
|
|
|
|
|
Merrill Lynch Trust,
|
|
|
|
|
|
|
Ser. 2013-C10, Cl. A1
|
1.39
|
7/15/46
|
82,569
|
|
83,036
|
|
Morgan Stanley Bank of America
|
|
|
|
|
|
|
Merrill Lynch Trust,
|
|
|
|
|
|
|
Ser. 2013-C8, Cl. A4
|
3.13
|
12/15/48
|
1,000,000
|
|
977,463
|
|
Morgan Stanley Capital I,
|
|
|
|
|
|
|
Ser. 2007-IQ14, Cl. A4
|
5.69
|
4/15/49
|
1,300,000
|
a
|
1,442,524
|
|
|
|
|
|
|
|
|
Morgan Stanley Capital I,
|
|
|
|
|
|
|
Ser. 2006-HQ9, Cl. A4
|
5.73
|
7/12/44
|
434,402
|
a
|
473,380
|
|
UBS Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2012-C1, Cl. A3
|
3.40
|
5/10/45
|
500,000
|
|
502,189
|
|
UBS-Barclays Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2012-C4, Cl. A5
|
2.85
|
12/10/45
|
500,000
|
|
476,917
|
|
UBS-Barclays Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2013-C6, Cl. A4
|
3.24
|
4/10/46
|
1,412,000
|
|
1,382,407
|
|
Wachovia Bank Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2005-C20, Cl. A7
|
5.12
|
7/15/42
|
747,907
|
a
|
787,143
|
|
Wachovia Bank Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2006-C23, Cl. A4
|
5.42
|
1/15/45
|
936,534
|
a
|
996,685
|
|
Wachovia Bank Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2006-C27, Cl. A3
|
5.77
|
7/15/45
|
969,034
|
a
|
1,045,089
|
|
|
|
|
|
|
34,639,381
|
|
Consumer Discretionary--2.4%
|
|
|
|
|
|
|
21st Century Fox America,
|
|
|
|
|
|
|
Gtd. Notes
|
6.20
|
12/15/34
|
250,000
|
|
287,535
|
|
21st Century Fox America,
|
|
|
|
|
|
|
Gtd. Notes
|
6.40
|
12/15/35
|
1,000,000
|
|
1,173,115
|
|
21st Century Fox America,
|
|
|
|
|
|
|
Gtd. Notes
|
6.65
|
11/15/37
|
360,000
|
|
434,695
|
|
21st Century Fox America,
|
|
|
|
|
|
|
Gtd. Debs.
|
7.75
|
12/1/45
|
100,000
|
|
132,145
|
|
21st Century Fox America,
|
|
|
|
|
|
|
Gtd. Debs.
|
8.25
|
8/10/18
|
150,000
|
|
190,258
|
|
Autozone,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.30
|
1/13/17
|
1,000,000
|
|
1,003,591
|
|
Avon Products,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.20
|
7/15/18
|
250,000
|
b
|
259,104
|
|
Carnival,
|
|
|
|
|
|
|
Gtd. Notes
|
3.95
|
10/15/20
|
300,000
|
|
308,133
|
|
CBS,
|
|
|
|
|
|
|
Gtd. Notes
|
5.50
|
5/15/33
|
250,000
|
|
257,527
|
|
CBS,
|
|
|
|
|
|
|
Gtd. Debs.
|
7.88
|
7/30/30
|
300,000
|
|
386,979
|
|
Comcast,
|
|
|
|
|
|
|
Gtd. Notes
|
2.85
|
1/15/23
|
300,000
|
b
|
283,785
|
|
Comcast,
|
|
|
|
|
|
|
Gtd. Notes
|
5.70
|
7/1/19
|
1,000,000
|
|
1,169,010
|
|
Comcast,
|
|
|
|
|
|
|
Gtd. Notes
|
6.45
|
3/15/37
|
1,150,000
|
|
1,375,291
|
|
Comcast,
|
|
|
|
|
|
|
Gtd. Bonds
|
6.50
|
1/15/17
|
1,000,000
|
|
1,152,706
|
|
Comcast Cable Communications
|
|
|
|
|
|
|
Holdings, Gtd. Notes
|
9.46
|
11/15/22
|
304,000
|
|
426,790
|
|
Costco Wholesale,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
3/15/17
|
500,000
|
|
567,341
|
|
COX Communications,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
5.50
|
10/1/15
|
450,000
|
|
482,352
|
|
CVS Caremark,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
6/1/17
|
49,000
|
|
55,851
|
|
CVS Caremark,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
5/15/41
|
630,000
|
|
716,357
|
|
Daimler Finance North America,
|
|
|
|
|
|
|
|
|
|
|
|
|
Gtd. Notes
|
8.50
|
1/18/31
|
200,000
|
296,655
|
|
DirecTV Holdings/Financing,
|
|
|
|
|
|
Gtd. Notes
|
3.50
|
3/1/16
|
2,500,000
|
2,626,022
|
|
DirecTV Holdings/Financing,
|
|
|
|
|
|
Gtd. Notes
|
6.00
|
8/15/40
|
800,000
|
821,616
|
|
Discovery Communications,
|
|
|
|
|
|
Gtd. Notes
|
6.35
|
6/1/40
|
700,000
|
803,717
|
|
Dollar General,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.88
|
4/15/18
|
1,000,000
|
992,525
|
|
Ford Motor,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.75
|
1/15/43
|
1,000,000
|
934,562
|
|
Home Depot,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.40
|
3/1/16
|
2,550,000
|
2,803,651
|
|
Home Depot,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
12/16/36
|
650,000
|
780,006
|
|
Johnson Controls,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
1/15/16
|
2,800,000
|
3,036,460
|
|
Kohl's,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.75
|
12/15/23
|
500,000
|
519,124
|
|
Lowe's Cos.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.88
|
9/15/23
|
500,000
|
518,875
|
|
Lowe's Cos.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.65
|
9/15/37
|
850,000
|
1,073,598
|
|
Macy's Retail Holdings,
|
|
|
|
|
|
Gtd. Notes
|
5.90
|
12/1/16
|
500,000
|
560,785
|
|
Macy's Retail Holdings,
|
|
|
|
|
|
Gtd. Notes
|
6.38
|
3/15/37
|
830,000
|
981,591
|
|
McDonald's,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.35
|
3/1/18
|
1,050,000
|
1,206,337
|
|
NBCUniversal Media,
|
|
|
|
|
|
Gtd. Notes
|
5.15
|
4/30/20
|
1,500,000
|
1,702,038
|
|
Nike,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.25
|
5/1/23
|
300,000
|
279,167
|
|
Nike,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.63
|
5/1/43
|
300,000
|
265,596
|
|
Omnicom Group,
|
|
|
|
|
|
Gtd. Notes
|
3.63
|
5/1/22
|
500,000
|
499,423
|
|
Procter & Gamble,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.55
|
3/5/37
|
300,000
|
357,038
|
|
Starbucks,
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.25
|
8/15/17
|
750,000
|
876,039
|
|
Target,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.38
|
5/1/17
|
400,000
|
451,454
|
|
Target,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.00
|
1/15/38
|
228,000
|
295,852
|
|
Thomson Reuters,
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
7/15/18
|
800,000
|
937,047
|
|
Time Warner Cable,
|
|
|
|
|
|
Gtd. Debs.
|
6.55
|
5/1/37
|
350,000
|
337,078
|
|
Time Warner Cable,
|
|
|
|
|
|
Gtd. Debs.
|
7.30
|
7/1/38
|
495,000
|
514,635
|
|
Time Warner Cable,
|
|
|
|
|
|
Gtd. Notes
|
8.25
|
4/1/19
|
3,000,000
|
3,551,361
|
|
Time Warner Cos.,
|
|
|
|
|
|
Gtd. Debs.
|
6.95
|
1/15/28
|
325,000
|
399,143
|
|
|
|
|
|
|
|
Time Warner,
|
|
|
|
|
|
Sr. Unscd. Note
|
4.75
|
3/29/21
|
1,500,000
|
1,648,413
|
|
Time Warner,
|
|
|
|
|
|
Gtd. Notes
|
7.63
|
4/15/31
|
1,100,000
|
1,439,548
|
|
Viacom,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
4/30/36
|
235,000
|
282,670
|
|
Wal-Mart Stores,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.63
|
7/8/20
|
4,100,000
|
4,386,832
|
|
Wal-Mart Stores,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
9/1/35
|
600,000
|
671,539
|
|
Wal-Mart Stores,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.50
|
8/15/37
|
635,000
|
818,255
|
|
Walt Disney,
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. B
|
7.00
|
3/1/32
|
150,000
|
200,314
|
|
Wyndham Worldwide,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.50
|
3/1/18
|
500,000
|
506,624
|
|
Wyndham Worldwide,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.90
|
3/1/23
|
500,000
|
490,960
|
|
Xerox,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.75
|
2/1/17
|
750,000
|
855,080
|
|
Yum! Brands,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
11/15/37
|
168,000
|
200,459
|
|
|
|
|
|
50,584,654
|
|
Consumer Staples--1.2%
|
|
|
|
|
|
Altria Group,
|
|
|
|
|
|
Gtd. Notes
|
9.70
|
11/10/18
|
1,210,000
|
1,614,236
|
|
Anheuser-Busch Cos.,
|
|
|
|
|
|
Gtd. Bonds
|
5.00
|
1/15/15
|
1,000,000
|
1,043,174
|
|
Anheuser-Busch Cos.,
|
|
|
|
|
|
Gtd. Notes
|
5.50
|
1/15/18
|
145,000
|
165,924
|
|
Anheuser-Busch Inbev Finance,
|
|
|
|
|
|
Gtd. Notes
|
0.80
|
1/15/16
|
500,000
|
501,981
|
|
Anheuser-Busch Inbev Finance,
|
|
|
|
|
|
Gtd. Notes
|
2.63
|
1/17/23
|
500,000
|
473,622
|
|
Anheuser-Busch Inbev Finance,
|
|
|
|
|
|
Gtd. Notes
|
4.00
|
1/17/43
|
300,000
|
277,264
|
|
Anheuser-Busch Inbev Worldwide
|
|
|
|
|
|
Gtd. Notes
|
5.38
|
1/15/20
|
2,500,000
|
2,900,445
|
|
Archer-Daniels-Midland,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.45
|
3/15/18
|
130,000
|
149,044
|
|
Coca-Cola,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.30
|
9/1/21
|
2,000,000
|
2,071,826
|
|
Coca-Cola FEMSA,
|
|
|
|
|
|
Gtd. Notes
|
2.38
|
11/26/18
|
400,000
|
403,139
|
|
ConAgra Foods,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.30
|
1/25/16
|
500,000
|
503,561
|
|
ConAgra Foods,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.90
|
1/25/18
|
500,000
|
498,636
|
|
ConAgra Foods,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.20
|
1/25/23
|
290,000
|
277,283
|
|
ConAgra Foods,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.65
|
1/25/43
|
300,000
|
286,708
|
|
ConAgra Foods,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.00
|
10/1/28
|
350,000
|
426,978
|
|
Diageo Capital,
|
|
|
|
|
|
|
|
|
|
|
|
|
Gtd. Notes
|
5.75
|
10/23/17
|
720,000
|
|
828,639
|
|
Diageo Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
5.30
|
10/28/15
|
125,000
|
|
135,133
|
|
Diageo Investment,
|
|
|
|
|
|
|
Gtd. Notes
|
4.25
|
5/11/42
|
1,000,000
|
|
961,868
|
|
Dr. Pepper Snapple Group,
|
|
|
|
|
|
|
Gtd. Notes
|
6.82
|
5/1/18
|
200,000
|
|
237,803
|
|
General Mills,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.70
|
2/15/17
|
1,300,000
|
b
|
1,472,380
|
|
Kellogg,
|
|
|
|
|
|
|
Sr. Unscd. Debs., Ser. B
|
7.45
|
4/1/31
|
340,000
|
|
445,475
|
|
Kimberly-Clark,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.70
|
6/1/43
|
1,000,000
|
|
889,936
|
|
Kraft Foods Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.25
|
6/5/17
|
490,000
|
|
503,591
|
|
Kraft Foods Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.50
|
6/6/22
|
490,000
|
|
491,366
|
|
Kraft Foods Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
6/4/42
|
400,000
|
|
409,219
|
|
Kroger,
|
|
|
|
|
|
|
Gtd. Notes
|
7.50
|
4/1/31
|
800,000
|
|
1,012,482
|
|
Mondelez International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.00
|
2/1/24
|
1,000,000
|
|
1,014,461
|
|
Mondelez International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.50
|
2/9/40
|
253,000
|
|
313,061
|
|
Nabisco,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.55
|
6/15/15
|
640,000
|
|
697,761
|
|
Pepsi Bottling Group,
|
|
|
|
|
|
|
Gtd. Notes, Ser. B
|
7.00
|
3/1/29
|
800,000
|
|
1,046,054
|
|
PepsiCo,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.70
|
8/13/15
|
1,000,000
|
|
1,002,807
|
|
PepsiCo,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.90
|
11/1/18
|
1,000,000
|
|
1,266,392
|
|
Philip Morris International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.50
|
3/20/42
|
650,000
|
|
631,865
|
|
Philip Morris International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.65
|
5/16/18
|
760,000
|
|
881,308
|
|
Reynolds American,
|
|
|
|
|
|
|
Gtd. Notes
|
4.85
|
9/15/23
|
650,000
|
|
680,965
|
|
SYSCO,
|
|
|
|
|
|
|
Gtd. Notes
|
5.38
|
9/21/35
|
350,000
|
|
385,924
|
|
|
|
|
|
|
26,902,311
|
|
Energy--2.8%
|
|
|
|
|
|
|
Anadarko Petroleum,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.95
|
9/15/16
|
350,000
|
|
390,641
|
|
Anadarko Petroleum,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.45
|
9/15/36
|
150,000
|
|
175,882
|
|
Apache,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
1/15/37
|
380,000
|
|
444,806
|
|
Baker Hughes,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.13
|
9/15/40
|
1,000,000
|
|
1,098,141
|
|
BP Capital Markets,
|
|
|
|
|
|
|
Gtd. Notes
|
2.50
|
11/6/22
|
800,000
|
|
744,090
|
|
BP Capital Markets,
|
|
|
|
|
|
|
Gtd. Notes
|
3.20
|
3/11/16
|
1,000,000
|
|
1,053,211
|
|
|
|
|
|
|
|
|
BP Capital Markets,
|
|
|
|
|
|
|
Gtd. Notes
|
3.25
|
5/6/22
|
1,200,000
|
|
1,189,166
|
|
Buckeye Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.65
|
11/15/18
|
250,000
|
|
249,308
|
|
Cameron International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.13
|
12/15/43
|
175,000
|
|
175,147
|
|
Canadian Natural Resources,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
3/15/38
|
430,000
|
|
496,230
|
|
Cenovus Energy,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.80
|
9/15/23
|
1,000,000
|
|
993,527
|
|
Chevron,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.72
|
6/24/18
|
1,000,000
|
|
1,006,064
|
|
Chevron,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.19
|
6/24/23
|
400,000
|
|
395,834
|
|
CNOOC Finance 2013,
|
|
|
|
|
|
|
Gtd. Notes
|
1.13
|
5/9/16
|
500,000
|
|
499,334
|
|
CNOOC Finance 2013,
|
|
|
|
|
|
|
Gtd. Notes
|
3.00
|
5/9/23
|
500,000
|
|
444,711
|
|
ConocoPhillips Holding,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.95
|
4/15/29
|
125,000
|
|
165,137
|
|
ConocoPhillips,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
2/1/39
|
1,000,000
|
|
1,296,634
|
|
Continental Resources,
|
|
|
|
|
|
|
Gtd. Notes
|
4.50
|
4/15/23
|
500,000
|
|
512,929
|
|
Devon Energy,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.60
|
7/15/41
|
650,000
|
|
700,387
|
|
Devon Financing,
|
|
|
|
|
|
|
Gtd. Debs.
|
7.88
|
9/30/31
|
275,000
|
|
366,225
|
|
Enbridge Energy Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
9/15/40
|
720,000
|
|
735,283
|
|
EnCana,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
7.20
|
11/1/31
|
625,000
|
|
745,979
|
|
Energy Transfer Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.60
|
2/1/23
|
1,000,000
|
b
|
947,491
|
|
Energy Transfer Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.90
|
2/1/24
|
500,000
|
b
|
514,030
|
|
Energy Transfer Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.15
|
2/1/43
|
500,000
|
|
464,609
|
|
Enterprise Products Operating,
|
|
|
|
|
|
|
Gtd. Notes
|
4.45
|
2/15/43
|
750,000
|
|
700,309
|
|
Enterprise Products Operating,
|
|
|
|
|
|
|
Gtd. Bonds, Ser. L
|
6.30
|
9/15/17
|
1,925,000
|
|
2,234,913
|
|
Halliburton,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.15
|
9/15/19
|
1,200,000
|
|
1,437,557
|
|
Hess,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
7.88
|
10/1/29
|
175,000
|
|
231,649
|
|
Hess,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.13
|
2/15/19
|
1,200,000
|
|
1,506,599
|
|
Kerr-McGee,
|
|
|
|
|
|
|
Gtd. Notes
|
6.95
|
7/1/24
|
600,000
|
|
723,777
|
|
Kinder Morgan Energy Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.50
|
9/1/23
|
500,000
|
b
|
469,968
|
|
Kinder Morgan Energy Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.15
|
3/1/22
|
1,000,000
|
|
1,015,014
|
|
Kinder Morgan Energy Partners,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
3/1/43
|
300,000
|
|
283,364
|
|
Kinder Morgan Energy Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.95
|
1/15/38
|
1,075,000
|
|
1,273,160
|
|
Kinder Morgan Energy Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.40
|
3/15/31
|
350,000
|
|
417,061
|
|
Marathon Oil,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.90
|
3/15/18
|
500,000
|
|
575,904
|
|
Marathon Oil,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.60
|
10/1/37
|
350,000
|
|
436,236
|
|
Nabors Industries,
|
|
|
|
|
|
|
Gtd. Notes
|
2.35
|
9/15/16
|
450,000
|
c
|
461,099
|
|
Nexen,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
3/10/35
|
125,000
|
|
138,299
|
|
Nexen,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.50
|
7/30/39
|
1,000,000
|
|
1,310,901
|
|
Occidental Petroleum,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. 1
|
4.10
|
2/1/21
|
1,700,000
|
|
1,832,590
|
|
Oneok Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
5.00
|
9/15/23
|
500,000
|
b
|
534,576
|
|
ONEOK Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
6.15
|
10/1/16
|
545,000
|
|
612,474
|
|
ONEOK Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
6.85
|
10/15/37
|
60,000
|
|
70,479
|
|
ONEOK,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.20
|
6/15/15
|
200,000
|
|
211,368
|
|
Pemex Project Funding Master
|
|
|
|
|
|
|
Trust, Gtd. Bonds
|
6.63
|
6/15/35
|
1,760,000
|
|
1,844,992
|
|
Petrobras Global Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
2.00
|
5/20/16
|
550,000
|
|
546,373
|
|
Petrobras Global Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
3.00
|
1/15/19
|
500,000
|
|
472,424
|
|
Petrobras Global Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
5.63
|
5/20/43
|
500,000
|
|
394,617
|
|
Petrobras International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
2.88
|
2/6/15
|
500,000
|
|
508,250
|
|
Petrobras International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
5.38
|
1/27/21
|
2,500,000
|
|
2,480,938
|
|
Petrobras International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
5.88
|
3/1/18
|
625,000
|
|
665,794
|
|
Phillips 66,
|
|
|
|
|
|
|
Gtd. Notes
|
2.95
|
5/1/17
|
590,000
|
|
617,603
|
|
Plains All American Pipeline,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.85
|
10/15/23
|
750,000
|
|
748,683
|
|
Plains All American Pipeline,
|
|
|
|
|
|
|
Gtd. Notes
|
6.13
|
1/15/17
|
525,000
|
|
596,546
|
|
Shell International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
4.30
|
9/22/19
|
2,600,000
|
|
2,901,967
|
|
Shell International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
6.38
|
12/15/38
|
500,000
|
|
635,061
|
|
Spectra Energy Capital,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.00
|
10/1/19
|
225,000
|
|
273,543
|
|
Spectra Energy Partners,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.95
|
9/25/43
|
400,000
|
|
453,528
|
|
Statoil,
|
|
|
|
|
|
|
Gtd. Notes
|
2.65
|
1/15/24
|
1,000,000
|
|
929,859
|
|
|
|
|
|
|
|
Statoil,
|
|
|
|
|
|
Gtd. Notes
|
3.95
|
5/15/43
|
500,000
|
457,058
|
|
Statoil,
|
|
|
|
|
|
Gtd. Notes
|
5.25
|
4/15/19
|
1,600,000
|
1,845,757
|
|
Suncor Energy,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.50
|
6/15/38
|
950,000
|
1,149,488
|
|
Sunoco Logistics Partners
|
|
|
|
|
|
Operations, Gtd. Notes
|
3.45
|
1/15/23
|
200,000
|
187,614
|
|
Sunoco Logistics Partners
|
|
|
|
|
|
Operations, Gtd. Notes
|
4.95
|
1/15/43
|
200,000
|
186,089
|
|
Talisman Energy,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
2/1/38
|
200,000
|
209,738
|
|
Tennessee Gas Pipeline,
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.00
|
10/15/28
|
390,000
|
478,572
|
|
Tennessee Gas Pipeline,
|
|
|
|
|
|
Sr. Unscd Debs.
|
7.63
|
4/1/37
|
70,000
|
91,634
|
|
Total Capital International,
|
|
|
|
|
|
Gtd. Notes
|
3.75
|
4/10/24
|
340,000
|
345,410
|
|
Total Capital,
|
|
|
|
|
|
Gtd. Notes
|
4.45
|
6/24/20
|
1,400,000
|
1,553,055
|
|
TransCanada Pipelines,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.75
|
10/16/23
|
500,000
|
498,737
|
|
TransCanada Pipelines,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.63
|
1/15/39
|
660,000
|
907,854
|
|
Trans-Canada Pipelines,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.85
|
3/15/36
|
200,000
|
228,437
|
|
Trans-Canada Pipelines,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.20
|
10/15/37
|
75,000
|
89,292
|
|
Transocean,
|
|
|
|
|
|
Gtd. Notes
|
7.50
|
4/15/31
|
875,000
|
1,026,064
|
|
Valero Energy,
|
|
|
|
|
|
Gtd. Notes
|
6.63
|
6/15/37
|
1,115,000
|
1,313,347
|
|
Valero Energy,
|
|
|
|
|
|
Gtd. Notes
|
7.50
|
4/15/32
|
170,000
|
212,864
|
|
Weatherford International,
|
|
|
|
|
|
Gtd. Notes
|
6.75
|
9/15/40
|
1,000,000
|
1,116,357
|
|
Williams Partners,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.30
|
4/15/40
|
800,000
|
887,109
|
|
XTO Energy,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.75
|
8/1/37
|
625,000
|
859,304
|
|
|
|
|
|
59,996,051
|
|
Financial--7.8%
|
|
|
|
|
|
Abbey National Treasury Service,
|
|
|
|
|
|
Bank Gtd. Notes
|
3.05
|
8/23/18
|
800,000
|
827,468
|
|
Aflac,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.63
|
6/15/23
|
600,000
|
597,351
|
|
Air Lease,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.38
|
1/15/19
|
350,000
|
352,187
|
|
American Express,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.55
|
5/22/18
|
1,750,000
|
1,726,133
|
|
American Express,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.15
|
8/28/17
|
700,000
|
810,572
|
|
American Express,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.00
|
3/19/18
|
500,000
|
602,359
|
|
American Honda Finance,
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.13
|
10/7/16
|
400,000
|
|
402,004
|
|
American International Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.88
|
6/1/22
|
1,400,000
|
|
1,526,182
|
|
American International Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.60
|
10/18/16
|
600,000
|
|
668,387
|
|
American International Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.85
|
1/16/18
|
1,000,000
|
|
1,152,537
|
|
American International Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.25
|
8/15/18
|
2,100,000
|
|
2,642,942
|
|
Avalonbay Communitites,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.20
|
12/15/23
|
750,000
|
|
764,825
|
|
AXA,
|
|
|
|
|
|
|
Sub. Bonds
|
8.60
|
12/15/30
|
165,000
|
|
207,167
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.13
|
11/14/16
|
250,000
|
|
250,342
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.25
|
1/11/16
|
1,000,000
|
|
1,006,986
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. L
|
1.35
|
11/21/16
|
250,000
|
|
250,377
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.60
|
1/15/19
|
400,000
|
|
402,744
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.30
|
1/11/23
|
1,000,000
|
|
960,881
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.70
|
9/1/15
|
1,000,000
|
|
1,043,375
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
10/14/16
|
575,000
|
|
640,322
|
|
Bank of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.65
|
5/1/18
|
965,000
|
|
1,100,614
|
|
Bank of America,
|
|
|
|
|
|
|
Sub. Notes
|
7.80
|
9/15/16
|
235,000
|
|
271,423
|
|
Bank of Montreal,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.50
|
1/11/17
|
1,000,000
|
|
1,043,983
|
|
Bank of Nova Scotia,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.10
|
12/13/16
|
750,000
|
b
|
751,373
|
|
Bank of Nova Scotia,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.38
|
7/15/16
|
1,000,000
|
|
1,012,317
|
|
Barclays Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.75
|
5/22/19
|
1,300,000
|
|
1,576,661
|
|
BB&T,
|
|
|
|
|
|
|
Sub. Notes
|
4.90
|
6/30/17
|
150,000
|
|
164,107
|
|
BB&T,
|
|
|
|
|
|
|
Sub. Notes
|
5.20
|
12/23/15
|
300,000
|
|
322,717
|
|
Bear Stearns,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.30
|
10/30/15
|
100,000
|
|
107,445
|
|
Bear Stearns,
|
|
|
|
|
|
|
Sub. Notes
|
5.55
|
1/22/17
|
500,000
|
|
558,251
|
|
Bear Stearns,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.25
|
2/1/18
|
270,000
|
|
323,378
|
|
Berkshire Hathaway Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
4.85
|
1/15/15
|
1,850,000
|
|
1,929,552
|
|
Berkshire Hathaway Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
5.75
|
1/15/40
|
675,000
|
|
771,840
|
|
Blackrock,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. 2
|
5.00
|
12/10/19
|
500,000
|
|
572,224
|
|
|
|
|
|
|
|
BNP Paribas,
|
|
|
|
|
|
Bank Gtd. Notes
|
5.00
|
1/15/21
|
1,400,000
|
1,539,241
|
|
Boston Properties,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
6/1/15
|
500,000
|
527,664
|
|
Boston Properties,
|
|
|
|
|
|
Sr. Unscd. Bonds
|
5.63
|
11/15/20
|
1,400,000
|
1,602,413
|
|
Branch Banking & Trust,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.45
|
10/3/16
|
750,000
|
759,882
|
|
Capital One Bank USA,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.15
|
11/21/16
|
500,000
|
499,797
|
|
Capital One Financial Company,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.75
|
7/15/21
|
730,000
|
793,284
|
|
Chubb,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
5/11/37
|
540,000
|
659,681
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Bonds
|
1.30
|
11/15/16
|
400,000
|
400,601
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.88
|
10/25/23
|
400,000
|
395,327
|
|
Citigroup,
|
|
|
|
|
|
Sub. Notes
|
4.05
|
7/30/22
|
500,000
|
502,112
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.59
|
12/15/15
|
900,000
|
960,498
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.38
|
8/9/20
|
300,000
|
340,497
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.13
|
11/21/17
|
3,635,000
|
4,192,347
|
|
Citigroup,
|
|
|
|
|
|
Sub. Notes
|
6.13
|
8/25/36
|
575,000
|
618,063
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.63
|
1/15/28
|
100,000
|
118,723
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
3/5/38
|
225,000
|
283,711
|
|
Citigroup,
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.50
|
5/22/19
|
760,000
|
979,133
|
|
CNA Financial,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.50
|
8/15/16
|
100,000
|
112,477
|
|
Commonwealth Bank Australia,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.50
|
9/20/18
|
650,000
|
663,077
|
|
DDR,
|
|
|
|
|
|
Unscd. Notes
|
3.38
|
5/15/23
|
1,000,000
|
931,200
|
|
Deutsche Bank AG London,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
9/1/17
|
845,000
|
972,776
|
|
Discover Bank,
|
|
|
|
|
|
Sr. Unscd. Bonds
|
2.00
|
2/21/18
|
500,000
|
499,773
|
|
ERP Operating,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.38
|
8/1/16
|
95,000
|
104,809
|
|
Fifth Third Bank,
|
|
|
|
|
|
Sub. Notes
|
8.25
|
3/1/38
|
1,000,000
|
1,404,775
|
|
Ford Motor Credit,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.38
|
1/16/18
|
500,000
|
506,477
|
|
Ford Motor Credit,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.50
|
1/15/16
|
900,000
|
924,440
|
|
Ford Motor Credit,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.38
|
8/6/23
|
1,250,000
|
1,271,825
|
|
Ford Motor Credit,
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
8/2/21
|
1,500,000
|
1,712,737
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.00
|
1/8/16
|
1,000,000
|
1,006,978
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.10
|
1/9/23
|
1,000,000
|
965,753
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.50
|
6/29/15
|
560,000
|
583,129
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.65
|
10/17/21
|
1,400,000
|
1,537,435
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
1/8/16
|
375,000
|
406,269
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
9/15/17
|
1,000,000
|
1,142,356
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
5/1/18
|
1,335,000
|
1,542,956
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
1/14/38
|
1,000,000
|
1,156,829
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.15
|
8/7/37
|
850,000
|
1,010,786
|
|
General Electric Capital,
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. A
|
6.75
|
3/15/32
|
1,000,000
|
1,262,357
|
|
Genworth Holdings,
|
|
|
|
|
|
Gtd. Notes
|
4.90
|
8/15/23
|
1,000,000
|
1,014,377
|
|
Goldman Sachs Capital I,
|
|
|
|
|
|
Gtd. Cap. Secs.
|
6.35
|
2/15/34
|
350,000
|
358,641
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.63
|
1/22/23
|
1,000,000
|
977,815
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.70
|
8/1/15
|
6,000,000
|
6,249,300
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.13
|
2/15/33
|
475,000
|
546,529
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.15
|
4/1/18
|
680,000
|
781,952
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
9/1/17
|
190,000
|
217,806
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sub. Notes
|
6.75
|
10/1/37
|
2,000,000
|
2,229,080
|
|
Goldman Sachs Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.50
|
2/15/19
|
1,000,000
|
1,221,001
|
|
HCP,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.25
|
11/15/23
|
400,000
|
403,403
|
|
Health Care REIT,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
1/15/22
|
1,400,000
|
1,523,953
|
|
Host Hotels & Resorts,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
10/1/21
|
500,000
|
557,754
|
|
HSBC Finance,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
1/19/16
|
1,125,000
|
1,220,165
|
|
HSBC Holdings,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.10
|
4/5/21
|
1,500,000
|
1,679,052
|
|
HSBC Holdings,
|
|
|
|
|
|
Sub. Notes
|
6.50
|
5/2/36
|
1,350,000
|
1,599,732
|
|
HSBC Holdings,
|
|
|
|
|
|
Sub. Notes
|
6.50
|
9/15/37
|
555,000
|
662,719
|
|
ING US,
|
|
|
|
|
|
Gtd. Notes
|
5.50
|
7/15/22
|
750,000
|
832,723
|
|
|
|
|
|
|
|
Intercontinental Exchange,
|
|
|
|
|
|
Gtd. Notes
|
4.00
|
10/15/23
|
350,000
|
359,888
|
|
Intesa Sanpaolo,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.13
|
1/15/16
|
500,000
|
510,242
|
|
Intesa Sanpaolo,
|
|
|
|
|
|
Gtd. Bonds
|
5.25
|
1/12/24
|
400,000
|
405,842
|
|
Invesco Finance,
|
|
|
|
|
|
Gtd. Notes
|
4.00
|
1/30/24
|
250,000
|
255,529
|
|
Jefferies Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.13
|
1/20/23
|
500,000
|
519,428
|
|
Jefferies Group,
|
|
|
|
|
|
Sr. Unscd. Debs.
|
6.25
|
1/15/36
|
200,000
|
199,245
|
|
Jefferies Group,
|
|
|
|
|
|
Sr. Unscd. Debs.
|
6.45
|
6/8/27
|
35,000
|
37,309
|
|
John Deere Capital,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.15
|
10/15/21
|
1,900,000
|
1,919,300
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.15
|
7/5/16
|
1,500,000
|
1,570,020
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.20
|
1/25/23
|
1,000,000
|
960,575
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.70
|
1/20/15
|
700,000
|
719,953
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sub. Notes
|
5.15
|
10/1/15
|
3,950,000
|
4,212,714
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
1/15/18
|
500,000
|
576,687
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.30
|
4/23/19
|
1,500,000
|
1,776,147
|
|
JPMorgan Chase & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.40
|
5/15/38
|
650,000
|
797,136
|
|
JPMorgan Chase Bank,
|
|
|
|
|
|
Sub. Notes
|
6.00
|
10/1/17
|
150,000
|
172,158
|
|
KeyBank,
|
|
|
|
|
|
Sub. Notes
|
6.95
|
2/1/28
|
100,000
|
121,828
|
|
KeyCorp,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.75
|
8/13/15
|
1,000,000
|
1,044,005
|
|
Kimco Realty,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.13
|
6/1/23
|
250,000
|
232,170
|
|
Lazard Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.25
|
11/14/20
|
250,000
|
258,288
|
|
Legg Mason,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
1/15/44
|
400,000
|
404,405
|
|
Leucadia National,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.63
|
10/23/43
|
400,000
|
410,280
|
|
Lincoln National,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.15
|
4/7/36
|
950,000
|
1,116,693
|
|
Loews,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.63
|
5/15/23
|
250,000
|
230,151
|
|
Marsh & McLennan Cos.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
8/1/33
|
275,000
|
304,775
|
|
Merrill Lynch & Co.,
|
|
|
|
|
|
Sub. Notes
|
6.05
|
5/16/16
|
575,000
|
632,952
|
|
Merrill Lynch & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.40
|
8/28/17
|
1,665,000
|
1,927,938
|
|
Merrill Lynch & Co.,
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
4/25/18
|
2,640,000
|
3,151,207
|
|
Merrill Lynch & Co.,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
11/15/18
|
150,000
|
180,787
|
|
MetLife,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.38
|
6/15/34
|
1,400,000
|
1,726,312
|
|
Mid-America Apt,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.30
|
10/15/23
|
400,000
|
398,700
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.75
|
2/25/16
|
500,000
|
507,562
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.75
|
2/25/23
|
500,000
|
493,536
|
|
Morgan Stanley,
|
|
|
|
|
|
Sub. Notes
|
4.10
|
5/22/23
|
1,000,000
|
975,709
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.45
|
1/9/17
|
1,100,000
|
1,226,498
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
10/18/16
|
175,000
|
195,292
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.63
|
4/1/18
|
2,700,000
|
3,163,485
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.25
|
4/1/32
|
300,000
|
384,145
|
|
Morgan Stanley,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.30
|
5/13/19
|
1,300,000
|
1,589,692
|
|
National Australia Bank,
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.00
|
3/9/15
|
490,000
|
498,514
|
|
National City,
|
|
|
|
|
|
Sub. Notes
|
6.88
|
5/15/19
|
600,000
|
721,056
|
|
National Rural Utilities
|
|
|
|
|
|
Cooperative Finance, Coll.
|
|
|
|
|
|
Trust Bonds
|
5.45
|
2/1/18
|
1,100,000
|
1,260,190
|
|
Nomura Holdings,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.70
|
3/4/20
|
1,600,000
|
1,877,749
|
|
Northern Trust,
|
|
|
|
|
|
Sub. Notes
|
3.95
|
10/30/25
|
846,000
|
850,646
|
|
Partnerre Finance,
|
|
|
|
|
|
Gtd. Notes
|
5.50
|
6/1/20
|
159,000
|
175,355
|
|
PNC Bank,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.30
|
10/3/16
|
1,250,000
|
1,259,686
|
|
PNC Bank,
|
|
|
|
|
|
Sub. Notes
|
3.80
|
7/25/23
|
1,000,000
|
1,004,662
|
|
PNC Funding,
|
|
|
|
|
|
Bank Gtd. Notes
|
5.25
|
11/15/15
|
225,000
|
241,245
|
|
Principal Financial Group,
|
|
|
|
|
|
Gtd. Notes
|
6.05
|
10/15/36
|
225,000
|
267,122
|
|
Proassurance,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.30
|
11/15/23
|
350,000
|
369,640
|
|
Progressive,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.63
|
3/1/29
|
100,000
|
124,439
|
|
ProLogis,
|
|
|
|
|
|
Gtd. Notes
|
6.88
|
3/15/20
|
505,000
|
602,871
|
|
Rabobank Nederland,
|
|
|
|
|
|
Bank Gtd. Notes
|
3.38
|
1/19/17
|
5,000,000
|
5,338,135
|
|
Realty Income,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.95
|
9/15/16
|
100,000
|
111,448
|
|
Regency Centers,
|
|
|
|
|
|
|
|
|
|
|
|
|
Gtd. Notes
|
5.88
|
6/15/17
|
200,000
|
|
223,576
|
|
Reinsurance Group of America,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.70
|
9/15/23
|
350,000
|
|
360,614
|
|
Retail Opportunity Investments,
|
|
|
|
|
|
|
Gtd. Notes
|
5.00
|
12/15/23
|
750,000
|
|
773,030
|
|
Royal Bank of Canada,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.20
|
1/23/17
|
110,000
|
|
110,592
|
|
Royal Bank of Canada,
|
|
|
|
|
|
|
Sr. Notes
|
2.63
|
12/15/15
|
1,000,000
|
|
1,038,656
|
|
Royal Bank of Scotland Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.55
|
9/18/15
|
1,000,000
|
|
1,023,206
|
|
Ryder System,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.35
|
2/26/19
|
500,000
|
|
497,592
|
|
Simon Property Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
12/1/16
|
2,000,000
|
|
2,211,524
|
|
State Street,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.70
|
11/20/23
|
250,000
|
|
252,228
|
|
State Street Bank & Trust,
|
|
|
|
|
|
|
Sub. Notes
|
5.25
|
10/15/18
|
200,000
|
|
228,965
|
|
Sumitomo Mitsui Banking,
|
|
|
|
|
|
|
Bank Gtd. Notes
|
0.90
|
1/18/16
|
500,000
|
|
501,212
|
|
Sumitomo Mitsui Banking,
|
|
|
|
|
|
|
Bank Gtd. Notes
|
1.50
|
1/18/18
|
390,000
|
|
386,119
|
|
Sumitomo Mitsui Banking,
|
|
|
|
|
|
|
Bank Gtd. Notes
|
3.00
|
1/18/23
|
290,000
|
|
278,054
|
|
Suntrust Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.75
|
5/1/23
|
500,000
|
|
465,681
|
|
Suntrust Banks,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.35
|
11/1/18
|
500,000
|
|
503,761
|
|
Toronto-Dominion Bank,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
2.63
|
9/10/18
|
750,000
|
|
775,442
|
|
Toyota Motor Credit,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.88
|
7/17/15
|
1,000,000
|
|
1,007,519
|
|
Toyota Motor Credit,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.63
|
1/10/23
|
1,000,000
|
b
|
954,069
|
|
Travelers Cos.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
12/1/15
|
960,000
|
|
1,045,764
|
|
U.S. Bancorp,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.00
|
3/15/22
|
1,400,000
|
|
1,380,032
|
|
U.S. Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.10
|
1/30/17
|
1,000,000
|
|
1,004,135
|
|
UBS AG/Stamford,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.88
|
8/4/20
|
293,000
|
|
328,672
|
|
UBS AG/Stamford,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
4/25/18
|
320,000
|
|
368,882
|
|
UBS AG/Stamford,
|
|
|
|
|
|
|
Sr. Sub. Notes
|
5.88
|
7/15/16
|
75,000
|
|
83,605
|
|
UBS AG/Stamford,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
12/20/17
|
442,000
|
|
508,125
|
|
Unilever Capital,
|
|
|
|
|
|
|
Gtd. Notes
|
2.20
|
3/6/19
|
500,000
|
|
505,456
|
|
Unilever Capital,
|
|
|
|
|
|
|
Gtd. Notes
|
5.90
|
11/15/32
|
250,000
|
|
319,256
|
|
Union Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.63
|
9/26/18
|
500,000
|
|
514,173
|
|
|
|
|
|
|
|
|
Ventas Realty,
|
|
|
|
|
|
|
Gtd. Notes
|
2.70
|
4/1/20
|
1,000,000
|
|
971,060
|
|
Wachovia Bank,
|
|
|
|
|
|
|
Sub. Notes
|
6.60
|
1/15/38
|
415,000
|
|
527,657
|
|
Wachovia,
|
|
|
|
|
|
|
Sr. Unscd. Debs
|
5.75
|
6/15/17
|
1,850,000
|
|
2,114,250
|
|
Wachovia,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
2/1/18
|
1,100,000
|
|
1,273,337
|
|
Wells Fargo & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.50
|
1/16/18
|
500,000
|
|
499,204
|
|
Wells Fargo & Co.,
|
|
|
|
|
|
|
Sub. Notes, Ser. M
|
3.45
|
2/13/23
|
500,000
|
|
479,312
|
|
Wells Fargo & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
12/11/17
|
2,340,000
|
|
2,689,760
|
|
Wells Fargo Bank,
|
|
|
|
|
|
|
Sub. Notes
|
5.75
|
5/16/16
|
875,000
|
|
969,210
|
|
Westpac Banking,
|
|
|
|
|
|
|
Sub. Notes
|
4.63
|
6/1/18
|
500,000
|
|
539,814
|
|
Westpac Banking,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.88
|
11/19/19
|
1,700,000
|
|
1,910,273
|
|
XL Group,
|
|
|
|
|
|
|
Gtd. Notes
|
6.38
|
11/15/24
|
1,400,000
|
|
1,656,227
|
|
|
|
|
|
|
165,960,601
|
|
Foreign/Governmental--4.8%
|
|
|
|
|
|
|
African Development Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.75
|
10/18/16
|
330,000
|
|
331,792
|
|
Asian Development Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.88
|
10/23/18
|
1,750,000
|
|
1,777,148
|
|
Asian Development Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.50
|
3/15/16
|
1,500,000
|
|
1,563,297
|
|
Brazilian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
4.88
|
1/22/21
|
500,000
|
|
526,000
|
|
Brazilian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
5.63
|
1/7/41
|
650,000
|
|
620,750
|
|
Brazilian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.00
|
1/17/17
|
2,270,000
|
b
|
2,514,025
|
|
Brazilian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
7.13
|
1/20/37
|
575,000
|
|
646,875
|
|
Brazilian Government,
|
|
|
|
|
|
|
Unscd. Bonds
|
10.13
|
5/15/27
|
500,000
|
|
737,500
|
|
Colombian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.13
|
1/18/41
|
500,000
|
|
525,000
|
|
Colombian Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.38
|
3/18/19
|
2,000,000
|
|
2,392,500
|
|
Ecopetrol,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.38
|
9/18/43
|
1,000,000
|
|
1,082,500
|
|
European Bank for Reconstruction
|
|
|
|
|
|
|
and Development, Sr. Unscd.
|
|
|
|
|
|
|
Notes
|
1.00
|
2/16/17
|
2,000,000
|
|
2,012,562
|
|
European Investment Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.63
|
9/1/15
|
2,400,000
|
|
2,449,913
|
|
European Investment Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.75
|
3/15/17
|
1,250,000
|
|
1,282,224
|
|
European Investment Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.25
|
3/15/16
|
2,750,000
|
|
2,850,721
|
|
|
|
|
|
|
|
|
European Investment Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.88
|
9/15/20
|
2,000,000
|
b
|
2,064,278
|
|
European Investment Bank,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
4.63
|
10/20/15
|
350,000
|
|
375,692
|
|
European Investment Bank,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
5.13
|
5/30/17
|
3,700,000
|
|
4,196,866
|
|
Export Development Canada,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.63
|
12/15/16
|
500,000
|
|
498,159
|
|
Export-Import Bank of Korea,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
2.88
|
9/17/18
|
1,000,000
|
|
1,024,593
|
|
Finnish Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.95
|
2/15/26
|
25,000
|
|
32,847
|
|
FMS Wertmanagement,
|
|
|
|
|
|
|
Gtd. Notes
|
1.13
|
10/14/16
|
1,000,000
|
|
1,011,370
|
|
Inter-American Development Bank,
|
|
|
|
|
|
|
Notes
|
0.88
|
11/15/16
|
1,000,000
|
|
1,006,593
|
|
Inter-American Development Bank,
|
|
|
|
|
|
|
Sr. Unsub. Notes
|
3.88
|
9/17/19
|
2,000,000
|
|
2,209,316
|
|
Inter-American Development Bank,
|
|
|
|
|
|
|
Unscd. Notes
|
4.25
|
9/10/18
|
540,000
|
|
605,392
|
|
Inter-American Development Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.38
|
1/24/44
|
500,000
|
|
513,775
|
|
Inter-American Development Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.13
|
9/13/16
|
150,000
|
|
167,096
|
|
International Bank for
|
|
|
|
|
|
|
Reconstruction and
|
|
|
|
|
|
|
Development, Sr. Unscd. Notes
|
1.13
|
7/18/17
|
500,000
|
|
503,668
|
|
International Bank for
|
|
|
|
|
|
|
Reconstruction and
|
|
|
|
|
|
|
Development, Sr. Unscd. Bonds
|
1.88
|
3/15/19
|
500,000
|
|
503,306
|
|
International Bank for
|
|
|
|
|
|
|
Reconstruction and
|
|
|
|
|
|
|
Development, Sr. Unscd. Notes
|
2.13
|
3/15/16
|
2,400,000
|
|
2,484,967
|
|
International Bank for
|
|
|
|
|
|
|
Reconstruction and
|
|
|
|
|
|
|
Development, Sr. Unscd. Notes
|
5.00
|
4/1/16
|
700,000
|
|
767,440
|
|
International Bank for
|
|
|
|
|
|
|
Reconstruction and
|
|
|
|
|
|
|
Development, Sr. Unsub. Bonds
|
7.63
|
1/19/23
|
700,000
|
|
969,755
|
|
International Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.63
|
11/15/16
|
500,000
|
|
498,249
|
|
International Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.13
|
11/17/17
|
2,100,000
|
|
2,175,951
|
|
Italian Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.50
|
1/21/15
|
50,000
|
b
|
51,701
|
|
Italian Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
9/20/16
|
155,000
|
|
168,768
|
|
Italian Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.38
|
6/12/17
|
1,450,000
|
|
1,599,383
|
|
Italian Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.38
|
6/15/33
|
550,000
|
|
597,968
|
|
Italian Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
9/27/23
|
610,000
|
|
747,006
|
|
Japan Bank for International
|
|
|
|
|
|
|
Cooperation, Gov't Gtd. Notes
|
2.50
|
5/18/16
|
2,800,000
|
|
2,913,593
|
|
|
|
|
|
|
|
|
KFW,
|
|
|
|
|
|
|
Gov't Gtd. Bonds
|
4.00
|
1/27/20
|
2,500,000
|
|
2,767,353
|
|
KFW,
|
|
|
|
|
|
|
Gov't Gtd. Bonds
|
4.50
|
7/16/18
|
3,600,000
|
|
4,071,607
|
|
KFW,
|
|
|
|
|
|
|
Gov't Gtd. Notes
|
4.88
|
1/17/17
|
1,240,000
|
|
1,388,129
|
|
KFW,
|
|
|
|
|
|
|
Gov't Gtd. Notes
|
4.88
|
6/17/19
|
2,000,000
|
|
2,309,064
|
|
KFW,
|
|
|
|
|
|
|
Gov't Gtd. Bonds
|
5.13
|
3/14/16
|
625,000
|
|
686,113
|
|
Korea Development Bank,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.88
|
5/4/17
|
1,250,000
|
|
1,330,904
|
|
Korea Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.88
|
8/22/18
|
500,000
|
b
|
512,360
|
|
Landwirtschaftliche Rentenbank,
|
|
|
|
|
|
|
Govt. Gtd. Notes
|
1.88
|
9/17/18
|
2,100,000
|
|
2,129,564
|
|
Landwirtschaftliche Rentenbank,
|
|
|
|
|
|
|
Govt. Gtd. Bonds
|
5.13
|
2/1/17
|
950,000
|
|
1,070,423
|
|
Mexican Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
1/15/17
|
2,000,000
|
|
2,225,000
|
|
Mexican Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.95
|
3/19/19
|
1,200,000
|
|
1,384,500
|
|
Mexican Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. A
|
6.75
|
9/27/34
|
1,340,000
|
b
|
1,561,100
|
|
OeKB,
|
|
|
|
|
|
|
Govt. Gtd. Notes
|
4.88
|
2/16/16
|
1,500,000
|
|
1,631,658
|
|
Panamanian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.70
|
1/26/36
|
700,000
|
|
785,750
|
|
Peruvian Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.55
|
3/14/37
|
870,000
|
|
993,975
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
Gtd. Notes
|
4.88
|
3/15/15
|
500,000
|
|
522,500
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
Gtd. Notes
|
4.88
|
1/18/24
|
1,000,000
|
c
|
997,742
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
Gtd. Bonds
|
5.50
|
6/27/44
|
500,000
|
|
449,592
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
Gtd. Notes
|
6.00
|
3/5/20
|
500,000
|
|
554,375
|
|
Philippine Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
5.00
|
1/13/37
|
500,000
|
|
521,250
|
|
Philippine Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.50
|
1/20/20
|
400,000
|
|
473,500
|
|
Philippine Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
8.88
|
3/17/15
|
400,000
|
|
435,500
|
|
Philippine Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
9.38
|
1/18/17
|
400,000
|
|
488,500
|
|
Philippine Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
9.50
|
2/2/30
|
800,000
|
|
1,203,000
|
|
Philippine Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
10.63
|
3/16/25
|
800,000
|
|
1,231,000
|
|
Polish Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
3/23/22
|
1,400,000
|
|
1,501,500
|
|
Polish Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.38
|
7/15/19
|
1,450,000
|
|
1,701,937
|
|
Province of British Columbia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada, Sr. Unscd. Bonds,
|
|
|
|
|
|
|
Ser. USD2
|
6.50
|
1/15/26
|
925,000
|
|
1,193,901
|
|
Province of Manitoba Canada,
|
|
|
|
|
|
|
Debs., Ser. CB
|
8.80
|
1/15/20
|
10,000
|
|
13,448
|
|
Province of Manitoba Canada,
|
|
|
|
|
|
|
Debs.
|
8.88
|
9/15/21
|
450,000
|
|
621,614
|
|
Province of Ontario Canada,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
4.00
|
10/7/19
|
2,300,000
|
|
2,527,150
|
|
Province of Ontario Canada,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.75
|
1/19/16
|
990,000
|
|
1,070,894
|
|
Province of Ontario Canada,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.95
|
11/28/16
|
1,000,000
|
b
|
1,114,901
|
|
Province of Quebec Canada,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.60
|
5/26/15
|
700,000
|
|
738,828
|
|
Province of Quebec Canada,
|
|
|
|
|
|
|
Unscd. Notes
|
5.13
|
11/14/16
|
725,000
|
|
811,488
|
|
Province of Quebec Canada,
|
|
|
|
|
|
|
Debs., Ser. NJ
|
7.50
|
7/15/23
|
200,000
|
|
261,489
|
|
Province of Quebec Canada,
|
|
|
|
|
|
|
Unscd. Debs., Ser. PD
|
7.50
|
9/15/29
|
550,000
|
|
763,989
|
|
Republic of Korea,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.13
|
4/16/19
|
1,000,000
|
|
1,230,017
|
|
Republic of Turkey,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.00
|
3/11/19
|
500,000
|
|
546,415
|
|
South African Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
5/27/19
|
2,100,000
|
|
2,373,000
|
|
Swedish Export Credit,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.63
|
5/31/16
|
600,000
|
|
599,882
|
|
Turkish Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.25
|
3/23/23
|
800,000
|
|
660,400
|
|
Turkish Government,
|
|
|
|
|
|
|
Unscd. Notes
|
4.88
|
4/16/43
|
1,000,000
|
|
766,250
|
|
Turkish Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.00
|
9/26/16
|
200,000
|
|
218,260
|
|
Turkish Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.25
|
3/15/15
|
300,000
|
|
317,310
|
|
Turkish Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.00
|
2/14/34
|
600,000
|
|
682,500
|
|
Uruguayan Government,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.50
|
8/14/24
|
750,000
|
|
741,563
|
|
Uruguayan Government,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
7.63
|
3/21/36
|
300,000
|
|
366,375
|
|
|
|
|
|
|
101,548,109
|
|
Health Care--2.4%
|
|
|
|
|
|
|
Abbvie,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.20
|
11/6/15
|
1,000,000
|
|
1,010,538
|
|
Abbvie,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.90
|
11/6/22
|
3,000,000
|
|
2,878,194
|
|
Aetna,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.95
|
9/1/20
|
1,000,000
|
|
1,063,534
|
|
Aetna,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.63
|
6/15/36
|
300,000
|
|
374,591
|
|
Amgen,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.10
|
6/15/21
|
2,000,000
|
|
2,121,416
|
|
Amgen,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.15
|
11/15/41
|
600,000
|
|
618,806
|
|
Amgen,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.85
|
6/1/17
|
400,000
|
|
458,344
|
|
Astrazeneca,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.45
|
9/15/37
|
520,000
|
|
648,502
|
|
Baxter International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.20
|
6/15/23
|
400,000
|
|
392,023
|
|
Baxter International,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
12/1/37
|
200,000
|
|
247,140
|
|
Becton Dickinson,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.13
|
11/8/21
|
1,900,000
|
|
1,910,933
|
|
Boston Scientific,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
1/15/20
|
1,700,000
|
|
1,977,595
|
|
Bristol-Myers Squibb,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
11/15/36
|
425,000
|
|
513,250
|
|
Cardinal Health,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.70
|
3/15/18
|
600,000
|
|
601,383
|
|
Cardinal Health,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.20
|
3/15/23
|
500,000
|
|
483,029
|
|
Cardinal Health,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.60
|
3/15/43
|
300,000
|
|
293,434
|
|
Celgene,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.00
|
8/15/23
|
750,000
|
|
765,455
|
|
Cigna,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.50
|
3/15/21
|
1,900,000
|
|
2,059,604
|
|
Covidien International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
6.00
|
10/15/17
|
590,000
|
|
679,877
|
|
Eli Lilly & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.55
|
3/15/37
|
750,000
|
|
858,968
|
|
Eli Lilly & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.13
|
6/1/25
|
200,000
|
|
263,517
|
|
Express Scripts,
|
|
|
|
|
|
|
Gtd. Notes
|
3.13
|
5/15/16
|
2,400,000
|
|
2,506,346
|
|
GlaxoSmithKline Capital,
|
|
|
|
|
|
|
Gtd. Bonds
|
5.65
|
5/15/18
|
740,000
|
|
862,363
|
|
GlaxoSmithKline Capital,
|
|
|
|
|
|
|
Gtd. Bonds
|
6.38
|
5/15/38
|
1,000,000
|
|
1,271,815
|
|
Johnson & Johnson,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
4.95
|
5/15/33
|
170,000
|
|
191,081
|
|
Johnson & Johnson,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.95
|
8/15/37
|
470,000
|
|
584,938
|
|
Medco Health Solutions,
|
|
|
|
|
|
|
Gtd. Notes
|
7.13
|
3/15/18
|
1,500,000
|
|
1,794,582
|
|
Medtronic,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. B
|
4.75
|
9/15/15
|
360,000
|
|
384,913
|
|
Merck & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.70
|
5/18/16
|
1,000,000
|
|
1,001,479
|
|
Merck & Co.,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
12/1/33
|
680,000
|
a
|
878,255
|
|
Merck Sharp & Dohme,
|
|
|
|
|
|
|
Gtd. Debs.
|
6.40
|
3/1/28
|
150,000
|
|
188,064
|
|
Mylan,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.35
|
11/29/16
|
300,000
|
|
300,539
|
|
Mylan,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.40
|
11/29/43
|
300,000
|
|
311,302
|
|
|
|
|
|
|
|
Novartis Securities Investment,
|
|
|
|
|
|
Gtd. Notes
|
5.13
|
2/10/19
|
1,400,000
|
1,603,291
|
|
Pfizer,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.20
|
3/15/19
|
2,400,000
|
2,870,388
|
|
Quest Diagnostic,
|
|
|
|
|
|
Gtd. Notes
|
3.20
|
4/1/16
|
2,500,000
|
2,609,618
|
|
Quest Diagnostic,
|
|
|
|
|
|
Gtd. Notes
|
5.45
|
11/1/15
|
500,000
|
538,210
|
|
Quest Diagnostic,
|
|
|
|
|
|
Gtd. Notes
|
6.95
|
7/1/37
|
50,000
|
57,386
|
|
Sanofi,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.00
|
3/29/21
|
1,400,000
|
1,506,184
|
|
St. Jude Medical,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.25
|
4/15/23
|
500,000
|
485,213
|
|
Teva Pharmaceutical Finance II,
|
|
|
|
|
|
Gtd. Notes
|
3.00
|
6/15/15
|
3,400,000
|
3,506,454
|
|
Teva Pharmaceutical Finance,
|
|
|
|
|
|
Gtd. Notes
|
6.15
|
2/1/36
|
85,000
|
95,757
|
|
Thermo Fisher Scientific,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.30
|
2/1/17
|
500,000
|
499,625
|
|
Thermo Fisher Scientific,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.30
|
2/1/44
|
500,000
|
527,989
|
|
UnitedHealth Group,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.88
|
2/15/38
|
810,000
|
1,049,630
|
|
Wellpoint,
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.13
|
5/15/22
|
1,700,000
|
1,631,873
|
|
WellPoint,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
12/15/14
|
1,000,000
|
1,039,546
|
|
WellPoint,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
1/15/16
|
375,000
|
405,956
|
|
WellPoint,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.88
|
6/15/17
|
65,000
|
73,701
|
|
Wyeth,
|
|
|
|
|
|
Gtd. Notes
|
5.95
|
4/1/37
|
200,000
|
241,790
|
|
Wyeth,
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
2/1/34
|
200,000
|
253,936
|
|
Zoetis,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.15
|
2/1/16
|
500,000
|
502,906
|
|
Zoetis,
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.88
|
2/1/18
|
500,000
|
500,255
|
|
|
|
|
|
50,495,518
|
|
Industrial--1.4%
|
|
|
|
|
|
3M,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.70
|
3/15/37
|
750,000
|
900,435
|
|
Boeing,
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
3/15/19
|
2,000,000
|
2,396,302
|
|
Burlington Northern Santa Fe,
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.45
|
3/15/43
|
600,000
|
571,824
|
|
Burlington Northern Santa Fe,
|
|
|
|
|
|
Sr. Unscd. Debs.
|
6.15
|
5/1/37
|
650,000
|
776,234
|
|
Burlington Northern Santa Fe,
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.00
|
12/15/25
|
100,000
|
127,010
|
|
Burlington Northern Santa Fe,
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.95
|
8/15/30
|
100,000
|
135,116
|
|
Canadian National Railway,
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.90
|
7/15/28
|
100,000
|
|
131,441
|
|
Caterpillar,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.60
|
6/26/22
|
2,300,000
|
|
2,200,617
|
|
Caterpillar,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
6.05
|
8/15/36
|
375,000
|
|
448,455
|
|
CSX,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.75
|
5/30/42
|
1,200,000
|
|
1,201,955
|
|
CSX,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
4/1/15
|
35,000
|
|
37,280
|
|
Eaton,
|
|
|
|
|
|
|
Gtd. Notes
|
4.15
|
11/2/42
|
400,000
|
|
372,697
|
|
Emerson Electric,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.63
|
2/15/23
|
260,000
|
|
250,522
|
|
FedEx,
|
|
|
|
|
|
|
Gtd. Notes
|
4.00
|
1/15/24
|
750,000
|
|
764,126
|
|
General Electric,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
12/6/17
|
1,000,000
|
|
1,138,653
|
|
Illinois Tool Works,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.90
|
9/1/42
|
1,000,000
|
|
904,165
|
|
Koninklijke Philips Electronics,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
3/11/18
|
500,000
|
|
577,677
|
|
Lockheed Martin,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. B
|
6.15
|
9/1/36
|
455,000
|
|
546,228
|
|
Norfolk Southern,
|
|
|
|
|
|
|
Sr. Unscd. Bonds,
|
4.84
|
10/1/41
|
1,200,000
|
|
1,214,224
|
|
Norfolk Southern,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.59
|
5/17/25
|
2,000
|
|
2,263
|
|
Northrop Grumman Systems,
|
|
|
|
|
|
|
Gtd. Debs.
|
7.75
|
2/15/31
|
1,100,000
|
|
1,448,693
|
|
Raytheon,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.20
|
8/15/27
|
150,000
|
|
192,638
|
|
Republic Services,
|
|
|
|
|
|
|
Gtd. Notes
|
6.20
|
3/1/40
|
750,000
|
|
892,739
|
|
Union Pacific,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.75
|
4/15/23
|
400,000
|
|
376,856
|
|
Union Pacific,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.75
|
12/15/43
|
140,000
|
|
142,907
|
|
Union Pacific,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.82
|
2/1/44
|
325,000
|
|
335,593
|
|
Union Pacific,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.85
|
6/15/44
|
1,000,000
|
|
1,037,208
|
|
United Air 2013-1 A PTT,
|
|
|
|
|
|
|
1st Lien Bonds
|
4.30
|
8/15/25
|
1,000,000
|
|
1,020,000
|
|
United Parcel Service of America,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
8.38
|
4/1/30
|
10,000
|
a
|
13,929
|
|
United Parcel Service,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.13
|
1/15/21
|
1,600,000
|
|
1,643,726
|
|
United Parcel Service,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.20
|
1/15/38
|
425,000
|
|
537,595
|
|
United Technologies,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.10
|
6/1/22
|
2,100,000
|
|
2,101,357
|
|
United Technologies,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.88
|
5/1/15
|
1,750,000
|
|
1,844,549
|
|
United Technologies,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.70
|
4/15/40
|
650,000
|
|
774,993
|
|
|
|
|
|
|
|
|
United Technologies,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.70
|
8/1/28
|
50,000
|
|
64,219
|
|
United Technologies,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
8.75
|
3/1/21
|
50,000
|
|
66,834
|
|
Waste Management,
|
|
|
|
|
|
|
Gtd. Notes
|
6.38
|
3/11/15
|
1,600,000
|
|
1,698,309
|
|
Waste Management,
|
|
|
|
|
|
|
Gtd. Notes
|
7.00
|
7/15/28
|
150,000
|
|
190,048
|
|
|
|
|
|
|
29,079,417
|
|
Information Technology--.9%
|
|
|
|
|
|
|
Apple,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.45
|
5/3/16
|
500,000
|
|
498,723
|
|
Apple,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.00
|
5/3/18
|
500,000
|
|
487,902
|
|
Apple,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.40
|
5/3/23
|
500,000
|
b
|
458,705
|
|
Arrow Electronics,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.00
|
3/1/18
|
500,000
|
|
510,363
|
|
Arrow Electronics,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.50
|
3/1/23
|
500,000
|
|
503,965
|
|
Ebay,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.00
|
7/15/42
|
700,000
|
|
596,316
|
|
Google,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.63
|
5/19/21
|
300,000
|
|
320,891
|
|
Hewlett-Packard,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.35
|
3/15/15
|
1,000,000
|
|
1,018,959
|
|
Hewlett-Packard,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.00
|
9/15/16
|
1,000,000
|
|
1,043,900
|
|
Hewlett-Packard,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
3/1/18
|
560,000
|
|
636,003
|
|
Hewlett-Packard,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
9/15/41
|
750,000
|
|
768,478
|
|
Intel,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.30
|
10/1/21
|
2,100,000
|
|
2,139,757
|
|
International Business Machines,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
0.75
|
5/11/15
|
2,000,000
|
|
2,012,520
|
|
International Business Machines,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.60
|
11/30/39
|
605,000
|
|
699,955
|
|
International Business Machines,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.70
|
9/14/17
|
600,000
|
|
691,031
|
|
International Business Machines,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.00
|
10/30/25
|
225,000
|
|
291,632
|
|
International Business Machines,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.38
|
11/1/19
|
300,000
|
|
395,705
|
|
Leidos Holdings,
|
|
|
|
|
|
|
Gtd. Notes, Ser. 1
|
5.95
|
12/1/40
|
700,000
|
|
697,690
|
|
Lender Processing Service,
|
|
|
|
|
|
|
Gtd. Notes
|
5.75
|
4/15/23
|
500,000
|
|
527,500
|
|
Microsoft,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.20
|
6/1/19
|
1,000,000
|
|
1,119,019
|
|
Microsoft,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.20
|
6/1/39
|
688,000
|
|
754,883
|
|
Oracle,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
7/8/19
|
1,200,000
|
|
1,372,129
|
|
Oracle,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
4/15/18
|
150,000
|
|
175,075
|
|
Oracle,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.50
|
4/15/38
|
500,000
|
|
634,399
|
|
Seagate HDD,
|
|
|
|
|
|
|
Gtd. Notes
|
4.75
|
6/1/23
|
800,000
|
c
|
770,000
|
|
Seagate Technology HDD,
|
|
|
|
|
|
|
Gtd. Notes
|
6.80
|
10/1/16
|
125,000
|
|
141,250
|
|
|
|
|
|
|
19,266,750
|
|
Materials--1.2%
|
|
|
|
|
|
|
Airgas,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.38
|
2/15/20
|
500,000
|
|
481,498
|
|
Alcoa,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.40
|
4/15/21
|
500,000
|
b
|
522,959
|
|
Alcoa,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.72
|
2/23/19
|
612,000
|
|
665,177
|
|
Avery Dennison,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.35
|
4/15/23
|
1,000,000
|
|
940,001
|
|
Barrick PD Australia Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
5.95
|
10/15/39
|
1,300,000
|
|
1,196,097
|
|
BHP Billiton Finance USA,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
4/1/19
|
1,700,000
|
|
2,057,921
|
|
CF Industries,
|
|
|
|
|
|
|
Gtd. Notes
|
3.45
|
6/1/23
|
500,000
|
|
466,130
|
|
CF Industries,
|
|
|
|
|
|
|
Gtd. Notes
|
4.95
|
6/1/43
|
500,000
|
|
463,633
|
|
Dow Chemical,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.55
|
5/15/19
|
1,700,000
|
|
2,189,738
|
|
E.I. du Pont de Nemours & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.80
|
2/15/23
|
500,000
|
|
471,961
|
|
E.I. du Pont de Nemours & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.15
|
2/15/43
|
300,000
|
|
277,624
|
|
E.I. du Pont de Nemours & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.25
|
12/15/16
|
1,900,000
|
|
2,133,795
|
|
E.I. du Pont de Nemours & Co.,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
7/15/18
|
560,000
|
|
654,496
|
|
Ecolab,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
12/8/41
|
650,000
|
|
724,911
|
|
Freeport-McMoRan Copper & Gold,
|
|
|
|
|
|
|
Gtd. Notes
|
3.10
|
3/15/20
|
1,500,000
|
|
1,482,532
|
|
Freeport-McMoRan Copper & Gold,
|
|
|
|
|
|
|
Gtd. Notes
|
5.45
|
3/15/43
|
600,000
|
|
575,558
|
|
Glencore Canada
|
|
|
|
|
|
|
Gtd. Notes
|
5.50
|
6/15/17
|
165,000
|
|
180,995
|
|
International Paper,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.95
|
6/15/18
|
1,600,000
|
|
1,975,883
|
|
LYB International Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
4.00
|
7/15/23
|
1,200,000
|
|
1,213,097
|
|
Mosaic,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.25
|
11/15/23
|
300,000
|
|
300,918
|
|
Newmont Mining,
|
|
|
|
|
|
|
Gtd. Notes
|
6.25
|
10/1/39
|
1,000,000
|
|
927,960
|
|
Rio Tinto Alcan,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.25
|
3/15/31
|
350,000
|
|
441,265
|
|
Rio Tinto Finance USA,
|
|
|
|
|
|
|
Gtd. Notes
|
5.20
|
11/2/40
|
1,000,000
|
|
1,044,510
|
|
|
|
|
|
|
|
Rio Tinto Finance USA,
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
7/15/18
|
20,000
|
23,807
|
|
Teck Resources,
|
|
|
|
|
|
Gtd. Notes
|
6.25
|
7/15/41
|
1,300,000
|
1,338,245
|
|
Vale Canada,
|
|
|
|
|
|
Sr. Unscd. Bonds
|
7.20
|
9/15/32
|
100,000
|
105,274
|
|
Vale Overseas,
|
|
|
|
|
|
Gtd. Notes
|
4.38
|
1/11/22
|
1,200,000
|
1,163,756
|
|
Vale Overseas,
|
|
|
|
|
|
Gtd. Notes
|
6.25
|
1/23/17
|
510,000
|
568,140
|
|
Vale Overseas,
|
|
|
|
|
|
Gtd. Notes
|
6.88
|
11/21/36
|
900,000
|
922,218
|
|
|
|
|
|
25,510,099
|
|
Municipal Bonds--.9%
|
|
|
|
|
|
Bay Area Toll Authority,
|
|
|
|
|
|
San Francisco Bay Area Toll
|
|
|
|
|
|
Bridge Revenue (Build America
|
|
|
|
|
|
Bonds)
|
6.26
|
4/1/49
|
1,000,000
|
1,281,520
|
|
Bay Area Toll Authority,
|
|
|
|
|
|
San Francisco Bay Area
|
|
|
|
|
|
Subordinate Toll Bridge
|
|
|
|
|
|
Revenue (Build America Bonds)
|
6.79
|
4/1/30
|
695,000
|
833,444
|
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
7.50
|
4/1/34
|
1,000,000
|
1,347,750
|
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
7.55
|
4/1/39
|
1,600,000
|
2,221,872
|
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
3.95
|
11/1/15
|
400,000
|
423,000
|
|
Florida Hurricane Catastrophe Fund
|
|
|
|
|
|
Finance Corporation, Revenue
|
2.11
|
7/1/18
|
500,000
|
497,455
|
|
Illinois,
|
|
|
|
|
|
GO (Pension Funding Series)
|
5.10
|
6/1/33
|
3,630,000
|
3,501,679
|
|
Los Angeles Unified School
|
|
|
|
|
|
District, GO (Build America
|
|
|
|
|
|
Bonds)
|
5.75
|
7/1/34
|
1,600,000
|
1,875,296
|
|
Metropolitan Transportation
|
|
|
|
|
|
Authority, Dedicated Tax Funds
|
|
|
|
|
|
Bonds
|
7.34
|
11/15/39
|
650,000
|
880,275
|
|
New Jersey Turnpike Authority,
|
|
|
|
|
|
Turnpike Revenue (Build
|
|
|
|
|
|
America Bonds)
|
7.41
|
1/1/40
|
780,000
|
1,090,206
|
|
New York City Municipal Water
|
|
|
|
|
|
Finance Authority, Water and
|
|
|
|
|
|
Sewer System Second General
|
|
|
|
|
|
Resolution Revenue (Build
|
|
|
|
|
|
America Bonds)
|
5.95
|
6/15/42
|
545,000
|
662,360
|
|
New York State Dormitory
|
|
|
|
|
|
Authority, State Personal
|
|
|
|
|
|
Income Tax Revenue (General
|
|
|
|
|
|
Purpose) (Build America Bonds)
|
5.29
|
3/15/33
|
2,000,000
|
2,219,440
|
|
Port Authority of New York and New
|
|
|
|
|
|
Jersey (Consolidated Bonds,
|
|
|
|
|
|
164th Series)
|
5.65
|
11/1/40
|
680,000
|
765,401
|
|
Public Utilities Commission of the
|
|
|
|
|
|
City and County of San
|
|
|
|
|
|
|
|
|
|
|
|
|
Francisco, San Francisco Water
|
|
|
|
|
|
|
Revenue (Build America Bonds)
|
6.00
|
11/1/40
|
550,000
|
|
654,016
|
|
University of California Regents,
|
|
|
|
|
|
|
General Revenue
|
1.80
|
7/1/19
|
480,000
|
|
473,654
|
|
|
|
|
|
|
18,727,368
|
|
Telecommunications--1.5%
|
|
|
|
|
|
|
America Movil SAB de CV,
|
|
|
|
|
|
|
Gtd. Notes
|
2.38
|
9/8/16
|
1,000,000
|
|
1,037,478
|
|
America Movil SAB de CV,
|
|
|
|
|
|
|
Gtd. Notes
|
6.13
|
3/30/40
|
1,200,000
|
|
1,283,483
|
|
America Movil SAB de CV,
|
|
|
|
|
|
|
Gtd. Notes
|
6.38
|
3/1/35
|
100,000
|
|
109,807
|
|
AT&T,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
2.50
|
8/15/15
|
2,000,000
|
|
2,055,084
|
|
AT&T,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.35
|
6/15/45
|
600,000
|
|
515,792
|
|
AT&T,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.35
|
9/1/40
|
1,500,000
|
|
1,506,493
|
|
AT&T,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
5.50
|
2/1/18
|
950,000
|
|
1,081,107
|
|
AT&T,
|
|
|
|
|
|
|
Gtd. Notes
|
8.00
|
11/15/31
|
470,000
|
a
|
644,356
|
|
British Telecommunications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.95
|
1/15/18
|
580,000
|
|
670,249
|
|
British Telecommunications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
9.63
|
12/15/30
|
175,000
|
a
|
265,689
|
|
Cellco Partnership/Verizon
|
|
|
|
|
|
|
Wireless Capital, Sr. Unscd.
|
|
|
|
|
|
|
Notes
|
8.50
|
11/15/18
|
850,000
|
|
1,088,812
|
|
Cisco Systems,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.45
|
1/15/20
|
1,000,000
|
|
1,111,657
|
|
Cisco Systems,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
2/22/16
|
500,000
|
|
549,400
|
|
Cisco Systems,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
1/15/40
|
400,000
|
|
438,818
|
|
Corning,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.70
|
11/15/23
|
400,000
|
|
406,731
|
|
Deutsche Telekom International
|
|
|
|
|
|
|
Finance, Gtd. Bonds
|
8.75
|
6/15/30
|
900,000
|
a
|
1,280,489
|
|
GTE,
|
|
|
|
|
|
|
Gtd. Debs.
|
6.94
|
4/15/28
|
100,000
|
|
118,519
|
|
Koninklijke KPN,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
8.38
|
10/1/30
|
250,000
|
|
327,746
|
|
Motorola Solutions,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
7.50
|
5/15/25
|
1,450,000
|
|
1,769,180
|
|
Orange,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.75
|
3/1/31
|
945,000
|
a
|
1,354,812
|
|
Pacific-Bell Telephone,
|
|
|
|
|
|
|
Gtd. Bonds
|
7.13
|
3/15/26
|
310,000
|
|
386,618
|
|
Qwest,
|
|
|
|
|
|
|
Sr. Unscd. Debs.
|
6.88
|
9/15/33
|
330,000
|
|
320,925
|
|
Telefonica Emisiones,
|
|
|
|
|
|
|
Gtd. Notes
|
3.19
|
4/27/18
|
1,000,000
|
|
1,031,367
|
|
Telefonica Emisiones,
|
|
|
|
|
|
|
Gtd. Notes
|
7.05
|
6/20/36
|
1,145,000
|
|
1,312,204
|
|
|
|
|
|
|
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.50
|
11/1/21
|
900,000
|
|
907,833
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.65
|
9/14/18
|
1,300,000
|
|
1,384,414
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.15
|
9/15/23
|
1,650,000
|
|
1,797,256
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
2/15/18
|
1,500,000
|
|
1,704,575
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.85
|
9/15/35
|
560,000
|
|
622,494
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.40
|
9/15/33
|
1,250,000
|
|
1,468,931
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.55
|
9/15/43
|
1,950,000
|
|
2,349,089
|
|
Verizon Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.75
|
12/1/30
|
690,000
|
|
902,288
|
|
Vodafone Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.63
|
2/27/17
|
555,000
|
|
626,708
|
|
Vodafone Group,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.15
|
2/27/37
|
250,000
|
|
282,079
|
|
Vodafone Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.88
|
2/15/30
|
125,000
|
|
163,497
|
|
Vodefone Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.50
|
2/19/18
|
500,000
|
|
493,957
|
|
|
|
|
|
|
33,369,937
|
|
U.S. Government Agencies--4.0%
|
|
|
|
|
|
|
Federal Farm Credit Bank,
|
|
|
|
|
|
|
Bonds
|
0.54
|
11/7/16
|
500,000
|
|
496,736
|
|
Federal Farm Credit Bank,
|
|
|
|
|
|
|
Bonds
|
0.73
|
8/15/16
|
205,000
|
|
205,007
|
|
Federal Farm Credit Bank,
|
|
|
|
|
|
|
Bonds
|
5.13
|
8/25/16
|
1,200,000
|
|
1,336,003
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
0.38
|
6/24/16
|
1,500,000
|
|
1,496,424
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
0.45
|
12/28/15
|
500,000
|
|
500,033
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
1.25
|
2/28/18
|
570,000
|
|
563,928
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
2.75
|
3/13/15
|
2,800,000
|
|
2,880,273
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
4.75
|
12/16/16
|
1,000,000
|
|
1,117,958
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds, Ser. 1
|
4.88
|
5/17/17
|
2,000,000
|
b
|
2,259,158
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
5.00
|
11/17/17
|
2,600,000
|
|
2,977,757
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds, Ser. 656
|
5.38
|
5/18/16
|
320,000
|
|
355,931
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
5.50
|
7/15/36
|
480,000
|
|
582,093
|
|
Federal Home Loan Bank,
|
|
|
|
|
|
|
Bonds
|
5.63
|
6/11/21
|
1,200,000
|
|
1,448,771
|
|
Federal Home Loan Mortgage Corp.,
|
4.50
|
10/1/40
|
5,721,170
|
d
|
6,138,776
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
0.40
|
11/27/15
|
1,380,000
|
d
|
1,381,459
|
|
|
|
|
|
|
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
0.42
|
9/18/15
|
850,000
|
d
|
851,570
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
0.70
|
10/25/16
|
1,150,000
|
d
|
1,147,823
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
1.00
|
9/29/17
|
3,000,000
|
d
|
2,981,955
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Unscd. Notes
|
1.03
|
11/28/17
|
500,000
|
d
|
496,884
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
1.20
|
6/12/18
|
785,000
|
d
|
779,613
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
2.00
|
8/25/16
|
2,000,000
|
d
|
2,071,130
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
2.25
|
3/13/20
|
715,000
|
d
|
716,486
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
2.38
|
1/13/22
|
2,600,000
|
b,d
|
2,543,697
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
2.88
|
2/9/15
|
5,500,000
|
d
|
5,652,779
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
3.06
|
6/14/28
|
135,000
|
d
|
122,056
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
3.75
|
3/27/19
|
1,600,000
|
d
|
1,760,270
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
4.38
|
7/17/15
|
1,985,000
|
d
|
2,106,101
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
4.88
|
6/13/18
|
1,250,000
|
b,d
|
1,435,791
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
5.00
|
2/16/17
|
825,000
|
d
|
929,282
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
5.13
|
10/18/16
|
750,000
|
b,d
|
836,473
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
5.13
|
11/17/17
|
650,000
|
b,d
|
745,820
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
5.25
|
4/18/16
|
2,100,000
|
d
|
2,320,237
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Notes
|
6.25
|
7/15/32
|
1,000,000
|
d
|
1,318,618
|
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
|
|
|
Bonds
|
6.75
|
9/15/29
|
400,000
|
d
|
546,803
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.00
|
6/1/17
|
2,400,000
|
d,e
|
2,307,221
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.38
|
12/21/15
|
2,500,000
|
b,d
|
2,502,877
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.50
|
10/22/15
|
500,000
|
d
|
501,737
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.50
|
3/28/16
|
500,000
|
d
|
500,354
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.52
|
2/26/16
|
750,000
|
d
|
751,520
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.52
|
5/27/16
|
1,250,000
|
d
|
1,250,002
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.55
|
2/27/15
|
1,000,000
|
d
|
1,000,315
|
|
Federal National Mortgage
|
|
|
|
|
|
|
Association, Notes
|
0.57
|
4/18/16
|
1,000,000
|
d
|
1,000,436
|
|
Federal National Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
association, notes
|
|
0.88
|
2/8/18
|
3,000,000
|
d
|
2,952,225
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
1.00
|
12/28/17
|
750,000
|
d
|
740,164
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
1.00
|
2/15/18
|
700,000
|
d
|
687,590
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes, ser. 1
|
|
1.00
|
4/30/18
|
1,000,000
|
d
|
984,884
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
1.05
|
8/26/16
|
250,000
|
d
|
250,129
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
1.13
|
3/28/18
|
415,000
|
d
|
408,898
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
1.25
|
1/30/17
|
2,000,000
|
d
|
2,029,274
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
1.63
|
10/26/15
|
2,700,000
|
d
|
2,761,779
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
4.38
|
10/15/15
|
850,000
|
d
|
908,757
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
5.00
|
4/15/15
|
200,000
|
d
|
211,521
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
5.00
|
3/15/16
|
1,240,000
|
d
|
1,362,191
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, bonds
|
|
5.00
|
5/11/17
|
1,200,000
|
d
|
1,358,144
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
5.25
|
9/15/16
|
1,225,000
|
d
|
1,373,027
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, notes
|
|
6.00
|
4/18/36
|
1,300,000
|
d
|
1,426,152
|
|
federal national mortgage
|
|
|
|
|
|
|
|
association, bonds
|
|
6.25
|
5/15/29
|
1,340,000
|
d
|
1,736,734
|
|
financing (fico),
|
|
|
|
|
|
|
|
scd. bonds
|
|
8.60
|
9/26/19
|
40,000
|
|
53,846
|
|
financing (fico),
|
|
|
|
|
|
|
|
scd. bonds, ser. e
|
|
9.65
|
11/2/18
|
510,000
|
|
695,224
|
|
tennessee valley authority,
|
|
|
|
|
|
|
|
notes
|
|
5.25
|
9/15/39
|
1,200,000
|
|
1,350,469
|
|
tennessee valley authority,
|
|
|
|
|
|
|
|
bonds
|
|
5.88
|
4/1/36
|
650,000
|
|
789,795
|
|
tennessee valley authority,
|
|
|
|
|
|
|
|
bonds
|
|
6.15
|
1/15/38
|
165,000
|
|
206,158
|
|
|
|
|
|
|
|
85,205,118
|
|
u.s. government agencies/mortgage-backed--31.2%
|
|
|
|
|
|
|
|
federal home loan mortgage corp.:
|
|
|
|
|
|
|
|
2.50%
|
|
|
|
4,000,000
|
d,f
|
4,017,500
|
|
3.00%
|
|
|
|
1,500,000
|
d,f
|
1,455,469
|
|
3.50%
|
|
|
|
600,000
|
d,f
|
607,406
|
|
4.00%
|
|
|
|
1,500,000
|
d,f
|
1,564,844
|
|
2.14%, 8/1/43
|
|
|
|
1,484,324
|
d
|
1,491,568
|
|
2.24%, 7/1/43
|
|
|
|
543,621
|
a,d
|
549,834
|
|
2.46%, 10/1/43
|
|
|
|
591,704
|
a,d
|
600,724
|
|
2.50%, 10/1/27 - 11/1/42
|
|
|
|
10,273,701
|
d
|
10,320,360
|
|
3.00%, 12/1/25 - 10/1/43
|
|
|
|
36,526,503
|
d
|
36,278,493
|
|
3.50%, 6/1/19 - 8/1/42
|
|
|
|
29,831,972
|
d
|
30,538,432
|
|
4.00%, 11/1/14 - 1/1/44
|
|
|
|
23,557,492
|
d
|
24,751,944
|
|
4.50%, 2/1/18 - 4/1/41
|
|
|
|
17,181,229
|
d
|
18,440,450
|
|
5.00%, 12/1/17 - 1/1/40
|
|
|
|
19,432,703
|
d
|
21,121,408
|
|
|
|
|
|
|
|
5.50%, 8/1/16 - 1/1/40
|
|
13,980,847
|
d
|
15,364,556
|
|
6.00%, 7/1/14 - 7/1/39
|
|
6,032,336
|
d
|
6,663,082
|
|
6.50%, 3/1/14 - 3/1/39
|
|
3,383,477
|
d
|
3,780,759
|
|
7.00%, 9/1/15 - 7/1/37
|
|
198,862
|
d
|
226,339
|
|
7.50%, 8/1/16 - 11/1/33
|
|
56,962
|
d
|
64,917
|
|
8.00%, 2/1/17 - 10/1/31
|
|
47,593
|
d
|
55,547
|
|
8.50%, 10/1/18 - 6/1/30
|
|
1,597
|
d
|
1,845
|
|
Federal National Mortgage Association:
|
|
|
|
|
|
2.50%
|
|
15,000,000
|
d,f
|
14,896,032
|
|
3.00%
|
|
14,300,000
|
d,f
|
14,072,125
|
|
3.50%
|
|
8,900,000
|
d,f
|
9,043,312
|
|
4.00%
|
|
7,400,000
|
d,f
|
7,733,499
|
|
4.50%
|
|
2,100,000
|
d,f
|
2,253,563
|
|
2.18%, 5/1/43
|
|
592,443
|
a,d
|
596,055
|
|
2.50%, 7/1/27 - 7/1/33
|
|
8,244,339
|
d
|
8,295,922
|
|
2.72%, 12/1/43
|
|
1,488,606
|
a,d
|
1,539,287
|
|
2.74%, 11/1/43
|
|
295,912
|
a,d
|
302,853
|
|
2.95%, 5/1/42
|
|
387,404
|
a,d
|
396,552
|
|
3.00%, 10/1/26 - 1/1/44
|
|
46,262,484
|
d
|
45,843,450
|
|
3.05%, 12/1/41
|
|
670,951
|
a,d
|
698,224
|
|
3.50%, 1/20/25 - 9/1/43
|
|
46,602,269
|
d
|
47,803,567
|
|
4.00%, 9/1/18 - 2/1/42
|
|
50,611,782
|
d
|
53,446,120
|
|
4.50%, 4/1/18 - 11/1/40
|
|
36,936,531
|
d
|
39,703,128
|
|
5.00%, 11/1/17 - 6/1/40
|
|
22,176,586
|
d
|
24,213,711
|
|
5.50%, 2/1/14 - 12/1/38
|
|
16,883,965
|
d
|
18,603,725
|
|
6.00%, 3/1/14 - 11/1/38
|
|
9,035,315
|
d
|
10,020,656
|
|
6.50%, 10/1/14 - 9/1/38
|
|
2,435,434
|
d
|
2,721,309
|
|
7.00%, 3/1/14 - 3/1/38
|
|
515,229
|
d
|
570,681
|
|
7.50%, 8/1/15 - 6/1/31
|
|
84,687
|
d
|
95,541
|
|
8.00%, 6/1/15 - 8/1/30
|
|
20,998
|
d
|
23,970
|
|
8.50%, 9/1/15 - 7/1/30
|
|
7,814
|
d
|
8,055
|
|
9.00%, 10/1/30
|
|
2,103
|
d
|
2,238
|
|
Government National Mortgage Association I:
|
|
|
|
|
|
3.00%
|
|
21,100,000
|
f
|
20,914,298
|
|
3.50%
|
|
23,700,000
|
f
|
24,416,844
|
|
4.00%
|
|
12,000,000
|
f
|
12,723,555
|
|
4.50%
|
|
9,800,000
|
f
|
10,639,126
|
|
2.00%, 10/20/42 - 6/20/43
|
|
2,349,225
|
|
2,443,901
|
|
2.50%, 2/15/28 - 2/20/43
|
|
2,764,386
|
|
2,820,480
|
|
3.00%, 7/20/42
|
|
1,232,324
|
|
1,287,867
|
|
3.50%, 9/20/28 - 2/15/42
|
|
14,525,078
|
|
15,037,562
|
|
4.00%, 2/15/41 - 3/15/41
|
|
14,792,979
|
|
15,759,851
|
|
4.50%, 1/15/19 - 2/15/41
|
|
17,719,628
|
|
19,280,311
|
|
5.00%, 1/15/17 - 4/15/40
|
|
17,020,545
|
|
18,752,441
|
|
5.50%, 9/15/20 - 11/15/38
|
|
5,551,858
|
|
6,152,503
|
|
6.00%, 2/15/17 - 4/15/39
|
|
5,707,952
|
|
6,406,088
|
|
6.50%, 2/15/24 - 2/15/39
|
|
1,231,424
|
|
1,386,605
|
|
7.00%, 2/15/22 - 8/15/32
|
|
125,336
|
|
141,067
|
|
7.50%, 10/15/14 - 11/15/30
|
|
81,175
|
|
91,137
|
|
8.00%, 8/15/24 - 3/15/32
|
|
19,764
|
|
23,645
|
|
8.25%, 6/15/27
|
|
2,024
|
|
2,378
|
|
8.50%, 10/15/26
|
|
10,030
|
|
11,593
|
|
9.00%, 2/15/22 - 2/15/23
|
|
9,255
|
|
9,501
|
|
Government National Mortgage Association II:
|
|
|
|
|
|
2.50%, 4/20/28 - 11/20/43
|
|
2,087,639
|
|
2,070,012
|
|
|
|
|
|
|
3.00%, 11/20/27 - 10/20/43
|
12,988,370
|
|
13,064,059
|
|
3.50%, 5/20/34 - 4/20/43
|
3,777,834
|
|
3,898,431
|
|
4.50%, 7/20/41 - 6/20/43
|
2,913,711
|
|
3,173,906
|
|
5.00%, 6/20/42
|
500,000
|
|
549,725
|
|
5.50%, 7/20/38 - 11/20/42
|
765,242
|
|
845,919
|
|
6.50%, 2/20/28
|
974
|
|
1,149
|
|
8.50%, 7/20/25
|
801
|
|
919
|
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
2.16%, 8/1/37
|
68,925
|
a,d
|
73,800
|
|
2.17%, 2/1/35
|
375,331
|
a,d
|
395,075
|
|
2.25%, 6/1/35
|
5,189
|
a,d
|
5,538
|
|
2.38%, 4/1/36
|
140,775
|
a,d
|
148,180
|
|
2.40%, 6/1/36
|
8,204
|
a,d
|
8,276
|
|
2.42%, 2/1/34
|
201,947
|
a,d
|
214,666
|
|
2.42%, 8/1/35
|
131,587
|
a,d
|
139,599
|
|
2.44%, 12/1/34
|
33,427
|
a,d
|
35,624
|
|
2.49%, 3/1/37
|
92,855
|
a,d
|
99,169
|
|
2.63%, 4/1/33
|
12,948
|
a,d
|
13,821
|
|
2.64%, 3/1/36
|
7,642
|
a,d
|
8,190
|
|
2.72%, 12/1/34
|
16,492
|
a,d
|
17,528
|
|
3.22%, 11/1/33
|
4,273
|
a,d
|
4,395
|
|
4.69%, 6/1/34
|
5,656
|
a,d
|
6,012
|
|
5.21%, 8/1/34
|
3,706
|
a,d
|
3,908
|
|
Federal National Mortgage Association:
|
|
|
|
|
2.11%, 12/1/35
|
7,320
|
a,d
|
7,732
|
|
2.19%, 10/1/34
|
17,038
|
a,d
|
18,049
|
|
2.25%, 6/1/34
|
189,418
|
a,d
|
202,430
|
|
2.25%, 11/1/36
|
132,063
|
a,d
|
138,956
|
|
2.25%, 2/1/37
|
3,853
|
a,d
|
4,106
|
|
2.32%, 12/1/36
|
26,355
|
a,d
|
26,912
|
|
2.39%, 5/1/33
|
6,377
|
a,d
|
6,554
|
|
2.39%, 9/1/33
|
6,860
|
a,d
|
7,212
|
|
2.40%, 11/1/32
|
12,088
|
a,d
|
12,815
|
|
2.40%, 1/1/35
|
192,454
|
a,d
|
206,951
|
|
2.44%, 11/1/36
|
31,982
|
a,d
|
33,617
|
|
2.50%, 8/1/35
|
65,786
|
a,d
|
70,066
|
|
2.51%, 3/1/34
|
175,115
|
a,d
|
187,380
|
|
2.56%, 9/1/33
|
19,539
|
a,d
|
20,756
|
|
2.58%, 6/1/34
|
57,072
|
a,d
|
61,252
|
|
2.60%, 3/1/37
|
54,398
|
a,d
|
58,039
|
|
2.64%, 2/1/37
|
128,717
|
a,d
|
138,273
|
|
2.66%, 9/1/35
|
357,799
|
a,d
|
382,557
|
|
4.89%, 1/1/35
|
9,026
|
a,d
|
9,501
|
|
5.07%, 6/1/35
|
13,477
|
a,d
|
14,517
|
|
5.23%, 11/1/35
|
3,613
|
a,d
|
3,900
|
|
|
|
|
665,469,281
|
|
U.S. Government Securities--34.7%
|
|
|
|
|
U.S. Treasury Bonds:
|
|
|
|
|
2.75%, 8/15/42
|
3,200,000
|
|
2,697,750
|
|
2.75%, 11/15/42
|
9,042,000
|
b
|
7,605,877
|
|
2.88%, 5/15/43
|
9,565,000
|
b
|
8,240,094
|
|
3.00%, 5/15/42
|
3,500,000
|
b
|
3,117,460
|
|
3.13%, 11/15/41
|
7,750,000
|
|
7,098,519
|
|
3.13%, 2/15/42
|
20,000
|
|
18,292
|
|
3.13%, 2/15/43
|
9,090,000
|
b
|
8,264,092
|
|
|
|
|
|
|
3.63%, 8/15/43
|
2,885,000
|
b
|
2,885,900
|
|
3.75%, 11/15/43
|
8,175,000
|
|
8,366,606
|
|
3.88%, 8/15/40
|
5,000,000
|
b
|
5,277,735
|
|
4.38%, 5/15/40
|
3,650,000
|
b
|
4,176,399
|
|
4.63%, 2/15/40
|
4,660,000
|
|
5,538,121
|
|
6.00%, 2/15/26
|
470,000
|
|
618,123
|
|
6.13%, 11/15/27
|
854,000
|
|
1,148,830
|
|
6.25%, 8/15/23
|
314,000
|
b
|
412,714
|
|
6.50%, 11/15/26
|
1,200,000
|
|
1,652,437
|
|
6.63%, 2/15/27
|
800,000
|
|
1,115,062
|
|
6.75%, 8/15/26
|
1,500,000
|
|
2,101,875
|
|
6.88%, 8/15/25
|
300,000
|
|
419,906
|
|
7.13%, 2/15/23
|
1,320,000
|
|
1,819,022
|
|
7.25%, 8/15/22
|
1,000,000
|
|
1,377,969
|
|
8.00%, 11/15/21
|
3,770,000
|
|
5,323,504
|
|
8.13%, 5/15/21
|
1,500,000
|
|
2,108,847
|
|
8.75%, 5/15/17
|
2,395,000
|
|
3,009,092
|
|
8.88%, 8/15/17
|
2,725,000
|
|
3,477,994
|
|
9.00%, 11/15/18
|
660,000
|
|
893,011
|
|
U.S. Treasury Notes:
|
|
|
|
|
0.13%, 4/30/15
|
8,000,000
|
|
7,996,248
|
|
0.25%, 2/15/15
|
410,000
|
|
410,433
|
|
0.25%, 3/31/15
|
6,800,000
|
|
6,806,773
|
|
0.25%, 5/15/15
|
4,610,000
|
b
|
4,614,684
|
|
0.25%, 5/31/15
|
5,700,000
|
b
|
5,705,233
|
|
0.25%, 7/15/15
|
7,440,000
|
b
|
7,445,520
|
|
0.25%, 8/15/15
|
6,900,000
|
|
6,902,967
|
|
0.25%, 9/15/15
|
7,944,000
|
|
7,944,310
|
|
0.25%, 10/15/15
|
6,400,000
|
|
6,398,502
|
|
0.25%, 10/31/15
|
4,000,000
|
|
3,998,752
|
|
0.25%, 11/30/15
|
4,015,000
|
b
|
4,012,571
|
|
0.25%, 12/15/15
|
8,500,000
|
|
8,492,528
|
|
0.25%, 12/31/15
|
3,355,000
|
|
3,351,330
|
|
0.25%, 4/15/16
|
8,125,000
|
|
8,098,025
|
|
0.25%, 5/15/16
|
7,945,000
|
b
|
7,912,727
|
|
0.38%, 4/15/15
|
7,604,000
|
|
7,623,010
|
|
0.38%, 6/15/15
|
8,000,000
|
|
8,020,624
|
|
0.38%, 6/30/15
|
400,000
|
|
401,047
|
|
0.38%, 8/31/15
|
4,435,000
|
|
4,444,704
|
|
0.38%, 1/15/16
|
1,660,000
|
|
1,661,589
|
|
0.38%, 1/31/16
|
3,500,000
|
|
3,503,143
|
|
0.38%, 2/15/16
|
7,840,000
|
|
7,843,371
|
|
0.38%, 3/15/16
|
6,770,000
|
|
6,769,736
|
|
0.50%, 6/15/16
|
7,985,000
|
|
7,992,490
|
|
0.50%, 7/31/17
|
4,990,000
|
|
4,914,177
|
|
0.63%, 7/15/16
|
7,740,000
|
|
7,764,489
|
|
0.63%, 8/15/16
|
4,175,000
|
|
4,184,949
|
|
0.63%, 10/15/16
|
3,800,000
|
|
3,803,713
|
|
0.63%, 11/15/16
|
3,765,000
|
b
|
3,766,028
|
|
0.63%, 12/15/16
|
2,355,000
|
b
|
2,353,804
|
|
0.63%, 8/31/17
|
3,700,000
|
|
3,653,173
|
|
0.63%, 9/30/17
|
7,800,000
|
b
|
7,689,092
|
|
0.63%, 11/30/17
|
40,000
|
|
39,306
|
|
0.63%, 4/30/18
|
1,694,000
|
|
1,650,856
|
|
0.75%, 1/15/17
|
3,755,000
|
|
3,762,773
|
|
|
|
|
|
|
0.75%, 6/30/17
|
7,387,000
|
|
7,347,465
|
|
0.75%, 10/31/17
|
7,220,000
|
|
7,139,338
|
|
0.75%, 12/31/17
|
100,000
|
|
98,578
|
|
0.75%, 2/28/18
|
7,320,000
|
b
|
7,193,327
|
|
0.75%, 3/31/18
|
7,300,000
|
|
7,161,701
|
|
0.88%, 1/31/17
|
4,320,000
|
|
4,339,742
|
|
0.88%, 2/28/17
|
6,500,000
|
|
6,523,107
|
|
0.88%, 1/31/18
|
776,000
|
|
767,482
|
|
1.00%, 8/31/16
|
3,600,000
|
|
3,641,202
|
|
1.00%, 9/30/16
|
7,801,000
|
|
7,886,327
|
|
1.00%, 10/31/16
|
986,000
|
|
996,129
|
|
1.00%, 3/31/17
|
7,000,000
|
b
|
7,044,569
|
|
1.00%, 5/31/18
|
1,400,000
|
|
1,383,539
|
|
1.00%, 9/30/19
|
5,000,000
|
|
4,800,780
|
|
1.00%, 11/30/19
|
5,700,000
|
|
5,443,055
|
|
1.13%, 3/31/20
|
4,250,000
|
|
4,054,432
|
|
1.13%, 4/30/20
|
5,000,000
|
|
4,758,985
|
|
1.25%, 8/31/15
|
8,017,000
|
b
|
8,144,927
|
|
1.25%, 9/30/15
|
9,000,000
|
|
9,147,132
|
|
1.25%, 10/31/15
|
7,856,000
|
|
7,989,033
|
|
1.25%, 10/31/18
|
4,430,000
|
|
4,393,142
|
|
1.25%, 11/30/18
|
4,400,000
|
|
4,356,858
|
|
1.25%, 1/31/19
|
5,295,000
|
|
5,229,639
|
|
1.25%, 2/29/20
|
5,000,000
|
|
4,819,920
|
|
1.38%, 11/30/15
|
5,820,000
|
|
5,934,351
|
|
1.38%, 6/30/18
|
1,415,000
|
|
1,418,813
|
|
1.38%, 7/31/18
|
2,210,000
|
|
2,213,366
|
|
1.38%, 9/30/18
|
10,070,000
|
b
|
10,056,234
|
|
1.38%, 11/30/18
|
4,341,000
|
b
|
4,327,096
|
|
1.38%, 12/31/18
|
4,920,000
|
b
|
4,897,324
|
|
1.38%, 2/28/19
|
5,500,000
|
b
|
5,456,170
|
|
1.38%, 1/31/20
|
4,650,000
|
|
4,522,850
|
|
1.50%, 6/30/16
|
7,500,000
|
|
7,682,520
|
|
1.50%, 8/31/18
|
5,405,000
|
|
5,434,982
|
|
1.50%, 12/31/18
|
1,550,000
|
b
|
1,551,150
|
|
1.50%, 1/31/19
|
4,380,000
|
|
4,381,196
|
|
1.63%, 11/15/22
|
5,690,000
|
|
5,276,144
|
|
1.75%, 5/31/16
|
3,500,000
|
|
3,605,136
|
|
1.75%, 10/31/18
|
5,400,000
|
|
5,483,111
|
|
1.75%, 10/31/20
|
3,600,000
|
|
3,524,342
|
|
1.75%, 5/15/22
|
1,579,000
|
b
|
1,496,349
|
|
1.75%, 5/15/23
|
11,321,000
|
|
10,505,096
|
|
1.88%, 6/30/15
|
5,000,000
|
|
5,117,775
|
|
1.88%, 8/31/17
|
3,140,000
|
|
3,238,615
|
|
1.88%, 9/30/17
|
5,570,000
|
b
|
5,741,450
|
|
2.00%, 1/31/16
|
1,825,000
|
|
1,885,311
|
|
2.00%, 4/30/16
|
8,625,000
|
|
8,928,220
|
|
2.00%, 9/30/20
|
3,700,000
|
|
3,686,846
|
|
2.00%, 11/30/20
|
3,640,000
|
b
|
3,615,827
|
|
2.00%, 11/15/21
|
2,430,000
|
|
2,372,287
|
|
2.00%, 2/15/22
|
6,920,000
|
b
|
6,720,510
|
|
2.00%, 2/15/23
|
9,500,000
|
|
9,058,772
|
|
2.13%, 5/31/15
|
7,494,000
|
|
7,686,034
|
|
2.13%, 12/31/15
|
8,000,000
|
|
8,274,840
|
|
2.13%, 2/29/16
|
3,000,000
|
|
3,109,218
|
|
|
|
|
|
|
|
|
|
|
2.13%, 8/31/20
|
|
|
3,780,000
|
|
3,801,705
|
|
|
2.13%, 1/31/21
|
|
|
3,630,000
|
|
3,629,434
|
|
|
2.13%, 8/15/21
|
|
|
10,605,000
|
|
10,498,536
|
|
|
2.25%, 3/31/16
|
|
|
60,000
|
|
62,391
|
|
|
2.38%, 2/28/15
|
|
|
1,260,000
|
|
1,289,752
|
|
|
2.38%, 3/31/16
|
|
|
1,753,000
|
|
1,827,776
|
|
|
2.38%, 12/31/20
|
|
|
3,355,000
|
|
3,410,435
|
|
|
2.50%, 3/31/15
|
|
|
4,435,000
|
|
4,554,364
|
|
|
2.50%, 4/30/15
|
|
|
8,650,000
|
b
|
8,899,873
|
|
|
2.50%, 6/30/17
|
|
|
6,520,000
|
|
6,867,646
|
|
|
2.50%, 8/15/23
|
|
|
5,573,000
|
b
|
5,507,473
|
|
|
2.63%, 8/15/20
|
|
|
8,270,000
|
|
8,587,551
|
|
|
2.63%, 11/15/20
|
|
|
7,011,000
|
|
7,263,235
|
|
|
2.75%, 5/31/17
|
|
|
8,430,000
|
b
|
8,949,962
|
|
|
2.75%, 11/15/23
|
|
|
10,050,000
|
b
|
10,123,807
|
|
|
3.00%, 8/31/16
|
|
|
2,700,000
|
|
2,870,437
|
|
|
3.00%, 9/30/16
|
|
|
4,560,000
|
b
|
4,851,411
|
|
|
3.00%, 2/28/17
|
|
|
1,500,000
|
|
1,601,953
|
|
|
3.13%, 10/31/16
|
|
|
5,000,000
|
|
5,341,405
|
|
|
3.13%, 1/31/17
|
|
|
480,000
|
|
514,144
|
|
|
3.13%, 4/30/17
|
|
|
2,830,000
|
|
3,037,275
|
|
|
3.13%, 5/15/19
|
|
|
5,000,000
|
|
5,387,110
|
|
|
3.13%, 5/15/21
|
|
|
9,750,000
|
|
10,363,187
|
|
|
3.25%, 5/31/16
|
|
|
1,083,000
|
|
1,153,564
|
|
|
3.25%, 6/30/16
|
|
|
4,600,000
|
|
4,905,468
|
|
|
3.25%, 7/31/16
|
|
|
4,060,000
|
|
4,337,221
|
|
|
3.25%, 12/31/16
|
|
|
4,700,000
|
|
5,048,829
|
|
|
3.25%, 3/31/17
|
|
|
3,000,000
|
|
3,230,157
|
|
|
3.38%, 11/15/19
|
|
|
6,700,000
|
|
7,302,739
|
|
|
3.50%, 5/15/20
|
|
|
8,890,000
|
|
9,734,897
|
|
|
3.63%, 8/15/19
|
|
|
5,000,000
|
|
5,514,260
|
|
|
3.63%, 2/15/20
|
|
|
5,000,000
|
|
5,516,990
|
|
|
3.63%, 2/15/21
|
|
|
6,680,000
|
b
|
7,343,043
|
|
|
4.13%, 5/15/15
|
|
|
4,065,000
|
|
4,269,839
|
|
|
4.25%, 8/15/15
|
|
|
1,740,000
|
|
1,847,459
|
|
|
4.50%, 11/15/15
|
|
|
220,000
|
|
236,487
|
|
|
4.50%, 2/15/16
|
|
|
425,000
|
|
460,859
|
|
|
4.50%, 5/15/17
|
|
|
1,800,000
|
|
2,012,695
|
|
|
4.63%, 11/15/16
|
|
|
2,000,000
|
|
2,220,468
|
|
|
4.75%, 8/15/17
|
|
|
2,387,000
|
|
2,703,277
|
|
|
4.88%, 8/15/16
|
|
|
90,000
|
|
99,847
|
|
|
|
|
|
|
|
739,739,213
|
|
|
Utilities--1.8%
|
|
|
|
|
|
|
|
AEP Texas Central Transition
|
|
|
|
|
|
|
|
Funding, Sr. Scd. Bonds,
|
|
|
|
|
|
|
|
Ser. A-4
|
5.17
|
1/1/20
|
250,000
|
|
277,008
|
|
|
American Water Capital,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
3.85
|
3/1/24
|
250,000
|
|
251,213
|
|
|
Commonwealth Edison,
|
|
|
|
|
|
|
|
First Mortgage Bonds
|
2.15
|
1/15/19
|
750,000
|
|
755,207
|
|
|
Commonwealth Edison,
|
|
|
|
|
|
|
|
First Mortgage Bonds
|
5.90
|
3/15/36
|
971,000
|
|
1,167,920
|
|
|
Consolidated Edison of New York,
|
|
|
|
|
|
|
|
Sr. Unscd. Debs., Ser. 05-A
|
5.30
|
3/1/35
|
175,000
|
|
197,024
|
|
|
Consolidated Edison of New York,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Unscd. Debs., Ser. 08-A
|
5.85
|
4/1/18
|
600,000
|
|
699,174
|
|
Consolidated Edison of New York,
|
|
|
|
|
|
|
Sr. Unscd. Debs., Ser. 06-B
|
6.20
|
6/15/36
|
200,000
|
|
246,991
|
|
Consumers Energy,
|
|
|
|
|
|
|
First Mortgage Bonds, Ser. P
|
5.50
|
8/15/16
|
200,000
|
|
223,023
|
|
Dominion Resources,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. C
|
5.15
|
7/15/15
|
2,075,000
|
|
2,206,389
|
|
Dominion Resources,
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. E
|
6.30
|
3/15/33
|
100,000
|
|
120,039
|
|
Duke Energy Carolinas,
|
|
|
|
|
|
|
First Mortgage Bonds
|
4.00
|
9/30/42
|
500,000
|
|
473,110
|
|
Duke Energy Carolinas,
|
|
|
|
|
|
|
First Mortgage Bonds
|
5.30
|
2/15/40
|
1,700,000
|
|
1,935,953
|
|
Duke Energy Florida
|
|
|
|
|
|
|
First Mortgage Bonds
|
6.40
|
6/15/38
|
1,000,000
|
|
1,288,315
|
|
Florida Power & Light,
|
|
|
|
|
|
|
First Mortgage Bonds
|
5.63
|
4/1/34
|
1,100,000
|
|
1,303,496
|
|
Georgia Power,
|
|
|
|
|
|
|
Sr. Unscd. Note
|
4.30
|
3/15/42
|
1,300,000
|
|
1,231,101
|
|
Hydro-Quebec,
|
|
|
|
|
|
|
Gov't Gtd. Debs., Ser. HH
|
8.50
|
12/1/29
|
1,200,000
|
|
1,784,720
|
|
Hydro-Quebec,
|
|
|
|
|
|
|
Gov't Gtd. Debs., Ser. HK
|
9.38
|
4/15/30
|
20,000
|
|
31,030
|
|
Indiana Michigan Power,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.05
|
3/15/37
|
800,000
|
|
908,444
|
|
Midamerican Energy Holdings,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.15
|
11/15/43
|
250,000
|
c
|
265,867
|
|
MidAmerican Energy Holdings,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.13
|
4/1/36
|
500,000
|
|
591,320
|
|
Nevada Power,
|
|
|
|
|
|
|
Mortgage Notes
|
7.13
|
3/15/19
|
2,300,000
|
|
2,831,969
|
|
NiSource Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
6.40
|
3/15/18
|
1,700,000
|
|
1,983,387
|
|
Oncor Electric Delivery,
|
|
|
|
|
|
|
Sr. Scd. Debs.
|
7.00
|
9/1/22
|
170,000
|
|
207,793
|
|
Oncor Electric Delivery,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
7.00
|
5/1/32
|
250,000
|
|
316,351
|
|
Pacific Gas & Electric,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
6.05
|
3/1/34
|
465,000
|
|
549,398
|
|
Pacific Gas & Electric,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
3/1/39
|
750,000
|
|
916,452
|
|
Pacificorp,
|
|
|
|
|
|
|
First Mortgage Bonds
|
5.75
|
4/1/37
|
1,035,000
|
|
1,240,113
|
|
Peco Energy,
|
|
|
|
|
|
|
First Mortgage Bonds
|
4.80
|
10/15/43
|
500,000
|
|
534,738
|
|
PPL Capital Funding,
|
|
|
|
|
|
|
Gtd. Notes
|
3.40
|
6/1/23
|
400,000
|
|
381,739
|
|
PPL Capital Funding,
|
|
|
|
|
|
|
Gtd. Notes
|
4.70
|
6/1/43
|
400,000
|
|
381,668
|
|
PPL Electric Utilities,
|
|
|
|
|
|
|
First Mortgage Bonds
|
4.75
|
7/15/43
|
1,000,000
|
|
1,066,189
|
|
Progress Energy,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.75
|
3/1/31
|
480,000
|
|
643,774
|
|
PSEG Power,
|
|
|
|
|
|
|
Gtd. Notes
|
2.45
|
11/15/18
|
180,000
|
|
181,117
|
|
|
|
|
|
|
|
|
|
Public Service Colorado,
|
|
|
|
|
|
|
|
First Mortgage Bonds
|
3.20
|
11/15/20
|
1,500,000
|
|
1,532,084
|
|
|
Public Service Electric & Gas,
|
|
|
|
|
|
|
|
Sr. Scd. Notes, Ser. D
|
5.25
|
7/1/35
|
230,000
|
|
258,666
|
|
|
San Diego Gas & Electric,
|
|
|
|
|
|
|
|
First Mortgage Bonds
|
3.60
|
9/1/23
|
400,000
|
|
410,080
|
|
|
South Carolina Electric & Gas,
|
|
|
|
|
|
|
|
First Mortgage Bonds
|
6.63
|
2/1/32
|
200,000
|
|
257,860
|
|
|
Southern California Edison,
|
|
|
|
|
|
|
|
First Mortgage Bonds
|
3.88
|
6/1/21
|
1,400,000
|
b
|
1,495,071
|
|
|
Southern California Edison,
|
|
|
|
|
|
|
|
First Mortgage Notes, Ser. 08-A
|
5.95
|
2/1/38
|
70,000
|
|
85,397
|
|
|
Southern California Edison,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.65
|
4/1/29
|
450,000
|
|
561,626
|
|
|
Southern California Gas,
|
|
|
|
|
|
|
|
First Mortgage Bonds, Ser. HH
|
5.45
|
4/15/18
|
100,000
|
|
115,285
|
|
|
Southern Power,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. D
|
4.88
|
7/15/15
|
2,000,000
|
|
2,116,962
|
|
|
SouthWestern Electric Power,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. F
|
5.88
|
3/1/18
|
150,000
|
|
170,970
|
|
|
Union Electric,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
6.40
|
6/15/17
|
1,500,000
|
|
1,741,331
|
|
|
Virginia Electric & Power,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
1.20
|
1/15/18
|
1,000,000
|
|
981,690
|
|
|
Virginia Electric & Power,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
4.00
|
1/15/43
|
500,000
|
|
469,060
|
|
|
Virginia Electric & Power,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. A
|
5.40
|
1/15/16
|
500,000
|
|
546,481
|
|
|
Xcel Energy,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.50
|
7/1/36
|
630,000
|
|
796,348
|
|
|
|
|
|
|
|
38,730,943
|
|
|
Total Bonds and Notes
|
|
|
|
|
|
|
|
(cost $2,100,807,405)
|
|
|
|
|
2,154,242,721
|
|
|
|
|
Other Investment--4.5%
|
|
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
|
|
(cost $95,381,636)
|
|
|
95,381,636
|
g
|
95,381,636
|
|
|
Investment of Cash Collateral for
|
|
|
|
|
|
|
|
Securities Loaned--.6%
|
|
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
|
|
|
|
Advantage Fund
|
|
|
|
|
|
|
|
(cost $12,377,875)
|
|
|
12,377,875
|
g
|
12,377,875
|
|
|
Total Investments
(cost $2,208,566,916)
|
|
|
106.1
|
%
|
2,262,002,232
|
|
|
Liabilities, Less Cash and Receivables
|
|
|
(6.1
|
%)
|
(129,236,285
|
)
|
|
Net Assets
|
|
|
100.0
|
%
|
2,132,765,947
|
|
GO-- General Obligation
REIT-- Real Estate Investment Trust
|
|
|
|
a
|
Variable rate security--interest rate subject to periodic change.
|
|
b
|
Security, or portion thereof, on loan. At January 31, 2014, the value of funds securities on loan was $163,794,952
|
|
|
and the value of the collateral held by the fund was $168,112,205, consisting of cash collateral of $12,377,875 and
|
|
|
|
U.S. Government & Agency securities valued at $155,734,330.
|
|
c Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
|
|
resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2014,
|
|
these securities were valued at $2,494,708 or .12% of net assets.
|
|
d The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National
|
|
Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing
|
|
affairs of these companies.
|
|
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
f This security is traded on a To-Be-Announced ("TBA") basis.
|
|
g Investment in affiliated money market mutual fund.
|
At January 31, 2014, net unrealized appreciation on investments was $53,169,643 of which $73,203,742 related to appreciated investment securities and $20,034,099 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
|
U.S. Government & Agencies
|
69.9
|
|
Corporate Bonds
|
23.4
|
|
Foreign/Governmental
|
4.8
|
|
Money Market Investments
|
5.1
|
|
Commercial Mortgage-Backed
|
1.6
|
|
Municipal Bonds
|
.9
|
|
Asset-Backed
|
.4
|
|
|
106.1
|
|
|
|
|
|
|
TBA SALE COMMITMENTS
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Federal Home Loan Mortgage Corp.:
|
|
|
|
|
3%, 2/1/27
|
2,600,000
|
a
|
2,681,250
|
|
3.50%, 2/1/29
|
1,000,000
|
a
|
1,052,187
|
|
4.50%, 11/1/17
|
1,100,000
|
a
|
1,173,906
|
|
5%, 2/15/22-2/12/39
|
3,700,000
|
a
|
3,959,681
|
|
5.50%, 2/1/33
|
5,000,000
|
a
|
5,477,345
|
|
Total Federal Home Loan Mortgage Corp.
|
13,400,000
|
|
14,344,369
|
|
Federal National Mortgage Association:
|
|
|
|
|
4%, 2/1/25
|
8,500,000
|
a,b
|
9,063,125
|
|
4.50%, 2/19/29
|
3,250,000
|
a
|
3,479,023
|
|
5%, 2/1/29
|
500,000
|
a,b
|
535,059
|
|
Total Federal National Mortgage Association
|
12,250,000
|
|
13,077,207
|
|
Government National Mortgage Association:
|
|
|
|
|
3.50%, 2/1/42
|
2,800,000
|
|
2,882,250
|
|
4%, 2/1/40
|
1,000,000
|
|
1,061,094
|
|
5%, 1/15/32-2/20/44
|
3,200,000
|
|
3,481,152
|
|
5.50%, 2/1/31
|
1,500,000
|
|
1,656,621
|
|
Total Government
|
|
|
|
|
National Mortgage Association
|
8,500,000
|
|
9,081,117
|
|
Total TBA Sale Commitments
|
|
|
|
|
(proceeds $36,237,020)
|
|
|
36,502,693
|
|
|
|
|
a
|
The Federal Housing Finance Agency ("FHFA") placed Federal National Mortgage Association and
|
|
|
Federal Home Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA
|
|
|
oversees the continuing affairs of these companies.
|
|
b
|
Sold on a delayed delivery basis.
|
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
|
|
Investments in Securities:
|
|
|
|
|
|
|
Asset-Backed
|
-
|
9,017,970
|
-
|
9,017,970
|
|
|
Commercial Mortgage-Backed
|
-
|
34,639,381
|
-
|
34,639,381
|
|
|
Corporate Bonds+
|
-
|
499,896,281
|
-
|
499,896,281
|
|
|
Foreign Government
|
-
|
101,548,109
|
-
|
101,548,109
|
|
|
Municipal Bonds+
|
-
|
18,727,368
|
-
|
18,727,368
|
|
|
Mutual Funds
|
107,759,511
|
-
|
-
|
107,759,511
|
|
|
U.S. Government Agencies/Mortgage-Backed
|
-
|
750,674,399
|
-
|
750,674,399
|
|
|
U.S. Treasury
|
-
|
739,739,213
|
-
|
739,739,213
|
|
|
Liabilities ($)
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
TBA Sales Commitments
|
-
|
(36,502,693
)
|
-
|
(36,502,693
|
)
|
|
+ See Statement of Investments for additional detailed categorizations.
|
|
|
|
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the
Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Short Sales: The fund is engaged in short-selling which obligates the fund to replace the security borrowed by purchasing the security at current market value. The fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security. The fund realizes a gain if the price of the security declines between those dates. Until the fund replaces the borrowed security, the fund will maintain daily a segregated account with a broker or custodian of permissible liquid assets sufficient to cover its short positions.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
|
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
|
Dreyfus Disciplined Stock Fund
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
Common Stocks--99.8%
|
Shares
|
|
Value ($)
|
|
Automobiles & Components--.7%
|
|
|
|
|
General Motors
|
119,240
|
|
4,302,179
|
|
Banks--3.9%
|
|
|
|
|
PNC Financial Services Group
|
93,110
|
|
7,437,627
|
|
Regions Financial
|
729,460
|
|
7,418,608
|
|
Wells Fargo & Co.
|
164,990
|
|
7,480,647
|
|
|
|
|
22,336,882
|
|
Capital Goods--9.0%
|
|
|
|
|
Allegion
|
36,106
|
a
|
1,781,831
|
|
Cummins
|
44,540
|
|
5,655,689
|
|
Danaher
|
99,890
|
|
7,430,817
|
|
Eaton
|
121,950
|
|
8,913,325
|
|
Fluor
|
70,510
|
|
5,355,940
|
|
Illinois Tool Works
|
94,150
|
|
7,425,610
|
|
Ingersoll-Rand
|
105,220
|
|
6,185,884
|
|
Precision Castparts
|
34,960
|
|
8,906,060
|
|
|
|
|
51,655,156
|
|
Commercial & Professional Services--.5%
|
|
|
|
|
Robert Half International
|
74,750
|
|
3,123,055
|
|
Consumer Durables & Apparel--1.9%
|
|
|
|
|
PVH
|
49,280
|
|
5,956,474
|
|
Whirlpool
|
36,960
|
|
4,926,768
|
|
|
|
|
10,883,242
|
|
Consumer Services--.8%
|
|
|
|
|
Starbucks
|
61,020
|
|
4,339,742
|
|
Diversified Financials--12.7%
|
|
|
|
|
Ameriprise Financial
|
68,840
|
|
7,272,258
|
|
Bank of America
|
855,740
|
|
14,333,645
|
|
Capital One Financial
|
71,840
|
|
5,072,622
|
|
Charles Schwab
|
319,820
|
|
7,937,932
|
|
Citigroup
|
192,540
|
|
9,132,172
|
|
ING US
|
183,880
|
|
6,209,628
|
|
JPMorgan Chase & Co.
|
262,720
|
|
14,544,179
|
|
NASDAQ OMX Group
|
219,100
|
|
8,358,665
|
|
|
|
|
72,861,101
|
|
Energy--8.8%
|
|
|
|
|
Anadarko Petroleum
|
63,350
|
|
5,111,711
|
|
Apache
|
44,450
|
|
3,567,557
|
|
EOG Resources
|
26,890
|
|
4,443,304
|
|
Exxon Mobil
|
149,040
|
|
13,735,526
|
|
Occidental Petroleum
|
126,780
|
|
11,102,125
|
|
Schlumberger
|
69,100
|
|
6,051,087
|
|
Valero Energy
|
128,280
|
|
6,555,108
|
|
|
|
|
50,566,418
|
|
Exchange-Traded Funds--1.3%
|
|
|
|
|
Standard & Poor's Depository
|
|
|
|
|
Receipts S&P 500 ETF Trust
|
41,520
|
b
|
7,398,034
|
|
Food & Staples Retailing--3.8%
|
|
|
|
|
Costco Wholesale
|
105,120
|
|
11,811,283
|
|
CVS Caremark
|
151,810
|
|
10,280,573
|
|
|
|
|
22,091,856
|
|
|
|
|
|
|
Food, Beverage & Tobacco--4.5%
|
|
|
|
|
Archer-Daniels-Midland
|
214,990
|
|
8,487,805
|
|
Mondelez International, Cl. A
|
272,950
|
|
8,939,112
|
|
Philip Morris International
|
106,700
|
|
8,337,538
|
|
|
|
|
25,764,455
|
|
Health Care Equipment & Services--3.5%
|
|
|
|
|
Cardinal Health
|
83,010
|
|
5,646,340
|
|
McKesson
|
43,200
|
|
7,534,512
|
|
Medtronic
|
123,200
|
|
6,968,192
|
|
|
|
|
20,149,044
|
|
Insurance--3.9%
|
|
|
|
|
American International Group
|
111,460
|
|
5,345,622
|
|
Hartford Financial Services Group
|
339,610
|
|
11,292,033
|
|
Prudential Financial
|
66,760
|
|
5,633,876
|
|
|
|
|
22,271,531
|
|
Materials--4.4%
|
|
|
|
|
LyondellBasell Industries, Cl. A
|
53,780
|
|
4,235,713
|
|
Martin Marietta Materials
|
29,040
|
|
3,165,650
|
|
Owens-Illinois
|
154,830
|
a
|
4,960,753
|
|
Praxair
|
62,100
|
|
7,745,112
|
|
Vulcan Materials
|
80,580
|
|
4,974,203
|
|
|
|
|
25,081,431
|
|
Media--3.9%
|
|
|
|
|
CBS, Cl. B
|
101,310
|
|
5,948,923
|
|
Twenty-First Century Fox, Cl. A
|
121,540
|
|
3,867,403
|
|
Walt Disney
|
171,380
|
|
12,443,902
|
|
|
|
|
22,260,228
|
|
Pharmaceuticals, Biotech & Life Sciences--11.8%
|
|
|
|
|
AbbVie
|
191,130
|
|
9,409,330
|
|
Agilent Technologies
|
85,660
|
|
4,981,129
|
|
Biogen Idec
|
10,670
|
a
|
3,335,869
|
|
Celgene
|
42,200
|
a
|
6,411,446
|
|
Gilead Sciences
|
114,790
|
a
|
9,257,814
|
|
Merck & Co.
|
155,910
|
|
8,258,553
|
|
Mylan
|
129,780
|
a
|
5,893,310
|
|
Pfizer
|
656,294
|
|
19,951,338
|
|
|
|
|
67,498,789
|
|
Retailing--5.2%
|
|
|
|
|
Amazon.com
|
25,560
|
a
|
9,168,116
|
|
Kohl's
|
115,540
|
|
5,849,790
|
|
Lowe's
|
158,330
|
|
7,329,096
|
|
Macy's
|
136,940
|
|
7,285,208
|
|
|
|
|
29,632,210
|
|
Semiconductors & Semiconductor Equipment--2.9%
|
|
|
|
|
Applied Materials
|
281,280
|
|
4,731,130
|
|
Texas Instruments
|
114,290
|
|
4,845,896
|
|
Xilinx
|
146,590
|
|
6,804,708
|
|
|
|
|
16,381,734
|
|
Software & Services--8.6%
|
|
|
|
|
Accenture, Cl. A
|
122,820
|
|
9,810,862
|
|
Google, Cl. A
|
16,320
|
a
|
19,273,430
|
|
Microsoft
|
319,280
|
|
12,084,748
|
|
Visa, Cl. A
|
38,460
|
|
8,285,438
|
|
|
|
|
49,454,478
|
|
Technology Hardware & Equipment--5.9%
|
|
|
|
|
Amphenol, Cl. A
|
64,100
|
|
5,569,008
|
|
|
|
|
|
|
|
Apple
|
14,400
|
|
7,208,640
|
|
|
Cisco Systems
|
180,550
|
|
3,955,850
|
|
|
EMC
|
482,980
|
|
11,707,435
|
|
|
Seagate Technology
|
97,670
|
|
5,162,836
|
|
|
|
|
|
33,603,769
|
|
|
Transportation--1.8%
|
|
|
|
|
|
FedEx
|
76,580
|
|
10,209,646
|
|
|
Total Common Stocks
|
|
|
|
|
|
(cost $480,881,601)
|
|
|
571,864,980
|
|
|
|
|
Other Investment--.3%
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
(cost $1,635,085)
|
1,635,085
|
c
|
1,635,085
|
|
|
Total Investments
(cost $482,516,686)
|
100.1
|
%
|
573,500,065
|
|
|
Liabilities, Less Cash and Receivables
|
(.1
|
%)
|
(695,365
|
)
|
|
Net Assets
|
100.0
|
%
|
572,804,700
|
|
ETF -- Exchange Traded Funds
|
|
|
a Non-income producing security.
|
|
b Security, or portion thereof, on loan. At January 31, 2014, the value of the fund’s securities on loan was $7,323,911 and the
|
|
value of the collateral held by the fund was $7,514,893, consisting of U.S. Government and Agency securities.
|
|
c Investment in affiliated money market mutual fund.
|
At January 31, 2014, net unrealized appreciation on investments was $90,983,379 of which $95,443,490 related to appreciated investment securities and $4,460,111 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
|
Diversified Financials
|
12.7
|
|
Pharmaceuticals, Biotech & Life Sciences
|
11.8
|
|
Capital Goods
|
9.0
|
|
Energy
|
8.8
|
|
Software & Services
|
8.6
|
|
Technology Hardware & Equipment
|
5.9
|
|
Retailing
|
5.2
|
|
Food, Beverage & Tobacco
|
4.5
|
|
Materials
|
4.4
|
|
Banks
|
3.9
|
|
Insurance
|
3.9
|
|
Media
|
3.9
|
|
Food & Staples Retailing
|
3.8
|
|
Health Care Equipment & Services
|
3.5
|
|
Semiconductors & Semiconductor Equipment
|
2.9
|
|
Consumer Durables & Apparel
|
1.9
|
|
Transportation
|
1.8
|
|
Exchange-Traded Funds
|
1.3
|
|
Consumer Services
|
.8
|
|
Automobiles & Components
|
.7
|
|
Commercial & Professional Services
|
.5
|
|
Money Market Investment
|
.3
|
|
|
100.1
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
|
|
|
Level 2 - Other
|
Significant
|
|
|
|
|
Level 1 - Unadjusted
|
Significant
|
Unobservable
|
|
|
Assets ($)
|
Quoted Prices
|
Observable Inputs
|
Inputs
|
|
Total
|
|
Investments in Securities:
|
|
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
564,466,946
|
-
|
-
|
|
564,466,946
|
|
Exchange-Traded Funds
|
7,398,034
|
-
|
-
|
|
7,398,034
|
|
Mutual Funds+
|
1,635,085
|
-
|
-
|
|
1,635,085
|
|
+ See Statement of Investments for additional detailed categorizations.
|
|
|
|
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except
for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
|
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
|
Dreyfus Money Market Reserves
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
Negotiable Bank Certificates of Deposit--27.5%
|
Principal Amount ($)
|
|
Value ($)
|
|
Bank of Montreal (Yankee)
|
|
|
|
|
0.16%, 4/8/14
|
7,000,000
|
|
7,000,128
|
|
Bank of Tokyo-Mitsubishi Ltd. (Yankee)
|
|
|
|
|
0.25%, 2/10/14
|
8,000,000
|
|
8,000,000
|
|
Mizuho Bank (Yankee)
|
|
|
|
|
0.21%, 4/23/14
|
8,000,000
|
|
8,000,000
|
|
Norinchukin Bank (Yankee)
|
|
|
|
|
0.22%, 2/21/14
|
8,000,000
|
|
8,000,000
|
|
Royal Bank of Canada (Yankee)
|
|
|
|
|
0.16%, 2/13/14
|
5,000,000
|
a
|
5,000,000
|
|
Sumitomo Mitsui Trust Bank (Yankee)
|
|
|
|
|
0.21%, 2/26/14
|
8,000,000
|
b
|
8,000,000
|
|
Toronto Dominion Bank NY (Yankee)
|
|
|
|
|
0.22%, 2/18/14
|
5,000,000
|
|
5,000,000
|
|
Wells Fargo Bank, NA
|
|
|
|
|
0.21% - 0.24%, 2/3/14 - 6/9/14
|
10,000,000
|
a
|
10,000,000
|
|
Total Negotiable Bank Certificates of Deposit
|
|
|
|
|
(cost $59,000,128)
|
|
|
59,000,128
|
|
Commercial Paper--21.4%
|
|
|
|
|
ASB Finance Ltd.
|
|
|
|
|
0.29%, 3/12/14
|
5,000,000
|
a,b
|
5,000,000
|
|
Bank of Nova Scotia
|
|
|
|
|
0.20%, 5/1/14
|
5,000,000
|
|
4,997,528
|
|
Erste Abwicklungsanstalt
|
|
|
|
|
0.15%, 4/4/14
|
5,000,000
|
|
4,998,708
|
|
General Electric Capital Corp.
|
|
|
|
|
0.19%, 6/9/14
|
8,000,000
|
|
7,994,595
|
|
National Australia Funding (DE) Inc.
|
|
|
|
|
0.20%, 7/14/14
|
8,000,000
|
b
|
7,992,756
|
|
Nordea Bank AB
|
|
|
|
|
0.20%, 6/9/14
|
5,000,000
|
b
|
4,996,444
|
|
Rabobank USA Financial Corp.
|
|
|
|
|
0.22%, 4/30/14
|
5,000,000
|
|
4,997,311
|
|
Societe Generale N.A. Inc.
|
|
|
|
|
0.15%, 3/3/14
|
5,000,000
|
|
4,999,375
|
|
Total Commercial Paper
|
|
|
|
|
(cost $45,976,717)
|
|
|
45,976,717
|
|
Asset-Backed Commercial Paper--14.5%
|
|
|
|
|
Alpine Securitization Corp.
|
|
|
|
|
0.17%, 4/22/14
|
5,000,000
|
b
|
4,998,111
|
|
Collateralized Commercial Paper Program Co., LLC
|
|
|
|
|
0.28%, 5/5/14
|
10,000,000
|
|
9,992,767
|
|
Metlife Short Term Funding LLC
|
|
|
|
|
0.18%, 4/21/14
|
6,100,000
|
b
|
6,097,590
|
|
Northern Pines Funding LLC
|
|
|
|
|
0.21%, 2/28/14
|
5,000,000
|
b
|
4,999,213
|
|
|
|
|
|
|
|
|
|
Regency Markets No. 1 LLC
|
|
|
|
|
|
|
0.14%, 2/20/14
|
|
5,000,000
|
b
|
4,999,631
|
|
|
Total Asset-Backed Commercial Paper
|
|
|
|
|
|
|
(cost $31,087,312)
|
|
|
|
31,087,312
|
|
|
Time Deposits--14.0%
|
|
|
|
|
|
|
Credit Agricole (Grand Cayman)
|
|
|
|
|
|
|
0.09%, 2/3/14
|
|
10,000,000
|
|
10,000,000
|
|
|
Natixis New York (Grand Cayman)
|
|
|
|
|
|
|
0.10%, 2/3/14
|
|
10,000,000
|
|
10,000,000
|
|
|
Skandinaviska Enskilda Banken (Grand Cayman)
|
|
|
|
|
|
|
0.04%, 2/3/14
|
|
10,000,000
|
|
10,000,000
|
|
|
Total Time Deposits
|
|
|
|
|
|
|
(cost $30,000,000)
|
|
|
|
30,000,000
|
|
|
U.S. Treasury Notes--2.3%
|
|
|
|
|
|
|
0.10%, 2/28/14
|
|
|
|
|
|
|
(cost $5,006,594)
|
|
5,000,000
|
|
5,006,594
|
|
|
Repurchase Agreements--20.0%
|
|
|
|
|
|
|
Barclays Capital, Inc.
|
|
|
|
|
|
|
0.02%, dated 1/31/14, due 2/3/14 in the amount of
|
|
|
|
|
|
|
$18,000,030 (fully collateralized by $18,429,200 U.S.
|
|
|
|
|
|
|
Treasury Notes, 2.13%, due 1/31/21, value $18,360,091)
|
|
18,000,000
|
|
18,000,000
|
|
|
TD Securities (USA) LLC
|
|
|
|
|
|
|
0.02%, dated 1/31/14, due 2/3/14 in the amount of
|
|
|
|
|
|
|
$25,000,042 (fully collateralized by $25,622,900 U.S.
|
|
|
|
|
|
|
Treasury Notes, 0.75%-4%, due 2/15/14-10/31/17, value
|
|
|
|
|
|
|
$25,500,067)
|
|
25,000,000
|
|
25,000,000
|
|
|
Total Repurchase Agreements
|
|
|
|
|
|
|
(cost $43,000,000)
|
|
|
|
43,000,000
|
|
|
Total Investments
(cost $214,070,751)
|
|
99.7
|
%
|
214,070,751
|
|
|
Cash and Receivables (Net)
|
|
.3
|
%
|
723,608
|
|
|
Net Assets
|
|
100.0
|
%
|
214,794,359
|
|
|
|
a Variable rate security--interest rate subject to periodic change.
|
|
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold
|
|
in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2014, these
|
|
securities amounted to $47,083,745 or 21.9% of net assets.
|
At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
|
Level 1 - Unadjusted Quoted Prices
|
-
|
|
Level 2 - Other Significant Observable Inputs
|
214,070,751
|
|
Level 3 - Significant Unobservable Inputs
|
-
|
|
Total
|
214,070,751
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
|
|
|
|
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
|
|
|
The Dreyfus/Laurel Funds Inc. Dreyfus Opportunistic Emerging Markets Debt Fund
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Coupon
|
Maturity
|
Principal
|
|
|
|
Bonds and Notes--92.6%
|
|
Rate (%)
|
Date
|
Amount ($)
a
|
|
Value ($)
|
|
Brazil--12.6%
|
|
|
|
|
|
|
|
Brazil Notas do Tesouro Nacional,
|
|
|
|
|
|
|
|
Notes, Ser. B
|
BRL
|
6.00
|
8/15/22
|
790,000
|
b
|
754,635
|
|
Brazil Notas do Tesouro Nacional,
|
|
|
|
|
|
|
|
Sr. Notes, Ser. F
|
BRL
|
10.00
|
1/1/17
|
670,000
|
|
261,714
|
|
Brazil Notas do Tesouro Nacional,
|
|
|
|
|
|
|
|
Notes, Ser. F
|
BRL
|
10.00
|
1/1/23
|
750,000
|
|
262,168
|
|
Brazilian Government,
|
|
|
|
|
|
|
|
Treasury Bills
|
BRL
|
0.00
|
1/1/16
|
800,000
|
c
|
264,054
|
|
Itau Unibanco Holding,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
5.65
|
3/19/22
|
210,000
|
|
201,338
|
|
Minerva,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.75
|
1/31/23
|
200,000
|
|
195,000
|
|
Odebrecht Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.13
|
6/26/42
|
200,000
|
|
188,500
|
|
QGOG Constellation,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.25
|
11/9/19
|
200,000
|
|
188,250
|
|
|
|
|
|
|
|
2,315,659
|
|
Chile--3.2%
|
|
|
|
|
|
|
|
Embotelladora Andina,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.00
|
10/1/23
|
200,000
|
d
|
201,770
|
|
Tanner Servicios Financieros,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.38
|
3/13/18
|
200,000
|
|
196,500
|
|
Transelec,
|
|
|
|
|
|
|
|
Unscd. Notes
|
|
4.63
|
7/26/23
|
200,000
|
d
|
195,896
|
|
|
|
|
|
|
|
594,166
|
|
China--2.1%
|
|
|
|
|
|
|
|
Country Garden Holding,
|
|
|
|
|
|
|
|
Gtd. Bonds
|
|
7.25
|
4/4/21
|
200,000
|
d
|
190,500
|
|
Shimao Property Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.63
|
1/14/20
|
200,000
|
|
190,250
|
|
|
|
|
|
|
|
380,750
|
|
Colombia--4.3%
|
|
|
|
|
|
|
|
Emgesa
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
COP
|
8.75
|
1/25/21
|
153,000,000
|
|
79,007
|
|
Empresas Publicas de Medellin,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
COP
|
8.38
|
2/1/21
|
1,022,000,000
|
|
517,964
|
|
Pacific Rubiales Energy,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.38
|
1/26/19
|
200,000
|
d
|
201,500
|
|
|
|
|
|
|
|
798,471
|
|
Costa Rica--2.2%
|
|
|
|
|
|
|
|
Banco de Costa Rica,
|
|
|
|
|
|
|
|
Govt. Gtd. Notes
|
|
5.25
|
8/12/18
|
200,000
|
d
|
199,000
|
|
Instituto Costarricense de
|
|
|
|
|
|
|
|
Electricidad, Sr. Unscd. Notes
|
|
6.95
|
11/10/21
|
200,000
|
|
204,600
|
|
|
|
|
|
|
|
403,600
|
|
Hong Kong--1.0%
|
|
|
|
|
|
|
|
Noble Group,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.75
|
1/29/20
|
175,000
|
|
185,894
|
|
Hungary--4.2%
|
|
|
|
|
|
|
|
Hungarian Development Bank,
|
|
|
|
|
|
|
|
Govt. Gtd. Notes
|
|
6.25
|
10/21/20
|
200,000
|
d
|
207,500
|
|
Hungarian Export-Import Bank,
|
|
|
|
|
|
|
|
Govt. Gtd. Notes
|
|
5.50
|
2/12/18
|
370,000
|
|
384,800
|
|
|
|
|
|
|
|
|
|
Hungarian Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 23/A
|
HUF
|
6.00
|
11/24/23
|
42,580,000
|
|
182,930
|
|
|
|
|
|
|
|
775,230
|
|
Indonesia--5.0%
|
|
|
|
|
|
|
|
Indonesian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. FR64
|
IDR
|
6.13
|
5/15/28
|
2,730,000,000
|
|
168,336
|
|
Indonesian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. FR55
|
IDR
|
7.38
|
9/15/16
|
63,000,000
|
|
5,072
|
|
Indonesian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
7.75
|
1/17/38
|
100,000
|
|
111,750
|
|
Indonesian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. FR68
|
IDR
|
8.38
|
3/15/34
|
2,000,000,000
|
|
147,764
|
|
Indonesian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. FR71
|
IDR
|
9.00
|
3/15/29
|
1,472,000,000
|
|
116,370
|
|
Indonesian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. FR27
|
IDR
|
9.50
|
6/15/15
|
2,107,000,000
|
|
176,640
|
|
TBG Global,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
4.63
|
4/3/18
|
200,000
|
|
190,300
|
|
|
|
|
|
|
|
916,232
|
|
Kazakhstan--1.1%
|
|
|
|
|
|
|
|
Kazakhstan Temir Zholy Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.95
|
7/10/42
|
200,000
|
|
198,000
|
|
Macau--1.1%
|
|
|
|
|
|
|
|
MCE Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.00
|
2/15/21
|
200,000
|
|
193,500
|
|
Malaysia--.8%
|
|
|
|
|
|
|
|
Malaysian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. 1/06
|
MYR
|
4.26
|
9/15/16
|
480,000
|
|
146,859
|
|
Mexico--11.0%
|
|
|
|
|
|
|
|
Alpek,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.38
|
8/8/23
|
200,000
|
d
|
196,000
|
|
Comision Federal de Electricidad,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.75
|
2/14/42
|
200,000
|
|
186,500
|
|
Grupo Famsa,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.25
|
6/1/20
|
80,000
|
|
81,500
|
|
Metalsa,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
4.90
|
4/24/23
|
235,000
|
|
205,625
|
|
Mexican Government,
|
|
|
|
|
|
|
|
Bonds, Ser. M
|
MXN
|
6.50
|
6/9/22
|
5,970,000
|
|
449,164
|
|
Mexican Government,
|
|
|
|
|
|
|
|
Bonds, Ser. M 10
|
MXN
|
8.00
|
12/17/15
|
180,000
|
|
14,425
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
|
Gtd. Bonds
|
|
5.50
|
6/27/44
|
155,000
|
|
139,374
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
|
Gtd. Notes
|
MXN
|
7.19
|
9/12/24
|
1,440,000
|
|
102,247
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
|
Gtd. Notes
|
MXN
|
7.19
|
9/12/24
|
2,300,000
|
d
|
163,769
|
|
Red de Carreteras de Occidente,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
MXN
|
9.00
|
6/10/28
|
2,700,000
|
|
178,834
|
|
Southern Copper,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.50
|
7/27/35
|
100,000
|
|
104,652
|
|
Tenedora Nemak,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.50
|
2/28/23
|
200,000
|
|
193,500
|
|
|
|
|
|
|
|
2,015,590
|
|
Nigeria--3.5%
|
|
|
|
|
|
|
|
Afren,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
6.63
|
12/9/20
|
200,000
|
d
|
200,000
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills, Ser. 364
|
NGN
|
0.00
|
2/6/14
|
17,780,000
|
c
|
109,245
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bills
|
NGN
|
0.00
|
2/20/14
|
31,950,000
|
c
|
195,364
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills, Ser. OMO
|
NGN
|
0.00
|
2/27/14
|
7,200,000
|
c
|
43,920
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 7
|
NGN
|
16.00
|
6/29/19
|
10,160,000
|
|
68,021
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 10YR
|
NGN
|
16.39
|
1/27/22
|
4,930,000
|
|
34,279
|
|
|
|
|
|
|
|
650,829
|
|
Panama--1.1%
|
|
|
|
|
|
|
|
Panamanian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
8.88
|
9/30/27
|
150,000
|
|
201,375
|
|
Peru--1.9%
|
|
|
|
|
|
|
|
Peruvian Government,
|
|
|
|
|
|
|
|
Bonds
|
PEN
|
6.85
|
2/12/42
|
185,000
|
|
59,615
|
|
Peruvian Government,
|
|
|
|
|
|
|
|
Gtd. Bonds
|
PEN
|
6.90
|
8/12/37
|
175,000
|
|
57,403
|
|
Peruvian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
PEN
|
6.95
|
8/12/31
|
155,000
|
|
52,051
|
|
Pesquera Exalmar,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.38
|
1/31/20
|
200,000
|
|
182,750
|
|
|
|
|
|
|
|
351,819
|
|
Philippines--3.8%
|
|
|
|
|
|
|
|
Alliance Global Group,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
8/18/17
|
465,000
|
|
497,550
|
|
Philippines Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
PHP
|
3.90
|
11/26/22
|
10,000,000
|
|
209,620
|
|
|
|
|
|
|
|
707,170
|
|
Poland--2.7%
|
|
|
|
|
|
|
|
Polish Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 0416
|
PLN
|
5.00
|
4/25/16
|
1,230,000
|
|
405,057
|
|
Polish Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 1015
|
PLN
|
6.25
|
10/24/15
|
295,000
|
|
98,469
|
|
|
|
|
|
|
|
503,526
|
|
Russia--15.9%
|
|
|
|
|
|
|
|
AHML Finance,
|
|
|
|
|
|
|
|
Unscd. Notes
|
RUB
|
7.75
|
2/13/18
|
5,000,000
|
|
135,200
|
|
Gazprom,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
6.00
|
11/27/23
|
200,000
|
d
|
200,250
|
|
Gazprom,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.51
|
3/7/22
|
90,000
|
|
95,400
|
|
Gazprom,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.63
|
4/28/34
|
110,000
|
|
129,113
|
|
Gazprom,
|
|
|
|
|
|
|
|
Sr.Unscd. Notes
|
|
9.25
|
4/23/19
|
315,000
|
|
381,938
|
|
RusHydro,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
RUB
|
7.88
|
10/28/15
|
14,700,000
|
|
412,244
|
|
Russian Agricultural Bank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.75
|
5/29/18
|
100,000
|
|
111,532
|
|
Russian Agricultural Bank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
RUB
|
8.63
|
2/17/17
|
5,900,000
|
|
165,438
|
|
Russian Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 6212
|
RUB
|
7.05
|
1/19/28
|
3,185,000
|
|
81,568
|
|
Russian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
7.50
|
3/31/30
|
371,800
|
e
|
428,871
|
|
Russian Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 6207
|
RUB
|
8.15
|
2/3/27
|
5,495,000
|
|
155,538
|
|
TMK,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.75
|
4/3/20
|
200,000
|
|
192,016
|
|
Vnesheconombank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.80
|
11/22/25
|
415,000
|
|
430,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,919,152
|
|
Supranational--3.7%
|
|
|
|
|
|
|
|
Eurasian Development Bank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.77
|
9/20/22
|
495,000
|
|
479,794
|
|
Eurasian Development Bank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.00
|
9/26/20
|
200,000
|
d
|
204,000
|
|
|
|
|
|
|
|
683,794
|
|
South Africa--4.4%
|
|
|
|
|
|
|
|
South African Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. R209
|
ZAR
|
6.25
|
3/31/36
|
3,800,000
|
|
244,692
|
|
South African Government,
|
|
|
|
|
|
|
|
Bonds, Ser. R214
|
ZAR
|
6.50
|
2/28/41
|
575,000
|
|
37,036
|
|
South African Government,
|
|
|
|
|
|
|
|
Bonds, Ser. R213
|
ZAR
|
7.00
|
2/28/31
|
4,510,000
|
|
326,349
|
|
South African Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 2023
|
ZAR
|
7.75
|
2/28/23
|
275,000
|
|
23,237
|
|
Transnet,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
ZAR
|
9.50
|
5/13/21
|
2,200,000
|
d
|
186,815
|
|
|
|
|
|
|
|
818,129
|
|
Thailand--1.4%
|
|
|
|
|
|
|
|
Thai Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds, Ser. ILB
|
THB
|
1.20
|
7/14/21
|
8,800,000
|
f
|
261,525
|
|
|
|
Turkey--2.1%
|
|
|
|
|
|
|
|
Export Credit Bank of Turkey,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.88
|
4/24/19
|
200,000
|
|
199,770
|
|
Turkiye Vakiflar Bankasi,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.00
|
10/31/18
|
200,000
|
d
|
189,000
|
|
|
|
|
|
|
|
388,770
|
|
Venezuela--3.5%
|
|
|
|
|
|
|
|
Petroleos de Venezuela,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.50
|
11/2/17
|
820,000
|
|
638,370
|
|
|
|
Total Bonds and Notes
|
|
|
|
|
|
|
|
(cost $18,321,409)
|
|
|
|
|
|
17,048,410
|
|
|
|
|
|
Principal
|
|
|
|
Short-Term Investments--.1%
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
U.S. Treasury Bills;
|
|
|
|
|
|
|
|
0.07%, 6/12/14
|
|
|
|
|
|
|
|
(cost $24,994)
|
|
|
|
25,000
|
g
|
24,997
|
|
|
|
Other Investment--5.6%
|
|
|
|
Shares
|
|
Value ($)
|
|
Registered Investment Company;
|
|
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
|
|
(cost $1,028,000)
|
|
|
|
1,028,000
|
h
|
1,028,000
|
|
Total Investments
(cost $19,374,403)
|
|
|
|
98.3
|
%
|
18,101,407
|
|
Cash and Receivables (Net)
|
|
|
|
1.7
|
%
|
316,916
|
|
Net Assets
|
|
|
|
100.0
|
%
|
18,418,323
|
|
|
|
|
a
|
Principal amount stated in U.S. Dollars unless otherwise noted.
|
|
|
BRL--Brazilian Real
|
|
|
COP--Colombian Peso
|
|
|
HUF--Hungarian Forint
|
|
|
IDR--Indonesian Rupiah
|
|
|
MXN--Mexican New Peso
|
|
|
MYR--Malaysian Ringgit
|
|
|
NGN--Nigerian Naira
|
|
|
PEN--Peruvian New Sol
|
|
|
PHP--Philippine Peso
|
|
|
|
|
|
PLN--Polish Zloty
|
|
|
RUB--Russian Ruble
|
|
|
THB--Thai Baht
|
|
|
ZAR--South African Rand
|
|
b
|
Principal amount for accrual purposes is periodically adjusted based on changes in the Brazilian Consumer Price Index.
|
|
c
|
Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
d
|
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
|
|
|
resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2014,
|
|
|
these securities were valued at $2,536,000 or 13.8% of net assets.
|
|
e
|
Variable rate security--interest rate subject to periodic change.
|
|
f
|
Principal amount for accrual purposes is periodically adjusted based on changes in the Thai Consumer Price Index.
|
|
g
|
Held by or on behalf of a counterparty for open financial futures contracts.
|
|
h
|
Investment in affiliated money market mutual fund.
|
At January 31, 2014, net unrealized depreciation on investments was $1,271,762 of which $32,707 related to appreciated investment securities and $1,304,469 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
|
Foreign/Governmental
|
63.6
|
|
Corporate Bonds
|
29.0
|
|
Short-Term/Money Market Investments
|
5.7
|
|
|
98.3
|
|
|
|
|
|
|
|
|
STATEMENT OF FINANCIAL FUTURES
|
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Market Value
|
|
Unrealized
|
|
|
|
|
Covered by
|
|
(Depreciation)
|
|
|
|
Contracts
|
Contracts ($)
|
Expiration
|
at 1/31/2014
|
($)
|
|
|
|
Financial Futures Short
|
|
|
|
|
|
|
U.S. Treasury 10 Year Notes
|
11
|
1,383,250
|
March 2014
|
(13,799
|
)
|
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
Unrealized
|
|
|
Forward Foreign Currency
|
Currency
|
|
|
Appreciation
|
|
|
Exchange Contracts
|
Amounts
|
Cost ($)
|
Value ($)
|
(Depreciation) ($)
|
|
|
Purchases:
|
|
|
|
|
|
|
|
|
|
Brazilian Real,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/4/2014
|
a
|
420,000
|
175,980
|
173,844
|
(2,136
|
)
|
|
2/4/2014
|
b
|
300,000
|
124,327
|
124,174
|
(153
|
)
|
|
4/16/2014
|
a
|
445,000
|
184,877
|
180,875
|
(4,002
|
)
|
|
|
|
Chilean Peso,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
a
|
7,580,000
|
13,719
|
13,601
|
(118
|
)
|
|
|
|
Indonesian Rupiah,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
4/9/2014
|
c
|
252,960,000
|
20,658
|
20,470
|
(188
|
)
|
|
|
|
Malaysian Ringgit,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
d
|
1,805,000
|
541,002
|
538,532
|
(2,470
|
)
|
|
|
|
Mexican New Peso,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
a
|
1,380,000
|
102,450
|
102,964
|
514
|
|
|
2/28/2014
|
c
|
4,545,000
|
337,642
|
339,109
|
1,467
|
|
|
3/28/2014
|
a
|
2,500,000
|
189,976
|
186,083
|
(3,893
|
)
|
|
|
|
Polish Zloty,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
a
|
1,565,000
|
508,612
|
495,637
|
(12,975
|
)
|
|
2/28/2014
|
c
|
525,000
|
170,538
|
166,268
|
(4,270
|
)
|
|
|
|
Romanian Leu,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/19/2014
|
e
|
180,000
|
54,673
|
53,878
|
(795
|
)
|
|
2/28/2014
|
c
|
240,000
|
72,213
|
71,426
|
(787
|
)
|
|
|
|
Russian Ruble,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
f
|
16,950,000
|
494,109
|
479,528
|
(14,581
|
)
|
|
|
|
South African Rand,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
a
|
240,000
|
21,419
|
21,513
|
94
|
|
|
|
|
|
|
|
|
|
|
Thai Baht,
|
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
c
|
1,640,000
|
49,856
|
49,608
|
(248
|
)
|
|
2/28/2014
|
f
|
1,730,000
|
52,576
|
52,331
|
(245
|
)
|
|
|
|
Turkish Lira,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
e
|
1,095,000
|
469,252
|
480,793
|
11,541
|
|
|
|
|
|
|
Sales:
|
|
|
Proceeds ($)
|
|
|
|
|
|
|
Brazilian Real,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/4/2014
|
c
|
300,000
|
126,957
|
124,174
|
2,783
|
|
|
2/4/2014
|
g
|
420,000
|
179,560
|
173,844
|
5,716
|
|
|
3/6/2014
|
g
|
635,000
|
266,617
|
260,845
|
5,772
|
|
|
|
|
Colombian Peso,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/13/2014
|
g
|
707,000,000
|
361,998
|
350,387
|
11,611
|
|
|
2/28/2014
|
c
|
151,150,000
|
75,323
|
74,863
|
460
|
|
|
|
|
Euro,
|
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
c
|
50,000
|
68,413
|
67,435
|
978
|
|
|
2/28/2014
|
e
|
155,000
|
211,958
|
209,050
|
2,908
|
|
|
|
|
Indian Rupee,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
3/28/2014
|
d
|
7,230,000
|
113,876
|
113,923
|
(47
|
)
|
|
3/28/2014
|
f
|
8,430,000
|
132,568
|
132,831
|
(263
|
)
|
|
|
|
Mexican New Peso,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
g
|
2,300,000
|
171,207
|
171,606
|
(399
|
)
|
|
|
|
Nigerian Naira,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/21/2014
|
d
|
3,610,000
|
22,291
|
22,052
|
239
|
|
|
|
|
Philippines Peso,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
c
|
7,510,000
|
165,091
|
165,634
|
(543
|
)
|
|
|
|
|
|
Gross Unrealized Appreciation
|
|
|
|
44,083
|
|
|
Gross Unrealized Depreciation
|
|
|
|
(48,113
|
)
|
|
|
|
|
Counterparties:
|
|
a
|
Deutsche Bank
|
|
b
|
UBS
|
|
c
|
Barclays Bank
|
|
d
|
Citigroup
|
|
e
|
Credit Suisse
|
|
f
|
JP Morgan Chase Bank
|
|
g
|
Morgan Stanley Capital Services
|
|
|
|
|
|
|
STATEMENT OF OPTIONS WRITTEN
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
Face Amount
|
|
|
|
|
Covered by
|
|
|
|
|
Contracts ($)
|
Value ($)
|
|
|
Call Options:
|
|
|
|
|
Brazilian Real,
|
|
|
|
|
April 2014 $2.34
|
190,000
|
(1,046
|
)
|
|
(premiums received $2,280)
|
|
|
|
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
|
|
Investments in Securities:
|
|
|
|
|
|
|
Corporate Bonds+
|
-
|
4,819,632
|
-
|
4,819,632
|
|
|
Foreign Government
|
-
|
12,228,778
|
-
|
12,228,778
|
|
|
Mutual Funds
|
1,028,000
|
-
|
-
|
1,028,000
|
|
|
U.S. Treasury
|
-
|
24,997
|
-
|
24,997
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts++
|
-
|
44,083
|
-
|
44,083
|
|
|
Liabilities ($)
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
Financial Futures++
|
(13,799
)
|
-
|
-
|
(13,799
|
)
|
|
Forward Foreign Currency Exchange Contracts++
|
-
|
(48,113
)
|
-
|
(48,113
|
)
|
|
Options Written
|
-
|
(1,046
)
|
-
|
(1,046
|
)
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
|
++ Amount shown represents unrealized appreciation (depreciation) at period end.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
|
|
|
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
|
|
|
Dreyfus Opportunistic Fixed Income Fund
|
|
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Coupon
|
Maturity
|
Principal
|
|
|
|
Bonds and Notes--92.2%
|
Rate (%)
|
Date
|
Amount ($)
a
|
|
Value ($)
|
|
Asset-Backed Certificates--1.5%
|
|
|
|
|
|
|
Springleaf Funding Trust,
|
|
|
|
|
|
|
Ser. 2013-AA, Cl. A
|
2.58
|
9/15/21
|
2,620,000
|
b
|
2,634,604
|
|
Springleaf Funding Trust,
|
|
|
|
|
|
|
Ser. 2013-BA, Cl. A
|
3.92
|
1/16/23
|
510,000
|
b
|
517,650
|
|
|
|
|
|
|
3,152,254
|
|
Asset-Backed Ctfs./Auto Receivables--7.5%
|
|
|
|
|
|
|
Ally Master Owner Trust,
|
|
|
|
|
|
|
Ser. 2012-3, Cl. D
|
2.51
|
6/15/17
|
235,000
|
b,c
|
235,573
|
|
Ally Master Owner Trust,
|
|
|
|
|
|
|
Ser. 2012-1, Cl. D
|
3.12
|
2/15/17
|
165,000
|
b
|
167,654
|
|
AmeriCredit Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2013-1, Cl. D
|
2.09
|
2/8/19
|
400,000
|
|
400,535
|
|
AmeriCredit Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-5, Cl. D
|
2.35
|
12/10/18
|
400,000
|
|
401,075
|
|
Americredit Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2013-3, Cl. D
|
3.00
|
7/8/19
|
700,000
|
|
707,086
|
|
Americredit Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-5, Cl. E
|
3.29
|
5/8/20
|
250,000
|
b
|
252,376
|
|
AmeriCredit Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-2, Cl. D
|
3.38
|
4/9/18
|
250,000
|
|
260,216
|
|
AmeriCredit Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-1, Cl. D
|
4.72
|
3/8/18
|
400,000
|
|
423,888
|
|
Capital Auto Receivables Asset
|
|
|
|
|
|
|
Trust, Ser. 2013-1, Cl. D
|
2.19
|
9/20/21
|
2,000,000
|
|
1,978,237
|
|
DT Auto Owner Trust,
|
|
|
|
|
|
|
Ser. 2013-1A, Cl. D
|
3.74
|
5/15/20
|
1,085,000
|
b
|
1,094,952
|
|
DT Auto Owner Trust,
|
|
|
|
|
|
|
Ser. 2014-1A, Cl. D
|
3.98
|
1/15/21
|
1,125,000
|
b
|
1,124,835
|
|
DT Auto Owner Trust,
|
|
|
|
|
|
|
Ser. 2011-3A, Cl. C
|
4.03
|
2/15/17
|
78,057
|
b
|
78,150
|
|
DT Auto Owner Trust,
|
|
|
|
|
|
|
Ser. 2013-2A, Cl. D
|
4.18
|
6/15/20
|
1,125,000
|
b
|
1,142,534
|
|
DT Auto Owner Trust,
|
|
|
|
|
|
|
Ser. 2012-1A, Cl. D
|
4.94
|
7/16/18
|
170,000
|
b
|
174,946
|
|
Exeter Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2014-1A, Cl. B
|
2.42
|
1/15/19
|
715,000
|
b
|
714,967
|
|
Exeter Automobile Receivables
|
|
|
|
|
|
|
Trust, Ser. 2013-2A, Cl. C
|
4.35
|
1/15/19
|
725,000
|
b
|
745,308
|
|
Ford Credit Floorplan Master Owner
|
|
|
|
|
|
|
Trust, Ser. 2013-1, Cl. D
|
1.82
|
1/15/18
|
300,000
|
|
300,021
|
|
Prestige Auto Receivables Trust,
|
|
|
|
|
|
|
Ser. 2013-1A, Cl. D
|
3.04
|
7/15/20
|
325,000
|
b
|
321,395
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
Trust, Ser. 2013-3, Cl. C
|
1.81
|
4/15/19
|
850,000
|
|
846,577
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust, Ser. 2013-5, Cl. C
|
2.25
|
6/17/19
|
575,000
|
|
577,852
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
Trust, Ser. 2013-3, Cl. D
|
2.42
|
4/15/19
|
605,000
|
|
604,404
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-6, Cl. D
|
2.52
|
9/17/18
|
305,000
|
|
308,936
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-5, Cl. D
|
3.30
|
9/17/18
|
1,825,000
|
|
1,891,114
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
Trust, Ser. 2012-3, Cl. D
|
3.64
|
5/15/18
|
350,000
|
|
366,935
|
|
Santander Drive Auto Receivables
|
|
|
|
|
|
|
Trust, Ser. 2013-4, Cl. D
|
3.92
|
1/15/20
|
235,000
|
|
245,818
|
|
United Auto Credit Securitization
|
|
|
|
|
|
|
Trust, Ser. 2013-1, Cl. C
|
2.22
|
12/15/17
|
120,000
|
b
|
119,895
|
|
United Auto Credit Securitization
|
|
|
|
|
|
|
Trust, Ser. 2013-1, Cl. D
|
2.90
|
12/15/17
|
175,000
|
b
|
174,778
|
|
|
|
|
|
|
15,660,057
|
|
Asset-Backed Ctfs./Home Equity Loans--8.5%
|
|
|
|
|
|
|
ACE Securities,
|
|
|
|
|
|
|
Ser. 06-HE2, Cl. A2C
|
0.32
|
5/25/36
|
1,269,085
|
c
|
1,064,281
|
|
ACE Securities,
|
|
|
|
|
|
|
Ser. 2004-HE4, Cl. M2
|
1.13
|
12/25/34
|
451,081
|
c
|
429,164
|
|
Asset Backed Funding Certificates,
|
|
|
|
|
|
|
Ser. 2006-OPT3, Cl. A3B
|
0.32
|
11/25/36
|
325,923
|
c
|
174,023
|
|
Asset Backed Funding Certificates,
|
|
|
|
|
|
|
Ser. 2007-NC1, Cl. A1
|
0.38
|
5/25/37
|
1,342,591
|
b,c
|
1,223,422
|
|
Carrington Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2006-NC2, Cl. A2
|
0.25
|
6/25/36
|
713,957
|
c
|
698,749
|
|
Carrington Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2007-FRE1, Cl. A2
|
0.36
|
2/25/37
|
1,354,684
|
c
|
1,227,445
|
|
Chase Funding Trust,
|
|
|
|
|
|
|
Ser. 2004-2, Cl. 1A4
|
5.32
|
2/25/35
|
204,211
|
|
207,127
|
|
Citicorp Residential Mortgage
|
|
|
|
|
|
|
Securities Trust, Ser. 2006-1,
|
|
|
|
|
|
|
Cl. A4
|
5.94
|
7/25/36
|
246,715
|
c
|
252,560
|
|
Citigroup Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2007-AHL1, Cl. A2B
|
0.30
|
12/25/36
|
419,237
|
c
|
327,099
|
|
First Franklin Mortgage Loan Asset
|
|
|
|
|
|
|
Backed Certificates,
|
|
|
|
|
|
|
Ser. 2006-FF5, Cl. 2A3
|
0.32
|
4/25/36
|
1,068,306
|
c
|
850,163
|
|
Fremont Home Loan Trust,
|
|
|
|
|
|
|
Ser. 2004-2, Cl. M2
|
1.09
|
7/25/34
|
226,368
|
c
|
213,396
|
|
GSAMP Trust,
|
|
|
|
|
|
|
Ser. 2007-HE1, Cl. A2B
|
0.26
|
3/25/47
|
1,893,585
|
c
|
1,781,487
|
|
Home Equity Asset Trust,
|
|
|
|
|
|
|
Ser. 2004-7, Cl. M2
|
1.15
|
1/25/35
|
417,192
|
c
|
400,614
|
|
HSI Asset Securitization Corp.
|
|
|
|
|
|
|
Trust, Ser. 2007-WF1, Cl. 2A3
|
0.33
|
5/25/37
|
1,784,633
|
c
|
1,661,613
|
|
JP Morgan Mortgage Acquisition
|
|
|
|
|
|
|
Corp., Ser. 2006-NC1, Cl. A4
|
0.33
|
4/25/36
|
528,847
|
c
|
503,868
|
|
JP Morgan Mortgage Acquisition
|
|
|
|
|
|
|
Corp., Ser. 2006-FRE2, Cl. A3
|
0.34
|
2/25/36
|
207,990
|
c
|
198,450
|
|
JP Morgan Mortgage Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp., Ser. 2006-FRE1, Cl. A3
|
0.35
|
5/25/35
|
372,935
|
c
|
358,651
|
|
JP Morgan Mortgage Acquisition
|
|
|
|
|
|
|
Corp., Ser. 2007-CH1, Cl. AF6
|
5.50
|
11/25/36
|
1,536,083
|
c
|
1,558,684
|
|
JP Morgan Mortgage Acquisition
|
|
|
|
|
|
|
Trust, Ser. 2007-CH5, Cl. A3
|
0.27
|
5/25/37
|
162,577
|
c
|
157,811
|
|
JP Morgan Mortgage Acquisition
|
|
|
|
|
|
|
Trust, Ser. 2006-HE2, Cl. A4
|
0.31
|
7/25/36
|
440,093
|
c
|
386,712
|
|
Long Beach Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2004-1, Cl. M2
|
0.98
|
2/25/34
|
93,831
|
c
|
91,701
|
|
Long Beach Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2004-3, Cl. M2
|
1.06
|
7/25/34
|
66,618
|
c
|
64,189
|
|
Nationstar Home Equity Loan Trust,
|
|
|
|
|
|
|
Ser. 2007-A, Cl. AV3
|
0.31
|
3/25/37
|
162,978
|
c
|
154,945
|
|
New Century Home Equity Loan
|
|
|
|
|
|
|
Trust, Ser. 2004-3, Cl. M2
|
1.13
|
11/25/34
|
558,607
|
c
|
530,211
|
|
Residential Asset Mortgage
|
|
|
|
|
|
|
Products, Ser. 2007-RZ1, Cl. A2
|
0.32
|
2/25/37
|
1,539,814
|
c
|
1,356,215
|
|
Residential Asset Securities
|
|
|
|
|
|
|
Corporation, Ser. 2007-KS4,
|
|
|
|
|
|
|
Cl. A2
|
0.34
|
5/25/37
|
641,133
|
c
|
621,870
|
|
Securitized Asset Backed
|
|
|
|
|
|
|
Receivables, Ser. 2005-FR3,
|
|
|
|
|
|
|
Cl. M1
|
0.86
|
4/25/35
|
459,157
|
c
|
452,061
|
|
Structured Asset Securities Corp.
|
|
|
|
|
|
|
Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2007-GEL1, Cl. A1
|
0.26
|
1/25/37
|
267,145
|
b,c
|
248,742
|
|
Structured Asset Securities Corp.
|
|
|
|
|
|
|
Mortgage Loan Trust,
|
|
|
|
|
|
|
Ser. 2006-AM1, Cl. A4
|
0.32
|
4/25/36
|
469,981
|
c
|
439,998
|
|
|
|
|
|
|
17,635,251
|
|
Commercial Mortgage Pass-Through Ctfs.--7.0%
|
|
|
|
|
|
|
A10 Securitization,
|
|
|
|
|
|
|
Ser. 2013-2, Cl. A
|
2.62
|
11/15/27
|
900,000
|
b
|
901,277
|
|
Banc of America Merrill Lynch
|
|
|
|
|
|
|
Commercial Mortgage,
|
|
|
|
|
|
|
Ser. 2004-6, Cl. A4
|
4.63
|
12/10/42
|
100,000
|
c
|
100,559
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2006-PW14,
|
|
|
|
|
|
|
Cl. AJ
|
5.27
|
12/11/38
|
1,850,000
|
|
1,837,452
|
|
Bear Stearns Commercial Mortgage
|
|
|
|
|
|
|
Securities, Ser. 2007-PW16,
|
|
|
|
|
|
|
Cl. AJ
|
5.71
|
6/11/40
|
700,000
|
c
|
675,105
|
|
CGBAM Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2013-BREH, Cl. C
|
2.51
|
5/15/30
|
215,000
|
b,c
|
215,974
|
|
CGBAM Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2013-BREH, Cl. D
|
3.01
|
5/15/30
|
125,000
|
b,c
|
125,807
|
|
Citigroup Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2013-375P, Cl. E
|
3.52
|
5/10/35
|
200,000
|
b,c
|
170,860
|
|
Citigroup Commercial Mortgage
|
|
|
|
|
|
|
Trust, Ser. 2007-C6, Cl. AJ
|
5.71
|
12/10/49
|
1,090,000
|
c
|
1,026,497
|
|
Commercial Mortgage Trust,
|
|
|
|
|
|
|
Ser. 2006-C8, Cl. AJ
|
5.38
|
12/10/46
|
3,840,000
|
|
3,719,587
|
|
|
|
|
|
|
|
|
|
Extended Stay America Trust,
|
|
|
|
|
|
|
|
Ser. 2013-ESH7, Cl. D7
|
|
4.04
|
12/5/31
|
460,000
|
b,c
|
477,020
|
|
Greenwich Capital Commercial
|
|
|
|
|
|
|
|
Funding Corporation Commercial
|
|
|
|
|
|
|
|
Mortgage Trust,
|
|
|
|
|
|
|
|
Ser. 2007-GG11, Cl. AJ
|
|
6.06
|
12/10/49
|
2,455,000
|
c
|
2,453,170
|
|
Hilton USA Trust,
|
|
|
|
|
|
|
|
Ser. 2013-HLT, Cl. EFX
|
|
4.45
|
11/5/30
|
915,000
|
b,c
|
937,113
|
|
JP Morgan Chase Commercial
|
|
|
|
|
|
|
|
Mortgage Securities Trust,
|
|
|
|
|
|
|
|
Ser. 2011-C4, Cl. E
|
|
5.40
|
7/15/46
|
115,000
|
b,c
|
118,873
|
|
JP Morgan Chase Commercial
|
|
|
|
|
|
|
|
Mortgage Securities Trust,
|
|
|
|
|
|
|
|
Ser. 2006-CB17, Cl. AM
|
|
5.46
|
12/12/43
|
330,000
|
|
345,430
|
|
RREF,
|
|
|
|
|
|
|
|
Ser. 2013-LT2, Cl. A
|
|
2.83
|
5/22/28
|
115,161
|
b
|
115,708
|
|
Wachovia Bank Commercial Mortgage
|
|
|
|
|
|
|
|
Trust, Ser. 2006-C29, Cl. AJ
|
|
5.37
|
11/15/48
|
1,440,000
|
c
|
1,362,912
|
|
WFRBS Commercial Mortgage Trust,
|
|
|
|
|
|
|
|
Ser. 2011-C5, Cl. C
|
|
5.64
|
11/15/44
|
60,000
|
b,c
|
66,168
|
|
|
|
|
|
|
|
14,649,512
|
|
Consumer Discretionary--1.4%
|
|
|
|
|
|
|
|
Clear Channel Worldwide Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes, Ser. B
|
|
7.63
|
3/15/20
|
1,520,000
|
|
1,611,200
|
|
General Motors,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.25
|
10/2/43
|
875,000
|
b
|
929,687
|
|
Gestamp Funding,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
EUR
|
5.88
|
5/31/20
|
100,000
|
b
|
142,963
|
|
Grupo Famsa,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.25
|
6/1/20
|
190,000
|
b
|
193,562
|
|
|
|
|
|
|
|
2,877,412
|
|
Consumer Staples--.7%
|
|
|
|
|
|
|
|
Embotelladora Andina,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.00
|
10/1/23
|
470,000
|
b
|
474,159
|
|
Minerva Luxembourg,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.75
|
1/31/23
|
1,000,000
|
b
|
975,000
|
|
|
|
|
|
|
|
1,449,159
|
|
Energy--1.9%
|
|
|
|
|
|
|
|
MEG Energy,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
3/15/21
|
140,000
|
b
|
146,300
|
|
Oasis Petroleum,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
11/1/21
|
375,000
|
|
401,250
|
|
Oasis Petroleum,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.88
|
3/15/22
|
925,000
|
b
|
985,125
|
|
Pemex Project Funding Master
|
|
|
|
|
|
|
|
Trust, Gtd. Bonds
|
|
6.63
|
6/15/35
|
1,480,000
|
|
1,551,471
|
|
Range Resources,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.00
|
3/15/23
|
305,000
|
|
303,094
|
|
Unit,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.63
|
5/15/21
|
520,000
|
|
548,600
|
|
|
|
|
|
|
|
3,935,840
|
|
Financial--13.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American International Group,
|
|
|
|
|
|
|
|
Jr. Sub. Debs., Ser. A3
|
EUR
|
4.88
|
3/15/67
|
1,150,000
|
c
|
1,552,760
|
|
AXA,
|
|
|
|
|
|
|
|
Jr. Sub. Notes
|
EUR
|
5.78
|
7/29/49
|
510,000
|
c
|
722,406
|
|
Banco Internacional del Peru,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
5.75
|
10/7/20
|
240,000
|
b
|
246,900
|
|
Bank of Ireland,
|
|
|
|
|
|
|
|
Sr. Unscd Bonds
|
EUR
|
3.25
|
1/15/19
|
1,825,000
|
|
2,489,985
|
|
Barclays Bank,
|
|
|
|
|
|
|
|
Jr. Sub. Notes
|
EUR
|
4.88
|
12/29/49
|
3,130,000
|
c
|
3,984,001
|
|
Credit Suisse Group,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
6.50
|
8/8/23
|
300,000
|
b
|
319,500
|
|
Genworth Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.20
|
2/15/21
|
35,000
|
|
40,988
|
|
Genworth Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.70
|
6/15/20
|
3,105,000
|
|
3,760,574
|
|
Goldman Sachs Group,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
6.75
|
10/1/37
|
1,000,000
|
|
1,114,540
|
|
Icahn Enterprises,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.88
|
2/1/22
|
600,000
|
b
|
596,250
|
|
Icahn Enterprises,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.00
|
8/1/20
|
455,000
|
d
|
471,494
|
|
Intesa Sanpaolo,
|
|
|
|
|
|
|
|
Bank Gtd. Bonds
|
|
2.38
|
1/13/17
|
1,050,000
|
|
1,049,985
|
|
Intesa Sanpaolo,
|
|
|
|
|
|
|
|
Bank Gtd. Bonds
|
|
5.25
|
1/12/24
|
1,050,000
|
|
1,065,336
|
|
LBG Capital Number 1,
|
|
|
|
|
|
|
|
Bank Gtd. Notes
|
|
8.00
|
12/29/49
|
620,000
|
b,c
|
664,795
|
|
Lloyds Bank,
|
|
|
|
|
|
|
|
Sub. Notes
|
EUR
|
6.50
|
3/24/20
|
550,000
|
|
873,648
|
|
Lloyds Bank,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
9.88
|
12/16/21
|
1,460,000
|
c,d
|
1,744,700
|
|
Royal Bank of Scotland,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
9.50
|
3/16/22
|
1,160,000
|
c
|
1,359,097
|
|
Royal Bank of Scotland Group,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
6.00
|
12/19/23
|
1,185,000
|
|
1,198,517
|
|
Royal Bank of Scotland Group,
|
|
|
|
|
|
|
|
Jr. Sub. Notes
|
|
6.10
|
6/10/23
|
520,000
|
|
533,274
|
|
Royal Bank of Scotland Group,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
6.13
|
12/15/22
|
525,000
|
|
542,310
|
|
SLM,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.88
|
6/17/19
|
850,000
|
|
843,489
|
|
SLM,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.00
|
1/25/17
|
495,000
|
|
538,337
|
|
Wells Fargo & Company,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
5.38
|
11/2/43
|
665,000
|
|
684,596
|
|
ZFS Finance (USA) Trust V,
|
|
|
|
|
|
|
|
Jr. Sub. Cap. Secs.
|
|
6.50
|
5/9/67
|
2,067,000
|
b,c
|
2,219,441
|
|
|
|
|
|
|
|
28,616,923
|
|
Foreign/Governmental--32.5%
|
|
|
|
|
|
|
|
Brazil Notas do Tesouro Nacional,
|
|
|
|
|
|
|
|
Sr. Notes, Ser. F
|
BRL
|
0.00
|
1/1/17
|
4,800,000
|
|
1,874,967
|
|
|
|
|
|
|
|
|
|
Brazil Notas do Tesouro Nacional,
|
|
|
|
|
|
|
|
Notes, Ser. F
|
BRL
|
10.00
|
1/1/21
|
3,500,000
|
|
1,262,883
|
|
Brazil Notas do Tesouro Nacional,
|
|
|
|
|
|
|
|
Notes, Ser. F
|
BRL
|
10.00
|
1/1/23
|
13,200,000
|
|
4,614,156
|
|
Colombian Government,
|
|
|
|
|
|
|
|
Treasury Bonds, Ser. B
|
COP
|
7.00
|
5/4/22
|
9,300,000,000
|
|
4,590,662
|
|
Costa Rican Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.25
|
1/26/23
|
1,150,000
|
|
1,040,750
|
|
Development Bank of Kazakhstan,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.13
|
12/10/22
|
1,875,000
|
|
1,687,500
|
|
Ecopetrol,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.25
|
9/18/18
|
815,000
|
d
|
851,675
|
|
Eskom Holdings,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.75
|
8/6/23
|
625,000
|
b
|
632,813
|
|
Eurasian Development Bank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.00
|
9/26/20
|
240,000
|
b
|
244,800
|
|
Gazprom OAO Via Gaz Capital,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.63
|
4/28/34
|
950,000
|
b
|
1,115,062
|
|
Gazprom,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
6.00
|
11/27/23
|
350,000
|
b
|
350,438
|
|
Hungarian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.75
|
11/22/23
|
1,510,000
|
|
1,496,788
|
|
Icelandic Government,
|
|
|
|
|
|
|
|
Unscd. Notes
|
|
4.88
|
6/16/16
|
6,380,000
|
|
6,684,262
|
|
KazMunayGas National,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.75
|
4/30/43
|
675,000
|
b,d
|
573,662
|
|
Mexican Government,
|
|
|
|
|
|
|
|
Bonds, Ser. M 10
|
MXN
|
7.75
|
12/14/17
|
31,820,000
|
|
2,610,244
|
|
Mexican Government,
|
|
|
|
|
|
|
|
Bonds, Ser. M
|
MXN
|
8.00
|
12/7/23
|
42,060,000
|
|
3,463,311
|
|
Mexican Government,
|
|
|
|
|
|
|
|
Bonds, Ser. MI10
|
MXN
|
9.50
|
12/18/14
|
16,490,000
|
|
1,295,184
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills, Ser. 364
|
NGN
|
0.00
|
2/6/14
|
65,000,000
|
e
|
399,376
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills, Ser. 364
|
NGN
|
0.00
|
4/10/14
|
82,525,000
|
e
|
496,252
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills
|
NGN
|
0.00
|
5/22/14
|
80,175,000
|
e
|
474,592
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills
|
NGN
|
0.00
|
6/19/14
|
29,000,000
|
e
|
169,740
|
|
Nigerian Government,
|
|
|
|
|
|
|
|
Treasury Bills
|
NGN
|
0.00
|
8/7/14
|
301,000,000
|
e
|
1,732,201
|
|
Peruvian Government,
|
|
|
|
|
|
|
|
Bonds
|
PEN
|
5.20
|
9/12/23
|
14,800,000
|
|
4,883,528
|
|
Petroleos de Venezuela,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.90
|
10/28/14
|
4,400,000
|
|
4,092,000
|
|
Petroleos de Venezuela,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.50
|
11/2/17
|
825,000
|
b
|
642,263
|
|
Petroleos Mexicanos,
|
|
|
|
|
|
|
|
Gtd. Notes
|
MXN
|
7.19
|
9/12/24
|
12,460,000
|
b
|
884,719
|
|
Portuguese Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
EUR
|
4.75
|
6/14/19
|
1,525,000
|
b
|
2,130,158
|
|
|
|
|
|
|
|
|
|
Portuguese Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
EUR
|
4.95
|
10/25/23
|
830,000
|
b
|
1,130,177
|
|
Romanian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
4.88
|
1/22/24
|
574,000
|
b
|
562,520
|
|
Russian Agricultural Bank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.10
|
7/25/18
|
750,000
|
b,d
|
760,313
|
|
Russian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
3.50
|
1/16/19
|
1,400,000
|
b
|
1,414,000
|
|
Russian Government,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
5.88
|
9/16/43
|
1,200,000
|
b
|
1,189,500
|
|
Russian Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 6209
|
RUB
|
7.60
|
7/20/22
|
66,925,000
|
|
1,834,398
|
|
South African Government,
|
|
|
|
|
|
|
|
Bonds, Ser. 2023
|
ZAR
|
7.75
|
2/28/23
|
20,800,000
|
|
1,757,529
|
|
Spanish Government,
|
|
|
|
|
|
|
|
Bonds
|
EUR
|
3.75
|
10/31/18
|
2,060,000
|
|
2,971,462
|
|
Spanish Government,
|
|
|
|
|
|
|
|
Bonds
|
EUR
|
5.15
|
10/31/44
|
1,175,000
|
b
|
1,710,592
|
|
Turk Eximbank,
|
|
|
|
|
|
|
|
Unscd. Notes
|
|
5.38
|
11/4/16
|
1,875,000
|
b
|
1,915,313
|
|
Vnesheconombank,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.22
|
11/21/18
|
875,000
|
b
|
867,344
|
|
Vnesheconombank Via VEB Finance,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.80
|
11/22/25
|
1,125,000
|
b
|
1,165,781
|
|
|
|
|
|
|
|
67,572,915
|
|
Health Care--1.3%
|
|
|
|
|
|
|
|
Biomet,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
8/1/20
|
755,000
|
|
808,794
|
|
CHS/Community Health System,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.88
|
2/1/22
|
280,000
|
b
|
287,525
|
|
Hockey Merger Sub 2,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.88
|
10/1/21
|
1,490,000
|
b
|
1,557,050
|
|
|
|
|
|
|
|
2,653,369
|
|
Industrial--1.2%
|
|
|
|
|
|
|
|
Abengoa Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.75
|
2/1/20
|
900,000
|
b
|
949,500
|
|
Brookfield Residential Properties,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
12/15/20
|
520,000
|
b
|
547,300
|
|
Hilton Worldwide Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.63
|
10/15/21
|
255,000
|
b
|
264,403
|
|
Taylor Morrison Communities,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.25
|
4/15/21
|
390,000
|
b
|
380,250
|
|
Taylor Morrison Communities,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.75
|
4/15/20
|
250,000
|
b
|
275,000
|
|
|
|
|
|
|
|
2,416,453
|
|
Information Technology--.1%
|
|
|
|
|
|
|
|
NCR,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.38
|
12/15/23
|
125,000
|
b
|
130,625
|
|
Materials--2.2%
|
|
|
|
|
|
|
|
Ardagh Packaging Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.13
|
10/15/20
|
850,000
|
b
|
932,875
|
|
Ardagh Packaging Finance/Holdings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA, Gtd. Notes
|
|
6.75
|
1/31/21
|
525,000
|
b
|
530,250
|
|
Freeport-McMoRan Copper & Gold,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.45
|
3/15/43
|
800,000
|
|
767,411
|
|
Ineos Group Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
EUR
|
6.50
|
8/15/18
|
700,000
|
b
|
972,419
|
|
LYB International Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.25
|
7/15/43
|
490,000
|
|
512,715
|
|
Plains Exploration & Production,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.88
|
2/15/23
|
750,000
|
|
832,500
|
|
|
|
|
|
|
|
4,548,170
|
|
Municipal Bonds--.5%
|
|
|
|
|
|
|
|
Puerto Rico Commonwealth Aqueduct
|
|
|
|
|
|
|
|
and Sewer Authority, Senior
|
|
|
|
|
|
|
|
Lien Revenue
|
|
5.25
|
7/1/42
|
1,030,000
|
|
683,364
|
|
Puerto Rico Electric Power
|
|
|
|
|
|
|
|
Authority, Power Revenue
|
|
5.25
|
7/1/40
|
455,000
|
|
261,125
|
|
|
|
|
|
|
|
944,489
|
|
Residential Mortgage Pass-Through Ctfs.--3.0%
|
|
|
|
|
|
|
Bear Stearns Alt-A Trust,
|
|
|
|
|
|
|
|
Ser. 2005-4, Cl. 24A1
|
|
2.71
|
5/25/35
|
1,950,724
|
c
|
1,911,086
|
|
Countrywide Alternative Loan
|
|
|
|
|
|
|
|
Trust, Ser. 2004-4CB, Cl. 1A5
|
|
5.50
|
4/25/34
|
178,665
|
|
187,415
|
|
Countrywide Alternative Loan
|
|
|
|
|
|
|
|
Trust, Ser. 2004-18, Cl. 4A1
|
|
5.50
|
9/25/34
|
330,046
|
|
344,683
|
|
Credit Suisse First Boston
|
|
|
|
|
|
|
|
Mortgage Securities,
|
|
|
|
|
|
|
|
Ser. 2005-6, Cl. 1A2
|
|
0.43
|
7/25/35
|
75,260
|
c
|
73,566
|
|
Paragon Mortgages,
|
|
|
|
|
|
|
|
Ser. 14A, Cl. A2C
|
|
0.44
|
9/15/39
|
214,162
|
b,c
|
192,258
|
|
Structured Agency Credit Risk Debt
|
|
|
|
|
|
|
|
Notes, Ser. 2013-DN1, Cl, M1
|
|
3.56
|
7/25/23
|
230,183
|
c
|
238,670
|
|
Structured Asset Securities Corp.
|
|
|
|
|
|
|
|
Mortgage Pass-through
|
|
|
|
|
|
|
|
Certificates, Ser. 2004-11XS,
|
|
|
|
|
|
|
|
Cl. 1A5A
|
|
5.84
|
6/25/34
|
180,000
|
c
|
183,893
|
|
WAMU Mortgage Pass-Through
|
|
|
|
|
|
|
|
Certificates, Ser. 2006-AR16,
|
|
|
|
|
|
|
|
Cl. 2A1
|
|
2.04
|
12/25/36
|
2,280,527
|
c
|
1,956,084
|
|
Wells Fargo Mortgage Backed
|
|
|
|
|
|
|
|
Securities, Ser. 2005-AR12,
|
|
|
|
|
|
|
|
Cl. 2A11
|
|
2.62
|
6/25/35
|
1,121,473
|
c
|
1,127,969
|
|
|
|
|
|
|
|
6,215,624
|
|
Telecommunication Services--3.1%
|
|
|
|
|
|
|
|
Alcatel-Lucent USA,
|
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
|
6.45
|
3/15/29
|
240,000
|
|
217,200
|
|
Centurylink,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. W
|
|
6.75
|
12/1/23
|
225,000
|
|
228,937
|
|
Digicel Group,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.25
|
9/30/20
|
1,500,000
|
b
|
1,567,500
|
|
Intelsat Jackson Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.50
|
8/1/23
|
1,780,000
|
b
|
1,706,575
|
|
Richland Towers Funding,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
4.61
|
3/15/41
|
82,627
|
b
|
85,471
|
|
Richland Towers Funding,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
7.87
|
3/15/41
|
100,000
|
b
|
106,232
|
|
T-Mobile USA,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.13
|
1/15/22
|
275,000
|
|
281,875
|
|
T-Mobile USA,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
1/15/24
|
370,000
|
|
378,787
|
|
Virgin Media Secured Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
GBP
|
6.00
|
4/15/21
|
470,000
|
b
|
792,721
|
|
West,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.88
|
1/15/19
|
485,000
|
|
524,406
|
|
Wind Acquisition Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
6.50
|
4/30/20
|
600,000
|
b
|
657,000
|
|
Wind Acquisition Holdings Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
12.25
|
7/15/17
|
1
|
b,d
|
1
|
|
|
|
|
|
|
|
6,546,705
|
|
U.S. Government Agencies/Mortgage-Backed--.2%
|
|
|
|
|
|
|
Government National Mortgage Association I;
|
|
|
|
|
|
|
|
Ser. 2011-53 (Interest
|
|
|
|
|
|
|
|
Only) 0.86%, 5/16/51
|
|
|
|
1,195,974
|
c,f
|
58,271
|
|
Ser. 2012-125 (Interest
|
|
|
|
|
|
|
|
Only) 0.86%, 2/16/53
|
|
|
|
4,605,930
|
c,f
|
332,412
|
|
Ser. 2011-77 (Interest
|
|
|
|
|
|
|
|
Only) 1.22%, 4/16/42
|
|
|
|
926,435
|
c,f
|
51,898
|
|
|
|
|
|
|
|
442,581
|
|
U.S. Government Securities--4.0%
|
|
|
|
|
|
|
|
U.S. Treasury Bonds;
|
|
|
|
|
|
|
|
3.75%, 11/15/43
|
|
|
|
8,100,000
|
|
8,289,848
|
|
Utilities--1.8%
|
|
|
|
|
|
|
|
Comision Federal de Electricidad,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
4.88
|
1/15/24
|
1,035,000
|
b
|
1,024,650
|
|
Electricite de France,
|
|
|
|
|
|
|
|
Sub. Notes
|
|
5.25
|
1/29/49
|
905,000
|
b,c
|
875,997
|
|
Enel,
|
|
|
|
|
|
|
|
Sub. Bonds
|
EUR
|
5.00
|
1/15/75
|
1,275,000
|
c
|
1,695,233
|
|
Enel,
|
|
|
|
|
|
|
|
Sub. Bonds
|
|
8.75
|
9/24/73
|
230,000
|
b,c
|
250,125
|
|
|
|
|
|
|
|
3,846,005
|
|
Total Bonds and Notes
|
|
|
|
|
|
|
|
(cost $192,624,614)
|
|
|
|
|
|
191,583,192
|
|
|
|
Preferred Stocks--.6%
|
|
|
|
Shares
|
|
Value ($)
|
|
Financial
|
|
|
|
|
|
|
|
GMAC Capital Trust I,
|
|
|
|
|
|
|
|
Ser. 2, 8.13%
|
|
|
|
|
|
|
|
(cost $1,182,341)
|
|
|
|
45,675
|
c
|
1,250,582
|
|
|
|
|
|
Face Amount
|
|
|
|
|
|
|
|
Covered by
|
|
|
|
Options Purchased--.3%
|
|
|
|
Contracts ($)
|
|
Value ($)
|
|
Call Options--.2%
|
|
|
|
|
|
|
|
Euro,
|
|
|
|
|
|
|
|
July 2014 @ $1.33
|
|
|
|
6,100,000
|
|
90,452
|
|
|
|
|
|
|
|
|
Japanese Yen,
|
|
|
|
|
|
April 2014 @ $103.50
|
5,700,000
|
|
63,194
|
|
|
Japanese Yen,
|
|
|
|
|
|
June 2014 @ $105.20
|
10,400,000
|
|
107,514
|
|
|
Japanese Yen,
|
|
|
|
|
|
June 2014 @ $105.20
|
3,100,000
|
|
31,353
|
|
|
U.S. Treasury 10 Year Notes,
|
|
|
|
|
|
February 2014 @ $125.50
|
205,000
|
|
156,953
|
|
|
|
|
|
449,466
|
|
|
Put Options--.1%
|
|
|
|
|
|
10-Year USD LIBOR-BBA,
|
|
|
|
|
|
November 2015 @ $ 5.80
|
1,500,000
|
|
5,207
|
|
|
U.S. Treasury 10 Year Notes,
|
|
|
|
|
|
February 2014 @ $121.50
|
157,000
|
|
2,453
|
|
|
U.S. Treasury 10 Year Notes,
|
|
|
|
|
|
March 2014 @ $122.50
|
245,000
|
|
95,703
|
|
|
|
|
|
103,363
|
|
|
Total Options Purchased
|
|
|
|
|
|
(cost $857,540)
|
|
|
552,829
|
|
|
|
Principal
|
|
|
|
|
Short
-Term Investments--.6%
|
Amount ($)
|
|
Value ($)
|
|
|
U.S. Treasury Bills;
|
|
|
|
|
|
0.04%, 6/12/14
|
|
|
|
|
|
(cost $1,299,797)
|
1,300,000
|
g
|
1,299,819
|
|
|
|
|
Other Investment--2.7%
|
Shares
|
|
Value ($)
|
|
|
Registered Investment Company;
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
(cost $5,634,859)
|
5,634,859
|
h
|
5,634,859
|
|
|
Investment of Cash Collateral for
|
|
|
|
|
|
Securities Loaned--1.0%
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
|
|
Advantage Fund
|
|
|
|
|
|
(cost $2,081,997)
|
2,081,997
|
h
|
2,081,997
|
|
|
Total Investments
(cost $203,681,148)
|
97.4
|
%
|
202,403,278
|
|
|
Cash and Receivables (Net)
|
2.6
|
%
|
5,396,632
|
|
|
Net Assets
|
100.0
|
%
|
207,799,910
|
BBA--British Bankers Association
LIBOR--London Interbank Offered Rate
USD--US Dollar
|
|
|
|
a
|
Principal amount stated in U.S. Dollars unless otherwise noted.
|
|
|
BRL--Brazilian Real
|
|
|
COP--Colombian Peso
|
|
|
EUR--Euro
|
|
|
GBP--British Pound
|
|
|
MXN--Mexican New Peso
|
|
|
NGN--Nigerian Naira
|
|
|
PEN--Peruvian Nuevo Sol
|
|
|
|
|
|
RUB--Russian Ruble
|
|
|
ZAR--South African Rand
|
|
b
|
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
|
|
|
resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2014,
|
|
|
these securities were valued at $53,369,445 or 25.7% of net assets.
|
|
c
|
Variable rate security--interest rate subject to periodic change.
|
|
d
|
Security, or portion thereof, on loan. At January 31, 2014, the value of the fund's securities on loan was
|
|
|
$2,005,799 and the value of the collateral held by the fund was $2,081,997.
|
|
e
|
Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
f
|
Notional face amount shown.
|
|
g
|
Held by or on behalf of a counterparty for open financial futures contracts.
|
|
h
|
Investment in affiliated money market mutual fund.
|
At January 31, 2014, net unrealized depreciation on investments was $1,225,070 of which $2,617,023 related to appreciated investment securities and $3,842,093 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
|
Foreign/Governmental
|
32.5
|
|
Corporate Bonds
|
27.5
|
|
Asset-Backed
|
17.5
|
|
Commercial Mortgage-Backed
|
7.0
|
|
Short-Term/Money Market Investments
|
4.3
|
|
U.S. Government and Agency/Mortgage-Backed
|
4.2
|
|
Residental Mortgage-Backed
|
3.0
|
|
Preferred Stocks
|
.6
|
|
Municipal Bonds
|
.5
|
|
Options Purchased
|
.3
|
|
|
97.4
|
|
|
|
|
|
|
|
|
|
STATEMENT OF FINANCIAL FUTURES
|
|
|
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
Market Value
|
|
|
Appreciation
|
|
|
|
|
Covered by
|
|
|
(Depreciation)
|
|
|
|
Contracts
|
Contracts ($)
|
|
Expiration
|
at 1/31/2014
|
($)
|
|
|
|
Financial Futures Long
|
|
|
|
|
|
|
|
U.S. Treasury Ultra Long Bonds
|
31
|
4,458,188
|
|
March 2014
|
125,602
|
|
|
|
|
Financial Futures Short
|
|
|
|
|
|
|
|
Japanese 10 Year Bonds
|
11
|
(15,583,244
|
)
|
March 2014
|
(72,897
|
)
|
|
U.S. Treasury 2 Year Notes
|
44
|
(9,688,800
|
)
|
March 2014
|
(8,589
|
)
|
|
U.S. Treasury 5 Year Notes
|
142
|
(17,128,750
|
)
|
March 2014
|
(99,054
|
)
|
|
U.S. Treasury 10 Year Notes
|
34
|
(4,275,500
|
)
|
March 2014
|
(22,321
|
)
|
|
U.S. Treasury Long Bonds
|
22
|
(2,939,063
|
)
|
March 2014
|
(57,133
|
)
|
|
|
|
Gross Unrealized Appreciation
|
|
|
|
|
125,602
|
|
|
Gross Unrealized Depreciation
|
|
|
|
|
(259,994
|
)
|
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
Unrealized
|
|
|
Forward Foreign Currency
|
|
Currency
|
|
|
Appreciation
|
|
|
Exchange Contracts
|
|
Amounts
|
Cost ($)
|
Value ($)
|
(Depreciation) ($)
|
|
|
Purchases:
|
|
|
|
|
|
|
|
|
|
Australian Dollar,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014a
|
|
180,000
|
157,039
|
157,253
|
214
|
|
|
|
|
Brazilian Real,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/4/2014b
|
|
885,000
|
371,380
|
366,313
|
(5,067
|
)
|
|
|
|
British Pound,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014c
|
|
1,990,000
|
3,308,301
|
3,270,706
|
(37,595
|
)
|
|
|
|
Norwegian Krone,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014b
|
|
24,665,000
|
3,984,234
|
3,925,387
|
(58,847
|
)
|
|
|
|
Polish Zloty,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014d
|
|
24,500,000
|
7,963,595
|
7,759,179
|
(204,416
|
)
|
|
|
|
|
|
Sales:
|
|
|
Proceeds ($)
|
|
|
|
|
Australian Dollar,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014d
|
|
4,695,000
|
4,101,599
|
4,101,685
|
(86
|
)
|
|
|
|
Brazilian Real,
|
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/4/2014e
|
|
885,000
|
378,358
|
366,313
|
12,045
|
|
|
3/6/2014e
|
|
8,945,000
|
3,726,837
|
3,674,417
|
52,420
|
|
|
|
|
Colombian Peso,
|
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/13/2014e
|
|
850,000,000
|
435,217
|
421,257
|
13,960
|
|
|
2/28/2014f
|
|
8,867,300,000
|
4,418,846
|
4,391,905
|
26,941
|
|
|
|
|
Euro,
|
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2/3/2014
|
d
|
391,040
|
529,976
|
527,398
|
2,578
|
|
|
2/28/2014
|
b
|
3,145,000
|
4,300,703
|
4,241,689
|
59,014
|
|
|
2/28/2014
|
d
|
4,280,000
|
5,852,712
|
5,772,473
|
80,239
|
|
|
2/28/2014
|
e
|
3,055,000
|
4,177,560
|
4,120,305
|
57,255
|
|
|
2/28/2014
|
g
|
5,960,000
|
8,151,253
|
8,038,303
|
112,950
|
|
|
2/28/2014
|
h
|
3,090,000
|
4,225,482
|
4,167,509
|
57,973
|
|
|
2/28/2014
|
i
|
5,200,000
|
7,110,808
|
7,013,285
|
97,523
|
|
|
|
|
Mexican New Peso,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
a
|
20,090,000
|
1,493,347
|
1,498,942
|
(5,595
|
)
|
|
2/28/2014
|
c
|
25,410,000
|
1,886,358
|
1,895,875
|
(9,517
|
)
|
|
2/28/2014
|
e
|
21,290,000
|
1,579,846
|
1,588,476
|
(8,630
|
)
|
|
2/28/2014
|
j
|
41,315,000
|
3,047,458
|
3,082,569
|
(35,111
|
)
|
|
|
|
New Zealand Dollar,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
c
|
190,000
|
155,958
|
153,356
|
2,602
|
|
|
2/28/2014
|
d
|
4,900,000
|
4,061,120
|
3,954,957
|
106,163
|
|
|
|
|
Peruvian New Sol,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
f
|
9,045,000
|
3,173,128
|
3,182,005
|
(8,877
|
)
|
|
2/28/2014
|
j
|
5,350,000
|
1,879,171
|
1,882,114
|
(2,943
|
)
|
|
|
|
Russian Ruble,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
d
|
74,015,000
|
2,157,607
|
2,093,937
|
63,670
|
|
|
|
|
Swedish Krona,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
f
|
26,185,000
|
4,060,225
|
3,995,116
|
65,109
|
|
|
|
|
Turkish Lira,
|
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
|
2/28/2014
|
f
|
9,400,000
|
4,140,719
|
4,127,353
|
13,366
|
|
|
|
|
South African Rand,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
|
2/28/2014
|
c
|
10,870,000
|
972,425
|
974,339
|
(1,914
|
)
|
|
2/28/2014
|
j
|
10,410,000
|
929,050
|
933,107
|
(4,057
|
)
|
|
|
|
Gross Unrealized Appreciation
|
|
|
|
824,022
|
|
|
Gross Unrealized Depreciation
|
|
|
|
(382,655
|
)
|
Counterparties:
|
|
|
|
a
|
Bank of America
|
|
b
|
UBS
|
|
c
|
Goldman Sachs International
|
|
d
|
JP Morgan Chase Bank
|
|
e
|
Morgan Stanley Capital Services
|
|
f
|
Barclays Bank
|
|
g
|
Citigroup
|
|
h
|
Credit Suisse
|
|
I
|
Royal Bank of Scotland
|
|
j
|
Deutsche Bank
|
|
|
|
|
|
|
STATEMENT OF OPTIONS WRITTEN
|
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
Face Amount
|
|
|
|
|
Covered by
|
|
|
|
|
Contracts ($)
|
Value ($)
|
|
|
Call Options:
|
|
|
|
|
U.S. Treasury 10 Year Notes,
|
|
|
|
|
February 2014 @ $127
|
205,000
|
(38,437
|
)
|
|
|
|
Put Options:
|
|
|
|
|
U.S. Treasury 10 Year Notes,
|
|
|
|
|
March 2014 @ $121
|
245,000
|
(38,281
|
)
|
|
Total Options Written
|
|
(76,718
|
)
|
|
(premiums received $129,518)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
|
|
Level 1 -
|
|
Level 2 - Other
|
|
Significant
|
|
|
|
|
Unadjusted Quoted
|
|
Significant
|
|
Unobservable
|
|
|
|
Assets ($)
|
Prices
|
|
Observable Inputs
|
|
Inputs
|
Total
|
|
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
Asset-Backed
|
-
|
|
36,447,562
|
|
-
|
36,447,562
|
|
|
Commercial Mortgage-Backed
|
-
|
|
14,649,512
|
|
-
|
14,649,512
|
|
|
Corporate Bonds+
|
-
|
|
57,020,661
|
|
-
|
57,020,661
|
|
|
Foreign Government
|
-
|
|
67,572,915
|
|
-
|
67,572,915
|
|
|
Municipal Bonds+
|
-
|
|
944,489
|
|
-
|
944,489
|
|
|
Mutual Funds
|
7,716,856
|
|
-
|
|
-
|
7,716,856
|
|
|
Preferred Stocks+
|
-
|
|
1,250,582
|
|
-
|
1,250,582
|
|
|
Residential Mortgage-Backed
|
-
|
|
6,215,624
|
|
-
|
6,215,624
|
|
|
U.S. Government Agencies/Mortgage-Backed
|
-
|
|
442,581
|
|
-
|
442,581
|
|
|
U.S. Treasury
|
-
|
|
9,589,667
|
|
-
|
9,589,667
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
|
|
Financial Futures++
|
125,602
|
|
-
|
|
-
|
125,602
|
|
|
Forward Foreign Currency Exchange Contracts++
|
-
|
|
824,022
|
|
-
|
824,022
|
|
|
Options Purchased
|
255,109
|
|
297,720
|
|
-
|
552,829
|
|
|
Swaps++
|
99,163
|
|
83,913
|
|
-
|
183,076
|
|
|
Liabilities ($)
|
|
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
|
|
Financial Futures++
|
(259,994
|
)
|
-
|
|
-
|
(259,994
|
)
|
|
Forward Foreign Currency Exchange Contracts++
|
-
|
|
(382,655
|
)
|
-
|
(382,655
|
)
|
|
Swaps++
|
(1,307,170
|
)
|
(136,971
|
)
|
-
|
(1,444,141
|
)
|
|
Options Written
|
(76,718
|
)
|
-
|
|
-
|
(76,718
|
)
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
|
++ Amount shown represents unrealized appreciation (depreciation) at period end.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Implied
|
|
|
|
Upfront
|
|
Unrealized
|
|
|
|
Notional
|
Reference
|
|
|
Credit
|
(Pay) /Receive
|
Market
|
|
Premiums (Received)
|
|
Appreciation
|
|
|
|
Amount
|
Entity
|
Counterparty
|
Fixed Rate (%)
|
Spread (%)
|
Expriration
|
Value
|
|
Paid ($)
|
|
(Depreciation) ($)
|
|
Buy / Sell
|
|
10,300,000
|
ITRAXX Europe Crossover Series 20
|
Goldman, Sachs & Co.
|
5.00
|
316.00
|
12/20/2018
|
1,181,448.84
|
|
(1,180,936.57
|
)
|
512
|
|
Sell
|
|
6,200,000
|
Dow Jones CDX.NA.HY.21 Index
|
Barclays
|
5.00
|
340.02
|
12/20/2018
|
(466,747.92
|
)
|
426,127.04
|
|
(40,621
|
)
|
Buy
|
|
2,600,000
|
Markit CMBX.NA.BBB Series 7
|
Deutsche
|
3.00
|
375.74
|
1/17/2047
|
(143,758.34
|
)
|
146,557.14
|
|
2,799
|
|
Sell
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Implied
|
|
|
|
Upfront
|
Unrealized
|
|
|
Notional
|
Reference
|
|
(Pay) /Receive
|
|
Credit
|
|
Market
|
|
Premiums Receivable
|
Appreciation
|
|
|
Amount ($)
|
Entity
|
Counterparty
|
Fixed Rate (%)
|
|
Spread (%)
|
Expriration
|
Value
|
|
(Payable) ($)
|
(Depreciation) ($)
|
|
|
17,450,000
|
USD - 6 Month Libor
|
Deutsche
|
(2.74
|
)
|
N/A
|
10/22/2023
|
(98,610
|
)
|
|
(98,610
|
)
|
|
25,200,000
|
USD - 6 Month Libor
|
Goldman, Sachs & Co.
|
(2.34
|
)
|
N/A
|
2/15/2021
|
(73,244
|
)
|
|
(73,244
|
)
|
|
18,700,000
|
USD - 6 Month Libor
|
Goldman, Sachs & Co.
|
(2.78
|
)
|
N/A
|
11/29/2023
|
(102,409
|
)
|
|
(102,409
|
)
|
|
17,000,000
|
USD - 6 Month Libor
|
Goldman, Sachs & Co.
|
(3.07
|
)
|
N/A
|
9/11/2023
|
(686,125
|
)
|
|
(686,125
|
)
|
|
5,700,000
|
USD - 6 Month Libor
|
Goldman, Sachs & Co.
|
(1.85
|
)
|
N/A
|
9/11/2018
|
(136,930
|
)
|
|
(136,930
|
)
|
|
83,100,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
1.89
|
|
N/A
|
8/15/2043
|
25,875
|
|
|
25,875
|
|
|
83,100,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
1.87
|
|
N/A
|
8/15/2043
|
21,998
|
|
|
21,998
|
|
|
205,200,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
(0.91
|
)
|
N/A
|
8/15/2023
|
(31,656
|
)
|
|
(31,656
|
)
|
|
205,200,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
(0.93
|
)
|
N/A
|
8/15/2023
|
(35,580
|
)
|
|
(35,580
|
)
|
|
560,900,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
(0.75
|
)
|
N/A
|
11/6/2023
|
17,854
|
|
|
17,854
|
|
|
83,100,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
1.93
|
|
N/A
|
9/5/2043
|
32,924
|
|
|
32,924
|
|
|
205,200,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
(0.95
|
)
|
N/A
|
9/5/2023
|
(37,769
|
)
|
|
(37,769
|
)
|
|
224,400,000
|
JPY - 6 Month Yenibor
|
Goldman, Sachs & Co.
|
1.74
|
|
N/A
|
11/6/2043
|
(19,306
|
)
|
|
(19,306
|
)
|
|
94,900,000
|
MXN - 1 Month Libor
|
Deutsche
|
6.74
|
|
N/A
|
1/2/2024
|
(96,350
|
)
|
|
(96,350
|
)
|
|
244,400,000
|
MXN - 1 Month Libor
|
J.P. Morgan Chase
|
3.80
|
|
N/A
|
1/10/2017
|
81,114
|
|
|
81,114
|
|
|
8,900,000
|
USD - 6 Month Libor
|
Barclays
|
(2.79
|
)
|
N/A
|
6/26/2023
|
(85,541
|
)
|
|
(85,541
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1,223,755
|
)
|
|
|
|
|
|
Gross Unrealized Appreciation
|
|
|
|
|
|
|
|
|
183,076
|
|
|
Gross Unrealized Depreciation
|
|
|
|
|
|
|
|
|
(1,444,141
|
)
|
|
|
|
JPY -- Japanese Yen
|
|
LIBOR -- London Interbank Offered Rate
|
|
MXN -- Mexican New Peso
|
|
USD -- US Dollar
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund and credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended January 31, 2014 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future.
With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the
Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Options: The fund may purchase and write (sell) put and call options to hedge against changes in interest rates, foreign currencies, or as a substitute for an investment. The fund is subject to interest rate risk and currency risk in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying security or securities at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying security or securities at the exercise price at any time during the option period, or at a specified date.
As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss, if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss, if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received.
Swap Transactions:
The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market or centrally cleared. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.
For OTC swaps, the fund accrues for the interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap transactions in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.
Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap transactions.
Interest Rate Swaps: Interest rate swaps involve the
exchange of commitments to pay and receive interest based on a notional principal amount. The fund enters into these agreements for a variety of reasons, including to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns. The fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is included within unrealized appreciation (depreciation) on swap contracts in the Statement of Assets and Liabilities. Interest rate swaps are valued daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When a swap contract is terminated early, the fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.
The fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a master netting arrangement between the fund and the counterparty and by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty.
Credit Default Swaps: Credit default swaps involve commitments to pay a fixed interest rate in exchange for payment if a credit event affecting a third party (the referenced company, obligation or index) occurs. Credit events may include a failure to pay interest or principal, bankruptcy, or restructuring. The fund enters into these agreements to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. For those credit default swaps in which the fund is paying a fixed rate, the fund is buying credit protection on the instrument. In the event of a credit event, the fund would receive the full notional amount for the reference obligation. For those credit default swaps in which the fund is receiving a fixed rate, the fund is selling credit protection on the underlying instrument. The maximum payouts for these contracts are limited to the notional amount of each swap. Credit default swaps may involve greater risks than if the fund had invested in the reference obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.
The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement which may exceed the amount of unrealized appreciation or depreciation reflected in the Statement of Assets and Liabilities. Notional amounts of all credit default
swap agreements are disclosed in the following chart, which summarizes open credit default swaps on index issues entered into by the fund. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, underlying securities comprising the referenced index, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the fund for the same referenced entity or entities.
GAAP requires disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
Dreyfus Tax Managed Growth Fund
|
|
|
|
January 31, 2014 (Unaudited)
|
|
|
|
|
|
Common Stocks--101.4%
|
Shares
|
Value ($)
|
|
Banks--1.1%
|
|
|
|
Wells Fargo & Co.
|
42,700
|
1,936,018
|
|
Capital Goods--3.8%
|
|
|
|
Caterpillar
|
20,600
|
1,934,546
|
|
General Electric
|
92,900
|
2,334,577
|
|
United Technologies
|
23,400
|
2,668,068
|
|
|
|
6,937,191
|
|
Consumer Services--3.0%
|
|
|
|
McDonald's
|
59,600
|
5,612,532
|
|
Diversified Financials--7.5%
|
|
|
|
American Express
|
23,700
|
2,014,974
|
|
BlackRock
|
10,600
|
3,184,982
|
|
Franklin Resources
|
58,800
|
3,058,188
|
|
JPMorgan Chase & Co.
|
85,300
|
4,722,208
|
|
State Street
|
14,000
|
937,300
|
|
|
|
13,917,652
|
|
Energy--16.6%
|
|
|
|
Chevron
|
61,600
|
6,876,408
|
|
ConocoPhillips
|
37,800
|
2,455,110
|
|
EOG Resources
|
6,700
|
1,107,108
|
|
Exxon Mobil
|
101,912
|
9,392,210
|
|
Imperial Oil
|
47,400
|
1,935,342
|
|
Occidental Petroleum
|
59,700
|
5,227,929
|
|
Royal Dutch Shell, Cl. A, ADR
|
24,800
|
1,713,680
|
|
Total, ADR
|
33,800
|
1,932,346
|
|
|
|
30,640,133
|
|
Food & Staples Retailing--2.5%
|
|
|
|
Walgreen
|
47,400
|
2,718,390
|
|
Whole Foods Market
|
36,000
|
1,881,360
|
|
|
|
4,599,750
|
|
Food, Beverage & Tobacco--20.9%
|
|
|
|
Altria Group
|
109,000
|
3,838,980
|
|
Coca-Cola
|
225,600
|
8,532,192
|
|
Diageo, ADR
|
17,100
|
2,052,855
|
|
Kraft Foods Group
|
22,223
|
1,163,374
|
|
Mondelez International, Cl. A
|
68,571
|
2,245,700
|
|
Nestle, ADR
|
74,650
|
5,423,323
|
|
PepsiCo
|
40,300
|
3,238,508
|
|
Philip Morris International
|
122,300
|
9,556,522
|
|
SABMiller
|
56,850
|
2,559,123
|
|
|
|
38,610,577
|
|
Health Care Equipment & Services--1.4%
|
|
|
|
Abbott Laboratories
|
71,100
|
2,606,526
|
|
Household & Personal Products--4.5%
|
|
|
|
Estee Lauder, Cl. A
|
44,600
|
3,065,804
|
|
Procter & Gamble
|
69,100
|
5,294,442
|
|
|
|
8,360,246
|
|
Insurance--1.0%
|
|
|
|
ACE
|
20,000
|
1,876,200
|
|
Materials--3.0%
|
|
|
|
Air Products & Chemicals
|
11,100
|
1,167,054
|
|
Freeport-McMoRan Copper & Gold
|
61,600
|
1,996,456
|
|
Praxair
|
19,500
|
2,432,040
|
|
|
|
5,595,550
|
|
|
|
|
|
|
|
Media--5.0%
|
|
|
|
|
|
Comcast, Cl. A
|
47,400
|
|
2,580,930
|
|
|
News Corp., Cl. A
|
9,000
|
a
|
143,640
|
|
|
Time Warner Cable
|
19,000
|
|
2,532,130
|
|
|
Twenty-First Century Fox, Cl. A
|
36,000
|
|
1,145,520
|
|
|
Walt Disney
|
37,900
|
|
2,751,919
|
|
|
|
|
|
9,154,139
|
|
|
Pharmaceuticals, Biotech & Life Sciences--11.2%
|
|
|
|
|
|
AbbVie
|
71,100
|
|
3,500,253
|
|
|
Johnson & Johnson
|
66,400
|
|
5,874,408
|
|
|
Merck & Co.
|
17,000
|
|
900,490
|
|
|
Novartis, ADR
|
28,600
|
|
2,261,402
|
|
|
Novo Nordisk, ADR
|
99,500
|
|
3,947,165
|
|
|
Roche Holding, ADR
|
61,700
|
|
4,232,620
|
|
|
|
|
|
20,716,338
|
|
|
Retailing--3.4%
|
|
|
|
|
|
Target
|
55,700
|
|
3,154,848
|
|
|
Wal-Mart Stores
|
42,700
|
|
3,188,836
|
|
|
|
|
|
6,343,684
|
|
|
Semiconductors & Semiconductor Equipment--3.2%
|
|
|
|
|
|
Intel
|
81,600
|
|
2,002,464
|
|
|
Texas Instruments
|
74,000
|
|
3,137,600
|
|
|
Xilinx
|
17,100
|
|
793,782
|
|
|
|
|
|
5,933,846
|
|
|
Software & Services--5.3%
|
|
|
|
|
|
Automatic Data Processing
|
33,200
|
|
2,543,120
|
|
|
International Business Machines
|
28,400
|
|
5,017,712
|
|
|
Oracle
|
61,600
|
|
2,273,040
|
|
|
|
|
|
9,833,872
|
|
|
Technology Hardware & Equipment--6.4%
|
|
|
|
|
|
Apple
|
18,200
|
|
9,110,920
|
|
|
QUALCOMM
|
37,500
|
|
2,783,250
|
|
|
|
|
|
11,894,170
|
|
|
Transportation--1.6%
|
|
|
|
|
|
Canadian Pacific Railway
|
18,900
|
|
2,862,972
|
|
|
Total Common Stocks
|
|
|
|
|
|
(cost $134,967,775)
|
|
|
187,431,396
|
|
|
|
|
Other Investment--.3%
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
(cost $546,432)
|
546,432
|
b
|
546,432
|
|
|
Total Investments
(cost $135,514,207)
|
101.7
|
%
|
187,977,828
|
|
|
Liabilities, Less Cash and Receivables
|
(1.7
|
%)
|
(3,222,666
|
)
|
|
Net Assets
|
100.0
|
%
|
184,755,162
|
|
ADR - American Depository Receipts
|
|
|
|
a
|
Non-income producing security.
|
|
b
|
Investment in affiliated money market mutual fund.
|
At January 31, 2014, net unrealized appreciation on investments was $52,463,621 of which $55,363,597 related to appreciated investment securities and $2,899,976 related to depreciated investment securities. At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
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Portfolio Summary (Unaudited) †
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Value (%)
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Food, Beverage & Tobacco
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20.9
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Energy
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16.6
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Pharmaceuticals, Biotech & Life Sciences
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11.2
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Diversified Financials
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7.5
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Technology Hardware & Equipment
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6.4
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Software & Services
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5.3
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Media
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5.0
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Household & Personal Products
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4.5
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Capital Goods
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3.8
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Retailing
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3.4
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Semiconductors & Semiconductor Equipment
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3.2
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Consumer Services
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3.0
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Materials
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3.0
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Food & Staples Retailing
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2.5
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Transportation
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1.6
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Health Care Equipment & Services
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1.4
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Banks
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1.1
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Insurance
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1.0
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Money Market Investment
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3
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101.7
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The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
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Level 3 -
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Level 2 - Other
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Significant
|
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Level 1 - Unadjusted
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Significant
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Unobservable
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Assets ($)
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Quoted Prices
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Observable Inputs
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Inputs
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Total
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Investments in Securities:
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Equity Securities - Domestic Common Stocks+
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158,510,568
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-
|
-
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158,510,568
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Equity Securities - Foreign Common Stocks+
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26,361,705
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2,559,123
++
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-
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28,920,827
|
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Mutual Funds
|
546,432
|
-
|
-
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546,432
|
|
|
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+ See Statement of Investments for additional detailed categorizations.
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++ Securities classified within Level 2 at period end as the values were determined pursuant to the fund's
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fair valuation procedures. See note above for additional information.
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The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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STATEMENT OF INVESTMENTS
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Dreyfus U.S. Treasury Reserves
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January 31, 2014 (Unaudited)
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Annualized
|
|
|
|
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Yield on Date
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Principal
|
|
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U.S. Treasury Bills--23.7%
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of Purchase (%)
|
Amount ($)
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Value ($)
|
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3/27/14
|
|
0.04
|
25,000,000
|
|
24,998,500
|
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5/1/14
|
|
0.04
|
50,000,000
|
|
49,995,674
|
|
Total U.S. Treasury Bills
|
|
|
|
|
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(cost $74,994,174)
|
|
|
|
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74,994,174
|
|
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U.S. Treasury Notes--28.6%
|
|
|
|
|
|
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2/28/14
|
|
0.22
|
10,000,000
|
|
10,012,506
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|
3/31/14
|
|
0.09
|
25,000,000
|
|
25,006,451
|
|
4/15/14
|
|
0.09
|
20,000,000
|
|
20,046,262
|
|
5/31/14
|
|
0.12
|
10,000,000
|
|
10,070,532
|
|
10/15/14
|
|
0.12
|
25,000,000
|
|
25,067,048
|
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Total U.S. Treasury Notes
|
|
|
|
|
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(cost $90,202,799)
|
|
|
|
|
90,202,799
|
|
|
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Repurchase Agreements--47.5%
|
|
|
|
|
|
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Citigroup Global Markets Holdings Inc.
|
|
|
|
|
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dated 1/31/14, due 2/3/14 in the amount of
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|
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$40,000,033 (fully collateralized by $40,683,800 U.S.
|
|
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|
|
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Treasury Notes, 0.63%, due 7/15/16, value $40,800,003)
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|
0.01
|
40,000,000
|
|
40,000,000
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Goldman, Sachs & Co.
|
|
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|
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dated 1/31/14, due 2/3/14 in the amount of
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|
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|
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$70,000,029 (fully collateralized by $35,309,300 U.S.
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Treasury Inflation Protected Securities, 3.88%, due
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|
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|
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4/15/29, value $71,400,154)
|
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0.005
|
70,000,000
|
|
70,000,000
|
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JPMorgan Chase & Co.
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|
|
|
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dated 1/31/14, due 2/3/14 in the amount of
|
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|
|
|
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$40,000,067 (fully collateralized by $20,998,500 U.S.
|
|
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|
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Treasury Bonds, 6%, due 2/15/26, value $28,132,619
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|
|
|
|
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and $12,380,000 U.S. Treasury Notes, 4.75%, due
|
|
|
|
|
|
|
5/15/14, value $12,669,489)
|
|
0.02
|
40,000,000
|
|
40,000,000
|
|
Total Repurchase Agreements
|
|
|
|
|
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(cost $150,000,000)
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|
|
|
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150,000,000
|
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Total Investments
(cost $315,196,973)
|
|
|
99.8
|
%
|
315,196,973
|
|
Cash and Receivables (Net)
|
|
|
.2
|
%
|
681,771
|
|
Net Assets
|
|
|
100.0
|
%
|
315,878,744
|
At January 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of January 31, 2014 in valuing the fund's investments:
|
|
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
|
Level 1 - Unadjusted Quoted Prices
|
-
|
|
Level 2 - Other Significant Observable Inputs
|
315,196,973
|
|
Level 3 - Significant Unobservable Inputs
|
-
|
|
Total
|
315,196,973
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
The Dreyfus/Laurel Funds,
Inc.
|
By:
/s/ Bradley J.
Skapyak
|
|
Bradley J.
Skapyak
President
|
|
Date:
|
March 25, 2014
|
|
|
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this Report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates
indicated.
|
|
|
|
By:
/s/ Bradley J.
Skapyak
|
|
Bradley J.
Skapyak
President
|
|
Date:
|
March 25, 2014
|
|
|
|
By:
/s/ James
Windels
|
|
James Windels
Treasurer
|
|
Date:
|
March 25, 2014
|
|
|
EXHIBIT INDEX
(a) Certifications of principal executive and principal
financial officers as required by Rule 30a-2(a) under the Investment Company
Act of 1940. (EX-99.CERT)
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