2.750%, 05/15/2015
|
4,000,000 | 4,083,056 | |||||||||||
2.500%, 01/15/2016 @
|
500,000 | 509,672 | |||||||||||
6.625%, 08/15/2017
|
4,000,000 | 4,664,876 | |||||||||||
France Telecom,
|
|||||||||||||
4.375%, 07/08/2014 f
|
2,125,000 | 2,217,678 | |||||||||||
Freeport-McMoRan Copper & Gold Inc.:
|
|||||||||||||
1.400%, 02/13/2015 @
|
3,500,000 | 3,525,351 | |||||||||||
2.150%, 03/01/2017
|
2,000,000 | 2,023,658 | |||||||||||
General Mills, Inc.,
|
|||||||||||||
0.601%, 01/29/2016
|
3,775,000 | 3,778,224 | |||||||||||
Gilead Sciences, Inc.,
|
|||||||||||||
2.400%, 12/01/2014
|
1,000,000 | 1,027,586 | |||||||||||
Glencore Funding LLC,
|
|||||||||||||
6.000%, 04/15/2014 (Acquired 01/12/2010 through 02/27/2012, Cost $7,257,151) *
|
7,120,000 | 7,458,107 | |||||||||||
H. J. Heinz Company,
|
|||||||||||||
2.000%, 09/12/2016
|
7,000,000 | 7,083,125 | |||||||||||
Heineken N.V.,
|
|||||||||||||
1.400%, 10/01/2017 (Acquired 10/02/2012, Cost $1,993,400) * f
|
2,000,000 | 1,990,906 | |||||||||||
Hewlett-Packard Company,
|
|||||||||||||
4.750%, 06/02/2014
|
475,000 | 496,143 | |||||||||||
Highmark Inc.,
|
|||||||||||||
6.800%, 08/15/2013 (Acquired 05/08/2012 through 11/14/2012, Cost $4,641,792) *
|
4,550,000 | 4,623,951 | |||||||||||
Hospira, Inc.,
|
|||||||||||||
5.900%, 06/15/2014
|
5,900,000 | 6,233,940 | |||||||||||
HP Enterprise Services, LLC,
|
|||||||||||||
Series B, 6.000%, 08/01/2013
|
5,639,000 | 5,735,923 | |||||||||||
Hutchison Whampoa International Ltd.,
|
|||||||||||||
4.625%, 09/11/2015 (Acquired 09/24/2012 through 12/18/2012, Cost $8,254,021) * f
|
7,690,000 | 8,292,934 | |||||||||||
Hyundai Capital Services Inc.:
|
|||||||||||||
6.000%, 05/05/2015 (Acquired 11/01/2012 through 03/05/2013, Cost $6,146,167) * f
|
5,624,000 | 6,149,046 | |||||||||||
4.375%, 07/27/2016 (Acquired 05/11/2012 through 02/07/2013, Cost $5,420,969) * f
|
5,130,000 | 5,544,037 | |||||||||||
Ingersoll-Rand Global Holding Company Limited,
|
|||||||||||||
9.500%, 04/15/2014 f
|
2,034,000 | 2,210,256 | |||||||||||
Johnson Controls Inc.,
|
|||||||||||||
5.500%, 01/15/2016 @
|
6,491,000 | 7,251,901 | |||||||||||
Kellogg Company,
|
|||||||||||||
0.522%, 02/13/2015
|
2,000,000 | 2,002,614 | |||||||||||
Laboratory Corporation of America Holdings,
|
|||||||||||||
5.625%, 12/15/2015
|
400,000 | 446,889 | |||||||||||
Lafarge North America Inc.,
|
|||||||||||||
6.875%, 07/15/2013
|
5,000,000 | 5,080,000 | |||||||||||
Marathon Petroleum Corporation,
|
|||||||||||||
3.500%, 03/01/2016
|
1,503,000 | 1,605,879 | |||||||||||
Murphy Oil Corporation,
|
|||||||||||||
2.500%, 12/01/2017
|
6,531,000 | 6,558,097 | |||||||||||
Mylan Inc.:
|
|||||||||||||
7.625%, 07/15/2017 (Acquired 01/15/2013, Cost $4,472,484) *
|
4,000,000 | 4,446,600 | |||||||||||
6.000%, 11/15/2018 (Acquired 02/01/2013, Cost $2,748,185) *
|
2,500,000 | 2,745,228 | |||||||||||
Nabisco, Inc.,
|
|||||||||||||
7.550%, 06/15/2015
|
3,239,000 | 3,701,270 | |||||||||||
National Oilwell Varco Inc.,
|
|||||||||||||
Series B, 6.125%, 08/15/2015
|
4,700,000 | 4,727,631 | |||||||||||
Noble Holding International Limited:
|
|||||||||||||
3.450%, 08/01/2015 f
|
4,552,000 | 4,767,492 | |||||||||||
2.500%, 03/15/2017 f
|
1,000,000 | 1,028,306 | |||||||||||
PCCW-HKT Capital II Ltd.,
|
|||||||||||||
6.000%, 07/15/2013 (Acquired 06/18/2012, Cost $404,434) * f
|
400,000 | 405,455 | |||||||||||
Pearson Dollar Finance PLC,
|
|||||||||||||
5.700%, 06/01/2014 (Acquired 06/20/2011 through 08/24/2012, Cost $763,787) * f
|
732,000 | 761,822 | |||||||||||
Pearson Dollar Finance Two PLC,
|
|||||||||||||
5.500%, 05/06/2013 (Acquired 05/31/2011 through 06/15/2011, Cost $4,442,482) * f
|
4,426,000 | 4,444,014 | |||||||||||
Pentair Finance SA,
|
|||||||||||||
1.350%, 12/01/2015 (Acquired 11/19/2012, Cost $4,998,100) * f
|
5,000,000 | 5,007,015 | |||||||||||
Petrohawk Energy Corporation:
|
|||||||||||||
7.875%, 06/01/2015
|
5,000,000 | 5,172,310 | |||||||||||
7.250%, 08/15/2018
|
3,000,000 | 3,356,835 | |||||||||||
Pioneer Natural Resources Company,
|
|||||||||||||
5.875%, 07/15/2016 @
|
10,000,000 | 11,308,950 | |||||||||||
Plum Creek Timberlands, L.P.,
|
|||||||||||||
5.875%, 11/15/2015
|
3,500,000 | 3,887,971 |
POSCO,
|
|||||||||||||
8.750%, 03/26/2014 (Acquired 03/19/2009 through 01/18/2013, Cost $7,926,392) * f
|
7,610,000 | 8,176,511 | |||||||||||
PPG Industries, Inc.,
|
|||||||||||||
1.900%, 01/15/2016
|
1,452,000 | 1,489,631 | |||||||||||
Reed Elsevier Capital Inc.,
|
|||||||||||||
7.750%, 01/15/2014
|
4,670,000 | 4,921,101 | |||||||||||
Rio Tinto Alcan, Inc.,
|
|||||||||||||
5.200%, 01/15/2014 f
|
4,110,000 | 4,249,366 | |||||||||||
RPM United Kingdom G.P.,
|
|||||||||||||
6.700%, 11/01/2015 (Acquired 03/04/2013, Cost $8,488,034) *
|
7,500,000 | 8,331,345 | |||||||||||
SABMiller Holdings Inc,
|
|||||||||||||
1.850%, 01/15/2015 (Acquired 01/10/2012, Cost $1,999,880) *
|
2,000,000 | 2,032,244 | |||||||||||
SABMiller PLC,
|
|||||||||||||
6.500%, 07/01/2016 (Acquired 03/01/2012 through 03/20/2012, Cost $1,368,769) * f
|
1,214,000 | 1,406,993 | |||||||||||
Southwestern Bell Telephone, L.P.,
|
|||||||||||||
7.000%, 07/01/2015
|
875,000 | 993,399 | |||||||||||
Staples, Inc.,
|
|||||||||||||
9.750%, 01/15/2014
|
9,000,000 | 9,616,680 | |||||||||||
Talisman Energy, Inc.,
|
|||||||||||||
5.125%, 05/15/2015 f
|
2,150,000 | 2,308,195 | |||||||||||
TCI Communications, Inc.,
|
|||||||||||||
8.750%, 08/01/2015
|
4,035,000 | 4,765,412 | |||||||||||
Telecom Italia Capital, SA:
|
|||||||||||||
5.250%, 11/15/2013 f
|
120,000 | 122,501 | |||||||||||
4.950%, 09/30/2014 f
|
5,075,000 | 5,256,239 | |||||||||||
5.250%, 10/01/2015 f
|
2,175,000 | 2,294,666 | |||||||||||
Telefonica Emisiones S.A.U.:
|
|||||||||||||
2.582%, 04/26/2013 f
|
2,000,000 | 2,001,970 | |||||||||||
6.421%, 06/20/2016 f
|
6,745,000 | 7,480,670 | |||||||||||
Telefonica Moviles Chile SA,
|
|||||||||||||
2.875%, 11/09/2015 (Acquired 11/03/2010 through 04/04/2012, Cost $1,016,528) * f
|
1,020,000 | 1,037,915 | |||||||||||
The ADT Corporation,
|
|||||||||||||
2.250%, 07/15/2017 (Acquired 06/27/2012 through 12/14/2012, Cost $6,723,101) * @
|
6,700,000 | 6,725,808 | |||||||||||
The Clorox Company,
|
|||||||||||||
5.000%, 01/15/2015
|
2,000,000 | 2,142,278 | |||||||||||
The Interpublic Group of Companies, Inc.,
|
|||||||||||||
10.000%, 07/15/2017
|
7,195,000 | 7,716,638 | |||||||||||
The Valspar Corporation,
|
|||||||||||||
5.100%, 08/01/2015
|
3,400,000 | 3,667,036 | |||||||||||
Time Warner Cable, Inc.,
|
|||||||||||||
5.850%, 05/01/2017 @
|
300,000 | 348,393 | |||||||||||
Time Warner Companies, Inc.,
|
|||||||||||||
7.250%, 10/15/2017
|
2,475,000 | 3,071,247 | |||||||||||
Toyota Motor Credit Corporation:
|
|||||||||||||
0.875%, 07/17/2015
|
3,000,000 | 3,018,996 | |||||||||||
2.050%, 01/12/2017
|
400,000 | 413,785 | |||||||||||
Transocean Inc.:
|
|||||||||||||
4.950%, 11/15/2015 f
|
1,350,000 | 1,460,681 | |||||||||||
5.050%, 12/15/2016 f
|
6,000,000 | 6,666,582 | |||||||||||
TSMC Global Ltd,
|
|||||||||||||
0.950%, 04/03/2016 (Acquired 03/27/2013, Cost 1,999,760) * f
|
2,000,000 | 1,999,760 | |||||||||||
Tyco Electronics Group S.A.:
|
|||||||||||||
5.950%, 01/15/2014 f
|
1,655,000 | 1,722,069 | |||||||||||
1.600%, 02/03/2015 f
|
1,000,000 | 1,011,855 | |||||||||||
Union Pacific Railroad Co. 2004 Pass Through Trust,
|
|||||||||||||
5.214%, 09/30/2014 (Acquired 10/22/2010 through 03/29/2012, Cost $6,185,099) *
|
5,924,000 | 6,244,435 | |||||||||||
Vale Canada Limited,
|
|||||||||||||
5.700%, 10/15/2015 f
|
8,000,000 | 8,697,336 | |||||||||||
Valero Energy Corporation,
|
|||||||||||||
4.750%, 04/01/2014
|
3,690,000 | 3,839,869 | |||||||||||
Viacom Inc.:
|
|||||||||||||
1.250%, 02/27/2015
|
1,000,000 | 1,007,030 | |||||||||||
6.250%, 04/30/2016
|
1,500,000 | 1,722,889 | |||||||||||
Vivendi SA,
|
|||||||||||||
2.400%, 04/10/2015 (Acquired 04/03/2012 through 02/01/2013, Cost $7,316,722) * @ f
|
7,236,000 | 7,378,701 | |||||||||||
Vodafone Group Public Limited Company,
|
|||||||||||||
0.675%, 02/19/2016 f
|
5,000,000 | 4,995,090 | |||||||||||
Walgreen Co.,
|
|||||||||||||
0.780%, 03/13/2014
|
3,000,000 | 3,008,055 | |||||||||||
Waste Management, Inc.,
|
5.000%, 03/15/2014
|
3,700,000 | 3,850,871 | |||||||||||
Weyerhaeuser Company,
|
|||||||||||||
7.250%, 07/01/2013 @
|
2,000,000 | 2,029,100 | |||||||||||
Wm. Wrigley Jr. Company,
|
|||||||||||||
3.700%, 06/30/2014 (Acquired 03/15/2012 through 11/14/2012, Cost $6,655,290) *
|
6,486,000 | 6,661,103 | |||||||||||
Woodside Finance Limited:
|
|||||||||||||
8.125%, 03/01/2014 (Acquired 09/14/2012 through 03/26/2013, Cost $2,649,829) * f
|
2,500,000 | 2,660,023 | |||||||||||
4.500%, 11/10/2014 (Acquired 11/15/2012, Cost $2,631,450) * f
|
2,500,000 | 2,638,512 | |||||||||||
Xerox Corporation,
|
|||||||||||||
8.250%, 05/15/2014
|
7,800,000 | 8,416,567 | |||||||||||
Xstrata Canada Corporation,
|
|||||||||||||
6.000%, 10/15/2015 f
|
450,000 | 499,010 | |||||||||||
Xstrata Finance (Canada) Limited,
|
|||||||||||||
1.800%, 10/23/2015 (Acquired 10/18/2012, Cost $2,999,040) * f
|
3,000,000 | 3,034,092 | |||||||||||
Yara International ASA,
|
|||||||||||||
5.250%, 12/15/2014 (Acquired 09/25/2012 through 02/13/2013, Cost $8,266,927) * f
|
7,775,000 | 8,296,905 | |||||||||||
Yum! Brands, Inc.,
|
|||||||||||||
4.250%, 09/15/2015
|
7,425,000 | 7,982,068 | |||||||||||
Zoetis Inc.,
|
|||||||||||||
1.150%, 02/01/2016 (Acquired 01/16/2013, Cost $999,730) *
|
1,000,000 | 1,002,664 | |||||||||||
484,355,610 | 33.1 | % | |||||||||||
Utility
|
|||||||||||||
Ameren Corporation,
|
|||||||||||||
8.875%, 05/15/2014
|
6,364,000 | 6,871,504 | |||||||||||
Beaver Valley Funding Corporation Debentures,
|
|||||||||||||
9.000%, 06/01/2017
|
2,137,000 | 2,165,529 | |||||||||||
Centrais Eletricas Brasileiras S.A.,
|
|||||||||||||
7.750%, 11/30/2015 (Acquired 12/06/2012, Cost $3,437,149) * f
|
3,000,000 | 3,412,500 | |||||||||||
Commonwealth Edison Company,
|
|||||||||||||
6.150%, 09/15/2017
|
100,000 | 120,638 | |||||||||||
Constellation Energy Group Inc.,
|
|||||||||||||
4.550%, 06/15/2015
|
3,069,000 | 3,298,751 | |||||||||||
DCP Midstream, LLC:
|
|||||||||||||
9.700%, 12/01/2013 (Acquired 07/29/2010 through 03/14/2012, Cost $3,818,310) *
|
3,640,000 | 3,843,520 | |||||||||||
5.375%, 10/15/2015 (Acquired 01/13/2012, Cost $1,826,915) *
|
1,708,000 | 1,856,500 | |||||||||||
Dominion Resources, Inc.,
|
|||||||||||||
Series C, 5.150%, 07/15/2015
|
125,000 | 136,841 | |||||||||||
Duke Energy Corp.,
|
|||||||||||||
6.300%, 02/01/2014
|
2,080,000 | 2,175,948 | |||||||||||
El Paso Pipeline Partners Operating Co LLC,
|
|||||||||||||
4.100%, 11/15/2015
|
5,286,000 | 5,673,147 | |||||||||||
Energy Transfer Partners, L.P.:
|
|||||||||||||
8.500%, 04/15/2014
|
3,150,000 | 3,390,673 | |||||||||||
5.950%, 02/01/2015
|
2,500,000 | 2,710,387 | |||||||||||
6.125%, 02/15/2017
|
350,000 | 405,222 | |||||||||||
9.700%, 03/15/2019
|
1,000,000 | 1,347,981 | |||||||||||
Enterprise Products Operating LLC:
|
|||||||||||||
Series O, 9.750%, 01/31/2014
|
2,774,000 | 2,980,444 | |||||||||||
3.700%, 06/01/2015
|
950,000 | 1,005,617 | |||||||||||
1.250%, 08/13/2015
|
3,000,000 | 3,021,939 | |||||||||||
Exelon Corporation,
|
|||||||||||||
4.900%, 06/15/2015
|
1,759,000 | 1,904,026 | |||||||||||
Florida Gas Transmission Company, LLC,
|
|||||||||||||
4.000%, 07/15/2015 (Acquired 09/12/2012, Cost $1,052,962) *
|
1,000,000 | 1,060,628 | |||||||||||
GG1C Funding Corporation,
|
|||||||||||||
5.129%, 01/15/2014 (Acquired 07/28/2011, Cost $1,861,111) *
|
1,858,917 | 1,877,013 | |||||||||||
Kinder Morgan Energy Partners, L.P.,
|
|||||||||||||
6.000%, 02/01/2017
|
250,000 | 290,627 | |||||||||||
Kiowa Power Partners LLC,
|
|||||||||||||
4.811%, 12/30/2013 (Acquired 12/29/2011 through 05/29/2012, Cost $627,835) *
|
622,515 | 627,321 | |||||||||||
MidAmerican Energy Holdings Company,
|
|||||||||||||
Series D, 5.000%, 02/15/2014
|
745,000 | 773,022 | |||||||||||
National Grid PLC,
|
|||||||||||||
6.300%, 08/01/2016 f
|
7,911,000 | 9,193,848 | |||||||||||
Nevada Power Company,
|
|||||||||||||
Series U, 7.375%, 01/15/2014
|
2,750,000 | 2,891,311 | |||||||||||
Nisource Finance Corp.,
|
|||||||||||||
5.400%, 07/15/2014
|
5,925,000 | 6,256,818 | |||||||||||
Nustar Pipeline Operating Partnership L.P.,
|
|||||||||||||
5.875%, 06/01/2013
|
6,562,000 | 6,600,388 |
ONEOK, Inc.,
|
|||||||||||||
5.200%, 06/15/2015
|
2,000,000 | 2,174,244 | |||||||||||
ONEOK Partners, L.P.:
|
|||||||||||||
6.150%, 10/01/2016
|
2,485,000 | 2,871,997 | |||||||||||
2.000%, 10/01/2017
|
1,000,000 | 1,010,543 | |||||||||||
Pennsylvania Electric Co.,
|
|||||||||||||
5.125%, 04/01/2014
|
1,100,000 | 1,144,015 | |||||||||||
Pepco Holdings, Inc.,
|
|||||||||||||
2.700%, 10/01/2015
|
1,395,000 | 1,446,410 | |||||||||||
PG&E Corporation,
|
|||||||||||||
5.750%, 04/01/2014
|
2,745,000 | 2,875,102 | |||||||||||
Plains All American Pipeline,
|
|||||||||||||
5.625%, 12/15/2013
|
4,635,000 | 4,802,551 | |||||||||||
PPL Energy Supply, LLC:
|
|||||||||||||
6.300%, 07/15/2013
|
3,588,000 | 3,644,500 | |||||||||||
Series A, 5.700%, 10/15/2015
|
5,137,000 | 5,603,661 | |||||||||||
6.200%, 05/15/2016 @
|
350,000 | 399,278 | |||||||||||
PSEG Power LLC,
|
|||||||||||||
5.320%, 09/15/2016
|
4,505,000 | 5,088,934 | |||||||||||
Rockies Express Pipeline LLC,
|
|||||||||||||
3.900%, 04/15/2015 (Acquired 02/17/2011, Cost $2,000,159) *
|
2,000,000 | 2,015,000 | |||||||||||
Sempra Energy,
|
|||||||||||||
2.000%, 03/15/2014
|
2,100,000 | 2,125,200 | |||||||||||
Southwestern Public Service Company,
|
|||||||||||||
5.600%, 10/01/2016
|
3,000,000 | 3,338,703 | |||||||||||
Spectra Energy Capital LLC:
|
|||||||||||||
5.500%, 03/01/2014
|
1,300,000 | 1,354,089 | |||||||||||
5.668%, 08/15/2014
|
6,114,000 | 6,505,889 | |||||||||||
Trans-Allegheny Interstate Line Company,
|
|||||||||||||
4.000%, 01/15/2015 (Acquired 01/19/2010 through 06/19/2012, Cost $5,174,030) *
|
5,090,000 | 5,341,013 | |||||||||||
Union Electric Company,
|
|||||||||||||
4.750%, 04/01/2015
|
500,000 | 533,352 | |||||||||||
Vectren Utility Holdings, Inc.,
|
|||||||||||||
5.250%, 08/01/2013
|
650,000 | 659,177 | |||||||||||
Veolia Environnement,
|
|||||||||||||
5.250%, 06/03/2013 f
|
5,809,000 | 5,844,911 | |||||||||||
Williams Partners L.P.:
|
|||||||||||||
3.800%, 02/15/2015
|
9,000,000 | 9,477,513 | |||||||||||
7.250%, 02/01/2017
|
715,000 | 860,106 | |||||||||||
145,008,331 | 9.9 | % | |||||||||||
Finance
|
|||||||||||||
Abbey National Treasury Services PLC,
|
|||||||||||||
3.875%, 11/10/2014 (Acquired 12/29/2011 through 09/13/2012, Cost $3,714,664) * f
|
3,722,000 | 3,858,664 | |||||||||||
ABN AMRO Bank N.V.:
|
|||||||||||||
3.000%, 01/31/2014 (Acquired 01/27/2011 through 02/06/2013, Cost $6,668,594) * f
|
6,650,000 | 6,753,640 | |||||||||||
1.375%, 01/22/2016 (Acquired 01/17/2013, Cost $999,770) * f
|
1,000,000 | 1,000,533 | |||||||||||
AEGON N.V.,
|
|||||||||||||
4.625%, 12/01/2015 f
|
950,000 | 1,034,274 | |||||||||||
Aetna Inc.,
|
|||||||||||||
6.000%, 06/15/2016
|
3,625,000 | 4,175,250 | |||||||||||
American Express Credit Corporation,
|
|||||||||||||
2.750%, 09/15/2015
|
1,200,000 | 1,254,686 | |||||||||||
American International Group, Inc.:
|
|||||||||||||
2.375%, 08/24/2015 @
|
1,100,000 | 1,128,380 | |||||||||||
5.600%, 10/18/2016
|
5,120,000 | 5,817,846 | |||||||||||
Ameriprise Financial, Inc.,
|
|||||||||||||
5.650%, 11/15/2015
|
2,700,000 | 3,031,949 | |||||||||||
AmSouth Bank:
|
|||||||||||||
Series AI, 4.850%, 04/01/2013
|
4,275,000 | 4,275,000 | |||||||||||
Series AI, 5.200%, 04/01/2015
|
2,400,000 | 2,557,344 | |||||||||||
ANZ New Zealand (Int'l) Limited,
|
|||||||||||||
1.125%, 03/24/2016 (Acquired 03/20/2013, Cost $4,998,250) * f
|
5,000,000 | 5,004,525 | |||||||||||
AON Corporation:
|
|||||||||||||
3.500%, 09/30/2015
|
3,302,000 | 3,492,397 | |||||||||||
3.125%, 05/27/2016
|
1,307,000 | 1,380,205 | |||||||||||
Arden Realty Limited Partnership,
|
|||||||||||||
5.250%, 03/01/2015
|
1,708,000 | 1,838,940 | |||||||||||
Banco Santander-Chile,
|
|||||||||||||
2.506%, 02/14/2014 (Acquired 02/09/2012, Cost $1,500,000) * f
|
1,500,000 | 1,486,068 | |||||||||||
Bank of America Corporation,
|
5.750%, 12/01/2017
|
5,000,000 | 5,783,290 | |||||||||||
Bank of America Corporation Subordinated Notes,
|
|||||||||||||
10.200%, 07/15/2015
|
2,400,000 | 2,804,791 | |||||||||||
Barclays Bank PLC:
|
|||||||||||||
5.200%, 07/10/2014 f
|
4,005,000 | 4,222,039 | |||||||||||
Series 1, 5.000%, 09/22/2016 @ f
|
4,975,000 | 5,587,716 | |||||||||||
BNP Paribas SA:
|
|||||||||||||
3.250%, 03/11/2015 f
|
2,425,000 | 2,514,478 | |||||||||||
2.375%, 09/14/2017 f
|
1,000,000 | 1,014,808 | |||||||||||
Branch Banking and Trust Company,
|
|||||||||||||
0.588%, 05/23/2017
|
1,650,000 | 1,620,191 | |||||||||||
Canadian Imperial Bank of Commerce,
|
|||||||||||||
2.350%, 12/11/2015 f
|
850,000 | 885,760 | |||||||||||
Capital One Bank USA NA,
|
|||||||||||||
6.500%, 06/13/2013
|
1,654,000 | 1,673,482 | |||||||||||
Capital One Financial Corporation:
|
|||||||||||||
7.375%, 05/23/2014
|
5,765,000 | 6,188,566 | |||||||||||
2.150%, 03/23/2015
|
4,000,000 | 4,082,028 | |||||||||||
Cie de Financement Foncier SA,
|
|||||||||||||
2.500%, 09/16/2015 (Acquired 06/19/2012 through 02/01/2013, Cost $6,817,576) * f
|
6,600,000 | 6,842,662 | |||||||||||
Citigroup, Inc.:
|
|||||||||||||
6.010%, 01/15/2015
|
7,350,000 | 7,958,778 | |||||||||||
5.300%, 01/07/2016
|
2,000,000 | 2,211,408 | |||||||||||
CNA Financial Corporation:
|
|||||||||||||
5.850%, 12/15/2014
|
2,225,000 | 2,395,562 | |||||||||||
6.500%, 08/15/2016
|
1,025,000 | 1,179,700 | |||||||||||
Comerica Bank:
|
|||||||||||||
Series AI, 5.700%, 06/01/2014
|
4,100,000 | 4,324,491 | |||||||||||
5.750%, 11/21/2016
|
825,000 | 954,734 | |||||||||||
Commonwealth Bank of Australia,
|
|||||||||||||
3.500%, 03/19/2015 (Acquired 08/30/2010 through 07/18/2012, Cost $4,491,914) * f
|
4,401,000 | 4,647,144 | |||||||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
|
|||||||||||||
0.760%, 03/18/2016 f
|
3,000,000 | 2,998,227 | |||||||||||
3.375%, 01/19/2017 @ f
|
1,000,000 | 1,070,614 | |||||||||||
Countrywide Financial Corporation,
|
|||||||||||||
6.250%, 05/15/2016
|
3,325,000 | 3,703,495 | |||||||||||
Credit Suisse (USA), Inc.,
|
|||||||||||||
5.125%, 08/15/2015 @
|
375,000 | 411,587 | |||||||||||
Deutsche Bank Aktiengesellschaft,
|
|||||||||||||
6.000%, 09/01/2017 f
|
400,000 | 474,570 | |||||||||||
Dresdner Bank AG,
|
|||||||||||||
7.250%, 09/15/2015 @ f
|
3,527,000 | 3,813,643 | |||||||||||
Fifth Third Bancorp:
|
|||||||||||||
3.625%, 01/25/2016
|
1,305,000 | 1,395,050 | |||||||||||
0.700%, 12/20/2016
|
2,900,000 | 2,854,841 | |||||||||||
First Empire Capital Trust I,
|
|||||||||||||
8.234%, 02/01/2027
|
1,000,000 | 1,017,451 | |||||||||||
First Hawaiian Capital Trust I,
|
|||||||||||||
Series B, 8.343%, 07/01/2027
|
1,500,000 | 1,533,750 | |||||||||||
First Horizon National Corporation,
|
|||||||||||||
5.375%, 12/15/2015
|
1,050,000 | 1,142,196 | |||||||||||
First Tennessee Bank, National Association,
|
|||||||||||||
5.650%, 04/01/2016
|
4,098,000 | 4,496,297 | |||||||||||
General Electric Capital Corporation:
|
|||||||||||||
4.750%, 09/15/2014
|
800,000 | 846,586 | |||||||||||
4.875%, 03/04/2015 @
|
5,400,000 | 5,825,180 | |||||||||||
4.375%, 09/21/2015
|
2,350,000 | 2,546,601 | |||||||||||
1.000%, 01/08/2016
|
1,000,000 | 1,000,432 | |||||||||||
5.625%, 09/15/2017 @
|
5,000,000 | 5,859,880 | |||||||||||
5.625%, 05/01/2018
|
175,000 | 207,107 | |||||||||||
Genworth Financial, Inc.,
|
|||||||||||||
5.750%, 06/15/2014 @
|
3,008,000 | 3,153,972 | |||||||||||
Genworth Life Institutional Funding Trust,
|
|||||||||||||
5.875%, 05/03/2013 (Acquired 04/07/2010 through 01/17/2012, Cost $5,993,887) *
|
5,980,000 | 6,005,289 | |||||||||||
GMAC Inc.,
|
|||||||||||||
7.500%, 12/31/2013
|
787,000 | 820,448 | |||||||||||
HSBC Finance Corporation:
|
|||||||||||||
4.750%, 07/15/2013
|
1,594,000 | 1,613,106 | |||||||||||
5.000%, 06/30/2015
|
1,950,000 | 2,108,133 | |||||||||||
5.500%, 01/19/2016
|
556,000 | 618,830 |
2.250%, 03/20/2015 (Acquired 03/14/2012, Cost $2,993,610) * f
|
3,000,000 | 3,084,234 | |||||||||||
3.125%, 03/20/2017 (Acquired 10/03/2012, Cost $3,605,537) * f
|
3,440,000 | 3,637,456 | |||||||||||
PNC Funding Corp,
|
|||||||||||||
4.250%, 09/21/2015
|
450,000 | 487,774 | |||||||||||
Principal Financial Group, Inc.,
|
|||||||||||||
1.850%, 11/15/2017
|
1,000,000 | 1,010,408 | |||||||||||
Principal Life Income Funding Trusts,
|
|||||||||||||
5.100%, 04/15/2014
|
2,550,000 | 2,672,257 | |||||||||||
Prudential Covered Trust 2012-1,
|
|||||||||||||
2.997%, 09/30/2015 (Acquired 10/16/2012, Cost $2,797,936) *
|
2,700,000 | 2,815,090 | |||||||||||
Prudential Financial Inc.,
|
|||||||||||||
6.200%, 01/15/2015
|
4,879,000 | 5,322,042 | |||||||||||
Regions Financial Corporation,
|
|||||||||||||
5.750%, 06/15/2015
|
3,500,000 | 3,797,850 | |||||||||||
Santander U.S. Debt S.A. Unipersonal,
|
|||||||||||||
2.991%, 10/07/2013 (Acquired 09/27/2010 through 12/14/2010, Cost $1,598,757) * f
|
1,600,000 | 1,610,677 | |||||||||||
Scotland International Finance No. 2 B.V.,
|
|||||||||||||
4.250%, 05/23/2013 (Acquired 03/16/2012, Cost $1,500,525) * f
|
1,500,000 | 1,506,626 | |||||||||||
SLM Corporation,
|
|||||||||||||
5.000%, 10/01/2013
|
5,015,000 | 5,102,763 | |||||||||||
Societe Generale SA:
|
|||||||||||||
2.200%, 09/14/2013 (Acquired 09/07/2010, Cost $4,994,350) * f
|
5,000,000 | 5,030,000 | |||||||||||
3.100%, 09/14/2015 (Acquired 02/06/2013, Cost $3,118,762) * @ f
|
3,000,000 | 3,106,239 | |||||||||||
SouthTrust Corporation,
|
|||||||||||||
5.800%, 06/15/2014
|
1,875,000 | 1,962,527 | |||||||||||
Sumitomo Mitsui Banking Corporation:
|
|||||||||||||
2.150%, 07/22/2013 (Acquired 07/14/2010, Cost $3,998,480) * f
|
4,000,000 | 4,015,784 | |||||||||||
1.350%, 07/18/2015 f
|
2,000,000 | 2,021,910 | |||||||||||
3.150%, 07/22/2015 (Acquired 02/06/2013, Cost $629,720) * f
|
600,000 | 628,783 | |||||||||||
SunTrust Bank:
|
|||||||||||||
0.608%, 04/01/2015
|
6,880,000 | 6,805,379 | |||||||||||
5.000%, 09/01/2015
|
2,396,000 | 2,613,279 | |||||||||||
SUSA Partnership, L.P.,
|
|||||||||||||
8.200%, 06/01/2017
|
488,000 | 574,304 | |||||||||||
Svenska Handelsbanken AB:
|
|||||||||||||
4.875%, 06/10/2014 (Acquired 09/20/2011 through 12/13/2011, Cost $4,985,762) * f
|
4,850,000 | 5,094,289 | |||||||||||
0.732%, 03/21/2016 f
|
2,000,000 | 1,998,812 | |||||||||||
3.125%, 07/12/2016 f
|
175,000 | 185,762 | |||||||||||
The Bank of New York Mellon Corporation,
|
|||||||||||||
0.513%, 03/04/2016
|
7,000,000 | 6,997,935 | |||||||||||
The Bank of Nova Scotia,
|
|||||||||||||
0.680%, 03/15/2016 f
|
7,000,000 | 6,995,870 | |||||||||||
The Bear Stearns Companies LLC,
|
|||||||||||||
5.300%, 10/30/2015
|
3,350,000 | 3,702,075 | |||||||||||
The Charles Schwab Corporation,
|
|||||||||||||
0.850%, 12/04/2015
|
3,000,000 | 3,012,192 | |||||||||||
The Dai-ichi Mutual Life Insurance Company,
|
|||||||||||||
5.730%, 03/17/2014 (Acquired 03/02/2011, Cost $4,139,682) * f
|
4,050,000 | 4,136,144 | |||||||||||
The Goldman Sachs Group, Inc.:
|
|||||||||||||
1.600%, 11/23/2015
|
5,000,000 | 5,045,785 | |||||||||||
5.750%, 10/01/2016
|
1,000,000 | 1,140,346 | |||||||||||
6.250%, 09/01/2017
|
2,976,000 | 3,495,717 | |||||||||||
The Hartford Financial Services Group, Inc.:
|
|||||||||||||
4.000%, 03/30/2015
|
3,000,000 | 3,170,556 | |||||||||||
7.300%, 11/01/2015
|
233,000 | 269,316 | |||||||||||
5.500%, 10/15/2016
|
3,050,000 | 3,450,962 | |||||||||||
5.375%, 03/15/2017
|
1,175,000 | 1,339,038 | |||||||||||
The NASDAQ OMX Group Inc.,
|
|||||||||||||
4.000%, 01/15/2015
|
5,740,000 | 5,996,854 | |||||||||||
The Royal Bank of Scotland Group PLC:
|
|||||||||||||
Series 2, 3.400%, 08/23/2013 f
|
1,000,000 | 1,011,134 | |||||||||||
4.875%, 08/25/2014 (Acquired 08/18/2009 through 01/27/2011, Cost $3,005,030) * @ f
|
3,000,000 | 3,143,190 | |||||||||||
2.550%, 09/18/2015 f
|
2,000,000 | 2,055,578 | |||||||||||
UBS AG:
|
|||||||||||||
Series 001, 2.250%, 01/28/2014 f
|
3,124,000 | 3,165,649 | |||||||||||
3.875%, 01/15/2015 f
|
2,214,000 | 2,337,289 | |||||||||||
UFJ Finance Aruba A.E.C.,
|
|||||||||||||
6.750%, 07/15/2013 f
|
7,850,000 | 7,990,923 | |||||||||||
Union Bank, National Association:
|
|||||||||||||
3.000%, 06/06/2016
|
1,200,000 | 1,265,004 |
2.125%, 06/16/2017
|
3,150,000 | 3,242,216 | |||||||||||
UnionBanCal Corp.,
|
|||||||||||||
5.250%, 12/16/2013
|
821,000 | 847,740 | |||||||||||
UnitedHealth Group, Inc.,
|
|||||||||||||
4.750%, 02/10/2014
|
750,000 | 775,146 | |||||||||||
WEA Finance LLC,
|
|||||||||||||
7.500%, 06/02/2014 (Acquired 12/14/2011 through 09/13/2012, Cost $8,443,723) *
|
8,005,000 | 8,600,948 | |||||||||||
Wells Fargo & Company,
|
|||||||||||||
3.676%, 06/15/2016
|
150,000 | 162,197 | |||||||||||
Wells Fargo Bank NA,
|
|||||||||||||
Series AI, 4.750%, 02/09/2015
|
5,250,000 | 5,609,315 | |||||||||||
Westpac Banking Corporation:
|
|||||||||||||
3.000%, 08/04/2015 f
|
720,000 | 756,138 | |||||||||||
2.000%, 08/14/2017 f
|
2,000,000 | 2,058,764 | |||||||||||
Willis North America, Inc.,
|
|||||||||||||
5.625%, 07/15/2015
|
6,650,000 | 7,212,264 | |||||||||||
459,076,451 | 31.4 | % | |||||||||||
Residential Mortgage-Backed Securities
|
|||||||||||||
U.S. Government Agency Issues
|
|||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC):
|
|||||||||||||
Series 2910, Class BD, 4.500%, 11/15/2018
|
34,357 | 34,500 | |||||||||||
Series 5, Class B, 0.950%, 05/15/2019
|
14,106 | 14,216 | |||||||||||
Federal National Mortgage Association (FNMA):
|
|||||||||||||
5.500%, 07/01/2015
|
74,296 | 79,690 | |||||||||||
Series 2004-W6, Class 1A4, 5.500%, 07/25/2034
|
1,031,115 | 1,056,393 | |||||||||||
Series 2004-W6, Class 1A6, 5.500%, 07/25/2034
|
551,394 | 565,628 | |||||||||||
1,750,427 | 0.1 | % | |||||||||||
Non-U.S. Government Agency Issues
|
|||||||||||||
Banc of America Mortgage Securities Inc,
|
|||||||||||||
Series 2003-10, Class 3A1, 5.000%, 01/25/2019
|
1,712,722 | 1,782,919 | |||||||||||
Bank of America Alternative Loan Trust:
|
|||||||||||||
Series 2003-4, Class 2A1, 5.000%, 06/25/2018
|
253,490 | 262,620 | |||||||||||
Series 2004-2, Class 5A1, 5.500%, 03/25/2019
|
1,155,885 | 1,188,344 | |||||||||||
Series 2004-B, Class 2A2, 2.868%, 03/25/2034
|
3,083,596 | 3,112,455 | |||||||||||
Countrywide Alternative Loan Trust:
|
|||||||||||||
Series 2004-12CB, Class 1A1, 5.000%, 07/25/2019
|
2,630,688 | 2,741,872 | |||||||||||
Series 2005-50CB, Class 4A1, 5.000%, 11/25/2020
|
485,497 | 479,315 | |||||||||||
Series 2004-J2, Class 3A3, 5.500%, 04/25/2034
|
577,092 | 594,975 | |||||||||||
Series 2005-73CB, Class 1A7, 5.500%, 01/25/2036 §
|
198,004 | 169,168 | |||||||||||
Series 2006-28CB, Class A17, 6.000%, 10/25/2036 §
|
1,352,053 | 989,217 | |||||||||||
HSI Asset Securitization Corp Trust,
|
|||||||||||||
Series 2005-NC1, Class 2A3, 0.564%, 07/25/2035
|
3,353,092 | 3,327,504 | |||||||||||
J.P. Morgan Alternative Loan Trust,
|
|||||||||||||
Series 2006-S2, Class A2, 5.810%, 05/25/2036
|
22,633 | 22,578 | |||||||||||
J.P. Morgan Mortgage Trust,
|
|||||||||||||
Series 2005-A4, Class 1A1, 5.268%, 07/25/2035
|
4,086,269 | 4,223,641 | |||||||||||
Merrill Lynch Mortgage Investors Trust,
|
|||||||||||||
Series 2005-A8, Class A1C1, 5.250%, 08/25/2036
|
88,751 | 89,536 | |||||||||||
Washington Mutual Mortgage Pass Through Certificates:
|
|||||||||||||
Series 2004-CB4, Class 21A, 5.500%, 12/25/2019
|
203,336 | 208,819 | |||||||||||
Series 2004-CB4, Class 22A, 6.000%, 12/25/2019
|
179,222 | 186,124 | |||||||||||
19,379,087 | 1.3 | % | |||||||||||
Asset Backed Securities
|
|||||||||||||
Accredited Mortgage Loan Trust,
|
|||||||||||||
Series 2006-2, Class A3, 0.354%, 09/25/2036
|
6,718,143 | 6,566,199 | |||||||||||
Argent Securities Inc,
|
|||||||||||||
Series 2005-W2, Class A2B1, 0.404%, 10/25/2035
|
4,377,272 | 4,322,491 | |||||||||||
Bombardier Capital Mortgage Securitization,
|
|||||||||||||
Series 1998-A, Class A3, 6.230%, 04/15/2028
|
16,574 | 16,453 | |||||||||||
Carrington Mortgage Loan Trust,
|
|||||||||||||
Series 2006-OPT1, Class A3, 0.384%, 02/25/2036
|
8,278,043 | 8,087,392 | |||||||||||
Citigroup Mortgage Loan Trust, Inc.,
|
|||||||||||||
Series 2006-WFH3, Class A3, 0.354%, 10/25/2036
|
4,400,879 | 4,352,940 | |||||||||||
Countrywide Asset-Backed Certificates:
|
|||||||||||||
Series 2006-13, Class 1AF2, 5.884%, 01/25/2037 §
|
124,589 | 135,067 | |||||||||||
Series 2006-13, Class 1AF3, 5.944%, 01/25/2037 §
|
2,058,715 | 1,984,118 | |||||||||||
Series 2006-9, Class 1AF3, 5.859%, 10/25/2046
|
1,500,000 | 1,026,348 | |||||||||||
Credit Based Asset Servicing and Securitization LLC,
|
|||||||||||||
Series 2005-CB8, Class AF2, 4.769%, 12/25/2035
|
329,502 | 317,045 | |||||||||||
Ford Credit Floorplan Master Owner Trust,
|
Series 2013-1, Class A2, 0.583%, 01/15/2018
|
3,900,000 | 3,897,804 | |||||||||||
Green Tree Financial Corporation:
|
|||||||||||||
Series 1996-3, Class A5, 7.350%, 05/15/2027
|
29,969 | 30,770 | |||||||||||
Series 1998-2, Class A5, 6.240%, 12/01/2028
|
30,056 | 31,183 | |||||||||||
Series 1997-5, Class A6, 6.820%, 05/15/2029
|
543,086 | 574,153 | |||||||||||
Series 1998-3, Class A5, 6.220%, 03/01/2030
|
370,032 | 404,564 | |||||||||||
J.P. Morgan Mortgage Acquisition Trust,
|
|||||||||||||
Series 2007-CH1, Class AV4, 0.334%, 08/25/2033
|
4,000,000 | 3,919,328 | |||||||||||
Master Credit Card Trust,
|
|||||||||||||
Series 2012-2A, Class A, 0.780%, 04/21/2017 (Acquired 10/24/2012, Cost $6,723,674) * f
|
6,725,000 | 6,732,680 | |||||||||||
Mastr Asset Backed Securities Trust,
|
|||||||||||||
Series 2006-AB1, Class A2, 0.434%, 02/25/2036
|
1,881,746 | 1,858,623 | |||||||||||
Nationstar Home Equity Loan Trust,
|
|||||||||||||
Series 2006-B, Class AV3, 0.374%, 09/25/2036
|
15,000,000 | 14,562,660 | |||||||||||
Renaissance Home Equity Loan Trust,
|
|||||||||||||
Series 2007-2, Class AF2, 5.675%, 06/25/2037
|
1,983,368 | 1,132,469 | |||||||||||
Residential Asset Mortgage Products, Inc.:
|
|||||||||||||
Series 2003-RS7, Class AI6, 5.340%, 08/25/2033
|
160,272 | 157,491 | |||||||||||
Series 2003-RS11, Class AI7, 4.828%, 12/25/2033
|
860,458 | 873,101 | |||||||||||
Soundview Home Equity Loan Trust:
|
|||||||||||||
Series 2005-OPT2, Class A5, 0.574%, 08/25/2035
|
159 | 159 | |||||||||||
Series 2005-OPT4, Class 2A3, 0.464%, 12/25/2035
|
4,494,410 | 4,447,232 | |||||||||||
Specialty Underwriting & Residential Finance,
|
|||||||||||||
Series 2006-BC1, Class A2C, 0.404%, 12/25/2036
|
5,885,349 | 5,781,326 | |||||||||||
Springleaf Mortgage Loan Trust:
|
|||||||||||||
Series 2012-1A, Class A, 2.667%, 09/25/2057 (Acquired 04/11/2012, Cost $3,739,949) *
|
3,739,993 | 3,781,387 | |||||||||||
Series 2012-2, Class A, 2.220%, 10/25/2057 (Acquired 07/31/2012, Cost $3,429,418) *
|
3,429,806 | 3,479,562 | |||||||||||
Wells Fargo Home Equity Trust,
|
|||||||||||||
Series 2005-2, Class AI1B, 0.494%, 08/25/2035
|
1,581,582 | 1,574,540 | |||||||||||
80,047,085 | 5.5 | % | |||||||||||
Commercial Mortgage Backed Securities
|
|||||||||||||
Bear Stearns Commercial Mortgage Securities,
|
|||||||||||||
Series 2005-PWR9, Class A4A, 4.871%, 09/11/2042
|
10,000,000 | 10,805,540 | |||||||||||
Citigroup Deutsche Bank,
|
|||||||||||||
Series 2005-CD1, Class A4, 5.218%, 07/15/2044
|
4,330,848 | 4,735,657 | |||||||||||
Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-C6, Class A5A, 5.116%, 06/10/2044
|
9,413,000 | 10,226,095 | |||||||||||
Credit Suisse First Boston Mortgage Securities Corporation,
|
|||||||||||||
Series 2005-C5, Class A4, 5.100%, 08/15/2038 @
|
10,208,250 | 11,013,936 | |||||||||||
DBUBS 2011-LC3 Mortgage Trust,
|
|||||||||||||
Series 2011-LC3A, Class A2, 3.642%, 08/10/2044
|
6,075,000 | 6,563,552 | |||||||||||
GE Capital Commercial Mortgage Corporation,
|
|||||||||||||
Series 2004-C3, Class A4, 5.189%, 07/10/2039
|
6,542,881 | 6,838,168 | |||||||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
|
|||||||||||||
Series 2003-CB7, Class A4, 4.879%, 01/12/2038
|
10,488,346 | 10,675,867 | |||||||||||
J.P. Morgan Chase Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-CB12, Class A4, 4.895%, 09/12/2037
|
9,999,000 | 10,801,400 | |||||||||||
Morgan Stanley Capital I Trust,
|
|||||||||||||
Series 2005-HQ7, Class A4, 5.210%, 11/14/2042
|
10,850,000 | 11,831,285 | |||||||||||
RBSCF Trust,
|
|||||||||||||
Series 2010-MB1, Class A1, 2.367%, 04/15/2024 (Acquired 04/09/2010, Cost $2,068,186) *
|
2,068,230 | 2,100,519 | |||||||||||
Wachovia Bank Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-C22, Class A4, 5.283%, 12/15/2044
|
5,912,000 | 6,491,151 | |||||||||||
92,083,170 | 6.3 | % | |||||||||||
Total Long-Term Investments (Cost $1,421,380,594)
|
1,435,017,828 | 98.1 | % | ||||||||||
Shares
|
|||||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Fund
|
|||||||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
9,699,835 | 9,699,835 | |||||||||||
Total Short-Term Investments (Cost $9,699,835)
|
9,699,835 | 0.7 | % | ||||||||||
Principal
|
|||||||||||||
Amount
|
|||||||||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM
|
|||||||||||||
SECURITIES LENDING
|
|||||||||||||
Commercial Paper
|
|||||||||||||
Atlantic East Funding LLC, 0.554%, 03/25/2014 † **
|
$ | 710,053 | 564,878 | ||||||||||
Total Commercial Paper (Cost $710,053)
|
564,878 | 0.0 | % | ||||||||||
Shares
|
|||||||||||||
Investment Companies
|
|||||||||||||
Mount Vernon Securities Lending Trust Prime Portfolio, 0.26% «
|
109,320,948 | 109,320,948 |
Total Investment Companies (Cost $109,320,948)
|
109,320,948 | 7.5 | % | ||||||||||
Total Investments Purchased With Cash Proceeds From
|
|||||||||||||
Securities Lending (Cost $110,031,001)
|
109,885,826 | 7.5 | % | ||||||||||
Total Investments (Cost $1,541,111,430)
|
1,554,603,489 | 106.3 | % | ||||||||||
Asset Relating to Securities Lending Investments
|
|||||||||||||
Support Agreement
** ^ α
†
|
145,175 | ||||||||||||
Total (Cost $0)
|
145,175 | 0.0 | % | ||||||||||
Liabilities in Excess of Other Assets
|
(92,561,976 | ) | (6.3 | )% | |||||||||
TOTAL NET ASSETS
|
$ | 1,462,186,688 | 100.0 | % |
Notes to Schedule of Investments
|
|||||||||||||
*
|
Restricted Security Deemed Liquid
|
||||||||||||
**
|
Illiquid Security
|
||||||||||||
@
|
This security or portion of this security is out on loan at March 31, 2013.
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
^
|
Non-Income Producing
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
§
|
Security in Default
|
||||||||||||
†
|
Priced at Fair Value by the Valuation Committee as delegated by the Baird Funds' Board of Directors.
|
||||||||||||
α
|
The Fund's transfer agent and administrator and securities lending agent entered into a support agreement with
|
||||||||||||
the Fund to cover losses realized by the Fund on its investment in Atlantic East Funding, LLC (up to a certain amount),
|
|||||||||||||
which investment was made by the Fund's securities lending agent.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
|||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
|||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
|||
the period. These standards define fair value as the price 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.
|
|||
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions
market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income
|
||||||||||||||||
U.S. Treasury Securities
|
$ | - | $ | 86,576,509 | $ | - | $ | 86,576,509 | ||||||||
Taxable Municipal Bonds
|
- | 37,479,345 | - | 37,479,345 | ||||||||||||
Other Government Related Securities
|
- | 29,261,813 | - | 29,261,813 | ||||||||||||
Corporate Debt Securities
|
- | 1,088,440,392 | 1,088,440,392 | |||||||||||||
Residential Mortgage-Backed Securities - U.S. Government Agency Issues
|
- | 1,750,427 | - | 1,750,427 | ||||||||||||
Residential Mortgage-Backed Securities - Non - U.S. Government Agency Issues
|
- | 19,379,087 | - | 19,379,087 | ||||||||||||
Asset Backed Securities
|
- | 80,047,085 | - | 80,047,085 | ||||||||||||
Commercial Mortgage-Backed Securities
|
- | 92,083,170 | - | 92,083,170 | ||||||||||||
Total Fixed Income
|
- | 1,435,017,828 | - | 1,435,017,828 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Fund
|
9,699,835 | - | - | 9,699,835 | ||||||||||||
Total Short-Term Investments
|
9,699,835 | - | - | 9,699,835 | ||||||||||||
Investments Purchased with Cash
|
||||||||||||||||
Proceeds from Securities Lending
|
||||||||||||||||
Commercial Paper
|
- | 564,878 | - | 564,878 | ||||||||||||
Money Market Mutual Fund
|
109,320,948 | - | - | 109,320,948 | ||||||||||||
Total Investments Purchased with
|
||||||||||||||||
Cash Proceeds from Securities Lending
|
109,320,948 | 564,878 | - | 109,885,826 | ||||||||||||
Total Investments
|
$ | 119,020,783 | $ | 1,435,582,706 | $ | - | $ | 1,554,603,489 | ||||||||
Asset Relating to Securities Lending Investments
|
$ | - | $ | 145,175 | $ | - | $ | 145,175 |
Changes in valuation techniques may result in transfers into or out of current assigned levels within the hierarchy. There were no transfers between Level 1, Level 2
|
||||||||||||||||
and Level 3 fair value measurements during the reporting period, as compared to their classification from the prior year's annual report.
|
||||||||||||||||
Baird Intermediate Bond Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
March 31, 2013 (Unaudited)
|
|||||||||||||
Principal
|
Market
|
% of
|
|||||||||||
Amount
|
Value
|
Net Assets
|
|||||||||||
LONG-TERM INVESTMENTS
|
|||||||||||||
U.S. Treasury Securities
|
|||||||||||||
U.S. Treasury Bonds:
|
|||||||||||||
2.375%, 07/31/2017
|
$ | 15,975,000 | $ | 17,166,879 | |||||||||
3.875%, 05/15/2018 @
|
9,700,000 | 11,206,526 | |||||||||||
9.125%, 05/15/2018
|
13,950,000 | 19,805,736 | |||||||||||
2.250%, 07/31/2018
|
112,600,000 | 120,886,684 | |||||||||||
2.625%, 08/15/2020
|
23,050,000 | 25,176,731 | |||||||||||
7.875%, 02/15/2021
|
10,000,000 | 14,867,190 | |||||||||||
6.250%, 08/15/2023
|
925,000 | 1,309,164 | |||||||||||
210,418,910 | 22.5 | % | |||||||||||
U.S. Government Agency Issues
|
|||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC):
|
|||||||||||||
1.250%, 05/12/2017
|
5,050,000 | 5,160,595 | |||||||||||
1.000%, 06/29/2017 @
|
9,200,000 | 9,307,180 | |||||||||||
Series 1, 1.000%, 07/28/2017
|
5,500,000 | 5,551,375 | |||||||||||
2.375%, 01/13/2022
|
300,000 | 312,240 | |||||||||||
Federal National Mortgage Association (FNMA):
|
|||||||||||||
1.375%, 11/15/2016
|
6,700,000 | 6,900,062 | |||||||||||
0.875%, 08/28/2017
|
4,625,000 | 4,637,058 | |||||||||||
31,868,510 | 3.4 | % | |||||||||||
Taxable Municipal Bonds
|
|||||||||||||
Alaska Municipal Bond Bank Authority:
|
|||||||||||||
4.309%, 08/01/2018
|
1,000,000 | 1,119,950 | |||||||||||
4.459%, 08/01/2019
|
1,340,000 | 1,514,830 | |||||||||||
California Qualified School Construction Bonds,
|
|||||||||||||
5.955%, 03/01/2019
|
3,375,000 | 3,812,400 | |||||||||||
California School Finance Authority,
|
|||||||||||||
4.426%, 07/01/2020
|
2,500,000 | 2,791,825 | |||||||||||
California State:
|
|||||||||||||
5.450%, 04/01/2015
|
900,000 | 984,708 | |||||||||||
5.500%, 03/01/2016
|
500,000 | 564,700 | |||||||||||
Central Valley Support Joint Power Agency,
|
|||||||||||||
5.326%, 09/01/2022
|
2,000,000 | 2,210,820 | |||||||||||
City of Atlantic City NJ,
|
|||||||||||||
2.130%, 12/15/2013
|
450,000 | 454,009 | |||||||||||
Contra Costa County California Pension Obligation,
|
|||||||||||||
5.140%, 06/01/2017
|
2,500,000 | 2,770,275 | |||||||||||
Dallas Independent School District,
|
|||||||||||||
4.950%, 02/15/2022 (Callable 02/15/2021)
|
1,965,000 | 2,360,810 | |||||||||||
Davie Florida Water & Sewer Revenue,
|
|||||||||||||
6.062%, 10/01/2025 (Callable 10/01/2020)
|
1,000,000 | 1,148,840 | |||||||||||
Government Development Bank for Puerto Rico,
|
|||||||||||||
4.704%, 05/01/2016
|
3,525,000 | 3,558,452 | |||||||||||
Michigan State Housing Development Authority,
|
|||||||||||||
4.625%, 12/01/2015
|
2,500,000 | 2,586,850 | |||||||||||
North Carolina Housing Finance Agency,
|
|||||||||||||
4.000%, 01/01/2030 (Callable 07/01/2021)
|
395,000 | 418,068 | |||||||||||
North East Independent School District Texas,
|
|||||||||||||
5.240%, 08/01/2027
|
2,100,000 | 2,605,428 | |||||||||||
State of Illinois,
|
|||||||||||||
3.636%, 02/01/2014
|
5,150,000 | 5,232,812 | |||||||||||
Tobacco Settlement Authority Iowa,
|
|||||||||||||
6.500%, 06/01/2023 (Callable 06/01/2015)
|
1,185,000 | 1,180,521 | |||||||||||
35,315,298 | 3.8 | % | |||||||||||
Other Government Related Securities
|
|||||||||||||
Corp Andina de Fomento,
|
|||||||||||||
4.375%, 06/15/2022 f
|
454,000 | 492,848 | |||||||||||
KFW,
|
|||||||||||||
4.875%, 06/17/2019 f
|
3,250,000 | 3,925,025 |
Korea Development Bank,
|
|||||||||||||
3.875%, 05/04/2017 f
|
2,000,000 | 2,165,634 | |||||||||||
Korea Electric Power Corporation,
|
|||||||||||||
6.750%, 08/01/2027 f
|
300,000 | 407,050 | |||||||||||
Korea Hydro & Nuclear Power Co., Ltd.,
|
|||||||||||||
6.250%, 06/17/2014 (Acquired 06/10/2009, Cost $989,350) * f
|
1,000,000 | 1,060,415 | |||||||||||
National Bank of Hungary Yankee Debentures,
|
|||||||||||||
8.875%, 11/01/2013 f
|
350,000 | 361,681 | |||||||||||
Petrobras International Finance Company,
|
|||||||||||||
3.875%, 01/27/2016 f
|
4,175,000 | 4,369,079 | |||||||||||
United Mexican States,
|
|||||||||||||
5.125%, 01/15/2020 f
|
2,650,000 | 3,103,150 | |||||||||||
Westdeutsche Landesbank Subordinated Notes,
|
|||||||||||||
4.796%, 07/15/2015 f
|
1,495,000 | 1,602,863 | |||||||||||
17,487,745 | 1.9 | % | |||||||||||
Corporate Bonds
|
|||||||||||||
Industrials
|
|||||||||||||
Ameritech Capital Funding Debentures:
|
|||||||||||||
9.100%, 06/01/2016
|
704,100 | 811,845 | |||||||||||
6.450%, 01/15/2018
|
2,758,000 | 3,263,224 | |||||||||||
Anadarko Petroleum Corporation:
|
|||||||||||||
5.950%, 09/15/2016
|
915,000 | 1,053,263 | |||||||||||
6.375%, 09/15/2017
|
2,000,000 | 2,387,224 | |||||||||||
6.950%, 06/15/2019 @
|
1,000,000 | 1,258,975 | |||||||||||
Anglo American Capital PLC:
|
|||||||||||||
9.375%, 04/08/2014 (Acquired 09/05/2012, Cost $1,295,815) * f
|
1,200,000 | 1,295,495 | |||||||||||
9.375%, 04/08/2019 (Acquired 07/11/2012, Cost $2,614,746) * f
|
2,000,000 | 2,672,692 | |||||||||||
BP Capital Markets PLC:
|
|||||||||||||
3.200%, 03/11/2016 @ f
|
375,000 | 399,463 | |||||||||||
4.750%, 03/10/2019 @ f
|
2,500,000 | 2,895,872 | |||||||||||
3.245%, 05/06/2022 @ f
|
1,000,000 | 1,033,127 | |||||||||||
British Telecommunications PLC,
|
|||||||||||||
5.950%, 01/15/2018 f
|
2,000,000 | 2,384,200 | |||||||||||
Bunge Limited Finance Corporation:
|
|||||||||||||
5.350%, 04/15/2014
|
1,557,000 | 1,625,689 | |||||||||||
5.100%, 07/15/2015
|
1,085,000 | 1,176,519 | |||||||||||
4.100%, 03/15/2016
|
2,505,000 | 2,679,190 | |||||||||||
3.200%, 06/15/2017
|
1,300,000 | 1,344,709 | |||||||||||
Bunge N.A. Finance L.P.,
|
|||||||||||||
5.900%, 04/01/2017
|
425,000 | 481,943 | |||||||||||
Comcast Cable Communications LLC,
|
|||||||||||||
8.875%, 05/01/2017
|
500,000 | 644,978 | |||||||||||
Comcast Corporation,
|
|||||||||||||
2.850%, 01/15/2023 @
|
1,425,000 | 1,420,256 | |||||||||||
Computer Sciences Corporation,
|
|||||||||||||
2.500%, 09/15/2015
|
4,500,000 | 4,621,428 | |||||||||||
ConAgra Foods, Inc.,
|
|||||||||||||
5.875%, 04/15/2014
|
3,650,000 | 3,832,606 | |||||||||||
Cox Communications, Inc.,
|
|||||||||||||
3.250%, 12/15/2022 (Acquired 11/26/2012, Cost $3,594,456) * @
|
3,600,000 | 3,657,197 | |||||||||||
Daimler Finance North America LLC,
|
|||||||||||||
2.250%, 07/31/2019 (Acquired 07/25/2012, Cost $2,285,234) *
|
2,300,000 | 2,310,111 | |||||||||||
Deutsche Telekom International Finance B.V.:
|
|||||||||||||
3.125%, 04/11/2016 (Acquired 04/04/2011, Cost $2,197,778) * f
|
2,200,000 | 2,321,695 | |||||||||||
6.000%, 07/08/2019 @ f
|
1,300,000 | 1,574,407 | |||||||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
|
|||||||||||||
3.500%, 03/01/2016 @
|
250,000 | 265,483 | |||||||||||
Donnelley (R.R.) & Sons Co.:
|
|||||||||||||
8.600%, 08/15/2016
|
1,000,000 | 1,150,000 | |||||||||||
6.125%, 01/15/2017
|
875,000 | 931,875 | |||||||||||
7.625%, 06/15/2020 @
|
1,000,000 | 1,041,250 | |||||||||||
D.R. Horton, Inc.,
|
|||||||||||||
6.500%, 04/15/2016
|
1,000,000 | 1,110,000 | |||||||||||
Ecolab Inc.,
|
|||||||||||||
1.450%, 12/08/2017
|
4,000,000 | 3,972,128 | |||||||||||
Express Scripts Holding Co:
|
|||||||||||||
2.650%, 02/15/2017 @
|
2,000,000 | 2,094,916 |
7.250%, 06/15/2019
|
1,000,000 | 1,275,484 | |||||||||||
Federal Express Corp. 1995 Pass Through Trust,
|
|||||||||||||
Class B2, 7.110%, 01/02/2014
|
234,934 | 244,668 | |||||||||||
Federal Express Corp. 1998 Pass Through Trust,
|
|||||||||||||
Series 981B, 6.845%, 01/15/2019
|
221,890 | 252,458 | |||||||||||
FedEx Corporation,
|
|||||||||||||
7.375%, 01/15/2014
|
2,250,000 | 2,368,260 | |||||||||||
Fidelity National Information Services, Inc.,
|
|||||||||||||
7.875%, 07/15/2020
|
4,800,000 | 5,412,000 | |||||||||||
Fiserv, Inc.,
|
|||||||||||||
4.750%, 06/15/2021
|
1,000,000 | 1,084,010 | |||||||||||
Ford Motor Credit Company LLC,
|
|||||||||||||
2.500%, 01/15/2016 @
|
3,000,000 | 3,058,032 | |||||||||||
Freeport-McMoRan Copper & Gold Inc.:
|
|||||||||||||
2.375%, 03/15/2018 (Acquired 02/28/2013, Cost $2,015,783) * @
|
2,000,000 | 2,008,356 | |||||||||||
3.875%, 03/15/2023 (Acquired 02/28/2013, Cost $1,099,351) *
|
1,100,000 | 1,103,182 | |||||||||||
Glencore Funding LLC,
|
|||||||||||||
6.000%, 04/15/2014 (Acquired 03/31/2004 through 02/02/2010, Cost $3,458,234) *
|
3,456,000 | 3,620,115 | |||||||||||
GTE Corporation:
|
|||||||||||||
6.840%, 04/15/2018
|
1,460,000 | 1,804,239 | |||||||||||
8.750%, 11/01/2021
|
150,000 | 205,247 | |||||||||||
H. J. Heinz Company,
|
|||||||||||||
2.000%, 09/12/2016
|
1,800,000 | 1,821,375 | |||||||||||
Hanson PLC Notes,
|
|||||||||||||
6.125%, 08/15/2016 f
|
650,000 | 717,379 | |||||||||||
Hess Corporation,
|
|||||||||||||
8.125%, 02/15/2019
|
1,200,000 | 1,549,830 | |||||||||||
Hewlett-Packard Co.,
|
|||||||||||||
3.300%, 12/09/2016
|
3,500,000 | 3,645,015 | |||||||||||
Highmark Inc. Notes,
|
|||||||||||||
6.800%, 08/15/2013 (Acquired 08/14/2003 through 05/23/2012, Cost $799,445) *
|
795,000 | 807,921 | |||||||||||
Historic Time Warner Inc.,
|
|||||||||||||
6.875%, 06/15/2018
|
392,000 | 489,104 | |||||||||||
HP Enterprise Services, LLC,
|
|||||||||||||
Series B, 6.000%, 08/01/2013
|
375,000 | 381,445 | |||||||||||
Hutchison Whampoa International Ltd.,
|
|||||||||||||
7.625%, 04/09/2019 (Acquired 10/16/2009 through 09/19/2011, Cost $3,106,772) * f
|
2,800,000 | 3,588,852 | |||||||||||
Hyundai Capital Services Inc.,
|
|||||||||||||
6.000%, 05/05/2015 (Acquired 03/27/2013, Cost $2,273,615) * f
|
2,079,000 | 2,273,091 | |||||||||||
Ingersoll-Rand Company Debentures,
|
|||||||||||||
6.391%, 11/15/2027 f
|
1,195,000 | 1,419,588 | |||||||||||
Ingredion Incorporated,
|
|||||||||||||
1.800%, 09/25/2017
|
1,275,000 | 1,277,458 | |||||||||||
Johnson Controls Inc.,
|
|||||||||||||
5.500%, 01/15/2016
|
1,625,000 | 1,815,489 | |||||||||||
Kraft Foods Group, Inc.,
|
|||||||||||||
3.500%, 06/06/2022
|
2,000,000 | 2,091,242 | |||||||||||
Laboratory Corporation of America Holdings,
|
|||||||||||||
4.625%, 11/15/2020
|
400,000 | 437,992 | |||||||||||
Lafarge SA:
|
|||||||||||||
6.200%, 07/09/2015 (Acquired 07/06/2010, Cost $999,140) * f
|
1,000,000 | 1,070,000 | |||||||||||
6.500%, 07/15/2016 f
|
625,000 | 696,094 | |||||||||||
LeasePlan Corporation N.V.,
|
|||||||||||||
3.000%, 10/23/2017 (Acquired 02/07/2013, Cost $4,055,635) * f
|
4,000,000 | 4,078,800 | |||||||||||
Limited Brands, Inc.,
|
|||||||||||||
5.250%, 11/01/2014
|
180,000 | 189,900 | |||||||||||
Martin Marietta Materials, Inc.,
|
|||||||||||||
6.600%, 04/15/2018
|
75,000 | 85,125 | |||||||||||
Masco Corporation,
|
|||||||||||||
6.125%, 10/03/2016
|
2,000,000 | 2,233,408 | |||||||||||
Medco Health Solutions, Inc.:
|
|||||||||||||
2.750%, 09/15/2015
|
215,000 | 224,157 | |||||||||||
7.125%, 03/15/2018
|
1,850,000 | 2,289,281 | |||||||||||
Mylan, Inc.,
|
|||||||||||||
6.000%, 11/15/2018 (Acquired 01/15/2013 through 02/12/2013, Cost $4,395,939) *
|
4,000,000 | 4,392,364 | |||||||||||
Nabors Industries, Inc.,
|
|||||||||||||
6.150%, 02/15/2018
|
825,000 | 938,021 |
PCCW-HKT Capital II Ltd.,
|
|||||||||||||
6.000%, 07/15/2013 (Acquired 07/10/2003, Cost $696,731) * f
|
700,000 | 709,546 | |||||||||||
Pearson Dollar Finance PLC,
|
|||||||||||||
5.700%, 06/01/2014 (Acquired 09/28/2005 through 12/14/2007, Cost $924,141) * f
|
925,000 | 962,684 | |||||||||||
Petrohawk Energy Corporation,
|
|||||||||||||
7.250%, 08/15/2018
|
4,000,000 | 4,475,780 | |||||||||||
Plum Creek Timberlands, L.P.,
|
|||||||||||||
5.875%, 11/15/2015
|
2,445,000 | 2,716,026 | |||||||||||
POSCO,
|
|||||||||||||
5.250%, 04/14/2021 (Acquired 04/08/2011 through 09/22/2011, Cost $2,978,074) * @ f
|
3,000,000 | 3,453,324 | |||||||||||
Rio Tinto Alcan, Inc.,
|
|||||||||||||
5.000%, 06/01/2015 f
|
450,000 | 486,909 | |||||||||||
Rio Tinto Financial USA Ltd.:
|
|||||||||||||
9.000%, 05/01/2019 @ f
|
2,800,000 | 3,857,372 | |||||||||||
3.500%, 11/02/2020 @ f
|
500,000 | 526,931 | |||||||||||
RPM United Kingdom G.P.,
|
|||||||||||||
6.700%, 11/01/2015 (Acquired 03/06/2013, Cost $3,732,892) *
|
3,300,000 | 3,665,792 | |||||||||||
Schneider Electric SA,
|
|||||||||||||
2.950%, 09/27/2022 (Acquired 09/20/2012, Cost $1,994,680) * f
|
2,000,000 | 2,020,000 | |||||||||||
Southwestern Bell Telephone, L.P.,
|
|||||||||||||
7.000%, 07/01/2015
|
125,000 | 141,914 | |||||||||||
Sprint Nextel Corporation,
|
|||||||||||||
6.000%, 12/01/2016
|
500,000 | 542,500 | |||||||||||
Sunoco, Inc. Senior Unsecured Notes,
|
|||||||||||||
5.750%, 01/15/2017
|
1,175,000 | 1,325,357 | |||||||||||
Sysco Corporation,
|
|||||||||||||
2.600%, 06/12/2022
|
150,000 | 149,887 | |||||||||||
TCI Communications, Inc.,
|
|||||||||||||
8.750%, 08/01/2015
|
3,498,000 | 4,131,204 | |||||||||||
Teck Resources Limited,
|
|||||||||||||
3.150%, 01/15/2017 f
|
1,000,000 | 1,041,498 | |||||||||||
Telecom Italia Capital, SA:
|
|||||||||||||
4.950%, 09/30/2014 f
|
1,360,000 | 1,408,568 | |||||||||||
5.250%, 10/01/2015 f
|
2,425,000 | 2,558,421 | |||||||||||
Telefonica Emisiones S.A.U.:
|
|||||||||||||
6.421%, 06/20/2016 @ f
|
3,150,000 | 3,493,567 | |||||||||||
6.221%, 07/03/2017 @ f
|
1,000,000 | 1,118,884 | |||||||||||
Teva Pharmaceutical Finance IV, LLC,
|
|||||||||||||
2.250%, 03/18/2020
|
1,250,000 | 1,256,250 | |||||||||||
Time Warner, Inc.:
|
|||||||||||||
4.700%, 01/15/2021 @
|
1,325,000 | 1,494,089 | |||||||||||
4.750%, 03/29/2021
|
2,000,000 | 2,263,830 | |||||||||||
Time Warner Cable, Inc.,
|
|||||||||||||
5.850%, 05/01/2017 @
|
1,000,000 | 1,161,311 | |||||||||||
Toyota Motor Credit Corporation,
|
|||||||||||||
2.050%, 01/12/2017
|
2,375,000 | 2,456,850 | |||||||||||
TSMC Global Ltd,
|
|||||||||||||
1.625%, 04/03/2018 (Acquired 03/27/2013, Cost $3,297,789) * f
|
3,300,000 | 3,295,908 | |||||||||||
Tyco Electronics Group S.A.,
|
|||||||||||||
6.550%, 10/01/2017 f
|
500,000 | 597,917 | |||||||||||
United AirLines, Inc. Pass Through Trust:
|
|||||||||||||
Series 91A2, 10.020%, 03/22/2014
|
124,743 | 64,243 | |||||||||||
Series 002C, 7.762%, 04/29/2049 § † **
|
48,704 | 1,461 | |||||||||||
Vale Overseas Limited:
|
|||||||||||||
6.250%, 01/23/2017 f
|
1,500,000 | 1,711,414 | |||||||||||
4.375%, 01/11/2022 @ f
|
2,425,000 | 2,488,162 | |||||||||||
Valero Energy Corporation,
|
|||||||||||||
4.750%, 04/01/2014
|
2,300,000 | 2,393,415 | |||||||||||
Verizon Communications, Inc.:
|
|||||||||||||
5.550%, 02/15/2016
|
1,000,000 | 1,128,131 | |||||||||||
5.500%, 04/01/2017 @
|
750,000 | 870,162 | |||||||||||
Viacom Inc.,
|
|||||||||||||
6.250%, 04/30/2016
|
500,000 | 574,297 | |||||||||||
Vulcan Materials Co.,
|
|||||||||||||
7.000%, 06/15/2018
|
2,000,000 | 2,270,000 | |||||||||||
Wesfarmers Limited,
|
|||||||||||||
1.874%, 03/20/2018 (Acquired 03/13/2013, Cost $3,900,000) * f
|
3,900,000 | 3,933,540 |
Xerox Corporation,
|
|||||||||||||
8.250%, 05/15/2014
|
3,000,000 | 3,237,141 | |||||||||||
Xstrata Canada Corporation,
|
|||||||||||||
6.000%, 10/15/2015 f
|
1,024,000 | 1,135,524 | |||||||||||
Xstrata Finance (Canada) Limited,
|
|||||||||||||
2.450%, 10/25/2017 (Acquired 10/18/2012, Cost $2,994,960) * f
|
3,000,000 | 3,040,842 | |||||||||||
Yara International ASA,
|
|||||||||||||
5.250%, 12/15/2014 (Acquired 01/15/2013, Cost $1,631,642) * f
|
1,525,000 | 1,627,367 | |||||||||||
194,448,760 | 20.7 | % | |||||||||||
Utility
|
|||||||||||||
Ameren Corporation,
|
|||||||||||||
8.875%, 05/15/2014
|
4,500,000 | 4,858,857 | |||||||||||
Baltimore Gas & Electric Co. Senior Unsecured Notes,
|
|||||||||||||
6.125%, 07/01/2013
|
2,065,000 | 2,093,210 | |||||||||||
Centrais Eletricas Brasileiras SA,
|
|||||||||||||
5.750%, 10/27/2021 (Acquired 10/20/2011 through 10/25/2011, Cost $1,152,199) * @ f
|
1,150,000 | 1,226,188 | |||||||||||
Commonwealth Edison,
|
|||||||||||||
Series 104, 5.950%, 08/15/2016
|
375,000 | 435,701 | |||||||||||
DCP Midstream, LLC:
|
|||||||||||||
9.700%, 12/01/2013 (Acquired 04/03/2012 through 08/06/2012, Cost $1,857,962) *
|
1,765,000 | 1,863,685 | |||||||||||
9.750%, 03/15/2019 (Acquired 10/15/2012, Cost $2,074,740) *
|
1,600,000 | 2,107,160 | |||||||||||
Dominion Resources, Inc.:
|
|||||||||||||
Series C, 5.150%, 07/15/2015
|
1,000,000 | 1,094,726 | |||||||||||
Series 07-A, 6.000%, 11/30/2017
|
800,000 | 959,575 | |||||||||||
DTE Energy Company,
|
|||||||||||||
7.625%, 05/15/2014
|
1,411,000 | 1,517,892 | |||||||||||
El Paso Pipeline Partners Operating Co LLC,
|
|||||||||||||
4.100%, 11/15/2015
|
3,000,000 | 3,219,720 | |||||||||||
Energy Transfer Partners, L.P.:
|
|||||||||||||
8.500%, 04/15/2014
|
3,505,000 | 3,772,796 | |||||||||||
5.950%, 02/01/2015
|
1,336,000 | 1,448,431 | |||||||||||
9.700%, 03/15/2019
|
778,000 | 1,048,729 | |||||||||||
Enterprise Products Operating LLC,
|
|||||||||||||
Series O, 9.750%, 01/31/2014
|
3,824,000 | 4,108,586 | |||||||||||
Exelon Corporation,
|
|||||||||||||
4.900%, 06/15/2015
|
1,000,000 | 1,082,448 | |||||||||||
Kinder Morgan Finance,
|
|||||||||||||
5.700%, 01/05/2016 @ f
|
2,500,000 | 2,718,328 | |||||||||||
Kiowa Power Partners LLC,
|
|||||||||||||
4.811%, 12/30/2013 (Acquired 11/19/2004, Cost $47,964) *
|
47,964 | 48,334 | |||||||||||
National Grid PLC,
|
|||||||||||||
6.300%, 08/01/2016 f
|
3,925,000 | 4,561,478 | |||||||||||
National Rural Utilities Corporation,
|
|||||||||||||
10.375%, 11/01/2018
|
2,300,000 | 3,356,659 | |||||||||||
Nisource Finance Corp.,
|
|||||||||||||
4.450%, 12/01/2021
|
2,000,000 | 2,201,822 | |||||||||||
Nustar Pipeline Operating Partnership L.P.,
|
|||||||||||||
5.875%, 06/01/2013 @
|
4,000,000 | 4,023,400 | |||||||||||
PPL Energy Supply, LLC,
|
|||||||||||||
Series A, 5.700%, 10/15/2015
|
1,950,000 | 2,127,144 | |||||||||||
PSEG Power LLC:
|
|||||||||||||
5.320%, 09/15/2016
|
994,000 | 1,122,841 | |||||||||||
5.125%, 04/15/2020
|
220,000 | 250,056 | |||||||||||
Public Service Company of New Mexico,
|
|||||||||||||
7.950%, 05/15/2018
|
2,575,000 | 3,202,267 | |||||||||||
RGS (I&M) Funding Corporation Debentures,
|
|||||||||||||
Series F, 9.820%, 12/07/2022 @
|
584,208 | 698,535 | |||||||||||
Rockies Express Pipeline LLC:
|
|||||||||||||
3.900%, 04/15/2015 (Acquired 02/17/2011, Cost $3,000,238) * @
|
3,000,000 | 3,022,500 | |||||||||||
5.625%, 04/15/2020 (Acquired 03/17/2010, Cost $999,110) *
|
1,000,000 | 927,500 | |||||||||||
Sempra Energy,
|
|||||||||||||
2.000%, 03/15/2014
|
2,000,000 | 2,024,000 | |||||||||||
Spectra Energy Capital LLC:
|
|||||||||||||
5.500%, 03/01/2014
|
1,500,000 | 1,562,410 | |||||||||||
5.668%, 08/15/2014
|
2,700,000 | 2,873,062 | |||||||||||
Trans-Allegheny Interstate Line Company,
|
|||||||||||||
4.000%, 01/15/2015 (Acquired 01/19/2010 through 02/22/2013, Cost $3,721,249) *
|
3,673,000 | 3,854,134 |
TransCanada PipeLines Ltd.,
|
|||||||||||||
9.875%, 01/01/2021 f
|
150,000 | 222,899 | |||||||||||
Vectren Utility Holdings, Inc.,
|
|||||||||||||
5.250%, 08/01/2013
|
575,000 | 583,118 | |||||||||||
West Penn Power Company,
|
|||||||||||||
5.875%, 08/15/2016 (Acquired 10/25/2010, Cost $2,176,211) *
|
2,000,000 | 2,228,646 | |||||||||||
Williams Partners L.P.:
|
|||||||||||||
5.250%, 03/15/2020
|
1,000,000 | 1,139,583 | |||||||||||
4.125%, 11/15/2020
|
350,000 | 377,638 | |||||||||||
73,964,058 | 7.9 | % | |||||||||||
Finance
|
|||||||||||||
ABN AMRO Bank N.V.,
|
|||||||||||||
1.375%, 01/22/2016 (Acquired 01/17/2013, Cost $4,498,965) * f
|
4,500,000 | 4,502,398 | |||||||||||
AEGON N.V.,
|
|||||||||||||
4.625%, 12/01/2015 f
|
795,000 | 865,524 | |||||||||||
Ally Financial Inc.,
|
|||||||||||||
6.750%, 12/01/2014 @
|
200,000 | 214,500 | |||||||||||
American International Group, Inc.:
|
|||||||||||||
8.250%, 08/15/2018
|
1,000,000 | 1,295,513 | |||||||||||
4.875%, 06/01/2022
|
3,000,000 | 3,393,867 | |||||||||||
AmSouth Bancorp,
|
|||||||||||||
6.750%, 11/01/2025
|
630,000 | 680,594 | |||||||||||
ANZ National (Int' l) LTD,
|
|||||||||||||
3.125%, 08/10/2015 (Acquired 02/28/2012, Cost $2,269,803) * f
|
2,239,000 | 2,339,417 | |||||||||||
Associates Corporation of North America,
|
|||||||||||||
6.950%, 11/01/2018
|
1,200,000 | 1,465,537 | |||||||||||
Australia and New Zealand Banking Group Limited,
|
|||||||||||||
3.250%, 03/01/2016 (Acquired 02/22/2011, Cost $1,693,081) * f
|
1,700,000 | 1,811,755 | |||||||||||
Bank of America Corporation,
|
|||||||||||||
3.300%, 01/11/2023
|
3,350,000 | 3,303,298 | |||||||||||
Bank of America Corporation Subordinated Notes,
|
|||||||||||||
10.200%, 07/15/2015
|
1,035,000 | 1,209,566 | |||||||||||
Banponce Trust I,
|
|||||||||||||
Series A, 8.327%, 02/01/2027
|
2,500,000 | 2,187,500 | |||||||||||
Barclays Bank PLC:
|
|||||||||||||
Series 1, 5.000%, 09/22/2016 @ f
|
2,565,000 | 2,880,903 | |||||||||||
6.750%, 05/22/2019 f
|
2,000,000 | 2,487,758 | |||||||||||
BB&T Corporation,
|
|||||||||||||
6.850%, 04/30/2019 @
|
2,322,000 | 2,962,396 | |||||||||||
Berkshire Hathaway Finance Corporation,
|
|||||||||||||
1.600%, 05/15/2017
|
3,800,000 | 3,875,479 | |||||||||||
BNP Paribas SA,
|
|||||||||||||
3.250%, 03/11/2015 f
|
425,000 | 440,682 | |||||||||||
Capital One Financial Corporation:
|
|||||||||||||
7.375%, 05/23/2014
|
1,000,000 | 1,073,472 | |||||||||||
3.150%, 07/15/2016
|
2,596,000 | 2,756,396 | |||||||||||
CDP Financial Inc.,
|
|||||||||||||
4.400%, 11/25/2019 (Acquired 11/20/2009, Cost $997,520) * f
|
1,000,000 | 1,144,926 | |||||||||||
Citigroup, Inc.:
|
|||||||||||||
6.010%, 01/15/2015
|
2,225,000 | 2,409,290 | |||||||||||
4.450%, 01/10/2017
|
1,800,000 | 1,981,685 | |||||||||||
6.125%, 11/21/2017 @
|
200,000 | 236,474 | |||||||||||
CNA Financial Corporation,
|
|||||||||||||
6.500%, 08/15/2016
|
2,000,000 | 2,301,854 | |||||||||||
Commonwealth Bank of Australia,
|
|||||||||||||
5.000%, 10/15/2019 (Acquired 03/02/2012, Cost $4,294,989) * f
|
4,000,000 | 4,676,756 | |||||||||||
Countrywide Financial Corporation,
|
|||||||||||||
6.250%, 05/15/2016
|
2,075,000 | 2,311,203 | |||||||||||
Credit Suisse New York,
|
|||||||||||||
5.300%, 08/13/2019 f
|
2,425,000 | 2,858,655 | |||||||||||
Deutsche Bank Aktiengesellschaft,
|
|||||||||||||
3.250%, 01/11/2016 f
|
4,250,000 | 4,504,282 | |||||||||||
Dresdner Bank AG,
|
|||||||||||||
7.250%, 09/15/2015 @ f
|
2,652,000 | 2,867,531 | |||||||||||
ERP Operating Limited Partnership,
|
|||||||||||||
5.200%, 04/01/2013 @
|
2,000,000 | 2,000,000 | |||||||||||
Fifth Third Bank,
|
4.750%, 02/01/2015
|
2,430,000 | 2,592,497 | |||||||||||
First National Bank of Chicago Pass Through Trust,
|
|||||||||||||
Series 93-A, 8.080%, 01/05/2018
|
393,946 | 436,533 | |||||||||||
First Tennessee Bank, National Association,
|
|||||||||||||
5.650%, 04/01/2016
|
4,263,000 | 4,677,334 | |||||||||||
General Electric Capital Corporation:
|
|||||||||||||
5.625%, 05/01/2018
|
2,850,000 | 3,372,890 | |||||||||||
6.000%, 08/07/2019
|
1,600,000 | 1,942,504 | |||||||||||
5.500%, 01/08/2020
|
2,300,000 | 2,725,424 | |||||||||||
Genworth Financial, Inc.:
|
|||||||||||||
5.750%, 06/15/2014 @
|
1,150,000 | 1,205,807 | |||||||||||
4.950%, 10/01/2015
|
400,000 | 425,943 | |||||||||||
Genworth Life Institutional Funding Trust,
|
|||||||||||||
5.875%, 05/03/2013 (Acquired 03/22/2011, Cost $2,627,355) *
|
2,620,000 | 2,631,080 | |||||||||||
GMAC Inc.:
|
|||||||||||||
7.500%, 12/31/2013
|
80,000 | 83,400 | |||||||||||
8.000%, 12/31/2018
|
96,000 | 114,840 | |||||||||||
Great West Life & Annuity Insurance,
|
|||||||||||||
7.153%, 05/16/2046 (Acquired 05/16/2006 through 11/08/2007, Cost $1,792,736) *
|
1,800,000 | 1,908,000 | |||||||||||
HSBC Finance Corporation,
|
|||||||||||||
6.676%, 01/15/2021
|
1,868,000 | 2,210,472 | |||||||||||
HSBC USA Inc.,
|
|||||||||||||
2.375%, 02/13/2015
|
1,000,000 | 1,028,920 | |||||||||||
Humana Inc.,
|
|||||||||||||
7.200%, 06/15/2018
|
2,000,000 | 2,448,482 | |||||||||||
ING Bank N.V.:
|
|||||||||||||
2.000%, 10/18/2013 (Acquired 10/28/2010, Cost $2,000,421) * f
|
2,000,000 | 2,014,020 | |||||||||||
3.000%, 09/01/2015 (Acquired 08/17/2010 through 09/14/2012, Cost $2,329,808) * f
|
2,300,000 | 2,380,730 | |||||||||||
ING U.S., Inc.,
|
|||||||||||||
2.900%, 02/15/2018 (Acquired 02/06/2013, Cost $1,996,480) *
|
2,000,000 | 2,028,594 | |||||||||||
Invesco Finance PLC,
|
|||||||||||||
3.125%, 11/30/2022 f
|
4,225,000 | 4,311,955 | |||||||||||
Istar Financial, Inc.:
|
|||||||||||||
Series B, 5.950%, 10/15/2013
|
1,050,000 | 1,069,688 | |||||||||||
5.850%, 03/15/2017
|
75,000 | 76,312 | |||||||||||
Jefferies Group, Inc.,
|
|||||||||||||
6.875%, 04/15/2021
|
2,000,000 | 2,334,680 | |||||||||||
J.P. Morgan Chase & Co.:
|
|||||||||||||
3.450%, 03/01/2016
|
1,725,000 | 1,833,961 | |||||||||||
4.500%, 01/24/2022
|
3,000,000 | 3,287,763 | |||||||||||
Kemper Corporation,
|
|||||||||||||
6.000%, 05/15/2017
|
450,000 | 497,214 | |||||||||||
Key Bank NA:
|
|||||||||||||
5.800%, 07/01/2014
|
2,000,000 | 2,122,882 | |||||||||||
7.413%, 05/06/2015
|
2,000,000 | 2,255,088 | |||||||||||
Kookmin Bank,
|
|||||||||||||
7.250%, 05/14/2014 (Acquired 06/12/2009, Cost $2,611,333) * f
|
2,600,000 | 2,772,099 | |||||||||||
Korea Housing Finance Corporation,
|
|||||||||||||
1.625%, 09/15/2018 (Acquired 02/26/2013, Cost $645,502) * f
|
650,000 | 637,965 | |||||||||||
Liberty Mutual Group Inc.,
|
|||||||||||||
5.750%, 03/15/2014 (Acquired 09/03/2009 through 10/15/2010, Cost $992,935) *
|
1,000,000 | 1,037,608 | |||||||||||
Lloyds TSB Bank PLC:
|
|||||||||||||
4.875%, 01/21/2016 f
|
225,000 | 247,017 | |||||||||||
5.800%, 01/13/2020 (Acquired 02/09/2010 through 03/16/2012, Cost $2,905,423) * f
|
2,900,000 | 3,414,141 | |||||||||||
M&I Marshall & Ilsley Bank:
|
|||||||||||||
4.850%, 06/16/2015
|
3,075,000 | 3,287,206 | |||||||||||
5.000%, 01/17/2017
|
1,000,000 | 1,094,543 | |||||||||||
Manulife Financial Corp.,
|
|||||||||||||
4.900%, 09/17/2020 f
|
1,775,000 | 2,002,702 | |||||||||||
Marsh & McLennan Companies, Inc.,
|
|||||||||||||
5.750%, 09/15/2015
|
1,197,000 | 1,331,299 | |||||||||||
MassMutual Global Funding II,
|
|||||||||||||
2.000%, 04/05/2017 (Acquired 03/29/2012, Cost $3,783,470) *
|
3,800,000 | 3,895,243 | |||||||||||
MBIA Insurance Corp.,
|
|||||||||||||
14.000%, 01/15/2033 (Acquired 01/11/2008, Cost $500,000) * @
|
500,000 | 115,000 | |||||||||||
Merrill Lynch & Company:
|
|||||||||||||
5.700%, 05/02/2017
|
1,000,000 | 1,116,179 |
6.875%, 04/25/2018
|
1,000,000 | 1,207,020 | |||||||||||
MetLife Institutional Funding II,
|
|||||||||||||
1.205%, 04/04/2014 (Acquired 03/29/2011, Cost $3,000,000) *
|
3,000,000 | 3,024,438 | |||||||||||
Metropolitan Life Global Funding I,
|
|||||||||||||
3.000%, 01/10/2023 (Acquired 01/03/2013, Cost $1,299,337) *
|
1,300,000 | 1,302,263 | |||||||||||
Monumental Global Funding III,
|
|||||||||||||
5.250%, 01/15/2014 (Acquired 04/05/2011 through 12/05/2011, Cost $1,770,852) *
|
1,735,000 | 1,793,784 | |||||||||||
Morgan Stanley:
|
|||||||||||||
4.750%, 04/01/2014
|
150,000 | 155,075 | |||||||||||
3.800%, 04/29/2016
|
125,000 | 132,616 | |||||||||||
6.625%, 04/01/2018
|
1,600,000 | 1,912,643 | |||||||||||
Morgan Stanley Dean Witter & Co.,
|
|||||||||||||
6.750%, 10/15/2013
|
2,400,000 | 2,475,324 | |||||||||||
National Australia Bank Limited:
|
|||||||||||||
0.805%, 10/08/2015 (Acquired 02/19/2013, Cost $3,101,858) * f
|
3,100,000 | 3,098,487 | |||||||||||
3.000%, 07/27/2016 (Acquired 07/20/2011, Cost $1,720,239) * f
|
1,725,000 | 1,823,762 | |||||||||||
Navigators Group Inc. Senior Unsecured Notes,
|
|||||||||||||
7.000%, 05/01/2016
|
2,320,000 | 2,576,084 | |||||||||||
Nomura Holdings Inc.:
|
|||||||||||||
5.000%, 03/04/2015 f
|
2,500,000 | 2,659,715 | |||||||||||
2.000%, 09/13/2016 f
|
2,450,000 | 2,443,990 | |||||||||||
NYSE Euronext,
|
|||||||||||||
2.000%, 10/05/2017
|
175,000 | 178,914 | |||||||||||
PNC Bank, National Association,
|
|||||||||||||
2.950%, 01/30/2023
|
4,000,000 | 3,976,580 | |||||||||||
Principal Life Income Funding Trusts,
|
|||||||||||||
5.550%, 04/27/2015
|
1,585,000 | 1,739,136 | |||||||||||
Protective Life Corporation,
|
|||||||||||||
4.300%, 06/01/2013
|
1,225,000 | 1,232,005 | |||||||||||
Prudential Covered Trust 2012-1,
|
|||||||||||||
2.997%, 09/30/2015 (Acquired 11/06/2012, Cost $1,863,959) *
|
1,800,000 | 1,876,727 | |||||||||||
Prudential Financial, Inc.:
|
|||||||||||||
3.875%, 01/14/2015
|
200,000 | 210,426 | |||||||||||
7.375%, 06/15/2019 @
|
850,000 | 1,091,370 | |||||||||||
Prudential Holdings LLC,
|
|||||||||||||
8.695%, 12/18/2023 (Acquired 03/26/2013, Cost $1,661,322) *
|
1,300,000 | 1,668,865 | |||||||||||
Regions Bank,
|
|||||||||||||
7.500%, 05/15/2018
|
1,825,000 | 2,240,187 | |||||||||||
Regions Financial Corporation,
|
|||||||||||||
5.750%, 06/15/2015
|
1,500,000 | 1,627,650 | |||||||||||
Royal Bank of Canada,
|
|||||||||||||
1.200%, 09/19/2018 @ f
|
2,800,000 | 2,809,108 | |||||||||||
Simon Property Group, L.P.,
|
|||||||||||||
5.750%, 12/01/2015
|
400,000 | 446,671 | |||||||||||
SLM Corporation:
|
|||||||||||||
5.000%, 10/01/2013
|
4,000,000 | 4,070,000 | |||||||||||
5.375%, 05/15/2014
|
450,000 | 469,245 | |||||||||||
Societe Generale SA:
|
|||||||||||||
2.750%, 10/12/2017 @ f
|
2,750,000 | 2,816,588 | |||||||||||
5.200%, 04/15/2021 (Acquired 01/28/2013, Cost $1,404,193) * @ f
|
1,250,000 | 1,396,838 | |||||||||||
Sovereign Bank,
|
|||||||||||||
8.750%, 05/30/2018
|
2,880,000 | 3,481,070 | |||||||||||
St. Paul Travelers, Inc.,
|
|||||||||||||
6.250%, 06/20/2016
|
2,000,000 | 2,330,964 | |||||||||||
SunTrust Bank:
|
|||||||||||||
3.600%, 04/15/2016
|
2,450,000 | 2,623,570 | |||||||||||
5.450%, 12/01/2017
|
500,000 | 570,789 | |||||||||||
7.250%, 03/15/2018
|
1,406,000 | 1,745,089 | |||||||||||
SUSA Partnership, L.P.,
|
|||||||||||||
8.200%, 06/01/2017
|
2,800,000 | 3,295,188 | |||||||||||
Svenska Handelsbanken AB:
|
|||||||||||||
3.125%, 07/12/2016 f
|
275,000 | 291,911 | |||||||||||
2.875%, 04/04/2017 @ f
|
1,500,000 | 1,583,732 | |||||||||||
Swedbank AB,
|
|||||||||||||
1.750%, 03/12/2018 (Acquired 03/05/2013, Cost $3,236,382) * f
|
3,250,000 | 3,237,195 | |||||||||||
Symetra Financial Corporation,
|
|||||||||||||
6.125%, 04/01/2016 (Acquired 08/12/2011, Cost $1,051,400) *
|
1,000,000 | 1,108,416 |
Talent Yield Investments Ltd,
|
|||||||||||||
4.500%, 04/25/2022 (Acquired 04/18/2012, Cost $3,774,008) * @ f
|
3,800,000 | 4,167,350 | |||||||||||
The Bank of Nova Scotia:
|
|||||||||||||
0.680%, 03/15/2016 f
|
4,000,000 | 3,997,640 | |||||||||||
2.550%, 01/12/2017 f
|
150,000 | 157,139 | |||||||||||
The Bear Stearns Companies LLC:
|
|||||||||||||
6.400%, 10/02/2017
|
1,450,000 | 1,731,020 | |||||||||||
7.250%, 02/01/2018
|
600,000 | 745,661 | |||||||||||
The Charles Schwab Corporation,
|
|||||||||||||
6.375%, 09/01/2017
|
325,000 | 394,781 | |||||||||||
The Goldman Sachs Group, Inc.,
|
|||||||||||||
6.150%, 04/01/2018
|
3,900,000 | 4,595,631 | |||||||||||
The Hartford Financial Services Group, Inc.,
|
|||||||||||||
4.000%, 03/30/2015
|
1,000,000 | 1,056,852 | |||||||||||
The Royal Bank of Scotland Group PLC:
|
|||||||||||||
2.550%, 09/18/2015 f
|
200,000 | 205,558 | |||||||||||
5.625%, 08/24/2020 f
|
3,100,000 | 3,603,750 | |||||||||||
6.125%, 01/11/2021 f
|
150,000 | 181,014 | |||||||||||
UBS AG,
|
|||||||||||||
5.875%, 12/20/2017 f
|
2,000,000 | 2,372,166 | |||||||||||
Union Bank NA,
|
|||||||||||||
2.125%, 06/16/2017
|
1,800,000 | 1,852,695 | |||||||||||
UnionBanCal Corp.:
|
|||||||||||||
5.250%, 12/16/2013
|
750,000 | 774,427 | |||||||||||
3.500%, 06/18/2022 @
|
75,000 | 77,757 | |||||||||||
Wachovia Bank, NA,
|
|||||||||||||
6.000%, 11/15/2017
|
639,000 | 762,845 | |||||||||||
WEA Finance LLC,
|
|||||||||||||
7.500%, 06/02/2014 (Acquired 04/05/2012, Cost $528,439) *
|
500,000 | 537,223 | |||||||||||
Wells Fargo Bank NA,
|
|||||||||||||
Series AI, 4.750%, 02/09/2015
|
1,015,000 | 1,084,468 | |||||||||||
Westpac Banking Corporation:
|
|||||||||||||
3.000%, 08/04/2015 f
|
3,000,000 | 3,150,573 | |||||||||||
1.600%, 01/12/2018 @ f
|
1,250,000 | 1,264,106 | |||||||||||
Willis Group Holdings Limited,
|
|||||||||||||
5.750%, 03/15/2021 f
|
3,250,000 | 3,648,326 | |||||||||||
249,091,643 | 26.6 | % | |||||||||||
Residential Mortgage-Backed Securities
|
|||||||||||||
U.S. Government Agency Issues
|
|||||||||||||
Federal Gold Loan Mortgage Corporation (FGLMC):
|
|||||||||||||
6.000%, 06/01/2021
|
246,573 | 270,827 | |||||||||||
6.000%, 07/01/2028
|
15,842 | 17,692 | |||||||||||
Federal Home Loan Mortgage Corporation (FHLMC):
|
|||||||||||||
Series R010, Class VA, 5.500%, 04/15/2017
|
588,804 | 591,075 | |||||||||||
Series 74, Class F, 6.000%, 10/15/2020
|
2,221 | 2,415 | |||||||||||
Series 1395, Class G, 6.000%, 10/15/2022
|
17,309 | 19,252 | |||||||||||
Federal National Mortgage Association (FNMA):
|
|||||||||||||
Series 1989-2, Class D, 8.800%, 01/25/2019
|
9,631 | 10,839 | |||||||||||
Series 1990-108, Class G, 7.000%, 09/25/2020
|
8,733 | 9,777 | |||||||||||
Series G-29, Class O, 8.500%, 09/25/2021
|
904 | 1,043 | |||||||||||
Series 1991-137, Class H, 7.000%, 10/25/2021
|
57,155 | 64,664 | |||||||||||
Series 1993-32, Class H, 6.000%, 03/25/2023
|
32,224 | 35,264 | |||||||||||
Series 2004-W6, Class 1A6, 5.500%, 07/25/2034
|
1,064,615 | 1,092,097 | |||||||||||
Government National Mortgage Association (GNMA),
|
|||||||||||||
Series 1999-4, Class ZB, 6.000%, 02/20/2029
|
172,414 | 197,788 | |||||||||||
2,312,733 | 0.2 | % | |||||||||||
Non-U.S. Government Agency Issues
|
|||||||||||||
Bank of America Alternative Loan Trust:
|
|||||||||||||
Series 2003-11, Class 4A1, 4.750%, 01/25/2019
|
180,003 | 183,333 | |||||||||||
Series 2004-2, Class 5A1, 5.500%, 03/25/2019
|
572,693 | 588,775 | |||||||||||
Series 2004-11, Class 4A1, 5.500%, 12/25/2019
|
740,040 | 768,644 | |||||||||||
Series 2005-6, Class 7A1, 5.500%, 07/25/2020
|
31,258 | 32,520 | |||||||||||
Series 2006-2, Class 7A1, 6.000%, 03/25/2021
|
409,441 | 420,681 | |||||||||||
Series 2006-3, Class 6A1, 6.000%, 04/25/2036
|
514,875 | 527,759 | |||||||||||
Series 2006-4, Class 3CB4, 6.000%, 05/25/2046 §
|
673,109 | 600,682 | |||||||||||
Bank of America Funding Corporation,
|
|||||||||||||
Series 2003-3, Class 1A41, 5.500%, 10/25/2033
|
80,861 | 80,747 |
Countrywide Alternative Loan Trust:
|
|||||||||||||
Series 2005-5R, Class A2, 4.750%, 12/25/2018
|
63,452 | 63,606 | |||||||||||
Series 2005-50CB, Class 4A1, 5.000%, 11/25/2020
|
558,322 | 551,212 | |||||||||||
Series 2005-85CB, Class 3A1, 5.250%, 02/25/2021 (Acquired 09/26/2007 through 01/28/2009, Cost $453,481) *
|
463,449 | 457,947 | |||||||||||
Series 2006-7CB, Class 3A1, 5.250%, 05/25/2021
|
809,885 | 788,335 | |||||||||||
Series 2005-10CB, Class 1A6, 5.500%, 05/25/2035
|
41,667 | 41,727 | |||||||||||
Series 2005-11CB, Class 2A1, 5.500%, 06/25/2035
|
97,426 | 89,210 | |||||||||||
Credit Suisse First Boston Mortgage Securities Corporation,
|
|||||||||||||
Series 2005-3, Class 3A27, 5.500%, 07/25/2035
|
56,517 | 58,743 | |||||||||||
J.P. Morgan Alternative Loan Trust:
|
|||||||||||||
Series 2005-S1, Class 3A1, 5.500%, 10/25/2020
|
1,361,121 | 1,378,215 | |||||||||||
Series 2006-A1, Class 2A1, 2.760%, 03/25/2036 §
|
820,062 | 628,338 | |||||||||||
Series 2006-S2, Class A2, 5.810%, 05/25/2036
|
33,949 | 33,867 | |||||||||||
Lehman Mortgage Trust,
|
|||||||||||||
Series 2006-4, Class 3A1, 5.000%, 08/25/2021 §
|
233,683 | 233,317 | |||||||||||
Master Alternative Loans Trust:
|
|||||||||||||
Series 2004-1, Class 1A1, 5.000%, 01/25/2019
|
742,632 | 760,949 | |||||||||||
Series 2004-3, Class 1A1, 5.000%, 03/25/2019
|
171,752 | 177,886 | |||||||||||
Series 2005-3, Class 4A1, 5.500%, 03/25/2020
|
158,491 | 166,286 | |||||||||||
Merrill Lynch Mortgage Investors Trust,
|
|||||||||||||
Series 2005-A8, Class A1C1, 5.250%, 08/25/2036
|
13,313 | 13,430 | |||||||||||
RAAC Series,
|
|||||||||||||
Series 2004-SP1, Class AI4, 5.285%, 08/25/2027
|
83,679 | 83,978 | |||||||||||
Residential Accredit Loans, Inc.,
|
|||||||||||||
Series 2004-QS6, Class A1, 5.000%, 05/25/2019
|
67,560 | 68,457 | |||||||||||
Salomon Brothers Mortgage Securities VII,
|
|||||||||||||
Series 2003-UP2, Class A2, 4.000%, 06/25/2033
|
142,301 | 154,549 | |||||||||||
Washington Mutual Mortgage Pass Through Certificates:
|
|||||||||||||
Series 2004-CB1, Class 5A, 5.000%, 06/25/2019
|
920,061 | 951,555 | |||||||||||
Series 2004-CB3, Class 3A, 5.500%, 10/25/2019
|
1,497,375 | 1,580,781 | |||||||||||
Series 2004-CB3, Class 4A, 6.000%, 10/25/2019
|
479,232 | 505,465 | |||||||||||
Series 2004-CB4, Class 21A, 5.500%, 12/25/2019
|
488,006 | 501,167 | |||||||||||
Series 2004-CB4, Class 22A, 6.000%, 12/25/2019
|
358,444 | 372,247 | |||||||||||
12,864,408 | 1.4 | % | |||||||||||
Asset Backed Securities
|
|||||||||||||
Amresco Residential Securities Mortgage Loan Trust,
|
|||||||||||||
Series 1998-1, Class A6, 6.510%, 08/25/2027
|
30,796 | 31,000 | |||||||||||
Citigroup Mortgage Loan Trust, Inc.,
|
|||||||||||||
Series 2006-WFH3, Class A3, 0.354%, 10/25/2036
|
3,536,051 | 3,497,533 | |||||||||||
Cityscape Home Equity Loan Trust,
|
|||||||||||||
Series 1997-C, Class A4, 7.000%, 07/25/2028 † **
|
3,923 | – | |||||||||||
Countrywide Asset-Backed Certificates:
|
|||||||||||||
Series 2006-S3, Class A2, 6.085%, 06/25/2021 §
|
862,121 | 762,055 | |||||||||||
Series 2004-12, Class AF6, 4.634%, 03/25/2035
|
59,436 | 61,163 | |||||||||||
Series 2005-1, Class AF6, 5.030%, 07/25/2035
|
2,727,287 | 2,819,216 | |||||||||||
Series 2006-13, Class 1AF2, 5.884%, 01/25/2037 §
|
249,179 | 270,135 | |||||||||||
Series 2006-13, Class 1AF3, 5.944%, 01/25/2037 §
|
309,426 | 298,214 | |||||||||||
Series 2006-9, Class 1AF3, 5.859%, 10/25/2046
|
1,380,000 | 944,240 | |||||||||||
Delta Funding Home Equity Loan Trust:
|
|||||||||||||
Series 1997-2, Class A6, 7.040%, 06/25/2027
|
8,717 | 9,155 | |||||||||||
Series 1999-1, Class A6F, 6.340%, 12/15/2028
|
1,272 | 1,265 | |||||||||||
Series 1999-2, Class A7F, 7.030%, 08/15/2030
|
538,268 | 549,418 | |||||||||||
Equivantage Home Equity Loan Trust,
|
|||||||||||||
Series 1996-3, Class A3, 7.700%, 09/25/2027
|
1,287 | 1,278 | |||||||||||
Green Tree Financial Corporation:
|
|||||||||||||
Series 1993-4, Class A5, 7.050%, 01/15/2019
|
25,048 | 25,361 | |||||||||||
Series 1998-2, Class A5, 6.240%, 12/01/2028
|
468,065 | 485,616 | |||||||||||
Series 1998-3, Class A5, 6.220%, 03/01/2030
|
675,925 | 739,004 | |||||||||||
Series 1998-4, Class A5, 6.180%, 04/01/2030
|
262,839 | 272,191 | |||||||||||
IMC Home Equity Loan Trust,
|
|||||||||||||
Series 1998-1, Class A6, 7.020%, 06/20/2029
|
9,700 | 9,697 | |||||||||||
Master Credit Card Trust,
|
|||||||||||||
Series 2012-2A, Class A, 0.780%, 04/21/2017 (Acquired 10/24/2012, Cost $5,998,817) * f
|
6,000,000 | 6,006,852 | |||||||||||
Oakwood Mortgage Investors, Inc.,
|
|||||||||||||
Series 1999-B, Class A3, 6.450%, 11/15/2017
|
115,716 | 121,584 | |||||||||||
Residential Asset Mortgage Products, Inc.:
|
|||||||||||||
Series 2003-RS7, Class AI6, 5.340%, 08/25/2033
|
22,015 | 21,633 |
Series 2005-RS1, Class AI6, 4.713%, 01/25/2035
|
278,902 | 274,506 | |||||||||||
Saxon Asset Securities Trust,
|
|||||||||||||
Series 2005-4, Class A1B, 0.584%, 11/25/2037
|
2,970,909 | 2,673,155 | |||||||||||
Springleaf Mortgage Loan Trust,
|
|||||||||||||
Series 2012-1A, Class A, 2.667%, 09/25/2057 (Acquired 04/11/2012, Cost $3,739,949) *
|
3,739,993 | 3,781,387 | |||||||||||
23,655,658 | 2.5 | % | |||||||||||
Commercial Mortgage Backed Securities
|
|||||||||||||
Bear Stearns Commercial Mortgage Securities,
|
|||||||||||||
Series 2005-PWR9, Class A4A, 4.871%, 09/11/2042
|
6,790,000 | 7,336,962 | |||||||||||
Citigroup Deutsche Bank,
|
|||||||||||||
Series 2005-CD1, Class A4, 5.218%, 07/15/2044
|
5,600,000 | 6,123,438 | |||||||||||
Credit Suisse First Boston Mortgage Securities Corporation,
|
|||||||||||||
Series 2005-C5, Class A4, 5.100%, 08/15/2038
|
4,000,000 | 4,315,700 | |||||||||||
Federal National Mortgage Association (FNMA):
|
|||||||||||||
Series 2013-M1, Class ASQ2, 1.074%, 11/25/2016
|
3,375,000 | 3,407,873 | |||||||||||
Series 2012-M9, Class ASQ2, 1.513%, 12/25/2017
|
700,000 | 713,383 | |||||||||||
FHLMC Multifamily Structured Pass Through Certificates:
|
|||||||||||||
Series K-501, Class A2, 1.655%, 11/25/2016
|
300,000 | 307,894 | |||||||||||
Series K-702, Class A2, 3.154%, 02/25/2018
|
275,000 | 298,831 | |||||||||||
Series K-704, Class A2, 2.412%, 08/25/2018
|
300,000 | 316,189 | |||||||||||
Series K705, Class A2, 2.303%, 09/25/2018
|
3,000,000 | 3,142,938 | |||||||||||
Series K706, Class A2, 2.323%, 10/25/2018
|
3,375,000 | 3,537,891 | |||||||||||
Series K708, Class A2, 2.130%, 01/25/2019
|
8,300,000 | 8,606,859 | |||||||||||
Series K-710, Class A2, 1.883%, 05/25/2019
|
7,325,000 | 7,484,158 | |||||||||||
Series K-005, Class A2, 4.317%, 11/25/2019
|
4,975,000 | 5,736,090 | |||||||||||
J.P. Morgan Chase Commercial Mortgage Securities Corp.,
|
|||||||||||||
Series 2003-CB7, Class A4, 4.879%, 01/12/2038
|
1,748,058 | 1,779,311 | |||||||||||
J.P. Morgan Chase Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-CB12, Class A4, 4.895%, 09/12/2037
|
5,000,000 | 5,401,240 | |||||||||||
Wachovia Bank Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-C22, Class A4, 5.283%, 12/15/2044
|
5,000,000 | 5,489,810 | |||||||||||
63,998,567 | 6.8 | % | |||||||||||
Total Long-Term Investments (Cost $880,166,435)
|
915,426,290 | 97.7 | % | ||||||||||
Shares
|
|||||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Funds
|
|||||||||||||
Dreyfus Institutional Cash Advantage Fund, 0.07% «
|
2,323,638 | 2,323,638 | |||||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
18,002,000 | 18,002,000 | |||||||||||
Total Short-Term Investments (Cost $20,325,638)
|
20,325,638 | 2.2 | % | ||||||||||
Principal Amount
|
|||||||||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM
|
|||||||||||||
SECURITIES LENDING
|
|||||||||||||
Commercial Paper
|
|||||||||||||
Atlantic East Funding LLC, 0.554%, 03/25/2014 † **
|
$ | 1,794,196 | 1,427,362 | ||||||||||
Total Commercial Paper (Cost $1,794,196)
|
1,427,362 | 0.2 | % | ||||||||||
Shares
|
|||||||||||||
Investment Companies
|
|||||||||||||
Mount Vernon Securities Lending Trust Prime Portfolio, 0.26% «
|
70,509,493 | 70,509,493 | |||||||||||
Total Investment Companies (Cost $70,509,493)
|
70,509,493 | 7.5 | % | ||||||||||
Total Investments Purchased With Cash Proceeds From
|
|||||||||||||
Securities Lending (Cost $72,303,689)
|
71,936,855 | 7.7 | % | ||||||||||
Total Investments (Cost $972,795,762)
|
1,007,688,783 | 107.6 | % | ||||||||||
Asset Relating to Securities Lending Investments
|
|||||||||||||
Support Agreement
** ^ α
†
|
366,834 | ||||||||||||
Total (Cost $0)
|
366,834 | 0.0 | % | ||||||||||
Liabilities in Excess of Other Assets
|
(71,698,734 | ) | (7.6 | )% | |||||||||
TOTAL NET ASSETS
|
$ | 936,356,883 | 100.0 | % |
Notes to Schedule of Investments
|
|||||||||||||
*
|
Restricted Security Deemed Liquid
|
||||||||||||
**
|
Illiquid Security
|
||||||||||||
@
|
This security or portion of this security is out on loan at March 31, 2013.
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
^
|
Non-Income Producing
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
§
|
Security in Default
|
||||||||||||
†
|
Priced at Fair Value by the Valuation Committee as delegated by the Baird Funds' Board of Directors.
|
||||||||||||
α
|
The Fund's transfer agent and administrator and securities lending agent entered into a support agreement with
|
||||||||||||
the Fund to cover losses realized by the Fund on its investment in Atlantic East Funding, LLC (up to a certain amount),
|
|||||||||||||
which investment was made by the Fund's securities lending agent.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
|||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
|||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
|||
the period. These standards define fair value as the price 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.
|
|||
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions
market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income
|
||||||||||||||||
U.S. Treasury Securities
|
$ | - | $ | 210,418,910 | $ | - | $ | 210,418,910 | ||||||||
U.S. Government Agency Issues
|
- | 31,868,510 | - | 31,868,510 | ||||||||||||
Taxable Municipal Bonds
|
- | 35,315,298 | - | 35,315,298 | ||||||||||||
Other Government Related Securities
|
- | 17,487,745 | - | 17,487,745 | ||||||||||||
Corporate Bonds
|
- | 517,503,000 | 1,461 | 517,504,461 | ||||||||||||
Residential Mortgage-Backed Securities - U.S. Government Agency Issues
|
- | 2,312,733 | - | 2,312,733 | ||||||||||||
Residential Mortgage-Backed Securities - Non - U.S. Government Agency Issues
|
- | 12,864,408 | - | 12,864,408 | ||||||||||||
Asset Backed Securities
|
- | 23,655,658 | - | 23,655,658 | ||||||||||||
Commercial Mortgage-Backed Securities
|
- | 63,998,567 | - | 63,998,567 | ||||||||||||
Total Fixed Income
|
- | 915,424,829 | 1,461 | 915,426,290 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Funds
|
20,325,638 | - | - | 20,325,638 | ||||||||||||
Total Short-Term Investments
|
20,325,638 | - | - | 20,325,638 | ||||||||||||
Investments Purchased with Cash
|
||||||||||||||||
Proceeds from Securities Lending
|
||||||||||||||||
Commercial Paper
|
- | 1,427,362 | - | 1,427,362 | ||||||||||||
Money Market Mutual Fund
|
70,509,493 | - | - | 70,509,493 | ||||||||||||
Total Investments Purchased with
|
||||||||||||||||
Cash Proceeds from Securities Lending
|
70,509,493 | 1,427,362 | - | 71,936,855 | ||||||||||||
Total Investments
|
$ | 90,835,131 | $ | 916,852,191 | $ | 1,461 | $ | 1,007,688,783 | ||||||||
Asset Relating to Securities Lending Investments
|
$ | - | $ | 366,834 | $ | - | $ | 366,834 |
Description
|
Investments in Securities
|
||
Balance as of March 31, 2012
|
$ | 1,461 | |
Accrued discounts/premiums
|
- | ||
Realized gain (loss)
|
- | ||
Change in unrealized appreciation (depreciation)
|
- | ||
Purchases
|
- | ||
Sales
|
- | ||
Transfers in and/or out of Level 3 *
|
- | ||
Balance as of March 31, 2013
|
$ | 1,461 | |
* Transfers between levels are recognized at the end of the reporting period.
|
Baird Intermediate Municipal Bond Fund
|
||||||||||||
Schedule of Investments
|
||||||||||||
March 31, 2013 (Unaudited)
|
||||||||||||
Principal
|
Market
|
% of
|
||||||||||
Amount
|
Value
|
Net Assets
|
||||||||||
Municipal Bonds
|
||||||||||||
Alabama
|
||||||||||||
Alabama State Public School & College Authority,
|
||||||||||||
5.000%, 05/01/2019
|
$ | 1,000,000 | $ | 1,220,770 | ||||||||
Gulf Shores Alabama,
|
||||||||||||
5.000%, 12/15/2018 (Callable 12/15/2017)
|
1,080,000 | 1,279,487 | ||||||||||
Montgomery Alabama Special Care Facility Revenue:
|
||||||||||||
5.000%, 11/15/2015 (Pre-refunded to 11/15/2014)
|
1,540,000 | 1,654,561 | ||||||||||
5.000%, 11/15/2021 (Pre-refunded to 11/15/2014)
|
11,385,000 | 12,251,171 | ||||||||||
5.250%, 11/15/2029 (Pre-refunded to 11/15/2014)
|
3,985,000 | 4,304,238 | ||||||||||
20,710,227 | 1.7 | % | ||||||||||
Alaska
|
||||||||||||
Alaska State Housing Finance Corporation,
|
||||||||||||
5.000%, 06/01/2017 (Callable 06/01/2015)(Insured by NPFGC)
|
1,000,000 | 1,071,700 | 0.1 | % | ||||||||
Arizona
|
||||||||||||
Arizona School Facilities Board Revenue,
|
||||||||||||
5.750%, 07/01/2018 (Pre-refunded to 07/01/2014)
|
2,375,000 | 2,534,719 | ||||||||||
Gila County Arizona Unified School District Bonds,
|
||||||||||||
5.250%, 07/01/2027 (Callable 07/01/2017)
|
1,000,000 | 1,125,510 | ||||||||||
Maricopa County Arizona University School District No. 48 Scottsdale,
|
||||||||||||
4.000%, 07/01/2026 (Pre-refunded to 07/01/2016)
|
1,860,000 | 2,066,051 | ||||||||||
Phoenix Arizona Civic Corporation of Wastewater Systems Revenue,
|
||||||||||||
5.000%, 07/01/2015 (Callable 07/01/2014)(Partially Pre-refunded)(Insured by NPFGC)
|
1,540,000 | 1,628,642 | ||||||||||
Pima County Arizona Industrial Development Authority:
|
||||||||||||
7.125%, 07/01/2024 (Pre-refunded to 07/01/2014)
|
1,000,000 | 1,081,030 | ||||||||||
7.500%, 07/01/2034 (Pre-refunded to 07/01/2014)
|
2,870,000 | 3,024,435 | ||||||||||
7.500%, 07/01/2034 (Pre-refunded to 07/01/2014)
|
3,465,000 | 3,761,846 | ||||||||||
15,222,233 | 1.3 | % | ||||||||||
California
|
||||||||||||
Bakersfield California Certificates Participation,
|
||||||||||||
0.000%, 04/15/2021 (ETM) ^
|
6,800,000 | 5,827,668 | ||||||||||
Coalinga California Regional Medical Center,
|
||||||||||||
5.125%, 03/01/2032 (Pre-refunded to 03/01/2015)
|
2,435,000 | 2,628,120 | ||||||||||
Commerce Community Development Commission,
|
||||||||||||
0.000%, 08/01/2021 ^
|
1,130,000 | 762,874 | ||||||||||
Contra Costa County California Certificate Participation,
|
||||||||||||
0.000%, 11/01/2014 (ETM) ^
|
3,000,000 | 2,983,500 | ||||||||||
Mount Diablo California Hospital District Revenue,
|
||||||||||||
5.000%, 12/01/2013 (ETM)
|
420,000 | 433,142 | ||||||||||
Pittsburg California Redevelopment Agency Residential Mortgage Revenue,
|
||||||||||||
9.600%, 06/01/2016 (ETM)
|
3,725,000 | 4,736,710 | ||||||||||
Port Oakland California Revenue,
|
||||||||||||
5.000%, 11/01/2017 (Insured by NPFGC)
|
1,800,000 | 2,120,490 | ||||||||||
San Joaquin Hills California Transportation Corridor Agency Toll Road Revenue:
|
||||||||||||
0.000%, 01/01/2020 (ETM) ^
|
6,865,000 | 6,202,390 | ||||||||||
0.000%, 01/01/2023 (ETM) ^
|
14,000,000 | 11,338,040 | ||||||||||
San Marcos California Public Facilities Authority Revenue,
|
||||||||||||
0.000%, 09/01/2019 (ETM) ^
|
17,295,000 | 15,545,957 | ||||||||||
Woodside California Elementary School District Government School Bonds,
|
||||||||||||
5.000%, 10/01/2023 (Pre-refunded to 10/01/2016)
|
1,130,000 | 1,305,082 | ||||||||||
53,883,973 | 4.5 | % | ||||||||||
Colorado
|
||||||||||||
Colorado Educational & Cultural Facilities Authority,
|
7.625%, 03/15/2032 (Pre-refunded to 03/15/2013)
|
780,000 | 780,000 | ||||||||||
Colorado Springs Colorado Hospital Revenue Bonds,
|
||||||||||||
5.000%, 12/15/2032 (Pre-refunded to 12/15/2018)
|
1,300,000 | 1,584,167 | ||||||||||
Colorado Springs Colorado Utilities Revenue Bonds,
|
||||||||||||
5.875%, 11/15/2017 (ETM)
|
7,410,000 | 8,226,878 | ||||||||||
Conservatory Metropolitan District Colorado,
|
||||||||||||
6.750%, 12/01/2034 (Pre-refunded to 12/01/2013)
|
1,000,000 | 1,053,120 | ||||||||||
County of El Paso Colorado Mortgage Revenue Bonds,
|
||||||||||||
0.000%, 09/01/2015 (ETM) ^
|
1,330,000 | 1,312,816 | ||||||||||
Dawson Ridge Metropolitan District No. 1 Colorado:
|
||||||||||||
0.000%, 10/01/2022 (ETM) ^
|
16,250,000 | 13,017,225 | ||||||||||
0.000%, 10/01/2022 (ETM) ^
|
15,795,000 | 12,652,743 | ||||||||||
Denver Colorado Convention Center & Hotel Authority Revenue Bonds:
|
||||||||||||
5.000%, 12/01/2021 (Pre-refunded to 12/01/2013)
|
1,000,000 | 1,030,810 | ||||||||||
5.000%, 12/01/2022 (Pre-refunded to 12/01/2013)
|
2,950,000 | 3,040,890 | ||||||||||
5.000%, 12/01/2023 (Pre-refunded to 12/01/2013)
|
1,500,000 | 1,546,215 | ||||||||||
Denver Colorado Health & Hospital Authority Healthcare Revenue,
|
||||||||||||
6.250%, 12/01/2033 (Pre-refunded to 12/01/2014)
|
7,975,000 | 8,750,808 | ||||||||||
Regional Transportation District Colorado Sales Tax Revenue,
|
||||||||||||
5.000%, 11/01/2036 (Pre-refunded to 11/01/2016)
|
6,785,000 | 7,853,230 | ||||||||||
60,848,902 | 5.1 | % | ||||||||||
Florida
|
||||||||||||
Bartram Springs Community Development District Special Assessment,
|
||||||||||||
6.650%, 05/01/2034 (Pre-refunded to 05/01/2013)
|
4,040,000 | 4,140,556 | ||||||||||
Brevard County Florida School Board,
|
||||||||||||
5.000%, 07/01/2020 (Callable 07/01/2017)(Insured by AMBAC)
|
1,925,000 | 2,201,873 | ||||||||||
Broward County Florida School Board:
|
||||||||||||
5.250%, 07/01/2022 (Callable 07/01/2021)
|
8,390,000 | 10,036,873 | ||||||||||
5.250%, 07/01/2023 (Callable 07/01/2021)
|
4,865,000 | 5,788,134 | ||||||||||
County of St. Lucie Florida,
|
||||||||||||
6.000%, 10/01/2020 (ETM)
|
6,420,000 | 8,241,290 | ||||||||||
Dade County Florida Health Facility Authority Hospital Revenue,
|
||||||||||||
5.750%, 05/01/2021 (ETM)
|
1,915,000 | 2,248,880 | ||||||||||
Escambia County Florida Housing Finance Authority Multifamily Housing Revenue,
|
||||||||||||
0.000%, 10/15/2018 (ETM) ^
|
4,130,000 | 3,789,729 | ||||||||||
Florida State Board of Education,
|
||||||||||||
5.000%, 06/01/2022 (Callable 06/01/2019)
|
13,800,000 | 16,372,872 | ||||||||||
Florida State Department of Management Services,
|
||||||||||||
5.000%, 08/01/2018
|
2,500,000 | 3,006,025 | ||||||||||
Florida State Mid-Bay Bridge Authority Revenue:
|
||||||||||||
6.875%, 10/01/2022 (ETM)
|
4,675,000 | 6,308,585 | ||||||||||
6.875%, 10/01/2022 (ETM)
|
3,175,000 | 4,284,440 | ||||||||||
Florida State Municipal Power Agency Revenue,
|
||||||||||||
5.000%, 10/01/2017 (ETM)
|
1,590,000 | 1,893,531 | ||||||||||
Gulf Environmental Services Inc. Florida Revenue Bonds,
|
||||||||||||
5.000%, 10/01/2018 (ETM)
|
1,500,000 | 1,667,370 | ||||||||||
Highlands County Florida Health Facilities Revenue,
|
||||||||||||
5.875%, 11/15/2029 (Pre-refunded to 11/15/2013)
|
9,800,000 | 10,135,650 | ||||||||||
Hillsborough County Florida School Board Master Lease Program,
|
||||||||||||
5.500%, 07/01/2018 (Insured by NPFGC)
|
2,000,000 | 2,439,240 | ||||||||||
Hillsborough County Industrial Development Authority:
|
||||||||||||
5.625%, 08/15/2029 (Pre-refunded to 08/15/2018)
|
2,285,000 | 2,841,238 | ||||||||||
8.000%, 08/15/2032 (Pre-refunded to 08/15/2019)
|
1,840,000 | 2,594,032 | ||||||||||
Islands At Doral (SW) Community Development District,
|
||||||||||||
6.375%, 05/01/2035 (Pre-refunded to 05/01/2013)
|
2,000,000 | 2,028,880 | ||||||||||
Laguna Lakes Community Development District Special Assessment Revenue Bonds,
|
||||||||||||
6.400%, 05/01/2033 (Pre-refunded to 05/01/2013)
|
2,145,000 | 2,176,467 | ||||||||||
Miami-Dade County Florida,
|
||||||||||||
4.500%, 10/01/2020
|
7,100,000 | 8,212,002 |
Miami Beach Florida Resort Tax Revenue,
|
||||||||||||
6.250%, 10/01/2022 (ETM)
|
1,470,000 | 1,894,330 | ||||||||||
Miami Dade County Florida Entitlement Revenue Bonds,
|
||||||||||||
5.000%, 08/01/2015 (Insured by NPFGC)
|
3,000,000 | 3,276,120 | ||||||||||
Miami-Dade County Florida School Board,
|
||||||||||||
5.000%, 05/01/2016 (Insured by NPFGC)
|
3,000,000 | 3,358,920 | ||||||||||
Miami-Dade County Florida Water & Sewer Revenue,
|
||||||||||||
5.250%, 10/01/2022
|
1,125,000 | 1,402,267 | ||||||||||
Orlando Florida Utilities Commission Water & Electric Revenue,
|
||||||||||||
6.750%, 10/01/2017 (ETM)
|
1,005,000 | 1,151,077 | ||||||||||
Palm Beach County Florida Revenue,
|
||||||||||||
5.000%, 11/01/2018 (Callable 11/01/2017)
|
1,000,000 | 1,180,510 | ||||||||||
Pinellas County Housing Finance Authority,
|
||||||||||||
4.250%, 03/01/2027 (Callable 09/01/2019)
|
2,055,000 | 2,189,952 | ||||||||||
Sarasota County Florida School Board,
|
||||||||||||
5.000%, 07/01/2015 (Insured by NPFGC)
|
1,000,000 | 1,100,780 | ||||||||||
Seminole County Florida Water & Sewage Revenue,
|
||||||||||||
6.000%, 10/01/2019 (ETM)
|
5,200,000 | 6,216,600 | ||||||||||
Sunrise Florida Utility System Revenue,
|
||||||||||||
5.500%, 10/01/2018 (ETM)
|
3,000,000 | 3,489,870 | ||||||||||
125,668,093 | 10.5 | % | ||||||||||
Georgia
|
||||||||||||
Atlanta Georgia Water & Wastewater Revenue,
|
||||||||||||
5.500%, 11/01/2017 (Insured by AGM)
|
8,445,000 | 10,078,516 | ||||||||||
Forsyth County Georgia Hospital Authority Revenue Anticipation Certificates,
|
||||||||||||
6.375%, 10/01/2028 (Callable 02/04/2013)(ETM)
|
8,050,000 | 10,610,061 | ||||||||||
Fulton County Georgia Hospital Authority Revenue,
|
||||||||||||
7.875%, 10/01/2013 (Callable 02/04/2013)(ETM)
|
245,000 | 254,212 | ||||||||||
Georgia Municipal Electric Authority Power Revenue:
|
||||||||||||
6.500%, 01/01/2017 (Insured by AGM)
|
120,000 | 134,302 | ||||||||||
6.500%, 01/01/2017 (Insured by AGM)
|
7,350,000 | 8,148,724 | ||||||||||
Gwinnett County Georgia School District,
|
||||||||||||
5.000%, 02/01/2026 (Pre-refunded to 02/01/2018)
|
7,400,000 | 8,818,580 | ||||||||||
Northwestern Gwinnett County Georgia Facilities Corporation I Certificate Participation,
|
||||||||||||
5.750%, 06/15/2019 (Pre-refunded to 06/15/2014)
|
2,310,000 | 2,440,446 | ||||||||||
Richmond County Development Authority:
|
||||||||||||
0.000%, 12/01/2021 (ETM) ^
|
3,510,000 | 2,924,041 | ||||||||||
0.000%, 12/01/2021 (ETM) ^
|
720,000 | 599,803 | ||||||||||
State of Georgia,
|
||||||||||||
5.000%, 07/01/2020 (Callable 07/01/2017)
|
12,570,000 | 14,602,946 | ||||||||||
58,611,631 | 4.9 | % | ||||||||||
Illinois
|
||||||||||||
Chicago Illinois,
|
||||||||||||
5.000%, 01/01/2017 (Callable 01/01/2016)(Insured by AGM)
|
2,360,000 | 2,604,732 | ||||||||||
Chicago Illinois Board of Education:
|
||||||||||||
5.000%, 12/01/2017 (Callable 12/01/2016)(Insured by AGM)
|
4,345,000 | 4,990,189 | ||||||||||
5.000%, 12/01/2017 (Insured by AMBAC)
|
2,100,000 | 2,408,217 | ||||||||||
6.000%, 01/01/2020 (Insured by NPFGC)
|
1,745,000 | 1,993,104 | ||||||||||
Chicago Illinois Public Building Community Building Revenue:
|
||||||||||||
7.000%, 01/01/2015 (ETM)
|
1,990,000 | 2,138,374 | ||||||||||
7.000%, 01/01/2020 (ETM)
|
1,555,000 | 2,025,248 | ||||||||||
Cook County Illinois School District No. 097,
|
||||||||||||
9.000%, 12/01/2015 (Insured by NPFGC)
|
2,605,000 | 3,108,937 | ||||||||||
Cook County Illinois School District No. 100,
|
||||||||||||
8.100%, 12/01/2016 (ETM)
|
1,430,000 | 1,815,385 | ||||||||||
Cook County Illinois School District No. 159,
|
||||||||||||
0.000%, 12/01/2022 (ETM) ^
|
2,000,000 | 1,561,240 | ||||||||||
Dupage County Illinois Stormwater Project,
|
||||||||||||
5.600%, 01/01/2021
|
1,095,000 | 1,273,693 |
Illinois Development Financial Authority,
|
||||||||||||
0.000%, 07/15/2023 (ETM) ^
|
16,860,000 | 13,165,300 | ||||||||||
Illinois Finance Authority,
|
||||||||||||
0.000%, 07/15/2025 (ETM) ^
|
9,560,000 | 6,918,668 | ||||||||||
Illinois Finance Authority Revenue,
|
||||||||||||
5.500%, 08/15/2043 (Pre-refunded to 08/15/2014)
|
2,330,000 | 2,495,780 | ||||||||||
Illinois Municipal Electric Agency Power Supply Revenue Bonds,
|
||||||||||||
5.250%, 02/01/2016 (Insured by NPFGC)
|
1,000,000 | 1,111,960 | ||||||||||
Illinois State:
|
||||||||||||
5.000%, 01/01/2019 (Insured by AGM)
|
1,000,000 | 1,138,710 | ||||||||||
4.000%, 09/01/2019 (Callable 09/01/2018)(Insured by AGM)
|
5,000,000 | 5,379,900 | ||||||||||
6.000%, 11/01/2026 (Insured by NPFGC)
|
3,000,000 | 3,598,500 | ||||||||||
Illinois State Toll Highway Authority Priority Revenue Bonds,
|
||||||||||||
5.500%, 01/01/2016 (Insured by AGM)
|
2,100,000 | 2,353,932 | ||||||||||
Illinois State Toll Highway Authority Revenue Bonds:
|
||||||||||||
5.000%, 01/01/2026 (Pre-refunded to 07/01/2016)
|
1,065,000 | 1,219,042 | ||||||||||
5.000%, 01/01/2031 (Pre-refunded to 07/01/2016)
|
2,055,000 | 2,352,235 | ||||||||||
Kane McHenry Cook & De Kalb Counties Illinois School District No. 300:
|
||||||||||||
9.000%, 01/01/2015 (Insured by AMBAC)
|
1,000,000 | 1,121,390 | ||||||||||
7.000%, 01/01/2018 (Insured by AMBAC)
|
6,140,000 | 7,423,628 | ||||||||||
Kendall Kane & Will Counties Community Unit School District No. 308,
|
||||||||||||
0.000%, 02/01/2021 ^
|
13,625,000 | 10,792,090 | ||||||||||
Lake County Illinois Community Consolidated School District:
|
||||||||||||
0.000%, 12/01/2013 (Insured by NPFGC) ^
|
1,920,000 | 1,890,086 | ||||||||||
0.000%, 12/01/2014 (Insured by NPFGC) ^
|
1,875,000 | 1,795,069 | ||||||||||
Lake County Illinois Community High School District No. 124 Grant,
|
||||||||||||
5.000%, 12/01/2017
|
1,050,000 | 1,232,941 | ||||||||||
McHenry & Kane Counties Illinois Community School District No. 158,
|
||||||||||||
0.000%, 01/01/2016 (Insured by NPFGC) ^
|
1,970,000 | 1,814,429 | ||||||||||
Metropolitan Pier & Exposition Authority Illinois:
|
||||||||||||
5.500%, 06/15/2016 (ETM)
|
1,805,000 | 2,078,674 | ||||||||||
5.500%, 12/15/2023 (ETM)
|
2,000,000 | 2,513,380 | ||||||||||
Northwest Suburban Illinois Municipal Joint Action Revenue,
|
||||||||||||
5.000%, 05/01/2014 (ETM)
|
2,000,000 | 2,102,400 | ||||||||||
Regional Transportation Authority Illinois,
|
||||||||||||
6.000%, 07/01/2022 (Insured by NPFGC)
|
4,705,000 | 6,016,236 | ||||||||||
Southern Illinois University Revenue:
|
||||||||||||
5.250%, 04/01/2018 (Insured by NPFGC)
|
1,075,000 | 1,255,310 | ||||||||||
5.250%, 04/01/2019 (Insured by NPFGC)
|
1,390,000 | 1,647,456 | ||||||||||
Village of Schaumburg IL,
|
||||||||||||
4.000%, 12/01/2024 (Callable 12/01/2022)
|
5,750,000 | 6,496,580 | ||||||||||
Winnebago County Illinois School District No. 122 Harlam-Loves Park:
|
||||||||||||
0.000%, 01/01/2018 (ETM) ^
|
155,000 | 146,585 | ||||||||||
0.000%, 01/01/2018 (Insured by AGM) ^
|
1,205,000 | 1,065,003 | ||||||||||
113,044,403 | 9.4 | % | ||||||||||
Indiana
|
||||||||||||
Franklin Community Multi-School Building Corp,
|
||||||||||||
5.000%, 07/15/2020
|
1,990,000 | 2,338,150 | ||||||||||
Hammond Indiana Multi-School Building Corporation Revenue Bonds:
|
||||||||||||
6.000%, 01/15/2018 (ETM)
|
1,000,000 | 1,133,630 | ||||||||||
5.000%, 07/15/2018 (Insured by NPFGC)
|
1,330,000 | 1,533,397 | ||||||||||
Indiana State Office Building Commissions Facilities Revenue Bonds,
|
||||||||||||
5.250%, 07/01/2017
|
1,115,000 | 1,287,290 | ||||||||||
Indiana Toll Road Commission,
|
||||||||||||
9.000%, 01/01/2015 (ETM)
|
455,000 | 502,197 | ||||||||||
Indianapolis Local Public Improvement Bond Bank,
|
||||||||||||
5.500%, 01/01/2019 (Insured by NPFGC)
|
1,155,000 | 1,388,599 | ||||||||||
Indianapolis Local Public Improvement Bond Waterworks Project,
|
||||||||||||
5.500%, 07/01/2018 (Insured by NPFGC)
|
3,460,000 | 4,141,897 |
Perry Township Multi School Building Corporation,
|
||||||||||||
5.000%, 07/10/2018 (Callable 07/10/2015)
|
1,000,000 | 1,087,630 | ||||||||||
Purdue University Indiana Revenue,
|
||||||||||||
5.000%, 07/01/2015
|
1,650,000 | 1,817,062 | ||||||||||
South Bend Indiana Community School Building Corporation,
|
||||||||||||
5.000%, 07/15/2017 (Insured by NPFGC)
|
1,000,000 | 1,161,360 | ||||||||||
16,391,212 | 1.4 | % | ||||||||||
Iowa
|
||||||||||||
Des Moines Iowa Metropolitan Wastewater Reclamation Authority,
|
||||||||||||
5.000%, 06/01/2015 (Callable 06/01/2014)(Insured by NPFGC)
|
1,010,000 | 1,065,217 | 0.1 | % | ||||||||
Kansas
|
||||||||||||
Wyandotte County Kansas Revenue,
|
||||||||||||
5.000%, 09/01/2019 (Callable 03/01/2019)(Insured by BHAC)
|
1,865,000 | 2,206,239 | 0.2 | % | ||||||||
Kentucky
|
||||||||||||
Jefferson County Kentucky School District Financial School Building Revenue Bonds,
|
||||||||||||
5.500%, 01/01/2018 (Insured by AGM)
|
3,340,000 | 3,985,054 | ||||||||||
Kentucky Economic Development Finance Authority Health System Revenue,
|
||||||||||||
5.800%, 10/01/2014 (Pre-refunded to 10/01/2013)
|
1,035,000 | 1,073,119 | ||||||||||
Louisville & Jefferson County Metropolitan Government,
|
||||||||||||
6.125%, 02/01/2037 (Pre-refunded to 02/01/2018)
|
12,690,000 | 15,863,135 | ||||||||||
20,921,308 | 1.7 | % | ||||||||||
Louisiana
|
||||||||||||
Louisiana Public Facilities Authority Revenue:
|
||||||||||||
5.500%, 05/15/2027 (Pre-refunded to 05/15/2026)
|
2,290,000 | 2,914,941 | ||||||||||
5.500%, 05/15/2032 (Pre-refunded to 05/15/2026)
|
15,070,000 | 19,743,358 | ||||||||||
State of Louisiana:
|
||||||||||||
5.000%, 11/15/2018
|
1,775,000 | 2,148,868 | ||||||||||
5.000%, 11/15/2020 (Callable 05/15/2020)
|
10,000,000 | 12,323,600 | ||||||||||
37,130,767 | 3.1 | % | ||||||||||
Maine
|
||||||||||||
Maine Health & Higher Education Facilities Authority,
|
||||||||||||
5.000%, 07/01/2035 (Pre-refunded to 07/01/2015)
|
4,340,000 | 4,786,629 | 0.4 | % | ||||||||
Maryland
|
||||||||||||
City of Baltimore MD,
|
||||||||||||
5.000%, 07/01/2024 (ETM)
|
1,195,000 | 1,510,874 | ||||||||||
State of Maryland:
|
||||||||||||
5.000%, 03/15/2019 (Callable 03/15/2017)
|
1,135,000 | 1,329,653 | ||||||||||
5.000%, 08/01/2020 (Callable 08/01/2019)
|
10,000,000 | 12,240,400 | ||||||||||
15,080,927 | 1.3 | % | ||||||||||
Massachusetts
|
||||||||||||
Massachusetts Department of Transportation,
|
||||||||||||
5.000%, 01/01/2020 (ETM)
|
1,975,000 | 2,290,151 | ||||||||||
Massachusetts State:
|
||||||||||||
5.000%, 08/01/2020 (Pre-refunded to 08/01/2016)
|
5,820,000 | 6,683,222 | ||||||||||
4.000%, 12/01/2022 (Callable 12/01/2019)
|
15,000,000 | 17,133,300 | ||||||||||
Massachusetts State Water Resources Authority:
|
||||||||||||
5.250%, 12/01/2015 (ETM)
|
3,155,000 | 3,387,460 | ||||||||||
6.500%, 07/15/2019 (ETM)
|
3,295,000 | 3,864,442 | ||||||||||
33,358,575 | 2.8 | % | ||||||||||
Michigan
|
||||||||||||
Detroit Michigan City School District,
|
||||||||||||
5.000%, 05/01/2016 (Callable 05/01/2015)(Insured by AGM)
|
1,000,000 | 1,074,740 | ||||||||||
Detroit Michigan Sewer Disposal Revenue,
|
||||||||||||
5.000%, 07/01/2030 (Pre-refunded to 07/01/2015)
|
2,185,000 | 2,409,858 | ||||||||||
Harper Creek Michigan Community School District,
|
||||||||||||
5.000%, 05/01/2016 (Callable 05/01/2015)(Insured by AGM)
|
1,550,000 | 1,684,199 | ||||||||||
Jenison Michigan Public Schools,
|
||||||||||||
5.250%, 05/01/2015 (Insured by NPFGC)
|
1,390,000 | 1,513,571 | ||||||||||
Lakeview Public School District,
|
6.500%, 01/01/2016 (ETM)
|
970,000 | 1,066,389 | ||||||||||
6.500%, 01/01/2016 (ETM)
|
80,000 | 87,949 | ||||||||||
5.500%, 01/01/2025
|
2,000,000 | 2,551,040 | ||||||||||
31,898,526 | 2.7 | % | ||||||||||
New Mexico
|
||||||||||||
New Mexico Mortgage Financial Authority:
|
||||||||||||
4.625%, 09/01/2025 (Callable 03/01/2020)
|
1,205,000 | 1,277,939 | ||||||||||
4.500%, 09/01/2028 (Callable 03/01/2020)
|
1,015,000 | 1,086,740 | ||||||||||
New Mexico State Hospital Equipment Loan Council Hospital Revenue,
|
||||||||||||
5.250%, 07/01/2025 (Pre-refunded to 07/01/2015)
|
1,000,000 | 1,103,740 | ||||||||||
3,468,419 | 0.3 | % | ||||||||||
New York
|
||||||||||||
Cattaraugus-Little Valley Central School District:
|
||||||||||||
3.125%, 06/15/2016
|
1,520,000 | 1,602,247 | ||||||||||
3.125%, 06/15/2017
|
1,000,000 | 1,057,930 | ||||||||||
Churchville-Chili Central School District:
|
||||||||||||
3.000%, 06/15/2017
|
1,045,000 | 1,124,483 | ||||||||||
3.000%, 06/15/2018
|
1,070,000 | 1,142,235 | ||||||||||
Long Island Power Authority and Electric System Revenue,
|
||||||||||||
5.000%, 12/01/2017 (Callable 12/01/2016)(Insured by NPFGC)
|
2,000,000 | 2,273,700 | ||||||||||
Metropolitan Transit Authority New York,
|
||||||||||||
6.000%, 04/01/2020 (ETM)
|
13,330,000 | 16,740,480 | ||||||||||
New York, New York:
|
||||||||||||
5.000%, 03/01/2016 (Callable 03/01/2015)(Insured by FGIC-TCRS)
|
1,000,000 | 1,085,880 | ||||||||||
5.000%, 08/01/2017
|
5,000,000 | 5,879,800 | ||||||||||
5.250%, 08/15/2021 (Callable 08/15/2018)
|
1,125,000 | 1,343,655 | ||||||||||
New York City, New York Transitional Financial Authority Building Aid Revenue Bonds,
|
||||||||||||
5.000%, 01/15/2015 (Insured by AGM)
|
4,730,000 | 5,119,752 | ||||||||||
New York State Dormitory Authority and Personal Income Tax Revenue,
|
||||||||||||
5.000%, 12/15/2017
|
2,000,000 | 2,386,680 | ||||||||||
New York State Thruway Authority,
|
||||||||||||
5.000%, 03/15/2022 (Callable 03/15/2019)
|
4,040,000 | 4,834,345 | ||||||||||
New York State University Dormitory Authority Revenues:
|
||||||||||||
5.500%, 05/15/2013 (Insured by NPFGC)
|
695,000 | 699,274 | ||||||||||
5.250%, 05/15/2015
|
5,290,000 | 5,645,277 | ||||||||||
Suffolk County Water Authority,
|
||||||||||||
6.000%, 06/01/2017 (ETM)
|
4,715,000 | 5,413,103 | ||||||||||
Susquehanna Valley Central School District:
|
||||||||||||
3.125%, 06/15/2017
|
1,155,000 | 1,219,507 | ||||||||||
3.125%, 06/15/2019
|
1,375,000 | 1,445,867 | ||||||||||
TSASC Inc. New York,
|
||||||||||||
4.750%, 06/01/2022 (Callable 06/01/2016)
|
175,000 | 176,369 | ||||||||||
Westchester Tobacco Asset Securitization Corp. New York,
|
||||||||||||
6.950%, 07/15/2039 (Pre-refunded to 07/15/2017)
|
13,075,000 | 16,644,083 | ||||||||||
75,834,667 | 6.3 | % | ||||||||||
North Carolina
|
||||||||||||
North Carolina Eastern Municipal Power Agency,
|
||||||||||||
5.000%, 01/01/2021 (ETM)
|
7,280,000 | 9,080,635 | ||||||||||
North Carolina Eastern Municipal Power Agency Power Systems Revenue:
|
||||||||||||
5.000%, 01/01/2017 (ETM)
|
6,630,000 | 7,406,240 | ||||||||||
6.400%, 01/01/2021 (ETM)
|
5,750,000 | 6,983,260 | ||||||||||
4.500%, 01/01/2024 (Pre-refunded to 01/01/2022)
|
6,805,000 | 8,304,890 | ||||||||||
6.000%, 01/01/2026 (Pre-refunded to 01/01/2022)
|
1,835,000 | 2,470,039 | ||||||||||
North Carolina Medical Care Community Hospital Revenue,
|
||||||||||||
5.250%, 11/01/2029 (Pre-refunded to 11/01/2014)
|
6,495,000 | 6,992,062 | ||||||||||
41,237,126 | 3.4 | % | ||||||||||
Ohio
|
||||||||||||
Akron Ohio Community Learning Center Income Tax Revenue,
|
||||||||||||
5.250%, 12/01/2016 (Callable 12/01/2013)(Insured by NPFGC)
|
1,000,000 | 1,033,140 |
Cincinnati Ohio City School District,
|
||||||||||||
5.000%, 12/01/2016 (Insured by AGM)
|
2,000,000 | 2,296,980 | ||||||||||
Cleveland Municipal School District:
|
||||||||||||
4.000%, 12/01/2017
|
1,790,000 | 2,007,879 | ||||||||||
4.000%, 12/01/2018
|
1,865,000 | 2,108,457 | ||||||||||
4.000%, 12/01/2019
|
1,940,000 | 2,201,532 | ||||||||||
5.000%, 12/01/2020
|
2,015,000 | 2,431,218 | ||||||||||
Miamisburg Ohio Water Revenue,
|
||||||||||||
7.000%, 11/15/2016 (Callable 02/04/2013)(ETM)
|
80,000 | 80,301 | ||||||||||
Ohio Housing Finance Agency,
|
||||||||||||
5.000%, 11/01/2028 (Callable 05/01/2020)
|
2,490,000 | 2,683,373 | ||||||||||
State of Ohio,
|
||||||||||||
5.500%, 02/01/2020
|
1,195,000 | 1,507,624 | ||||||||||
16,350,504 | 1.4 | % | ||||||||||
Pennsylvania
|
||||||||||||
Central Dauphin Pennsylvania School District,
|
||||||||||||
6.750%, 02/01/2024 (Pre-refunded to 02/01/2016)
|
1,275,000 | 1,498,074 | ||||||||||
Erie Pennsylvania Sewer Authority Revenue,
|
||||||||||||
5.125%, 06/01/2020 (ETM)
|
1,380,000 | 1,647,182 | ||||||||||
Lampeter Strasburg School District,
|
||||||||||||
4.000%, 06/01/2019
|
1,715,000 | 1,958,787 | ||||||||||
Pennsylvania Convention Center Authority Revenue Bonds,
|
||||||||||||
6.000%, 09/01/2019 (ETM)
|
10,060,000 | 12,629,827 | ||||||||||
Pennsylvania Housing Finance Agency:
|
||||||||||||
3.700%, 04/01/2018
|
2,130,000 | 2,206,680 | ||||||||||
3.750%, 10/01/2018
|
1,760,000 | 1,833,656 | ||||||||||
3.900%, 04/01/2019
|
1,025,000 | 1,069,547 | ||||||||||
3.900%, 10/01/2019 (Callable 04/01/2019)
|
1,675,000 | 1,754,328 | ||||||||||
Pennsylvania State Public School Building Authority Lease Revenue,
|
||||||||||||
5.000%, 11/15/2034 (Pre-refunded to 11/15/2014)
|
3,000,000 | 3,228,240 | ||||||||||
Philadelphia Pennsylvania Authority For Industrial Development Revenue,
|
||||||||||||
5.250%, 01/01/2027 (Pre-refunded to 01/01/2017)
|
1,790,000 | 2,086,854 | ||||||||||
Philadelphia Pennsylvania Gas Works,
|
||||||||||||
7.000%, 05/15/2020 (ETM)
|
2,660,000 | 3,252,169 | ||||||||||
Pittsburgh Pennsylvania Water & Sewer Authority Revenue Bonds:
|
||||||||||||
7.250%, 09/01/2014 (Callable 01/18/2013)(ETM)
|
600,000 | 635,244 | ||||||||||
5.000%, 09/01/2029 (Pre-refunded to 09/01/2015)
|
4,500,000 | 4,985,865 | ||||||||||
St. Mary Hospital Authority Pennsylvania Health Revenue,
|
||||||||||||
5.375%, 11/15/2034 (Pre-refunded to 11/15/2014)
|
1,510,000 | 1,628,882 | ||||||||||
40,415,335 | 3.4 | % | ||||||||||
Puerto Rico
|
||||||||||||
Commonwealth of Puerto Rico,
|
||||||||||||
5.000%, 07/01/2021
|
6,000,000 | 6,191,820 | ||||||||||
Puerto Rico Electric Power Authority:
|
||||||||||||
0.000%, 07/01/2017 ^
|
5,010,000 | 4,479,491 | ||||||||||
0.000%, 07/01/2017 ^
|
3,000,000 | 2,640,480 | ||||||||||
Puerto Rico Public Building Authority,
|
||||||||||||
5.500%, 07/01/2022 (Pre-refunded to 07/01/2014)
|
1,625,000 | 1,729,878 | ||||||||||
Puerto Rico Public Finance Corp.,
|
||||||||||||
6.000%, 08/01/2026 (ETM)
|
1,080,000 | 1,483,974 | ||||||||||
16,525,643 | 1.4 | % | ||||||||||
South Carolina
|
||||||||||||
Piedmont Municipal Power Agency South Carolina Electric Revenue,
|
||||||||||||
6.750%, 01/01/2020 (ETM)
|
6,375,000 | 8,523,694 | ||||||||||
South Carolina Jobs Economic Development Authority Hospital Facilities Revenue,
|
||||||||||||
7.000%, 08/01/2030 (Pre-refunded to 08/01/2013)
|
2,575,000 | 2,631,804 | ||||||||||
11,155,498 | 0.9 | % | ||||||||||
South Dakota
|
||||||||||||
Heartland Consumers Power District,
|
7.000%, 01/01/2016 (ETM)
|
660,000 | 731,914 | 0.1 | % | ||||||||
Tennessee
|
||||||||||||
Metropolitan Government Nashville & Davidson County Tennessee H&E,
|
||||||||||||
0.000%, 06/01/2021 (ETM) ^
|
1,050,000 | 894,044 | ||||||||||
Shelby County Tennessee Health Educational & Housing Facilities Revenue,
|
||||||||||||
5.500%, 08/15/2019 (ETM)
|
5,000,000 | 5,636,850 | ||||||||||
Tennessee Housing Development Agency,
|
||||||||||||
4.500%, 07/01/2028 (Callable 01/01/2020)
|
4,450,000 | 4,786,865 | ||||||||||
11,317,759 | 0.9 | % | ||||||||||
Texas
|
||||||||||||
Barbers Hill Independent School District,
|
||||||||||||
5.000%, 02/15/2019 (PSF Guaranteed)
|
2,010,000 | 2,433,809 | ||||||||||
Barbers Hill Texas Independent School District General Obligation,
|
||||||||||||
5.000%, 02/15/2017 (Callable 02/15/2015)(PSF Guaranteed)
|
2,125,000 | 2,304,924 | ||||||||||
Capital Area Housing Finance Corporation Texas,
|
||||||||||||
0.000%, 01/01/2016 (ETM) ^
|
6,060,000 | 5,935,164 | ||||||||||
Central Texas Housing Finance Corporation,
|
||||||||||||
0.000%, 09/01/2016 (ETM) ^
|
1,500,000 | 1,459,695 | ||||||||||
City of Houston TX Utility System Revenue,
|
||||||||||||
5.500%, 12/01/2024 (ETM)
|
1,735,000 | 2,299,291 | ||||||||||
Conroe Independent School District:
|
||||||||||||
5.000%, 02/15/2022 (Callable 02/15/2021)(PSF Guaranteed)
|
1,000,000 | 1,248,690 | ||||||||||
5.000%, 02/15/2023 (Callable 02/15/2021)(PSF Guaranteed)
|
2,680,000 | 3,335,287 | ||||||||||
Cypress-Fairbanks Texas Independent School District,
|
||||||||||||
5.000%, 02/15/2017 (Callable 02/15/2016)(PSF Guaranteed)
|
1,500,000 | 1,688,205 | ||||||||||
Dallas Texas Independent School District,
|
||||||||||||
5.000%, 02/15/2020 (PSF Guaranteed)
|
2,410,000 | 2,970,759 | ||||||||||
Denton Independent School District,
|
||||||||||||
5.000%, 08/15/2023 (Callable 08/15/2022)(PSF Guaranteed)
|
3,105,000 | 3,860,974 | ||||||||||
El Paso Texas Waterworks & Sewer Revenue,
|
||||||||||||
5.000%, 08/15/2018
|
1,355,000 | 1,620,268 | ||||||||||
Frisco Texas Independent School District,
|
||||||||||||
6.000%, 08/15/2018 (Callable 08/15/2016)(PSF Guaranteed)
|
1,625,000 | 1,903,931 | ||||||||||
Georgetown Independent School District,
|
||||||||||||
4.000%, 02/15/2020
|
1,900,000 | 2,223,684 | ||||||||||
Georgetown Texas Independent School District,
|
||||||||||||
5.000%, 02/15/2016 (Callable 02/15/2015)(PSF Guaranteed)
|
1,000,000 | 1,082,520 | ||||||||||
Harris County Texas:
|
||||||||||||
5.000%, 10/01/2019
|
1,525,000 | 1,867,865 | ||||||||||
5.750%, 10/01/2020 (Pre-refunded to 10/01/2018)
|
140,000 | 175,808 | ||||||||||
5.750%, 10/01/2028 (Pre-refunded to 10/01/2018)
|
5,605,000 | 7,038,591 | ||||||||||
Harris County Texas Health Facilities Development Corporation Hospital Revenue,
|
||||||||||||
5.500%, 10/01/2019 (ETM)
|
4,530,000 | 5,410,723 | ||||||||||
Houston Texas Sewer System Revenue,
|
||||||||||||
9.375%, 10/01/2013 (Callable 04/01/2013)(ETM)
|
430,000 | 449,242 | ||||||||||
Houston Texas Utility System Revenue,
|
||||||||||||
5.250%, 05/15/2015 (Callable 05/15/2014)(Insured by NPFGC)
|
3,000,000 | 3,162,990 | ||||||||||
Houston Texas Water & Sewer System Revenue Bonds:
|
||||||||||||
0.000%, 12/01/2023 (ETM) ^
|
1,500,000 | 1,149,735 | ||||||||||
5.500%, 12/01/2029 (ETM)
|
16,050,000 | 21,793,172 | ||||||||||
Humble Texas Independent School District,
|
||||||||||||
5.000%, 02/15/2021 (PSF Guaranteed)
|
1,500,000 | 1,861,770 | ||||||||||
Killeen Independent School District,
|
||||||||||||
4.000%, 02/15/2024 (Callable 02/15/2021)(PSF Guaranteed)
|
1,000,000 | 1,114,050 | ||||||||||
La Porte Independent School District/TX:
|
||||||||||||
5.000%, 02/15/2018 (Pre-refunded to 02/15/2015)
|
1,230,000 | 1,337,527 | ||||||||||
5.000%, 02/15/2018 (Callable 02/15/2015)
|
85,000 | 91,799 | ||||||||||
Lamar Consolidated Independent School District,
|
||||||||||||
5.000%, 02/15/2021 (PSF Guaranteed)
|
6,760,000 | 8,407,209 |
Lubbock Texas,
|
||||||||||||
5.000%, 02/15/2021 (Callable 02/15/2018)(Insured by AGM)
|
3,425,000 | 3,971,561 | ||||||||||
Lubbock Texas Housing Finance Corp.,
|
||||||||||||
8.000%, 10/01/2021 (ETM)
|
1,730,000 | 2,523,672 | ||||||||||
Lubbock Texas Independent School District,
|
||||||||||||
4.000%, 02/15/2022 (Callable 02/15/2020)(PSF Guaranteed)
|
1,000,000 | 1,129,080 | ||||||||||
Lufkin Texas Independent School District,
|
||||||||||||
5.000%, 08/15/2015 (Callable 08/15/2014)(PSF Guaranteed)
|
1,735,000 | 1,845,641 | ||||||||||
Magnolia Texas Independent School District,
|
||||||||||||
5.000%, 08/15/2016 (PSF Guaranteed)
|
1,475,000 | 1,687,252 | ||||||||||
Mission Consolidation Independent School District,
|
||||||||||||
5.000%, 02/15/2019 (Callable 02/15/2015)(PSF Guaranteed)
|
1,265,000 | 1,366,681 | ||||||||||
North Central Texas Health Facilities Revenue,
|
||||||||||||
5.750%, 02/15/2015 (ETM)
|
1,125,000 | 1,223,561 | ||||||||||
Pasadena Independent School District,
|
||||||||||||
5.000%, 02/15/2022 (Callable 02/15/2021)(PSF Guaranteed)
|
1,115,000 | 1,368,261 | ||||||||||
Retama Texas Development Corporation Special Facilities Revenue,
|
||||||||||||
8.750%, 12/15/2018 (ETM)
|
2,035,000 | 2,873,481 | ||||||||||
Rockwall Texas Independent School District,
|
||||||||||||
5.000%, 02/15/2015 (PSF Guaranteed)
|
1,295,000 | 1,407,186 | ||||||||||
San Antonio Texas Electric & Gas Revenue,
|
||||||||||||
5.650%, 02/01/2019 (ETM)
|
11,665,000 | 14,029,379 | ||||||||||
San Antonio Texas Hotel Occupancy Tax Revenue Bonds,
|
||||||||||||
0.000%, 08/15/2015 (ETM) ^
|
2,100,000 | 2,070,915 | ||||||||||
San Antonio Texas Independent School District,
|
||||||||||||
5.000%, 08/15/2017 (Callable 08/15/2015)(PSF Guaranteed)
|
2,000,000 | 2,216,480 | ||||||||||
Spring Texas Independent School District,
|
||||||||||||
5.000%, 08/15/2019 (Callable 08/15/2018)(PSF Guaranteed)
|
1,020,000 | 1,230,885 | ||||||||||
Tarrant County Texas Health Facilities Revenue,
|
||||||||||||
6.000%, 09/01/2024 (ETM)
|
7,990,000 | 10,191,485 | ||||||||||
Tarrant County Texas Housing Finance Corporation Revenue Bonds,
|
||||||||||||
0.000%, 09/15/2016 (ETM) ^
|
1,800,000 | 1,757,124 | ||||||||||
Texas State:
|
||||||||||||
5.000%, 10/01/2018
|
6,285,000 | 7,633,258 | ||||||||||
5.000%, 04/01/2020 (Callable 04/01/2016)
|
3,965,000 | 4,469,348 | ||||||||||
Tomball Hospital Authority,
|
||||||||||||
5.000%, 07/01/2020 (Pre-refunded to 07/01/2015)
|
2,200,000 | 2,426,402 | ||||||||||
University of Texas Revenue Bonds,
|
||||||||||||
5.000%, 08/15/2018 (Pre-refunded to 08/15/2016)
|
1,225,000 | 1,402,160 | ||||||||||
155,051,494 | 12.9 | % | ||||||||||
Utah
|
||||||||||||
Granite School District Board of Education:
|
||||||||||||
5.000%, 06/01/2022 (Callable 06/01/2021)
|
3,900,000 | 4,799,964 | ||||||||||
5.000%, 06/01/2023 (Callable 06/01/2021)
|
1,750,000 | 2,134,633 | ||||||||||
Salt Lake City Utah Hospital Revenue,
|
||||||||||||
8.125%, 05/15/2015 (Callable 02/04/2013)(ETM)
|
285,000 | 304,397 | ||||||||||
7,238,994 | 0.6 | % | ||||||||||
Virginia
|
||||||||||||
Bristol Virginia Utility Systems General Obligations,
|
||||||||||||
5.500%, 11/01/2018 (ETM)
|
1,095,000 | 1,306,259 | ||||||||||
Danville Industrial Development Authority,
|
||||||||||||
5.250%, 10/01/2028 (ETM)
|
1,500,000 | 1,901,625 | ||||||||||
Tobacco Settlement Financing Corporation Revenue,
|
||||||||||||
5.625%, 06/01/2037 (Pre-refunded to 06/01/2015)
|
7,775,000 | 8,641,057 | ||||||||||
Virginia Public School Authority,
|
||||||||||||
6.250%, 12/01/2028 (Callable 12/01/2018)
|
1,285,000 | 1,656,198 | ||||||||||
13,505,139 | 1.1 | % | ||||||||||
Washington
|
||||||||||||
King County Washington,
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
|||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
|||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
|||
the period. These standards define fair value as the price 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.
|
|||
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions
market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income
|
||||||||||||||||
Municipal Bonds
|
$ | - | $ | 1,165,727,139 | $ | - | $ | 1,165,727,139 | ||||||||
Total Fixed Income
|
- | 1,165,727,139 | - | 1,165,727,139 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Fund
|
8,709,497 | - | - | 8,709,497 | ||||||||||||
Total Short-Term Investments
|
8,709,497 | - | - | 8,709,497 | ||||||||||||
Total Investments
|
$ | 8,709,497 | $ | 1,165,727,139 | $ | - | $ | 1,174,436,636 | ||||||||
Changes in valuation techniques may result in transfers into or out of current assigned levels within the hierarchy. There were no transfers between Level 1, Level 2
|
||||
and Level 3 fair value measurements during the reporting period, as compared to their classification from the prior year's annual report.
|
Baird Aggregate Bond Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
March 31, 2013 (Unaudited)
|
|||||||||||||
Principal
|
Market
|
% of
|
|||||||||||
Amount
|
Value
|
Net Assets
|
|||||||||||
LONG-TERM INVESTMENTS
|
|||||||||||||
U.S. Treasury Securities
|
|||||||||||||
U.S. Treasury Bonds:
|
|||||||||||||
1.250%, 04/30/2019
|
$ | 112,600,000 | $ | 114,113,119 | |||||||||
5.250%, 11/15/2028
|
52,150,000 | 70,646,979 | |||||||||||
4.375%, 02/15/2038 @
|
52,050,000 | 65,070,620 | |||||||||||
249,830,718 | 14.9 | % | |||||||||||
Taxable Municipal Bonds
|
|||||||||||||
Atlanta Independent School System,
|
|||||||||||||
5.557%, 03/01/2026
|
5,000,000 | 5,901,550 | |||||||||||
California Qualified School Construction Bonds:
|
|||||||||||||
5.041%, 07/01/2020
|
2,500,000 | 2,850,125 | |||||||||||
7.155%, 03/01/2027
|
7,500,000 | 8,786,025 | |||||||||||
California School Finance Authority,
|
|||||||||||||
5.043%, 01/01/2021 (Callable 12/31/2015)
|
2,000,000 | 2,099,240 | |||||||||||
Contra Costa County California Pension Obligation,
|
|||||||||||||
5.140%, 06/01/2017
|
5,975,000 | 6,620,957 | |||||||||||
Cuyahoga County Ohio Industrial Development Revenue,
|
|||||||||||||
9.125%, 10/01/2023
|
1,000,000 | 987,240 | |||||||||||
Eaton Ohio Community City Schools,
|
|||||||||||||
5.390%, 08/25/2027 (Callable 06/01/2020)
|
2,580,000 | 2,813,774 | |||||||||||
Elgin Ohio LOC School District,
|
|||||||||||||
5.499%, 08/31/2027 (Callable 12/01/2019)
|
4,975,000 | 5,344,842 | |||||||||||
New Hampshire Housing Finance Authority:
|
|||||||||||||
3.050%, 01/01/2021
|
1,400,000 | 1,409,156 | |||||||||||
3.750%, 07/01/2034 (Callable 07/01/2023)
|
1,765,000 | 1,854,044 | |||||||||||
San Dieguito California Public Facilities,
|
|||||||||||||
6.459%, 05/01/2027
|
6,500,000 | 7,742,735 | |||||||||||
State Public School Building Authorities Revenue,
|
|||||||||||||
5.000%, 09/15/2027
|
5,000,000 | 5,880,050 | |||||||||||
Three Rivers Ohio LOC School District,
|
|||||||||||||
5.209%, 09/15/2027 (Callable 12/01/2020)
|
2,650,000 | 2,873,209 | |||||||||||
Tobacco Settlement Authority Iowa,
|
|||||||||||||
6.500%, 06/01/2023 (Callable 06/01/2015)
|
6,960,000 | 6,933,691 | |||||||||||
West Contra Costa Unified School District,
|
|||||||||||||
6.250%, 08/01/2030
|
2,000,000 | 2,221,140 | |||||||||||
Westlake Ohio City School District,
|
|||||||||||||
5.227%, 12/01/2026 (Callable 12/01/2020)
|
4,000,000 | 4,476,480 | |||||||||||
68,794,258 | 4.1 | % | |||||||||||
Other Government Related Securities
|
|||||||||||||
Corp Andina de Fomento,
|
|||||||||||||
4.375%, 06/15/2022 f
|
6,342,000 | 6,884,672 | |||||||||||
Korea Electric Power Corporation,
|
|||||||||||||
6.750%, 08/01/2027 f
|
2,165,000 | 2,937,544 | |||||||||||
National Bank of Hungary Yankee Debentures,
|
|||||||||||||
8.875%, 11/01/2013 f
|
510,000 | 527,022 | |||||||||||
PEMEX Finance Ltd.,
|
|||||||||||||
10.610%, 08/15/2017 f
|
3,000,000 | 3,650,003 | |||||||||||
PEMEX Project Funding Master Trust:
|
|||||||||||||
5.750%, 03/01/2018 @
|
2,800,000 | 3,216,500 | |||||||||||
6.625%, 06/15/2035
|
1,000,000 | 1,197,500 | |||||||||||
Petrobras International Finance Company:
|
|||||||||||||
3.500%, 02/06/2017 f
|
5,000,000 | 5,162,465 | |||||||||||
5.750%, 01/20/2020 f
|
1,000,000 | 1,101,375 | |||||||||||
The Export-Import Bank of Korea,
|
|||||||||||||
4.000%, 01/11/2017 f
|
1,600,000 | 1,742,755 | |||||||||||
Westdeutsche Landesbank Subordinated Notes,
|
|||||||||||||
4.796%, 07/15/2015 f
|
2,788,000 | 2,989,151 | |||||||||||
29,408,987 | 1.7 | % | |||||||||||
Corporate Bonds
|
|||||||||||||
Industrials
|
|||||||||||||
Acuity Brands Lighting Inc.,
|
|||||||||||||
6.000%, 12/15/2019
|
4,200,000 | 4,807,186 |
Ameritech Capital Funding Debentures:
|
|||||||||||||
9.100%, 06/01/2016
|
1,506,774 | 1,737,348 | |||||||||||
6.450%, 01/15/2018
|
2,989,000 | 3,536,540 | |||||||||||
Anadarko Petroleum Corporation,
|
|||||||||||||
6.375%, 09/15/2017
|
6,000,000 | 7,161,672 | |||||||||||
Anglo American Capital PLC:
|
|||||||||||||
9.375%, 04/08/2014 (Acquired 08/29/2012, Cost $4,317,670) * f
|
4,000,000 | 4,318,316 | |||||||||||
9.375%, 04/08/2019 (Acquired 04/02/2009, Cost $2,000,000) * f
|
2,000,000 | 2,672,692 | |||||||||||
Bunge Limited Finance Corporation,
|
|||||||||||||
5.100%, 07/15/2015
|
1,289,000 | 1,397,726 | |||||||||||
Bunge N.A. Finance L.P.,
|
|||||||||||||
5.900%, 04/01/2017
|
3,800,000 | 4,309,135 | |||||||||||
Canadian Natural Resources Limited,
|
|||||||||||||
6.500%, 02/15/2037 f
|
1,100,000 | 1,367,540 | |||||||||||
CenturyLink Inc.,
|
|||||||||||||
Series R, 5.150%, 06/15/2017 @
|
3,000,000 | 3,157,500 | |||||||||||
Comcast Corporation:
|
|||||||||||||
4.250%, 01/15/2033 @
|
6,400,000 | 6,442,355 | |||||||||||
6.950%, 08/15/2037
|
1,000,000 | 1,329,617 | |||||||||||
ConAgra Foods, Inc.:
|
|||||||||||||
5.819%, 06/15/2017
|
1,687,000 | 1,957,433 | |||||||||||
4.950%, 08/15/2020 (Acquired 07/21/2010, Cost $1,996,800) *
|
2,000,000 | 2,290,210 | |||||||||||
9.750%, 03/01/2021
|
120,000 | 161,928 | |||||||||||
Continental Airlines, Inc. Pass Through Trust,
|
|||||||||||||
Series 974A, 6.900%, 01/02/2018
|
271,775 | 296,574 | |||||||||||
Deutsche Telekom International Finance B.V.,
|
|||||||||||||
8.750%, 06/15/2030 f
|
460,000 | 651,370 | |||||||||||
Donnelley (R.R.) & Sons Co.:
|
|||||||||||||
8.600%, 08/15/2016
|
2,500,000 | 2,875,000 | |||||||||||
6.125%, 01/15/2017 @
|
2,000,000 | 2,130,000 | |||||||||||
7.625%, 06/15/2020 @
|
1,000,000 | 1,041,250 | |||||||||||
D.R. Horton, Inc.,
|
|||||||||||||
6.500%, 04/15/2016
|
1,000,000 | 1,110,000 | |||||||||||
Express Scripts Holding Co,
|
|||||||||||||
2.650%, 02/15/2017
|
3,000,000 | 3,142,374 | |||||||||||
Federal Express Corp. 1998 Pass Through Trust,
|
|||||||||||||
Series 981B, 6.845%, 01/15/2019
|
2,528,070 | 2,876,339 | |||||||||||
Fidelity National Information Services, Inc.:
|
|||||||||||||
7.625%, 07/15/2017
|
5,835,000 | 6,243,450 | |||||||||||
7.875%, 07/15/2020
|
3,000,000 | 3,382,500 | |||||||||||
Fiserv, Inc.,
|
|||||||||||||
4.625%, 10/01/2020
|
2,000,000 | 2,166,528 | |||||||||||
Glencore Funding LLC,
|
|||||||||||||
6.000%, 04/15/2014 (Acquired 03/31/2004 through 06/20/2011, Cost $8,119,156) *
|
8,092,000 | 8,476,265 | |||||||||||
GTE Corporation:
|
|||||||||||||
6.840%, 04/15/2018
|
3,565,000 | 4,405,555 | |||||||||||
8.750%, 11/01/2021
|
100,000 | 136,832 | |||||||||||
Health Management Association,
|
|||||||||||||
6.125%, 04/15/2016
|
650,000 | 713,375 | |||||||||||
Highmark Inc. Notes,
|
|||||||||||||
4.750%, 05/15/2021 (Acquired 05/03/2011, Cost $2,987,880) *
|
3,000,000 | 2,994,054 | |||||||||||
Holcim U.S. Finance,
|
|||||||||||||
6.000%, 12/30/2019 (Acquired 09/24/2009 through 06/26/2012, Cost $1,096,208) * f
|
1,105,000 | 1,290,860 | |||||||||||
Hospira, Inc.,
|
|||||||||||||
6.050%, 03/30/2017
|
5,000,000 | 5,689,695 | |||||||||||
Hutchison Whampoa International Ltd.,
|
|||||||||||||
7.625%, 04/09/2019 (Acquired 10/22/2009 through 10/29/2009, Cost $6,213,029) * f
|
5,700,000 | 7,305,878 | |||||||||||
Hyundai Capital Services Inc.,
|
|||||||||||||
3.500%, 09/13/2017 (Acquired 03/07/2012, Cost $1,807,968) * f
|
1,800,000 | 1,915,445 | |||||||||||
Johnson Controls Inc.,
|
|||||||||||||
6.000%, 01/15/2036
|
1,000,000 | 1,191,523 | |||||||||||
Lafarge SA,
|
|||||||||||||
7.125%, 07/15/2036 f
|
1,000,000 | 1,065,000 | |||||||||||
Martin Marietta Materials, Inc.,
|
|||||||||||||
6.250%, 05/01/2037
|
1,000,000 | 1,034,163 | |||||||||||
Masco Corporation,
|
|||||||||||||
6.125%, 10/03/2016
|
1,000,000 | 1,116,704 | |||||||||||
Murphy Oil Corporation,
|
|||||||||||||
4.000%, 06/01/2022
|
5,000,000 | 4,984,975 | |||||||||||
Mylan Inc.,
|
6.000%, 11/15/2018 (Acquired 02/01/2013 through 02/12/2013, Cost $6,759,536) *
|
6,158,000 | 6,762,044 | |||||||||||
Nabors Industries, Inc.:
|
|||||||||||||
6.150%, 02/15/2018
|
1,100,000 | 1,250,694 | |||||||||||
9.250%, 01/15/2019
|
3,608,000 | 4,640,545 | |||||||||||
National Oilwell Varco Inc.,
|
|||||||||||||
Series B, 6.125%, 08/15/2015
|
7,045,000 | 7,086,418 | |||||||||||
New Cingular Wireless Services, Inc.,
|
|||||||||||||
8.750%, 03/01/2031
|
1,300,000 | 2,023,906 | |||||||||||
Pactiv Corporation,
|
|||||||||||||
7.950%, 12/15/2025
|
320,000 | 304,000 | |||||||||||
Petrohawk Energy Corporation,
|
|||||||||||||
7.250%, 08/15/2018
|
6,908,000 | 7,729,672 | |||||||||||
Plum Creek Timberlands, L.P.,
|
|||||||||||||
5.875%, 11/15/2015
|
4,355,000 | 4,837,748 | |||||||||||
Questar Market Resources Inc.,
|
|||||||||||||
6.800%, 03/01/2020
|
1,000,000 | 1,107,500 | |||||||||||
Rio Tinto Alcan, Inc.,
|
|||||||||||||
5.750%, 06/01/2035 f
|
500,000 | 594,109 | |||||||||||
Rio Tinto Finance (USA) Limited,
|
|||||||||||||
9.000%, 05/01/2019 f
|
5,000,000 | 6,888,165 | |||||||||||
SK Telecom,
|
|||||||||||||
6.625%, 07/20/2027 (Acquired 07/13/2007, Cost $1,482,015) * f
|
1,500,000 | 1,904,880 | |||||||||||
Sprint Capital Corporation:
|
|||||||||||||
6.900%, 05/01/2019
|
2,800,000 | 3,073,000 | |||||||||||
8.750%, 03/15/2032
|
358,000 | 426,915 | |||||||||||
Talisman Energy Inc.,
|
|||||||||||||
7.750%, 06/01/2019 f
|
1,000,000 | 1,267,583 | |||||||||||
Telecom Italia Capital, SA:
|
|||||||||||||
7.175%, 06/18/2019 @ f
|
2,000,000 | 2,274,624 | |||||||||||
7.200%, 07/18/2036 f
|
5,519,000 | 5,499,623 | |||||||||||
Telefonica Emisiones S.A.U.:
|
|||||||||||||
6.421%, 06/20/2016 @ f
|
2,050,000 | 2,273,592 | |||||||||||
6.221%, 07/03/2017 @ f
|
5,075,000 | 5,678,336 | |||||||||||
Time Warner, Inc.:
|
|||||||||||||
7.625%, 04/15/2031
|
1,100,000 | 1,488,344 | |||||||||||
7.700%, 05/01/2032
|
6,630,000 | 9,035,032 | |||||||||||
6.550%, 05/01/2037
|
1,000,000 | 1,153,869 | |||||||||||
6.750%, 06/15/2039
|
3,100,000 | 3,658,363 | |||||||||||
Tyco Electronics Group S.A.,
|
|||||||||||||
6.550%, 10/01/2017 f
|
7,000,000 | 8,370,838 | |||||||||||
United AirLines, Inc. Pass Through Trust,
|
|||||||||||||
Series 002C, 7.762%, 04/29/2049 § **
|
53,574 | 1,607 | |||||||||||
U.S. Airways Pass Through Trust,
|
|||||||||||||
Series 981A, 6.850%, 01/30/2018
|
269,231 | 283,702 | |||||||||||
Vale Overseas Limited:
|
|||||||||||||
8.250%, 01/17/2034 f
|
3,950,000 | 5,064,267 | |||||||||||
6.875%, 11/21/2036 f
|
1,550,000 | 1,760,577 | |||||||||||
6.875%, 11/10/2039 f
|
1,000,000 | 1,140,304 | |||||||||||
Volkswagen International Finance N.V.,
|
|||||||||||||
1.032%, 03/21/2014 (Acquired 08/13/2012, Cost $1,805,231) * f
|
1,800,000 | 1,806,062 | |||||||||||
Vulcan Materials Co.:
|
|||||||||||||
7.000%, 06/15/2018
|
2,000,000 | 2,270,000 | |||||||||||
7.150%, 11/30/2037
|
500,000 | 511,250 | |||||||||||
Westvaco Corporation,
|
|||||||||||||
9.750%, 06/15/2020
|
160,000 | 218,744 | |||||||||||
Woodside Finance Limited,
|
|||||||||||||
8.125%, 03/01/2014 (Acquired 02/24/2009, Cost $3,598,884) * f
|
3,600,000 | 3,830,432 | |||||||||||
Xerox Corporation,
|
|||||||||||||
8.250%, 05/15/2014
|
5,220,000 | 5,632,625 | |||||||||||
Xstrata Finance Canada Ltd,
|
|||||||||||||
5.800%, 11/15/2016 (Acquired 12/06/2011, Cost $732,844) * f
|
690,000 | 785,582 | |||||||||||
Yara International ASA,
|
|||||||||||||
5.250%, 12/15/2014 (Acquired 10/02/2012 through 11/09/2012, Cost $6,690,733) * f
|
6,290,000 | 6,712,223 | |||||||||||
234,230,082 | 13.9 | % | |||||||||||
Utility
|
|||||||||||||
Ameren Corporation,
|
|||||||||||||
8.875%, 05/15/2014
|
6,900,000 | 7,450,247 | |||||||||||
Appalachian Power Company,
|
|||||||||||||
0.665%, 08/16/2013
|
3,000,000 | 3,003,252 | |||||||||||
Arizona Public Service Senior Unsecured Notes,
|
8.750%, 03/01/2019
|
850,000 | 1,148,286 | |||||||||||
Beaver Valley Funding Corporation Debentures,
|
|||||||||||||
9.000%, 06/01/2017
|
1,220,000 | 1,236,287 | |||||||||||
Constellation Energy Group Inc.,
|
|||||||||||||
4.550%, 06/15/2015
|
5,862,000 | 6,300,841 | |||||||||||
DCP Midstream, LLC,
|
|||||||||||||
9.750%, 03/15/2019 (Acquired 02/29/2012 through 10/15/2012, Cost $7,268,069) *
|
5,675,000 | 7,473,833 | |||||||||||
El Paso Pipeline Partners Operating Co LLC,
|
|||||||||||||
7.500%, 11/15/2040
|
4,500,000 | 5,903,091 | |||||||||||
Enel Finance International:
|
|||||||||||||
5.125%, 10/07/2019 (Acquired 09/30/2009, Cost $2,464,110) * f
|
2,475,000 | 2,625,851 | |||||||||||
6.800%, 09/15/2037 (Acquired 09/13/2007, Cost $1,894,965) * f
|
1,900,000 | 1,962,142 | |||||||||||
Energy Transfer Partners, L.P.,
|
|||||||||||||
9.700%, 03/15/2019
|
1,000,000 | 1,347,981 | |||||||||||
Exelon Generation Company, LLC,
|
|||||||||||||
6.200%, 10/01/2017
|
2,200,000 | 2,579,256 | |||||||||||
FPL Group Capital, Inc.,
|
|||||||||||||
Series D, 7.300%, 09/01/2067
|
2,500,000 | 2,825,000 | |||||||||||
GG1C Funding Corporation,
|
|||||||||||||
5.129%, 01/15/2014 (Acquired 06/27/2006, Cost $182,039) *
|
183,144 | 184,927 | |||||||||||
Kinder Morgan Energy Partners, L.P.:
|
|||||||||||||
9.000%, 02/01/2019 @
|
1,000,000 | 1,337,874 | |||||||||||
6.950%, 01/15/2038
|
2,250,000 | 2,824,225 | |||||||||||
6.500%, 09/01/2039
|
1,000,000 | 1,206,823 | |||||||||||
Kinder Morgan Finance,
|
|||||||||||||
5.700%, 01/05/2016 @ f
|
900,000 | 978,598 | |||||||||||
Kiowa Power Partners LLC,
|
|||||||||||||
4.811%, 12/30/2013 (Acquired 12/23/2011, Cost $91,640) *
|
90,652 | 91,352 | |||||||||||
Korea Gas Corp.,
|
|||||||||||||
4.250%, 11/02/2020 (Acquired 10/26/2010, Cost $2,587,026) * f
|
2,600,000 | 2,850,440 | |||||||||||
Mega Advance Investments Ltd,
|
|||||||||||||
5.000%, 05/12/2021 (Acquired 05/09/2011, Cost $5,443,790) * @ f
|
5,500,000 | 6,240,184 | |||||||||||
National Rural Utilities Corporation,
|
|||||||||||||
8.000%, 03/01/2032
|
2,300,000 | 3,382,161 | |||||||||||
Nustar Pipeline Operating Partnership L.P.,
|
|||||||||||||
5.875%, 06/01/2013
|
1,000,000 | 1,005,850 | |||||||||||
ONEOK Partners, L.P.,
|
|||||||||||||
6.150%, 10/01/2016
|
3,401,000 | 3,930,648 | |||||||||||
PPL Energy Supply, LLC,
|
|||||||||||||
Series A, 5.700%, 10/15/2015
|
2,060,000 | 2,247,137 | |||||||||||
PSEG Power LLC:
|
|||||||||||||
5.320%, 09/15/2016 @
|
3,223,000 | 3,640,762 | |||||||||||
5.125%, 04/15/2020
|
4,005,000 | 4,552,147 | |||||||||||
RGS (I&M) Funding Corporation Debentures,
|
|||||||||||||
Series F, 9.820%, 12/07/2022
|
1,134,054 | 1,355,982 | |||||||||||
Rockies Express Pipeline LLC,
|
|||||||||||||
5.625%, 04/15/2020 (Acquired 03/17/2010, Cost $1,998,220) * @
|
2,000,000 | 1,855,000 | |||||||||||
Southern Natural Gas,
|
|||||||||||||
5.900%, 04/01/2017 (Acquired 03/14/2007, Cost $1,397,676) *
|
1,400,000 | 1,631,748 | |||||||||||
Spectra Energy Capital LLC,
|
|||||||||||||
5.668%, 08/15/2014
|
1,000,000 | 1,064,097 | |||||||||||
Williams Partners L.P.,
|
|||||||||||||
6.300%, 04/15/2040
|
3,100,000 | 3,607,002 | |||||||||||
87,843,024 | 5.2 | % | |||||||||||
Finance
|
|||||||||||||
Ally Financial Inc.,
|
|||||||||||||
6.750%, 12/01/2014 @
|
150,000 | 160,875 | |||||||||||
American General Finance Corporation:
|
|||||||||||||
5.850%, 06/01/2013
|
1,000,000 | 1,006,250 | |||||||||||
6.900%, 12/15/2017
|
500,000 | 502,500 | |||||||||||
American International Group, Inc.:
|
|||||||||||||
5.600%, 10/18/2016
|
3,000,000 | 3,408,894 | |||||||||||
8.250%, 08/15/2018
|
2,000,000 | 2,591,026 | |||||||||||
8.175%, 05/15/2058
|
1,000,000 | 1,346,250 | |||||||||||
Ameriprise Financial, Inc.,
|
|||||||||||||
7.300%, 06/28/2019 @
|
2,000,000 | 2,610,956 | |||||||||||
AmSouth Bancorp,
|
|||||||||||||
6.750%, 11/01/2025
|
250,000 | 270,077 | |||||||||||
Associates Corporation of North America,
|
|||||||||||||
6.950%, 11/01/2018
|
5,225,000 | 6,381,193 |
BAC Capital Trust VI,
|
|||||||||||||
5.625%, 03/08/2035
|
400,000 | 405,221 | |||||||||||
Bank of America Corporation Subordinated Notes,
|
|||||||||||||
10.200%, 07/15/2015
|
1,715,000 | 2,004,257 | |||||||||||
Banponce Trust I,
|
|||||||||||||
Series A, 8.327%, 02/01/2027
|
2,175,000 | 1,903,125 | |||||||||||
Barclays Bank PLC,
|
|||||||||||||
6.750%, 05/22/2019 f
|
4,000,000 | 4,975,516 | |||||||||||
BNP Paribas SA,
|
|||||||||||||
3.250%, 03/03/2023 f
|
4,000,000 | 3,887,620 | |||||||||||
Cie de Financement Foncier SA,
|
|||||||||||||
2.500%, 09/16/2015 (Acquired 08/13/2012 through 08/14/2012, Cost $1,536,477) * f
|
1,500,000 | 1,555,150 | |||||||||||
Citigroup, Inc.:
|
|||||||||||||
4.450%, 01/10/2017
|
1,000,000 | 1,100,936 | |||||||||||
6.125%, 11/21/2017 @
|
2,775,000 | 3,281,080 | |||||||||||
CNA Financial Corporation,
|
|||||||||||||
6.500%, 08/15/2016
|
5,000,000 | 5,754,635 | |||||||||||
Commonwealth Bank of Australia,
|
|||||||||||||
0.905%, 10/08/2015 (Acquired 01/09/2013, Cost $5,002,887) * f
|
5,000,000 | 4,997,570 | |||||||||||
Countrywide Financial Corporation,
|
|||||||||||||
6.250%, 05/15/2016
|
5,330,000 | 5,936,730 | |||||||||||
Credit Agricole S.A.,
|
|||||||||||||
6.637%, 05/29/2049 (Acquired 05/23/2007, Cost $1,000,000) * f
|
1,000,000 | 915,000 | |||||||||||
Credit Suisse New York,
|
|||||||||||||
5.300%, 08/13/2019 f
|
1,575,000 | 1,856,653 | |||||||||||
Dresdner Bank AG,
|
|||||||||||||
7.250%, 09/15/2015 @ f
|
2,410,000 | 2,605,863 | |||||||||||
First Empire Capital Trust I,
|
|||||||||||||
8.234%, 02/01/2027
|
3,135,000 | 3,189,709 | |||||||||||
First Empire Capital Trust II,
|
|||||||||||||
8.277%, 06/01/2027
|
1,575,000 | 1,590,750 | |||||||||||
First Hawaiian Capital Trust I,
|
|||||||||||||
Series B, 8.343%, 07/01/2027
|
3,749,000 | 3,833,352 | |||||||||||
First National Bank of Chicago Pass Through Trust,
|
|||||||||||||
Series 93-A, 8.080%, 01/05/2018
|
464,293 | 514,485 | |||||||||||
First Tennessee Bank, National Association,
|
|||||||||||||
5.050%, 01/15/2015
|
5,045,000 | 5,286,237 | |||||||||||
FMR LLC,
|
|||||||||||||
4.950%, 02/01/2033 (Acquired 01/29/2013, Cost $1,997,480) *
|
2,000,000 | 2,069,146 | |||||||||||
General Electric Capital Corporation:
|
|||||||||||||
5.625%, 05/01/2018
|
6,200,000 | 7,337,514 | |||||||||||
4.650%, 10/17/2021
|
6,000,000 | 6,717,312 | |||||||||||
Genworth Financial, Inc.,
|
|||||||||||||
5.750%, 06/15/2014 @
|
1,416,000 | 1,484,716 | |||||||||||
Genworth Life Institutional Funding Trust,
|
|||||||||||||
5.875%, 05/03/2013 (Acquired 04/14/2011, Cost $6,517,851) *
|
6,500,000 | 6,527,489 | |||||||||||
GMAC Inc.:
|
|||||||||||||
7.500%, 12/31/2013
|
336,000 | 350,280 | |||||||||||
8.000%, 12/31/2018
|
403,000 | 482,089 | |||||||||||
Goldman Sachs Capital I,
|
|||||||||||||
6.345%, 02/15/2034 @
|
1,180,000 | 1,229,416 | |||||||||||
Great West Life & Annuity Insurance,
|
|||||||||||||
7.153%, 05/16/2046 (Acquired 05/16/2006 through 11/08/2007, Cost $2,783,656) *
|
2,800,000 | 2,968,000 | |||||||||||
HSBC Holdings PLC,
|
|||||||||||||
6.500%, 09/15/2037 f
|
2,100,000 | 2,572,254 | |||||||||||
HSBC USA Capital Trust I,
|
|||||||||||||
7.808%, 12/15/2026 (Acquired 03/08/2007, Cost $405,796) *
|
400,000 | 407,000 | |||||||||||
HSBC USA Capital Trust III,
|
|||||||||||||
8.380%, 05/15/2027 (Acquired 11/06/2007, Cost $508,848) *
|
500,000 | 510,520 | |||||||||||
Humana Inc.,
|
|||||||||||||
7.200%, 06/15/2018
|
2,000,000 | 2,448,482 | |||||||||||
Industrial Bank of Korea,
|
|||||||||||||
3.750%, 09/29/2016 (Acquired 03/22/2011, Cost $496,855) * f
|
500,000 | 538,349 | |||||||||||
ING Bank N.V.:
|
|||||||||||||
4.000%, 03/15/2016 (Acquired 03/08/2011, Cost $3,648,029) * f
|
3,650,000 | 3,910,975 | |||||||||||
3.750%, 03/07/2017 (Acquired 03/28/2012, Cost $2,132,951) * f
|
2,150,000 | 2,291,105 | |||||||||||
Jefferies Group, Inc.:
|
|||||||||||||
6.875%, 04/15/2021
|
4,000,000 | 4,669,360 | |||||||||||
6.250%, 01/15/2036
|
1,445,000 | 1,506,413 | |||||||||||
John Hancock Mutual Life Insurance Company,
|
7.375%, 02/15/2024 (Acquired 08/26/2010, Cost $7,596,682) *
|
6,800,000 | 8,641,073 | |||||||||||
J.P. Morgan Chase Bank NA,
|
|||||||||||||
5.875%, 06/13/2016
|
3,000,000 | 3,395,355 | |||||||||||
J.P. Morgan Chase & Co.,
|
|||||||||||||
5.600%, 07/15/2041
|
4,600,000 | 5,471,088 | |||||||||||
Kaupthing Bank,
|
|||||||||||||
5.750%, 10/04/2011 (Acquired 06/06/2008 through 07/22/2008, Cost $969,046) * § f **
|
1,250,000 | 300,000 | |||||||||||
Kookmin Bank,
|
|||||||||||||
7.250%, 05/14/2014 (Acquired 08/24/2009 through 03/10/2010, Cost $5,137,756) * f
|
5,000,000 | 5,330,960 | |||||||||||
Liberty Mutual Group Inc.,
|
|||||||||||||
10.750%, 06/15/2058 (Acquired 05/21/2008, Cost $2,445,125) *
|
2,500,000 | 3,862,500 | |||||||||||
Liberty Mutual Insurance Company,
|
|||||||||||||
7.697%, 10/15/2097 (Acquired 03/26/2003, Cost $361,720) *
|
565,000 | 618,428 | |||||||||||
Lincoln National Corporation,
|
|||||||||||||
6.050%, 04/20/2067
|
1,125,000 | 1,130,625 | |||||||||||
Lloyds TSB Bank PLC,
|
|||||||||||||
5.800%, 01/13/2020 (Acquired 02/10/2010, Cost $1,564,487) * f
|
1,600,000 | 1,883,664 | |||||||||||
Marsh & McLennan Companies, Inc.:
|
|||||||||||||
2.300%, 04/01/2017 @
|
2,500,000 | 2,563,710 | |||||||||||
9.250%, 04/15/2019
|
1,650,000 | 2,214,694 | |||||||||||
Massachusetts Mutual Life Insurance Company,
|
|||||||||||||
8.875%, 06/01/2039 (Acquired 05/27/2009, Cost $987,100) *
|
1,000,000 | 1,545,838 | |||||||||||
MBIA Insurance Corp.,
|
|||||||||||||
14.000%, 01/15/2033 (Acquired 01/11/2008, Cost $800,000) * @
|
800,000 | 184,000 | |||||||||||
Merrill Lynch & Company:
|
|||||||||||||
6.400%, 08/28/2017
|
1,000,000 | 1,173,692 | |||||||||||
6.875%, 04/25/2018
|
1,750,000 | 2,112,285 | |||||||||||
7.750%, 05/14/2038
|
1,275,000 | 1,699,297 | |||||||||||
Metlife, Inc.,
|
|||||||||||||
6.500%, 12/15/2032
|
522,000 | 664,588 | |||||||||||
Mizuho Corporate Bank, Ltd.,
|
|||||||||||||
1.850%, 03/21/2018 (Acquired 03/14/2013, Cost $3,495,170) * f
|
3,500,000 | 3,509,100 | |||||||||||
Morgan Stanley:
|
|||||||||||||
4.750%, 04/01/2014
|
1,075,000 | 1,111,373 | |||||||||||
4.000%, 07/24/2015
|
1,000,000 | 1,055,419 | |||||||||||
Morgan Stanley Dean Witter & Co.,
|
|||||||||||||
6.750%, 10/15/2013
|
3,644,000 | 3,758,367 | |||||||||||
National Australia Bank Limited,
|
|||||||||||||
0.805%, 10/08/2015 (Acquired 01/16/2013, Cost $10,011,579) * f
|
10,000,000 | 9,995,120 | |||||||||||
National City Bank of Cleveland,
|
|||||||||||||
5.800%, 06/07/2017
|
2,000,000 | 2,343,852 | |||||||||||
Protective Life Corp.,
|
|||||||||||||
7.375%, 10/15/2019
|
2,950,000 | 3,621,104 | |||||||||||
Prudential Covered Trust 2012-1,
|
|||||||||||||
2.997%, 09/30/2015 (Acquired 12/19/2012, Cost $7,322,613) *
|
7,065,000 | 7,366,153 | |||||||||||
Regions Financial Corporation:
|
|||||||||||||
7.750%, 11/10/2014
|
1,000,000 | 1,102,480 | |||||||||||
5.750%, 06/15/2015
|
2,000,000 | 2,170,200 | |||||||||||
Regions Financing Trust II,
|
|||||||||||||
6.625%, 05/15/2047
|
4,750,000 | 4,755,937 | |||||||||||
Republic New York Capital I,
|
|||||||||||||
7.750%, 11/15/2026
|
1,000,000 | 1,012,500 | |||||||||||
Republic New York Corporation Debentures,
|
|||||||||||||
9.125%, 05/15/2021
|
700,000 | 953,558 | |||||||||||
Santander Issuances,
|
|||||||||||||
6.500%, 08/11/2019 (Acquired 10/18/2007 through 03/19/2012, Cost $1,881,664) * f
|
1,800,000 | 1,841,814 | |||||||||||
Santander U.S. Debt S.A. Unipersonal,
|
|||||||||||||
2.991%, 10/07/2013 (Acquired 09/27/2010, Cost $1,100,000) * f
|
1,100,000 | 1,107,340 | |||||||||||
SLM Corporation:
|
|||||||||||||
5.375%, 05/15/2014
|
3,912,000 | 4,079,301 | |||||||||||
5.625%, 08/01/2033
|
500,000 | 462,500 | |||||||||||
Sovereign Bank,
|
|||||||||||||
8.750%, 05/30/2018
|
4,900,000 | 5,922,654 | |||||||||||
Sparebank 1 Boligkreditt AS,
|
|||||||||||||
1.750%, 11/15/2019 (Acquired 11/07/2012, Cost $4,961,150) * f
|
5,000,000 | 4,954,500 | |||||||||||
SunTrust Bank,
|
|||||||||||||
7.250%, 03/15/2018
|
2,100,000 | 2,606,463 | |||||||||||
SUSA Partnership, L.P.,
|
|||||||||||||
8.200%, 06/01/2017
|
1,032,000 | 1,214,512 | |||||||||||
Svenska Handelsbanken AB,
|
0.730%, 03/21/2016 f
|
4,000,000 | 3,997,624 | |||||||||||
Swedbank AB,
|
|||||||||||||
2.125%, 09/29/2017 (Acquired 09/24/2012, Cost $1,996,980) * f
|
2,000,000 | 2,024,016 | |||||||||||
Symetra Financial Corporation,
|
|||||||||||||
6.125%, 04/01/2016 (Acquired 03/23/2006, Cost $995,570) *
|
1,000,000 | 1,108,416 | |||||||||||
Talent Yield Investments Ltd,
|
|||||||||||||
4.500%, 04/25/2022 (Acquired 04/18/2012, Cost $1,986,320) * @ f
|
2,000,000 | 2,193,342 | |||||||||||
TD Ameritrade Holding Corporation,
|
|||||||||||||
5.600%, 12/01/2019
|
3,300,000 | 3,951,991 | |||||||||||
The Bank of Nova Scotia,
|
|||||||||||||
0.680%, 03/15/2016 f
|
8,000,000 | 7,995,280 | |||||||||||
The Bear Stearns Companies LLC,
|
|||||||||||||
5.300%, 10/30/2015
|
2,550,000 | 2,817,997 | |||||||||||
The Goldman Sachs Group, Inc.:
|
|||||||||||||
6.250%, 09/01/2017
|
1,000,000 | 1,174,636 | |||||||||||
6.150%, 04/01/2018
|
6,100,000 | 7,188,039 | |||||||||||
7.500%, 02/15/2019
|
2,200,000 | 2,752,345 | |||||||||||
The Hartford Financial Services Group, Inc.:
|
|||||||||||||
4.000%, 10/15/2017 @
|
5,000,000 | 5,537,720 | |||||||||||
8.125%, 06/15/2038
|
2,200,000 | 2,609,750 | |||||||||||
The NASDAQ OMX Group Inc.,
|
|||||||||||||
4.000%, 01/15/2015
|
1,000,000 | 1,044,748 | |||||||||||
The Navigators Group Inc.,
|
|||||||||||||
7.000%, 05/01/2016
|
4,921,000 | 5,464,185 | |||||||||||
UBS AG,
|
|||||||||||||
5.750%, 04/25/2018 f
|
6,000,000 | 7,107,972 | |||||||||||
Wachovia Bank, NA,
|
|||||||||||||
6.000%, 11/15/2017
|
4,245,000 | 5,067,723 | |||||||||||
Westpac Banking Corporation,
|
|||||||||||||
1.600%, 01/12/2018 f
|
7,875,000 | 7,963,869 | |||||||||||
Willis North America, Inc.,
|
|||||||||||||
5.625%, 07/15/2015
|
750,000 | 813,413 | |||||||||||
300,441,440 | 17.9 | % | |||||||||||
Residential Mortgage-Backed Securities
|
|||||||||||||
U.S. Government Agency Issues
|
|||||||||||||
Federal Gold Loan Mortgage Corporation (FGLMC):
|
|||||||||||||
6.500%, 07/01/2014
|
5,674 | 5,750 | |||||||||||
6.000%, 06/01/2020
|
312,672 | 327,951 | |||||||||||
5.500%, 11/01/2022
|
175,555 | 190,134 | |||||||||||
5.000%, 06/01/2023
|
177,356 | 190,761 | |||||||||||
5.500%, 07/01/2023
|
191,439 | 209,012 | |||||||||||
6.500%, 06/01/2029
|
540,745 | 617,179 | |||||||||||
5.500%, 01/01/2036
|
1,397,083 | 1,521,834 | |||||||||||
6.000%, 12/01/2036
|
939,173 | 1,028,025 | |||||||||||
5.000%, 03/01/2038
|
9,710,499 | 10,461,272 | |||||||||||
5.500%, 05/01/2038
|
4,520,111 | 4,895,480 | |||||||||||
4.500%, 11/01/2039
|
6,111,438 | 6,538,030 | |||||||||||
4.500%, 11/01/2039
|
13,308,248 | 14,237,192 | |||||||||||
3.500%, 06/01/2042
|
10,781,755 | 11,378,823 | |||||||||||
3.500%, 07/01/2042
|
17,158,138 | 18,108,315 | |||||||||||
3.000%, 08/01/2042
|
37,738,093 | 38,783,310 | |||||||||||
3.000%, 10/01/2042
|
13,633,683 | 14,011,290 | |||||||||||
3.000%, 02/01/2043
|
7,482,712 | 7,689,958 | |||||||||||
Federal Home Loan Mortgage Corporation (FHLMC):
|
|||||||||||||
Series 206, Class E, 0.000%, 07/15/2019 ^
|
50,737 | 48,100 | |||||||||||
Series 141, Class D, 5.000%, 05/15/2021
|
30,680 | 32,611 | |||||||||||
Series 1074, Class I, 6.750%, 05/15/2021
|
33,786 | 37,106 | |||||||||||
Series 1081, Class K, 7.000%, 05/15/2021
|
178,123 | 200,233 | |||||||||||
Series 163, Class F, 6.000%, 07/15/2021
|
29,696 | 32,896 | |||||||||||
Series 188, Class H, 7.000%, 09/15/2021
|
63,356 | 70,689 | |||||||||||
Series 1286, Class A, 6.000%, 05/15/2022
|
24,164 | 26,345 | |||||||||||
4.500%, 09/01/2040
|
14,009,409 | 14,996,050 | |||||||||||
Federal National Mortgage Association (FNMA):
|
|||||||||||||
Series 1989-37, Class G, 8.000%, 07/25/2019
|
205,181 | 229,261 | |||||||||||
5.000%, 12/01/2019
|
702,003 | 759,335 | |||||||||||
Series 1989-94, Class G, 7.500%, 12/25/2019
|
53,598 | 60,150 | |||||||||||
Series 1990-58, Class J, 7.000%, 05/25/2020
|
8,353 | 9,324 | |||||||||||
Series 1990-76, Class G, 7.000%, 07/25/2020
|
71,169 | 79,534 | |||||||||||
Series 1990-105, Class J, 6.500%, 09/25/2020
|
32,999 | 36,019 | |||||||||||
Series 1990-108, Class G, 7.000%, 09/25/2020
|
11,283 | 12,632 | |||||||||||
Series 1991-1, Class G, 7.000%, 01/25/2021
|
18,474 | 20,785 |
Series 1991-86, Class Z, 6.500%, 07/25/2021
|
23,366 | 25,790 | |||||||||||
5.000%, 11/01/2021
|
5,938,963 | 6,423,999 | |||||||||||
5.500%, 01/01/2023
|
379,825 | 414,290 | |||||||||||
Series 1993-58, Class H, 5.500%, 04/25/2023
|
319,311 | 351,723 | |||||||||||
5.500%, 07/01/2023
|
685,019 | 753,171 | |||||||||||
5.000%, 11/01/2023
|
1,651,885 | 1,815,456 | |||||||||||
6.000%, 03/01/2026
|
669,714 | 736,344 | |||||||||||
6.000%, 05/01/2026
|
1,499,377 | 1,652,298 | |||||||||||
2.500%, 12/01/2027
|
17,775,932 | 18,461,300 | |||||||||||
5.000%, 05/01/2028
|
1,250,776 | 1,355,868 | |||||||||||
Series 1998-66, Class C, 6.000%, 12/25/2028
|
199,079 | 219,634 | |||||||||||
6.000%, 03/01/2033
|
203,924 | 229,008 | |||||||||||
5.000%, 11/01/2033
|
216,364 | 235,760 | |||||||||||
5.500%, 04/01/2034
|
4,511,184 | 4,983,292 | |||||||||||
Series 2004-W6, Class 1A4, 5.500%, 07/25/2034
|
793,958 | 813,422 | |||||||||||
Series 2004-W6, Class 1A6, 5.500%, 07/25/2034
|
2,256,474 | 2,314,723 | |||||||||||
Series 2004-W10, Class A4, 5.750%, 08/25/2034
|
1,592,368 | 1,615,426 | |||||||||||
5.500%, 09/01/2034
|
866,649 | 956,122 | |||||||||||
6.000%, 11/01/2034
|
226,352 | 254,751 | |||||||||||
5.500%, 02/01/2035
|
3,094,420 | 3,413,886 | |||||||||||
5.000%, 10/01/2035
|
13,952,805 | 15,150,491 | |||||||||||
5.000%, 11/01/2035
|
6,189,524 | 6,721,178 | |||||||||||
5.500%, 11/01/2036
|
1,525,829 | 1,666,190 | |||||||||||
5.500%, 04/01/2037
|
6,856,796 | 7,558,260 | |||||||||||
6.000%, 08/01/2037
|
314,586 | 341,460 | |||||||||||
4.500%, 11/01/2039
|
1,105,316 | 1,191,059 | |||||||||||
4.000%, 08/01/2040
|
6,961,055 | 7,424,618 | |||||||||||
3.500%, 12/01/2040
|
2,914,149 | 3,079,162 | |||||||||||
3.500%, 02/01/2041
|
24,991,807 | 26,406,969 | |||||||||||
4.000%, 02/01/2041
|
32,030,102 | 34,163,108 | |||||||||||
4.000%, 09/01/2041
|
10,457,975 | 11,157,680 | |||||||||||
3.000%, 05/01/2042
|
11,121,451 | 11,480,088 | |||||||||||
Government National Mortgage Association (GNMA):
|
|||||||||||||
6.000%, 11/20/2033
|
166,696 | 189,351 | |||||||||||
5.000%, 07/20/2040
|
9,592,767 | 10,648,223 | |||||||||||
4.500%, 01/20/2041
|
27,380,902 | 30,287,828 | |||||||||||
4.000%, 06/20/2042
|
22,949,068 | 24,838,243 | |||||||||||
3.500%, 09/20/2042
|
14,209,578 | 15,211,798 | |||||||||||
401,387,355 | 23.9 | % | |||||||||||
Non-U.S. Government Agency Issues
|
|||||||||||||
Bank of America Alternative Loan Trust:
|
|||||||||||||
Series 2003-4, Class 2A1, 5.000%, 06/25/2018
|
192,873 | 199,819 | |||||||||||
Series 2003-5, Class 2A1, 5.000%, 07/25/2018
|
2,571,294 | 2,660,377 | |||||||||||
Series 2003-11, Class 4A1, 4.750%, 01/25/2019
|
355,006 | 361,574 | |||||||||||
Series 2004-6, Class 4A1, 5.000%, 07/25/2019
|
241,969 | 246,982 | |||||||||||
Series 2004-7, Class 4A1, 5.000%, 08/25/2019
|
5,123,277 | 5,273,082 | |||||||||||
Series 2004-11, Class 4A1, 5.500%, 12/25/2019
|
262,219 | 272,354 | |||||||||||
Series 2005-2, Class 4A1, 5.500%, 03/25/2020
|
389,718 | 407,903 | |||||||||||
Series 2005-4, Class 3A1, 5.500%, 05/25/2020
|
1,754,812 | 1,798,475 | |||||||||||
Series 2005-10, Class 5A1, 5.250%, 11/25/2020
|
1,021,449 | 1,046,955 | |||||||||||
Series 2007-1, Class 1A1, 6.064%, 04/25/2022
|
1,873,363 | 1,916,203 | |||||||||||
Series 2003-11, Class 2A1, 6.000%, 01/25/2034
|
896,755 | 936,615 | |||||||||||
Series 2005-2, Class 1CB2, 5.500%, 03/25/2035
|
334,926 | 329,630 | |||||||||||
Series 2005-9, Class 1CB3, 5.500%, 10/25/2035 §
|
566,127 | 498,369 | |||||||||||
Series 2005-11, Class 1CB4, 5.500%, 12/25/2035 §
|
333,628 | 316,738 | |||||||||||
Series 2006-5, Class CB7, 6.000%, 06/25/2046 §
|
1,255,970 | 1,008,391 | |||||||||||
Bear Stearns Asset Backed Securities Trust,
|
|||||||||||||
Series 2004-AC2, Class 2A, 5.000%, 05/25/2034
|
1,901,191 | 1,912,570 | |||||||||||
Chase Mortgage Finance Corporation:
|
|||||||||||||
Series 2003-S13, Class A11, 5.500%, 11/25/2033
|
416,315 | 420,451 | |||||||||||
Series 2006-A1, Class 2A3, 5.395%, 09/25/2036 §
|
4,421,767 | 3,873,207 | |||||||||||
Citigroup Mortgage Loan Trust, Inc.,
|
|||||||||||||
Series 2005-9, Class 2A2, 5.500%, 11/25/2035
|
557,164 | 557,574 | |||||||||||
Countrywide Alternative Loan Trust:
|
|||||||||||||
Series 2005-50CB, Class 4A1, 5.000%, 11/25/2020
|
606,871 | 599,144 | |||||||||||
Series 2006-7CB, Class 3A1, 5.250%, 05/25/2021
|
2,588,233 | 2,519,363 | |||||||||||
Series 2006-J5, Class 3A1, 5.818%, 07/25/2021
|
555,669 | 519,037 | |||||||||||
Series 2006-43CB, Class 2A1, 6.000%, 02/25/2022 §
|
672,585 | 673,915 | |||||||||||
Series 2002-11, Class A4, 6.250%, 10/25/2032
|
113,800 | 116,279 |
Series 1993-3, Class A7, 6.400%, 10/15/2018
|
183,282 | 191,052 | |||||||||||
Series 1993-4, Class A5, 7.050%, 01/15/2019
|
133,913 | 135,586 | |||||||||||
Series 1997-1, Class A5, 6.860%, 03/15/2028
|
17,497 | 18,248 | |||||||||||
Series 1998-2, Class A5, 6.240%, 12/01/2028
|
1,048,249 | 1,087,555 | |||||||||||
Series 1997-6, Class A8, 7.070%, 01/15/2029
|
27,218 | 28,978 | |||||||||||
Series 1998-3, Class A5, 6.220%, 03/01/2030
|
946,048 | 1,034,336 | |||||||||||
Series 1998-4, Class A5, 6.180%, 04/01/2030
|
592,044 | 613,109 | |||||||||||
IMC Home Equity Loan Trust,
|
|||||||||||||
Series 1997-5, Class A10, 6.880%, 11/20/2028
|
17,920 | 17,911 | |||||||||||
JP Morgan Mortgage Acquisition Corp,
|
|||||||||||||
Series 2007-CH1, Class AV4, 0.334%, 08/25/2033
|
4,149,000 | 4,065,323 | |||||||||||
Nationstar Home Equity Loan Trust,
|
|||||||||||||
Series 2006-B, Class AV3, 0.374%, 09/25/2036
|
15,000,000 | 14,562,660 | |||||||||||
Oakwood Mortgage Investors, Inc.,
|
|||||||||||||
Series 1999-B, Class A3, 6.450%, 11/15/2017
|
57,858 | 60,792 | |||||||||||
Renaissance Home Equity Loan Trust,
|
|||||||||||||
Series 2007-1, Class AF3, 5.612%, 04/25/2037
|
2,962,397 | 1,695,967 | |||||||||||
Residential Asset Mortgage Products, Inc.:
|
|||||||||||||
Series 2003-RS7, Class AI6, 5.340%, 08/25/2033
|
1,161,533 | 1,141,376 | |||||||||||
Series 2005-RS1, Class AI6, 4.713%, 01/25/2035
|
398,431 | 392,151 | |||||||||||
Residential Asset Securities Corporation:
|
|||||||||||||
Series 2003-KS2, Class AI6, 3.990%, 04/25/2033
|
1,223,139 | 1,222,615 | |||||||||||
Series 2003-KS5, Class AI6, 3.620%, 07/25/2033
|
81,644 | 75,218 | |||||||||||
Series 2004-KS2, Class AI6, 4.300%, 03/25/2034
|
159,594 | 161,476 | |||||||||||
66,093,369 | 3.9 | % | |||||||||||
Commercial Mortgage Backed Securities
|
|||||||||||||
Bear Stearns Commercial Mortgage Securities,
|
|||||||||||||
Series 2005-PWR9, Class A4A, 4.871%, 09/11/2042
|
12,339,000 | 13,332,956 | |||||||||||
Commercial Mortgage Trust:
|
|||||||||||||
Series 2005-C6, Class A5A, 5.116%, 06/10/2044
|
11,448,000 | 12,436,878 | |||||||||||
Series 2012-CR1, Class A3, 3.391%, 05/15/2045
|
3,850,000 | 4,070,813 | |||||||||||
Series 2012-CR2, Class A4, 3.147%, 08/15/2045
|
14,375,000 | 14,913,372 | |||||||||||
Credit Suisse First Boston Mortgage Securities Corporation,
|
|||||||||||||
Series 2005-C5, Class A4, 5.100%, 08/15/2038 @
|
10,149,000 | 10,950,010 | |||||||||||
GE Capital Commercial Mortgage Corporation,
|
|||||||||||||
Series 2005-C4, Class A4, 5.306%, 11/10/2045
|
10,925,000 | 12,053,301 | |||||||||||
GS Mortgage Securities Corp II,
|
|||||||||||||
Series 2012-GCJ9, Class A3, 2.773%, 11/10/2045
|
1,300,000 | 1,302,413 | |||||||||||
J.P. Morgan Chase Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-CB12, Class A4, 4.895%, 09/12/2037
|
11,455,000 | 12,374,241 | |||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust,
|
|||||||||||||
Series 2012-C6, Class A4, 2.858%, 11/17/2045
|
14,000,000 | 14,168,504 | |||||||||||
Wachovia Bank Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-C22, Class A4, 5.283%, 12/15/2044
|
10,000,000 | 10,979,620 | |||||||||||
WF-RBS Commercial Mortgage Trust,
|
|||||||||||||
Series 2012-C6, Class A4, 3.440%, 04/15/2045
|
12,200,000 | 12,981,105 | |||||||||||
119,563,213 | 7.1 | % | |||||||||||
Total Long-Term Investments (Cost $1,560,446,190)
|
1,626,217,018 | 96.7 | % | ||||||||||
Shares
|
|||||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Funds
|
|||||||||||||
Dreyfus Institutional Cash Advantage Fund, 0.07% «
|
17,916,171 | 17,916,171 | |||||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
32,000,000 | 32,000,000 | |||||||||||
Total Short-Term Investments (Cost $49,916,171)
|
49,916,171 | 3.0 | % | ||||||||||
Principal
|
|||||||||||||
Amount
|
|||||||||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM
|
|||||||||||||
SECURITIES LENDING
|
|||||||||||||
Commercial Paper
|
|||||||||||||
Atlantic East Funding LLC, 0.554%, 03/25/2014 † **
|
$ | 2,463,382 | 1,959,729 | ||||||||||
Total Commercial Paper (Cost $2,463,382)
|
1,959,729 | 0.1 | % | ||||||||||
Shares
|
|||||||||||||
Investment Companies
|
|||||||||||||
Mount Vernon Securities Lending Trust Prime Portfolio, 0.26% «
|
85,188,708 | 85,188,708 | |||||||||||
Total Investment Companies (Cost $85,188,708)
|
85,188,708 | 5.1 | % | ||||||||||
Total Investments Purchased With Cash Proceeds From
|
|||||||||||||
Securities Lending (Cost $87,652,090)
|
87,148,437 | 5.2 | % | ||||||||||
Total Investments (Cost $1,698,014,451)
|
1,763,281,626 | 104.9 | % |
Asset Relating to Securities Lending Investments
|
|||||||||||||
Support Agreement
** ^ α
†
|
503,653 | ||||||||||||
Total (Cost $0)
|
503,653 | 0.0 | % | ||||||||||
Liabilities in Excess of Other Assets
|
(82,047,898 | ) | (4.9 | )% | |||||||||
TOTAL NET ASSETS
|
$ | 1,681,737,381 | 100.0 | % |
Notes to Schedule of Investments
|
|||||||||||||
*
|
Restricted Security Deemed Liquid
|
||||||||||||
**
|
Illiquid Security
|
||||||||||||
@
|
This security or portion of this security is out on loan at March 31, 2013.
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
^
|
Non-Income Producing
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
§
|
Security in Default
|
||||||||||||
†
|
Priced at Fair Value by the Valuation Committee as delegated by the Baird Funds' Board of Directors.
|
||||||||||||
α
|
The Fund's transfer agent and administrator and securities lending agent entered into a support agreement with
|
||||||||||||
the Fund to cover losses realized by the Fund on its investment in Atlantic East Funding, LLC (up to a certain amount),
|
|||||||||||||
which investment was made by the Fund's securities lending agent.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
|||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
|||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
|||
the period. These standards define fair value as the price 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.
|
|||
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions
market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income
|
||||||||||||||||
U.S. Treasury Securities
|
$ | - | $ | 249,830,718 | $ | - | $ | 249,830,718 | ||||||||
Taxable Municipal Bonds
|
- | 68,794,258 | - | 68,794,258 | ||||||||||||
Other Government Related Securities
|
- | 29,408,987 | - | 29,408,987 | ||||||||||||
Corporate Debt Securities
|
- | 622,512,939 | 1,607 | 622,514,546 | ||||||||||||
Residential Mortgage-Backed Securities - U.S. Government Agency Issues
|
- | 401,387,355 | - | 401,387,355 | ||||||||||||
Residential Mortgage-Backed Securities - Non - U.S. Government Agency Issues
|
- | 68,624,572 | - | 68,624,572 | ||||||||||||
Asset Backed Securities
|
- | 66,093,369 | - | 66,093,369 | ||||||||||||
Commercial Mortgage-Backed Securities
|
- | 119,563,213 | - | 119,563,213 | ||||||||||||
Total Fixed Income
|
- | 1,626,215,411 | 1,607 | 1,626,217,018 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Funds
|
49,916,171 | - | - | 49,916,171 | ||||||||||||
Total Short-Term Investments
|
49,916,171 | - | - | 49,916,171 | ||||||||||||
Investments Purchased with Cash
|
||||||||||||||||
Proceeds from Securities Lending
|
||||||||||||||||
Commercial Paper
|
- | 1,959,729 | - | 1,959,729 | ||||||||||||
Money Market Mutual Fund
|
85,188,708 | - | - | 85,188,708 | ||||||||||||
Total Investments Purchased with
|
||||||||||||||||
Cash Proceeds from Securities Lending
|
85,188,708 | 1,959,729 | - | 87,148,437 | ||||||||||||
Total Investments
|
$ | 135,104,879 | $ | 1,628,175,140 | $ | 1,607 | $ | 1,763,281,626 | ||||||||
Asset Relating to Securities Lending Investments
|
$ | - | $ | 503,653 | $ | - | $ | 503,653 |
Description
|
Investments in
Securities
|
|||
Balance as of December 31, 2012
|
$ | 1,607 | ||
Accrued discounts/premiums
|
- | |||
Realized gain (loss)
|
- | |||
Change in unrealized appreciation (depreciation)
|
- | |||
Purchases
|
- | |||
Sales
|
- | |||
Transfers in and/or out of Level 3 *
|
- | |||
Balance as of March 31, 2013
|
$ | 1,607 | ||
* Transfers between levels are recognized at the end of the reporting period.
|
5.875%, 01/14/2015 f
|
3,500,000 | 3,789,527 | |||||||||||
4.000%, 01/29/2021 @ f
|
1,000,000 | 1,076,530 | |||||||||||
Korea Electric Power Corporation,
|
|||||||||||||
6.750%, 08/01/2027 f
|
240,000 | 325,640 | |||||||||||
Korea Hydro & Nuclear Power Co., Ltd.:
|
|||||||||||||
6.250%, 06/17/2014 (Acquired 03/21/2011, Cost $1,039,121) * f
|
1,000,000 | 1,060,415 | |||||||||||
3.125%, 09/16/2015 (Acquired 09/09/2010, Cost $493,770) * f
|
500,000 | 521,635 | |||||||||||
National Bank of Hungary Yankee Debentures,
|
|||||||||||||
8.875%, 11/01/2013 f
|
150,000 | 155,006 | |||||||||||
Petrobras International Finance Company:
|
|||||||||||||
3.875%, 01/27/2016 f
|
5,800,000 | 6,069,619 | |||||||||||
7.875%, 03/15/2019 f
|
5,000,000 | 6,083,215 | |||||||||||
5.375%, 01/27/2021 f
|
3,200,000 | 3,452,778 | |||||||||||
Petroleos Mexicanos:
|
|||||||||||||
4.875%, 03/15/2015 f
|
4,809,000 | 5,145,630 | |||||||||||
4.875%, 01/24/2022 f
|
2,500,000 | 2,768,750 | |||||||||||
6.500%, 06/02/2041 f
|
4,000,000 | 4,710,000 | |||||||||||
The Korea Development Bank,
|
|||||||||||||
3.000%, 09/14/2022 @ f
|
4,400,000 | 4,371,646 | |||||||||||
Westdeutsche Landesbank Subordinated Notes,
|
|||||||||||||
4.796%, 07/15/2015 f
|
1,885,000 | 2,021,001 | |||||||||||
55,446,779 | 2.0 | % | |||||||||||
Corporate Bonds
|
|||||||||||||
Industrials
|
|||||||||||||
AbbVie Inc.,
|
|||||||||||||
1.750%, 11/06/2017 (Acquired 11/05/2012, Cost $2,444,879) *
|
2,450,000 | 2,479,794 | |||||||||||
Acuity Brands Lighting Inc.,
|
|||||||||||||
6.000%, 12/15/2019
|
700,000 | 801,198 | |||||||||||
Ameritech Capital Funding Corporation,
|
|||||||||||||
6.450%, 01/15/2018
|
3,000,000 | 3,549,555 | |||||||||||
Anadarko Petroleum Corporation:
|
|||||||||||||
5.950%, 09/15/2016
|
2,225,000 | 2,561,213 | |||||||||||
6.375%, 09/15/2017
|
968,000 | 1,155,416 | |||||||||||
8.700%, 03/15/2019
|
3,700,000 | 4,981,562 | |||||||||||
Anglo American Capital PLC:
|
|||||||||||||
9.375%, 04/08/2014 (Acquired 09/05/2012, Cost $1,943,722) * f
|
1,800,000 | 1,943,242 | |||||||||||
9.375%, 04/08/2019 (Acquired 09/20/2011 through 07/11/2012, Cost $7,059,870) * f
|
5,500,000 | 7,349,903 | |||||||||||
ArcelorMittal:
|
|||||||||||||
5.000%, 02/25/2017 f
|
5,000,000 | 5,232,500 | |||||||||||
6.750%, 02/25/2022 @ f
|
2,000,000 | 2,185,728 | |||||||||||
AT&T Inc.,
|
|||||||||||||
5.550%, 08/15/2041
|
1,000,000 | 1,102,261 | |||||||||||
Atlas Air, Inc. Pass Through Trust,
|
|||||||||||||
Series 00-1, 8.707%, 01/02/2019
|
245,684 | 253,054 | |||||||||||
Avon Products, Inc.,
|
|||||||||||||
4.600%, 03/15/2020
|
2,000,000 | 2,077,546 | |||||||||||
Beam, Inc.,
|
|||||||||||||
3.250%, 05/15/2022
|
2,000,000 | 2,045,102 | |||||||||||
Bemis Company, Inc.,
|
|||||||||||||
4.500%, 10/15/2021
|
1,000,000 | 1,085,698 | |||||||||||
BP Capital Markets:
|
|||||||||||||
1.375%, 11/06/2017 @ f
|
3,000,000 | 3,003,984 | |||||||||||
4.750%, 03/10/2019 f
|
1,500,000 | 1,737,524 | |||||||||||
Browning-Ferris Industries Inc.,
|
|||||||||||||
9.250%, 05/01/2021
|
1,500,000 | 1,949,665 | |||||||||||
Bunge Limited Finance Corporation:
|
|||||||||||||
5.100%, 07/15/2015
|
2,527,000 | 2,740,150 | |||||||||||
8.500%, 06/15/2019
|
7,303,000 | 9,413,589 | |||||||||||
Bunge N.A. Finance L.P.,
|
|||||||||||||
5.900%, 04/01/2017
|
2,424,000 | 2,748,775 | |||||||||||
CenturyLink Inc.,
|
|||||||||||||
Series R, 5.150%, 06/15/2017
|
2,000,000 | 2,105,000 | |||||||||||
Chesapeake Energy Corporation,
|
|||||||||||||
6.500%, 08/15/2017 @
|
3,544,000 | 3,907,260 | |||||||||||
Cliffs Natural Resources Inc.,
|
2.375%, 03/15/2018 @
|
5,000,000 | 5,020,890 | |||||||||||
3.550%, 03/01/2022 @
|
5,000,000 | 4,970,040 | |||||||||||
Georgia-Pacific LLC,
|
|||||||||||||
5.400%, 11/01/2020 (Acquired 10/27/2010, Cost $994,130) *
|
1,000,000 | 1,183,210 | |||||||||||
Glencore Funding LLC,
|
|||||||||||||
6.000%, 04/15/2014 (Acquired 03/31/2004 through 06/19/2012, Cost $7,255,925) *
|
7,115,000 | 7,452,870 | |||||||||||
GTE Corporation,
|
|||||||||||||
8.750%, 11/01/2021
|
975,000 | 1,334,109 | |||||||||||
H. J. Heinz Finance Company,
|
|||||||||||||
6.750%, 03/15/2032 @
|
10,000,000 | 11,137,500 | |||||||||||
Hanson PLC Notes,
|
|||||||||||||
6.125%, 08/15/2016 f
|
6,233,000 | 6,879,113 | |||||||||||
Health Management Association,
|
|||||||||||||
6.125%, 04/15/2016
|
4,100,000 | 4,499,750 | |||||||||||
Hewlett-Packard Co.,
|
|||||||||||||
4.650%, 12/09/2021 @
|
4,000,000 | 4,147,604 | |||||||||||
Highmark Inc. Notes,
|
|||||||||||||
6.800%, 08/15/2013 (Acquired 10/28/2010 through 11/24/2010, Cost $431,916) *
|
425,000 | 431,908 | |||||||||||
Hospira, Inc.,
|
|||||||||||||
6.050%, 03/30/2017
|
5,000,000 | 5,689,695 | |||||||||||
HP Enterprise Services, LLC,
|
|||||||||||||
Series B, 6.000%, 08/01/2013
|
3,158,000 | 3,212,280 | |||||||||||
Hutchison Whampoa International Ltd.,
|
|||||||||||||
4.625%, 09/11/2015 (Acquired 08/19/2010 through 12/28/2011, Cost $3,682,259) * f
|
3,563,000 | 3,842,357 | |||||||||||
Hyundai Capital Services Inc.,
|
|||||||||||||
3.500%, 09/13/2017 (Acquired 03/06/2012, Cost $1,992,580) * f
|
2,000,000 | 2,128,272 | |||||||||||
Ingredion Incorporated,
|
|||||||||||||
1.800%, 09/25/2017
|
5,650,000 | 5,660,893 | |||||||||||
International Paper Company,
|
|||||||||||||
7.400%, 06/15/2014 @
|
1,114,000 | 1,195,512 | |||||||||||
Johnson Controls Inc.,
|
|||||||||||||
5.250%, 12/01/2041
|
1,150,000 | 1,251,921 | |||||||||||
Kinross Gold Corporation,
|
|||||||||||||
6.875%, 09/01/2041 f
|
5,100,000 | 5,257,524 | |||||||||||
Kraft Foods Group, Inc.,
|
|||||||||||||
5.000%, 06/04/2042
|
1,000,000 | 1,072,215 | |||||||||||
Lafarge SA:
|
|||||||||||||
6.500%, 07/15/2016 f
|
1,375,000 | 1,531,406 | |||||||||||
7.125%, 07/15/2036 f
|
925,000 | 985,125 | |||||||||||
LeasePlan Corporation N.V.,
|
|||||||||||||
3.000%, 10/23/2017 (Acquired 10/15/2012 through 02/07/2013, Cost $10,066,293) * f
|
10,000,000 | 10,197,000 | |||||||||||
Martin Marietta Materials, Inc.:
|
|||||||||||||
6.600%, 04/15/2018
|
475,000 | 539,125 | |||||||||||
6.250%, 05/01/2037
|
450,000 | 465,373 | |||||||||||
Masco Corporation:
|
|||||||||||||
6.125%, 10/03/2016
|
2,150,000 | 2,400,914 | |||||||||||
7.125%, 03/15/2020 @
|
1,000,000 | 1,167,418 | |||||||||||
Murphy Oil Corporation,
|
|||||||||||||
4.000%, 06/01/2022
|
12,600,000 | 12,562,137 | |||||||||||
Mylan Inc.:
|
|||||||||||||
7.625%, 07/15/2017 (Acquired 02/11/2013, Cost $5,586,185) *
|
5,000,000 | 5,558,250 | |||||||||||
6.000%, 11/15/2018 (Acquired 02/06/2013, Cost $4,392,300) *
|
4,000,000 | 4,392,364 | |||||||||||
Nabors Industries, Inc.:
|
|||||||||||||
6.150%, 02/15/2018
|
250,000 | 284,249 | |||||||||||
9.250%, 01/15/2019
|
11,448,000 | 14,724,211 | |||||||||||
National Oilwell Varco Inc.,
|
|||||||||||||
Series B, 6.125%, 08/15/2015
|
2,655,000 | 2,670,609 | |||||||||||
New Cingular Wireless Services, Inc.,
|
|||||||||||||
8.750%, 03/01/2031
|
2,675,000 | 4,164,576 | |||||||||||
Northern Tier Energy LLC,
|
|||||||||||||
7.125%, 11/15/2020 (Acquired 11/02/2012, Cost $250,000) *
|
250,000 | 265,000 | |||||||||||
Oi S.A.,
|
|||||||||||||
5.750%, 02/10/2022 (Acquired 02/06/2012, Cost $3,000,000) * @ f
|
3,000,000 | 3,135,000 | |||||||||||
Pactiv Corporation,
|
|||||||||||||
7.950%, 12/15/2025
|
50,000 | 47,500 |
7.250%, 10/15/2017
|
2,300,000 | 2,854,088 | |||||||||||
8.750%, 02/14/2019
|
1,132,000 | 1,497,084 | |||||||||||
7.625%, 04/15/2031
|
2,875,000 | 3,889,990 | |||||||||||
7.700%, 05/01/2032
|
358,000 | 487,864 | |||||||||||
Toyota Motor Credit Corporation,
|
|||||||||||||
2.050%, 01/12/2017
|
2,000,000 | 2,068,926 | |||||||||||
Transocean Inc.:
|
|||||||||||||
6.375%, 12/15/2021 @ f
|
5,500,000 | 6,403,518 | |||||||||||
6.800%, 03/15/2038 @ f
|
878,000 | 967,031 | |||||||||||
TSMC Global Ltd,
|
|||||||||||||
1.625%, 04/03/2018 (Acquired 03/27/2013, Cost $2,997,990) * f
|
3,000,000 | 2,996,280 | |||||||||||
Tyco Electronics Group S.A.:
|
|||||||||||||
6.550%, 10/01/2017 f
|
5,243,000 | 6,269,758 | |||||||||||
7.125%, 10/01/2037 f
|
500,000 | 636,560 | |||||||||||
United AirLines, Inc. Pass Through Trust:
|
|||||||||||||
Series 91A2, 10.020%, 03/22/2014
|
103,953 | 53,536 | |||||||||||
Series 002C, 7.762%, 04/29/2049 § † **
|
155,852 | 4,675 | |||||||||||
U.S. Airways Pass-Through Trust,
|
|||||||||||||
Series 981B, 7.350%, 01/30/2018
|
407,371 | 412,973 | |||||||||||
Vale Overseas Limited:
|
|||||||||||||
6.250%, 01/23/2017 f
|
3,850,000 | 4,392,631 | |||||||||||
4.375%, 01/11/2022 f
|
2,700,000 | 2,770,324 | |||||||||||
8.250%, 01/17/2034 f
|
300,000 | 384,628 | |||||||||||
6.875%, 11/10/2039 f
|
5,625,000 | 6,414,210 | |||||||||||
Vodafone Group PLC,
|
|||||||||||||
6.150%, 02/27/2037 f
|
500,000 | 592,943 | |||||||||||
Vulcan Materials Co.:
|
|||||||||||||
6.400%, 11/30/2017
|
200,000 | 223,000 | |||||||||||
7.000%, 06/15/2018
|
1,400,000 | 1,589,000 | |||||||||||
7.150%, 11/30/2037
|
500,000 | 511,250 | |||||||||||
Walgreen Co.,
|
|||||||||||||
5.250%, 01/15/2019
|
10,000,000 | 11,650,430 | |||||||||||
Weatherford International Ltd.,
|
|||||||||||||
6.750%, 09/15/2040 f
|
1,250,000 | 1,377,159 | |||||||||||
Westvaco Corporation:
|
|||||||||||||
9.750%, 06/15/2020
|
505,000 | 690,411 | |||||||||||
8.200%, 01/15/2030
|
140,000 | 174,333 | |||||||||||
Weyerhaeuser Company,
|
|||||||||||||
7.250%, 07/01/2013
|
1,000,000 | 1,014,550 | |||||||||||
Woodside Finance Limited,
|
|||||||||||||
8.125%, 03/01/2014 (Acquired 02/24/2009, Cost $999,690) * f
|
1,000,000 | 1,064,009 | |||||||||||
WPX Energy, Inc.,
|
|||||||||||||
6.000%, 01/15/2022
|
4,000,000 | 4,190,000 | |||||||||||
Xerox Corporation:
|
|||||||||||||
1.680%, 09/13/2013
|
4,140,000 | 4,155,972 | |||||||||||
8.250%, 05/15/2014
|
6,587,000 | 7,107,683 | |||||||||||
Xstrata Canada Corp.,
|
|||||||||||||
5.375%, 06/01/2015 f
|
2,000,000 | 2,160,324 | |||||||||||
Xstrata Canada Financial Corp.,
|
|||||||||||||
4.950%, 11/15/2021 (Acquired 11/03/2011, Cost $1,997,480) * f
|
2,000,000 | 2,150,988 | |||||||||||
4.000%, 10/25/2022 (Acquired 10/18/2012, Cost $1,994,940) * @ f
|
2,000,000 | 2,014,362 | |||||||||||
Yara International ASA,
|
|||||||||||||
7.875%, 06/11/2019 (Acquired 12/03/2012, Cost $1,317,126) * f
|
1,025,000 | 1,314,947 | |||||||||||
539,295,942 | 19.3 | % | |||||||||||
Utility
|
|||||||||||||
Ameren Corporation,
|
|||||||||||||
8.875%, 05/15/2014
|
1,816,000 | 1,960,819 | |||||||||||
Appalachian Power Company Senior Unsecured Notes,
|
|||||||||||||
Series P, 6.700%, 08/15/2037
|
1,150,000 | 1,485,492 | |||||||||||
Arizona Public Service Senior Unsecured Notes,
|
|||||||||||||
8.750%, 03/01/2019
|
1,150,000 | 1,553,564 | |||||||||||
Centrais Eletricas Brasileiras SA:
|
|||||||||||||
6.875%, 07/30/2019 (Acquired 12/06/2012, Cost $3,490,916) * f
|
3,000,000 | 3,420,000 | |||||||||||
5.750%, 10/27/2021 (Acquired 10/20/2011, Cost $4,000,000) * @ f
|
4,000,000 | 4,265,000 | |||||||||||
Chesapeake Midstream Partners LP / CHKM Finance Corp,
|
4.250%, 02/01/2022
|
5,650,000 | 6,000,520 | |||||||||||
3.375%, 10/01/2022
|
3,000,000 | 2,979,750 | |||||||||||
PPL Energy Supply, LLC:
|
|||||||||||||
Series A, 5.700%, 10/15/2015
|
1,500,000 | 1,636,265 | |||||||||||
6.200%, 05/15/2016 @
|
1,950,000 | 2,224,550 | |||||||||||
PSEG Power LLC,
|
|||||||||||||
5.320%, 09/15/2016 @
|
3,077,000 | 3,475,838 | |||||||||||
Public Service Company of New Mexico,
|
|||||||||||||
7.950%, 05/15/2018
|
3,910,000 | 4,862,472 | |||||||||||
RGS (I&M) Funding Corporation Debentures,
|
|||||||||||||
Series F, 9.820%, 12/07/2022
|
206,191 | 246,542 | |||||||||||
Rockies Express Pipeline LLC:
|
|||||||||||||
3.900%, 04/15/2015 (Acquired 09/15/2011 through 01/08/2013, Cost $2,860,687) *
|
2,850,000 | 2,871,375 | |||||||||||
6.850%, 07/15/2018 (Acquired 12/21/2011, Cost $2,034,118) * @
|
2,000,000 | 2,045,000 | |||||||||||
5.625%, 04/15/2020 (Acquired 12/10/2010 through 12/29/2011, Cost $2,701,777) * @
|
2,695,000 | 2,499,612 | |||||||||||
Spectra Energy Capital LLC,
|
|||||||||||||
5.668%, 08/15/2014
|
5,030,000 | 5,352,408 | |||||||||||
Sunoco Logistics Partners Operations LP,
|
|||||||||||||
3.450%, 01/15/2023
|
2,000,000 | 1,978,778 | |||||||||||
The Williams Companies, Inc.:
|
|||||||||||||
7.875%, 09/01/2021
|
1,034,000 | 1,321,229 | |||||||||||
3.700%, 01/15/2023 @
|
3,000,000 | 2,978,127 | |||||||||||
7.750%, 06/15/2031
|
3,500,000 | 4,360,765 | |||||||||||
Trans-Allegheny Interstate Line Company,
|
|||||||||||||
4.000%, 01/15/2015 (Acquired 08/03/2012, Cost $2,967,274) *
|
2,850,000 | 2,990,548 | |||||||||||
Transcontinental Gas Pipe Line Company, LLC,
|
|||||||||||||
4.450%, 08/01/2042
|
2,600,000 | 2,574,616 | |||||||||||
Veolia Environnement SA,
|
|||||||||||||
6.000%, 06/01/2018 @ f
|
1,489,000 | 1,737,067 | |||||||||||
Williams Partners L.P.:
|
|||||||||||||
7.250%, 02/01/2017
|
2,000,000 | 2,405,890 | |||||||||||
6.300%, 04/15/2040
|
1,590,000 | 1,850,043 | |||||||||||
184,409,337 | 6.6 | % | |||||||||||
Finance
|
|||||||||||||
Abbey National Treasury Services PLC,
|
|||||||||||||
3.875%, 11/10/2014 (Acquired 02/25/2010 through 12/29/2011, Cost $1,032,139) *
|
1,045,000 | 1,083,370 | |||||||||||
ABN AMRO Bank N.V.,
|
|||||||||||||
4.250%, 02/02/2017 (Acquired 01/30/2012, Cost $4,995,100) * @ f
|
5,000,000 | 5,446,050 | |||||||||||
AIG SunAmerica Global Financing X,
|
|||||||||||||
6.900%, 03/15/2032 (Acquired 11/10/2011, Cost $2,133,995) *
|
2,000,000 | 2,667,422 | |||||||||||
Ally Financial Inc.:
|
|||||||||||||
6.750%, 12/01/2014 @
|
250,000 | 268,125 | |||||||||||
8.300%, 02/12/2015
|
1,065,000 | 1,182,150 | |||||||||||
0.000%, 06/15/2015 ^
|
2,000,000 | 1,870,000 | |||||||||||
4.625%, 06/26/2015
|
5,000,000 | 5,231,470 | |||||||||||
5.500%, 02/15/2017
|
7,000,000 | 7,572,201 | |||||||||||
American General Finance Corporation:
|
|||||||||||||
5.850%, 06/01/2013
|
325,000 | 327,031 | |||||||||||
6.900%, 12/15/2017
|
1,000,000 | 1,005,000 | |||||||||||
American International Group, Inc.:
|
|||||||||||||
3.800%, 03/22/2017
|
2,500,000 | 2,705,188 | |||||||||||
8.250%, 08/15/2018
|
4,000,000 | 5,182,052 | |||||||||||
4.875%, 06/01/2022
|
3,500,000 | 3,959,511 | |||||||||||
AmSouth Bancorp,
|
|||||||||||||
6.750%, 11/01/2025
|
275,000 | 297,085 | |||||||||||
ANZ National (Int'l) LTD,
|
|||||||||||||
1.850%, 10/15/2015 (Acquired 07/26/2012, Cost $1,998,580) * f
|
2,000,000 | 2,039,896 | |||||||||||
AON Corporation,
|
|||||||||||||
3.500%, 09/30/2015
|
2,500,000 | 2,644,152 | |||||||||||
Arden Realty Limited Partnership,
|
|||||||||||||
5.250%, 03/01/2015
|
1,090,000 | 1,173,563 | |||||||||||
Associates Corporation of North America,
|
|||||||||||||
6.950%, 11/01/2018
|
7,647,000 | 9,339,136 | |||||||||||
Australia and New Zealand Banking Group Limited,
|
|||||||||||||
3.250%, 03/01/2016 (Acquired 02/22/2011 through 12/11/2012, Cost $4,424,007) * f
|
4,300,000 | 4,582,673 |
Banco Santander (Brasil) S.A.,
|
|||||||||||||
4.625%, 02/13/2017 (Acquired 02/06/2012, Cost $994,140) * @ f
|
1,000,000 | 1,057,500 | |||||||||||
Bank of America Corporation:
|
|||||||||||||
7.625%, 06/01/2019
|
6,000,000 | 7,621,668 | |||||||||||
3.300%, 01/11/2023
|
4,450,000 | 4,387,963 | |||||||||||
Bank of America Corporation Subordinated Notes,
|
|||||||||||||
10.200%, 07/15/2015
|
2,675,000 | 3,126,174 | |||||||||||
Banponce Trust I,
|
|||||||||||||
Series A, 8.327%, 02/01/2027
|
2,060,000 | 1,802,500 | |||||||||||
Barclays Bank PLC,
|
|||||||||||||
6.750%, 05/22/2019 f
|
9,850,000 | 12,252,208 | |||||||||||
Berkshire Hathaway Finance Corporation,
|
|||||||||||||
4.400%, 05/15/2042 @
|
3,500,000 | 3,477,096 | |||||||||||
BNP Paribas SA:
|
|||||||||||||
2.375%, 09/14/2017 f
|
3,000,000 | 3,044,424 | |||||||||||
3.250%, 03/03/2023 f
|
4,000,000 | 3,887,620 | |||||||||||
Capital One Financial Corporation:
|
|||||||||||||
7.375%, 05/23/2014
|
2,500,000 | 2,683,680 | |||||||||||
3.150%, 07/15/2016
|
1,015,000 | 1,077,713 | |||||||||||
6.150%, 09/01/2016
|
4,425,000 | 5,086,891 | |||||||||||
CIT Group, Inc.:
|
|||||||||||||
4.250%, 08/15/2017
|
1,000,000 | 1,045,000 | |||||||||||
5.500%, 02/15/2019 (Acquired 02/02/2012, Cost $500,000) *
|
500,000 | 548,750 | |||||||||||
Citigroup, Inc.:
|
|||||||||||||
6.010%, 01/15/2015
|
1,954,000 | 2,115,844 | |||||||||||
4.450%, 01/10/2017
|
1,800,000 | 1,981,685 | |||||||||||
8.500%, 05/22/2019
|
1,389,000 | 1,850,492 | |||||||||||
CNA Financial Corporation:
|
|||||||||||||
6.500%, 08/15/2016
|
1,000,000 | 1,150,927 | |||||||||||
7.350%, 11/15/2019
|
1,175,000 | 1,487,289 | |||||||||||
5.875%, 08/15/2020 @
|
4,839,000 | 5,696,563 | |||||||||||
Comerica Bank:
|
|||||||||||||
5.750%, 11/21/2016
|
3,200,000 | 3,703,209 | |||||||||||
5.200%, 08/22/2017
|
2,855,000 | 3,291,901 | |||||||||||
Commonwealth Bank of Australia,
|
|||||||||||||
5.000%, 10/15/2019 (Acquired 03/02/2012 through 08/16/2012, Cost $6,369,689) * f
|
5,900,000 | 6,898,215 | |||||||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
|
|||||||||||||
3.375%, 01/19/2017 f
|
2,000,000 | 2,141,228 | |||||||||||
1.700%, 03/19/2018 @ f
|
5,250,000 | 5,226,412 | |||||||||||
3.875%, 02/08/2022 f
|
4,150,000 | 4,377,656 | |||||||||||
Countrywide Financial Corporation,
|
|||||||||||||
6.250%, 05/15/2016
|
2,100,000 | 2,339,049 | |||||||||||
Credit Mutuel-CIC Home Loan SFH,
|
|||||||||||||
1.500%, 11/16/2017 (Acquired 11/08/2012, Cost $4,981,300) * f
|
5,000,000 | 5,015,155 | |||||||||||
Credit Suisse New York,
|
|||||||||||||
5.300%, 08/13/2019 f
|
6,966,000 | 8,211,709 | |||||||||||
Credit Suisse (USA), Inc.,
|
|||||||||||||
5.125%, 08/15/2015 @
|
3,000,000 | 3,292,692 | |||||||||||
Deutsche Bank Aktiengesellschaft,
|
|||||||||||||
3.450%, 03/30/2015 f
|
3,842,000 | 4,034,868 | |||||||||||
Dresdner Bank AG,
|
|||||||||||||
7.250%, 09/15/2015 @ f
|
9,850,000 | 10,650,519 | |||||||||||
First Empire Capital Trust I,
|
|||||||||||||
8.234%, 02/01/2027
|
500,000 | 508,726 | |||||||||||
First Empire Capital Trust II,
|
|||||||||||||
8.277%, 06/01/2027
|
2,300,000 | 2,323,000 | |||||||||||
First Horizon National Corporation,
|
|||||||||||||
5.375%, 12/15/2015
|
2,420,000 | 2,632,491 | |||||||||||
First National Bank of Chicago Pass Through Trust,
|
|||||||||||||
Series 93-A, 8.080%, 01/05/2018
|
267,321 | 296,219 | |||||||||||
FMR LLC,
|
|||||||||||||
4.950%, 02/01/2033 (Acquired 01/29/2013, Cost $2,696,598) *
|
2,700,000 | 2,793,347 | |||||||||||
General Electric Capital Corporation:
|
|||||||||||||
5.625%, 05/01/2018
|
4,150,000 | 4,911,401 | |||||||||||
5.500%, 01/08/2020
|
1,875,000 | 2,221,813 |
4.200%, 03/28/2017 @ f
|
2,000,000 | 2,194,840 | |||||||||||
5.800%, 01/13/2020 (Acquired 01/05/2010 through 01/19/2012, Cost $6,413,132) * f
|
6,350,000 | 7,475,792 | |||||||||||
M&I Marshall & Ilsley Bank,
|
|||||||||||||
4.850%, 06/16/2015
|
2,189,000 | 2,340,063 | |||||||||||
Macquarie Bank Limited,
|
|||||||||||||
3.450%, 07/27/2015 (Acquired 07/19/2012, Cost $2,996,370) * @ f
|
3,000,000 | 3,125,958 | |||||||||||
Manufacturer and Traders Trust Co.:
|
|||||||||||||
6.625%, 12/04/2017
|
1,120,000 | 1,358,428 | |||||||||||
5.585%, 12/28/2020
|
265,000 | 266,181 | |||||||||||
Manulife Financial Corp.:
|
|||||||||||||
3.400%, 09/17/2015 f
|
4,716,000 | 4,960,892 | |||||||||||
4.900%, 09/17/2020 f
|
1,840,000 | 2,076,041 | |||||||||||
Marsh & McLennan Companies, Inc.,
|
|||||||||||||
4.800%, 07/15/2021
|
1,000,000 | 1,141,513 | |||||||||||
Massachusetts Mutual Life Insurance Company:
|
|||||||||||||
7.625%, 11/15/2023 (Acquired 10/10/2012, Cost $4,314,955) *
|
3,184,000 | 4,107,312 | |||||||||||
8.875%, 06/01/2039 (Acquired 10/03/2012 through 02/13/2013, Cost $2,415,197) *
|
1,575,000 | 2,434,695 | |||||||||||
MBIA Insurance Corp.,
|
|||||||||||||
14.000%, 01/15/2033 (Acquired 01/11/2008, Cost $700,000) * @
|
700,000 | 161,000 | |||||||||||
Merrill Lynch & Company:
|
|||||||||||||
6.875%, 04/25/2018
|
800,000 | 965,616 | |||||||||||
7.750%, 05/14/2038
|
725,000 | 966,267 | |||||||||||
Metlife Capital Trust IV,
|
|||||||||||||
7.875%, 12/15/2037 (Acquired 03/26/2012, Cost $550,577) *
|
500,000 | 626,250 | |||||||||||
MetLife, Inc.:
|
|||||||||||||
Series A, 6.817%, 08/15/2018
|
300,000 | 373,960 | |||||||||||
7.717%, 02/15/2019
|
1,157,000 | 1,502,401 | |||||||||||
Metropolitan Life Global Funding I:
|
|||||||||||||
2.500%, 09/29/2015 (Acquired 01/19/2012 through 09/25/2012, Cost $2,379,478) *
|
2,340,000 | 2,431,999 | |||||||||||
3.125%, 01/11/2016 (Acquired 09/27/2011 through 06/01/2012, Cost $2,436,241) * @
|
2,415,000 | 2,554,674 | |||||||||||
3.875%, 04/11/2022 (Acquired 12/18/2012, Cost $1,627,346) *
|
1,500,000 | 1,620,435 | |||||||||||
Mizuho Corporate Bank, Ltd.,
|
|||||||||||||
1.850%, 03/21/2018 (Acquired 03/14/2013, Cost $1,847,447) * f
|
1,850,000 | 1,854,810 | |||||||||||
Morgan Stanley:
|
|||||||||||||
4.750%, 04/01/2014 @
|
2,505,000 | 2,589,757 | |||||||||||
6.000%, 04/28/2015
|
650,000 | 708,035 | |||||||||||
5.450%, 01/09/2017
|
2,000,000 | 2,238,658 | |||||||||||
6.625%, 04/01/2018
|
1,275,000 | 1,524,137 | |||||||||||
7.300%, 05/13/2019
|
1,250,000 | 1,546,849 | |||||||||||
5.625%, 09/23/2019
|
3,100,000 | 3,564,628 | |||||||||||
3.750%, 02/25/2023
|
1,000,000 | 1,010,786 | |||||||||||
National Australia Bank Limited,
|
|||||||||||||
3.000%, 07/27/2016 (Acquired 07/20/2011, Cost $2,991,720) * f
|
3,000,000 | 3,171,759 | |||||||||||
National Australia Bank/New York,
|
|||||||||||||
2.750%, 03/09/2017 f
|
6,000,000 | 6,314,796 | |||||||||||
National City Bank,
|
|||||||||||||
5.800%, 06/07/2017
|
6,170,000 | 7,230,783 | |||||||||||
Nationwide Mutual Insurance Company,
|
|||||||||||||
7.875%, 04/01/2033 (Acquired 10/13/2009, Cost $90,480) *
|
100,000 | 126,735 | |||||||||||
Navigators Group Inc. Senior Unsecured Notes,
|
|||||||||||||
7.000%, 05/01/2016
|
3,709,000 | 4,118,403 | |||||||||||
New England Mutual Life Insurance Company,
|
|||||||||||||
7.875%, 02/15/2024 (Acquired 11/07/2012 through 11/07/2012, Cost $4,360,656) *
|
3,200,000 | 4,365,923 | |||||||||||
Nippon Life Insurance Company,
|
|||||||||||||
5.000%, 10/18/2042 (Acquired 10/11/2012, Cost $2,000,000) * f
|
2,000,000 | 2,043,148 | |||||||||||
Nomura Holdings Inc.,
|
|||||||||||||
6.700%, 03/04/2020 f
|
525,000 | 628,179 | |||||||||||
Nordea Bank AB,
|
|||||||||||||
3.125%, 03/20/2017 (Acquired 03/14/2012 through 05/09/2012, Cost $8,042,222) * f
|
8,000,000 | 8,459,200 | |||||||||||
Principal Financial Group, Inc.:
|
|||||||||||||
3.300%, 09/15/2022
|
1,000,000 | 1,016,346 | |||||||||||
3.125%, 05/15/2023
|
3,550,000 | 3,554,821 | |||||||||||
Prudential Financial Inc.:
|
|||||||||||||
6.200%, 01/15/2015
|
2,797,000 | 3,050,984 | |||||||||||
6.000%, 12/01/2017 @
|
2,000,000 | 2,386,240 |
Prudential Holdings LLC,
|
|||||||||||||
8.695%, 12/18/2023 (Acquired 11/29/2011 through 01/18/2013, Cost $8,433,087) *
|
6,691,000 | 8,589,518 | |||||||||||
Raymond James Financial, Inc.,
|
|||||||||||||
8.600%, 08/15/2019
|
1,427,000 | 1,837,625 | |||||||||||
Regions Bank,
|
|||||||||||||
7.500%, 05/15/2018
|
10,684,000 | 13,114,610 | |||||||||||
Regions Financing Trust II,
|
|||||||||||||
6.625%, 05/15/2047
|
1,400,000 | 1,401,750 | |||||||||||
Reliance Holdings USA Inc,
|
|||||||||||||
5.400%, 02/14/2022 (Acquired 02/09/2012 through 02/23/2012, Cost $3,518,131) *
|
3,500,000 | 3,901,468 | |||||||||||
Santander Financial Issuances,
|
|||||||||||||
7.250%, 11/01/2015 @ f
|
300,000 | 324,450 | |||||||||||
Santander U.S. Debt S.A. Unipersonal,
|
|||||||||||||
2.991%, 10/07/2013 (Acquired 08/25/2011, Cost $2,469,775) * f
|
2,500,000 | 2,516,683 | |||||||||||
Simon Property Group, L.P.,
|
|||||||||||||
1.500%, 02/01/2018 (Acquired 12/10/2012, Cost $11,962,200) *
|
12,000,000 | 11,958,132 | |||||||||||
SLM Corporation:
|
|||||||||||||
5.000%, 10/01/2013
|
4,000,000 | 4,070,000 | |||||||||||
5.375%, 05/15/2014
|
8,000,000 | 8,342,128 | |||||||||||
5.625%, 08/01/2033
|
50,000 | 46,250 | |||||||||||
Societe Generale SA:
|
|||||||||||||
2.750%, 10/12/2017 @ f
|
3,000,000 | 3,072,642 | |||||||||||
5.200%, 04/15/2021 (Acquired 09/20/2011 through 02/13/2013, Cost $9,983,432) * @ f
|
10,100,000 | 11,286,447 | |||||||||||
Sovereign Bank,
|
|||||||||||||
8.750%, 05/30/2018
|
7,034,000 | 8,502,031 | |||||||||||
Sparebank 1 Boligkreditt AS,
|
|||||||||||||
1.750%, 11/15/2019 (Acquired 11/07/2012, Cost $4,961,150) * f
|
5,000,000 | 4,954,500 | |||||||||||
State Bank of India,
|
|||||||||||||
4.125%, 08/01/2017 (Acquired 07/25/2012, Cost $6,939,800) * f
|
7,000,000 | 7,301,238 | |||||||||||
Sumitomo Mitsui Banking Corporation:
|
|||||||||||||
3.150%, 07/22/2015 (Acquired 02/06/2013, Cos $1,538,177) * f
|
1,500,000 | 1,571,958 | |||||||||||
3.000%, 01/18/2023 (Acquired 01/10/2013 through 01/18/2013, Cost $2,486,300) * f
|
2,500,000 | 2,500,143 | |||||||||||
SunTrust Bank,
|
|||||||||||||
3.600%, 04/15/2016
|
1,500,000 | 1,606,268 | |||||||||||
3.500%, 01/20/2017
|
4,250,000 | 4,550,687 | |||||||||||
7.250%, 03/15/2018
|
5,682,000 | 7,052,345 | |||||||||||
SUSA Partnership, L.P.,
|
|||||||||||||
8.200%, 06/01/2017
|
1,000,000 | 1,176,853 | |||||||||||
Svenska Handelsbanken AB:
|
|||||||||||||
4.875%, 06/10/2014 (Acquired 07/16/2012, Cost $2,119,254) * f
|
2,040,000 | 2,142,753 | |||||||||||
2.875%, 04/04/2017 @ f
|
2,425,000 | 2,560,366 | |||||||||||
Swedbank AB,
|
|||||||||||||
2.125%, 09/29/2017 (Acquired 09/24/2012, Cost $2,995,470) * f
|
3,000,000 | 3,036,024 | |||||||||||
Symetra Financial Corporation,
|
|||||||||||||
6.125%, 04/01/2016 (Acquired 10/12/2010 through 10/16/2012, Cost $3,786,985) *
|
3,620,000 | 4,012,466 | |||||||||||
Talent Yield Investments Ltd,
|
|||||||||||||
4.500%, 04/25/2022 (Acquired 04/18/2012, Cost $5,958,960) * @ f
|
6,000,000 | 6,580,026 | |||||||||||
TD Ameritrade Holding Corporation,
|
|||||||||||||
5.600%, 12/01/2019
|
1,000,000 | 1,197,573 | |||||||||||
The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
|
|||||||||||||
2.350%, 02/23/2017 (Acquired 02/14/2012, Cost $5,996,640) * @ f
|
6,000,000 | 6,227,688 | |||||||||||
The Chubb Corp.,
|
|||||||||||||
6.375%, 03/29/2067
|
1,320,000 | 1,450,350 | |||||||||||
The Goldman Sachs Group, Inc.:
|
|||||||||||||
5.950%, 01/18/2018
|
3,000,000 | 3,497,709 | |||||||||||
6.150%, 04/01/2018
|
6,500,000 | 7,659,386 | |||||||||||
7.500%, 02/15/2019
|
1,825,000 | 2,283,195 | |||||||||||
5.250%, 07/27/2021
|
1,000,000 | 1,133,069 | |||||||||||
3.625%, 01/22/2023
|
3,100,000 | 3,121,802 | |||||||||||
6.750%, 10/01/2037
|
300,000 | 336,177 | |||||||||||
The Hartford Financial Services Group, Inc.:
|
|||||||||||||
7.300%, 11/01/2015
|
465,000 | 537,477 | |||||||||||
5.375%, 03/15/2017
|
2,913,000 | 3,319,675 | |||||||||||
4.000%, 10/15/2017
|
3,000,000 | 3,322,632 | |||||||||||
8.125%, 06/15/2038
|
1,365,000 | 1,619,231 |
The Royal Bank of Scotland Group PLC:
|
|||||||||||||
5.000%, 11/12/2013 f
|
705,000 | 717,337 | |||||||||||
5.050%, 01/08/2015 f
|
1,528,000 | 1,583,865 | |||||||||||
2.550%, 09/18/2015 f
|
4,225,000 | 4,342,409 | |||||||||||
6.125%, 01/11/2021 f
|
2,850,000 | 3,439,275 | |||||||||||
Torchmark Corporation,
|
|||||||||||||
3.800%, 09/15/2022
|
1,275,000 | 1,324,379 | |||||||||||
UBS AG:
|
|||||||||||||
Series 001, 2.250%, 01/28/2014 f
|
2,906,000 | 2,944,743 | |||||||||||
5.750%, 04/25/2018 f
|
6,800,000 | 8,055,701 | |||||||||||
UnionBanCal Corp.,
|
|||||||||||||
3.500%, 06/18/2022 @
|
1,100,000 | 1,140,429 | |||||||||||
UnitedHealth Group, Inc.,
|
|||||||||||||
6.000%, 02/15/2018 @
|
1,000,000 | 1,209,109 | |||||||||||
Wachovia Bank, NA,
|
|||||||||||||
6.000%, 11/15/2017
|
8,322,000 | 9,934,887 | |||||||||||
WEA Finance LLC,
|
|||||||||||||
7.500%, 06/02/2014 (Acquired 12/28/2011 through 07/18/2012, Cost $4,183,629) *
|
3,970,000 | 4,265,555 | |||||||||||
Westpac Banking Corporation:
|
|||||||||||||
2.000%, 08/14/2017 f
|
8,000,000 | 8,235,056 | |||||||||||
4.875%, 11/19/2019 f
|
636,000 | 743,580 | |||||||||||
Willis North America, Inc.:
|
|||||||||||||
5.625%, 07/15/2015
|
2,600,000 | 2,819,832 | |||||||||||
7.000%, 09/29/2019
|
2,130,000 | 2,539,627 | |||||||||||
636,981,011 | 22.8 | % | |||||||||||
Residential Mortgage-Backed Securities
|
|||||||||||||
U.S. Government Agency Issues
|
|||||||||||||
Federal Gold Loan Mortgage Corporation (FGLMC):
|
|||||||||||||
5.000%, 12/01/2020
|
115,160 | 123,598 | |||||||||||
5.000%, 05/01/2021
|
215,831 | 231,645 | |||||||||||
6.000%, 06/01/2021
|
42,882 | 47,100 | |||||||||||
3.000%, 05/01/2027
|
15,837,667 | 16,678,668 | |||||||||||
6.500%, 12/01/2028
|
52,968 | 60,354 | |||||||||||
6.500%, 06/01/2029
|
23,870 | 27,244 | |||||||||||
5.500%, 04/01/2037
|
745,195 | 807,080 | |||||||||||
5.500%, 04/01/2038
|
457,143 | 495,106 | |||||||||||
5.500%, 05/01/2038
|
838,783 | 908,440 | |||||||||||
4.500%, 11/01/2039
|
9,466,928 | 10,127,740 | |||||||||||
4.500%, 11/01/2039
|
3,195,711 | 3,418,778 | |||||||||||
4.500%, 08/01/2040
|
8,304,085 | 8,888,918 | |||||||||||
4.500%, 08/01/2040
|
13,936,660 | 14,918,179 | |||||||||||
3.500%, 06/01/2042
|
15,090,038 | 15,925,688 | |||||||||||
3.500%, 07/01/2042
|
50,637,826 | 53,442,029 | |||||||||||
3.000%, 08/01/2042
|
40,388,040 | 41,506,652 | |||||||||||
3.000%, 10/01/2042
|
21,501,149 | 22,096,658 | |||||||||||
3.000%, 02/01/2043
|
12,471,187 | 12,816,597 | |||||||||||
Federal Home Loan Mortgage Corporation (FHLMC):
|
|||||||||||||
Series R010, Class VA, 5.500%, 04/15/2017
|
971,527 | 975,273 | |||||||||||
Series 1053, Class G, 7.000%, 03/15/2021
|
7,072 | 8,245 | |||||||||||
Series 136, Class E, 6.000%, 04/15/2021
|
12,431 | 13,540 | |||||||||||
Series 2804, Class VC, 5.000%, 07/15/2021
|
177,045 | 194,571 | |||||||||||
Series 1122, Class G, 7.000%, 08/15/2021
|
12,144 | 13,885 | |||||||||||
Series 1186, Class I, 7.000%, 12/15/2021
|
25,685 | 29,047 | |||||||||||
Federal National Mortgage Association (FNMA):
|
|||||||||||||
Series 1989-94, Class G, 7.500%, 12/25/2019
|
6,872 | 7,711 | |||||||||||
Series 1990-15, Class J, 7.000%, 02/25/2020
|
22,348 | 24,721 | |||||||||||
Series 1991-21, Class J, 7.000%, 03/25/2021
|
4,462 | 5,000 | |||||||||||
Series 1991-43, Class J, 7.000%, 05/25/2021
|
76,238 | 86,104 | |||||||||||
Series 1991-65, Class Z, 6.500%, 06/25/2021
|
101,471 | 110,198 | |||||||||||
5.000%, 11/01/2021
|
860,228 | 930,483 | |||||||||||
Series 1992-129, Class L, 6.000%, 07/25/2022
|
167,915 | 186,890 | |||||||||||
Series 2003-33, Class LD, 4.250%, 09/25/2022
|
47,456 | 47,721 | |||||||||||
5.500%, 03/01/2023
|
452,697 | 493,775 | |||||||||||
Series 1993-32, Class H, 6.000%, 03/25/2023
|
37,259 | 40,774 | |||||||||||
Series 1993-58, Class H, 5.500%, 04/25/2023
|
180,381 | 198,691 |
5.500%, 07/01/2023
|
208,577 | 229,329 | |||||||||||
5.500%, 12/01/2023
|
307,454 | 338,042 | |||||||||||
6.000%, 03/01/2026
|
66,971 | 73,634 | |||||||||||
2.500%, 12/01/2027
|
28,979,862 | 30,097,207 | |||||||||||
5.000%, 05/01/2028
|
234,521 | 254,225 | |||||||||||
6.500%, 09/01/2028
|
40,829 | 47,846 | |||||||||||
6.500%, 02/01/2029
|
87,924 | 103,035 | |||||||||||
5.500%, 01/01/2032
|
40,020 | 44,026 | |||||||||||
5.500%, 04/01/2034
|
3,299,716 | 3,645,041 | |||||||||||
5.500%, 04/01/2034
|
3,355,913 | 3,695,035 | |||||||||||
Series 2004-90, Class LH, 5.000%, 04/25/2034
|
6,821,493 | 7,197,685 | |||||||||||
Series 2004-W6, Class 1A6, 5.500%, 07/25/2034
|
330,836 | 339,377 | |||||||||||
Series 2004-W6, Class 1A4, 5.500%, 07/25/2034
|
263,507 | 269,967 | |||||||||||
Series 2004-W10, Class A4, 5.750%, 08/25/2034
|
582,574 | 591,009 | |||||||||||
5.500%, 09/01/2034
|
105,039 | 115,884 | |||||||||||
5.500%, 02/01/2035
|
52,943 | 58,409 | |||||||||||
5.000%, 04/01/2035
|
6,023,362 | 6,552,037 | |||||||||||
5.000%, 07/01/2035
|
18,068,097 | 19,652,633 | |||||||||||
5.000%, 02/01/2036
|
9,973,723 | 10,829,864 | |||||||||||
5.000%, 03/01/2036
|
3,520,737 | 3,822,937 | |||||||||||
5.500%, 04/01/2036
|
10,343,158 | 11,346,337 | |||||||||||
6.000%, 08/01/2037
|
314,586 | 341,460 | |||||||||||
4.000%, 08/01/2040
|
3,992,866 | 4,258,767 | |||||||||||
4.000%, 10/01/2040
|
2,589,290 | 2,761,721 | |||||||||||
4.000%, 12/01/2040
|
8,397,901 | 9,218,272 | |||||||||||
3.500%, 01/01/2041
|
5,275,606 | 5,574,337 | |||||||||||
4.000%, 01/01/2041
|
12,699,378 | 13,545,078 | |||||||||||
3.500%, 02/01/2041
|
14,849,814 | 15,690,685 | |||||||||||
4.000%, 02/01/2041
|
24,724,540 | 26,371,041 | |||||||||||
3.500%, 03/01/2041
|
6,857,269 | 7,245,562 | |||||||||||
4.500%, 07/01/2041
|
5,499,752 | 5,936,696 | |||||||||||
4.000%, 09/01/2041
|
12,028,957 | 12,833,770 | |||||||||||
4.000%, 12/01/2041
|
9,992,006 | 10,660,534 | |||||||||||
3.000%, 05/01/2042
|
16,652,263 | 17,189,254 | |||||||||||
3.500%, 06/01/2042
|
15,896,716 | 16,796,868 | |||||||||||
Government National Mortgage Association (GNMA):
|
|||||||||||||
6.000%, 12/20/2028
|
55,252 | 62,571 | |||||||||||
6.500%, 01/20/2029
|
24,086 | 28,732 | |||||||||||
Series 2003-2, Class PB, 5.500%, 03/20/2032
|
80,005 | 81,775 | |||||||||||
6.000%, 11/20/2033
|
44,452 | 50,494 | |||||||||||
4.500%, 05/20/2040
|
6,417,282 | 7,098,580 | |||||||||||
5.000%, 07/20/2040
|
2,867,483 | 3,182,982 | |||||||||||
4.500%, 01/20/2041
|
24,137,989 | 26,700,627 | |||||||||||
4.000%, 06/20/2042
|
47,385,994 | 51,286,823 | |||||||||||
3.500%, 09/20/2042
|
23,217,006 | 24,854,532 | |||||||||||
566,961,823 | 20.3 | % | |||||||||||
Non-U.S. Government Agency Issues
|
|||||||||||||
Bank of America Alternative Loan Trust:
|
|||||||||||||
Series 2004-1, Class 5A2, 5.500%, 02/25/2019
|
1,937,240 | 1,983,259 | |||||||||||
Series 2004-2, Class 5A1, 5.500%, 03/25/2019
|
396,113 | 407,236 | |||||||||||
Series 2004-8, Class 3A1, 5.500%, 09/25/2019
|
2,208,240 | 2,325,036 | |||||||||||
Series 2005-2, Class 4A1, 5.500%, 03/25/2020
|
68,774 | 71,983 | |||||||||||
Series 2005-4, Class 3A1, 5.500%, 05/25/2020
|
1,059,386 | 1,085,746 | |||||||||||
Series 2005-8, Class 5A1, 5.500%, 09/25/2020
|
260,818 | 265,739 | |||||||||||
Series 2006-2, Class 6A1, 5.500%, 03/25/2021
|
248,121 | 253,507 | |||||||||||
Series 2007-1, Class 1A1, 6.064%, 04/25/2022
|
1,067,817 | 1,092,236 | |||||||||||
Series 2005-2, Class 1CB2, 5.500%, 03/25/2035
|
3,851,649 | 3,790,746 | |||||||||||
Series 2006-3, Class 6A1, 6.000%, 04/25/2036
|
257,438 | 263,879 | |||||||||||
Series 2006-5, Class CB7, 6.000%, 06/25/2046 §
|
355,858 | 285,711 | |||||||||||
Bank of America Mortgage Securities Inc:
|
|||||||||||||
Series 2003-L, Class 2A1, 3.039%, 01/25/2034
|
8,142,610 | 8,134,353 | |||||||||||
Series 2005-9, Class 1A5, 5.500%, 10/25/2035
|
899,031 | 904,894 | |||||||||||
Chase Mortgage Finance Corporation:
|
|||||||||||||
Series 2003-S13, Class A11, 5.500%, 11/25/2033
|
26,573 | 26,837 | |||||||||||
Series 2006-A1, Class 2A3, 5.395%, 09/25/2036 §
|
810,657 | 710,088 |
Citigroup Mortgage Loan Trust, Inc.:
|
|||||||||||||
Series 2005-9, Class 2A2, 5.500%, 11/25/2035 §
|
112,558 | 112,641 | |||||||||||
Series 2005-9, Class 22A2, 6.000%, 11/25/2035 §
|
318,018 | 297,321 | |||||||||||
Countrywide Alternative Loan Trust:
|
|||||||||||||
Series 2005-3CB, Class 2A1, 5.000%, 03/25/2020
|
3,884,779 | 3,959,010 | |||||||||||
Series 2005-50CB, Class 4A1, 5.000%, 11/25/2020
|
625,078 | 617,118 | |||||||||||
Series 2006-7CB, Class 3A1, 5.250%, 05/25/2021
|
900,501 | 876,540 | |||||||||||
Series 2006-43CB, Class 2A1, 6.000%, 02/25/2022 §
|
427,764 | 428,610 | |||||||||||
Series 2005-10CB, Class 1A6, 5.500%, 05/25/2035
|
508,332 | 509,073 | |||||||||||
Series 2005-73CB, Class 1A7, 5.500%, 01/25/2036
|
1,073,972 | 917,569 | |||||||||||
Series 2006-J2, Class A3, 6.000%, 04/25/2036
|
211,389 | 176,032 | |||||||||||
Series 2006-28CB, Class A17, 6.000%, 10/25/2036 §
|
1,157,695 | 847,017 | |||||||||||
Countrywide Home Loan Mortgage Pass Through Trust,
|
|||||||||||||
Series 2005-6, Class 2A1, 5.500%, 04/25/2035
|
2,006,926 | 1,972,750 | |||||||||||
Credit Suisse First Boston Mortgage Securities Corp,
|
|||||||||||||
Series 2005-7, Class 3A1, 5.000%, 08/25/2020
|
1,223,126 | 1,245,914 | |||||||||||
Deutsche ALT-A Securities Inc. Alternate Loan Trust,
|
|||||||||||||
Series 2005-3, Class 4A5, 5.250%, 06/25/2035
|
1,190,925 | 1,200,768 | |||||||||||
Deutsche Mortgage Securities Inc.,
|
|||||||||||||
Series 2006-AR5, Class 21A, 6.000%, 10/25/2021
|
529,419 | 462,879 | |||||||||||
First Horizon Alternative Mortgage Securities:
|
|||||||||||||
Series 2006-FA6, Class 3A1, 5.750%, 11/25/2021
|
392,700 | 397,800 | |||||||||||
Series 2006-FA8, Class 2A1, 5.750%, 02/25/2037
|
1,165,866 | 1,036,043 | |||||||||||
GSR Mortgage Loan Trust:
|
|||||||||||||
Series 2004-15F, Class 5A1, 5.500%, 01/25/2020
|
2,630,940 | 2,714,048 | |||||||||||
Series 2005-3F, Class 2A4, 6.000%, 03/25/2035
|
13,067,315 | 13,482,242 | |||||||||||
J.P. Morgan Alternative Loan Trust:
|
|||||||||||||
Series 2005-S1, Class 3A1, 5.500%, 10/25/2020
|
3,675,026 | 3,721,181 | |||||||||||
Series 2006-A1, Class 2A1, 2.760%, 03/25/2036 §
|
225,517 | 172,793 | |||||||||||
Series 2006-S2, Class A2, 5.810%, 05/25/2036
|
379,295 | 378,372 | |||||||||||
Series 2006-S3, Class A3A, 6.000%, 08/25/2036
|
271,221 | 252,363 | |||||||||||
J.P. Morgan Mortgage Trust:
|
|||||||||||||
Series 2006-A7, Class 2A4R, 2.914%, 01/25/2037 §
|
614,809 | 507,079 | |||||||||||
Series 2007-A2, Class 2A3, 2.878%, 04/25/2037
|
12,848,731 | 10,869,384 | |||||||||||
Master Alternative Loans Trust:
|
|||||||||||||
Series 2004-1, Class 1A1, 5.000%, 01/25/2019
|
297,053 | 304,380 | |||||||||||
Series 2004-5, Class 4A1, 5.500%, 07/25/2019
|
894,686 | 942,180 | |||||||||||
Series 2005-3, Class 4A1, 5.500%, 03/25/2020
|
1,518,468 | 1,593,154 | |||||||||||
Series 2003-5, Class 6A1, 6.000%, 08/25/2033
|
97,300 | 103,530 | |||||||||||
Series 2004-2, Class 2A1, 6.000%, 02/25/2034
|
8,172,132 | 8,929,705 | |||||||||||
Series 2005-6, Class 1A5, 5.500%, 12/25/2035
|
8,024,245 | 7,666,412 | |||||||||||
Master Asset Securitization Trust,
|
|||||||||||||
Series 2005-2, Class 1A1, 5.250%, 11/25/2035
|
254,761 | 258,401 | |||||||||||
Merrill Lynch Mortgage Investors Trust,
|
|||||||||||||
Series 2005-A8, Class A1C1, 5.250%, 08/25/2036
|
73,219 | 73,867 | |||||||||||
Residential Accredit Loans, Inc.:
|
|||||||||||||
Series 2004-QS3, Class CB, 5.000%, 03/25/2019
|
3,068,630 | 3,199,351 | |||||||||||
Series 2004-QS13, Class CB, 5.000%, 09/25/2019
|
2,472,289 | 2,542,519 | |||||||||||
Series 2005-QS2, Class A1, 5.500%, 02/25/2035
|
725,513 | 718,122 | |||||||||||
Structured Asset Securities Corporation:
|
|||||||||||||
Series 2003-31A, Class 2A7, 2.653%, 10/25/2033
|
5,278,311 | 5,350,903 | |||||||||||
Series 2005-7XS, Class 1A4B, 5.440%, 04/25/2035
|
881,023 | 893,492 | |||||||||||
Washington Mutual Mortgage Pass Through Certificates:
|
|||||||||||||
Series 2004-CB1, Class 5A, 5.000%, 06/25/2019
|
129,222 | 133,646 | |||||||||||
Series 2004-CB2, Class 5A, 5.000%, 07/25/2019
|
120,565 | 124,165 | |||||||||||
Series 2004-CB2, Class 7A, 5.500%, 08/25/2019
|
247,545 | 257,792 | |||||||||||
Series 2004-CB3, Class 4A, 6.000%, 10/25/2019
|
71,261 | 75,162 | |||||||||||
Series 2004-CB4, Class 22A, 6.000%, 12/25/2019
|
112,014 | 116,327 | |||||||||||
Wells Fargo Alternative Loan Trust,
|
|||||||||||||
Series 2007-PA1, Class A4, 6.000%, 03/25/2037 §
|
160,490 | 139,376 | |||||||||||
102,178,281 | 3.7 | % | |||||||||||
Asset Backed Securities
|
|||||||||||||
ACE Securities Corp Home Equity Loan Trust Series,
|
|||||||||||||
Series 2006-OP1, 0.354%, 04/25/2036
|
16,217,120 | 15,039,984 | |||||||||||
Amresco Residential Securities Mortgage Loan Trust,
|
Series 2003-RS10, Class A17, 4.850%, 11/25/2033
|
73,270 | 74,099 | |||||||||||
Series 2004-RS4, Class AI6, 5.072%, 04/25/2034
|
4,311,560 | 4,472,084 | |||||||||||
Residential Asset Securities Corporation:
|
|||||||||||||
Series 2003-KS5, Class AI6, 3.620%, 07/25/2033
|
104,971 | 96,709 | |||||||||||
Series 2003-KS9, Class AI6, 4.710%, 11/25/2033
|
80,183 | 77,004 | |||||||||||
Series 2006-EMX8, Class 1A2, 0.324%, 10/25/2036
|
523,559 | 520,088 | |||||||||||
Soundview Home Equity Loan Trust,
|
|||||||||||||
Series 2005-OPT4, Class 2A3, 0.464%, 12/25/2035
|
13,229,511 | 13,090,640 | |||||||||||
Springleaf Mortgage Loan Trust,
|
|||||||||||||
Series 2012-2, Class A, 2.220%, 10/25/2057 (Acquired 07/31/2012, Cost $5,144,127) *
|
5,144,710 | 5,219,344 | |||||||||||
130,205,899 | 4.7 | % | |||||||||||
Commercial Mortgage Backed Securities
|
|||||||||||||
Bear Stearns Commercial Mortgage Securities,
|
|||||||||||||
Series 2005-PWR9, Class A4A, 4.871%, 09/11/2042
|
17,260,000 | 18,650,362 | |||||||||||
Citigroup Deutsche Bank,
|
|||||||||||||
Series 2005-CD1, Class A4, 5.218%, 07/15/2044
|
15,751,219 | 17,223,501 | |||||||||||
Commercial Mortgage Trust:
|
|||||||||||||
Series 2005-C6, Class A5A, 5.116%, 06/10/2044
|
5,987,000 | 6,504,157 | |||||||||||
Series 2012-CR1, Class A3, 3.391%, 05/15/2045
|
25,592,000 | 27,059,804 | |||||||||||
Series 2012-CR2, Class A4, 3.147%, 08/15/2045
|
23,700,000 | 24,587,612 | |||||||||||
Credit Suisse First Boston Mortgage Securities Corporation,
|
|||||||||||||
Series 2005-C5, Class A4, 5.100%, 08/15/2038
|
16,925,000 | 18,260,806 | |||||||||||
Federal National Mortgage Association (FNMA),
|
|||||||||||||
Series 2012-M9, Class ASQ2, 1.513%, 12/25/2017
|
5,100,000 | 5,197,507 | |||||||||||
GE Capital Commercial Mortgage Corporation:
|
|||||||||||||
Series 2003-C2, Class A4, 5.145%, 07/10/2037
|
618,448 | 621,621 | |||||||||||
Series 2004-C3, Class A4, 5.189%, 07/10/2039
|
1,458,024 | 1,523,826 | |||||||||||
Series 2005-C4, Class A4, 5.306%, 11/10/2045
|
12,795,000 | 14,116,429 | |||||||||||
GMAC Commercial Mortgage Securities, Inc.,
|
|||||||||||||
Series 2004-C2, Class A4, 5.301%, 08/10/2038
|
6,727,000 | 7,051,975 | |||||||||||
J.P. Morgan Chase Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-CB12, Class A4, 4.895%, 09/12/2037
|
17,525,000 | 18,931,346 | |||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust,
|
|||||||||||||
Series 2012-C6, Class A4, 2.858%, 11/17/2045
|
23,400,000 | 23,681,642 | |||||||||||
Morgan Stanley Capital I Trust,
|
|||||||||||||
Series 2005-HQ7, Class A4, 5.210%, 11/14/2042
|
19,275,000 | 21,018,250 | |||||||||||
Wachovia Bank Commercial Mortgage Trust,
|
|||||||||||||
Series 2005-C22, Class A4, 5.283%, 12/15/2044
|
5,000,000 | 5,489,810 | |||||||||||
WF-RBS Commercial Mortgage Trust,
|
|||||||||||||
Series 2012-C6, Class A4, 3.440%, 04/15/2045
|
10,800,000 | 11,491,470 | |||||||||||
221,410,118 | 7.9 | % | |||||||||||
Total Long-Term Investments (Cost $2,663,910,341)
|
2,738,312,536 | 98.1 | % | ||||||||||
Shares
|
|||||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Funds
|
|||||||||||||
Dreyfus Institutional Cash Advantage Fund, 0.07% «
|
22,525,389 | 22,525,389 | |||||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
54,000,000 | 54,000,000 | |||||||||||
Total Short-Term Investments (Cost $76,525,389)
|
76,525,389 | 2.7 | % | ||||||||||
Principal Amount
|
|||||||||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM
|
|||||||||||||
SECURITIES LENDING
|
|||||||||||||
Commercial Paper
|
|||||||||||||
Atlantic East Funding LLC, 0.554%, 03/25/2014 † **
|
$ | 223,924 | 178,141 | ||||||||||
Total Commercial Paper (Cost $223,924)
|
178,141 | 0.0 | % | ||||||||||
Shares
|
|||||||||||||
Investment Companies
|
|||||||||||||
Mount Vernon Securities Lending Trust Prime Portfolio, 0.26% «
|
107,650,654 | 107,650,654 | |||||||||||
Total Investment Companies (Cost $107,650,654)
|
107,650,654 | 3.9 | % | ||||||||||
Total Investments Purchased With Cash Proceeds From
|
|||||||||||||
Securities Lending (Cost $107,874,578)
|
107,828,795 | 3.9 | % | ||||||||||
Total Investments (Cost $2,848,310,308)
|
2,922,666,720 | 104.7 | % | ||||||||||
Asset Relating to Securities Lending Investments
|
|||||||||||||
Support Agreement
** ^ α
†
|
45,783 |
Total (Cost $0)
|
45,783 | 0.0 | % | ||||||||||
Liabilities in Excess of Other Assets
|
(132,006,821 | ) | (4.7 | )% | |||||||||
TOTAL NET ASSETS
|
$ | 2,790,705,682 | 100.0 | % |
Notes to Schedule of Investments
|
|||||||||||||
*
|
Restricted Security Deemed Liquid
|
||||||||||||
**
|
Illiquid Security
|
||||||||||||
@
|
This security or portion of this security is out on loan at March 31, 2013.
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
^
|
Non-Income Producing
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
§
|
Security in Default
|
||||||||||||
†
|
Priced at Fair Value by the Valuation Committee as delegated by the Baird Funds' Board of Directors.
|
||||||||||||
α
|
The Fund's transfer agent and administrator and securities lending agent entered into a support agreement with
|
||||||||||||
the Fund to cover losses realized by the Fund on its investment in Atlantic East Funding, LLC (up to a certain amount),
|
|||||||||||||
which investment was made by the Fund's securities lending agent.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
|||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
|||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
|||
the period. These standards define fair value as the price 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.
|
|||
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions
market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income
|
||||||||||||||||
U.S. Treasury Securities
|
$ | - | $ | 241,083,711 | $ | - | $ | 241,083,711 | ||||||||
Taxable Municipal Bonds
|
- | 60,339,635 | - | 60,339,635 | ||||||||||||
Other Government Related Securities
|
- | 55,446,779 | - | 55,446,779 | ||||||||||||
Corporate Bonds
|
- | 1,360,681,615 | 4,675 | 1,360,686,290 | ||||||||||||
Residential Mortgage-Backed Securities - U.S. Government Agency Issues
|
- | 566,961,823 | - | 566,961,823 | ||||||||||||
Residential Mortgage-Backed Securities - Non - U.S. Government Agency Issues
|
- | 102,178,281 | - | 102,178,281 | ||||||||||||
Asset Backed Securities
|
- | 130,205,899 | - | 130,205,899 | ||||||||||||
Commercial Mortgage-Backed Securities
|
- | 221,410,118 | - | 221,410,118 | ||||||||||||
Total Fixed Income
|
- | 2,738,307,861 | 4,675 | 2,738,312,536 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Funds
|
76,525,389 | - | - | 76,525,389 | ||||||||||||
Total Short-Term Investments
|
76,525,389 | - | - | 76,525,389 | ||||||||||||
Investments Purchased with Cash
|
||||||||||||||||
Proceeds from Securities Lending
|
||||||||||||||||
Commercial Paper
|
- | 178,141 | - | 178,141 | ||||||||||||
Money Market Mutual Fund
|
107,650,654 | - | - | 107,650,654 | ||||||||||||
Total Investments Purchased with
|
||||||||||||||||
Cash Proceeds from Securities Lending
|
107,650,654 | 178,141 | - | 107,828,795 | ||||||||||||
Total Investments
|
$ | 184,176,043 | $ | 2,738,486,002 | $ | 4,675 | $ | 2,922,666,720 | ||||||||
Asset Relating to Securities Lending Investments
|
$ | - | $ | 45,783 | $ | - | $ | 45,783 |
Description
|
Investments in Securities
|
|||
Balance as of December 31, 2012
|
$ | 4,675 | ||
Accrued discounts/premiums
|
- | |||
Realized gain (loss)
|
- | |||
Change in unrealized appreciation (depreciation)
|
- | |||
Purchases
|
- | |||
Sales
|
- | |||
Transfers in and/or out of Level 3 *
|
- | |||
Balance as of March 31, 2013
|
$ | 4,675 | ||
* Transfers between levels are recognized at the end of the reporting period.
|
Schedule of Investments
|
|||||||||||||
March 31, 2013 (Unaudited)
|
|||||||||||||
Market
|
% of
|
||||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
COMMON STOCKS
|
|||||||||||||
Aerospace & Defense
|
|||||||||||||
Precision Castparts Corp.
|
2,831 | $ | 536,814 | 2.0 | % | ||||||||
Beverages
|
|||||||||||||
The Coca-Cola Company
|
24,140 | 976,222 | 3.6 | % | |||||||||
Biotechnology
|
|||||||||||||
Gilead Sciences, Inc. *
|
12,860 | 629,240 | 2.3 | % | |||||||||
Capital Markets
|
|||||||||||||
State Street Corporation
|
5,121 | 302,600 | 1.1 | % | |||||||||
T. Rowe Price Group, Inc.
|
4,784 | 358,178 | 1.3 | % | |||||||||
660,778 | 2.4 | % | |||||||||||
Chemicals
|
|||||||||||||
Praxair, Inc.
|
4,895 | 545,988 | 2.0 | % | |||||||||
Commercial Services & Supplies
|
|||||||||||||
Stericycle, Inc. *
|
6,660 | 707,159 | 2.6 | % | |||||||||
Communications Equipment
|
|||||||||||||
QUALCOMM Incorporated
|
9,875 | 661,131 | 2.4 | % | |||||||||
Computers & Peripherals
|
|||||||||||||
Apple Inc.
|
2,985 | 1,321,251 | 4.8 | % | |||||||||
EMC Corporation *
|
24,550 | 586,499 | 2.1 | % | |||||||||
1,907,750 | 6.9 | % | |||||||||||
Construction & Engineering
|
|||||||||||||
Fluor Corporation
|
6,075 | 402,955 | 1.5 | % | |||||||||
Electical Equipment
|
|||||||||||||
Eaton Corporation PLC f
|
9,210 | 564,112 | 2.0 | % | |||||||||
Rockwell Automation, Inc.
|
4,050 | 349,717 | 1.3 | % | |||||||||
913,829 | 3.3 | % | |||||||||||
Energy Equipment & Services
|
|||||||||||||
Oceaneering International, Inc.
|
6,455 | 428,677 | 1.6 | % | |||||||||
Schlumberger Limited f
|
3,687 | 276,119 | 1.0 | % | |||||||||
704,796 | 2.6 | % | |||||||||||
Food & Staples Retailing
|
|||||||||||||
Whole Foods Market, Inc.
|
8,295 | 719,591 | 2.6 | % | |||||||||
Health Care Equipment & Supplies
|
|||||||||||||
Abbott Laboratories
|
13,905 | 491,125 | 1.8 | % | |||||||||
Edwards Lifesciences Corporation *
|
3,004 | 246,809 | 0.9 | % | |||||||||
Intuitive Surgical, Inc. *
|
700 | 343,833 | 1.2 | % | |||||||||
1,081,767 | 3.9 | % | |||||||||||
Health Care Providers & Services
|
|||||||||||||
Catamaran Corporation * f
|
4,895 | 259,582 | 0.9 | % | |||||||||
Health Care Technology
|
|||||||||||||
Cerner Corporation *
|
3,060 | 289,935 | 1.1 | % | |||||||||
Hotels, Restaurants & Leisure
|
|||||||||||||
Las Vegas Sands Corp.
|
4,645 | 261,746 | 1.0 | % | |||||||||
Starbucks Corporation
|
12,605 | 717,981 | 2.6 | % | |||||||||
979,727 | 3.6 | % |
Household Products
|
|||||||||||||
Church & Dwight Co., Inc.
|
9,850 | 636,605 | 2.3 | % | |||||||||
Industrial Conglomerates
|
|||||||||||||
Danaher Corporation
|
10,250 | 637,037 | 2.3 | % | |||||||||
Internet & Catalog Retail
|
|||||||||||||
Amazon.com, Inc. *
|
1,813 | 483,146 | 1.7 | % | |||||||||
priceline.com Incorporated *
|
478 | 328,831 | 1.2 | % | |||||||||
811,977 | 2.9 | % | |||||||||||
Internet Software & Services
|
|||||||||||||
Akamai Technologies, Inc. *
|
4,135 | 145,924 | 0.6 | % | |||||||||
eBay Inc. *
|
7,080 | 383,878 | 1.4 | % | |||||||||
Facebook, Inc. *
|
4,495 | 114,982 | 0.4 | % | |||||||||
Google, Inc. - Class A *
|
939 | 745,594 | 2.7 | % | |||||||||
1,390,378 | 5.1 | % | |||||||||||
IT Services
|
|||||||||||||
Accenture plc f
|
4,020 | 305,400 | 1.1 | % | |||||||||
Cognizant Technology Solutions Corporation - Class A *
|
7,195 | 551,209 | 2.0 | % | |||||||||
MasterCard, Inc. - Class A
|
1,262 | 682,906 | 2.5 | % | |||||||||
Teradata Corporation *
|
3,265 | 191,035 | 0.7 | % | |||||||||
1,730,550 | 6.3 | % | |||||||||||
Life Sciences Tools & Services
|
|||||||||||||
Illumina, Inc. *
|
6,355 | 343,170 | 1.2 | % | |||||||||
Machinery
|
|||||||||||||
Caterpillar Inc.
|
2,626 | 228,383 | 0.8 | % | |||||||||
Media
|
|||||||||||||
DIRECTV *
|
8,200 | 464,202 | 1.7 | % | |||||||||
Multiline Retail
|
|||||||||||||
Dollar General Corporation *
|
4,430 | 224,069 | 0.8 | % | |||||||||
Oil, Gas & Consumable Fuels
|
|||||||||||||
Continental Resources, Inc. *
|
5,920 | 514,626 | 1.9 | % | |||||||||
Pharmaceuticals
|
|||||||||||||
Allergan, Inc.
|
6,480 | 723,362 | 2.6 | % | |||||||||
Real Estate Investment Trusts (REITs)
|
|||||||||||||
American Tower Corp.
|
5,080 | 390,754 | 1.4 | % | |||||||||
Simon Property Group, Inc.
|
770 | 122,091 | 0.5 | % | |||||||||
512,845 | 1.9 | % | |||||||||||
Road & Rail
|
|||||||||||||
J.B. Hunt Transport Services, Inc.
|
3,215 | 239,453 | 0.9 | % | |||||||||
Semiconductors & Semiconductor Equipment
|
|||||||||||||
Intel Corporation
|
24,255 | 529,972 | 1.9 | % | |||||||||
Software
|
|||||||||||||
Citrix Systems, Inc. *
|
5,945 | 428,991 | 1.6 | % | |||||||||
Fortinet, Inc. *
|
16,525 | 391,312 | 1.4 | % | |||||||||
Microsoft Corporation
|
31,235 | 893,634 | 3.2 | % | |||||||||
Oracle Corporation
|
13,935 | 450,658 | 1.6 | % | |||||||||
Salesforce.com, Inc. *
|
2,870 | 513,242 | 1.9 | % | |||||||||
2,677,837 | 9.7 | % | |||||||||||
Specialty Retail
|
|||||||||||||
Dick's Sporting Goods, Inc.
|
11,330 | 535,909 | 1.9 | % | |||||||||
O'Reilly Automotive, Inc. *
|
6,940 | 711,697 | 2.6 | % | |||||||||
Tiffany & Co
|
4,415 | 307,019 | 1.1 | % | |||||||||
Tractor Supply Company
|
3,290 | 342,588 | 1.3 | % | |||||||||
Urban Outfitters, Inc. *
|
4,720 | 182,853 | 0.7 | % |
2,080,066 | 7.6 | % | |||||||||||
Textiles, Apparel & Luxury Goods
|
|||||||||||||
NIKE, Inc.
|
7,534 | 444,581 | 1.6 | % | |||||||||
PVH Corp.
|
4,137 | 441,873 | 1.6 | % | |||||||||
886,454 | 3.2 | % | |||||||||||
Trading Companies & Distributors
|
|||||||||||||
Fastenal Company
|
9,794 | 502,922 | 1.8 | % | |||||||||
TOTAL COMMON STOCKS (Cost $20,364,337)
|
27,111,172 | 98.6 | % | ||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Funds
|
|||||||||||||
Dreyfus Institutional Cash Advantage Fund, 0.07% «
|
405,106 | 405,106 | 1.5 | % | |||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
500,000 | 500,000 | 1.8 | % | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $905,106)
|
905,106 | 3.3 | % | ||||||||||
Principal Amount
|
|||||||||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM
|
|||||||||||||
SECURITIES LENDING
|
|||||||||||||
Commercial Paper
|
|||||||||||||
Atlantic East Funding LLC, 0.554%, 03/25/2014
† **
|
$ | 129,765 | 103,234 | 0.4 | % | ||||||||
Total Investments Purchased With Cash Proceeds From
|
|||||||||||||
Securities Lending (Cost $129,765)
|
103,234 | 0.4 | % | ||||||||||
Total Investments (Cost $21,399,208)
|
28,119,512 | 102.3 | % | ||||||||||
Asset Relating to Securities Lending Investments
|
|||||||||||||
Support Agreement
* α **†
|
26,531 | ||||||||||||
Total (Cost $0)
|
26,531 | 0.1 | % | ||||||||||
Liabilities in Excess of Other Assets
|
(647,361 | ) | (2.4 | )% | |||||||||
TOTAL NET ASSETS
|
$ | 27,498,682 | 100.0 | % |
Notes to Schedule of Investments | |||||||||||||
*
|
Non-Income Producing
|
||||||||||||
**
|
Illiquid Security
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
†
|
Priced at Fair Value by the Valuation Committee as delegated by the Baird Funds' Board of Directors.
|
||||||||||||
α
|
The Fund's transfer agent and administrator and securities lending agent entered into a support agreement with
|
||||||||||||
the Fund to cover losses realized by the Fund on its investment in Atlantic East Funding, LLC (up to a certain amount),
|
|||||||||||||
which investment was made by the Fund's securities lending agent.
|
|||||||||||||
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS was
|
|||||||||||||
developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of
|
|||||||||||||
MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
||
the period. These standards define fair value as the price 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.
|
||
Management has determined that these standards have no material impact on the Funds' financial statements. The fair value hierarchy is organized into three levels based upon the assumptions
|
||
(referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability
|
||
based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or
|
||
liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equity
|
||||||||||||||||
Common Stocks
|
$ | 27,111,172 | $ | - | $ | - | $ | 27,111,172 | ||||||||
Total Equity
|
27,111,172 | - | - | 27,111,172 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Fund
|
905,106 | - | - | 905,106 | ||||||||||||
Total Short-Term Investments
|
905,106 | - | - | 905,106 | ||||||||||||
Investments Purchased with Cash
|
||||||||||||||||
Proceeds from Securities Lending
|
||||||||||||||||
Commercial Paper
|
- | 103,234 | - | 103,234 | ||||||||||||
Total Investments Purchased with
|
||||||||||||||||
Cash Proceeds from Securities Lending
|
- | 103,234 | - | 103,234 | ||||||||||||
Total Investments*
|
$ | 28,016,278 | $ | 103,234 | $ | - | $ | 28,119,512 | ||||||||
Asset Relating to Securities Lending Investments
|
$ | - | $ | 26,531 | $ | - | $ | 26,531 |
*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.
|
|||||||
Changes in valuation techniques may result in transfers into or out of current assigned levels within the hierarchy. There were no transfers between Level 1, Level 2
|
|||||||
and Level 3 fair value measurements during the reporting period, as compared to their classification from the prior year's annual report.
|
Baird MidCap Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
March 31, 2013 (Unaudited)
|
|||||||||||||
Market
|
% of
|
||||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
COMMON STOCKS
|
|||||||||||||
Auto Components
|
|||||||||||||
WABCO Holdings Inc. *
|
68,785 | $ | 4,855,533 | 1.7 | % | ||||||||
Capital Markets
|
|||||||||||||
Affiliated Managers Group, Inc. *
|
36,306 | 5,575,512 | 1.9 | % | |||||||||
Greenhill & Co., Inc.
|
73,968 | 3,948,412 | 1.4 | % | |||||||||
Invesco Limited f
|
124,080 | 3,593,357 | 1.3 | % | |||||||||
13,117,281 | 4.6 | % | |||||||||||
Chemicals
|
|||||||||||||
Airgas, Inc.
|
41,595 | 4,124,560 | 1.4 | % | |||||||||
Commercial Banks
|
|||||||||||||
East West Bancorp, Inc.
|
175,325 | 4,500,593 | 1.6 | % | |||||||||
Commercial Services & Supplies
|
|||||||||||||
Stericycle, Inc. *
|
66,385 | 7,048,759 | 2.5 | % | |||||||||
Communications Equipment
|
|||||||||||||
F5 Networks, Inc. *
|
31,208 | 2,780,009 | 1.0 | % | |||||||||
Plantronics, Inc.
|
71,440 | 3,156,934 | 1.1 | % | |||||||||
Riverbed Technology, Inc. *
|
117,565 | 1,752,894 | 0.6 | % | |||||||||
7,689,837 | 2.7 | % | |||||||||||
Construction & Engineering
|
|||||||||||||
Fluor Corporation
|
68,225 | 4,525,364 | 1.6 | % | |||||||||
Containers & Packaging
|
|||||||||||||
AptarGroup, Inc.
|
76,807 | 4,404,882 | 1.5 | % | |||||||||
Distributors
|
|||||||||||||
LKQ Corporation *
|
249,925 | 5,438,368 | 1.9 | % | |||||||||
Electrical Equipment
|
|||||||||||||
Acuity Brands, Inc.
|
60,800 | 4,216,480 | 1.5 | % | |||||||||
Regal-Beloit Corporation
|
32,050 | 2,613,998 | 0.9 | % | |||||||||
Rockwell Automation, Inc.
|
59,895 | 5,171,933 | 1.8 | % | |||||||||
Roper Industries, Inc.
|
36,797 | 4,684,626 | 1.6 | % | |||||||||
16,687,037 | 5.8 | % | |||||||||||
Electronic Equipment, Instruments & Components
|
|||||||||||||
Plexus Corp. *
|
120,260 | 2,923,521 | 1.0 | % | |||||||||
Trimble Navigation Limited *
|
156,200 | 4,679,752 | 1.6 | % | |||||||||
7,603,273 | 2.6 | % | |||||||||||
Energy Equipment & Services
|
|||||||||||||
Core Laboratories N.V. f
|
35,280 | 4,865,818 | 1.7 | % | |||||||||
Oceaneering International, Inc.
|
75,011 | 4,981,480 | 1.7 | % | |||||||||
9,847,298 | 3.4 | % | |||||||||||
Food Products
|
|||||||||||||
McCormick & Co, Incorporated
|
95,737 | 7,041,456 | 2.5 | % | |||||||||
Health Care Equipment & Supplies
|
|||||||||||||
Edwards Lifesciences Corporation *
|
29,638 | 2,435,058 | 0.8 | % | |||||||||
Health Care Providers & Services
|
|||||||||||||
Catamaran Corporation * f
|
75,553 | 4,006,576 | 1.4 | % |
Health Care Technology
|
|||||||||||||
Cerner Corporation *
|
48,375 | 4,583,531 | 1.6 | % | |||||||||
HMS Holdings Corp. *
|
128,500 | 3,488,775 | 1.2 | % | |||||||||
8,072,306 | 2.8 | % | |||||||||||
Hotels Restaurants & Leisure
|
|||||||||||||
Buffalo Wild Wings Inc. *
|
54,283 | 4,751,391 | 1.7 | % | |||||||||
InterContinental Hotels Group PLC f
|
184,085 | 5,599,866 | 1.9 | % | |||||||||
10,351,257 | 3.6 | % | |||||||||||
Household Products
|
|||||||||||||
Church & Dwight Co., Inc.
|
117,201 | 7,574,701 | 2.6 | % | |||||||||
IT Services
|
|||||||||||||
Alliance Data Systems Corporation *
|
41,560 | 6,728,148 | 2.3 | % | |||||||||
Teradata Corporation *
|
61,735 | 3,612,115 | 1.3 | % | |||||||||
10,340,263 | 3.6 | % | |||||||||||
Leisure Equipment & Products
|
|||||||||||||
Polaris Industries Inc.
|
44,274 | 4,094,902 | 1.4 | % | |||||||||
Life Sciences Tools & Services
|
|||||||||||||
ICON Public Limited Company * f
|
170,456 | 5,504,024 | 1.9 | % | |||||||||
Illumina, Inc. *
|
110,325 | 5,957,550 | 2.1 | % | |||||||||
11,461,574 | 4.0 | % | |||||||||||
Machinery
|
|||||||||||||
Actuant Corporation
|
146,260 | 4,478,481 | 1.5 | % | |||||||||
Joy Global Inc.
|
56,605 | 3,369,130 | 1.2 | % | |||||||||
7,847,611 | 2.7 | % | |||||||||||
Multiline Retail
|
|||||||||||||
Dollar General Corporation *
|
126,695 | 6,408,233 | 2.2 | % | |||||||||
Office Electronics
|
|||||||||||||
Zebra Technologies Corporation *
|
79,060 | 3,726,098 | 1.3 | % | |||||||||
Oil, Gas & Consumable Fuels
|
|||||||||||||
Cabot Oil & Gas Corporation
|
43,505 | 2,941,373 | 1.0 | % | |||||||||
Whiting Petroleum Corporation *
|
80,585 | 4,096,942 | 1.5 | % | |||||||||
7,038,315 | 2.5 | % | |||||||||||
Pharmaceuticals
|
|||||||||||||
Perrigo Company
|
26,493 | 3,145,514 | 1.1 | % | |||||||||
Professional Services
|
|||||||||||||
Manpower Inc.
|
98,210 | 5,570,471 | 1.9 | % | |||||||||
Real Estate Investment Trusts (REITs)
|
|||||||||||||
Digital Realty Trust, Inc.
|
88,590 | 5,927,557 | 2.1 | % | |||||||||
Road & Rail
|
|||||||||||||
J.B. Hunt Transport Services, Inc.
|
89,045 | 6,632,072 | 2.3 | % | |||||||||
Semiconductors & Semiconductor Equipment
|
|||||||||||||
Altera Corporation
|
110,425 | 3,916,775 | 1.4 | % | |||||||||
Microchip Technology Incorporated
|
74,488 | 2,738,179 | 0.9 | % | |||||||||
Skyworks Solutions, Inc. *
|
157,550 | 3,470,826 | 1.2 | % | |||||||||
10,125,780 | 3.5 | % | |||||||||||
Software
|
|||||||||||||
ANSYS, Inc. *
|
73,900 | 6,016,938 | 2.1 | % | |||||||||
Citrix Systems, Inc. *
|
66,660 | 4,810,186 | 1.6 | % | |||||||||
Sourcefire, Inc. *
|
90,850 | 5,381,045 | 1.9 | % | |||||||||
16,208,169 | 5.6 | % | |||||||||||
Specialty Retail
|
|||||||||||||
Dick's Sporting Goods, Inc.
|
120,811 | 5,714,360 | 2.0 | % |
O'Reilly Automotive, Inc. *
|
54,882 | 5,628,149 | 2.0 | % | |||||||||
Tiffany & Co.
|
59,700 | 4,151,538 | 1.5 | % | |||||||||
Tractor Supply Company
|
53,621 | 5,583,555 | 1.9 | % | |||||||||
Urban Outfitters, Inc. *
|
135,469 | 5,248,069 | 1.8 | % | |||||||||
26,325,671 | 9.2 | % | |||||||||||
Textiles, Apparel & Luxury Goods
|
|||||||||||||
PVH Corp.
|
53,293 | 5,692,225 | 2.0 | % | |||||||||
Under Armour, Inc. - Class A *
|
101,365 | 5,189,888 | 1.8 | % | |||||||||
10,882,113 | 3.8 | % | |||||||||||
Trading Companies & Distributors
|
|||||||||||||
Fastenal Company
|
97,092 | 4,985,674 | 1.7 | % | |||||||||
Watsco, Inc.
|
51,115 | 4,302,861 | 1.5 | % | |||||||||
9,288,535 | 3.2 | % | |||||||||||
TOTAL COMMON STOCKS (Cost $233,496,130)
|
274,347,017 | 95.4 | % | ||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Funds
|
|||||||||||||
Dreyfus Institutional Cash Advantage Fund, 0.07% «
|
11,974,178 | 11,974,178 | 4.2 | % | |||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
5,000,000 | 5,000,000 | 1.7 | % | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $16,974,178)
|
16,974,178 | 5.9 | % | ||||||||||
Principal Amount
|
|||||||||||||
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM
|
|||||||||||||
SECURITIES LENDING
|
|||||||||||||
Commercial Paper
|
|||||||||||||
Atlantic East Funding LLC, 0.554%, 03/25/2014
† **
|
$ | 182,671 | 145,323 | 0.0 | % | ||||||||
Total Investments Purchased With Cash Proceeds From
|
|||||||||||||
Securities Lending (Cost $182,671)
|
145,323 | 0.0 | % | ||||||||||
Total Investments (Cost $250,652,979)
|
291,466,518 | 101.3 | % | ||||||||||
Asset Relating to Securities Lending Investments
|
|||||||||||||
Support Agreement
* α **†
|
37,348 | ||||||||||||
Total (Cost $0)
|
37,348 | 0.0 | % | ||||||||||
Liabilities in Excess of Other Assets
|
(3,858,805 | ) | (1.3 | )% | |||||||||
TOTAL NET ASSETS
|
$ | 287,645,061 | 100.0 | % |
Notes to Schedule of Investments | |||||||||||||
*
|
Non-Income Producing
|
||||||||||||
**
|
Illiquid Security
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
†
|
Priced at Fair Value by the Valuation Committee as delegated by the Baird Funds' Board of Directors.
|
||||||||||||
α
|
The Fund's transfer agent and administrator and securities lending agent entered into a support agreement with
|
||||||||||||
the Fund to cover losses realized by the Fund on its investment in Atlantic East Funding, LLC (up to a certain amount),
|
|||||||||||||
which investment was made by the Fund's securities lending agent.
|
|||||||||||||
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS was
|
|||||||||||||
developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of
|
|||||||||||||
MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
||||||||||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
||||||||||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
||||||||||
the period. These standards define fair value as the price 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.
|
||||||||||
Management has determined that these standards have no material impact on the Funds' financial statements. The fair value hierarchy is organized into three levels based upon the assumptions
|
||||||||||
(referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability
|
||||||||||
based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or
|
||||||||||
liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equity
|
||||||||||||||||
Common Stocks
|
$ | 274,347,017 | $ | - | $ | - | $ | 274,347,017 | ||||||||
Total Equity
|
274,347,017 | - | - | 274,347,017 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Funds
|
16,974,178 | - | - | 16,974,178 | ||||||||||||
Total Short-Term Investments
|
16,974,178 | - | - | 16,974,178 | ||||||||||||
Investments Purchased with Cash
|
||||||||||||||||
Proceeds from Securities Lending
|
||||||||||||||||
Commercial Paper
|
- | 145,323 | - | 145,323 | ||||||||||||
Total Investments Purchased with
|
||||||||||||||||
Cash Proceeds from Securities Lending
|
- | 145,323 | - | 145,323 | ||||||||||||
Total Investments*
|
$ | 291,321,195 | $ | 145,323 | $ | - | $ | 291,466,518 | ||||||||
Asset Relating to Securities Lending Investments
|
$ | - | $ | 37,348 | $ | - | $ | 37,348 |
*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.
|
||||||||||||||||
Changes in valuation techniques may result in transfers into or out of current assigned levels within the hierarchy. There were no transfers between Level 1, Level 2 and Level 3
|
||||||||||||||||
fair value measurements during the reporting period, as compared to their classification from the prior year's annual report.
|
Baird SmallCap Value Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
March 31, 2013 (Unaudited)
|
|||||||||||||
Market
|
% of
|
||||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
COMMON STOCKS
|
|||||||||||||
Aerospace & Defense
|
|||||||||||||
Hexcel Corporation *
|
8,880 | $ | 257,609 | 2.5 | % | ||||||||
Triumph Group, Inc.
|
3,361 | 263,838 | 2.5 | % | |||||||||
521,447 | 5.0 | % | |||||||||||
Capital Markets
|
|||||||||||||
Diamond Hill Investment Group, Inc.
|
2,815 | 219,035 | 2.1 | % | |||||||||
Commercial Services & Supplies
|
|||||||||||||
Encore Capital Group, Inc. *
|
6,645 | 200,014 | 1.9 | % | |||||||||
Portfolio Recovery Associates, Inc. *
|
2,893 | 367,180 | 3.5 | % | |||||||||
567,194 | 5.4 | % | |||||||||||
Construction & Engineering
|
|||||||||||||
MasTec, Inc. *
|
9,069 | 264,361 | 2.5 | % | |||||||||
MYR Group Inc. *
|
10,240 | 251,494 | 2.4 | % | |||||||||
Quanta Services, Inc. *
|
9,382 | 268,138 | 2.5 | % | |||||||||
783,993 | 7.4 | % | |||||||||||
Consumer Finance
|
|||||||||||||
EZCORP, Inc. *
|
9,069 | 193,170 | 1.8 | % | |||||||||
First Cash Financial Services, Inc. *
|
5,550 | 323,787 | 3.1 | % | |||||||||
516,957 | 4.9 | % | |||||||||||
Diversified Consumer Services
|
|||||||||||||
Steiner Leisure Limited * f
|
2,111 | 102,088 | 1.0 | % | |||||||||
Diversified Telecommunication Services
|
|||||||||||||
Windstream Corporation
|
13,058 | 103,811 | 1.0 | % | |||||||||
Electric Utilities
|
|||||||||||||
UIL Holdings Corporation
|
4,299 | 170,197 | 1.6 | % | |||||||||
Energy Equipment & Services
|
|||||||||||||
Mitcham Industries, Inc. *
|
7,582 | 128,288 | 1.2 | % | |||||||||
Pacific Drilling SA * f
|
22,066 | 222,867 | 2.1 | % | |||||||||
Vantage Drilling Co * f
|
104,659 | 183,153 | 1.7 | % | |||||||||
Willbros Group, Inc. *
|
11,439 | 112,331 | 1.1 | % | |||||||||
646,639 | 6.1 | % | |||||||||||
Gas Utilities
|
|||||||||||||
South Jersey Industries, Inc.
|
4,454 | 247,598 | 2.4 | % | |||||||||
Health Care Equipment & Supplies
|
|||||||||||||
ICU Medical, Inc. *
|
2,970 | 175,082 | 1.7 | % | |||||||||
Health Care Providers & Services
|
|||||||||||||
Air Methods Corporation
|
4,925 | 237,582 | 2.3 | % | |||||||||
Hotels Restaurants & Leisure
|
|||||||||||||
SHFL entertainment, Inc. *
|
12,742 | 211,135 | 2.0 | % | |||||||||
Household Durables
|
|||||||||||||
Helen of Troy Limited * f
|
5,160 | 197,938 | 1.9 | % | |||||||||
Jarden Corporation *
|
7,623 | 326,645 | 3.1 | % | |||||||||
524,583 | 5.0 | % | |||||||||||
Insurance
|
|||||||||||||
American Safety Insurance Holdings, Ltd. * f
|
8,443 | 210,737 | 2.0 | % | |||||||||
HCC Insurance Holdings, Inc
|
6,958 | 292,445 | 2.8 | % | |||||||||
Hilltop Holdings Inc. *
|
13,604 | 183,518 | 1.7 | % | |||||||||
686,700 | 6.5 | % | |||||||||||
Internet Software & Services
|
|||||||||||||
j2 Global, Inc.
|
5,785 | 226,830 | 2.1 | % | |||||||||
IT Services
|
Lender Processing Services, Inc.
|
3,751 | 95,500 | 0.9 | % | |||||||||
WEX Inc. *
|
2,736 | 214,776 | 2.0 | % | |||||||||
310,276 | 2.9 | % | |||||||||||
Machinery
|
|||||||||||||
Valmont Industries, Inc.
|
2,110 | 331,840 | 3.1 | % | |||||||||
Media
|
|||||||||||||
John Wiley & Sons, Inc.
|
3,204 | 124,828 | 1.2 | % | |||||||||
Oil, Gas & Consumable Fuels
|
|||||||||||||
Sandridge Energy, Inc. *
|
19,002 | 100,141 | 1.0 | % | |||||||||
Targa Resources Corp.
|
3,597 | 244,452 | 2.3 | % | |||||||||
344,593 | 3.3 | % | |||||||||||
Pharmaceuticals
|
|||||||||||||
Warner Chilcott PLC f
|
7,117 | 96,435 | 0.9 | % | |||||||||
Real Estate Investment Trusts (REITs)
|
|||||||||||||
American Capital Mortgage Investment Corp
|
7,190 | 185,862 | 1.8 | % | |||||||||
BioMed Realty Trust, Inc.
|
11,961 | 258,358 | 2.4 | % | |||||||||
CYS Investments, Inc.
|
11,729 | 137,698 | 1.3 | % | |||||||||
LTC Properties, Inc.
|
7,817 | 318,386 | 3.1 | % | |||||||||
Mid-America Apartment Communities, Inc.
|
2,658 | 183,561 | 1.7 | % | |||||||||
Omega Healthcare Investors, Inc.
|
10,867 | 329,922 | 3.1 | % | |||||||||
1,413,787 | 13.4 | % | |||||||||||
Road & Rail
|
|||||||||||||
Universal Truckload Services, Inc.
|
6,164 | 143,806 | 1.4 | % | |||||||||
Specialty Retail
|
|||||||||||||
Air Methods Corporation *
|
6,567 | 235,755 | 2.2 | % | |||||||||
Rent-A-Center, Inc.
|
7,350 | 271,509 | 2.6 | % | |||||||||
507,264 | 4.8 | % | |||||||||||
Textiles, Apparel & Luxury Goods
|
|||||||||||||
Hanesbrands, Inc. *
|
7,506 | 341,973 | 3.2 | % | |||||||||
Thrifts & Mortgage Finance
|
|||||||||||||
Bofi Holding, Inc. *
|
6,880 | 246,854 | 2.4 | % | |||||||||
Capitol Federal Financial, Inc.
|
10,480 | 126,494 | 1.2 | % | |||||||||
Chicopee Bancorp, Inc.
|
11,490 | 193,032 | 1.8 | % | |||||||||
Westfield Financial, Inc.
|
15,325 | 119,229 | 1.1 | % | |||||||||
685,609 | 6.5 | % | |||||||||||
TOTAL COMMON STOCKS (Cost $8,907,156)
|
10,241,282 | 97.2 | % | ||||||||||
SHORT-TERM INVESTMENTS
|
|||||||||||||
Money Market Mutual Funds
|
|||||||||||||
Dreyfus Institutional Cash Advantage Fund, 0.07% «
|
78,906 | 78,906 | 0.8 | % | |||||||||
Short-Term Investments Trust - Liquid Assets Portfolio, 0.11% «
|
180,000 | 180,000 | 1.7 | % | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $258,906)
|
258,906 | 2.5 | % | ||||||||||
Total Investments (Cost $9,166,062)
|
10,500,188 | 99.7 | % | ||||||||||
Other Assets in Excess of Liabilities
|
31,733 | 0.3 | % | ||||||||||
TOTAL NET ASSETS
|
$ | 10,531,921 | 100.0 | % |
Notes to Schedule of Investments
|
|||||||||||||
*
|
Non-Income Producing
|
||||||||||||
f
|
Foreign Security
|
||||||||||||
«
|
7-Day Yield
|
||||||||||||
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS was
|
|||||||||||||
developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of
|
|||||||||||||
MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
||||||||||
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
||||||||||
additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during
|
||||||||||
the period. These standards define fair value as the price 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.
|
||||||||||
Management has determined that these standards have no material impact on the Funds' financial statements. The fair value hierarchy is organized into three levels based upon the assumptions
|
||||||||||
(referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability
|
||||||||||
based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or
|
||||||||||
liability. These inputs are summarized into three broad levels and described below:
|
Level 1 - Unadjusted quoted prices in active markets for identical unrestricted securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, dealer indications, interest rates, yield curves, prepayment speeds,
credit risk, default rates, inputs corroborated by observable market data, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions about the factors that market participants would use in valuing the security) based on the best information available.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Equity
|
||||||||||||||||
Common Stocks
|
$ | 10,241,282 | $ | - | $ | - | $ | 10,241,282 | ||||||||
Total Equity
|
10,241,282 | - | - | 10,241,282 | ||||||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Mutual Funds
|
258,906 | - | - | 258,906 | ||||||||||||
Total Short-Term Investments
|
258,906 | - | - | 258,906 | ||||||||||||
Total Investments*
|
$ | 10,500,188 | $ | - | $ | - | $ | 10,500,188 | ||||||||
*Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.
|
||||||||
Changes in valuation techniques may result in transfers into or out of current assigned levels within the hierarchy. There were no transfers between Level 1, Level 2
|
||||||||
and Level 3 fair value measurements during the reporting period.
|
(a)
|
The Registrant’s management, with the participation of its principal executive and principal financial officers, has evaluated the effectiveness of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), as of a date within 90 days prior to the filing date of this Form N-Q. Based on such evaluation, the Registrant’s principal executive and principal financial officers have concluded that the design and operation of the Registrant’s disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed on Form N-Q is recorded, processed, summarized and reported within the applicable time periods.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|